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

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Page Page VERIFICATION OF MATHEMATICAL PROFESSIONALS INVOLVED IN THE OFFERING....... 97 COMPUTATIONS ....................................................... 95 FINANCIAL STATEMENTS ............................................. 97 TAX MATTERS .................................................................. 95 CONTINUING DISCLOSURE ........................................... 97 APPROVAL OF LEGAL PROCEEDINGS ........................ 96 MISCELLANEOUS ............................................................. 98 APPENDICES APPENDIX A – FINANCIAL STATEMENTS WITH SCHEDULE OF EXPENDITURES OF PASSENGER FACILITY CHARGES JUNE 30, 2009 AND 2008 (WITH INDEPENDENT AUDITORS’ REPORT THEREON)............................................................... A-1 APPENDIX B – INFORMATION REGARDING DTC AND THE BOOK-ENTRY ONLY SYSTEM ............... B-1 APPENDIX C – SUMMARY OF CERTAIN PROVISIONS OF THE 1991 MASTER RESOLUTION.............. C-1 APPENDIX D – SUMMARIES OF CERTAIN PROVISIONS OF THE SETTLEMENT AGREEMENT, THE LEASE AND USE AGREEMENTS AND THE LEASE AND OPERATING AGREEMENTS ........................................................................................................................... D-1 APPENDIX E – SUMMARY OF CERTAIN PROVISIONS OF THE CONTINUING DISCLOSURE CERTIFICATE ............................................................................................................................. E-1 APPENDIX F – INFORMATION REGARDING THE RESERVE ACCOUNT SURETY BONDS ....................F-1 APPENDIX G – PROPOSED FORM OF OPINION OF CO-BOND COUNSEL ....................................................G-1 APPENDIX H – FORM OF THE LETTER OF CREDIT........................................................................................ H-1 INDEX OF TABLES Refunded Bonds ............................................................................................................................................................... 3 Estimated Sources and Uses of Funds .............................................................................................................................. 5 Mandatory Sinking Fund Redemption .............................................................................................................................. 8 Flow of Funds Chart....................................................................................................................................................... 17 Pooled Reserve Account Balance................................................................................................................................... 20 Airport Market Access.................................................................................................................................................... 30 Variable Rate Tender Option Bonds............................................................................................................................... 31 Current Members of the Commission ............................................................................................................................. 35 Air Carriers Reporting Air Traffic at the Airport ........................................................................................................... 46 Passenger Traffic ............................................................................................................................................................ 47 Total Enplanements by Airline....................................................................................................................................... 49 Domestic Enplanements by Airline ................................................................................................................................ 51 International Enplanements by Airline ........................................................................................................................... 52 International Enplanements by Destination .................................................................................................................... 53 Air Cargo On and Off..................................................................................................................................................... 54 Total Landed Weight by Airline ..................................................................................................................................... 56 Summary of Airport Financial Results ........................................................................................................................... 66 Historical and Current Landing Fees and Terminal Rentals ........................................................................................... 67 PFC Collections Designated as Revenues by the Commission for Payment of Debt Service on Outstanding Bonds.... 69 Principal Airport Concessionaires .................................................................................................................................. 72 Ten Highest Revenue Producers..................................................................................................................................... 73 Interest Rate Swap Policy Maximum Net Termination Exposure.................................................................................. 76 Summary of Interest Rate Swap Agreements ................................................................................................................. 78 Summary of Payments Made by the Airport to the City ................................................................................................. 80 Retirement System Schedule of Funding Progress......................................................................................................... 82 Airport Contributions to the Retirement System ............................................................................................................ 83 Airport Contributions to the Health Care System........................................................................................................... 84 Airport Pooled Investment Fund .................................................................................................................................... 88 Currently Outstanding Bonds ......................................................................................................................................... 89 Debt Service Schedule .................................................................................................................................................... 90 Historical Debt Service Coverage................................................................................................................................... 91 iv Page
$215,970,000 AIRPORT COMMISSION CITY AND COUNTY OF SAN FRANCISCO, CALIFORNIA SAN FRANCISCO INTERNATIONAL AIRPORT SECOND SERIES VARIABLE RATE REVENUE REFUNDING BONDS SERIES 2010A (AMT) Comprised of: $86,375,000 $57,595,000 $72,000,000 Series 2010A-1 Series 2010A-2 Series 2010A-3 INTRODUCTION This Official Statement describes the 2010A Bonds only while they are in the Weekly Mode and are subject to the DTC book-entry only system. Owners and Potential Owners of the 2010A Bonds should not rely on this Official Statement for information following a change of the 2010A Bonds to any other Mode, but should look solely to the offering documents to be used in connection with any such Mode change. This Official Statement is furnished in connection with the offering by the Airport Commission of the City and County of San Francisco (the “Commission”) of $215,970,000 aggregate principal amount of its Second Series Variable Rate Revenue Refunding Bonds, Series 2010A, comprised of $86,375,000 principal amount of Series 2010A-1, $57,595,000 principal amount of Series 2010A-2 and $72,000,000 principal amount of Series 2010A-3 (each a “Series of 2010A Bonds” and collectively, the “2010A Bonds”). All capitalized terms used in this Official Statement, including on the cover page hereof, and not herein defined shall have the meanings given such terms in the 1991 Master Resolution. See APPENDIX C–“SUMMARY OF CERTAIN PROVISIONS OF THE 1991 MASTER RESOLUTION–Certain Definitions.” The 2010A Bonds are authorized under Resolution No. 91-0210, adopted by the Commission on December 3, 1991 (the “1991 Resolution”), as supplemented and amended by, among other resolutions, Resolution No. 98-0114, adopted by the Commission on May 19, 1998, Resolution No. 02-0010, adopted by the Commission on January 8, 2002, Resolution No. 03-0220, adopted by the Commission on October 21, 2003, Resolution No. 04 0220 adopted by the Commission on November 2, 2004; Resolution No. 05-0183 adopted by the Commission on October 11, 2005; Resolution No. 07-0043 adopted by the Commission on February 20, 2007; and Resolution No. 08-0185 adopted by the Commission on October 7, 2008. The 1991 Resolution as supplemented and amended, is referred to as the “1991 Master Resolution.” The Bank of New York Mellon Trust Company, N.A. has been appointed by the Commission to act as trustee (the “Trustee”) for the 2010A Bonds. The Bank of New York Mellon Trust Company, N.A. has been appointed by the Commission to act as paying agent (the “Paying Agent”) for the 2010A Bonds so long as such Bonds are Variable Rate Bonds (as defined herein). The 2010A Bonds, together with all Bonds issued and to be issued pursuant to the 1991 Master Resolution, are referred to as the “Bonds.” For a summary of Outstanding Bonds of the Commission, see “AIRPORT’S FINANCIAL AND RELATED INFORMATION– Currently Outstanding Bonds.” The proceeds of the 2010A Bonds will be used, together with other available moneys, to refund $210.49 million aggregate principal amount of certain Bonds previously issued by the Commission (collectively, the “Refunded Bonds”) and pay certain costs of issuance associated with the 2010A Bonds. See “REFUNDING PLAN– 2010A Bonds.” The 2010A Bonds will mature on the dates and in the amounts shown on the inside cover of this Official Statement. The Commission expects to issue additional Bonds from time to time to finance and refinance other Airport capital improvements. See “REFUNDING PLAN” and “AIRPORT’S FINANCIAL AND RELATED INFORMATION–Future Financings.” The Commission has covenanted in the 1991 Master Resolution not to issue any bonds with a pledge of or a lien on Net Revenues senior to that of the Bonds.
Page 1: SAN FRANCISCO INTERNATIONAL AIRPORT
Page 4 and 5: 2010A BONDS MATURITY SCHEDULE The i
Page 6 and 7: Information Provided by the Commiss
Page 10 and 11: The 2010A Bonds will be secured by
Page 12 and 13: Maturity Date (May 1) 2011 2012 201
Page 14 and 15: Interest on the 2010A Bonds will be
Page 16 and 17: Mandatory Sinking Fund Redemption T
Page 18 and 19: Redemption of Credit Provider Bonds
Page 20 and 21: SPECIAL CONSIDERATIONS RELATING TO
Page 22 and 23: “Operation and Maintenance Expens
Page 24 and 25: Fifth, to pay for necessary reconst
Page 26 and 27: Letter of Credit Upon the delivery
Page 28 and 29: Pooled Reserve Account The 1991 Mas
Page 30 and 31: No Acceleration The Bonds are not s
Page 32 and 33: LETTER OF CREDIT AND REIMBURSEMENT
Page 34 and 35: appealable judgment, to be null and
Page 36 and 37: In addition to revenues received fr
Page 38 and 39: In addition to these regulatory act
Page 40 and 41: Each of Moody’s, Standard & Poor
Page 42 and 43: Initiative, Referendum and Charter
Page 44 and 45: Jackson J. Wong was appointed Chief
Page 46 and 47: that supports all airlines in the I
Page 48 and 49: from $1.50 to $4.00. The Airport is
Page 50 and 51: Airport Security In the immediate a
Page 52 and 53: � United Airlines commenced daily
Page 54 and 55: The following table lists the air c
Page 56 and 57: During Fiscal Year 2008-09 approxim
Page 58 and 59:
Domestic Enplanements. During Fisca
Page 60 and 61:
International Enplanements. Interna
Page 62 and 63:
Cargo Traffic and Landed Weight Car
Page 64 and 65:
TOTAL LANDED WEIGHT BY AIRLINE †
Page 66 and 67:
Settlement Agreement Under the Sett
Page 68 and 69:
Expiration of the Settlement Agreem
Page 70 and 71:
the beneficiaries (the people of th
Page 72 and 73:
Hazardous Material Management Envir
Page 74 and 75:
SUMMARY OF AIRPORT FINANCIAL RESULT
Page 76 and 77:
Aviation Market Stimulus Program In
Page 78 and 79:
On November 21, 2006, Travelex, the
Page 80 and 81:
PRINCIPAL AIRPORT CONCESSIONAIRES
Page 82 and 83:
Off-Airport Parking Facilities Seve
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INTEREST RATE SWAP POLICY MAXIMUM N
Page 86 and 87:
The table below summarizes the inte
Page 88 and 89:
SUMMARY OF PAYMENTS MADE BY THE AIR
Page 90 and 91:
Voter Approved Changes to the Retir
Page 92 and 93:
A decline in the actuarial value of
Page 94 and 95:
Postemployment Health Care Benefits
Page 96 and 97:
Under the Treasurer’s current inv
Page 98 and 99:
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
Page 108:
(This Page Intentionally Left Blank
Page 149 and 150:
Introduction APPENDIX B INFORMATION
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APPENDIX C SUMMARY OF CERTAIN PROVI
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Closing Date means the date upon wh
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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
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act or thing the effect of which wo
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filing of any such petition or to t
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moneys, funds and properties pledge
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The recitals, statements and repres
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The Trustee or the Paying Agent, as
Page 181 and 182:
to or greater than the Credit Facil
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(a) such 2010A Bonds sold by the Re
Page 185 and 186:
The Remarketing Agent The Remarketi
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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
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APPENDIX H JPMORGAN CHASE BANK, NAT
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The Available Amount (as hereinafte
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JPMorgan Chase Bank, National Assoc
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Page 217 and 218:
Page 219 and 220:
IN WITNESS WHEREOF, this Certificat
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(ii) $_______________________ is de
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Page 225 and 226:
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The undersigned Transferor acknowle
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The Bank of New York Trust Company,
Page 231 and 232:
Page 233 and 234:
The Bank of New York Trust Company,
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