VIL­LAGE OF HAR­RI­SON WESTCH­ESTER COUNTY, NEW YORK PUB­LIC IM­PROVE­MENT (SE­RIAL) BONDS, 2018 NO­TICE OF BOND SALE

The Bond Buyer - - Competitive Sales Notices -

Pro­pos­als will be re­ceived and con­sid­ered by the un­der­signed Vil­lage Trea­surer of the Vil­lage of Har­ri­son, Westch­ester County, New York, at the Of­fice of Cap­i­tal Mar­kets Ad­vi­sors, LLC, 11 Grace Av­enue, Suite 300, Great Neck, New York 11021, un­til 11:00 o’clock A.M., Pre­vail­ing Time, on the

6th day of Novem­ber, 2018, via iPreo’s Par­ity Elec­tronic Bid Sub­mis­sion Sys­tem (“Par­ity”) or by fac­sim­ile trans­mis­sion at (516) 364-9501, at which time and place the bids will be opened, for the pur­chase IN FED­ERAL FUNDS at not less than par and ac­crued in­ter­est of

$18,623,600 Pub­lic Im­prove­ment (Se­rial) Bonds, 2018, of said Vil­lage, dated Novem­ber 15, 2018, and ma­tur­ing in an­nual prin­ci­pal in­stall­ments which, to­gether with in­ter­est thereon, will pro­vide for sub­stan­tially level or de­clin­ing an­nual debt ser­vice on such bonds, as de­fined and de­scribed in para­graph d of Sec­tion 21.00 of the New York Lo­cal Fi­nance Law, as fol­lows: $528,600 on Novem­ber 1, 2020, $540,000 on Novem­ber 1, 2021, $555,000 on Novem­ber 1, 2022, $570,000 on Novem­ber 1, 2023, $575,000 on Novem­ber 1, 2024, $590,000 on Novem­ber 1, 2025, $610,000 on Novem­ber 1, 2026, $625,000 on Novem­ber 1, 2027, $640,000 on Novem­ber 1, 2028, $665,000 on Novem­ber 1, 2029, $680,000 on Novem­ber 1, 2030, $700,000 on Novem­ber 1, 2031, $720,000 on Novem­ber 1, 2032, $740,000 on Novem­ber 1, 2033, $760,000 on Novem­ber 1, 2034, $790,000 on Novem­ber 1, 2035, $810,000 on Novem­ber 1, 2036, $835,000 on Novem­ber 1, 2037, $865,000 on Novem­ber 1, 2038, $895,000 on Novem­ber 1, 2039, $920,000 on Novem­ber 1, 2040, $955,000 on Novem­ber 1, 2041, $980,000 on Novem­ber 1, 2042, $1,020,000 on Novem­ber 1, 2043 and $1,055,000 on Novem­ber 1, 2044, with in­ter­est thereon payable on Novem­ber 1, 2019 and semi­an­nu­ally there­after on May 1 and Novem­ber 1.

The bonds will ini­tially be is­sued in reg­is­tered form in de­nom­i­na­tions such that one bond shall be is­sued for each ma­tu­rity of bonds in such amounts as here­inafter set forth, and when is­sued 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. Own­er­ship in­ter­est in the bonds will be trans­ferred pur­suant to the “BookEn­tryOnly Sys­tem” of DTC, as de­scribed in the Of­fi­cial State­ment pre­pared by the Vil­lage with re­spect to the bonds. Prin­ci­pal and in­ter­est on the bonds will be payable by check or draft mailed by DTC, or to its nom­i­nee, Cede & Co., as the reg­is­tered owner of the bonds. 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 Vil­lage, all the tax­able real prop­erty within which will be sub­ject to the levy of ad val­orem taxes to pay said bonds and in­ter­est thereon, sub­ject to ap­pli­ca­ble statu­tory lim­i­ta­tions. The bonds may not be con­verted into coupon bonds or be reg­is­tered to bearer.

The bonds ma­tur­ing on or be­fore Novem­ber 1, 2026 are not sub­ject to re­demp­tion prior to their stated ma­tu­rity. The bonds ma­tur­ing on or af­ter Novem­ber 1, 2027 will be sub­ject to re­demp­tion prior to ma­tu­rity, at the op­tion of the Vil­lage, on any date on or af­ter Novem­ber 1, 2026, in whole or in part, and if part in any or­der of their ma­tu­rity and in any amount within a ma­tu­rity (se­lected by lot within a ma­tu­rity), at the re­demp­tion price equal to the prin­ci­pal amount of the bonds to be re­deemed, plus ac­crued in­ter­est to the date of re­demp­tion.

If less than all of the bonds of any ma­tu­rity are to be re­deemed, the par­tic­u­lar bonds of such ma­tu­rity to be re­deemed shall be se­lected by the Vil­lage by lot in any cus­tom­ary man­ner of se­lec­tion as de­ter­mined by the Vil­lage Trea­surer. No­tice of such call for re­demp­tion shall be given by trans­mit­ting such no­tice to the reg­is­tered holder not more than sixty (60) days nor less than thirty (30) days prior to such date. No­tice of re­demp­tion hav­ing been given as afore­said, the bonds so called for re­demp­tion shall, on the date for re­demp­tion set forth in such call for re­demp­tion, be­come due and payable, to­gether with in­ter­est to such re­demp­tion date, and in­ter­est shall cease to be paid thereon af­ter such re­demp­tion date.

The State Con­sti­tu­tion re­quires the Vil­lage 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 Vil­lage, 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 Vil­lage 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 $18,623,600 se­rial 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) vari­a­tions in rates of in­ter­est so bid may be in any or­der, and (iii) all rates of in­ter­est bid must be stated in a mul­ti­ple of oneeighth or one­hun­dredth of one per cen­tum per an­num. Un­less all bids are re­jected, the award will be made to the bid­der com­ply­ing with the terms of sale and of­fer­ing to pur­chase the bonds at such rate or rates of in­ter­est as will pro­duce the low­est true in­ter­est cost com­puted in ac­cor­dance with the true in­ter­est cost method of cal­cu­la­tion, that be­ing the rate which, com­pounded semi-an­nu­ally, 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 should be made as of the date of the de­liv­ery of the bonds. 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; pro­vided, how­ever, that the Vil­lage re­serves the right, in its sole dis­cre­tion, af­ter se­lect­ing the low bid­der, to ad­just the aforestated ma­tu­rity in­stall­ments to the ex­tent nec­es­sary to meet the re­quire­ments of sub­stan­tially level or de­clin­ing debt ser­vice. 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.

Pro­pos­als may be sub­mit­ted elec­tron­i­cally via iPreo’s Par­ity Elec­tronic Bid Sub­mis­sion Sys­tem (“Par­ity”) or via fac­sim­ile trans­mis­sion at (516) 364-9501, 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 Vil­lage, 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 Vil­lage that such bid­der’s bid for the pur­chase of the bonds is sub­mit­ted for an on be­half of such prospec­tive bid­der by an of­fer 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 Vil­lage 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 Vil­lage 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 Vil­lage is us­ing Par­ity as a com­mu­ni­ca­tions mech­a­nism, and not as the Vil­lage’s agent, to con­duct the elec­tronic bid­ding for the Vil­lage’s bonds. The Vil­lage 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 Vil­lage 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 Vil­lage’s mu­nic­i­pal ad­vi­sor, Cap­i­tal Mar­kets Ad­vi­sors, LLC at (516) 570-0340 (pro­vided that the Vil­lage 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.

A good faith de­posit (the “De­posit”) in the form of a cer­ti­fied or cashier’s check or a wire trans­fer in the amount of $186,236 payable to the or­der of the Vil­lage of Har­ri­son, Westch­ester 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 is­sued, it must be sent to the ac­count so des­ig­nated by the Vil­lage 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 are in­structed to con­tact Cap­i­tal Mar­kets Ad­vi­sors, LLC, 11 Grace Av­enue, Suite 308, Great Neck, New York 11021, (Tel. No.: 516-570-0340), (Fax No.: 516-487-2575), the Vil­lage’s mu­nic­i­pal ad­vi­sor, no later than 24 hours prior to the bid open­ing to ob­tain the Vil­lage’s wire in­struc­tions. No in­ter­est on the De­posit will ac­crue to the Pur­chaser. Said bonds are is­sued pur­suant to the Con­sti­tu­tion and statutes of the State of New York, in­clud­ing, among oth­ers, the Vil­lage Law and the Lo­cal Fi­nance Law, and are is­sued for the fol­low­ing purposes in and for said Vil­lage:

Road Resur­fac­ing ($1,700,000);

Gen­er­a­tor and Gar­den for Down­town Li­brary ($205,000);

Park Im­prove­ment ($310,000);

West Har­ri­son Ball­field ($760,000);

Wood­side Av­enue Road Resur­fac­ing ($620,000);

DPW Ve­hi­cles and Equip­ment ($880,000);

Build­ing Im­prove­ments ($350,000);

Oil/Wa­ter Separa­tor Glea­son Garage ($130,000);

Var­i­ous Im­prove­ments ($90,000);

Sewer Mtce District; Pump Sta­tion Im­prove­ments ($1,000,000);

Sewer Mtce District; San­i­tary Sewer Sys­tem Im­prove­ments ($1,500,000), ($3,500,000); Westch­ester Joint Wa­ter Works Im­prove­ments (Kenilworth) ($421,700); Westch­ester Joint Wa­ter Works Im­prove­ments (Var­i­ous) ($3,498,400); and Westch­ester Joint Wa­ter Works Im­prove­ments (Barry Ave & Macy Rd) ($3,658,500).

THE VIL­LAGE 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.

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, un­less oth­er­wise paid, 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 good faith 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, New York, New York, on or about Novem­ber 15, 2018.

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 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 DTC, 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 Vil­lage Trea­surer cer­ti­fy­ing that (a) as of the date of the Of­fi­cial State­ment fur­nished by the Vil­lage in re­la­tion to said bonds (which Of­fi­cial State­ment is deemed by the Vil­lage to be fi­nal for purposes of Se­cu­ri­ties and Ex­change Com­mis­sion Rule 15c212, 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 Vil­lage is not guar­an­teed as to ac­cu­racy, com­plete­ness or fair­ness, she has no rea­son to be­lieve and does not be­lieve that such in­for­ma­tion is ma­te­ri­ally in­ac­cu­rate or mis­lead­ing, and (b) to her 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 Vil­lage and no ma­te­rial ad­verse changes in the gen­eral af­fairs of the Vil­lage 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 Vil­lage 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 Vil­lage 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 Vil­lage, ex­e­cuted by the Vil­lage Trea­surer stat­ing that the Vil­lage 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 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.

The bonds WILL NOT be des­ig­nated as “qual­i­fied tax-ex­empt obli­ga­tions” pur­suant to Sec­tion 265(b)(3) of the In­ter­nal Rev­enue Code of 1986.

Fol­low­ing the sale of the bonds, on the Sale Date, the suc­cess­ful bid­der will be re­quired to pro­vide to the Vil­lage 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 Vil­lage 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 from un­der­writ­ers 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 Vil­lage 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 Vil­lage 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 have the op­tion (i) to pro­vide to the Vil­lage (or its agents) on­go­ing pric­ing in­for­ma­tion, to­gether with rea­son­able sup­port­ing doc­u­men­ta­tion ac­cept­able to bond coun­sel (such as the pric­ing wire), un­til 10% of each Un­sold Ma­tu­rity is sold (the “Fol­low-the-Price Re­quire­ment”), or (ii) shall be re­quired to hold the ini­tial re­of­fer­ing price to the pub­lic of each such Un­sold Ma­tu­rity (as re­ported to the Vil­lage 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 cer­ti­fi­ca­tion as to the de­tails of compliance with this re­quire­ment shall be part of the Re­of­fer­ing Price Cer­tifi­cate.

The Vil­lage or its mu­nic­i­pal 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 or the Fol­low-the-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 Vil­lage, to pro­vide to the Vil­lage, 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 15c212, 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 Vil­lage thereof the Vil­lage 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 Vil­lage from fur­nish­ing such Of­fi­cial State­ment as de­scribed above. The Vil­lage shall not be re­spon­si­ble or li­able in any man­ner for the suc­cess­ful bid­der’s de­ter­mi­na­tion of in­for­ma­tion nec­es­sary to com­ply with SEC Rule 15c212 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 Vil­lage with re­spect to the prepa­ra­tion and de­liv­ery thereof.

The pop­u­la­tion of the Vil­lage is es­ti­mated to be 28,082. 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 26, 2018, will show the av­er­age full val­u­a­tion of real es­tate sub­ject to tax­a­tion by the Vil­lage to be $8,078,674,293, its debt limit to be $565,507,201, and its to­tal net in­debt­ed­ness sub­ject to the debt limit to be $49,624,455. The pro­ceeds of such bonds will in­crease such net in­debt­ed­ness by $11,045,000. A de­tailed Of­fi­cial State­ment will be fur­nished to any in­ter­ested bid­der upon re­quest.

The Vil­lage will act as Pay­ing Agent for the Bonds. The Vil­lage’s con­tact in­for­ma­tion is as fol­lows: Ms. Maureen MacKenzie, Vil­lage Trea­surer, 1 Heine­man Place, Har­ri­son, New York 10528, Phone: (914) 670-3081, Tele­fax: (914) 835-2759, Email: MMacKen­zie@har­ri­son-ny.gov.

AD­DI­TIONAL COPIES OF THE OF­FI­CIAL STATE­MENT AND NO­TICE OF BOND SALE MAY BE OB­TAINED FROM CAP­I­TAL MAR­KETS AD­VI­SORS, LLC AT WWW.CAPMARK.ORG.

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