Preliminary Official Statement (“POS”)

The type of Offering Document circulated prior to the determination of the Interest Rates and certain other terms of the Bonds when it is anticipated or known the Bonds will be purchased by an Underwriter and resold to the public.  In a Competitive Sale, a POS is used by the Issuer to gauge Underwriters’ interest in the Bonds.  In a Negotiated Sale, a POS is used by Underwriter(s) to gauge interest by prospective purchasers and to facilitate the pricing of the Bonds.  Normally, offers for the sale of the Bonds are not made based on the Preliminary Official Statement, and a statement to that effect appears on its face in red print, which is the origin of the “red herring” nickname of the Preliminary Official Statement.

See Also

Offering Document

The document prepared by, or for, the Issuer and distributed to investors to provide disclosure with respect to one or more issues of bonds. 

Hudson Yards Rail Yards

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Form 8038 (IRS)

Form required to establish and maintain the federal income tax-exempt status of the interest on tax-exempt bonds. Known as Form 8038-G for governmental bonds.