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County of Summit, Ohio Official Statement

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County of Summit, Ohio Official Statement PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 23, 2016 NEW ISSUE—BOOK ENTRY ONLY Rating: S&P: AA+ Moody’s: Aa1 See Ratings In the opinion of Roetzel & Andress, A Legal Professional Association, Bond Counsel, under existing law, (1) assuming continuing compliance with certain covenants and the accuracy of certain representations, interest on the Series 2016 Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations under the Internal Revenue Code of 1986, as amended (the “Code”), and (2) interest on, and any profit made on the sale, exchange, or other disposition of, the Series 2016 Bonds are exempt from the Ohio personal income tax, the net income base of the Ohio corporate franchise tax, the Ohio commercial activity tax, and municipal, school district, and joint economic development district income taxes in Ohio. The Series 2016 Bonds are not “qualified tax- exempt obligations” under Code Section 265(b)(3). Interest on the Series 2016 Bonds may be subject to certain federal taxes imposed only on certain corporations, including the corporate alternative minimum tax on a portion of that interest. For a more complete discussion of tax aspects, see Tax Exemption Matters. OFFICIAL STATEMENT $34,080,000* COUNTY OF SUMMIT, OHIO GENERAL OBLIGATION VARIOUS PURPOSE REFUNDING AND IMPROVEMENT BONDS, SERIES 2016 Dated: Date of Issuance Due: December 1, as shown on the inside cover The Bonds. The captioned bonds (the “Series 2016 Bonds”) are unvoted general obligations of the County of Summit, Ohio (the “County”), issued to (1) refund all or a portion of the County’s general obligation bonds issued in 2004, (2) pay cost of radio communication system improvements, (3) pay costs of improvements to the County’s Safety Building, (4) pay costs of acquiring and improving real and personal property for the County Board of Elections Early Voting Center and acquiring additional equipment for election operations, and (5) pay the issuance costs of the Series 2016 Bonds, all as described under The Bonds—Authorization and Purpose. Principal, interest, and any premium, unless paid from other sources, are to be paid from the proceeds of the County’s levy of ad valorem property taxes, which taxes are within the ten-mill limit imposed by Ohio law. See Security and Sources of Payment. Book Entry Only. The Series 2016 Bonds initially will be issued only as fully registered bond certificates, issuable under a book-entry system, registered initially in the name of The Depository Trust Company, New York, New York, or its nominee (“DTC”). There will be no distribution of bond certificates to the ultimate purchasers. The Series 2016 Bonds in certificated form will not be transferable or exchangeable, except for the transfer to another nominee of DTC or as otherwise described in this Official Statement. Payment. Principal will be payable at maturity in lawful money of the United States of America, upon presentation and surrender at the designated corporate trust office of U.S. Bank National Association (the “Registrar”). The Series 2016 Bonds will bear interest (computed on the basis of a 360-day year of twelve, 30-day months), at the annual rates shown on the inside front cover. Interest will be payable on each June 1 and December 1, beginning June 1, 2017, to the registered owner (DTC) as of the 15th day of the calendar month preceding that interest payment date. See Book- Entry System in Appendix B. Redemption. The Series 2016 Bonds are subject to mandatory and optional redemption before maturity as provided in this Official Statement. SeeSummary of Certain Terms of the Bonds—Redemption Before Maturity. The Series 2016 Bonds are offered when, as and if issued by the County and accepted by KeyBanc Capital Markets Inc. and PNC Capital Markets LLC (together, the “Underwriters”) subject to the opinion on certain legal matters relating to their issuance by Roetzel & Andress, A Legal Professional Association, Bond Counsel. Provident Municipal Advisor, LLC has acted as Municipal Advisor to the County in connection with the issuance of the Series 2016 Bonds. Certain legal matters will be passed upon for the Underwriters by Vorys, Sater, Seymour and Pease LLP. The Series 2016 Bonds are expected to be available for delivery to DTC or its agent on September 15, 2016. KeyBanc Capital Markets Inc. PNC CAPITAL MARKETS LLC This Official Statement has been prepared by the County in connection with its original offering for sale of the Series 2016 Bonds. This cover page includes certain information for quick reference only. It is not a basis for making informed investment decisions. The date of this Official Statement is _________, 2016, and the information speaks only as of that date. This Preliminary Official Statement and information contained in it are subject to change, completion, or amendment without notice. These securities may not be sold nor may offers to buy be accepted before this Preliminarybuy be accepted before Official Statement to offers not be sold nor may These securities may This Preliminary completion, or amendment without notice. contained in it are subject to change, Official Statement and information solicitation, or sale any sale of these securitiesany jurisdiction must not be in in which the offer, and there buy, to This Preliminary to sell or the solicitation of an offer Official Statement does not constitute an offer form. in final is delivered jurisdiction. of any or qualification under the securities the registration laws before be unlawful would * Preliminary, subject to change. PRINCIPAL MATURITY SCHEDULE* December 1 Principal Interest Principal Interest Year CUSIP** Amount Rate Price Year CUSIP** Amount Rate Price 2017 $4,395,000 % % 2025 $1,390,000 % % 2018 3,745,000 2026 1,445,000 2019 3,820,000 2027 1,505,000 2020 3,890,000 2028 1,560,000 2021 2,480,000 2029 1,620,000 2022 1,235,000 2030 1,690,000 2023 1,280,000 2031 1,755,000 2024 1,335,000 $935,000 _.___% Term Bonds Due 12/01/2036, Price ___.___%, Yield _.___% CUSIP ______ ___ * Preliminary, subject to change. ** Copyright© 2016, American Bankers Association. CUSIP® is a registered trademark of the American Banker’s Association. CUSIP data in this Official Statement is provided by CUSIP Global Services, managed by Standard & Poor’s Financial Services LLC on behalf of the American Banker’s Association. The CUSIP numbers listed above are being provided solely for the convenience of the holders of the Series 2016 Bonds only at the time of issuance of the Series 2016 Bonds, and the County does not make any representation with respect to those numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP Number for a specific maturity may be changed after the issuance of the Series 2016 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 Series 2016 Bonds. REGARDING THIS OFFICIAL STATEMENT This Official Statement does not constitute an offering of any security other than the original offering of the Series 2016 Bonds identified on the cover and the inside cover. No person, other than the County Executive, has been authorized by the County to give any information or to make any representation other than as contained in this Official Statement. Any other information or representation should not be relied upon as having been given or authorized by the County. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, and there must not be any sale of the Series 2016 Bonds by any person in any jurisdiction in which it is unlawful to make the offer, solicitation, or sale. This Official Statement includes the cover and inside cover pages preceding this page, the attached Debt Tables and Appendices, and the County’s “2016 Annual Informational Statement” dated August 15, 2016. The information and expressions of opinion in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale made under it will, under any circumstances, give rise to any implication that there has been no change in the affairs of the County since its date. Upon issuance, the Series 2016 Bonds will not be registered by the County under the Securities Act of 1933, as amended, or any state securities law, and will not be listed on any stock or other securities exchange. Neither the Securities and Exchange Commission (“SEC”) nor any other federal, state, or other governmental entity or agency will have, at the request of the County, passed upon the accuracy or adequacy of this Official Statement or approved the Series 2016 Bonds for sale. The County has provided information and has approved it for inclusion in this Official Statement. Prospective investors and others should not rely, for the purpose of making investment decisions, on other information—in any format, including electronic—publicly provided for other purposes by the County, including general information provided to the public or to portions of the public. In connection with this offering, the Underwriters may overallot or effect transactions that stabilize or maintain the market price of the Series 2016 Bonds at a level above that which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time. The Underwriters may offer and sell the Series 2016 Bonds to certain dealers and dealer banks and banks acting as agent at prices lower than the public offering prices stated on the inside cover, which public offering prices may be changed from time to time by the Underwriters.
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