TOWN of COLONIE ALBANY COUNTY, NEW YORK (The “Town”)
PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 16, 2021 NEW ISSUE/RENEWAL S&P GLOBAL RATINGS: “ ” SERIAL BONDS AND BOND ANTICIPATION NOTES See “Bond Rating”, herein In the opinion of Hodgson Russ LLP, of Albany, New York, Bond Counsel, under existing statutes, regulations, rulings, and court decisions, and assuming continuing compliance with certain tax certifications described herein, interest on the Bonds and the Notes is excluded from gross income for federal income tax purposes under section 103 of the Internal Revenue Code of 1986 (the “Code”), as amended. Bond Counsel is also of the opinion that the interest on the Bonds and the Notes is not treated as an item of tax preference for the purpose of the federal alternative minimum tax imposed on individuals. Furthermore, Bond Counsel is of the opinion that, under existing statutes, interest on the Bonds and the Notes is exempt from personal income taxes imposed by New York State and any political subdivision thereof (including The City of New York). The Bonds and the Notes will NOT be designated as “qualified tax-exempt obligations” pursuant to Section 265(b)(3) of the Code. 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, either the Bonds or the Notes. See “TAX EXEMPTION” herein. TOWN OF COLONIE ALBANY COUNTY, NEW YORK (the “Town”) $16,450,000 PUBLIC IMPROVEMENT SERIAL BONDS – 2021 SERIES A (the “Series A Bonds”) $7,100,000 PUBLIC IMPROVEMENT REFUNDING (SERIAL) BONDS – 2021 SERIES B (the “Series B Bonds” together with the Series A Bonds, the “Bonds”) [BOOK-ENTRY BONDS] BOND MATURITY SCHEDULE (See Inside Front Cover) Prior Redemption: The Series A Bonds maturing on March 1, 2029 and thereafter are subject to redemption, at the option of the District, prior to maturity, in any order of maturity and in any amount within a maturity, on any date on or after March 1, 2028 in accordance with the terms described herein.
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