70000000 City of New Orleans, Louisiana Taxable Public
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NEW ISSUE OFFICIAL STATEMENT RATINGS: BOOK-ENTRY ONLY S&P: “AA-” (Stable Outlook) Fitch: “A+” (Stable Outlook) Moody’s: “A3" (Stable Outlook) (See “BOND RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the Bonds is not excluded from gross income for Federal income tax purposes. Bondholders should consult their tax advisors with respect to the inclusion of interest on the Bonds in gross income for federal income tax purposes. See “TAX MATTERS” herein. Under Louisiana law, the Bonds are exempt from all taxation for state, parish, municipal, or other purposes. $70,000,000 CITY OF NEW ORLEANS, LOUISIANA TAXABLE PUBLIC IMPROVEMENT BONDS, ISSUE OF 2016 Dated: Date of Delivery Due: December 1, as shown on inside cover. The referenced Taxable Public Improvement Bonds, Issue of 2016 (the “Bonds”) of the City of New Orleans, Louisiana (the “City” or “Issuer”) are being initially issued as fully registered bonds without coupons in denominations of $5,000 each, or any integral multiple thereof within a single maturity, and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchasers of the Bonds will not receive certificates representing their interest in the Bonds purchased. Purchases of the Bonds may be made only in book-entry form in authorized denominations by credit to participating broker-dealers and other institutions on the books of DTC as described herein. Principal of and interest on the Bonds will be payable by U.S. Bank National Association, Nashville, Tennessee, or any successor paying agent (the “Paying Agent”), to DTC, which will remit such payments in accordance with its normal procedures, as described herein. Interest on the Bonds is payable on June 1, 2017, and semiannually thereafter on June 1 and December 1 of each year. See Appendix “J” - Book-Entry Only System. The Bonds maturing on December 1, 2027, and thereafter, shall at the option of the Issuer, acting through the Board of Liquidation, City Debt (the “Board of Liquidation”) be subject to redemption, prior to their stated maturities, on and after December 1, 2026, in whole or in part at any time, and if less than a full maturity, then by lot within such maturity at a redemption price equal to the principal amount of the Bonds to be redeemed plus accrued interest to the redemption date. Any Bonds made the subject of such call or calls shall be redeemed at the principal amount thereof plus accrued interest to the date fixed for redemption. The Bonds are not required to be redeemed in inverse order of maturity. The Bonds are further subject to mandatory sinking fund redemption as set forth herein. The Bonds are general obligations of the City, for which the full faith and credit of the City is pledged, and are secured by and payable from ad valorem taxes upon all the property subject to such taxation within the City in an amount sufficient to pay the principal of and the interest on the Bonds. The Bonds are being issued for the purpose of (a) making capital improvements, including constructing, renovating, acquiring and/or improving (i) roads, streets and bridges, base stabilization, drainage adjustments and related sidewalks, curbing, street lighting, stormwater management, and landscaping associated therewith, (ii) public buildings and facilities and parks and recreational facilities, and (iii) fire trucks and firefighting equipment, including acquiring all necessary land, equipment and furnishings for any of the foregoing; and (b) paying the costs of issuance of the Bonds. The Bonds are the first emission of the issuance of $120,000,000 of General Obligation Bonds authorized at an election held in the City on April 9, 2016. The Maturity Schedule for the Bonds appears on the inside cover hereof. The Bonds are offered when, as and if issued and received by the Underwriters subject to the joint approving opinion of Foley & Judell, L.L.P., New Orleans, Louisiana; McKee Law Firm, L.L.C., New Orleans, Louisiana; and Haley Law Firm, LLC, New Orleans, Louisiana, Co-Bond Counsel. PFM Financial Advisors LLC, Memphis, Tennessee, and CLB Porter, LLC, New Orleans, Louisiana, serve as independent Co-Municipal Advisors to the Issuer. Certain matters will be passed upon for the Board of Liquidation by William R. Forrester, Jr., Esq., New Orleans, Louisiana. It is expected that the Bonds in definitive form will be available for delivery to DTC in New York, New York, on or about December 8, 2016, against payment therefor. The date of this Official Statement is November 16, 2016. This cover page contains 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. $70,000,000 TAXABLE PUBLIC IMPROVEMENT BONDS, ISSUE OF 2016 CITY OF NEW ORLEANS, LOUISIANA MATURITY SCHEDULE (Base CUSIP No. 64763F) Due Interest Initial Dec. 1 Amount Rate Yield Price CUSIPs 2017 $1,405,000 1.24% 1.24% 100.00 WR6 2018 1,425,000 1.40 1.40 100.00 WS4 2019 1,450,000 1.78 1.78 100.00 WT2 2020 1,475,000 2.11 2.11 100.00 WU9 2021 1,505,000 2.37 2.37 100.00 WV7 2022 1,540,000 2.71 2.71 100.00 WW5 2023 1,580,000 2.91 2.91 100.00 WX3 2024 1,620,000 3.07 3.07 100.00 WY1 2025 1,670,000 3.17 3.17 100.00 WZ8 2026 1,720,000 3.26 3.26 100.00 XA2 $21,275,000 4.34% Term Bonds due December 1, 2036, Initial Yield 4.34%, CUSIP XB0 $33,335,000 4.55% Term Bonds due December 1, 2046, Initial Yield 4.55%, CUSIP XC8 CUSIP ® is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Capital IQ., a business line of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUISP Service. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions. CUSIP data herein is provided for convenience of reference only. Neither the Issuer, the Board of Liquidation, the Co-Municipal Advisors nor any of their agents take any responsibility for the accuracy of such data, now or at any time in the future, which is included solely for the convenience of the owners of the Bonds. NO DEALER, BROKER, SALESPERSON OR OTHER PERSON HAS BEEN AUTHORIZED BY THE CITY OF NEW ORLEANS, LOUISIANA (THE “CITY’) OR THE BOARD OF LIQUIDATION, CITY DEBT (THE “BOARD OF LIQUIDATION”) TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS IN CONNECTION WITH THE BONDS OR THE MATTERS DESCRIBED HEREIN, OTHER THAN THOSE CONTAINED IN THIS OFFICIAL STATEMENT, AND IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE CITY OR THE BOARD OF LIQUIDATION. 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 SET FORTH HEREIN CONCERNING THE DEPOSITORY TRUST COMPANY (“DTC”) HAS BEEN FURNISHED BY DTC, AND NO REPRESENTATION IS MADE BY THE CITY OR THE BOARD OF LIQUIDATION AS TO THE COMPLETENESS OR ACCURACY OF SUCH INFORMATION. ALL OTHER INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE CITY AND OTHER SOURCES WHICH ARE BELIEVED TO BE RELIABLE BUT IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS. THE INFORMATION AND EXPRESSIONS OF OPINION CONTAINED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE, AND NEITHER THE 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 MATTERS DESCRIBED HEREIN 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. THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE A CONTRACT BETWEEN THE CITY OR THE BOARD OF LIQUIDATION AND ANY ONE OR MORE OF THE PURCHASERS OR REGISTERED OWNERS OF THE BONDS. THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAS THE BOND RESOLUTION BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACTS. THE REGISTRATION OR QUALIFICATION OF THE BONDS IN ACCORDANCE WITH APPLICABLE PROVISIONS OF SECURITIES LAWS OF THE STATES IN WHICH THE BONDS HAVE BEEN REGISTERED OR QUALIFIED AND THE EXEMPTION FROM REGISTRATION OR QUALIFICATION IN OTHER STATES CANNOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THESE STATES NOR ANY OF THEIR AGENCIES HAVE PASSED UPON THE MERITS OF THE BONDS OR THE ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATIONS OF THE CITY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THIS OFFICIAL STATEMENT IS BEING PROVIDED TO PROSPECTIVE PURCHASERS EITHER IN BOUND PRINTED FORM (“ORIGINAL BOUND FORMAT”) OR IN ELECTRONIC FORMAT ON THE FOLLOWING WEBSITES: www.idealprospectus.com and http://www.bolcd.com.