Updated Bond Tax Rate Projections February 11, 2014

Updated Bond Tax Rate Projections

February 11, 2014

JON GORESMANAGING DIRECTOR(206) [email protected]

SEQUIM SCHOOL DISTRICT

Assumptions for Bond Tax Rate Planning

Interest Rates

Bond Rating

Assessed Value

Bond Structure

2

Bond Issue Planning

A. Interest Rates- Lower interest rates result in lower tax rates for bonds.- Interest rates are determined when bonds are actually sold.- Assumption: Future Bond Sales Current rates plus 1.50 % (150 basis points).

3

Bond Issue Planning

3.00

3.15

3.30

3.45

3.60

3.75

3.90

4.05

4.20

4.35

4.50

4.65

4.80

4.95

5.10

5.25

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct

-13

Nov

-13

Dec-

13

Jan-

14

Rate

s (%

)

Bond Buyer Index20-Year General Obligation Bond

(1 year history)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

Feb-

89

Feb-

90

Feb-

91

Feb-

92

Feb-

93

Feb-

94

Feb-

95

Feb-

96

Feb-

97

Feb-

98

Feb-

99

Feb-

00

Feb-

01

Feb-

02

Feb-

03

Feb-

04

Feb-

05

Feb-

06

Feb-

07

Feb-

08

Feb-

09

Feb-

10

Feb-

11

Feb-

12

Feb-

13

Feb-

14

Rate

s (%

)

Bond Buyer Index20-Year General Obligation Bond

(25 year history)

B. Bond Rating- A higher bond rating results in lower interest rates.- Assumption: Aa1 (with State Guaranty)

Aa2 (District Rating) pending

A Guide to Bond Ratings

Moody’s Investors Service – Founded 1918

Highest Quality Aaa

Aa1, Aa2, Aa3

A1, A2, A3

Baa1, Baa2, Baa3

Lowest Quality NR (Nonrated)4

Bond Issue Planning

Bond raters consider the local economy, District finances, and other factors

Assumption: Aa1 (State Guarantee)

Aa2 (District Rating)

5

Bond Rating Factors

The Rating

DebtFactors Economy

Governmental Factors

FinancialPerformance

Year Historical Bond AV New ConstructionBond Levy Rate/$1000 % change

1999 1,628,339,106 $1.22 N/A2000 1,691,130,057 $1.02 N/A2001 1,744,545,151 $0.99 3.2%2002 1,831,939,637 58,981,845 $0.94 5.0%2003 1,905,006,931 55,173,965 $1.03 4.0%2004 2,212,511,451 64,671,145 $0.09 16.1%2005 2,561,687,991 102,930,155 $0.81 15.8%2006 3,154,964,962 142,198,465 $0.66 23.2%2007 3,829,200,292 187,405,560 $0.55 21.4%2008 4,148,067,358 66,253,363 $0.51 8.3%2009 4,272,496,556 88,208,905 $0.51 3.0%2010 4,215,258,500 37,715,520 $0.57 -1.3%2011 4,092,816,768 55,805,520 $0.64 -2.9%2012 3,863,062,185 34,467,230 $0.67 -5.6%2013 3,684,210,533 30,631,288 $0.72 -4.6%2014 3,607,572,961 17,976,087 $0.10 -2.1%

Assessed Value

6

Sequim School District No. 323Assessed Value History

1999-2014

5 year Compound Annual Growth Rate (2009-2014): -3.3%10 year Compound Annual Growth Rate (2004-2014): 5.0%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

-

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000

3,500,000,000

4,000,000,000

4,500,000,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bon

d Le

vy R

ate

(per

$1,

000

AV)

Bon

d As

sess

ed V

alue

Historical Assessed Value and Levy Rates for Bonds

Historical Bond AV Bond Levy Rate/$1000

Assessed Value

7

Sequim School District No. 323

8

Bond Issue Planning

Projected Assessed Value Growth

– Final 2014: -0.55% growth

– Projected 2015-2016: 1.0% annual growth

– Projected 2017-2041: 2.0% annual growth Higher assessed values will lower the District’s tax rates (but not the overall

payment) An individual’s taxes will be based on the assessed value for their property New construction vs. increase in value of existing property

Assessed Value

9

Bond Issue PlanningBond Structure

State law gives Districts great flexibility in determining bond structures

Options:

– Level Debt

– Level Tax Rate

– Stepped Level Tax Rate

Scenario #45 #48 #49 #50

Total Amount $ 154,325,000 $ 154,325,000 $ 150,575,000 $ 150,575,000

Bond Sale Datesand Amounts

June 2014Dec 2015Dec 2016Dec 2017

$ 37,550,000$ 63,040,000$ 44,835,000$ 8,900,000

$ 37,550,000$ 63,040,000$ 44,835,000$ 8,900,000

$ 33,800,000$ 63,040,000$ 44,835,000$ 8,900,000

$ 33,800,000$ 63,040,000$ 44,835,000$ 8,900,000

Total Tax RatesActual 2013

Projected 20142015202020252030

$ 2.30

2.113.853.853.853.85

$ 2.30

2.113.593.593.593.59

$ 2.302.113.813.813.813.81

$ 2.30

2.113.533.533.533.53

Total Interest Cost $ 107,819,000 $ 154,475,000 $ 102,539,000 $ 150,338,000

Final Maturity 2037 2041 2036 2041

Term 20 Yrs 25 Yrs 20 Yrs 25 Yrs

Projected 2015 Total Tax Rate increase over 2014 Total Tax Rate $ 1.74 $ 1.48 $ 1.70 $ 1.42

10

Interest Rates: Future bond sales current plus 150 basis points (1.50%)Bond Rating: Aa1 State GuaranteeDistrict Rating: Aa2 (Pending)Assessed Value Growth: Final 2014: -0.55% growth; Projected 2015-2016: 1.0% growth; Projected 2017-2041: 2.0% annual growthBond Structure: Level Tax Rate

Bond Tax Rate Projection Summary

11

Rating: - Bond Tax Rate in 2015 = $2.29 per $1,000 AV

Interest Rates:

Assessed Value Increases at:Actual 2013Preliminary 2014

2015-2034

Issue 1 Issue 2 Issue 3 Issue 4 TotalBonds Issued: 6/1/14 12/1/15 12/1/16 12/1/2017Issue Size: $37.550M $63.040M $44.835M $8.900M $154.325MTerm (years): 19.5 20.0 20.0 20.0

Year Bond AV

Bond AV Growth

Rate M&O AV

M&O Growth

RateM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New Bonds

Debt Service

Fund Incr/

(Decr)Total

Bond Levy

Total School

LevyM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New

Bonds

Debt Service

Fund Incr/ (Decr)

Total Bonds

Total School

Levy Rate Year

2000 1,691,130 N/A 1,684,488 N/A 2,008 - 1,707 1,707 3,715 1.20 - 1.02 1.02 2.21 20002001 1,744,545 3.16% 1,739,340 3.26% 2,057 - 1,709 1,709 3,766 1.19 - 0.99 0.99 2.17 20012002 1,831,940 5.01% 1,826,885 5.03% - - 1,710 1,710 1,710 - - 0.94 0.94 0.94 20022003 1,905,007 3.99% 1,899,891 4.00% 2,232 - 1,958 1,958 4,191 1.18 - 1.03 1.03 2.21 20032004 2,212,511 16.14% 2,209,664 16.30% 2,312 - 1,965 1,965 4,277 1.05 - 0.09 0.09 1.14 20042005 2,561,688 15.78% 2,556,270 15.69% 2,498 - 2,059 2,059 4,558 0.98 - 0.81 0.81 1.79 20052006 3,154,965 23.16% 3,145,497 23.05% 2,576 - 2,060 2,060 4,637 0.82 - 0.66 0.66 1.48 20062007 3,829,200 21.37% 3,816,945 21.35% 2,804 - 2,092 2,092 4,896 0.74 - 0.55 0.55 1.29 20072008 4,148,067 8.33% 4,130,371 8.21% 2,934 - 2,082 2,082 5,016 0.71 - 0.51 0.51 1.22 20082009 4,272,497 3.00% 4,249,920 2.89% 3,078 - 2,177 2,177 5,255 0.73 - 0.51 0.51 1.24 20092010 4,215,259 -1.34% 4,204,929 -1.06% 3,244 - 2,400 2,400 5,644 0.77 - 0.57 0.57 1.34 20102011 4,092,817 -2.90% 4,086,303 -2.82% 4,064 - 2,600 - 2,600 6,664 0.99 - 0.64 0.64 1.63 20112012 3,863,062 -5.61% 3,851,514 -5.75% 4,906 - 2,600 - 2,600 7,506 1.27 - 0.67 0.67 1.95 20122013 3,684,211 -4.63% 3,667,696 -4.77% 5,791 - 2,650 - 2,650 8,441 1.58 - 0.72 0.72 2.30 20132014 3,663,864 -0.55% 3,663,864 -0.10% 5,780 1,600 518 - - - - - (168) 350 7,730 1.58 0.44 0.14 - - - - - (0.05) 0.10 2.11 20142015 3,700,503 1.00% 3,700,503 1.00% 5,780 - - 8,230 - - - 8,230 247 8,477 14,257 1.56 - - 2.22 - - - 2.22 0.07 2.29 3.85 20152016 3,737,508 1.00% 3,737,508 1.00% 5,780 - - 3,401 5,048 - - 8,449 169 8,618 14,398 1.55 - - 0.91 1.35 - - 2.26 0.05 2.31 3.85 20162017 3,812,258 2.00% 3,812,258 2.00% 5,780 - - 2,114 3,759 2,951 - 8,823 88 8,911 14,691 1.52 - - 0.55 0.99 0.77 - 2.31 0.02 2.34 3.85 20172018 3,888,503 2.00% 3,888,503 2.00% 5,780 - - 2,455 3,543 2,726 481 9,205 9,205 14,985 1.49 - - 0.63 0.91 0.70 0.12 2.37 - 2.37 3.85 20182019 3,966,273 2.00% 3,966,273 2.00% 5,780 - - 2,599 3,619 2,804 481 9,503 9,503 15,283 1.46 - - 0.66 0.91 0.71 0.12 2.40 - 2.40 3.85 20192020 4,045,598 2.00% 4,045,598 2.00% 5,780 - - 2,749 3,701 2,878 481 9,809 9,809 15,589 1.43 - - 0.68 0.91 0.71 0.12 2.42 - 2.42 3.85 20202021 4,126,510 2.00% 4,126,510 2.00% 5,780 - - 2,901 3,777 2,962 481 10,121 10,121 15,901 1.40 - - 0.70 0.92 0.72 0.12 2.45 - 2.45 3.85 20212022 4,209,041 2.00% 4,209,041 2.00% 5,780 - - 3,055 3,862 3,040 481 10,439 10,439 16,219 1.37 - - 0.73 0.92 0.72 0.11 2.48 - 2.48 3.85 20222023 4,293,221 2.00% 4,293,221 2.00% 5,780 - - 2,806 4,349 3,126 481 10,763 10,763 16,543 1.35 - - 0.65 1.01 0.73 0.11 2.51 - 2.51 3.85 20232024 4,379,086 2.00% 4,379,086 2.00% 5,780 - - 2,191 5,213 3,210 481 11,094 11,094 16,874 1.32 - - 0.50 1.19 0.73 0.11 2.53 - 2.53 3.85 20242025 4,466,668 2.00% 4,466,668 2.00% 5,780 - - 2,277 5,373 3,300 481 11,431 11,431 17,211 1.29 - - 0.51 1.20 0.74 0.11 2.56 - 2.56 3.85 20252026 4,556,001 2.00% 4,556,001 2.00% 5,780 - - 2,365 5,543 3,387 481 11,776 11,776 17,556 1.27 - - 0.52 1.22 0.74 0.11 2.58 - 2.58 3.85 20262027 4,647,121 2.00% 4,647,121 2.00% 5,780 - - 2,449 5,720 3,475 481 12,125 12,125 17,905 1.24 - - 0.53 1.23 0.75 0.10 2.61 - 2.61 3.85 20272028 4,740,063 2.00% 4,740,063 2.00% 5,780 - - 2,533 5,899 3,574 481 12,487 12,487 18,267 1.22 - - 0.53 1.24 0.75 0.10 2.63 - 2.63 3.85 20282029 4,834,865 2.00% 4,834,865 2.00% 5,780 - - 2,624 6,083 3,662 481 12,850 12,850 18,630 1.20 - - 0.54 1.26 0.76 0.10 2.66 - 2.66 3.85 20292030 4,931,562 2.00% 4,931,562 2.00% 5,780 - - 2,713 6,271 3,760 481 13,226 13,226 19,006 1.17 - - 0.55 1.27 0.76 0.10 2.68 - 2.68 3.85 20302031 5,030,193 2.00% 5,030,193 2.00% 5,780 - - 2,806 6,461 3,857 481 13,605 13,605 19,385 1.15 - - 0.56 1.28 0.77 0.10 2.70 - 2.70 3.85 20312032 5,130,797 2.00% 5,130,797 2.00% 5,780 - - 2,901 6,655 3,952 481 13,990 13,990 19,770 1.13 - - 0.57 1.30 0.77 0.09 2.73 - 2.73 3.85 20322033 5,233,413 2.00% 5,233,413 2.00% 5,780 - - 2,998 6,853 4,053 481 14,385 14,385 20,165 1.10 - - 0.57 1.31 0.77 0.09 2.75 - 2.75 3.85 20332034 5,338,081 2.00% 5,338,081 2.00% 5,780 - - - 9,116 5,194 481 14,792 14,792 20,572 1.08 - - - 1.71 0.97 0.09 2.77 - 2.77 3.85 20342035 5,444,843 2.00% 5,444,843 2.00% 5,780 - - - 8,087 6,635 481 15,203 15,203 20,983 1.06 - - - 1.49 1.22 0.09 2.79 - 2.79 3.85 20352036 5,553,740 2.00% 5,553,740 2.00% 5,780 - - - - 10,238 5,381 15,619 15,619 21,399 1.04 - - - - 1.84 0.97 2.81 - 2.81 3.85 20362037 5,664,815 2.00% 5,664,815 2.00% 5,780 - - - - - 4,218 4,218 4,218 9,998 1.02 - - - - - 0.74 0.74 - 0.74 1.76 20372038 5,778,111 2.00% 5,778,111 2.00% 5,780 - - - - - - - - 5,780 1.00 - - - - - - - - - 1.00 2038

Total Debt Service $56,168 $108,932 $78,784 $18,261 $262,144Total Interest $18,618 $45,892 $33,949 $9,361 $107,819Bond Yield 4.66% 5.05% 5.08% 5.41%

Assessed Value Summary ($000's) Levy Amount Detail ($000's) Levy Rate Detail

Sequim School District No. 323Scenario 45: Bond sales in 2014 through 2017, $154.325 Million, Larger 2015 sale, 20 yr Term

Calculation Factors Tax Rate Impact:Aa2 Moody's Rating

- School Tax Rate in 2015 = $3.85 per $1,000 AVCurrent Rates plus 150 bps

-4.63%-0.55%1.90%

NOTES:- Debt service buildup from 2015-2017

12

Bond Authorization Amount: $154,325,000.00

1.74

Assessed Gross Property MonthlyValue of Tax Increase Gross Property for Bonds Increase 25% 28% 33% 35%

$150,000 $261.00 $21.75 $195.75 $187.92 $174.87 $169.65200,000 348.00 29.00 261.00 250.56 233.16 226.20250,000 435.00 36.25 326.25 313.20 291.45 282.75350,000 609.00 50.75 456.75 438.48 408.03 395.85

NOTE:

Bonds After Allowing forIncome Tax Deduction

Federal Income Tax Bracket

Qualified homeowners may apply for a senior exemption. Please contact your County Assessor for details.

Sequim School District No. 323TAX IMPACT ANALYSIS

Scenario 45: Bond sales in 2014 through 2017, $154.325 Million, Larger 2015 sale, 20 yr Term

Estimated 2015 Total Tax Rate Increase over 2014 Tax Rate

(per $1,000 assessed value):

Net Tax Increase from

13


Interest Rates:

Assessed Value Increases at:

Actual 2013Preliminary 2014

2015-2034


Year Bond AV

Bond AV Growth

Rate M&O AV

M&O Growth

RateM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New Bonds

Debt Service

Fund Incr/

(Decr)Total

Bond Levy

Total School

LevyM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New

Bonds

Debt Service

Fund Incr/ (Decr)

Total Bonds

Total School

Levy Rate Year

2000 1,691,130 N/A 1,684,488 N/A 2,008 - 1,707 1,707 3,715 1.20 - 1.02 1.02 2.21 20002001 1,744,545 3.16% 1,739,340 3.26% 2,057 - 1,709 1,709 3,766 1.19 - 0.99 0.99 2.17 20012002 1,831,940 5.01% 1,826,885 5.03% - - 1,710 1,710 1,710 - - 0.94 0.94 0.94 20022003 1,905,007 3.99% 1,899,891 4.00% 2,232 - 1,958 1,958 4,191 1.18 - 1.03 1.03 2.21 20032004 2,212,511 16.14% 2,209,664 16.30% 2,312 - 1,965 1,965 4,277 1.05 - 0.09 0.09 1.14 20042005 2,561,688 15.78% 2,556,270 15.69% 2,498 - 2,059 2,059 4,558 0.98 - 0.81 0.81 1.79 20052006 3,154,965 23.16% 3,145,497 23.05% 2,576 - 2,060 2,060 4,637 0.82 - 0.66 0.66 1.48 20062007 3,829,200 21.37% 3,816,945 21.35% 2,804 - 2,092 2,092 4,896 0.74 - 0.55 0.55 1.29 20072008 4,148,067 8.33% 4,130,371 8.21% 2,934 - 2,082 2,082 5,016 0.71 - 0.51 0.51 1.22 20082009 4,272,497 3.00% 4,249,920 2.89% 3,078 - 2,177 2,177 5,255 0.73 - 0.51 0.51 1.24 20092010 4,215,259 -1.34% 4,204,929 -1.06% 3,244 - 2,400 2,400 5,644 0.77 - 0.57 0.57 1.34 20102011 4,092,817 -2.90% 4,086,303 -2.82% 4,064 - 2,600 - 2,600 6,664 0.99 - 0.64 0.64 1.63 20112012 3,863,062 -5.61% 3,851,514 -5.75% 4,906 - 2,600 - 2,600 7,506 1.27 - 0.67 0.67 1.95 20122013 3,684,211 -4.63% 3,667,696 -4.77% 5,791 - 2,650 - 2,650 8,441 1.58 - 0.72 0.72 2.30 20132014 3,663,864 -0.55% 3,663,864 -0.10% 5,780 1,600 518 - - - - - (168) 350 7,730 1.58 0.44 0.14 - - - - - (0.05) 0.10 2.11 20142015 3,700,503 1.00% 3,700,503 1.00% 5,780 - - 7,302 - - - 7,302 219 7,521 13,301 1.56 - - 1.97 - - - 1.97 0.06 2.03 3.59 20152016 3,737,508 1.00% 3,737,508 1.00% 5,780 - - 2,898 4,599 - - 7,498 150 7,648 13,428 1.55 - - 0.78 1.23 - - 2.01 0.04 2.05 3.59 20162017 3,812,258 2.00% 3,812,258 2.00% 5,780 - - 1,787 3,485 2,568 - 7,840 78 7,918 13,698 1.52 - - 0.47 0.91 0.67 - 2.06 0.02 2.08 3.59 20172018 3,888,503 2.00% 3,888,503 2.00% 5,780 - - 1,803 3,401 2,475 507 8,185 8,185 13,965 1.49 - - 0.46 0.87 0.64 0.13 2.10 - 2.10 3.59 20182019 3,966,273 2.00% 3,966,273 2.00% 5,780 - - 1,937 3,473 2,548 507 8,465 8,465 14,245 1.46 - - 0.49 0.88 0.64 0.13 2.13 - 2.13 3.59 20192020 4,045,598 2.00% 4,045,598 2.00% 5,780 - - 2,081 3,549 2,613 507 8,750 8,750 14,530 1.43 - - 0.51 0.88 0.65 0.13 2.16 - 2.16 3.59 20202021 4,126,510 2.00% 4,126,510 2.00% 5,780 - - 2,224 3,616 2,697 507 9,043 9,043 14,823 1.40 - - 0.54 0.88 0.65 0.12 2.19 - 2.19 3.59 20212022 4,209,041 2.00% 4,209,041 2.00% 5,780 - - 2,369 3,694 2,766 507 9,335 9,335 15,115 1.37 - - 0.56 0.88 0.66 0.12 2.22 - 2.22 3.59 20222023 4,293,221 2.00% 4,293,221 2.00% 5,780 - - 2,520 3,773 2,841 507 9,640 9,640 15,420 1.35 - - 0.59 0.88 0.66 0.12 2.25 - 2.25 3.59 20232024 4,379,086 2.00% 4,379,086 2.00% 5,780 - - 2,671 3,846 2,922 507 9,946 9,946 15,726 1.32 - - 0.61 0.88 0.67 0.12 2.27 - 2.27 3.59 20242025 4,466,668 2.00% 4,466,668 2.00% 5,780 - - 2,827 3,925 3,002 507 10,261 10,261 16,041 1.29 - - 0.63 0.88 0.67 0.11 2.30 - 2.30 3.59 20252026 4,556,001 2.00% 4,556,001 2.00% 5,780 - - 2,986 4,008 3,081 507 10,583 10,583 16,363 1.27 - - 0.66 0.88 0.68 0.11 2.32 - 2.32 3.59 20262027 4,647,121 2.00% 4,647,121 2.00% 5,780 - - 3,153 4,085 3,165 507 10,909 10,909 16,689 1.24 - - 0.68 0.88 0.68 0.11 2.35 - 2.35 3.59 20272028 4,740,063 2.00% 4,740,063 2.00% 5,780 - - 2,787 4,700 3,251 507 11,244 11,244 17,024 1.22 - - 0.59 0.99 0.69 0.11 2.37 - 2.37 3.59 20282029 4,834,865 2.00% 4,834,865 2.00% 5,780 - - 2,312 5,432 3,335 507 11,586 11,586 17,366 1.20 - - 0.48 1.12 0.69 0.10 2.40 - 2.40 3.59 20292030 4,931,562 2.00% 4,931,562 2.00% 5,780 - - 2,391 5,607 3,427 507 11,932 11,932 17,712 1.17 - - 0.48 1.14 0.69 0.10 2.42 - 2.42 3.59 20302031 5,030,193 2.00% 5,030,193 2.00% 5,780 - - 2,482 5,781 3,520 507 12,289 12,289 18,069 1.15 - - 0.49 1.15 0.70 0.10 2.44 - 2.44 3.59 20312032 5,130,797 2.00% 5,130,797 2.00% 5,780 - - 2,572 5,961 3,608 507 12,648 12,648 18,428 1.13 - - 0.50 1.16 0.70 0.10 2.47 - 2.47 3.59 20322033 5,233,413 2.00% 5,233,413 2.00% 5,780 - - 2,658 6,146 3,707 507 13,018 13,018 18,798 1.10 - - 0.51 1.17 0.71 0.10 2.49 - 2.49 3.59 20332034 5,338,081 2.00% 5,338,081 2.00% 5,780 - - 2,753 6,334 3,800 507 13,394 13,394 19,174 1.08 - - 0.52 1.19 0.71 0.09 2.51 - 2.51 3.59 20342035 5,444,843 2.00% 5,444,843 2.00% 5,780 - - 2,846 6,528 3,896 507 13,777 13,777 19,557 1.06 - - 0.52 1.20 0.72 0.09 2.53 - 2.53 3.59 20352036 5,553,740 2.00% 5,553,740 2.00% 5,780 - - 2,942 6,723 3,994 507 14,165 14,165 19,945 1.04 - - 0.53 1.21 0.72 0.09 2.55 - 2.55 3.59 20362037 5,664,815 2.00% 5,664,815 2.00% 5,780 - - 3,038 6,924 4,099 507 14,568 14,568 20,348 1.02 - - 0.54 1.22 0.72 0.09 2.57 - 2.57 3.59 20372038 5,778,111 2.00% 5,778,111 2.00% 5,780 - - 3,139 7,125 4,204 507 14,975 14,975 20,755 1.00 - - 0.54 1.23 0.73 0.09 2.59 - 2.59 3.59 20382039 5,893,673 2.00% 5,893,673 2.00% 5,780 - - - 9,495 5,388 507 15,389 15,389 21,169 0.98 - - - 1.61 0.91 0.09 2.61 - 2.61 3.59 20392040 6,011,546 2.00% 6,011,546 2.00% 5,780 - - - 6,662 7,423 1,727 15,812 15,812 21,592 0.96 - - - 1.11 1.23 0.29 2.63 - 2.63 3.59 20402041 6,131,777 2.00% 6,131,777 2.00% 5,780 - - - - 8,127 8,118 16,245 16,245 22,025 0.94 - - - - 1.33 1.32 2.65 - 2.65 3.59 20412042 6,254,413 2.00% 6,254,413 2.00% 5,780 - - - - - - - - 5,780 0.92 - - - - - - - - - 0.92 2042






-4.63%-0.55%1.90%


14


1.48


$150,000 $222.00 $18.50 $166.50 $159.84 $148.74 $144.30200,000 296.00 24.67 222.00 213.12 198.32 192.40250,000 370.00 30.83 277.50 266.40 247.90 240.50350,000 518.00 43.17 388.50 372.96 347.06 336.70

NOTE:









15


Interest Rates:


2015-2034


Year Bond AV

Bond AV Growth

Rate M&O AV

M&O Growth

RateM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New Bonds

Debt Service

Fund Incr/

(Decr)Total

Bond Levy

Total School

LevyM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New

Bonds

Debt Service

Fund Incr/ (Decr)

Total Bonds

Total School

Levy Rate Year

2000 1,691,130 N/A 1,684,488 N/A 2,008 - 1,707 1,707 3,715 1.20 - 1.02 1.02 2.21 20002001 1,744,545 3.16% 1,739,340 3.26% 2,057 - 1,709 1,709 3,766 1.19 - 0.99 0.99 2.17 20012002 1,831,940 5.01% 1,826,885 5.03% - - 1,710 1,710 1,710 - - 0.94 0.94 0.94 20022003 1,905,007 3.99% 1,899,891 4.00% 2,232 - 1,958 1,958 4,191 1.18 - 1.03 1.03 2.21 20032004 2,212,511 16.14% 2,209,664 16.30% 2,312 - 1,965 1,965 4,277 1.05 - 0.09 0.09 1.14 20042005 2,561,688 15.78% 2,556,270 15.69% 2,498 - 2,059 2,059 4,558 0.98 - 0.81 0.81 1.79 20052006 3,154,965 23.16% 3,145,497 23.05% 2,576 - 2,060 2,060 4,637 0.82 - 0.66 0.66 1.48 20062007 3,829,200 21.37% 3,816,945 21.35% 2,804 - 2,092 2,092 4,896 0.74 - 0.55 0.55 1.29 20072008 4,148,067 8.33% 4,130,371 8.21% 2,934 - 2,082 2,082 5,016 0.71 - 0.51 0.51 1.22 20082009 4,272,497 3.00% 4,249,920 2.89% 3,078 - 2,177 2,177 5,255 0.73 - 0.51 0.51 1.24 20092010 4,215,259 -1.34% 4,204,929 -1.06% 3,244 - 2,400 2,400 5,644 0.77 - 0.57 0.57 1.34 20102011 4,092,817 -2.90% 4,086,303 -2.82% 4,064 - 2,600 - 2,600 6,664 0.99 - 0.64 0.64 1.63 20112012 3,863,062 -5.61% 3,851,514 -5.75% 4,906 - 2,600 - 2,600 7,506 1.27 - 0.67 0.67 1.95 20122013 3,684,211 -4.63% 3,667,696 -4.77% 5,791 - 2,650 - 2,650 8,441 1.58 - 0.72 0.72 2.30 20132014 3,663,864 -0.55% 3,663,864 -0.10% 5,780 1,600 518 - - - - - (168) 350 7,730 1.58 0.44 0.14 - - - - - (0.05) 0.10 2.11 20142015 3,700,503 1.00% 3,700,503 1.00% 5,780 - - 8,063 - - - 8,063 242 8,305 14,085 1.56 - - 2.18 - - - 2.18 0.07 2.24 3.81 20152016 3,737,508 1.00% 3,737,508 1.00% 5,780 - - 3,280 4,994 - - 8,274 165 8,439 14,219 1.55 - - 0.88 1.34 - - 2.21 0.04 2.26 3.80 20162017 3,812,258 2.00% 3,812,258 2.00% 5,780 - - 1,982 3,699 2,962 - 8,643 86 8,730 14,510 1.52 - - 0.52 0.97 0.78 - 2.27 0.02 2.29 3.81 20172018 3,888,503 2.00% 3,888,503 2.00% 5,780 - - 2,304 3,508 2,726 478 9,015 9,015 14,795 1.49 - - 0.59 0.90 0.70 0.12 2.32 - 2.32 3.80 20182019 3,966,273 2.00% 3,966,273 2.00% 5,780 - - 1,812 4,218 2,804 478 9,312 9,312 15,092 1.46 - - 0.46 1.06 0.71 0.12 2.35 - 2.35 3.81 20192020 4,045,598 2.00% 4,045,598 2.00% 5,780 - - 1,887 4,366 2,883 478 9,614 9,614 15,394 1.43 - - 0.47 1.08 0.71 0.12 2.38 - 2.38 3.81 20202021 4,126,510 2.00% 4,126,510 2.00% 5,780 - - 1,960 4,519 2,967 478 9,923 9,923 15,703 1.40 - - 0.47 1.10 0.72 0.12 2.40 - 2.40 3.81 20212022 4,209,041 2.00% 4,209,041 2.00% 5,780 - - 2,037 4,672 3,050 478 10,237 10,237 16,017 1.37 - - 0.48 1.11 0.72 0.11 2.43 - 2.43 3.81 20222023 4,293,221 2.00% 4,293,221 2.00% 5,780 - - 2,112 4,838 3,131 478 10,558 10,558 16,338 1.35 - - 0.49 1.13 0.73 0.11 2.46 - 2.46 3.81 20232024 4,379,086 2.00% 4,379,086 2.00% 5,780 - - 2,196 4,998 3,214 478 10,885 10,885 16,665 1.32 - - 0.50 1.14 0.73 0.11 2.49 - 2.49 3.81 20242025 4,466,668 2.00% 4,466,668 2.00% 5,780 - - 2,282 5,163 3,293 478 11,216 11,216 16,996 1.29 - - 0.51 1.16 0.74 0.11 2.51 - 2.51 3.81 20252026 4,556,001 2.00% 4,556,001 2.00% 5,780 - - 2,359 5,333 3,385 478 11,555 11,555 17,335 1.27 - - 0.52 1.17 0.74 0.10 2.54 - 2.54 3.80 20262027 4,647,121 2.00% 4,647,121 2.00% 5,780 - - 2,448 5,504 3,474 478 11,903 11,903 17,683 1.24 - - 0.53 1.18 0.75 0.10 2.56 - 2.56 3.81 20272028 4,740,063 2.00% 4,740,063 2.00% 5,780 - - 2,533 5,683 3,562 478 12,255 12,255 18,035 1.22 - - 0.53 1.20 0.75 0.10 2.59 - 2.59 3.80 20282029 4,834,865 2.00% 4,834,865 2.00% 5,780 - - 2,623 5,861 3,656 478 12,618 12,618 18,398 1.20 - - 0.54 1.21 0.76 0.10 2.61 - 2.61 3.81 20292030 4,931,562 2.00% 4,931,562 2.00% 5,780 - - 2,713 6,045 3,749 478 12,984 12,984 18,764 1.17 - - 0.55 1.23 0.76 0.10 2.63 - 2.63 3.80 20302031 5,030,193 2.00% 5,030,193 2.00% 5,780 - - 2,801 6,235 3,846 478 13,359 13,359 19,139 1.15 - - 0.56 1.24 0.76 0.09 2.66 - 2.66 3.80 20312032 5,130,797 2.00% 5,130,797 2.00% 5,780 - - 2,901 6,425 3,940 478 13,744 13,744 19,524 1.13 - - 0.57 1.25 0.77 0.09 2.68 - 2.68 3.81 20322033 5,233,413 2.00% 5,233,413 2.00% 5,780 - - 2,993 6,618 4,047 478 14,135 14,135 19,915 1.10 - - 0.57 1.26 0.77 0.09 2.70 - 2.70 3.81 20332034 5,338,081 2.00% 5,338,081 2.00% 5,780 - - - 8,047 6,008 478 14,533 14,533 20,313 1.08 - - - 1.51 1.13 0.09 2.72 - 2.72 3.81 20342035 5,444,843 2.00% 5,444,843 2.00% 5,780 - - - 4,718 8,126 2,093 14,937 14,937 20,717 1.06 - - - 0.87 1.49 0.38 2.74 - 2.74 3.80 20352036 5,553,740 2.00% 5,553,740 2.00% 5,780 - - - - 7,676 7,677 15,353 15,353 21,133 1.04 - - - - 1.38 1.38 2.76 - 2.76 3.81 20362037 5,664,815 2.00% 5,664,815 2.00% 5,780 - - - - - - - - 5,780 1.02 - - - - - - - - - 1.02 20372038 5,778,111 2.00% 5,778,111 2.00% 5,780 - - - - - - - - 5,780 1.00 - - - - - - - - - 1.00 2038






-4.63%-0.55%1.90%


16


1.70


$150,000 $255.00 $21.25 $191.25 $183.60 $170.85 $165.75200,000 340.00 28.33 255.00 244.80 227.80 221.00250,000 425.00 35.42 318.75 306.00 284.75 276.25350,000 595.00 49.58 446.25 428.40 398.65 386.75

NOTE:









17


Interest Rates:


2015-2034


Year Bond AV

Bond AV Growth

Rate M&O AV

M&O Growth

RateM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New Bonds

Debt Service

Fund Incr/

(Decr)Total

Bond Levy

Total School

LevyM&O Levy

Trans. Levy

Prior Debt 2014 2015 2016 2017

Total New

Bonds

Debt Service

Fund Incr/ (Decr)

Total Bonds

Total School

Levy Rate Year

2000 1,691,130 N/A 1,684,488 N/A 2,008 - 1,707 1,707 3,715 1.20 - 1.02 1.02 2.21 20002001 1,744,545 3.16% 1,739,340 3.26% 2,057 - 1,709 1,709 3,766 1.19 - 0.99 0.99 2.17 20012002 1,831,940 5.01% 1,826,885 5.03% - - 1,710 1,710 1,710 - - 0.94 0.94 0.94 20022003 1,905,007 3.99% 1,899,891 4.00% 2,232 - 1,958 1,958 4,191 1.18 - 1.03 1.03 2.21 20032004 2,212,511 16.14% 2,209,664 16.30% 2,312 - 1,965 1,965 4,277 1.05 - 0.09 0.09 1.14 20042005 2,561,688 15.78% 2,556,270 15.69% 2,498 - 2,059 2,059 4,558 0.98 - 0.81 0.81 1.79 20052006 3,154,965 23.16% 3,145,497 23.05% 2,576 - 2,060 2,060 4,637 0.82 - 0.66 0.66 1.48 20062007 3,829,200 21.37% 3,816,945 21.35% 2,804 - 2,092 2,092 4,896 0.74 - 0.55 0.55 1.29 20072008 4,148,067 8.33% 4,130,371 8.21% 2,934 - 2,082 2,082 5,016 0.71 - 0.51 0.51 1.22 20082009 4,272,497 3.00% 4,249,920 2.89% 3,078 - 2,177 2,177 5,255 0.73 - 0.51 0.51 1.24 20092010 4,215,259 -1.34% 4,204,929 -1.06% 3,244 - 2,400 2,400 5,644 0.77 - 0.57 0.57 1.34 20102011 4,092,817 -2.90% 4,086,303 -2.82% 4,064 - 2,600 - 2,600 6,664 0.99 - 0.64 0.64 1.63 20112012 3,863,062 -5.61% 3,851,514 -5.75% 4,906 - 2,600 - 2,600 7,506 1.27 - 0.67 0.67 1.95 20122013 3,684,211 -4.63% 3,667,696 -4.77% 5,791 - 2,650 - 2,650 8,441 1.58 - 0.72 0.72 2.30 20132014 3,663,864 -0.55% 3,663,864 -0.10% 5,780 1,600 518 - - - - - (168) 350 7,730 1.58 0.44 0.14 - - - - - (0.05) 0.10 2.11 20142015 3,700,503 1.00% 3,700,503 1.00% 5,780 - - 7,088 - - - 7,088 213 7,301 13,081 1.56 - - 1.92 - - - 1.92 0.06 1.97 3.53 20152016 3,737,508 1.00% 3,737,508 1.00% 5,780 - - 2,710 4,566 - - 7,276 146 7,421 13,201 1.55 - - 0.72 1.22 - - 1.95 0.04 1.99 3.53 20162017 3,812,258 2.00% 3,812,258 2.00% 5,780 - - 1,593 3,451 2,564 - 7,609 76 7,685 13,465 1.52 - - 0.42 0.91 0.67 - 2.00 0.02 2.02 3.53 20172018 3,888,503 2.00% 3,888,503 2.00% 5,780 - - 1,599 3,368 2,475 507 7,949 7,949 13,729 1.49 - - 0.41 0.87 0.64 0.13 2.04 - 2.04 3.53 20182019 3,966,273 2.00% 3,966,273 2.00% 5,780 - - 1,734 3,436 2,548 507 8,225 8,225 14,005 1.46 - - 0.44 0.87 0.64 0.13 2.07 - 2.07 3.53 20192020 4,045,598 2.00% 4,045,598 2.00% 5,780 - - 1,874 3,511 2,614 507 8,506 8,506 14,286 1.43 - - 0.46 0.87 0.65 0.13 2.10 - 2.10 3.53 20202021 4,126,510 2.00% 4,126,510 2.00% 5,780 - - 2,017 3,584 2,683 507 8,790 8,790 14,570 1.40 - - 0.49 0.87 0.65 0.12 2.13 - 2.13 3.53 20212022 4,209,041 2.00% 4,209,041 2.00% 5,780 - - 2,158 3,657 2,758 507 9,080 9,080 14,860 1.37 - - 0.51 0.87 0.66 0.12 2.16 - 2.16 3.53 20222023 4,293,221 2.00% 4,293,221 2.00% 5,780 - - 2,305 3,732 2,834 507 9,377 9,377 15,157 1.35 - - 0.54 0.87 0.66 0.12 2.18 - 2.18 3.53 20232024 4,379,086 2.00% 4,379,086 2.00% 5,780 - - 2,458 3,806 2,910 507 9,681 9,681 15,461 1.32 - - 0.56 0.87 0.66 0.12 2.21 - 2.21 3.53 20242025 4,466,668 2.00% 4,466,668 2.00% 5,780 - - 1,921 4,571 2,991 507 9,989 9,989 15,769 1.29 - - 0.43 1.02 0.67 0.11 2.24 - 2.24 3.53 20252026 4,556,001 2.00% 4,556,001 2.00% 5,780 - - 2,009 4,724 3,066 507 10,306 10,306 16,086 1.27 - - 0.44 1.04 0.67 0.11 2.26 - 2.26 3.53 20262027 4,647,121 2.00% 4,647,121 2.00% 5,780 - - 2,081 4,890 3,150 507 10,628 10,628 16,408 1.24 - - 0.45 1.05 0.68 0.11 2.29 - 2.29 3.53 20272028 4,740,063 2.00% 4,740,063 2.00% 5,780 - - 2,166 5,048 3,233 507 10,954 10,954 16,734 1.22 - - 0.46 1.06 0.68 0.11 2.31 - 2.31 3.53 20282029 4,834,865 2.00% 4,834,865 2.00% 5,780 - - 2,245 5,217 3,323 507 11,292 11,292 17,072 1.20 - - 0.46 1.08 0.69 0.10 2.34 - 2.34 3.53 20292030 4,931,562 2.00% 4,931,562 2.00% 5,780 - - 2,331 5,386 3,406 507 11,629 11,629 17,409 1.17 - - 0.47 1.09 0.69 0.10 2.36 - 2.36 3.53 20302031 5,030,193 2.00% 5,030,193 2.00% 5,780 - - 2,418 5,563 3,491 507 11,978 11,978 17,758 1.15 - - 0.48 1.11 0.69 0.10 2.38 - 2.38 3.53 20312032 5,130,797 2.00% 5,130,797 2.00% 5,780 - - 2,506 5,737 3,587 507 12,336 12,336 18,116 1.13 - - 0.49 1.12 0.70 0.10 2.40 - 2.40 3.53 20322033 5,233,413 2.00% 5,233,413 2.00% 5,780 - - 2,594 5,921 3,678 507 12,699 12,699 18,479 1.10 - - 0.50 1.13 0.70 0.10 2.43 - 2.43 3.53 20332034 5,338,081 2.00% 5,338,081 2.00% 5,780 - - 2,686 6,104 3,768 507 13,065 13,065 18,845 1.08 - - 0.50 1.14 0.71 0.09 2.45 - 2.45 3.53 20342035 5,444,843 2.00% 5,444,843 2.00% 5,780 - - 2,777 6,294 3,867 507 13,445 13,445 19,225 1.06 - - 0.51 1.16 0.71 0.09 2.47 - 2.47 3.53 20352036 5,553,740 2.00% 5,553,740 2.00% 5,780 - - 2,871 6,484 3,968 507 13,830 13,830 19,610 1.04 - - 0.52 1.17 0.71 0.09 2.49 - 2.49 3.53 20362037 5,664,815 2.00% 5,664,815 2.00% 5,780 - - 2,965 6,682 4,066 507 14,220 14,220 20,000 1.02 - - 0.52 1.18 0.72 0.09 2.51 - 2.51 3.53 20372038 5,778,111 2.00% 5,778,111 2.00% 5,780 - - 3,065 6,881 4,170 507 14,622 14,622 20,402 1.00 - - 0.53 1.19 0.72 0.09 2.53 - 2.53 3.53 20382039 5,893,673 2.00% 5,893,673 2.00% 5,780 - - - 9,198 5,322 507 15,027 15,027 20,807 0.98 - - - 1.56 0.90 0.09 2.55 - 2.55 3.53 20392040 6,011,546 2.00% 6,011,546 2.00% 5,780 - - - 5,097 8,449 1,897 15,442 15,442 21,222 0.96 - - - 0.85 1.41 0.32 2.57 - 2.57 3.53 20402041 6,131,777 2.00% 6,131,777 2.00% 5,780 - - - - 7,931 7,938 15,869 15,869 21,649 0.94 - - - - 1.29 1.29 2.59 - 2.59 3.53 20412042 6,254,413 2.00% 6,254,413 2.00% 5,780 - - - - - - - - 5,780 0.92 - - - - - - - - - 0.92 2042






-4.63%-0.55%1.90%


18


1.42


$150,000 $213.00 $17.75 $159.75 $153.36 $142.71 $138.45200,000 284.00 23.67 213.00 204.48 190.28 184.60250,000 355.00 29.58 266.25 255.60 237.85 230.75350,000 497.00 41.42 372.75 357.84 332.99 323.05

NOTE:









19

Clallam County School Districts2013 Total Tax Rates

DistrictAssessed

Value(1) ($) Bonds ($) M&O ($)Capital

Projects ($) Trans. ($) Total ($)

Crescent School District No. 313 282,505,285 -- 1.6893 -- -- 1.6893

Sequim School District No. 323 3,651,014,551 0.7192 1.5789 -- -- 2.2981

Port Angeles School District No. 121 2,689,472,448 0.4441 3.0907 -- -- 3.5348

Quillayute Valley School District No. 402 348,714,961 2.1219 1.4285 -- -- 3.5504

Cape Flattery School District No. 401 82,452,256 1.5027 2.7956 -- -- 4.2983

(1) Assessed Value does not include TAV.

Source: County Assessors Offices.

Total Tax Rate Comparison

20


Washington School Districts2013 Total Tax Rates

DistrictAssessed

Value ($) (1) Bonds ($) M&O ($)Capital



Blaine School District No. 503 3,601,518,578 1.0021 1.6845 --- --- 2.6866

Moses Lake School District No. 161 3,606,659,274 0.7097 4.2590 -- -- 4.9687

Monroe School District No. 103 3,614,847,536 1.6302 3.9943 -- -- 5.6245

Tumwater School District No. 33 3,897,877,159 2.5654 3.3765 -- -- 5.9419

Tahoma School District No. 409 3,934,735,110 1.6064 3.9499 0.6971 -- 6.2534

Mount Vernon School District No. 320 3,023,754,951 1.9346 4.1981 0.4133 -- 6.5460

(1) Assessed Value includes TAV.

Source: Multiple County Assessors Offices.

Similar sized school districts

21


Districts in the Olympic League2013 Total Tax Rates

DistrictAssessed

Value(1) ($) Bonds ($) M&O ($)Capital



North Mason School District No. 403 1,991,227,150 -- 1.9477 0.4397 2.3875

Peninsula School District No. 401 8,774,015,908 0.4479 2.3084 -- -- 2.7564

Port Angeles School District No. 121 2,689,472,448 0.4441 3.0907 -- -- 3.5348

North Kitsap School District No. 400 5,712,645,339 1.4911 2.5056 -- -- 3.9967

Bremerton School District No. 100-C 2,993,597,477 1.2860 3.6041 0.6346 -- 5.5247

Central Kitsap School District No. 401 6,016,126,223 -- 3.7078 1.8686 -- 5.5765

(1) Assessed Value does not include TAV.

Source: County Assessors Offices.

22

2014 Special Election and Resolution Filing Dates

2014ELECTION DATE

RESOLUTIONFILING DEADLINE (2)

APPROXIMATE DATEBALLOTS ARE MAILED (3)

February 11, 2014 December 27, 2013 January 24, 2014

April 22, 2014 March 7, 2014 April 4, 2014

August 5, 2014 (Primary) May 9, 2014 July 18, 2014

November 4, 2014 (General) August 5, 2014 October 17, 2014

The 2014 special election dates and ballot resolution filing deadlines pursuant to the Revised Code of Washington (“RCW”) are listed below for your information.(1) These are

the dates permitted under current law, which are subject to change by the Legislature.

(1) This data is for informational purposes only and does not take the place of local, state or federal laws. Specific RCW information can be found at: http://www.secstate.wa.gov/elections/election_laws.aspx.

(2) Some dates may have been adjusted to reflect the business day prior to actual resolution filing date, according to RCW 29A.04.330, if falling on a weekend.

(3) Applies to both mail and absentee ballots. Absentee ballots are required to be mailed no later than 18 days prior to the election date. RCW 29A.40.070

Source: Washington Secretary of State’s Office, Elections and Voting website.

23

Bonds on 2014 February Ballot

COUNTY ISSUER PARAMOUNT ($)

Adams Lind SD 4,000,000

Asotin & Whitman Clarkston SD 38,000,000

Chelan Wenatchee SD 66,500,000

Douglas & Okanogan Bridgeport SD 3,900,000

King Mercer Island SD 98,800,000

King Bellevue SD 450,000,000

King Lake Washington SD 755,000,000

King & Snohomish Northshore SD 177,500,000

Lincoln Reardan-Edwall SD 8,405,000

Mason & Grays Harbor Elma SD 8,400,000

Okanogan Tonasket SD 6,000,000

Snohomish Edmonds SD 275,000,000

Snohomish Everett SD 259,400,000

Snohomish Lakewood SD 66,800,000

Snohomish Mukilteo SD 119,150,000

Thurston North Thurston SD 175,000,000

Thurston Tenino SD 38,000,000

Thurston Tumwater SD 136,000,000

Whatcom Ferndale SD 125,000,000

Whatcom Lynden SD 46,000,000

Whitman Oakesdale SD 7,160,000

Yakima Naches SD 22,850,000

Yakima Sunnyside SD 10,000,000

Yakima Highland SD 8,500,000

Neither this material nor any of its contents may be disclosed, sold, or redistributed, electronically or otherwise, without prior written consent of Davidson 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 warranty with respect to the accuracy or completeness of this material. Past performance is not necessarily indicative of future results. Davidson Companies does not assume any liability for any loss which may result from the reliance by any person upon such material. We make no representations regarding the legal, tax, regulatory, or accounting 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 may have financial and other interests that differ from 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 respect to the issuer.

Updated Bond Tax Rate Projections February 11, 2014

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