$5,500,000 Taxable General Obligation Limited School Bonds, Series 2016A

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1 New Issue Rating: Moody's Investor's Service "Aa3" ADDENDUM DATED JANUARY 14, 2016 TO PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 4, 2016 $5,500,000 Taxable General Obligation Limited School Bonds, Series 2016A PLAINFIELD COMMUNITY CONSOLIDATED SCHOOL DISTRICT NUMBER 202, WILL AND KENDALL COUNTIES, ILLINOIS (Will, Kendall Counties) Schedule of Maturity Dates, Principal Amounts, Interest Rates and Yields Maturity (January 1) Amount Interest Rate Yield CUSIP BASE $560, % 2.000% ZJ $535, % 2.300% ZK $560, % 2.500% ZL $580, % 2.700% ZM $605, % 2.900% ZN $625, % 3.050% ZP $650, % 3.200% ZQ $680, % 3.350% ZR $705, % 3.500% ZS7 Baird, Syndicate Manager, has agreed to purchase the Bonds from the School District for an aggregate price of $5,503, plus accrued interest to the date of delivery. It is expected that the Bonds will be available for delivery on or about February 3, Book-Entry-Only: This offering will be issued as fully registered Bonds and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, to which principal and interest payments on the Bonds will be made. Paying Agent: The Bank of New York Mellon Trust Company, N.A., Chicago, Illinois THIS ADDENDUM, TOGETHER WITH THE PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 4, 2016, SHALL CONSTITUTE A FINAL OFFICIAL STATEMENT OF THE SCHOOL DISTRICT WITH RESPECT TO THE BONDS AS THAT TERM IS DEFINED IN RULE 15C2-12 OF THE SECURITIES AND EXCHANGE COMMISSION. Baird Milwaukee, Wisconsin

2 C.L. King & Associates WMBE Edward Jones WNJ Capital Crews & Associates, Inc. Bernardi Securities, Inc. Ross, Sinclaire & Associates, LLC SAMCO Capital Markets Coastal Securities, Inc. Cronin & Co., Inc. Duncan-Williams, Inc. Northland Securities, Inc. SumRidge Partners Loop Capital Markets Vining-Sparks IBG, L.P. Isaak Bond Investments, Inc R. Seelaus & Company., Inc. Wayne Hummer & Co. Oppenheimer & Co. Sierra Pacific Securities IFS Securities BNYMellon Capital Markets Alamo Capital First Empire Securities Rafferty Capital Markets W.H. Mell Associates J.J.B. Hilliard, W.L. Lyons, LLC ORIGINAL ISSUE PREMIUM To the extent that the initial offering price of certain of the Bonds is more than the principal amount payable at maturity, such Bonds ("Premium Bonds") will be considered to have bond premium. Any Premium Bond purchased in the initial offering at the issue price will have "amortizable bond premium" within the meaning of Section 171 of the Code. The amortizable bond premium of each Premium Bond is calculated on a daily basis from the issue date of such Premium Bond until its stated maturity date (or call date, if any) on the basis of a constant interest rate compounded at each accrual period (with straight line interpolation between the compounding dates). An owner of a Premium Bond that has amortizable bond premium is not allowed any deduction for the amortizable bond premium; rather the amortizable bond premium attributable to a taxable year is applied against (and operates to reduce) the amount of tax-exempt interest payments on the Premium Bonds. During each taxable year, such an owner must reduce his or her tax basis in such Premium Bond by the amount of the amortizable bond premium that is allocable to the portion of such taxable year during which the holder held such Premium Bond. The adjusted tax basis in a Premium Bond will be used to determine taxable gain or loss upon a disposition (including the sale, exchange, redemption, or payment at maturity) of such Premium Bond. Owners of Premium Bonds who did not purchase such Premium Bonds in the initial offering at the issue price should consult their own tax advisors with respect to the tax consequences of owning such Premium Bonds. Owners of Premium Bonds should consult their own tax advisors with respect to the state and local tax consequences of owning the Premium Bonds.

3 Subject to compliance by the District with certain covenants, in the opinion of Chapman and Cutler LLP, Chicago, Illinois ( Bond Counsel ), under present law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, but such interest is taken into account in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. Interest on the Taxable Bonds is includible in gross income of the owners thereof for federal income tax purposes. The interest on the Bonds is not exempt from present State of Illinois income taxes. See "Tax Matters" herein for a more complete discussion. The Bonds are NOT "qualified tax-exempt obligations" pursuant to Section 265 of the Internal Revenue Code of 1986, as amended, which permits financial institutions to deduct interest expenses allocable to the Bonds to the extent permitted under prior law. New Issues Rating: Aa3 Moody's Investors Service PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 4, 2016 PLAINFIELD COMMUNITY CONSOLIDATED SCHOOL DISTRICT NUMBER 202, WILL AND KENDALL COUNTIES, ILLINOIS $5,440,000* TAXABLE GENERAL OBLIGATION LIMITED SCHOOL BONDS, SERIES 2016A $10,015,000* GENERAL OBLIGATION LIMITED SCHOOL BONDS, SERIES 2016B BID OPENING: January 13, 2016, 10:00 A.M., C.T. CONSIDERATION: Not later than 11:59 P.M., C.T. on January 13, 2016 (PARAMETERS RESOLUTION) PURPOSE/AUTHORITY/SECURITY: The $5,440,000* Taxable General Obligation Limited School Bonds, Series 2016A (the Taxable Bonds ) and the $10,015,000* General Obligation Limited School Bonds, Series 2016B (the Bonds ) are being issued by Plainfield Community Consolidated School District Number 202, Will and Kendall Counties, Illinois (the "District"), pursuant to the School Code of the State of Illinois, as amended, and the Local Government Debt Reform Act of the State of Illinois, as amended, for the purpose of providing funds to increase the District s Working Cash Fund. The Bonds are also being issued to refund certain obligations of the District. The Taxable Bonds and the Bonds are limited obligations of the District payable from the District s debt service extension base, and all taxable property in the District is subject to a separate property tax levy that is unlimited as to rate, but the amount of taxes that will be extended to pay the Taxable Bonds and the Bonds is limited by the Property Tax Extension Limitation Law of the State of Illinois, as amended. Delivery is subject to receipt of approving legal opinions of Bond Counsel. TAXABLE BONDS BONDS DATE OF BONDS: February 3, 2016 DATE OF BONDS: February 3, 2016 MATURITY: January 1 as follows: MATURITY: January 1 as follows: Year Amount* Year Amount* Year Amount* Year Amount* 2020 $500, $625, $1,705, $ , , ,755, , , , , , , ,450, ,545, ,305,000 ADJUSTMENT: * See "Adjustment Option" herein. ADJUSTMENT: * See "Adjustment Option" herein. TERM BONDS: See "Term Bond Option" herein. TERM BONDS: See "Term Bond Option" herein. INTEREST: July 1, 2016 and semiannually thereafter. INTEREST: July 1, 2016 and semiannually thereafter. REDEMPTION: Bonds maturing January 1, 2025, and thereafter are subject to call for prior redemption on January 1, 2024, and any date thereafter, at par. REDEMPTION: Bonds maturing January 1, 2029, and thereafter are subject to call for prior redemption on January 1, 2024, and any date thereafter, at par. MINIMUM BID: $5,412,800. MINIMUM BID: $9,964,925. GOOD FAITH DEPOSIT: A cashier's check in the amount of GOOD FAITH DEPOSIT: A cashier's check in the amount of $108,800 may be submitted contemporaneously with the bid or, $200,300 may be submitted contemporaneously with the bid or, alternatively, a good faith deposit shall be made by the winning alternatively, a good faith deposit shall be made by the winning bidder by wire transfer of funds. bidder by wire transfer of funds. PAYING AGENT: The Bank of New York Mellon Trust PAYING AGENT: The Bank of New York Mellon Trust Company, N.A., Chicago, Illinois. Company, N.A., Chicago, Illinois. BOOK-ENTRY-ONLY: See "Book-Entry-Only System" herein (unless otherwise specified by the purchaser). BOOK-ENTRY-ONLY: See "Book-Entry-Only System" herein (unless otherwise specified by the purchaser). This Preliminary Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members, together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement" of the District with respect to the Taxable Bonds and Bonds, as defined in S.E.C. Rule 15c2-12.

4 REPRESENTATIONS No dealer, broker, salesperson or other person has been authorized by the District to give any information or to make any representation other than those contained in this Preliminary Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the District. This Preliminary Official Statement does not constitute an offer to sell or a solicitation of an offer to buy any of the Taxable Bonds and the Bonds in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This Preliminary Official Statement is not to be construed as a contract with the Syndicate Manager or Syndicate Members. Statements contained herein which involve estimates or matters of opinion are intended solely as such and are not to be construed as representations of fact. Ehlers & Associates, Inc. prepared this Preliminary Official Statement and any addenda thereto relying on information of the District and other sources for which there is reasonable basis for believing the information is accurate and complete. Bond Counsel has not participated in the preparation of this Preliminary Official Statement and is not expressing any opinion as to the completeness or accuracy of the information contained therein. Compensation of Ehlers & Associates, Inc., payable entirely by the District, is contingent upon the sale of the issue. COMPLIANCE WITH S.E.C. RULE 15c2-12 Certain municipal obligations (issued in an aggregate amount over $1,000,000) are subject to General Rules and Regulations, Securities Exchange Act of 1934, Rule 15c2-12 Municipal Securities Disclosure (the "Rule"). Preliminary Official Statement: This Preliminary Official Statement was prepared for the District for dissemination to potential investors. Its primary purpose is to disclose information regarding the Taxable Bonds and the Bonds to prospective underwriters in the interest of receiving competitive proposals in accordance with the sale notice contained herein. Unless an addendum is posted prior to the sale, this Preliminary Official Statement shall be deemed nearly final for purposes of the Rule subject to completion, revision and amendment in a Final Official Statement as defined below. Review Period: This Preliminary Official Statement has been distributed to prospective bidders for review. Comments or requests for the correction of omissions or inaccuracies must be submitted to Ehlers & Associates at least two business days prior to the sale. Requests for additional information or corrections in the Preliminary Official Statement received on or before this date will not be considered a qualification of a proposal received from an underwriter. If there are any changes, corrections or additions to the Preliminary Official Statement, interested bidders will be informed by an addendum prior to the sale. Final Official Statement: Upon award of sale of the Taxable Bonds and the Bonds, the Preliminary Official Statement together with any previous addendum of corrections or additions will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members, together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement" of the District with respect to the Taxable Bonds and the Bonds, as defined in the Rule. Copies of the Final Official Statement will be delivered to the underwriter (Syndicate Manager) within seven business days following the proposal acceptance. Continuing Disclosure: Subject to certain exemptions, issues in an aggregate amount over $1,000,000 may be required to comply with provisions of the Rule which require that underwriters obtain from the issuers of municipal securities (or other obligated party) an agreement for the benefit of the owners of the securities to provide continuing disclosure with respect to those securities. This Preliminary Official Statement describes the conditions under which the Taxable Bonds and the Bonds are exempt or requid to comply with the Rule. CLOSING CERTIFICATES Upon delivery of the Taxable Bonds and the Bonds, the Purchaser (Underwriter) will be furnished with the following items: (1) a certificate of the appropriate officials to the effect that at the time of the sale of the Taxable Bonds and the Bonds and all times subsequent thereto up to and including the time of the delivery of the Taxable Bonds and the Bonds, this Preliminary Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (2) a receipt signed by the appropriate officer evidencing payment for the Taxable Bonds and the Bonds; (3) a certificate evidencing the due execution of the Taxable Bonds and the Bonds, including statements that (a) no litigation of any nature is pending, or to the knowledge of signers, threatened, restraining or enjoining the issuance and delivery of the Taxable Bonds and the Bonds, (b) neither the corporate existence or boundaries of the District nor the title of the signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of the Taxable Bonds and the Bonds have been repealed, revoked or rescinded; and (4) a certificate setting forth facts and expectations of the District which indicates that the District does not expect to use the proceeds of the Taxable Bonds and the Bonds in a manner that would cause them to be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, or within the meaning of applicable Treasury Regulations. ii

5 TABLE OF CONTENTS INTRODUCTORY STATEMENT... 1 THE TAXABLE BONDS... 1 GENERAL... 1 OPTIONAL REDEMPTION... 1 AUTHORITY; PURPOSE... 2 SOURCES AND USES... 3 SECURITY... 3 TAX MATTERS... 3 THE BONDS... 3 GENERAL... 3 OPTIONAL REDEMPTION... 4 AUTHORITY; PURPOSE... 5 SOURCES AND USES... 6 SECURITY... 6 TAX EXEMPTION... 6 PROVISIONS COMMON TO BOTH THE TAXABLE BONDS AND THE BONDS... 8 LIMITED BONDS... 9 RATING CONTINUING DISCLOSURE LEGAL OPINIONS STATEMENT REGARDING BOND COUNSEL PARTICIPATION MUNICIPAL ADVISOR MUNICIPAL ADVISOR AFFILIATED COMPANIES 12 INDEPENDENT AUDITORS CERTAIN LEGAL MATTERS RISK FACTORS ILLINOIS PROPERTY VALUATIONS ASSESSMENTS AND TAX LEVIES TAX LEVIES, COLLECTIONS, AND TAX RATES TAX LEVIES AND COLLECTIONS DISTRICT TAX RATES THE DISTRICT DISTRICT INFORMATION EMPLOYEES; PENSIONS AND UNIONS POST EMPLOYMENT BENEFITS FUNDS ON HAND LITIGATION SCHOOL BUILDINGS SUMMARY GENERAL FUND INFORMATION GENERAL INFORMATION LARGER EMPLOYERS U.S. CENSUS DATA EMPLOYMENT/UNEMPLOYMENT DATA BUILDING PERMITS FINANCIAL STATEMENTS... A-1 FORMS OF LEGAL OPINIONS... B-1 BOOK-ENTRY-ONLY SYSTEM... C-1 FORM OF CONTINUING DISCLOSURE UNDERTAKINGD-1 NOTICE OF SALE... E-1 $5,440,000* TAXABLE GENERAL OBLIGATION LIMITED SCHOOL BONDS, SERIES 2016A. E-1 NOTICE OF SALE... E-7 $10,015,000* GENERAL OBLIGATION LIMITED SCHOOL BONDS, SERIES 2016B... E-7 PROPERTY TAX EXTENSION LIMITATION LAW CURRENT PROPERTY VALUATIONS EQUALIZED ASSESSED VALUE BY CLASSIFICATION TREND OF VALUATIONS LARGER TAXPAYERS DEBT DIRECT GENERAL OBLIGATION DEBT OTHER OBLIGATIONS GENERAL OBLIGATION DEBT LIMIT SCHEDULE OF BONDED INDEBTEDNESS OVERLAPPING DEBT DEBT RATIOS DEBT PAYMENT HISTORY FUTURE FINANCING iii

6 BOARD OF EDUCATION Term Expires Michelle Smith President April 2017 Greg Nichols Vice President April 2019 Kevin Kirberg Secretary April 2019 David Koch Member April 2017 William Slabich, Jr. Member April 2017 Rod Westfall Member April 2017 Heather Drake Member April 2019 Ron Kazmar Treasurer June 2016 ADMINISTRATION Dr. Lane Abrell, Superintendent of Schools Dr. Jack Markley, Asst. Superintendent for Business and Operations Richard Engstrom, Director of Finance Glenn Wood, Assistant Superintendent, Curriculum and Instruction Dr. Dan Thorse, Assistant Superintendent, Administration and Personnel Mina Griffith, Assistant Superintendent, Student Services PROFESSIONAL SERVICES Chapman and Cutler LLP, Bond Counsel, Chicago, Illinois Ehlers & Associates, Inc., Municipal Advisors, Chicago, Illinois (Other offices located in Roseville, Minnesota, Pewaukee, Wisconsin and Denver, Colorado) iv

7 INTRODUCTORY STATEMENT This Preliminary Official Statement contains certain information regarding Plainfield Community Consolidated School District Number 202, Will and Kendall Counties, Illinois (the "District") and the issuance of its $5,440,000* Taxable General Obligation Limited School Bonds, Series 2016A (the Taxable Bonds ) and $10,015,000* General Obligation Limited School Bonds, Series 2016B (the "Bonds" and together with the Taxable Bonds, being the Obligations ). Any descriptions or summaries of the Obligations, statutes, or documents included herein are not intended to be complete and are qualified in their entirety by reference to such statutes and documents and the form of the Obligations included in the resolution authorizing the issuance and sale of the Obligations ("Bond Resolution") adopted by the Board of Education of the District on November 23, 2015, as amended by an amending resolution adopted on December 14, 2015, and as supplemented by a notification of sale. Inquiries may be directed to Ehlers & Associates, Inc. ("Ehlers" or the "Municipal Advisor"), Chicago, Illinois, (312) , the District's Municipal Advisor. A copy of this Preliminary Official Statement may be downloaded from Ehlers web site at by connecting to the link to the Bond Sales and following the directions at the top of the site. GENERAL THE TAXABLE BONDS The Taxable Bonds will be issued in fully registered form as to both principal and interest in denominations of $5,000 each or any integral multiple thereof, and will be dated, as originally issued, as of February 3, The Taxable Bonds will mature on January 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest will be payable on January 1 and July 1 of each year, commencing July 1, 2016, to the registered owners of the Taxable Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30-day months. All Taxable Bonds of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%. Unless otherwise specified by the purchaser, the Taxable Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). (See "Book-Entry-Only System" herein.) As long as the Taxable Bonds are held under the book-entry system, beneficial ownership interests in the Taxable Bonds may be acquired in book-entry form only, and all payments of principal of, premium, if any, and interest on the Taxable Bonds shall be made through the facilities of DTC and its participants. If the book-entry system is terminated, principal of, premium, if any, and interest on the Bonds shall be payable as provided in the Bond Resolution. The District has selected The Bank of New York Mellon Trust Company, N.A., Chicago, Illinois, to act as bond registrar and paying agent (the "Paying Agent"). The District will pay the charges for Paying Agent services. The District reserves the right to remove the Paying Agent and to appoint a successor. OPTIONAL REDEMPTION At the option of the District, Taxable Bonds maturing on or after January 1, 2025, shall be subject to prior redemption on January 1, 2024, or on any date thereafter, at a price of par plus accrued interest to the redemption date. *Preliminary, subject to change. 1

8 The District will, at least 45 days prior to any optional redemption date (unless a shorter time period shall be satisfactory to the Paying Agent), notify the Paying Agent of such redemption date and of the principal amount and maturity or maturities of Taxable Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the particular Taxable Bonds or portions of Taxable Bonds to be redeemed shall be selected by lot by the Paying Agent from the Taxable Bonds of such maturity by such method of lottery as the Paying Agent shall deem fair and appropriate (except when the Bonds are held in a book-entry system, in which case the selection of Taxable Bonds to be redeemed will be made in accordance with procedures established by DTC or any other book-entry depository); provided that such lottery shall provide for the selection for redemption of Taxable Bonds or portions thereof in principal amounts of $5,000 and integral multiples thereof. Unless waived by any holder of Taxable Bonds to be redeemed, notice of the call for any redemption will be given by the Paying Agent on behalf of the District by mailing the redemption notice by first-class mail at least 30 days and not more than 60 days prior to the date fixed for redemption to each registered owner of the Taxable Bonds to be redeemed at the address shown on the Register or at such other address as is furnished in writing by such registered owner to the Paying Agent. Unless moneys sufficient to pay the redemption price of the Taxable Bonds to be redeemed are received by the Paying Agent prior to the giving of a notice of redemption, such notice may, at the option of the District, state that said redemption will be conditional upon the receipt of such moneys by the Paying Agent on or prior to the date fixed for redemption. If such moneys are not received, such notice will be of no force and effect, the District will not redeem such Taxable Bonds, and the Paying Agent will give notice, in the same manner in which the notice of redemption has been given, that such moneys were not so received and that such Taxable Bonds will not be redeemed. Otherwise, prior to any redemption date, the District will deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all the Taxable Bonds or portions of Taxable Bonds which are to be redeemed on the date. Subject to the provisions for a conditional redemption described above, notice of redemption having been given and described above and in the Bond Resolution, the Taxable Bonds or portions of Taxable Bonds so to be redeemed will, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the District shall default in the payment of the redemption price) such Taxable Bonds or portions of Taxable Bonds shall cease to bear interest. Upon surrender of such Taxable Bonds for redemption in accordance with said notice, such Taxable Bonds will be paid by the Paying Agent at the redemption price. AUTHORITY; PURPOSE The Taxable Bonds are being issued by the District pursuant to Section 20 of the School Code of the State of Illinois (the School Code ), and the Local Government Debt Reform Act of the State of Illinois ("Debt Reform Act"), as amended, for the purpose of providing funds to increase the District s Working Cash Fund which will be held apart, maintained, and administered as provided by the School Code. 2

9 SOURCES AND USES (Preliminary, subject to change) Sources Uses Par Amount of Bonds $5,440,000 Reoffering Premium 129,683 Total Sources $5,569,683 To Working Cash Fund $5,500,000 Contingency/Rounding 2,738 Discount Allowance 27,200 Finance Related Expenses 39,745 Total Uses $5,569,683 SECURITY The Taxable Bonds are limited obligations of the District payable from the District s debt service extension base, and all taxable property in the District is subject to the separate property tax levy that is unlimited as to rate, but the amount of taxes that will be extended to pay the Taxable Bonds is limited by the Property Tax Extension Limitation Law of the State of Illinois, as amended ("Extension Limitation Law"). The District is authorized to determine the lien priority of payments to be made from the Base (as hereinafter defined) to pay its limited bonds. The Taxable Bonds of this issue are being issued on a parity with the outstanding limited bond issues shown in the Schedule of Limited Bond Debt Service Levy and Extension. See PROVISIONS COMMON TO BOTH THE TAXABLE BONDS AND THE BONDS Limited Bonds. TAX MATTERS Interest on the Taxable Bonds is includible in gross income of the owners thereof for federal income tax purposes. Ownership of the Taxable Bonds may result in other federal income tax consequences to certain taxpayers. Taxable Bondholders should consult their tax advisors with respect to the inclusion of interest on the Taxable Bonds in gross income for federal income tax purposes and any collateral tax consequences. Interest on the Taxable Bonds is not exempt from present State of Illinois income taxes. Ownership of the Taxable Bonds may result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any such collateral consequences arising with respect to the Taxable Bonds. Prospective purchasers of the Taxable Bonds should consult their tax advisors regarding the applicability of any such state and local taxes. GENERAL THE BONDS The Bonds will be issued in fully registered form as to both principal and interest in denominations of $5,000 each or any integral multiple thereof, and will be dated, as originally issued, as of February 3, The Bonds will mature on January 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest will be payable on January 1 and July 1 of each year, commencing July 1, 2016, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30-day 3

10 months. All Bonds of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%. Unless otherwise specified by the purchaser, the Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). (See "Book-Entry-Only System" herein.) As long as the Bonds are held under the book-entry system, beneficial ownership interests in the Bonds may be acquired in book-entry form only, and all payments of principal of, premium, if any, and interest on the Bonds shall be made through the facilities of DTC and its Participants. If the book-entry system is terminated, principal of, premium, if any, and interest on the Bonds shall be payable as provided in the Bond Resolution. The District has selected The Bank of New York Mellon Trust Company, N.A., Chicago, Illinois, to act as bond registrar and paying agent (the "Paying Agent"). The District will pay the charges for Paying Agent services. The District reserves the right to remove the Paying Agent and to appoint a successor. OPTIONAL REDEMPTION At the option of the District, Bonds maturing on or after January 1, 2029, shall be subject to prior redemption on January 1, 2024, or on any date thereafter, at a price of par plus accrued interest to the redemption date. The District will, at least 45 days prior to any optional redemption date (unless a shorter time period shall be satisfactory to the Paying Agent), notify the Paying Agent of such redemption date and of the principal amount and maturity or maturities of Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the particular Bonds or portions of Bonds to be redeemed shall be selected by lot by the Paying Agent from the Bonds of such maturity by such method of lottery as the Paying Agent shall deem fair and appropriate (except when the Bonds are held in a book-entry system, in which case the selection of Bonds to be redeemed will be made in accordance with procedures established by DTC or any other book-entry depository); provided that such lottery shall provide for the selection for redemption of Bonds or portions thereof in principal amounts of $5,000 and integral multiples thereof. Unless waived by any holder of Bonds to be redeemed, notice of the call for any redemption will be given by the Paying Agent on behalf of the District by mailing the redemption notice by first-class mail at least 30 days and not more than 60 days prior to the date fixed for redemption to each registered owner of the Bonds to be redeemed at the address shown on the Register or at such other address as is furnished in writing by such registered owner to the Paying Agent. Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed are received by the Paying Agent prior to the giving of a notice of redemption, such notice may, at the option of the District, state that said redemption will be conditional upon the receipt of such moneys by the Paying Agent on or prior to the date fixed for redemption. If such moneys are not received, such notice will be of no force and effect, the District will not redeem such Bonds, and the Paying Agent will give notice, in the same manner in which the notice of redemption has been given, that such moneys were not so received and that such Bonds will not be redeemed. Otherwise, prior to any redemption date, the District will deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on the date. Subject to the provisions for a conditional redemption described above, notice of redemption having been given and described above and in the Bond Resolution, the Bonds or portions of Bonds so to be redeemed will, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the District shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds will be paid by the Paying Agent at the redemption price. 4

11 AUTHORITY; PURPOSE The Bonds are being issued by the District pursuant to Section 20 of the School Code and the Debt Reform Act for the purpose of providing funds to increase the District s Working Cash Fund which will be held apart, maintained, and administered as provided by the School Code and to refund obligations of the District (the Refunded Bonds ) as follows: Issue Being Refunded Date of Refunded Issue Call Date Call Price Maturities Being Refunded Interest Rates Principal to be Refunded $3,700,000 General Obligation Limited School Bonds, Series 2006C 6/28/06 7/1/16 100% % $1,810, % 1,890,000 Total Refunded Bonds $3,700,000 Certain proceeds received from the sale of the Bonds will be deposited in an Escrow Account (the Escrow Account ) to be held by The Bank of New York Mellon Trust Company, N.A., Chicago, Illinois (the Escrow Agent ), under the terms of an Escrow Agreement, dated as of the date of issuance of the Bonds, between the District and the Escrow Agent. The moneys so deposited in the Escrow Account will be held in cash or applied by the Escrow Agent to purchase direct non-callable obligations of, or obligations guaranteed by the full faith and credit of, the United States of America (the Government Securities ) and to provide an initial cash deposit. The Government Securities together with interest earnings thereon and a beginning cash deposit will be sufficient to pay when due the principal of and interest on the Refunded Bonds up to and including the prior redemption date thereof. VERIFICATION The accuracy of (a) the mathematical computations regarding the adequacy of the maturing principal of and interest earnings on the Government Securities together with an initial cash deposit in the Escrow Account to pay the debt service described above on the Refunded Bonds, and (b) the mathematical computations supporting the conclusion that the Bonds are not arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the Code ) will be verified by Barthe & Wahrman, Certified Public Accountants, Bloomington, Minnesota (the Verification Agent ). Such verification shall be based upon information supplied by the Municipal Advisors. 5

12 SOURCES AND USES (Preliminary, subject to change) Sources Par Amount of Bonds $10,015,000 Reoffering Premium 382,747 Total Sources $10,397,747 Uses To Working Cash Fund $6,500,000 Deposit to Escrow Account 3,780,218 Contingency/Rounding 4,698 Discount Allowance 50,075 Finance Related Expenses 62,756 Total Uses $10,397,747 SECURITY The Bonds are limited obligations of the District payable from the District s debt service extension base, and all taxable property in the District is subject to the separate property tax levy that is unlimited as to rate, but the amount of taxes that will be extended to pay the Bonds is limited by the Extension Limitation Law. The District is authorized to determine the lien priority of payments to be made from the Base (as hereinafter defined) to pay its limited bonds. The Bonds of this issue are being issued on a parity with the outstanding limited bond issues shown in the Schedule of Limited Bond Debt Service Levy and Extension. See Provisions Common to Both the Taxable Bonds and the Bonds Limited Bonds. TAX EXEMPTION Federal tax law contains a number of requirements and restrictions which apply to the Bonds, including investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper use of bond proceeds and the facilities financed therewith, and certain other matters. The District has covenanted to comply with all requirements that must be satisfied in order for the interest on the Bonds to be excludable from gross income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest on the Bonds to become includable in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds. Subject to the District's compliance with the above-referenced covenants, under present law, in the opinion of Bond Counsel, interest on the Bonds is excludable from the gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, but interest on the Bonds is taken into account, however, in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. In rendering its opinion, Bond Counsel will rely upon certifications of the District with respect to certain material facts within the District's knowledge and upon the mathematical computation of the yield on the Bonds and the yield on certain investments by the Verification Agent. Bond Counsel s opinion represents its legal judgment based upon its review of the law and the facts that it deems relevant to render such opinion and is not a guarantee of a result. 6

13 The Code includes provisions for an alternative minimum tax ("AMT") for corporations in addition to the corporate regular tax in certain cases. The AMT, if any, depends upon the corporation's alternative minimum taxable income ("AMTI"), which is the corporation's taxable income with certain adjustments. One of the adjustment items used in computing the AMTI of a corporation (with certain exceptions) is an amount equal to 75% of the excess of such corporation's "adjusted current earnings" over an amount equal to its AMTI (before such adjustment item and the alternative tax net operating loss deduction). "Adjusted current earnings" would include certain tax-exempt interest, including interest on the Bonds. Ownership of the Bonds may result in collateral federal income tax consequences to certain taxpayers, including, without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations. Prospective purchasers of the Bonds should consult their tax advisors as to the applicability of any such collateral consequences. The issue price (the "Issue Price") for each maturity of the Bonds is the price at which a substantial amount of such maturity of the Bonds is first sold to the public. The Issue Price of a maturity of the Bonds may be different from the price set forth, or the price corresponding to the yield set forth, on the cover page hereof. If the Issue Price of a maturity of the Bonds is less than the principal amount payable at maturity, the difference between the Issue Price of each such maturity, if any, of the Bonds (the "OID Bonds") and the principal amount payable at maturity is original issue discount. For an investor who purchases an OID Bond in the initial public offering at the Issue Price for such maturity and who holds such OID Bond to its stated maturity, subject to the condition that the District complies with the covenants discussed above, (a) the full amount of original issue discount with respect to such OID Bond constitutes interest which is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such owner will not realize taxable capital gain or market discount upon payment of such OID Bond at its stated maturity; (c) such original issue discount is not included as an item of tax preference in computing the alternative minimum tax for individuals and corporations under the Code, but is taken into account in computing an adjustment used in determining the alternative minimum tax for certain corporations under the Code, as described above; and (d) the accretion of original issue discount in each year may result in an alternative minimum tax liability for corporations or certain other collateral federal income tax consequences in each year even though a corresponding cash payment may not be received until a later year. Based upon the stated position of the Illinois Department of Revenue under Illinois income tax law, accreted original issue discount on such OID Bonds is subject to taxation as it accretes, even though there may not be a corresponding cash payment until a later year. Owners of OID Bonds should consult their own tax advisors with respect to the state and local tax consequences of original issue discount on such OID Bonds. Owners of the Bonds who dispose of Bonds prior to the stated maturity (whether by sale, redemption or otherwise), purchase Bonds in the initial public offering, but at a price different from the Issue Price or purchase Bonds subsequent to the initial public offering should consult their own tax advisors. If a Bond is purchased at any time for a price that is less than the Bond s stated redemption price at maturity or, in the case of an OID Bond, its Issue Price plus accreted original issue discount (the "Revised Issue Price"), the purchaser will be treated as having purchased an Bond with market discount subject to the market discount rules of the Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is recognized when an Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the purchaser's election, as it accrues. Such treatment would apply to any purchaser who purchases an OID Bond for a price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely affect the liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors regarding the potential implications of market discount with respect to the Bonds. 7

14 An investor may purchase a Bond at a price in excess of its stated principal amount. Such excess is characterized for federal income tax purposes as "bond premium" and must be amortized by an investor on a constant yield basis over the remaining term of the Bond in a manner that takes into account potential call dates and call prices. An investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor s basis in the Bond. Investors who purchase a Bond at a premium should consult their own tax advisors regarding the amortization of bond premium and its effect on the Bond s basis for purposes of computing gain or loss in connection with the sale, exchange, redemption or early retirement of the Bond. There are or may be pending in the Congress of the United States legislative proposals, including some that carry retroactive effective dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would apply to bonds issued prior to enactment. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal tax legislation. Bond Counsel expresses no opinion regarding any pending or proposed federal tax legislation. The Internal Revenue Service (the "Service") has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the gross income of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service will commence an audit of the Bonds. If an audit is commenced, under current procedures the Service may treat the District as a taxpayer and the Bondholders may have no right to participate in such procedure. The commencement of an audit could adversely affect the market value and liquidity of the Bonds until the audit is concluded, regardless of the ultimate outcome. Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including the Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to any such payments to any Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer Identification Number and Certification, or a substantially identical form, or to any Bond owner who is notified by the Service of a failure to report any interest or dividends required to be shown on federal income tax returns. The reporting and backup withholding requirements do not affect the excludability of such interest from gross income for federal tax purposes. Interest on the Bonds is not exempt from present State of Illinois income taxes. Ownership of the Bonds may result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any such collateral consequences arising with respect to the Bonds. Prospective purchasers of the Bonds should consult their tax advisors regarding the applicability of any such state and local taxes. PROVISIONS COMMON TO BOTH THE TAXABLE BONDS AND THE BONDS The following information pertains to both the Taxable Bonds and the Bonds which are collectively referred to hereinafter as the "Obligations." 8

15 LIMITED BONDS Calculation of Debt Service Extension Base The Obligations are limited bonds and are issued pursuant to the School Code, as supplemented by the Debt Reform Act. Although the obligation of the District to pay the Obligations is a general obligation under the School Code and all taxable property in the District is subject to the levy of taxes to pay the Obligations without limitation as to rate, the amount of taxes that will be extended to pay the Obligations is limited by the Extension Limitation Law. The Debt Reform Act provides that the Obligations are payable from the debt service extension base of the District (the Base ), which is an amount equal to that portion of the extension for the District for the 1994 levy year constituting an extension for payment of principal and interest on bonds issued by the District without referendum, but not including alternate bonds issued under Section 15 of the Debt Reform Act or refunding obligations issued to refund or to continue to refund obligations of the District initially issued pursuant to referendum, increased each year, commencing with the 2009 levy year, by the lesser of 5% or the percentage increase in the Consumer Price Index (as defined in the Extension Limitation Law) during the 12-month calendar year preceding the levy year. The Extension Limitation Law further provides that the annual amount of taxes to be extended to pay the Obligations and all other limited bonds heretofore and hereafter issued by the District shall not exceed the Base. The Obligations constitute one of five series of limited bonds of the District which are payable from the Base. Payments on the Obligations from the Base will be made on a parity with the payments on the District's outstanding General Obligation Limited School Bonds, Series 2008B, Taxable General Obligation Limited School Bonds, Series 2008C and Taxable General Obligation Limited School Refunding Bonds, Series 2014B. The District is authorized to issue from time to time additional limited bonds payable from the Base, as permitted by law, and to determine the lien priority of payments to be made from the Base to pay the District s limited bonds. Debt Service Extension Base of the District - Levy Year 2009 $2,598,628 Levy Year ,668,791 Levy Year ,708,823 Levy Year ,790,087 Levy Year ,837,519 Levy Year ,880,082 Levy Year 2015 and after 2,903,122 9

16 Schedule of Limited Bond Debt Service Levy and Extension Following is a schedule of the limited bond issues the District has outstanding, including the Obligations and excluding the Refunded Bonds, that are payable from the Base. Levy Year 2008B 2008C 2014B 2016A* 2016B* Total Estimated Levies Projected Margin Under $2,903, $231,150 $375,100 $1,742,000 $200,162 $331,143 $2,879,555 $23, , , ,690 2,068,450 2,894,390 8, , , ,690 2,067,300 2,893,240 9, ,150 1,425, , ,650 2,890,590 12, ,150 1,427, , ,000 2,645, , ,150 1,426, , ,000 2,647, , ,150 1,431, , ,000 2,650, , ,150 1,433, , ,000 2,654, , , , , ,000 2,648, , ,662, , ,000 2,647, , ,659, , ,000 2,649, , ,661, , ,000 2,648, , ,702,000 2,702, , ,699,000 2,699, , ,357,200 1,357,200 1,545,922 * Estimates based on preliminary issue sizes; subject to change. RATING General obligation debt of the District, with the exception of any outstanding credit enhanced issues, has been rated Aa3 by Moody's Investor's Service ( Moody s ). Such rating reflects only the views of Moody s and explanations of the significance of such ratings may be obtained from Moody s. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance that such rating will continue for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in the judgement of such rating agency circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Obligations. Such rating is not to be construed as a recommendation of the rating agency to buy, sell or hold the Obligations, and the rating assigned by the rating agency should be evaluated independently. Except as may be required by the Disclosure Undertaking described under the heading "CONTINUING DISCLOSURE" neither the District nor the Underwriter undertake responsibility to bring to the attention of the owner of the Obligations any proposed changes in or withdrawal of such rating or to oppose any such revision or withdrawal. 10

17 CONTINUING DISCLOSURE In order to assist the Underwriters in complying with SEC Rule 15c2-12 promulgated by the Securities and Exchange Commission, pursuant to the Securities Exchange Act of 1934 (hereinafter the "Rule"), the District shall covenant to take certain actions pursuant to a Resolution adopted by the Board of Education by entering into a Continuing Disclosure Undertaking (the "Disclosure Undertaking") for the benefit of holders, including beneficial holders. The Disclosure Undertaking requires the District to provide electronically or in the manner otherwise prescribed certain financial information annually and to provide notices of the occurrence of certain events enumerated in the Rule. The details and terms of the Disclosure Undertaking for this issue are set forth in Appendix D to be executed and delivered by the District at the time of delivery of the Obligations. Such Disclosure Undertaking will be in substantially the form attached hereto. In the previous five years, the District believes it has complied in all material respects with its prior undertakings under the Rule. A failure by the District to comply with any Disclosure Undertaking will not constitute an event of default on this issue or any issue outstanding. However, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. Due to widespread industry knowledge of bond insurance rating changes, bond insurance rating changes are not listed. Ehlers and Associates is currently engaged as disclosure dissemination agent for the District. The District will file its continuing disclosure information using the Electronic Municipal Market Access ("EMMA") system or any system that may be prescribed in the future. Investors will be able to access continuing disclosure information filed with the MSRB at LEGAL OPINIONS Opinions as to the validity of the Obligations and the exemption from federal taxation of the interest thereon will be furnished by Chapman and Cutler LLP, Chicago, Illinois, bond counsel to the District, and will accompany the Obligations. The legal opinions will state that the Bonds are valid and binding general obligations of the District enforceable in accordance with their terms, except that the rights of the owners of the Obligations and the enforceability of the Obligations may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. STATEMENT REGARDING BOND COUNSEL PARTICIPATION Bond Counsel has not assumed responsibility for this Official Statement or participated in its preparation (except with respect to the sections entitled?tax Exemption and Tax Matters" in the Official Statement and the?forms of Legal Opinions" found in the Appendix B) and has not performed any investigation as to its accuracy, completeness or sufficiency. MUNICIPAL ADVISOR Ehlers has served as Municipal Advisor to the District in connection with the issuance of the Obligations. The Municipal Advisor will not participate in the underwriting of the Obligations. The financial information included in this Preliminary Official Statement has been compiled by the Municipal Advisor. Such information does not purport to be a review, audit or certified forecast of future events and may not conform with accounting principles applicable to compilations of financial information. Ehlers is not a firm of certified public accountants. 11

18 MUNICIPAL ADVISOR AFFILIATED COMPANIES Bond Trust Services Corporation ("BTSC") and Ehlers Investment Partners, LLC ("EIP") are affiliate companies of Ehlers. BTSC is chartered by the State of Minnesota and authorized in Minnesota, Wisconsin and Illinois to transact the business of a limited purpose Trust Company. BTSC provides paying agent services to debt issuers. EIP is a Registered Investment Advisor with the Securities and Exchange Commission. EIP assists issuers with the investment of bond proceeds or investing other issuer funds. This includes escrow bidding agent services. Issuers, such as the District, have or may retain BTSC and/or EIP to provide these services. If hired, BTSC and/or EIP would be retained by the District under an agreement separate from Ehlers. INDEPENDENT AUDITORS The basic financial statements of the District for the fiscal year ended June 30, 2015 have been audited by Klein Hall CPAs, independent auditors (the "Auditor"). The report of the Auditor, together with the basic financial statements, component units financial statements, and notes to the financial statements are attached hereto as "APPENDIX A FINANCIAL STATEMENTS". The Auditor has not been engaged to perform and has not performed, since the date of its report included herein, any procedures on the financial statements addressed in that report. The Auditor also has not performed any procedures relating to the Preliminary Official Statement. CERTAIN LEGAL MATTERS Certain legal matters incident to the authorization, issuance and sale of the Obligations are subject to the approving legal opinion of Bond Counsel who has been retained by, and acts as, Bond Counsel to the District. Bond Counsel has not been retained or consulted on disclosure matters, and has not undertaken to review or verify the accuracy, completeness or sufficiency of this Preliminary Official Statement or other offering material relating to the Obligations, and assumes no responsibility for the statements or information contained in or incorporated by reference in this Preliminary Official Statement, except that in its capacity as Bond Counsel, Chapman and Cutler LLP has, at the request of the District, reviewed only those portions of this Official Statement involving the description of the Obligations, the security for the Obligations (excluding forecasts, projections, estimates or any other financial or economic information in connection therewith), and the description of the federal tax exemption of interest on the Obligations. This review was undertaken solely at the request and for the benefit of the District and did not include any obligation to establish or confirm factual matters set forth herein. RISK FACTORS Following is a description of possible risks to holders of the Obligations without weighting as to probability. This description of risks is not intended to be all-inclusive, and there may be other risks not now perceived or listed here. State Economy; School District Aids: State cash flow problems could delay or reduce the level of school aids anticipated by the District for operation expense and reimbursement for debt payments made. State revenue shortages could cause the legislature to reduce or delay already appropriated state-aids. This could reduce District fund balances and adversely affect the value of the Obligations. Ratings; Interest Rates: In the future, the District's credit rating may be reduced or withdrawn, or interest rates for this type of obligation may rise generally, either possibility resulting in a reduction in the value of the Obligations for resale prior to maturity. Tax Exemption: If the federal government taxes all or a portion of the interest on municipal bonds or notes or if the State government increases its tax on interest on bonds and notes, directly or indirectly, or if there is a change in federal or state tax policy, then the value of these Bonds may fall for purposes of resale. Noncompliance by the District with the covenants in the Authorizing Resolution relating to certain continuing requirements of the Code may 12

19 result in inclusion of interest to be paid on the Bonds in gross income of the recipient for United States income tax purposes, retroactive to the date of issuance. Continuing Disclosure: A failure by the District to comply with the Disclosure Undertaking for continuing disclosure (see "CONTINUING DISCLOSURE") will not constitute an event of default on the Obligations. Any such failure must be reported in accordance with the Rule and must be considered by any broker, dealer, or municipal securities dealer before recommending the purchase or sale of the Obligations in the secondary market. Such a failure may adversely affect the transferability and liquidity of the Obligations and their market price. State Economy; Local Government Aids: State cash flow problems could affect local governments and possibly increase property taxes. Book-Entry-Only System: The timely credit of payments for principal and interest on the Obligations to the accounts of the Beneficial Owners of the Obligations may be delayed due to the customary practices, standing instructions or for other unknown reasons by DTC participants or indirect participants. Since the notice of redemption or other notices to holders of these obligations will be delivered by the District to DTC only, there may be a delay or failure by DTC, DTC participants or indirect participants to notify the Beneficial Owners of the Obligations. Economy: A combination of economic, climatic, political or civil disruptions or terrorist actions outside of the control of the District, including loss of major taxpayers or major employers, could affect the local economy and result in reduced tax collections and/or increased demands upon local government. Real or perceived threats to the financial stability of the District may have an adverse affect on the value of the Obligations in the secondary market. Secondary Market for the Obligations: No assurance can be given that a secondary market will develop for the purchase and sale of the Obligations or, if a secondary market exists, that such Obligations can be sold for any particular price. The underwriters are not obligated to engage in secondary market trading or to repurchase any of the Obligations at the request of the owners thereof. Prices of the Obligations as traded in the secondary market are subject to adjustment upward and downward in response to changes in the credit markets and other prevailing circumstances. No guarantee exists as to the future market value of the Obligations. Such market value could be substantially different from the original purchase price. Bankruptcy: The rights and remedies of the holders may be limited by and are subject to the provisions of federal bankruptcy laws, to other laws, or equitable principles that may affect the enforcement of creditors rights, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The opinion of Bond Counsel to be delivered with respect to the Obligations will be similarly qualified. 13

20 ILLINOIS PROPERTY VALUATIONS ASSESSMENTS AND TAX LEVIES Property tax levies are extended against the equalized assessed value of properties in the District. The level of assessment is set at 33 1/3% of fair market value by Illinois statute. State law requires local assessors to set this value for all real property and railroad property not used for transportation purposes. Railroad property used for transportation purposes is assessed by the Illinois Department of Revenue. The Illinois Department of Revenue reviews local assessments (after any appeal and review at the county level) to ensure compliance with the 33 1/3% assessment level. A state multiplier is applied to any county if needed so that all counties are equally applying the 33 1/3% standard. State law provides some relief to certain taxpayers in the form of partial exemptions and some limitations on increases in assessed valuation. Property taxes of the District are levied and filed with the Will and Kendall County Clerks. The County Clerks determine the maximum tax extension allowing for statutory limitations, such as the Property Tax Extension Limitation Law and any rate limitations. The tax rates and taxes payable for each parcel of property, subject to the levies filed and any limitations determined, are computed and given to the billing and collecting officials of the county. Taxes are due and payable in two installments following the year in which the levy was made. Those installments are usually payable on June 1 and September 1. PROPERTY TAX EXTENSION LIMITATION LAW The Extension Limitation Law became effective on October 1, 1991 for the Illinois counties of DuPage, Kane, Lake, McHenry and Will (the Cook County "collar counties") and on March 1, 1995 for Cook County. In general, the Extension Limitation Law limits the annual growth in the amount of taxes to be extended by individual taxing bodies, including the District, to the "Extension Limitation". The extension limitation under the Extension Limitation Law is (i) the lesser of 5% or the percentage increase in the Consumer Price Index during the calendar year preceding the levy year or (ii) the rate of increase approved by voters at a referendum election held pursuant to the Extension Limitation Law. The effect of the Limitation Law is to limit the amount of property taxes that can be extended for a taxing body. In addition, general obligation bonds, notes and installment contracts payable from ad valorem taxes unlimited as to rate and amount cannot be issued by the affecting taxing bodies unless they are approved by referendum, are alternate bonds or are for certain refunding purposes. 14

21 CURRENT PROPERTY VALUATIONS 2014 Estimated Market Value 2014 Equalized Assessed Value Will County $8,123,369,718 $2,707,789,906 Kendall County 392,238, ,746,284 Total $8,515,608,570 $2,838,536, EQUALIZED ASSESSED VALUE BY CLASSIFICATION Equalized Assessed Value Percent of Total Value Residential $ 2,280,809, % Commercial 339,965, % Industrial 206,026, % Agricultural 8,914, % Railroad 2,820, % Total $ 2,838,536, % TREND OF VALUATIONS Year Estimated Market Value Equalized Assessed Value Percent Increase/Decrease In Equalized Value 2010 $10,062,780,231 $3,354,260,077 (6.81%) ,383,367,657 3,127,789,219 (6.75%) ,777,568,291 2,925,856,097 (6.46%) ,394,899,145 2,798,299,715 (4.36%) ,515,608,570 2,838,536, % 1 Local assessors set the fair market value for all real property and railroad property not used for transportation purposes. Railroad property used for transportation purposes is assessed by the Illinois Department of Revenue. 15

22 LARGER TAXPAYERS 1 Taxpayer Type of Property 2014 Equalized Assessed Value Percent of District's Total Equalized Assessed Value BRE/Louis Joliet LLC Retail/Commercial space $ 23,716, % Hart I55 Industrial LLC Industrial 16,140, % JVM Plainfield Apartments LLC Apartments 15,860, % DCT Boldt Park LLC Commercial 11,376, % Bolingbrook Investors LLC Industrial 9,343, % JRC Remington Et Al LLC Commercial 8,116, % United Distillers Manufactures Industrial 7,908, % LIT Industrial Limited Partnership Industrial 7,200, % Walmart Commercial 6,909, % 1375 Weber LLC Industrial 6,574, % Total $113,145, % District's Total 2014 EAV $2,838,536,190 Source: Property Valuations and Larger Taxpaying Parcels provided by Will County. 1 Some of the taxpayers listed above may own multiple parcels. The valuations stated above for some of the taxpayers may not include all parcels or all classifications of property. 16

23 DEBT DIRECT GENERAL OBLIGATION DEBT (excludes the Refunded Bonds, but includes the Taxable Bonds and the Bonds of this offering) Total General Obligation Bonds $ 263,930,000 Total General Obligation Debt $ 263,930,000 OTHER OBLIGATIONS Issue Issue Date Final Maturity Amount Outstanding $11,555,000 GO Limited Tax Refunding Debt Certificates, Series 2012C 07/18/2012 7/1/24 $ 10,630,000 Capital Leases Various 6/30/18 2,361,413 Total Other Obligations Outstanding $ 12,991,413 GENERAL OBLIGATION DEBT LIMIT (includes the Bonds of this offering) The District has an existing debt limit of 13.80% of the current Equalized Assessed Valuation ("EAV") 2014 Equalized Assessed Value $2,838,536,190 Multiply by Current Statutory General Obligation Debt Limit $391,717,994 Less: Direct General Obligation Debt Applied to Debt Limit (263,930,000) Less: Other Obligations (12,991,413) Unused General Obligation Debt Limit $114,796,581 17

24 SCHEDULE OF BONDED INDEBTEDNESS General Obligation Debt being Paid from Taxes (As of February 3, 2016) Series 2007 Series 2007A Building Bonds Refunding Bonds Series 2008A Series 2008B Series 2008C Building Bonds Limited School Bonds Limited School Bonds Series 2012B Refunding Bonds Dated Amount 3/8/2007 3/22/2007 2/27/2008 5/7/2008 5/7/2008 7/18/2012 $30,000,000 $88,575,000 $70,000,000 $5,000,000 $6,820,000 $16,460,000 Maturity 1/1 1/1 1/1 1/1 1/1 1/1 FISCAL YEAR 6/30 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest ,000,000 1,081,250 13,995,000 2,655, ,922, , ,100 1,470, , ,000,000 1,041,250 15,385,000 1,955, ,922, , ,100 1,445, , ,000,000 1,001,250 9,720,000 1,340, ,922, , ,100 5,910, , ,000, ,250 5,940, ,563 1,000,000 2,922, ,150 1,050, ,100 3,550, , ,000, ,750 5,880, ,963 1,250,000 2,882, ,150 1,110, ,350 2,455,000 80, ,120, ,763 3,000,000 2,832, ,150 1,170, ,300 1,045,000 24, ,325, ,313 3,000,000 2,712, ,150 1,240, , ,000,000 2,592, ,150 1,310, , ,000,000 2,380, , , ,000 51, ,000,000 2,155,000 1,450, , ,000,000 1,395,000 1,520, , ,900, ,000 1,590,000 71,550 8,000,000 4,958,750 62,365,000 8,322,238 62,150,000 29,235,000 5,000,000 2,504,300 6,820,000 2,441,450 15,875,000 1,266,689 18

25 SCHEDULE OF BONDED INDEBTEDNESS, continued General Obligation Debt being Paid from Taxes (As of February 3, 2016) Dated Amount Series 2013A Refunding Bonds 2/19/2013 $9,915,000 Series 2014A Refunding Bonds 1/15/2014 $9,360,000 Series 2014B Refunding Bonds 1/15/2014 $4,360,000 Series 2015A Refunding Bonds 5/12/15 $47,145,000 Series 2016A Taxable Limited Bonds (This issue) 2/3/16 $5,440,000 Maturity 1/1 1/1 1/1 1/1 1/1 FISCAL Est YEAR 6/30 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest , ,000 62,850 1,675,000 67, ,073, , , ,000 26, ,073, , , ,000 2,073, , ,635 5,630,000 2,053, , , ,635 6,595,000 1,772, , , ,145, ,635 1,640, , , ,740, ,285 8,250,000 1,640, , , ,725, ,085 9,210,000 1,228, , , ,305, ,235 9,920, , , , ,430, , ,000 83, ,000 57, ,000 29, ,915,000 2,219,415 1,795,000 89,700 1,675,000 67,000 46,020,000 15,595,100 5,440,000 1,804,872 19

26 SCHEDULE OF BONDED INDEBTEDNESS General Obligation Debt being Paid from Taxes (As of February 3, 2016) Dated Amount Series 2016B Limited Bonds (This issue) 2/3/16 $10,015,000 Series 2016C Refunding Bonds (This issue) 2/3/16 $28,860,000 Maturity 1/1 1/1 FISCAL Est Est Total Total Total Principal YEAR 6/30 Principal Interest Principal Interest Principal Interest P & I Outstanding % Paid ,930, % ,143 1,210, ,840 20,250,000 11,449,983 31,699, ,680, % ,705, ,450 1,130, ,500 21,560,000 10,646,243 32,206, ,120, % ,755, ,300 2,620, ,600 22,490,000 9,845,564 32,335, ,630, % , , , ,000 20,065,000 9,109,293 29,174, ,565, % , , ,850 20,960,000 8,290,738 29,250, ,605, % ,000 10,690, ,550 23,750,000 6,856,427 30,606, ,855, % ,000 4,055, ,850 24,215,000 6,017,238 30,232, ,640, % ,000 3,995, ,200 21,865,000 4,992,175 26,857,175 88,775, % ,000 4,945, ,350 27,200,000 4,057,425 31,257,425 61,575, % ,000 23,560,000 2,948,440 26,508,440 38,015, % ,000 18,225,000 1,816,560 20,041,560 19,790, % ,000 13,490, ,550 14,408,550 6,300, % ,450, ,000 2,450, ,000 2,702,000 3,850, % ,545, ,000 2,545, ,000 2,699,000 1,305, % ,305,000 52,200 1,305,000 52,200 1,357, % 10,015,000 3,740,743 28,860,000 5,361, ,930,000 77,406, ,336,834 20

27 OVERLAPPING DEBT 1 Taxing Body Total 2014 EAV EAV within District Total GO Debt (As of 1/1/16) % in District District's Proportionate Share Will County Forest Preserve $18,029,900,001 $2,707,779,906 $125,014, % $18,777,209 Kendall County Forest Preserve 2,528,541, ,746,284 46,650, % 2,411,805 Bolingbrook Park 1,767,343, ,727,215 21,290, % 3,489,431 Joliet Park District 1,692,036,392 19,628,251 17,365, % 201,434 Lockport Twp. Park District 1,380,335,230 28,274,272 2,036, % 41,751 Oswegoland Park District 1,179,979,457 16,890,000 5,650, % 80,795 Plainfield Twp. Park District 2,248,279,295 2,063,627,792 3,410, % 3,130,039 White Oak Public Library 1,709,921,297 47,482,428 30,187, % 839,202 Fountaindale Public Library 1,765,205, ,254,325 35,275, % 6,938,593 District Village of Bolingbrook 1,804,867, ,842, ,156, % 30,057,380 City of Joliet 2,506,806, ,857,877 9,310, % 2,655,212 Village of Plainfield 1,173,327,609 1,041,510,131 10,170, % 9,027,909 Village of Romeoville 1,037,895, ,972,117 87,115, % 21,404,373 Community College ,714,028,036 2,707,779,906 79,505, % 12,156,314 City of Naperville/Library 5,992,553,937 47,897, ,100, % 1,200,800 Naperville Park District 6,200,069,125 47,002,251 23,440, % 178,144 District s Share of Total Overlapping Debt $112,590,390 1 Overlapping debt is as of the dated date of the Bonds. Only those taxing jurisdictions with general obligation debt outstanding are included in this section. 21

28 DEBT RATIOS G.O. Debt Debt/Estimated Market Value $8,515,608,570 Debt/ Per Capita Pop. 122,136 Total general obligation debt $263,930, % $2,161 District's Share of Total Overlapping Debt $112,590, % $922 Total $376,520, % $3,083 DEBT PAYMENT HISTORY The District has no record of default in the payment of principal and interest on its debt. FUTURE FINANCING The District plans to sell approximately $28.8 million in General Obligation Refunding School Bonds, Series 2016C simultaneously with the approximately $5.4 million Taxable Working Cash Limited Bonds and approximately $10 million Working Cash and Refunding Limited Bonds described in this Official Statement. TAX LEVIES, COLLECTIONS, AND TAX RATES TAX LEVIES AND COLLECTIONS Tax Year Tax Extension Collections to Date and Back Taxes Percent of Current and Back Taxes Collected to Date 2010/11 $163,083,471 $162,664, % 2011/12 164,889, ,048, % 2012/13 170,605, ,923, % 2013/14 174,185, ,856, % 2014/15 177,754, ,832, % 1 1 In process of collection (as of December 10, 2015) 22

29 DISTRICT TAX RATES Property tax rates are expressed in dollars per $100 of Equalized Assessed Value. Fund Education $ $ $ $ $ Operations and Maintenance Debt Service Transportation IMRF/Social Security Working Cash Tort Immunity Special Education Total $ $ $ $ $ Public Act , effective June 30, 2006 provides that the only ceiling on a particular tax rate is the ceiling set by statute above which the rate is not permitted to be further increased by referendum or otherwise. TYPICAL TAX BILL Following is a typical tax bill for a taxpayer living within the District. Property tax rates are expressed in dollars per $100 of Equalized Assessed Value Will County (incl. Building Commission) $ $ $ $ $ Will County Forest Preserve Plainfield Township Plainfield Township Road Plainfield Fire Protection District Plainfield Park District Plainfield Public Library District Joliet Junior College Number Village of Plainfield The District Total Tax Rate $ $ $ $ $ Source: Tax Collections and Tax Rates have been furnished by Will County. (Tax Code: 0620) 23

30 THE DISTRICT DISTRICT INFORMATION The District is governed by a seven-member Board of Education. All are elected to four-year terms. The appointed Superintendent and Assistant Superintendent are responsible for administrative details and financial records. There are a total of 3,023 employees: 1,069 non-certified personnel and 1,637 certified personnel, and 317 non-union support staff and administration. Plainfield Community Consolidated School District Number 202 was formed on June 12, The District includes 64 square miles and has an estimated 2014 population of 122,136. The District includes the Village of Plainfield with a 2010 Census population of 39,581, part of the City of Joliet, and portions of the City of Crest Hill, Village of Bolingbrook, Village of Romeoville, City of Naperville and City of Lockport. Schools The District s 27,751 students are currently being housed in seventeen elementary schools, seven middle schools, four traditional high schools, an alternative school and one Early Childhood Center. The District is a member of the Will County Vocational Education Cooperative and the Will County Regional Alternative Education Program. Plainfield students have received numerous awards for excellence in such area as computers, mathematics, speech, student council programs, athletics and music. The District offers a comprehensive gifted student program for highability students on the elementary, junior high and high school levels. In addition, the District offers a computer education program with instruction beginning at the kindergarten level. Historical Enrollments and Projections Source: The District. School Year / Actual Projected , , , , , , , , ,751 Transportation Just 37 miles southwest from Chicago s Loop off I-55 (Stevenson Expressway), Plainfield is near other major transportation arteries such as I-80, I-355 (North-South Tollway), I-88 (East-West Tollway) and U.S. Route 59 which runs through the middle of town. O Hare Airport is an hour away. Midway Airport is about a 45 minute trip and Lewis Airport is but seven miles away. The Rock Island District Railroad line serves Joliet and the Burlington Northern serves Naperville and Aurora. Each of the three stations is about a ten to fifteen minute drive from Plainfield. Travel times to Chicago via train are about one hour. 24

31 Parks and Recreation Plainfield Township Park District offers recreation facilities and programs for people of all ages and interests. Recreation programs include sports, personal fitness, swim lessons, arts and crafts, pre-school and senior activities all in addition to sponsoring trips to professional sports games, plays, dinner theaters and shopping. Plainfield Fest is a weekend-long celebration in July that features arts and crafts, live music, food vendors, bingo, carnival rides and fireworks. The Park District has special events that include a haunted hayride, Christmas parties and an Easter egg hunt. The District also includes the Riverside Parkway, a half-mile stretch of park facilities along the DuPage River with a river trail, canoe launch, picnic and sitting area with gazebos. Business and Commerce The Plainfield area is experiencing residential and commercial types of growth due to the available land that is being developed into a blend of housing and commercial properties. Louis Joliet Mall, with over 100 stores, is at Route 30 and Interstate 55. Retail and other commercial types of businesses are continually expanding southward along Route 59 toward the Plainfield area. Route 59 has expanded and improved to accommodate the increased traffic flow. The improvement of Route 59 between I-88 and Plainfield will only further enhance the probability of commercial development. The northern boundary of the District borders the City of Naperville, which is home to many "high-tech" firms, such as Lucent Technologies, Ondeo Nalco, BP Amoco and NICOR. Housing Styles available in Plainfield include ranch, two-stories, tri-levels and quad-levels with prices ranging from about $150,000 to more than $800,000. In 2015, the average listing price for a single-family home in the District was $271,538 with a median sale price of $210,000. EMPLOYEES; PENSIONS AND UNIONS The District employs a staff of 3,023, including 1,069 non-licensed employees and 1,952 licensed employees (1,637 of whom are teachers). The District is a participant in two retirement systems: the Teachers Retirement System of the State of Illinois (TRS) and the Illinois Municipal Retirement Fund (IMRF). Members of TRS consist of all fulltime teachers and teachers employed on a part-time basis in positions where services are expected to be rendered for a full and complete school term. Employees, other than teachers, who meet prescribed annual hourly standards are members of IMRF. See the Notes to Financial Statements in Appendix A for a detailed description of the plans. Other recognized and certified bargaining units include: Bargaining Unit Current Contract Expires Association of Plainfield Teachers ("APT") June 30, 2017 Plainfield Association of Support Staff ("PASS") June 30,

32 POST EMPLOYMENT BENEFITS The District administers a single-employer defined benefit healthcare plan, the "Retiree Healthcare Benefit Program" or "the Plan". The plan provides healthcare insurance for eligible retirees and their dependents through the District's group health insurance plan, which covers both active and retired members. Benefit provisions are established through negotiations between the District and the unions representing District employees and are renegotiated each bargaining period. As of June 30, 2015, all retirees are eligible for benefits pre and post-medicare. The Plan does not issue a stand-alone financial report. See Note 10 of District s financial statement in Appendix A for further details. FUNDS ON HAND (As of October 31, 2015) Fund Amount Education $41,355,851 Operation & Maintenance 3,090,078 Tort 4,707,159 Bond & Interest 22,977,124 Transportation 3,889,903 IMRF/Social Security 2,960,086 Construction & Site 10,586,474 Working Cash 28,409,260 Total Cash and Investments $117,975,935 LITIGATION There is no litigation threatened or pending questioning the organization or boundaries of the District or the right of any of its officers to their respective offices or in any manner questioning their rights and power to execute and deliver the Bonds or otherwise questioning the validity of the Bonds. The District s Attorney reports that any litigation and claims currently pending against the District are being handled by the District s insurance carrier or outside counsel and will not affect the issuance of the Bonds. 26

33 SCHOOL BUILDINGS School Building Year Constructed Years of Additions Enrollment High Schools: PHS Central ; PSHS PNHS PEHS Middle Schools: Indian Trial ; 1972; Timber Ridge 1996 n/a 1016 Heritage Grove 1999 n/a 977 Drauden Point 2002 n/a 838 Ira Jones 2004 n/a 887 Aux Sable 2006 n/a 1009 J F Kennedy 2007 n/a 1212 Elementary Schools: Central 2006 n/a 787 Crystal Lawns ; 1969; Grand Prairie Walkers Grove Wesmere Lakewood Falls 1997 n/a 732 River View 1999 n/a 782 Meadow View 2000 n/a 567 Creekside 2001 n/a 621 Eagle Pointe 2002 n/a 727 Ridge 2002 n/a 640 Lincoln 2003 n/a 805 Charles Reed 2005 n/a 660 Liberty 2005 n/a 649 Freedom 2007 n/a 781 Thomas Jefferson 2007 n/a 599 Eichelberger 2008 n/a

34 SUMMARY GENERAL FUND INFORMATION The General Fund of the District is the main operating fund, containing the Education and the Operations and Maintenance Funds, Working Cash, and Tort Accounts. The District uses the modified accrual basis of accounting in separately balanced fund groups. The payment of interest and principal on General Obligation Bonds is accounted for in a separate group of accounts known as the Debt Service Fund. The revenue to make these payments is derived from a separate tax on all taxable property in the District. The following schedules illustrate the financial performance of the District s General Fund. The audits from years 2011 to 2015 were the source for these figures. These schedules do not purport to be the complete audit, copies of which are available from the Financial Advisor. Certain sections of the District s audit for fiscal years ending June 30, 2015 are reproduced at the end of this document. Balance Sheet for General Fund FISCAL YEAR ENDING JUNE Assets Cash and Investments $ 42,267,471 $ 46,117,730 $ 54,806,387 $ 48,894,064 $ 63,201,565 Accounts Receivable 100,000 5,000,000 3,200,000 2,000, ,000 Property Taxes Receivable 58,634,392 66,477,112 65,481,747 67,293,915 66,933,822 PPRT Receivable 96, Interest Receivable Government Claims 20,748,344 6,010,255 5,216,353 1,968,314 4,104,207 Prepaid Expense Loans to Other Funds 237, Total Assets $122,083,781 $ 123,605,097 $128,704,487 $ 120,156,293 $ 134,829,594 Liabilities & Fund Balances Accounts Payable $ 3,255,199 $ 1,043,754 $ 636,922 $ 434,812 $ 6,711,672 Tax Anticipation Warrants 16,500,000 17,000,000 17,000, Payable Interest Payable 56, Accrued Salaries & Benefits 21,706,112 20,275,069 20,994,953 18,753,456 18,987,272 Loans from Other Funds Deferred Revenue - 63,847,716 66,541,016 68,006,794 - Deferred Property Tax 46,146, ,933,822 Deferred Grant Revenues 14,889, Due to Other Funds - 3,300, , ,000 - Total Liabilities $102,553,625 $ 105,466,539 $105,772,891 $ 88,095,062 $ 92,632,766 Fund Balance Reserved: Restricted 10, ,036,849 3,024,579 Future Site/ Acquisition/Equipment Unreserved Fund Balance 19,519,939 18,138,558 22,931,596 30,024,382 39,172,249 Total Fund Equity $ 19,530,156 $ 18,138,558 $ 22,931,596 $ 32,061,231 $ 42,196,828 Total Liability and Fund Equity $122,083,781 $ 123,605,097 $128,704,487 $ 120,156,293 $ 134,829,594 28

35 GENERAL FUND STATEMENT 2012 Audited FISCAL YEAR ENDING JUNE Audited 2014 Audited 2015 Audited 2016 Adopted Budget 1 Revenues Local Sources $ 122,658,151 $ 139,020,340 $ 145,186,284 $ 146,525,040 $ 146,622,729 State Sources 105,046, ,157, ,230, ,843,229 73,159,113 Federal Sources 15,488,931 10,661,737 11,752,340 10,449,466 11,473,994 Total Revenues $ 243,193,210 $ 249,839,994 $ 270,169,418 $ 273,817,735 $ 231,255,836 Expenditures Instruction $ 174,947,136 $ 179,153,485 $ 185,914,730 $ 189,670,022 $ 151,537,418 Support Services 63,266,810 63,682,392 68,391,162 68,947,226 69,708,640 Non-program Charges 4,784,859 4,517,783 5,702,689 5,903,359 6,825,409 Community Services 173, , , , ,876 Debt Service 124,330 57,684 90, Capital outlay Total Expenditures $ 243,296,841 $ 247,713,404 $ 260,415,672 $ 264,738,314 $ 228,372,343 Excess revenues over (under) expenditures $ (103,631) $ 2,126,590 $ 9,753,746 $ 9,079,421 $ 2,883,493 Other Financing Sources (Uses) Proceeds from capital lease ,138,838 Operating transfers in (out) (1,287,967) 2,666,448 (624,111) (2,082,662) Total Other financing sources (uses) $ (1,287,967) $ 2,666,448 $ (624,111) $ 1,056,176 Excess of Revenues and Other Financing Sources over (Under) Expenditures and Other Uses $ (1,391,598) $ 4,793,038 $ 9,129,635 $ 10,135,597 General Fund Balance July 1 19,530,156 18,138,558 22,931,596 32,061,231 General Fund Balance June 30 $ 18,138,558 $ 22,931,596 $ 32,061,231 $ 42,196,828 1 The 2016 budget was adopted on September 28,

36 Working Cash Fund Balances (Included in General Fund above) Working Cash Fund Balance $ 22,651,685 $ 23,763,341 $ 25,060,774 $ 26,404,009 $ 27,763,744 GENERAL INFORMATION LARGER EMPLOYERS Larger employers within the District include the following: Firm Type of Business/Product Number of Employees Plainfield School Dist Number 202 Education 3,023 Diageo Global Supply Distilled & Blended Liquors - Mfg 500 CB&I Constructors, Inc. Water tower construction, wholesale steel plates 457 Jewel-Osco (2 locations) Grocers-Retail 450 Walmart Supercenter Department Store 350 Meijer Grocers-Retail 306 Kohl s Department Store 248 Veolia Water Technologies Water treatment equipment facility 160 Lakewood Living Center Retirement communities homes 155 Acres Group Landscape Contractors 150 Sources: 2015 Illinois Services Directory; 2015 Illinois Manufacturers Directory; Reference USA 2015; telephone and electronic survey. 30

37 U.S. CENSUS DATA Estimated Population Trend: Plainfield Community Consolidated School District Number 202 The 2014 estimated population of the District is 122,136. Plainfield Township Village of Plainfield City of Joliet 2000 U.S. Census 45,691 13, , U.S. Census 80,318 39, ,433 Percent of Change % % 38.80% Income and Age Statistics Village of Plainfield City of Joliet Will County State of Illinois United States 2013 per capita income $34,846 $24,118 $30,377 $29,666 $28, median household income $108,928 $61,744 $76,147 $56,797 $53, median family income $115,456 $71,459 $86,747 $70,344 $64, median gross rent $1,431 $872 $983 $890 $ median value owner occupied units $295,300 $171,700 $219,400 $182,300 $181, median age 33.7 yrs yrs yrs yrs yrs. State of Illinois United States Township % of 2013 per capita income % % Township % of 2013 median family income % % Source: 2013 American Community Survey (Based on a five-year estimate) Housing Statistics All Housing Units Plainfield Township Village of Plainfield City of Joliet ,234 4,570 38, ,333 12,532 51,285 Percent of Change 66.29% % 34.32% Source: 2000 and 2010 Census of Population and Housing. 31

38 EMPLOYMENT/UNEMPLOYMENT DATA Rates are not compiled for individual communities within counties. Year Average Employment Average Unemployment Village of Plainfield Will County Village of Plainfield Will County State of Illinois , , % 10.1% 9.7% , , % 9.0% 9.0% , , % 9.4% 9.1% , , % 7.4% 7.1% 2015, September 21, , % 4.9% 5.1% Source: Illinois Department of Labor. 32

39 BUILDING PERMITS The following table describes home construction in the District for the past decade: Year * Homes Built Source: District Following are total housing permits issued for all communities within the District * Village of Plainfield New Single Family Homes Number of Homes Stated Value of Single Family Permits $21,377,550 $27,669,864 $34,589,582 $49,524,780 $34,202,586 City of Joliet New Single Family Homes Number of Homes Stated Value of Single Family Permits $13,363,576 $8,808,151 $14,091,056 $26,479,897 $22,683,596 Village of Bolingbrook New Single Family Homes Number of Homes Stated Value of Single Family Permits $8,978,393 $13,661,492 $18,304,771 $19,923,561 $17,446,716 Village of Romeoville New Single Family Homes Number of Homes Stated Value of Single Family Permits $1,220,065 $3,624,080 $5,105,643 $3,397,638 $2,722,397 City of Crest Hill New Single Family Homes Number of Homes Stated Value of Single Family Permits $0 $0 $100,000 $920,000 $0 *As of September 15, 2015 Source: U.S. Census Bureau 33

40 APPENDIX A FINANCIAL STATEMENTS Potential purchasers should read the included financial statements in their entirety for more complete information concerning the District s financial position. Such financial statements have been audited by the auditor, to the extent and for the periods indicated thereon. The District has not requested the auditor to perform any additional examination, assessments or evaluation with respect to such financial statements since the date thereof, nor has the District requested that the auditor consent to the use of such financial statements in this Preliminary Official Statement. Although the inclusion of the financial statements in this Preliminary Official Statement is not intended to demonstrate the fiscal condition of the District since the date of the financial statements, in connection with the issuance of the Obligations, the District represents that there have been no material adverse change in the financial position or results of operations of the District, nor has the District incurred any material liabilities, which would make such financial statements misleading. Copies of the complete audited financial statements for the past three years and the current budget are available upon request from Ehlers. A-1

41 A-2

42 A-3

43 A-4

44 A-5

45 A-6

46 A-7

47 A-8

48 A-9

49 A-10

50 A-11

51 A-12

52 A-13

53 A-14

54 A-15

55 A-16

56 A-17

57 A-18

58 A-19

59 A-20

60 A-21

61 A-22

62 A-23

63 A-24

64 A-25

65 A-26

66 A-27

67 A-28

68 A-29

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76 A-37