PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 11, 2017 NEW ISSUES – BOOK ENTRY ONLY RATINGS: S&P(Underlying): “BBB+”(stable) S&P(Insured): “AA”(stable) (See “Ratings” herein) In the opinion of Bond Counsel, under the Internal Revenue Code of 1986, as amended (the “Code”), as presently construed and administered, and assuming continued compliance by the Authority with certain covenants made in the Indenture, the interest income on the Series 2017 Bonds will be excludable from gross income of the recipients thereof for Federal income tax purposes, and the interest income on the Series 2017 Bonds will not be an item of tax preference for the purpose of computing the liability of individuals and corporations for the alternative minimum tax imposed by Section 55 of the Code. However, see “TAX EXEMPTION” herein for certain other federal tax consequences to the recipients of the interest income on the Series 2017 Bonds. In the opinion of Bond Counsel, the interest income on the Series 2017 Bonds will be exempt from present Alabama income taxation. See “TAX EXEMPTION” herein. MOBILE AIRPORT AUTHORITY $5,840,000* Airport Revenue Bonds Series 2017 Dated: Date of Delivery Due: October 1, as shown on the inside cover The Series 2017 Bonds are limited obligations of the Authority and not obligations of the State of Alabama, the City of Mobile, Mobile County, or any other political subdivision. The Series 2017 Bonds will be payable solely from certain revenues herein described and from certain funds pledged under the Trust Indenture between the Authority and Regions Bank, as Trustee, as described herein (except to the extent that the Series 2017 Bonds may be paid from investment income or, under certain circumstances, proceeds from sales of property), and will be secured by a pledge of the revenues out of which they are payable and certain other funds pledged under said Trust Indenture, as more fully described herein. The Authority has no taxing power. The Series 2017 Bonds will be subject to redemption prior to maturity as described herein. Interest on the Series 2017 Bonds will be payable on each April 1 and October 1, commencing April 1, 2018. The scheduled payment of principal of and interest on the Series 2017 Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Series 2017 Bonds by Assured Guaranty Municipal Corp. FOR MATURITIES, AMOUNTS, RATES, PRICE AND CUSIP NUMBERS, SEE INSIDE COVER. The Series 2017 Bonds when issued will be issued in the name of and held by Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Series 2017 Bonds. Purchases of beneficial interests in the Series 2017 Bonds will be made in book-entry form, in principal amounts of $5,000 or any integral multiple thereof. Except as herein described purchasers will not receive certificates representing their beneficial interests in the Series 2017 Bonds. So long as DTC or its nominee, Cede & Co., is the registered owner of the Series 2017 Bonds, payments of principal and interest will be made directly to DTC or to such nominee. Disbursement of such payments to Direct Participants is the responsibility of DTC, and disbursement of such payments to be beneficial owners is the responsibility of Direct Participants and Indirect Participants of DTC, all as more fully described herein. The Series 2017 Bonds are offered when, as and if issued by the Authority and accepted by the Underwriter, subject to prior sale or withdrawal or modification of the offer without notice, and subject to receipt of the approving legal opinion of Maynard, Cooper & Gale, P.C., of Mobile, Alabama, Bond Counsel. It is expected that the Series 2017 Bonds in definitive form will be available for delivery in New York, New York, on or about December ____, 2017. HARBOR FINANCIAL SERVICES, LLC This Preliminary Official Statement has not been approved by the Authority, and the information herein is subject to completion and amendment without notice. Under no circumstances shall this Preliminary Official Statement constitute an herein is subject to completion and amendment without notice. and the information Authority, by the This Preliminary Official Statement has not been approved prior or qualification under the to registration be unlawful solicitation or sale would jurisdiction herein in any in which such offer, sale of the Series nor shall there be any 2017 Bonds referenced to buy, to sell or the solicitation of an offer offer prior to the deliveryavailable of these securities. Official Statement will be made A definitive of such jurisdiction. securities laws * Preliminary, subject to change. Mobile Airport Authority $5,840,000 Airport Revenue Bonds Series 2017 Maturities, Principal Amounts, Interest Rates, Prices or Yields and CUSIP Numbers Year Principal Interest Price/Yield CUSIP Amount Rate 2018 $180,000 2019 140,000 2020 150,000 2021 145,000 2022 150,000 2023 150,000 2024 0 2025 0 2026 0 2027 0 2028 0 2029 1,170,000 2030 1,215,000 2031 1,250,000 2032 1,290,000 Total $5,840,000 Preliminary, subject to change. Assured Guaranty Municipal Corp. (“AGM”) makes no representation regarding the Series 2017 Bonds or the advisability of investing in the Series 2017 Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading “Bond Insurance” and “Exhibit D - Specimen Municipal Bond Insurance Policy”. 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 2017 Bonds to any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. No dealer, broker, salesman or other person has been authorized by the Authority or the Underwriter to give any information or to make any representations other than as contained in this Official Statement in connection with the offering of the Series 2017 Bonds. If given or made, such other information or representation must not be relied upon as having been authorized by the Authority or the Underwriter. The Series 2017 Bonds will not be registered under the Securities Act of 1933, as amended, and the Authority and the Underwriter do not intend to list the Series 2017 Bonds at any stock or other securities exchange. The Securities and Exchange Commission has not passed upon the accuracy or adequacy of this Official Statement. With respect to the various States in which the Series 2017 Bonds may be offered, no attorney general, state official, state agency or bureau or other state or local governmental entity has passed upon the accuracy or adequacy of this Official Statement or passed upon or endorsed the merits of this offering of the Series 2017 Bonds. The information set forth herein has been obtained from the Authority and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the Underwriter or any of such sources as to information from any other source. The information and expressions of opinions 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 aforementioned entities or any other person since the date hereof. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2017 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE SERIES 2017 BONDS TO CERTAIN DEALERS AND DEALER BANKS AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICE STATED ON THE COVER PAGE HEREOF, AND SAID PUBLIC OFFERING PRICE MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. MOBILE AIRPORT AUTHORITY 1891 Ninth Street Mobile, Alabama 36615 (251) 438-7334 BOARD OF DIRECTORS Elliot B. Maisel, Chairman W. Lance Covan, Vice-Chairman/Treasurer Michael E. Pierce, Secretary Patricia G. Edington, Director of Governmental and Public Affairs Herbert A. Meisler, Past Chairman ADMINISTRATION Chris Curry, Executive Director Thomas G. Hughes, Deputy Executive Director Judith A. Wright, Director - Finance & Administration Jennifer Shearer, Director of Aviation Michelle Melton, Director of Real Estate and Development Russell Stallings, Director of Capital Improvements AUDITOR Wilkins Miller, LLC Mobile, Alabama BOND COUNSEL Maynard, Cooper & Gale, P.C. Mobile, Alabama COUNSEL TO THE AUTHORITY Maynard, Cooper & Gale, P.C. Mobile, Alabama TABLE OF CONTENTS SUMMARY STATEMENT ................................................................................................................................... 1 INTRODUCTION ................................................................................................................................................. 6 Changes to the Preliminary Official Statement ............................................................................................ 7 DESCRIPTION OF SERIES 2017 BONDS ..........................................................................................................