Official Statement Pension and OPEB Bonds
NEW ISSUE-Book-Entry-Only RATINGS†: Fitch: AA S&P Global Ratings: AA+ In the opinion of Dickinson Wright PLLC, Bond Counsel, under existing law, (i) the interest on the Taxable Limited Tax General Obligation Bonds, Series 2017-A (the “Series 2017-A Bonds”) and the Taxable Limited Tax General Obligation Bonds, Series 2017-B (the “Series 2017-B Bonds,” together with the Series 2017-A Bonds, the “Bonds”) is INCLUDED in gross income for federal income tax purposes, and (ii) the Bonds and the interest on and income from the Bonds are exempt from taxation by the State of Michigan or a political subdivision of the State of Michigan, except estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. See “TAX MATTERS” herein and Appendix C hereto. CITY OF ROYAL OAK COUNTY OF OAKLAND STATE OF MICHIGAN $106,040,000 TAXABLE LIMITED TAX GENERAL OBLIGATION BONDS, SERIES 2017-A $20,570,000 TAXABLE LIMITED TAX GENERAL OBLIGATION BONDS, SERIES 2017-B Dated: February 21, 2017 Due: October 1, as shown on inside cover The Taxable Limited Tax General Obligation Bonds, Series 2017-A (the “Series 2017-A Bonds”) and the Taxable Limited Tax General Obligation Bonds, Series 2017-B (the “Series 2017-B Bonds,” together with the Series 2017-A Bonds, the “Bonds”) are being issued by the City of Royal Oak, County of Oakland, State of Michigan (the “City”) pursuant to the provisions of Act 34, Public Acts of Michigan, 2001, as amended (“Act 34”), and a resolution adopted by the City Commission of the City on September 12, 2016 (the “Resolution”).
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