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This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. Under no circumstancesshall 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 anyjurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 8, 2017RATINGS: Moody’s: “Aa2”S&P: “AA”(See “RATINGS” herein.)In the opinion of Nixon Peabody LLP, Bond Counsel, under existing law and assuming compliance with the tax covenantsdescribed herein, and the accuracy of certain representations and certifications made by the District described herein, interest onthe Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986,as amended (the “Code”). Bond Counsel is also of the opinion that such interest on the Bonds is not treated as a preference item incalculating the alternative minimum tax imposed under the Code with respect to individuals and corporations. Bond Counsel isfurther of the opinion that interest on the Bonds is exempt from personal income taxes of the State of California (the “State”) underpresent State law. See “TAX MATTERS” herein regarding certain other tax considerations.NEW ISSUE – BOOK-ENTRY ONLY 85,000,000*LONG BEACH COMMUNITY COLLEGE DISTRICT(Los Angeles County, California)GENERAL OBLIGATION REFUNDING BONDS2017 SERIES GDated: Date of DeliveryDue: August 1, as shown on inside cover.The above-captioned bonds (the “Bonds”) offered hereunder by Long Beach Community College District (the “District”)are issued for the purpose of advance refunding certain maturities of the District’s General Obligation Bonds, 2008 Election, 2012Series B, authorized at a bond election conducted within the District on February 5, 2008 at which more than 55% of the voters ofthe District approved the issuance of 440,000,000 aggregate principal amount of the District’s general obligation bonds (the “2008Authorization”), and paying the costs of issuance of the Bonds. See the caption “PLAN OF REFUNDING” herein. The Bonds willbe issued in denominations of 5,000 principal amount or integral multiples thereof and are payable as to principal amount orredemption price at the office of U.S. Bank National Association, Los Angeles, California, as agent of the Treasurer and TaxCollector of the County of Los Angeles, California, as Paying Agent for the Bonds. Interest on the Bonds is payable on February 1and August 1 of each year, commencing on February 1, 2018. The Bonds are issued on a parity with all other general obligationbonds of the District.The Bonds are issued in fully registered form and, when delivered, will be registered in the name of Cede & Co., asnominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds asdescribed herein under the caption “THE BONDS – Book-Entry Only System.”The Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described herein*.See “THE BONDS – Redemption.”The Bonds are general obligations of the District only and are not obligations of the County of Los Angeles, the State ofCalifornia or any of its other political subdivisions. The Board of Supervisors of the County of Los Angeles has the power and isobligated to levy and collect ad valorem property taxes for each fiscal year upon the taxable property of the District in an amount atleast sufficient, together with other moneys available for such purpose, to pay the principal of, and premium, if any, and interest oneach Bond as the same becomes due and payable. The Bonds are dated their date of delivery.MATURITY SCHEDULEOn Inside CoverTHIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT ASUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAININFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.The Bonds will be offered when, as and if issued and received by the Underwriters, subject to the approval of legality byNixon Peabody LLP, Bond Counsel, and certain other conditions. Nixon Peabody LLP is acting as Disclosure Counsel for the issue.Certain legal matters will be passed upon for the Underwriters by their counsel, Stradling Yocca Carlson & Rauth, a ProfessionalCorporation, San Francisco, California. It is anticipated that the Bonds will be available through the facilities of DTC in New York,New York, on or about December , 2017.Dated: November , 2017.* Preliminary; subject to change.
MATURITY SCHEDULELONG BEACH COMMUNITY COLLEGE DISTRICT(Los Angeles County, California) 85,000,000*GENERAL OBLIGATION REFUNDING BONDS2017 SERIES GMaturity(August 1)PrincipalAmountInterestRateYieldCUSIP(542411)† , % Term Bonds Maturing August 1, , Yield %(1) CUSIP† No. 542411*†Preliminary; subject to change.Copyright 2017, American Bankers Association. CUSIP is a registered trademark of the American BankersAssociation. CUSIP data herein is provided by CUSIP Global Services (“CGS”), which is managed on behalf of TheAmerican Bankers Association by S&P Global Market Intelligence. This information is not intended to create adatabase and does not serve in any way as a substitute for the CGS database. CUSIP numbers have been assignedby an independent company not affiliated with the District and are included solely for the convenience of theregistered owners of the applicable Bonds. Neither the District nor any of the Underwriters is responsible for theselection or uses of these CUSIP numbers, and no representation is made as to their correctness on the applicableBonds or as included herein. The CUSIP number for a specific maturity is subject to being changed after theexecution and delivery of the Bonds as a result of various subsequent actions including, but not limited to, arefunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or othersimilar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds.
No dealer, broker, salesperson or other person has been authorized by the District to provide anyinformation or to make any representations other than as contained herein and, if given or made, such otherinformation or representation must not be relied upon as having been authorized by the District. This OfficialStatement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of theBonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation orsale.This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statementscontained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or notexpressly described herein, are intended solely as such and are not to be construed as a representation of facts.The information and expressions of opinion herein are subject to change without notice and neither deliveryof this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication thatthere has been no change in the affairs of the District since the date hereof. Although certain information set forth inthis Official Statement has been provided by the County of Los Angeles, the County of Los Angeles has notapproved this Official Statement and is not responsible for the accuracy or completeness of the statements containedin this Official Statement.The Bonds have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), orthe Securities Exchange Act of 1934, as amended (the “Exchange Act”), in reliance upon exemptions contained inSection 3(a)2 of the Securities Act and Section 3(a)12 of the Exchange Act, and have not been registered orqualified under the securities laws of any state.IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OREFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THEBONDS OFFERED HEREBY AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL INTHE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANYTIME. THE UNDERWRITERS MAY OFFER AND SELL THE BONDS TO CERTAIN DEALERS,INSTITUTIONAL INVESTORS, BANKS OR OTHERS AT PRICES LOWER OR HIGHER THAN THEPUBLIC OFFERING PRICES STATED ON THE INSIDE COVER PAGE HEREOF AND SAID PUBLICOFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITERS.This Official Statement is submitted in connection with the sale of the Bonds referred to herein and maynot be reproduced or used, in whole or in part, for any other purpose.Statements included or incorporated by reference in the following information constitute “forward lookingstatements.” Such statements are generally identifiable by the terminology used such as “plan,” “project,” “expect,”“estimate,” “budget” or other similar words. The achievement of results or other expectations contained in forwardlooking statements involve known and unknown risks, uncertainties and other factors which may cause actualresults, performance or achievements to be materially different from any future results, performance orachievements expressed or implied by such forward looking statements. Actual results may differ from the District’sforecasts. The District is not obligated to issue any updates or revisions to the forward looking statements in anyevent.The District maintains a website. However, the information presented on that website is not part of thisOfficial Statement and should not be relied upon in making investment decisions with respect to the Bonds. Variousother websites referred to in this Official Statement are also not incorporated herein by such references.
LONG BEACH COMMUNITY COLLEGE DISTRICTLos Angeles County, State of CaliforniaBoard of TrusteesJeffrey A. Kellogg, PresidentSunny Zia, Vice PresidentDr. Virginia Baxter, MemberVivian Malauulu, MemberDouglas W. Otto, MemberDistrict AdministratorsDr. Reagan F. Romali, Superintendent-PresidentDr. Kathleen Scott, Acting Vice President, Academic AffairsAnn-Marie Gabel, CPA, Vice President, Administrative ServicesRosalinda DelGaudio, Vice President, Human ResourcesDr. Kim McGinnis, Interim Vice President, Student Support ServicesSPECIAL SERVICESUnderwritersRBC Capital Markets, LLCLos Angeles, CaliforniaPiper Jaffray & Co.El Segundo, CaliforniaBond Counsel and Disclosure CounselNixon Peabody LLPSan Francisco, CaliforniaFinancial AdvisorFieldman, Rolapp & Associates, Inc.Irvine, CaliforniaPaying AgentU. S. Bank National Association,as agent of the Treasurer and Tax Collectorof the County of Los AngelesLos Angeles, CaliforniaVerification AgentCausey Demgen & Moore P.C.Denver, Colorado
TABLE OF CONTENTSPageINTRODUCTION . 1PLAN OF REFUNDING . 2REFUNDED BONDS . 2ESTIMATED SOURCES AND USES OF FUNDS . 3THE BONDS . 3Authority for Issuance and Security for the Bonds . 3Description of the Bonds . 3Redemption . 4Selection of Bonds for Redemption . 4Notice of Redemption . 5Partial Redemption of Bonds . 5Effect of Notice of Redemption . 6Transfer and Exchange . 6Debt Service Schedule . 7Discharge and Defeasance . 8Book-Entry Only System . 8SECURITY AND SOURCES OF PAYMENT FOR THE BONDS . 8General . 8Assessed Valuations - Constitutional and Statutory Initiatives . 9Assessed Valuations in the District. 9Tax Rates, Levies, Collections and Delinquencies . 12Tax Rates . 14Largest Taxpayers . 15Direct and Overlapping Debt . 15TAX MATTERS. 17Federal Income Taxes . 17State Taxes . 17Original Issue Discount. 17Original Issue Premium . 18Ancillary Tax Matters . 18Changes in Law and Post Issuance Events . 18LEGAL OPINION . 19LEGALITY FOR INVESTMENT. 19VERIFICATION. 19RATINGS . 19LEGAL MATTERS . 20Continuing Disclosure . 20Limitation on Remedies; Amounts Held in the County Treasury Pool . 20California Senate Bill 222. 21Special Revenues . 21i
TABLE OF CONTENTS(continued)PageUNDERWRITING . 22PROFESSIONALS INVOLVED IN THE OFFERING . 23FINANCIAL STATEMENTS . 23NO LITIGATION . 23OTHER INFORMATION . 24APPENDIX A — FINANCIAL AND DEMOGRAPHIC INFORMATION RELATINGTO THE DISTRICT . A-1APPENDIX B — FORM OF BOND COUNSEL OPINION . B-1APPENDIX C — AUDITED FINANCIAL STATEMENTS OF THE DISTRICT FORTHE FISCAL YEAR ENDED JUNE 30, 2016 . C-1APPENDIX D — FORM OF CONTINUING DISCLOSURE UNDERTAKING . D-1APPENDIX E — BOOK-ENTRY ONLY SYSTEM . E-1APPENDIX F — THE LOS ANGELES COUNTY POOLED SURPLUSINVESTMENTS . F-1ii
LONG BEACH COMMUNITY COLLEGE DISTRICT(Los Angeles County, California) 85,000,000*GENERAL OBLIGATION REFUNDING BONDS2017 SERIES GINTRODUCTIONThe Long Beach Community College District (the “District”) proposes to issue (i) 85,000,000*aggregate principal amount of its General Obligation Refunding Bonds, 2017 Series G (the “Bonds)pursuant to the provisions of Articles 9 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of theCalifornia Government Code (commencing with Sections 53550 and 53580, respectively) (the “Act”),and other applicable laws and regulations of the State of California (the “State”), and pursuant to aresolution adopted by the Board of Trustees of the District on October 24, 2017 (the “Resolution”).All general obligation bonds issued by or on behalf of the District are issued on a parity with theBonds and with each other.The proceeds of the Bonds will be applied to the advance refunding of a portion of the currentlyoutstanding 225,913,695.25 principal amount of the District’s originally issued 237,003,695.25General Obligation Bonds, 2008 Election, 2012 Series B (the “Prior Bonds,” and such Prior Bonds beingrefunded, the “Refunded Bonds”) and to the payment of costs of issuance of the Bonds. The Prior Bondswere authorized at a bond election conducted within the District on February 5, 2008 at which more than55% of the voters of the District approved the issuance of 440,000,000 aggregate principal amount of theDistrict’s general obligation bonds (the “2008 Authorization”). A portion of the proceeds of the Bondswill be deposited into the Escrow Fund (defined below) to pay the principal and interest on the RefundedBonds until August 1, 2022. See “PLAN OF REFUNDING” herein.The District, a community college district of the State, was founded in 1927. The Districtoperates two separate college campuses: the Liberal Arts Campus located at 4901 East Carson Street,Long Beach, California (the “Liberal Arts Campus”) and the Pacific Coast Campus located at 1305 EastPacific Coast Highway, Long Beach, California (the “Pacific Coast Campus”). The District’s boundariesinclude a majority of the City of Long Beach, the Cities of Signal Hill and Avalon, and most ofLakewood.The District’s funded full-time equivalent students (“FTES”) were 19,077 in fiscal year 2015-16and 21,076 in fiscal year 2016-17. The District’s total assessed valuation for fiscal year 2016-17 was 59,694,455,883 and its total assessed valuation for 2017-18 is 62,517,369,914. The District has certainexisting lease financing obligations as set forth in APPENDIX A – “FINANCIAL ANDDEMOGRAPHIC INFORMATION RELATING TO THE DISTRICT – THE DISTRICT – OperatingLeases” and the District has direct and overlapping bonded indebtedness as set forth under the caption“SECURITY AND SOURCES OF PAYMENT FOR THE BONDS – Direct and Overlapping Debt.” TheDistrict’s audited financial statements for fiscal year 2015-16 are attached hereto as APPENDIX C. Forfurther information concerning the District, see APPENDIX A – “FINANCIAL AND DEMOGRAPHICINFORMATION RELATING TO THE DISTRICT.”*Preliminary; subject to change.1
PLAN OF REFUNDINGThe net proceeds of the Bonds will be used to effect the advanced refunding of the RefundedBonds. On the date of delivery of the Bonds, such net proceeds will be deposited into an Escrow Fundestablished pursuant to that certain Escrow Agreement, dated as of December 1, 2017 (the “EscrowAgreement”), by and between the District and U.S. Bank National Association, in the capacity of EscrowAgent (the “Escrow Agent”).The net proceeds of the Bonds will be invested under the terms of the Escrow Agreement. Oneach interest payment date and the redemption date of the Refunded Bonds, amounts available under theEscrow Agreement will be applied to pay the interest on and redemption price of the Refunded Bonds.The Escrow Agreement provides for the investment of the proceeds of the Bonds in noncallabledirect obligations issued by the United States Treasury (including State and Local Government SeriesObligations) or obligations which are unconditionally guaranteed by the United States of America.Causey Demgen & Moore P.C. (the “Verification Agent”) will verify the sufficiency of amounts sodeposited and invested to provide for such payments. See “VERIFICATION” herein.REFUNDED BONDSThe proceeds of the Prior Bonds were applied to effect the payment of the District’s outstandingBond Anticipation Notes, 2010 Series A, to provide for the construction and improvement of certainfacilities of the District described in the project list approved by the voters of the District on February 5,2008, and to pay all legal, financial, and contingent costs in connection therewith.The District will use a portion of the Bonds to advance refund 85,835,000 *aggregate principalamount of the Prior Bonds. The particular Prior Bonds and the maturity dates and principal amountsthereof to be refunded are subject to market conditions at the time of sale of the Bonds and will beselected by the District at the time of the sale of the Bonds. The Refunded Bonds are identified below:Long Beach Community College District(County of Los Angeles, California)General Obligation Bonds, 2008 Election, 2012 Series BMaturity Date(June 1)Principal Amount(1)CUSIP Number(542411)20232024202520262027202820292039 *To be redeemed at par on August 1, 2022.Preliminary; subject to change.2
ESTIMATED SOURCES AND USES OF FUNDSThe estimated sources and uses of funds in connection with the Bonds are as follows:Sources of FundsPrincipal AmountNet Original Issue Premium/DiscountTotal SourcesUses of FundsDeposit to Escrow FundCosts of Issuance(1)Total Uses(1) Costs of Issuance include, but are not limited to, Underwriters’ discount, printingand rating costs, fees and expenses of the Paying Agent, Escrow Agent,Verification Agent, Bond and Disclosure Counsel and other costs of issuance.THE BONDSAuthority for Issuance and Security for the BondsThe Bonds will be issued pursuant to certain provisions of the Act and a resolution adopted by theBoard of Trustees of the District on October 24, 2017 (the “Resolution”). The Bonds are generalobligations of the District. Pursuant to the Act, general obligation bonds issued for the purpose ofrefunding outstanding general obligation bonds previously authorized by the voters that do not increasethe debt service obligation of taxpayers do not require additional voter approval, either for issuance ofsuch refunding general obligation bonds or the levy of an ad valorem property tax sufficient to payprincipal and interest as due on the refunding general obligation bonds.Description of the BondsThe Bonds will be dated their date of delivery and will be issued in denominations of 5,000 orintegral multiples thereof. The Bonds will be issued as current interest bonds with principal payable atthe maturity dates of the respective Bonds or their earlier redemption. Interest on the Bonds is payable onFebruary 1 and August 1 each year (each, an “Interest Payment Date”), commencing on February 1, 2018.Interest on each Bond shall accrue from its dated date. Each Bond will bear interest from the InterestPayment Date to which interest has been paid or duly provided for next preceding its date ofauthentication, unless such date of authentication will be (i) prior to the close of business on January 15,2018 in which case such Bond will bear interest from its dated date, or (ii) subsequent to the close ofbusiness on the 15th day of the month preceding any Interest Payment Date (each, a “Record Date”) butbefore the related Interest Payment Date, in which case such Bond will bear interest from such InterestPayment Date. Principal shall be payable in the years and amounts set forth on the inside cover page ofthis Official Statement.The Bonds will be issued in fully registered form and, when issued, will be registered in the nameof Cede & Co., as registered owner and nominee of The Depository Trust Company (“DTC”). DTC willact as securities depository for the Bonds. So long as Cede & Co. is the registered owner of the Bonds, asnominee of DTC, references herein to the Owners or registered owners shall mean Cede & Co. asaforesaid, and shall not mean the Beneficial Owners (as defined in APPENDIX E hereto) of the Bonds.3
So long as Cede & Co. is the registered owner of the Bonds, principal amount of and interest or premium,if any, on the Bonds are payable by wire transfer or New York Clearing House or equivalent next-dayfunds or by wire transfer of same day funds by U.S. Bank National Association, as agent for the Treasurerand Tax Collector of the County, as paying agent (the “Paying Agent”), to Cede & Co., as nominee forDTC. DTC is obligated, in turn, to remit such amounts to the DTC participants for subsequentdisbursement to the Beneficial Owners. See APPENDIX E – “BOOK-ENTRY ONLY SYSTEM” herein.Redemption*Optional RedemptionThe Bonds maturing on or before August 1, 20 are not subject to redemption prior to their fixedmaturity date. The Bonds maturing on or after August 1, 20 are subject to redemption on or afterAugust 1, 20 at the option of the District as a whole or in part on any date, at a redemption price equalto 100% of the principal amount of the Bonds called for redemption plus interest accrued thereon to thedate fixed for redemption, without premium.Mandatory Sinking Fund RedemptionThe Bonds maturing on August 1, 20 are subject to mandatory sinking fund redemption onAugust 1 of each year, commencing on August 1, 20 , in the following principal amounts, at theredemption price of par, plus accrued interest to the redemption date:Mandatory Sinking FundPayment Date(August 1)Mandatory SinkingFund Payment(1)(1)Maturity.In the event that a term bond is optionally redeemed, the principal amount of each remainingsinking fund payment with respect to such term bond will be reduced as directed by the District in theaggregate amount equal to the amount so redeemed.Selection of Bonds for RedemptionWhenever provision is made for the redemption of Bonds and less than all outstanding Bonds areto be redeemed, the Paying Agent, upon written instruction from the District given at least 60 days priorto the date designated for such redemption, shall select Bonds for redemption in such manner as theDistrict shall direct, or, in the absence of such direction, in inverse order of maturity. Within a maturity,the Paying Agent shall select Bonds of that series for redemption by lot. Redemption by lot shall be insuch manner as the Paying Agent shall determine; provided, however, that the portion of any Bond to beredeemed in part shall be in the principal amount of 5,000 or any integral multiple thereof.*Preliminary; subject to change.4
Notice of RedemptionWhen redemption is authorized or required pursuant to the Resolution, the Paying Agent, uponwritten instruction from the District, prior to the date designated for such redemption, shall give notice(each, “Redemption Notice”) of the redemption of the Bonds. Such Redemption Notice shall specify:(a) the Bonds or designated portions thereof (in the case of any Bond to be redeemed in part but not inwhole) which are to be redeemed, (b) the date of redemption, (c) the place or places where the redemptionwill be made, including the name and address of the Paying Agent, (d) the redemption price, (e) theCUSIP numbers (if any) assigned to the Bonds to be redeemed, (f) the bond numbers of the Bonds to beredeemed in whole or in part and, in the case of any Bond to be redeemed in part only, the principalamount of such Bond to be redeemed, and (g) the original issue date, interest rate and stated maturity dateof each Bond to be redeemed in whole or in part. Such Redemption Notice shall f
LONG BEACH COMMUNITY COLLEGE DISTRICT (Los Angeles County, California) GENERAL OBLIGATION REFUNDING BONDS 2017 SERIES G Dated: Date of Delivery Due: August 1, as shown on inside cover. The above-captioned bonds (the "Bonds") offered hereunder by Long Beach Community College District (the "District")
