PRELIMINARY OFFICIAL STATEMENT DATED ______, 2018
SALE DATE: ______, 2018 at 8:30 a.m. Pacific Time
Moody’s Rating: Applied for
DRAFT 1/23/2018 See “OTHER BOND INFORMATION - Rating” herein In the opinion of Bond Counsel, under existing federal law and assuming compliance with applicable requirements of the Internal Revenue Code of 1986, as amended (the “Code”), that must be satisfied subsequent to the issue date of the Series 2018 Bonds, interest on the Series 2018 Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the alternative minimum tax applicable to individuals. However, while interest on the Series 2018 Bonds also is not an item of tax preference for purposes of the alternative minimum tax applicable to corporations, interest on the Series 2018 Bonds received by corporations is taken into account in the computation of adjusted current earnings for purposes of the alternative minimum tax applicable to corporations, interest on the Series 2018 Bonds received by certain S corporations may be subject to tax, and interest on the Series 2018 Bonds received by foreign corporations with United States branches may be subject to a foreign branch profits tax. Receipt of interest on the Series 2018 Bonds may have other federal tax consequences for certain taxpayers. See “TAX MATTERS.” $______,000 * Central Washington University System Revenue Bonds, Series 2018 Dated: Date of Delivery Due: May 1, as shown on the inside cover The Central Washington University (the “University”) System Revenue Bonds, Series 2018 (the “Series 2018 Bonds”) are issued in fully registered form under a book-entry only system. When issued, the Series 2018 Bonds initially will be registered to Cede & Co., as bond owner and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as initial securities depository for the Series 2018 Bonds (the “Securities Depository”). Individual purchases of the Series 2018 Bonds will be made in the principal amount of $5,000 or integral multiples thereof within a maturity. Purchasers of beneficial interests in the Series 2018 Bonds (“Beneficial Owners”) will not receive certificates representing their beneficial ownership interest in the Series 2018 Bonds purchased. The fiscal agent of the State of Washington (the “State”), currently U.S. Bank National Association, will act as the registrar, paying agent, transfer agent and authenticating agent for the Series 2018 Bonds (the “Registrar”). Interest on the Series 2018 Bonds will be payable semiannually on each May 1 and November 1, commencing November 1, 2018, to the maturity or earlier redemption of the Series 2018 Bonds. The Series 2018 Bonds will mature on the dates and in the amounts and bear interest at the rates set forth on the inside cover. For so long as the Series 2018 Bonds are held in book-entry only form, the principal of and interest on the Series 2018 Bonds will be paid by the Registrar to the Securities Depository, which in turn is obligated to remit such payments to its broker-dealer participants for subsequent disbursement to the Beneficial Owners. See “THE SERIES 2018 BONDS—Registrar” and APPENDIX D— “Book-Entry Transfer System.” Maturity Schedule on Inside Cover The Series 2018 Bonds are being offered at public sale by competitive bids to be received electronically through Parity®, pursuant to the Official Notice of Sale contained herein. The Series 2018 Bonds are subject to redemption prior to their stated maturities as described herein. The Series 2018 Bonds are special fund revenue obligations of the University payable solely from and secured solely by Gross Revenue of the System on deposit in the System Revenue Bond Fund, and do not in any manner or to any extent constitute general obligations of the University or of the State, or of any political subdivision of the State. The University has no taxing power. The amounts pledged to be paid into the System Revenue Bond Fund are a prior lien and charge upon the Gross Revenue superior to all other charges of any kind or nature whatsoever. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2018 BONDS.” This cover page contains certain information for quick reference only. A full review should be made of the entire Official Statement. The offering of the Series 2018 Bonds to potential investors is made only by means of the entire Official Statement. The Series 2018 Bonds are offered when, as and if executed and delivered, and are subject to receipt of the legal opinion of Foster Pepper PLLC, Seattle, Washington, Bond Counsel to the University, and certain other conditions. It is expected that the Series 2018 Bonds will be available for delivery through the facilities of DTC in New York New York, or to the Registrar on behalf of DTC by Fast Automated Securities Transfer on or about _____, 2018 (the “Date of Delivery”). NEW ISSUE - BOOK-ENTRY ONLY
* Preliminary, subject to change.
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