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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 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 sell or the solicitation of an offer to buy nor shall there be an sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. PRELIMINARY OFFICIAL STATEMENT DATED APRIL 24, 2015 NEW ISSUE BOOK-ENTRY ONLY Expected Ratings: S&P: A(sf) Fitch: Asf See RATINGS herein In the opinion of Bond Counsel, interest on the Series 2015-A Bonds is excludable from gross income for purposes of federal income tax under existing laws as enacted and construed on the date of initial delivery of the Series 2015-A Bonds, assuming the accuracy of the certifications of the Corporation and continuing compliance by the Corporation with the requirements of the Internal Revenue Code of 1986, as amended. Interest on the Series 2015-A Bonds is a tax preference item that is subject to individual and corporate federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the Series 2015-A Bonds is not excluded from income for State of Iowa income tax purposes. See TAX MATTERS herein. $40,694,000* IOWA STUDENT LOAN LIQUIDITY CORPORATION (An Iowa corporation organized pursuant to the nonprofit laws of the State of Iowa) Student Loan Revenue Bonds, Senior Series 2015-A (AMT) Dated: Date of Delivery Due: December 1, as shown on the inside front cover The Iowa Student Loan Liquidity Corporation s Student Loan Revenue Bonds, Senior Series 2015-A (the Series 2015-A Bonds ), when issued, will be issued as registered bonds and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ( DTC ), which will act as securities depository for the Series 2015-A Bonds. Individual purchases may be made in book-entry-only form, in the principal amount of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their interest in the Series 2015-A Bonds purchased. So long as DTC is the registered owner of the Series 2015-A Bonds, payments of the principal of, redemption premium, if any, and interest on the Series 2015-A Bonds will be made directly to DTC. Disbursement of such payments to DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of DTC Participants and Indirect Participants. See THE SERIES 2015-A BONDS Book-Entry-Only System herein. Wells Fargo Bank, National Association will act as trustee (the Trustee ), paying agent and bond registrar for the Series 2015-A Bonds. The Series 2015-A Bonds will be dated the date of delivery thereof and will mature on December 1 in the years and in the principal amounts set forth on the inside front cover hereof. The Series 2015-A Bonds will bear interest at the rates per annum set forth on the inside front cover, payable December 1, 2015* and semiannually thereafter on each June 1 and December 1. The Series 2015-A Bonds are the initial Series of Bonds being issued pursuant to the Trust Indenture, dated as of May 1, 2015 (the General Indenture ), as amended and supplemented by a First Supplemental Trust Indenture, dated as of May 1, 2015 (the First Supplemental Trust Indenture ), between the Iowa Student Loan Liquidity Corporation (the Corporation ) and the Trustee. The General Indenture, as amended and supplemented (including by the First Supplemental Trust Indenture), is herein referred to as the Indenture. The Series 2015-A Bonds are being issued by the Corporation to (i) provide moneys to finance Eligible Loans, (ii) fund the Reserve Fund, (iii) make an initial deposit to the Capitalized Interest Fund, and (iv) pay certain costs related to the issuance of the Series 2015-A Bonds. Pursuant to the Indenture, the Series 2015-A Bonds are secured by a pledge of and security interest in a portion of the proceeds of the sale of the Series 2015-A Bonds (until expended for the purposes for which the Series 2015-A Bonds were issued), the Eligible Loans Financed under the Indenture, all Revenues, the moneys and securities held in certain Funds established under the Indenture and certain other assets constituting the Trust Estate in each case subject to the provisions of the Indenture. See SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS General herein. Upon the satisfaction of certain conditions, additional Bonds may be issued under the Indenture and Other Obligations may be entered into from time to time on a parity basis with the Series 2015-A Bonds or on a basis subordinate to the Series 2015-A Bonds. See SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Additional Series of Bonds; Priority herein. The Series 2015-A Bonds are subject to redemption prior to maturity. See THE SERIES 2015-A BONDS Redemption Provisions herein. Investors must read this entire Official Statement to obtain information essential to the making of an informed investment decision with respect to the Series 2015-A Bonds. Attention should be given to certain investment considerations described in this Official Statement which could affect the ability of the Corporation to pay Debt Service on the Series 2015-A Bonds and which could have an effect on the market price of the Series 2015-A Bonds to an extent that cannot be determined. See CERTAIN RISK FACTORS herein. THE SERIES 2015-A BONDS ARE LIMITED OBLIGATIONS OF THE CORPORATION AND DO NOT CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE STATE OF IOWA OR OF ANY AGENCY OR POLITICAL SUBDIVISION THEREOF OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF IOWA OR OF ANY AGENCY OR POLITICAL SUBDIVISION THEREOF. THE CORPORATION HAS NO TAXING POWER. The Series 2015-A Bonds will be offered, subject to prior sale, when, as and if issued by the Corporation and accepted by the Underwriter, and are subject to the final approving opinion of Ahlers & Cooney, P.C., Des Moines, Iowa, Bond Counsel, and certain other conditions described herein. Certain additional legal matters will be passed upon for the Corporation by its corporate counsel, Ahlers & Cooney, P.C., Des Moines, Iowa, and for the Underwriter by Dorsey & Whitney LLP, Des Moines, Iowa. It is expected that the Series 2015-A Bonds will be available for delivery through the facilities of DTC in New York, New York on or about May 13, * Morgan Stanley May, 2015 * Preliminary, subject to change.

2 $40,694,000 * IOWA STUDENT LOAN LIQUIDITY CORPORATION STUDENT LOAN REVENUE BONDS, SENIOR SERIES 2015-A (AMT) MATURITY SCHEDULE * Maturity Date (December 1) Serial Bonds Principal Amount Interest Rate Price Yield CUSIP 1 $ * % Term Bond due December 1, 20, priced to yield % CUSIP Number 1 * Preliminary, subject to change. 1 CUSIP data herein are provided by Standard & Poor s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP numbers listed above are being provided solely for the convenience of Bondowners only at the time of issuance of the Series 2015-A Bonds and the Corporation does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2015-A Bonds as a result of procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2015-A Bonds.

3 Information set forth herein has been furnished by the Iowa Student Loan Liquidity Corporation (the Corporation ) and other sources that are believed to be reliable. The information and expressions of opinion herein are subject to change without notice, and 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 or that the other information or opinions are correct as of any time subsequent to the date hereof. References in this Official Statement to the Indenture (as hereinafter defined) do not purport to be complete and potential purchasers are referred to the Indenture for full and complete details of the provisions thereof. No dealer, broker, salesperson or other person has been authorized by the Corporation to give any information or to make any representations with respect to the Series 2015-A 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. This Official Statement does not constitute any offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2015-A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The Underwriter listed on the front cover of this Official Statement (the Underwriter ) has provided the following statement for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applicable to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. The information in this Official Statement concerning The Depository Trust Company, New York, New York ( DTC ) and DTC s book-entry-only system has been obtained from DTC. None of the Corporation, any of its advisors or the Underwriter has independently verified, makes any representation regarding or accepts any responsibility for the accuracy, completeness or adequacy of such information. THE ORDER AND PLACEMENT OF MATERIALS IN THIS OFFICIAL STATEMENT, INCLUDING THE APPENDICES ATTACHED HERETO, ARE NOT TO BE DEEMED TO BE A DETERMINATION OF RELEVANCE, MATERIALITY OR IMPORTANCE, AND THIS OFFICIAL STATEMENT, INCLUDING THE APPENDICES ATTACHED HERETO, MUST BE CONSIDERED IN ITS ENTIRETY. THE OFFERING OF THE SERIES 2015-A BONDS IS MADE ONLY BY MEANS OF THIS ENTIRE OFFICIAL STATEMENT. IN CONNECTION WITH THE OFFERING OF THE SERIES 2015-A BONDS, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2015-A BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.

4 Upon issuance, the Series 2015-A Bonds will not be registered under the Securities Act of 1933, as amended, and will not be listed on any stock or other securities exchange, nor has the Indenture been qualified under the Trust Indenture Act of 1939, as amended, in reliance upon certain exemptions contained in such federal laws. In making an investment decision, investors must rely upon their own examination of the Series 2015-A Bonds and the security therefor, including an analysis of the risks involved. The Series 2015-A Bonds have not been recommended by any federal or state securities commission or regulatory authority. The registration, qualification or exemption of the Series 2015-A Bonds in accordance with applicable provisions of securities laws of the various jurisdictions in which the Series 2015-A Bonds have been registered, qualified or exempted cannot be regarded as a recommendation thereof. Neither such jurisdictions nor any of their agencies have passed upon the merits of the Series 2015-A Bonds or the adequacy, accuracy or completeness of this Official Statement. Any representation to the contrary may be a criminal offense. Neither the Securities and Exchange Commission nor any other federal, state, municipal or other governmental entity has passed upon the accuracy or adequacy of this Official Statement or approved the Series 2015-A Bonds for sale. There follows in this Official Statement certain information concerning the Corporation, together with descriptions of the terms of the Indenture, the Series 2015-A Bonds, the Backup Servicing Agreement, certain other documents related to the security for the Series 2015-A Bonds and certain applicable laws. All references herein to laws and documents are qualified in their entirety by reference to such laws, as in effect, and to each such document as such document has been or will be executed and delivered on or prior to the date of issuance of the Series 2015-A Bonds, and all references to the Series 2015-A Bonds are qualified in their entirety by reference to the definitive form thereof and the information with respect thereto contained in the Indenture. This Official Statement is submitted in connection with the sale of the Series 2015-A Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstance, create any implication that there has been no change in the affairs of the Corporation since the date hereof. FORWARD-LOOKING STATEMENTS This Official Statement, including APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE attached hereto, contains statements which should be considered forward-looking statements, meaning they refer to possible future events or conditions. Such statements are generally identifiable by the words such as plan, expect, estimate, budget or similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Corporation does not expect or intend to issue any updates or revisions to those forward-looking statements if or when its expectations, or events, conditions or circumstances on which such statements are based occur, or fail to occur.

5 TABLE OF CONTENTS Page SUMMARY STATEMENT... i INTRODUCTION...1 PURPOSE OF THE SERIES 2015-A BONDS...3 SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS...4 General...4 Reserve Fund...4 Capitalized Interest Fund...5 Additional Series of Bonds; Priority...5 Overcollateralization and Initial Parity Percentage...6 Program Expenses, Servicing Fees and Trustee Fees...6 Rating Agency Notification...6 Certain Risk Factors...7 THE SERIES 2015-A BONDS...7 General Terms of the Series 2015-A Bonds...7 Redemption Provisions...8 Book-Entry Only System...11 CERTAIN RISK FACTORS...14 THE CORPORATION...30 General...30 Board of Directors...30 Corporate Administration...31 Outstanding Indebtedness of the Corporation...33 Financial and Other Information...34 ESTIMATED SOURCES AND USES OF PROCEEDS...35 THE FINANCED LOANS...35 The FFELP Loans...36 The Private Loans...45 Borrower Benefits...53 THE CORPORATION S FEDERAL LOAN PROGRAMS...53 FFELP Program...53 DESCRIPTION OF THE GUARANTY AGENCIES...54 General...54 Great Lakes Higher Education Guaranty Corporation...55 Pennsylvania Higher Education Assistance Agency...57 THE CORPORATION S PRIVATE LOAN PROGRAMS...59 General...59 Private Loan Program Loan Statistics...81 SERVICING OF THE FINANCED LOANS...86 Financed FFELP Loans...86 Servicing of Financed Loans...87 Backup Servicer and Backup Servicing Agreement...88 LEGALITY FOR INVESTMENT AND DEPOSIT...91

6 TAX MATTERS...91 ABSENCE OF CERTAIN LITIGATION...94 LEGALITY...94 UNDERWRITING...94 RATINGS...95 MUNICIPAL ADVISOR...96 CONTINUING DISCLOSURE...96 MISCELLANEOUS...96 APPENDIX A: SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE APPENDIX B: FORM OF OPINION OF BOND COUNSEL APPENDIX C: FORM OF CONTINUING DISCLOSURE AGREEMENT APPENDIX D: FINANCIAL STATEMENTS OF THE CORPORATION

7 SUMMARY STATEMENT This Summary Statement is subject in all respects to more complete information contained in this Official Statement and no conclusion should be drawn from the order of material or information presented in this Official Statement. The offering of the Iowa Student Loan Liquidity Corporation s Student Loan Revenue Bonds, Senior Series 2015-A (the Series 2015-A Bonds ) to potential investors is made only by means of this entire Official Statement. The Series 2015-A Bonds, together with any other bonds hereafter issued under the Indenture, are herein referred to as the Bonds. No person is authorized to detach this Summary Statement from this Official Statement or to otherwise use it without this entire Official Statement. All terms capitalized, but not defined, in this Summary Statement shall have the meaning set forth elsewhere in this Official Statement. The Corporation Iowa Student Loan Liquidity Corporation (the Corporation ) is a private nonprofit corporation incorporated on August 17, 1979, authorized under the Code of Iowa and the Iowa Partnership Loan Program Agreement, dated May 19, 1992, between the Corporation and the Iowa College Student Aid Commission, an Iowa state agency, to provide an alternative educational loan program. Pursuant to such authority, the Corporation established its Iowa Partnership Loan Program. In addition, the Corporation launched its Medical Loan Program to assist students in health related fields, its National Alternative Loan Program for students outside the State of Iowa, and its Canadian Alternative Loan Program to assist Canadian students attending Iowa colleges. The Iowa Partnership Loan Program, the Medical Loan Program, the National Alternative Loan Program and the Canadian Alternative Loan Program are collectively referred to herein as the Private Loan Programs. Educational loans made under the Private Loan Programs are to be financed pursuant to certain underwriting or credit criteria and are to bear interest at rates determined by the Corporation. See THE CORPORATION S FEDERAL LOAN PROGRAMS and THE CORPORATION S PRIVATE LOAN PROGRAMS herein. Financing of Eligible Loans The Indenture permits the financing only of Eligible Loans from moneys in the Student Loan Fund established pursuant to the Indenture. The Eligible Loans expected to be Financed under the Indenture consist of FFELP Loans and other private loans to borrowers for post-secondary education authorized to be originated or purchased by the Corporation pursuant to the Private Loan Programs; provided that, upon a Rating Agency Notification, loans originated under other private loan programs may also constitute Eligible Loans. Notwithstanding the foregoing, the First Supplemental Trust Indenture prescribes that Eligible Loans that may be Financed with proceeds of the Series 2015-A Bonds, or any other moneys in the Accounts and Subaccounts established pursuant to the First Supplemental Trust Indenture, consist of FFELP Loans and Private Loans, unless there has been a Rating Agency Notification with respect to other types of Eligible Loans. See THE CORPORATION S FEDERAL LOAN PROGRAMS and THE CORPORATION S PRIVATE LOAN PROGRAMS herein for a further description of the Corporation s loan programs. See, also, ESTIMATED SOURCES AND USES OF PROCEEDS, THE FINANCED LOANS and CERTAIN RISK FACTORS Certain Actions May be Permitted Without Bondowner Approval herein. i

8 On the Closing Date, the Corporation will cause $12,000,000 * of Series 2015-A Bond proceeds to be deposited in the 2015-A Subaccount of the Acquisition Account, to be used to originate Eligible Loans during the Acquisition Period (the Prefunded Loans ). Also on the Closing Date, the Corporation will contribute $34,802,953 of Eligible Loans (the Contributed Loans and, together with the Prefunded Loans, the Series 2015-A Loans ) to the 2015-A Account of the Student Loan Fund, which Contributed Loans shall be part of the Trust Estate under the Indenture. The Series 2015-A Loans, together with all other Eligible Loans financed with proceeds of other Bonds issued under the Indenture or certain other available moneys under the Indenture, are referred to herein, collectively, as the Financed Loans. See ESTIMATED SOURCES AND USES OF PROCEEDS, THE FINANCED LOANS. No more than $7,800,000 * (or such greater amount as to which a Rating Agency Notification has been given), of the Prefunded Loans may have deferred principal and interest payments while the student is attending school. No more than $5,400,000 * (or such greater amount as to which a Rating Agency Notification has been given) of the Prefunded Loans may be to borrowers that have FICO scores in the 670 to 759 category. The Series 2015-A Bonds The Series 2015-A Bonds is the first Series of Bonds being issued under the Trust Indenture, dated as of May 1, 2015 (the General Indenture ), as amended and supplemented by a First Supplemental Trust Indenture, dated as of May 1, 2015 (the First Supplemental Trust Indenture ), between the Corporation and Wells Fargo Bank, National Association, as trustee (the Trustee ), paying agent and bond registrar. The General Indenture, as amended and supplemented (including by the First Supplemental Trust Indenture), is herein referred to as the Indenture. The Series 2015-A Bonds constitute Senior Bonds under the Indenture and will be on a parity with any other Series of Senior Bonds issued under the Indenture. The Series 2015-A Bonds will mature on the dates and in the principal amounts and bear interest at the rates set forth on the inside front cover hereof. The Series 2015-A Bonds are being issued by the Corporation to (i) provide the Corporation with moneys to finance Eligible Loans, (ii) fund the Reserve Fund, (iii) make an initial deposit to the Capitalized Interest Fund, and (iv) pay certain costs related to the issuance of the Series 2015-A Bonds. The Corporation may hereafter issue Senior Bonds under the Indenture on a parity with the Series 2015-A Bonds, and may issue Bonds under the Indenture payable on a basis subordinate to the Series 2015-A Bonds. See SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Additional Series of Bonds; Priority herein and APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE attached hereto. Preliminary, subject to change ii

9 Sources of Payment and Security for the Series 2015-A Bonds The Series 2015-A Bonds are limited obligations of the Corporation, secured by and payable solely from: (i) a portion of the proceeds derived from the sale of the Series 2015-A Bonds (until expended for the purposes for which the Series 2015-A Bonds were issued); (ii) Financed Loans; (iii) all Revenues (including, without limitation, payments of principal of and interest on Financed Loans); (iv) the moneys and securities in certain Funds established under the Indenture; and (v) certain other assets pledged under the Indenture (collectively, the Trust Estate ). See ESTIMATED SOURCES AND USES OF PROCEEDS herein. The Trust Estate will include the Series 2015-A Loans, together with all other Eligible Loans financed with proceeds of other Bonds issued under the Indenture or certain other available moneys under the Indenture. Upon the satisfaction of certain conditions, additional Bonds may be issued under the Indenture and Other Obligations may be entered into from time to time on a parity basis with the Series 2015-A Bonds or on a basis subordinate to the Series 2015-A Bonds. See SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Additional Bonds; Priority herein. Redemption The Series 2015-A Bonds are subject to mandatory non-origination redemption, optional redemption, cumulative mandatory sinking fund redemption, and special optional and special mandatory redemption from Excess Revenue. See THE SERIES 2015-A BONDS Redemption Provisions herein. Release of Revenues to Corporation. Pursuant to the terms of the Indenture, and to the extent the Corporation elects not to exercise its right to Special Optional Redemption from Excess Revenue, on each Interest Payment Date, after taking into account certain payments required under the Indenture, the Revenues maybe released to the Corporation free and clear of the lien and pledge of the Indenture if, as certified in a Corporation Certificate, the Parity Percentage exceeds * %, in such amount as set forth in the Corporation s order and to the extent that the payment of such amount would not cause the Parity Percentage to fall below such percentage, or such lower percentage for which a Rating Agency Notification has been given. Origination of Financed Loans On the Closing Date, the Corporation will cause $12,000,000 * of Series 2015-A Bond proceeds to be deposited in the 2015-A Subaccount of the Acquisition Account, to be used to originate Eligible Loans during the Acquisition Period. Also on the Closing Date, the Corporation will contribute $34,802,953 of Eligible Loans to the 2015-A Account of the Student Loan Fund, which Contributed Loans, together with the Prefunded Loans, as originated and acquired, shall be part of the Trust Estate under the Indenture. See ESTIMATED SOURCES AND USES OF PROCEEDS herein. Preliminary, subject to change iii

10 With respect to the proceeds of the Series 2015-A Bonds deposited into the 2015-A Subaccount of the Acquisition Account, the Acquisition Period begins on the Closing Date and ends on July 1, 2016 *, provided this period may be extended upon a Rating Agency Notification with respect to such extension. If uncommitted proceeds remain in the 2015-A Subaccount of the Acquisition Account at the expiration of the Acquisition Period (as the same may have been extended), such amounts are required to be used to redeem Series 2015-A Bonds. See THE SERIES 2015-A BONDS Redemption Provisions herein. No more than $7,800,000 * (or such greater amount as to which a Rating Agency Notification has been given), of the Prefunded Loans may have deferred principal and interest payments while the student is attending school. No more than $5,400,000 * (or such greater amount as to which a Rating Agency Notification has been given) of the Prefunded Loans may be to borrowers that have FICO scores in the 670 to 759 category. Overcollateralization and Initial Parity Percentage Upon the issuance of the Series 2015-A Bonds, the initial Parity Percentage will be at least * %, which reflects (1) the receipt of proceeds of the Series 2015-A Bonds (net of the portion thereof in the approximate amount of $ to be transferred immediately to the Corporation outside of the Indenture, and any proceeds to be used to pay costs of issuance of the Series 2015-A Bonds), (2) the receipt by the Trustee of the Contributed Loans from the Corporation on the Closing Date, and (3) the reduction in the value of such Eligible Loans by accrued Excess Earnings associated therewith. See ESTIMATED SOURCES AND USES OF PROCEEDS and SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Overcollateralization and Initial Parity Percentage herein and APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE PLEDGE OF INDENTURE; FUNDS Revenue Fund attached hereto. Ratings Prior to the issuance and delivery of the Series 2015-A Bonds, Standard & Poor s Ratings Services, a division of The McGraw-Hill Companies, Inc. ( S&P ), and Fitch, Inc. ( Fitch ) are expected to assign their bond rating of A(sf) and Asf, respectively, to the Series 2015-A Bonds. See RATINGS herein. Rating Agency Notification The Indenture provides that the Rating Agencies have various notice rights and further requires as a condition of certain actions, inactions or other events that there be a Rating Agency Notification, including, but not limited to, issuance of Additional Bonds; determinations of the types of Private Loans to be included as Eligible Loans in the future; entry into Derivative Product Agreements; changes in the Servicer or Backup Servicer; changes in the amount and timing of Program Expenses, the Servicing Fees and the Trustee Fees; changes in the Reserve Fund Requirement; types of Investment Securities; certain amendments or supplements to the Indenture; substitution or replacement of the Trustee; establishment of, and changes in, the Parity Percentage with respect to the release of moneys from the Trust Estate; and extension of the Acquisition Period. The Indenture also requires that the Corporation make any Rating Agency Notification publicly available in the manner applicable to post-issuance disclosures under Rule iv

11 15c2-12. See SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Rating Agency Notification and CERTAIN RISK FACTORS Certain Actions May be Permitted Without Bondowner Approval herein. Certain Risk Factors Attention should be given to certain investment considerations described in this Official Statement which could affect the ability of the Corporation to pay Debt Service on the Series 2015-A Bonds and which could have an effect on the market price of the Series 2015-A Bonds to an extent that cannot be determined. See CERTAIN RISK FACTORS herein. An investment in the Series 2015-A Bonds involves an element of risk. Each prospective purchaser of Series 2015-A Bonds should read this entire Official Statement, including the front cover page and Appendices attached hereto, in order to make a judgment as to whether the Series 2015-A Bonds are an appropriate investment. Backup Servicer The Corporation has entered into an agreement with the Pennsylvania Higher Education Assistance Agency ( PHEAA ) pursuant to which PHEAA has agreed to act as a backup servicer with respect to the Financed Loans. In such role, PHEAA will act as successor Servicer with respect to the Financed Loans serviced by the Corporation upon the occurrence of certain events described herein under SERVICING OF THE FINANCED LOANS Backup Servicer and Backup Servicing Agreement. [Remainder of Page Intentionally Left Blank] v

12 [THIS PAGE INTENTIONALLY LEFT BLANK]

13 OFFICIAL STATEMENT Relating to IOWA STUDENT LOAN LIQUIDITY CORPORATION $40,694,000 * Student Loan Revenue Bonds, Senior Series 2015-A INTRODUCTION This Official Statement, including the front cover page and inside front cover page hereof, the Summary Statement and the Appendices attached hereto, sets forth information regarding the issuance by the Iowa Student Loan Liquidity Corporation (the Corporation ) of its Student Loan Revenue Bonds, Senior Series 2015-A (the Series 2015-A Bonds ). The Series 2015-A Bonds, together with any other bonds hereafter issued under the Indenture, are herein referred to as the Bonds. Terms capitalized in the body of this Official Statement and not otherwise defined therein shall have the meaning set forth in APPENDIX A attached hereto. The Corporation is an Iowa private nonprofit corporation, was incorporated on August 17, 1979, for the purpose of providing a statewide student loan program through which the Corporation could finance student loan notes originated under the Higher Education Act of 1965, as amended (the Higher Education Act ). Pursuant to State of Iowa (the State ) legislation enacted in 1992, and the Iowa Partnership Loan Program Agreement, dated May 19, 1992, as amended to the date hereof (the Iowa Partnership Loan Program Agreement ), between the Corporation and the Iowa College Student Aid Commission, the Corporation is also authorized to finance private education loans other than those originated under the Higher Education Act, and in accordance with such legislation and the Iowa Partnership Loan Program Agreement, corresponding changes have been made to the Corporation s articles of incorporation and bylaws. The Corporation has the ability to make further amendments to its articles of incorporation and bylaws without State legislative action to enable the Corporation to finance other undertakings. However, the Indenture does not provide that the proceeds of Series 2015-A Bonds could be used to finance undertakings other than the purchase and origination of Eligible Loans. There is no limitation in any State law or in the articles of incorporation or bylaws of the Corporation as to the aggregate amount of debt which the Corporation may incur. In reliance on the foregoing State legislative authority, the Corporation has established its Iowa Partnership Loan Program, Medical Loan Program, National Alternative Loan Program and Canadian Alternative Loan Program (collectively, the Private Loan Programs ). See THE CORPORATION S PRIVATE LOAN PROGRAMS herein. In order to finance educational loans made under its Private Loan Programs, the Corporation is authorized to borrow money and to issue bonds payable from specified sources, including the revenues derived from such loans. The Series 2015-A Bonds are being issued under a Trust Indenture, dated as of May 1, 2015 (the General Indenture ), as amended and supplemented by a First Supplemental Trust * Preliminary, subject to change. 1

14 Indenture, dated as of May 1, 2015 (the First Supplemental Trust Indenture ), between the Corporation and Wells Fargo Bank, National Association, as trustee (the Trustee ), registrar (the Registrar ) and paying agent (the Paying Agent ). The General Indenture, as amended and supplemented (including by the First Supplemental Trust Indenture), is herein referred to as the Indenture. The Series 2015-A Bonds constitute Senior Bonds under the Indenture. The Indenture permits the financing only of Eligible Loans from moneys in the Student Loan Fund established under the Indenture. The Eligible Loans expected to be Financed under the Indenture consist of FFELP Loans and other loans to borrowers for post-secondary education authorized, originated or purchased by the Corporation pursuant to the Higher Education Act and the Private Loan Programs; provided that, upon a Rating Agency Notification, loans originated under other private loan programs may also constitute Eligible Loans. See THE CORPORATION S PRIVATE LOAN PROGRAMS herein for a further description of the Private Loan Programs. See, also, ESTIMATED SOURCES AND USES OF PROCEEDS, THE FINANCED LOANS and CERTAIN RISK FACTORS Certain Actions May be Permitted Without Bondowner Approval herein. On the Closing Date, the Corporation will cause $12,000,000 * of Series 2015-A Bond proceeds to be deposited in the 2015-A Subaccount of the Acquisition Account, to be used to originate Eligible Loans during the Acquisition Period (the Prefunded Loans ). Also on the Closing Date, the Corporation will contribute $34,802,953 of Eligible Loans (the Contributed Loans and, together with the Prefunded Loans, the Series 2015-A Loans ) to the 2015-A Account of the Student Loan Fund, which Contributed Loans shall be part of the Trust Estate under the Indenture. The Series 2015-A Loans, together with all other Eligible Loans financed with proceeds of other Bonds issued under the Indenture or certain other available moneys under the Indenture, are referred to herein, collectively, as the Financed Loans. See ESTIMATED SOURCES AND USES OF PROCEEDS, and THE FINANCED LOANS. No more than $7,800,000 * (or such greater amount as to which a Rating Agency Notification has been given), of the Prefunded Loans may have deferred principal and interest payments while the student is attending school. No more than $5,400,000 * (or such greater amount as to which a Rating Agency Notification has been given) of the Prefunded Loans may be to borrowers that have FICO scores in the 670 to 759 category. The Series 2015-A Bonds are being issued as fixed rate bonds and will bear interest at the rates shown on the inside front cover page hereof. The Series 2015-A Bonds are secured by and payable solely from payments, proceeds, charges and other income received by the Corporation from or on account of the Financed Loans, from amounts payable under any Derivative Product Agreements (to the extent in excess of amounts payable to the Derivative Product Counterparty thereunder (excluding, in any event, Replacement Counterparty Upfront Payments)) and from amounts on deposit in certain Funds established in the Indenture, subject to the provisions of the Indenture permitting the application or exercise thereof for or to the purposes and on the terms and conditions set forth therein, including the payment of Program Expenses, Servicing Fees and Trustee Fees as described in Preliminary, subject to change 2

15 APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE attached hereto, under the headings TERMS OF BONDS Limited Obligation and PLEDGE OF INDENTURE; FUNDS. Such income includes, without limitation, payments of interest on such Financed Loans (whether regularly scheduled, delinquent or advance) and income on investments and principal payments on such Financed Loans (whether regularly scheduled, delinquent or advance). Bonds other than the Series 2015-A Bonds ( Additional Bonds ) may be issued under the Indenture, and Derivative Product Agreements may be entered into by the Corporation, upon satisfaction of certain conditions specified in the Indenture. Such Bonds and the Corporation s obligations under any such Derivative Product Agreement may be payable and secured on a parity with or subordinate to the Series 2015-A Bonds. See SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Additional Series of Bonds; Priority; Subordinated Bonds herein and APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE attached hereto under the headings TERMS OF BONDS Limited Obligation and PLEDGE OF INDENTURE; FUNDS. THE SERIES 2015-A BONDS ARE LIMITED OBLIGATIONS OF THE CORPORATION AND DO NOT CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE STATE OF IOWA OR OF ANY AGENCY OR POLITICAL SUBDIVISION THEREOF OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF IOWA OR OF ANY AGENCY OR POLITICAL SUBDIVISION THEREOF. THE CORPORATION HAS NO TAXING POWER. There can be no assurance that relevant State or federal laws will not be changed in a manner which might adversely affect the availability and flow of funds of the Corporation. There can be no assurances that any future law will not prospectively or retroactively affect the terms and conditions under which Eligible Loans are made in a manner that might adversely affect the ability of the Corporation to pay the principal of and interest on the Series 2015-A Bonds when due. See CERTAIN RISK FACTORS herein. The descriptions of the Series 2015-A Bonds, the documents authorizing and securing the Series 2015-A Bonds, and the pertinent State legislation and Corporation administrative rules contained herein do not purport to be comprehensive or definitive. All references herein to such documents or legislation and rules are qualified in their entirety by reference to such documents or legislation and rules. A reasonable number of copies of certain of such documents may be obtained from the Iowa Student Loan Liquidity Corporation, 6775 Vista Drive, West Des Moines, Iowa 50266, Attention: Executive Vice President and Treasurer, or from the Trustee, Wells Fargo Bank, National Association, 625 Marquette Avenue, MAC: N , Minneapolis, Minnesota 55479, Attention: Corporate Trust Services. PURPOSE OF THE SERIES 2015-A BONDS The Series 2015-A Bonds are being issued to provide funds to the Corporation which will be used to (i) provide the Corporation with moneys to finance Eligible Loans, (ii) fund the Reserve Fund, (iii) make an initial deposit to the Capitalized Interest Fund, and (iv) pay certain costs related to the issuance of the Series 2015-A Bonds. See ESTIMATED SOURCES AND USES OF PROCEEDS herein. 3

16 General SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS The Series 2015-A Bonds are limited obligations of the Corporation, payable solely from the Trust Estate pledged pursuant to the Indenture as described herein. None of the Corporation s assets or funds pledged and held in its general account or under its Prior Indentures (as hereinafter defined) are pledged as security for the Series 2015-A Bonds under the Indenture. The Series 2015-A Bonds will be secured by and payable, subject to the terms of the Indenture, solely from: (i) a portion of the proceeds derived from the sale of the Series 2015-A Bonds (net of the portion thereof in the approximate amount of $ to be transferred immediately to the Corporation outside of the Indenture, and proceeds to be used to pay costs of issuance of the Series 2015-A Bonds); (ii) Financed Loans (including the Contributed Loans and the Prefunded Loans); (iii) all Revenues (including, without limitation, payments of principal of and interest on Financed Loans); (iv) the moneys and securities in certain Funds established under the Indenture; and (v) certain other assets pledged under the Indenture, including, without limitation, any Derivative Product Agreement (collectively, the Trust Estate ). See ESTIMATED SOURCES AND USES OF PROCEEDS herein. The Corporation will Finance only Eligible Loans through application of the proceeds of the Bonds. For a discussion of certain of the terms applicable to the Eligible Loans, see THE CORPORATION S PRIVATE LOAN PROGRAMS Loan Terms herein. For a more detailed description of the Funds established under the Indenture, certain accounts established therein under the Indenture, and the purposes to which moneys in such Funds and Accounts may be applied, see APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE PLEDGE OF INDENTURE; FUNDS attached hereto. Reserve Fund On the Closing Date, $813,880 of the proceeds of the Series 2015-A Bonds will be deposited into the Reserve Fund, as described under USE OF PROCEEDS herein (which is equal to the Series 2015-A Reserve Requirement as of the date of issuance of the Series 2015-A Bonds). The Series 2015-A Reserve Requirement at any time shall be an amount equal to the greater of (i) an amount equal to two percent (2%) of the aggregate principal amount of Bonds then Outstanding, or (ii) one percent (1%) of the principal balance of the Series 2015-A Bonds as of the Closing Date, unless a Rating Agent Notification has been given for a lesser amount. The Reserve Fund is to be maintained at the Reserve Fund Requirement. Amounts on deposit in the Reserve Fund shall be transferred to the Revenue Fund to the extent the funds on deposit in the Revenue Fund, after taking into account any transfers from the Capitalized Interest Fund and the Student Loan Fund, are insufficient to make required transfers to the Rebate Fund; to pay, on each Monthly Payment Date, Servicing Fees, Trustee Fees and Program Expenses, if any; and to pay, on each Interest Payment Date and Principal Payment Date, (i) the interest and principal (at Stated Maturity) due on Bonds and (ii) Other Obligations (except, with respect to Derivative Preliminary, subject to change 4

17 Product Agreements, Termination Payments that are not Priority Termination Payments). The Indenture provides that upon the issuance of any Additional Bonds, there will be deposited into the Reserve Fund, if necessary, an amount sufficient to increase the amount therein to be equal to the Reserve Fund Requirement, calculated after such issuance. See APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE PLEDGE OF INDENTURE; FUNDS Reserve Fund attached hereto. Capitalized Interest Fund On the Closing Date, $1,221,000 of the proceeds of the Series 2015-A Bonds will be deposited into the Capitalized Interest Fund, as described under USE OF PROCEEDS herein. Amounts on deposit in the 2015-A Account of the Capitalized Interest Fund shall be transferred to the Revenue Fund to the extent the funds on deposit in the Revenue Fund are insufficient to make required transfers to the Rebate Fund; to pay, on each Monthly Payment Date, Servicing Fees, Trustee Fees and Program Expenses, if any; and to pay, on each Interest Payment Date, (i) the interest due on Senior Bonds and (ii) Other Senior Obligations (except, with respect to Senior Derivative Product Agreements, Termination Payments that are not Priority Termination Payments). Funds in excess of $610,500 * remaining on deposit in the Capitalized Interest Fund after the June 1, 2016 Interest Payment Date will be immediately transferred to the Revenue Fund on such date. If, after giving effect to any transfer to be made from the Capitalized Interest Fund on the June 1, 2017, * Monthly Payment Date, any funds remain therein on such Monthly Payment Date, all such remaining funds shall be transferred to the Revenue Fund on such Monthly Payment Date. See APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE PLEDGE OF INDENTURE; FUNDS Capitalized Interest Fund attached hereto. Additional Series of Bonds; Priority Pursuant to the provisions of the Indenture, Additional Bonds may be issued on a parity basis with the Series 2015-A Bonds (such Additional Bonds being referred to herein, together with the Series 2015-A Bonds, as Senior Bonds ), or on a basis subordinate to the Series A Bonds (such Additional Bonds, which include senior subordinate and subordinate Bonds, being referred to herein collectively as Subordinate Bonds ). In addition, the Corporation may enter into Derivative Product Agreements with one or more Derivative Product Counterparties. The Corporation s obligations under any such Derivative Product Agreements may be parity obligations with the Senior Bonds (such obligations being referred to herein as Other Senior Obligations and, together with the Senior Bonds, Senior Obligations ), or parity obligations with the Subordinate Bonds (such obligations being referred to herein as Other Subordinate Obligations and, together with the Subordinate Bonds, Subordinate Obligations ). See APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE TERMS OF BONDS; Derivative Product Payments attached hereto. The Series 2015-A Bonds will be the first series of Bonds issued under the Indenture. It is a condition to the issuance of any Additional Bonds that they be rated the same as any Preliminary, subject to change. 5

18 Outstanding Bonds of the same seniority. See APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE TERMS OF BONDS and TERMS OF BONDS; General Limitations; Issuable in Series; Purposes and Conditions for Issuance; Payment of Principal and Interest attached hereto. Overcollateralization and Initial Parity Percentage Upon the issuance of the Series 2015-A Bonds, the initial Parity Percentage will be at least * %, which reflects (1) the receipt of a portion of the proceeds of the Series 2015-A Bonds (net of the portion thereof in the approximate amount of $ to be transferred immediately to the Corporation outside of the Indenture, and proceeds to be used to pay costs of issuance of the Series 2015-A Bonds), (2) the receipt by the Trustee of the Contributed Loans from the Corporation on the Closing Date, and (3) the reduction in the value of such Eligible Loans by accrued Excess Earnings associated therewith. See ESTIMATED SOURCES AND USES OF PROCEEDS and SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2015-A BONDS Overcollateralization and Initial Parity Percentage herein and APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE PLEDGE OF INDENTURE; FUNDS Revenue Fund attached hereto. Program Expenses, Servicing Fees and Trustee Fees The Program Expenses (including fees and expenses paid to others) of the Corporation incurred in carrying out and administering the portion of the Private Loan Programs financed through Bonds issued under the Indenture, the Servicing Fees to be paid or reimbursed to the Corporation with respect to the servicing of Financed Loans, and the Trustee Fees to be paid to the Trustee shall be provided for, if not from other sources of the Corporation, from Revenues. Such Program Fees, Servicing Fees and Trustee Fees will be paid out of the Revenue Fund on each Monthly Payment Date prior to the payment of principal and interest on the Series 2015-A Bonds. As provided in the First Supplemental Trust Indenture, with respect to the Series 2015-A Bonds, (i) such Program Expenses shall be $28,500 (reflecting the rating agency surveillance fees), (ii) such Servicing Fees shall not exceed 0.75 * % of the Financed Loans that are FFELP Loans as of the end of the preceding calendar month and such Servicing Fees shall not exceed 1.10 * % of the Financed Loans that are Private Loans as of the end of the preceding calendar month, subject to a minimum of $2.50 per borrower and to 3.00% inflation per annum, and (iii) such Trustee Fees shall not exceed 1/12 th of 0.01% of the Outstanding Bonds as of the end of the preceding calendar month. The Indenture permits the Corporation to change the amount of such fees after a Rating Agency Notification. See CERTAIN RISK FACTORS Certain Actions May be Permitted Without Bondowner Approval herein. Rating Agency Notification The Indenture provides that the Rating Agencies have various notice rights and further requires as a condition of certain actions, inactions or other events that there be a Rating Agency Notification, including, but not limited to, issuance of Additional Bonds; determinations of the types of Private Loans to be included as Eligible Loans in the future; entry into Derivative * Preliminary, subject to change. 6

19 Product Agreements; changes in the Servicer or Backup Servicer; changes in the amount and timing of Program Expenses, the Servicing Fees and the Trustee Fees; changes in the Reserve Fund Requirement; types of Investment Securities; certain amendments or supplements to the Indenture; substitution or replacement of the Trustee; and establishment of, and changes in, the Parity Percentage with respect to the release of moneys from the Trust Estate. The Indenture also requires that the Corporation make any Rating Agency Notification publicly available in the manner applicable to post-issuance disclosures under Rule 15c2-12. Rating Agency Notification means, with respect to a Proposed Action, that the Corporation shall have given written notice of such Proposed Action to each Rating Agency then rating the Bonds at least twenty Business Days prior to the proposed effective date thereof. Proposed Action means any proposed action, failure to take an action or other event which, under the terms of the Indenture, is conditional on a Rating Agency Notification. The Corporation is required to give a Rating Agency Notification prior to any Proposed Action. In connection with any such Rating Agency Notification, the Corporation is required to use commercially reasonable efforts to provide each Rating Agency such factual data and cash flow analyses as such Rating Agency may reasonably request in order to review the Proposed Action. See APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE attached hereto and CERTAIN RISK FACTORS Certain Actions May be Permitted Without Bondowner Approval herein. Certain Risk Factors Attention should be given to certain investment considerations described in this Official Statement which could affect the ability of the Corporation to pay Debt Service on the Series 2015-A Bonds and which could have an effect on the market price of the Series 2015-A Bonds in the future to an extent that cannot be determined at the present time. See CERTAIN RISK FACTORS herein. Each prospective purchaser of Series 2015-A Bonds should read this entire Official Statement, including the Appendices attached hereto. General Terms of the Series 2015-A Bonds THE SERIES 2015-A BONDS The Series 2015-A Bonds will initially be dated and will bear interest from the date of delivery. Interest will be payable on June 1 and December 1 of each year, commencing December 1, 2015 *, to the registered owners (the Owners ) of the Series 2015-A Bonds as of the record date, which is the May 15 or November 15 immediately preceding each regularly scheduled interest payment date. The Series 2015-A Bonds will bear interest at the interest rates per annum, and will mature on December 1 in each of the years and in the principal amounts, shown on the inside front cover of this Official Statement. The Series 2015-A Bonds will be issued in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof. Individual purchases of the Series 2015-A Bonds will be made in book-entry form only. Purchasers of the Series 2015-A Bonds * Preliminary, subject to change. 7

20 will not receive certificates representing their interest in the Series 2015-A Bonds purchased. See Book-Entry Only System below. Redemption Provisions * The Indenture sets forth the provisions for the redemption of the Series 2015-A Bonds prior to maturity, as described below. The Trustee shall provide notice of the redemption of Series 2015-A Bonds in accordance with the provisions described below under Notice and Effect of Redemption and as described in APPENDIX A SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE GENERAL TERMS AND PROVISIONS OF THE BONDS Redemption of Bonds attached hereto. Mandatory Non-Origination Redemption. * The Series 2015-A Bonds are subject to special mandatory redemption prior to their respective Stated Maturities, in whole or in part in any Authorized Denomination, on any date within sixty (60) days after the end of the Acquisition Period, at a Redemption Price equal to 100% of the principal amount of the Series 2015-A Bonds to be redeemed, plus (1) accrued interest to the Redemption Date; and (2) in the case of the redemption of the Series 2015-A Premium Bonds, the Unamortized Premium with respect to such Bonds, from moneys to be applied to such redemption at the direction of the Corporation consisting of or corresponding to proceeds of the Series 2015-A Bonds remaining in the 2015-A Subaccount of the Acquisition Account at the expiration of Acquisition Period. The amount to be applied to the redemption of Series 2015-A Bonds shall be equal to the amount designated to be expended by the expiration of the Acquisition Period less the amount committed to be used to originate or purchase Eligible Loans by the expiration of the Acquisition Period. Optional Redemption. * The Series 2015-A Bonds maturing on and after December 1, 2026 are subject to redemption at the option of the Corporation from moneys in the Revenue Fund and any other source available therefor in accordance with the Indenture, in whole or in part, at any time, commencing December 1, 2025 *, at a Redemption Price equal to 100% of the principal amount of the Series 2015-A Bonds to be redeemed, plus accrued interest to the Redemption Date with respect to such Bonds. Such redemption shall only be permitted if, as of the Monthly Payment Date preceding such redemption, all payments and transfers required to be made on such Monthly Payment Date pursuant to the Indenture have been made, or will be provided for. If any portion or all of the Redemption Price is to be paid from moneys in the Revenue Fund, such payment shall be made only to the extent moneys are available therefor after taking into account amounts necessary to (1) make all payments and transfers required to be made on or prior to the next succeeding Interest Payment Date pursuant to the Indenture, and (2) if such Interest Payment Date is a June 1, payment of one-half of the principal due and payable on the next succeeding December 1. Any such redemption will be applied to each such maturity on a pro-rata basis (or in such other manner as the Corporation may direct). Any such redemption of Series 2015-A Bonds of a maturity that is subject to cumulative mandatory sinking fund redemption is to be credited against Sinking Fund Installments applicable to such maturity as described in the last paragraph under Cumulative Mandatory Sinking Fund Redemption below. Preliminary, subject to change 8

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

$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

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

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

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

LIMITED OFFERING MEMORANDUM

LIMITED OFFERING MEMORANDUM NEW ISSUE BOOK ENTRY ONLY NOT RATED LIMITED OFFERING MEMORANDUM In the opinion of Bond Counsel, assuming compliance with certain covenants of the City and Patriot Charter School, interest on the Series

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

$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

$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

$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

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

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

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

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

More information

$62,900,000 COUNTY OF CHRISTIAN, KENTUCKY Hospital Revenue Bonds, Series 2016 (Jennie Stuart Medical Center)

$62,900,000 COUNTY OF CHRISTIAN, KENTUCKY Hospital Revenue Bonds, Series 2016 (Jennie Stuart Medical Center) New Issue - - Book-Entry Only Ratings: S&P: BB+ Fitch: BBBSee RATINGS herein In the opinion of Wyatt, Tarrant & Combs LLP, Louisville, Kentucky, Bond Counsel, based on existing statutes, regulations, rulings

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

$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

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

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

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

$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

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

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

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

$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

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

$19,905,000 PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES OF 2016B (MAST II CHARTER SCHOOL PROJECT)

$19,905,000 PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES OF 2016B (MAST II CHARTER SCHOOL PROJECT) NEW ISSUE - BOOK-ENTRY ONLY NOT RATED In the opinion of the Bond Counsel, under existing laws, regulations and judicial decisions, interest on the 2016B Bonds (including any original issue discount properly

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

$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

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

$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

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

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

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

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. $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

$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

Chase Issuance Trust. Chase Bank USA, National Association

Chase Issuance Trust. Chase Bank USA, National Association Prospectus dated August 8, 2011 Chase Issuance Trust Issuing Entity Chase Bank USA, National Association Sponsor, Depositor, Originator, Administrator and Servicer The issuing entity You should consider

More information

OFFICIAL NOTICE OF SALE

OFFICIAL NOTICE OF SALE OFFICIAL NOTICE OF SALE $3,500,000 REUNION RANCH WATER CONTROL AND IMPROVEMENT DISTRICT (A Political Subdivision of the State of Texas Located in Hays County, Texas) UNLIMITED TAX BONDS, SERIES 2015 Selling

More information

$20,860,000 PUBLIC FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS (WHPC SOUTHERN BOND POOL I) SERIES 2014

$20,860,000 PUBLIC FINANCE AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS (WHPC SOUTHERN BOND POOL I) SERIES 2014 New Issue S&P: A-1+ (See RATING herein) In the opinion of Jones Walker LLP, Cincinnati, Ohio, Bond Counsel to the Issuer (as defined below), under existing laws, regulations, rulings and judicial decisions

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

$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

Florida Hurricane Catastrophe Fund Finance Corporation $2,000,000,000 Revenue Bonds, Series 2013A

Florida Hurricane Catastrophe Fund Finance Corporation $2,000,000,000 Revenue Bonds, Series 2013A NEW ISSUE BOOK ENTRY ONLY RATINGS: Moodyʹs: ʺAa3ʺ S & P: ʺAA ʺ Fitch: ʺAAʺ See ʺRATINGSʺ herein In the opinion of Nabors, Giblin & Nickerson, P.A., Bond Counsel, interest on the 2013A Bonds is not excluded

More information

$15,355,000 CITY OF VENICE, FLORIDA UTILITY SYSTEM REVENUE BONDS, SERIES 2015 (Green Bonds)

$15,355,000 CITY OF VENICE, FLORIDA UTILITY SYSTEM REVENUE BONDS, SERIES 2015 (Green Bonds) NEW ISSUE BOOK-ENTRY ONLY RATINGS: Standard & Poor s: AA (Stable Outlook) Moody s: Aa2 Fitch: AA (Stable Outlook) In the opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel, under

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

Puerto Rico Sales Tax Financing Corporation $737,046,992.35 Sales Tax Revenue Bonds, Series 2008A

Puerto Rico Sales Tax Financing Corporation $737,046,992.35 Sales Tax Revenue Bonds, Series 2008A NEW ISSUE BOOK-ENTRY ONLY See BOOK-ENTRY ONLY SYSTEM In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Corporation, under the provisions of the Acts of Congress now in force, and under

More information

ARCH CAPITAL ADVISORS

ARCH CAPITAL ADVISORS ARCH CAPITAL ADVISORS TERM SHEET Mezzanine Debt This term sheet does not constitute an offer and is solely for discussion purposes. This term sheet shall not be construed as creating any obligations on

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

STATE OF WEST VIRGINIA HIGHER EDUCATION POLICY COMMISSION

STATE OF WEST VIRGINIA HIGHER EDUCATION POLICY COMMISSION STATE OF WEST VIRGINIA HIGHER EDUCATION POLICY COMMISSION REVENUE REFUNDING BONDS (HIGHER EDUCATION FACILITIES), COMBINED SPECIAL-PURPOSE FINANCIAL STATEMENTS - MODIFIED CASH Years Ended CliftonLarsonAllen

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

$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

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

$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

KEYBANC CAPITAL MARKETS, INC.

KEYBANC CAPITAL MARKETS, INC. NEW ISSUE BOOK-ENTRY ONLY RATINGS: Standard & Poor s: AAA Moody s: Aaa See Ratings herein In the opinion of Squire Patton Boggs (US) LLP, Bond Counsel, under existing law (i) assuming continuing compliance

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

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

COMCAST CORP FORM 8-A12B. (Securities Registration (section 12(b))) Filed 05/04/06

COMCAST CORP FORM 8-A12B. (Securities Registration (section 12(b))) Filed 05/04/06 COMCAST CORP FORM 8-A12B (Securities Registration (section 12(b))) Filed 05/04/06 CIK 0001166691 Symbol CMCSA SIC Code 4841 - Cable and Other Pay Television Services Industry Broadcasting & Cable TV Sector

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

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

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

$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

SPEER FINANCIAL, INC. INDEPENDENT MUNICIPAL ADVISORS

SPEER FINANCIAL, INC. INDEPENDENT MUNICIPAL ADVISORS INDEPENDENT MUNICIPAL ADVISORS TO: FROM: RE: Purchasers of General Obligation Bonds David F. Phillips, Speer Financial Inc. Chicago Ridge Park District, DATE: October 16, 2015 Bid Packet The enclosed materials

More information

$171,015,000* THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK REFUNDING BONDS, SERIES 2016A (Indianapolis Airport Authority Project)

$171,015,000* THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK REFUNDING BONDS, SERIES 2016A (Indianapolis Airport Authority Project) 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

$750,000,000 CITY OF ATLANTA, GEORGIA WATER AND WASTEWATER REVENUE BONDS, SERIES 2009A

$750,000,000 CITY OF ATLANTA, GEORGIA WATER AND WASTEWATER REVENUE BONDS, SERIES 2009A NEW ISSUE BOOK-ENTRY ONLY RATINGS: See "RATINGS" herein In the opinion of Co Bond Counsel, under existing law, interest on the Series 2009A Bonds (a) is excluded from gross income for federal income tax

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

$4,050,000 CITY OF RIVERSIDE RIVERSIDE AUTO CENTER ASSESSMENT DISTRICT LIMITED OBLIGATION REFUNDING IMPROVEMENT BONDS SERIES 2012

$4,050,000 CITY OF RIVERSIDE RIVERSIDE AUTO CENTER ASSESSMENT DISTRICT LIMITED OBLIGATION REFUNDING IMPROVEMENT BONDS SERIES 2012 NEW ISSUE - BOOK ENTRY ONLY NOT RATED In the opinion of Best Best & Krieger LLP, Riverside, California, Bond Counsel, subject to certain qualifications described herein, under existing laws, regulations,

More information

CITIZENS PROPERTY INSURANCE CORPORATION PERSONAL LINES ACCOUNT/COMMERCIAL LINES ACCOUNT SENIOR SECURED BONDS

CITIZENS PROPERTY INSURANCE CORPORATION PERSONAL LINES ACCOUNT/COMMERCIAL LINES ACCOUNT SENIOR SECURED BONDS NEW ISSUE BOOK-ENTRY ONLY RATINGS: See RATINGS herein Series 2012A-1 and 2012A-3 Bonds: S&P: A+, Moody s: A2, Fitch: A+ Series 2012A-2 Bonds: S&P: SP-1+, Moody s: MIG 1, Fitch: F1+ In the opinion of Squire

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

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

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

M E M O R A N D U M EUGENE WATER & ELECTRIC BOARD

M E M O R A N D U M EUGENE WATER & ELECTRIC BOARD M E M O R A N D U M EUGENE WATER & ELECTRIC BOARD TO: Commissioners Mital, Simpson, Helgeson, Manning and Brown FROM: Sue Fahey, Finance Manager; Susan Eicher, Accounting & Treasury Supervisor DATE: August

More information

PRELIMINARY OFFICIAL STATEMENT DATED JULY 22, 2013

PRELIMINARY OFFICIAL STATEMENT DATED JULY 22, 2013 This Preliminary Official Statement and any information contained herein are subject to completion and amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to

More information

OFFICIAL NOTICE OF SALE

OFFICIAL NOTICE OF SALE OFFICIAL NOTICE OF SALE $273,795,000 METROPOLITAN ATLANTA RAPID TRANSIT AUTHORITY (GEORGIA) Sales Tax Revenue Bonds (Third Indenture Series) Refunding and New Money Series 2014A NOTICE IS HEREBY GIVEN

More information

Chase Issuance Trust

Chase Issuance Trust The information in this prospectus is not complete and may be changed. This prospectus is not an offer to sell these securities and we are not seeking an offer to buy these securities in any state where

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

$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

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

CHAPTER 102. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

CHAPTER 102. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: CHAPTER 102 AN ACT authorizing the financing of the cost of State capital construction projects, including stem cell research facilities, life sciences research facilities and biomedical research facilities,

More information

$16,750,000 CASTAIC LAKE WATER AGENCY REFUNDING REVENUE BONDS, SERIES 2014A

$16,750,000 CASTAIC LAKE WATER AGENCY REFUNDING REVENUE BONDS, SERIES 2014A NEW ISSUE BOOK-ENTRY ONLY RATINGS: S&P: AAFITCH: AA- In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Bond Counsel, under existing statutes, regulations, rulings and judicial

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

$139,105,000 Intermediate Lien Revenue Refunding Bonds, Series 2013 (AMT)

$139,105,000 Intermediate Lien Revenue Refunding Bonds, Series 2013 (AMT) RATINGS: Moody s: A1 S&P: A+ Fitch: A+ BOOK-ENTRY ONLY NEW ISSUE In the opinion of K&L Gates LLP, Bond Counsel, assuming compliance with certain covenants of the Port, interest on the Series 2013 Bonds

More information

[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010

[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010 [LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN November 1, 2010 Rogers Communications Inc. Dividend Reinvestment Plan Table of Contents SUMMARY... 3 DEFINITIONS... 4 ELIGIBILITY... 6 ENROLLMENT...

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

$7,500,000* BOARD OF REGENTS OF OKLAHOMA CITY COMMUNITY COLLEGE (Oklahoma City, Oklahoma) STUDENT FACILITY REVENUE BONDS, REFUNDING SERIES 2006

$7,500,000* BOARD OF REGENTS OF OKLAHOMA CITY COMMUNITY COLLEGE (Oklahoma City, Oklahoma) STUDENT FACILITY REVENUE BONDS, REFUNDING SERIES 2006 PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 9, 2005 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor

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

ILLINOIS FINANCE AUTHORITY

ILLINOIS FINANCE AUTHORITY NEW ISSUE BOOK-ENTRY ONLY RATING: SEE RATING HEREIN In the opinion of Kutak Rock LLP, under existing laws, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations

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

ING Groep N.V. 7.20% ING Perpetual Debt Securities

ING Groep N.V. 7.20% ING Perpetual Debt Securities PROSPECTUS SUPPLEMENT (To prospectus dated July 1, 2002) $1,000,000,000 ING Groep N.V. 7.20% ING Perpetual Debt Securities We are issuing $1,000,000,000 aggregate principal amount of 7.20% ING Perpetual

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

COUNTY OF ERIE, NEW YORK $89,560,000 REVENUE ANTICIPATION NOTES, 2015 (THE NOTES )

COUNTY OF ERIE, NEW YORK $89,560,000 REVENUE ANTICIPATION NOTES, 2015 (THE NOTES ) NEW ISSUE - Book-Entry-Only RATING: (See Rating herein) In the opinion of Barclay Damon, LLP, Bond Counsel to the County, under existing statutes and court decisions and assuming continuing compliance

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

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

CYPRESS-FAIRBANKS INDEPENDENT SCHOOL DISTRICT (A political subdivision of the State of Texas located in Harris County, Texas)

CYPRESS-FAIRBANKS INDEPENDENT SCHOOL DISTRICT (A political subdivision of the State of Texas located in Harris County, Texas) OFFICIAL STATEMENT Dated November 10, 2015 NEW ISSUES - Book-Entry-Only Ratings: Moody s: Aaa S&P: AAA (See OTHER INFORMATION - Ratings and THE PERMANENT SCHOOL FUND GUARANTEE PROGRAM herein) In the opinion

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

Puerto Rico Infrastructure Finance Authority Petroleum Tax Revenue Financing Summary of Indicative Terms and Conditions February 18, 2015

Puerto Rico Infrastructure Finance Authority Petroleum Tax Revenue Financing Summary of Indicative Terms and Conditions February 18, 2015 Summary of Indicative Terms and Conditions This Summary of Indicative Terms and Conditions (the Summary ) is an outline only and does not purport to summarize all of the conditions, terms, covenants, representations,

More information

Section I. Introduction

Section I. Introduction Section I. Introduction Purpose and Overview In its publication entitled Best Practice Debt Management Policy, the Government Finance Officers Association (GFOA) states that Debt management policies are

More information

REGIONAL TRANSPORTATION DISTRICT. (Colorado) Seventeenth Supplemental Sales Tax Revenue Bond Resolution. (Resolution No.

REGIONAL TRANSPORTATION DISTRICT. (Colorado) Seventeenth Supplemental Sales Tax Revenue Bond Resolution. (Resolution No. REGIONAL TRANSPORTATION DISTRICT (Colorado) Seventeenth Supplemental Sales Tax Revenue Bond Resolution (Resolution No., Series of 2013) This Seventeenth Supplemental Sales Tax Revenue Bond Resolution is

More information