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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$215,970,000<br />
AIRPORT COMMISSION<br />
CITY AND COUNTY OF SAN FRANCISCO, CALIFORNIA<br />
SAN FRANCISCO INTERNATIONAL AIRPORT<br />
SECOND SERIES VARIABLE RATE REVENUE REFUNDING BONDS<br />
SERIES 2010A<br />
(AMT)<br />
Comprised <strong>of</strong>:<br />
$86,375,000 $57,595,000 $72,000,000<br />
Series 2010A-1 Series 2010A-2 Series 2010A-3<br />
INTRODUCTION<br />
This <strong>Official</strong> <strong>Statement</strong> describes the 2010A Bonds only while they are in the Weekly Mode <strong>and</strong> are subject<br />
to the DTC book-entry only system. Owners <strong>and</strong> Potential Owners <strong>of</strong> the 2010A Bonds should not rely on this<br />
<strong>Official</strong> <strong>Statement</strong> for information following a change <strong>of</strong> the 2010A Bonds to any other Mode, but should look solely<br />
to the <strong>of</strong>fering documents to be used in connection with any such Mode change.<br />
This <strong>Official</strong> <strong>Statement</strong> is furnished in connection with the <strong>of</strong>fering by the <strong>Airport</strong> <strong>Commission</strong> <strong>of</strong> the <strong>City</strong><br />
<strong>and</strong> <strong>County</strong> <strong>of</strong> <strong>San</strong> Francisco (the “<strong>Commission</strong>”) <strong>of</strong> $215,970,000 aggregate principal amount <strong>of</strong> its Second Series<br />
Variable Rate Revenue Refunding Bonds, Series 2010A, comprised <strong>of</strong> $86,375,000 principal amount <strong>of</strong> Series<br />
2010A-1, $57,595,000 principal amount <strong>of</strong> Series 2010A-2 <strong>and</strong> $72,000,000 principal amount <strong>of</strong> Series 2010A-3<br />
(each a “Series <strong>of</strong> 2010A Bonds” <strong>and</strong> collectively, the “2010A Bonds”). All capitalized terms used in this <strong>Official</strong><br />
<strong>Statement</strong>, including on the cover page here<strong>of</strong>, <strong>and</strong> not herein defined shall have the meanings given such terms in<br />
the 1991 Master Resolution. See APPENDIX C–“SUMMARY OF CERTAIN PROVISIONS OF THE 1991 MASTER<br />
RESOLUTION–Certain Definitions.”<br />
The 2010A Bonds are authorized under Resolution No. 91-0210, adopted by the <strong>Commission</strong> on<br />
December 3, 1991 (the “1991 Resolution”), as supplemented <strong>and</strong> amended by, among other resolutions, Resolution<br />
No. 98-0114, adopted by the <strong>Commission</strong> on May 19, 1998, Resolution No. 02-0010, adopted by the <strong>Commission</strong><br />
on January 8, 2002, Resolution No. 03-0220, adopted by the <strong>Commission</strong> on October 21, 2003, Resolution No. 04<br />
0220 adopted by the <strong>Commission</strong> on November 2, 2004; Resolution No. 05-0183 adopted by the <strong>Commission</strong> on<br />
October 11, 2005; Resolution No. 07-0043 adopted by the <strong>Commission</strong> on February 20, 2007; <strong>and</strong> Resolution No.<br />
08-0185 adopted by the <strong>Commission</strong> on October 7, 2008. The 1991 Resolution as supplemented <strong>and</strong> amended, is<br />
referred to as the “1991 Master Resolution.” The Bank <strong>of</strong> New York Mellon Trust Company, N.A. has been<br />
appointed by the <strong>Commission</strong> to act as trustee (the “Trustee”) for the 2010A Bonds. The Bank <strong>of</strong> New York Mellon<br />
Trust Company, N.A. has been appointed by the <strong>Commission</strong> to act as paying agent (the “Paying Agent”) for the<br />
2010A Bonds so long as such Bonds are Variable Rate Bonds (as defined herein). The 2010A Bonds, together with<br />
all Bonds issued <strong>and</strong> to be issued pursuant to the 1991 Master Resolution, are referred to as the “Bonds.” For a<br />
summary <strong>of</strong> Outst<strong>and</strong>ing Bonds <strong>of</strong> the <strong>Commission</strong>, see “AIRPORT’S FINANCIAL AND RELATED INFORMATION–<br />
Currently Outst<strong>and</strong>ing Bonds.”<br />
The proceeds <strong>of</strong> the 2010A Bonds will be used, together with other available moneys, to refund<br />
$210.49 million aggregate principal amount <strong>of</strong> certain Bonds previously issued by the <strong>Commission</strong> (collectively, the<br />
“Refunded Bonds”) <strong>and</strong> pay certain costs <strong>of</strong> issuance associated with the 2010A Bonds. See “REFUNDING PLAN–<br />
2010A Bonds.”<br />
The 2010A Bonds will mature on the dates <strong>and</strong> in the amounts shown on the inside cover <strong>of</strong> this <strong>Official</strong><br />
<strong>Statement</strong>.<br />
The <strong>Commission</strong> expects to issue additional Bonds from time to time to finance <strong>and</strong> refinance other <strong>Airport</strong><br />
capital improvements. See “REFUNDING PLAN” <strong>and</strong> “AIRPORT’S FINANCIAL AND RELATED INFORMATION–Future<br />
Financings.” The <strong>Commission</strong> has covenanted in the 1991 Master Resolution not to issue any bonds with a pledge<br />
<strong>of</strong> or a lien on Net Revenues senior to that <strong>of</strong> the Bonds.