PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 21, 2018 NEW ISSUE Ratings: Moody’s: A3 S&P: A- (See “RATINGS” herein) In the opinion of Bond Counsel, rendered in reliance upon and assuming the accuracy of and continuing compliance with certain representations and covenants relating to certain requirements of the Internal Revenue Code of 1986, as amended (the “Code”), under existing law, interest on the Series S Bonds is not included in gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax on individuals and, except as hereinafter described, corporations. See TAX MATTERS herein. In the opinion of Bond Counsel, under existing statutes, interest on the Series S Bonds is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates and is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the federal alternative minimum tax. See TAX MATTERS herein. $66,285,000* STATE OF CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY REVENUE BONDS, FAIRFIELD UNIVERSITY ISSUE, SERIES S Dated: Date of Delivery Due: July 1, as shown on the inside cover page The State of Connecticut Health and Educational Facilities Authority Revenue Bonds, Series S (the “Series S Bonds”) will be special obligations of the State of Connecticut Health and Educational Facilities Authority (the “Authority”) secured under the provisions of the Trust Indenture, dated as of April 1, 2018, by and between the Authority and U.S. Bank National Association, Hartford, Connecticut (the “Trustee”), payable solely from the Revenues of the Authority paid to the Trustee for the account of the Authority in accordance with the provisions of the Loan Agreement, dated as of April 1, 2018 (the “Agreement”), by and between the Authority and Fairfield University (the “Institution”). The obligation of the Institution to make payments pursuant to the Agreement is absolute and unconditional. Principal of, premium, if any, and interest (payable on January 1 and July 1 of each year, commencing on July 1, 2018) on the Series S Bonds will be paid directly to DTC by the Trustee so long as DTC or its nominee, Cede & Co., is the Bondowner. Disbursement of such payments to DTC’s Direct Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of the Direct Participants and the Indirect Participants, all as defined and as more fully described herein. The Series S Bonds are issuable only as fully registered bonds without coupons, and, when issued, will be registered in the name of Cede & Co., as Bondowner and nominee for The Depository Trust Company, New York, New York (“DTC”). Purchases of beneficial interests in the Series S Bonds will be made in book-entry-only form, in the denomination of $5,000 or any integral multiple thereof. Purchasers of beneficial interests will not receive certificates representing their interests in the Series S Bonds. So long as Cede & Co. is the Bondowner, as nominee of DTC, references herein to the Bondowners or registered owners will mean Cede & Co., as aforesaid, and will not mean the Beneficial Owners of the Series S Bonds. See “THE SERIES S BONDS — Book-Entry-Only System.” The Series S Bonds are subject to redemption prior to maturity as provided herein. See “THE SERIES S BONDS — Redemption Provisions.” The Series S Bonds are not and shall not be deemed to constitute a debt or liability of, or a pledge of the faith and credit of, the State of Connecticut or any political subdivision thereof, but shall be payable solely from the Revenues derived by the Authority under the Agreement. Neither the faith and credit nor the taxing power of the State of Connecticut or of any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the Series S Bonds. The State of Connecticut Health and Educational Facilities Authority Act does not in any way create a so-called moral obligation of the State of Connecticut to pay debt service in the event of a default by the Institution or the Authority. The Authority has no taxing power. [See inside cover page for maturity schedule] The Series S Bonds are offered subject to the approval of the legality of the Series S Bonds by Pullman & Comley, LLC, Hartford, Connecticut, Bond Counsel to the Authority. Certain legal matters will be passed upon for the Authority by its Special Counsel, McCarter & English, LLP, Hartford, Connecticut; for the Institution by its counsel, Owens, Schine & Nicola, P.C., Trumbull, Connecticut; and for the Underwriters by their counsel, Squire Patton Boggs (US) LLP, New York, New York. It is expected that the Series S Bonds will be available for delivery to DTC in New York, New York, on or about April __, 2018. Goldman Sachs & Co. LLC J.P. Morgan February ___, 2018 This Preliminary Official Statement and the information contained herein are subject to change, completion or amendment without notice. Under no circumstances shall this Preliminary to sell or the Official Statement constitute an offer This Preliminary completion or amendment without notice. contained herein are subject to change, Official Statement and the information such jurisdiction. prior of any or qualification under the securities to registration be unlawful laws solicitation or sale would jurisdiction sale of the Series in any in which such offer, nor shall there be any S Bonds, to buy, solicitation of an offer * Preliminary, subject to change. $66,285,000* STATE OF CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY REVENUE BONDS, FAIRFIELD UNIVERSITY ISSUE, SERIES S MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, YIELDS AND CUSIPS Due Principal Interest (July 1) Amount* Rate Yield CUSIP† 2019 $ 235,000 2020 4,435,000 2021 5,385,000 2022 5,630,000 2023 5,905,000 2024 6,225,000 2025 6,550,000 2026 6,860,000 2027 7,235,000 2028 7,600,000 2029 9,020,000 2030 225,000 2031 235,000 2032 245,000 2033 245,000 2034 255,000 * Preliminary, subject to change. † Copyright, American Bankers Association. The CUSIP numbers are provided by S&P Global Ratings, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP numbers are being provided solely for the convenience of Bondholders only at the time of issuance of the Series S Bonds, and the Authority and the Underwriters do not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series S Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series S Bonds. No dealer, broker, salesperson or other person has been authorized by the Authority, the Institution, or the Underwriters to give any information or to make any representation with respect to the Series S Bonds, other than as contained in this Official Statement, and, if given or made, such other information or representation must not be relied upon as having been authorized by any of the foregoing. Certain information contained herein has been obtained from the Institution and other sources. THE AUTHORITY HAS RELIED ENTIRELY ON THE INSTITUTION, DTC, AND SUCH OTHER SOURCES FOR SUCH INFORMATION, INCLUDING THE INFORMATION PERTAINING TO DTC, THE INFORMATION INCLUDED IN APPENDICES A AND B AND OTHER INFORMATION HEREIN PERTAINING TO THE INSTITUTION AND ITS FINANCIAL CONDITION. The Authority makes no representation as to the accuracy or completeness of such information. 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 any implication that there has been no change in the affairs of the parties referred to above since the date hereof. 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 respective 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. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be a sale of the Series S Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. IN CONNECTION WITH THE OFFERING OF THE SERIES S BONDS, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICES OF SUCH SERIES S BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE SERIES S BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER ANY STATE SECURITIES ACTS, NOR HAS ANY INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACTS. THE SERIES S BONDS HAVE NOT BEEN REGISTERED UNDER ANY STATE SECURITIES LAW. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES HAVE NOT PASSED UPON THE MERITS OF THE SERIES S BONDS OR THE ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT OR APPROVED THE SERIES S BONDS FOR SALE.