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Ingham County Building Authority

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Ingham County Building Authority PRELIMINARY OFFICIAL STATEMENT DATED: APRIL 24, 2017 New Issue Rating: S&P Global Ratings:†* ___ Book-Entry-Only In the opinion of Dickinson Wright PLLC, Bond Counsel, subject to compliance with certain covenants, under existing law (1) the interest on the Bonds is excluded from gross income for federal income tax purposes except as described under “TAX MATTERS” herein, and (2) the Bonds and the interest thereon are exempt from taxation by the State of Michigan and by any other taxing authority within the State of Michigan, except estate taxes and taxes on gains realized from the sale, payment or other disposition thereof. THE BONDS WILL NOT BE DESIGNATED AS “QUALIFIED TAX-EXEMPT OBLIGATIONS” AS DESCRIBED IN SECTION 265(b)(3)(B) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. $10,000,000** INGHAM COUNTY BUILDING AUTHORITY County of Ingham, State of Michigan Building Authority Bonds (Community Mental Health Building), Series 2017 (Limited Tax General Obligation) Date of Sale: May 4, 2017 Time: 11:00 AM, EDT PURPOSE AND SECURITY: The Building Authority Bonds (Community Mental Health Building), Series 2017 (the “Bonds”) are being issued by the Ingham County Building Authority, County of Ingham, State of Michigan (the “Authority”), pursuant to the authorization contained in Act 31, Public Acts of Michigan, 1948 (First Extra Session), as amended, for the purpose of defraying part of the cost of renovating, constructing, furnishing, equipping and improving the existing Community Mental Health Building located at 812 East Jolly Road, Lansing, Michigan and acquiring, constructing, furnishing and equipping an approximately 42,000 square foot addition thereto, together with associated parking, in the County of Ingham, State of Michigan (the “County”) for lease to the County pursuant to a limited tax Full Faith and Credit General Obligation Contract of Lease (herein the “Lease”). The County and the Authority will enter into a sublease (the “Sublease”) with the Community Mental Health Authority of Clinton-Eaton-Ingham Counties (“CMH”), who will be the major tenant in, occupy and maintain the Project, and pay rental with respect to the Project. The Lease and Sublease require CHM on behalf the County to make cash rental payments to the Authority in such amounts as shall be sufficient to enable the Authority to pay the principal of and interest on the Bonds as the same shall become due. The limited tax full faith and credit of the County have been pledged for the making of the cash rental payments if CMH fails to do so and the County is obligated to levy ad valorem taxes in such amounts as shall be necessary for the making of such cash rental payments. Taxes imposed by the County are subject to constitutional and statutory tax limitations. The Authority has irrevocably pledged the cash rental payments for the payment of the principal of and interest on the Bonds and a statutory lien on the cash rental payments has been created by the bond authorizing resolution. BOOK-ENTRY-ONLY: The Bonds are issuable only as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as Bondholder and nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Bonds. Purchases of beneficial interests in the Bonds will be made in book-entry only form, in the denominations of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their beneficial interest in the Bonds purchased. So long as Cede & Co. is the Bondholder, as nominee of DTC, references herein to the Bondholders or registered owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners of the Bonds. See “BOOK-ENTRY ONLY SYSTEM” herein PAYMENT OF BONDS: Interest on the Bonds will be payable semiannually on May 1 and November 1 of each year commencing on November 1, 2017. The Bonds will be registered bonds, of the denomination of $5,000 or multiples thereof not exceeding for each maturity the principal amount of such maturity. The principal and interest shall be paid by U.S. Bank National Association, Detroit, Michigan (the “Paying Agent”) or such other Paying Agent as the Authority may hereafter designate by notice mailed to the registered owner. Interest shall be paid when due by check mailed to the registered owner as shown by the registration books as of the fifteenth day of the month preceding the payment date for each interest payment. Payment of principal and interest to Beneficial Owners shall be made as described in “BOOK-ENTRY ONLY SYSTEM” herein. Dated: Date of Delivery Principal Due: November 1, 2018 – 2037* Delivery: To Be Determined (estimated to be – May 17, 2017) Maximum Interest Rate: 5.00% Purchase Price: Not less than 100% or more than 105% of par value Maximum Interest Spread: 2.00% Multiples: 1/8th or 1/20th of 1% or both CUSIP§ Interest CUSIP§ Interest Numbers Year Amount** Rate Yield Numbers Year Amount** Rate Yield 2018 $335,000 2028 $495,000 2019 350,000 2029 515,000 2020 365,000 2030 535,000 2021 380,000 2031 560,000 2022 395,000 2032 580,000 2023 410,000 2033 605,000 2024 425,000 2034 630,000 2025 440,000 2035 655,000 2026 460,000 2036 680,000 2027 480,000 2037 705,000 INTEREST RATE RESTRICTION: Bonds maturing in any one year shall not bear an interest rate lower than the preceding year. TERM BOND OPTION: Bidders shall have the option of designating bonds maturing in the years 2018 through final maturity as serial bonds or term bonds, or both. See “TERM BOND OPTION” herein. PRIOR REDEMPTION: Bonds maturing on and after November 1, 2027, shall be subject to redemption prior to maturity, at the option of the Authority, in any order, at any time on and after November 1, 2026. See “PRIOR REDEMPTION” herein. MATURITY ADJUSTMENT: The Authority reserves the right to decrease the aggregate principal amount of the Bonds after receipt of the bids and prior to final award. Such adjustment, if necessary, will be made in increments of $5,000, and may be made in one or more maturities. The purchase price will be adjusted proportionately to the decrease in the principal amount of the bonds, but the interest rates specified by the successful bidder will not change. See “MATURITY ADJUSTMENT” herein. ADJUSTMENT TO PURCHASE PRICE: The purchase price of the Bonds will be adjusted proportionately to the adjustment in principal amount of the Bonds and in such manner as to maintain as comparable an underwriter spread as possible to the winning bid. See “ADJUSTMENT TO PURCHASE PRICE” herein. BOND COUNSEL: The Bonds will be offered when, as and if issued by the Authority subject to the approving legal opinion of Dickinson Wright PLLC, Lansing, Michigan, Bond Counsel. This cover page contains information for a 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. Additional information relative to this Bond issue may be obtained from: PFM Financial Advisors LLC 555 Briarwood Circle, Suite 333 Ann Arbor, MI 48108 734-994-9700 The date of this Official Statement is: May __, 2017. † For an explanation of the rating, see “RATING” herein. * As of date of delivery. ** Preliminary, subject to change. § Copyright 2017, American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Marketing Intelligence. The This Preliminary Official Statement and the information contained herein is subject to completion and amendment. These securities may not be sold nor may an offer to buy be accepted prior to the time the Official Statement is delivered in final form. Under no form. in final buy be accepted prior to the time Official Statement is delivered to an offer not be sold nor may These securities may This Preliminary contained herein is subject to completion and amendment. Official Statement and the information prior or qualification to registration would be unlawful solicitation or sale jurisdiction in any in which such offer, sale of the Bonds, nor shall there be any buy, to circumstances shall this Preliminary to sell or the solicitation of an offer Official Statement constitute an offer permitted for the information by SEC rule 15c2-12(b)(1). to be omitted for purposes except Authority of SEC Rule 15c2-12(b)(1) by the this Preliminary “deemed final” As of its date, Official Statement has been such jurisdiction. of any under the securities laws Authority shall not be responsible for the selection of CUSIP numbers, nor any representation made as to their correctness on the Bonds or as indicated above. INGHAM COUNTY BUILDING AUTHORITY 341 S Jefferson Mason, Michigan 48854 Phone: 517-676-7206 Fax: 517-676-7306 BUILDING AUTHORITY AUTHORITY SECRETARY TREASURER CHAIRPERSON Timothy J. Dolehanty Eric A. Schertzing Peter A. Cohl COUNTY ADMINSTRATION TREASURER Eric A. Schertzing CONTROLLER/ADMINSTRATOR COUNTY ATTORNEY Timothy J. Dolehanty Peter A. Cohl CLERK REGISTER OF DEEDS Barb Byrum Derrick Quinney DRAIN COMMISSIONER SHERIFF PROSECUTING ATTORNEY Patrick E. Lindemann Scott Wriggelsworth Carol Siemon COUNTY BOARD OF COMMISSIONERS VICE VICE CHAIRPERSON CHAIRPERSON CHAIRPERSON PRO-TEM Sarah Anthony Carol Koenig Randy Maiville MEMBERS Mark Grebner Ryan Sebolt Kara Hope Victor Celentino Robin Case-Naeyaert Deb Nolan Randy Schafer Bryan Crenshaw Todd Tennis Brian McGrain Teri Banas PROFESSIONAL SERVICES Bond Counsel ........................................................................................................... Dickinson Wright PLLC Lansing, Michigan Municipal Advisor .......................................................................................... PFM Financial Advisors LLC Ann Arbor, Michigan Paying Agent ................................................................................................ U.S. Bank National Association Detroit, Michigan ii No dealer, broker, salesperson or other person has been authorized by the Authority or the County to give any information or to make any representations, other than those contained in this Official Statement.
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