33300000* Turlock Unified School District

PRELIMINARY OFFICIAL STATEMENT DATED APRIL 30, 2019 sold, sold, NEW ISSUE Moody’s Rating: “Aa3” Moody Rating: “__” ere ere be any DTC BOOK-ENTRY ONLY See “RATING” herein See “RATINGS” herein In the opinion of Parker & Covert LLP, Sacramento, California (“Bond Counsel”), based upon an analysis of existing statutes, regulations, rulings and court decisions and assuming, among other things, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excludable from gross income for federal income tax purposes and is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Bonds is not an item of tax preference for purposes of the alternative minimum tax imposed on individuals. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Bonds. See “LEGAL MATTERS—Tax Matters” herein. $33,300,000* TURLOCK UNIFIED SCHOOL DISTRICT (STANISLAUS COUNTY AND MERCED COUNTY, CALIFORNIA) GENERAL OBLIGATION BONDS, ELECTION OF 2016, SERIES 2019 DATED: Date of Delivery DUE: August 1, as shown on the inside cover The Turlock Unified School District (Stanislaus County and Merced County, California) General Obligation Bonds, Election of 2016, Series 2019 in the aggregate principal amount of $33,300,000* (the “Bonds”) are being issued by the Turlock Unified School District (the “District”) to (i) finance the specific school facilities projects set forth in the ballot measure approved by the District’s voters at an election held on November 8, 2016, and (ii) pay certain costs of issuance of the Bonds. See “PLAN OF FINANCE” herein. The Bonds are general obligation bonds of the District payable from ad valorem property taxes levied and collected by Stanislaus County and Merced County. The Board of Supervisors of Stanislaus County and the Board of Supervisors of Merced County are empowered and obligated to annually levy and collect ad valorem property taxes without limitation as to rate or amount on all taxable property in the District (except for certain personal property which is taxable at limited rates) for the payment of principal of and interest on the Bonds. See “SECURITY AND SOURCE OF PAYMENT” herein. ereof; ereof; however, the information contained herein is subject to completion or amendment. These securities may not be es shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall th The Bonds are being issued as current interest bonds in denominations of $5,000 principal amount or any integral multiple thereof. The Bonds mature on August 1 in the years and amounts set forth on the inside cover page hereof. Interest on the on or qualification under the securities laws of such jurisdiction. such of laws securities the under qualification or on Bonds accrues from the date of delivery and is payable semiannually on February 1 and August 1 of each year, commencing February 1, 2020. The Bonds are subject to redemption prior to their maturity. See “THE BONDS—Payment of Principal and Interest” and “—Redemption Provisions” herein. The Bonds are being issued as fully registered bonds, without coupons, in book-entry form only. When delivered, the Bonds will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), acting as securities depository for the Bonds. Individual purchases of the Bonds will be made in book-entry only form and only in authorized denominations as described in this Official Statement. So long as Cede & Co. is the registered owner of the Bonds, payments of principal of and interest on the Bonds will be made by Zions Bancorporation, National Association as paying agent (the “Paying Agent”) to DTC for subsequent disbursement to DTC participants who will remit such payments to the Beneficial Owners. See “APPENDIX E—DTC BOOK-ENTRY ONLY SYSTEM” attached hereto. THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT INTENDED TO BE A SUMMARY OF ALL FACTORS RELEVANT TO AN INVESTMENT IN THE BONDS. INVESTORS SHOULD READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. CAPITALIZED TERMS USED ON THIS COVER PAGE NOT OTHERWISE DEFINED WILL HAVE THEIR MEANINGS SET FORTH HEREIN. MATURITY SCHEDULE See Inside Cover The Bonds are being purchased for reoffering by ____________ as underwriter of the Bonds (the “Underwriter.”) The Bonds are offered when, as and if issued by the District and received by the Underwriter, subject to the approval as to their legality by Parker & Covert LLP, Sacramento, California, Bond Counsel to the District, and subject to certain other conditions. It is anticipated that the Bonds, in book-entry form, will be available for delivery through the facilities of DTC on or about May 22, 2019. This Official Statement is dated ________, 2019. * The Information contained in this Preliminary Official Statement has been deemed by the District to be final as of the date h nor may offers to buy be accepted, prior to the time the Official Statement is delivered in final form. Under no circumstanc sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registrati to prior unlawful be would sale or solicitation offer, which such in jurisdiction any in securities, these of sale Preliminary, subject to adjustment. MATURITY SCHEDULE $33,300,000* TURLOCK UNIFIED SCHOOL DISTRICT (STANISLAUS COUNTY AND MERCED COUNTY, CALIFORNIA) GENERAL OBLIGATION BONDS, ELECTION OF 2016, SERIES 2019 Maturity Date Principal August 1 Amount* Interest Rate Yield Price CUSIP+ 2020 $1,130,000 _.___% _.___% ___.___% 90021P ___ 2021 365,000 _.___ _.___ ___.___ 90021P ___ 2022 440,000 _.___ _.___ ___.___ 90021P ___ 2023 510,000 _.___ _.___ ___.___ 90021P ___ 2024 585,000 _.___ _.___ ___.___ 90021P ___ 2025 670,000 _.___ _.___ ___.___ 90021P ___ 2026 760,000 _.___ _.___ ___.___ 90021P ___ 2027 845,000 _.___ _.___ ___.___ 90021P ___ 2028 935,000 _.___ _.___ ___.___ 90021P ___ 2029 1,030,000 _.___ _.___ ___.___ 90021P ___ 2030 1,125,000 _.___ _.___ ___.___ 90021P ___ 2031 1,230,000 _.___ _.___ ___.___ 90021P ___ 2032 890,000 _.___ _.___ ___.___ 90021P ___ 2033 970,000 _.___ _.___ ___.___ 90021P ___ 2034 1,060,000 _.___ _.___ ___.___ 90021P ___ 2035 1,140,000 _.___ _.___ ___.___ 90021P ___ 2036 1,220,000 _.___ _.___ ___.___ 90021P ___ 2037 1,310,000 _.___ _.___ ___.___ 90021P ___ 2038 1,415,000 _.___ _.___ ___.___ 90021P ___ 2039 1,520,000 _.___ _.___ ___.___ 90021P ___ 2040 1,635,000 _.___ _.___ ___.___ 90021P ___ 2041 1,760,000 _.___ _.___ ___.___ 90021P ___ 2042 1,880,000 _.___ _.___ ___.___ 90021P ___ 2043 2,005,000 _.___ _.___ ___.___ 90021P ___ 2044 2,145,000 _.___ _.___ ___.___ 90021P ___ 2045 2,285,000 _.___ _.___ ___.___ 90021P ___ 2046 2,440,000 _.___ _.___ ___.___ 90021P ___ * Preliminary; subject to adjustment +CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed by S&P Capital IQ on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. Neither the District nor the Underwriter is responsible for the selection or correctness of the CUSIP numbers set forth herein. ii Use of Official Statement. This Official Statement is submitted with respect to the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. This Official Statement is not to be construed as a contract between any owner of Bonds and the District or the Underwriter. No Securities Laws Registration. The Bonds have not been registered under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, in reliance upon exceptions therein for the issuance and sale of municipal securities. The Bonds have not been registered or qualified under the securities law of any state. No Unlawful Offers of Solicitations. This Official Statement does not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the Bonds by a person in any jurisdiction in which it is unlawful for such person to make an offer, solicitation or sale. No Offering Except by This Official Statement. No dealer, broker, salesperson or other person has been authorized by the District or the Underwriter to give any information or to make any representations, other than those contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by the District or the Underwriter. Information in Official Statement. The information set forth herein has been furnished by the District and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness. The information and expressions of opinion herein are subject to change without notice and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the District since the date hereof.

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