OFFICIAL STATEMENT $65,130,000 CUYAHOGA COMMUNITY COLLEGE DISTRICT, OHIO GENERAL RECEIPTS REFUNDING BONDS, SERIES E, 2016

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1 Ratings: Moody s: Aa2 Standard & Poor s: AA- NEW ISSUE In the opinion of Tucker Ellis LLP, Bond Counsel to the District, under existing law (1) assuming continuing compliance with certain covenants and the accuracy of certain representations, interest on the Series E Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations under the Internal Revenue Code of 1986, as amended (the Code ), and (2) interest on the Series E Bonds, and any profit made on the sale, exchange, or other disposition of the Series E Bonds, are exempt from the Ohio personal income tax, the net income base of the Ohio corporate franchise tax, the Ohio commercial activity tax, and income taxes imposed by certain local political subdivisions in Ohio. Interest on the Series E Bonds may be subject to certain federal taxes imposed only on certain corporations and certain taxpayers may have other federal income tax consequences as a result of owning the Series E Bonds. For a more complete discussion of tax aspects, see Tax Exemption Matters. OFFICIAL STATEMENT $65,130,000 CUYAHOGA COMMUNITY COLLEGE DISTRICT, OHIO GENERAL RECEIPTS REFUNDING BONDS, SERIES E, 2016 Dated: Date of Issuance Due: As shown on inside front cover The Series E Bonds are special obligations of the Cuyahoga Community College District, Ohio (the District ), issued under the Trust Agreement dated as of September 1, 2002, as supplemented by the Fifth Supplemental Trust Agreement dated as of February 1, 2016, each between the District and U.S. Bank National Association, as Trustee, to retire a certain portion of the Series C Bonds (as defined herein) and to pay costs of issuance of the Series E Bonds. (See Plan of Financing.) Principal, interest and any premium payable on the Series E Bonds and on other parity General Receipts Bonds are payable solely from the General Receipts of the District and the pledged Special Funds, each as defined in and subject to the provisions of the Trust Agreement. The Series E Bonds are not obligations of the State of Ohio, are not general obligations of the District, and the full faith and credit of the District is not pledged to their payment. Bondholders have no right to have excises or taxes levied by the Ohio General Assembly for payment of principal, interest or redemption premium on the Series E Bonds. The Series E Bonds will be initially issued only as fully registered bonds, one for each maturity, issuable under a book-entry only system, registered initially in the name of The Depository Trust Company, New York, New York, or its nominee (DTC). There will be no distribution of Series E Bonds to the ultimate purchasers. The Series E Bonds in certificated form as such will not be transferable or exchangeable, except for transfer to another nominee of DTC or as otherwise described in this Official Statement. See Book-Entry Only System. Principal and interest and any premium are payable to the registered owner (initially, DTC), the principal and any premium upon presentation and surrender at the designated corporate trust office of the Trustee, and interest transmitted by the Trustee on each interest payment date (February 1 and August 1 of each year, beginning August 1, 2016) as shown on the Register as of the 15th day of the calendar month preceding that interest payment date. Prior Redemption. Series E Bonds maturing on and after August 1, 2026 are subject to optional redemption by the District prior to maturity, beginning February 1, 2026, as described in this Official Statement. The Series E Bonds are offered when, as and if issued, and accepted by the Underwriters, subject to the opinion on certain legal matters relating to their issuance by Tucker Ellis LLP, Bond Counsel. Certain legal matters will be passed upon for the Underwriters by their counsel, Roetzel & Andress, LPA. The Series E Bonds are expected to be available for delivery to DTC on March 9, KEYBANC CAPITAL MARKETS INC. FIFTH THIRD SECURITIES, INC. This Official Statement has been prepared by the District in connection with its original offering for sale of the Series E Bonds. This cover page includes certain information for quick reference only. It is not a summary of the Series E Bond issue. Investors should read the entire Official Statement to obtain information as a basis for making informed investment judgments. The date of this Official Statement is February 11, 2016, and the information speaks only as of that date.

2 PRINCIPAL MATURITY SCHEDULE $65,130,000 SERIAL BONDS Maturity Date Amount Interest Rate Yield CUSIP ** No. Maturity Date Amount Interest Rate Yield CUSIP ** No. 08/01/2016 $360, % 0.450% EH7 02/01/2023 $3,465, % 1.510% EM6 02/01/ , % 0.650% EJ3 08/01/2023 3,530, % 1.580% EN4 08/01/ , % 0.750% FA1 02/01/2024 3,605, % 1.740% EP9 02/01/ , % 0.850% FB9 08/01/2024 3,675, % 1.800% EQ7 08/01/ , % 0.900% FC7 02/01/2025 3,750, % 1.850% ER5 02/01/ , % 0.940% FD5 08/01/2025 3,835, % 1.940% ES3 08/01/ , % 1.000% FE3 02/01/2026 3,885, % 2.040% ET1 02/01/ , % 1.080% FF0 08/01/2026 3,980, % 2.080% * EU8 08/01/ , % 1.130% FG8 02/01/2027 4,080, % 2.310% * EV6 02/01/2021 3,095, % 1.150% FH6 08/01/2027 4,165, % 2.330% * EW4 08/01/2021 3,275, % 1.200% FJ2 02/01/2028 4,240, % 2.420% * EX2 02/01/2022 2,500, % 1.350% EK0 02/01/ , % 1.350% FK9 08/01/2022 3,395, % 1.380% EL8 08/01/ /01/2029 4,325,000 4,400, % 5.000% 2.680% * 2.300% * EY EZ7 *Stated yields are calculated to the call date of 2/1/26. **CUSIP numbers have been assigned by an independent company not affiliated with the District and are included solely for the convenience of the holders of the Series E Bonds. The District is not responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Series E Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series E Bonds as a result of various subsequent actions 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 certain maturities of the Series E Bonds.

3 REGARDING USE OF THIS OFFICIAL STATEMENT This Official Statement does not constitute an offering of any security other than the original offering of the Series E Bonds identified on the cover. No person has been authorized by the District to give any information or to make any representation, other than as contained in this Official Statement and, if given or made, such other information or representations must not be relied upon as having been given or authorized by the District. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, and there shall be no sale of the Series E Bonds by any person, in any jurisdiction in which it is unlawful to make such offer, solicitation or sale. The information and descriptions in this Official Statement do not purport to be comprehensive or definitive. Statements regarding specific documents, including the Series E Bonds, are summaries and subject to the detailed provisions of those documents and are qualified in their entirety by reference to the appropriate document, copies of which will be made available, upon request, for examination in the offices of the Underwriters during the initial offering of the Series E Bonds and thereafter at the District s offices. Certain information contained in this Official Statement has been obtained from The Depository Trust Company and other sources believed by the District to be reliable, but is not guaranteed as to accuracy or completeness and is not to be construed as a representation of the District or the Underwriters. CUSIP numbers have been assigned by an independent company not affiliated with the District and are included solely for the convenience of the holders of the Series E Bonds. The District is not responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Series E Bonds or as indicated on the cover page of this Official Statement. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series E Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of that 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 certain maturities of the Series E Bonds. The information and expressions of opinion in this Official Statement are subject to change without notice and neither the delivery of this Official Statement nor any sale of the Series E Bonds shall, under any circumstances, create any implication that there has been no change in the affairs of the District since its date. Upon issuance, the Series E Bonds will not be registered by the District under the Securities Act of 1933, as amended, or any state securities law, and will not be listed on any stock or other securities exchange. Neither the Securities and Exchange Commission (the SEC ) nor any other federal, state or other governmental entity or agency, except the District, will have at the request of the District passed upon the accuracy or adequacy of this Official Statement or approved the Series E Bonds for sale. U.S. Bank National Association, by acceptance of its duties as Trustee under the Trust Indenture, has not reviewed this Official Statement and has made no representations as to the information contained herein, including but not limited to, any representations as to the financial feasibility or related activities.

4 TABLE OF CONTENTS Page INTRODUCTORY STATEMENT...1 The General Receipts Bonds...2 Constitutional and Statutory Authorization...3 PLAN OF FINANCING...4 Sources and Uses of Funds...4 PLAN OF REFUNDING...4 SECURITY AND SOURCES OF PAYMENT...4 General Receipts Pledged to the Bonds...5 SUMMARY OF CERTAIN TERMS OF THE SERIES E BONDS...8 General...8 Book-Entry Only System...8 Revision of Book-Entry Only System; Replacement Bonds Prior Redemption...12 THE AGREEMENT...13 District Covenants as to General Receipts...13 Funds and Accounts...14 Eligible Investments...15 Enforcement by Mandamus...19 Defeasance...19 Additional Bonds...20 Parity Obligations...21 Nonpresentment...21 Supplemental Trust Agreements; Modifications...21 Trustee...23 LEGAL MATTERS...23 TAX EXEMPTION MATTERS...24 ORIGINAL ISSUE PREMIUM...26 LITIGATION...26 ELIGIBILITY FOR INVESTMENT AND AS PUBLIC MONEYS SECURITY...27 FINANCIAL ADVISOR...27 VERIFICATION AGENT...27 RATINGS...27 UNDERWRITING...28 CONTINUING DISCLOSURE AGREEMENT...28 TRANSCRIPT AND CLOSING DOCUMENTS...31 CONCLUDING STATEMENT...31 Appendix A Cuyahoga Community College District... A-1 Appendix B Audited Financial Statements for Fiscal Year B-1 Appendix C Text of Proposed Bond Counsel Opinion...C-1 i

5 INTRODUCTORY STATEMENT This Official Statement has been prepared by the Cuyahoga Community College District (the District ), Ohio, in connection with its original issuance and sale of the General Receipts Bonds identified on the cover page (the Series E Bonds ). Certain information concerning the authorization, purpose, terms, and security for and source of payment of the Series E Bonds is provided in this Official Statement. The District, a political subdivision of the State, owns and operates Cuyahoga Community College (the College ), a publicly owned and supported, and State-assisted, twoyear community college located in Cuyahoga County, Ohio. For academic year , headcount enrollment at the College is 25,449. Information concerning the District appears at Appendix A. The Series E Bonds are being issued pursuant to Sections and of the Revised Code (the Act ), a resolution (the Bond Resolution ) adopted by the Board of Trustees of the District (the Board ) on January 28, 2016, a Trust Agreement dated as of September 1, 2002 (the Trust Agreement ), as supplemented by the Fifth Supplemental Trust Agreement dated as of February 1, 2016 (the Series E Supplement and, together with the Trust Agreement, the Agreement ), each between the District and U.S. Bank National Association, Cincinnati, Ohio, as trustee (the Trustee ). Pursuant to the Act, the District is authorized to refund, fund or retire prior obligations issued, by the issuance of obligations payable from General Receipts (as defined herein) of the District. The Trust Agreement authorizes the issuance of obligations in the form of bonds secured by a pledge of the District s General Receipts (referred to herein alternatively as the Bonds or the General Receipts Bonds ) to refund outstanding Bonds. The Series E Supplement specifically authorizes the issuance of the Series E Bonds, which are the District s fifth issue of General Receipts Bonds, only three of which will be outstanding after the issuance of the Series E Bonds. All financial and other information in this Official Statement has been provided by the District from its records, except for information expressly attributed to other sources and certain underwriting information. The presentation of information, including tables of receipts from taxes and other sources, is intended to show recent historical information, and is not intended to indicate future or continuing trends in the financial position or other affairs of the District. No representation is made that past experience, as is shown by that financial and other information, will necessarily continue or be repeated in the future. This Official Statement should be considered in its entirety and no one subject considered less important than another by reason of location in the text. Reference should be made to laws, reports or documents referred to for more complete information regarding their contents. References to provisions of Ohio law or of the Ohio Constitution, are references to those current provisions. Those provisions may be amended, repealed or supplemented. As used in this Official Statement debt service means principal of and interest and any redemption premium payable on the obligations referred to, County means Cuyahoga County, State or Ohio means the State of Ohio, and Fiscal Year means the 12-month period from

6 July 1 to June 30. Reference to a particular Fiscal Year (such as Fiscal Year 2015 ) means the fiscal year that ends on June 30 in the indicated year. Capitalized words and terms used but not defined herein have the meanings assigned to them in the Agreement. The General Receipts Bonds The General Receipts Bonds represent a type of financing of facilities by community college districts of Ohio authorized by an amendment to the Ohio Constitution as implemented by the Act. Significant elements of this financing are the broad scope and gross pledge character of the security afforded to the Bonds, and the simplicity and flexibility provided by permitting all authorized types of College Facilities to be financed under one open-end trust agreement. The Series E Bonds are the District s fifth issue of debt secured by a pledge of the District s General Receipts. In 2002, the District issued its General Receipts Bonds, Series A, 2002 (the Series A Bonds), in the original principal amount of $29,105,000, and its General Receipts Bonds, Series B, 2002 (the Series B Bonds ) in the original principal amount of $17,875,000. In April 2008, the District issued its $20,875,000 Tax Anticipation Notes, Series 2008 (the Series 2008 Notes ) to refund all of the outstanding Series B Bonds. In December 2008, the District issued its $30,000,000 Tax Anticipation Notes, Series 2008B (the Series 2008B Notes ) to retire the Series 2008 Notes. In April 2009, the District issued its General Receipts Bonds, Series C, 2009 (the Series C Bonds ), in the original principal amount of $121,090,000, of which $89,645,000 remain outstanding. A portion of the proceeds of the Series C Bonds was used to retire the Series 2008B Notes. In 2012, the District issued its General Receipts Bonds, Series D, 2012 (the Series D Bonds ), in the original principal amount of $21,900,000, of which $19,220,000 remain outstanding. The proceeds of the Series D Bonds were used to retire the Series A Bonds maturing on and after June 1, The proceeds of the Series E Bonds will be used to advance refund the Series C Bonds maturing on and after February 1, After the refunding, the outstanding amount of Series C Bonds will be $24,925,000. Security provisions include the pledge to the Bonds, on a gross pledge and first lien basis, of the District s General Receipts. General Receipts include the full amount of every type and character of receipts, excepting only those specifically excluded (such as State appropriations and local ad valorem property tax receipts). In Fiscal Year 2015, the pledged General Receipts of the District amounted to approximately $73,985,000. (See Security and Sources of Payment--General Receipts Pledged to the Bonds.) The Bond Resolution contains the covenant of the District to fix, adjust and collect fees, rates, rentals, charges and other items of its General Receipts so that at all times such General Receipts will produce an amount sufficient to pay Bond Service Charges (as defined in the Agreement) when due. Payments are to be made by the District to the Trustee, not later than one business day preceding each interest payment date for the Bonds, for deposit into the Bond Service Account of the Bond Service Fund, which is a special trust fund held in the custody of the Trustee. Amounts in the Bond Service Account are to be applied by the Trustee to pay Bond Service Charges when due. (See The Agreement--Bond Service Account.) In addition, the District has covenanted to fix, make, adjust and collect items of General Receipts to produce at all times General Receipts at least sufficient to pay Bond Service Charges when due and satisfy other requirements with respect to the Bonds and, together with other moneys available, to pay all other costs and expenses necessary for the proper maintenance and 2

7 successful and continuous operation of the College. (See Security and Sources of Payment-- Covenant as to Sufficiency of General Receipts.) The Trust Agreement is the basic document pertaining to all General Receipts Bonds and prescribes the conditions for the issuance of additional parity Bonds (Additional Bonds). For each issue of Additional Bonds, a Supplemental Trust Agreement is to be delivered, setting forth detailed provisions for that issue. (For coverage requirements relating to the issuance of Additional Bonds, see The Agreement--Additional Bonds.) The proceeds of the Series E Bonds are to be used to (i) advance refund the Series C Bonds maturing on and after February 1, 2021 (the Refunded Bonds ) and (ii) pay costs of issuance of the Series E Bonds, as specifically provided and allocated in the applicable resolution (See Plan of Refunding). Constitutional and Statutory Authorization The Bonds are authorized pursuant to the Act, enacted under authority of Section 2i of Article VIII of the Ohio Constitution which provides that the General Assembly may authorize the issuance of revenue obligations and other obligations for capital improvements for state supported and state assisted institutions of higher education, which obligations may be secured by a pledge under law of all or such portion of receipts of those institutions as the General Assembly authorizes. Section 2i further provides that the owners or holders of those obligations, such as the Bonds, are not given the right to have excises or taxes levied by the General Assembly for the payment of principal or interest. The Act authorizes the issuance by the District of the Bonds to refund, fund or retire obligations; authorizes the pledge to the Bonds of all or such part of the available receipts of the District as the District determines in the bond proceedings (being the General Receipts); and provides that the pledge of and lien on General Receipts may, as provided for in the Agreement, be made prior to all other expenses, claims or payments. [Balance of page intentionally left blank] 3

8 PLAN OF FINANCING The Series E Bonds are being issued to advance refund the Refunded Bonds and to pay costs of issuance of the Series E Bonds. Sources and Uses of Funds The sources of funds consist of: Principal amount $65,130, Plus original issue premium 10,325, TOTAL SOURCES $75,455, The proceeds of the Series E Bonds (there being no accrued interest) are to be applied for the following uses and in the following respective amounts: Deposit to Escrow Fund $74,884, Underwriters Discount 358, Costs of Issuance 211, Series E Bond Service Fund TOTAL USES $75,455, PLAN OF REFUNDING On the date of delivery and payment for the Series E Bonds, U.S. Bank National Association, as escrow trustee (the Escrow Trustee ) under the Escrow Agreement, dated as of March 1, 2016 (the Escrow Agreement ), by and between the District and the Escrow Trustee, will receive a portion of the proceeds of the Series E Bonds. Such proceeds so deposited, together with the earnings and investments of said proceeds, will be sufficient to pay all the principal of and premium, if any, on and interest on the Refunded Bonds at their respective earliest call date. Upon deposit of the government securities in accordance with the terms of the Escrow Agreement and upon receipt of the verification described under the caption VERIFICATION AGENT (below) the Refunded Bonds will be deemed to have been paid and discharged. SECURITY AND SOURCES OF PAYMENT The Series E Bonds are special obligations of the District. Debt service on the Series E Bonds is to be paid from pledged General Receipts. The Series E Bonds are being issued pursuant to, and will be secured by, the Agreement. All outstanding Bonds, including the Series C Bonds, the Series D Bonds, the Series E Bonds and any Additional Bonds, are and will be payable from and secured by a first pledge of and lien on the General Receipts of the District, subject to bankruptcy law and other laws affecting creditors rights and to the exercise of judicial discretion. 4

9 The Bonds are not general obligations of the District, and do not pledge the full faith and credit of the District. Expressly excluded from General Receipts are State appropriations and proceeds of local ad valorem property tax levies. The District covenants in the Agreement to include in its budget for each Fiscal Year amounts from its General Receipts at least sufficient to pay the Bond Service Charges on the Bonds when due and satisfy other requirements with respect to the Bonds (see The Agreement District Covenants as to General Receipts). The Agreement establishes the Bond Service Fund, a Special Fund held by the Trustee, for the payment of Bond Service Charges on the Bonds. The District is to make payments from General Receipts to the Bond Service Account in the Bond Service Fund not later than one business day prior to each date Bond Service Charges are payable. The District may provide for bond insurance or other credit support instrument, or a reserve fund or account, with respect to any one or more series of Bonds and not with respect to any other Bonds or series of Bonds. There is no bond insurance, credit support instrument or reserve applicable to the Series E Bonds. General Receipts Pledged to the Bonds General Receipts pledged to the security and payment of the Bonds include all the receipts of the District, except receipts expressly excluded by the Agreement and described below. Significant categories of receipts expressly excluded are State appropriations and local ad valorem property tax receipts, which for Fiscal Year 2015 amounted to $63,828,159 and $101,588,365, respectively, accounting for approximately 21% and 33% of the District s current fund revenues. General Receipts, as defined in the Bond Resolution, consist of all moneys received by the District including but not limited to all gross fees, deposits, charges, receipts and income from all or any part of the students of the District, whether designated as tuition, instructional fees, tuition surcharges, general fees, activity fees, health fees or other special purpose fees or otherwise designated; all gross income, revenues and receipts from the operation, ownership, or control of College Facilities; all unrestricted grants, gifts, donations and pledges and receipts therefrom; and the proceeds of the sale of obligations, including proceeds of obligations issued to refund obligations previously issued, to the extent and as allocated to the payment of Bond Service Charges under the proceedings authorizing those obligations. The exclusions from the General Receipts consist of: (1) moneys raised by taxation (State and local) and State appropriations, until and unless their pledge to Bond Service Charges is authorized by law (which is not anticipated to occur) and is made by a supplemental trust agreement; (2) any grants, gifts, donations and pledges, and receipts therefrom, which under restrictions imposed in the grant or promise or as a condition of the receipt are not available for payment of Bond Service Charges; and (3) any special fee charged pursuant to Section (D) of the Revised Code and receipts therefrom (that fee, relating to bonds of the State issued by the Ohio Public Facilities Commission, has never been imposed and is not anticipated to be imposed). 5

10 Pursuant to the Act, upon their receipt by the District, the General Receipts are immediately subject to the lien of the pledge made by the Agreement, and the lien of that pledge is valid against all parties having claims of any kind, regardless of notice, and creates a perfected security interest without necessity for prior separation, physical delivery, filing or recording or further act by the District. The following table summarizes General Receipts for the five Fiscal Years ended June 30, That information is derived from the District s audited financial statements. GENERAL RECEIPTS ($ in 000s) Fiscal Year ended June Student tuition and fees $42,000 $41,911 $46,972 $49,098 $46,498 Auxiliary Enterprises 16,863 16,529 17,646 16,813 16,508 Sales and Services 6,368 7,197 6,960 6,881 7,221 Other General Income 2,270 2,575 2,756 3,389 3,758 Total $67,501 $68,212 $74,334 $76,181 $73,985 The District is not aware of any factors that would result in the amount of General Receipts in any future Fiscal Year to be materially less than those for Fiscal Year 2015, or that would impair its ability to pay Bond Service Charges on the Bonds. [Balance of page intentionally left blank] 6

11 Annual Bond Service Charges and Coverage The following table shows the annual Bond Service Charges on the Series C Bonds, the Series D Bonds and the Series E Bonds after the issuance of the Series E Bonds and the refunding of the Refunded Bonds. Fiscal Year Ending Series C Bonds (a) Series D Bonds (b) Series E Bonds Total Principal and Interest Principal and Interest Principal and Interest 6/30/2017 $6,208, $1,706, $2,791, $10,707, /30/2018 6,211, ,711, ,788, ,711, /30/2019 6,220, ,706, ,789, ,716, /30/2020 6,213, ,707, ,789, ,709, /30/2021 3,216, ,705, ,792, ,714, /30/ ,707, ,003, ,711, /30/ ,707, ,005, ,713, /30/ ,705, ,003, ,708, /30/ ,705, ,005, ,710, /30/ ,703, ,000, ,704, /30/ ,708, ,008, ,716, /30/ ,704, ,007, ,712, /30/ ,712, ,009, ,722, /30/ ,702, ,702, /30/ ,699, ,699, /30/ ,707, ,707, /30/ , , Totals $28,071, $28,157, $88,994, $ 145,223, (a) (b) The Series C Bonds maturing on and after February 1, 2021 will be advance refunded with proceeds of the Series E Bonds. Includes mandatory sinking fund redemption requirements. The District s General Receipts for Fiscal Year 2015 (approximately $73,985,000) were over 6.90 times the aggregate maximum annual Bond Service Charges on the Series C, the Series D Bonds and the Series E Bonds as shown above. 7

12 Covenant as to Sufficiency of General Receipts The Bonds are further secured by the District s covenant in the Bond Resolution that the District will fix, make, adjust and collect fees, rates, rentals and charges and other items of General Receipts as will produce at all times General Receipts at least sufficient to pay Bond Service Charges when due, to establish and maintain any required reserve so long as required (none of which apply to the Series E Bonds), and, together with other moneys lawfully available, to pay all costs and expenses required to be paid under the Bond proceedings and all other costs and expenses for the proper maintenance and successful and continuous operation of the College. Certain revenue items that are excluded from General Receipts such as state appropriations and money raised by taxation are nonetheless available to pay costs and expenses for the maintenance and operation of the College. Additional Bonds and Parity Obligations The District may issue Additional Bonds and Parity Obligations under the conditions described below under the heading The Agreement. Additional Bonds and Parity Obligations are issued and incurred on a parity with the Bonds as to the lien on and pledge of the General Receipts. General SUMMARY OF CERTAIN TERMS OF THE SERIES E BONDS The Series E Bonds will be dated, will be payable in the amounts and on the dates, will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) at the rates and payable on the dates, and will be payable at the place and in the manner, described on the cover page and the inside cover page. The Series E Bonds will be issued in denominations of $5,000 or any integral multiple of $5,000. The Trustee will keep all books and records necessary for registration, exchange and transfer of the Series E Bonds. Replacement Series E Bonds will be exchangeable for Replacement Series E Bonds of authorized denominations, and transferable, at the designated office of the Trustee without charge (except taxes or governmental fees). As a condition to exchange or transfer, the District or the Trustee may charge the holder for any tax or excise required to be paid with respect to the exchange or transfer. Exchange or transfer of then redeemable Bonds is not required to be made (i) between the 15th day preceding the mailing of notice of Bonds to be redeemed and the date of that mailing, or (ii) of a particular Bond selected for redemption (in whole or in part). Discussion of the Series E Bonds being issued under the book-entry only system is provided below. Details regarding the procedures for and manner of payment, issuance, exchange, redemption and transfer of the Series E Bonds if ever issued in certificated form are also described below. Book-Entry Only System The information contained in this section concerning The Depository Trust Company, New York, New York ( DTC ) and DTC s book-entry only system has been obtained from 8

13 materials furnished by DTC to the District. Neither the District, the Trustee nor the Underwriters make any representation or warranty as to the accuracy or completeness of such information. General The Depository Trust Company ( DTC ), New York, New York, will act as securities depository for the Series E Bonds. The Series E Bonds will be initially issued as fully registered bonds 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 Series E Bond will be issued for each maturity of the Series E Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC or the Trustee on behalf of 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 1934, as amended. 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 ( Direct Participants ). DTC is a wholly owned subsidiary of The Depository Trust & Clearing Limited Liability Company ( 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 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 Direct and Indirect Participants are on file with the Securities and Exchange Commission. More information about DTC may be found at Purchases of Series E Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series E Bonds on DTC s records. The ownership interest of each actual purchaser of each Series E Bond (the Beneficial Owner ) is in turn to be recorded on the Direct and Indirect Participant s records. Beneficial Owners will not receive written confirmation from DTC of their purchase, but are 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 Owners entered into the transaction. Transfers of ownership interests in the Series E Bonds are to be accomplished by entries made on the books of Direct or Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Series E Bonds, except in the event that use of the book-entry system for the 9

14 Series E Bonds is discontinued (see Book-Entry Only System - Revision of Book-Entry System - Replacement Bonds herein). 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 effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series E Bonds; DTC s records reflect only the identity of the Direct Participants to whose accounts such Series E 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 Series E Bonds are being redeemed, DTC s practice is to determine by lot the amount of the interest of each Direct Participant in the Series E Bonds to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series E Bonds, unless authorized by a Direct Participant in accordance with DTC s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the 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 Certificates are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds, distributions and dividend payments on the Series E 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 the Trustee or the Paying Agent, on the 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, the Trustee or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions and dividends to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District or the Trustee, 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 securities depository with respect to the Series E Bonds at any time by giving reasonable notice to the District or the Trustee. The District may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). See BOOK- ENTRY ONLY SYSTEM - Revision of Book- Entry System - Replacement Bonds herein. 10

15 According to DTC, the foregoing information with respect to DTC has been provided to the industry for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind. The information above in this section concerning DTC and DTC s book-entry system has been obtained from sources that the District believes to be reliable, but the District takes no responsibility for the accuracy of it. Direct and Indirect Participants may impose service charges on book-entry interest owners in certain cases. Purchasers of book-entry interests should discuss that possibility directly with their brokers. The District and the Bond Registrar have no role in the purchases, transfers or sales of book-entry interests. The rights of book-entry interest owners to transfer or pledge their interests, and the manner of transferring or pledging those interests, may be subject to applicable state law. Book-entry interest owners may want to discuss with their legal advisors the manner of transferring or pledging their book-entry interests. The District and the Bond Registrar have no responsibility or liability for any aspect of the records or notices relating to, or payments made on account of, book-entry interest ownership, or for maintaining, supervising or reviewing any records relating to that ownership. The District cannot and does not give any assurances that DTC, Direct Participants, Indirect Participants or others will distribute to the book-entry interest owners payments of debt service on the Series E Bonds made to DTC, as the registered owner, or any redemption or other notices, or that they will do so on a timely basis, or that DTC will serve and act in a manner described in this Official Statement. NEITHER THE DISTRICT, THE UNDERWRITERS, NOR THE TRUSTEE WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO PARTICIPANTS, OR THE PERSONS FOR WHOM THEY ACT AS NOMINEES, WITH RESPECT TO THE PAYMENTS TO OR THE PROVIDING OF NOTICE FOR THE DIRECT PARTICIPANTS, THE INDIRECT PARTICIPANTS, OR THE BENEFICIAL OWNERS OF THE SERIES E BONDS. NO ASSURANCES CAN BE PROVIDED THAT IN THE EVENT OF BANKRUPTCY OR INSOLVENCY OF DTC, A DIRECT PARTICIPANT OR AN INDIRECT PARTICIPANT THROUGH WHICH A BENEFICIAL OWNER HOLDS AN INTEREST IN THE SERIES E BONDS, PAYMENT WILL BE MADE BY DTC, THE DIRECT PARTICIPANT OR THE INDIRECT PARTICIPANT ON A TIMELY BASIS. Revision of Book-Entry Only System; Replacement Bonds The bond proceedings provide for issuance of fully registered Series E Bonds (Replacement Bonds) directly to owners of Series E Bonds other than DTC only in the event that DTC (or a successor securities depository) determines not to continue to act as securities depository for the Series E Bonds. Upon occurrence of this event, the District may, in its discretion, attempt to have established a securities depository book entry relationship with another securities depository. If the District does not do so, or is unable to do so, and after the Trustee has made provision for notification of the owners of book entry interests in the Series E Bonds by appropriate notice to DTC (or a successor securities depository), the District and the 11

16 Trustee will authenticate and deliver Replacement Bonds of any one maturity, in denominations of $5,000 or any integral multiple of $5,000, to or at the direction of any persons requesting such issuance and, if the event is not the result of District action or inaction, at the expense (including printing costs) of those persons. Debt service on Replacement Bonds will be payable when due without deduction for the services of the Bond Registrar as paying agent. Principal and any premium will be payable to the registered owner upon presentation and surrender at the designated corporate trust office of the Bond Registrar. Interest will be payable on the interest payment date by the Trustee by check, mailed to the registered owner of record shown on the Register as of the 15th day of the month preceding the interest payment date. Prior Redemption The Series E Bonds are subject to optional redemption as described below. Optional Redemption The Series E Bonds maturing on and after August 1, 2026 are subject to prior redemption, by and at the sole option of the District, on any date on or after February 1, 2026 in whole or in part (in integral multiples of $5,000), at a redemption price equal to the principal amount redeemed, plus accrued interest to the redemption date. Selection of Bonds and Book Entry Interests to be Redeemed If fewer than all outstanding Series E Bonds are called for redemption at one time, the Series E Bonds to be called will be called as selected by, and selected in a manner as determined by, the District. If less than all of an outstanding Series E Bond of one maturity under a book-entry only system is to be called for redemption (in the amount of $5,000 or any integral multiple), the Trustee will give notice of redemption only to DTC as registered owner. The selection of the book entry interests in that Series E Bond to be redeemed is discussed below under Notice of Call for Redemption; Effect. If bond certificates are issued to the ultimate owners, and if fewer than all of the Series E Bonds of a single maturity are to be redeemed, the selection of Series E Bonds (or portions of Series E Bonds in amounts of $5,000 or any integral multiples) to be redeemed will be made by lot in a manner determined by the Trustee. In the case of a partial redemption by lot when Series E Bonds of denominations greater than $5,000 are then outstanding, each $5,000 unit of principal will be treated as if it were a separate Series E Bond of the denomination of $5,000. Notice of Call for Redemption; Effect The Trustee is to cause notice of the call for redemption, identifying the Series E Bonds or portions of Series E Bonds to be redeemed, to be sent by first class mail, at least 30 days prior to the redemption date, to the registered owner (initially, DTC) of each Series E Bond to be redeemed at the address shown on the Register on the 15th day preceding that mailing. Any 12

17 defect in the notice as to any Series E Bond will not affect the validity of the proceedings for the redemption of any other Series E Bonds, and any failure to receive notice duly mailed will not affect the validity of the proceedings for the redemption of any Series E Bonds. On the date designated for redemption, Series E Bonds or portions of Series E Bonds called for redemption shall become due and payable. If the Trustee then holds sufficient moneys for payment of debt service payable on that redemption date, interest on each Series E Bond (or portion of a Series E Bond) so called for redemption will cease to accrue on that date. So long as all Series E Bonds are held under a book-entry only system by a securities depository (such as DTC), call notice is sent by the Trustee only to the depository or its nominee. Selection of book entry interests in the Series E Bonds called, and giving notice of the call to the owners of those interests called, is the sole responsibility of the depository and of its Direct Participants and Indirect Participants. Any failure of the depository to advise any Direct Participant, or of any Direct Participant to advise any Indirect Participant, or any Direct Participant or Indirect Participant to notify the book entry interest owners, of any such notice and its content or effect will not affect the validity of any proceedings for the redemption of any Series E Bonds or portions of Series E Bonds. See Book-Entry Only System. THE AGREEMENT The following is a summary of certain provisions of the Trust Agreement, as supplemented by the Series E Supplement (together, the Agreement) and does not purport to be complete. The Trust Agreement contains provisions as to special funds; Bond authentication, registration, transfer, exchange and replacement; redemption; events of default and remedies; duties of the Trustee (and any successor); supplemental trust agreements; and defeasance, among others. The Series E Supplement contains the specific terms of the Series E Bonds. Certain provisions of the Agreement, such as District budgeting requirements, special funds, District covenants, events of default and remedies, enforcement by mandamus, defeasance, nonpresentment of Bonds, supplemental trust agreements, Additional Bonds, annual reports and records, and the Trustee, are summarized below. So long as the Series E Bonds are immobilized in a book-entry only system with a securities depository, that depository or its nominee will be considered by the District and the Trustee to be the owner or holder of the Series E Bonds for all purposes of the Agreement, and (except as otherwise provided in the Continuing Disclosure Agreement) the owners of book entry interests will not be considered owners or holders and have no rights as holders or owners under the Agreement. District Covenants as to General Receipts In the Bond Resolution, the District has covenanted that it will fix, adjust and collect fees, rates, rentals, charges and other items of its General Receipts so at all times such General Receipts will produce an amount sufficient to pay Bond Service Charges when due. In the Agreement, the District has also covenanted that it will satisfy other requirements with respect to the Bonds, including the payment of Bond Service Charges upon the terms, and from the sources, provided in the Agreement. The budgeted amounts of General Receipts must, in the 13

18 aggregate, at all times be sufficient in amounts and times of collection to meet all payments required to be made into the Bond Service Fund in that Fiscal Year. Funds and Accounts Bond Service Fund. The Bond Service Fund is held by the Trustee and the moneys and investments in the Bond Service Fund are pledged to, and are to be applied exclusively to, the payment of Bond Service Charges. The Trust Agreement establishes the Bond Service Account and the Bond Service Reserve Account, and the Bond Redemption and Purchase Account, as accounts of the Bond Service Fund, and permits other accounts to be established (none have to date been established) as special accounts in the Bond Service Fund as may be provided in any Supplemental Trust Agreement in connection with the issuance of Additional Bonds and in certain other circumstances. The District will pay, from General Receipts, into the Bond Service Account not later than one business day prior to each Bond Service Charge payment date, an amount that will be sufficient (together with any other moneys available therefor in the Bond Service Account) to pay the Bond Service Charges payable from that Bond Service Account on that date. In addition, the District is to pay, from the same sources, any amounts required to be paid to the Bond Service Reserve Account in accordance with the applicable Supplemental Trust Agreement. Bond Service Account. The Bond Service Account is pledged to, and will be used solely for, the payment of Bond Service Charges as they fall due upon stated maturity or by operation of mandatory sinking fund redemption or other redemption. Not later than one business day prior to any date upon which any Bond Service Charges fall due, the District is to pay to the Trustee from its General Receipts amounts to the credit of the Bond Service Account which, together with other available moneys in that Bond Service Account or in other Special Funds, are sufficient to pay the Bond Service Charges then coming due. Bond Service Reserve Account. The Bond Service Reserve Account is pledged to, and will be used solely for, the payment of Bond Service Charges on any series of Bonds for which such a reserve is established. No reserve is being established for the Series E Bonds. Bond Redemption and Purchase Account. The Bond Redemption and Purchase Account will hold the proceeds of any refunding Bonds; any surplus over any required reserve transferred to it from the Bond Service Reserve Account; and any other amounts made available by the District for the purpose of that Bond Redemption and Purchase Account. Moneys in this Account, not committed to payment of Bond Service Charges on specified Bonds, may be used to purchase, cancel or to redeem Bonds. Moneys not required for its purposes may be transferred, at the District s direction, to the Bond Service Account or to the Bond Service Reserve Account. Project Fund. The Trust Agreement directs the Fiscal Officer of the District to establish for each series of Bonds a separate Project Fund, to be held and maintained by the District in a separate deposit account or accounts (except when invested) in a bank or banks (which may include the Trustee) that are members of the Federal Deposit Insurance Corporation (FDIC). The proceeds of the Series E Bonds issued for the purpose of financing the issuance costs of the Series E Bonds will be deposited into the Series E Project Fund. That Series E Project Fund may 14

19 be invested in Eligible Investments, as defined in the Series E Supplement, and is to be disbursed to pay costs of issuance for the Series E Bonds. Eligible Investments Under the Agreement, amounts in the Bond Service Account and in the Series E Project Fund may be invested, to the extent lawful, in Eligible Investments. For purposes of the following, Direct Obligations are defined in the Series E Supplement to mean, with respect to the Series E Bonds, (1) Obligations of, or obligations guaranteed as to principal and interest by, the United States of America or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America, including: U.S. Treasury obligations, all direct or fully guaranteed obligations, obligations of the Farmers Home Administration, General Service Administration, Government National Mortgage Association (GNMA), Guaranteed Title XI financing, and issues of State and Local Government Series treasury obligations; and (2) Obligations of government sponsored agencies that are not backed by the full faith and credit of the United States of America: Federal Home Loan Mortgage Corp. (FHLMC) debt obligations, debt obligations of the Farm Credit System (formerly: Federal Land Banks, Federal Intermediate Credit Banks, and Banks for Cooperatives), Federal Home Loan Banks (FHL Banks), Federal National Mortgage Association (FNMA) debt obligations, Financing Corp. (FICO) debt obligations, and U.S. Agency for International Development (U.S. A.I.D.) guaranteed notes. Any security used for defeasance of the Series E Bonds must provide for the timely payment of principal and interest and cannot be callable or prepayable prior to the maturity or earlier redemption of the Series E Bonds. Eligible Investments are defined in the Series E Supplement to include, with respect to the Series E Bonds, to the extent permitted by law: (a) Obligations; (b) Cash (insured at all times by the FDIC or otherwise collateralized with Direct Direct Obligations; (c) Obligations of any of the following federal agencies which represent the full faith and credit of the United States of America, including obligations of the: Export-Import Bank Rural Economic Community Development Administration U.S. Maritime Administration Small Business Administration U.S. Department of Housing & Urban Development (PHAs) Federal Housing Administration Federal Financing Bank; 15

20 (d) Direct obligations of any of the following federal agencies which obligations are not fully guaranteed by the full faith and credit of the United States of America: Senior debt obligations issued by FNMA or FHLMC Obligations of the Resolution Funding Corporation (REFCORP) Senior debt obligations of the FHL Banks Senior debt obligations of other government sponsored agencies approved by any bond insurer; (e) U.S. Dollar denominated deposit accounts, federal funds and bankers acceptances with domestic commercial banks which have a rating on their short term certificates of deposit on the date of purchase of P-1 by Moody s Investors Services (Moody s) and A-1 or A-1 + by Standard & Poor s Ratings Services (S&P) and maturing not more than 360 calendar days after the date of purchase (ratings on holding companies are not considered as the rating of the bank); (f) Commercial paper which is rated at the time of purchase in the single highest classification, P-1 by Moody s and A-1+ by S&P, and which matures not more than 270 calendar days after the date of purchase; S&P; (g) Investments in a money market funds rated AAAm or AAAm-G or better by (h) Pre-refunded municipal obligations defined as follows: any bonds or other obligations of any state of the United States of America or of any agency, instrumentality or local governmental unit of any such state which are not callable at the option of the obligor prior to maturity or as to which irrevocable instructions have been given by the obligor to call on the date specified in the notice, and (i) which are rated, based on an irrevocable escrow account or fund (the escrow ), in the highest rating category of Moody s or S&P or any successors thereto, or (ii)(a) which are fully secured as to principal and interest and redemption premium, if any, by an escrow consisting only of cash or Direct Obligations which escrow may be applied only to the payment of such principal of and interest and redemption premium, if any, on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as appropriate, and (B) which escrow is sufficient, as verified by a nationally recognized independent certified public accountant, to pay principal of and interest and redemption premium, if any, on the bonds or other obligations described in this paragraph on the maturity date or dates specified in the irrevocable instructions referred to above, as appropriate; (i) Municipal obligations rated Aaa/AAA or general obligations of states with a rating of A2/A or higher by both Moody s and S&P; (j) Investment agreements approved in writing by any bond insurer; (k) The Ohio subdivision s fund established by the Treasurer of the State of Ohio consistent with Revised Code Section ; and (l) Other forms of investments (including repurchase agreements) approved in writing by any bond insurer. 16

21 The value of the above investments shall be determined as follows. For the purpose of determining the amount in any fund or account, all Eligible Investments credited to such fund or account shall be valued at fair market value. The Trustee shall determine the fair market value based on accepted industry standards and from accepted industry providers. Accepted industry providers shall include but are not limited to pricing services provided by Financial Times Interactive Data Corporation or JPMorgan. As to certificates of deposit and bankers acceptances, the value shall be the face amount thereof, plus accrued interest thereon, and as to any investment not specified above, the value shall be that established by prior agreement among the District, the Trustee, and any bond insurer. For purposes of the valuing investments in the Bond Service Account, the Bond Resolution provides that such investments shall be valued at the lesser of face amount or market value. District Covenants In the Agreement, the District covenants, among other things: To pay, or cause to be paid, the Bond Service Charges on each and all Bonds on the dates, at the places and in the manner provided in the Agreement. Not to pledge, assign, or create or suffer any lien or encumbrance upon the Bond Service Fund or General Receipts prior to or on a parity with the pledge under the Agreement. To faithfully observe and perform all agreements, covenants, undertakings, stipulations and provisions contained in the Agreement and in every Bond executed, authenticated and delivered under the Agreement. See also the discussion under Security and Sources of Payment--Covenant as to Sufficiency of General Receipts. Events of Default and Remedies So long as the Series E Bonds are held under a book-entry only system with DTC (or any successor securities depository), that depository or its nominee is for all purposes of the Agreement considered the owner or holder of the Series E Bonds, and the owners of book entry interests will not be considered owners or holders and have no rights as holders or owners under the Agreement to receive notices relating to Events of Default, to enforce remedies or to take other steps to protect or enforce the rights of bondholders. Under the Agreement, each of the following is an Event of Default: (1) Failure to pay any interest on any Bond when and as due and payable. (2) Failure to pay the principal of or any redemption premium on any Bond, when and as due and payable, whether at maturity or by acceleration or by call for redemption. (3) Failure to perform or observe duly or punctually any other covenant, condition or agreement contained in the Bonds and in the Agreement and to be performed 17

22 by the District, continuing for a period of 60 days after written notice specifying the default and requiring the default to be remedied given to the District by the Trustee or by the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding. A failure under this paragraph (3) is not an Event of Default if (a) it is other than the payment of money, it cannot be cured within 60 days, and the District begins to cure within 60 days and diligently pursues cure to completion, or (b) the District is unable to perform by reason of certain force majeure events. The Agreement does not require the furnishing of periodic evidence to the Trustee as to the absence of defaults or Events of Default under, or compliance with, the terms of the Trust Agreement. Waivers are authorized in connection with Events of Default. Upon the happening and continuance of any Event of Default described in paragraph (3) above, the Trustee may, upon being properly indemnified, take appropriate actions, including mandamus, to enforce all the rights of the bondholders, bring suit on the Bonds and enjoin any unlawful activities or activities in violation of the bondholders rights. In the case of an Event of Default in the payment of Bond Service Charges described in paragraphs (1) and (2) above, the Trustee must take those appropriate actions and, in addition, may by notice in writing delivered to the District declare the principal of and interest accrued on all then outstanding Bonds immediately due and payable. If, at any time after principal and interest shall have been declared due and payable as described above, and prior to the entry of judgment in a court of law or equity for enforcement or the appointment of a receiver, all sums payable under the Agreement, except the principal of and interest accruing after the next preceding interest payment date on the Bonds which have not reached their stated maturity dates and which are due and payable solely by reason of that declaration, plus interest (to the extent permitted by law) on any overdue installments of interest at the rate borne by the Bonds in respect of which the Event of Default occurred, shall have been duly paid or provided for and all existing defaults have been made good, then and in every such case that payment or provision for payment shall constitute a waiver of the Event of Default and its consequences and an automatic rescission and annulment of the declaration described above. The holders of a majority in principal amount of Bonds then outstanding may, by writing delivered to the Trustee, direct the method and place of conducting any and all remedial proceedings under the Agreement. The direction must be in accordance with the provisions of law and of the Agreement, the Trustee must be indemnified as provided in the next paragraph, and the Trustee has the right to decline to follow any such direction that, in its opinion, would be unjustly prejudicial to Bondholders who are not parties to that direction. Before taking remedial action the Trustee may require that a satisfactory indemnity bond be provided for the reimbursement of all expenses to which it may be put and to protect it against all liability (except liability adjudicated to result from its negligence, bad faith, or willful default by reason of any action so taken). The Trustee may act without this indemnity. In that case its expenses are reimbursable by the District. Except as otherwise provided in the Agreement or in the Continuing Disclosure Agreement, the registered owners of the Bonds are not entitled to enforce the provisions of the Trust Agreement or to institute, appear in or defend any suit, action or proceeding to enforce any 18

23 rights, remedies or covenants granted or contained in the Trust Agreement, or to take any action with respect to any Event of Default. Enforcement by Mandamus Pursuant to the Act and the Bond Resolution, the duties under the bond proceedings of the District and the Board and their members, officers and employees, are enforceable by mandamus. Defeasance If all Bond Service Charges due or to become due on the outstanding Bonds are paid or caused to be paid and provision is made for paying all other sums payable under the Agreement by the District, then the Agreement (with certain exceptions) shall cease and become null and void, and the District s covenants, agreements and other obligations under the Agreement will be discharged and satisfied. Thereupon the Trustee is to assign and deliver to the District any funds at the time subject to the lien of the Agreement which may then be in its possession except for funds for the payment of Bond Service Charges (subject to the provisions for unclaimed moneys described below). Bonds will be deemed to have been paid or caused to be paid for the purpose of defeasance (and for the purpose of particular Bonds being refunded and no longer deemed outstanding under the Trust Agreement) if there is held in trust for and irrevocably committed to the purpose either or a combination of the following: By the Trustee or any paying agents, moneys, By the Trustee, Direct Obligations (described above under Eligible Investments) reported by an independent public accounting firm of national reputation to be of such maturities and interest payment dates and to bear such interest or other investment income as will, without further investment or reinvestment of either the principal or the investment earnings (likewise to be held in trust and committed, except as described below), sufficient for the payment, at the maturity or redemption dates, of all applicable Bond Service Charges to the date of maturity (or redemption as the case may be), or if default with respect to that payment has occurred on that date then to the date of the tender of payment. If any Bonds are to be redeemed prior to their maturity, notice of that redemption must have been given or provision satisfactory to the Trustee must have been made for the giving of that notice. Any moneys held in cash may be invested only in Direct Obligations the maturities or redemption (at the holder s option) dates of which will coincide as nearly as practicable with, but will not be later than, the times at which those moneys will be required for the purposes. Any income or interest earned by, or increment to, those investments, to the extent not required for the applicable purposes, will be transferred to the District. The Agreement authorizes partial defeasance as to any series of Bonds or as to certain of the Bonds of any series upon deposits described above. 19

24 Additional Bonds Additional Bonds, as they may from time to time be authorized by series resolutions, are issuable on a parity with then outstanding Bonds, without limitation as to amount except as provided in the Agreement or as may subsequently be provided by law. The District may provide for bond insurance or other credit support instrument, or a reserve fund or account, with respect to any one or more Bonds or series of Bonds and not with respect to any other Bonds or series of Bonds. Among other conditions for the issuance of Additional Bonds, the Agreement requires that the General Receipts during the Fiscal Year immediately preceding the issuance of the Additional Bonds, must be equal to at least one and one-half times the maximum Bond Service Charges required to be paid from the Bond Service Account in any subsequent Fiscal Year on all Bonds to be outstanding upon delivery of the Additional Bonds. For purposes of this computation, historic General Receipts and future Bond Service Charges are subject only to certain adjustments set forth in the Agreement. Those adjustments are summarized as follows: In calculating General Receipts, the following are excluded: (1) the proceeds of Additional Bonds applied or committed to funding or refunding Bond Service Charges, and (2) the proceeds of the sale of obligations, except for accrued or capitalized interest on Bonds. In addition, General Receipts must be adjusted to reflect any changes in fees and charges of the District as approved by the Board. In calculating Bond Service Charges, the following are excluded: (1) Bond Service Charges that are or have been funded or refunded by Additional Bonds or by obligations previously issued, and (2) at the District s option, the portion of any Bond Service Charges to be paid by grants or payments by the United States of America or the State of Ohio. Interest on Bonds bearing interest at a variable rate must be calculated as follows: (1) if the District has entered into an interest rate exchange or swap agreement under which it will make fixed interest rate payments in exchange for a counterparty making variable rate payments, that fixed interest rate must be used for the calculation, (2) for an outstanding issue of variable rate Bonds that does not have a related interest rate exchange or swap agreement, the highest rate of interest borne on those Bonds during the preceding twelve months or such shorter period of time that the Bonds have been outstanding, must be used for the calculation, and (3) with respect to any proposed issue of variable rate Bonds that will not have a related interest rate exchange or swap, the rate of interest used for the calculation is the median of the initial interest rate on the variable rate Bonds and the maximum interest rate as authorized in the applicable bond proceedings. For years in which 25 percent or more of the principal payment of a series of Bonds are due, Bond Service Charges must be assumed to be amortized on the basis of level debt service over a period determined by the fiscal officer of the District of either (1) five years or (2) a period greater than five years if, in the opinion of an investment banker, such period is reasonable and customary, and bearing interest at a yearly rate determined by an investment banker that is also reasonable and customary. 20

25 Among other conditions to be met for issuance of Additional Bonds are that the District is not in default, and as a result of the authentication and delivery of the Additional Bonds will not be in default, of any of its covenants or obligations under the Agreement, such as maintenance of any Required Reserve, and that other requirements provided in the Agreement (such as appropriate opinions by counsel concerning the validity of the Bond proceedings) for issuance have been met. Parity Obligations The District may issue or incur parity obligations (Parity Obligations) secured by a pledge of General Receipts on a parity with the pledge to secure Bonds for any of the following purposes: (1) to secure obligations under agreements with credit enhancement or liquidity facility providers for Bonds or Parity Obligations, (2) in connection with an interest rate exchange, swap, or hedge arrangement, (3) to refund any outstanding Bonds or Parity Obligations, (4) to complete any project for which Bonds or Parity Obligations have been issued, and (5) for any other purpose permitted by law. Documents evidencing Parity Obligations must have a cross default provision with respect to the Agreement, a provision requiring holders of Parity Obligations to cooperate with the Trustee prior to exercising any remedies upon a default or an event of default under those documents, and a provision requiring the Parity Obligations and the Bonds to be payable from General Receipts secured equally and ratably, except that Parity Obligations must not be secured by the Special Funds. Before issuing Parity Obligations, the Trustee must receive evidence of Board authorization of the Parity Obligations, documents relating to the Parity Obligations, and an opinion of bond counsel to the effect that the documents comply with the requirements of the Agreement. Nonpresentment If a Bond is not presented for payment when due or an interest payment check is uncashed, and if moneys for the purpose of paying and sufficient to pay that amount have been made available to the Trustee, all liability of the District to the holder for the payment will cease and be completely discharged. The paying agent is to hold that money in trust, without liability for interest on it, for the benefit of the registered owner of that Bond, who thereafter will be restricted exclusively to that money for any claim of whatever nature under the Trust Agreement or on or with respect to that Bond. Upon request in writing by the District, moneys so held by a paying agent and remaining unclaimed for three years after the due date of that Bond or that interest payment, will be paid to the District and thereafter the holder may look only to the District for payment and then only to the amounts so received by the District (without interest). Moneys so paid to the District will be credited to a special subaccount in the Bond Service Account. The District will keep a record of the amounts with respect to each series of Bonds so deposited in that special subaccount, and will credit resulting investment income to the general portion of the Bond Service Account. Supplemental Trust Agreements; Modifications A supplemental trust agreement will be entered into in connection with the issuance of each series of Additional Bonds. 21

26 Supplemental trust agreements other than those described above in connection with Additional Bonds and those described in the next paragraph that do not require holder consent that modify, alter, amend, add to or rescind any of the terms or provisions of the Trust Agreement, require the consent and approval of the owners of not less than a majority of the aggregate then outstanding principal amount of the Bonds (excluding any owned by the District). There are two exceptions: An extension of the maturity of any Bond s principal or interest, or a reduction in the principal amount of or the rate of interest or redemption premium on any Bond, or a reduction in the amount or extension of the time of any payment required by any mandatory sinking fund requirements, requires the consent of the holder of any affected Bond. A reduction in the aggregate outstanding principal amount of the Bonds required for consent to that supplemental trust agreement will require the consent of the holders of all the Bonds then outstanding. The District and the Trustee, without consent of or notice to any bondholders, may enter into supplemental trust agreements which, in the opinion of the District and the Trustee, are not inconsistent with the terms and provisions of the Agreement for a variety of purposes: To cure any ambiguity, inconsistency or formal defect or omission in the Trust Agreement. To grant to or confer upon the Trustee for the benefit of the bondholders any additional rights, remedies, powers or authority that may lawfully be granted to or conferred upon the bondholders or the Trustee. To subject additional General Receipts to the lien and pledge of the Trust Agreement. To add to the District s covenants and agreements thereafter to be observed for the protection of all or particular bondholders, or to surrender or limit any right, power or authority reserved to or conferred upon the District in the Trust Agreement, including the limitation of rights of redemption so that in certain instances Bonds of different series will be redeemed in some prescribed relation to one another. To evidence any succession to the District and the assumption by that successor of the District s covenants and agreements in the Trust Agreement and the Bonds. To make necessary or advisable amendments or additions in connection with the issuance of Additional Bonds that do not adversely affect the interest of bondholders of then outstanding Bonds. To permit the exchange of Bonds for coupon Bonds payable to the bearer. To permit the transfer of Bonds from one securities depository to another and the succession of depositories. To permit the withdrawal of Bonds from a securities depository and the issuance of Replacement Bonds in fully registered form to other than a securities depository. 22

27 To permit the Trustee to comply with obligations imposed upon it by law. To specify further the duties and responsibilities of the Trustee, the Registrar, and any Authenticating Agent or Paying Agents. To comply with changes in federal or state tax or securities laws. To adopt or amend procedures or agreements for the disclosure of information to bondholders and others. To accept additional security and instruments and documents of further assurance with respect to the District. In connection with the issuance of Additional Bonds, to provide for credit support, bond insurance or other security for those Additional Bonds. To limit or add to Eligible Investments of the Bond Service Fund, with approval of each rating agency that has, at the District s request, assigned a rating to the Bonds. For other purposes stated in the bond proceedings, including any other amendment which in the Trustee s judgment: Is not prejudicial to the interests of the Trustee or holders of any outstanding Bonds which that amendment may affect. In certain cases is consented to and approved by the owners of at least a majority in aggregate outstanding principal amount of the Bonds which that amendment affects. Trustee The Trustee, U.S. Bank National Association, with its designated offices located in Cleveland, Ohio, is a national banking association organized and existing under the laws of the United States, and is authorized to exercise corporate trust powers in Ohio. The Trust Agreement contains provisions for the Trustee s removal by the (1) holders of not less than a majority in aggregate principal amount of Bonds then outstanding, or (2) by the District. Notice of removal by the bondholders is to be signed by a majority of the bondholders and delivered to the Trustee and the District. Notice of removal by the District is to be delivered by the District to the Trustee, DTC and any other Paying Agents, Bond Registrars and Authenticating Agents and any credit support provider. Removal will take effect upon the appointment and qualification of a successor Trustee. No resignation or removal of the Trustee will be effective until a successor has been appointed and has accepted the duties of the Trustee. LEGAL MATTERS Legal matters incident to the issuance of the Series E Bonds and the exclusion from gross income for purposes of federal income taxation of the interest thereon (see Tax Exemption Matters) are subject to the legal opinion of Tucker Ellis LLP, whose services as Bond Counsel have been retained by the District. The legal opinion dated and premised on law in effect as of 23

28 the date of original delivery of the Series E Bonds, will be delivered to the Underwriters at the time of original delivery and the text of the opinion will be attached to or printed on the Series E Bonds. The proposed text of the legal opinion appears at Appendix C. The legal opinion to be delivered to the Underwriters at the time of original delivery of the Series E Bonds may vary from that text if necessary to reflect facts and law on the date of delivery. The opinion will speak only as of its date, and subsequent distribution of it by recirculation of the Official Statement or otherwise shall create no implication that Bond Counsel has reviewed or expressed any opinion concerning any of the matters referred to in the opinion subsequent to its date. TAX EXEMPTION MATTERS In the opinion of Tucker Ellis LLP, Bond Counsel to the District, under existing law: Assuming compliance with certain covenants and the accuracy of certain representations, interest on the Series E Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code, and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. The interest on, and any profit made on the sale, exchange, or other disposition of, the Series E Bonds, are exempt from the Ohio personal income tax, the net income base of the Ohio corporate franchise tax, the Ohio commercial activity tax, and income taxes imposed by certain local political subdivisions in Ohio. An opinion to those effects will be included in the legal opinions. See Appendix C. Bond Counsel will express no opinion as to any other tax consequences regarding the Series E Bonds. The opinion on tax matters will be based on and will assume the accuracy of certain representations and certifications, and continuing compliance with certain covenants, of the District to be contained in the transcript of proceedings and that are intended to evidence and assure the foregoing, including that the Series E Bonds are and will remain obligations the interest on which is excluded from gross income for federal income tax purposes. Bond Counsel will not verify independently the accuracy of those certifications and representations or the continuing compliance with the District s covenants. The opinion of Bond Counsel is based on current legal authority and covers certain matters not directly addressed by such authority. It represents Bond Counsel s legal judgment as to exclusion of interest on the Series E Bonds from gross income for federal income tax purposes but is not a guaranty of that conclusion. The opinion is not binding on the Internal Revenue Service ( IRS ) or any court. Bond Counsel expresses no opinion about (i) the effect of future changes in the Code and the applicable regulations under the Code or (ii) the interpretation and the enforcement of the Code or those regulations by the IRS. The Code prescribes a number of qualifications and conditions for the interest on state and local government obligations to be and remain excluded from gross income for federal income tax purposes, some of which require future or continued compliance after issuance of the 24

29 obligations. Noncompliance with these requirements by the District may cause the interest on the Series E Bonds to be included in gross income for federal income tax purposes and thus to be subject to federal income tax retroactively to the date of issuance of the Series E Bonds. The District has covenanted to take actions required of it for the interest on the Series E Bonds to be and to remain excluded from gross income for federal income tax purposes and not to take any actions that would adversely affect that exclusion. After the date of issuance of the Series E Bonds, Bond Counsel will not undertake to determine (or to so inform any person) whether any actions taken or not taken, or any events occurring or not occurring, or any other matters coming to Bond Counsel s attention, may adversely affect the exclusion from gross income for federal income tax purposes of interest on the Series E Bonds or the market value of the Series E Bonds. Under Code provisions applicable only to certain corporations (as defined for federal income tax purposes), a portion of the excess of adjusted current earnings (which includes interest on certain tax-exempt obligations) over other alternative minimum taxable income is included in alternative minimum taxable income, which may be subject to the corporate alternative minimum tax. In addition, interest on the Series E Bonds may be subject to a branch profits tax imposed on certain foreign corporations doing business in the United States and to a tax imposed on excess net passive income of certain Subchapter S corporations. Under the Code, the exclusion of interest from gross income for federal income tax purposes may have certain adverse federal income tax consequences on items of income, deduction, or credit for certain taxpayers, including financial institutions, certain insurance companies, recipients of Social Security and Railroad Retirement benefits, those that are deemed to incur or continue indebtedness to acquire or carry tax exempt obligations, and individuals otherwise eligible for the earned income tax credit. The applicability and extent of these or other tax consequences will depend upon the particular tax status or other tax items of the owner of the Series E Bonds. Bond Counsel will express no opinion regarding those consequences. Payments of interest on tax-exempt obligations, including the Series E Bonds, are generally subject to IRS Form 1099-INT information reporting requirements. If a Series E Bond owner is subject to backup withholding under those requirements, then payments of interest will also be subject to backup withholding. Those requirements do not affect the exclusion of such interest from gross income for federal income tax purposes. Legislation affecting tax-exempt obligations is regularly considered by the United States Congress and may also be considered by the State legislature. Court proceedings may also be filed the outcome of which could modify the tax treatment of obligations such as the Series E Bonds. There can be no assurance that legislation enacted or proposed, or actions by a court, after the date of issuance of the Series E Bonds will not have an adverse effect on the tax status of interest or other income on the Series E Bonds or the market value of the Series E Bonds. Prospective purchasers of the Series E Bonds should consult their own tax advisers regarding pending or proposed federal and state tax legislation and court proceedings, and prospective purchasers of the Series E Bonds at other than their original issuance at the respective prices indicated on the inside cover of this Official Statement should also consult their own tax advisers regarding other tax considerations such as the consequences of market discount, as to all of which Bond Counsel expresses no opinion. 25

30 Bond Counsel s engagement with respect to the Series E Bonds ends with the issuance of the Series E Bonds, and, unless separately engaged, Bond Counsel is not obligated to defend the District or the owners of the Series E Bonds regarding the tax status of interest thereon in the event of an audit examination by the IRS. The IRS has a program to audit tax-exempt obligations to determine whether the interest thereon is includible in gross income for federal income tax purposes. If the IRS does audit the Series E Bonds, under current IRS procedures, the IRS will treat the District as the taxpayer and the beneficial owners of the Series E Bonds will have only limited rights, if any, to obtain and participate in judicial review of such audit. Any action of the IRS, including but not limited to selection of the Series E Bonds for audit, or the course or result of such audit, or an audit of other obligations presenting similar tax issues, may affect the market value of the Series E Bonds. ORIGINAL ISSUE PREMIUM Certain of the Series E Bonds ( Premium Bonds ) were offered and sold to the public at a price in excess of their stated redemption price at maturity, which is the principal amount. That excess constitutes amortizable bond premium. For federal income tax purposes, bond premium is amortized over the period to maturity of a Premium Bond, based on the yield to maturity of that Premium Bond. In the case of a Premium Bond callable before its stated maturity, the amortization period and yield must be determined on the basis of the earliest call date that results in the lowest yield on that Premium Bond, compounded semiannually. No portion of that note premium is deductible by the owner of a Premium Bond. For purposes of determining the owner s gain or loss on the sale, redemption (including redemption at maturity), or other disposition of a Premium Bond, the owner s tax basis in the Premium Bond is reduced by the amount of bond premium that accrues during the period of ownership. As a result, an owner may realize taxable gain for federal income tax purposes from the sale or other disposition of a Premium Bond for an amount equal to or less than the amount paid by that owner for that bond. A purchaser of a Premium Bond at its issue price in the initial offering who holds that Premium Bond to maturity will realize no gain or loss upon the retirement of that Premium Bond. Owners of Premium Bonds or book-entry interests in them should consult with their own tax advisers as to the determination for federal income tax purposes of the amount of amortizable bond premium properly accruable in any period with respect to the Premium Bonds and as to other federal tax consequences and the treatment of bond premium for purposes of state and local taxes on (or based on) income. LITIGATION To the knowledge of appropriate District and College officials, there is no litigation or administrative action or proceeding pending to restrain or enjoin, or seeking to restrain or enjoin, the issuance and delivery of the Series E Bonds, or to contest or question the proceedings and authority under which the Series E Bonds are authorized and are to be issued, sold, executed or delivered, or the validity of the Series E Bonds. A no litigation certificate to that effect will be delivered by the District at the time of original delivery of the Series E Bonds. The District is a party to various legal proceedings seeking damages or injunctive relief and generally incidental to its operations but unrelated to the Series E Bonds. The ultimate disposition of those proceedings is not presently determinable, but will not, in the opinion of the 26

31 appropriate District officials, have a material adverse effect on the Series E Bonds or the security for the Series E Bonds. ELIGIBILITY FOR INVESTMENT AND AS PUBLIC MONEYS SECURITY To the extent that the matter as to the particular investor is governed by Ohio law, and subject to any applicable limitations under other provisions of Ohio law, the Series E Bonds are lawful investments for banks, savings banks, savings and loan associations, deposit guarantee associations, trust companies, trustees, fiduciaries, insurance companies (including domestic life and domestic not for life), trustees or other officers having charge of sinking and bond retirement or other special funds of political subdivisions and taxing districts of the State, the Commissioners of the Sinking Fund, the Administrator of Workers Compensation, and the State retirement systems (Teachers, Public Employees, Public School Employees, and Police and Firemen s), notwithstanding any other provisions of the Revised Code with respect to investments by them. The Act provides that the Series E Bonds are acceptable under Ohio law as security for the deposit of public moneys. Owners of book entry interests in the Series E Bonds should make their own determination as to such matters as legality of investment in, or ability to pledge, book entry interests. FINANCIAL ADVISOR The District has retained Stifel, Nicolaus & Company Incorporated, Cleveland, Ohio as financial advisor (the Financial Advisor ) to provide financial advice in connection with the District s issuance of the Bonds. The Financial Advisor is not obligated to undertake, and has not undertaken to make, an independent verification or to assume responsibility for the accuracy, completeness, or fairness of the information contained in this Official Statement. VERIFICATION AGENT Before delivery of the Series E Bonds, Causey Demgen & Moore Inc., a firm of independent certified public accountants, will deliver a report on the mathematical accuracy of certain computations contained in schedules provided to them by the Underwriters. Those computations relate to the adequacy of the cash and securities deposited with U.S. Bank National Association (as escrow agent under the Escrow Agreement) to pay debt service on the Refunded Bonds and to pay the redemption prices of the Refunded Bonds on those respective call dates. Those computations will be relied on by Tucker Ellis LLP, as Bond Counsel, to support its opinion with respect to the Refunded Bonds. RATINGS Moody s and S&P have assigned their ratings of Aa2 and AA-, respectively, to the Series E Bonds. No application for a rating has been made by the District to any other rating service. The ratings and assessments in effect from time to time reflect only the views of the ratings organization issuing the rating, and any explanation of the meaning or significance of the 27

32 rating may only be obtained from the rating service. The District has furnished to the rating services certain information and materials, some of which may not have been included in this Official Statement, relating to the Series E Bonds and the District. Generally, rating services base their ratings on such information and materials and on their own investigation, studies and assumptions. There can be no assurance that a rating when assigned will continue for any given period of time or that it will not be lowered or withdrawn entirely by a rating service if in its judgment circumstances so warrant. Any lowering or withdrawal of a rating may have an adverse effect on the marketability or market price of the Series E Bonds. The District expects to furnish the rating services with information and materials that may be requested. However, the District assumes no obligation to furnish requested information and materials, and may issue debt for which a rating is not requested. Failure to furnish requested information and materials, or the issuance of debt for which a rating is not requested, may result in the suspension or withdrawal of a rating on the Series E Bonds. UNDERWRITING KeyBanc Capital Markets Inc., for itself and as the representative of Fifth Third Securities, Inc. (collectively, the Underwriters ), has agreed to purchase the Series E Bonds, subject to certain conditions precedent, at a purchase price of $75,096,925.15, plus accrued interest, if any, to the date of delivery. The Underwriters may offer and sell the Series E Bonds to certain dealers (including dealers depositing the Series E Bonds into unit investment trusts, certain of which may be sponsored or managed by an Underwriter) and others at a price lower than that offered to the public. The initial public offering prices may be changed from time to time by the Underwriters. CONTINUING DISCLOSURE AGREEMENT The District has agreed, for the benefit of the holders and beneficial owners from time to time of the Series E Bonds, in accordance with SEC Rule 15c2-12 (the Rule ), and as the only obligated person with respect to the Series E Bonds under the Rule, to provide financial information and operating data ( Annual Information ), audited financial statements and notices, as required for purposes of paragraph (b)(5)(i) of the Rule (the Continuing Disclosure Agreement ), including specifically the following: To the Municipal Securities Rulemaking Board (the MSRB ), through its Electronic Municipal Market Access system (the EMMA System ), the following: Annual Information for each Fiscal Year ending on or after June 30, 2016, not later than 180 days following the end of each Fiscal Year (or if that is not a business day, then the next day), consisting of annual financial information and operating data of the type included in the Official Statement under the captions Security and Sources of Payment General Receipts Pledged to the Bonds, and in the Annual Information Statement under the captions The District Financial Operations and Results; Indebtedness; and The College Community. The District expects that Annual Information will be provided directly by the District. 28

33 When and if available, audited District financial statements for Fiscal Year 2016 and each subsequent Fiscal Year. The District expects those financial statements to be prepared, that they will be available separately from the Annual Information, and that the accounting principles to be applied in their preparation will be as described in the Annual Information Statement under Financial Reports and Audits. To the MSRB, through its EMMA System, in a timely manner, not to exceed ten (10) business days, notice of: (a) The occurrence of any of the following events, within the meaning of the Rule, with respect to the Series E Bonds (each, a Specified Event ): Principal and interest payment delinquencies; Non-payment-related defaults, if material; Unscheduled draws on debt service reserves reflecting financial difficulties * ; Unscheduled draws on credit enhancements reflecting financial difficulties * ; Substitution of credit or liquidity providers, or their failure to perform * ; Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax exempt status of the Series E Bonds or other material events affecting the tax-exempt status of the Series E Bonds; Modifications to rights of holders or beneficial owners, if material; Bond calls, if material, and tender offers; Defeasances; Release, substitution, or sale of property securing repayment of the Series E Bonds, if material; Rating changes; Bankruptcy, insolvency, receivership or a similar event of the District; and Appointment of a successor or additional trustee or the change of name of a trustee, if material; * The District has not obtained or provided, and does not expect to obtain or provide, any debt service reserves, credit enhancements, or credit or liquidity providers for the Series E Bonds, and repayment of the Series E Bonds is not secured by a lien on any property capable of release or sale or for which other property may be substituted. 29

34 above. (b) The District s failure to provide the Annual Information within the time specified (c) Any change in the accounting principles applied in the preparation of its annual financial statements, any change in its Fiscal Year, its failure to appropriate funds to meet costs to be incurred to perform the Continuing Disclosure Agreement, and the termination of the Continuing Disclosure Agreement. The District will reserve the right to amend the Continuing Disclosure Agreement, and to obtain the waiver of noncompliance with any provision of the Continuing Disclosure Agreement, as may be necessary or appropriate to achieve its compliance with any applicable federal securities law or rule, to cure any ambiguity, inconsistency, or formal defect or omission, and to address any change in circumstances arising from a change in legal requirements, change in law, or change in the identity, nature, or status of the District, or type of business conducted by the District. Any amendment or waiver will not be effective unless the Continuing Disclosure Agreement (as amended or taking into account that waiver) would have complied with the requirements of the Rule at the time of the primary offering of the Series E Bonds, after taking into account any applicable amendments to or official interpretations of the Rule, as well as any change in circumstances, and until the District has received either (1) a written opinion of bond or other qualified independent special counsel selected by the District that the amendment or waiver would not materially impair the interests of holders or beneficial owners of the Series E Bonds, or (2) the written consent to the amendment or waiver of the holders of at least a majority of the principal amount of the Series E Bonds then outstanding. Except in the case as provided for in clause (2), any such amendments will be in writing and signed by an authorized official of the District and the Trustee. The Continuing Disclosure Agreement will be solely for the benefit of the holders and beneficial owners from time to time of the Series E Bonds, and will not create any rights in any other person. The exclusive remedy for any breach of the Continuing Disclosure Agreement by the District is limited to a right of holders and beneficial owners to institute and maintain such proceedings as may be authorized at law or in equity to obtain the specific performance by the District of its obligations under the Continuing Disclosure Agreement. Any individual holder or beneficial owner may institute and maintain such proceedings to require the District to provide a specific filing if such a filing is due and has not been made. Any failure of the District to comply with any of the provisions of the Continuing Disclosure Agreement will not be or be deemed to be a failure, a default or an Event of Default under the Trust Agreement. The performance by the District of the Continuing Disclosure Agreement will be subject to the District s annual appropriation of any funds that may be necessary to perform it. The Continuing Disclosure Agreement will remain in effect only for such period that the Series E Bonds are outstanding in accordance with their terms and the District remains an obligated person with respect to the Series E Bonds within the meaning of the Rule. The obligation of the District to provide the Annual Information, audited financial statements, and notices of the events described above will terminate if and when the District no longer remains such an obligated person. The District is not, and in the last five years has not been, to the knowledge of the appropriate District officials, in material noncompliance with any previous continuing disclosure 30

35 agreement to which it is a party. However, certain annual financial reports and operating data and certain audited financial reports filed by the District were not properly matched with all required CUSIP numbers. The District correctly linked the required data on December 21, The District has reviewed the current requirements of the Rule and its written disclosure procedures and has taken steps to ensure future compliance with the Rule, including instituting and completing training procedures for the District Accounting and Financial Operations Office. TRANSCRIPT AND CLOSING DOCUMENTS A complete transcript of proceedings and a certificate (described under Litigation) relating to litigation will be delivered by the District when the Series E Bonds are delivered by the District to the Underwriters. The District at that time will also provide to the Underwriters a certificate, signed by the District officials who sign this Official Statement and addressed to the Underwriters, relating to the accuracy and completeness of the Official Statement and to its being a final official statement in the judgment of the District for purposes of paragraph (b)(3) of SEC Rule 15c2-12 (the Rule). CONCLUDING STATEMENT Quotations in this Official Statement from, and summaries and explanations of, the provisions of the Ohio Constitution, the Revised Code and other laws, and the Agreement, do not purport to be complete, and reference is made to the pertinent provisions of the Constitution, Revised Code and other laws and those documents for all complete statements of their provisions. Those documents are available for review at the District during regular business hours at the office of the Vice President for Finance and Business Services. During the initial offering period, copies of those documents will also be available for review at the main offices of the Underwriters. To the extent that any statements made in this Official Statement involve matters of estimate or opinion, whether or not expressly stated to be estimates or opinions, those statements are made as such and not as representations of fact or certainty, and no representation is made that any of those statements have been or will be realized. Information in this Official Statement has been derived by the District from official and other sources and is believed by the District to be reliable, but information other than that obtained from official records of the District has not been independently confirmed or verified by the District and its accuracy is not guaranteed. This Official Statement is not to be construed as or as part of a contract or agreement with the original purchasers or holders of the Series E Bonds or the owners of book-entry interests in the Series E Bonds. [Balance of page intentionally left blank] 31

36 This Official Statement has been prepared, approved and delivered by the District, and executed for and on its behalf and in their official capacities by the officers indicated below. CUYAHOGA COMMUNITY COLLEGE DISTRICT By: By: By: /s/ Victor A. Ruiz Chair, Board of Trustees /s/ Alex Johnson, Ph.D. President /s/ Craig Foltin D.B.A, CPA Executive Vice President/Treasurer 32

37 CUYAHOGA COMMUNITY COLLEGE DISTRICT APPENDIX A

38 TABLE OF CONTENTS THE DISTRICT AND THE COLLEGE... A-1 General... A-1 Governance and Administration... A-1 Board of Trustees... A-1 Administrative Officers... A-2 Academic Programs and Accreditations... A-4 Faculty and Employees... A-6 Enrollment... A-7 General... A-7 Degrees and Certificates Granted... A-8 Student Fees and Charges... A-8 Comparative Costs... A-10 Student Financial Aid... A-10 Physical Plant... A-11 Metropolitan Campus... A-11 Western Campus... A-12 Eastern Campus... A-12 Westshore Campus... A-12 Brunswick University Center... A-13 Corporate College... A-13 Other Institutions; Ohio Department of Higher Education... A-13 DISTRICT FINANCIAL OPERATIONS AND RESULTS... A-15 General... A-15 General Financial and Budgeting Procedures... A-19 Financial Reports and Audits... A-20 State Appropriations to the College... A-21 State Budgets and Appropriations Generally... A-22 District Ad Valorem Property Taxes... A-23 Tax Levies... A-24 Assessed Valuation... A-26 Collections... A-29 Foundation... A-30 Gifts, Grants and Contracts... A-30 Insurance Coverage... A-30 Retirement Plans... A-31 INDEBTEDNESS... A-32 THE COLLEGE COMMUNITY... A-32 Population... A-34 Employment... A-34 Largest Employers... A-35 Corporate Headquarters... A-36 Building Permits... A-36 Personal Income... A-37 Home Values and Housing Units... A-37

39 THE DISTRICT AND THE COLLEGE General Cuyahoga Community College is Ohio s first and largest community college. The College opened its doors in 1963 in temporary quarters to approximately 3,000 students. Today, the College serves more than 60,000 credit and non-credit students each year at its four traditional campuses (East, West, Metropolitan (Metro) and Westshore), two Corporate College locations (East and West), Unified Technology Center (UTC), the Advanced Technology Training Center (ATTC), the District Office downtown, the Hospitality Management Center at Public Square, the Brunswick University Center, the Jerry Sue Thornton Center, and more than 50+ off-campus sites and through its distance learning options. The College offers credit and non-credit programs to its students. As of fall 2015, there are 82 two-year technical associate degree programs and 85 certificate programs. The Office of Community and Continuing Education seeks to extend the resources of the College to the community through a wide array of courses and seminars. These include non-credit classes in business, health, and human and social services. The College also offers cultural enrichment programs as well as programs for K-12 students and teachers. A number of these programs have been recognized as award-winning national models. Although the Cuyahoga Community College District is geographically co-extensive with Cuyahoga County (the County), it is an entirely separate political subdivision. County-based information in this Official Statement, including particularly demographic information and certain property tax matters, is presented as general information. See The College Community. Governance and Administration Board of Trustees A nine member Board of Trustees governs the District. Six trustees are appointed by the Cuyahoga County Executive, and three by the Governor of the State of Ohio, all for five-year terms. The current members of the Board, with the years in which their respective terms expire stated in parentheses, are: [balance of page intentionally left blank] A-1

40 Name David W. Whitehead (2016) Victor A. Ruiz (2017) (a) Dr. Harry Graham (2016) David Heller (2017) Occupation Retired Executive Director, Esperanza, Inc. Retired Co-Founder and Principal of NRP Group, LLC Vacant (2017) Andrew E. Randall (2017) Managing Director of New York Private Bank & Trust /Cleveland Office Rachel Von Hendrix (2018) User Experience Designer, Westfield Group/Westfield Insurance Jerry L. Kelsheimer (2020) (b) Helen Forbes Fields (2020) President and CEO, Fifth Third Bank Northeast Ohio Partner, Forbes, Fields & Associates Co., L.P.A. (a) Chair (b) Vice Chair Administrative Officers The administrative direction of the District has been delegated by the Board of Trustees to the President and administrative staff. The administrative staff is appointed by the President subject to Board approval. The current administrative officers are: Alex Johnson, Ph.D. David Kuntz Craig Foltin, D.B.A, CPA William Gary President Executive Vice President/Administration and Finance Provost and Executive Vice President of Access, Learning and Success/Acting Treasurer Executive Vice President, Workforce, Community, and Economic Development A-2

41 Dr. Alex Johnson has been the President of the College since July of Dr. Johnson came to the College after serving as President of the Community College of Allegheny County (CCAC) since Prior to CCAC, Dr. Johnson held the position of Chancellor of Delgado Community College in New Orleans, Louisiana which he assumed after a tenure at Cuyahoga Community College as the Metropolitan Campus President from 1993 through Dr. Johnson is a highly regarded leader in the national community college movement through his work with respected organizations such as the National Labor College, the Community College Survey of Student Engagement, and the Association of American Colleges and Universities. He has also served in numerous capacities with the American Association of Community Colleges, including as a member of the Board and its Executive Committee, chair of the Committee on Community College Advancement, member of the Voluntary Framework on Accountability Steering Committee, member of the 21st Century Commission on the Future of Community Colleges, and co-chair of the Implementation Committee for the Commission s report Reclaiming the American Dream. Dr. Johnson earned a Bachelor of Science degree in Intermediate Education from Winston-Salem State University, a Master of Science degree in Early Education from Lehman College, and a Ph.D. in Curriculum and Instruction, specializing in Early Childhood/Special Education from Pennsylvania State University. David J. Kuntz, CPA, joined the College in February 2016 as its Executive Vice President of Administration and Finance and Treasurer. The Executive Vice President of Administration and Finance leads all operational, administrative and financial departments. Mr. Kuntz also serves as the primary liaison for the Board of Trustees Management Committee and performs other critical Board functions. Mr. Kuntz came to the College with more than two decades of progressive financial management and executive leadership experience, most recently serving as the Chief Financial Officer and Treasurer at the Cleveland Metroparks System where he was named Crain s Cleveland Business CFO of the Year. Mr. Kuntz holds a bachelor s degree in business administration from Baldwin-Wallace, has served as a board member of the Ohio Government Finance Officers Association since 2009 and been active in various other professional organizations in his field. Dr. Craig Foltin, CPA joined the College in 2007 as its Executive Vice President of Administration and Finance and Treasurer. The Executive Vice President of Administration and Finance leads all operational, administrative and financial departments. In 2015, Dr. Foltin was appointed Executive Vice President, Access, Learning & Success and Provost, after serving in that interim role since December, As Provost, Dr. Foltin now leads the academic divisions of the College, working closely with the Campus Presidents, the faculty and the academic administrative departments. Dr. Foltin also serves as the primary liaison for the Board of Trustees Management Committee and performs other critical Board functions. Dr. Foltin earned a Bachelor of Science degree in Accounting from the Ohio State University before earning his Master of Business Administration and Doctor of Business Administration from Cleveland State University. A Certified Public Accountant and a Certified Government Financial Manager, Dr. Foltin also serves as Lecturer in Accounting and Business Law at Cleveland State University and is an adjunct faculty member in Accounting at Cuyahoga Community College. Dr. Foltin is acting as Interim Treasurer until a replacement is appointed. A-3

42 William Gary currently serves as the Executive Vice President of the Workforce, Community & Economic Development (WCED) division of Cuyahoga Community College since Prior to joining the college, Mr. Gary spent 14 years as Vice President of Workforce Development at Northern Virginia Community College, where he led regional economic development initiatives and oversaw job training programs. A national leader in workforce development issues, Mr. Gary has over 30 years of private and public management experience, including serving as Past President of the National Council on Workforce Education, an association of community colleges and workforce and education professionals affiliated with the American Association of Community Colleges, and testifying before Congressional Committees on emerging workforce issues. Mr. Gary has a Master s degree in Industrial Relations from Rutgers University and a Bachelor s degree from Morehouse College in Georgia. Academic Programs and Accreditations The College offers five associate degrees: Associate of Arts, Associate of Science, Associate of Applied Business, Associate of Applied Science, and Associate of Technical Studies. The Associate of Arts and Associate of Science programs encompass studies that are the traditional starting point for work towards a baccalaureate degree. The other degrees encompass studies that combine selected core courses from the arts and sciences curriculum with a focus on preparation for specific occupational careers. The College offers 82 two-year technical programs leading to an associate degree. Of these programs, 59 lead to an Associate of Applied Science degree and 23 lead to an Associate of Applied Business degree. The College also offers 85 certificate programs. Short-term professional certificates are offered in 35 program areas and 50 program areas have one-year certificate of proficiency programs. The College also offers nine post-degree professional certificate programs. The College is fully accredited by the Higher Learning Commission, a Commission of the North Central Association of Colleges and Schools. The College received its most recent reaccreditation in , with the next comprehensive evaluation scheduled for In addition, a number of the College s career programs are accredited or approved by appropriate specialized associations or agencies. These include: Accreditations ABET (Accreditation Board for Engineering and Technology) Accreditation Commission for Education in Nursing Inc. Accreditation Commission for Programs in Hospitality Administration Accreditation Review Council on Education in Surgical Technology and Surgical Assisting Accreditation Review Committee on Education for the Physician Assistant Inc. American Association for Paralegal Education (AAFPE) American Culinary Federation Education Foundation, Inc. American Dental Association American Dietetic Association American Health Information Management Association American Occupational Therapy Association Inc. A-4

43 American Physical Therapy Association American Society Of Health-System Pharmacists American Veterinary Medical Association Commission on Accreditation for Education in Neurodiagnostic Technology Commission On Accreditation For Respiratory Care Committee on Accreditation for Health Informatics and Information Management Education Committee on Accreditation for Polysomnographic Technologist Education Committee on Accreditation of Educational Programs for the EMS Professions Dietary Managers Association Higher Learning Commission Joint Review Committee on Education in Diagnostic Medical Sonography Joint Review Committee on Education in Radiologic Technology Joint Review Committee on Educational Programs in Nuclear Medicine Technology Medical Assisting Education Review Board National Accrediting Agency For Clinical Laboratory Sciences National Association for the Education of Young Children National Automotive Technician Education Foundation National Court Reporters Association Ohio Board of Nursing Ohio Department of Higher Education Ohio Department of Education (Early Childhood Education and Deaf Interpretive Services) Ohio Department of Public Safety (EMT Program) Ohio Division of EMS Ohio State Medical Board (Massage Therapy) Professional Landcare Network The Ohio Department of Higher Education (ODHE) has developed a statewide articulation and transfer policy to facilitate movement of students and credits from any stateassisted college or university to another. The policy avoids duplication of course requirements and enhances a student s mobility throughout Ohio s higher education system. The policy also establishes the Transfer Module, a specific subset of an institution s general education requirement. Students who successfully complete the Transfer Module at one institution will be considered to have met the Transfer Module requirements of the receiving institution. Other transfer options at the College reflect the institution s commitment to flexibility in responding to diverse student needs and goals. These options include broad-based articulation agreements focused on guaranteed admission and junior year status, dual enrollment agreements, and program-specific transfer guides developed through a course-by-course review by each cooperating institution. The College has 84 formal articulation and transfer agreements with higher education institutions, including both public and private four-year institutions in Ohio and a number of other states. The District supplements its credit courses with a wide variety of noncredit courses, support services and special programs designed to meet the needs of its diverse student body and A-5

44 of the community at large. Expenditures for these courses, programs and services aggregated approximately $20.6 million in fiscal year Faculty and Employees For the 2015 fall semester, the College had 3,814 employees, excluding student and other temporary/intermittent workers. The staff is as follows: Faculty FACULTY AND EMPLOYEES Full-time 407 Part-time 1,093 Total Faculty 1,500 Administrative and Support Staff 2,314 Total Employees 3,814 Approximately 65% of the full-time faculty are tenured, and 88% hold advanced degrees, of which 15% earned doctorates. Members of the faculty are active in the College setting and in community programs, research projects and the publication of professional articles and textbooks. The District s total salary and wage expense in fiscal year 2015 was $134,260,525. A state-wide public employee collective bargaining law applies generally to public employee relations and collective bargaining. The College is a party to four collective bargaining agreements: An agreement with the American Association of University Professors (AAUP) covering 391 faculty. The current agreement runs from August 2013 through August An agreement with Service Employees International Union (SEIU) District 1119 for full-time support staff. The agreement currently covers 213 members and runs through December An agreement with SEIU District 1119 for part-time support staff. The current agreement, which covers 192 members, runs from July 2014 through June An agreement with the American Federation of State, County and Municipal Employees (AFSCME) for building maintenance, support and public safety employees. The current agreement, which covers 163 employees, runs from July 2014 to June A-6

45 The College regularly meets with all bargaining units to address contract stipulations, clarify procedures and resolve conflicts. The bargaining units participate in a number of ad hoc committees focusing on such matters as healthcare, human resource policy, and governance. There have been no strikes or work stoppages in the past ten years. The District considers its relationships with it employees to be stable. Enrollment General The College attracts students from a variety of backgrounds and primarily from the District s geographical area. County residents represented 82.1% of the fall 2014 and spring 2015 headcount enrollment. Ohio residents from outside the County represented 17.2%, 0.4% were from other states, and 0.3% were from outside the United States. Approximately two-thirds (60.2%) of the credit student body are female; 42.2% are minority; and the average age is 28. In fall 2014, approximately 14% of the students were new to the College, 57% were continuing from the prior semester, 8% were high school students taking classes under the PSEO program (renamed to College Credit Plus), 8% were transfer students into the College, and 13% were returning after stopping for at least one year. The College s headcount course enrollment (full-time and part-time students) as well as full-time equivalent (FTE) enrollment for recent and the current academic years are shown below: Annualized Credit Enrollment Fall Term Credit Enrollment Academic Full-Time Full-Time Year Equivalent (a) Headcount(b) Equivalent (c) Headcount (b) ,280 40,598 15,033 26, ,930 39,846 14,934 26, ,850 40,036 14,791 26, ,124 42,624 15,631 27, ,325 47,244 17,517 31, ,511 49,314 18,435 31, ,465 48,280 18,387 31, ,851 46,346 17,277 30, ,538 41,800 16,279 27, ,859 40,591 15,724 27, N/A N/A 14,525 25,449 (a) Total annual credit hours divided by 30. (b) Unduplicated headcount. (c) Total fall term credit hours divided by 15. Approximately 32.6% of those enrolled in the 2015 academic year were full-time (12 or more credit hours) students and 67.4% were part-time. This distribution of full- and part-time enrollments is consistent with prior years. The College is committed to providing a diverse array of cultural enrichment programs in the community that appeal to a wide population of various ages and racial/ethnic backgrounds. A-7

46 Of particular note are the following annual events (with the approximate attendance at each noted): Jazz Fest (20,000) and the Celebrating Diversity Series (3,000). Degrees and Certificates Granted A measure of the College s education activity and stability is the number of associate degrees and certificates granted, as shown in the following table: DEGREES AND CERTIFICATES GRANTED Academic Year Degrees Granted Certificates Granted , , , , , , , , , The College awards more associate degrees and certificates than any other institution in the State. In fiscal year 2014, the College accounted for approximately 12.4% of total associate degrees and certificates granted from the State. Student Fees and Charges The College operates its programs currently on the basis of a two-semester academic year (fall and spring), with a summer session also available. Payment in full of all fees or payment arrangements are required to be made prior to official enrollment in any class of instruction. Student fees and charges may be paid in cash, personal check, credit card, or some type of financial assistance. The College offers an installment payment plan for qualified students. The College charges a combined tuition and fee amount per semester credit hour basis. Separate categories or charges apply to Cuyahoga County residents, other Ohio residents and out-of-state residents. A-8

47 The student combined tuition and general fees, per credit hour and for 15 credit hours, for recent and the current academic years are as follows: Academic Year Charge per Credit Hour In County $91.22 $97.88 $ $ $ Out of County (Ohio Resident) Out of State Charges for 15 Credit Hours In County $1, $1,468.2 $1, $1, $1, Out of County (Ohio Resident) 1, , , , , Out of State 3, , , , , For the academic year, there was no increase in instructional and general fees charged to students. House Bill 64, which is effective for fiscal years 2016 and 2017, freezes tuition and general fees at two and four year state-supported schools. It does not cap or limit increases in special fees, graduate instructional fees, nonresident tuition surcharges, or room and board charges. A-9

48 Comparative Costs For the fall academic session at Ohio public institutions, total annualized instructional and general fees for a full-time undergraduate student who is an Ohio resident ranged from $6,246 to $14,013 at the state universities, from $2,972 to $4,085 at the community colleges operated by local districts (for residents of those districts), from $4,078 to $4,720 at State community colleges, and from $4,296 to $4,806 at the technical colleges. Annual nonresident tuition at the state universities ranged from $12,618 to $30,121. (These amounts do not include special purpose fees or room and board charges.) Annualized Full-time Undergraduate Fees, Community Colleges* Community Colleges In-District Out-Of-District Out-Of-State Cincinnati State $4,718 $4,718 $9,178 Clark State 4,195 4,195 7,835 Columbus State 4,078 4,078 9,031 Cuyahoga 3,136 3,952 7,468 Eastern Gateway 3,330 3,510 4,350 Edison State 4,219 4,219 7,828 Lakeland 3,315 4,164 9,204 Lorain 3,077 3,679 7,302 Northwest State 4,720 4,720 9,260 Owens State 4,304 4,304 8,588 Rio Grande 4,085 4,685 Not applicable Sinclair 2,972 4,390 8,474 Southern State 4,232 4,232 7,938 Terra State 4,461 4,461 6,995 Washington State 4,490 4,490 8,660 * Based upon fall 2014 full-time charges for fall and spring semesters. Amounts shown include both instructional and general/facilities fees. Above chart does not include Technical Colleges. Source: Ohio Board of Regents Fall Survey of Student Charges, For Academic Year Student Financial Aid Approximately 50% of the College s students receive financial aid. During the academic year, 17,957 students received total assistance of approximately $69.2 million. The primary sources included Guaranteed Student Loans, Pell Grant Program, College Work Study, and College scholarships, loans and fee waivers. The following table summarizes the amounts of financial aid provided to College students for recent academic years. All programs assisted by the Federal and State governments are subject to appropriation and funding by those governments. [table on following page] A-10

49 STUDENT FINANCIAL AID Academic Years College Scholarships and Grants $1,228,532 $1,770,217 $1,850,550 State Scholarships and Grants 151, ,350 68,355 Federal Pell Grants 54,829,840 52,394,578 48,706,422 Other Federal Grants 2,701,372 1,451,255 1,301,666 Federal Loans 44,252,217 44,953,772 32,762,789 Student Employment Work Study 944,606 1,061,685 1,102,058 Total Financial Assistance (1) $104,108,453 $101,980,857 $85,791,840 (1) Total Financial Assistance does not include third party sponsor payments. As of December 2015, federal reports show a Stafford federal loan default rate for Cuyahoga Community College students of 26.3% and 23.0% for fiscal years 2011 and 2012, respectively. The national average default rate during the same time period was 20.6% and 19.1%, respectively for two and three-year public institutions. Physical Plant Physical property available to and utilized by the District at the College consists of 47 buildings built on 550 acres of land spread over four campuses. The College has approximately 3,091,039 gross square feet of space in campus-owned buildings. The physical plant is estimated by the District to have a replacement value of approximately $494,205,278, with a current contents value of an additional $91,421,422. The College is an entirely nonresidential institution, with all students commuting. Metropolitan Campus Permanent facilities for the Metropolitan Campus were completed in Located in the St. Vincent Quadrangle area in downtown Cleveland, the modern, eighteen-building complex was the first of four campuses. The campus hosts science, engineering and health career laboratories, a computer center, and athletic facilities. Recent additions to Metropolitan Campus include a 75,000 gross square foot Center for Creative Arts, which houses the Rock and Roll Hall of Fame Archives as well as arts program classrooms and offices, a new addition to the Recreation and Wellness Center, and the acquisition and renovation of an existing 72,350 gross square foot building to become the Jerry Sue Thornton Center. The College opened its 50,000 square foot Advanced Technology Training Center (ATTC), featuring high-bay labs, multipurposing training areas, and an energy-efficient and naturally lighted environment for learning, in October The Campus provides students and others access to open labs with over 1,300 computer workstations providing and internet access, as well as eleven computer classrooms, including an electronic classroom with full distance learning capabilities. The campus is accessible from Interstates 71, 77, 90 and 490. The Greater Cleveland Regional Transit Authority (RTA) buses also provide public transportation directly to the College and the RTA Campus Rapid Station stop is near Campus. Parking (approximately 1,864 spaces) is A-11

50 available in underground garages and in outdoor lots adjacent to the campus buildings. The Unified Technologies Center of the College is adjacent to the campus. The Workforce, Community & Economic Development division (WCED) operates out of the Unified Technologies Center. The Metropolitan Campus site is currently acres and the gross building area, which includes the Unified Technologies Center, is 1,359,468 gross square feet. Western Campus The Western Campus opened in 1966 in the former Crile Veterans Hospital in Parma Heights. Those facilities were replaced in 1975 with a modern six-building interconnected complex. At the center of the campus is the Galleria, a three-story, glass-roofed mall surrounded by student service offices, the library, and the cafeteria. In 2014, the new Public Safety Training Center, which offers specialized training opportunities for police, fire, and emergency medical technicians, was dedicated. Other facilities include the Advanced Automotive Technology Center, the fire tower, the technology center, multiple computer labs, numerous labs for the sciences, health careers and technologies, an indoor pool, gymnasium, fitness center, outdoor track, tennis courts, athletic fields for soccer, softball and baseball, and a theater. The College provides students and others with access to 1,505 computer workstations, including a 670- computer open lab. The campus is accessible from Interstates 71, 77, and 480. RTA buses also provide public transportation services. Lighted parking (approximately 3,204 spaces) is available in outdoor lots adjacent to the campus buildings. The acre Western Campus site has a gross building area of 685,597 square feet. Eastern Campus The Eastern Campus is located in Highland Hills and has been open since The campus sits on acres of land with a gross building area of 607,067 square feet. It hosts science, engineering and health career laboratories, a library, a 600-seat performing arts center, a business conferencing center, a gymnasium, music studios, a children s center, and cafeteria. Recent additions include the new East Health Careers and Technology Center, a new Natatorium and Wellness Center, and renovations to the Student Services Building, including a new onestop service facility. The campus outdoor athletic facilities include basketball, volleyball and tennis courts, an Olympic running track and a soccer field. The campus also contains a state-ofthe-art electronic classroom capable of video conferencing and distance learning, a 635-computer open lab and nine individual computer classrooms providing students with Internet access. The campus also hosts approximately 1,872 lighted parking spots and is accessible by Interstates 271 and 480 and by public transportation. Westshore Campus The Westshore Campus opened in 2011 on the corner of Bradley and Clemens road in Westlake. The campus sits on 33 park-like acres with a gross building area of 77,648 square feet. As a STEMM (Science, Technology, Engineering, Math and Medical) campus, Westshore focuses on these five areas of education and training. Currently, students can pursue degrees in the healthcare field, including nursing, medical assisting and emergency medical technology. There is easy access to the campus off of Interstate 90 and via public transportation. The Phase 1 Health Careers and Sciences Building is a LEED (Leadership in Energy and Environmental A-12

51 Design) certified building, creating a truly green campus. The Westshore Campus offers four computer labs with 124 open computer workstations. Currently, the campus provides 466 lighted parking spots. Brunswick University Center The Brunswick University Center opened in 2011 on the Brunswick High School campus. The Center is located on 1 acre and has a gross building area of 31,888 square feet. The Center was opened in direct response to the continuing demand for affordable and accessible higher education in the area. The College has partnered with Franklin University and Tiffin University to offer students the opportunity to complete their associate and bachelor degrees at the same convenient location. Facilities include state of the art classrooms and 64 open computer workstations and two electronic classrooms with 50 computer workstations. The Center is accessible from Interstate 71 and by public transportation and provides 365 lighted parking spots. Corporate College The Corporate College facilities are located on the east and west sides of Cuyahoga County. The Corporate College east location was built in 2005 and sits on acres. The 107,000 gross square foot facility is located near the Eastern Campus and has easy access to Interstates 271 and 480. The Corporate College West location has two buildings; one was built in 1972 and the other in The combined west buildings are over 104,000 gross square feet, sit on acres and are easily accessible from Interstate 90. The Corporate College operations are designed to be the model for providing new solutions and opportunities to individuals, businesses and industries to succeed in today s knowledge-based, high-tech economy. Corporate College offers credit and non-credit training, professional development and skills enhancement courses for the individual. In addition, the facilities are available for in person and video conferences with computer labs, tech support, concierge service, meeting planners and free parking. Corporate College West also houses credit classes for students as an extension of the Westshore Campus. Other Institutions; Ohio Department of Higher Education There are several other institutions of higher education in the College s region. Within the County alone, there are six major academic institutions, including Baldwin-Wallace University, Cleveland State University (one of Ohio s 13 state universities), Case Western Reserve University, John Carroll University, Notre Dame College of Ohio, and Ursuline College, as well as a number of specialized independent colleges and proprietary institutions. All of the universities have a strong undergraduate mission and several of the proprietary institutions such as Bryant and Stratton and the Academy of Court Reporting provide technical associate degree programs. Public higher education institutions in Ohio now include 13 state universities (with a total of 26 branches), one medical college (in addition to four at state universities), six community colleges (including the College) operated by local community college districts and supported in substantial part by locally-voted property taxes, nine state community colleges, eight technical A-13

52 colleges, and the Agricultural Research and Development Center. Those institutions all receive State assistance and conduct full-time educational programs in permanent facilities. In the fall 2014 and spring 2015 semesters, approximately 2,742 students were concurrently enrolled at both the College and another state college or university. About 487 were concurrently enrolled with Cleveland State University. Approximately, 3,380 students who were enrolled at the College in the fall 2014 semester enrolled at another public institution in spring They may or may not intend to formally transfer. A significant portion of these students, about 857 of them, attended Cleveland State University. Conversely, about 1,452 students attended the College in the spring 2015 semester after attending some other institution in the fall. State community colleges differ from the College in that they receive no local property tax support, with their entire tax support coming by way of State appropriations. The Ohio Department of Higher Education is a Cabinet-level agency for the Governor of the State of Ohio that oversees higher education for the state. The agency s main responsibilities include authorizing and approving new degree programs, managing state-funded financial aid programs, and developing and advocating policies to maximize higher education s contributions to the state and its citizens. As a member of the Governor s Cabinet, the Chancellor of the Ohio Department of Higher Education advises the Governor on higher education policy and implements the Governor s plan to make college more affordable for Ohioans and drives the state s economic advancement through the University System of Ohio, the state s network of universities, regional campuses, community colleges, and adult workforce and adult education centers. The Chancellor has statewide coordinating, recommendatory, advisory and directory powers with respect to state-supported and state-assisted institutions of higher education. Among the Chancellor s powers and responsibilities is to formulate and revise a State master plan for higher education; to make recommendations to the Governor and General Assembly concerning the development of state-financed capital plans for higher education; to prepare a State plan for and be the State agency responsible for participation in federal programs relative to the construction of higher education academic facilities; to approve or disapprove the establishment of technical colleges, state institutions of higher education, community colleges and new branches or academic centers of state universities; to approve or disapprove all new degree programs at higher education institutions; and to review appropriation requests of those institutions and make recommendations to the General Assembly concerning the biennial higher education operating and capital appropriations. The Board of Regents is a nine-member advisory body to the Chancellor. The members of the Board of Regents are appointed by the Governor with the advice and consent of the Senate. Members are appointed to six year terms. Ex-officio nonvoting members are the chairmen of the respective education committees of the State Senate and House. A-14

53 DISTRICT FINANCIAL OPERATIONS AND RESULTS General The District s financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). These principles require that financial transactions be recorded within separate funds and that similar funds be grouped into fund groups for purposes of accounting and financial reporting. The District accounts for its financial resources in accordance with accepted practice for educational institutions through the use of separately balanced fund groups: Current Funds, Loan Funds, Plant Funds, and Agency Funds. The financial statements of the District for fiscal years 2015 and 2014 are attached as Appendix B. Copies of the complete financial reports for those years may be obtained upon written request to the Treasurer, or on-line at Ohio laws applicable to all community college districts govern investments and deposits of District funds. The Treasurer is responsible for those investments and deposits. Under recent and current practices, and adopted investment policies, investments are made in U.S. Treasury securities, certificates of deposit, STAR Ohio (the State Treasurer s subdivision investment pool), corporate bonds, municipal bonds, alternative investments, and various fixed income and equity mutual funds. The following tables, prepared by the District s financial staff, summarize (i) the District s unrestricted and restricted current funds revenues, expenditures and other changes in fund balances for recent fiscal years, and (ii) year-end fund balances for those fiscal years. The summaries for the five fiscal years ended June 30 are derived from the District s audited financial statements for those years. A-15

54 SUMMARY OF UNRESTRICTED AND RESTRICTED CURRENT FUNDS REVENUES, EXPENDITURES AND OTHER CHANGES IN FUND BALANCES REVENUES Student Tuition and Fees (Net of scholarship allowances) Federal Grants and Contracts State Appropriations Local Appropriations Unrestricted Investment Income (net of investment expense) Restated $41,999,912 $41,910,919 $46,971,771 $49,098,432 $46,497,930 76,873,213 76,403,719 67,123,181 62,498,836 58,400,627 61,609,494 56,216,854 57,514,575 59,456,558 63,828,159 94,644,927 87,091,897 84,016,876 93,359, ,588,365 7,630,115 1,066,910 7,501,967 10,978,652 2,550,343 Restricted Investment Income (net of investment expense) 200,845 72,209 6,296 6,012 11,679 State Grants and Contracts 3,973,076 1,009, ,552 1,007,245 1,416,067 Local Grants and Contracts 34, ,549 97,258 0 Private Grants and Contracts 3,817,690 4,469,258 5,055,465 3,317,489 6,473,621 Sales and Services 6,367,684 7,197,602 6,959,835 6,881,147 7,221,431 Auxiliary Enterprises 16,863,102 16,528,653 17,645,723 16,813,484 16,507,566 Other Operating Revenues 2,270,329 2,575,164 2,756,336 3,389,049 3,758,258 Other Non-Operating Revenues 346,228 3,940,413 88,619 89,741 60,552 Total Revenues 316,631, ,483, ,643, ,993, ,314,598 EXPENSES Educational and General: Instruction and Departmental Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant 87,056,495 88,809,845 89,668,104 91,090,393 89,336,619 16,994,729 21,059,530 15,366,951 13,570,210 11,501,767 24,051,034 23,966,770 22,840,902 23,149,402 23,056,077 21,712,796 21,429,435 22,347,722 22,719,192 22,825,381 38,792,932 40,241,578 42,594,370 44,132,213 42,172,862 25,357,697 24,434,185 24,783,953 28,223,839 26,427,381 46,091,859 40,588,286 39,412,100 39,542,739 34,842,401 Student Aid Auxiliary Enterprises 16,143,086 15,473,186 15,328,360 14,488,750 14,249,044 Depreciation 21,266,852 21,566,167 24,948,271 24,015,292 23,584,602 Interest on Capital Debt 5,710,979 6,350,906 6,608,723 6,520,815 6,272,093 Other Nonoperating Expenses , Total Expenses 303,178, ,919, ,022, ,452, ,268,227 Income (Loss) Before Other Changes in Net Position State Capital Appropriations Increase (Decrease) in Net Position 13,453,129 (5,436,449) (7,378,994) (459,455) 14,046,371 14,407,276 3,868,566 1,757,447 5,427,216 7,313,677 $27,860,405 ($1,567,883) ($5,621,547) $4,967,761 $21,360,048 Note: In fiscal year 2014, the College implemented GASB Statement No. 65, which required a restatement of fiscal year 2013 financials. The College implemented GASB Statements No. 68 and 71 for fiscal year Please refer to Note 1 of the College s Comprehensive Annual Financial Report (CAFR) for more information. A-16

55 SUMMARY OF YEAR-END STATEMENT OF NET POSITION Restated Current Assets: Cash and Cash Equivalents $34,786,462 $11,020,662 $17,017,911 $10,483,550 $18,943,073 Short-term Investments 61,964,731 66,590,290 67,721,093 83,223,428 64,495,237 Property Tax Receivable 87,606,550 86,154,186 81,405,822 82,570, ,367,669 Accounts Receivable, Net 27,391,672 26,322,773 22,563,968 18,984,676 8,336,644 Restricted Receivable 4,127,823 5,626,792 6,819,109 3,469,079 4,011,510 Other Asset 4,093,798 4,200,816 10,057,922 11,500,640 9,137,461 Total Current Assets 219,971, ,915, ,585, ,232, ,291,594 Noncurrent Assets: Restricted Cash and Cash Equivalents 5,020,289 13,447,929 2,563,259 1,489,332 7,323,324 Long-term Investments 57,875,255 32,167,272 23,909,916 24,394,970 41,081,223 Other Assets 1,491,910 1,439, , , ,619 Capital Assets, Not Being Depreciated 47,118,958 45,405,826 26,262,747 28,000,684 25,653,605 Capital Assets, Net of Depreciation 290,817, ,549, ,507, ,618, ,407,119 Total Noncurrent Assets 402,323, ,009, ,511, ,832, ,822,890 Total Assets 622,294, ,924, ,097, ,064, ,114,484 Deferred Outflow of Resources: Loss on Refunding , , ,400 Pension: STRS ,513,843 OPERS ,577,585 Total Deferred Outflow of Resources , ,236 16,532,828 (Continued) A-17

56 SUMMARY OF YEAR-END STATEMENT OF NET ASSETS (CONTINUED) Restated Current Liabilities: Accounts Payable & Accrued Liabilities $24,821,333 $17,908,721 $18,945,187 $17,904,462 $14,160,835 Liabilities Payable from Restricted Assets 2,162,483 1,108, , ,076 1,020,679 Deferred Property Tax Revenue 76,758,550 78,183, Unearned Revenue 23,862,512 26,424,591 25,803,703 27,476,373 11,943,074 Capital Lease Obligations 7,636,322 6,548,048 4,439,376 5,115,085 5,428,452 Compensated Absences 1,037,767 1,024,126 1,173,071 1,148, ,353 Claims and Other Liabilities 1,427,029 1,729,732 1,598,070 1,720,710 1,919,794 Receipt Bonds and Certificates of Participation 5,465,000 5,645,000 5,855,000 6,070,000 6,300,000 Total Current Liabilities 143,170, ,572,824 58,796,556 60,424,468 41,744,187 Noncurrent Liabilities: Capital Lease Obligations 17,388,310 17,189,801 15,229,551 16,246,668 20,871,254 Compensated Absences 7,197,474 7,134,124 7,403,071 7,912,114 6,690,207 Claims and Other Liabilities 2,260,208 2,153,389 1,936,778 1,691,500 1,622,034 Receipt Bonds and Certificates of Participation143,018, ,184, ,617, ,316, ,785,872 Net Pension Liability - STRS ,018,030 Net Pension Liability - OPERS ,482,538 Total Noncurrent Liabilities 169,864, ,661, ,186, ,166, ,469,935 Total Liabilities 313,035, ,234, ,983, ,591, ,214,122 Deferred Inflow of Resources: Property Tax ,580,322 64,287,704 81,777,857 Grants Received in Advance , , ,341 Pensions: STRS ,423,836 OPERS ,044,990 Total Deferred Inflow of Resources ,871,838 65,237, ,122,024 Net Position: Invested in Capital Assets, Net of Related Debt199,796, ,467, ,308, ,676, ,116,546 Restricted - Expendable: Scholarships and Fellowships 2,239,891 3,417,779 4,174,996 2,410,268 3,898,497 Student Loans 498, , , , ,180 Instructional/Departmental Uses 21,447 1,755 2, ,398 Total Restricted 2,760,187 3,956,170 4,711,323 2,949,297 4,443,075 Unrestricted 106,701,923 94,267,469 92,715, ,077,334 (67,248,455) Total Net Position $309,258,619 $307,690,736 $300,735,085 $305,702,846 $122,311,166* *Note: In fiscal year 2014, the College implemented GASB Statement No. 65, which required a restatement of fiscal year 2013 financials. The College implemented GASB Statements No. 68 and 71 for fiscal year 2015, resulting in the significant reduction in Total Net Position. Please refer to Note 1 of the College s Comprehensive Annual Financial Report (CAFR) for more information. A-18

57 General Financial and Budgeting Procedures The District s fiscal year corresponds with the July 1 through June 30 State fiscal year. For certain local tax budget purposes, a January 1 to December 31 calendar year applies. The District s local property taxes are levied and collected on a calendar basis. The District maintains operating budgets for its general operating fund, auxiliary, and current restricted funds. The general operating fund budget includes all expenditures supported by unrestricted funds. The general operating fund expenditure budget includes instruction and research, library, general administration, general expense, plant operation and maintenance, public service, mandatory and nonmandatory transfers, and reserves. The auxiliary fund budget includes all expenditures supported by revenues generated, including bookstore, parking and food service operations. The restricted fund budget includes all expenditures supported by specific grants, contracts, gifts, and donations. The Board adopts a budget for each fiscal year based on a five-year, long-range financial analysis and the College s goals. The linking of the College s goals to measurable objectives is critical in responding effectively to the needs of the community. Under the direction of the President, major budget units are required to submit a comprehensive budget package to the College s Office of Planning, Budget and Strategic Support, including a full-time staffing plan, enrollment plan, and equipment request. The Development Office coordinates the restricted (grants) fund efforts and submits an overview of new and current grants to the Executive Vice Presidents for their review, approval, and submission to the President. Auxiliary/quasi-auxiliary operations must also prepare a budget package. These operations are intended to be self-supporting. The revenue generated, based upon estimated enrollment or service levels, must be evaluated prior to the development of individual budgets. These operations are important since they allow the College to provide service to students and the community that the College may not otherwise be able to offer (e.g., book centers, food service, parking, and non-crediting training). During the budgetary presentation, the Board reviews the District s annual and longrange plans and forecasts to determine if the District should increase student fee charges in compliance with State law requirements. Any tuition increase is formally adopted and authorized by the Board. Any increases above State law requirements must be approved Ohio Department of Higher Education. As part of the budgeting process, allocations for capital projects are also reviewed. Proposed capital projects are assessed against the Master Plan and Space Utilization Study. Annually, the President and the appropriate staff review and prioritize project requests against resources available through internal funds, State capital appropriations, or financing. The Board annually reviews a summary of capital renewals and replacements and adopts and authorizes the necessary internal transfer of general operating funds into the District s plant renewal and replacement fund, as well as total authorized expenditures allowed in the plant renewal and replacement fund. A-19

58 Every other year, the District prepares and updates its six-year capital improvement program. This provides the basis for a State capital appropriation request submitted to the Chancellor of the Ohio Department of Higher Education. The request identifies the projects proposed to be financed with State appropriations and the purpose, priority, amount, and source of funds for these projects. The Ohio Department of Higher Education and the General Assembly may approve, modify or decline aspects of the District s requested capital appropriation programs. The Board of Trustees annually reviews operating budgets for the general fund and auxiliary fund, as well as capital expenditures related to its plant renewal and replacement fund. The Board adopts the annual general operating fund and plant renewal and replacement fund budgets, based on the recommendation of the President and Treasurer. The Board may, if appropriate, modify the budgets during the year to reflect revised expenditure or revenue projections for that fiscal year. When the Board meets, the Treasurer presents a monthly financial package and narrative explanation to the Board for its review. That package includes a comparative statement of the District s operating revenues and expenditures, including information pertaining to restricted and special funds, as well as a schedule of investments. In May 2015, the Board approved for fiscal year 2016 a Current Funds expenditure budget of $349,389,502 composed of $241,297,053 for unrestricted expenditures (consisting of operating expenditures of $201,096,586 special funds of $20,154,508 and capital/transfers amounting to $20,045,959); $93,646,957 for restricted fund expenditures; and $14,445,492 for auxiliary enterprise fund expenditures. The budget anticipated total revenues of $356,354,889 including $66,114,094 from the State, $106,606,383 in local property taxes levied for District purposes, $59,975,256 in student fees and charges, $93,646,957 from restricted sources, $28,607,789 from fee for service (auxiliary and special funds) and $1,404,410 in other income. Financial Reports and Audits The State Auditor is charged by law with the responsibility of inspecting and supervising the accounts and records of each taxing subdivision (including the District) and most public agencies and institutions. Audits are made by the State Auditor, or by CPAs at the direction of that officer, pursuant to Ohio law, and examinations or audits are made under certain federal program requirements. No other independent examination or audit of the District s financial records is made. The most recent audit (including compliance audit) of the District s accounts, by Ciuni & Panichi, an independent accounting firm, was completed through June 30, Fiscal year 2014 was the first year the College was audited by Ciuni & Panichi. No material findings, citations or items for adjustment, or material weaknesses in internal controls, were noted as part of the audit. Prior year audits were conducted by the independent accounting firm of Maloney & Novotny LLC. The financial statements of the District as of and for the years ended June 30, 2015, included in Appendix B of this Official Statement have been audited by the independent audit firm of Ciuni & Panichi, as stated in the report appearing herein. A-20

59 Annual financial reports are prepared by the District, and filed as required by law with the State Auditor after the close of each fiscal year. State Appropriations to the College All public higher education institutions in Ohio receive State financial assistance for both operations and designated capital improvements through appropriations by the General Assembly. These appropriations contribute substantially to the successful maintenance and operation of the College. Amounts received in the form of State appropriations are not included in General Receipts. In fiscal year 2015, the community college and technical college funding model consisted of three components: course completion (50%), completion milestones (25%), and student success points (25%). The course completion and completion milestone metrics are weighted by access categories that are intended to support the ongoing access mission of community colleges for certain populations that are underserved and whose increased success is essential to the attainment goals of the state. The following shows State operating appropriations to the District for recent fiscal years. STATE APPROPRIATIONS Fiscal Year Appropriations (in thousands) 2009 $63, , , , , , ,828 The District also receives State appropriations for capital improvements. For the latest six fiscal years, the total requested by the College was $46,206,665 for land, improvements, buildings and renovations. The State did not award any new capital appropriations in the capital appropriations biennium. The biennium approved the College for three projects in the amount of $10,316,417. These projects included the Crile Building Renovations ($9.1 million) and roof replacements on West Campus ($1.2 million). The College was recently approved for three additional capital projects in the amount of $11.6 million from the biennium. These projects include structural concrete renovations at the Metropolitan Campus ($7.0 million), roof repairs and replacements throughout the College s regional campuses ($2.9 million), and Workforce, Community, & Economic Development renovations ($1.7 million). A-21

60 State Budgets and Appropriations Generally House Bill No. 64 (HB 64), the State appropriations act for the operating biennium beginning July 1, 2015 and ending June 30, 2017 (the biennium), provides for approximately $5.1 billion of total General Revenue Fund (GRF) appropriations for higher education out of the total $45.9 billion two-year budget (a 3.8% increase over the biennial expenditures). HB 64 freezes tuition and general fees for two-year and four-year schools. In the fall of 2012, the Governor met with the leaders of Ohio s public colleges and universities and challenged them to work together to envision the State Share of Instruction (SSI) not simply as a state subsidy, but as a strategic source of funding. It was the goal that this new approach would incentivize student success as well as increased course and degree completions, while holding public institutions accountable for results. As a result, a new funding methodology was developed. In fiscal year 2014, the community college and technical college funding model consists of three components: enrollment (50%), course completion (25%), and student success points (25%). There was also a stop-loss calculation that provides temporary stability to institutions when their funding decreases precipitously. Under this new formula methodology, the College received approximately $59.5 million in SSI in fiscal year 2014, which was an increase of about 3.4% from the previous fiscal year. The funding model for fiscal year 2015 is based upon three components: course completion (50%), completion milestones (25%) and student success points (25%). The course completion and completion milestone metrics will also be weighted by access categories, intended to support the ongoing access mission of community colleges for certain populations that are underserved and whose increased success is essential to the attainment goals of the state. The College received approximately $63.8 million in SSI in fiscal year The Ohio economy has followed the pattern set by the U.S. economy, emphasized by a deep downturn ( ) followed by a shallow recovery (2010-present). A key factor behind the weak recovery is the financial crisis that accompanied the recession. The crisis reduced the risk appetite of households and businesses, leading to spending cuts and hiring freezes. Home prices fell substantially during the recession, reducing household net worth and impairing capital positions of many financial institutions. A continued surge in commodity prices especially oil undercut the slow recovery even further and depressed profit margins while consumer confidence remained relatively low. There have been good signs that the Ohio economy is on the upturn, with unemployment figures falling from a peak in December 2009 of 10.4 percent to 6.7 percent in February According to the State of Ohio Executive Budget for fiscal year , the number of Ohio jobs is expected to rise approximately 8.3 percent over the ten year period from , which is a projected increase of more than 455,000 jobs. Also, the Ohio Governor s Council of Economic Advisors predicted that Ohio real Gross Domestic Product will expand by approximately 2.8 percent in fiscal years 2015 through Economic indicators are pointing to a more positive direction for the U.S. and Ohio economies mainly due to a strengthening labor market and lower oil prices. A-22

61 There can be no assurance that State appropriated funds for operating or capital improvement purposes will be made available in the amounts requested or required by the College. The General Assembly has the responsibility of determining such appropriations biennially. State income and budget constraints have compelled and may in the future compel a stabilization or reduction of the level of State assistance and support for higher education in general and the College in particular. In addition, subsidy appropriations (and other similar appropriations) are subject to subsequent limitation pursuant to a law, implemented by the Governor, which provides in part that if the Governor ascertains that the available revenue receipts and balances for the current fiscal year will in all probability be less than the appropriations for the year, he shall issue such orders to State agencies as will prevent their expenditures and incurred obligations from exceeding those revenue receipts and balances. District Ad Valorem Property Taxes The proceeds of the District s local ad valorem property taxes are not included in General Receipts pledged to the Bonds. The following is provided for general information purposes. Electors of the County approved at elections held on November 5, 2014 and November 3, 2009, respectively, a 2.1 mill tax levy renewal and increase and a 1.9 mill tax levy. Collections from local property taxes amounted to $101.6 million and $93.4 million for fiscal years 2015 and 2014, respectively. Detailed provisions for tax levies are made in the Revised Code. The law generally requires that a subdivision (including the District) prepare, and then adopt after a public hearing, a tax budget. The County Budget Commission, comprised of the County Fiscal Officer, County Executive and County Prosecutor, then presents the tax budget for review. A County Budget Commission may for certain subdivisions either waive the requirement for tax budget or permit an alternative form of tax budget with more limited information. The County Budget Commission has permitted an alternative form of tax budget. The County Budget Commission then determines and approves levies and then certifies to each subdivision (including the District) its action, together with the estimate by the County Fiscal Officer of the tax rates. Thereafter, and before the end of the then calendar year, the Board approves the tax levies and certifies them to the proper County officials. The approved and certified tax rates are then reflected in the tax bills sent to property owners. Real property taxes are payable in two equal installments, the first usually in January and the second in July. For property taxation purposes, assessment of real property is conducted by the County Fiscal Officer subject to supervision by the State Tax Commissioner, and assessment of public utilities is by the State Tax Commissioner. Property taxes and assessments are billed and collected by County officials. A-23

62 Tax Levies The District collects property tax levies for operating and capital purposes which must be approved by the electors in the District. Of the 17 times District property tax levies have appeared on the ballot, the electors have approved such issues 15 times. The history and results of the District s tax levies issues since first appearing on the ballot in 1963 are as follows: [table on following page] A-24

63 HISTORY OF PROPERTY TAX LEVY ELECTIONS Election Year Millage Totals % For For 215,066 56% Against 166, For 175,543 58% Against 124, For 163,090 57% Against 125, For 130,661 49% Against 133, For 257,156 57% Against 191, For 154,889 51% (renewal) Against 146, For 265,923 54% (renewal) Against 222, For 174,831 43% Against 226, For 171,245 65% (renewal) Against 90, (renewal) For 150,482 59% 0.6 (additional) Against 105, For 216,975 57% (new) Against 163, For 228,055 70% (renewal) Against 97, For 316, % (replacement) Against 221, For 182, % (replacement) Against 144, For 201,716 60% (replacement) Against 134, (replacement) For 214, % 0.3 (additional) Against 156, (renewal) 0.9(additional) For Against 190, , % All references to tax rates are stated rates in mills per $1.00 of assessed valuation. A-25

64 The District passed a 1.2 mill property tax renewal levy with 0.9 mill increase on the November 2014 ballot. The District s other levy passed in 2009 was for 1.6 replacement levy with a 0.3 mill increase. The District estimates that these two property tax levies will generate approximately $106.6 million in the fiscal year The District s property tax levies expire as follows: CURRENT PROPERTY TAX LEVIES Election Year Millage Purpose Term Tax Year Expiration Operating 10 years Operating/Capital renewal 10 years 2024 Statutory procedures applying to certain tax levies, including the District s voted levies, limit the amount realized by each taxing subdivision from real property taxation, by the application of tax credits, to the amount realized from those taxes in the preceding year plus: (i) the proceeds of any new taxes from additional tax levies and replacement tax levies (but not from renewal tax levies) approved by the electors, calculated to produce an amount equal to the amount that would have been realized if those taxes had been levied in the preceding year, and (ii) amounts realized from new and existing taxes on the assessed valuation of real property added to the tax duplicate since the preceding year. To calculate the limited amount to be realized, a reduction factor is applied to the stated rates of the levies subject to these tax credits. A resulting effective tax rate reflects the aggregate of those reductions, and is the rate based on which real property taxes are in fact collected. For collection year 2015, the District s 2.1 mills levy had an effective rate of 2.1 mills (residential/agricultural) and 2.09 mills (other), and the 1.9 mills levy had an effective rate of 1.9 mills (residential/agricultural) and 1.9 mills (other). Assessed Valuation The following table shows the recent assessed valuations of property subject to ad valorem taxes levied by the District. Tax Assessment Year Total Assessed Valuation Public Real (a) Utility (b) 2011 $29,153,170,000 $673,171,000 $29,826,341, ,098,596, ,069,000 29,796,665, ,894,043, ,430,000 27,652,473, ,853,971, ,870,000 27,694,841, ,838,589, ,864,000 27,733,453,000 (a) (b) Other than real property of railroads. The real property of public utilities other than railroads is included on the general tax list and duplicate and assessed by the County Fiscal Officer. Real property of railroads is assessed, together with tangible personal property of all public utilities, by the State Tax Commissioner. Includes public utility tangible personal property and real property of railroads. See footnote (a). Taxes collected on Real Property in one calendar year are levied in the preceding calendar year on assessed values as of January 1 of that preceding year. Public Utility property A-26

65 taxes collected in one calendar year are levied in the preceding calendar year on assessed values determined as of December 31 of the second year preceding the tax collection year. Based on County Fiscal Officer records of assessed valuations for the 2015 collection year, the County s 10 largest ad valorem property taxpayers with real property valuations in excess of $25,000,000 are: Name of Taxpayer Nature of Business Assessed Valuation Real (Excluding Public Utility) Cleveland Clinic Foundation Health Care $249,855,260 Cuyahoga County Government 154,466,450 City of Cleveland (a) Airport and Stadium 111,535,720 Key Center Properties, LLC Hotels & Office Buildings 80,559,150 Southpark Mall LLC Shopping Mall (South Park Mall) 73,292,270 Beachwood Place Ltd. Shopping Mall (Beachwood Place 65,324,350 Mall) University Health Systems Inc. Health Care 62,776,320 Progressive Insurance Insurance 61,008,580 Eaton Corporation Global Technology 53,413,820 PNC Corporation Banking 47,637,190 Public Utility (Real) The Illuminating Company Electric Utility $650,623,090 East Ohio Gas Natural Gas 112,521,960 American Transmission Transmission of Electricity 94,687,700 Columbia Gas of Ohio, Inc. Natural Gas 26,240,500 (a) Due to the nature of their use, the City s airport and stadium facilities and their sites are, in large part, subject to ad valorem taxation. Source: Cuyahoga County Fiscal Officer Records, December 1, 2015 Approximately 98 other payers of real (other than public utility) property taxes levied by the District have properties with assessed valuations in excess of $7 million. Due to the elimination of the public utility tangible personal property tax, the assessed values of public utility corporations have dramatically decreased, with all the remaining tax payers having assessed valuations less than $1 million. Cuyahoga County s Fiscal Officer is responsible for discovering, listing and valuing parcels in the County. The Ohio revised code and Ohio administrative code mandate the fiscal officer conduct reappraisals every six years, an update every three years and annual valuation of improvements based upon building permits received from each city annually. The last reappraisal was 2012, with a scheduled reappraisal for The next update occurred in Updates or changes to residential records during the current year will be applied to the records for the following tax year. For example, updates made in 2015 will be taxed for in The assessed valuation of real property is fixed at 35% of true value and is determined pursuant to rules of the State Tax Commissioner. An exception is that real property devoted exclusively to agricultural use is to be assessed at not more than 35% of its current agricultural use value. Real property devoted exclusively to forestry or timber growing is taxed at 50% of the local tax rate upon its assessed value. A-27

66 House Bill 66, passed by the General Assembly and signed by the Governor in 2005, phased out the tax on tangible personal property (TPP) of business, telephone and telecommunications companies, and railroads. The tax on general business and railroad property was eliminated in 2009 and the tax on telephone and telecommunications property was eliminated in TPP rates for general businesses have decreased as follows: Collection Year Percentage % (and thereafter) 0.00 To compensate for foregone revenue as the tangible personal property tax is phased out, the State began making distributions to taxing subdivisions (such as the College) from revenue generated by a newly enacted commercial activities tax (CAT). The commercial activity tax, effective July 1, 2005, is a low rate (.26 percent) tax on the gross sales receipts of Ohio businesses, including service providers. The period of was considered the hold harmless period, with taxing authorities being fully reimbursed for revenue lost due to the phase out of TPP tax revenue. The State originally intended to reimburse taxing units in full for their levy losses each year until tax year 2011 (non-school taxing units) or fiscal year 2013 (school districts), when the reimbursement payments themselves were to begin being phased out. The schedule terminated payments as of fiscal year 2019 for school districts or tax year 2018 or 2019 for non-school taxing units, depending on the type of personal property. The State biennial budget bill (HB 153) accelerated the phasing out of the reimbursements paid to school districts and other local taxing units for their loss of business tangible personal property tax revenue caused by previously legislated repeal of those taxes. In fiscal year 2011, the State s reimbursement to the District was $6,443,217. The State s reimbursement to the District for fiscal year 2012 decreased significantly to $2,721,016. In fiscal year 2013, the District received $559,822 as its final reimbursement from the State. As described herein, the General Assembly has from time to time exercised its power to revise the laws applicable to the determination of assessed valuation of taxable property and the amount of receipts to be produced by ad valorem taxes levied on that property, and may continue to make similar revisions. Ohio law grants tax credits to offset increases in taxes resulting from increases in the true value of real property. Legislation classifies real property as between residential and agricultural property and all other real property, and provides for tax reduction factors to be separately computed for and applied to each class. Ohio law authorizes local municipalities, townships and counties to provide direct tax incentives in the form of real and/or tangible personal property tax exemptions to encourage new business investment projects and foster improved competitiveness of Ohio s businesses that create new and retain existing job opportunities in enterprise zones. Twenty-six municipalities A-28

67 have created such areas within the County and require County approval for exemption agreements. The cities of Cleveland and East Cleveland have also created such areas, but do not need prior County approval for their exemption agreements. Municipal corporations and counties may create community reinvestment areas in which ad valorem tax abatement may be granted for any increased property valuation resulting from improvements to real property in the form of new construction or remodeling of existing structures by the property owner. In such areas, residential, commercial or industrial facilities are eligible for those real property tax incentives. This program is designed to be controlled at the local level by the local legislative body, including control over the size and number of such community reinvestment areas as well as the number of years of tax abatement. Currently, there are 42 community reinvestment areas in the County. The County does not believe that the creation of enterprise zones and community reinvestment areas has had or will have a material adverse effect on the County s finances. Collections The following are the amounts billed and collected for District ad valorem property taxes for recent collection years. Ad Valorem Real Property and Public Utility Taxes (in thousands) Collection Current Delinquent Year Billed Collected % Collected Current Accumulated $77,543 91,396 $71,149 83, $5,700 3,571 $15,387 19, ,617 85,526 82,694 78, ,317 3,536 19,657 17, ,010 77, ,471 18, , , ,080 25,114 Source: Cuyahoga County Fiscal Officer. Current and delinquent taxes and special assessments are billed and collected by County officials for all taxing subdivisions in the County. There is no one taxpayer which accounts for more than 5% of the delinquencies identified above for 2015 (excluding those taxpayers with delinquencies that are anticipated to be abated). Included in the Billed, Collected and Current % Collected figures above are payments made from State revenue sources under two State-wide real property tax relief programs the Homestead Exemption and the Property Tax Rollback Exemption (which do not apply to special assessments). Homestead exemptions are available for (i) persons 65 years of age or older, (ii) persons who are totally or permanently disabled and (iii) surviving spouses of persons who were totally or permanently disabled or 65 years of age or older, had applied and qualified for a reduction of property taxes in the year of death, so long as the surviving spouses were not younger than 59 or older than 65 years of age on the date of their deceased spouses deaths. The Homestead Exemption exempts $25,000 of the homestead s market value from A-29

68 taxation, thereby reducing the property owner s business properties, and reduces each property owner s ad valorem property tax liability. The Property Tax Rollback Exemption applies to all non-business properties, and reduces each property owner s ad valorem property tax liability by either 12.5% (for owner-occupied non-business property) or 10% (for non-owner non-business occupied businesses). Beginning with tax year 2013, the Property Tax Rollback Exemption will no longer apply to new levies that are enacted after the August 2013 election. These nonqualifying levies include additional levies, the increase portion of renewal with increase levies, and the full effective millage of replacement levies. Levies that will continue to qualify for application of the rollbacks are levies approved at or before the August 2013 election, inside and charter millage as they appear on the 2013 tax list, renewals of the qualified levies, and the substitute of qualified school district emergency levies under Ohio Revised Code section This State assistance reflected in the District s tax collections for 2015 was $4,543,517 for the homestead payment and $4,559,750 for the rollback payments. Of the 534,278 nonexempt parcels in the District (as of collection year 2014), approximately 1,571 foreclosure proceedings have been commenced by the County for delinquent parcels. Foundation The Cuyahoga Community College Foundation, established in 1973, is a nonprofit organization affiliated with, but separate from, the District. Its purpose is to raise and disburse funds in support of the College s students and programs. The Foundation had total assets of $62.2 million including investments of $48.5 million at June 30, At the end of fiscal year 2015, the Foundation had total revenues, investment income and other support of $18.5 million. The Foundation provides scholarships to financially disadvantaged students as well as merit scholarships to those students demonstrating excellent academic abilities. The Foundation also provides support to specific College educational departments and programs. The Foundation s financial records are audited separately from those of the District. The District pays certain Foundation administrative expenses, and the Foundation s accounting records are maintained at the College. The Foundation s revenues or assets are not included in pledged General Receipts. Gifts, Grants and Contracts During fiscal year 2015, the College was awarded $66.2 million in gifts, grants and contracts. Federal agencies accounted for approximately 88.10%, state agencies accounted for approximately 2.14%, and private entities accounted for 9.76%. Insurance Coverage The College purchases insurance policies in varying amounts for general liability, property damage and employee and Board of Trustee s liability, including excess coverage through umbrella liability policies. Claims related to the College s sports programs, and health career programs are covered, as are errors and omissions of the College s safety forces. Settled claims have not exceeded the College s insurance coverage in any of the past three years. A-30

69 Retirement Plans The College s faculty is covered by the State Teachers Retirement System of Ohio (STRS). The Ohio Public Employees Retirement System of Ohio (OPERS) covers substantially all other employees. STRS (faculty) and OPERS (non-teaching staff) are funded from both employer and employee contributions. In addition, optional tax deferred annuity programs are available to employees, for which the District provides administrative services only. Federal law requires District employees hired after March 1986 to participate in the federal Medicare program, which requires matching employer and employee contributions, currently 1.45% of the employee s wage base. Otherwise, District employees covered by a State retirement system are not currently covered under the federal Social Security Act. For the 2015 fall semester, OPERS and STRS provided coverage for 1,963 and 2,145 District employees that were contributing members, respectively. Current employee contribution rates for OPERS members in the state and local classification was 10 percent. Effective January 1, 2014, the member contribution rates for OPERS law enforcement and public safety members increased to 13 percent. Likewise, the employee contribution rate for STRS increased to 11 percent. The College contributes 14 percent for OPERS state and local employees and 18.1 percent for law enforcement employees. The College contributes 14 percent for all STRS employees. During fiscal year 2015, the College adopted GASB Statement 68, Accounting and Financial Reporting for Pensions an Amendment of GASB Statement 27, which significantly revises accounting for pension costs and liabilities. The net pension liability reported on the statement of net position represents a liability to employees for pensions. The net pension liability represents the College s proportionate share of each pension plan s collective actuarial present value of projected benefit payments attributable to past periods of service, net of each pension plan s fiduciary net position. The net pension liability calculation is dependent on critical long-term variables, including estimated average life expectancies, earnings on investments, cost of living adjustments and others. While these estimates use the best information available, unknowable future events require adjusting this estimate annually. The College recorded a net pension liability of $132.0 million and $59.5 million for the STRS and OPERS retirement systems, respectively as of June 30, Implementation of GASB 68 also had the effect of restating net position at June 30, 2014 from $305,702,846 to $100,951,118. Please refer to Note 9 Defined Benefit Pension Plan of the College s Comprehensive Annual Financial Report for more information regarding the College s implementation of GASB Statement 68. OPERS and STRS are not now subject to the funding and vesting requirements of the federal Employee Retirement Income Security Act of Both OPERS and STRS are created and operate pursuant to State law. The General Assembly could determine to amend the format of either fund and could revise rates or methods of contributions to be made by the District into the pension funds and revise benefits or benefit levels. Legislation enacted in 1997 required all Ohio public universities and colleges to offer at least three alternative retirement plans to certain employee groups and starting in 1999, the A-31

70 District offered a defined contribution alternative retirement plan through six vendors selected by the Ohio Department of Insurance. All faculty and eligible staff not vested in an existing defined benefit plan were offered a one-time election to join the alternative plan. New employees from these groups also may make a one-time election to participate in the defined contribution or the defined benefit plan. Contributions by the District and employees to these alternative retirement plans are currently made at the same respective rates as the contributions to OPERS and STRS. In fiscal year 2015, the District had 91 OPERS and 40 STRS eligible employees, respectively elected to participate in the alternative retirement plan. INDEBTEDNESS The District has outstanding bonds including the District s General Receipts Bonds, Series C, 2002 issued in April, 2009 in the original principal amount of $121,090,000 and the Series D, 2012 issued in May, 2012 in the original principal amount of $21,900,000. The District issued certificates of participation in July 2009 in the original amount of $10,575,000. The District has entered into various capital or operating leases and installment purchase agreements and may enter into additional such arrangements. The District has entered into long-term leasepurchase agreements with financial institutions to finance certain capital equipment, including computer hardware and software. The aggregate maximum annual lease payments under these leases will be $6,047,576 in For additional information concerning the District s lease obligations, see Note 12 in the District s audited financial statements for the fiscal year ended June 30, THE COLLEGE COMMUNITY The County is located in northeastern Ohio and borders Lake Erie. The largest City in the County is the City of Cleveland (the City), the county seat of the County. The County is substantially fully developed and, according to the 2010 census, had a population of 1,280,122, making it the most populous county in the State and the 29th most populous county in the United States. Updated data from the U.S. Census Bureau estimates the County s population at 1,259,828 in In the 2010 Census classifications, the County was in the Cleveland-Akron-Elyria Combined Statistical Area (CSA), which is comprised of the counties of Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Medina, Portage and Summit, and was the 15th most populous CSA of 125 in the United States. It was also in the Cleveland-Elyria-Mentor Metropolitan Statistical Area (MSA), which was the 28th most populous MSA of 366 in the United States. The County is served by diversified transportation facilities including five U.S. highways and seven Interstate highways, CSX, Norfolk Southern, Conrail and Amtrak railroads, four airports and the Port of Cleveland. The City is the headquarters for the Fourth District Federal Reserve Bank, which serves Ohio, the western portion of Pennsylvania and portions of Kentucky and West Virginia. Within Northeast Ohio, there are several public and private two-year and four-year colleges and universities, including, among others, Baldwin-Wallace University, Case Western Reserve University, Cleveland State University, Cuyahoga Community College, Hiram College, A-32

71 John Carroll University, Kent State University, Lake Erie College, Lakeland Community College, Lorain County Community College, Notre Dame College, Oberlin College, The University of Akron, and Ursuline College. The area is also noted as the site of many cultural institutions and attractions, including, among others, Severance Hall and Blossom Music Center (winter and summer season homes of The Cleveland Orchestra), Cleveland Museum of Art, Playhouse Square Center (home of the Cleveland Opera, the Great Lakes Theater Festival and Dance Cleveland), Cleveland Museum of Natural History, Cleveland Museum of Contemporary Art, the Rock and Roll Hall of Fame and Museum, the Great Lakes Science Center, the Cleveland Health Education Museum, Western Reserve Historical Society (including the History Museum, the Frederick C. Crawford Auto- Aviation Museum and the Library), the Rainbow Children s Museum, and the NASA Lewis Research Center Visitor Center. Other performing and visual arts offerings include, among others, The Cleveland Play House, Karamu House, Fairmount Theatre of the Deaf, the Cleveland Public Theatre, the Cleveland Center for Contemporary Art, and Spaces Art Gallery. The Cleveland metropolitan area is also served by various recreational facilities. The County s location on Lake Erie and the Cuyahoga River provides a setting for many water recreation facilities and offerings, including the Cleveland Lakefront State Park (five lakeshore locations), many power and sail boat marinas and fishing piers and offshore reefs. The Greater Cleveland Aquarium located on the west bank of the Cuyahoga River consists of approximately 70,000 square feet of exhibition space and features exhibits representing both local and exotic species of fish. The City s North Coast Harbor is the site of the William G. Mather Museum, the Rock and Roll Hall of Fame and Museum, the Great Lakes Science Center, and FirstEnergy Stadium. Also available to area residents is the Cleveland Metroparks System, called the Emerald Necklace because it surrounds the City and the Cuyahoga Valley National Recreation Area, a 33,000-acre national park in the County and adjacent Summit County. The Cleveland Metroparks Zoo, which features a rain forest and an African Elephant Crossing exhibit, is also located in the City. The City features the Gateway complex, consisting of Progressive Field, the home of the Cleveland Indians, and Quicken Loans Arena, the home of the Cleveland Cavaliers, the Lake Erie Monsters, the Cleveland Gladiators, and the Mid-American Conference Basketball Tournament. Nearby, FirstEnergy Stadium is home to the Cleveland Browns. Public mass transit for the area is provided by the Greater Cleveland Regional Transit Authority (RTA). A-33

72 Population Population of the County, the MSA and the CSA since 1960 was: Population Data County 1,647,895 1,720,835 1,498,400 1,412,140 1,393,978 1,280,122 MSA 2,220,050 2,418,809 2,277,949 2,202,069 2,250,871 2,077,240 (formerly) PMSA CSA 2,825,417 3,098,048 2,938,277 2,859,644 2,945,831 2,881,937 (formerly) CMSA Source: U.S. Bureau of the Census. Employment The following table shows comparative average employment and unemployment statistics for the County, MSA, State and United States for the indicated periods. Employed Unemployed Unemployment Rate Year(a) County MSA County MSA County MSA State U.S ,900 1,034,000 39,300 61, ,800 1,038,000 36,900 59, ,900 1,031,000 39,900 64, ,800 1,026,000 45,800 74, , ,000 58,200 96, , ,000 60,200 94, , ,000 52,700 83, , ,900 45,800 74, , ,900 47,800 72, , ,200 39,900 64, (a) (b) are seasonally adjusted figures are not available. Monthly figures not seasonally adjusted. Source: Ohio Department of Job and Family Services Ohio Labor Market Information. A-34

73 Largest Employers The following employers (private and public) had the largest work forces in the County as of June 30, 2015: Employer Nature of Activity or Business Number of Fulltime Equivalent Employees Cleveland Clinic Health System Health care 35,291 University Hospitals Health System Health care 19,907 U.S. Office of Personnel Management Federal Government 14,382 Progressive Corp. Insurance 9,330 Giant Eagle Multi-format food, fuel, and pharmacy retailer 9,016 State of Ohio State government 9,003 U.S. Postal Service U.S. mail 8,478 County of Cuyahoga County government 7,772 Cleveland Metropolitan School District Education 7,203 City of Cleveland Municipal government 6,666 Group Management Systems Professional employer organization 6,506 The MetroHealth System Health care 5,844 Key Corp Financial services 5,263 Case Western Reserve University Higher education 4,443 Swagelok Co. Designer and manufacturer of industrial fluid 4,182 system components Sherwin-Williams Co. Manufacture and sale of paint and related products 3,602 Howard Hanna Real Estate Services Residential and commercial real estate 3,464 UPS Parcel delivery 3,176 Lincoln Electric Co. Manufacturer of arc welding products, thermal 2,866 cutting products and electric motors Lubrizol Corp. Specialty chemical company 2,431 Greater Cleveland Regional Transit Authority Public Transportation 2,316 Nestle USA Prepared foods 2,277 Parker Hannifin Corp. Fluid power systems, electromechanical controls 2,250 ArcelorMittal Steel Manufacturer 2,161 Rock Gaming Gambling 2,075 Sources: Crain s Cleveland Business, Book of Lists A-35

74 Corporate Headquarters The County is the location of headquarters of twelve corporations that rank among Fortune Magazine s (2014) 1,000 largest corporations in the United States. The names of those corporations and certain information about them are set forth below Rank CORPORATIONS HEADQUARTERED IN COUNTY AMONG FORTUNE S TOP 1000 Within the 1,000 Largest U.S. Corporations Ranked by Revenues Company Revenues (in Millions) Product 157 Progressive Corporation $18,171 Insurance 217 Parker-Hannifin Corporation 13,016 Hydraulic Components 278 The Sherwin-Williams Company 10,186 Paints and Chemicals 339 TravelCenters of America 7,963 National Travel Center 445 Cliffs Natural Resources 5,691 Mining & Crude Oil 541 KeyCorp 4,567 Financial Services 569 Aleris International 4,333 Metals 758 Lincoln Electric Holdings 2,853 Industrial Equipment 784 Medical Mutual 2,692 Health Care Insurance 794 Hyster-Yale Materials Handling 2,666 Industrial Machinery 852 Applied Industrial Technologies 2,462 Industrial Components 997 TransDigm Group, Inc. 1,924 Aircraft Components Source: 2015 Fortune Directory of the largest U.S. corporations. Building Permits The following table shows information concerning building permits (including those for commercial, industrial, residential and public improvements, and both remodeling and new construction) and the value thereof, filed with the County Fiscal Officer. (a) Year Number of Permits Value of Permit(a) ,373 $1,150,458, ,118 1,061,920, , ,518, , ,071, , ,993, , ,381, , ,938,000 The fair market value of the new construction and remodeling, as determined by the County Fiscal Officer, is used as the base in the determination of its assessed value, and differs from actual construction cost. Source: Cuyahoga County Fiscal Officer. A-36

75 Personal Income According to Census reports, the median household income in the County for the period was $43,804, compared to the State and national medians of $48,308 and $53,046, respectively. According to the Ohio Department of Taxation, the average federal adjusted gross income for County residents filing Ohio personal income tax returns for calendar year 2013 (the latest year for which data is available) was $60,226, compared to the average of $70,871 for all Ohio residents. Home Values and Housing Units The following is Census information concerning housing in the County, with comparative City and State statistics: 2013 Median Value of Owner- Occupied Housing Units Number Homes (est.) % Change County $125, , , % City 1 76, , , State 130,800 5,127,508 5,146, The number of 2014 estimated housing units was not available for the City. Therefore, 2013 figures were used for the number of City housing units. County Fiscal Officer figures show the following numbers of sales transactions and average sales prices of residential property in the City, the suburbs in the County and the County in recent years. Year Number of Sales City Suburbs County Average Number Average Number Average Sales Price of Sales Sales Price of Sales Sales Price ,111 $83,237 15,131 $176,350 21,242 $149, ,476 61,673 9, ,853 15, , ,125 50,515 7, ,391 11, , ,584 57,075 8, ,297 11, , ,005 60,398 7, ,315 9, , ,307 54,638 7, ,599 10, , ,433 55,800 9, ,943 11, , ,809 59,737 10, ,033 13, , ,761 54,548 12, ,625 16, ,634 A-37

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