NEW ISSUE
Moody’s: Aa3
Standard & Poor’s: AAFitch Ratings: AA
See “MISCELLANEOUS – Ratings” herein
BOOK-ENTRY ONLY
In the opinion of Bond Counsel, under existing laws, regulations, and judicial decisions, and assuming continued compliance by the
County with certain covenants in the Bond Ordinance, interest on the Series 2008 Bonds is exempt from present State of Georgia income taxation, is
excluded from gross income for federal income tax purposes, and is not an item of tax preference for purposes of the federal alternative minimum tax
imposed on individuals and corporations; provided, however, with respect to corporations (as defined for federal income tax purposes), such interest
is taken into account in determining adjusted current earnings for the purpose of computing the federal alternative minimum tax imposed on such
corporations. The opinion contains greater detail, and is subject to exceptions, as noted in “LEGAL MATTERS - Opinion of Bond Counsel” herein.
$220,020,000
EXAMPLE COUNTY, GEORGIA
Water and Sewerage Revenue Bonds,
Series 2008
Dated: Date of Delivery
Due: February 1, as shown below
The Water and Sewerage Revenue Bonds, Series 2008 (the “Series 2008 Bonds”) are being issued by the Example County, Georgia (the
“County”) for the purpose of providing funds to (i) pay the costs of making renovations, additions, extensions and expansions to a portion of the
County’s water and sewerage system (as now existent and as hereafter added to, improved and equipped, the “System”), (ii) fully fund the debt
service reserve account and (iii) pay the costs of issuing the Series 2008 Bonds. See “PLAN OF FINANCING” herein.
Interest on the Series 2008 Bonds is payable semiannually on February 1 and August 1 of each year, commencing on February 1, 2009.
See “INTRODUCTION - Description of the Series 2008 Bonds” herein.
The Series 2008 Bonds are special limited obligations of the County payable solely from and secured by a pledge of and lien on
revenues derived by the County from the operation of the System remaining after the payment of expenses of operating and maintaining the System.
See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2008 BONDS” herein.
The Series 2008 Bonds do not constitute a debt or general obligation of the County or a pledge of the faith and credit or taxing power of
the County. No governmental entity, including the County, is obligated to levy any tax for the payment of the Series 2008 Bonds. No recourse may
be had against the General Fund of the County for the payment of the Series 2008 Bonds.
The Series 2008 Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New
York (the “Securities Depository”). The Securities Depository will act as securities depository for the Series 2008 Bonds. Purchases will be made
only in book-entry form through the Participants (as herein defined) in the Securities Depository, and no physical delivery of the Series 2008 Bonds
will be made to the Beneficial Owners (as herein defined). Payment of principal and interest and premium, if any, on the Series 2008 Bonds will be
made to Beneficial Owners by the Securities Depository through its Participants. As long as Cede & Co. is the registered owner of the Series 2008
Bonds, as nominee of the Securities Depository, references herein to the holders of the Series 2008 Bonds or registered owners shall mean Cede &
Co., as aforesaid, and shall not mean the Beneficial Owners of the Series 2008 Bonds. See “THE SERIES 2008 BONDS” herein.
The Series 2008 Bonds are subject to optional and mandatory redemption prior to maturity, as more fully described herein. See “THE
SERIES 2008 Bonds” herein.
SEE MATURITY AND RATE OR YIELD SCHEDULES ON THE INSIDE FRONT COVER.
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
MAKING AN INFORMED INVESTMENT DECISION.
The Series 2008 Bonds are offered when, as, and if issued by the County and received by the Underwriters and subject to prior sale and to
withdrawal or modification of the offer without notice, and are subject to the approving opinion of Smith, Gambrell & Russell, LLP, Atlanta,
Georgia, Bond Counsel. Certain legal matters will be passed on for the County by its general counsel, and for the Underwriters by their counsel,
Miller & Martin PLLC, Atlanta, Georgia, Underwriters’ Counsel. The Series 2008 Bonds in definitive form are expected to be delivered through
The Depository Trust Company in New York, New York on or about October 30, 2008.
Citi
Merrill Lynch & Co.
Dated: October 30, 2008
_________________
Wachovia Securities
MATURITIES, PRINCIPAL AMOUNTS AND INTEREST RATES
Maturity
Principal
Amount
Interest
Rate
Maturity
Principal
Amount
Interest
Rate
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
$2,225,000
3,100,000
3,195,000
3,295,000
4,115,000
4,260,000
4,435,000
4,640,000
4,880,000
5,130,000
3.000%
3.000
3.100
3.500
4.000
4.000
4.000
4.250
5.000
5.000
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
$5,390,000
5,665,000
5,960,000
6,265,000
6,585,000
6,920,000
7,275,000
7,650,000
8,045,000
8,455,000
5.000%
5.000
5.000
5.000
5.250
5.300
5.400
5.400
5.500
5.500
$49,245,000 5.625% Term Bonds due January 1, 2033
$63,290,000 5.500% Term
PLAN OF FINANCING
Estimated Sources and Applications of Funds
The sources and applications of funds in connection with the issuance of the Series 2008 Bonds are estimated
below.
Estimated Sources of Funds:
Principal Amount of Series 2008 Bonds
Less: Net Original Issue Discount
Total Sources of Funds
$220,020,000
(4,344,000)
215,676,000
Estimated Applications of Funds:
Construction Fund
Costs of Issuance(1)
Debt Service Reserve Fund
198,265,000
1,411,000
16,000,000
Total Applications of Funds
215,676,000
________________
(1)
Includes legal and accounting fees, underwriters’ discount, engineering fees, initial Bond Registrar’s and Paying Agent’s fees,
printing and engraving costs, validation court costs, rating agencies’ fees, and other costs of issuance.
Debt Service Requirements
Following are the principal and interest payment requirements with respect to the Series 2008 Bonds, for the
years shown below. For purposes of calculating the principal payable in any year, the relevant maturity or mandatory
redemption amount is used.
Period Ending
June 30
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
Totals
Principal
$2,225,000
3,100,000
3,195,000
3,295,000
4,115,000
4,260,000
4,435,000
4,640,000
4,880,000
5,130,000
5,390,000
5,665,000
5,960,000
6,265,000
6,585,000
6,920,000
7,275,000
7,650,000
8,045,000
8,455,000
8,890,000
9,345,000
9,825,000
10,330,000
10,855,000
11,415,000
12,000,000
12,615,000
13,260,000
14,000,000
$220,020,000
Interest
Debt Service
Requirements
$4,736,621.67
10,482,200.00
10,387,775.00
10,290,425.00
10,179,275.00
10,032,350.00
9,858,450.00
9,653,750.00
9,415,750.00
9,165,500.00
8,902,500.00
8,626,125.00
8,335,500.00
8,029,875.00
7,708,625.00
7,371,000.00
7,016,125.00
6,643,000.00
6,250,625.00
5,838,125.00
5,404,500.00
4,948,625.00
4,469,375.00
3,965,500.00
3,435,875.00
2,879,125.00
2,293,750.00
1,678,375.00
1,031,500.00
350,000.00
$199,380,221.67
$6,961,621.67
13,582,200.00
13,582,775.00
13,585,425.00
14,294,275.00
14,292,350.00
14,293,450.00
14,293,750.00
14,295,750.00
14,295,500.00
14,292,500.00
14,291,125.00
14,295,500.00
14,294,875.00
14,293,625.00
14,291,000.00
14,291,125.00
14,293,000.00
14,295,625.00
14,293,125.00
14,294,500.00
14,293,625.00
14,294,375.00
14,295,500.00
14,290,875.00
14,294,125.00
14,293,750.00
14,293,375.00
14,291,500.00
14,350,000.00
$419,400,221.67