Allegheny Valley School District, PA

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1 Allegheny Valley School District, PA 1 Allegheny Valley School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 2016, $8,805,000 Dated: November 22, Allegheny Valley School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 2014, $15,320,000 Dated: August 20, 2014 Population 2017 Cheswick Borough 1,727 Springdale Borough 3,384 Harmar Township 3,019 Springdale Township 1,606 School District 9,833 Allegheny County 1,223, Commonwealth of Pennsylvania 12,776,550 School District Facilities Year Built Additions/Renovations Grades Served Pupil Capacity Enrollment 2016/17 Elementary Acmentonia Primary K Colfax Upper Elementary Secondary Springdale Junior/Senior High School ; 1977; , Total 955

2 School District Enrollment Enrollments School Year Ending June 30th K Total (est) School District Employment Fiscal Year Ended June 30, 2017 Number Type of Personnel Administrators 14 Professional / Instructional 86 Classified Support Personnel 63 Total 163 Wages and Salaries School Year Ending June 30, Instruction Support Services Noninstructional Services Total ,386, ,377, , ,489, ,397, , ,436, ,435, , ,327, ,571, , ,487, ,640, ,

3 Pension Program Annual Retirement School Year Ending June 30, Contribution % % % % % FY 2017 Largest Real Estate Taxpayers Taxpayer Principal Business Assessed Value Harmarville Hotel Associates Accommodation 19,553,100 MH Nixon Road LP Commercial 18,378,100 Curtiss Wright Electronics Manufacturer 15,397,500 Pitt Ohio Trucking Commercial 13,518,400 Harmar Village Assoc. Medical / Residential 13,429,100 University of Pittsburgh Commercial 12,016,400 Fox Chase LTD Commercial / Residential 11,964,600 Vitro Flat Glass Commercial 9,776,600 Target Retail Store 9,070,600 Orion Power Midwest LP Utilities 8,400,000 Total 131,504,400 Real Estate Valuation Year Assessed Value Market Value Ratio ,843, ,941, % ,556, ,506, % ,791, ,475, % ,560, ,601, % ,115, ,115, %

4 Tax Data of the Fiscal Year Ending June 30, 2017 Revenue Available for Tax Category Taxable Assessed Valuation Millage Rate Appropriation Current Real Estate Taxes 732,115, ,898,120 Less Tax Relief 396,232 Estimated Revenue 14,501,888 Current Act 511 Taxes Flat Rate Assessments: Rate Tax Levy Emergency and Municipal Services Tax 5.00 $33, Total Act 511 Taxes Flat Rate Assessments $33, Current Act 511 Taxes Proportional Assessments: Earned Income Taxes 0.50% $1, Real Estate Transfer Taxes 0.50% $120, Total Act 511 Taxes, Proportional Assessments $1,151, Act 511 Tax Limit: $1,184, Property Valuation: 2017 Market Value $732,115, Assessed Value $732,115, Ratio of Assessed to Market Value 100%

5 Real Estate Tax Collection History Year Ending Year Ending Year Ending Year Ending Year Ending Assessed Valuation 693,809, ,354, ,354, ,673, ,115,922 Millage Current Levy 16,276, ,891, ,170, ,522, ,898,120 Current Year End Collections 12,617, ,758, ,427, ,674, ,972,471 Current and Delinquent Collections 13,193, ,693, ,961, ,205, ,441,590 Percent Current Collections to Current Levy 77.52% 91.84% 94.76% 94.16% 93.79% Percent Total Collections to Current Levy 81.06% 98.57% 98.53% 97.82% 96.94% Five Year Average of Current Collections to Current Levy 90.41% Five Year Average of Total Collections to Current Levy 94.58% Largest Employers in the School District Fiscal Year Ended June 30, 2017 Approximate Number Employer Principal Business of Employees Curtis Wright PPG Industries Passavant Memorial Homes Harmarville Care Center LLC Zoll Lifecor Corp Nep Broadcasting Allegheny Valley School District Target Corporation Trulite Glass & Aluminum Solutions Vitro Flat Glass LLC Commercial/Industrial Paint Maufacturer Home Care Home Care Medical Products Commercial Education Retail Circuit Board Maker Brick and Block Manufactruer

6 Current Employment Statistics Employer 2017 Employment 2016 Employment One Year Change Total Nonfarm 1,187,400 1,175,300 12,100 Total Private 1,070,300 1,057,800 12,500 Goods Producing 146, ,300 1,700 Service Providing 1,040,800 1,027,000 13,800 Private Service Providing 923, ,500 14,200 Mining & Logging 7,700 8, Construction 56,300 55, Manufacturing 82,600 84,400 1,800 Durable Goods 59,700 61,300 1,600 Non Durable Goods 22,900 23, Trade 217, ,800 2,900 Wholesale Trade 44,300 43, Retail Trade 127, ,600 2,500 Transportation 46,300 46, Information 18,500 18, Financial Activities 72,200 70,900 1,300 Professional & Bus. Services 187, ,900 2,600 Education and Health Services 251, ,300 3,300 Leisure and Hospitality 124, ,800 4,000 Other Services 51,400 51,400 0 Government 117, , Recent Trends in Employment and Unemployment Employer 2017 Allegheny County Civilian Labor Force 640,100 Employment 614,400 Unemployment 25,700 Unemployment Rate 4.00% Pennsylvania Civilian Labor Force 6,373,000 Employment 6,108,000 Unemployment 265,000 Unemployment Rate 4.20%

7 Debt Statement Pursuant to Section 410 Local Government Unit Debt Act Allegheny Valley School District ("Municipal Unit") Allegheny County Pennsylvania Fiscal Year Ended June 30, Gross Indebtedness Electoral Nonelectoral A. Electoral Debt None B. Nonelectoral Debt: (i.) Series of 2016 $8,805,000 (ii.) Series of 2014 $13,795,000 (iii.) Refunding Series B of 2013 $7,575,000 Total Nonelectoral Debt $30,175,000 C. Lease Rental Debt 0 Total Nonelectoral and Lease Rental Debt $30,175, No credit or exclusios from gross indebtedness permitted by the Act are being claimed 3. No New Nonelectoral debt has been issued 4. The Borrowing Base for the School District as set forth in the following "Calculationof Borrowing" is $ Calculation of Debt Limits and Remaining Borrowing Capacity Debt Item Remaining Debt Limit Debt Outstanding Borrowing Capacity Net Nonelectoral Debt $30,175,000 Calculation of Borrowing Base Total Revenue and Other Financing Sources $21,521,653 $21,692,372 Deduct excludable items: 1. State and Federal subsidies and reimbursements related to a particular project financed by debt $794,856 $280, Revenues, receipts and assessments, etc. pledged for self liquidating debt 3. Interest on sinking fund 4. Grants and Gifts in Aid 5. Nonrecurring receipts Total excludable items $794,856 $280,086 Total Revenues as defined in the Act $20,726,797 $21,412,286 Total Revenues for the three year period ending June 30, 2017 Borrowing Base (arithmetic average of Total Revenues) Need Auditor to complete borrowing base

8 Allegheny Valley School District Bonded Indebtedness Fiscal Year Ended June 30, 2017 Gross Principal Before Net After State State Reimbursement Reimbursement Outstanding (Estimated) Direct Debt: General Obligation Bonds: Series of 2016 $ 8,805, $ 7,601, Series of 2014 $ 13,795, $ 11,934, Refunding of Series B of 2013 $ 7,575, $ 6,622, Total Direct Debt $ 30,175, $ 26,158, Overlapping Debt: Municipal Debt: Borough of Cheswick $ 1,070, $ 1,070, Borough of Springdale $ 3,877, $ 3,877, Township of Harmar $ $ Township of Springdale $ $ Share of County Debt $ 6,576, $ 6,576, Total Overlapping Debt $ 11,524, $ 11,524, Total Direct and Overlapping Debt $ 41,699, $ 37,682, Debt Ratios: Direct Debt to Market Value 4.12% Direct Debt to Assessed Valuation 4.12% Direct Debt Per Capita $3, Direct and Overlapping Debt to Market Value 5.67% Direct and Overlapping Debt to Assessed Valuation 5.67% Direct and Overlapping Debt Per Capita $4,295.37

Yough School District, PA

Yough School District, PA 1 Yough School District, Westmoreland County, Pennsylvania General Obligation Bonds, Series of 2016, $6,630,000 Dated: April 5, 2016 NOR 2 Yough School District, Westmoreland