PRELIMINARY OFFICIAL STATEMENT DATED, APRIL 18, 2012 MOODY’S: Aa1 S&P: AA NEW ISSUE BOOK-ENTRY ONLY In the opinion of Bond Counsel, under existing statutes and court decisions, assuming continuing compliance with certain conditions imposed by applicable federal tax law as described herein, interest on the Bonds is excluded from the gross income of the owners thereof for federal income tax purposes. Interest on the Bonds will not be treated as a preference item in calculating the alternative minimum tax imposed under the Internal Revenue Code of 1986, as amended, with respect buy be accepted prior to the time to individuals and corporations. It should be noted, however, that for the purpose of computing the buy nor shall there be any sale of these sale of these any be there shall nor buy alternative minimum tax imposed on corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted current earnings. The interest on the Bonds is excluded from gross income for state of Oklahoma income tax purposes. See "TAX EXEMPTION" herein. $10,575,000 CITY OF TULSA, OKLAHOMA GENERAL OBLIGATION REFUNDING BONDS OF 2012, SERIES A ies may not be sold nor offers to offer to sell or a solicitation of an offer to offer to sell or a solicitation of an Dated: June 1, 2012 Due: June 1, as shown Interest on the Bonds is payable on each June 1 and December 1, commencing December 1, 2012. The on under the securities laws of such jurisdiction. Bonds will be issued and registered in the name of Cede & Co., as nominee of the Depository Trust Company, New York, New York ("DTC"), to which all payments of principal and interest will be made. Purchasers will t constitute an acquire beneficial interests in the Bonds, in principal amounts of $5,000 and integral multiples thereof, by book- entry only. Purchasers of the Bonds will not receive physical delivery of bond certificates. The Bonds will not be transferable or exchangeable, except for transfers to another nominee of DTC or otherwise as described herein. See "DESCRIPTION OF THE BONDS — Book-Entry-Only System" herein. The Bonds are not subject to gistration or qualificati redemption prior to maturity. Official Statemen Principal Maturity Interest Amount June 1, Rate Yield Cusip 2,280,000 2013 be unlawful prior to re 2,195,000 2014 herein are subject to completion or amendment. These securit These or amendment. herein are to completion subject 2,110,000 2015 2,035,000 2016 or sale would 1,955,000 2017 rcumstances shall this Preliminary (Accrued interest to be added to prices of all Bonds) The Bonds are offered when, as and if issued, subject to the approval of legality by Hilborne and Weidman, a professional corporation, Tulsa, Oklahoma, Bond Counsel. Certain legal matters will be passed upon by the Attorney General of the State of Oklahoma. Certain legal matters for the City will be passed upon which such offer, solicitation by the City Attorney David O’Melia. Delivery of the Bonds is anticipated to occur in New York, New York, ered in final form. Under no ci on or about June 1, 2012. securities in any jurisdiction Official Statement is deliv This Preliminary Official Statement and the information contained contained information the and Statement Official Preliminary This CITY OF TULSA LIST OF PRINCIPAL OFFICIALS MAYOR Dewey F. Bartlett, Jr. COUNCIL MEMBERS Jack R. Henderson District 1 Jeannie Cue District 2 David Patrick District 3 Blake Ewing District 4 Karen Gilbert District 5 Byron Steele District 6 Thomas Mansur District 7 Phil Lakin, Jr. District 8 G. T. Bynum District 9 CHIEF OF STAFF Jarred Brejcha DIRECTOR OF FINANCE Michael P. Kier, CPFO CITY AUDITOR Clift Richards i This Preliminary Official Statement does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the Bonds to any person in any jurisdiction in which it is unlawful to make such offer, solicitation or sale. No dealer, broker, salesman or other person has been authorized to give any information or to make any representation other than contained in this Preliminary Official Statement. If given or made, such information or representation must not be relied upon. The Bonds will not be registered under the Securities Act of 1933, as amended, and the City does not intend to list the Bonds on any stock or other securities exchange. The Securities and Exchange Commission has not passed upon the accuracy or adequacy of this Preliminary Official Statement. With respect to the various states in which the Bonds may be offered, no attorney general, state official, state agency or bureau or other state or local governmental entity has passed upon the accuracy or adequacy of this Preliminary Official Statement or passed upon or endorsed the merits of this offering of the Bonds. The information set forth herein has been obtained from the City, public officials, official records, and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by any of such sources as to information from any other source. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Preliminary 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 since the date hereof. Any statements, contained in this Preliminary Official Statement including matters of opinion, estimations or projections, whether or not expressly so stated, are intended as such and not as representations of facts. This Preliminary Official Statement shall not be construed as a contract or agreement between the City and the purchasers or holders of any of the Bonds. ii TABLE OF CONTENTS INTRODUCTION.................................................................................................................................................................... 1 DESCRIPTION OF THE BONDS........................................................................................................................................... 1 General.................................................................................................................................................................................. 1 Book-Entry Only System...................................................................................................................................................... 1 Payment of and Security for the Bonds ................................................................................................................................ 3 Tax Levy and Collection Procedures.................................................................................................................................... 3 ESTIMATED SOURCES AND USES OF FUNDS................................................................................................................ 4 PLAN OF REFUNDING ......................................................................................................................................................... 4 THE CITY OF TULSA............................................................................................................................................................ 5 Governmental Structure and General Information................................................................................................................ 5 Principal Government Services............................................................................................................................................. 6 Economic and Demographic Characteristics of the City ...................................................................................................... 6 FINANCIAL MANAGEMENT AND CONTROLS ............................................................................................................... 7 Accounting and Reporting Practices..................................................................................................................................... 7 Government-Wide Highlights............................................................................................................................................... 8 Fund Financial Statements.................................................................................................................................................... 8 Changes in net assets ............................................................................................................................................................ 8 General Fund Budget and Actual Year Ended June 30, 2010 ............................................................................................ 10 Sales Tax Revenue History................................................................................................................................................. 11 CITY INDEBTEDNESS........................................................................................................................................................ 11 Authorization ...................................................................................................................................................................... 11 General Long-Term Liabilities ..........................................................................................................................................