The San Francisco Bay Area Rapid Transit District is expected to come to market with$309 million1 in Series B-1 Green Bonds and $201 million1 in Series F-1 Green Bonds (collectively, the "Bonds").
The Series B-1 Green Bonds are being issued to finance specific acquisition, construction and improvement projects for District facilities approved by the voters and to pay the costs of issuance of the 2019B Bonds. The Series F-1 Green Bonds are being issued to finance specific earthquake safety improvements to District facilities in Contra Costa, San Francisco, and Alameda Counties and to pay the costs of issuance of the 2019F Bonds.
The Bonds are general obligations of the San Francisco Bay Area Rapid Transit District, payable from and secured by ad valorem taxes to be levied upon all property subject to taxation by the District, without limitation as to rate or amount (except for certain personal property which is taxable at limited rates) levied in Alameda and Contra Costa Counties and the City and County of San Francisco. No other revenues of the District other than certain proceeds of the 2019 Bonds are pledged to the payment of the 2019 Bonds.
The Tax-Exempt Bonds and the 2019G Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described in the Preliminary Official Statement. The bonds are rated "Aaa" by Moody's and "AAA" by S&P.2
The bond sale offers attractive benefits to individual investors including prices and yields that match those available to institutional investors and the potential for stable income through the call dates. And, for California residents, the tax-exempt portion of the issuance have federal and state tax-exemption on the bond coupon payments.
How to place an order
The offer is expected to price the week of July 22, 20191, although market conditions and/or the discretion of the issuer may alter the anticipated timeline. Individual investors can place orders online or by calling a Fidelity representative at 800-544-5372. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity Alerts and see our Municipal Bond New Issue Offerings.