Dublin Unified School District

Transcription

1 Dublin Unified School District Continuing Disclosure Filing For the Period Ending June 30, 2014 Prepared by Dublin Unified School District 7471 Larkdale Avenue Dublin, CA

2 Table of Contents A. Introduction... 1 B. Annual Report Audited Financial Statements Current Year Budget Average Daily Attendance Information Relating to the District s Outstanding Debt History History of Assessed Valuations of Taxable Property Within the District History of Secured Tax Charges and Delinquencies Top Taxpayers History of Tax Rates for All Taxing Entities Ratings... 7 C. Contacts for Further Information... 8 D. Debt Service Schedule... 9 E. Official Statement Cover Pages and Continuing Disclosure Certificates... 18

3 Dublin Unified School District Continuing Disclosure Annual Report A. Introduction The Dublin Unified School District ( District ) hereby provides the continuing disclosure annual report pursuant to the Continuing Disclosure Certificates in connection with the following financings for the fiscal year ended June 30, 2014 ( Annual Report ): Dated Date CUSIP-6 (a) Issue Original Par Amount 8/2/ V GO Bonds (Election of 2004, Series B, CIBs) $50,000, /2/ V GO Bonds (Election of 2004, Series C, CABs) $14,998, /21/ V GO Bonds (Election of 2004, Series D, CABs) $9,235, /21/ V GO Bonds (Election of 2004, Series E, CABs) $26,763, /3/ V 2010 GO Refunding Bonds $16,470, /3/ V 2011 GO BANs (Taxable Direct Pay QSCB) $25,000, /2/ V 2012 GO Refunding Bonds $30,085, /21/ V GO Bonds (Election of 2012, Series A) $32,380, /26/ V 2013 GO Refunding Bonds $17,255, /11/ V 2014 GO Bond Anticipation Notes $25,000, (a) CUSIP identifiers have been provided by CUSIP Global Services. CUSIP is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Capital IQ. Copyright 2015 CUSIP Global Services. All rights reserved. Use of CUSIP identifiers provided herein is for personal, non-commercial use only. Neither the District nor the Underwriter takes any responsibility for the accuracy of such identifiers. Page 1

4 Dublin Unified School District Continuing Disclosure Annual Report B. Annual Report The following Annual Report is submitted pursuant to the Continuing Disclosure Certificates for the financings referenced in Section A. Each disclosure item is listed below with the required information or reference to the location of the required information. For background information on each item, please refer to the official statement for each issue (cover pages are included in Section E). 1. Audited Financial Statements Fiscal Year Audited Financials are filed separately to EMMA. Please refer to this document for the following information: General Fund revenues, expenditures and ending balances for the prior fiscal year can be found on pages 14 and 34. Outstanding debt and aggregate principal amount of borrowings and lease obligations can be found on page 8 and under Note 5 on pages No changes to the County s Teeter Plan or Investment Pool that would affect debt service repayment have occurred. 2. Current Year Budget Fiscal Year Adopted Budget and the First and Second Interim Reports are filed separately to EMMA. Please refer to these documents for the following information: General Fund revenues, expenditures and ending balances for the current fiscal year can be found on PDF pages 3 and 4 of the Adopted Budget, PDF pages 19 and 20 of the First Interim, and PDF pages 17 and 18 of the Second Interim. As of Fiscal Year , the District transitioned from accounting related to Revenue Limit to the Local Control Funding Formula (LCFF) pursuant to California state law. Total revenue limit information as required by the 2010 and 2012 Refunding Bonds is no longer available. Page 2

5 Dublin Unified School District Continuing Disclosure Annual Report 3. Average Daily Attendance The following table summarizes the District's historical and current year estimated average daily attendance as reported at P-2: Fiscal Year P-2 ADA (a) , , , , , , , , , , , (b) 8,854 (a) Data from audited financial statements. Includes TK/K-12. (b) Projection derived from the First Interim Report. 4. Information Relating to the District s Outstanding Debt History General Obligation Bonds On November, 1988, the voters of the District approved authorization of $3.5 million in general obligation bonds, which were issued in 1989 and Bonds issued under this authorization were refunded in 1994, and again in On June 8, 1993, the voters of the District approved authorization of $36 million in general obligation bonds, which were issued in 1993, 1994, 1996, 1998 and Bonds issued under this authorization were refunded in 2002 and 2005, and again in 2010 and On November 2, 2004, the voters of the District approved authorization of $184 million in general obligation bonds (Measure C). Bonds were issued under this authorization in 2005, 2007 and There is $43,501, remaining authorized but unissued under this authorization. The 2012 Refunding Bonds refunded the first series. On May 3, 2011, the District issued 2011 General Obligation Bond Anticipation Notes (Taxable Direct Pay Qualified School Construction Bonds) totaling $25,000,000 that are scheduled to mature on May 1, The Notes are being issued in anticipation of the future issuance of an additional series of General Obligation Bonds from Measure C. On June 5, 2012, the voters of the District approved authorization of $99 million in general obligation bonds (Measure E). The first series was issued on March 21, 2013, for $32,380,000. On November 26, 2013 the District issued 2013 General Obligation Refunding Bonds totaling $17,255,000 to refund the 2005 General Obligation Refunding Bonds. Page 3

6 Dublin Unified School District Continuing Disclosure Annual Report On February 11, 2014, the district issued 2014 General Obligation Bond Anticipation Notes totaling $25,000,000 that are scheduled to mature on February 1, The Notes are being issued in anticipation of the future issuance of an additional series of General Obligation Bonds from Measure E. Subsequent to the reporting period on April 21, 2015, the District expects to issue its Election of 2012, Series B Bonds and 2015 General Obligation Refunding Bonds to refund a portion of the Election of 2004, Series B Bonds. The outstanding general obligation bonded debt as of June 30, 2014 is below with respective debt service schedules included in Section D: Dated Date Issue Original Par Amount Outstanding June 30, 2014 (a) 8/2/2007 GO Bonds (Election of 2004, Series B, CIBs) $50,000,000 $48,200,000 8/2/2007 GO Bonds (Election of 2004, Series C, CABs) $14,998,934 $13,183,378 10/21/2009 GO Bonds (Election of 2004, Series D, CABs) $9,235,858 $9,235,858 10/21/2009 GO Bonds (Election of 2004, Series E, CABs) $26,763,908 $26,763,908 11/3/ GO Refunding Bonds $16,470,000 $12,345,000 5/3/ GO BANs (Taxable Direct Pay QSCB) $25,000,000 $25,000,000 11/2/ GO Refunding Bonds $30,085,000 $29,415,000 3/21/2013 GO Bonds (Election of 2012, Series A) $32,380,000 $32,380,000 11/26/ GO Refunding Bonds $17,255,000 $17,255,000 2/11/ GO Bond Anticipation Notes $25,000,000 $25,000,000 Total $247,188,700 $238,778,144 (a) Amount outstanding is shown as original denominational amount for capital appreciation bonds. Page 4

7 Dublin Unified School District Continuing Disclosure Annual Report 5. History of Assessed Valuations of Taxable Property Within the District The following is a table summarizing the assessed valuation of the District: Fiscal Year Local Secured Utilities Unsecured Total Annual Growth Rate $4,708,989,537 $1,016,256 $190,483,589 $4,900,489,382 N/A $5,280,996,030 $1,016,256 $223,291,615 $5,505,303, % $6,094,705,879 $1,016,256 $216,560,936 $6,312,283, % $7,180,233,288 $1,016,256 $224,736,001 $7,405,985, % $7,976,969,331 $1,016,256 $220,162,709 $8,198,148, % $8,387,779,912 $1,016,256 $218,156,134 $8,606,952, % $8,128,979,090 $1,016,256 $215,691,584 $8,345,686, % $7,990,405,147 $1,019,152 $203,289,798 $8,194,714, % $8,179,919,846 $1,019,152 $184,764,835 $8,365,703, % $8,582,663,895 $1,019,152 $209,226,467 $8,792,909, % $9,431,303,849 $1,019,152 $213,130,165 $9,645,453, % $10,887,469,872 $204,575 $229,047,093 $11,116,721, % Averages 3-year Average 10.02% 5-year Average 6.07% 10-year Average 7.50% Source: California Municipal Statistics, Inc. 6. History of Secured Tax Charges and Delinquencies Historical secured tax levy and year-end delinquencies for the District are shown in the following table: Fiscal Year Secured Tax Charge (a) as of June 30 as of June 30 Amount Delinquent Percent Delinquent $1,990,033 $22, % $2,098,922 $24, % $4,935,377 $82, % $6,323,596 $185, % $6,792,682 $224, % $6,077,531 $221, % $6,544,898 $158, % $8,008,471 $143, % $7,878,754 $89, % $8,446,805 $77, % $10,712,603 $73, % (a) General Obligation bond debt service levy. Source: California Municipal Statistics, Inc. Page 5

8 Dublin Unified School District Continuing Disclosure Annual Report 7. Top Taxpayers Property Owner Primary Land Use Assessed Valuation Percent of Total (a) TRT NOIP Dublin LP Office Building $152,798, % 4800 Tassajara Road Apartments Investors Apartments $113,834, % Dublin Station Owner LLC Apartments $106,015, % Dublin Corporate Center Acquisition LLC Office Building $100,576, % Bere Island Properties I LLC Apartments $87,634, % Tishman Speyer Archstone Smith Emerald Apartments $84,204, % BIT Holdings Sixth-Three Inc. Shopping Center $75,080, % Ross Dress for Less Inc. Office Building $75,034, % Kaiser Foundation Hospitals Commercial Land $66,110, % Essex Dublin Owner LLC Apartments $65,728, % KB Home South Bay Inc. Residential Development $62,457, % Avalon Dublin Station LP Apartments $59,446, % D.R. Horton Bay Inc. Residential Development $53,250, % SVF Waterford Dublin Corporation Shopping Center $53,170, % Park Sierra LLC Apartments $51,688, % Ironhorse Dublin LP Apartments $47,706, % PFRS Dublin Corp. Shopping Center $44,262, % Walton CWCA Sierra 18 LLC Industrial $42,947, % Taylor Morrison California LLC Residential Development $40,701, % RT Dublin Properties LLC Light Industrial $40,539, % $1,423,190, % (a) Local Secured Assessed Valuation: $10,887,469,872 Source: California Municipal Statistics, Inc. 8. History of Tax Rates for All Taxing Entities The following table summarizes the historical and current property tax rates per $100,000 of Assessed Valuation levied to repay general obligation bond debt obligations for all taxing entities within the District s Tax Rate Area: 2010/ / / / /15 Tax Rate Tax Rate Tax Rate Tax Rate Tax Rate Countywide $1, $1, $1, $1, $1, Dublin Unified School District $ $97.00 $99.30 $ $ Chabot-Las Positas Community College District $21.10 $21.40 $21.90 $21.40 $21.70 Flood Zone 7 State Water Project $25.00 $30.70 $22.80 $25.70 $25.00 Bay Area Rapid Transit $3.10 $4.10 $4.30 $7.50 $4.50 East Bay Regional Park District $8.40 $7.10 $5.10 $7.80 $8.50 Total Tax Rate $1, $1, $1, $1, $1, Source: California Municipal Statistics, Inc. Page 6

9 Dublin Unified School District Continuing Disclosure Annual Report 9. Ratings The most current underlying ratings on the District s general obligation bonds are Aa2 by Moody s (affirmed March 2015) and AA- by Standard and Poor s (affirmed March 2015). To the best of the District s knowledge, current underlying and insurer ratings on the District s bonds are shown in the table below: Dated Date Issue Original Par Amount Original Insurer Underlying Rating (Moody's/S&P/Fitch) Insurer Rating (Moody's/S&P/Fitch) 8/2/2007 GO Bonds (Election of 2004, Series B, CIBs) $50,000,000 FSA (a) Aa2/AA-/NR A2/AA/NR 8/2/2007 GO Bonds (Election of 2004, Series C, CABs) $14,998,934 MBIA (b) Aa2/AA-/NR A3/AA-/NR 10/21/2009 GO Bonds (Election of 2004, Series D, CABs) $9,235,858 N/A Aa2/AA-/NR N/A 10/21/2009 GO Bonds (Election of 2004, Series E, CABs) $26,763,908 N/A Aa2/AA-/NR N/A 11/3/ GO Refunding Bonds $16,470,000 N/A Aa2/AA-/NR N/A 5/3/ GO BANs (Taxable Direct Pay QSCB) $25,000,000 N/A NR/SP-1+/NR N/A 11/2/ GO Refunding Bonds $30,085,000 N/A Aa2/AA-/NR N/A 3/21/2013 GO Bonds (Election of 2012, Series A) $32,380,000 N/A Aa2/AA-/NR N/A 11/26/ GO Refunding Bonds $17,255,000 N/A Aa2/AA-/NR N/A 2/11/ GO Bond Anticipation Notes $25,000,000 N/A NR/SP-1+/NR N/A (a) FSA was acquired by Assured Guaranty Ltd. on July 1, In November of 2009, Assured Guaranty Ltd. changed the name of FSA to Assured Guaranty Municipal Corp. (AGM). (b) Subsequent to restructuring as of February 18, 2009, MBIA Insurance Corp s U.S. Public Finance obligations became part of the insured portfolio of National Public Finance Guarantee Corp. Page 7

10 Dublin Unified School District Continuing Disclosure Annual Report C. Contacts for Further Information District: Disclosure Consultant: County: Paying Agent: Beverly Heironimus CPA Assistant Superintendent, Business Services Dublin Unified School District 7471 Larkdale Avenue Dublin, CA Tel: Ext Fax: Blake Boehm Director KNN Public Finance 1300 Clay Street, Suite 1000 Oakland, CA Tel: Fax: Web: Melani Munoz Assistant Treasurer Alameda County- Treasurer - Tax Collector's Office 1221 Oak Street, Room 131 Oakland, CA Tel: Fax: melani.munoz@acgov.org Karen Lei Vice President & Account Manager U.S. Bank National Association Global Corporate Trust Services, SF-CA-SFCT One California Street, 10th Floor, Suite 1000 San Francisco, CA Tel: Fax: karen.lei@usbank.com Page 8

11 Dublin Unified School District Continuing Disclosure Annual Report D. Debt Service Schedule General Obligation Bonds, Election of 2004, Series B (CIBs) Payment Date Principal Interest Debt Service Bond Year Debt Service (a) 8/1/2014 $300,000 $1,187,513 $1,487,513 $1,487,513 2/1/ $1,180,763 $1,180,763-8/1/2015 $350,000 $1,180,763 $1,530,763 $2,711,525 2/1/ $1,173,763 $1,173,763-8/1/2016 $350,000 $1,173,763 $1,523,763 $2,697,525 2/1/ $1,166,763 $1,166,763-8/1/2017 $600,000 $1,166,763 $1,766,763 $2,933,525 2/1/ $1,154,013 $1,154,013-8/1/2018 $1,500,000 $1,154,013 $2,654,013 $3,808,025 2/1/ $1,122,138 $1,122,138-8/1/2019 $2,145,000 $1,122,138 $3,267,138 $4,389,275 2/1/ $1,073,875 $1,073,875-8/1/2020 $2,580,000 $1,073,875 $3,653,875 $4,727,750 2/1/ $1,009,375 $1,009,375-8/1/2021 $3,040,000 $1,009,375 $4,049,375 $5,058,750 2/1/ $933,375 $933,375-8/1/2022 $3,430,000 $933,375 $4,363,375 $5,296,750 2/1/ $847,625 $847,625-8/1/2023 $3,820,000 $847,625 $4,667,625 $5,515,250 2/1/ $752,125 $752,125-8/1/2024 $4,310,000 $752,125 $5,062,125 $5,814,250 2/1/ $644,375 $644,375-8/1/2025 $4,810,000 $644,375 $5,454,375 $6,098,750 2/1/ $524,125 $524,125-8/1/2026 $5,535,000 $524,125 $6,059,125 $6,583,250 2/1/ $385,750 $385,750-8/1/2027 $5,550,000 $385,750 $5,935,750 $6,321,500 2/1/ $247,000 $247,000-8/1/2028 $4,800,000 $247,000 $5,047,000 $5,294,000 2/1/ $127,000 $127,000-8/1/2029 $5,080,000 $127,000 $5,207,000 $5,334,000 Total $48,200,000 $25,871,638 $74,071,638 $74,071,638 (a)annual payment for the bond year ending August 1, 2014, reflects the August 1, 2014, payment only. Page 9

12 Dublin Unified School District Continuing Disclosure Annual Report General Obligation Bonds, Election of 2004, Series C (CABs) Payment Date Principal Compound Interest Debt Service Bond Year Debt Service 8/1/2014 $623,807 $281,193 $905,000 $905,000 2/1/ /1/2015 $705,931 $374,069 $1,080,000 $1,080,000 2/1/ /1/2016 $765,786 $469,214 $1,235,000 $1,235,000 2/1/ /1/2017 $760,649 $529,352 $1,290,000 $1,290, /1/2028 $737,403 $1,372,597 $2,110,000 $2,110,000 2/1/ /1/2029 $784,471 $1,580,530 $2,365,000 $2,365,000 2/1/ /1/2030 $3,002,906 $6,537,094 $9,540,000 $9,540,000 2/1/ /1/2031 $2,935,631 $6,894,369 $9,830,000 $9,830,000 2/1/ /1/2032 $2,866,794 $7,253,206 $10,120,000 $10,120,000 Total $13,183,378 $25,291,623 $38,475,000 $38,475,000 Page 10

13 Dublin Unified School District Continuing Disclosure Annual Report General Obligation Bonds, Election of 2004, Series D (CABs) Payment Date Principal Compound Interest Debt Service Bond Year Debt Service 8/1/2022 $63,729 $161,271 $225,000 $225,000 2/1/ /1/2023 $44,907 $130,093 $175,000 $175,000 2/1/ /1/ /1/ /1/2025 $366,045 $538,955 $905,000 $905,000 2/1/ /1/2026 $384,509 $635,491 $1,020,000 $1,020,000 2/1/ /1/2027 $683,492 $1,261,508 $1,945,000 $1,945,000 2/1/ /1/2028 $482,517 $992,483 $1,475,000 $1,475,000 2/1/ /1/2029 $589,993 $1,350,007 $1,940,000 $1,940,000 2/1/ /1/2030 $967,206 $2,599,237 $3,566,442 $3,566,442 2/1/ /1/2031 $1,018,889 $2,981,656 $4,000,544 $4,000,544 2/1/ /1/2032 $1,069,517 $3,402,021 $4,471,537 $4,471,537 2/1/ /1/2033 $3,459,580 $11,941,988 $15,401,568 $15,401,568 2/1/ /1/2034 $105,475 $394,525 $500,000 $500,000 Total $9,235,858 $26,389,233 $35,625,092 $35,625,092 Page 11

14 Dublin Unified School District Continuing Disclosure Annual Report General Obligation Bonds, Election of 2004, Series E (CABs) Payment Date Principal Compound Interest Debt Service Bond Year Debt Service 8/1/2022 $77,959 $232,041 $310,000 $310,000 2/1/ /1/2023 $69,976 $240,024 $310,000 $310,000 2/1/ /1/2024 $83,070 $326,930 $410,000 $410, /1/2034 $3,201,412 $12,232,824 $15,434,236 $15,434,236 2/1/ /1/2035 $3,102,500 $12,835,078 $15,937,578 $15,937,578 2/1/ /1/2036 $2,911,473 $13,025,182 $15,936,655 $15,936,655 2/1/ /1/2037 $2,732,526 $13,204,826 $15,937,352 $15,937,352 2/1/ /1/2038 $2,564,150 $13,371,410 $15,935,560 $15,935,560 2/1/ /1/2039 $2,406,344 $13,528,656 $15,935,000 $15,935,000 2/1/ /1/2040 $2,179,378 $13,757,798 $15,937,176 $15,937,176 2/1/ /1/2041 $2,042,639 $13,892,031 $15,934,670 $15,934,670 2/1/ /1/2042 $1,914,875 $14,020,713 $15,935,587 $15,935,587 2/1/ /1/2043 $1,795,030 $14,140,770 $15,935,800 $15,935,800 2/1/ /1/2044 $1,682,577 $14,252,423 $15,935,000 $15,935,000 Total $26,763,908 $149,060,707 $175,824,615 $175,824,615 Page 12

15 Dublin Unified School District Continuing Disclosure Annual Report 2010 General Obligation Refunding Bonds Payment Date Principal Interest Debt Service Bond Year Debt Service (a) 8/1/2014 $1,450,000 $167,300 $1,617,300 $1,784,600 2/1/ $152,800 $152,800-8/1/2015 $1,645,000 $152,800 $1,797,800 $1,950,600 2/1/ $136,350 $136,350-8/1/2016 $1,800,000 $136,350 $1,936,350 $2,072,700 2/1/ $109,350 $109,350-8/1/2017 $1,920,000 $109,350 $2,029,350 $2,138,700 2/1/ $82,950 $82,950-8/1/2018 $2,045,000 $82,950 $2,127,950 $2,210,900 2/1/ $52,275 $52,275-8/1/2019 $1,240,000 $52,275 $1,292,275 $1,344,550 2/1/ $33,675 $33,675-8/1/2020 $1,095,000 $33,675 $1,128,675 $1,162,350 2/1/ $17,250 $17,250-8/1/2021 $1,150,000 $17,250 $1,167,250 $1,184,500 Total $12,345,000 $1,336,600 $13,681,600 $13,848,900 (a)annual payment for the bond year ending August 1, 2014, reflects the August 1, 2014, payment only General Obligation Bond Anticipation Notes (Taxable Direct Pay QSCBs) (a) Payment Date Principal Interest Debt Service Bond Year Debt Service 11/1/ $595,125 $595,125-5/1/ $595,125 $595,125 $1,190,250 11/1/ $595,125 $595,125-5/1/2016 $25,000,000 $595,125 $25,595,125 $25,595,125 Total $25,000,000 $2,380,500 $27,380,500 $26,785,375 (a) Does not reflect receipt of expected Federal Subsidy. Page 13

16 Dublin Unified School District Continuing Disclosure Annual Report 2012 General Obligation Refunding Bonds Payment Date Principal Interest Debt Service Bond Year Debt Service (a) 8/1/2014 $830,000 $527,663 $1,357,663 $1,357,663 2/1/ $515,213 $515,213-8/1/2015 $995,000 $515,213 $1,510,213 $2,025,425 2/1/ $495,313 $495,313-8/1/2016 $1,400,000 $495,313 $1,895,313 $2,390,625 2/1/ $467,313 $467,313-8/1/2017 $1,605,000 $467,313 $2,072,313 $2,539,625 2/1/ $435,213 $435,213-8/1/2018 $1,725,000 $435,213 $2,160,213 $2,595,425 2/1/ $400,713 $400,713-8/1/2019 $1,775,000 $400,713 $2,175,713 $2,576,425 2/1/ $365,213 $365,213-8/1/2020 $1,855,000 $365,213 $2,220,213 $2,585,425 2/1/ $328,113 $328,113-8/1/2021 $1,890,000 $328,113 $2,218,113 $2,546,225 2/1/ $290,313 $290,313-8/1/2022 $1,950,000 $290,313 $2,240,313 $2,530,625 2/1/ $251,313 $251,313-8/1/2023 $2,030,000 $251,313 $2,281,313 $2,532,625 2/1/ $210,713 $210,713-8/1/2024 $2,110,000 $210,713 $2,320,713 $2,531,425 2/1/ $168,513 $168,513-8/1/2025 $2,195,000 $168,513 $2,363,513 $2,532,025 2/1/ $124,613 $124,613-8/1/2026 $2,245,000 $124,613 $2,369,613 $2,494,225 2/1/ $96,550 $96,550-8/1/2027 $2,240,000 $96,550 $2,336,550 $2,433,100 2/1/ $68,550 $68,550-8/1/2028 $2,295,000 $68,550 $2,363,550 $2,432,100 2/1/ $34,125 $34,125-8/1/2029 $2,275,000 $34,125 $2,309,125 $2,343,250 Total $29,415,000 $9,031,213 $38,446,213 $38,446,213 (a)annual payment for the bond year ending August 1, 2014, reflects the August 1, 2014, payment only. Page 14

17 Dublin Unified School District Continuing Disclosure Annual Report General Obligation Bonds, Election of 2012, Series A Payment Date Principal Interest Debt Service Bond Year Debt Service (a) 8/1/2014 $1,075,000 $587,719 $1,662,719 $1,662,719 2/1/ $576,969 $576,969-8/1/2015 $1,695,000 $576,969 $2,271,969 $2,848,938 2/1/ $560,019 $560,019-8/1/2016 $405,000 $560,019 $965,019 $1,525,038 2/1/ $551,919 $551,919-8/1/2017 $525,000 $551,919 $1,076,919 $1,628,838 2/1/ $541,419 $541,419-8/1/2018 $50,000 $541,419 $591,419 $1,132,838 2/1/ $540,419 $540,419-8/1/2019 $50,000 $540,419 $590,419 $1,130,838 2/1/ $539,419 $539,419-8/1/2020 $110,000 $539,419 $649,419 $1,188,838 2/1/ $537,219 $537,219-8/1/2021 $110,000 $537,219 $647,219 $1,184,438 2/1/ $535,019 $535,019-8/1/2022 $110,000 $535,019 $645,019 $1,180,038 2/1/ $532,819 $532,819-8/1/2023 $160,000 $532,819 $692,819 $1,225,638 2/1/ $529,619 $529,619-8/1/2024 $230,000 $529,619 $759,619 $1,289,238 2/1/ $525,019 $525,019-8/1/2025 $300,000 $525,019 $825,019 $1,350,038 2/1/ $519,019 $519,019-8/1/2026 $380,000 $519,019 $899,019 $1,418,038 2/1/ $511,419 $511,419-8/1/2027 $465,000 $511,419 $976,419 $1,487,838 2/1/ $504,444 $504,444-8/1/2028 $555,000 $504,444 $1,059,444 $1,563,888 2/1/ $496,119 $496,119-8/1/2029 $650,000 $496,119 $1,146,119 $1,642,238 2/1/ $486,369 $486,369-8/1/2030 $750,000 $486,369 $1,236,369 $1,722,738 2/1/ $474,181 $474,181-8/1/2031 $860,000 $474,181 $1,334,181 $1,808,363 2/1/ $460,206 $460,206-8/1/2032 $980,000 $460,206 $1,440,206 $1,900,413 2/1/ $444,281 $444,281-8/1/2033 $1,105,000 $444,281 $1,549,281 $1,993,563 2/1/ $424,944 $424,944-8/1/2034 $1,245,000 $424,944 $1,669,944 $2,094,888 2/1/ $403,156 $403,156-8/1/2035 $1,395,000 $403,156 $1,798,156 $2,201,313 2/1/ $377,000 $377,000 - Page 15

18 Dublin Unified School District Continuing Disclosure Annual Report 8/1/2036 $1,555,000 $377,000 $1,932,000 $2,309,000 2/1/ $347,844 $347,844-8/1/2037 $1,730,000 $347,844 $2,077,844 $2,425,688 2/1/ $315,406 $315,406-8/1/2038 $1,915,000 $315,406 $2,230,406 $2,545,813 2/1/ $279,500 $279,500-8/1/2039 $2,115,000 $279,500 $2,394,500 $2,674,000 2/1/ $237,200 $237,200-8/1/2040 $2,330,000 $237,200 $2,567,200 $2,804,400 2/1/ $190,600 $190,600-8/1/2041 $2,565,000 $190,600 $2,755,600 $2,946,200 2/1/ $139,300 $139,300-8/1/2042 $3,360,000 $139,300 $3,499,300 $3,638,600 2/1/ $72,100 $72,100-8/1/2043 $3,605,000 $72,100 $3,677,100 $3,749,200 Total $32,380,000 $25,893,606 $58,273,606 $58,273,606 (a)annual payment for the bond year ending August 1, 2014, reflects the August 1, 2014, payment only General Obligation Refunding Bonds Payment Date Principal Interest Debt Service Bond Year Debt Service (a) 8/1/2014 $1,020,000 $334,950 $1,354,950 $1,354,950 2/1/ $324,750 $324,750-8/1/2015 $710,000 $324,750 $1,034,750 $1,359,500 2/1/ $317,650 $317,650-8/1/2016 $780,000 $317,650 $1,097,650 $1,415,300 2/1/ $305,950 $305,950-8/1/2017 $870,000 $305,950 $1,175,950 $1,481,900 2/1/ $292,900 $292,900-8/1/2018 $1,005,000 $292,900 $1,297,900 $1,590,800 2/1/ $272,800 $272,800-8/1/2019 $2,140,000 $272,800 $2,412,800 $2,685,600 2/1/ $240,700 $240,700-8/1/2020 $2,615,000 $240,700 $2,855,700 $3,096,400 2/1/ $188,400 $188,400-8/1/2021 $2,895,000 $188,400 $3,083,400 $3,271,800 2/1/ $130,500 $130,500-8/1/2022 $3,500,000 $130,500 $3,630,500 $3,761,000 2/1/ $43,000 $43,000-8/1/2023 $1,720,000 $43,000 $1,763,000 $1,806,000 Total $17,255,000 $4,568,250 $21,823,250 $21,823,250 (a)annual payment for the bond year ending August 1, 2014, reflects the August 1, 2014, payment only. Page 16

19 Dublin Unified School District Continuing Disclosure Annual Report 2014 General Obligation Bond Anticipation Notes Payment Date Principal Interest Debt Service Bond Year Debt Service 2/1/ $1,215,278 $1,215,278 $1,215,278 8/1/ $625,000 $625,000 2/1/ $625,000 $625,000 $1,250,000 8/1/ $625,000 $625,000 2/1/ $625,000 $625,000 $1,250,000 8/1/ $625,000 $625,000 2/1/ $625,000 $625,000 $1,250,000 8/1/ $625,000 $625,000 2/1/2019 $25,000,000 $625,000 $25,625,000 $26,250,000 Total $25,000,000 $6,215,278 $31,215,278 $31,215,278 Page 17

20 Dublin Unified School District Continuing Disclosure Annual Report E. Official Statement Cover Pages and Continuing Disclosure Certificates Page 18

21 NEW ISSUE BOOK-ENTRY ONLY RATINGS: Standard & Poor s: AAA Moody s: Aaa (See BOND INSURANCE and MISCELLANEOUS Ratings herein). In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications described herein, under existing law, the interest on the Bonds is excluded from gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, although for the purpose of computing the alternative minimum tax imposed on certain corporations, such interest is taken into account in determining certain income and earnings. In the further opinion of Bond Counsel, such interest is exempt from California personal income taxes. See LEGAL MATTERS Tax Matters herein. $50,000,000 $14,998, DUBLIN UNIFIED SCHOOL DISTRICT DUBLIN UNIFIED SCHOOL DISTRICT Alameda County, California Alameda County, California General Obligation Bonds General Obligation Bonds Election of 2004, Series B Election of 2004, Series C (Current Interest Bonds) (Capital Appreciation Bonds) Current Interest Bonds Dated: August 2, 2007 Capital Appreciation Bonds Dated: August 2, 2007 Due: August 1 as shown on the inside front cover The Current Interest Bonds and the Capital Appreciation Bonds (collectively the Bonds ) are issued by the Dublin Unified School District (the District ), and the Board of Supervisors of Alameda County is empowered and is obligated to annually levy ad valorem taxes, without limitation as to rate or amount, upon all property subject to taxation within the District (except certain personal property which is taxable at limited rates), for the payment of interest on, and principal of, the Current Interest Bonds, and for the payment of Accreted Value on the Capital Appreciation Bonds, all as more fully described herein under THE BONDS and AD VALOREM PROPERTY TAXATION. Interest on the Current Interest Bonds is payable semiannually on each February 1 and August 1 commencing February 1, The Capital Appreciation Bonds will not bear current interest, but will accrete interest, at their stated Accretion Rates, as defined herein, commencing on their date of delivery, from their respective Denominational Amounts, as defined herein, to their respective Maturity Values, as defined herein, on their respective maturity dates. See INTRODUCTION Definitions Regarding the Bonds. The Bonds, when delivered, will be registered initially in the name of Cede & Co., as nominee of The Depository Trust Company ( DTC ), New York, New York. DTC will act as securities depository for the Bonds as described herein under THE BONDS Book-Entry System. The Current Interest Bonds due on or before August 1, 2017, are not subject to optional redemption; the Current Interest Bonds due on and after August 1, 2018, are subject to optional redemption as described herein. The Capital Appreciation Bonds due on or before August 1, 2017, are not subject to optional redemption; the Capital Appreciation Bonds due on and after August 1, 2018, are subject to optional redemption as described herein. See THE BONDS Redemption. The scheduled payment of principal of and interest on the Current Interest Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Bonds by FINANCIAL SECURITY ASSURANCE INC. The scheduled payment of principal of and interest on the Capital Appreciation Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Bonds by MBIA INSURANCE CORPORATION. The following firm, serving as financial advisor to the District, has structured this financing: MATURITY SCHEDULE (on inside front cover) Pursuant to the terms of a public sale on July 19, 2007, the Current Interest Bonds were awarded to Stone & Youngberg, LLC, as underwriter (the CIBs Underwriter ), at a true interest cost of %. Pursuant to the terms of a public sale on July 19, 2007, the Capital Appreciation Bonds were awarded to Citigroup Global Markets Inc., as underwriter (the CABs Underwriter ), at a true interest cost of %. It is anticipated that the Bonds, in book-entry form, will be available for delivery through The Depository Trust Company in New York, New York, on or about August 2, THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. Official Statement Date: July 19, 2007

22 $50,000,000 CURRENT INTEREST BONDS (Base CUSIP (1) : 26362V) MATURITY SCHEDULE Maturity Principal Interest Price Maturity Principal Interest Price (August 1) Amount Rate or Yield CUSIP (August 1) Amount Rate or Yield CUSIP 2008 $ 100, % 3.550% CX $1,500, % 4.200%* DH , CY ,145, * DJ , CZ ,580, * DK , DA ,040, * DL , DB ,430, * DM , DC ,820, * DN , DD ,310, * DP , DE ,810, * DQ , DF ,535, * DR , DG0 $15,430, % Term Bond Due August 1, 2029, Priced to Yield 4.46%* [CUSIP (1) : DS4] *Priced to the August 1, 2017 call par $14,998, CAPITAL APPRECIATION BONDS (Base CUSIP (1) : 26362V) MATURITY SCHEDULE Maturity Denominational Accretion Reoffering Maturity (August 1) Amount Rate Yield Value CUSIP 2010 $ 12, % 4.050% $ 15, DT , , DU , , DV , ,190, DW , , DX , ,080, DY , ,235, DZ , ,290, EA , ,110, EB , ,365, EC ,002, ,540, ED ,935, ,830, EE ,866, ,120, EF1 (1) Copyright 2007, American Bankers Association. CUSIP data herein is provided by Standard & Poor s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc.

23 APPENDIX C FORM OF CONTINUING DISCLOSURE CERTIFICATE Appendix - C

24 CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the Disclosure Certificate ) is executed and delivered by the Dublin Unified School District (the District ) in connection with the issuance of $50, General Obligation Bonds, Election of 2004, Series B (Current Interest Bonds) and $14,998, General Obligation Bonds, Election of 2004, Series C (Capital Appreciation Bonds) (collectively, the Bonds ). The Bonds are being issued pursuant to Section et seq. of the California Education Code, and a Resolution of the Board of Trustees of the District adopted June 26, 2007 (the Resolution ). The District covenants and agrees as follows: Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the District for the benefit of the holders and beneficial owners of the Bonds and in order to assist the Participating Underwriters in complying with S.E.C. Rule 15c2-12(b)(5). Section 2. Definitions. In addition to the definitions set forth in the Resolution, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: Annual Report shall mean any Annual Report provided by the District pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. Dissemination Agent shall mean the District, or any successor Dissemination Agent designated in writing by the District and which has filed with the District a written acceptance of such designation. Listed Events shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. National Repository shall mean any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. Participating Underwriter shall mean any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. Repository shall mean each National Repository and each State Repository. Rule shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. State Repository shall mean any public or private repository or entity designated by the State of California as a state repository for the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Disclosure Certificate, there is no State Repository. Page 1 of 5

25 Section 3. Provision of Annual Reports. (a) The District shall, or shall cause the Dissemination Agent to, not later than 9 months after the end of the District s fiscal year, commencing with the report for the Fiscal Year, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. Not later than fifteen (15) Business Days prior to said date, the District shall provide the Annual Report to the Dissemination Agent (if other than the District). The Annual Report may be submitted as a single document or as separate documents comprising a package, and may include by reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the District may be submitted separately from the balance of the Annual Report, and later than the date required above for the filing of the Annual Report if not available by that date. If the District s fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). (b) If the District is unable to provide to the Repositories an Annual Report by the date required in subsection (a), the District shall send a notice to the Municipal Securities Rulemaking Board and the appropriate State Repository, if any, in substantially the form attached as Exhibit A. (c) The Dissemination Agent shall: (i) determine each year prior to the date for providing the Annual Report the name and address of each National Repository and each State Repository, if any; and (ii) if the Dissemination Agent is other than the District, file a report with the District certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided and listing all the Repositories to which it was provided. Section 4. Content of Annual Reports. The District s Annual Report shall contain or incorporate by reference the following: (a) Audited Financial Statements prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. If the District s audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. (b) Adopted Budget for the current fiscal year. (c) to the extent not set forth in the Issuer's audited financial statements, (i) information relating to average daily attendance, (ii) information relating to the Issuer's outstanding debt, (iii) information relating to total assessed valuations of taxable Page 2 of 5

26 properties within the Issuer, and (iv) information relating to secured tax charges and delinquencies.; (d) In addition to any of the information expressly required to be provided under paragraphs (a) and (b) of this Section, the District shall provide such further information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they are made, not misleading. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the District or related public entities, which have been submitted to each of the Repositories or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The District shall clearly identify each such other document so included by reference. Section 5. Reporting of Significant Events. (a) Pursuant to the provisions of this Section 5, the District shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material: (1) Principal and interest payment delinquencies. (2) Non-payment related defaults. (3) Unscheduled draws on debt service reserves reflecting financial difficulties. (4) Unscheduled draws on credit enhancements reflecting financial difficulties. (5) Substitution of credit or liquidity providers, or their failure to perform. (6) Adverse tax opinions or events affecting the tax-exempt status of the security. (7) Modifications to rights of security holders. (8) Contingent or unscheduled bond calls. (9) Defeasances. (10) Release, substitution, or sale of property securing repayment of the securities. (11) Rating changes. (b) Whenever the District obtains knowledge of the occurrence of a Listed Event, the District shall as soon as possible determine if such event would be material under applicable Federal securities law. (c) If the District determines that knowledge of the occurrence of a Listed Event would be material under applicable Federal securities law, the District shall promptly file a notice of such occurrence with the Municipal Securities Rulemaking Board and each State Repository. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(8) and (9) need not be given under this subsection any Page 3 of 5

27 earlier than the notice (if any) of the underlying event is given to holders of affected Bonds pursuant to the Resolution. Section 6. Termination of Reporting Obligation. The District s obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the District shall give notice of such termination in the same manner as for a Listed Event under Section 5(c). Section 7. Dissemination Agent. The District may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Agent, with or without appointing a successor Dissemination Agent. Section 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the District may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: (a) if the amendment or waiver relates to the provisions of Sections 3(a), 4 or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the Bonds, or type of business conducted; (b) the undertakings herein, as proposed to be amended or waived, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the primary offering of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) the proposed amendment or waiver either (i) is approved by holders of the Bonds in the manner provided in the Indenture for amendments to the Indenture with the consent of holders, or (ii) does not, in the opinion of a nationally recognized bond counsel, materially impair the interests of the holders or beneficial owners of the Bonds. If the annual financial information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto containing the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or financial information being provided. If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the annual financial information for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information, in order to provide information to Page 4 of 5

28 investors to enable them to evaluate the ability of the District to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. A notice of the change in the accounting principles shall be sent to the Repositories in the same manner as for a Listed Event under Section 5(c). Section 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the District from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the District chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the District shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event. Section 10. Default. In the event of a failure of the District to comply with any provision of this Disclosure Certificate any holder or beneficial owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the District to comply with its obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Resolution, and the sole remedy under this Disclosure Certificate in the event of any failure of the District to comply with this Disclosure Certificate shall be an action to compel performance. Section 11. Duties, Immunities and Liabilities of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the District agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent s negligence or willful misconduct. The obligations of the District under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. Section 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the District, the Dissemination Agent, the Participating Underwriters and holders and beneficial owners from time to time of the Bonds, and shall create no rights in any other person or entity. Date: August 2, 2007 DUBLIN UNIFIED SCHOOL DISTRICT By: Page 5 of 5

29 EXHIBIT A NOTICE OF FAILURE TO FILE ANNUAL REPORT Name of District: DUBLIN UNIFIED SCHOOL DISTRICT Name of Bond Issue: $$50,000,000 General Obligation Bonds, Election of 2004, Series B (Current Interest Bonds) and $14,998, General Obligation Bonds, Election of 2004, Series C (Capital Appreciation Bonds). Date of Issuance: August 2, NOTICE IS HEREBY GIVEN that the District has not provided an Annual Report with respect to the above-named Bonds as required by Section 4.06 of the Resolution authorizing issuance of the Bonds adopted by the District on June 26, Dated: August 2, DUBLIN UNIFIED SCHOOL DISTRICT By A-1

30 NEW ISSUE - FULL BOOK-ENTRY RATINGS: Moody s: A1 Standard & Poor s: AA- In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications described in this Official Statement, under existing law, the interest on the Bonds is excluded from gross income for federal income tax purposes, and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, the interest on the Bonds is exempt from State of California personal income taxes. See TAX MATTERS. $9,235, DUBLIN UNIFIED SCHOOL DISTRICT Alameda County, California General Obligation Bonds Election of 2004, Series D (Capital Appreciation Bonds) $26,763, DUBLIN UNIFIED SCHOOL DISTRICT Alameda County, California General Obligation Bonds Election of 2004, Series E (Capital Appreciation Bonds) Dated: Date of Delivery Due August 1, as shown on inside front cover Purpose. The captioned General Obligation Bonds, Election of 2004, Series D (the Series D Bonds ) and the captioned General Obligation Bonds, Election of 2004, Series E (the Series E Bonds, and together with the Series D Bonds, the Bonds ) are being issued by the Dublin Unified School District (the District ). The Bonds were authorized at an election of the registered voters of the District held on November 2, 2004, which authorized the issuance of $184,000,000 principal amount of general obligation bonds for the purpose of financing the addition and modernization of school facilities. The District previously issued $104,498, in general obligation bonds pursuant to this authorization. Security. The Bonds are general obligations of the District, payable solely from ad valorem property taxes levied by the District and collected by Alameda County (the County ). The County Board of Supervisors is empowered and is obligated to annually levy ad valorem taxes for the payment of interest on, and principal of, the Bonds upon all property subject to taxation by the District, without limitation of rate or amount (except certain personal property which is taxable at limited rates). See SECURITY FOR THE BONDS. Book-Entry Only. The Bonds will be issued in book-entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York ( DTC ). Purchasers will not receive physical certificates representing their interests in the Bonds. See THE BONDS and APPENDIX E - DTC AND THE BOOK-ENTRY ONLY SYSTEM. Payments. The Bonds are being issued as capital appreciation bonds, and will not bear current interest. The Bonds are dated the date of delivery and accrete interest from such date, compounded semiannually on February 1 and August 1 of each year, commencing on February 1, At the time the Bonds are priced, the District may elect to issue all or a portion of the Bonds as convertible capital appreciation bonds, i.e., the Bonds would initially be issued as capital appreciation bonds and accrete interest to a specific date, and then, on a specified conversion date, the Bonds would convert to current interest bonds, and interest on the accreted amount would be payable on a semi-annual basis through the stated maturity date of the Bonds. Payments of principal on the Bonds and interest on the Bonds will be paid by U.S. Bank National Association, San Francisco, California, as Paying Agent, to DTC for subsequent disbursement to DTC Participants, which will remit such payments to the Beneficial Owners of the Bonds. See THE BONDS - Description of the Bonds. Redemption. The Bonds are subject to optional redemption prior to maturity as described in this Official Statement. See THE BONDS - Redemption. The following firm, serving as financial advisor to the District, has structured this financing: Maturity Schedules (See inside cover) Cover Page. This cover page contains certain information for general reference only. It is not a summary of all the provisions of the Bonds. Prospective investors must read the entire Official Statement to obtain information essential to making an informed investment decision. The Bonds will be offered when, as and if issued and accepted by the Underwriter, subject to the approval as to legality by Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel to the District, and subject to certain other conditions. Jones Hall is also serving as Disclosure Counsel to the District. It is anticipated that the Bonds, in book entry form, will be available for delivery through the facilities of DTC in New York, New York, on or about October 21, The date of this Official Statement is September 7, 2009.