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THIS PRELIMINARY OFFICIAL STATEMENT IS DATED JANUARY 18, 2012 New Issue – Book Entry Only Ratings: Moody’s: “Aa2” This ThisPreliminary Preliminary Official Official Statement Statement is dated is dated January January 18, 2012 18, 2012 Standard & Poor’s: “AA” New NewIssue Issue – Book – Book Entry Entry Only Only Ratings:Ratings: (See Moody’s: “RATINGS” Moody’s: “Aa2” “Aa2” herein) Standard & Poor’s: “AA” In the opinion of Bond Counsel, assuming compliance with certain covenants of the Authority and the College, interestStandard on the Series& Poor’s: 2012 “AA” Bonds is (See “RATINGS” herein) excluded from gross income of the owners of the Series 2012 Bonds for federal income tax purposes under existing law, as currently(See “RATINGS” enacted and herein) construed. InterestIn ontheIn the opinion the Series opinion of 2012 Bond of Bonds Bond Counsel, isCounsel, not assuming an itemassuming ofcompliance tax compliancepreference with forwithcertain purposes certain covenants ofcovenants either of individualthe of Authority the Authority or corporateand theand College, thealternative College, interest minimum interest on the tax.on Se the riesInterest Se 2012ries on 2012 the BondsSeriesBonds 2012is excluded isBonds excluded mayfrom befromgross indirectly gross income income subject of the ofto owners thecorporate owners of the alternative of Series the Series 2012 minimum 2012Bonds Bondstax for and federal for certain federal income other income taxestax purposes taximposed purposes underon certain under existing corporationsexisting law, law,as currently asas morecurrently fully enacteddescribedenacted and under construed. and the construed. caption Interest “TAX Interest on EXEMPTION the on Series the Series 2012 – Federal 2012Bonds Bonds isTax not Laws” is an not item anherein. ofitem tax Underof preference tax preferencethe laws for ofpurposes forthe purposesCommonwealth of either of either individual of individualPennsylvania, or corporate or corporate as currently alternative alternative enacted minimumand construed,minimum tax. Interest tax.the SeriesInterest on 2012the on Series theBonds Series 2012 are 2012Bondsexempt Bonds may from bemay personal indirectly be indirectly property subject subject taxes to corporate into Pennsylvaniacorporate alternative alternative and minimum the minimuminterest tax onand tax the certain and Series certain other 2012 other taxes Bonds taxesimposed is exempt imposed on from on certainPennsylvaniacertain corporations corporations personal as property more as more fullytax and fullydescribed Pennsylvania described under under corporatethe captionthe netcaption income“TAX “TAX EXEMPTION tax. EXEMPTIONSee “TAX – EXEMPTION Federal – Federal Tax – Laws”TaxCommonwealth Laws” herein. herein. TaxUnder Laws” Under the herein. lawsthe laws of th eof the CommonwealthCommonwealth of Pennsylvania, of Pennsylvania, as currently as currently enacted enacted and construed,and construed, the Seriesthe Series 2012 2012Bonds B ondsare exemptare exempt from frompersonal personal property property taxes taxes in in PennsylvaniaPennsylvania and the and interest the interest on the on Series the Series 2012 2012Bonds Bonds is exempt is exempt from fromPennsylvania Pennsylvania personal personal property property tax and tax Pennsylvania and Pennsylvania corpo corporate netrate income net income tax. Seetax. “TAX See “TAX EXEMPTION EXEMPTION – Commonwealth – Commonwealth Tax Laws” Tax Laws” herein. herein.$24,735,000* PENNSYLVANIA HIGHER EDUCATIONAL* * FACILITIES AUTHORITY BRYN MAWR COLLEGE$24,735,000$24,735,000 REVENUE BONDS, SERIES 2012 PENNSYLVANIAPENNSYLVANIA HIGHER HIGHER EDUCATIO EDUCATIONALNAL FACILITIES FACILITIES AUTHORITY AUTHORITY hall hall this Preliminary Official Statement hall hall this Preliminary Official Statement Dated: Date of DeliveryBRYNBRYN MAWR MAWR COLLEGE COLLEGE REVENUE REVENUE BONDS, BONDS, SERIES SERIESDue: 2012 December 2012 1, as shown below The Series 2012 Bonds will be issued by the Pennsylvania Higher Educational Facilities Authority (the “Authority”) under a Trust Indenture dated as of February 1, 2012 (the “Indenture”), between the Authority and The Bank of New York Mellon Trust Company, N.A., Philadelphia, Pennsylvania, as trustee, paying agent and bond registrar (in such capacities, the “Trustee”). The Series 2012 Bonds will be payable from and secured by certain funds held by jurisdiction in which such offer, solicitation or sale Dated: Date of Delivery Due: December 1, as shown below jurisdiction in which such offer, solicitation or sale the TrusteeDated: under Date the of IndentureDelivery and payments to the Trustee, as assignee of the Authority, under the Loan and SecurityDue: Agreement December (the 1, as“Loan shown Agreement”) below describedThe SerieshereinThe Series 2012between 2012Bonds the Bonds Authoritywill bewill issued beand issued by the by Pennsylvania the Pennsylvania Highe Higher Educationalr Educational Facilities Facilities Authority Authority (the “Authority”)(the “Authority”) under under a Trus a tTrus Indenturet Indenture dateddated as of asFebruary of February 1, 2012 1, 2012(the “Indentur(the “Indenture”), betweene”), between the Authority the Authority and Theand BankThe Bank of New of NewYork YorkMellon Mellon Trust Trust Company, Company, N.A., N.A., Philadelphia, Philadelphia, Pennsylvania,Pennsylvania, as trustee, as trustee, paying paying agent agent and bondand bondregistrar registrar (in such (in suchcapacities, capacities, the “Trustee”). the “Trustee”). The SeriesThe Series 2012 2012Bonds Bonds will bewill payable be payable from fromand and securedsecured by certain by certain funds funds held heldby the by Trustee the Trustee under under the Indenture the BRYNIndenture and payments andMAWR payments to the COLLEGE to Trustee, the Trustee, as assignee as assignee of the of Authority, the Authority, under und theer Loan the Loanand and SecuritySecurity Agreement Agreement (the “Loan (the “Loan Agreement”) Agreement”) described described herein herein between between the Authority the Authority and and d d under no circumstances s d d under no circumstances s (the “College”). The SeriesLOGOLOGO 2012 Bonds are payable solely from the funds under theBRYN IndentureBRYN MAWR and MAWRfrom payments COLLEGE COLLEGE to be received by the Authority pursuant to the Loan Agreement. The obligation of the College under the Loan Agreement to make loan payments is a general obligation of the College secured by (thea lien “College”).(the upon, “College”). and security The SeriesThe interest Series 2012 in, 2012Bonds the UnrestrictedBonds are payable are payable College solely solely fromRevenues, fromthe funds theequally funds under and under the ratably Indenture the withIndenture certainand from and other frompayments College payments to obligations. be toreceived be received See by “SECURITYthe by Authority the Authority AND pursuantSOURCESpursuant to OFthe to PAYMENTLoan the LoanAgreement. Agreement. FOR THE The SERIES obligationThe obligation 2012 of BONDS”the of College the Collegeherein. under un theder Loan the LoanAgreement Agreement to make to make loan loanpayments payments is a generalis a general obligation obligation of the of the CollegeCollege secured secured by a bylien a upon,lien upon, and securityand security interest interest in, the in, Unrestrictedthe Unrestricted College College Revenues, Revenues, equally equally and ratablyand ratably with withcertain certain other otherCollege College obligations. obligations.The Series See “SECURITY 2012See “SECURITY Bonds areAND subject AND SOURCES SOURCESto redemption OF PAYMENT OF PAYMENTprior to FOR maturity, FORTHE THESERIESas set SERIES forth 2012 in 2012 BONDS”this BONDS”Official herein. Statement.herein. See “THE SERIES 2012 BONDS – Redemption of the Series 2012 Bonds.” The SeriesThe Series 2012 2012Bonds Bonds are subject are subject to redemption to redemption prior priorto maturity, to maturity, as set as forth set forthin this in Official this Official Statement. Statement. See “THE See “THE SERIES SERIES 2012 20BONDS12 BONDS – – RedemptionRedemption of the of Series the Series 2012 2012Bonds.” Bonds.” The Series 2012 Bonds will be issued only as fully registered bonds without coupons, and, when issued, will be registered in the name of Cede & Co., as registeredThe SeriesThe Owner Series 2012 and 2012Bonds nominee Bonds will beforwill issuedThe be Depositoryissued only asonly fully Trustas fullyregistered Company, registered bonds New bonds without York, without New coupons, York coupons, and,(“DTC”). whenand, when issued,DTC issued, will will act bewill as registered securitiesbe registered in depository th ein name the name forof Cedethe of Series Cede &2012 Co., Bonds. as registered Purchases Owner of beneficial and nominee interests for The in the Depository Series 2012 Trust Bonds Company, will be Newmade York, in book-entry New York form, (“DTC”). in denominations DTC will actof $5,000as securitie or anys depositoryintegral multiple subject to completion an & Co., as registered Owner and nominee for The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository subject to completion an forthereof. thefor Series thePurchasers Series 2012 2012Bonds. will Bonds.not Purchases receive Purchases certificates of beneficial of beneficial representing interests interests in their the in Seriesinterest the Series 2012 in the 2012Bonds Series Bonds will 2012 bewill made Bondsbe made in purchased.book-entry in book-entry form,So long form, in asdeno