Sale of McGuigan Judgment (2010)

Facts at a Glance

A few basic facts about each issue are provided for general reference. This is not a summary of each issue. Investors must read the relevant official statement, continuing disclosure annual report and/or other documents in their entirety to obtain information essential to making an informed investment decision. The information presented on this page is subject to change without notice. While this information has been obtained from sources believed to be reliable, the City offers no assurance that such information is current, does not guarantee the accuracy of this information, and is under no obligation to update any of it. For current information with respect to credit ratings, you are encouraged to contact the credit rating agencies.

CUSIP Number: None
Official Statement: None
Principal Amount at Issuance: $32,762,082.00
Purpose of Loan: Sale of McGuigan Judgment
Lender/Purchaser Bank of America N.A.
Borrower: City of San Diego
Tax Status of Interest: Tax-exempt
Fixed Interest Rate: 3.79% (unless the City’s long-term general obligation indebtedness rating is lowered, withdrawn, suspended or upon the occurrence of an Event of Default)
Dated/Closing date: June 30, 2010
Payment Date: July 1
Final Maturity Date: July 1, 2014
Amoritzation Annual
Interest Rate Swaps, Caps, and Other Interest Rate Management Products: N/A
Additional Debt Tests: N/A
Term-Out Provisions: N/A
Most-Favored Nation (or Similar) Clause: N/A
Events of Default and Remedies: See Article VI of the "Agreement"
Transferability: N/A
Prepayment Provisions: N/A
Credit Ratings: Not rated
Annual Report Dissemination Date: Not subject to annual reporting requirements
Security/Source for Repayment: Unsecured loan; the General Fund and other non-General Funds constitute the sources of repayment for annual installment payments.
Other: As of June 30, 2010, a balance of $32,762,082 was owed to SDCERS under the Settlement Agreement and Judgment between William J. McGuigan (Class Representative) and the City of San Diego. Under the terms of the Agreement Regarding Purchase of McGuigan Judgment with Bank of America, N.A. (BANA), the outstanding balance on the McGuigan Judgment was transferred to BANA as a loan payable of the City to be repaid in four annual payments beginning in Fiscal Year 2012.
Agreement: Agreement Regarding Purchase of McGuigan Judgment between City of San Diego and Bank of America N.A. dated June 30, 2010 (the "Agreement")

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