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What To Bond and What Not To Bond - That is the Question June 21, 2017 Board Meeting We have boiled this down to a few options to consider: Whatever is decided, there are financial cause and effect impacts Sedona Fire District is committed

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What To Bond and What Not To Bond - That is the Question

June 21, 2017 Board Meeting

SLIDE 2

We have boiled this down to a few options to consider:

Whatever is decided, there are financial cause and effect impacts
Sedona Fire District is committed to maintaining emergency services and
ur commitment to the community
We are committed to being transparent throughout and good financial

stewards of our budget and mission

June 21, 2017 Board Meeting

SLIDE 3

$26 Million Capital Projects on the 10-Year Schedule

Committee Made Decisions on Priorities Identified

High Priority – Project Must Be Done
Immediate Need for Completion Directly Impacting Emergency Services
Primary Priority – Really Needs To Be Done
Completion Will Help The Emergency Response But Is Subordinate to High Priority Projects
Secondary Priority – Should Be Considered When Funding Becomes Available
Completion Will Enhance Operations and Efficiencies But Are Not Realistically Going To Impact

Emergency Responses Upon Completion of Project

June 21, 2017 Board Meeting

SLIDE 4

Station 4 – Uptown Sedona

Tear Down Existing Building
Rebuild in Same Location
Provide Temporary Housing On-Site During Construction
Site Challenges – Small Footprint, Many Easements through Property
Cost Estimate Is Based on Higher Estimate with a 10% Contingency and

15% Soft Cost Factor Included

Project Estimated at $5,686,860

June 21, 2017 Board Meeting

SLIDE 5

Station 5 – Oak Creek Canyon

Abandon Existing Build (Likely Sell Portion of Building SFD Owns)
Rebuild at Slide Rock State Park in a Partnership With AZ State Parks
No Temporary Housing Needed During Construction
Site Challenges – Ingress/Egress Access to 89A, Restrictions and Processes

Required Based on Parcel and Use Permit Covenants on Land

Cost Estimate Is Based on Higher Estimate with a 10% Contingency and

15% Soft Cost Factor Included

Project Estimated at $3,012,844

June 21, 2017 Board Meeting

SLIDE 6

Station 3 – Village of Oak Creek

Structural, Engineering, and Mechanical Project
Roof Structure Sagging and Needs to be Fixed
4 HVAC/Swamp Coolers- Only 2 Are Fully Functional
Drywall in Apparatus Bay Improperly Installed
Concrete the Apparatus Apron and Turning Areas
Address Improper Drainage on Property
ADA Compliance Issues in Public Restrooms
Repair Leaking Patio Deck
Cost Estimate Is Based on Higher Estimate with a 10% Contingency and

15% Soft Cost Factor Included

Project Estimated at $1,201,750

June 21, 2017 Board Meeting

SLIDE 7

Station 3- Village of Oak Creek

Renovation to Firefighter Quarters
Quicker Access to Apparatus Bay
Renovation of Kitchen and Day Room Area
Update of Work Spaces
Cost Estimate Is Based on Higher Estimate with a 10% Contingency and

15% Soft Cost Factor Included

Project Estimated at $1,147,792

June 21, 2017 Board Meeting

SLIDE 8

Station 1 – West Sedona

Renovation to Firefighter Quarters
Quicker Access to Apparatus Bay
Renovation of Kitchen and Day Room Area
Update of Work Spaces
Re-engineer Ineffective HVAC System
More Efficient Use of Multi-Purpose Room
ADA Compliance for 2nd Floor Public Training Room
Cost Estimate Is Based on Higher Estimate with a 10% Contingency and

15% Soft Cost Factor Included

Project Estimated at $1,972,250

June 21, 2017 Board Meeting

SLIDE 9

Station 1 – West Sedona

Build A New Fleet Maintenance Facility
Facility that Can Fit the Modern Day Fire Apparatus
Better Storage and Warehouse Space
Create More Employee/Public Parking
Re-purpose Existing Space for Firefighter Gear Storage – Preventative Cancer

Best Practice Initiatives

Cost Estimate Is Based on Higher Estimate with a 5% Contingency and 15% Soft

Cost Factor Included

Project Estimated at $1,189,246

June 21, 2017 Board Meeting

SLIDE 10

Station 1 – West Sedona

Renovation of Administrative Offices
Develop Better Work Space and Work Efficiencies in Existing Space
Create ADA Compliant Conference Room
Employee Kitchen/Breakroom for Admin Staff
Enhance the Efficiencies of Community Risk Reduction Operation
Cost Estimate Is Based on Higher Estimate with a 10% Contingency and

15% Soft Cost Factor Included

Project Estimated at $1,071,025

June 21, 2017 Board Meeting

SLIDE 11

Fire Apparatus – Heavy Fleet (Potential Bond Funded Option)

Purchase of the Fire Engines Needed
(2) Type 1 Engines (2001, 2008)
(3) Water Tenders (3- 1999)

Estimated Total - $2,000,000

Fire & EMS Apparatus – Heavy, Medium, Light Fleet

Ambulances Planned for Refurbishment
Other Fire Engines, Wildland Engines, Mini-Rescue and Heavy Rescue
Fleet and Pool Vehicles
Snow Cat

Estimated Total - $5,700,000

Projects Estimated at $7,700,000

June 21, 2017 Board Meeting

SLIDE 12

Telecommunication Equipment (Potential Bond-Funded Option)

Various Technical Equipment, Technology Upgrades, Firefighter Safety
Microwave Systems, Radio Tower Replacement, Backbone Infrastructure Upgrades
Station F/F Alerting System, F/F Portable Radios

Estimated Total - $2,000,000

Additional Telecommunication and Firefighter Equipment

Phone and Email Upgrade, Servers
Firefighter Radio Frequency Upgrade
Hose, Thermal Imaging Cameras, Airpacks, Extrication Equipment

Estimated Total - $1,600,000

Projects Estimated At $3,600,000

June 21, 2017 Board Meeting

SLIDE 13

We Work Hard Each and Every Day to Assure We Spend Every Dollar with Respect to the Person Who Helped Provide that Dollar Our Plan Is to Always Be Focused on Providing the Most Efficient and Effective Emergency Services to Our Community We also Strive to Attract and Retain the Highest Caliber of Employee that Is Highly Trained and Motivated to Serve Our Community Each and Every Day

June 21, 2017 Board Meeting

SLIDE 14

A General Obligation Bond Is a very Common Tool in Local

Government to Utilize To Pay for Large Capital Projects

The Concept of Sharing the Cost of Large Capital Projects over a Longer Period of

Time Allows for a Lower Cost Share for Those Who Will Be Benefiting from the Enhancements

The Ability to Reduce Immediate Impact to Taxpayers Who Will Be Responsible for

Fund Capital Items if Purchased in a Cash Pay Option

The Bond Repayment Levy Rate Does Not Impact the Mil Rate Which Has a State

Statute Cap

A Bond Would Leverage Your Ability to Access Levy in an Economy that Has

Experienced a Downturn in Assessed Value

Given the Fact that SFD is Operating in a Post-Proposition 117 environment, Our

Assessed Value Growth Is Limited to a Maximum of 5%

June 21, 2017 Board Meeting

SLIDE 15

Bond Option 1- $9.9M

June 21, 2017 Board Meeting

SLIDE 16

$9.9M General Obligation Bond

Station 4 Tear Down and Rebuild

$5,686,860

Station 5 Relocation and Build

$3,012,844

Station 3 Structural, Engineering and

Mechanical Repairs $1,201,750 Total $9,901,454

Bond $9.9M

June 21, 2017 Board Meeting

SLIDE 17

* Estimated, subject to change. See assumptions on next page. (1) (2) (3) (4) (5) (6) $9,900,000 General Obligation Bonds Project of 2017 Series A (2018) Estimated Bonds Dated: 4/01/18 Additional Secondary Fiscal Combined Estimated Debt Bond Year Valuation (a) Principal Interest (b) Service Tax Rate (c) 2016/17 $510,949,039 $0 $0.00 2017/18 538,635,344 $0 $0.00 2018/19 538,635,344 $240,000 $556,875 $796,875 $0.15 2019/20 538,635,344 360,000 434,700 794,700 0.15 2020/21 538,635,344 375,000 418,500 793,500 0.15 2021/22 538,635,344 395,000 401,625 796,625 0.15 2022/23 538,635,344 410,000 383,850 793,850 0.15 2023/24 538,635,344 430,000 365,400 795,400 0.15 2024/25 538,635,344 450,000 346,050 796,050 0.15 2025/26 538,635,344 470,000 325,800 795,800 0.15 2026/27 538,635,344 490,000 304,650 794,650 0.15 2027/28 538,635,344 510,000 282,600 792,600 0.15 2028/29 538,635,344 535,000 259,650 794,650 0.15 2029/30 538,635,344 560,000 235,575 795,575 0.15 2030/31 538,635,344 585,000 210,375 795,375 0.15 2031/32 538,635,344 610,000 184,050 794,050 0.15 2032/33 538,635,344 635,000 156,600 791,600 0.15 2033/34 538,635,344 665,000 128,025 793,025 0.15 2034/35 538,635,344 695,000 98,100 793,100 0.15 2035/36 538,635,344 725,000 66,825 791,825 0.15 2036/37 538,635,344 760,000 34,200 794,200 0.15 $9,900,000 $15,093,450 Average Annual Tax Rate = $0.1475

SLIDE 18

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $36.87 per year for 19 years or $700.54 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $0,265.47 per year for 19 years or $5,043.90 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $100,000 is estimated to be $22.12 per year for 19 years or $420.32 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.1475 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $53.41 $4.45 100,000 10,000 14.75 1.23 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $139.95 $11.66 1,000,000 180,000 265.50 22.13 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $24.09 $2.01 100,000 15,000 22.13 1.84

SLIDE 19

June 21, 2017 Board Meeting

2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 Mil Rate 2.5418 2.6276 2.6808 2.7727 2.8655 2.9291 3.0092 3.0596 3.1120 3.1806 Total Revenues 16,993,883 17,815,473 18,631,247 19,487,809 20,387,200 21,231,560 22,223,138 23,164,294 24,157,509 25,305,385 Operating Expenses 15,538,546 16,315,473 17,131,247 17,987,809 18,887,200 19,831,560 20,823,138 21,864,294 22,957,509 24,105,385 Capital Funding - Non-Bond Items 1,455,548 1,500,000 1,500,000 1,500,000 1,500,000 1,400,000 1,400,000 1,300,000 1,200,000 1,200,000 Total Expenses 16,994,094 17,815,473 18,631,247 19,487,809 20,387,200 21,231,560 22,223,138 23,164,294 24,157,509 25,305,385

SLIDE 20

Bond Option 2- $12.9M

June 21, 2017 Board Meeting

SLIDE 21

$12.9M General Obligation Bond

Station 4 Tear Down and Rebuild

$5,686,860

Station 5 Relocation and Build

$3,012,844

Station 3 Structural, Engineering and

Mechanical Repairs $1,201,750

Station 3 FF Quarters Renovation

$1,147,192

Station 1 FF Quarters Renovation

$1,972,250 Total $13,021,496

Bond $12.9M

June 21, 2017 Board Meeting

SLIDE 22

* Estimated, subject to change. See assumptions on next page.

(1) (2) (3) (4) (5) (6) (7) (8) $8,500,000 $4,400,000 General Obligation Bonds General Obligation Bonds Project of 2017 Project of 2017 Series A (2018) Series B (2022) Estimated Bonds Dated: 4/01/18 Bonds Dated: 4/01/22 Additional Secondary Fiscal Combined Estimated Estimated Debt Bond Year Valuation (a) Principal Interest (b) Principal Interest (c) Service Tax Rate (d) 2016/17 $510,949,039 $0 $0.00 2017/18 538,635,344 $0 $0.00 2018/19 538,635,344 $450,000 $478,125 $928,125 $0.17 2019/20 538,635,344 550,000 362,250 912,250 0.17 2020/21 538,635,344 575,000 337,500 912,500 0.17 2021/22 538,635,344 600,000 311,625 911,625 0.17 2022/23 538,635,344 305,000 284,625 $25,000 $302,500 917,125 0.17 2023/24 538,635,344 320,000 270,900 75,000 240,625 906,525 0.17 2024/25 538,635,344 330,000 256,500 75,000 236,500 898,000 0.17 2025/26 538,635,344 345,000 241,650 75,000 232,375 894,025 0.17 2026/27 538,635,344 365,000 226,125 75,000 228,250 894,375 0.17 2027/28 538,635,344 380,000 209,700 75,000 224,125 888,825 0.17 2028/29 538,635,344 395,000 192,600 125,000 220,000 932,600 0.17 2029/30 538,635,344 415,000 174,825 125,000 213,125 927,950 0.17 2030/31 538,635,344 435,000 156,150 125,000 206,250 922,400 0.17 2031/32 538,635,344 450,000 136,575 125,000 199,375 910,950 0.17 2032/33 538,635,344 470,000 116,325 125,000 192,500 903,825 0.17 2033/34 538,635,344 495,000 95,175 125,000 185,625 900,800 0.17 2034/35 538,635,344 515,000 72,900 125,000 178,750 891,650 0.17 2035/36 538,635,344 540,000 49,725 150,000 171,875 911,600 0.17 2036/37 538,635,344 565,000 25,425 150,000 163,625 904,050 0.17 2037/38 538,635,344 700,000 155,375 855,375 0.16 2038/39 538,635,344 700,000 116,875 816,875 0.15 2039/40 538,635,344 700,000 78,375 778,375 0.14 2040/41 538,635,344 725,000 39,875 764,875 0.14 $8,500,000 $4,400,000 $20,484,700 Average Annual Tax Rate = $0.1654

SLIDE 23

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $41.34 per year for 23 years or $950.77 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $297.63 per year for 23 years or $6,845.53 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $100,000 is estimated to be $24.80 per year for 23 years or $570.46 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.1654 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $59.89 $4.99 100,000 10,000 16.54 1.38 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $156.93 $13.08 1,000,000 180,000 297.72 24.81 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $27.01 $2.25 100,000 15,000 24.81 2.07

SLIDE 24

2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 Mil Rate 2.5418 2.6276 2.6808 2.7727 2.8492 2.9291 2.9938 3.0596 3.1266 3.1947 Tax Revenue 14,033,053 15,042,065 15,940,788 16,880,172 17,762,255 18,789,178 19,763,188 20,786,645 21,862,027 22,991,937 Non-Tax Funding 2,960,830 2,773,409 2,690,459 2,607,638 2,524,945 2,442,382 2,359,950 2,377,650 2,395,482 2,413,448 Total Revenues 16,993,883 17,815,473 18,631,247 19,487,809 20,287,200 21,231,560 22,123,138 23,164,294 24,257,509 25,405,385 Operating Expenses 15,538,546 16,315,473 17,131,247 17,987,809 18,887,200 19,831,560 20,823,138 21,864,294 22,957,509 24,105,385 Capital Funding - Non-Bond Items 1,455,548 1,500,000 1,500,000 1,500,000 1,400,000 1,400,000 1,300,000 1,300,000 1,300,000 1,300,000 Total Expenses 16,994,094 17,815,473 18,631,247 19,487,809 20,287,200 21,231,560 22,123,138 23,164,294 24,257,509 25,405,385

SLIDE 25

Bond Option 3- $13.8M

June 21, 2017 Board Meeting

SLIDE 26

$13.8M General Obligation Bond

Station 4 Tear Down And Rebuild

$5,686,860

Station 5 Relocation And Build

$3,012,844

Station 3 Structural, Engineering and

Mechanical Repairs $1,201,750

Station 1 Firefighter Crew Quarters

$1,972,250

(5) Fire Fighting Apparatus Engines and

Water Tenders $2,000,000 Total $13,873,704

Bond $13.8M

June 21, 2017 Board Meeting

SLIDE 27

* Estimated, subject to change. See assumptions on next page.

(1) (2) (3) (4) (5) (6) (7) (8) $9,000,000 $4,800,000 General Obligation Bonds General Obligation Bonds Project of 2017 Project of 2017 Series A (2018) Series B (2022) Estimated Bonds Dated: 4/01/18 Bonds Dated: 4/01/22 Additional Secondary Fiscal Combined Estimated Estimated Debt Bond Year Valuation (a) Principal Interest (b) Principal Interest (c) Service Tax Rate (d) 2016/17 $510,949,039 $0 $0.00 2017/18 538,635,344 $0 $0.00 2018/19 538,635,344 $450,000 $506,250 $956,250 $0.18 2019/20 538,635,344 600,000 384,750 984,750 0.18 2020/21 538,635,344 625,000 357,750 982,750 0.18 2021/22 538,635,344 650,000 329,625 979,625 0.18 2022/23 538,635,344 320,000 300,375 $25,000 $330,000 975,375 0.18 2023/24 538,635,344 335,000 285,975 75,000 262,625 958,600 0.18 2024/25 538,635,344 350,000 270,900 75,000 258,500 954,400 0.18 2025/26 538,635,344 365,000 255,150 75,000 254,375 949,525 0.18 2026/27 538,635,344 385,000 238,725 75,000 250,250 948,975 0.18 2027/28 538,635,344 400,000 221,400 100,000 246,125 967,525 0.18 2028/29 538,635,344 420,000 203,400 125,000 240,625 989,025 0.18 2029/30 538,635,344 435,000 184,500 125,000 233,750 978,250 0.18 2030/31 538,635,344 455,000 164,925 125,000 226,875 971,800 0.18 2031/32 538,635,344 480,000 144,450 125,000 220,000 969,450 0.18 2032/33 538,635,344 500,000 122,850 125,000 213,125 960,975 0.18 2033/34 538,635,344 520,000 100,350 125,000 206,250 951,600 0.18 2034/35 538,635,344 545,000 76,950 125,000 199,375 946,325 0.18 2035/36 538,635,344 570,000 52,425 150,000 192,500 964,925 0.18 2036/37 538,635,344 595,000 26,775 150,000 184,250 956,025 0.18 2037/38 538,635,344 775,000 176,000 951,000 0.18 2038/39 538,635,344 800,000 133,375 933,375 0.17 2039/40 538,635,344 800,000 89,375 889,375 0.17 2040/41 538,635,344 825,000 45,375 870,375 0.16 $9,000,000 $4,800,000 $21,990,275 Average Annual Tax Rate = $0.1775

SLIDE 28

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $44.38 per year for 23 years or $1,020.65 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $319.51 per year for 23 years or $7,348.66 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $100,000 is estimated to be $26.63 per year for 23 years or $612.39 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.1775 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $64.27 $5.36 100,000 10,000 17.75 1.48 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $168.41 $14.03 1,000,000 180,000 319.50 26.63 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $28.99 $2.42 100,000 15,000 26.63 2.22

SLIDE 29

June 21, 2017 Board Meeting

2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 Mil Rate 2.5418 2.5918 2.6293 2.7224 2.8165 2.8973 2.9784 3.0297 3.0975 3.1666 Tax Revenue 14,033,053 14,842,065 15,640,788 16,580,172 17,562,255 18,589,178 19,663,188 20,586,645 21,662,027 22,791,937 Non-Tax Funding 2,960,830 2,773,409 2,690,459 2,607,638 2,524,945 2,442,382 2,359,950 2,377,650 2,395,482 2,413,448 Total Revenues 16,993,883 17,615,473 18,331,247 19,187,809 20,087,200 21,031,560 22,023,138 22,964,294 24,057,509 25,205,385 Operating Expenses 15,538,546 16,315,473 17,131,247 17,987,809 18,887,200 19,831,560 20,823,138 21,864,294 22,957,509 24,105,385 Capital Funding - Non-Bond Items 1,455,548 1,300,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,100,000 1,100,000 1,100,000 Total Expenses 16,994,094 17,615,473 18,331,247 19,187,809 20,087,200 21,031,560 22,023,138 22,964,294 24,057,509 25,205,385

SLIDE 30

Bond Option 4- $14.2M

June 21, 2017 Board Meeting

SLIDE 31

$14.2M General Obligation Bond

Station 4 Tear Down And Rebuild

$5,686,860

Station 5 Relocation And Build

$3,012,844

Station 3 Structural, Engineering and

Mechanical Repairs $1,201,750

Station 3 Firefighter Crew Quarters

$1,147,792

Station 1 Firefighter Crew Quarters

$1,972,250

Station 1 Maintenance Facility

$1,189,246 Total $14,210,742

Bond $14.2M

June 21, 2017 Board Meeting

SLIDE 32

* Estimated, subject to change. See assumptions on next page.

(1) (2) (3) (4) (5) (6) (7) (8) $8,700,000 $5,500,000 General Obligation Bonds General Obligation Bonds Project of 2017 Project of 2017 Series A (2018) Series B (2022) Estimated Bonds Dated: 4/01/18 Bonds Dated: 4/01/22 Additional Secondary Fiscal Combined Estimated Estimated Debt Bond Year Valuation (a) Principal Interest (b) Principal Interest (c) Service Tax Rate (d) 2016/17 $510,949,039 $0 $0.00 2017/18 538,635,344 $0 $0.00 2018/19 538,635,344 $500,000 $489,375 $989,375 $0.18 2019/20 538,635,344 625,000 369,000 994,000 0.18 2020/21 538,635,344 650,000 340,875 990,875 0.18 2021/22 538,635,344 675,000 311,625 986,625 0.18 2022/23 538,635,344 300,000 281,250 $35,000 $378,125 994,375 0.18 2023/24 538,635,344 315,000 267,750 110,000 300,575 993,325 0.18 2024/25 538,635,344 330,000 253,575 110,000 294,525 988,100 0.18 2025/26 538,635,344 345,000 238,725 110,000 288,475 982,200 0.18 2026/27 538,635,344 360,000 223,200 110,000 282,425 975,625 0.18 2027/28 538,635,344 375,000 207,000 135,000 276,375 993,375 0.18 2028/29 538,635,344 390,000 190,125 135,000 268,950 984,075 0.18 2029/30 538,635,344 410,000 172,575 135,000 261,525 979,100 0.18 2030/31 538,635,344 425,000 154,125 160,000 254,100 993,225 0.18 2031/32 538,635,344 445,000 135,000 160,000 245,300 985,300 0.18 2032/33 538,635,344 465,000 114,975 160,000 236,500 976,475 0.18 2033/34 538,635,344 490,000 94,050 160,000 227,700 971,750 0.18 2034/35 538,635,344 510,000 72,000 185,000 218,900 985,900 0.18 2035/36 538,635,344 535,000 49,050 185,000 208,725 977,775 0.18 2036/37 538,635,344 555,000 24,975 200,000 198,550 978,525 0.18 2037/38 538,635,344 800,000 187,550 987,550 0.18 2038/39 538,635,344 825,000 143,550 968,550 0.18 2039/40 538,635,344 875,000 98,175 973,175 0.18 2040/41 538,635,344 910,000 50,050 960,050 0.18 $8,700,000 $5,500,000 $22,609,325 Average Annual Tax Rate = $0.1825

SLIDE 33

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $45.63 per year for 23 years or $1,049.38 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $328.50 per year for 23 years or $7,555.54 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $100,000 is estimated to be $27.38 per year for 23 years or $629.63 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.1825 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $66.08 $5.51 100,000 10,000 18.25 1.52 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $173.16 $14.43 1,000,000 180,000 328.50 27.38 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $29.81 $2.48 100,000 15,000 27.38 2.28

SLIDE 34

2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 Mil Rate 2.5418 2.6097 2.6636 2.7559 2.8492 2.9370 3.0169 3.0820 3.1483 3.2159 Tax Revenue 14,033,053 14,942,065 15,840,788 16,780,172 17,762,255 18,839,178 19,913,188 20,936,645 22,012,027 23,141,937 Non-Tax Funding 2,960,830 2,773,409 2,690,459 2,607,638 2,524,945 2,442,382 2,359,950 2,377,650 2,395,482 2,413,448 Total Revenues 16,993,883 17,715,473 18,531,247 19,387,809 20,287,200 21,281,560 22,273,138 23,314,294 24,407,509 25,555,385 Operating Expenses 15,538,546 16,315,473 17,131,247 17,987,809 18,887,200 19,831,560 20,823,138 21,864,294 22,957,509 24,105,385 Capital Funding - Non-Bond Items 1,455,548 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,300,000 Total Expenses 16,994,094 17,715,473 18,531,247 19,387,809 20,287,200 21,281,560 22,273,138 23,314,294 24,407,509 25,555,385

SLIDE 35

Bond Option 5- $17.9M 1 Bond Question

June 21, 2017 Board Meeting

SLIDE 36

$17.9M General Obligation Bond

Station 4 Tear Down and Rebuild

$5,686,860

Station 5 Relocation and Build

$3,012,844

Station 3 Structural, Engineering and

Mechanical Repairs $1,201,750

Station 1 Firefighter Crew Quarters

$1,972,250

(5) Fire Fighting Apparatus Engines and

Water Tenders $2,000,000

Station 1 Administrative Renovation

$1,040,594

Station 1 Fleet Maintenance Facility

$1,071,025

Telecommunications Equipment/Firefighter Safety

$2,000,000 Total $17,985,323

Bond $17.9M

June 21, 2017 Board Meeting

SLIDE 37

* Estimated, subject to change. See assumptions on next page.

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) $8,000,000 $6,000,000 $3,900,000 General Obligation Bonds General Obligation Bonds General Obligation Bonds Project of 2017 Project of 2017 Project of 2017 Series A (2018) Series B (2022) Series C (2024) Estimated Bonds Dated: 4/01/18 Bonds Dated: 4/01/22 Bonds Dated: 4/01/24 Additional Secondary Fiscal Combined Estimated Estimated Estimated Debt Bond Year Valuation (a) Principal Interest (b) Principal Interest (c) Principal Interest (c) Service Tax Rate (d) 2016/17 $510,949,039 $0 $0.00 2017/18 538,635,344 $0 $0.00 2018/19 538,635,344 $700,000 $450,000 $1,150,000 $0.21 2019/20 538,635,344 825,000 328,500 1,153,500 0.21 2020/21 538,635,344 850,000 291,375 1,141,375 0.21 2021/22 538,635,344 900,000 253,125 1,153,125 0.21 2022/23 538,635,344 225,000 212,625 $300,000 $412,500 1,150,125 0.21 2023/24 538,635,344 235,000 202,500 400,000 313,500 1,151,000 0.21 2024/25 538,635,344 250,000 191,925 125,000 291,500 $25,000 $268,125 1,151,550 0.21 2025/26 538,635,344 260,000 180,675 175,000 284,625 25,000 213,125 1,138,425 0.21 2026/27 538,635,344 270,000 168,975 200,000 275,000 25,000 211,750 1,150,725 0.21 2027/28 538,635,344 285,000 156,825 200,000 264,000 25,000 210,375 1,141,200 0.21 2028/29 538,635,344 295,000 144,000 225,000 253,000 25,000 209,000 1,151,000 0.21 2029/30 538,635,344 310,000 130,725 225,000 240,625 25,000 207,625 1,138,975 0.21 2030/31 538,635,344 325,000 116,775 250,000 228,250 25,000 206,250 1,151,275 0.21 2031/32 538,635,344 335,000 102,150 275,000 214,500 25,000 204,875 1,156,525 0.21 2032/33 538,635,344 355,000 87,075 275,000 199,375 25,000 203,500 1,144,950 0.21 2033/34 538,635,344 370,000 71,100 300,000 184,250 25,000 202,125 1,152,475 0.21 2034/35 538,635,344 385,000 54,450 325,000 167,750 25,000 200,750 1,157,950 0.21 2035/36 538,635,344 405,000 37,125 325,000 149,875 25,000 199,375 1,141,375 0.21 2036/37 538,635,344 420,000 18,900 350,000 132,000 25,000 198,000 1,143,900 0.21 2037/38 538,635,344 470,000 112,750 375,000 196,625 1,154,375 0.21 2038/39 538,635,344 500,000 86,900 375,000 176,000 1,137,900 0.21 2039/40 538,635,344 525,000 59,400 400,000 155,375 1,139,775 0.21 2040/41 538,635,344 555,000 30,525 425,000 133,375 1,143,900 0.21 2041/42 538,635,344 975,000 110,000 1,085,000 0.20 2042/43 538,635,344 1,025,000 56,375 1,081,375 0.20 $8,000,000 $6,000,000 $3,900,000 $28,561,775 Average Annual Tax Rate = $0.2121

SLIDE 38

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $53.03 per year for 25 years or $1,325.65 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $381.79 per year for 25 years or $9,544.71 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $100,000 is estimated to be $31.82 per year for 25 years or $795.39 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.2121 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $76.80 $6.40 100,000 10,000 21.21 1.77 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $201.24 $16.77 1,000,000 180,000 381.78 31.82 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $34.64 $2.89 100,000 15,000 31.82 2.65

SLIDE 39

June 21, 2017 Board Meeting

2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 Mil Rate 2.5418 2.5561 2.6121 2.7057 2.7838 2.8656 2.9476 3.0147 3.0830 3.1525 Tax Revenue 14,033,053 14,642,065 15,540,788 16,480,172 17,362,255 18,389,178 19,463,188 20,486,645 21,562,027 22,691,937 Non-Tax Funding 2,960,830 2,773,409 2,690,459 2,607,638 2,524,945 2,442,382 2,359,950 2,377,650 2,395,482 2,413,448 Total Revenues 16,993,883 17,415,473 18,231,247 19,087,809 19,887,200 20,831,560 21,823,138 22,864,294 23,957,509 25,105,385 Operating Expenses 15,538,546 16,315,473 17,131,247 17,987,809 18,887,200 19,831,560 20,823,138 21,864,294 22,957,509 24,105,385 Capital Funding - Non-Bond Items 1,455,548 1,100,000 1,100,000 1,100,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Total Expenses 16,994,094 17,415,473 18,231,247 19,087,809 19,887,200 20,831,560 21,823,138 22,864,294 23,957,509 25,105,385

SLIDE 40

Bond Option 6- $17.9M 2 Bond Questions

June 21, 2017 Board Meeting

SLIDE 41

All Of The Same Capital Projects Are Funded if Both Questions Pass- If 1 Question Fails, Priorities Will Have to Be Made And Not All Of The Projects Will Be Able To Be Completed Via Bond Funding Causing Pay Go Funding

SLIDE 42

$17.9M General Obligation Bond

Station 4 Tear Down and Rebuild

$5,686,860

Station 5 Relocation and Build

$3,012,844

Station 3 Structural, Engineering and

Mechanical Repairs $1,201,750

Station 1 Firefighter Crew Quarters

$1,972,250

(5) Fire Fighting Apparatus Engines and

Water Tenders $2,000,000

Station 1 Administrative Renovation

$1,040,594

Station 1 Fleet Maintenance Facility

$1,071,025

Telecommunications Equipment/Firefighter Safety

$2,000,000 Total $17,985,323

Bond $17.9M

June 21, 2017 Board Meeting

SLIDE 43

* Estimated, subject to change. See assumptions on next page.

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) BOND QUESTION 1 BOND QUESTION 2 $9,900,000 $4,000,000 $4,000,000 General Obligation Bonds General Obligation Bonds General Obligation Bonds Project of 2017 Project of 2017 Project of 2017 Series A (2018) Estimated Series B (2022) Series C (2024) Estimated Estimated Bonds Dated: 4/01/18 Additional Bonds Dated: 4/01/22 Bonds Dated: 4/01/24 Additional Combined Secondary Secondary Secondary Fiscal Combined Estimated Debt Bond Estimated Estimated Debt Bond Debt Bond Year Valuation (a) Principal Interest (b) Service Tax Rate (d) Principal Interest (c) Principal Interest (c) Service Tax Rate (d) Service Tax Rate (d) 2016/17 $510,949,039 $0 $0.00 $0 $0.00 $0 $0.00 2017/18 538,635,344 $0 $0.00 $0 $0.00 $0 $0.00 2018/19 538,635,344 $650,000 $556,875 $1,206,875 $0.22 $0 $0.00 $1,206,875 $0.22 2019/20 538,635,344 775,000 416,250 1,191,250 0.22 0.00 1,191,250 0.22 2020/21 538,635,344 800,000 381,375 1,181,375 0.22 0.00 1,181,375 0.22 2021/22 538,635,344 850,000 345,375 1,195,375 0.22 0.00 1,195,375 0.22 2022/23 538,635,344 330,000 307,125 637,125 0.12 $275,000 $275,000 $550,000 $0.10 1,187,125 0.22 2023/24 538,635,344 345,000 292,275 637,275 0.12 325,000 204,875 529,875 0.10 1,167,150 0.22 2024/25 538,635,344 360,000 276,750 636,750 0.12 75,000 187,000 $25,000 $275,000 562,000 0.10 1,198,750 0.22 2025/26 538,635,344 375,000 260,550 635,550 0.12 135,000 182,875 25,000 218,625 561,500 0.10 1,197,050 0.22 2026/27 538,635,344 390,000 243,675 633,675 0.12 145,000 175,450 25,000 217,250 562,700 0.10 1,196,375 0.22 2027/28 538,635,344 410,000 226,125 636,125 0.12 150,000 167,475 25,000 215,875 558,350 0.10 1,194,475 0.22 2028/29 538,635,344 425,000 207,675 632,675 0.12 160,000 159,225 25,000 214,500 558,725 0.10 1,191,400 0.22 2029/30 538,635,344 445,000 188,550 633,550 0.12 170,000 150,425 25,000 213,125 558,550 0.10 1,192,100 0.22 2030/31 538,635,344 465,000 168,525 633,525 0.12 175,000 141,075 25,000 211,750 552,825 0.10 1,186,350 0.22 2031/32 538,635,344 490,000 147,600 637,600 0.12 185,000 131,450 25,000 210,375 551,825 0.10 1,189,425 0.22 2032/33 538,635,344 510,000 125,550 635,550 0.12 195,000 121,275 25,000 209,000 550,275 0.10 1,185,825 0.22 2033/34 538,635,344 535,000 102,600 637,600 0.12 205,000 110,550 25,000 207,625 548,175 0.10 1,185,775 0.22 2034/35 538,635,344 555,000 78,525 633,525 0.12 220,000 99,275 25,000 206,250 550,525 0.10 1,184,050 0.22 2035/36 538,635,344 580,000 53,550 633,550 0.12 230,000 87,175 25,000 204,875 547,050 0.10 1,180,600 0.22 2036/37 538,635,344 610,000 27,450 637,450 0.12 245,000 74,525 25,000 203,500 548,025 0.10 1,185,475 0.22 2037/38 538,635,344 0.00 255,000 61,050 600,000 202,125 1,118,175 0.21 1,118,175 0.21 2038/39 538,635,344 0.00 270,000 47,025 550,000 169,125 1,036,150 0.19 1,036,150 0.19 2039/40 538,635,344 0.00 285,000 32,175 500,000 138,875 956,050 0.18 956,050 0.18 2040/41 538,635,344 0.00 300,000 16,500 475,000 111,375 902,875 0.17 902,875 0.17 2041/42 538,635,344 0.00 800,000 85,250 885,250 0.16 885,250 0.16 2042/43 538,635,344 0.00 750,000 41,250 791,250 0.15 791,250 0.15 $9,900,000 $14,306,400 $4,000,000 $4,000,000 $13,980,150 $28,286,550 Average Annual Tax Rate = $0.1398 Average Annual Tax Rate = $0.1236

SLIDE 44

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $34.95 per year for 19 years or $664.01 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $251.63 per year for 19 years or $4,780.88 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $100,000 is estimated to be $20.97 per year for 19 years or $398.41 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.1398 BOND QUESTION 1 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $50.62 $4.22 100,000 10,000 13.98 1.17 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $132.64 $11.05 1,000,000 180,000 251.64 20.97 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $22.83 $1.90 100,000 15,000 20.97 1.75

SLIDE 45

The following tables illustrate the estimated annual and monthly cost to taxpayers, including principal and interest, based on varying types of property, property values and assessed

values. To determine your estimated tax increase, refer to your property tax statement which identifies the specific assessed value of your property.

The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $250,000 is estimated to be $30.90 per year for 21 years or $648.87 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the County Assessor at $1,000,000 is estimated to be $222.47 per year for 21 years or $4,671.86 total cost. (d) The tax impact over the term of the bonds on an owner-occupied residence valued by the Assessor at $100,000 is estimated to be $18.54 per year for 21 years or $389.32 total cost. (d)

* Estimated, subject to change. See assumptions on next page.

ESTIMATED AVERAGE ANNUAL BOND TAX RATE PER $100 OF ASSESSED VALUATION: $0.1236 BOND QUESTION 2 RESIDENTIAL PROPERTY (Assessed at 10.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $362,105 (c) $36,211 (c) $44.76 $3.73 100,000 10,000 12.36 1.03 COMMERCIAL PROPERTY (Assessed at 18.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $527,120 (c) $94,882 (c) $117.27 $9.77 1,000,000 180,000 222.48 18.54 AGRICULTURAL AND OTHER VACANT PROPERTY (Assessed at 15.0%) Value for Tax Purposes (a) 2017/18 Assessed Value Estimated Average Annual Cost (b) Estimated Average Monthly Cost (b) $108,881 (c) $16,332 (c) $20.19 $1.68 100,000 15,000 18.54 1.55

SLIDE 46

June 21, 2017 Board Meeting

SLIDE 47

How Do We Approach this Bond Question How Much Is the Right Amount to Request How Do We Communicate with the Registered Votes Who Will Consider the Bond

June 21, 2017 Board Meeting

SLIDE 48

How Can We Be Responsive to the Needs and Will of Those Who Will

Consider This Ballot Question? Option 1

1 Question that Will Ask for Projects or Concepts Identified Through This Process and

Board Discussion.

Amount Will Be Stated on the Ballot for the Amount and the Allowable Types of Projects the

Board Feels are Most Appropriate to be on the Ballot

Option 2

2 Part Question that Will Breakout the Different Portions of the Projects or Concepts

Identified Through This Process and Board Discussion

Amount(s) Will Be Stated on the Ballot for the Amount and the Allowable Types of Projects

the Board Feels are Most Appropriate to be on the Ballot

June 21, 2017 Board Meeting

SLIDE 49

Sedona Fire District Must Notify Yavapai County by July 10, 2017
This Election is ALL Mail-In Ballot – We Do Not Have a Choice
Communication Options With The Voters and the Community
We Have to Determine the Bond Question Format
1 Question that Covers Everything
2 Questions That May Help Voters Have a Better Choice In Determining

What the Community Wants

Ballots Are Mailed in Early October
The Election Is November 7, 2017

June 21, 2017 Board Meeting

SLIDE 50

S F D

Sustainable Solutions Is a Pillar of Our Daily Operation. We Must Create a Model that Will Stand the Test of Time and Provides Effective Emergency Services Fiscal Responsibility Is a Vital Component for the Trust Needed to Further Our Mission Driven For Efficiency Is Something that Government Is Most Capable of Being

Successful. As a Local Unit of Government, We Can Develop and Implement Ways to

Be Better Much Quicker than Larger Organizations. We Are Committed to Being the Most Efficient Organization We Can Be

June 21, 2017 Board Meeting

SLIDE 51

S F D

The New and Improved Sedona Fire District – Working to Create a Stable Future for Emergency Services in Our Community This Is Not Your Grandfather’s Fire District – Give Us a Chance to Prove to You Our Philosophy on Fiscal Responsibility and Good Government Committed To You

June 21, 2017 Board Meeting

SLIDE 52

Questions?

June 21, 2017 Board Meeting

SLIDE 53

June 21, 2017 Board Meeting