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OFFICIAL STATEMENT MULTI-PURPOSE STADIUM AUTHORITY of LACKAWANNA COUNTY Lackawanna County, Pennsylvania $18,970,000 Variable

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OFFICIAL STATEMENT MULTI-PURPOSE STADIUM AUTHORITY of LACKAWANNA COUNTY Lackawanna County, Pennsylvania $18,970,000 Variable OFFICIAL STATEMENT NEW ISSUE – BOOK-ENTRY ONLY Rating: S&P “A-1” (see “RATING” herein) CUSIP: 505500AA 6 In the opinion of Stevens & Lee, P.C.,Scranton, Pennsylvania, Bond Counsel, assuming continuing compliance by the Authority with certain covenants to comply with provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and any applicable regulations thereunder, interest on the Bonds is not includable in gross income under Section 103(a) of the Code and interest on the Bonds is not an item of tax preference for purposes of the federal individual and corporate alternative minimum taxes, except as set forth under the heading “Tax Exemption and Other Tax Matters” in this Official Statement. Other provisions of the Code may affect the purchasers and holders of the Bonds. See “Tax Exemption and Other Tax Matters” herein for a brief description of these provisions. Under the laws of the Commonwealth of Pennsylvania, the Bonds and the interest thereon shall be free from taxation for State and local purposes within the Commonwealth of Pennsylvania, but this exemption does not extend to gift, estate, succession or inheritance taxes or any other taxes not levied or assessed directly on the Bonds or the interest thereon. Under the laws of the Commonwealth of Pennsylvania, profits, gains or income derived from the sale, exchange or other disposition of the Bonds, shall be subject to State and local taxation within the Commonwealth of Pennsylvania. MULTI-PURPOSE STADIUM AUTHORITY OF LACKAWANNA COUNTY Lackawanna County, Pennsylvania $18,970,000 Variable Rate Demand Hotel Room Rental Tax Revenue Bonds Series of 2013 DATED: Date of Delivery DUE: July 1, 2036 The Variable Rate Demand Hotel Room Rental Tax Revenue Bonds, Series of 2013, in the aggregate principal amount of $18,970,000 are being issued by the Multi- Purpose Stadium Authority of Lackawanna County (the “Authority”), a municipal authority incorporated under the laws of the Commonwealth of Pennsylvania by the County of Lackawanna (the “County”), pursuant to a Trust Indenture dated as of November 1, 2013 (the “Indenture”), from the Authority to Community Bank, N.A. and a resolution adopted by the Authority on October 23, 2013. The Bonds will be issued in fully registered form in denominations of $100,000 or integral multiples of $5,000 in excess thereof. The Bonds will bear interest at the Weekly Rate or Fixed Rate as determined in accordance with the Indenture. Initially, the Bonds will bear interest at the Weekly Rate. Interest on the Bonds bearing interest at the Weekly Rate is payable monthly on the first Business Day of each month, commencing December 2, 2013. The Weekly Rate borne by the Bonds may not exceed 12% per annum. The Bonds will be issued only as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for the Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases of beneficial interests in the Bonds will be made in book-entry form, in denominations of $100,000 or any integral multiple of $5,000 in excess thereof. Purchasers will not receive certificates representing their interest in the Bonds purchased. So long as Cede & Co. is the registered owner, as nominee of DTC, references herein to the Bondholders or registered owners shall mean Cede & Co., as aforesaid and shall not mean the Beneficial Owners of the Bonds. See “THE BONDS – Book-Entry Only System” herein. If the Book-Entry Only System is discontinued, the interest on the Bonds will be payable by check drawn on the Trustee, mailed to the registered owners thereof whose names and addresses appear at the close of business on the Record Date (hereinafter defined) on the registration books maintained by the Trustee or by wire transfer as more particularly described herein. The principal of the Bonds will be payable upon surrender at the corporate trust office of the Trustee in Scranton, Pennsylvania. The Bonds are issued under and secured by the Indenture. The obligation of the Authority to pay debt service requirements on the Bonds is secured solely by and payable exclusively from Hotel Tax Revenues (as defined in the Indenture), amounts on deposit in certain funds and accounts held under the Indenture consisting of Bond proceeds, and proceeds of the Letter of Credit (defined below). From the date of the original issuance of the Bonds through the Expiration Date described herein, principal and interest (including upon tender, redemption, maturity or acceleration) will be payable from the proceeds of drawings made by the Trustee under an irrevocable direct pay letter of credit (the “Letter of Credit”) issued with respect to the Bonds by PNC BANK, NATIONAL ASSOCIATION (the “Bank”). The Letter of Credit will permit the Trustee to draw, subject to terms and conditions thereof with respect to the Bonds, up to: (a) an amount equal to the outstanding principal amount of the Bonds (i) to pay the principal of the Bonds when due at maturity, upon redemption or upon acceleration; and (ii) to pay a portion of the purchase price of the Bonds tendered and not remarketed corresponding to the principal of such Bonds; plus (b) an amount equal to 53 days interest on the Bonds at the rate of 12% per annum while the Bonds are in the Weekly Rate Mode (i) to pay interest on the Bonds when due; and (ii) to pay a portion of the purchase price of the Bonds tendered and not remarketed corresponding to the accrued interest on such Bonds. The Letter of Credit will terminate on November 15, 2016 or upon an earlier occurrence of certain events described therein and herein and may be extended or replaced as described therein and herein. The Bonds in the Weekly Rate Mode will be purchased at the option of the holder thereof, at the principal amount thereof, plus accrued interest, if any, at the times and subject to the conditions described herein. The Bonds are subject to optional and mandatory redemption, and optional and mandatory tender as described herein. The Bonds, together with interest to be earned on the proceeds thereof and certain other funds available to the Authority for such purpose, will be used to provide funds for and towards: (1) the current refunding of the Authority’s outstanding Hotel Room Rental Tax Revenue Note, Series A of 2012 (the “Series A of 2012 Note”); (2) the current refunding of the Authority’s outstanding Hotel Room Rental Tax Revenue Note, Series B of 2012 (the “Series B of 2012 Note”), (3) the current refunding of the Authority’s Stadium Facility Revenue Note, Series of 2012; and (4) paying the costs and expenses of issuing the Bonds. THE BONDS DO NOT PLEDGE THE CREDIT OR TAXING POWER OF LACKAWANNA COUNTY, THE COMMONWEALTH OF PENNSYLVANIA OR ANY POLITICAL SUBDIVISION THEREOF. THE PRINCIPAL OR PREMIUM, IF ANY, AND INTEREST ON THE BONDS ARE PAYABLE SOLELY AND EXCLUSIVELY FROM HOTEL TAX REVENUES, AMOUNTS MAINTAINED UNDER THE INDENTURE OR AMOUNTS DRAWN UNDER THE LETTER OF CREDIT. THE AUTHORITY HAS NO TAXING POWER. 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 including the Appendices hereto to obtain information essential to making an informed investment decision. The Bonds are offered for delivery when, as and if issued by the Authority and received by the Underwriters subject to the approving legal opinion of Stevens & Lee, P.C., Scranton, Pennsylvania, Bond Counsel. Certain legal matters will be passed upon for the Authority by its Solicitor, Frank J. Tunis, Esquire, of Wright & Reihner PC, Scranton, Pennsylvania. Financial S&Lutions LLC, Reading, Pennsylvania, has acted as financial advisor to the Authority in connection with the issuance of the Bonds. Certain legal matters with respect to the Letter of Credit will be passed upon for the Bank by its counsel, Ballard Spahr LLP, Philadelphia, Pennsylvania. It is expected that the Bonds will be available for delivery through the facilities of DTC in New York, New York, on or about November 15, 2013. The date of this Official Statement is November 4, 2013 MULTI-PURPOSE STADIUM AUTHORITY OF LACKAWANNA COUNTY AUTHORITY MEMBERS Christopher Munley Chairman James P. Connor Vice Chairman Anthony Zaleski Secretary Joseph Nocera Assistant Secretary William Jenkins Treasurer AUTHORITY SOLICITOR Frank J. Tunis, Esquire of Wright & Reihner PC Scranton, Pennsylvania BOND COUNSEL Stevens & Lee, P.C. Scranton, Pennsylvania TRUSTEE Community Bank, N.A. Scranton, Pennsylvania UNDERWRITER and REMARKETING AGENT PNC Capital Markets LLC Pittsburgh, Pennsylvania FINANCIAL ADVISOR Financial S&Lutions LLC Reading, Pennsylvania This Official Statement does not constitute an offer to sell or a solicitation of an offer to buy the Bonds in any jurisdiction to any person to whom it is unlawful to make such offer in such jurisdiction. No dealer, sales representative or any other person has been authorized by the Authority or the Underwriter to give any information or make any representation, other than those contained herein, in connection with the offering of or solicitation for the Bonds, and if given or made, such information or representation must not be relied upon. Information set forth herein was obtained from officials of the Authority and other sources which are considered reliable and is not to be construed as a representation of the Underwriter. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
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