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Official Statement Dated January 21, 2021

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Official Statement Dated January 21, 2021 PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 21, 2021 NEW ISSUE RATING: SEE “RATING” HEREIN BOND ANTICIPATION NOTES In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Town, under existing statutes and court decisions and assuming continuing compliance with certain tax certifications described herein, interest on the Notes (i) is included in gross income for federal income tax purposes pursuant Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) is exempt, under existing statutes, from personal income taxes of New York State and its political subdivisions, including The City of New York. See “Tax Matters” herein. ment constitute an offer to sell or offer to sell or ment constitute an TOWN OF ISLIP SUFFOLK COUNTY, NEW YORK ion or qualification under the securities laws $900,000 BOND ANTICIPATION NOTES – 2021 SERIES A (FEDERALLY TAXABLE) (the “Notes”) Date of Issue: February 16, 2021 Maturity Dates: February 16, 2022 The Notes are general obligations of the Town of Islip, in the County of Suffolk, New York (the “Town”), and will contain a pledge of the faith and credit of the Town for the payment of the principal thereof and interest thereon and, unless paid from other sources, the Notes are payable from ad valorem taxes which may be levied upon all the taxable real property within the Town, subject to certain statutory limitations imposed by Chapter 97 of the New York Laws of 2011, as amended (the “Tax Levy Limit Law”). (See “The Tax Levy Limit Law” herein). The Notes are dated their Date of Issue and bear interest from that date until the Maturity Date, at the annual rate as specified by the purchaser of the Notes. The Notes will not be subject to redemption prior to maturity. Under no circumstances shall this Preliminary Official State circumstances shall this Preliminary no Under . The Notes will be issued in registered form and, at the option of the purchaser(s), the Notes will be (i) registered in the name of the solicitation, or sale would be unlawful prior to the registrat successful bidder or (ii) registered to Cede & Co., as the partnership nominee for The Depository Trust Company ("DTC") as book- entry notes. If the Notes are registered in the name of the successful bidder, a single note certificate will be issued for those Notes bearing the same rate of interest in the aggregate principal amount awarded to such purchaser at such interest rate. Principal of and interest on such Notes will be payable in Federal Funds by the Town, at such bank or trust company located and authorized to do business in the State of New York as selected by the successful bidder. If the Notes are issued in book-entry form, such notes will be delivered to DTC, which will act as securities depository for the Notes. risdiction in which such offer, Beneficial owners will not receive certificates representing their interest in the Notes. Individual purchases may be made in denominations of $5,000 or integral multiples thereof. A single note certificate will be issued for those Notes bearing the same rate of interest and CUSIP number in the aggregate principal amount awarded to such purchaser at such interest rate. Principal of and interest on said Notes will be paid in Federal Funds by the Town to Cede & Co., as nominee for DTC, which will in turn remit such principal and interest to its participants for subsequent distribution to the beneficial owners of the Notes as described herein. Transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting ed herein are subject to completion or amendment without notice without amendment completion or to subject are herein ed through such participants. (See "Book-Entry-Only System" herein). e of these securities, in any ju Capital Markets Advisors, LLC has served as the Municipal Advisor to the Town in connection with the issuance of the Notes. The Notes are offered when, as and if issued and received by the purchaser(s) and subject to the receipt of the final approving opinion of Hawkins Delafield & Wood LLP, New York, New York, Bond Counsel. It is anticipated that the Notes will be available for delivery through the offices of DTC on or about February 16, 2021. THIS PRELIMINARY OFFICIAL STATEMENT IS IN A FORM DEEMED FINAL BY THE TOWN FOR PURPOSES OF SECURITIES nt and the information contain AND EXCHANGE COMMISSION RULE 15c2-12 (THE “RULE”). FOR A DESCRIPTION OF THE TOWN’S AGREEMENT TO buy, buy, nor shall there be any sal PROVIDE CONTINUING DISCLOSURE FOR THE NOTES AS DESCRIBED IN THE RULE, SEE “DISCLOSURE UNDERTAKINGS” HEREIN. February __, 2021 the solicitation of an offer to of such jurisdiction. This Preliminary Official Stateme This Preliminary TOWN OF ISLIP ANGIE M. CARPENTER Supervisor Town Board TRISH BERGIN-WEICHBRODT JOHN C. COCHRANE, JR. MARY KATE MULLEN JAMES P. O’CONNOR OLGA H. MURRAY ALEXIS WEIK Town Clerk Receiver of Taxes JOHN R. DiCIOCCIO, ESQ. Town Attorney JOSEPH LUDWIG, CPA Comptroller and Director of Finance Bond Counsel HAWKINS DELAFIELD & WOOD LLP NEW YORK, NEW YORK MUNICIPAL ADVISOR CAPITAL MARKETS ADVISORS, LLC Hudson Valley * Long Island * Southern Tier * Western New York (516) 487-9818 No dealer, broker, salesman or other person has been authorized by the Town to give any information or to make any representations, other than those 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 foregoing. 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 Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained by the Town from sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness. The information 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 Town since the date hereon. TABLE OF CONTENTS Page Page THE NOTES ............................................................................. 1 Original Issue Discount .......................................................... 9 Description of the Notes ......................................................... 1 Acquisition Discount on Short-Term Notes ........................... 9 Authority for and Purpose of the Notes .................................. 1 Note Premium ........................................................................ 9 No Optional Redemption ........................................................ 1 Disposition and Defeasance ................................................. 10 Nature of Obligation ............................................................... 1 Information Reporting and Backup Withholding ................. 10 DESCRIPTION OF BOOK-ENTRY SYSTEM ..................... 2 U.S. Holders ......................................................................... 10 REMEDIES UPON DEFAULT ............................................... 3 Miscellaneous ....................................................................... 10 NO PAST DUE DEBT .............................................................. 5 LEGAL MATTERS ............................................................... 10 MUNICIPAL BANKRUPTCY ................................................ 5 DISCLOSURE UNDERTAKING ......................................... 11 FINANCIAL CONTROL BOARDS ....................................... 6 Disclosure Undertaking for the Notes .................................. 11 RISK FACTORS ...................................................................... 6 Compliance History .............................................................. 11 CYBERSECURITY .................................................................. 8 RATINGS ............................................................................... 11 LITIGATION ........................................................................... 8 MUNICIPAL ADVISOR ....................................................... 11 TAX MATTERS ....................................................................... 8 ADDITIONAL INFORMATION ......................................... 11 Opinion of Bond Counsel ....................................................... 8 APPENDIX A Page Page THE TOWN .......................................................................... A-1 Valuations and Tax Data .................................................. A-12 General Information ........................................................... A-1 Tax Collection Procedure ................................................ A-12 Form of Town Government ................................................ A-1 Largest Taxpayers ............................................................ A-13 Financial Organization ....................................................... A-2 The Tax Levy Limit Law ................................................. A-13 Employees .........................................................................
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