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CIA Series 2018 Official Bond Statement

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CIA Series 2018 Official Bond Statement NEW ISSUE Moody’s “Baa2” ® (see “RATING” herein) In the opinion of Harris Beach PLLC, Bond Counsel to the Issuer, based on existing statutes, regulations, court decisions and administrative rulings, and assuming compliance with the tax covenants described herein, interest on the Series 2018 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). Furthermore, Bond Counsel is of the opinion that interest on the Series 2018 Bonds is not an “item of tax preference” for purposes of the federal alternative minimum tax imposed on individuals and, for tax years beginning prior to January 1, 2018, the federal alternative minimum tax imposed on certain corporations. Interest on the Series 2018 Bonds is, however, included in the computation of “adjusted current earnings” for purposes of calculating the federal alternative minimum tax imposed on certain corporations with respect to tax years beginning prior to January 1, 2018. Bond Counsel is further of the opinion that, based on existing law, for so long as interest on the Series 2018 Bonds is and remains excluded from gross income for federal income tax purposes, such interest is exempt from personal income taxes imposed by the State of New York and any political subdivision thereof. See “TAX MATTERS” herein regarding certain other tax considerations. $23,120,000 DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION TAX-EXEMPT REVENUE BONDS, SERIES 2018 (THE CULINARY INSTITUTE OF AMERICA PROJECT) Dated: Date of Delivery Due: July 1, as shown on the inside cover The Dutchess County Local Development Corporation Revenue Bonds, Series 2018 (The Culinary Institute of America Project) (the “Series 2018 Bonds”) are being issued pursuant to an Indenture of Trust, dated as of July 1, 2018 (the “Indenture”), by and between the Dutchess County Local Development Corporation (the “Issuer”) and The Bank of New York Mellon, as trustee (the “Trustee”) and are payable solely out of the revenues or other receipts, funds or moneys of the Issuer pledged therefor or otherwise available to the Trustee for the payment thereof, including those derived under a Loan Agreement, dated as of July 1, 2018 (the “Loan Agreement”), between the Issuer and The Culinary Institute of America (the “Institute”). The Series 2018 Bonds will bear interest at the rates shown on the inside cover to this Official Statement. The Series 2018 Bonds will be subject to optional and mandatory redemption and to acceleration prior to maturity as described herein under “THE SERIES 2018 BONDS - Redemption Prior to Maturity.” The Series 2018 Bonds are being issued to (i) refinance the Refunded Bonds (as hereinafter defined), (ii) pay redemption premiums and swap termination costs associated with the Refunded Bonds, and (iii) finance certain costs of issuance of the Series 2018 Bonds. See “THE PROJECT” herein. Interest on the Series 2018 Bonds will be payable on each January 1 and July 1, commencing January 1, 2019. The Series 2018 Bonds will be issued as registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as Securities Depository for the Series 2018 Bonds. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or any multiple thereof. Purchasers will not receive certificates representing their ownership interest in the Series 2018 Bonds. Principal and interest will be paid by the Issuer to the Trustee which will remit such principal and interest to DTC, which will in turn remit such principal and interest to its Participants (as defined herein) for subsequent distribution to the Beneficial Owners (as defined herein) of the Series 2018 Bonds. See “THE SERIES 2018 BONDS - Book-Entry Only System” herein. THE SERIES 2018 BONDS WILL BE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM PAYMENTS MADE BY THE INSTITUTE UNDER THE LOAN AGREEMENT AND ANY MONEYS AND SECURITIES HELD BY THE TRUSTEE UNDER THE INDENTURE. THE SERIES 2018 BONDS DO NOT CONSTITUTE AND SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR OF THE COUNTY OF DUTCHESS, NEW YORK AND NEITHER THE STATE OF NEW YORK NOR THE COUNTY OF DUTCHESS, NEW YORK SHALL BE LIABLE THEREON. THE SERIES 2018 BONDS DO NOT GIVE RISE TO A PECUNIARY LIABILITY OR CHARGE AGAINST THE GENERAL CREDIT OR TAXING POWERS OF THE STATE OF NEW YORK OR OF THE COUNTY OF DUTCHESS, NEW YORK. NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF THE PRINCIPAL OR REDEMPTION PRICE OF OR THE INTEREST ON ANY SERIES 2018 BOND AGAINST ANY MEMBER, OFFICER, EMPLOYEE OR AGENT OF THE ISSUER. This cover page contains information for general reference only. It is not intended as a summary of this transaction. Investors are advised to read the entire Official Statement to obtain information essential to making an informed investment decision. The Series 2018 Bonds are offered when, as and if issued and received by the Underwriter and subject to the receipt of the unqualified legal opinion as to the validity of the Series 2018 Bonds of Harris Beach PLLC, Pittsford, New York, Bond Counsel. Certain legal matters will be passed upon for the Institute by its counsel, Corbally, Gartland & Rappleyea, LLP, Poughkeepsie, New York. Certain legal matters will be passed upon for the Issuer by its counsel, Cappillino & Rothschild LLP, Pawling, New York. Certain legal matters will be passed upon for the Underwriter by its counsel, Cozen O’Connor, New York, New York. It is anticipated that the Series 2018 Bonds will be available for delivery in book-entry only form to DTC on or about July 17, 2018. J.P. MORGAN June 27, 2018 $23,120,000 DUTCHESS COUNTY LOCAL DEVELOPMENT CORPORATION TAX-EXEMPT REVENUE BONDS, SERIES 2018 (THE CULINARY INSTITUTE OF AMERICA PROJECT) Maturities, Amounts, Interest Rates and Yields Due Principal Interest July 1 Amount Rate Yield CUSIP(1) 2019 $ 895,000 5.000% 1.840% 267045JZ6 2020 940,000 5.000 2.050 267045KA9 2021 990,000 5.000 2.240 267045KB7 2022 1,035,000 5.000 2.370 267045KC5 2023 1,095,000 5.000 2.510 267045KD3 2024 1,150,000 5.000 2.660 267045KE1 2025 1,210,000 5.000 2.810 267045KF8 2026 1,270,000 5.000 2.930 267045KG6 2027 1,330,000 5.000 3.020 267045KH4 2028 1,400,000 5.000 3.110 267045KJ0 2029 1,470,000 5.000 3.150* 267045KK7 2030 1,550,000 5.000 3.190* 267045KL5 2031 1,630,000 5.000 3.230* 267045KM3 2032 1,710,000 5.000 3.270* 267045KN1 2033 1,800,000 5.000 3.320* 267045KP6 2034 1,890,000 5.000 3.360* 267045KQ4 2035 855,000 5.000 3.410* 267045KR2 2036 900,000 5.000 3.440* 267045KS0 (1) The CUSIP (Committee on Uniform Securities Identification Procedures) numbers on this inside cover page of this Official Statement have been assigned by an organization not affiliated with the Issuer, the Institute, the Underwriter or the Trustee, and such parties are not responsible for the selection or use of the CUSIP numbers. The CUSIP numbers are included solely for the convenience of holders and no representation is made as to the correctness of the CUSIP numbers printed above. CUSIP numbers assigned to the Series 2018 Bonds may be changed during the term of the Series 2018 Bonds based on a number of factors including but not limited to the refunding or defeasance of such issues or the use of secondary market financial products. None of the Issuer, the Institute, the Underwriter or the Trustee has agreed to, nor is there any duty or obligation to, update this Official Statement to reflect any change or correction in the CUSIP numbers printed above. * Priced at the stated yield to the first optional call date of July 1, 2028. IMPORTANT INFORMATION ABOUT THIS OFFICIAL STATEMENT No person has been authorized by the Institute to give any information or to make any representations not contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or solicitation of an offer to buy any of the Series 2018 Bonds in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 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 Institute. The Underwriter has reviewed the information in this Official Statement in accordance with, and as a part of its responsibilities under the federal securities law as applied to the facts and circumstances of this transaction, but the Underwriter does not guaranty the accuracy or completeness of such information. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2018 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS Table of Contents Page IMPORTANT INFORMATION ABOUT THIS OFFICIAL STATEMENT ............................................... i INTRODUCTION ........................................................................................................................................ 1 THE SERIES 2018 BONDS ......................................................................................................................... 3 DEBT SERVICE REQUIREMENTS
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