Official Statement Dated October 31, 2017 New Issue
OFFICIAL STATEMENT DATED OCTOBER 31, 2017 NEW ISSUE Moody’s: Aa2 Banking & Advisory Group S&P: AAA In the opinion of Bernstein Shur Sawyer & Nelson, P.A., Bond Counsel, (“Bond Counsel”) and assuming compliance with certain tax covenants, under existing statutes, regulations and court decisions, interest on the Bonds (as defined below) is excludable from the gross income of the owners thereof for purposes of federal income taxation pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and is not an item of tax preference for the purpose of the federal alternative minimum tax imposed on individuals and corporations; however, such interest is taken into account in the computation of certain taxes that may be imposed with respect to certain corporations, including, without limitation, in adjusted current earnings of a corporation for purposes of calculation of the alternative minimum tax. Bond Counsel is also of the opinion that pursuant to Title 30-A, Section 5772(9) of the Maine Revised Statutes, as amended, the interest paid on the Bonds is exempt from income tax within the State of Maine (the “State”) under existing statutes, regulations and judicial decisions. The Town will designate the Bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code. See “THE BONDS—TAX MATTERS” and “APPENDIX B” herein. TOWN OF BAR HARBOR, MAINE $3,070,000 2017 GENERAL OBLIGATION BONDS Dated: Date of Delivery Due: October 15, as shown below Year of Interest Yield Year of Interest Yield Maturity
[Show full text]