$251,795,000* the School District of Philadelphia General Obligation Bonds, Series a of 2018
PRELIMINARY OFFICIAL STATEMENT DATED MARCH 15, 2018 NEW ISSUE - BOOK-ENTRY-ONLY RATINGS: (See “Ratings” herein) In the opinion of Bond Counsel, under existing statutes, regulations, rulings and court decisions, interest on the Bonds will not be includible in gross income of the holders thereof for federal income tax purposes, assuming continuing compliance by the School District with the requirements of the Internal Revenue Code of 1986, as amended. Interest on the Bonds will not be a specific preference item for purposes of computing the federal alternative minimum tax (“AMT”) on individuals. Under the laws of the Commonwealth of Pennsylvania, as enacted and construed on the date hereof, the Bonds are exempt from personal property taxes and interest on the Bonds is exempt from Pennsylvania personal income tax and Pennsylvania corporate net income tax. See “TAX MATTERS” herein. $251,795,000* THE SCHOOL DISTRICT OF PHILADELPHIA GENERAL OBLIGATION BONDS, SERIES A OF 2018 Dated: Date of Delivery Due: As Shown on Inside Cover Page The $251,795,000* School District of Philadelphia General Obligation Bonds, Series A of 2018 (the “Bonds”) are issuable as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Bonds. Purchases of beneficial ownership interests in the Bonds will be made in book- entry-only form. Beneficial Owners will not receive certificates representing their ownership interests in the Bonds. The Bonds will be issuable in denominations of $5,000 or any integral multiple thereof.
[Show full text]