COLUMBIA COUNTY (GEORGIA) General Obligation Bonds, Series 2017
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PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 30, 2017 NEW ISSUE RATING: Fitch “AAA” BOOK-ENTRY ONLY Moody’s “Aaa” Standard & Poor’s “AA+” See “MISCELLANEOUS -Ratings” herein. In the opinion of Co-Bond Counsel, based upon an analysis of existing laws, regulations, rulings, and judicial decisions, and assuming, among other matters, the accuracy of certain representations and the continued compliance with certain covenants and tax law requirements, interest on the Bonds is excluded from gross income for federal income tax purposes and is not a specific tax preference item for purposes of the federal alternative minimum tax on individuals and corporations; however such interest is included in adjusted current earnings for the purpose of computing the alternative minimum tax imposed on certain corporations. Holders of the Bonds could be subject to the consequences of other provisions of the Internal Revenue Code of 1986, as amended. In the opinion of Co-Bond Counsel, interest on the Bonds is exempt from present State of Georgia income taxation. See Appendix B attached hereto for the form of the opinion Co-Bond Counsel proposes to deliver in connection with the issuance of the Bonds. For a more complete discussion of the tax status of the Bonds and certain other tax consequences relating to the Bonds, see “LEGAL MATTERS -Tax Status” herein. $60,000,000* COLUMBIA COUNTY (GEORGIA) General Obligation Bonds, Series 2017 Dated: Date of Issuance Principal Due: January 1, in the years shown on the inside cover The COLUMBIA COUNTY GENERAL OBLIGATION BONDS, SERIES 2017 (the “Bonds”) will be issued in registered form in the name of Cede & Co., as the nominee for The Depository Trust Company (“DTC”), New York, New York. Individual purchases of the Bonds must be made in book-entry form only in authorized denominations of $5,000 or any integral multiple thereof. Individual purchasers (“Beneficial Owners”) of the Bonds will not receive physical delivery of the Bonds. Transfers of the Bonds will be effected through a book-entry system as described herein. Interest on the Bonds will be payable on January 1 and July 1 of each year (each an “Interest Payment Date”), beginning January 1, 2018*. So long as DTC or its nominee is the registered owner of the Bonds, disbursements of payments of principal of and interest on the Bonds to DTC is the responsibility of U.S. Bank National Association, Atlanta, Georgia, as Paying Agent; disbursements of such payments to DTC Participants (defined herein) is the responsibility of DTC; and disbursements of such payments to the Beneficial Owners is the responsibility of Direct and Indirect Participants as more fully described herein. See “THE BONDS -Book-Entry Only System of Delivery of the Bonds” herein. Certain of the Bonds are subject to optional and mandatory redemption prior to maturity.* See “THE BONDS – Redemption of the Bonds” herein. The Bonds are being issued to provide funds to finance, in whole or in part, the costs of certain capital outlay projects for the use or benefit of the citizens of Columbia County (the County“ ”) and the costs of issuance of the Bonds. See “THE BONDS -Estimated Sources and Uses of Funds; and -The Projects” herein. Payment of the Bonds constitutes general obligation debt of the County. The Bonds are legal, valid, and binding enforceable obligations issued in accordance with the Constitution and laws of the State of Georgia. Debt service on the Bonds is payable from an ad valorem tax to be levied, without limitation as to rate or amount, upon all property in the County subject to taxation for bond purposes. Prior to the issuance of the Bonds, the governing body of the County will provide for the assessment and collection of an ad valorem tax on all property in the County subject to taxation for general obligation bond purposes, which will be sufficient to pay the principal of and interest on the Bonds as they become due and payable. THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THE BONDS OR THE SECURITY THEREFOR. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. The Bonds are offered when, as and if issued by the County and accepted by the Underwriter, subject to the approval of legality of the Bonds by Gray Pannell & Woodward LLP, Savannah, Georgia and Hull Barrett, PC, Evans, Georgia, Co-Bond Counsel. Certain legal matters relating to the Bonds will be passed on for the County by its counsel, Hull Barrett, PC, Evans, Georgia, and for the Underwriter by its counsel, Murray Barnes Finister LLP, Atlanta, Georgia. Gray Pannell & Woodward LLP, Savannah, Georgia, is acting as Disclosure Counsel to the County. Delivery of the Bonds in definitive form is expected to be made through DTC in New York, New York, on or about February __, 2017. Jefferies Official Statement dated: February __, 2017. This Preliminary Official Statement and the information contained herein are subject to change, completion or amendment without notice. The Bonds may not be sold nor may offers to buy be accepted prior to the time Official Statement to offers not be sold nor may The Bonds may This Preliminary completion or amendment without notice. contained herein are subject to change, Official Statement and the information solicitation any jurisdictionany sale of the Bonds in in which such offer, nor shall there be buy, to Under no circumstances shall this Preliminary to sell or a solicitation of an offer Official Statement constitute an offer form. in final is delivered prior of such jurisdiction. or qualification under the securities to registration be unlawful laws or sale would * Preliminary, subject to change. $60,000,000* COLUMBIA COUNTY (GEORGIA) General Obligation Bonds, Series 2017 MATURITY SCHEDULE* Principal Interest Price or Maturity Amount Rate Yield CUSIP1 2019 $1,915,000 2020 2,105,000 2021 2,185,000 2022 2,275,000 2023 2,390,000 2024 2,505,000 2025 2,635,000 2026 2,765,000 2027 2,900,000 2028 3,045,000 2029 3,200,000 2030 3,360,000 2031 3,525,000 2032 3,705,000 2033 3,890,000 2034 4,085,000 2035 4,290,000 2036 4,500,000 2037 4,725,000 _______________ 1 CUSIP numbers have been assigned by an organization not affiliated with the County and are included for the convenience of the holders of the Bonds. The County is not responsible for the selection or uses of these CUSIP numbers, nor is any representation made as to their accuracy on the Bonds, as indicated above. COLUMBIA COUNTY, GEORGIA Board of Commissioners Ron C. Cross, Chairman Douglas R. Duncan, Jr., Vice Chairman James E. Allen, III William D. Morris Gary L. Richardson Appointed Officials Scott D. Johnson, County Administrator Leanne C. Reece, Director of Internal Services Patrice Crawley, County Clerk COUNTY ATTORNEY Hull Barrett, PC Evans, Georgia CO-BOND COUNSEL Gray Pannell & Woodward LLP Savannah, Georgia Hull Barrett, PC Evans, Georgia DISCLOSURE COUNSEL Gray Pannell & Woodward LLP Savannah, Georgia UNDERWRITER Jefferies LLC Atlanta, Georgia UNDERWRITER’S COUNSEL Murray Barnes Finister LLP Atlanta, Georgia COUNTY’S INDEPENDENT AUDITORS Cherry Bekaert LLP Augusta, Georgia [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS Page INTRODUCTION ........................................................................................................................................ 1 The County ................................................................................................................................................... 1 Security and Sources of Payment for the Bonds ........................................................................................... 1 Purpose of the Bonds .................................................................................................................................... 1 Bond Registrar and Paying Agent ................................................................................................................. 2 Description of the Bonds .............................................................................................................................. 2 Tax Status ..................................................................................................................................................... 2 Professionals Involved in the Offering ......................................................................................................... 3 Terms of the Offering ................................................................................................................................... 3 Continuing Disclosure .................................................................................................................................. 3 Additional Information ................................................................................................................................. 3 THE BONDS ................................................................................................................................................ 4 General Description ...................................................................................................................................... 4 Redemption of the Bonds .............................................................................................................................. 4 Book-Entry Only System of Delivery of the Bonds ..................................................................................... 6 Authority for Issuance