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2020 Bond Official Statement

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FINAL OFFICIAL STATEMENT NEW/RENEWAL ISSUES BOND ANTICIPATION NOTES In the opinion of Roemer Wallens Gold & Mineaux LLP, Bond Counsel, under existing laws, regulations, rulings and court decisions, and assuming continuing compliance by the City with certain covenants and the accuracy of certain representations, (i) interest on the Notes is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and (ii) interest on the Notes is exempt from personal income taxes imposed by the State of New York and political subdivisions thereof, including The City of New York. The Notes may be subject to certain federal taxes imposed only on certain corporations, including the corporate alternative minimum tax, on a portion of that interest. See "TAX MATTERS" herein for a discussion of certain Federal taxes applicable to corporate owners of the Notes. The City will NOT designate the Notes as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. $44,672,719 CITY OF ALBANY ALBANY COUNTY, NEW YORK (the “City”) $44,672,719 Bond Anticipation Notes, 2020 (the “Notes”) Dated: March 26, 2020 Due: March 26, 2021 $8,500,000 at an Interest Rate of 1.29% - Not Reoffered JPMORGAN CHASE BANK, N.A. and $36,172,719 at an Interest Rate of 2.25% - Not Reoffered BANK OF AMERICA, N.A. The Notes are general obligations of the City of Albany, Albany County, New York (the “City”), all the taxable real property within which is subject to the levy of ad valorem taxes to pay the Notes interest thereon, subject to applicable statutory limits. See “NATURE OF OBLIGATION” and “TAX LEVY LIMITATION LAW” herein. The Notes will be issued without the option of prior redemption. $8,500,000 of the Notes purchased by JPMorgan Chase Bank, N.A. and $36,172,719 purchased by Bank of America, N.A. will be issued in registered form in denominations of $5,000, or multiples thereof except for a necessary odd denomination, as may be determined by the purchasers. The Notes are offered when, as and if issued and received by the purchasers and subject to the receipt of the approving legal opinion as to the validity of the Notes of Roemer Wallens Gold & Mineaux LLP, Bond Counsel, of Albany, New York. It is anticipated that the Notes will be available for delivery on or about March 26, 2020. March 19, 2020 THE CITY ANTICIPATED ISSUING $18,848,500 GENERAL OBLIGATION (SERIAL) BONDS (THE “BONDS”) ON MARCH 26, 2020 IN CONNECTION WITH THIS OFFICIAL STATEMENT. HOWEVER, THE CITY DETERMINED TO NOT ISSUE THE BONDS IN CONNECTION WITH THIS OFFICIAL STATEMENT AND INCREASED THE BOND ANTICIPATION NOTE AMOUNT FROM $25,824,219 TO $44,672,719. THIS REVISED COVER SUPPLEMENTS THE OFFICIAL STATEMENT OF THE CITY DATED MARCH 10, 2020 RELATING TO THE OBLIGATIONS THEREOF DESCRIBED THEREIN AND HEREIN BY INCLUDING CERTAIN INFORMATION OMITTED FROM SUCH OFFICIAL STATEMENT IN ACCORDANCE WITH SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12. OTHER THAN AS SET FORTH ON THE REVISED COVER, THE REVISION OF THE TABLE OF CONTENTS, THE REVISION OF THE “PURPOSES OF ISSUE”, “MARKET AND RISK FACTORS” AND “BOND RATING” SECTIONS, THE DATED DATE ON PAGE 35, THE REVISION OF “APPENDIX - B” AND THE REMOVAL OF “APPENDIX C - CONTINUING DISCLOSURE UNDERTAKING WITH RESPECT TO THE BONDS” AND THE REMOVAL OF REFERENCE TO THE BONDS IN VARIOUS SECTIONS THERE HAVE BEEN NO REVISIONS TO SAID OFFICIAL STATEMENT. CITY OF ALBANY ALBANY COUNTY, NEW YORK KATHERINE M. SHEEHAN MAYOR DARIUS SHAHINFAR TREASURER DORECY APPLYRS CHIEF CITY AUDITOR COMMON COUNCIL COREY ELLIS, PRESIDENT KELLY KIMBROUGH, PRESIDENT PRO TEMPORE Owusu Anane Ginnie Farrell Derek Johnson Alfredo Balarin Sonia Frederick Joyce Love Richard Conti Jack Flynn Michael O’Brien Judy Doesschate Tom Hoey Jahmel K. Robinson Catherine M. Fahey Joseph Igoe CITY OFFICIALS BRIAN SHEA RACHEL McENENY DANIELLE GILLESPIE Chief of Staff Commissioner of Administrative Services City Clerk MARISA FRANCHINI, ESQ. Corporation Counsel FISCAL ADVISORS & MARKETING, INC. Municipal Advisor ROEMER WALLENS GOLD & MINEAUX LLP Bond Counsel No person has been authorized by the City 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 Notes 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 City. TABLE OF CONTENTS Page Page NATURE OF OBLIGATION ............................................................... 1 STATUS OF INDEBTEDNESS ............................................................ 27 DESCRIPTION OF THE NOTES ........................................................ 2 Constitutional Requirements ............................................................... 27 OPTIONAL REDEMPTION ................................................................ 3 Statutory Procedure ............................................................................. 27 BOOK-ENTRY-ONLY SYSTEM ........................................................ 3 Debt Outstanding End of Fiscal Year .................................................. 28 CERTIFICATED NOTES .................................................................... 4 Details of Outstanding Indebtedness.................................................... 28 PURPOSES OF ISSUE .......................................................................... 4 Debt Statement Summary .................................................................... 29 SOURCES OF PAYMENT OF THE NOTES ..................................... 5 Bonded Debt Service ........................................................................... 29 Estimate of Obligations to be Issued.................................................... 29 THE CITY .............................................................................................. 5 Revenue and Tax Anticipation Notes .................................................. 29 General Information ............................................................................ 5 Authority Indebtedness ........................................................................ 29 City Services ....................................................................................... 8 Estimated Overlapping Indebtedness ................................................... 30 Solid Waste ......................................................................................... 8 Debt Ratios .......................................................................................... 30 Selected Wealth and Income Indicators ............................................... 8 Population Trends................................................................................ 9 SPECIAL PROVISIONS AFFECTING Employment ........................................................................................ 9 REMEDIES UPON DEFAULT ........................................................ 30 Building Permit ................................................................................. 10 Ten Largest Employers in the City .................................................... 10 MARKET AND RISK FACTORS ....................................................... 31 Unemployment Rates ........................................................................ 11 Employees ......................................................................................... 11 CONTINUING DISCLOSURE ............................................................ 32 Government Organization ................................................................. 12 Historical Compliance ..................................................................... 32 DISCUSSION OF FINANCIAL OPERATIONS .............................. 13 Budgetary Procedure ......................................................................... 13 TAX MATTERS .................................................................................... 32 2020 Budget Summary ...................................................................... 13 Five-Year Capital Plan ...................................................................... 14 DOCUMENTS ACCOMPANYING DELIVERY OF THE NOTES . 33 Financial Control Procedures ............................................................ 15 Legal Matters ....................................................................................... 33 Accounting Practice and Independent Audits .................................... 15 FINANCIAL HISTORY OF THE CITY ........................................... 15 ABSENCE OF LITIGATION ............................................................... 33 General Fund ..................................................................................... 15 Albany Municipal Water Finance Authority and Albany Water Board ............. 15 BOND RATING ..................................................................................... 33 Revenues ..........................................................................................
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