Loudoun County VA Preliminary Official Statement Series 2021A

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Loudoun County VA Preliminary Official Statement Series 2021A PRELIMINARY OFFICIAL STATEMENT DATED MAY 19, 2021 NEW ISSUE RATINGS: Book-Entry-Only Fitch: AAA or qualification qualification or Moody’s: Aaa S&P: AAA (See “SECTION SIX: Ratings” herein) In the opinion of Bond Counsel, under existing law and assuming compliance with the tax covenants described herein, and the to registration accuracy of certain representations and certifications made by the County described herein, interest on the Bonds is excluded from gross income for Federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). Bond Counsel is also of the opinion that such interest is not treated as a preference item in calculating the alternative minimum tax imposed under the Code. Bond Counsel is further of the opinion that interest on the Bonds will be exempt from income taxation by the Commonwealth of Virginia. See “SECTION THREE: TAX MATTERS” herein regarding certain other tax considerations. $156,565,000* Loudoun County, Virginia General Obligation Public Improvement Bonds, Series 2021A Dated: Date of Delivery Due: December 1, as set forth on the inside front cover The General Obligation Public Improvement Bonds, Series 2021A (the “Bonds”) will constitute general obligations r no circumstances will the Preliminary Official Statement an offer to constitute of Loudoun County, Virginia (the “County”), for the payment of which the full faith and credit and unlimited taxing power of the County will be irrevocably pledged. The County’s Board of Supervisors will be authorized and which such offer, solicitation or sale would be unlawful prior prior unlawful be sale would or solicitation offer, such which required, unless other funds are lawfully available and appropriated for timely payment of the Bonds, to levy and collect annually on all locally taxable property in the County an ad valorem tax over and above all other taxes authorized or limited by law and without limitation as to rate or amount sufficient to pay the principal of and premium, if any, and interest on the Bonds as the same respectively become due and payable. The Bonds will be issued as fully registered bonds 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 of the Bonds. So long as Cede & Co. is the registered owner of the Bonds, as the nominee for DTC, (a) references herein to the registered owner shall mean Cede & Co. and (b) principal, premium and interest shall be payable to ement and is not yet fully adopted. Unde Cede & Co., as nominee for DTC, which will, in turn, remit such principal, premium and interest to the DTC participants for subsequent disbursements to the beneficial owners of the Bonds. Individual purchases of beneficial ownership interest in the Bonds will be made in book-entry form only, in denominations of $5,000 or multiples thereof. Bond certificates will be immobilized at DTC and will not be available for delivery to the public (See “SECTION TWO: THE BONDS – Book-Entry-Only System” herein). The Bonds will bear interest from their date of delivery, payable semi-annually on June 1 and December 1 of each year to maturity, commencing December 1, 2021. and amendment or suppl there be any sale of these securities, in any jurisdiction in jurisdiction any in securities, these of sale any be there The Bonds are subject to redemption prior to their stated maturities as more fully set forth herein (See “SECTION TWO: THE BONDS – Redemption” herein). The Bonds are offered for delivery when, as and if issued, subject to the approval of their validity by Nixon Peabody LLP, Washington, D.C., Bond Counsel, as described herein. Certain legal matters will be passed upon for the County by the County Attorney, Leo P. Rogers. It is expected that the Bonds will be available for delivery through the facilities of DTC in New York, New York, on or about June 16, 2021. This cover page contains certain information for reference only. It is not a summary of this issue. Investors must f such jurisdiction. read the entire Official Statement to obtain information essential to the making of an informed investment decision. This Official Statement is dated May __, 2021 and, except as expressly provided in the table of general obligation debt service and capital lease payments on page 48, the information contained herein speaks only as of that date. Dated: May __, 2021 * Preliminary, subject to change. under the securities laws o sell or the solicitation of an offer to buy the Bonds, nor will nor Bonds, the buy to offer an of solicitation the or sell This is a Preliminary Official Statement subject to completion $156,565,000* Loudoun County, Virginia General Obligation Public Improvement Bonds, Series 2021A Maturity* Principal Interest (December 1) Amount* Rate Yield CUSIP† 2021 $8,280,000 2022 8,280,000 2023 8,280,000 2024 8,280,000 2025 8,280,000 2026 8,280,000 2027 8,280,000 2028 7,585,000 2029 7,585,000 2030 7,585,000 2031 7,585,000 2032 7,585,000 2033 7,585,000 2034 7,585,000 2035 7,585,000 2036 7,585,000 2037 7,585,000 2038 7,585,000 2039 7,585,000 2040 7,585,000 * Preliminary, subject to change. † CUSIP numbers have been assigned by an organization not affiliated with the County and are included solely for the convenience of the holders of the Bonds. The County is not responsible for the selection or uses of these CUSIP numbers, nor is any representation made as to their correctness on the Bonds or as indicated above. LOUDOUN COUNTY, VIRGINIA BOARD OF SUPERVISORS Phyllis J. Randall, Chair Koran T. Saines, Vice Chair Juli E. Briskman Tony R. Buffington Jr. Sylvia R. Glass Caleb A. Kershner Matthew F. Letourneau Michael R. Turner Kristen C. Umstattd CERTAIN OTHER ELECTED OFFICIALS H. Roger Zurn, Jr., County Treasurer CERTAIN APPOINTED OFFICIALS Tim Hemstreet, County Administrator Charles Yudd, Deputy County Administrator Alex Espinosa, Chief Financial Officer/Director of Finance and Budget Janet Romanchyk, Deputy Chief Financial Officer Nicole Speight, Debt Manager Leo P. Rogers, County Attorney BOND COUNSEL Nixon Peabody LLP 799 9th Street NW, Suite 500 Washington, D.C. 20001 FINANCIAL ADVISOR Davenport & Company LLC 901 East Cary Street Richmond, Virginia 23219 INDEPENDENT AUDITOR Cherry Bekaert LLP 200 South 10th Street Richmond, Virginia 23219 The Bonds will be exempt from registration under the Securities Act of 1933. As obligations of a political subdivision of the Commonwealth of Virginia, the Bonds will also be exempt from registration under the securities laws of Virginia. No dealer, broker, salesman or other person has been authorized to give any information or to make any representations other than as contained in this Official Statement in connection with the offering of the Bonds and, if given or made, such other information or representations must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be a sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. This Official Statement is not to be construed as a contract or agreement between the County and the purchasers or owners of any of the Bonds. The information set forth herein has been obtained by the County from sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness. The information 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 since the date hereof. Forward looking statements. Certain statements contained in this Official Statement that are not historical facts are forward looking statements, which are based on the County’s beliefs, as well as assumptions made by, and information currently available to, the County. Because the statements are based on expectations about future events and economic performance and are not statements of fact, actual results may differ materially from those projected. The words “anticipate”, “assume”, “estimate”, “expect”, “objective”, “projection”, “forecast”, “goal”, “budget” or similar words are intended to identify forward looking statements. The words “now”, “to date”, “currently” and the like are intended to mean as of the date of this Official Statement. IN CONNECTION WITH THIS OFFERING, CERTAIN PERSONS MAY OVERALLOT 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 MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS Page SECTION ONE: INTRODUCTION ............................................................................................................................. 1 The Issuer ........................................................................................................................................................ 1 The Bonds ....................................................................................................................................................... 1 Use of Proceeds ............................................................................................................................................... 2 Redemption ....................................................................................................................................................
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