September 8, 2017 ERRATUM NOTICE $34,755,000* COUNTY OF ONONDAGA, NEW YORK $34,755,000* General Obligation Refunding (Serial) Bonds, 2017 CUSIP BASE†: 68277D Dated: Date of Delivery Due: November 1, 2017, May 1, 2018-2033 The cover page of the Official Statement for the above referenced issue, which is pricing on September 13, 2017, erroneously stated that: “The Bonds will be designated "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code.” It should read: The Bonds will NOT be designated "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 6, 2017 RATINGS: (See ‘RATINGS’ herein) Fitch: “AAA (stable outlook)” Moody's Investors Service, Inc.: “Aa2 (negative outlook)” Standard & Poor's: “AA+ (negative outlook)” REFUNDING ISSUE SERIAL BONDS In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds 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 Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, ies ies in any jurisdiction in which such offer, although Bond Counsel observes that interest on the Bonds is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel is also of the opinion that interest on the Bonds 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 accepted, accepted, prior to the time the Official Statement is consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds. See “TAX MATTERS” herein. The Bonds will be designated "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the Code. $34,755,000* COUNTY OF ONONDAGA, NEW YORK $34,755,000* General Obligation Refunding (Serial) Bonds, 2017 CUSIP BASE†: 68277D Dated: Date of Delivery Due: November 1, 2017, May 1, 2018-2033 MATURITIES* Interest Interest Interest ities ities may not be sold, nor may offers to buy be Year Amount Yield CUSIP† Year Amount Yield CUSIP† Year Amount Yield CUSIP† Rate Rate Rate 2017 $ 450,000 % % 2023 $4,000,000* % % 2029 $2,260,000* % % 2018 5,000 2024 3,190,000* 2030 2,290,000* 2019 5,000 2025 3,285,000* 2031 2,065,000* solicitation solicitation of an offer to buy nor shall there be any sale of these securit 2020 5,000 2026 3,355,000* 2032 2,035,000* 2021 5,000 2027 3,375,000* 2033 1,880,000* ion. 2022 3,930,000 2028 2,620,000* * The Bonds maturing in the years 2028-2033 are subject to redemption prior to maturity as described herein under “THE BONDS - Optional Redemption”. The Bonds are general obligations of the County of Onondaga, New York (hereinafter referred to as the “County”) all the taxable real property within which is subject to the levy of ad valorem taxes to pay the Bonds and interest thereon, subject to applicable statutory limitations. See “TAX INFORMATION – Tax Levy Limitation Law” herein. The Bonds will be issued as registered bonds and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository for the Bonds. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their ownership interest in the Bonds. Interest on the Bonds will be payable on November 1, 2017 and semi-annually thereafter on May 1 and November 1 in each year until maturity. Principal and interest will be paid by the County to DTC, which will in turn remit such principal and interest to its Participants, for subsequent distribution to the Beneficial Owners of the Bonds, as described herein. The Bonds are offered when, as and if issued and received by the Underwriter and subject to the receipt of the approving legal opinion as to the validity of the Bonds of Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. Certain legal matters will be passed upon for the Underwriter by its Counsel, Trespasz & Marquardt, LLP, Syracuse, New York. It is anticipated that the Bonds will be available for delivery through the facilities of DTC located in Jersey City, New Jersey, or as may be agreed upon, on or about October 5, 2017. ROOSEVELT & CROSS INCORPORATED September [__], 2017 * Preliminary, subject to change. † Copyright 2009, American Bankers Association. CUSIP data herein is provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill This This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These secur Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service. The CUSIP number is provided for convenience of reference only. Neither the County, nor the Municipal Advisor take any responsibility for the accuracy of such CUSIP. delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the jurisdict such any of laws securities the under qualification or to registration prior unlawful be would sale or solicitation COUNTY OFFICIALS JOANNE M. MAHONEY J. RYAN MCMAHON, II County Executive Chairman, County Legislature WILLIAM P. FISHER ROBERT E. ANTONACCI, II, CPA, ESQ. Deputy County Executive County Comptroller STEVEN P. MORGAN LISA DELL Chief Fiscal Officer County Clerk EUGENE CONWAY ROBERT DURR, ESQ. Sheriff County Attorney WILLIAM J. FITZPATRICK, ESQ. District Attorney MUNICIPAL ADVISOR Fiscal Advisors & Marketing, Inc. 120 Walton Street, Suite 600 Syracuse, New York 13202 (315) 752-0051 BOND COUNSEL Orrick, Herrington & Sutcliffe LLP 51 West 52nd Street New York, New York 10019 (212) 506-5151 No person has been authorized by the County of Onondaga to give any information or to make any representations not contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or solicitation of an offer to buy any of the Bonds in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 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 County of Onondaga. The Underwriter has provided the following sentence for inclusion in this Official Statement. “The Underwriter has reviewed the information in this Official Statement in accordance with, and as a part of its responsibilities under the federal securities law as applied to the facts and circumstances of this transaction, but the Underwriter does not guaranty the accuracy or completeness of such information.” IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKETS. SUCH STABILIZATION, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS Page Page THE BONDS ................................................................................................ 1 STATUS OF INDEBTEDNESS .................................................................. 39 Description of the Bonds ........................................................................... 1 Constitutional Requirements ...................................................................... 39 Optional Redemption ................................................................................. 1 Statutory Procedure ................................................................................... 39 Purpose of Issue......................................................................................... 2 Debt Outstanding End of Fiscal Year ........................................................ 40 Nature of Obligation .................................................................................. 2 Debt Management ..................................................................................... 40 AUTHORIZATION AND PLAN OF REFUNDING ................................. 3 Details of Outstanding Indebtedness .......................................................... 41 Authorization and Purpose ........................................................................ 3 Estimate of Obligations to be Issued .......................................................... 41 The Refunding Financial Plan ................................................................... 5 Rate of Principal Retirement ...................................................................... 41 Verification of Mathematical Computations .............................................. 6 Bonded Indebtedness as of September 6, 2017 .......................................... 42 Sources and