First Interest Payment: March 1, 2013 Interest Due: March 1 and September 1

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1 NEW ISSUE Bank Qualified Moody s Underlying Rating: A1 See Ratings herein Insurance: AGM In the opinion of Bond Counsel, interest on the Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions, subject to the condition described in TAX MATTERS herein and interest on the Bonds is not treated as an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (the Code ) for purposes of the individual and corporate alternative minimum taxes. However, under the Code, such interest may be subject to certain other taxes affecting corporate holders of the Bonds. Under the laws of the Commonwealth of Pennsylvania, the Bonds are exempt from personal property taxes in Pennsylvania, and interest on the Bonds is exempt from Pennsylvania personal income tax and the Pennsylvania corporate net income tax. For a more complete discussion, see TAX MATTERS herein. The School District has designated the Bonds as qualified tax-exempt obligations within the meaning of Section 265(b)(3) of the Code. For a more complete discussion, see TAX MATTERS -Deduction for Interest Paid by Financial Institutions to Purchase or Carry Tax- Exempt Obligations herein. $8,645,000 SELINSGROVE AREA SCHOOL DISTRICT Snyder County, Pennsylvania General Obligation Bonds, Series of 2013 Dated: January 4, 2013 Due: March 1, as shown on inside front cover First Interest Payment: March 1, 2013 Interest Due: March 1 and September 1 The General Obligation Bonds, Series of 2013, in the aggregate principal amount of $8,645,000 (the Bonds ) of the Selinsgrove Area School District, Snyder County, Pennsylvania (the School District ), will be issued in fully registered form, without coupons, in the denomination of $5,000 and integral multiples thereof and registered in the name of Cede & Co., as the registered owner and nominee of The Depository Trust Company ( DTC ), New York, New York. Beneficial ownership of the Bonds may be acquired in denominations of $5,000 or any integral multiple thereof only under the book-entry only system maintained by DTC through brokers and dealers who are, or act through, DTC Participants. The purchasers of the Bonds will not receive physical delivery of the Bonds. For so long as any purchaser is the beneficial owner of a Bond, that purchaser must maintain an account with a broker or a dealer who is, or acts through, a DTC Participant to receive payment of principal of and interest on the Bonds. See BOOK-ENTRY ONLY SYSTEM herein. If, under the circumstances described herein, Bonds are ever issued in certificated form, the Bonds will be subject to registration of transfer, exchange and payment as described herein. So long as Cede & Co. as nominee for DTC, is the registered owner of the Bonds, payments of the principal of and interest on the Bonds, when due for payment, will be made directly to DTC by Manufacturers and Traders Trust Company, having a corporate trust office located in Harrisburg, Pennsylvania and Buffalo, New York (the Paying Agent ), as Paying Agent, and DTC will in turn remit such payments of DTC Participants for subsequent disbursement to the Beneficial Owners of the Bonds. If the use of the Book-Entry Only System for the Bonds is ever discontinued, the principal of each of the Bonds will be payable, when due, to the registered owner of such Bond upon surrender of such Bond to the Paying Agent at its designated corporate trust office and the interest on such Bonds will be payable by check drawn on the Paying Agent and mailed to the registered owners of such Bonds as of the appropriate Record Date (as defined in the section titled DESCRIPTION OF THE BONDS herein). In a resolution adopted by the Board of School Directors of the School District on November 5, 2012 authorizing the issuance of the Bonds, the School District has covenanted with the registered owners of the Bonds that it will include the amount of the debt service to be paid on the Bonds for each fiscal year in which such sums are payable in its budget for that year and will appropriate such amounts to the payment of such debt service; and shall duly and punctually pay or cause to be paid from the Sinking Fund (hereinafter defined), or other revenues or funds of the School District, the principal of and interest on the Bonds on the dates, at the place and in the manner stated in the Bonds, according to the true intent and meaning thereof; and for such budgeting, appropriation and payment the School District pledges its full faith, credit and taxing power. As provided in the Local Government Unit Debt Act of the Commonwealth of Pennsylvania, as amended, 53 Pa. C.S. Chs (the Act ), the foregoing covenant shall be specifically enforceable. See SECURITY FOR THE BONDS, GENERAL TAXING POWERS OF THE SCHOOL DISTRICT LIMITATIONS ON TAXING POWERS, and THE TAXPAYER RELIEF ACT (ACT 1 OF 2006) herein. The scheduled payment of principal of and interest on the Bonds when due will be guaranteed under an insurance policy to be issued by Assured Guaranty Municipal Corp. simultaneously with the delivery of the Bonds. The Bonds are offered for delivery when, as and if issued by the School District and received by the Underwriter, subject to the approval of legality by Saul Ewing LLP, Philadelphia, Pennsylvania, Bond Counsel. Certain legal matters will be passed upon for the School District by Thomas Clark, Esq., Selinsgrove, Pennsylvania, Solicitor for the School District. It is expected that the Bonds in book entry form will be available for delivery through DTC in New York, New York on or about January 4, This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Date: December 3, 2012 BAIRD

2 $8,645,000 SELINSGROVE AREA SCHOOL DISTRICT Snyder County, Pennsylvania General Obligation Bonds, Series of 2013 Dated: January 4, 2013 Due: March 1, as shown below First Interest Payment: March 1, 2013 Interest Due: March 1 and September 1 Maturity Principal Amount Interest Rate % Offering Price CUSIP Base # (1) 2013 $5, LK , LL , LM , LN , LP , LQ , LR , LS , LT , LU ,810, LW ,770, LX , LY3 $2,155, % Term Bonds due March 1, 2025 at a price of # LV9 (1) CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein provided by CUSIP Global Services managed by Standard & Poor s Financial Services LLC on behalf of the American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Global Services. CUSIP numbers have been assigned by an independent company not affiliated with the Issuer or the Underwriter and are included solely for the convenience of the holders of the Bonds. Neither the Issuer nor the Underwriter is responsible for the selection of the CUSIP numbers, and no representation is made as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the execution and delivery of the Bonds as a result of various subsequent action including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of the Bonds. ii

3 REGARDING USE OF THIS OFFICIAL STATEMENT No dealer, broker, salesperson, or other person has been authorized by the Selinsgrove Area School District or by Robert W. Baird & Co., the Underwriter, to give any information or to make any representations other than those contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. Under no circumstances shall this Official Statement constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall there be any sale of the Bonds, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any other sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the School District. Assured Guaranty Municipal Corp. ( AGM ) makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading BOND INSURANCE and APPENDIX D SPECIMEN MUNICIPAL BOND INSURANCE POLICY. TABLE OF CONTENTS BOARD OF SCHOOL DIRECTORS... iv SUMMARY STATEMENT... v INTRODUCTION... 1 PURPOSE OF THE ISSUE... 1 PLAN OF FINANCE... 1 THE SCHOOL DISTRICT... 2 SECURITY FOR THE BONDS... 2 BOND INSURANCE... 3 DESCRIPTION OF THE BONDS... 5 BOOK-ENTRY ONLY SYSTEM... 6 REDEMPTION PROVISIONS... 8 SOURCES AND USES OF FUNDS... 9 REVENUE FROM STATE SOURCES... 9 SCHOOL DISTRICT DEBT STATEMENT AND BORROWING CAPACITY... 9 SCHOOL DISTRICT POST EMPLOYMENT PROGRAMS GENERAL TAXING POWERS OF THE SCHOOL DISTRICT LIMITATIONS ON TAXING POWERS THE TAXPAYER RELIEF ACT (ACT 1 OF 2006), AS AMENDED LABOR RELATIONS SCHOOL DISTRICT FINANCIAL HISTORY FUTURE FINANCING TAX MATTERS CONTINUING DISCLOSURE UNDERTAKING MISCELLANEOUS RISK FACTORS APPENDIX A - Summaries of Financial Statements of the School District... A-1 APPENDIX B - Description of the School District and Financial Factors... B-1 APPENDIX C - Bond Amortization Schedule... C-1 APPENDIX D Specimen Municipal Bond Insurance Policy... D-1 APPENDIX E Proposed Form of Opinion of Bond Counsel... E-1 APPENDIX F Proposed Form of Supplement to the Continuing Disclosure Agreement... F-1 iii

4 SELINSGROVE AREA SCHOOL DISTRICT BOARD OF SCHOOL DIRECTORS Paul F. Spiegel, Jr.... Roger W. Sheesley... Todd A. Shimko... Larry D. Augustine... Thomas A. Badman... Mary E. Bannon... William L. Bechtel Jr.... Juliann L. Brown... Robert M. Klingler, Jr.... President Vice President Treasurer Secretary Member Member Member Member Member Administrative Staff Chad L. Cohrs... Jeffrey H. Hummel... Superintendent Business Manager School District Address 401 North Eighteenth Street Selinsgrove, Pennsylvania Solicitor Thomas Clark, Esq. Selinsgrove, Pennsylvania Bond Counsel Saul Ewing LLP Philadelphia, Pennsylvania Underwriter Robert W. Baird & Co. Exton, Pennsylvania Paying Agent and Sinking Fund Depository Manufacturers and Traders Trust Company Harrisburg, Pennsylvania & Buffalo, New York iv

5 SUMMARY STATEMENT This Summary Statement is subject in all respects to more complete information in this Official Statement. No person is authorized to detach this Summary Page from this Official Statement or otherwise use it without the entire Official Statement. A full review of the entire Official Statement should be made by potential Bond purchasers. Issuer... Selinsgrove Area School District, Snyder County, Pennsylvania. See THE SCHOOL DISTRICT herein. Bonds... $8,645,000 aggregate principal amount of General Obligation Bonds, Series of 2013, dated January 4, 2013, stated to mature or subject to mandatory redemption on March 1 of each year from 2013 through 2028 inclusive, with interest payable semiannually on March 1 and September 1 of each year, beginning March 1, See DESCRIPTION OF THE BONDS herein. Redemption Provisions... The Bonds maturing on or after March 1, 2019 are subject to optional redemption, in whole or in part, on or after March 1, 2018, at 100% of the principal amount thereof. See REDEMPTION PROVISIONS herein. Form... Book-Entry Only Bonds. See DESCRIPTION OF THE BONDS and BOOK- ENTRY ONLY SYSTEM herein. Application of Proceeds... Proceeds of the Bonds will be used to provide funds for various refundings, as more fully described herein, and to pay the costs and expenses of issuing the Bonds. See PURPOSE OF THE ISSUE and PLAN OF FINANCE herein. Security... The Bonds are general obligations of the Selinsgrove Area School District, Snyder County, Pennsylvania. See SECURITY FOR THE BONDS, GENERAL TAXING POWERS OF THE SCHOOL DISTRICT LIMITATIONS ON TAXING POWERS and THE TAXPAYER RELIEF ACT (ACT 1 OF 2006) herein. Insurance... The payment of principal of and interest on the Bonds when due will be guaranteed under an insurance policy ( Municipal Bond Insurance Policy ) to be issued by Assured Guaranty Municipal Corp. ( AGM ). See BOND INSURANCE herein. Ratings... Moody s Investors Service, Inc. ( Moody s ) has assigned the underlying rating of A1 to the Bonds. Moody s is also expected to assign the rating of Aa3 (on review for possible downgrade) to the Bonds with the understanding that the above referenced Municipal Bond Insurance will be issued at the time of settlement of the Bonds. See MISCELLANEOUS - Ratings herein. Record Date... The 15th day next preceding each interest payment date. See DESCRIPTION OF THE BONDS herein. v

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7 OFFICIAL STATEMENT $8,645,000 SELINSGROVE AREA SCHOOL DISTRICT Snyder County, Pennsylvania General Obligation Bonds, Series of 2013 INTRODUCTION This Official Statement is furnished by the Selinsgrove Area School District, Snyder County, Pennsylvania (the "School District"), in connection with the offering of its General Obligation Bonds, Series of 2013, in the aggregate principal amount of $8,645,000 (the Bonds ). The Bonds are being issued pursuant to a Resolution of the Board of School Directors of the School District, adopted November 5, 2012 (the "Resolution"). The Bonds are being issued in accordance with the Act of the General Assembly of the Commonwealth of Pennsylvania (the Commonwealth ) known as the Local Government Unit Debt Act 53, Pa.Cons. Stat 8001 et seq., as amended (the "Act"). The Bonds shall be issued in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof. Interest on the Bonds is payable semiannually on March 1 and September 1 of each year beginning March 1, Interest on any Bond is payable by check mailed to the registered owner at the address as it appears on the registration books maintained by the Paying Agent (hereinafter defined) on the appropriate Record Date (hereinafter defined). The principal of the Bonds is payable at the corporate trust office of Manufacturers and Traders Trust Company (the "Paying Agent"), located in Harrisburg, Pennsylvania or Buffalo, New York. The Bonds are only transferable on the registration books maintained by the Paying Agent upon presentation and surrender thereof (see "DESCRIPTION OF THE BONDS" herein). The Bonds are subject to optional redemption (see "REDEMPTION PROVISIONS" herein). The Bonds shall be registered in the name of Cede & Co., as the registered owner and nominee of The Depository Trust Company ( DTC ). Purchasers of the Bonds will not receive any physical delivery of bond certificates, and beneficial ownership of the Bonds will be evidenced only by book entries. See BOOK-ENTRY ONLY SYSTEM herein. The information which follows contains summaries of the Resolution, the School District's budget and the School District's financial statements. Such summaries do not purport to be complete and reference is made to the Resolution, the School District's budget and the School District's financial statements, copies of which are on file and available for examination at the offices of the School District. PURPOSE OF THE ISSUE Proceeds of the Bonds will be used to: (1) currently refund all of the School District s outstanding General Obligation Bonds, Series B of 2008 (the 2008 B Refunded Bonds ); (2) advance refund all of the School District s outstanding General Obligation Bonds, Series A of 2009 (the 2009 A Refunded Bonds ); and (3) pay the costs and expenses of issuing the Bonds. Debt. The 2008 B Refunded Bonds together with the 2009 A Refunded Bonds are hereinafter referred to as the Refunded PLAN OF FINANCE The School District issued its General Obligation Bonds, Series B of 2008, in the original principal amount of $6,055,000 of which $915,000 is outstanding and will be refunded with the proceeds of the Bonds. A portion of the net proceeds of the Bonds will be irrevocably deposited pursuant to an Escrow Agreement with Manufacturers and Traders Trust Company, as escrow agent. Manufacturers and Traders Trust Company, as paying agent for the 2008 B Refunded Bonds, will redeem the 2008 B Refunded Bonds on or about March 1, 2013, at a redemption price of 100% of principal amount plus accrued interest, pursuant to the optional redemption provisions applicable to the 2008 B Refunded Bonds. The School District issued its General Obligation Bonds, Series A of 2009, in the original principal amount of $7,175,000 of which $6,925,000 is outstanding and will be refunded with the proceeds of the Bonds. A portion of the net proceeds of the 1

8 Bonds will be irrevocably deposited pursuant to an Escrow Agreement with Manufacturers and Traders Trust Company, as escrow agent. The maturing principal and interest earnings in the escrow account will be used to pay the principal of and interest due on the 2009 A Refunded Bonds and to redeem on or about March 1, 2014, at a redemption price of 100% of principal amount plus accrued interest, pursuant to the optional redemption provisions applicable to the 2009 A Refunded Bonds. THE SCHOOL DISTRICT The School District is duly organized and existing School District under the laws of the Commonwealth. The governing body of the School District is a board of nine school directors who are each elected for a four-year term. The daily operation and management of the School District is carried out by the administrative staff of the School District, headed by the Superintendent of Schools who is appointed by the Board of School Directors. The Board also employs a Business Manager to serve as the chief financial officer of the School District. For additional information on financial and economic matters regarding the School District see Summaries of Financial Statements of the School District and Description of the School District and Financial Factors attached hereto as Appendices A and B, respectively. SECURITY FOR THE BONDS Pledge of School District Taxing Power The Bonds are general obligations of the School District and are payable from the tax and other general revenues of the School District. The School District has covenanted in the Resolution that it (i) shall include the amount of the debt service to be paid on the Bonds for each fiscal year of the School District in which such sums are payable in its budget for that fiscal year, (ii) shall appropriate such amounts from its general revenues for the payment of such debt service, and (iii) shall duly and punctually pay, or cause to be paid, from its Sinking Fund (hereinafter defined) or any other of its revenues or funds, the principal of each of the Bonds and the interest thereon on the dates, at the place and in the manner stated in the Bonds, and for such budgeting, appropriation and payment, the School District has irrevocably pledged its full faith, credit and taxing power. The School District s taxing powers are described more fully herein under GENERAL TAXING POWERS OF THE SCHOOL DISTRICT LIMITATIONS ON TAXING POWERS and THE TAXPAYER RELIEF ACT (ACT 1 OF 2006) herein. Bond Counsel s opinion will state that debt service on the Bonds is payable from ad valorem taxes within limitations provided by law. Sinking Fund In the Resolution, the School District has set forth that a Sinking Fund designated Sinking Fund - General Obligation Bonds, Series of 2013 (the Sinking Fund"), shall be created and maintained with the Paying Agent, as sinking fund depository and segregated from all other funds of the School District. The School District shall deposit in the Sinking Fund sufficient sums no later than the date when principal or interest is to become due on the Bonds so that on each payment date the Sinking Fund will contain amounts which, together with any other available funds therein, are sufficient to pay, in full, interest and principal then due on the Bonds. The Sinking Fund shall be held by the Paying Agent, as sinking fund depository, and invested by the Paying Agent in such securities or shall be deposited in such funds or accounts as are authorized by the Act, upon direction of the School District. Such deposits and securities shall be in the name of the School District, but subject to withdrawal or collection only by the Paying Agent, as sinking fund depository, and such deposits and securities, together with the interest thereon, shall be a part of the Sinking Fund. The Paying Agent, as sinking fund depository, is authorized without further order from the School District to pay from the Sinking Fund the principal of and interest on the Bonds when due and payable. Actions in the Event of Default Subject to the exclusive representation of Bondholders by a trustee appointed under the Act as described in the following paragraph, if the School District fails or neglects to pay principal or interest on any of the Bonds as it becomes due and payable, and such failure continues for thirty days, the holder of such Bond may bring suit in the Court of Common Pleas of the county in which the School District is located and any judgment recovered shall have an appropriate priority upon the money next coming into the treasury of the School District, all as provided in the Act. The Act also provides other remedies to Bondholders to enforce the School District's covenants in respect of payment of the Bonds. 2

9 In the event the School District defaults in the payment of the principal of or the interest on any of the Bonds after same shall become due, whether at the stated maturity or upon call for prior redemption, and such default shall continue for thirty days, or if the School District fails to comply with any provision of the Bonds or the Resolution, the Act provides that the holders of 25% in aggregate principal amount of the Bonds then outstanding may, upon appropriate action, appoint a trustee to represent the Bondholders. The trustee may, and upon request of the holders of 25% in principal amount of the Bonds then outstanding and upon being provided with indemnity satisfactory to it, shall, take such action on behalf of the Bondholders as is more specifically set forth in the Act. Such representation by the trustee shall be exclusive. Security Under Section 633 of the Public School Code of 1949 Section 633 of the Public School Code of 1949, as amended by Act 154 of 1998 and Act 70 of 2004 (the "School Code") presently provides that in all cases where the board of school directors of any school district fails to pay or to provide for the payment of any indebtedness, at the date of maturity or mandatory redemption, or any interest due on such indebtedness, in accordance with the schedule for the repayment of such indebtedness, the Secretary of Education of the Commonwealth shall notify the board of school directors of its obligation and shall withhold from any Commonwealth appropriation due such school district an amount equal to the sum of such principal or interest due and shall pay such amount so withheld directly to the bank or other person acting as sinking fund depository for the Bond issue. The Commonwealth reimbursement to the School District for was budgeted to be $12,570,266, but there can be no assurance that any payments pursuant to this provision will be made by the date on which such payments are due to the Bondholders. The withholding provisions of Section 633 are not part of any contract with the registered owners of the Bonds and may be amended or repealed by future legislation. The effectiveness of Section 633 may be limited by the application of other withholding provisions contained in the Public School Code, such as provisions for withholding and paying over of appropriations for payment of unpaid teachers salaries. In addition, the timing of payment to the sinking fund depository may be adversely affected by procedural requirements under the Pennsylvania Administrative Agency Law and enforcement may also be limited by bankruptcy, insolvency, or other laws or equitable principles affecting the enforcement of creditors rights generally. BOND INSURANCE BOND INSURANCE POLICY Concurrently with the issuance of the Bonds, Assured Guaranty Municipal Corp. ("AGM") will issue its Municipal Bond Insurance Policy for the Bonds (the "Policy"). The Policy guarantees the scheduled payment of principal of and interest on the Bonds when due as set forth in the form of the Policy included as APPENDIX D to this Official Statement. The Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law. ASSURED GUARANTY MUNICIPAL CORP. AGM is a New York domiciled financial guaranty insurance company and a wholly owned subsidiary of Assured Guaranty Municipal Holdings Inc. ("Holdings"). Holdings is an indirect subsidiary of Assured Guaranty Ltd. ( AGL ), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol AGO. AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and global public finance, infrastructure and structured finance markets. No shareholder of AGL, Holdings or AGM is liable for the obligations of AGM. AGM s financial strength is rated AA- (stable outlook) by Standard and Poor s Ratings Services, a Standard & Poor s Financial Services LLC business ( S&P ) and Aa3 (on review for possible downgrade) by Moody s Investors Service, Inc. ( Moody s ). An explanation of the significance of the above ratings may be obtained from the applicable rating agency. The above ratings are not recommendations to buy, sell or hold any security, and such ratings are subject to revision or withdrawal at any time by the rating agencies, including withdrawal initiated at the request of AGM in its sole discretion. In addition, the rating agencies may at any time change AGM s long-term rating outlooks or place such ratings on a watch list for possible downgrade in the near term. Any downward revision or withdrawal of any of the above ratings, the assignment of a negative outlook to such ratings or the placement of such ratings on a negative watch list may have an adverse effect on the market price of any security guaranteed by AGM. AGM only guarantees scheduled principal and scheduled interest payments payable by the issuer of bonds insured by AGM on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the relevant insurance policy), and does not guarantee the market price or liquidity of the securities it insures, nor does it guarantee that the ratings on such securities will not be revised or withdrawn. 3

10 Current Financial Strength Ratings On March 20, 2012, Moody s issued a press release stating that it had placed AGM s Aa3 insurance financial strength rating on review for possible downgrade. On October 30, 2012, Moody's indicated that it anticipated resolving its review during the first half of November AGM can give no assurance as to any further ratings action that Moody s may take. Reference is made to the press release, a copy of which is available at for the complete text of Moody s comments. On November 30, 2011, S&P published a Research Update in which it downgraded AGM s financial strength rating from AA+ to AA-. At the same time, S&P removed the financial strength rating from CreditWatch negative and changed the outlook to stable. AGM can give no assurance as to any further ratings action that S&P may take. Reference is made to the Research Update, a copy of which is available at for the complete text of S&P s comments. For more information regarding AGM s financial strength ratings and the risks relating thereto, see AGL s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, and its Quarterly Report on Form 10-Q for the quarterly period ended September 30, Capitalization of AGM At September 30, 2012, AGM s consolidated policyholders surplus and contingency reserves were approximately $3,263,902,433 and its total net unearned premium reserve was approximately $2,153,794,346, in each case, in accordance with statutory accounting principles. AGM s statutory financial statements for the fiscal year ended December 31, 2011, for the quarterly period ended March 31, 2012, for the quarterly period ended June 30, 2012, and for the quarterly period ended September 30, 2012, which have been filed with the New York State Department of Financial Services and posted on AGL s website at are incorporated by reference into this Official Statement and shall be deemed to be a part hereof. Incorporation of Certain Documents by Reference Portions of the following documents filed by AGL with the Securities and Exchange Commission (the SEC ) that relate to AGM are incorporated by reference into this Official Statement and shall be deemed to be a part hereof: (i) the Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (filed by AGL with the SEC on February 29, 2012); (ii) the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 (filed by AGL with the SEC on May 10, 2012); (iii) the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012 (filed by AGL with the SEC on August 9, 2012); and (iv) the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012 (filed by AGL with the SEC on November 9, 2012). All information relating to AGM included in, or as exhibits to, documents filed by AGL pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, after the filing of the last document referred to above and before the termination of the offering of the Bonds shall be deemed incorporated by reference into this Official Statement and to be a part hereof from the respective dates of filing such documents. Copies of materials incorporated by reference are available over the internet at the SEC s website at at AGL s website at or will be provided upon request to Assured Guaranty Municipal Corp.: 31 West 52 nd Street, New York, New York 10019, Attention: Communications Department (telephone (212) ). Any information regarding AGM included herein under the caption BOND INSURANCE Assured Guaranty Municipal Corp. or included in a document incorporated by reference herein (collectively, the AGM Information ) shall be modified or superseded to the extent that any subsequently included AGM Information (either directly or through incorporation by reference) modifies or supersedes such previously included AGM Information. Any AGM Information so modified or superseded shall not constitute a part of this Official Statement, except as so modified or superseded. 4

11 Miscellaneous Matters AGM or one of its affiliates may purchase a portion of the Bonds or any uninsured bonds offered under this Official Statement and such purchases may constitute a significant proportion of the bonds offered. AGM or such affiliate may hold such Bonds or uninsured bonds for investment or may sell or otherwise dispose of such Bonds or uninsured bonds at any time or from time to time. AGM makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading BOND INSURANCE. DESCRIPTION OF THE BONDS General Provisions The Bonds are issued as fully registered Bonds in the denominations of $5,000 principal amount or any integral multiple thereof. Principal and interest are payable as set forth below. The Bonds shall be dated as of January 4, 2013, shall mature on the dates and in the amounts set forth on the inside front cover hereof and shall be payable as to interest on March 1 and September 1 of each year, commencing March 1, 2013, at the rates set forth on the inside front cover. The Bonds shall be subject to redemption prior to maturity as described below. All of the Bonds will be registered in the name of Cede & Co., the nominee of The Depositary Trust Company ( DTC ), as registered owner. Purchases of Bonds may be made in book-entry only form, in denominations of $5,000 principal amount and integral multiples thereof, but only through brokers and dealers who are, or act through, DTC Participants. Purchasers of Bonds ( Beneficial Owners ) will not receive certificates representing their interests in the Bonds and must maintain an account with a broker or a dealer who is, or acts through, a DTC Participant, so long as they desire to retain an ownership interest in Bonds. So long as Cede & Co. is the registered owner of the Bonds, references herein to the registered owners or holders of the Bonds shall mean Cede & Co., and not the Beneficial Owners of the Bonds. Payments of principal and interest on the Bonds will be made directly to DTC by the Paying Agent on behalf of the School District, and DTC will, in turn, remit such payments to DTC Participants for subsequent disbursement to the Beneficial Owners of the Bonds. Disbursement of such payments to DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of DTC Participants and Indirect Participants (defined below), as more fully described below. See BOOK-ENTRY ONLY SYSTEM herein. Payment of Principal and Interest So long as Cede & Co., as nominee of DTC, is the registered owner of the Bonds, payments of principal of, and interest on the Bonds, when due, are to be made to DTC and all such payments shall be valid and effective to satisfy fully and to discharge the obligations of the School District with respect to, and to the extent of, principal, redemption premium, if any, and interest so paid. If the use of the Book-Entry Only System for the Bonds is discontinued for any reason, bond certificates will be issued to the Beneficial Owners of the Bonds and payment of principal, redemption premium, if any, and interest on the Bonds shall be made as described in the following paragraphs: The principal of the Bonds will be paid, when due, to the registered owners thereof or their transferees upon presentation and surrender of the Bonds at the corporate trust office of the Paying Agent in Harrisburg, Pennsylvania or Buffalo, New York. Interest is payable to the registered owner of a Bond from the interest payment date next preceding the date of registration and authentication of the Bond, unless: (a) such Bond is registered and authenticated as of an interest payment date, in which event such Bond shall bear interest from said interest payment date, or (b) such Bond is registered and authenticated after a Record Date (hereinafter defined) and before the next succeeding interest payment date, in which event such Bond shall bear interest from such interest payment date, or (c) such Bond is registered and authenticated on or prior to March 1, 2013, in which event such Bond shall bear interest from January 4, 2013, or (d) as shown by the records of the Paying Agent, interest on such Bond shall be in default, in which event such Bond shall bear interest from the date to which interest was last paid on such Bond. Interest shall be paid initially on March 1, 2013, and thereafter semiannually on March 1 and September 1 of each year until the principal sum thereof is paid. Interest on each Bond is payable by check drawn on the Paying Agent, which shall be mailed to the registered owner whose name and address shall appear, at the close of business on the fifteenth (15 th ) day (whether or not a day on which the Paying Agent is open for 5

12 business) next preceding each interest payment date (the "Record Date"), on the registration books maintained by the Paying Agent, irrespective of any transfer or exchange of the Bond subsequent to such Record Date and prior to such interest payment date, unless the School District shall be in default in payment of interest due on such interest payment date. In the event of any such default, such defaulted interest shall be payable to the person in whose name the Bond is registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Paying Agent to the registered owners of Bonds not less than fifteen (15) days preceding such special record date. Such notice shall be mailed to the persons in whose names such Bonds are registered as of the close of business on the fifth (5 th ) day preceding the date of mailing. If the date for the payment of the principal of or interest on any Bonds shall be a Saturday, Sunday, legal holiday or on a day on which banking institutions in the jurisdiction in which the corporate trust payment office is located are authorized or directed by law or executive order to close (a Holiday ), then the date for payment of such principal or interest shall be the next succeeding day which is not a Holiday and payment on such date shall have the same force and effect as if made on the nominal date established for such payment. Transfer, Exchange and Registration of Bonds The School District and the Paying Agent shall not be required to: (a) issue, or register the transfer or exchange of, any Bond during the period beginning at the opening of business on any Record Date for interest payments and ending at the close of business on such Interest Payment Date; (b) issue, or register the transfer or exchange of, any Bond during the period beginning at the close of business on the 5th day next preceding any date of selection of Bonds to be redeemed and ending at the close of business on the date the notice of redemption shall be mailed; or (c) register the transfer or exchange of any Bond after it has been selected or called for redemption, in whole or in part. Subject to the provisions described below under BOOK-ENTRY ONLY SYSTEM, Bonds may be exchanged for a like aggregate amount of Bonds of other authorized denominations of the same maturity and interest rate. Bonds, subject to the provisions of the Book-Entry Only System, are transferable or exchangeable by the registered owners thereof upon surrender of Bonds to the Paying Agent, at its corporate trust office located in Harrisburg, Pennsylvania, or Buffalo, New York accompanied by a written instrument or instruments in form, with instructions, duly executed by the registered owner of such Bond or his attorney-in-fact or legal representative. The Paying Agent shall enter any transfer of ownership of Bonds in the registration books and shall authenticate and deliver at the earliest practicable time in the name of the transferee or transferees a new fully registered Bond or Bonds of authorized denominations of the same series, maturity and interest rate for the aggregate principal amount which the registered owner is entitled to receive. The School District and the Paying Agent may deem and treat the registered owner of any Bond as the absolute owner thereof (whether or not a Bond shall be overdue) for the purpose of receiving payment of or on account of principal and interest and for all other purposes, and the School District and the Paying Agent shall not be affected by any notice to the contrary. BOOK-ENTRY ONLY SYSTEM The information in this section has been obtained from materials provided by DTC for such purpose. The School District (herein referred to as the Issuer ) and the Underwriter do not guaranty the accuracy or completeness of such information, and such information is not to be construed as a representation of the School District or the Underwriter. The Depository Trust Company ( DTC ), New York, NY, will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond certificate will be issued for each maturity of the Bonds, in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC, the world s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a banking organization within the meaning of the New York Banking Law, a member of the Federal Reserve System, a clearing corporation within the meaning of the New York Uniform Commercial Code, and a clearing agency registered pursuant to the provisions of Section 17A of the Securities Exchange Act of DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-u.s. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC s participants ( Direct Participants ) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ( DTCC ). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated 6

13 subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ( Indirect Participants ). DTC has a Standard & Poor s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC s records. The ownership interest of each actual purchaser of each Bond ( Beneficial Owner ) is in turn to be recorded on the Direct and Indirect Participants records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Redemption notices shall be sent to DTC. If less than all of the securities within an issue are being redeemed, DTC s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co. s consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC s practice is to credit Direct Participants accounts upon DTC s receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in street name, and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered. Issuer may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered to DTC. The information in this section concerning DTC and DTC s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof. 7

14 REDEMPTION PROVISIONS Optional Redemption The Bonds maturing on or after March 1, 2019 are subject to redemption prior to maturity at the option of the School District on March 1, 2018 or any date thereafter, as a whole or from time to time in part, in such order of maturity or portion of each maturity as may be designated by the School District and within a maturity by lot, upon payment of a redemption price of 100% of the principal amount, together with accrued interest to the date fixed for redemption. If less than an entire year's maturity of Bonds are to be redeemed at any particular time, such Bonds so to be called for redemption shall be chosen by lot by the Paying Agent. Mandatory Sinking Fund Redemption The Bonds stated to mature on March 1, 2025 (the Term Bonds ) are subject to mandatory redemption prior to maturity on March 1 of the years (at a price equal to the principal amount of the Bonds called for mandatory redemption plus accrued interest thereon to the date fixed for such mandatory redemption) and in the principal amounts as set forth in the following schedule, as drawn by lot by the Paying Agent: *Stated Maturity Year Principal 2023 $205, , * 1,770,000 In the case of any optional redemption of any Term Bond in part, the School District shall be entitled to designate whether the principal amount of such Term Bond to be redeemed shall be credited against the principal amount of such Term Bond due at stated maturity or credited against the principal amount of such Term Bond scheduled to be called for mandatory sinking fund redemption on any particular date or dates, in each case in an integral multiple of $5,000 principal amount. Notice of Redemption So long as Cede & Co., as nominee of DTC, is the registered over of the Bonds, the School District and Paying Agent shall send notices only to DTC or its nominee, as registered owner of the Bonds. Conveyance of any such notices to the Beneficial Owners by DTC and by Direct Participants and Indirect Participants will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. If at any time the book-entry only system shall be discontinued with respect to certificated Bonds, the Resolution provides that any redemption of Bonds shall be upon notice effected by depositing a copy of the redemption notice in first class mail, postage prepaid, addressed to the registered owners of Bonds to be redeemed, not less than twenty (20) and not more than sixty (60) days prior to the date fixed for redemption, at the addresses shown on the registration books kept by the Paying Agent as of the day such Bonds are selected for redemption; provided, however, that failure to give such notice by mailing, or any defect therein or in the mailing thereof, shall not affect the validity of any proceeding for redemption of other Bonds called for redemption as to which proper notice has been given. If at time of mailing of a notice of redemption the School District shall not have deposited with the Paying Agent (or, in the case of a refunding, with another bank or depositary acting as refunding escrow agent) money sufficient to redeem all Bonds called for redemption, the notice of redemption may state that it is conditional i.e., that it is subject to the deposit of sufficient redemption money with the Paying Agent not later than the redemption date, and such notice shall be of no effect unless such money is so deposited. On the date designated for redemption, notice having been provided as aforesaid and money for payment of the principal and accrued interest being held by the Paying Agent, interest on the Bonds or portions thereof so called for redemption shall cease to accrue and such Bonds or portions thereof shall cease to be entitled to any benefit or security under the Resolution, and registered owners thereof shall have no rights with respect thereto, except to receive payment of the principal to be redeemed and accrued interest thereon to the date fixed for redemption. If the redemption date for any Bonds shall be a Holiday, then the date for payment of the principal, premium, if any, and interest upon such redemption shall be the next succeeding day which is not a Holiday, and payment on such date shall have the same force and effect as if made on the nominal date of redemption. 8

15 Manner of Redemption So long as Cede & Co., as nominee of DTC, is the registered owner of the Bonds, payment of the redemption price shall be made to Cede & Co. in accordance with the existing arrangements by and among the School District, the Paying Agent and DTC and, if less than all Bonds of any particular maturity are to be redeemed, the amount of the interest of each DTC Participant, Indirect Participant and Beneficial Owner in such Bonds to be redeemed shall be determined by the governing arrangement among them, subject to a statutory or regulatory requirement as may be in effect from time to time. See BOOK-ENTRY ONLY SYSTEM herein for further information regarding redemption of Bonds registered in the name of Cede & Co. If a Bond is of a denomination larger than $5,000, a portion of such Bond may be redeemed. For the purposes of redemption, a Bond shall be treated as representing the number of Bonds that is equal to the principal amount thereof divided by $5,000, each $5,000 portion of such Bond being subject to redemption. In the case of partial redemption of a Bond, payment of the redemption price shall be made only upon surrender of such Bond in exchange for Bonds of authorized denominations in aggregate principal amount equal to the unredeemed portion of the principal amount thereof. If the redemption date for any Bonds shall be a Holiday, then the date for payment of the principal, premium, if any, and interest upon such redemption shall be the next succeeding day which is not a Holiday, and payment on such date shall have the same force and effect as if made on the nominal date of redemption. SOURCES AND USES OF FUNDS Sources of Funds Uses of Funds Proceeds $8,645, Net Original Issue Discount (119,591.80) Total Sources of Funds $8,525, Escrow Deposit for Refunded Debt $8,339, Financing Costs (1) 185, Total Uses of Funds $8,525, (1) Includes underwriter s discount, bond insurance, legal, printing, Paying Agent, Escrow Agent, independent verification report, CUSIP, rating, rounding and miscellaneous fees. REVENUE FROM STATE SOURCES School districts in the Commonwealth of Pennsylvania receive financial assistance from the Pennsylvania Department of Education. The amount of such assistance is based upon (i) the market value of real estate per weighted average daily membership, (ii) income per weighted average daily membership and (iii) the school district's tax effort, all as compared with such figures on a state-wide basis. The basic instructional subsidy received by a School District is calculated by multiplying the number of students in weighted average daily membership by the School District's Market Value/Personal Income Aid Ratio and by the factor for educational expense. Rental and sinking fund reimbursement from the Commonwealth for school projects is determined by the "Reimbursable Percentage" assigned to the school building project and by the school district's "Market Value Aid Ratio" ( MVAR ) or "Capital Account Reimbursement Factor" ("CARF"), whichever is higher. The School District's MVAR for the fiscal year is the higher aid ratio at 52.51% and the School District s CARF is 52.10%. Most school building projects in Pennsylvania are eligible for state reimbursement. Certain school building projects, such as school administration buildings and vehicle maintenance buildings, are ineligible for reimbursement. A reimbursable percentage, based upon the rated pupil capacity of the new or renovated structure and certain other costs, is assigned to the building project. This reimbursement percentage multiplied by the School District s Aid Ratio determines the Commonwealth's share of the annual lease rental or debt service for that school year. SCHOOL DISTRICT DEBT STATEMENT AND BORROWING CAPACITY The borrowing capacity of the School District is calculated in accordance with provisions of the Act, which describes the applicable debt limits for local government units, including school districts and municipalities. Under the Act, the School District 9

16 may incur electoral debt, which is debt that is approved by a majority of the School District's voters at either a general or special election, in an unlimited amount. Combined net nonelectoral debt, or debt not approved by the School District's electorate net of debt qualified as subsidized debt by virtue of state aid, and net lease rental debt (debt represented by capital leases and other forms of agreement evidencing the acquisition of a capital asset), may not exceed 225% of the School District's "Borrowing Base". The Borrowing Base is calculated as the annual arithmetic average of Total Revenues (as defined in the Act), for the three full fiscal years next preceding the date of incurring debt. The Borrowing Base of the School District is as follows, determined as provided in the Act: Total Revenues for Last Three Complete Fiscal Years $102,208,767 Borrowing Base = Average of the Total Net Revenues for Three-Year Period $34,069,589 Based on audited numbers for the fiscal years ending June 30 th of 2010, 2011 and 2012 The borrowing capacity of the School District is calculated below, as required by the Act. A. ELECTORAL DEBT $0 B. NON-ELECTORAL DEBT a. Outstanding Principal (1) $34,835,554 b. Less: Deductions (2) 0 c. Net Non-Electoral Debt $34,835,554 C. LEASE RENTAL DEBT a. Outstanding Principal (1) $0 b. Less: Deductions (2) 0 c. Net Lease Rental Debt $0 D. COMBINED BORROWNG CAPACITY a. Debt Limit 225% Borrowing Base $76,656,575 b. Less: Combined Net Non-Electoral and Net Lease Rental Debt (1).. 34,835,554 c. Current Combined Borrowing Capacity (before reimbursement).. $41,821,021 (1) Includes the Bonds being issued hereby but excludes the Refunded Debt. (2) The School District may, at any time, claim a credit against the gross principal of debt outstanding equal to the amount estimated to be reimbursed by State sources. The ability of the School District to issue general obligation bonds in the future may be affected by Act 1 of 2006, as amended. See THE TAXPAYER RELIEF ACT (ACT 1 OF 2006) herein. SCHOOL DISTRICT POST EMPLOYMENT PROGRAMS Pension Program School districts in Pennsylvania are required to participate in a statewide pension program administered by the State Public School Employees Retirement Board ( PSERS ). All of the School District full-time employees, part-time employees who work more than 80 days in a school year, and hourly employees who work over 500 hours a year are required to participate in the program. The Commonwealth, School District and employees each contribute a share of the employee's pension account. The Commonwealth shares in the employer contribution at a rate which is at least one-half of the total employer rate. The contribution rates are set by the Pennsylvania Public School Code of 1949, 24 Pa.C.S et seq. which requires contributions by active members, employers and the Commonwealth. Active members who began contributions prior to July 22, 1983, contribute at 5.25% or at 6.50% of the member s qualifying compensation. Members who began contributions after July 22, 1983 and who are active or inactive as of July 1, 2001, contribute at 6.25% or at 7.50% of the member s qualifying compensation. For all new hires the higher contribution rates began with service rendered on or after January 1, The contributions required of employers are based on an actuarial valuation and are expressed as a percentage of annual covered payroll during the period for which the amounts are determined. Present rates are set at 5.25% to 7.50% for the employee contribution. On December 10, 2010, the PSERS Board certified a new employer contribution rate, to be paid by the School District, of 5.64% for the fiscal year (such 5.64% consisting of 5.00% toward pension and 0.64% toward health care), and the PSERS Board projected, based on June 30,

17 valuations, employer contribution rates ranging from approximately 12.63% to 26.96% per year for fiscal years to On December 9, 2011 the PSERS Board of Trustees set the employer contribution rate of 12.36% for the fiscal year. The School District has been current in making its required contributions. PSERS is primarily responsible for administering a defined benefit pension plan for public school employees in the Commonwealth of Pennsylvania. The rate of return on investment was 3.43% for the fiscal year ended June 30, 2012, 20.37% for the fiscal year ended June 30, 2011, 14.59% for the fiscal year ended June 30, 2010, -26.5% for the fiscal year ended June 30, 2009, -2.8% for the fiscal year ended June 30, 2008 and 22.9% for the fiscal year ended June 30, PSERS total plan net assets decreased by $16.24 billion from $62.7 billion at June 30, 2008 to $43.1 billion at June 30, 2009 and to $46.5 billion at June 30, As of June 30, 2011, PSERS had net assets of $51.4 billion and a membership of over 282,000 active school employees and 184,000 retirees. As of June 30, 2012, PSERS had net assets of $48.8 billion and a membership of over 279,000 active school employees and 195,000 retirees. PSERS funded ratio as of the latest actuarial valuation dated June 30, 2011 was 69.1%. The Fund s complete report is available on the PSERS website on the Internet: Other Post-Employment Benefits The District provides "other post-employment benefits" ("OPEB") (i.e., post-employment benefits, other than pension benefits, owed to its employees and former employees) to employees who have terminated their employment with the District and have satisfied specified eligibility standards of the plan. OPEB calculations are required to be updated every two years and prepared in accordance with Statement No. 45 of the Governmental Accounting Standards Board ( GASB 45 ) regarding retiree health and life insurance benefits, and related standards. The District is required to expense the estimated yearly cost of providing post-retirement benefits and such annual accrual expense is referred to as the "annual required contribution." An OPEB study for the District was completed July 1, As shown in the District's Audited Financial Statements during the fiscal year ended June , the District's annual required contribution was $953,774 and the District's annual OPEB cost was $937,404. For Fiscal Year 2012, the District contributed $844,123 to the plan. The District's Net OPEB obligation at the beginning of Fiscal Year 2012 was $998,653 and the District's Net OPEB obligation at the end of Fiscal Year 2012 was $1,145,501. The plan's ratio of actuarial value of assets to actuarial accrued liability for benefits (the "Funded Ratio") as of the most recent actuarial valuation date, January 1, 2010, was 0 percent. As of that date, the actuarial accrued liability was $8,992,863, and the actuarial value of assets was $0, resulting in an unfunded actuarial accrued liability ("UAAL") of $8,992,863. The Funded Ratio was 0 percent as of January 1, The following table shows the Schedule of Funding Progress for the District's OPEB plan: Actuarial Valuation Actuarial Value of Actuarial Accrued Unfunded Actuarial Date Assets Liability Accrued Liability Funded Ratio January 1, 2010 $0 $8,992,863 $8,992,863 0 For more information, see Note 8 in the School District s Audited Financial Statement for the Year Ended June 30, GENERAL TAXING POWERS OF THE SCHOOL DISTRICT LIMITATIONS ON TAXING POWERS Powers Under School Code and Local Tax Enabling Act The School District, being a school district of the third class under the School Code, is empowered by the School Code to levy the following taxes, but such power is subject to certain limitations under Act 1 of 2006, as amended and other Pennsylvania statutes as discussed below: 1. A basic annual tax on all real property taxable for school purposes, not to exceed 25 mills on each dollar of assessed valuation, to be used for general school purposes. 2. An ad valorem tax on the property taxable for school purposes to provide funds: (a) for minimum salaries and increments of the teaching and supervisory staff; 11

18 (b) (c) (d) to pay rentals due any municipality authority or non-profit corporation or due the State Public School Building Authority; to pay interest and principal on any indebtedness incurred pursuant to the Act, or any prior or subsequent act governing the incurrence of indebtedness of the school district; and to pay for the amortization of a Bond issue which provided a school building prior to the first Monday of July, An annual per capita tax on each resident or inhabitant over 18 years of age of not less than $1.00 and not more than $ Additional taxes levied under the Local Tax Enabling Act (Act 511 of 1965), including, among others, per capita, earned income and net profits, real estate transfer and occupation taxes, subject to sharing with other political subdivisions authorized to levy similar taxes on the same person, subject, business, transaction or privilege. A school district cannot levy these taxes in an amount which exceeds, in the aggregate, the equivalent of 12 mills on the market value of taxable real estate in the School District (such market value to be certified by the State Tax Equalization Board). 5. The Local Tax Enabling Act was amended by Act 222 of 2004 to authorize all taxing authorities to exempt from per capita, occupation, emergency and municipal service or earned income tax any person whose total income from all sources is less than $12,000 per year. Pennsylvania Acts Affecting Certain Local Taxing Powers of School Districts Act 24 of 2001 Authorizing Replacement of the School District s Occupation Tax With an Increase in the Local Earned Income Tax: Act 24 of 2001 of the Commonwealth (the Optional Occupation Tax Elimination Act or Act 24 ) authorizes a board of school directors to schedule a public hearing and to conduct a ballot referendum to approve replacement of the school district s occupation tax with an increase in the local earned income tax. Currently, school districts in Pennsylvania share a 1.0% local earned income tax (.5% Municipal and.5% School District) on the annual amount of resident s wages and other earned income (which excludes unearned or investment income). The occupation tax is a flat amount for all employed individuals, or assessed by various trade, occupation and professional titles, regardless of income. Upon approval of a referendum, the occupation tax is authorized to be discontinued and the local earned income tax is permitted to be increased by the percentage necessary to generate revenue equal to the amount collected during the preceding year on the occupation tax. The restructured tax is designed to be revenue neutral to the school district. SET FORTH ABOVE IS A SUMMARY OF PORTIONS OF ACT 24. THIS SUMMARY IS NOT INTENDED TO BE AN EXHAUSTIVE DISCUSSION OF THE PROVISIONS OF ACT 24 NOR A LEGAL INTERPRETATION OF ANY PROVISION OF ACT 24. A PROSPECTIVE PURCHASER OF THE BONDS SHOULD REVIEW THE FULL TEXT OF ACT 24 AS A PART OF ANY DECISION TO PURCHASE THE BONDS. Act 48 of Limitation on Fund Balances: Pennsylvania Act No (enacted December 23, 2003) prohibits a school district from increasing real property taxes for the school year or any subsequent school year, unless the school district has adopted a budget for such school year that includes an estimated ending unreserved undesignated fund balance which is not more than a specified percentage of the total budgeted expenditures, as set forth below: Estimated Ending Unreserved Undesignated Fund Balance as Total Budgeted Expenditures: a Percentage of Total Budgeted Expenditures: Less than or equal to $11,999, % Between $12,000,000 and $12,999, % Between $13,000,000 and $13,999, % Between $14,000,000 and $14,999, % Between $15,000,000 and $15,999, % Between $16,000,000 and $16,999, % Between $17,000,000 and $17,999, % Between $18,000,000 and $18,999, % Greater than or equal to $19,000, % Estimated ending unreserved undesignated fund balance is defined in Act as that portion of the fund balance which is appropriable for expenditure or not legally or otherwise segregated for a specific or tentative future use, projected for the close of the school year for which a school district s budget was adopted and held in the general fund accounts of the school district. The Government Accounting Standard Board (GASB) uses the classification unassigned fund balance in GASB Statement No. 54 to define the unreserved undesignated balance that is described in Act

19 The total budgeted expenditures in the School District s budget for the fiscal year are $35,005,236 and the School District s estimated ending unassigned fund balance as a percentage of total budgeted expenditures for the fiscal year is 3.8%. SET FORTH ABOVE IS A SUMMARY OF PORTIONS OF ACT 48. THIS SUMMARY IS NOT INTENDED TO BE AN EXHAUSTIVE DISCUSSION OF THE PROVISIONS OF ACT 48 NOR A LEGAL INTERPRETATION OF ANY PROVISIONS OF ACT 48. A PROSPECTIVE PURCHASER OF THE BONDS SHOULD REVIEW THE FULL TEXT OF ACT 48 AS A PART OF ANY DECISION TO PURCHASE THE BONDS. Act 130 of 2008 Act 130 of 2008 of the Commonwealth amended the Local Tax Enabling Act so as to authorize school districts levying an occupation tax to replace that occupation tax with an increased earned income tax or, if the school district has implemented a personal income tax in accordance with the Taxpayer Relief Act, an increased personal income tax, in a revenue neutral manner. To so replace an occupation tax, the board of school directors must first hold at least one public hearing on the matter and then place a binding referendum question on the ballot at a general or municipal election for approval by the voters. The School District does not currently levy an occupation tax. SET FORTH ABOVE IS A SUMMARY OF PORTIONS OF ACT 130. THIS SUMMARY IS NOT INTENDED TO BE AN EXHAUSTIVE DISCUSSION OF THE PROVISIONS OF ACT 130 NOR A LEGAL INTERPRETATION OF ANY PROVISIONS OF ACT 130. A PROSPECTIVE PURCHASER OF THE BONDS SHOULD REVIEW THE FULL TEXT OF ACT 130 AS A PART OF ANY DECISION TO PURCHASE THE BONDS. THE TAXPAYER RELIEF ACT (ACT 1 OF 2006), AS AMENDED Pennsylvania Act No. 1 of the Special Session of 2006 ( The Taxpayer Tax Relief Act or Act 1 ), is intended to provide property tax relief to Pennsylvania homeowners by limiting the taxation of real property by Pennsylvania school districts. Act 1 restricts Pennsylvania school districts from increasing the rate of any tax for school purposes above an index (the Index ) determined by the Department of Education of the Commonwealth (the Department ) unless the school district first obtains voter approval or the school district tax falls within one of the exceptions set forth in Act 1. On June 30, 2011, Act 1 was amended so that beginning on January 1, 2012, seven (7) of the original (11) exceptions were eliminated. Under the amended version of Act 1, the four (4) categories in which school districts can raise property taxes above the Index without triggering a referendum are as follow; provided that the use of any exception is approved by the Department: (1) costs to pay interest and principal on indebtedness incurred prior to September 4, 2004 for Act 72 schools and the refinancing of such debt and prior to June 27, 2006 for non-act 72 schools and the refinancing of such debt; (2) costs to pay interest and principal on electoral debt; (3) special education expenses; and (4) state pension payments. Status of the Bonds Under Act 1 Those Bonds described in this Official Statement that are being issued to refund the 2008 B Refunded Bonds are refunding indebtedness that was incurred by the School District prior to June 27, Therefore, per exception (1) above, payments of debt service on those Bonds refunding the 2008 B Refunded Bonds are entitled to an exception from the tax rate limitations and the backend referendum requirements of Act 1, as amended, upon approval by the Department. The School District already has levied and has in place sufficient tax millage to provide for payment of the annual debt service on the 2008 B Refunded Bonds. The maximum annual debt service on those Bonds refunding the 2008 B Refunded Bonds will not be more than the maximum annual debt service on the 2008 B Refunded Bonds and, therefore, it will not be necessary for the School District to levy any new tax or to increase the rate of any existing tax in order to provide for payment of the interest and principal of those Bonds refunding the 2008 B Refunded Bonds. Accordingly, although the School District would be entitled to an exception for debt service on those Bonds refunding the 2008 B Refunded Bonds, it does not expect to apply to the Department for approval of the exception. 13

20 Those Bonds described in this Official Statement that are being issued to refund the 2009 A Refunded Bonds are refunding indebtedness that was incurred by the School District after June 27, 2006, therefore, those Bonds refunding the 2009 A Refunded Bonds are not "Grandfathered" and the School District cannot be granted an exception to the Act 1 referendum requirement on the basis of the debt service due and payable on those Bonds refunding the 2009 A Refunded Bonds if a tax increase greater than the Index is needed. The School District already has levied and has in place sufficient tax millage to provide for payment of the annual debt service on the 2009 A Refunded Bonds. The maximum annual debt service on those Bonds refunding the 2009 A Refunded Bonds will not be more than the maximum annual debt service on the 2009 A Refunded Bonds and, therefore, it will not be necessary for the School District to levy any new tax or to increase the rate of any existing tax in order to provide for payment of the interest and principal of those Bonds refunding the 2009 A Refunded Bonds. Act 1, as amended, does not affect the School District s covenant under the Debt Act to budget, appropriate and pay debt service on the Bonds and all other outstanding debt of the School District. THE SUMMARY OF ACT 1, AS AMENDED, IS NOT INTENDED TO BE AN EXHAUSITVE DISCUSSION OR A LEGAL REPRESENTATION THEREOF, AND A PROSPECTIVE PURCHASER OF THE BONDS SHOULD REVIEW THE FULL TEXT OF ACT 1, AS AMENDED, AS PART OF ANY DECISION TO PURCHASE THE BONDS. LABOR RELATIONS There are presently approximately 330 full-time employees of the School District, including 190 teachers, 12 administrators and 128 support personnel. Teachers in the School District are members of the Pennsylvania State Education Association ( PSEA ) and the Selinsgrove Area Education Association ( SAEA ) which is the representative bargaining unit. The current contract with the teachers expires June 30, SCHOOL DISTRICT FINANCIAL HISTORY The School District has never defaulted on the payment of lease rentals or debt service. The status of the School District's present indebtedness is shown above under SCHOOL DISTRICT DEBT STATEMENT AND BORROWING CAPACITY supra, and in the table entitled Summary of School Financing in Appendix B. See also APPENDIX B, Description of the School District and Financial Factors. FUTURE FINANCING years. The School District does not anticipate the need for any additional non-refunding long-term financing within the next five TAX MATTERS Tax Exemption - Opinion of Bond Counsel The Internal Revenue Code of 1986, as amended (the Code ) contains provisions relating to the tax-exempt status of interest on obligations issued by governmental entities which apply to the Bonds. These provisions include, but are not limited to, requirements relating to the use and investment of the proceeds of the Bonds and the rebate of certain investment earnings derived from such proceeds to the United States Treasury Department on a periodic basis. These and other requirements of the Code must be met by the School District subsequent to the issuance and delivery of the Bonds in order for interest thereon to be and remain excludable from gross income for purposes of federal income taxation. The School District has made covenants to comply with such requirements. In the opinion of Bond Counsel, interest (including accrued original issue discount) on the Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions. The opinion of Bond Counsel is subject to the condition that the School District complies with all applicable federal income tax law requirements that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon continues to be excluded from gross income. Failure 14

21 to comply with certain of such requirements could cause the interest on the Bonds to be so includable in gross income retroactive to the date of issuance of the Bonds. The School District has covenanted to comply with all such requirements. Interest on the Bonds is not treated as an item of tax preference under Section 57 of the Code for purposes of the individual and corporate alternative minimum taxes; however, under the Code, to the extent that interest on the Bonds is a component of a corporate holder s adjusted current earnings, a portion of that interest may be subject to the corporate alternative minimum tax. Based on the representations made by the School District, it is the opinion of Bond Counsel, that banks, thrift institutions and other financial institutions which purchase the Bonds may deduct eighty percent (80%) of their interest expense on indebtedness incurred to purchase or carry the Bonds pursuant to Sections 265(b) and 291(e)(1)(B) of the Code. Bond Counsel expresses no opinion regarding other federal tax consequences relating to the Bonds or the receipt of interest thereon. See discussion of Alternative Minimum Tax, Branch Profits Tax, S Corporations with Passive Investment Income, Social Security and Railroad Retirement Benefits, Deduction for Interest Paid by Financial Institutions to Purchase or Carry Tax-Exempt Obligations, Property or Casualty Insurance Company, Accounting Treatment of Original Issue Discount and Amortizable Bond Premium and Reportable Payments and Backup Withholding below. In the opinion of Bond Counsel, under the laws of the Commonwealth of Pennsylvania as enacted and construed on the date hereof, the Bonds, and the interest thereon are free from taxation for state and local purposes within the Commonwealth of Pennsylvania, but such exemption does not extend to gift, estate, succession or inheritance taxes or any other taxes not levied or assessed directly on the Bonds or the interest thereon. Profits, gains or income derived from the sale, exchange or other disposition of the Bonds are subject to state and local taxation within the Commonwealth of Pennsylvania. Specifically, the Bonds are exempt from personal property taxes in Pennsylvania and interest on the Bonds is exempt from the Pennsylvania personal income tax and the Pennsylvania corporate net income tax. Alternative Minimum Tax The Code includes, for purposes of the corporate alternative minimum tax, a preference item consisting of, generally, seventy-five percent of the excess of a corporation s adjusted current earnings over its alternative minimum taxable income (computed without regard to this particular preference item and the alternative tax net operating loss deduction). Thus, to the extent that tax-exempt interest (including interest on the Bonds) is a component of a corporate holder s adjusted current earnings, a portion of that interest may be subject to the alternative minimum tax. Branch Profits Tax Under the Code, foreign corporations engaged in a trade or business in the United States will be subject to a branch profits tax equal to thirty percent (30%) of the corporation s dividend equivalent amount for the taxable year. The term dividend equivalent amount includes interest on tax-exempt obligations. S Corporations with Passive Investment Income Section 1375 of the Code imposes a tax on the income of certain small business corporations for which an S Corporation election is in effect, and that have passive investment income. For purposes of Section 1375 of the Code, the term passive investment income includes interest on the Bonds. This tax applies to an S Corporation for a taxable year if the S Corporation has Subchapter C earnings and profits at the close of the taxable year and has gross receipts, more than twenty-five percent (25%) of which are passive investment income. Thus, interest on the Bonds may be subject to federal income taxation under Section 1375 of the Code if the requirements of that provision are met. Social Security and Railroad Retirement Benefits Under Section 86 of the Code, certain Social Security and Railroad Retirement benefits (the benefits ) may be includable in gross income. The Code provides that interest on tax-exempt obligations (including interest on the Bonds) is included in the calculation of modified adjusted gross income in determining whether a portion of the benefits received are to be includable in gross income of individuals. Deduction for Interest Paid by Financial Institutions to Purchase or Carry Tax-Exempt Obligations The Code, subject to limited exceptions discussed below, denies the interest deduction for indebtedness incurred or continued to purchase or carry tax-exempt obligations, such as the Bonds. With respect to banks, thrift institutions and other financial institutions, the denial to such institutions is one hundred percent (100%) for interest paid on funds allocable to the Bonds and any other tax-exempt obligations acquired after August 7, An exception to the complete denial to financial institutions for interest paid on funds allocable to purchase or carry taxexempt obligations applies if such obligations are qualified tax-exempt obligations. Under Section 265(b)(3) of the Code, an 15

22 obligation is a qualified tax-exempt obligation if: (i) the obligation is not a private activity bond ; (ii) the School District and all entities that must be aggregated with it pursuant to the Code ( Other Issuers ) do not reasonably anticipate issuing during the calendar year tax-exempt obligations (other than private activity bonds) in excess of $10 million (other than certain obligations not required to be taken into account under the Code); and (iii) the School District designates the tax-exempt obligations as qualified tax-exempt obligations. For purposes of this exception, a qualified 501(c)(3) bond is not included within the definition of a private activity bond. If the tax-exempt obligation is a qualified tax-exempt obligation, then eighty percent (80%) of the interest deduction for indebtedness incurred by banks, thrift institutions and other financial institutions to purchase or carry such obligations will be allowed under Sections 265(b) and 291(e)(1)(B) of the Code. The School District has represented that the Bonds are not private activity bonds. The School District has designated the Bonds as qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Code, and has represented that neither it nor any Other Issuers has issued or expects to issue more than $10 million of tax-exempt obligations (other than certain obligations not required to be taken into account for purposes of that Section of the Code) in the calendar year Based on such representations, it is Bond Counsel s opinion, that banks, thrift institutions and other financial institutions which purchase the Bonds may deduct eighty percent (80%) of their interest expense on indebtedness incurred to purchase or carry the Bonds pursuant to Sections 265(b) and 291(e)(1)(B) of the Code. Property or Casualty Insurance Company The Code also provides that a property or casualty insurance company may also incur a reduction, by a specified portion of its tax-exempt interest income, of its deduction for losses incurred. Accounting Treatment of Original Issue Discount and Amortizable Bond Premium The Bonds maturing on March 1, 2022 and March 1, 2025 through and including March 1, 2028 are herein referred to as the Discount Bonds. In the opinion of Bond Counsel, the difference between the initial public offering price of the Discount Bonds set forth on the inside front cover page and the stated redemption price at maturity of each such Bond constitutes original issue discount, all or a portion of which will, on the disposition or payment of such Bonds, be treated as tax-exempt interest for federal income tax purposes. Original issue discount will be apportioned to an owner of the Discount Bonds under a constant interest method, which utilizes a periodic compounding of accrued interest. If an owner of a Discount Bond who purchases it in the original offering at the initial public offering price owns that Discount Bond to maturity, that Bondholder will not realize taxable gain for federal income tax purposes upon payment of the Discount Bond at maturity. An owner of a Discount Bond who purchases it in the original offering at the initial public offering price and who later disposes of the Discount Bond prior to maturity will be deemed to have accrued tax-exempt income in a manner described above; amounts realized in excess of the sum of the original offering price of such Discount Bond and the amount of accrued original issue discount will be taxable gain. Purchasers of Discount Bonds should consider possible state and local income, excise or franchise tax consequences arising from original issue discount on the Discount Bonds. Prospective purchasers of the Discount Bonds should consult their tax advisors regarding the Pennsylvania tax treatment of original issue discount. The Bonds maturing on March 1, 2013 through and including March 1, 2020 are hereinafter referred to as the Premium Bonds. An amount equal to the excess of the initial public offering price of a Premium Bond set forth on the inside front cover page over its stated redemption price at maturity constitutes premium on such Premium Bond. A purchaser of a Premium Bond must amortize any premium over such Premium Bond s term using constant yield principles, based on the purchaser s yield to maturity. As premium is amortized, the purchaser s basis in such Premium Bond is reduced by a corresponding amount, resulting in an increase in the gain (or decrease in the loss) to be recognized for federal income tax purposes upon a sale or disposition of such Premium Bond prior to its maturity. Even though the purchaser s basis is reduced, no federal income tax deduction is allowed. Purchasers of any Premium Bonds, whether at the time of initial issuance or subsequent thereto, should consult their own tax advisors with respect to the determination and treatment of premium for federal income tax purposes and with respect to state and local tax consequences of owning Premium Bonds. Reportable Payments and Backup Withholding Under 2006 amendments to the Internal Revenue Code, payments of interest on the Bonds will be reported to the Internal Revenue Service by the payor on Form 1099 unless the Bondholder is an exempt person under Section 6049 of the Code. A Bondholder who is not an exempt person may be subject to backup withholding at a specified rate prescribed in the Code if the Bondholder does not file Form W-9 with the payor advising the payor of the Bondholder s taxpayer identification number. Bondholders should consult with their brokers regarding this matter. 16

23 The payor will report to the Bondholders and to the Internal Revenue Service for each calendar year the amount of any reportable payments during such year and the amount of tax, if any, with respect to payments made on the Bonds. CONTINUING DISCLOSURE UNDERTAKING General. The School District has covenanted for the benefit of Bondholders in a Continuing Disclosure Agreement dated as of March 1, 2012, which is being supplemented to include the Bonds (collectively, the Disclosure Agreement ) to (a) provide notices of the occurrence of certain enumerated events; and (b) provide certain financial information and operating data relating to the School District by not later than the first day of the eighth calendar month immediately following the end of the School District s fiscal year, e.g. by not later than February 1 of each year, commencing February 1, 2013 (the Annual Report ). The Annual Report and the notices of significant events, both summarized below, will be filed by the School District with the Electronic Municipal Market Access System ( EMMA ) maintained by the Municipal Securities Rulemaking Board. The specific nature of the information to be contained in the Annual Report or the notices of significant events is summarized below. These covenants have been made in order to assist the Underwriter in complying with S.E.C. Rule 15c2-12, as amended (the Rule ). Annual Reports. The School District's Annual Report filed with EMMA shall contain or incorporate by reference the following information with respect to the relevant fiscal year: (i) audited financial statements; and (ii) an update of the types of financial and operating information included in this Official Statement under the headings "School District Debt Statement and Borrowing Capacity," "Labor Relations, and in Appendix B hereto, "Debt Summary and Related Information Summary of School Financings and Bonded Indebtedness", "School District Facilities and Enrollments - Pupil Enrollment Historical and Projected", and "Tax Revenues of the School District - Tax Collection Record". Notices of Significant Events. Upon the occurrence of any of the following notice events, the School District shall in a timely manner not in excess of ten (10) business days after the occurrence of any of the following events, file with EMMA notice of such occurrence: (1) principal and interest payment delinquencies; (2) non payment-related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax status of the Bonds; (7) modifications to rights of Holders, if material; (8) bond calls (other than mandatory sinking fund redemptions), if material, and tender offers; (9) defeasances of Bonds; (10) release, substitution, or sale of property securing repayment of any Bonds, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the School District; (13) the consummation of a merger, consolidation, or acquisition involving the School District or the sale of all or substantially all of the assets of the School District, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement, if material; (14) appointment of a successor or additional trustee or the change of name of a trustee, if material; or (15) failure to provide annual financial information as required. Accounting Standards. The financial statements described above shall be audited in accordance with generally accepted accounting principles applicable in the preparation of financial statements of the School District as such principles are from time to time promulgated by the Financial Accounting Standards Board, the Governmental Accounting Standards Board, or such other body recognized as authoritative by the American Institute of Certified Public Accountants or any successor body ( GAAP ), and shall also comply with applicable federal and state auditing statutes, regulations, standards and/or guidelines. The School District may from time to time modify its accounting principles to the extent necessary or desirable to comply with changes in either GAAP or applicable federal and state statutes, regulations, standards and/or guidelines. Audited financial statements of the School District not submitted as part of the Annual Report shall be provided to EMMA if and when available to the School District, and in any event not more than thirty (30) days after receipt thereof from the School District s auditors. In the event that audited financial statements are not submitted as part of the Annual Report, the School District shall provide in lieu thereof unaudited financial statements meeting the description set forth above. Termination of Reporting Obligation. The School District s obligations under the Disclosure Agreement shall terminate upon (a) the legal defeasance, prior redemption or payment in full of all of the Bonds or (b) the assumption by a successor Obligated Person of all of the obligations of the prior Obligated Person both under the Disclosure Agreement and under the Bonds. Amendments. Notwithstanding any other provision of the Disclosure Agreement, the School District may modify or amend the Disclosure Agreement. Under the current SEC interpretation of the Rule, the following preconditions must be satisfied: (a) the amendment is being made in connection with a change in circumstances that arises from a change in legal requirements, change in law, change in the identity, nature or status of the School District, or change in the type of business conducted by the School District; (b) the Disclosure Agreement, as amended, would have complied with the requirements of the Rule as of the date of issuance of the relevant Bonds, after taking into account any amendment or interpretations of the Rule, as well as any change in circumstances; and (c) the amendment does not materially adversely affect the interests of Bondholders as determined either by a party unaffiliated with the School District (such as the Paying Agent or nationally recognized bond counsel) or by an approving vote of a majority of 17

24 Bondholders. To the extent required by the Rule, the School District shall disclose in the next Annual Report the amendment and its impact on the information being provided. Defaults. In the event of a failure of the School District to comply with any provision of the Disclosure Agreement, the Paying Agent, any Participating Underwriter or any Bondholder may take such actions as may be necessary and appropriate, including seeking a writ of mandamus or specific performance by court order to cause the School District to comply with its obligations under the Disclosure Agreement. A default under the Disclosure Agreement shall not be deemed an Event of Default under the Resolution or the Bonds, and the sole remedy under the Disclosure Agreement in the event of any failure of the School District to comply with the Disclosure Agreement shall be an action to compel performance, provided, however, that nothing in the Disclosure Agreement shall limit any Bondholder s rights under applicable federal securities law. The School District has complied with all prior written undertakings under the Rule to provide ongoing disclosure of annual financial information and notice of material events affecting its securities to the fiscal year end For the years 2009 and 2010, the School District failed to timely file its annual financial information. The School District has filed the 2009 annual financial information with EMMA as of March 31, The School District has filed the 2010 annual financial information with EMMA as of September 22, The School District has filed the 2011 annual financial information in a timely manner with EMMA as of January 26, The School District will continue to provide ongoing disclosure of annual financial information and notice of material events affecting its securities by filing with the MSRB through EMMA in the future and has established procedures to assure that information is provided in a timely manner. MISCELLANEOUS No Litigation As a condition of settlement for the Bonds, the School District and its Solicitor will deliver a certificate stating that there is no litigation, of any nature, pending or threatened against the School District to restrain or enjoin the issuance, sale, execution or delivery of the Bonds or that would have a material adverse impact on the financial condition of the School District, or if any such litigation is pending or threatened, an opinion of counsel satisfactory to the Underwriter that any such litigation is without merit. Legal Opinion The issuance and delivery of the Bonds is subject to delivery of the approving legal opinion of Saul Ewing LLP, Philadelphia, Pennsylvania, Bond Counsel to the School District. Certain legal matters will be passed upon for the School District by Thomas Clark, Esquire, Selinsgrove, Pennsylvania, Solicitor to the School District. Ratings Moody s Investors Service, Inc. ( Moody s ) has assigned the School District s underlying A1 rating to the bonds. Moody s is also expected to assign its municipal bond rating of Aa3 (on review for possible downgrade) to the issue of the Bonds with the understanding that upon delivery of the Bonds, a policy insuring the payment when due of the principal of and the interest on the Bonds will be issued by AGM. Any explanation of the significance of such rating may only be obtained from the rating agency. Such rating reflects only the views of such organization and explanations of the significance of such rating may be obtained from the rating agency furnishing the same. There is no assurance that such rating will continue for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in the judgment of such rating agency circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. Verification The arithmetical accuracy of the mathematical computations supporting the adequacy of the maturing principal amounts of, and interest earned on the securities purchased to fund the escrow established for the Refunded Debt will be verified by Murphy, Dougherty & Company, Moscow, Pennsylvania, as a condition to the delivery of the Bonds. Underwriting The Underwriter has agreed, subject to certain conditions, to purchase the Bonds from the School District at a purchase price of $8,438, plus accrued interest, if any. The Underwriter s obligation to purchase the Bonds is subject to certain conditions precedent; however, the Underwriter is obligated to purchase all such Bonds if any such Bonds are purchased. The Bonds may be offered and sold to certain dealers (including dealers depositing such Bonds into investment trusts) at prices lower than such public offering prices, and such public offering prices may be changed, from time to time, by the Underwriter. 18

25 Paying Agent The principal of the Bonds will be payable, when due, upon presentation and surrender of the Bonds at the corporate trust payment office of Manufacturers and Traders Trust Company located in Harrisburg, Pennsylvania or Buffalo, New York. Interest on the Bonds will be paid by check mailed by the Paying Agent to the registered owners of the Bonds. (See "DESCRIPTION OF THE BONDS" above.) RISK FACTORS Changes in Federal Law From time to time, there are presidential proposals, proposals by various federal committees and legislative proposals in Congress that, if enacted, could alter or amend the tax matters referred to herein or adversely affect the marketability or market value of the Bonds or otherwise prevent holders of the Bonds from realizing the full benefit of the tax exemption of interest on the Bonds. Further, such proposals may impact the marketability or market value of the Bonds simply by being proposed. It cannot be predicted whether or in what form any such proposals may be enacted or whether if enacted such proposals would apply to bonds issued prior to enactment. In addition, regulatory or other actions are from time to time announced or proposed which, if implemented or concluded in a particular manner, could adversely affect the market value, marketability or tax status of the Bonds. It cannot be predicted whether any such regulatory or other actions will be implemented or whether the Bonds would be impacted thereby. Purchasers of the Bonds should consult their tax advisors regarding any pending or proposed legislation, regulations or other potential changes in law. The opinions expressed by Bond Counsel are based upon existing legislation and regulations as interpreted by relevant judicial and regulatory authorities as of the date of issuance and delivery of the Bonds, and Bond Counsel has expressed no opinion as of any date subsequent thereto or with respect to any proposed or pending legislation, regulations or other potential changes in law. Other All references to the provisions of the Act, the Bonds, the Resolution, legal opinions and all documents and certificates delivered at settlement for the Bonds described in this Official Statement are made subject to all the specific provisions thereof, to which reference is hereby made for further information, and this Official Statement does not purport to be a complete statement of any or all such provisions. All information, estimates and assumptions herein have been obtained from officials of the School District, other governmental bodies, trade and statistical services, and other sources which are believed to be reliable; but no representations whatsoever are made that such estimates or assumptions are correct or will be realized. So far as any statements herein involve matters of opinion, whether or not expressly so stated, they are intended as such and not representations of fact. Use of the words shall, will, must, or other words of similar import or meaning in summaries of documents or law in the Official Statement to describe future events or continuing obligations is not intended as a representation that such events will occur or such obligations will be fulfilled, but only that the document or law required or contemplated such events to occur or such obligations to be fulfilled. The School District has authorized the distribution of this Official Statement. SELINSGROVE AREA SCHOOL DISTRICT Snyder County, Pennsylvania By: /s/ Paul F. Spiegel Paul F. Spiegel, Jr., President of the Board of School Directors 19

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27 APPENDIX A Summaries of Financial Statements of the School District A-1

28 FINANCIAL REVIEW The following exhibit on page A-4 is a summary only and is not intended to be a complete report. For more complete information, the individual financial statements and the Budget of the School District should be reviewed at the School District's Business Office, Selinsgrove, Pennsylvania. Review of Recent General Fund Audited Financial Statements and Budget The exhibit on page A-4 is a five-year comparison of the School District's Audited General Fund Revenues and Expenditures for Fiscal Years ending and Projected. The figures for fiscal years have been extracted from the audits completed by the School District s independent auditor. The figures have been arranged in a form believed to be convenient for the purposes of this Official Statement. Accounting Method The School District keeps its books and prepares its financial reports according to a modified accrual basis. Major accrual items are payroll taxes and pension fund contributions payable, loans receivable from other funds, and revenues receivable from other governmental units. Its financial statements are audited annually by a firm of independent certified public accountants, as required by State law. Budgeting Process in School Districts under the Taxpayer Relief Act In General. School districts budget and expend funds according to procedures mandated by the Pennsylvania Department of Education. An annual operating budget is prepared by school district administrative officials on a uniform form furnished by such Department and submitted to the board of school directors for approval prior to the beginning of the fiscal year on July 1. Procedures for Adoption of the Annual Budget. Under the Taxpayer Relief Act, all school districts of the first class A, second class, third class and fourth class (except as described below) must adopt a preliminary budget proposal (which must include estimated revenues and expenditures and proposed tax rates) no later than 90 days prior to the date of the election immediately preceding the fiscal year. The preliminary budget proposal must be printed and made available for public inspection at least 20 days prior to its adoption; the board of school directors may hold a public hearing on the budget; and the board must give at least 10 days public notice of its intent to adopt the final budget. If the adopted preliminary budget includes an increase in the rate of any tax levy, the preliminary budget must be submitted to the Pennsylvania Department of Education (PDE) no later than 85 days prior to the date of the election immediately preceding the fiscal year. PDE is to compare the proposed percentage increase in the rate of any tax with the school district s Index (see The Taxpayer Relief Act herein) and within 10 days, but not later than 75 days prior to the upcoming election, inform the school district whether the proposed percentage increase is less than or equal to the Index. If PDE determines that a proposed tax increase will exceed the Index, the school district must reduce the proposed tax increase, seek voter approval for the tax increase at the upcoming election or seek approval to utilize one of the referendum exceptions authorized under The Taxpayer Relief Act. With respect to the utilization of any of the Taxpayer Relief Act referendum exceptions for which PDE approval is required (see The Taxpayer Relief Act herein), the school district must publish notice of its intent to seek PDE approval not less than one week before submitting its request for approval to PDE and, if PDE determines to schedule a public hearing on the request, a notice of the date, time and place of such hearing. PDE is required by the Taxpayer Relief Act to rule on the school district s request and inform the school district of its decision no later than 55 days prior to the upcoming election so that, if PDE denies the school district s request, the school district may submit a referendum question to the local election officials at least 50 days before the upcoming election, if it so chooses. To use any of the referendum exceptions for which court approval is required under the Taxpayer Relief Act, the school district must petition the court of common pleas no later than 75 days prior to the upcoming election, after giving one week s public notice of the intent to file such petition. The court may schedule a hearing on the petition, and the school district must prove by clear and convincing evidence that it qualifies for the exception sought. The Taxpayer Relief Act requires that the court rule on the petition and inform the school district of its decision no later than 55 days prior to the upcoming election. Such Act provides that the court in approving the petition shall determine the dollar amount for which the exception is granted, the tax rate increase required to fund the exception and the appropriate duration of the tax increase. If the court denies the school district s petition, such Act permits the school district to submit a referendum question to the local election officials at least 50 days before the upcoming election, if it so chooses. A-2

29 If a school district seeks voter approval to increase taxes at a rate higher than the applicable Index, whether or not it first seeks approval to utilize one of the referendum exceptions available under the Taxpayer Relief Act, and the referendum question is not approved by a majority of the voters voting on the question, the board of school directors may not approve an increase in the tax rate greater than the applicable Index. Simplified Procedures in Certain Cases. The above budgetary procedures will not apply to a school district if the board of school directors adopts a resolution no later than 110 days prior to the election immediately preceding the upcoming fiscal year declaring that it will not increase any tax at a rate that exceeds the Index and that a tax increase at or below the rate of the Index will be sufficient to balance its budget. In that case, the Taxpayer Relief Act requires only that the proposed annual budget be prepared at least 30 days, and made available for public inspection at least 20 days, prior to its adoption, and that at least ten (10) days public notice be given of the board s intent to adopt the annual budget. No referendum exceptions are available to a school district adopting such a resolution. A-3

30 SELINSGROVE AREA SCHOOL DISTRICT Comparative Statement of General Fund Revenues and Expenditures for the Fiscal Years ending June 30, and the Projections Audited Audited Audited Audited Projected REVENUES: Local Sources $19,157,772 $20,092,935 $20,508,525 $21,788,016 $21,905,018 State Sources 11,977,764 11,843,041 11,911,201 12,314,514 12,570,266 Federal Sources 813,634 1,886,751 2,266, ,414 1,868,127 Other Sources 76, , , ,010 0 TOTAL REVENUES $32,025,448 $33,935,851 $34,950,015 $35,197,954 $36,343,411 EXPENDITURES: Instruction $19,120,409 $20,378,997 $20,368,974 $20,237,780 $21,182,998 Support Services 8,912,713 9,249,608 9,904,812 9,554,231 10,741,925 Non-instructional 132, , , , ,321 Services Facilities ,957 42, ,000 Debt Service 78, , , , ,030 Other uses 3,805 3,400 14, TOTAL EXPENDITURES Other Sources/Uses (Interfund Transfers) Net increase (decrease) in General Fund Balance: Opening Fund Balance (July 1) $28,247,997 $29,892,966 $31,144,863 $30,669,380 $33,238,274 (3,239,117) (3,639,506) (3,115,890) (3,548,057) (2,773,500) 538, , , , ,637 3,528,597 4,066,931 4,470,310 5,161,975 6,142,492 Prior Period Adjustment 0 0 2, Ending Fund Balance (June 30) $4,066,931 $4,470,310 $5,161,975 $6,142,492 $6,474,129 Source: School District financial records A-4

31 APPENDIX B Description of the School District and Financial Factors B-1

32 DESCRIPTION OF THE SCHOOL DISTRICT The School District is located in Snyder County in central Pennsylvania. The School District is comprised of the following townships: Chapman, Jackson, Monroe, Penn, Union, Washington and the boroughs of Freeburg, Selinsgrove and Shamokin Dam. The Selinsgrove Area School District occupies a total land area of square miles in the eastern portion of Snyder County, along the Susquehanna River, just east of the geographic center of Pennsylvania, about equidistant from both Harrisburg and Williamsport. Coextensive with the boroughs of Selinsgrove, Shamokin Dam, and Freeburg, and the townships of Monroe, Penn, Chapman, Jackson, Union, and Washington, Selinsgrove Area School District, with a population of approximately 22,000 and assessed real property of approximately forty-six million dollars, includes at least three-fifths of Snyder County's population and taxable wealth. Monroe Township, which encircles Shamokin Dam Borough, represents the Selinsgrove Area School District's population and economic center. Source: School District website Demographic Characteristics The following tables provide population trends, age, and housing indices for the School District, the County and the Commonwealth. Population Selinsgrove Area School District 22,244 21,015 Snyder County 39,702 37,546 Commonwealth 12,702,379 12,281,054 Age Composition (2010) Under 18 Under 18 (as %) 65 or Over 65 or Over (as %) Selinsgrove Area School District 4, , Snyder County 8, , Commonwealth 2,792, ,959, Occupied Housing (2010) Total Housing Units Occupied Housing Units Percent Occupied Housing Owner- Occupied Housing Units Percent Owner Occupied Selinsgrove Area School District 8,659 8, , Snyder County 16,027 14, , Commonwealth 5,567,315 5,018, ,419, Source: The Pennsylvania State University Data Center History of Selinsgrove Founded in 1787 by Captain Anthony Selin, who fought with Washington in the Revolutionary War, Selinsgrove features a delightful blend of small-town friendliness and scenic countryside. Quaint shops, restaurants and businesses with an abundance of colonial and early American architecture set this town apart. Stroll the brick-paved sidewalks and tree-lined downtown where an array of specialty shops, restaurants, and professionals offer quality goods and services with personalized attention. You'll find shopping or simply browsing to have an unhurried, relaxed pace here. Selinsgrove is also home to Susquehanna University, which is consistently recognized as one of the best liberal arts colleges in the Northeast by a number of college guidebooks. Its quiet streets, historic homes and easy access to shopping centers and schools make Selinsgrove an ideal place for families. Situated on the shores of the Susquehanna River, there are many B-2

33 opportunities for boating and swimming in the summer, ice fishing and skating in the winter. Regardless of the season, Selinsgrove offers year-round enjoyment and security as a place to work, live and play. Transportation The Selinsgrove Area School District is traversed by two heavily traveled east and west highways, namely U.S. Route 522 and Pennsylvania Route 35. Both of these highways lead into the Susquehanna Trail U.S. Route 11-15, a limited access highway which handles a north-south flow of traffic between Harrisburg and Williamsport. The District is also served by Interstates 80, 81 and 180. Two local airports serve the region. Penn Valley Airport is located one mile north of Selinsgrove and provides a full service general aviation facility. The Danville/Riverside Airport is located in Riverside and is licensed and operated by the Montour and Northumberland Counties. Utilities PPL electric utilities provides electric service to the residents of the School District. PG Energy and PPL Gas Utilities provide gas to residents in selected areas. Local telephone service is provided by Verizon of Pennsylvania. Public water services are provided to School District residents by the following: Aqua Pennsylvania, Inc., Selinsgrove Municipal Water Authority, Freeburg Water & Sewer Authority, Penn Township Municipal Authority and the Shamokin Dam Borough. Higher Education The Greater Susquehanna Valley is home to three colleges and universities, three technical institutions, seven public school districts, and four private primary and secondary schools. Sun Area Career & Technology Center is operated by the school districts in Snyder, Union and Northumberland counties. The school enrolls approximately 250 students and offers secondary training and also offers training programs for local residents. Susquehanna University, located in Selinsgrove, is a private university with many paraprofessional programs including dentistry, law, medicine, ministry, and veterinary medicine. The University has an enrollment of approximately 1,600. The following universities are located nearby. Bucknell University is located nearby in Lewisburg. Bloomsburg University of Pennsylvania is a member of Pennsylvania s State System of Higher Education. The university has over 7,200 students in many different programs. Lycoming College is located in nearby Williamsport and has an enrollment of 1,260 students. Pennsylvania College of Technology is an affiliate of Penn State University. The college is Pennsylvania s premier technical college. Penn View Bible Institute is a four year college offering courses in ministerial, missionary, child evangelism, and nursing. Hospitals Three major hospitals service the Snyder County area. All three hospitals have Emergency services available. Evangelical Community Hospital (1 Hospital Drive) is located in Lewisburg, Geisinger Medical Center (North Academy Avenue) is located in Danville, and Sunbury Community Hospital and Outpatient Center (350 N. 11th Street) is located in Sunbury. Source: Greater Susquehanna Valley Chamber of Commerce B-3

34 THE ECONOMY The trend in total employment rates in Snyder County, compared with the same rates for Pennsylvania and the United States, since 1996, is shown as follows: Year Civilian Labor Force Total Employment Snyder County PA U.S ,500 17, ,500 17, ,500 17, ,300 17, ,900 18, ,700 18, ,500 18, ,500 17, ,000 19, ,900 19, ,400 19, ,900 18, ,000 18, ,500 17, ,900 17, ,200 17, (Oct) 19,800 18, Source: Center for Workforce Information and Analysis, PA Department of Labor and Industry Largest Employers in or near the School District Company Wood-Mode Inc. PA State Government Conestoga Wood Specialties Susquehanna University Selinsgrove Area School District Midd-West School District Apex Homes Inc. Wal-Mart Association, Inc. Professional Building Systems National Beef Packaging Company Weis Markets, Inc. Snyder County Lowe s Home Centers, Inc. Business Manufactures kitchen cabinets Government Hardwood lumber Educational Services Public Education Public Education Manufacturer of modular homes Retail Trade Manufacturer of modular homes Wholesale Trade Retail trade-food services Government Retail trade professional services Source: School District Officials B-4

35 TAX REVENUES OF THE SCHOOL DISTRICT Market and Assessed Values of Real Property Market values of real property in the School District, as reported by the Pennsylvania State Tax Equalization Board, are listed below. Snyder County s reassessment was completed in Year Current Market Value Assessed Valuation Ratio ,901, ,908, ,837, ,164, ,451, ,490, ,510, ,880, ,330, ,936, ,670, ,823, ,404, ,642, ,625, ,930, ,490, ,204, ,112,979, ,650, ,110,100, ,296, ,167,883, ,335, ,180,839, ,938, ,182,891, ,384,830 (1) (1) Figures shown are provided by the School District, unavailable from STEB. Source: Pennsylvania State Tax Equalization Board Ten Largest Taxpayers in the School District The ten largest real estate taxpayers in the School District and their assessed valuation of their real estate are as follows: Taxpayer Business Assessed Value Susquehanna Valley Mall Retail $12,306,620 PR Monroe Limited Partnership Retail 6,462,120 Savidge Rental 2,307,940 Target Corporation Retail 2,116,700 RE Selinsgrove, LLC Nursing Home/Apartments 1,864,890 Sunbury Generation Utility 1,689,850 Wal-Mart Real Estate Business Retail 1,287,870 Sencit Low Income Housing 1,259,340 Lowe s Retail 1,176,890 Orchard Hills Shopping Retail 1,010,950 Source: Snyder County Assessment Office TOTAL $31,483,170 B-5

36 Local Tax Rates for the Fiscal Year Real Estate Millage Rates (Based on 100% Assessment) Selinsgrove Area School District Snyder County Per Capita... $10 Real Estate Transfer Selinsgrove Area School District % Municipalities % Earned Income Tax Selinsgrove Area School District % Municipalities % Tax Collection Record The School District mails tax notices to taxpayers on or about August 1 of each year. The tax collection process of the School District allows taxpayers remitting in full prior to September 15 of each year a 2% discount on their tax obligations. Remittances between September 30 and November 30 are paid at par and taxpayers remitting after December 1st pay a 10% penalty. After January 31, all unpaid real estate taxes are turned over to the Snyder County for collection. The School District s realty tax collection record is shown below: Fiscal Year (1) Unaudited estimates (2) Budgeted Total Gross Billing Current Year Collections Current Year Collections as a Percent of Total Gross Billing Current Plus Delinquent Collections Collections as Percent of Total Gross Billing $5,776,540 $5,556, $6,168, ,079,256 6,030, ,743, ,316,212 6,132, ,996, ,860,192 7,663, ,435, ,455,309 7,092, ,983, ,084,627 7,752, ,686, ,901,374 7,543, ,411, ,414,950 7,991, ,420, ,513,739 8,960, ,483, ,278,805 9,670, ,138, ,959,233 10,362, ,922, ,461,646 10,815, ,476, ,219,242 11,587, ,152, ,033,037 12,570, ,107, ,067,527 13,504, ,023, ,828,800 13,885, ,524, (1) 15,150,540 14,500, ,989, (2) 15,566,635 14,858, ,433, Note: Beginning in Fiscal year amounts include property tax relief money from state gambling monies. Source: School District Officials B-6

37 SCHOOL DISTRICT FACILITIES AND ENROLLMENTS The School District presently operates three elementary schools, a middle school and a high school, all as described on the following table. Students in grades may attend the Snyder County Career Center. School Facility Original Construction Date Renovations or Additions Grades Served Student Capacity Enrollment Elementary Schools: Jackson-Penn N/A Selinsgrove K Selinsgrove Intermediate 1997 none Middle School: Selinsgrove Area 1974 none Secondary School: Selinsgrove Area /1954/ /1983/ , Total Enrollment: 2,753 Source: School District Officials Pupil Enrollment Historical and Projected The following Table presents recent trends in school enrollment and projections of enrollment for over the next two years, as prepared by School District officials. School Year Total , , , , , , , , , , , , , , , (1) 2, (1) 2,779 (1) Projected Source: School District Officials B-7

38 DEBT SUMMARY AND RELATED INFORMATION General Obligation: Issue Date: Long-Term Debt Outstanding Summary of School Financings Project Reimbursement Percentage Estimated Reimbursement (1) State Share Local Share Bonds 2013 $8,645, % 25.56% $2,209,370 $6,435,630 Bonds, Series A 2012 $4,310, % 14.45% $622,601 $3,687,399 Bonds, Series B 2012 $5,490, % 46.93% $2,576,357 $2,913,643 Bonds 2011 $9,795, % 14.45% $1,414,937 $8,380,063 Bonds, Series AA 2009 $800, % 20.96% $167,696 $632,304 Bonds, Series B 2009 $4,900, % 0.00% $0 $4,900,000 Bonds (2) 1994 $895, % 15.51% $138,913 $756,641 Totals: $34,835,554 $7,129,874 $27,705,680 (1) Project Reimbursement multiplied by the School District s MVAR OF 52.51% (2) Accreted Value Financial Factors and Ratios STEB Market Valuation of Real Estate 2011 $1,180,839,514 STEB Assessed Valuation of Real Estate 2011 $256,938,410 Ratio of Assessed to Market Value 21.76% Population: 2010 U.S. Census 22,244 Market Valuation of Real Estate Per Capita $53,086 Assessed Valuation of Real Estate Per Capita $11,551 Bonded Indebtedness Obligations of the Residents of the School District School District General Obligation $34,835,554 Snyder County (1) 1,988,254 Total Obligations $36,823,808 Ratio of Total Obligations to: Market Valuation of Real Estate 3.12% Assessed Valuation of Real Estate 14.33% Population $1,655 Obligations of the Residents after State Reimbursement School District General Obligation $27,705,680 Snyder County (1) 1,988,254 Total Obligations $29,693,933 Ratio of Total Obligations after State Reimbursement to: Market Valuation of Real Estate 2.51% Assessed Valuation of Real Estate 11.56% Population $1,335 (1) Based upon School District's percentage (60.09%) of total assessed valuation for Snyder County and outstanding non-electoral and lease-rental debt of the County per DCED 12/1/12 report. B-8

39 APPENDIX C Bond Amortization Schedule C-1

40 SELINSGROVE AREA SCHOOL DISTRICT Bond Amortization Schedule General Obligation Bonds, Series of 2013 Semiannual Debt Service SEMI-ANNUAL ANNUAL DATE PRINCIPAL COUPON INTEREST DEBT SERVICE DEBT SERVICE 3/1/2013 $5, % $31, $36, $36, /1/ , , /1/ , % 98, , , /1/ , , /1/2015 5, % 97, , , /1/ , , /1/2016 5, % 97, , , /1/ , , /1/2017 5, % 97, , , /1/ , , /1/ , % 97, , , /1/ , , /1/ , % 96, , , /1/ , , /1/ , % 95, , , /1/ , , /1/ , % 91, , , /1/ , , /1/ , % 87, , , /1/ , , /1/ , % 85, , , /1/ , , /1/ , % 83, , , /1/ , , /1/2025 1,770, % 81, ,851, ,932, /1/ , , /1/2026 1,810, % 61, ,871, ,933, /1/ , , /1/2027 2,770, % 40, ,810, ,851, /1/2027 7, , /1/ , % 7, , , $8,645,000 $2,471, $11,116, $11,116, C-2

41 APPENDIX D Specimen Municipal Bond Insurance Policy D-1

42 MUNICIPAL BOND INSURANCE POLICY ISSUER: BONDS: $ in aggregate principal amount of Policy No: -N Effective Date: Premium: $ ASSURED GUARANTY MUNICIPAL CORP. ("AGM"), for consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY agrees to pay to the trustee (the "Trustee") or paying agent (the "Paying Agent") (as set forth in the documentation providing for the issuance of and securing the Bonds) for the Bonds, for the benefit of the Owners or, at the election of AGM, directly to each Owner, subject only to the terms of this Policy (which includes each endorsement hereto), that portion of the principal of and interest on the Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer. On the later of the day on which such principal and interest becomes Due for Payment or the Business Day next following the Business Day on which AGM shall have received Notice of Nonpayment, AGM will disburse to or for the benefit of each Owner of a Bond the face amount of principal of and interest on the Bond that is then Due for Payment but is then unpaid by reason of Nonpayment by the Issuer, but only upon receipt by AGM, in a form reasonably satisfactory to it, of (a) evidence of the Owner's right to receive payment of the principal or interest then Due for Payment and (b) evidence, including any appropriate instruments of assignment, that all of the Owner's rights with respect to payment of such principal or interest that is Due for Payment shall thereupon vest in AGM. A Notice of Nonpayment will be deemed received on a given Business Day if it is received prior to 1:00 p.m. (New York time) on such Business Day; otherwise, it will be deemed received on the next Business Day. If any Notice of Nonpayment received by AGM is incomplete, it shall be deemed not to have been received by AGM for purposes of the preceding sentence and AGM shall promptly so advise the Trustee, Paying Agent or Owner, as appropriate, who may submit an amended Notice of Nonpayment. Upon disbursement in respect of a Bond, AGM shall become the owner of the Bond, any appurtenant coupon to the Bond or right to receipt of payment of principal of or interest on the Bond and shall be fully subrogated to the rights of the Owner, including the Owner's right to receive payments under the Bond, to the extent of any payment by AGM hereunder. Payment by AGM to the Trustee or Paying Agent for the benefit of the Owners shall, to the extent thereof, discharge the obligation of AGM under this Policy. Except to the extent expressly modified by an endorsement hereto, the following terms shall have the meanings specified for all purposes of this Policy. "Business Day" means any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions in the State of New York or the Insurer's Fiscal Agent are authorized or required by law or executive order to remain closed. "Due for Payment" means (a) when referring to the principal of a Bond, payable on the stated maturity date thereof or the date on which the same shall have been duly called for mandatory sinking fund redemption and does not refer to any earlier date on which payment is due by reason of call for redemption (other than by mandatory sinking fund redemption), acceleration or other advancement of maturity unless AGM shall elect, in its sole discretion, to pay such principal due upon such acceleration together with any accrued interest to the date of acceleration and (b) when referring to interest on a Bond, payable on the stated date for payment of interest. "Nonpayment" means, in respect of a Bond, the failure of the Issuer to have provided sufficient funds to the Trustee or, if there is no Trustee, to the Paying Agent for payment in full of all principal and interest that is Due for Payment on such Bond. "Nonpayment" shall also include, in respect of a Bond, any payment of principal or interest that is Due for Payment made to an Owner by or on behalf of the Issuer which has been recovered from such Owner pursuant to the

43 Page 2 of 2 Policy No. -N United States Bankruptcy Code by a trustee in bankruptcy in accordance with a final, nonappealable order of a court having competent jurisdiction. "Notice" means telephonic or telecopied notice, subsequently confirmed in a signed writing, or written notice by registered or certified mail, from an Owner, the Trustee or the Paying Agent to AGM which notice shall specify (a) the person or entity making the claim, (b) the Policy Number, (c) the claimed amount and (d) the date such claimed amount became Due for Payment. "Owner" means, in respect of a Bond, the person or entity who, at the time of Nonpayment, is entitled under the terms of such Bond to payment thereof, except that "Owner" shall not include the Issuer or any person or entity whose direct or indirect obligation constitutes the underlying security for the Bonds. AGM may appoint a fiscal agent (the "Insurer's Fiscal Agent") for purposes of this Policy by giving written notice to the Trustee and the Paying Agent specifying the name and notice address of the Insurer's Fiscal Agent. From and after the date of receipt of such notice by the Trustee and the Paying Agent, (a) copies of all notices required to be delivered to AGM pursuant to this Policy shall be simultaneously delivered to the Insurer's Fiscal Agent and to AGM and shall not be deemed received until received by both and (b) all payments required to be made by AGM under this Policy may be made directly by AGM or by the Insurer's Fiscal Agent on behalf of AGM. The Insurer's Fiscal Agent is the agent of AGM only and the Insurer's Fiscal Agent shall in no event be liable to any Owner for any act of the Insurer's Fiscal Agent or any failure of AGM to deposit or cause to be deposited sufficient funds to make payments due under this Policy. To the fullest extent permitted by applicable law, AGM agrees not to assert, and hereby waives, only for the benefit of each Owner, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to AGM to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. This Policy sets forth in full the undertaking of AGM, and shall not be modified, altered or affected by any other agreement or instrument, including any modification or amendment thereto. Except to the extent expressly modified by an endorsement hereto, (a) any premium paid in respect of this Policy is nonrefundable for any reason whatsoever, including payment, or provision being made for payment, of the Bonds prior to maturity and (b) this Policy may not be canceled or revoked. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. In witness whereof, ASSURED GUARANTY MUNICIPAL CORP. has caused this Policy to be executed on its behalf by its Authorized Officer. ASSURED GUARANTY MUNICIPAL CORP. By Authorized Officer Form 500NY (5/90)

44 [THIS PAGE INTENTIONALLY LEFT BLANK]

45 APPENDIX E Proposed Form of Opinion of Bond Counsel E-1

46 [PROPOSED FORM OF OPINION OF BOND COUNSEL] SELINSGROVE AREA SCHOOL DISTRICT (Snyder County, Pennsylvania) $8,645,000 GENERAL OBLIGATION BONDS, SERIES OF 2013 OPINION, 2013 TO THE PURCHASERS OF THE ABOVE-CAPTIONED BONDS: We have acted as bond counsel to the Selinsgrove Area School District (the "School District") in connection with the issuance of its $8,645,000 General Obligation Bonds, Series of 2013, dated January 4, 2013 (the "Bonds"). The Bonds are being issued to: (i) currently refund all of the School District s outstanding General Obligation Bonds, Series B of 2008 (the 2008B Bonds ), (ii) advance refund all of the School District s outstanding General Obligation Bonds, Series A of 2009 (the 2009A Bonds and with the 2008B Bonds, the Refunded Bonds ), and (iii) pay the costs of issuing the Bonds. In such capacity, we have examined such law and such certified proceedings, certifications, and other documents as we have deemed necessary to render this opinion. Regarding questions of fact material to our opinion, we have relied on the certified proceedings and other certifications of public officials and others furnished to us without undertaking to verify the same by independent investigation. Based on the foregoing, we are of the opinion that, under existing law: 1. The Bonds have been duly authorized and executed by the School District, and are valid, binding and enforceable general obligations of the School District /11/2012 DELAWARE MARYLAND MASSACHUSETTS NEW JERSEY NEW YORK PENNSYLVANIA WASHINGTON, DC A DELAWARE LIMITED LIABILITY PARTNERSHIP

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