West Islip Union Free School District Suffolk County, New York
PRELIMINARY OFFICIAL STATEMENT DATED JULY 8, 2020 NEW ISSUES See “RATING” herein TAX ANTICIPATION NOTES BOND ANTICIPATION NOTES In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the District, under existing statutes and court decisions and assuming continuing compliance with certain tax certifications described herein, (i) interest on the Notes is excluded from gross income for federal income tax purposes ent constitute an offer pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) interest on the Notes is not treated as a preference item in calculating the alternative minimum tax under the Code. In addition, in the opinion of Bond Counsel to the District, under existing statutes, interest on the Notes is exempt from personal income taxes of New York State and its political subdivisions, including The City of New York. (See “Tax Matters” herein). gistration or qualification under the The District will NOT designate the Notes as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. WEST ISLIP UNION FREE SCHOOL DISTRICT SUFFOLK COUNTY, NEW YORK $20,000,000* TAX ANTICIPATION NOTES FOR 2020-2021 TAXES (the “TANs”) Date of Issue: July 28, 2020 Maturity Date: June 21, 2021 would be unlawful prior to re $9,246,280 BOND ANTICIPATION NOTES – 2020 (the “BANs” and together with the TANs, the “Notes”) Date of Issue: July 28, 2020 Maturity Date: July 28, 2021 . Under no circumstances shall this Preliminary Official Statem The TANs are general obligations of the West Islip Union Free School District, in Suffolk County, New York (the “District”), and will contain a pledge of the faith and credit of the District for the payment of the principal of and interest on the TANs and, unless paid from other sources, the TANs are payable from ad valorem taxes which may be levied upon all the taxable real property within the District, subject to certain such offer, solicitation, or sale statutory limitations.
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