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

$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.