COUNTY OF UL­STER, 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 Com­mis­sioner of Fi­nance of the County of Ul­ster, New York (the “County”), via Fis­cal Ad­vi­sors Auc­tion elec­tronic bids sub­mis­sion web­site (“Fis­cal Ad­vi­sors Auc­tion”) ac­ces­si­ble at www.Fis­calAd­vi­sorsAuc­tion.com or by fac­sim­ile trans­mis­sion at (315) 930-2354, un­til 11:00 A.M., Pre­vail­ing Time, on the 8th day of Novem­ber, 2018, at which time and place bids will be opened, for the pur­chase IN FED­ERAL FUNDS at not less than par and ac­crued in­ter­est of

$6,994,000 Pub­lic Im­prove­ment (Se­rial) Bonds, 2018, of said County, dated Novem­ber 20, 2018, and ma­tur­ing in an­nual prin­ci­pal in­stall­ments which, to­gether with in­ter­est thereon, are ex­pected to 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: $379,000 on Novem­ber 15, 2019, $385,000 on Novem­ber 15, 2020, $400,000 on Novem­ber 15, 2021, $410,000 on Novem­ber 15, 2022, $420,000 on Novem­ber 15, 2023, $435,000 on Novem­ber 15, 2024, $450,000 on Novem­ber 15, 2025, $460,000 on Novem­ber 15, 2026, $475,000 on Novem­ber 15, 2027, $490,000 on Novem­ber 15, 2028, $505,000 on Novem­ber 15, 2029, $520,000 on Novem­ber 15, 2030, $535,000 on Novem­ber 15, 2031, $555,000 on Novem­ber 15, 2032, and $575,000 on Novem­ber 15, 2033, with in­ter­est thereon payable on May 15, 2019 and semi-an­nu­ally there­after on Novem­ber 15 and May 15.

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, which will act as se­cu­ri­ties de­pos­i­tory for the bonds. Own­er­ship in­ter­est in the bonds will be trans­ferred pur­suant to the “BookEn­tryOnly Sys­tem” of The De­pos­i­tory Trust Com­pany, as de­scribed in the Of­fi­cial State­ment pre­pared by the County with re­spect to the bonds. Prin­ci­pal and in­ter­est on the bonds will be payable by check or draft mailed by The De­pos­i­tory Trust Com­pany, New York, New York, 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 County, 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.

Bonds ma­tur­ing on or be­fore Novem­ber 15, 2026 are not sub­ject to re­demp­tion prior to ma­tu­rity. Bonds ma­tur­ing on or af­ter Novem­ber 15, 2027 will be sub­ject to re­demp­tion prior to ma­tu­rity as a whole or in part (and by lot if less than all of a ma­tu­rity is to be re­deemed) and the op­tion of the County on Novem­ber 15, 2026 or on any date there­after at par (100.0%), 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 County by lot in any cus­tom­ary man­ner of se­lec­tion as de­ter­mined by the Com­mis­sioner of Fi­nance. 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.

Each bid must be for all of said $6,994,000 se­rial bonds and may 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 all bonds ma­tur­ing in any one calendar year, (ii) the max­i­mum dif­fer­ence be­tween the high­est and low­est rate of in­ter­est bid for the bonds may not ex­ceed three per cen­tum per an­num, (iii) vari­a­tions in rates of in­ter­est so bid shall be in as­cend­ing pro­gres­sion in or­der of ma­tu­rity so that the rate of in­ter­est on bonds ma­tur­ing in any par­tic­u­lar calendar year shall not be less than the rate of in­ter­est ap­pli­ca­ble to bonds ma­tur­ing in any prior calendar year, and (iv) 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 said bonds at such rate or rates of in­ter­est as will pro­duce the low­est net in­ter­est cost com­puted in ac­cor­dance with the net in­ter­est cost method of cal­cu­la­tion, that be­ing the rate or rates of in­ter­est which will pro­duce the least in­ter­est cost over the life of the bonds, af­ter ac­count­ing for the premium of­fered, if any; pro­vided, how­ever, that the County 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 an­nual de­clin­ing debt ser­vice and the premium bid over par must re­main un­changed af­ter such pos­si­ble changes. Any such ad­just­ment by the County 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 net 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 will be re­jected.

Pro­pos­als may be sub­mit­ted elec­tron­i­cally via Fis­cal Ad­vi­sors Auc­tion elec­tronic bid sub­mis­sion web­site or via fac­sim­ile trans­mis­sion at (315) 930-2354, 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 Fis­cal Ad­vi­sors Auc­tion

or via fac­sim­ile, each bid will con­sti­tute an ir­rev­o­ca­ble of­fer to pur­chase the bonds pur­suant to the terms therein pro­vided.

Elec­tronic bid­ding will take place in a Closed Auc­tion for­mat. Bid­ders may change and sub­mit bids as many times as they wish dur­ing the bid­ding pe­riod, but they may not with­draw a sub­mit­ted bid. The last bid sub­mit­ted by a bid­der prior to the dead­line for the re­ceipt of bids will be com­pared to all other fi­nal elec­tronic and fac­sim­ile bids, as more fully de­scribed herein, to de­ter­mine the win­ning bid. Dur­ing the auc­tion, no bid­der will see any other bid­der’s bid, nor will see the sta­tus of their bid rel­a­tive to other bids (e.g., whether their bid is a lead­ing bid). Fur­ther­more, no bid­der shall have the op­por­tu­nity to re­view other bids be­fore pro­vid­ing a bid, or be given an op­por­tu­nity to re­view other bids that was not equally given to all other bid­ders (this is, not ex­clu­sive “last look”). By sub­mit­ting a bid, the un­der­writer at­tests that they have an es­tab­lished in­dus­try rep­u­ta­tion for un­der­writ­ing new is­suances of mu­nic­i­pal bonds. Each bid must be for not less than the par value of the bonds. Con­di­tional bids will be re­jected, in­clud­ing any bid sub­ject to credit ap­proval.

Prospec­tive bid­ders wish­ing to sub­mit an elec­tronic bid must be reg­is­tered with Fis­cal Ad­vi­sors Auc­tion. To bid elec­tron­i­cally, bid­ders must first visit the Fis­cal Ad­vi­sors Auc­tion web­site at www.Fis­calAd­vi­sorsAuc­tion.com where, if they have never reg­is­tered with ei­ther Fis­cal Ad­vi­sors Auc­tion or any mu­nic­i­pal debt auc­tion web­site pow­ered by Grant Street Group, they can reg­is­ter and then re­quest ad­mis­sion to the County’s auc­tion. Only FINRA reg­is­tered bro­ker deal­ers, dealer banks with DTC clear­ing ar­range­ments and banks or trust com­pa­nies lo­cated and au­tho­rized to do busi­ness in the State of New York will be el­i­gi­ble to bid. The County will de­ter­mine whether any re­quest for ad­mis­sion is granted. Bid­ders who have pre­vi­ously reg­is­tered with Fis­cal Ad­vi­sors Auc­tion may call auc­tion sup­port at (412) 391-5555 x1370, to con­firm their ID or pass­word. The use of Fis­cal Ad­vi­sors Auc­tion shall be at the bid­der’s risk, and the County shall have no li­a­bil­ity with re­spect thereto. By sub­mit­ting an elec­tronic bid for the bonds, a bid­der rep­re­sents and war­rants to the County 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 Fis­cal Ad­vi­sors Auc­tion. Each qual­i­fied prospec­tive bid­der shall be solely re­spon­si­ble to make nec­es­sary ar­range­ments to ac­cess Fis­cal Ad­vi­sors Auc­tion for pur­poses of sub­mit­ting its bid in a timely man­ner and in com­pli­ance with the re­quire­ments of this No­tice of Bond Sale. Nei­ther the County nor Fis­cal Ad­vi­sors Auc­tion 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 County nor Fis­cal Ad­vi­sors Auc­tion 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 Fis­cal Ad­vi­sors Auc­tion. The County is us­ing Fis­cal Ad­vi­sors Auc­tion as a com­mu­ni­ca­tions mech­a­nism, and not as the County’s agent, to con­duct the elec­tronic bid­ding and fac­sim­ile bid­ding for the County’s bonds. The County is not bound by any ad­vice or de­ter­mi­na­tion of Fis­cal Ad­vi­sors and Mar­ket­ing, Inc. (the “Mu­nic­i­pal Ad­vi­sor”) or Grant Street Group 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 Fis­cal Ad­vi­sors Auc­tion are the sole re­spon­si­bil­ity of the bid­ders, and the County 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 and no­tify the Mu­nic­i­pal Ad­vi­sor at (315) 752-0051 (pro­vided that the County shall have no obli­ga­tion to take any ac­tion what­so­ever upon re­ceipt of such no­tice).

The “Rules of Fis­cal Ad­vi­sors Auc­tion” can be viewed on the Fis­cal Ad­vi­sors Auc­tion web­site and are in­cor­po­rated by ref­er­ence in this Of­fi­cial No­tice of Bond Sale. Bid­ders must com­ply with the Rules of Fis­cal Ad­vi­sors Auc­tion in ad­di­tion to the re­quire­ments of this Of­fi­cial No­tice of Bond Sale. In the event the Rules of Fis­cal Ad­vi­sors Auc­tion con­flict with this Of­fi­cial No­tice of Bond Sale, this Of­fi­cial No­tice of Bond Sale shall pre­vail.

If any pro­vi­sions of this No­tice of Bond Sale shall con­flict with in­for­ma­tion pro­vided by Fis­cal Ad­vi­sors Auc­tion, as ap­proved provider of elec­tronic bid­ding ser­vices, the pro­vi­sions of this No­tice of Bond Sale shall con­trol. Fur­ther in­for­ma­tion about Fis­cal Ad­vi­sors Auc­tion, in­clud­ing any fee charged, may be ob­tained from an agent for Grant Street Group at (412) 391-5555 x1370. The time main­tained by Fis­cal Ad­vi­sors Auc­tion 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 wire trans­fer in the amount of $139,880 payable to the or­der of the County of Ul­ster, 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 County 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 Fis­cal Ad­vi­sors & Mar­ket­ing, Inc., 120 Wal­ton Street, Suite 600, Syracuse, New York 13202 (tel: 315-752-0051, Ext. 1, fax: 315-751-0057), the County’s mu­nic­i­pal ad­vi­sor, no later than 24 hours prior to the bid open­ing to ob­tain the County’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 County Law and the Lo­cal Fi­nance Law, for roofs ($699,000), Ul­ster Co. Law En­force­ment/Data Cen­ter ($230,500), Aegis mo­bile soft­ware sys­tem ($240,000), DPW fuel tank re­place­ment ($433,000), Western Av­enue stormwa­ter project ($267,500), bridge re­place­ment ($614,000), re­con­struc­tion of park­ing lots ($296,500), re­con­struc­tion of road shoul­ders ($195,500), Kingston Cen­ter roof re­place­ment ($61,000), high­way/bridge equip­ment ($3,059,000), ve­hi­cles ($649,000), Spring­town Road cul­vert re­place­ment ($120,000), and Agr. con­ser­va­tion ease­ment ($129,000), in and for said County.

THE COUNTY 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, 15th Floor, New York, New York, on or about Novem­ber 20, 2018.

The Mu­nic­i­pal Ad­vi­sor in­tends to pro­vide the pur­chaser of the is­sue with CUSIP iden­ti­fi­ca­tion num­bers as is dis­cussed in the Pre­lim­i­nary Of­fi­cial State­ment, in com­pli­ance with MSRB Rule G-34, (a)(i) (A)-(H). As is fur­ther dis­cussed in Rule G-34 the pur­chaser, as the “dealer who ac­quires” the is­sue, is re­spon­si­ble for the reg­is­tra­tion fee to the CUSIP Bureau for this ser­vice. It is an­tic­i­pated that CUSIP iden­ti­fi­ca­tion num­bers will be printed on the bonds. All ex­penses in re­la­tion to the print­ing of CUSIP num­bers on the bonds will be paid for by the County pro­vided, how­ever; that the County as­sumes no re­spon­si­bil­ity for any CUSIP Ser­vice Bureau charge or other charges that may be im­posed for the as­sign­ment of such num­bers.

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 Com­mis­sioner of Fi­nance cer­ti­fy­ing that (a) as of the date of the Of­fi­cial State­ment fur­nished by the County in re­la­tion to said bonds (which Of­fi­cial State­ment is deemed by the County 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 County 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 County and no ma­te­rial ad­verse changes in the gen­eral af­fairs of the County 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 County 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 County 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 County, ex­e­cuted by the Com­mis­sioner of Fi­nance stat­ing that the County 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.

Fol­low­ing the sale of the bonds, on the Sale Date, the suc­cess­ful bid­der will be re­quired to pro­vide to the County and its Bond Coun­sel cer­tain in­for­ma­tion re­gard­ing the re­of­fer­ing price to the pub­lic of each ma­tu­rity of the bonds. If the win­ning bid­der is pur­chas­ing each ma­tu­rity of the bonds for its own ac­count and not with a view to dis­trib­ute or re­sale, a cer­tifi­cate to that ef­fect will be re­quired. Oth­er­wise, the suc­cess­ful bid­der must sub­mit to the County 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 from Un­der­writ­ers, 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 con­tin­ued on next page

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 County 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 each ma­tu­rity was sold.

In ad­di­tion, in the event that (1) at least three bids are not re­ceived by the County 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 County (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 County 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 County 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 County, to pro­vide to the County, 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 County thereof the County 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 County from fur­nish­ing such Of­fi­cial State­ment as de­scribed above. The County 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 County with re­spect to the prepa­ra­tion and de­liv­ery thereof.

The pop­u­la­tion of the County as shown by the 2017 U.S. Cen­sus is 179,417. 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 29, 2018, will show the av­er­age full val­u­a­tion of real es­tate sub­ject to tax­a­tion by the County to be $17,993,065,039, its debt limit to be $1,259,514,553, and its to­tal net in­debt­ed­ness sub­ject to the debt limit to be $86,374,965. The is­suance of the bonds will in­crease the net in­debt­ed­ness sub­ject to the debt limit by $273,505. A de­tailed Of­fi­cial State­ment will be fur­nished to any in­ter­ested bid­der upon re­quest.

The County will act as Pay­ing Agent for the bonds. The County’s con­tact in­for­ma­tion is as fol­lows: Mr. Bur­ton Gul­nick, Jr., Com­mis­sioner of Fi­nance, 244 Fair Street, Kingston, New York 12402, Phone: (845) 340-3460, Tele­fax: (845) 340-3430, Email: bgul@co.ul­ster.ny.us.

The County’s Bond Coun­sel con­tact in­for­ma­tion is as fol­lows: Dou­glas E. Good­friend, Esq., Or­rick, Her­ring­ton & Sut­cliffe, LLP, 51 West 52nd Street, 15th Floor, New York, New York 10019; Phone: (212) 506-5211; Tele­fax: (212) 506-5151; Email: dgood­friend@or­rick.com.

This No­tice of Bond Sale was dis­sem­i­nated elec­tron­i­cally by post­ing to www.fis­cal­ad­vi­sors.com and www.Fis­calAd­vi­sorsAuc­tion.com. These meth­ods of distri­bu­tion of the No­tice of Bond Sale are reg­u­larly used by Fis­cal Ad­vi­sors & Mar­ket­ing, Inc. and the County for pur­poses of dis­sem­i­nat­ing no­tices of sale of new is­suance of mu­nic­i­pal bonds.

A de­tailed Of­fi­cial State­ment will be fur­nished to any in­ter­ested bid­der upon re­quest.

Dated: Kingston, New York, Oc­to­ber 29, 2018. Com­mis­sioner of Fi­nance

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