COUNTY of PASSAIC New Jersey
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PRELIMINARY OFFICIAL STATEMENT DATED JUNE 8, 2016 NEW ISSUE - BOOK-ENTRY-ONLY RATING: Standard & Poor’s: “AA” (See “RATING” herein) The County has County The . In the opinion of Rogut McCarthy LLC, Bond Counsel to the County, assuming compliance by the County with its Tax d the final. sale Upon Certificate described herein, under existing law, interest on the Bonds is excluded from gross income of the owners thereof for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"). In addition, under existing law, interest on the Bonds is not treated as a preference item for purposes of the alternative minimum tax imposed under the Code with respect to individuals and corporations; such interest, however, is included in "adjusted current earnings" for purposes of computing the alternative minimum tax that may be imposed on corporations. In addition, Bond Counsel is further of the opinion that, under the New Jersey Gross Income Tax Act, as enacted and construed on the date hereof, interest on the Bonds and any gain from the sale of the Bonds are not includable in gross income of the holders thereof. See "TAX MATTERS" herein. COUNTY OF PASSAIC New Jersey $3,000,000 GENERAL OBLIGATION BONDS, SERIES 2016 consisting of $1,500,000 COUNTY COLLEGE BONDS, SERIES 2016A 12 of the Securities and Exchange Commission and Exchange 12 of the Securities - , this Preliminary Official Statement deeme is Official Statement , this Preliminary and 12 - $1,500,000 COUNTY COLLEGE BONDS, SERIES 2016B (County College Bond Act, P.L. 1971, c.12) (Non-Callable) (Not Bank-Qualified) Dated: Date of Delivery Due: July 1, as shown on the inside front cover The $3,000,000 General Obligation Bonds, Series 2016 of the County of Passaic, New Jersey (the “County”), consisting of accordance 15c2 with Rule accordance the $1,500,000 County College Bonds, Series 2016A (the “Series 2016A Bonds”) and the $1,500,000 County College Bonds, Series seven seven business days such following sale or to the accompany requesting confirmations purchaser’s 2016B (County College Bond Act, P.L. 1971, c.12) (the “Series 2016B Bonds” and together with the Series 2016A Bonds, the of permitted to be omitted by Rule by Rule to omitted 15c2 be permitted “Bonds”) will be issued in the form of one certificate for the aggregate principal amount of Bonds of each series maturing in each year and when issued will be registered in the name of Cede & Co. Interest on the Bonds will be paid semiannually on the first day of earlier January and July in each year until maturity, commencing on January 1, 2017. Interest on the Bonds will be credited to the participants of The Depository Trust Company (“DTC”) as listed on the records of DTC as of each next preceding December 15 and June 15 (the hin the ARecord Dates@ for the payment of interest on the Bonds). Investors may purchase beneficial interests in the Bonds in book-entry form in the denomination of $5,000 each or any integral multiple thereof. Principal of and interest on the Bonds will be paid to the Securities Depository by the County. The Bonds will be dated the date of their delivery and will mature on July 1 in the years and in the principal amounts set forth on the inside front cover hereof. As long as DTC or its nominee, Cede & Co., is the registered owner, such payments will be made directly to Cede & Co. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to Beneficial Owners is the responsibility of the DTC participants and the indirect participants as more fully described herein. a final Official Statement wit The Bonds are not subject to redemption prior to their stated maturities. The Bonds are valid and legally binding obligations of the County and, unless paid from other sources, are payable from ad deliver valorem taxes levied upon all the taxable property within the County for the payment of principal of the Bonds and the interest thereon without limitation as to rate or amount. , complete with the exception of the specific information information of the specific the exception complete with , This cover page contains certain information for quick reference only. It is not a summary of the issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Preliminary Official Statement to prospective purchasers and others. others. and purchasers In to prospective Statement Official Preliminary The Bonds are offered for sale upon the terms of the notice of sale and subject to the final approving opinion of Rogut McCarthy LLC, Cranford, New Jersey, Bond Counsel. It is anticipated that the Bonds in definitive form will be available for delivery to DTC in New York, New York, on or about July 7, 2016. ELECTRONIC BIDS VIA PARITY AND reliminary Official Statement Official reliminary P SEALED PROPOSALS WILL BE RECEIVED UNTIL 11:00 0'CLOCK A.M. ON JUNE 22, 2016 AT THE FREEHOLDER'S MEETING ROOM (ROOM 220) authorized distribution of this distribution authorized of the Bonds described herein, the County will Bonds. the for payment This isThis a COUNTY ADMINISTRATION BUILDING 401 GRAND STREET, PATERSON, NEW JERSEY 07505 Dated: June ____, 2016 MATURITIES, INTEREST RATES AND YIELDS SERIES 2016A BONDS Interest Interest Year Amount Rate Yield Year Amount Rate Yield 2017 $105,000 % % 2022 $150,000 % % 2018 115,000 2023 160,000 2019 125,000 2024 165,000 2020 130,000 2025 200,000 2021 140,000 2026 210,000 SERIES 2016B BONDS Interest Interest Year Amount Rate Yield Year Amount Rate Yield 2017 $105,000 % % 2022 $150,000 % % 2018 115,000 2023 160,000 2019 125,000 2024 165,000 2020 130,000 2025 200,000 2021 140,000 2026 210,000 PASSAIC COUNTY OFFICIALS BOARD OF CHOSEN FREEHOLDERS FREEHOLDER - DIRECTOR OF THE BOARD Theodore O. Best, Jr. FREEHOLDERS Bruce James Ronda Cotroneo Hector C. Lora John W. Bartlett Pasquale Lepore Terry Duffy COUNTY ADMINISTRATOR Anthony J. DeNova COUNTY COUNSEL William J. Pascrell, III, Esq. CLERK TO THE BOARD/ COUNTY TREASURER Louis E. Imhof III DIRECTOR OF FINANCE Richard Cahill COUNTY AUDITOR Steven D. Wielkotz, C.P.A., R.M.A. Ferraioli, Wielkotz, Cerullo & Cuva, P.A. Pompton Lakes, New Jersey BOND COUNSEL Rogut McCarthy LLC Cranford, New Jersey No broker, dealer, 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 representations must not be relied upon as having been authorized by the foregoing. The information contained herein has been provided by the County and other sources deemed reliable; however, no representation or warranty is made as to its accuracy or completeness and such information is not to be construed as a representation or warranty by the Underwriter or, as to information from sources other than itself, by the County. 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 the affairs of the County since the date hereof or any earlier date as of which any information contained herein is given. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be used, in whole or in part, for any other purpose. References in this Official Statement to laws, rules, regulations, resolutions, agreements, reports and documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein, and copies of which may be inspected at the offices of the County during normal business hours. 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 in any jurisdiction in which it is unlawful for any person to make such an offer, solicitation or sale. The Underwriter has provided the following sentence for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibility to investors under the Federal Securities Laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guaranty the accuracy or completeness of such information. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or amended by the County from time to time (collectively, the "Official Statement"), may be treated as a "Final Official Statement" with respect to the Bonds described herein that is deemed final as of the date hereof (or of any such supplement or amendment) by the County. IN CONNECTION WITH THE OFFERING, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS OFFERED HEREBY AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME WITHOUT PRIOR NOTICE. 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.