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State of Alaska General Fund Revenues

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State of Alaska General Fund Revenues NEW ISSUE – BOOK-ENTRY ONLY RATINGS: See “RATINGS” herein In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Interest on the Bonds is not included in taxable income for purposes of the Alaska income tax imposed on corporations. Interest on the Bonds may be indirectly subject to the Alaska alternative minimum tax imposed on corporations to the extent that interest on the Bonds is subject to the federal alternative minimum tax on corporations. See “TAX MATTERS. $134,790,000 STATE OF ALASKA General Obligation Bonds Series 2016A Dates, Interest Rates, Prices and Yields Are Shown on the Inside Cover Page The State of Alaska (the “State”) is issuing $134,790,000 aggregate principal amount of General Obligation Bonds, Series 2016A (the “Bonds”). The Bonds will be general obligations of the State and the full faith, credit and resources of the State will be pledged to the payment of principal of and interest on the Bonds. See “THE BONDS – Security for the Bonds” herein. The Bonds will be issued in fully registered form without coupons in denominations of $5,000 or any integral multiple thereof. Interest on the Bonds will be payable on August 1, 2016 and semiannually thereafter on February 1 and August 1 in each year until maturity or earlier redemption. Interest will be calculated on the basis of a 360-day year of twelve 30-day months at the annual rates set forth on the inside front cover. The Bonds will be subject to redemption as described herein. The Bonds will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Purchasers of Bonds will not receive physical certificates representing their interest in the Bonds purchased. DTC will act as securities depository for the Bonds. Individual purchases of interests in the Bonds will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof. The principal of and interest on the Bonds will be payable directly to DTC by U.S. Bank National Association, Seattle, Washington as authenticating agent, paying agent and registrar for the Bonds (the “Bond Registrar”). Upon receipt of payments of principal and interest, DTC is to remit such principal and interest to the Direct Participants (defined in Appendix E) for subsequent disbursement to the purchasers of beneficial interests in the Bonds, as described herein. The Bonds are being issued pursuant to the Alaska Constitution, Alaska Statutes 37.15.010 through 37.15.220 (the “Bond Act”), Sections 1, 3, 4 and 5 of Chapter 18, SLA 2012 (HB 286) (the “State Transportation Bond Act”) and a resolution of the State Bond Committee (i) for the purpose of paying, together with other funds of the State, on March 18, 2016, the principal of and interest on $155,215,000 aggregate principal amount of General Obligation Bond Anticipation Notes and (ii) to make a deposit to the State Transportation Project Fund. Issuance of the bonds authorized in the State Transportation Bond Act was approved by a majority of voters voting in a general election held in November 2012. See “THE BONDS – Application of Bond Proceeds.” This cover page contains certain information for quick reference only. Investors must read the entire Official Statement to obtain information essential to the making of an informed decision. The Bonds are offered when, as and if issued, subject to receipt of an approving opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the State Bond Committee. Acacia Financial Group, Inc. is serving as Financial Advisor to the State. It is expected that the Bonds in book-entry form will be available for delivery by Fast Automated Securities Transfer, through the facilities of DTC, on or about March 17, 2016. The date of this Official Statement is March 9, 2016 $134,790,000 STATE OF ALASKA GENERAL OBLIGATION BONDS SERIES 2016A Dated: Date of Delivery Due: August 1, as shown below MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, YIELDS, PRICES, CUSIPS Maturity Principal Interest August 1 Amount Rate Yield Price CUSIP* 2016 $5,505,000 5.00% 0.39% 101.712 0117702T0 2017 4,915,000 5.00 0.67 105.903 0117702U7 2018 5,015,000 5.00 0.84 109.749 0117702V5 2019 5,115,000 5.00 1.00 113.230 0117702W3 2020 5,245,000 5.00 1.17 116.276 0117702X1 2021 5,405,000 5.00 1.36 118.794 0117702Y9 2022 5,570,000 5.00 1.55 120.854 0117702Z6 2023 5,740,000 5.00 1.76 122.307 0117703A0 2024 5,915,000 5.00 1.93 123.626 0117703B8 2025 6,095,000 5.00 2.08 124.745 0117703C6 2026 6,345,000 5.00 2.22** 123.403 0117703D4 2027 6,670,000 5.00 2.31** 122.549 0117703E2 2028 7,010,000 5.00 2.40** 121.702 0117703F9 2029 7,370,000 5.00 2.48** 120.955 0117703G7 2030 7,750,000 5.00 2.54** 120.399 0117703H5 2031 8,145,000 5.00 2.62** 119.661 0117703J1 2032 8,565,000 5.00 2.71** 118.838 0117703K8 2033 9,000,000 5.00 2.76** 118.384 0117703L6 2034 9,465,000 5.00 2.81** 117.931 0117703M4 2035 9,950,000 5.00 2.86** 117.481 0117703N2 * Copyright 2016, CUSIP Global Services. CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Capital IQ. CUSIP® data herein is provided by CGS. This data is not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided in this Official Statement for convenience of reference only. CUSIP numbers are subject to change. Neither the State of Alaska nor the Underwriter nor their agents or advisors takes any responsibility for the accuracy of such CUSIP® numbers ** Priced to the par call of August 1, 2025. STATE OF ALASKA Bill Walker, Governor Byron Mallott, Lt. Governor P.O. Box 110001 Juneau, Alaska 99811 http://www.alaska.gov1 STATE BOND COMMITTEE Chris Hladick, Chair Randall Hoffbeck, Secretary Sheldon Fisher, Member Commissioner Commissioner Commissioner Department of Commerce, Department of Revenue Department of Administration Community and Economic Development Fred Parady, Designee for Jerry Burnett, Designee for John Boucher, Designee for Department of Commerce, Department of Revenue Department of Administration Community and Economic Deputy Commissioner of the Deputy Commissioner of Development Department of Revenue Department of Administration Deputy Commissioner of the Department of Commerce, Community and Economic Development Deven J. Mitchell Debt Manager, State of Alaska Department of Revenue P.O. Box 110405 Juneau, Alaska 99811-0400 STATE DEPARTMENT OF LAW P.O. Box 110300 Juneau, Alaska 99811-0400 William E. Milks Assistant Attorney General FINANCIAL ADVISOR TO THE STATE Acacia Financial Group, Inc. Anchorage, Alaska BOND COUNSEL Orrick, Herrington & Sutcliffe LLP Seattle, Washington BOND REGISTRAR U.S. Bank National Association Seattle, Washington 1 The reference to the State’s website is not a hyperlink and the State’s website, by this reference, is not incorporated herein. The information contained in this Official Statement has been obtained from sources the State deems reliable. The information concerning DTC and its book-entry system has been obtained from DTC, and no representation is made by the State as to the completeness or accuracy of such information. No dealer, broker, salesperson or other person has been authorized by the State or by the State Bond Committee (the “Committee”) to give any information or to make any representations, other than those contained in this Official Statement, in connection with the offering of the Bonds, and, if given or made, such other information or representations must not be relied upon as having been authorized by the State or by the Committee. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sales made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the State or DTC since the date hereof. This Official Statement does not constitute a contract between the State and any one or more of the purchasers or registered owners of the Bonds. Certain statements contained in this Official Statement reflect not historical facts but forecasts and “forward- looking statements.” The words “estimate,” “project,” “anticipate,” “expect,” “intend,” “believe,” “plan,” “budget,” “forecast,” “assume,” and similar expressions are intended to identify forward-looking statements. The achievement of certain results or other expectations contained in forward-looking statements involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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