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Official Statement Dated November 22, 2019

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Official Statement Dated November 22, 2019 PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 22, 2019 NEW ISSUE: SERIAL BONDS Rating: See “Rating” herein BOOK-ENTRY-ONLY In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and ment constitute an 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 alternative minimum tax. 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 o registration o or registration qualification under regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds. See “Tax Matters” herein. The Village will NOT designate the Bonds as "qualified tax-exempt obligations" pursuant to the provisions of Section 265(b)(3) of the Code. VILLAGE OF HARRISON WESTCHESTER COUNTY, NEW YORK $12,415,000 PUBLIC IMPROVEMENT (SERIAL) BONDS, 2019 (the “Bonds”) . Under no circumstances shall this Preliminary Offering State Dated: Date of Delivery Due: December 1, 2021 to 2049 The Bonds are general obligations of the Village of Harrison, Westchester County, New York (the “Village”), and all of the taxable real property within the Village is subject to the levy of ad valorem taxes to pay the Bonds and interest thereon, ich such solicitation, offer, or sale would be unlawful prior t subject to certain statutory limitations imposed by Chapter 97 of the New York Laws of 2011, as amended (the “Tax Levy Limit Law”). (See “Tax Levy Limit Law” herein.) The Bonds will be dated the date of delivery, will bear interest from such date payable semiannually on each June 1 and December 1 until maturity, commencing December 1, 2020 and will mature on the dates, in the years and amounts as set forth on the inside cover page hereof. The Bonds maturing on or after December 1, 2028 will be subject to redemption prior to maturity. (See “Optional Redemption” herein). The Bonds will be issued as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee of DTC. DTC will act as the securities depository for the Bonds. Individual purchases may be made in book-entry form only, in principal amounts of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their ownership interests in the Bonds. Payment of the principal of and interest on the Bonds will be made by the Village to DTC, which will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds as described herein. (See “Book-Entry-Only System” herein.) ed herein are subject to completion or amendment without notice Capital Markets Advisors, LLC has served as Municipal Advisor to the Village in connection with the issuance of the Bonds. there be any sale of the securities, in any jurisdiction in wh The Bonds are offered when, as, and if issued by the Village and accepted by the purchaser, subject to the final approving opinion of Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel, and certain other conditions. It is anticipated that Bonds will be available for delivery through the offices of DTC in Jersey City, New Jersey on or about December 12, 2019. THIS PRELIMINARY OFFICIAL STATEMENT IS IN A FORM “DEEMED FINAL” BY THE VILLAGE FOR THE t and the information contain PURPOSE OF SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12. FOR A DESCRIPTION OF THE VILLAGE’S AGREEMENT TO PROVIDE CONTINUING DISCLOSURE FOR THE BONDS AS DESCRIBED IN THE RULE, SEE “DISCLOSURE UNDERTAKING” HEREIN. Dated: December __, 2019 This Preliminary Offering Statemen offer offer to sell or the solicitation of an offer to buy, nor shall the securities laws of such jurisdiction. The Bonds mature on December 1 in each of the years, subject to prior redemption, as set forth below: Interest Interest Year Amount* Rate Yield Year Amount* Rate Yield 2021 $ 335,000 2036** $ 420,000 2022 335,000 2037** 435,000 2023 340,000 2038** 445,000 2024 350,000 2039** 455,000 2025 350,000 2040** 460,000 2026 360,000 2041** 470,000 2027 360,000 2042** 480,000 2028** 365,000 2043** 490,000 2029** 370,000 2044** 505,000 2030** 375,000 2045** 515,000 2031** 385,000 2046** 530,000 2032** 395,000 2047** 540,000 2033** 400,000 2048** 555,000 2034** 410,000 2049** 565,000 2035** 420,000 * The principal maturities of the Bonds are subject to adjustment following their sale, pursuant to the terms of the accompanying Notice of Bond Sale to achieve substantially level or declining annual debt service as provided in the Local Finance Law. ** The Bonds maturing in the years 2028 and thereafter will be subject to redemption prior to maturity, as described herein. (See “Optional Redemption” herein.) VILLAGE OF HARRISON WESTCHESTER COUNTY, NEW YORK MAYOR RONALD BELMONT BOARD OF TRUSTEES Richard Dioniso ............................................................................................. Trustee Frank Gordon ................................................................................................ Trustee Stephen Malfitano ......................................................................................... Trustee Fred W. Sciliano ............................................................................................ Trustee ______________________________ Maureen Mackenzie ............................................................... Comptroller/Treasuer Jacqueline Greer .................................................................................. Village Clerk ______________________________ BOND COUNSEL Orrick, Herrington & Sutcliffe LLP New York, New York ______________________________ MUNICIPAL ADVISOR CAPITAL MARKETS ADVISORS, LLC Long Island * Hudson Valley * Southern Tier * Western New York (516) 570-0340 No dealer, broker, salesman or other person has been authorized by the Village to give any information or to make any representations, other than those contained in this Official Statement and if given or made, such other information or representations must not be relied upon as having been authorized by the Village. 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 offer, solicitation or sale. The information set forth herein has been obtained by the Village from sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness. The information 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 Village since the date hereof. TABLE OF CONTENTS Page Page THE BONDS .................................................................. 1 THE STATE COMPTROLLER'S FISCAL STRESS Description .................................................................. 1 MONITORING SYSTEM AND COMPLIANCE Authority for and Purpose of the Bonds ..................... 2 REVIEWS ...................................................................... 10 Optional Redemption .................................................. 2 LITIGATION ................................................................. 11 Nature of Obligation ................................................... 2 TAX MATTERS ............................................................ 11 Book-Entry-Only System ............................................ 4 LEGAL MATTERS ....................................................... 12 TAX LEVY LIMITATION LAW .................................. 6 DISCLOSURE UNDERTAKING ................................. 12 SPECIAL PROVISIONS AFFECTING REMEDIES Continuing Disclosure History ................................... 14 UPON DEFAULT .......................................................... 6 RATING ......................................................................... 15 MARKET FACTORS .................................................... 10 MUNICIPAL ADVISOR ............................................... 15 MISCELLANEOUS ....................................................... 15 APPENDIX A THE VILLAGE .......................................................... A-1 Constitutional Taxing Power ................................. A-8 General Information .............................................. A-1 Tax Collection Procedure ...................................... A - 8 Selected Listing of Major Employers .................... A-2 Real Estate Taxes and Tax Collection Record ...... A-8 Form of Government ............................................. A-2 Larger Taxpayers .................................................. A-9 Budgetary Procedures ........................................... A-3 Tax Certiorari Matters ........................................... A-9 State Aid ................................................................ A-3 VILLAGE INDEBTEDNESS .................................
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