$74,000,000 County of Hudson State of New Jersey General Obligation Bonds, Series 2014 (Callable)
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OFFICIAL STATEMENT NEW ISSUE (BOOK-ENTRY ONLY) RATING: S&P: “AA” See “RATING” herein In the opinion of DeCotiis, FitzPatrick & Cole, LLP, Bond Counsel to the County (“Bond Counsel”), assuming continuing compliance by the County of Hudson, State of New Jersey (the “County”) with certain covenants described herein, under current law, interest on the Bonds (as defined herein) is not includable in gross income for federal income tax purposes and is not an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (the “Code”), for purposes of computing the federal alternative minimum tax; however, interest on the Bonds held by corporate taxpayers is included in the relevant income computation for calculation of the federal alternative minimum tax as a result of the inclusion of interest on the Bonds in “adjusted current earnings”. No opinion is expressed regarding other federal tax consequences arising with respect to the Bonds. Further, in the opinion of Bond Counsel, under current law, interest on the Bonds and any gain on the sale thereof are not includable as gross income under the New Jersey Gross Income Tax Act. See “TAX MATTERS” herein. $74,000,000 COUNTY OF HUDSON STATE OF NEW JERSEY GENERAL OBLIGATION BONDS, SERIES 2014 (CALLABLE) Dated: Date of Delivery Due: As shown on the inside front cover The aggregate principal amount of $74,000,000 General Obligation Bonds, Series 2014 (the “Bonds”), are general obligations of the County of Hudson, State of New Jersey (the “County”), and are secured by a pledge of the full faith and credit of the County for payment of the principal thereof and interest thereon. The Bonds are payable, if not paid from other sources, from ad valorem taxes which may be assessed upon all the taxable property within the County without limitation as to rate or amount. The Bonds shall be issued in the form of one certificate in the aggregate principal amount of the Bonds and will be registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company, New York, New York (“DTC”), which will maintain a book-entry system for recording ownership interests of DTC Participants. Individual purchases of the beneficial ownership interests in the Bonds may be in book-entry from only on the records of DTC and its Participants and only in the principal amount of $1,000 or any integral multiple thereof with a minimum of $5,000 required. Beneficial Owners of the Bonds will not receive certificates representing their interests in the Bonds. As long as Cede & Co. is the registered owner, as nominee of DTC, references in this Official Statement to the registered owners shall mean Cede & Co., and not the Beneficial Owners of the Bonds. See “BOOK-ENTRY ONLY SYSTEM” herein. Principal on the Bonds is payable on December 1, in each of the years set forth on the inside front cover hereof. Interest on the Bonds will be paid semiannually on the 1st day of June and December in each year until maturity, commencing on June 1, 2015. As long as DTC or its nominee Cede & Co. is the registered owner of the Bonds, payment of the principal and interest on the Bonds will be made by the County directly to DTC or it nominee Cede & Co. Interest on the Bonds will be credited to the participants of DTC as listed on the records of DTC as of each next preceding May 15th and November 15th (“Record Dates”) for the payment of interest on the Bonds. The Bonds are subject to redemption prior to maturity. See “THE BONDS – Optional Redemption” herein. The Bonds are not a debt or obligation, legal, moral or otherwise of the State of New Jersey, or any county, municipality or political subdivision thereof other than the County. This cover contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement, including the Appendices attached hereto, to obtain information essential to their making an informed investment decision. The Bonds are offered when, as and if issued and delivered to the Purchaser, subject to prior sale, to withdrawal or modification of the offer without notice and to approval of legality by the law firm of DeCotiis, FitzPatrick & Cole, LLP, Teaneck, New Jersey, and certain other conditions described herein. It is expected that the Bonds will be available for delivery to DTC on or about December 5, 2014. Dated: November 25, 2014 MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES AND YIELDS $74,000,000 GENERAL OBLIGATION BONDS, SERIES 2014 Maturity Principal Interest CUSIP Maturity Principal Interest CUSIP Dec. 1 Amount Rates Yields Numbers* Dec. 1 Amounts Rates Yields Numbers* 2015 $3,780,000 2.00% 0.300% 443726N42 2024 $4,335,000 5.00% 2.550% 443726P57 2016 $3,785,000 2.00% 0.600% 443726N59 2025 $4,455,000 5.00% 2.650% 443726P65 2017 $3,810,000 2.00% 0.900% 443726N67 2026 $4,585,000 3.00% 3.000% 443726073 2018 $3,845,000 3.00% 1.200% 443726N75 2027 $4,725,000 4.00% 2.900% 443726P81 2019 $3,890,000 3.00% 1.400% 443726N83 2028 $4,875,000 4.00% 3.000% 443726P99 2020 $3,955,000 5.00% 1.750% 443726N91 2029 $5,030,000 4.00% 3.050% 443726Q23 2021 $4,030,000 5.00% 2.100% 443726P24 2030 $5,190,000 4.00% 3.100% 443726Q31 2022 $4,120,000 5.00% 2.300% 443726P32 2031 $5,365,000 3.25% 3.350% 443726Q49 2023 $4,225,000 5.00% 2.450% 443726P40 * A registered trademark of the American Bankers Association. CUSIP data herein are provided by Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP numbers listed above are being provided solely for the convenience of Bondholders only at the time of issuance of the Bonds and the County does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. COUNTY OF HUDSON STATE OF NEW JERSEY COUNTY EXECUTIVE Thomas A. DeGise COUNTY ADMINISTRATOR Abraham A. Antun COUNTY COUNSEL Donato J. Battista, Esq. BOARD OF CHOSEN FREEHOLDERS Jose Munoz, Chairperson Thomas F. Liggio, Vice Chairperson E. Junior Maldonado, Chairperson Pro Tempore Albert J. Cifelli Dr. Doreen M. DiDomenico Jeffrey Dublin William O’Dea Tilo E. Rivas Anthony L. Romano CLERK OF THE BOARD OF CHOSEN FREEHOLDERS Alberto G. Santos COUNSEL TO THE BOARD OF CHOSEN FREEHOLDERS Edward J. Florio, Esq. COUNTY CLERK Barbara A. Netchert BOND COUNSEL DeCotiis, FitzPatrick & Cole, LLP Teaneck, New Jersey INDEPENDENT AUDITOR Donohue, Gironda & Doria Bayonne, New Jersey FINANCIAL ADVISOR NW Financial Group, LLC Hoboken, New Jersey No dealer, broker, salesperson or other person has been authorized by the County to give any information or to make any representations with respect to the Bonds other than those contained in this Official Statement and if given or made, such information or representation must not be relied upon as having been authorized by the County. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. The presentation of information in this Official Statement is intended to show recent historic information and except as expressly stated otherwise, it is not intended to indicate future or continuing trends in the financial conditions or other affairs of the County. No representation is made that past experience, as is shown by the financial and other information, will necessarily continue or be repeated in the future. The order and placement of materials in this Official Statement, including the Appendices, are not to be deemed to be a determination of relevance, materiality or importance, and this Official Statement, including the Appendices, must be considered in its entirety. All quotations from and summaries and explanations of provisions of laws herein do not purport to be complete, and reference is made to such laws for full and complete statements of their provisions. This Official Statement is not to be construed as a contract or an agreement between the County and the purchasers or holders of any of the Bonds. Any statements made in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended merely as opinions and not as representations of fact. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale hereunder shall, under any circumstances, create any implication that there has been no change in any of the information herein since the date hereof, or the date as of which such information is given, if earlier. The County has not confirmed the accuracy or completeness of information relating to DTC, which information has been provided by DTC. DeCotiis, Fitzpatrick & Cole, LLP, has not participated in the preparation of the financial statements or statistical information contained in this official statement, nor has it verified the accuracy, completeness, or fairness thereof, and accordingly, express no opinion with respect thereto. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET.