County of Suffolk New York

PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 30, 2019 NEW ISSUES RATINGS: (See “RATINGS” herein) BOOK-ENTRY-ONLY BONDS AND NOTES In the opinion of Bond Counsel to the County, under existing statutes, regulations, administrative rulings, and court decisions, and assuming continuing compliance by the County with its covenants relating to certain requirements contained in the Internal Revenue Code of 1986, as amended (the “Code”), and the accuracy of certain representations made by the County, interest on the Bonds and the Notes is excluded from gross income of the owners thereof for Federal income tax purposes and is not an “item of tax preference” for purposes of the Federal alternative minimum tax imposed on individuals. Bond Counsel is also of the opinion that under existing statutes interest on the Bonds and the Notes is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). No opinion is expressed regarding other Federal or State tax consequences arising with respect to the Bonds. See “TAX MATTERS” herein. constitute an offer to sell or the tration or qualification under the The Bonds and the Notes will NOT be designated by the County as “qualified tax-exempt obligations” pursuant to the provision of Section 265 of the Code. COUNTY OF SUFFOLK NEW YORK $80,945,000* PUBLIC IMPROVEMENT SERIAL BONDS – 2019 SERIES B (the “Bonds”) Date of Issue: October 18, 2019 Maturity Dates: October 15, 2020-2034 be unlawful prior to the regis (as shown on the inside cover) $100,000,000** TAX ANTICIPATION NOTES – 2019 (SERIES I) (the “TANs”) Date of Issue: October 18, 2019 Maturity Date: September 25, 2020 $25,000,000 BOND ANTICIPATION NOTES – 2019 SERIES B (the “BANs” and together with the TANs, the “Notes”) Date of Issue: October 18, 2019 Maturity Date: April 16, 2020 icial Statement. This Preliminary Official Statement does not ffer, solicitation or sale would The Bonds and the Notes are general obligations of the County of Suffolk, New York (the “County”), and will contain a pledge of the faith and credit of the County for the payment of the principal thereof and interest thereon and, unless paid from other sources, the Bonds and the Notes are payable from ad valorem taxes which may be levied upon all the taxable real property within the County, subject to certain statutory limitations imposed by Chapter 97 of the Laws of 2011 of the State of New York, as amended. See “TAX LEVY LIMITATION LAW,” herein. The Bonds are dated the Date of Delivery thereof and will bear interest from such date until maturity at the annual rate or rates as specified by the purchaser of the Bonds, payable on October 15, 2020 and semi-annually thereafter on April 15 and October 15 in each year until maturity. The Bonds will mature on October 15, as shown on the inside cover page hereof. The Bonds maturing in certain years are subject to redemption prior to their stated maturity. (See “THE BONDS AND THE NOTES – Optional Redemption,” herein.) The TANs are dated their Date of Issue and bear interest from that date until September 25, 2020, the maturity date thereof, at the annual rate(s) as specified by the purchaser(s) of the TANs. The TANs will not be subject to redemption prior to maturity. The BANs are dated their Date of Issue and bear interest from that date until April 16, 2020, the maturity date thereof, at the annual rate(s) as specified by the purchaser(s) of the BANs. The BANs will not be subject to redemption prior to maturity. The Bonds and the Notes will be issued in fully registered form, and when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), Jersey City, New Jersey. DTC will act as securities depository for the Bonds and the Notes. Individual purchases may be made in book-entry form only, in the principal amount of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their ownership interests in the Bonds and the Notes. Payment of the principal of and interest on the Bonds and the Notes will be made by the County to DTC, which will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds and the Notes as described herein. See “THE BONDS AND THE NOTES – Book-Entry- Only System” herein. ed in it are subject to completion and amendment in a final Off of the Bonds and the Notes, in any jurisdiction in which such o The Bonds, the TANs and the BANs are each offered when, as, and if issued by the County and accepted by the purchaser(s) thereof, subject to the receipt of the respective final approving opinions of Harris Beach PLLC, Hempstead, New York, Bond Counsel, and certain other conditions. Hawkins Delafield & Wood LLP will deliver an opinion as to certain matters, as Disclosure Counsel to the County. Capital Markets Advisors, LLC has served as Financial Advisor to the County in connection with the issuance of the Bonds and the Notes. It is expected that delivery of the Bonds and the Notes in book-entry form, will be made in Jersey City, New Jersey on their respective Dates of Issue. Harris Beach PLLC has not participated in the preparation of the demographic, financial or statistical data contained in this Official Statement, or verified the accuracy, completeness or fairness thereof, and, accordingly, expresses no opinion with respect thereto. THIS OFFICIAL STATEMENT IS IN A FORM DEEMED FINAL BY THE COUNTY FOR PURPOSES OF SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12 (THE “RULE”) EXCEPT FOR CERTAIN INFORMATION THAT HAS BEEN OMITTED HEREFROM IN ACCORDANCE WITH SAID RULE AND THAT WILL BE SUPPLIED WHEN THIS OFFICIAL STATEMENT IS UPDATED FOLLOWING THE SALE OF THE OBLIGATIONS DESCRIBED HEREIN. FOR A DESCRIPTION OF THE COUNTY’S AGREEMENT TO PROVIDE CONTINUING DISCLOSURE FOR THE BONDS AND THE NOTES AS DESCRIBED IN THE RULE, SEE “DISCLOSURE UNDERTAKINGS” HEREIN. Dated: October __, 2019 _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ * Preliminary, subject to change pursuant to the accompanying Notice of Bond Sale, as described on the inside cover page hereof. ** Preliminary, subject to change. This Preliminary Official Statement and the information contain solicitation of an offer to buy, and there may not be any sale securities laws of that jurisdiction. The Bonds mature on October 15 in each year, subject to optional redemption, as set forth below: Interest Interest Year Amount* Rate Yield CUSIP*** Year Amount* Rate Yield CUSIP*** 2020 $6,475,000 % % 2028 $5,020,000** % % 2021 6,565,000 2029 5,125,000** 2022 6,680,000 2030 5,235,000** 2023 4,555,000 2031 5,355,000** 2024 4,640,000 2032 5,480,000** 2025 4,730,000 2033 5,605,000** 2026 4,820,000 2034 5,740,000** 2027 4,920,000 * The aggregate principal amount of the Bonds and the principal maturities thereof are subject to adjustment following their sale, pursuant to the terms of the accompanying Notice of Bond Sale to achieve substantially level or declining annual debt service as provided in the Local Finance Law and to permit the County to comply with the applicable Federal tax law restrictions. ** Subject to optional redemption prior to maturity. *** CUSIP numbers have been assigned by an independent company not affiliated with the County and are included solely for the convenience of the holders of the Bonds. The County is not responsible for the selection or uses of these CUSIP numbers and no representation is made to their correctness on the Bonds or as indicated above. THE UNDERSIGNED HAS SERVED AS FINANCIAL ADVISOR TO THE COUNTY REGARDING THIS FINANCING. Capital Markets Advisors, LLC Great Neck and New York, New York (516) 487-9817 No person has been authorized by the County to give any information or to make any representations not 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 or the Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information, estimates 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 the affairs of the County since the date hereof. TABLE OF CONTENTS THE BONDS ............................................................................. 1 MARKET FACTORS AFFECTING FINANCINGS OF Description ....................................................................... 1 THE COUNTY, THE STATE AND MUNICIPALITIES Authority for and Purpose of the Bonds ............................ 2 OF THE STATE ..................................................................... 14 THE NOTES .............................................................................. 8 TAX MATTERS ....................................................................... 14 Description of the Notes .................................................... 8 LEGAL MATTERS .................................................................. 15 Authorization and Purpose of

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