COUNTY of ONONDAGA, NEW YORK Citigroup
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RATINGS: (See ‘RATINGS’ herein) Fitch: “AAA (stable outlook)” Moody's Investors Service, Inc.: “Aa1” Standard & Poor's: “AA+ (stable outlook)” NEW ISSUE SERIAL BONDS In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that interest on the Bonds is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel is also of the opinion that interest on the Bonds is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (Including The City of New York). Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the accrual of interest on, the Bonds. See “Tax Matters” herein. COUNTY OF ONONDAGA, NEW YORK $51,425,000 General Obligation (Serial) Bonds, 2012 CUSIP BASE†: 682745 Dated: Date of Delivery Due: May 1, 2014-2037 MATURITIES Interest Interest Interest Year Amount Yield CSP† Year Amount Yield CSP† Year Amount Yield CSP† Rate Rate Rate 2014 $3,500,000 3.00 0.54 Y40 2022 $2,675,000* 5.00 2.22 Z49 2030 $1,675,000* 3.00 3.30 2C7 2015 3,550,000 3.00 0.72 Y57 2023 2,700,000* 3.00 2.40 Z56 2031 1,275,000* 3.25 3.37 2D5 2016 3,000,000 4.00 0.82 Y65 2024 2,750,000* 3.00 2.60 Z64 2032 1,275,000* 3.25 3.43 2E3 2017 3,125,000 4.00 1.00 Y73 2025 2,750,000* 3.00 2.75 Z72 2033 400,000* 3.25 3.50 2F0 2018 2,900,000 4.00 1.25 Y81 2026 2,825,000* 3.00 2.90 Z80 2034 400,000* 3.375 3.55 2G8 2019 3,200,000 4.00 1.50 Y99 2027 2,425,000* 3.00 3.00 Z98 2035 400,000* 3.50 3.60 2H6 2020 3,300,000 5.00 1.75 Z23 2028 1,675,000* 3.00 3.10 2A1 2036 400,000* 3.50 3.65 2J2 2021 3,150,000* 5.00 2.00 Z31 2029 1,675,000* 3.00 3.20 2B9 2037 400,000* 3.50 3.70 2K9 * The Bonds maturing in the years 2021-2037 are subject to redemption prior to maturity as described herein under the heading “Optional Redemption”. The Bonds are general obligations of the County of Onondaga, New York (hereinafter referred to as the “County”), all the taxable real property within which is subject to the levy of ad valorem taxes to pay the Bonds and interest thereon, subject to applicable statutory limitations. See “NEW TAX LEVY LIMITATION LAW” herein. The Bonds will be issued as registered bonds and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository for the Bonds. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their ownership interest in the Bonds. Interest on the Bonds will be payable on May 1, 2013, November 1, 2013 and semi-annually thereafter on May 1 and November 1 in each year until maturity. Principal and interest will be paid by the County to DTC, which will in turn remit such principal and interest to its Participants, for subsequent distribution to the Beneficial Owners of the Bonds, as described herein. The Bonds are offered when, as and if issued and received by the purchaser and subject to the receipt of the unqualified legal opinion as to the validity of the Bonds of Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. It is anticipated that the Bonds will be available for delivery in New York, New York or as may be agreed upon on or about June 28, 2012. June 13, 2012 THIS REVISED COVER SUPPLEMENTS THE OFFICIAL STATEMENT OF THE COUNTY DATED JUNE 7, 2012 RELATING TO THE OBLIGATIONS THEREOF DESCRIBED THEREIN AND HEREIN BY INCLUDING CERTAIN INFORMATION OMITTED FROM SUCH OFFICIAL STATEMENT IN ACCORDANCE WITH SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12. OTHER THAN AS SET FORTH ON THE REVISED COVER, OFFICIALS PAGE AND THE REVISION OF THE DATED DATE AND NAME OF “CHIEF FISCAL OFFICER” ON PAGE 48, THERE HAVE BEEN NO REVISIONS TO SAID OFFICIAL STATEMENT. Citigroup † Copyright 2009, American Bankers Association. CUSIP data herein is provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service. The CUSIP number is provided for convenience of reference only. Neither the County, nor the Financial Advisor take any responsibility for the accuracy of such CUSIP. COUNTY OFFICIALS JOANNE M. MAHONEY J. RYAN MCMAHON County Executive Chairman, County Legislature WILLIAM FISHER ROBERT E. ANTONACCI, II, CPA, ESQ. Deputy County Executive County Comptroller STEVEN P. MORGAN M. ANN CIARPELLI Chief Fiscal Officer County Clerk KEVIN E. WALSH GORDON CUFFY, ESQ. Sheriff County Attorney WILLIAM J. FITZPATRICK, ESQ. District Attorney FINANCIAL ADVISORS Fiscal Advisors & Marketing, Inc. 120 Walton Street, Suite 600 Syracuse, New York 13202 (315) 752-0051 BOND COUNSEL Orrick, Herrington & Sutcliffe LLP 51 West 52nd Street New York, New York 10019 (212) 506-5151 No person has been authorized by the County of Onondaga to give any information or to make any representations not contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or solicitation of an offer to buy any of the Bonds in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. The information, estimates and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the County of Onondaga. TABLE OF CONTENTS Page Page DESCRIPTION OF THE BONDS .......................................... 4 COUNTY INDEBTEDNESS ................................................... 32 Optional Redemption ............................................................. 4 Constitutional Requirements .................................................. 32 Book-Entry-Only System ....................................................... 5 Statutory Procedure ................................................................ 33 Purposes of Issue .................................................................... 6 Debt Outstanding End of Fiscal Year ..................................... 33 THE COUNTY ......................................................................... 7 Debt Management .................................................................. 33 General Information ............................................................... 7 Details of Outstanding Indebtedness ...................................... 34 Governmental Organization ................................................... 7 Bonded Indebtedness as of June 6, 2012 ................................ 35 Transportation ........................................................................ 7 Estimate of Obligations to be Issued ...................................... 36 Air .......................................................................................... 7 Rate of Principal Retirement .................................................. 36 Rail ......................................................................................... 7 Calculation of Total Net Indebtedness ................................... 37 Water ...................................................................................... 8 Bonded Debt of Political Subdivisions Within The County ... 38 Highways ............................................................................... 8 Debt Ratios ............................................................................. 39 Bus ......................................................................................... 8 Bonded Debt Service .............................................................. 39 Higher Education ................................................................... 8 Health and Medicine .............................................................. 8 SPECIAL PROVISIONS AFFECTING Culture and Recreation ........................................................... 9 REMEDIES UPON DEFAULT ...................................... 39 Conventions and Tourism .................................................... 10 MARKET AND RISK FACTORS .......................................... 40 Population Trends ................................................................ 10 Unemployment Rate Statistics ............................................. 11 LITIGATION ........................................................................... 40 Labor Market Statistics ........................................................ 11 Self-Insurance .................................................................... 40 Labor Force Statistics in Onondaga County ......................... 12 Tax Certiorari Claims ......................................................... 41 Major Employers .................................................................