reconvene regular meeting: 7:00 pm - Irvine Unified School District

$[Principal Amount] *
SOUTH COAST LOCAL EDUCATION AGENCIES
POOLED TAX AND REVENUE ANTICIPATION NOTE PROGRAM
NOTE PARTICIPATIONS
SERIES 2010A
Evidencing and Representing Proportionate and Undivided
Interests of the Owners Thereof in
2010-11 Tax and Revenue Anticipation Notes, Series A
of Certain School Districts within Orange County, California
INTRODUCTION
This Introduction is not a summary of this Official Statement. It is only a brief description of and
is qualified by more complete and detailed information contained in the entire Official Statement,
including the cover page through the appendices hereto, and the documents described herein. References
to and summaries of provisions of the Constitution and laws of the State of California and any documents
referred to herein do not purport to be complete and such references are qualified in their entirety by
reference to the complete provisions. All capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the Trust Agreement.
General
This Official Statement, including the cover page through the appendices, sets forth certain
information concerning the $[Principal Amount] * South Coast Local Education Agencies Pooled Tax and
Revenue Anticipation Note Program Note Participations, Series 2010A (the “Note Participations”). The
Note Participations are being issued pursuant to a Trust Agreement, dated as of _________ 1, 2010 (the
“Trust Agreement”), by and among the Orange County Department of Education (the “County Department
of Education”), the respective school districts located in Orange County (the “County”) identified herein
under the caption “The Participants” (collectively, the “Participants”) and U.S. Bank National Association,
as Trustee (the “Trustee”). The Note Participations evidence and represent a proportionate and undivided
interest in (i) 2010-11 Tax and Revenue Anticipation Notes, Series A (individually, a “Note” and
collectively, the “Notes”) issued by the Participants and (ii) debt service payments on the Notes to be made
by the Participants. The Notes are being issued to provide operating cash for each Participant’s working
capital expenditures and the investment and reinvestment of funds for each Participant prior to the receipt
of anticipated tax payments and other revenues provided for and attributable to Fiscal Year 2010-11.
Each Note is issued pursuant to Article 7.6, Sections 53850 et seq. of the California Government
Code (the “Government Code”) and in accordance with separate resolutions adopted by the governing
board of the related Participant (each, a “Note Resolution” and collectively, the “Note Resolutions”). The
Note Resolutions set forth the maximum aggregate principal amount of Notes and any Additional Parity
Notes (as defined herein) authorized to be issued for each Participant. See “Introduction – Additional
Parity Notes” herein.
The Trust Agreement establishes the program under which the Notes are purchased as a pool
through the simultaneous issuance and sale of the Notes and the Note Participations. See “The
Participants” herein for a listing of the Participants and the principal amount of the Note to be issued by
*
Preliminary, subject to change.
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