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2018 Official Statement

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2018 Official Statement OFFICIAL STATEMENT RATINGS: (See ‘RATINGS’ herein) Fitch: “AAA (negative outlook)” Moody's Investors Service: “Aa2 (negative outlook)” S&P Global: “AA (stable outlook)” NEW ISSUE SERIAL BONDS 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 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 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. $51,960,000 COUNTY OF ONONDAGA, NEW YORK $51,960,000 General Obligation (Serial) Bonds, 2018 (the “Bonds”) CUSIP BASE†: 68277D Dated: Date of Delivery Due: April 15, 2020-2038 MATURITIES* Interest Interest Interest Year Amount Yield CUSIP† Year Amount Yield CUSIP† Year Amount Yield CUSIP† Rate Rate Rate 2020 $ 2,740,000* 5.000% 1.850% BN3 2027 $ 2,655,000* 4.000% 2.530% BV5 2033 $3,070,000* 3.250% 3.404% CB8 2021 2,825,000* 5.000 1.920 BP8 2028 2,720,000* 4.000 2.620 BW3 2034 2,460,000* 3.250 3.460 CC6 2022 2,895,000* 5.000 2.000 BQ6 2029 2,760,000* 4.000 2.720 BX1 2035 2,530,000* 3.375 3.536 CD4 2023 2,985,000* 5.000 2.080 BR4 2030 2,825,000* 3.000 3.104 BY9 2036 2,605,000* 3.375 3.568 CE2 2024 2,450,000* 5.000 2.180 BS2 2031 2,910,000* 3.000 3.195 BZ6 2037 2,680,000* 3.500 3.668 CF9 2025 2,520,000* 5.000 2.280 BT0 2032 2,995,000* 3.125 3.286 CA0 2038 2,755,000* 3.500 3.699 CG7 2026 2,580,000* 5.000 2.380 BU7 * The Bonds maturing in the years 2026-2038 are subject to redemption prior to maturity as described herein under “THE BONDS - Optional Redemption”. The Bonds are general obligations of the County of Onondaga, New York (the “County”), all the taxable real property within which is subject to the levy of ad valorem taxes to pay the Notes and interest thereon, and subject to applicable statutory limitations. See “THE BONDS – Nature of the Obligation” and “TAX LEVY LIMITATION LAW” 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 April 15, 2019 and semi-annually thereafter on October 15 and April 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. The Bonds are offered when, as and if issued and received by the purchaser and subject to the receipt of the approving legal opinion as to the validity of the Bonds of Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. It is anticipated that the Bonds will be available for delivery through the facilities of DTC located in Jersey City, New Jersey, or as may be agreed upon by the purchaser, on or about October 11, 2018. September 26, 2018 THIS REVISED COVER SUPPLEMENTS THE OFFICIAL STATEMENT OF THE COUNTY DATED SEPTEMBER 19, 2018 RELATING TO THE OBLIGATIONS THEREOF DESCRIBED THEREIN AND HEREIN BY INCLUDING CERTAIN INFORMATION OMITTED FROM SUCH OFFICIAL STATEMENT IN ACCORDANCE WITH SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12. OTHER THAN AS SET FORTH ON THE REVISED COVER, THE REVISION TO THE SECTION ENTITLED “RATE OF PRINCIPAL RETIREMENT”, AND THE REVISION TO THE DATED DATE ON PAGE 54, THERE HAVE BEEN NO REVISIONS TO SAID OFFICIAL STATEMENT. † Copyright 2009, American Bankers Association. CUSIP data herein is provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service. The CUSIP number is provided for convenience of reference only. Neither the County, nor the Municipal Advisor take any responsibility for the accuracy of such CUSIP. COUNTY OFFICIALS JOANNE M. MAHONEY J. RYAN MCMAHON, II County Executive Chairman, County Legislature WILLIAM P. FISHER ROBERT E. ANTONACCI, II, CPA, ESQ. Deputy County Executive County Comptroller STEVEN P. MORGAN LISA DELL Chief Fiscal Officer County Clerk EUGENE CONWAY ROBERT DURR, ESQ. Sheriff County Attorney WILLIAM J. FITZPATRICK, ESQ. District Attorney MUNICIPAL ADVISOR Fiscal Advisors & Marketing, Inc. 120 Walton Street, Suite 600 Syracuse, New York 13202 (315) 752-0051 BOND COUNSEL Orrick, Herrington & Sutcliffe LLP 51 West 52nd Street New York, New York 10019 (212) 506-5151 No person has been authorized by the County of Onondaga 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 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 Onondaga. TABLE OF CONTENTS Page Page THE BONDS .......................................................................................... 1 STATUS OF INDEBTEDNESS ........................................................... 38 Description of the Bonds .................................................................... 1 Constitutional Requirements .............................................................. 38 Optional Redemption ......................................................................... 1 Statutory Procedure ............................................................................ 38 Purposes of Issue ............................................................................... 2 Debt Outstanding End of Fiscal Year ................................................. 39 Nature of the Obligation .................................................................... 3 Debt Management .............................................................................. 39 Details of Outstanding Indebtedness .................................................. 40 BOOK-ENTRY-ONLY SYSTEM ....................................................... 4 Estimate of Obligations to be Issued .................................................. 40 Certificated Bonds ............................................................................. 5 Rate of Principal Retirement .............................................................. 40 THE COUNTY ..................................................................................... 6 Bonded Indebtedness as of September 12, 2018 ................................. 41 General Information ........................................................................... 6 Calculation of Total Net Indebtedness................................................ 42 Governmental Organization ............................................................... 6 Bonded Debt of Political Subdivisions Within The County ............... 42 Transportation .................................................................................... 6 Debt Ratios ......................................................................................... 43 Higher Education ............................................................................... 7 Bonded Debt Service .......................................................................... 43 Health and Medicine .......................................................................... 8 Culture and Recreation ..................................................................... 10 SPECIAL PROVISIONS AFFECTING Conventions and Tourism ................................................................ 11 REMEDIES UPON DEFAULT .................................................. 43 Population Trends ............................................................................ 13 MARKET AND RISK FACTORS ...................................................... 45 Commercial Banking ....................................................................... 13 Major Employers ............................................................................. 14 TAX MATTERS ................................................................................... 46 Unemployment Rate Statistics ......................................................... 14 LEGAL MATTERS.............................................................................
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