Adjustment of Principal Amount of Series 2018 Bonds and Bid Price for the Series 2018 Bonds [Before Bid Opening. Bidders are advised that the University may increase or decrease the total principal amount and/or the amounts of individual maturities of Series 2018 Bonds stated in this Official Notice of Sale (including any amendments issued by the University through the Qualified Electronic Bid Provider and i-Deal Prospectus) prior to the bidding. If such changes are made, they will be reflected in the Official Bid Form to be made available through the Qualified Electronic Bid Provider. After Receipt of the Bids. Following the time bids are due, the University reserves the right to increase or decrease the aggregate principal amount of the Series 2018 Bonds by an amount not to exceed 15 percent, rounded up to the nearest $5,000. Adjustments of the aggregate principal amount in excess of 15 percent, rounded up to the nearest $5,000, may be made with approval of the successful bidder. The price bid by the successful bidder will be adjusted by the University to reflect an increase or decrease in the principal amount and maturity schedule for the Series 2018 Bonds, taking into account the interest rates and underwriting compensation in the bid as submitted. In the event the University elects to adjust the bond size after the bid pursuant to this Official Notice of Sale, the underwriter’s discount (net of bond insurance expense, if any), expressed in dollars per thousand, will be held constant. The University will not be responsible in the event and to the extent that any adjustment affects the net compensation to be realized by the successful bidder, or the true interest cost of the winning bid or its ranking relative to other bids.] Redemption Provisions Optional Redemption. The Series 2018 Bonds maturing on May 1, 20[___] through May 1, 20[__] are not subject to redemption prior to their stated maturity dates. The Series 2018 Bonds maturing on or after May 1, 20[__], are subject to optional redemption, as a whole or in part (and if in part, with maturities to be selected by the University), on any date on or after [May] 1, 20[___], at a price of par plus accrued interest, if any, to the date fixed for redemption. Mandatory Redemption. Bidders have the option to designate part or all of the Series 2018 Bonds as term bonds subject to mandatory redemption at a price of par plus accrued interest, in the years and in the amounts set forth in the serial maturity schedule for the Series 2018 Bonds, subject to adjustment as described herein. Any term bonds so designated must consist of the total principal payments for two or more consecutive years and mature on the latest of such years. If no term bonds are designated, the Series 2018 Bonds will mature in the amounts and on the dates set forth in the serial maturity schedule set forth above and subject to adjustment as described herein. See “DESCRIPTION OF THE SERIES 2018 BONDS—Redemption Provisions” in the Preliminary Official Statement. Purpose of the Series 2018 Bonds The Series 2018 Bonds are being issued for the purpose of _____________, to capitalize interest on the Series 2018 Bonds through ______, and paying costs of issuance of the Series 2018 Bonds. Security for the Series 2018 Bonds The Series 2018 Bonds are special fund revenue obligations of the University payable solely from and secured solely by Gross Revenue of the System on deposit in the System Revenue Bond Fund (the “Bond Fund”), and do not in any manner or to any extent constitute general obligations of the University or of the State, or of any political subdivision of the State. The University has no taxing power. The amounts pledged to be paid into the System Revenue Bond Fund are a prior lien and charge upon the Gross Revenue superior to all other charges of any kind or nature whatsoever. Registration and Book-Entry Transfer System The Series 2018 Bonds will be issued as fully registered Series 2018 Bonds and, when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as the initial securities depository for the Series 2018 Bonds. Individual purchases and sales of the Series 2018 Bonds will be made in book-entry form only in minimum denomination of $5,000 or integral multiples thereof within a maturity. Purchasers (“Beneficial Owners”) will not receive physical certificates representing their interests in the Series 2018 Bonds. So long as Cede & Co. is the Registered Owner of the Series 2018 Bonds, as nominee for DTC, references to the Registered Owners herein will mean Cede & Co. or its successor and will not mean the Beneficial Owners of the Series 2018 Bonds. See APPENDIX D—“Book-Entry Transfer System” in the Preliminary Official Statement for the Series 2018 Bonds. BIDDING INFORMATION AND AWARD Submission of Bids Bids for the Series 2018 Bonds are to be submitted electronically via the Qualified Electronic Bid Provider.
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