COMPETITIVE SALE—The Bonds will be sold pursuant to competitive sales held at 9:00 and 9:30 a.m. (Pacific Time) on August 3, 2017, as further described in the Notices of Sale attached hereto. PRELIMINARY OFFICIAL STATEMENT DATED JULY 25, 2017 $388,850,000(1) School District No. 1J, Multnomah County, Oregon (Portland Public Schools) Multnomah, Washington, and Clackamas Counties, Oregon General Obligation Bonds, Series 2017 $168,950,000(1) Series 2017A $219,900,000 (1) Series 2017B (Federally Taxable) (Tax-Exempt) DATED: August 10, 2017 (estimated “Date of Delivery”) DUE: June 15, as shown on the inside cover PURPOSE— The $168,950,000(1) General Obligation Bonds, Series 2017A (Federally Taxable) (the “2017A Bonds”) and $219,900,000(1) General Obligation Bonds, Series 2017B (Tax-Exempt) (the “2017B Bonds,” collectively with the 2017A Bonds, the “Bonds”) are being issued by School District No. 1J, Multnomah County, Oregon (Portland Public Schools) (the “District”), located in Multnomah, Washington, and Clackamas Counties, Oregon. The Bonds are being issued to finance capital costs for the District, and to pay the costs of issuance of the Bonds. See “Purpose and Use of Proceeds” herein. MOODY’S AND S&P GLOBAL RATINGS— “Aa2” and “AA-” underlying “Aa1” and “AA+,” enhanced. See “Oregon School Bond Guaranty” and “Ratings” herein. NOT BANK QUALIFIED— The District has NOT designated the Bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). BOOK-ENTRY ONLY SYSTEM— The Bonds will be issued, executed and delivered in fully registered form under a book- entry only system and registered in the name of Cede & Co., as owner and nominee for The Depository Trust Company OfficialStatement substantially in this form. (“DTC”). DTC will act as initial securities depository for the Bonds. Individual purchases of the Bonds will be made in al book-entry form, in the denomination of $5,000 or any integral multiple thereof. Purchasers will not receive certificates has authorized the distribution of the Preliminary Official Statement to representing their interest in the Bonds purchased. PRINCIPAL AND INTEREST PAYMENTS— Interest on the Bonds will be paid on December 15, 2017 and semiannually thereafter on June 15 and December 15 of each year to the maturity or earlier redemption of the Bonds and will be computed on the basis of a 360-day year comprised of twelve 30 day months. Principal of and interest on the Bonds will District be payable by the District’s Paying Agent, initially U.S. Bank National Association, to DTC which, in turn, will remit such principal and interest to the DTC participants for subsequent disbursement to the beneficial owners of the Bonds at the The address appearing upon the registration books on the last business day (the “Record Date”) of the month preceding a payment date. MATURITY SCHEDULE—See inside front cover. will complete anda deliver fin REDEMPTION— The 2017A Bonds are not subject to optional redemption prior to their stated maturities. The 2017B Bonds are subject to optional redemption prior to their stated maturities as further described herein. District SECURITY— The Bonds are general obligations of the District. The District has pledged its full faith and credit to pay the Bonds pursuant to ORS 287A.315. The District has covenanted for the benefit of the owners of the Bonds to levy a direct , the ad valorem tax upon all of the taxable property within the District which is sufficient, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes, to pay all Bond principal and interest Bonds when due. The District has covenanted to levy this tax each year until all the Bonds are paid. This tax shall be in addition to all other taxes of the District, and this tax shall not be limited in rate, amount or otherwise, by Sections 11 or 11b of Article XI of the Oregon Constitution. The Bonds do not constitute a debt or indebtedness of Multnomah, Washington, and Clackamas Counties, the State of Oregon, or any political subdivision thereof other than the District. Payment of the principal of and interest on the Bonds when due is guaranteed by the full faith and credit of the State of Oregon under the provisions of the Oregon School Bond Guaranty Act. See “Oregon School Bond Guaranty” within. TAX MATTERS— In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the District (“Bond Counsel”), under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the 2017B Bonds is excluded from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) interest on the 2017B Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. In the opinion of Bond Counsel, interest on the 2017A Bonds is not excludable from gross income for federal income tax purposes under existing law. In the opinion of Bond Counsel, interest on the Bonds is exempt from State of Oregon personal income tax under existing law. See “Tax Matters” herein. DELIVERY—The Bonds are offered for sale to the original purchaser subject to the final approving legal opinion of Bond Counsel. It is expected that the Bonds will be available for delivery to the Paying Agent for Fast Automated Securities Transfer on behalf of DTC, on or about the Date of Delivery. (1) Preliminary, subject to change. This is a Preliminary Official Statement, subject to correction and change. prospective purchasers and others. Upon the sale of the the of sale the Upon others. and purchasers prospective This cover page contains certain information for quick reference only. It is not a summary of the issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. School District No. 1J, Multnomah County, Oregon (Portland Public Schools) Multnomah, Washington, and Clackamas Counties, Oregon General Obligation Bonds, Series 2017 DATED: Date of Delivery DUE: June 15, as shown below MATURITY SCHEDULE— $168,950,000(1) General Obligation Bonds, Series 2017A (Federally Taxable) CUSIP® CUSIP® Due Interest Due Interest (1) (1) June 15 Amounts Rates Yields 625517 June 15 Amounts Rates Yields 625517 2018$ 73,725,000 2020$ 18,860,000 2019 76,365,000 $219,900,000(1) General Obligation Bonds, Series 2017B (Tax-Exempt) CUSIP® CUSIP® Due Interest Due Interest (1) (1) June 15 Amounts Rates Yields 625517 June 15 Amounts Rates Yields 625517 2020$ 61,320,000 2033$ 6,165,000 2021 1,195,000 2034 6,740,000 2022 1,490,000 2035 7,350,000 2023 1,800,000 2036 7,990,000 2024 2,135,000 2037 8,670,000 2025 2,495,000 2038 9,390,000 2026 2,875,000 2039 10,145,000 2027 3,290,000 2040 10,945,000 2028 3,730,000 2041 11,785,000 2029 4,160,000 2042 12,675,000 2030 4,620,000 2043 13,610,000 2031 5,105,000 2044 14,600,000 2032 5,620,000 (1) Preliminary, subject to change. The CUSIP® numbers herein are provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Capital IQ, a division of S&P Global Inc. CUSIP is a registered trademark of the American Bankers Association. CUSIP numbers are provided for convenience of reference only. CUSIP numbers are subject to change. Neither the District nor the Purchaser take any responsibility for the accuracy of such CUSIP numbers. No website mentioned in this Official Statement is part of this Official Statement, and readers should not rely upon any information presented on any such website in determining whether to purchase the Bonds. Any references to any website mentioned in this Official Statement are not hyperlinks and do not incorporate such websites by reference. No dealer, broker, salesman or other person has been authorized by the District or Piper Jaffray & Co. (the “Financial Advisor”) to give information or to make any representations with respect to the Bonds, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon. 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 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The Bonds have not been registered under the Securities Act of 1933, as amended, and the Resolution has not been qualified under the Trust Indenture Act of 1939, as amended, in reliance upon exemptions contained in such acts. The registration or qualification of the Bonds in accordance with applicable provisions of securities laws of the States in which the Bonds have been registered or qualified and the exemption from the registration or qualification in other states cannot be regarded as a recommendation thereof. Neither these States nor any of their agencies have passed upon the merits of the Bonds or the accuracy or completeness of this Official Statement. Any representation to the contrary may be a criminal offense. This Preliminary Official Statement has been “deemed final” by the District, pursuant to Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, except for information which is permitted to be excluded from this Official Statement under said rule 15c2-12.