7655000 Borough of West Reading Berks County

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7655000 Borough of West Reading Berks County NEW ISSUE S&P Insured AA (Stable Outlook) BOOK ENTRY S&P Underlying A+ (Stable Outlook) See “RATINGS” herein In the opinion of Bond Counsel, assuming continuing compliance by the Borough with certain covenants to comply with provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and any applicable regulations thereunder, interest on the Bonds is not includable in gross income under Section 103(a) of the Code and interest on the Bonds is not an item of tax preference for purposes of the federal individual and corporate alternative minimum taxes, See “Tax Exemption” in this Official Statement. Other provisions of the Code may affect purchasers and holders of the Bonds. See “Federal Tax Laws” herein for a brief description of these provisions. Under the laws of the Commonwealth of Pennsylvania, the Bonds and interest on the Bonds shall be free from taxation for State and local purposes within the Commonwealth of Pennsylvania, but this exemption does not extend to gift, estate, succession or inheritance taxes or any other taxes not levied or assessed directly on the Bonds or the interest thereon. Under the laws of the Commonwealth of Pennsylvania, profits, gains or income derived from the sale, exchange or other disposition of the Bonds shall be subject to State and local taxation within the Commonwealth of Pennsylvania. The Borough has designated and determined under and for purposes of Section 265(b)(3) of the Code to qualify each of the Bonds as a “qualified tax-exempt obligation” as such phrase is defined in the Code. $7,655,000 BOROUGH OF WEST READING BERKS COUNTY, PENNSYLVANIA GENERAL OBLIGATION BONDS, SERIES OF 2016 Dated: Date of Delivery Interest Payable: April 1 and October 1 Principal Due: October 1, as shown on inside cover First interest Payment: October 1, 2016 The Borough of West Reading, Berks County, Pennsylvania (the “Borough”) will issue its General Obligation Bonds, Series of 2016 (the “Bonds”), in fully registered form, without coupons in denominations of $5,000 or any integral multiples thereof. Interest on the Bonds is payable on April 1 and October 1 of each year, commencing October 1, 2016. The Bonds will initially be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York, an automated depository for securities and clearing house for securities transactions. Individual purchases of the Bonds will initially be made in book-entry form only in denominations of $5,000 or any integral multiples thereof under the book-entry only system maintained by DTC. Purchasers of the Bonds will not receive physical delivery of the Bonds. Transfer of the Bonds will be effected through a book-entry system as described herein. For so long as any purchaser is the beneficial owner of a Bond, that purchaser must maintain an account with a broker or a dealer who is, or acts through, a DTC Participant to receive payment of principal of and interest on the Bonds. See “BOOK-ENTRY ONLY SYSTEM” herein. So long as DTC or its nominee, Cede & Co., is the registered owner of the Bonds, payments of the principal of and interest on the Bonds when due for payment, will be paid directly to DTC or its nominee, Cede & Co., which will in turn remit such payments to DTC Participants for subsequent disbursement to the Beneficial Owners of the Bonds. If the use of a book-entry system for the Bonds is ever discontinued, Bonds will be issued in certificated form and the principal of the Bonds will be payable when due, upon surrender of such Bonds at the designated corporate trust office of Manufacturers and Traders Trust Company, Harrisburg, Pennsylvania, as paying agent (the “Paying Agent”) (or any successor paying agent at its designated offices), interest on such Bonds will be payable by check and mailed to the persons in whose name such Bonds are registered as of the Record Date with respect to the particular interest payment date, and the Bonds will be subject to registration of transfer, exchange and payment as described herein (see “THE BONDS” herein). The Bonds are subject to redemption prior to maturity as described herein. The Bonds are general obligations of the Borough, payable from its tax and other general revenues. The Borough has covenanted that it will include in its budget in each fiscal, year and will appropriate from its general revenues in each fiscal year, the amount of the debt service on the Bonds for such year and will duly and punctually pay or cause to be paid, the principal of every Bond and the interest thereon at the dates and places and in the manner stated in the Bonds, and for such budgeting, appropriation and payment the Borough irrevocably has pledged its full faith, credit and taxing power, which taxing power presently includes the power to levy ad valorem taxes on all taxable property within the Borough, presently unlimited as to rate or amount for such purpose. The proceeds of the 2016 Bonds will be used to: (1) advance refund the Borough’s outstanding General Obligation Bonds, Series of 2012; and (2) pay the costs and expenses related to the issuance of the 2016 Bonds. See “PLAN OF FINANCE” herein. The scheduled payment of principal of and interest on the Bonds when due is guaranteed under a municipal bond insurance policy issued concurrently with the delivery of the Bonds by Municipal Assurance Corp. (“MAC”). MATURITIES, AMOUNTS, RATES AND INITIAL REOFFERING PRICES/YIELDS {As shown on inside cover} The Bonds are offered when, as and if issued by the Borough and received by RBC Capital Markets LLC (the “Underwriter”), subject to withdrawal or modification of the offer without notice, and subject to the approving legal opinion of Barley Snyder LLP, Lancaster, Pennsylvania, Bond Counsel, to be furnished upon delivery of the Bonds. Certain legal matters will be passed upon for the Borough by Barley Snyder LLP, Reading, Pennsylvania. Financial S&Lutions LLC, Reading, Pennsylvania, has acted as financial advisor to the Borough in connection with the issuance of the Bonds. It is expected that the Bonds will be available for delivery, through facilities of DTC, on or about August 30, 2016. Dated: August 2, 2016 $7,655,000 BOROUGH OF WEST READING BERKS COUNTY, PENNSYLVANIA GENERAL OBLIGATION BONDS, SERIES OF 2016 Due Principal (October 1) Amount Rate Yield CUSIP No.* 2016 $5,000 0.600% 0.600% 955550EM6 2017 5,000 0.750 0.750 955550EN4 2018 100,000 1.000 0.850 955550EP9 2019 155,000 1.000 1.000 955550EQ7 2020 545,000 1.500 1.170 955550ER5 2021 550,000 1.500 1.330 955550ES3 2022 555,000 2.000 1.500 955550ET1 2023 555,000 2.000 1.620 955550EU8 2024 570,000 1.600 1.770 955550EV6 2025 575,000 2.000 1.920 955550EW4 2026 585,000 2.000 2.070 955550EX2 2027 600,000 2.100 2.210 955550EY0 2028 605,000 2.150 2.300 955550EZ7 2029 620,000 2.250 2.380 955550FA1 2030 630,000 3.000 2.380 955550FB9 2031 650,000 3.000 2.430 955550FC7 2032 350,000 3.000 2.500 955550FD5 * CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed by Standard & Poor’s on behalf of the American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. CUSIP numbers are provided for convenience or reference only. Neither the Borough, the Financial Advisor nor the Underwriter take any responsibility for the accuracy of such CUSIP numbers. The CUSIP numbers for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions, including, but not limited to, a refunding in whole or in part of such maturity. BOROUGH OF WEST READING Berks County, Pennsylvania COUNCIL Carl Garman President Nathalie Kulesa Vice President Grace Craze Member Kristin Kramer Member Christopher Lincoln Member Suzanne Thompson Member Philip Wert Member MAYOR Valentin Rodriguez, Jr. BOROUGH MANAGER Cathy Hoffman BOROUGH SOLICITOR Barley Snyder LLP Reading, Pennsylvania BOND COUNSEL Barley Snyder LLP Lancaster, Pennsylvania FINANCIAL ADVISOR Financial S&Lutions LLC Reading, Pennsylvania UNDERWRITER RBC Capital Markets LLC Lancaster, Pennsylvania PAYING AGENT/BOND REGISTRAR/SINKING FUND DEPOSITARY Manufacturers and Traders Trust Company Harrisburg, Pennsylvania BOROUGH ADDRESS 500 Chestnut Street West Reading, Pennsylvania 19611 No dealer, broker, salesperson or other person has been authorized by the Borough of West Reading, Berks County, Pennsylvania (the “Borough”) or by RBC Capital Markets LLC (the “Underwriter”), to give any information or to make any representations with respect to the Bonds, other than the information 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 Borough or the Underwriter. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, and there shall not be any sale of the Bonds by any person in any state in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from the Borough, The Depository Trust Company and other sources that are believed to be reliable, and is in form deemed final by the Borough for the purpose of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended, but the Underwriter does not guarantee the accuracy or completeness of such information, such information is not to be construed as a representation by the Underwriter, and except for the information concerning the Borough, such information is not to be construed as a representation by the Borough.
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