...The Treasury Department has issued regulations relating to Sections 1271 through 1275 of the Code (the "Regulations"), which apply to the Bonds. Under the Regulations, it is presumed that obligations subject to contingent redemption (such as the Bonds) will be redeemed if such redemption minimizes the yield on the debt instrument. The tax discussion in the Information Memorandum will apply to the Bonds based on the application of Section 1.1272-1(c)(5) of the Regulations, pursuant to which it is presumed that the Bonds will be redeemed in whole on the first date that redemption is permitted or, if later, the first redemption date that occurs on or after the first scheduled increase in the Interest Rate. However, there can be no assurance that the Bonds will be redeemed prior to the Maturity Date. U.S. Holders may wish to consult their tax advisors on this issue. This Offering Notice is dated April 9, 2015...
