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

Goldman are guaranteed by the Goldman Sachs Group, which, as of January 15, 2010, was rated “Aa3” by
Moody’s, “A” by Standard & Poor’s and “A+” by Fitch.
If for any reason the Commission terminates either of the Series 2010A Swap Agreements, the Commission
may owe a termination payment to the applicable swap provider, depending upon then current interest rates in the
municipal swap market. Any such payment would be payable on a basis that is subordinate to the Bonds. The
Commission expects that it would make any such termination payment either from available funds, proceeds of its
commercial paper program or another financing, and/or proceeds from a replacement swap. Any such payment
obligation is not expected to have a material adverse effect on the Airport or its financial condition.
For a summary of the Interest Rate Swap Policy adopted by the Commission and a summary of the swap
agreements entered into by the Commission, see “AIRPORT’S FINANCIAL AND RELATED INFORMATION–Interest Rate
Swaps.”
Additional Notes or Bonds
The Commission expects to issue additional Bonds in 2010 to refund mandatory tender bonds and other
outstanding Bonds of the Airport. See “AIRPORT’S FINANCIAL AND RELATED INFORMATION–Future Financings.”
ESTIMATED SOURCES AND USES OF FUNDS
The following table sets forth the estimated sources and uses of funds from the sale of the 2010A Bonds.
See also “REFUNDING PLAN.”
SOURCES OF FUNDS:
Principal Amount of 2010A Bonds ...................................... $215,970,000.00
Refunded Bonds Funds ........................................................ 3,910,462.50
TOTAL.............................................................................. $219,880,462.50
USES OF FUNDS:
Deposit to Escrow Fund 1) .....................................................
Costs of Issuance (2) ...............................................................
Underwriters’ Discount (3) .....................................................
$218,399,639.79
1,109,750.31
371,072.40
TOTAL.............................................................................. $219,880,462.50
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(1) Represents proceeds of the 2010A Bonds and other funds that will be used to refund the Refunded Bonds. See “REFUNDING PLAN–2010A
Bonds.”
(2) Includes fees and costs of Co-Bond Counsel, Disclosure Counsel, Bank Counsel, the Co-Financial Advisors and the Trustee, printing costs,
rating agency fees, Verification Agent fees and other miscellaneous costs of issuance with respect to the 2010A Bonds.
(3) Represents the aggregate Underwriters’ discount with respect to the 2010A Bonds. For a description of the Underwriter’s discount with
respect to each Series of 2010A Bonds, see “UNDERWRITING.”
DESCRIPTION OF THE 2010A BONDS
The 2010A Bonds will initially be issued in a Weekly Mode. This Official Statement provides information
concerning the 2010A Bonds during a Weekly Mode only. Owners and Potential Owners of the 2010A Bonds should
not rely on this Official Statement for information concerning the 2010A Bonds following any conversion of the
2010A Bonds to another Mode, but should look solely to the offering document to be used in connection with any
such conversion.
General
The 2010A Bonds will be dated the date of delivery and will bear interest at a Weekly Rate until converted
to another Mode.
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