NEW ISSUE - BOOK ENTRY ONLY RATINGS: See “RATINGS” herein. In the opinion of Co-Bond Counsel, interest on the 2017 Bonds will be excluded from gross income for federal income tax purposes under existing statutes, regulations, rulings and court decisions, subject to the conditions described in “TAX MATTERS” herein. In addition, interest on the 2017 Bonds will not be treated as an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (the “Code”), for purposes of the individual and corporate alternative minimum taxes; however, under the Code, such interest may be subject to certain other taxes affecting corporate holders of the 2017 Bonds. Under the existing laws of the Commonwealth of Pennsylvania, interest on the 2017 Bonds will be free from Pennsylvania personal income taxation and Pennsylvania corporate net income taxation but such exemption does not extend to gift, estate, succession or inheritance taxes or any other taxes not levied or assessed directly on the 2017 Bonds or the interest thereon. For a more complete discussion, see “TAX MATTERS” herein. $83,220,000 THE PHILADELPHIA MUNICIPAL AUTHORITY CITY OF PHILADELPHIA, PENNSYLVANIA City Agreement Revenue Refunding Bonds, Series 2017 (Juvenile Justice Services Center) Dated: Date of Delivery Due: April 1, as shown on inside cover page Defined Terms. All capitalized terms that are not otherwise defined on this cover page have the meanings provided to such terms in this Official Statement. The 2017 Bonds. The Philadelphia Municipal Authority, Philadelphia, Pennsylvania, a body corporate and politic organized by City Council under the Act (the “Authority”), is issuing the above-referenced bonds (the “2017 Bonds”), pursuant to (i) the Act, (ii) the Resolution, (iii) the Indenture, and (iv) the Ordinance. Purpose. The 2017 Bonds are being issued to (i) refund certain outstanding maturities of the Authority’s Lease Revenue Bonds, Series 2009, as more particularly described herein, and (ii) pay the costs of issuing the 2017 Bonds. See “PLAN OF FINANCE AND ESTIMATED SOURCES AND USES OF FUNDS” herein. Security. The following is qualified in all respects by the information in this Official Statement under the captionECURITY “S AND SOURCES OF PAYMENT FOR THE 2017 BONDS” and the documents referenced under such caption. The 2017 Bonds are payable by the Authority solely from certain payments to be made by: THE CITY OF PHILADELPHIA (the “City”), as further described below and herein. The 2017 Bonds are payable by the Authority solely from Rent to be paid by the City under the Prime Lease by and between the Authority and the City, and certain funds held under the Indenture. The Rent under the Prime Lease is sized to be sufficient to pay, among other things, the principal of and interest on the 2017 Bonds when due. The Rent is payable solely from the current revenues of the City, is subject to annual appropriation by the City, and the City Charter provides that it is the duty of City Council to appropriate to pay the Rent in each Fiscal Year. The City has covenanted in the Prime Lease and the Ordinance to include in its annual operating budget and appropriate in each Fiscal Year amounts sufficient to pay all Rent payments in such Fiscal Year when due. There can be no assurance that funds sufficient to pay such rental payments will be available in any Fiscal Year of the City. The obligation of the City to pay the Rent pursuant to the Prime Lease from current revenues of the City is absolute and unconditional. Limited Obligations. The 2017 Bonds are limited obligations of the Authority payable solely from the Trust Estate and are not obligations of the City, the Commonwealth of Pennsylvania (the “Commonwealth”) or any other political subdivision thereof. The 2017 Bonds are not secured by the General Fund or any other fund of the City, and neither the general credit of the Authority nor the credit or taxing power of the City, the Commonwealth or any other political subdivision thereof is pledged to the payment of the principal of the 2017 Bonds, or the interest thereon or any premium or other costs incidental thereto. The Authority has no taxing power. Redemption. The 2017 Bonds are subject to redemption prior to maturity, as described herein. See “THE 2017 BONDS – Redemption Provisions” herein. Additional Bonds. For certain purposes and if certain conditions are met, the Authority may issue Additional Bonds secured on a parity basis with the 2017 Bonds, as described herein. See “THE 2017 BONDS – Additional Bonds” herein. Interest Payment Dates. Interest on the 2017 Bonds is payable semiannually on each April 1 and October 1, commencing October 1, 2017. Tax Status. For information on the tax status of the 2017 Bonds, see the italicized language at the top of this cover page and “TAX MATTERS” herein. Delivery Date. It is expected that the 2017 Bonds will be available for delivery to DTC on or about April 25, 2017. This cover page contains certain information for quick reference only. It is not a summary of the 2017 Bonds or this Official Statement. Investors must read the entire Official Statement, including the Appendices, which are an integral part hereof, to obtain information essential to the making of an informed investment decision regarding the 2017 Bonds. The 2017 Bonds are offered when, as and if issued by the Authority and accepted by the Underwriters and subject to receipt of the approval of legality of Cozen O’Connor and Ahmad Zaffarese LLC, Co-Bond Counsel, both of Philadelphia, Pennsylvania. Certain legal matters will be passed upon for the Authority by Austin McGreal, Esq., Authority Counsel, Philadelphia, Pennsylvania, and for the Underwriters by their counsel, Eckert Seamans Cherin & Mellott, LLC, Philadelphia, Pennsylvania. Certain legal matters will be passed upon for the City by the City of Philadelphia Law Department. Hawkins Delafield & Wood LLP and Law Office of Ann C. Lebowitz, Philadelphia, Pennsylvania, as Co-Disclosure Counsel to the City, will each deliver an opinion to the City and the Underwriters regarding certain matters. Citigroup Ramirez & Co., Inc. Drexel Hamilton PNC Capital Markets LLC The Williams Capital Group, L.P. Dated: April 12, 2017 MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, PRICES, YIELDS AND CUSIPS† $83,220,000 THE PHILADELPHIA MUNICIPAL AUTHORITY CITY OF PHILADELPHIA, PENNSYLVANIA City Agreement Revenue Refunding Bonds, Series 2017 (Juvenile Justice Services Center) Maturity Principal Interest (April 1) Amount Rate Price Yield CUSIP† 2018 $ 700,000 3.000% 101.947 0.900% 717904KW5 2019 445,000 4.000 105.039 1.350 717904KX3 2020 2,690,000 5.000 109.703 1.600 717904KY1 2021 2,820,000 5.000 112.057 1.810 717904KZ8 2022 2,965,000 5.000 113.773 2.050 717904LA2 2023 3,110,000 5.000 115.133 2.260 717904LB0 2024 3,265,000 5.000 116.029 2.470 717904LC8 2025 3,430,000 5.000 116.557 2.670 717904LD6 2026 3,600,000 5.000 117.021 2.830 717904LE4 2027 3,785,000 5.000 117.537 2.950 717904LF1 2028 3,970,000 5.000 116.228* 3.090* 717904LG9 2030 4,170,000 5.000 114.205* 3.310* 717904LH7 2031 4,380,000 5.000 113.389* 3.400* 717904LJ3 2032 4,595,000 5.000 112.850* 3.460* 717904LK0 2033 4,830,000 5.000 112.313* 3.520* 717904LL8 2034 5,065,000 5.000 111.602* 3.600* 717904LM6 2035 5,320,000 5.000 111.161* 3.650* 717904LN4 2036 5,585,000 5.000 110.809* 3.690* 717904LP9 2037 5,865,000 5.000 110.721* 3.700* 717904LQ7 2038 6,160,000 5.000 110.546* 3.720* 717904LR5 2039 6,470,000 5.000 110.459* 3.730* 717904LS3 Price and yield calculated to the first optional call date of April 1, 2027 at par. † CUSIP is a registered trademark of the American Bankers Association (the “ABA”). CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the ABA by S&P Global Market Intelligence, a part of S&P Global Inc. The CUSIP numbers listed above are being provided solely for the convenience of the holders of 2017 Bonds only at the time of issuance of the 2017 Bonds and the City, the Authority, the Trustee, and the Underwriters do not make any representation with respect to such CUSIP numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP numbers are subject to being changed after the issuance of the 2017 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the 2017 Bonds or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that may be applicable to all or a portion of the 2017 Bonds. THE PHILADELPHIA MUNICIPAL AUTHORITY 1515 Arch Street, 9th Floor Philadelphia, Pennsylvania 19102 Robert A. Zuritsky Chairman Rasheia R. Johnson Vice Chair Leonard V. Cid Treasurer Michelle Lai Member Ahmennah Young Member Lorna B. Gallman, Executive Director/Secretary THE CITY OF PHILADELPHIA, PENNSYLVANIA _______________________ MAYOR HONORABLE JAMES F. KENNEY ______________________ _______________________ MAYOR’S CHIEF OF STAFF Jane Slusser ______________________ MAYOR’S CABINET Michael DiBerardinis ........................................................................................................ Managing Director Rob Dubow ...................................................................................................................... Director of Finance Sozi Pedro Tulante, Esq. ............................................................................................................ City Solicitor Nina Ahmad ......................................................................................