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The Utilities Board of the City of Daphne (Alabama)

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The Utilities Board of the City of Daphne (Alabama) PRELIMINARY OFFICIAL STATEMENT DATED MARCH 28, 2016 NEW ISSUE – BOOK-ENTRY ONLY Rating:* Standard & Poor's: AA- In the opinion of Bond Counsel, assuming compliance by the Board with certain covenants set forth in the Indenture herein referred to with respect to certain conditions imposed by Section 103 of the Internal Revenue Code of 1986, as amended ("the Code"), the interest income on the Series 2016 Bonds (a) will be excludable from gross income of the recipients thereof for Federal income tax purpose and (b) will not be an item of tax preference included in alternative minimum taxable income for the purpose of computing the alternative minimum tax on individuals and corporations under the Code. However, see "Tax Exemption" herein for certain other federal tax consequences to the recipients of the interest income on the Series 2016 Bonds. In the opinion of Bond Counsel, the interest income on the Series 2016 Bonds will be exempt from Alabama income taxation. $5,385,000 THE UTILITIES BOARD OF THE ction in which such offer, solicitation or sale would lable prior to the delivery of these securities. CITY OF DAPHNE (ALABAMA) Water, Gas and Sewer Revenue Bonds Series 2016 Dated: Date of Delivery Due: December 1, as shown on the inside cover ion and amendment without notice. Under no circumstances shall this t The Series 2016 Bonds are issuable as fully registered bonds in the denomination of $5,000 or any integral multiple thereof. The Series 2016 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, New York, New York ("DTC"). Purchases of beneficial interests in the Series 2016 Bonds will be made in book-entry form only and purchasers of a beneficial interest in the Series 2016 Bonds ("Beneficial Owners") will not receive physical delivery of the certificates representing their interests in the Series 2016 Bonds. The principal of and interest on the Series 2016 Bonds will be paid directly to DTC, so long as DTC or its nominee is the registered owner of the Series 2016 Bonds. The final disbursements of such payments to the Beneficial Owners of the Series 2016 Bonds will be the responsibility of the DTC Participants and the Indirect Participants, all as defined and more fully described in this Official Statement under the caption "THE SERIES 2016 BONDS -Book-Entry Only System." The Series 2016 Bonds are being issued to provide funds necessary to refund certain outstanding obligations of the Board and to pay the costs of issuance of the Series 2016 Bonds. The Series 2016 Bonds, which will be issued bonds under a Trust Indenture dated as of April 1, 2016, from the Board to The Bank of New York Mellon Trust Company, National Association, Birmingham, Alabama, together with any Additional Bonds hereafter issued, will constitute limited obligations of the Board, payable out of the revenues derived from the operation of the Systems defined herein after payment of the costs of operating and maintaining the Systems, subject to the prior pledge of the said revenues for the benefit of certain outstanding bonds of the Board. Neither the full faith and credit of the Board nor that of the City of Daphne are pledged for payment of the principal of and the interest on the Series 2016 Bonds. The Series 2016 Bonds are subject to redemption prior to their respective maturities as described herein. The Series 2016 Bonds are offered when, as and if issued, subject to the approval of the validity thereof by Hand Arendall LLC, Mobile, Alabama, Bond Counsel. Certain legal matters will be passed upon for the Board by Speegle, Hoffman, Holman & Holifield, LLC, Mobile, Alabama, counsel to the Board. It is expected that the Series 2016 Bonds will be available for delivery through DTC on or about _____________, 2016. HARBOR FINANCIAL SERVICES, LLC Dated _______________, 2016 *For an explanation of Rating, see "Rating" herein. Preliminary. Subject to change. This Preliminary Official Statement has not been approved by the Authority, and the information herein is subject to comple Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdi be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A definitive Official Statement will be made avai Amounts, Maturities, Interest Rates, Yields and CUSIPS Maturity Principal Interest (December 1) Amount Rate Yield CUSIPS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 $_________ ______% Bonds Due ___________, ____ Yield: _____% Cusip No. _______* $_________ ______% Bonds Due ___________, ____ Yield: _____% Cusip No. _______* CUSIP Numbers have been assigned to the Series 2016 Bonds by Standard & Poor’s, CUSIP Service Bureau, a division of the McGraw-Hill Companies, Inc. and are included solely for the convenience of the holders of the Series 2016 Bonds. The Board and the Underwriter are not responsible for the selection, uses or correctness (as listed above) of, or subsequent changes to, CUSIP numbers assigned to the 2016 Bonds. THE UTILITIES BOARD OF THE CITY OF DAPHNE Members of the Board of Directors Robert Segalla, Chairman Randy Fry, Vice Chairman Billy Mayhand, Secretary-Treasurer Dane Haygood Selena Vaughn General Manager Danny Lyndall Finance Manager Teresa Logiotatos Board Counsel Speegle, Hoffman, Holman & Holifield, LLC Mobile, Alabama Bond Counsel Hand Arendall LLC Mobile, Alabama No dealer, broker, salesman or other person has been authorized by The Utilities Board of the City of Daphne, or the Underwriter 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 any of the foregoing. 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 Series 2016 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 from The Utilities Board of the City of Daphne, and other sources which are believed to be reliable, but it is not guaranteed as to accuracy or completeness by, and is not to be construed as a representation of, the Underwriter. The delivery of this Official Statement at any time does not imply that any information herein is correct as of any time subsequent to this date. TABLE OF CONTENTS Page INTRODUCTORY STATEMENT ...............................................................................................................................1 THE SERIES 2016 BONDS..........................................................................................................................................2 SECURITY FOR THE SERIES 2016 BONDS.............................................................................................................6 CURRENT REFUNDING OF THE REFUNDED SRF BONDS .................................................................................7 SOURCES AND USES OF FUNDS.............................................................................................................................7 THE BOARD ................................................................................................................................................................7 THE SYSTEMS ............................................................................................................................................................8 FINANCIAL INFORMATION...................................................................................................................................15 ESTIMATED DEBT SERVICE REQUIREMENTS FOR THE.................................................................................17 PRIOR LIEN BONDS, THE SERIES 2016 BONDS .................................................................................................17 AND THE SUBORDINATED SRF BOND................................................................................................................17 ECONOMIC AND DEMOGRAPHIC INFORMATION ...........................................................................................18 EMPLOYEE RETIREMENT PLAN ..........................................................................................................................22 TAX EXEMPTION.....................................................................................................................................................22 RATING......................................................................................................................................................................24 FINANCIAL STATEMENTS.....................................................................................................................................25 UNDERWRITING ......................................................................................................................................................25 LITIGATION AND CONTINGENT LIABILITIES ..................................................................................................25 CONTINUING DISCLOSURE AGREEMENT .........................................................................................................25 LEGAL MATTERS ....................................................................................................................................................25
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