in Mississippi

amount of bonds proposed to be issued and the purpose for which the bonds are to be
issued, and specifying the date upon which the governing authority proposes to direct the
issuance of the bonds. Generally, with respect to general obligation bonds, the resolution
of intent must be published in a newspaper published in the county (if there is one) at
certain times and "posted" under certain conditions (e.g., Code, § 19-9-11).
2. Protest; Authorization
If, on or before the date of issuance of the bonds, a proper written protest is filed against
the issuance of the bonds, an election on the question of the bonds must be called. It
should be noted that the board of supervisors, in its discretion, may call an election on the
question of the issuance of certain types of bonds. If no election is required for the
issuance of the bonds or if a required election is successful, the board of supervisors of
the county will adopt a resolution authorizing the issuance of the bonds.
3. Official Statement Preparation and Distribution of Preliminary Official Statement
The Official Statement (or disclosure document) describes in detail the financial
resources and liabilities of the issuer relevant to the proposed bonds, and the details and
security pertaining to the proposed bond issue. Investors and underwriters base their
decision to commit funds to the issue, in large part, upon the information found in the
Official Statement. The Official Statement is also used by the bond rating firm, if any, in
assigning a rating to the issue. The Official Statement is referred to as the “Preliminary”
Official Statement prior to the bond sale to an underwriter, before re-offering by the
underwriter.
4. Notice of Sale (for non-negotiated bonds)
The board of supervisors will adopt and publish a Notice of Bond Sale for receipt of bids
on non-negotiated bonds. The Notice of Bond Sale, a copy of the Preliminary Official
Statement (if any), a designation of the bond rating (if applicable), information
concerning bond insurance (if applicable), and bid forms are usually disseminated or
otherwise made available to prospective investors (financial institutions, underwriters,
etc.).
5. Bond Rating
The bond rating (usually done by Moody's Investors Service, Standard and Poor's Ratings
Services or Fitch Ratings) is in effect a credit evaluation of the bond issue—a shorthand
description of the county's credit worthiness with regard to the proposed bonds. In
general, the higher the bond rating, the lower the interest rate for sale of the bonds by the
county. Bond ratings are obtained only upon payment of a fee, and are usually obtained
only by larger issuers or for larger issues in Mississippi.
139