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City of New Haven NEW ISSUE - BOOK-ENTRY ONLY Ratings: (See “Ratings” herein) In the opinion of Bond Counsel, based on existing statutes and court decisions and assuming continuing compliance with certain covenants and procedures relating to requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax. Interest on the Bonds may be includable in the calculation of certain taxes under the Code, including the federal alternative minimum tax imposed on certain corporations. In the opinion of Bond Counsel, based on existing statutes, interest on the Bonds is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the federal alternative minimum tax. See “TAX MATTERS” herein. $76,715,000 CITY OF NEW HAVEN, CONNECTICUT General Obligation Bonds, Issue of 2017 Consisting of $43,300,000 General Obligation Bonds, Series A $33,415,000 General Obligation Refunding Bonds, Series B Dated: Date of Delivery Due: August 1, as shown herein The $76,715,000 City of New Haven, Connecticut General Obligation Bonds, Issue of 2017 consisting of $43,300,000 General Obligation Bonds, Series A (the “Series A Bonds”) and $33,415,000 General Obligation Refunding Bonds, Series B (the “Series B Bonds” and, together with the Series A Bonds, the “Bonds”) will be general obligations of the City of New Haven, Connecticut (the “City”) and the City will pledge its full faith and credit to pay the principal of and interest on the Bonds when due. See “AUTHORIZATION AND PURPOSE - Security and Remedies” and “- Plan of Refunding” herein. The Series A Bonds are being issued to finance various public improvements, and school and urban renewal projects as more fully described herein. The Series B Bonds are being issued to refund all or a portion of certain of the City’s outstanding general obligation bonds as more fully described herein. The Bonds will bear interest payable on August 1, 2018 and semiannually thereafter on February 1 and August 1 in each year until maturity or earlier redemption, as applicable. (See “AUTHORIZATION AND PURPOSE - Security and Remedies” and “- Plan of Refunding” herein.) The Bonds will mature on the dates and in the amounts, and bear interest from the date of delivery at the rates, all as shown on the inside front cover hereof. See “AUTHORIZATION AND PURPOSE - Description of the Bonds” herein. The Bonds are issuable only as fully registered bonds, without coupons, and when issued, will be registered in the name of Cede & Co., as Bondowner and nominee for The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry only form, in denominations of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their ownership interest in the Bonds. So long as Cede & Co. is the Bondowner, as nominee of DTC, reference herein to the Bondowner or owners shall mean Cede & Co. as aforesaid, and shall not mean the Beneficial Owners (as described herein) of the Bonds. Principal of and interest on the Bonds will be made by the City or its agent directly to DTC. See “AUTHORIZATION AND PURPOSE - Book-Entry Only System” herein. The Series A Bonds are subject to redemption prior to maturity as more fully described herein. The Series B Bonds are not subject to redemption prior to maturity. The Certifying Agent, Registrar, Transfer Agent, Escrow Agent, and Paying Agent for the Bonds will be U.S. Bank National Association, Hartford, Connecticut. This cover page contains information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement, including the Appendices, which are an integral part hereof, to obtain information essential to making an informed investment decision regarding the Bonds. The Bonds are offered for delivery when, as and if issued by the City and received by the Underwriters subject to the final approving opinions of Robinson & Cole LLP, Hartford, Connecticut, Bond Counsel. Certain legal matters with respect to the Bonds will be passed upon for the City by the Hardwick Law Firm, LLC, Hartford, Connecticut, Disclosure Counsel. Certain legal matters with respect to the Bonds will be passed upon for the Underwriters by their counsel, Schiff Hardin LLP, New York, New York, Underwriters’ Counsel. It is expected that delivery of the Bonds in book-entry form will be made to DTC on or about August 10, 2017. Raymond James Loop Capital Markets Morgan Stanley Piper Jaffray & Co. Official Statement dated August 3, 2017. $76,715,000 CITY OF NEW HAVEN, CONNECTICUT GENERAL OBLIGATION BONDS, ISSUE OF 2017 MATURITY SCHEDULE $43,300,000 GENERAL OBLIGATION BONDS, SERIES A Dated: Date of Delivery Due: August 1, as shown below Principal Interest Principal Interest Maturity Amount Rate Yield CUSIP* Maturity Amount Rate Yield CUSIP* 2018 $ 625,000 3.000% 1.310% 6450203Z9 2028 $2,095,000 5.000% 3.150%C 6450204K1 2019 1,685,000 5.250 1.510 6450204A3 2029 2,200,000 5.000 3.200C 6450204L9 2020 1,755,000 5.250 1.710 6450204B1 2030 2,315,000 5.000 3.290C 6450204M7 2021 1,830,000 5.250 1.920 6450204C9 2031 2,435,000 5.000 3.360C 6450204N5 2022 1,910,000 5.250 2.110 6450204D7 2032 2,560,000 5.000 3.430C 6450204P0 2023 1,615,000 5.250 2.290 6450204E5 2033 2,690,000 5.000 3.470C 6450204Q8 2024 1,700,000 5.250 2.500 6450204F2 2034 2,830,000 5.000 3.510C 6450204R6 2025 1,790,000 5.250 2.760 6450204G0 2035 2,975,000 5.000 3.540C 6450204S4 2026 1,890,000 5.250 2.900 6450204H8 2036 3,125,000 5.000 3.570C 6450204T2 2027 1,990,000 5.250 3.050 6450204J4 2037 3,285,000 5.000 3.590C 6450204U9 $33,415,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES B Dated: Date of Delivery Due: August 1, as shown below Principal Interest Maturity Amount Rate Yield CUSIP* 2021 $ 510,000 4.000% 1.920% 6450204V7 2022 530,000 4.000 2.110 6450204W5 2025 13,225,000 5.000 2.760 6450204X3 2026 12,055,000 5.000 2.900 6450204Y1 2027 7,095,000 5.000 3.050 6450204Z8 _______________________________________________________ C Priced to first call date of August 1, 2027. *The above CUSIP (Committee on Uniform Securities Identification Procedures) numbers have been assigned by an organization not affiliated with the City, the Underwriters or the Municipal Advisors, and such parties are not responsible for the selection or use of the CUSIP numbers. The CUSIP numbers are included solely for the convenience of bondholders and no representation is made as to the correctness of such CUSIP numbers. CUSIP numbers assigned to securities may be changed during the term of such securities based on a number of factors including, but not limited to, the refunding or defeasance of such issue or the use of secondary market financial products. None of the City, the Underwriters or the Municipal Advisors have agreed to, and there is no duty or obligation to, update this Official Statement to reflect any change or correction in the CUSIP numbers set forth above. CITY OF NEW HAVEN MAYOR Toni N. Harp MAYOR’S CABINET Michael Gormany, Acting Budget Director(1) Daryl H. Jones, Controller Michael Carter, Chief Administrative Officer John Rose, Jr., Corporation Counsel Matthew Nemerson, Economic Development Administrator BOND COUNSEL MUNICIPAL ADVISORS Robinson & Cole LLP PFM Financial Advisors LLC Hartford, Connecticut Providence, Rhode Island DISCLOSURE COUNSEL TKG & Associates LLC New York, New York Hardwick Law Firm, LLC Hartford, Connecticut Query & Associates Philadelphia, Pennsylvania INDEPENDENT AUDITORS RSM, US, LLP New Haven, Connecticut (1) Michael Gormany is serving as the City’s Acting Budget Director effective July 31, 2017. No dealer, broker, salesman or other person has been authorized by the City of New Haven, Connecticut (the “City”) to give any information or to make any representations other than as 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 foregoing. 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. Statements in this Official Statement that are not historical facts are forward-looking statements based on current expectations of future events and are subject to risks and uncertainty. Actual results could differ materially from those expressed or implied by such statements. The City therefore cautions against placing reliance on the forward-looking statements included in this Official Statement. All forward- looking statements included in this Official Statement are made only as of the date hereof and none of the City, the Underwriter, or the City’s advisors assume any obligation to update any forward-looking statements made by the City or on its behalf as a result of new information, future events or other factors. 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 City since the date of this Official Statement.
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