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

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Variable Rate Bonds means one or more Series of variable rate bonds authorized by the Supplemental Resolutions to be issued under the 1991 Master Resolution, in the aggregate principal amounts specified in one or more Series Sale Resolutions. Variable Rate Bonds may bear interest at Daily Rates, Weekly Rates, Auction Rates, Commercial Paper Rates, Term Rates or a Fixed Rate, as such terms are defined in the 1991 Master Resolution. Weekly Rate. Weekly Mode means the Mode during which a Series of Variable Rate Bonds bears interest at the Weekly Rate means the per annum interest rate on a Series of Variable Rate Bonds in the Weekly Mode determined by the applicable Remarketing Agent on and as of the applicable Rate Determination Date 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 Variable Rate Bond on the Rate Determination Date at a price equal to the principal amount thereof, plus accrued and unpaid interest, if any. The initial Weekly Rate for the 2010A Bonds shall be in effect from and including the date of issuance of the 2010A Bonds to and including the following Tuesday, and thereafter, from and including each Wednesday to and including the following Tuesday. Pledge of Revenues The Bonds are revenue bonds, are not secured by any taxing power of the Commission (which as of the date hereof has no taxing power) and are payable as to both principal and interest, and any premium upon redemption thereof, exclusively from, and are secured by a pledge of, lien on and security interest in Net Revenues of the Airport. Net Revenues constitute a trust fund for the security and payment of the principal of, premium, if any, and interest on, the Bonds. The Commission has assigned to the Trustee for the benefit of the Bondholders all of its right, title and interest in, the following: (a) Amounts on deposit from time to time in the funds and accounts created pursuant to the 1991 Master Resolution, including the earnings thereon, subject to the provisions of the 1991 Master Resolution permitting the application thereof for the purposes and on the terms and conditions set forth therein; provided, however, that there expressly is excluded from any pledge, assignment, lien or security interest created by the 1991 Master Resolution, Revenues appropriated, transferred, deposited, expended or used for the payment of Operation and Maintenance Expenses; (b) Amounts constituting Net Revenues; and (c) Any and all other property of any kind from time to time by delivery or by writing of any kind specifically conveyed, pledged, assigned or transferred, as and for additional security for the Bonds, by the Commission or anyone on its behalf or with its written consent in favor of the Trustee, which is authorized to receive any and all such property at any and all times and to hold and apply the same subject to the terms of the 1991 Master Resolution. The pledge of Net Revenues and other moneys and property made in the 1991 Master Resolution is irrevocable until all of the Bonds have been paid and retired. All Bonds issued and outstanding under the 1991 Master Resolution are and will be equally and ratably secured with all other outstanding Bonds, with the same right, lien, preference and priority with respect to Net Revenues, without preference, priority or distinction on account of the date or dates or the actual time or times of the issuance or maturity of the Bonds. All Bonds of a particular Series will in all respects be equally and ratably secured and will have the same right, lien and preference established under the 1991 Master Resolution for the benefit of such Series of Bonds, including, without limitation, rights in any related account in the Construction Fund, the Debt Service Fund or the Reserve Fund. Amounts drawn under a Credit Facility with respect to particular Series of Bonds and all other amounts held in funds or accounts established with respect to such Bonds pursuant to the provisions of the 1991 Master Resolution and of any Supplemental Resolution will be applied solely to make payments on such Bonds. C-12
Revenue Fund; Allocation of Net Revenues The Airport Revenue Fund has been heretofore created and is held by the Treasurer of the City. The 1991 Master Resolution establishes the following accounts within the Revenue Fund: Revenues Account Operation and Maintenance Account Revenue Bond Account General Obligation Bond Account General Purpose Account Contingency Account The entire gross Revenues of the Commission must be set aside and deposited in the Revenues Account in the Airport Revenue Fund as received. On the first Business Day of each month, moneys in the Revenues Account will be set aside and applied for the following purposes in the following amounts and order of priority, each priority to be fully satisfied before the next priority in order: First: Operation and Maintenance Account. In the Operation and Maintenance Account an amount equal to one-twelfth (1/12th) of the estimated Operation and Maintenance Expenses for the thencurrent Fiscal Year as set forth in the budget of the Airport for such Fiscal Year as finally approved by the Commission. In the event that the balance in the Operation and Maintenance Account at any time is insufficient to make any required payments therefrom, additional amounts at least sufficient to make such payments will immediately be deposited in the Operation and Maintenance Account from the Revenues Account, and may be credited against the next succeeding monthly deposit upon the written direction of the Commission to the Treasurer of the City. necessary: Second: Revenue Bond Account. In the Revenue Bond Account such amount as is (a) to make all payments and deposits required to be made during such month into the Debt Service Fund and the Reserve Fund and the accounts therein in the amounts and at the times required by the 1991 Master Resolution and by any Supplemental Resolution with respect to the Bonds; and (b) to make all payments and deposits required to be made during such month into any funds and accounts created to pay or secure the payment of the principal of or interest or redemption premium on any Subordinate Bonds in the amounts and at the times required by the resolutions and other agreements authorizing the issuance and providing the terms and conditions thereof. Third: General Obligation Bond Account. In the General Obligation Bond Account an amount equal to one-sixth (1/6) of the aggregate amount of interest coming due on the next succeeding interest payment date, plus one-twelfth (1/12) of the aggregate amount of principal coming due on the next succeeding principal payment date, with respect to general obligation bonds of the City issued for Airport purposes. Fourth: General Purpose Account. In the General Purpose Account an amount at least equal to the payments estimated to be made therefrom during such month. Fifth: Contingency Account. In the Contingency Account such amount, if any, as shall be directed by the Commission from time to time. C-13
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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
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MISCELLANEOUS This Official Stateme
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(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: Special Facility means any existing
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
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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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