Arlington County VA Preliminary Official Statement Series 2019
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PRELIMINARY OFFICIAL STATEMENT DATED MAY 24, 2019 NEW ISSUE RATINGS: Moody's: Aaa r sale would Book-Entry-Only S&P: AAA Fitch: AAA In the opinion of Bond Counsel, under existing law and subject to conditions described in the sections herein entitled "TAX MATTERS" (1) interest on the Bonds is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), (2) interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax imposed under the Code with respect to individuals, and (3) interest on the Bonds is excludable from gross income for purposes of income taxation by the Commonwealth of Virginia. See "TAX MATTERS" herein regarding certain tax considerations. ich such offer, solicitation o solicitation ich such offer, ARLINGTON COUNTY, VIRGINIA * be accepted prior to the time the Official Statement is Statement prior to time be accepted the Official the $169,480,000 General Obligation Public Improvement Bonds, Series 2019 Dated: Date of Delivery Due: June 15, as shown herein Arlington County, Virginia (the "County" or "Arlington"), will issue its $169,480,000* General Obligation Public Improvement Bonds, Series 2019 (the "Bonds"). The Bonds will be general obligations of the County for the payment of which the full faith and credit and unlimited taxing power of the County is pledged. The Bonds are issued as fully registered bonds and when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). DTC will act as securities depository of the Bonds. So long as Cede & Co., is registered owner of the Bonds, as the nominee for DTC, (1) references herein to the Bondholder or registered owner shall mean Cede & Co. and (2) principal and interest shall be payable to Cede & Co., as nominee for DTC, which will in turn remit such principal and interest to the DTC participants for subsequent disbursements to the beneficial owners of the Bonds. Individual purchases will be made in book- entry form only, in denominations of $5,000 or any integral multiple thereof and individual purchasers will not receive physical delivery of bond certificates. See "DESCRIPTION OF THE BONDS - Book-Entry-Only System" herein. The Bonds shall bear interest from their dated date, payable semi-annually on June 15 and December 15, beginning December 15, 2019*. The Bonds maturing on or after June 15, 2030*, are subject to redemption prior to their respective maturities on or after June 15, 2029*, at the option of the County, in whole or in part (in increments of $5,000) at any time, at a redemption price equal to 100% of the principal amount of such Bonds to be redeemed plus the unpaid interest accrued thereon to the date fixed for redemption. See "DESCRIPTION OF THE BONDS – Optional t to change, completion and amendment without notice. The Bonds may not be sold nor may an offer to buy to The be sold nor may an offer notice. Bonds may not without and amendment completion change, to t Redemption." The Bonds are offered for delivery when, as and if issued, subject to approval of their validity by McGuireWoods LLP, Richmond, Virginia, Bond Counsel as described herein. Certain legal matters will be passed upon for the County by the County Attorney, Stephen A. MacIsaac, Esquire. It is expected that the Bonds es such jurisdiction. laws of inary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in wh in any jurisdiction the Bonds be any sale of sell or solicitation to nor shall there to an offer the buy, of an offer constitute Statement inary Official will be available for delivery through the facilities of The Depository Trust Company on or about June 19, 2019. * This cover page contains certain information for quick reference only. Investors should read the entire Official Statement to obtain information essential to the making of an informed investment decision. the information contained herein are subjec the information The Bonds will be awarded pursuant to electronic competitive bidding to be held via BiDCOMP/PARITY® at 11:00 a.m. (Eastern) on June 4, 2019,* unless changed, as set forth in the Notice of Sale. or qualification under the securiti or qualification under the See Appendix E – Notice of Sale. Dated: __________ ___, 2019 * be unlawful prior to registration prior to be unlawful registration delivered in final form. Under no circumstances shall this Prelim shall this Under no circumstances form. delivered in final This Preliminary Official Statement and This Preliminary Official Statement Preliminary, subject to change. ARLINGTON COUNTY, VIRGINIA $169,480,000* General Obligation Public Improvement Bonds, Series 2019 MATURITIES, AMOUNTS, INTEREST RATES AND PRICES (Base CUSIP Number 041431) Year* Interest (June 15) Amount* Rate Price CUSIP** 2020 $8,745,000 % 2021 6,830,000 2022 8,555,000 2023 8,555,000 2024 8,555,000 2025 8,555,000 2026 8,555,000 2027 8,555,000 2028 8,555,000 2029 8,555,000 2030 8,550,000 2031 8,550,000 2032 8,550,000 2033 8,545,000 2034 8,545,000 2035 8,545,000 2036 8,545,000 2037 8,545,000 2038 8,545,000 2039 8,545,000 OPTIONAL REDEMPTION The Bonds maturing on or before June 15, 2029*, are not subject to optional redemption prior to maturity. The Bonds maturing on or after June 15, 2030*, are subject to redemption prior to their respective maturities on or after June 15, 2029*, at the option of the County, in whole or in part (in increments of $5,000) at any time, at a redemption price equal to 100% of the principal amount of such Bonds to be redeemed plus the unpaid interest accrued thereon to the date fixed for redemption. MANDATORY SINKING FUND REDEMPTION Bidders may provide in the bid form for all of the Bonds to be issued as serial bonds or bidders may designate consecutive annual principal amounts of the Bonds to be combined into term bonds. In the event that the successful bidder specifies a term bond or term bonds, the mandatory sinking fund redemption provisions will be included in the final Official Statement. See Appendix E – Notice of Sale. * Preliminary, subject to change. ** See the last paragraph on page (i) regarding the use of CUSIP information in this Official Statement. ARLINGTON COUNTY, VIRGINIA COUNTY BOARD Christian Dorsey, Chair Libby Garvey, Vice Chair Katie Cristol Matt de Ferranti Erik Gutshall _____________________ CERTAIN COUNTY OFFICIALS Mark Schwartz, County Manager Samia Byrd, Deputy County Manager Shannon Flanagan-Watson, Deputy County Manager James Schwartz, Deputy County Manager Michelle Cowan, Deputy County Manager Maria Meredith, Director, Department of Management and Finance Stephen A. MacIsaac, County Attorney Carla de la Pava, County Treasurer ______________________ BOND COUNSEL McGuireWoods LLP Gateway Plaza, 800 East Canal Street Richmond, Virginia 23219 ______________________ FINANCIAL ADVISOR PFM Financial Advisors LLC 4350 North Fairfax Drive, Suite 580 Arlington, Virginia 22203 _____________________ FOR ADDITIONAL INFORMATION www.arlingtonva.us Department of Management and Finance (703) 228-3415 PFM Financial Advisors LLC (703) 741-0175 McGuireWoods LLP (804) 775-1000 The Bonds are being issued under exemptions from any registration requirements under the Securities Act of 1933, as amended, and any registration requirements under the securities laws of the Commonwealth of Virginia. No dealer, broker, salesman or other person has been authorized by the County to give any information or to make any representations other than those 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 County. 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 an offer, solicitation or sale. This Official Statement is not to be construed as a contract or agreement between the County and the purchasers or owners of any of the Bonds. 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 affairs of the County or in any other matters described herein since the date hereof or, as in the case of certain information incorporated herein by reference to certain publicly available documents, since the date of such documents. The information set forth herein has been obtained from the County and other sources which are believed to be reliable, but such information is not guaranteed as to accuracy or completeness and is not to be construed as a representation by any of such sources as to information provided by any other source. All quotations from, and summaries and explanations of, provisions of law and documents herein do not purport to be complete and reference is made to such laws and documents for full and complete statements of their provisions. Any statements made in this Official Statement involving estimates or matters of opinion, whether or not expressly so stated, are intended merely as estimates or opinions and not as representations of fact. This Official Statement contains statements which, to the extent they are not recitations of historical fact, constitute "forward-looking statements." In this respect, the words "estimate," "project," "anticipate," "expect," "intend," "believe," and similar expressions identify forward-looking statements. A number of factors affecting the County and its financial results could cause actual results to differ materially from those stated in the forward- looking statements.