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

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under “DESCRIPTION OF THE 2010A BONDS – Optional and Mandatory Tenders for Purchase – Mandatory Tenders for Purchase – Mandatory Purchase Due to Default Under the Applicable Credit Facility Agreement or Liquidity Facility Agreement”. Mandatory Sinking Fund Payment means a principal amount of Variable Rate Bonds of a Series which is subject to mandatory redemption on a Mandatory Sinking Fund Redemption Date. Mandatory Sinking Fund Redemption Date means each May 1 upon which Variable Rate Bonds of a Series are subject to mandatory redemption under the Supplemental Resolutions. Maturity Date means, with respect to any Variable Rate Bond or Series of Variable Rate Bonds, the date specified in a Series Sale Resolution relating to such Variable Rate Bond or Series of Variable Rate Bonds upon which such Variable Rate Bond or Series of Variable Rate Bonds mature, and, upon a change to the Fixed Rate Mode, any Serial Maturity Date established pursuant to the 1991 Master Resolution. Maximum Annual Debt Service means the maximum amount of Annual Debt Service in any Fiscal Year during the period from the date of calculation to the final scheduled maturity of the Bonds. Maximum Rate means, on any day and with respect to any 2010A Bonds, the lesser of (i) the highest interest rate which may be borne by such 2010A Bonds under State law, or (ii) 12%. Maximum Series Annual Debt Service means the maximum amount of Annual Debt Service in any Fiscal Year during the period from the date of calculation to the final scheduled maturity of a single series of Bonds. Mode means the period of time that all Variable Rate Bonds of a Series bear interest at Daily Rates, Weekly Rates, Auction Rates, Commercial Paper Rates, Term Rates or a Fixed Rate, and, as the context may require, means the Commercial Paper Mode, the Daily Mode, the Weekly Mode, the Auction Mode, the Term Rate Mode or the Fixed Rate Mode, as such terms are defined in the 1991 Master Resolution. Mode Change Date means with respect to any Series of Variable Rate Bonds in a particular Mode, the day on which another Mode for such Series of Variable Rate Bonds begins. Net Revenues means Revenues less Operation and Maintenance Expenses. Notice Parties means the Commission, the Trustee, the Remarketing Agents, if any, the Paying Agent, the Credit Provider, if any, and the Liquidity Provider, if any. Operation and Maintenance Expenses means, for any period, all expenses of the Commission incurred for the operation and maintenance of the Airport, as determined in accordance with generally accepted accounting principles. Operation and Maintenance Expenses shall not include: (a) the principal of, premium, if any, or interest on any Bonds, Subordinate Bonds or general obligation bonds issued by the City for Airport purposes; (b) any allowance for amortization, depreciation or obsolescence of the Airport; (c) any expense for which, or to the extent to which, the Commission is or will be paid or reimbursed from or through any source that is not included or includable as Revenues; (d) any extraordinary items arising from the early extinguishment of debt; (e) Annual Service Payments; (f) any costs, or charges made therefor, for capital additions, replacements, betterments, extensions or improvements to the Airport which, under generally accepted accounting principles, are properly chargeable to the capital account or the reserve for depreciation; and (g) any losses from the sale, abandonment, reclassification, revaluation or other disposition of any Airport properties. Operation and Maintenance Expenses shall include the payment of pension charges and proportionate payments to such compensation and other insurance or outside reserve funds as the Commission may establish or the Board of Supervisors may require with respect to employees of the Commission, as now provided in the Charter. Outstanding means, as of any date of determination, all Bonds of such Series which have been executed and delivered under the 1991 Master Resolution except: (a) Bonds cancelled by the Trustee or delivered to C-6
the Trustee for cancellation; (b) Bonds which are deemed paid and no longer Outstanding as provided in the 1991 Master Resolution or in any Supplemental Resolution authorizing the issuance thereof; (c) Bonds in lieu of which other Bonds have been issued pursuant to the provisions of the 1991 Master Resolution or of any Supplemental Resolution authorizing the issuance thereof; and (d) for purposes of any consent or other action to be taken under the 1991 Master Resolution by the Holders of a specified percentage of Principal Amount of Bonds of a Series or all Series, Bonds held by or for the account of the Commission. Participating Series means the Issue 1 Bonds and any Series of Bonds designated by Supplemental Resolution as being secured by the Issue 1 Reserve Account. Paying Agent means, with respect to the 2010A Bonds, The Bank of New York Mellon Trust Company, N.A., and its successors and assigns and any other person or entity which may at any time be substituted for it. Permitted Investments means and includes any of the following, if and to the extent the same are at the time legal for the investment of the Commission's money: (a) Government Obligations and Government Certificates. (b) Obligations issued or guaranteed by any of the following: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) Federal Home Loan Banks System; Export-Import Bank of the United States; Federal Financing Bank; Government National Mortgage Association; Farmers Home Administration; Federal Home Loan Mortgage Corporation; Federal Housing Administration; Private Export Funding Corporation; Federal National Mortgage Association; Federal Farm Credit System; Resolution Funding Corporation; Student Loan Marketing Association; and any other instrumentality or agency of the United States. (c) Pre-refunded municipal obligations rated in the highest rating category by at least two Rating Agencies and meeting the following conditions: (i) such obligations are: (A) not subject to redemption prior to maturity or the Trustee has been given irrevocable instructions concerning their calling and redemption, and (B) the issuer of such obligations has covenanted not to redeem such obligations other than as set forth in such instructions; (ii) such obligations are secured by Government Obligations or Government Certificates that may be applied only to interest, principal and premium payments of such obligations; (iii) the principal of and interest on such Government Obligations or Government Certificates (plus any cash in the escrow fund with respect to such pre-refunded obligations) are sufficient to meet the liabilities of the obligations; (iv) the Government Obligations or Government Certificates serving as security for the obligations have been irrevocably deposited with and are held by an escrow agent or trustee; and (v) such Government Obligations or Government Certificates are not available to satisfy any other claims, including those against the trustee or escrow agent. C-7
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SAN FRANCISCO INTERNATIONAL AIRPORT
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2010A BONDS MATURITY SCHEDULE The i
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Information Provided by the Commiss
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Page Page VERIFICATION OF MATHEMATI
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The 2010A Bonds will be secured by
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Maturity Date (May 1) 2011 2012 201
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Interest on the 2010A Bonds will be
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Mandatory Sinking Fund Redemption T
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Redemption of Credit Provider Bonds
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SPECIAL CONSIDERATIONS RELATING TO
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“Operation and Maintenance Expens
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Fifth, to pay for necessary reconst
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Letter of Credit Upon the delivery
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Pooled Reserve Account The 1991 Mas
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No Acceleration The Bonds are not s
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LETTER OF CREDIT AND REIMBURSEMENT
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appealable judgment, to be null and
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In addition to revenues received fr
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In addition to these regulatory act
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Each of Moody’s, Standard & Poor
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Initiative, Referendum and Charter
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Jackson J. Wong was appointed Chief
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that supports all airlines in the I
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from $1.50 to $4.00. The Airport is
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Airport Security In the immediate a
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� United Airlines commenced daily
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The following table lists the air c
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During Fiscal Year 2008-09 approxim
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Domestic Enplanements. During Fisca
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International Enplanements. Interna
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Cargo Traffic and Landed Weight Car
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TOTAL LANDED WEIGHT BY AIRLINE †
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Settlement Agreement Under the Sett
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Expiration of the Settlement Agreem
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the beneficiaries (the people of th
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Hazardous Material Management Envir
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SUMMARY OF AIRPORT FINANCIAL RESULT
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Aviation Market Stimulus Program In
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On November 21, 2006, Travelex, the
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PRINCIPAL AIRPORT CONCESSIONAIRES
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Off-Airport Parking Facilities Seve
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INTEREST RATE SWAP POLICY MAXIMUM N
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The table below summarizes the inte
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SUMMARY OF PAYMENTS MADE BY THE AIR
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Voter Approved Changes to the Retir
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A decline in the actuarial value of
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Postemployment Health Care Benefits
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Under the Treasurer’s current inv
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Debt Service Requirements The follo
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Current and Future Financings Capit
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Other Matters In the regular course
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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: Interest Payment Date means each da
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
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APPENDIX G PROPOSED FORM OF OPINION
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APPENDIX H JPMORGAN CHASE BANK, NAT
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The Available Amount (as hereinafte
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JPMorgan Chase Bank, National Assoc
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IN WITNESS WHEREOF, this Certificat
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(ii) $_______________________ is de
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The undersigned Transferor acknowle
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The Bank of New York Trust Company,
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The Bank of New York Trust Company,
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