$574,970,000*
COUNTY OF SACRAMENTO
AIRPORT SYSTEM SENIOR REVENUE REFUNDING BONDS
SERIES 2018A (NON-AMT)
AIRPORT SYSTEM SENIOR REVENUE REFUNDING BONDS
SERIES 2018B (NON-AMT PRIVATE ACTIVITY)
AIRPORT SYSTEM SENIOR REVENUE REFUNDING BONDS
SERIES 2018C (AMT)
AIRPORT SYSTEM SUBORDINATE REVENUE REFUNDING BONDS
SERIES 2018D (NON-AMT)
AIRPORT SYSTEM SUBORDINATE REVENUE REFUNDING BONDS
SERIES 2018E (NON-AMT PRIVATE ACTIVITY)
AIRPORT SYSTEM SUBORDINATE REVENUE REFUNDING BONDS
SERIES 2018F (AMT)
**********************************************************************************
$61,960,000*
AIRPORT SYSTEM SENIOR REVENUE REFUNDING BONDS
SERIES 2018A (NON-AMT)
MOODY'S: A2 S&P: A+ FITCH:
DATED:05/03/2018 FIRST COUPON:01/01/2019DUE: 07/01
MATURITY AMOUNT* COUPON PRICE
07/01/2019 3,210M 3.00% 1.72
(Approx. $ Price 101.463)
07/01/2020 3,780M 4.00% 1.81
(Approx. $ Price 104.619)
07/01/2021 3,395M 5.00% 1.95
(Approx. $ Price 109.303)
07/01/2022 3,560M 5.00% 2.05
(Approx. $ Price 111.706)
07/01/2023 3,745M 5.00% 2.18
(Approx. $ Price 113.692)
07/01/2024 3,980M 5.00% 2.28
(Approx. $ Price 115.548)
07/01/2025 9,905M 5.00% 2.38
(Approx. $ Price 117.153)
07/01/2026 10,405M 5.00% 2.48
(Approx. $ Price 118.511)
07/01/2027 2,945M 5.00% 2.56
(Approx. $ Price 119.809)
07/01/2028 3,080M 5.00% 2.64
(Approx. $ Price 120.909)
07/01/2029 3,235M 5.00% 2.73
(Approx. $ Price PTC 07/01/2028 120.020 Approx. YTM 2.888)
07/01/2030 3,395M 5.00% 2.82
(Approx. $ Price PTC 07/01/2028 119.140 Approx. YTM 3.099)
07/01/2031 3,575M 5.00% 2.91
(Approx. $ Price PTC 07/01/2028 118.266 Approx. YTM 3.280)
07/01/2032 3,750M 5.00% 2.95
(Approx. $ Price PTC 07/01/2028 117.881 Approx. YTM 3.398)
------
CALL FEATURES: Optional call in 07/01/2028 @ 100.00
------
$ 119,290,000*
AIRPORT SYSTEM SENIOR REVENUE REFUNDING BONDS
SERIES 2018B (NON-AMT PRIVATE ACTIVITY)
MOODY'S: A2 S&P: A+ FITCH:
DATED:05/03/2018 FIRST COUPON:01/01/2019DUE: 07/01
MATURITY AMOUNT* COUPON PRICE
07/01/2019 6,250M 3.00% 1.72
(Approx. $ Price 101.463)
07/01/2020 7,490M 4.00% 1.81
(Approx. $ Price 104.619)
07/01/2021 8,185M 5.00% 1.95
(Approx. $ Price 109.303)
07/01/2022 8,705M 5.00% 2.05
(Approx. $ Price 111.706)
07/01/2023 9,250M 5.00% 2.18
(Approx. $ Price 113.692)
07/01/2024 9,800M 5.00% 2.28
(Approx. $ Price 115.548)
07/01/2025 7,410M 5.00% 2.38
(Approx. $ Price 117.153)
07/01/2026 7,775M 5.00% 2.48
(Approx. $ Price 118.511)
07/01/2027 3,415M 5.00% 2.56
(Approx. $ Price 119.809)
07/01/2028 3,600M 5.00% 2.64
(Approx. $ Price 120.909)
07/01/2029 3,780M 5.00% 2.73
(Approx. $ Price PTC 07/01/2028 120.020 Approx. YTM 2.888)
07/01/2030 3,965M 5.00% 2.82
(Approx. $ Price PTC 07/01/2028 119.140 Approx. YTM 3.099)
07/01/2031 4,170M 5.00% 2.91
(Approx. $ Price PTC 07/01/2028 118.266 Approx. YTM 3.280)
07/01/2032 4,370M 5.00% 2.95
(Approx. $ Price PTC 07/01/2028 117.881 Approx. YTM 3.398)
07/01/2033 4,575M 5.00% 3.01
(Approx. $ Price PTC 07/01/2028 117.305 Approx. YTM 3.517)
07/01/2034 4,805M 5.00% 3.07
(Approx. $ Price PTC 07/01/2028 116.733 Approx. YTM 3.623)
07/01/2035 5,045M 5.00% 3.11
(Approx. $ Price PTC 07/01/2028 116.353 Approx. YTM 3.704)
07/01/2036 5,300M 5.00% 3.14
(Approx. $ Price PTC 07/01/2028 116.070 Approx. YTM 3.770)
07/01/2037 5,560M 5.00% 3.17
(Approx. $ Price PTC 07/01/2028 115.787 Approx. YTM 3.829)
07/01/2038 5,840M 5.00% 3.19
(Approx. $ Price PTC 07/01/2028 115.599 Approx. YTM 3.877)
------
CALL FEATURES: Optional call in 07/01/2028 @ 100.00
------
$ 255,635,000*
AIRPORT SYSTEM SENIOR REVENUE REFUNDING BONDS
SERIES 2018C (AMT)
********** SUBJECT TO ALTERNATIVE MINIMUM TAX *************
MOODY'S: A2 S&P: A+ FITCH:
DATED:05/03/2018 FIRST COUPON:01/01/2019DUE: 07/01
MATURITY AMOUNT* COUPON PRICE
07/01/2020 1,415M 4.00% 1.91
(Approx. $ Price 104.402)
07/01/2021 1,360M 5.00% 2.10
(Approx. $ Price 108.821)
07/01/2022 1,320M 5.00% 2.20
(Approx. $ Price 111.072)
07/01/2023 1,275M 5.00% 2.36
(Approx. $ Price 112.754)
07/01/2024 1,205M 5.00% 2.48
(Approx. $ Price 114.312)
07/01/2027 11,860M 5.00% 2.76
(Approx. $ Price 118.019)
07/01/2028 12,450M 5.00% 2.84
(Approx. $ Price 118.945)
07/01/2029 13,075M 5.00% 2.93
(Approx. $ Price PTC 07/01/2028 118.073 Approx. YTM 3.074)
07/01/2030 13,725M 5.00% 3.02
(Approx. $ Price PTC 07/01/2028 117.210 Approx. YTM 3.273)
07/01/2031 14,405M 5.00% 3.11
(Approx. $ Price PTC 07/01/2028 116.353 Approx. YTM 3.444)
07/01/2032 15,125M 5.00% 3.15
(Approx. $ Price PTC 07/01/2028 115.975 Approx. YTM 3.554)
07/01/2033 20,685M 5.00% 3.21
(Approx. $ Price PTC 07/01/2028 115.411 Approx. YTM 3.666)
07/01/2034 21,720M 5.00% 3.27
(Approx. $ Price PTC 07/01/2028 114.850 Approx. YTM 3.765)
07/01/2035 22,805M 5.00% 3.31
(Approx. $ Price PTC 07/01/2028 114.477 Approx. YTM 3.840)
07/01/2036 23,945M 5.00% 3.34
(Approx. $ Price PTC 07/01/2028 114.199 Approx. YTM 3.901)
07/01/2037 25,145M 5.00% 3.37
(Approx. $ Price PTC 07/01/2028 113.921 Approx. YTM 3.956)
07/01/2038 26,400M 5.00% 3.39
(Approx. $ Price PTC 07/01/2028 113.737 Approx. YTM 4.000)
07/01/2039 27,720M 5.00% 3.41
(Approx. $ Price PTC 07/01/2028 113.553 Approx. YTM 4.041)
------
CALL FEATURES: Optional call in 07/01/2028 @ 100.00
------
$ 22,410,000*
AIRPORT SYSTEM SUBORDINATE REVENUE REFUNDING BONDS SERIES 2018D (NON-AMT)
MOODY'S: A3 S&P: A FITCH:
DATED:05/03/2018 FIRST COUPON:01/01/2019DUE: 07/01
MATURITY AMOUNT* COUPON PRICE
07/01/2019 2,260M 3.00% 1.74
(Approx. $ Price 101.440)
07/01/2020 2,495M 4.00% 1.83
(Approx. $ Price 104.575)
07/01/2021 2,595M 5.00% 1.98
(Approx. $ Price 109.207)
07/01/2022 2,725M 5.00% 2.09
(Approx. $ Price 111.536)
07/01/2023 2,865M 5.00% 2.23
(Approx. $ Price 113.430)
07/01/2024 3,000M 5.00% 2.36
(Approx. $ Price 115.052)
07/01/2025 3,155M 5.00% 2.48
(Approx. $ Price 116.438)
07/01/2026 3,315M 5.00% 2.58
(Approx. $ Price 117.703)
------
CALL FEATURES: No optional call
------
$100,200,000*
AIRPORT SYSTEM SUBORDINATE REVENUE REFUNDING BONDS SERIES 2018E (NON-AMT PRIVATE ACTIVITY)
MOODY'S: A3 S&P: A FITCH:
DATED:05/03/2018 FIRST COUPON:01/01/2019DUE: 07/01
MATURITY AMOUNT* COUPON PRICE
07/01/2020 410M 4.00% 1.83
(Approx. $ Price 104.575)
07/01/2021 550M 5.00% 1.98
(Approx. $ Price 109.207)
07/01/2022 700M 5.00% 2.09
(Approx. $ Price 111.536)
07/01/2023 865M 5.00% 2.23
(Approx. $ Price 113.430)
07/01/2024 1,070M 5.00% 2.36
(Approx. $ Price 115.052)
07/01/2025 4,150M 5.00% 2.48
(Approx. $ Price 116.438)
07/01/2026 4,355M 5.00% 2.58
(Approx. $ Price 117.703)
07/01/2027 8,425M 5.00% 2.66
(Approx. $ Price 118.910)
07/01/2028 8,850M 5.00% 2.74
(Approx. $ Price 119.922)
07/01/2029 9,295M 5.00% 2.83
(Approx. $ Price PTC 07/01/2028 119.042 Approx. YTM 2.981)
07/01/2030 9,755M 5.00% 2.92
(Approx. $ Price PTC 07/01/2028 118.170 Approx. YTM 3.186)
07/01/2031 10,245M 5.00% 3.01
(Approx. $ Price PTC 07/01/2028 117.305 Approx. YTM 3.362)
07/01/2032 10,755M 5.00% 3.05
(Approx. $ Price PTC 07/01/2028 116.923 Approx. YTM 3.476)
07/01/2033 11,295M 5.00% 3.11
(Approx. $ Price PTC 07/01/2028 116.353 Approx. YTM 3.591)
07/01/2034 11,860M 5.00% 3.17
(Approx. $ Price PTC 07/01/2028 115.787 Approx. YTM 3.694)
07/01/2035 7,620M 5.00% 3.21
(Approx. $ Price PTC 07/01/2028 115.411 Approx. YTM 3.772)
------
CALL FEATURES: Optional call in 07/01/2028 @ 100.00
------
$15,475,000*
AIRPORT SYSTEM SUBORDINATE REVENUE REFUNDING BONDS SERIES 2018F (AMT)
************* SUBJECT TO ALTERNATIVE MINIMUM TAX *************
MOODY'S: A3 S&P: A FITCH:
DATED:05/03/2018 FIRST COUPON:01/01/2019DUE: 07/01
MATURITY AMOUNT* COUPON PRICE
07/01/2019 2,550M 3.00% 1.84
(Approx. $ Price 101.325)
07/01/2020 2,605M 4.00% 1.93
(Approx. $ Price 104.358)
07/01/2021 2,585M 5.00% 2.13
(Approx. $ Price 108.725)
07/01/2022 2,590M 5.00% 2.24
(Approx. $ Price 110.904)
07/01/2023 2,585M 5.00% 2.41
(Approx. $ Price 112.495)
07/01/2024 2,560M 5.00% 2.56
(Approx. $ Price 113.822)
------
CALL FEATURES: No optional call
------
*APPROXIMATE SUBJECT TO CHANGE
Morgan Stanley & Co. LLC
Bank of America Merrill Lynch
J.P. Morgan Securities LLC
Loop Capital Markets
By: Morgan Stanley & Co. LLC New York, NY