Official Statement Dated August 26, 2020
Total Page:16
File Type:pdf, Size:1020Kb
PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 26, 2020 NEW AND RENEWAL ISSUE BOND ANTICIPATION NOTES Statement Statement In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings Official and court decisions, and assuming among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Notes is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Notes is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the Notes is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Notes. See “Tax Matters” herein. shall this Preliminary this Preliminary shall The Notes will be “qualified tax-exempt obligations” pursuant to Section 265 (b)(3) of the Internal Revenue Code of 1986. VILLAGE OF OSSINING WESTCHESTER COUNTY, NEW YORK $7,107,446 BOND ANTICIPATION NOTES, 2020 (the “Notes”) Date of Issue: September 24, 2020 Maturity Date: September 24, 2021 The Notes are general obligations of the Village of Ossining, Westchester County, New York (the “Village”), and will contain a pledge of the faith and credit of the Village for the payment of the principal thereof and interest thereon and, unless paid from other sources, the Notes are payable from ad valorem taxes which may be levied upon all the taxable real property within the Village, subject to applicable statutory limitations. See “Nature of Obligation” and “Tax Levy Limitation Law,” herein. At the option of the purchaser(s), the Notes will be issued in (i) certificated registered form registered in the name of the successful bidder(s) or (ii) registered book-entry form registered to Cede & Co., as the partnership nominee for DTC. If the Notes are issued registered in the name of the successful bidder(s), a single note certificate will be issued for those Notes bearing the same rate of interest in the aggregate principal amount awarded to such purchaser(s) at such interest rate(s). Principal any sale of the securities in any jurisdiction in which such offer, or solicitation, sale would be unlawful prior to of and interest on such Notes will be payable in Federal Funds by the Village to the registered owner(s). If the Notes are issued in book-entry-only form, such notes will be delivered to DTC, which will act as securities depository for the Notes. Beneficial owners will not receive certificates representing their interest in the Notes. Individual purchases may be made in denominations of $5,000 or integral multiples thereof, except for one necessary odd denomination which is or includes $7,446. A single note certificate will be issued for those Notes bearing the same rate of interest and CUSIP number in the aggregate principal amount awarded to such purchaser(s) at such interest rate(s). Principal of and interest on said Notes will be paid in Federal Funds by the Village to Cede & Co., as nominee for DTC, which will in turn remit such principal and interest to its participants for subsequent distribution to the beneficial owners of the Notes as described herein. Transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Village will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. (See “Book-Entry-Only System” herein.) The Notes are offered when, as and if issued and received by the purchaser(s) subject to the receipt of the final approving opinion of Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. It is anticipated that the Notes will be available for delivery through the facilities of DTC in Jersey City, New Jersey or as otherwise agreed with the purchaser(s) on or about September 24, 2020. Statement and the information contained herein are subject to completion or amendment without notice. Under no circumstances no Under notice. without or amendment to completion subject are herein contained the information and Statement ll ll or the solicitation of an offer to buy, nor shall there be THIS OFFICIAL STATEMENT IS IN A FORM DEEMED FINAL BY THE VILLAGE FOR PURPOSES OF SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12 (THE “RULE”) EXCEPT FOR CERTAIN INFORMATION THAT HAS Official BEEN OMITTED HEREFROM IN ACCORDANCE WITH THE RULE AND THAT WILL BE SUPPLIED WHEN THIS OFFICIAL STATEMENT IS UPDATED FOLLOWING THE SALE OF THE NOTES. FOR A DESCRIPTION OF THE VILLAGE’S AGREEMENT TO PROVIDE NOTICE OF EVENTS AS DEFINED IN THE RULE, SEE “DISCLOSURE UNDERTAKING,” HEREIN. This Preliminary This Preliminary constitute an offer to se jurisdiction. such of laws securities the under qualification or registration DATED: September __, 2020 VILLAGE OF OSSINING WESTCHESTER COUNTY, NEW YORK VICTORIA GEARITY Mayor BOARD OF TRUSTEES Rika Levin .......................................................................................... Deputy Mayor Manuel R. Quezada ........................................................................... Village Trustee Robert M. Fritsche ............................................................................ Village Trustee Omar Lopez ...................................................................................... Village Trustee ______________________________ Karen D’Attore ...............................................................................Village Manager Dale Brennan ................................................................................ Village Treasurer Susanne Donnelly ................................................................................ Village Clerk Stuart E. Kahan ........................................................................ Corporation Counsel ______________________________ INDEPENDENT AUDITORS PKF O’Connor Davies, LLP Harrison, New York ______________________________ BOND COUNSEL Orrick, Herrington & Sutcliffe LLP New York, New York ______________________________ MUNICIPAL ADVISOR Capital Markets Advisors, LLC Hudson Valley * Long Island * Southern Tier * Western New York (845) 227-8678 No person has been authorized by the Village of Ossining to give any information or to make any representations not 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 foregoing. 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 Notes 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 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 Village of Ossining since the date hereof. TABLE OF CONTENTS Page Page THE NOTES ............................................................... 1 Ten of the Largest Taxpayers .......................... A-13 Description of the Notes ........................................ 1 VILLAGE INDEBTEDNESS .............................. A-13 Authority for and Purpose of the Notes ................. 1 Constitutional Requirements ........................... A-13 Book-Entry-Only System ...................................... 2 Statutory Procedure ......................................... A-14 NATURE OF OBLIGATION .................................... 4 Constitutional Debt-Contracting Limitation .... A-14 Tax Levy Limitation Law ...................................... 6 Statutory Debt Limit and Net Indebtedness ..... A-15 SPECIAL PROVISIONS AFFECTING Short-Term Indebtedness ................................. A-16 REMEDIES UPON DEFAULT ............................. 6 Energy Performance Contract Debt ................. A-16 MARKET FACTORS .............................................. 10 Trend of Capital Debt ...................................... A-16 Cybersecurity ....................................................... 11 Overlapping Debt ............................................ A-17 THE STATE COMPTROLLER’S FISCAL Debt Ratios ...................................................... A-18 STRESS MONITORING SYSTEM AND Authorized but Unissued Debt ........................ A-18 MONITORING SYSTEMS ................................. 11 Debt Service Schedule ..................................... A-19 TAX MATTERS ....................................................... 13 ECONOMIC AND DEMOGRAPHIC DATA ... A-19 LEGAL MATTERS ................................................. 14 Population ........................................................ A-19 DISCLOSURE UNDERTAKING ........................... 14 Income ............................................................. A-20 Compliance History ............................................. 15