Lennox School District
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1 Dated: June 13, 2013 Prepared by: EASTSHORE CONSULTING FINANCIAL PLANNING CAMPAIGN STRATEGIES PUBLIC RELATIONS
2 EASTSHORE CONSULTING FINANCIAL PLANNING CAMPAIGN STRATEGIES PUBLIC RELATIONS 1714 Franklin Street # Oakland, CA (510) TRANSMITTAL LETTER To: All Interested Parties Cc: Dr. Barbara Flores, Superintendent From: Shin Green, Principal Eastshore Consulting LLC Via: Municipal Securities Rulemaking Board Electronic Municipal Market Access (MSRB-EMMA) Date: June 13, 2013 Eastshore Consulting LLC, as consultants to the (the District ) located in Los Angeles County, California, is submitting this continuing disclosure report in connection with outstanding debt obligations of the District. This report is submitted to ensure that full disclosure is available to all bond holders and market participants. The continuing disclosure report reflects information required under the various continuing disclosure agreements for the District s debt issuances which were outstanding during the fiscal year ended June 30, Eastshore Consulting has reviewed the debt portfolio of the District and corresponding executed Continuing Disclosure Agreements, and confirmed that the report contains all required information for the above referenced fiscal year. In addition to the information required under each agreement, additional information is included to provide a clear context for the figures provided. This consolidated report is being provided for the following debt issuances: General Obligation Bonds Election of 1998, 1998 Series A: Dated October 27, 1998 General Obligation Bonds Election of 1998, Series 2002B: Dated October 28, 2002 General Obligation Bonds Election of 2007, Series 2007: Dated December 27, 2007 General Obligation Bonds Election of 1998, Series 2012B: Dated March 1, 2012 General Obligation Bonds Election of 2007, Series 2012: Dated March 1, 2012 While the continuing disclosure report contains selected information included in the audited financial statements, it is strongly suggested that interested parties also refer to such statements which may provide additional information not required under the Continuing Disclosure Agreements. If you should have any questions regarding the District s requirements under the Continuing Disclosure Agreements, please contact Eastshore Consulting at (510)
3 Table of Contents CONTENTS PAGE NUMBER 1. Audited Financial Statements 3 2. ADA and Base Revenue Limit 4 3. Certificated and Classified Employee Counts 5 4. Retirement Contributions Budgeted / Audited General Fund Revenues & Expenditures Total Assessed Valuation Assessed Valuation by Land Use Typical Tax Rates Tax Levy & Delinquencies Top Taxpayers Largest Employers Direct and Overlapping Debt Statement Developer Fee Collections Interim Report Certifications Outstanding Debt Material Events 20 Page 2
4 1) Audited Financial Statements Satisfies: Item 4a for all series of bonds Audited Financial Statements for the Fiscal Year Ended June 30, 2012 has been posted to the Municipal Securities Rulemaking Board Electronic Municipal Market website ( The table below provides the specific web address for the June 30, 2012 audit report as of the date of this submission: Audited Financial Statements for the Fiscal Year Ended June 30, Page 3
5 2) Average Daily Attendance & Base Revenue Limit Satisfies: Election of 1998: 1998 Series A, Series 2002B Item 4b (Table 2); Election of 2007: Series 2007 Item 4b (Table 2) The table below provides actual and projected Average Daily Attendance (ADA) and per ADA Revenue Limit for each Fiscal Year presented. Average Daily Base Revenue Deficited Base Fiscal Year Attendance Limit Revenue Limit ,347 $ 6, $ 5, ,130 $ 6, $ 4, Projected Projected Projected ,060 $ 6, $ 4, ,952 $ 6, $ 5, Source: California s formulas for school funding are based upon ADA and not enrollment. Districts which experience declines in enrollment are allowed to request funding at the ADA levels for the previous fiscal year to mitigate the impact of enrollment declines. Due to State of California budgetary shortfalls in recent years, school districts have not received the full amount of per ADA funding. These amounts have been subject to a deficit factor since Fiscal Year Where such a deficit factor was in place or projected, the deficited per ADA amount is provided in a column to the right. The District also receives funding on a per ADA basis for dependent charter school students. The District operates one dependent charter school, the Lennox Mathematics, Science & Technology Academy (LMSTA), which educates students in grades 9 through 12. The ADA for dependent charter students is not included in the table above. LMSTA ADA for was 547. Page 4
6 3) Certificated and Classified Employee Counts Satisfies: Election of 1998: 1998 Series A Item 4b (Tables 3 & 4); Election of 2007: Series 2007 Item 4b (Table 3) District employees participate in two collective bargaining units. Classified employees consist primarily of administrative and support staff. Certificated employees consist primarily of teachers and other employees involved in classroom activities. The table below provides a count of the number of employees in each classification for each of the last three completed fiscal years as well as projected staffing levels budgeted for the current year. Fiscal Year Certificated Employees Classified Employees Projected Projected Source: Page 5
7 4) Retirement Contributions Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 5); Election of 2007: Series 2007 Item 4b (Tables 4 and 5) Classified employees of the District meeting the qualification requirements participate in the State of California Public Employees Retirement System (CalPERS). Certificated employees of the District meeting the qualification requirements participate in the State Teacher s Retirement System (STRS). The table below reflects the District s required contributions to CalPERS and STRS for qualified employees for the fiscal year. Retirement Contributions for Plan Total Employer Contributions District's s Covered Payroll Employer Contributions as a % of Covered Payroll STRS 2,204,019 28,195, % PERS 714,644 6,540, % Source: Page 6
8 4) Retirement Contributions (cont.) Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 5); Election of 2007: Series 2007 Item 4b (Tables 4 and 5) With the implementation of GASB 45, governmental entities have been required to account for post-employment benefits other than pensions (OPEBs). The District began reporting OPEBs liability information in accordance with GASB 45 in the fiscal year ended June 30, The table below reflects contribution and the funding status for the fiscal year and the associated actuarially calculated liability. Annual Required Contribution (ARC) $ 1,065,049 Interest on net OPEB obligation 74,210 Adjustment to annual required contributions (94,222) Annual OPEB cost (expense) $ 1,045,037 Contributions made 405,639 Increase in net OPEB obligation $ 639,398 Net OPEB obligations, beginning of the year 1,484,193 Net OPEB obligations, end of the year $ 2,123,591 Source: Interested parties are strongly encouraged to refer to the notes to the District s audited financial statements for additional information on each of the pension obligations disclosed herein. Page 7
9 5) Budgeted / Audited Gen. Fund Revenues & Exp. Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 6) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 6) and Series 2012 Item 4b The tables below present a comparison of the District's General Fund budgeted and audited actual revenues and expenditures by fiscal year. The presentation below utilizes the original budget as approved prior to each fiscal year. During the course of a fiscal year, the District may amend the budget with Board of Trustees approval based upon information which was not available when the original budget was adopted. Interested parties are strongly encouraged to refer to the notes and required supplemental information in the District s audited financial statements for additional information on amended General Fund budgets and budgets for other funds of the District. Budgeted Audited Budgeted Audited REVENUES Revenue Limit Sources $ 26,338,466 $ 27,272,118 $ 25,497,282 $ 26,425,265 Federal Sources 8,936,270 10,846,479 9,758,660 9,409,143 Other State Sources 16,884,586 16,809,596 16,836,488 17,288,588 Other Local Sources 1,031,866, 1,188,525, 1,002,158, 2,290,661, Total Revenues $ 53,191,188 $ 56,116,718 $ 53,094,588 $ 55,413,657 EXPENDITURES Certificated Salaries $ 30,059,335 $ 30,384,057 $ 28,865,736 $ 28,648,916 Classified Salaries 6,038,710 6,450,434 6,218,558 6,205,072 Employee Benefits 8,514,284 8,521,669 8,502,086 9,534,923 Books and Supplies 2,138,584 1,965,611 2,774,813 1,586,196 Contracted Services and Other Operating Expenses 5,553,517 5,977,134 5,830,869 6,060,413 Capital Outlay 367, , ,613 Other Outgo 3,612,294 3,654,003 3,526,785 3,253,663 Transfers of Indirect Cost/Direct Support Costs (296,812) (274,422) (296,812) (277,566) Total Expenditures e $ 55,987,620,6 $ 56,850,194 5, $ 55,422,035, $ 55,141,230, Excess of Revenue Over (Under) Expenditure (2,796,432) (733,476) (2,327,447) 272,427 OTHER SOURCES/USES Transfers In $ 963,000 $ 550,000 $ 1,772,561 $ 1,624,842 Transfers Out - (1,772,561) - Total Other Sources/Uses $ 963,000 $ 550,000 $ - $ 1,624,842 Excess of Revenues and Other Sources Over (1,833,432) (183,476) (2,327,447) 1,897,269 Beginning Fund Balance 8,915,757 8,915,757 8,184,150 8,184,150 Adjustment for Restatement (548,131) (548,131) 2,198,552 2,198,552 Beginning Fund Balance, Restated 8,367,626 8,367,626 10,382,702 10,382,702 Ending Fund Balance $ 6,534,194 $ 8,184,150 $ 8,055,255 $ 12,279,971 Source: Page 8
10 5) Budgeted / Audited Gen. Fund Revenues & Exp. Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 6) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 6) and Series 2012 Item 4b Budgeted Audited Budgeted 2nd Interim REVENUES Revenue Limit Sources $ 24,077,886 $ 25,812,658 $ 23,500,961 $ 25,928,829 Federal Sources 7,126,089 7,481,059 6,115,616 6,754,258 Other State Sources 16,596,498 16,283,053 15,072,595 15,640,223 Other Local Sources 148, , , ,004 Total Revenues $ 47,949,055 $ 50,524,624 $ 44,946,785 $ 48,954,314 EXPENDITURES Certificated Salaries $ 25,858,228 $ 26,119,921 $ 23,583,794 $ 25,648,871 Classified Salaries 6,190,265 6,479,569 6,504,601 6,972,109 Employee Benefits 8,285,303 8,092,078 9,319,141 8,365,834 Books and Supplies 2,644,540 1,396,379 1,499,750 2,345,772 Contracted Services and Other Operating Expenses 4,513,698 4,982,785 4,225,724 5,078,274 Capital Outlay 156,230 90,605 27, ,352 Other Outgo 3,359,506 3,215,043 3,447,251 3,411,525 Transfers of Indirect Cost/Direct Support Costs (201,000) (238,204) (133,000) (229,162) Total Expenditures $ 50,806,770 $ 50,138,176 $ 48,475,167 $ 52,000,575 Excess of Revenue Over (Under) Expenditure (2,857,715) 386,448 (3,528,382) (3,046,261) OTHER SOURCES/USES Transfers In $ - $ - $ - $ - Transfers Out - (168,323) (250,000) Total Other Sources/Uses $ - $ (168,323) $ - $ (250,000) Excess of Revenues and Other Sources Over (2,857,715) 218,125 (3,528,382) (3,296,261) Beginning Fund Balance 12,624,842 12,624,842 $ 12,842,967 $ 12,842,967 Adjustment for Restatement - - Beginning Fund Balance, Restated 12,624,842 12,624,842 12,842,967 12,842,967 Ending Fund Balance $ 9,767,127 $ 12,842,967 $ 9,314,585 $ 9,546,706 Source: The nd Interim reflects projected annual revenues and expenditures based upon actual activity through January 31, California school districts are required to prepare and provide such interim reports twice a year in addition to year-end results. The 2 nd Interim information above has not been audited and final results for the fiscal year may differ from the presented projections. Page 9
11 6) Total Assessed Value Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 7) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 7) and Series 2012 Item 4b The table below provides information by fiscal year on the District s total assessed valuation as determined by the Los Angeles County Assessor. Local Total Assessed Fiscal Year Secured Utility Unsecured Value ,018,439,786-19,353,835 1,037,793, ,016,062,029-19,738,221 1,035,800, ,981,233-19,330, ,312, ,186,664-19,659, ,846, ,952,751-22,062, ,015,294 Source: California Municipal Statistics, Inc. & Los Angeles County Auditor-Controller The Los Angeles County Auditor-Controller utilizes the above valuations to determine the annual property tax rates required to repay the District s General Obligation (G.O.) bonds. Page 10
12 7) Assessed Valuation by Land Use Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 11) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 11) and Series 2012 Item 4b The table below provides information on the District s secured assessed valuation by land use type Local Secured Assessed Valuation (1) % of Total Number of Parcels % of Total Non-Residential: Commercial $ 220,546, % % Vacant Commercial 31,925, Industrial 46,613, Vacant Industrial 2,617, Recreational 151, Government/Social Institutional 5,750, Miscellaneous 100, Subtotal Non-Residential $ 307,705, % % Residential: Single Family Residential $ 253,530, % 1, % Condominium/Townhouse 12,997, Mobile Home Park 1,228, Residential Units 289,802, , Residenital Units/Apartments 103,793, Vacant Residential 2,894, Subtotal Residential $ 664,247, % 3, % Total $ 971,952, % 3, % (1) Local Secured Assessed Valuation, excluding tax-exempt property. Source: California Municipal Statistics, Inc. Page 11
13 8) Typical Tax Rates Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 8) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 8) and Series 2012 Item 4b The table below provides information on the typical tax rates levied by Los Angeles County for properties within the District for fiscal years through These rates are levied per $100 of secured assessed valuation on all taxable properties. Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year General Centinela Valley Union High School District El Camino Community College District Metropolitan Water District Total Source: California Municipal Statistics, Inc. Page 12
14 9) Tax Levy and Delinquencies Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 9) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 9) and Series 2012 Item 4b The table below provides information on the Secured Tax Charges levied by Los Angeles County on behalf of the District. These charges are comprised of the District s portion of the general 1% property lax levied under Proposition 13. The figures provided do not reflect collections associated with bonded indebtedness of the District, such as G.O. Bonds, which are levied under a separate rate. Los Angeles County utilizes the Teeter plan for levy and distribution of property taxes. Under this method, entities are guaranteed 100% of the assessments levied on their behalf with the County retaining all penalties and interest resulting from delinquencies. Delinquency percentages are calculated based upon dollar amounts delinquent versus total amounts levied as of the date reported. Such delinquencies may be collected subsequent to the date reported and are not included in the delinquency percentages for subsequent years. Interested parties are strongly encouraged to refer to the Los Angeles County Treasurer-Tax Collector s website ( for additional information of property tax levy, collection policies and procedures. Fiscal Year Secured Tax Charge (1) Amount Delinquent as of June 30 % Delinquent as of June , , % , , % , , % , , % , , % (1) 1% General Fund apportionment. Excludes redevelopment agency impounds. Reflects county-wide delinquency rate. Source: California Municipal Statistics, Inc. Page 13
15 10) Top Taxpayers Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 10) and Series 2012B Item 4b; Election of 2007: Series 2007 Item 4b (Table 10) and Series 2012 Item 4b The table below provides information on the top twenty tax payers by secured assessed value within the District s boundaries for fiscal year Property Owner Primary Land Use Local Secured Assessed Valuation % of Total (1) La Cienega LLC Office Building $ 25,242, % 2 Public Storage Properties Industrial 15,909, Arnel Investments LLC Office Building 15,500, LAX Hotel Investment Co. LLC Hotel 14,552, Motel 6 Operating LP Hotel 10,115, Century Plaza LLC Shopping Center 8,975, Century Associates Inc. Hotel 6,407, Housing Management LLC Commercial 6,394, Amusement Six Apartments LLC Apartments 5,345, PS Inglewood Prairie Ave. Inc. Industrial 5,304, Dahya Investments Inc. Hotel 4,672, La Cienega Partners LLC Office Building 4,555, Virginia Gardner Commercial 4,351, Anna s Hospitality Group LLC Hotel 4,200, Jaydair2 Hospitality LLC Hotel 3,879, Century Hawthorne Associates Shopping Center 3,810, Green Dot Public Schools Charter School 3,775, Ernesto and Barbara Munoz Apartments 3,184, Rodney and Alicia James Apartments 3,071, Antonio and Ana M. Gonzalez Commercial 2,869, (1) Local Secured Assessed Valuation: $971,952,751 Source: California Municipal Statistics, Inc. $ 152,116, % Page 14
16 11) Largest Employers Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 12); Election of 2007: Series 2007 Item 4b (Table 12) The table below provides information on the largest employers within the District s boundaries. Employer Type of Business Number of Employees Los Angeles County Sheriff's Police Departments 170 US Post Office Post Offices 120 Inter Dent Inc Dentists 85 Motel 6-Los Angeles LAX Hotels & Motels 75 Top Valu Market Grocers-Retail 61 Da Vita Airport Dialysis Dialysis 60 Straight Line Transportation Trucking 50 Mc Donald's Restaurants 49 Norma's Restaurant Restaurants 43 Unemployment Insurance Appeals State Government- 40 Social/Human Resources Source: Infogroup.com Page 15
17 12) Direct and Overlapping Debt Statement Satisfies: Election of 1998: 1998 Series A and Series 2002B Item 4b (Table 13) and Series 2012B Item 4b; Election of 2007: Series 2012 Item 4b The table below provides information on the direct and overlapping debt allocated to properties within the District Assessed Valuation: $ 994,015,294 DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable 5/1/2013 Los Angeles County Flood Control District 0.092% $ 18,188 Metropolitan Water District ,590 El Camino Community College District ,137,670 Centinela Valley Union High School District ,003, ,268,698 Los Angeles County Regional Park and Open Space Assessment District ,012 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $ 29,635,976 OVERLAPPING GENERAL FUND DEBT: Los Angeles County General Fund Obligations 0.091% $ 1,584,617 Los Angeles Superintendent of Schools Certificates of Participation ,443 Centinela Valley Union High School District ,526 City of Hawthorne General Fund and Pension Obligations ,825 City of Inglewood General Fund Obligations ,384,441 City of Inglewood Pension Obligations ,608,207 Los Angeles County Sanitation District No. 5 Authority ,326 TOTAL GROSS OVERLAPPING GENERAL FUND DEBT $ 7,011,385 Less: Los Angeles County General Fund Obligations supported by landfill revenues 15,195 TOTAL NET OVERLAPPING GENERAL FUND DEBT $ 6,996,190 OVERLAPPING TAX INCREMENT DEBT: $ 13,198,167 GROSS COMBINED TOTAL DEBT $ 49,845,528 (1) NET COMBINED TOTAL DEBT $ 49,830,333 (1) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Ratios to Assessed e Valuation: a Direct Debt ($12,268,698) 1.23% Total Direct and Overlapping Tax and Assessment Debt 2.98% Gross Combined Total Debt 5.01% Net Combined Total Debt 5.01% Source: California Municipal Statistics, Inc. Page 16
18 13) Developer Fees Collections Satisfies: Election of 2007: Series 2007 Item 4b (Table 12) The table below provides information on the developer fees collected by the District for fiscal years through The District receives developer fees for construction of and improvements to property within the District boundaries using a per square footage rate determined by periodic studies. The District has not budgeted for developer fee collections in the fiscal year. Fiscal Year Developer Fees Collected $ $ $12, $11, Source: Page 17
19 14) Interim Report Certifications Satisfies: Election of 1998: Series 2012B Item 4b; Election of 2007: Series 2012 Item 4b California school districts are required to prepare and submit interim financial reports during each fiscal year. Both the 1 st and 2 nd Interim Reports are reviewed by the District Board of Education and submitted to the Los Angeles County Office of Education. Based upon the information provided within the Interim Report, a certification of either positive, qualified or negative is assigned. Positive certifications indicate that a district s General Fund meets State minimum fund balance reserve requirements in the fiscal year to which the report pertains, as well for the next two projected fiscal years. Qualified certifications typically indicate that projected fund balance reserve levels may not meet state requirements in future years. Negative certifications usually indicate that current and projected fund balances reserves are below State minimum requirements. In recent years, uncertainty about the level of State funding for California school districts has resulted in volatility in budgeted and projected General Fund revenues. Such volatility has resulted in reduced revenue projections, which in turn reduce projected fund balance reserve levels. The District s most recent 2 nd Interim Report for the Fiscal Year was certified as qualified due to projected fund balance reserve levels below requirements. The District expects to enact budget cuts and revise projected revenues in the current and future fiscal years to allow for adequate projected fund balance reserve levels. The table below provides a history of the District s interim report certifications for fiscal years through Fiscal Year First Interim Certification Second Interim Certification Positive Positive Positive Positive Positive Qualified Positive Positive Positive Positive Qualified Qualified Source: Page 18
20 15) Outstanding Debt Satisfies: Election of 1998: Series 2012B Item 4b; Election of 2007: Series 2012 Item 4b The table below provides information about the District s outstanding long-term borrowings for the Fiscal Year ended June 30, The presentation provides ending principal balances as well as information on principal and total debt service amount due in the upcoming fiscal year. For capital appreciation borrowings, accreted values are not presented and only original principal amounts are reflected. Interested parties are strongly encouraged to refer to the notes to the District s audited financial statements for additional information on each of the borrowings disclosed herein including repayment schedules, where applicable. Principal Due for Debt Service Due for Outstanding Fiscal Year Ended Fiscal Year Ended Authorization Issue Final Maturity Amount Issued June 30, 2012 June 30, 2013 June 30, 2013 Election of 1998 Series A August 1, 2023 $ 5,503, $ 1,628, $ 350, $ 435, Election of 1998 Series 2002B August 1, 2027 $ 1,339, $ 1,339, $ - $ - Election of 1998 Series 2012A August 1, 2029 $ 3,000, $ 3,000, $ - $ 170, Election of 1998 Series 2012B August 1, 2031 $ 157, $ 157, $ - $ - Election of GO Refunding August 1, 2016 $ 1,870, $ 1,870, $ 20, $ 60, Election of 2007 Series 2007 August 1, 2028 $ 3,818, $ 3,558, $ 115, $ 252, Election of 2007 Series 2012 August 1, 2036 $ 1,199, $ 1,199, $ - $ - Source: The District has relied upon local G.O. bond proceeds, federal grant funding and State Aid funding to fund its capital plan for school facilities. On June 2, 1998, the local voters approved $10 million in G.O. bond authorization to acquire, construct, and improve school facilities. As of June 30, 2012, the District has effectively issued all bonds authorized by voters in 1998, and no other bonds will be issued under this authorization. On November 6, 2007, local voters approved $10.7 million in G.O. bond authorization to acquire, construct and improve school facilities. As of June 30, 2012, the District has issued $5.68 million of the authorized G.O. bonds. The District has $5 million in additional authorized bond. The District does not have plans to issue these bonds at this time. Page 19
21 16) Material Events The tables below provide a summary on all material event which have occurred since July 1, 2011 by debt issuance. Individual Material Event Notices have been filed for each and can be accessed at the Municipal Securities Rulemaking Board Electronic Municipal Market website. ( General Obligation Bonds - Election of 1998, 1998 Series A Dated: October 27, 1998 June 29, 2012 On June 29, 2012, notice was filed related to the redemption of selected maturities of the bonds on August 1, 2012 November 19, 2012 Moody's Investors Service downgrades MBIA Insurance Corporation, which reinsured the bonds from "B3" to "Caa2" February 28, 2013 Standard & Poor's downgrades MBIA Insurance Corporation, which reinsured the bonds, from "B" to "CCC" May 21, 2013 Moody's Investors Service upgrades MBIA Insurance Corporation, which reinsured the bonds from "Caa2" to "B3" Material Event - Section 5(a)(viii) Material Event - Section 5(a)(xi) Material Event - Section 5(a)(xi) Material Event - Section 5(a)(xi) General Obligation Bonds - Election of 1998, Series 2002B Dated: October 28, 2002 November 30, 2011 Standard & Poor's downgrades Assured Guaranty Municipal Corp., the insurer for the Bonds, from "AA" to "AA-" Material Event - Section 5(a)(xi) January ar 13, 2013 Moody's Investors Service downgrades Assured Guaranty Material Event - Municipal Corp., the insurer for the bonds from "Aa3" to "A2" Section 5(a)(xi) General Obligation Bonds - Election of 2007, Series 2007 Dated: December 27, 2007 November 30, 2011 Standard & Poor's downgrades Assured Guaranty Municipal Corp., the insurer for the Bonds, from "AA" to "AA-" January 13, 2013 Moody's Investors Service downgrades Assured Guaranty Municipal i Corp., the insurer for the bonds from "Aa3" to "A2" General Obligation Bonds - Election of 1998, Series 2012B Dated: March 1, 2012 January 13, 2013 Moody's Investors Service downgrades Assured Guaranty Municipal Corp., the insurer for the bonds from "Aa3" to "A2" General Obligation Bonds - Election of 2007, Series 2012 Dated: March 1, 2012 January 13, 2013 Moody's Investors Service downgrades Assured Guaranty Municipal Corp., the insurer for the bonds from "Aa3" to "A2" Material Event - Section 5(a)(xi) Material Event - Section 5(a)(xi) Material Event - Section 5(a)(13) Material Event - Section 5(a)(13) Page 20
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