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

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Assured Guaranty Municipal Corp. (formerly known as Financial Security Assurance Inc.) AGM is a New York domiciled financial guaranty insurance company and a wholly owned subsidiary of Financial Security Assurance Holdings Ltd. ("Holdings"). Holdings is an indirect subsidiary of Assured Guaranty Ltd. (“AGL”), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol “AGO”. AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and global public finance, structured finance and mortgage markets. No shareholder of AGL, Holdings or AGM is liable for the obligations of AGM. On July 1, 2009, AGL acquired the financial guaranty operations of Holdings from Dexia S.A. (“Dexia”). In connection with such acquisition, Holdings’ financial products operations were separated from its financial guaranty operations and retained by Dexia. For more information regarding the acquisition by AGL of the financial guaranty operations of Holdings, see Item 1.01 of the Current Report on Form 8-K filed by AGL with the Securities and Exchange Commission (the “SEC”) on July 8, 2009. Effective November 9, 2009, Financial Security Assurance Inc. changed its name to Assured Guaranty Municipal Corp. AGM’s financial strength is rated “AAA” (negative outlook) by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”), “Aa3” (negative outlook) by Moody’s Investors Service, Inc. (“Moody’s”) and “AA” (Negative Outlook) by Fitch, Inc. (“Fitch”). Each rating of AGM should be evaluated independently. An explanation of the significance of the above ratings may be obtained from the applicable rating agency. The above ratings are not recommendations to buy, sell or hold any security, and such ratings are subject to revision or withdrawal at any time by the rating agencies. Any downward revision or withdrawal of any of the above ratings may have an adverse effect on the market price of any security guaranteed by AGM. AGM does not guaranty the market price of the securities it guarantees, nor does it guaranty that the ratings on such securities will not be revised or withdrawn. Recent Developments Ratings. On December 18, 2009, Moody’s issued a press release stating that it had affirmed the “Aa3” insurance financial strength rating of AGM, with a negative outlook. Reference is made to the press release, a copy of which is available at www.moodys.com, for the complete text of Moody’s comments. In a press release dated October 12, 2009, Fitch announced that it had downgraded the insurer financial strength rating of Financial Security Assurance Inc. (“Financial Security”), now known as AGM, to “AA” (Negative Outlook) from “AA+” (Ratings Watch Negative). Reference is made to the press release, a copy of which is available at www.fitchratings.com, for the complete text of Fitch’s comments. On July 1, 2009, S&P published a Research Update in which it affirmed its “AAA” counterparty credit and financial strength ratings on Financial Security, now known as AGM. At the same time, S&P continued its negative outlook on AGM. Reference is made to the Research Update, a copy of which is available at www.standardandpoors.com, for the complete text of S&P’s comments. There can be no assurance as to any further ratings action that Moody’s, Fitch or S&P may take with respect to AGM. For more information regarding AGM’s financial strength ratings and the risks relating thereto, see Holdings’ Annual Report on Form 10-K for the fiscal year ended December 31, 2008, which was filed by Holdings with the SEC on March 19, 2009, Holdings’ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009, which was filed by Holdings with the SEC on May 20, 2009, AGL’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, which was filed by AGL with the SEC on August 10, 2009, and AGL’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, which was filed by AGL with the SEC on November 16, 2009. Effective July 31, 2009, Holdings is no longer subject to the reporting requirements of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). F-4
Capitalization of AGM At September 30, 2009, AGM’s consolidated policyholders’ surplus and contingency reserves were approximately $2,365,609,560 and its total net unearned premium reserve was approximately $2,380,470,385 in accordance with statutory accounting principles. Incorporation of Certain Documents by Reference Portions of the following documents filed by Holdings or AGL with the SEC that relate to AGM are incorporated by reference into this Official Statement and shall be deemed to be a part hereof: (i) Annual Report of Holdings on Form 10-K for the fiscal year ended December 31, 2008 (which was filed by Holdings with the SEC on March 19, 2009); (ii) Quarterly Report of Holdings on Form 10-Q for the quarterly period ended March 31, 2009 (which was filed by Holdings with the SEC on May 20, 2009); (iii) the Current Reports on Form 8-K filed by Holdings with the SEC on May 21, 2009, June 10, 2009, and July 8, 2009; (iv) Quarterly Report of AGL on Form 10-Q for the quarterly period ended June 30, 2009 (which was filed by AGL with the SEC on August 10, 2009); (v) the Current Report on Form 8-K filed by AGL with the SEC on July 8, 2009; and (vi) Quarterly Report of AGL on Form 10-Q for the quarterly period ended September 30, 2009 (which was filed by AGL with the SEC on November 16, 2009). All information relating to AGM included in, or as exhibits to, documents filed by AGL pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the filing of the last document referred to above and before the termination of the offering of the Bonds shall be deemed incorporated by reference into this Official Statement and to be a part hereof from the respective dates of filing such documents. Copies of materials incorporated by reference are available over the internet at the SEC’s website at http://www.sec.gov, at Holdings’ website at http://www.fsa.com, at AGL’s website at http://www.assuredguaranty.com, or will be provided upon request to Assured Guaranty Municipal Corp. (formerly known as Financial Security Assurance Inc.): 31 West 52 nd Street, New York, New York 10019, Attention: Communications Department (telephone (212) 826-0100). Any information regarding AGM included herein under the caption “–Assured Guaranty Municipal Corp. Surety Bond (formerly known as Financial Security Assurance Inc.)” or included in a document incorporated by reference herein (collectively, the “AGM Information”) shall be modified or superseded to the extent that any subsequently included AGM Information (either directly or through incorporation by reference) modifies or supersedes such previously included AGM Information. Any AGM Information so modified or superseded shall not constitute a part of this Official Statement, except as so modified or superseded. AGM makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading “–Assured Guaranty Municipal Corp. Surety Bond (formerly known as Financial Security Assurance Inc.).” F-5
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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 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: Ambac Assurance’s consolidated fi
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 219 and 220: IN WITNESS WHEREOF, this Certificat
Page 221 and 222: (ii) $_______________________ is de
Page 227 and 228: The undersigned Transferor acknowle
Page 229 and 230: The Bank of New York Trust Company,
Page 233 and 234: The Bank of New York Trust Company,
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