[PPT] - Grandview School District No. 200 Capital Facilities Planning PowerPoint Presentation

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Grandview School District No. 200 Capital Facilities Planning November 7, 2016

JONGORES MANAGING DIRECTOR (206) 389-4043

JGORES@DADCO.COM

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Discussion Topics

§ Election Results § Capital Facilities Financing § Tax Rate Projections

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* February 9, 2016 and April 26, 2016 election results only. Source: Washington Secretary of State: Election and Voting website and individual County Auditor websites

2014

M&O Levies 160 Passed and 3 Failed Capital Project Levies 49 Passed and 3 Failed Transportation Levies 1 Passed and 1 Failed Bond Authorizations 13 Passed and 27 Failed

2015

M&O Levies 46 Passed and 2 Failed Capital Project Levies 16 Passed and 2 Failed Transportation Levies 2 Passed and 1 Failed Bond Authorizations 23 Passed and 22 Failed

2016*

M&O Levies 131 Passed and 3 Failed Capital Project Levies 27 Passed and 2 Failed Transportation Levies 2 Passed and 0 Failed Bond Authorizations 21 Passed and 19 Failed

Washington State Election Results-School Districts Only

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Source: State of Washington, Office of Superintendent of Public Instruction

Voting Patterns-Bond Issues Passed per Year

(Years 1993 through April 2016-Schools Only)

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Types of School District Bonds

– Voted – Unlimited Tax General Obligation Bonds (UTGO) – Non-voted – Limited General Obligation Bonds (LGO)

Voter approved bonds are (UTGO)

– Repaid with property taxes – Approved with a 60% yes vote, 40% validation – 5% Debt Capacity = $38,689,489 – $5,010,000 (Outstanding Debt)* = $33,679,489

Non-voted bonds are (LGO)

– Repaid with existing revenue – Can’t be used for “new” construction – 3/8 of 1% Debt Capacity = $2,901,712 – $1,600,000* = $1,301,712

*Voted debt reflects amount after 12/1/16 payment. Non-voted debt as of 9/1/15.

Capital Financing Options

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Capital Projects Levy (no debt limit)

– Simple majority – Two to six year collection – No interest cost

Bonds are the primary method used by Washington School Districts to finance the “local share” of capital projects because

– Cash is generated upfront – Payments can be spread over time – Districts have some control over taxpayer impacts

Capital Financing Options

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The District has one outstanding Unlimited Tax General Obligation Bond (UTGO) issues:

– UTGOR Bonds, 2015

All of the District’s voter approved UTGO Bonds will be repaid on or before December 1, 2018

District’s Current Debt

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$1,729,700 $1,762,300 $1,802,500

$1,550,000 $1,600,000 $1,650,000 $1,700,000 $1,750,000 $1,800,000 $1,850,000 $1,900,000 $1,950,000 $2,000,000 2016 2017 2018

Grandview School District - Existing Debt Service

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Historical Bond Tax Rates

Over the past 15 years the District’s bond tax rate has ranged from $3.43 in 2003 to $2.29 in 2017.

Year Historical Bond AV Bond Levy Rate/$1000 2003 $453,842,679 3.43 2004 480,593,787 3.27 2005 536,253,129 2.88 2006 571,738,801 2.69 2007 580,960,148 2.69 2008 664,112,392 2.38 2009 679,478,418 2.37 2010 665,219,106 2.48 2011 708,718,599 2.36 2012 678,139,798 2.54 2013 699,498,925 2.52 2014 711,431,949 2.53 2015 732,593,880 2.53 2016 760,257,838 2.49 2017* 773,789,784 2.29 *Preliminary value. 7

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Tax Rate Planning

§ Interest Rates § Bond Rating § Assessed Value § Bond Structure

Assumptions for Tax Rate Planning:

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Interest Rates § Lower interest rates result in lower tax rates for bonds. § Interest rates are determined when bonds are actually sold. § Assumption: 2017 Bond Sale Current rates plus 1.25% (125 basis points). 2018 Bond Sale Current rates plus 1.50% (150 basis points).

Tax Rate Planning

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A Guide to Bond Ratings

Moody’s Investors Service – Founded 1860 Highest Quality Aaa Aa1, Aa2, Aa3 A1, A2, A3 Baa1, Baa2, Baa3 Lowest Quality NR (Nonrated)

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Bond Rating § A higher bond rating results in lower interest rates. § Assumption: Aa1 (with State Guarantee) A1 District Rating (Pending)

Tax Rate Planning

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Tax Rate Planning

Debt Factors Economy

The Rating

Governmental Factors

Economy

Debt Factors Financial Performance

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Bond Rating (Continued) § Bond raters consider the local economy, District finances, and other factors § Assumption: Aa1 (with State Guarantee) A1 District Rating (Pending)

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Assessed Value

Tax Rate Planning

Year Historical Bond AV New Construction Bond Levy Rate/$1000 % change 2006 571,738,801 4,938,590 $2.69 6.6% 2007 580,960,148 12,496,824 $2.69 1.6% 2008 664,112,392 13,218,479 $2.38 14.3% 2009 679,478,418 10,490,250 $2.37 2.3% 2010 665,219,106 10,605,742 $2.48

2.1%

2011 708,718,599 5,555,463 $2.36 6.5% 2012 678,139,798 3,503,900 $2.54

4.3%

2013 699,498,925 4,063,400 $2.52 3.1% 2014 711,431,949 6,124,459 $2.53 1.7% 2015 732,593,880 6,537,500 $2.53 3.0% 2016 760,257,838 6,537,501 $2.49 3.8% 2017* 773,789,784 5,775,191 $2.29 1.8% *Preliminary value.

5 year Compound Annual Growth Rate (2012-2017): 2.7% 10 year Compound Annual Growth Rate (2007-2017): 2.9%

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$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50

100,000,000

200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 800,000,000 900,000,000 Bond Levy Rate (per $1,000 AV)

Bond Assessed Value

Historical Assessed Value and Levy Rates for Bonds

Historical Bond AV Bond Levy Rate/$1000

13

Assessed Value (Continued)

Tax Rate Planning

*Preliminary value.

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Tax Rate Planning

Assessed Value (continued) § Projected Assessed Value Growth ̶ Final 2016: 3.78% growth ̶ Preliminary 2017: 1.78% growth ̶ Projected 2018-2038: 1.50% annual growth § An individual’s taxes will be based on the assessed value for their property § Higher assessed values will lower the District’s tax rates (but not the overall payment ) § New construction vs. increase in value of existing property

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Tax Rate Planning

Bond Structure § State law gives Districts great flexibility in determining bond structures § Options ̶ Level Debt ̶ Level Tax Rate ̶ Stepped Level Tax Rate

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16 Interest Rates: 2017 Bond Sale current rates plus 125 basis points; 2018 Bond Sale current rates plus 150 basis points Bond Rating: Aa1 State Guarantee District Rating: A1 (pending) Assessed Value Growth: Final 2016: 3.78% growth; Preliminary 2017: 1.78% growth; Projected 2018-2036: 1.50%annual growth

Bond Tax Rate Summary

Scenario #16 #17 Authorization Amount $37,250,000 $40,325,000 Bond Sale Dates and Amounts $5,000,000 $5,000,000 June 1, 2017 December 1, 2018 $32,250,000 $35,325,000 Bond and Capital Levy Tax Rates Actual 2016 $3.18 $3.18 Projected 2017 2.98 2.98 2018 3.25 3.50 2020 3.25 3.50 2025 3.25 3.50 2030 3.24 3.50 2035 3.25 3.50 Total Interest Cost $25,288,000 $27,209,000 Final Maturity 2038 2038 Term 20 years 20 years Projected 2018 Bond Tax Rate increase over 2017 Bond/Capital Levy Tax Rate $0.27 $0.52

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Rating: Interest Rates: Assessed Value Increases at: Actual 2016 Preliminary 2017 2018-2035 Issue 1 Issue 2 Total Bonds Issued: 6/1/17 12/1/18 Issue Size: $4.70M $29.98M $34.68M Deposit to Capital Project Fund: $5.00M $32.25M $37.25M Term (years): 19.5 20.0 Year Bond AV Bond AV Growth Rate Capital Levy Prior Debt 2017 2018 Total New Bonds Debt Service Fund Incr/ (Decr) Total Bond Levy Bond Levy + Cap Levy Capital Levy Prior Debt 2017 2018 Total New Bonds Debt Service Fund Incr/ (Decr) Total Bonds Bond Levy + Cap Levy Year 2000 407,430 N/A

1,328

1,328 1,328

3.26

3.26 3.26 2000 2001 427,634 4.96%

1,376

1,376 1,376

3.22

3.22 3.22 2001 2002 461,471 7.91%

1,520

1,520 1,520

3.29

3.29 3.29 2002 2003 453,843

1.65%
1,556

1,556 1,556

3.43

3.43 3.43 2003 2004 480,594 5.89%

1,574

1,574 1,574

3.27

3.27 3.27 2004 2005 536,253 11.58%

1,546

1,546 1,546

2.88

2.88 2.88 2005 2006 571,739 6.62%

1,540

1,540 1,540

2.69

2.69 2.69 2006 2007 580,960 1.61%

1,560

1,560 1,560

2.69

2.69 2.69 2007 2008 664,112 14.31%

1,580

1,580 1,580

2.38

2.38 2.38 2008 2009 679,478 2.31%

1,610

1,610 1,610

2.37

2.37 2.37 2009 2010 665,219

2.10%
1,650

1,650 1,650

2.48

2.48 2.48 2010 2011 708,719 6.54%

1,675
1,675

1,675

2.36

2.36 2.36 2011 2012 678,140

4.31%
1,725
1,725

1,725

2.54

2.54 2.54 2012 2013 699,499 3.15%

1,760
1,760

1,760

2.52

2.52 2.52 2013 2014 711,432 1.71% 1,800

1,800

1,800

2.53
2.53

2.53 2014 2015 732,594 2.97% 1,808

42

1,850 1,850

2.47
0.06

2.53 2.53 2015 2016 760,258 3.78% 528 1,730

160

1,890 2,418 0.69 2.28

0.21

2.49 3.18 2016 2017 773,790 1.78% 533 1,762

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1,770 2,303 0.69 2.28

0.01

2.29 2.98 2017 2018 785,397 1.50% 539 1,803 369

369

(162) 2,010 2,549 0.69 2.30 0.47

0.47

(0.21) 2.56 3.25 2018 2019 797,178 1.50%

481

1,858 2,339 250 2,589 2,589

0.60

2.33 2.93 0.31 3.25 3.25 2019 2020 809,135 1.50%

613

1,990 2,602 26 2,628 2,628

0.76

2.46 3.22 0.03 3.25 3.25 2020 2021 821,272 1.50%

646

2,022 2,667 2,667 2,667

0.79

2.46 3.25

3.25

3.25 2021 2022 833,591 1.50%

202

2,508 2,709 2,709 2,709

0.24

3.01 3.25

3.25

3.25 2022 2023 846,095 1.50%

202

2,546 2,748 2,748 2,748

0.24

3.01 3.25

3.25

3.25 2023 2024 858,787 1.50%

202

2,586 2,787 2,787 2,787

0.23

3.01 3.25

3.25

3.25 2024 2025 871,668 1.50%

202

2,630 2,832 2,832 2,832

0.23

3.02 3.25

3.25

3.25 2025 2026 884,743 1.50%

202

2,674 2,876 2,876 2,876

0.23

3.02 3.25

3.25

3.25 2026 2027 898,015 1.50%

202

2,717 2,918 2,918 2,918

0.22

3.03 3.25

3.25

3.25 2027 2028 911,485 1.50%

202

2,758 2,960 2,960 2,960

0.22

3.03 3.25

3.25

3.25 2028 2029 925,157 1.50%

202

2,803 3,004 3,004 3,004

0.22

3.03 3.25

3.25

3.25 2029 2030 939,034 1.50%

202

2,845 3,047 3,047 3,047

0.21

3.03 3.24

3.24

3.24 2030 2031 953,120 1.50%

202

2,896 3,097 3,097 3,097

0.21

3.04 3.25

3.25

3.25 2031 2032 967,417 1.50%

202

2,943 3,144 3,144 3,144

0.21

3.04 3.25

3.25

3.25 2032 2033 981,928 1.50%

202

2,986 3,188 3,188 3,188

0.21

3.04 3.25

3.25

3.25 2033 2034 996,657 1.50%

1,132

2,106 3,237 3,237 3,237

1.14

2.11 3.25

3.25

3.25 2034 2035 1,011,607 1.50%

1,470

1,817 3,287 3,287 3,287

1.45

1.80 3.25

3.25

3.25 2035 2036 1,026,781 1.50%

1,493

1,839 3,332 3,332 3,332

1.45

1.79 3.24

3.24

3.24 2036 2037 1,042,183 1.50%

3,386

3,386 3,386 3,386

3.25

3.25

3.25

3.25 2037 2038 1,057,815 1.50%

3,434

3,434 3,434 3,434

3.25

3.25

3.25

3.25 2038 2039 1,073,683 1.50%

2039

Total Debt Service $8,622 $51,342 $59,963 Total Interest $3,622 $19,092 $25,288 Bond Yield 4.22% 4.31%

Run Date: 10.24.16

Assessed Value Summary ($000's) Levy Amount Detail ($000's) Levy Rate Detail 2017: Current Rates plus 125 bps, 2018: plus 150 bps 3.78% 1.78% 1.50%

Grandview School District No. 200

Scenario 16: 2017 Bond Election, $37.25 million, 1.50% AV Growth, 3.25 Bond Rate

Calculation Factors Tax Rate Impact: A1 Rating

Bond + Capital Levy Tax Rate in 2018 = $3.25 per $1,000 AV

NOTES:

Interfund loan 2018-19

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$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

Grandview School District Projected Tax Rates Levy / $1000 Assessed Value

Cap. Proj Levy

Existing Bonds 2017 Bonds 2018 Bonds

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Grandview School District No. 200 Projected Debt Capacity - Scenario 16 ($ In Thousands)

Unused Capacity Date Assessed Valuation Debt Capacity (5% of AV) Outstanding Debt 2017 2018 Amount Percent 12/1/2016 760,258 38,013 3,410 34,603 91.0% 12/1/2017 773,790 38,689 1,750 4,700 32,239 83.3% 12/1/2018 785,397 39,270

4,700

29,975 4,595 11.7% 12/1/2019 797,178 39,859

4,465

29,975 5,419 13.6% 12/1/2020 809,135 40,457

4,090

29,600 6,767 16.7% 12/1/2021 821,272 41,064

3,665

29,180 8,219 20.0% 12/1/2022 833,591 41,680

3,665

28,255 9,760 23.4% 12/1/2023 846,095 42,305

3,665

27,250 11,390 26.9% 12/1/2024 858,787 42,939

3,665

26,150 13,124 30.6% 12/1/2025 871,668 43,583

3,665

24,945 14,973 34.4% 12/1/2026 884,743 44,237

3,665

23,630 16,942 38.3% 12/1/2027 898,015 44,901

3,665

22,200 19,036 42.4% 12/1/2028 911,485 45,574

3,665

20,650 21,259 46.6% 12/1/2029 925,157 46,258

3,665

18,970 23,623 51.1% 12/1/2030 939,034 46,952

3,665

17,155 26,132 55.7% 12/1/2031 953,120 47,656

3,665

15,190 28,801 60.4% 12/1/2032 967,417 48,371

3,665

13,070 31,636 65.4% 12/1/2033 981,928 49,096

3,665

10,790 34,641 70.6% 12/1/2034 996,657 49,833

2,735

9,265 37,833 75.9% 12/1/2035 1,011,607 50,580

1,415

7,945 41,220 81.5% 12/1/2036 1,026,781 51,339

6,530

44,809 87.3% 12/1/2037 1,042,183 52,109

3,490

48,619 93.3% 12/1/2038 1,057,815 52,891

52,891

100.0% 12/1/2039 1,073,683 53,684

53,684

100.0%

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Rating: Interest Rates: Assessed Value Increases at: Actual 2016 Preliminary 2017 2018-2035 Issue 1 Issue 2 Total Bonds Issued: 6/1/17 12/1/18 Issue Size: $4.71M $32.84M $37.55M Deposit to Capital Project Fund: $5.00M $35.325M $40.325M Term (years): 19.5 20.0 Year Bond AV Bond AV Growth Rate Capital Levy Prior Debt 2017 2018 Total New Bonds Debt Service Fund Incr/ (Decr) Total Bond Levy Bond Levy + Cap Levy Capital Levy Prior Debt 2017 2018 Total New Bonds Debt Service Fund Incr/ (Decr) Total Bonds Bond Levy + Cap Levy Year 2000 407,430 N/A

1,328

1,328 1,328

3.26

3.26 3.26 2000 2001 427,634 4.96%

1,376

1,376 1,376

3.22

3.22 3.22 2001 2002 461,471 7.91%

1,520

1,520 1,520

3.29

3.29 3.29 2002 2003 453,843

1.65%
1,556

1,556 1,556

3.43

3.43 3.43 2003 2004 480,594 5.89%

1,574

1,574 1,574

3.27

3.27 3.27 2004 2005 536,253 11.58%

1,546

1,546 1,546

2.88

2.88 2.88 2005 2006 571,739 6.62%

1,540

1,540 1,540

2.69

2.69 2.69 2006 2007 580,960 1.61%

1,560

1,560 1,560

2.69

2.69 2.69 2007 2008 664,112 14.31%

1,580

1,580 1,580

2.38

2.38 2.38 2008 2009 679,478 2.31%

1,610

1,610 1,610

2.37

2.37 2.37 2009 2010 665,219

2.10%
1,650

1,650 1,650

2.48

2.48 2.48 2010 2011 708,719 6.54%

1,675
1,675

1,675

2.36

2.36 2.36 2011 2012 678,140

4.31%
1,725
1,725

1,725

2.54

2.54 2.54 2012 2013 699,499 3.15%

1,760
1,760

1,760

2.52

2.52 2.52 2013 2014 711,432 1.71% 1,800

1,800

1,800

2.53
2.53

2.53 2014 2015 732,594 2.97% 1,808

42

1,850 1,850

2.47
0.06

2.53 2.53 2015 2016 760,258 3.78% 528 1,730

160

1,890 2,418 0.69 2.28

0.21

2.49 3.18 2016 2017 773,790 1.78% 533 1,762

8

1,770 2,303 0.69 2.28

0.01

2.29 2.98 2017 2018 785,397 1.50% 539 1,803 385

385

19 2,206 2,745 0.69 2.30 0.49

0.49

0.02 2.81 3.50 2018 2019 797,178 1.50%

592

2,117 2,709 81 2,790 2,790

0.74

2.66 3.40 0.10 3.50 3.50 2019 2020 809,135 1.50%

630

2,175 2,805 28 2,833 2,833

0.78

2.69 3.47 0.03 3.50 3.50 2020 2021 821,272 1.50%

667

2,205 2,873 2,873 2,873

0.81

2.69 3.50

3.50

3.50 2021 2022 833,591 1.50%

192

2,725 2,917 2,917 2,917

0.23

3.27 3.50

3.50

3.50 2022 2023 846,095 1.50%

192

2,770 2,962 2,962 2,962

0.23

3.27 3.50

3.50

3.50 2023 2024 858,787 1.50%

192

2,811 3,002 3,002 3,002

0.22

3.27 3.50

3.50

3.50 2024 2025 871,668 1.50%

192

2,855 3,047 3,047 3,047

0.22

3.28 3.50

3.50

3.50 2025 2026 884,743 1.50%

192

2,904 3,096 3,096 3,096

0.22

3.28 3.50

3.50

3.50 2026 2027 898,015 1.50%

192

2,951 3,143 3,143 3,143

0.21

3.29 3.50

3.50

3.50 2027 2028 911,485 1.50%

192

2,997 3,188 3,188 3,188

0.21

3.29 3.50

3.50

3.50 2028 2029 925,157 1.50%

192

3,045 3,236 3,236 3,236

0.21

3.29 3.50

3.50

3.50 2029 2030 939,034 1.50%

192

3,095 3,287 3,287 3,287

0.20

3.30 3.50

3.50

3.50 2030 2031 953,120 1.50%

192

3,142 3,334 3,334 3,334

0.20

3.30 3.50

3.50

3.50 2031 2032 967,417 1.50%

192

3,191 3,383 3,383 3,383

0.20

3.30 3.50

3.50

3.50 2032 2033 981,928 1.50%

192

3,241 3,432 3,432 3,432

0.20

3.30 3.50

3.50

3.50 2033 2034 996,657 1.50%

732

2,756 3,487 3,487 3,487

0.73

2.76 3.50

3.50

3.50 2034 2035 1,011,607 1.50%

1,582

1,955 3,537 3,537 3,537

1.56

1.93 3.50

3.50

3.50 2035 2036 1,026,781 1.50%

1,609

1,982 3,591 3,591 3,591

1.57

1.93 3.50

3.50

3.50 2036 2037 1,042,183 1.50%

3,648

3,648 3,648 3,648

3.50

3.50

3.50

3.50 2037 2038 1,057,815 1.50%

3,698

3,698 3,698 3,698

3.50

3.50

3.50

3.50 2038 2039 1,073,683 1.50%

2039

Total Debt Service $8,497 $56,262 $64,759 Total Interest $3,497 $20,937 $27,209 Bond Yield 4.19% 4.31%

Run Date: 10.24.16

Assessed Value Summary ($000's) Levy Amount Detail ($000's) Levy Rate Detail 2017: Current Rates plus 125 bps, 2018: plus 150 bps 3.78% 1.78% 1.50%

Grandview School District No. 200

Scenario 17: 2017 Bond Election, $40.325 million, 1.50% AV Growth, 3.50 Bond Rate

Calculation Factors Tax Rate Impact: A1 Rating

Bond + Capital Levy Tax Rate in 2018 = $3.5 per $1,000 AV

NOTES:

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$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

Grandview School District Projected Tax Rates Levy / $1000 Assessed Value

Cap. Proj Levy

Existing Bonds 2017 Bonds 2018 Bonds

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Grandview School District No. 200 Projected Debt Capacity - Scenario 17 ($ In Thousands)

Unused Capacity Date Assessed Valuation Debt Capacity (5% of AV) Outstanding Debt 2017 2018 Amount Percent 12/1/2016 760,258 38,013 3,410 34,603 91.0% 12/1/2017 773,790 38,689 1,750 4,710 32,229 83.3% 12/1/2018 785,397 39,270

4,690

32,840 1,740 4.4% 12/1/2019 797,178 39,859

4,340

32,840 2,679 6.7% 12/1/2020 809,135 40,457

3,940

32,430 4,087 10.1% 12/1/2021 821,272 41,064

3,485

31,975 5,604 13.6% 12/1/2022 833,591 41,680

3,485

30,980 7,215 17.3% 12/1/2023 846,095 42,305

3,485

29,895 8,925 21.1% 12/1/2024 858,787 42,939

3,485

28,710 10,744 25.0% 12/1/2025 871,668 43,583

3,485

27,415 12,683 29.1% 12/1/2026 884,743 44,237

3,485

26,000 14,752 33.3% 12/1/2027 898,015 44,901

3,485

24,460 16,956 37.8% 12/1/2028 911,485 45,574

3,485

22,790 19,299 42.3% 12/1/2029 925,157 46,258

3,485

20,980 21,793 47.1% 12/1/2030 939,034 46,952

3,485

19,020 24,447 52.1% 12/1/2031 953,120 47,656

3,485

16,905 27,266 57.2% 12/1/2032 967,417 48,371

3,485

14,625 30,261 62.6% 12/1/2033 981,928 49,096

3,485

12,170 33,441 68.1% 12/1/2034 996,657 49,833

2,945

10,065 36,823 73.9% 12/1/2035 1,011,607 50,580

1,525

8,645 40,410 79.9% 12/1/2036 1,026,781 51,339

7,120

44,219 86.1% 12/1/2037 1,042,183 52,109

3,845

48,264 92.6% 12/1/2038 1,057,815 52,891

52,891

100.0% 12/1/2039 1,073,683 53,684

53,684

100.0%

SLIDE 26

25

SLIDE 27

26

SLIDE 28

27

Mount Adams School District No. 209 154,375,727

1.0065
1.0065

Mabton School District No. 120 178,951,680

1.4529
1.4529

Sunnyside School District No. 201 1,262,953,670

1.6284
1.6284

Toppenish School District No. 202 621,862,689 0.9905 1.9703

2.9608

Bickleton School District No. 203 8,837,568 2.7777 0.2950

3.0727

Wapato School District No. 207 608,835,485 2.0531 1.6014

3.6545

Union Gap School District No. 2 426,185,943 1.7598 2.3459

4.1057

Zillah School District No. 205 396,663,725 1.8908 1.9603 0.3151

4.1662

West Valley School District No. 208 2,520,836,155 1.7049 2.7364

4.4413

Selah School District No. 119 1,491,160,745 1.1635 3.6142

4.7777

Granger School District No. 204 292,428,458 2.6331 2.1679

4.8010

Yakima School District No. 7 4,549,346,826 1.6816 3.1252

4.8068

Highland School District No. 203 480,010,199 1.8738 3.1259

4.9997

Grandview School District No. 200 697,198,482 2.4860 1.8632 0.6945

5.0437

Naches School District No. 3 821,655,015 1.8146 3.3968

5.2114

East Valley School District No. 90 1,385,354,035 2.5199 3.2951

5.8151

(1) 2016 Assessed Value does not include TAV. (2) Yakima County values only.

Yakima County School Districts 2016 Total Tax Rates(1)

District Bonds ($) M&O ($)

Trans. ($)

Total ($) Assessed Value(2) ($) Capital ($)

SLIDE 29

Neither this materialnor any of its contents may be disclosed, sold, or redistributed, electronically or otherwise, without prior written consent ofDavidson Companies. The information presented herein is based on public information we believe to be reliable, prevailing market conditions, as well as our views at this point in time. We make no representation or w arranty with respect to the accuracy or completeness of this material. Past performance is not necessarily indicative of future results. Davidson Companies does not assumeany liabilityforany loss which may result from the relianceby any person upon such material. We make no representations regarding the legal, tax, regulatory, oraccounting implications of entering into a Transaction. Required Disclosure Pursuant to MSRB Rule G-23: An underwriter’s primary role will be to purchase as principal, or arrange for the placement of the securities in a commercial arm’s length transaction with the issuer, and mayhave financial and other interests thatdifferfrom those of the issuer. In its capacity as underwriter and not as financial advisor, an underwriter may provide incidental financial advisory services at the issuer’s request, including advice regarding the structure, timing, terms and other similar matters concerning the issuance. However, an underwriter does not assume any financial advisory or fiduciary responsibilities with respectto the issuer.