Buffalo Municipal Water Finance Authority City Hall Buffalo, New York 14202
PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 30, 2020 NEW ISSUES RATING: Book-Entry-Only (See “Rating” herein) 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 2020 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 Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. In addition, in the opinion of Bond Counsel to the Authority, under existing statutes, interest on the Series 2020 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. BUFFALO MUNICIPAL WATER FINANCE AUTHORITY $4,850,000* Water System Revenue Bonds, Series 2020-A $17,020,000* Water System Revenue Refunding Bonds, Series 2020-B Dated: Date of Delivery Due: As shown on inside cover The Series 2020-A Bonds and the Series 2020-B Bonds (collectively, the “Series 2020 Bonds”) will be issued by the Buffalo Municipal Water Finance Authority (the “Authority”), pursuant to the Buffalo Municipal Water Finance Authority Act, constituting Title 2-B of Article 5 of the Public Authorities Law of the State of New York, as amended. The Series 2020-A Bonds are being issued for the purpose of financing certain repairs and improvements to the water system (the “System”) owned and operated by the Buffalo Water Board (the “Board”) and to pay certain other expenses, including costs of issuance of the Series 2020-A Bonds.
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