36992000 City of Jersey City
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PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 19, 2013 This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must fers fers to buy be read the entire Official Statement to obtain information essential to the making of an informed investment decision. NEW ISSUE RATING: Not Rated In the opinion of GluckWalrath LLP, Bond Counsel assuming continuing compliance with the provisions of the Internal Revenue Code ction. ction. of 1986, as amended (the “Code”), applicable to the Notes and subject to certain provisions of the Code which are described herein, under laws, regulations, rulings and judicial decisions existing on the date of original delivery of the Notes, interest received by holders of the Notes will be excludable from gross income for federal income tax purposes and will not be treated as a tax preference item for purposes under Section 57 of the Code for individuals or corporations. Interest on the Notes is included in the adjusted current earnings of certain corporations for the n of n an offer to buy nor there be shall purposes of computing the alternative minimum alternative tax on such corporations. However, interest on the Notes may become taxable retroactively if certain requirements under the Code are not complied with. Under the laws of the State of New Jersey, as enacted and construed on the date of original delivery of the Notes, interest on the Notes and any gain from the sale thereof is excludable from gross income under the New Jersey Gross Income Tax Act. See “TAX MATTERS” herein for a description of certain other provisions of the Code that may affect the federal tax treatment of interest on the Notes. $36,992,000 CITY OF JERSEY CITY urities urities described herein may not be sold nor may of (Hudson County, New Jersey) NOTES the applicable securities laws of any such jurisdi of such any laws applicable thesecurities Consisting of: $3,300,000 REFUNDING NOTES (REAL PROPERTY TAX APPEAL), SERIES 2013E, $23,692,000 SPECIAL EMERGENCY NOTES, SERIES 2013F ment constitute an ment offer or to sell the solicitatio and $10,000,000 BOND ANTICIPATION NOTES, SERIES 2013G Dated: December 12, 2013 Due: December 12, 2014 The $36,992,000 Notes of the City of Jersey City, in the County of Hudson, New Jersey (the "City"), consisting of $3,300,000 Refunding Notes (Real Property Tax Appeal), Series 2013E (the "Series 2013E Notes"), $23,692,000 Special Emergency Notes, Series 2013F (the "Series 2013F Notes") $10,000,000 Bond Anticipation Notes, Series 2013G (the "Series 2013G Notes"), and together with the Series 2013E Notes and the Series 2013F Notes, the "Notes") will be , , amendment or other without notice. change The sec issued as fully registered Notes in the form of one certificate for the aggregate principal amount of each series of Notes lawful prior to registration or qualification under qualification orregistration to prior lawful and, when issued, will be registered in the name of and held by Cede & Co., as nominee for The Depository Trust Company ("DTC"). Purchases of the Notes of each series will be made in book-entry-only form (without certificates) in denominations of $5,000 or more. So long as DTC, or its nominee Cede & Co., is the registered owner of the Notes, circumstances shall this Preliminary this Official circumstances State Preliminary shall payments of the principal of and interest on the Notes are to be made directly to Cede & Co., which is to remit such payments to DTC participants, which in turn is to remit such payments to be beneficial owners of the Notes (see "THE NOTES – Book Entry Only System" herein). Interest on the Notes is payable at maturity. The Notes are not subject to redemption prior to their maturity. $ 3,300,000 _____%, Due December 12, 2014– Price _____% $23,692,000 _____%, Due December 12, 2014– Price _____% $10,000,000 _____%, Due December 12, 2014– Price _____% formation contained contained herein formation is to subject completion The Notes constitute general obligations of the City, and the full faith and credit and unlimited taxing power of which such offer, solicitation or sale would be un be sale would or offer, solicitation such which the City are pledged to the payment of the principal of, applicable premium, if any, and interest on the Notes. The City shall be required to levy ad valorem taxes upon all taxable real property within the City for the payment of the principal of and interest on the Notes without limitation as to rate or amount. The Notes are not a debt or obligation, legal, moral, or al Statement al delivered is Under Statement in form. no final otherwise, of the State of New Jersey, or any county, municipality or political subdivision thereof, other than the City. The Notes are offered when, as and if issued by the City and delivered to the purchasers, subject to the approval of legality by GluckWalrath LLP, Trenton, New Jersey, Bond Counsel, and other conditions described herein. It is expected that the Notes will be available for delivery on or about December 12, 2013. The Notes are to be delivered through the facilities of DTC in Jersey City, New Jersey. ELECTRONIC AND FAXED PROPOSALS WILL BE RECEIVED FOR THE NOTES UNTIL 11:00 AM ON NOVEMBER 26, 2013. FOR MORE INFORMATION ON HOW TO BID, PLEASE REFER TO THE ENCLOSED NOTICE OF SALE. This is a and Statement Preliminary the Official in accepted prior timeto the the Offici in in jurisdiction any securities these anyof sale Dated: November __, 2013 THE CITY OF JERSEY CITY, NEW JERSEY MAYOR Steven M. Fulop MUNICIPAL COUNCIL Rolando R. Lavarro, Jr., Council President Joyce Watterman, Councilwoman-at-Large Daniel Rivera, Councilman-at-Large Frank Gajewski, Ward A Councilman Khemraj "Chico" Ramchal, Ward B Councilman Richard Boggiano, Ward C Councilman Michael Yun, Ward D Councilman Candice Osborne, Ward E Councilwoman Diane Coleman, Ward F Councilwoman MUNICIPAL OFFICIALS Robert J. Kakoleski, CMFO, Acting Business Administrator Muhammed Akil, Mayor’s Chief of Staff Jeremy Farrell, Esq., Corporation Counsel Anthony Cruz, Acting Director of the Department of Housing, Economic Development and Commerce Donna Mauer, CMFO, Chief Financial Officer BOND COUNSEL GluckWalrath LLP Trenton, New Jersey FINANCIAL ADVISOR NW Financial Group, LLC Hoboken, New Jersey INDEPENDENT AUDITORS Donohue, Gironda & Doria Bayonne, New Jersey No dealer, broker, salesperson or other person has been authorized by the City or the Underwriter to give any information or to make any representations, other than those contained in this Official Statement, including the appendices hereto, and if given or made, such other information or representations may not be relied upon as having been authorized by the City or the Underwriter. 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 Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information, estimates and expressions of opinion set forth herein have been obtained from the City and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Underwriter. Where the Constitution, statutes or other laws of the State of New Jersey are referred to, reference should be made to such Constitution, statutes or other laws for a complete statement of the matters referred to. 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 hereof. IN CONNECTION WITH THIS OFFERING THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE NOTES OFFERED HEREBY AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. IN MAKING ANY INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE CITY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. References to web site addresses presented herein are for informational purposes only and may be in the form of a hyperlink solely for the reader’s convenience. Unless specified otherwise, such web sites and the information or links contained therein are not incorporated into, and are not part of, this offering document. The Underwriter have provided the following sentence for inclusion in this Official Statement. The Underwriter have reviewed the information in this Official Statement in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter do not guarantee the accuracy or completeness of such information. i TABLE OF CONTENTS Page INTRODUCTION.........................................................................................................................................................1 Authorization for the Notes.............................................................................................................................1