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Official Statement

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Official Statement OFFICIAL STATEMENT Moody’s Investors Service Bond Rating: “A1” Fitch Ratings Bond Rating: “AA” Stable Outlook S&P Bond Rating: “AA-” Stable Outlook NEW/RENEWAL ISSUES SERIAL BONDS & BOND ANTICIPATION NOTES 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 alternative minimum tax. Bond Counsel is also of the opinion that interest on the Bonds and Notes is exempt from personal income taxes imposed by the State of New York and any political subdivision thereof (including The City of New York). Bond Counsel expresses no opinion regarding any other tax consequences related to ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds and Notes. See “TAX MATTERS” herein. The Bonds and Notes will not be designated as “qualified tax-exempt obligations” pursuant to Section 265(b)(3) of the Code. $19,867,129 COUNTY of ONEIDA, NEW YORK GENERAL OBLIGATIONS $18,685,000 Public Improvement (Serial) Bonds, 2018 (the “Bonds”) CUSIP BASE: 682455 Dated: May 16, 2018 Due: May 15, 2019-2033 MATURITIES* Year Amount* Rate Yield CSP Year Amount* Rate Yield CSP Year Amount* Rate Yield CSP 2019 $ 900,000 % % 2024 $1,150,000 % % 2029 $ 1,300,000** % % 2020 1,160,000 2025 1,180,000 2030 1,340,000** 2021 1,190,000 2026 1,210,000 2031 1,380,000** 2022 1,215,000 2027 1,240,000** 2032 1,430,000** 2023 1,245,000 2028 1,270,000** 2033 1,475,000** $1,182,129 Bond Anticipation Notes, 2018 (Federally Taxable) (the “Notes”) (collectively referred to herein as the “Bonds and Notes”) Dated: May 16, 2018 Due: May 16, 2019 *Principal amounts are subject to change pursuant to the accompanying Notice of Bond Sale in order to achieve substantially level or declining annual debt service. **The Bonds maturing in the years 2027-2033 are subject to redemption prior to maturity. See “DESCRIPTION OF THE BONDS - Optional Redemption” herein. The Bonds and Notes are general obligations of the County of Oneida, New York (the "County") all the taxable real property within which is subject to the levy of ad valorem taxes to pay the Bonds and Notes and interest thereon, subject to applicable statutory limitations. See “TAX INFORMATION - Tax Levy Limitation Law” section herein. The Bonds will be issued as registered bonds and, when issued, 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 15, 2019, November 15, 2019 and semi-annually thereafter on May 15 and November 15 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. Proposals shall be for not less than $18,685,000 and accrued interest, if any, on the total principal amount of the Bonds. Proposals shall be accompanied by a good faith deposit in the form of a certified or cashier’s check or wire transfer payable to the order of the County of Oneida, New York, in the amount of $373,700. The Notes will not be subject to redemption prior to maturity. At the option of the successful bidder(s), the Notes will be issued registered in the name of the purchaser in the denominations of $5,000 or multiples thereof except for a necessary odd denomination. Alternatively, at the option of the successful bidder, the Notes 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 the securities depository for the Notes. In such case, Noteholders will not receive certificates representing their ownership interest in the notes purchased. In such case, under this option, payment of the principal of and interest on the Notes to the Beneficial Owner of the Notes will be made by DTC Participants and Indirect Participants in accordance with standing instructions and customary practices. Payment will be the responsibility of the DTC, subject to any statutory and regulatory requirements as may be in effect from time to time. See "BOOK-ENTRY-ONLY SYSTEM" herein. The Bonds and Notes are offered when, as and if issued and received by the Purchaser(s) and subject to the receipt of the approving legal opinions as to the validity of the Bonds and Notes of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, New York, New York. It is anticipated that the Bonds and Notes will be available for delivery through the facilities of DTC in Jersey City, New Jersey on or about May 16, 2018. ELECTRONIC BIDS for the Bonds and Notes must be submitted via Fiscal Advisors Auction website ("Fiscal Advisors Auction") accessible via www.fiscaladvisorsauction.com on May 3, 2018 until 11:00 A.M., Eastern Time, pursuant to the Notices of Sale. No other form of electronic bidding services will be accepted. No bid will be received after the time for receiving bids specified above. Bids may also be submitted by facsimile at (315) 930-2354. Once the bids are communicated electronically via Fiscal Advisors Auction or facsimile to the County, each bid will constitute an irrevocable offer to purchase the Bonds and Notes pursuant to the terms provided in the Notices of Sale. April 25, 2018 THE COUNTY DEEMS THIS OFFICIAL STATEMENT TO BE FINAL FOR PURPOSES OF SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12 ("THE RULE"), EXCEPT FOR CERTAIN INFORMATION THAT HAS BEEN OMITTED HEREFROM IN ACCORDANCE WITH SAID RULE AND THAT WILL BE SUPPLIED WHEN THIS OFFICIAL STATEMENT IS UPDATED FOLLOWING THE SALE OF THE OBLIGATIONS HEREIN DESCRIBED. THIS OFFICIAL STATEMENT WILL BE SO UPDATED UPON REQUEST OF THE SUCCESSFUL BIDDERS, AS MORE FULLY DESCRIBED IN THE NOTICES OF SALES WITH RESPECT TO THE OBLIGATIONS HEREIN DESCRIBED. THE COUNTY WILL COVENANT IN AN UNDERTAKING TO PROVIDE CONTINUING DISCLOSURE AS DEFINED IN THE RULE WITH RESPECT TO THE BONDS. SEE “APPENDIX – D, CONTINUING DISCLOSURE UNDERTAKING” HEREIN. THE COUNTY WILL COVENANT IN AN UNDERTAKING TO PROVIDE NOTICE OF CERTAIN MATERIAL EVENTS AS DEFINED IN THE RULE WITH RESPECT TO THE NOTES. SEE "APPENDIX – E, MATERIAL EVENT NOTICES" HEREIN. COUNTY of ONEIDA, NEW YORK www.ocgov.net BOARD OF COUNTY LEGISLATORS GERALD J. FIORINI Chairman George E. Joseph (Majority Leader) Richard A. Flisnik Joseph M. Furgol Philip M. Sacco (Minority Leader) Lori Washburn Edward P. Welsh Keith Schiebel Robert A. Koenig William R. Hendricks Colin E. Idzi Michael D. Brown Rose Ann Convertino Norman Leach William Goodman Emil R. Paparella Michael J. Clancy Chad Davis Steven R. Boucher Michael B. Waterman James M. D’Onofrio Mary Austin Pratt Brian P. Mandryck * * * * * * * * ANTHONY J. PICENTE, Jr. County Executive SANDRA J. DEPERNO PETER M. RAYHILL, ESQ. County Clerk County Attorney JOSEPH J. TIMPANO County Comptroller SHERYL A. BROWN ANTHONY R. CARVELLI Deputy County Comptroller County Commissioner of Finance FISCAL ADVISORS & MARKETING, INC. Municipal Advisor ORRICK, HERRINGTON & SUTCLIFFE LLP Bond Counsel No person has been authorized by the County of Oneida 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 and Notes 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 Oneida. TABLE OF CONTENTS Page Page NATURE OF OBLIGATION ............................................................... 1 COUNTY INDEBTEDNESS cont’d DESCRIPTION OF THE BONDS ....................................................... 2 Estimated Overlapping Indebtedness .................................................. 30 Optional Redemption ......................................................................... 3 Debt Ratios.......................................................................................... 31 DESCRIPTION OF THE NOTES ....................................................... 3 Bonded Debt Service ........................................................................... 31 BOOK-ENTRY-ONLY SYSTEM ........................................................ 3 CONSENT ORDER – WATER QUALITY SANITARY SEWER Certificated Bonds ............................................................................. 5 OVERFLOWS ................................................................................... 31 Certificated Notes .............................................................................
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