Kiryas Joel Bond Preliminary Statement

This Preliminary Official Statement and the information contained in it are subject to completion and amendment in a final Official
Statement. This Preliminary Official Statement does not constitute an offer to sell or the
solicitation of an offer to buy, and there may not be any sale of the Bonds offered by this Preliminary Official Statement, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of that jurisdiction.
PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 24, 2015

NEW ISSUES
SERIAL BONDS
Rating: See Rating herein
In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Village, under existing statutes and court decisions and assuming
continuing compliance with certain tax certifications described herein, (i) interest on the Bonds is excluded from gross income for Federal
income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the Code), and (ii) interest on the Bonds
is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such
interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum
tax imposed on such corporations. In addition, in the opinion of Bond Counsel to the Village, under existing statutes, interest on the Bonds is
exempt from personal income taxes of New York State and its political subdivisions, including The City of New York. See TAX MATTERS
herein.
The Village WILL designate the Bonds as qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Code.
VILLAGE OF KIRYAS JOEL

ORANGE COUNTY, NEW YORK
$750,000*
REFUNDING SERIAL BONDS 2015 SERIES A
(the Series A Refunding Bonds)
Dated: Date of Delivery
Due: June 15, 2015 to 2031
$1,500,000*
PUBLIC IMPROVEMENT SERIAL BONDS 2015 SERIES B
(the Series B Bonds and collectively with the Series A Refunding Bonds, referred to as the Bonds)
Dated: Date of Delivery
Due: March 1, 2016 to 2020
The Bonds are general obligations of the Village of Kiryas Joel, Orange County, New York (the Village), and all of the taxable real property within
the Village is subject to the levy of ad valorem taxes to pay the Bonds and interest thereon, subject to certain statutory limitations imposed by Chapter
97 of the Laws of 2011 (the Tax Levy Limit Law). (See Tax Levy Limit Law herein.)
The Series A Refunding Bonds are dated their Date of Delivery and will bear interest from that date until maturity at the annual rate or rates as
specified by the purchaser of the Series A Refunding Bonds, payable semiannually on June 15 and December 15 in each year until maturity
commencing June 15, 2015. The Series A Refunding Bonds shall mature on June 15 in each year in the principal amounts specified on the inside
cover page hereof. The Series A Refunding Bonds will be subject to redemption prior to maturity as described herein. (See Optional Redemption
herein.)
The Series B Bonds are dated their Date of Delivery and will bear interest from that date until maturity at the annual rate or rates as specified by the
purchaser of the Series B Bonds, payable semiannually on March 1 and September 1 in each year until maturity commencing March 1, 2016. The
Series B Bonds shall mature on March 1 in each year in the principal amounts specified on the inside cover page hereof. The Series B Bonds will not
be subject to optional redemption prior to maturity.
The Bonds will be issued as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository
Trust Company (DTC) New York, New York. DTC will act as the securities depository for the Bonds. Individual purchases of the Bonds may be
made in book-entry form only, in principal amounts of $5,000 and integral multiples thereof. Purchasers will not receive certificates representing
their interests in the Bonds. Payment of the principal of and interest on the Bonds will be made by the Village to DTC, which will in turn remit such
principal and interest to its Participants for subsequent disbursement to the Beneficial Owners of the Bonds as described herein. (See Book-EntryOnly System under THE BONDS herein.)
Hawkins Delafield & Wood LLP shall express no opinion with respect to the adequacy, sufficiency or completeness of this Official Statement.
The Bonds are offered when, as, and if issued by the Village and accepted by the Underwriter, subject to the final approving opinions of Hawkins
Delafield & Wood LLP, New York, New York, Bond Counsel, and certain other conditions. Certain matters with respect to the Series A Refunding
Bonds will be passed upon for the Underwriter by its counsel, Orrick, Herrington & Sutcliffe LLP, New York, New York. Capital Markets Advisors,
LLC has served as Financial Advisor to the Village in connection with the issuance of the Bonds. It is anticipated that the Series A Refunding Bonds
will be available for delivery through the facilites of DTC in Jersey City, New Jersey or as otherwise agreed upon, on or about March 18, 2015. It is
anticipated that the Series B Bonds will be available for delivery through the facilities of DTC in Jersey City, New Jersey or as otherwise agreed
upon, on or about March 4, 2015.
THIS OFFICIAL STATEMENT IS IN A FORM DEEMED FINAL BY THE VILLAGE FOR PURPOSES OF SECURITIES AND EXCHANGE
COMMISSION RULE 15c2-12 (THE RULE). FOR A DESCRIPTION OF THE VILLAGES AGREEMENT TO PROVIDE CONTINUING
DISCLOSURE FOR THE BONDS AS DESCRIBED IN THE RULE, SEE DISCLOSURE UNDERTAKING HEREIN.
Dated: February __, 2015
__________________________
*Preliminary, subject to change.
ROOSEVELT & CROSS INCORPORATED
The Series A Refunding Bonds will mature on June 15th in the following years and principal amounts set forth below,
subject to redemption prior to maturity:
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
Principal
Amount*
$ 60,000
55,000
55,000
55,000
55,000
55,000
55,000
55,000
50,000
Interest
Rate
Yield
Year
2024
2025
2026
2027
2028
2029
2030
2031
Principal
Amount*
$ 35,000
35,000
35,000**
30,000**
30,000**
30,000**
30,000**
30,000**
Interest
Rate
Yield
The principal amounts of the Series A Refunding Bonds are subject to adjustment to achieve substantially level or declining
annual debt service.
**
The Bonds maturing in the years 2026 and thereafter will be subject to redemption prior to maturity, as described herein. (See
Optional Redemption herein.)
The Series B Bonds will mature on March 1st in the following years and principal amounts set forth below and are not
subject to redemption prior to maturity:
Year
2016
2017
2018
*
Principal
Amount*
$ 285,000
295,000
300,000
Interest
Rate
Yield
Year
2019
2020
Principal
Amount*
$ 305,000
315,000
Interest
Rate
Yield
The principal amounts of the Series B Bonds are subject to adjustment to achieve substantially level or declining annual debt
service.

____________________________________________
ABRAHAM WIEDER
Mayor
______________________________
Jacob Freund ................................................................................................. Trustee
Moses Goldstein ............................................................................................ Trustee
Samuel Landau .............................................................................................. Trustee
Jacob Reisman ............................................................................................... Trustee
______________________________
Joel Mertz ...................................................................................... Village Treasurer
Gedalye Szegedin ......................................................... Village Administrator/Clerk
Moishe Gruber............................................................................. Village Consultant
Donald Nichol ................................................................................ Village Attorney
______________________________
BOND COUNSEL
HAWKINS DELAFIELD & WOOD LLP
New York, New York
______________________________
FINANCIAL ADVISOR
CAPITAL MARKETS ADVISORS, LLC
Great Neck and New York, New York
(516) 487-9817
No dealer, broker, salesman or other person has been authorized by the Village to give any information or to make any
representations, other than those contained in this Official Statement and if given or made, such other information or representations
must not be relied upon as having been authorized by the Village. 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 by any person in any jurisdiction in which it is unlawful for
such person to make such offer, solicitation or sale. The information set forth herein has been obtained by the Village from sources
which are believed to be reliable but it is not guaranteed as to accuracy or completeness. The information and expressions of opinion
herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall,
under any circumstances, create any implication that there has been no change in the affairs of the Village since the date hereof.
The Underwriter has provided the following sentence for inclusion in the Official Statement. The Underwriter has reviewed the
information in this Official Statement in accordance with, and as a part of its responsibilities under the federal securities law as
applied to the facts and circumstances of this transaction, but the Underwriter does not guaranty the accuracy or completeness of
such information.
IN CONNECTION WITH THIS OFFFERING, THE UNDERWRITER MAY OVER ALLOT OR EFFECT TRANSACTIONS
WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT
OTHERWISE PREVAIL IN THE OPEN MARKETS. SUCH STABILIZATION, IF COMMENCED, MAY BE DISCONTINUED
AT ANY TIME.
TABLE OF CONTENTS
Page
THE BONDS ................................................................................. 1
Description ........................................................................... 1
Authorization and the Refunding Plan for the Series A
Refunding Bonds ................................................................. 2
Sources and Uses of Proceeds of the Refunding Bonds ....... 5
Authorization for and Purpose of the Series B Bonds .......... 5
Optional Redemption ........................................................... 6
Nature of Obligation ............................................................ 6
Book-Entry-Only System ..................................................... 6
MARKET FACTORS AFFECTING FINANCINGS OF THE
STATE AND MUNICIPALITIES OF THE STATE ..................... 8
LITIGATION ................................................................................. 8
TAX MATTERS ............................................................................ 9
Opinion of Bond Counsel .................................................... 9
Certain Ongoing Federal Tax Requirements and
Certifications ........................................................................ 9
Page
Certain Collateral Federal Tax Consequences...................... 9
Original Issue Discount ........................................................ 10
Bond Premium ..................................................................... 10
Information Reporting and Backup Witholding ................... 10
Miscellaneous ...................................................................... 11
DOCUMENTS ACCOMPANYING DELIVERY OF THE
BONDS .......................................................................................... 11
Absence of Litigation ........................................................... 11
Legal Matters ....................................................................... 11
Closing Certificates .............................................................. 12
DISCLOSURE UNDERTAKING ................................................. 12
UNDERWRITING ......................................................................... 13
RATING......................................................................................... 14
FINANCIAL ADVISOR ................................................................ 14
ADDITIONAL INFORMATION .................................................. 14
APPENDIX A
THE VILLAGE .......................................................................... A-1
General Information ............................................................. A-1
Potential Annexation of Neighboring Properties .................. A-1
Form of Government ............................................................ A-1
Elected and Appointed Officials .......................................... A-1
Services and Programs ......................................................... A-2
Employees ............................................................................ A-2
Employee Pension Benefits .................................................. A-2
Other Post Employment Benefits ......................................... A-3
FINANCIAL FACTORS ........................................................... A-4
Budgetary Procedure ............................................................ A-4
Independent Audits .............................................................. A-4
NYS Fiscal Stress Monitoring System ................................. A-4
Basis of Accounting ............................................................. A-4
2010 Audited Results ........................................................... A-5
Real Property Taxes ............................................................. A-5
State Aid .............................................................................. A-6
TAX INFORMATION ............................................................... A-7
Real Estate Tax Levying Limitation..................................... A-7
Valuations and Tax Data ...................................................... A-7
Tax Collection Enforcement Procedure and History ............ A-7

Largest Taxpayers ................................................................ A-8
Tax Levy Limit Law ............................................................ A-8
VILLAGE INDEBTEDNESS .................................................... A-9
Constitutional and Statutory Requirements .......................... A-9
Statutory Procedure ............................................................ A-10
Remedies Upon Default ..................................................... A-10
Constitutional Debt-Contracting Limitation ....................... A-11
Statutory Debt Limit and Net Indebtedness........................ A-12
Bond Anticipation Notes .................................................... A-12
Tax and Revenue Anticipation Notes ................................. A-12
Trend of Capital Indebtedness ............................................ A-13
Overlapping and Underlying Debt ..................................... A-13
Authorized and Unissued Debt........................................... A-13
Debt Ratios......................................................................... A-14
Debt Service Schedule ....................................................... A-14
ECONOMIC AND DEMOGRAPHIC DATA ......................... A-15
Largest Employers ............................................................. A-15
Population .......................................................................... A-15
Income ............................................................................... A-15
Employment and Unemployment ....................................... A-16
Utilities ............................................................................... A-17
Educational Institutions ...................................................... A-17
APPENDIX B SUMMARY OF FINANCIAL STATEMENTS AND BUDGETS

APPENDIX C AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MAY 31, 2014
OFFICIAL STATEMENT
relating to
$750,000*
REFUNDING SERIAL BONDS 2015 SERIES A
(the Series A Refunding Bonds)
and
$1,500,000*
PUBLIC IMPROVEMENT SERIAL BONDS 2015 SERIES B
(the Series B Bonds and collectively with the Series A Refunding Bonds, referred to as the Bonds)
[Book-Entry-Only Bonds]
This Official Statement, which includes the cover page, inside cover page and appendices hereto, presents
certain information relating to the Village of Kiryas Joel, in the County of Orange, in the State of New York (the
Village, County and State, respectively) in connection with the sale of $750,000* Refunding Serial Bonds
2015 Series A (the Series A Refunding Bonds) and $1,500,000* Public Improvement Serial Bonds 2015
Series B (the Series B Bonds and collectively with the Series A Refunding Bonds, referred to as the Bonds).
All quotations from and summaries and explanations of provisions of the Constitution and laws of the State and
acts and proceedings of the Village contained herein do not purport to be complete and are qualified in their
entirety by reference to the official compilations thereof and all references to the Bonds and the proceedings of
the Village relating thereto are qualified in their entirety by reference to the definitive form of the Bonds and
such proceedings.
THE BONDS
Description
The Series A Refunding Bonds are dated their Date of Delivery and will bear interest from that date until
maturity at the annual rate or rates as specified by the purchaser of the Series A Refunding Bonds, payable
semiannually on June 15 and December 15 in each year until maturity commencing June 15, 2015. The Series A
Refunding Bonds shall mature on June 15 in each year in the principal amounts specified on the inside cover
page hereof. The Series A Refunding Bonds maturing in the years 2015 to 2031, inclusive, will not be subject
to optional redemption prior to maturity. The Series A Refunding Bonds maturing in the years 2026 and
thereafter will be subject to redemption prior to maturity as described herein. (See Optional Redemption
herein.)
The Series B Bonds are dated their Date of Delivery and will bear interest from that date until maturity at the
annual rate or rates as specified by the purchaser of the Series B Bonds, payable semiannually on March 1 and
September 1 in each year until maturity commencing March 1, 2016. The Series B Bonds shall mature on
March 1 in each year in the principal amounts specified on the inside cover page hereof.
__________________________
*Preliminary, subject to change.
The Bonds will be issued in fully registered form and, when issued, will be registered in the name of Cede &
Co., as nominee of The Depository Trust Company (DTC), New York, New York. DTC will act as securities
depository for the Bonds. Individual purchases may be made in book-entry form only, in principal amounts of
$5,000 and integral multiples thereof. Purchasers will not receive certificates representing their ownership
interests in the Bonds.
Principal of and interest on the Bonds will be made by the Village to DTC, which will in turn remit such
principal of and interest on to its Participants (defined herein), for subsequent disbursement to the Beneficial
Owners (defined herein) of the Bonds as described herein. The Bonds may be transferred in the manner
described on the Bonds and as referenced in certain proceedings of the Village referred to therein.
The record date for payment of principal of and interest on the Series A Bonds will be the close of business on
the last business day of the calendar month preceding each interest payment date. The record date for payment of
principal of and interest on the Series B Bonds will be the close of business on the fifteenth day of the calendar
month preceding each interest payment date.
Authorization and the Refunding Plan for the Series A Refunding Bonds
The Series A Refunding Bonds are issued pursuant to the Constitution and Laws of the State of New York,
including among others, the Village Law and the Local Finance Law and the refunding bond resolution duly
adopted by the Village Board of Trustees on February 3, 2015 (the Refunding Bond Resolution), authorizing
the refunding of all or a part of certain outstanding bonds of the Village issued on various dates to the United
States Department of Agriculture (the USDA). A refunding financial plan has been prepared and is described
below (the Refunding Plan).
The Series A Refunding Bonds are being issued to refund up to $158,000 of the outstanding principal of the
Villages USDA Rural Development Bonds, 1986, which mature in the years 2015 through 2023, inclusive, (the
Refunded 1986 Bonds), up to $72,000 of the outstanding principal of the Villages USDA Rural Development
Bonds, 1991, which mature in the years 2015 to 2026, inclusive (the Refunded 1991 Bonds), up to $108,000
of the outstanding principal of the Villages USDA Water System Bonds, 1996A, which mature in the years
2016 to 2032, inclusive (the Refunded 1996A Bonds), up to $136,000 of the outstanding principal of the
Villages USDA Water System Bonds, 1996B, which mature in the years 2015 to 2034, inclusive (the
Refunded 1996B Bonds) and up to $232,000 of the outstanding principal of the Villages USDA Water
System Bonds, 1996C, which mature in the years 2015 to 2034, inclusive (the Refunded 1996C Bonds and
collectively with the Refunded 1986 Bonds, Refunded 1991 Bonds, Refunded 1996A Bonds and Refunded
1996B Bonds will be referred to as the Refunded Bonds). Under the Refunding Plan, the Refunded Bonds are
to be called and redeemed on March 19, 2015.
The net proceeds of the Refunding Bonds (after payment of the underwriting fee and other costs of issuance
relating to the Refunding Bonds) will be cash proceeds from the sale of the Refunding Bonds, will be placed in
an irrevocable trust fund (the Escrow Fund) to be held by Manufacturers and Traders Trust Company, (the
Escrow Holder) a bank located and authorized to do business in the State, pursuant to the terms of an escrow
contract by and between the Village and the Escrow Holder, dated as of the delivery date of the Refunding
Bonds (the Escrow Contract). The net proceeds so deposited will mature in amounts which, together with the
cash so deposited, will be sufficient to pay the principal of, interest on and applicable redemption premium of
the Refunded Bonds on the date of their redemption. The Refunding Plan requires the Escrow Holder, pursuant
to the refunding bond resolution of the Village and the Escrow Contract, to pay the Refunded Bonds at maturity
or at the earliest date on which the Refunded Bonds may be called for redemption prior to maturity.
The holders of the Refunded Bonds will have a first lien on all investment income from, and maturing principal
of the net proceeds, along with other available monies held in the Escrow Fund. The Escrow Contract shall
terminate upon final payment by the Escrow Holder to the paying agents/fiscal agent for the Refunded Bonds
amounts from the Escrow Fund adequate for the payment, in full, of the Refunded Bonds, including interest and
the redemption premium payable with respect thereto.
The Refunding Plan will permit the Village to realize, as a result of the issuance of the Refunding Bonds,
cumulative dollar and present value debt service savings.
2
Under the Refunding Plan, the Refunded Bonds will continue to be general obligations of the Village. However,
inasmuch as the net proceeds held in the Escrow Fund will be sufficient to meet all required payments of
principal, interest and redemption premium requirements when required in accordance with the Refunding Plan,
it is not anticipated that any other source of payment will be required.
The following is a summary of the Refunded Bonds:
Refunded 1986 Bonds*:
Maturity Date:
Principal
December 15, 2015

December 15, 2016
December 15, 2017
December 15, 2018
December 15, 2019
December 15, 2020
December 15, 2021
December 15, 2022
December 15, 2023
$ 17,000
17,000
17,000
17,000
18,000
18,000
18,000
18,000
18,000
Total:
Interest Rate
6.625%
6.625
6.625
6.625
6.625
6.625
6.625
6.625
6.625
CUSIP
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Redemption Date/Price
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
$158,000
Refunded 1991 Bonds*:

Maturity Date:
Principal
July 15, 2015

July 15, 2016
July 15, 2017
July 15, 2018
July 15, 2019
July 15, 2020
July 15, 2021
July 15, 2022
July 15, 2023
July 15, 2024
July 15, 2025
July 15, 2026
Total:
$ 6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
Interest Rate
5.875%
5.875
5.875
5.875
5.875
5.875
5.875
5.875
5.875
5.875
5.875
5.875
$72,000
__________________________
* Preliminary, subject to change.
CUSIP
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
Refunded 1996A Bonds*:

Maturity Date:
May 1, 2016
May 1, 2017
May 1, 2018
May 1, 2019
May 1, 2020
May 1, 2021
May 1, 2022
May 1, 2023
May 1, 2024
May 1, 2025
May 1, 2026
May 1, 2027
May 1, 2028
May 1, 2029
May 1, 2030
May 1, 2031
May 1, 2032
Total:
Principal
$ 6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
7,000
7,000
7,000
7,000
7,000
7,000
Interest Rate
4.500%
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
CUSIP
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
$108,000
Refunded 1996B Bonds*:

Maturity Date:
June 15, 2015
June 15, 2016
June 15, 2017
June 15, 2018
June 15, 2019
June 15, 2020
June 15, 2021
June 15, 2022
June 15, 2023
June 15, 2024
June 15, 2025
June 15, 2026
June 15, 2027
June 15, 2028
June 15, 2029
June 15, 2030
June 15, 2031
June 15, 2032
June 15, 2033
June 15, 2034
Total:
Principal
$ 6,000
6,000
6,000
6,000
6,000
6,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
7,000
8,000
8,000
Interest Rate
4.500%
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
$136,000
__________________________
CUSIP
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
Refunded 1996C Bonds*:

Maturity Date:
Principal
June 15, 2015

June 15, 2016
June 15, 2017
June 15, 2018
June 15, 2019
June 15, 2020
June 15, 2021
June 15, 2022
June 15, 2023
June 15, 2024
June 15, 2025
June 15, 2026
June 15, 2027
June 15, 2028
June 15, 2029
June 15, 2030
June 15, 2031
June 15, 2032
June 15, 2033
June 15, 2034
$ 10,000
10,000
10,000
10,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
Total:
Interest Rate
CUSIP
4.500%
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
4.500
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
March 19, 2015 @ 100%

March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
March 19, 2015 @ 100%
$232,000
__________________________
Sources and Uses of Proceeds of the Refunding Bonds

Series A
Refunding Bonds
Sources:
Bond Proceeds:
Par Amount
Original Issue Premium
Totals
Total:
Uses:
Refunding Escrow Deposits:
Delivery Date Expenses:
Underwriters Fee
Bond Insurance
Costs of Issuance
and Contingency:
Total:
Authorization for and Purpose of the Series B Bonds

The Series B Bonds shall be issued pursuant to the Constitution and the Laws of the State, including among
others, the Village Law and Local Finance Law, and a bond resolution duly adopted by the Village Board of
Trustees on January 5, 2015, authorizing the issuance of bonds or notes for the construction of an emergency
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access connector road between Rimenev Court and Meron Drive in the Village. The proceeds from the sale of
the Bonds will be used to provide original financing pursuant to this resolution.
Optional Redemption
The Series A Refunding Bonds maturing on or before June 15, 2025 are not subject to redemption prior to
maturity. The Series A Refunding Bonds maturing on or after June 15, 2026 will be subject to redemption prior
to maturity, at the option of the Village, on any date on or after June 15, 2025, in whole or in part, and if in part
in any order of their maturity and in any amount within a maturity (selected by lot within a maturity), at the
redemption price of 100% of the par amount of the Series A Refunding Bonds to be redeemed, plus accrued
interest to the date of redemption.
The Village may select the maturities of the Series A Refunding Bonds to be redeemed prior to maturity and the
amount to be redeemed of each maturity selected, as the Village shall determine to be in the best interest of the
Village at the time of such redemption. If less than all of the Series A Refunding Bonds of any maturity are to
be redeemed prior to maturity, the particular Series A Refunding 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. Notice of
such call for redemption shall be given by mailing such notice to the registered owner not more than sixty (60)
nor less than thirty (30) days prior to such date. Notice of redemption having been given as aforesaid, the Series
A Refunding Bonds so called for redemption shall, on the date of redemption set forth in such call for
redemption, become due and payable, together with accrued interest to such redemption date, and interest shall
cease to be paid thereon after such redemption date.
The Series B Bonds are not subject to optional redemption prior to maturity.
Nature of Obligation
The Bonds when duly issued and paid for will constitute a contract between the Village and the holder thereof.
The Bonds will be general obligations of the Village and will contain a pledge of the faith and credit of the
Village for the payment of the principal thereof and the interest thereon. For the payment of such principal of
and interest on the Bonds, the Village has the power and statutory authorization to levy ad valorem taxes on all
taxable real property in the Village, subject to certain statutory limitations imposed by the Tax Levy Limit Law.
(See Tax Levy Limit Law herein.)
Under the Constitution of the State, the Village 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
Village to levy taxes on real estate for the payment of interest on or principal of indebtedness theretofore
contracted. However, the Tax Levy Limit Law imposes a statutory limitation on the Villages power to increase
its annual tax levy. As a result, the power of the Village to levy real estate taxes on all the taxable real property
within the Village is subject to statutory limitations set forth in Tax Levy Limit Law, unless the Village complies
with certain procedural requirements to permit the Village to levy certain year-to-year increases in real property
taxes. (See Tax Levy Limit Law herein.)
Book-Entry-Only System
The Depository Trust Company (DTC), New York, New York, will act as securities depository for the Bonds.
The Bonds will be issued as fully-registered bonds registered in the name of Cede & Co. (DTCs partnership
nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered
bond certificate will be issued for each maturity of each series of the Bonds in the aggregate principal amount of
such maturity and will be deposited with DTC.
DTC, the worlds largest depository, is a limited-purpose trust company organized under the New York Banking
Law, a banking organization within the meaning of the New York Banking Law, a member of the Federal
Reserve System, a clearing corporation within the meaning of the New York Uniform Commercial Code, and
a clearing agency registered pursuant to the provisions of Section 17A of the Securities Exchange Act of
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1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues,
corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTCs
participants (Direct Participants) deposit with DTC. DTC also facilitates the post-trade settlement among
Direct Participants of sales and other securities transactions in deposited securities, through electronic
computerized book-entry transfers and pledges between Direct Participants accounts. This eliminates the need
for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities
brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a
wholly-owned subsidiary of The Depository Trust & Clearing Corporation (DTCC). DTCC is the holding
company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of
which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the
DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks,
trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct
Participant, either directly or indirectly (Indirect Participants). The DTC Rules applicable to its Participants
are on file with the Securities and Exchange Commission. More information about DTC can be found at
www.dtcc.com and www.dtc.org.
Purchases of the Bonds under the DTC system must be made by or through Direct Participants, which will
receive a credit for the Bonds on DTCs records. The ownership interest of each actual purchaser of each bond
(Beneficial Owner) is in turn to be recorded on the Direct and Indirect Participants records. Beneficial
Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however,
expected to receive written confirmations providing details of the transaction, as well as periodic statements of
their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the
transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books
of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive
certificates representing their ownership interests in the Bonds, except in the event that use of the book-entry
system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the
name of DTCs partnership nominee, Cede & Co., or such other name as may be requested by an authorized
representative of DTC. The deposit of the Bonds with DTC and their registration in the name of Cede & Co. or
such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the
actual Beneficial Owners of the Bonds; DTCs records reflect only the identity of the Direct Participants to
whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and
Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to
Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed
by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time
to time.
Redemption notices shall be sent to DTC. If less than all of the securities within an issue are being redeemed,
DTCs practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be
redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to securities unless
authorized by a Direct Participant in accordance with DTCs MMI Procedures. Under its usual procedures,
DTC mails an Omnibus Proxy to the issuer as soon as possible after the record date. The Omnibus Proxy
assigns Cede & Co.s consenting or voting rights to those Direct Participants to whose accounts the securities
are credited on the record date (identified in a listing attached to the Omnibus Proxy).
Principal and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be
requested by an authorized representative of DTC. DTCs practice is to credit Direct Participants accounts
upon DTCs receipt of funds and corresponding detail information from the issuer, on the payable date in
accordance with their respective holdings shown on DTCs records. Payments by Participants to Beneficial
Owners will be governed by standing instructions and customary practices, as is the case with securities held for
the accounts of customers in bearer form or registered in street name, and will be the responsibility of such
Participant and not of DTC or the Village, subject to any statutory or regulatory requirements as may be in effect
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from time to time. Payment of principal and interest payments to Cede & Co. (or such other nominee as may be
requested by an authorized representative of DTC) is the responsibility of the Village, disbursement of such
payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the
Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving
reasonable notice to the Village. Under such circumstances, in the event that a successor depository is not
obtained, bond certificates are required to be printed and delivered.
The Village may decide to discontinue use of the system of book-entry-only transfers through DTC (or a
successor securities depository). In that event, bond certificates will be printed and delivered to DTC.
The information in this section concerning DTC and DTCs book-entry system has been obtained from sources
that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof.
Source: The Depository Trust Company
MARKET FACTORS AFFECTING FINANCINGS OF THE

STATE AND MUNICIPALITIES OF THE STATE
The financial condition of the Village as well as the market for the Bonds could be affected by a variety of
factors, some of which are beyond the Villages control. There can be no assurance that adverse events in the
State, including, for example, the seeking by a municipality of remedies pursuant to the Federal Bankruptcy Act
or otherwise, will not occur which might affect the market price of and the market for the Bonds. If a significant
default or other financial crisis should occur in the affairs of the State or at any of its agencies or political
subdivisions, thereby further impairing the acceptability of obligations issued by borrowers within the State,
both the ability of the Village to arrange for additional borrowings and the market for and market value of
outstanding debt obligations, including the Bonds, could be adversely affected.
The Village is dependent in small part on financial assistance from the State. In some recent years, the Villages
receipt of State aid has been delayed (See State Aid herein). If the State should experience difficulty in
borrowing funds in anticipation of the receipt of the State taxes in order to pay State aid to municipalities and
school districts in the State, including the Village, in this year or future years, the Village may be affected by a
delay until sufficient State taxes have been received by the State to make State aid payments to the Village.
Budgetary constraints and State fiscal stress can also impact payment of State aid.
Should the Village fail to receive monies expected from the State in the amounts and at the times expected, the
Village is authorized by the Local Finance Law to provide operating funds by borrowing in anticipation of the
receipt of uncollected State aid.
LITIGATION
Various notices of claim have been filed with the Village. The allegations set forth in the claims relate to
various circumstances including personal injury, condemnation proceedings, civil rights violations and/or
administrative determinations by Village officials. Certain claims assert money damages while others seek a
specific action or forbearance on the part of the Village.
In the opinion of the Attorney for the Village, the resolution of such various claims presently pending against the
Village will not have a material adverse effect on the Village's financial position. Such matters are
generally either of immaterial amount or adequately covered by budgetary appropriations or insurance. Pursuant
to the Local Finance Law, the Village is authorized to issue debt to finance judgments and claims, if necessary.
TAX MATTERS
Opinion of Bond Counsel
In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Village, under existing statutes and
court decisions and assuming continuing compliance with certain tax certifications described herein, (i) interest
on the Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the
Internal Revenue Code of 1986, as amended (the Code), and (ii) interest on the Bonds is not treated as a
preference item in calculating the alternative minimum tax imposed on individuals and corporations under the
Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of
calculating the alternative minimum tax imposed on such corporations. The Tax Certificate of the Village (the
Tax Certificate), which will be delivered concurrently with the delivery of the Bonds will contain provisions
and procedures relating to compliance with applicable requirements of the Code. In rendering its opinion, Bond
Counsel has relied on certain representations, certifications of fact, and statements of reasonable expectations
made by the Village in connection with the Bonds, and Bond Counsel has assumed compliance by the Village
with certain ongoing provisions and procedures set forth in the Tax Certificate relating to compliance with
applicable requirements of the Code to assure the exclusion of interest on the Bonds from gross income under
Section 103 of the Code.
In addition, in the opinion of Bond Counsel to the Village, under existing statutes, interest on the Bonds is
exempt from personal income taxes of New York State and its political subdivisions, including The City of New
York.
Bond Counsel expresses no opinion regarding any other Federal or state tax consequences with respect to the
Bonds. Bond Counsel renders its opinion under existing statutes and court decisions as of the issue date, and
assumes no obligation to update, revise or supplement its opinion after the issue date to reflect any action
hereafter taken or not taken, or any facts or circumstances that may hereafter come to its attention, or changes in
law or in interpretations thereof that may hereafter occur, or for any other reason. Bond Counsel expresses no
opinion on the effect of any action hereafter taken or not taken in reliance upon an opinion of other counsel on
the exclusion from gross income for Federal income tax purposes of interest on the Bonds, or under state and
local tax law.
Certain Ongoing Federal Tax Requirements and Certifications

The Code establishes certain ongoing requirements that must be met subsequent to the issuance and delivery of
the Bonds in order that interest on the Bonds be and remain excluded from gross income under Section 103 of
the Code. These requirements include, but are not limited to, requirements relating to use and expenditure of
gross proceeds of the Bonds, yield and other restrictions on investments of gross proceeds, and the arbitrage
rebate requirement that certain excess earnings on gross proceeds be rebated to the Federal government.
Noncompliance with such requirements may cause interest on the Bonds to become included in gross income for
Federal income tax purposes retroactive to their issue date, irrespective of the date on which such
noncompliance occurs or is discovered. The Village, in executing the Tax Certificate, will certify to the effect
that the Village will comply with the provisions and procedures set forth therein and that it will do and perform
all acts and things necessary or desirable to assure the exclusion of interest on the Bonds from gross income
under Section 103 of the Code.
Certain Collateral Federal Tax Consequences

The following is a brief discussion of certain collateral Federal income tax matters with respect to the Bonds. It
does not purport to address all aspects of Federal taxation that may be relevant to a particular owner of a Bond.
Prospective investors, particularly those who may be subject to special rules, are advised to consult their own tax
advisors regarding the Federal tax consequences of owning and disposing of the Bonds.
Prospective owners of the Bonds should be aware that the ownership of such obligations may result in collateral
Federal income tax consequences to various categories of persons, such as corporations (including S
corporations and foreign corporations), financial institutions, property and casualty and life insurance
9
companies, individual recipients of Social Security and railroad retirement benefits, individuals otherwise
eligible for the earned income tax credit, and taxpayers deemed to have incurred or continued indebtedness to
purchase or carry obligations the interest on which is excluded from gross income for Federal income tax
purposes. Interest on the Bonds may be taken into account in determining the tax liability of foreign
corporations subject to the branch profits tax imposed by Section 884 of the Code.
Original Issue Discount

Original issue discount (OID) is the excess of the sum of all amounts payable at the stated maturity of a
Bond (excluding certain qualified stated interest that is unconditionally payable at least annually at prescribed
rates) over the issue price of that maturity. In general, the issue price of a maturity means the first price at
which a substantial amount of the Bonds of that maturity was sold (excluding sales to bond houses, brokers, or
similar persons acting in the capacity as underwriters, placement agents, or wholesalers). In general, the issue
price for each maturity of the Bonds is expected to be the initial public offering price set forth in this Official
Statement. Bond Counsel further is of the opinion that, for any Bonds having OID (a Discount Bond), OID
that has accrued and is properly allocable to the owners of the Discount Bonds under Section 1288 of the Code
is excludable from gross income for Federal income tax purposes to the same extent as other interest on the
Bonds.
In general, under Section 1288 of the Code, OID on a Discount Bond accrues under a constant yield method,
based on periodic compounding of interest over prescribed accrual periods using a compounding rate
determined by reference to the yield on that Discount Bond. An owners adjusted basis in a Discount Bond is
increased by accrued OID for purposes of determining gain or loss on sale, exchange, or other disposition of
such Discount Bond. Accrued OID may be taken into account as an increase in the amount of tax-exempt
income received or deemed to have been received for purposes of determining various other tax consequences of
owning a Discount Bond even though there will not be a corresponding cash payment.
Owners of Discount Bonds should consult their own tax advisors with respect to the treatment of original issue
discount for Federal income tax purposes, including various special rules relating thereto, and the state and local
tax consequences of acquiring, holding, and disposing of Discount Bonds.
Bond Premium
In general, if an owner acquires a Bond for a purchase price (excluding accrued interest) or otherwise at a tax
basis that reflects a premium over the sum of all amounts payable on the Bond after the acquisition date
(excluding certain qualified stated interest that is unconditionally payable at least annually at prescribed rates),
that premium constitutes bond premium on that Bond (a Premium Bond). In general, under Section 171 of
the Code, an owner of a Premium Bond must amortize the bond premium over the remaining term of the
Premium Bond, based on the owners yield over the remaining term of the Premium Bond, determined based on
constant yield principles (in certain cases involving a Premium Bond callable prior to its stated maturity date, the
amortization period and yield may be required to be determined on the basis of an earlier call date that results in
the lowest yield on such bond). An owner of a Premium Bond must amortize the bond premium by offsetting
the qualified stated interest allocable to each interest accrual period under the owners regular method of
accounting against the bond premium allocable to that period. In the case of a tax-exempt Premium Bond, if the
bond premium allocable to an accrual period exceeds the qualified stated interest allocable to that accrual period,
the excess is a nondeductible loss. Under certain circumstances, the owner of a Premium Bond may realize a
taxable gain upon disposition of the Premium Bond even though it is sold or redeemed for an amount less than
or equal to the owners original acquisition cost. Owners of any Premium Bond should consult their own tax
advisors regarding the treatment of bond premium for Federal income tax purposes, including various special
rules relating thereto, and state and local tax consequences, in connection with the acquisition, ownership,
amortization of bond premium on, sale, exchange, or other disposition of Premium Bonds.
Information Reporting and Backup Withholding

Information reporting requirements apply to interest paid on tax-exempt obligations, including the Bonds. In
general, such requirements are satisfied if the interest recipient completes, and provides the payor with, a Form
W-9, Request for Taxpayer Identification Number and Certification, or if the recipient is one of a limited class
10
of exempt recipients. A recipient not otherwise exempt from information reporting who fails to satisfy the
information reporting requirements will be subject to backup withholding, which means that the payor is
required to deduct and withhold a tax from the interest payment, calculated in the manner set forth in the Code.
For the foregoing purpose, a payor generally refers to the person or entity from whom a recipient receives its
payments of interest or who collects such payments on behalf of the recipient.
If an owner purchasing a Bond through a brokerage account has executed a Form W-9 in connection with the
establishment of such account, as generally can be expected, no backup withholding should occur. In any event,
backup withholding does not affect the excludability of the interest on the Bonds from gross income for Federal
income tax purposes. Any amounts withheld pursuant to backup withholding would be allowed as a refund or a
credit against the owners Federal income tax once the required information is furnished to the Internal Revenue
Service.
Miscellaneous
Tax legislation, administrative actions taken by tax authorities, or court decisions, whether at the Federal or state
level, may adversely affect the tax-exempt status of interest on the Bonds under Federal or state law or otherwise
prevent beneficial owners of the Bonds from realizing the full current benefit of the tax status of such interest. In
addition, such legislation or actions (whether currently proposed, proposed in the future, or enacted) and such
decisions could affect the market price or marketability of the Bonds. For example, the Fiscal Year 2015 Budget
proposed by the Obama Administration recommends a 28% limitation on all itemized deductions, as well as
other tax benefits including tax-exempt interest. The net effect of such a proposal, had it been enacted into
law, would be that an owner of a tax-exempt bond with a marginal tax rate in excess of 28% would pay some
amount of Federal income tax with respect to the interest on such tax-exempt obligation regardless of issue date.
Prospective purchasers of the Bonds should consult their own tax advisors regarding the foregoing matters.
DOCUMENTS ACCOMPANYING DELIVERY OF THE BONDS

Absence of Litigation
Upon delivery of the Bonds, the Village shall furnish a certificate of the Village Attorney, dated the date of
delivery of the Bonds, to the effect that there is no controversy or litigation of any nature pending or threatened
to restrain or enjoin the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting
the validity of the Bonds or any of the proceedings taken with respect to the issuance and sale thereof or the
application of moneys to the payment of the Bonds, and further stating that there is no controversy or litigation
of any nature now pending or threatened by or against the Village wherein an adverse judgment or ruling could
have a material adverse impact on the financial condition of the Village or adversely affect the power of the
Village to levy, collect and enforce the collection of taxes or other revenues for the payment of its Bonds, which
has not been disclosed in this Official Statement.
Legal Matters
Legal matters incident to the authorization, issuance and sale of the Bonds will be subject to the final approving
opinions of the law firm of Hawkins Delafield & Wood LLP, Bond Counsel to the Village with respect to the
Bonds, which will be available at the time of delivery of the Bonds. Such opinions will be to the effect that the
Bonds are valid and legally binding general obligations of the Village for which the Village has validly pledged
its faith and credit and, unless paid from other sources, all the taxable real property within the Village is subject
to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon, subject to the limitations
imposed by the Tax Levy Limit Law. (See Tax Levy Limit Law herein.) The opinions shall also discuss the
treatment of interest on the Bonds under applicable tax law, as further described under the heading Tax
Matters herein. Said opinions shall also contain further statements to the effect that (a) the enforceability of
rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency, or other laws affecting
creditors' rights or remedies heretofore or hereafter enacted, and (b) said law firm gives no assurances as to the
adequacy, sufficiency or completeness of the Official Statement of the Village relating to the Bonds, or any
11
proceedings, reports, correspondence, financial statements or other documents, containing financial or other
information relative to the Bonds which have been or may be furnished or disclosed to purchasers of the Bonds.
Closing Certificates
Upon the delivery of the Bonds, the Purchaser will be furnished with the following items: (i) Certificates of the
Village Treasurer to the effect that as of the date of this Official Statement and at all times subsequent thereto,
up to and including the time of the delivery of the Bonds, this Official Statement did not and does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements herein, in
the light of the circumstances under which they were made, not misleading, and further stating that there has
been no adverse material change in the financial condition of the Village since the date of this Official Statement
to the date of issuance of the Bonds; and having attached thereto a copy of this Official Statement; (ii) a
Certificate signed by the Supervisor evidencing payment for the Bonds; (iii) Signature Certificates evidencing
the due execution of the Bonds, including statements that (a) no litigation of any nature is pending or threatened,
restraining or enjoining the issuance and delivery of the Bonds or the levy and collection of taxes to pay the
principal of and interest thereon, nor in any manner questioning the proceedings and authority under which the
Bonds were authorized or affecting the validity of the Bonds thereunder, (b) neither the corporate existence or
boundaries of the Village nor the title of the signers to their respective offices is being contested, (c) no authority
or proceedings for the issuance of the Bonds have been repealed, revoked or rescinded; and (iv) Tax Certificates
executed by the Village Treasurer, as described under Tax Matters herein.
DISCLOSURE UNDERTAKING
At the time of the delivery of the Bonds, the Village will provide an executed copy of its Undertaking to
Provide Continuing Disclosure (the Undertaking). Said Undertaking will constitute a written agreement or
contract of the Village for the benefit of holders of and owners of beneficial interests in the Bonds, to provide, or
cause to be provided to the Electronic Municipal Market Access (EMMA) System implemented by the
Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange
Act of 1934, or any successor thereto or to the functions of such Board contemplated by the Undertaking,:
(1)
(i) certain annual financial information, in a form generally consistent with the information
contained or cross-referenced in this Official Statement under the heading Litigation and in Appendix A
under the headings: The Village, Financial Factors, Tax Information, Village Indebtedness and
Economic and Demographic Data; and in Appendix B, on or prior to the 270th day following the end of each
fiscal year, commencing with the fiscal year ending May 31, 2015 and (ii) the audited financial statement, if any,
of the Village for each fiscal year commencing with the fiscal year ending May 31, 2015 unless such audited
financial statement, if any, shall not then be available in which case the unaudited financial statement shall be
provided and an audited financial statement shall be provided within 30 days after it becomes available and in no
event later than 360 days after the end of each fiscal year;
(2)
timely notice, not in excess of ten (10) business days after the occurrence of such event, of the
occurrence of any of the following events:
(i) principal and interest payment delinquencies; (ii) non-payment related defaults, if material; (iii)
unscheduled draws on debt service reserves reflecting financial difficulties; (iv) unscheduled draws on credit
enhancements reflecting financial difficulties; (v) substitution of credit or liquidity providers, or their failure to
perform; (vi) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices of
determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the
Bonds; (vii) modifications to rights of Bondholders, if material; (viii) Bond calls, if material, and tender offers;
(ix) defeasances; (x) release, substitution, or sale of property securing repayment of the Bonds, if material; (xi)
rating changes; (xii) bankruptcy, insolvency, receivership or similar event of the Village; [note to clause (xii):
For the purposes of the event identified in clause (xii) above, the event is considered to occur when any of the
following occur: the appointment of a receiver, fiscal agent or similar officer for the Village in a proceeding
under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or
12
government authority has assumed jurisdiction over substantially all of the assets or business of the Village, or if
such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession
but subject to the supervision and orders of a court or governmental authority, or the entry of an order
confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having
supervision or jurisdiction over substantially all of the assets or business of the Village]; (xiii) the consummation
of a merger, consolidation, or acquisition involving the Village or the sale of all or substantially all of the assets
of the Village, other than in the ordinary course of business, the entry into a definitive agreement to undertake
such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its
terms, if material; and (xiv) appointment of a successor or additional trustee or the change of name of a trustee,
if material.
The Village may provide notice of the occurrence of certain other events, in addition to those listed
above, if it determines that any such other event is material with respect to the Bonds; but the Village does not
undertake to commit to provide any such notice of the occurrence of any event except those events listed above;
and
(3)
specified.
in a timely manner, notice of a failure to provide the annual financial information by the date
The Villages Undertaking shall remain in full force and effect until such time as the principal of, redemption
premiums, if any, and interest on the Bonds shall have been paid in full or in the event that those portions of the
Rule which require the Undertaking, or such provision, as the case may be, do not or no longer apply to the
Bonds. The sole and exclusive remedy for breach or default under the Undertaking is an action to compel
specific performance of the undertakings of the Village, and no person or entity, including a Holder of the
Bonds, shall be entitled to recover monetary damages thereunder under any circumstances. Any failure by the
Village to comply with the Undertaking will not constitute a default with respect to the Bonds.
The Village reserves the right to amend or modify the Undertaking under certain circumstances set forth therein;
provided that any such amendment or modification will be done in a manner consistent with Rule 15c2-12, as
amended.
The Village made late filings of its audited financial statements for the fiscal years ended May 31, 2011 and
2012. The Village filed its annual financial information and operating data for the fiscal year ended May 31,
2012 on November 29, 2012, two days late. The Village filed failure to timely file event notices with respect to
these late filings of required annual information.
For the fiscal year ended May 31, 2013, the Village filed in a timely manner its unaudited financials. The
Villages audited financial statements for the 2013 fiscal year are dated February 25, 2014 and were filed on
March 12, 2014, within 30 days of receipt and within 360 days of the close of the 2013 fiscal year.
Other than the foregoing, the Village is in compliance in all material respects with all previous undertakings
made pursuant to the Rule 15c2-12 within the previous five years.
UNDERWRITING
The Village has selected Roosevelt & Cross Incorporated as the senior manager, book-running underwriter for
the Bonds (the Underwriter).
The Underwriter has agreed, subject to certain conditions, to purchase the Bonds from the Village at an
aggregate purchase price of $____________ (which reflects an Underwriters discount of $____________ and a
net original issue premium of $____________) and to offer the Bonds at the public offering price or prices set
forth on the inside cover page hereof. The Bonds may be offered and sold to certain dealers (including dealers
depositing such Bonds into investment trusts) at lower than such public offering prices, and prices may be
changed, from time to time, by the Underwriter. The Underwriters obligations are subject to certain conditions
precedent, and they may be obligated to purchase all such Bonds if any such Bonds are purchased.
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RATING
On February 20, 2015, Standard & Poors Ratings Corporation (S&P) upgraded the Villages underlying
credit rating from A- with a stable outlook to A with a stable outlook and assigned such rating to the Bonds.
Such ratings reflect only the view of such organization, and an explanation of the significance of such rating
may be obtained only from such rating agency, at the following address: Standard & Poors Ratings
Corporation, 25 Broadway, New York, New York 10004. There can be no assurance that such rating will
continue for any specified period of time or that such rating will not be revised or withdrawn, if in the judgment
of S&P circumstances so warrant. Any such change or withdrawal of such rating may have an adverse effect on
the market price of such bonds or notes or the availability of a secondary market for those bonds or notes.
FINANCIAL ADVISOR
Capital Market Advisors, LLC, Great Neck and New York, New York, has served as the independent Financial
Advisor to the Village in connection with this transaction.
In preparing the Official Statement, the Financial Advisor has relied upon governmental officials, and other
sources, who have access to relevant data to provide accurate information for the Official Statement, and the
Financial Advisor has not been engaged, nor has it undertaken, to independently verify the accuracy of such
information. The Financial Advisor is not a public accounting firm and has not been engaged by the Village to
compile, review, examine or audit any information in the Official Statement in accordance with accounting
standards. The Financial Advisor is an independent advisory firm and is not engaged in the business of
underwriting, trading or distributing municipal securities or other public securities and therefore will not
participate in the underwriting of the Bonds.
ADDITIONAL INFORMATION
Additional information may be obtained from the Village Consultant, Moishe Gruber, 51 Forest Road, Suite
360, Monroe, NY 10950, (845) 783-2300 x211 or from the Village's Financial Advisor, Capital Markets
Advisors, LLC, One Great Neck Road, Suite 1, Great Neck, New York 11021, (516) 487-9817.
So far as any statements made in this Official Statement involve matters or estimates, whether or not expressly
stated, they are set forth as such and not as representations of fact, and no representation is made that any of the
statements will be realized. Neither this Official Statement nor any other statement which may have been made
orally or in writing is to be construed as a contract with the holders of the Bonds.
Capital Markets Advisors, LLC may place a copy of this Official Statement on its website at www.capmark.org.
Unless this Official Statement specifically indicates otherwise, no statement on such website is included by
specific reference or constitutes a part of this Official Statement. Capital Markets Advisors, LLC has prepared
such website information for convenience, but no decisions should be made in reliance upon that information.
Typographical or other errors may have occurred in converting original source documents to digital format, and
neither the Village nor Capital Markets Advisors, LLC assumes any liability or responsibility for errors or
omissions on such website. Further, Capital Markets Advisors, LLC and the Village disclaim any duty or
obligation either to update or to maintain that information or any responsibility or liability for any damages
caused by viruses in the electronic files on the website. Capital Markets Advisors, LLC and the Village also
assume no liability or responsibility for any errors or omissions or for any updates to dated website information.
14
Hawkins Delafield & Wood, LLP expresses no opinion as to the accuracy or completeness of any documents
prepared by or on behalf of the Village for use in connection with the offer or sale of the Bonds, including this
Official Statement. This Official Statement is submitted only in connection with the sale of the Bonds by the
Village and may not be reproduced or used in whole or in part for any other purpose.

By:
Joel Mertz
Treasurer
DATED: February __, 2015
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APPENDIX A
THE VILLAGE
THE VILLAGE
General Information
The Village of Kiryas Joel is located in the Town of Monroe in Orange County, New York. The estimated
population of the Village was 20,176 in 2012 according to the U.S Census Bureau. The Village is primarily
residential in nature and is located approximately 50 miles north of New York City.
Potential Annexation of Neighboring Properties

Over the past year, the Village has submitted plans to annex 507 acres of real property adjoining the Village in the
Town of Monroe. It is anticipated that if approved, the annexed property would be used primarily for residential
purposes. It is not known at this time if and when such annexation might occur.
Form of Government
The Village was incorporated in 1977 as a municipal corporation by the State pursuant to the Village Law and is
vested with such powers and has the responsibilities inherent in the operation of a municipal government, including
the adoption of rules and regulations to govern its affairs. In addition, the Village may tax real property situated in
its boundaries and incur debt subject to the provisions of the States Local Finance Law. There is one independent
school district operating in the Village that possesses the same powers with respect to taxation and debt issuance.
Village residents also pay real property taxes to the Town and the County to support programs conducted by these
two governmental entities.
Government operations of the Village are subject to the provisions of the State Constitution and various statutes
affecting Village governments including the Village Law, the General Municipal Law and the Local Finance Law.
Real property assessment, collection, and enforcement procedures are determined by the Real Property Tax Law.
Elected and Appointed Officials

The Village Board of Trustees (the Board) is the legislative, appropriating, governing and policy determining
body of the Village and consists of a mayor and four trustees, all of whom are elected at large to serve four-year
terms. The number of terms which a Trustee may serve is not limited. It is the responsibility of the Board to enact,
by resolution, all legislation including ordinances and local laws. Annual operating budgets for the Village must be
approved by the Board; modifications and transfers between budgetary appropriations also must be authorized by
the Board. The original issuance of all indebtedness is subject to approval by the Board.
The Mayor is the chief elected official of the Village and is elected for a four year term of office with the right to
succeed himself. In addition, the Mayor is a full member of and the presiding officer of the Board.
The Village Treasurer is appointed by the Mayor, subject to the approval of the Board, to a term that runs
concurrently with that of the Mayor and is the chief fiscal officer of the Village. Duties and responsibilities of the
position include: collection of taxes, maintenance of the Villages accounting systems and records, which includes
the responsibility to prepare and file an annual report with the State Comptroller, custody and investment of Village
funds, and debt management. The Village Clerk, who also is appointed by the Mayor, subject to the approval of the
Board, to a term that runs concurrently with that of the Mayor, has custody of the corporate seal, books, records, and
papers of the Village, and all the official reports and communications of the Board and keeps the records of their
proceedings. The Village Clerk is responsible for maintaining the Village Code of laws and ordinances as it relates
to the codes for building, plumbing, electric, zoning, vehicle and traffic regulations, and general ordinances. In
addition, the Village Clerk issues various licenses and permits. The Village Administrator is appointed by the Mayor
to a ten year term and is responsible for the day-to-day management of the Village.
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Services and Programs

The Village provides its residents with many of the services traditionally provided by municipal governments. In
addition, the Town and County furnish certain other services. The services provided by the Village are as follows:
highway and public facilities maintenance; cultural and recreational activities, building code enforcement and
planning and zoning administration; and fire protection.
Pursuant to State law, the County, not the Village, is responsible for funding and providing various social service
and health care programs such as Medicaid, aid to families with dependent children, home relief and mental health
programs.
Employees
The Village employs 18 full-time and 66 part-time persons, none of whom are represented by unions.
Employee Pension Benefits

Substantially all employees of the Village are members of the New York State and Local Employees Retirement
System (the Retirement System or ERS). The Retirement System is a cost-sharing multiple public employer
retirement system. The obligation of employers and employees to contribute and the benefits to employees are
governed by the New York State Retirement and Social Security Law (the NYSRSSL). The Retirement System
offers a wide range of plans and benefits which are related to years of service and final average salary, vesting of
retirement benefits, death and disability benefits and optional methods of benefit payments. All benefits generally
vest after five years of credited service.
NYSRSSL provides that all participating employers in each system are jointly and severally liable for any unfunded
amounts. Such amounts are collected through annual billings to participating employers. All full-time employees
and certain part-time employees, participate in the retirement system. The retirement system is non-contributory
with respect to members hired prior to July 27, 1976. All members hired on or after July 27, 1976 through and
including December 31, 2009, must contribute three percent of their gross annual salary toward the costs of
retirement programs until they attain ten years in the Retirement System, at such time contributions become
voluntary.
On December 12, 2009, a new Tier V pension level was signed into law. Key components of Tier V include: (1)
raising the minimum age at which most civilians can retire without penalty from 55 to 62 and imposing a penalty of
up to 38% for any civilian who retires prior to 62, (2) requiring employees to continue contributing 3% of their
salaries toward pension costs so long as they accumulate additional pension credits, (3) increasing the minimum
years of service required to draw a pension from 5 years to 10 years, and (4) capping the amount of overtime that
can be considered in the calculation of pension benefits for civilians at $15,000 per year, and for police and
firefighters at 15% of non-overtime wages. The foregoing provisions are applicable to employees hired after January
1, 2010.
Additionally, on March 16, 2012, the Governor signed into law the new Tier VI pension program, effective for new
ERS and TRS employees hired after April 1, 2012. The Tier VI legislation provides for increased employee
contribution rates of between 3% and 6%, an increase in the retirement age from 62 years to 63 years, a
readjustment of the pension multiplier, and a change in the time period for final average salary calculation from 3
years to 5 years. Tier VI employees will vest in the system after 10 years of employment and will continue to make
employee contributions throughout employment.
The billing cycle for employer contributions to the ERS retirement system do not match budget cycles of the
Village; however, the Village is provided with an estimate of the required payment for the subsequent year before its
budget is implemented. As a result, the Village is notified of and can include the estimated cost of the employer
contribution in its budget. The Village is also required to make a minimum payment of 4.5% of payroll each year,
including years in which investment performance of the fund would make a lower employer contribution possible.
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The New York State Retirement System has advised the Village that municipalities can elect to make employer
contribution payments in the December or the following February, as required. If such payments are made in the
December prior to the scheduled payment date in February, such payments may be made at a discount amount.
Due to significant capital market declines in 2008 and 2009, the State's Retirement System portfolio has experienced
negative investment performance and severe downward trends in market earnings. As a result of the foregoing, the
employer contribution rate for the States Retirement System continues to be higher than the minimum contribution
rate established by applicable law. The State calculates contribution amounts based upon a five-year rolling average.
As a result, contribution rates are expected to remain higher than the minimum contribution rates set by applicable
law in the near-term. To mitigate the expected increases in the employer contribution rate, legislation has been
enacted that would permit local governments and school districts to borrow a portion of their required payments
from the State pension plan at an interest rate of 5%. The new legislation also requires those local governments and
school districts, who decide to amortize their pension obligations pursuant to the new law, to establish reserve
accounts to fund payment increases that are a result of fluctuations in pension plan performance.
Beginning July 1, 2013, a voluntary defined contribution plan option will be made available to all unrepresented
employees of New York State public employers hired on or after that date, and who earn $75,000 or more on an
annual basis.
In Spring 2013, the State and ERS approved a Stable Contribution Option (SCO), which modified its existing
SCO adopted in 2010, that gives municipalities the ability to better manage the spikes in Actuarially Required
Contribution rates (ARCs). The plan allows municipalities to pay the SCO amount in lieu of the ARC amount.
The Village did not amortize any portion of its current pension contribution through the SCO and does not expect to
amortize any portion of future pension contributions through the SCO.
Other Post Employment Benefits

Recently enacted accounting rule, GASB Statement No. 45 (GASB 45) of the Governmental Accounting
Standards Board (GASB), requires state and local governments to account for and report their costs associated
with post-retirement healthcare benefits and other non-pension benefits (OPEB). GASB 45 generally requires that
employers account for and report the annual cost of the OPEB and the outstanding obligations and commitments
related to OPEB in essentially the same manner as they currently do for pensions. Under previous rules, these
benefits have generally been administered on a pay-as-you-go basis and have not been reported as a liability on
governmental financial statements. Only current payments to existing retirees were recorded as an expense.
GASB 45 requires that state and local governments adopt the actuarial methodologies to determine annual OPEB
costs. Annual OPEB cost for most employers will be based on actuarially determined amounts that, if paid on an
ongoing basis, generally would provide sufficient resources to pay benefits as they come due.
Under GASB 45, based on actuarial valuation, an annual required contribution (ARC) will be determined for each
state or local government. The ARC is the sum of (a) the normal cost for the year (the present value of future
benefits being earned by current employees) plus (b) amortization of the unfunded accrued liability (benefits already
earned by current and former employees but not yet provided for), using an amortization period of not more than 30
years. If a municipality contributes an amount less than the ARC, a net OPEB obligation will result, which is
required to be recorded as a liability on its financial statements.
GASB 45 does not require that the unfunded liabilities actually be funded, only that the Village account for its
unfunded accrued liability and compliance in meeting its ARC. Actuarial valuation will be required every 3 years
for the Village.
The Village is in compliance with the requirements of GASB 45. The Village does not presently provide any post
employment benefits other than pensions and thus, does not have any other post employment benefit liability.
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FINANCIAL FACTORS
Budgetary Procedure
The Village Treasurer is the budget officer of the Village and submits the tentative budget for the next fiscal year to
the Board on or before March 20 of each year. Public hearings on the budget are held on or before April 15.
Members of the public may express their views on the budget, but there is no provision for a formal vote. Following
the public hearing, and on or before May 1, the Board meets to adopt the final budget.
Budgetary control is the responsibility of the Village Treasurer, Village Administrator and Village Board. Formal
integration of the budget with the accounting system is used during the year as a management tool for all
governmental funds.
Chapter 97 of the Laws of 2011 (the Tax Levy Limit Law) imposes a limitation on increases in the real property
tax levy of the Village, subject to certain exceptions outlined in the new law. All budgets of the Village adopted in
accordance with the procedure discussed herein must comply with the requirements of the new law. (See Tax Levy
Limit Law, herein.)
Independent Audits
The Village retained the firm Aron E. Muller, Certified Public Accountants to audit its financial statements for the
fiscal years ended May 31, 2010 through 2014. In addition, the Village is subject to audit by the State Comptroller to
review compliance with legal requirements and the rules and regulations established by the State. The Village was
last audited by the State in 2010.
The Village utilizes fund accounting to record and report its various service activities. A fund represents both legal
and an accounting entity which segregates the transactions of specific programs in accordance with special
regulations, restrictions or limitations.
The Village has two basic fund categories (Governmental Funds and Fiduciary Funds) and five generic fund types.
Governmental Funds are those through which most governmental functions of the Village are financed and include
two fund types, as follows. The General Fund is the principal operating fund and includes all operations not
required to be recorded in other funds. The Village also maintains a Water Fund and a Sewer Fund. The Capital
Projects Fund accounts for financial resources to be used for the acquisition or construction of major capital
facilities. The other fund category, Fiduciary Funds, is used to account for assets held by the Village in a trustee or
custodial capacity and includes a Trust and Agency Fund.
NYS Fiscal Stress Monitoring System

A Fiscal Stress Monitoring System was developed by the New York State Comptroller in 2012 as a way to identify
local governments facing fiscal stress, factors influencing fiscal stress and ways in which local governments can
manage fiscal stress. The monitoring system evaluates local governments on the basis of financial and
environmental indicators to create an overall fiscal stress score. The Comptrollers 2014 fiscal year update noted that
the Villages fiscal stress score had decreased from 75% in the 2013 fiscal year to 25% in the 2014 fiscal year,
lowering the Villages fiscal stress score from susceptible in 2013 to no designation in 2014. Such fiscal stress
designations relied on data obtained from annual financial reports submitted by local governments to the Office of
the State Comptroller.
Basis of Accounting
The Village maintains its records and reports on the modified accrual basis of accounting for recording transactions
in all governmental funds. Under this method, (1) revenues are recorded when received in cash except that for
revenues which are material and susceptible to accrual (measurable and available to finance the current years
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operations) which are recorded when earned, and (2) expenditures, other than retirement plan contributions, vacation
and sick pay, and accrued interest are recorded at the time liabilities are incurred.
2010 Audited Results

For the fiscal year ended May 31, 2010, based on audited figures, the Villages General Fund revenues and other
sources were $6,880,258 and General Fund expenditures and other uses were $7,231,613. Therefore, the Village
recognized an operating General Fund deficit of $351,355 and a cumulative General Fund balance of $612,663 for
the fiscal year ended May 31, 2010.

recognized an operating General Fund surplus of $25,045 and a cumulative General Fund balance of $637,708 for



For the fiscal year ended May 31, 2014, the Villages General Fund revenues and other sources were $9,783,712 and
General Fund expenditures and other uses were $8,775,428. Therefore, the Village recognized an operating General
Fund surplus of $1,008,284 and a cumulative General Fund balance of $1,203,370 for the fiscal year ended May 31,
2014.
Real Property Taxes

The Village derives a major portion of its revenues from a tax on real property (see Statement of Revenues,
Expenditures and Changes in Fund Balance in Appendix B, herein.) Property taxes accounted for 24.73% of total
general fund revenues, for the fiscal year ended May 31, 2014. On June 24, 2011, the Tax Levy Limit Law was
enacted, which imposes a tax levy limitation upon the municipalities, school districts and fire districts in the State,
including the Village, without providing an exclusion for debt service on obligations issued by municipalities and
fire districts, including the Village. (See Tax Levy Limit Law, herein.)
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Property Tax. The following table sets forth total general fund revenues and real property taxes received for each of
the last five audited fiscal years and the amount budgeted for the current fiscal year.
General Fund Revenues & Real Property Taxes
Fiscal Year
Ended May 31:
2010
2011
2012
2013
2014
2015 (Adopted Budget)
(1)
Total
Revenues(1)
$6,035,258
6,556,502
7,217,976
9,736,051
8,283,712
8,017,366
Real Property
Taxes
$2,173,236
2,109,535
2,143,138
2,046,154
2,048,236
2,148,189
Real Property
Taxes to
Revenues
36.01%
32.17
29.69
21.02
24.73
26.79
General Fund.
Source: Audited Financial Statements and Adopted Budget of the Village. This summary is not audited.
State Aid
The Village receives financial assistance from the State. If the State should experience difficulty in borrowing funds
in anticipation of the receipt of State taxes in order to pay State aid to municipalities and school districts in the State,
including the Village, in this year or future years, the Village may be affected by a delay in the receipt of State aid
until sufficient State taxes have been received by the State to make State aid payments. Additionally, if the State
should not adopt its budget in a timely manner, municipalities and school districts in the State, including the Village,
may be affected by a delay in the payment of State aid.
The State is not constitutionally obligated to maintain or continue State aid to the Village. No assurance can be
given that present State aid levels will be maintained in the future. State budgetary restrictions which eliminate or
substantially reduce State aid could have an adverse affect upon the Village, requiring either a counterbalancing
increase in revenues from other sources to the extent available, or a curtailment of expenditures.
Due to the current fiscal crisis occurring in the State and nation, there may be reductions in State aid to local
governments and school districts, including the Village, in future fiscal years. State aid accounts for a portion of the
Villages 2014-2015 budgeted revenues (6.01%). The Village does not believe future State aid reductions will have
a material adverse effect on the Village.
The following table sets forth total general fund revenues and State aid revenues received for each of the last five
audited fiscal years and the amount budgeted for the current fiscal year.
General Fund Revenues & State Aid Revenues
Fiscal Year
Ended May 31
2010
2011
2012
2013
2014
2015 (Adopted Budget)
(1)
Total
Revenues(1)
State Aid
$6,035,258
6,556,502
7,217,976
9,736,051
8,283,712
8,017,366
$318,521
283,065
266,772
264,691
369,204
481,872
State Aid
to Revenues
General Fund.
Source: Audited Financial Statements and Adopted Budget of the Village. This summary is not audited.
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5.28%
4.32
3.70
2.72
4.46
6.01
TAX INFORMATION
Real Estate Tax Levying Limitation
The Village is responsible for levying taxes for Village purposes. The Villages real property tax levying powers,
other than for debt service and certain other enumerated purposes, are limited by the State Constitution to two
percent of the five-year average full valuation of taxable real property of the Village.
The following table sets forth the computation of the Villages real estate tax levying limitation and the
determination of its tax margin for the last five fiscal years.
Real Property Tax Assessment and Rates
Fiscal Year
Ending
May 31:
Assessed
Valuation
2011
2012
2013
2014
2015
$127,157,594
127,465,966
121,607,527
123,854,577
127,431,946
State
Equalization
Ratio
Full Valuation
0.1881
0.2098
0.1845
0.2050
0.1870
Total:
676,010,601
607,559,418
659,119,388
604,168,668
681,454,257
$ 3,228,312,332
Five-Year Average Valuation
645,662,466
Tax Levying Limitation: 2% of Average Five-Year Full Valuation:
12,913,249
Exclusions Added Thereto:
Maximum Taxing Power
12,913,249
Real Estate Tax Levy for 2015
2,079,359
Constitutional Net Tax Margin
10,833,890
Percent of Tax Limitation Exhausted
16.10%
Valuations and Tax Data

The following table shows the trend during the last five years for taxable assessed valuations, final state equalization
ratios, full valuations, real property taxes and real property tax rates per $100 assessed valuation.
Valuations and Tax Data
2011
Assessed Value
Equal. Ratio
Full Value
Tax Levy:
General Tax Rate:(1)
$ 127,157,594
0.1881
676,010,601
2,074,881
16.32
2012
2013
$ 127,465,966
0.2098
607,559,418
2,079,913
16.32
$ 121,607,527
0.1845
659,119,388
1,991,410
16.37
2014
$ 123,854,577
0.2050
604,168,668
2,020,985
16.32
2015
$ 127,431,946
0.1870
681,454,257
2,079,359
16.32
(1) Per $1,000 assessed valuation.

Source: The New York State Board of Real Property Services.
Tax Collection Enforcement Procedure and History

Property taxes are levied annually no later than May 20 and may be paid by July 1 without incurring a late charge.
Thereafter penalties and interest are imposed pursuant to the Real Property Tax Law. Unpaid Village property taxes
are delivered to the County on November 15 and are then relevied on the Countys tax bill in January of the
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following year. The County makes the Village whole on any uncollected taxes in April in the year following their
initial levy.
Largest Taxpayers
The following table presents the taxable assessments of ten of the Villages largest taxpayers for the 2014-2015
fiscal year.
Taxable Assessments
Nature of
Business
Assessed
Valuation
Elec. & Gas Utilities

Apartments
Apartments
Shopping Center
Apartments
Health Bldg
Apartments
Apartments
Apartments
Apartments
$ 1,946,340
1,385,000
1,348,200
1,048,200
960,000
952,800
787,700
557,800
532,500
515,100
1.53%
1.09
1.06
0.82
0.75
0.75
0.62
0.44
0.42
0.40
$10,033,640
7.88%
Taxpayer
Orange & Rockland Utilities
Beirach Moshe Gardens, Inc.
K J Housing Co., Inc.
UTA of KJ SC Inc
J B Realty of Orange LLC
UTA of KJ Medical Center, Inc.
Lemberg Gardens LLC
Horizon Gardens Inc.
Shamrock Affordable Housing
Lee Gardens
Total:
% of Total
Assessed Value (1)
(1) The Villages total assessed valuation for the 2014-2015 fiscal year is $127,431,946.
Source:
Village of Kiryas Joel, Office of the Assessor.
Tax Levy Limit Law

Prior to the enactment of Chapter 97 of the Laws of 2011 (the Tax Levy Limit Law) on June 24, 2011, all the
taxable real property within the Village has been subject to the levy of ad valorem taxes to pay the bonds and notes
of the Village and interest thereon without limitation as to rate or amount. However, the Tax Levy Limit Law
imposes a tax levy limitation upon the Village for any fiscal year commencing after January 1, 2012 continuing
through June 15, 2016 or later as provided in the Tax Levy Limit Law, without providing an exclusion for debt
service on obligations issued by the Village. As a result, the power of the Village to levy real estate taxes on all the
taxable real property within the Village is subject to statutory limitations set forth in Tax Levy Limit Law.
The following is a brief summary of certain relevant provisions of Tax Levy Limit Law. The summary is not
complete and the full text of the Tax Levy Limit Law should be read in order to understand the details and
implications thereof.
The Tax Levy Limit Law imposes a limitation on increases in the real property tax levy of the Village, subject to
certain exceptions. The Tax Levy Limit Law permits the Village to increase its overall real property tax levy over
the tax levy of the prior year by no more than the Allowable Levy Growth Factor, which is the lesser of one and
two-one hundredths or the sum of one plus the Inflation Factor; provided, however that in no case shall the levy
growth factor be less than one. The "Inflation Factor" is the quotient of: (i) the average of the 20 National
Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending
six months prior to the start of the coming fiscal year minus the average of the National Consumer Price Indexes
determined by the United States Department of Labor for the twelve-month period ending six months prior to the
start of the prior fiscal year, divided by: (ii) the average of the National Consumer Price Indexes determined by the
United States Department of Labor for the twelve-month period ending six months prior to the start of the prior
fiscal year, with the result expressed as a decimal to four places. The Village is required to calculate its tax levy
limit for the upcoming year in accordance with the provision above and provide all relevant information to the New
York State Comptroller prior to adopting its budget. The Tax Levy Limit Law sets forth certain exclusions to the
real property tax levy limitation of the Village, including exclusions for certain portions of the expenditures for
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retirement system contributions and tort judgments payable by the Village. The Village Board may adopt a budget
that exceeds the tax levy limit for the coming fiscal year, only if the Village Board first enacts, by a vote of at least
sixty percent of the total voting power of the governing board of the Village, a local law to override such limit for
such coming fiscal year.
The Tax Levy Limit Law does not contain an exception from the levy limitation for the payment of debt service on
either outstanding general obligation bonds or notes of the Village or such indebtedness incurred after the effective
date of the Tax Levy Limit Law. As such, there can be no assurances that the Tax Levy Limit Law will not come
under legal challenge for violating (i) Article VIII, Section 12 of the State Constitution for not providing an
exception for debt service on obligations issued prior to the enactment of the Tax Levy Limit Law, (ii) Article VIII,
Section 10 of the State Constitution by effectively eliminating the exception for debt service to general real estate
tax limitations, and (iii) Article VIII, Section 2 of the State Constitution by limiting the pledge of its faith and credit
by a municipality or school district for the payment of debt service on obligations issued by such municipality or
school district.
VILLAGE INDEBTEDNESS
Constitutional and Statutory Requirements
The New York State Constitution limits the power of the Village (and other municipalities and school districts of the
State) to issue obligations and to otherwise contract indebtedness. Such constitutional limitations include the
following, in summary form, and are generally applicable to the Bonds.
Purpose and Pledge. The Village shall not give or loan any money or property to or in aid of any individual or
private corporation or private undertaking or give or loan its credit to or in aid of any of the foregoing or any public
corporation.
The Village may contract indebtedness only for a Village purpose and shall pledge its faith and credit for the
payment of principal of and interest thereon.
Payment and Maturity. Except for certain short-term indebtedness contracted in anticipation of taxes, or to be paid
within three fiscal years, indebtedness shall be paid in annual installments commencing no later than two years after
the date such indebtedness shall have been contracted and ending no later than the expiration of the period of
probable usefulness of the object or purpose (as determined by statute) or, in the alternative, the weighted average
period of probable usefulness of the several purposes for which it is contracted, unless the Village determines to
issue debt amortized on the basis of substantially level or declining annual debt service. The Village is required to
provide an annual appropriation for the payment of interest due during the year on its indebtedness and for the
amounts required in such year for amortization and redemption of its serial bonds and bond anticipation notes.
General. The Village is further subject to constitutional limitation by the general constitutionally imposed duty of
the State Legislature to restrict the power of taxation and contracting indebtedness to prevent abuses in the exercise
of such powers. As has been noted under Nature of Obligation, the State Legislature is prohibited by a specific
constitutional provision from restricting the power of the Village to levy taxes on real estate for the payment of
interest on or principal of indebtedness theretofore contracted. However, the Tax Levy Limit Law imposes a
statutory limitation on the Villages power to increase its annual tax levy, unless the Village complies with certain
procedural requirements to permit the Village to levy certain year-to-year increases in real property taxes. (See Tax
Levy Limit Law herein).
Debt Limit. The Village has the power to contract indebtedness for any Village purpose so long as the principal
amount thereof shall not exceed seven per centum of the most recent five-year average full valuation of taxable real
estate of the Village and subject to certain enumerated exclusions and deductions such as water and certain sewer
facilities and cash appropriations for current debt service. The constitutional method for determining full valuation
is by taking the assessed valuation of taxable real estate for the last completed assessment roll and applying thereto
the final equalization rate as determined by the State Board of Real Property Services. The State Legislature is
A-9
required to prescribe the manner by which such rate shall be determined. The average full valuation is determined
by taking the sum of full valuations of such last completed assessment roll and the four preceding assessment rolls,
and dividing such sum by five.
There is no constitutional limitation on the amount that may be raised by the Village by tax on real estate in any
fiscal year to pay principal of and interest on all indebtedness. However, the Tax Levy Limit Law imposes a
statutory limitation on the power of the Village to increase its annual tax levy. The amount of such increases is
limited by the formulas set forth in the Tax Levy Limit Law. (See Tax Levy Limit Law herein).
Statutory Procedure
In general, the State Legislature has authorized the power and procedure for the Village to borrow and incur
indebtedness subject, of course, to the constitutional provisions set forth above. The power to spend money,
however, generally derives from other law, including the Village Law and the General Municipal Law.
Pursuant to the Local Finance Law, the Village authorizes the incurrence of indebtedness, including bonds and bond
anticipation notes issued in anticipation of such bonds, by the adoption of a resolution, approved by at least twothirds of the members of the Village Board, the finance board of the Village. Certain such resolutions may be
subject to permissive referendum, or may be submitted to the Village voters at the discretion and (3/5) three-fifths
vote of the Village Board.
The Local Finance Law also provides for a twenty-day statute of limitations after publication of a bond resolution
(in summary or in full), together with a statutory notice which, in effect, estops thereafter legal challenges to the
validity of obligations authorized by such bond resolution except for alleged constitutional violations. The Village
is in the process of complying with such procedures for the validation of the bond resolutions adopted in connection
with the issuance of each series of the Bonds.
Each bond resolution usually authorizes the construction, acquisition or installation of the object or purpose to be
financed, sets forth the plan of financing and specifies the maximum maturity of the bonds subject to the legal
(Constitution, Local Finance Law and case law) restrictions relating to the period of probable usefulness with
respect thereto.
Each bond resolution also authorizes the issuance of bond anticipation notes prior to the issuance of serial bonds.
Statutory law in New York permits notes to be renewed each year provided that principal is amortized and provided
that such renewals do not (with certain exceptions) extend more than five years beyond the original date of
borrowing. However, notes issued in anticipation of the sale of serial bonds for assessable improvements are not
subject to such five year limit and may be renewed subject to annual reductions of principal for the entire period of
probable usefulness of the purpose for which such notes were originally issued. (See Payment and Maturity under
Constitutional and Statutory Requirements.)
In addition, under each bond resolution, the Village Board may delegate the power to issue and sell bonds and notes
to the Village Treasurer, the chief fiscal officer of the Village.
In general, the Local Finance Law contains similar provisions providing the Village with power to issue general
obligation revenue anticipation notes, tax anticipation notes, capital notes, deficiency notes and budget notes.
Remedies Upon Default

NO PRINCIPAL OR INTEREST PAYMENTS ON VILLAGE INDEBTEDNESS ARE PAST DUE. THE
VILLAGE HAS NEVER DEFAULTED IN THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
ANY INDEBTEDNESS.
Under current law, provision is made for contract creditors (including the Bondholders) of the Village to enforce
payments upon such contracts, if necessary, through court action, although the present statute limits interest on the
amount adjudged due to creditors to nine per centum per annum from the date due to the date of payment. As a
A-10
general rule, property and funds of a municipal corporation serving the public welfare and interest have not been
judicially subject to execution or attachment to satisfy a judgment, although judicial mandates have been issued to
officials to appropriate and pay judgments out of current funds or the proceeds of a tax levy.
Remedies for enforcement of payment are not expressly included in the Villages contract with holders of its bonds
and notes, although any permanent repeal by statute or constitutional amendment of a Bondholders remedial right
to judicial enforcement of the contract should, in the opinion of Bond Counsel, be held unconstitutional.
The State has consented that any municipality in the State may file a petition with any United States district court or
court of bankruptcy under any provision of the laws of the United States, now or hereafter in effect for the
composition or adjustment of municipal indebtedness. Subject to such State consent, under the United States
Constitution, Congress has jurisdiction over such matters and has enacted amendments to the existing Federal
bankruptcy statute, generally to the effect and with the purpose of affording municipal corporations, under certain
circumstances, with easier access to judicially approved adjustment of debts including judicial control over
identifiable and unidentifiable creditors.
In recent times, certain events and legislation affecting remedies on default have resulted in litigation. While courts
of the final jurisdiction have upheld and sustained the rights of noteholders and bondholders, such courts might hold
that future events including financial crises as they may occur in the State and in municipalities of the State, require
the exercise by the State of its emergency and police powers to assure the continuation of essential public services.
Constitutional Debt-Contracting Limitation

The following table sets forth the current debt-contracting limitation of the Village.
Debt Contracting Limitation
Fiscal Year Ended
May 31:
2011
2012
2013
2014
2015
Assessed
Valuation
State Equalization
Ratio(1)
$127,157,594
127,465,966
121,607,527
123,854,577
127,431,946
0.1881
0.2098
0.1845
0.2050
0.1870
Total Five-Year Full Valuation
Full
Valuation
$ 676,010,601
607,559,418
659,119,388
604,168,668
681,454,257
$3,228,312,332
Average Five-Year Full Valuation
645,662,466
Debt Contracting Limitation - 7% of Average Full Valuation
$ 45,196,373
(1) Equalization rates are established by the New York State Board of Real Property Services and the State Comptrollers
Office.
Source: New York State Board of Real Property Services.
(The remainder of this page has been intentionally left blank.)
A-11
Statutory Debt Limit and Net Indebtedness

The debt limit of the Village is $45,196,373 as of February 14, 2015.
Statutory Debt Limit and Net Indebtedness
Debt-Contracting Limitation:
$ 45,196,373
Gross Direct Indebtedness:

Serial Bonds
NYS Environmental Facilities Corp. (EFC) Bonds(1)
Bond Anticipation Notes:
$ 3,422,000
6,105,898
0
Total Gross Direct Indebtedness
9,527,898
Less Exclusions and Deductions:

Appropriations During 2014-2015 Fiscal Year
Water Debt
80,000
4,127,898
Total Exclusions
4,207,898
Total Net Direct Indebtedness
$ 5,320,000
Debt-Contracting Margin
$39,524,303
Percentage of Debt-Contracting Power Exhausted
11.77%
(1) The Village has an outstanding EFC Grid Note (the Grid Note) issued for the construction of improvements to the
Villages water system in the amount of $27,912,800 which matures in November 2015.
Source: Village Officials.
Bond Anticipation Notes

The Village does not have any bond anticipation notes (BANs) outstanding.
Tax and Revenue Anticipation Notes

The Village has not issued tax or revenue anticipation notes in recent years. At this time, the Village does not expect
to issue any tax or revenue anticipation notes in the future.
A-12
Trend of Capital Indebtedness

The following table sets forth the amount of direct capital indebtedness outstanding for each of the last five fiscal
years.
Direct Capital Indebtedness Outstanding(1)
2010
Bonds:
Bond Anticipation Notes:
Totals
2011
2012
2013
2014
$9,211,883
2,190,000
$ 9,468,256
3,180,000
$ 8,674,411
3,140,000
$10,884,868
0
$10,115,024
0
$11,401,883
$12,648,256
$11,814,411
$10,884,868
$10,115,024
(1) Inclusive of bonds and notes issued through the New York State Environmental Facilities Corporation.
Source: Village Officials, Audited Financial Statements of the Village. Summary itself is not audited.
Overlapping and Underlying Debt

In addition to the Village, other political subdivisions have the power to issue bonds and to levy taxes or cause taxes
to be levied on taxable real property in the Village. The real property taxpayers of the Village are responsible for a
proportionate share of outstanding debt obligations of these subdivisions. Such taxpayers share of overlapping and
underlying debt is based on the amount of the Villages equalized property values taken as a percentage of each
separate units total values. The following table presents the amount of overlapping and underlying debt and the
Villages share of this debt. Authorized but unissued debt has not been included.
Statement of Direct and Overlapping Indebtedness
Net Debt
Outstanding
Issuer
Orange County
Monroe Town
Kiryas Joel UFSD
As
of
$209,314,194
1,182,418
0
08/14/14
12/31/13
06/30/13
Village
Share
1.08%
13.55
100.00
Amount Applicable
To Village
$ 2,260,593
160,218
0
Total Net Overlapping Debt
$ 2,420,811
Total Net Direct Debt
$ 5,320,000
Net Direct and Overlapping Debt
$ 7,740,811
Source: Data provided by County, Town and Village officials.
Authorized and Unissued Debt

Following the issuance of the Bonds, the Village will have approximately $15,858,160 in authorized but unissued
debt for various Village purposes.
A-13
Debt Ratios
The following table presents certain debt ratios relating to the Villages direct and overlapping indebtedness.
Debt Ratios
Debt Per
Capita(1)
Amount
Net Direct Debt
Net Direct and Overlapping Debt
$ 5,320,000
7,740,811
Debt to
Full Value(2)
$ 263.68
383.66
(1)
The population of the Village was estimated to be approximately 20,176.
(2)
The Villages full value of taxable real property for fiscal year 2014-2015 is $681,454,257.
0.78%
1.14
Debt Service Schedule

The following table shows the debt service requirements to maturity on the Villages outstanding general obligation
bonded indebtedness, exclusive of the Bonds and economically defeased obligations, for each fiscal year ending
May 31.
Annual Debt Service Schedule
Fiscal Year
Ending May 31:
Principal
Interest
Total
Debt Service
2015(1)
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
$ 805,126
814,348
828,570
827,892
781,114
553,246
511,457
530,779
539,101
556,423
551,745
565,066
399,388
232,710
138,032
138,354
143,676
143,997
114,000
115,000
20,000
$ 215,889
199,802
183,409
166,654
150,186
133,121
121,055
108,569
95,678
82,290
68,359
55,314
44,593
36,413
29,839
24,762
19,557
14,236
8,800
3,541
450
$ 1,021,015
1,014,150
1,011,979
994,546
931,300
686,367
632,512
639,348
634,779
638,713
620,104
620,380
443,981
269,123
167,871
163,116
163,233
158,233
122,800
118,541
20,450
Total
$9,310,024
$1,762,516
$11,072,540
(1) For the entire Fiscal Year.

Source: Audited Financial Statements of the Village. Summary itself is not audited.
A-14
ECONOMIC AND DEMOGRAPHIC DATA

Largest Employers
Largest Employers
Estimated
Number
Of Employees
Employers
Nature of
Business
United Talmudical Academy

Kiryas Joel School District
KJ Poultry
Ezras Choilom, Inc.
Mesivta of U.T.A.
Religious School System

Public School District
Poultry Processing Plant
Health Center
College
626
355
250
112
120
Source: Village Officials.
Population
The following table presents population trends for the Village, Town, County and State, based upon available census
data.
Population Trend
2000
Village
Town
County
State
13,138
31,407
341,367
18,976,457
2010
20,175
39,912
372,813
19,378,102
Percentage
Change
2000-2010
53.6%
27.1
9.2
2.1
Source: U.S. Bureau of the Census.
Income
The following table presents median family income and median household income for the County and State. The
following table is not necessarily representative of the Village.
Median Family Income
Village
Town
County
State
2000
2010
Percentage
Change
2000-2010
$15,372
54,315
60,355
51,691
$23,491
70,481
65,891
54,148
52.8%
29.8
9.2
4.8
Source: U.S. Bureau of the Census.
A-15
Employment and Unemployment

The following tables provide information concerning employment and unemployment in the Town, County and
State. Data provided for the Town, County and State are not necessarily representative of the Village.
Civilian Labor Force
(Thousands)
2010
2009
Town
County
State
16,100
179,900
9,637,800
14,600
176,000
9,588,600
2011
2012
2013
14,500
174,400
9,528,300
14,400
174,300
9,587,200
14,900
174,400
9,636,000
Source: New York State Department of Labor statistics. Information not seasonally adjusted.
Unemployment rates are not compiled for the Village, but are available for the Town, County and State. The
following tables are not necessarily representative of the Village.
Yearly Average Unemployment Rates
Year
2009
2010
2011
2012
2013
Town
County
7.0%
6.9
6.9
6.9
5.9
State
7.9%
8.3
8.0
8.3
7.2
8.4%
8.6
8.3
8.5
7.7
Monthly Unemployment Rates

Month
January 2014
February
March
April
May
June
July
August
September
October
November
December
Town
County
5.5%
5.9
5.2
4.4
5.1
5.3
5.7
4.9
4.9
5.0
4.8
4.2
6.6%
7.1
6.3
5.2
5.7
5.8
6.3
5.9
5.5
5.4
5.3
5.0
State
7.3%
7.7
7.2
6.1
6.4
6.5
6.7
6.1
5.6
5.7
5.8
5.7
A-16
Utilities
Electricity and natural gas are supplied to the Village by Orange and Rockland Utilities. Telephone service is
provided by Verizon. The Village provides water supply distribution to its residents and is responsible for financing
the construction, operation and maintenance of this system. Sewer service is provided to Village residents by the
Village as is refuse collection.
The Village is served by a network consisting of all major forms of transportation. Several primary State and U.S.
Highways including the New York State Thruway, Palisades Interstate Parkway, Garden State Parkway, and Route
#17 run through the County. The Coach USA Bus line, as well as, the Tor Bus Line provide transportation within
the Village of Haverstraw. Freight service is provided by Conrail. Bus passenger service is provided to New York
City and other points both within and outside the County. Air transportation is provided by the three New York
metropolitan airports (Kennedy, LaGuardia and Newark) and Stewart International Airport in Newburgh, New
York.
Educational Institutions
Primary education is provided by the Kiryas Joel Union Free School District as well as United Talmudical Academy
and Bais Rochel. In addition, there are colleges, universities and vocational schools located throughout the County.
The Orange County Community College is a publicly supported two-year community college maintained by the
County with an enrollment policy for high school graduates meeting certain residency requirements.
A-17
APPENDIX B
SUMMARY OF FINANCIAL STATEMENTS AND BUDGETS

Adopted and Proposed Budgets - General Fund
Fiscal Year ending May 31:
Adopted
2014
Adopted
2015
Appropriations:
$7,758,167
$8,017,366
Total Appropriations
$7,758,167
$8,017,366
Revenues:
Estimated Revenues
Appropriated Fund Balance
Real Property Taxes
$5,737,182
0
2,020,985
$5,938,008
0
2,079,358
Total Revenues
$7,758,167
$8,017,366
Source: Adopted Budgets of the Village.
B-1

Balance Sheet
General Fund
Fiscal Year Ended May 31:
2013
Assets:
Cash and Equivalents
Accounts Receivable
Grants Receivable
Mortgage Receivable
Due From Other Funds
Total Assets
Liabilities and Fund Balance:

Liabilities:
Accounts Payable & Accrued Liabilities
Escrow Payable
Due To Other Governments
Due To Other Funds
Total Liabilites
2014
$347,970
553,024
55,556
70,000
378,288
$1,187,293
628,845
13,565
75,624
363,120
$1,404,838
$2,268,447
$196,394
55,800
385,167
572,392
$161,838
50,800
419,833
432,607
$1,209,753
$1,065,078
Fund Equity and Other Credits:

Reserved for:
Reserved for Repairs/Debt Service
Unreserved:
Undesignated
$0
$0
195,085
1,203,369
Total Fund Balance
195,085
1,203,369
$1,404,838
$2,268,447
Total Liabilities and Fund Balance

Source: Audited Financial Statements of the Village.
B-2

Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund
Fiscal Year Ended May 31:
REVENUES
2010
2011
2012
2013
2014
Real Property Taxes

Real Property Tax Items
Non-Property Tax Items
Departmental Income
Use of Money and Property
Sale of Property and Compensation for loss
Federal Aid
State Aid
Refuse and Garbage Taxes
Miscellaneous
$2,078,680
94,556
1,953,206
1,486,312
3,902
0
69,331
318,521
0
30,750
$2,073,721
35,814
2,201,975
1,583,014
3,537
0
375,376
283,065
0
0
$2,079,913
63,225
2,951,401
1,815,874
28,515
0
0
266,772
0
12,276
$1,984,213
61,941
3,232,974
1,794,222
29,140
2,272,986
95,028
264,691
0
856
$2,019,567
28,669
3,166,504
1,842,653
34,599
212,772
589,744
369,204
0
20,000
Total Revenues
$6,035,258
$6,556,502
$7,217,976
$9,736,051
$8,283,712
EXPENDITURES
General Government Support
Public Safety
Health
Street Maintenance
Transportation
Home and Community Services
Economic Assistance
Culture and Recreation
Employee Benefits
Debt Service
$1,308,891
989,444
90,000
346,023
584,491
1,781,367
392,052
0
772,914
756,680
$1,329,284
895,893
60,000
505,074
479,101
1,775,241
399,051
0
858,757
475,087
$1,811,998
1,036,250
50,000
523,280
505,982
1,982,042
428,632
0
882,623
576,973
$1,365,969
1,160,495
55,000
501,863
478,802
1,820,196
492,567
15,150
997,324
2,723,466
$1,465,124
1,161,928
80,000
543,548
584,256
2,379,030
536,871
210,517
1,026,940
550,874
Total Expenditures
$7,021,862
$6,777,488
$7,797,780
$9,610,832
$8,539,088
($986,604)
($220,986)
($579,804)
$125,219
($255,376)
$445,000
0
190,249
$950,000
271,750
0
$0
0
271,135
$0
0
(259,172)
$0
0
1,263,660
Excess of Revenues over (under) Expenditures

Other Financing Sources (Uses):
Proceeds of Obligations
Proceeds from Sale of Sanitiation Vehicles
Interfund Transfers In (Out)
Transfers to Debt Service Fund
Total Other Financing Sources (Uses)
0
$635,249
(975,719)
$246,031
$271,135
($259,172)
$1,263,660
(308,669)
(133,953)
1,008,284
Excess (Def) of Revenues and Other Sources

Over Expenditures and Other Uses
(351,355)
Fund Balance Beginning of Year
$964,018
$612,663
$637,708
$329,039
$195,086
Fund Balance End of Year
$612,663
$637,708
$329,039
$195,086
$1,203,370
Source: Audited Financial Statements of the Village.
B-3
25,045
APPENDIX C
GENERAL PURPOSE FINANCIAL STATEMENTS
FOR THE YEAR ENDING MAY 31, 2014*
* Such Financial Statements and opinion are intended to be representative only as of

the date thereof. Aron E. Muller, Certified Public Accountants has not been requested
by the Village to further review and/or update such Financial Statements or opinion in
connection with the preparation and dissemination of this Official Statement.

Kiryas Joel Bond Preliminary Statement

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This Preliminary Official Statement and the information contained in it are subject to completion and amendment in a final Official

PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 24, 2015

Rating: See Rating herein

VILLAGE OF KIRYAS JOEL

Due: June 15, 2015 to 2031

Due: March 1, 2016 to 2020

ROOSEVELT & CROSS INCORPORATED

VILLAGE OF KIRYAS JOEL

Tax Collection Enforcement Procedure and History ............ A-7

APPENDIX B SUMMARY OF FINANCIAL STATEMENTS AND BUDGETS

December 15, 2015

Refunded 1991 Bonds*:

July 15, 2015

Refunded 1996A Bonds*:

Refunded 1996B Bonds*:

Refunded 1996C Bonds*:

June 15, 2015

March 19, 2015 @ 100%

Sources and Uses of Proceeds of the Refunding Bonds

Authorization for and Purpose of the Series B Bonds

MARKET FACTORS AFFECTING FINANCINGS OF THE

Certain Ongoing Federal Tax Requirements and Certifications

Certain Collateral Federal Tax Consequences

Original Issue Discount

Information Reporting and Backup Withholding

DOCUMENTS ACCOMPANYING DELIVERY OF THE BONDS

VILLAGE OF KIRYAS JOEL

(THIS PAGE WAS INTENTIONALLY LEFT BLANK)

(THIS PAGE WAS INTENTIONALLY LEFT BLANK)

Potential Annexation of Neighboring Properties

Elected and Appointed Officials

Services and Programs

Employee Pension Benefits

Other Post Employment Benefits

NYS Fiscal Stress Monitoring System

2010 Audited Results

2011 Audited Results

2012 Audited Results

2013 Audited Results

2014 Audited Results

Real Property Taxes

Five-Year Average Valuation

Tax Levying Limitation: 2% of Average Five-Year Full Valuation:

Exclusions Added Thereto:

Maximum Taxing Power

Real Estate Tax Levy for 2015

Constitutional Net Tax Margin

Percent of Tax Limitation Exhausted

Valuations and Tax Data

(1) Per $1,000 assessed valuation.

Tax Collection Enforcement Procedure and History

Elec. & Gas Utilities

Village of Kiryas Joel, Office of the Assessor.

Tax Levy Limit Law

Remedies Upon Default

Constitutional Debt-Contracting Limitation

Total Five-Year Full Valuation

Average Five-Year Full Valuation

Debt Contracting Limitation - 7% of Average Full Valuation

(The remainder of this page has been intentionally left blank.)

Statutory Debt Limit and Net Indebtedness

Gross Direct Indebtedness:

Total Gross Direct Indebtedness

Less Exclusions and Deductions: