$88,890,000 Illinois Health Facilities Authority Revenue Bonds, Series 2001 (The University of Chicago Hospitals and Health System)

Size: px
Start display at page:

Download "$88,890,000 Illinois Health Facilities Authority Revenue Bonds, Series 2001 (The University of Chicago Hospitals and Health System)"

Transcription

1 NEW ISSUE BOOK-ENTRY Ratings: See RATINGS In the opinion of Jones, Day, Reavis & Pogue, Bond Counsel to the Illinois Health Facilities Authority (the Authority ), assuming compliance with certain covenants, under present law, interest on the Series 2001 Bonds will not be includible in gross income of the owners thereof for federal income tax purposes and will not be treated as an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. Interest on the Series 2001 Bonds will be taken into account, however, in computing an adjustment used in determining the corporate alternative minimum tax and the branch profits tax. See the headings TAX EXEMPTION, ORIGINAL ISSUE DISCOUNT and ORIGINAL ISSUE PREMIUM herein for a more detailed discussion of some of the federal tax consequences of owning the Series 2001 Bonds. Interest on the Series 2001 Bonds is not exempt from present Illinois income taxes. $88,890,000 Illinois Health Facilities Authority Revenue Bonds, Series 2001 (The University of Chicago Hospitals and Health System) Dated: September 1, 2001 Due: August 15, as shown below The $88,890,000 Illinois Health Facilities Authority Revenue Bonds, Series 2001 (The University of Chicago Hospitals and Health System) (the Series 2001 Bonds ) are issuable as fully registered bonds without coupons and will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company ( DTC ), New York, New York. DTC will act as securities depository for the Series 2001 Bonds. Only beneficial interests in book-entry form, in denominations of $5,000 and integral multiples thereof, are being offered. So long as Cede & Co. is the registered owner of the Series 2001 Bonds, as nominee for DTC, the principal of and premium, if any, and interest on the Series 2001 Bonds shall be payable by American National Bank and Trust Company of Chicago, as Bond Trustee (the Bond Trustee ) to Cede & Co., which will, in turn, remit such amounts to DTC Participants for subsequent disbursement to the Beneficial Owners of the Series 2001 Bonds. See BOOK-ENTRY ONLY SYSTEM. The Series 2001 Bonds will be issued by the Authority for the purpose of providing funds, together with certain other funds, to (i) pay or reimburse the University of Chicago Hospitals (the Corporation ) for the payment of the costs of acquiring, constructing, renovating, remodeling and equipping certain of its health care facilities, including the construction and equipping of an inpatient children s hospital facility (the Project ), (ii) pay a portion of the interest accruing on the Series 2001 Bonds (as defined below) and (iii) pay certain expenses, including the premium on the Bond Insurance Policy. Payment of the principal of and interest on the Series 2001 Bonds when due will be guaranteed by a financial guaranty insurance policy to be issued by MBIA Insurance Corporation (the Bond Insurer ) simultaneously with the delivery of the Series 2001 Bonds. See BOND INSURANCE POLICY. Certain of the Series 2001 Bonds are subject to optional and mandatory redemption, including mandatory bond sinking fund redemption prior to maturity as more fully described in this Official Statement. The Series 2001 Bonds also are subject to extraordinary optional redemption as more fully described in this Official Statement. MATURITIES, AMOUNTS, INTEREST RATES, PRICES OR YIELDS Maturity (August 15) Amount Interest Rate Yield 2005 $1,120, % 3.38% ,165, ,000, ,000, ,400, ,470, ,530, ,595, ,685, ,775, Maturity (August 15) Amount Interest Rate Yield 2015 $2,000, % 4.79% ,000, ,070, ,180, ,300, ,420, ,540, ,670, ,805, $28,100, % Term Bonds Due August 15, 2031 Price % $24,065, % Term Bonds Due August 15, 2036 Price % (Accrued Interest to be Added) The Series 2001 Bonds are limited obligations of the Authority and are not a debt or liability of the State of Illinois or any political subdivision or agency thereof other than the Authority. The sources of payment of, and security for, the Series 2001 Bonds are more fully described in this Official Statement. The Authority has no taxing power. The Series 2001 Bonds are offered when, as and if issued and accepted by the Underwriters, subject to prior sale, to withdrawal or modification of the offer without notice, and to the approval of legality of the Series 2001 Bonds by Jones, Day, Reavis & Pogue, Chicago, Illinois, Bond Counsel to the Authority. Certain legal matters will be passed upon for the Authority by its general counsel, Sidley Austin Brown & Wood, Chicago, Illinois, for the Corporation by its General Counsel, Susan S. Sher, Esq. and by its special counsel, Katten Muchin Zavis, Chicago, Illinois, and for the Underwriters by their counsel, Altheimer & Gray, Chicago, Illinois. The Series 2001 Bonds in definitive form are expected to be available for delivery to DTC in New York, New York, on or about September 26, WILLIAM BLAIR & COMPANY JPMORGAN September 5, 2001 LOOP CAPITAL MARKETS, LLC

2 REGARDING USE OF THIS OFFICIAL STATEMENT No dealer, broker, salesperson or other person has been authorized by the Illinois Health Facilities Authority (the "Authority"), The University of Chicago Hospitals (the "Corporation"), the Bond Insurer (defined below) or the Underwriters to give information or to make any representations with respect to the Series 2001 Bonds, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale hereunder implies that there has been no change in the matters described herein since the date hereof. Certain information contained herein has been obtained from the Corporation, DTC, the Bond Insurer and other sources that are believed to be reliable. Neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the parties referred to above since the date hereof. Other than with respect to information concerning MBIA Insurance Corporation (the "Bond Insurer") contained under the caption "BOND INSURANCE POLICY" and in Appendix D "Specimen Bond Insurance Policy" herein, the Bond Insurer does not accept any responsibility for the accuracy or completeness of this Official Statement, and the Bond Insurer makes no representation regarding the Series 2001 Bonds or the advisability of investing in the Series 2001 Bonds. The Underwriters have reviewed the information in this Official Statement in accordance with, and as a part of, their responsibility to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. Neither the Authority, its counsel, nor any of its members, agents, employees or representatives have reviewed this Official Statement or investigated the statements or representations contained herein, except for those statements relating to the Authority set forth under the captions "THE ILLINOIS HEALTH FACILITIES AUTHORITY" and "LITIGATION - Authority." Except with respect to the information contained under such captions, neither the Authority, its counsel, nor any of its members, agents, employees or representatives make any representation as to the completeness, sufficiency and truthfulness of the statements set forth in this Official Statement. Members of the Authority and any other person executing the Series 2001 Bonds are not subject to personal liability by reason of the issuance of the Series 2001 Bonds. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2001 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE SERIES 2001 BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAVE THE BOND INDENTURE OR THE AMENDED AND RESTATED MASTER INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACTS. THE REGISTRATION OR QUALIFICATION OF THE SERIES 2001 BONDS IN ACCORDANCE WITH APPLICABLE PROVISIONS OF SECURITIES LAWS OF THE STATES IN WHICH THE SERIES 2001 BONDS HAVE BEEN REGISTERED OR QUALIFIED AND THE EXEMPTION FROM REGISTRATION OR QUALIFICATION IN OTHER STATES CANNOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THESE STATES NOR ANY OF THEIR AGENCIES HAVE PASSED UPON THE MERITS OF THE SERIES 2001 BONDS OR THE ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE.

3 TABLE OF CONTENTS Page INTRODUCTION...1 The University of Chicago Hospitals and Health System...1 Purposes of the Series 2001 Bonds...1 The Master Indenture...2 University of Chicago Comer Children s Hospital...2 Bond Insurance...3 Security...3 Substitute Obligations of the University...4 Substitute Obligations of Another Credit Group...5 Additional Indebtedness...5 Bondholders Risks...5 THE SERIES 2001 BONDS...5 General...6 Payments on the Series 2001 Bonds...6 Redemption of Series 2001 Bonds...7 Bond Registration and Transfers...10 Retained Call Rights...10 BOOK-ENTRY ONLY SYSTEM...11 SECURITY FOR THE SERIES 2001 BONDS...13 General...13 Bond Insurance Policy...14 The Series 2001 Obligation is a General Obligation of the Corporation...14 Additional Bonds...14 Debt Service Reserve Fund...14 Existing and Additional Indebtedness...15 Certain Powers of the Bond Insurer with Respect to Amendments to the Bond Indenture, Loan Agreement and Master Indenture...16 Substitute Obligations of the University...17 Exchange of Series 2001 Obligation...17 State of Illinois Not Liable on the Series 2001 Bonds...18 Agreement of the State...18 BOND INSURANCE POLICY...18 The Bond Insurance Policy...18 Bond Insurer Financial Information...19 Additional Information About the Bond Insurer...20 Financial Strength Ratings of the Bond Insurer...21 ESTIMATED SOURCES AND USES OF FUNDS...21 THE ILLINOIS HEALTH FACILITIES AUTHORITY...22 Powers...22 Members of the Authority...22 Executive Director and Associate Executive Director...24 Authority Advisors...24 Bonds of the Authority...24 Interest Not Exempt from Illinois Income Taxes...24

4 Recent Developments...25 ILLINOIS HEALTH FACILITIES PLANNING ACT...25 BONDHOLDERS RISKS...26 General...26 Additional Debt...27 The Bond Insurer and the Bond Insurance Policy...27 Medicare, Medicaid and Other Third Party Payors...28 Regulatory and Contractual Matters...35 HIPAA Administrative Simplification Provisions...37 Antitrust...38 Integrated Delivery Systems...38 Affiliation, Merger, Acquisition and Divestiture...39 Nursing Shortages...39 Internal Revenue Code Compliance...39 Malpractice Claims and General Liability Insurance...40 Environmental Laws and Regulations...41 Enforceability of the Unrestricted Receivables Pledge During the Period It Remains In Effect...41 Matters Relating to Enforceability of the Master Indenture...42 Matters Relating to Security for the Series 2001 Bonds...43 Tax-Exempt Status; Continuing Legal Requirements...44 Potential for Trustee Conflict of Interest...45 Bond Ratings...45 Market for Bonds...45 Other Risk Factors...45 LITIGATION...47 Authority...47 Corporation...47 LEGAL MATTERS...48 TAX EXEMPTION...48 ORIGINAL ISSUE DISCOUNT...49 ORIGINAL ISSUE PREMIUM...50 RATINGS...51 AUDITED FINANCIAL STATEMENTS...51 UNDERWRITING...51 CONTINUING DISCLOSURE REQUIREMENTS...52 MISCELLANEOUS...52 APPENDIX A THE UNIVERSITY OF CHICAGO HOSPITALS AND HEALTH SYSTEM APPENDIX B COMBINED FINANCIAL STATEMENTS AS OF JUNE 30, 1999 AND 2000 APPENDIX C SUMMARY OF PRINCIPAL DOCUMENTS APPENDIX D SPECIMEN OF BOND INSURANCE POLICY APPENDIX E FORM OF OPINION OF BOND COUNSEL APPENDIX F FORM OF CONTINUING DISCLOSURE UNDERTAKING -ii-

5 OFFICIAL STATEMENT relating to $88,890,000 ILLINOIS HEALTH FACILITIES AUTHORITY REVENUE BONDS, SERIES 2001 (THE UNIVERSITY OF CHICAGO HOSPITALS AND HEALTH SYSTEM) INTRODUCTION The descriptions and summaries of various documents in this Official Statement do not purport to be comprehensive or definitive, and reference is made to each document for the complete details of all terms and conditions of such documents. All statements in this Official Statement are qualified in their entirety by reference to each document. See Appendix C for definitions of certain words and terms used and not otherwise defined in this Official Statement. This Official Statement, including its cover page and Appendices, sets forth information in connection with the offering by the Illinois Health Facilities Authority (the "Authority") of its Revenue Bonds, Series 2001 (The University of Chicago Hospitals and Health System) (the "Series 2001 Bonds") in the aggregate principal amount of $88,890,000 to be issued by the Authority pursuant to a Bond Trust Indenture dated as of August 1, 2001 (the "Bond Indenture") between the Authority and American National Bank and Trust Company of Chicago, Chicago, Illinois, as bond trustee (the "Bond Trustee"). The proceeds of the Series 2001 Bonds will be loaned by the Authority to The University of Chicago Hospitals (the "Corporation") pursuant to a Loan Agreement dated as of August 1, 2001 (the "Loan Agreement"). The University of Chicago Hospitals and Health System The Corporation, an Illinois not for profit corporation doing business as The University of Chicago Hospitals and Health System, was incorporated in 1986 to assume the operations of the hospital and clinic facilities of The University of Chicago (the "University") which were commenced in These facilities include Bernard A. Mitchell Hospital, Chicago Lying-in Hospital and The University of Chicago Children s Hospital, which will be replaced by the new University of Chicago Comer Children s Hospital. The Corporation s ambulatory care facility, the Duchossois Center for Advanced Medicine, houses the Corporation s specialty outpatient clinics. See Appendix A for further information concerning the Corporation. Purposes of the Series 2001 Bonds The Series 2001 Bonds are being issued to provide funds, together with certain other funds, to (i) pay or reimburse the Corporation for the payment of the costs of acquiring, constructing, renovating, remodeling and equipping certain of its health care facilities, including the construction and equipping of the new University of Chicago Comer Children s Hospital (the "Project"), (ii) pay a portion of the interest accruing on the Series 2001 Bonds (as defined below)

6 and (iii) pay certain expenses, including the premium on the financial guaranty insurance policy (the "Bond Insurance Policy") to be issued by MBIA Insurance Corporation (the "Bond Insurer"). The proceeds to be received by the Authority from the sale of the Series 2001 Bonds will be loaned to the Corporation pursuant to the Loan Agreement. A more detailed description of the uses of the proceeds of the Series 2001 Bonds is included under "ESTIMATED SOURCES AND USES OF FUNDS" below. The Master Indenture The Series 2001 Bonds will be secured by a Direct Note Obligation, Series 2001 of the Corporation issued pursuant to a Master Trust Indenture (Amended and Restated) dated as of November 1, 1998 (the "Original Master Indenture"), as previously supplemented and amended by the Supplemental Master Trust Indenture dated as of November 29, 1999 (the "Supplemental Master Indenture"), and as further supplemented and amended by the Second Supplemental Master Trust Indenture dated as of August 1, 2001 (the "Second Supplemental Master Indenture" and, together with the Original Master Indenture and the Supplemental Master Indenture, the "Master Indenture"), between the Corporation, as the initial Member of an Obligated Group (as such terms are defined in the Master Indenture), and American National Bank and Trust Company of Chicago, as master trustee (the "Master Trustee"). Other Persons may become Members of the Obligated Group in accordance with the procedures set forth in the Master Indenture; however, the Corporation has no intention of adding additional Members to the Obligated Group in the immediately foreseeable future. See "SUMMARY OF CERTAIN PROVISIONS OF THE AMENDED AND RESTATED MASTER INDENTURE Entrance Into the Obligated Group" in Appendix C. For further information concerning the Corporation, see Appendices A and B. University of Chicago Comer Children s Hospital The new University of Chicago Comer Children s Hospital (sometimes referred to herein as the "Comer Children s Hospital") will replace the 1967 University of Chicago Children s Hospital which is also known as Wyler Children s Hospital. Comer Children s Hospital will be located on the main campus of The University of Chicago and will have approximately 242,000 gross square feet in seven stories, 100 feet wide by 300 feet long. The new hospital will have 155 beds compared to 146 currently in the existing hospital but with a greater share of intensive care beds. Over 60 percent of the beds will be in the neonatal and pediatric intensive care units, reflecting a national trend of hospitalizing only the sickest children. In addition to inpatient units, the building will include six pediatric operating rooms (including one for interventional cardiac procedures), general radiography (plus expansion space for future CT and MRI imaging), child life and family support areas (such as playrooms, resource center and family kitchen and laundry), as well as conference rooms and housestaff education space. Site demolition for the Comer Children's Hospital began in August 2001 with construction expected to start in October, 2001 and continuing through May 2004, when the new hospital is expected to open. Direct construction costs for Comer Children's Hospital are estimated at $85 million. When equipment, utility and other infrastructure, land, contingency, capitalized interest and -2-

7 financing costs are included, the total cost is estimated to be $128 million. Approximately $12 million has been spent to date, mostly on land acquisition and design. The portion of the costs of Comer Children's Hospital which will be funded with proceeds of the Series 2001 Bonds and investment earnings thereon is approximately $79,300,000 and is included within the definition of "Project." In addition to the available proceeds of the Series 2001 Bonds, the Corporation plans to raise approximately $25 million from gifts, as part of a $50 million children s fundraising campaign to support both the new children s hospital and programs in pediatrics. To date, more than $37 million has been pledged toward the $50 million goal, including $23 million for the building and $14 million for programs. See Appendix A "THE UNIVERSITY OF CHICAGO HOSPITALS AND HEALTH SYSTEM Purpose of Series 2001 Bonds; New Children s Hospital" for a more detailed discussion of the new hospital. Bond Insurance The payment of the principal of and interest on the Series 2001 Bonds when due will be guaranteed by a financial guaranty insurance policy (the "Bond Insurance Policy") to be issued by MBIA Insurance Corporation (the "Bond Insurer") simultaneously with the delivery of the Series 2001 Bonds. See "BOND INSURANCE POLICY" for further information. Security As security for the Series 2001 Bonds, pursuant to the Master Indenture, the Corporation will issue and deliver to the Authority its Direct Note Obligation, Series 2001 (Illinois Health Facilities Authority) (the "Series 2001 Obligation"), in a principal amount equal to the aggregate principal amount of the Series 2001 Bonds. The Series 2001 Obligation will be secured under the Master Indenture on a parity basis with other Existing Obligations (as defined below) and Additional Obligations from time to time outstanding under the Master Indenture. Upon the issuance and sale of the Series 2001 Bonds, there will remain outstanding under the Master Indenture and be secured thereby on a parity with the Series 2001 Obligation, the following Existing Obligations: the Corporation s $48,470,000 Direct Note Obligation, Series 1993A (Illinois Health Facilities Authority) (the "Series 1993A Obligation") and $41,000,000 Direct Note Obligation, Series 1993B (Illinois Health Facilities Authority) (the "Series 1993B Obligation" and, together with the Series 1993A Obligation, the "Series 1993 Obligations"), the Corporation s $55,400,000 Direct Note Obligation, Series 1994C (Illinois Health Facilities Authority) (the "Series 1994C Obligation") and the Corporation s $56,019, Direct Note Obligation, Series 1994D (Comerica Bank) (the "Series 1994D Obligation" and, together with the Series 1994C Obligation, the "Series 1994 Obligations") (the Series 1994D Obligation evidences the Corporation s obligations to the provider of a liquidity facility for the Series 1994C Bonds), the Corporation s $119,500,000 Direct Note Obligation, Series 1998A-1 (Illinois Health Facilities Authority) (the "Series 1998A-1 Obligation"), the Corporation s Direct Note Obligation, Series 1998A-2 (The First National Bank of Chicago) (the "Series 1998A-2 Obligation") and the Corporation s Direct Note Obligation, Series 1998A-3 (MBIA Insurance Corporation) (the "Series 1998A-3 Obligation" and together with the Series 1998A-1 Obligation and the Series 1998A-2 Obligation, the "Series 1998A Obligations"), the Corporation s $27,866,000 Direct Note Obligation, Series 1998B (Illinois Educational Facilities Authority Commercial Paper Revenue Notes) (Pooled Financing Program) (the "Series 1998B Obligation") and the Corporation s $6,750,000 Direct Note Obligation, Series 1999A (Bank One, N.A.) (the -3-

8 "Series 1999A Obligation"). The Series 1993 Obligations, the Series 1994 Obligations, the Series 1998A Obligations, the Series 1998B Obligation and the Series 1999A Obligation are collectively referred to herein as "Existing Obligations." The Authority will pledge and assign the Series 2001 Obligation and certain of its rights under the Loan Agreement to the Bond Trustee as security for the Series 2001 Bonds. The Series 2001 Obligation, the Existing Obligations and any Additional Obligations issued by the Obligated Group under the Master Indenture (whether or not pledged under the Bond Indenture) are collectively referred to herein as the "Obligations". The terms of the Loan Agreement and the Series 2001 Obligation will require payments by the Corporation which, together with other moneys available therefor (and interest thereon), will be sufficient to provide for the payment of the principal of and interest and premium, if any, on the Series 2001 Bonds. The Series 2001 Obligation will entitle the Bond Trustee, as the holder thereof, to the protection of the covenants, restrictions and other obligations imposed upon the Obligated Group by the Master Indenture. The Corporation and any future Member of the Obligated Group will be jointly and severally obligated on all Obligations, including the Series 2001 Obligation, which are issued pursuant to the Master Indenture. See "BONDHOLDERS RISKS Matters Relating to Enforceability of the Master Indenture." The Series 2001 Obligation will be a general obligation of the Corporation and any future Member of the Obligated Group. For further information concerning the security for the Series 2001 Bonds, see the information under the caption "SECURITY FOR THE SERIES 2001 BONDS." The Series 2001 Obligation and other Obligations issued under the Master Indenture will be obligations only of the Obligated Group and not obligations of the University or any other corporate entity not specifically identified as a Member of the Obligated Group. The Series 2001 Bonds are limited obligations of the Authority and are payable solely from: (i) payments or prepayments on the Series 2001 Obligation and any Additional Obligations if any, pledged under the Bond Indenture and in certain circumstances, the University Note (as defined below under "Substitute Obligations of the University"); (ii) amounts payable under the Loan Agreement (other than Unassigned Rights); (iii) moneys and investments held by the Bond Trustee in the funds established under, and to the extent provided in, the Bond Indenture; and (iv) in certain circumstances, proceeds from certain insurance and condemnation awards or sales consummated under threat of condemnation. Substitute Obligations of the University Under certain circumstances set forth in the Loan Agreement, the University may be substituted for, and shall assume the obligations of, the Corporation under the Loan Agreement (except as otherwise provided therein) and shall issue its note (the "University Note") in substitution for the Series 2001 Obligation pledged under the Bond Indenture, and the Corporation will be released and discharged from all obligations and liabilities under the Loan Agreement and the Series 2001 Obligation. In such event, unless the University shall have become a Member of the Obligated Group, the University will not be subject to the terms and provisions of the Master Indenture, and the obligations so assumed by the University will not be -4-

9 secured in any way by the Master Indenture. See "SUMMARY OF CERTAIN PROVISIONS OF THE LOAN AGREEMENT Termination of Lease; Assumption of Obligations under Loan Agreement" in Appendix C, for the conditions under which such substitution may occur. No financial tests are required to be met by the University prior to such substitution. Unless such substitution occurs, the University is not obligated under the Loan Agreement and is not liable for any payments with respect to the Series 2001 Bonds. Substitute Obligations of Another Credit Group Under certain circumstances, the Bond Indenture permits the Bond Trustee to exchange the Series 2001 Obligation for other Obligations of a credit group other than the Obligated Group created by the Master Indenture. See the information under the caption "SECURITY FOR THE SERIES 2001 BONDS Exchange of Series 2001 Obligation". Additional Indebtedness The Corporation or any future Member of the Obligated Group may incur Additional Indebtedness that may, but need not be, evidenced or secured by an Additional Obligation issued under the Master Indenture. Additional Obligations may be issued to the Authority and to parties other than the Authority. Additional Obligations need not be pledged under the Bond Indenture, but will be equally and ratably secured (except as described in this Official Statement) with all Obligations (including the Series 2001 Obligation). Under the terms of the Master Indenture, such Additional Obligations may also be entitled to be secured by security (including, without limitation, letters or lines of credit or insurance) or Liens on property (including health care facilities of the Obligated Group) in addition to that securing all Obligations (including the Series 2001 Obligation) which security need not be extended to any other Obligation (including the Series 2001 Obligation). See "DEFINITIONS OF CERTAIN TERMS Permitted Encumbrances" and "SUMMARY OF CERTAIN PROVISIONS OF THE AMENDED AND RESTATED MASTER INDENTURE Liens on Property" in Appendix C. Bondholders Risks There are risks associated with the purchase of the Series 2001 Bonds. See "BONDHOLDERS RISKS" for a discussion of some of these risks. Additional factors relevant to a prospective purchaser s decision to purchase the Series 2001 Bonds are described throughout this Official Statement. THE SERIES 2001 BONDS The Series 2001 Bonds will be issued pursuant to the Bond Indenture and the proceeds of the Series 2001 Bonds will be loaned to the Corporation pursuant to the Loan Agreement. Contemporaneously with the issuance of the Series 2001 Bonds and to secure repayment of the loan made by the Authority to the Corporation under the Loan Agreement, the Corporation will issue and deliver to the Authority the Series 2001 Obligation. -5-

10 General The Series 2001 Bonds are being issued in fully registered form in denominations of $5,000 and any integral multiple thereof ("Authorized Denomination") in the aggregate principal amount set forth on the cover page hereof. The Series 2001 Bonds will mature in the amounts and on the dates set forth on the cover page hereof. The Series 2001 Bonds will bear interest from their respective dates until maturity or redemption pursuant to the Bond Indenture at the respective rates per annum set forth on the cover page hereof. Each Series 2001 Bond will bear interest (based on a 360-day year of twelve 30-day months) from its date payable on February 15 and August 15 of each year commencing February 15, The Series 2001 Bonds, as initially issued, will be dated as of September 1, Except as described in the next sentence, subsequently issued Series 2001 Bonds will be dated as of the later of September 1, 2001 or the most recent preceding interest payment date to which interest has been paid thereon. Series 2001 Bonds issued on an interest payment date to which interest has been paid will be dated as of such date. Payments on the Series 2001 Bonds The Depository Trust Company, New York, New York ("DTC") will act as the initial securities depository for the Series 2001 Bonds. The Series 2001 Bonds will be issued in fully registered form and, when issued, will be registered in the name of Cede & Co., as nominee of DTC. Individual purchases of interests in the Series 2001 Bonds will be made in book-entry form only, in Authorized Denominations. Purchasers of such interests will not receive certificates representing their interest in the Series 2001 Bonds. So long as Cede & Co. is the registered owner, the Bond Trustee will pay principal of, premium, if any, and interest on the Series 2001 Bonds to DTC, which will remit such principal, premium, if any, and interest to the Beneficial Owners of the Series 2001 Bonds under the caption "BOOK-ENTRY ONLY SYSTEM" herein. For a description of the method of payment of principal, premium, if any, and interest on the Series 2001 Bonds and matters pertaining to transfers and exchanges while in the book-entry only system, see the information herein under the heading "BOOK-ENTRY ONLY SYSTEM." Under the Bond Indenture, the Authority may appoint a successor securities depository to DTC. The holders of the Series 2001 Bonds have no right to a Book-Entry Only System for the Series 2001 Bonds. In the event that the book-entry system is discontinued, the descriptions in the following paragraph would apply. The principal of the Series 2001 Bonds and the premium, if any on the Series 2001 Bonds shall be payable (i) upon presentment at the principal corporate trust office of the Bond Trustee in Columbus, Ohio (or such other office as the Bond Trustee may designate in a notice to the owners of the Series 2001 Bonds) or its successor as Bond Trustee, or at the office of any alternate Paying Agent named in any such Series 2001 Bond or (ii) as to any registered owner of $1,000,000 or more in aggregate principal amount of Series 2001 Bonds who so elects and who has presented its Series 2001 Bonds on or prior to the payment date, by wire transfer of funds to such wire transfer address within the continental United States as the registered owner shall have furnished to the Bond Trustee in writing on or prior to the Record Date (as defined below) and upon compliance with the reasonable requirements of the Bond Trustee. Payment of the interest on any Series 2001 Bond shall be made to the person appearing on the Bond Register as the -6-

11 registered owner thereof as of the February 1 or August 1 (whether or not a Business Day) (the "Record Date") immediately preceding such interest payment date and shall be paid (i) by check or draft mailed to the registered owner on the applicable interest payment date at such owner s address as it appears on the Bond Register or at such other address as is furnished to the Bond Trustee in writing by the Record Date by such owner, or (ii) as to any owner of $1,000,000 or more in aggregate principal amount of Series 2001 Bonds who so elects, by wire transfer of funds to such wire transfer address within the continental United States as the registered owner shall have furnished to the Bond Trustee in writing by the Record Date for any interest payment (which written notice may refer to multiple interest payments) and upon compliance with the reasonable requirements of the Bond Trustee. Notwithstanding the foregoing, payment of Defaulted Interest on Series 2001 Bonds will be made to the persons who shall be the registered owners thereof on the Special Record Date fixed by the Bond Trustee which shall be not more than fifteen or less than ten days prior to the date of the proposed payment of and not be less than ten days after receipt by the Bond Trustee of the notice of the proposed payment. Redemption of Series 2001 Bonds The Series 2001 Bonds are subject to mandatory, optional and extraordinary redemption, all as described below. Except for mandatory Bond Sinking Fund redemptions, no optional or extraordinary redemption of less than all of the Series 2001 Bonds at the time outstanding shall be made unless the aggregate principal amount of such Series 2001 Bonds to be redeemed is equal to or greater than $100,000. Optional Redemption. Outstanding Series 2001 Bonds maturing serially on August 15, of each of the years 2012 through 2023 and the term Series 2001 Bond due August 15, 2031 are subject to redemption prior to maturity on or after August 15, 2011 at the option of the Authority upon direction of the Corporation, out of amounts prepaid upon the Series 2001 Obligation and deposited in the Optional Redemption Fund, in whole or in part at any time, and if in part by maturities or portions thereof designated by the Corporation (and if less than all of a single maturity is being redeemed, by lot within a maturity in such manner as may be designated by the Bond Trustee), at a redemption price equal to 100% of the principal amount of the Series 2001 Bonds to be redeemed plus accrued interest thereon to the date of redemption. The term Series 2001 Bond due August 15, 2036 is subject to redemption prior to maturity on or after August 15, 2008 at the option of the Authority upon direction of the Corporation, out of amounts prepaid upon the Series 2001 Obligation and deposited in the Optional Redemption Fund, in whole or in part at any time, and if in part by portions of such maturity designated by the Corporation (and if less than all of such term Series 2001 Bond is being redeemed, by lot in such manner as may be designated by the Bond Trustee), at a redemption price equal to 100% of the principal amount of the Series 2001 Bonds to be redeemed plus accrued interest thereon to the date of redemption. Required Optional Redemption. If any recalculation of the average reasonably expected economic life of the facilities financed or refinanced with the proceeds of the Series 2001 Bonds demonstrates that the average maturity of the Series 2001 Bonds exceeds 120% of -7-

12 the average reasonably expected economic life of the facilities financed or refinanced with the proceeds of the Series 2001 Bonds, the Corporation has agreed pursuant to the Loan Agreement to deposit in the Optional Redemption Fund established under the Bond Indenture as a prepayment of the Series 2001 Obligation an amount which, when applied by the Bond Trustee to redeem Series 2001 Bonds, is sufficient, in the Opinion of Bond Counsel, to cause the average maturity of the Series 2001 Bonds to be no more than 120% of the average reasonably expected economic life of the facilities financed or refinanced with the proceeds of the Series 2001 Bonds. Extraordinary Redemption upon Damage, Destruction or Condemnation of Facilities. The Series 2001 Bonds are also subject to redemption prior to maturity at the option of the Corporation in the event (i) of damage to or destruction of the Facilities of any Member of the Obligated Group or any part thereof or condemnation or sale consummated under threat of condemnation of the Facilities of any Member of the Obligated Group or any part thereof, if the Net Proceeds of insurance, condemnation or sale received in connection therewith and applied to make prepayments on the Series 2001 Obligation pledged under the Bond Indenture exceeds $500,000 but only to the extent of the funds provided for in the Master Indenture. See "SUMMARY OF CERTAIN PROVISIONS OF THE AMENDED AND RESTATED MASTER INDENTURE Damage or Destruction" and " Condemnation" in Appendix C. If called for redemption as described in this paragraph, the Series 2001 Bonds shall be subject to redemption by the Authority at any time, in whole or in part, and if in part by maturities designated by the Corporation or, if not so designated, in inverse order of maturity (less than all of a single maturity to be randomly selected by lot utilizing such method as may be designated by the Bond Trustee), at the principal amount thereof plus accrued interest to the redemption date and without premium; provided, however, that in no event shall the principal amount of Series 2001 Bonds so redeemed exceed the amount of such Net Proceeds. Mandatory Redemption Without Premium. The Series 2001 Bonds maturing August 15, 2031 are subject to mandatory redemption prior to maturity in part, by lot, under the Bond Sinking Fund provisions of the Bond Indenture and are payable at maturity at 100% of the principal amount so redeemed or paid, plus accrued interest, in the amounts and on the dates set forth below: August 15 of the Year maturity Principal Amount to be Redeemed 2024 $2,945, ,090, ,245, ,405, ,575, ,755, ,945, ,140,000 The Series 2001 Bonds maturing August 15, 2036 are subject to mandatory redemption prior to maturity in part, by lot, under the Bond Sinking Fund provisions of the Bond Indenture -8-

13 and are payable at maturity at 100% of the principal amount so redeemed or paid, plus accrued interest, in the amounts and on the dates set forth below: August 15 of the Year Principal Amount to be Redeemed 2032 $4,345, ,570, ,800, ,045, ,305,000 maturity Purchase in Lieu of Redemption; Bond Sinking Fund Credits. In lieu of redeeming Series 2001 Bonds, the Bond Trustee may, at the request of the Corporation, use such funds otherwise available under the Bond Indenture for redemption of Series 2001 Bonds to purchase Series 2001 Bonds in the open market at a price not exceeding the redemption price then applicable. In the case of any optional or extraordinary redemption or any purchase and cancellation of Series 2001 Bonds with serial maturities, the Authority shall receive credit against its required Bond Sinking Fund deposits with respect to the Series 2001 Bonds of such serial maturity. In the case of any optional or extraordinary redemption or any purchase and cancellation of the term Series 2001 Bonds, the Authority shall receive credit against its required Bond Sinking Fund deposits with respect to such term Series 2001 Bonds in such order as the Corporation elects in writing prior to such optional or extraordinary redemption or purchase and cancellation or, if no such election is made, in the inverse order thereof. If less than all of the Series 2001 Bonds are to be redeemed, the Bond Trustee will select such Series 2001 Bonds for redemption in a manner which will cause the Series 2001 Bonds remaining outstanding after such redemption to be in denominations of $5,000 or any integral multiple thereof. Notice of Redemption. For a description of the giving of notices while the Series 2001 Bonds are in the book-entry only system, see "BOOK-ENTRY ONLY SYSTEM." Whenever Series 2001 Bonds are to be redeemed, the Bond Trustee shall give notice of the redemption of the Series 2001 Bonds, which notice shall contain (i) the name of the bond issue, (ii) the CUSIP number and bond certificate number of the Series 2001 Bonds to be redeemed, (iii) the original dated date of the bond issue, (iv) the interest rate of the Series 2001 Bonds to be redeemed, (v) the maturity date of the Series 2001 Bonds to be redeemed, (vi) the date of the redemption notice, (vii) the redemption date, (viii) the redemption price to the redemption date of the Series 2001 Bonds to be redeemed, (ix) the amount of the particular Bond to be redeemed, and (x) the address and telephone number of the principal office of the Bond Trustee. The redemption notice shall be given by mailing a copy of such notice of redemption by first class mail, postage prepaid, not less than 30 or more than 60 days prior to the redemption date to the Bond Insurer and the registered owners of the Series 2001 Bonds to be redeemed to the address shown on the Bond Register; provided, however, that failure to give such notice by mailing or a defect in the notice or the mailing as to any Series 2001 Bond will not affect the validity of any proceedings for redemption as to any other Series 2001 Bond with respect to which notice was otherwise properly given to the owner thereof. -9-

14 Except for mandatory Bond Sinking Fund redemptions, prior to the date that the redemption notice is first mailed to the Bondholders, funds will be placed with the Bond Trustee to pay the principal of such Series 2001 Bonds, the accrued interest thereon to the redemption date and the premium, if any, thereon, or such notice shall state that any redemption is conditional on such funds being deposited on the redemption date and that failure to deposit such funds shall not constitute an Event of Default under the Bond Indenture. Interest will not accrue after the redemption date on any Series 2001 Bond called for redemption if notice has been given and if sufficient moneys have been deposited with the Bond Trustee to pay the principal of, premium, if any, and interest on such Series 2001 Bonds to the redemption date. Bond Registration and Transfers For a description of the procedure to transfer ownership of a Series 2001 Bond while in the book-entry only system, see "BOOK-ENTRY ONLY SYSTEM." Subject to the limitations described below, the Series 2001 Bonds are transferable upon surrender thereof at the principal corporate trust office of the Bond Trustee, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Trustee and duly executed by the Bondholder or such bondholder s duly authorized attorney. Subject to the limitations described below, any Series 2001 Bond may be exchanged at the principal corporate trust office of the Bond Trustee upon surrender thereof, together with an assignment duly executed by the registered owner thereof or such owner s duly authorized attorney in such form and with guarantee of signature satisfactory to the Bond Trustee for an equal aggregate principal amount of Series 2001 Bonds of like date and tenor of any authorized denomination of the same maturity as the Series 2001 Bonds surrendered for exchange. No service charge shall be imposed upon the owner for any exchange or transfer of Series 2001 Bonds. However, the Bond Trustee and the Authority may charge a fee sufficient to cover any tax, fee or other governmental charge in connection with any exchange, change in registration or transfer of any Series 2001 Bond, except in the case of an issuance of any Series 2001 Bond for the unredeemed portion of a Series 2001 Bond surrendered for redemption in part. The Bond Trustee shall not be required to exchange or register the transfer of any Series 2001 Bonds after the notice calling such Series 2001 Bond for redemption has been mailed as provided in the Bond Indenture or during the 15 day period preceding the mailing of a notice of redemption. Retained Call Rights All or a portion of the Series 2001 Bonds may, in the future, be refunded or defeased to any redemption date or maturity for the Series 2001 Bonds. In connection with the issuance of the Series 2001 Bonds, the Authority, the Bond Trustee and the Corporation have reserved all of the call rights pertaining thereto. Therefore, subject to certain requirements in the Bond Indenture, (i) subsequent to the date that cash and/or government securities are deposited with the Bond Trustee to provide for the payment of all or any portion of the Series 2001 Bonds at the respective maturity dates therefor, the Authority may, if directed by the Corporation, elect to call such Series 2001 Bonds prior to maturity and (ii) subsequent to the date that cash and/or government securities are deposited with the Bond Trustee to provide for the payment of all or any portion of the Series 2001 Bonds at any redemption date or dates applicable to such Bonds pursuant to the Bond Indenture, the Authority may, if directed by the Corporation, elect to pay such Series 2001 Bonds (or any portion thereof) on the respective maturity dates therefor. See -10-

15 "THE SERIES 2001 BONDS Redemption of Series 2001 Bonds Optional Redemption" and "SUMMARY OF PRINCIPAL DOCUMENTS Summary of Certain Provisions of the Bond Indenture Defeasance" in Appendix C. BOOK-ENTRY ONLY SYSTEM DTC will act as securities depository for the Series 2001 Bonds. The ownership of one fully registered Series 2001 Bond for each maturity of the Series 2001 Bonds will be registered in the name of Cede & Co., as nominee for DTC. DTC has advised the Corporation that DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC was created to hold securities of its participants (the "DTC Participants" sometimes referred to herein as "Depository Participants") and to facilitate the clearance and settlement of securities transactions among DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations (some of whom and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relations with a DTC Participant, either directly or indirectly (the "Indirect Participants"). Beneficial ownership interests in the Series 2001 Bonds may be purchased by or through DTC Participants. Such DTC Participants and the Beneficial Owners will not receive bond certificates, but each DTC Participant will receive a credit balance in the records of DTC in the amount of such DTC Participant s interest in the Series 2001 Bonds which will be confirmed in accordance with DTC s standard procedures. Beneficial Owners of Series 2001 Bonds will not receive certificates representing their beneficial ownership interests in the Series 2001 Bonds, unless use of the book-entry only system of DTC is discontinued. Transfers of beneficial ownership interests in the Series 2001 Bonds which are registered in the name of Cede & Co., as nominee of DTC, will be accomplished by book entries made by DTC and in turn by the DTC Participants and Indirect Participants who act on behalf of the Beneficial Owners thereof. For every transfer and exchange of a beneficial ownership interest in the Series 2001 Bonds, the owner may be charged a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in relation thereto. Conveyance of notices and other communications by DTC to DTC Participants, by DTC Participants to Indirect Participants and by DTC Participants and Indirect Participants to Beneficial Owners of the Series 2001 Bonds will be governed by arrangements among DTC, DTC Participants, Indirect Participants and Beneficial Owners, subject to any statutory and regulatory requirements as may be in effect from time to time. -11-

16 Disbursement of payments on the Series 2001 Bonds to the Beneficial Owners will be solely the responsibility of DTC, the DTC Participants and, where appropriate, Indirect Participants. Upon receipt of moneys, DTC s current practice is to credit immediately the accounts of the DTC Participants in accordance with their respective holdings shown on the records of DTC. Payments by DTC Participants and Indirect Participants to Beneficial Owners will be governed by standing instructions of the Beneficial Owners and customary practices, as is now the case with the municipal securities held for the accounts of customers in bearer form or registered in "street name." Such payments will be the sole responsibility of such DTC Participant or Indirect Participant and not of DTC, the Corporation, the Bond Trustee or the Authority, subject to any statutory and regulatory requirements as may be in effect from time to time. THE INFORMATION PROVIDED IMMEDIATELY ABOVE UNDER THIS CAPTION HAS BEEN PROVIDED BY DTC. NO REPRESENTATION IS MADE BY THE AUTHORITY, THE CORPORATION OR THE UNDERWRITERS AS TO THE ACCURACY OR ADEQUACY OF SUCH INFORMATION PROVIDED BY DTC OR AS TO THE ABSENCE OF MATERIAL ADVERSE CHANGES IN SUCH INFORMATION SUBSEQUENT TO THE DATE HEREOF. Under the Bond Indenture, payments made by the Bond Trustee to DTC or its nominee or any successor Securities Depository or its nominee shall satisfy the Authority s obligations under the Bond Indenture, the Corporation s obligations under the Loan Agreement and the obligation of the Corporation under the Series 2001 Obligation to the extent of the payments so made. Neither the Authority, the Corporation, nor the Bond Trustee shall have any responsibility or obligation with respect to: (i) the accuracy of the records of DTC, its nominee or any DTC Participant or Indirect Participant or any successor Securities Depository, participants thereof or nominee thereof with respect to any beneficial ownership interest in the Series 2001 Bonds; (ii) the delivery to any DTC Participant or Indirect Participant or participant of any successor Securities Depository or any other Person, other than a registered owner, as shown in the Bond Register, of any notice with respect to any Series 2001 Bond, including, without limitation, any notice of redemption; (iii) the payment to any DTC Participant or Indirect Participant or participant of any successor Securities Depository or any other Person, other than a registered owner, as shown in the Bond Register, of any amount with respect to the principal of, premium, if any, or interest on, or the purchase price of, any Series 2001 Bond; (iv) any consent given by DTC or any successor Securities Depository as registered owner; or (v) the selection by DTC or any Direct Participant or Indirect Participant or by any Successor Depository or its participants of the beneficial ownership interests in Series 2001 Bonds for partial redemption. -12-

17 For so long as the Series 2001 Bonds are registered in the name of DTC or its nominee or any successor Securities Depository or its nominee, the Authority and the Bond Trustee will recognize only DTC or its nominee or such successor Securities Depository or its nominee as the registered owner of the Series 2001 Bonds for all purposes, including without limitation: (i) (ii) (iii) (iv) the payment of the principal of, premium, if any, and interest on the Series 2001 Bonds; giving notices of redemption and other matters with respect to the Series 2001 Bonds; registering transfers with respect to the Series 2001 Bonds; and the selection of the beneficial ownership interests in Series 2001 Bonds for partial redemption. SECURITY FOR THE SERIES 2001 BONDS General The Series 2001 Bonds are limited obligations of the Authority and are payable solely from (i) payments or prepayments to be made on the Series 2001 Obligation and Additional Obligations, if any, pledged under the Bond Indenture, and, in certain circumstances, the University Note (as defined below), (ii) amounts payable under the Loan Agreement, except for Unassigned Rights, (iii) moneys and investments held by the Bond Trustee under, and to the extent provided in, the Bond Indenture and (iv) in certain circumstances, proceeds from certain insurance and condemnation awards or proceeds from sales consummated under threat of condemnation. Certain investment earnings on moneys held by the Bond Trustee will be transferred to a Rebate Fund established pursuant to a Tax Exemption Agreement among the Authority, the Bond Trustee and the Corporation. Amounts held in the Rebate Fund are not part of the "trust estate" pledged to secure the Series 2001 Bonds and consequently will not be available to make payments on the Series 2001 Bonds. The rights of the Authority in and to the Series 2001 Obligation pledged under the Bond Indenture, the amounts payable thereon and the amounts payable to the Authority under the Loan Agreement (other than Unassigned Rights) have been assigned to the Bond Trustee to provide for and to secure the payment of principal of and premium, if any, and interest on the Series 2001 Bonds. The Corporation agrees under the Loan Agreement to make its payments directly to the Bond Trustee. The Loan Agreement also imposes certain restrictions on the Corporation s actions for the benefit of the Authority and the owners of the Series 2001 Bonds. See "SUMMARY OF CERTAIN PROVISIONS OF THE LOAN AGREEMENT" in Appendix C. The Loan Agreement provides that the Corporation is required to make designated payments to the Bond Trustee for deposit into the Revenue Fund in amounts sufficient to pay the interest on and principal of the Series 2001 Bonds when due. -13-

18 Bond Insurance Policy The Bond Insurer has committed to issue the Bond Insurance Policy which unconditionally guarantees the regularly scheduled payment when due of principal of and interest on the Series 2001 Bonds. The Bond Insurance Policy does not insure the payment of the principal of and interest on the Series 2001 Bonds under any optional or mandatory redemption (other than mandatory sinking fund redemption) or any payment of principal of and interest on the Series 2001 Bonds to be made on an accelerated basis. See "BOND INSURANCE POLICY" below. The Series 2001 Obligation is a General Obligation of the Corporation The Series 2001 Obligation is a general obligation of the Corporation and any future Member of the Obligated Group. Except for a pledge of the Obligated Group s Unrestricted Receivables (which pledge may be amended or waived at the sole discretion of the Bond Insurer), the obligation of each Member of the Obligated Group under the Master Indenture is not secured by a pledge, grant or mortgage of any Property of any Member. See also "BONDHOLDERS RISKS Enforceability of the Unrestricted Receivables Pledge During the Period It Remains In Effect" and " Matters Relating to Security for the Series 2001 Bonds." The Master Indenture provides that payments on any Obligations issued and outstanding thereunder, including the Series 2001 Obligation pledged under the Bond Indenture, are the joint and several obligation of each Member of the Obligated Group. Notwithstanding uncertainties as to enforceability of the covenant of each Member of the Obligated Group in the Master Indenture to be jointly and severally liable for each Obligation (as described under "BONDHOLDERS RISKS Matters Relating to Enforceability of the Master Indenture"), the accounts of the Corporation and any future Member of the Obligated Group will be combined for financial reporting purposes and will be used in determining whether various covenants and tests contained in the Master Indenture (including tests relating to the incurrence of Additional Indebtedness) are met. Additional Bonds The Authority may issue Additional Bonds for the purposes, upon the terms and subject to the conditions provided in the Bond Indenture (including the pledge of an Additional Obligation under the Bond Indenture as security for the Additional Bonds). Such Additional Bonds will rank on a parity with the Series 2001 Bonds, except that Additional Bonds, if issued during a Funding Period, may not be entitled to the benefit and security of the Debt Service Reserve Fund established under the Bond Indenture unless appropriate deposits are made to the Debt Service Reserve Fund in connection with the issuance of such Additional Bonds. See "SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE Additional Bonds" in Appendix C. Debt Service Reserve Fund The Bond Indenture creates a Debt Service Reserve Fund for the benefit of the owners of the Series 2001 Bonds and any Additional Bonds entitled to the benefits thereof. At the time of issuance of the Series 2001 Bonds, no deposit will be made to the Debt Service Reserve Fund. -14-

19 The Loan Agreement, however, requires the Corporation to deposit an amount equal to the Debt Service Reserve Fund Requirement to the Debt Service Reserve Fund upon the occurrence of certain events described under the caption "SUMMARY OF CERTAIN PROVISIONS OF THE LOAN AGREEMENT Funding of Debt Service Reserve Fund" in Appendix C. If a deposit to the Debt Service Reserve Fund is made, such funds shall be held in the Debt Service Reserve Fund and maintained in accordance with the provisions of the Bond Indenture until (i) the Bond Insurer delivers to the Bond Trustee written directions that such funds may be released to the Corporation or (ii) the Corporation demonstrates that it has satisfied the applicable financial tests for the release of such funds. See "SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE Funds, Disposition of Revenues 5. Debt Service Reserve Fund" and "SUMMARY OF CERTAIN PROVISIONS OF THE LOAN AGREEMENT Funding of Debt Service Reserve Fund" in Appendix C. Existing and Additional Indebtedness The Master Indenture permits the Members of the Obligated Group to incur Additional Indebtedness (including Guaranties). The Master Indenture does not limit the amount of Additional Indebtedness that the Obligated Group may incur and does not require the Obligated Group to satisfy any financial tests in order to incur such Additional Indebtedness; provided, however, the Bond Insurer Covenants (as defined below) contain certain restrictions on the Obligated Group's ability to incur Additional Indebtedness. Additional Indebtedness may, but need not, be evidenced or secured by an Obligation. See "SUMMARY OF CERTAIN PROVISIONS OF THE SECOND SUPPLEMENTAL INDENTURE Permitted Additional Indebtedness" in Appendix C. Any such Additional Indebtedness may be issued to the Authority or to persons other than the Authority. Except to the extent entitled to the benefits of additional security as permitted by the Master Indenture, all Obligations will be equally and ratably secured by the Master Indenture. Under certain conditions specified in the Master Indenture, Members of the Obligated Group may issue Additional Obligations to the Authority and to parties other than the Authority, which Additional Obligations will not be pledged under the Bond Indenture, but will be equally and ratably secured by the Master Indenture with the Series 2001 Obligation and the Existing Obligations. In addition, the Master Indenture permits such Additional Obligations to be secured by security in addition to that provided for the Series 2001 Obligation, including Liens on the Property (including health care facilities) of the Members of the Obligated Group, or letters or lines of credit or insurance, which additional security need not be extended to secure any other Obligations (including the Series 2001 Obligation). See "SUMMARY OF CERTAIN PROVISIONS OF THE AMENDED AND RESTATED MASTER INDENTURE Liens on Property" in Appendix C. Upon issuance of the Series 2001 Bonds, the Series 2001 Obligation will be equally and ratably secured by the Master Indenture with the Existing Obligations. See Appendix C for a description of certain terms of the Master Indenture, including those that impose restrictions on the Obligated Group s actions for the benefit of all holders of Obligations issued under the Master Indenture. Such restrictions include, among others, restrictions on Liens on the Obligated Group s Property. The foregoing is a summary of only certain of the covenants and provisions of the Master Indenture which may affect the security afforded by the Master Indenture and the Series

20 Obligation. Certain covenants and restrictions (the "Bond Insurer Covenants") are deemed to apply to the Obligated Group in addition to, and not in substitution for, the provisions of the Master Indenture and may only be enforced by the Bond Insurer or by the Master Trustee for the sole benefit of the Bond Insurer upon the written request of the Bond Insurer. The Bond Insurer Covenants may be modified, amended or waived at any time with the prior written consent of the Bond Insurer and without the consent of the Bond Trustee or the holder of any Obligation, including the Series 2001 Obligation, and without the consent of the owners of any Series 2001 Bonds. See "SUMMARY OF CERTAIN PROVISIONS OF THE SECOND SUPPLEMENTAL MASTER INDENTURE" in Appendix C. The Bond Insurer Covenants require the Corporation and any future members the Obligated Group to grant to the Master Trustee a security interest in their Unrestricted Receivables, subject only to Permitted Encumbrances. The security interest in the Unrestricted Receivables of the Obligated Group will secure all of the Obligations outstanding under the Master Indenture, including the Series 2001 Obligation. See also "BONDHOLDERS RISKS Enforceability of the Unrestricted Receivables Pledge During the Period It Remains In Effect." However, as one of the Bond Insurer Covenants, such security interest in the Unrestricted Receivables may be modified, amended or removed at any time with the consent of the Bond Insurer, without the consent of the holders of any of the Obligations, including the Series 2001 Obligation, and without the consent of the owners of the Series 2001 Bonds. Certain Powers of the Bond Insurer with Respect to Amendments to the Bond Indenture, Loan Agreement and Master Indenture The Bond Insurer may consent to certain amendments to the Bond Indenture and the Loan Agreement without the consent of the owners of the Series 2001 Bonds so long as the Bond Insurance Policy is in effect and the Bond Insurer has not lost its consent rights under the Bond Indenture and regardless of the current ratings on bonds insured by the Bond Insurer, including on the Series 2001 Bonds, or the effect of any such action or amendment on the ratings on the Series 2001 Bonds. Such amendments could result in the modification, waiver or removal of material covenants or restrictions contained in the Bond Indenture or the Loan Agreement. The Bond Insurer shall have the sole discretion as to whether to consent to any proposed amendment, and shall incur no liability to any owner of a Series 2001 Bond in connection with granting any such consent. See the caption "BONDHOLDERS RISKS - Matters Relating to Security for the Series 2001 Bonds" herein. In addition, under the Bond Indenture, the Bond Insurer will be considered to be the holder of the Series 2001 Obligation so long as the Bond Insurer is not in default under the Bond Insurance Policy and has not lost its rights under the Bond Indenture. As a result, the Bond Insurer will have the right to take any action or to give any consent, approval or notice specified under the Bond Indenture to be given or taken by the holder of the Series 2001 Obligation, including consents to material amendments or modifications to the Master Indenture, without the consent of the owners of the Series 2001 Bonds. The Bond Indenture provides that the rights granted to the Bond Insurer under the Bond Indenture and the Loan Agreement to request, consent to or direct any action are rights granted to the Bond Insurer in consideration of its issuance of the Bond Insurance Policy. The Bond -16-

PRELIMINARY OFFICIAL STATEMENT DATED MARCH 28, 2013 Ratings: Fitch: Moodys: S&P:

PRELIMINARY OFFICIAL STATEMENT DATED MARCH 28, 2013 Ratings: Fitch: Moodys: S&P: This is a Preliminary Official Statement and the information contained herein is subject to completion and amendment in a final Official Statement. Under no circumstances shall this Preliminary Official

More information

$40,694,000* IOWA STUDENT LOAN LIQUIDITY CORPORATION

$40,694,000* IOWA STUDENT LOAN LIQUIDITY CORPORATION This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to

More information

FIRST SOUTHWEST COMPANY

FIRST SOUTHWEST COMPANY This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the

More information

Citigroup BOOK-ENTRY ONLY

Citigroup BOOK-ENTRY ONLY NEW ISSUE BOOK-ENTRY ONLY RATINGS: (See RATINGS herein) In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain

More information

$6,710,000 CITY OF ARKADELPHIA, ARKANSAS PUBLIC EDUCATION FACILITIES BOARD (OUACHITA BAPTIST UNIVERSITY) REFUNDING REVENUE BONDS SERIES 2014

$6,710,000 CITY OF ARKADELPHIA, ARKANSAS PUBLIC EDUCATION FACILITIES BOARD (OUACHITA BAPTIST UNIVERSITY) REFUNDING REVENUE BONDS SERIES 2014 NEW ISSUE BOOK-ENTRY ONLY NOT RATED In the opinion of Bond Counsel, under existing law and assuming compliance with certain covenants, interest on the Bonds is excludable from gross income for federal

More information

$100,000,000 UPMC TAXABLE REVENUE BONDS SERIES 2011B

$100,000,000 UPMC TAXABLE REVENUE BONDS SERIES 2011B NEW ISSUE BOOK ENTRY ONLY $100,000,000 UPMC TAXABLE REVENUE BONDS SERIES 2011B RATINGS: Moody s: Aa3 S&P: A+ Fitch: AA- (See RATINGS herein.) In the opinion of Bond Counsel, interest on the 2011B Bonds

More information

$9,490,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION BONDS, SERIES 2009A (HARRISON COUNTY, MISSISSIPPI HIGHWAY CONSTRUCTION PROJECT)

$9,490,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION BONDS, SERIES 2009A (HARRISON COUNTY, MISSISSIPPI HIGHWAY CONSTRUCTION PROJECT) TWO NEW ISSUES - BOOK-ENTRY ONLY OFFICIAL STATEMENT RATINGS: Moody s: A1 S&P: AA- (See RATINGS herein) In the opinion of Butler, Snow, O Mara, Stevens & Cannada, PLLC, Jackson, Mississippi, Bond Counsel,

More information

SIXTEENTH SUPPLEMENTAL INDENTURE OF TRUST. Dated as of December 1, 2014 BETWEEN SOUTH DAKOTA HEALTH AND EDUCATIONAL FACILITIES AUTHORITY AND

SIXTEENTH SUPPLEMENTAL INDENTURE OF TRUST. Dated as of December 1, 2014 BETWEEN SOUTH DAKOTA HEALTH AND EDUCATIONAL FACILITIES AUTHORITY AND Draft of 11/3//2014 SIXTEENTH SUPPLEMENTAL INDENTURE OF TRUST Dated as of December 1, 2014 BETWEEN SOUTH DAKOTA HEALTH AND EDUCATIONAL FACILITIES AUTHORITY AND THE FIRST NATIONAL BANK IN SIOUX FALLS As

More information

$356,465,000 MONROEVILLE FINANCE AUTHORITY (Allegheny County, Pennsylvania) UPMC REVENUE BONDS, SERIES 2012

$356,465,000 MONROEVILLE FINANCE AUTHORITY (Allegheny County, Pennsylvania) UPMC REVENUE BONDS, SERIES 2012 NEW ISSUE BOOK ENTRY ONLY DATED: Date of Delivery $356,465,000 MONROEVILLE FINANCE AUTHORITY (Allegheny County, Pennsylvania) UPMC REVENUE BONDS, SERIES 2012 RATINGS: Moody s: Aa3 S&P: A+ Fitch: AA- (See

More information

MERCHANT CAPITAL, L.L.C.

MERCHANT CAPITAL, L.L.C. This Preliminary Official Statement and the information contained herein are subject to completion and amendment without notice. The Series 2007 Bonds may not be sold nor may offers to buy be accepted

More information

$63,310,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY

$63,310,000 LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY NEW ISSUE BOOK ENTRY ONLY Ratings: Unrated (See RATINGS herein) In the opinion of Butler Snow LLP, Bond Counsel, under existing law, (i) interest on the Series 2015A Bonds will be excludable from gross

More information

GOLDMAN, SACHS & CO.

GOLDMAN, SACHS & CO. NEW ISSUE BOOK-ENTRY ONLY Fitch: A+ Moody s: A1 Standard & Poor s: AA- See RATINGS herein $152,925,000 NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY STATE CONTRACT BONDS (Hospital Asset Transformation

More information

PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY, 2010

PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY, 2010 PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY, 2010 NEW ISSUE - FULL-BOOK ENTRY RATINGS: S&P "[ ]" Moody's "[ ]" (See "Ratings" herein) In the opinion of Bond Counsel, assuming continuing compliance by

More information

$26,035,000* NORTHERN KENTUCKY WATER DISTRICT REFUNDING REVENUE BONDS, 2013 SERIES B

$26,035,000* NORTHERN KENTUCKY WATER DISTRICT REFUNDING REVENUE BONDS, 2013 SERIES B This Preliminary Official Statement and information contained herein are subject to change, completion or amendment without notice. These securities may not be sold nor may an offer to buy be accepted

More information

NOTICE OF INTENT TO SELL $9,900,000 ROCHESTER COMMUNITY SCHOOL BUILDING CORPORATION FIRST MORTGAGE BONDS, SERIES 2015

NOTICE OF INTENT TO SELL $9,900,000 ROCHESTER COMMUNITY SCHOOL BUILDING CORPORATION FIRST MORTGAGE BONDS, SERIES 2015 APPENDIX i NOTICE OF INTENT TO SELL $9,900,000 ROCHESTER COMMUNITY SCHOOL BUILDING CORPORATION FIRST MORTGAGE BONDS, SERIES 2015 Upon not less than twenty-four (24) hours notice given by telephone by

More information

Caterpillar Financial Services Corporation PowerNotes With Maturities of 9 Months or More from Date of Issue

Caterpillar Financial Services Corporation PowerNotes With Maturities of 9 Months or More from Date of Issue PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED APRIL 7, 2011 Caterpillar Financial Services Corporation PowerNotes With Maturities of 9 Months or More from Date of Issue We plan to offer and sell notes with

More information

Maturity Schedule $7,895,000 Serial 2006 Bonds

Maturity Schedule $7,895,000 Serial 2006 Bonds NEW ISSUE BOOK-ENTRY ONLY RATING: S&P: BBB (See "Rating" herein) In the opinion of Bond Counsel, under current law and subject to conditions described in the section "TAX EXEMPTION," interest on the 2006

More information

NOTICE OF BOND SALE $30,000,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION

NOTICE OF BOND SALE $30,000,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION NOTICE OF BOND SALE $30,000,000 FLORIDA GULF COAST UNIVERSITY FINANCING CORPORATION consisting of $30,000,000 Capital Improvement Revenue Bonds, Series 2013A (Housing Project) NOTICE IS HEREBY GIVEN that

More information

$140,000 HITCHCOCK COUNTY, NEBRASKA HIGHWAY ALLOCATION FUND REFUNDING BONDS SERIES 2014

$140,000 HITCHCOCK COUNTY, NEBRASKA HIGHWAY ALLOCATION FUND REFUNDING BONDS SERIES 2014 NEW ISSUE BOOK-ENTRY-ONLY BANK-QUALIFIED NON-RATED In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain

More information

$252,545,000 NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY STATE CONTRACT BONDS (Hospital Asset Transformation Program) Series 2008A

$252,545,000 NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY STATE CONTRACT BONDS (Hospital Asset Transformation Program) Series 2008A Fitch: A+ Moody s: A1 Standard & Poor s: AA- NEW ISSUE BOOK-ENTRY ONLY (SEE RATINGS HEREIN) In the opinion of McManimon & Scotland, L.L.C., Bond Counsel to the Authority, under existing law and assuming

More information

FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION WATER POLLUTION CONTROL REVENUE BONDS, SERIES 2001 SERIES 2003 SERIES 2008A SERIES 2010A

FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION WATER POLLUTION CONTROL REVENUE BONDS, SERIES 2001 SERIES 2003 SERIES 2008A SERIES 2010A ANNUAL FINANCIAL INFORMATION AND OPERATING DATA SUBMITTED PURSUANT TO RULE 15c2-12 OF THE SECURITIES AND EXCHANGE COMMISSION FOR THE FLORIDA WATER POLLUTION CONTROL FINANCING CORPORATION WATER POLLUTION

More information

BAHIA LAKES COMMUNITY DEVELOPMENT DISTRICT (Hillsborough County, Florida) $2,915,000 Capital Improvement Revenue Bonds, Series 2006

BAHIA LAKES COMMUNITY DEVELOPMENT DISTRICT (Hillsborough County, Florida) $2,915,000 Capital Improvement Revenue Bonds, Series 2006 NEW ISSUE - BOOK-ENTRY ONLY LIMITED OFFERING DAC BOND NOT RATED In the opinion of Bond Counsel, assuming compliance with existing statutes, regulations, rulings and court decisions, interest on the Bonds

More information

BOND ORDINANCE NO. 16-2015

BOND ORDINANCE NO. 16-2015 BOND ORDINANCE NO. 16-2015 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ELIZABETHTOWN, KENTUCKY, AUTHORIZING AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES OF 2015 IN A PRINCIPAL

More information

NOTICE OF SALE TOWN OF WOODBURY ORANGE COUNTY, NEW YORK. $500,000 BOND ANTICIPATION NOTES FOR LAND ACQUISITION 2015 (The Note )

NOTICE OF SALE TOWN OF WOODBURY ORANGE COUNTY, NEW YORK. $500,000 BOND ANTICIPATION NOTES FOR LAND ACQUISITION 2015 (The Note ) NOTICE OF SALE TOWN OF WOODBURY ORANGE COUNTY, NEW YORK $500,000 BOND ANTICIPATION NOTES FOR LAND ACQUISITION 2015 (The Note ) SALE DATE: July 30, 2015 TELEPHONE: (631) 331-8888 TIME: 11:00 A.M. FACSIMILE:

More information

STATE OF NEW MEXICO ) COUNTY OF GRANT TOWN OF SILVER CITY )

STATE OF NEW MEXICO ) COUNTY OF GRANT TOWN OF SILVER CITY ) STATE OF NEW MEXICO ) COUNTY OF GRANT ) ss. TOWN OF SILVER CITY ) The Town Council (the Council ) of the Town of Silver City (the Town ), in the State of New Mexico, met in open regular session in full

More information

HONORABLE BILL LOCKYER Treasurer of the State of California As Agent for Sale

HONORABLE BILL LOCKYER Treasurer of the State of California As Agent for Sale NEW ISSUE BOOK-ENTRY ONLY Ratings: See "RATINGS" herein. In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions,

More information

$10,000,000* CITY OF LA MARQUE, TEXAS (GALVESTON COUNTY, TEXAS) TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2016

$10,000,000* CITY OF LA MARQUE, TEXAS (GALVESTON COUNTY, TEXAS) TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2016 The Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold, nor any offers to buy be accepted prior to the time the

More information

BUFFALO MUNICIPAL WATER FINANCE AUTHORITY $46,655,000 Water System Revenue Refunding Bonds, Series 2015-A

BUFFALO MUNICIPAL WATER FINANCE AUTHORITY $46,655,000 Water System Revenue Refunding Bonds, Series 2015-A NEW ISSUE Book-Entry-Only RATINGS: (See Ratings herein) In the opinion of Underberg & Kessler LLP, Bond Counsel, under existing statutes and court decisions and assuming continuing compliance by the Authority

More information

RESOLUTION TO BORROW AGAINST ANTICIPATED DELINQUENT 2013 REAL PROPERTY TAXES

RESOLUTION TO BORROW AGAINST ANTICIPATED DELINQUENT 2013 REAL PROPERTY TAXES RESOLUTION TO BORROW AGAINST ANTICIPATED DELINQUENT 2013 REAL PROPERTY TAXES At a regular meeting of the Board of Commissioners of the County of Washtenaw, State of Michigan, held at Ann Arbor, Michigan,

More information

$4,090,000 TOWN OF ESTILL, SOUTH CAROLINA Waterworks and Sewer System Refunding and Improvement Revenue Bonds, Series 2016

$4,090,000 TOWN OF ESTILL, SOUTH CAROLINA Waterworks and Sewer System Refunding and Improvement Revenue Bonds, Series 2016 NEW ISSUE; BOOK ENTRY ONLY RATING: S&P: BBB BANK QUALIFIED (See RATING herein) In the opinion of Bond Counsel, under existing statutes, regulations, rulings and judicial decisions and assuming continuing

More information

VILLAGE OF DOWNERS GROVE Report for the Village Council Meeting

VILLAGE OF DOWNERS GROVE Report for the Village Council Meeting ORD 2015-6093 Page 1 of 48 ITEM ORD 2015-6093 VILLAGE OF DOWNERS GROVE Report for the Village Council Meeting 3/3/2015 SUBJECT: Parameters Ordinance SUBMITTED BY: Judy Buttny Finance Director SYNOPSIS

More information

OFFICIAL NOTICE OF SALE CITY OF GAINESVILLE, GEORGIA $90,980,000* WATER AND SEWERAGE REFUNDING REVENUE BONDS, SERIES 2014

OFFICIAL NOTICE OF SALE CITY OF GAINESVILLE, GEORGIA $90,980,000* WATER AND SEWERAGE REFUNDING REVENUE BONDS, SERIES 2014 OFFICIAL NOTICE OF SALE CITY OF GAINESVILLE, GEORGIA $90,980,000* WATER AND SEWERAGE REFUNDING REVENUE BONDS, SERIES 2014 Bids for the purchase of the above bonds (the Series 2014 Bonds ) will be received

More information

$10,180,000 Oklahoma Water Resources Board State Loan Program Revenue Bonds, Series 2014A

$10,180,000 Oklahoma Water Resources Board State Loan Program Revenue Bonds, Series 2014A NEW ISSUE Rating: S&P: AAA See RATING herein. In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain representations and continuing

More information

$167,740,000 STATE OF HAWAII DEPARTMENT OF TRANSPORTATION AIRPORTS DIVISION SERIES 2013 LEASE REVENUE CERTIFICATES OF PARTICIPATION (Subject to AMT)

$167,740,000 STATE OF HAWAII DEPARTMENT OF TRANSPORTATION AIRPORTS DIVISION SERIES 2013 LEASE REVENUE CERTIFICATES OF PARTICIPATION (Subject to AMT) NEW ISSUE BOOK-ENTRY ONLY RATINGS: SEE RATINGS The delivery of the Certificates (as defined below) is subject to the opinion of Katten Muchin Rosenman LLP, Bond Counsel, to the effect that under existing

More information

NOTICE OF SALE. $3,000,000 COUNTY OF GLOUCESTER, NEW JERSEY COUNTY COLLEGE BONDS, SERIES 2016 (Book-Entry-Only) (Non-Callable)

NOTICE OF SALE. $3,000,000 COUNTY OF GLOUCESTER, NEW JERSEY COUNTY COLLEGE BONDS, SERIES 2016 (Book-Entry-Only) (Non-Callable) NOTICE OF SALE $3,000,000 COUNTY OF GLOUCESTER, NEW JERSEY COUNTY COLLEGE BONDS, SERIES 2016 (Book-Entry-Only) (Non-Callable) ELECTRONIC PROPOSALS will be received via the BiDCOMP /Parity Electronic Competitive

More information

$200,000,000* VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY TAXABLE GENERAL REVENUE BONDS SERIES 2014A

$200,000,000* VIRGINIA COMMONWEALTH UNIVERSITY HEALTH SYSTEM AUTHORITY TAXABLE GENERAL REVENUE BONDS SERIES 2014A This Preliminary Official Statement and the information contained herein are subject to change, completion and amendment without notice. The Series 2014A Bonds may not be sold nor may an offer to buy be

More information

NOTICE OF SALE COUNTY OF PASSAIC, NEW JERSEY $3,000,000 BONDS CONSISTING OF

NOTICE OF SALE COUNTY OF PASSAIC, NEW JERSEY $3,000,000 BONDS CONSISTING OF NOTICE OF SALE COUNTY OF PASSAIC, NEW JERSEY $3,000,000 BONDS CONSISTING OF $1,500,000 COUNTY COLLEGE BONDS, SERIES 2016A AND $1,500,000 COUNTY COLLEGE BONDS, SERIES 2016B (COUNTY COLLEGE BOND ACT, P.L.

More information

OFFICIAL STATEMENT. $45,695,000 ERIE CITY WATER AUTHORITY (Erie County, Pennsylvania) WATER REVENUE BONDS, SERIES OF 2016

OFFICIAL STATEMENT. $45,695,000 ERIE CITY WATER AUTHORITY (Erie County, Pennsylvania) WATER REVENUE BONDS, SERIES OF 2016 OFFICIAL STATEMENT NEW ISSUE BOOK-ENTRY ONLY CUSIP PREFIX: 295542 Dated: Date of Delivery Due: December 1, see Maturity Schedule, inside front cover $45,695,000 ERIE CITY WATER AUTHORITY (Erie County,

More information

NOTICE OF SALE ALABAMA PUBLIC SCHOOL AND COLLEGE AUTHORITY

NOTICE OF SALE ALABAMA PUBLIC SCHOOL AND COLLEGE AUTHORITY NOTICE OF SALE ALABAMA PUBLIC SCHOOL AND COLLEGE AUTHORITY $554,520,000 * Capital Improvement Refunding Bonds, Series 2014-B Dated the Date of Initial Delivery ALABAMA PUBLIC SCHOOL AND COLLEGE AUTHORITY

More information

APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES)

APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES) GINNIE MAE 5500.3, REV. 1 APPENDIX IV-10 FORM HUD 1731 - PROSPECTUS GINNIE MAE I MORTGAGE-BACKED SECURITIES (CONSTRUCTION AND PERMANENT LOAN SECURITIES) Applicability: Purpose: Prepared by: Prepared in:

More information

$2,845,000 NIPOMO COMMUNITY SERVICES DISTRICT WATER REVENUE REFUNDING BONDS Series 2013A

$2,845,000 NIPOMO COMMUNITY SERVICES DISTRICT WATER REVENUE REFUNDING BONDS Series 2013A NEW ISSUE BOOK-ENTRY ONLY RATINGS: S&P: AA (BAM Insured) Underlying Rating: S&P A (See RATINGS herein) In the opinion of Fulbright & Jaworski LLP, a member of Norton Rose Fulbright, Los Angeles, California,

More information

421033-49. The City Council of the City of North Liberty, Iowa, met on October 23, 2012, at o clock.m., at the, North Liberty, Iowa.

421033-49. The City Council of the City of North Liberty, Iowa, met on October 23, 2012, at o clock.m., at the, North Liberty, Iowa. Water Revenue Bonds MINUTES TO PROVIDE FOR THE ISSUANCE WATER REVENUE REFUNDING BONDS 421033-49 North Liberty, Iowa October 23, 2012 The City Council of the City of North Liberty, Iowa, met on October

More information

Dated: Date of Delivery Price: 100% Due: September 1, of the years shown on inside front cover.

Dated: Date of Delivery Price: 100% Due: September 1, of the years shown on inside front cover. NEW ISSUE Book-Entry Only RATINGS: See Ratings of the Bonds herein In the opinion of Bond Counsel, under existing law and assuming continuing compliance by the Authority with certain covenants which relate

More information

Sixth Amended and Restated Certificate of Incorporation of Visa Inc.

Sixth Amended and Restated Certificate of Incorporation of Visa Inc. Sixth Amended and Restated Certificate of Incorporation of Visa Inc. Visa Inc., a corporation organized and existing under the laws of the State of Delaware (the Corporation ), hereby certifies that: 1.

More information

BIDS DUE MONDAY, FEBRUARY 2, 2016, AT 10:00 AM, CST

BIDS DUE MONDAY, FEBRUARY 2, 2016, AT 10:00 AM, CST This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the

More information

$74,105,000* COUNTY OF YORK (Commonwealth of Pennsylvania) General Obligation Floating Rate Notes, Series of 2015

$74,105,000* COUNTY OF YORK (Commonwealth of Pennsylvania) General Obligation Floating Rate Notes, Series of 2015 This Preliminary Official Statement and the information herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the

More information

GLOBAL AGENCY AGREEMENT. Connecticut Avenue Securities, Series 2014-C04

GLOBAL AGENCY AGREEMENT. Connecticut Avenue Securities, Series 2014-C04 Execution Version GLOBAL AGENCY AGREEMENT Connecticut Avenue Securities, Series 2014-C04 GLOBAL AGENCY AGREEMENT, dated as of November 25, 2014 (as amended, modified and supplemented from time to time,

More information

2 Be it enacted by the People of the State of Illinois, 4 Section 1. Short title. This Act may be cited as the

2 Be it enacted by the People of the State of Illinois, 4 Section 1. Short title. This Act may be cited as the SB49 Enrolled LRB9201970MWcd 1 AN ACT concerning home mortgages. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be

More information

THE BOARD OF EDUCATION OF THE BOROUGH OF LITTLE SILVER IN THE COUNTY OF MONMOUTH, NEW JERSEY

THE BOARD OF EDUCATION OF THE BOROUGH OF LITTLE SILVER IN THE COUNTY OF MONMOUTH, NEW JERSEY THE BOARD OF EDUCATION OF THE BOROUGH OF LITTLE SILVER IN THE COUNTY OF MONMOUTH, NEW JERSEY NOTICE OF $750,000 SCHOOL BOND SALE (BOOK-ENTRY-ONLY) (BANK QUALIFIED) (CALLABLE) SUMMARY ISSUER: The Board

More information

CERTIFICATE OF DESIGNATION OF TERMS OF NON-CUMULATIVE CONVERTIBLE SERIES 2004-1 PREFERRED STOCK

CERTIFICATE OF DESIGNATION OF TERMS OF NON-CUMULATIVE CONVERTIBLE SERIES 2004-1 PREFERRED STOCK CERTIFICATE OF DESIGNATION OF TERMS OF NON-CUMULATIVE CONVERTIBLE SERIES 2004-1 PREFERRED STOCK 1. Designation, Par Value and Number of Shares. The designation of the series of preferred stock of the Federal

More information

This Preliminary Official Statement is deemed nearly final and is dated March 17, 2014

This Preliminary Official Statement is deemed nearly final and is dated March 17, 2014 This Preliminary Official Statement and the information contained herein are subject to completion, amendment or other change without any notice. The securities described herein may not be sold nor may

More information

RESTATED CERTIFICATE OF INCORPORATION OF BECTON, DICKINSON AND COMPANY AS OF JANUARY 29, 2013

RESTATED CERTIFICATE OF INCORPORATION OF BECTON, DICKINSON AND COMPANY AS OF JANUARY 29, 2013 RESTATED CERTIFICATE OF INCORPORATION OF BECTON, DICKINSON AND COMPANY AS OF JANUARY 29, 2013 Becton, Dickinson and Company, a corporation organized and existing under the laws of the State of New Jersey,

More information

NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY

NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY NEW ISSUE BOOK-ENTRY ONLY RATINGS: Moody s: Aaa S&P: AAA In the opinion of McCarter & English, LLP, Bond Counsel to the Authority, assuming compliance by the Authority and the University (as defined below)

More information

RESOLUTION NO. 20160623-026. BE rr RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN:

RESOLUTION NO. 20160623-026. BE rr RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: RESOLUTION NO. 20160623-026 BE rr RESOLVED BY THE CITY COUNCIL OF THE CITY OF AUSTIN: Council authorizes the Moore's Crossing Municipal Utility District to issue, in one or more series, its Unlimited Tax

More information

$304,335,000 MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY Toll System Revenue Bonds, Series 2006

$304,335,000 MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY Toll System Revenue Bonds, Series 2006 NEW ISSUE - BOOK-ENTRY ONLY $304,335,000 MIAMI-DADE COUNTY EXPRESSWAY AUTHORITY Toll System Revenue Bonds, Series 2006 Insured Ratings: Fitch: AAA Moody s: Aaa S&P: AAA (See RATINGS herein) Dated: Date

More information

CALCULATION OF REGISTRATION FEE

CALCULATION OF REGISTRATION FEE Title of Each Class of Securities to be Registered Senior Notes Series O due 2012 Senior Notes Series P due 2037 CALCULATION OF REGISTRATION FEE Maximum Aggregate Offering Price (1) Amount of Registration

More information

SECURED DEMAND NOTE COLLATERAL AGREEMENT

SECURED DEMAND NOTE COLLATERAL AGREEMENT SECURED DEMAND NOTE COLLATERAL AGREEMENT This Secured Demand Note Collateral Agreement (the "Agreement") is effective as of the day of, 20 by and between the "Lender") and (the "Borrower"), who mutually

More information

Davenport & Company LLC Financial Advisor

Davenport & Company LLC Financial Advisor PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 22, 2016 THIS PRELIMINARY OFFICIAL STATEMENT AND THE INFORMATION CONTAINED HEREIN ARE SUBJECT TO COMPLETION OR AMENDMENT IN A FINAL OFFICIAL STATEMENT. Under

More information

CHAPTER 42 WATER REVENUE BONDS

CHAPTER 42 WATER REVENUE BONDS Page 1 CHAPTER 42 WATER REVENUE BONDS AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF WATER SUPPLY SYSTEM REVENUE BONDS OF THE CITY OF LAPEER FOR THE PURPOSE OF CONSTRUCTING IMPROVEMENTS, REPAIRS,

More information

MASTER TRUST AGREEMENT. between the. and. U.S. BANK NATIONAL ASSOCIATION, as Master Trustee. Dated as of January 1, 2015.

MASTER TRUST AGREEMENT. between the. and. U.S. BANK NATIONAL ASSOCIATION, as Master Trustee. Dated as of January 1, 2015. MASTER TRUST AGREEMENT between the MASSACHUSETTS CLEAN WATER TRUST and U.S. BANK NATIONAL ASSOCIATION, as Master Trustee Dated as of January 1, 2015 Relating to Massachusetts Clean Water Trust State Revolving

More information

How To Pay Off A Loan From A Bank

How To Pay Off A Loan From A Bank International Bank for Reconstruction and Development General Conditions for Loans Dated March 12, 2012 Table of Contents ARTICLE I Introductory Provisions... 1 Section 1.01. Application of General Conditions...

More information

$57,500,000 CITY OF HALLANDALE BEACH, FLORIDA General Obligation Bonds, Series 2016

$57,500,000 CITY OF HALLANDALE BEACH, FLORIDA General Obligation Bonds, Series 2016 NEW ISSUE FULL BOOK-ENTRY See RATINGS herein In the opinion of Bond Counsel, assuming compliance by the City (as defined below) with certain covenants, under existing statutes, regulations, and judicial

More information

City of Portland, Oregon $84,975,000 First Lien Water System Revenue Bonds 2014 Series A

City of Portland, Oregon $84,975,000 First Lien Water System Revenue Bonds 2014 Series A This Official Statement has been prepared to provide information on the 2014 Series A Bonds. Selected information presented on this cover page is for quick reference only for the convenience of the users.

More information

Standard & Poor s Underlying Rating: A+ Moody s Insured Rating: A2 Moody s Underlying Rating: A2 See RATINGS herein.

Standard & Poor s Underlying Rating: A+ Moody s Insured Rating: A2 Moody s Underlying Rating: A2 See RATINGS herein. NEW ISSUE -- FULL BOOK-ENTRY Standard & Poor s Insured Rating: AA- Standard & Poor s Underlying Rating: A+ Moody s Insured Rating: A2 Moody s Underlying Rating: A2 See RATINGS herein. In the opinion of

More information

NOW, THEREFORE, BE IT RESOLVED BY THE FAU FINANCE CORPORATION:

NOW, THEREFORE, BE IT RESOLVED BY THE FAU FINANCE CORPORATION: RESOLUTION A RESOLUTION OF THE FAU FINANCE CORPORATION APPROVING THE FINANCING OF CERTAIN STUDENT HOUSING FACILITIES LOCATED ON THE BOCA RATON CAMPUS OF FLORIDA ATLANTIC UNIVERSITY AND AUTHORIZING THE

More information

Chapter 32 Utah Interlocal Financing Authority Act

Chapter 32 Utah Interlocal Financing Authority Act Chapter 32 Utah Interlocal Financing Authority Act 11-32-1 Short title. (1) This chapter shall be known as the "Utah Interlocal Financing Authority Act." (2) All bonds issued pursuant to authority of this

More information

THE REDEVELOPMENT AUTHORITY OF THE CITY OF SCRANTON, PENNSYLVANIA (Lackawanna County, Pennsylvania)

THE REDEVELOPMENT AUTHORITY OF THE CITY OF SCRANTON, PENNSYLVANIA (Lackawanna County, Pennsylvania) NEW ISSUE Book-Entry Only See RATING herein In the opinion of Stevens & Lee, P.C., Scranton, Pennsylvania, Bond Counsel, assuming continuing compliance by the Issuer and the City with certain covenants

More information

OFFICIAL STATEMENT $10,185,000 CITY OF CONWAY, ARKANSAS WATER REVENUE REFUNDING BONDS SERIES 2015

OFFICIAL STATEMENT $10,185,000 CITY OF CONWAY, ARKANSAS WATER REVENUE REFUNDING BONDS SERIES 2015 NEW ISSUE *RATING: S&P: A+ (stable outlook) BOOK-ENTRY ONLY OFFICIAL STATEMENT In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming

More information

$3,420,000 Royal Bank of Canada Senior Global Medium-Term Notes, Series D. Inflation Linked Notes, Due January 28, 2020

$3,420,000 Royal Bank of Canada Senior Global Medium-Term Notes, Series D. Inflation Linked Notes, Due January 28, 2020 Pricing Supplement dated January 26, 2010 to the Product Prospectus Supplement FIN-1 dated January 11, 2010, the Prospectus Supplement dated January 11, 2010 and the Prospectus dated January 11, 2010 $3,420,000

More information

General Electric Capital Corporation

General Electric Capital Corporation PROSPECTUS SUPPLEMENT (To Prospectus dated May 17, 2005) General Electric Capital Corporation $14,651,734,000 GE Capital* InterNotes Due From 9 Months to 60 Years From Date of Issue We may offer to sell

More information

LLC Operating Agreement With Corporate Structure (Delaware)

LLC Operating Agreement With Corporate Structure (Delaware) LLC Operating Agreement With Corporate Structure (Delaware) Document 1080B www.leaplaw.com Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc.

More information

$64,995,504.55 CLOVIS UNIFIED SCHOOL DISTRICT (Fresno County, California) General Obligation Bonds Election of 2012, Series C

$64,995,504.55 CLOVIS UNIFIED SCHOOL DISTRICT (Fresno County, California) General Obligation Bonds Election of 2012, Series C NEW ISSUE FULL BOOK-ENTRY RATINGS: Standard & Poor s: AA Moody s: Aa2 See RATINGS herein. In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject,

More information

$96,490,000 Board of Governors of the Colorado State University System

$96,490,000 Board of Governors of the Colorado State University System NEW ISSUE BOOK ENTRY ONLY STATE INTERCEPT RATINGS : Moody s: Aa2 S&P: AA- UNDERLYING RATINGS : Moody s: Aa3 S&P: A+ See RATINGS herein. In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws,

More information

PRELIMINARY OFFICIAL STATEMENT DATED JUNE 5, 2009. NEW ISSUE RATING: Standard & Poor's Ratings Services A+

PRELIMINARY OFFICIAL STATEMENT DATED JUNE 5, 2009. NEW ISSUE RATING: Standard & Poor's Ratings Services A+ This Preliminary Official Statement and the information contained herein are subject to completion or amendment. The Bonds may not be sold nor may an offer to buy beaccepted prior to the time the Official

More information

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY ADOPTION COPY NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY WATER AND SEWER SYSTEM SECOND GENERAL REVENUE BOND RESOLUTION Adopted March 30, 1994 Incorporating changes affected by the: Supplemental Resolution

More information

$31,660,000 ESCONDIDO JOINT POWERS FINANCING AUTHORITY REVENUE BONDS (WATER SYSTEM FINANCING), SERIES 2012

$31,660,000 ESCONDIDO JOINT POWERS FINANCING AUTHORITY REVENUE BONDS (WATER SYSTEM FINANCING), SERIES 2012 RATINGS: S&P: A+ Fitch: AA- NEW ISSUE BOOK-ENTRY ONLY See the caption RATINGS In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Bond Counsel, under existing statutes, regulations,

More information

Your rights will expire on October 30, 2015 unless extended.

Your rights will expire on October 30, 2015 unless extended. DIVIDEND AND INCOME FUND 11 Hanover Square New York, NY 10005 September 28, 2015 Re: Rights Offering. Prompt action is requested. Dear Fellow Shareholder: Your rights will expire on October 30, 2015 unless

More information

Citi MESIROW FINANCIAL, INC. (Book-Entry Only) Due: August 15, as shown on the inside front cover

Citi MESIROW FINANCIAL, INC. (Book-Entry Only) Due: August 15, as shown on the inside front cover NEW ISSUE (Book-Entry Only) Rating: Moody s: Aaa Interest on the Series 2009A Bonds is included in gross income for federal income tax purposes under current law. In the opinion of DeCotiis, FitzPatrick

More information

Date of Sale: Wednesday, September 2, 2015 Moody s Investors Service Aa2 Between 9:45 and 10:00 A.M., C.D.T. (Open Speer Auction) Official Statement

Date of Sale: Wednesday, September 2, 2015 Moody s Investors Service Aa2 Between 9:45 and 10:00 A.M., C.D.T. (Open Speer Auction) Official Statement New Issue Investment Rating: Date of Sale: Wednesday, September 2, 2015 Moody s Investors Service Aa2 Between 9:45 and 10:00 A.M., C.D.T. (Open Speer Auction) Official Statement Subject to compliance by

More information

$103,365,000 Clark County, Nevada Airport System Junior Subordinate Lien Revenue Notes Series 2014B

$103,365,000 Clark County, Nevada Airport System Junior Subordinate Lien Revenue Notes Series 2014B $103,365,000 Clark County, Nevada Airport System Junior Subordinate Lien Revenue Notes Series 2014B Rosemary A. Vassiliadis Director Clark County Department of Aviation The Clark County Board of Commissioners

More information

NOTICE OF SALE TOWNSHIP OF HOWELL (Monmouth Township, New Jersey) $13,000,000 TAX ANTICIPATION NOTES OF 2016 BOOK-ENTRY ONLY NON-CALLABLE

NOTICE OF SALE TOWNSHIP OF HOWELL (Monmouth Township, New Jersey) $13,000,000 TAX ANTICIPATION NOTES OF 2016 BOOK-ENTRY ONLY NON-CALLABLE NOTICE OF SALE TOWNSHIP OF HOWELL (Monmouth Township, New Jersey) $13,000,000 TAX ANTICIPATION NOTES OF 2016 BOOK-ENTRY ONLY NON-CALLABLE Bids are being solicited through a fair and open process in accordance

More information

$18,345,000* County of Pitt, North Carolina General Obligation Community College Bonds Series 2015

$18,345,000* County of Pitt, North Carolina General Obligation Community College Bonds Series 2015 Notice of Sale and Bid Form Note: Bonds are to be awarded on a True Interest Cost (TIC) basis as described herein. No bid for fewer than all of the bonds offered or for less than 100% of the aggregate

More information

RELEVANT GOVT CODE AND ED CODE SECTIONS FOR SCHOOL DIST GO BONDS

RELEVANT GOVT CODE AND ED CODE SECTIONS FOR SCHOOL DIST GO BONDS RELEVANT GOVT CODE AND ED CODE SECTIONS FOR SCHOOL DIST GO BONDS Issues of particular interest to Treasurer-Tax Collectors are highlighted in blue Added comments are highlighted in Yellow GOVERNMENT CODE

More information

$177,315,000 MASSACHUSETTS STATE COLLEGE BUILDING AUTHORITY Refunding Revenue Bonds Series 2016A

$177,315,000 MASSACHUSETTS STATE COLLEGE BUILDING AUTHORITY Refunding Revenue Bonds Series 2016A REFUNDING ISSUE-BOOK-ENTRY ONLY Moody s: Aa2 Standard & Poor s: AA See RATINGS herein. In the opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Bond Counsel, under existing law, and assuming

More information

$200,000,000 * DESERT COMMUNITY COLLEGE DISTRICT (Riverside and Imperial Counties, California) 2016 General Obligation Refunding Bonds

$200,000,000 * DESERT COMMUNITY COLLEGE DISTRICT (Riverside and Imperial Counties, California) 2016 General Obligation Refunding Bonds PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER, 2015 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold, nor

More information

NATIONAL CONTRACTORS INSURANCE COMPANY, INC., A RISK RETENTION GROUP SUBSCRIPTION AND SHAREHOLDERS AGREEMENT

NATIONAL CONTRACTORS INSURANCE COMPANY, INC., A RISK RETENTION GROUP SUBSCRIPTION AND SHAREHOLDERS AGREEMENT 1 NATIONAL CONTRACTORS INSURANCE COMPANY, INC., A RISK RETENTION GROUP NOTICE SUBSCRIPTION AND SHAREHOLDERS AGREEMENT This policy is issued by your risk retention group. Your risk retention group may not

More information

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION DOMTAR CORPORATION

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION DOMTAR CORPORATION June 10, 2009 AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF DOMTAR CORPORATION The corporation was incorporated under the name Weyerhaeuser TIA, Inc. by the filing of its original Certificate of

More information

CERTIFICATE OF DESIGNATION OF PREFERRED STOCK OF LIGHTING SCIENCE GROUP CORPORATION. To Be Designated Series B Preferred Stock

CERTIFICATE OF DESIGNATION OF PREFERRED STOCK OF LIGHTING SCIENCE GROUP CORPORATION. To Be Designated Series B Preferred Stock CERTIFICATE OF DESIGNATION OF PREFERRED STOCK OF LIGHTING SCIENCE GROUP CORPORATION To Be Designated Series B Preferred Stock Pursuant to Section 151(g) of the General Corporation Law of the State of Delaware

More information

Bank of America, National Association Sponsor, Servicer and Originator. BA Credit Card Funding, LLC Transferor and Depositor

Bank of America, National Association Sponsor, Servicer and Originator. BA Credit Card Funding, LLC Transferor and Depositor Prospectus Dated November 20, 2015 Bank of America, National Association Sponsor, Servicer and Originator The issuing entity BA Credit Card Funding, LLC Transferor and Depositor BA Credit Card Trust Issuing

More information

Amended and Restated ARTICLES OF INCORPORATION CTS CORPORATION ARTICLE I. Name. The name of the corporation is CTS Corporation (the "Corporation").

Amended and Restated ARTICLES OF INCORPORATION CTS CORPORATION ARTICLE I. Name. The name of the corporation is CTS Corporation (the Corporation). Amended and Restated ARTICLES OF INCORPORATION OF CTS CORPORATION ARTICLE I. Name The name of the corporation is CTS Corporation (the "Corporation"). ARTICLE II. Purposes The purpose for which the Corporation

More information

$38,125,000* CITY OF TAMPA, FLORIDA NON-AD VALOREM REFUNDING REVENUE BONDS, SERIES 2015 OFFICIAL NOTICE OF SALE

$38,125,000* CITY OF TAMPA, FLORIDA NON-AD VALOREM REFUNDING REVENUE BONDS, SERIES 2015 OFFICIAL NOTICE OF SALE $38,125,000* CITY OF TAMPA, FLORIDA NON-AD VALOREM REFUNDING REVENUE BONDS, SERIES 2015 OFFICIAL NOTICE OF SALE The City of Tampa, Florida Non-Ad Valorem Refunding Revenue Bonds, Series 2015 (the "Series

More information

FINANCE AND AUDIT COMMITTEE OF THE UTILITY DEBT SECURITIZATION AUTHORITY MINUTES OF THE 5 TH MEETING HELD ON JULY 28, 2015 IN UNIONDALE, NY

FINANCE AND AUDIT COMMITTEE OF THE UTILITY DEBT SECURITIZATION AUTHORITY MINUTES OF THE 5 TH MEETING HELD ON JULY 28, 2015 IN UNIONDALE, NY FINANCE AND AUDIT COMMITTEE OF THE UTILITY DEBT SECURITIZATION AUTHORITY MINUTES OF THE 5 TH MEETING HELD ON JULY 28, 2015 IN UNIONDALE, NY The Finance and Audit Committee (the Committee ) of the Utility

More information

LIMITED OFFERING MEMORANDUM

LIMITED OFFERING MEMORANDUM NEW ISSUE Book-Entry Only LIMITED OFFERING MEMORANDUM RATING: NOT APPLIED FOR In the opinion of Peck, Shaffer & Williams, A Division of Dinsmore & Shohl LLP, under existing laws, regulations, rulings and

More information

Amended and Restated ARTICLES OF INCORPORATION CTS CORPORATION ARTICLE I. Name. The name of the corporation is CTS Corporation (the "Corporation").

Amended and Restated ARTICLES OF INCORPORATION CTS CORPORATION ARTICLE I. Name. The name of the corporation is CTS Corporation (the Corporation). Amended and Restated ARTICLES OF INCORPORATION OF CTS CORPORATION ARTICLE I. Name The name of the corporation is CTS Corporation (the "Corporation"). ARTICLE II. Purposes The purpose for which the Corporation

More information

Letter of Intent for Acquisition Purchase of Stock of the Business for a Combination of Cash and Purchaser s Stock (Pro-Buyer Oriented)

Letter of Intent for Acquisition Purchase of Stock of the Business for a Combination of Cash and Purchaser s Stock (Pro-Buyer Oriented) Form: Letter of Intent for Acquisition Purchase of Stock of the Business for a Combination of Cash and Purchaser s Stock (Pro-Buyer Oriented) Description: This is a sample Letter of Intent for the acquisition

More information

BROKER AGREEMENT. NOW THEREFORE, in consideration of promises, covenants and agreements hereinafter contain, the parties agree as follows:

BROKER AGREEMENT. NOW THEREFORE, in consideration of promises, covenants and agreements hereinafter contain, the parties agree as follows: THIS AGREEMENT is entered into in the State of California this day of 2006, between Crestline Funding Corporation, hereinafter referred to as Crestline Funding, and, hereinafter referred to as Broker.

More information

RESTATED ARTICLES OF INCORPORATION of PHILIP MORRIS COMPANIES INC. ARTICLE I. The name of the Corporation is PHILIP MORRIS COMPANIES INC.

RESTATED ARTICLES OF INCORPORATION of PHILIP MORRIS COMPANIES INC. ARTICLE I. The name of the Corporation is PHILIP MORRIS COMPANIES INC. RESTATED ARTICLES OF INCORPORATION of PHILIP MORRIS COMPANIES INC. ARTICLE I The name of the Corporation is PHILIP MORRIS COMPANIES INC. ARTICLE II The purpose for which the Corporation is organized is

More information

Goldman, Sachs & Co.

Goldman, Sachs & Co. NEW ISSUE Book Entry Only Ratings: See RATINGS herein. In the opinion of Hinckley, Allen & Snyder LLP, Bond Counsel, based upon an analysis of existing law and assuming, among other matters, compliance

More information

CN - 1 $50,000 (YOUR COMPANY NAME HERE) CONVERTIBLE SUBORDINATED PROMISSORY NOTE

CN - 1 $50,000 (YOUR COMPANY NAME HERE) CONVERTIBLE SUBORDINATED PROMISSORY NOTE THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT

More information