$5,375,000* SYOSSET CEN­TRAL SCHOOL DIS­TRICT NAS­SAU COUNTY, NEW YORK SCHOOL DIS­TRICT RE­FUND­ING (SE­RIAL) BONDS, 2017 NO­TICE OF BOND SALE

The Bond Buyer - - Competitive Sales Notices -

Pro­pos­als will be re­ceived and con­sid­ered by the un­der­signed Pres­i­dent of the Board of Ed­u­ca­tion of the Syosset Cen­tral School Dis­trict, Nas­sau County, New York, via iPreo’s Par­ity Elec­tronic Bids Sub­mis­sion Sys­tem (“Par­ity”) or by fac­sim­ile trans­mis­sion at (631) 331-8834, at the of­fices of Mu­ni­stat Ser­vices, Inc., 12 Roo­sevelt Av­enue, Port Jef­fer­son Sta­tion, New York 11776, un­til 11:00 A.M., Pre­vail­ing Time, on the 17th day of Oc­to­ber, 2017, at which time and place bids will be opened, for the pur­chase IN FED­ERAL FUNDS at not less than par and ac­crued in­ter­est of $5,375,000* School Dis­trict Re­fund­ing (Se­rial) Bonds, 2017 of said School Dis­trict, dated Novem­ber 9, 2017, and ma­tur­ing in an­nual prin­ci­pal in­stall­ments (sub­ject to change as de­scribed herein) as fol­lows: $1,305,000 on July 15, 2018, $1,335,000 on July 15, 2019, $1,345,000 on July 15, 2020, and $1,390,000 on July 15, 2021, with in­ter­est thereon payable semi-an­nu­ally on Jan­uary 15 and July 15, com­menc­ing Jan­uary 15, 2018.

The School Dis­trict re­serves the right, as here­inafter pro­vided, to ad­just the afore­said ma­tu­rity in­stall­ments to the ex­tent nec­es­sary to meet the re­quire­ments of sub­stan­tially level or de­clin­ing debt ser­vice and of the re­fund­ing ob­jec­tives.

The bonds will ini­tially be is­sued in reg­is­tered cer­tifi­cated form or at the op­tion of the pur­chaser, will be reg­is­tered in the name of Cede & Co., as nom­i­nee of The De­pos­i­tory Trust Com­pany, New York, New York (“DTC”), which will act as se­cu­ri­ties de­pos­i­tory for the bonds. If is­sued in book-en­try- only form, own­er­ship in­ter­est in the bonds will be trans­ferred pur­suant to the “Book-En­try-Only Sys­tem” of DTC. Prin­ci­pal and in­ter­est on the bonds will be payable by check or draft mailed by the Dis­trict Clerk to DTC, or to its nom­i­nee, Cede & Co., as the reg­is­tered owner of the bonds. If is­sued in reg­is­tered cer­tifi­cated form, prin­ci­pal and in­ter­est will be payable at such bank or trust com­pany lo­cated and au­tho­rized to do busi­ness in the State of New York as may be se­lected by the suc­cess­ful bid­der. Pay­ing agent fees, if any, in such case are to be paid by the pur­chaser. Prin­ci­pal and in­ter­est will be payable in law­ful money of the United States of Amer­ica. Bonds will be fully reg­is­tered and will be valid and legally bind­ing gen­eral obli­ga­tions of said Dis­trict, all the tax­able real prop­erty within which will be sub­ject to the levy of ad val­orem taxes to pay said bonds and in­ter­est thereon, with­out lim­i­ta­tion as to rate or amount. The bonds may not be con­verted into coupon bonds or be reg­is­tered to bearer.

The State Con­sti­tu­tion re­quires the School Dis­trict to pledge its faith and credit for the pay­ment of the prin­ci­pal of the bonds and the in­ter­est thereon and to make an­nual ap­pro­pri­a­tions for the amounts re­quired for the pay­ment of such in­ter­est and the re­demp­tion of such bonds. The State Con­sti­tu­tion also pro­vides that if at any time the ap­pro­pri­at­ing au­thor­i­ties fail to make the re­quired ap­pro­pri­a­tions for the an­nual debt ser­vice on the bonds and cer­tain other obli­ga­tions of the School Dis­trict, a suf­fi­cient sum shall be set apart from the first rev­enues there­after re­ceived and shall be ap­plied for such pur­poses; also that the fis­cal of­fi­cer of the School Dis­trict may be re­quired to set apart and ap­ply such rev­enues as afore­said at the suit of any holder of such obli­ga­tions.

Each bid must be for all of said $5,375,000 bonds and state a sin­gle rate of in­ter­est or dif­fer­ent rates of in­ter­est for bonds ma­tur­ing in dif­fer­ent cal­en­dar years; pro­vided, how­ever, that (i) only one rate of in­ter­est may be bid for bonds of the same ma­tu­rity, (ii) the max­i­mum dif­fer­ence be­tween the high­est and low­est rate of in­ter­est bid for the bonds may not ex­ceed four per cen­tum per an­num, and (iii) all rates of in­ter­est bid must be stated in a mul­ti­ple of one-eighth or one hun­dredth of one per cen­tum per an­num.

Sealed pro­pos­als may be sub­mit­ted elec­tron­i­cally via iPreo’s Par­ity Elec­tronic Bid Sub­mis­sion Sys­tem (“Par­ity”) or via fac­sim­ile trans­mis­sion at (631) 331-8834, in ac­cor­dance with this No­tice of Bond Sale, un­til the time spec­i­fied herein. No other form of elec­tronic bid­ding ser­vices nor tele­phone pro­pos­als will be ac­cepted. No pro­posal will be ac­cepted af­ter the time for re­ceiv­ing pro­pos­als spec­i­fied above. Bid­ders sub­mit­ting pro­pos­als via fac­sim­ile must use the “Pro­posal for Bonds” form at­tached hereto. Once the pro­pos­als are com­mu­ni­cated elec­tron­i­cally via Par­ity or via fac­sim­ile to the School Dis­trict, each bid will con­sti­tute an ir­rev­o­ca­ble of­fer to pur­chase the bonds pur­suant to the terms therein pro­vided.

Prospec­tive bid­ders wish­ing to sub­mit an elec­tronic bid via Par­ity must be con­tracted cus­tomers of Par­ity. Prospec­tive bid­ders who do not have a con­tract with Par­ity must call (212) 849-5021 to be­come a cus­tomer. By sub­mit­ting an elec­tronic bid for the bonds, a bid­der rep­re­sents and war­rants to the School Dis­trict that such bid­der’s bid for the pur­chase of the bonds is sub­mit­ted for and on be­half of such prospec­tive bid­der by an of­fi­cer or agent who is duly au­tho­rized to bind the bid­der to a le­gal, valid and en­force­able con­tract for the pur­chase of the bonds.

Each prospec­tive bid­der who wishes to sub­mit elec­tronic bids shall be solely re­spon­si­ble to reg­is­ter to bid via Par­ity. Each qual­i­fied prospec­tive bid­der shall be solely re­spon­si­ble to make nec­es­sary ar­range­ments to ac­cess Par­ity for pur­poses of sub­mit­ting its bid in a timely man­ner and in com­pli­ance with the re­quire­ments of this No­tice of Bond Sale. Nei­ther the School Dis­trict nor Par­ity shall have any duty or obli­ga­tion to un­der­take such reg­is­tra­tion to bid for any prospec­tive bid­der or to pro­vide or as­sure such ac­cess to any qual­i­fied prospec­tive bid­der, and nei­ther the School Dis­trict nor Par­ity shall be re­spon­si­ble for a bid­der’s fail­ure to reg­is­ter to bid or for proper oper­a­tion of, or have any li­a­bil­ity for any de­lays or in­ter­rup­tions of, or any dam­ages caused by Par­ity. The School Dis­trict is us­ing Par­ity as a com­mu­ni­ca­tions mech­a­nism, and not as the School Dis­trict’s agent, to con­duct the elec­tronic bid­ding for the School Dis­trict’s bonds. The School Dis­trict is not bound by any ad­vice or de­ter­mi­na­tion of Par­ity as to whether any bid com­plies with the terms of this No­tice of Bond Sale. All costs and ex­penses in­curred by prospec­tive bid­ders in con­nec­tion with their reg­is­tra­tion and sub­mis­sion of bids via Par­ity are the sole re­spon­si­bil­ity of the bid­ders, and the School Dis­trict is not re­spon­si­ble, di­rectly or in­di­rectly, for any such costs or ex­penses. If a prospec­tive bid­der en­coun­ters any dif­fi­culty in reg­is­ter­ing to bid, or sub­mit­ting or mod­i­fy­ing a bid for the bonds, it should tele­phone Par­ity and no­tify the School Dis­trict’s fi­nan­cial ad­vi­sor, Mu­ni­stat Ser­vices, Inc. at (631) 331-8888 (pro­vided that the School Dis­trict shall have no obli­ga­tion to take any ac­tion what­so­ever upon re­ceipt of such no­tice).

If any pro­vi­sions of this No­tice of Bond Sale shall con­flict with in­for­ma­tion pro­vided by Par­ity, as ap­proved provider of elec­tronic bid­ding ser­vices, the pro­vi­sions of this No­tice of Bond Sale shall con­trol. Fur­ther in­for­ma­tion about Par­ity, in­clud­ing any fee charged, may be ob­tained from Par­ity at (212) 849-5021. The time main­tained by Par­ity shall con­sti­tute the of­fi­cial time with re­spect to all bids sub­mit­ted.

The pre­lim­i­nary ag­gre­gate prin­ci­pal amount of the bonds and the pre­lim­i­nary an­nual prin­ci­pal pay­ment on the bonds, each as set forth in this No­tice of Bond Sale (the “Pre­lim­i­nary Ag­gre­gate Prin­ci­pal Amount” and the “Pre­lim­i­nary Prin­ci­pal Amount”, re­spec­tively; col­lec­tively, the “Pre­lim­i­nary Amounts”), may be re­vised be­fore re­ceipt of bids. Any such re­vi­sion made prior to re­ceipt of the bids (the “Re­vised Ag­gre­gate Prin­ci­pal Amount” and the “Re­vised Prin­ci­pal Amount”, re­spec­tively; col­lec­tively, the “Re­vised Amounts”) WILL BE PUB­LISHED VIA THE TM3 NEWSWIRE NO LATER THAN 12:00 NOON (LO­CAL TIME) ON THE LAST BUSI­NESS DAY PRIOR TO THE DATE OF SALE. In the event that no such re­vi­sions are made, the Pre­lim­i­nary Amounts will con­sti­tute the Re­vised Amounts. Bid­ders shall sub­mit bids based on the Re­vised Amounts and the Re­vised Amounts will be used to com­pare bids and select a suc­cess­ful bid­der. Un­less all bids are re­jected, the award will be made to the bid­der com­ply­ing with the terms of sale and of­fer­ing to pur­chase said bonds at such rate or rates of in­ter­est as will pro­duce the low­est in­ter­est cost com­puted in ac­cor­dance with the true in­ter­est cost method of cal­cu­la­tion, that be­ing the rate of in­ter­est which com­pounded semi­an­nu­ally, is nec­es­sary to dis­count all prin­ci­pal and in­ter­est pay­ments on the bonds to the pur­chase price (in­clud­ing ac­crued in­ter­est) bid for the bonds. The true in­ter­est cost com­pu­ta­tion shall be made as of the date of de­liv­ery of the bonds. The School Dis­trict re­serves the right, in its sole dis­cre­tion, af­ter se­lect­ing the low bid­der, to ad­just the fi­nal ag­gre­gate prin­ci­pal amount of the bonds and the aforestated ma­tu­rity in­stall­ments (the “Fi­nal Ag­gre­gate Prin­ci­pal Amount”, and the “Fi­nal Prin­ci­pal Amount”, re­spec­tively; col­lec­tively, the “Fi­nal Amounts”). In de­ter­min­ing the Fi­nal Amounts, the School Dis­trict re­serves the right, in its sole dis­cre­tion, but only to the ex­tent nec­es­sary, to in­crease or de­crease the Re­vised Amounts as nec­es­sary to ef­fect the great­est eco­nomic ad­van­tage of the re­fund­ing, or to ac­com­mo­date other re­fund­ing ob­jec­tives of the School Dis­trict. The suc­cess­ful bid­der may not with­draw its bid or change the in­ter­est rates bid or the ini­tial re­of­fer­ing prices or yields as a re­sult of any changes made to the Re­vised Amounts within th­ese pa­ram­e­ters. The dol­lar amount bid by the suc­cess­ful bid­der will be ad­justed to re­flect any ad­just­ments made to the Re­vised Amounts. SUCH AD­JUSTED DOL­LAR BID AMOUNT WILL NOT CHANGE THE BID­DER’S COM­PEN­SA­TION PER $1,000.00 OF PAR AMOUNT OF BONDS (EX­CLUD­ING ANY PRO RATA FEES FOR BOND IN­SURANCE) FROM THAT WHICH WOULD HAVE RE­SULTED FROM THE BID SUB­MIT­TED. The in­ter­est rates spec­i­fied by the suc­cess­ful bid­der for each ma­tu­rity will not change. Any such ad­just­ment by the School Dis­trict shall be con­clu­sive and shall be bind­ing upon the suc­cess­ful bid­der. If two or more such bid­ders of­fer to pur­chase the bonds at the same true in­ter­est cost, com­puted as de­scribed above, the bonds will be awarded to the bid­der whose bid of­fers to pur­chase the bonds at the high­est pre­mium dol­lar amount. The right is re­served to re­ject any or all bids, and any bid not com­ply­ing with this No­tice of Bond Sale, ex­cept as pro­vided above, will be re­jected. In ad­di­tion, the School Dis­trict re­serves the right to re­ject any or all bids if re­quire­ments in con­nec­tion with the fund­ing of es­crow for the re­funded bonds can­not be met.

The win­ning bid will re­main firm for a pe­riod of no less than five hours af­ter the time spec­i­fied for the open­ing of bids. An award of the bonds, if made, will be made by the School Dis­trict within such five hour pe­riod, or, with the ex­press con­sent of the win­ning bid­der, such longer time pe­riod as deemed nec­es­sary. The Fi­nal Amounts will be com­mu­ni­cated to the suc­cess­ful bid­der no later than 4:30 p.m. (Lo­cal Time) on the date of sale. Any such award is sub­ject to ver­i­fi­ca­tion of present value sav­ings as set forth in the New York State Lo­cal Fi­nance Law and ap­proval thereof by the State Comptroller.

A good faith de­posit (the “De­posit”) in the form of a cer­ti­fied or cashier’s check or wire in the amount of $53,750 payable to the or­der of the Syosset Cen­tral School Dis­trict, Nas­sau County, New York is re­quired for each bid to be con­sid­ered. If a check is used, it must ac­com­pany each bid. If a wire trans­fer is used, it must be sent to the ac­count so des­ig­nated by the School Dis­trict for such pur­pose, not later than 10:00 A.M. on the date of the sale and the wire ref­er­ence num­ber must be pro­vided on the “Pro­posal For Bonds” when the bid is sub­mit­ted. Bid­ders must con­tact Mu­ni­stat Ser­vices, Inc., 12 Roo­sevelt Av­enue, Port Jef­fer­son Sta­tion, New York 11776 (Tele­phone: 631-331-8888), the School Dis­trict’s Fi­nan­cial Ad­vi­sor, no later than 24 hours prior to the sale of the bonds to ob­tain the School Dis­trict’s wire in­struc­tions. No in­ter­est will ac­crue to the Pur­chaser on the amount of the good faith de­posit. Said bonds are is­sued pur­suant to the Con­sti­tu­tion and statutes of the State of New York, in­clud­ing, among oth­ers, the Ed­u­ca­tion Law and the Lo­cal Fi­nance Law, for the re­fund­ing of cer­tain out­stand­ing re­fund­ing bonds is­sued in 2007 as more fully set forth in the Of­fi­cial State­ment fur­nished by the School Dis­trict in re­la­tion to the bonds.

THE SCHOOL DIS­TRICT RE­SERVES THE RIGHT TO CHANGE THE TIME AND/OR DATE FOR THE OPEN­ING OF BIDS. NO­TICE OF ANY SUCH CHANGE SHALL BE PRO­VIDED NOT LESS THAN ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPEN­ING OF BIDS BY MEANS OF A SUPPLEMENTAL NO­TICE OF BOND SALE TO BE TRANS­MIT­TED OVER THE TM3 NEWSWIRE.

If the bonds qual­ify for is­suance of any pol­icy of mu­nic­i­pal bond in­surance or com­mit­ment there­for at the op­tion of a bid­der, the pur­chase of any such in­surance pol­icy or the is­suance of any such com­mit­ment there­for shall be at the sole op­tion and ex­pense of such bid­der and any in­creased costs of is­suance of the bonds re­sult­ing by rea­son of the same shall be paid by such bid­der. Any fail­ure of the bonds to be so in­sured or of any such pol­icy of in­surance to be is­sued, shall not con­sti­tute cause for a fail­ure or re­fusal by the pur­chaser of the bonds to ac­cept de­liv­ery of and pay for said bonds in ac­cor­dance with the terms of the pur­chase con­tract.

In the event that prior to the de­liv­ery of the bonds, the in­come re­ceived by own­ers thereof from bonds of the same type and char­ac­ter be­comes in­clud­able in the gross in­come of such own­ers for Fed­eral in­come tax pur­poses, the suc­cess­ful bid­der may, at his elec­tion, be re­lieved of his obli­ga­tions un­der the con­tract to pur­chase the bonds, and in such case, the de­posit ac­com­pa­ny­ing his bid will be re­turned.

The pur­chase price of the bonds, in ac­cor­dance with the pur­chaser’s bid, shall be paid IN FED­ERAL FUNDS or other funds avail­able for im­me­di­ate credit on the day of de­liv­ery, in an amount equal to the par amount of such bonds, plus the pre­mium, if any, plus ac­crued in­ter­est from the date of such bonds un­til said day of de­liv­ery, less the amount of the good­faith de­posit sub­mit­ted with the bid. The clos­ing on said bonds will take place at the of­fices of Or­rick, Her­ring­ton & Sut­cliffe LLP, 51 West 52nd Street, 15th Floor, New York, New York, on or about Novem­ber 9, 2017. The clos­ing is sub­ject to the prior ap­proval of the State Comptroller of the present value sav­ings of the trans­ac­tion.

CUSIP iden­ti­fi­ca­tion num­bers will be printed on said bonds if the pur­chaser pro­vides Bond Coun­sel with such num­bers by tele­fax or any other mode of writ­ten com­mu­ni­ca­tion (ver­bal ad­vice will not be ac­cepted) by 3:00 o’clock P.M. on the date fol­low­ing the date of sale of the bonds, but nei­ther the fail­ure to print such num­ber on any bond nor any er­ror with re­spect thereto shall con­sti­tute cause for a fail­ure or re­fusal by the pur­chaser thereof to ac­cept de­liv­ery of and pay for said bonds in ac­cor­dance with the terms of the pur­chase con­tract. All ex­penses in re­la­tion to the print­ing of CUSIP num­bers on

* Pre­lim­i­nary, sub­ject to change as de­scribed herein.

said bonds shall be paid for by the is­suer; pro­vided, how­ever, that the CUSIP Ser­vice Bureau charge for the as­sign­ment of said num­bers shall be the re­spon­si­bil­ity of and shall be paid for by the pur­chaser.

The bonds will be avail­able for in­spec­tion by the pur­chaser at The De­pos­i­tory Trust Com­pany, in Jersey City, New Jersey, not less than 24 hours prior to the time set for the de­liv­ery thereof. It shall be the re­spon­si­bil­ity of the pur­chaser to ver­ify the CUSIP num­bers at such time.

As a con­di­tion to the pur­chaser’s obli­ga­tion to ac­cept de­liv­ery of and pay for the bonds, the pur­chaser will be fur­nished, with­out cost, the fol­low­ing, dated as of the date of the de­liv­ery of and pay­ment for the bonds: (i) a cer­tifi­cate of the Pres­i­dent of the Board of Ed­u­ca­tion cer­ti­fy­ing that (a) as of the date of the Of­fi­cial State­ment fur­nished by the School Dis­trict in re­la­tion to said bonds (which Of­fi­cial State­ment is deemed by the School Dis­trict to be fi­nal for pur­poses of Se­cu­ri­ties and Ex­change Com­mis­sion Rule 15c2-12, ex­cept for the omis­sion there­from of those items al­low­able un­der said Rule), said Of­fi­cial State­ment did not con­tain any un­true state­ments of a ma­te­rial fact or omit to state a ma­te­rial fact nec­es­sary to make the state­ments therein, in the light of the cir­cum­stances un­der which they were made, not mis­lead­ing, sub­ject to the con­di­tion that while in­for­ma­tion in said Of­fi­cial State­ment ob­tained from sources other than the School Dis­trict is not guar­an­teed as to ac­cu­racy, com­plete­ness or fair­ness, he has no rea­son to be­lieve and does not be­lieve that such in­for­ma­tion is ma­te­ri­ally in­ac­cu­rate or mis­lead­ing, and (b) to his knowl­edge, since the date of said Of­fi­cial State­ment, there have been no ma­te­rial trans­ac­tions not in the or­di­nary course of af­fairs en­tered into by the School Dis­trict and no ma­te­rial ad­verse changes in the gen­eral af­fairs of the School Dis­trict or in its fi­nan­cial con­di­tion as shown in said Of­fi­cial State­ment other than as dis­closed in or con­tem­plated by said Of­fi­cial State­ment; (ii) a Clos­ing Cer­tifi­cate, con­sti­tut­ing re­ceipt for the bond pro­ceeds and a sig­na­ture cer­tifi­cate, which will in­clude a state­ment that no lit­i­ga­tion is pend­ing or, to the knowl­edge of the sign­ers, threat­ened af­fect­ing the bonds; (iii) an ar­bi­trage cer­tifi­cate ex­e­cuted on be­half of the School Dis­trict which in­cludes, among other things, covenants, re­lat­ing to com­pli­ance with the In­ter­nal Rev­enue Code of 1986 (the “Code”), with the own­ers of the bonds that the School Dis­trict will, among other things, (A) take all ac­tions on its part nec­es­sary to cause in­ter­est on the bonds not to be in­clud­able in the gross in­come of the own­ers thereof for Fed­eral in­come tax pur­poses, in­clud­ing, with­out lim­i­ta­tion, re­strict­ing, to the ex­tent nec­es­sary, the yield on in­vest­ments made with the pro­ceeds of the bonds and in­vest­ment earn­ings thereon, mak­ing re­quired pay­ments to the Fed­eral gov­ern­ment, if any, with re­gard to both the bonds and any obli­ga­tions re­funded with pro­ceeds of the bonds, and main­tain­ing books and records in a spec­i­fied man­ner, where ap­pro­pri­ate, and (B) re­frain from tak­ing any ac­tion which would cause in­ter­est on the bonds to be in­clud­able in the gross in­come of the own­ers thereof for Fed­eral in­come tax pur­poses, in­clud­ing, with­out lim­i­ta­tion, re­frain­ing from spend­ing the pro­ceeds of the bonds and in­vest­ment earn­ings thereon on cer­tain spec­i­fied pur­poses; (iv) a Con­tin­u­ing Dis­clo­sure Un­der­tak­ing Cer­tifi­cate of the School Dis­trict, ex­e­cuted by the Pres­i­dent of the Board of Ed­u­ca­tion stat­ing that the School Dis­trict has agreed, in ac­cor­dance with the Rule, to pro­vide or cause to be pro­vided dur­ing any suc­ceed­ing fis­cal year in which the bonds are out­stand­ing cer­tain an­nual fi­nan­cial in­for­ma­tion, oper­at­ing data, au­dited fi­nan­cial state­ments, and ma­te­rial events no­ti­fi­ca­tion as fur­ther de­scribed in the Of­fi­cial State­ment; and (v) the ap­prov­ing le­gal opin­ion as to the va­lid­ity of the bonds of Or­rick, Her­ring­ton & Sut­cliffe LLP, New York, New York, Bond Coun­sel. Ref­er­ence should be made to said Of­fi­cial State­ment for a de­scrip­tion of the scope of Bond Coun­sel’s en­gage­ment in re­la­tion to the is­suance of the bonds and the mat­ters cov­ered by such le­gal opin­ion. Fur­ther­more, ref­er­ence should be made to the in­for­ma­tion un­der the heading “Le­gal Mat­ters” in the Of­fi­cial State­ment.

Fol­low­ing the sale of the bonds, on the Sale Date, the suc­cess­ful bid­der will be re­quired to pro­vide to the School Dis­trict and its Bond Coun­sel cer­tain in­for­ma­tion re­gard­ing the re­of­fer­ing price to the pub­lic of each ma­tu­rity of the bonds. The suc­cess­ful bid­der also must sub­mit to the School Dis­trict a cer­tifi­cate (the “Re­of­fer­ing Price Cer­tifi­cate”), sat­is­fac­tory to Bond Coun­sel, dated as of the day of the de­liv­ery of the bonds, which as­sum­ing three bids are re­ceived, states:

(a)(i) on the date of award, such suc­cess­ful bid­der made a bona fide pub­lic of­fer­ing of all bonds of all ma­tu­ri­ties at ini­tial of­fer­ing prices cor­re­spond­ing to the prices or yields in­di­cated in the in­for­ma­tion fur­nished in con­nec­tion with the suc­cess­ful bid, and (ii) as of such date, the first price or yield at which an amount equal to at least ten per­cent of each ma­tu­rity of the bonds was rea­son­ably ex­pected to be sold to the pub­lic was, re­spec­tively, a price not higher or a yield not lower than in­di­cated in the in­for­ma­tion fur­nished with the suc­cess­ful bid (the “first price rule”), and (iii) pro­vides a copy of the pric­ing wire or equiv­a­lent com­mu­ni­ca­tion for the bonds at­tached to the Re­of­fer­ing Price Cer­tifi­cate. The pub­lic means any per­sons in­clud­ing an in­di­vid­ual, trust, es­tate, part­ner­ship, as­so­ci­a­tion, com­pany or cor­po­ra­tion (other than the suc­cess­ful bid­der or a re­lated party to the suc­cess­ful bid­der, be­ing two or more per­sons who have greater than 50% com­mon own­er­ship di­rectly or in­di­rectly, or any per­son that agrees pur­suant to a writ­ten con­tract or other agree­ment with the suc­cess­ful bid­der to par­tic­i­pate in the ini­tial sale of the bonds to the pub­lic).

(b) the suc­cess­ful bid­der was not given the op­por­tu­nity to re­view other bids prior to sub­mit­ting its bid.

(c) the bid sub­mit­ted by the suc­cess­ful bid­der con­sti­tuted a firm of­fer to pur­chase the bonds.

In the event that at least three bids are not re­ceived by the School Dis­trict on the Sale Date, and at least ten per­cent of each ma­tu­rity of the bonds have been sold on the Sale Date, the suc­cess­ful bid­der shall cer­tify as to the first price or yield at which ten per­cent of each ma­tu­rity was sold and pro­vide a copy of the pric­ing wire or equiv­a­lent com­mu­ni­ca­tion.

In ad­di­tion, in the event that (1) at least three bids are not re­ceived by the School Dis­trict on the Sale Date, and (2) ten per­cent of each ma­tu­rity of the bonds have not been sold on the Sale Date (each an “Un­sold Ma­tu­rity”), the suc­cess­ful bid­der (and any mem­bers of its un­der­writ­ing group or syn­di­cate) shall be re­quired to hold the ini­tial re­of­fer­ing price to the pub­lic of each such Un­sold Ma­tu­rity (as re­ported to the School Dis­trict on the Sale Date) for the lesser of five (5) busi­ness days af­ter the Sale Date or the date on which at least 10% of each such Un­sold Ma­tu­rity are sold (the “Hold-the-Of­fer­ing-Price Re­quire­ment”). A “Fol­low-The-Price Op­tion” is not of­fered in con­nec­tion with the sale of the bonds. A cer­ti­fi­ca­tion as to the de­tails of com­pli­ance with this re­quire­ment shall be part of the Re­of­fer­ing Price Cer­tifi­cate.

The School Dis­trict or its Fi­nan­cial Ad­vi­sor on its be­half shall ad­vise the suc­cess­ful bid­der on the Sale Date as to whether at least three bids were re­ceived. De­liv­ery of a bid shall con­sti­tute the bid­der’s agree­ment to com­ply with the Hold-the-Of­fer­ing-Price Re­quire­ment of this No­tice of Bond Sale and to cer­tify to com­pli­ance there­with un­der the cir­cum­stances de­scribed herein.

Such cer­tifi­cate shall state that it is made on the best knowl­edge, in­for­ma­tion and belief of the suc­cess­ful bid­der af­ter ap­pro­pri­ate in­ves­ti­ga­tion.

Any party ex­e­cut­ing and de­liv­er­ing a bid for the bonds agrees, if its bid is ac­cepted by the School Dis­trict, to pro­vide to the School Dis­trict, in writ­ing, within two busi­ness days af­ter the date of such award, all in­for­ma­tion which said suc­cess­ful bid­der de­ter­mines is nec­es­sary for it to com­ply with SEC Rule 15c2-12, in­clud­ing all nec­es­sary pric­ing and sale in­for­ma­tion, in­for­ma­tion with re­spect to the pur­chase of mu­nic­i­pal bond in­surance, if any, and un­der­writer iden­ti­fi­ca­tion. Within five busi­ness days fol­low­ing re­ceipt by the School Dis­trict thereof the School Dis­trict will fur­nish to the suc­cess­ful bid­der, in rea­son­able quan­ti­ties as re­quested by the suc­cess­ful bid­der, copies of said Of­fi­cial State­ment, up­dated as nec­es­sary, and sup­ple­mented to in­clude said in­for­ma­tion. Fail­ure by the suc­cess­ful bid­der to pro­vide such in­for­ma­tion will prevent the School Dis­trict from fur­nish­ing such Of­fi­cial State­ment as de­scribed above. The School Dis­trict shall not be re­spon­si­ble or li­able in any man­ner for the suc­cess­ful bid­der’s de­ter­mi­na­tion of in­for­ma­tion nec­es­sary to com­ply with SEC Rule 15c2-12 or the ac­cu­racy of any such in­for­ma­tion pro­vided by the suc­cess­ful bid­der or for fail­ure to fur­nish such Of­fi­cial State­ments as de­scribed above which re­sults from a fail­ure by the suc­cess­ful bid­der to pro­vide the afore­men­tioned in­for­ma­tion within the time spec­i­fied. Ac­cep­tance by the suc­cess­ful bid­der of such fi­nal Of­fi­cial State­ments shall be con­clu­sive ev­i­dence of the sat­is­fac­tory com­ple­tion of the obli­ga­tions of said School Dis­trict with re­spect to the prepa­ra­tion and de­liv­ery thereof.

The pop­u­la­tion of the School Dis­trict is es­ti­mated to be 34,196. The Debt State­ment to be filed, pur­suant to Sec­tion 109.00 of the Lo­cal Fi­nance Law in con­nec­tion with the sale of the bonds herein de­scribed, pre­pared as of Oc­to­ber 3, 2017, will show the full val­u­a­tion of real es­tate sub­ject to tax­a­tion by the School Dis­trict to be $8,670,276,290, its debt limit to be $867,027,629, and its to­tal net in­debt­ed­ness sub­ject to the debt limit to be $19,545,867. The pro­ceeds of such bonds will be used to re­tire out­stand­ing bonds and will in­crease the net in­debt­ed­ness of the School Dis­trict by $5,375,000 (based on cur­rent pro­posed par of the re­fund­ing bonds). A de­tailed Of­fi­cial State­ment will be fur­nished to any in­ter­ested bid­der upon re­quest.

Copies of the Of­fi­cial State­ment and No­tice of Bond Sale are avail­able at www.mu­ni­stat.com.

Dated: Syosset, New York, Oc­to­ber 3, 2017.

_____________________________________ Pres­i­dent, Board of Ed­u­ca­tion

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