$23,815,000* City of Reading Berks County, Pennsylvania General Obligation Bonds, Series of 2017
PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 15, 2017 NEW ISSUE RATINGS: Moody’s Underlying Baa2 (Stable Outlook) BOOK ENTRY S&P Insured AA (Stable Outlook) See “RATINGS” herein In the opinion of Stevens & Lee, P.C., Reading, Pennsylvania, Bond Counsel, assuming continuing compliance by the City with certain covenants to comply with provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and any applicable regulations thereunder, interest on the Bonds is not includable in gross income under Section 103(a) of the Code and interest on the Bonds is not an item of tax preference for purposes of the federal individual and corporate alternative minimum taxes, see “TAX MATTERS - Tax Exemption” in this Official Statement. Other provisions of the Code may affect purchasers and holders of the Bonds. See “TAX MATTERS – Federal Income Tax Treatment of the Bonds” herein for a brief description of these provisions. Under the laws of the Commonwealth of Pennsylvania, the Bonds and interest on the Bonds shall be free from taxation for State and local purposes within the Commonwealth of Pennsylvania, but this exemption does not extend to gift, estate, succession or inheritance taxes or any other taxes not levied or assessed directly on the Bonds or the interest thereon. Under the laws of the Commonwealth of Pennsylvania, profits, gains or income derived from the sale, exchange or other disposition of the Bonds shall be subject to State and local taxation within the Commonwealth of Pennsylvania. $23,815,000* CITY OF READING BERKS COUNTY, PENNSYLVANIA GENERAL OBLIGATION BONDS, SERIES OF 2017 Dated: Date of Delivery Principal Due: November 1 Interest Due: May 1 and November 1 First Interest Payment: May 1, 2017 The City of Reading, Berks County, Pennsylvania (the “City”) will issue its General Obligation Bonds, Series of 2017 (the “Bonds”), in fully registered form, without coupons in denominations of $5,000 or any integral multiples thereof.
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