Preliminary Official Statement Dated July 7, 2020 NEW MONEY ISSUE: Book-Entry-Only RATINGS: S&P Global Ratings: “AA+ / SP-1+” In the opinion of Bond Counsel, assuming the accuracy of and compliance by the Town with its representations and covenants relating to certain requirements contained in the Internal Revenue Code of 1986, as amended (the “Code”), under existing statutes, interest on the Bonds to registration to and the Notes is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Code; the Bonds and the Notes are not “private activity bonds” and interest on the Bonds and the Notes is not treated as a preference item for purposes of calculating the Federal alternative minimum tax; interest on the Bonds and the Notes is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates; and interest on the Bonds and the Notes 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 Appendix B “Opinion of Bond Counsel and Tax Status” herein.) y Official Statement constitute Statement Official y Town of New Milford, Connecticut $10,000,000 General Obligation Bonds, Issue of 2020, Series A Dated: Date of Delivery Due: July 15, 2022-2040, As shown on the inside cover hereof: The Bonds will bear interest payable semiannually on January 15 and July 15 in each year until maturity, commencing January 15, 2021. cumstances shall this Preliminar this shall cumstances The Bonds are subject to redemption prior to maturity as herein provided. See “Redemption Provisions” herein. Electronic bids via PARITY® for the Bonds will be received until 11:30 A.M. (Eastern Time) on Tuesday, July 14, which such offer, solicitation or sale would be unlawful prior prior unlawful be would sale or solicitation offer, such which 2020, at Phoenix Advisors, LLC, 53 River Street, Suite #1, Milford, Connecticut 06460. $9,000,000 General Obligation Bond Anticipation Notes Dated: July 24, 2020 Due: July 23, 2021 ion or amendment. Under no cir no Under amendment. or ion The Notes will be issued in book-entry-only form and will bear interest at such rate or rates per annum as are specified by the successful bidder or bidders in accordance with the Notice of Sale, dated July 7, 2020. The Notes are not subject to redemption prior to maturity. Electronic bids via PARITY® for the Notes will be received until 11:00 A.M. (Eastern Time) on Tuesday, July 14, 2020, at Phoenix Advisors, LLC, 53 River Street, Suite #1, Milford, Connecticut 06460. Telephone bids will be received by an authorized agent of Phoenix Advisors, LLC, the Town’s Municipal Advisor, until 11:00 A.M. (Eastern Time) on the day of the sale at (203) 283-1110. ed herein are subject to complet to subject are herein ed tion. all there be any sale of the securities in any jurisdiction in jurisdiction any in securities the of sale any be there all The Bonds and the Notes are issuable only as fully-registered bonds and notes, without coupons, and, when issued, will be registered in the name of Cede & Co., as bondowner or noteowner and nominee for The Depository Trust Company (''DTC''), New York, New York. DTC will act as securities depository for the Bonds and the Notes. Purchases of the Bonds and the Notes will be made in book-entry form, in the denomination of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their ownership interest in the Bonds or the Notes. So long as Cede & Co. is the Bondowner and Noteowner, as nominee of DTC, reference herein to the Bondowner or Noteowners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as defined herein) of the Bonds and the Notes. See ''Book-Entry-Only Transfer System'' herein. es laws of any such jurisdic ent and the information contain information the and ent The Bonds and the Notes will be general obligations of the Town of New Milford, Connecticut (the “Town”) and the Town will pledge its full faith and credit to pay the principal of and the interest on the Bonds and the Notes when due. See “Security and Remedies” herein. U.S. Bank National Association, Goodwin Square, 225 Asylum Street, Hartford, Connecticut 06103 will serve as the Registrar, Transfer Agent, Paying Agent and Certifying Agent for the Bonds and the Notes. The Bonds and Notes are offered for delivery when, as and if issued, subject to the final approving opinion of Day Pitney LLP, Bond Counsel, of Hartford, Connecticut. It is expected that delivery of the Bonds and Notes in book-entry-only form will be or qualification under the securiti an offer to sell or the solicitation of an offer to buy, nor sh nor buy, to offer an of solicitation the or sell to offer an This Preliminary Official Statem Official Preliminary This made to DTC in New York, New York on or about July 24, 2020. Town of New Milford, Connecticut $10,000,000 General Obligation Bonds, Issue of 2020, Series A Dated: Date of Delivery Due: July 15, as shown below: Year Principal Coupon Yield CUSIP1 Year Principal Coupon Yield CUSIP 1 2022$ 530,000 _.__% _.__% 647480___ 2032$ 525,000 _.__% _.__% 647480___ 2023 530,000 _.__% _.__% 647480___ 2033 525,000 _.__% _.__% 647480___ 2024 530,000 _.__% _.__% 647480___ 2034 525,000 _.__% _.__% 647480___ 2025 530,000 _.__% _.__% 647480___ 2035 525,000 _.__% _.__% 647480___ 2026 530,000 _.__% _.__% 647480___ 2036 525,000 _.__% _.__% 647480___ 2027 525,000 _.__% _.__% 647480___ 2037 525,000 _.__% _.__% 647480___ 2028 525,000 _.__% _.__% 647480___ 2038 525,000 _.__% _.__% 647480___ 2029 525,000 _.__% _.__% 647480___ 2039 525,000 _.__% _.__% 647480___ 2030 525,000 _.__% _.__% 647480___ 2040 525,000 _.__% _.__% 647480___ 2031 525,000 _.__% _.__% 647480___ $9,000,000 General Obligation Bond Anticipation Notes Dated: July 24, 2020 Due: July 23, 2021 Rate: _.__% CUSIP: 647480___ Yield: _.__% ______________________ 1 Copyright, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Town and are included solely for the convenience of the holders of the Bonds and the Notes. The Town is not responsible for the selection or use of these CUSIP numbers, does not undertake any responsibility for their accuracy, and makes no representation as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds and the Notes as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds and the Notes. No dealer, broker, salesman or other person has been authorized by the Town of New Milford, Connecticut (the “Town”) to give any information or to make any representations other than that contained in this Official Statement or any supplement which may be issued hereto, and if given or made, such other information or representations must not be relied upon as having been authorized by the Town. 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 or the Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. This Official Statement has been prepared only in connection with the initial offering and sale of the Bonds and Notes and may not be reproduced or used in whole or in part for any other purpose. The information, estimates and expressions of opinion in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale of the Bonds or the Notes shall, under any circumstances, create any implication that there has been no material change in the affairs of the Town since the date of this Official Statement. Table of Contents Page Page Bond Issue Summary………………………………………… 1 IV. Tax Base Data………………………………………………………… 32 Note Issue Summary………………………………………… 2 Property Tax & A s s es s ments …………………………………………… 32 I. Bond and Note Information……………………………… 3 Levy………………………………………………………………………… 33 Introduction…………………………………………………… 3 Comparative A s s es s ed Valuations ……………………………………… 33 Global Health Emergency Ris k……………………………… 3 Property Tax Levies and Collections …………………………………… 34 Municipal Advis or…………………………………………… 5 Ten Larges t Taxpayers …………………………………………………… 34 Des cription of the Bonds …………………………………… 6 V. Debt Summary……………………………………………………… 35 Redemption Provis ions ……………………………….……… 6 Principal Amount of Indebtednes s ……………………………………… 35 Des cription of the Notes ……………………………………… 6 Short Term Debt………………………………………………………… 35 A uthorization and Purpos e………………………………… 7 Clean W ater Fund Program……………………………………………… 35 Us e of Proceeds ……………………………………………… 7 Annual Bonded Debt Maturity Schedule……………………………… 36 Book-Entry-Only Trans fer Sys tem………………………… 8 Overlapping Debt………………………………………………………… 36 DTC Practices ……………………………..…………………… 9 Underlying Debt………………………………………………………… 36 Replacement Bonds and Notes ……………………………… 9 Debt Statement…………………………………………………………… 37 Security and Remedies ……………………………………… 9 Current Debt Ratios …………………………………………..………… 37 Qualification for Financial Ins titutions ………………………10 Budget Procedure…………………………………………..…………… 38 Availability of Continuing Disclosure Information……… 10 Temporary Financing…………………………………………………… 38 Ratings ………………………………………………………… 11 Limitation of Indebtednes s ……………………………………………… 39 Ins urance……………………………………………………… 11 Statement of Debt Limitation…………………………………………… 40 II.