Fremont Union High School District CONTINUING DISCLOSURE FILING

Fremont Union High School District CONTINUING DISCLOSURE FILING FOR THE PERIOD ENDING JUNE 30, 2014

Fremont Union High School District General Fund Summary Audited Information Budgeted Information (2014/15) 2012/13 2013/14 Adopted Budget (a) Second Interim Revenue $104,899,479 $115,374,013 $113,258,224 $117,487,372 Expenditures (105,071,594) (109,555,455) (113,817,407) (121,800,198) Other Financing Sources / Uses (1,940,212) (729,066) (520,235) 920,572 Net Change in Fund Balances (2,112,327) 5,089,492 (1,079,418) (3,392,254) Beginning Fund Balance (July 1st) 21,549,748 19,437,421 22,331,390 24,526,912 Ending Fund Balance (June 30th) $19,437,421 $24,526,913 $21,251,972 $21,134,658 (a) Beginning fund balance based on estimated actuals.

Fremont Union High School District Average Daily Attendance at P-2 Year Average Daily Attendance (a) 2009/10 9,928 2010/11 10,051 2011/12 10,130 2012/13 10,284 2013/14 10,321 2014/15 (b) 10,335 (a) Includes regular classes, special education, community day school, and home and hospital; excludes adult education and ROP. (b) Projected from 2013-2014 Unaudited Actuals Report. Source : Audited financial statements and District Budget.

Fremont Union High School District History of Assessed Valuation Year Secured Utility Unsecured Total % Change 2004/05 $28,706,021,853 $2,168,041 $2,325,205,935 $31,033,395,829 N.A 2005/06 30,575,856,089 2,083,337 2,997,703,263 33,575,642,689 8.19% 2006/07 33,900,396,481 1,874,379 2,422,354,509 36,324,625,369 8.19 2007/08 36,870,171,291 908,226 2,489,113,597 39,360,193,114 8.36 2008/09 40,265,920,165 1,390,000 2,795,916,975 43,063,227,140 9.41 2009/10 41,538,125,528 1,390,000 3,143,752,066 44,683,267,594 3.76 2010/11 41,525,948,647 1,390,000 2,882,607,434 44,409,946,081 (0.61) 2011/12 41,998,367,080 1,390,000 3,069,742,727 45,069,499,807 1.49 2012/13 43,746,675,427 1,390,000 3,348,353,896 47,096,419,323 4.50 2013/14 47,848,000,368 1,390,000 3,473,099,914 51,322,490,282 8.97 2014/15 50,702,475,370 0 3,963,322,022 54,665,797,392 6.51 Three-year Average: 6.7% Five-year Average: 4.2% Ten-year Average: 5.1% Source : California Municipal Statistics, Inc.

Fremont Union High School District History of Secured Tax Charges and Delinquencies Year Secured Tax Charge (1) Amount Delinquent as of June 30th % Delinquent as of June 30th 2009/10 $12,531,788 $138,302 1.10% 2010/11 14,830,942 135,379 0.91 2011/12 17,100,468 107,437 0.63 2012/13 (2) N.A N.A 0.73 2013/14 19,378,425 166,194 0.86 (1) Bond debt service levy only. (2) Secured tax charge and amount deliquent is not available for districts within Santa Clara County in fiscal year 2012/13. Source : California Municipal Statistics, Inc.

Fremont Union High School District Outstanding District Indebtedness General Obligation Bonds Dated Date Series Final Maturity Amount of Original Issue Amount Counting Toward 1998 Authorization (a) Amount Counting Toward 2008 Authorization (b) Outstanding (6/30/2014) (c) 7/16/1998 General Obligation Bonds, Election of 1998, Series A (d) 2022 $40,000,000 $40,000,000 - - 11/8/2000 General Obligation Bonds, Election of 1998, Series B (d) 2025 60,000,000 60,000,000 - - 7/2/2002 General Obligation Bonds, Election of 1998, Series C (d) 2026 44,000,000 44,000,000 - - 2/3/2005 2005 General Obligation Refunding Bonds (d) 2023 143,300,000 - - $100,995,000 8/28/2008 General Obligation Bonds, Election of 2008, Series 2008 2033 80,000,000 - $80,000,000 76,500,000 3/23/2011 General Obligation Bonds, Election of 2008, Series 2011A (CIBs) 2044 28,905,000-28,905,000 24,295,000 3/23/2011 General Obligation Bonds, Election of 2008, Series 2011B (CABs) 2040 16,090,108-16,090,108 16,090,108 3/23/2011 General Obligation Bonds, Election of 2008, Series 2011D (QSCBs) 2026 25,000,000-25,000,000 24,690,000 2/12/2013 General Obligation Bonds, Election of 2008, Series 2013 2043 48,000,000-48,000,000 48,000,000 Total $144,000,000 $197,995,108 $290,570,108 (a) On April 14, 1998, District voters approved Measure H, authorizing the District to issue up to $144 million in general obligation bonds. (d) On June, 2008, District voters approved Measure B, authorizing the District to issue up to $198 million in general obligation bonds. (c) Amount outstanding for capital appreciation bonds represents original denomination amount. (d) The 2005 General Obligation Refunding Bonds refunded all of the District s then-outstanding Election of 1998, Series A, Series B, and Series C bonds on an advanced basis. Other District Indebtedness For other District indebtedness, refer to page 45 in the audited financial statement for fiscal year ended June 30, 2014.

Fremont Union High School District State Funding from Last FY State funding received by the District for the fiscal year ended June 30, 2014 can be found on page 20 the District's audited financial statements for the fiscal year ended June 30, 2014.

Fremont Union High School District History of Tax Rates Tax Rate for Bond Repayment per $100,000 of Assessed Valuation Year 1998 Authorization (a) 2008 Authorization (b) Total 2005/06 $26.00 - $26.00 2006/07 24.30-24.30 2007/08 24.10-24.10 2008/09 21.90 $12.00 33.90 2009/10 22.10 8.50 30.60 2010/11 24.50 12.00 36.50 2011/12 24.00 17.50 41.50 2012/13 23.50 15.50 39.00 2013/14 22.50 18.00 40.50 2014/15 21.60 18.00 39.60 Source : Santa Clara County Assessor s Department. (a) The tax rate statement submitted by the District at the time of the 1998 election estimated a maximum tax rate of $30.00 per $100,000 of assessed valuation. (b) The tax rate statement submitted by the District at the time of the 2008 election estimated a maximum tax rate of $18.00 per $100,000 of assessed valuation.

Fremont Union High School District History of Rating Changes Underlying Ratings on General Obligation Debt 4/16/2010 Aa1 Recalibration 1/14/2013 AAA Upgraded Not Rated 1/17/2013 Aa1 Affirmed Bond Insurer Rating Changes Below is a comprehensive list of all municipal bond insurer rating changes to the best of the District's knowledge. These changes may or may not impact the District's bonds. ACA Financial Guaranty Corp N/A N/A N/A 11/9/2007 A Negative Watch 3/18/1999 A Initial 12/19/2007 CCC Developing Watch 1/24/2001 A Negative Watch 12/15/2008 B Developing Watch 2/28/2001 A Positive 12/15/2008 WD 3/2/2001 A Stable 5/5/2004 A Negative Watch 5/11/2004 BBB Developing 7/28/2004 BBB Developing 8/13/2004 WD Ratings Withdrawn Assured Guaranty Corp Prior Aaa Stable Prior AAA Stable Prior AAA Stable 7/21/2008 Aaa Negative Watch 7/1/2009 AAA Negative 5/5/2009 AA Evolving Watch 11/21/2008 Aa2 Stable 10/25/2010 AA+ Stable 8/10/2009 AA Negative Watch 5/20/2009 Aa2 Negative Watch 8/5/2011 AA+ Negative 10/12/2009 AA- Negative 11/12/2009 Aa3 Negative Watch 9/27/2011 AA+ Negative Watch 2/24/2010 WD Ratings Withdrawn 12/18/2009 Aa3 Negative 11/30/2011 AA- Stable 3/20/2012 Aa3 Negative Watch 3/18/2014 AA Stable 1/17/2013 A3 Stable 7/2/2014 A3 Negative Assured Guaranty Municipal Corporation(AGM) (1) 7/21/2008 Aaa Negative Watch 8/6/2008 AAA Negative 10/9/2008 AAA Negative Watch 11/21/2008 Aa3 Developing 10/8/2008 AAA Negative Watch 5/11/2009 AA+ Negative Watch 5/20/2009 Aa3 Negative Watch 4/21/2009 AAA Negative 10/12/2009 AA Negative 11/12/2009 Aa3 Negative 10/25/2010 AA+ Stable 2/24/2010 WD Ratings Withdrawn 3/20/2012 Aa3 Negative Watch 8/5/2011 AA+ Negative 1/17/2013 A2 Stable 9/27/2011 AA+ Negative Watch 11/30/2011 AA- Stable 3/18/2014 AA Stable (1): Formerly FSA. FSA was acquired by Assured Guaranty and renamed Assured Guaranty Municipal Corp. in July 2009. Ambac Financial Group, Inc. 6/30/1987 Aaa Stable 10/19/2000 AAA Stable 6/1/2000 AAA Stable 11/12/1997 Aaa Stable 1/18/2008 AAA Negative Watch 12/21/2007 AAA Negative Watch 3/19/1998 Aaa Stable 3/12/2008 AAA NM (Not Meaningful) 1/18/2008 AA Negative Watch 1/16/2008 Aaa Negative Watch 6/5/2008 AA Negative Watch 3/12/2008 AA Stable 3/12/2008 Aaa Negative 8/14/2008 AA NM (Not Meaningful) 6/26/2008 WD Ratings Withdrawn 6/4/2008 Aaa Negative Watch 11/19/2008 A 6/19/2008 Aa3 Negative 6/24/2009 BBB Negative Watch 9/18/2008 Aa3 Negative Watch 7/28/2009 CC NM (Not Meaningful) 11/5/2008 Baa1 Developing 11/18/2009 SD 3/3/2009 Baa1 Negative Watch 12/2/2009 CC Developing 4/13/2009 Ba3 Developing 3/25/2010 R NM (Not Meaningful) 7/29/2009 Caa2 Developing 11/30/2010 WD Ratings Withdrawn 3/26/2010 Caa2 Positive Watch 11/23/2010 Caa2 Developing 4/7/2011 WD Ratings Withdrawn

Berkshire Hathaway Assurance Corp 4/25/2008 AAA New Rating 4/11/2008 AAA New Rating N/A N/A N/A 4/8/2009 Aa1 Stable 3/24/2009 AAA Negative 11/4/2009 AAA Negative Watch 2/4/2010 AA+ Stable 8/8/2011 AA+ Negative 6/23/2011 AA+ Stable Build America Mutual Assurance Company N/A N/A N/A 7/23/2012 AA New Rating N/A N/A N/A CIFG Prior Aaa Stable Prior AAA Stable Prior AAA Stable 12/14/2007 Aaa Negative 6/7/2007 AAA Negative 2/5/2008 AAA Negative Watch 2/22/2008 Aaa Negative Watch 3/12/2008 A+ Negative 3/7/2008 AA- Negative Watch 3/6/2008 A1 Stable 6/6/2008 A- Negative Watch 3/31/2008 A- Negative 5/20/2008 Ba2 Developing Watch 8/22/2008 B Developing Watch 5/30/2008 CCC Evolving Watch 10/28/2008 B3 Developing Watch 1/22/2009 BB Developing 8/11/2008 CCC Positive Watch 1/22/2009 Ba3 Developing 6/15/2009 CC Negative 10/21/2008 WD Ratings Withdrawn 8/20/2009 Caa2 Negative Watch 2/16/2010 WD Ratings Withdrawn 11/11/2009 Ca Developing 11/12/2009 WD Ratings Withdrawn Financial Guaranty Insurance Company(FGIC) (2) Prior Aaa Stable Prior AAA Stable Prior AAA Stable 12/14/2007 Aaa Negative Watch 12/19/2007 AAA Negative Watch 12/17/2007 AAA Negative Watch 2/14/2008 A3 Negative Watch 1/31/2008 AA Developing Watch 1/30/2008 AA Negative Watch 3/31/2008 Baa3 Negative Watch 2/25/2008 A Developing Watch 3/26/2008 BBB Negative 6/20/2008 B1 Negative 3/21/2008 A Negative Watch 7/31/2008 CCC Evolving Watch 10/24/2008 B1 Negative Watch 3/28/2008 BB Negative 11/24/2008 WD Ratings Withdrawn 12/19/2008 Caa1 Negative 6/6/2008 BB Negative Watch 3/24/2009 Caa3 Negative 11/24/2008 CCC Negative 4/14/2009 WD Ratings Withdrawn 4/22/2009 CC Negative 4/22/2009 WD Ratings Withdrawn (1): MBIA entered in to an agreement to reinsure the portfolio of FGIC in October of 2008. Subsequent to restructuring in February 2009, the insured portfolio of MBIA became part of the insured portfolio of National Public Finance Guaranty Corp. Municipal Bond Insurance Association(MBIA) (2) 12/14/2007 Aaa Negative 12/19/2007 AAA Negative 12/20/2007 AAA Negative Watch 1/17/2008 Aaa Negative Watch 1/31/2008 AAA Negative Watch 1/16/2008 AAA Stable 2/26/2008 Aaa Negative 2/25/2008 AAA Negative 2/5/2008 AAA Negative Watch 6/4/2008 Aaa Negative Watch 6/4/2008 AA Negative Watch 4/4/2008 AA Negative 6/19/2008 A2 Negative 8/14/2008 AA Negative 6/26/2008 WD Ratings Withdrawn 9/19/2008 A2 Negative Watch 2/18/2009 BBB+ Negative 11/5/2008 Baa1 Developing 6/5/2009 BBB Negative 2/18/2009 B3 Developing 9/28/2009 BB+ Negative 6/25/2009 B3 Negative 12/22/2010 B Negative 12/19/2011 B3 Negative Watch 2/28/2013 CCC Negative 11/19/2012 Caa2 Developing 5/8/2013 B Stable 3/21/2013 Caa2 Negative Watch 5/21/2013 B3 Positive 5/21/2014 B2 Stable (1): MBIA entered in to an agreement to reinsure the portfolio of FGIC in October of 2008. Subsequent to restructuring in February 2009, the insured portfolio of MBIA became part of the insured portfolio of National Public Finance Guaranty Corp.

National Public Finance Guaranty Corporation(NPFG)(2) Prior Aaa Stable Prior AAA Stable Prior AAA Stable 12/14/2007 Aaa Negative 12/19/2007 AAA Negative 12/20/2007 AAA Negative Watch 1/17/2008 Aaa Negative Watch 1/31/2008 AAA Negative Watch 1/16/2008 AAA Stable 2/26/2008 Aaa Negative 2/25/2008 AAA Negative 2/5/2008 AAA Negative Watch 6/4/2008 Aaa Negative Watch 6/4/2008 AA Negative Watch 4/4/2008 AA Negative 6/19/2008 A2 Negative 8/14/2008 AA Negative 6/26/2008 WD Ratings Withdrawn 9/19/2008 A2 Negative Watch 2/18/2009 AA- Developing Watch 11/5/2008 Baa1 Developing 6/5/2009 A Developing 2/18/2009 Baa1 Positive Watch 12/22/2010 BBB Developing 6/25/2009 Baa1 Developing 2/28/2013 BB Developing 12/19/2011 Baa2 Negative 5/8/2013 BBB Positive Watch 3/21/2013 Baa2 Negative Watch 5/10/2013 A Stable 5/21/2013 Baa1 Positive 5/21/2014 A3 Stable 7/2/2014 A3 Negative Radian Prior Aa3 Stable 1/15/2004 AA Negative Prior AA Negative Watch 3/28/2008 Aa3 Negative 6/29/2007 AA Stable 9/5/2007 A+ Evolving Watch 6/25/2008 A3 Negative 4/8/2008 AA Negative Watch 5/2/2008 WD Rating Withdrawn 10/10/2008 A3 Negative Watch 6/16/2008 A Negative Watch 3/9/2009 Ba1 Stable 8/26/2008 BBB+ Negative 11/22/2011 Ba1 Negative Watch 12/5/2008 BBB+ Negative Watch 4/17/2012 Ba1 Negative 4/9/2009 BBB- Negative Watch 11/24/2009 BB Negative Watch 12/22/2009 BB- Negative 11/17/2011 B+ Negative 2/28/2013 B+ Stable Syncora-XL Capital Prior Aaa Stable Prior AAA Stable Prior AAA Stable 12/14/2007 Aaa Negative Watch 12/19/2007 AAA Negative 12/12/2007 AAA Negative Watch 2/7/2008 A3 Negative 1/31/2008 AAA Watch Negative 1/24/2008 A Negative Watch 3/4/2008 A3 Negative Watch 2/25/2008 A- Watch Negative 3/26/2008 BB Negative 6/20/2008 B2 Negative 6/6/2008 BBB- Watch Negative 7/29/2008 CCC Watch Evolving 7/29/2008 B2 Watch Developing 11/18/2008 B Watch Developing 8/11/2008 CCC Positive Watch 8/6/2008 B2 Positive Watch 1/29/2009 CC Negative 9/5/2008 WD Ratings Withdrawn 10/24/2008 Caa1 Watch Developing 4/27/2009 Reg. Sup. NA 3/9/2009 Ca Developing 7/28/2010 WD Ratings Withdrawn 7/30/2012 Ca Positive Watch 11/8/2012 WD Ratings Withdrawn

Prepared by Public Financial Management, Inc. Page 1 BOND DEBT SERVICE BREAKDOWN Fremont Union High School District Election of Election of Election of Election of Election of Period 2008, Series 2008, Series 2008, Series 2008, Series 2008, Series Ending 2005 Refunding 2008 2011A 2011B 2011D 2013 Total 08/01/2014 2,375,250 652,928.13 2,347,100.00 914,293.75 6,289,571.88 08/01/2015 12,090,950 4,426,500 1,305,856.26 3,035,637.50 1,828,587.50 22,687,531.26 08/01/2016 12,473,750 4,990,500 1,305,856.26 2,759,077.50 1,828,587.50 23,357,771.26 08/01/2017 12,852,125 5,615,500 1,305,856.26 2,447,600.00 1,828,587.50 24,049,668.76 08/01/2018 13,256,250 6,227,500 1,305,856.26 2,173,657.50 1,828,587.50 24,791,851.26 08/01/2019 13,670,750 6,911,500 1,305,856.26 1,860,887.50 1,828,587.50 25,577,581.26 08/01/2020 14,102,625 7,563,500 1,305,856.26 1,607,015.00 1,828,587.50 26,407,583.76 08/01/2021 14,543,750 8,083,500 1,305,856.26 1,494,587.50 1,828,587.50 27,256,281.26 08/01/2022 14,996,000 8,669,000 1,305,856.26 1,291,520.00 1,828,587.50 28,090,963.76 08/01/2023 15,465,875 9,169,000 1,305,856.26 1,240,848.00 1,828,587.50 29,010,166.76 08/01/2024 4,069,250 2,029,000 1,305,856.26 8,152,000.00 1,828,587.50 17,384,693.76 08/01/2025 5,829,000 1,305,856.26 4,731,808.00 1,828,587.50 13,695,251.76 08/01/2026 5,817,500 1,305,856.26 1,275,000 3,606,400.00 1,828,587.50 13,833,343.76 08/01/2027 5,820,000 1,305,856.26 1,705,000 3,298,587.50 12,129,443.76 08/01/2028 5,812,500 1,305,856.26 2,120,000 3,135,087.50 12,373,443.76 08/01/2029 6,145,000 1,305,856.26 2,305,000 2,911,087.50 12,666,943.76 08/01/2030 6,112,250 1,305,856.26 2,785,000 2,739,837.50 12,942,943.76 08/01/2031 5,870,000 1,305,856.26 3,435,000 2,619,087.50 13,229,943.76 08/01/2032 5,865,000 1,305,856.26 3,930,000 2,436,587.50 13,537,443.76 08/01/2033 5,747,500 1,305,856.26 4,520,000 2,298,987.50 13,872,343.76 08/01/2034 1,305,856.26 9,290,000 3,104,687.50 13,700,543.76 08/01/2035 1,305,856.26 9,845,000 2,862,687.50 14,013,543.76 08/01/2036 1,305,856.26 10,410,000 2,658,287.50 14,374,143.76 08/01/2037 1,305,856.26 11,005,000 2,442,037.50 14,752,893.76 08/01/2038 1,305,856.26 11,665,000 2,189,825.00 15,160,681.26 08/01/2039 1,305,856.26 12,290,000 1,969,600.00 15,565,456.26 08/01/2040 1,305,856.26 12,960,000 1,735,550.00 16,001,406.26 08/01/2041 1,305,856.26 14,718,325.00 16,024,181.26 08/01/2042 1,305,856.26 15,133,600.00 16,439,456.26 08/01/2043 9,490,856.26 4,503,200.00 13,994,056.26 08/01/2044 16,975,912.50 16,975,912.50 127,521,325 119,079,500 63,683,672.17 99,540,000 36,748,138.50 93,614,406.25 540,187,041.92 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year. (a) The District expected to receive federal subsidy payments in connection with the Election of 2008, Series 2011D Bonds, issued as qualified school construction bonds. The figures shown above do not reflect these expected federal subsidy payments.

Prepared by Public Financial Management, Inc. Page 2 BOND DEBT SERVICE General Obligation Bonds 2005 Refunding Period Debt Ending Principal Coupon Interest Service 08/01/2014 08/01/2015 7,260,000 ** % 4,830,950 12,090,950 08/01/2016 8,000,000 ** % 4,473,750 12,473,750 08/01/2017 8,785,000 5.000% 4,067,125 12,852,125 08/01/2018 9,650,000 5.000% 3,606,250 13,256,250 08/01/2019 10,570,000 5.000% 3,100,750 13,670,750 08/01/2020 11,555,000 5.000% 2,547,625 14,102,625 08/01/2021 12,600,000 5.000% 1,943,750 14,543,750 08/01/2022 13,710,000 5.000% 1,286,000 14,996,000 08/01/2023 14,895,000 5.000% 570,875 15,465,875 08/01/2024 3,970,000 5.000% 99,250 4,069,250 100,995,000 26,526,325 127,521,325 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.

Prepared by Public Financial Management, Inc. Page 3 BOND DEBT SERVICE General Obligation Bonds Election of 2008, Series 2008 Period Debt Ending Principal Coupon Interest Service 08/01/2014 600,000 4.000% 1,775,250 2,375,250 08/01/2015 900,000 4.000% 3,526,500 4,426,500 08/01/2016 1,500,000 5.000% 3,490,500 4,990,500 08/01/2017 2,200,000 4.000% 3,415,500 5,615,500 08/01/2018 2,900,000 4.000% 3,327,500 6,227,500 08/01/2019 3,700,000 4.000% 3,211,500 6,911,500 08/01/2020 4,500,000 4.000% 3,063,500 7,563,500 08/01/2021 5,200,000 4.125% 2,883,500 8,083,500 08/01/2022 6,000,000 5.000% 2,669,000 8,669,000 08/01/2023 6,800,000 5.000% 2,369,000 9,169,000 08/01/2024 2,029,000 2,029,000 08/01/2025 3,800,000 4.250% 2,029,000 5,829,000 08/01/2026 3,950,000 5.000% 1,867,500 5,817,500 08/01/2027 4,150,000 5.000% 1,670,000 5,820,000 08/01/2028 4,350,000 5.000% 1,462,500 5,812,500 08/01/2029 4,900,000 4.750% 1,245,000 6,145,000 08/01/2030 5,100,000 4.750% 1,012,250 6,112,250 08/01/2031 5,100,000 5.000% 770,000 5,870,000 08/01/2032 5,350,000 5.000% 515,000 5,865,000 08/01/2033 5,500,000 4.500% 247,500 5,747,500 76,500,000 42,579,500 119,079,500 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.

Prepared by Public Financial Management, Inc. Page 4 BOND DEBT SERVICE General Obligation Bonds Election of 2008, Series 2011A Period Ending Principal Coupon Interest Debt Service 08/01/2014 652,928.13 652,928.13 08/01/2015 1,305,856.26 1,305,856.26 08/01/2016 1,305,856.26 1,305,856.26 08/01/2017 1,305,856.26 1,305,856.26 08/01/2018 1,305,856.26 1,305,856.26 08/01/2019 1,305,856.26 1,305,856.26 08/01/2020 1,305,856.26 1,305,856.26 08/01/2021 1,305,856.26 1,305,856.26 08/01/2022 1,305,856.26 1,305,856.26 08/01/2023 1,305,856.26 1,305,856.26 08/01/2024 1,305,856.26 1,305,856.26 08/01/2025 1,305,856.26 1,305,856.26 08/01/2026 1,305,856.26 1,305,856.26 08/01/2027 1,305,856.26 1,305,856.26 08/01/2028 1,305,856.26 1,305,856.26 08/01/2029 1,305,856.26 1,305,856.26 08/01/2030 1,305,856.26 1,305,856.26 08/01/2031 1,305,856.26 1,305,856.26 08/01/2032 1,305,856.26 1,305,856.26 08/01/2033 1,305,856.26 1,305,856.26 08/01/2034 1,305,856.26 1,305,856.26 08/01/2035 1,305,856.26 1,305,856.26 08/01/2036 1,305,856.26 1,305,856.26 08/01/2037 1,305,856.26 1,305,856.26 08/01/2038 1,305,856.26 1,305,856.26 08/01/2039 1,305,856.26 1,305,856.26 08/01/2040 1,305,856.26 1,305,856.26 08/01/2041 1,305,856.26 1,305,856.26 08/01/2042 1,305,856.26 1,305,856.26 08/01/2043 8,185,000 5.375% 1,305,856.26 9,490,856.26 08/01/2044 16,110,000 5.375% 865,912.50 16,975,912.50 24,295,000 39,388,672.17 63,683,672.17 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.

Prepared by Public Financial Management, Inc. Page 5 BOND DEBT SERVICE General Obligation Bonds Election of 2008, Series 2011B Period Compounded Debt Ending Principal Coupon Interest Interest Service 08/01/2026 212,976.00 12.000% 1,062,024.00 1,275,000 08/01/2027 253,465.30 12.000% 1,451,534.70 1,705,000 08/01/2028 280,497.20 12.000% 1,839,502.80 2,120,000 08/01/2029 271,413.75 12.000% 2,033,586.25 2,305,000 08/01/2030 701,736.45 7.250% 2,083,263.55 2,785,000 08/01/2031 868,539.75 6.870% 2,566,460.25 3,435,000 08/01/2032 909,795.00 6.970% 3,020,205.00 3,930,000 08/01/2033 960,364.40 7.050% 3,559,635.60 4,520,000 08/01/2034 1,804,675.40 7.140% 7,485,324.60 9,290,000 08/01/2035 1,753,886.75 7.210% 8,091,113.25 9,845,000 08/01/2036 1,706,719.50 7.260% 8,703,280.50 10,410,000 08/01/2037 1,663,075.60 7.300% 9,341,924.40 11,005,000 08/01/2038 1,619,335.30 7.350% 10,045,664.70 11,665,000 08/01/2039 1,565,623.10 7.400% 10,724,376.90 12,290,000 08/01/2040 1,518,004.80 7.440% 11,441,995.20 12,960,000 16,090,108.30 0 83,449,891.70 99,540,000 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.

Prepared by Public Financial Management, Inc. Page 6 BOND DEBT SERVICE General Obligation Bonds Election of 2008, Series 2011D Period Ending Principal Coupon Interest Debt Service 08/01/2014 1,625,000 5.450% 722,100.00 2,347,100.00 08/01/2015 1,680,000 5.450% 1,355,637.50 3,035,637.50 08/01/2016 1,495,000 5.450% 1,264,077.50 2,759,077.50 08/01/2017 1,265,000 5.450% 1,182,600.00 2,447,600.00 08/01/2018 1,060,000 5.450% 1,113,657.50 2,173,657.50 08/01/2019 805,000 5.450% 1,055,887.50 1,860,887.50 08/01/2020 595,000 5.450% 1,012,015.00 1,607,015.00 08/01/2021 515,000 5.450% 979,587.50 1,494,587.50 08/01/2022 340,000 6.080% 951,520.00 1,291,520.00 08/01/2023 310,000 6.080% 930,848.00 1,240,848.00 08/01/2024 7,240,000 6.080% 912,000.00 8,152,000.00 08/01/2025 4,260,000 6.080% 471,808.00 4,731,808.00 08/01/2026 3,500,000 6.080% 106,400.00 3,606,400.00 24,690,000 12,058,138.50 36,748,138.50 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.

Prepared by Public Financial Management, Inc. Page 7 BOND DEBT SERVICE General Obligation Bonds Election of 2008, Series 2013 Period Ending Principal Coupon Interest Debt Service 08/01/2014 914,293.75 914,293.75 08/01/2015 1,828,587.50 1,828,587.50 08/01/2016 1,828,587.50 1,828,587.50 08/01/2017 1,828,587.50 1,828,587.50 08/01/2018 1,828,587.50 1,828,587.50 08/01/2019 1,828,587.50 1,828,587.50 08/01/2020 1,828,587.50 1,828,587.50 08/01/2021 1,828,587.50 1,828,587.50 08/01/2022 1,828,587.50 1,828,587.50 08/01/2023 1,828,587.50 1,828,587.50 08/01/2024 1,828,587.50 1,828,587.50 08/01/2025 1,828,587.50 1,828,587.50 08/01/2026 1,828,587.50 1,828,587.50 08/01/2027 1,470,000 5.000% 1,828,587.50 3,298,587.50 08/01/2028 1,380,000 5.000% 1,755,087.50 3,135,087.50 08/01/2029 1,225,000 5.000% 1,686,087.50 2,911,087.50 08/01/2030 1,115,000 5.000% 1,624,837.50 2,739,837.50 08/01/2031 1,050,000 5.000% 1,569,087.50 2,619,087.50 08/01/2032 920,000 3.000% 1,516,587.50 2,436,587.50 08/01/2033 810,000 3.000% 1,488,987.50 2,298,987.50 08/01/2034 1,640,000 5.000% 1,464,687.50 3,104,687.50 08/01/2035 1,480,000 3.000% 1,382,687.50 2,862,687.50 08/01/2036 1,320,000 3.125% 1,338,287.50 2,658,287.50 08/01/2037 1,145,000 3.250% 1,297,037.50 2,442,037.50 08/01/2038 930,000 3.250% 1,259,825.00 2,189,825.00 08/01/2039 740,000 3.250% 1,229,600.00 1,969,600.00 08/01/2040 530,000 3.250% 1,205,550.00 1,735,550.00 08/01/2041 13,530,000 3.250% 1,188,325.00 14,718,325.00 08/01/2042 14,385,000 4.000% 748,600.00 15,133,600.00 08/01/2043 4,330,000 4.000% 173,200.00 4,503,200.00 48,000,000 45,614,406.25 93,614,406.25 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.

Prepared by Public Financial Management, Inc. Page 8 BOND DEBT SERVICE Fremont Union High School District Period Compounded Ending Principal Coupon Interest Interest Debt Service 08/01/2014 2,225,000.00 ** % 4,064,571.88 6,289,571.88 08/01/2015 9,840,000.00 ** % 12,847,531.26 22,687,531.26 08/01/2016 10,995,000.00 ** % 12,362,771.26 23,357,771.26 08/01/2017 12,250,000.00 ** % 11,799,668.76 24,049,668.76 08/01/2018 13,610,000.00 ** % 11,181,851.26 24,791,851.26 08/01/2019 15,075,000.00 ** % 10,502,581.26 25,577,581.26 08/01/2020 16,650,000.00 ** % 9,757,583.76 26,407,583.76 08/01/2021 18,315,000.00 ** % 8,941,281.26 27,256,281.26 08/01/2022 20,050,000.00 ** % 8,040,963.76 28,090,963.76 08/01/2023 22,005,000.00 ** % 7,005,166.76 29,010,166.76 08/01/2024 11,210,000.00 ** % 6,174,693.76 17,384,693.76 08/01/2025 8,060,000.00 ** % 5,635,251.76 13,695,251.76 08/01/2026 7,662,976.00 ** % 5,108,343.76 1,062,024.00 13,833,343.76 08/01/2027 5,873,465.30 ** % 4,804,443.76 1,451,534.70 12,129,443.76 08/01/2028 6,010,497.20 ** % 4,523,443.76 1,839,502.80 12,373,443.76 08/01/2029 6,396,413.75 ** % 4,236,943.76 2,033,586.25 12,666,943.76 08/01/2030 6,916,736.45 ** % 3,942,943.76 2,083,263.55 12,942,943.76 08/01/2031 7,018,539.75 ** % 3,644,943.76 2,566,460.25 13,229,943.76 08/01/2032 7,179,795.00 ** % 3,337,443.76 3,020,205.00 13,537,443.76 08/01/2033 7,270,364.40 ** % 3,042,343.76 3,559,635.60 13,872,343.76 08/01/2034 3,444,675.40 ** % 2,770,543.76 7,485,324.60 13,700,543.76 08/01/2035 3,233,886.75 ** % 2,688,543.76 8,091,113.25 14,013,543.76 08/01/2036 3,026,719.50 ** % 2,644,143.76 8,703,280.50 14,374,143.76 08/01/2037 2,808,075.60 ** % 2,602,893.76 9,341,924.40 14,752,893.76 08/01/2038 2,549,335.30 ** % 2,565,681.26 10,045,664.70 15,160,681.26 08/01/2039 2,305,623.10 ** % 2,535,456.26 10,724,376.90 15,565,456.26 08/01/2040 2,048,004.80 ** % 2,511,406.26 11,441,995.20 16,001,406.26 08/01/2041 13,530,000.00 3.250% 2,494,181.26 16,024,181.26 08/01/2042 14,385,000.00 4.000% 2,054,456.26 16,439,456.26 08/01/2043 12,515,000.00 ** % 1,479,056.26 13,994,056.26 08/01/2044 16,110,000.00 5.375% 865,912.50 16,975,912.50 290,570,108.30 166,167,041.92 83,449,891.70 540,187,041.92 Debt service current as of 6/30/14. 8/1/14 payment represents a partial year.