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$54,435,000
District of Columbia
(Washington, D.C.)
$23,935,000
Deed Tax Revenue Bonds
Series 2010A |
$27,040,000
Deed Tax Revenue Bonds
Series 2010B |
$3,460,000
Taxable Deed Tax Revenue Bonds
Series 2010C |
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Overview
| Preliminary Official Statement: |
Click here to view |
| Final Official Statement: |
Not available as of yet. Scheduled to be available shortly after the bond sale (see below for the expected sale date) |
| Participating Brokerage Firm: |
Senior Manager Co-Senior Manager
M.R. Beal & Company Rice Financial Products Company
(800) 451-9702 (888) 740-7423
Co-Manager Co-Manager
Cabrera Capital Markets Prager, Sealy & Co. LLC
(800) 291-2388 (800) 336-4020
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| Estimated Aggregate Amount: |
$54,435,000 (bonds may be purchased in denominations of $5,000 and integral multiples thereof) |
| Use of Bond Proceeds: |
(i) Finance a portion of the District’s New Communities Initiative to provide housing infrastructure, with a special focus on public housing, for neighborhoods where crime, unemployment, and truancy converge to create intractable physical and social conditions, (ii) fund a portion of the debt service reserve account requirement, and (iii) pay certain costs of issuance of the bonds |
| Source of Repayment and Security: |
That portion of the District’s Allocated Fund Deposit that is required to be deposited with the trustee for the bonds (see below for more information). Currently, the Allocated Fund Deposit is 15% of the District’s real property transfer tax collections and deed recordation tax collections. |
| Expected Structure: |
Fixed rate bonds
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| Principal Payment (Maturity) Date: |
Dates of maturity for each Series of bonds will be determined on the sale date |
| Interest Payment Dates: |
Each June 1 and December 1, commencing December 1, 2010 |
| Interest Rates: |
A fixed rate of interest for each maturity of the bonds will be determined on the sale date |
| Expected Ratings: |
A1/A (Moody's/Fitch). See “RATINGS” in the preliminary official statement or the final official statement, as applicable |
| Expected Redemption Terms: |
The Series 2010C bonds are not subject to redemption prior to maturity
Optional Redemption of Series 2010A bonds and Series 2010B bonds: The
Series 2010A bonds and the Series 2010B bonds maturing on or after June 1, 2021 are subject to redemption prior to maturity, in whole or in part, on any date on and after June 1, 2020, at the option of the District, at a redemption price of 100% of the principal amount thereof plus accrued interest, if any, to the redemption date
Mandatory Redemption of Series 2010A bonds and Series 2010B bonds: To be determined upon the sale of the bonds
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| Insurance: |
To be determined |
| Tax Status: |
Under existing law, (i) the interest on the Series 2010A bonds and the
Series 2010B bonds is excluded from gross income for federal income tax purposes, except interest on any
Series 2010B bond for any period during which it is held by a “substantial user” or a “related person,” as those terms are used in Section 147(a) of the Internal Revenue Code of 1986, as amended, (ii) interest on the
Series 2010C bonds will not be excluded from gross income for purposes of federal income taxation, and (iii) the bonds and the interest thereon are exempt from District taxation, except estate, inheritance and gift taxes |
Summary of Source of Repayment and Security
The principal of and interest on the bonds are payable from and secured by that portion of the District’s Allocated Fund Deposit that is required to be deposited with the trustee for the bonds, as described more fully in the preliminary or final official statement, as applicable, for the bonds. Currently, the Allocated Fund Deposit is 15% of the District’s real property transfer tax collections and deed recordation tax collections.
Investors should note that the bonds are special obligations of the District. The bonds are without recourse to the District, are not a pledge of, and do not involve the faith and credit or the taxing power of the District (other than that portion of the District’s real property transfer tax collections and deed recordation tax collections that is required to be deposited with the trustee for the bonds, as described more fully in the preliminary or final official statement, as applicable) and do not constitute a debt of the District.
Expected Schedule
| Investor Presentation: |
July 28, 2010 (click here to view) |
| Sale Date: |
August 10, 2010 |
| Expected Date of Delivery (Closing): |
August 24, 2010 |
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