Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
quality <strong>of</strong> title to or interest in any <strong>of</strong> the assets described in or as subject to the lien <strong>of</strong> the 1991 Master Resolution or<br />
the accuracy or sufficiency <strong>of</strong> the description contained therein <strong>of</strong>, or the remedies available to enforce liens on, any<br />
such assets. Finally, we undertake no responsibility for the accuracy, completeness or fairness <strong>of</strong> the <strong>Official</strong> <strong>Statement</strong><br />
or other <strong>of</strong>fering material relating to the Series 2010A Bonds <strong>and</strong> express no opinion with respect thereto.<br />
Based on <strong>and</strong> subject to the foregoing, <strong>and</strong> in reliance thereon, as <strong>of</strong> the date here<strong>of</strong>, we are <strong>of</strong> the following opinions:<br />
1. The Series 2010A Bonds constitute the valid <strong>and</strong> binding limited obligations <strong>of</strong> the <strong>Commission</strong>.<br />
2. The 1991 Master Resolution has been duly adopted by, <strong>and</strong> constitutes the valid <strong>and</strong> binding obligation <strong>of</strong>, the<br />
<strong>Commission</strong>. The 1991 Master Resolution creates a valid pledge <strong>of</strong> Net Revenues to secure the payment <strong>of</strong> the<br />
principal <strong>of</strong>, redemption premium, if any, <strong>and</strong> interest on the Series 2010A Bonds, subject to the provisions <strong>of</strong> the 1991<br />
Master Resolution permitting the application there<strong>of</strong> for the purposes <strong>and</strong> on the terms <strong>and</strong> conditions set forth therein.<br />
3. The Series 2010A Bonds are not a debt <strong>of</strong> the <strong>City</strong> <strong>and</strong> <strong>County</strong> <strong>of</strong> <strong>San</strong> Francisco, nor a legal or equitable<br />
pledge, charge, lien or encumbrance upon any <strong>of</strong> its property or upon any <strong>of</strong> its income, receipts or revenues except Net<br />
Revenues. Neither the faith <strong>and</strong> credit nor the taxing power <strong>of</strong> the <strong>City</strong> <strong>and</strong> <strong>County</strong> <strong>of</strong> <strong>San</strong> Francisco, the State <strong>of</strong><br />
California or any political subdivision there<strong>of</strong> is pledged to the payment <strong>of</strong> the principal <strong>of</strong>, redemption premium, if<br />
any, or interest on the Series 2010A Bonds, <strong>and</strong> the <strong>Commission</strong> is not obligated to pay the principal <strong>of</strong>, redemption<br />
premium, if any, <strong>and</strong> interest on the Series 2010A Bonds except from Net Revenues. The <strong>Commission</strong> has no taxing<br />
power.<br />
4. Interest on the Series 2010A Bonds is excluded from gross income for federal income tax purposes under<br />
Section 103 <strong>of</strong> the Internal Revenue Code <strong>of</strong> 1986 (the “Code”), except that no opinion is expressed as to the status <strong>of</strong><br />
interest on any Series 2010A Bond for any period that such Series 2010A Bond is held by a “substantial user” <strong>of</strong> the<br />
facilities financed or refinanced by the proceeds <strong>of</strong> the Series 2010A Bonds, or by a “related person” within the<br />
meaning <strong>of</strong> Section 147(a) <strong>of</strong> the Code. Interest on the Series 2010A Bonds is a specific preference item for purposes<br />
<strong>of</strong> the federal individual <strong>and</strong> corporate alternative minimum taxes. Interest on the Series 2010A Bonds is exempt from<br />
State <strong>of</strong> California personal income taxes. We express no opinion regarding other tax consequences related to the<br />
ownership or disposition <strong>of</strong>, or the accrual or receipt <strong>of</strong> interest on, the Series 2010A Bonds.<br />
Faithfully yours,<br />
G-2