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Buffalo and Fort Erie Public Bridge Authority Toll Bridge System Revenue Bonds Series 2017 T Notice

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Buffalo and Fort Erie Public Bridge Authority Toll Bridge System Revenue Bonds Series 2017 T Notice PRELIMINARY OFFICIAL STATEMENT DATED MAY 31, 2017 NEW ISSUE – Book Entry Only Standard & Poor’s: “A+” (see “Rating” herein) In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, ll there be rulings and court decisions and assuming, among other matters, the accuracy of certain representations and compliance with isdiction. certain covenants, interest on the Series 2017 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 Series 2017 Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel is also of the opinion that interest on the Series 2017 Bonds is exempt from personal income taxes imposed by the State of New York and 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 Series 2017 Bonds. See “TAX MATTERS” herein. $72,580,000* Buffalo and Fort Erie Public Bridge Authority Toll Bridge System Revenue Bonds Series 2017 t notice. The Authority will make available its final Official Dated: Date of Delivery Due: January 1, as shown on the inside cover n offer to sell or the solicitation of an offer to buy, nor sha The Series 2017 Bonds of the Buffalo and Fort Erie Public Bridge Authority (the “Authority”) will be issued pursuant to the Authority’s Toll Bridge System Revenue Bond Resolution adopted by the Authority on July 26, 1995, as amended and restated on April 25, 2014, and as supplemented by the Fifth Supplemental Resolution adopted on May 18, 2017 (as so amended, restated and supplemented, the “Resolution”), and are secured as to the payment of principal, premium, if any, and interest thereon by a pledge of the Pledged Revenues and certain funds and accounts established under the Resolution, subject to the application thereof for the purposes and on the terms and conditions provided in the Resolution. Pledged Revenues are principally toll revenues derived from the Authority’s operation of the Peace Bridge, a major international border crossing linking Buffalo, New York with Fort Erie, Ontario across the Niagara River. The Series 2017 are being issued on parity with the Authority’s outstanding $22,260,000 aggregate principal amount of Series 2014 Bonds. fficial Statement constitute a Interest on the Series 2017 Bonds is payable on each January 1 and July 1, commencing January 1, 2018. Principal and premium, if any, and interest on the Series 2017 Bonds will be payable through U.S. Bank National Association, as Trustee would be unlawful prior to registration or qualification underthe securities law of such jur and Paying Agent. The Series 2017 Bonds will be issued in book-entry form only as registered bonds without coupons in denominations of $5,000 and in integral multiples thereof 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 for the Series 2017 Bonds. Purchasers of Series 2017 Bonds will not receive certificates representing their ownership interests in Series 2017 Bonds. For so long as Cede & Co. is the registered owner of the Series 2017 Bonds, principal and interest payments are payable to Cede & Co., as nominee for DTC, and the responsibility of remitting such payments to the Beneficial Owners is solely the responsibility of DTC and the DTC Participants. See “DESCRIPTION OF THE SERIES 2017 BONDS — Book-Entry Only System” herein. ed herein are subject to change, completion or amendment withou mstances shall this Preliminary O The Series 2017 Bonds are being issued to (i) provide funds to pay a portion of the costs of the Project (as defined herein), (ii) make a deposit to the Debt Service Reserve Account, and (iii) pay certain Costs of Issuance of the Series 2017 such offer, solicitationor sale Bonds. The Series 2017 Bonds are special revenue obligations of the Authority. The Series 2017 Bonds do not constitute a debt of the United States of America, the State of New York, the Government of Canada or the Province of Ontario and none of the foregoing governmental entities is liable thereon, nor are the Series 2017 Bonds payable out of any funds other than those of the Authority pledged for the payment of the Series 2017 Bonds under the Resolution. The Authority has no taxing power. The Series 2017 Bonds are subject to optional and mandatory redemption prior to maturity as more fully described herein. The Series 2017 Bonds are offered, when, as and if issued by the Authority and delivered to the Underwriter, and are subject to the approval of legality by Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority. Certain legal matters will be passed upon by Hodgson Russ, LLP, United States Counsel to the Authority, Gowling Lafleur Henderson LLP, Canadian Counsel to the Authority, and by Harris Beach PLLC, Counsel to the Underwriter. Capital Markets Advisors, LLC and Frasca & Associates, LLC are acting as co-financial advisors to the Authority. It is expected that the Series 2017 Bonds will be available for delivery to The Depository Trust Company, New York, New York, on or about June 22, 2017. Morgan Stanley June __ 2017 Statement Statement with respect to the Series 2017 Bonds. Under no circu which in jurisdiction any Bondsin 2017 Series the of sale any This Preliminary Official Statement and the information contain ________________________ * Preliminary, subject to change. Buffalo and Fort Erie Public Bridge Authority Toll Bridge System Revenue Bonds Series 2017 MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, YIELDS AND CUSIPS Due Principal Price or January 1* Amount* Interest Rate Yield CUSIP(†) 2026 $2,300,000 % % 2027 2,355,000 2028 2,415,000 2029 2,475,000 2030 2,540,000 2031 2,610,000 2032 2,685,000 2033 2,765,000 2034 2,850,000 2035 2,935,000 2036 3,025,000 2037 3,120,000 $17,795,000* ____% Term Bond due January 1, 2042*, Yield: _____% CUSIP Number† ____________ $22,710,000* ____% Term Bond due January 1, 2047*, Yield: _____% CUSIP Number† ____________ __________________________ * Preliminary, subject to change. † CUSIP© is a registered trademark of the American Bankers Association. The CUSIP numbers listed above have been assigned by an independent company not affiliated with the Authority and are being provided solely for the convenience of holders of the Series 2017 Bonds. None of the State of New York, the Government of Canada nor the Authority makes any representation with respect to such numbers nor undertakes any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity of the Series 2017 Bonds is subject to being changed after the issuance of the Series 2017 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to such maturity. PEACE BRIDGE LOCATION MAP Peace Bridge BUFFALO AND FORT ERIE PUBLIC BRIDGE AUTHORITY PEACE BRIDGE PLAZA BUFFALO, NEW YORK 14213 BOARD CANADA UNITED STATES Timothy Clutterbuck .................... Chairman William (Sam) B. Hoyt, III ..... Vice Chairman Debra Zimmerman .......................... Member Charles L. Gurney ...............................Member Isabel Meharry ................................. Member Anthony M. Masiello. ..........................Member Patrick Robson ................................. Member Michael J. Russo ..................................Member Lew Holloway† .................................. Member Kenneth Manning................................Member SENIOR STAFF General Manager ...................................................................................................................... Ron Rienas Chief Financial Officer ............................................................................................................ Karen Costa Chief Operating Officer ....................................................................................................... Thomas Boyle AUTHORITY CONSULTANTS Bond Counsel ....................................................................................Orrick, Herrington & Sutcliffe LLP Co-Financial Advisors ....................... Capital Markets Advisors, LLC and Frasca & Associates, LLC Independent Accountants ..........................................................................Lumsden & McCormick, LLP Traffic Consultants .....................................................................................Jacobs Civil Consultants, Inc. _________________ † Term commences June 3, 2017. No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations, other than those contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale
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