California Infrastructure and Economic Development Bank
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NEW ISSUE — BOOK-ENTRY ONLY RATINGS: Moody’s: “Aa2” In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Infrastructure Bank, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the 2020B Bonds (as defined below) 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 2020B Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. In addition, in the opinion of Bond Counsel to the Infrastructure Bank, under existing statutes, interest on the 2020B Bonds is exempt from State of California personal income taxes. See “TAX MATTERS” herein. $98,800,000 J CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK REVENUE REFUNDING BONDS (ACADEMY OF MOTION PICTURE ARTS AND SCIENCES OBLIGATED GROUP) SERIES 2020B Dated: Date of Delivery Due: As shown above This cover page contains certain information for use as a general introduction to the terms of the 2020B Bonds and related documents. It is not intended to be 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 without definition are defined elsewhere in this Official Statement. The California Infrastructure and Economic Development Bank (the “Infrastructure Bank”) will issue the above-described bonds pursuant to the Act and the Bond Indenture between the Infrastructure Bank and Wells Fargo Bank, National Association, as Bond Trustee and loan the proceeds thereof to the Academy Museum Foundation pursuant to the Loan Agreement The 2020B Bonds are limited obligations of the Infrastructure Bank and are payable solely from the Revenues and certain amounts held by the Bond Trustee under the Bond Indenture. The Revenues consist primarily of the Loan Payments by the Academy Museum Foundation under the Loan Agreement and payments by the Obligated Group Members under the Obligations (as defined herein). The Obligated Group will consist of the Academy of Motion Picture Arts and Sciences and the following related organizations: the Academy Foundation, the Academy Museum Foundation, The Vine Street Archive Foundation, and the Archival Foundation. The Obligations will consist of Obligation No. 4, which relates to the California Infrastructure and Economic Development Bank Revenue Refunding Bonds (Academy of Motion Pictures Arts and Sciences Obligated Group) Series 2020B (the “2020B Bonds”), Obligation No. 3, which relates to the previously issued California Infrastructure and Economic Development Bank Revenue Bonds (Academy of Motion Picture Arts and Sciences Obligated Group) Series 2020A (the “2020A Bonds”) and Obligation No. 1, which relates to the previously issued California Infrastructure and Economic Development Bank Revenue Bonds (Academy of Motion Pictures Arts and Sciences Obligated Group) Series 2015A (the “2015A Bonds”). Obligation No. 2, which relates to the previously issued California Infrastructure and Economic Development Bank Revenue Bonds (Academy of Motion Pictures Arts and Sciences Obligated Group) Series 2015B (the “2015B Bonds” and, together with the 2015A Bonds, the “2015 Bonds”), are expected to be refunded with the proceeds of the 2020B Bonds. The Obligations relating to the 2015 Bonds and the 2020A Bonds were, and the Obligations relating to the 2020B Bonds will be, issued to the Bond Trustee pursuant to the Master Indenture, among each Obligated Group Member and Wells Fargo Bank, National Association, as master trustee. Each Obligation provides or will provide that the Obligated Group Members, on a joint and several basis, are obligated to pay to the Bond Trustee amounts due under the Loan Agreement with respect to the 2015A Bonds, the 2020A Bonds and the 2020B Bonds, subject to credits for amounts otherwise paid. See “SECURITY FOR THE BONDS - The Obligations.” The proceeds of the 2020B Bonds, together with other legally available funds, will be applied to refund the outstanding 2015B Bonds and pay the costs of issuance of the 2020B Bonds. The 2020B Bonds will mature in the principal amounts and in the years and bear interest at the respective rates of interest per annum, as set forth above. The 2020B Bonds will be issued in book-entry form only, registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), the securities depository for the 2020B Bonds. Purchasers of 2020B Bonds will not receive physical certificates representing their ownership interests in the 2020B Bonds. See APPENDIX F - “BOOK-ENTRY ONLY SYSTEM.” The 2020B Bonds will be issued as fixed rate bonds and are subject to redemption prior to maturity as described herein. Individual purchases of interests in the 2020B Bonds will be made in the principal amount of $5,000 or any integral multiple thereof. Interest on the 2020B Bonds is payable on each May 1 and November 1, commencing November 1, 2020. THE 2020B BONDS ARE LIMITED OBLIGATIONS OF THE INFRASTRUCTURE BANK AND ARE NOT A LIEN OR CHARGE UPON THE FUNDS OR PROPERTY OF THE INFRASTRUCTURE BANK, EXCEPT TO THE EXTENT OF THE PLEDGE AND THE ASSIGNMENT PROVIDED FOR IN THE BOND INDENTURE. NEITHER THE STATE OF CALIFORNIA NOR THE INFRASTRUCTURE BANK SHALL BE OBLIGATED TO PAY THE PRINCIPAL OF THE 2020B BONDS, PREMIUM, IF ANY, OR THE INTEREST THEREON, EXCEPT FROM REVENUES RECEIVED BY THE INFRASTRUCTURE BANK AND THE OTHER FUNDS PROVIDED THEREFOR PURSUANT TO THE BOND INDENTURE. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF CALIFORNIA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE 2020B BONDS. THE 2020B BONDS DO NOT CONSTITUTE A DEBT OR LIABILITY OF THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF OTHER THAN THE LIMITED OBLIGATION OF THE INFRASTRUCTURE BANK, PAYABLE SOLELY FROM REVENUES AND THE OTHER FUNDS PROVIDED THEREFOR PURSUANT TO THE BOND INDENTURE. NEITHER THE STATE OF CALIFORNIA NOR ANY POLITICAL SUBDIVISION THEREOF IS IN ANY MANNER OBLIGATED TO MAKE ANY APPROPRIATION FOR SUCH PAYMENTS. THE INFRASTRUCTURE BANK HAS NO TAXING POWERS. The 2020B Bonds are offered when, as and if issued by the Infrastructure Bank and accepted by the Underwriter, subject to prior sale or withdrawal or modification of the offer without notice, and subject to receipt of an approving legal opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Infrastructure Bank, and subject to other conditions. Certain tax matters and other legal matters will be passed upon by Hawkins Delafield & Wood LLP, Bond Counsel to the Infrastructure Bank, in its approving opinion. Certain legal matters will be passed upon for the Infrastructure Bank by its General Counsel, for the Academy Museum Foundation and the Obligated Group by its special counsel, Irell & Manella LLP and Adler & Colvin, and for the Underwriter by its counsel, Orrick, Herrington & Sutcliffe LLP. It is expected that the 2020B Bonds willDated: be June available 24, 2020 for delivery through the facilities of DTC in New York, New York on or about July 8, 2020. Wells Fargo Securities $98,800,000 CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK REVENUE REFUNDING BONDS (ACADEMY OF MOTION PICTURE ARTS AND SCI ENCES OBLIGATED GROUP) SERIES 2020B $98,800,000 5.00% Term Bond due November 1,2029-Yield 1.38% c Price 130.741% c; CUSIP(1> No. 13034AG53 c Priced to call at par on August 1,2029. (1) CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Capital IQ. Copyright© 2020 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the Infrastructure Bank, the Academy Museum Foundation, the Underwriter or their agents or counsel assume responsibility for the accuracy of such numbers. Academy of Motion Picture Arts and Sciences Mission To recognize and uphold excellence in the motion picture arts and sciences, to inspire imagination, and to connect the world through the medium of cinema...by preserving the past, honoring the present, and shaping the future of motion pictures. Designed by Pritzker Prize-winning architect Renzo Piano, the Academy Museum is located next to the Los Angeles County Museum of Art (LACMA) campus in the landmarked Wilshire May Company building. 1118 No broker, dealer, salesperson or other person has been authorized fcy the I nfrastructure Bank, the Academy M useum Foundation or the Underwriter to give any information or to make any representations other than those contained in this Official Statement in connection with the offering made hereby and, if given or made, such information or representations must not be relied upon as having been authorized by any of the foregoing. 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 2020B Bonds, in any jurisdiction to any person to whom it is unlawful to make such offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the 2020B Bonds. Statements in this Official Statement which