Hinds County, Mississippi
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PRELIMINARY OFFICIAL STATEMENT DATED APRIL 8, 2016 TWO (2) NEW ISSUES Ratings: Underlying BOOK-ENTRY ONLY Moody’s: Aa2 (See “Ratings” herein) In the opinion of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, Jackson, Mississippi (“Bond Counsel”), assuming compliance by the County (as defined herein) with certain tax covenants, interest on the Series 2016A Bonds (as defined herein) is excludable from gross income for federal income tax purposes under existing statutes, regulations, rulings and court decisions. Interest on the Series 2016A Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations; however, interest on the Series 2016A Bonds is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on corporations. See “TAX MATTERS” herein for a description of certain other federal tax consequences of ownership of the Series 2016A Bonds. Interest on the Series 2016B Bonds (as defined herein) should be treated as includable in gross income of the holders thereof for federal income tax purposes. Bond Counsel is further of the opinion that under existing laws, regulations, rulings and judicial decisions, interest on the Series 2016 Refunding Bonds (as defined herein) is exempt from income taxation in the State (as defined herein). See “TAX MATTERS” herein and APPENDIX D - FORMS OF OPINIONS OF BOND COUNSEL attached hereto. $6,085,000* $2,185,000* HINDS COUNTY, MISSISSIPPI HINDS COUNTY, MISSISSIPPI GENERAL OBLIGATION REFUNDING TAXABLE GENERAL OBLIGATION BONDS, SERIES 2016A REFUNDING BONDS, (Tax-Exempt) SERIES 2016B Dated: Date of Delivery Due: November 1, as shown on the inside front cover Interest on the $6,085,000* Hinds County, Mississippi General Obligation Refunding Bonds, Series 2016A (Tax-Exempt) (the “Series 2016A Bonds”) will be payable on May 1 and November 1 of each year, commencing November 1, 2016. Interest on the $2,185,000* Hinds County, Mississippi Taxable General Obligation Refunding Bonds, Series 2016B (the “Series 2016B Bonds” and together with the Series 2016A Bonds, the “Series 2016 Refunding Bonds”) will be payable on May 1 and November 1 of each year, commencing November 1, 2016. The Board of Supervisors of Hinds County, Mississippi (the “County”) has designated US Bank National Association, Olive Branch, Mississippi to serve as paying agent, transfer agent and registrar of the Series 2016 Refunding Bonds (the “Paying and Transfer Agent”). The Series 2016 Refunding Bonds will be issued as fully registered bonds in the denomination of $5,000, or any integral multiple thereof, and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, which will act as securities depository for the Series 2016 Refunding Bonds. See “DESCRIPTION OF THE SERIES 2016 REFUNDING BONDS - Book-Entry-Only System” and APPENDIX E. The Series 2016 Refunding Bonds are general obligations of the County for which the full faith, credit and resources of the County are pledged. The Series 2016A Bonds are subject to optional and/or mandatory sinking fund redemption, as applicable, prior to their respective maturities. The Series 2016B Bonds are not subject to redemption prior to their respective maturities. See “DESCRIPTION OF THE SERIES 2016 REFUNDING BONDS – “Redemption Provisions of the Series 2016A Bonds” and “Redemption Provisions of the Series 2016B Bonds.” The Series 2016A Bonds are being offered as “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. PROSPECTIVE INVESTORS MUST READ THIS ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. The Series 2016 Refunding Bonds are offered subject to the final approving opinions of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, Jackson, Mississippi, Bond Counsel. Certain legal matters will be passed upon for the Underwriter (described below) by their counsel, Owens Moss, PLLC, Jackson, Mississippi. Certain legal matters with respect to the County will be passed upon by its counsels, Pieter Teeuwissen, Esq. and Anthony Simon, Esq., Jackson, Mississippi. Comer Capital Group, Jackson, Mississippi, is serving as Financial Advisor to the County in connection with the sale and issuance of the Series 2016 Refunding Bonds. It is expected that delivery of the Series 2016 Refunding Bonds in definitive form will be made on or about April 28, 2016. This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of sell or to Preliminary shall this circumstances Under no Official Statement constitute an offer This Preliminary notice. without amendment or herein are subject to completion contained the information and Official Statement This Preliminary jurisdiction. such any of securities the priorqualification under or laws registration to unlawful be would sale solicitation, or jurisdiction these securitiesof sale such offer, which in any in any be shall there nor buy to an offer by the Issuer of these securitiesfor purposes within the meaning of Rule 15(c)2-12 SecuritiesOfficial Statement is deemed final Exchange Act of 1934 of such rule. * Preliminary, subject to change $6,085,000* HINDS COUNTY, MISSISSIPPI GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016A (Tax-Exempt) MATURITY SCHEDULE* Maturity Principal Interest (November 1) Amount* Rate Yield CUSIP** 2016 $50,000.00 2017 75,000.00 2018 10,000.00 2019 5,000.00 2020 500,000.00 2021 575,000.00 2022 605,000.00 2023 615,000.00 2024 640,000.00 2025 140,000.00 2026 145,000.00 2027 155,000.00 2028 160,000.00 2029 165,000.00 2030 175,000.00 2031 180,000.00 2032 185,000.00 2033 985,000.00 2034 200,000.00 2035 305,000.00 2036 215,000.00 $2,185,000* HINDS COUNTY, MISSISSIPPI TAXABLE GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016B MATURITY SCHEDULE* Maturity Principal Interest (November 1) Amount* Rate Yield CUSIP** 2018 $780,000.00 2019 805,000.00 2020 600,000.00 ___________________________________ * Preliminary, subject to change. **CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by Standard and Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP services. The CUSIP numbers listed above are being provided solely for the convenience of the holders of the Series 2016 Refunding Bonds only. The County and the Underwriter do not make any representation with respect to such numbers or undertake any responsibility for their accuracy. The CUSIP numbers are subject to being changed after the issuance of the Series 2016 Refunding Bonds as a result of various subsequent actions, including but not limited to a refunding in whole or in part of the Series 2016 Refunding Bonds. HINDS COUNTY, MISSISSIPPI BOARD OF SUPERVISORS Robert Graham, District 1 Darrel McQuirter, District 2 Peggy Hobson Calhoun, District 3 Mike Morgan, District 4 Bobby “Bobcat” McGowan, District 5 CLERK OF THE BOARD OF SUPERVISORS Eddie Jean Carr COUNTY ADMINISTRATOR Carmen Y. Davis COUNSEL TO COUNTY Pieter Teeuwissen and Anthony Simon Jackson, Mississippi FINANCIAL ADVISOR TO COUNTY Comer Capital Group Jackson, Mississippi BOND COUNSEL Baker, Donelson, Bearman, Caldwell & Berkowitz, PC Jackson, Mississippi UNDERWRITER'S COUNSEL Owens Moss, PLLC Jackson, Mississippi [THIS PAGE INTENTIONALLY LEFT BLANK] NO DEALER, BROKER, SALES REPRESENTATIVE OR OTHER PERSON HAS BEEN AUTHORIZED BY THE COUNTY OR THE UNDERWRITER SHOWN ON THE COVER HEREOF TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED HEREIN IN CONNECTION WITH THE OFFERING OF THE SERIES 2016 REFUNDING BONDS AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY ANY OF THE FOREGOING. THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SERIES 2016 REFUNDING BONDS NOR SHALL THERE BE ANY SALE OF THE SERIES 2016 REFUNDING BONDS BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH AN OFFER, SOLICITATION OR SALE. THE INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE COUNTY AND OTHER SOURCES THAT ARE BELIEVED TO BE RELIABLE. THE INFORMATION SET FORTH HEREIN CONCERNING DTC HAS BEEN FURNISHED BY DTC AND NO REPRESENTATION IS MADE BY THE COUNTY OR THE UNDERWRITER AS TO THE ACCURACY OR COMPLETENESS THEREOF. 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 COUNTY SINCE THE DATE HEREOF. THIS OFFICIAL STATEMENT CONTAINS FORECASTS, PROJECTIONS AND ESTIMATES THAT ARE BASED ON EXPECTATIONS AND ASSUMPTIONS WHICH EXISTED AT THE TIME SUCH FORECASTS, PROJECTIONS AND ESTIMATES WERE PREPARED. IN LIGHT OF THE IMPORTANT FACTORS THAT MAY MATERIALLY AFFECT ECONOMIC CONDITIONS IN THE COUNTY, THE INCLUSION IN THIS OFFICIAL STATEMENT OF SUCH FORECASTS, PROJECTIONS AND ESTIMATES SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE COUNTY THAT SUCH FORECASTS, PROJECTIONS AND ESTIMATES WILL OCCUR. SUCH FORECASTS, PROJECTIONS AND ESTIMATES ARE NOT INTENDED AS REPRESENTATIONS OF FACT OR GUARANTEES OF RESULTS. IF AND WHEN INCLUDED IN THIS OFFICIAL STATEMENT, THE WORDS "EXPECTS," "FORECASTS," "PROJECTS," "INTENDS," "ANTICIPATES," "ESTIMATES" AND ANALOGOUS EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS AND ANY SUCH STATEMENTS INHERENTLY ARE SUBJECT TO A VARIETY OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED.