Action Items: Measure P Refunding and New Issuance Presentation to the Board of Trustees Brett W. McFadden, Associate Superintendent / CBO Tim Carty, Piper Jaffrey October 18, 2016

Action items Recommended action for this evening: Resolution to approve refunding (refinancing) Refinance up to $40.2 million of Series A bonds from 2011 Achieves taxpayer savings due to lower interest payments Straight forward financing – Current interest bonds Same terms and financing schedule All savings passed on to taxpayers Resolution to approve new issuance $33 million – becomes Series C bonds Estimated at $39/100k AV Faster payoff with taxpayer savings

Community engagement Community engagement effort completed: Five town hall meetings Opinion editorial by Superintendent Misc. community meetings Presentations to city councils and community organizations Misc. print and media coverage

Board meetings Presentations to the board: Aug 26 – special study session September 13 – finance options laid out September 27 – general update October 4 – general update, notice of possible action on Oct. 18 October 18 – recommended action on resolutions

Timeline - Financing Timeline based on an October 18 board adoption date October 18 Adopt resolution(s) for refunding and new issuance Includes proposed financial terms and conditions Preliminary offering statement October 24 (week of) District seeks updated credit rating – Week of October 24 November / December Packaging and sale of bonds Mid December / early January Delivery of funds

Questions and Comments Conclusion Questions and Comments