State of Florida Division of Bond Finance Notice The following Preliminary Official Statement does not constitute an offer to sell or the solicitation of an offer to buy bonds. It is marked with a dated date and speaks only as of that date, which may be prior to the date the Preliminary Official Statement was posted on this website. The Division of Bond Finance undertakes no obligation to update any information included therein except for certain annual and periodic reports which may be found on the EMMA website of the Municipal Securities Rulemaking Board. This Preliminary Official Statement may be removed from the website at any time. The information, estimates and expressions of opinion in the Preliminary Official Statement are subject to change without notice and the posting of the Preliminary Official Statement on this website does not imply that there has been no change in such information or the affairs of the State of Florida since the dated date of the Preliminary Official Statement or date of posting such Preliminary Official Statement. PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 12, 2019 This document is “deemed final” by the Issuer as of its date for purposes of, and except for certain omissions permitted by, SEC Rule 15c2-12(b)(1). Refunding Issue - Book-Entry Only This Official Statement has been prepared by the Division of Bond Finance to provide information about the 2019A Bonds. Selected information is presented on this cover page for the convenience of the reader. To make an informed decision, a prospective investor should read this Official Statement in its entirety. Unless otherwise indicated, capitalized terms have the meanings given in Appendix A. $6,285,000* STATE OF FLORIDA Board of Governors University of Central Florida Parking Facility Revenue Refunding Bonds Series 2019A Official Statement is delivered in final Dated: Date of Delivery Due: July 1, as shown on the inside of the front cover Bond Ratings AA- (stable outlook) | Fitch Ratings Aa3 (stable outlook) | Moody’s Investors Service AA- (stable outlook) | S&P Global Ratings Tax Status In the opinion of Bond Counsel, assuming compliance by the Board of Governors with certain covenants, under existing statutes, regulations, and judicial decisions, the interest on the 2019A Bonds will be excluded from gross income for federal income tax purposes of the holders thereof and will not be an item of tax preference for purposes of the federal alternative minimum tax. The 2019A Bonds and the income thereon are not subject to taxation under the laws of the State of Florida, except estate taxes and taxes under Chapter 220, . Florida Statutes, as amended. See “TAX MATTERS” herein for a description of other tax consequences to y not be accepted prior to the time the owners of the 2019A Bonds. fer to buy nor shall there be any sale of these securities in any jurisdiction in which Redemption The 2019A Bonds are not subject to redemption prior to maturity. jurisdiction Security The 2019A Bonds will be secured by and payable from the Pledged Revenues. The Pledged Revenues consist of the Parking System Revenues, after payment of the Current Expenses, the Administrative Expenses, and, if necessary, the Rebate Amount. The 2019A Bonds are not secured by the full faith and credit of the State of Florida or the University of Central Florida. See “SECURITY FOR THE 2019A BONDS” herein for more complete information. t be sold and offers to buy ma Lien Priority The lien of the 2019A Bonds on the Pledged Revenues is a first lien on such revenues and will be on a parity with the Outstanding Bonds and any Additional Parity Bonds hereafter issued. The aggregate principal amount of Bonds, which is expected to be outstanding subsequent to the issuance of the 2019A Bonds is $18,300,000.* Additional Parity Bonds Additional Parity Bonds payable on a parity with the 2019A Bonds and the Outstanding Bonds may be issued if the average Pledged Revenues for the two immediately preceding Fiscal Years, as adjusted, are at least 120% of the Maximum Annual Debt Service. This description of the requirements for the issuance of the ion under the securities laws of any such Additional Parity Bonds is only a summary of the complete requirements. See “SECURITY FOR THE 2019A BONDS – Additional Parity Bonds” herein for more complete information. Purpose The proceeds of the 2019A Bonds will be used to refund the Outstanding State of Florida, Board of Governors, University of Central Florida Parking Facility Revenue Bonds, Series 2010B Build America Bonds (Federally ement constitute an offer to sell or the solicitation of an of solicitation of sell or the to an offer ement constitute Taxable – Issuer Subsidy), and to pay costs of issuance. and completion. These Bonds may no Interest Payment Dates January 1 and July 1, commencing July 1, 2020. Record Dates December 15 and June 15. Form/Denomination The 2019A Bonds will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases will be made in book-entry form only through Direct Participants (defined herein) in denominations of $1,000 and integral multiples thereof. Purchasers of the 2019A Bonds will not receive physical delivery of the 2019A Bonds. See “DESCRIPTION OF THE unlawful prior to registration or qualificat 2019A BONDS.” Closing/Settlement It is anticipated that the 2019A Bonds will be available for delivery through the facilities of DTC in New York, New York approximately four weeks from the date bids are received. Bond Registrar/ Paying Agent U.S. Bank Trust National Association, New York, New York. Bond Counsel Bryant Miller Olive P.A., Tallahassee, Florida. Issuer Contact Division of Bond Finance, (850) 488-4782, [email protected] Maturity Structure The 2019A Bonds will mature on the dates and bear interest at the rates set forth on the inside front cover. _____________ * Preliminary, subject to change. form. Under no circumstances shall this Preliminary Official Stat such offer, solicitation or sale would be This is a Preliminary Official Statement, subject to amendment MATURITY STRUCTURE Initial Principal Interest Price or CUSIP© Due Date Amount* Rate Yield July 1, 2020 $245,000 July 1, 2021 545,000 July 1, 2022 575,000 July 1, 2023 605,000 July 1, 2024 635,000 July 1, 2025 665,000 July 1, 2026 700,000 July 1, 2027 735,000 July 1, 2028 770,000 July 1, 2029 810,000 BIDS FOR THE 2019A BONDS WILL BE RECEIVED AS PROVIDED IN THE NOTICE OF BOND SALE ______________ * Preliminary, subject to change. © Copyright 2019, American Bankers Association. CUSIP data herein is provided by Standard & Poor's, CUSIP Service Bureau, a division of 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 CUSIP Services. The State of Florida has not authorized any dealer, broker, salesman or other person to give any information or to make any representations, other than those contained in this Official Statement, and if given or made, such other information or representations must not be relied on. Certain information herein has been obtained from sources other than records of the State of Florida which are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not to be construed as a representation by the State of Florida. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder will, under any circumstances, create any implication that there has been no change in the affairs of the State of Florida since the date hereof. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the 2019A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. STATE OFFICIALS BOARD OF GOVERNORS CHAIR VICE CHAIR NED C. LAUTENBACH SYDNEY KITSON GOVERNING BOARD OF THE DIVISION OF BOND FINANCE GOVERNOR RON DESANTIS Chairman ATTORNEY GENERAL CHIEF FINANCIAL OFFICER ASHLEY MOODY JIMMY PATRONIS Secretary Treasurer COMMISSIONER OF AGRICULTURE NIKKI FRIED J. BEN WATKINS III Director Division of Bond Finance ASHBEL C. WILLIAMS Executive Director and CIO State Board of Administration of Florida BOND COUNSEL Bryant Miller Olive P.A. Tallahassee, Florida TABLE OF CONTENTS PAGE INTRODUCTION .............................................................................................................................................................. 1 AUTHORITY FOR THE ISSUANCE OF THE 2019A BONDS ...................................................................................... 2 General Legal Authority ................................................................................................................................................. 2 Division of Bond Finance ............................................................................................................................................... 2 State Board of Administration of Florida ....................................................................................................................... 2 Board of Governors ........................................................................................................................................................ 2 University Board of Trustees .........................................................................................................................................