May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company TABLE OF CONTENTS Report Page Sources and Uses of Funds 1 Bond Pricing 2 Bond Debt Service 3 Bond Summary Statistics 4 Summary of Refunding Results 5 Savings 6 Summary of Bonds Refunded 7 Unrefunded Bond Debt Service 8 Escrow Statistics 9
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 1 SOURCES AND USES OF FUNDS Sources: Bond Proceeds: Par Amount 38,155,00000 Premium 5,548,77570 43,703,77570 Uses: Refunding Escrow Deposits: Cash Deposit 048 SLGS Purchases 43,430,09100 43,430,09148 Delivery Date Expenses: Cost of Issuance 125,00000 Underwriter's Discount 143,08125 268,08125 Other Uses of Funds: Additional Proceeds 5,60297 43,703,77570
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 2 BOND PRICING Maturity Bond Component Date Amount Rate Yield Price Serial Bond: 12/15/2014 590,000 2000% 0200% 100444 12/15/2017 15,230,000 5000% 0950% 112918 12/15/2018 10,890,000 5000% 1300% 115238 12/15/2019 11,445,000 5000% 1650% 116770 38,155,000 First Coupon 12/15/2014 Par Amount 38,155,00000 Premium 5,548,77570 Production 43,703,77570 114542722% Underwriter's Discount (143,08125) (0375000%) Purchase Price 43,560,69445 114167722% Accrued Interest Net Proceeds 43,560,69445
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 3 BOND DEBT SERVICE Period Ending Principal Coupon Interest Debt Service 12/15/2014 590,000 2000% 467,26236 1,057,26236 12/15/2015 1,878,25000 1,878,25000 12/15/2016 1,878,25000 1,878,25000 12/15/2017 15,230,000 5000% 1,878,25000 17,108,25000 12/15/2018 10,890,000 5000% 1,116,75000 12,006,75000 12/15/2019 11,445,000 5000% 572,25000 12,017,25000 38,155,000 7,791,01236 45,946,01236
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 4 BOND SUMMARY STATISTICS First Coupon 12/15/2014 Last Maturity 12/15/2019 Arbitrage Yield 1324353% True Interest Cost (TIC) 1411700% Net Interest Cost (NIC) 1529955% All In TIC 1488301% Average Coupon 4997193% Average Life (years) 4086 Weighted Average Maturity (years) 4105 Duration of Issue (years) 3779 Par Amount 38,155,00000 Bond Proceeds 43,703,77570 Total Interest 7,791,01236 Net Interest 2,385,31791 Bond Years from Dated Date 155,907,76389 Bond Years from Delivery Date 155,907,76389 Total Debt Service 45,946,01236 Maximum Annual Debt Service 17,108,25000 Average Annual Debt Service 8,756,25434 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Serial Bond 38,155,00000 114543 4997% 4086 16,38525 38,155,00000 4086 16,38525 All In Arbitrage TIC TIC Yield Par Value 38,155,00000 38,155,00000 38,155,00000 + Accrued Interest + Premium (Discount) 5,548,77570 5,548,77570 5,548,77570 Underwriter's Discount (143,08125) (143,08125) Cost of Issuance Expense (125,00000) Other Amounts Target Value 43,560,69445 43,435,69445 43,703,77570 Target Date 09/16/2014 09/16/2014 09/16/2014 Yield 1411700% 1488301% 1324353%
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 5 SUMMARY OF REFUNDING RESULTS Arbitrage yield 1324353% Escrow yield 0039897% Value of Negative Arbitrage 137,22495 Bond Par Amount 38,155,00000 True Interest Cost 1411700% Net Interest Cost 1529955% Average Coupon 4997193% Average Life 4086 Weighted Average Maturity 4105 Par amount of refunded bonds 42,375,00000 Average coupon of refunded bonds 5000000% Average life of refunded bonds 4162 Remaining weighted average maturity of refunded bonds 4157 PV of prior debt to 09/16/2014 @ 1324353% 49,189,36045 Net PV Savings 5,491,18772 Percentage savings of refunded bonds 12958555% Percentage savings of refunding bonds 14391791%
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 6 SAVINGS Present Value Prior Refunding to 09/16/2014 Date Debt Service Debt Service Savings @ 13243529% 12/15/2014 1,059,37500 1,057,26236 2,11264 2,10576 12/15/2015 2,118,75000 1,878,25000 240,50000 237,35629 12/15/2016 2,118,75000 1,878,25000 240,50000 234,24380 12/15/2017 18,873,75000 17,108,25000 1,765,50000 1,692,18726 12/15/2018 13,771,00000 12,006,75000 1,764,25000 1,668,57683 12/15/2019 13,786,50000 12,017,25000 1,769,25000 1,651,11482 51,728,12500 45,946,01236 5,782,11264 5,485,58475 Savings Summary PV of savings from cash flow 5,485,58475 Plus: Refunding funds on hand 5,60297 Net PV Savings 5,491,18772
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 7 SUMMARY OF BONDS REFUNDED Maturity Interest Par Call Call Bond Date Rate Amount Date Price General Obligation Refunding Bonds, Series 2004B: CSERIAL 12/15/2017 5000% 16,755,00000 12/15/2014 100000 12/15/2018 5000% 12,490,00000 12/15/2014 100000 12/15/2019 5000% 13,130,00000 12/15/2014 100000 42,375,00000
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 8 UNREFUNDED BOND DEBT SERVICE Period Debt Ending Principal Coupon Interest Service 12/15/2014 18,360,000 5000% 1,508,000 19,868,000 12/15/2015 19,395,000 5000% 2,098,000 21,493,000 12/15/2016 22,565,000 5000% 1,128,250 23,693,250 60,320,000 4,734,250 65,054,250
May 12, 2014 11:18 am Prepared by Stifel, Nicolaus & Company Page 9 ESCROW STATISTICS Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time 43,430,09148 0247 0039897% 0039897% 43,292,86653 137,22495 43,430,09148 43,292,86653 137,22495 000 Delivery date 09/16/2014 Arbitrage yield 1324353%