PRELIMINARY OFFICIAL STATEMENT DATED JUNE 9,

In the opinion of Bond Counsel, the Bonds, including the interest thereon, are exempt from taxation imposed by existing Massachusetts laws, although the Bonds or such interest are included in the measure of Massachusetts estate and inheritance taxes and of applicable corporation excise and franchise taxes, and under existing law the interest on the Bonds is not included in gross income for federal income tax purposes and is not an item of tax preference for purposes of computing the alternative minimum tax. However, such interest may be included in the measure of certain taxes imposed upon corporations. The Bonds will not be "Qualified Tax-Exempt Obligations" for purposes of Section 265 (b)(3) of the Internal Revenue Code of 1986, as amended. (See "Tax Exemption".)

The Bonds are issuable only as fully registered Bonds without coupons, and, when issued, will be registered in the name of Cede & Co., as Bondowner and nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry form, in the denomination of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their interests in Bonds purchased. So long as Cede & Co. is the Bondowner, as nominee of DTC, references herein to the Bondowners or registered owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as defined herein) of the Bonds. (See "Book-Entry Only System" herein.)

Principal and semiannual interest on the Bonds will be paid by Fleet National Bank as Paying Agent. So long as DTC or its nominee, Cede & Co., is the Bondowner, such payments will be made directly to such Bondowner. Disbursement of such payments to the DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of the DTC Participants and the indirect Participants, as more fully described herein.

Interest on the Bonds will be payable on December 15, 1997 and semiannually thereafter on June 15 and December 15 to the Bondowners of record as of the last business day of the month preceding such interest payment date.

In the opinion of Bond Counsel, the Bonds are valid general obligations of the City of Revere, Massachusetts and the principal of and interest on the Bonds are payable from taxes which may be levied upon all taxable property in the City, subject to the limit imposed by Chapter 59, Section 21C, of the General Laws.

The Bonds are subject to redemption prior to their stated dates of maturity as described herein.

Due June 15	Principal Amount	Interest Rate		Due June 15	Principal Amount	Interest Rate

1998	$525,000		%	2008	$325,000		%
1999	525,000			2009	300,000
2000	525,000			2010	300,000
2001	525,000			2011	300,000
2002	500,000			2012	300,000
2003	500,000			2013	300,000
2004	500,000			2014	300,000
2005	500,000			2015	300,000
2006	500,000			2016	265,000
2007	475,000			2017	250,000

Due June 15	Principal Amount	Interest Rate		Due June 15	Principal Amount	Interest Rate

1998	$ 250,000		%	2000	$ 250,000		%
1999	250,000			2001	250,000

The Bonds will be certified as to their genuineness by Fleet National Bank and are offered subject to the final approving opinion of Ropes & Gray, Bond Counsel, as aforesaid, and to certain other conditions referred to herein. Bonds in definitive form will be delivered to The Depository Trust Company in New York, New York, on or about June 27, 1997 in Federal Reserve Funds.

DATED	DUE
June 15, 1997	June 15 (as shown below)