VILLAGE of RIDGEWOOD, in the County of Bergen, New Jersey
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NEW ISSUE - Book-Entry-Only SERIAL BONDS Rating: S&P: “AAA” (See “RATING” herein) In the opinion of McManimon, Scotland & Baumann, LLC, Bond Counsel to the Village (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 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 Village in its Tax Certificate (as defined herein), assume continuing compliance by the Village with certain covenants set forth in its Tax Certificate, and are based on existing statutes, regulations, administrative pronouncements and judicial decisions. See “TAX MATTERS” herein. VILLAGE OF RIDGEWOOD, In the County of Bergen, New Jersey $17,733,000 GENERAL OBLIGATION BONDS, SERIES 2016 consisting of: $12,218,000 General Improvement Bonds and $5,515,000 Water Utility Bonds (Callable) Dated Date: Date of Delivery Due: August 1, as shown on the inside front cover page The $17,733,000 General Obligation Bonds, Series 2016, consisting of $12,218,000 General Improvement Bonds (the “General Improvement Bonds”) and $5,515,000 Water Utility Bonds (the “Water Utility Bonds” and, together with the General Improvement Bonds, the “Bonds”), of the Village of Ridgewood, in the County of Bergen, New Jersey (the “Village”), are being issued to provide funds to (i) currently refund $6,082,000 of the Village’s $6,869,350 Notes, dated and issued on June 16, 2016 and maturing on August 19, 2016, (ii) provide $11,651,000 in new money to fund various capital improvements; and (iii) provide for the costs associated with the authorization, sale and issuance of the Bonds. See “AUTHORIZATION AND PURPOSE OF THE BONDS – Purpose of the Bonds” herein. Interest on the Bonds will be payable semiannually on the first day of February and August in each year until maturity, commencing February 1, 2017. The principal of and the interest on the Bonds will be paid to DTC by the Village as paying agent. Interest on the Bonds will be credited to the Participants (as defined herein) of DTC as listed on the records of DTC as of each next preceding January 15 and July 15 (the “Record Dates” for the payment of interest on the Bonds). The Bonds are subject to optional redemption prior to their stated maturities. See “THE BONDS – Optional Redemption” herein. The Bonds will be issued in the form of one certificate for the principal amount of the Bonds of each series maturing in each year and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as “securities depository”. See “THE BONDS - Book Entry-Only System” herein. The Bonds are valid and legally binding general obligations of the Village and, unless paid from other sources, are payable from ad valorem taxes levied upon all the taxable real property within the Village for the payment of the Bonds and the interest thereon without limitation as to rate or amount. This cover page contains information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement, including the Appendices, to obtain information essential to the making of an informed investment decision. The Bonds are offered when, as and if issued and delivered to the purchaser, subject to prior sale, to 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 and certain other conditions described herein. Delivery is anticipated to be through the facilities of DTC in New York, New York, on or about August 18, 2016. Dated: August 3, 2016 VILLAGE OF RIDGEWOOD, In the County of Bergen, New Jersey $17,733,000 GENERAL OBLIGATION BONDS, SERIES 2016 consisting of: $12,218,000 General Improvement Bonds and $5,515,000 Water Utility Bonds (Callable) MATURITIES, INTEREST RATES, YIELDS AND CUSIP NUMBERS Combined Series 2016A Series 2016B Principal Interest CUSIP Year Principal Amount Principal Amount Amount Rate Yield Number** 2017 $600,000 $175,000 $775,000 3.000% 0.530% 766243 VD8 2018 600,000 175,000 775,000 3.000 0.600 766243 VE6 2019 600,000 175,000 775,000 3.000 0.700 766243 VF3 2020 600,000 175,000 775,000 3.000 0.840 766243 VG1 2021 700,000 175,000 875,000 3.000 0.970 766243 VH9 2022 800,000 200,000 1,000,000 3.000 1.160 766243 VJ5 2023 1,150,000 200,000 1,350,000 4.000 1.290 766243 VK2 2024 1,200,000 200,000 1,400,000 4.000 1.400 766243 VL0 2025 1,200,000 200,000 1,400,000 4.000 1.500 766243 VM8 2026 1,200,000 350,000 1,550,000 3.000 1.600 766243 VN6 2027 1,200,000 350,000 1,550,000 3.000 1.750 766243 VP1 2028 1,200,000 350,000 1,550,000 2.000 2.000 766243 VQ9 2029 1,168,000 350,000 1,518,000 2.000 2.088 766243 VR7 2030 -- 350,000 350,000 2.000 2.167 766243 VS5 2031 -- 350,000 350,000 2.125 2.244 766243 VT3 2032 -- 350,000 350,000 2.125 2.313 766243 VU0 2033 -- 350,000 350,000 2.250 2.394 766243 VV8 2034 -- 350,000 350,000 2.250 2.458 766243 VW6 2035 -- 350,000 350,000 2.375 2.508 766243 VX4 2036 -- 340,000 340,000 2.375 2.568 766243 VY2 ________________________ ** "CUSIP" is a registered trademark of the 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 issuance of the Bonds and the Village does not make any representations 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 specified 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. VILLAGE OF RIDGEWOOD IN THE COUNTYOF BERGEN NEW JERSEY MAYOR Susan Knudsen COUNCIL MEMBERS Michael A. Sedon Ramon M. Hache Jeffrey Voigt Bernadette Coghlan-Walsh VILLAGE MANAGER Roberta Sonenfeld VILLAGE CLERK Heather A. Mailander CHIEF FINANCIAL OFFICER Robert G. Rooney TREASURER Stephen P. Sanzari VILLAGE ATTORNEY Matthew S. Rogers, Esq. Ridgewood, New Jersey INDEPENDENT ACCOUNTANT Nisivoccia LLP Mt. Arlington, New Jersey BOND COUNSEL McManimon, Scotland & Baumann, LLC Roseland, New Jersey No broker, dealer, salesperson or other person has been authorized by the Village 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 Village 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 Village. The information and the expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale hereunder under any circumstances shall create any implication that there has been no change in any of the information herein since the date hereof or since the date as of which such information is given, if earlier. 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 Village during normal business hours. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or amended by the Village from time to time (collectively, the "Official Statement"), may be treated as a "Final Official Statement" with respect to the Bonds described herein that is deemed final as of the date hereof (or of any such supplement or amendment) by the Village.