Department of Finance
CITY OF CHICAGO
February 22, 2018
Andrea M. Valencia City Clerk
121 N. LaSalle St., Room 107 Chicago, IL 60602
Re: Sales Tax Securitization Corporation
Sales Tax Securitization Bonds, Series 2018
Dear Ms. Valencia:
Attached is the Notification of Sale which is required to be filed with your office pursuant to Section 5(j) and Section 6(a) of the Ordinance Establishing the Sales Tax Securitization Corporation and Providing for Certain related Matters of the City Council of the City, approved by the City Council of the City of Chicago on October 11, 2017.
Please direct this filing to the City Council.
Very truly yours,
Cardie L. Brown Chief Financial Officer
121 NORTH LASALLE STREET, ROOM 107A, CHICAGO, ILLINOIS 60602-1288
Doc. No. 25
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NOTIFICATION OF SALE
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City Council of the City of Chicago o'J.,' 1X5
Office of the City Clerk Ri^|910|121 N. LaSalle St., Room 107 ^ =£
Chicago, IL 60602 ' ™ ^
Pursuant to Section 5(j) and Section 6(a) of the Ordinance Establishing the Sales Tax Securitization Corporation and Providing for Certain related Matters of the City Council of the City (the "Ordinance"), approved by the City Council of the City of Chicago on October 11, 2017, authorizing the issuance by the Sales Tax Securitization Corporation (the "Corporation") of $376,305,000 aggregate principal amount of Sales Tax Securitization Bonds, Series 2018A, and $303,975,000 aggregate principal amount of Sales Tax Securitization Bonds, Taxable Series 2018B (together, the "Series 2018 Bonds"), I am filing with you this notification of sale and providing additional information regarding the Series 2018 Bonds. (Unless otherwise defined, capitalized terms are used as defined in the Ordinance.)
The attached Exhibits excerpted from the Offering Circular relating to the Series 2018 Bonds describe the following information:
(i) Exhibit 1 describes the series designation, the aggregate principal amount and maturity schedule for the Series 2018 Bonds, the interest rates on the Series 2018 Bonds and whether such interest is tax-exempt or taxable;
(iii) Exhibit 2 describes the authorized denominations and redemption provisions for the Scries 2018 Bonds;
Exhibit 3 describes the specific maturities, series and amounts of the City bonds (the ("Refunded Obligations'*) to be refunded with proceeds of the Series 2018 Bonds and the date on and price at which the Refunded Obligations shall be redeemed ( if such redemption shall occur prior to stated maturity or pursuant to mandatory sinking fund redemption):
Exhibit 4 describes the identity of the underwriters for the Series 2018 Bonds; and
Exhibit 5 describes the purposes for the Series 2018 Bonds were issued.
In addition, the following information is provided pursuant to Section 5(j) of the Ordinance:
(i) The disposition of the revenues pledged and/or the taxes levied or imposed for - payment of the Refunded Obligations for the years following the date of issuance of the Series 2018 Bonds is as follows: the City will partially abate the levy of property taxes for levy years
4Si:-5.iW-7'):5 I
and following in order to reflect payment of the Refunded Obligations with the proceeds of the Series 2018 Bonds;
None of the Series 2018 Bonds were insured by a bond insurance company;
The Bank of New York Mellon Trust Company. N. A. is the trustee for the Series
Bonds;
Aggregate underwriter compensation paid in connection with the sale of the Series 2018 Bonds was $3,923,667.65; and
In connection with the refunding of the Refunded Obligations, The Bank of New York Mellon Trust Company, N.A., the Amalgamated Bank of Chicago, U.S. Bank, National Association and ZB, National Association, d/b/a Zions Bank were named escrow trustees.
In addition, the following information is provided pursuant to Section 6(a) of the Ordinance:
(i) With respect to each series of Series 2018 Bonds, the Sales Tax Revenues for the most recently completed fiscal year are at least 150 percent of the aggregate maximum annual debt service for such series of Series 2018 Bonds plus all other Sales Tax Obligations previously issued and outstanding upon issuance of such series of Sales Tax Obligations.
¦i.si:-p.'')s-7'i.^ i
IN WITNESS WHEREOF, I have set my hand this 22nd day of February 2018.
CITY OF CHICAGO
Name: Carole L. Brown Title: Chief Financial Officer
EXHIBIT 1
MATURITY SCHEDULE
$376,305,000 Sales Tax Securitization Bonds, Series 20ISA ( "f#_X " C-X P SI61,635,000 Series 2018A Serial Bonds
Maturity (01/01)
2031 2032 2033 2034 2035 2036 2037 2038
Principal Anion nt
$I6,920,(KI0 17,770,000 18,655,000 19,590,000 20,575,000 21,605,000 22,690,000 23,830,000
Interest Rate
5 00% 5.00% 5 00% 5.00% 5.00% 5.00% 5.00% 5.00%
Yield c
2.87% 2.96% 3.02% 3.06% 3.09% 3.12% 3.15% 3.18%
CUSIPt No.
79467BBB0
79467BBC8
79467BISD6
79467BBE4
79467BBF1
79467BBG9
79467BBH7
79467BB.I3
S36,000,000, 5.00% Series 2018A Term Bonds Due .January 1, 2040, Yield 3.23%f,
CUSH't No. 79467BBK0
$78,670,000, 5.00% Series 20ISA Term Bonds Due January I, 2048, Yield 3.34%c, CUSIPf No. 79467BBM6
$100,000,000, 4.00% Series 2018A Term Bonds Due January 1, 2048, Yield, 3.69%c,
CUSIPf No. 79467BBL8
C-Yield to First Optional Call on January 1, 2028
.$303.975.000 Sales Tax Securitization Bonds. Taxable Series 2018B
5303,975,000, 3.82% Taxable Series 2018B Term Bonds Due January I, 2048. Yield 3.82%,
( liSll'i No. 79467BBN4
* (.'opyiijihl. Amnican Bankeis Association ("'AHA ') ISIP d.n.i heicin aie piovidcd b\ (.USD' i ilnli il So: vces. opciaicd on behalf ol' the
ABA by S&P Global Market Intelligence, a division of SAP t ilohal Inc ThoOlSlP mmibcis listed above i»ie iwing piovidcd solely Ibi die convenience of hokleis of the Scries 2018 Bonds only at the time of issuance ol" the Series 2018 Bonds and :>.ci;!ici '.he (. oipoi.ihon noi the Undenviitcis make .my rcpt escalation with respect to such numbers or undertakes any icsponsiliilily I'm then i-ecuiacy now or at a.iy time in the future flic CUSIP numbci foi a specific maun ily is subject lo being changed aflci the issuance of the Sci ics 2018 Bonds as a result of v:u inns subsequent actions including, but not limited to, a refunding: in whole or in part of such niatiuity or as a icsult of the proem cmcnt of secondary market poi •folio insurance oi other siniiku enhancement by investor that is applicable to all o: a poition of cerium mnuii Hil-s of the Scnes 2ulN K-ukI-.
EXHIBIT 2
THE SERIES 2018 BONDS
The following suinmarv describes certain terms of the Series 20 IS Bonds. This summary does not purport to be complete and is subject to. and qualified in its entirety by reference to. the provisions of the indenture and the Series 20 IS Bonds. Copies of the Indenture may he obtained upon written request to the Trustee.
General
The Series 2018 Bonds will be dated the date of delivery, will mature on January 1, and will bear interest from the dated date until paid or redeemed, payable semiannually on each January 1 and July 1, commencing July 1, 2018. The Series 2018 Bonds will bear interest at the rates per year and will mature in the principal amounts on January I in each year, as set forth on the inside cover page of this Offering Circular. Interest on the Series 2018 Bonds will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Series 201 8 Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiples thereof (each an "Authorized Denomination").
Redemption
Series 2018A Bonds
Optional Redemption
The Series 2018A Bonds arc subject to redemption prior to maturity, at the election or direction of the Corporation, in whole or in part (and, if in part, in an Authorized Denomination) on any date on or after January I. 2028, at a Redemption Price of par plus any accrued interest thereon to the date fixed for redemption.
Mandaloiy Redemption from Sinking Fund Installments
The Series 2018A Bonds (i) maturing on January 1, 2040 and bearing interest at the rate per annum of 5.00%, (ii) maturing on January 1, 2048 and bearing interest at the rate per annum of 5.00%. and (iii) maturing on January I. 2048 and bearing interest at the rate per annum of 4.00% are Term Bonds subject to mandatory redemption from
21
EXHIBIT 2
Sinking Fund Installments at a Redemption Price equal to 100% of the principal amount being redeemed, plus accrued interest, on the dates and in the amounts set forth below:
Series 2018A 5.00% Bonds maturing on January I, 2040
Year Principal
(January I ) Amount
2039 $17,560,000
2040* 18,440,000
'Stated maturity
Series 2018A 5.00% Bonds maturing on January 1, 2048
Year Principal
(January 1) Amount
' 2041 $8,395,000
8,770,000
9,155.000
9,565,000
9,990,000
10,430.000
2047 ¦ 10,895,000
20481 11,470,000
'Stated maturity
Series 2018A 4.00% Bonds maturing on January 1, 2048
Year Principal
(January I) 1 Amount
$ 10.695.000
11,165.000
11.665.000
2044 " 12.1X0.000
12.720.000
13,290.000
13.880.000
20481 14,405.000
'Stated maturity
Select ion of Series 20 ISA Bonds to he Redeemed
If less than all of the Series 20I8A Bonds of a single maturity and tenor are to be redeemed, the particular Series 2018A Bonds of such maturity to be redeemed shall be selected by lot by the Trustee by such method of selection as it shall deem proper in its discretion.
Series 2018B Bonds
Make Whole Optional Redemption of the Series 201SB Bonds
The Series 2018B Bonds are subject to redemption prior to maturity, at the election or direction of the Corporation, on any date, in whole or in part, and if in part from such maturities and interest rates as shall be determined by the-Corporation on any Business Day (as defined below) at a redemption price (the "Make Whole Optional Redemption Price") equal to the greater of: (A) the principal amount of such Series 201813 Bonds to be
EXHIBIT 2
redeemed, or (B) the sum of the present values of the remaining scheduled payments of principal and interest on such Series 20I8B Bonds to be redeemed, not including any portion of those payments of interest accrued and unpaid as of the date such Series 20I8B Bonds are to be redeemed, discounted to the date of redemption of such Series 201SB Bonds to be redeemed on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (defined below) plus 15 basis points plus accrued interest on such Series 2018B Bonds being redeemed to the date fixed for redemption.
The Make Whole Optional Redemption Price of any Series 2018B Bonds to be redeemed will be calculated by an independent accounting firm, investment banking firm or financial advisor (the "Calculation Agent") retained by the Corporation at the Corporation's expense. The Trustee and the Corporation may rely on the Calculation Agent's determination of the Make Whole Optional Redemption Price and will not be liable for such reliance. The Corporation shall confirm and transmit the Make Whole Optional Redemption Price as so calculated on such dates and to such parties as shall be necessary to effectuate such redemption.
The "Treasury Rate" is, as of any redemption date for a Series 2018B Bond, the time-weighted interpolated average yield for a term equal to the Make Whole Period of the yields of the two U.S. Treasury nominal securities at "constant maturity" (as compiled and published in the Federal Reserve Statistical Release 11.15 (519) that is publicly available not less than two (2) Business Days (as defined below) nor more than 30 calendar days prior to the redemption date (excluding inflation indexed securities) (or, if such Statistical Release is no longer published, any publicly available source of similar market data) maturing immediately preceding and succeeding the Make Whole Period. The Treasury Rate will be determined by the Calculation Agent or an independent accounting firm, investment banking firm, or financial advisor retained and compensated by the Corporation as a Corporation Expense.
"Make Whole Period" means the number of years, including any fractional portion thereof, calculated on the basis of a 360-day year consisting of twelve 30-day months, between the redemption date and the remaining weighted average life of each Series 2018B Bond to be redeemed.
"Business Day" for purposes of this section "— Make Whole Optional Redemption of the Series 201 SB Bonds" means any day other than a day on which banks in New York, New York, Chicago, Illinois, or the city in which the Trustee maintains its designated office are required or authorized to close.
Mandatory Redemption from Sinking Fund Installments ofSeries 201 SB Bonds
The Series 2018B Bonds are Term Bonds subject to mandatory redemption from Sinking Fund Installments at a Redemption Price equal to 100% of the principal amount being redeemed, plus accrued interest, on the dates and in the amounts set forth below:
Year (January 1)
2039 2040 2041 2042 2043 2044 2045 2046 2047 2048*
Principal Amount S7.735.000 8.040.000 8,365.000 8,695,000 9,040,000 48,460.000 50.365,000 52.340,000 54.400,000 56.535,000
'Stated maturity
EXHIBIT 2
Selection of Series 21) I SB Bonds to he Redeemed
If less than all of the Series 201 SB Bonds are to be redeemed, the particular Series 20I8B Bonds or portions thereof to be redeemed will be selected on a pro-rata pass-through distribution of principal basis in accordance with DTC procedures, provided that the selection for redemption of such Series 201813 Bonds will be made in accordance with the operational arrangements of DTC then in effect.
It is the Corporation's intent that redemption allocations made by DTC be made on a pro-rata pass-through distribution of principal basis as described above. However, none of the Corporation, the Underwriters or the Trustee can provide any assurance that DTC, DTC's Participants or any other intermediary will allocate the redemption of Series 2018B Bonds on such basis. If the DTC operational arrangements do not allow for the redemption of the Series 2018B Bonds on a pro-rata pass-through distribution of principal basis as discussed above, then the Series 2018B Bonds will be selected for redemption in accordance with DTC procedures, by lot.
Purchase of Series 2018 Bonds to be redeemed from Mandatory Sinking Funds
The Corporation may, at any time subsequent to the first day of any Fiscal Year but in no event less than twenty (20) days prior to the succeeding date on which a Sinking Fund Installment is scheduled to be due, direct the Trustee to purchase, with money on deposit in the Debt Service Fund, at a price not in excess of par plus interest accrued and unpaid to the date of such purchase. Series 2018 Bonds to be redeemed from such Sinking Fund Installment. The principal amount of each Series 2018 Bond so canceled will be credited against the Sinking Fund Installment due on such date.
Notice of Redemption
When Bonds are to be redeemed, the Trustee will give notice of the redemption of the Bonds in the name of the Corporation which notice will specify the Bonds to be redeemed, the maturity dates and interest rates of the Bonds to be redeemed and the date such Bonds were issued; the numbers and other distinguishing marks of the Bonds to be redeemed, including CUSIP numbers; the redemption date; the Redemption Price, if then known; and the principal amount of each Bond to be redeemed. If the Corporation's obligation to redeem the Bonds is subject to conditions, the notice will include a statement to that effect and of the conditions to such redemption. Such notice shall further state that, if on such date all conditions to redemption have been satisfied, there shall become due and payable on such date upon each Bond to be redeemed the Redemption Price thereof, together with interest accrued and unpaid thereon to the redemption date, and that, from and after such date, payment having been made or provided for. interest thereon shall cease to accrue.
The Trustee will give notice by mailing a copy of such notice not less than 20 days (or such shorter period if then permitted by DTC) nor more than 60 days prior to the redemption date by mail, to the registered owners of the Bonds which are to be redeemed, at their last known addresses appearing on the registration books not more than ten Business Days prior to the date such notice is given. The failure of any Holder of a Bond to be redeemed to receive such notice shall not affect the validity of the proceedings for the redemption of the Bonds.
Payment of Redeemed Bonds
Notice having been given by mail in the manner described above, the Bonds or portions thereof so called for redemption will become due and payable on the redemption date so designated at the Redemption Price, plus interest accrued and unpaid to the redemption date, and, upon presentation and surrender of such Bonds, at the office or offices specified in such notice, such Bonds, or portions thereof, shall be.paid at the Redemption Price, plus interest accrued and unpaid to the redemption date. If there is called for redemption less than all of the principal amount of a Bond, the Corporation will execute and the Trustee will authenticate and deliver, upon the surrender of such Bond, without charge to the owner thereof, for the unredeemed balance of the principal amount of the registered Bond so surrendered. Bonds of like Series, maturity and tenor in any of the authorized denominations. If, on the redemption date, money for the redemption of all Bonds or portions thereof of any like Series, maturity and tenor to be redeemed, together with interest accrued and unpaid thereon to the redemption date, shall be held by the Trustee and Paying Agents so as to be available therefor on such date and if notice of redemption shall have been mailed as described above, then, from
24
EXHIBIT 2
and after the redemption date, interest on the Bonds or portions thereof so called for redemption shall cease to accrue and such Bonds shall no longer be considered to be Outstanding under the Indenture. If such money is not available on the redemption date, such Bonds or portions thereof shall continue to bear interest until paid at the same rate as they would have borne had they not been called for redemption.
25
EXHIBIT 3
APPENDIX I) SUMMARY OF REFINANCED OBLIGATIONS
The following is a list of the general obligation bonds issued by the City of Chicago that will be refunded with a portion of the proceeds of the Series 2018 Bonds. The following is subject to change and subject to delivery of the required redemption notices. CUSIP numbers are provided for convenience and no representation is made with respect to the accuracy of such CUSIP number. All of the bonds listed below are the Refinanced Obligations described in "PLAN OF FINANCE".
CUSIP Number
Maturity Date
Interest Rate (%).
• Outstanding'.' Principal •¦IS) " ¦
Principal* Refunded* '¦($)
Redemptions Date
; Redemption i Price (%)
2001A 2001A 2001A 2001A 2001A 2001A 2001A 2001A
167485-J44
167485-J5I
167485-J69
I67485-J77
167485-J85
I67485-J93
I67485-K26
I67485-K34
01/01/23
01/01/24
01/01/25 ¦
01/01/26
01/01/27
01/01/28
01/01/29
01/01/30
5.590 5.600 5.610 5.620 5.650 5.650 5.650 5.650
1,405.000 1.485.000 1,565,000 1,655,000 1,750,000 1,845,000 1,950,000 2,060.000
1.405.000 1.485,000 1.565,000 1.655.000 1.750.000 1.845,000 1,950,000 2.060.000
02/23/18 02/23/18 02/23/48 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18
100 100 100 100 100 100 100 100
2003A<" 2003A'"
I67486-QK8 I67485-3A7
01/01/34 01/01/42
5.000 5.000
9.390,000 1 1.870,000
9,390,000 I 1,870,000
02/23/18 02/23/18
100 100
20030" 2003C(I)
Y32
3 Ml
01/01/28 01/01/35
4.750 5.000
13.695,000 14,975,000
13,695,000 14,975,000
02/23/18 02/23/18
100 100
2004A 2004A 2004A<"
167485-2L4 167485-2M2 167485-2N0
01/01/28 01/01/29 01/01/34
5.000 5.250 5.000
835,000 880,000 40.750,000
835,000 880,000 40.750,000
02/23/18 02/23/18 02/23/18
100 100 100
2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A 2005A
167485-CI35 I67485-CC3 167485-CD1 1674S5-CE9
CT6 16 74 8 6-Y139
YC7 167486-YDS
CK5
YE3
GM1
YF0 I67485-CT4 I67485-CQ2 167485-CR0
01/01/19 01/01/20 01/01/20 01/01/21 01/01 '21 01/01/22 01/01/23 01/01/24 01 /() I /25 01/01/25 01/01/26 01/01/26 01/01/27 01/01/28 01/01/28
5.000 4 000 5.000
000
000 5 000 5 000 5 000 4.250 5.000 4.250 5.000 5.000 4.375 5.000
9,650.000 240,000 25.775.000 290.000 12.150.000 575.000 270.000 325.000 180.000 - 21 0.000 485,000 180.000 3.020.000 1.745.000 1.140.000
9.650.000 240.000 25,775.000 290.000 12.150.000 575.000 270.000 325.000 180.000 210.000 485.000 180.000 3.020.000 1.745.000 1.140.000
02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02.'23-'l8 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
2005B 2005B 2005B 2005 B 2005B 2005 B 2005 B1"
167485-167486-167485-167485-167485-167485-167485-
IIN4 YT0 HU8 IIV6 1IW4 11X2 IIY0
01/01/21 01/01/26 01/01/27 01/01/28 01/01/29 01/01/30 01/01/32
5.000 5.000 5.000 5.000 5.000 5.000 4.750
16,565,000 5.405,000 25.785,000 26,865,000 20.690,000 16.300.000 31,905.000
16.565,000 310.000 465,000 480,000 370,000 290,000
31,905,000
02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18
100 100 100 100 100 100 100
I67485-KN0
2005-IB 2005-IB
I674S5-K.E0 I67485-KX8
01/01/19 01/01/24
4.000 4.250
1,905.000 315.000
1.905,000 315,000
02/23/18 02/23/18
100 100
D-l
EXHIBIT 3
iSeries
2005-2A
.CUSIP iNumber
2005-2B
I67485-KW0
167485-KF7
2005-3 A 1674S5-NG2
2005-3C 2005-3C
2005-313 167485-NQ0
I67485-PB1 I67485-NX5
Maturity: Date '
01/01/21
01/01/22
01/01/21
01/01/23
01/01/21 01/01/23
Interest Rate (%)¦
4.250
4.300
4 400
4.500
4.350 4.400
Outstanding Principal.
. ($)-¦:-
Principal Refunded ¦ ($)
1.387.000 345.000
1.265.000
270.000
515,000 385.000
Redemption • .Date
02/23/18
02/23/18
02/23/18
02/23/18
02/23/18 02/23/18
: Redemption Price - (%)
100
100
100
100
100 100
167485-NF4
2006-1A 2006-1A 2006-1A 2006-1A
2006-IB 2006-IB
167485-PM7 1674S5-PF2 167485-PG0 1674S5-PN5
167485-NLI 167485-PII8
01/01/19 01/01/21 01/01/23 01/01/26
01/01/22 01/01/24
4.125 4.250 4.350 4.400
4.250 4.300
3.295,000 3.625,000 700.000 2.395,000
575,000 7,205,000
3,295,000 3,625,000 700,000 2,395,000
575,000 7.205.000
02/23/18 02/23/18 02/23/18 02/23/18
02/23/18 02/23/18
100 100 100 100
100 100
2006-1C 167485-PU9
167485-PT2 167485-PX3
01/01/23
01/01/22 01/01/23
4.250
4.200 4.250
3.585.000
2.023,000 2.410.000
3.585,000
2.023,000 2,410,000
02/23/18
02/23/1S 02/23/18
100
100 100
2006A 2006A 2006A 2006A 2006A 2006A 2006A 2006A 2006A 2006A 2006A 2006A111 2006A111 2006A"''
2007A 2007A 2007A 200 7A 2007A 2007A 2007A , 2007A 2007A 2007A 2 00 7A 2007A 2007A1" 2007A111 2007A1" 2007A"1.
167485-QX2 167485-QYO
QZ7
ZD4 I67486-ZF.2 167486-ZF9 I67486-ZG7 I67486-ZII5 I67485-RF0 167485-RG8 I674X5-RJ2 I67485-R1I6 I67485-RK9 167485-RL7
1674S5-C25 167485-C33 167485-C41 I67485-C58 167485-C66 167485-C74 167485-C82 167485-C90 167485-D24 167485-D32 167485-D40 167485-D73 167485-D81 167485-D65 1674S5-D57 167485-D99
01/01/20 01/01/21 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25 01/01/26 01/01/27 01/01/28 ()f/01/31 01/01/30 01/01/36 01/01/38
01/01/20 01/01/20 01/01/21 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25 01/01/26 01/01/26 01/01/27 01/01/33 01/01/33 01/01/32 01/01/29 01/01/37
5.000 4.500 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 4 625 4 750 4 750 4.750
000 5.000 4.000 5:000 5.000 5.000
000 5.000 4.250 5.000 5.000 4.500 5.000 5.000 5 000 5.000
25.490,000 13,660.000 22,155.000 1,350,000 1.390,000 1.340,000 850.000 855.000 24.370.000 20.945.000 24,135.000 45.040.000 47.080.000 25.700,000
925.000 945.000 470.000 10.595,000 1 1.610.000 18,700.000 20,170.000 48.590.000 6,395,000 33,145,000 39.225.000 2.580,000 39.760,000 78.000,000 56.930,000 102.375,000
25.490,000 13.660.000 22.155,000 1,350.000 1,390.000 1.340.000 ¦ 850,000 855,000 12.730.000 103)40.000 12.610.000 23.530.000 24.600.000 13,430.000
925.000 945.000 470.000 10.595.000 1 1,610,000 380,000 410,000 985.000 130.000 670.000 795.000 100.000 805.000 1.585,000 1.155.000 2.075.000
02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 ()2'23/1S 02/23/1S 02/23/18 02/23/18 02/23/18
02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/1X 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18
100 100 100 100 100 100 100 100 100 100 100 100 100 100
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
2007C 2007C
167485-Q79 167485-Q87
01/01/19 01/01/20
5.000 5 000
1 1.505.000 8.835.000
1 1.505.000 8.835.000
02/23/18 02/23/18
100 100
EXHIBIT 3
CUSIP Number
Maturity: ; Date
Interest
Rate • '•(%)
Outstanding Principal
Principal Refunded
($) '¦
Redemption .Date
Redemption . - .Price ¦' (%)
2007C 2007C 2007C 2007C 2007C 2007C 2007C 2007C 2007C 2007C 2007C 2007C 2007C
2008A 2008A 200SA 2008A 2008A 2008A 2008A 2008A 2008A 2008A 2008A 2008A 2008A(l) 2008A"-
2008C 2008C 200SC 2008C 2008C 200SC 200SC 2008C11 2008C"1
2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A 2009A
I674S5-Q95 I67485-R29 167485-R37 167485-R45 I67485-R52 167485-R60 167485-R7S 167485-R86 I67485-R94 167485-S2S I67485-S36 1674S5-S44 167485-S51
167485-5F4
I67485-5G2
1674S5-5H0
I67485-5J6
167485-5K.3
I67485-5L1
167485-5M9
167485-5N7
167485-5P2
167485-5Q0
167485-5R8
167485-5 S6
167485-5T4
167485-5UI
167486-167486-167486-167486-167486-167486-167486-167486-167486-
167486-167486-167486-\ 67486-'l 67486-167486-167486-167486-167486-167486-167486-167486-167486-167486-167486-167486-167486-
01/01/21 01/01/22 01/01/23 01/01/24 01/01/24 01/01/25 01/01/26 01/01/27 01/01/28 01/01/29 01/01/30 01/01/31 01/01/32
01/01/19 01/01/20 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25 01/01/26 01/01/27 01/01/28 01/01/33 01/01/33 01/01/37
01/01/23 01/01/24 01/01/25 01/01/26 01/01/27 01/01/28 01/01/29 01/01/34 01/01/40
01/01/21 01/01/21 01/01/22 01/01/22 01/01/23 01/01/23 01/01/24 01/01/25 01/01/25 01/01/26 01/01/26 01/01/27 01/01/27 01/01/28 01/01/29 01/01/30 01/01/30
5.000 5.000 5.000 4.250 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000
5.000 4.000 5.000 5.250 5.250 5.250 5.250 5.250 5.250 5.250 5.250 4.625 5.250 5.250
5.000
5.000
4.600
5.000
5.000
5.000
5.000
5.000
5.000
i l
OOO 5.000 4.000
000 4.000 5.000 5.000 5.000 5.000 5.000 5.000 4.250 5.000 5.000 5.000 4.375 5 000
5.375.0O0 6.800.000 7.295.000 2.395.000 4.165.000 23.240.000 23.435.000 17.585,000 19.295,000 24.520.000 24.780.000 25.630.000 I 1,285.000
11,495.000 6.215,000 18,455.000 22,690.000 23,705.000 23,480,000 22,885.000 25.725,000 12,200,000 12,840:000 13,515,000 5,175,000 55,575.000 50,235,000
10,035.000 19.680.000 13.715.000 14.985.000 16.240.000 I 1.575.000 19.415.000 124.235.000 1 1 1.920.000
3.750.000
S.3 10,000 655.000 12.125.000
2.135.000 14.735.000 21.200,000 15.150.000 18.880,000
5.000,000 56.640.000
1.415,000 63.305.000 67,945.000 71,345.000
2.420,000 12,385.000
5.375.000 6.800.000 7.295,000 2,395,000 4.165,000 460,000 465,000 350,000 380,000 485,000 490,000 510,000 11.285,000
11.495.000 6,215.000 18.455.000 22,690.000 23,705,000 23,480.000 22,885,000 25,725,000 12.200.000 140,000 145,000 5,175,000 595,000 540,000
255,000 495.000 345.000 375,000 410.000 290.000 490,001) 3.120.000 2.815.000
190.000 420.000 125.000 <) 10.000 1 10.000 740.000 1.060.000 760,000 945.000 250.000 2,835.000 125,000 3.170,000 3.400,000 3,570.000 125.000 620.000
S71 2.920,000
02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18
02/23/18 02/23/18 02/23/IS 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18 02/23/18
01/01/19 01/01/19 01/01/19 01/01/19 01/01/19 01/01/19 01/01/19 01/01/19 01/01/19
01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01/01/20 01!() 1 /20 01/01/20 01 /() I /20 01/01/20
100 100 100 100 100 100 100 100 100 100 100 100 100
100 100 100 100 100 100 100 100 100 100 100 100 100 100
100 100 ¦ 100 100 100 100 100 100 100
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
Note 111 Maturity Date shown is the final mandatory redemption date of a Term Bond.
D-3
EXHIBIT 4
$680,280,000
* * ^ !Tp O /p» SALES TAX SECURITIZATION CORPORATION
^ # iS1 JL v5 V-rf Sales Tax Securitization Bonds,
sales tax securitization corporation $376,305,000 Series 2018A
$303,975,000 Taxable Series 2018B
Goldman Sachs & Co. LLC Janney Montgomery Scott
Cabrera Capital Markets, LLC
Blaylock Van, LLC Estrada Ilinojosa
Siebert Cisneros Shank & Co., L.L.C.
.l.lllll.ll-V J l. 2IIIN
EXHIBIT 5
PLAN OF FINANCE
The Series 2018 Bonds are being issued to provide funds for the City to refund certain of the City's outstanding general obligation bonds (the "Refinanced Obligations"). In addition, proceeds of the Series 2018 Bonds will be used to pay costs of issuance of the Series 2018 Bonds. See APPENDIX D — "SUMMARY OF REFINANCED OBLIGATIONS" for a list of the Refinanced Obligations to be refunded with the net proceeds of the Series 2018 Bonds.
27