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Bond Oversight Committee 2014 Bond program August 4, 2016 1 AGENDA Welcome, introductions, meeting schedule Stewart Jacobson, Chair Program Management: Oscar Perez & Ron Holleyhead Review Bond Monthly Report Zandra

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SLIDE 1

August 4, 2016

Bond Oversight Committee 2014 Bond program

1

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SLIDE 2

AGENDA

  • Welcome, introductions, meeting schedule – Stewart Jacobson, Chair
  • Program Management: Oscar Perez & Ron Holleyhead
  • Review Bond Monthly Report – Zandra Becerra
  • Review the updated Master Budget - Zandra Becerra
  • Review New BOT Report – Zandra Becerra
  • Review the Master Schedule – Ron Holleyhead
  • Accomplishments Since Last Meeting – Ron Holleyhead
  • Sullivan ES (ES 47 in Riverstone) Update – Ashley Dixon
  • Phase I Budget Status Report – Oscar Perez
  • Next Steps - Ron Holleyhead
  • Update other projects (IT, Security, Transportation) – Long Pham, David Rider and Mike

Brassfield

  • Small Business Program – Bob Fazakerly
  • Communication Plan Update – Nancy Porter
  • Debt Service Fund Update – Steve Bassett
  • Bond 2018 Planning – Steve Bassett
  • Open Feedback from BOC Members – Stewart Jacobson

2

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SLIDE 3

(data from February 2016 Monthly report)

**

Not Started= NA Pre-Design= $ 118,719,739 Design= $ 219,383,330 Construction= $ 43,011,977 Districtwide* = $ 102,932,320 TOTAL = $ 484,047,366

*

MONTHLY REPORT BUDGET REVIEW

*Districtwide includes district managed work not assigned to a specific location including transportation, technology, land, bond support, security cameras & infrastructure and classroom additions. **Amount includes interest earned to date Value of Project by Schedule Phase

3

(data from June 2016 Monthly report)

**

Pre-Design= $ 59,853,550 Design= $ 111,196,469 Bidding & Negotiation= $ 59,675,360 Construction= $ 146,268,824 Districtwide* = $ 107,076,005 TOTAL = $ 484,070,235

*

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SLIDE 4

Commitments (including approved changes) = $92,308,805 New Construction = $ 44,740,690 Renovations and Additions= $ 8,072,300 Districtwide* = $ 39,495,815 Cost To Date = $57,749,047 New Construction = $ 26,119,002 Renovations and Additions= $ 2,914,941 Districtwide* = $ 28,715,104

(data from February 2016 Monthly report)

MONTHLY REPORT BUDGET/COST REVIEW

Program Budget Cost Status

4

*Districtwide includes district managed work not assigned to a specific location including transportation, technology, land, bond support, security cameras & infrastructure and pending classroom additions. Commitments (including approved changes) = $137,566,321 New Construction = $ 72,349,430 Renovations and Additions= $ 14,452,639 Districtwide* = $ 50,764,251 Cost To Date = $76,297,587 New Construction = $ 30,673,980 Renovations and Additions= $ 5,315,982 Districtwide* = $ 40,307,624

(data from June 2016 Monthly report)

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SLIDE 5

MASTER BUDGET INDICATOR

As of July 11, 2016:

  • Total Bond = $484M (100%)
  • Committed= $137.5M (28.4%)
  • Cost To Date= $76.3M ( 15.8%)

Total Bond: $484M

Committed Cost: 28.4% - $137.5M as of 7/11/2016 Cost to Date: 15.8% - $76.3M as of 7/11/2016

$480M $400M $300M $200M $100M

5

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SLIDE 6

NEW BOT REPORT

6

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SLIDE 7

NEW BOT REPORT

7

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SLIDE 8

NEW BOT REPORT (EXHIBIT A)

8 2014 BOND PROGRAM CONTINGENCY Date Description Current Budget Proposed Budget Surplus (Shortage) Cumulative 07/18/16 Bond 2014 Interest as of May 2016* $0 $0 $70,235 $0 $70,235 05/16/16 Classrooms Additions-Unallocated funds $10,194,244 $6,906,260 $3,287,984 $0 $3,358,219 05/16/16 Temporary Classrooms Buildings Relocation $433,878 $1,307,749 $0 ($873,871) $2,484,348 05/16/16 ES47-Sullivan Elementary School savings as of May 2016 $42,984,737 $40,484,737 $2,500,000 $0 $4,984,348 05/16/16 Bid Package 05-ES50 $32,702,895 $31,696,470 $1,006,425 $0 $5,990,773 05/16/16 Bid Package 06-ES49 $30,447,522 $33,734,879 $0 ($3,287,357) $2,703,416 05/16/16 Bid Package 07 $15,171,388 $12,561,186 $2,627,278 ($17,076) $5,313,618 05/16/16 Bid Package 09 $12,456,496 $9,344,890 $3,347,281 ($235,675) $8,425,224 05/16/16 Bid Package 02-Paving & Lighting Improvements $3,296,432 $3,296,432 $1,383,482 ($1,383,482) $8,425,224 06/20/16 Bid Package 03-ES48 $30,447,522 $31,393,711 $0 ($946,189) $7,479,035 07/18/16 Bid Package 12 $1,950,330 $2,567,765 $68,625 ($686,060) $6,861,600 07/18/16 Bid Package 13 $1,828,437 $2,247,034 $32,515 ($451,112) $6,443,003 TOTAL AS OF JULY 2016 $181,913,881 $175,541,113 $14,323,825 ($7,880,822) $6,443,003 * Bond 2014 Interest includes $47,335.95 plus additional $22,899.28 of interest reported as per May 31, 2016 reconciliation.

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SLIDE 9

MASTER SCHEDULE (PHASE I)

9

  • Phase I
  • 13 Bid Package (BP) all work under construction contract

(as of Aug 2016)

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SLIDE 10

MASTER SCHEDULE (PHASE II)

10

  • Phase II
  • 2 BP in SD Phase / 7 BP in CD Phase
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SLIDE 11

MASTER SCHEDULE (PHASE III)

11

  • Phase III
  • BOT has assigned all AE to 7 remaining Bid Packages
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SLIDE 12

ACCOMPLISHMENTS

Accomplishments Since Last BOC Meeting

Phase I

  • All Phase I projects have bid and been negotiated. Upon

Board of Trustee approval of BP 08, 10, & 11 in August 2016, all construction contracts will be approved for Phase I – BOT approved site and Educational Specifications for the Career and Technical Education (CTE) Facility – Relocated portable buildings Phase II

  • Completed all scope-to-budget activities
  • All Phase II projects are in design phase

12

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SLIDE 13

ES 47 – Anne McCormick Sullivan Elementary Current Construction and Activation Activities:

  • Architectural and MEP punch list
  • Test and Air Balancing
  • Fundamental Commissioning
  • Health and Safety building inspections
  • Site and road striping/signage installation
  • Plaster installation – Area A
  • Exterior canopy installation
  • Landscaping and play structure installation
  • IT Network equipment, wireless application

protocol (WAP), staff and student technology equipment

  • Classroom and Administration furniture and

equipment

13

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SLIDE 14

New Construction Comparison Construction Contingency Other Soft Costs Total Budget $ 126,475,939 $ 8,379,784 $ 19,969,337 $ 154,825,060 Estimate $ 137,306,237 $ 7,749,128 $ 9,769,695 $ 154,825,060 Difference $ (10,830,298) $ 630,656 $ 10,199,642 $ 0 Additions Comparison Construction Contingency Other Soft Costs Total Budget $ 12,824,894 $ 1,247,441 $ 2,146,865 $ 16,219,200 Estimate $ 19,075,744 $ 1,659,479 $ 2,277,965 $ 23,013,188 Difference $ (6,250,850) $ (412,039) $ (131,100) $ (6,793,988) Life Cycle/Deficiency Comparison Construction Contingency Other Soft Costs Total Budget $ 81,132,617 $ 12,698,855 $ 12,581,092 $ 106,412,564 Estimate $ 77,451,648 $ 5,826,664 $ 12,224,224 $ 95,502,536 Difference $ 3,680,969 $ 6,872,191 $ 356,868 $ 10,910,028 Net for New, Additions, Life Cycle/Deficiency $ 4,116,040

Based on Phase I – Construction Contract / Phase II – 50% or 90% CD Phase cost estimates, when all Phase I and II projects are considered together, staff estimates that there are sufficient funds budgeted to complete the Phase I and Phase II projects. When all budget categories are considered together, staff projects a positive budget balance of $4,116,040 . Note - Projections may not sum due to rounding.

14

PHASE I BUDGET STATUS REPORT Phase I – Construction Contract / Phase II – 50% or 90% CD Phase

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SLIDE 15

NEXT STEPS

Phase I

  • Groundbreaking ceremonies
  • Complete construction
  • FF&E
  • Occupancy

Phase II

  • Finalize CD phase
  • Advertise, bid and negotiate
  • Issue general contractor agreements

Phase III

  • Issue architect/engineer agreements

15

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SLIDE 16

INSTRUCTIONAL TECHNOLOGY UPDATE

16

$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 931 - Infrastructure Cameras 990 - DSTW - WAN Cabling/Fiber 991 - DSTW - Wireless Cabling/Fiber 992 - DSTW - WAN Design Contingency 993- DSTW Wireless Contingency 994 - DSTW - WAN Network Electronics 995 - DSTW - Wireless Electronics Total 931 - Infrastructure Cameras 990 - DSTW - WAN Cabling/Fiber 991 - DSTW - Wireless Cabling/Fiber 992 - DSTW - WAN Design Contingency 993- DSTW Wireless Contingency 994 - DSTW - WAN Network Electronics 995 - DSTW - Wireless Electronics Total % of Budget 39.5% 19.1% 8.0% 5.8% 4.5% 22.6% 55.7% 33.8% Total Exp & Enc $1,184,438 $675,000 $315,000 $74,250 $74,270 $2,818,911 $9,214,449 $14,356,318 Initial Budget $3,000,000 $3,528,000 $3,955,799 $1,280,124 $1,640,902 $12,473,570 $16,555,452 $42,433,847

IT Infrastructure & Security Camera Projects

Total Exp & Enc Initial Budget

As of April 1, 2016

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SLIDE 17

TECHNOLOGY & SECURITY CAMERA UPDATE

17 * Middle School schedule are experience a delay due to proper asset tracking and documentation requirements.

Middle School Network Infrastructure

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SLIDE 18

TECHNOLOGY & SECURITY CAMERA UPDATE

18

Elementary School Network Infrastructure

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SLIDE 19

TECHNOLOGY & SECURITY CAMERA UPDATE

19

Digital Camera Install

Status Preparation Completed High School Complete Complete 7/31/16 Middle School Preparation 9/6/16 3/31/17 Elementary School Cabling 3/1/2017 9/1/2018 Support Sites Waiting 9/1/18 12/31/18

Middle School Schedule

Bowie, Fort Settlement, Sartartia, Crockett, Quail Valley, Garcia, Lake Olympia, Hodges Bend, Baines, Sugar Land, Dulles, McAuliffe, Missouri City, First Colony

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SLIDE 20
  • 6 Gigabits/sec Comcast Internet connection was installed in

the Data center by carrier. The circuit will be put into service by the end of the Fall Semester.

  • PS Lightwave is engaged in preliminary work on design of

WAN fiber routes and site preparation.

20

Fiber Wide Area Network (WAN) Infrastructure

TECHNOLOGY & SECURITY CAMERA UPDATE

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SLIDE 21

SMALL BUSINESS INITIATIVE

Fort Bend ISD Small Business Enterprise program receives a Supplier Diversity Champion Award for agencies who work industriously to foster business growth in minority communities by supporting small business diversity initiatives.

21

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SLIDE 22

COMMUNICATIONS PLAN UPDATE

Annual Bond Program Update Monthly Project Updates on Bond Webpage

July 27, 2015- July 27, 2016

9,063 page views

22

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SLIDE 23

2016 REFUNDING

23

  • On May 19, 2016, the District issued its Unlimited Tax Refunding Bonds, Series 2016A,

which currently refunded portions of the District’s Unlimited Tax School Building Bonds, Series 2006

  • The Refunded Bonds

– Unlimited Tax School Building Bonds, Series 2006 – Principal Refunded - $85,430,000 – Maturities Refunded – 2017 – 2026 with coupons of 3.5% to 5% – Call Date – August 15, 2016

  • The Refunding Bonds

– Par Amount - $70,550,000 – Maturities – 2017 – 2026 – True Interest Cost (TIC) – 1.865% – Callable August 15, 2024 – Gross Debt Service Savings – $16,770,067 – Net Present Value Debt Service Savings - $15,083,378 – Present Value Benefit as a Percent – 17.656%2323

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SLIDE 24

2016 REMARKETING

24

  • On July 7, 2016, the District remarketed its Variable Rate Unlimited Tax School

Building Bonds, Series 2015A in the principal amount of $33,155,000

  • The Remarketed Bonds

– Initial Tender Date – 8/1/2016 (one-year) – Initial Rate – 0.66% – Stepped Rate – 8.00%

  • The Remarketing Bonds – pricing moved up from July 12th

– New Term Tender Date – 8/1/2018 (two-year) – New Term Rate – 0.90% – Stepped Rate – 7.00%

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SLIDE 25

Summary of Outstanding Debt (As of 8-31-2016)

25

Summary Statistics Principal Composition

Total Outstanding Principal 835,985,328 $ Total Fixed Rate 754,345,328 90.23% Total Variable Rate 81,640,000 9.77% Total Interest Payments 420,248,324 Callable Principal (%) 75.57% Percent of Principal Retired w/in 5 years 25.61% w/in 10 years 56.46% w/in 15 years 85.56% w/in 20 years 97.49% Noncallable 24.43% w/in 25 years 100.00% Callable & Advance Refundable 62.00% Final Maturity 8/1/2040 Callable & Partially Advance Refundable 7.96% Callable & Non-Advance Refundable 5.61%

Summary of Variable Rate Debt Underlying Ratings Voted Authorization

Bond Issue Rate Period Tender Date Interest Rate Stepped Rate Fitch AA+ Amount Issued Balance Series 2015A Term 8/1/2018 0.90% 7.00% S&P AA+ 428,000,000 $ 380,000,000 $ 48,000,000 $ Series 2015B Initial 8/1/2017 2.00% 8.00% 484,000,000 $ 85,000,000 $ 399,000,000 $ 912,000,000 $ 465,000,000 $ 447,000,000 $ 11/4/2014 11/6/2007 Date 24.43% 62.00% 7.96% 5.61%

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SLIDE 26

Summary of Outstanding Debt – Principal and Interest

26

$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000 $100,000,000 Aggregate Debt Service

Principal Interest

Period Ending 8/31

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SLIDE 27

Summary of Outstanding Debt – Callable Bonds

27

  • The following table shows the District’s callable bonds as of August 31, 2016:
  • The District’s Unlimited Tax School Building and Refunding Bonds, Series 2008 are callable on

August 15, 2018

  • As we get closer to the August 15, 2018 call date, the refunding becomes more efficient as we

limit the length of the escrow fund, which will mitigate negative arbitrage

  • We will continue to monitor this and any other refinancing opportunity for the District

Callable Call Call Bond Issue Principal Date Feature Unlimited Tax School Building & Refunding Bonds, Series 2008 159,620,000 $ 8/15/2018 100.000% Adv Refundable Unlimited Tax Refunding Bonds, Series 2009 28,390,000 2/15/2019 0.000% Adv Refundable Unlimited Tax School Building Bonds, Series 2009 166,730,000 8/15/2019 100.000% Adv Refundable Unlimited Tax School Building & Refunding Bonds, Series 2010 66,580,000 8/15/2020 80.032% Adv Refundable Unlimited Tax Refunding Bonds, Series 2012 46,870,000 8/15/2022 0.000% Adv Refundable Unlimited Tax Refunding Bonds, Series 2014 46,145,000 8/15/2024 100.000% Adv Refundable Variable Rate Unlimited Tax School Building Bonds, Series 2015A 33,155,000 AID 100.000% Adv Refundable Variable Rate Unlimited Tax School Building Bonds, Series 2015B 48,485,000 AID 100.000% Adv Refundable Unlimited Tax Refunding Bonds, Series 2016A 35,755,000 8/15/2024 100.000% Adv Refundable

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SLIDE 28

Tax Rate Analysis – Scenario 1 - $0.30 I&S Tax Rate

28

$100,000,000 Commercial Cash Paper Program Defeasance Est. Less: Est. Est. Tax Assessed

  • Est. AV

Existing 8/16 @ 2.00%

  • f Current

Total Other Total Net I&S Year Valuation Growth D/S Principal Interest Total D/S Total D/S Debt D/S Funds D/S Tax Rate Change 2015 31,884,598,081 $ 95,043,057 $

  • $
  • $
  • $

500,000 $

  • $

95,543,057 $ (500,000) $ 95,043,057 $ 0.3000 $ 2016 35,455,673,066 11.20% 91,129,288 745,000 298,395 1,043,395 2,000,000 11,125,000 105,297,683

  • 105,297,683

0.3000 (0.0000) 2017 38,114,848,546 7.50% 76,432,953 780,000 291,690 1,071,690 2,000,000

  • 79,504,643
  • 79,504,643

0.2107 (0.0893) 2018 40,020,590,973 5.00% 76,396,578 820,000 2,214,100 3,034,100 1,500,000

  • 80,930,678
  • 80,930,678

0.2043 (0.0064) 2019 42,021,620,522 5.00% 76,353,903 860,000 2,156,700 3,016,700

  • 79,370,603
  • 79,370,603

0.1908 (0.0135) 2020 43,282,269,138 3.00% 76,322,696 905,000 2,096,500 3,001,500

  • 79,324,196
  • 79,324,196

0.1851 (0.0057) 2021 44,580,737,212 3.00% 76,277,078 950,000 2,033,150 2,983,150

  • 79,260,228
  • 79,260,228

0.1796 2022 44,580,737,212 0.00% 76,239,336 1,000,000 1,966,650 2,966,650

  • 79,205,986
  • 79,205,986

0.1795 2023 44,580,737,212 0.00% 75,127,144 1,050,000 1,896,650 2,946,650

  • 78,073,794
  • 78,073,794

0.1769 2024 44,580,737,212 0.00% 77,899,929 1,100,000 1,823,150 2,923,150

  • 80,823,079
  • 80,823,079

0.1831 2025 44,580,737,212 0.00% 73,014,788 1,155,000 1,746,150 2,901,150

  • 75,915,938
  • 75,915,938

0.1720 2026 44,580,737,212 0.00% 71,645,713 1,215,000 1,665,300 2,880,300

  • 74,526,013
  • 74,526,013

0.1689 2027 44,580,737,212 0.00% 66,426,463 1,275,000 1,580,250 2,855,250

  • 69,281,713
  • 69,281,713

0.1570 2028 44,580,737,212 0.00% 62,973,513 1,340,000 1,491,000 2,831,000

  • 65,804,513
  • 65,804,513

0.1491 2029 44,580,737,212 0.00% 62,917,738 1,405,000 1,397,200 2,802,200

  • 65,719,938
  • 65,719,938

0.1489 2030 44,580,737,212 0.00% 32,746,513 1,475,000 1,298,850 2,773,850

  • 35,520,363
  • 35,520,363

0.0805 2031 44,580,737,212 0.00% 32,676,738 1,550,000 1,195,600 2,745,600

  • 35,422,338
  • 35,422,338

0.0803 2032 44,580,737,212 0.00% 32,608,663 1,625,000 1,087,100 2,712,100

  • 35,320,763
  • 35,320,763

0.0800 2033 44,580,737,212 0.00% 32,544,038 1,710,000 973,350 2,683,350

  • 35,227,388
  • 35,227,388

0.0798 2034 44,580,737,212 0.00% 4,046,400 1,795,000 853,650 2,648,650

  • 6,695,050
  • 6,695,050

0.0152 2035 44,580,737,212 0.00% 3,971,800 1,880,000 728,000 2,608,000

  • 6,579,800
  • 6,579,800

0.0149 2036 44,580,737,212 0.00% 3,886,400 1,975,000 596,400 2,571,400

  • 6,457,800
  • 6,457,800

0.0146 2037 44,580,737,212 0.00% 3,800,200 2,075,000 458,150 2,533,150

  • 6,333,350
  • 6,333,350

0.0143 2038 44,580,737,212 0.00% 3,712,400 2,180,000 312,900 2,492,900

  • 6,205,300
  • 6,205,300

0.0141 2039 44,580,737,212 0.00% 3,607,200 2,290,000 160,300 2,450,300

  • 6,057,500
  • 6,057,500

0.0137 1,287,800,523 $ 33,155,000 $ 30,321,185 $ 63,476,185 $ 6,000,000 $ 11,125,000 $ 1,368,401,708 $ (500,000) $ 1,367,901,708 $ (0.1149) $

Assumptions: (1) Assessed valuations and grow th assumptions provided by the District. (2) Actual I&S tax rate for period ending 8/31/2016. (3) Est. tax collections rate: 99.00% (4) Commercial Paper Notes, assumes an all in estimated rate of 2.00% (includes the Liquidity Fee, Dealer Fee, annual rating fees, and annual issuing and paying agent fee), for purposes of illustration only. Preliminary, subject to change. (5) Series 2015A Bonds at 0.66% through 8/1/2016 and at 0.90% through 8/1/2018 and 7.00% thereafter. (6) Series 2015B Bonds at 2.00% through 8/1/2017 and 8.00% thereafter.

Two Year @ 0.90% PRELIMINARY FINAL $33,155,000 Variable Rate Unlimited Tax School Building Bonds Series 2015A (2016 Remarketing)

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SLIDE 29

Tax Rate Analysis – Scenario 2 - $0.28 I&S Tax Rate

29

$100,000,000 Commercial Cash Paper Program Defeasance Est. Less: Est. Est. Tax Assessed

  • Est. AV

Existing 8/16 @ 2.00%

  • f Current

Total Other Total Net I&S Year Valuation Growth D/S Principal Interest Total D/S Total D/S Debt D/S Funds D/S Tax Rate Change 2015 31,884,598,081 $ 95,043,057 $

  • $
  • $
  • $

500,000 $

  • $

95,543,057 $ (500,000) $ 95,043,057 $ 0.3000 $ 2016 35,455,673,066 11.20% 91,129,288 745,000 298,395 1,043,395 2,000,000 4,125,000 98,297,683

  • 98,297,683

0.2800 (0.0200) 2017 38,114,848,546 7.50% 76,432,953 780,000 291,690 1,071,690 2,000,000

  • 79,504,643
  • 79,504,643

0.2107 (0.0693) 2018 40,020,590,973 5.00% 76,396,578 820,000 2,214,100 3,034,100 1,500,000

  • 80,930,678
  • 80,930,678

0.2043 (0.0064) 2019 42,021,620,522 5.00% 76,353,903 860,000 2,156,700 3,016,700

  • 79,370,603
  • 79,370,603

0.1908 (0.0135) 2020 43,282,269,138 3.00% 76,322,696 905,000 2,096,500 3,001,500

  • 79,324,196
  • 79,324,196

0.1851 (0.0057) 2021 44,580,737,212 3.00% 76,277,078 950,000 2,033,150 2,983,150

  • 79,260,228
  • 79,260,228

0.1796 2022 44,580,737,212 0.00% 76,239,336 1,000,000 1,966,650 2,966,650

  • 79,205,986
  • 79,205,986

0.1795 2023 44,580,737,212 0.00% 75,127,144 1,050,000 1,896,650 2,946,650

  • 78,073,794
  • 78,073,794

0.1769 2024 44,580,737,212 0.00% 77,899,929 1,100,000 1,823,150 2,923,150

  • 80,823,079
  • 80,823,079

0.1831 2025 44,580,737,212 0.00% 73,014,788 1,155,000 1,746,150 2,901,150

  • 75,915,938
  • 75,915,938

0.1720 2026 44,580,737,212 0.00% 71,645,713 1,215,000 1,665,300 2,880,300

  • 74,526,013
  • 74,526,013

0.1689 2027 44,580,737,212 0.00% 66,426,463 1,275,000 1,580,250 2,855,250

  • 69,281,713
  • 69,281,713

0.1570 2028 44,580,737,212 0.00% 62,973,513 1,340,000 1,491,000 2,831,000

  • 65,804,513
  • 65,804,513

0.1491 2029 44,580,737,212 0.00% 62,917,738 1,405,000 1,397,200 2,802,200

  • 65,719,938
  • 65,719,938

0.1489 2030 44,580,737,212 0.00% 32,746,513 1,475,000 1,298,850 2,773,850

  • 35,520,363
  • 35,520,363

0.0805 2031 44,580,737,212 0.00% 32,676,738 1,550,000 1,195,600 2,745,600

  • 35,422,338
  • 35,422,338

0.0803 2032 44,580,737,212 0.00% 32,608,663 1,625,000 1,087,100 2,712,100

  • 35,320,763
  • 35,320,763

0.0800 2033 44,580,737,212 0.00% 32,544,038 1,710,000 973,350 2,683,350

  • 35,227,388
  • 35,227,388

0.0798 2034 44,580,737,212 0.00% 4,046,400 1,795,000 853,650 2,648,650

  • 6,695,050
  • 6,695,050

0.0152 2035 44,580,737,212 0.00% 3,971,800 1,880,000 728,000 2,608,000

  • 6,579,800
  • 6,579,800

0.0149 2036 44,580,737,212 0.00% 3,886,400 1,975,000 596,400 2,571,400

  • 6,457,800
  • 6,457,800

0.0146 2037 44,580,737,212 0.00% 3,800,200 2,075,000 458,150 2,533,150

  • 6,333,350
  • 6,333,350

0.0143 2038 44,580,737,212 0.00% 3,712,400 2,180,000 312,900 2,492,900

  • 6,205,300
  • 6,205,300

0.0141 2039 44,580,737,212 0.00% 3,607,200 2,290,000 160,300 2,450,300

  • 6,057,500
  • 6,057,500

0.0137 1,287,800,523 $ 33,155,000 $ 30,321,185 $ 63,476,185 $ 6,000,000 $ 4,125,000 $ 1,361,401,708 $ (500,000) $ 1,360,901,708 $ (0.1149) $

Assumptions: (1) Assessed valuations and grow th assumptions provided by the District. (2) Actual I&S tax rate for period ending 8/31/2016. (3) Est. tax collections rate: 99.00% (4) Commercial Paper Notes, assumes an all in estimated rate of 2.00% (includes the Liquidity Fee, Dealer Fee, annual rating fees, and annual issuing and paying agent fee), for purposes of illustration only. Preliminary, subject to change. (5) Series 2015A Bonds at 0.66% through 8/1/2016 and at 0.90% through 8/1/2018 and 7.00% thereafter. (6) Series 2015B Bonds at 2.00% through 8/1/2017 and 8.00% thereafter.

Two Year @ 0.90% FINAL PRELIMINARY $33,155,000 Variable Rate Unlimited Tax School Building Bonds Series 2015A (2016 Remarketing)

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SLIDE 30

Bond Oversight Committee 2014 Bond program

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