River City Regional Stadium Financing Authority

  • Issue Currency: United States of America Dollars
  • Announcement Date: 27-Jun-2017
  • News: This Notice of Occurrence of Listed Event (the Notice) has been prepared to satisfy the obligations of the City of West Sacramento (the City), pursuant to that certain Continuing Disclosure Certificate dated August 15, 1999 (the Disclosure Certificate), executed by the City, in connection with the execution and delivery of the River City Regional Stadium Financing Authority (the Authority) Taxable Lease Revenue Bonds, Series 1999 (the Bonds), and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. The following information is being provided as required by the Disclosure Certificate in order to comply with the Citys obligation to notify owners of the Bonds, the participating underwriters, and the Repository of the occurrence of a Listed Event. On July 24, 2018, S&P Global Ratings (S&P, formerly Standard & Poors Ratings Services) corrected by raising its Local Long-Term and Underlying Ratings on the Bonds to A+ from A-. The Bonds are a limited obligation of the Authority, payable from amounts it receives from Yolo County under the related lease agreement. Yolo Countys obligation to make lease payments is limited to sublease payments it receives under its sublease agreements with Sacramento County (A+/Stable appropriation rating) and the City (A+/Stable appropriation rating). If pledged revenues provided by a sublease with the stadium operator are insufficient, then the City and Sacramento County agreed to make up any deficiency, with the City responsible for one-third and Sacramento County responsible for the other two-thirds. Payments from one sublessee are not available to cover the obligations of the other; therefore, the rating on the Bonds reflects the lower of the two sublessee ratings. On March 16, 2018, S&P raised its appropriation rating on Sacramento County to A+ from A-. Prior to this date, S&Ps ratings on the Bonds reflected its assessment of Sacramento County`s appropriation rating, which was lower than S&Ps appropriation rating on the City. However, when the appropriation rating on Sacramento County was raised, S&P inadvertently did not raise the rating on the Bonds. The corrected Local Long-Term and Underlying Ratings on the Bonds now reflect the A+ appropriation rating with a stable outlook on Sacramento County. Information from the rating agencies regarding the ratings actions may be obtained from such rating agencies. This Notice may contain information material to bond owners and does not purport to contain all material information with respect to the Bonds or the financial condition of the City. The information contained in the Notice is not guaranteed as to accuracy or completeness.

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