Wells Fargo Institutional Securities, LLC Date: September 5, 2008 Selected Artwork from the Permanent Collection of the Los Angeles County Museum of Art
NEW ISSUE — BOOK-ENTRY ONLY RATINGS: Moody’s: “Aaa” (Jointly supported); “VMIG 1” (Short-term); “A2” (Underlying) S&P: “AAA/A-1+” (Structured) (See “Ratings” herein) In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Issuer, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the 2008 Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) interest on the 2008 Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. In addition, in the opinion of Bond Counsel to the Issuer, under existing statutes, interest on the 2008 Bonds is exempt from State of California personal income taxes. See “TAX MATTERS” herein. $383,000,000 California Statewide Communities Development Authority Refunding Revenue Bonds (Los Angeles County Museum of Art Project) (Variable Rate Demand Obligations) $100,000,000 $100,000,000 $95,000,000 $60,000,000 $28,000,000 Series 2008A Series 2008B Series 2008C Series 2008D Series 2008E Dated: Date of Delivery Price: 100% Due: December 1, as shown on inside front cover The $383,000,000 California Statewide Communities Development Authority Refunding Revenue Bonds (Los Angeles County Museum of Art Project), Series 2008A (the “2008A Bonds”), Series 2008B (the “2008B Bonds”), Series 2008C (the “2008C Bonds”), Series 2008D (the “2008D Bonds”) and Series 2008E (the “2008E Bonds,” each a “Series” and collectively, the “2008 Bonds”) are limited obligations of the California Statewide Communities Development Authority (the “Issuer”) and are issued and secured under the provisions of an Indenture, dated as of September 1, 2008 (the “Indenture”), by and between the Issuer and U.S.
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