City of New Haven, Connecticut (The “City”) and the City Will Pledge Dated: Dateofdelivery * Preliminary, Subject Tochange
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PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 5, 2016 NEW ISSUE - BOOK-ENTRY ONLY Ratings: (See “Ratings” herein) In the opinion of Bond Counsel, based on existing statutes and court decisions and assuming continuing compliance with certain covenants and procedures relating to requirements of the Internal Revenue Code of 1986, as amended (the “Code”), interest on the Bonds is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax. Interest on the Bonds may be includable in the calculation of certain taxes under the Code, including the federal alternative minimum tax imposed on certain corporations. In the opinion of Bond Counsel, based on existing statutes, interest on the Bonds is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and 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 “TAX MATTERS” herein. $117,565,000* CITY OF NEW HAVEN, CONNECTICUT General Obligation Bonds, Issue of 2016, Series A Dated: Date of Delivery Due: February 15, 2017 and August 15, as shown herein The $117,565,000* City of New Haven, Connecticut General Obligation Bonds, Issue of 2016, Series A (the “Bonds”) will be general obligations of the City of New Haven, Connecticut (the “City”) and the City will pledge its full faith and credit to pay the principal of and interest on the Bonds when due. See “AUTHORIZATION AND PURPOSE - Security and Remedies” herein. The Bonds are being issued to finance various public improvements, and school and urban renewal projects and to refund all or a portion of certain of the City’s outstanding general obligation bonds (the “Refunded Bonds”) as more fully described herein. The Bonds will bear interest payable on February 15, 2017 and semiannually thereafter on August 15 and February 15 in each year until maturity or earlier redemption, as applicable. The Bonds will mature on the dates and in the amounts, and bear interest from the date of delivery at the rates, all as shown on the inside front cover hereof. See “AUTHORIZATION AND PURPOSE - Description of the Bonds” herein. The Bonds are issuable only as fully registered bonds, without coupons, and when issued, will be registered in the name of Cede & Co., as Bondowner and nominee for The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry only form, in denominations of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their ownership interest in the Bonds. So long as Cede & Co. is the Bondowner, as nominee of DTC, reference herein to the Bondowner or owners shall mean Cede & Co. as aforesaid, and shall not mean the Beneficial Owners (as described herein) of the Bonds. Principal of and interest on the Bonds will be made by the City or its agent directly to DTC. See “AUTHORIZATION AND PURPOSE - Book-Entry Only System” herein. The Bonds are subject to redemption prior to maturity as more fully described herein. The Certifying Agent, Registrar, Transfer Agent, Escrow Agent, and Paying Agent for the Bonds will be U.S. Bank National Association, Hartford, Connecticut. This cover page contains information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement, including the Appendices, which are an integral part hereof, to obtain information essential to making an informed investment decision regarding the Bonds. The Bonds are offered for delivery when, as and if issued by the City and received by the Underwriters subject to the final approving opinions of Robinson & Cole LLP, Hartford, Connecticut, Bond Counsel. Certain legal matters with respect to the Bonds will be passed upon for the City by Butler Snow, LLP, Atlanta, Georgia, Disclosure Counsel. Certain legal matters with respect to the Bonds will be passed upon for the Underwriters by their counsel, Schiff Hardin LLP, New York, New York, Underwriters’ Counsel. It is expected that delivery of the Bonds in book-entry form will be made to DTC on or about August __, 2016. Raymond James Siebert Brandford Shank & Co., L.L.C. Loop Capital Markets Morgan Stanley Official Statement dated August __, 2016. This Preliminary Official Statement and the information contained herein are subject to completion, amendment, or other change without notice. Under no circumstances shall this Preliminary Official Statement constitute an offer to buy, nor buy, Under no circumstances shall this Preliminary to Official Statement constitute an offer This Preliminary contained herein are subject to completion, amendment, or other change without notice. Official Statement and the information This Preliminary Official Statement is in a jurisdiction. prior of any or qualification under the securities to registration be unlawful law solicitation or sale would sale of these securities jurisdictionshall there be any in any in which such offer, completion and amendment in a final Official Statement. for the purposesbut is subject to revision, deemed final as of this date of SEC Rule 15c2-12(b)(1), form * Preliminary, subject to change. $117,565,000* CITY OF NEW HAVEN, CONNECTICUT General Obligation Bonds, Issue of 2016, Series A Base CUSIP: 645020 MATURITY SCHEDULE Dated: Date of Delivery Due: February 15, 2017 and August 15, as shown below Principal Interest Maturity* Amount* Rate Yield CUSIP** 02/15/2017 $ 1,085,000 08/15/2017 14,805,000 08/15/2018 12,990,000 08/15/2019 11,360,000 08/15/2020 7,185,000 08/15/2021 9,435,000 08/15/2022 1,850,000 08/15/2023 1,945,000 08/15/2024 10,980,000 08/15/2025 6,310,000 08/15/2026 3,700,000 08/15/2027 3,825,000 08/15/2028 3,955,000 08/15/2029 4,085,000 08/15/2030 4,220,000 08/15/2031 2,905,000 08/15/2032 3,055,000 08/15/2033 3,215,000 08/15/2034 3,380,000 08/15/2035 3,550,000 08/15/2036 3,730,000 ______________ * Preliminary, subject to change. ** The above CUSIP (Committee on Uniform Securities Identification Procedures) numbers have been assigned by an organization not affiliated with the City, the Underwriters or the Municipal Advisors, and such parties are not responsible for the selection or use of the CUSIP numbers. The CUSIP numbers are included solely for the convenience of bondholders and no representation is made as to the correctness of such CUSIP numbers. CUSIP numbers assigned to securities may be changed during the term of such securities based on a number of factors including, but not limited to, the refunding or defeasance of such issue or the use of secondary market financial products. None of the City, the Underwriters or the Municipal Advisors have agreed to, and there is no duty or obligation to, update this Official Statement to reflect any change or correction in the CUSIP numbers set forth above. CITY OF NEW HAVEN MAYOR Toni N. Harp MAYOR’S CABINET Joe Clerkin, Budget Director Daryl Jones, Controller Michael Carter, Chief Administrative Officer John Rose, Jr., Corporation Counsel Matthew Nemerson, Economic Development Administrator BOND COUNSEL MUNICIPAL ADVISORS Robinson & Cole LLP Public Financial Management, Inc. Hartford, Connecticut Providence, Rhode Island DISCLOSURE COUNSEL TKG & Associates LLC New York, New York Butler Snow LLP Atlanta, Georgia Query & Associates Philadelphia, Pennsylvania INDEPENDENT AUDITORS McGladrey LLP New Haven, Connecticut No dealer, broker, salesman or other person has been authorized by the City of New Haven, Connecticut (the “City”) to give any information or to make any representations other than as 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 foregoing. 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 by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. 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 City since the date of this Official Statement. Other than as to matters expressly set forth in Schedule 1 to APPENDIX A − “FINANCIAL INFORMATION AND OPERATING DATA” herein, the Independent Auditors for the City are not passing on and do not assume any responsibility for the accuracy or adequacy of the statements made in this Official Statement and make no representation that they have independently verified the same. Other than as to matters expressly set forth in APPENDIX D - “FORM OF LEGAL OPINION OF BOND COUNSEL” and the “Tax Matters” section herein, Bond Counsel is not passing on and does not assume any responsibility for the accuracy or adequacy of the statements made in this Official Statement and makes no representation that they have independently verified the same. The City deems this Official Statement to be “final” for purposes of Securities and Exchange Commission (“SEC”) Rule 15c2-12 (the “Rule”), but is subject to revision or amendment. The City will enter into a Continuing Disclosure Agreement with respect to the Bonds, substantially in the form attached as APPENDIX E to this Official Statement (the “Continuing Disclosure Agreement”), to provide or cause to be provided, in accordance with the requirements of Rule, (i) annual financial information and operating data, (ii) timely notice of the occurrence of certain events within ten (10) business days of the occurrence of such events, and (iii) timely notice of a failure by the City to provide the required annual financial information on or before the date specified in the Continuing Disclosure Agreement.