SCHOOL DISTRICT NO. 1 IN THE CITY AND COUNTY OF DENVER …

NEW ISSUE BOOK-ENTRY ONLY

UNDERLYING RATINGS: S&P: "AA+" Fitch: "AA+"

Moody's: "Aa2" INTERCEPT RATINGS: S&P: "AA-"

Fitch: "AA" Moody's: "Aa2" See "RATINGS"

In the opinion of Butler Snow LLP, Bond Counsel, assuming continuous compliance with certain covenants described herein, interest on the 2018A Bonds is excludable from gross income under federal income tax laws pursuant to Section 103 of the Internal Revenue Code of 1986, as amended to the date of delivery of the 2018A Bonds (the "Tax Code") and interest on the 2018A Bonds is excludable from alternative minimum taxable income as defined in Section 55(b)(2) of the Tax Code except that, for tax years beginning before January 1, 2018, such interest is required to be included in calculating the "adjusted current earnings" adjustment applicable to corporations for purposes of computing the alternative minimum taxable income of corporations. Under laws of the State of Colorado in effect on the date of delivery of the 2018A Bonds, interest on the 2018A Bonds is exempt from Colorado income tax. See "TAX MATTERS--2018A Bonds." In the opinion of Bond Counsel, interest on the 2018B Bonds is includable in gross income for federal income tax purposes under the Tax Code. Under laws of the State of Colorado in effect on the date of delivery of the 2018B Bonds, the 2018B Bonds and the income therefrom are exempt from Colorado taxation, except inheritance, estate and transfer taxes. See "TAX MATTERS--2018B Bonds."

SCHOOL DISTRICT NO. 1

IN THE CITY AND COUNTY OF DENVER AND STATE OF

COLORADO

$105,325,000

$106,130,000

General Obligation Bonds

Taxable General Obligation Refunding Bonds

Series 2018A

Series 2018B

Dated: Date of Delivery

Due: December 1, as shown herein

The 2018A Bonds and 2018B Bonds (together, the "Bonds") are issued as fully registered bonds in denominations of $5,000, or any integral multiple thereof. The Bonds initially will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), which is acting as the securities depository for the Bonds. Purchases of the Bonds are to be made in bookentry form only. Purchasers will not receive certificates representing their beneficial ownership interest in the Bonds. See "THE BONDS-Book-Entry Only System." The Bonds bear interest at the rates set forth herein, payable on June 1, 2018, and semiannually thereafter on June 1 and December 1 of each year, to and including the maturity dates shown herein, by check, draft or wire sent by the Paying Agent to the registered owner of the Bonds, initially Cede & Co. The principal of the Bonds will be payable upon presentation and surrender at UMB Bank n.a., Denver, Colorado, or its successor as the paying agent for the Bonds. See "THE BONDS."

The maturity schedule for each series of the Bonds appears on the inside cover page of this Official Statement.

Each series of the Bonds is subject to optional redemption prior to maturity and is also subject to mandatory sinking fund redemption as described in "THE BONDS--Redemption Provisions."

The proceeds of the 2018A Bonds will be used to: (i) fund District capital improvements; and (ii) pay the costs of issuing the 2018A Bonds. See "SOURCES AND USES OF FUNDS."

The proceeds of the 2018B Bonds will be used to (i) refund certain District general obligation bonds, as more particularly described herein; and (ii) pay the costs of issuing the 2018B Bonds. See "SOURCES AND USES OF FUNDS."

The Bonds constitute general obligations of the District. All of the taxable property in the District is subject to the levy of an ad valorem tax to pay the principal of and interest on the Bonds without limitation as to rate and in an amount sufficient to pay the Bonds when due. See "SECURITY AND REMEDIES" and "LEGAL MATTERS--Certain Constitutional Limitations." The Bonds are not obligations of the City and County of Denver, Colorado, the State of Colorado (except as described herein) or any political subdivision thereof other than the District.

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 making an informed investment decision.

The Bonds are offered when, as, and if issued by the District and accepted by the Underwriters, subject to the approval of legality of the Bonds by Butler Snow LLP, Denver, Colorado, Bond Counsel, and the satisfaction of certain other conditions. Butler Snow LLP also has acted as special counsel to the District in connection with the Official Statement. Certain legal matters will be passed upon for the District by its General Counsel and for the Underwriters by its counsel, Stradling Yocca Carlson & Rauth, P.C., Denver, Colorado. Certain legal matters will be passed upon for the District by its General Counsel. Fiscal Strategies Group, Inc., Boulder, Colorado, and Public Resources Advisory Group, Los Angeles, California, are acting as the District's Financial Advisors. It is expected that the Bonds will be available for delivery through the facilities of DTC, on or about January 31, 2018.

Stifel

RBC Capital Markets

J.P. Morgan

George K. Baum & Company

Citigroup

Harvestons Securities, Inc.

Official Statement dated January 18, 2018.

MATURITY SCHEDULE (CUSIP 6-digit issuer number: 249174)

$105,325,000 SCHOOL DISTRICT NO. 1 IN THE CITY AND COUNTY OF DENVER AND STATE OF COLORADO GENERAL OBLIGATION BONDS

SERIES 2018A

Maturing (December 1)

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Principal Amount $ 2,905,000 2,135,000 2,275,000 2,460,000 2,580,000 3,250,000 13,315,000 14,045,000 4,380,000 4,620,000

Interest Rate 5.00% 5.00 5.00 5.00 5.00 5.00 5.50 5.50 5.50 5.50

Yield 1.40% 1.52 1.60 1.66 1.72 1.82 1.91 2.01 2.16 2.25

CUSIP? Issue

Number VX8 VY6 VZ3 WA7 WB5 WC3 WD1 WE9 WF6 WG4

Maturing

Principal

(December 1) Amount

2028 $ 17,810,000

2029

9,990,000

2030

6,400,000

2031

1,315,000

2032

1,385,000

2033

1,460,000

2034

1,545,000

2035

1,630,000

2036

1,715,000

2037

1,810,000

Interest Rate 5.50% 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50

Yield 2.30% 2.37 2.41 2.46 2.49 2.53 2.56 2.59 2.61 2.63

CUSIP? Issue

Number WH2 WJ8 WK5 WL3 WM1 WN9 WP4 WQ2 WR0 WS8

$8,300,000 5.50% Term Bond due December 1, 2041. Priced to Yield: 2.69%. CUSIP? Issue No.: WT6.

$106,130,000 SCHOOL DISTRICT NO. 1 IN THE CITY AND COUNTY OF DENVER AND STATE OF COLORADO TAXABLE GENERAL OBLIGATION REFUNDING BONDS

SERIES 2018B

Maturing Principal

(December 1) Amount

2018 $20,620,000

2019

18,395,000

2020

27,150,000

2021

2,755,000

2022

3,060,000

2023

2,875,000

Interest Rate

1.960% 2.297 2.438 2.568 2.681 2.831

Price 100 100 100 100 100 100

CUSIP?

Issue Maturing Principal

Number (December 1) Amount

WU3

2024 $ 8,745,000

WV1

2025

9,005,000

WW9

2026

235,000

WX7

2027

245,000

WY5

2028

7,265,000

WZ2

Interest Rate

2.989% 3.069 3.187 3.247 3.277

Price 100 100 100 100 100

CUSIP? Issue

Number XA6 XB4 XC2 XD0 XE8

$5,780,000 3.587% Term Bond due December 1, 2032. Price: 100. CUSIP? Issue No.: XF5.

Copyright 2018, CUSIP Global Services. CUSIP is a registered trademark of the American Bankers Association. CUSIP Global Services is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers are provided for convenience only. The District takes no responsibility for the accuracy of the CUSIP numbers.

USE OF INFORMATION IN THIS OFFICIAL STATEMENT

This Official Statement, which includes the cover page, the inside cover page and the appendices, does not constitute an offer to sell or the solicitation of an offer to buy any of the Bonds in any jurisdiction in which it is unlawful to make such offer, solicitation, or sale. No dealer, salesperson, or other person has been authorized to give any information or to make any representations other than those contained in this Official Statement in connection with the offering of the Bonds, and if given or made, such information or representations must not be relied upon as having been authorized by the District. The District maintains an internet website; however, the information presented there is not a part of this Official Statement and should not be relied upon in making an investment decision with respect to the Bonds.

The information set forth in this Official Statement has been obtained from the District and from the sources referenced throughout this Official Statement, which the District believes to be reliable. No representation is made by the District, however, as to the accuracy or completeness of information provided from sources other than the District, and nothing contained herein is or shall be relied upon as a guarantee of the District. This Official Statement contains, in part, estimates and matters of opinion which are not intended as statements of fact, and no representation or warranty is made as to the correctness of such estimates and opinions, or that they will be realized.

The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information.

The information, estimates, and expressions of opinion contained in this Official Statement are subject to change without notice, and neither the delivery of this Official Statement nor any sale of the Bonds shall, under any circumstances, create any implication that there has been no change in the affairs of the District, or in the information, estimates, or opinions set forth herein, since the date of this Official Statement.

This Official Statement has been prepared only in connection with the original offering of the Bonds and may not be reproduced or used in whole or in part for any other purpose.

The Bonds have not been registered with the Securities and Exchange Commission due to certain exemptions contained in the Securities Act of 1933, as amended. The Bonds have not been recommended by any federal or state securities commission or regulatory authority, and the foregoing authorities have neither reviewed nor confirmed the accuracy of this document.

THE PRICES AT WHICH THE BONDS ARE OFFERED TO THE PUBLIC BY THE UNDERWRITERS (AND THE YIELDS RESULTING THEREFROM) MAY VARY FROM THE INITIAL PUBLIC OFFERING PRICES OR YIELDS APPEARING ON THE INSIDE COVER PAGE HEREOF. IN ADDITION, THE UNDERWRITERS MAY ALLOW CONCESSIONS OR DISCOUNTS FROM SUCH INITIAL PUBLIC OFFERING PRICES TO DEALERS AND OTHERS. IN ORDER TO FACILITATE DISTRIBUTION OF THE BONDS, THE UNDERWRITERS MAY ENGAGE IN TRANSACTIONS INTENDED TO STABILIZE THE PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.

SCHOOL DISTRICT NO. 1 IN THE CITY AND COUNTY OF DENVER AND STATE OF COLORADO

Board of Education Anne Rowe, President Barbara O'Brien, Vice President Carrie A. Olson, PhD, Secretary Lisa Flores, Treasurer Jennifer Bacon, Member Angela Cobi?n, Member Allegra Haynes, Member

Administrative Officials Tom Boasberg, Superintendent David Suppes, Chief Operating Officer Mark Ferrandino, Chief Financial Officer Michelle Berge, Co-Acting General Counsel Amber Elias, Co-Acting General Counsel

FINANCIAL ADVISORS TO THE DISTRICT Fiscal Strategies Group, Inc. Boulder, Colorado

Public Resources Advisory Group Los Angeles, California

REGISTRAR AND PAYING AGENT UMB Bank, n.a. Denver, Colorado

BOND AND SPECIAL COUNSEL Butler Snow LLP Denver, Colorado

UNDERWRITERS

Stifel, Nicolaus & Company, Incorporated Denver, Colorado

RBC Capital Markets, LLC Denver, Colorado

J.P. Morgan Securities LLC Denver, Colorado

George K. Baum & Company Denver, Colorado

Citigroup Global Markets Inc. Dallas, Texas

Harvestons Securities, Inc. Denver, Colorado

UNDERWRITERS' COUNSEL Stradling Yocca Carlson & Rauth, P.C.

Denver, Colorado

TABLE OF CONTENTS

Page

INTRODUCTION .......................................................................................................................... 1 General........................................................................................................................................ 1 The Issuer.................................................................................................................................... 1 Authority for Issuance ................................................................................................................ 1 Purpose........................................................................................................................................ 2 Security ....................................................................................................................................... 2 The Bonds; Prior Redemption .................................................................................................... 3 Professionals ............................................................................................................................... 3 Tax Status of Interest on the Bonds ............................................................................................ 4 Continuing Disclosure Undertaking ........................................................................................... 4 Additional Information ............................................................................................................... 4

SOURCES AND USES OF FUNDS .............................................................................................. 6 Sources and Uses of Funds ......................................................................................................... 6 The Improvement Project ........................................................................................................... 6 The Refunding Project ................................................................................................................ 6

THE BONDS .................................................................................................................................. 7 General........................................................................................................................................ 7 Payment Provisions..................................................................................................................... 7 Redemption Provisions ............................................................................................................... 8 Tax Covenant ............................................................................................................................ 10 Defeasance ................................................................................................................................ 11 Amendment of Bond Resolution .............................................................................................. 12 Book-Entry Only System.......................................................................................................... 13

DEBT SERVICE REQUIREMENTS........................................................................................... 14

SECURITY AND REMEDIES .................................................................................................... 15 General...................................................................................................................................... 15 Bond Resolution Irrepealable ................................................................................................... 16 Pledge of Revenues; Priority .................................................................................................... 16 State Intercept Program ............................................................................................................ 16 Limitations on Remedies Available to Owners of Bonds......................................................... 17

THE DISTRICT............................................................................................................................ 18 Organization and General Description ..................................................................................... 18 School District Powers.............................................................................................................. 18 The Board of Education ............................................................................................................ 18 Administrative Staff and Management ..................................................................................... 19 District Employees, Benefits and Pension Matters; Labor Relations ....................................... 20 Facilities and Enrollment .......................................................................................................... 26 District Capital Plans ................................................................................................................ 28 District Insurance Coverage...................................................................................................... 30

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Page DISTRICT FINANCIAL OPERATIONS .................................................................................... 32

The School Finance Act and Total Program Funding .............................................................. 32 Other Sources of School District Revenue ............................................................................... 35 District Funds and Accounts..................................................................................................... 36 Primary Sources of General Fund Revenue.............................................................................. 37 Cash Flow Measures ................................................................................................................. 38 Budget Process.......................................................................................................................... 39 Financial Results and Budget ................................................................................................... 40 Accounting Records and Financial Statements ........................................................................ 42 History of Revenues, Expenditures, and Changes in Fund Balance......................................... 42

PROPERTY TAXATION, ASSESSED VALUATION AND OVERLAPPING DEBT ............ 44 Ad Valorem Property Taxes ..................................................................................................... 44 Ad Valorem Property Tax Data ................................................................................................ 48 Overlapping Mill Levies ........................................................................................................... 51 Estimated Overlapping General Obligation Debt ..................................................................... 52

DEBT AND OTHER FINANCIAL OBLIGATIONS.................................................................. 55 General Obligation Debt ........................................................................................................... 55 Outstanding General Obligation Debt ...................................................................................... 56 Other Financial Obligations...................................................................................................... 56 Selected Debt Ratios ................................................................................................................. 57

ECONOMIC AND DEMOGRAPHIC INFORMATION ............................................................ 59 Population ................................................................................................................................. 59 Income ...................................................................................................................................... 59 Employment.............................................................................................................................. 60 Building Activity ...................................................................................................................... 62 Foreclosure Activity ................................................................................................................. 63

TAX MATTERS........................................................................................................................... 64 2018A Bonds ............................................................................................................................ 64 2018B Bonds............................................................................................................................. 66

LEGAL MATTERS...................................................................................................................... 67 No Litigation............................................................................................................................. 67 Sovereign Immunity ................................................................................................................. 67 Approval of Certain Legal Proceedings.................................................................................... 68 Certain Constitutional Limitations............................................................................................ 68 Police Power ............................................................................................................................. 69

INDEPENDENT AUDITORS...................................................................................................... 69

RATINGS ..................................................................................................................................... 69

UNDERWRITING ....................................................................................................................... 70

OFFICIAL STATEMENT CERTIFICATION............................................................................. 72

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Page APPENDIX A - Audited Basic Financial Statements of the District

for the year ended June 30, 2017 .................................................................. A-1 APPENDIX B - Book-Entry Only System...............................................................................B-1 APPENDIX C - Form of Continuing Disclosure Certificate....................................................C-1 APPENDIX D - Form of Bond Counsel Opinion.................................................................... D-1

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INDEX OF TABLES

NOTE: Tables marked with an (*) indicate Annual Financial Information to be updated pursuant to SEC Rule 15c2-12, as amended. See Appendix C - Form of Continuing Disclosure Certificate.

The information to be updated may be reported in any format chosen by the District; it is not required that the format reflected in this Official Statement be used in future years. Further, the General Fund Financial Summary table referred to below is to be updated using current year budget information found in the audited financial statements; no separate budget documents required to be filed.

Page

Sources and Uses of Funds ............................................................................................................. 6 Debt Service Requirements........................................................................................................... 14 Schedule of Funding Progress (in 000's)...................................................................................... 23 Schedule of Net Pension Liability - DPS Division (in 000's) ...................................................... 24 Schedule of Employer Contributions - DPS Division (in 000's).................................................. 24 District Enrollment........................................................................................................................ 26 Historical Base Per Pupil Funding ................................................................................................ 33 State Equalization Payments......................................................................................................... 38 *General Fund Financial Summary (in 000's).............................................................................. 41 *General Fund ? History of Revenues, Expenditures, and Changes in Fund Balance ................. 43 *History of District's Assessed Valuation .................................................................................... 49 *History of District's Mill Levy ................................................................................................... 49 2016 Assessed and "Actual" Valuation of Classes of Property in the District............................. 50 History of Statutory "Actual" Valuation of Classes of Property in the District ........................... 50 *Historical Property Tax Collections............................................................................................ 51 *Largest Taxpayers Within the District ........................................................................................ 51 Sample 2017 Mill Levy ................................................................................................................ 52 Estimated Overlapping General Obligation Debt ......................................................................... 53 General Obligations of the District ............................................................................................... 56 Outstanding Certificates of Participation...................................................................................... 57 Selected Debt Ratios of the District (Unaudited) ......................................................................... 58 Population ..................................................................................................................................... 59 Per Capita Personal Income .......................................................................................................... 60 Average Number of Employees Within Selected Industries ? Denver......................................... 61 Labor Force and Employment ...................................................................................................... 62 Ten Largest Employers in the Denver Metro Area....................................................................... 62 Building Permits Issued in the City and County of Denver.......................................................... 63 History of Foreclosures ? Denver ................................................................................................. 63

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