COUNTY of PASSAIC New Jersey
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PRELIMINARY OFFICIAL STATEMENT DATED JUNE 8, 2017 NEW ISSUE - BOOK-ENTRY-ONLY RATING: Standard & Poor’s: “AA” (See “RATING” herein) In the opinion of McManimon, Scotland & Baumann, LLC, Bond Counsel to the County (as defined herein), pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"), interest on the Bonds (as defined herein) is not included in gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the The County has authorized alternative minimum tax imposed on individuals and corporations. It is also the opinion of Bond Counsel, that interest on the Bonds . held by corporate taxpayers is included in "adjusted current earnings" in calculating alternative minimum taxable income for purposes of the federal alternative minimum tax imposed on corporations. In addition, in the opinion of Bond Counsel, interest on and any gain from the sale of the Bonds is not includable as gross income under the New Jersey Gross Income Tax Act. Bond Counsel’s opinions described herein are given in reliance on representations, certifications of fact, and statements of reasonable expectation made by the County in its Tax Certificate (as defined herein), assume continuing compliance by the County with certain d d final. Upon the sale of the Bonds described covenants set forth in its Tax Certificate, and are based on existing statutes, regulations, administrative pronouncements and judicial decisions. See "TAX MATTERS" herein. COUNTY OF PASSAIC New Jersey $3,000,000 GENERAL OBLIGATION BONDS, SERIES 2017, consisting of: $1,500,000 COUNTY COLLEGE BONDS, SERIES 2017A and 12 of the Securities and Exchange Commission - $1,500,000 COUNTY COLLEGE BONDS, SERIES 2017B (County College Bond Act, P.L. 1971, c.12, as amended) (Non-Callable) (Not Bank-Qualified) , , this Preliminary Official Statement is deeme 12 - Dated: Date of Delivery Due: July 1, as shown on the inside front cover The $3,000,000 General Obligation Bonds, Series 2017, consisting of $1,500,000 County College Bonds, Series 2017A (the “Series 2017A Bonds”) and the $1,500,000 County College Bonds, Series 2017B (County College Bond Act, P.L. 1971, c.12, as amended) (the “Series 2017B Bonds” and together with the Series 2017A Bonds, the “Bonds”) of the County of Passaic, New Jersey (the “County”) will be issued in the form of one certificate for the aggregate principal amount of Bonds of each series maturing in each year and when issued will be registered in the name of Cede & Co. Interest on the Bonds will be paid semiannually on the first permitted permitted to be omitted by Rule 15c2 day of January and July in each year until maturity, commencing on January 1, 2018. Interest on the Bonds will be credited to the participants of The Depository Trust Company as listed on the records of DTC as of each next preceding June 15 and accordance accordance with Rule 15c2 (“DTC”) December 15 (the ARecord Dates@ for the payment of interest on the Bonds). Investors may purchase beneficial interests in the Bonds in book-entry form in the denomination of $5,000 each or any integral multiple thereof. usiness days following such sale or to accompany the purchaser’s confirmations requesting payment for the Bonds. payment for requesting confirmations purchaser’s the to sale accompany or such days following usiness Principal of and interest on the Bonds will be paid to DTC by the County. The Bonds will be dated the date of their seven seven b delivery and will mature on January 1 in the years and in the principal amounts set forth on the inside front cover hereof. As long as of DTC or its nominee, Cede & Co., is the registered owner, such payments will be made directly to Cede & Co. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to Beneficial Owners is the earlier responsibility of the DTC participants and the indirect participants as more fully described herein. The Bonds are not subject to redemption prior to their stated maturities. The Bonds are valid and legally binding obligations of the County and, unless paid from other sources, are payable from ad valorem taxes levied upon all the taxable property within the County for the payment of principal of the Bonds and the interest thereon without limitation as to rate or amount. The Series 2017B Bonds are additionally secured by the County College Bond Act, ment ment to prospective purchasers and others. In P.L. 1971, c.12, as amended and supplemented (N.J.S.A. 18A:64A-22.1 et seq.). See “THE BONDS - Authorization and Purpose of the Bonds” herein. , complete with the exception of the specific information This cover page contains certain information for quick reference only. It is not a summary of the issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. a final Official Statement within the within Official Statement final a The Bonds are offered when, as and if issued and delivered to the Underwriter (as defined herein), subject to prior sale, deliver withdrawal or modification of the offer without notice and to approval of legality by the law firm of McManimon, Scotland & Baumann, LLC, Roseland, New Jersey, Bond Counsel, and certain other conditions described herein. Delivery of the Bonds in definitive form through DTC in New York, New York is anticipated to occur on or about July 7, 2017. reliminary reliminary Official Statement P ELECTRONIC BIDS VIA PARITY WILL BE RECEIVED UNTIL 11:00 0'CLOCK A.M. ON JUNE 14, 2017 DETAILS ON HOW TO BID ELECTRONICALLY, This is a distribution of this Preliminary Official State will the herein,County VIEW THE NOTICE OF SALE POSTED AT WWW.PROSPECTUSHUB.COM COUNTY OF PASSAIC New Jersey MATURITIES, INTEREST RATES AND YIELDS $1,500,000 COUNTY COLLEGE BONDS, SERIES 2017A Interest CUSIP Interest CUSIP Year Amount Rate Yield Number** Year Amount Rate Yield Number** 2018 $105,000 % % 2023 $150,000 % % 2019 115,000 2024 160,000 2020 125,000 2025 165,000 2021 130,000 2026 200,000 2022 140,000 2027 210,000 $1,500,000 COUNTY COLLEGE BONDS, SERIES 2017B (County College Bond Act, P.L. 1971, c.12, as amended) Interest CUSIP Interest CUSIP Year Amount Rate Yield Number** Year Amount Rate Yield Number** 2018 $105,000 % % 2023 $150,000 % % 2019 115,000 2024 160,000 2020 125,000 2025 165,000 2021 130,000 2026 200,000 2022 140,000 2027 210,000 ** Registered trademark of American Bankers Association. CUSIP numbers are provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP numbers listed above are being provided solely for the convenience of Bondholders only at the time of the issuance of the Bonds and the County does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number 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 or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. PASSAIC COUNTY OFFICIALS BOARD OF CHOSEN FREEHOLDERS FREEHOLDER - DIRECTOR OF THE BOARD Sandra Lazzara FREEHOLDERS Bruce James Assad Akhter Theodore O. Best, Jr. John W. Bartlett Pasquale Lepore Terry Duffy COUNTY ADMINISTRATOR Anthony J. DeNova COUNTY COUNSEL William J. Pascrell, III, Esq. CLERK TO THE BOARD/ COUNTY TREASURER Louis E. Imhof III DIRECTOR OF FINANCE Richard Cahill COUNTY AUDITOR Steven D. Wielkotz, C.P.A., R.M.A. Ferraioli, Wielkotz, Cerullo & Cuva, P.A. Pompton Lakes, New Jersey BOND COUNSEL McManimon, Scotland & Baumann, LLC Roseland, New Jersey No broker, dealer, salesperson or other person has been authorized by the County to give any information or to make any representations with respect to the Bonds, other than those contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized by the foregoing. The information contained herein has been provided by the County and other sources deemed reliable; however, no representation or warranty is made as to its accuracy or completeness and such information is not to be construed as a representation or warranty by the Underwriter or, as to information from sources other than itself, by the County. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale hereunder shall under any circumstances create any implication that there has been no change in the affairs of the County since the date hereof or any earlier date as of which any information contained herein is given. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be used, in whole or in part, for any other purpose. References in this Official Statement to laws, rules, regulations, resolutions, agreements, reports and documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein, and copies of which may be inspected at the offices of the County during normal business hours.