ATTACHMENT IV PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 1, 2017 New Issue—Book-Entry Only RATING: Moody’s: “___” See “BOND RATING” herein. Subject to compliance by the Board with certain covenants, in the opinion of Chapman and Cutler LLP, Bond Counsel, under present law, interest on the Series 2017 Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, but such interest is taken into account in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. See “TAX MATTERS” for a more complete discussion. $87,400,000* SOUTH DAKOTA BOARD OF REGENTS Housing and Auxiliary Facilities System Revenue Bonds, Series 2017 Dated: Date of Delivery Due: April 1, as shown on the inside cover The Housing and Auxiliary Facilities System Revenue Bonds, Series 2017 (the “Series 2017 Bonds”) will be issued as fully registered bonds and will be registered in the name of Cede & Co., the nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Series 2017 Bonds. Payments of principal of and interest on the Series 2017 Bonds will be made to purchasers by DTC through its participants. See “BOOK ENTRY PROVISIONS.” Purchases will be made in book-entry form through DTC participants only in $5,000 denominations or integral multiples thereof. No physical delivery of the Series 2017 Bonds will be made to purchasers. The Series 2017 Bonds will mature on the dates and will bear interest at the rates shown on the inside front cover. Interest on the Series 2017 Bonds will be payable semi-annually on April 1 and October 1, commencing April 1, 2018. The Series 2017 Bonds are subject to redemption prior to maturity as provided herein. The First Bank & Trust in Brookings, Brookings, South Dakota, will serve as the bond registrar and paying agent (the “Bond Registrar”) for the Series 2017 Bonds. The Series 2017 Bonds are being issued by the South Dakota Board of Regents (the “Board”). The proceeds from the sale of the Series 2017 Bonds will be used for the purpose of financing (i) the cost of purchasing a residence hall for South Dakota School of Mines & Technology (“SDSMT”), (ii) the costs of construction of new townhouse units and an apartment complex for South Dakota State University (“SDSU”), (iii) the costs of refunding a portion of the Board’s outstanding Housing and Auxiliary Facilities System Revenue Bonds, Series 2009 (Build America Program - Taxable) (“Refunded Series 2009 Bonds”), and (iv) the costs of issuance of the Series 2017 Bonds. The Series 2017 Bonds are payable solely from and secured by a pledge of certain net revenues of the Housing and Auxiliary Facilities Systems of SDSMT, SDSU, Northern State University and the University of South Dakota and certain other net revenues and funds which have been authorized or pledged by the Board for payment of the Series 2017 Bonds under the Board of Regents Revenue Bond Act of 1971, as amended, and an Amended and Restated Bond Resolution dated October 21, 2004, as amended and supplemented from time to time thereafter, including a Thirteenth Supplemental System Revenue Bond Resolution adopted by the Board on December __, 2017. THE SERIES 2017 BONDS ARE OBLIGATIONS OF THE BOARD PAYABLE ONLY IN ACCORDANCE WITH THE TERMS THEREOF AND ARE NOT OBLIGATIONS GENERAL, SPECIAL, OR OTHERWISE, OF THE STATE OF SOUTH DAKOTA. THE SERIES 2017 BONDS DO NOT CONSTITUTE A DEBT, LEGAL OR MORAL, OF THE STATE OF SOUTH DAKOTA, AND ARE NOT ENFORCEABLE AGAINST THE STATE, NOR WILL PAYMENT THEREOF BE ENFORCEABLE OUT OF ANY FUNDS OF THE BOARD, OR OF ANY INSTITUTION (AS DEFINED HEREIN), OTHER THAN THE INCOME AND REVENUES PLEDGED AND ASSIGNED TO, OR IN TRUST FOR THE BENEFIT OF, THE BONDHOLDERS. MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, PRICES AND CUSIPS SEE INSIDE FRONT COVER The Series 2017 Bonds are offered when, as and if issued by the Board and received by the Underwriter, subject to prior sale, to withdrawal or modification of the offer without notice, to the approval of legality by Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel, and certain other conditions. Certain legal matters will be subject to the approval of Guilherme Costa, counsel to the Board, and certain matters will be passed upon for the Underwriter by its counsel, Duane Morris LLP, Chicago, Illinois. Delivery of the Series 2017 Bonds through the facilities of DTC in New York, New York, is expected to be made on or about December __, 2017. This anyPreliminarynotice. Official Under Statement no circumstances and the informationherein shall contained this are subject to completion,amendment otheror change without Preliminary Official Statementan offerconstitute or to sell theof solicitationoffer an to buy, nor shall bethere any saleof securitiesthese in any jurisdictionsuch in which offer, solicitation or sale wouldunlawful be prior registrationto qualificationorunder the securities lawsofany such jurisdiction. The date of this Official Statement is December __, 2017 * Preliminary; subject to change. ATTACHMENT IV MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, PRICES AND CUSIPS $87,400,000* SOUTH DAKOTA BOARD OF REGENTS HOUSING AND AUXILIARY FACILITIES SYSTEM REVENUE BONDS, SERIES 2017 $__________ Serial Bonds Maturity Principal Interest (April 1) Amount Rate Price CUSIP† $ % Term Bonds due April 1, 20__ Price: % CUSIP†: $ % Term Bonds due April 1, 20__ Price: % CUSIP†: * Preliminary; subject to change. † Copyright 2017, 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 Capital IQ, a part of McGraw-Hill Financial. The CUSIP numbers listed are being provided solely for the convenience of the bondholders only at the time of sale of the Series 2017 Bonds and the Board does 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 change after the sale of the Series 2017 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 2017 Bonds. ATTACHMENT IV Members of the South Dakota Board of Regents John W. Bastian, Belle Fourche Jim Morgan, Brookings Pam Roberts, Pierre Randy Schaefer, Madison Kevin Schieffer, Sioux Falls Bob Sutton, Sioux Falls Jim Thares, Aberdeen Joan Wink, Howes (Meade) Conrad Adam, Pierre Officers of the Board of Regents Bob Sutton, President Kevin Schieffer, Vice-President John W. Bastian, Secretary Dr. Michael G. Rush, Executive Director Dr. Monte Kramer, Vice-President of Finance and Administration Principal Administrative Officers of the System Component Institutions Dr. Tom Jackson Jr., President, Black Hills State University Dr. Jose-Marie Griffiths, President, Dakota State University Dr. Timothy M. Downs, President, Northern State University Dr. Jan Puszynski, Interim President, South Dakota School of Mines &Technology Dr. Barry H. Dunn, President, South Dakota State University Mr. James W. Abbott, President, University of South Dakota Counsel to Board of Regents Guilherme Costa ATTACHMENT IV INTENTIONALLY LEFT BLANK ATTACHMENT IV TABLE OF CONTENTS Page SUMMARY STATEMENT ................................................................................................................................. 1 INTRODUCTION .............................................................................................................................................. 1 ESTIMATED SOURCES AND USES .................................................................................................................. 2 THE FINANCING PLAN ................................................................................................................................... 2 SERIES 2017 SDSMT PROJECT ........................................................................................................ 2 SERIES 2017 SDSU PROJECT ........................................................................................................... 2 REFUNDED SERIES 2009 BONDS ...................................................................................................... 2 ADDITIONAL BONDS ........................................................................................................................ 3 THE SERIES 2017 BONDS .............................................................................................................................. 3 GENERAL .......................................................................................................................................... 3 OPTIONAL REDEMPTION .................................................................................................................. 4 MANDATORY REDEMPTION OF TERM SERIES 2017 BONDS ............................................................. 4 REDEMPTION PROCEDURES ............................................................................................................. 5 BOOK ENTRY PROVISIONS ...........................................................................................................................