THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Continuing Disclosure Information Certificates of Participation

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1 Continuing Disclosure Information Certificates of Participation COP Series Original Par Amount Certificates of Participation, Series 2001A/B/C $70,400,000 Certificates of Participation, Series 2003A $34,805,000 Certificates of Participation, Series 2004A $75,580,000 Certificates of Participation, Series 2004-QZAB $1,277,000 Certificates of Participation, Series 2005 $38,600,000 Certificates of Participation, Series 2007 $21,865,000 Certificates of Participation, Series 2010B-QSCB $12,232,000

2 Summary of Statistical Data Ten-Year History The following table presents a summary of general statistical data regarding the School Board. Number of Average School Number of Classroom FTE. * Expenditure Per Year Schools Instructors Enrollment F.T.E. Student 2010/ Not Yet Available 2009/ / / / / / / / / / * Full-time equivalent

3 SELECTED FINANCIAL INFORMATION OF THE SCHOOL DISTRICT Direct, Overlapping and Underlying Debt As of June 30, 2011 (Overlapping Debt as of September 30, 2010) General Non-Self Self Obligation Supporting Supporting Debt Revenue Debt Revenue Debt Direct Debt School District of St. Lucie County State School Bonds, Series 1999A, 2002B, 2003A, 2005A, 2005B $0 $4,565,000 $0 Certificates of Participation Master Lease Program, Series 2001A,B,C $0 $13,190,000 $0 Certificates of Participation Master Lease Program, Series 2003A $0 $3,675,000 $0 Certificates of Participation Master Lease Program, Series 2004A $0 $75,225,000 $0 Certificates of Participation Master Lease Program, Series 2004-QZAB $0 $1,277,000 $0 Certificates of Participation Master Lease Program, Series 2005 $0 $32,570,000 $0 Certificates of Participation Master Lease Program, Series 2007 $0 $21,265,000 $0 Certificates of Participation Master Lease Program, Series 2010B-QSCB $0 $11,512,471 $0 Certificates of Participation Master Lease Program, Series 2010C-QSCB $0 $8,000,000 $0 Refunding Certificates of Participation Master Lease Program, Series 2011A $0 $53,875,000 $0 Sales Tax Revenue Bonds, Series 2001 $0 $2,745,000 $0 Sales Tax Revenue Bonds, Series 2006 $0 $111,080,000 $0 TOTAL Direct Debt $0 $338,979,471 $0 Overlapping Debt General Obligation Bonds Port and Airport Authority, Series 1997 $1,695,000 Limited Ad Valorem Tax Bonds, Series 1999 $1,455,000 Revenue Bonds Public Improvement Revenue Refunding Bonds, Series 2004 $3,625,000 Sales Tax Revenue Refunding Bonds, Series 2003 $54,500,000 Sales Tax Refunding and Improvement Revenue Bonds, Series 2005 $10,470,000 State Revenue Sharing Improvement Revenue Bond, Series 2005 $10,345,000 Transportation Revenue Bonds, Series 2007 $23,725,000 Revenue Notes Army Corps of Engineers, Series 1997 $574,819 Florida Power and Light, Series 2001 $99,145 Special Assessment Improvement Note, Series 2006 $0 Public Improvement Revenue Note, Series 2001 $1,074,287 Public Improvement Revenue Note, Series 2002 $498,318 Public Improvement Revenue Bond, Series 2002B $805,974 Public Improvement Revenue Bond, Series 2004A $93,535 Public Improvement Revenue Bond, Series 2008A $1,545,000 Capital Improvement Revenue Refunding Note, Series 2008 $11,648,000 Capital Improvement Revenue Note, Series 2007 $8,237,174 Tourist Development Tax Revenue Bond, Series 2003 $3,799,000 Tourist Development Tax Revenue Bond, Series 2003C $1,695,000 Special Assessment Bonds Series 2002B $81,087 Series 1998 $6,680,000 Series 1998A $265,000 Series 2010A $4,355,000 Series 2010B $860,000 Series 2010C $260,000 Capital Leases Master Equipment Lease $611,233 Water Conservation Project-Rock Road Jail $1,032,260 Clerk Case Management System $311,855 Business-type Activities Revenue Bonds Holiday Pines Water and Wastewater System Revenue Bonds, Series 1999 $4,590,000 North County Utilities Improvement Revenue Note, Series 2009A $10,035,000 North Hutchinson Island Water and Sewer Revenue Bonds, Series 1997 $3,745,000 North Hutchinson Island Water and Sewer Revenue Bonds, Series 2002 $1,410,000 Notes Payable Clean Water State Revolving Fund Loan Agreement WW $94,033 Capital Lease Master Equipment Lease $22,549 Totals All Funds: $3,150,000 $147,227,182 $19,861,087

4 Summary of Capital Projects Funds Revenues and Expenditures FY FY FY FY FY Fiscal Year Ended 6/ Revenues State $ 43,769,164 $ 72,376,305 $ 18,045,239 $ 2,385,756 Not yet available Local 129,829, ,555,498 53,762,498 39,875,035 Total Revenues $ 173,599,053 $ 226,931,804 $ 71,807,737 $ 42,260,792 Expenditures Current - Education Library Books (New Schools) $ 877,546 $ 330,942 $ 64,469 $ 109,542 Audio Visual Materials 52, , ,829 6,592 Buildings & Fixed Equipment 117,035, ,256,682 16,151,173 13,280,643 Furniture, Fixtures, and Equipment 18,137,024 23,751,140 10,531,873 2,980,024 Land Acquisition 2,638,850 3,473, ,342 33,300 Remodeling 6,178,546 5,509,816 20,743,425 13,495,960 Motor Vehicles (including buses) 4,255,581 3,761,926 3,651,274 - Improvements other than buildings 23,903,110 29,501,554 1,091, ,799 Computer Software 1,731,574 1,634,071 2,941,851 1,732,277 Other 698 $712 Total Expenditures $ 174,810,670 $ 205,414,767 $ 55,604,259 $ 32,582,849 Excess (Deficit) of Revenues Over Expenditures (44,981,561) (50,859,998) 16,203,478 9,677,943 Other Financing Sources (Uses) 17,643 (28,906,295) (32,697,748) (7,779,430) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses $ (44,963,919) $ (79,766,293) (16,494,270) $ 1,898,513 Beginning Fund Balance 206,283,952 16,132,033 $ 78,060,706 58,263,275 Adjustment to Fund Balance (3,303,161) Ending Fund Balance $ 16,132,033 $ 78,060,706 $ 58,263,275 $ 60,161,788 Sources: Official Audit for Fiscal Years 2005/06, 2006/07, 2007/08, 2008/09, and 2009/10

5 Public Education Capital Outlay Funds PECO allocated $1,343,205 to the School Board in fiscal year The State Capital Outlay and Debt Service Funds ("C.O. and D.S.") also provide funds for the School Board's capital outlay requirements. Maintenance Full Total Fiscal Allocated Repair & Service PECO Year End 6/30 By OEF (1) Renovation(2) Schools (3) Funds 1996 $ 2,469,812 $ 1,439,329 $ - $ 3,909, ,720,645 1,056,951 78,968 2,856, ,444, ,863 3,305, ,377, ,197 2,264, ,525, ,174 2,243, ,310,816 1,508,609 2,819, ,659,977 1,986,470 3,646, ,510, ,924 3,201, ,721,173 1,170,462 2,891, ,764,004 1,764, ,782,348 1,374,594 4,156, ,109,802 1,759,726 8,869, ,779,558 2,161,878 24,941, ,712,948 1,261,529 10,974, , , ,343,205 1,343,205 (1) These funds may be used either for debt service or costs of new construction or a survey recommended project. (2) These funds may be used only for costs of maintenance, repair, and renovation and are not available to pay debt service. (3) These funds may be used for a health services education facility.

6 School District of St. Lucie County, Florida Tax Levies and Taxes Collected Tax School Taxable Capital Debt Roll Fiscal Assessed Operating Outlay Service Total Taxes Taxes * Percent Year Year Value (1) Millage (2) Millage (2) Millage (2) Millage (2) Levied (2) Collected (2) Collected ,686,975, N/A** N/A** N/A** ,644,098, ,705, ,609, ,141,320, ,841, ,733, ,769,119, ,044, ,530, ,344,463, ,025, ,141, ,343,722, ,137, ,932, ,707,980, ,523, ,383, ,819,143, ,926,332 89,394, ,435,182, ,114,522 80,798, ,669,884, ,705,432 73,046, ,149,722, ,779,433 71,261, ,194,853, ,748,684 69,862, ,744,072, ,647,139 70,650, ,944,850, ,691,637 70,380, ,500,725, ,491,823 69,803, ,174,352, ,630,391 66,020, ,103,725, ,481,438 69,901, ,975,159, ,521,362 67,142, ,867,017, ,422,519 63,962, ,703,624, ,055,269 60,001, ,309,634, ,729,214 56,947, ,621,419, ,859,760 44,912, * Represents actual current taxes collected, no credit has been allowed for approved discounts. ** Information not yet available. Source: (1) St. Lucie County Property Appraiser (2) St. Lucie County School Board District Summary Budget

7 School District of St. Lucie County, Florida ASSESSED VALUATIONS Total Tax School Centrally Assessed Taxable Roll Fiscal Real Personal Assessed Valuation Valuation Year Year Property Property Property (1)+(2)+(3) Exemptions (4)-(5) N/A** N/A** N/A** N/A** N/A** N/A** ,053,499,012 3,278,060,429 40,383,465 26,371,942,906 9,340,839,611 17,031,103, ,656,945,464 3,061,594,950 58,744,561 33,777,284,975 12,218,435,134 21,558,849, ,921,342,207 2,900,867,475 42,426,177 38,864,635,859 13,310,554,702 25,554,081, ,298,381,073 3,003,465,947 34,751,554 38,336,598,574 13,923,788,784 24,412,809, ,275,721,943 2,890,433,378 30,568,063 27,196,723,384 9,664,866,321 17,531,857, ,716,661,984 2,708,952,533 30,113,208 20,455,727,725 6,820,659,873 13,635,067, ,198,624,452 2,631,959,460 27,875,624 15,858,459,536 5,064,009,061 10,794,450, ,137,285,779 2,733,093,433 24,436,863 13,894,816,075 4,454,345,106 9,440,470, ,024,540,206 2,644,462,608 23,048,371 12,692,051,185 4,024,359,580 8,667,691, ,456,625,302 2,554,860,134 21,927,154 12,033,412,590 3,882,163,156 8,151,249, ,143,434,572 2,755,058,503 20,589,492 11,919,082,567 3,724,228,643 8,194,853, ,831,739,704 2,400,354,912 20,078,095 11,252,172,711 3,508,099,250 7,744,073, ,343,487,530 2,370,554,352 20,793,714 11,734,835,596 3,789,984,633 7,944,850, ,560,726,430 2,096,312,171 16,151,748 10,673,190,349 3,187,160,159 7,486,030, ,596,766,870 2,307,560,548 16,464,201 10,920,791,619 3,753,625,432 7,167,166, ,251,796,780 2,035,458,830 17,299,020 10,304,554,630 3,200,829,402 7,103,725, ,024,117,370 1,889,064,340 11,688,767 9,924,870,477 2,949,711,436 6,975,159, ,794,738,750 1,842,066,890 11,336,336 9,648,141,976 2,781,124,392 6,867,017, ,563,876,950 1,515,123,990 18,138,114 9,097,139,054 2,393,514,379 6,703,624,675 Source: St. Lucie County Property Appraiser ** Information not yet available.

8 School District of St. Lucie County, Florida CAPITAL OUTLAY AD VALOREM MILLAGE AVAILABLE REQUIRED TO COVER MAXIMUM ANNUAL DEBT SERVICE OF THE CERTIFICATES Fiscal Year Taxable Assessed Valuation (2010 Tax Year) 16,686,975,685 Tax Revenues Generated from the Local Option Levy assuming 95% collection rate 27,742,097 Maximum Annual Lease Payments on all Certificates 18,345,174 Maximum Annual Lease Payments on all Certificates, excluding 16,841,149 Certificates of Participation, Series 2007 Millage Levy Which Equals 1.00x Coverage of Maximum Annual Payments Millage Levy Which Equals 1.00x Coverage of Maximum Annual Payments (excluding COP 2007) 1.062

9 School District of St. Lucie County, Florida OTHER INFORMATION The Florida Legislature recently passed property tax relief measures which may impact property taxes collected by the District. The Legislature has said that it intends to hold school districts harmless from any negative impacts of the property tax legislation, but the full impact of the change is not yet known. The District expects to implement GASB Statement 54 in fiscal year , which will change the classification and presentation of fund balance categories. The District does not expect the implementation of this statement to have a financial impact. There is no new ongoing material litigation which would have been disclosed in the Offering Statement if such litigation had occurred and been ongoing at the time the Offering Statement was dated. There is no other financial information or operating data of the type included in the Offering Statement which would be material to a holder or prospective holder of the Certificates. SIGNIFICANT EVENTS NONE of the events described in Section 3 of the Continuing Disclosure Certificate have occurred with respect to the Certificates of Participation, Series 2001, Series 2003, 2004, 2004-QZAB, 2005, 2007, or 2010B-QSCB.

THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Continuing Disclosure Information Certificates of Participation

THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Continuing Disclosure Information Certificates of Participation COP Series Original Par Amount Certificates of Participation, Series 2003A $34,805,000 Certificates