August and November 2015 Election Results

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1 11/11/2015 9:26 AM August and November 2015 Results Arizona Ballot Issues and Propositions f, School Districts, Cities and Towns, Counties and Special Districts Unofficial Results Public Finance Banking Wking with cities and towns, counties, state and local agencies, and school districts in Arizona, Stifel finances the projects that are essential to the prosperity and health of local communities. Stifel's services in Arizona include: - Bond Advisy and Underwriting - Private Placements Robert Casillas Grant Hamill Mike LaVallee Bryan Lundberg Mark Reader Randie Stein Erika Coombs Sandra Park Jack Leeper - Bond Refunding and Restructuring - Students FIRST Consulting - Bond and Override Services - Assistance with Legislation - Community Facilities District Financing - Tax-exempt and Taxable Sales - Lease Purchase Financing (602) Stifel, Nicolaus & Company, Incpated 2325 East Camelback Road, Suite 750 Phoenix, Arizona 85016

2 Stifel, Nicolaus & Company, Incpated SUMMARY OF AUGUST AND NOVEMBER 2015 BALLOT MEASURES SCHOOL DISTRICT BOND AND OVERRIDE QUESTIONS Agua Fria UHSD No /3/15 Authizes issuance of Class B general obligation bonds f new construction and renovations; deferred maintenance and campus improvements; and technology. Apache Junction USD No /3/15 Authizes seven year 15% maintenance and operation Buckeye ESD No /3/15 Authizes issuance of Class B general obligation bonds f new school construction; renovations and additions to existing sites; technology; pupil transptation vehicles; and district Catalina Foothills USD No. 16 Catalina Foothills USD No /3/15 Authizes issuance of Class B general obligation bonds f building renovations and improvements; grounds improvements; and energy efficiency upgrades. 11/3/15 Authizes seven year district additional assistance (capital) budget override f technology equipment and software; technology infrastructure upgrades; curriculum and library resources; and district administrative technology infrastructure upgrades. Cave Creek Unified No /3/15 Authizes seven year 15% maintenance and operation Chandler Unified No /3/15 Authizes issuance of Class B general obligation bonds f new construction, improvements and additions; pupil transptation vehicles; technology, furniture and equipment; and district Clarkdale-Jerome ESD No. 3 11/3/15 Authizes seven year 10% maintenance and operation Continental ESD No /3/15 Authizes seven year 15% maintenance and operation Deer Valley Unified No /3/15 Authizes seven year 15% maintenance and operation Dysart Unified No /3/15 Authizes seven year 15% maintenance and operation Flowing Wells USD No. 8 11/3/15 Authizes seven year 10% maintenance and operation Fowler ESD No /3/15 Authizes seven year 15% maintenance and operation Gadsden ESD No /3/15 Authizes issuance of Class B general obligation bonds f construction, acquisition, additions and/ improvements to new and existing schools; and district Gilbert Unified No /3/15 Authizes issuance of Class B general obligation bonds f technology; pupil transptation vehicles; deferred maintenance and renovations; and remodeling, construction and improvements. Gilbert Unified No /3/15 Authizes seven year 10% maintenance and operation Glendale UHSD No /3/15 Authizes issuance of Class B general obligation bonds f construction and renovations; pupil transptation vehicles; furniture, equipment and technology; and district Bond Annual Override Amount $70,000, % $3,566,069 Fail 46.9% $27,000, % $22,000, % $2,000, % $4,317,656 Fail 44.9% $196,000, % $251, % $515,000 Fail 49.4% $24,750, % $18,846, % $2,519, % $3,254, % $10,435, % $98,000, % $18,600, % $70,000, % Page 1

3 SCHOOL DISTRICT BOND AND OVERRIDE QUESTIONS Higley Unified No /3/15 Authizes seven year 15% maintenance and operation J.O. Combs USD No /3/15 Authizes issuance of Class B general obligation bonds f renovations and improvements; technology, furniture and equipment; pupil transptation vehicles; community auditium construction; and district Laveen ESD No /3/15 Authizes issuance of Class B general obligation bonds f construction, improvements and additions; safety, security and general facility and grounds improvements; and pupil transptation vehicles. Liberty ESD No /3/15 Authizes seven year 15% maintenance and operation Littleton ESD No 65 11/3/15 Authizes seven year 15% maintenance and operation Madison ESD No /3/15 Authizes seven year 15% maintenance and operation Mingus UHSD No. 4 11/3/15 Authizes issuance of Class B general obligation bonds f construction, additions and improvements; safety, security and general facility/grounds improvements; and pupil transptation vehicles. Nadaburg Unified No /3/15 Authizes seven year district additional assistance (capital) budget override f technology; school renovations; pupil transptation vehicles; and administrative parking/bus lot repairs and maintenance equipment. Palo Verde ESD No /3/15 Authizes seven year 14% maintenance and operation Paradise Valley Unified No /3/15 Authizes issuance of Class B general obligation bonds f pupil transptation vehicles; furniture and equipment; technology; school/grounds construction, remodeling and improvements; land; and district Parker USD No /3/15 Authizes seven year 10% maintenance and operation Pendergast ESD No /3/15 Authizes seven year 15% maintenance and operation Peia Unified No /3/15 Authizes seven year 13% maintenance and operation Phoenix ESD No. 1 11/3/15 Authizes issuance of Class B general obligation bonds f construction, renovations and improvements f new and existing schools; technology and equipment upgrades; pupil transptation vehicles; and district Phoenix UHSD No /3/15 Authizes seven year district additional assistance (capital) budget override f technology; books; furniture and equipment; and security, safety, maintenance and grounds equipment. Bond Annual Override Amount $8,121, % $40,000,000 Fail 49.7% $42,000, % $2,559,323 Fail 45.9% $3,800, % $4,081, % $5,990, % $525,000 Fail 35.1% $356, % $228,000, % $969, % $6,730, % $23,150, % $59,500, % $15,300, % Page 2

4 SCHOOL DISTRICT BOND AND OVERRIDE QUESTIONS Prescott USD No. 1 11/3/15 Authizes issuance of Class B general obligation bonds f technology upgrades; energy management upgrades; building and grounds maintenance and renovations; pupil transptation vehicles; and district administrative improvements. Prescott USD No. 1 11/3/15 Authizes seven year 4.66% maintenance and operation Queen Creek Unified No /3/15 Authizes seven year 15% maintenance and operation Riverside ESD No. 2 11/3/15 Authizes seven year 15% maintenance and operation Riverside ESD No. 2 11/3/15 Authizes seven year district additional assistance (capital) budget override f technology; books; furniture and equipment; repairs and renovations to existing schools; land; pupil transptation vehicles and maintenance vehicles and equipment; and district Saddle Mountain Unified No. 11/3/15 Authizes seven year 10% maintenance and operation 90 Saffd USD No. 1 11/3/15 Authizes seven year 5% maintenance and operation Sahuarita USD No /3/15 Authizes issuance of Class B general obligation bonds f new construction; renovating and improving school facilities; pupil transptation vehicles; equipment and technology; and district Santa Cruz Valley USD No /3/15 Authizes seven year 7% maintenance and operation Sunnyside USD No /3/15 Authizes seven year 15% maintenance and operation Tempe UHSD No /3/15 Authizes seven year district additional assistance (capital) budget override f technology, textbooks, furniture, equipment and facility improvements; pupil transptation vehicles; and district administrative improvements. Union ESD No /3/15 Authizes issuance of Class B general obligation bonds f technology, and construction and improvements to new and existing schools; and pupil transptation vehicles. Wenden ESD No /3/15 Authizes five year 15% maintenance and operation Wilson ESD No. 7 11/3/15 Authizes seven year 15% maintenance and operation Yuma UHSD No /3/15 Authizes issuance of Class B general obligation bonds f construction, renovation, additions and improvements; technology equipment and infrastructure; and district Bond Annual Override Amount $15,000, % $1,000, % $4,265, % $664, % $650, % $981, % $743,971 Fail 39.1% $40,000,000 Fail 45.9% $1,179,744 Fail 48.8% $11,880,380 Fail 43.7% $6,500, % $13,640, % $90,000 Fail 45.7% $907, % $79,500, % Page 3

5 SCHOOL DISTRICT OTHER ISSUES CONSOLIDATION 11/3/15 Reboundaries the San Tan Valley Area currently in the Coolidge USD ELECTION into the Flence USD. F passage, an affirmative vote is needed in each of the three areas impacted: Flence USD, the San Tan Valley Area and the remaining Coolidge USD. Coolidge USD No. 21 P 82.2% San Tan Valley P 82.2% Flence USD No. 1 P 72.0% Miami USD No /3/15 Authizes sale long-term lease of the Las Lomas school. 72.8% Prescott USD No. 1 11/3/15 Authizes disposition of the Miller Valley Elementary School property. Proceeds may be used to construct, improve and furnish school buildings. Prescott USD No. 1 11/3/15 Authizes disposition of the Washington Elementary School property. Proceeds may be used to construct, improve and furnish school buildings. Yuma UHSD No /3/15 Authizes disposition of the Vista Nth and Vista South property. Proceeds may be used to construct, improve and furnish school buildings. 81.4% 70.6% 78.0% Prop # COUNTY, CITY/TOWN AND SPECIAL DISTRICT QUESTIONS COCONINO COUNTY Q1 Flagstaff 11/3/15 Charter amendment authizing the City Manager (in addition to the May) to call a special meeting of the Council, at the request of three members. Q2 Flagstaff 11/3/15 Charter amendment allowing the City Manager, instead of the Council, to establish personnel rules and regulations, with the exception of specified merit system regulations. Q3 Flagstaff 11/3/15 Charter amendment establishing summer and fall of even-numbered years as the City primary and general election dates. Q4 Flagstaff 11/3/15 Charter amendment establishing spring of odd-numbered years as the City primary and general election dates. Q5 Flagstaff 11/3/15 Charter amendment eliminating obsolete section relating to election dates. Q6 Flagstaff 11/3/15 Charter amendment requiring signatures of at least 25 citizens be presented on a petition, upon which the Council is required to act within 31 days (in lieu of presentation of a petition by a single citizen). Q7 Flagstaff 11/3/15 Charter amendment increasing, from $50,000 to $100,000, the threshold under which fmal bidding of City purchases and contracts is not required. --- Tri-City Sanitary District GILA COUNTY 11/3/15 Authizes execution of an intergovernmental agreement with another government jurisdiction (lease of Miami USD Las Lomas school). 52.6% Fail 34.9% 70.7% Fail 34.7% 70.6% 52.4% Fail 45.8% 66.3% Page 4

6 Prop # --- Daisy Mountain Fire District COUNTY, CITY/TOWN AND SPECIAL DISTRICT QUESTIONS MARICOPA COUNTY 11/3/15 Authizes issuance and sale of $16,230,000 general obligation bonds f constructing and renovating facilities; technology and radio equipment updates; building safety improvements; and partial fleet replacement. 65.5% 100 Phoenix 8/25/15 General Plan approval. 76.0% 101 Phoenix 8/25/15 Authizes extension of the alternative expenditure limitation f the 70.0% City f the next four fiscal years. The amount of the alternative limitation is determined each year by the City Council at public meeting. 102 Phoenix 8/25/15 Authizes issuance of payments using electronic technologies. 78.1% 103 Phoenix 8/25/15 Charter amendment modifying the City employee's retirement plan f employees hired after January 1, 2016, capping contributions f employees hired after July 1, 2013 and limiting the interest rate applicable to withdrawn contributions. 104 Phoenix 8/25/15 Authizes, f 35 years, a 0.7% transaction privilege tax to fund a comprehensive multimodal transptation plan including maintenance and expansion of light rail and bus systems; and street and roadway improvements. Q1 Scottsdale 11/3/15 Authizes issuance and sale of $31,900,000 general obligation bonds f parks and community facilities. Q2 Scottsdale 11/3/15 Authizes issuance and sale of $16,540,000 general obligation bonds f transptation. Q3 Scottsdale 11/3/15 Authizes issuance and sale of $6,870,000 general obligation bonds f citywide technology. Q4 Scottsdale 11/3/15 Authizes issuance and sale of $12,500,000 general obligation bonds f street pavement replacement. Q5 Scottsdale 11/3/15 Authizes issuance and sale of $16,350,000 general obligation bonds f public safety - fire. Q6 Scottsdale 11/3/15 Authizes issuance and sale of $11,800,000 general obligation bonds f public safety - police. PIMA COUNTY 70.8% 54.8% Fail 48.0% Fail 48.9% Fail 49.0% 53.4% 54.8% Fail 49.3% 425 Pima County 11/3/15 Authizes issuance and sale of $200,000,000 general obligation bonds Fail 46.3% f road and highway improvements. 426 Pima County 11/3/15 Authizes issuance and sale of $91,375,000 general obligation bonds Fail 38.2% f economic development, libraries and wkfce training. 427 Pima County 11/3/15 Authizes issuance and sale of $98,600,000 general obligation bonds Fail 33.0% f facilities promoting tourism. 428 Pima County 11/3/15 Authizes issuance and sale of $191,500,000 general obligation bonds Fail 40.7% f parks and recreational facilities. 429 Pima County 11/3/15 Authizes issuance and sale of $105,300,000 general obligation bonds Fail 40.4% f public health, welfare, safety, neighbhoods and housing. 430 Pima County 11/3/15 Authizes issuance and sale of $112,050,000 general obligation bonds Fail 38.7% f natural area conservation and histic preservation. 431 Pima County 11/3/15 Authizes issuance and sale of $16,935,000 general obligation bonds Fail 47.5% f flood control and drainage. 438 Sahuarita 11/3/15 Ratifies Aspire 2035: Sahuarita's General Plan. 57.4% Page 5

7 COUNTY, CITY/TOWN AND SPECIAL DISTRICT QUESTIONS Prop # 201 Tucson 11/3/15 Prohibits use of photo-radar and similar technology f traffic control. 65.7% 403 Tucson 11/3/15 Charter amendment providing f equal Council voting rights f the 71.8% May and including the May in the determination of the quum f Council meetings. 404 Tucson 11/3/15 Charter amendment modifying the method of appointment and removal 69.0% of City Department Directs, such that all are appointed by the City Manager subject to the consent of the May and Council. Also eliminates civil service rights f these officers. 405 Tucson 11/3/15 Charter amendment increasing the monthly salaries of the May, from $3,500 to $4,000, and Council, from $2,000 to $2,288. Fail 39.4% YAVAPAI COUNTY Q1 Prescott 8/25/ Prescott General Plan ratification. 80.0% Q2 Prescott 8/25/15 Increases, from 0.75% to 1.0%, the excise tax dedicated to streets and roads. The tax is in effect until December 31, Q3 Prescott 8/25/15 Authizes a excise tax, at a rate of 0.55% through December 31, 2035, dedicated to payment of unfunded obligations associated with the Public Safety Personnel Retirement System. Q4 Prescott 8/25/15 Authizes a excise tax, at a rate of 0.08% through December 31, 2035, dedicated f open space. 57.2% Fail 43.8% Fail 42.3% Stifel s Public Finance Department has prepared this rept to provide you with general infmation (as that term is defined in the SEC s Municipal Advis Rule) and we are not providing you with any advice making any recommendation concerning the structure, timing terms of any issuance of municipal securities municipal financial products. This presentation may contain infmation derived from sources other than Stifel. While we believe such infmation to be accurate and complete, Stifel does not guarantee the accuracy of this infmation. This material is based on infmation currently available to Stifel its sources and is subject to change without notice. Stifel does not provide accounting, tax legal advice. This rept may not be distributed duplicated without the permission of Stifel. Stifel invests significant time and efft in preparing these materials and requests that you respect our prerogative to limit distribution to our clients and as we deem consistent with our business plan. Page 6