PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 6, 2017 Ratings: Moody’s: “Aa2” S&P: Applied For New Issue-Book Entry Only (See “Municipal Bond Ratings”) In the opinion of Bond Counsel, interest on the Series 2017A Bonds will be excludable from gross income, and will not be included in the alternative minimum taxable income of individuals, for federal income tax purposes under existing law. See “TAX MATTERS FOR SERIES 2017A BONDS” for a discussion of Bond Counsel’s opinion including the alternative minimum tax consequences for corporations. Interest on Series 2017B Taxable Bonds will not be excludable from gross income for federal income tax purposes under existing law. See “TAX MATTERS FOR SERIES 2017B TAXABLE BONDS” herein. BOARD OF REGENTS OF THE UNIVERSITY OF HOUSTON SYSTEM $345,070,000* $11,635,000* CONSOLIDATED REVENUE AND CONSOLIDATED REVENUE AND nor shall there be any sale of these securities in any jurisdiction in which REFUNDING BONDS, REFUNDING BONDS, SERIES 2017A SERIES 2017B (Taxable) Dated Date: February 1, 2017 Interest Accrual Date: Date of Delivery Due: February 15, as shown on inside cover page The $345,070,000* Board of Regents of the University of Houston System Consolidated Revenue and Refunding Bonds, ities may not be sold nor may offers to buy be accepted prior to the time theSeries Official Statement is 2017A (the “Series 2017A Bonds”) and the $11,635,000* Board of Regents of the University of Houston System Consolidated Revenue and Refunding Bonds, Series 2017B (Taxable) (the “Series 2017B Taxable Bonds” and, together with the Series 2017A Bonds, the “Bonds”), are special obligations of the Board of Regents (the “Board”) of the University of Houston System (the “System”) issued pursuant to a master resolution, as amended and restated (the “Master Resolution”), and a Twenty-Seventh Supplemental Resolution adopted by the Board (the “Twenty-Seventh Supplemental Resolution” and, together with the Master Resolution, the “Resolutions”) and are secured by and payable solely from the Pledged Revenues, including the Pledged Tuition, and certain other legally available funds of the Board, all as more fully described herein. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF TEXAS (THE “STATE”) OR ANY POLITICAL SUBDIVISION OF THE STATE OF TEXAS IS PLEDGED AS SECURITY FOR THE BONDS. NEITHER THE BOARD NOR THE SYSTEM HAS ANY TAXING POWER. See “SECURITY FOR PARITY DEBT OBLIGATIONS.” The Bonds are issuable only as fully registered bonds, without coupons, in denominations of $5,000 or any integral multiple thereof, and, when issued, will be initially registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Bonds. The Bonds will be available to purchasers only in book-entry form. For as long as Cede & Co. is the exclusive registered owner of the Bonds, the principal of, redemption premium, if any, and interest on the Bonds will be payable by the paying agent/registrar (the “Paying Agent/Registrar”), initially Wells Fargo Bank, N.A., to DTC, which will be responsible for making such payments to DTC Participants (as defined herein) for subsequent remittance to the owners of beneficial interests in the Bonds. See “THE BONDS-DTC and Book-Entry.” Interest on the Bonds will accrue from the date of delivery, until maturity or prior redemption, at the respective per annum rates of interest shown on shown on page 2, and will be payable to DTC on each February 15 and August 15, commencing August 15, 2017. rior to registration or qualification under the securities laws of any such jurisdiction. The Bonds are subject to redemption prior to maturity, as described herein. See “THE BONDS- Redemption Provisions” MATURITY SCHEDULE, INTEREST RATES, INITIAL YIELDS, AND CUSIP NUMBERS SEE SCHEDULES ON THE INSIDE COVER PAGE no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy The Bonds are offered when, as, and if issued, subject to approval of legality by the Attorney General of the State of Texas and the opinion of Andrews Kurth Kenyon LLP, Bond Counsel, Houston, Texas. Bonds in book-entry form are expected to be available for delivery through the facilities of DTC in New York, New York, on or about February 16, 2017. BIDS DUE JANUARY 19, 2017, AT 9:30 A.M., C.S.T.* FOR SERIES 2017B TAXABLE BONDS BIDS DUE JANUARY 19, 2017, AT 10:30 A.M., C.S.T.* FOR SERIES 2017A BONDS * Preliminary, subject to change. (see Official Notice of Sale - “Advance Modification of Principal Amounts” and “Post Bid Modification of Principal such offer, solicitation or sale would be unlawful p delivered in final form. Under This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These secur Amounts”) MATURITY SCHEDULE, INTEREST RATES, INITIAL YIELDS, AND CUSIP NUMBERS $345,070,000* CONSOLIDATED REVENUE AND REFUNDING BONDS, SERIES 2017A Maturity Principal Interest Initial Maturity Principal Interest Initial Feb. 15 Amount* Rate Yield CUSIP(1) Feb. 15 Amount* Rate Yield CUSIP(1) 2018 $8,690,000 % % 2029 $15,615,000 % % 2019 9,160,000 2030 16,345,000 2020 9,625,000 2031 17,110,000 2021 10,095,000 2032 18,180,000 2022 10,635,000 2033 22,785,000 2023 11,355,000 2034 23,880,000 2024 17,775,000 2035 25,175,000 2025 18,585,000 2036 26,470,000 2026 20,265,000 2037 27,805,000 2027 14,655,000 2038 5,650,000 2028 15,215,000 $11,635,000* CONSOLIDATED REVENUE AND REFUNDING BONDS, SERIES 2017B (TAXABLE) Maturity Principal Interest Initial Maturity Principal Interest Initial Feb. 15 Amount* Rate Yield CUSIP(1) Feb. 15 Amount* Rate Yield CUSIP(1) 2018 $395,000 % % 2029 $550,000 % % 2019 405,000 2030 570,000 2020 405,000 2031 595,000 2021 420,000 2032 620,000 2022 435,000 2033 645,000 2023 445,000 2034 675,000 2024 460,000 2035 705,000 2025 475,000 2036 735,000 2026 490,000 2037 770,000 2027 510,000 2038 800,000 2028 530,000 (1) CUSIP numbers have been assigned to the Bonds by Standard & Poor’s CUSIP Global Services, managed by S&P Global Market Intelligence on behalf of the American Bankers Association, and are included solely for the convenience of the owners of the Bonds. Neither the System nor the Initial Purchasers are responsible for the selection or correctness of the CUSIP numbers set forth herein. * Preliminary, subject to change. (See Official Notice of Sale - “Advance Modification of Principal Amounts” and “Post Bid Modification of Principal Amounts”) THE UNIVERSITY OF HOUSTON SYSTEM Board of Regents Term Expires Name Occupation 31-Aug Tilman J. Fertitta, Chairman Chairman of the Board and CEO, Landry's, Inc. 2021 Welcome W. Wilson, Jr., Vice-Chairman President and CEO, GSL Welcome Group 2017 Spencer D. Armour, III, Secretary Chairman of ProPetro Services, partner at PT Petroleum LLC and 2017 Managing Partner of Armada Gas & Oil Company Durga D. Agrawal President & CEO of Piping Technology & Products, Inc 2019 Beth Madison Insurance Broker and Trustee of Madison Charitable Foundation 2021 Gerald McElvy Member of the advisory board of the Texas Academy of Math and Science 2021 Paula M. Mendoza President and CEO of Possible Missions, Inc 2019 Peter K. Taaffe Counsel, the Buzbee Law Firm 2019 Roger F. Welder Retired 2017 (1) Joshua Freed Student Regent 2017 __________ (1) Term expires on May 31 The University of Houston System Administration Name Title Dr. Renu Khator Chancellor Jim McSham Senior Vice Chancellor for Administration and Finance Dr. Paula Myrick Short Senior Vice Chancellor for Academic Affairs Dr. Ramanan Krishnamoorti InterimVice Chancellor for Research and Technology Eloise Dunn Stuhr Vice Chancellor for University Advancement Jason Smith Vice Chancellor for Governmental and Community Relations Dr. J. Richard Walker Vice Chancellor for Student Affairs and Enrollment Services Dona Hamilton Cornell Vice Chancellor for Legal Affairs and General Counsel Raymond Bartlett Senior Associate Vice Chancellor for Finance Roberta Puryear Treasurer University Presidents University of Houston Dr. Renu Khator University of Houston-Clear Lake Dr. William A. Staples University of Houston-Downtown Dr. Michael A. Olivas* University of Houston-Victoria Dr. Raymond Victor Morgan, Jr. __________ *Interim. 3 No dealer, broker, salesman, or other person has been authorized by the Board, the System, or the Initial Purchasers to give any information or to make any representations other than those contained in this Preliminary 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 foregoing. This Preliminary Official Statement does not constitute, and is not to be used in connection with, an offer to sell or the solicitation of an offer to buy the Bonds in any state in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. The information set forth in this Preliminary Official Statement has been obtained from the Board, the System, The Depository Trust Company, and other sources which are believed to be reliable, but it is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the Initial Purchasers or, as to information from other sources, by the Board. Any information and expressions of opinion contained in this Preliminary Official Statement 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 Board or the System or other matters described herein since the date hereof.