This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Date of Issue: Date of of Issue: IssueDate Date payable payable from ad valorem taxes which may be levied upon all the taxable real property within the City, subject to certain statutory limitations pledge of its faith and credit for the payment of the principal thereof and interest thereon and, unless paid from other sources, the Notes are ofpoliticaland herein. York See “TAX City Yonkers. The of New theMATTERS” including subdivisions, City opinion of Bond Counsel, under existing statutes, interest oninterest (ii) on the the Notes Notes is not is treated as exempt a preference item from in personalcalculating the alternative income gross minimum income for tax federal taxes income under tax purposes pursuant the to ofSection 103 Code. of the Internal Revenue New Code In of 1986, addition, as amended York in (the “Code”); and the State and its decisions and assuming continuing compliance with certain tax certifications described herein, interest (i) on the Notes is excluded from NEW ISSUE December __, 2020 UNDERTAKING” herein. Rule 15c2-12. For a description of the City’s Agreement(s) to provide continuing disclosure as described in the Rule, see “DISCLOSURE City,Jersey. New 2020 Jersey in to the City, and certain other conditions. It is expected that delivery of the Notes in definitive form will be made on or about December 10,. THE OF CITY CITY OF EDUCATION THE BOARD AND 2015A PURSUANT TO SUCH AUTHORIZATION. (SEE “ EDUCATION AS OF JUNE 30, 2014. ON MARCH 27, 2015, THE NOT CITY ISSUED TO ITS $37,260,000 EXCEED SCHOOL $45,000,000 DEFICIT BONDS- TO FUND ISSUE THE DEFICIT BONDS CUMULATIVE ON BEHALF OF DEFICIT THE BOARD IN OF EDUCATION THE OF THE CITY GENERAL IN THE FUND PRINCIPAL AMOUNT OF OF SAID BOARD OF theof Notes, herein. described Participants, Owners as distribution tothe Beneficial subsequent for Notes, to the registered owner or, as the case may be to the Securities Depository, which will in turn remit such principal and interest to its representing their certificates receive interests in the Notes. Individual purchases will be made in book entry form only, in principal amounts of $5,000 or integral multiples thereof. Purchasers will not successful bidderprincipal interest of rate in rate. the to aggregate interest at such the respective amount awarded book-entry as notes. (“DTC”) successful bidder(s) or (ii) registered to Cede & Co., as the partnership nominee for The Depository Trust Company, New York, New York notthe Notes of will be topurchaser(s) Notes. subject prior The redemption to maturity. “ imposed by Chapter 97 of the Laws of New York of 2011, as amended (the “Tax Levy Limit Law”). (See “ Preliminary, subject to change. PROPERTYTAXES If If the Notes are issued in book-entry form, such notes will be delivered to DTC, which will act as securities depository for the Notes. If the Notes are in of registered name the the successful a bidder(s), single note will certificate be issued those for Notes bearing the same The Notes will be issued in registered form and, at the option of the purchaser, the Notes will be either (i) registered in the name of the The Notes are dated their Date of Issue and bear interest from that date until the Maturity Date, at the annual rate or rates as specified by $65,000,000*The Revenue Anticipation Notes-2020/2021 (the constitute “Notes”), will obligations general theof City and contain will a In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the City of Yonkers, New York, under existing statutes and court This Preliminary Official Statement is in a form “Deemed Final” by the City for the purpose of Securities and Exchange Commission The Notes are offered subject to the final approving opinion of Hawkins Delafield & Wood LLP, New York, New York, Bond Counsel CHAPTER 55 OF THE LAWS OF 2014 OF THE STATE OF NEW YORK (“CHAPTER 55”) AUTHORIZED THE CITY TO Principal of and interest on the Notes will be paid by The Bank of New York Mellon, New York, New York, the Paying Agent for the $65,000,000 ” in Appendix A attached A hereto).in” Appendix PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 19, 2020 2020 19, NOVEMBER DATED STATEMENT OFFICIAL PRELIMINARY CITYOF YONKERS,NEW YORK REVENUE ANTICIPATION NOTES-2020/2021 NOTES-2020/2021 ANTICIPATION REVENUE (the “Notes”)(the ” HEREIN.) RECENT RECENT DEVELOPMENTS REGARDING THE FINANCES OF THE RATINGS: (See “ (See RATINGS: Maturity Date: June Date: 30,Maturity 2021 Tax Levy Limit Law RATINGS ” herein) ” herein) ” ” under No dealer, broker, salesman or other person has been authorized by the City, or any officer thereof, to give any information or to make any representations, other than those contained in this Official Statement and if given or made, such other information or representations must not be relied upon as having been authorized by any of the City. 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 Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained by the City, from sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness. 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 City, since the date hereof. Such information and expressions of opinion are made for the purpose of providing information to prospective investors and are not to be used for any other purpose or relied on by any other party. This Official Statement is submitted in connection with the sale of the Notes described herein and may not be reproduced or used, in whole or in part, for any other purpose. This Official Statement is not to be construed as a contract or agreement among the City and the purchasers or owners of any offered Notes. This Official Statement is being provided to prospective purchasers either in bound printed form (“Original Bound Format”) or in electronic format on the following websites: www.capmark.org or https://emma.msrb.org/. This Official Statement may be relied upon only if it is in its Original Bound Format or if it is printed in full directly from such websites. References to website addresses presented herein are for informational purposes only. Unless specified otherwise, such websites and the information or links contained therein are not incorporated into, and are not part of, this Official Statement. The order and placement of materials in this Official Statement, including the Appendices, are not to be deemed a determination of relevance, materiality or importance, and this Official Statement, including the cover page, the inside cover page and the Appendices, must be considered in its entirety. The captions and headings in this Official Statement are for convenience only and in no way define, limit or describe the scope or intent, or affect the meaning or construction, of any provisions or sections of this Official Statement. The offering of the Notes is made only by means of this entire Official Statement. The statements contained in this Official Statement and the Appendices hereto that are not purely historical are forward-looking statements. Such forward-looking statements can be identified, in some cases, by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “illustrate,” “example,” and “continue,” or the singular, plural, negative or other derivations of these or other comparable terms. Readers should not place undue reliance on forward- looking statements. All forward-looking statements included in this Official Statement are based on information available on the date of this Official Statement, and the City assumes no obligation to update any such forward-looking statements. The forward-looking statements included herein are necessarily based on various assumptions and estimates and are inherently subject to various risks and uncertainties, including, but not limited to, risks and uncertainties relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in various important factors. Accordingly, actual results may vary from the projections, forecasts and estimates contained in this Official Statement and such variations may be material, which could affect the ability to fulfill some or all of the obligations under the Notes. The Notes 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 document. Any representation to the contrary is a criminal offense. The Notes have not been registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, in reliance upon the exemption contained in Section 3(a)(2) of such act. TABLE OF CONTENTS Page Page INTRODUCTION ................................................................... 1 Certain Ongoing Federal Tax Requirements and THE NOTES ............................................................................ 2 Certifications .................................................................. 15 Description of the Notes ........................................................... 2 Certain Collateral Federal Tax Consequences ........................ 15 Authorization and Purpose of the Notes ................................... 2 Original Issue Discount .........................................................