PRELIMINARY OFFICIAL STATEMENT Dated July 11, 2019 Ratings: Moody’s: “Aa2” S&P: “AA+” See ("Other Information – Ratings” herein) NEW ISSUE: BOOK-ENTRY-ONLY In the opinion of Bond Counsel, under existing law, interest on the Bonds is excludable from gross income for federal income tax purposes and the Bonds are not "private activity bonds". See "TAX MATTERS" for a discussion of the opinion of Bond Counsel. rities laws of any such jurisdiction. rities laws of any such jurisdiction. solicitation of an offer to buy nor shall THE BONDS HAVE NOT BEEN DESIGNATED AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR FINANCIAL INSTITUTIONS $22,505,000* CITY OF IRVING, TEXAS (Dallas County) WATERWORKS AND SEWER SYSTEM NEW LIEN REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 2019 Dated Date: Date of Delivery Due: August 15, as shown on page 2 Interest accrues as of Date of Delivery PAYMENT TERMS . Interest on the $22,505,000* City of Irving, Texas, Waterworks and Sewer System New Lien Revenue atement constitute an offer to sell or the Refunding and Improvement Bonds, Series 2019 (the "Bonds") will accrue from the date of their delivery to the Initial Purchasers (the “Date of Delivery”), and will be payable February 15 and August 15 of each year commencing February 15, 2020, and will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The definitive Bonds will be initially registered and delivered only to Cede & Co., the nominee of The Depository Trust Company ("DTC") pursuant to the Book-Entry-Only System described herein. Beneficial ownership of the Bonds may be acquired in denominations of $5,000 or integral multiples thereof. No physical delivery of the Bonds will be made to the owners thereof. Principal of, premium, if any, and interest on the Bonds will be payable by the Paying Agent/Registrar to Cede & Co., which will make distribution of the amounts so paid to the participating members of DTC for subsequent payment to the beneficial owners of the Bonds. See "The Bonds - Book-Entry-Only System" herein. The initial Paying Agent/Registrar is Wilmington Trust, N.A., Dallas, Texas (see "THE BONDS - Paying Agent/Registrar"). AUTHORITY FOR ISSUANCE . The Bonds are being issued pursuant to the general laws of the State of Texas, particularly Texas Government Code, Chapters 1207 and 1502, as amended, and an ordinance to be adopted by the City Council authorizing the issuance of the Bonds (the "Ordinance"). The Bonds are special obligations of the City of Irving (the "City"), payable, both as to principal and stances shall this Preliminary Official St Official stances shall this Preliminary interest, together with the Previously Issued New Lien Bonds and any Additional New Lien Bonds (each, as defined herein), solely from and secured by a lien on and pledge of the Pledged Revenues of the City's Waterworks and Sewer System (the "System"). The City has not covenanted nor obligated itself to pay the Bonds from monies raised or to be raised from taxation (see "THE are subject to completion or amendment. The securities referenced herein may not be sold nor offers to buy be accepted BONDS - Authority for Issuance"). PURPOSE . Proceeds from the sale of the Bonds will be used to: (i) refund a portion of the City’s outstanding waterworks and sewer h such offer, solicitation or sale would be unlawful prior to offer, solicitation h such registration or qualification under the secu system revenue debt (the “Refunded Bonds”), as set forth in Schedule I – “Schedule of Refunded Bonds”, for debt service savings, (ii) provide funds to make certain improvements and extensions to the System, and (iii) pay the costs associated with the issuance of the Bonds. CUSIP PREFIX: 463831 MATURITY SCHEDULE & 9 DIGIT CUSIP See Schedule on Page 2 he information contained herein is delivered in final form. Under no circum LEGALITY . The Bonds are offered for delivery when, as and if issued and received by the Initial Purchaser(s) and subject to the approving opinion of the Attorney General of Texas and the opinion of Bracewell LLP, Dallas, Texas, Bond Counsel (see Appendix C, "Form of Bond Counsel's Opinion"). Certain legal matters will be passed upon for the City by Bracewell LLP, Disclosure Counsel. DELIVERY . It is expected that the Bonds will be available for delivery through DTC on August 15, 2019. BIDS DUE THURSDAY, JULY 18, 2019, AT 10:30 A.M., CT * Preliminary; subject to change. This Preliminary Official Statement and t This Preliminary prior to the time the Official Statement there be any in whic sale of these securities in any jurisdiction MATURITY SCHEDULE CUSIP Prefix: 463831 (1) $22,505,000* WATERWORKS AND SEWER SYSTEM NEW LIEN REVENUE REFUNDING AND IMPROVEMENT BONDS, SERIES 2019 Maturity Interest CUSIP Maturity Interest CUSIP 8/15 Amount* Rate Yield Suffix (1) 8/15 Amount* Rate Yield Suffix (1) 2020$ 1,005,000 2030$ 860,000 2021 1,060,000 2031 885,000 2022 1,110,000 2032 910,000 2023 1,160,000 2033 940,000 2024 1,220,000 2034 970,000 2025 1,285,000 2035 995,000 2026 1,345,000 2036 1,025,000 2027 1,420,000 2037 1,055,000 2028 1,485,000 2038 1,090,000 2029 1,565,000 2039 1,120,000 (Interest accrues from the Date of Delivery) _______________ (1) CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Global Intelligence. 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 City nor the Financial Advisor shall be responsible for the selection or correctness of the CUSIP numbers shown herein. OPTIONAL REDEMPTION . The City reserves the right, at its option, to redeem the Bonds having stated maturities on and after August 15, 2030, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, on August 15, 2029, or any date thereafter, at a price of par value thereof plus accrued interest to the date of redemption (see "THE BONDS – Optional Redemption of the Bonds”). * Preliminary; subject to change. 2 For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, as amended and in effect on the date hereof, this document constitutes an Official Statement of the City with respect to the Bonds that has been “deemed final” by the City as of its date except for the omission of no more than the information permitted by Rule 15c2-12. THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACT. THE REGISTRATION OR QUALIFICATION OF THE BONDS IN ACCORDANCE WITH APPLICABLE PROVISIONS OF SECURITIES LAW OF THE STATES IN WHICH THE BONDS HAVE BEEN REGISTERED OR QUALIFIED AND THE EXEMPTION FROM REGISTRATION OR QUALIFICATION IN OTHER STATES CANNOT BE REGARDED AS A RECOMMENDATION THEREOF. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE TERMS OF THIS OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE BONDS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. The information and expressions of opinion contained herein are subject to change without notice, and neither the 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 City or the other matters described herein since the date hereof. See “CONTINUING DISCLOSURE OF INFORMATION” for a discussion of the City’s undertaking to provide certain information on a continuing basis. This Official Statement includes descriptions and summaries of certain events, matters and documents. Such descriptions and summaries do not purport to be complete, and all such descriptions, summaries and references thereto are qualified in their entirety by reference to this Official Statement in its entirety and to each such document, copies of which may be obtained from the City or from the Financial Advisor to the City for this issuance. Any statements made in this Official Statement or the appendices hereto involving matters of opinion or estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of such opinions or estimates will be realized. This Official Statement is delivered in connection with the sale of securities referred to herein and may not be produced or used, in whole or in part, for any other purpose. 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 in any jurisdiction in which it is unlawful to make such offer, solicitation or sale. No dealer, salesman or other person has been authorized by the City to give any information or to make any representation other than those contained herein, and, if given or made, such other information or representation must not be relied upon as having been authorized by the City or any other person. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create the implication that there has been no change in the matters described herein since the date hereof.