The Alabama Public Health Care Authority

132 Pages·2015·0.78 MB·English

NEW ISSUE — Book Entry Only Moody’s: Aa2 (stable outlook)
S&P: AA- (stable outlook)
(See “Ratings” herein)
In the opinion of Bond Counsel, interest on the Series 2015 Bonds is, under law existing and in effect as of the date
of the original issuance of the Series 2015 Bonds, (i) excluded from gross income of the holders thereof for purposes of
federal income taxation, subject to the qualifications described herein under the heading “TAX MATTERS”, (ii) not an
item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations;
such interest, however, is includable in the adjusted current earnings in computing the federal alternative minimum
tax imposed on certain corporations and (iii) exempt from present State of Alabama income taxation. See “TAX
MATTERS” herein for further information and certain other federal tax consequences arising with respect to the Series
2015 Bonds.
$55,855,000
THE ALABAMA PUBLIC HEALTH CARE AUTHORITY
LEASE REVENUE BONDS (DEPARTMENT OF PUBLIC HEALTH FACILITIES),
SERIES 2015
Dated: Delivery Date Due: September 1, as shown on the inside cover
The Series 2015 Bonds are limited obligations of the Issuer payable from rental payments to be received by the Issuer
from the alabama Department of Public Health, a department of the State of Alabama (the “Lessee”), pursuant to a Lease
Agreement, dated as of September 1, 2005, as previously amended, and as supplemented by a First Supplement to Lease
Agreement, dated as of March 1, 2015. The Series 2015 Bonds are issued pursuant to a Trust Indenture, dated as of
September 1, 2005, as supplemented by a First Supplemental Trust Indenture, dated as of March 1, 2015 (collectively,
the “Indenture”), between the Issuer and First Commercial Bank, Birmingham, Alabama, as trustee (the “Trustee”). The
Indenture provides for the issuance of Additional Bonds upon compliance with certain conditions contained therein. See
“SOURCE OF PAYMENT AND SECURITY – Additional Bonds” herein.
Interest on the Series 2015 Bonds due on each Interest Payment Date (each March 1 and September 1, beginning
September 1, 2015) will be made by check or draft mailed on such Interest Payment Date to the persons who are registered
Holders of Series 2015 Bonds on the Regular Record Date for such Interest Payment Date. Principal of the Series 2015
Bonds is payable on each September 1, as shown on the inside cover. Payment of principal of (and premium, if any)
the Series 2015 Bonds (and payment of interest on the Series 2015 Bonds due upon redemption on any date other than
an Interest Payment Date) will be made only upon surrender of the Series 2015 Bonds to the Trustee at the Office of the
Trustee.
The Series 2015 Bonds are subject to redemption prior to maturity as more fully described herein.
The Series 2015 Bonds are limited obligations of the Issuer payable solely from the sources described
herein. See “SOURCE OF PAYMENT AND SECURITY — General” herein. The Issuer has no taxing power,
and Holders of the Series 2015 Bonds shall have no right to compel the exercise of any taxing power by any
governmental entity or agency of the State. The Lease Agreement is a year-to-year obligation of the Lessee,
renewable each year at the option of the Lessee.
The Series 2015 Bonds will be issued as fully registered bonds, and when issued, will be registered in the name of
CEDE & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Purchases of beneficial
interests in the Series 2015 Bonds will be made in book-entry form only and purchasers of a beneficial interest in the Series
2015 Bonds (“Beneficial Owners”) will not receive physical delivery of the certificates representing their interests in the
Series 2015 Bonds. The principal of and interest on the Series 2015 Bonds will be paid directly to DTC, so long as DTC or its
nominee is the registered owner of the Series 2015 Bonds. The disbursements of such payments to the Beneficial Owners of
the Series 2015 Bonds will be the responsibility of the DTC Direct Participants and the Indirect Participants, all as defined
and more fully described in this Official Statement under the caption “THE SERIES 2015 BONDS — Book-Entry System.”
FOR MATURITY SCHEDULE, SEE INSIDE COVER
THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY
OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL
TO THE MAKING OF AN INFORMED INVESTMENT DECISION.
The Series 2015 Bonds are offered when, as and if issued, subject to the approving opinion of Balch & Bingham
LLP, Birmingham, Alabama, Bond Counsel. It is expected that the Series 2015 Bonds will be available for delivery
through the facilities of DTC in New York, New York on or about March 12, 2015.
The Frazer Lanier Company
inCorporaTed
ThornTon Farish inC. BenChmark seCuriTies
This Official Statement is dated March 3, 2015.
$55,855,000
THE ALABAMA PUBLIC HEALTH CARE AUTHORITY
LEASE REVENUE BONDS (DEPARTMENT OF PUBLIC HEALTH FACILITIES), SERIES 2015
Series 2015 Serial Bonds

Principal Interest
Maturity Amount Rate Yield CUSIP
2015 $ 320,000 2.000% 0.250% 010606 CE9
2016 690,000 2.000% 0.500% 010606 BG5
2017 705,000 3.000% 0.850% 010606 BH3
2018 725,000 4.000% 1.240% 010606 BJ9
2019 750,000 4.000% 1.500% 010606 BK6
2020 780,000 4.000% 1.730% 010606 BL4
2021 810,000 4.000% 1.950% 010606 BM2
2022 840,000 5.000% 2.200% 010606 BN0
2023 885,000 5.000% 2.360% 010606 BP5
2024 930,000 5.000% 2.510% 010606 BQ3
2025 975,000 5.000% 2.640%c 010606 BR1
2026 1,025,000 5.000% 2.750% c 010606 BS9
2027 1,080,000 5.000% 2.880% c 010606 BT7
2028 1,135,000 5.000% 3.000% c 010606 BU4
2029 1,190,000 5.000% 3.060% c 010606 BV2
2030 1,250,000 5.000% 3.130% c 010606 BW0
2031 1,315,000 3.250% 3.450% 010606 BX8
2032 1,355,000 5.000% 3.250% c 010606 BY6
2033 1,420,000 5.000% 3.310% c 010606 BZ3
2040 3,775,000 5.000% 3.620% c 010606 CF6

Series 2015 Term Bonds
$3,025,000 3.500% Term Bonds due September 1, 2035; Yield: 3.750%; CUSIP: 010606 CB5
$13,790,000 3.750% Term Bonds due September 1, 2039; Yield: 4.000%; CUSIP: 010606 CH2
$17,085,000 5.000% Term Bonds due September 1, 2044; Yield: 3.700% c; CUSIP: 010606 CD1

All bonds priced to produce the yield indicated.
c Priced to March 1, 2025 optional redemption date.
THE ALABAMA PUBLIC HEALTH CARE AUTHORITY
Members of the Board of Directors
Dr. Donald E. Williamson, Chairman
Grover T. Wedgeworth, Secretary/Treasurer
Bill Newton, Acting State Finance Director
Ricky Elliott
Evelyn Finkleu
Lynne Noah
Monique Tucker

_______________
BOND COUNSEL
Balch & Bingham LLP
Birmingham, Alabama
_______________
COUNSEL TO THE ISSUER
Hand Arendall LLC
Birmingham, Alabama
________________
NO DEALER, BROKER, SALESMAN OR OTHER PERSON HAS BEEN AUTHORIZED BY
THE AUTHORITY, THE STATE OF ALABAMA OR THE UNDERWRITERS TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS WITH RESPECT TO THE
AUTHORITY OR ITS SERIES 2015 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 EITHER AN
OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY
SALE OF, THE SERIES 2015 BONDS BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS
UNLAWFUL FOR SUCH PERSON TO MAKE SUCH OFFER, SOLICITATION OR SALE. THE
INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE AUTHORITY, THE
STATE OF ALABAMA AND OTHER SOURCES WHICH ARE BELIEVED TO BE RELIABLE, BUT
SUCH INFORMATION IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS, AND
IS NOT TO BE CONSTRUED AS A REPRESENTATION, BY THE UNDERWRITERS.
THE UNDERWRITERS HAVE PROVIDED THE FOLLOWING SENTENCE FOR
INCLUSION IN THIS OFFICIAL STATEMENT. THE UNDERWRITERS HAVE REVIEWED THE
INFORMATION IN THIS OFFICIAL STATEMENT IN ACCORDANCE WITH, AND AS A PART
OF, ITS RESPONSIBILITIES TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS
APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE
UNDERWRITERS DO NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH
INFORMATION.
The Series 2015 Bonds have not been registered under the Securities Act of 1933, as amended, or
any state securities laws, and neither the Securities and Exchange Commission nor any state regulatory
agency will pass upon the accuracy, completeness or adequacy of this Official Statement.
This Official Statement is not to be construed as a contract or agreement between the Authority
and the purchasers or holders of any of the Series 2015 Bonds.
All quotations from and summaries and explanations of provisions of laws and documents herein
do not purport to be complete, and reference is made to such laws and documents for full and complete
statements of their provisions. Any statements made in this Official Statement involving estimates or
matters of opinion, whether or not expressly so stated, are intended merely as estimates or opinions and
not as representations of fact.
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 an implication that there has been no change in the affairs of the Authority or the
State of Alabama since the date hereof. The delivery of this Official Statement does not imply that the
information contained herein is correct on any date subsequent to the date of this official statement.
IN CONNECTION WITH THE OFFERING OF THE SERIES 2015 BONDS, THE
UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR
MAINTAIN THE MARKET PRICE OF THE SERIES 2015 BONDS AT LEVELS ABOVE THOSE
WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF
COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE AUTHORITY HAS NO
CONTROL OVER THE TRADING OF THE SERIES 2015 BONDS AFTER THEIR SALE BY THE
AUTHORITY.
Information regarding reoffering yields or prices included in this Official Statement is the
responsibility of the Underwriters.
TABLE OF CONTENTS
Page
INTRODUCTION ...........................................................................................................................1
THE SERIES 2015 BONDS ............................................................................................................3
General Description of the Series 2015 Bonds ....................................................................3
Authority for Issuance ..........................................................................................................3
Redemption Provisions ........................................................................................................4
Registration, Transfer and Exchange ...................................................................................6
Book-Entry System ..............................................................................................................7
SOURCE OF PAYMENT AND SECURITY ...............................................................................10
General ...............................................................................................................................10
The Lease ...........................................................................................................................11
Additional Bonds ...............................................................................................................12
THE FINANCING DOCUMENTS ...............................................................................................12
THE FACILITIES .........................................................................................................................12
The Original Facilities and 2005 Facilities ........................................................................12
The 2015 Facilities .............................................................................................................14
THE PLAN OF FINANCING .......................................................................................................14
SOURCES AND USES OF FUNDS .............................................................................................15
THE ISSUER .................................................................................................................................15
THE DEPARTMENT ....................................................................................................................16
TOTAL DEBT SERVICE REQUIREMENTS .............................................................................18
Outstanding Indebtedness of the Issuer .............................................................................18
Schedule of Debt Service Requirements ............................................................................18
RISK FACTORS ...........................................................................................................................20
RISK FACTORS ...........................................................................................................................20
Limitation on Remedies .....................................................................................................20
Economic Conditions .........................................................................................................20
Tax-Exempt Status of the Series 2015 Bonds....................................................................21
Future Legislation Could Affect Tax-Exempt Obligations ...............................................22
Lack of Liquidity for the Series 2015 Bonds .....................................................................22
Ratings ...............................................................................................................................22
SOVEREIGN IMMUNITY ...........................................................................................................23
i
TAX MATTERS ............................................................................................................................23
Federal Tax-Exempt Status of Series 2015 Bonds ............................................................23
Federal Tax Preference Treatment .....................................................................................23
State Tax-Exempt Status ....................................................................................................23
Certain Collateral Federal Tax Consequences ...................................................................24
Information Reporting and Backup ...................................................................................24
Opinions of Bond Counsel .................................................................................................24
Original Issue Discount......................................................................................................25
Original Issue Premium .....................................................................................................25
Other Considerations .........................................................................................................26
No Bank Qualification .......................................................................................................26
LEGAL MATTERS .......................................................................................................................26
LITIGATION .................................................................................................................................26
CONTINUING DISCLOSURE AGREEMENT ...........................................................................27
Description of Agreement ..................................................................................................27
Compliance with Prior Undertakings .................................................................................29
FORWARD-LOOKING STATEMENTS .....................................................................................29
APPENDICES ...............................................................................................................................30
RATINGS ......................................................................................................................................30
UNDERWRITING ........................................................................................................................31
ECONOMIC, DEMOGRAPHIC AND FINANCIAL FACTORS ................................................31
MISCELLANEOUS ......................................................................................................................31

APPENDIX A - Certain Information With Respect to the State of Alabama
APPENDIX B - Definitions
APPENDIX C - Summary of the Financing Documents
APPENDIX D - Proposed Opinion of Bond Counsel
ii
OFFICIAL STATEMENT
Regarding
$55,855,000
THE ALABAMA PUBLIC HEALTH CARE AUTHORITY
LEASE REVENUE BONDS (DEPARTMENT OF PUBLIC HEALTH FACILITIES)
SERIES 2015
INTRODUCTION
This Official Statement is being furnished in connection with the issuance by The
Alabama Public Health Care Authority (the "Issuer") of its Lease Revenue Bonds (Department of
Public Health Facilities), Series 2015 (the "Series 2015 Bonds") in the aggregate principal
amount of $55,855,000. The Issuer is a public corporation organized and existing under the laws
of the State of Alabama (the "State"), including the provisions of Title 22, Chapter 21, Articles
11 and 11A of the Code of Alabama 1975 (the "Enabling Law"). The Series 2015 Bonds will be
issued under a Trust Indenture, dated as of September 1, 2005 (the "Original Indenture") between
the Issuer and First Commercial Bank, as trustee (the "Trustee"), as supplemented by a First
Supplemental Trust Indenture, dated as of March 1, 2015 (the "First Supplemental Indenture"
and together with the Original Indenture herein the "Indenture"), between the Issuer and the
Trustee.
The Issuer has previously issued its Lease Revenue Bonds (Department of Public Health
Facilities), Series 2005 (the "Series 2005 Bonds") in the original aggregate principal amount of
$57,975,000. The Series 2005 Bonds were issued to (i) advance refund certain prior bonds of the
Issuer that financed the acquisition, construction and equipping of certain public health care
facilities in the State (the "Original Facilities") and (ii) finance the acquisition, construction and
equipping of certain public health care facilities in the State (the "2005 Facilities"). The Series
2015 Bonds are being issued to (i) advance refund a portion of the Series 2005 Bonds (the
"Refunded Bonds") and (ii) finance the acquisition, construction and equipping of certain
laboratory facilities, training and office facilities and county health department facilities all
constituting public health care facilities of the Issuer (the "2015 Facilities"). See "THE
FACILITIES" herein. The portion of the Series 2005 Bonds that is not being refunded is herein
referred to as the "Unrefunded Series 2005 Bonds", and, upon the issuance of the Series 2015
Bonds, the Series 2015 Bonds and the Unrefunded Series 2005 Bonds will be the only bonds
outstanding under the Indenture. The Series 2015 Bonds, the Unrefunded Series 2005 Bonds and
any additional parity bonds ("Additional Bonds") subsequently issued under the Indenture are
collectively referred to herein as the "Bonds."
Pursuant to a Lease Agreement, dated as of September 1, 2005 (the "Original Lease
Agreement"), between the Issuer and the State, acting by and through its Department of Public
Health (the "Lessee"), as previously amended to add descriptions of the Project Sites for the
2005 Facilities, and as supplemented by a First Supplement to Lease Agreement, dated as of
March 1, 2015 (the "First Supplement to Lease Agreement" and together with the Original Lease
Agreement, as previously amended, herein the "Lease Agreement"), between the Issuer and the
1
Lessee, the 2015 Facilities will be acquired, constructed, installed and equipped by the Issuer,
and the Original Facilities, the 2005 Facilities and the 2015 Facilities (collectively, the
"Facilities") will be leased to the Lessee. The current term of the Lease Agreement will expire
on September 30, 2015, with successive renewal options of one year each. Rental payments and
other amounts payable under the Lease Agreement during any annual term are designed to be
sufficient to pay the principal of, premium, if any, and interest on the Series 2015 Bonds due in
the same year. See "SOURCE OF PAYMENT AND SECURITY" herein.
The Series 2015 Bonds are limited obligations of the Issuer payable solely out of (i)
payments by the Lessee pursuant to the Lease Agreement, (ii) funds held by the Trustee
under the Indenture (except for the Reserve Fund which is not available to pay debt service
on the Series 2015 Bonds), and (iii) any other revenues, rentals or receipts derived by the
Issuer from the leasing or sale of the Facilities. Pursuant to the Indenture, the Issuer has
assigned and pledged to the Trustee all right, title and interest of the Issuer in and to the
Lease Agreement (except for certain rights personal to the Issuer). The Series 2015 Bonds
are secured on a parity of lien with the Unrefunded Series 2005 Bonds and any Additional
Bonds subsequently issued under the Indenture. The Issuer has no taxing power. Except
to the extent of its obligations under the Lease Agreement, neither the State nor any
political subdivision of the State shall in any event be liable for the payment of the
principal of, or premium, if any, or interest on, the Series 2015 Bonds or for the
performance of any pledge, obligation or agreement of any kind whatsoever which may be
undertaken by the Issuer. None of the Series 2015 Bonds or any of the agreements or
obligations of the Issuer shall be construed to constitute an indebtedness of the State or any
political subdivision of the State within the meaning of any constitutional or statutory
provision whatsoever. See "SOURCE OF PAYMENT AND SECURITY" herein.
The Series 2015 Bonds are subject to redemption at the times and under the
circumstances set forth herein. See "THE SERIES 2015 BONDS — Redemption Provisions"
herein.
Certain capitalized terms used in this Official Statement are defined in APPENDIX B
hereto.
This Official Statement speaks only as of its date, and the information contained herein is
subject to change. Summary descriptions of the Issuer, the Lessee, the Facilities, the Series 2015
Bonds, the Indenture and the Lease Agreement are included in the text of or Appendices to this
Official Statement. The descriptions herein do not purport to be complete and are qualified in
their entirety by reference to each specific document being described, forms of which may be
obtained, during the initial offering period, at the office of The Frazer Lanier Company,
Incorporated, as representative of the Underwriters, whose address is 300 Water Street,
Montgomery, Alabama 36104. All such descriptions are further qualified in their entirety by
reference to bankruptcy, insolvency and other similar laws and principles of equity relating to or
affecting generally the enforcement of creditors' rights.
2
THE SERIES 2015 BONDS
General Description of the Series 2015 Bonds
The Series 2015 Bonds will bear interest from their date and will mature on the dates and
in the amounts set forth on the inside cover page of this Official Statement. The Series 2015
Bonds will be issuable only as fully registered bonds without coupons in denominations of
$5,000 or any multiple thereof and, when issued, will be registered in the name of Cede & Co., a
nominee of The Depository Trust Company ("DTC"), New York, New York. The Series 2015
Bonds will bear interest at the applicable rates per annum set forth on the inside cover page of
this Official Statement. All Series 2015 Bonds with the same maturity will bear interest at the
same rate. While the Series 2015 Bonds are held under the book-entry only system of DTC,
individual purchasers ("Beneficial Owners") of the Series 2015 Bonds will not receive physical
delivery of bond certificates. See "THE SERIES 2015 BONDS – Book-Entry System" herein.
Interest on the Series 2015 Bonds will be payable semiannually on March 1 and
September 1, beginning September 1, 2015 and will be calculated on the basis of a 360-day year
with 12 months of 30 days each. Principal of the Series 2015 Bonds is payable on September 1
in the years and amounts shown on the inside cover page, subject to prior redemption. Payment
of interest due on each Interest Payment Date will be made by check or draft mailed on such
Interest Payment Date to the persons who are registered holders of the Series 2015 Bonds on the
Regular Record Date for such Interest Payment Date, and payment of principal of (and premium,
if any) the Series 2015 Bonds (and payment of interest on the Series 2015 Bonds due upon
redemption on any date other than an Interest Payment Date) will be made only upon surrender
of the Series 2015 Bonds to the Trustee at the Office of the Trustee. A Holder of Series 2015
Bonds in an aggregate principal amount of not less than $1,000,000 may, upon the terms and
conditions of the Indenture, request payment of Debt Service by wire transfer to an account of
such Holder maintained at a bank in the continental United States or by any other method
providing for payment in same-day funds that is acceptable to the Trustee. So long as DTC or its
nominee is the registered owner of the Series 2015 Bonds, the payment of principal of (and
premium, if any) and interest on the Series 2015 Bonds shall be made by the Trustee to DTC,
disbursements of such payments to DTC Direct Participants is the responsibility of DTC and
disbursements of such payments to the Beneficial Owners is the responsibility of Direct
Participants or Indirect Participants as more fully described in "THE SERIES 2015 BONDS –
Book-Entry System" herein.
The Trustee is also Bond Registrar and Paying Agent. Its corporate trust office for
transacting business in its capacity as trustee under the Indenture is located at 800 Shades Creek
Parkway, Birmingham, Alabama 35209.
Authority for Issuance
The Series 2015 Bonds are being issued pursuant to the Enabling Law. For a brief
summary of the Enabling Law and the Issuer's powers, see "THE ISSUER" herein.
3
Redemption Provisions
The Series 2015 Bonds are subject to redemption prior to maturity as follows:
Optional Redemption. The Series 2015 Bonds maturing on September 1, 2025 and
thereafter may be redeemed in whole or in part (but if in part, in integral multiples of the smallest
Authorized Denomination) at the option of the Issuer (exercised upon direction of the Lessee if
no Lease Default exists) on or after March 1, 2025, at a redemption price equal to 100% of the
principal amount redeemed, plus accrued interest to the redemption date.
If less than all Series 2015 Bonds are to be optionally redeemed, the principal amount of
Series 2015 Bonds of each maturity to be redeemed may be specified by the Issuer (with the
consent of the Lessee if no Lease Default exists) by written notice to the Trustee, or, in the
absence of timely receipt by the Trustee of such notice, shall be selected by the Trustee by lot or
by such other method as the Trustee shall deem fair and appropriate; provided, however, that the
principal amount of Series 2015 Bonds of each maturity to be redeemed must be a multiple of
the smallest Authorized Denomination of the Series 2015 Bonds.
If less than all Series 2015 Bonds with the same maturity are to be optionally redeemed,
the particular Series 2015 Bonds of such maturity to be redeemed shall be selected by the Trustee
by lot or by such other method as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of portions (equal to the smallest Authorized
Denomination of the Series 2015 Bonds, or a multiple thereof) of the principal of Series 2015
Bonds of such maturity of a denomination larger than the smallest Authorized Denomination.
Mandatory Redemption of Term Bonds. The Series 2015 Term Bonds maturing on
September 1, 2035 (the "2035 Term Bonds") shall be redeemed, at a redemption price equal to
100% of the principal amount to be redeemed plus accrued interest thereon to the redemption
date, on September 1 in the years and principal amounts (after credit as provided below) as
follows:

$3,025,000 Term Bonds due September 1, 2035
Mandatory Redemption Date Amount
2034 $1,485,000
2035* 1,540,000
___________
* final maturity
Not less than 30 or more than 60 days prior to each mandatory redemption date with respect to
the 2035 Term Bonds, the Trustee shall proceed to select for redemption, by lot, 2035 Term
Bonds, or portions thereof, in an aggregate principal amount equal to the amount required to be
redeemed and shall call such 2035 Term Bonds or portions thereof for redemption on such
mandatory redemption date. The Issuer (or the Lessee if no Lease Default exists) may, not less
than 60 days prior to any such mandatory redemption date, direct that any or all of the following
amounts be credited against the principal amount of 2035 Term Bonds scheduled for redemption
on such date: (i) the principal amount of 2035 Term Bonds delivered by the Issuer or the Lessee
4