General Obligation Bonds.

On March 2, 1993, the voters of the District authorized the issuance

of not-to-exceed $12,000,000 of general obligation bonds (the "1993 Authorization"). On July 1, 1993
the District issued $4,850,000 aggregate principal amount of its first series of bonds pursuant to the 1993
Authorization. On July 13, 1994 the District issued $4,000,000 aggregate principal amount of its second
series of bonds pursuant to the 1993 Authorization. On May 31, 1995, the District issued $3,150,000
aggregate principal amount of its third and fmal series of bonds pursuant to the 1993 Authorization. On
December 14, 2000 the District issued $12,335,000 aggregate principal amount of its 2000 General
Obligation Refunding Bonds (the "2000 Refunding Bonds") to refund its previously issued bonds
authorized under the 1993 Authorization.
On March 4, 1997, the voters of the District authorized the issuance of not-to-exceed $6,000,000
of general obligation bonds (the "1997 Authorization"). On May 28, 1997, the District issued $6,000,000
aggregate principal amount of its first and final series of bonds pursuant to the 1997 Authorization (the
"1997 General Obligation Bonds"). On April22, 2004 the District issued $6,885,000 aggregate principal
amount of its 2004 General Obligation Refunding Bonds (the "2004 Refunding Bonds") to refund its
previously issued 1997 General Obligation Bonds. On September 17, 2015, the District issued
$3,640,000 principal amount of its 2015 General Obligation Refunding Bonds, to currently refund
portions of the District's outstanding 2004 Refunding Bonds.
The District received authorization at an election held on November 6, 2007 by more than 55% of
the votes cast by eligible voters within the District to issue $48,300,000 of general obligation bonds (the
"2007 Authorization"). On Aprill7, 2008, the County issued on behalf of the District the first series of
bonds pursuant to the 2007 Authorization in the aggregate principal amount of $18,300,000 (the "2007
Series A Bonds"). On May 19, 2010, the County issued on behalf of the District the second series of
bonds pursuant to the 2007 Authorization in the aggregate principal amount of $17,200,000 (the "2007
Series B Bonds"). On April26, 2011, the County issued on behalf of the District a third and fourth series
of bonds pursuant to the 2007 Authorization in the aggregate principal amounts of $2,887,486.15 and
$9,910,000, respectively (the "2007 Series C-1 Bonds" and "2007 Series C-2 Bonds" respectively).
There is no remaining 2007 Authorization. Proceeds from the sale of the Bonds will be used to advance
refund a portion of the District's outstanding 2007 Series A Bonds. See "THE BONDS- Application and
Investment of Bond Proceeds" and "ESTIMATED SOURCES AND USES OF FUNDS" herein.
Pursuant to the 2012 Authorization, the voters of the District authorized the issuance of not-toexceed $56,000,000 of general obligation bonds. On April 30, 2013, the District issued its first series of
bonds pursuant to the 2012 Authorization in the aggregate principal amount of $30,000,000 (the "2012
Series A Bonds"). On September 17, 2015, the District issued its second series of bonds pursuant to the
2012
Authorization
in
the
aggregate
principal
amount
of
$26,000,000
(the
"2012 Series B Bonds"). There is no remaining 2012 Authorization.
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64

Year
Ending

Aogustt~>

1993
Authorization
2000
Refunding
Bonds

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043

$1,183,737.50
1,201,500.00
850,587.50
805,162.50

Total

$4.040.987.50

1997
Authorization(2)
2015
Refundin'
Bonds(l
$500,068.06
481,050.00
718,250.00
834,750.00
889,000.00
918,750.00

2007
Series A
Bonds(2)
$404,506.25
--

-----

---------

----

----

----

--------------

--------------

--------------

--

--

-------

$4.341.868.06

$404.506.25

2007 Authorization
2007
Series C-1

2007
Series B
Bonds

Bonds

$1,005,075.00
1,090,275.00
1,186,675.00
1,274,175.00
1,311,175.00
1,281,175.00
1,257,925.00
1,223,125.00
1,182,200.00
1,146,912.50
1,122,050.00
1,075,725.00
1,048,125.00
1,005,725.00
983,725.00
961,475.00
923,975.00
3,936,975.00
4,132,975.00

--------

---

---$45,000.00
45,000.00
40,000.00
40,000.00
45,000.00
870,000.00
835,000.00
840,000.00
850,000.00
855,000.00
860,000.00
865,000.00
1,010,000.00
1,015,000.00
5,245,000.00

-------

2012
Authorization
2007
The
Bonds
$403,655.83
616,100.00
616,100.00
616,100.00
616,100.00
716,100.00
863,100.00
1,015,600.00
1,179,200.00
1,345,600.00
1,516,600.00
1,702,100.00
1,880,850.00
2,077,600.00
2,263,200.00
2,458,600.00
2,678,000.00

Series C-2

Bonds(3)
$575,643.30
575,643.30
575,643.30
5,580,643.30
1,275,973.90
1,010,465.30
962,744.60
935,023.90
906,055.60
865,839.70
----

--------------

----------

2012 Series A
Bonds

$1,405,381.26
1,289,381.26
1,145,581.26
1,144,581.26
1,143,581.26
1,171,581.26
1,223,381.26
1,342,981.26
1,407,581.26
1,479,181.26
1,566,581.26
1,635,581.26
1,717,131.26
1,799,787.50
1,883,137.50
1,960,937.50
2,054,137.50
2,144,312.50
2,235,687.50
2,329,312.50
2,429,750.00
2,516,125.00
2,635,000.00
2,735,375.00
2,846,250.00
2,953,750.00

--

--

--

--

--

$27.149.462.50

$13.460.000.00

$13.263.676.20

$22.564.605.83

(I)

Payments of debt service for the 2000 Refunding Bonds and the 2015 Refunding Bonds are due on January 15 and July 15 of each year.

(l)

Does not include debt service on Refunded Bonds.

$48.196.068.88

2012 SeriesB
Bonds
$2,279,056.39
2,603,150.00
2,253,300.00
1,495,700.00
1,496,500.00
1,496,500.00
1,494,600.00
1,497,850.00
1,494,600.00
1,495,100.00
1,494,100.00
1,496,600.00
1,497,350.00
1,496,350.00
1,498,600.00
1,493,850.00
1,497,350.00
1,498,600.00
1,497,600.00
1,494,350.00
1,493,850.00
1,495,850.00
1,495,100.00
1,496,600.00
1,497,400.00
1,496,200.00
1,498,000.00
1.497.600.00

Total
$7,757,123.59
7,857,099.56
7,346,137.06
11,751,112.06
6,732,330.16
6,639,571.56
5,846,750.86
6,054,580.16
6,209,636.86
6,377,633.46
6,569,331.26
6,745,006.26
6,983,456.26
7,229,462.50
7,483,662.50
7,734,862.50
8,018,462.50
8,589,887.50
8,881,262.50
9,068,662.50
3,923,600.00
4,011,975.00
4,130,100.00
4,231,975.00
4,343,650.00
4,449,950.00
1,498,000.00
1.497.600.00

$44.541.706.39

$177.962.881.61

<'> Reflects gross debt service on the Series C-2 Bonda, each which were designated as federally-taxable "Qualified School Construction Bonds" pursuant to an irrevocable election by the District to have
Section 6431 (f)(3)(B) of the Internal Revenue Code apply thereto. As a result, the District expects to receive, on or about each ioterest payment date, a cash subsidy (the "Subsidy Paymenf') from the United
States Treasury (the "Treasury") equal to the lesser of (a) the ioterest payable on such Series C-2 Bonds or (b) the amount of ioterest that would have been payable on each such ioterest payment date if such
ioterest were determined at a federally-determined tax credit rate 5.42%. The cash payment does not constitute a full faith and credit guarantee of the United States Government, but is required to be paid by
the Treasury under the Recovery Act. However, the Subsidy Payment is subject to reduction (the "Sequestration Reduerion") pursuant to the federal Balanced Budget and Emergency Deficit Control Act of
1985, as amended, which currently iocludes provisions reduciog the Subsidy Payment by 6.8% through the end of the current federal fiscal year (September 30, 2016). In the absence of action by the U.S.
Congress, the rate of the Sequestration Reduetion is subject to change io the followiog federal fiscal year. The District cannot predict whether or how subsequent sequestration actions may affect Subsidy
Payments currently scheduled for receipt io future federal fiscal years. However, notwithstaoding any such reduction, the County Board of Supervisors is empowered and obligated to levy ad valorem
property taxes io an aroount sufficient to pay the priocipal of and ioterest on the Series C-2 Bonds. The County will deposit any cash subsidy payments received ioto a debt service fund for such honda.

65