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

More documents

Recommendations

Info

Interest on the 2010A Bonds will be payable (without duplication) on: (i) the first Business Day of each calendar month, (ii) with respect to any Credit Provider Bonds, the dates specified in the Credit Facility Agreement; (iii) the date upon which the 2010A Bonds are subject to mandatory tender, (iv) upon the effective date of any change in the Mode for a Series of 2010A Bonds; and (v) the maturity date of the 2010A Bonds (each, an “Interest Payment Date”). Interest will be calculated on the basis of a 365/366 day year, as applicable, for the actual number of days elapsed. The 2010A Bonds will be issued as fully-registered bonds without coupons, and will be registered in the name of Cede & Co. as registered owner and nominee for The Depository Trust Company (“DTC”), New York, New York. Beneficial ownership interests in each Series of 2010A Bonds will be available in book-entry form only, in denominations of $100,000 and any integral multiple of $5,000 in excess thereof. Purchasers of beneficial ownership interests in the 2010A Bonds (“Beneficial Owners”) will not receive certificates representing their interests in the 2010A Bonds purchased. While held in book-entry only form, all payments of principal, purchase price, premium, if any, and interest will be made by wire transfer to DTC or its nominee as the sole registered owner of the 2010A Bonds. Payments to Beneficial Owners are the sole responsibility of DTC and its Participants. See APPENDIX B–“INFORMATION REGARDING DTC AND THE BOOK-ENTRY ONLY SYSTEM.” Transfer and Exchange The 2010A Bonds will be issued only as fully registered securities, with the privilege of transfer or exchange for the 2010A Bonds of an equal or aggregate principal amount of the 2010A Bonds, interest rate and maturity date in Authorized Denominations as set forth in the 1991 Master Resolution. All such transfers and exchanges shall be without charge to the owner, with the exception of any taxes, fees or other governmental charges that are required to be paid to the Trustee as a condition to transfer or exchange. While the 2010A Bonds are in book-entry only form, beneficial ownership interests in the 2010A Bonds may only be transferred through Direct Participants and Indirect Participants as described in APPENDIX B–“INFORMATION REGARDING DTC AND THE BOOK ENTRY ONLY SYSTEM.” Weekly Mode Provisions General The 2010A Bonds will be initially issued in the Weekly Mode, subject to subsequent conversion by the Commission of all, but not less than all, of any Series of 2010A Bonds to another Mode, as described herein. See “–Optional and Mandatory Tenders for Purchase–Mandatory Tenders for Purchase–Mandatory Tender for Purchase on Mode Change Date.” The initial Weekly Rate for each Series of 2010A Bonds will be in effect from the date of delivery to and including February 16, 2010. Thereafter, the Weekly Rate will be determined by the Remarketing Agent (defined herein) with respect to the applicable Series of 2010A Bonds. During the Weekly Mode, 2010A Bonds may be tendered by the Owners thereof for purchase at a price equal to the principal amount thereof plus accrued interest thereon to the date of purchase, upon seven days’ irrevocable written notice as described under “–Optional and Mandatory Tenders for Purchase–Optional Tenders by Owners.” Remarketing Agreement and Remarketing Agent The Commission entered into three remarketing agreements, each dated as of February 1, 2010 (collectively, “Remarketing Agreements”) with Barclays Capital Inc. (“Barclays”) with respect to the 2010A-1 Bonds, with Morgan Keegan & Company, Inc. (“Morgan Keegan”) with respect to the 2010A-2 Bonds and with RBC Capital Markets Corporation (“RBC Capital Markets”) with respect to the 2010A-3 Bonds. Barclays, Morgan Keegan and RBC Capital Markets are each referred to individually as a “Remarketing Agent” and collectively, as the “Remarketing Agents.” Each Remarketing Agent will remarket their respective Series of 2010A Bonds under the terms of the applicable Remarketing Agreement. 6
Determination and Notice of Weekly Rate; Payment of Interest The interest rate for a Series of 2010A Bonds will be the rate of interest per annum determined by the applicable Remarketing Agent on and as of each Tuesday (the “Rate Determination Date”) or, if such day is not a Business Day, then the Business Day next preceding such Tuesday, as the minimum rate of interest which, in the opinion of the Remarketing Agent under then-existing market conditions, would result in the sale of such Series of 2010A Bonds on the Rate Determination Date at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any; provided that in no event shall the Weekly Rate at any time exceed 12% per annum. Each Remarketing Agent will establish the applicable Weekly Rate by 4:00 p.m., New York City time, on the applicable Rate Determination Date. Each Weekly Rate will be in effect (i) initially, from and including the date of issuance of the 2010A Bonds to and including the following Tuesday, and (ii) thereafter, from and including each Wednesday to and including the following Tuesday, without regard to holidays. The Remarketing Agent for the applicable Series of 2010A Bonds will make the Weekly Rate available (i) after 4:00 p.m., New York City time, on the Rate Determination Date by telephone to any Owner or Notice Party requesting such rate, and (ii) by Electronic Means to the Paying Agent not later than 1:00 p.m., New York City time, on the second Business Day immediately succeeding the Rate Determination Date. The Paying Agent will give notice of such interest rates to the Trustee by Electronic Means not later than 4:00 p.m., New York City time, on the second Business Day immediately succeeding the Rate Determination Date. Alternate Rates If (i) the applicable Remarketing Agent fails or is unable to determine the interest rate for the related Series of 2010A Bonds, or (ii) the method by which such Remarketing Agent determines the interest rate with respect to such Series of 2010A Bonds is held to be unenforceable by a court of law of competent jurisdiction, then the following provisions will apply and will continue to apply until such time as such Remarketing Agent again makes such determination. In the case of clause (ii) above, such Remarketing Agent will again make the determinations at such time as there is delivered to such Remarketing Agent and the Commission an Opinion of Bond Counsel to the effect that there are no longer any legal prohibitions against such determinations. During the times described above, such Series of 2010A Bonds will bear interest during each subsequent Interest Period at the SIFMA Municipal Swap Index in effect on the first day of such Interest Period from and after the date either of the events described in clauses (i) or (ii) first become applicable to such Series of 2010A Bonds until such time as events described in clauses (i) and (ii) are no longer applicable to such Series of 2010A Bonds. Changes from Weekly Mode Subject to the provisions of the 1991 Master Resolution, the Commission may change a Series of 2010A Bonds from the Weekly Mode to another Mode as set forth in APPENDIX C–“SUMMARY OF CERTAIN PROVISIONS OF THE 1991 MASTER RESOLUTION.” Failure to Satisfy Conditions Precedent to a Mode Change If the conditions described in the 1991 Master Resolution are not satisfied by the applicable Mode Change Date, then the New Mode for such Series of 2010A Bonds will not take effect and such Series of 2010A Bonds will remain in the Weekly Mode, with the interest rates established in accordance with the applicable provisions of the 1991 Master Resolution on and as of the failed Mode Change Date. See “–Determination and Notice of Weekly Rate; Payment of Interest.” Redemption Provisions Optional Redemption The 2010A Bonds in a Weekly Mode are subject to redemption prior to their respective stated maturity dates, at the option of the Commission, from any source of available funds (other than mandatory sinking fund payments) as a whole or in part, in Authorized Denominations (and by lot if less than all of a Series of 2010A Bonds are then called for redemption) on any Business Day at a redemption price equal to the principal amount of such 2010A Bonds called for redemption, together with accrued interest to the date fixed for redemption, without premium. 7
Page 1: SAN FRANCISCO INTERNATIONAL AIRPORT
Page 4 and 5: 2010A BONDS MATURITY SCHEDULE The i
Page 6 and 7: Information Provided by the Commiss
Page 8 and 9: Page Page VERIFICATION OF MATHEMATI
Page 10 and 11: The 2010A Bonds will be secured by
Page 12 and 13: Maturity Date (May 1) 2011 2012 201
Page 16 and 17: Mandatory Sinking Fund Redemption T
Page 18 and 19: Redemption of Credit Provider Bonds
Page 20 and 21: SPECIAL CONSIDERATIONS RELATING TO
Page 22 and 23: “Operation and Maintenance Expens
Page 24 and 25: Fifth, to pay for necessary reconst
Page 26 and 27: Letter of Credit Upon the delivery
Page 28 and 29: Pooled Reserve Account The 1991 Mas
Page 30 and 31: No Acceleration The Bonds are not s
Page 32 and 33: LETTER OF CREDIT AND REIMBURSEMENT
Page 34 and 35: appealable judgment, to be null and
Page 36 and 37: In addition to revenues received fr
Page 38 and 39: In addition to these regulatory act
Page 40 and 41: Each of Moody’s, Standard & Poor
Page 42 and 43: Initiative, Referendum and Charter
Page 44 and 45: Jackson J. Wong was appointed Chief
Page 46 and 47: that supports all airlines in the I
Page 48 and 49: from $1.50 to $4.00. The Airport is
Page 50 and 51: Airport Security In the immediate a
Page 52 and 53: � United Airlines commenced daily
Page 54 and 55: The following table lists the air c
Page 56 and 57: During Fiscal Year 2008-09 approxim
Page 58 and 59: Domestic Enplanements. During Fisca
Page 60 and 61: International Enplanements. Interna
Page 62 and 63: Cargo Traffic and Landed Weight Car
Page 64 and 65:
TOTAL LANDED WEIGHT BY AIRLINE †
Page 66 and 67:
Settlement Agreement Under the Sett
Page 68 and 69:
Expiration of the Settlement Agreem
Page 70 and 71:
the beneficiaries (the people of th
Page 72 and 73:
Hazardous Material Management Envir
Page 74 and 75:
SUMMARY OF AIRPORT FINANCIAL RESULT
Page 76 and 77:
Aviation Market Stimulus Program In
Page 78 and 79:
On November 21, 2006, Travelex, the
Page 80 and 81:
PRINCIPAL AIRPORT CONCESSIONAIRES
Page 82 and 83:
Off-Airport Parking Facilities Seve
Page 84 and 85:
INTEREST RATE SWAP POLICY MAXIMUM N
Page 86 and 87:
The table below summarizes the inte
Page 88 and 89:
SUMMARY OF PAYMENTS MADE BY THE AIR
Page 90 and 91:
Voter Approved Changes to the Retir
Page 92 and 93:
A decline in the actuarial value of
Page 94 and 95:
Postemployment Health Care Benefits
Page 96 and 97:
Under the Treasurer’s current inv
Page 98 and 99:
Debt Service Requirements The follo
Page 100 and 101:
Current and Future Financings Capit
Page 102 and 103:
Other Matters In the regular course
Page 104 and 105:
federal, state or local tax liabili
Page 106 and 107:
MISCELLANEOUS This Official Stateme
Page 108:
(This Page Intentionally Left Blank
Page 149 and 150:
Introduction APPENDIX B INFORMATION
Page 151 and 152:
APPENDIX C SUMMARY OF CERTAIN PROVI
Page 153 and 154:
Closing Date means the date upon wh
Page 155 and 156:
Interest Payment Date means each da
Page 157 and 158:
the Trustee for cancellation; (b) B
Page 159 and 160:
payment agreement with the United S
Page 161 and 162:
Special Facility means any existing
Page 163 and 164:
Revenue Fund; Allocation of Net Rev
Page 165 and 166:
Moneys in the respective accounts i
Page 167 and 168:
Investments are allocated. Amounts
Page 169 and 170:
Subordinate Bonds The Commission ma
Page 171 and 172:
act or thing the effect of which wo
Page 173 and 174:
filing of any such petition or to t
Page 175 and 176:
moneys, funds and properties pledge
Page 177 and 178:
The recitals, statements and repres
Page 179 and 180:
The Trustee or the Paying Agent, as
Page 181 and 182:
to or greater than the Credit Facil
Page 183 and 184:
(a) such 2010A Bonds sold by the Re
Page 185 and 186:
The Remarketing Agent The Remarketi
Page 187 and 188:
APPENDIX D SUMMARIES OF CERTAIN PRO
Page 189 and 190:
computations made in accordance wit
Page 191 and 192:
APPENDIX E SUMMARY OF CERTAIN PROVI
Page 193 and 194:
statement, it must be available fro
Page 195 and 196:
Duties, Immunities and Liabilities
Page 197 and 198:
APPENDIX F INFORMATION REGARDING TH
Page 199 and 200:
Ambac Assurance’s consolidated fi
Page 201 and 202:
Capitalization of AGM At September
Page 203 and 204:
The available amount of each MBIA s
Page 205 and 206:
complaint also alleges that certain
Page 207 and 208:
APPENDIX G PROPOSED FORM OF OPINION
Page 209 and 210:
APPENDIX H JPMORGAN CHASE BANK, NAT
Page 211 and 212:
The Available Amount (as hereinafte
Page 213 and 214:
JPMorgan Chase Bank, National Assoc
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
IN WITNESS WHEREOF, this Certificat
Page 221 and 222:
(ii) $_______________________ is de
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
The undersigned Transferor acknowle
Page 229 and 230:
The Bank of New York Trust Company,
Page 231 and 232:
Page 233 and 234:
The Bank of New York Trust Company,
show all

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

Create successful ePaper yourself

Delete template?

Save as template?