The Series 2019 Bonds Shall Constitute Limited
PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 15, 2019 NEW ISSUE – BOOK-ENTRY ONLY Ratings: S&P: “A” (See “RATINGS” herein) In the opinion of Ballard Spahr LLP, Philadelphia, Pennsylvania, Bond Counsel, interest on the Series 2019 Bonds is excludable from gross income for purposes of federal income tax, assuming continuing compliance with the requirements of federal tax laws. Interest on the Series 2019 Bonds is not a specific preference item for purposes of individual federal alternative minimum tax. Bond Counsel is also of the opinion that, under the laws of the Commonwealth of Pennsylvania as presently enacted and construed, the Series 2019 Bonds are exempt from personal property taxes in Pennsylvania, and interest on the Series 2019 Bonds is exempt from Pennsylvania personal income tax and corporate net income tax. See “TAX MATTERS” herein. $31,000,000* MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY REVENUE BONDS, SERIES 2019 (THE HAVERFORD SCHOOL PROJECT) Dated: Date of Delivery Due: March 1, as shown on the inside front cover The Revenue Bonds, Series 2019 (The Haverford School Project) (the “Series 2019 Bonds”) will be issued by the Montgomery County Industrial Development Authority (the “Authority”) under a Trust Indenture dated as of August 1, 2019 (the “Indenture”), between the Authority and The Bank of New York Mellon Trust Company, N.A., Philadelphia, Pennsylvania, as trustee, paying agent and bond registrar (in such capacities, the “Trustee”). The Series 2019 Bonds will be payable from and secured by certain funds held by the Trustee under the Indenture and payments to the Trustee, as assignee of the Authority, under the Loan Agreement (the “Loan Agreement”) described herein between the Authority and Haverford School (the “School”).
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