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 ...
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THE BANK<br />
The following information has not been independently confirmed or verified by the <strong>Commission</strong> or the<br />
Remarketing Agents. Neither the <strong>Commission</strong> nor the Remarketing Agents make any representation herein as to the<br />
accuracy or adequacy <strong>of</strong> such information or as to the absence <strong>of</strong> material adverse changes in such information<br />
subsequent to the date here<strong>of</strong>, or that the information given below or incorporated herein by reference is correct as<br />
<strong>of</strong> any time subsequent to its date.<br />
JPMorgan Chase Bank, National Association (“the Bank”) is a wholly owned bank subsidiary <strong>of</strong> JPMorgan<br />
Chase & Co., a Delaware corporation whose principal <strong>of</strong>fice is located in New York, New York. The Bank <strong>of</strong>fers a<br />
wide range <strong>of</strong> banking services to its customers, both domestically <strong>and</strong> internationally. It is chartered <strong>and</strong> its business is<br />
subject to examination <strong>and</strong> regulation by the Office <strong>of</strong> the Comptroller <strong>of</strong> the Currency.<br />
As <strong>of</strong> September 30th, 2009, JPMorgan Chase Bank, National Association, had total assets <strong>of</strong> $1,670 billion,<br />
total net loans <strong>of</strong> $550.2 billion, total deposits <strong>of</strong> $962.5 billion, <strong>and</strong> total stockholder’s equity <strong>of</strong> $129.1 billion.<br />
These figures are extracted from the Bank’s unaudited Consolidated Reports <strong>of</strong> Condition <strong>and</strong> Income (the “Call<br />
Report”) as at September 30th, 2009, prepared in accordance with regulatory instructions that do not in all cases<br />
follow U.S. generally accepted accounting principles, which are filed with the Federal Deposit Insurance<br />
Corporation. The Call Report, including any update to the above quarterly figures, can be found at www.fdic.gov.<br />
Additional information, including the most recent annual report on Form 10-K for the year ended<br />
December 31, 2008, <strong>of</strong> JPMorgan Chase & Co., the 2008 Annual Report <strong>of</strong> JPMorgan Chase & Co., <strong>and</strong> additional<br />
annual, quarterly <strong>and</strong> current reports filed with or furnished to the Securities <strong>and</strong> Exchange <strong>Commission</strong> (the “SEC”)<br />
by JPMorgan Chase & Co., as they become available, may be obtained without charge by each person to whom this<br />
<strong>Official</strong> <strong>Statement</strong> is delivered upon the written request <strong>of</strong> any such person to the Office <strong>of</strong> the Secretary, JPMorgan<br />
Chase & Co., 270 Park Avenue, New York, New York 10017 or at the SEC’s website at www.sec.gov.<br />
The information contained in this section “THE BANK” relates to <strong>and</strong> has been obtained from the Bank.<br />
The delivery <strong>of</strong> the <strong>Official</strong> <strong>Statement</strong> shall not create any implication that there has been no change in the affairs <strong>of</strong><br />
the Bank since the date here<strong>of</strong>, or that the information contained or referred to in this Section “THE BANK” is<br />
correct as <strong>of</strong> any time subsequent to its date.<br />
CERTAIN RISK FACTORS<br />
This section provides a general overview <strong>of</strong> certain risk factors which should be considered, in addition to<br />
the other matters set forth in this <strong>Official</strong> <strong>Statement</strong>, in evaluating an investment in the 2010A Bonds. This section is<br />
not meant to be a comprehensive or definitive discussion <strong>of</strong> the risks associated with an investment in the 2010A<br />
Bonds, <strong>and</strong> the order in which this information is presented does not necessarily reflect the relative importance <strong>of</strong><br />
various risks. Potential investors in the 2010A Bonds are advised to consider the following factors, among others,<br />
<strong>and</strong> to review this entire <strong>Official</strong> <strong>Statement</strong> to obtain information essential to the making <strong>of</strong> an informed investment<br />
decision. Any one or more <strong>of</strong> the risk factors discussed below, among others, could lead to a decrease in the market<br />
value <strong>and</strong>/or in the marketability <strong>of</strong> the 2010A Bonds, or in the ability <strong>of</strong> the <strong>Commission</strong> to make timely payments <strong>of</strong><br />
principal <strong>of</strong> or interest on the 2010A Bonds. There can be no assurance that other risk factors not discussed herein<br />
will not become material in the future.<br />
Uncertainties <strong>of</strong> the Aviation Industry<br />
General Factors Affecting <strong>Airport</strong> Revenues<br />
The principal determinants <strong>of</strong> passenger dem<strong>and</strong> at the <strong>Airport</strong> include the growth in the population <strong>and</strong><br />
economy <strong>of</strong> the <strong>Airport</strong> service region; national economic conditions; political conditions, including, wars, other<br />
hostilities <strong>and</strong> acts <strong>of</strong> terrorism; airline airfares, <strong>and</strong> competition from surrounding airports; airline service <strong>and</strong> route<br />
networks; the capacity <strong>of</strong> the national air transportation system <strong>and</strong> the <strong>Airport</strong>; accidents involving commercial<br />
passenger aircraft; <strong>and</strong> the occurrence <strong>of</strong> p<strong>and</strong>emics. See also “SAN FRANCISCO INTERNATIONAL AIRPORT–Existing<br />
Airline Agreements–Potential Effects <strong>of</strong> an Airline Bankruptcy” <strong>and</strong> “–Competition.”<br />
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