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Port of Tacoma $20,090,000* Limited Tax General Obligation Refunding Bonds, 2017 (Taxable)

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Port of Tacoma $20,090,000* Limited Tax General Obligation Refunding Bonds, 2017 (Taxable) SALE DATE AND TIME — AUGUST 24, 2017, 8:00 A.M. PACIFIC TIME PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 16, 2017 NEW ISSUE RATINGS: Moody’s: Aa2 BOOK-ENTRY ONLY S&P: AA See “OTHER MATTERS — Ratings” herein In the opinion of K&L Gates LLP, Bond Counsel, interest on the Bonds is not excludable from gross income for federal income tax purposes. See “TAX MATTERS” herein. $20,090,000* Limited Tax General Obligation Refunding Bonds, 2017 (Taxable) Dated: Date of Delivery Maturity Dates: December 1, as shown on inside cover The Port of Tacoma (the “Port”) is issuing its Limited Tax General Obligation Refunding Bonds, 2017 (Taxable) (the “Bonds”) to (i) refinance portions of currently outstanding Port Limited Tax General Obligation Bonds to achieve debt service savings and (ii) pay costs of issuing the Bonds not paid from other legally available funds of the Port. Interest on the Bonds from their date of delivery is payable on each June 1 and December 1, commencing on June 1, 2018. The Bonds are subject to optional redemption prior to their scheduled maturities, as described herein. The fiscal agent of the State of Washington, currently U.S. Bank National Association, is the registrar for the Bonds. When issued, the Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases of beneficial interests in the Bonds will be made in book entry form, in denominations of $5,000 and integral multiples thereof within a maturity. Purchasers will not receive certificates representing their interests in the Bonds, except as described herein. So long as DTC or its nominee is the registered owner of the Bonds, payments of principal of and interest on the Bonds will be made directly to DTC or to such nominee. Disbursements of such payments to DTC’s Direct Participants are the responsibility of DTC, and disbursements of such payments to the Beneficial Owners are the responsibility of the Direct Participants and the Indirect Participants as more fully described herein. The Port is issuing the Bonds pursuant to Title 53 of the Revised Code of Washington, and pursuant to Resolution No. 2017-05-PT adopted by the Port on July 20, 2017. The Bonds are limited tax general obligations of the Port. The Port has covenanted irrevocably for so long as any of the Bonds are outstanding that, unless the principal of and interest on the Bonds are paid from other sources, it will make annual levies of taxes upon all of the property in the Port district subject to taxation within and as a part of the tax levy permitted to the Port without a vote of the electors in amounts sufficient to pay such principal and interest as the same shall become due. The full faith, credit and resources of the Port are irrevocably pledged for the annual levy and collection of such taxes and for the prompt payment of such principal and interest. The Bonds do not constitute a debt or indebtedness of the City of Tacoma, Pierce County, the State of Washington, or any political subdivision thereof other than the Port. The Bonds are offered when, as and if issued, subject to receipt of the approving legal opinion of K&L Gates LLP, Seattle, Washington, Bond Counsel and Disclosure Counsel to the Port. It is expected that delivery of the Bonds will be made by Fast Automated Securities Transfer through DTC in New York, New York, on or about September 6, 2017.* This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Dated: ______ ___, 2017 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary to sell or the This Preliminary Official Statement constitute an offer contained herein are subject to completion or amendment. Official Statement and the information prior of or qualification under the securities to registration be unlawful laws solicitation or sale would sale of these securities jurisdiction nor shall there be any in any in which such offer, to buy, solicitation of an offer such jurisdiction.any * Preliminary, subject to change. Port of Tacoma $20,090,000* Limited Tax General Obligation Refunding Bonds, 2017 (Taxable) Due Principal Interest ** (December 1)* Amount* Rate Yield CUSIP No. 2018 $ 555,000 % % 2019 730,000 2020 740,000 2021 755,000 2022 775,000 2023 795,000 2024 815,000 2025 840,000 2026 865,000 2027 895,000 2028 925,000 2029 960,000 2030 995,000 2031 1,030,000 2032 1,070,000 2033 1,110,000 2034 1,155,000 2035 1,195,000 2036 1,245,000 2037 1,295,000 2038 1,345,000 * Preliminary, subject to change. ** CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (“CGS”) is managed on behalf of the American Bankers Association by S&P Global Marketing Intelligence. Copyright© 2017 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the Port, the Financial Advisor, or their agents or counsel assumes responsibility for the accuracy of such numbers. No dealer, broker, sales representative or other person has been authorized by the Port to give any information or to make any representations with respect to the Bonds, other than those 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 Port. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained by the Port from Port records and from other sources that are believed by the Port to be reliable. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale of the Bonds shall, under any circumstances, create any implication that there has been no change in the affairs of the Port since the date hereof. This Official Statement is not to be construed as a contract or agreement between the Port and purchasers or owners of any of the Bonds. Neither the Port’s independent auditors nor any other independent accountants have compiled, examined, or performed any additional procedures with respect to the financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and they assume no responsibility for, and disclaim any association with, the financial information. The initial public offering yields set forth on the inside cover page hereof may be changed from time to time by the purchasers of the Bonds. The purchasers may offer and sell the Bonds to certain dealers, unit investment trusts or money market funds at yields higher than the public offering yields stated on the inside cover page hereof. IN CONNECTION WITH THIS OFFERING, THE PURCHASERS OF THE BONDS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICES OF THE BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. Certain statements contained in this Official Statement, including the appendices, reflect not historical facts but forecasts and “forward looking statements.” No assurance can be given that the future results discussed herein will be achieved, and actual results may differ materially from the forecasts described herein. In this respect, the words “estimate,” “project,” “anticipate,” “expect,” “intend,” “forecast” and “believe” and similar expressions are intended to identify forward looking statements. All projections, forecasts, assumptions and other forward looking statements are expressly qualified in their entirety by the cautionary statements set forth in this Official Statement. All forward-looking statements inherently are subject to a variety of risks and uncertainties that could cause actual results or performance to differ materially from those that have been forecast, estimated or projected. Such risks and uncertainties include, among others, changes in regional, domestic and international political, social and economic conditions, federal, state and local statutory and regulatory initiatives, litigation, population changes, financial conditions of tenants and/or other users of Port facilities, technological change and various other events, conditions and circumstances, many of which are beyond the control of the Port. The Port has “deemed final” this Preliminary Official Statement as of its date, except for the omission of information as to offering prices, interest rates, selling compensation, aggregate principal amount, principal amount per maturity, maturity dates, delivery dates, and other terms of the Bonds dependent on such matters. -i- Port of Tacoma P.O. Box 1837 Tacoma, Washington 98401 Phone: (253) 383-5841 www.portoftacoma.com* Port Commission Term Expires Connie Bacon, President ..................................................................................................................
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