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

2010A Bonds May be Offered at Different Prices on Any Date Including an Interest Rate Determination Date
Pursuant to the applicable Remarketing Agreement, each Remarketing Agent is required to determine the
rate of interest that, in its judgment, is the lowest rate that would permit the sale of the related Series of 2010A
Bonds bearing interest at that interest rate at par plus accrued interest, if any, on and as of the applicable Rate
Determination Date. The interest rate will reflect, among other factors, the level of market demand for such Series
of 2010A Bonds (including whether the applicable Remarketing Agent is willing to purchase such Series of 2010A
Bonds for its own account) and/or other similar securities. There may or may not be 2010A Bonds of such Series
tendered and remarketed on a Rate Determination Date, the Remarketing Agent may or may not be able to remarket
any 2010A Bonds of such Series tendered for purchase on such date at par and the applicable Remarketing Agent
may sell 2010A Bonds of such Series at varying prices to different investors on such date or any other date. A
Remarketing Agent is not obligated to advise purchasers in a remarketing if it does not have third party buyers for
all of the 2010A Bonds of a Series at the remarketing price. In the event a Remarketing Agent owns any 2010A
Bonds of a Series for its own account, such Remarketing Agent may, in its sole discretion in a secondary market
transaction outside the tender process, offer the such 2010A Bonds on any date, including the Rate Determination
Date, at a discount to par to some investors.
Ability to Sell the 2010A Bonds other than through the Tender Process May Be Limited
A Remarketing Agent may buy and sell the 2010A Bonds of a Series other than through the tender process.
However, it is not obligated to do so and may cease doing so at any time without notice and may require holders that
wish to tender 2010A Bonds of such Series to do so through the Paying Agent with appropriate notice. Thus,
investors who purchase 2010A Bonds, whether in a remarketing or otherwise, should not assume that they will be
able to sell such 2010A Bonds other than by tendering such Series of 2010A Bonds in accordance with the tender
process.
Authority for Issuance
SECURITY FOR THE 2010A BONDS
The 2010A Bonds are being issued under the authority of, and in compliance with, the Charter of the City
and County of San Francisco (the “Charter”), the 1991 Master Resolution, and the statutes of the State of California
(the “State”) as made applicable pursuant to the Charter.
Source of Payment; Pledge of Net Revenues
The 2010A Bonds, together with all Bonds issued and to be issued pursuant to the 1991 Master Resolution,
are referred to as the “Bonds.” The 1991 Master Resolution constitutes a contract between the Commission and the
registered owners of the Bonds under which the Commission has irrevocably pledged Net Revenues of the Airport
to the payment of the principal of and interest on the Bonds. Net Revenues are defined as the Revenues derived by
the Commission from the operation of the Airport, less all Operation and Maintenance Expenses. The payment of
the principal of and interest on the 2010A Bonds are secured by a pledge of, lien on and security interest in Net
Revenues on a parity with the pledge, lien and security interest securing all previously issued Bonds and any
additional Bonds issued under the 1991 Master Resolution.
“Revenues” are defined in the 1991 Master Resolution to include all revenues earned by the Commission
with respect to the Airport, as determined in accordance with generally accepted accounting principles. Revenues
do not include: (a) investment income from moneys in (i) the Construction Fund, or (ii) the Debt Service Fund
which constitute capitalized interest, or (iii) the Reserve Fund if and to the extent there is any deficiency therein; (b)
interest income on, and any profit realized from, the investment of the proceeds of any Special Facility Bonds;
(c) Special Facility Revenues and any income realized from the investment thereof; (d) any passenger facility or
similar charge levied by or on behalf of the Commission unless designated as Revenues by the Commission;
(e) grants-in-aid, donations and bequests; (f) insurance proceeds; (g) the proceeds of any condemnation award; and
(h) the proceeds of any sale of land, buildings or equipment.
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