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Town of Wethersfield, Connecticut General Obligation Refunding Bonds, Series 2017 A

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Town of Wethersfield, Connecticut General Obligation Refunding Bonds, Series 2017 A PRELIMINARY OFFICIAL STATEMENT DATED JUNE 22, 2017 REFUNDING ISSUE Rating: Standard & Poor’s AA+ Book-Entry-Only In the opinion of Bond Counsel, assuming the accuracy of and compliance by the Town with its representations and covenants relating to certain requirements contained in the Internal Revenue Code of 1986, as amended (the “Code”), under existing statutes, interest on the Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Code; the Bonds are not “private activity bonds” and interest on the Bonds is not treated as a preference item for purposes of calculating the Federal alternative minimum tax, but in the case of corporations a portion of such interest may be included in alternative minimum taxable income for purposes of computing any Federal alternative minimum tax; the Bonds are qualified tax-exempt obligations; interest on the Bonds is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates; and interest on the Bonds is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the Federal alternative minimum tax. See Appendix B – “Opinion of Bond Counsel and Tax Exemption” herein. $4,795,000* TOWN OF WETHERSFIELD, CONNECTICUT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017 A Dated: Date of Delivery Due: Serially, as Shown on Inside Cover The Bonds will be general obligations of the Town of Wethersfield, Connecticut (the “Town”) and the Town will pledge its full faith and credit to pay the principal and interest on the Bonds when due. See “Security and Remedies” herein. Interest on the Bonds will be payable on July 15, 2017 and semiannually thereafter on the fifteenth day of July and January of each year. The Bonds are issuable only as fully-registered bonds, without coupons, and when issued, will be registered in the name of Cede & Co., as Bond owner and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry form, in the denomination of $5,000 or any multiple thereof. Purchasers will not receive certificates representing their ownership interest in the Bonds. So long as Cede & Co. is the Bond owner, as nominee for DTC, reference herein to the Bond owner or owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as defined herein) of the Bonds. See “Book-Entry-Only System” herein. The Bonds are not subject to redemption prior to maturity. See “Redemption Prior to Maturity” herein. The Bonds are offered for delivery when, as, and if issued, subject to the final approving opinion of Day Pitney LLP, Bond Counsel, of Hartford, Connecticut. PFM Financial Advisors LLC will be serving as financial advisor to the Town on this transaction. It is expected that the Bonds in definitive form, will be available for delivery to DTC in New York, New York, or to its Custodial Agent, on or about July 13, 2017. The Certifying, Registrar, Transfer, Escrow and Paying Agent for the Bonds will be U.S. Bank National Association of Hartford, Connecticut. This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Official Statement Dated ___, 2017 This Preliminary Official Statement and the information contained herein are subject to completion and amendment. These securities may not be sold nor may an offer to buy be accepted prior to the time Preliminary to Official Statement is an offer not be sold nor may These securities may This Preliminary contained herein are subject to completion and amendment. Official Statement and the information solicitation any sale of these securitiesany jurisdiction nor shall there be in in which said offer, buy, to Under no circumstances shall this Preliminary to sell or a solicitation of an offer Official Statement constitute an offer form. in final delivered concurrently with their sale. Preliminary available A definitive Official Statement with respect to these securities will be made jurisdiction. prior of any or qualification under the securities to registration be unlawful laws or sale would * Preliminary, subject to Change $4,795,000* TOWN OF WETHERSFIELD, CONNECTICUT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017 A Dated: Date of Delivery Due: July 15, as shown below Interest CUSIP Interest CUSIP Due Amount* Rate Yield Number1 Due Amount* Rate Yield Number1 2017 $85,000 961862___ 2026 $1,515,000 961862___ 2023 440,000 961862___ 2027 1,495,000 961862___ 2024 435,000 961862___ 2028 390,000 961862___ 2025 435,000 961862___ 1 Copyright, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Town and are included solely for the convenience of the holders of the Bonds. The Town is not responsible for the selection or use of these CUSIP numbers, does not undertake any responsibility for their accuracy, and makes no representation as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. * Preliminary, subject to change TABLE OF CONTENTS Page # INTRODUCTION ............................................................................................................................................................ i SECTION I – SECURITIES OFFERED Description of the Bonds ................................................................................................................................................... 1 Authorization and Purpose ................................................................................................................................................. 1 Plan of Refunding .............................................................................................................................................................. 1 Sources and Uses of Bond Proceeds ................................................................................................................................. 2 Verification of Mathematical Computations .................................................................................................................... 2 Rating ................................................................................................................................................................................. 2 Security and Remedies ...................................................................................................................................................... 2 Qualification for Financial Institutions ............................................................................................................................. 3 Book-Entry-Only System .................................................................................................................................................. 3 DTC Practices .................................................................................................................................................................... 5 Replacement Bonds ........................................................................................................................................................... 5 SECTION II – THE ISSUER Description of the Town .................................................................................................................................................... 6 Government Organization ................................................................................................................................................. 6 Organizational Chart ......................................................................................................................................................... 7 Principal Municipal Officials ............................................................................................................................................ 8 Summary of Municipal Services ....................................................................................................................................... 8 Educational System ......................................................................................................................................................... 10 School Enrollments ......................................................................................................................................................... 11 Principal Public Facilities ................................................................................................................................................ 11 Municipal Employees Bargaining Organizations ........................................................................................................... 12 SECTION III – DEMOGRAPHIC AND ECONOMIC DATA SECTION Economic Condition and Outlook .................................................................................................................................
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