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  • NEW ISSUE/BOOK-ENTRY RATINGS: 2016C Infrastructure Revenue Bonds: Aaa (Moody’s), AAA (S&P) 2016C Moral Obligation Bonds: Aa2 (Moody’s), AA (S&P)

    (See “Ratings” herein) In the opinion of Bond Counsel, under current law and subject to the conditions described in “TAX MATTERS” herein, interest on the

    2016C Bonds (a) is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) is not treated as a preference item in calculating the alternative minimum tax imposed under the Code on individuals and corporations. However, interest on the 2016C Bonds must be included in the calculation of a corporation’s federal alternative minimum tax. Bond Counsel is further of the opinion that interest on the 2016C Bonds is exempt from income taxation by the Commonwealth of Virginia (the “Commonwealth”). See “TAX MATTERS” herein regarding certain other tax considerations.

    $212,915,000 Infrastructure and State Moral Obligation Revenue Bonds

    (Virginia Pooled Financing Program) Series 2016C consisting of

    $146,095,000 Infrastructure Revenue Bonds

    $66,820,000 State Moral Obligation Revenue Bonds

    Dated: Date of Delivery Due: November 1, as shown on the inside cover page This Official Statement has been prepared by the Virginia Resources Authority (“VRA”) to provide information on the above-

    referenced bonds (collectively, the “2016C Bonds”). Selected information is presented on this cover page for the convenience of the user. To make an informed decision regarding the 2016C Bonds, a prospective investor should read this Official Statement in its entirety. Unless otherwise defined, all capitalized terms used on this cover page have the meanings assigned to them herein. Security The 2016C Bonds are limited obligations of VRA, payable from (a) the payments under the Local Obligations,

    (b) the amounts held in certain funds and accounts and (c) the earnings, if any, derived from the investment of such funds and accounts, all as more fully described herein. The pledge and grant of payments under the Local Obligations securing the 2016C Moral Obligation Bonds is in all respects junior and subordinate to the pledge and grant securing the 2016C Infrastructure Revenue Bonds. Neither the Commonwealth nor any political subdivision thereof, including VRA, will be obligated to pay the principal of, premium, if any, or interest on the 2016C Bonds or other costs incident thereto except from the revenues, money or property of VRA pledged for such purpose. Neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the 2016C Bonds. VRA has no taxing power.

    Purpose The net 2016C Bond proceeds will be used to purchase or acquire the 2016C Local Obligations issued by the 2016C Local Governments to finance or refinance Qualified Projects.

    Issued Pursuant to

    Master Indenture of Trust dated as of December 1, 2003, as previously supplemented and amended and as further supplemented by a Thirty-Seventh Supplemental Series Indenture of Trust dated as of November 1, 2016, between VRA and U.S. Bank National Association, as successor trustee.

    Interest Rates/Yields See inside cover pages. Redemption See inside cover pages. Interest Payment Dates May 1 and November 1, commencing May 1, 2017. Interest Computation 360-day year comprised of 12 months of 30 days each. Denomination $5,000 or integral multiples thereof. Regular Record Date The 15th day of the month preceding each payment date. Registration Book-entry only through the facilities of The Depository Trust Company. Trustee U.S. Bank National Association, Richmond, Virginia. Bond Counsel McGuireWoods LLP, Richmond, Virginia. General Counsel Stephanie L. Hamlett, Esquire. Underwriters’ Counsel Troutman Sanders LLP, Richmond, Virginia Financial Advisor Davenport & Company LLC, Richmond, Virginia. Conditions Affecting Issuance

    The 2016C Bonds are offered when, as and if issued, subject to, among other conditions, the approving legal opinion of McGuireWoods LLP, Bond Counsel.

    Closing/Delivery Date On or about November 16, 2016. Underwriters for 2016C Infrastructure Revenue Bonds:

    Raymond James RBC Capital Markets

    BofA Merrill Lynch

    Siebert Cisneros Shank & Co., L.L.C.

    Wells Fargo Securities

    Dated: November 2, 2016

  • (i)

    VIRGINIA RESOURCES AUTHORITY

    $146,095,000 Infrastructure Revenue Bonds (Virginia Pooled Financing Program), Series 2016C

    (Base CUSIP: 92818M)

    Maturity November 1

    Principal Amount

    Interest Rate

    Yield

    Price

    CUSIP Suffix

    2017 $1,190,000 2.000% 0.720% 101.220% AA8 2018 1,450,000 5.000 0.880 107.981 AB6 2019 1,545,000 5.000 1.000 111.630 AC4 2020 1,765,000 4.000 1.110 111.161 AD2 2021 2,575,000 5.000 1.210 118.185 AE0 2022 2,915,000 5.000 1.320 121.019 AF7 2023 3,925,000 5.000 1.460 123.341 AG5 2024 4,095,000 5.000 1.610 125.226 AH3 2025 4,140,000 5.000 1.750 126.838 AJ9 2026 5,040,000 5.000 1.830 128.737 AK6 2027 5,485,000 5.000 1.960 127.379* AL4 2028 6,130,000 5.000 2.070 126.243* AM2 2029 165,000 3.000 2.480 104.562* BX7 2029 5,620,000 5.000 2.180 125.119* AN0 2030 5,710,000 5.000 2.240 124.511* AP5 2031 50,000 4.000 2.560 112.586* AQ3 2031 5,900,000 5.000 2.310 123.806* BY5 2032 6,225,000 4.000 2.700 111.284* AR1 2033 6,600,000 4.000 2.790 110.456* AS9 2034 7,205,000 4.000 2.840 109.999* AT7 2035 7,525,000 4.000 2.880 109.635* AU4 2036 8,410,000 4.000 2.910 109.363* AV2 2037 8,950,000 4.000 2.940 109.092* AY6 2038 10,910,000 3.250 3.350 98.453 AZ3

    $26,290,000 4.000% 2016C Infrastructure Revenue Term Bonds due November 1, 2041,

    Priced at 108.104%* to Yield 3.050% CUSIP Suffix AW0**

    $6,280,000 4.000% 2016C Infrastructure Revenue Term Bonds due November 1, 2046, Priced at 107.570%* to Yield 3.110% CUSIP Suffix AX8**

     Priced to November 1, 2026 call date.  See the paragraph titled “Use of CUSIP Numbers in this Official Statement” in Section One - Summary of the 2016C Bonds and the Virginia Pooled Financing Program, regarding the use of CUSIP numbers in this Official Statement.

  • (ii)

    VIRGINIA RESOURCES AUTHORITY

    $66,820,000 State Moral Obligation Revenue Bonds (Virginia Pooled Financing Program), Series 2016C

    (Base CUSIP: 92818M)

    Maturity November 1

    Principal Amount

    Interest Rate

    Yield

    Price

    CUSIP Suffix

    2017 $545,000 2.000% 0.800% 101.143% BA7 2018 685,000 3.000 0.950 103.967 BB5 2019 725,000 4.000 1.070 108.509 BC3 2020 870,000 5.000 1.190 114.688 BD1 2021 1,215,000 5.000 1.340 117.500 BE9 2022 1,365,000 5.000 1.430 120.320 BF6 2023 1,855,000 5.000 1.570 122.525 BG4 2024 1,955,000 5.000 1.710 124.381 BH2 2025 1,980,000 5.000 1.840 125.987 BJ8 2026 1,835,000 5.000 1.940 127.587 BK5 2027 2,010,000 5.000 2.040 126.552* BL3 2028 2,285,000 5.000 2.140 125.527* BM1 2029 2,785,000 5.000 2.230 124.613* BN9 2030 2,725,000 5.000 2.290 124.007* BP4 2031 2,805,000 5.000 2.360 123.306* BQ2 2032 2,940,000 4.000 2.680 111.469* BR0 2033 2,315,000 4.000 2.790 110.456* BS8 2034 3,400,000 4.000 2.890 109.544* BT6 2035 3,545,000 4.000 2.930 109.182* BU3 2036 3,945,000 4.000 2.960 108.912* BV1

    $25,035,000 3.250% Moral Obligation Term Bonds due November 1, 2046,

    Priced at 98.000% to Yield 3.356% CUSIP Suffix BW9**

     Priced to November 1, 2026 call date.  See the paragraph titled “Use of CUSIP Numbers in this Official Statement” in Section One - Summary of the 2016C Bonds and the Virginia Pooled Financing Program, regarding the use of CUSIP numbers in this Official Statement.

  • (iii)

    Redemption Provisions

    Optional Redemption of 2016C Bonds. The 2016C Bonds maturing on or after November 1, 2027 may be redeemed prior to their respective maturities, at the option of VRA, from any moneys that may be made available for such purpose, either in whole or in part (in $5,000 increments), on any date and in such order as VRA may determine on and after November 1, 2026, at a redemption price equal to 100% of the principal amount of such 2016C Bonds to be redeemed together with the unpaid interest accrued thereon to the date fixed for redemption.

    Mandatory Sinking Fund Redemption for the 2016C Infrastructure Revenue Bonds. The 2016C Infrastructure Revenue Bonds maturing on November 1, 2041 are subject to mandatory sinking fund redemption in part, on November 1 in the years and in the amounts set forth below, at a redemption price equal to 100% of the principal amount of such 2016C Infrastructure Revenue Bonds to be redeemed plus the unpaid interest accrued thereon to the date fixed for redemption, all in the manner provided in the Indenture:

    Year Amount

    2039 $10,685,000 2040 12,290,000 2041 (final maturity) 3,315,000

    The 2016C Infrastructure Revenue Bonds maturing on November 1, 2046 are subject to

    mandatory sinking fund redemption in part, on November 1 in the years and in the amounts set forth below at a redemption price equal to 100% of the principal amount of such 2016C Infrastructure Revenue Bonds to be redeemed plus the unpaid interest accrued thereon to th