15000000 County of Alamance, North Carolina General Obligation
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, Ratings Moody’s: rities in any S&P: time the Official (See “Ratings” herein) PRELIMINARY OFFICIAL STATEMENT DATED JULY 22, 2016 NEW ISSUE—Book-Entry Only This Official Statement has been prepared by the Local Government Commission of North Carolina and the County of Alamance, North Carolina to provide information in connection with the sale and issuance of the Bonds described herein. Selected information is presented on this cover page for the convenience of the user. To make an informed decision regarding the Bonds, a prospective investor should read this Official Statement in its entirety. Unless otherwise indicated, capitalized terms used on this cover page have the meanings given in this Official Statement. fers fers to buy be accepted prior to the $15,000,000 er to buy nor shall there be any sale of these secu County of Alamance, North Carolina General Obligation Community College Bonds, Series 2016 Dated: Date of Delivery Due: As shown on inside cover page such jurisdiction. such Tax Exemption In the opinion of Bond Counsel, under existing law and subject to compliance with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), as described herein, interest on the Bonds is excludable from gross income for federal income tax purposes and curities laws of of laws curities is not an item of tax preference for purposes of the federal alternative t. These securities may not be sold nor may of minimum tax imposed on individuals and corporations; however, te an offer to sell or the solicitation of an off such interest is taken into account for purposes of computing the alternative minimum tax imposed on certain corporations. In the opinion of Bond Counsel, under existing law, interest on the Bonds is exempt from State of North Carolina income taxes. See “TAX EXEMPTION” herein. ualification under the se the under ualification Statement constitu Redemption The Bonds are subject to optional redemption prior to maturity as described herein. Security The Bonds constitute general obligations of the County, secured by a pledge of the faith and credit of the County. rein rein are subject to completion or amendmen Interest Payment Dates February 1 and August 1, commencing February 1, 2017. Denominations $5,000 or any integral multiple thereof. Expected Closing/Settlement August 11, 2016 Bond Counsel Robinson, Bradshaw & Hinson, P.A., Charlotte, North Carolina e would be unlawful prior to or q registration prior unlawful be e would e information contained he no circumstances shall this Preliminary Official Sale Date August 2, 2016 Sale of Bonds Pursuant to sealed bids in accordance with the Notice of Sale. The date of this Official Statement is August ____. 2016 This This Preliminary Official Statement and th Statement is delivered in final form. Under or sal solicitation offer, such which in jurisdiction MATURITY SCHEDULE $15,000,000 General Obligation Community College Bonds, Series 2016 Due February 1 of the Year Indicated Year of Principal Interest Price or Year of Principal Interest Price or Maturity Amount Rate Yield1 Maturity Amount Rate Yield1 2018 $750,000 2028 $825,000 2019 750,000 2029 825,000 2020 750,000 2030 825,000 2021 750,000 2031 825,000 2022 750,000 2032 825,000 2023 750,000 2033 825,000 2024 750,000 2034 825,000 2025 800,000 2035 825,000 2026 825,000 2036 700,000 2027 825,000 ____________ 1Information obtained from underwriters of the Bonds. COUNTY OF ALAMANCE, NORTH CAROLINA _______________ BOARD OF COMMISSIONERS Eddie D. Boswell .................................................................................................................................. Chair Robert E. Byrd ............................................................................................................................. Vice-Chair Linda H. Massey Roger K. Parker David I. Smith _______________ COUNTY STAFF Craig F. Honeycutt ............................................................................................................ County Manager Susan D. Roberts ................................................................................................................. Finance Officer Clyde B. Albright ............................................................................................................... County Attorney _______________ BOND COUNSEL Robinson, Bradshaw & Hinson, P.A. Charlotte, North Carolina i TABLE OF CONTENTS Page Introduction .......................................................................................................................................... 1 The Local Government Commission of North Carolina ..................................................................... 1 The Bonds .............................................................................................................................................. 2 Description ........................................................................................................................................ 2 Redemption Provisions .................................................................................................................... 2 Authorization and Purpose .............................................................................................................. 3 Security ............................................................................................................................................. 3 The County ............................................................................................................................................ 4 General Description ......................................................................................................................... 4 Demographic Characteristics .......................................................................................................... 5 Commerce and Industry .................................................................................................................. 5 Employment ...................................................................................................................................... 9 Government and Major Services ..................................................................................................... 10 Government Structure ................................................................................................................. 10 Education ...................................................................................................................................... 10 Transportation ............................................................................................................................. 12 Human Services ........................................................................................................................... 13 Medical Facilities ......................................................................................................................... 14 Library Facilities .......................................................................................................................... 14 Public Service Enterprises .......................................................................................................... 15 Other Services .............................................................................................................................. 15 Debt Information .............................................................................................................................. 16 Legal Debt Limit .......................................................................................................................... 16 Outstanding General Obligation Debt ........................................................................................ 16 General Obligation Debt Ratios .................................................................................................. 17 General Obligation Debt Service Requirements and Maturity Schedule as of June 30, 2016 ..................................................................................................................... 18 General Obligation Bonds Authorized and Unissued ................................................................ 18 General Obligation Debt Information for Underlying Units .................................................... 19 as of June 30, 2016 ..................................................................................................................... 19 Other Long-Term Debt ................................................................................................................ 19 Debt Outlook ................................................................................................................................ 19 Tax Information ................................................................................................................................ 20 General Information .................................................................................................................... 20 Tax Collections ............................................................................................................................. 21 Ten Largest Taxpayers for the Fiscal Year Ended June 30, 2015 ............................................ 21 2015-16 Budget Commentary .......................................................................................................... 21 2016-17 Budget Outlook .................................................................................................................