CDC - Item 3A - Tax Increment Bonds for Public Infrastructure ProjectsROSEMEAD COMMUNITY DEVELOPMENT COMMISSION STAFF REPORT TO: THE HONORABLE CHARIMAN AND COMMISSIONERS FROM: JEFF ALLRED, EXCUTIVE DIRECTOR DATE: APRIL 13, 2010 SUBJECT: TAX INCREMENT BONDS FOR PUBLIC INFRASTRUCTURE PROJECTS SUMMARY Over the past six months the City Council/CDC have been developing Rosemead's Strategic Plan and the Facilities Master Plan. Ongoing efforts are being made to identify financial resources to fund many of the projects that have been identified. The potential funding sources include special revenue funds, grants, stimulus funds, public-private partnerships, reserves and bonds. In terms of bonds, staff has focused on tax increment bonds that could be issued by the Community Development Commission. Such bonds would be repaid through existing property tax increment revenues and would not increase the tax burden on any residents or businesses in the community. As provided to the Commission a few weeks ago, the CDC currently has $5.4 million in available bond proceeds related to the 2006 tax increment bond issue. Since the 2006 Bonds are tax-exempt, the proceeds may only be spent on public infrastructure projects and may not be used for facility maintenance or economic development purposes. Proposals have been received from various underwriters and fiscal consultants to evaluate the feasibility of issuing additional tax-exempt bonds to generate additional funds for the completion of the projects identified in the Strategic and Facility Master Plans. Based upon these discussions, it was initially contemplated that the CDC could generate an additional $7 million in bond proceeds to complete certain public infrastructure construction projects. As our discussions with the proposed underwriter have progressed, it has now been determined that the CDC could safely issue bonds with net proceeds of approximately $9.6 million while still leaving sufficient funds available for regular operations of the Commission. Staff Recommendation Staff recommends that the City Council take the following actions: 1. Authorize staff to work with the underwriting firm of De La Rosa and Company to develop the necessary documents and financial analysis to issue tax-exempt bonds from the CDC in the amount of $10.76 million resulting in net proceeds of approximately $9.6 million. 2. Authorize staff to work with Urban Futures Incorporated to prepare the fiscal analysis for the potential bond issuance. 3. Authorize Orrick, Herrington & Sutcliff LLP to serve as bond counsel for the potential bond issuance. It is important to note that the engagement of these consultants would not entail any immediate, up-front costs to the CDC. Rather, payment for such required consultant services would be incorporated into the bond transaction in conjunction with the issuance of bonds. ITEM NO. 31~ APPROVED FOR CITY COUNCIL AGENDA: ti Community Development Commission Meeting April 13, 2010 Paqe 2 of 4 ANALYSIS BACKGROUND The City has two redevelopment project areas ;commonly referred to as Project Area 1 and Project Area 2. Project Area 1 is set to expire in'June 2013 which means that the CDC will no longer receive tax increment revenue above what is required for debt service. For debt service purposes, the CDC will receive tax increment revenue through 2023. Presently, Project Area 1 receives approximately $5.82 million in tax increment per year. Of this amount, $2.46 million is currently obligated to debt service repayment, $694,000 is paid to the low-moderate housing fund, $1.30 million is paid to other taxing entities for pass-through payments as required by law, and $87,000 is paid to the County as administrative fees. This leaves approximately $1.27 million for ongoing economic development and redevelopment programs for each of the next three years. Since the CDC will be losing these funds at the end of the 2012-13 fiscal year, staff has already begun reducing reliance on these funds for staffing and ongoing programs, and will continue to do so over the next several years to minimize the impact when these funds are no longer available. Furthermore, since these funds will be returned to the County after 2013 if they are not obligated to debt service, the CDC can maximize its resources by obligating as much as possible to debt service through 2023. Staff initially contacted several underwriters/investment bankers in order to better understand the CDC's potential bonding capacity. Through these preliminary discussions, staff requested proposals from three firms, De La Rosa & Co., Stone & Youngberg, and Wedbush Securities. The following matrix provides an overview-of ;what was considered to be a conservative estimate from the banking firms regarding the general bonding capacity including the related fees and costs associated with an issuance: De La Rosa & Co. Stone & Youngberg Wedbush Securities Total Issuance Amount $7,135,000 $6,565,000 $9,615,000 Less: Reserve Fund 713,677 656,500 1,148,145 Less: Costs of Issue (214,050) (215,650 (275,292) Net Proceeds to CDC $6,207,273 $5,692,850 $8,191,563 "'These figures were taken from the original proposal submitted and do not reflect the staff recommendation for funding amounts. Along with the financial estimates, staff also discussed key issues such as the previous credit rating of the CDC and the key factors affecting the rating in 2006, the philosophy of how the bonds would be marketed and sold, the economic stability of the two Project Areas, and various other financing options considering that Project Area 1 will expire in June of 2013. Staff was pleased with the responses from all the firms, however De La Rosa & Co. stood above the competition with the lowest cost of issuance and several additional key reasons. Eric Scriven, a Vice President with De La Rosa, served as the underwriter for the CDC's previous bond issue in 2006 while he was with another firm and has-an excellent knowledge of the community and the Commission. De La Rosa is also the leading underwriting firm for Califomia Tax Increment financing and also recently worked with the City of San Fernando on a similar project to construct aquatic facilities with a competition pool, slides and water play areas. We strongly believe that the firms' solid understanding of the Community combined with their strong background in tax increment financing, reasonable fees, and presentation regarding the potential ability to improve the Commission's credit rating identified them as the best choice if the Commission elects to move forward. Community Development Commission Meeting April 13, 2010 Paqe 3 of 4 As part of a tax increment financing, a fiscal consultant must also be brought on board to conduct a thorough review of the property tax base along with other key property tax related issues. The City already has a business relationship with three reputable firms that conduct such work, and staff believes that any of"them are fully capable of providing the service required. The following matrix provides for a breakdown of the cost proposals submitted: Urban Futures HDL Companies Keyser Marston Fiscal Report $10,000 $17,500 $19,000 Expenses Cost x 1.10 Cost x 1.15 Cost x 1.10 The last key consultant necessary for a bond financing is the bond counsel. The CDC has previously used Bill Bothwell, a partner with Orrick, Herrington & Sutcliff LLP, for all of its financings and staff would recommend that this relationship be continued. Mr. Bothwell will be a tremendous resource to provide institutional knowledge for an issuance, and will be able to successfully navigate some of the intricate nuances of the redevelopment law. DETAILS As previously mentioned to the City Council :and: Commission, staff had initially focused on the issuance of $7 million in bonds for the key projects that have been identified in the Recreation and Facilities Master Plan, and have subsequently looked at additional options. Included with this report, Attachment H, is a detailed analysis of the tax increment projections of the Commission for the next 30 years along with three scenarios for the issuances of tax-exempt bonds. Scenario A demonstrates the total amount of bonding capacity that the Commission has if all available tax increment funds were leveraged and debt repayment was extended through the year 2037. This scenario is not being recommended and has only been shown for comparison purposes. Scenario B focuses on bonds with net proceeds of $7 million. This scenario provides for significantly more operating funds remaining in the CDC to ensure the Commission can continue with other economic development options as well as leaving options open if bonds needed to be issued in the future for economic development or public improvement projects. This scenario has a repayment schedule for the proposed 2010 Bonds of only 13 years which is far shorter than the typical 30 years that are typically used in tax increment financings. Scenario C involves issuing bonds with net proceeds of approximately $9.6 million. This figure was identified because it would enable the Commission to still receive $7 million in net proceeds while it would also enable the repayment ofthe current outstanding $2,497,920 loan made by the General Fund to the CDC in 2007. One caveat to this repayment through bond proceeds is that the funds, once returned to the General Fund, must be utilized for Capital Improvement Projects. However, these projects would not be required to be located within the CDC project area which would enable the use of the funds for construction of the aquatics facility at Garvey Park. This third scenario has been amortized as a 30-year debt in order to minimize the effects on regular CDC operations, however, the largest debt service payments are contained within the first 13 years. This is demonstrated through the annual debt service payment for the proposed 2010 Bonds being reduced from over $1.0 million per year to approximately $480,000 per year after the year 2023. N , Community Development Commission Meeting April 13, 2010 Paae 4 of 4 The timing of tax increment financings can be critical and in the current economic environment, this has become even more true. In July of each year the County releases the new property tax roll and once the roll is released, any tax in financing must be done according to the data provided. In light of this pending deadline, the proposed timeline for the issuance of bonds would ensure closing in late June of this year prior to the new roll being released. If approved this evening, staff will work with the various parties involved over the next two months to prepare the Preliminary Official Statement (POS) and various required resolutions and documents. A "33445 hearing" would be scheduled for the May 11, 2010 CDC meeting to approve the,use of funds for capital improvement projects, and then on June 8, 2010, the POS and related documents would be brought before the Commission for approval. Once the POS and supporting resolutions are approved, the pricing and sale of the bonds would take place in the following weeks with a closing prior to June 30, 2010. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process. Submitted by: Matthew E. Hawkesworth Assistant City Manager Attachments: A - Proposed 2010 Tax Allocation Bonds Team Roster B - De La Rosa and Company Proposal C - Stone & Youngberg Proposal D - Wedbush Securities Proposal E -Urban Futures Inc Proposal F - HDL Companies Proposal G - Keyser Marston Proposal H - Current Tax Increment and Financing Projections Attachment A Proposed 2010 Tax Allocation Bonds Team Roster Underwriter De La Rosa & Co. 10866 Wilshire Blvd., Suite 1650 Los Angeles, CA 90024 John Kim Tel: (310) 207-1975 Principal Fax: (310) 207-1995 jkim@ejdelarosa.com Eric Scriven Tel: (415) 495-8863 Senior Vice President Fax: (415) 495-8864 escrive@ejdelarosa.com Michael Meyer Tel: (415) 495-8863 Associate Fax: (415) 495-8864 mmeyer@ejdelarosa.com Fiscal Consultant Urban Futures 3111 N. Tustin, Suite 230 Orange, CA 92865 Doug Anderson Tel:-(714) 283-9334 Principal Fax: (714) 316-6150 douga@urbanfuturesinc.com Bond Counsel Orrick, Herrington & Sutcliff, LLP 777 South Figueroa Street, Suite 3200 Los Angeles, CA 90017 Bill Bothwell Tel: (213) 612-2403 Partner Fax: (213) 612-2499 wbothwell@orrick.com Kevin Hale Tel: (213) 612-2356 Senior Associate Fax: (213) 612-2499 khale@orrick.com 0 0 .`V 0 ,Iva cdo~ h U o~ q 9*" v O P4 Qo~ 0 Con U r-t 0114 rr__ 4t It% w 0 0 ON Attachment B L a~ `es cw ~ C C L- es U A, E ti E-- v~ w u o ~ c 'r ~ ~ oA c U c o a, o o, c x ~ ~ > c~ ~ 0 CIL L1 U c 71 o ! U rn tJ CJ C nZ c~ u U O O a u ~ Q' U o ° c3 i U c3 ^J Gzl p bL ° ~ Oa LH J~a~ ~a ~ L ap o ~ c o b O C y ~ 7i ~ C L O LL. C O c U C 'fl C ~ LL S m U Q m Jay ce C '~J C s 3.4P ' C y'~ a FFF 11M A4 = +/k P~ a . ~ 3 ''aP doo ~ O i. - tJs ?-•.1 V r . .a C T 6t, P•J~ ~J O y syJP ~ E N s~P , ' 4 cr N U ~ ~ P 's'pP > Tv f ~ i .y U U ~ ~ • ~ o pc q T o 0 ~ o q ~ ~ ~ ~ N C O C ~ V N O O (suollP q$) ui juoourV -Ed CL We b1~ ~ ~ ~ N i 3 O- o 1 • - U . ~ . o f r:4 3 3 vo o 72 r5 • ~ti Q cr, J > W J L I•~ V; ~ ~ ~ ~ ~ err , ~--1 F Q . Q 1 M 00 1 ~ T -1 00 1- r-- l0 N - r - Q1 0 Ln r- N r•i ~ ~ M N Ql 0 N e-I M - L N Ln m r-- zt :T m N O N E a u GJ O 00 :T N N M Ln r-I O rl Om 00 0000 O O N r-1 Y N ~ r6 Y co U on 0 (O `D c9 v c o O 2t v a`, LA CL oc 06 : 3 (0 ~ o o - o c C U > a ~ m m m 5 U' O N Y U 7 d m N Q 00 C 'u C/~ m c w- O DW C C m OC m Q H .L f6 u O ~ •C o ~ ~ o o ~ ~ o a~ d O UO ~•U U c~ 0 0 J r^. O U cr, CL .d x a~ bOA ~ i.~ Q a o on ~ x o C) V • Q t CJ '•d C ~ o o Q) s y U ~ 3 > try 0 1-) 175 O 3 coc a, b o U > -C -o ~ x cx tr, C • cd z 0 O^ z 0 L O Ln C af-4 ca > G U E a e W O a ns O ~ M O G ~ N ~ N Q r 1 E a> w C~ p ad O ~ U .O ~ ^ 1 • N O O N N 0 N 0 a 7_ a Z a ~ u Z h 0 r N V^ N v7 z z r N r h f~ CV N r N y - ~ N C O o. ~ :v Q a 0 61 EJ ~ , 7 V U a~ ~l VJ ` ~ O ~ O U N > O . 3 ~ bA ~ W Q C d • O N M O O O N O ~ ~D O N l~ O 00 N 000 M IO N M kr) N 000 06 O 000 ~O 4 .6s O c O ^v' J✓ C) i b --i N CIA cd C-4 rl ~U W r C C j i r- _ V V-1 ^ Ln V) .r. 01 • 'l. C v ~ C bIJ c• ri l C ~ .C C OlJ • ~1 ~ .,'y~ L ~ J i V :J it L "'d W ;n G r u 3 ~ > CL o c U y : ~ U 7 ^ Gfj 'J r ~ ~ o v av ~ J 'O Cfr`•• O L O ~1v. _ l C Ocon f J U p u) LL z 0. 3 x C C nr . • • V 1. Cl. a U y _ U ~ ti o~ L a L z :J FPM ~ c O ~ v J O C .O f U O ~ C ~ ' p cam. O Qr L CL. r ~ ! QJ L J c 73 ir7 U cu l v O r C v C r C 'O ~ yy :9 ~ ' C U U L CC 1, U N C r o~ V c. weQ.. z 5 3 C I AFL-,- RAN • _ w ~ i a O 3 on °o. a, O cr c 4-a Ln M-) 'O 3 p G Ln ~ a~ U U A C3 'fl O ° C1 ± " aj ~ v~ c~ Ll - o U O ~ C nj ~ C r Q C a U o o Ln I--I m ~ i O ' b _ - O a oA ° X U y .r. rte. C O ~ _ G CJ U G bA cz U O C/) C E c v ~ x ~ 3 o Q. tn CZ > ~ O o w ~ tx1 U Q ~ U o Q Q ~ U C r a ct 0 O N U c a~ vn L ct 0 cn c Ct U U U L ~ M cs r COD U U U Q! J `r U U cr, ^i o .r 01 O O N U U O O O bdJ 0 O U M 0 00 O O N U N O O N r" to 0 0 U C~ c~ U 4J 'd 3 1-.4 c~ 7 c/] C~ 'o a • 4) con U_ 'O U O U a~ 4-1 a • O O 00 O U 03 coo~ M M 0 .L C~ . VO r- O U c~ W O c~ N U 3 0 V cn C~ M O • U O 'd cn 3 W Q bA . CIS CIS U U p3 Ct u G~ U con s. U U U :5 c N 3 = = Q C,3 O O a, . cn c c~ co~ b U U P-" O 7,1 O O Q V W Q 0 0 aq Q Con "'d N 1.0 U a~ LIZ a bA E* c3 ~ O bA 4 ct U c~ GCS . ~ ~ .1.0 3 C73 4-j 4 .o 4 4-1 o DO) o cs o ~ a 3 ~ o " u Q ~ _ O p c~ rJ ~ x E ` c ~ = x aLi ~ ~ _C T ^ N O v u ~ - v: C L '"r O x v ~ G N ~ ~ C ~ N 7• r! _ , N A y Y - ^ Z T G L CT ~ p Q O N - 6J Q N r N T N K r,4 N ~j fry 011 W. r t9 N Y O N 1 - A a ' Y d p Q e C6 U Y x O e N - _C J O fu 8 Z f O nl- ZZZ \ Z x V " E c s x ~r' q~ 0.~ Q Op . C 4: ~ y f-4 E C O C 2 . - pip U K v , N C Q ° V° 00 ° o ~ a ° rn _ N ~ L Q an ° c S T c U ~ v m s ep ..t. L" < C G ~ x O N O^ C f= C C Q ~ N ' O - ~ N 00 1!t x N x 1r. N Z fV CJ C Do CO N a x N O (U a N Q N _ ra O ~ - C CJ a t V" O o u c v a o K K 1n Cl! N 7' C y > 1 T C v y V V'. r.l IT t a Z ' _ , p L O p' p p V4 G ' ~ r x N p O N N vi C4 Q O N y ~ .0 W N C N i Ln k ~ 7 vi 0 . N 7 U ~ ~ L L C ea y C a r x • C .6 CC 6+ N ~y _ a 7 Y. tr, N _ • di Q t1 C N .C. r.4 N - x J a 'O O O con ' cr 3 a aA v u 00 Z u cz ca u U x x 0 0 a n. I g g o g o o o g S 8 S 0 o S o 0 0 ledimud GA, Ge lpe, G~ s~ Ge ~F Gle ~el Ge, Ge7Ge c{' L A~ e+•s O~ zel G1- Ge, Ge IGc~ 9 O~ fGc, G lG~ K b 0 L L L ~ _ - - - r tr - ' _ - ~ r ~ h L h t r L I~ h L u h 1~ L r h o L L F r + + f + + + + + + + + + + + + + + + N I N = O tk Lr l'- iT ye Ls Lt lk Gr Lk tY G- C` ~ ~ L.= Lk CQQk T L L - _ _ - L L L L d G v~ 1 n! V'• ~ - z r. v_ r T 1 L F 4 + + + + r r + + ~ + r i f N + i R SL5k~~ tF Et !k Le C~ V7 Lk Gf N L} Ck r. } L M Y Y Y ~f: Y. r ~G ~ C v 6k Ck N Lk Lk r C? '1 Zz Y Lr r Gr Gp Lk ~ r ' 6 O T. x = - - L - L L L L rV~ > - L O L C L m F } z Y a Lk c ~ 0 c Ct 0 ~ L~ ~ L{ ^ m L'' C Y L~ n ~ LE ~ n !'ppk O m L~' m - L'k O r O a Lk O o C Ck Ct Lt pe C= Vx` Lk t~ t~ Ck C= h Ek O Ck in CY m L'ti m J Y Y ? ? T ~O ~D J ~L" L L L. L L L L L L L L T~ Y .p a N L _ _ _ _ ~ O O N 7' C ~ O ~ yO OG r - P r W T Y ~ P ~ Lk O C C C~ C c Ek O Ck~ C CXk C CoCf O C~jp^~k' C ~ N tt= N Cppk p L'k („i Y Y Y Y Y r ~ ~C 'J - ~ T O O ~ ~ N ~ ~ V. ~ ` ~ t~ ~ ~ T ~ O N N N N r N O N V. N ` N 1~ N 0p N T N e e~1 ~ tr. ~ ~ o QQ Y. ~ OrC ~ R _ CO N c N o N o N c N o N o N c N o N 0 N 0 N 0 N o N c N o N 0 N 0 N 0 N 0 N 0 N 0 N 0 N o N c N N o N c A o N c N o N 0 N c m C+ h w _ r ~ a L } to~p V1 R i b b R R R ~~R G G C C Q C r r 4 4 w _ Q e e e L' L v L ~ L L L L L L L L D. C, L V. 1 v N r r _ r l r 1 _ _ ? N GC N'V v' 00 ~ } + I t I + + i + t J f N f N + f r, r r ~ a ni e r O a ~ 7 ~ S tQ4 Pp t^~4 fk to o t£ t tE Q d: t$ tE L L a Y ~ N 00 D 7 O SSCC ~ Y ~ G G a N N a M N a .fir, N ~ N r N M. N a N N a N N N L ~ N ^1 - 'vS tt t'~ CF L~ N• CE tr ~,E ~ 8ti Ct tt - ~ v O ~ r x r' a 0 7 v _ m i r. G N D t~ CE C~ tE tt t~ tk Z{~ Gr $ ~ ~ O r - x o OOO C,J 7 ? 7 O 7 - C O N ^7 Z Vi ~L^ 1~ oo a N ^ Z ~ O N 00 CA O O C T ~ ' r~ O T O T ~ T W 0 O~ W 0 N 0 N 0 N 0 N 0 N 0 N 0 N O N O N O N O N O N O N O N O N N O N C N C N C N N N . . N N N C N N N N 0 N U U n ~ W D C D W i b b0 'Z L ~ m m m m ❑ O 2 .E t QQ Q Q O O 7 9 yW W L W $ a 1 v f + - 3 N 4 m - r Le+ 06 C ~ O O u r ~ } C C O C C C !K tpc~ t~ N'- GQF fk N+ C_` Cti' [k Ck fl C~ N Ct CQ~ CQ~ Lk th Ct A ~Gpjk C`~ c~ N p X _ L L X a a a ~ G f•1 + ~ + ~ + t. + .L + L + 'G 4 ~1 i + N + N + f1 i ~`1 + ? - = = O N ^ ~ ~ C Y ~ ne ~ Nc ~ Cf m ^ C ^K O O ~ D O n v r ~ y yS : , ~ N ~ ~ O O ~ 8 C ~ III O ~ m a a m a a H ^ ~ s s - _ s t ~n s u s w s v: a `n a in a - y ^ _ _ _ _ ~ Y 6ti 0~ ( tk 0- tk Ot C} t~ Gk vt & Gt Cti Ot 0 6 C` tft ~ - C _ _ r G O nj N H1 r^, R Y m Y - v h v. 00 v. P v P , O b 0 N 0 rr. O Q O N ` +c - tF 0k k tk ~ C.pCk t~ 8 Q 2S ~ ~ ~ N r ]C XX~ N N. N. f~ ~ ~ ' N f " - ~ 6 0 N 0 N 0 N 0 N 0 N 0 N N O N O N O N O N O N O N O N C N O N 0 N 0 N 0 N N 0 N 0 N 0 N N 0 N 0 N 0 N 0 N 0 N 0 N 0 N L O ~ C C G, m C ~ 6 Q r W ~ O t 6 ■ c~ TOT G G ca w w I a Un E a~ o ~ c a~ o con U U O ~ p Q N a~ Q ~ U ~ U y U as cr, 0 0 a~ o a~ un O ~ ul~ a~ ~ pq ^o U o a State of California Proposition 1A Receivables Program Series 2009 Retail Performance by Firm Ranked by Orders Orders Allotments % of Total % of Total Rank Firm Role ($1000) ($1000) Orders Allotments 1 De La Rosa & Co. Co-Manager $ 126,800 S 118,065 23.11% 22.77% 2 Goldman, Sachs & Co. Senior 104,610 103,535 19.06% 19.97% 3 Stone & Youngberg LLC Co-Manager 62,330 50,240 11.36% 9.69% 4 Citigroup Global Markets Inc. Selling Group 49,310 49,310 8.99% 9.51% 5 Morgan Stanley & Co. Incorporated Co-Senior 34,855 34,855 6.35% 6.72% 6 Fidelity Capital Markets Selling Group 31,765 30,120 5.79% 5.81% 7 Southwest Securities, Inc. Selling Group 30,945 29,705 5.64% 5.73% 8 Merrill Lynch & Co. Selling Group 25,360 24,970 4.62% 4.82% 9 J.P. Morgan Securities Inc. Co-Senior 15,975 14,955 2.91% 2.88% 10 Wachovia Bank, National Association Selling Group 13,700 13,700 2.50% 2.64% 11 Charles Schwab Selling Group 7,085 6,175 1.29% 1.19% 12 TD Ameritrade Selling Group 5,730 5,730 1.04% 1.11% 13 Wedbush Morgan Securities Selling Group 5,395 5,300 0.98% 1.02% 14 Edward D. Jones & Co. Selling Group 4,640 4,295 0.85% 0.83% 15 RBC Capital Markets Selling Group 4,180 3,595 0.76% 0.69% 16 City National Securities, Inc. Selling Group 4,075 4,075 0.74% 0.79% 17 Jeff eries & Company, Inc. Selling Group 3,950 3,950 0.72% 0.76% 18 William Blair & Company, LL.C. Selling Group 3,275 3,000 0.60% 0.58% 19 Oppenheimer & Co. Selling Group 3,160 2,835 0.58% 0.55% 20 Grigsby & Associates, Inc. Selling Group 2,645 2,495 0.48% 0.48% 21 Jackson Securities, LLC Selling Group 2,500 1,500 0.46% 0.29% 22 Alamo Capital Selling Group 1,400 1,300 0.26% 0.25% 23 Sandgrain Securities Inc. Selling Group 1,300 1,000 0.24% 0.19% 24 Pershing L.L.C., Principal Trading Selling Group 1,035 1,035 0.19% 0.20% 25 Northern Trust Securities, Inc. Selling Group 1,025 1,025 0.19% 0.20% 26 Loop Capital Markets Selling Group 1,000 1,000 0.18% 0.19% 27 Raymond James & Associates, Inc. Selling Group 250 250 0.05% 0.05% 28 Comerica Securities Selling Group 200 200 0.04% 0.04% 29 Siebert Brandford Shank & Co. Selling Group 150 150 0.03% 0.03% 30 Robert W. Baird & Co., Inc. Selling Group 60 60 0.01% 0.01% 31 Ramirez & Co., Inc. Selling Group - - 0.00% 0.00% Grand Total $ 548,705 $ 518,425 100.00% 100.00% U _ O U E W y O L IL H m Z B W E W m c Z m o x a m N ~ 3 10 2 a s S a t'1 m C ~ G D m n L a ~ m 2 _ L m N N /n N m C IL C V 9 m O Q C m of x w $s O T O d N G m~a a N m m m L m is m ~ C O is C C m x rn m mwEm~FSm o ~ w p1 m o§ 0 2 m `O U m appp > L m 0 0 0 a a O mm m N de O o > m ~ ~ m N m m~ n 0 m m m m x m a m J m 'U o E c x 1,-OOOL Z O N U) N N M N o n m co N O M m m N m 0 8 O C) to IT tD ONO W O o m Z N 111 M N 2 Q d Vi to sA iR O~ _ WO W Z _ D m L ~aN 7 0 7 A m f0 m d Q m> m D U 0 T N m> y y m N Ca c a a N~¢~ L M 8 Q W> V } m U m m IV Q U) "D Z CD O 0/ cu c m O C 0 m Q M to m m n N m n r Q r 0 Q O O m N p O M m M m V O 127Q nmm~N~QmMNti'f OmrOOQmmMmOf~mM mm0 O o m N m N O O M m n N m r m LL7 [D N Q p N n OR m N U') n n N M r V r ED ' O N- N M M Q V M co c(D N Q ti) Imo tmD aN0 Q1 O N t'7 Q tN[f cND aND M N Q O Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q to to v7 u7 u7 n U.) 0 tD n N Q m m O M R n N M m V m m 2 M N m 1fl n 11] n M N 1n O m Q~ Q M m to M tD m of- N fD Cl O M P.- M Q O M O 1C/ O> Q O n m 1C1 N for OMmEOr mmM Q OO 1n v,n u7 nQmNMOr R nM0 mm (p tD MU'f Ur mr mONM mNm mNmQN _m O M1t7m~OrMlonm MmnmNQ(Dco m mrMmm O O O O O O r r N N N N N M M M M Q Q Q Q 1[? 117 U to co r r r r r T T r r r T r r r r r r r r r r r r r r r r r m m to t0 Q1 N 1fJ O] V O M o o n o m v o n N 01 m N O_ M M m L)Qm nm nnOtD lnn V M[DMQmn~immOmM MO v mNm~_tDOmrnQOnQNOmnmLq Ltomnm0Mt0mM ommm NQ117n6ONMUIn0ONQmm0NQmOirm00 co co co m m m Ol m m m 0 0 0 0 0 0 r r r N N N N N' T M 0 m 0ttppn MN N m m m m tD to N n N O m OOmOER tDO mN N O m m m m o i O N M t D O N M m n m Q m m 0 n n n n n n m m co m m M m n T o 2 O 117 p N N m0 Or mOm1 ~Op t'i~ pC 11j Ir I Q 'r pr QM Qm mo to f - Ql mmO-cli 1!')mnmm to to m m tO m m tD m 1O m m oooooOOOOOOo 0 0 C. C. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c c Q v v v v v ~i rn °m rn M N M m M rn rn N m aDO T~mrnot~inQ triOntOnmQNrNm mOm V V u7mnmm m n m~ 0 C NI Q to cD n Q Q Q Q 1o N 117 117 127 to U] 10 Lo nr MmN to mn mm 127 O V nmmu)mQOtomm c+7Q NQ mIn n No~ toO M t f1 m m m O O O t D O m Q mm Mmu70 to On V V m Q m m< N n c l! n m 1QD n mm0 N MQMLLQ7con Q Q Q V N 117 1n t27 127 to 1A v) M M M I N O o N 07 M M m n M m N m m 0 m Q Otq M mm Q MOntD mmm to m n O N N m N O V Q O N O to n m M m? O n Q O 01 W m 17i O N V ~ O m Q n m N m m O M m m M m 61 Q v 1n 1n to v1 tO tO tq n t~ n r~ m m m u7 Qo M m MN N r m tnmmmn mOO mc11 M fO tt7 m m m? V m c0 N N n n m C M m r M M M M C7 V m to Q u7 mM NIf1 m LL)N NLL7 ON n NQmmNNmN~7Oet{{maT mto n O NMQ IQ CRC rNQtD tq I I - -Q n n n n n n n n m m m m m m m m m m Cl N 00000000000000000 O 00000000000000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O rnmmrnrnmrnrnmmrnrnmrnrnrnrn ~ T~~rTr.-rrrrrrrrrr m M N" _ 10 (D m m n m O_ O r cD MID to to OmMmM V mN m N N n n M V C7 M M M M M Q tD O ~Qmnm ~ m 117~ mm n(0m M 1f] n m N 127 m N m 0 L7 m V O uU r n O N M m tD n IT O N M Q iD m m T N m m m m m m m m n n n n n n n m m m N_ O M O O N m 0 1o m O n _N m V n to m M n Q M m T m N m to O m O N N N to N m 0 n O m m m mm OO o cD Ntpmm0 t Mn n mm M M a 0 m Q m m M m N 121 m N n M ~ V nNmmNnto (Dmm117n M-M O N N M V m m 0 ;n-• M Q m mn m O N mmlDOmmm(Dnnnnnnnmm n m M to O Q n m m r O n O n e{mN to N N M V N n M M N m V nTQtOnNm nMQtANIOr Q co N m o to OmNQmmm mrc rtoOCmQMnOnNNLo nmal o1NmtOnmal Qmmm M m n n m m of V m n N O M m m m M m m m 7 m Q n Di O N m M (D m Q m m m to N M 110 m tV c7 m o m n 0 M n N m r 7 tD n R cD ~ 1: tD n r m Q tD r m m r I m. LQ 1D n N N O m m m m m m m m 0 M Q (D m O Mtn m N 111 m M N N P.- N m V O m m 0 N M to (D M m O N M 1A m n co O N Q V1 Iz co O m 117 Q Q 10 1A U7 117 tD to 1[) m m m m to m (o m <D n n n n I t~ - m m co m N N N N N N N N ffVV N N N N N" N N N N N N N N cV N N N N N N N N N N N" N N N N N N N N N N N N N N N N N N N N N N N m m m m tD cq m m cq m tD cD m m m (0 m to (D m cq m m O to to m 1? m m 0 0 0 O O O O O O O O O O 0 O O O O O O 0 0 O O 0 O O O O 0 n n n n n n to n n n n n n n n n n n n n n n n n rn n n n n n m m m m m m m m m co m m ( my m m m m m m m m m m m m m m m m m N N N N N N N N N N N N N N N N 04 N N N N N N N N N N N N N 04 N M M M M M M M M M M M M M M I'7 M M M M M M M M M M M M M M M tD m tD m m m m m m m m m m m m m m m m m m tD fO m m m m cD m m (ND m N N { Np ( lD In ND (8 N 1172 N N N C NI N N N N N N N c Np ( N(pp ( Np t Np N N N N N N N N 1D N cmll N N to m m i° In 117 1o t27 cc1 tmo LLm7 N u7 1m11 N ttOo 0 0 0 0 0 0 0 0 0 0 0 0 0 o C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O M l'M (7 [`J f l f') f') P'/ M 17 t`7 M C'1 t•i ci tai tM M M c'i t7 t i c'i ('i ~ (M t7 th M N Q m 0 O m N t*) V m m N 111 N m n O n n m m fQ n N m m co n Q m m c'7 O m m M Cl Q7/ V to n M n m N to m M n tOD N N n M co O co m ONONfDrM0t17Q mrmMMtp co m00 M nmmmlomn[D n O N N a D N O l o m m r r m N N n M p n n 0 N_ m 111 m NmNO mtoOOO co pp°O Vm Qm 10 o m m N n n N m n m N Q m m a to n N m n m r n N if) , N O O N n m O O to L R M r t'? Q M N N N N N M M m n O N Q h O M W m M n N O co N co v m n co m 0 N M V to n 0 N M N m n m 0 M Q m n m o N Q Q Q V tD il) to LL7 117 In O to 111111~~~00o (D to to m to m m t0 n n n n n n n m co rNMQU7mnmm0rNM V u'7 CO nmmo NMQ 1D mnmmO N N N N N N N N N N M M M M M M co M M M Q 0 0 0 o o 0 o o o o o 0 0 0 o o o O o o o o o o o o o o 0 0 N N ~V N N N N N N N N N ~V N N N N N N N ~V N N N N N N N N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 T r r r r r r r r r r T T r r r r r r r r r ~ r r T r r T r M M m m m to H 6 U od m N O J O 0 N 0 0 Q o O C m 7 A rn m rn rn M r A o a m M 0 o m m T n M n n _o rn m M O Q M M N O Q to LL'1 m M Q) m m ~ M r A O M O A m to m v M A O) Qi M Q1 m y m R q Qf N r 1o Q Qf r m M m N 0 m O O m m n n Q m 0 0 O CO D: a m C m Q> m OmA mn0Nm;r 0nvOfAnOmA MME T vU] - mmQQQ m m O m M m O M n C ~ t Y T M n Q Q A I A Q 1 M m m Q I N l o m N Q n QQlotolnmmmnnnnnn V Ou]totO AOnnf C i OOOrr n - rrrrrcMV V V V V M 2 Q J E Ca - - - - F' R Z ~ O W Z D m M N M V m O V n M O (t~~ O A N N m N m u'i N m to N N In N r A M mm~n mQMmmQl 47M mm~ yyOOOCO~n M fV U) to c.) to coO V mmQ mOMlnmmmm (O [DmONnNO m O Z H Q 2 N ~ L .+H rnmnmmMcmrn ON tL2 m2 0 loll mOl COD MOnmcO M m A D1 v M to o M A O W M m O Io O v v O] to O tf') r n N m O M M M Q Q Q Q m m m mmnAmmO7Q 000 V! I. I r m m N m N to ~ r r r r N a m M O O) r 11Y O N N m O n m Q M m M N t0 O u] mM w ~ (O N N Q m n n n n m N O h m m m N 0 Ql c O M cb M V O~ 00 NOM O N O r m O m O u p C p m o o N m Q r o co m men, to to mA m o M co m MArANTIOM r M Io m m O N v m m N N N N N M M M M v v v Q to Mm mm n IOfI v Q m OOMN Ol OOOM v M Nm mNmNmQIm IA r N M to r r uO v n Q m N c'] O r A m Q m M to v m m v m O Q1m r m cOm :m O7 NI m N ti NmIoNOw r- 06 6N n Q r M o n 01 M m m 0 lV IA f~ O N o n O M m m v A O M A 0 M M v Q v v Q to tf1 117 1o m ft6O m m A A A n m m m m 01 Q1 Q1 O O O r 2 O y N O Z w a O W Z [yam d Q r ` Z w = D L a M O Q U m C~ O Q L U W > A m N -0 ~ ~wD io,n,nltJ,niolo~nu-,lololololnmmmm inmmmmm mNNNNNNNNNNNNN mmwccc?cq mwow m -2 Y rn m ~ m ~ ~ m o U N N N N N N N N N N N N m m v m u'f to v O to r O M M M M M M M M M M M M Q O M n M N 01 O n M M d dmmm mmmmmmmmmM l/n M 1o m r OO m trn CO G C ~ m m m m m m m O D m m m m M M N Q 1 P') M m m ~ ti l n O O O O O O O O O O O O M M M N M M v M M M M M N Q Q' n d N N N N N N N N N N N N OD m r r r r r r r r r + E 0 d M M M M M M M M M M tM M N N N N N N N N N N cV N to Z O 0 U u N K] A co A m to m a) io m OJ . ' . i i • • i i i m p~ n O) '4: m QI N Q! m C m m MM m Q) 0Ql7 m In O N 1f'1 A 2 r m mpAnN<n 7r OONA vrnQQQ107 Co - Q m 111 N m m m m cV N O m l'7 ~M.. ~Ammmlo to Lo L7QQVQ t'7 a O U m N~ O N~ W ONE N M Ip9 ONl IMO v v A n o A n m A aI m A m N ZAIn6NOHA OfvIDy a r- a ~ y Q v v Q to v v v q v V Q m 0 N A A A A n n n A A A A CO) P ° A 11 ~ a o O1 p o n v o n A N o V'1-1 MCm')cO~ Q mN n n m n~~ mo`gA rINOOAM o p t~Arnr rrncorr»r~o AM1l1m Inroomin N m r O M O N O O N M m to t9 N 01 M m m m t+ n Ul 0 O) r r r V- ~ r ~ ~ ~ r- ~ ~ V V O L m a r r r r r r r r r N N N N N N N N N N N N N N N cl m N 0 e m N u um ap M ~ mn o a vmi mn M C c Co v 0 O m m io M M CI N mOQi Mm D1 mnloA Z m a} Q 1(7 In et ICi I~ R 11I N N N N Q m [7 M M M M M M f'1 M M M M M r r r r r r r r r M m fA ~ m o 0 0 0 0 0 o O o o m m m m m m m m m m m m m m m m m m m c m m m o o_ o_ o_ o o _o o_ _o o_ _o o_ QQ QQ rQ c to to lA l17 A N a lfI In n n a A II N N ) m O O O O O O O O O O O O wi r2 ~ m u U v Q v v Q Q Q v Q v v Q ni [7 M r 1i M M M M M M M M M M M M M M to z C C a co m n 01 O N M v o m A m o c N M N m n m 01 O W O r N_ M y m m N N N N N N N N N N M M M M N M M M M M V W 0 0 0 0 0 0 0 0 o o o 0 o o 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 N N N N N N N N N N N ~V1 N N N N N N N N N N N N N N N N N ~9 v cr~~. ~.=~rr~rrrrrrr~rrrrr~r~~~rrr o c ~ O W '0 0 0! `0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 `o o` o 0 0 '0 0 0 0 0 0 'o CO N U 0 fO J d D C) 0 N co N e O N U Z a N d ~ V O ~ = co w C 2 0 U) N O U Z W a O wz o m Z d h D T 2 10 2 a c U m w o E w o 1L W > M U 01 ~ V) v a w cc o o m m u p U m 2 m N o U co u O p1 t0 M ((pp tO (D (0 !D O O m C M p1 O pl ~ D f0D GOO M N GO ~Op N Q lNfi ~OfJ (N r) m n co N co C ~n O W W M g(R mO rnN n pf O Omn MQ O N O)NOQ Q O 04 O1n M r~ C y y O Ic1 M N N r N N M ll7 m Q) li7 Q D1 M m Q O n Q O O m m O) O N Q M Q W p Q M Ln n W M n d) - M L7 n Q O pi Q n p1 N m m O M m 01 M O cq O > £ p r r- N N N N N M M M Q Q~ d Q ll] N N O O cD r CD O r = Nm r r r r r r r- r r- m I m Ic) t17 tD m m N N ~ V7 ll') t17 N m Ip N N N N N N N N N N N N N N Y ~ N m p Q '2 ~ m p y - r r r r r r r- r- r r r U v v - m m a rn rn rn rn rn rn rn rn rn rn o ~ ~ ~ ~ ~ ~ ~ Tm Mttl Q W C C p 00C y m C E ? Om0 ~ cD co cD to co m cD 0 w m cD O N m o .c co U m D C® e Q- N O l`7 M c0 r OOf pl co c4 N O co O M M w m to pf Q X m m m° _ M Q cD m Q W O M n O N O A N m c, co ' a m m N cp Q Q M M M M M N N Q Q m ° e Q 01 CI O/ T O1 Ol~~O+° 3 01 m Of Of 01 Q1 QI T 01 W Ol GR M oc ma m y o ° m m c> co co co m m m m m m GD m o 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O o M co co M M M M M M ce) m m m m m m m m m CO m m m m m m GO m co o Gcq ccoowaooommmmGD n mwmmm nnnnnr nnnr > m ~ C y N> m p R ~ ~ nti MM MC7 MMMMMM MMNNNNNN NcV N N N N N N N N N N N D> m m m m m m m m m m m U7 u'1 N N N m I2 U2 U] m O ~2 N m O m u7 U) L7 O cD m co to m co tO m cD CD w EDr r p m U S r r r-- con co O cp _O r N_ _M _n m Q~ O N N M Q iD m n m m 0 N M ~f1 tD n m m 0 m N N N N N N N N N M M M M M M M M M Q y y 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o o o o 0 o o o o m 9 N N N N N N ~v N N ~V N N N N N N N N N N N N Q Q N N N N N N N R C C r r r-- - r r r r o p W 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 m 6 U Ga is H O t0 J Q1 0 r 0 N U) j, _ O O O M N n m m N_ M O 0 M 0 0 M 0 N 0 N O N O Cc w LO N 00 f7 m~OOrm W M 04 ~(pp mO '0 N CV W '7 O Z m - K G m 0 Q O N A 0O to OM Q M A (D N r AANN(OO Om C31 O mC m m 7Q NO N? ww tnm _MDMm_ONmAOO nAOQONAMaD 0 C CQ =i 'F' E Ctf1Or MOAm OaD M~p(o Q to mNO00r M W W 0 M to M CD 07 F- m O f7 `1 ; fD [D A A A A t- W WGo 0)Ol O)OOOOr r NNNNMMM P7Q t~ W N ~ .Q C LL Z C r r r r r r r r r r r r r r r r C7 7 3 A j Ix 0 m m _ _ IL m m> M 0 0 0 0 O O O N Q m o 0 0 0 A 0 N A M 0 0 (O O 0 0 N _N M N A O MCD N m OA MCO M OmO OQ m 0 m o A MNM O M A M C y C M O ~Q ~ COO tnO (o pt MMm(NA W)NNO~Q ro(O Q OMQ N lA m N L N r r 0f 0 A 0 0 l0 A c0 m r M 0 m m A r ~p fV pp N O ~p M m fG CD m O N M Q O A m M u7 A m r Q tp Cp O M O CD O M O 0 N ~l7 m M (O O Q ~D W m C L >m. m' ~ N N N N N N M M M M M Q Q Q IT O O o o (0 0 0 to A A A co 0 m m m A 2 O Q O L Q y m oil j a i m d a ~m8 A A M Q O O A m A r N O o 0 m m A O N m 0 Q Q O A M r M 0 V 0 N tV 0 m C- m o A O O A O O A r 0 M M A M N W N O O N A Q M Q 0 O Q M Z m m to mA NmAO MN0a) ra O O O O O O mA CO m O N V mmry tp m N G N0 A0 m0) O (V M Q Q to (fl t-: C6 m0 N M~tOOnmOrNMtnO m r r r N N N N N N N N N N N M M M M M M M M Q Q Q Q Q Q m (n N =N mr H m m CO yQLL '0 m m J 'D b c m $ O A o W O ` 0 282 O Q A 0 0 N N _ M m o m 0 0 0 tD m r 0_ L C tS 0 M 0 N A 0 N A o A Q o r m (O O 0 A Q r co 0 O A CO ss{{ m p m c C y m m0 t0 A r (OQ Q (D O0O(o 00000(0 tAA NOrQrr_~ rO (7 C m j? a Cc~ a M N N N N M M Q lfJ m O m M O W Q o O m m Q m to A _ N m m to A 0O r N Q 00 0 m N Q0 A O)r 0 U C je C N M Q 0w A 0 m O N to -Jm m> m N C9 = a p N N N N N N N N M M M M M M M Q Q Q Q Q Q Q V O O O O O O 0 M = C 10 m LL y m N r m m c m Ul 2 E J a C o m c be _ _ ,C O O m 0 m O (D M 1- .C) 0 O O 0 A O A N O M O 0 N O A O A 0 p C 0 CO N M Q A N Q M N A 0 0 0 0 0 0 0 N M o N 0 M M m 0 0 0 O a> (b 'm (XC C m O Q r 0 O M r O O r M A M N N O r O M m m M N O Q 0 A M O K Q 0 r- M O m A w O M A M O CO A 0 r In O t- M LL') A O .O > m M 0 Q M M n N G ,C F A C m O y E a o r 0 r 0 r A N 0 Q m o 0 Q O A Q 0 A Q N m A Q N O co A O m UU Cl y` pO - r N (V M M Q Q O O (D (j) A 0 0 Cy! R 0 C l! Cl Q er 0 0 A 0 0 m 0 0 > > m LL p V r r r r r r r r r r r r r- r N N N N N N N N N N N N N N M i C7 s x v, W (7 G v c t9 m m q M Q (D m A A O A 0 0 0 pp pp O A O N O m N ((pp m (O 0 (0 0 Q C0 0 m deb O > N O Q Q O A N 0 m A 0 Q O 1f1 0 0 m 0 m 0 A m 0 0 0 0 M Q A Q M O m N N W Q m r C TL m r N Q O A r 0 0 m 0 0 m m O r Q~ M Q m O M N r r V r O (p AN r m NN MA NN AN O M mQ N(' ] _O m o o V Nm m 0 N0 C o A r 0 Q A O_ O 0 m M N O~~ tp ONO ON0 mO OD m(nO r-- a) CDM ~ > ~ m x c C m MN mCD A ID m N oO(oMr OON Q 0Q OOOOOVI m(D V MQ Cl! Am m m W m v)rOCo0 to 0NA MAM O AMMM _MmoM CO WM mAOQQ p p m E m r N N M M V V O O 0 0 A 0 0 m m 0 N M Q Q O 0 A A 0 m 0 N (1pp r r r r r r r r r r r r r r N N N N N N N N N N N N N M F. } i m ,g M C p W W U r N C LLO W >.L M Q A M N O O M 0 m Iv M O Q m o Q C0 N O m N_ m m A 0 N ((pp 0 M 0 0 0 G 0 0 A A 0 0 r r A 0 m C VV A N O (o A m 0 0 N N V M m r O m N r r O M O O O O O A O M N N O N tD V 0 m O o Am U m mm OOmmN OOO N N Nt: NO no A('~ QQ(O 'QAnowOm + yM 7 M O O m 0 A o M M O 0 N N O Q N 0 fD M Q O N r 0 r m O o N r r N N] m Cn (D ? M M m N A Q N N Q A N m l lb m 0 z i O N mO 0~0 (O A N 0Q O0N 0 (A mON m!n M O0Q N m O Q ~ m> O w mAAWWmmOO NNMM V Atp(oAA0 OrNMQQ Q N N N N N N N N N M M f7 M M M M M M M M M M M M Q Q Q Q Q Q Q _y c~ o0o mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm G N Q N 0 0 0 A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A O ~r mooo 'oV mmmao(qmco(ommmmmcomcommmmmmmcom(ucomcoct m U N o @ m Q ~fp p N m ON p m 7~~tQO (O (D ~(O ~(O ~(O ~OOCQO ~lO (o (O (D m (D tQ0OO(D (C M 0 (O r (.1 u y z u ti m 0 0 m.61 o(b m mmm.6.6 6 .5 .6 CON W mmW m WWa WOWmmmOOm QM r ?Q ---rrrr--rr.------rrrr-----rrrr W C14 n FA to fq (A -i J W O «i6mm > 2 W _ c~> O m 0 a V 0 0 O M r v ryry O N m N Q r O O 0 O m M 0 O M O N N O 0 N m m m (yrmmO M T r~ O mO mmNOOQ r r M N 04 N CO 0 Q A N r 00 o 0 ID Q M Q (D Cl) A Z > O~ M~ 0 m S Q r N M 0 T N tQ m r A o 0 0 A A O m ey} o o r O 0 0 M O N N m N o M V 0 A C IC m m? m> m y mOOOOO O['JOmm QOAOr AAOA~M MOM 0 N A A A 0) r O r A ((7 O O A r N r O r m G a C N 7 Q 0 m 3 m 0 o Q O o 0) M m A Fu 0 N 's Y y A N A N A N h M CO m 0 A M O (o M M 0 M O A o N 0 CO t0 Q N O 0 N N M M p; 0 0 0 A CO m m 0 N M A m 0 C a N O? W N m y (C M Q Q O O O 0 A 0 (D y y y -0 (n Q N N N N N N N N N N N N CO) M M M M M M ) M M M M M M M Q Q Q Q E- m N y m M re -1 t/~ m O r N W M` LO (O A 0 m 0 N M Q o 0 A 0 m 0 N M 0 O 0 A 0 m 0 Q L UJ Oy N N N N N N N N N N M M M M M M M M M M ~T y ' m v 3 } c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 m W } m 'C V O to C 9 N N N N N N N N N N N N N N N N N N N N N N ~V N N 7 m to C C 0 0 y U C m x p p W 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ m V1 Z C Q H 2 m r r r r r r r r r r r r r r r - r r r r r- r r r N O U cd N NNO LPL. m J d 0 0 N o O CIO U ~a za Na ~ U O ~ = m W ZD O Z z Q N O U Z W a O N > Z W }O m a 2 a O j. O a S fu Q a M ui 0 C. LU > U CD O m m 0 p tD O M CO M (O 1~ O 01 O 1~ O O r, N fD O s R A w0 1- O? O O 01 l0 O 3 9 W M O M ~ [D Of O N M 1l M N I- N O Ln M (O o tD O t~ m M .r- N m Q1 < t~ m m t` O m r O V M m Q1 m m v 'V rn rn M N t. to fD r m Ql O N to m r li7 01 V O m N 0 <D V N ~ r V f` O 01 V o N 12 m O N IA n OI v m m V m Q1 n O M G [A M m O c m co r r N N N N N M M M co V V V V to tI1 m m 1D m m r` rP- f` m aD cD m to to o to to to n N ui to m N N o Il i n o to to to to n to N In to to to to o r r T r r r T r ' ^ . . . . . . ' r ^ . . r IDmcOmtl) totp tOmmtD mcD C0 t01D C0mmmmmOmOm m mm O1 Q1 OJ tb 0~ 0 01 O cA 0 0 0 0 0 0 0 0 0 0 O1 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N NNN N N N N cV N N N N N N N N NNN N (V N N N N N N N N In lli In ll1 Hl 0 ll7 lL) In L7 ll') IL1 lf1 m N l17 N U) Ili lli If1 \f1 In ll1 l.7 In Lou) 111 IP! t1) [OnmNNtn tO tD Ntn u'1 fAOyy NNO~ V ~mNm gomcoM w N m co m O O Q1 01 M m N m W M M N l0 O N r M o m N O o Q to O.-O~rrm M M m.2 9r1001r r c( 0N0r mrm O/D f0C t0 ID 0 f~ t[I N) M M M It] t0 O1 r Il) to N fD ID 7 n m n _0 V O 1~ t0 tD t~ O M OD t m N m t- V N O m f-- to M N O O1 cD f~ c0 10 V M N T 0 0 0 OD 00 h 0 0 f• V u7 V V V M M M M M N N N N N N r r r r r r r to o mlptpmtntolamtomeotofatotclntolo/o/omrolcmmlolarololotoln N c1 N 0101010101 W O1 cli ck 0101 fA 01 f7f 0/010100+ o1 a o1 o1 o/ m olrn o+ V 0t ~ j N N N NN NN !V N N N N N N N N N c l! c 1t N N N N N N N Nf M c4 M M M M M M M M 4 M M M M P4 N M~ t7 M M M M M M N M M M c4 N c4 1A N I/( o o o on toff o N o w) toll toff in Iot1 'n toll u.) 0 0 1N IN Lo Lo w) o i N o " c4 in toll t ll o !on in m _ cA p m 0 0 0 0 0 0 0 0 0 o 0 0 0 0 o o 0 o 0 0 0 0 0 0 0 0 o o o 0 0 N N N N' N N N N (V N N N N N N N N N N N N N N N N N N N N N C 1e r r r r r r r r r r r r r r~ r r r r r r ~ r r r r r E 4 ti-: uai m ocD<nmmlammmmmlocolommccmm cccmm DCnmcccDm~lcm r N _M V m m^ _m O O ~ N M V" ID ti m O O N M V m m P m m O N N N N N N N N N N M M M M M M M M R M V 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N ~V ~V N N N N N N N N f`V N N N N N N N N N N N N N N ~V N N N ~0 0 0 0 0 '0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 r r- r r r r r r r r-- r r r r r r r r r r r r r N 0 U ca m N 0 W. m J Q7 Q 0 r 0 N e O N U O a Z Q ~ U 7 O co =w a z O N O U z W a O N > Z D m ~a r H g a` c O Q U m Q a A u1 o m w m U Odm cr O m m M r v In _O N Q N m O O M M W m m n m m m N n N N M N In m m r-- N C C V n M m N m I N O m N n2n M a o N o M m to <f co m f0 O n m O Q n n OR M m m m M m m m M m m 0 r C1 Q n Q Q n V M 7 m N m g'yQ QvQMMQ Qr on mONQnmNnmNm oooC 0 mu7N N 1f1 to n m m r N M Q m n m m O NN M Q tD n m O N mm L7 m m m m N E O r r r r r r r r N N N N N N M M M M M M M [t v m ~ = f!1 co m O N N N u o o m 1n Ln m N o m In N N N o in m to m 0V~ m Ln o m o ua N N N [V N N N N N N N N N N N N N N N N N N N N N N N N N N N N r r r m V ~ r r r r r r r- r r e- r r r- r r r r r r e- r r- r m 2 m N O U vm m ooooo00000000000000000000oo0ooo m nnt~n ne"-r~nnnne-nnnnn nnPli m nnnnnnnnnr ~ c a y - m m m m m m m m ro m m m co co m co co m co co co m co m m m m co m m m m n n n n~ n n n n n n n n n n n~~ n n n n n n n n n n n n n ~ r rrr E rrrrrrr,-rrrrrr rr r vi • U ~ O C u7 m N ~o O m M N m m m M m m N M O m Q v m Q m O Q m m (D m m n O m n M M Q e M m O M N m v M Q Q N m O m m N M n M N M n M r r M m N m t D (O m m r n (n c m 3 ` r m m M t D M m e m N N m M M N N M m m r v m f V ~O m n M m o N m to m O m u) m m n (6 v n m 1n Q N r r O m m m m n n m m in 1o u7 v a Q Q M M M M N N N vM a>~ rrr~rr.-rr N m v v a e v e v a e v~ e a e v v e e e e e Q e e e a~ e a e o 0 0 0~ o 0 0 0 0 0 M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 nnm n nnr 0 2 E3 N y ? ; ti nn~tinr-nn~nnnr:n~nh nnnP. r- nn m m W a0 W m m m c0 W W~ m m m m W W aD a0 m m m W W W 00 a0 m m m m ~ n n n n n n n n n n n n n n n n n n r~ n n n n n n n n n n' ~ ~ ro m a m N o . m o 0 0 0 0 0 0 0 0 0 o o 0 0 0 0 0 0 0 o 0 0 0 o 0 0 0 0 o 0 o n co m m m m m m m m m co m m m m m cO aD co m m m m m m m m m m m m m C7 M M M M M M M M M M M M n n n M n '1 M O7 m c W M M c! M M M M M M M M n c M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M v N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N m O ~ Q O N N [V N N N N N N N m O m U N O LL jp OrNMQU]mnmmO NMQU)mnmm0 NMVU)mnmm0 m N N N N N N N N N N M M M M M M M M M M w > c o 0 0 0 0 0 0 N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N Q N N Q N N N N N Q N N N B 'I-- rrr-r--: rrrrrr o c ~ O W '0 0 0 0 0 0 0 0 0 0 0 0 '0 0 0 0 0 `0 0 0 0 0 0 0 `o `o o '0 0 0 m r r r r r r r r r r r r r r r r r r r r r r r r r r r r r co N O U N O R J C1 O U a n a y f'I r 0 9 a n C!: d a z ~o zz n E- co o n V n i C. n O a G Y a a 'C C _W n m .t In m Q Z C P~ O~ N O O 3 quamuaeggv 70 O cD 2 fD CL A 0 3 v m m O m 3 fT n O 3 _3 fl r-r o~ f~ O CD a 0 w a D m D. w 0 CL N Ln O 3 ' O 0 O 3 ~ ~ ~ :3 70 d (D O 3 o 20 0 r( as O ~ = fD -v ~ 3 m n n 0 3 3 N N. 0 N n c N _N W N - T N N ~ T a m 1 Mi pi cr F O n O e+ ~D f+ • r+ O O c' m Z O c~' I ! L I I J 1 O I I r Ln m -n -o r cn 4h. m -n -a N r IF, m ~ v+ w ~'c 0 H n' H w d 0 n (1 0 0v p p l V Otl fp ! Ott T N 0"Q (D (PQ . IO N H fp O O C uOt vOi 0'Q FD RO 4^ C A. SO N N 00 fD H a v v D Al fl w v OvD O a H rD w v w fD 04 3 .o A D %0 n N V~ 3 I 10 1 t./1 W W D tI1 W W K T 0 O^ n O O N 4 L, CO O r `d to to O A OV C 0 W N N Q n W O OV C A w O 1 W m y~y 4L 0 N - O m p 3 °D I O I p CVQ O C7 m I 3 3 3? p` 3 3 3 w c a, m w E' 3, c A 7 N om 'o w m v m o a > S a c too 0 3 m 2 0. IR v 0 co uCm N H S n R 9 = d H O O H N w p I w C ! w ~C w w = C. = O m Q0 'C. o a o ° v '3 A. S 3 ? 3 a M =1 (b C- A o O c. 3 n 9' N_ `n° v m y ti~pp s w 7 Al Q O m a <'M H d 0 n d d N I N f'D /CD C lb 5 2- < ` m 7 m I fD i O w Gf w O Q In = I 7 S f~ o o=a Q° I C M v_• ,fn-„• jw1 Oe 0- O = N M, D' ~ > Ian 7 H M- :3 ! ^ o G• N c C' ! a a p n R PP ~D On 3 A w N C m 1 = A N d I n n O T n o m m wn 3 7 X n m n 3 0 n c7, TL n O I Q• H = 1 N 1^ m ° fu m 3, m C2 a' Fr I. I n a g N<, a s- i$ ; m a n 0' ^ 0 < pr m w m w 3 O Z3 C r~3 = °t ~d Sie On ? Z d s n m N H O w @ 3 5 w o m CL N ~p~ n H ~pp ~N__y Q an d a y~ < y N I 03 W = ~ n 10 ~ ! ~ = O Q w YM- 0 o, 'a 3 <mc n m o m n w r _ m 5 m o m O 3 ' ! Q A ? v a ! w 3• aB 1 1 oo N f" =m m' - ° ° 3 w c w N O w ! ° w n A ! 0 A d 3 j. I t/1 d m W H M I 1 04 -2. 04 o fD m w o=0 3 m o o o° v08 a r) , `m 3 w N 3 g° m A n d N o n N c w w~ ID O t r~i O t'`o c O ; o w I O 3_ w y O v G m 3 m I I ` w I I V r ~Q K 3 n' -o' , a 3 oa T_ O O O 7 rr S A m N R n O u 0 C c c c c Z D w X 'no o "I tDD 0% D- 00 o (D n A cD .o a r*. c (D r to _ In 0 w O N w tD a O a r :3 a • < m w 33 7 ~ -1 to c I (A 3 V = :3 0o O O d n N D- N M - O CA 0 --ft a . Ln w ' Q r ~ H 3 ~ o O 7 (D O ~D vii n O 7 O ~ m n n v C fD A y . a P~ W Pr H a n 0 3 C w it O m c a' m Ln `C 0 8 8 o S 8 § 8 so g` r g ~ n O SL ~ a R ~ ~ N a V G 0 yg~ v V ~ a 3 m ~3 ❑ a rn m ?n Q O CL a. r aoza n~ O 3 r ~ w N 3 C c N n O O~ CD N N O C O N ~O 7 0 O O n] r O CD N fD P~ m N 0 (D M O 3 M r* • LA m rq~ c p N M^ A C) a O 4O P V m 2 w O Z a X N 0 0 N X m n N w 2 g 3 O CL Z o 0 0 w . D m Z N ~D N z O A CL r_ N (n O O • • n ❑ ❑ ❑ w d v a. d ~ C w C aQ 7 x :3 ' n cr n w ~ w r m O N c D An a m - r .e m N C!) • • w ❑ ❑ ❑ a c n % 00 ~ Ln f D C ~ T O ~ n . cn m D N 7 K L Q T D L Z -n w N _ n O m m N V Q m A ~ CL N 0 7C P M n N ~n D s Gl A 0 a N O O P a W " w D N 0 0 .o Z m m N a Q z O CL N ~ a n w Mi O vim. m CL n O 3 ma A fl) 0 n • • • n m m Oro O a, o u x O O Q O x e~ A w dt. o ora w OFQ rt. a o < w w (D a :3 -0 CL :3 P6) va a m OQ O~Q OQ 04 a D f~ 3 (A -Z -Z o a. p r+ E m M- p ^ 0 p l to F- IA z :R* aq a- W w 3 ( m w 0) o _ • f+ a: :3 CL C) c CL 0 (D < m w - a 3 (D LA IA c- w p• w X v m m AO = A N a ~ (D f+ in. f m m w H f+ 0 06 cm ~ ' N N Q a G CL 0- s fl) = oa 06) ~D' ~c OQ ~ A Mao n W y m v+ A V 'D W N - o w > > h O W vi H f+ d w m a H V' m OPQ O m 7 T -1 7 M C Q (A S r t9 7 VA m rt O (A ^ 70 O n rat. w w ~ p ( 't a w - IA 7 CQ 3 W X* p' O - o X cr C w O a Q v w v, a m 3 O 00 X C w3 w° O'Q v tr ? O to rY w > ^ ' O~ C Ph v~ fD rt lC _ 0Q S cn c r n < N' O 3 C O ° ' O w O - ~ p N 3 M fC ~ O y CA < S n O O ~ O 0 N rt 3 C H o' lD ~ Vrti ~ w rt N 7 L~J f+ O 0 O A • 0 - CL m ca 0 ti) r+ on n c~ C m a c~ 5 D D D W m ro 03 z m o ~ o A ~ ~ 0 3. a N c 3 N ? N O A ' R 3 N Q ,•r Billions o to o 1n O p O O a, co CD 4A O O O O - N w ~A Uri C) N O . O C O N ~ _ I N C M1i ■ O V I I I V O ' O C co co 7 N C 1 I d O O C Q O a y N cn o N 3 w D d w CA r O L H a R, emt. :3 OQ v D 1 v v o\° O ! C y (D 0 C -n m M w o w e-t 5• n CD X M w 7 r~? n rt > > w y r* d D No H a' rt a y y d p u A D N ~ ~ y C F a _ O C) T w d ww : s a t~D rt w X (D a :3 w r t 7 n O X (D a m r N 0 C A N 0 3 0 m c n fD N C G C C O G O C 9 j co N C v ~ n u nq F~ 0 co s n c 0 i T W 3 ~a N8 No pN Np 4 O O O 8 S 0 N c v ~ m 00 R. s x v A v z ~f S o ^ 3 3 > > n ~ n c C A W CL C rc z c cr m 11 O H m N pl 7 m CL Q ~c v O 0 3 m 3 o O - ma a 3 o D pl O 3 00 rt_ C m~3 N c Y/ ~ n r N o_ o~ c Vf RD n O N N 1'r f+ n O Z W CL OIQ C a m e+ a m m O V 3 m 7 f+ n OQ 9A 7 P not O Z M M f+ 3 ti) cr _ O O c N N O'Q O N O a :3 o C OQ c N fD N r7 S w rt fD C -S fD CL O v 'v ~ 8,0 ° M. ~ m. c n rt m w QQ T X 0 -0 - =r • c 0 w _ N ~ N O N n cD -S O H m O = < w - O C m c m O'Q E- O O OQ N N w r~ o N I r•r • 0 -V 0 -1 O n M ri 1wT M N V M' w X c n lug z 0 •O 6®6ASe©OE»CCCC n ;r, r ~cen3oe~~~~ Ode tAy r..~ ~-CCC~ Q. Cm ne WC7. M~ C irCCO CA ^~°'r5M_ EE y a c '~rn;n~~ C C C Q j7C..C n •e C A a~ ICU cO O Baca C c =r = COQ CL oc ~ vs a? 4 < 0 Oo o J~ r ,.:E {r n i a _ a Pr f+ n O O'Q a (D r' 0 a O 3 c~ A Ora 7 (A RO A~ r O m 3 CL n 0 3 3 v m m F ma 3 m rot. n 0 3 3 0 N O m w N 0 o~ a d f. 5- 3 p A) ru M Z w O M 06) 1.d. A O O' N' N ~ n 3 N 3 n a Q- O c co 3 o -0 E oo - O ~ N - w m o ~ [D o ~ 0Q Un 0 CFQ y T fD m A n 3 -v O M (DD O - 3 CL w N y w can - ~ N NN • C - 3 3 r7 w ~ ~ w w QQQ w 10 C O m Ma 7D O ~D fD a v 0 A N O o 3 o C C r+ r7 fD C cD fD O D'Q Q' O s a O w ~ a o O O C+ D w c 2 Z (p' N r w N n m oa O-v D O v b ~ N. 3 O ~ r+ o 0 P> CL O 3 0 O ~ C OQ :3 n vn 3 c„ O y N ~3 w * N O 3 m c C m N C O C S n 0 N d 0'Q L 0 m -v a r+ c r+ C m m fD Nf W n CL M Ma O O% N 1 x R O 0 D Z O D C Ll L v o fD o 0 :3 = N N a Z- M m x w :3 0'Q 0 3 3 v c :3 N M a O C O w as ~ CL m N. CL O. w 7 C N n ~ --Z 3 c 3 0 o ~ w o N 0'Q o w ~ S N fD w n ~ v 0 3 c [D x w V1 n r+ m w m N 0 w N~ Li 3 3 w O. O'Q X ~ 54 n 'S Po fD s N OQ :3 D ' O N O (D =r a O Ott N 4. -0 0'Q ~D M o G N n r+ ( S ? O :3 _ w C M ~a i Ln 3 = Un (A 3 QrQ 1 O w ~ n r+ m O m w N C n T w n m m r+ w N N O w cn N m 3 5. N 1 cD n cfl r+ N 0 3 w o O ~ oa O M n O m a H ~ a O m ~a (D • Z O O 14, 0 a _ N 4 D w ~ !f! F 3 4A V 3 7 Ma ON FEE 01 7D O 3 e) CL A v A O m v o ((D o n C12 o 0S A Q y m N w 7 ~ d w w a m w m so 0 w ~ d fD N ~ v. d C h N (D d n a N W O D Z O 0 o' d v 0 Fr m Revenue & Debt Service Millions O O ~ ~ N N W W A A O Ut O in O it O in O 6 2010 I I 1 2012 2014 2016 0 $ 2018 a w a 2020 h W 202 N 2024 2026 2028 2030 2032 'I ~ N N N O O O x 0o T O O n D w oD o a A m h 11 r ~ ~ (n ~ ~ W D y O ^ ~ p v v m N o 3 j m 0 m 7 D CL 0 D N O. v n z 3 (D 3 f v O n a 3 (D v (D Z 4A N T N 14 Z 0 0% N 14 o% N D 0 N I N r N _ _ Z 0 r :p W 07 W ~ W N R Z m 0 N C D C w° ° o _ v N 0 14. Ca fn 7 Q 7U2 Z O 7 2 O C y IA~v U) O C1 O ~ft m 7 3 3 0 IN r 0 fr AAires' C. VQ v fr 7 N Ln 20. N O O o Z O ~ c c 3 ~ OQ OQ O O O w n n OW c c aaa O O O n n n c(D f(D f(D d d 0. {yq O w OD 46 .A Ln O 69 -ch, In cr, C loo Ln C L C a 4A ~ W w W O W w W CO OD O Lai w O w w O O N W V N 00 w N OD OD w w w O N O_ O N Z O_ O O O O c c N N O'Q DQ n r) 0 0 n n W W W O O O aaa w w w 3 3 3 c c c n r~r ~ LA N C O Y, 0 O O In Q~ ~ ~ O LM O O flt Im C N N C oD T m x N ~ H - 4f1 N co co 'D - p OD a` O Cl o CD O O O O O O O O v N , a, NO 1 O w L A = O M 0 CD O ° M O C) ° A 51 0 N N Z 3a m N 3 w ~r N • to O CL n O m 3 m 0 f+ 3 f+ m IA N V ~ D ~a Aj CL (D M N(D (D ;A fD w c ~ c a(D A 0 cD w N ao N m w fD O _ c n O 3 OQ N N 1 P'1 O C OQ s n w N m w P d s O c _N D'Q (tl I m 7o O O O - v O - 0 0 0 n n n < Q r n -1 O Pt r+ !"t • (D (D n N ~ > > m m r+ CD ~ < 3 < < fD O rt t w 1 o °0 0 ' _ a w X U) O A' S [D I ~ 1 1 1 1 1 w 1 O QQ m m 3 CL m' ~ n ~ D A ~ Z m z CL c H G ~ oWo OQ m ft IA 7 3 x 0 (D CL ~w r+ n 0 ttt.. CL m f+ 0 N OD D .o f 0 Pi A O~ .o D o_ Z n o -mac 50 N = C) =r •v0 0 14D 3 o 97 M w lu a Q O C S M a 3 M N m 0 n 3 N n m m 0 v 0 D Z 0 T a Oa O 0 3 N O CD 0 0 N .A W A . -n c~„ w o w N= O ~ ^ O N ~ ~ C A 3 c?o g , , (o N 27 ~ f noW ° 0 [ 1 m M:3 ^ U m' x o' c ^ ? ~0 rr Q s 3 N ci • ~ °a ~ o n n j 1^ N~ H a a w m n ~n N `C O N = N W ' ID M Q j x a-3 a L.r Fco- J fD c m m w ID nNw < N _ n P1 ¢3 n n n oD = O TfD C ~ - rD CL CL + ' ao d0~ fD O o nc U = n D = o } w - ca 3 LL Z V' -1 (D O S 3 °'30 °2 ~ AO - v cn 0 n x mV y n Opp O O v+ ►`N o v ' J W ° N C> ~ '7 % n O 3 O 7 n 7 n n a o n a OG C oEN~ N 3 ~ w .Np CL O 0 C1 O 0 G n n n ° N n W 6 _ y y fD .z :3 w OQ 0. Ro (D A" D fl) M 't ^ n y ro - n - n ~ 00 ml wX X 30 r w ~ -3 o (D &a 0 0 f+ CL w M a T M ,wt 0 ^ R' f~D lfl Q~ 0 0 in- 'a M CL 0 CL M CL (A CL (A C:) CA 0 0 r) (A (A ou a, 3^a N~ a O :3 (A 0 0 00 M '1 7 (D CA (A'oo ono r,a a CL W CL 0 CL a- -h M N) CA M X cr% O 0 * w CL l< w fD y N 1" r w w r M n CL n p, - p t ` w x0 ~N~ <w Cn rn 0- ~ O N CD R Io N ? M f~D ~ ~ ym-N rt7 O t c=o D_. (D 35- -a Om - v m to nnoo• °r;3 D ~ rD• w ~ a O (D 3 Z re 3O n 3 XN3 ~=c ~w 0 ~ 0• w •c = r+ cD OD w y y -M O + N •3 ~ caw a `DM F'O w <y 3 Z p c-0H dH (D c R -1 r+ :3 M M a~oca n•w D O ~ ~ r+ rn -0 f9 phi w` w p n- < O j .O .A a~N ~ O w~ ~y0 tDn fl) ~ yr n~ N W ~ T O• cwn y c lD O n l1l7 - (D d~ Pni O ~ n m N %0 N to go 250 o o go 99 ~ N N~~ N N N N N n (A in v y A 7 C 3 333 3 33333 aew y aaan.CL m CL D D a aw d w d nD > m > nn > > o -1 D p Qo v n r) :3 0 r) fD n v D O D O (D ^ r t ^ O O v 3 f - D a: x v < O a~i w (D a v :3 rr O pj _ Z O (D w * n 0 O N O O N ~ ii 7 N m w < (f DD = ; 7~ r n w e-t (D a- D < r OQ o 0 N. 0 3 It s 0 o, 'Y rr O (D S X (D ~ ~n W~ D W W W H M e'T d :R. OIQ (D O O ~DD D (D Q) 03 (D CO + (D Q M co co co w (D 03 CO + 03 1 00 H (D 9 o W w D "G d • H N rrWtor n m OA CL NOOpGFV.I-..0 Vito N V A O w -V MT W V N4►+N vi r000 o' A m to N O, O O 4/ < m f+ o • 3 O O O O O O O N N r PQ A Oh V N to V :3 r'r CA w V,A.A Wm mm ljto V O~AOt~oW W0LnrQ w A a- m (D _d A w ~ 0 O A, w j `C O °O o0 0 000 i O d H O ~ o ° ° o o° o 0 0 0°° O- ~ C s ~ w c 27 V (D o w ~ D m C) P6 AANNV91 W O 0 fD n tO 900 01 (.1 N r W 0 NJ 0 LA 0 o a o 0 0 0 0° 0 o A O m r/ O 3 7 a 3 V 00 wOpt%0 ANN -4 m A 3 ^ 0 0) F- OD 0 W W O CO O 67 O :3 0 0 0 0 0 0 0 0 0 0 N . w n m s rri--rrrrrr~ N N N N N N N N N pp V1 V, In to to Vt to to In X jjjjp C1n~~9~ O 0 0 0 0 =rnDDOD o n n a, DZZ~p0o° (D . 3p2p~W~Tm coA r1t '"~-i -ipDOm~zT33~m O D o o o G)mD ;omm3 D l 1 ~ ~ ~ p ~Of• r r rn<r.zp 2~-Im (D g m r-~r-0G~Cnx2 v Dn.~ ~ ~C~m~~ rcD, - °o' ID l< M > m z =p Nzm a.. ZU)0< <G)Ln z 1 - n r- m fi ~ r- W 3p0 ~ 0 3 z z z z z > C)n N m rn c O m z Z v N 0 r O n fr m m m ffi 0 0 4 o n RO 16*r ~6*f 43FI, 40~ 4 hi - 40% CO C% nr ).-W W ~V • NNOV W W W J~~tDtDWNN° d ch ° w, = O1NN AVwCONJ Ca0In;:, NV Q~t~OUINOtn~irQ~tOrO W-w N -4 N 0) OD kO r .A (3) r V N W D VlU1 VNrlntD V ANJ i-+U1Li O~Of %0 0 C)0 cn V O r O Cn 0 tD In 0% O o ~ W WNN000004 V Ncn4 0 o ~ m s O U7 W N 3 Obi-+?OOOON0) O)~ , O W W V V 00 COO 00 ~ V rn V O d o 0 AN4 V 9.0 0 00OOOtDOO V CO y^ V ■ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 io m T f+ d C C N 'o_ WD D N N `a O A r aj 14 c7l O m ea e e l 1 m cp, H n CL w 0 0 p D_ 3 .T D n n ~ w Y/ n = o 000%k CD cL a c. a M DO c 0 co m w < 3 r, Ma N n o n m 1 o o r ^ o • n 0 C) H m p T o' v r. n o ^ o co r. a rn d' w ■ m T 3 c w m m 0 0 0 o mcnm=m<2DN rr rr rr rt C: XC030 QI QI O7 0, Z 0 z U m cn= - POrn G) r-m0 6-i j j ZNO-< 60-v 020-UDmOmO coo c ~ o~D3~3~CCn~ D(D =3 ;q CL :3 z3r~~ ~O~(mnrmmcm r-r aMi a~ ~<C~w-vzzr-I D> z On N O*nn ~Drn co m OCGn -~I O r m Z j0 C n r D n r ~ n -V:~ +R -f} N N I.- Li N W O V O in N V ►+rnm O V . A O ~D V N N N 4 O r r O co cn ODD W O O W O O N 0 0 0 0- A A A A cn cn cn V m O~cn V b 'I.- 'N '01 -Al LDC%V OV W~DOQ) o o Ni V Ln lD W V t-+ N w w N m m n w O V NI-- wo -&w0~-- O r, t- , t" N N N V MMI-JMoooWN 0 0 0 0 0 OR 0 0 0 N 0! 7 00 a D S N n c S acu o Aa 3 3 o n m 7 S m ^ s n A Gi n S n n -1 0 O 0 w m m A ~o A S A 7 rr [1 01 rplij (V P'r CL m Z f+ Q Ro f+ V M Vm n r+ P) f+ O r! 1 N O~ O T~1 A\ w W 0 3 3 m ■ A R 3 33 m Cl m 0 J 61 c N • O m 0 dP -I-i~-I<2D O ~--DNiC~ A0* D 0of0a00 D a z 0~3a`(nW7K ~r.,°(nr _ _ (nm o-~T03 M 0 o o o z(nO>G)T-<mD 111-0-0-0 <(n~r-rpOD;c Z r- m (n fD V) O Lo c n~X0 X DQ0 3=O rm~D Q -z>0 Dmzrn r C) r- n r- M < D n r D C:-n p nm O pD O C n? z z Ul) D D m Ln U) n (n (n z z c Ln 4pr -611, VR-6% V W N r wtDN V i-+r W W to to NwCnLnVtDkDWmNN rtOr 4rN~OIn~4NV 00w V N W t0 OMtD~MOW ,R ,p W N tD W V O~ r V r N W mWko~OtnWNi+UIOWO F+ Cn O W w O r In t0 tD O to O Vi nCoM04 VNOln-0, O to W N 0-0.0 0r~rt-tA!Q~ A OrOi-+V V ONwwLnW ~ OOQ*1.AONOW ONOMW _2 0 0 0 .4 Z \o 0 0 0 0 0 0 Sax N CL 3u DQ.c.~ N N S o g' 3 o D " v m •°i o ~ ~ fD fxV f9 ~ 7 O o D d m Z CD o n - O Y 7 o a c r, T ~ m D 3 m fD L w D w 7 CL .0 Pr CL m Z f+ VM m x .o m In r+ f+ • O 3 m `loo o Revenue & Debt Service R Z- - R W D Z 3 N ~AMpillio(~n~ps m H W 8 O 6' 1611 N N W W A A Z N. O O Cn O U7 O (l~ O Vl O to 7 z N M 1 2010\\\~ C N O Z C> 3 c R w r 2012 L1 N W O. fA N Q ~ O P, 2014 OQ n L A T N \ C 3 n 3 Z Q = C O 7 0 v 2016 ? N N n w 1 S _ prq OQ 4A n. 2018 _ _ N -4 'D D Z (A 0 A 2020 mx\ 1 ° 10 0D 0 Cr N 2022 N K D W a CO o Z V 0 w Z 2024 ".moo '°o o \ ~D cv., ° cV, ao v c o I \ N 0 2026 o 0 0 0 ^ P. n a. D'T w.0 m W- cn a Z m• v 2029 I < - ~ O ~ C CO CO OD O CD In Lq C, CA -4 C s I m m O ° m 2030 m m N N W N a ° O 97 Z rri m I n A, L• 2032 i° m o i 4 P 3 O V'f n p 3> > T N o Z -1 m 3 M C0 w C N V 3 ~ A T W Q y 7 n. m H C. X V O 3 27 J N 7 NQ w oo w One a 7 j' A C n 0 \ V 03 d m o~ M n °C' o & o' N . S ~g Fx ^ EL 1 13 27- ~d 5 ^ n t~ 3 F- S n fD T w pui 7 'fl ID 4A C ; -0 0q n d ^ ^ 0 7 0 w-7 S o o N a s d ~ o ~ ] O j w 9 0 O m m iA Yf 4A d H N 3 n A- 2 Q~ % T 0 _ In 1.7 0% 04 In g o o a Ln In T N LA r-r N c e. 3 - o a% in o D 0 j O v+ ° N+ o s z O o 0 N CI) rt r Z 0 R D w N N m 3 7 w Ro N c Q' n n w OQ oa m V 0 a m N m CL z O O C 3 00 _o n C m a 0 Sr m m tw V 3 O 7 w Um Revenue & Debt Service ~Myillions p p N N fv p A 71 O cn C in O 2n O in O 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 I N C N N N N N O O O O O O O X oo n 9 D a o, o c - o ;D M a Du , ^ a o m ^ ^ N 2 m m L CL o C N 7 d G w ~ = m A 0o w O 0 :3 d o O c a n n Q o m o ?L 3 H m D it N n L L L N V d ~ W a v N n Q 3 D B. ~ c ~ A v g o Q < n m m 0 A o m z m z 0 2 m O ~ C ~ N 3 Z o O OD a ~ o 'fl o = ~ N N C L _ N 7 0 m s °q < - 0 c m 3 T n m 3 O N N N O N C y 4A 4A Z v - , = P a - I , _ r oo o ° C D ~ 4 a Ln N o N Z o V o~ - O C : V O V O N N W W W V T D _ Z W w , 10 v :0 0 ~ N - - U A~ _ o w _ w o w pl 0 m m 0 O X m R .0 m T N a d ~ . W W W ~ N W T o •o .O o• a o O O O ao O c O U 1 O cn VTI V CD (A r -r 3 i1! CD 7 f O 1 2 O f~fw YI to O CL n N m P'r ti) O `IOOO FA 0 R ID D 7 w N a c c m n rt 0 n S w 3 m n 0 3 3 N O N T 0 C 0 w 0 S w m m d C m a c 4A ~O .A t2 w O Oo C S N O N N N CU CU l< m w v W C, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Revenue & Debt Service Thousands fA N W .A CA 0) w (o O O O O O S O O O O O O X m a 00 n r~ 3 N N rt D ~ N X po O T y A m v N Z 0 C N_ 07 m U rt Cn m 0 k f9 I w to fD w 1 o~ N 0 Cr O 3 ~ w ^ C w N c ^ a n ro ^ 0 0.0 n. 2.0 O ~ n o X 3 ^ m 00 o A G o N O C L N C Z 01 f, 9 0 ° n N C fD g w d 0 m i w u~ A C. N ~t 3 a N D o w w to E. X < 5s n W O D c o - W 0 O N ~ w ~ ~ c O y ro ~ m x on 0 N N M ~t N N Co 40 O W OD L'i W - w ~ %Q O1 r fO N N w Z m N M rt ~ c ~ 01. Z o 2 O CO CL N ~ d Q 0 N ID oa 3 " 3 N N rt 7 rt O 1 7 rt D V %O p Cl _ ui Z N a O CD 'o Co 4~- Lq tJ 10 V N Co O+ to CPO N a O N Z 0 W O O N N P Co w N V T D Ln W .o z N u V O 'o m _ V lJ9 p p ? O - w N v fD N v r~ a fD ~ xx A K N .n Z1 ~ 'S N a a i+ A P O ~ ~A P O O O O O L.1 0 cn Ef) V CD _3 CU m Ln r'7' 3rrt f V 7 E 0 C U• Cm CL f~fw .0 C 0 D w N MA' N w Sb N c r O n w on n 0 3 3 N N 0 N T 0 0 0 Cr Ott n, 0 w Cr m a a fT :D .A a 0 T T m N O N N N L W eD w V Revenue & Debt Service Thousands M 69 ~p fA 69 fA N) 0) OD a) O O O C, O O O o 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 I it it 07, A ii L LL j 'E O ^ m N m o " 0 ° - 4 m~ g N 5r -0 c 0 n W 0 ~ w E 0 N m ~ A 2 O cc N M 1 0 41, w N w 10 X m w 7 DO 7 M M N 7 n D O M CD M ~ n m 5, x m n N N m N alw O I CO w - Cy CO %0 fT Z-; ~o CO °o D V m m m O X -0 m A rr ~ C > C f~D > "D fD m N a y1 a 0 CO ~ 10 V W CO O CO fT w O O o 0o w o m N NJ a Z N M = N c N O 7 ` CO Q N ID O,q d . 0, Q N C pQ I ID ;V El O'Q n m m w m N > n > n o 1 A V - -in a CO o O 0 Z D C .0 fa O A tO N I.) -96 O - v o, w 0% H9 T w i o N Z t ig p p A - O w o d o N N 01 CO w N V a x - ° o , w 14 O ID C w CO CO to c - D %0 w N G7 ,A V CD 3• 3 f-41 CD E r1 O n A• N ffffa m x O 0 `rOO W C) Fr O Y' D n 3 n 3 O0 m w N D n' w 3 n w a p_ m w , O w EA 0 w' f~D a w' fD' N o W O n c o "00 V W V1 %b c m r' O c m v n m [D n 4A v :*4 OD O N N H m d w m n S w ^ W CL 40 O w D w = j - Ln O` V N V O c ^ H d N m O3 O O O~ D = C ~ m O O~ No a, po a (D x et A 0 C r7 O n H =r C a d H < (D to N ~ M w w w N S n -1 V1 -1 m w ^ O0 x- rn = w S m m m C ^ -y 3 Or w N n 7o D 3 B z ~ 0 0 o Q Q g o Q Q o 0 o Q Q Q Q Q Q g~ o o Q g 3 3 7 V N N N 1.) .3 1' 1Z N Z M1~ IJ 1' 5 W u O n0+ 10+ N 0 2 N N N N N O O_ 0 0 0 0 0 0 O_ O_ - O .O m P 4/~ a W N- O .O ~ v P an 1 W N- O X O O W j W W N W-- W-- Ir M~ ~ -YWi vWi W 8 V N V m- ~O o- p N m W-~~ m ~ VI ~ . . W ~ W = P a O. 0. P P 1- ~ a 0'C O D P S y 1J A! C V V IJ N IN N lJ IJ A! N IJ IJ IJ S # P O P P P P P P P P P P P P P C~G, N - - N C - N N N N N N N - N N - - N - - - - - - - - - - Q N - j W VWI V V m P~ W W .Np N W N r P W N O m N O W O W- W W pO W ~ pOo C - v~ m in V ~ - fP 4u iv u - C~ ~ - - - .O W W4J N [N.J - O ~ N OO W p N W N W P W W V ~ V V N W P P P P P P N S W W P 0 P 9 9 P O a 8 T P T P P P P P P a T a P P P P P A P F w 2 O m m n w m c n O _ LA. m w n O N S O c a Q m OQ m _ O .O w CL (D n Oo m 3 c w n O c O O cr 7 e J 8 N Ng oO D O N a N N W O QO O ]S O S 0 c ^ -s m O_ C Q n' w CT CL O n c m _ O c d O n O _ N r1 Z w 7 OQ w N m n H n c -s c w n w oN 0 O CL N N RO T n S Pi w v m m O 0'0 n_ O N rt m X w n OQ S CL ^ C CL (D m w a r► -z C N lD (D m r+ OQ Q (D w' rT OQ n O (D m 7 r7 N OQ w _d 7 O'Q M* N c w n O .D w a (D cr rt G) (D T P~ O s S (D N Cl O w d N Cl 0 f~D fD H c CL OT pt n lD < of DQ a? a O n C 3 fD ? VT O 7 CL n O C 7 N 101 YI m ti) mn a 3 n. -v 3 m folk c a P m ~I N O ~ a opP 0 y N O_ C O X G x c L c m O C L O c c c c G a O OI m O M y> c > c~D c Oo O n p n - n - c M H O A 3 m 3 O w a n CD w "D -z H M w o G y n. H a M- X M ~p lD p 3 vi CL P 3 (A f+ (A a _ - - m a N wa w tD X, a M a~ d o C+ (A ~ O c rr On 0- O r t w IIAA (A (A a- 0 IA 0 -n :3 M < V) Z W O H 00 rk fD (A n ~D P H C> fD r+ 3 r+ c f+ O a c O M O a rr O M R~ ~p O ~p 0< MW j m %4 M p C ° a. rlt _ m o m H y -1 C fD A W 7 H rQ . m p- y H n :11, CL > o o C %0 DJIA O c n d ~ N N tvi~ o N mNm O b N N n O r ap Qy a o w o Ml n O 7 O O K w o Gi - ~n G R c M o o ~ cJ ~ooN m `C o c n a x ~ n ~ L) d 0 . ~ 0 0 N T Qua s C O w R f~D r~ a O n - n G G V ~10+ O Vl W O 0 R A - ~ M O N V ll~ A O .O - O N N N ~ In w O 0 0 O to O 0 s' 40 o v, n o Q` V w 10 O- N w 11 In V+ Gn In V1 N~ N~ In N~ N~ In 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oct-07 Dec-07 - v O Feb-08 _ I ~ 0 Apr-08 - O F 3 M o` Jun-O8 - 7 Aug-08 - G. CL N c t ~ Oct-08 - I ~ 3 Dec-0e a m Feb-09 = i Apr-09 - Q I Jun-09 I z o Aug-09 P a o c H ° Oct-09 - 'D Dec-09 - O O Ol W O, M O N - O 0 o a O• rn m 0 0 0 0 n 3 fit 0 S&P 500 s • • a = D L o 3 C 2. w o a D N T 3 n 7 c r (D ~ O o Z F* o o r+ 3 %A A V - ^ m a Q a Q c L m C a fD d Vr 3 w ro r+ 2 w Q y QQ 0 N - m (D ~ a a D a f7 i w a Pt as O o 0'Q m c ~ N n y (A R N f1 . 7 a C) ~ co 0 N lD N M M N N N W Vt O LP O to O ' w' O O O O O O O • e • 3 a 3 a Q~ > a > . a ~ _ _ ~a O a Qq _ p• ~ , c ° 3 w • o 3 (D ~ IA Q Q • n' ~ A • IA H ~ w A 7 ul • v f7 40 I n p - O O N O W O O {n O O A. -.0. H 0 e A I T 7 O 7 0 O O H O G O Q O O O , A o 5 > > > n -3 3 a z :3 N c y w < -1 CD O ' H c 0 C fD ~ 3 fD f D (A CL CL a gip' fD Oq O PO a Q A (D H r0+ Ot 3 D + c fD Lrl (D -1 , r 10-NO 3 Gl s w rt CL a a O C 3 w CD a ►v v N O N f+ n n O O in A w ! f D d N 1 p 3 d N ' Pi 40 N . D %0 :3 0 - r- 0 m CL Arj+ CD CA a- I CA c N N (D C 3 a a. y > > w O . p N O'Q d n N N . emt N OQ - j N w ~ 1 m 3 0 : O a ' ° o (A rt _ 0 n r N • fD % (A r+ CD Q. (A c O M 0 a Cr O Cl Gl n ~ c ~ ~ o a a N A O O Jan-00 Jan-0 I Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 F4 Jan-09 Jan-10 O O 0 0 Jan 2008 Feb 2008 Q Mar2008 O. Apr2008 Cp May 2008 C June 2008 (DD July 2008 N Aug 2008 Sep 2008 O Oct 2008 Nov 2008 Dec 2006 Jan 2009 O A Feb 2009 = Mar 2009 M Apr 2009 May 2009 C June 2009 K July 2009 Aug 2009 W Sep 2009 Oct 2009 Nov 2009 O V+ O O 00 O 3 O 3 Pt Z 3 C 7 _n A~ 3 C rt C Al 11 C CL 7 O H 3 C A~ 3 Z O ~D Rate A 1n to O~ T O In O O O O O O ($mm) L, v+ O O 0 ° 0 O A Un N ~ O Jan-07 - Feb-07 Mar-07 Apr-07 May-07 - Jun-07 Jul-07 Aug-07 J Sep-07 - Oct-07 Nov-07 I Dec-07 Jan-08 0 Feb-08 D Mar-08 D Apr-08 3 May-08 p Jun-08 - Jul-08 Aug-08 Sep-08 Oct-08 i Nov-08 Dec-08 g Jan-09 - Feb-09 Mar-09 -li Apr-09 May-09 Jun-09 - Jul-09 Aug-09 Sep-09 - Oct-09 Nov-09 Dec-09 Jan-10 - Ln O O C Vf C 3 3 D ~D OS CQ » 3 O Z 3 w 4O N O O ~O 7 3 A Z Z N w w P b. Ln CD VI Ln O O O O O O ol~o o° \ \ \ a° a S a :A. O O Jan-80 Jan-85 Jan-90 Jan-95 Jan-00 Jan-05 Jan-10 O O fD O CL ly S >y a O 3 cr m 7 O ~D r~ S (D 'a ly r-r W `C tD M Z (D f+ x I m x m 3 P'1T fD eD C~ G Rate Vt OV GD %D O - N w O O O O O O O O O O V O Jan-07 Feb-07 - Mar-07 Apr-07 May-07 - Jun-07 Jul-07 Aug-07 Sep-07 - Oct-07 Nov-07 Dec-07 - Jan-08 Feb-08 Mar-08 Apr-08 May-08 - Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 - - Jun-09 Jul-09 Aug-09 Sep-09 - Oct-09 - Nov-09 Dec-09 Jan-10 - (A 02 Z M m m f+ VA a M n p 3 CL 3 ~ v Z CL w O i v 3 3 v N OOM% N _ N O V ~ W Z N N O V O O Q- -v N N O O O - O O- D 3 m 01 n O a OOWN vo 00 0 1 O L 0 a (D N C) m < CL C) 3 • c ID pa CO 5• O > fD O rr O ~ w m 3 r rt m It vi 3 p? - (A m 0- fD t O p> O # y 3 w - O :3 a H C > O m v MD 3 a Z > n ~ O ~ O w ~ N ~O o . a 0 o- 0 O O CL 0 o O 3 o O 3 r7 O F Ova, 0 C (D H , 4A w O 3 0 0- _ ~ w o C (A C N r-t O w a O ai O •p R r O n N e • M L) Oq (D 3 a CL P, X 3 c ~ CD M U ) a o C+ O fD CP Q 0 C M O - f+ CL IA of A l V D• O cr m f(D m (D o ,r+ 00 ci e,+ ol f 3 (A s D f E 0) ul r+ L%) O -ft o o m • (D (A ~ a o w N 2 0 CL r~ - ~ 3 z a • IA a 3 _ rt 0 m Vf 3 w . < IA C 3 vii f+ m 3 A L L L L X (D 0 < w X `D N O w ~ N T n O O ~ (D ~ O Ln n p O (D N O (D w x x m 5 r+ (D (D Ln r+ r (D N w x x rD v (nD N 0 w n O (D N O (D w x W S Ln 0 (D N w (D N C Q Z cn o ~ O C:L N w w O O rt C (D w a (D r1t m O 0 cCn 3 O r-t ~ ~ OCa m n < O chi, w V O rD r r O N O O C O a c 3 a 0 0 o a m O N C m e < O o• ~ O ~ LA cn rn N a r-t C N O v, O co O O O x D 3 o 0 3 n ~ o. 0 3 x N = CLm C+ cr 3 = O -1 r+ a w n n cD O T _ ' 3 c M X m cnD x O o LA 3 w 3 0 -v w w 3 v' H fD ~ CL O p fD r+ 0'Q' = fD C+ < m m d O y 11 S IN Cr m w a a -C) M. r+ N 0 O O Z O w x x < N 3 rD -o r+ n ~ CrQ O cr 0. o ~ n r+ Vl 0"Q O < C M D. ~ m 3 r O fD L N O n w O n r+ N i S ccr 'a m a O-Q O C O O Z p N x 3 y r o m o 3 ° O x n a < e+ ° n M v 3 UV A p m ~ a N c Uw1 CL p 0 3 o 0 r r+ O O O cD = r+ a 0, O Q- r+ O a Z a m a a 3 3. 3 a a 7 a a n a N N 2011 2012 2013 2014 2015 ' 2016 0 2017 Q' 2018 d m 2019 . 2020 2021 F CL 2022 2023 -I 2024 ~ 2025 D 2026 2027 a 2028 2029 w 2030 2031 3 2032 m 2033 a 2034 2035 2036 2037 2038 2039 a _ O O 0 I N w .p ~m ~ ~ O O O O O O 0 \ \ \ ;E 0-01 go O O Cl of -OR o° w a - f~ r+ a m m X Vf a A O O ~ o 7 a -H OQ x a >y x Vl m ' 3 M m x t'D m a n -v a ~ a a N O 0 rr W A/-~er s~,y Tll-u @ 4 Site ofCw/;~ ~ r2~40J V ''o • N ~ie YX3 o o 9) hri9hhr T,9 Ok- 2 (i4h sJ Tr ~~/3s a~'tq (~3g J A 4r 04b . L X20. /V, ' r a Tv,~~'~e C 0`J q7/5 ~Y~er ?i'~'~e ~9J q (20. ~ h Tok Est of 1/45 04- C7/ C'hi '9vj' 9J v(iy`er Met (2019) s y d Co qq flt/Vl Lq* c Yo,~ ~D'' c °¢3J ~p Te ids Tray Oa (100, s407 C Ash. (2 M ,%rn'`~~ss,~ ~'8J C~ r/y~h (2009J Of y w`a's dew h ~o NyC Try York M (~`J ~i~O'bTq (2~9J F~p~re S Site -1 4~05 Of e 39J 40e 1-eb % 0 9 1116 4% ryhi nt C J sach4 (20 se,~ y'9tr ~J M%~ (Co Sew J (20LJ ~9J (Spread to 30-year UST at Issuance) 1 i N N W A + W 0 O O 0 0 O O O O w fA a c~ tMAINN O W v , S N a + C4 0) ;*D 0 CL&)3 D CA) o Oo + N O S A a ° o N ± C 0 C W 3 n cn o = C a 3 00 CL Z S mCL eD A 02 N c > O n O 03 CD 0 O 3 A Coo O co G 7 O CD C- C: 6 CD D c m O m tD 0 Cn d cn CD 0 cD O CD z 0 0 (D 0 CD A O cD Spread to 30-Yr UST for Long (20-40 Yr) Maturity N N co co Cn O CJ O Cn O Cn O O O O O O O ♦ C; ■ ■ ■ i ' ■ + ■ t':1 I f0 ~ ~ ■ L ■ o ■ ~ i L' fE m ♦ 4 ♦ • ■ :7 m CD CD CD CD 3 3 -a 0 0' M 0 0 cn gin" o' o' w o ;lz- CD m ~ n O ~ = CD N O O n fA aw y H c c N A C A A A v a 0 A 3 c tyj 0 0 r~ 02 m Y/ O Ml C fD QQ• f+ M 3 (D CL V n OD n Pr 0 O ft 00 7 U'7 Un O w 0 0 CL X -wit 20 w Cr co H y O 3 (D *1 -1 CD (D C m 0O d ( a- c' n ~ O p N CD o W a = w to n_ w ao n 4 0 Cry, yF W C a po ~ n w n oD = ~ n cA N 0 M 3 S ~ p OQ pwq fD m n 3 C A a H o ~ < O c w A C 0 Q auM D f+ O ~ A OQ H C O m m s 3 CL t DD y aQ z a r+ ov n D N N O ~ w' ov el > W = n, lw :3 n ao OQ a 0o G V 'A N C O : r r+ sw ? < (DD < a 3 c a M. 4 vi n r+ FD - % 91 D Q H - x N X C) 3 n O CL F n T . ~ 0Q a RO m aQ O m 4c O S CD 3 Z f+ • • e • 'Tt O o a a o n o❑ K c p O n < D D r) _ m cD < JZJ m O A _ 3 PJ (D (D cr _ < rt rt v 0 :r w O 3 vi -0 M 0 06) 00 X l 1 3 w C+ = A cr d (D N {N O ro n X T W A m N f+ _ M a n s r+ ova ~ o M S' (D :3 OQ w IA N A w a n' m (A (YQ cr (A ~ pi Z 4% n ? O ~ O Z 0 ~ N 3 O a 7C C N Attachment D Bonding Capacity Estimates The Budget Models provide a bonding constraint based upon the lesser of (1) Net Available Revenues (Gross Tax Increment less Administrative Costs, Cap/Operating Costs and Existing Debt Service or (ii) 125% parity debt coverage of Maximum Annual Debt Service on all Outstanding Bonds and Additional Bonds. As the Commission requested, we have modeled scenarios: (1) payment of agency admin costs, (2) no payment of agency admin costs, and (3) declining agency admin costs over FY 2010/11 to FY 2013/14. A table summarizing our preliminary bonding estimates as of February 1, 2010 appear below: (1) Payment of agency admin costs PA1 Non-Housing PA1 and PA2 Housing Par Amount $9,615,000 $4,925,000 Net Project Fund Proceeds $8,191,563 $4,309,968 DSR Deposit $1,148,145' $492,500 Average Life/Final Maturity 9.528years/2023 TIC/AIC 5.7230/6/5.865% (2) No payment of agency admin costs PA1 Non-Housing PA1 and PA2 Housing Par Amount $11,640,000 $4,925,000 Net Project Fund Proceeds $10,154,884 $4,309,968 DSR Deposit $1,209,295 $492,500 Average Life/Final Maturity 8.341 years/2023 TIC/AIC 5.589%/5.748% (3) Declining agency admin costs PA1 Non-Housing PA1 and PA2 Housing Par Amount $10,925,000 $4,925,000 Net Project Fund Proceeds $9,446,778 $4,309,968 DSR Deposit $1,207,020 $492,500 Average Life/Final Maturity 8.643years/2023 TIC/AIC 5.616%/5.770% 'Assumes 2006 Sedes A&B cash with Fiscal Agency of $1,147,766 and DSR Surety of $1,496,710 $i4,540,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 Preliminary Sizing - ERAF Payment and No Agency Admin after FY 2014 Table of Contents . Report ISSUE SUMMARY Total Issue Sources And Uses 1 Pricing Su a 2 Debt Scrvice Schedule 3 Net Debt Service Schedule 4 PROJECT AREA NO i (NON-HOUSING) Sources & Uses 5 Pn ' g Summary - 6 I Debt Service Schedule 7 Net Debt Service Schedule S PROJECT AREA NO 1 & NO 2 (HOUSING) Sources & Uses 9 Pricin¢ Summary 10 Debt Service Schedule 11 Net Debt Service Schedule 12 i Senes 2010.(2J112010 n I Issue Summary 1 2112010 1 4:23 PM VVedbush / / . Public Finance J $142540,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 Total Issue Sources And Uses Dated 04/14120101 Delivered 04/14!2070 Project Area No. 1 (Non- ` Housino) Project Area No. 1 & No. 2 (Housing) Issue Summary Sources Of Funds Par Amount of Bonds Total Sources $9,615,000.00 $9,615,000.00 $4,925,000.00 S4,925,000.00 $14,540,000.00 $14 540 000.00 Uses Of Funds Original Issue Discount (01D) 82,990.80 24,031.30 107.022.10 Total Undemriter's Discount (1.000%) 96,150.00 49,250.00 145,400.00 Costs of Issuance 96z150.00 49.250.00 145 400.00 Deposit to Debt Service Reserve Fund (DSPF) 1,148,145.49 492,500.00 1,640,645.48 Deposit to Project Fund B 191 563 72 4,309,968.70 12 501 532 42 Total Uses $9.615.000.00 $4.925,000.00 $14,540.000.00 eves 2010 - (2112010 n I Issue Summary 12 1@010 1423 PM 'ublic Finance age 1 $14,540,000.00 Rosemead Community Development Commission Redevelopment Project Area No . 1 Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 10/01/2010 Serial Coupon 1000% 2.280% 75,000.00 100.329% 75,246.75 10/01/2011 Serial Coupon 3.000% 2.280% 265,000.00 101.030% 267,729.50 10/0112012 Serial Coupon 4.000% 2.810% 290,000.00 102.812% 298,154.80 1010112013 Serial Coupon 4.000% 3.370% 315,000.00 102.042% 321,432.30 10/01/2014 Serial Coup 4,000% 3.710% 1,095,000.00 101.181% 1.097 813.85 10/01/2015 Serial Coupon 5.000% 4.690% 995,000.00 101.477% 1,009,696.15 10/01/2016 Serial Coupon 5.000% 4.750% 1,070,000.00 101.375% 1,084,712.50 10/01/2017 Serial Coupon 5.000% 5.110% 1,135,000.00 99.322% 1,127,304.70 1010112018 Serial Coupon 5.250% 5.390% 1,210,000.00 99.056% 1,198,577.60 10/0112019 Serial Couoo 5.500% 5.600% 1,295,000.00 99.270% 1,285,546.50 10101/2020 Serial Coupon 5.700% 5.740% 1,385,000.00 99.685% 1,380,637.15 10/01/2023 Tenn I Coupon 5.750% 6.020% 5,420,000.00 97.530% 5,286,126.00 Total - - - 514,540,000.00 - 514,432,977.90 Bid Information Par Amount of Bonds $14,540,000.00 R ff " u Premium (Discount) (107 022.10) Gross production $14432,977.90 Total Underwriters Discount (1.000%) S(145,400.00) Bid (98.264%) 14,287 577.90 Total Purchase Price $14,287,577.90 Bond YDollars _ $133,129.94 Average Life _ 9.156 Years Average Coupon 5.4696293% Net Interest Cost (NIC) 5.6592351% True [ to t Cost (TIC) 5.6913558% Series 2010 - (2/112010 n I Issue Summary 121 V2010 1 4:23 PM - 'WedbushzM6rgah-Securi tie's-.-. Public Finance Page 2 $14,540,000.00 Rosemead Community Development Com mission Redevelopment Project Area No. 1 Debt Service Schedule Date Principal Coupon Interest Total P+I 10/01/2010 75,000.00 3.000% 354,014.48 429,014.48 10101/2011 265,000.00 3.000% 760,895.00 1,025,895.00 10/01/2012 290,000.00 4.000% 752,945.00 1,042,945.00 10/0112013 315,000.00 4.000% 741,345.00 1,056,345.00 10/01/2014 1,085,000.00 4.000% 728 745.00 1,813 745.00 10/0112015 995,000.00 5.000% 665,345.00 - 1,680,345.00 10/01/2016 1,070,000.00 5.000% 635,595.00 1,705,595.00 10/01/2017 1,135,000.00 5.000% 582,095.00 1,717,095.00 10/01/2018 1,210,000.00 5.250% 525,345.00 1,735,345.00 10/01/2019 1295000.00 5.500% 461,820.00 1,756,820.00 10/01/2020 1,385,000.00 5.700% 390,595.00 1,775,595.00 10/01/2021 1,490,000.00 5.750% 311,650.00 1,801,650.00 10/01/2022 1,750,000.00 5.750% 225,975.00 1,975,975.00 10/0112023 2,180,000.00 5.750% 125,350.00 2,305,350.00 Total $14,540,000.00 - $7,281,714.48 521,821,714.48 Yield Statistics Bond Year Dollars S133.129.94 Average Life 9.156 Years Average Coupon - 5.4696293% Net Interest Cost (NIC) 5.6592351% True Interest Cost (TIC) 5.6913558% Bond Yield for Arbitrage Purposes 5.5457502% All Inclusive Cost (AIC) 5.8389843% IRS Form 8038 Net Interest Cost 5.6216258% Wei kited Average Matun 9.107 Years Senes 2010 - (2/112010 n I Issue Summery I V 12010 1 4:23 PM Wedbush M&gan!Securities: $14,540,000.00 Rosemead Commtmiry Development Commission Redevelopment Project Area No. 1 Net Debt Service Schedule Date Principal Coupon Interest Total P+I DSR Net New D1S 10/01/2010 75,000.00 3.000% 354,014.48 - 429,014.48 - 429,014.48 10/01/2011 265,000.00 3.000% 760,895.00 1,025,895.00 - 1,025,895.00 10/01/2012 290,000.00 4.000% 752,945.00 1,042,945.00 - 1,042,945.00 10/01/2013 315,000.00 4.000% 741,345.00 1,056,345.00 - 1,056,345.00 10/01/2014 1,085,000.00 4.000% 728,745.00 1813 745.00 1,813,745.00 10/01/2015 995,000.00 5.000% 685,345.00 1,680,345.00 - 1,680,345.00 10/01/2016 1,070,000.00 5.000% 635,595.00 1,705,595.00 - 1,705,595.00 10/01/2017 1,135,000.00 5.000% 582,095.00 1,717,095.00 - 1,717,095.00 10/01/2018 1,210,000.00 5.250% 525,345.00 1,735,345.00 - 1,735,345.00 10/01/2019 1,295,000.00 5.500% 461 820.00 1,756 820.00 1,756,820.00 10/01/2020 1,385,000.00 5.700% 390,595.00 1,775,595.00 - 1,775,595.00 10/01/2021 1,490,000.00 5.750% 311,650.00 1,801,650.00 - 1,801,650.00 10/012022 1,750,000.00 5.750% 225,975.00 1,975,975.00 - 1,975,975.00 10/01/2023 2,180,000.00 5.750% 125,350.00 2,305,350.00 (12640,645.48) 664,704.52 Total 514,540,000.00 - 57,281,714.48 $21,821,714.48 (1,640,645.48) 520,181,069.00 Series 2010- (2/12010 n i Issue Summary 1 2 112010 1 423 PM $9.615.000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 (Non-Housing) Sources & Uses Dated 04114/20101 Delivered 0411412070 Sources Of Funds Par Amount of Bonds $9,615,000.00 Total Sources 59,615,000.00 Uses Of Funds O iginal Issue Discount (ono) 82.990.80 Total Underwriter's Discount (1.000%) 96,150.00 Costs of Issuance 96,150.00 Deposit to Debt 5 rv'ce R e Fund (DSRF) 1,146 145.48 Deposit to Proj t A e N 1 (No -H g) Fund 9.191.563.72 Total Uses 59.615,000.00 Series 2010-(41112010 n I Project Area No. 1 (Non-H 1 2112010 1 423 PM Wedbush Morgan-Securities S9.615,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 (Non-Housing) Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 10101/2014 Serial Coupon 10/0112015 Serial Coupon 10/0112016 Serial Coupon 10/01/2017 Serial Coupon 10/01/2018 S ial Coupon 4.000% 5.000% 5.000% 5.000% 5250% 3.710% 4.690% 4.750% 5.110% 5.390% 740,000.00 765,000.00 810,000.00 845,000.00 885000.00 101,181% 101.477% 101.375% 99.322% 99.056% 748,739.40 776,299.05 821,137.50 839,270.90 876,645.60 10/01/2019 Serial Coupon 10/01/2020 Serial Coupon 10/01/2023 Tom 1 Coupon 5.500% 5.700% 5.750% 5.600% 5.740% 6.020% 935,000.00 985,000.00 3,650,000.00. 99.270% 99.685% 97.530% 928,174.50 981,897.25 3,559,845.00 Total - - - $9,615,000.00 - $9,532,009.20 Bid Information Par Amount of Bonds S9615.000.00 Reoffering Premium o (Discount) (82 990.80) Gross Production $9,532,009.20 T lalU derwr'tef Discount (1000%) $(96150.00) Bid (98.137%) 9,435,859.20 Tom] Purchase Price _ $9.435.959.20 Bond Year Dollars $91,610.29 Average Life 9.528 Years Average Coupon 5.4875241% Net Interest Cost (NIC) 5.6830707% True Interest Cost (TIC) 5.7234378% Senes 2010 -12/1/2010 n I Proied Area No. 1 (Non-H 1 Z 112010 1 4:23 PM 'Wedbush 0 . a $9.615,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 (Non-Housing) Debt Service Schedule r Date Principal Coupon Interest Total P+I 10/012010 - - 238,674.31 238,674.31 10/01/2011 - - 514,507.50 514,507.50 1010112012 - - 514,507.50 514,507.50 10101/2013 - - 514,507.50 514,507.50 10/01/2014 740,000.00 4.000% 514 507.50 1,254,507.50 10/0112015 765,000.00 5.000% 484,907.50 1,249,907.50 10/01/2016 810,000.00 5.000% 446,657.50 1,256,657.50 10/01/2017 845,000.00 5.000% 406,157.50 1,251,157.50 10/01/2018 885,000.00 5.250% 363,907.50 1,248,907.50 10/01/2019 935,000.00 5.500% 317 445.00 1,252 445.00 10/01/2020 985,000.00 5.700% 266,020.00 1,251,020.00 10/01/2021 1,050,000.00 5.750% 209,875.00 1,259,875.00 10/0112022 1,105,000.00 5.750% 149,500.00 1,254,500.00 10/01/2023 1,495,000.00 5.750% 85,962.50 1,580,962.50 Total 89,615,000.00 - 55,027,136.81 $14,642,136.81 Yield Statistics Bond Year Dollars 891 61029 Average Life 9.528 Years Average Coupon 5.4875241% Net Interest Cost (NIC) 5.6830707% True Interest Cost (TIC) 5.7234378% Bond Yield for Arbitrage P rpos s 5.5457502% All Inclusive Cost (AIC) 5.8658681% IRS Form 8038 Net Interest Cost 5.6504319% Weighted A e Maturity 9.488 Years Series 2010-(WI2010n 1 Projectarea No. 1(Non-H 12J IWO 1423 PM 0 0 . $9,615.000.00 Rosemead Community Development Commission Redevelopment Project A rea No. 1 (No n-Housing) Net Debt Service Schedule Date Principal Coupon Interest a. . a Total P+I DSR Net New D/S 10/01/2010 - - 238,674.31 238,674.31 238,674.31 10/01/2011 - - 514,507.50 514,507.50 - 514,507.50 10/0112012 - - 514,507.50 514,507.50 - 514,507.50 10/0112013 - - 514,507.50 514,507.50 - 514,507.50 10/01/2014 740,000.00 4.000% 514.507.50 1254507.50 - 1,254,507.50 10/01/2015 765,000.00 5.000% 484,907.50 1,249,907.50 - 1,249,907.50 10/01/2016 810,000.00 5.000% 446,657.50 1,256,657.50 - 1,256,657.50 10/01/2017 845,000.00 5.000% 406,157.50 1,251,157.50 - 1,251,157.50 10101/2018 885,000.00 5.250% 363,907.50 1,248,907.50 - 1,248,907.50 10/01/2019 93500000 5500% 317445.00 1,252,445.00 - 1252445.00 10/01/2020 985,000.00 5.700% 266,020.00 1,251,020.00 - 1,251,020.00 10/01/2021 1,050,000.00 5.750% 209,875.00 1,259,875.00 - 1,259,875.00 10/01/2022 1,105,000.00 5.750% 149,500.00 1,254,500.00 - 1,254,500.00 10/01/2023 1,495,000.00 5.750% 85,962.50 1,580,962.50 (1,148,145.48) 432,817.02 Total $9,615,000.00 - $5,027,136.81 $14,642,136.81 (1,148,145.48) $13,493,991.33 Series 2010 - (2 112010 n I Project Area No. 1 (Non-H I v 12010 1 4:23 PM Wedbush 0 . Public Finance_~ $4,925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 & 2 (Housing) Sources & Uses Dated 04/14120101 Delivered 04114/2010 Sources Of Funds - - Par Amount of Bonds S4,925.000.00 Total S s 54,925,000.00 Uses Of Funds - Original IeDis t(OID) 24,031.30 Total Ud 't D' oust (1000%) 49250.00 Costs of Issuance 49 250.00 Deposit to D bt Smice R s Fund (DSRF) 492 500.00 Deposit to Proiect Area No. 1 & 2 (Housing)Fund 4.309.968.70 Total Uses 54.925.000.00 Senes 2010-(2112010 n I Project tvea No. 1 & No. .1 21112010 1 4:23 PM 0 • . Public Fin' Page 9 rs0,.a.c' e $4,9 25 000.00 - - - Rosemead Community Development Commission Redevelopment Project Area No. I & 2 (Housing) Pricing Summary Maturity Maturity Type of Bond Coupon Yield Value Price - Dollar Price 10/01/2010 Serial Coupon 3.000% 2.280% 75,000.00 100.329% 75,246.75 10101/2011 Serial Coupon 3.000% 2.280% 265,000.00 101.030% 267,729.50 10/01/2012 Serial Coupon 4.000% 2.810% 290,000.00 102.812% 298,154.80 10/01/2013 Serial Coupon 4.000% 3.370% 315,000.00 102.042% 321,432.30 10/01/2014 Serial Coupon 4.000% 3.710% 345 000.00 101.181% 349,074.45 10/01/2015 Serial Coupon 5.000% 4.690% 230,000.00 101.477% 233,397.10 10/01/2016 Serial Coupon 5.000% 4.750% 260,000.00 101.375% 263,575.00 10/01/2017 Serial Coupon 5.000% 5.110% 290,000.00 99.322% 288,033.80 10/01/2018 Serial Coupon 5.250% 5.390% 325,000.00 99.056% 321,932.00 10/01/2019 Serial Coup 5.500% 5,600% 360 000.00 99.270% 357 372.00 10/01/2020 Serial Coupon 5.700% 5.740% 400,000.00 99.685% 398,740.00 10/01/2023 Tenn 1 Coupon 5.750% 6.020% 1,770,000.00 97.530% 1,726,281.00 Total - - - 54,925,000.00 - 54,900,968.70 Bid Information P Amount of Bonds $4,925,000.00 Reoffering Prentiurn or (Disco t) (24 031.30) Gross Production S4 900,968.70 Total Ud ite' Disco t (1000%) $(49250.00) Bid (98,512%) 4,851,718.70 Total Purchase Price - 84 MI 71R 70 Bond Yen Dollars S41 519.65 Average Life 8.430 Years Average Coupon 5.4301458% Net Interest Cost (NIQ 5.6066436% True Interest Ct(TIC) 5.6211610% Series 2010- (2/12010 o I Project Area No. 1 8 No. 1 2/ 12010 1 423 PM 0 0 0 0 . 'We Public t $4.925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 & 2 (dousing) Debt Service Schedule Date Principal Coupon Interest Total P+1 10/01/2010 75,000.00 3.000% 115,340.17 190,340.17 10101/2011 265,000.00 3.000% 246,387.50 - - 511,387.50 10/01/2012 290,000.00 4.000% 238,437.50 528,437.50 10/01/2013 315,000.00 4.000% 226,837.50 541,837.50 10/01/2014 345,000.00 4.000% 214 237.50 559,237.50 10/01/2015 230,000.00 5.000% 200,437.50 430,437.50 10/0112016 260,000.00 5.000% 188,937.50 448,937.50 10/0112017 290,000.00 5.000% 175,937.50 465,937.50 10/01/2018 325,000.00 5.250% 161,437.50 486,437.50 10/01/2019 360,000.00 5.500% 144 375.00 504 375.00 10/01/2020 400,000.00 5.700% 124,575.00 524,575.00 10/01/2021 440,000.00 5.750% 101,775.00 541,775.00 10/01/2022 645,000.00 5.750% 76,475.00 721,475.00 10/0112023 685,000.00 5.750% 39,387.50 724,387.50 Total $4,925,000.00 - $2,254,577.67 $7,179,577.67 Yield Statistics Bond Year Dollars S41,519.65 Average Life 8.430 Years Average Coupon 5.4301458% Net Interest Cost (NIC) 5.6066436% True Interest Cost (TIC) 5.6211610% Bond Yield for Arbitrage Pu2oses 5.5457502% All Inclusive Cost (AIC) 5.7801308% IRS Form 8038 Net Interest Cost 5.5580796% Weighted Average Mat iw 8.365 Years Series 2010 - (21112010 n I PrgM faea No. 1 B No. I v 12010 14:23 PM 0 0 0 0 . Public Finance' Page 11 R S4,925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 & 2 (Housing) Net Debt S ervice Sc hedule Date Principal Coupon Interest Total P+1 DSR Net New D/S 10/01/2010 -75,000.00 3.000% 115,340.17 190,340.17 - 190,340.17 10/012011 265,000.00 3.000% 246,387.50 511,387.50 - 511,387.50 10/012012 290,000.00 4.000% 238,437.50 528,437.50 - 528,437.50 10/01/2013 315,000.00 4.000% 226,837.50 541,837.50 - 541,837.50 10/01/2014 345,000.00 4.000% 214,237.50 559 237.50 559.237.50 10/01/2015 230,000.00 5.000% 200,437.50 430,437.50 - 430,437.50 10/01/2016 260,000.00 5.000% 188,937.50 448,937.50 - 448,937.50 10/01/2017 290,000.00 5.000% 175,937.50 465,937.50 - 465,937.50 10101/2018 325,000.00 5.250% 161,437.50 486,437.50 - 486,437.50 10/01/2019 360 000.00 5.500% 144 375.00 504 375.00 504 375.00 10/01/2020 400,000.00 5.700% 124,575.00 524,575.00 - 524,575.00 10/01/2021 440,000.00 5.750% 101,775.00 541,775.00 - 541,775.00 10/01/2022 645,000.00 5.750% 76,475.00 721,475.00 - 721,475.00 10/01/2023 685,000.00 5.750% 39,387.50 724,387.50 (492,500.00) 231,887.50 Total 54,925,000.00 - 52,254,577.67 57,179,577.67 (492,500.00) 56,687,077.67 Series 2010-(M12010 n I Prolen Area No. I B No. I Zr 12010 1 423 PM ' 0 0 • 0 . $15,850,000.00 _ Rosemead Community Development Commission Redevelopment Project Area No. 1 Preliminary Sizing - ERAf..Payment'with Declining Agency Admin) Table of Contents Report ISSUE SUMMARY Total Issue Sources And Uses 1 Pricing S ary 2 Debt Service Scbedule 3 Net Debt Service Schedule 4 PROJECT AREA NO 1 (NON-HOUSING) Sources & Uses 5 Pricing Suimiary k- Debt Service Schedule 7 Net Debt Service Schedule 8 PROJECT AREA NO 1 & NO 2 (HOUSING) Sources & Uses 9 Pricing Summary 10 Debt Service Schedule 11 Net Debt Service Schedule 12 Senes 2010-(21112010 d I Issue Summery 12J 11201014;41 PM 0 0 0 . Public Finance. $15.850.000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 Total Issue Sources And Uses Dated 04/14/20101 Delivered 0411412010 - - Project Area No. 1 (Non- Housing) Project Area No. 1 & No. 2 (Housing) ' Issue Summary Sources Of Funds Par Amount of Bonds $10,925,000.00 $4;925,000.00 $15,650,000.00 Total Sources $]0 925 000 00 Sd,925,000.00 $15.850,000.00 Uses Of Funds Original Issue Discount (0113) 52,701.90 24 031.30 76,733.20 Total Underwriter's Discount (1.000%) 109 250.00 49 250.00 158,500.00 Costs of Issuance 109,250.00 49,250.00 158 500.00 Deposit to Debt S ice Reserve Fund (DSRF) 1,207,020.00 492 500.00 1,699,520.00 D posit w Project Fund 9,446,778.10 4,309,968.70 13 756 746.80 Total Uses S10,925,000.00 S4,925,000.00 $15,850,000.00 Series 2010 - (2/112010 d I Issue Summary 1 2/ 112010 1 4:41 PM .:WedbUsh 0 • . r $15,850,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 = Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 10/01/2010 Serial Coupon 3.000% 2.280% 75,000.00 100.329% 75,246.75 10/01/2011 Serial Coupon 3.000% 2.280% 330,000.00 101.030% 333,399.00 10/01/2012 Serial Coupon 4.000% 2.810% 835,000.00 102.812% 858,480.20 10/01/2013 Serial Coupon 4.000% 3.370% 1,015,000.00 102.042% 1,035,726.30 10/0112014 Serial Coup 4.000% 3.710% 1,085,000.00 101.181% 1,097,813.85 10/01/2015 Serial Coupon 5.000% 4.690% 995,000.00 101.477% 1,009,696.15 10/01/2016 Serial Coupon 5.000% 4.750% 1,070,000.00 101.375% 1,084,712.50 10/01/2017 Serial Coupon 5.000% 5.110% 1,135,000.00 99.322% 1,127,304.70 10/01/2018 Serial Coupon 5.250% 5.390% 1,210,000.00 -99.056% 1,198,577.60 10/01/2019 Serial Coupon 5,500% 5.600% 1,295,000.00 99.270% 1,285,546.50 10101/2020 Serial Coupon 5.700% 5.740% 1,385,000.00 99.685% 1,380,637.25 10/01/2023 Terrn I Coupon 5.750% 6.020% 5,420,000.00 97.530% 5,286,126.00 Total - - - 815,850,000.00 - $15,773,266.80 Bid Information Par Amount of Bonds S 15,850~000_00- Reoffering Premium (Discou t) (76,733.20) Gross Production $15,773,266.80 Total U d it 's Discount (1,000%) 5(158 500.00) Bid (98.516%) 15.614,766.80 Total Purchase Price $15,614.766.80 Bond Year Dollars S136,992.64 Average Life 8.643 Years Average Coupon _ 5.4274965% Net iCost (NIQ 5.5992088% True Interest Cost (TIC) 5.6162996% Series 2010-(M/2010d I Issue Summary 1 2/112010 1 4:41 PM 14- 0 . $15,850,000.00 Rosemead Community Development Com mission Redevelopment Project Area No. I Debt Service Schedule Date Principal Coupon Interest Total P+I 10/01/2010 75,000.00 3.000% 378,020.73 - 453,020.73 10/01/2011 330,000.00 3.000% 812,645.00 1,142,645.00 10/01/2012 835,000.00 4.000% 802,745.00 1,637,745.00 10/01/2013 1,015,000.00 4.000% 769,345.00 1,784,345.00 10/01/2014 1,085,000.00 4.000% 728,745.00 _ 1,813,745+00 10/01/2015 995,000.00 5.000% 695,345.00 1,680,345.00 10/01/2016 1,070,000.00 5.000% 635,595.00 1,705,595.00 10/01/2017 1,135,000.00 5.000% 582,095.00 1,717,095.00 10/01/2018 1,210,000.00 5.250% 525,345.00 1,735,345.00 10/01/2019 1,295,000.00 5.500% 461 820.00 1,756 820.00 10/01/2020 1,385,000.00 5.700% 390,595.00 1,775,595.00 10/0112021 1,490,000.00 5.750% 311,650.00 1,801,650.00 10/0112022 1,750,000.00 5.750% 225,975.00 1,975,975.00 10/01/2023 2,180,000.00 5.750% 125,350.00 2,305,350.00 Total 515,850,000.00 - 57,435,270.73 523,285,270.73 Yield Statistics - $136,992.64 Bond Year Dollars 8.643 Years Average Life 5.4274965% Average Couon Net Interest Cost IC 5.5992088% Tue Interest Cost (TIC) 5.6162996% Bond Yield for Arbitrage Purposes 5.4639190 /o All Inclusive Cost AIC 5.7708521 IRS Form 8038 5.5486191% Net Interest Cost - Wei htcd Average Maturi 8.563 Years Series 2010-(2/12010d I Issue summary 1 2112010 1 4'.41 PM i Mbria8n PitJblic Finance Page 3 $15,850.000.00 Rosemead Community De velopment Commission Redevelopment Project Area No. I Net Debt Service Schedule Date Principal Coupon Interest Total P+1 DSR Net New D/S 10/01/2010 75,000.00 .3.000% 378,020.73 453,020.73 - 453,020.73 10/01/2011 330,000.00 3.000% 812,645.00 1,142,645.00 - 1,142,645.00 10/01/2012 835,000.00 4.000% 802,745.00 1,637,745.00 - 1,637,745.00 10101/2013 1,015,000.00 4.000% 769,345.00 1,784,345.00 - 1,784,345.00 10/01/2014 1085 000 00 4.000% 728,745.00 1,813,745.00 1,813 745.00 10/01/2015 995,000.00 5.000% 685,345.00 1,680,345.00 - 1,680,345.00 10/01/2016 1,070,000.00 5.000% 635,595.00 1,705,595.00 - 1,705,595.00 10/01/2017 1,135,000.00 5.000% 582,095.00 1,717,095.00 - 1,717,095.00 10/0112018 1,210,000.00 5.250% 525,345.00 1,735345.00 - 1,735,345.00 10/01/2019 1,295 000.00 5.500% 461.820.00 1,756.820.00 - 1,756,820.00 10/01/2020 1,385,000.00 5.700% 390,595.00 1,775,595.00 - 1,775,595.00 10101/2021 1,490,000.00 5.750% 311,650.00 1,801,650.00 - 1,801,650.00 10/01/2022 1,750,000.00 10/01/2023 2,180,000.00 5.750% 5.750% 225,975.00 125,350.00 1,975,975.00 2,3057350.00 - (1,699,520.00) 1,975,975.00 605,830.00 Total $15,850,000.00 - 57,435,270.73 523,285,270.73 (1,699,520.00) $21,585,750.73 Senes 2010- (21112010 E I Issue Summary 1 L 112010 1 4:41 PM :..,Public Page p.. MEMOIR $10,925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 (Non-Housing) Sources & Uses Dated 0411412010 1 Delivered 0411412010 Sources Of Funds - P A mo=t fBonds 510 925,000.00 Total So 510.925,000.00 Uses Of Funds Original ts Discount (0I1]) 52.701.90 Tom] Ude it es Discount (1000%) 109.250.00 Costs of Issuance 109,250.00 D p "t to D bt S 'cc Re Fund (DSRF) 1.207 020.00 Deposit to Project Area No. 1 (Non-Housing) F d 9A46.778.10 Total ll _ 510.925,000.00 Senes 2010 - (2112010 d I Projea m a No. 1 (Non-H 1 2112010 1 4.41 PM Wedbush Morgan r $10.925,000.00 Rosemead Community Development Commission Redevelopment Project Area No . (Non-Hou sine) Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price IO/OMOII Serial Coupon 3.000% 2.280% 65,000.00 101.030% 65,669.50 10/01/2012 Serial Coupon 4.000% 2.810% 545,000.00 102.812% 560,325.40 10/01/2013 Serial Coupon 4.000% 3.370% 700,000.00 102.042% 714,294.00 10/01/2014 Serial Coupon 4.000% 3.710% 740,000.00 101.181% 748,739.40 10/01/2015 Serial Coupon 5,000% 4.690% 768 000.00 101.477% 776,299.05 10/01/2016 Serial Coupon 5.000% 4.750% 810,000.00 101.375% 821,137.50 10/01/2017 Serial Coupon 5.000% 5.110% 845,000.00 99.322% 839,270.90 10/01/2018 - Serial Coupon 5.250% 5.390% 885,000.00 99.056% 876,645.60 10/01/2019 Serial Coupon 5.500% 5.600% - 935,000.00 99.270% 928,174.50 10/01/2020 Serial Coupon 5.700% 5.740% 985 000.00 99.685% 981,897.25 10/01/2023 Term 1 Coupon 5.750% 6.020% 3,650,000.00 97.530% 3,559,845.00 Total - - $10,925,000.00 - $10,872,298.10 Bid Information Par Amount of Bonds $10,925,000.00 Reoffering Premium o (Discount) (52 701.90) Gross Production $10,872.298'10 Tom] U dcrwit Disco t (1000%) 5(109250.00) Bid (98.518%) 10.763,048.10 Total Purchase Price _ 510,763,048.10 Bond Year Dollars $95.472.99 Average Life 8.739 Years Average Coup _ 5.4263444% Net Interest Cost (NIC) 5.5959756% True interest Cost (TIC) 5.6141937% Series 2010 - (MR010 d Project Area No. 1 (Non-H 1 2/ 12010 1 4:41 PM edbush Morgan r inance r $10,925,000.00 - Rosemead Community Developmenttommission - - ' Redevelopment Project Area No. 1 (Non-Housing) - Debt Service Schedule Date Principal Coupon Interest Total P+I 10/0112010 - - - 262,680.56 262,680.56 10/01/2011 65,000.00 3.000% 566,257.50 631,257.50 1010112012 545,000.00 4.000% 564,307.50 1,109,307.50 10/01/2013 700,000.00 4.000% 542,507.50 1,242,507.50 10/01/2014 740,000.00 4.000% 514 507.50 1.254,507.50 10/0112015 765,000.00 5.000% 484,907.50 1,249,907.50 10/0112016 810,000.00 5.000% 446,657.50 1256,657.50 10/01/2017 845,000.00 5.000% 406,157.50 1251,157.50 10/01/2018 885,000.00 5.250% 363,907.50 1,248,907.50 10/01/2019 935,000.00 5.500% 317 445.00 1,252 445.00 10/01/2020 - 985,000.00 5.700% 266,020.00 1,251,020.00 10/01/2021 1,050,000.00 5.750% 209,875.00 1,259,875.00 10/01/2022 1,105,000.00 5.750% 149,500.00 1,254,500.00 10/01/2023 1,495,000.00 5.750% 85,962.50 1,580,962.50 Total $10,925,000.00 - 55,180,693.06 $16,105,693.06 Yield Statistics Bond Year Dollars _ $95,472.99 Average Life 8.739 Years A e Coupon 5.4263444% Net Interest Cost (NIC) 5.5959756% True Interest Cost (TIC) 5.6141937% Bond Yield for Arbitrage Purposes 5.4639190% All Inclusive Cost (AIC) 5.7668349% IRS Form 8038 Net Interest Cost 5.5445101% Weighted A aee Maturity 8.682 Years Sedes 2010 -12/12010 d I Project Pea No. 1 (Non-H 1 2112010 1 441 PM Wedbustf Morgan Fu.blic Finance Page 7 $10,925,000.00 Rosemead Community Dev elopment Commission . Redevelopment Project Area No. 1 (Non -Housing) Net Debt Service Schedule Date Principal Coupon Interest Total P+I DSR Net New D/S 10/0112010 - - - 262,680.56 262,680.56 - 262,680.56 10/0112011 65,000.00 3.000% 566,257.50 631,257.50 - 631,257.50 10/01/2012 545,000.00 4.000% 564,307.50 1,109,307.50 - 1,109,307.50 10/01/2013 700,000.00 4.000% 542,507.50 1242,507.50 - - 1,242,507.50 10/0112014 74000000 4000% 51450750 254507.50 254507.50 10/0112015 765,000.00 5.000% 484,907.50 1,249,907.50 - 1,249,907.50 10/01/2016 810,000.00 5.000% 446,657.50 1,256,657.50 - 1,256,657.50 10/012017 845,000.00 5.000% 406,157.50 1,251,157.50 - 1,251,157.50 10/0112018 885,000.00 5.250% - - 363,907.50 1,248,907.50 - 1,248,907.50 10/01/2019 935,000.00 5.500% 317,445.00 1,252,445.00 - 1,252 445.00 10/01/2020 985,000.00 5.700% 266,020.00 1,251,020.00 - 1,251,020.00 10/01/2021 1,050,000.00 5.750% 209,875.00 1,259,875.00 - 1,259,875.00 10/01/2022 1,105,000.00 5.750% 149,500.00 1,254,500.00 . 1,254,500.00 10/01/2023 1,495,000.00 5.750% 85,962.50 1,580,962.50 (1,207,020.00) 373,942.50 Total 510,925,000.00 - $5,180,693.06 $16,105,693.06 (1,207,020.00) $14,898,673.06 Senes 2010 - (2/112010 G I Project Nea No. 1 (NO,H 1 18010 1 4:41 PM ft~dbuhh 0 • Public Fina"rice Page 8 .ten, a; $4,925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 & 2 (Housine) Sources & Uses Dated 04/14/20101 Delivered 04/1412010 Sources Of Funds Par A t of Bonds $4,925,000.00 Total Sou 54,925,000.00 Uses Of Funds Original IDisco t(DID) 24,031.30 Total Underwriters Discount (1.000%) 49 250.00 Costs of Issuance 49 250.00 Deposit t Debt Service Reserve F d (DSRF) 492 500.00 Deposit to Project Area No. 1 & 2 (Housing) Fund 4.309.968.70 Total U 54,925.000.00 Senes 2010 - (91/2010 d I Project Area No. 1 & No, 1 912010 1 441 PM • • • • t S4.925.000.00 Rosemead Community Development Commi ssion Redevelopment Project Area No . 1 & 2 (Hou sing) THeing Summary ` Maturity Maturity Type of Bond Coupon Yield Value Price Dollar Price 10/01/2010 Serial Coupon 3.000% 2.280% 75,000.00 100.329% 75,246.75 1010 1 t201 1 Serial Coupon 3.000% 2.280% 265,000.00 101.030% 267,729.50 10/0112012 Serial Coupon 4.000% 2.810% 290,000.00 102.812% 298,154.80 10/0112013 Serial Coupon 4.000% 3.370% 315,000.00 102.042% 321,432.30 10/0112014 Serial Coup 4.000% 3.710% 345,000.00 101.181% 349,074.45 10/01/2015 Serial Coupon 5.000% 4.690% 230,000.00 101.477% 233,397.10 10/01/2016 Serial Coupon 5.000% 4.750% 260,000.00 101.375% 263,575.00 10/01/2017 Serial Coupon 5.000% 5.110% 290,000.00 99.322% 288,033.80 10/01/2018 Serial Coupon 5.250% 5.390% 325,000.00 99.056% 321,932.00 10/01/2019 S ial Coup "5.500% 5.600% 360 000.00 99.270% 357 372.00 10/01/2020 Serial Coupon 5.700% 5.740% 400,000.00 99.685% 398,740.00 10/01/2023 Term 1 Coupon 5.750% 6.020% 1,770,000.00 97.530% 1,726,281.00 Total - - - $4,925,000.00 - $4,900,968.70 Bid Information Par Amount of Bonds $4,925,000.00 Reofferi e Prearinun o (Discount) (24,031.30) Gross Production $4.900.968.70 Total U d iter's Discount (1.000%) $(49,250.00) Bid (98.512%) 4,85 1 ,718.70 Total Purchase Price $4,851,718.70 Bond Year Dollars $41 519.65 Average Life 8.430 Years Average Coupon 5.4301458% Net Interest Cost (NIC) 5.6066436% True Interest Cost (TIC) 5.6211610% Senes 2010 - (2/112010 d I Project Area No. 1 8 No. 1 2112010 1 441 PM Wedbush Morgan Public Finance Page 10 $4,925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 & 2 (Housing) Debt Service Schedule --T Date ..Q,.i Principal Coupon Interest Total P+I 10/01/2010 75,000.00 3.000% - 115,340.17- 190,340.17 10/01/2011 265,000.00 3.000% 246,387.50 511,387.50 10/01/2012 290,000.00 4.000% 238,437.50 528,437.50 10/01/2013 315,000.00 4.000% 226,837.50 541,837.50 10/01/2014 345,000.00 4.000% 214,237.50 559,237.50 10/0112015 230,000.00 5.000% 200,437.50 430,437.50 10/01/2016 260,000.00 5.000% 188,937.50 448,937.50 10/01/2017 290,000.00 5.000% 175,937.50 465,937.50 10/01/2018 325,000.00 5.250% 161,437.50 486,437.50 10/01/2019 360,000+00 5+500% 144,375.00 504 375.00 10/01/2020 400,000.00 5.700% 124,575.00 - 524,575.00 10/01/2021 440,000.00 5.750% 101,775.00 541,775.00 10/01/2022 645,000.00 5.750% 76,475.00 721,475.00 10/01/2023 685,000.00 5.750% 39,387.50 724,387.50 Total 54,925,000.00 - $2,254,577.67 57,179,577.67 Yield Statistics Bond Year Dollars $41,519.65 Averaee Life 8.430 Years A c g Coupon 5.4301458% Net Interest Cost (NIC) 5.6066436% True Interest Cost (TIC) 5.6211610% Bond Yield for Arbitrage Purposes 5.4639190% All Inclusive Cost (AIC) 5.7801308% IRS Form 8038 Net Interest Cost 5.5580796% Weighted Average Maturity 8.365 Years Senes 2010-(2I1I201Dd I Project Area No. 1 8 No. 1 L11201014:41 PM Public Fin6nce Page $4,925.0 00.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 R 2 (Housing) - ' Net Debt S ervice Sch edule Date Principal Coupon Interest Total P+l DSR Net New D/S 10/01/2010 - 75,000.00 3.000% 115,340.17 190,340.17 190,340.17. 10/01/2011 265,000.00 3.000% 246,387.50 511,387.50 - 511,387.50 10/01/2012 290,000.00 4.000% 238,437.50 528,437.50 - 528,437.50' 10/01/2013 315,000.00 4.000% 226,837.50 541,837.50 - 541,837.50 10/0112014 345,000.00 4.000% 214,237.50 559 237.50 559 237.50 10/01/2015 230,000.00 5.000% 200,437.50 430,437.50 - 430,437.50 10/01/2016 260.000.00 5.000% 188,937.50 448,937.50 - 448,937.50 10/01/2017 290,000.00 5.000% 175,937.50 465,937.50 - 465,937.50 10/01/2018 325,000.00 5.250% 161,437.50 486,437.50 - 486,437.50 10/0112019 360 000 00 5,500% - 144 375.00 504,375.00 - 504 375.00 10101/2020 400,000.00 5.700% 124,575.00 524,575.00 - 524,575.00 10/01/2021 440,000.00 5.750% 101,775.00 541,775.00 - 541,775.00 10101/2022 645,000.00 5.750% 76,475.00 721,475.00 - 721,475.00 101012023 685,000.00 5.750% 39,387.50 724,387.50 (492,500.00) 231,887.50 Total 54,925,000.00 - $2,254,577.67 57,179.577.67 (492,500.00) 56,687,077.67 Senes 2010 - (2/1/2010 E I Pro)en Noa No. 1 & No. I v 1/2010 1 4:41 PM Wedbush M orgar! Sec urities. Public Finance Page 19 ~ Cx $16,565,000.00 oG~ i Rosemead Community De6elopment Commission Redevelopment Project Area No. I Preliminary Sizing - ERAF Payment and no Agency Admin Table of Contents Report ISSUE SUMMARY Total Issue Sources And Uses 1 Pricing S ary 2 Debt Senice Schedule 3 Net Debt Service Schedule 4 PROJECT AREA NO 1 (NON-HOUSING) Sources & Uses - 5 Pricing 5 nmlary 6 Debt Service Schedule 7 Net Debt Service Schedule 8 PROJECT AREA NO 1 & NO. 2 (HOUSING) Sources & Uses 9 Pricing Summary 10 Debt Service Schedule I I Net Debt Service Schedule 12 Series 2010-12/1/20/on 1 Issue Summary 1 L1/20101427 PM ' • Public Finance $16,565,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 Total Issue Sources And Uses Dated 04114120101 Delivered 04114/2010 - Project Area - No. 1 (Non- Housing) Project Area No. Y8 No. 2 (Housing) Issue Summary Sources Of Funds P Amount of Bonds $1 1640.000.00 $4,925,000.00 $16,565,000,00 Total Sources %11.640.00000 $4 925,000.00 _$16,565 000.00 Uses Of Funds Original Issue Discount (OID) 43,020.80 24 031.30 67,052.10 Total U de it es Disco t (1.000%) 116,400.00 49 250.00 165 650.00 C u of lmmce _ 116 400.00 49,250.00 1 fi5 650.00 Deposit to Debt S ice Rcse~e F d (DSRF) 1,209,295.00 492 500.00 1,701,795.00 Deposit to Prow et Fund 10 154 884.20 4,309 968.70 14 464 852.90 Total Uses $11 640 600 00 Sd 925 000.00 $]6,565,000.00 Series 2010 - (2112010 n Issue Summary 1 2112010 1 427 PM boe o. Public Finance .,Page I $16,565,000.00 ,a mr Rosemead Community Devel opment Commission Redevelopment Project Area No. 1 Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 10/01/2010 Serial Coupon 3.000% 2.280% 75,000.00 100.329% 75,246.75 10/01/2011 Serial Coupon 3.000% 2.280% 915,000.00 101.030% 924,424.50 1010112012 Serial Coupon 4.000% 2.810% 965,000.00 102.812% 992,135.80 1010112013 Serial Coupon 4.000% 3.370% 1,015,000.00 102.042% 1,035,726.30 10/01/2014 Seal Coup 4000% 3710% 1085000.00 101.181% 1,097,813.85 10/01/2015 Serial Coupon 5.000% 4.690% 995,000.00 101.477% 1,009,696.15 10/01/2016 Serial Coupon 5.000% 4.750% 1,070,000.00 101.375% 1,084,712.50 10/01/2017 Serial Coupon 5.000% 5.110% 1,135,000.00 99.322% 1,127,304.70 10/01/2018 Serial Coupon 5.250% 5.390% 1,210,000.00 99,056% 1,198,577.60 10/01/2019 Serial Coup 5.500% 5.600% 1,295,000.00 99.270% _ 1,285 546.50 10/01/2020 Serial Coupon 5.700% 5.740% 1.385,000.00 99.685% 1,380,637.25 10101/2023 Term 1 Coupon 5.750% 6.020% 5,420,000.00 97.530% 5,286,126.00 Total - - - $16,565,000.00 - 316,497,947.90 Bid Information P Amount fBonds _ $16.565,000.00 Reoffering Piumo (Discount) (67052.10) Gross Production $16 497 947.90 Tom] Underwriters Discount (1.000%) $(165 650.00) Bid (98.595%) 16 332.297.90 Total Purchase Price $16.332.297.90 Bond YDollars $138169.32 Average Life 8.341 Years Average Coupon 5.4091416% V interest Cost CNIC) 5.5775597% True Interest Cost (TIC) 5.5890087% Senes 2010 - (2/12010 n I Issue Summary 1 2112010 1 4:27 PM Wedbu§h 0 . Public Finance 'Page 2 $16,565,000.00 Rosemead Community Development Commission Redevelopment Project Area No. I Debt Service Schedule Date Principal Coupon Interest Total P+ . 10/0111010 - 75,000.00 3.000% 388,574.20 463,574.20 10/01/2011 915,000.00 3.000% 835,395.00 1,750,395.00 10/01/2012 965,000.00 4.000% 807,945.00 1,772,945.00 10101/2013 1,015,000.00 4.000% 769,345.00 1,784,345.00 10/01/2014 108500000 4.000% 728,745.00 1,813,745.00 10/01/2015 995,000.00 5.000% 685,345.00 1,680,345.00 10/01/2016 1,070,000.00 5.000% 635,595.00 1,705,595.00 10/01/2017 1,135,000.00 5.000% 582,095.00 1,717,095.00 10/01/2018 1,210,000.00 5.250% 525,345.00 1,735,345.00 10/01/2019 1,295,000.00 _ -5.500% " 461 820.00 3,756,820.00 10/01/2020 1,385,000.00 5.700% 390,595.00 1,775,595.00 10/01/2021 1,490,000.00 5.750% 311,650.00 1,801,650.00 10/01/2022 1,750,000.00 5.750% 225,975.00 1,975,975.00 10/01/2023 2,180,000.00 5.750% 125,350.00 - 2,305,350.00 Total 516,565,000.00 - $7,473,774.20 524,038,774.20 Yield Statistics Bond Year Dollars 5138 169.32 Averse Life 8.341 Years A mee Coupon 5,4091416% Net Interest Cost (NIC) 5.5775597% True Interest Cost (TIC) 5.5890087% Bond Yield for Arbitrage Purposes 5.4318211% All Inclusive Cost (AIC) 5.7484911% IRS Form 8038 Net Interest Cost 5.5211946% Weighted A g Maturity 8.279 Years Series 2010-(2/12010n I Issue Summary I VM010I 4:27PM -oe o g. Public Finance. Page 3 X16 565 000.00- Rosemead Community Development Conffnission Redevelopment Project A rea No. 1 Net Debt Service Schedule " Date Principal Coupon Interest Total P+I DSR Net New D/S 10/01/2010 75,000.00 3.000%- - 388,574.20 " 463,574.20 - - 463,574. 20 10/01/2011 915,000.00 3.000% 835,395.00 1,750,395.00 - 1,750,395. 00 10/01/2012 965,000.00 4.000% 807,945.00 1,772,945.00 - 1,772,945. 00 10/01/2013 1,015,000.00 4.000% 769,345.00 1,784,345.00 - 1,784,345. 00 10/01/2014 1 085 000 00 4.000% 728 745.00 1813 745.00 1,813,745. 00 10/01/2015 995,000.00 5.000% 685,345.00 1,680,345.00 - 1,680,345. 00 10101/2016 1,070,000.00 5.000% 635,595.00 1,705,595.00 - 1,705,595. 00 10/01/2017 1,135,000.00 5.000% 582,095.00 1,717,095.00 - 1,717,095. 00 10/01/2018 1,210,000.00 5.250% 525,345.00 1,735,345.00 - 1,735,345. 00 10/01/2019 1,295,000.00 5.500%. • '461,820.00 1,756,820.00 - 1,756,820. 00 10/01/2020 1,385,000.00 5.700% 390,595.00 1,775,595.00 - 1,775,595. 00 10/01/2021 1,490,000.00 5.750% 311,650.00 1,801,650.00 - 1,801,650. 00 10/01/2022 1,750,000.00 5.750% 225,975.00 1,975,975.00 - 1,975,975 .00 10101/2023 2,180,000.00 5.750% 125,350.00 2,305,350.00 (1,701,795.00) 603,555.00 Total $16,565,000.00 - 57,473,774.20 $24,038,774.20 (1,701,795.00) $22,336,979 .20 Series 2010 - (2/1/2010 n I Issue Summary 1 2/ 112010 1 427 PM $11,640,000.00 Rosemead Community Development Commission ' Redevelopment Project Area No. 1 (Non-Housing) Sources & Uses Dated 04114/20101 Delivered 04114/2010 Sources Of Funds P Amount of Bonds $11,640,000.00 Total So 511,640000.00 Uses Of Funds Original Issuc Discount (Om) 43 020.80 Total U d 't 's D' t (1000%) 116,400.00 Casts of Issuance 116,400.00 Deposit to Debt S be Reserve Fmd (DSRF) 1,209.295.00 Deposit to Project Ar No I (N -H mi ~g) F =d .10,154,884.20 Total Us $11,640,000.00 Senes 2010.(11112010 n I Proled Area No. 1(Non-H I VIWO 14:27 PM -ee • - Public Fin'ance- $112640,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 (Non-Housing) Pricing Summary Maturity Type of Bond 10/01/2011 Serial Coupon 10/01/2012 Serial Coupon 10/01/2013 Serial Coupon 10101/2014 Serial Coupon 10/01/2015 Serial Coupon 10/01/2016 Serial Coupon 10/01/2017 Serial Coupon 10/01/2018 Serial Coupon 10/01/2019 Serial Coupon 10/012020 Serial Coupon 10/01/2023 Tenn 1 Coupon Coupon 3.000% 4.000% 4.000% 4.000% 5.000% 5.000% 5.000% 5.250% 5.500% 5.700% 5.750% Yield 2.280% 2.810% 3.370% 3.710% 4.690% 4.750% 5.110% 5.390% 5.600% 5.740% 6.020% Maturity Value 650,000.00 - 675,0000 700,000.00 740,000.00 765 000.00 810,000.00 845,000.00 885,000.00 935,000.00 985 000.00 3,650,000.00 Price 101.030% 102.812% 102.042% 101.181% 101.477% 101.375% 99.322% 99.056% 99.270% 99.685% 97.530% Dollar Price 656,695.00 693,981.00 714,294.00 748,739.40 776.299.05 821,137.50 839,270.90 876,645.60 928,174.50 981,897.25 3,559,845.00 Total - - - $11,640,000.00 - $11,596,979.20 Bid Information Par Amount of Bonds Reoffering Premium or (Discount) $11,640,000.00 Gross Production (43 020 80) $11,596,979.20 Total Underwriter's Discount (1.000%) -Bid (98.630 $(116 400 00) I 1 480 579 20 Total Purchase Price $ 11,480 579.20 Bond Year Dollars Average Life $96.649.67 A ¢,e Coupon 8 303 Y 5 400] 185 / Net Interest Cost (MC) True Interest Cost (TIC) 5 565 3108% 5 575108/ series 2010 - (2/12010 a I Project Nea No. 1 (Non-H L 12010 1 4:27 PM / / r Page 6 $11,640,000.00 Rosemead Community Development Commission _ Redevelopmeni Project Area No. 1 (Iron-Housing) Debt Service Schedule Date Principal Coupon Interest Total P+I - 10/01/2010 - - - 273,234.03 273,234.03 - 10/01/2011 650,000.00 3.000% 589,007.50 1,239,007.50 10/012012 675,000.00 4.000% 569,507.50 1,244,507.50 10/01/2013 700,000.00 4.000% 542,507.50 1,242,507.50 10/01/2014 740 000.00 4.000% 514 507.50 1254 507.50 10/01/2015 765,000.00 5.000% 484,907.50 1,249,907.50 10/01/2016 810,000.00 5.000% 446,657.50 1,256,657.50 10/01/2017 845,000.00 5.000% 406,157.50 1,251,157.50 10/01/2018 885,000.00 5.250% 363,907.50 1248,907.50 10/01/2019 935000.00 5.500% 317445.00 1252,445.00 10/01/2020 985,000.00 5.700% 266,020.00 1,251,020.00 10/01/2021 1,050,000.00 5.750% 209,875.00 1,259,875.00 10/01/2022 1,105,000.00 5.750% 149,500.00 1,254,500.00 10/0112023 1,495,000.00 5.750% 85,962.50 1,580,962.50 Total 511,640,000.00 - 55,219,196.53 $16,859,196.53 Yield Statistics Bond Year Dollars S96,649.67 Average Life 8.303 Years Average Coupon 5.4001185% Net Interest Cost (NIC) 5.5650656% True Interest Cost (TIC) 5.5753108% Bond Yield for Arbitrage Purposes 5.4318211% All Inclusive Cost (AlQ 5.7350161% IRS Form 8038 Net Interest Cost 5.5053743% Weighted Average Maturity 8.242 Years Series 2010 -(2/112010 n I Protect Area No. 1 (Non-H 1 2112010 1 427 PM ' • 0 0 0 . $11,640,000. 00 Rosemead Community Development Commission Redevelopm ent Project A rea No. 1 (Non-Housing) Net Debt Service Schedule Date Principal Coupon Interest Total P+I DSR Net New D!S 10/01/2010 - - - 273,234.03 273,234.03 - 273,234. 03 10/01/2011 650,000.00 3.000% 589,007.50 1,239,007.50 - 1,239,007. 50 10/01/2012 675,000.00 4.000% 569,507.50 1,244,507.50 - 1,244,507. 50 10/01/2013 700,000.00 4.000% 542,507.50 1,242,507.50 - 1,242,507. 50 10/0112014 74000000 4000% 514507.50 1254507.50 1,254,507. 50 10/01/2015 765,000.00 5.000% 484,907.50 1,249,907.50 - 1,249,907. 50 10/01/2016 810,000.00 5.000% 446,657.50 1,256,657.50 - 1,256,657. 50 10/01/2017 845,000.00 5.000% 406,157.50 1,251,157.50 - - 1,251,157. 50 10/01/2018 885,000.00 5150% 363,907.50 1,248,907.50 - 1,248.907. 50 10/01/2019 935,000.00 5,500% 317,445.00 1252 445.00 1,252,445 +00 10/01/2020 985,000.00 5.700% 266,020.00 1,251,020.00 - 1,251.020 .00 10/01/2021 1,050,000.00 5.750% 209,875.00 1,259,875.00 - 1,259,875 .00 10/01/2022 1,105,000.00 5.750% 149,500.00 1,254,500.00 - 1,254,500 .00 10/01/2023 1,495,000.00 5.750% 85,96250 1,580,962.50 (1,209,295.00) 371,667 .50 Total $11,640,000.00 - 55.219,196.53 $16,859,196.53 (1,209,295.00) 515,649,901 .53 Senes 2010 - (21112010 n I ProjM area No. 1 (Non-H I v 12010 1 4:27 PM Wedbush, 0 0 . Public Financ e Pag e 8 $4,925,000.00 Rosemead Community Development Commission Redevelopment Project Area-NW,-l-&-2 (Housing) Pricing Sum-'mar}: Maturity Maturity Type of Bond Coupon Yield Value Price Dollar Price 10/01/2010 Serial Coupon 3.000% 2.280% 75,000.00 100.329% 75,246.75 10/01/2011 Serial Coupon 3.000% 2.280% 265,000.00 101.030% 267,729.50 10/0112012 Serial Coupon 4.000% 2.810% 290,000.00 102.812% 298,154.80 10/01/2013 Serial Coupon 4.000% 3.370% 315,000.00 102.042% 321,432.30 10/01/2014 Serial Coupon 4.000% 3.710% 345,000.00 101.181% 349,074.45 10/0112015 Serial Coupon 5.000% 4.690% 230,000.00 101.477% 233,397.10 10/01/2016 Serial Coupon 5.000% 4.750% 260,000.00 101.375% 263,575.00 10/01/2017 Serial Coupon 10/01/2018 Serial Coupon 5.00V-, 5.250% 5.110% 5.390% 290,000.00 325,000.00 99.322% 99.056% 288,033.80 321,932.00 10/01/2019 Serial Coupon 5.500% 5.600% 360,000.00 99.270% 357,37100 10/01/2020 Serial Coupon 5.700% 5.740% 400,000.00 99.685% 398,740.00 10/01/2023 Term 1 Coupon 5.750% 6.020% 1,770,000.00 97.530% 1,726,281.00 Total - - - 54,925,000.00 - $4,900,968.70 Bid Information Par Amount of Bonds $4,925,000.00 Reoffering Premium or (Discount) (24,031.30) Gross Production $4,900,968.70 Total Underwriter's Discount (1.000%) $(49,250.00) Bid (99.512%) 4,851,718.70 Total Purchase Price $4.951.718.70 Bond Year Dollars $41,519.65 Average Life 8.430 Years Average Coupon _ 5.4301458% Net Interest Cost (NIC) 5.6066436% True Interest Cost (TIC) 5.6211610% Series 2010 - (2/112010 n I Project Nea No. 1 8 No. 1 2/ 112010 1 4:27 PM Wedbush Morgan Secu rities Public Fi.nance Page 10 Per $4,925,000.00 Rosemead Community Development Commission - Redevelopment Project Area No. 1 & 2 (Ho using) Debt Service Schedule Date Principal Coupon Interest d Total P+I 10/01/2010 75,000.00 3.000% 115,340.17 190,340.17 10/01/2011 265,000.00 3.000% 246,387.50 511,387.50 10/01/2012 290,000.00 4.000% 238,437.50 528,437.50 _ 10/01/2013 315,000.00 4.000% 226,83250 541,837.50 10/01/2014 345 000.00 4.000% 214,237.50 559,237.50 10/01/2015 230,000.00 5.000% 200,437.50 430,437.50 10/01/2016 260,000.00 5.000% 188,937.50 448,937.50 10/01/2017 290,000.00 5.000% 175,937.50 465,937.50 10/01/2018 325,000.00 5.250% 161,437.50 486,437.50 10/01/2019 360000.00 5.500% 144,375.00 504,375.00 10/01/2020 400,000.00 5.700% 124,575.00 524,575.00 10/01/2021 440,000.00 5.750% 101,775.00 541,775.00 10/01/2022 645,000.00 5.750% 76,475.00 721,475.00 10/01/2023 685,000.00 5.750% 39,387.50 724,387.50 Total $4,925,000.00 - $2,254,577.67 $7,179,577.67 Yield. Statistics Bond Year Dollars $41,519.65 Average Life 8.430 Years Average Coupon 5.4301458% Net Interest Cost (NIC) 5.6066436% _ True Interest Cost (TIC) 5.6211610% Bond Yield for Arbitrage Purposes 5.4318211% All Inclusive Cost (AIC) 5.7801308% IRS Form 8038 Net Interest Cost - 5.5580796% Weighted Average Mentrirwr - `-t" 8.365 Years Series 2010 - (21112010 n I Project Area No. 1 8 No. I Z 1M10 1 4:27 PIA Wedbush Morgan, $Opueities Public'FinahM Pagell' $4,925,000.00 Rosemead Community Development Commission Redevelopment Project Area No. 1 & 2 (Ho using) _ Net Debt S ervice Sch edule Date Principal Coupon Interest Total P+I DSR Net New D/S 10/0112010 75,000.00 3.000% 115,340.17 190,340.17 - - 190,340.17 10101/2011 265,000.00 3.000% 246,387.50 511,387.50 - 511,387.50 10/01/2012 290,000.00 4.000% 238,437.50 528,437.50 - 528,437.50 10/01/2013 315,000.00 4.000% 226,837.50 541,837.50 - 541,837.50 10/01/2014 345,000.00 4,000% 214 237.50 559 237.50 559,237.50 10/01/2015 230,000.00 5.000% 200,437.50 430,437.50 - 430,437.50 10/01/2016 260,000.00 5.000% 188,937.50 448,937.50 - 448,937.50 10/01/2017 290,000.00 5.000% 175,937.50 465,937.50 - 465,937.50 10/01/2018 325,000.00 5.250% 161,437.50 486,437.50 - 486,437.50 10/01/2019 36000000 5500% 144375.00 504375.00 504,375.00 10/01/2020 400,000.00 5.700% 124,575.00 524,575.00 - 524,575.00 10/01/2021 440,000.00 5.750% 101,775.00 541,775.00 - 541,775.00 101012022 645,000.00 5.750% 76,475.00 721,475.00 - 721,475.00 10/01/2023 685,000.00 5.750% 39,387.50 724,387.50 (492,500.00) 231,887.50 Total 54,925,000.00 - 52,254,577.67 $7,179,577.67 (492,500.00) 56,687,077.67 Senes2010-12/ll2010n I Noject Nea Ne.1 No. I VW01014:27 PM Medbush Pumic Finance • • . Page 12 Attachment E Statement of Qualifications to provide Redevelopment Fiscal Consultant Services to the Rosemead Community Development Commission March 2, 2010 Urban Futures Incorporated 3111 North Tustin, Suite 230, Orange, California, 92865 Phone: (714) 283-9334 Fax: (714) 283-5465 UMANFUTUM INC We are a full service municipal consulting firm serving local government primarily in the State of California. Since 1972 we have helped many California cities create a sound financial foundation. TABLE OF CONTENTS 1. Firm Background and Project Qualifications ...................2 2. Key Individuals 3 3. Firm Experience 5 -Experience in Rosemead -Project-Related Experience 4. Project Understanding and Scope of Work 7 5. Fee Schedule 9 6. Recent Financing Transactions .......................................9 7. Specific Client References 13 8. Additional Client List ......................................................14 Attachment: Appendix A: Covina Pricing Book FISCAL CONSULTANT SERVICES FIRM BACKGROUND AND HISTORY Urban Futures. Inc 'uFl is a full service municipal consulting ri-:;: g_ve-nment in the State of California. The firm was founded in 1972 and has existed in its present form since 1974. It is the largest independently owned, municipal financial advisor/redevelopment consulting firm in the State. UFI is a closely held California corporation with offices in the City of Orange and San Francisco, California and currently employs 37 staff members. Urban Futures offers public and private sector clients a wide range of specialized services including: Financial Advisory Fiscal Consultant Report Preparation Continuing Disclosure Services Planning and Redevelopment/Plan Adoptions Management Advisory Services Redevelopment Implementation Public Finance Services Budget/Capital Improvement Program Development Leading Financial Advisor: UFI has provided financial advisory and fiscal consultant services leading to hundreds of bond financings for public agencies throughout the State of California. The cumulative value of issues for which we have served as financial advisor now exceeds over ten billion dollars. UFI was the number one financial advisor in the redevelopment finance industry in the State of California during calendar years 2004, 2005, 2006, 2007 and 2008 regarding the number of tax allocation bond issues completed. UFI is the only Financial Advisor that produces its own Fiscal Consultant Reports, which provides a savings of $15,000- $20.000 per transaction. We have assisted more California redevelopment agencies with their debt issuance needs than any other financial advisor in California. Extensive Redevelopment Experience: In our 30 plus years of experience. UFI has served as fiscal consultant to hundreds of cities, redevelopment agencies, financing authorities, and special districts throughout the State. A majority of our senior staff have had successful careers holding upper level city positions such as city managers, finance directors and redevelopment directors prior to joining the UFI team. Urban Futures is the leading redevelopment firm in the state of California. We actively advise redevelopment agencies and implement redevelopment plans and plan amendments. Having this working knowledge is imperative to a successful tax allocation financing because plan limitations and debt limits must be compliant. As Financial Advisor, UFI actively engages with credit agencies and underwriters to ensure a smooth transaction from start to finish. We are more familiar with tax allocation bonds than any other firm in the State and because of this, we are confident that we can contribute to a smooth and successful financing process. Capabilities & Specialization: UFI is the only firm in the State of California that serves in the capacity as fiscal consultant, redevelopment planner, financial advisor, and continuing disclosure agent. Having successfully served in each of these roles, UFI is exceptionally skilled in the analysis of redevelopment plans, amendments, and tax increment projections. UFI has served as Fiscal Consultant on over 250 redevelopment tax allocation bonds in the State of California. As a Continuing Disclosure Agent, UFI annually produces tax increment projections and debt service coverage calculations on over 110 tax allocation bonds throughout the State. In addition, since 1977, UFI has served as the on-call Financial Advisor and Fiscal Consultant for the City of Lancaster, has prepared all seven of the Agency's I • -.0-00 t FISCAL CONSULTANT SERVICES redevelopment plans, and has acted as Financial Advisor/Fiscal Consultant on all City and Redevelopment Agency bond issues since the City's incorporation. The staff at UFI is comprised of highly skilled professionals able to handle assignments ranging from financial advisement, budget and capital improvement program development, capital project management, and economic development implementation strategies. Michael Busch will manage this engagement and will work closely with City staff on all aspects of the work to be performed. Doug Anderson, Garrett Cano and Geoffrey Sager represent other staff who will be assigned to work on this assignment. The background and experience of key personnel is detailed below: MICHAEL P. BUSCH, President Mr. Busch joined Urban Futures in 2007 following a successful career in municipal government. Mr. Busch's background consists primarily of Assistant/Deputy City Manager, Finance, and Project Manager positions. As such, he has extensive experience in strategic planning, municipal finance, economic development /redevelopment, and project implementation leading to the issuance of over $200 million in tax exempt debt offerings and implementation of several redevelopment and infrastructure projects. Mr. Busch has a unique background having served as a Planner, Finance Director. City Treasurer, Deputy City Manager and Assistant City Manager where he has demonstrated experience in capital improvement plan development, developer negotiations, development agreements, and capital project implementation. Mr. Busch has provided Financial Advisory services for the Cities of Desert Hot Springs, Indio, Artesia, San Ramon. Azusa, South Pasadena, Maywood, Auburn. Lawndale, Covina Hawaiian Gardens and Coachella issuing bonds totaling $400 million. Mr. Busch recently completed a management review, financial work out plan and strategic plan for the City of Rohnert Park and a Redevelopment Agency Performance Audit for the City of El Monte. Additionally, he has served as financial advisor to several Redevelopment Agencies throughout California. Mr. Busch is Past President of the municipal Management Association of Southern California (MMASC) and Past Chair of Cal-ICMA. Mr. Busch is currently teaching graduate level Public Finance courses at the University of Southern California. DOUG ANDERSON, Managing Principal Doug Anderson has been with Urban Futures since 1985. Mr. Anderson provides financial advisory and redevelopment implementation services to our clients. He specializes in tax increment and revenue financings, and has provided financial advisory services on over $2 billion of tax exempt and taxable bond financings. Mr. Anderson is directly responsible for preparation of Fiscal Consultant Reports, as well as key sections of Official Statements for bond issuance. Mr. Anderson's redevelopment implementation experience includes tax increment forecasting, analysis of development proposals, and preparation of various annual reports including AB 1389, State Controller's Report, HCD Report, and Statement of Indebtedness. He also provides fiscal analysis for our redevelopment planning division. including redevelopment plan FISCAL CONSULTANT SERVICES adoptions and amendments and five-year implementation pans. Mr. Anderson's recent engagements include financial advisory services to the Norco Redevelopment Agency for a tax allocation bond issue secured by pass through revenues to the Corona-Norco Unified School District that generated $10.4 million for improvements to Norco High School, and a fiscal consultant report for the City of Vista. Mr. Anderson has been a Trainer at several Redevelopment Institute events of the California Redevelopment Association. GARRETT CANO, Financial Analyst Garrett Cano assists in the research, analysis and structuring of municipal financings. He provides support for generating tax increment revenue projections, analysis of redevelopment plans and coordinating members of the financing team. Prior to working at Urban Futures Inc., Mr. Cano was a Registered Representative in the financial services industry and focused primarily in analyzing client portfolios. Garrett holds the FINRA securities licenses for the Series 6 and Series 63 designations. Mr. Cano graduated cum laude from the University of Southern California in the Marshall School of Business with a Bachelor of Science in Business Administration. He majored in both Finance and International Relations. GEOFFREY SAGER, Financial Analyst Mr. Sager provides financial and analytical support for the Finance Department of Urban Futures. Prior to joining UFI. Geoff served as Financial Analyst and Land Acquisition Analyst with a large private real estate development and home building company. In this regard, Mr. Sager is experienced in the development of cash flow models and project pro-formas for large -,-real. estate development projects including infrastructure cost analysis and the use of bond proceeds from special tax bonds. Mr. Sager's responsibilities at Urban Futures include the production tax increment projections, discounted cash flow analysis, and the analysis of clients' bonding capacity. Recent projects include the development of a 5 year financial plan for the Azusa Redevelopment Agency in connection with the Agency's 5 Year Implementation Plan, and a fiscal consultant report for the City of Delano. Mr. Sager is a graduate of the University of San Diego where he earned a Bachelor of Business Administration in Business Economics with a minor in International Relations. He earned membership into the Omicron Delta Epsilon International Economics Honor Society. FISCAL CONSULTANT SERVICES EXPERIENCE IN ROSEMEAD The services provided by UFI to the City of Rosemead over the past three years provides our firm with the knowledge necessary to provide outstanding service at the lowest possible cost to the City. The following is a summary of the services already provided by Urban Futures, Inc. to the City of Rosemead, and the corresponding relationship of each service to the Scope of Work outlined in this proposal: Merger of Redevelopment Project Area No. 1 and No. 2 In 2009, UFI provided redevelopment plan consulting services to the Rosemead Community Development Commission (the "Commission") to process the merger of the Commission's active redevelopment projects into one financial and administrative unit. This entailed blight studies and documentation, community meetings, report preparation, and all other activities as required for the merger of separate redevelopment projects by California Community Redevelopment Law. This experience has already provided UFI with detailed knowledge of the Commission's redevelopment plans; information that is vital to the successful issuance of tax increment debt and the completion of a quality fiscal consultant report. Continuing Disclosure Since 2008, UFI has provided continuing disclosure services for the Commission on all of its outstanding tax allocation bonds. As a result of this service, we already possess financial models for the tax increment revenues generated from Project Area No. 1. This includes an understanding of all pass through payments, housing set-aside deposits, and possession of all assessed value data necessary to provide a quality, cost effective fiscal analysis of the project area. AB 1389 Statutory Pass-Through Payments In 2009, UFI was retained to calculate and submit pass through payments, per AB 1389 legislation. Through this work, UFI possesses an in depth understanding of the AB1290 pass through payments the Commission is required to make, ensuring further that our firm has an understanding and the data already in-house to effectively serve the Commission. RECENT PROJECT-RELATED EXPERIENCE Listed below are similar projects and clients for which UFI staff have successfully initiated financial studies and completed project objectives: LAWNDALE REDEVELOPMENT AGENCY. Tax Allocation Bonds 2009 (insured) In November 2009, UFI served as the Financial Advisor to the Lawndale Redevelopment Agency for the issuance of $20,545,000 of tax allocation bonds. This was the first bond issuance that the redevelopment agency had completed. UFI worked closely with City and Agency staff, and as a result, the Agency was able to receive a "stand alone" credit rating of "A-", and a commitment for bond insurance in a time when the bond insurance industry was changing rapidly. To receive insurance coverage, we coordinated the process to subordinate the Agency's pass through obligations to achieve 2.00x coverage on the bonds; a process UFI FISCAL CONSULTANT SERVICES is vary familiar with. This was the only insured tax allocation bond transaction of 2009 in the state of California. resulting in interest rates in the 5% range (1.5% below the average yield at that time). LANCASTER REDEVELOPMENT AGENCY. Tax Allocation Bonds (Housing Programs) nanC1Hl r1* 11 ,17L i rc ! arr~~jcci K i~B_ rcrr:,-:gcrrC) J7 SZiJ 7 as inc 1 for the issuance of $37,500,000 of tax allocation bonds. UFI helped to develop and implement Lancaster's proactive Housing Program which allowed the Agency to utilize the bond proceeds to purchase property for use in its Low/Moderate Income Housing projects. ARTESIA REDEVELOPMENT AGENCY. Tax Allocation Bonds Housing Set-Aside In June 2009, UFI served as the Financial Advisor to the Artesia Redevelopment Agency for the issuance of $3,470,000 of tax allocation bonds. The bonds are secured by the "20% Housing Set-Aside" requirement of the Agency and the funds are to be used to finance the purchase of property for the development of low and moderate income housing. In addition, in 2007 UFI assisted the Agency in issuing $12,000,000 in tax allocation bonds (non-housing). AZUSA REDEVELOPMENT AGENCY. Tax Allocation Bonds (Series A 8B) In December 2008, UFI served as the Financial Advisor to the Azusa Redevelopment Agency for the issuance of $6,715,000 of tax allocation bonds (Series A Subordinate) and $11,580,000 of tax allocation bonds (Series B Housing). Series A is secured by subordinate tax increment revenues and Series B is secured by the 20% housing set-aside revenues. SOUTH EL MONTE IMPROVEMENT DISTRICT: Tax Allocation Bonds 2005 Merged Area In October 2008. UFI served as the Financial Advisor to the South El Monte Improvement District for the issuance of $6,755,000 of tax allocation bonds. UFI has advised the District on all of its financings over the past ten years, and has also provided redevelopment plan services to the Improvement District. FISCAL CONSULTANT SERVICES Project Understanding Rose , ead is seeking a fiscal consultant to assist with i e issuance of apps.ximateiy $7,000,000 of tax allocation bonds, secured from tax increment revenues generated by its newly merged redevelopment project area. UFI is prepared to produce a fiscal consultant report that will include (but not limited to) the following: an analysis of existing pass-through payments with affected taxing entities, study of top taxpayers and land use in the project area, tax increment projections, analysis of unitary and other revenues, tax rates in the Project Area, real estate resale and foreclosure analysis, and study of existing limitations and amendments to the redevelopment plan. In addition, UFI is prepared to provide Financial Advisory services in connection with the financing. In this regard, UFI is prepared to evaluate and analyze different financing structures (maturities, call provisions, etc.) as well as the advantages or disadvantages of bond insurance and pass-through subordination, among other considerations. In order to receive the best interest rates, UFI will stress the importance of the Commission's credit rating by thoroughly preparing documents for the credit rating presentation. It will be UFI's responsibility to verify historic tax increment and create future year tax increment projections (based on realistic assumptions). It is necessary to review the Commission's Redevelopment Plan and all related amendments to ensure that the debt structure falls within the limits set forth in the Plan. In addition to the Commission's outstanding debt, Redevelopment Project No.1 has a negotiated agreement to pass through tax increment to the Fire District. These facts, coupled with the substantial amount of additional unitary revenue this project area generates, means that all facets of the redevelopment plan must be reviewed carefully to ensure a successful financing. If retained as the Commission's Financial Advisor, Urban Futures will work closely with the Finance Team to prepare rating and insurance presentations, and will be available at all times to consult with the Commission by phone and/ or at meetings throughout the issuance process. Before the pricing of the bonds, UFI will prepare a pricing presentation which shows comparable transactions (size, credit rating, spread to treasuries etc.), in order to evaluate the anticipated pricing levels prior to the actual pricing date (Exhibit A- Covina Pricing Book). Scope of Work FISCAL CONSULTANT: Our scope of services for a fiscal consultant report includes (and is not limited to): 1. Prepare a fiscal consultant report in conjunction with the issuance of the Commission's proposed tax allocation bond. 2. Prepare for the client a financing structure to accomplish the financing objective. This analysis will include setting goals and objectives relative to the issuance of both taxable or tax exempt debt. FISCAL CONSULTANT SERVICES 3. Evaluate the feasibility of the project/financing to include project costs, cash flows tax increment flows and other revenue sources as appiicabie. 4. Calculate and project tax increment revenue for the next five years and review five year of historical assessed values and tax revenue reoeilp-Ls 5. Review of the Project Area's base year assessed value, including any possible adjustments made by the County Auditor-Controller. UFI already has an understanding of this component with respect to Project Area No. 1. 6. Complete analysis of the Project Area's redevelopment plan, including number of plan years remaining, and any restrictive covenants, etc. UFI already has an understanding of this component with respect to Project Area No. 1. 7. Complete analysis of the Project Area in terms of current development activity, and anticipated project development. This review will include on-site visits, which we feel is a major and necessary part of our evaluation. In considering Urban Futures, Inc. for this assignment, economies of scale will be realized as a result of the ongoing Continuing Disclosure services and previous redevelopment consulting services provided by our firm. FINANCIAL ADVISOR: Should the Commission wish to engage UFI as Financial Advisor, the following is included (but are not limited to) in the Scope of Services: 1. Evaluate the financing structure, to include debt service schedules; call features; bond security; flow of funds; sources and uses of funds including costs of issuance; underwriters discount and original issue discount; investment of bond proceeds; and estimated positive and negative cash flow to the Client. 2. Thorough review of pass-throughs, disposition and development agreements, and owner participation agreements for the Project Area, including subordination and other restrictive language. UFI already has an understanding of this component with respect to Project Area No. 1. 3. Assist client staff, underwriters and other financing team members in working with credit rating agencies and financial institutions, and prepare any presentation materials and documentation for rating and credit reviews. 4. Work with client staff, bond counsel, disclosure counsel, underwriters and other participants, to review. prepare and advise on information contained in the preliminary and final official statements, Indenture of Trust, fiscal agent agreement, investment agreements, and other legal and disclosure documents and materials required to facilitate the sale of the bonds. 5. Prepare pricing assumptions and comparables presentation FISCAL CONSULTANT SERVICES fi, Assist in the final closing of the financing and monitor market conditions including interest rate "spreads" between various tax-exempt and taxable securities, up until the actual marketing and pricing of the bonds. The cost for the services requested by the Client outlined below shall be based on the following considerations: FISCAL CONSULTANT REPORT Based on our understanding of the Commission's redevelopment plans and existing financing structure. UFI is prepared to provide the Fiscal Consultant Report for $10,000. FINANCIAL ADVISORY SERVICES (OPTIONAL) In addition, UP is proposing to serve as Financial Advisor and Pricing Consultant in connection with the issuance of the tax allocation bonds. Should the Commission choose to engage UFI in this capacity, UFI is prepared to provide these services for an additional fee of $10,000. Over the past five years, UFI has provided financial advisor services on over 150 financings. For your review and information we are including a PARTIAL LISTING (sample) of various financings to illustrate the depth and range of our experience. Par Amount Closing Issuer Issue Description of Issue Dale Fillmore Revenue Bonds, 2005 Series A Redevelopment Project Area- $13,225,000 2/16/2005 Murrieta Certificates of Participation City Hall Project $4,100,000 4 /13/2005 Lindsay Tax Allocation Refunding Bonds Lindsay Redevelopment Project $4,7001000 4 14/2005 Imperial 2005 Special Tax Bonds Community Facilities District. $4.655,000 5 /11/2005 Murrieta Community Facilities District Creekside 2005 Special Tax $18,070.000 6/21/2005 South El Monte Tax Allocation Bonds 2005 Series A Merged Project Area $8,900,000 8/10/2005 Adelanto Variable Rate Refunding Revenue Utility System Project $55,615,000 9 /7 /2005 Temple City Rosemead Boulevard Redevelopment Tax Allocation Refunding Bonds $8,000,000 9 11512005 Lancaster Multifamily Housing Revenue Bonds 2005 Series A $11,000,000 9/22/200-5 Murrieta Community Facilities District 2005 Special Tai; Bonds $'5,335,000 10/11/2005 9 ParAmount Closing Issuer Issue Description of Issue Date Corcoran Kin _--s Counn, California 2')04 Water System Improreme S„ Gonzales Sewer Expansion and Water Tank Project 2005 Financing $3.131.500 11/17/2005 Dinuba Tax Allocation Refunding Bonds Merged City of Dinuba 55.670,000 1211 12005 Ripon Ripon Community Redevelopment Tax Allocation Bonds. Issue of $5.660,000 12/1 2005 Norco Redevelopment Project .Area 2005 Refunding Tax Allocation $17.345,000 12/7,12005 Manteca Amended Merged Project Area Variable Rate Subordinate Tax $50.760,000 12113/2005 Tehachapi Tehachapi Redevelopment Project 2005 Tax Allocation Bonds $8,780,000 12/21/2005 Thousand yaks Thousand Oaks Blvd Redevelopment 2005 Tax AllQcatioartefunding $562140,000 1222/2005 Hughson Tax Allocation Refunding Bonds (Hughson Redevelopment Project) $3.200.000 2 x'28/2006 Gonzales Subordinate Tax Allocation Notes Gonzales Redevelopment Project $9.540.000 5 24/2006 Norco Special Tax Refunding Bonds CFD Refunding $38.535.000 5/31/2006 Imperial Subordinate Tax Allocation Notes City of Imperial Redevelopment $10.750.000 6/29/2006 Moorpark Special Tax Bonds Series 2006 Community Facilities District. $38,030,000 7/11/2006 Calexico Community Facilities District No. 2005-1 2006 Special Tax Bonds $14.710.000 7/12/2006 Cloverdale Tax Allocation Refunding Bonds. Series Cloverdale Redevelopment $21,465.000 8/24/2006 Rio Vista CFD 2006-01 Special Tax Bonds $15.020,000 9/27/2006 Brawley Brawley Redevelopment Project Area 2006 Tax Allocation Bonds $57875.000 10/3 /2006 Dinuba Tax Allocation Refunding Bonds, Issue Merged City Of Dinuba $17,270,000 10/18/2006 Lancaster Tax Allocation Bonds School District Projects $13.655,000 11/16/2006 Upland Tax Allocation Refunding Bonds. Issue Community Redevelopment $15.0001000 11/202006 Blythe Tax Allocation Bonds Series 2006 $5.100,000 11/21/2006 Imperial CFD Special Tax Bonds, Series B Bratton Development $5.130.000 11/30/2006 Greenfield Tax Allocation Bonds. Series 2006 County of Monterey, California $29:810.000 12/5 2006 Manteca Amended Merged Project Area Subordinate Tax Allocation Bonds $27.675.000 12/14/2006 Imperial Community Facilities District Savanna Ranch 2006 Special Tax $5.000.000 12/21/2006 Lancaster Tax Allocation Revenue Bonds. Issue of Lancaster Residential. Fox Field, $25,660,000 12121/2006 Moorpark 2006 Tax Allocation Bonds Moorpark Redevelopment Project $11.695,000 12/21/2006 Ceres Tax Allocation Refunding Bonds. Issue Ceres Redevelopment Project Area $36,645,000 1221/2006 Calexico Water System Lease Revenue Bonds Issue of 2007 $14.030.000 1 /10/2007 10 Par Amount Closing Issuer Issue Description of Issue Date s - South El Mont; _ r07 Tax -kiioca-ic•r, Bonus 2007 Series (Taxable) .'200' Lindsay 2007 Tax Allocation Bonds Lindsay Redevelopment Project $7,880.000 3 /292007 Banning Tax Allocation Bonds Mereed Downtown & Midway $29,965,000 5 /15/2007 Lemon Grove 2007 Tax Allocation Bonds Lemon Grove Redevelopment $13.830,000 6 /6 /2007 Ripon Tax Allocation Refunding Bonds Ripon Community Redevelopment $20,395.000 6 117 /2007 Highland Tax Allocation Bonds Highland Redevelopment Project $42,645,000 6 !28/2007 Banning Revenue Bonds Electric System Project Series 2007 $45.790,000 7 /3 /2007 Murrieta Tax Allocation Bonds Issue of 2007 Murrieta Development Project $3].610,000 7 /242007 Upland Variable Rate Demand Housing Refunding Revenue $18,000,000 8 /1 /2007 Colton POB - Taxable Pension Funding Bond Series 2007 $31.149.400 8 /8 /2007 Soledad Tax Allocation Bonds Series 2007 A g Soledad Redevelopment Project $137440,000 8 /8 /2007 Redlands POBs - Taxable Pension Funding Bonds Series 2007 $25,862,392 8,19 '200- Redlands 2007 Housing Set Aside Tax Allocation Bonds $4.640.000 8 /30/200- Cloverdale Subordinate Tax Allocation Bonds Series Cloverdale Redevelopment Project $6.155.000 9/11/2007 Dinuba Wastewater System Revenue Bonds Issue of 2007 53.150.000 9/25/2007 Dinuba COP - Lease Revenue Bonds Issue 2007 Measure "R" Road $7,450.000 9/25/2007 Winters 2007 Water g Sewer Revenue Bond 58305.000 9/26/2007 Murrieta Refunding Certificates of Participation Series 2007 $9.550.000 l l/1 /2007 La Puente Sewer Revenue Bonds Sewer Revenue Bonds, $10 2607000 11/29/2007 Adelanto Variable Rate Refunding Revenue Bonds 2005 Series (Utility System) $55.615,000 12/19/2007 Tehachapi Tehachapi Redevelopment Project 2007 Tax Allocation Bonds $9.120.000 12/19/2007 Artesia Artesia Redevelopment Project Area 2007 Tax Allocation Bonds $12,920.000 12/20/2007 Calimesa Tax Allocation Refunding Bonds Issue of 2008 $4.260.000 3/25/2008 Lindsay Tax Allocation Bonds Issue 2008 Lindsay Redevelopment Project $3,700,000 4 /3 /2008 Indio Gas Tax Revenue Certificates of Series 2008A $6.000,000 4/23/2008 Auburn Tax Allocation Bonds Series 2008 $5.000,000 10/28/2008 Azusa Tax Allocation Bonds (Sub Lien) 2008 Series A $6.715,000 12/18/2008 Azusa Tax Allocation Bonds 2008 Housing $12.050.000 12/18/2008 Azusa Taxable Pension Funding Bonds Series 2008 11 $7,215,000 12/23/2008 Issuer Issu e Desert Hol Sprin gs Tax Allocation Bonds Auburn Waste Water Revenue Bonds Covina Waste Water Revenue Bond Norco Tax Allocation Bonds South Pasadena Water Revenue Bonds Dinuba Tax Allocation Note .Artesia Tax Allocation Bonds Coalinga Tax Allocation Bonds Lancaster Tax Allocation Bonds Lawndale Tax Allocation Bonds Lindsay Tax Allocation Note (Subordinate) San Ramon Taxable Pension Obligation Bonds Par Amount Closing Description of Issue Date 2009 Housing TAB 56.1150.000 `('_'_'009 2009 Series (Insured) $12.500.000 4/4/2009 2009 Series $22.000.000 4'11%2009 School Districts Pass Through $12,200,000 4/16/2009 2009 Insured $43,4057000 5/14/2009 Merged Project.Areas $1.370,000 5/22/2009 2009 Housing TAB $4.000,000 5/25/2009 Series A. B & C $6.2350,000 8/14/2009 Housing Programs $37.5001000 8/19/2009 2009 Insured TAB $207545.000 11/04/2009 Issue of 2009 $1,000,000 11/17/2009 Series 2010 517.65A000 1/06/2010 12 a - FINANCIAL ADVISORY SERVICES Young Kim, Finance Director CITY OF LA PUENTE 15900 E. Main Street La Puente, CA 91744 (626) 855-1506 Graham Mitchell, City Manager Betty Hofman, Finance Director CITY OF LEMON GROVE 3232 Main Street Lemon Grove, CA 91945 (619) 825-3800 Ken Louie, Finance Director CITY OF LAWNDALE 14717 Burin Ave. Lawndale, CA 90260 (310) 973-3202 Fran Delach, City Manager Alan Kreimeier, Finance Director CITY OF AZUSA 213 E. Foothill Blvd Azusa, CA 91702 (626) 812-5200 Rick Daniels, City Manager Rudy Acosta, Redevelopmet -Director CITY OF DESERT HOT SPRINGS 65950 Pierson Blvd. Desert Hot Springs, CA 92240 (760) 329-6411 Anthony Ybarra. City Manager CITY OF SOUTH EL MONTE 1415 N. Santa Anita Ave. South El Monte, CA 91733 (626) 579-6540 Rita Geldert, City Manager Tom Gardner, Finance Director CITY OF VISTA 600 Eucalyptus Ave. Vista, CA 92084 (760) 726-1340 Maria Dadian, City Manager CITY OF ARTESIA 18747 Clarkdale Avenue Artesia. California 90701 (562) 865-6262 13 FINANCIAL ADVISORY SERVICES Urban Futures Inc. has served cities in many capacities and has provided serves such as Bond Compliance Filing (Continuing Disclosure, State reports, Housing Compliance Disclosures, Redevelopment Plan creations and amendments, Mello Roos and Mark Roos Financing, Utility and Water Financing, among otheF services. Below is a partial « - list of California Cities we have worked with: Adelanto Alameda County Anderson Redevelopment Agency Apple Valley Arroyo Grande Artesia Redevelopment Agency Arvin Irrigation District Azusa Bakersfield Baldwin Park Banning Redevelopment Agency Barstow Bell Gardens Belmont Big Bear Lake Big Bear Redevelopment Agency Blythe Blythe Redevelopment Agency Brawley Brawley Redevelopment Agency Brisbane Buena Park Calabasas Calexico Calexico Community Redevelopment Agency California Statewide Community Development Authority (CSCDA) Calimesa Calipatria Camarillo Carson Cathedral City Cathedral City Redevelopment Agency Ceres Cerritos Clovis Coachella Coalinga Colton Colton Joint Powers Authority Colton Redevelopment Agency Commerce Concord Corona Costa Mesa Redevelopment Agency Covina Covina Redevelopment Agency Covina, Rancho Cucamonga. Calexico, Downey Housing Finance Agency Crescent City Cudahy Delano Delano Redevelopment Agency Desert Hot Springs Dinuba Dinuba Redevelopment Agency Downey Duarte Duarte Redevelopment Agency Economic Development Corporation-Southwest Riverside County El Centro El Monte, Downey San Jacinto Housing Finance Agency Encinitas Escondido, Chula Vista Housing Finance Agency Exeter Farmersville Fillmore Firebaugh Firebaugh Redevelopment Agency Folsom Fort Bragg Fountain Valley Fowler Fresno Fresno County Garden Grove Glendora Gonzales Grand Terrace Greenfield Redevelopment Agency Gridley Redevelopment Agency Hanford Hawaiian Gardens Hesperia Redevelopment Agency Highland Highland Redevelopment Agency Holtville Hughson Huntington Beach Huntington Park f 14 FINANCIAL ADVISORY SERVICES Huntington ParK Reoevelopment Agency Lawnaaie Indio Lemoore Industry Lemoore Redevelopment Agency Kings O'ounry Lindsay La Veme Livermore _ Lafayette Livingston Lancaster Loma Linda Lancaster Housing Authority Los Angeles County Lancaster-Redevelopment Agency Los Angeles, City Los Banos Rosemead Manhattan Beach Sacramento County Manteca San Bernardino Manteca Redevelopment Agency San Bernardino County March Joint Powers Authority (Military Base San Buenaventura Reuse) San Buenaventura Covina Housing Finance Maywood Agency Mendota San Diego County Merced San Diego County Housing Authority Montebello San Diego, City Montebello Redevelopment Agency San Dimas Montebello Oxnard Housing Finance Agency San Fernando Monterey Park San Francisco Moorpark San Jacinto Moorpark Redevelopment Agency San Juan Capistrano Moreno Valley San Juan Capistrano Redevelopment Agency Morgan Hill San Leandro National City San Luis Obispo, City Needles San Luis Obispo, County Norco San Marcos Norco Redevelopment Agency Santa Ana Oceanside Santa Paula Ontario Shasta Utility District Ontario Redevelopment Agency Simi Valley Orange South El Monte Orange County Redevelopment Agency Southern California Home Financing Authority Oxnard (SCHAFA) Palmdale Stanislaus County Paramount Stanton Parlier Stanton Redevelopment Agency Pasadena Susanville Pasadena Community Development Com Temple City Phoenix, Arizona Thousand Oaks Pico Rivera Union City Pismo Beach University of La Verne Pittsburg Upland Redevelopment Agency Pomona Upland Pomona Redevelopment Agency Vallejo Port Hueneme Covina Housing Finance Agency Ventura Rancho Cucamonga Victor Valley Economic Development Authority Rancho Palos Verdes Victorville Redlands Redevelopment Agency Vista Redondo Beach Walnut Reedley Walnut Improvement Agency Rialto West Covina Rio Vista Westminster Rio Vista Redevelopment Agency Winters Redevelopment Agency Ripon Winton Riverside County Winton Irrigation District Rocklin Yorba Linda Yucaipa IZ' 0 V 0 U W 3 a .y a 0 m .r ~ v ~IJ DO 0 0 N 75 MMI% V) 'mi A~ W ~i V O 0u qftft fto Ift-ft a~ ~ ~ > O O N W G LL m m L CL - m m w o c E CL c o 0 a N u c a °A c~ E m ii ~ ~ a in F= ai c L t o .x c/ O U- V_ cn cn 0 0 0 0 0 0 0 V V V U U U U cn cn cn cn cn Ln cn A A A ~ A A A r 0 V V 0 to V LL N ^A W v o~ 0 a LA C u O O O vn > 0 V O 4-d V O J E O v c L M ~ W W z H Q d n t1D L t L a 3 - C 4' ~ C O E ° u 4-1 in > N Vn Z w a X O Z W C W C C O m u CU 4 ~ O N a) o d > N C E \ Q1 L 7 W C O Z W n F- CW } Q o W L Q Q U ~ A .Q z W Q W > O V V > W m W E E C + z W 2 a w L Q W O C ~ a~ > N L- m N a 4J Ln L a E v U Q i - N U ° o d L. fII Q co U w Il a..+ co Q d U U O 06 cn N a V) o u C N U) O C6 a Ul O 0 Ln - a a t~A u •a-+ V) ' ° Cz0 E aA O 00\ V O a a ) v 'qT V) O L- OD 4- M a 0 tsA C> O U c a _ r~ a a X u~ O = _0 m O E a O N N ° a r_ a' LO a c E U, C: > C) N ° 4-J a) u • ~ t = O O rn v = LL. . a C L > j ~ 4-J O 1 A A , A Q . M I r~ c h t O Lri r ~ f N : tD I C t V t C t N I M I O 1 M ~ I r, LD I ri I ~ I r-i I C 1 ~ I N I O' ri LD N o0 00 M r-I a -I Ln C h m ri Q1 T-4 O1 Lrl 00 LD N x v 00 LD m n O e-L .--I N C N h N T _ N N r., L--1 In h N --1 r-L m LD Ln N 00 Ct m O I C r 1i Cif tD Ln O LM tD rn kD r + Ln n C L^. O N N N r-1 .--i ` L^ '1' M C h C N n Ln lD .--t L' N lD e-I (p lD r-a CD n M n lD n r-1 C lD n OD N N N r-1 .-i N m r-I .-1 O Ln lD O n tD r-1 O C C tD Ch c7 C 00 N u-1 tD O tD h ~ m o ri rn n L7 rn M N Ln a) WD 00 i 00 Ql 00 m .-i Lf) O LD n 01 tD O tD m ~r LD n Cn M r-1 .--i C ~ m m O Lr m o0 O o0 C O -zt 00 tD Ln N h tD O ri Q r-I w Ln a--i r-i h n M oo Ln m n .-1 LD L7 *Y C Q1 tT D1 a) 1 L.D L.n N N ':Zr r-1 lD C N -1 C Ln C' ri ri ri O Cl Ln Ln tT m C C O tD n n h o1 m M o tD r-1 .--L M r-r N n fL a, ~ r0 = Q1 do fy C ~ X C) C W v 7 C rr0 41 J Ln I]D > fl. O C cu C f, 41 E u > L1 X V 7 C ty N r0 w C +J C O a: LLI C d V > L_ z' C C tap Vf ~ ~ m f0 00 C v 0 A ~ O Q - L v Q L n~ Q L OJ -t3 ` ro ~ ai O O CL CJ e1 r V C 0 ~ O F-- y ~ O r. O C- O O M Ln C r-I Ln m m C N I ~ o f. o ~ - Y p C: p p . C V.. I C L vi Q1 Ln C 00 LM I.n Ln c o - o LD M C m O N C r-I v , O L^ Ln co 0 O N V m h m r-L O L^. n CC ON N to tD .o I~ ri m ti m Q O 00 M m tD M 01 CD a) 00 to Ln LD T-4 N Ln m m m N m Ln n N r-1 N N co N ri O O lD 01 lD L~ O M r-4 o LA ) m lfl m O m m co Ct h N -4 o Q1 L-i 01 Q1 n lD 00 LO (YJ 00 O Ln Lr1 Ln C1 CD N r-i N m rv O r L'1 -1 co 00 00 O n Q1 N O1 N N .-i m LD m cn c O ' n LD 00 Lr O tD tD O l M n O n O co tD Ln ~ L Cn r-i \ Ln ri Ln to o N W C11 n C7 tD O n N M rni to 2 O' N Ln N N - ri m r-1 C -1 Q1 O M e-1 m n m m tD r1 I n - h 01 m M lD LD N Ln n Ln m QJ U L C L r0 t m V 0~ u a O r 7 L.L m CG O + co E- = ~ M y- r o , U. ~ d LZ _ V IA Lm ` rJ n Ln m- to c CL w . m O C7 V O d D L L' C r cu O E c C C CL 3 co Q y' 0 LL .C O O 00 Q a~ tv rv c a Z to w LL. ° i:. f0 GJ U a 0 m O 0 v u N ~ u 0 0 a _ `m u ~ u ~C y a` O 3 a 0 V a~ L m 0 co m CL V Lr) l90( ro 4-J O o _ O O ° C Q - CL +J o = 4-d 4-J L :3 O 0 4-1 0 0 C6 E 4- C ~ - C m C c~ Q an c~ c . Ln 4-d CL :D a Q N ~ + L N Q~ O 4-+ cn . C E C a - C Q 4-0 4- O L O C C L 4- O 5 4 :3 a) 4- 0 E O N L- cn cB ro aJ Un 4- co C 07 0 4-1 a-+ 4-J O ~ CL 4-J ro a) O -0 ca f3 cn = U a L v ~ CO ~ y Q L o a~ Co o _ D J ro 4-J m : j C 0 -0 -0 cII cn _0 c6 cn N C ° = m C -0 @ ~ O L- E p a E u } a > cA -0 F- 4-1 'Al A Q) i 4wj Ll. a IA Oa 4ma a oc LIM 4ma c mftft 3 0 I Lf > a--~ ~ N O L i O LA • Ca p CO cn _ 4-1 O V) XZ- 4-+ a) a_' h0 • - u Ln cn U CU 4-j ~ a' O c o U-) u 4a LI) c: O L i L j C~ O CN Q L :3 E m •E O O a gin ' U _ 4-' a~ C: ~ L O L u 4-J L N O c6 Q C N cn > cn a) 4-1 C: c > U co - u v O 4- O-Ile p u aJ L C) X E ca • - O 0~ U C6 O cc O z 4-j G ca Q. n i - (3) aJ O aJ 4-J 4-J o LA > A A A c k r- 4j a oc 4wj kn oU Q/ "a ftwft 4fto Q) x Lai a V O N 0 -o 0 0 N ~ O Q1 Q1 - o O N 00 o r, ~ri N ~ o 3 O tLo rn r-+ Ql ` m Q1 I C) C~ Q1 00 -C) c1 co LI) 00 cr) m 00 Cl) ri 00 o O O ~ O o 7 N O a a~ 4ma "IM i V 0 SEX V ao ao N *0 N ~ O Q f/) O N •i M ca ~ L ~ M O o _ o ~ o o - 2i ° y O m ~~Qm 60/5/L 60/S/b I 60/S/ 80/S/0 80/5/L 80/S/b 80/S/ L0/C1/0 L0/91L LO/S/b " , l . , L0/S4 0 0 0 ~ o 0 0 0 0 It ch M N N r- 1- O O m 4--~ V) ca a1 4~ o c~ ro C: o L Q V Ln V) L U N L L L Q. O C: hz C N U Q u ~ U v a~ C6 v CU U > ~ t cn o Q U O 'U E .N A O) ftc Sm mc cm i a O m W I x Ift-ft O Ln O E Q1 0 ra Q Q LM U L ca CL x w x c~ 0 Ql m c au L V) to C6 O 1 L C) N Ln E a~ Ull v U c L N O ~ ~ v V) o ~ Ln 0 o v > O m O -I- N to c ~ Q Ln E x v CL x E X O v O O A L E c E LJ C: UL 0 to i U c 0 LJ ; F' U ~ CL) U -C C6 V) ) to v ro S L --j Ln t ~ - 0 _0 U ca Ln (3) U L 4-+ Z U i ~ ~ .r QJ . b Ln o L c E ro E ° N o cn U U Uo c O o 4J V) o 4 0 O O Q. i U r E L O N O Ln cn o E =3 a1 C- O = -O c Ln a) c E Q- O L -0 ~C: . ~ E v 4- _ c _0 - ; ~ N U 0 ~ O O Q v S -0 cu cn . _ c~ 4 m E Ln - o U L- o O W ft O M O Q oft% a ^LAI W A~ W O i N i I ' O C1 ' lD N I- m 00 Lq Cl N C}' L!1 M Q Ln 111 lD lD I'D N r-I r-i 00 N lrlr 00 't C1 N I- r-I m m c-i N Lf1 Ln Ln Lr) C1 ri 00 N lD I- o r-+ m m Rt 9:3* q::I* m lc:t r%4 r-I 00 (D m l.o m ;i O O • O N m R:I d' Ln Ln 0 1O d r- m 1.0 O ~ L n . O c-I N M I:zi Iz 4 ~ ~ ~ N N m m 0 0 0 0 0 0 0 Jam, l=r C U . ` 0.0 G cu L V to O L CL 3 E N O U C C O a) -C -a Lr) CU > O L L Q E O 4-1 Q) bo U C C fO U ~ CL Ln c Q) 76 Ln L C6 N ~ O Ln C _0 r 0 4-0 1 O U Ln U vii N XX C ~ ~ 4J -Q bA O Q1 U - O a O -C L ? L l) Q Ln 1 U 4-' ~ m Q CU V Q 2 Q L s O u L a A c° (1) mra to a, 0 L co mc FM Q). s F 0 0 V ~ (f V1 V a-+ (A 0 J N e-i 0u ft~c a a, i V cu ftc ■-a oc 4j "fteft A~ W ,a 4"A 0 z Ql ~ O o ° N U a) C ~ I co o E Q o V) C 0 i U C~ Ln ~C L L 4--j c~ m ~ L v C > aJ O L L ~ O U N N cn L O L m v II V) to N O 0 aA ~ a~ v z c a ai a 0 O .Q cn _Ile v 4-1 Ln a-j c L- 0 4-0 aJ v C C ~ U •E aJ aJ ~ V aJ ~ 4A ~ * 4-1 II 4.0 IS Q ~ bdo L c~ L c!Y U E L ~ a 0 4- O a N c6 V c v f6 Ul) 4- 0 E aJ C~ r w~~ CB U 0 v C II ~ U x c~ au E LL w to Lo L a 0 ~x a rw bD c L V 0 cz N ~ N ^ • J L O _ O U CL •L 4--j O LA L N aA C U Lf) 4 U 0 L a) > C O L V) O O Co ' V C) O v cn 0 - (n cn a••+ t~A a) • (z Lr) 4-j > Co ra E L O Co E - C) U •Q O - ro C cn I aJ L o o LL ~ Q .ft. M ^l 1W a 0 m 4ma ts 4ma 0 t3l Qj V N U C) r N L Lor) L V) QJ O O ~ V) O L O > L O %1 'a y p Z L O can > c - Z,O -Y- L v L CL L Ca Cn m B O •C) Q ~ O bA O E C O U rya ~o u O U L C) •L L' O s -J 4- ~ a..r •L CC C _0 a) ~ U ; L ~ L.L cn O Ln a) > -1 -Q =3 Ul) Ln N O A A A A l 4- a • • L 0 Li a 0 V CA 0 V LL V L on 0 C13 Lr) 4fta ca i V a ca O 4ma i 0 V LAW CL O O L 0 M C v Ln co 4- O Q) N O C) [a O C f'6 C O a--i N C v Ln > L v L 2 Ln Q 0 U C) L C~ O U Ln Q~ C u Q 0 > S~ G . . • • E L- Q) C~ C N 0- cu x L x Q f~ ~C V 4-1 aJ U V 4A ~ C r-i +-j c C O V'1 L O O v L CL C .L E C O U- x cu n~ Q U- V) LM 0 U a--+ Ln v L a~ C 4-1 _C) Ln Q- a--j Ln v O J QJ c GA r C c~ L!) 0 U C fD E L 0 4- L- cu CL CO C . Ln L O +r c U v CO N U v cu Ln Q~ C) E un O ~ C ~ O~ L U 4- O a~ Q C_ E f4 • Q~ L C U O L r~ C Q) L L U Ln v c~ L c O 0 bz v c~ Ln L 1 o~S Q c w Ln cu a-J m . E(Lu- c Q c o c W CU c s c 0 o c Ln c ca Q Ln Ln U c v 4L--+ C c s O ~ L V) LD LL a O V N L Q E V tw a V a r i ~ r r 1 i i i 1 I r _ i l~ ~ t I ► I i - CL pO'O 000 000,0 coo 000 O 0 O u7 I(V O O co Lr) Nv 1- co I- co m O m I m - I f N O O L7 Le) c) c) 0'-0 •-I N - V _ D D D D D D D D D D D D D D - 0 000 0000 000 000 0 0 0 0'0 O m N co n r- 0 G v Ln O L` O CD Ln N L'7 r- O N V CD f` co m O Lo CD .I~ O r N N M M M 4 C r 4 t7 tr 4 Lo Lo Ln 6 - r o 0 0 0 C 0 C o D o 0 0 0 0 0 0 ,0 O'.O 0 0 0 0 0 0 0 O O O O O O O O 'O IO 0 0 0 0000 000 LntoLn LD O O O O O O LO Ln 00 N Ln to I~ N t` N LC') O C v- i Ln I L-3 6 Ln Ln Lo L7 Ln Ln Ln C7 n C I ~0 0 0 0 0 0 0 0 0 0 0 0 0 010 O O O O ` O O , M O O II. v r-) co CC) CD Ln In In r- t- r L) Cc) m m m M O O M M O O 0 0 010 0 0 0 O r r r I o c c o 0 0 D c o c c o 0 0 0 c = 0 0 0 0 0 0 0 0 0 0 0 0 O O 0 0 0 0 0 O l7 O M t- m m r- v m Ln m i` M M N O tb Lb t` CD r C~ C m r- O M co r- M r m L^ co r- cc co m O r IN N M M M M M V T C VT V V V V U) LO u O O O O C D O D O D O O O O O O D O O O - Q D 'O C C O O p C c O O OO O O O O _ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -co 00111') 00CO0 U') 00 LnlnLnL.n in lnO o O L7 O O N 17 1- O Ln f- O O N N N N N N O Cl . . . . . . . . . J N N M M M M M C7' 'T In U) L7 6 In U-) L7 U) Ln Lo O N M [7 Ln co ti co c) O N M v ILn co r- co m o f N M y l7 CD n CA m r N N N N N N N N N N M M M M M M M M M M 0 0 0 o c o 0 0 0 0 NO NO 0 0 0 0 0 0 c 0 0 0lO 0 0 0 0 0 0 0 ~ N N N N N N N N IN N N N N N N N N N N N N N IN N N N N N N N i-I a a CL V CL :I J 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 • s LO ILo ~ M ~ o ~ U7 CO co CO D) CD CD ()O o r CA CT N 6) N O V CA N O V Q) N CD 6') O l1) O) Lo O CD CA O ~ G O O O O D O D O O O D O D O O 'C D D O C O O O O D O O O O O O D D D O O 0 y 0 0 0 0 0 Co 0 0 0 0 O O O O O O O O LO t- U) O r N CD N O CD N M '7 Ln U) ti m M r CD N r r CD Ln O Lt) r 0 O 0 O 0 r 0 N O r N N I CI) M M 111 'I lz:- IT v 'd" V- qT LO LO Lo ~ - D c ~ c Ia D o o 0 o 0 D 0 o 0 i o o 0 'o c c 0 o 0 0 0 0 0 0 0 0 o c -80 180 00 0 0 0 0 0 0 0 0 1 0 O O O O O O X) In Ln O - 0 0 0 0 0 0 0 CD, 0 Lr) 0 0 LO LO O' N N N O j 0 (D 0 LO O O O O 0 1l- O O N N LO 0 0 0 CD m m m IT ;r Ln Lri v Ln Lri Lci Lri ui V) ui LL) ui ~s ~ o 0 0 0 0 0 0 0 0 0 0 0 tf) CD M CO CO N N N L') CO O p 0 r r r r r r a- 1 O G 'O O O O O O O C O O O O O C O O CO O O I I 1 - O'O O CO O O O m O O O O O LO O O LO N O i-- O LC') O I- r CT) t- N r N CC) t` O N M LL] CD 1 O N N M co co d• 'IT _ O O O C \CD \D O \DC O O \ \ D O O ~ o 1o o o o 0 o &0 o o 0 00 0 0 0 0 0 010 0 0 0 ~ 00 o 0 0 0 0 0 Cl Cl 0 0 N M M LA V q-i v- Nr Lo LL Lo Lo 1 • O r N M L!7 CD f~ CO m r o N r N N N M N V LC) N N CD N fl- " M N O N O M r N MIM M M V M LO M 0 M I- M M M M'M OIO N N O N O N O N O N O N O O N N O N O N O " 0 N 0 N 0 O N N O N O N O N 0 N 0 N 0 0 N N 0 N 0 N 0 N O N O N O O N N O.1 r-I CL V M CL e i i I I I ~ i I i I I r I i I r I I I r • p° • L~ c I am. ~ O C O 0 0 V 0 0 0 O O I O - - V N T O O O N ' N N N N N N N N N N N N N N N N N O N c N N N N N - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ 0 0 C 0 0 0 0 0 0 C D O N 0 t` 'D T T ti v w 4f) O CD M ~ ~ ~ 4S7 lI) 4!7 417 4!'1 CD CD CD e ~ 0 0 0 0 0 0 o 0 c l 0 0 0 0 0 0 0 0 0 o 0 c 0 o 0 0 0 0 0 1 0 O O O Co O Co - U') U7 4n o o o u en o 4o I LD 0 ' O I` N N 417 O 0 N N U') t~ N 4n • M V 'V V l!7 tfJ lf) In U') U" CD CD I I .I s 4 • r~ 11 4 0 0 0 0 o10 0 CD 0 0 CD C1 Q o 0 • u7 CD T N M Q 6 T N CD O ~ O O T r T T N T M T ro T N T N T O T • O 0 D 0 O 7 D o O D c D O O C O C C D O O C O o O ~ O o 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O u7 4n 4n 1-0 u7 4n O 0 4n O O f~ 4D co T M 40 r- O N q to t` t- N N N N M M MM M V* v IT 40 4n U7 ou 0 0 c 0 o c o 0 0 o c e o c o a 0 0 0 0 0 0 0 0 0 0 0 4f) O O O r - O O O fn O O U) O 4.o O O N O O O Cl O Cl N U) 4o ti O N 40 4o CD O O O 1 M M m C) C) M M 'IT v v v v L6 6 4n t O T N M V U') m r` co rn O T N M V 4f) Lo r-- co m O T N I M v 41.7 CD r, co O) T r r r r T ~T N N N N N N N N N N M M M m M M M M M M 0 0 0 0 0 0 0 O 'O 0 0 0 0 0 0 0 0 0 0 0 0 o l0 0 0 0 0 0 0 0 N N N N N N CV N,N N N N N N N N N N N N N NN N N N N N N N I 0 N I^ M. W CL E V 0 too" CL . O C. 0 0 0 0 0 0 (D to I t-- O O co • -j CO m O O O r r • ~ r r I r r r r r m i o o o 0 0 0 0 0 o 0 0 C:) co I6) OD V C * 0. . ce • e } N c0 N ti O (D r r N N M M w o 0 o c o Lo c 0 0 0 o c , 0 0 0 0 N O O O O 00 I CD 0 LO LO 0 0 O O O CD I~ N Cl Cl • , 'LY' ~t V' O O Lo Lo G e t S 0 0 0 0 0 0 0 0 0 0 0 0 0 O O -J CO r (D (D Lo m V C M t-- ~ O M N co O 0 r 0 r 0 r 0 r 0 i0 r r O r O r O r r r r r r O r • ~ N n 0 0 \o 0 0 \ 0 \o \o 0 \o 0 0 \o 0 \ 0 \o 0 0 = O O 0 0 0 0 0 0 0 0 0 O O O 0 O O W c) t-- r M N (D V' IT O O t.o Lo Lo O Lo CO y M R? Ln O N v r- m M t1 (D r- co N r N N fM Cl) M M d' Lo Lo ~ J c c D o O o O c D o DD c ' o O a O c O 0 O 0 O ~ D o D c O o , - 0 0 0 0 0 O 0 LO 0 O 0 Lo 0 0 O Lo 0 O LO N 0 Lo 0 O Lo CN L7 N Lo N !l- Lo L() LC) 1- O N Lo fl- O r N Lo (O LO M e~ N N N N M M M M V Nr 6() Ln - ~j O r r Ir N C M r v r Lt) r (D r I~ co r 1r m r O N r N N N M N Lo N N (D N N O N o N O m r N M'M M M c M Lo M 0 M r- M O m M M O i0 0 0 0 0 0 0 IO O O O O O O O i O O O O O O 0 0 0 0 0 0 0 CD N N N N N N N N'N N N N N N N N N N N N N NIN N N N N N N N' rl N 10 ll W CL V Ckft u S O O O . O - 0 N 0 m 0 N 0 0 oo 0 v 0 - 0 v 0 c 0 m 0 0 CD N 0 V- 0 o k ` < N N N N N N N N N N N Y N N N N 16 1 I O a 0 0 00 oO e-O O o O 0 O 0 0O 0 -80 00 O 0 D ~ oO cO cO oO ' 0 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CD 0 Ln - O rl- Y O LO Ln M Lo M O CD Lo M co Y M 0 Ln Ln CD O O CD r N N Ln Lo O r Ln N O M • a Y Y N N M M M if i lf') U-) L.7 U) Ln - ; 0 0 0 0 0 o c io 0 0 o c o o c o o ~ Y „ O o 0 0 0 0 C. 0 0 0 0 0 0 0 0 l o Lo o - 0 0 0 0 0 O O 0 0 0 ' 0 0 0 LO 0 0 N O j O o Ln O 0 0 Ln LO Lf) tf ) td) 0 LO N O O r N J M M M ~ ~ Ln Q d' er 4 v Lo Co CD Lf) Ln L() Lo V L' r o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O M M (D t` O c0 O M O w O w O ~ O Y O M Y o N w N w N M M O IT M O M O M 0 co 0 Co 0 co Co CD LO CD 0 0 o c -1 -0 o 0 o c c D a o 0 0 0 0 0 0 0 o c , 0 0 % CD CD 0 M 0 0C) 0 Lf) 0 Ln 0 ~T 0 0 Lf) CO 0 to 0 f- 0 N O CD O O 0 0 t7 CO 0 V) 0 Q 0 N 0 C~ O M O co r O CD O N 0 CJ) Y M LO f- m Y N ~ n CD t` 0 m q Y r t- N CV N N M M M M M 'c7 V, Ln Ln L!) o o o i~ 0 o 0 o 0 c 0 o 0o 0a 0 -.1 0a 0 -.0 0o a a 0 o e a 0 0o -.Cl 00 0 0 0 'O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 L[) 0 0 O O 0 0 0 0 0 0 0 0 0 0 0 0 O Ln Ln O O CV Ln Ln O O O iLn L7 O O O O O O O O O O N N LO Lo CD ti ti O O .J N N N d' Ln M Ln L7 L7 if ~Y' '7 d' V C '7 ct Lf) Ln g O r r N Y Cl) Y r Ln r CD Y f` cO M r O N r N N N M N Ln N N CD N r- N CL N M N O M r N MA M M M M Ln M Co M r- M 00 o M ~M ~ O i0 NN 0 N 0 N 0 N 0 N 0 N 0 0 N N 0 N 0 N 0 N 0 N 0 N (D: 0 N'N 0 N 0 N 0 N 0 N 0 N I 0 IO N,N O N O N O N 0 N 0 N O ID C N S , 0,.v a V t/1 N L E V w c~ V M N 1^ 4i ftftft CL V y f~ L 4- 4- 1 L Q d W O LXJ Q) O V) /V/~''~ I~~ L CII L • o 0 0 o O o 0 0 0 O O O O O O o O o o o o O - - o 0 a 0 00 0 0 l 0 o 0 0c 0o 0 0 0 0 00 00 0 0 0 0 0 0 • O O O o 0 0 0 0 0 0 0 O Cl O O i O O CO O N = L.O L7 N N I` r M M C) I-- cr) co Co r CO CO OD O N M U) CD r- t r T N N M M M M V, V ~ It V U) 00 0 0 0 0 o c 0 o 00 0 0 n 0 0 0 00 0 0 0 0 0 0 0 0 0 0 ' • O G O O O 0 0 0 t_ , L(7 O U) O U) O 0 0 0 0 Lr) 0 0 CD N N LC) f- O N O • O O O O N LO L) O r r N M L) CO O co M co co M M M 4 4 '1 V In O r N M V U) 0 f- M O O r N (M IT O) r r r r r r r T r r N N N N N N 0 0 0 0 0 O O O O 0 0 0 0 0 0 0 ' N N N N N N "I N N N N N N N N N • 0 0 0 0 0 O O O 0 0 0 0 0 0 O O O O O O Ln f~ N O CO O M M [t Ln Ln 0 0 0 0 0 0 O ' r r N M M qT Ln LO LO U) Ln U) U) CO CD (D CD 0 0 r r r r r r r r r r r r r r r r r r 0 0 0 0 0 0 0 0 0 0 0 0 o 0 c 0 o 0 0 0 0 0 0 0 0 0 o 0 O 0 o 0 0 0 o 0 c 0 • 0 0 0 0l0 O O O O O 0 0 0 0 0 0 0 0 O " 0 0 0 LO Lo 0 0 0 0 0 1-- N O M M M N r 0 Lo C~ N O r LO N r M Ln CO m q r N M Ln CD r r N N M M M Iq qq Iq U) Ln Ln U) U) Ln n 0 0 0 0 o c o 0 0 S 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Lf) O 0 0 O O O O O O O Ln Lf) LO 0 0 Ln LO Il- O 0 0 0 0 O O O O O O (N N N O O N N co U) N M q q- I q m U) U) U) U) U) U) m Ln Ln Lo U) U') U) r- N M 'To CD f- M M O r N M C, In CD I` M O - r r r r Ir r r r r N N N N N N N N N N O o o o O O O O O O 0 CD O O O O O O O N N N N IN N N N N N N N N N N N N N N • 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O Lf) Ln r V, M (D 0 t7 'gr It O M M O I~ qr O CO r N N N N N N N N N N T r N O - r r r r r r r r r r r r r r r T T r r O O O O O D O O O O O O O O O O O O O O O O O D O O O O O O O O O O O O O O CD O O C) O O O CD O CD CD CD CD O O O 0 0 O O U) U7 U) U) O O O U) O U) U) U) U) Ln O L!) O Ln O r CD Cl M CO (3) r N V' LO (O f- O M O O r r r N N M M M M Cr V V V V V L!) lf) Ln In \ -0 \ ° _ \ \0O \ ° - 0 \ O \ ° \ ° \ ° \o° \0° \0O \ O 0 0 • O o O 0 O _ 0 O O 0 0 o 0 8 0 0 0 0 o o 0 c 0 o 0 O o 0 0 o o O LO U) U) LO O O O LO O LO U) LO LO LO O LO O LO O r CD O M CD O r N l1' Ln M f- O M O O r r N N M co Cl) Cl) Nr "T qq Iq qq U) U) Lo U) r- N M IT Ln (D t- OD d) O r N CO Ln (D f- CO O - r r r r r r r r r N N N N N N N N N N 0 0 0 CD 0 0 0 0 0 0 0 0 0 0 0 0 CD 0 0 N N N N N N N N N N N N N N N N N N N N I^ W a CL V _W v 'L U .3 .r~r :rl L v~ U cat c7z O e~ E-' U 7:1 J V CL o C ~ CL O p ,v 4-4 J ~°oU 'n 0 Q~ n L ~ r% > Lf) r 00 ' ~ O r 3 U All U \ s~ o p vi ~ J U U ~ o cz CZ ~ ~ O J > N •O 'C Cl, CZ r V~ Ln r-4 ~ ~ V N W A~ W E iz E ci O m N c~ V U C N C O hA U Q. 6 L 0- O N O O > v 4-1 L O U U ra v L C ~ O U N C to O -C U V L V ~ ~ O co C O 00 ~ QJ L V 4-J V) L C U fU L O U N t~ S U L - Z3 CL O (21 U ai x LU fa C LL C6 4-d C tiA U c O co O U C O co Ln C N E u O 0 hA _O U c!1 0 fa f~ Q a) L L O N ~ rl r-I O N N M O 75 5 A A A A A A A rl- N Attachment F Revenue l,lana -,emenr for Local Cn .-mnient Hinderliter, de Llamas R2.ssociates HdL Coren S Cone HdL Sofware, LLC March 1, 2010 Mr. Matt Hawkesworth Assistant City Manager/intemal Affairs City of Rosemead 8838 East Valley Blvd Rosemead, CA 91770 Dear Mr. White: We are pleased to present this proposal to provide Fiscal Consulting Services to the Rosemead Redevelopment Agency (the Agency) in support of the issuance of tax allocation bonds to be secured by the tax increment revenue of the Agency's Redevelopment Project Areas (the Project Areas). It is our understanding that the Project Areas consists of the Project Area A-1 and Project Area 2. An overview of our firm and a description of the proposed scope of work for this financing is described below. L Overview and History of the Firm HdL Coren & Cone (HdLCC) was established in 1992 to provide property tax data base management, analytical and auditing services to cities, redevelopment agencies, special districts and counties. HdLCC, along with Hinderliter de Llamas & Associates and HdL Software comprise the HdL Companies. Hinderliter de Llamas & Associates provides sales tax auditing and analytical services to California cites. HdL Software develops software to assist cities and counties with their administrative and financial services. The business license software developed by the firm is now in operation in 122 cities. The Software for managing the permitting process is now in operation in 34 cities. Our services are based upon the firm's large investment in computers and specially designed software for the management of large property tax databases. We currently have on line more than 400 gigabits of property tax data, including the complete secured and unsecured tax rolls for Los Angeles County since 1991. Our software capability gives us the ability to audit an entire county for the benefit of our clients. We have corrected the allocation of $3.2 billion in assessed values resulting in the recovery of more than $29 million for our clients. HdLCC currently is providing on-going property tax analytical and auditing services for 170 cities, counties, redevelopment agencies and special districts, including many within Los Angeles County and specifically the City of Rosemead (the City). For the City and our other clients we serve as adjunct staff on all property tax matters, including auditing county allocation procedures, researching property tax related issues, providing revenue estimates to assist in the budget process, and preparing updated tables for continuing disclosure. Rosemead Redevelopment Agency Fiscal Consultant's Report Proposal March 1. 2010. Paee 2 In addition to our property tax expertise HdLCC has extensive experience working with redevelopment agencies and redevelopment finance. We have assisted numerous redevelopment agencies with statements of indebtedness, annual financial reports, continuing disclosure reports, low and moderate income housing calculations, including deficit reduction plans and excess surplus calculations. HdLCC has participated in the issuance of tax increment supported debt for 185 redevelopment project areas involving more than 55.2 billion of total bonds II. Professional Qualifications HdLCC is lead by its principals, Paula Cone and Martin Coren. Ms. Cone worked 24 years with the City of Lawndale prior to joining the HdL Companies, including ten as assistant city manager. She joined Hinderliter de Llamas & Associates in 1990 to develop the property tax data base software now utilized by HdLCC. Martin Coren joined the firm in 1992 after spending 15 years as a redevelopment consultant, and five years as a legislative assistant in Sacramento. Mr. Coren specializes in redevelopment finance and has participated in the issuance of more than $3 billion of tax increment supported debt. The HdLCC staff is experienced in all aspects of fiscal consulting for redevelopment agencies. Mr. Coren will be the partner responsible for services to the Agency. All of the HdLCC staff will be available to assist as needed with services to the Agency. Mr. Coren's principal assistants for services to the Agency will be David Schey and/or Cheryl Murase. All HdLCC staff is located in the Diamond Bar Office and may be reached at (909) 861-4335. III. Scope of Services The services under this proposal include the following: A historical review of the assessed values of the Project Areas; 2. An explanation, if required, of any anomalies or discrepancies revealed by the historical review of Project Area assessed values; 3. A ten-year projection of tax increment revenues for the Project Areas based upon 2009-10 assessed values, property tax growth trends and transfers of ownership; 4. A listing of the top ten taxpayers in the Project Areas and a determination of their tax payment status (i.e. delinquencies); 5. A review of the tax allocation and disbursement procedures of Los Angeles County; 6. A review of outstanding assessment appeals of property taxes for major tax payers in the Project Areas; 7. Provision of tax increment projections and tables necessary for inclusion within the bond issuance offering documents and review of the bond issuance offering Rosemead Redevelopment Agency Fiscal Consultant's Report Proposal March 1, 2010, Page 3 documents as they relate to the projection of tax increment revenues and other tables provided; Attendance at two meetings authorized by the Agency; Additional Services are services not described above which are authorized in writing by the Agency. Additional Services include, but are not limited to, additional meetings and presentations to rating agencies and insurance companies. Additional services may also include services in regard to the addition of other project Area of the Agency in the proposed financings. Fee Our fee for Items 1 through 9 is 17,500, plus 1.15 times actual incurred expenses. Actual incurred expensed include transportation, overnight mail, data purchases from the County made specifically for this analysis and any other expense directly attributable to the services. Our fee for Item 11, Additional Services, shall be billed at the hourly rates listed below plus 1.15 times actual incurred expenses: Partner $195.00 per hour Principal $175.00 per hour Associate $135.00 per hour Senior Analyst $100.00 per hour Analyst $ 65.00 per hour All fees will be billed the sooner of the sale of the bonds, one year from authorization to proceed, or a determination not to proceed with a bond issue. Upon written authorization, HdLCC will pursue any errors discovered through our analysis that may lead to the recovery of revenue or additional revenue to the benefit of the Agency. Any such recovery will be billed in accordance with Paragraph B of the Consideration section of the Property Tax Service Contract between the City of Rosemead and HdLCC. Fees for recovered revenue will be billed separately from bond services, and upon documentation of the recovered revenues. Audit Review: "Audit" or "Audit Review" shall mean the comparison of databases to ensure that parcels are correctly coded with the appropriate tax rate area to return revenue to the client city or redevelopment agency. Audits include the secured and unsecured tax rolls and where secured records are corrected; the corresponding unsecured records related to those properties are also corrected. A review of the calculation methodologies developed by auditor/controller offices in the administration of property tax revenues or tax increment revenues is made to ensure compliance. New annexations and newly created redevelopment project areas are audited the 1 st or 2nd year after the area's adoption due to the timing of LAFCO and the State Board of Equalization in assigning new tax rate areas and county processing of those changes. Recovered/Reallocated Revenue: "Recovered or Reallocated Revenue" shall mean additional revenue received as a result of an audit or review of properties submitted for correction or for corrections due erroneous calculations or incorrect methods of distributing revenue discovered Rosemead Redevelopment Agency Fiscal Consultant's Report Proposal March 1. 2010. Paee 4 by the CONTRACTOR and then made by county agencies which result in a return of additional revenue to the city/agency. Reviews of city administered pass through payments are performed to ensure the correctness of distributions being made to participating agencies. Schedule We are prepared to provide our report within 45 days of a written authorization to proceed. Our ability to meet this schedule is dependent upon the availability of necessary information from the Agency, and the County. The remainder of the Scope of Services is dependent upon the schedule of the Agency. The completion of Additional Services, if any, will be scheduled at the time of authorization. A preliminary list of information that will be needed is attached. Please call Martin Coren or David Schey if you have any questions. Sincerely, HdL COREN & CONE Authorized by: Dated: Bond Sen iced/Proposal/Rosemead 2010/Rosemead TABS 2010 Attachment G F!r`i.1t I`Y tf YSER N- ARS i ON A 11,5- LAT Ls. ADVISORS IN. PUBLIC/PRIVATE.REAL FSTATE DEVELOPMENT An': I>rnac: R[AL r$t11T RLni'~91oI'nt1 Ni AFIOROAPLi HOU>IN4. F i•JUntIC Ill,'R6PeLL NT IAN InrNO<11 A. IIItr1' R I:l.,IR Tworrrl' C. K n.u' IAv I.MLLI roNK DIPf.II NI. K IIN Rl%ml Ltvrmnn r. RI 11, T. K WAIL ARA 103 A.vi911M KXTHIJIN 11.11MAP IAS4s A. RAPT PAUI C.ANnMRWIN cntcofv D. 51.11 H00 KI 'IN E. LNG>l R.I" IUUI L11,011' DINItP MCKIRS1AN SAN DI, G0 M km I'm, II, I'lI I,AUf C. MARKA February 26, 2010 Mr. Matt Hawkesworth Assistant City Manager City of Rosemead 8838 East Valley Boulevard Rosemead, California 91770 Re: Proposal for Fiscal Consultant Services Dear Mr. Hawkesworth: Keyser Marston Associates, Inc. (KMA) is pleased to present this proposal to provide Fiscal Consulting Services to the Redevelopment Agency of the City of Rosemead related to the proposed bond financing to be issued by the Agency. Pursuant to our conversation, the proposed bonds would be secured by tax increment revenues generated by the Agency's Redevelopment Project Nos. 1 and 2 (referred to as the Merged Project Area). KMA is a full service real estate financial and economic consulting firm specializing in real estate advisory and evaluation services, tax increment redevelopment services, and redevelopment financial analyses. KM A has been serving public agencies and private clients for 37 years and has one of the largest real estate and redevelopment advisory practices on the West Coast. The majority of KMA assignments involve long-standing client relationships with city and county governments, including the City of Rosemead. QUALIFICATIONS KMA has prepared Fiscal Consultant Reports relating to over $3.6 billion in tax allocation bonds. The Fiscal Consultant Services required of these bond issues typically includes an analysis of tax receipts and delinquencies, identification of the largest property owners, estimate of fiscal impacts due to open assessment appeals, analysis of senior lien tax sharing obligations and a long-term projection of tax increment revenues. 500 SOUTH GRAND AVENUE. SUITE 1480 > LOS ANGELES. CALIFORN IA 90071 1 PITON E: 213 622 8095 > FAX: 213 622 5204 1002020.K GSH e99DO.00,002 %V 1A'KKEYSERAIARSTON.COM' Mr. Matt Hawkesworth City of Rosemead February 26. 2010 Page 2 Recently, as a result of KMA's long-standing relationship with the City of Long Beach, the Long Beach Redevelopment Agency retained KMA to prepare a Fiscal Consultant Report in anticipation of the City's issuance of a Taxable Recovery Zone Economic Development Bonds (RZEDB) to be secured by tax increment revenues from the North Long Beach Redevelopment Project. The issuance of RZEDB's is a new financing option being considered by qualifying communities throughout the State and the Long Beach RZEDB issuance will be one of the first to rely upon tax increment revenues as security for the debt service. A listing of our previous and current cities in which Fiscal Consultant Services have been provided is attached and specific references can be provided to you upon request. KMA has the expertise to address the increased complexities of redevelopment finance which demands strong technical skills in real estate, economics, redevelopment implementation and public finance. KMA is unique among other consulting firms by possessing this unique combination of skills. The combined knowledge and expertise in these areas has resulted in KMA's ability to provide services, which not only comply with the current policies and practices pertaining to redevelopment, but are based on a fundamental understanding of real estate markets, valuation and financing. Thirty-seven years experience in assisting all levels of public sector clients throughout the western states in redevelopment project implementation services, public financing, real estate market and evaluation services, and developer selection and negotiation. Experience and familiarity with Los Angeles County assessment and tax allocation procedures. Prior to joining KMA eighteen years ago, Greg Soo-Hoo, Senior Principal of the firm's redevelopment finance services, worked in the office of the Chief Administrative Officer of the County of Los Angeles and provides nearly 30 years of perspective and experience. Strong Fiscal Consultant experience that comes from our integration of real estate expertise, redevelopment practice and a strong public finance background, results in fiscal and economic analyses appropriate for Fiscal Consultant due diligence analysis. KMA has prepared Fiscal Consultant Reports . for bond financings totaling over $3.6 billion. Commitment of senior staff that are recognized leaders in redevelopment. The philosophy and structure of our firm results in clients having maximum direct contact with principals and other senior staff at KMA. 1002020.M .GSH 89800.000.002 Mr. Matt Hawkesworth City of Rosemead February 26, 2010 Page 3 An ability to be cost effective for our clients given our ability to provide comprehensive services relating to market and financial feasibility, economic analysis, direct implementation experience and public finance without the need for multiple consultant's. KMA STAFF ASSIGNMENT A unique strength of KMA is the depth, continuity and availability of our principals. All major work assignments are directly supervised by a principal and, when appropriate, by a second principal, whose participation oftentimes goes beyond the review capacity. KMA's principals are frequent speakers to industry groups such as the California Redevelopment Association, League of Cities, Urban Land Institute, International Council of Shopping Centers, and other similar organizations. KMA's principals have advised both the California Legislature's Committee on Economic Development and the California Redevelopment Association, and served on the Governor's Task Force on Military Base Reuse. For the Fiscal Consulting services, KMA is offering a range of the firm's resources and services through the direct involvement of senior staff in the Los Angeles office. Greg Soo-Hoo is the Senior Principal overseeing all fiscal consultant and financial consulting services at KMA for the past 18 years and brings nearly 30 years of experience in redevelopment and public finance. Greg is an advisor to the California Redevelopment Association's redevelopment technical advisory committee and has been a featured speaker with the California Redevelopment Association's Training Institute, as well as with the UCLA Extension Program. SCOPE OF SERVICES Based upon our understanding of the City's plan for the proposed bond issue, the following scope of services is included in our proposal: Historic Assessed Values - The historic and current assessed values of the Merged Project Area will be presented for 6 fiscal years (FY 2004-05 to FY 2009- 10). 2. Ten Largest Taxpayers - A listing of the 10 largest property taxpayers in the Merged Project Area will be identified based on FY 2009-10 secured and unsecured parcel records. To the extent any of the properties assessed to the largest taxpayers are under an open assessment appeal, the projected fiscal impact will also be shown. IDOM21icua H 99900AM 2 Mr. Matt Hawkesworth February 26, 2010 City of Rosemead Page 4 3. Taxpayer Composition by Land Use - An identification of the taxpayer composition of the Merged Project Area based upon identified land uses for FY 2009-10 will be prepared. 4. Receipts to Levy Analysis - A receipts to levy analysis of the Merged Project Area will be prepared based upon reported assessed values from the past 5 fiscal years (FY 2004-05 through FY 2008-09) and compared against the reported allocations made by the County Auditor-Controller. 5. Survey of Assessment Appeals - A listing of properties with recently resolved or outstanding assessment appeals in the Merged Project Area will be prepared based upon the most current assessment appeals database available from the County Assessment Appeals Board.' The resulting fiscal impact will be incorporated into the projection of tax increment revenues and future taxable values. 6. County Allocation Procedures -A review of the current County Auditor- Controller allocation procedures will be outlined based upon information provided by County staff. Analysis of New Developments - An identification of new developments occurring in the Merged Project Area will be conducted by KMA based upon background information to be identified and provided by Agency staff. 8. Growth Projection of Tax Increment Revenues - A multi year projection of the tax increment revenues for the Merged Project Area will incorporate the projection of additional new developm ent taxable value, trended valuation assumptions and tax refund and valuation impacts resulting from assessment appeals identified. 9. No Growth Projection of Tax Increment Revenues - An alternative "no growth" projection of the tax increment revenues for the Merged Project Area will be prepared so as to reflect the plan effectiveness termination of Project No. 1. 10. Review of Contractual and Statutory Pass Through Allocations - A review of the Merged Project Area's contractual pass through and statutory pass through obligations will be incorporated into the tax increment revenue projection based upon KMA's review of the contractual tax sharing agreements and Agency ' The most recent Quarterly Assessment Appeals database from the County Assessment Appeals Board will be acquired for this analysis. 1002020.K GSH 09900.000.002 Mr. Matt Hawkesworth City of Rosemead February 26, 2010 Page 5 statutory pass through documents. For purposes of the projection, the County Auditor-Controller's methodology for statutory pass through computations will be incorporated into the revenue projection. 11. Submission of Draft and Final Fiscal Consultant Report - A draft Fiscal Consultant Report will be submitted to the Agency and financi ng team for review and comment 2. A final Report incorporating any updated i nformation and comments from the Agency and financing team will then be submitted for inclusion in the Agency's offering document. ESTIMATED FEE AMOUNT The total fee for the scope of services is $19,000. The fee amount is a fixed-fee and is exclusive of out-of-pocket expenses and Additional Services for work beyond the stated work scope. It should be noted that KMA does not charge an additional premium for the inclusion of the Fiscal Consultant Report in any public offering documents. KMA's attendance to meetings or participation in any finance team conference calls will be at the discretion of the Agency and will be billed as an Additional Service. Additional Services, beyond the Scope of Services described above, to the extent authorized by the Agency. will be billed monthly at KMA's prevailing hourly rates per the attached schedule. Directly related job expenses not included in the proposed fee or hourly rates include: auto mileage, air fares, hotels or motels, meals, car rentals, taxies, telephone calls, delivery, electronic data processing, graphics and printing. Directly related job expenses will be billed at 110% of cost. M onthly billings for staff time and expenses incurred during the period will be payable within thirty (30) days of invoice date. A charge of 1% per month will be added to all past due accounts. DELIVERABLES KMA will make every reasonable effort to complete the Draft and Final Fiscal Consultant Reports by the dates stipulated by the financing team. KMA will require a minimum of three (3) weeks to complete the Draft Fiscal Consultant Report commencing from KMA's receipt 2 One draft Report and one final Report are included in the work scope. Any interim draft Reports can be created at the request of the Agency or City and will be charged as Additional Services. 1002020.K GSM 99900.000.002 Mr. Matt Hawkesworth City of Rosemead February 26, 2010 Page 6 of a written authorization to proceed and receipt of all of the requested information shown on the attached information request. We look forwarding to teaming with you and are available to answer any questions pertaining to this proposal. Sincerely, KEYSER MARSTON ASSOCIATES, INC. Greg Soo-Hoo Senior Principal Attachments 10020N. GSH 99900.000.002 KEYSER MARSTON ASSOCIATES, INC. PUBLIC SECTOR HOURLY RATES 2008/2009 A. JERRY KEYSER* $280.00 MANAGING PRINCIPALS $280.00 SENIOR PRINCIPALS* $270.00 PRINCIPALS* $250.00 MANAGERS* $225.00 SENIOR ASSOCIATES $187.50 ASSOCIATES $167.50 SENIOR ANALYSTS $150.00 ANALYSTS $130.00 TECHNICAL STAFF $95.00 ADMINISTRATIVE STAFF $80.00 Directly related job expenses not included in the above rates are: auto mileage, air fares, hotels and motels, meals, car rentals, taxies, telephone calls, delivery, electronic data processing, graphics and printing. Directly related job expenses will be billed at 110% of cost. Monthly billings for staff time and expenses incurred during the period will be payable within thirty (30) days of invoice date. Rates for individuals in these categories will be increased by 50% for time spent in court testimony. Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Agency and Bond Issue Par Amount Alameda Community Improvement Commission Business and Waterfront Improvement District 2002 Subordinate Taxable Tax Allocation Bonds, Series B $4,640,000 Merged Project Area 2003 Tax Allocation Bonds $50,000,000 Alameda Public Finance Authority Business and Waterfront Improvement District 2002 Tax Increment Financing, Series A $10,000,000 2002 CFD No. 4 Financing, Series B $5,220,000 Alhambra Redevelopment Agency Industrial Redevelopment Project Senior Tax Allocation Bonds, Series 2005 A $15,495,000 Subordinate Tax Allocation Bonds, Series 2005 B $7,220,000 Anaheim Redevelopment Agency 2007 Tax Allocation Refunding Bonds, Series A $138,730,000 2007 Tax Allocation Refunding Bonds, Series B $27,195,000 2007 Housing Tax Allocation Refunding, Series C $7,220,000 2007 Housing Tax Allocation Refunding, Series D $28,535,000 Brea Redevelopment Agency Redevelopment Project AB 1991 Tax Allocation Bonds Series A and B $164,000,000 1993 Tax Allocation Refunding Bonds $97,500,000 2001 Tax Allocation Refunding Bonds, Series A $56,170,000 2001 Subordinate Tax Allocation Refunding Bonds, Series B $5,260,000 2003 Tax Allocation Bonds $120,497,865 Redevelopment Project C 1997 Senior Lien Tax Allocation Refunding Bonds $14,965,000 1997 Subordinate Tax Allocation Bonds Refunding Bonds $3,050,000 2008 Tax Allocation Revenue Bonds, Series A $18,900,000 2008 Taxable Tax Allocation Revenue Bonds, Series B $2,025,000 Burbank Community Facilities District The Collection Public Parking Facility 2006 Special Tax Bonds $6,155,000 Carlsbad Redevelopment Agency Village Redevelopment Project Tax Allocation Bonds, Series A $12,000,000 Page 1 of 7 as of 2/25/2010 Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Agency and Bond Issue Par Amount Commerce Community Development Commission Redevelopment Project Area 1 Tax Allocation Refunding Bonds, Series 1997A $30,755,000 Tax Allocation Refunding Bonds, Series 1998A $5,610,000 Refunding Bonds, Series 1997B $19,275,000 Merged Redevelopment Project Area Tax Allocation Bonds, Series 1998A $9,935,000 Culver City Redevelopment Agency Merged Project Areas Tax Allocation Refunding Bonds, 1999 Series A $31,940,000 Subordinate Tax Allocation Refunding Bonds, 1999 Series B $19,535,000 Tax Allocation Bonds, 2002 Series A $28,280,000 Tax Allocation Refunding Bonds, 2004 Series A $83,470,000 Tax Allocation Refunding Bonds, 2005 Series A $17,315,000 El Monte Redevelopment Agency El Monte Center Redevelopment Project Tax Allocation Revenue Bonds, Series 1998 $9,655,000 Healdsburg Redevelopment Agency Sotoyome Community Development Project 2002 Tax Allocation Bonds, Series A & C $19,920,000 Indian Wells Redevelopment Agency Consolidated Whitewater Project 2003 Tax Allocation Bonds, Series A $44,175,000 2003 Taxable Tax Allocation Bonds, Series A-T $45,260,000 Las Vegas Redevelopment Agency Downtown Redevelopment Project Tax Increment Revenue Bonds, Series 2009A $85,000,000 Long Beach Redevelopment Agency Pacific Court Apartments Multi-Family Housing Revenue Bonds, 1993 Issue B $25,000,000 Long Beach Finance Authority Redevelopment, Housing and Gas Utility Financings Revenue Bonds, 2005 Series A and B $192,432,305 Page 2 of 7 as of 2/25/2010 Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Agency and Bond Issue Par Amount Downtown and North Long Beach Project. Areas 2005 Series C Tax Allocation Revenue Bonds $35,045,000 Long Beach Redevelopment Agency Downtown Redevelopment Project Tax Allocation Refunding Bonds 1992 A & B $125,000,000 West Long Beach Industrial Project Tax Allocation Bonds 1992 $40,000,000 1996 Tax Allocation Refunding Bonds $25,365,000 Downtown, North, Poly High & West Beach Projects Tax Allocation Revenue Bonds, 2002 Series A $77,715,000 West Long Beach Industrial & Downtown Projects Tax Allocation Revenue Bonds, 2002 Series B $47,780,000 Redevelopment, Housing, & Gas Utility Financings Revenue Bonds, 2005 Series A $77,447,305 Taxable Revenue Bonds, 2005 Series B $114,985,000 North Long Bearch Project 2010 Taxable Recovery Zone Economic Development Bonds Pending Los Angeles Community Redevelopment Agency Little Tokyo Redevelopment Project Area Tax Allocation Refunding Bonds, Series C $15,665,000 Maywood Redevelopment Agency Westside Redevelopment Project Area Redevelopment Project Area No. 2 Tax Allocation Bonds, Series 1999 $2,635,000 Modesto Public Financing Authority Modesto Redevelopment Project, As Amended Lease Revenue Bonds, Series 1998 $61,430,000 Oceanside Redevelopment Agency Downtown Redevelopment Project 2004 Refunding Tax Allocation Bonds $13,510,000 Downtown Redevelopment Project 2003 Refunding Tax Allocation Bonds $7,740,000 Page 3 of 7 as of 2/25/2010 Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Agency and Bond Issue Par Amount Downtown Redevelopment Project Subordinate 2002 Tax Allocation Bonds $22,030,000 Downtown Redevelopment Project Subordinate 2003 Tax Allocation Bonds $17,700,000 Pomona Financing Authority Merged Project Area 2005 Taxable Housing Tax Revenue Bonds, Series AQ $10,065,000 Merged Project Area 2005 Local Agency Revenue Bonds, Series AL $11,370,000 Merged Project Area 2006 Revenue Bonds, Series AS $26,305,000 2006 Taxable Revenue Bonds, Series AT $8,355,000 2006 Lease Revenue Bonds, Series AU $2,540,000 2006 Taxable Lease Revenue Bonds, Series AV $10,790,000 2006 Subordinate Revenue Bonds, Series AX $25,865,000 2007 Revenue Bonds, Series AY $99,370,000 2007 Taxable Revenue Refunding Bonds, Series AZ $6,930,000 2007 Subordinate Revenue Bonds, Series AW $8,375,000 Pomona Redevelopment Agency Holt Avenue/Indian Hill Redevelopment Project 1997 Tax Allocation Refunding Bonds, Series S $3,150,000 Reservoir Street Redevelopment Project 1997 Tax Allocation Refunding Bonds, Series T $3,485,000 Southwest Redevelopment Project 1991 Revenue Bonds, Series K $51,500,000 1993 Series L Bonds $57,075,000 1993 Series M Bonds $4,700,000 1998 Refunding Revenue Bonds, Series W $52,335,000 Downtown Redevelopment Project No. 2 1998 Tax Allocation Refunding Bonds, Series U $3,535,000 Downtown Redevelopment Project No. 1 1998 Tax Allocation Refunding Bonds, Series Z $790,000 West Holt Redevelopment Project 1998 Tax Allocation Refunding Bonds, Series Y $9,250,000 Page 4 of 7 as of 2/25/2010 Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Agency and Bond Issue Par Amount Mountain Meadows Redevelopment Project 1998 Tax Allocation Refunding Bonds, Series X $5,190,000 Merged Redevelopment Project 2001 Revenue Bonds, Series AD $38,200,000 Merged Redevelopment Project 2003 Revenue Bonds, Series AH $46,650,000 2003 Subordinate Revenue Bonds, Series Al $23,425,000 Poway Redevelopment Agency Paguay Redevelopment Project Subordinated Tax Allocation Notes, Issue of 1999 $7,945,000 Tax Allocation Refunding Bonds, Issue of 2000 $39,915,000 Tax Allocation Bonds, Series 2001 $76,395,000 Tax Allocation Bonds, Series 2003A $150,300,000 Tax Allocation Bonds, Series 2003B (Taxable) $4,000,000 Tax Allocation Bonds, Series 2007 $26,695,000 San Juan Capistrano Redevelopment Agency Central Redevelopment Project Tax Allocation Bonds, 2008 Series A $9,820,000 Housing Bonds, 2008 Series B (Taxable) $10,540,000 Santa Ana Community Development Agency South Main Street Redevelopment Project Area Tax Allocation Bonds, Series 2003A $20,945,000 Tax Allocation Refunding Bonds, Series 2003B $34,145,000 Refunding Certificates of Participation 2003 Series A $16,985,000 Tax Allocation Bonds, 2010 Pending Santa Clara Redevelopment Agency Bays hore North Project 1992 Tax Allocation Refunding Bonds $74,240,000 1999 Tax Allocation Bonds Series A $31,550,000 1999 Tax Allocation Bonds Series B $16,905,000 2002 Tax Allocation Refunding Bonds $33,910,000 2003 Tax Allocation Bonds $43,960,000 Page 5 of 7 as of 2/25/2010 Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Aoencv and Bond issue Par Amount Santa Fe Springs Community Development Cornmission Consolidated Redevelopment Project 1997 Tax Allocation Refunding Bonds $8,590,000 2001 Tax Allocation Bonds, Series A $25,000,000 2002 Tax Allocation Refunding Bonds, Series A $50,915,000 2003 Taxable Tax Allocation Refunding Bonds, Series A $6,530,000 2006 Tax Allocation Bonds, Series A $27,658,493 2006 Taxable Tax Allocation Bonds, Series B $18,760,000 2007 Refunding Tax Allocation Bonds, Series A $43,015,000 Santa Monica Redevelopment Agency Ocean Park Project Area 1992 Tax Allocation Refunding Bonds $11,325,000 Santee Redevelopment Agency Santee Community Redevelopment Project Revenue Bonds, Series 1993 $17,780,000 Southeastern Economic Development Corporation SanZiego Redevelopment Agency Southcrest, Central Imperial & Mt. Hope Projects Pooled Financing Bonds, 2007 Series A Taxable $17,230,000 Pooled Financing Bonds, 2007 Series B Tax-Exempt $17,755,000 Central Imperial Redevelopment Project Tax Allocation Bonds, Series 2000 $3,395,000 Gateway Center West Redevelopment Project Tax Allocation Bonds, Series 1995 $1,400,000 Southcrest Redevelopment Project Tax Allocation Bonds, Series 2000 $1,860,000 Tax Allocation Bonds, Series 1995 $3,650,000 Mount Hope Redevelopment Project Tax Allocation Bonds, Series 1995 A $1,180,000 Tax Allocation Bonds, Series 1995 B $4,050,000 Temple City Financing Authority Rosemead Boulevard Redevelopment Project 1993 Revenue Bonds $4,645,000 Page 6 of 7 as of 2/25/2010 Representative Listing of Tax Allocation Bond Financings Keyser Marston Associates Retained as Fiscal Consultant Redevelopment Agency and Bond Issue Turlock Redevelopment Agency Turlock Redevelopment Project, As Amended Revenue Bonds, Series 1999 Vista Community Development Commission Vista Redevelopment Project 1995 Tax Allocation Bonds 1998 Tax Allocation Bonds, Series A 1998 Tax Allocation Bonds, Series B 1998 Housing Set Aside Bonds, Series A 1998 Housing Set Aside Bonds, Series B 2001 Tax Allocation Bonds 2005 Tax Allocation Refunding Bonds 2005 Housing Set Aside Bonds Par Amount $4,970,000 $32,550,000 $5,645,000 $8,935,000 $6,445,000 $1,910,000 $12,150,000 $26,910,000 $2,490,000 Par Amount of Bonds (rounded) KMA has served as Fiscal Consultant $3,621,000,000 Page 7 of 7 as of 2/25/2010 DATA REQUEST LIST FOR FISCAL CONSULTANT REPORT County Auditor-Controller Data 1. FY 2009-10 County Auditor-Controllers monthly Remittance Advice for the period from November 2009 to the present. 2. FY 2004-05 to FY 2008-09 County Auditor-Controller's monthly Remittance Advice for only December and August of each fiscal year. 3. FY 2004-05 to FY 2008-09 County Auditor-Controllers year-end Statement of Annual Property Tax Disbursements. 4. County Auditor-Controller correspondence and estimate of AB 1389 statutory pass through payments for FY 2008-09 and for the period FY 2004-05 to FY 2007-08. 5. Agency AB 1389 Excel spreadsheets and correspondence to the County, the State Controller and other taxing agencies. Redevelopment Agency Data 6. Merged Project Area boundary map 7. Redevelopment Plans, as amended, plus a summary of Plan time limitations. 8. Agency summary ordinances, if any, related to SB 1045 and SB 1096 plan extensions. 9. Agency summary ordinances, if any, related to SIB 211 elimination of the debt incurrence time limit of the Merged Project Area. 10. Agency SERAF funding plans and correspondence to the County regarding such plans. 11. Taxing agency pass-through agreements and the Agency's methodology for the historic annual allocations. 12. Identification by Assessor Parcel Number of properties, which have been acquired by any public entities (including the Agency or City) after January 1, 2009, or will be acquired at some future date. Please include estimated dates of acquisition and conveyance. 13. New development information for projects recently completed or under construction in the Merged Project Area. Please includespecific information regarding: a. Development description b. Square footage or number of units c. Start and completion dates d. Location by address or Assessor Parcel Number e. Quality of construction and story height, if available Attachment H O a Io Fn O A V N O N O X P y O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O T n O m w C w q O ' m Y Y.. Y Y Y Y i Y Y Y.-Y n o p$- c ~ 2 x - 3 w o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o A m p ^ m m 0 w w o w Y , a; w x d < r o1cm~PNaw olomvm~awN~oemJmNnwNYO d o - m 0 v D n ° ° N O A 3 ~ 3 ° a A ~ d -X~ a m n Y m „ ° V w A A A A A Y A A b b Y W m W W W W J J J J W y F n? C O ry D 3 P H N W N O O W W J J W N➢ N~➢ W w~ N N O w V P A O J m O O T b W O Y ° NOW W W J H O 3 d ry ~ _ d n _ ~ ~ ' . N u p D O N V A X O 3 P b m + 10 N O N W Y O O A V n O J W O O V O N n O W N W m O O V b P J O N V Y b b N P W A n p ? O 2 b C Z O J J A A N W N A V O O V N W O O O i ' ' ' m : 6 _ D ? ~ n a w m v~ °o~ - ti ow J ~r m °~o nN v°+m°.N. :i o `n uJ+om A o N ^ ° K ~ In l i~ Y A A W O P b N A O Y ➢ P N P O O N m J P Y C ry d ` w na ° n ? G _ D r. o n 3 g n < ° O1 ~ F ci ' W ° o m W O A ~ j„ n C Y 3 ~ m W.Pe am ~ w vN, a> wNN NNO 1n".Ji~ Y nJ+o mv~w nP,o ti v~ :i n 3 e . 10 ° n w ' °o ° 9 W O N J O N ~n J O W OW ~O W P m i+ N W J ' ' ' N ' O A 0 F d O A 3 3 A O 3 ~ w W i° > i.+ M i+ N w W i+ W N w J m W v W u P V W O Pl N C p y n N ' a~ O ~ O m m y 1 A 1°p O w" v a a a N m v J N N N W O N W m P O A O J J P P N w N N N u a P N p O ry O- .n C X n ~ N 4 N' D V 3~ C?- _ ~ ~ i A J O J O P A Y b n V O~ N W J O 1n W N W O Y P Y N lNn O W O Y w P O m W w O A V b < N O c N V Y Y W W Y P W A Y P J P O N O W Y m ➢ A W O N n W N y n n n n O O W n n a ° n n P N N N N N N N Y Y J J J J J T 01 P P T 01 N N m Yo~iv ao :im v+a a'w i.~:.' o- eam - 01oJ V~ ° W A y Ll n T d d j < O~ n j/~ ° a 3 - u~ r N n ~ +nmi wm° mmm:i~N r m °.wia omlo Pmo ~wNO oa°YO N a ~N w Q ~ o n T e° i° Z O . ow' wiuoo' w Nuom~o'v+woJ' o c:. m'W :i' inwNN' o X w o c Z ~ ° V ➢ W N J A b O N N Y Y N 01 r W W N W J Y m V N N N Y W iO J N O O i ~ a N 3 m Y r N C , ? S O - 0 ~ 3 O N W N N N N N N N N N 'nW ' N ' N y C ~ O 3 £ O p ~ \ ' ` ' V V J J J V J J V J J V ' ' A ~ ~ O ap m N N N N N J y j O d ~ F W yJj J yJj J yJj 6 n N W O c - _O ~ w A N Y b pJ W W W W J J J J J 01 Y N O M t0 O W m b W P W Y O W W P A Y < Gl R O C 4 - vT < W V N 0 W O O P P W O N N W W O J O N N O n T O O O W P W P P J O N Y J V W O W P V b V Y W m N N N W N V W ' ~ n q n 2 1 W 'W V W~ P O O W b O A W J P O W O m W P N N ~ w O N H b W W V m N O ➢ b b m N W a n Uo O A W N J➢ b O N N N P A W W P 01 O O W P N O n a - f n _ ' n w a m Na aP➢A V n w' r0 oo.bw~c o w~ N ~ m N N p ao T p o ^ < b W O w~ e ~ r m~ v P 0 oNaJOAw ~YNONOV+Y~ o ma o~c W m:i N S n :C O a - o IpWJNWN WO NN O W . J AV 0 N r 0 1V N Y A J A J➢ O W J V 01 W V 10 m P W O O N W N N N C v 3 T D n N ° ➢ w ° N n 3 m ~ 5 w .oem~mawv. . 0loa~NO~a N;uvan o~~w v~ na ' ' ' - No y in w W n:- W in b o in :-oro mAb+Ni.. m ~ w N a ~ ° W W O O J A 01 O Y ~ J N W O 01 P V ~ W N➢ P N W N P O 01 N P W A O O P N P W O O b➢ N u N 6 O S O Q w d Y N R % i~ Y Y Y l O 9~ ° Y O O N O O O t0 Y N p p 2 ^ O O ? p N Y Y w N P 1O N L~ A N y T O N t ~ A ' A ~ m / 01 m VW J N A A W N O n O P N n F Y w P A N N ^ < ^ T O l° 10 m J P N N A W N O 10 m V 01 N➢ N Y O O A A w Y O O tO W N - T N W N C > 0w A T b w b 001 N➢ J O A b N b> V➢ w A -W A N 0W N O J N P O N d 0 O O OJ 01 N O N O O i+' 01 O O P A N m W l0 J A ' P J N W u i ~ ~ O O 1 W V O W 10 Y W b W N r Obi N w ~0 N W m to W 01 J 0> W P W W W ti b O N 2 O d A O O O W a P N 0 a J m N a b v a \ A 0 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O m ~ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o A 0 0 0 0 0 0 0 0 w o~emJPVW1awN~o~omNmv~awNro~cmJmv+>wNro o - A A A A A A A A A A A A A A n ~ 2 m W W W m W W a b b b b b b Y 1p 1O 10 O N .pi ` V V V V V V V V V V V J J V J J J W N 0 0 0 0 o v a D 'a > a c c> a c a> ° R 3 b 'm ~ w a a a a a a a a a a a a a a a A A m W W W W W W W W W W W W W W W W W O O O O O O O O O O O O O R O n R Y ~ P F N N N m 'Y" . P~ W W. b. O N ? O b W W W o A .R a io Y Y m m m m m m~ r m O R N O' 2 R N w""~" YwY - - Y:. -oYY YY ow o Y I mm ww; w v amwN N 3'0 r oN O W N w PJ J . i ~ O ' Y t0 J W w m O O 1n W V J O N H Y Y N d T P P P 0 P V m to O A 1 A A Y Y P P P 0 r r N P J P V W N P N W A N W W L P 0 Y O P P P P P NW ~ p 3 q q O 1 O T V V O N O N N W g H J N N a A A A N N O 10 N O N V N r P P N N b N O Q p ~ O m J 1p N A WW W P N 10 O1 N V N b W 0 0 0 O 1 1W0 O N N N A N W N 9 V R N N N N O W Y q V 1 W~ N W W V 1 / • i / O n N w w w w w w w w w N n x W m [a D) J P P N J P N N N 10 V b N 10 N b 1O N N P 0 3 Z P Z O l p w O O 1D In W P O J J m N W A Y In W P J N 01 N m P V N t O ~ Q~ 3 P V N l0 P J b N P~ P a O W N A ~ m~ A W0 W N J N b N d i W A O1 Y P O O V W W O O P 10 P A A A N W m P A N W Q X Q i Q O O Z r ~ w p N N N N N W A b O N W A W N t0 P N P III N N P N t/i P IIi b t/• lun N W A S Y N °a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o V A 6 7 w ww ww w ww IN w'w w in m .a m m m m m m m m m m m m P P P P P m i O P P P P P P P P P P P P P P P P P P P P 01 P P m m W Y 9 m u N N + y d ~ O 1D l0 m N m v J J P P P N A Y O O b b N m V J P P N N l 0 S O D p N 1O a O V a Y p 1 A Y b W J Y P O O N O P N O 10 10 O N A J P O A m N V _W 1O V N a W W W N O➢ lV0 p P ~O W ' 'Y C O m r• Z H P J N J P 01 P m W P a A A 101oYOJ"' oRo" OVw, o ao N a w .o ~ w vY m w a P m m p o o ~ R o o a W m N m m w iu m W N o D Y n n , S m N N N N N N N N N N N N N N N N N N N N N N N 7 N O O O O O O O O O O O O O O O O O O Q~ ' V J V V V V V J J V V V v V V V V V V V V V J V V V V J V V V N N P N b N N W P N III N N P N P P N m N VI N Vi V1 VI N N VI N N . n w w w w w w O - ' N Y m n d o P a a a a a a a a a a a a> a o n Y.. Y Y Y.-YYYYYY YYYYY H _ N W ' 3 + 9 P Y O r Y v O p N b V a u m m w w W 0 R < C a ~ A Y t u n to 1 u P m 10 J b J J W u O u A m J III 01 W W W P V J Y A 10 W A O V aJ W O F` i0 IIi L N w O_~ ' A Y O A 10 a O W 10 W N J J b 01 J b U o v o a mamm c w me W Op • loY Y bmlco in N W N 1 PwN 1 P P a w Y N y O~ in W N w N o 1 a w J J a N° m W 0 a o u 01 C N i 1 J Y p V am aJ W Y NPV. W bNm ~o v+ m1c W 1°n wmoYOw m ~ n J N V O m a N P W A O O N W A O N Y O1 Y 1p W J R W p W W A W P 1O P l0 p N A r W A P 1O J a N O~ A P O J In r VPi A N O r N > 3 m N ~ m a 0° P v O A < O ~ ~ 3 No n o m 3 ^ z v 2 _ N m O N m O 6 9 ~ R O N w N ~ O 2 v m o C O ~ N N N r N N N b A p N W O to w 0 ~ A _ d N F 0 d t~ O ° m m 0 O A P O O~ O N V m N O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Y Y Y Y \ \ \ \ ` N o N 0 0 0 0 0 0 m 00 00 0 0 0 0 0 0 m oem~m m a w N.w-o ~omvmv~ aw v~o em:i m w n w NY o b A a a a a a a a a a a a A A n n Z io m m m A Y J. W J V V V V V V V V V V V J 3 ti v J V @ b 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o N c a>> a u> D a o> A A ~ a a a a a a a a a a a AAA n w w w w w w w w w w w w w w w w w w °w m o 0 0 0 0 0 0 0 0 0 0 0 o n O 2 n ~ ~ ' w w w w w w w N~ x N N J m r V H N W W Y InO b O A m N W N P P O 'R w m ' O W m a m m m m m 9 m Y . . Y m m D O P O w m J J m P Y W W tp N w w➢ O i W N O m N O W O W Y If O w°J 9 po $iiwNwo>Y"~~~`~'NmamYw1Owm a r m Jm N Y Y Y Y A m m m m Y o a m Y P a m m m m m mmm m m m m m m m m~ m O p 2 ° 3 ti N~ W~ N a m O m w m . o e J V m O W W ~ l p O N N W m Y N m •G Y m m O P W P m W W P Y . . i~ i• n+ w w w w w w w w w w w w N ~ ~ ~ 0 3 x Y Y Y + + Y W W m A A A A O N N a N V Q P Z } J F F N J J m P W N A P P J b P O Vn ' W m ~ n J N {li P lO N p~ J W T N N m O O Y N m O m N W J W O A 40 m N N O N a Y a m N c 4 Yv°amYin YPAw~ mYNwmmwminowm $ 0 @ O O Z Y ' ' ~ w p c> c n> \a \a>>> v l0 J J J J J J J J J tO z N N _O 0 0 0 0 0 0 0 0 0 0 0 In ~ p a J T 9 Y O T m ybi In N y a y O 10 lO m m m J J J P P P N N a r 'O O m m m m J J m P N N T> ~ D p N N N V A O J a Y 10 P O N O M O w Y J a O b b O N n N O a m N J W m J N➢ m W m N O n N d P I N : ' C O m n N O J m m T A➢ Y O• b a + m W w P N N Y N ~C m b Y O V J O w O J O O P O O J m O m W> m b m a O W O J A N r O T O A ~O Y ~O N m lD ~O lD m N m O D o L J o n 3 m N N N N N N N N N N N N N N N N N N N N N N N N N 9 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O m N tVn N N In In In In In m N N VJi N N IVn N N tVn lIi N {n In N N {n Vi N N {n ~ °~Ywwwwww O T~ ~ m N Y n e e P a a a a a a o a a a a a a a n a a Y Y z ^ n A Z T y N m IPO J J mm Imn b J Y P N P O P b w O A w < p d Y N V N W N m N V O m m A W W P a O Y P P P v r w V C J p _ P 'm :i v m~' P J W 'm ' O 'O ' O m m m w Y n O A ~ ~ ~ V m 1C w m v J m 1p ~ W N m N 0 m m m W J N q 9 m N O 1 m tO w W N W A ~O N m a J m O m Y a W m w W O b m V a W N M O O N r ~p m P N a a W N d v' woY m ° a N .mti~wm. . mwo. ~a~mwvi i n n ~ m V mm:-~wY a>wL i oo o'a~:.. oN° WAo roain' ° w P m N N J Y m a b W N J m A J A 1n Y a N m N m m m P a P J N J O J N m J N 10 W Y N A O W J O m e Y o Na 3''""m T O H m m V N ~ O A 3 ~ 3 0 n ~ ° O N v 3 A O O O 2 9 O N a A b A a y w O V• 2_ R C p rt N ~ O 2 9 m o N N N N ~ O O °o °o O c m _ d N A O d O ° m W P b w a J r b u P J a b O A m W J O A J A 00 O b a y N O 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 -o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 m - - \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 6 6 O O O O w O 0 0 W W O 0 0 N O 0 0 0 N 0 0 ~ q o ~o m J P~ a w N Y o e m J a~ a w N Y o b m J m N a w N Y o o - D D D A A A A A P P A P P A n p b W W W W A 10 b O N N N J J V W V V V < 3 y N N N N N N N N N N N J J J J J J J J J O O O O O O O O O O O O O O O O O P P A P a P A P P a a G A ~ a w w P w w w w w w w w w w W W w W W W W O O O O O O O O O O O O O N N Y YY Yw w. Q A ~ WWWWW x JC V N J W Y b N r PW W Y 1P0 N N N P P b~+ i+ W G W ~ p - C A b r Y P ON1 001 N P P Y~ O~ P O D O R N P O N N N V v v v N ' ~ N rOi Y Y ✓ W r r ? , Ivwi J W J m m ' w e N w~ a m w N o w Yi o w o w Y ' J Y P 40 Y b J W O O Y W O P W W Y N o w N N o A m ~ Y Y Y N W a m a P a m O P N Y P A A Y Y A P P P P P Y D D D D D D A P A A D D D D D D D b O O C O O C g O O C b V V V N V V N Y O W O O O V O~ D 01 W V V V S O p z, P 3 Y Y Y W 1D Ol V Ol W P O N V O W O O V V W 1D W O p1 ~ N Y b N m W N O D n 1 P N y P N p ~ A P N W O Y N N r a O O W r m N V V W I O W W N N V 1O V N N W N A W W W L P Y W V Y N N P O O O PI w w w N w w n 3 x A'G G P N A a A P P P P O1 P O1 P P P a A A A A A a a V Y 0 ? Q O Z { O O P P J~ P N P P N P P O W W J W J J O J J W b A b N V P~ W N J O O~ P P A P W P N , N A w W ~ 0 3 u ~ N P r r A W O r N N A N O b N P W V d W O W W N N OJ A V N O P W P O J J W a W W N V P A l0 m J J J yp O O rv O \ N O ~ 0 2 w J N W➢ S N W W W N W W W 0 a W N W N P p1 O D b N Y N N r r r Y Y N W N O' A 6 T ~O b N b b b b b ~O A N N b b i0 ~O tD rn b N N N N N.N N N N N N N N N N N N N N N N W W J J J J J J J J J V V V V J J J J J J J V J V J V J J V J N 9 m d N N y n _ O b N W N W V P P P Y O O b b N m N J P P N N l p T 4 H O D n 0 1 W J Y P O O O N V P Y P V d O V P Y O b lO O N a J Y N O➢ W N V W 10 V N P W W OJ N W N O➢ b A P N ~ C p m N~ Y J W W W T Y d G Y S V N J P b A ' W t/~ v O J N ~ O J A O N O N W W a Y O b J W ~O Y O J O P O W J O N W a P N m b 10 a O W O J A N Y O P O A ~O Y l0 N l0 10 W N 1p l0 W N l0 p D 6 m J o~ m 3 m N N N N N N N N N N N N N N N . ^ S 7 O O O O O O O O O O O O O O O O O O O O O VVi N N Vi N N N VJi IJIi VJi lJ/1 N N VJi N N N N N N N N N IJIi IA N Vi N N P O C ~ N y~ 4 d O y 2 _ K O A i i Y Y b V N a p A q w N N V P A Y P V W O O~ w O A N ° N J N J O J < O d W , O t j1 N 1p W P N O N P 10 lO P W W W N J b W P b W O P O C ~ P _ ~ O1 J O J W P W m J N P V ~O W b W N W W `.u N' W _ C~ A m N N N~ N~ V> N W OJ A N O~ W ON1 O W N p W W W N W b A W N W O W W N P W _ Y 0 0 0 0 0 0 b W J P N A w N W ~ Y m a 40 W J J lu A 1O N Y W P Y P P b W C O W Or W b P O] N N A O P O m Y P P V O J a J b A W O W 40 l0 O W b Y J N p 40 O O J ~ 6 Y G P W N N 10 lO O P P W W P N P N W 10 W P N 1G Y W R r 1p N O O N W O N Y 10 N J P➢ N P W J Y N O Y O 1C W Y N 10 N P l0 N Y b A A P J➢ N A a v r ~ N w 3 N V j ~ W P V O '-O of 3 0 < y 3 0 n ° 3 ^ s o ry O O . z O q N n ' n n ~ ~ Ll O O n m b ~ Rosemead Community Development Commission 2010 Tax Allocation Bonds (Merged Project Area) Estimated Costs of Issuance Bond Counsel: $60,000 Disclosure Counsel: $35,000 Fiscal Consultant: $10,000 Underwriter: $98,000 Underwriter's Counsel: $10,000 Rating Agency: $15,000 Printer: $5,000 Trustee: $2,000 Contingency: $10,000 Total: $245,000 Note: Estimated fees assume bond issuance size of $7.0 million (net proceeds). Fees will ultimately vary based on actual size of final bond issuance.