PRELIMINARY OFFICIAL STATEMENT (P.O.S.) – A preliminary version of the official statement, which is used to describe the proposed new issue of municipal securities prior to the determination of the interest rate(s) and offering price(s).  The preliminary official statement may be used to gauge interest in an issue and is often relied upon by potential purchasers in making their investment decisions.  Normally, offers for the sale of or acceptance of securities are not made on the basis of the preliminary official statement and a statement to that effect appears on the face of the document generally in red print, which gives the document its nickname, “red herring.”  Compare:  OFFICIAL STATEMENT.