COUNTY of PASSAIC New Jersey
PRELIMINARY OFFICIAL STATEMENT DATED JUNE 8, 2016 NEW ISSUE - BOOK-ENTRY-ONLY RATING: Standard & Poor’s: “AA” (See “RATING” herein) The County has County The . In the opinion of Rogut McCarthy LLC, Bond Counsel to the County, assuming compliance by the County with its Tax d the final. sale Upon Certificate described herein, under existing law, interest on the Bonds is excluded from gross income of the owners thereof for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"). In addition, under existing law, interest on the Bonds is not treated as a preference item for purposes of the alternative minimum tax imposed under the Code with respect to individuals and corporations; such interest, however, is included in "adjusted current earnings" for purposes of computing the alternative minimum tax that may be imposed on corporations. In addition, Bond Counsel is further of the opinion that, under the New Jersey Gross Income Tax Act, as enacted and construed on the date hereof, interest on the Bonds and any gain from the sale of the Bonds are not includable in gross income of the holders thereof. See "TAX MATTERS" herein. COUNTY OF PASSAIC New Jersey $3,000,000 GENERAL OBLIGATION BONDS, SERIES 2016 consisting of $1,500,000 COUNTY COLLEGE BONDS, SERIES 2016A 12 of the Securities and Exchange Commission and Exchange 12 of the Securities - , this Preliminary Official Statement deeme is Official Statement , this Preliminary and 12 - $1,500,000 COUNTY COLLEGE BONDS, SERIES 2016B (County College Bond Act, P.L.
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