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THE CITY of PHILADELPHIA, PENNSYLVANIA F Unds GENERAL OBLIGATIONBONDS,SERIES2017A

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THE CITY of PHILADELPHIA, PENNSYLVANIA F Unds GENERAL OBLIGATIONBONDS,SERIES2017A PRELIMINARY OFFICIAL STATEMENT DATED JUNE 29, 2017 NEW ISSUE—BOOK-ENTRY ONLY RATINGS: See “RATINGS” herein. In the opinion of Co-Bond Counsel, interest on the 2017A Bonds will be excluded from gross income for federal income tax purposes under existing statutes, regulations, rulings and court decisions, subject to the conditions described in “TAX MATTERS” herein. In addition, interest on the 2017A Bonds will not be treated as an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (the “Code”), for purposes of the individual and corporate alternative minimum taxes; however, under the Code, such interest may be subject to certain other taxes affecting corporate holders of the 2017A Bonds. Under the existing laws of the Commonwealth of Pennsylvania, interest on the 2017A Bonds will be free from Pennsylvania personal income taxation and Pennsylvania corporate net income taxation but such exemption does not extend to gift, estate, succession or inheritance taxes or any other taxes not levied or assessed directly on the 2017A Bonds or the interest thereon. For a more complete discussion, see “TAX MATTERS” herein. $347,850,000* THE CITY OF PHILADELPHIA, PENNSYLVANIA GENERAL OBLIGATION BONDS, SERIES 2017A Dated: Date of Delivery Due: August 1, as shown on inside cover page Defined Terms. All capitalized terms that are not otherwise defined on this cover page have the meanings provided to such terms in this Official Statement. The 2017A Bonds. The City of Philadelphia, Pennsylvania (the “City”), a corporation, body politic and city of the first class existing under the laws of the Commonwealth of Pennsylvania, is issuing the above-referenced bonds (the “2017A Bonds”). Purpose. The 2017A Bonds are being issued for the purpose of providing funds to (i) pay the costs of certain projects in the City’s capital budgets, (ii) refund a portion of certain series of the City’s outstanding general obligation bonds, as more particularly described herein, and (iii) pay the costs relating to the issuance of the 2017A Bonds. See “PLAN OF FINANCE AND ESTIMATED SOURCES AND USES OF FUNDS” herein. Security. The 2017A Bonds are general obligations of the City, and the full faith, credit and taxing power of the City are pledged for the payment of the principal of and interest on the 2017A Bonds when due. The City has covenanted that, so long as the 2017A Bonds remain outstanding, it will make payments out of its sinking fund or any other of its general revenues or funds at such times and in such annual amounts as shall be sufficient for the payment of interest thereon and the principal thereof when due, whether at maturity or redemption. See “SECURITY FOR THE 2017A BONDS” herein. Redemption. The 2017A Bonds are subject to redemption prior to maturity, as described herein. See “THE 2017A BONDS – Redemption Provisions” herein. Interest Payment Dates. Interest on the 2017A Bonds is payable semiannually on each February 1 and August 1, commencing February 1, 2018. Tax Status. For information on the tax status of the 2017A Bonds, see the italicized language at the top of this cover page and “TAX MATTERS” herein. Delivery Date. It is expected that the 2017A Bonds will be available for delivery to DTC on or about August __, 2017. This cover page contains certain information for quick reference only. It is not a summary of the 2017A Bonds or this Official Statement. Investors must read the entire Official Statement, including the Appendices, which are an integral part hereof, to obtain information essential to the making of an informed investment decision regarding the 2017A Bonds. The 2017A Bonds are offered when, as and if issued by the City and accepted by the Underwriters and subject to the approval of the legality of the issuance of the 2017A Bonds by Cozen O’Connor and Ahmad Zaffarese LLC, Co-Bond Counsel, both of Philadelphia, Pennsylvania. Certain legal matters will be passed upon for the City by the City of Philadelphia Law Department, and for the Underwriters by their counsel, Dilworth Paxson LLP, Philadelphia, Pennsylvania. Hawkins Delafield & Wood LLP and the Law Office of Ann C. Lebowitz, Philadelphia, Pennsylvania, Co-Disclosure Counsel to the City, will each deliver an opinion to the City and the Underwriters regarding certain matters. Citigroup Ramirez & Co., Inc. Goldman Sachs & Co. LLC Quoin Capital Janney Montgomery Scott Rice Financial Products Company Jefferies Dated: July __, 2017 The information in this Preliminary Official Statement is not complete and may be changed. This Preliminary Official Statement is not an offer to sell the referenced Bonds and is not soliciting an offer to buy the Bonds in any state or other buy the Bonds in to Bonds and is not soliciting an offer This Preliminary to sell the referenced Official Statement is not an offer in this Preliminary be changed. The information Official Statement is not complete and may or sale is not permitted.jurisdiction where the offer * Preliminary, subject to change. MATURITIES, AMOUNTS, INTEREST RATES, PRICES, YIELDS, AND CUSIPS† $347,850,000∗ The City of Philadelphia, Pennsylvania General Obligation Bonds, Series 2017A Maturity* Principal Interest CUSIP† (August 1) Amount* Rate Price Yield 717813 2018 $7,745,000 2019 8,025,000 2020 8,435,000 2021 9,990,000 2022 12,440,000 2023 13,075,000 2024 19,090,000 2025 19,505,000 2026 26,025,000 2027 23,255,000 2028 24,450,000 2029 13,230,000 2030 13,910,000 2031 14,620,000 2032 20,635,000 2033 21,695,000 2034 22,810,000 2035 23,975,000 2036 25,200,000 2037 19,740,000 ∗ Preliminary, subject to change. † CUSIP is a registered trademark of the American Bankers Association (the “ABA”). CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the ABA by S&P Global Market Intelligence, a part of S&P Global Inc. The CUSIP numbers listed above are being provided solely for the convenience of the holders of 2017A Bonds only at the time of issuance of the 2017A Bonds and the City, the Fiscal Agent and the Underwriters do not make any representation with respect to such CUSIP numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP numbers are subject to being changed after the issuance of the 2017A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the 2017A Bonds or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that may be applicable to all or a portion of the 2017A Bonds. THE CITY OF PHILADELPHIA, PENNSYLVANIA _______________________ MAYOR HONORABLE JAMES F. KENNEY ______________________ _______________________ MAYOR’S CHIEF OF STAFF Jane Slusser ______________________ MAYOR’S CABINET Michael DiBerardinis ........................................................................................................ Managing Director Rob Dubow ...................................................................................................................... Director of Finance Sozi Pedro Tulante, Esq. ............................................................................................................ City Solicitor Nina Ahmad ....................................................................................... Deputy Mayor for Public Engagement Nolan Atkinson ...................................................................................... Chief Diversity & Inclusion Officer James Engler .................................................................................... Deputy Mayor for Policy & Legislation Harold Epps. ................................................................................................................... Commerce Director Anne Fadullon ...................................................................................... Director of Planning & Development Otis Hackney ............................................................................................................. Chief Education Officer Sheila Hess ...................................................................................................................... City Representative Ellen Kaplan................................................................................................................ Chief Integrity Officer Amy Kurland ...................................................................................................................... Inspector General Richard Lazer ........................................................................................... Deputy Mayor for Labor Relations Deborah Mahler ...................................................................... Deputy Mayor for Intergovernmental Affairs Christine Derenick-Lopez ................................................................................. Chief Administrative Officer ______________________ CITY TREASURER Rasheia Johnson ______________________ ______________________ CITY CONTROLLER Alan L. Butkovitz ______________________ No Offering May Be Made Except by this Official Statement. No dealer, broker, salesperson or other person has been authorized by the City or the Underwriters to give any information or to make representations, other than as contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the City or the Underwriters. The offering of the 2017A Bonds is made only by means of this entire Official Statement.
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