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State of Oregon Housing and Community Services Department, Mortgage Revenue Bonds (Single Family Mortgage Program)

We are pleased to announce that Fidelity Capital Markets has been chosen as a co-manager for the upcoming $80.4 million1 State of Oregon Housing and Community Services Department Mortgage Revenue Bonds offering.

The State of Oregon Housing and Community Services Department is expected to sell $80.4 million1 in tax-exempt Mortgage Revenue Bonds. The 2015 Series A bonds are not subject to Alternative Minimum Tax (AMT) and the 2015 Series B bonds are subject to AMT. The proceeds from the sale will be used to refund certain existing bonds and to purchase newly-originated Mortgage Loans.

The bonds are special revenue obligations of the State of Oregon and are secured by a pledge of and security interest in all revenues of the Department's outstanding mortgage loans and securities, the proceeds of the sale of bonds, all rights of the Department in and to the mortgages, and all other moneys in the accounts established by the Indenture. The bonds are not general obligation indebtedness of the State of Oregon. Neither the full faith and credit nor the taxing power of the State of Oregon thereof is pledged to payment of the bonds.

Key benefits

The bond sale offers attractive benefits for individual investors who are residents of Oregon, including federal- and state-level tax-exemption on bond coupon payments, prices and yields that match those available to institutional investors, and the potential for stable income.

How to place an order

The offering is expected to price the week of August 31, although market conditions and/or the discretion of the issuer may alter the anticipated timeline or the amount of bonds offered. Individual investors can place orders onlineLog In Required or by calling a Fidelity representative at 800-460-5848. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity alerts or visit our municipal bond new issue offerings page.

Additional resources

Municipal Bonds
Review the risks and benefits of investing in municipal bonds.

Municipal Bonds: Understanding Credit Risk (PDF)
Learn more about assessing credit risks when purchasing municipal bonds in this SEC investor bulletin.

Investing in a volatile bond market
Get the latest insights on the bond market, outlook for future rates, and investment strategies from Fidelity Viewpoints®.

Three reasons to consider munis now
Higher tax rates, relative interest rates, and diversification may make munis worth a look.

This information does not constitute an offer of any securities for sale.
1. Preliminary, subject to change
Interest income earned from tax-exempt municipal securities generally is exempt from federal income tax, and may also be exempt from state and local income taxes if you are a resident in the state of issuance. A portion of the income you receive may be subject to federal and state income taxes, including the federal alternative minimum tax. Before making any investment, you should review the official statement for the relevant offering for additional tax and other considerations.
The municipal market can be adversely affected by tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Investing in municipal bonds for the purpose of generating tax-exempt income may not be appropriate for investors in all tax brackets or for all account types. Tax laws are subject to change and the preferential tax treatment of municipal bond interest income may be revoked or phased out for investors at certain income levels. You should consult your tax adviser regarding your specific situation.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties.
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Bond

an interest-bearing security for which the issuer agrees to pay the bondholder a specified sum of money, usually at specific intervals (known as a coupon), and to repay the principal amount of the loan at maturity; Zero-coupon bonds pay both the imputed interest and the principal at maturity

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maturity, maturity date(s)

the date on which the principal amount of a fixed income security is scheduled to become due and payable, typically along with any final coupon payment. It is also a list of the maturity dates on which individual bonds issued as part of a new issue municipal bond offering will mature

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Moody's

an independent organization that assigns credit ratings to debt instruments and securities to help investors assess credit risk

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Standard & Poor's (S&P) Corporation

an independent company that provides investors with market intelligence in the form of credit ratings, indices, investment research and risk evaluations and solutions

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yield

the percentage of return an investor receives based on the amount invested or on the current market value of holdings; it is expressed as an annual percentage rate; yield stated is the yield to worst — the yield if the worst possible bond repayment takes place, reflecting the lower of the yield to maturity or the yield to call based on the previous close