ANNUAL REPORT OF Dated as of March 1, 2015 Providing Continuing Disclosure for the Fiscal Year Ending June 30, 2014 Relating to the $18,405,000 Panama-Buena Vista Union School District (County of Kern, State of California) 2012 Election General Obligation Bonds 2013 Series A District Contact: Glenn Imke, CPA Assistant Superintendent - Business Services 4200 Ashe Road Bakersfield, CA 93 313 (661) 831-8331 Ext. 137 Fax: (661) 398-2141 E-mail: gimke@pbvusd.net
TABLE OF CONTENTS INTRODUCTORY STATEMENT... 1 CUSIP NUMBERS... 1 FORWARD-LOOKING STATEMENTS... 1 REPORTING OF SIGNIFICANT EVENTS... 2 SPECIFIC CONTINUING DISCLOSURE INFORMATION... 3 1. Audited Financial Statements (Section 4(a))....... 3 2. Average Daily Attendance (Section 4(b)(i)... 3 3. Property Valuation (Section 4(b)(ii))..... 6 4. Tax Levies, Collections, and Delinquencies (Section 4(b)(iii))... 6 5. Tax Rates (Section 4(b)(iv))... 7 6. General Fund (Section 4(b)(v))... 8 7. Direct and Overlapping Debt (Section 4(b)(vi))...... 9 8. Taxable Sales (Section 4(b)(vii))........ 1 0 9. Major Employers (Section 4(b)(viii))... 11 10. Civilian Labor Force (Section 4(b)(ix))......... 12 OTHER MATERIAL INFORMATION... 12 CERTIFICATION... 13 Page 8077731 I
INTRODUCTORY STATEMENT This Annual Report, dated as of March 1, 2015 ("Annual Report"), has been prepared pursuant to the Continuing Disclosure Certificate, dated as of May 29, 2013 (the "Continuing Disclosure Certificate"), executed by the Panama-Buena Vista Union School District (the "District") in connection with the issuance of the $18,405,000 Panama-Buena Vista Union School District (County of Kern, State of California) 2012 Election General Obligation Bonds, 2013 Series A (the "Bonds"). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Continuing Disclosure Certificate. CUSIP NUMBERS The CUSIP ( I) numbers for the outstanding Bonds are listed below: Maturity Maturity Maturity (September I) CUSIP (I) (September I) CUSIP Ol (September I) CUSIP (I) 2015 698118 CD6 2025 698118 CL8 2032 698118CT1 2016 698118 CE4 2026 698118 CM6 2033 698118 CU8 2020 698118 CF1 2027 698118 CN4 2034 698118CV6 2021 698118 CG9 2028 698118 CP9 2036 698118 CW4 2022 698118 CH7 2029 698118 CQ7 2042 698118 CX2 2023 698118CJ3 2030 698118 CR5 2024 698118 CKO 2031 698118 CS3 (I) CUSIP is a registered trademark of the American Bankers Association. Copyright 1999-2015 American Bankers Association. All rights reserved. CUSIP data are provided by CUSIP Global Services, managed by Standard & Poor' s Financial Services LLC on behalf of the American Bankers Association. These data are not intended to create a database and do not serve in any way as a substitute for CUSIP Global Services. CUSIP numbers are provided for convenience of reference only. The District takes no responsibility for the accuracy of such numbers. FORWARD-LOOKING STATEMENTS Certain statements included or incorporated by reference in this Annual Report constitute "forwardlooking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as "plan," "intend," "expect," "propose," "estimate," "project," "budget," "anticipate," or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involves known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements described to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Updates or revisions to these forward-looking statements may be provided pursuant to the Continuing Disclosure Certificate if the expectations, events, conditions, or circumstances on which such statements are based change in a material way. The forward-looking statements in this Annual Report are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS, WIDCH SPEAK ONLY AS OF THE DATE INDICATED.
REPORTING OF SIGNIFICANT EVENTS The following Listed Events referenced in Section 5(a) of the Continuing Disclosure Certificate and listed below have occurred with respect to the Bonds during fiscal year 2012-13 or between the end of such fiscal year and the date of this Annual Report: X No significant events, including the Listed Events listed below, have occurred with respect to the Bonds. Principal and interest payment delinquencies. Non-payment related defaults, if material. Unscheduled draws on any reserve fund for the Bonds reflecting financial difficulties. Unscheduled draws on any credit enhancements securing the Bonds reflecting financial difficulties. Substitution of any credit or liquidity providers, or their failure to perform. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB), or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds. Modification to the rights of owners of the Bonds, if material. Bond Calls, if material, and tender offers for the Bonds. Defeasances. Release, substitution, or sale of property securing repayments of the Bonds, if material. Rating changes. Any bankruptcy, insolvency, receivership, or similar event of the District [this Listed Event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the District in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the District, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the District]. The consummation of a merger, consolidation, or acquisition involving the District or the sale of all or substantially all of the assets of the District, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material Appointment of a successor or additional trustee or the change of name of a trustee, if material. 2
SPECIFIC CONTINUING DISCLOSURE INFORMATION The following information is being provided in compliance with the specific requirements contained in Sections 4(a) and 4(b) of the Continuing Disclosure Certificate. The source for the following information is the District, except as otherwise noted. 1. Audited Financial Statements (Section 4(a)) Audited financial statements of the District, which include information regarding the funds and accounts of the District, if any, for the most recent fiscal year of the District then ended. If such audited financial statements are not available by the time the Annual Report is required to be filed, the Annual Report shall contain any unaudited financial statements of the District in a format similar to the audited financial statements, and the audited financial statements shall be filed in the same matter as the Annual Report when they become available. The audited financial statements of the District for the fiscal year ended June 30, 2014 (the "District Financial Statements"), have been filed under separate cover with the Electronic Municipal Market Access filing service maintained by the Municipal Securities Rulemaking Board, and are by this reference incorporated herein. 2. Average Daily Attendance (Section 4(b)(i) The total average daily attendance (A.D.A.) and annual revenue limits for the fiscal year, in substantially the format displayed in Appendix A to the Official Statement in Table 1 and Table 2 under the caption "State Funding of Education. " The fiscal year 2013-14 actual A.D.A. and annual revenue limit per A.D.A. for the District are shown below: Table 1 A.D.A. and Annual Revenue Limit Per A.D.A. A.D.A. LCFF State Aide Per A.D.A. Total LCFF Funding Actual Fiscal Year 2013-14 16,810 $ 6,572.19 $110.478.479 Source: The District. 3
The table below describes the average daily attendance from fiscal year 2004-05 to fiscal year 2013-14. In the 10 fiscal years shown, attendance has increased from 14,150 to 16,810, representing an average yearly increase of 266 students. Table 2 Average Daily Attendance Fiscal Year 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 201 3-14 Source: The District. A.D.A. 14,150 14,519 15,155 15,780 15,807 15,870 15,962 16,126 16,641 16,810 Increase 784 369 636 625 27 63 92 164 515 169 Prior to fiscal year 2013-14, California school districts operated under general purpose revenue limits established by the California Department of Education. Revenue limits generally were calculated for each school district by multiplying the A.D.A. for such district by a base revenue limit per unit of A.D.A. Revenue limit calculations were subject to adjustment in accordance with a number of factors designed to provide cost of living adjustments ("COLAs") and to equalize revenues among school districts ofthe same type. Funding of a school district's revenue limit was provided by a mix of local property taxes and State apportionments of basic and equalization aid. Assembly Bill 97, enacted as part of the fiscal year 2013-14 State budget and amended and clarified by Senate Bill 91 (as amended, "AB 97"), established a new system for funding school districts, charter schools, and county offices of education in California effective in fiscal year 2013-14. The primary component of AB 97 is the implementation of the Local Control Funding Formula ("LCFF"), which replaces the revenue limit funding system for determining State apportionments, as well as the majority of categorical program funding. State allocations will be provided on the basis of target base funding grants per unit of A.D.A. (a "Base Grant") assigned to each of four grade spans. Each Base Grant is subject to certain adjustments and add-ons, including COLAs. Full implementation of the LCFF is expected to occur over a period of eight fiscal years, concluding in fiscal year 2020-21. Beginning in fiscal year 2013-14, an annual transition adjustment will be calculated for each school district, equal to such district's proportionate share of appropriations included in the State budget to close the gap between the prior-year funding level and the target allocation following full implementation of the LCFF. In each year, school districts will have the same proportion of their respective funding gaps closed, with dollar amounts varying depending on the size of a district's funding gap. For fiscal year 2013-14, the Base Grants per unit of A.D.A. for each grade span are as follows: (i) $7,011 for grades K-3 ; (ii) $7,116 for grades 4-6; (iii) $7,328 for grades 7-8; and (iv) $8,491 for grades 9-12. In each subsequent year, the Base Grants are to be adjusted for cost-of-living increases by applying the implicit price deflator for government goods and services. Following full implementation of the LCFF, the provision of COLAs will be subject to appropriation for 4
such adjustment in the annual State budget. The differences among Base Grants are linked to differentials in statewide average revenue limit rates by district type, and are intended to recognize the generally higher costs of education at higher grade levels. The Base Grants for grades K-3 and 9-12 are subject to adjustments of 10.4% and 2.6%, respectively, to cover the costs of class size reduction in early grades and the provision of career technical education in high schools. Following full implementation of the LCFF, and unless otherwise collectively bargained for, school districts serving students in grades K-3 must maintain an average class enrollment of 24 or fewer students in grades K-3 at each school site in order to continue receiving the adjustment to the K-3 Base Grant. Such school districts must also make progress towards this class size reduction goal in proportion to the growth in their funding over the implementation period. Additional add-ons are also provided to school districts that received categorical block grant funding pursuant to the Targeted Instructional Improvement and Home-to-School Transportation programs during fiscal year 2012-13. School districts that serve students of limited English proficiency ("EL" students), students from low income families that are eligible for free or reduced priced meals ("LI" students) and foster youth are eligible to receive additional funding grants. Enrollment counts are unduplicated, such that students may not be counted as both EL and LI. Foster youth automatically meet the eligibility requirements for free or reduced priced meals. A supplemental grant add-on (each, a "Supplemental Grant") is authorized for school districts that serve ELILI students, equal to 20% of the applicable Base Grant multiplied by such districts' percentage of unduplicated ELILI student enrollment. School districts whose ELILI populations exceed 55% of their total enrollment are eligible for a concentration grant add-on (each, a "Concentration Grant") equal to 50% of the applicable Base Grant multiplied the percentage of such district's unduplicated ELILI student enrollment in excess of the 55% threshold. The following table shows a breakdown of the District's estimated A.D.A. and LCFF funding for fiscal year 2014-15. A.D.A. and LCFF Funding A.D.A. LCFF Funding Per A.D.A. Total LCFF Funding Estimated Fiscal Year 2014-15 16,810 $7,263.75 $122.103.661 Source: The District. 5
3. Property Valuation (Section 4(b)(ii)) The total secured and unsecured assessed valuation of property within the District for the fiscal year, in substantially the format displayed in Appendix A to the Official Statement in Table 3 under the caption "Assessed Valuation. " The following table summarizes the secured and unsecured assessed valuation of property within the District for fiscal year 2014-15. Table 3 Panama-Buena Vista Union School District Assessed Valuation (Total District) 2013-14 2014-15 Utility $ 612,160 $ 609,494 Mineral 60,117,389 68,971,453 Mobile Home 6,682,177 6,587,633 Secured 8,960,212,542 9,661,654,148 Gross Secured $9,027,624,268 $9,737,822,728 Home Owners Exemption (127,897,527} (125,590, 789} Net Secured $8,899,726,741 $9,612,231,939 Gross Unsecured $262,964,536 264,772,067 Home Owners Exemption (16,628} (16,639} Net Unsecured $262,947,908 $264,755,428 Net Secured and Unsecured Total $9,162,674,649 9,876,987,367 Gross Secured and Unsecured Total $9,290,588,804 $10,002,594,795 Source: The District, pursuant to data obtained from the Kern County Auditor-Controller. 4. Tax Levies, Collections, and Delinquencies (Section 4(b)(iii)) The total secured tax levies and delinquencies for the District for the fiscal year, in substantially the format displayed in Appendix A to the Official Statement in Table 4 under the caption "Tax Levies, Collections and Delinquencies. " The secured tax levy and year-end delinquencies for the District for fiscal year 2013-14 are shown in the following table: Table 4 Secured Tax Charges and Delinquency < 1 > Fiscal Year 2013-14 Secured Tax Charge (l) 1,321,995.85 Amt. Del. June 30 13,184.06 %Del. June 30 1.00 (I) The County utilizes the Teeter Plan for assessment levy and distribution. This method guarantees distribution of I 00% of the assessments levied to the taxing entity, with the County retaining all penalties and interest. (2) Debt service levy only. Source: California Municipal Statistics, Inc. 6
5. Tax Rates (Section 4(b)(iv)) The tax rates for the applicable tax rate area(s) within the District for the fiscal year, in substantially the format displayed in Appendix A to the Official Statement in Table 5 under the caption "Tax Rates. " The following is a summary of tax rates for a representative tax rate area, TRA 001-025, within the District for fiscal year 20 14-15. Table 5 Summary of Tax Rates for Tax Rate Area 001-025 Per $100 of Assessed Valuation (Fiscal Year 2014-15) < 1 > Source of Tax General Local Government Property Tax Kern County Water Agency Zone 7 Debt Kern County Water Agency Zone 17 Debt Kern County Water Agency Zone 19 Debt Panama Union School District Bond Series 2002 Panama-Buena Vista Union School District 2012A Kern High School District Bond 96A Kern High School District Bond 1990E Kern High School District Bond 2004A Kern High School District Bond 2004B Kern High School District Bond 2004C Kern High School District Bond 2004D Kern High School District Bond 2011 Kern High School District Bond 2012 Kern High School District Bond 2013 Kern Community College District SRID 2002A Kern Community College District SRID 2002A Refunding Kern Community College District SRJD 2002B Kern Community College District SRID 2002C Kern Community College District SRID 2005A Refunding Total All Property Tax Rates FY 2014-15 1.000000%.024783.011259.016495.029374.001580.005405.001806.011538.007728.007999.005929.003455.001066 1.128417 (I) Fiscal year 2014-15 assessed valuation oftra 1-025 is $1,140,998,615, which is approximately 11.41% oft he District' s total assessed valuation. Source: California Municipal Statistics, Inc. 7
6. General Fund (Section 4(b)(v)) The general fund revenues, expenditures and fund balance for the fiscal year, in substantially the format displayed in Appendix A to the Official Statement in Table 8 under the caption "Comparative Financial Statements." The following table reflects the District's general fund revenues, expenditures, and fund balances for fiscal year 2013-14 (actual) and its fiscal year 2014-15 budget. Table 8 Panama-Buena Vista Union School District General Fund Revenues, Expenditures and Fund Balance Fiscal Year 2013-14 Actual and Fiscal Year 2014-15 Budget REVENUES State Aide Sources State Apportionment Local Sources Federal Other State Other Local TOTAL REVENUE EXPENDITURES Salaries Certified Classified Employee Benefits Books, Supplies, and Other Expenses Capital Outlay Transfer (ln)out/other Outgo< II Debt service TOTAL EXPENDITURES EXCESS REVENUE OVER (UNDER) EXPENDITURES Other Financing Sources (Uses) NET INCREASE (DECREASE) IN FUND BALANCE FUND BALANCE, July 1 as originally stated PRIOR YEAR ADJUSTMENT FUND BALANCE, July I, as restated FUND BALANCE, June 30 (I) Other outgo plus transfers out Source: The District. Actual 2013-14 $ 98,962,922 11,515,557 6,701,606 16,506,510 I,398,890 $135,085,485 $ 63,701,442 20,078,500 30,644,085 16,247,033 384,469 7,003,481 116,272 $138,175,282 ($3,089, 797) ($2,337,809) ($5,327,606) $16,920,618 418,381 $17J38,999 $12 Oil 323 Budgeted 2014-15 $111,379,654 10,724,008 8,176,768 13,477,887 I,290,660 $145,048,977 $ 67,602,859 21,372,051 33,347,755 20, 198,603 139,225 7,189,926 $149,850,419 ($4,80 I,442) $1,500,000 ($3,30 I,442) $12,011,393 917,715 $12,929,108 $2 627 666 8
7. Direct and Overlapping Debt (Section 4(b)(vi)) The direct and overlapping bonded debt and the general obligation bond debt service requirements of the District for the fiscal year, in substantially the format displayed in Appendix A to the Official Statement in Table 9 and Table 10 under the caption "Direct and Overlapping Debt." Set forth below is a direct and overlapping debt report (the "Debt Report") prepared by California Municipal Statistics, Inc., and dated as of March 1, 2015. The Debt Report is included for general information purposes only. The District has not reviewed the Debt Report for completeness or accuracy and makes no representation in connection therewith. 2014-15 Assessed Valuation: $10,002,594,795 Table 9 Direct and Overlapping Bonded Debt Dated as of February 12, 2015 DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: Kern Community College District Safety, Repair and Improvement District Kern High School District Panama-Buena Vista Union School District Kern Delta Water District Wheeler Ridge-Maricopa Water Storage District City of Bakersfield 1915 Act Bonds TOTAL GROSS DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT Less: Wheeler Ridge-Maricopa Water Storage District TOTAL NET OVERLAPPING TAX AND ASSESSMENT DEBT %Applicable 11.760% 19.558 100. 49.636 0.541 22.154-100. Debt 5/1/15 $17,370,796 35,398,261 18,055,000 456,651 5,167 13,483,584 $84,769,459 5 167 $84,764,292 (I) (2) DIRECT AND OVERLAPPING GENERAL FUND DEBT: Kern County Certificates of Participation Kern County Pension Obligations Kern County Board of Education Certificates of Participation Kern Community College District Certificates of Participation Kern Community College District Post Employment Benefit Obligation Bonds Kern High School District Certificates of Participation Panama-Buena Vista Union School District Certificates of Participation City of Bakersfield General Fund Obligations TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 10.466% 10.466 10.466 10.662 10.662 19.558 100. 39.511 $ II,642,902 30,805,154 4,296,293 4,174,173 8,685,265 29,516,934 29,200,000 7,293,731 $125,614,452 GROSS COMBINED TOTAL DEBT NET COMBINED TOTAL DEBT $210,383,911 $210,378,744 (3) (I) Excludes any bonds sold between date of preparation (2/13/15) and 5/1115. (2) Excludes issue to be sold. (3) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Ratios to 2014-15 Assessed Valuation: Direct Debt ($18,055,000)... 0.18o/o Combined Direct Debt ($47,255,000)... 0.47% Total Gross Direct and Overlapping Tax and Assessment Debt... 0.85% Total Net Direct and Overlapping Tax and Assessment Debt.......... 0.85% Gross Combined Total Debt................... 2.10% Net Combined Total Debt...... 2.10% Source: California Municipal Statistics, Inc. 9
The following table reflects the District's existing debt service obligations with respect to its outstanding general obligation bond issues for fiscal year 2013-14 Table 10 General Obligation Bond Debt Service Requirements Fiscal Year 2010-11 2011-12 2012-13 2013-14 Outstanding Bonds $809,200 838,800 841,500 122,695 (I) (I) Represents interest-only payment on Bonds; first principal payment on Bonds was not paid until August I, 2014. Source: The District. 8. Taxable Sales (Section 4(b)(vii)) The most recently available taxable sales information for the City and the County, in substantially the format displayed in Appendix A to the Official Statement in Table 12, under the caption "Economic Profile of Surrounding Area - Taxable Sales. " The following table shows taxable sales and the number of sales permits issued for the City and the County for calendar year 2012. Table 12 CITY OF BAKERSFIELD AND KERN COUNTY Taxable Sales ($000) and Sales Permits CITY OF BAKERSFIELD Taxable Sales: Permits: $5,954,794 7,520 KERN COUNTY Taxable Sales: Permits: $14,666,473 15,812 Source: State Board of Equalization. 10
9. Major Employers (Section 4(b)(viii)) The major employers in the Bakersfield area, in substantially the format displayed in Appendix A to the Official Statement in Table 13 under the caption "Economic Profile of Surrounding Area - Industry and Employment. " The major employers within the County, as reported by the California Employment Development Department of as of January 2015, are listed in the following table. Table 13 KERN COUNTY Major Employers (As of January 2015 I Comoanv I Edwards Air Force Base I Grimmway Farms I U.S. Naval Air Warfare Center I U.S. Navy Public Affairs Office I American Honda Motor Co. I Bakersfield Memorial Hospital I Chevron Corp. I Kern County Human Services I Kern County School Superintendent I Kern Medical Center I Marko Zanivovich Inc. I Mercy Hospital I Nasa/Dryden Flight Research I Rio Tinto Minerals I Robertsons Ready Mix I San Joaquin Community Hospital I State Farm Insurance I Sun Pacific Farming (and Sun Pacific Growers) I Wasco State Prison Reception I Wm Bolthouse Farms I Foster Care Human Services I Business Tvoe I Federal Government- National I Agriculture I Federal Government- National I Federal Government- National I Automotive Manufacturing I Medical I Oil Production I Government/Social Services I Education I Medical I Agriculture I Medical I Research I Mining I Concrete Additives I Medical I Insurance I Agriculture I State Government- Prison I Agriculture I Mental Health Services I Number of Emolovees 110,000 + 15,000 to 9,999 15,000 to 9.999 15,000 to 9,999 11,000 to 4,999 15oo to 999 Source: California Employment Development Department. 11
10. Civilian Labor Force (Section 4(b)(ix)) The most recently available data regarding the civilian labor force for the County, the State, and the United States, in substantially the format displayed in Appendix A to the Official Statement in Table 14 under the caption "Economic Profile of Surrounding Area - Industry and Employment. " The table below shows data about the civilian labor force, employment, and unemployment for the County, the State, and the United States for the calendar years 2010 through 2014. Table 14 Employment - Averages Calendar Years 2010-2014 2010 2011 2012 2013 2014 County Labor Force (OOOs) 373.7 384.9 396.7 390.9 390.8 Employment (OOOs) 314.3 327.6 344.0 348.4 352.3 Unemployment Rate 15.9% 14.9% 13.3% 10.9% 9.9% State Labor Force (OOOs) 18,316 18,385 18,433 18,501 18,726 Employment (OOOs) 16,052 16,227 16,500 17,039 17,475 Unemployment Rate 12.4% 11.7% 10.5% 7.9% 6.7 United States Labor Force (OOOs) 153,889 153,617 154,975 154,408 155,521 Employment (OOOs) 139,064 139,869 142,469 144,423 147,190 Unemployment Rate 9.6% 8.9% 8.1% 6.5% 5.4% Source: District, based on the following sources: For County and State: California Employment Development Department (County figures are preliminary as of the date of this Annual Report and pertain to the Bakersfield Delano Metropolitan Statistical Area). For United States: United States Department of Labor, Bureau of Labor Statistics. OTHER MATERIAL INFORMATION The following represents further information, if any, as may be necessary to make the specifically required statements in this Annual Report, in the light of the circumstances under which they are made, not misleading: 12
CERTIFICATION The District hereby certifies that this Annual Report constitutes the Annual Report required to be furnished by the District under the Continuing Disclosure Certificate. ANY OTHER STATEMENTS REGARDING THE DISTRICT, THE DEVELOPMENT OF THE PROPERTY, THE DISTRICT'S FINANCING PLAN OR FINANCIAL CONDITION, OR THE BONDS, OTHER THAN STATEMENTS MADE BY THE DISTRICT IN AN OFFICIAL RELEASE, OR FILED WITH THE MUNICIPAL SECURITIES RULEMAKING BOARD, ARE NOT AUTHORIZED BY THE DISTRICT. THE DISTRICT IS NOT RESPONSIDLE FOR THE ACCURACY, COMPLETENESS, OR FAIRNESS OF ANY SUCH UNAUTHORIZED STATEMENTS. THE DISTRICT HAS NO OBLIGATION TO UPDATE THIS ANNUAL REPORT OTHER THAN AS EXPRESSLY PROVIDED IN THE CONTINUING DISCLOSURE CERTIFICATE. Dated: As of March 1, 2015 By:_G_ 2~~-=---- Glenn Irnke Assistant Superintendent- Business Services 13