2020 Bond Official Statement
FINAL OFFICIAL STATEMENT NEW/RENEWAL ISSUES BOND ANTICIPATION NOTES In the opinion of Roemer Wallens Gold & Mineaux LLP, Bond Counsel, under existing laws, regulations, rulings and court decisions, and assuming continuing compliance by the City with certain covenants and the accuracy of certain representations, (i) interest on the Notes is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and (ii) interest on the Notes is exempt from personal income taxes imposed by the State of New York and political subdivisions thereof, including The City of New York. The Notes may be subject to certain federal taxes imposed only on certain corporations, including the corporate alternative minimum tax, on a portion of that interest. See "TAX MATTERS" herein for a discussion of certain Federal taxes applicable to corporate owners of the Notes. The City will NOT designate the Notes as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. $44,672,719 CITY OF ALBANY ALBANY COUNTY, NEW YORK (the “City”) $44,672,719 Bond Anticipation Notes, 2020 (the “Notes”) Dated: March 26, 2020 Due: March 26, 2021 $8,500,000 at an Interest Rate of 1.29% - Not Reoffered JPMORGAN CHASE BANK, N.A. and $36,172,719 at an Interest Rate of 2.25% - Not Reoffered BANK OF AMERICA, N.A. The Notes are general obligations of the City of Albany, Albany County, New York (the “City”), all the taxable real property within which is subject to the levy of ad valorem taxes to pay the Notes interest thereon, subject to applicable statutory limits.
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