NEW ISSUE – BOOK-ENTRY ONLY RATINGS: See “RATINGS” herein In the opinion of Co-Bond Counsel, under existing statutes, regulations, rulings and court decisions, assuming continuing compliance with certain tax covenants and the accuracy of certain representations of the Authority (as defined below), interest on the Series 2009C Bonds (as defined below) will be excludable from gross income for federal income tax purposes, except interest on a Series 2009C Bond for any period during which that Series 2009C Bond is held by a “substantial user” or a “related person” as those terms are used in Section 147(a) of the Internal Revenue Code of 1986, as amended. Interest on the Series 2009C Bonds will not be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations and will not be taken into account in determining adjusted current earnings for purposes of the alternative minimum tax imposed on corporations. See “TAX MATTERS” herein for a description of certain other federal tax consequences of ownership of the Series 2009C Bonds. Co-Bond Counsel is further of the opinion that the Series 2009C Bonds and the interest thereon will not be subject to taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, as defined in Chapter 220. For a more complete discussion of certain tax aspects relating to the Series 2009C Bonds, see “TAX MATTERS” herein. $87,110,000 GREATER ORLANDO AVIATION AUTHORITY Airport Facilities Revenue Bonds, Series 2009C of the City of Orlando, Florida Dated: Date of Delivery Due: October 1, as shown on inside cover The $87,110,000 Greater Orlando Aviation Authority Airport Facilities Revenue Bonds, Series 2009C of the City of Orlando, Florida (the “Series 2009C Bonds”) are revenue bonds issued by the Greater Orlando Aviation Authority (the “Authority”), an agency of the City of Orlando, Florida (the “City”), under and pursuant to the Constitution and laws of Florida, including particularly, the Act (as defined herein), and other applicable provisions of law, and pursuant to the Airport Facilities Revenue Bond Resolution, the codified version of which was adopted by the Authority on September 17, 2008, as amended and supplemented from time to time (the “Airport Facilities Revenue Bond Resolution”), and as specifically supplemented by the Supplemental Airport Facilities Revenue Bond Resolution, adopted by the Authority on November 18, 2009 (the “2009 Supplemental Resolution,” and together with the Airport Facilities Revenue Bond Resolution, the “Bond Resolution”). See “SUMMARY OF CERTAIN PROVISIONS OF THE AIRPORT FACILITIES BOND RESOLUTION” attached hereto as APPENDIX B. The Series 2009C Bonds are being issued for the purpose of providing funds sufficient, together with other available funds of the Authority, to: (a) pay costs and expenses related to improvements to the Orlando International Airport as further described herein (the “Airside 1 & 3 Project”), (b) make a deposit to the Composite Reserve Subaccount of the Debt Service Reserve Account in an amount required to bring the balance equal to the Composite Reserve Requirement, (c) repay a portion of the Authority’s commercial paper debt that was used to provide an interim financing for certain costs of the Airside 1 & 3 Project, and (d) pay certain costs of issuance of the Series 2009C Bonds. See “THE AIRSIDE 1 & 3 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein. The Authority has received approval from the Federal Aviation Administration to collect and use certain passenger facility charges to fund a portion of the Airside 1 & 3 Project. See “AIRLINE REVENUES AND OTHER REVENUE SOURCES – Passenger Facility Charges” herein. The Series 2009C Bonds are being issued as fully registered bonds and will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of beneficial interests in the Series 2009C Bonds will be made in book-entry only form, in the principal amount of $5,000 and any integral multiple of $5,000. Interest on the Series 2009C Bonds will accrue from their dated date and will be payable on April 1 and October 1 of each year commencing on April 1, 2010. Purchasers of beneficial interests in the Series 2009C Bonds will not receive physical delivery of certificates. Transfers of beneficial interests in the Series 2009C Bonds will be effected through the DTC book-entry system as described herein. The Series 2009C Bonds will not be transferable or exchangeable, except for transfer to another nominee of DTC or otherwise as described herein. Principal, interest, and the redemption price, if any, with respect to the Series 2009C Bonds will be payable by The Bank of New York Mellon Trust Company, N.A, as paying agent in Jacksonville, Florida for the Series 2009C Bonds to Cede & Co., as nominee of DTC. See “BOOK-ENTRY ONLY SYSTEM” herein. The Series 2009C Bonds are subject to redemption prior to maturity as more fully described herein. See “DESCRIPTION OF SERIES 2009C BONDS” herein. The Series 2009C Bonds are limited obligations, payable solely from and secured by a pledge of certain Revenues (as defined herein) derived by the Authority from the operation of the Airport System (as defined herein) and other funds as described herein. The pledge and lien of the Series 2009C Bonds upon the Revenues is on a parity as to payment with the Outstanding Airport Facilities Revenue Bonds and any Additional Bonds (as each is defined herein) hereafter issued under the Bond Resolution. See “SECURITY FOR THE SERIES 2009C BONDS” herein. The Authority has entered into Lease and Use Agreements (as defined herein) with certain airlines serving the Orlando International Airport that provide for the payment of fees and charges by such airlines as more fully described herein. See “AIRLINE REVENUES AND OTHER REVENUE SOURCES” herein. THE SERIES 2009C BONDS ARE NOT OBLIGATIONS OF THE STATE OF FLORIDA OR GENERAL OBLIGATIONS OF THE AUTHORITY, THE CITY OR ANY POLITICAL SUBDIVISION OF THE STATE OF FLORIDA. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY, THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF THE SERIES 2009C BONDS, OR THE INTEREST OR PREMIUM, IF ANY, THEREON. THE AUTHORITY HAS NO TAXING POWER. THE PRINCIPAL OF AND INTEREST ON THE SERIES 2009C BONDS SHALL NOT BE PAYABLE FROM OR BE A CHARGE OR LIEN ON ANY FUNDS OF THE CITY OR THE AUTHORITY OTHER THAN THOSE PLEDGED UNDER THE BOND RESOLUTION TO THE PAYMENT THEREOF. This cover page contains certain information for quick reference only. It is not a summary of the Series 2009C Bonds. Investors should read this entire Official Statement to obtain information essential to the making of an informed investment decision. The Series 2009C Bonds are offered when, as and if issued, and subject to the approval of legality by Greenberg Traurig, P.A., Orlando, Florida and Marchena and Graham, P.A., Orlando, Florida as Co-Bond Counsel. Certain legal matters will be passed on for the Authority by Broad and Cassel, Issuer’s Counsel to the Authority. Nabors, Giblin & Nickerson, P.A., Tampa, Florida and Ruye H. Hawkins, P.A., Orlando, Florida, have served as Co-Disclosure Counsel. Certain legal matters in connection with the Series 2009C Bonds will be passed upon for the Underwriters by Bryant Miller Olive P.A., Orlando, Florida, counsel to the Underwriters. Morgan Keegan & Company, Inc., Winter Park, Florida and National Minority Consultants, Inc., Winter Park, Florida are Co-Financial Advisors to the Authority. It is expected that the Series 2009C Bonds in definitive form will be available for delivery through DTC on or about December 17, 2009. J.P. Morgan Merrill Lynch & Co. Morgan Stanley Raymond James Citi Estrada Hinojosa & Company, Inc. FirstSouthwest Gardnyr Michael Capital Jefferies & Company Loop Capital Markets, LLC M. R. Beal & Company RBC Capital Markets SunTrust Robinson Humphrey Dated: December 9, 2009 GREATER ORLANDO AVIATION AUTHORITY $87,110,000 Airport Facilities Revenue Bonds, Series 2009C of the City of Orlando, Florida Maturities, Principal Amounts, Interest Rates, Prices, Yields and Initial CUSIP Numbers $43,630,000 Serial Bonds Maturity Principal Interest Initial CUSIP October 1 Amount Rate Yield Price Number* 2010 $1,155,000 2.000% 0.460% 101.211 392274XH4 2011 1,490,000 3.000 1.420 102.779 392274XJ0 2012 1,535,000 3.000 1.810 103.220 392274XK7 2013 1,580,000 4.000 2.150 106.694 392274XL5 2014 1,640,000 5.000 2.590 110.784 392274XM3 2015 1,725,000 4.000 3.020 105.165 392274XN1 2016 1,795,000 5.000 3.340 110.003 392274XP6 2017 1,530,000 4.000 3.670 102.213 392274XQ4 2017 355,000 5.000 3.670 108.933 392274YF7 2018 1,025,000 4.000 3.920 100.585 392274XR2 2018 935,000 5.000 3.920 107.958 392274YG5 2019 2,050,000 5.000 4.100 107.190 392274XS0 2020 1,145,000 4.250 4.300 99.566 392274XT8 2020 1,005,000 5.000 4.300 105.538** 392274YH3 2021 2,250,000 4.375 4.420 99.584 392274XU5 2022 2,350,000 5.000 4.490 103.997** 392274XV3 2023 2,465,000 5.000 4.560 103.436** 392274XW1 2024 480,000 4.500 4.630 98.612 392274XX9 2024 2,110,000 5.000 4.630 102.878** 392274YJ9 2025 2,715,000 5.000 4.690 102.404** 392274XY7 2026 2,855,000 5.000 4.750 101.931** 392274XZ4 2027 2,995,000 5.000 4.810 101.462** 392274YA8 2028 890,000 4.750 4.870 98.526 392274YB6 2028 2,255,000 5.000 4.870 100.995** 392274YK6 2029 3,300,000 4.750 4.930 97.734 392274YC4 $19,095,000 5.000% Term Bonds, Due October 1, 2034 Yield: 5.150%; CUSIP: 392274YD2* $24,385,000 5.000% Term Bonds, Due October 1, 2039 Yield: 5.200%; CUSIP: 392274YE0* * CUSIP Numbers are included solely for the convenience of the reader of this Official Statement.
Details
-
File Typepdf
-
Upload Time-
-
Content LanguagesEnglish
-
Upload UserAnonymous/Not logged-in
-
File Pages428 Page
-
File Size-