[PPT] - Cook County, Illinois ehennessy@williamblair.com Financing Options PowerPoint Presentation

SLIDE 1

Oak Park-River Forest High School District 200 Cook County, Illinois Financing Options

August 1, 2016

Elizabeth M. Hennessy Managing Director William Blair & Company (312) 364-8955

ehennessy@williamblair.com

SLIDE 2

Market Overview

SLIDE 3

Historical AAA MMD Interest Rates

AAA Municipal Market Data (“MMD”) During the Past Five Years

Note: Reflects market conditions as of July 15, 2016 Source: Thomson Financial

1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 (%) 1.99% 1.45% 10-Yr AAA MMD 20-Yr AAA MMD 1

SLIDE 4

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 07/15/16 07/15/15 07/15/14 07/15/13 07/15/11 07/15/09 (%)

Municipal Yield Curve Comparison

AAA MMD Curves During the Past Seven Years

Note: Reflects market conditions as of July 15, 2016 Source: Thomson Financial

MMD Yield Curve 2

SLIDE 5

Outstanding Debt

SLIDE 6

Outstanding Debt

DATED ISSUE SERIES ORIGINAL PAR CALL DATE FINAL MATURITY Amount Coupon Interest Total Amount Coupon Interest Total

06/01/16

45,300

45,300

20,538

20,538 12/01/16 2,265,000

4.00%

45,300 2,310,300 70,000

3.80%

20,538 90,538 06/01/17

19,208

19,208 12/01/17 985,000

3.90%

19,208 1,004,208 06/01/18 12/01/18 06/01/19 12/01/19 06/01/20 12/01/20 06/01/21 12/01/21 06/01/22 12/01/22 06/01/23 12/01/23

TOTAL 2,265,000 $ 90,600 $ 2,355,600 $ 1,055,000 $ 79,490 $ 1,134,490 $

NOTES Refunded portions of the 1998 Bonds New Money for 2005 renovations

December 15, 2009 G.O. LIMITED TAX SCHOOL BONDS 2009 Non-Callable 12/1/2016 $11,810,000 12/1/2015 @ 100 12/1/2017 February 1, 2005 G.O. LIMITED TAX SCHOOL BONDS 2005 $1,675,000

3

SLIDE 7

Statutory Debt Limit

High School Distict Number 200 (Oak Park and River Forest)

Statutory Debt Limit Equalized Assessed Valuation 2015 1,804,789,911.00 Times: Statutory Debt Limit 6.90% 124,530,503.86 Less: Outstanding Bond Principal (3,320,000.00) Net Debt Limit 121,210,503.86 William Blair & Company, LLC 6/15/2016 4

SLIDE 8

Proposed Plan of Finance

SLIDE 9

Option A:
Renovate two pools in place
Build performing arts addition
Renovate locker rooms
Build additional instructional space
Total Cost Estimated at $40M
Option B:
Build Natatorium and parking garage

addition

Expand performing arts space
Renovate locker rooms
Build additional instructional space
Total Cost Estimated at $55M
Option C:
Build underground Natatorium
Expand performing arts space
Renovate locker rooms
Build additional instructional

space

Total Cost Estimated at $68M

Financing Plan

The District is considering these scenarios for addressing its capital needs in the next 5 years: In each option the District intends to use $20M of its fund balance so the resulting bond financing questions would be in the amount of $20M for Option A, $35M for Option B and $48M for Option C.

5

SLIDE 10

FY2017 Estimated Budget for Operating Funds Including $20M for Capital Projects

Oper & Working Operating Fund Balance/ Education Maint. Cash Funds Expenditures Fund Balance July 1, 2016 $76,229,788 $1,395,520 $4,889,505 $82,514,813 125.28% Revenues 58,349,780 11,411,732 1,007,036 70,768,548 Expenditures 58,994,731 6,870,482 65,865,213 Capital Project Expenditures Total Expenditures 58,994,731 6,870,482 65,865,213 Surplus/Deficit (644,951) 4,541,250 1,007,036 4,903,335 Transfers to Capital Projects (20,000,000) (3,792,513) (23,792,513) Transfer from Ed Fund to O&M Transfer from Working Cash to Debt Service (2,420,045) (2,420,045) Ending Balance June 30, 2017 $55,584,837 $2,144,257 $3,476,496 $61,205,590 92.93%

Note: FY2017 Budget is not final and subject to change.

6

SLIDE 11

Option A: $20M Referendum Bonds; $20M Fund Balance

Formula: Impact of Tax Rate Increase on Market Value Home (Market Value of Home*10%*2.6685 – 7,000 Homestead exemption * (Tax Rate Increase/100)

High School Distict Number 200 (Oak Park and River Forest)

Summary of Outstanding Debt Service Tax Rate

$20 Million Referendum, 20 Year Level Debt Service, January 2017 Non-Referendum Referendum Referendum Referendum Total Estimated Estimated Tax Equalized Current Debt Service Proposed $20mm Proposed Total Proposed

Debt Service Tax Rate Impact on Impact on

Year

Assessed Value DSEB D/S Abatements ULT D/S CAPI/FOH ULT D/S Debt Service Tax Rate Increase $362,000 Home (1) $530,700 Home (1)

2015 1,804,789,911 2,466,675 (2,466,675)

0.000

2016 1,804,789,911 1,023,415 (1,023,415) 805,292 (805,292)

0.000

2017 1,804,789,911

1,453,500
1,453,500

1,453,500

0.081

0.081 $72.16 $108.41 2018 1,804,789,911

1,454,750
1,454,750

1,454,750

0.081

2019 1,804,789,911

1,454,500
1,454,500

1,454,500

0.081

2020 1,804,789,911

1,452,750
1,452,750

1,452,750

0.080

2021 1,804,789,911

1,454,500
1,454,500

1,454,500

0.081

2022 1,804,789,911

1,454,500
1,454,500

1,454,500

0.081

2023 1,804,789,911

1,452,750
1,452,750

1,452,750

0.080

2024 1,804,789,911

1,454,250
1,454,250

1,454,250

0.081

2025 1,804,789,911

1,453,750
1,453,750

1,453,750

0.081

2026 1,804,789,911

1,451,250
1,451,250

1,451,250

0.080

2027 1,804,789,911

1,451,750
1,451,750

1,451,750

0.080

2028 1,804,789,911

1,455,000
1,455,000

1,455,000

0.081

2029 1,804,789,911

1,455,750
1,455,750

1,455,750

0.081

2030 1,804,789,911

1,454,000
1,454,000

1,454,000

0.081

2031 1,804,789,911

1,454,750
1,454,750

1,454,750

0.081

2032 1,804,789,911

1,452,750
1,452,750

1,452,750

0.080

2033 1,804,789,911

1,453,000
1,453,000

1,453,000

0.081

2034 1,804,789,911

1,455,250
1,455,250

1,455,250

0.081

2035 1,804,789,911

1,454,250
1,454,250

1,454,250

0.081

1,023,415 (1,023,415) 28,428,292 (805,292) 27,623,000 27,623,000 (1) According to Zillow Median Home Sale Values in Oak Park is $362,000 All In True Interest Cost: 3.13% (1) According to Zillow Median Home Sale Values in River Forest is $530,700 William Blair & Company, LLC 7/27/2016

7

SLIDE 12

Option B: $35M Referendum Bonds; $20M Fund Balance

Formula: Impact of Tax Rate Increase on Market Value Home (Market Value of Home*10%*2.6685 – 7,000 Homestead exemption * (Tax Rate Increase/100) High School Distict Number 200 (Oak Park and River Forest)

Summary of Outstanding Debt Service Tax Rate

$35 Million Referendum, 20 Year Level Debt Service, January 2017 Non-Referendum Referendum Referendum Referendum Total Estimated Estimated Tax Equalized Current Debt Service Proposed $35mm Proposed Total Proposed

B&I Tax Rate Impact on Impact on

Year

Assessed Value DSEB D/S Abatements ULT D/S CAPI/FOH ULT D/S Debt Service Tax Rate Increase $362,000 Home (1) $530,700 Home (1)

2015 1,804,789,911 2,466,675 (2,466,675)

0.000

2016 1,804,789,911 1,023,415 (1,023,415) 1,409,375 (1,409,375)

0.000

2017 1,804,789,911

2,542,500
2,542,500

2,542,500

0.141

0.141 $126.22 $189.64 2018 1,804,789,911

2,542,250
2,542,250

2,542,250

0.141

2019 1,804,789,911

2,544,500
2,544,500

2,544,500

0.141

2020 1,804,789,911

2,544,000
2,544,000

2,544,000

0.141

2021 1,804,789,911

2,545,750
2,545,750

2,545,750

0.141

2022 1,804,789,911

2,544,500
2,544,500

2,544,500

0.141

2023 1,804,789,911

2,545,250
2,545,250

2,545,250

0.141

2024 1,804,789,911

2,542,750
2,542,750

2,542,750

0.141

2025 1,804,789,911

2,542,000
2,542,000

2,542,000

0.141

2026 1,804,789,911

2,542,750
2,542,750

2,542,750

0.141

2027 1,804,789,911

2,544,750
2,544,750

2,544,750

0.141

2028 1,804,789,911

2,542,750
2,542,750

2,542,750

0.141

2029 1,804,789,911

2,546,750
2,546,750

2,546,750

0.141

2030 1,804,789,911

2,546,250
2,546,250

2,546,250

0.141

2031 1,804,789,911

2,546,250
2,546,250

2,546,250

0.141

2032 1,804,789,911

2,546,500
2,546,500

2,546,500

0.141

2033 1,804,789,911

2,546,750
2,546,750

2,546,750

0.141

2034 1,804,789,911

2,546,750
2,546,750

2,546,750

0.141

2035 1,804,789,911

2,546,250
2,546,250

2,546,250

0.141

3,490,090 (3,490,090) 49,758,625 (1,409,375) 49,758,625 48,349,250 (1) According to Zillow Median Home Sale Values in Oak Park is $362,000 All In True Interest Cost: 3.14% (1) According to Zillow Median Home Sale Values in River Forest is $530,700 William Blair & Company, LLC 7/27/2016

8

SLIDE 13

Option C: $48M Referendum Bonds; $20M Fund Balance

Formula: Impact of Tax Rate Increase on Market Value Home (Market Value of Home*10%*2.6685 – 7,000 Homestead exemption * (Tax Rate Increase/100) High School Distict Number 200 (Oak Park and River Forest)

Summary of Outstanding Debt Service Tax Rate

$48 Million Referendum, 20 Year Level Debt Service, January 2017 Non-Referendum Referendum Referendum Referendum Total Estimated Estimated Tax Equalized Current Debt Service Proposed $48mm Proposed Total Proposed

B&I Tax Rate Impact on Impact on

Year

Assessed Value DSEB D/S Abatements ULT D/S CAPI/FOH ULT D/S Debt Service Tax Rate Increase $362,000 Home (1) $530,700 Home (1)

2015 1,804,789,911 2,466,675 (2,466,675)

0.000

2016 1,804,789,911 1,023,415 (1,023,415) 1,932,792 (1,932,792)

0.000

2017 1,804,789,911

3,488,500
3,488,500

3,488,500

0.193

0.193 $173.19 $260.20 2018 1,804,789,911

3,489,500
3,489,500

3,489,500

0.193

2019 1,804,789,911

3,487,000
3,487,000

3,487,000

0.193

2020 1,804,789,911

3,491,000
3,491,000

3,491,000

0.193

2021 1,804,789,911

3,491,000
3,491,000

3,491,000

0.193

2022 1,804,789,911

3,487,000
3,487,000

3,487,000

0.193

2023 1,804,789,911

3,489,000
3,489,000

3,489,000

0.193

2024 1,804,789,911

3,491,500
3,491,500

3,491,500

0.193

2025 1,804,789,911

3,489,250
3,489,250

3,489,250

0.193

2026 1,804,789,911

3,487,250
3,487,250

3,487,250

0.193

2027 1,804,789,911

3,490,250
3,490,250

3,490,250

0.193

2028 1,804,789,911

3,487,750
3,487,750

3,487,750

0.193

2029 1,804,789,911

3,489,750
3,489,750

3,489,750

0.193

2030 1,804,789,911

3,490,750
3,490,750

3,490,750

0.193

2031 1,804,789,911

3,490,500
3,490,500

3,490,500

0.193

2032 1,804,789,911

3,488,750
3,488,750

3,488,750

0.193

2033 1,804,789,911

3,490,250
3,490,250

3,490,250

0.193

2034 1,804,789,911

3,489,500
3,489,500

3,489,500

0.193

2035 1,804,789,911

3,491,250
3,491,250

3,491,250

0.193

3,490,090 (3,490,090) 68,232,542 (1,932,792) 68,232,542 66,299,750 (1) According to Zillow Median Home Sale Values in Oak Park is $362,000 All In True Interest Cost: 3.13% (1) According to Zillow Median Home Sale Values in River Forest is $530,700 William Blair & Company, LLC 7/27/2016

9

SLIDE 14

30 Year Repayment Options

The Illinois Statute allows the maximum repayment on any bond issue approved by referendum

by school district to be 20 years

In order to get an exception to pay off debt over 30 years, the District would need to have special

legislation approved

As you will see in the following 30 year options, stretching the debt out 30 years slightly lowers

the tax rate but increases the interest cost over time

10

SLIDE 15

Option A-1: $20M Referendum Bonds (30 Years); $20M Fund Balance

Formula: Impact of Tax Rate Increase on Market Value Home (Market Value of Home*10%*2.6685 – 7,000 Homestead exemption * (Tax Rate Increase/100)

High School Distict Number 200 (Oak Park and River Forest)

Summary of Outstanding Debt Service Tax Rate

$20 Million Referendum, 30 Year Level Debt Service, January 2017 Non-Referendum Referendum Referendum Referendum Total Estimated Estimated Tax Equalized Current Debt Service Proposed $20mm Proposed Total Proposed

Debt Service Tax Rate Impact on Impact on

Year

Assessed Value DSEB D/S Abatements ULT D/S CAPI/FOH ULT D/S Debt Service Tax Rate Increase $362,000 Home (1) $530,700 Home (1)

2015 1,804,789,911 2,466,675 (2,466,675)

0.000

2016 1,804,789,911 1,023,415 (1,023,415) 817,438 (817,438)

0.000

2017 1,804,789,911

1,176,750
1,176,750

1,176,750

0.065

0.065 $58.42 $87.77 2018 1,804,789,911

1,177,500
1,177,500

1,177,500

0.065

2019 1,804,789,911

1,177,500
1,177,500

1,177,500

0.065

2020 1,804,789,911

1,176,750
1,176,750

1,176,750

0.065

2021 1,804,789,911

1,180,250
1,180,250

1,180,250

0.065

2022 1,804,789,911

1,177,750
1,177,750

1,177,750

0.065

2023 1,804,789,911

1,179,500
1,179,500

1,179,500

0.065

2024 1,804,789,911

1,175,250
1,175,250

1,175,250

0.065

2025 1,804,789,911

1,180,250
1,180,250

1,180,250

0.065

2026 1,804,789,911

1,179,000
1,179,000

1,179,000

0.065

2027 1,804,789,911

1,176,750
1,176,750

1,176,750

0.065

2028 1,804,789,911

1,178,500
1,178,500

1,178,500

0.065

2029 1,804,789,911

1,179,000
1,179,000

1,179,000

0.065

2030 1,804,789,911

1,178,250
1,178,250

1,178,250

0.065

2031 1,804,789,911

1,176,250
1,176,250

1,176,250

0.065

2032 1,804,789,911

1,178,000
1,178,000

1,178,000

0.065

2033 1,804,789,911

1,178,250
1,178,250

1,178,250

0.065

2034 1,804,789,911

1,177,000
1,177,000

1,177,000

0.065

2035 1,804,789,911

1,179,250
1,179,250

1,179,250

0.065

2036 1,804,789,911

1,179,750
1,179,750

1,179,750

0.065

2037 1,804,789,911

1,178,500
1,178,500

1,178,500

0.065

2038 1,804,789,911

1,175,500
1,175,500

1,175,500

0.065

2039 1,804,789,911

1,175,750
1,175,750

1,175,750

0.065

2040 1,804,789,911

1,179,000
1,179,000

1,179,000

0.065

2041 1,804,789,911

1,180,000
1,180,000

1,180,000

0.065

2042 1,804,789,911

1,178,750
1,178,750

1,178,750

0.065

2043 1,804,789,911

1,175,250
1,175,250

1,175,250

0.065

2044 1,804,789,911

1,179,500
1,179,500

1,179,500

0.065

2045 1,804,789,911

1,176,000
1,176,000

1,176,000

0.065

1,023,415 (1,023,415) 34,977,188 (817,438) 34,159,750 34,159,750 (1) According to Zillow Median Home Sale Values in Oak Park is $362,000 All In True Interest Cost: 3.72% (1) According to Zillow Median Home Sale Values in River Forest is $530,700 William Blair & Company, LLC 7/27/2016

11

SLIDE 16

Option B-1: $35M Referendum Bonds (30 years); $20M Fund Balance

Formula: Impact of Tax Rate Increase on Market Value Home (Market Value of Home*10%*2.6685 – 7,000 Homestead exemption * (Tax Rate Increase/100)

High School Distict Number 200 (Oak Park and River Forest)

Summary of Outstanding Debt Service Tax Rate

$35 Million Referendum, 30 Year Level Debt Service, January 2017 Non-Referendum Referendum Referendum Referendum Total Estimated Estimated Tax Equalized Current Debt Service Proposed $35mm Proposed Total Proposed

Debt Service Tax Rate Impact on Impact on

Year

Assessed Value DSEB D/S Abatements ULT D/S CAPI/FOH ULT D/S Debt Service Tax Rate Increase $362,000 Home (1) $530,700 Home (1)

2015 1,804,789,911 2,466,675 (2,466,675)

0.000

2016 1,804,789,911 1,023,415 (1,023,415) 1,430,458 (1,430,458)

0.000

2017 1,804,789,911

2,060,500
2,060,500

2,060,500

0.114

0.114 $102.29 $153.69 2018 1,804,789,911

2,060,500
2,060,500

2,060,500

0.114

2019 1,804,789,911

2,059,250
2,059,250

2,059,250

0.114

2020 1,804,789,911

2,061,750
2,061,750

2,061,750

0.114

2021 1,804,789,911

2,062,750
2,062,750

2,062,750

0.114

2022 1,804,789,911

2,062,250
2,062,250

2,062,250

0.114

2023 1,804,789,911

2,060,250
2,060,250

2,060,250

0.114

2024 1,804,789,911

2,061,750
2,061,750

2,061,750

0.114

2025 1,804,789,911

2,061,500
2,061,500

2,061,500

0.114

2026 1,804,789,911

2,059,500
2,059,500

2,059,500

0.114

2027 1,804,789,911

2,060,750
2,060,750

2,060,750

0.114

2028 1,804,789,911

2,060,000
2,060,000

2,060,000

0.114

2029 1,804,789,911

2,062,250
2,062,250

2,062,250

0.114

2030 1,804,789,911

2,062,250
2,062,250

2,062,250

0.114

2031 1,804,789,911

2,060,000
2,060,000

2,060,000

0.114

2032 1,804,789,911

2,060,500
2,060,500

2,060,500

0.114

2033 1,804,789,911

2,063,500
2,063,500

2,063,500

0.114

2034 1,804,789,911

2,063,750
2,063,750

2,063,750

0.114

2035 1,804,789,911

2,061,250
2,061,250

2,061,250

0.114

2036 1,804,789,911

2,061,000
2,061,000

2,061,000

0.114

2037 1,804,789,911

2,062,750
2,062,750

2,062,750

0.114

2038 1,804,789,911

2,061,250
2,061,250

2,061,250

0.114

2039 1,804,789,911

2,061,500
2,061,500

2,061,500

0.114

2040 1,804,789,911

2,063,250
2,063,250

2,063,250

0.114

2041 1,804,789,911

2,061,250
2,061,250

2,061,250

0.114

2042 1,804,789,911

2,060,500
2,060,500

2,060,500

0.114

2043 1,804,789,911

2,060,750
2,060,750

2,060,750

0.114

2044 1,804,789,911

2,061,750
2,061,750

2,061,750

0.114

2045 1,804,789,911

2,063,250
2,063,250

2,063,250

0.114

1,023,415 (1,023,415) 61,211,958 (1,430,458) 59,781,500 59,781,500 (1) According to Zillow Median Home Sale Values in Oak Park is $362,000 All In True Interest Cost: 3.72% (1) According to Zillow Median Home Sale Values in River Forest is $394,000 William Blair & Company, LLC 7/27/2016

12

SLIDE 17

Option C-1: $48M Referendum Bonds (30 Years); $20M Fund Balance

Formula: Impact of Tax Rate Increase on Market Value Home (Market Value of Home*10%*2.6685 – 7,000 Homestead exemption * (Tax Rate Increase/100)

High School Distict Number 200 (Oak Park and River Forest)

Summary of Outstanding Debt Service Tax Rate

$48 Million Referendum, 30 Year Level Debt Service, January 2017 Non-Referendum Referendum Referendum Referendum Total Estimated Estimated Tax Equalized Current Debt Service Proposed $48mm Proposed Total Proposed

Debt Service Tax Rate Impact on Impact on

Year

Assessed Value DSEB D/S Abatements ULT D/S CAPI/FOH ULT D/S Debt Service Tax Rate Increase $362,000 Home (1) $530,700 Home (1)

2015 1,804,789,911 2,466,675 (2,466,675)

0.000

2016 1,804,789,911 1,023,415 (1,023,415) 1,961,896 (1,961,896)

0.000

2017 1,804,789,911

2,825,250
2,825,250

2,825,250

0.157

0.157 $140.26 $210.73 2018 1,804,789,911

2,826,000
2,826,000

2,826,000

0.157

2019 1,804,789,911

2,825,000
2,825,000

2,825,000

0.157

2020 1,804,789,911

2,827,250
2,827,250

2,827,250

0.157

2021 1,804,789,911

2,827,500
2,827,500

2,827,500

0.157

2022 1,804,789,911

2,825,750
2,825,750

2,825,750

0.157

2023 1,804,789,911

2,827,000
2,827,000

2,827,000

0.157

2024 1,804,789,911

2,826,000
2,826,000

2,826,000

0.157

2025 1,804,789,911

2,827,750
2,827,750

2,827,750

0.157

2026 1,804,789,911

2,827,000
2,827,000

2,827,000

0.157

2027 1,804,789,911

2,828,750
2,828,750

2,828,750

0.157

2028 1,804,789,911

2,827,750
2,827,750

2,827,750

0.157

2029 1,804,789,911

2,829,000
2,829,000

2,829,000

0.157

2030 1,804,789,911

2,827,250
2,827,250

2,827,250

0.157

2031 1,804,789,911

2,827,500
2,827,500

2,827,500

0.157

2032 1,804,789,911

2,829,500
2,829,500

2,829,500

0.157

2033 1,804,789,911

2,828,000
2,828,000

2,828,000

0.157

2034 1,804,789,911

2,828,000
2,828,000

2,828,000

0.157

2035 1,804,789,911

2,829,250
2,829,250

2,829,250

0.157

2036 1,804,789,911

2,826,500
2,826,500

2,826,500

0.157

2037 1,804,789,911

2,824,750
2,824,750

2,824,750

0.157

2038 1,804,789,911

2,828,750
2,828,750

2,828,750

0.157

2039 1,804,789,911

2,828,000
2,828,000

2,828,000

0.157

2040 1,804,789,911

2,827,500
2,827,500

2,827,500

0.157

2041 1,804,789,911

2,827,000
2,827,000

2,827,000

0.157

2042 1,804,789,911

2,826,250
2,826,250

2,826,250

0.157

2043 1,804,789,911

2,825,000
2,825,000

2,825,000

0.157

2044 1,804,789,911

2,828,000
2,828,000

2,828,000

0.157

2045 1,804,789,911

2,829,750
2,829,750

2,829,750

0.157

1,023,415 (1,023,415) 83,952,896 (1,961,896) 81,991,000 81,991,000 (1) According to Zillow Median Home Sale Values in Oak Park is $362,000 All In True Interest Cost: 3.72% (1) According to Zillow Median Home Sale Values in River Forest is $530,700 William Blair & Company, LLC 7/27/2016

13

SLIDE 18

Summary

Below is a summary chart:

Option: A B C A-1 B-1 C-1 Estimated Project Cost $40,000,000 $55,000,000 $68,000,000 $40,000,000 $55,000,000 $68,000,000 Amount of Bonds $20,000,000 $35,000,000 $48,000,000 $20,000,000 $35,000,000 $48,000,000 Bond Payback 20 Years 20 Years 20 Years 30 Years 30 Years 30 Years Interest Cost Over Time 7,623,000 14,758,625 20,232,542 14,159,750 24,781,500 33,991,000 Estimated All-In True Interest Cost 3.13% 3.14% 3.13% 3.72% 3.72% 3.72% Estimated Tax Rate Increase 0.08 0.14 0.19 0.07 0.11 0.16 Estimated Impact on $362,000 Home (Oak Park) $72.16 $126.22 $173.19 $58.42 $102.29 $140.26 Estimated Impact on $530,700 Home (River Forest) $108.41 $189.64 $260.20 $87.77 $153.69 $210.73 Fund Balance Used for Project $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 FY2017 Operating Fund Balance $61,205,590 $61,205,590 $61,205,590 $61,205,590 $61,205,590 $61,205,590 Estimated After Paying $20M for Project FY2017 Fund Balance as % of Expenditures 93% 93% 93% 93% 93% 93% 14

SLIDE 19

Tax Calculator Oak Park

Estimated Impact of Referendum Approved Bonds Increase Over 2015 Total Taxes Paid in 2016 (Oak Park) $20M 20 Years $35M 20 Years $48M 20 Years Average Annual Debt Service 1,453,842 2,544,697 3,489,461 Net Tax Rate Increase for Bonds 0.08 0.14 0.19 Percent Increase over Average 2015 Tax Rate for D97 Resident (1) 0.596% 1.043% 1.431% Total Tax Request per $1,000 of taxes paid $5.96 $10.43 $14.31 Estimated Estimated Impact Estimated Impact Estimated Impact Estimated Additional Tax Bill for Median Home $20 million Bonds $35 million Bonds $48 million Bonds Taxes Paid 2017 Due to Bonds Value Oak Park (362,000) 20 Years 20 Years 20 Years $1,000 $6 $10 $14 $2,000 $12 $21 $29 $3,000 $18 $31 $43 $4,000 $24 $42 $57 $5,000 $30 $52 $72 $6,000 $36 $63 $86 $7,000 $42 $73 $100 $8,000 $48 $83 $114 $9,000 $54 $94 $129 $10,000 $60 $104 $143 $11,000 $66 $115 $157 $12,000 $72 $125 $172 $12,109 $12,109 $72 $126 $173 $13,000 $77 $136 $186 $14,000 $83 $146 $200 $15,000 $89 $157 $215 $16,000 $95 $167 $229 $17,000 $101 $177 $243 $18,000 $107 $188 $258 $19,000 $113 $198 $272 $20,000 $119 $209 $286 $21,000 $125 $219 $300 $22,000 $131 $230 $315 $23,000 $137 $240 $329 $24,000 $143 $250 $343 $25,000 $149 $261 $358 (1) 2015 Tax Rate for a resident living in D97 13.514 (2)According to Zillow Home Value Index: Median Home Value in Oak Park is $362,000;

15

SLIDE 20

Tax Calculator River Forest

Estimated Impact of Referendum Approved Bonds Increase Over 2015 Total Taxes Paid in 2016 (River Forest) $20M 20 Years $35M 20 Years $48M 20 Years Average Annual Debt Service 1,453,842 2,544,697 3,489,461 Net Tax Rate Increase for Bonds 0.08 0.14 0.19 Percent Increase over Average 2015 Tax Rate for D90 Resident (1) 0.680% 1.191% 1.633% Total Tax Request per $1,000 of taxes paid $6.80 $11.91 $16.33 Estimated Estimated Impact Estimated Impact Estimated Impact Estimated Additional Tax Bill for Median Home $20 million Bonds $35 million Bonds $48 million Bonds Taxes Paid 2017 Due to Bonds Value River Forest (530,700) 20 Years 20 Years 20 Years $1,000 $7 $12 $16 $2,000 $14 $24 $33 $3,000 $20 $36 $49 $4,000 $27 $48 $65 $5,000 $34 $60 $82 $6,000 $41 $71 $98 $7,000 $48 $83 $114 $8,000 $54 $95 $131 $9,000 $61 $107 $147 $10,000 $68 $119 $163 $11,000 $75 $131 $180 $12,000 $82 $143 $196 $13,000 $88 $155 $212 $14,000 $95 $167 $229 $15,000 $102 $179 $245 $15,943 $15,943 $108 $190 $260 $16,000 $109 $190 $261 $17,000 $116 $202 $278 $18,000 $122 $214 $294 $19,000 $129 $226 $310 $20,000 $136 $238 $327 $21,000 $143 $250 $343 $22,000 $150 $262 $359 $23,000 $156 $274 $375 $24,000 $163 $286 $392 $25,000 $170 $298 $408 (1) 2015 Tax Rate for a resident living in D90 11.843 (2)According to Zillow Home Value Index: Median Home Value in River Forest is $530,700;

16

SLIDE 21

Sample Ballot Questions

SLIDE 22

Option A: $20M Referendum Bonds

PLAN A Shall the Board of Education of Oak Park and River Forest Consolidated High School District Number 200, Cook County, Illinois, build and equip a performing arts addition to, and two swimming pools to replace the existing swimming pools at, the Oak Park and River Forest High School Building, repair the parking garage adjacent to and alter, repair and equip learning spaces in said School Building, improve the site thereof and issue bonds of said School District to the amount of $20,000,000 for the purpose of paying the costs thereof?

17

SLIDE 23

Option B: $35M Referendum Bonds

PLAN B Shall the Board of Education of Oak Park and River Forest Consolidated High School District Number 200, Cook County, Illinois, build and equip a swimming pool addition to replace the existing swimming pools, and a new parking garage, at the Oak Park and River Forest High School Building, alter, repair and equip the performing arts and learning spaces in said School Building, improve the site thereof and issue bonds of said School District to the amount of $35,000,000 for the purpose of paying the costs thereof?

18

SLIDE 24

Option C: $48M Referendum Bonds

PLAN C Shall the Board of Education of Oak Park and River Forest Consolidated High School District Number 200, Cook County, Illinois, build and equip an underground swimming pool to replace the existing swimming pools at the Oak Park and River Forest High School Building, repair the parking garage adjacent to and alter, repair and equip performing arts and learning spaces in said School Building, improve the site thereof and issue bonds of said School District to the amount

f $48,000,000 for the purpose of paying the costs thereof?

19

SLIDE 25

Notice and Disclaimer

William Blair & Company 222 West Adams Chicago, IL 60606 www.williamblair.com

Contact Information:

Elizabeth M. Hennessy Managing Director ehennessy@williamblair.com Phone: (312) 364-8955 Fax: (312) 236-0174

Per MSRB Rule G-17 and the SEC Municipal Advisor Rule, William Blair & Company, L.L.C. (“the Firm”), in its capacity as an underwriter of municipal securities, is not recommending an action to you as the municipal entity or obligated person. The information provided is not intended to be and should not be construed as “advice” within the meaning of Section 15B of the Securities Exchange Act of 1934. This information is being provided for discussion purposes, and you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material. Unless otherwise agreed, the Firm is not acting as a municipal advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to you with respect to the information and material contained in this communication. In our capacity as underwriter, our primary role will be to purchase the securities as a principal in a commercial, arms’ length transaction, and we will have financial and other interests that differ from yours. The accompanying information was obtained from sources which the Firm believes to be reliable but does not guarantee its accuracy and completeness. The material has been prepared solely for informational purposes and is not a solicitation of an

ffer to buy or sell any security or instrument or to

participate in any trading strategy. Historical data is not an indication of future results. The opinions expressed are our own unless otherwise stated. Additional information is available upon request. 20