Town of Groton, Connecticut

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Town of Groton, Connecticut Preliminary Official Statement dated April 17, 2019 NEW ISSUE: Book-Entry-Only RATINGS: See "Ratings" herein In the opinion of Bond Counsel, assuming the accuracy of and compliance by the Town with its representations and covenants cepted prior to the relating to certain requirements contained in the Internal Revenue Code of 1986, as amended, (the "Code"), under existing statutes, interest on the Bonds and the Notes is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Code; the Bonds and the Notes are not "private activity bonds" and interest on the Bonds and the Notes is not treated as a preference item for purposes of calculating the Federal alternative minimum taxes; interest on the Bonds and the Notes is excluded from Connecticut taxable or shall there be any sale of these of sale any be there shall or income for purposes of the Connecticut income tax on individuals, trusts and estates; and interest on the Bonds is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the Federal alternative minimum tax. (See Appendix B – "Opinion of Bond Counsel and Status" herein). ld nor may offers to buy be ac Town of Groton, Connecticut $20,000,000 General Obligation Bonds, Issue of 2019 Dated: Date of Delivery Due: May 1, as shown herein The Bonds are payable from taxes levied against taxable property in the entire area of the Town. Interest on the Bonds will be payable on November 1, 2019 and semiannually thereafter on May 1 and November 1 in each year until maturity. The Bonds are subject to optional redemption prior to maturity as described herein. (See "Optional Redemption" herein). The Bonds are being offered for sale in accordance with an official Notice of Sale dated April 17, 2019. Electronic bids via PARITY® for the Bonds will be received until 11:00 A.M. (E.S.T.) on April 24, 2019 at the Finance Conference Room, Town Hall, 45 Fort Hill Road, Groton, Connecticut 06430 as described in the Notice of Sale (See Appendix "F" herein). e. e. These securities may not be so itute an offer to sell, or a solicitation of an offer to buy, n buy, to offer an of solicitation a or sell, to offer an itute $15,000,000 General Obligation Bond Anticipation Notes, Series A on under the laws of any such jurisdiction. Dated: Date of Delivery Due: April 30, 2020 The Series A Notes are payable from taxes levied against taxable property in the entire area of the Town. (See "Security and Remedies" herein). The Series A Notes are NOT subject to optional redemption prior to maturity as described herein. The Series A Notes are being offered for sale in accordance with an official Notice of Sale dated April 17, 2019. Electronic bids via PARITY® for the Series A Notes will be received until 11:30 A.M. (E.S.T.) on April 24, 2019 at the Finance Conference Room, Town Hall, 45 Fort Hill Road, Groton, Connecticut 06430 as described in the Notice of Sale (See Appendix "G" herein). $6,700,000 General Obligation Bond Anticipation Notes, Series B Dated: Date of Delivery Due: April 30, 2020 The Series B Notes are payable from taxes levied against taxable property in the entire area of the Town other than property within the City of Groton. The Town intends to fund the debt service with revenue generated by the Town's Sewer District Tax. (See ld be unlawful prior to registration or qualificati "Security and Remedies" herein). The Series B Notes are NOT subject to optional redemption prior to maturity as described herein. ed herein are subject to completion and amendment without notic The Series B Notes are being offered for sale in accordance with an official Notice of Sale dated April 17, 2019. Electronic o circumstances shall this Preliminary Official Statement const Statement OfficialPreliminary this shall circumstances o bids via PARITY® for the Notes will be received until 12:00 noon (E.S.T.) on April 24, 2019 at the Finance Conference Room, Town Hall, 45 Fort Hill Road, Groton, Connecticut 06430 as described in the Notice of Sale (See Appendix "H" herein). The Bonds and the Series A and Series B Notes, collectively referred to as the "Notes", will be issued by means of a book- entry transfer system and will be registered in the name of Cede & Co., as Bondowner or Noteowner, respectively, and nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds and the Notes. Ownership of the Bonds will be in the denominations of $5,000 or integral multiples thereof. Ownership of the Notes will be in the denominations of $5,000 or integral multiples thereof plus any odd amount. The Beneficial Owners will not receive certificates nt and the information contain representing their ownership interest in the Bonds or the Notes. Principal and interest on the Bonds and the Notes will be payable by the Town or its agent to DTC or its nominee as registered owner of the Bonds or the Notes. So long as Cede & Co. is the Bondowner or Noteowner, respectively, as nominee for DTC, reference herein to the Bondowner or owners or Noteowner or owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as defined herein) of the Bonds or the Notes. (See "Book-Entry Transfer System" herein). The Registrar, Transfer Agent, Certifying Agent and Paying Agent for the Bonds and the Notes will be U.S. Bank, National Association, of Hartford, Connecticut. The Bonds and the Notes are offered for delivery when, as and if issued, subject to the final approving opinion of Day Pitney LLP, Bond Counsel, of Hartford, Connecticut. It is expected that the Bonds and the Notes in definitive form will be available for delivery in New York, New York on or about May 8, 2019. curities in any jurisdiction in which said offer, solicitation or sale wou time the Official Statement is delivered in final form. Under n Under form. final in delivered is StatementOfficial the time This Preliminary Official Stateme se Town of Groton, Connecticut $20,000,000 General Obligation Bonds, Issue of 2019 Dated: Date of Delivery Due: May 1, as shown below MATURITY SCHEDULE AND AMOUNTS 1 1 Maturity Principal Coupon Yield CUSIP Maturity Principal Coupon Yield CUSIP 2020 $ 1,000,000 % % 399352*** 2030 $ 1,000,000 % % 399352*** 2021 1,000,000 399352*** 2031 1,000,000 399352*** 2022 1,000,000 399352*** 2032 1,000,000 399352*** 2023 1,000,000 399352*** 2033 1,000,000 399352*** 2024 1,000,000 399352*** 2034 1,000,000 399352*** 2025 1,000,000 399352*** 2035 1,000,000 399352*** 2026 1,000,000 399352*** 2036 1,000,000 399352*** 2027 1,000,000 399352*** 2037 1,000,000 399352*** 2028 1,000,000 399352*** 2038 1,000,000 399352*** 2029 1,000,000 399352*** 2039 1,000,000 399352*** $15,000,000 General Obligation Bond Anticipation Notes, Series A Dated: Date of Delivery Due: April 30, 2020 Coupon Yield CUSIP 1 % % 399352*** $6,700,000 General Obligation Bond Anticipation Notes, Series B Dated: Date of Delivery Due: April 30, 2020 Coupon Yield CUSIP 1 % % 399352*** 1 Copyright, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Town and are included solely for the convenience of the holders of the Bonds and the Notes. The Town is not responsible for the selection or use of these CUSIP numbers, does not undertake any responsibility for their accuracy, and makes no representation as to their correctness on the Bonds and the Notes or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds and the Notes 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 all or a portion of certain maturities of the Bonds and the Notes. No dealer, broker, salesman or other person has been authorized by the Town of Groton, Connecticut (the "Town") to give any information or to make any representations not contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the Town. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds and the Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained by the Town from sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness. This Official Statement has been prepared only in connection with the initial offering and sale of the Bonds and the Notes and may not be reproduced or used in whole or in part for any other purpose. The information, estimates and expressions of opinion herein are subject to change without notice. Neither the delivery of this Official Statement nor any sale hereunder shall, under any circumstances, create any implication that there has been no material change in the affairs of the Town since the date of this Official Statement.
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