THE CITY of JERSEY CITY (Hudson County, New Jersey)
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PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 7, 2009 This cover page contains certain information for 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. fers to buy be be buy to fers NEW ISSUE RATINGS: See “Ratings” herein In the opinion of GluckWalrath LLP, Bond Counsel assuming continuing compliance with the provisions of the Internal Revenue Code of 1986, to buy nor shall there be there buy nor shall to ction. ction. as amended (the “Code”), applicable to the Series 2009A Bonds and subject to certain provisions of the Code which are described herein, under laws, regulations, rulings and judicial decisions existing on the date of original delivery of the Series 2009A Bonds, interest received by a holders of the Series 2009A Bonds will be excludable from gross income for federal income tax purposes and will not be treated as a preference item for purposes of the alternative minimum tax imposed on individuals or corporations. However, interest on the Series 2009A Bonds may become taxable retroactively if certain requirements under the Code are not complied with. No opinion is being rendered with respect to the Federal income tax treatment of interest applicable to the Series 2009B Bonds. Under the laws of the State of New Jersey, as enacted and construed on the date of original delivery of the Bonds, interest on the Bonds and any gain from the sale thereof is excludable from gross income under the New Jersey Gross Income Tax Act. See “TAX MATTERS” herein for a description of certain other provisions of the Code that may affect the federal tax treatment of interest on the Bonds. THE CITY OF JERSEY CITY (Hudson County, New Jersey) $3,380,950 Qualified General Improvement Bonds urities described herein may not be sold nor may of be nor may sold not herein may urities described (Parking Authority Project), Series 2009A e an offer to sell or the solicitation of an offer an of the or solicitation to sell an offer e and the applicable securities laws of any such jurisdi of such any laws applicable thesecurities $1,000,000 Qualified General Improvement Bonds (Parking Authority Project), Taxable Series 2009B Date: Date of Delivery Due: July 15, as shown on the inside front cover The $3,380,950 Qualified General Improvement Bonds (Parking Authority Project), Series 2009A (the "Series 2009A Bonds") and the $1,000,000 Qualified General Improvement Bonds (Parking Authority Project), Taxable Series 2009B (the "Series 2009B Bonds" and together with the Series 2009A Bonds, the "Bonds") will be issued as fully registered Bonds of each series and, when issued, will be registered in the name of and held by Cede & Co., as nominee for the Depository Trust Company (“DTC”). Purchases of the Bonds of each series will be made in book-entry-only form (without certificates) in denominations of $5,000 each or any integral multiple of $1,000 in excess thereof. 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 of such , amendment or other change without notice. The sec notice. The without change other or amendment , series are to be made directly to Cede & Co., which is to remit such payments to DTC participants, which in turn is to remit shall this Preliminary Official Statement constitut Statement Official this Preliminary shall lawful prior to registration or qualification under qualification or registration to prior lawful such payments to be beneficial owners of the Bonds (see “THE BONDS – Book Entry Only System” herein). Interest on the Bonds is payable semiannually on January 15 and July 15 in each year commencing on July 15, 2010. Capital One Bank, in Jersey City, New Jersey, or its successor, is the Registrar and Paying Agent for the Bonds. The Series 2009A Bonds are subject to redemption prior to their maturity, as more fully described herein. The Series 2009B Bonds are not subject to redemption prior to their maturity. The Bonds constitute general obligations of the City of Jersey City, New Jersey, and the full faith and credit and unlimited taxing power of the City are pledged to the payment of the principal of, applicable premium, if any, and interest on the Bonds. The Bonds are entitled to the benefits of the State of New Jersey Municipal Qualified Bond Act, which provides that the Treasurer of the State of New Jersey is to withhold a portion of State aid payable to the City and forward such amount directly to the Paying Agent for the Bonds. The funds withheld pursuant to the State of New Jersey Municipal Qualified formation contained herein is subject to completion subject herein is contained formation s delivered in final form. Under no circumstances circumstances Under no form. in final delivered s which such offer, solicitation or sale would be un be sale would or offer, solicitation such which Bond Act are subject to appropriation by the State. See “SECURITY FOR THE BONDS” herein. The Bonds are not a debt or obligation, legal, moral, or otherwise, of the State of New Jersey, or any county, municipality or political subdivision thereof, other than the City of Jersey City. The Bonds are offered when, as and if issued by the City and delivered to the purchasers, subject to the approval of legality by GluckWalrath LLP, Bond Counsel, and other conditions described herein. It is expected that the Bonds will be available for delivery on or about December __, 2009. The Bonds are to be delivered through the facilities of DTC on New York, New York. ELECTRONIC PROPOSALS WILL BE RECEIVED FOR THE SERIES 2009A BONDS UNTIL 11:00 AM ON DECEMBER 17, 2009 AND FOR THE SERIES 2009B BONDS UNTIL 11:15 AM ON DECEMBER 17, 2009. ALL PROPOSALS MUST BE IN ACCORDANCE WITH THE NOTICES OF SALE. This is a Preliminary Official Statement and the in theand Statement Official This a is Preliminary accepted prior to the time the Official Statement i Statement the Official time the prior to accepted in in jurisdiction any securities these anyof sale Dated: December __, 2009 MATURITIES, AMOUNTS, INTEREST RATES AND PRICES/YIELDS SERIES 2009A BONDS Principal Interest Principal Interest Year Amount Rate Yield Year Amount Rate Yield 2010 $20,000 2020 $215,000 2011 40,000 2021 225,000 2012 50,000 2022 240,000 2013 55,000 2023 250,000 2014 65,000 2024 260,000 2015 70,000 2025 275,000 2016 80,000 2026 290,000 2017 90,000 2027 305,000 2018 100,000 2028 315,000 2019 105,000 2029 330,950 SERIES 2009B BONDS Principal Interest Year Amount Rate Yield 2010 $20,000 2011 40,000 2012 50,000 2013 55,000 2014 65,000 2015 70,000 2016 80,000 2017 90,000 2018 100,000 2019 105,000 THE CITY OF JERSEY CITY, NEW JERSEY MAYOR Jerramiah T. Healy, Mayor MUNICIPAL COUNCIL Peter M. Brennan, Council President Mariano Vega, Jr., Councilperson at Large Willie L. Flood, Councilperson at Large Michael J. Sottolano, Ward A Councilperson David Donnelly, Ward B Councilperson Nidia Lopez, Ward C Councilperson William A. Gaughan, Ward D Councilperson Steven Fulop, Ward E Councilperson Viola Richardson, Ward F Councilperson MUNICIPAL OFFICIALS Brian O’Reilly, Business Administrator Dominick Pandolfo, Mayor’s Chief of Staff William C. Matsikoudis, Esq., Corporation Counsel Carl S. Czaplicki, Director of the Department of Housing, Economic Development and Commerce Donna Mauer, Chief Financial Officer BOND COUNSEL GluckWalrath LLP Trenton, New Jersey FINANCIAL ADVISOR Capital Financial Advisors, Inc. Mount Laurel, New Jersey INDEPENDENT AUDITORS Donohue, Gironda & Doria Bayonne, New Jersey No dealer, broker, salesperson or other person has been authorized by the City or the Underwriter to give any information or to make any representations, other than those contained in this Official Statement, including the appendices hereto, and if given or made, such other information or representations may not be relied upon as having been authorized by the City or the Underwriter. 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 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information, estimates and expressions of opinion set forth herein have been obtained from the City and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Underwriter. Where the Constitution, statutes or other laws of the State of New Jersey are referred to, reference should be made to such Constitution, statutes or other laws for a complete statement of the matters referred to. 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 City since the date hereof. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the Federal Securities Laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. IN CONNECTION WITH THIS OFFERING THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS OFFERED HEREBY AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET.