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2019-Bond-Offering-Series-A-B and C NEW ISSUES – BOOK ENTRY ONLY Moody’s: Aaa ® Fitch: AAA (See “Ratings” herein) $222,845,000 BATTERY PARK CITY AUTHORITY Senior Revenue Bonds $72,765,000 $146,510,000 $3,570,000 Senior Revenue Bonds Senior Revenue Bonds Senior Revenue Bonds Series 2019A Series 2019B Series 2019C (Federally Taxable) (Sustainability Bonds) (Sustainability Bonds) Dated: Date of Delivery Due: As set forth on the inside cover Purpose The proceeds of the above captioned bonds (the “Series 2019 Senior Bonds”), together with other moneys of the Battery Park City Authority, doing business as Hugh L. Carey Battery Park City Authority (the “Authority”), will be used: (1) to provide for ongoing infrastructure and other capital improvements in Battery Park City; (2) to refund certain outstanding indebtedness of the Authority; and (3) to pay costs of issuance of the Series 2019 Senior Bonds. Designation as The Authority has designated the Series 2019A Senior Bonds and the Series 2019C Senior Bonds as “Sustainability Sustainability Bonds Bonds.” See “PLAN OF FINANCE – BPCA Sustainability Bond Framework; Designation of the Series 2019A and Series 2019C Senior Bonds as Sustainability Bonds” herein, Tax Exemption In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Authority, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the Series 2019A Senior Bonds and the Series 2019B Senior Bonds 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”), and (ii) interest on the Series 2019A Senior Bonds and the Series 2019B Senior Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. Bond Counsel also is of the opinion that interest on the Series 2019C Senior Bonds is included in gross income for Federal income tax purposes pursuant to the Code. In addition, Bond Counsel is of the opinion that under existing statutes, interest on the Series 2019 Senior 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). See “TAX MATTERS” herein regarding certain other tax considerations. Redemption The Series 2019 Senior Bonds are subject to redemption prior to maturity as described herein. Interest Interest on the Series 2019 Senior Bonds is payable on May 1 and November 1 of each year, commencing November 1, 2019. Security THE SERIES 2019 SENIOR BONDS ARE SPECIAL OBLIGATIONS OF THE AUTHORITY, WHICH HAS NO TAXING POWER, AND ARE NOT A DEBT OR LIABILITY OF THE STATE OF NEW YORK OR THE CITY OF NEW YORK. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF NEW YORK OR THE CITY OF NEW YORK IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THE SERIES 2019 SENIOR BONDS, NOR ARE THE SERIES 2019 SENIOR BONDS “MORAL OBLIGATION” BONDS SECURED BY A DEBT SERVICE OR OTHER RESERVE FUND FOR WHICH STATUTORY PROVISION FOR THE APPROPRIATION OF FUNDS HAS BEEN MADE. The Series 2019 Senior Bonds will constitute Senior Bonds (as defined in the General Bond Resolution, adopted by the Authority on September 9, 2003 (the “General Resolution”) and as described in Appendix B to this Official Statement), and will be secured by the Collateral on a basis senior to all Junior Bonds and Subordinated Payments, and on a parity with all other Senior Bonds, now or hereafter secured under the General Resolution (each as defined in the General Resolution). Concurrently with the issuance of the Series 2019 Senior Bonds, the Authority expects to issue its $300,000,000 aggregate principal amount of Junior Revenue Bonds, Series 2019D (Adjustable Rate Bonds) (the “Series 2019D Junior Bonds”) and its $150,000,000 aggregate principal amount of Junior Revenue Bonds, Series 2019E (the “Series 2019E Junior Bonds”), the proceeds of which will be used to refund certain outstanding junior lien variable rate indebtedness of the Authority. The Series 2019D Junior Bonds will be offered under a separate official statement and the Series 2019E Junior Bonds will not be publicly offered. Denominations $5,000 or integral multiples thereof. Bond Counsel Hawkins Delafield & Wood LLP. Underwriters’ Counsel Katten Muchin Rosenman LLP. Trustee & Paying Agent The Bank of New York Mellon. Book-Entry System The Depository Trust Company. See “DESCRIPTION OF THE Series 2019 Senior Bonds – Book-Entry-Only System” herein. Delivery The Series 2019 Senior Bonds are offered when, as and if issued and received by the Underwriters, subject to certain conditions. It is expected that the Series 2019 Senior Bonds will be available for delivery to DTC on or about August 6, 2019. MORGAN STANLEY RAmIREZ & CO., INc. DREXEL HAmILTON, LLC RBC CAPITAL MARKETs SIEbERT CIsNEROs ShANK & CO., L.L.C. Official Statement dated July 18, 2019 $222,845,000 BATTERY PARK CITY AUTHORITY SENIOR REVENUE BONDS $72,765,000 SENIOR REVENUE BONDS, SERIES 2019A (SUSTAINABILITY BONDS) Maturities, Amounts, Interest Rates, Prices, Yields and CUSIP† Numbers $29,135,000 4.00% Term Bonds due November 1, 2044; Priced 113.470%C to Yield 2.50%; CUSIP†: 07133AHJ4 $43,630,000 5.00% Term Bonds due November 1, 2049; Priced 124.393%C to Yield 2.31%; CUSIP†: 07133AHK1 $146,510,000 SENIOR REVENUE BONDS, SERIES 2019B Maturities, Amounts, Interest Rates, Prices, Yields and CUSIP† Numbers November 1 Principal Interest Rate Price Yield CUSIP† 2028 $ 395,000 5.00% 130.985 1.41% 07133AHL9 2029 415,000 5.00 133.094 1.50 07133AHM7 2030 435,000 5.00 132.092C 1.59 07133AHN5 2031 455,000 5.00 131.430C 1.65 07133AHP0 2032 8,305,000 5.00 130.334C 1.75 07133AHQ8 2033 8,585,000 5.00 129.573C 1.82 07133AHR6 2034 7,575,000 5.00 129.033C 1.87 07133AHS4 2035 8,195,000 5.00 128.281C 1.94 07133AHT2 2036 8,825,000 5.00 127.747C 1.99 07133AHU9 2037 9,515,000 5.00 127.322C 2.03 07133AHV7 2038 23,845,000 5.00 127.216C 2.04 07133AHW5 2039 43,525,000 5.00 126.793C 2.08 07133AHX3 2040 25,705,000 5.00 126.372C 2.12 07133AHY1 2041 735,000 4.00 114.441C 2.40 07133AHZ8 $3,570,000 SENIOR REVENUE BONDS, SERIES 2019C (FEDERALLY TAXABLE) (SUSTAINABILITY BONDS) Maturity, Amount, Interest Rate, Price, Yield and CUSIP† Number $3,570,000 2.53% Serial Bond due November 1, 2027; Priced 100% to Yield 2.53%; CUSIP†: 07133AJA1 † CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (“CGS”) is managed on behalf of the American Bankers Association by S&P Capital IQ. Copyright® 2018 CUSIP Global Services. All rights reserved. CUSIP® data herein are provided by CGS. These data are not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the Authority, the Underwriters or their agents or counsel assume responsibility for the accuracy of such numbers. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2019 Senior Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the 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 2019 Senior Bonds C Priced to first optional redemption date of November 1, 2029. [THIS PAGE INTENTIONALLY LEFT BLANK] 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 Series 2019 Senior Bonds to any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. This Official Statement has been prepared by the Authority and provides certain information relating to the Authority in connection with the sale of the Series 2019 Senior Bonds. The information set forth herein has been obtained from the Authority, CBRE, Inc., the Authority’s real estate consultant, and other sources, which are believed by the Authority to be reliable but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by any of such sources as to information from any other source. 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 Authority or the information set forth in the Real Estate Consultant’s Report since the date hereof. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. No dealer, broker, salesman or other person has been authorized by the Authority or the Underwriters to give any information or to make any representations other than as contained in this Official Statement. If given or made, such other information or representations must not be relied upon as having been authorized by either of the foregoing. The order and placement of material in this Official Statement, including its appendices, are not to be deemed a determination of relevance, materiality or importance, and all material in this Official Statement, including the appendices, must be considered in its entirety.
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