City of Yonkers, New York
an PRELIMINARY OFFICIAL STATEMENT DATED APRIL 15, 2019 n n or qualification NEW AND RENEWAL ISSUES RATINGS: (See “ RATINGS ” herein) In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the City of Yonkers, New York, under existing statutes and court decisions and assuming continuing compliance with certain tax certifications described herein, (i) interest on the Series A Notes is excluded from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”); (ii) interest on the Series A Notes is not treated as a preference item in calculating the alternative minimum tax under the Code; (iii) interest on the Series B Notes is included in gross income for federal income tax purposes pursuant to the Code; and (iv) interest on the Notes is exempt from personal income taxes of New York State and its political subdivisions, including The City of New York and the City of Yonkers. See “TAX MATTERS FOR THE SERIES A NOTES” AND “TAX MATTERS FOR THE SERIES B NOTES” herein. CITY OF YONKERS, NEW YORK all this Preliminary Official Statement constitute $79,513,082 GENERAL OBLIGATION BOND ANTICIPATION NOTES-2019A $16,150,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES-2019B (FEDERALLY TAXABLE) ion, or sale would be unlawful prior to registratio Dated: Date of Issue Maturity Date : December 17, 2019 The $79,513,082 General Obligation Bond Anticipation Notes-2019A (the “Series A Notes”) and $16,150,000 General Obligation Bond Anticipation Notes-2019B (Federally Taxable) (the “Series B Notes and together with the Series A Notes, the “Notes”), will constitute general obligations of the City and will contain a pledge of its faith and credit for the payment of the principal thereof and interest thereon and, unless paid from other sources, the Notes are payable from ad valorem taxes which may be levied upon all the taxable real property within the City, subject to certain statutory limitations imposed by Chapter 97 of the Laws of New York of 2011, as amended (the “Tax Levy Limit Law”).
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