City of Torrington, Connecticut $7,850,000 General Obligation Bonds, Issue of 2019 (Bank Qualified) Book-Entry-Only
Preliminary Official Statement Dated April 23, 2019 NEW MONEY – Book-Entry-Only S&P GLOBAL RATING: (See “Ratings” herein) cepted prior to cepted prior to In the opinion of Bond Counsel, rendered in reliance upon and assuming the accuracy of and continuing compliance by the City with certain representations and covenants relating to the applicable requirements of the Internal Revenue Code of 1986, as amended (the “Code”), under existing law, interest on the Bonds is excluded from gross income of the owners thereof for federal income tax purposes and is not treated as an item of tax preference under the Code for purposes of the federal alternative minimum y, y, nor shall there be any tax imposed on individuals and corporations. In the opinion of Bond Counsel, under 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 and required to pay the federal alternative minimum tax. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Bonds. (See Appendix B – “Form of Opinion of Bond Counsel” herein.) CITY OF TORRINGTON, CONNECTICUT solicitation of an offer to bu $7,850,000 GENERAL OBLIGATION BONDS, ISSUE OF 2019 (BANK QUALIFIED) Dated: Date of Delivery Due: May 1, as shown herein The Bonds will be general obligations of the City of Torrington, Connecticut (the "City") and the City will pledge its full e.
[Show full text]