PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 13, 2018 NEW ISSUE – BOOK-ENTRY ONLY ® Ratings: Fitch: “AAA” (Tax-Exempt Bonds) “F1+” (Taxable Bonds) Moody’s: “Aa2” See “MISCELLANEOUS – Ratings” herein. In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the District, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Tax-Exempt Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Tax-Exempt Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the 2018 Bonds is exempt from State of California personal income taxes. Bond Counsel further observes that interest on the Taxable Bonds is not excluded from gross income for federal income tax purposes. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the 2018 Bonds. See “TAX MATTERS.” LOS ANGELES UNIFIED SCHOOL DISTRICT (County of Los Angeles, California) $130,000,000* $1,220,000,000* General Obligation Bonds, General Obligation Bonds, Election of 2005, Series M (2018) Election of 2008, Series B (2018) (Dedicated Unlimited Ad Valorem (Dedicated Unlimited Ad Valorem Property Tax Bonds) Property Tax Bonds) consisting of consisting of $115,125,000* $14,875,000* $1,080,365,000* $139,635,000* Series M-1 (2018) Series M-2 (2018) Series B-1 (2018) Series B-2 (2018) (Tax-Exempt) (Federally Taxable) (Tax-Exempt) (Federally Taxable) Dated: Date of Delivery Due: As shown on inside cover The Los Angeles Unified School District (County of Los Angeles, California) General Obligation Bonds, Election of 2005, Series M (2018) (Dedicated Unlimited Ad Valorem Property Tax Bonds) (the “Series M Bonds”), consisting of the Series M-1 (2018)(Tax-Exempt) Bonds (the “Tax-Exempt Series M-1 Bonds”) and the Series M-2 (2018)(Federally Taxable) Bonds (the “Taxable Series M-2 Bonds”), and General Obligation Bonds, Election of 2008, Series B (2018) (Dedicated Unlimited Ad Valorem Property Tax Bonds) (the “Series B Bonds” and, together with the Series M Bonds, the “2018 Bonds”), consisting of the Series B-1 (2018)(Tax-Exempt) Bonds (the “Tax-Exempt Series B-1 Bonds” and, together with the Tax-Exempt Series M-1 Bonds, the “Tax-Exempt Bonds”) and the Series B-2 (2018)(Federally Taxable) Bonds (the “Taxable Series B-2 Bonds” and, together with the Taxable Series M-2 Bonds, the “Taxable Bonds”) are being issued by the County of Los Angeles, California (the “County”) on behalf of the Los Angeles Unified School District (the “District”) to finance school facilities projects, as more fully described herein, fund a deposit to the related interest and sinking funds of the District (each an “Interest and Sinking Fund”), and pay the costs of issuance of the 2018 Bonds. See “ESTIMATED SOURCES AND USES OF FUNDS” and “PLAN OF FINANCE” herein. The 2018 Bonds are general obligation bonds of the District secured by and payable from ad valorem property taxes to be levied within the District pursuant to the California Constitution and other laws of the State of California (the “State”). The Board of Supervisors of the County is empowered and is obligated to levy ad valorem taxes upon all property subject to taxation by the District, without limitation as to rate or amount (except as to certain personal property which is taxable at limited rates), for the payment of principal of and interest on the 2018 Bonds, all as more fully described herein. See “SECURITY AND SOURCE OF PAYMENT FOR THE 2018 BONDS” herein. Principal of the Tax-Exempt Bonds is payable on July 1 in each of the years and in the amounts set forth on the inside front cover hereof. Interest on the Tax-Exempt Bonds is payable on each January 1 and July 1 to maturity, commencing July 1, 2018. Principal of and interest on the Taxable Bonds are payable on May 1, 2018. The 2018 Bonds will be issued in book-entry form only, in denominations of $5,000 principal amount, or integral multiples thereof, and will be initially issued and registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”). DTC will act as securities depository for the 2018 Bonds. Owners will not receive certificates representing their interests in the 2018 Bonds. Payments of principal of, premium, if any, and interest on the 2018 Bonds will be made by U.S. Bank National Association, as agent to the Treasurer and Tax Collector of the County, as the initial paying agent, to DTC, which is obligated to remit such payments to its DTC Participants for subsequent disbursement to the beneficial owners of the 2018 Bonds. See Appendix C – “BOOK-ENTRY ONLY SYSTEM” attached hereto. The Taxable Bonds are not subject to redemption prior to their respective maturity date. The Tax-Exempt Bonds are subject to redemption prior to their respective stated maturity dates as described herein. See “THE 2018 BONDS – Redemption” herein. THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR GENERAL REFERENCE ONLY. IT IS NOT INTENDED TO BE A SUMMARY OF THE SECURITY OR TERMS OF THIS ISSUE. INVESTORS ARE ADVISED TO READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. The 2018 Bonds will be offered when, as and if issued by the County and received by the Underwriters, subject to the approval as to their legality by Orrick, Herrington & Sutcliffe LLP, Los Angeles, California, Bond Counsel to the District, and certain other conditions. Certain legal matters will be passed upon for the District by the General Counsel to the District and by its Disclosure Counsel, Hawkins Delafield & Wood LLP, Los Angeles, California, and for the Underwriters by Nixon Peabody LLP, Los Angeles, California. Public Resources Advisory Group, Los Angeles, California, and Government Financial Strategies inc., Sacramento, California, are serving as Municipal Advisors to the District in connection with the issuance of the 2018 Bonds. The 2018 Bonds, in book-entry form, will be available for delivery through the facilities of DTC on or about March __, 2018. BofA Merrill Lynch Goldman Sachs & Co. LLC Citigroup Drexel Hamilton, LLC Rice Financial Products Company RBC Capital Markets Stifel Dated: February __, 2018 This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. Under no circumstances shall this Preliminary to sell or the solicitation of Official Statement constitute an offer This Preliminary contained herein are subject to completion or amendment without notice. Official Statement and the information prior of such jurisdiction. or qualification under the securities to registration be unlawful laws solicitation, or sale would jurisdiction sale of these securities, in any in which such offer, nor shall there be any to buy, an offer * Preliminary, subject to change. MATURITY DATES, PRINCIPAL AMOUNTS, INTEREST RATES, INITIAL PUBLIC OFFERING YIELDS, PRICES AND CUSIP NUMBERS $130,000,000* General Obligation Bonds, Election of 2005, Series M (2018) (Dedicated Unlimited Ad Valorem Property Tax Bonds) consisting of $115,125,000* $14,875,000* Series M-1 (2018)(Tax-Exempt) Series M-2 (2018)(Federally Taxable) Base CUSIP† Number: 544646 Principal Interest Initial Public CUSIP† Maturity* Amount* Rate Offering Yield Price (______) Taxable Series M-2 Bonds May 1, 2018 $14,875,000 Tax-Exempt Series M-1 Bonds July 1, 2019 $2,735,000 July 1, 2020 2,790,000 July 1, 2021 2,875,000 July 1, 2022 2,990,000 July 1, 2023 3,135,000 July 1, 2024 3,295,000 July 1, 2025 3,460,000 July 1, 2026 3,630,000 July 1, 2027 3,815,000 July 1, 2028 4,005,000 July 1, 2029 4,205,000 July 1, 2030 4,415,000 July 1, 2031 4,635,000 July 1, 2032 4,865,000 July 1, 2033 5,110,000 July 1, 2034 5,365,000 July 1, 2035 5,635,000 July 1, 2036 5,915,000 July 1, 2037 6,210,000 July 1, 2038 6,520,000 $ 29,520,000* ___% Term Bonds due July 1, 2042; Yield ___% - Price: ___ CUSIP † ___ * 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 Capital IQ. Copyright© 2018 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. Neither the District or the Underwriters or their respective agents or counsel assume responsibility for the accuracy of such numbers. $1,220,000,000* General Obligation Bonds, Election of 2008, Series B (2018) (Dedicated Unlimited Ad Valorem Property Tax Bonds) consisting of $1,080,365,000* $139,635,000* Series B-1 (2018)(Tax-Exempt) Series B-2 (2018)(Federally Taxable) Base CUSIP† Number: 544646 Principal Interest Initial Public CUSIP† Maturity* Amount* Rate Offering Yield Price (______) Taxable Series B-2 Bonds May 1, 2018 $139,635,000 Tax-Exempt Series B-1 Bonds July 1, 2019 25,665,000 July 1, 2020 26,175,000 July 1, 2021 26,960,000 July 1, 2022 28,040,000 July 1, 2023 29,440,000 July 1, 2024 30,915,000 July 1, 2025 32,460,000 July 1, 2026 34,085,000 July 1, 2027 35,785,000 July 1, 2028 37,575,000 July 1, 2029 39,455,000 July 1, 2030 41,430,000 July 1, 2031 43,500,000 July 1, 2032 45,675,000 July 1, 2033 47,960,000 July 1, 2034 50,355,000 July 1, 2035 52,875,000 July 1, 2036 55,515,000 July 1, 2037 58,295,000 July 1, 2038 61,205,000 $ 277,000,000* ___% Term Bonds due July 1, 2042; Yield ___% - Price: ___ CUSIP † ___ * Preliminary, subject to change.