City of Greensboro, North Carolina

PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 12, 2016 New Issue/Book-Entry Only Ratings: Fitch: AAA Moody’s: Aaa S&P: AAA (See “RATINGS” herein) This Official Statement has been prepared by the City of Greensboro, North Carolina (the “City”) to provide information in connection with the sale and issuance of the bonds described herein (the “Bonds”). Selected information is presented on this cover page for the convenience of the user. To make an informed decision regarding the Bonds, a prospective investor should read this Official Statement in its entirety. Unless otherwise indicated, capitalized terms used on this cover page have the meanings given in this Official Statement. $61,065,000* CITY OF GREENSBORO, NORTH CAROLINA General Obligation Refunding Bonds Series 2016 Dated: Date of Delivery Due: February 1, as shown on inside cover page Tax Treatment: In the opinion of Hawkins Delafield & Wood LLP, Co-Bond Counsel to the City, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, interest on the Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. In addition, in the opinion of Hawkins Delafield & Wood LLP, under existing statutes, interest on the Bonds is exempt from income taxes imposed by the State of North Carolina. See “TAX TREATMENT” herein regarding certain other tax considerations. Redemption: The Bonds are subject to optional redemption at the times and price described herein. Security: The Bonds constitute general obligations of the City, secured by a pledge of the faith and credit and taxing power of the City. Interest Payment Dates: February 1 and August 1, beginning February 1, 2017. Denominations: $5,000 or any integral multiple thereof. Expected Delivery Date: October 20, 2016. Professionals: Hawkins Delafield & Wood LLP, New York, New York, and McKenzie & Associates, Washington, D.C., Co-Bond Counsel; Tom Carruthers, Esq., Greensboro, North Carolina, City Attorney; Womble Carlyle Sandridge & Rice, LLP, Raleigh, North Carolina, counsel to the Underwriters; and DEC Associates, Inc., Charlotte, North Carolina, Financial Advisor. Wells Fargo Securities Loop Capital Markets September __, 2016 THIS PRELIMINARY OFFICIAL STATEMENT AND THE INFORMATION CONTAINED HEREIN ARE SUBJECT TO COMPLETION OR AMENDMENT IN A FINAL OFFICIAL STATEMENT. Under no circumstances shall this Preliminary COMPLETION OR AMENDMENT IN A FINAL OFFICIAL STATEMENT. TO HEREIN ARE SUBJECT CONTAINED THE INFORMATION AND OFFICIAL STATEMENT THIS PRELIMINARY prior or to registration would be unlawful solicitation or sale jurisdiction in any in which such offer, hereby sale of the Bonds offered and there shall not be any buy, to to sell or the solicitation of an offer Official Statement constitute an offer of that jurisdiction.qualification under the securities laws * Preliminary; subject to change. MATURITY SCHEDULE* Due Principal Interest February 1 Amount Rate Yield CUSIP** 2017 $ 640,000 2018 2,730,000 2019 4,860,000 2020 4,825,000 2021 4,825,000 2022 4,825,000 2023 4,840,000 2024 4,190,000 2025 4,190,000 2026 2,095,000 2027 2,095,000 2028 2,095,000 2029 2,095,000 2030 2,095,000 2031 2,095,000 2032 2,095,000 2033 2,095,000 2034 2,095,000 2035 2,095,000 2036 2,095,000 2037 2,095,000 * Preliminary; subject to change. ** CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services is managed on behalf of the American Bankers Association by S&P Capital IQ. Copyright©2016 CUSIP Global Services. All rights reserved. CUSIP data herein is provided by S&P Capital IQ, a division of McGraw Hill Financial, Inc. The CUSIP data herein is provided solely for the convenience of reference only, and neither the City, the Commission nor the Underwriters take responsibility for the accuracy of such data. No dealer, broker, salesman or other person has been authorized to give any information or to make any representation other than those contained in this Official Statement in connection with the offering described herein, and, if given or made, such other information or representation must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the Bonds offered hereby, nor shall there be any offer or solicitation of such offer or sale of the Bonds in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. Neither the delivery of this Official Statement nor the sale of any of the Bonds implies that the information herein is correct as of any date subsequent to the date thereof. The information contained herein has been obtained from the City and other sources believed to be reliable. The information contained herein is subject to change after the date of this Official Statement, and this Official Statement speaks only as of its date. The CUSIP numbers on the inside cover of this Official Statement are provided for convenience of reference only. Neither the City nor the Underwriters make any representation to the correctness of the CUSIP numbers either as printed on the Bonds or as contained in this Official Statement. References to web site addresses presented herein are for informational purposes only and may be in the form of a hyperlink solely for the reader’s convenience. Unless specified otherwise, such web sites and the information or hyperlinks contained therein are not incorporated into, and are not part of, this Official Statement for purposes of, and as that term is defined in, Rule 15c2-12 (as defined herein). The Underwriters have provided the following sentence for inclusion in this Official Statement: The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. i TABLE OF CONTENTS Page INTRODUCTION ........................................................................................................................................ 1 THE LOCAL GOVERNMENT COMMISSION OF NORTH CAROLINA ............................................... 1 THE BONDS ................................................................................................................................................ 1 Description ............................................................................................................................................. 1 Redemption Provisions ........................................................................................................................... 2 Authorizations and Purposes .................................................................................................................. 3 Security ................................................................................................................................................... 4 PLAN OF FINANCE .................................................................................................................................... 4 CONTINUING DISCLOSURE .................................................................................................................... 4 APPROVAL OF LEGAL PROCEEDINGS ................................................................................................. 7 RATINGS ..................................................................................................................................................... 7 TAX TREATMENT ..................................................................................................................................... 7 General ................................................................................................................................................... 7 Certain Ongoing Federal Tax Requirements and Covenants ................................................................. 8 Certain Collateral Federal Tax Consequences ........................................................................................ 8 Original Issue Discount .......................................................................................................................... 8 Bond Premium ........................................................................................................................................ 9 Information Reporting and Backup Withholding ................................................................................... 9 Miscellaneous ....................................................................................................................................... 10 UNDERWRITING ....................................................................................................................................

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