City of Mobile

PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 8, 2017 NEW ISSUES (2) - BOOK ENTRY ONLY RATINGS: S&P AA- Moody’s Aa2 (See “RATINGS” herein.) In the opinion of Bond Counsel, under existing law, interest on the Series 2017C Warrants (i) will be excludable from gross income for federal income tax purposes if the City complies with all requirements of the Internal Revenue Code that must be satisfied subsequent to the issuance of the Series 2017C Warrants in order that interest thereon be and remain excludable from gross income, and (ii) will not be an item of tax preference for purposes of the federal alternative minimum tax on individuals and corporations. In the opinion of Bond Counsel, under existing law, interest on the Series 2017D Warrants will not be excludable from gross income for federal income tax purposes. Bond Counsel is also of the opinion that, under existing law, interest on the Series 2017C Warrants and the Series 2017D Warrants will be exempt from State of Alabama income taxation. See “TAX MATTERS RELATING TO THE SERIES 2017C WARRANTS”, and “TAX MATTERS RELATING TO THE SERIES 2017D WARRANTS” herein for further information and certain other tax consequences arising with respect to the Series 2017C Warrants and the Series 2017D Warrants. CITY OF MOBILE $9,045,000* $48,895,000* Tax-Exempt General Obligation Taxable General Obligation Warrants, Series 2017C Warrants, Series 2017D Dated: Date of delivery Due: February 15, as shown on the inside cover page The Series 2017C Warrants and the Series 2017D Warrants constitute separate series and are together referred to in this Official Statement as the “Warrants”. The Warrants are issuable as fully registered warrants and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, as described more particularly herein. Interest will be payable on the Warrants each February 15 and August 15, beginning February 15, 2018. The Warrants will constitute general obligations of the City for the payment of which its full faith and credit are irrevocably pledged. The Warrants will be subject to redemption prior to their respective maturities as described herein. For a description of certain risk factors and other considerations involved in an investment in the Warrants, see “RISK FACTORS” and “DISCLAIMERS AND OTHER MISCELLANEOUS MATTERS”. FOR MATURITIES, AMOUNTS, RATES, PRICES, YIELDS, AND CUSIP NUMBERS, SEE INSIDE COVER. The Warrants are offered when, as and if issued, subject to approval of validity by Bond Counsel, Maynard, Cooper & Gale, P.C., Mobile, Alabama. Certain legal matters will be passed on by Disclosure Counsel, Maynard, Cooper & Gale, P.C., Mobile, Alabama. Certain legal matters will be passed on for the City by its counsel, Burr & Forman LLP, Mobile, Alabama. It is expected that the Warrants in definitive form will be available for delivery through the facilities of The Depository Trust Company in New York, New York on or about _______________. This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. RAYMOND JAMES STIFEL HARBOR FINANCIAL SECURITIES CAPITAL CORPORATION THE FRAZER LANIER COMPANY, INCORPORATED The date of this Official Statement is _____________. This Preliminary Official Statement and the information herein is subject to change, completion, and amendment without notice. A definitive Official Statement will be made available prior to the delivery of these securities. See “INTRODUCTION– See deliveryto the prior securities. of these available be made Statement will Official definitive A notice. without This Preliminaryand amendment completion, change, to is subject herein information the and Statement Official any sale of these securitiesany jurisdiction nor shall there be in buy, to Under no circumstances shall this Preliminary to sell or the solicitation of an offer Changes to the Preliminary Official Statement constitute an offer Official Statement”. prior of such jurisdiction. or qualification under the securities to registration be unlawful laws solicitation, or sale would in which such offer, * Preliminary; subject to change. _______________ $9,045,000* CITY OF MOBILE Tax-Exempt General Obligation Warrants, Series 2017C MATURITIES, AMOUNTS, RATES, PRICES, YIELDS, AND CUSIP NUMBERS Principal Interest Price or Principal Interest Price or Maturity Amount Rate Yield CUSIP Maturity Amount Rate Yield CUSIP $_____________ ___% Term Warrants maturing on _________ 1, ____ (Price or Yield: $_________), CUSIP No.__________ _______________ $48,895,000* CITY OF MOBILE Taxable General Obligation Warrants, Series 2017D MATURITIES, AMOUNTS, RATES, PRICES, YIELDS, AND CUSIP NUMBERS Principal Interest Price or Principal Interest Price or Maturity Amount Rate Yield CUSIP Maturity Amount Rate Yield CUSIP $_____________ ___% Term Warrants maturing on _________ 1, ____ (Price or Yield: $_________), CUSIP No.__________ _______________ *Preliminary; subject to change. ______________________________ CITY OF MOBILE MAYOR William S. (Sandy) Stimpson _______________________________ CITY COUNCIL Fredrick D. Richardson, Jr., Councilmember, Dist. 1 Levon C. Manzie, Councilmember, Dist. 2 C.J. Small, Councilmember, Dist. 3 John C. Williams, Councilmember, Dist. 4 Joel Daves, Councilmember, Dist. 5 Bess Rich, Councilmember, Dist. 6 Gina Gregory, Councilmember, Dist. 7 ______________________________ ADMINISTRATIVE Paul C. Wesch, Executive Director of Finance & Acting Chief of Staff Patricia A. Aldrich, Comptroller Lisa C. Lambert, City Clerk ______________________________ COUNSEL FOR THE CITY Burr & Forman LLP Mobile, Alabama ______________________________ BOND COUNSEL AND DISCLOSURE COUNSEL TO THE CITY Maynard, Cooper & Gale, P.C. Birmingham, Alabama ______________________________ AUDITORS Smith, Dukes & Buckalew LLP Mobile, Alabama _______________________________ FINANCIAL ADVISOR PFM Financial Advisors LLC Huntsville, Alabama _______________________________ [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS Page INTRODUCTION ......................................................................................................................................................... 1 General ...................................................................................................................................................................... 1 Changes to the Preliminary Official Statement ......................................................................................................... 2 GLOSSARY OF TERMS USED IN OFFICIAL STATEMENT .................................................................................. 2 DESCRIPTION OF THE WARRANTS ....................................................................................................................... 2 General Provisions..................................................................................................................................................... 2 Method and Place of Payment ................................................................................................................................... 3 Redemption of Series 2017C Warrants Prior to Maturity ......................................................................................... 3 Redemption of Series 2017D Warrants Prior to Maturity ......................................................................................... 4 Other Matters Related to Redemption Prior to Maturity ........................................................................................... 5 Registration and Exchange ........................................................................................................................................ 6 Provision for Payment of Warrants ........................................................................................................................... 6 Book-Entry Only System .......................................................................................................................................... 6 Authority for Issuance ............................................................................................................................................... 6 SECURITY AND SOURCE OF PAYMENT ............................................................................................................... 7 General ...................................................................................................................................................................... 7 Remedies ................................................................................................................................................................... 7 The United States Bankruptcy Code .......................................................................................................................... 7 THE PLAN OF FINANCING ....................................................................................................................................... 7 General ...................................................................................................................................................................... 7 Refunding Plan for the Series 2008B Warrants ......................................................................................................... 7 Refunding Plan for the

Load more