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Prepared by March 7, 2019

Limited Obligation Refunding Bonds Wastewater Assessment District No. 1 (Reassessment and Refunding of 2019). Prepared by March 7, 2019. Transaction Recap. Refunded District’s outstanding Wastewater Assessment District No. 1 Limited Obligation Improvement Bonds issued in 2002.

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Prepared by March 7, 2019

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  1. Limited Obligation Refunding BondsWastewater Assessment District No. 1 (Reassessment and Refunding of 2019) Prepared by March 7, 2019

  2. Transaction Recap • Refunded District’s outstanding Wastewater Assessment District No. 1 Limited Obligation Improvement Bonds issued in 2002. • Refunding generated over $2 million in bond debt service cash flow savings. • Bond cash flow savings of approximately $137k/year • Reassessment cash flow savings of approximately $124k/year • Rating upgraded from BBB+ to A-. • Eliminated $247,334 owed by the District to the 2002 reserve fund, freeing up funds in the general fund for other District purposes. • Reconciled and eliminated debt variance that had developed over time. 1

  3. Final Costs of Issuance Initial costs of issuance were estimated at $345,000. 2

  4. Summary of Bond Savings 3

  5. Bond Debt Service Annual Savings 4

  6. Savings to Property Owners • Cash flow savings of 124k/year are result of: • A successful refunding • Adjustment made to correct the shortfall that existed between the prior bonds debt service and the parcel’s aggregate amortization (reason for difference in savings of $278,043) • Adjustment to make reserve fund whole again • Refunding brought the District back into compliance Source: Final Reassessment Report

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