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Oklahoma City Economic Development Trust

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Oklahoma City Economic Development Trust PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 10, 2018 NEW ISSUE—BOOK‑ENTRY ONLY RATINGS: Moody’s: “Aa2 (negative)” S&P: “AA+ (stable)” See “RATINGS” herein INTEREST ON THE TAXABLE SERIES 2018 BONDS IS SUBJECT TO FEDERAL INCOME TAX. Interest on the Taxable Series 2018 Bonds is exempt from Oklahoma income taxation. See “TAX MATTERS” section herein. OKLAHOMA CITY ECONOMIC DEVELOPMENT TRUST Tax Increment Revenue Bonds (Increment District #2) $67,575,000* Taxable Series 2018 (Subject to Annual Appropriation) Dated: Date of Delivery Due: August 1, as shown on the inside cover The above‑described series of bonds (the “Taxable Series 2018 Bonds”) are being issued by the Oklahoma City Economic Development Trust (the “Issuer”), a public trust created for the use and benefit of The City of Oklahoma City (the “City”), to finance certain economic development projects in the Increment District #2 project area as designated in the Amended and Restated Downtown/MAPS Economic Development Project Plan dated February 23, 2016 (the “Project Plan”) and to refund certain outstanding note obligations, as described herein, to fund a Reserve Requirement, and to pay costs of issuance of the Taxable Series 2018 Bonds. To the extent available, proceeds of the Series 2018 Bonds may be used in connection with future economic development projects in the project area and as authorized in the Project Plan, as may be amended from time to time. The Taxable Series 2018 Bonds are being issued pursuant to a General Bond Indenture, dated as of January 1, 2018, by and between the Issuer and BOKF, NA, as trustee (the “Trustee”), as supplemented by a Series 2018 Supplemental Bond Indenture, dated as of January 1, 2018 (collectively, the “Indenture”), by and between the Issuer and the Trustee. The Trustee will serve as Registrar and Paying Agent for the Taxable Series 2018 Bonds. The Taxable Series 2018 Bonds are issuable in fully registered form and when initially 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 Taxable Series 2018 Bonds. Purchases of beneficial ownership interests in the Taxable Series 2018 Bonds will be made in book‑entry form only, in $5,000 principal amounts or integral multiples thereof. Beneficial Owners of the Taxable Series 2018 Bonds will not receive physical delivery of certificates evidencing their ownership interest in the Taxable Series 2018 Bonds so long as DTC or a successor securities depository acts as the securities depository with respect to the Taxable Series 2018 Bonds. Interest on the Taxable Series 2018 Bonds is payable each February 1 and August 1, commencing August 1, 2018*, as more fully described herein. So long as DTC or its nominee is the registered owner of the Taxable Series 2018 Bonds, payments of the principal and interest on the Taxable Series 2018 Bonds will be made directly to DTC. Disbursement of such payments to DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of DTC Participants. See “THE TAXABLE SERIES 2018 BONDS—Book‑Entry‑Only System” herein. Maturity Schedule on Inside Cover The Taxable Series 2018 Bonds are not subject to redemption prior to maturity. The Taxable Series 2018 Bonds shall be solely the obligation of the Issuer and not of the State of Oklahoma (the “State”) or the City. The Taxable Series 2018 Bonds are limited obligations of the Issuer and do not constitute obligations, either general or special, of the State of Oklahoma or the City within the meaning of any constitutional or statutory provisions whatsoever. THE ISSUER HAS NO TAXING POWER. The Taxable Series 2018 Bonds are payable solely from the Trust Estate pledged by the Issuer to the Trustee under the Indenture, including certain Increment Revenues as and when received by the Issuer and, if required, transfers of other funds agreed to be made by the City, subject to annual appropriation, pursuant to an Agreement of Support and a Security Agreement, between the City and the Issuer, all as described herein. See “SECURITY FOR THE TAXABLE SERIES 2018 BONDS” and “RISK FACTORS” herein. The Taxable Series 2018 Bonds are offered when, as and if issued and received by the Underwriters, subject to prior sale, to withdrawal or modification of the offer without notice, and to the approval of legality by The Public Finance Law Group PLLC, and Williams, Box, Forshee & Bullard, P.C., Co‑Bond Counsel, Oklahoma City, Oklahoma. Certain legal matters will be passed upon for the Issuer and the City by the Office of the Municipal Counselor, Oklahoma City, Oklahoma. Certain legal matters will be passed upon by Kutak Rock LLP as Counsel to the Underwriters. It is expected that the Taxable Series 2018 Bonds will be available in definitive form for delivery at DTC in New York, New York, on or about January 30, 2018. BofA Merrill Lynch BOK Financial Securities, Inc. Wells Nelson & Associates, LLC Piper Jaffray The date of this Official Statement is January __, 2018 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final in prior be accepted buy delivered is Statement Official time the the to to offers may nor sold be not securities These may This Preliminary amendment. or completion subject to are herein contained information the and Statement Official would solicitation or sale sale of these securities jurisdictionbuy nor shall there be any in any in which such offer, to Under no circumstances shall this Preliminary to sell or a solicitation of an offer Official Statement constitute an offer form. such jurisdiction. prior of any or qualification under the securities to registration be unlawful laws * Preliminary, subject to change. OKLAHOMA CITY ECONOMIC DEVELOPMENT TRUST Tax Increment Revenue Bonds (Increment District #2) (Subject to Annual Appropriation) Maturities, Amounts, Interest Rates and Yields* $67,575,000* Taxable Series 2018 Maturity Principal Interest CUSIP August 1 Amount* Rate Yield Base: 2018 $5,920,000 2019 6,130,000 2020 6,275,000 2021 6,435,000 2022 6,615,000 2023 6,805,000 2024 7,010,000 2025 7,225,000 2026 7,460,000 2027 7,700,000 CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein provided by CUSIP Global Services (“CGS”), managed on behalf of the American Bankers Association by S&P Capital IQ. This information is not intended to create a database and does not serve in any way as a substitute for services provided by CGS. CUSIP numbers have been assigned by an independent company not affiliated with the City, the Issuer, or the Underwriters and are included solely for the convenience of the registered and beneficial owners of the Taxable Series 2018 Bonds. None of the City, the Issuer or the Underwriters is responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Taxable Series 2018 Bonds or as included herein. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Taxable Series 2018 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Taxable Series 2018 Bonds. _______________________ *Preliminary, subject to change. THE CITY OF OKLAHOMA CITY, OKLAHOMA Elected Officials Name Position Mick Cornett ............................................................... Mayor James Greiner ............................................................. Ward 1 Ed Shadid ................................................................... Ward 2 Larry McAtee ............................................................. Ward 3 Todd Stone ................................................................. Ward 4 David Greenwell ......................................................... Ward 5 Margaret S. “Meg” Salyer .......................................... Ward 6 John A. Pettis, Jr. ........................................................ Ward 7 Mark K. Stonecipher .................................................. Ward 8 OKLAHOMA CITY ECONOMIC DEVELOPMENT TRUST Trustees Name Position Larry McAtee. ...................................................... Chairman Rhonda Hooper .................................................... Vice Chairman Jim Roth ............................................................... Trustee John A. Pettis, Jr. ................................................. Trustee Lynn Pickens........................................................ Trustee Administration James D. Couch, General Manager Catherine O’Conner, Surrogate General Manager Frances Kersey, Secretary Wiley Williams, Deputy Municipal Counselor Co-Bond Counsel The Public Finance Law Group PLLC Williams, Box, Forshee & Bullard, P.C. Oklahoma City, Oklahoma Oklahoma City, Oklahoma Financial Advisor PFM Financial Advisors LLC Austin, Texas ii The Taxable Series 2018 Bonds are offered only by means of this Official Statement. This Official Statement does not constitute an offering of any security other than the Taxable Series 2018 Bonds specifically offered hereby. It does not constitute an offer to sell or a solicitation
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