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$149,996,254.60 Chaffey Joint Union High School District

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$149,996,254.60 Chaffey Joint Union High School District NEW ISSUE — FULL BOOK-ENTRY RATINGS: Moody’s: “Aa2”; Standard & Poor’s: “AA-” (See “MISCELLANEOUS – Ratings” herein) In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California (“Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds is excluded from 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 of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. $149,996,254.60 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT (San Bernardino County, California) Election of 2012 General Obligation Bonds, Series B Dated: Date of Delivery Due: August 1, as shown on inside cover 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 but not otherwise defined on this cover page shall have the meanings assigned to such terms herein. The Chaffey Joint Union High School District (San Bernardino County, California) Election of 2012 General Obligation Bonds, Series B (the “Bonds”), were authorized at an election of the registered voters of the Chaffey Joint Union High School District (the “District”) held on November 6, 2012, at which the requisite fifty-five percent of the persons voting on the proposition voted to authorize the issuance and sale of $848,000,000 aggregate principal amount of general obligation bonds of the District. The Bonds are being issued to (i) finance the repair, upgrading, acquisition, construction and equipping of District sites and facilities and (ii) pay the costs of issuing the Bonds. The Bonds are general obligations of the District payable solely from ad valorem property taxes. The Board of Supervisors of San Bernardino County is empowered and obligated to levy such 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 “DTC”). Purchasers of the Bonds (the “Beneficial Owners”) will not receive physical 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 on the Current Interest Bonds accrues from their date of delivery, and is payable semiannually on February 1 and August 1 of each year, commencing February 1, 2016. The Capital Appreciation Bonds are dated as of their date of delivery and accrete interest from such date, compounded semiannually on February 1 and August 1 of each year, commencing August 1, 2015. The Capital Appreciation Bonds will not pay interest on a periodic basis. Payments of principal and Maturity Value of and interest on the Bonds will be made by U.S. Bank National Association, as the designated Paying Agent, to DTC for subsequent disbursement to DTC Participants (defined herein) who will remit such payments to the Beneficial Owners of the Bonds. The Bonds are subject to optional and mandatory sinking fund redemption as further described herein. MATURITY SCHEDULE (see inside front cover) The Bonds will be offered when, as and if issued and received by the Underwriter subject to the approval of legality by Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California, Bond Counsel and Disclosure Counsel. Certain legal matters will be passed upon for the Underwriter by Nixon Peabody LLP. The Bonds, in book-entry form, will be available for delivery through the facilities of DTC in New York, New York on or about May 6, 2015. RBC CAPITAL MARKETS Dated: April 9, 2015 MATURITY SCHEDULE Base CUSIP(1): 157411 $149,996,254.60 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT (San Bernardino County, California) Election of 2012 General Obligation Bonds, Series B $8,975,000 Current Interest Serial Bonds Maturity Principal Interest (August 1) Amount Rate Yield CUSIP(1) 2016 $6,310,000 3.00% 0.31% PJ2 2017 2,665,000 3.00 0.65 PK9 $30,000,000 – 5.00% Current Interest Term Bonds due August 1, 2044 – Yield 3.20%(2); CUSIP(1): PL7 $65,850,000 – 4.00% Current Interest Term Bonds due August 1, 2044 – Yield 3.70%(2); CUSIP(1): QK8 $45,171,254.60 Capital Appreciation Serial Bonds Maturity Denominational Accretion (August 1) Amount Rate Yield Maturity Value CUSIP(1) 2018 $241,793.55 1.65% 1.65% $255,000 PM5 2019 598,955.50 1.94 1.94 650,000 PN3 2020 953,680.30 2.21 2.21 1,070,000 PP8 2021 926,694.00 2.47 2.47 1,080,000 PQ6 2022 1,276,126.30 2.75 2.75 1,555,000 PR4 2023 1,289,318.10 2.98 2.98 1,645,000 PS2 2024 1,313,892.80 3.19 3.19 1,760,000 PT0 2025 1,384,413.70 3.40 3.40 1,955,000 PU7 2026 1,450,332.20 3.66 3.66 2,180,000 PV5 2027 1,531,474.65 3.86 3.86 2,445,000 PW3 2028 2,054,559.00 4.01 4.01 3,475,000 PX1 2029 2,106,818.70 4.12 4.12 3,765,000 PY9 2030 2,247,916.80 4.24 4.24 4,260,000 PZ6 2031 2,454,145.20 4.33 4.33 4,920,000 QA0 2032 2,562,119.00 4.40 4.40 5,425,000 QB8 2033 2,579,217.75 4.44 4.44 5,745,000 QC6 2034 2,968,022.40 4.48 4.48 6,960,000 QD4 2035 3,201,817.25 4.51 4.51 7,895,000 QE2 2036 3,355,342.25 4.54 4.54 8,705,000 QF9 2037 3,403,275.75 4.56 4.56 9,275,000 QG7 2038 3,530,007.60 4.58 4.58 10,110,000 QH5 2039 3,741,331.80 4.60 4.60 11,265,000 QJ1 ___________________ (1) CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed by S&P Capital IQ on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for CUSIP Services. None of the Underwriter, the Financial Advisor, or the District is responsible for the selection or correctness of the CUSIP numbers set forth herein. (2) Yield to call at par on February 1, 2025. 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 by Sections 3(a)2 and 3(a)12, respectively. 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. The information set forth herein, other than that provided by the District, has been obtained from sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the District. 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. When used in this Official Statement and in any continuing disclosure by the District in any press release and in any oral statement made with the approval of an authorized officer of the District or any other entity described or referenced in this Official Statement, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “forecast,” “expect,” “intend” and similar expressions identify “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements.
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