County of Suffolk New York

PRELIMINARY OFFICIAL STATEMENT DATED MARCH 19, 2019 NEW ISSUE RATINGS: (See “RATINGS” herein) BOOK-ENTRY-ONLY NOTES In the opinion of Bond Counsel, under existing statutes, regulations, administrative rulings, and court decisions, and assuming continuing compliance by the County with its covenants relating to certain requirements contained in the Internal Revenue Code of 1986, as amended (the “Code”), and the accuracy of certain representations made by the County, interest on the Notes is excluded from gross income of the owners thereof for Federal income tax purposes and is not an “item of tax preference” for purposes of the Federal alternative minimum tax imposed on constitute an offer to sell or the individuals. Bond Counsel is also of the opinion that under existing statutes interest on the Notes is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). No opinion is expressed regarding lification under the securities laws of other Federal or State tax consequences arising with respect to the Notes. See “TAX MATTERS” herein. The Notes will NOT be designated by the County as “qualified tax-exempt obligations” pursuant to the provision of Section 265 of the Code. COUNTY OF SUFFOLK NEW YORK $45,000,000* REVENUE ANTICIPATION NOTES – 2019 (the “Notes”) Date of Issue: April 9, 2019 Maturity Date: March 20, 2020 The Notes are general obligations of the County of Suffolk, New York (the “County”), and will contain a pledge of the faith and credit of the County for the payment of the principal thereof and interest thereon and, unless paid from other sources, the Notes are payable from ad valorem icial Statement. This Preliminary Official Statement does not taxes which may be levied upon all the taxable real property within the County, subject to certain statutory limitations imposed by Chapter 97 of the Laws of 2011 of the State of New York, as amended. See “TAX LEVY LIMITATION LAW,” herein. tion or sale would be unlawful prior to the registration or qua The Notes are dated their Date of Issue and bear interest from that date until the Maturity Date, at the annual rate(s) as specified by the purchaser(s) of the Notes. The Notes will not be subject to redemption prior to maturity. The Notes will be issued in fully registered form, and when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), Jersey City, New Jersey. DTC will act as securities depository for the Notes. Individual purchases may be made in book-entry form only, in the principal amount of $5,000 or integral multiples thereof. Purchasers will not receive certificates representing their ownership interests in the Notes. Payment of the principal of and interest on the Notes will be made by the County to DTC, which will in turn remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Notes as described herein. See “THE NOTES – Book-Entry-Only System” herein. The Notes are offered when, as, and if issued by the County and accepted by the purchaser(s), subject to the receipt of the final approving opinion of Harris Beach PLLC, Hempstead, New York, Bond Counsel, and certain other conditions. Capital Markets Advisors, LLC has served as Municipal Advisor to the County in connection with the issuance of the Notes. It is expected that delivery of the Notes in book-entry form, will be made in Jersey City, New Jersey on the Date of Issue. Harris Beach PLLC has not participated in the preparation of the demographic, financial or statistical data contained in this Official Statement, nor verified the accuracy, completeness or fairness thereof, and, accordingly, expresses no opinion with respect thereto. ed in it are subject to completion and amendment in a final Off THIS OFFICIAL STATEMENT IS IN A FORM DEEMED FINAL BY THE COUNTY FOR PURPOSES OF SECURITIES AND of the Notes, in any jurisdiction in which such offer, solicita EXCHANGE COMMISSION RULE 15c2-12 (THE “RULE”) EXCEPT FOR CERTAIN INFORMATION THAT HAS BEEN OMITTED HEREFROM IN ACCORDANCE WITH SAID RULE AND THAT WILL BE SUPPLIED WHEN THIS OFFICIAL STATEMENT IS UPDATED FOLLOWING THE SALE OF THE OBLIGATIONS DESCRIBED HEREIN. FOR A DESCRIPTION OF THE COUNTY’S AGREEMENT TO PROVIDE CONTINUING DISCLOSURE FOR THE NOTES AS DESCRIBED IN THE RULE, SEE “DISCLOSURE UNDERTAKING” HEREIN. Dated: March __, 2019 __________________________ * Preliminary, subject to change. This Preliminary Official Statement and the information contain solicitation of an offer to buy, and there may not be any sale that jurisdiction. THE UNDERSIGNED HAS SERVED AS MUNICIPAL ADVISOR TO THE COUNTY REGARDING THIS FINANCING. Capital Markets Advisors, LLC Great Neck, New York (516) 487-9817 No person has been authorized by the County 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. 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 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 County since the date hereof. TABLE OF CONTENTS THE NOTES .............................................................................. 1 TAX MATTERS ....................................................................... 6 Description of the Notes .................................................... 1 LEGAL MATTERS .................................................................. 7 Authorization and Purpose of the Notes ............................ 1 DISCLOSURE UNDERTAKING ............................................ 8 Optional Redemption ......................................................... 2 Compliance History .......................................................... 9 Nature of Obligation .......................................................... 2 RATINGS ................................................................................. 9 Book-Entry-Only System .................................................. 3 MUNICIPAL ADVISOR .......................................................... 10 TAX LEVY LIMITATION LAW ............................................. 4 ADDITIONAL INFORMATION ............................................. 10 MARKET FACTORS AFFECTING FINANCINGS OF THE COUNTY, THE STATE AND MUNICIPALITIES OF THE STATE ........................................................................ 6 APPENDIX A THE COUNTY OF SUFFOLK ................................................. A-1 Drinking Water Protection, Environmental Protection General Overview .............................................................. A-1 and Property Tax Mitigation Programs .......................... A-24 Demographics .................................................................... A-1 State and Federal Aid ........................................................ A-24 Governmental Organization ............................................... A-2 Medicaid ........................................................................... A-25 Economic Indicators .......................................................... A-2 2018 Adopted Budget With Updates ................................. A-25 Technology Sector ............................................................. A-3 2019 Adopted Budget ....................................................... A-26 Economic Base .................................................................. A-4 ADDITIONAL FINANCIAL INFORMATION ....................... A-27 Major Development Projects ............................................. A-6 Pension Payments ............................................................. A-27 Housing ............................................................................. A-7 Employee Medical Health Plan ......................................... A-28 County Initiatives ............................................................... A-8 NYS Fiscal Stress Monitoring System .............................. A-28 Transportation .................................................................... A-9 Strategic Fiscal Planning ................................................... A-29 Educational Facilities ......................................................... A-10 Suffolk Share .................................................................... A-29 Tourism & Recreation ....................................................... A-10 Suffolk County Tax Act Study Committee ....................... A-30 CERTIFICATE OF ACHIEVEMENT FOR Tax Stabilization and Debt Service Reserve Funds ........... A-30 EXCELLENCE IN FINANCIAL REPORTING .................... A-11 Sewer Tax Rate Stabilization ............................................ A-30 INDEBTEDNESS OF THE COUNTY ..................................... A-11 Employees ......................................................................... A-31 Constitutional and Statutory Requirements ........................ A-11 Other Post Employment Benefits ...................................... A-33 Computation of Debt Limit ...............................................

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