Official Statement Airport Commission City and County of San ...

Current and Future Financings
Capital Projects
The Commission expects to issue Bonds in summer 2010 to finance other Capital Plan projects.
Tender Bonds
Since 2008, the Commission has issued several series of bonds that are subject to mandatory tender for
purchase (collectively, the “Mandatory Tender Bonds”) in order to refund and remarket variable rate debt as
described below. The Commission expects to refund such Mandatory Tender Bonds on their respective mandatory
tender dates with long-term fixed rate bonds, variable rate bonds or other tender bonds.
The mandatory tender dates for the Mandatory Tender Bonds are set forth below:
Mandatory Principal
Bonds Tender Date Amount
Series 2008A-1 Notes May 1, 2010 $49,945,000
Series 2008A-2 Notes May 1, 2010 50,000,000
Series 2009A Bonds September 15, 2010 92,500,000
Series 2009B Bonds September 15, 2010 82,500,000
Series 2008A-3 Notes May 1, 2011 41,065,000
Series 2008A-4 Notes May 1, 2012 25,460,000
Series 2009D Bonds December 4, 2012 88,190,000
If the Commission is unable to pay the purchase price of the Mandatory Tender Bonds upon the respective
mandatory tender date, such Mandatory Tender Bonds would be subject to mandatory redemption. Payment of the
principal of the Mandatory Tender Bonds upon mandatory redemption is secured by a pledge of, lien on and security
interest in Net Revenues on a parity with the pledge, lien and security interest securing all previously issued Bonds
and any additional Bonds issued under the 1991 Master Resolution, including the 2010A Bonds. Failure to pay such
Mandatory Tender Bonds upon mandatory tender will constitute an Event of Default under the 1991 Master
Resolution. See APPENDIX C–“SUMMARY OF CERTAIN PROVISIONS OF THE 1991 MASTER RESOLUTION–Events of
Default.” The Commission expects to refund each Series tender bonds on their respective mandatory date. See also
“CERTAIN RISK FACTORS–Airport Market Access.”
Series 2008A Notes. On November 13, 2008, the Commission issued its Airport Commission of the City
and County of San Francisco San Francisco International Airport Second Series Revenue Notes, Series 2008A in the
aggregate principal amount of $226,735,000 (the “Series 2008A Notes”). The Series 2008A Notes were issued to
refund the Commission’s San Francisco International Airport Second Series Variable Rate Revenue Refunding
Bonds, Issue 37A. Series 2008A Notes in the aggregate principal amount of $99,945,000 are subject to mandatory
tender by the Owners thereof for purchase by the Commission on May 1, 2010, Series 2008A Notes in the aggregate
principal amount of $41,065,000 are subject to mandatory tender for purchase on May 1, 2011 and Series 2008A
Notes in the aggregate principal amount of $25,460,000 are subject to mandatory tender for purchase on May 1,
2012.
The Series 2008A Notes were subject to an Invitation to Tender Bonds, dated September 18, 2009 pursuant
to which the Commission elected to purchase and refund $60.265 million principal amount of the Series 2008A
Notes that resulted in sufficient debt service savings to the Commission. The tendered Series 2008A Bonds were
refunded with proceeds from the issuance of the Series 2009C Bonds.
The obligation of the Commission to purchase Series 2008A Notes upon mandatory tender is not secured
by any liquidity or credit facility.
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