Preliminary Official Statement Airport Commission of the City and County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2020A/B/C PRELIMINARY OFFICIAL STATEMENT DATED JULY 24, 2020 NEW ISSUE—BOOK-ENTRY ONLY RATINGS: Moody’s: “A1” S&P: “A” Fitch: “A+” (See “Ratings”) ,QWKHRSLQLRQRI2UULFN+HUULQJWRQ 6XWFOLৼH//36SHFLDO7D[&RXQVHOWRWKH&RPPLVVLRQ ³6SHFLDO7D[&RXQVHO´ EDVHGXSRQDQDQDO\VLV RIH[LVWLQJODZVUHJXODWLRQVUXOLQJVDQGFRXUWGHFLVLRQVDQGDVVXPLQJDPRQJRWKHUPDWWHUVWKHDFFXUDF\RIFHUWDLQUHSUHVHQWDWLRQVDQGFRPSOLDQFH ZLWKFHUWDLQFRYHQDQWVLQWHUHVWRQWKH6HULHV$%RQGVDQG6HULHV%%RQGVLVH[FOXGHGIURPJURVVLQFRPHIRUIHGHUDOLQFRPHWD[SXUSRVHVXQGHU 6HFWLRQRIWKH,QWHUQDO5HYHQXH&RGHRI WKH³&RGH´ H[FHSWWKDWQRRSLQLRQLVH[SUHVVHGDVWRWKHVWDWXVRILQWHUHV WRQDQ\6HULHV$%RQGIRU DQ\SHULRGWKDWVXFK6HULHV$%RQGLVKHOGE\D³VXEVWDQWLDOXVHU´RIWKHIDFLOLWLHV¿QDQFHGRUUH¿QDQFHGE\WKH6HULHV$%RQGVRUE\D³UHODWHG SHUVRQ´ZLWKLQWKHPHDQLQJRI6HFWLRQ D RIWKH&RGH,QWKHIXUWKHURSLQLRQRI6SHFLDO7D[&RXQVHOLQWHUHVWRQWKH6HULHV%%RQGVLVQRWDVSHFL¿F SUHIHUHQFHLWHPIRUSXUSRVHVRIWKHIHGHUDODOWHUQDWLYHPLQLPXPWD[6SHFLDO7D[&RXQVHOREVHUYHVWKDWLQWHUHVWRQWKH6HULHV$%RQGVLVDVSHFL¿F SUHIHUHQFHLWHPIRUSXUSRVHVRIWKHIHGHUDODOWHUQDWLYHPLQLPXPWD[,QWKHIXUWKHURSLQLRQRI6SHFLDO7D[&RXQVHOLQWHUHVWRQWKH6HULHV$&%RQGV LVH[HPSWIURP6WDWHRI&DOLIRUQLDSHUVRQDOLQFRPHWD[HV6SHFLDO7D[&RXQVHOREVHUYHVWKDWLQWHUHVWRQWKH6HULHV&%RQGVLVQRWH[FOXGHGIURPJURVV LQFRPHIRUIHGHUDOLQFRPHWD[SXUSRVHVXQGHU6HFWLRQRIWKH&RGH6SHFLDO7D[&RXQVHOH[SUHVVHVQRRSLQLRQUHJDUGLQJDQ\RWKHUWD[FRQVHTXHQFHV UHODWHGWRWKHRZQHUVKLSRUGLVSRVLWLRQRIRUWKHDPRXQWDFFUXDORUUHFHLSWRILQWHUHVWRQWKH6HULHV$&%RQGV6HH³7$;0$77(56´KHUHLQ $291,080,000* AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO SAN FRANCISCO INTERNATIONAL AIRPORT $111,630,000* $48,955,000* $130,495,000* Second Series Revenue Second Series Revenue Second Series Revenue Refunding Bonds Refunding Bonds Refunding Bonds Series 2020A Series 2020B Series 2020C (AMT) (Non-AMT/Governmental Purpose) (Federally Taxable) Dated: Date of Delivery Due: As shown on the inside cover The Airport Commission (the “Commission”) of the City and County of San Francisco (the “City”) will issue (i) $111,630,000* principal amount of its San Francisco International Airport Second Series Revenue Refunding Bonds, Series 2020A (the “Series 2020A Bonds”), (ii) $48,955,000* principal amount of its San Francisco International Airport Second Series Revenue Refunding Bonds, Series 2020B (the “Series 2020B Bonds”) and (iii) $130,495,000* principal amount of its San Francisco International Airport Second Series Revenue Refunding Bonds, Series 2020C (the “Series 2020C Bonds,” and, together with the Series 2020A Bonds and the Series 2020B Bonds, the “Series 2020A-C Bonds”), pursuant to the terms of the 1991 Master Resolution. The San Francisco International Airport (the “Airport”) is an enterprise department of the City. The Bank of New York Mellon Trust Company, N.A. has been appointed by the Commission to act as Trustee for its Bonds, including the Series 2020A-C Bonds. The Commission will use the proceeds of the Series 2020A-C Bonds, together with other available moneys, to refund certain outstanding Bonds of the Commission, to fund a reserve account deposit and to pay costs of issuance of the Series 2020A-C Bonds. 7KH6HULHV$&%RQGVZLOOPDWXUHRQWKHGDWHVDQGEHDULQWHUHVWDWWKHUDWHVVKRZQRQWKHLQVLGHFRYHURIWKLV2൶FLDO6WDWHPHQW,QWHUHVWRQ the Series 2020A-C Bonds will be payable each May 1 and November 1, commencing May 1, 2021. The Series 2020A-C Bonds are subject to redemption prior to their stated maturity dates, as described herein. The Series 2020A-C Bonds will be issued only as fully registered bonds, registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company (“DTC”). So long as Cede & Co. is the registered owner of the Series 2020A-C Bonds, payment of the principal of and interest on the Series 2020A-C Bonds will be made to Cede & Co. as nominee of DTC, which is required in turn to remit such principal and interest to the '7&3DUWLFLSDQWVIRUVXEVHTXHQWGLVEXUVHPHQWWRWKH%HQH¿FLDO2ZQHUV The Series 2020A-C Bonds are special, limited obligations of the Commission, payable as to principal and interest solely out of, and secured by a pledge of and lien on, the Net Revenues of the Airport and the funds and accounts provided for in the 1991 Master Resolution. Neither the credit nor taxing power of the City is pledged to the payment of the principal of or interest on the Series 2020A-C Bonds. No holder of a Series 2020A-C Bond shall have the right to compel the exercise of the taxing power of the City to pay the principal of or the interest on the Series 2020A-C Bonds. The Commission has no taxing power whatsoever. Purchasers of the Series 2020A-C Bonds will be deemed to have consented to certain amendments to the 1991 Master Resolution. See “3උඈඉඈඌൾൽ$ආൾඇൽආൾඇඍඌඍඈ0ൺඌඍൾඋ5ൾඌඈඅඎඍංඈඇ” and $ඉඉൾඇൽංඑ*–“6ඎආආൺඋඒ2ൿ3උඈඉඈඌൾൽ$ආൾඇൽආൾඇඍඌ7ඈ0ൺඌඍൾඋ5ൾඌඈඅඎඍංඈඇ.” 7KH6HULHV$&%RQGVDUHRৼHUHGZKHQDVDQGLILVVXHGE\WKH&RPPLVVLRQDQGUHFHLYHGE\WKH8QGHUZULWHUVVXEMHFWWRDSSURYDORIYDOLGLW\ E\6TXLUH3DWWRQ%RJJV 86 //3DQG$PLUD-DFNPRQ$WWRUQH\DW/DZ&R%RQG&RXQVHOWRWKH&RPPLVVLRQDQGFHUWDLQRWKHUFRQGLWLRQV&HUWDLQOHJDO PDWWHUVZLOOEHSDVVHGXSRQIRUWKH&RPPLVVLRQE\1L[RQ3HDERG\//3'LVFORVXUH&RXQVHOE\2UULFN+HUULQJWRQ 6XWFOLৼH//36SHFLDO7D[&RXQVHO DQGE\WKH&LW\$WWRUQH\&HUWDLQOHJDOPDWWHUVZLOOEHSDVVHGXSRQIRUWKH8QGHUZULWHUVE\WKHLUFRXQVHO+DZNLQV'HOD¿HOG :RRG//37KH&RPPLVVLRQ H[SHFWVWRGHOLYHUWKH6HULHV$&%RQGVWKURXJKWKHIDFLOLWLHVRI'7&RQRUDERXW$XJXVWBBBDJDLQVWSD\PHQWWKHUHIRU BofA Securities Barclays Siebert Williams Shank & Co., LLC Dated: August ___, 2020 ________________________ 7KLV3UHOLPLQDU\2൶FLDO6WDWHPHQWDQGWKHLQIRUPDWLRQFRQWDLQHGKHUHLQDUHVXEMHFWWRFRPSOHWLRQRUDPHQGPHQWZLWKRXWQRWLFH8QGHUQRFLUFXPVWDQFHVVKDOOWKLV3UHOLPLQDU\2൶FLDO6WDWHPHQWFRQVWLWXWHDQR൵HUWRVHOORUWKHVROLFLWDWLRQRIDQR൵HUWREX\QRUVKDOOWKHUHEHDQ\VDOHRIWKHVHVHFXULWLHVLQDQ\MXULVGLFWLRQLQZKLFKVXFKR൵HUVROLFLWDWLRQRUVDOHZRXOGEHXQODZIXOSULRUWRUHJLVWUDWLRQRUTXDOL¿FDWLRQXQGHUWKHVHFXULWLHVODZVRIDQ\VXFKMXULVGLFWLRQ * Preliminary, subject to change. $291,080,000* AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO SAN FRANCISCO INTERNATIONAL AIRPORT $111,630,000* $48,955,000* $130,495,000* Second Series Revenue Second Series Revenue Second Series Revenue Refunding Bonds Refunding Bonds Refunding Bonds Series 2020A Series 2020B Series 2020C (AMT) (Non-AMT/Governmental Purpose) (Federally Taxable) MATURITY SCHEDULE*‡ $111,630,000* Series 2020A Bonds Maturity Date (May 1)* Principal* Interest Rate Yield Price CUSIP† No. 2037 $48,165,000 % % 2038 37,445,000 2039 18,740,000 2040 7,280,000 $48,955,000* Series 2020B Bonds Maturity Date (May 1)* Principal* Interest Rate Yield Price CUSIP† No. 2037 $21,130,000 % % 2038 16,430,000 2039 8,215,000 2040 3,180,000 $130,495,000* Series 2020C Bonds Maturity Date (May 1)* Principal* Interest Rate Price CUSIP† No. 2050 $50,000,000 % 2051 80,495,000 * Preliminary, subject to change. ‡ Bonds may be issued as serial bonds or term bonds. † CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. This information is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP numbers have been assigned by an independent company not affiliated with the Commission or the Underwriters and are included solely for the convenience of the registered owners of the applicable Series 2020A-C Bonds. Neither the Commission nor the Underwriters are responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the applicable Series 2020A-C Bonds or as included herein. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2020A-C 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 Series 2020A-C Bonds. CITY AND COUNTY OF SAN FRANCISCO London Breed, Mayor Dennis J. Herrera, City Attorney Benjamin Rosenfield, Controller José Cisneros, Treasurer AIRPORT COMMISSION Larry Mazzola, President Eleanor Johns, Vice President Richard J. Guggenhime Everett A. Hewlett, Jr. Malcolm Yeung Ivar C. Satero, Airport Director BOARD OF SUPERVISORS OF THE CITY AND COUNTY OF SAN FRANCISCO Norman Yee, District 7, President Sandra Lee Fewer, District 1 Matt Haney, District 6 Catherine Stefani, District 2 Rafael Mandelman, District 8 Aaron Peskin, District 3 Hillary Ronen, District 9 Gordon Mar, District 4 Shamann Walton, District 10 Dean Preston, District 5 Ahsha Safaí, District 11 CONSULTANTS AND ADVISORS CO-MUNICIPAL ADVISORS CO-BOND COUNSEL Backstrom McCarley Berry & Co. LLC Squire Patton Boggs (US) LLP San Francisco, California San Francisco, California PFM Financial Advisors LLC Amira Jackmon, Attorney at Law San Francisco, California Berkeley, California Robert Kuo Consulting, LLC San Francisco, California SPECIAL TAX COUNSEL DISCLOSURE COUNSEL Orrick, Herrington & Sutcliffe LLP Nixon Peabody LLP San Francisco, California San Francisco, California AIRPORT CONSULTANT TRUSTEE LeighFisher The Bank of New York Mellon Trust Company, N.A. San Francisco, California Los Angeles, California AUDITOR VERIFICATION AGENT KPMG LLP Robert Thomas