Rocky Point Union Free School
District, New York - Serial Bonds, 2017

Rocky Point Union Free School District New York

Invest in Rocky Point UFSD to help finance the cost of construction and improvements of various District buildings and sites thereof. The bonds are offered through a competitive transaction and are subject to price changes and availability.


Issuance characteristics
  • Contains callable maturities
  • Tax exempt
  • General Obligation
  • Competitive sale

About this bond issuance

  • Purpose

    The Bonds are being issued in accordance with the Constitution and statutes of the State of New York including the Education Law and the Local Finance Law, a bond resolution duly adopted by the Board of Education of the District on July 14, 2016, following the approval of a proposition by a majority of the qualified voters of the District at the Annual District Meeting and Election held on May 17, 2016, authorizing the issuance of bonds in the principal amount of not to exceed $16,439,510 to finance the cost of the construction and improvements of various District buildings and sites thereof.

  • Obligor

    Rocky Point Union Free School District, in the County of Suffolk, a school district of the State of New York

  • Issuer

    Rocky Point Union Free School District, in the County of Suffolk, a school district of the State of New York

  • Authority

    The Bonds are being issued in accordance with the Constitution and statutes of the State of New York including the Education Law and the Local Finance Law, a bond resolution duly adopted by the Board of Education of the District on July 14, 2016, following the approval of a proposition by a majority of the qualified voters of the District at the Annual District Meeting and Election held on May 17, 2016, authorizing the issuance of bonds in the principal amount of not to exceed $16,439,510 to finance the cost of the construction and improvements of various District buildings and sites thereof.

  • Security

    Each Bond when duly issued and paid for will constitute a contract between the District and the holder thereof.

    The Bonds will be general obligations of the District and will contain a pledge of the faith and credit of the District for the payment of the principal of and interest thereon. For the payment of such principal and interest, the District has power and statutory authorization to levy ad valorem taxes on all real property in the District subject to taxation without limitation as to rate or amount.

    Under the Constitution of the State, the District is required to pledge its faith and credit for the payment of the principal of and interest on the Bonds, and the State is specifically precluded from restricting the power of the District to levy taxes on real estate therefor. Chapter 97 of the Laws of 2011, as amended, (the "Tax Levy Limit Law") imposes a limitation on the power of local governments and school districts, including the District, to increase their annual tax levy above a certain specified amount. However, the Tax Levy Limit Law expressly provides an exception from the annual tax levy limitation for taxes levied to pay the local share of debt service on bonds or notes issued to finance voter approved capital expenditures or the refinancing or refunding of such bonds or notes. As the Bonds are being issued to finance voter-approved capital expenditures, the Bonds qualify for such exception to the Tax Levy Limit Law annual tax levy limitation. (See "The Tax Levy Limit Law," under "TAX INFORMATION," in the POS.)

  • Sale conditions

    Competitive transaction. Offerings displayed are subject to availability and price changes

About the issuer

Contact information
Address
90 Rocky Point-Yaphank Road Rocky Point NY 11778

Ratings

Issuance credit ratings

AA

S&P

Moody's

Fitch

Financing team

Neighborly Securities
Neighborly is a co-manager on this issuance.