General Obligation Bonds, Election of 2004, Series B General Obligation Bonds, Election of 2004, Series C
Total Page:16
File Type:pdf, Size:1020Kb
NEW ISSUE-FULL BOOK-ENTRY RATINGS: Insured Ratings: S&P: "AAA"; Moody's: "Aaa" Underlying Ratings: S&P: "AA-"; Moody's: "Aa3" (See "MISCELLANEOUS" - Ratings herein.) In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California ("Bond Counsel"), under existing statutes, regulations, mlings and judicial decisions, and assuming certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds is excludedfrom gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion ofBond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. In addition, the difference between the issue price of a Bond (the first price at which a substantial amount of the Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity with respect to the Bond constitutes original issue discount. (See "TAX MATTERS" herein with respect to tax consequences relating to the Bonds.) $52,536,256.40 $56,460,276.45 Antelope Valley Community College District Antelope Valley Community College District (Kem and Los Angeles Counties, California) (Kem and Los Angeles Counties, California) General Obligation Bonds, Election of 2004, Series B General Obligation Bonds, Election of 2004, Series C Dated: Date of Delivery Due: August 1, as shown on inside cover page This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Capitalized terms used on this cover page not otherwise defined shall have the meanings set forth herein. Both the Antelope Valley Community College District (Kem and Los Angeles Counties, California) General Obligation Bonds, Election of 2004, Series B (the "Series B Bonds") and the Antelope Valley Community College District (Kern and Los Angeles Counties, California) General Obligation Bonds, Election of 2004, Series C (the " Series C Bonds" and together with the Series B Bonds, the "Bonds") were authorized at an election of the registered voters of the Antelope Valley Community College District (the "District") held on November 2, 2004 at which more than fifty-five percent of the persons voting on the proposition voted to authorize the issuance and sale of $139,000,000 principal amount of general obligation bonds of the District (the "Authorization"). The Bonds are being issued to finance the acquisition, construction and modernization of certain District property and facilities. The Bonds are general obligations of the District, payable solely from the proceeds of ad valorem property taxes. The Boards of Supervisors of Kern County and Los Angeles County are empowered and obligated to levy ad valorem taxes, without limitation as to rate or amount, upon all property within the District subject to taxation by the District ( except certain personal property which is taxable at limited rates), for the payment of principal and Maturity Value of and interest on the Bonds when due. The Bonds will be issued in book-entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee for The Depository Trust Company, New York, New York ( collectively referred to herein as "DIC"). Purchasers will not receive certificates representing their interest in the Bonds. The Bonds will be issued as current interest bonds (the "Current Interest Bonds") and capital appreciation bonds (the "Capital Appreciation Bonds.") Interest with respect to the Current Interest Bonds accrues from the date of their delivery and is payable semiannually on February 1 and August 1 of each year, commencing on February!, 2008. The Current Interest Bonds are issuable in denominations of $5,000 or any integral multiple thereof. The Capital Appreciation Bonds are dated the date of delivery of the Bonds and accrete interest from such date, compounded semiannually on February 1 and August 1 of each year, commencing on February 1, 2008. The Capital Appreciation Bonds are issuable in denominations $5,000 Maturity Value or any integral multiple thereof. Payments of principal and Maturity Value of and interest on the Bonds will be made by The Treasurer and Tax Collector of Los Angeles County, as the designated Paying Agent, Bond Registrar and Transfer Agent (the "Paying Agent"), to DIC for subsequent disbursement to DIC Participants (defined herein) who will remit such payments to the beneficial owners of the Bonds. (See "APPENDIX D -Book-Entry Only System.") The Bonds are subject to redemption prior to maturity as described herein. The scheduled payment of principal and Maturity Value of and interest on the Bonds when due will be guaranteed under a financial guaranty insurance policy to be issued simultaneously with the delivery of the Bonds by MBIA Insurance Corporation ("MBIA" or the "Insurer"). (See "THE BONDS -Bond Insurance" and "APPENDIX E -Form of Financial Guaranty Insurance Policy.") Qbia MATURITY SCHEDULE (See inside cover) The Bonds will be offered when, as and ifissued and received by the Underwriter, subject to the approval oflegality by Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California, Bond Counsel. Certain matters will be passed upon for the Underwriter by Nossaman Guthner Knox & Elliot LLP, Irvine, California. The Bonds, in book-entry form, will be available for delivery through the facilities of DTC in New York, New York on or about September 13, 2007. UBS INVESTMENT BANK Dated: August 28, 2007 MATURITY SCHEDULE $52,536,256.40 ANTELOPE VALLEY COMMUNITY COLLEGE DISTRICT (Kern and Los Angeles Connties, California) General Obligation Bonds, Election of 2004, Series B $12,231,256.40 Capital Appreciation Serial Bonds Maturity Denominational Accretion Reoffering Maturity (August 1) Amount Rate Yield Value 2032 $2,367,371.50 5.630% 5.630% $9,425,000 2033 2,557,337.90 5.640 5.640 10,790,000 2034 2,496,605.65 5.650 5.650 11,165,000 2035 2,434,955.95 5.660 5.660 11,545,000 2036 2,37 4,985.40 5.670 5.670 11,940,000 $40,305,000 5.250o/o Current Interest Term Bonds due August 1, 2039 - Yield 4.900o/o (1) (1) Yield to call at par on August 1, 2017. $56,460,27 6.45 ANTELOPE VALLEY COMMUNITY COLLEGE DISTRICT (Kern and Los Angeles Connties, California) General Obligation Bonds, Election of 2004, Series C $42,085,000.00 Current Interest Serial Bonds Maturity Principal Interest Maturity Principal Interest (August 1) Amount Rate Yield (August 1) Amount Rate Yield 2 2008 $570,000 4.000% 3.510% 2018 $1,230,000 5.250% 4.310%( ) 2 2009 150,000 4.000 3.520 2019 1,390,000 5.250 4.400( ) 2010 250,000 4.000 3.600 2020 1,565,000 5.250 4.470(2) 2011 345,000 4.125 3.650 2021 1,745,000 5.250 4.520(2) 2012 455,000 4.125 3.750 2022 1,935,000 5.000 4.660(2) 2 2013 565,000 4.250 3.830 2023 6,175,000 5.000 4.690( ) 2014 680,000 4.250 3.930 2024 6,760,000 5.000 4.120(2) 2015 810,000 4.250 4.000 2025 7,390,000 5.000 4.750(2) 2 2016 935,000 5.000 4.060 2026 8,055,000 5.000 4.790( ) 2017 1,080,000 5.000 4.160 (2) Yield to call at par on August 1, 2017. $14,375,276.45 Capital Appreciation Serial Bonds Maturity Denominational Accretion Reoffering Maturity (August 1) Amount Rate Yield Value 2027 $2,97 4,315.10 5.510% 5.510% $8,765,000 2028 2,898,827.25 5.540 5.540 9,075,000 2029 2,818,872.00 5.580 5.580 9,400,000 2030 2, 750,721.60 5.600 5.600 9,735,000 2031 2,681,360.50 5.620 5.620 I0,075,000 2032 251,180.00 5.630 5.630 1,000,000 This Official Statement does not constitute an offering of any security other than the original offering of the Bonds of the District. No dealer, broker, salesperson or other person has been authorized by the District to give any information or to make any representations other than as contained in this Official Statement, and if given or made, such other information or representation not so authorized should not be relied upon as having been given or authorized by the District. The issuance and sale of the Bonds have not been registered under the Securities Act of 1933 or the Securities Exchange Act of 1934, both as amended, in reliance upon exemptions provided thereunder. This Official Statement does not constitute an offer to sell or a solicitation of an offer to buy in any state in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Certain information set forth herein has been obtained from sources outside the District which are believed to be reliable. The information and expressions of opinions herein are subject to change without notice and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the District since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose.