Louisville/Jefferson County Metro Government Tax-Exempt General Obligation Bonds, Series 2019A
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h t c n PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 1, 2019 su me h e t c i a St NEW ISSUE RATINGS: Moody's: "Aa1" wh l n a i i c BOOK ENTRY Standard & Poor's: "AA+" n o i t Offi NOT BANK QUALIFIED c i l a sd n See "RATINGS" herein. ri fi u j a y n i n In the opinion of Bond Counsel, based upon laws, regulations, rulings and decisions, and assuming continuing compliance with certain covenants made by a n o n i i the Corporation, interest on the Bonds is excludable from gross income for federal income tax purposes and is not an item of tax preference for purposes of t s e l d the federal alternative minimum tax, upon the conditions and subject to the limitations set forth herein under the caption "TAX MATTERS." Receipt of interest n o mp on the Bonds may result in other federal income tax consequences to certain holders of the Bonds. In the opinion of Bond Counsel, interest on the Bonds is B o c exempt from income tax by the Commonwealth of Kentucky, and the Bonds are exempt from ad valorem taxation by the Commonwealth of Kentucky and any se d e n h of its political subdivisions. a t t f n o s e me l d n sa y me n a a , e n b o si re i e v h t re l l o a t t sh c r e j o LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT b n , su y s u i b t . u o n t $43,435,000* b o r i ), t c ffe i Tax-Exempt General Obligation Bonds, o )(1 sd n (b ri a 2 Series 2019A u f j -1 o h 2 n c c o 5 i t 1 Dated Date: Date of Issuance Due: As set forth herein on the inside front cover su a t y e i l n c u i l R f a The Louisville/Jefferson County Metro Government (the "Issuer" or "Louisville Metro") will issue (i) its $43,435,000* Tax-Exempt General Obligation Bonds, so e Series 2019A (the "Bonds") in fully registered form, without coupons, and, when issued, the Bonds will be registered in the name of Cede & Co., as nominee h ws o SEC t a f r of The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository of the Bonds. Individual purchases of beneficial l o o e l s h l ownership interests in the Bonds will be made in book-entry form only, in denominations of $5,000 or multiples thereof through DTC Participants. Interest se r t se o on the Bonds will be payable semiannually on February 1 and August 1 of each year, commencing on February 1, 2020. Interest shall be calculated on the basis e o d t rp n r of a 360-day year consisting of twelve 30-day months. u p u ffe n r o o i fo t n Payments of principal, premium, if any, and interest on the Bonds are to be made to purchasers by DTC through the Participants (as such term is herein defined). r a a e c e Purchasers will not receive physical delivery of Bonds purchased by them. See "THE BONDS -- Book-Entry Only System." t fi i u l t Issu i a u e st h n The Bonds are direct general obligations of Louisville Metro. The full faith, credit and taxing power of Louisville Metro is irrevocably pledged for the prompt t r q o c y payment of the principal of, premium, if any, and interest on the Bonds. The Bonds are payable from taxes levied on all taxable property of Louisville Metro o t b n n " o l without limitation as to rate or amount. i a t me n ra e t fi st a i d g St FOR MATURITIES, INTEREST RATES AND PRICES OR YIELDS, SEE THE INSIDE COVER l me a re e i o e c r t "d o The Bonds are offered when, as and if issued by Louisville Metro and accepted by the Underwriters, subject to the approval of legality and tax exemption by Offi ri rm p Rubin & Hays, Bond Counsel, Louisville, Kentucky. Certain legal matters will be passed on for Louisville Metro by the Office of the Jefferson County Attorney, ry l fo a n a Louisville, Kentucky. Electronic or sealed bids to be opened October 8, 2019, at 11:00 A.M. (E.T.) in the office of the Louisville Metro Chief Financial Officer, wfu n mi i a 611 West Jefferson Street, Louisville, Kentucky. This Official Statement is deemed final for the purposes of SEC Rule 15c2-12(b)(1). Delivery of the Bonds i l l s n i is expected on or about October 29, 2019. t u Pre n e s i b me h d t e l t l u a l a HILLIARD LYONS – A BAIRD COMPANY St wo l sh e a s l i e Financial Advisor c _________________________________________________ c n r sa * a Preliminary, subject to adjustment Offi o n ry mst o i a u t n a rc t i i mi c c i i l l o n r Pre e r, so s d i ffe Th Un o MATURITY SCHEDULE $43,435,000* LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT TAX-EXEMPT GENERAL OBLIGATION BONDS, SERIES 2019A CUSIP Maturity Interest Price or CUSIP Maturity Interest Price or 546585 August 1 Amount* Rate Yield 546585 August 1 Amount* Rate Yield 2020 $4,520,000 % 2030 $605,000 % 2021 4,705,000 2031 625,000 2022 4,900,000 2032 650,000 2023 5,100,000 2033 670,000 2024 5,305,000 2034 690,000 2025 2,200,000 2035 715,000 2026 2,290,000 2036 735,000 2027 2,375,000 2037 755,000 2028 2,460,000 2038 780,000 2029 2,550,000 2039 805,000 ___________________________________ *Preliminary, subject to adjustment REGARDING USE OF THIS OFFICIAL STATEMENT No dealer, broker, salesperson or other person has been authorized by Louisville Metro or the Financial Advisor to give any information or to make any representations other than those contained herein in connection with the offering of the Bonds described herein and, if given or made, such other information or representation must not be relied upon as having been authorized by Louisville Metro or the Financial Advisor. 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 an offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly described herein, are intended solely as such and are not to be construed as representations of fact. All quotations from and summaries and explanations or provisions of laws and documents herein do not purport to be complete, and reference is made to such laws and documents for full and complete statements of their provisions. The information set forth in this Official Statement has been obtained from official sources which are believed to be reliable, but it is not guaranteed as to accuracy or completeness. The Financial Advisor has not made any independent verification of the information contained herein. The information and expressions of opinion herein are subject to change without notice, and neither 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 Louisville Metro since the date hereof. CUSIP numbers have been assigned to the Bonds by S&P's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc., and are included solely for the convenience of the bondowners. Neither Louisville Metro nor the Purchasers shall be responsible for the selection or correctness of the CUSIP numbers set forth above. THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE BONDS, NOR SHALL THERE BE ANY SALE OF ANY OF THE BONDS, BY ANY PERSON IN ANY JURISDICTION IN WHICH OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER, SOLICITATION OR SALE. This Official Statement contains statements which, to the extent they are not recitations of historical fact, constitute "forward-looking statements." In this respect, the words "estimate," "project," "anticipate," "expect," "intend," "believe" and similar expressions are intended to identify forward-looking statements. A number of important factors affecting Louisville Metro's business and financial results could cause actual results to differ materially from those stated in the forward- looking statements. This Official Statement includes the front cover page immediately preceding this page and all Appendices hereto. LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT Mayor Greg Fischer Louisville Metro Council Jessica Green Cindi Fowler Barbara Shanklin Kevin Triplett Keisha Dorsey Scott Reed Barbara Sexton Smith Markus Winkler Donna Purvis Marilyn Parker David James Anthony Piagentini Paula McCraney Stuart Benson Brandon Coan Nicole George Bill Hollander Robin Engel Pat Mulvihill James Peden Kevin Kramer Madonna Flood Rick Blackwell David Yates Mark Fox Brent Ackerson Daniel Frockt, Chief Financial Officer Ellen Hesen, Deputy Mayor Michael O'Connell, Jefferson County Attorney BOND COUNSEL Rubin & Hays Louisville, Kentucky FINANCIAL ADVISOR Hilliard Lyons – A Baird Company Louisville, Kentucky PAYING AGENT AND BOND REGISTRAR U.S.