38th edi on

For the period ending December 31, 2015 

Ma Bevin
Governor
Commonwealth of Kentucky

William M. Landrum III

Secretary
Finance and Administra on Cabinet

Ryan Barrow
Execu ve Director
Office of Financial Management
38th edition Page 2

An electronic copy of this report

may be viewed at:
h p://finance.ky.gov/services/ofm/Pages/semi‐annualreports.aspx

The Commonwealth’s Comprehensive Annual Financial Report (CAFR)

may be viewed at:
h p://finance.ky.gov/services/statewideacct/Pages/ReportsandPublica ons.aspx

The Municipal Securities Rulemaking Board (MSRB)

Electronic Municipal Market Access (EMMA)
website is located at:
h p://emma.msrb.org/
38th edition Page 3

Table of Contents

SECTION PAGE

Introduction 4
Investment Management 5
Market Overview 5
Portfolio Management 11
Credit Management 14
2015 Recap & 2016 Outlook 14
Credit Process 14
Debt Management 16
Debt Update 16
Ratings Update 18
Tax & Revenue Anticipation Notes 19
Financial Agreements 21
Asset/Liability Model 22
Summary 26

Appendix
A - Approved Credits 28
B - Swap Summary 30
C - Appropriation Supported Debt 31
D - ALCo Notes Outstanding 32
38th edition
INTRODUCTION
This is the Kentucky Asset/Liability Commission’s (“ALCo” or the “Commission”) thirty-eighth
semi-annual report pursuant to KRS 56.863 (11) for the period beginning July 1, 2015 through
December 31, 2015. Several factors on both the state and national level had an impact on activity
during the reporting period. The most significant factors were:
On the national level
 The Federal Reserve, on December 16,
2015, took the first step towards normalizing
interest rates as they raised the target for fed
funds by 25 basis points from the range of
0.0%-0.25% to 0.25%-0.50%.
 The unemployment rate continued to drift
lower reaching 5.0% at the end of the year
while indications of wage pressures began to
appear as average hourly wages drifted higher
throughout the year.
 The inflation rate has gradually drifted
higher through most of 2015 with the core rate
(ex-energy and food) reaching roughly 2.0%
(depending on the particular measure) while
the headline rates remain considerably lower
driven largely by energy prices.
 The annual rate of growth of real Gross
Domestic Product fell to a seasonally adjusted
rate of 1.0% in the fourth quarter.
On the state level
 General Fund increased 4.0% for the first
six months of Fiscal Year (“FY”) 2016
compared to the same timeframe in FY 2015.
 Road Fund receipts decreased 5.4% for the
first six months of FY 2016 compared to the
same timeframe in FY 2015 due to a substan-
tial decline in the price of motor fuels.
Page 4
 The Consensus Forecast Group (“CFG”)
met on December 16, 2015. The CFG’s
official estimate of General Fund revenues for
FY 2016 was revised to $10,289.9 million, an
increase of $222.7 million from the official
enacted estimate. General Fund official
revenue estimates for FY 2017 are $10,617.2
million and $10,875.5 million for FY 2018.
General Fund revenues are projecting a growth
rate of 3.1% for FY 2017 and a growth rate of
2.4% for FY 2018.
 The CFG also revised the official estimate
for Road Fund revenues for FY 2016 to
$1,445.9 million, a $112.5 million decrease
from the official enacted estimate. Road Fund
revenue estimates for FY 2017 are $1,456.9
million and $1,478.2 million for FY 2018.
Road Fund revenues are projecting a growth
rate of 0.8% for FY 2017 and a growth rate of
1.5% for FY 2018.
 Kentucky’s seasonally adjusted unemploy-
ment rate stood at 5.3% at the end of Decem-
ber 2015, down from 5.5% one year ago.
 Implementation of bond authorizations
from prior-year sessions of the General
Assembly continued.
38th edition
INVESTMENT MANAGEMENT
Market Overview
On December 16th, the long awaited lift off of
interest rates began. The Federal Reserve
Open Market Committee voted unanimously
to lift the target fed funds rate from 0%-0.25%
to 0.25%-0.50%. Their statement and the
subsequent press conference stressed that this
is the first move in a process of “normalizing”
monetary policy. In other words, while
normally raising interest rates is considered
tightening monetary policy, this is a process of
removing accommodative policy. The current
expectation at the fed is that rates will gradually
rise, as economic conditions allow, until fed
funds reach 3.75% in 2018.
The Federal Reserve, prior to Dodd-Frank,
had a dual mandate of low inflation and high
employment. Dodd-Frank added the mandate
of protecting the market from systemic risks.
The Fed’s approach on the dual mandate is
that future inflation is largely driven by a
combination of inflation expectations and slack
in the labor market. Their view is that volatile
items such as the price of oil or strength of the
dollar, exert “transitory” effects that have short
run, but not long term, impacts on inflation.
This approach is questioned by the market as it
has indicated for several years that inflation will
move towards 2.0% over the intermediate
term. The expectation has not been reached.
The Fed’s preferred measure of inflation is the
GDP Personal Consumption Core Price Index
(page 9) which excludes the volatile food and
energy sectors. Most people are more familiar
with the Core CPI or Consumer Price Index
(page 9). Both of these measures refer to the
same survey items, but the weightings are
different. The CPI is more heavily influenced
by implied rental cost of owning a home. Both
Page 5
of these surveys generally show the same
pattern. Inflation reached a low point in 2010
gradually rebounding to around 2.00% in 2012
and then moderating slower. Both are
generally showing some strengthening since
then with CPI actually reaching 2.1% year over
year in December. Both are showing signs of
further increases as weak month over month
numbers from a year ago drop off the year
over year numbers.
A key part of the Fed’s belief that inflation
will rise over the intermediate term is labor
market tightness. There are a number of
measures of labor market tightness with the
unemployment rate, currently at 5.0%, being
the most well know. However, Average
Hourly Earnings (page 10), released by the
Bureau of Labor Statistics at the same time as
the unemployment rate is also important for
this discussion. This is the growth rate, not
adjusted for inflation, of the average hourly
wage for all individuals employed in the
country. This chart clearly shows stagnation
back to around 2010 with accelerating growth
throughout most of 2015. In fact the 5 year
high rate of 2.7% was the December, 2015
print.
This statistic is important because it should be
a leading indicator for consumer spending
which makes up roughly 70% of the
economy. Adding to that is the well
documented declines in energy costs.
Consumers have growing paychecks and are
saving on filling up their gas tanks. This
should lead to increased consumer spending.
However, various measures of consumer
spending and retail sales (page 10) are not
showing improvement.
When looking at the overall economy, real
Gross Domestic Product only increased 1.0%
38th edition
INVESTMENT MANAGEMENT
in the 4th quarter. For all of 2015, the
economy only grew 1.875% after growing over
2.5% in 2014. Many statistics, including
inflation and employment, are indicating that
the economy should be growing faster than it
actually is. The Fed is looking at those
statistics and seeing the coming economic
Page 6
improvements leading to increases in interest
rates. The markets are looking at the top line
figures, and at problems elsewhere in the
world, and are seeing considerable headwinds
requiring lower interest rates. Because of these
conflicting views, it appears there will be more
volatility over the next year.
38th edition Page 7

INVESTMENT MANAGEMENT

Real Gross Domestic Product & Standard & Poor’s 500

Real Gross Domestic Product
Quarter Over Quarter
Range 01/01/2006-12/31/2015
GDP CQOQ Index
10%

8%

6%
Max 4.90% Avg 1.59%
4%

2%
Rate

0%

-2%

-4%

-6% Min -8.20%

Gross Domestic Product
-8%

-10%
Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Sep-12

Mar-13

Sep-13

Mar-14

Sep-14

Mar-15

Sep-15
Date

Standard & Poor's 500

Range 01/01/2006-12/31/2015
SPX Index
2,500

Max 2,107.39
2,000

1,500
Index

Avg 1,440.67

1,000

Min 735.09
500 S&P 500

0
Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Date
38th edition Page 8

INVESTMENT MANAGEMENT

Federal Funds Target Rate & NonFarm Payrolls

Federal Funds Target Rate
Range 01/01/2006-12/31/2015
FEDL01 Index/FDTR Index
6%

5% Fed Funds Effective

Max 5.34%
Fed Funds Target
4%
Avg 1.25%
Rate

3%

2%

1%
Min 0.04%

0%
Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Sep-12

Mar-13

Sep-13

Mar-14

Sep-14

Mar-15

Sep-15
Date

Nonfarm Payrolls
Range 01/01/2006-12/31/2015
NFPTCH Index
600
Max 518.00
400

200
Index (Thousands)

Avg 67.65
0

-200

-400
NFPTCH

-600
Min -824.00
-800

-1,000
Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Date
38th edition Page 9

INVESTMENT MANAGEMENT

GDP & Core Consumer Price Index

Gross Domestic Product - Personal Consumption Core Price Index

Range 01/01/2006-12/31/2015
GDPCPCEC Index
5%

GDP Personal Consumption Core Price

4%
Index
Average
Max 2.9%
3%
Rate

Min 0.4% Avg 1.65%

2%

1%

0%
Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Sep-12

Mar-13

Sep-13

Mar-14

Sep-14

Mar-15

Sep-15
Date

Core Consumer Price Index

Range 01/01/2011-12/31/2015
CPI XYOY Index

5.0%

4.5%
Core Consumer Price Index
4.0%
Average
3.5%

3.0%
Rate

2.5% Max 2.3%

Avg 1.82%
2.0%

1.5%

1.0%
Min 1.0%
0.5%

0.0%
Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

Oct-13

Jan-14

Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

Oct-15

Date
38th edition Page 10

INVESTMENT MANAGEMENT

Consumer Spending & Hourly Earnings

Retail Sales Less Auto & Gas Stations
Range 01/01/2006-12/31/2015
RSTAXAG% Index
3

Retail Sales Less Auto & Gas Stations

2 Average
Max 2.4

1
Index

-1
Avg 0.24
Min -1.3

-2

-3
Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15
Date

Average Hourly Earnings

Range 01/01/2011 - 12/31/2015
AHE YOY% Index
5.00%

Average

4.00%
Average Hourly Earnings

3.00%
Max 2.6%
Rate

2.00%

Average 2.07%
Min 1.6%
1.00%

0.00%
Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

Oct-13

Jan-14

Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

Oct-15

Date
38th edition Page 11

INVESTMENT MANAGEMENT

PORTFOLIO MANAGEMENT portfolio had a market yield of 0.66 percent

For six months ended December 31, 2015, the
Commonwealth’s investment portfolio
averaged $3.2 billion. As of December 31,
2015, the portfolio was invested in U.S.
Treasury Securities (34 percent), U.S. Agency
Securities (12 percent), Mortgage Pass Through
Securities (5 percent), Collateralized Mortgage
Obligations (6 percent), Repurchase
Agreements (16 percent), Municipal Securities
(1 percent), Corporate Securities (6 percent),
Asset-Backed Securities (2 percent), and
Money Market Securities (18 percent). The
and an effective duration of 0.76 years.
The total portfolio is broken down into four
investment pools. The pool balances as of
December 31, 2015, were: Short Term Pool -
$7.94 million, Limited Term Pool - $1,320
million, Intermediate Term Pool - $2,204
million, and Bridges Pool - $142 million.
For the six months ended December 31 2015,
total investment income was $2.8 million
compared to $6.6 million for the six months
ended December 31, 2014.

Distribution of Investments as of December 31, 
2015

Asset Backs Money Market U.S. Treasury

2% 18% 34%

Corporates
6%

Municipals
1%

Repo U.S. Agency

16% 12%
Collateralized Mortgage Pass
Mortgage Obligations Through
6% 5%
38th edition Page 12

INVESTMENT MANAGEMENT

Tax-Exempt Interest Rates and
Relationships
The Bond Buyer 20 General Obligation Index
averaged 3.65% for Calendar Year 2015. The
high was 3.87% in June 2015 and the low was
3.29% in January 2015.
The Securities Industry and Financial Markets
Association (SIFMA) Municipal Swap Index
averaged 0.03% for Calendar Year 2015. The
high was 0.11% in both April and May of 2015;
the low was 0.01% in the fourth quarter of
Calendar Year 2015. The 30-day USD London
Interbank Offered Rate (LIBOR) averaged
0.2% for Calendar Year 2015. The high was
0.422% in December of 2015 and the low was
0.167% in January 2015. During the year,
SIFMA traded at a high of 60.61% of the 30-
day LIBOR in April 2015, at a low of 2.37% in
December 2015, and at an average of 17.74%
for the Calendar Year. The Calendar Year
ended with SIFMA at 2.37% of the 30-day
LIBOR.

Bond Buyer 20 General Obligation Index

Range 01/01/2015 - 12/31/2015
BBWK20GO Index
5.50%

5.00% BBWK20GO Index

Average

4.50%
Rate

Max 3.87%
4.00%

Average 3.65%
3.50%

Min 3.29%

3.00%
Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Date
38th edition Page 13

SIFMA & SIFMA/LIBOR Ratio

SIFMA Rate
Range 01/01/2015 - 12/31/2015
MUNIPSA Index
0.20%

Average

SIFMA

Max 0.11%
Rate

0.10%

Average 0.03%

Min 0.01%

0.00%
Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15
Date

SIFMA / LIBOR Ratio

Range 01/01/2015 - 12/31/2015
70.00%

Max 60.61%
60.00%
Ratio
Average
50.00%

40.00%
Percentage

30.00%

Average 17.74%
20.00%

10.00%
Min 2.37%

0.00%
Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Date
38th edition
CREDIT MANAGEMENT
Credit: 2015 Recap and 2016 Outlook
Investment Grade (IG) corporates generated
an excess return of -158 basis points in 2015 as
spreads finished the year 32 basis points wider
with total return for IG Corporates in 2015 at -
0.74%. The higher quality portions of the
market materially outperformed BBBs as
excess returns for A-rated credit was only -42
basis points, AA-rated 17 basis points
compared to BBBs posting -333 basis points.
Total return in 2015 for A-rated credit was
0.48%, AA-rated credit 1.19% and BBB-rated
credit -2.52%.
Corporate bonds struggled to breakeven in
2015, as the plunge in global commodity
prices, the stronger dollar and weaker credit
fundamentals widened spreads toward levels
during the last recession. Based on daily
correlations, oil and the dollar outweighed
interest rates in influencing the path of credit
spreads in 2015 and will be worth monitoring
in 2016. If the FOMC continues raising
interest rates, history shows credit spreads tend
to narrow when the Treasury yield curve
flattens in response to gradual policy tightening
by the Fed in addition to reduce supply coming
to market.
Balance sheet analysis will matter more as the
credit cycle begins to show signs of peaking.
Wider trends on credit spreads and the
deterioration in the upgrade-to-downgrade
ratio both suggest the credit cycle may have
peaked in 2015. Going forward, credit will be
influenced by GDP and the decisions to fund
Mergers and Acquisitions as well as equity
share buybacks with debt. Leveraged
companies may be more affected by higher
borrowing costs and liquidity risk than less
leveraged peers. Probability of defaults are
more likely in high yield energy and basic
materials sectors and less likely in technology
and consumer staples. Earnings Before
Interest, Taxes, Depreciation and Amortization
Page 14
(EDITDA) has deteriorated over 2015. In
general, EDITDA has fallen about 10% while
debt has risen 5% on average. Companies
rated in the single A category saw their Debt-to
-EBITDA ratios increase from 1.8x to 2.0x on
average. The higher leverage could eventually
affect credit ratings of more companies.
According to Moody’s, there were 3% more
downgrades than upgrades in 2015 and expect
the downgrade risk to remain for 2016.
Supply issuance is expected to continue its
streak of record breaking years with
approximately $1.3 trillion of issuance
expected. The main drivers for issuance
continues to be merger and acquisitions and
equity share buybacks with the addition of
regulatory issuance from the banking sector.
Financial sector issuance could increase in 2016
because banks designated systemically
important by regulators may need to issue high
-quality senior debt to meet Total Loss-
Absorbing Capacity (TLAC) thresholds.
Strong demand from international buyers and
the potential for increased demand from
institutional investors in a rising rate
environment should be enough to absorb
increased debt issuance.
Credit Process
Our credit strategy invests in creditworthy
corporate issuers having a long-term rating of
A3/A-/A- or better as rated by Moody’s, S&P
or Fitch. The strategy focuses on adding value
through a disciplined approach in the credit
selection process. With independent research
and prudent diversification with respect to
industries and issuers, our goal is to deliver
consistent longer term investment performance
over U.S. Treasuries.
Default Monitoring
The Bloomberg credit risk model is our main
tool for default monitoring. The default
likelihood model is based on the Merton
38th edition Page 15

CREDIT MANAGEMENT

distance-to-default (DD) measure, along with company fundamentals, picking the strongest
additional economically and statistically relevant companies within a sector.
factors. Firms are assigned a default risk Fundamental analysis is then performed looking
measure as a high-level summary of their credit at competitive position, market share, operating
health using an explicit mapping from default history/trends, management strategy/execution
likelihood to default risk. and financial statement ratio analysis.
A daily report is generated using our approved Approved List
list and their peers enabling us to track market
activity in selected names including Credit Once analysis has been completed, the State
Default Swaps (CDS). Investment Commission approves the list on a
quarterly basis. For the second half of 2015, no
Industry/Company Analysis changes were made to the approved list.
We use a combination top-down & bottom-up Microsoft (Aaa/AAA/AA+) and Chevron
approach for investing. The top-down (Aa1/AA/WD) came to market with new
approach refers to understanding the current issuance during the fourth quarter and OFM
(and future) business cycle or the “big picture” purchased $15 million of each issue with a
of the economy and financial world in order to spread to Treasuries of 30 and 45 basis points,
identify attractive industries. Once industries respectively. Our Approved List as of
are identified, a bottom-up approach is November 2015 may be found in Appendix A.
implemented where we focus on specific
38th edition
DEBT MANAGEMENT
The 2010 Extraordinary (Special) Session of
the General Assembly delivered House Bill 1
(Executive Branch Budget other than
Transportation Cabinet) and House Bill 3
(Kentucky Transportation Cabinet Budget) to
the Governor on May 29, 2010, establishing an
Executive Branch Budget for the biennium
ending June 30, 2012. Governor Beshear took
final action on the bills on June 4, 2010.
Together, the bills authorized bond financing
for projects totaling $1,980.2 million to
support various capital initiatives of the
Commonwealth. Of the total authorization,
$507.4 million is General Fund supported,
$515.3 million is Agency Restricted Fund
supported, $522.5 million is supported by
Road Fund appropriations and $435 million is
Federal Highway Trust Fund supported
through Grant Anticipation Revenue Vehicle
Bonds designated for the US-68/KY-80 Lake
Barkley and Kentucky Lake Bridges Project
and the Louisville-Southern Indiana Ohio
River Bridges Project. A portion of the
General Fund, Agency Restricted Fund, Road
Fund and Federal Highway Trust Fund
authorizations have been permanently
financed.
The 2012 Regular Session of the General
Assembly delivered House Bill 265 (Executive
Branch Budget other than Transportation
Cabinet) to the Governor on March 30, 2012
and House Bill 2 (Kentucky Transportation
Cabinet Budget) to the Governor on April 20,
2012, establishing an Executive Branch Budget
for the biennium ending June 30,
2014. Governor Beshear took final action on
House Bill 265 on April 13, 2012 and took
final action on House Bill 2 on May 2, 2012.
Together, the bills authorized bond financing
for projects totaling $238.86 million to support
various capital initiatives of the Common-
wealth. Of the total authorization, $182.86
million is General Fund supported, $12.5
Page 16
million is supported by Road Fund appropria-
tions, and $43.5 million is Agency Restricted
Fund supported. A portion of the General
Fund authorization and the total Agency
Restricted Fund authorizations listed above
have been permanently financed.
The 2013 Regular Session of the General
Assembly delivered House Bill 7 to the
Governor on February 20, 2013 authorizing a
list of capital projects for the Kentucky state
universities. Governor Beshear took final
action on House Bill 7 on February 21,
2013. The bill authorized bond financing for
various university capital projects totaling
$363.3 million to support various capital
initiatives of the state universities, which are
Agency Fund supported, of which $9.6 million
is still authorized to be issued.
The 2014 Regular Session of the General
Assembly delivered House Bill 235 (Executive
Branch Budget other than Transportation
Cabinet) to the Governor on March 31, 2014
and House Bill 236 (Kentucky Transportation
Cabinet Budget) to the Governor on April 15,
2014, establishing an Executive Branch Budget
for the biennium ending June 30, 2016.
Governor Beshear took final action on House
Bill 235 on April 11, 2014 and took final action
on House Bill 236 on April 25, 2014.
Together, the bills authorize bond financing
for projects totaling a net amount of $1,364.05
million to support various capital initiatives of
the Commonwealth due to $105 million in
previously authorized debt that was de-
authorized in House Bill 235. Of the total
authorization, $742.77 million is General Fund
supported, $721.28 million is supported by
Agency Restricted Fund appropriations, and
$5.0 million is Road Fund supported. A
portion of the General Fund and Agency
Restricted Fund authorizations listed above
have been permanently financed.
38th edition Page 17

DEBT MANAGEMENT

The 2015 Regular Session of the General
Assembly delivered House Bill 298 to the
Governor on March 4, 2015 authorizing a
general fund bond supported project for the
University of Kentucky for the financing of a
Research Building totaling $132.5 million.
Governor Beshear took final action on House
Bill 298 on March 9, 2015. The full
appropriation is still authorized to be issued.
The balance of prior bond authorizations of
the General Assembly dating from 2006
through 2015 totals $1,435.13 million. Of
these prior authorizations, $714.44 million is
General Fund supported, $523.69 million is
Agency Restricted Fund supported, $137.5
million is supported by Road Fund appropria-
tions and $59.50 million is Federal Highway
Trust Fund supported. At this time, the
Commonwealth does not have plans to use the
remaining authorization from the Federal
Highway Trust Fund.
The following table summarizes, in aggregate,
the information in connection with authorized
but unissued debt of the Commission as
described in this section.

State Property and Buildings Commission
Summary of Authorized but Unissued Debt by Fund Type
as of December 31, 2015

Legisla ve General Agency

Session Fund Fund Road Fund Federal Fund TOTAL
(Year) (millions) (millions) (millions) (millions) (millions)
2010 and prior $53.46 $17.50 $125.00 $59.50 $255.46
2012 23.39 0.00 12.50 0.00 35.89
2013 0.00 9.60 0.00 0.00 9.60
2014 505.09 496.59 0.00 0.00 1,001.68
2015 132.50 0.00 0.00 0.00 132.50
TOTAL $714.44 $523.69 $137.50 $59.50 $1,435.13

The Kentucky General Assembly may authorize debt financing to support various capital ini a ves of
the Commonwealth in future sessions. Bonds may also be issued to refund outstanding Commission or
Kentucky Asset/Liability Commission (“ALCo”) bonds and notes.
38th edition Page 18

DEBT MANAGEMENT

Ratings Update Commonwealth’s appropriation debt to ’A’

The rating agencies continually monitor the
Commonwealth’s budgetary policies and actual
performance in areas such as revenue, the
economy, pensions, and debt management.
Pension obligation questions have continued
to put pressure on the Commonwealth’s credit
ratings and are the main credit driver for both
investors and rating agencies.
In September 2015, Standard & Poor’s (S & P)
lowered its issuer credit rating on Kentucky to
‘A+’ from ‘AA-’ and its rating on the
from ’A+’. The cause for the change was cited
as S & P’s view that Kentucky’s substantially
underfunded pension liabilities are the result of
chronic underfunding and it places long-term
pressures on the state’s finances.
Except as discussed above, during the
reporting period, the ratings below were either
affirmed or remained unchanged from
previous reporting periods.
The ratings picture at December 31, 2015 was:

Moody's S&P Fitch

General Obliga on Issuer Ra ng Aa2 A+ AA‐
General Fund Appropria on Ra ng Aa3 A A+
Road Fund Appropria on Ra ng Aa2 AA A+
Federal Highway Trust Fund Appropria on Ra ng A2 AA A+
38th edition Page 19

DEBT MANAGEMENT

Tax and Revenue Anticipation Notes
(TRAN)
No General Fund TRAN was issued for Fiscal
Year 2016. As in the previous six fiscal years,
current reinvestment yields on TRAN pro-
ceeds would not be significantly higher than
the cost of funds for a TRAN. At this time,
borrowing internally from the state investment
pools continues to be the most efficient and
cost-effective way to provide short-term liquid-
ity to the General Fund.

Economic
Fiscal Year TRAN size Benefit
1998 200 3.2
1999 300 4.7
2000 400 7.3
2001 550 6.5
2002 650 4.3
2003 500 0.3
2004 NA NA
2005 500 2.8
2006 600 6.0
2007 150 2.8
2008 350 5.9
2009 400 7.1
2010 NA NA
2011 NA NA
2012 NA NA
2013 NA NA
2014 NA NA
2015 NA NA
2016 NA NA
($ in millions)
38th edition Page 20

DEBT MANAGEMENT

General Fund Cash Balance

Fiscal Year 2016
$500,000,000

$0

($500,000,000)

($1,000,000,000)

($1,500,000,000)

($2,000,000,000)
Jul Aug Sep Oct Nov Dec

General Fund Monthly Average

(Excluding TRAN Proceeds)

FY2016 5-YR AVERAGE 3-YR AVERAGE

$0

($200,000,000)

($400,000,000)

($600,000,000)

($800,000,000)

($1,000,000,000)

($1,200,000,000)

($1,400,000,000)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
38th edition
DEBT MANAGEMENT
FINANCIAL AGREEMENTS
As of December 31 2015, ALCo had four financial
agreements outstanding, with a net notional expo-
sure amount of $191,780,000. These financial
agreements are described in the section below and
the terms of these transactions are detailed in Ap-
pendix A. No additional financial agreements were
executed during the reporting period.
General Fund – Floating Rate Note Hedges
In May, 2007, ALCo issued $243.08 million of
Floating Rate Notes (FRNs) to permanently fi-
nance $100 million of General Fund bond sup-
ported projects and to advance refund certain out-
standing SPBC bonds for present value savings.
The transaction entailed ALCo issuing four FRNs,
each paying a rate of interest indexed to 3-Month
LIBOR plus a fixed spread. Integrated into the
transaction were four separate interest rate swaps
which perfectly hedge the floating rates on the
FRNs and lock in a fixed rate payable by ALCo on
the transaction. The terms of the four interest rate
swaps exactly match the notional amount, interest
rate, and amortization schedule of the four FRNs
and allowed ALCo to elect “super-integrated” tax
status on the transaction, whereby it receives simi-
lar tax treatment as a fixed rate bond issue under
IRS rules.
Under the FRN transaction, the Notes and interest
rate swaps were each insured under separate poli-
cies by FGIC, which maintained an Aaa/AAA
credit rating at the time from Moody’s and S&P
(Fitch rating is not required under the agreement).
Under the terms of the original interest rate swaps,
the counterparty (Citibank) could optionally termi-
nate the agreements if the insurer’s claims paying
rating fell below an A3/A- level. Subsequent to
the transaction, FGIC was downgraded multiple
times by the credit rating agencies and currently are
no longer rated. In December 2008, MBIA (rated
A2 by Moody’s at the time) reinsured FGIC’s mu-
nicipal insurance portfolio providing additional
coverage on the transaction. However, MBIA In-
surance Corporation’s credit rating was also subse-
quently downgraded on multiple occasions and is
currently rated B3/B by Moody’s and S&P. In
Page 21
February of 2009, MBIA established a new U.S.
public finance financial guaranty insurance compa-
ny known as National Guaranty Public Finance
Corporation (National). National, at no additional
charge, provided reinsurance on the FRNs and
related swaps. However, on December 22, 2010,
S&P downgraded National from A to BBB leaving
both of National’s claims paying ratings below the
required A3/A- level (National is currently rated
A3 by Moody’s).
In early 2011, ALCo spent considerable time work-
ing with Citibank and other parties analyzing a va-
riety of remedies that would prevent the potential
early termination of the interest rate swaps. After
much consideration, ALCo determined the pre-
ferred remedy was one offered by Citibank where-
by the remaining notional amount of each interest
rate swap would be assigned to a new counterparty
under the existing financial terms and at no cost to
ALCo or the Commonwealth. On February 14,
2011, ALCo, Citibank and the new counterparty,
Deutsche Bank AG, executed the assignment of
the remaining notional balances of each swap to
Deutsche Bank. The terms of the new interest rate
swaps with Deutsche Bank were identical to the
original swaps, with two exceptions; 1) the new
swaps were not insured and there were no insurer
provisions contained in the new agreements, and
2) the credit rating triggers under the automatic
termination provisions were now symmetrical for
both counterparties (ALCo and Deutsche Bank) at
A3/A-. Under the original swaps, ALCo’s credit
rating triggers were Baa2/BBB, but rating recali-
brations by the rating agencies, whereby municipal
issuers are now rated on the same scale as corpora-
tions and other debt issuing entities, have facilitat-
ed the need for equal credit rating triggers for both
parties. On July 10, 2014, the credit rating triggers
were lowered to Baa3/BBB- for both counterpar-
ties. Moody’s ratings as of December 31, 2015 for
Deutsche Bank senior long-term debt and deposit
ratings were A3. ALCo continues to monitor the
credit for compliance with terms of the agreement.
Details related to the interest rate swaps as of De-
cember 31, 2015 are presented in Appendix B.
38th edition Page 22

DEBT MANAGEMENT

ASSET/LIABILITY MODEL expected to be $654.8 million for Fiscal Year

2016. In addition, General Fund debt service of
General Fund $11.3 million is expected to be provided for the
The total SPBC debt portfolio as of December Eastern State Hospital financing that was issued
31, 2015 had $3.654 billion of bonds outstanding through the Lexington-Fayette Urban County
with a weighted average coupon of 5.1 percent Government in 2011. Net interest margin will
and a weighted average life of 6.86 years. The continue to be negative due to low cash balances
average coupon reflects an amount of taxable versus outstanding fixed rate debt, low level of
bonds issued under the Build America Bond interest rates, and the “ability to call” of the debt
Program during 2009 and 2010 as well as portfolio.
continued investor preference for tax-exempt SPBC Project 110
callable premium bonds in the current market at a
yield lower than par or discount coupon bonds. In early December, 2015, SPBC issued SPBC
The $1.211 billion callable portion had a weighted Revenue and Revenue Refunding Bonds, Project
average coupon of 5.06 percent. No. 110, as a single series General Fund
transaction for $115,660,000. The transaction (1)
The SPBC debt structure has 43 percent of provided permanent financing for approximately
principal maturing in 5 years and 72 percent of $120.0 million of various General Fund supported
principal maturing in 10 years. The ratios are capital projects authorized by the General
above of the rating agencies’ proposed target of Assembly of the Commonwealth of Kentucky, (2)
27-30 percent due in 5 years and 55-60 percent refunded Drinking Water Revolving Fund, 2004
maturing within 10 years, primarily influenced by Series C & Waste Water Revolving Fund, 2004
debt restructuring and the minimal amount of Series I of the Kentucky Infrastructure Authority;
long-term new money permanent financings and, (3) paid costs of issuance.
within the last two years.
The SPBC Project No. 110 bonds received ratings
The General Fund had a high balance of $348.2 of Aa3/A/A+ from Moody’s, Standard & Poor’s
million at the beginning of Fiscal Year 2016 and a Ratings Services, and Fitch Ratings, respectively.
low of negative $1.503 billion on September 10, All rating actions had a stable outlook.
2015.
The SPBC 110 transaction took advantage of the
The average and median balances were a negative market’s low rate environment and achieved an
$1.043 billion and a negative $1.147 billion, All-In True Interest Cost of 3.406% with an
respectively. Since the General Fund continued to average life of 11.197 years to provide $789,666 in
have a negative available cash balance for the net present value savings for the Commonwealth.
fiscal year to date, there is little, if anything, that All bonds were sold on a tax-exempt basis via
can be done from an asset management point of negotiated sale with Citigroup serving as senior
view beyond current actions. managing underwriter and Dinsmore and Shohl,
From a liability management perspective, total LLP as bond counsel. The transaction closed on
General Fund debt service, net of credits is December 3, 2015.
38th edition Page 23

DEBT MANAGEMENT

Call Analysis by Call Date

State Property and Buildings Commission Bonds
$800,000,000
Callable Non-Callable
$700,000,000

$600,000,000

$500,000,000

$400,000,000

$300,000,000

$200,000,000

$100,000,000

$0

Call Analysis by Maturity Date

State Property and Buildings Commission Bonds
$400,000,000

$350,000,000 Non-Callable Callable

$300,000,000

$250,000,000

$200,000,000

$150,000,000

$100,000,000

$50,000,000

$0
38th edition
DEBT MANAGEMENT
Road Fund
The Road Fund average daily cash balance for
the first half of Fiscal Year 2016 was $242
million compared to $445 million for the first
half of Fiscal Year 2015. The Road Fund cash
was invested in the Intermediate Term
Investment Pool which had a duration of 1.17
years as of December 31, 2015. The Road Fund
earned $0.241 million on a cash basis for the first
half of Fiscal Year 2016 versus $1.3 million for
the first half of Fiscal Year 2015. The continued
relatively low level of investable balances at
certain times during the fiscal year limits the
investment opportunities.
As of December 31, 2015, the Turnpike
Authority of Kentucky (TAK) had $1.428 billion
of bonds outstanding with a weighted average
coupon of 4.84 percent and an average life of
7.83 years.
Road Fund debt service paid in Fiscal Year 2016
is expected to be $161.97 million, resulting in a
net interest margin (investment income earned
year-to-date less debt service paid) of negative
$161.74 million. The negative amount stems
from the level of investable balances and a
general low level of interest rates on the
investment side in addition to the limited
callability of fixed rate obligations on the liability
side.
TAK 2015 Series A and B
On July 22, 2015, the Turnpike Authority of
Kentucky (“TAK”) closed a $190,885,000
issuance which consisted of $68,880,000
Economic Development Road Revenue Bonds
(Revitalization Projects), 2015 Series A; and
$122,005,000 Economic Development Road
Revenue Refunding Bonds (Revitalization
Projects), 2015 Series B. The proceeds of the
bonds were used to pay the costs of certain
additions and improvements to the Kentucky
Economic Development Road System
Page 24
(Revitalization Projects), advance refund the
Authority’s Economic Development Road
Revenue Bonds (Revitalization Projects), 2006
Series A and B for economic savings, and to pay
for costs of issuance. The bond proceeds
represented $75 million of a $400 million
authorization by the 2010 Extraordinary Session
of the General Assembly. The projects were
highway projects approved within the
Transportation Cabinet’s Six-Year Highway Plan.
The transaction was sold on a negotiated basis
on June 16, 2015 with Morgan Stanley. acting as
senior manager and Dinsmore & Shohl serving
as bond counsel. Frost Brown Todd LLC was
underwriter’s counsel.
The Series A portion of the debt service was 20-
year, level debt, tax-exempt financing with an All
-In TIC of 3.496%, an average life of 12.189
years, a 10-year par call, and a final maturity of
July 1, 2035. The Series B portion of the debt
service was essentially a 10-year, level debt, tax-
exempt financing with an All-In TIC of 2.484%
and an average life of 6.82 years. The refunding
yielded an 9.25% savings of refunded bonds
which represented nearly $12.4 million in net
present value savings. The bonds received
ratings of Aa2/AA/A+ from Moody’s, S&P and
Fitch, respectively.
SPBC 111
On December 3, 2015, the State Property and
Buildings Commission of Kentucky (“SPBC”)
closed $4,960,000 of Road Fund Revenue Bonds,
Project No. 111. The proceeds of the bonds
were used to pay the costs of acquiring,
constructing, installing and equipping the
replacement of the existing C-1 maintenance
facility in Franklin County. The new facility will
be located on 14 acres of land currently owned
by the Transportation Cabinet in Frankfort,
Kentucky, as authorized in House Bill 236 of the
2014 Regular Session of the Kentucky General
Assembly.
38th edition Page 25

DEBT MANAGEMENT

The transaction was sold on a negotiated basis The proceeds of the notes will provide
on November 19, 2015 with Citigroup acting permanent financing for the remaining project
as senior manager and Dinsmore & Shohl cost ($120.5 million) for the US-68/KY-80
serving as bond counsel. Stites & Harbison, Lake Barkley and Kentucky Lake Bridges
PLLC was underwriter’s counsel. Project and the costs of issuing the 2015 Notes.
The debt service was 20-year, level debt, tax- The financing for this project was authorized by
exempt financing with an All-In TIC of House Bill 3 of the 2010 Extraordinary Session
3.322%, an average life of 11.499 years, a 10- of the General Assembly.
year par call, and a final maturity of November
The Notes received ratings of A2/AA/A+
1, 2035. The bonds received ratings of Aa2/ from Moody's, S&P and Fitch, respectively.
A/A+ from Moody’s, S&P and Fitch, The transaction was sold via negotiated sale
respectively. with Citigroup serving as senior managing
underwriter and Kutak Rock LLP as bond
ALCo 2015 GARVEEs counsel. The transaction achieved attractive
In mid October, ALCo issued Project Notes, rates with an All-In True Interest Cost of 2.60%
2015 Federal Highway Trust Fund First Series with an average life on the notes of 6.891 years.
A (GARVEEs) in the amount of $106,850,000. The transaction closed on October 15, 2015.

Road Fund Available Balance

Fiscal Year 2010-2016 as of 12/31/15

Road Fund Federal Fund Net

$800,000,000

$700,000,000

$600,000,000

$500,000,000

$400,000,000

$300,000,000

$200,000,000

$100,000,000

$0

($100,000,000)

($200,000,000)
Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15
38th edition
SUMMARY
ALCo’s approach to managing the Common-
wealth’s interest-sensitive assets and interest-
sensitive liabilities has provided tremendous
flexibility and savings in financing the
Commonwealth’s capital construction program.
Since its inception, ALCo has been instrumental
in adding incremental returns on investment
income to the Commonwealth’s investment
portfolio. ALCo has continued to manage
General Fund intra-year cashflow deficits
through its TRAN program when cost effective.
Until Fiscal Year 2010, ALCo had issued a
General Fund TRAN each fiscal year since 1998
(with the exception of FY 2004), providing
millions of dollars of incremental gains for the
General Fund over this time (see Debt
Management TRAN section for details). In
addition, ALCo’s management approach to
Page 26
project funding has allowed the Commonwealth
to take advantage of short-term yields and
achieve millions of dollars in budgetary savings
through debt service lapses.
Over the past six years, the high cost of
acquiring credit/liquidity support for short-term
borrowing programs when compared to the low
cost of long-term financing favored long-term
financing structures. However, ALCo does and
will continue to analyze the cost effectiveness of
potential interim financing options during near
term.
As always, ALCo continues to analyze potential
opportunities for savings and to evaluate new
financing structures which offer the Common-
wealth the ability to diversify risk within its
portfolio while taking advantage of market
demand for various new or unique products.
38th edition Page 27

APPENDIX
38th edition Page 28

APPENDIX A

Corporate Credits Approved For Purchase

As Of November 24, 2015

Company Repurchase Company Repurchase

Name Agreements Debt Name Agreements Debt

Apple Inc Yes Johnson & Johnson Yes

Bank of America N.A. Yes No JPMorgan Chase & Co No Yes
Bank of Montreal Yes Yes Lloyds Bank PLC Yes
Bank of Nova Scotia Yes Yes Merck & Co. Inc. Yes
Bank of Tokyo-Mitsubishi UFJ L Yes Microsoft Corp Yes
BB&T Corp Yes Navy Federal Credit Union Yes No
Berkshire Hathaway Inc Yes Oracle Corp Yes
BNP Paribas Securities Corp Yes Yes PepsiCo Inc Yes
BNY Mellon NA Yes Pfizer Inc Yes
Boeing Co/The Yes PNC Bank NA Yes
BP PLC Yes Procter & Gamble Co/The Yes
Canadian Imperial Bank of Comm Yes Protective Life Insurance Co. Yes No
Caterpillar Inc Yes Royal Bank of Canada Yes Yes
Chevron Corp Yes Royal Dutch Shell PLC Yes
Cisco Systems Inc Yes State Street Corp Yes
Cooperatieve Centrale Raiffeis Yes Sumitomo Mitsui Trust Bank Yes
Costco Wholesale Corp Yes Swedbank AB Yes
Deere & Co Yes Texas Instruments Inc. Yes
Exxon Mobil Corp Yes Toronto-Dominion Bank/The Yes
General Electric Co Yes Total SA Yes
Healthcare of Ontario Pension Plan (HOOPP) Yes No Toyota Motor Corp Yes
Honda Motor Co Ltd Yes UBS AG (U.S.) Yes
Home Depot Inc Yes US Bank NA Yes
HSBC Bank USA NA Yes Wal-Mart Stores Inc Yes
IBRD - World Bank Yes Sov Walt Disney Co/The Yes
Intel Corp Yes Wedbush Securities Inc. Yes No
Intl Business Machines Corp Yes Wells Fargo & Co Yes
Invesco Mortgage REIT Yes No

*Addition: Removed:
None None

Any corporates held as of 3/11/2013 are grandfathered. The positions may be held until maturity but no additions may
be made to the position.
38th edition Page 29

APPENDIX A

Securities Lending Agent Approved Counterparties

As Of November 24, 2015

Company Name Securities Lending REPO

Alaska USA Federal Credit Union Yes Yes

Alaska USA Trust Company Yes Yes
BMO Capital Markets Corp Yes No
Bank of Nova Scotia Yes No
Barclays Capital, Inc Yes Yes
BNP Paribas Prime Brokerage, Inc. Yes No
BNP Paribas Securities Corp. Yes No
Cantor Fitzgerald & Co. Yes Yes
Citigroup Global Markets Inc Yes Yes
Credit Suisse Securities (USA) LLC Yes Yes
CYS Investments, Inc. Yes Yes
Daiwa Capital Markets America Inc Yes Yes
Deutsche Bank Securities Inc. Yes Yes
Dynex Capital Inc. Yes Yes
Goldman Sachs and Company Yes Yes
Hatteras Financial Corp Yes Yes
HSBC Securities (USA) Inc Yes Yes
ING Financial Markets LLC Yes Yes
Jefferies LLC Yes Yes
JP Morgan Securities LLC Yes No
Merrill Lynch Pierce Fenner & Smith Inc Yes Yes
Mizuho Securities USA, Inc Yes Yes
Morgan Stanley & Co. LLC Yes Yes
Nomura Securities International Inc Yes Yes
Pershing LLC Yes Yes
Redwood Trust Yes Yes
RBC Capital Markets LLC Yes No
RBS Securities Inc. Yes Yes
SG Americas Securities LLC Yes Yes
Societe Generale Yes Yes
TD Securities (USA), Inc Yes Yes
Two Harbors Investment Corp Yes Yes
UBS Securities LLC Yes Yes
Wells Fargo Securities LLC Yes Yes
38th edition Page 30

APPENDIX B
ALCo ALCo ALCo ALCo ALCo
Financial Agreements FRN Series A Hedge FRN Series A Hedge FRN Series B Hedge FRN Series B Hedge

Fund Source General Fund General Fund General Fund General Fund
Hedge 2017 FRN 2027 FRN 2021 FRN 2025 FRN
Counter-Party Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG
Counter-Party Ratings A3/BBB+ A3/BBB+ A3/BBB+ A3/BBB+
( Moody's / S&P )
Termination Trigger Baa3/BBB- Baa3/BBB- Baa3/BBB- Baa3/BBB-
( Moody's / S&P )
Swap Type Fixed Pay Fixed Pay Fixed Pay Fixed Pay

Benchmark 67% 3M LIBOR + 40 67% 3M LIBOR + 53 67% 3M LIBOR + 52 67% 3M LIBOR + 55

Reset Quarterly Quarterly Quarterly Quarterly
Notional Amount 5,395,000 50,690,000 64,760,000 70,935,000
Amortize (yes/no) yes yes yes yes
Original Execution Date 5/16/2007 5/16/2007 5/16/2007 5/16/2007
Start Date 5/31/2007 5/31/2007 5/31/2007 5/31/2007
Assignment Date 2/14/2011 2/14/2011 2/14/2011 2/14/2011
Mandatory Early Termination
End Date 11/1/2017 11/1/2027 11/1/2021 11/1/2025
Fixed Rate pay-(rec) 3.839% 4.066% 4.042% 4.125%
Day Count 30/360 30/360 30/360 30/360
Payment Dates February 1, May 1, August 1, November 1
Security Provisions General Fund Debt Service Appropriations
Current Market Valuation
December 31, 2015 (228,447) (7,339,872) (6,362,735) (12,451,307)
(negative indicates payment owed
by ALCo if terminated)
Interest Earnings not applicable not applicable not applicable not applicable
Total not applicable not applicable not applicable not applicable

Swap Summary
As of December 31, 2015:
Total Notional Amount Executed Net Exposure Notional Amount
General Fund Road Fund General Fund Road Fund
243,080,000 0 191,780,000 0

Total Notional Amount Executed by Counter Party

Deutsche Bank (assigned from Citibank on 2/14/2011)
243,080,000

Debt 10 Percent Net Exposure

General Fund Road Fund General Fund Road Fund
Bonds Outstanding 4,196,155,000 1,495,715,000 419,615,500 149,571,500
Authorized but Unissued 714,442,200 137,500,000 71,444,220 13,750,000
Total 4,910,597,200 1,633,215,000 491,059,720 163,321,500

Investment Pool Balance 10 Percent Investment Portfolio

Other Funds Net Road Fund Other Funds Net Road Fund
3,533,796,353 206,483,468 353,379,635 20,648,347
38th edition Page 31

APPENDIX C
Appropriation Supported Debt Service
by Fund Source as of 12/31/2015
General Fund Agency Fund Road Fund Federal Fund
$1,200,000,000

$1,100,000,000

$1,000,000,000

$900,000,000

$800,000,000

$700,000,000

$600,000,000

$500,000,000

$400,000,000

$300,000,000

$200,000,000

$100,000,000

$0

Appropriation Debt Principal Outstanding

by Fund Source as of 12/31/2015
$5,000,000,000

$4,500,000,000

$4,000,000,000

$3,500,000,000

$3,000,000,000

$2,500,000,000

$2,000,000,000

$1,500,000,000

$1,000,000,000

$500,000,000

$0
SPBC- SFCC- Univ-General KIA-General ALCO- SPBC- ALCO- Univ-Agency TAK-Road SPBC-Road ALCO-
General Fund General Fund Fund Fund General Agency Fund Agency Fund- Fund Fund Fund Federal Fund
Fund- Fixed Fixed Rate
Rate

*This data does not include debt issued for judicial center projects and paid for by the Administrative Office of the Courts in the Court of Justice or debt
issued by the Lexington -Fayette Urban County Government for the Eastern State Hospital.
38th edition Page 32

APPENDIX D

COMMONWEALTH OF KENTUCKY
ASSET/LIABILITY COMMISSION
SCHEDULE OF NOTES OUTSTANDING
AS OF 12/31/2015

FUND TYPE AMOUNT DATE OF MATURITY PRINCIPAL

SERIES TITLE ISSUED ISSUE DATE OUTSTANDING

General Fund Project & Funding Notes

2007 A, B Series $243,080,000 5/2007 11/2027 $191,780,000
2010 1st Series-KTRS Funding Notes $467,555,000 8/2010 4/2020 $186,905,000
2011 1st Series-KTRS Funding Notes $269,815,000 3/2011 4/2022 $184,185,000
2013 1st Series-KTRS Funding Notes $153,290,000 2/2013 4/2023 $124,615,000
FUND TOTAL $1,133,740,000 $687,485,000

Agency Fund Project Notes

2005 1st Series $11,275,000 6/2005 6/2025 $7,160,000
2006 Series A-UK Gen Recpts $66,305,000 10/2006 10/2022 $35,985,000
2007 Series A-UK Gen Recpts $77,905,000 11/2007 10/2017 $7,580,000
2007 Series B-UK Gen Recpts $80,245,000 11/2007 10/2018 $9,190,000
FUND TOTAL $235,730,000 $59,915,000

Federal Hwy Trust Fund Project Notes

2007 1st Series $277,910,000 9/2007 9/2019 $129,250,000
2010 1st Series $89,710,000 3/2010 9/2022 $89,710,000
2013 1st Series $212,545,000 8/2013 9/2025 $212,545,000
2014 1st Series $171,940,000 3/2014 9/2026 $159,305,000
2015 1st Series $106,850,000 10/2015 9/2027 $106,850,000
FUND TOTAL $858,955,000 $697,660,000

ALCo NOTES TOTAL $2,228,425,000 $1,445,060,000

38th edition Page 33

“This Page Intentionally Left Blank”

38th edition Page 34

REPORT PREPARED BY:

Office of Financial
Management
Commonwealth of Kentucky
702 Capital Ave Ste 76
Frankfort, KY 40601
Phone: 502-564-2924
Fax: 502-564-7416

Creating FinancialValue for the Commonwealth

Cover Photos contributed by

Marcia Adams and Brian Kiser
 Kentucky Infrastructure Authority
Projects for
May 2016 Capital Projects Meeting

 Fund A Loan

Loan # Borrower Loan Amount County

A16-003 City of Prestonsburg $ 2,033,200 Floyd
A16-007 City of Prestonsburg $ 2,163,000 Floyd
A16-028 City of Prestonsburg $ 1,952,900 Floyd
A16-029 City of Hodgenville $ 970,000 Larue
A16-054 City of Frankfort $ 4,529,000 Franklin
A16-078 City of Prestonsburg (Planning and Design) $ 600,000 Floyd
A16-082 Regional Water Resource Agency (Planning and Design) $ 200,000 Daviess

 Fund B Loan

Loan # Borrower Loan Amount County

B16-010 City of Morganfield (Planning and Design) $ 260,000 Union

 Fund F Loan

Loan # Borrower Loan Amount County

F16-008 City of Hodgenville $ 962,000 Larue
F16-041 City of Cynthiana $ 1,056,658 Harrison
F16-042 City of Hodgenville $ 593,000 Larue
F16-049 City of Harrodsburg $ 2,887,200 Mercer

Page 1 of 1
EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date November 5, 2015
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-003
REVOLVING LOAN FUND WRIS Number SX21071210

BORROWER CITY OF PRESTONSBURG

FLOYD COUNTY
BRIEF DESCRIPTION

This project will provide sanitary sewer to the Stephens Branch and Lower Abbott Creek communities. Both areas will be served
by a pressure sewer system with instillation of nearly 32,000 linear feet of force main pipe ranging in 1.5 to 3 inches. 180
individual grinder stations will be installed as well as two lift stations and the additional appurtenances to complete both systems.
This project will eliminate the failing Music Manor package treatment plant.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $2,033,200 Administrative Expenses $35,000
Land, Easements 20,000
Eng - Design / Const 8.0% 7.4% 129,200
Eng - Insp 4.9% 4.6% 79,500
Eng - Other 25,000
Construction 1,585,900
Contingency 158,600
TOTAL $2,033,200 TOTAL $2,033,200
REPAYMENT Rate 0.75% Est. Annual Payment $85,299
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Ronald Johnson
Bond Counsel Peck, Shaffer, & Williams, a division of Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Apr-16
Construction Start Jun-16
Construction Stop Jan-17
DEBT PER CUSTOMER Existing $3,961
Proposed $5,396
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 2,772 $26.24 (for 4,000 gallons)
Additional 180

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 1,135,254 869,878 265,376 1.3
Audited 2014 970,392 1,135,899 (165,507) 0.9
Projected 2015 1,070,300 (165,507) 1,235,807 1.1
Projected 2016 1,166,986 130,119 1,036,867 1.3
Projected 2017 1,192,320 264,016 928,304 1.2
Projected 2018 1,284,340 209,265 1,075,075 1.0
Projected 2019 1,313,936 2,318 1,311,618 1.0
Projected 2020 1,345,798 47,838 1,297,960 1.1
 Reviewer: Brandi Norton
Date: November 5, 2015
Loan Number: A16-003

KENTUCKY INFRASTRUCTURE AUTHORITY

WASTEWATER REVOLVING LOAN FUND (FUND "A")
CITY OF PRESTONSBURG, FLOYD COUNTY
PROJECT REVIEW
SX21071210

I. PROJECT DESCRIPTION

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission is
requesting a Fund “A” loan in the amount of $2,033,200 for the Stephens Branch and
Lower Abbott Sewer Line Extension project. The project will provide sanitary sewer
service to the Stephens Branch and Lower Abbott Creek communities. Both areas will
be served by a pressure sewer system with instillation of nearly 32,000 linear feet of
force main pipe ranging in 1.5 to 3 inches. In addition, 180 individual grinder stations
will be installed as well as two lift stations and the additional appurtenances to complete
both systems. This project will eliminate the failing Music Manor package treatment
plant.

The Prestonsburg Utility Commission provides sewer services to 3,571 households

within Floyd County.

II. PROJECT BUDGET

Total
Administrative Expenses $ 35,000
Land, Easements 20,000
Engineering Fees - Design / Const 129,200
Engineering Fees - Inspection 79,500
Engineering Fees - Other 25,000
Construction 1,585,900
Contingency 158,600
Total $ 2,033,200

III. PROJECT FUNDING

Amount %
Fund A Loan $ 2,033,200 100%
Total $ 2,033,200 100%
IV. KIA DEBT SERVICE

Construction Loan $ 2,033,200

Less: Principal Forgiveness 508,300
Amortized Loan Amount $ 1,524,900
Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 82,249
Administrative Fee (0.20%) 3,050
Total Estimated Annual Debt Service $ 85,299

V. PROJECT SCHEDULE

Bid Opening April 2016

Construction Start June 2016
Construction Stop January 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current Proposed Total

Residential 2,163 180 2,343
Commercial 609 0 609
Industrial 0 0 0
Total 2,772 180 2,951

B) Rates

In City Out of City

Current Prior Current Prior
Date of Last Rate Increase 03/01/15 07/01/14 03/01/15 07/01/14

Per 1,000 Gallons $6.56 $5.96 $8.22 $7.47

Cost for 4,000 gallons $26.24 $23.84 $32.88 $29.88

Increase % 10.1% 10.0%
Affordability Index (Rate/MHI) 1.2% 1.6%

The Prestonsburg Utility Commission has an annual inflation CPI clause for water
rates.
VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 3,571 with a Median Household
Income (MHI) of $25,316. The median household income for the Commonwealth is
$43,036. The project will qualify for a .75% interest rate because it is below 80% of the
States MHI.

Population Unemployment
Year City % Change County % Change Date Rate

1980 4,011 48,764 June 2004 8.1%

1990 3,558 -11.3% 43,586 -10.6% June 2009 11.5%
2000 3,612 1.5% 42,441 -2.6% June 2013 13.1%
2010 3,255 -9.9% 39,451 -7.0% June 2014 10.5%
Current 3,571 9.7% 0 -100.0%
Cumulative % -11.0% -100.0%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project qualifies for additional subsidization in the

amount of $508,300.

IX. FINANCIAL ANALYSIS (See Exhibit 1)

Financial information was obtained from the audited financial statements for the
years ended June 30, 2012 through 2014. Amounts for 2015 are estimated. The
Commission reports water, gas and sewer services in a combined statement.
Percentage references in the History section below are based on whole dollar
amounts and not the rounded amounts presented.

HISTORY

Operating revenues increased 11% from 2012 to 2014 from $7.4 million to $8.2 million.
Sewer revenues increase 15% from $1.1 million to $1.2 million during the same period.
Operating expenses increased 9% from $5.8 million to $6.4 million. The increase is due
to higher gas purchases along with increases in personnel costs. The debt coverage
ratio remained consistent from 0.9 in 2012 to 0.9 in 2014.

The balance sheet reflects a current ratio of 1.2, a debt to equity ratio of 0.8 and
unrestricted cash equals 1.2 months of operating expenses.
 PROJECTIONS

Projections are based on the following assumptions:

1) Water revenues reflect all previously approved rate increases as well as a 3%

annual inflation increase due to a CPI clause.
2) Sewer revenues will be adjusted by an amount to increase revenues by $80,000
or 6% by July 1, 2017 and will remain flat thereafter.
3) Gas revenues will remain flat.
4) Operating expenses will increase by 2% per year.
5) Debt service coverage is 1.0 in 2018 when full year principal and interest
repayments begin.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund A loan.

REPLACEMENT RESERVE

The annual replacement cost is $5,100. This amount should be added to the
replacement account each December 1 until the balance reaches $51,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Outstanding Maturity
USDA 91-12 Bond $ 149,500 2038
USDA 91-15 Bond 224,000 2039
USDA 93-21 Bond 943,000 2041
USDA 91-23 Bond 657,000 2043
USDA 91-25 Bond 133,500 2043
KADDFT 2011 E Bond 1,915,000 2031
KIA (B291-11) 0 2014
KIA (B98-01) 164,877 2019
KIA (B99-01) 276,169 2021
KIA (B07-10) 1,994,710 2028
KIA (B08-08) 627,318 2028
KIA (F209-15) 310,036 2030
KIA (A09-15) 234,577 2031
KIA (A10-02) 1,775,935 2033
KIA (A16-007 i/a/o $2,163,000) 0 2045
KIA (A16-028 i/a/o $1,952,900) 0 2045
KIA (A16 P&D i/a/o $600,000) 0 2020
KIA (F16-045 i/a/o $1,088,085) 0 2045
First Community Bank Loans 190,268 2017
Total $11,830,188
XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Funding
Description Source Type
By Pass Force Main Around Town HB 1 Grant
Station Branch Sewer Project HB 265 Grant

XII. CONTACTS

Legal Applicant
Entity Name City of Prestonsburg
Authorized Official Jerry Fannin (Mayor)
County Floyd
Email jerryfannin@prestonsburg.net
Phone (606) 886-2335
Address 200 North Lake Drive
Prestonsburg, KY 41653

Project Contact – Applicant & Administrator

Name Libby Ratcliff
Organization Big Sandy Area Development District
Email libby.ratcliff@bigsandy.org
Phone (606) 886-2374
Address 110 Resource Ct
Prestonsburg, KY 41653

Consulting Engineer
PE Name Ronald Johnson
Firm Name RM Johnson Engineering Inc
Email rjohnson@rmje.net
Phone (606) 785-5926
Address PO Box 444
Hindman, KY 41822
XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions and the
following special conditions.

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission shall
increase sewer rates sufficient to generate an additional $80,000 in cash flow effective
no later than July 1, 2017.
CITY OF PRESTONSBURG (UTILITY)
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected Projected
2012 2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 2,438,287 2,196,690 2,086,467 1,942,621 2,097,140 2,378,156 2,613,621 2,634,039 2,700,477
Other Assets 29,645,508 28,497,715 26,382,331 23,995,182 21,509,424 26,860,852 24,375,094 21,889,337 19,403,579

Total 32,083,795 30,694,405 28,468,798 25,937,803 23,606,564 29,239,008 26,988,715 24,523,376 22,104,056

Liabilities & Equity

Current Liabilities 1,773,962 1,474,751 1,695,080 1,566,636 1,553,524 1,569,728 1,585,489 1,613,604 1,642,563
Long Term Liabilities 11,974,881 11,950,308 10,981,088 10,285,412 9,628,578 15,281,952 14,646,952 14,011,952 13,376,952

Total Liabilities 13,748,843 13,425,059 12,676,168 11,852,048 11,182,102 16,851,680 16,232,441 15,625,556 15,019,515

Net Assets 18,334,952 17,269,346 15,792,630 14,085,755 12,424,462 12,387,328 10,756,274 8,897,819 7,084,540

Cash Flow
Revenues 7,392,565 7,878,916 8,181,092 8,408,420 8,635,074 8,792,976 9,035,615 9,203,134 9,375,678
Operating Expenses 6,564,675 6,876,215 7,287,076 7,414,496 7,544,464 7,677,032 7,827,651 7,965,574 8,106,256
Other Income 104,740 132,553 76,376 76,376 76,376 76,376 76,376 76,376 76,376

Cash Flow Before Debt Service 932,630 1,135,254 970,392 1,070,300 1,166,986 1,192,320 1,284,340 1,313,936 1,345,798

Debt Service
Existing Debt Service 1,012,339 869,878 1,135,899 940,181 902,970 983,055 1,196,723 1,180,799 1,175,799
Proposed KIA Loan 0 0 0 0 0 0 85,299 85,299 85,299
Total Debt Service 1,012,339 869,878 1,135,899 940,181 902,970 983,055 1,282,022 1,266,098 1,261,098

Cash Flow After Debt Service (79,709) 265,376 (165,507) 130,119 264,016 209,265 2,318 47,838 84,700

Ratios
Current Ratio 1.4 1.5 1.2 1.2 1.3 1.5 1.6 1.6 1.6
Debt to Equity 0.7 0.8 0.8 0.8 0.9 1.4 1.5 1.8 2.1
Days Sales in Accounts Receivable 49.5 41.3 39.3 39.4 39.3 39.3 39.3 39.4 39.4
Months Operating Expenses in Unrestricted Cash 2.0 1.8 1.5 1.2 1.3 1.7 2.0 2.0 2.0

Debt Coverage Ratio 0.9 1.3 0.9 1.1 1.3 1.2 1.0 1.0 1.1

11/5/2015 7:37 AM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date November 5, 2015
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-007
REVOLVING LOAN FUND WRIS Number SX21071231

BORROWER CITY OF PRESTONSBURG

FLOYD COUNTY
BRIEF DESCRIPTION

This project will provide sanitary sewer service to the US 23 corridor and Lower Daniels Creek community. Both areas will be
served by a pressure sewer system with instillation of nearly 32,000 linear feet of force main pipe ranging in 1.5 to 3 inches. 175
individual grinder stations will be installed as well as an upgrade to the Dwale Lift station. This project will eliminate the failing
Eastern Heights Motel package treatment plant.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $2,163,000 Administrative Expenses $35,000
Land, Easements 20,000
Eng - Design / Const 7.8% 7.3% 135,800
Eng - Insp 4.7% 4.5% 83,100
Eng - Other 25,000
Construction 1,694,600
Contingency 169,500
TOTAL $2,163,000 TOTAL $2,163,000
REPAYMENT Rate 0.75% Est. Annual Payment $90,744
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Ronald Johnson
Bond Counsel Peck, Shaffer, & Williams, a division of Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Apr-16
Construction Start Jun-16
Construction Stop Jan-17
DEBT PER CUSTOMER Existing $3,961
Proposed $5,385
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 2,772 $26.24 (for 4,000 gallons)
Additional 186

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 1,135,254 869,878 265,376 1.3
Audited 2014 970,392 1,135,899 (165,507) 0.9
Projected 2015 1,070,300 (165,507) 1,235,807 1.1
Projected 2016 1,166,986 130,119 1,036,867 1.3
Projected 2017 1,192,320 264,016 928,304 1.2
Projected 2018 1,284,340 209,265 1,075,075 1.0
Projected 2019 1,313,936 2,318 1,311,618 1.0
Projected 2020 1,345,798 47,838 1,297,960 1.1
 Reviewer: Brandi Norton
Date: November 5, 2015
Loan Number: A16-007

KENTUCKY INFRASTRUCTURE AUTHORITY

WASTEWATER REVOLVING LOAN FUND (FUND "A")
CITY OF PRESTONSBURG, FLOYD COUNTY
PROJECT REVIEW
SX21071231

I. PROJECT DESCRIPTION

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission is
requesting a Fund “A” loan in the amount of $2,163,000 for the US 23 Banner
Community Sewer System project. The project will provide sanitary sewer service to
the US 23 corridor and Lower Daniels Creek community. Both areas will be served by a
pressure sewer system with instillation of nearly 32,000 linear feet of force main pipe
ranging in 1.5 to 3 inches. Additionally, 175 individual grinder stations will be installed
as well as an upgrade to the Dwale lift station. This project will eliminate the failing
Eastern Heights Motel package treatment plant.

The Prestonsburg Utility Commission provides sewer services to 3,571 households

within Floyd County.

II. PROJECT BUDGET

Total
Administrative Expenses $ 35,000
Land, Easements 20,000
Engineering Fees - Design / Const 135,800
Engineering Fees - Inspection 83,100
Engineering Fees - Other 25,000
Construction 1,694,600
Contingency 169,500
Total $ 2,163,000

III. PROJECT FUNDING

Amount %
Fund A Loan $ 2,163,000 100%
Total $ 2,163,000 100%
IV. KIA DEBT SERVICE

Construction Loan $ 2,163,000

Less: Principal Forgiveness (25%) 540,750
Amortized Loan Amount $ 1,622,250
Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 87,500
Administrative Fee (0.20%) 3,245
Total Estimated Annual Debt Service $ 90,744

V. PROJECT SCHEDULE

Bid Opening April 2016

Construction Start June 2016
Construction Stop January 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current Proposed Total

Residential 2,163 175 2,338
Commercial 609 11 620
Industrial 0 0 0
Total 2,772 186 2,958

B) Rates

In City Out of City

Current Prior Current Prior
Date of Last Rate Increase 03/01/15 07/01/14 03/01/15 07/01/14

Per 1,000 Gallons $6.56 $5.96 $8.22 $7.47

Cost for 4,000 gallons $26.24 $23.84 $32.88 $29.88

Increase % 10.1% 10.0%
Affordability Index (Rate/MHI) 1.2% 1.6%

The Prestonsburg Utility Commission has an annual inflation CPI clause for water
rates.
VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 3,571 with a Median Household
Income (MHI) of $25,316. The median household income for the Commonwealth is
$43,036. The project will qualify for a .75% interest rate because it is below 80% of the
States MHI.

Population Unemployment
Year City % Change County % Change Date Rate

1980 4,011 48,764 June 2004 8.1%

1990 3,558 -11.3% 43,586 -10.6% June 2009 11.5%
2000 3,612 1.5% 42,441 -2.6% June 2013 13.1%
2010 3,255 -9.9% 39,451 -7.0% June 2014 10.5%
Current 3,571 9.7% 0 -100.0%
Cumulative % -11.0% -100.0%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This qualifies for additional subsidization in the amount of

$540,750.

IX. FINANCIAL ANALYSIS (See Exhibit 1)

Financial information was obtained from the audited financial statements for the years
ended June 30, 2012 through 2014. Amounts for 2015 are estimated. The Commission
reports water, gas and sewer services in a combined statement. Percentage references
in the History section below are based on whole dollar amounts and not the rounded
amounts presented.

HISTORY

Operating revenues increased 11% from 2012 to 2014 from $7.4 million to $8.2 million.
Sewer revenues increase 15% from $1.1 million to $1.2 million during the same period.
Operating expenses increased 9% from $5.8 million to $6.4 million. The increase is
due to higher gas purchases along with increases in personnel costs. The debt
coverage ratio remained consistent from 0.9 in 2012 to 0.9 in 2014.

The balance sheet reflects a current ratio of 1.2, a debt to equity ratio of 0.8 and
unrestricted cash equals 1.2 months of operating expenses.
 PROJECTIONS

Projections are based on the following assumptions:

1) Water revenues reflect all previously approved rate increases as well as a 3%

annual inflation increase due to a CPI clause.
2) Sewer revenues will be adjusted by an amount to increase revenues by $80,000
or 6% by July 1, 2017 and will remain flat thereafter.
3) Gas revenues will remain flat.
4) Operating expenses will increase by 2% per year.
5) Debt service coverage is 1.0 in 2018 when full year principal and interest
repayments begin.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund A loan.

REPLACEMENT RESERVE

The annual replacement cost is $5,400. This amount should be added to the
replacement account each December 1 until the balance reaches $54,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Outstanding Maturity
USDA 91-12 Bond $ 149,500 2038
USDA 91-15 Bond 224,000 2039
USDA 93-21 Bond 943,000 2041
USDA 91-23 Bond 657,000 2043
USDA 91-25 Bond 133,500 2043
KADDFT 2011 E Bond 1,915,000 2031
KIA (B291-11) 0 2014
KIA (B98-01) 164,877 2019
KIA (B99-01) 276,169 2021
KIA (B07-10) 1,994,710 2028
KIA (B08-08) 627,318 2028
KIA (F209-15) 310,036 2030
KIA (A09-15) 234,577 2031
KIA (A10-02) 1,775,935 2033
KIA (A16-003 i/a/o $2,033,200) 0 2045
KIA (A16-028 i/a/o $1,952,900) 0 2045
KIA (A16 P&D i/a/o $600,000) 0 2020
KIA (F16-045 i/a/o $1,088,085) 0 2045
First Community Bank Loans 190,268 2017
Total $11,830,188
XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Funding
Description Source Type
By Pass Force Main Around Town HB 1 Grant
Station Branch Sewer Project HB 265 Grant

XII. CONTACTS

Legal Applicant
Entity Name City of Prestonsburg
Authorized Official Jerry Fannin (Mayor)
County Floyd
Email jerryfannin@prestonsburg.net
Phone (606) 886-2335
Address 200 North Lake Drive
Prestonsburg, KY 41653

Project Contact – Applicant & Administrator

Name Libby Ratcliff
Organization Big Sandy Area Development District
Email libby.ratcliff@bigsandy.org
Phone (606) 886-2374
Address 110 Resource Ct
Prestonsburg, KY 41653

Consulting Engineer
PE Name Ronald Johnson
Firm Name RM Johnson Engineering Inc
Email rjohnson@rmje.net
Phone (606) 785-5926
Address PO Box 444
Hindman, KY 41822
XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions and the
following special conditions.

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission shall
increase sewer rates sufficient to generate an additional $80,000 in cash flow effective
no later than July 1, 2017.
CITY OF PRESTONSBURG (UTILITY)
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected Projected
2012 2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 2,438,287 2,196,690 2,086,467 1,942,621 2,097,140 2,378,156 2,613,621 2,634,039 2,700,477
Other Assets 29,645,508 28,497,715 26,382,331 23,995,182 21,494,424 26,830,852 24,330,094 21,829,337 19,328,579

Total 32,083,795 30,694,405 28,468,798 25,937,803 23,591,564 29,209,008 26,943,715 24,463,376 22,029,056

Liabilities & Equity

Current Liabilities 1,773,962 1,474,751 1,695,080 1,566,636 1,553,524 1,569,728 1,585,489 1,613,604 1,642,563
Long Term Liabilities 11,974,881 11,950,308 10,981,088 10,285,412 9,628,578 15,281,952 14,646,952 14,011,952 13,376,952

Total Liabilities 13,748,843 13,425,059 12,676,168 11,852,048 11,182,102 16,851,680 16,232,441 15,625,556 15,019,515

Net Assets 18,334,952 17,269,346 15,792,630 14,085,755 12,409,462 12,357,328 10,711,274 8,837,819 7,009,540

Cash Flow
Revenues 7,392,565 7,878,916 8,181,092 8,408,420 8,635,074 8,792,976 9,035,615 9,203,134 9,375,678
Operating Expenses 6,564,675 6,876,215 7,287,076 7,414,496 7,544,464 7,677,032 7,827,651 7,965,574 8,106,256
Other Income 104,740 132,553 76,376 76,376 76,376 76,376 76,376 76,376 76,376

Cash Flow Before Debt Service 932,630 1,135,254 970,392 1,070,300 1,166,986 1,192,320 1,284,340 1,313,936 1,345,798

Debt Service
Existing Debt Service 1,012,339 869,878 1,135,899 940,181 902,970 983,055 1,191,278 1,175,354 1,170,354
Proposed KIA Loan 0 0 0 0 0 0 90,744 90,744 90,744
Total Debt Service 1,012,339 869,878 1,135,899 940,181 902,970 983,055 1,282,022 1,266,098 1,261,098

Cash Flow After Debt Service (79,709) 265,376 (165,507) 130,119 264,016 209,265 2,318 47,838 84,700

Ratios
Current Ratio 1.4 1.5 1.2 1.2 1.3 1.5 1.6 1.6 1.6
Debt to Equity 0.7 0.8 0.8 0.8 0.9 1.4 1.5 1.8 2.1
Days Sales in Accounts Receivable 49.5 41.3 39.3 39.4 39.3 39.3 39.3 39.4 39.4
Months Operating Expenses in Unrestricted Cash 2.0 1.8 1.5 1.2 1.3 1.7 2.0 2.0 2.0

Debt Coverage Ratio 0.9 1.3 0.9 1.1 1.3 1.2 1.0 1.0 1.1

11/5/2015 7:50 AM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date November 5, 2015
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-028
REVOLVING LOAN FUND WRIS Number SX21071235

BORROWER CITY OF PRESTONSBURG

FLOYD COUNTY
BRIEF DESCRIPTION

This project will provide sanitary sewer service to the KY 1428 and Stonecrest communities extending service from the Utility's
existing collection system. Both areas will be served by a pressure sewer system with instillation of nearly 22,000 linear feet of
force main pipe ranging in 1.5 to 6 inches. 150 individual grinder stations will be installed as well as a 80 GPM lift station and the
additional appurtenances to complete both systems. This project will eliminate the failing Allen Elementary package treatment
plant.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $1,952,900 Administrative Expenses $35,000
Land, Easements 20,000
Eng - Design / Const 8.0% 7.5% 125,000
Eng - Insp 4.9% 4.6% 77,200
Eng - Other 25,000
Construction 1,518,800
Contingency 151,900
TOTAL $1,952,900 TOTAL $1,952,900
REPAYMENT Rate 0.75% Est. Annual Payment $81,930
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Ronald Johnson
Bond Counsel Peck, Shaffer, & Williams, a division of Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Apr-16
Construction Start Jun-16
Construction Stop Jan-17
DEBT PER CUSTOMER Existing $3,961
Proposed $5,390
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 2,772 $26.24 (for 4,000 gallons)
Additional 183

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 1,135,254 869,878 265,376 1.3
Audited 2014 970,392 1,135,899 (165,507) 0.9
Projected 2015 1,070,300 (165,507) 1,235,807 1.1
Projected 2016 1,166,986 130,119 1,036,867 1.3
Projected 2017 1,192,320 264,016 928,304 1.2
Projected 2018 1,284,340 209,265 1,075,075 1.0
Projected 2019 1,313,936 2,318 1,311,618 1.0
Projected 2020 1,345,798 47,838 1,297,960 1.1
 Reviewer: Brandi Norton
Date: November 5, 2015
Loan Number: A16-028

KENTUCKY INFRASTRUCTURE AUTHORITY

WASTEWATER REVOLVING LOAN FUND (FUND "A")
CITY OF PRESTONSBURG, FLOYD COUNTY
PROJECT REVIEW
SX21071235

I. PROJECT DESCRIPTION

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission is
requesting a Fund “A” loan in the amount of $1,952,900 for the KY 1428 and
Stonecrest project. The project will provide sanitary sewer service to the KY 1428 and
Stonecrest communities. Both areas will be served by a pressure sewer system with
instillation of nearly 22,000 linear feet of force main pipe ranging in 1.5 to 6 inches. In
addition,150 individual grinder stations will be installed as well as an 80 GPM lift station
and the additional appurtenances to complete both systems. This project will eliminate
the failing Allen Elementary package treatment plant.

The Prestonsburg Utility Commission provides sewer services to 3,571 households

within Floyd County.

II. PROJECT BUDGET

Total
Administrative Expenses $ 35,000
Land, Easements 20,000
Engineering Fees - Design / Const 125,000
Engineering Fees - Inspection 77,200
Engineering Fees - Other 25,000
Construction 1,518,800
Contingency 151,900
Total $ 1,952,900

III. PROJECT FUNDING

Amount %
Fund A Loan $ 1,952,900 100%
Total $ 1,952,900 100%
IV. KIA DEBT SERVICE

Construction Loan $ 1,952,900

Less: Principal Forgiveness (25%) 488,225
Amortized Loan Amount $ 1,464,675
Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 79,001
Administrative Fee (0.20%) 2,929
Total Estimated Annual Debt Service $ 81,930

V. PROJECT SCHEDULE

Bid Opening April 2016

Construction Start June 2016
Construction Stop January 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current Proposed Total

Residential 2,163 175 2,338
Commercial 609 8 617
Industrial 0 0 0
Total 2,772 183 2,955

B) Rates

In City Out of City

Current Prior Current Prior
Date of Last Rate Increase 03/01/15 07/01/14 03/01/15 07/01/14

Per 1,000 Gallons $6.56 $5.96 $8.22 $7.47

Cost for 4,000 gallons $26.24 $23.84 $32.88 $29.88

Increase % 10.1% 10.0%
Affordability Index (Rate/MHI) 1.2% 1.6%

The Prestonsburg Utility Commission has an annual inflation CPI clause for water
rates.
VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 3,571 with a Median Household
Income (MHI) of $25,316. The median household income for the Commonwealth is
$43,036. The project will qualify for a .75% interest rate because it is below 80% of the
States MHI.

Population Unemployment
Year City % Change County % Change Date Rate

1980 4,011 48,764 June 2004 8.1%

1990 3,558 -11.3% 43,586 -10.6% June 2009 11.5%
2000 3,612 1.5% 42,441 -2.6% June 2013 13.1%
2010 3,255 -9.9% 39,451 -7.0% June 2014 10.5%
Current 3,571 9.7% 0 -100.0%
Cumulative % -11.0% -100.0%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project qualifies for additional subsidization in the

amount of $488,225.

IX. FINANCIAL ANALYSIS (See Exhibit 1)

Financial information was obtained from the audited financial statements for the years
ended June 30, 2012 through 2014. Amounts for 2015 are estimated. The Commission
reports water, gas and sewer services in a combined statement. Percentage references
in the History section below are based on whole dollar amounts and not the rounded
amounts presented.

HISTORY

Operating revenues increased 11% from 2012 to 2014 from $7.4 million to $8.2 million.
Sewer revenues increase 15% from $1.1 million to $1.2 million during the same period.
Operating expenses increased 9% from $5.8 million to $6.4 million. The increase is due
to higher gas purchases along with increases in personnel costs. The debt coverage
ratio remained consistent from 0.9 in 2012 to 0.9 in 2014.

The balance sheet reflects a current ratio of 1.2, a debt to equity ratio of 0.8 and
unrestricted cash equals 1.2 months of operating expenses.
 PROJECTIONS

Projections are based on the following assumptions:

1) Water revenues reflect all previously approved rate increases as well as a 3%

annual inflation increase due to a CPI clause.
2) Sewer revenues will be adjusted by an amount to increase revenues by $80,000
or 6% by July 1, 2017 and will remain flat thereafter.
3) Gas revenues will remain flat.
4) Operating expenses will increase by 2% per year.
5) Debt service coverage is 1.0 in 2018 when full year principal and interest
repayments begin.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund A loan.

REPLACEMENT RESERVE

The annual replacement cost is $4,900. This amount should be added to the
replacement account each December 1 until the balance reaches $49,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Outstanding Maturity
USDA 91-12 Bond $ 149,500 2038
USDA 91-15 Bond 224,000 2039
USDA 93-21 Bond 943,000 2041
USDA 91-23 Bond 657,000 2043
USDA 91-25 Bond 133,500 2043
KADDFT 2011 E Bond 1,915,000 2031
KIA (B291-11) 0 2014
KIA (B98-01) 164,877 2019
KIA (B99-01) 276,169 2021
KIA (B07-10) 1,994,710 2028
KIA (B08-08) 627,318 2028
KIA (F209-15) 310,036 2030
KIA (A09-15) 234,577 2031
KIA (A10-02) 1,775,935 2033
KIA (A16-003 i/a/o $2,033,200) 0 2045
KIA (A16-007 i/a/o $2,163,000) 0 2045
KIA (A16 P&D i/a/o $600,000) 0 2020
KIA (F16-045 i/a/o $1,088,085) 0 2045
First Community Bank Loans 190,268 2017
Total $11,830,188
XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Funding
Description Source Type
By Pass Force Main Around Town HB 1 Grant
Station Branch Sewer Project HB 265 Grant

XII. CONTACTS

Legal Applicant
Entity Name City of Prestonsburg
Authorized Official Jerry Fannin (Mayor)
County Floyd
Email jerryfannin@prestonsburg.net
Phone (606) 886-2335
Address 200 North Lake Drive
Prestonsburg, KY 41653

Project Contact – Applicant & Administrator

Name Libby Ratcliff
Organization Big Sandy Area Development District
Email libby.ratcliff@bigsandy.org
Phone (606) 886-2374
Address 110 Resource Ct
Prestonsburg, KY 41653

Consulting Engineer
PE Name Ronald Johnson
Firm Name RM Johnson Engineering Inc
Email rjohnson@rmje.net
Phone (606) 785-5926
Address PO Box 444
Hindman, KY 41822
XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions and the
following special conditions.

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission shall
increase sewer rates sufficient to generate an additional $80,000 in cash flow effective
no later than July 1, 2017.
CITY OF PRESTONSBURG (UTILITY)
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected Projected
2012 2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 2,438,287 2,196,690 2,086,467 1,942,621 2,097,140 2,378,156 2,613,621 2,634,039 2,700,477
Other Assets 29,645,508 28,497,715 26,382,331 23,995,182 21,536,627 26,915,256 24,456,701 21,998,145 19,539,590

Total 32,083,795 30,694,405 28,468,798 25,937,803 23,633,767 29,293,412 27,070,322 24,632,184 22,240,067

Liabilities & Equity

Current Liabilities 1,773,962 1,474,751 1,695,080 1,566,636 1,553,524 1,569,728 1,585,489 1,613,604 1,642,563
Long Term Liabilities 11,974,881 11,950,308 10,981,088 10,285,412 9,628,578 15,281,952 14,646,952 14,011,952 13,376,952

Total Liabilities 13,748,843 13,425,059 12,676,168 11,852,048 11,182,102 16,851,680 16,232,441 15,625,556 15,019,515

Net Assets 18,334,952 17,269,346 15,792,630 14,085,755 12,451,664 12,441,732 10,837,881 9,006,628 7,220,551

Cash Flow
Revenues 7,392,565 7,878,916 8,181,092 8,408,420 8,635,074 8,792,976 9,035,615 9,203,134 9,375,678
Operating Expenses 6,564,675 6,876,215 7,287,076 7,414,496 7,544,464 7,677,032 7,827,651 7,965,574 8,106,256
Other Income 104,740 132,553 76,376 76,376 76,376 76,376 76,376 76,376 76,376

Cash Flow Before Debt Service 932,630 1,135,254 970,392 1,070,300 1,166,986 1,192,320 1,284,340 1,313,936 1,345,798

Debt Service
Existing Debt Service 1,012,339 869,878 1,135,899 940,181 902,970 983,055 1,200,092 1,184,168 1,179,168
Proposed KIA Loan 0 0 0 0 0 0 81,930 81,930 81,930
Total Debt Service 1,012,339 869,878 1,135,899 940,181 902,970 983,055 1,282,022 1,266,098 1,261,098

Cash Flow After Debt Service (79,709) 265,376 (165,507) 130,119 264,016 209,265 2,318 47,838 84,700

Ratios
Current Ratio 1.4 1.5 1.2 1.2 1.3 1.5 1.6 1.6 1.6
Debt to Equity 0.7 0.8 0.8 0.8 0.9 1.4 1.5 1.7 2.1
Days Sales in Accounts Receivable 49.5 41.3 39.3 39.4 39.3 39.3 39.3 39.4 39.4
Months Operating Expenses in Unrestricted Cash 2.0 1.8 1.5 1.2 1.3 1.7 2.0 2.0 2.0

Debt Coverage Ratio 0.9 1.3 0.9 1.1 1.3 1.2 1.0 1.0 1.1

11/5/2015 7:55 AM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Sarah Aitken
KENTUCKY INFRASTRUCTURE AUTHORITY Date May 5, 2016
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-029
REVOLVING LOAN FUND WRIS Number SX21123005

BORROWER CITY OF HODGENVILLE

LARUE COUNTY
BRIEF DESCRIPTION

The project will include repairs to approximately 7,000 LF of existing sanitary sewer and 42 manholes. Additionally, the City will
continue repair and/or replacement of storm drainage to improve alignment, reduce damage to riparian buffers and improve water
quality from storm water runoff. Storm water improvements will include approximately 580 feet of culvert and 540 feet of drainage
channel.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $970,000 Administrative Expenses $15,000
Eng - Design / Const 9.2% 9.2% 72,000
Eng - Insp 6.1% 6.0% 47,500
Eng - Other 50,000
Construction 714,000
Contingency 71,500
TOTAL $970,000 TOTAL $970,000
REPAYMENT Rate 0.75% Est. Annual Payment $54,259
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer David Bradley Montgomery
Bond Counsel Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening May-16
Construction Start Jul-16
Construction Stop Mar-17
DEBT PER CUSTOMER Existing $2,629
Proposed $4,644
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 1,323 $26.19 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2012 446,701 338,449 108,252 1.3
Audited 2013 463,121 329,666 133,455 1.4
Unaudited 2014 445,268 273,154 172,114 1.6
Projected 2015 411,578 358,343 53,235 1.1
Projected 2016 462,350 300,184 162,166 1.5
Projected 2017 518,195 337,672 180,523 1.5
Projected 2018 498,143 386,494 111,649 1.3
Projected 2019 471,390 446,865 24,525 1.1
 Reviewer: Sarah Aitken
Date: May 5, 2016
Loan Number: A16-029

KENTUCKY INFRASTRUCTURE AUTHORITY

DRINKING WATER STATE REVOLVING FUND (FUND “A")
CITY OF HODGENVILLE, LARUE COUNTY
PROJECT REVIEW
SX21123005

I. PROJECT DESCRIPTION

The City of Hodgenville is requesting a Fund “A” loan in the amount of $970,000 for the
Hodgenville Sewer Improvements Phase II project. The project will include repairs to
approximately 7,000 LF of existing sanitary sewer and 42 manholes. Additionally, the
City will continue repair and/or replacement of storm drainage to improve alignment,
reduce damage to riparian buffers and improve water quality from storm water runoff.
Storm water improvements will include approximately 580 feet of culvert and 540 feet of
drainage channel.

The City provides service to 1,576 households within Larue County.

II. PROJECT BUDGET

Total
Administrative Expenses $ 15,000
Engineering Fees - Design / Const 72,000
Engineering Fees - Inspection 47,500
Engineering Fees - Other 50,000
Construction 714,000
Contingency 71,500
Total $ 970,000

III. PROJECT FUNDING

Amount %
Fund A Loan $ 970,000 100%
Total $ 970,000 100%
IV. KIA DEBT SERVICE

Construction Loan $ 970,000

Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 52,319
Administrative Fee (0.20%) 1,940
Total Estimated Annual Debt Service $ 54,259

V. PROJECT SCHEDULE

Bid Opening May 2016

Construction Start July 2016
Construction Stop March 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Residential 1,169
Commercial 145
Industrial 9
Total 1,323

B) Rates

Sewer Rates
Current Prior
Date of Last Rate Increase 07/01/15 07/01/14 7/1/2013

First 3,000 Gallons (minimum) $20.05 $19.10 $18.19

Next 7,000 Gallons (per thousand) 6.14 5.84 5.57
Cost for 4,000 gallons $26.19 $24.94 $23.76
Increase % 5.0% 5.0%
Affordability Index (Rate/MHI) 1.0% 1.0%

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 3,647 with a Median Household
Income (MHI) of $31,302. The median household income for the Commonwealth is
$43,036. The project will qualify for a 0.75% interest rate since the City’s MHI is 80%
below the State’s MHI.
 County
Population Unemployment
Year City % Change County % Change Date Rate

1980 2,531 11,922 June 2004 5.1%

1990 2,721 7.5% 11,679 -2.0% June 2009 11.7%
2000 2,874 5.6% 13,373 14.5% June 2014 6.0%
2010 3,206 11.6% 14,193 6.1% June 2015 5.3%
Current 3,223 0.5% 14,149 -0.3%
Cumulative % 27.3% 18.7%

VIII. CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve – This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project does not qualify for additional subsidization.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2012 through 2013. Amounts for 2014 are estimated. Percentage
references in the History section below are based on whole dollar amounts and not the
rounded amounts presented.

HISTORY

Revenues increased 10% from $1.2 million in 2012 to $1.4 million in 2014 due to
previously approved rate increases for water (inside and outside City limits) and sewer.
Operating expenses increased 13% from $819,139 in 2012 to $944,788 in 2014. The
debt coverage ratio was 1.3, 1.4 and 1.6 in 2012, 2013 and 2014, respectively.

The balance sheet reflects a current ratio of 1.4, a debt to equity ratio of 0.6 and the
number of months of operating expenses in unrestricted cash as 6.5.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues reflect previously approved rate increases of 5% for water and sewer
in the 2014 and 2015 years and will remain flat thereafter.
2) Operating expenses will increase 2% annually for inflation.
3) Debt service coverage is 1.3 in 2018 when principal and interest repayments
begin.

Based on the proforma assumptions, the City shows adequate cash flow to repay the
KIA Fund F loan.
 REPLACEMENT RESERVE

The annual replacement cost is $2,400. This amount should be added to the
replacement account each December 1 until the balance reaches $24,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Maturity
(Fiscal
Debt Issue Outstanding Year)
91-07 Bonds 1,121,790 2039
91-08 Bonds 559,113 2038
Series 2013 Bonds 923,177 2026
53-01 Bonds 27,136 2015
55-04 Bonds 29,047 2015
KIA (A04-10) 604,891 2026
KIA (A11-17) 1,601,555 2034
KIA Loan (F11-13, i/a/o $774,183 ) - TBD
KIA Loan (F16-008, i/a/o $962,000 ) - TBD
KIA Loan (F16-042, i/a/o $593,000 ) - TBD
Total 4,866,709

XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Project Title Funding Source Amount Type

Hodgenville Water Tower North HB608 300,000 grant
Hodgenville Water Tower North HB267 500,000 grant
Hamilton Acres Sewer Rehab HB608 200,000 grant

XII. CONTACTS

Legal Applicant
Entity Name City of Hodgenville
Authorized Official Kenny Devore (Mayor)
County Larue
Email hodgenvillemayor@windstream.net
Phone 270-401-2621
Address PO Box 189, 200 S Lincoln Blvd
Hodgenville, KY 42748
 Project Contact - Applicant
Name Toni Burton
Organization City of Hodgenville
Email hodgenvilleclerk@windstream.net
Phone 270-358-3832
Address PO Box 189, 200 S Lincoln Blvd
Hodgenville, KY 42748

Project Administrator
Name Ashley S Willoughby
Organization Lincoln Trail Area Development
District
Email awilloughby@ltadd.org
Phone 270-769-2393
Address 613 College St Rd
Elizabethtown, KY 42701

Consulting Engineer
PE Name David Bradley Montgomery
Firm Name GRW Engineers, Inc.
Email bmontgomery@grwinc.com
Phone 859-223-3999
Address 801 Corporate Dr
Lexington, KY 40503

XIII. RECOMMENDATIONS

KIA staff recommends approval of the loan with the standard conditions.
CITY OF HODGENVILLE
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Unaudited Projected Projected Projected Projected Projected
2012 2013 2014 2015 2016 2017 2018 2019
Balance Sheet

Assets
Current Assets 764,812 545,110 618,583 677,832 716,565 752,670 775,000 779,905
Other Assets 11,090,489 11,734,273 12,582,635 12,163,994 11,842,960 14,055,028 13,623,872 13,059,892

Total 11,855,301 12,279,383 13,201,218 12,841,826 12,559,525 14,807,698 14,398,872 13,839,797

Liabilities & Equity

Current Liabilities 589,907 362,910 462,128 500,122 449,129 458,011 461,935 465,879
Long Term Liabilities 2,642,547 3,382,356 4,533,589 4,281,844 4,081,602 6,009,248 5,797,251 5,581,851

Total Liabilities 3,232,454 3,745,266 4,995,717 4,781,966 4,530,731 6,467,259 6,259,186 6,047,730

Net Assets 8,622,847 8,534,117 8,205,501 8,059,860 8,028,794 8,340,439 8,139,686 7,792,067

Cash Flow
Revenues 1,247,992 1,317,401 1,379,678 1,446,388 1,516,434 1,516,434 1,516,434 1,516,434
Operating Expenses 819,139 892,753 944,788 1,045,188 1,064,462 1,008,617 1,028,669 1,055,422
Other Income 17,848 38,473 10,378 10,378 10,378 10,378 10,378 10,378

Cash Flow Before Debt Service 446,701 463,121 445,268 411,578 462,350 518,195 498,143 471,390

Debt Service
Existing Debt Service 338,449 329,666 273,154 358,343 300,184 337,672 359,365 392,606
Proposed KIA Loan 0 0 0 0 0 0 27,130 54,259
Total Debt Service 338,449 329,666 273,154 358,343 300,184 337,672 386,494 446,865

Cash Flow After Debt Service 108,252 133,455 172,114 53,235 162,166 180,523 111,649 24,525

Ratios
Current Ratio 1.3 1.5 1.3 1.4 1.6 1.6 1.7 1.7
Debt to Equity 0.4 0.4 0.6 0.6 0.6 0.8 0.8 0.8
Days Sales in Accounts Receivable 54.4 32.9 33.0 33.0 33.0 33.0 33.0 33.0
Months Operating Expenses in Unrestricted Cash 8.4 5.7 6.0 6.5 6.8 7.1 7.2 7.1

Debt Coverage Ratio 1.3 1.4 1.6 1.1 1.5 1.5 1.3 1.1

4/26/2016 12:30 PM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date April 5, 2016
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-054
REVOLVING LOAN FUND WRIS Number SX21073065

BORROWER CITY OF FRANKFORT

FRANKLIN COUNTY
BRIEF DESCRIPTION

This project will rehabilitate and replace approximately 17,208 linear feet of aged lines with PVC and concrete gravity interceptor
sewer lines ranging from 15 to 30 inches. The project will correct structural damage, inflow and infiltration problem areas and
potential capacity inadequacies along the interceptor.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $4,529,000 Administrative Expenses $32,000
Legal Expenses 160,000
Land, Easements 32,000
Planning 175,000
Eng - Design / Const 7.0% 4.6% 175,000
Eng - Insp 3.8% 3.3% 125,000
Construction 3,200,000
Contingency 630,000
TOTAL $4,529,000 TOTAL $4,529,000
REPAYMENT Rate 1.75% Est. Annual Payment $278,423
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Hazen and Sawyer
Bond Counsel Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Dec-16
Construction Start Mar-17
Construction Stop Dec-17
DEBT PER CUSTOMER Existing $2,534
Proposed $3,417
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 13,715 $37.32 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 5,775,040 2,108,252 3,666,788 2.7
Audited 2014 5,481,109 2,283,492 3,197,617 2.4
Audited 2015 4,138,287 2,710,750 1,427,537 1.5
Projected 2016 4,125,305 3,366,015 759,290 1.2
Projected 2017 4,311,870 3,661,196 650,674 1.2
Projected 2018 4,458,385 3,860,747 597,638 1.2
Projected 2019 4,598,008 4,141,637 456,371 1.1
Projected 2020 4,757,464 4,138,498 618,966 1.1
 Reviewer: Brandi Norton
Date: May 5, 2016
Loan Number: A16-054

KENTUCKY INFRASTRUCTURE AUTHORITY

WASTEWATER REVOLVING LOAN FUND (FUND "A")
CITY OF FRANKFORT, FRANKLIN COUNTY
PROJECT REVIEW
SX21073065

I. PROJECT DESCRIPTION

The City of Frankfort is requesting a Fund “A” loan in the amount of $4,529,000 for the
Glenn’s Creek Interceptor project. This project will rehabilitate and replace
approximately 17,208 linear feet of aged lines with PVC and concrete gravity
interceptor sewer lines ranging from 15 to 30 inches. The project will correct structural
damage, inflow and infiltration problem areas and potential capacity inadequacies along
the interceptor.

The City’s wastewater system has about 34,484 customers and also treats wastewater
for an area of Woodford County, which has 21 customers.

II. PROJECT BUDGET

Total
Administrative Expenses $ 32,000
Legal Expenses 160,000
Land, Easements 32,000
Planning 175,000
Engineering Fees - Design / Const 175,000
Engineering Fees - Inspection 125,000
Construction 3,200,000
Contingency 630,000
Total $ 4,529,000

III. PROJECT FUNDING

Amount %
Fund A Loan $ 4,529,000 100%
Total $ 4,529,000 100%
IV. KIA DEBT SERVICE

Construction Loan $ 4,529,000

Interest Rate 1.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 269,365
Administrative Fee (0.20%) 9,058
Total Estimated Annual Debt Service $ 278,423

V. PROJECT SCHEDULE

Bid Opening December 2016

Construction Start March 2017
Construction Stop December 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current
Residential 12,234
Commercial 1,470
Industrial 11
Total 13,715

B) Rates

Current Prior
Date of Last Rate Increase 07/01/14 07/01/13

Minimum $9.33 $9.19

Next 9,000 Gallons 9.33 9.19
Over 10,000 Gallons 9.33 9.19

Cost for 4,000 gallons $37.32 $36.76

Increase % 1.5% 2.5%
Affordability Index (Rate/MHI) 1.0%
VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 34,505 with a Median Household
Income (MHI) of $44,753. The median household income for the Commonwealth is
$43,036. The project will qualify for a 1.75% interest rate because the City is a regional
provider.

Population Unemployment
Year City % Change County % Change Date Rate

1980 25,973 41,830 June 2004 4.6%

1990 25,968 0.0% 43,781 4.7% June 2009 9.5%
2000 27,741 6.8% 47,687 8.9% June 2013 7.4%
2010 25,527 -8.0% 49,285 3.4% June 2014 6.5%
Current 26,745 4.8% 49,399 0.2%
Cumulative % 3.0% 18.1%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project does not qualify for additional subsidization.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the Sewer
Fund for years ended June 30, 2013 through 2015. Percentage references in the
History section below are based on whole dollar amounts and not the rounded amounts
presented.

HISTORY

Sewer revenues decreased 1.6% from $11.5 million in 2013 to $11.3 million in 2015.
Operating expenses increased 25% from $5.7 million to $7.2 million during the same
period. The increase is largely the result of a 91% or $990,000 increase in supplies for
the shop. Cash available for debt service was $5.8 million, $5.5 million and $4.1 million
in 2013, 2014, and 2015, respectively. The debt coverage ratio was 2.7, 2.4 and 1.5 for
the same years.

The balance sheet has a current ratio of 9.7 and a debt to equity ratio of .6. The
number of months of operating expenses in unrestricted cash and investments is 23.
The utility has historically maintained a strong cash position that permits capital
expenditures to be internally funded. The City does not have a formal policy concerning
 replacement reserves; however they have traditionally targeted funding the reserve with
an amount equal to 20% - 25% of annual revenues.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues will be flat for volume and reflect a previously approved rate increase
of 1.5% in 2015 and approved rate increases of 2.5% from January 1, 2016 and
each following January 1 through 2020.
2) Revenues in 2017 reflect the addition of the new Kentucky State Office Building
and Frankfort Plant Board building, approximately $89,000.
3) Expenses will increase 2% annually for inflation.
4) Debt service coverage is 1.1 in 2019 which is the first full year of principal and
interest repayments for all KIA funded projects that are proposed or in process.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund A loan.

REPLACEMENT RESERVE

The annual replacement cost is $11,300. This amount should be added to the
replacement account each December 1 until the balance reaches $113,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Outstanding Maturity
2007 Revenue Bonds 6,630,000 2023
2010 Revenue Bonds 10,510,000 2025
2013 Revenue Bonds 9,710,000 2039
KIA Loan (A209-23) 315,698 2030
KIA Loan (A13-011) 7,652,894 2033
KIA Loan (A14-006, i/a/o $4,905,000) - TBD
KIA Loan (A15-032, i/a/o $3,731,000) - TBD
KIA Loan (A15-092, i/a/o $747,041) - TBD
KIA Loan (A15-095, i/a/o $1,570,000) - TBD
KIA Loan (A15-098, i/a/o $1,500,000) - TBD
KIA Loan (A15-101, i/a/o $1,630,000) - TBD
Total $34,818,592
XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Description Funding Source Amount Type

Cardinal Hills Pump Station HB380 260,000 Grant
Shelby Street Sewers HB380 230,000 Grant
Allnut Drive Sewer Replacement HB380 180,000 Grant
Two Creeks Pump Station HB380 200,000 Grant
Holmes Street Sewer Project HB380 1,630,000 Grant
Holmes Street Sewer Project HB308 733,000 Grant

XII. CONTACTS

Legal Applicant
Name City of Frankfort
Address 315 W. Second St
Frankfort, KY 40601
County Franklin
Authorized Official William May, Jr. (Mayor)
Phone (502) 875-8500
Email william.may59@gmail.com

Project Contact - Applicant / Administrator

Name Rebecca Hall
Representing City of Frankfort
Address 315 W. Second St
Frankfort, KY 40601
Phone (502) 875-8500
Email rhall@frankfort.ky.gov

Consulting Engineer
Name Amanda Mikuski
Firm Hazen and Sawyer
Address 444 Lewis Hargett Circle, Suite 260
Lexington, KY 40503
Phone (859) 216-1126
Email amikuski@hazenandsawyer.com

XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions.
CITY OF FRANKORT (SEWER FUND)
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected
2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 26,766,195 33,421,860 25,813,912 25,696,685 25,567,672 25,435,237 25,286,053 25,165,612
Other Assets 53,260,166 62,527,318 72,573,747 81,453,879 84,887,015 87,518,413 84,951,337 82,529,423

Total 80,026,361 95,949,178 98,387,659 107,150,564 110,454,687 112,953,650 110,237,390 107,695,035

Liabilities & Equity

Current Liabilities 1,378,106 2,067,800 2,649,797 2,190,790 2,249,906 2,319,100 2,388,374 2,455,000
Long Term Liabilities 19,367,509 32,150,569 33,189,973 39,579,427 42,669,291 45,411,191 43,240,817 41,003,817

Total Liabilities 20,745,615 34,218,369 35,839,770 41,770,217 44,919,197 47,730,291 45,629,191 43,458,817

Net Assets 59,280,746 61,730,809 62,547,889 65,380,347 65,535,490 65,223,359 64,608,199 64,236,218

Cash Flow
Revenues 11,493,162 11,748,023 11,311,132 11,457,527 11,832,836 12,128,520 12,431,596 12,742,248
Operating Expenses 5,718,122 6,266,914 7,172,845 7,332,222 7,520,966 7,670,135 7,833,588 7,984,784
Other Income 0 0 0 0 0 0 0 0

Cash Flow Before Debt Service 5,775,040 5,481,109 4,138,287 4,125,305 4,311,870 4,458,385 4,598,008 4,757,464

Debt Service
Existing Debt Service 2,108,252 2,283,492 2,710,750 3,366,015 3,661,196 3,860,747 3,863,214 3,860,075
Proposed KIA Loan 0 0 0 0 0 0 278,423 278,423
Total Debt Service 2,108,252 2,283,492 2,710,750 3,366,015 3,661,196 3,860,747 4,141,637 4,138,498

Cash Flow After Debt Service 3,666,788 3,197,617 1,427,537 759,290 650,674 597,638 456,371 4,479,041

Ratios
Current Ratio 19.4 16.2 9.7 11.7 11.4 11.0 10.6 10.3
Debt to Equity 0.3 0.6 0.6 0.6 0.7 0.7 0.7 0.7
Days Sales in Accounts Receivable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Months Operating Expenses in Unrestricted Cash 24.4 42.0 23.9 23.6 23.3 23.0 22.6 22.7

Debt Coverage Ratio 2.7 2.4 1.5 1.2 1.2 1.2 1.1 1.1

4/25/2016 8:57 AM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date March 3, 2016
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-078
REVOLVING LOAN FUND WRIS Number SX21071007

BORROWER CITY OF PRESTONSBURG

FLOYD COUNTY
BRIEF DESCRIPTION

This project is the planning and design for construction of a new wastewater treatment plant. The new plant will extend sanitary
sewer service to underserved areas, as well as eliminate and reduce failing septic systems and straight pipes. The existing
system is near capacity which has prevented expansion of the collection system. The final design will allow flow of 1 million
gallons per day.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $600,000 Planning 600,000
TOTAL $600,000 TOTAL $600,000
REPAYMENT Rate 2.75% Est. Annual Payment $130,461
Term 5 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Ronald Johnson
Bond Counsel Peck, Shaffer, & Williams, a division of Dinsmore & Shohl, LLP
PROJECT SCHEDULE Environmental Review Apr-16
Plans and Specs Jun-16

DEBT PER CUSTOMER Existing $4,044

OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 2,772 $26.24 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 1,135,254 869,878 265,376 1.3
Audited 2014 970,392 1,135,899 (165,507) 0.9
Audited 2015 1,052,001 1,019,250 32,751 1.0
Projected 2016 1,150,256 890,074 260,182 1.3
Projected 2017 1,162,589 982,795 179,794 1.2
Projected 2018 1,241,259 1,213,318 27,941 1.0
Projected 2019 1,392,546 1,389,347 3,199 1.0
Projected 2020 1,410,330 1,369,847 40,483 1.0
 Reviewer: Brandi Norton
Date: March 3, 2016
Loan Number: A16-078

KENTUCKY INFRASTRUCTURE AUTHORITY

WASTEWATER REVOLVING LOAN FUND (FUND "A")
CITY OF PRESTONSBURG, FLOYD COUNTY
PROJECT REVIEW
SX21071007

I. PROJECT DESCRIPTION

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission is
requesting a Fund “A” loan in the amount of $600,000 for the Big Sandy Regional
Wastewater Treatment Plant project. This project will be the planning and design
portion of a proposed new wastewater treatment plant. The current plant is near
capacity and unable to expand the collection system. The new plant will operate at 1
million gallons per day and will be able to extend sanitary sewer service to underserved
areas, eliminate and reduce failing septic systems and straight pipes. Upon completion
of the construction project, the City will operate two wastewater plants.

The Prestonsburg Utility Commission provides sewer services to 3,571 households

within Floyd County.

II. PROJECT BUDGET

Total
Planning 600,000
Total $ 600,000

III. PROJECT FUNDING

Amount %
Fund A Loan $ 600,000 100%
Total $ 600,000 100%

IV. KIA DEBT SERVICE

Construction Loan $ 600,000

Interest Rate 2.75%
Loan Term (Years) 5
Estimated Annual Debt Service $ 129,261
Administrative Fee (0.20%) 1,200
Total Estimated Annual Debt Service $ 130,461
V. PROJECT SCHEDULE

Environmental Review April 2016

Plans and Specifications Submitted to DOW June 2016

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Total
Residential 2,163
Commercial 609
Industrial 0
Total 2,772

B) Rates

In City Out of City

Current Prior Current Prior
Date of Last Rate Increase 03/01/15 07/01/14 03/01/15 07/01/14

Per 1,000 Gallons $6.56 $5.96 $8.22 $7.47

Cost for 4,000 gallons $26.24 $23.84 $32.88 $29.88

Increase % 10.1% 10.0%
Affordability Index (Rate/MHI) 1.2% 1.6%

The Prestonsburg Utility Commission has an annual inflation CPI clause for water
rates.

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 3,571 with a Median Household
Income (MHI) of $25,316. The median household income for the Commonwealth is
$43,036. The project will qualify for a 2.75% interest rate because it is a planning and
design loan.
 Population Unemployment
Year City % Change County % Change Date Rate

1980 4,011 48,764 June 2004 8.1%

1990 3,558 -11.3% 43,586 -10.6% June 2009 11.5%
2000 3,612 1.5% 42,441 -2.6% June 2013 13.1%
2010 3,255 -9.9% 39,451 -7.0% June 2014 10.5%
Current 3,571 9.7% 0 -100.0%
Cumulative % -11.0% -100.0%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project does not qualify for additional subsidization.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2013 through 2015. Amounts for 2016 are estimated. The Commission
reports water, gas and sewer services in a combined statement. Percentage references
in the History section below are based on whole dollar amounts and not the rounded
amounts presented.

HISTORY

Operating revenues increased 3% from 2013 to 2015 from $7.9 million to $8.1 million.
Sewer revenues increase 15% from $1.1 million to $1.3 million during the same period.
Operating expenses increased 10% from $6.1million to $6.7 million. The increase is
due to higher gas purchases along with increases in personnel costs. The debt
coverage ratio remained steady from 1.3 in 2013 to 1.0 in 2015.

The balance sheet reflects a current ratio of 1.0, a debt to equity ratio of 0.9 and
unrestricted cash equals 1.0 months of operating expenses.

PROJECTIONS

Projections are based on the following assumptions:

1) Water revenues reflect all previously approved rate increases as well as a 3%

annual inflation increase due to a CPI clause.
2) Water revenues will be adjusted by an amount to increase revenues by an
additional $145,000 or 3% by July 1, 2018.
3) Sewer revenues will be adjusted by an amount to increase revenues by $80,000
 or 6% by July 1, 2017 and will remain flat thereafter.
4) Gas revenues will remain flat.
5) Operating expenses will increase by 2% per year.
6) Debt service coverage is 1.0 in 2018 when full year principal and interest
repayments begin.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund A loan.

REPLACEMENT RESERVE

There is no reserve requirement for planning and design loans.

X. DEBT OBLIGATIONS

Outstanding Maturity
USDA 91-12 Bond $ 146,000 2038
USDA 91-15 Bond 219,000 2039
USDA 93-21 Bond 925,000 2041
USDA 91-23 Bond 645,500 2043
USDA 91-25 Bond 131,000 2043
KADDFT 2011 E Bond 1,840,000 2031
KIA (B98-01) 132,751 2019
KIA (A98-03) 286,460 2020
KIA (B99-01) 234,838 2021
KIA (B07-10) 1,863,538 2028
KIA (B08-08) 587,101 2028
KIA (F209-15) 292,663 2030
KIA (A09-15) 221,852 2031
KIA (A09-16) 641,087 2031
KIA (A209-33) 1,162,210 2033
KIA (A10-02) 1,690,618 2033
KIA (A16-003, i/a/o $2,033,200) - TBD
KIA (A16-007, i/a/o $2,163,000) - TBD
KIA (A16-028, i/a/o $1,952,900) - TBD
KIA (F16-045, i/a/o $3,624,000) - TBD
First Community Bank Loans 190,107 2017
Total $11,209,725
XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Funding
Description Source Type
By Pass Force Main Around Town HB 1 Grant
Station Branch Sewer Project HB 265 Grant

XII. CONTACTS

Legal Applicant
Entity Name City of Prestonsburg
Authorized Official Les Stapleton (Mayor)
County Floyd
Email les.stapleton@prestonsburgcity.org
Phone (606) 886-2335
Address 200 North Lake Drive
Prestonsburg, KY 41653

Project Contact – Applicant & Administrator

Name Libby Ratcliff
Organization Big Sandy Area Development District
Email libby.ratcliff@bigsandy.org
Phone (606) 886-2374
Address 110 Resource Ct
Prestonsburg, KY 41653

Consulting Engineer
PE Name Ronald Johnson
Firm Name RM Johnson Engineering Inc
Email rjohnson@rmje.net
Phone (606) 785-5926
Address PO Box 444
Hindman, KY 41822
XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions and the
following special conditions.

The City of Prestonsburg for the benefit of the Prestonsburg Utility Commission shall
increase sewer rates sufficient to generate an additional:

1. $80,000 in sewer revenue effective no later than July 1, 2017 (as stated in Special
Condition for loans A16-003, A16-007 and A16-028). The ordinance reflecting the
future rate change must be passed by May of 2016.
CITY OF PRESTONSBURG (UTILITY)
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected
2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 2,196,690 2,086,467 1,510,288 1,591,504 1,863,686 2,062,280 2,114,621 2,130,920
Other Assets 28,497,715 26,382,331 24,686,190 22,369,775 28,484,328 27,698,582 25,176,435 22,654,289

Total 30,694,405 28,468,798 26,196,478 23,961,279 30,348,014 29,760,862 27,291,056 24,785,209

Liabilities & Equity

Current Liabilities 1,474,751 1,695,080 1,643,745 1,619,055 1,619,347 1,622,814 1,626,900 1,641,858
Long Term Liabilities 11,950,308 10,981,088 13,873,088 9,774,630 16,133,684 17,305,684 16,690,684 16,090,684

Total Liabilities 13,425,059 12,676,168 15,516,833 11,393,685 17,753,031 18,928,498 18,317,584 17,732,542

Net Assets 17,269,346 15,792,630 10,679,645 12,567,593 12,594,983 10,832,363 8,973,472 7,052,667

Cash Flow
Revenues 7,878,916 8,181,092 8,093,049 8,325,277 8,474,263 8,707,719 9,010,779 9,173,580
Operating Expenses 6,876,215 7,287,076 7,485,561 7,619,534 7,756,187 7,910,973 8,062,746 8,207,763
Other Income 132,553 76,376 444,513 444,513 444,513 444,513 444,513 444,513

Cash Flow Before Debt Service 1,135,254 970,392 1,052,001 1,150,256 1,162,589 1,241,259 1,392,546 1,410,330

Debt Service
Existing Debt Service 869,878 1,135,899 1,019,250 890,074 852,334 1,082,857 1,258,886 1,239,386
Proposed KIA Loan 0 0 0 0 130,461 130,461 130,461 130,461
Total Debt Service 869,878 1,135,899 1,019,250 890,074 982,795 1,213,318 1,389,347 1,369,847

Cash Flow After Debt Service 265,376 (165,507) 32,751 260,182 179,794 27,941 3,199 40,483

Ratios
Current Ratio 1.5 1.2 0.9 1.0 1.2 1.3 1.3 1.3
Debt to Equity 0.8 0.8 1.5 0.9 1.4 1.7 2.0 2.5
Days Sales in Accounts Receivable 41.3 39.3 29.4 29.4 29.4 29.4 29.4 29.4
Months Operating Expenses in Unrestricted Cash 1.8 1.5 1.0 1.0 1.4 1.6 1.7 1.6

Debt Coverage Ratio 1.3 0.9 1.0 1.3 1.2 1.0 1.0 1.0

2/24/2016 9:56 AM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date May 5, 2016
FUND A, FEDERALLY ASSISTED WASTEWATER KIA Loan Number A16-082
REVOLVING LOAN FUND WRIS Number SX21059052

BORROWER REGIONAL WATER RESOURCE AGENCY

DAVIESS COUNTY
BRIEF DESCRIPTION

This project will allow RWRA to take over two failing package treatment plants within Daviess County, Cedar Hill and Friendly
Park Village. This project will initiate Phase 1 out of 2 complete phases. Phase 1 will facilitate RWRA becoming the Reciever of
each plant and designing and constructing the alternative to the plant. The plants will be repaired and flow will be connected to the
David Hawes wastewater treament plant. At a later date, Phase II will allow RWRA to run and maintain the new systems.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund A Loan $200,000 Construction 200,000
TOTAL $200,000 TOTAL $200,000
REPAYMENT Rate 1.75% Est. Annual Payment $10,151
Term 1 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Not Procurred
Bond Counsel Dinsmore & Shohl, LLP
PROJECT SCHEDULE Enviromental Review Feb-17
Plans and Specs Feb-17

DEBT PER CUSTOMER Existing $1,065

Proposed $1,349
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 28,765 $25.88 (for 4,000 gallons)
Additional 220

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 4,665,422 2,736,521 1,928,901 1.7
Audited 2014 5,894,356 2,936,716 2,957,640 2.0
Audited 2015 7,080,830 2,783,590 4,297,240 2.5
Projected 2016 6,895,302 3,228,077 3,667,225 2.1
Projected 2017 7,106,628 2,917,913 4,188,715 2.4
Projected 2018 7,394,886 3,208,443 4,186,443 2.3
Projected 2019 7,626,689 3,478,595 4,148,094 2.2
Projected 2020 7,868,255 3,702,893 4,165,362 2.1
 Reviewer: Brandi Norton
Date: May 5, 2016
Loan Number: A16-082

KENTUCKY INFRASTRUCTURE AUTHORITY

WASTEWATER REVOLVING LOAN FUND (FUND "A")
REGIONAL WATER RESOURCE AGENCY, DAVIESS COUNTY
PROJECT REVIEW
SX21059052

I. PROJECT DESCRIPTION

The Regional Water Resource Agency (RWRA) is requesting a Fund “A” loan in the
amount of $200,000 for the Cedar Hills and Friendly Park Village Plant Rehabilitation
project. This project will allow RWRA to take over two failing treatment plants within
Daviess County. The rehabilitation will occur over two phases. This project will facilitate
Phase 1, allowing RWRA to become the receiver of both plants and designing and
constructing an alternative to the package plants. The plants will be repaired and flow
will be connected to the David Hawes wastewater treatment plant. At a later date,
Phase II will allow RWRA to own and maintain the new treatment systems.
This project is being funded out of an Emergency Project CWSRF account. This account
allows projects that do not appear on the Project Priority List and result from
unanticipated failures of wastewater infrastructure that have a direct adverse effect on
public health and the quality of surface and groundwater, to receive funding and
potential loan principal forgiveness.

RWRA was created by the enactment of identical ordinances by the City of Owensboro
and Daviess County Fiscal Court on October 18, 1994 and October 5, 1994,
respectively, for the purpose of managing, controlling and operating regional
comprehensive wastewater facilities within Daviess County. RWRA is considered a
related organization of the City of Owensboro and Daviess County. All operations of the
RWRA are managed by its own professional staff and governed by a board of directors,
which consists of four city board appointments and three county board appointments.
RWRA revenue is derived 100% from its ratepayers who reside in areas of Daviess
County inside and outside of the city limits.

RWRA is a regionalization model for other counties in Kentucky and nationally. The
Wastewater Treatment Plant was highlighted in EPA’s 2004 Annual Report on the
Clean Water State Revolving Fund Programs.
II. PROJECT BUDGET

Total
Construction 200,000
Total $ 200,000

III. PROJECT FUNDING

Amount %
Fund A Loan $ 200,000 100%
Total $ 200,000 100%

IV. KIA DEBT SERVICE

Construction Loan $ 200,000

Less: Principal Forgiveness (95%) 190,000
Amortized Loan Amount $ 10,000
Interest Rate 1.75%
Loan Term (Years) 1
Estimated Annual Debt Service $ 10,131
Administrative Fee (0.20%) 20
Total Estimated Annual Debt Service $ 10,151

V. PROJECT SCHEDULE

Bid Opening August 2016

Construction Start September 2016
Construction Stop September 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current Additional Total

Residential 26,250 220 26,470
Commercial 2,445 0 2,445
Industrial 70 0 70
Total 28,765 220 28,985
 B) Rates

Current Prior
Date of Last Rate Increase 07/01/15 07/01/14

Minimum (1,500 gallons) $11.95 $11.95

Environmental Improvement Fee 2.95 1.00
Rates Per 1,000 Gallons 4.39 4.15
Cost for 4,000 gallons $25.88 $23.33
Increase % 10.9%
Affordability Index (Rate/MHI) 0.8%

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 31,643 with a Median Household
Income (MHI) of $46,854. The median household income for the Commonwealth is
$43,036. The project will qualify for a 1.75% interest rate because it is a regional
provider.

Population Unemployment
Year City % Change County % Change Date Rate

1980 54,450 85,949 June 2004 5.9%

1990 53,549 -1.7% 87,189 1.4% June 2009 10.4%
2000 54,067 1.0% 91,545 5.0% June 2013 7.6%
2010 57,265 5.9% 96,656 5.6% June 2014 6.3%
Current 57,361 0.2% 96,711 0.1%
Cumulative % 5.3% 12.5%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project qualifies for additional subsidization in the

amount of $190,000.
IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2013 through 2015. Percentage references in the History section below
are based on whole dollar amounts and not the rounded amounts presented.

HISTORY

Revenues increased 23% from $14.4 million in 2013 to $17.7 million in 2015 while
operating expenses increased 14% from $11.1 million to $12.7 million during the same
period. Cash available for debt service was $4.7, 5.9, and 7.1 million for 2013, 2014
and 2015, respectively while the debt coverage ratio was 1.7, 2.0 and 2.5.

The balance sheet reflects a current ratio of 7.7 and a debt to equity ratio of 0.9. In
2011 RWRA used existing cash reserves to extinguish a higher rate (3.8%) KIA loan.
As a part of existing KIA loan agreements $2,500,000 continues to be held as a
designated renewal and replacement reserve.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues reflect previously approved rate increases and growth of 1.5%

annually.
2) Revenues reflect the addition of 220 customers by 2018.
3) Expenses will increase 3% annually.
4) Total debt service will average about $3.5 million in from 2015 through 2020
based on outstanding and proposed loans.
5) Debt service coverage is 2.3 in 2018 when the total loan balance of $10,151 is
due.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund A loan.

REPLACEMENT RESERVE

$2,500,000 has been deposited into the Replacement Reserve Account and will be
maintained for the life of all RWRA loans. No additional reserve will be required as a
result of this loan.
X. DEBT OBLIGATIONS
Outstanding Maturity
2007 Series A Revenue Bonds $ 3,515,000 varies
KIA A99-04 11,272,697 2023
KIA A06-02 4,678,912 2027
KIA A07-08 993,012 2028
KIA A10-13 (i/a/o $6,037,387) 5,900,894 2032
KIA A12-14 (i/a/o $357,335) 354,892 2033
KIA A12-15 (i/a/o $1,586,875) 1,304,065 2033
KIA A13-017 (i/a/o $1,655,565) 571,468 2034
KIA A13-028 (i/a/o $1,538,750) 176,310 2034
KIA A14-008 (i/a/o $525,000) 353,918 2035
KIA A15-002 (i/a/o $7,282,500) - TBD
KIA A15-027 (i/a/o $1,425,000) - TBD
KIA A15-099 (i/a/o $3,296,951) - TBD
KIA A16-026 (i/a/o $415,000) - TBD
KIA A16-042 (i/a/o $500,000) - TBD
KIA A16-043 (i/a/o $485,000) - TBD
Note Payable City Contributions 750,000 2035
Total $29,871,168

XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Funding
Description Source Type
Yellow Creek Park PTP Connection HB267 57,000
Glenview Subdivision Sewer Extension HB267 243,888
Riverside/Highlands Sewer Extension HB 370,500
Broad Acre Sewer Extension HB380 140,000
Locust Hills Sewer Extension / Slip Lining SPAP 213,000

XII. CONTACTS

Legal Applicant
Name Regional Water Resource Agency
Address 1722 Pleasant Valley Rd
Owensboro, KY 42303
County Daviess
Authorized Official Joe Schepers (Executive Director)
Phone (270) 687-8440
Email schepersjg@rwra.org
 Project Applicant & Administrator
Name Joanna Shake
Representing GRADD
Address 300 GRADD Way
Ownesboro, KY 42301
Phone (270) 926-4433
Email jdshake@gradd.com

Consulting Engineer
Name Not Yet Procured
Firm
Address

Phone
Email

.
XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions.
REGIONAL WATER RESOURCE AGENCY
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected
2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 4,917,586 6,600,476 8,684,574 9,581,118 10,463,462 11,360,261 12,214,246 13,087,972
Other Assets 72,632,456 72,739,995 73,766,013 74,806,476 77,288,535 77,497,119 73,157,766 71,818,413

Total 77,550,042 79,340,471 82,450,587 84,387,594 87,751,997 88,857,380 85,372,012 84,906,385

Liabilities & Equity

Current Liabilities 715,555 797,712 1,122,804 1,177,231 1,234,362 1,294,333 1,357,284 1,423,365
Long Term Liabilities 30,688,390 30,969,195 36,834,244 38,850,727 43,198,245 45,245,821 42,930,729 40,589,288

Total Liabilities 31,403,945 31,766,907 37,957,048 40,027,958 44,432,607 46,540,153 44,288,013 42,012,653

Net Assets 46,146,097 47,573,564 44,493,539 44,359,635 43,319,390 42,317,227 41,083,999 42,893,732

Cash Flow
Revenues 14,397,467 16,121,783 17,697,276 18,348,037 18,952,445 19,645,578 20,294,402 20,965,499
Operating Expenses 11,143,651 11,960,694 12,721,102 13,102,735 13,495,817 13,900,692 14,317,713 14,747,244
Other Income 1,411,606 1,733,267 2,104,656 1,650,000 1,650,000 1,650,000 1,650,000 1,650,000

Cash Flow Before Debt Service 4,665,422 5,894,356 7,080,830 6,895,302 7,106,628 7,394,886 7,626,689 7,868,255

Debt Service
Existing Debt Service 2,736,521 2,936,716 2,783,590 3,228,077 2,917,913 3,198,292 3,478,595 3,702,893
Proposed KIA Loan 0 0 0 0 0 10,151 0 0
Total Debt Service 2,736,521 2,936,716 2,783,590 3,228,077 2,917,913 3,208,443 3,478,595 3,702,893

Cash Flow After Debt Service 1,928,901 2,957,640 4,297,240 3,667,225 4,188,715 4,186,443 4,148,094 4,165,362

Ratios
Current Ratio 6.9 8.3 7.7 8.1 8.5 8.8 9.0 9.2
Debt to Equity 0.7 0.7 0.9 0.9 1.0 1.1 1.1 1.0
Days Sales in Accounts Receivable 69.5 65.8 67.9 67.9 67.9 67.9 67.9 70.2
Months Operating Expenses in Unrestricted Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Debt Coverage Ratio 1.7 2.0 2.5 2.1 2.4 2.3 2.2 2.1

4/26/2016 10:44 AM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Debbie Landrum
KENTUCKY INFRASTRUCTURE AUTHORITY Date May 5, 2016
FUND B, INFRASTRUCTURE KIA Loan Number B16-010
REVOLVING LOAN FUND WRIS Number SX21225031

BORROWER CITY OF MORGANFIELD

UNION COUNTY
BRIEF DESCRIPTION

This project will allow the planning and design for the future rehabilitation of the existing wastewater line from Camp Breckinridge
to the wastewater treatment plant. Much of the line was built and placed in the 1940's, and in addition to the age and deterioration,
the original lines were installed to accommodate 35,000 to 40,000 U.S. military personnel who at that time were routinely
stationed at Camp Breckinridge. The lines will be replaced with smaller lines that are more suitable for the current usage.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund B Loan $260,000 Planning 122,000
Eng - Design / Const 138,000
TOTAL $260,000 TOTAL $260,000
REPAYMENT Rate 2.75% Est. Annual Payment $56,533
Term 5 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Not Yet Procured
Bond Counsel Dinsmore & Shohl, LLP
PROJECT SCHEDULE Enviromental Review Jun-17
Plans and Specs Jun-17
DEBT PER CUSTOMER Existing $172
Proposed $1,532
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 1,895 $22.00 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 478,652 0 478,652 n/a
Audited 2014 634,779 406,973 227,806 1.6
Audited 2015 553,419 405,753 147,666 1.4
Projected 2016 513,008 0 513,008 n/a
Projected 2017 471,789 56,533 415,256 8.3
Projected 2018 423,146 218,964 204,182 1.9
Projected 2019 380,262 218,964 161,298 1.7
Projected 2020 336,520 218,964 117,556 1.5
 Reviewer: Debbie Landrum
Date: May 5, 2016
Loan Number: B16-010

KENTUCKY INFRASTRUCTURE AUTHORITY

INFRASTRUCTURE REVOLVING LOAN FUND (FUND "B")
CITY OF MORGANFIELD, UNION COUNTY
PROJECT REVIEW
SX21225031

I.PROJECT DESCRIPTION

The City of Morganfield is requesting a $260,000 Fund “B” planning and design loan for
the Camp Breckinridge project. This project will design the future rehabilitation of the
existing wastewater line that runs from Camp Breckinridge to the wastewater treatment
plant. Much of the line was built and placed in the 1940's, and in addition to the age
and deterioration, the original lines were installed to accommodate 35,000 to 40,000
U.S. military personnel that were routinely stationed at Camp Breckinridge. The lines
will be replaced with 18 to 36 inch PVC lines that are more suitable for the current
usage. The future construction loan is estimated to be $4.1 million.

The City currently serves approximately 2,006 households.

II.PROJECT BUDGET

Total
Planning 122,000
Engineering Fees - Design / Const 138,000
Total $ 260,000

III.PROJECT FUNDING
Amount %
Fund B Loan $ 260,000 100%
Total $ 260,000 100%

IV. KIA DEBT SERVICE

Planning and Design Loan $ 260,000

Interest Rate 2.75%
Loan Term (Years) 5
Estimated Annual Debt Service $ 56,013
Administrative Fee (0.20%) 520
Total Estimated Annual Debt Service $ 56,533
V.PROJECT SCHEDULE

Environmental Review June 2017

Plans and Specs June 2017

VI.RATE STRUCTURE

A. Customers
Total
Residential 1,606
Commercial 278
Industrial 11
Total 1,895

B. Rates
Sewer
Current Prior
Date of Last Rate Increase 02/29/12 04/29/09

Base Rate $10.00 $3.92

Per 1,000 Gallons 3.00 2.22
Cost for 4,000 gallons $22.00 $12.80
Increase % 71.9%
Affordability Index (Rate/MHI) 0.9%

Water
Current Prior
Date of Last Rate Increase 02/29/12 08/01/04

Minimum $10.81 $8.65

Next 3,000 Gallons 5.34 4.27
Next 10,000 Gallons 4.49 4.59
Next 35,000 Gallons 3.63 2.90
Cost for 4,000 gallons $26.83 $21.46
Increase % 25.0%
Affordability Index (Rate/MHI) 1.1%

VII.DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 2,006 with a Median Household
Income (MHI) of $29,145. The median household income for the Commonwealth is
$43,036. The project will qualify for a 2.75% interest rate.
 Population Unemployment
Year City % Change County % Change Date Rate

1980 3,781 17,821 June 2004 5.8%

1990 3,776 -0.1% 16,557 -7.1% June 2009 12.0%
2000 3,494 -7.5% 15,637 -5.6% June 2014 7.9%
2010 3,285 -6.0% 15,007 -4.0% June 2015 7.7%
Current 3,554 8.2% 15,192 1.2%
Cumulative % -6.0% -14.8%

VIII.FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2013 through 2015. Amounts for 2016 are estimated. The City reports
Water and Sewer activity on a combined financial statement. Percentage references in
the History section below are based on whole dollar amounts and not the rounded
amounts presented.

HISTORY

Revenues increased 10% from $2.3 million in 2013 to $2.6 million in 2015. Total
expenses increased 8%, from $1.9 million in 2013 to $2.0 million in 2015. The debt
coverage ratio was 1.6 and 1.4, respectively, for 2014 through 2015.

The balance sheet reflects a current ratio of 0.6 and a debt to equity ratio of 0.1. The
number of months of operating expenses in unrestricted cash was 0.6.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues will remain flat.

2) Operating expenses will increase 2% per year for inflation.
3) Debt service coverage is 8.3 in 2017 when principal and interest repayments
begin.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund B loan.

REPLACEMENT RESERVE

There is no reserve requirement for planning and design loans.

IX.OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Project Title Funding Source Amount Type

WWTP Digester Aeration Replacement HB 235 $250,000 Grant
Sewer Interceptor Replacement HB 235 $200,000 Grant
Water Plant High Service Pump HB 235 $50,000 Grant
Park Surveillance System Homeland Security $10,000 Grant
Fire Rescue Equipment Homeland Security $20,000 Grant
Phase II Combined Sewer Separation CDBG $1,000,000 Grant

X.CONTACTS

Legal Applicant
Name City of Morganfield
Address P.O. Box 420
Morganfield, KY 42437-0420
County Union
Authorized Official Dickie Berry (Mayor)
Phone (270) 389-2525
Email morganfieldmayor@att.net

Project Contact - Applicant

Name Gary Vetter
Representing City of Morganfield
Address 130 E. Main Street
Morganfield, KY 42437
Phone (270) 389-2525
Email cityadm@att.net

Project Administrator
Name Green River Area Development District
Address 300 GRADD Way
Owensboro, KY 42301
Contact Joanna Shake
Phone (270) 926-4433
Email jdshake@gradd.com
 Consulting Engineer

Not Yet Procured

XI.RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions.
CITY OF MORGANFIELD
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected
2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 451,022 504,347 348,215 895,818 978,869 1,019,706 1,051,965 1,075,476
Other Assets 11,407,335 11,579,538 11,806,418 11,164,131 13,546,627 13,026,923 12,507,219 12,507,219

Total 11,858,357 12,083,885 12,154,633 12,059,949 14,525,496 14,046,629 13,559,184 13,582,695

Liabilities & Equity

Current Liabilities 577,221 535,862 540,387 216,145 218,269 220,427 222,619 224,844
Long Term Liabilities 24,007 23,233 967,580 870,600 3,772,800 3,772,800 3,772,800 3,772,800

Total Liabilities 601,228 559,095 1,507,967 1,086,745 3,991,069 3,993,227 3,995,419 3,997,644

Net Assets 11,257,129 11,524,790 10,646,666 10,973,204 10,534,427 10,053,401 9,563,766 9,585,051

Cash Flow
Revenues 2,343,549 2,539,837 2,573,956 2,573,956 2,573,956 2,573,956 2,573,956 2,573,956
Operating Expenses 1,865,259 1,905,058 2,020,537 2,060,948 2,102,167 2,150,810 2,193,694 2,237,436
Other Income 362 0 0 0 0 0 0 0

Cash Flow Before Debt Service 478,652 634,779 553,419 513,008 471,789 423,146 380,262 336,520

Debt Service
Existing Debt Service 0 406,973 405,753 0 0 162,431 162,431 162,431
Proposed KIA Loan 0 0 0 0 56,533 56,533 56,533 56,533
Total Debt Service 0 406,973 405,753 0 56,533 218,964 218,964 218,964

Cash Flow After Debt Service 478,652 227,806 147,666 513,008 415,256 204,182 161,298 117,556

Ratios
Current Ratio 0.8 0.9 0.6 4.1 4.5 4.6 4.7 4.8
Debt to Equity 0.1 0.0 0.1 0.1 0.4 0.4 0.4 0.4
Days Sales in Accounts Receivable 5.3 4.1 4.1 4.1 4.1 4.1 4.1 4.1
Months Operating Expenses in Unrestricted Cash 1.1 1.4 0.6 3.6 4.0 4.2 4.3 4.3

Debt Coverage Ratio 0.0 1.6 1.4 0.0 8.3 1.9 1.7 1.5

4/26/2016 2:55 PM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Sarah Aitken
KENTUCKY INFRASTRUCTURE AUTHORITY Date May 5, 2016
FUND F, FEDERALLY ASSISTED DRINKING WATER KIA Loan Number F16-008
REVOLVING LOAN FUND WRIS Number WX21123017

BORROWER CITY OF HODGENVILLE

LARUE COUNTY
BRIEF DESCRIPTION

The project will consist of demolishing the Greensburg Storage Tank, construct approximately 1,000 LF (linear feet) of 8 inch water
main to replace existing undersized 4 inch lines, construct approximately 2,100 LF of 8 inch main and construct approximately
1,750 LF of 10 inch main to replace undersized mains around the Middle School/High School. The project also will complete
modifications to the system to improve water quality, increase pressure and equalize flow by upgrading the North Tank Booster
Pump Station, supplementing approximately 5,200 LF of 6 inch water main with 8 inch water main. Lastly, the project will include
decommission and demolition of the North Storage Tank.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund F Loan $962,000 Administrative Expenses $10,000
Legal Expenses 3,000
Eng - Design / Const 9.2% 9.2% 74,000
Eng - Insp 6.0% 5.9% 48,000
Eng - Other 19,000
Construction 735,000
Contingency 73,000
TOTAL $962,000 TOTAL $962,000
REPAYMENT Rate 0.75% Est. Annual Payment $40,719
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer David Bradley Montgomery
Bond Counsel Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Jul-16
Construction Start Aug-16
Construction Stop Jun-17
DEBT PER CUSTOMER Existing $2,088
Proposed $3,688
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 1,666 $29.00 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2012 446,701 338,449 108,252 1.3
Audited 2013 463,121 329,666 133,455 1.4
Unaudited 2014 445,268 273,154 172,114 1.6
Projected 2015 411,578 358,343 53,235 1.1
Projected 2016 462,350 300,184 162,166 1.5
Projected 2017 518,195 337,672 180,523 1.5
Projected 2018 498,143 386,494 111,649 1.3
Projected 2019 471,390 446,865 24,525 1.1
 Reviewer: Sarah Aitken
Date: May 5, 2016
Loan Number: F16-008

KENTUCKY INFRASTRUCTURE AUTHORITY

DRINKING WATER STATE REVOLVING FUND (FUND “F")
CITY OF HODGENVILLE, LARUE COUNTY
PROJECT REVIEW
WX21123017

I. PROJECT DESCRIPTION

The City of Hodgenville is requesting a Fund “F” loan in the amount of $962,000 for the
Hodgenville Phase 1A Water System Improvements project. The project will consist of
demolishing the Greensburg Storage Tank, which has been out of operation for several
years and replaced by the Fairgrounds Storage Tank. The project will also construct
approximately 1,000 LF (linear feet) of 8 inch water main to replace existing undersized
4 inch lines, construct approximately 2,100 LF of 8 inch main and construct
approximately 1,750 LF of 10 inch main to replace undersized mains around the Middle
School/High School creating a loop around the schools to provide quality and
redundancy in an area prone to disruptions. Lastly, the City plans to make
modifications to the system to improve water quality, increase pressure, and equalize
flow with the Industrial Tank zone by upgrading the North Tank Booster Pump Station,
supplementing approximately 5,200 LF of 6 inch water main with 8 inch water main.
Once the Pump Station upgrade is complete the North Tank will be decommissioned
and demolished.

The City sells finished water to the Larue County Water District #1 at an annual rate of
39 million gallons, servicing 3,865 households. In addition, the City supplies water to
1,746 households within Larue County.

II. PROJECT BUDGET

Total
Administrative Expenses $ 10,000
Legal Expenses 3,000
Engineering Fees - Design / Const 74,000
Engineering Fees - Inspection 48,000
Engineering Fees - Other 19,000
Construction 735,000
Contingency 73,000
Total $ 962,000
III. PROJECT FUNDING

Amount %
Fund F Loan $ 962,000 100%
Total $ 962,000 100%

IV. KIA DEBT SERVICE

Construction Loan $ 962,000

Less: Principal Forgiveness 240,500
Amortized Loan Amount $ 721,500
Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 38,916
Administrative Fee (0.25%) 1,804
Total Estimated Annual Debt Service $ 40,719

V. PROJECT SCHEDULE

Bid Opening July 2016

Construction Start August 2016
Construction Stop June 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Residential 1,427
Commercial 190
Industrial 9
Institutional 40
Total 1,666

B) Rates

Water Rates Within City Limits

Current Prior
Date of Last Rate Increase 07/01/15 07/01/14 7/1/2013

First 3,000 Gallons (minimum) $22.83 $21.74 $20.71

Next 7,000 Gallons (per thousand) 6.17 5.88 5.60
Cost for 4,000 gallons $29.00 $27.62 $26.31
Increase % 5.0% 5.0%
Affordability Index (Rate/MHI) 1.1% 1.1%
 Water Rates Outside City Limits
Current Prior
Date of Last Rate Increase 07/01/15 07/01/14 7/1/2013

First 3,000 Gallons (minimum) $34.22 $32.59 $31.04

Next 7,000 Gallons (per thousand) 9.26 8.82 8.40
Cost for 4,000 gallons $43.48 $41.41 $39.44
Increase % 5.0% 5.0%
Affordability Index (Rate/MHI) 1.7% 1.6%

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 4,045 with a Median Household
Income (MHI) of $31,302. The median household income for the Commonwealth is
$43,036. The project will qualify for a 0.75% interest rate since the City’s MHI is 80%
below the State’s MHI.

County
Population Unemployment
Year City % Change County % Change Date Rate

1980 2,531 11,922 June 2004 5.1%

1990 2,721 7.5% 11,679 -2.0% June 2009 11.7%
2000 2,874 5.6% 13,373 14.5% June 2014 6.0%
2010 3,206 11.6% 14,193 6.1% June 2015 5.3%
Current 3,223 0.5% 14,149 -0.3%
Cumulative % 27.3% 18.7%

VIII. CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - The Drinking Water capitalization grant does not contain a
“green” requirement.

2) Additional Subsidization – This project qualifies for additional subsidization in the

amount of $240,500.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2012 through 2013. Amounts for 2014 are estimated. Percentage
references in the History section below are based on whole dollar amounts and not the
rounded amounts presented.
 HISTORY

Revenues increased 10% from $1.2 million in 2012 to $1.4 million in 2014 due to
previously approved rate increases for water (inside and outside City limits) and sewer.
Operating expenses increased 13% from $819,139 in 2012 to $944,788 in 2014. The
debt coverage ratio was 1.3, 1.4 and 1.6 in 2012, 2013 and 2014, respectively.

The balance sheet reflects a current ratio of 1.4, a debt to equity ratio of 0.6 and the
number of months of operating expenses in unrestricted cash as 6.5.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues reflect previously approved rate increases of 5% for water and sewer
in the 2014 and 2015 years and will remain flat thereafter.
2) Operating expenses will increase 2% annually for inflation.
3) Debt service coverage is 1.3 in 2018 when principal and interest repayments
begin.

Based on the proforma assumptions, the City shows adequate cash flow to repay the
KIA Fund F loan.

REPLACEMENT RESERVE

The annual replacement cost is $2,400. This amount should be added to the
replacement account each December 1 until the balance reaches $24,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Maturity
(Fiscal
Debt Issue Outstanding Year)
91-07 Bonds 1,121,790 2039
91-08 Bonds 559,113 2038
Series 2013 Bonds 923,177 2026
53-01 Bonds 27,136 2015
55-04 Bonds 29,047 2015
KIA (A04-10) 604,891 2026
KIA (A11-17) 1,601,555 2034
KIA Loan (F11-13, i/a/o $774,183 ) - TBD
KIA Loan (A16-029, i/a/o $970,000 ) - TBD
KIA Loan (F16-042, i/a/o $593,000 ) - TBD
Total 4,866,709
XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Project Title Funding Source Amount Type

Hodgenville Water Tower North HB608 300,000 grant
Hodgenville Water Tower North HB267 500,000 grant
Hamilton Acres Sewer Rehab HB608 200,000 grant

XII. CONTACTS

Legal Applicant
Entity Name City of Hodgenville
Authorized Official Kenny Devore (Mayor)
County Larue
Email hodgenvillemayor@windstream.net
Phone 270-401-2621
Address PO Box 189, 200 S Lincoln Blvd
Hodgenville, KY 42748

Project Contact - Applicant

Name Toni Burton
Organization City of Hodgenville
Email hodgenvilleclerk@windstream.net
Phone 270-358-3832
Address PO Box 189, 200 S Lincoln Blvd
Hodgenville, KY 42748

Project Administrator
Name Ashley S Willoughby
Organization Lincoln Trail Area Development
District
Email awilloughby@ltadd.org
Phone 270-769-2393
Address 613 College St Rd
Elizabethtown, KY 42701
 Consulting Engineer
PE Name David Bradley Montgomery
Firm Name GRW Engineers, Inc.
Email bmontgomery@grwinc.com
Phone 859-223-3999
Address 801 Corporate Dr
Lexington, KY 40503

XIII. RECOMMENDATIONS

KIA staff recommends approval of the loan with the standard conditions.
CITY OF HODGENVILLE
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Unaudited Projected Projected Projected Projected Projected
2012 2013 2014 2015 2016 2017 2018 2019
Balance Sheet

Assets
Current Assets 764,812 545,110 618,583 677,832 716,565 752,670 775,000 779,905
Other Assets 11,090,489 11,734,273 12,582,635 12,163,994 11,842,960 14,055,028 13,623,872 13,059,892

Total 11,855,301 12,279,383 13,201,218 12,841,826 12,559,525 14,807,698 14,398,872 13,839,797

Liabilities & Equity

Current Liabilities 589,907 362,910 462,128 500,122 449,129 458,011 461,935 465,879
Long Term Liabilities 2,642,547 3,382,356 4,533,589 4,281,844 4,081,602 6,009,248 5,797,251 5,581,851

Total Liabilities 3,232,454 3,745,266 4,995,717 4,781,966 4,530,731 6,467,259 6,259,186 6,047,730

Net Assets 8,622,847 8,534,117 8,205,501 8,059,860 8,028,794 8,340,439 8,139,686 7,792,067

Cash Flow
Revenues 1,247,992 1,317,401 1,379,678 1,446,388 1,516,434 1,516,434 1,516,434 1,516,434
Operating Expenses 819,139 892,753 944,788 1,045,188 1,064,462 1,008,617 1,028,669 1,055,422
Other Income 17,848 38,473 10,378 10,378 10,378 10,378 10,378 10,378

Cash Flow Before Debt Service 446,701 463,121 445,268 411,578 462,350 518,195 498,143 471,390

Debt Service
Existing Debt Service 338,449 329,666 273,154 358,343 300,184 337,672 366,135 406,146
Proposed KIA Loan 0 0 0 0 0 0 20,360 40,719
Total Debt Service 338,449 329,666 273,154 358,343 300,184 337,672 386,494 446,865

Cash Flow After Debt Service 108,252 133,455 172,114 53,235 162,166 180,523 111,649 24,525

Ratios
Current Ratio 1.3 1.5 1.3 1.4 1.6 1.6 1.7 1.7
Debt to Equity 0.4 0.4 0.6 0.6 0.6 0.8 0.8 0.8
Days Sales in Accounts Receivable 54.4 32.9 33.0 33.0 33.0 33.0 33.0 33.0
Months Operating Expenses in Unrestricted Cash 8.4 5.7 6.0 6.5 6.8 7.1 7.2 7.1

Debt Coverage Ratio 1.3 1.4 1.6 1.1 1.5 1.5 1.3 1.1

4/26/2016 12:27 PM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Sarah Aitken
KENTUCKY INFRASTRUCTURE AUTHORITY Date April 7, 2016
FUND F, FEDERALLY ASSISTED DRINKING WATER KIA Loan Number F16-041
REVOLVING LOAN FUND WRIS Number WX21097025

BORROWER CITY OF CYNTHIANA

HARRISON COUNTY
BRIEF DESCRIPTION
The project will install approximately 13,000 linear feet of 12-inch PVC water main that will parallel the new by-pass on the west
side of the City. The interconnections will improve pressures and flows to the west side of the City and to the Harrison County
Water Association.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund F Loan $1,056,658 Administrative Expenses $5,000
Legal Expenses 5,000
Planning 5,000
Eng - Design / Const 9.0% 8.3% 75,400
Eng - Insp 5.8% 5.4% 49,000
Eng - Other 5,000
Construction 824,780
Contingency 82,478
Other 5,000
TOTAL $1,056,658 TOTAL $1,056,658
REPAYMENT Rate 0.75% Est. Annual Payment $51,426
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Richard K. Smith
Bond Counsel Peck, Shaffer, & Williams, a division of Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Oct-16
Construction Start Dec-16
Construction Stop May-17
DEBT PER CUSTOMER Existing $2,303
Proposed $1,815
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 2,522 $19.55 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 955,686 385,840 569,846 2.5
Audited 2014 739,848 384,685 355,163 1.9
Audited 2015 530,573 384,763 145,810 1.4
Projected 2016 567,196 379,988 187,208 1.5
Projected 2017 594,112 377,430 216,682 1.6
Projected 2018 543,220 403,101 140,119 1.3
Projected 2019 493,962 428,861 65,101 1.2
Projected 2020 443,719 428,796 14,923 1.0
 Reviewer: Sarah Aitken
Date: April 7, 2016
Loan Number: F16-041

KENTUCKY INFRASTRUCTURE AUTHORITY

DRINKING WATER STATE REVOLVING FUND (FUND “F")
CITY OF CYNTHIANA, HARRISON COUNTY
PROJECT REVIEW
WX21097025

I. PROJECT DESCRIPTION

The City of Cynthiana is requesting a fund “F” loan in the amount of $1,056,658 for the
West By-Pass Water Main project. The project will install approximately 13,000 linear
feet of 12-inch PVC water main that will parallel the new by-pass on the west side of the
City. The interconnections will improve pressures and flows to the west side of the City
and to the Harrison County Water Association.

The water utility produces approximately 537 million gallons of water per year, of which
370 million gallons are sold to the Harrison County Water Association.

II. PROJECT BUDGET

Total
Administrative Expenses $ 5,000
Legal Expenses 5,000
Planning 5,000
Engineering Fees - Design / Const 75,400
Engineering Fees - Inspection 49,000
Engineering Fees - Other 5,000
Construction 824,780
Contingency 82,478
Other 5,000
Total $ 1,056,658

III. PROJECT FUNDING

Amount %
Fund F Loan $ 1,056,658 100%
Total $ 1,056,658 100%
IV. KIA DEBT SERVICE

Construction Loan $ 1,056,658

Less: Principal Forgiveness 145,444
Amortized Loan Amount $ 911,214
Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 49,148
Administrative Fee (0.25%) 2,278
Total Estimated Annual Debt Service $ 51,426

V. PROJECT SCHEDULE

Bid Opening October 2016

Construction Start December 2016
Construction Stop May 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current
Residential 2,224
Commercial 288
Industrial 10
Total 2,522

B) Rates

Water Rates HWCA Water Rates

Current Prior Current Prior
Date of Last Rate Increase 12/01/09 07/01/92 01/01/16 01/01/15

First 2,000 Gallons (minimum) $9.05 $8.05 $2.85 $2.63

2,001 to 10,000 Gallons (per 1,000) 3.50 3.05
Cost for 4,000 gallons $19.55 $17.20 $11.40 $10.52
Increase % 13.7% 8.4%
Affordability Index (Rate/MHI) 0.8% 0.5%
 Sewer Rates
Current Prior
Date of Last Rate Increase 01/06/11 06/22/04

First 2,000 Gallons (minimum) $16.50 $14.50

All Gallons over 2,000 5.15 3.30
Cost for 4,000 gallons $26.80 $21.10
Increase % 27.0%
Affordability Index (Rate/MHI) 1.2%

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 6,634 with a Median Household
Income (MHI) of $27,911. The median household income for the Commonwealth is
$43,036. The project will qualify for a .75% interest rate.

County
Population Unemployment
Year City % Change County % Change Date Rate

1980 5,881 15,166 June 2004 6.2%

1990 6,497 10.5% 16,248 7.1% June 2009 11.9%
2000 6,258 -3.7% 17,983 10.7% June 2014 6.6%
2010 6,402 2.3% 18,846 4.8% June 2015 4.8%
Current 6,402 0.0% 18,693 -0.8%
Cumulative % 8.9% 23.3%

VIII. CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - The Drinking Water capitalization grant does not contain a
“green” requirement.

2) Additional Subsidization – This project qualifies for additional subsidization in the

amount of $145,444.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2013 through 2015. Amounts for 2016 are estimated. Percentage
references in the History section below are based on whole dollar amounts and not the
rounded amounts presented.
 HISTORY

Revenues increased 2% from $2.8 million in 2013 to $2.9 million in 2015. Water
revenues increased 5% from $1.6 million to $1.7 million while sewer revenues
decreased 2% from $1.18 million to $1.16 million during the same period. Operating
expenses increased 24% from $1.9 million to $2.3 million due to heightened
maintenance and repair expenses. The debt coverage ratio was 2.5, 1.9 and 1.4 for
2013 through 2015, respectively.

The balance sheet reflects a current ratio of 0.5, a debt to equity ratio of 0.6 and the
number of months of operating expenses in unrestricted cash is 1.5.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues reflect all previously approved rate increases and will remain flat after
2017.
2) Expenses will increase 2% annually for inflation.
3) Debt service coverage is 1.2 in 2019 when full year principal and interest
repayments begin.

Based on the proforma assumptions, the utility shows adequate cash flow to repay the
KIA Fund F loan.

REPLACEMENT RESERVE

The annual replacement cost is $2,600. This amount should be added to the
replacement account each December 1 until the balance reaches $26,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Outstanding Maturity
RD Sewer Loan $ 1,089,588 2016
2005 Series Bonds 812,000 2033
KIA (A05-06) 3,682,154 2027
2000 Series Bonds 223,500 2040
Total $ 5,807,242

XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Project Title Funding Source Amount Type

Sewer System Rehab USDA-RD 4,984,000 Loan/Grant
XII. CONTACTS

Legal Applicant
Entity Name City of Cynthiana
Authorized Official James Smith (Mayor)
County Harrison
Email cityofcynthiana@bellsouth.net
Phone (859) 234-7150
Address PO Box 67
Cynthiana, KY 41031

Project Contact - Applicant

Name James Smith
Organization City of Cynthiana
Email cityofcynthiana@bellsouth.net
Phone (859) 234-7150
Address PO Box 67
Cynthiana, KY 41031

Project Administrator
Name Bob Sturdivant
Organization HDR Engineering, Inc.
Email bob.sturdivant@hdrinc.com
Phone (859) 629-4800
Address 2517 Sir Barton Way
Lexington, KY 40509

Consulting Engineer
PE Name Richard K. Smith
Firm Name HDR Engineering, Inc.
Email rich.smith@hdrinc.com
Phone (859) 629-4800
Address 2517 Sir Barton Way
Lexington, KY 40509

XIII. RECOMMENDATIONS

KIA staff recommends approval of the loan with the standard conditions.
CITY OF CYNTHIANA (WATER & SEWER FUND )
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected
2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 560,285 607,050 824,875 725,892 779,528 807,552 820,572 823,557
Other Assets 19,300,621 18,851,840 19,318,306 18,086,842 18,012,065 17,849,621 17,098,834 16,307,904

Total 19,860,906 19,458,890 20,143,181 18,812,734 18,791,593 18,657,173 17,919,406 17,131,461

Liabilities & Equity

Current Liabilities 405,774 420,114 1,769,055 598,788 604,721 609,819 615,886 614,832
Long Term Liabilities 5,084,731 4,795,252 5,474,320 4,204,981 4,356,713 4,505,303 4,194,214 3,886,214

Total Liabilities 5,490,505 5,215,366 7,243,375 4,803,769 4,961,434 5,115,122 4,810,100 4,501,046

Net Assets 14,370,401 14,243,524 12,899,806 14,008,965 13,830,159 13,542,051 13,109,306 12,630,415

Cash Flow
Revenues 2,787,061 2,834,766 2,849,025 2,932,065 3,006,326 3,006,326 3,006,326 3,006,326
Operating Expenses 1,867,843 2,103,443 2,320,827 2,367,244 2,414,589 2,465,481 2,514,739 2,564,982
Other Income 36,468 8,525 2,375 2,375 2,375 2,375 2,375 2,375

Cash Flow Before Debt Service 955,686 739,848 530,573 567,196 594,112 543,220 493,962 443,719

Debt Service
Existing Debt Service 385,840 384,685 384,763 379,988 377,430 377,388 377,435 377,370
Proposed KIA Loan 0 0 0 0 0 25,713 51,426 51,426
Total Debt Service 385,840 384,685 384,763 379,988 377,430 403,101 428,861 428,796

Cash Flow After Debt Service 569,846 355,163 145,810 187,208 216,682 140,119 65,101 14,923

Ratios
Current Ratio 1.4 1.4 0.5 1.2 1.3 1.3 1.3 1.3
Debt to Equity 0.4 0.4 0.6 0.3 0.4 0.4 0.4 0.4
Days Sales in Accounts Receivable 47.1 48.9 50.6 50.6 50.6 50.6 50.6 50.6
Months Operating Expenses in Unrestricted Cash 1.3 1.3 1.5 1.6 1.8 1.9 1.9 1.9

Debt Coverage Ratio 2.5 1.9 1.4 1.5 1.6 1.3 1.2 1.0

3/29/2016 3:04 PM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Sarah Aitken
KENTUCKY INFRASTRUCTURE AUTHORITY Date May 5, 2016
FUND F, FEDERALLY ASSISTED DRINKING WATER KIA Loan Number F16-042
REVOLVING LOAN FUND WRIS Number WX21123008

BORROWER CITY OF HODGENVILLE

LARUE COUNTY
BRIEF DESCRIPTION

The project will replace approximately 6,100 LF of existing 8 inch water line. The existing line is predominately cast iron, dating
over 40 years old and is prone to frequent breaks and splits. The project will improve water quality and reliable service to the south
side of the City and the school area.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund F Loan $593,000 Administrative Expenses $10,000
Eng - Design / Const 10.4% 10.2% 48,000
Eng - Insp 7.6% 7.4% 35,000
Eng - Other 29,000
Construction 430,000
Contingency 41,000
TOTAL $593,000 TOTAL $593,000
REPAYMENT Rate 0.75% Est. Annual Payment $25,100
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer David Bradley Montgomery
Bond Counsel Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Jul-16
Construction Start Aug-16
Construction Stop Jun-17
DEBT PER CUSTOMER Existing $2,088
Proposed $3,688
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 1,666 $29.00 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2012 446,701 338,449 108,252 1.3
Audited 2013 463,121 329,666 133,455 1.4
Unaudited 2014 445,268 273,154 172,114 1.6
Projected 2015 411,578 358,343 53,235 1.1
Projected 2016 462,350 300,184 162,166 1.5
Projected 2017 518,195 337,672 180,523 1.5
Projected 2018 498,143 386,494 111,649 1.3
Projected 2019 471,390 446,865 24,525 1.1
 Reviewer: Sarah Aitken
Date: May 5, 2016
Loan Number: F16-042

KENTUCKY INFRASTRUCTURE AUTHORITY

DRINKING WATER STATE REVOLVING FUND (FUND “F")
CITY OF HODGENVILLE, LARUE COUNTY
PROJECT REVIEW
WX21123008

I. PROJECT DESCRIPTION

The City of Hodgenville is requesting a Fund “F” loan in the amount of $593,000 for the
Lincoln Boulevard South Replacement project. The project will replace approximately
6,100 LF of existing 8 inch water line. The existing line is predominately cast iron,
dating over 40 years old and is prone to frequent breaks and splits. The project will
improve water quality and reliable service to the south side of the City and the school
area.

The City sells finished water to the Larue County Water District #1 at an annual rate of
39 million gallons, servicing 3,865 households. In addition, the City supplies water to
1,746 households within Larue County.

II. PROJECT BUDGET

Total
Administrative Expenses $ 10,000
Engineering Fees - Design / Const 48,000
Engineering Fees - Inspection 35,000
Engineering Fees - Other 29,000
Construction 430,000
Contingency 41,000
Total $ 593,000

III. PROJECT FUNDING

Amount %
Fund F Loan $ 593,000 100%
Total $ 593,000 100%
IV. KIA DEBT SERVICE

Construction Loan $ 593,000

Less: Principal Forgiveness 148,250
Amortized Loan Amount $ 444,750
Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 23,989
Administrative Fee (0.25%) 1,112
Total Estimated Annual Debt Service $ 25,100

V. PROJECT SCHEDULE

Bid Opening July 2016

Construction Start August 2016
Construction Stop June 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Residential 1,427
Commercial 190
Industrial 9
Institutional 40
Total 1,666

B) Rates

Water Rates Within City Limits

Current Prior
Date of Last Rate Increase 07/01/15 07/01/14 7/1/2013

First 3,000 Gallons (minimum) $22.83 $21.74 $20.71

Next 7,000 Gallons (per thousand) 6.17 5.88 5.60
Cost for 4,000 gallons $29.00 $27.62 $26.31
Increase % 5.0% 5.0%
Affordability Index (Rate/MHI) 1.1% 1.1%
 Water Rates Outside City Limits
Current Prior
Date of Last Rate Increase 07/01/15 07/01/14 7/1/2013

First 3,000 Gallons (minimum) $34.22 $32.59 $31.04

Next 7,000 Gallons (per thousand) 9.26 8.82 8.40
Cost for 4,000 gallons $43.48 $41.41 $39.44
Increase % 5.0% 5.0%
Affordability Index (Rate/MHI) 1.7% 1.6%

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year Estimate
2009-2013, the Utility’s service area population was 4,045 with a Median Household
Income (MHI) of $31,302. The median household income for the Commonwealth is
$43,036. The project will qualify for a 0.75% interest rate since the City’s MHI is 80%
below the State’s MHI.

County
Population Unemployment
Year City % Change County % Change Date Rate

1980 2,531 11,922 June 2004 5.1%

1990 2,721 7.5% 11,679 -2.0% June 2009 11.7%
2000 2,874 5.6% 13,373 14.5% June 2014 6.0%
2010 3,206 11.6% 14,193 6.1% June 2015 5.3%
Current 3,223 0.5% 14,149 -0.3%
Cumulative % 27.3% 18.7%

VIII. CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - The Drinking Water capitalization grant does not contain a
“green” requirement.

2) Additional Subsidization – This project qualifies for additional subsidization in the

amount of $148,250.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the years
ended June 30, 2012 through 2013. Amounts for 2014 are estimated. Percentage
references in the History section below are based on whole dollar amounts and not the
rounded amounts presented.
 HISTORY

Revenues increased 10% from $1.2 million in 2012 to $1.4 million in 2014 due to
previously approved rate increases for water (inside and outside City limits) and sewer.
Operating expenses increased 13% from $819,139 in 2012 to $944,788 in 2014. The
debt coverage ratio was 1.3, 1.4 and 1.6 in 2012, 2013 and 2014, respectively.

The balance sheet reflects a current ratio of 1.4, a debt to equity ratio of 0.6 and the
number of months of operating expenses in unrestricted cash as 6.5.

PROJECTIONS

Projections are based on the following assumptions:

1) Revenues reflect previously approved rate increases of 5% for water and sewer
in the 2014 and 2015 years and will remain flat thereafter.
2) Operating expenses will increase 2% annually for inflation.
3) Debt service coverage is 1.3 in 2018 when principal and interest repayments
begin.

Based on the proforma assumptions, the City shows adequate cash flow to repay the
KIA Fund F loan.

REPLACEMENT RESERVE

The annual replacement cost is $1,500. This amount should be added to the
replacement account each December 1 until the balance reaches $15,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Maturity
(Fiscal
Debt Issue Outstanding Year)
91-07 Bonds 1,121,790 2039
91-08 Bonds 559,113 2038
Series 2013 Bonds 923,177 2026
53-01 Bonds 27,136 2015
55-04 Bonds 29,047 2015
KIA (A04-10) 604,891 2026
KIA (A11-17) 1,601,555 2034
KIA Loan (F11-13, i/a/o $774,183 ) - TBD
KIA Loan (F16-008, i/a/o $593,000 ) - TBD
KIA Loan (A16-029, i/a/o $970,000 ) - TBD
Total 4,866,709
XI.
OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Project Title Funding Source Amount Type

Hodgenville Water Tower North HB608 300,000 grant
Hodgenville Water Tower North HB267 500,000 grant
Hamilton Acres Sewer Rehab HB608 200,000 grant

XII. CONTACTS

Legal Applicant
Entity Name City of Hodgenville
Authorized Official Kenny Devore (Mayor)
County Larue
Email hodgenvillemayor@windstream.net
Phone 270-401-2621
Address PO Box 189, 200 S Lincoln Blvd
Hodgenville, KY 42748

Project Contact - Applicant

Name Toni Burton
Organization City of Hodgenville
Email hodgenvilleclerk@windstream.net
Phone 270-358-3832
Address PO Box 189, 200 S Lincoln Blvd
Hodgenville, KY 42748

Project Administrator
Name Ashley S Willoughby
Organization Lincoln Trail Area Development
District
Email awilloughby@ltadd.org
Phone 270-769-2393
Address 613 College St Rd
Elizabethtown, KY 42701
 Consulting Engineer
PE Name David Bradley Montgomery
Firm Name GRW Engineers, Inc.
Email bmontgomery@grwinc.com
Phone 859-223-3999
Address 801 Corporate Dr
Lexington, KY 40503

XIII. RECOMMENDATIONS

KIA staff recommends approval of the loan with the standard conditions.
CITY OF HODGENVILLE
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Unaudited Projected Projected Projected Projected Projected
2012 2013 2014 2015 2016 2017 2018 2019
Balance Sheet

Assets
Current Assets 764,812 545,110 618,583 677,832 716,565 752,670 775,000 779,905
Other Assets 11,090,489 11,734,273 12,582,635 12,163,994 11,842,960 14,055,028 13,623,872 13,059,892

Total 11,855,301 12,279,383 13,201,218 12,841,826 12,559,525 14,807,698 14,398,872 13,839,797

Liabilities & Equity

Current Liabilities 589,907 362,910 462,128 500,122 449,129 458,011 461,935 465,879
Long Term Liabilities 2,642,547 3,382,356 4,533,589 4,281,844 4,081,602 6,009,248 5,797,251 5,581,851

Total Liabilities 3,232,454 3,745,266 4,995,717 4,781,966 4,530,731 6,467,259 6,259,186 6,047,730

Net Assets 8,622,847 8,534,117 8,205,501 8,059,860 8,028,794 8,340,439 8,139,686 7,792,067

Cash Flow
Revenues 1,247,992 1,317,401 1,379,678 1,446,388 1,516,434 1,516,434 1,516,434 1,516,434
Operating Expenses 819,139 892,753 944,788 1,045,188 1,064,462 1,008,617 1,028,669 1,055,422
Other Income 17,848 38,473 10,378 10,378 10,378 10,378 10,378 10,378

Cash Flow Before Debt Service 446,701 463,121 445,268 411,578 462,350 518,195 498,143 471,390

Debt Service
Existing Debt Service 338,449 329,666 273,154 358,343 300,184 337,672 373,944 421,765
Proposed KIA Loan 0 0 0 0 0 0 12,550 25,100
Total Debt Service 338,449 329,666 273,154 358,343 300,184 337,672 386,494 446,865

Cash Flow After Debt Service 108,252 133,455 172,114 53,235 162,166 180,523 111,649 24,525

Ratios
Current Ratio 1.3 1.5 1.3 1.4 1.6 1.6 1.7 1.7
Debt to Equity 0.4 0.4 0.6 0.6 0.6 0.8 0.8 0.8
Days Sales in Accounts Receivable 54.4 32.9 33.0 33.0 33.0 33.0 33.0 33.0
Months Operating Expenses in Unrestricted Cash 8.4 5.7 6.0 6.5 6.8 7.1 7.2 7.1

Debt Coverage Ratio 1.3 1.4 1.6 1.1 1.5 1.5 1.3 1.1

4/26/2016 12:24 PM, FinancialsPresentation

EXECUTIVE SUMMARY Reviewer Brandi Norton
KENTUCKY INFRASTRUCTURE AUTHORITY Date April 7, 2016
FUND F, FEDERALLY ASSISTED DRINKING WATER KIA Loan Number F16-049
REVOLVING LOAN FUND WRIS Number WX21167029

BORROWER CITY OF HARRODSBURG

MERCER COUNTY
BRIEF DESCRIPTION

This project will replace and install approximately 26,000 linear feet of aged water lines with 6 inch PVC pipe. The existing cast
iron lines were installed in the 1940's and has corroded causing line breaks and leaks.

PROJECT FINANCING PROJECT BUDGET RD Fee % Actual %

Fund F Loan $2,887,200 Eng - Design / Const 7.4% 6.8% 176,400
Eng - Insp 4.2% 4.0% 103,300
Eng - Other 21,000
Construction 2,351,300
Contingency 235,200
TOTAL $2,887,200 TOTAL $2,887,200
REPAYMENT Rate 0.75% Est. Annual Payment $162,946
Term 20 Years 1st Payment 6 Mo. after first draw
PROFESSIONAL SERVICES Engineer Bob Smallwood
Bond Counsel Peck, Shaffer, & Williams, a division of Dinsmore & Shohl, LLP
PROJECT SCHEDULE Bid Opening Sep-16
Construction Start Oct-16
Construction Stop Oct-17
DEBT PER CUSTOMER Existing $5,290
Proposed $10,948
OTHER DEBT See Attached
OTHER STATE-FUNDED PROJECTS LAST 5 YRS See Attached

RESIDENTIAL RATES Users Avg. Bill

Current 3,745 $20.55 (for 4,000 gallons)

REGIONAL COORDINATION This project is consistent with regional planning recommendations.

Cash Flow Before

CASHFLOW Debt Service Debt Service Cash Flow After Debt Service Coverage Ratio
Audited 2013 1,887,552 826,494 1,061,058 2.3
Audited 2014 2,109,564 1,017,514 1,092,050 2.1
Audited 2015 2,045,196 1,506,710 538,486 1.4
Projected 2016 2,391,664 1,159,844 1,231,820 2.1
Projected 2017 2,492,919 1,272,463 1,220,457 2.0
Projected 2018 2,458,564 1,451,313 1,007,251 1.7
Projected 2019 2,436,983 2,424,037 12,946 1.0
Projected 2020 2,441,436 2,429,732 11,704 1.0
 Reviewer: Brandi Norton
Date: April 7,2016
Loan Number: F16-049

KENTUCKY INFRASTRUCTURE AUTHORITY

DRINKING WATER REVOLVING LOAN FUND (FUND "F")
CITY OF HARRODSBURG, MERCER COUNTY
PROJECT REVIEW
WX21167029

I. PROJECT DESCRIPTION

The City of Harrodsburg is requesting a Fund “F” loan in the amount of $2,887,200
for the Water Distribution Main 2015 project. The project will replace and install
approximately 26,000 linear feet of aged water lines with 6 inch PVC pipe. The
existing cast iron lines were installed in the 1940’s and has corroded causing line
breaks and leaks.

The City’s water system has about 3,745 customers and also provides service for
the Burgin Water Department, which has 467 customers, The Lake Village Water
Association, which has 2,095 customers and the North Mercer Water District, which
has 4,023 customers.

II. PROJECT BUDGET

Total
Engineering Fees - Design / Const 176,400
Engineering Fees - Inspection 103,300
Engineering Fees - Other 21,000
Construction 2,351,300
Contingency 235,200
Total $ 2,887,200

III. PROJECT FUNDING

Amount %
Fund F Loan $ 2,887,200 100%
Total $ 2,887,200 100%
IV. KIA DEBT SERVICE

Construction Loan $ 2,887,200

Interest Rate 0.75%
Loan Term (Years) 20
Estimated Annual Debt Service $ 155,728
Administrative Fee (0.25%) 7,218
Total Estimated Annual Debt Service $ 162,946

V. PROJECT SCHEDULE

Bid Opening September 2016

Construction Start October 2016
Construction Stop October 2017

VI. CUSTOMER COMPOSITION AND RATE STRUCTURE

A) Customers

Customers Current
Residential 3,453
Commercial 278
Industrial 14
Total 3,745

B) Rates

Future Current
Date of Last Rate Increase 6/11/2012 4/30/2010

First 250 cubic feet (per 100 cf) $9.87 $8.78

Next 750 cubic feet 3.75 3.33
Next 3,000 cubic feet 3.26 2.90
Cost for 4,000 gallons $20.55 $18.26
Increase % 12.5%
Affordability Index (Rate/MHI) 0.8% 0.7%

VII. DEMOGRAPHICS

Based on current Census data from the American Community Survey 5-Year
Estimate 2009-2013, the Utility’s service area population was 8,778 with a Median
Household Income (MHI) of $30,375. The median household income for the
Commonwealth is $43,036. The project will qualify for a 0.75% interest rate.
 Population Unemployment
Year City % Change County % Change Date Rate

1980 7,265 19,011 June 2004 5.3%

1990 7,335 1.0% 19,148 0.7% June 2009 11.9%
2000 8,014 9.3% 20,817 8.7% June 2013 8.6%
2010 8,340 4.1% 21,331 2.5% June 2014 7.1%
Current 8,365 0.3% 21,313 -0.1%
Cumulative % 15.1% 12.1%

VIII. 2014 CAPITALIZATION GRANT EQUIVALENCIES

1) Green Project Reserve - This project does not qualify for Green Project Reserve
(GPR) funding.

2) Additional Subsidization – This project does not qualify for additional

subsidization.

IX. FINANCIAL ANALYSIS

Financial information was obtained from the audited financial statements for the
Municipal Waterworks and Sewer System fund for the years ended June 30, 2013
through 2015. The analysis includes combined results for the City’s water and sewer
operations. Percentage references in the History section below are based on whole
dollar amounts and not the rounded amounts presented.

HISTORY

Water revenues decreased a slight 4% from 2013 to 2015 from $2.4 million to $2.3
million. Sewer revenues increased 8% from $2 million in 2013 to $2.1 million in
2015. Operating expenses decreased 2% from $2.6 million to $2.57 million. The
debt coverage ratio ranged from 2.3 in 2013 to 1.4 in 2015.

The balance sheet reflects a current ratio of 3.6, a debt to equity ratio of 1.3 and
unrestricted cash equals 8.4 months of operating expenses.

PROJECTIONS

Projections are based on the following assumptions:

1) Sewer revenue will increase 17% in 2016 and 6% in 2017 from a previously
approved rate increase.
2) Water and sewer revenues reflect a 0.5% increase for volume.
3) Operating expenses will increase by 2% per year.
4) Debt service coverage is 1.0 in 2019 when full year principal and interest
repayments begin.
 Based on the proforma assumptions, the utility shows adequate cash flow to repay
the KIA Fund F loan.

REPLACEMENT RESERVE

The annual replacement cost is $7,200. This amount should be added to the
replacement account each December 1 until the balance reaches $72,000 and
maintained for the life of the loan.

X. DEBT OBLIGATIONS

Outstanding Maturity
Sun Trust Lease (Water Meters) $ 1,060,056 2023
KIA (A02-06) $ 1,490,922 2023
KIA (A12-07) $ 635,400 2033
KIA (F11-17) $ 313,711 2033
KIA (A11-21) $ 350,934 2033
Whitaker Bank (Construction Loan) $ 338,970 2051
Whitaker Bank Refinance Loan $ 13,960 2016
2013 KY Rural Water Bonds $ 855,000 2021
2006 RD Bonds $ 990,000 2044
2006 RD Bonds $ 2,219,000 2045
2012 RD Bonds $ 7,594,500 2051
2014 RD Bonds $ 1,744,000 2053
KIA (F13-002) $ 2,206,022 2036
KIA (A15-046, i/a/o $1.42 M) $ - TBD
KIA (A15-074, i/a/o $10 M) $ - TBD
KIA (A15-075, i/a/o $810,000) $ - TBD
KIA (F15-031, i/a/o $326,600) $ - TBD
KIA (A16-033, i/a/o $1.2 M) $ - TBD
Total $19,812,475

XI. OTHER STATE OR FEDERAL FUNDING IN PAST FIVE YEARS

Description Funding Source Amount Type

WTP Upgrade CDBG $1,000,000 Grant
WTP Upgrade RD $12,000,000 Loan/Grant
WWTP Upgrade EPA SPAP $1,261,000 Grant
WWTP Upgrade RD $2,462,000 Loan/Grant
XII. CONTACTS

Legal Applicant
Entity Name City of Harrodsburg
Authorized Official Eddie Long (Mayor)
County Mercer
Email 2longbranch@roadrunner.com
Phone (859) 734-2383
Address 208 South Main Street
Harrodsburg, KY 40330

Project Contact – Applicant and Administrator

Name Laura Gilkerson
Organization GRW Engineers, Inc.
Email lgilkerson@grwinc.com
Phone (859) 223-3999
Address 801 Corporate Drive
Lexington, KY 40503

Consulting Engineer
PE Name Bob Smallwood
Firm Name GRW Engineers, Inc.
Email bsmallwood@grwinc.com
Phone (859) 223-3999
Address 801 Corporate Drive
Lexington, KY 40503

XIII. RECOMMENDATIONS
KIA staff recommends approval of the loan with the standard conditions.
CITY OF HARRODSBURG
FINANCIAL SUMMARY (JUNE YEAR END)
Audited Audited Audited Projected Projected Projected Projected Projected
2013 2014 2015 2016 2017 2018 2019 2020
Balance Sheet

Assets
Current Assets 1,754,092 2,740,769 3,043,899 3,328,479 3,589,070 3,793,021 3,812,067 3,829,871
Other Assets 35,444,268 37,340,483 40,699,603 52,018,145 65,923,003 64,218,732 61,708,925 59,199,388

Total 37,198,360 40,081,252 43,743,502 55,346,624 69,512,073 68,011,752 65,520,991 63,029,259

Liabilities & Equity

Current Liabilities 931,209 1,722,112 1,077,278 926,932 934,835 942,897 951,120 959,507
Long Term Liabilities 16,187,663 17,184,663 20,611,494 30,104,369 42,566,704 41,853,707 41,125,126 40,375,169

Total Liabilities 17,118,872 18,906,775 21,688,772 31,031,301 43,501,539 42,796,604 42,076,246 41,334,676

Net Assets 20,079,488 21,174,477 22,054,730 24,315,323 26,010,534 25,215,149 23,444,746 21,694,583

Cash Flow
Revenues 4,540,125 4,972,675 4,650,815 5,024,092 5,185,006 5,209,758 5,269,634 5,329,634
Operating Expenses 2,689,676 2,884,878 2,643,591 2,670,400 2,730,059 2,789,166 2,870,623 2,926,170
Other Income 37,103 21,767 37,972 37,972 37,972 37,972 37,972 37,972

Cash Flow Before Debt Service 1,887,552 2,109,564 2,045,196 2,391,664 2,492,919 2,458,564 2,436,983 2,441,436

Debt Service
Existing Debt Service 826,494 1,017,514 1,506,710 1,159,844 1,272,463 1,369,840 2,261,091 2,266,786
Proposed KIA Loan 0 0 0 0 0 81,473 162,946 162,946
Total Debt Service 826,494 1,017,514 1,506,710 1,159,844 1,272,463 1,451,313 2,424,037 2,429,732

Cash Flow After Debt Service 1,061,058 1,092,050 538,486 1,231,820 1,220,457 1,007,251 12,946 11,704

Ratios
Current Ratio 1.9 1.6 2.8 3.6 3.8 4.0 4.0 4.0
Debt to Equity 0.9 0.9 1.0 1.3 1.7 1.7 1.8 1.9
Days Sales in Accounts Receivable 40.1 35.2 37.4 37.4 37.4 37.4 37.4 37.4
Months Operating Expenses in Unrestricted Cash 2.5 5.8 7.5 8.4 9.4 10.1 10.0 9.8

Debt Coverage Ratio 2.3 2.1 1.4 2.1 2.0 1.7 1.0 1.0

3/24/2016 2:37 PM, FinancialsPresentation

 KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY
ECONOMIC DEVELOPMENT BOND (EDB) PROJECT REPORT

Date: April 28, 2016

Grantee: Shelby County Fiscal Court
Beneficiary: Diageo Americas Supply, Inc.
City: Shelbyville County: Shelby
Activity: Manufacturing
Bus. Dev. Contact: A. Bobbitt OFS Staff: M. Elder

Project Description: Diageo is the world's leading premium drink business with over 28,000
employees in 180 counties. The company plans to expand by constructing a
new distillery and warehouses in Shelby County.

Anticipated Project Investment - Owned Total Investment

Land $2,000,000
Building/Improvements $94,300,000
Equipment $12,400,000
Other Start-up Costs $6,300,000
TOTAL $115,000,000

Anticipated Project Funding Amount % of Total

Economic Development Bond Grant (State) $500,000 0.4%
Equity $114,500,000 99.6%
0.0%
0.0%
TOTAL $115,000,000 100.0%

Job and Wage Requirement:

31 new, permanent, full-time, Kentucky resident jobs to be created paying
average hourly wages of $29.00 , including benefits, within
3 years of KEDFA approval of the project and maintain for
3 additional years.

Collateral Required: Letter of credit, certificate of deposit or other collateral satisfactory to the
Cabinet

Job Payback Provision: $4,032 per job not created or maintained

Wage Payback Provision: pro rata portion of EDB grant based on a formula outlined in the EDB
grant agreement

RECOMMENDED ECONOMIC DEVELOPMENT BOND AMOUNT: $500,000

Ownership (20% or more):
Diageo North America, Inc. Norwalk, CT

Active State Participation at the Project Site:

Date Program Status Amount
May 29, 2014 KBI Approve-Prelim $2,500,000
May 29, 2014 KEIA Approve-Final $1,500,000

Unemployment Rate:
County: 4.5% Kentucky: 6.3%

Recommendation:
Staff recommends approval of this EDB grant subject to the terms set forth in this report and the
recommendation letter from the Secretary of the Cabinet for Economic Development (CED). In
accordance with KRS 154.12-100, KEDFA's approval of this EDB grant is subject to CED's receipt of
the Secretary of the Finance and Administration Cabinet's concurrence to CED's use of the EDB funds
for this project.
 NEW BOND ISSUE REPORT

Name of Issue: $100,000,000 Kentucky Higher Education Student Loan

Corporation (“KHESLC”) Student Loan Backed Notes,
Series 2016-1

Purpose of Issue: The Tax-Exempt and Taxable Direct Purchase Student Loan
Backed Notes (“DPNs”) are being issued for the purpose of
financing Federal Family Education Loan Program (“FFELP”)
Student Loans and rehabilitated FFELP loans recently originated
by KHESLC and currently held on KHESLC’s balance sheet and
its warehouse lines.

Proposed Date of Sale: June 2, 2016

Proposed Date of Issue: June 2, 2016

Rating (Anticipated): AA+(sf) (S&P)

Estimated Net Proceeds For

Project: Estimated Net Proceeds $100,000,000
Debt Service Reserve Fund 350,000*
Cost of Issuance 697,500*
Gross Proceeds $100,000,000

*Issuance costs and reserves funded by KHESLC.

Expected Initial
Interest Rates: Initial Rate Debt Type
One Month LIBOR + 0.90% Tax-Exempt DPN
One Month LIBOR +1.25% Taxable DPN

Length of Term: Final Maturity Date: June 1, 2026

Gross Debt Service $ 113,657,118

Average Annual Debt Service: $ 11,365,712

First Call: Given required notice, the DPNs may be redeemed

at par. However, if the DPNs are redeemed in
whole prior to June 2, 2021, KHESLC shall pay a
termination fee equal to the principal redeemed
times the weighted average DPN spread over
LIBOR times the number of days until June 2, 2021
divided by 360.

Method of Sale: Pre Negotiated Direct Purchase

Bond Counsel: Hawkins Delafield & Wood LLP

Purchaser: Bank of America, N.A. and/or an affiliate of Bank
of America Corporation

Purchaser’s Counsel: Chapman and Cutler LLP

Financial Advisor: Office of Financial Management

Trustee: The Bank of New York Mellon Trust Company

Kentucky Higher Education Student Loan Corporation (KHESLC)

Series 2016-1 Tax-Exempt and Taxable Direct Purchase Student Loan Backed Notes

Series 2016-1 Annual Debt Service

Date Interest Principal Total
6/2/2016
6/1/2017 1,714,932 9,331,000 11,045,932
6/1/2018 1,978,107 12,233,000 14,211,107
6/1/2019 2,074,319 10,849,000 12,923,319
6/1/2020 2,033,157 10,920,000 12,953,157
6/1/2021 1,795,653 11,642,000 13,437,653
6/1/2022 1,459,315 10,879,000 12,338,315
6/1/2023 1,108,927 9,611,000 10,719,927
6/1/2024 784,379 8,401,000 9,185,379
6/1/2025 478,309 7,230,000 7,708,309
6/1/2026 230,019 8,904,000 9,134,019
 
13,657,117  100,000,000  113,657,117
 New Bond Issue Report 1

Preliminary New Bond Issue Information

Name of Issue: Kentucky Housing Corporation Single Family Housing Revenue Bonds 2016 Series A
for future delivery as may be designated in an amount not to exceed $75 million.

Purpose of Issue: To refund certain prior bonds for economic savings.

Proposed Key Dates: Proposed Dates of Sale: Initial Settlement and Dated Dates:
Series A June 9, 2016 June 28, 2016

Expected Ratings: Moody's: Aaa S&P: AAA

Series A
Fixed Rate
(Taxable)
Economic
Refunding Total

Net Proceeds: $ 72,465,000 $ 72,465,000

Cost of Issuance: 325,000 325,000

Underwriter's Discount: 580,000 580,000

Debt Service Reserve: - -

Gross Proceeds: $ 72,465,000 $ 72,465,000

True Interest Cost:* 3.66% 3.66%

First Optional Call Date: ** January 1, 2026

Final Maturity Date: January 1, 2039

Gross Debt Service:*** $ 87,370,415 $ 87,370,415

Avg. Annual Debt Service:*** $ 4,722,725 $ 4,722,725

Method of Sale: Negotiated

Bond Counsel: Kutak Rock LLP

Sole Underwriter: Citi

Underwriter's Counsel: Dinsmore & Shohl LLP

Trustee: The Bank of New York Trust Company, N.A.

Financial Advisor: Office of Financial Management

Refunding Components

Issue being refinanced: 2006 U 2007 AB 2007 CD Total

Amount Outstanding 14,130,000 22,195,000 36,140,000 72,465,000
Amount Refunded 14,130,000 22,195,000 36,140,000 72,465,000

Weighted Avg. Coupon: 4.78 4.55 4.75

Weighted Avg. Maturity: 6.37 9.97 12.14
Next call date: 7/1/2016 7/1/2016 7/1/2016
Redemption price: 100.0% 100.0% 100.0%

Gross Debt Service:*** $ 16,726,065 $ 28,037,172 $ 47,145,597 $ 91,908,834

Avg. annual debt service:*** 1,592,959 1,304,055 2,245,028 $ 4,376,611

Savings Analysis
Total present value savings:*** 643,075 1,126,264 2,324,448 4,093,787
Cost of Issuance & UW Discount (176,467) (277,189) (451,345) (905,000)
Total net present value savings:*** 466,609 849,076 1,873,103 3,188,787
Total PV savings as % of bonds:*** 3.3% 3.8% 5.2% 4.4%

* Costs of Issuance and Underwriter's Discount were included in calculation of True Interest Cost. Actual Costs of Issuance and Underwriter's Discount may be paid
from other funds.
** Bonds will be subject to special redemption provisions that may result in earlier redemption.
*** Run at 200% PSA Prepayment Speed. “PSA” refers to an industry standard used to measure levels of prepayments on mortgage loans. “0” PSA assumes no prepayments.

5/6/20163:29 PM
 NEW BOND ISSUE REPORT

Name of Bond Issue: Kentucky Housing Corporation Tax-Exempt Conduit Multifamily

Housing Revenue Bonds (Jackson House Apartments Project), Series
2016

Purpose of Issue: The bonds will be used to finance the acquisition, rehabilitation and
equipping of two multifamily residential rental facilities consisting of
294 one bedroom units. The project is at two different locations, 301
South 9th Street and 820 Washington Street in Paducah, Kentucky.

Project Overview: SOYCAR, Inc. proposes to redevelop Jackson House Apartments

and W.B. Sanders Retirement Center Apartments, existing housing
facilities.

Name of Project: Jackson House Apartments

Date of Sale: June 2016*
Date of Issuance: June 2016*
Anticipated Ratings: N/A
Anticipated Net Proceeds: $27,628,750*
Cost of Issuance: $371,250* (Issuance costs will be paid from equity)
Total Project Cost: $42,500,000*
Terms of Issue: Anticipated net interest rate: 4.55%*
Anticipated term: 18 months*
Anticipated annual debt service: $675,829*
Anticipated gross debt service: $18,986,369*
First Call Date: Callable Anytime
Premium at First Call: No premium
Method of Sale: Private Placement
Developer: SOYCAR, Inc.
Underwriter: N/A
Bond Counsel: Stites & Harbison PLLC
Financial Advisor: The Housing Partnership, Inc.
Trustee: N/A

*Preliminary Subject to Change

Project Funding Sources:
Deferred Fees: $ 3,300,000
Acquisition Loan: 12,800,000
LIHTC Equity: 14,800,000
Tax-Exempt Bond Financing (perm)** 11,600,000
Total $ 42,500,000

Costs of Issuance:
Application Fee: $ 16,250
Origination Fee: 280,000
Legal Fee: 75,000
Total $ 371,250

**Total tax-exempt bonds will be $28,000,000; $11,600,000 will be permanent financing and $16,400,000 will be construction
financing.

Name of Bond Issue:
Purpose of Issue:
Name of Project:
Date of Sale:
Date of Issuance:
Anticipated Ratings:
Anticipated Net Proceeds:
Cost of Issuance:
Debt Service Reserve Fund:
Insurance Premium:
Total Project Cost:
Terms of Issue:
First Call Date:
Premium at First Call:
Method of Sale:
Developer:
Underwriter:
Bond Counsel:
Financial Advisor:
Trustee:
*Preliminary Subject to Change
NEW BOND ISSUE REPORT
Kentucky Housing Corporation Tax-Exempt Conduit Multifamily
Housing Revenue Bonds (Riverport Family Apartments Project),
Series 2016
The bonds will be used to finance the acquisition, construction and
equipping of the Riverport Family Apartments Project, a two-
hundred and forty unit property located at 4646 & 4650 Cane Run
Road, Louisville, Kentucky 40216. The proposed development is part
of a plan of development which will provide a campus that includes
a Family Scholar House, senior housing and family apartments. The
Kentucky Housing Corporation has conducted a public hearing
concerning the proposed project on May 16, 2016 following the
delivery of notice to the public on April 29, 2016.
Riverport Family Apartments Project
June 15, 2016*
June 30, 2016*
Standard & Poor’s (A-1+)
$19,400,000*
$570,420* (costs of issuance paid from owner equity)
$0, but a $908,062 operating reserve will be funded from equity.
N/A
$39,858,369*
Anticipated net interest rate: 4.225% *
Anticipated term: 210 months* (July 2034)
Anticipated average debt service: $976,333*
Anticipated gross debt service: $16,645,128*
July 2034
No premium
Private Placement (Red Stone LLC)
Riverport Development, LLC
N/A
Peck Shaffer, a division of Dinsmore & Shohl LLP
N/A
The Huntington National Bank
Project Funding Sources:
Tax Credit Equity $ 15,880,689
Deferred Developer Fee 889,680
Louisville HOME Funds 2,950,000
KHC HOME Funds 500,000
Affordable Housing Trust Funds 500,000
Capital Contribution (Owner) 1,310,000
Permanent Mortgage Loan 17,828,000
Total $ 39,858,369

Costs of Issuance:
Lender Origination Fee $ 267,420
KHC Counsel 20,000
KHC Financing Fee 97,000
KHC Application Fee & Expenses 7,500
KHC Admin Fee 5,000
Bond Counsel 50,000
Trustee Counsel 5,000
Lender Counsel 35,000
Borrowers Counsel 35,000
Trustee Fee 8,500
Accounting 10,000
TEFRA/Publication/Print 5,000
Cost of Issuance Contingency 25,000
Total $ 570,420

Name of Bond Issue:
Purpose of Issue:
Name of Project:
Date of Sale:
Date of Issuance:
Anticipated Ratings:
Anticipated Net Proceeds:
Cost of Issuance:
Debt Service Reserve Fund:
Insurance Premium:
Total Project Cost:
Terms of Issue:
First Call Date:
Premium at First Call:
Method of Sale:
Developer:
Underwriter:
Bond Counsel:
Financial Advisor:
Trustee:
*Preliminary Subject to Change
NEW BOND ISSUE REPORT
Kentucky Housing Corporation Tax-Exempt Conduit Multifamily
Housing Revenue Bonds (Riverport Family Scholar House Project),
Series 2016
The bonds will be used to finance the acquisition, construction and
equipping of the Riverport Family Scholar House Project, a sixty-
four unit property located at 4646 & 4650 Cane Run Road,
Louisville, Kentucky 40216. The proposed development is part of a
plan of development which will provide a campus that includes
family housing, senior housing and a Family Scholar House. The
Kentucky Housing Corporation has conducted a public hearing
concerning the proposed project on May 16, 2016 following the
delivery of notice to the public on April 29, 2016.
Riverport Family Scholar House Project
June 15, 2016*
June 30, 2016*
Standard & Poor’s (A-1+)
$7,300,000*
$284,865* (costs of issuance paid from owner equity)
$0, but a $210,933 operating reserve will be funded from equity.
N/A
$14,608,754*
Anticipated net interest rate: 4.225% *
Anticipated term: 192 months* (July 2032)
Anticipated average debt service: $164,426*
Anticipated gross debt service: $2,916,390*
July 2032
No premium
Private Placement (Red Stone LLC)
Riverport Development, LLC
N/A
Peck Shaffer, a division of Dinsmore & Shohl LLP
N/A
The Huntington National Bank
Project Funding Sources:
Tax Credit Equity $ 5,855,660
Deferred Developer Fee 525,094
Louisville HOME Funds 1,800,000
KHC HOME Funds 500,000
Affordable Housing Trust Funds 500,000
Capital Contribution (Owner) 475,000
Loan (for FSH Admin Building) 1,262,000
Metro Land Donation 800,000
Permanent Mortgage Loan 2,891,000
Total $ 14,608,754

Costs of Issuance:
Origination Fee $ 43,365
KHC Counsel 20,000
KHC Financing Fee 35,500
KHC Application Fee & Expenses 7,500
KHC Admin Fee 5,000
Bond Counsel 50,000
Trustee Counsel 5,000
Lender Counsel 35,000
Borrowers Counsel 35,000
Trustee Fee 8,500
Accounting 10,000
TEFRA/Publication/Print 5,000
Cost of Issuance Contingency 25,000
Total $ 284,865

Name of Bond Issue:
Purpose of Issue:
Name of Project:
Date of Sale:
Date of Issuance:
Anticipated Ratings:
Anticipated Net Proceeds:
Cost of Issuance:
Debt Service Reserve Fund:
Insurance Premium:
Total Project Cost:
Terms of Issue:
First Call Date:
Premium at First Call:
Method of Sale:
Developer:
Underwriter:
Bond Counsel:
Financial Advisor:
Trustee:
*Preliminary Subject to Change
NEW BOND ISSUE REPORT
Kentucky Housing Corporation Tax-Exempt Conduit Multifamily
Housing Revenue Bonds (Riverport Senior Apartments Project),
Series 2016
The bonds will be used to finance the acquisition, construction and
equipping of the Riverport Senior Apartments Project, a one-
hundred and eight unit property located at 4646 & 4650 Cane Run
Road, Louisville, Kentucky 40216. The proposed development is part
of plan of development which will provide a campus that includes a
Family Scholar House, senior housing and family apartments. The
Kentucky Housing Corporation has conducted a public hearing
concerning the proposed project on May 16, 2016 following the
delivery of notice to the public on April 29, 2016.
Riverport Senior Apartments Project
June 15, 2016*
June 30, 2016*
Standard & Poor’s (A-1+)
$8,700,000*
$354,065* (costs of issuance paid from owner equity)
$0, but a $379,860 operating reserve will be funded from equity.
N/A
$18,335,510*
Anticipated net interest rate: 4.225% *
Anticipated term: 194 months* (Sept. 2032)
Anticipated average debt service: $381,772*
Anticipated gross debt service: $21,121,708*
September 2032
No premium
Private Placement (Red Stone LLC)
Riverport Development, LLC
N/A
Peck Shaffer, a division of Dinsmore & Shohl LLP
N/A
The Huntington National Bank
Project Funding Sources:
Tax Credit Equity $ 7,284,232
Deferred Developer Fee 252,078
Louisville HOME Funds 2,250,000
KHC HOME Funds 500,000
Affordable Housing Trust Funds 500,000
Capital Contribution (Owner) 578,200
Permanent Mortgage Loan 6,971,000
Total $ 18,335,510

Costs of Issuance:
Origination Fee $ 104,565
KHC Counsel 20,000
KHC Financing Fee 43,500
KHC Application Fee & Expenses 7,500
KHC Admin Fee 5,000
Bond Counsel 50,000
Trustee Counsel 5,000
Lender Counsel 35,000
Borrowers Counsel 35,000
Trustee Fee 8,500
Accounting 10,000
TEFRA/Publication/Print 5,000
Cost of Issuance Contingency 25,000
Total $ 354,065
 Preliminary New Bond Issue Report

Issue: $28,915,000 (est.) Western Kentucky University General Receipts Refunding Bonds, 2016 Series B

Purpose of Issue: Bond proceeds of the 2016 Series B will be used to 1.) partially advance refund Western Kentucky
University General Receipts Bonds, 2009 Series A; and 2.) pay associated costs of issuance.

Proposed Date of Sale: June 9, 2016

Proposed Date of Delivery: June 30, 2016

Ratings:
Moody's TBD

2016 Series B Refunding

Sources:
Par amount of bonds: $28,915,000
Premium: 2,549,032
Total Sources: $31,464,032

Uses:
Escrow Fund Deposit: $30,905,123
Cost of Issuance: 125,184
Underwriter Discount: 433,725
Total Uses: $31,464,032

All-in True Interest Cost: 2.544%

Final Maturity Date: 9/1/2028
Average Annual Debt Service: $3,025,073
Total Debt Service: $36,939,503
Average Life (years): 7.914

Refunding Summary:
Bond Issue Being Refininanced: See Summary of Bonds Refunded (attached)
Par Amount of Refunded Bonds: $28,370,000
Net PV Savings: $1,836,524
Percentage Savings of Refunded Bonds: 6.473%

Method of Sale: Competitive

Bond Counsel: Dinsmore & Shohl, LLP
Financial Advisor: Hilliard Lyons
Trustee: U.S. Bank

Cashflows as of 5/2/16
Preliminary Subject to Change
 BOND DEBT SERVICE

Western Kentucky University
Refunding of Series 2009A

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

09/01/2016 345,000 2.000% 222,877.92 567,877.92

03/01/2017 524,418.75 524,418.75
06/30/2017 1,092,296.67
09/01/2017 40,000 2.000% 524,418.75 564,418.75
03/01/2018 524,018.75 524,018.75
06/30/2018 1,088,437.50
09/01/2018 45,000 2.000% 524,018.75 569,018.75
03/01/2019 523,568.75 523,568.75
06/30/2019 1,092,587.50
09/01/2019 2,370,000 4.000% 523,568.75 2,893,568.75
03/01/2020 476,168.75 476,168.75
06/30/2020 3,369,737.50
09/01/2020 2,460,000 4.000% 476,168.75 2,936,168.75
03/01/2021 426,968.75 426,968.75
06/30/2021 3,363,137.50
09/01/2021 2,565,000 4.000% 426,968.75 2,991,968.75
03/01/2022 375,668.75 375,668.75
06/30/2022 3,367,637.50
09/01/2022 2,665,000 4.000% 375,668.75 3,040,668.75
03/01/2023 322,368.75 322,368.75
06/30/2023 3,363,037.50
09/01/2023 2,795,000 5.000% 322,368.75 3,117,368.75
03/01/2024 252,493.75 252,493.75
06/30/2024 3,369,862.50
09/01/2024 2,920,000 4.000% 252,493.75 3,172,493.75
03/01/2025 194,093.75 194,093.75
06/30/2025 3,366,587.50
09/01/2025 3,040,000 4.000% 194,093.75 3,234,093.75
03/01/2026 133,293.75 133,293.75
06/30/2026 3,367,387.50
09/01/2026 3,135,000 2.250% 133,293.75 3,268,293.75
03/01/2027 98,025.00 98,025.00
06/30/2027 3,366,318.75
09/01/2027 3,220,000 3.000% 98,025.00 3,318,025.00
03/01/2028 49,725.00 49,725.00
06/30/2028 3,367,750.00
09/01/2028 3,315,000 3.000% 49,725.00 3,364,725.00
06/30/2029 3,364,725.00

28,915,000 8,024,502.92 36,939,502.92 36,939,502.92

 SUMMARYOFBONDSREFUNDED

WesternKentuckyUniversity
RefundingofSeries2009A

Maturity Interest Par Call Call

Bond Date Rate Amount Date Price

GeneralReceiptsBonds,2009SeriesA,2009A:
SERIALS 09/01/2019 4.000% 2,325,000.00 09/01/2018 100.000
09/01/2020 4.000% 2,415,000.00 09/01/2018 100.000
09/01/2021 4.000% 2,515,000.00 09/01/2018 100.000
09/01/2022 4.250% 2,620,000.00 09/01/2018 100.000
09/01/2023 4.375% 2,740,000.00 09/01/2018 100.000
09/01/2024 4.625% 2,865,000.00 09/01/2018 100.000
09/01/2025 4.750% 3,000,000.00 09/01/2018 100.000
09/01/2026 4.750% 3,145,000.00 09/01/2018 100.000
09/01/2027 4.500% 3,295,000.00 09/01/2018 100.000
09/01/2028 4.625% 3,450,000.00 09/01/2018 100.000

28,370,000.00
 SAVINGS

Western Kentucky University
Refunding of Series 2009A

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 1,253,656.26 1,092,296.67 161,359.59

06/30/2018 1,253,656.26 1,088,437.50 165,218.76
06/30/2019 1,253,656.26 1,092,587.50 161,068.76
06/30/2020 3,532,156.26 3,369,737.50 162,418.76
06/30/2021 3,527,356.26 3,363,137.50 164,218.76
06/30/2022 3,528,756.26 3,367,637.50 161,118.76
06/30/2023 3,527,781.26 3,363,037.50 164,743.76
06/30/2024 3,532,168.76 3,369,862.50 162,306.26
06/30/2025 3,530,978.13 3,366,587.50 164,390.63
06/30/2026 3,528,475.00 3,367,387.50 161,087.50
06/30/2027 3,527,531.25 3,366,318.75 161,212.50
06/30/2028 3,528,700.00 3,367,750.00 160,950.00
06/30/2029 3,529,781.25 3,364,725.00 165,056.25

39,054,653.21 36,939,502.92 2,115,150.29

Savings Summary

Savings PV date 06/15/2016
Savings PV rate 2.274985%
PV of savings from cash flow 1,833,188.55
Plus: Refunding funds on hand 3,335.51

Net PV Savings 1,836,524.06
 School Facilities Construction Commission
Finance and Administration Cabinet
229 W. Main Street, Suite 102
MATT BEVIN Frankfort, Kentucky 40601 JAMES LEE STEVENS
Governor (502) 564-5582 Chairman
MR. WILLIAM LANDRUM III (888) 979-6152 Fax LISA D. COLLINS
Secretary www.sfcc.ky.gov Executive Director

MEMORANDUM

TO: Ryan Barrow

Office of Financial Management

FROM: Lisa D. Collins, SFCC

DATE: May 9, 2016

SUBJECT: Capital Projects and Bond Oversight Committee (CPBO)

The following information is submitted for consideration by CPBO at their next meeting tentatively scheduled for
May 24, 2016:

Allen County - $8,230,000 estimated – Improvements at the Middle School are planned. State estimated
annual debt service is $57,705, and local is $536,185. No tax increase is necessary to finance this project.

Boone County - $10,805,000 estimated – Refunding of the February 1, 2009 bonds is planned. State
estimated annual debt service is $55,486, and local is $961,869. No tax increase is necessary to finance
this project.

Bourbon County - $5,875,000 estimated – Refunding of the January 22, 2009 bonds is planned. State
estimated annual debt service is $11,086 and local is $525,928. No tax increase is necessary to finance
this project.

Carlisle County - $2,140,000 estimated – Refunding of the May 1, 2008 bonds is planned. State estimated
annual debt service is $57,829, and local is $150,709. No tax increase is necessary to finance this project.

Cloverport Independent - $3,300,000 estimated – Refunding of the January 1, 2008 bonds is planned.
State estimated annual debt service is $283,921, and local is $30,348. No tax increase is necessary to
finance this project.

Covington Independent - $2,460,000 estimated – Improvements at Holmes High and Middle Schools are
planned. State estimated annual debt service is $119,066, and local is $52,862. No tax increase is
necessary to finance this project.

Cumberland County - $2,560,000 estimated – Refunding of the April 1, 2007 bonds is planned. State
estimated annual debt service is $125,828, and local is $138,074. No tax increase is necessary to finance
this project.

An Equal Opportunity Employer M/F/D

Elliott County - $2,195,000 estimated – Refunding of the November 1, 2007 bonds is planned. State
estimated annual debt service is $219,198, and local is $0. No tax increase is necessary to finance this
project.

Fleming County - $1,930,000 estimated – Refunding of the July 1, 2008 bonds is planned. State estimated
annual debt service is $79,487, and local is $102,224. No tax increase is necessary to finance this project.

Fulton Independent - $365,000 estimated – Improvements at the High, Middle, and Carr Elementary
Schools are planned. State estimated annual debt service is $25,501, and local is $0. No tax increase is
necessary to finance this project.

Grayson County - $9,020,000 estimated – Refunding of the April 21, 2009 bonds is planned. State
estimated annual debt service is $111,826 and local is $747,034. No tax increase is necessary to finance
this project.

Harrison County - $4,310,000 estimated – Refunding of the May 1, 2008 bonds is planned. State
estimated annual debt service is $68,758 and local is $346,329. No tax increase is necessary to finance
this project.

Jefferson County - $42,555,000 estimated – Improvements at various Schools are planned. State
estimated annual debt service is $1,395,567, and local is $1,314,133. No tax increase is necessary to
finance this project.

Jenkins Independent - $1,260,000 estimated – Refunding of the November 27, 2007 bonds is planned.
State estimated annual debt service is $18,704, and local is $105,987. No tax increase is necessary to
finance this project.

LaRue County - $4,295,000 estimated – Improvements at various Schools are planned. State estimated
annual debt service is $85,271, and local is $194,597. No tax increase is necessary to finance this project.

LaRue County - $275,000 estimated – Refunding of the October 1, 2007 bonds is planned. State estimated
annual debt service is $27,902 and local is $0. No tax increase is necessary to finance this project.

Ludlow Independent - $285,000 estimated – Refunding of the July 1, 2007 bonds is planned. State
estimated annual debt service is $28,088 and local is $0. No tax increase is necessary to finance this
project.

Ludlow Independent - $580,000 estimated – Refunding of the December 1, 2007 bonds is planned. State
estimated annual debt service is $57,892 and local is $0. No tax increase is necessary to finance this
project.

Martin County - $39,055,000 estimated – Construction of a new High School is planned. State estimated
annual debt service is $1,396,064 and local is $1,329,402. No tax increase is necessary to finance this
project.

Ohio County - $2,805,000 estimated – Additions and renovations to Ohio County Middle and High Schools
are planned. State estimated annual debt service is $91,689 and local is $95,176. No tax increase is
necessary to finance this project.

An Equal Opportunity Employer M/F/D

 Paducah Independent - $3,170,000 estimated – Refunding of the April 9, 2009 bonds is planned. State
estimated annual debt service is $38,763 and local is $258,776. No tax increase is necessary to finance
this project

Paris Independent - $380,000 estimated – Refunding of the June 1, 2004 bonds is planned. State
estimated annual debt service is $54,683 and local is $0. No tax increase is necessary to finance this
project.

Todd County - $1,185,000 estimated – Improvements at Todd High/Middle, North and South Elementary
schools are planned. State estimated annual debt service is $56,386, and local is $25,855. No tax increase
is necessary to finance this project.

Washington County - $1,450,000 estimated – Improvements at Washington County Elementary School are
planned. State estimated annual debt service is $31,499, and local is $70,320. No tax increase is
necessary to finance this project.

Webster County - $890,000 estimated – Renovations to Webster County Middle School are planned. State
estimated annual debt service is $31,337, and local is $33,435. No tax increase is necessary to finance this
project.

Williamstown Independent - $3,220,000 estimated – Refunding of the December 1, 2007 bonds is planned.
State estimated annual debt service is $240,827 and local is $81,727. No tax increase is necessary to
finance this project.

Williamstown Independent - $2,280,000 estimated – Refunding of the April 1, 2007 bonds is planned.
State estimated annual debt service is $26,158 and local is $214,022. No tax increase is necessary to
finance this project.

If you or the Committee need any additional information please feel free to contact me.

An Equal Opportunity Employer M/F/D

 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Allen County School District Series 2016
Date: April2T 20T6
"
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Allen County
School District. Please process this issue at the next meeting of the Capital Projects and
Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $9,230,000

lssue Name: Allen County School District Finance Corporation School Building Revenue Bonds, Series 2016

Purpose: lmprovements at Middle School

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1126 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC. 267 Capitol Annex. Frankfort. Kv. / 'l'l :00 A.M

Bond Rating: MoodVs: "4a3"

Bond Counsel: & Johnson, Louisville, KY

FiscalAgent: Sinclaire & Lexin n

Date received by SFCC: tn

Date scheduled for Committee review:

Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $799,664 $7.430.336 0 000
% Share of total Bonds: 9.72% 90.28o/o
Estimated average annual debt service: $57,705 $536,1 85 $593,890
Estimated debt service reserve: 0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. $4 462 1 458 920
Special Tax Counsel $0 $0 $0
Number verifications $0 $0 $0
Bond Rating $31 6 $2,934 $3.250
Underwriter's Discount $15,993 $148,607 $164,600
Bank Fee $340 $3,1 60 $3,500
Total Cost of lssuance: $21,111 $1 96,1 59 17
Anticipated lnterest Rates: 5 Years 2.000o/o 10 Years 3.000% 15 Years: 3.500%
20 Years: 3750%

Note: No Local Tax increase ¡s requ¡red.

 ALLEN COUNTY SCHOOL DISTRICT
Plan of Financing

Date of Report: 412712016

Local Bond Payments Outstanding 1

Summary of Funds for Bond Payments 2

Projected June 2016 Bond lssue 3

 ALLEN COUNTY SCHOOL DISTRICT
OUTSTANDING NET LOCAL DEBT SERVICE

A B c D F G H J

100% sFcc
Series Series Seríes Series Series QSCB Series Series Series
FYE 2005-REF 2005 2006 2007 201o-QSCB Shortfall 2012-REF* 2013 2015-REF* Total

2016 $634,936 $122,220 $4,231 $741,159 $55,879 $562,885 $245,970 $81 ,1 67 82,448,447
2017 $637,642 $4,229 $74 1, r 59 $55,879 $567,985 s249,220 $205,643 $2,461,757
2018 $3,866 $74'1 ,1 59 $55,879 $572,785 $579,070 9322,713 $2,275,473
2019 $3,295 $741,159 $55,879 $572,285 $575,521 $323,588 $2,271,727
2020 $2,513 $741 ,1 59 $55,879 $581,584 $571,871 $319,526 $2,272,532
2021 $1,416 $741,1 59 $s5,879 $579,935 $57s,769 $315,626 $2,269,784
2022 $5,016 $74'1,159 $55,879 $582,835 $577,045 $316,826 $2,278,760
2023 $3,1 96 $741,1 59 $55,879 $580,1 35 $572,944 $323,000 $2,276,314
2024 $1,1 10 $741 , 1 59 $55,879 $588,246 $408,300 $1,794,694
2025 $5,1 I 7 $741, I 59 $55,879 $578,020 $413,475 $1,793,650
2026 $3,062 $741,159 $55,879 $577,496 $414,61 3 $1,792,208
2027 $4.217 $741 ,1 59 $55,879 $482,612 $1,283,867
2028 $741,159 $27,939 $483,013 $1,252,112
2029 $629,642 $629,642
2030 $630,861 $630,861
2031 $634,260 $634,260
2032 $631,561 $631,561
2033 $632,760 $632,760
2034 $619,635 $619,635

Totals: $1,272,579 $122,220 $0 541,270 $9,635,067 $698,485 $4,600,429 $10,435,516 $3,444,477 $30,250,041

4t27t2016 RSA Page 1

 ALLEN COUNTY SCHOOL DISTRICT
SUMMARY OF FUNDS AVAILABLE
A c D EFGHI J K L M
Gapital Total Less Local 2012 20't2 Total
Local EFF Additional Outlay Addfl. Local Gurrent Funds sFcc sFcc Funds
FYE Nickel Nickel Local @80% FSPK FSPK Funds Payments Available Offer Offer Available
2016 $459,489 $459,489 $689,234 $217J90 $557,230 $557,230 $2,939,862 ($2,448,447) $491 ,415 $491,415
2017 $459,489 $459,489 $689,234 $217J90 $557,230 $557,230 $2,939,862 ($2.461,757) $478,1 05 $39,969 $17,736 $53s,810
2018 $459,489 $459,489 $689,234 $217,190 $5s7,230 $557,230 $2,939,862 ($2,275,473) $664,389 $39,969 $17,736 $722,094
2019 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $557,230 $2,939,862 ($2,271,727) $668,1 35 $39,969 $17,736 $725,840
2020 $459,489 $459,489 $689,234 $217,190 $557,230 $557,230 $2,939,862 ($2,272,532) $667,330 $39,969 $17,736 $725,035
2021 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $557,230 $2,939,862 ($2,26e,784) $670,078 $39,969 $17,736 $727,783
2022 $459,489 $459,489 $689,234 $217,190 $557,230 $557,230 $2,939,862 ($2,278,760) $661 ,1 02 $39,969 $17,736 $718,807
2023 $4s9,489 $459,489 $689,234 $21 7,1 90 $557,230 $557,230 $2,939,862 ($2,276,314) $663,548 $39,969 $17,736 $721,253
2024 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $557,230 $2,939,862 ($1,794,694) $1,145,168 $39,969 $17,736 $1,202,873
2025 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $557,230 $2,939,862 ($1,793,650) $1,146,212 $39,969 $17,736 $1,203,917
2026 $459,489 $459,489 $689,234 $217,190 $557,230 $160,000 $2,542,632 ($1,792,208) $750,424 $39,969 $17,736 $808,1 29
2027 $459,489 $459,489 $689,234 $2 1 7,1 90 $557,230 $2,382,632 ($1,283,867) $1,098,765 $39,969 $17,736 $'1 ,1 56,470
2028 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $2,382,632 ($1,252,112) $1 ,1 30,520 $39,969 $17,736 $1 ,1 88,225
2029 $459,489 $459,489 $689,234 $217,190 $557,230 $2,382,632 ($62s,642) $1,752,990 $39,969 $17,736 $ 1 ,81 0,695
2030 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $2,382,632 ($630,861 ) $1,751,771 $39,969 $17,736 $1,809,476
2031 $459,489 $459,489 $689,234 $217,190 $557,230 $2,382,632 ($634,260) $1,748,372 $39,969 $17,736 $1,806,077
2032 $459,489 $459,489 $689,234 $217,190 $557,230 $2,382,632 ($631 ,561) $1,751,07r $39,969 $17,736 $1,808,776
2033 $459,489 $459,489 $689,234 $217,190 $557,230 $2,382,632 ($632,760) $1,749,872 $39,969 $17,736 $1,807,577
2034 $459,489 $4s9,489 $689,234 $217,190 $557,230 $2,382,632 ($619,635) $1,762,997 $39,969 $17,736 $1,820,702
2035 $459,489 $459,489 $689,234 $21 7,1 90 $557,230 $2,382,632 $0 $2,382,632 $39,96e $17,736 $2,440,337
2036 $459,489 $459,489 $689,234 $217,190 $557,230 $2,382,632 $0 62,382,632 $39,969 $17,736 $2,440,337

Totals: $9,649,269 $9,649,269 $1

$14.473.915
 $4,560. 985 701
$1111.701 ,830 $5,732.300 $55. 767 568 ($30 250.041 $25,517,527 $799,380 $354,720 $26,671 627

NOIES; Data based on assessments of $918,978,739 and ADA of 2,714.872 per KDE SEEK Website

Page 2
4t27t2016 RSA
 ALLEN COUNTY SCHOOL DISTRICT
PROJECTED JUNE 2016 BOND ISSUE (M|DDLE SCHOOL)

A B c D E F t H J K
Projected Funds
Estimated New Bond lssue ------------ All Local Local Available
Current FY Principal lnterest Total SFCC Local Payments Funds For Future
ments June 30 Payment Coupon Payments Payments Portion Portion Outstandinq Available Proiects

82,461,757 2017 $135,000 1.000% $154,730 $397,673 $57,705 $339,968 $2,801,725 $2,939,862 $138,137
$2,275,473 2018 $235,000 1.250% $308,610 $496,323 $57,705 $438,618 $2,714,O91 $2,939,862 $225,771
$2,271,727 2019 $240,000 1.500% $306,910 $498,386 $57,705 $440,681 $2,712,407 $2,939,862 ç227,455
$2,272,532 2020 $245,000 1.75oo/o $305,1 60 $499,786 $57,705 $442,081 $2,714,613 $2,939,862 $225,249
$2,269,784 2021 $245,000 2.000% $300,010 $495,498 $57,705 $437,793 $2,707,577 $2,939,862 s232,285
$2,278,760 2022 $250,000 2.25Oo/o $291,460 $495,598 $57,705 $437,893 $2,716,653 $2,939,862 $223,209
$2,276,314 2023 $260,000 2.500% $282,810 $499,973 $57,705 $442,268 $2,718,582 $2,939,862 $221,280
$1,794,694 2024 $455,000 2.750% s271,710 $688,473 $57,705 $630,768 $2,425,462 $2,939,862 $514,400
$1,793,650 2025 $465,000 3.000% $257,985 $685,961 $57,705 $628,256 $2,421,906 $2,939,862 $517,956
$1,792,208 2026 $90,000 3.250% $243,885 $297,011 $57,705 $239,306 $2,031,513 $2,542,632 $51 1,1 19
$1,283,867 2027 $440,000 3.250% $229,1 85 $644,086 $57,705 $586,381 $1,870,248 $2,382,632 $512,384
$1,252,112 2028 $485,000 3.500% $213,960 $674,786 $57,705 $617,081 $1,869,192 62,382,632 $513,440
$629,642 2029 $515,000 3.500% $198,435 $687,811 $57,705 $630,106 $1,259,748 62,382,632 $1,122,884
$630,861 2030 $535,000 3.500% $183,551 $689,786 $57,705 $632,081 $1,262,941 $2,382,632 $1,119,690
$634,260 2031 $550,000 3.756% $168,953 $686,061 $57,705 $628,356 $1,262,615 $2,382,632 s1J20,017
$631,56'l 2032 $570,000 3.700% $150,581 $685,403 $57,705 $627,698 $1,259,258 $2,382,632 s1J23,373
$632,760 2033 $595,000 3.750% $126,800 $689,313 $57,705 $631,608 $1,264,368 $2,382,632 $1j18264
$619,635 2034 $615,000 3.750% $100,200 $687,000 $57,705 $629,295 $1,248,930 $2,382,632 $1,'133,702
$0 2035 $640,000 3.750% $72,500 $688,938 $57,705 $631,233 $631,233 92,382,632 $1,751,399
$0 2036 $665,000 3.750% $43,700 $689,938 $57,705 $632,233 $632,233 $2,382,632 $1,750,399

$27,801,594 Totals: 000 ç4,211,135 $11,877,798 $1,154,100 $10,723,698 $38 292 827 706 02 15

4t27t2016 RSA Page 3

 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Boone County School District Series 2016
Date: };4.ay 05,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Boone
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $to 805 000

School District Finance School Bui Refundi Revenue Bo Series 2016
lssue Name: Boone Cou

Purpose: Refinance Series 2009

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1t26 100

Method of Sale: Bids

Place/time of sale: SFCC 267 C Annex Frankfo / 11:00 A.M

Bond Rating: "4a3"

Bond Counsel: & Johnson Louisville, KY

FiscalAgent: Sinclaire & Lexin

Date received by SFCC

Date scheduled for Committee review:
Month Day Year
sFcc Local
Portion Portion Total
Estimated par amount of Bonds: $589,303 $10,215,697 $10 805,000

% Share of total Bonds: 5.45% 94.55%

Estimated average annual debt service: $55,486 $961,869 $1,017,356

Estimated debt service reserve: 0 $0

Estimated Cost of lssuance:

Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc $3 066 154 $56,220
Special Tax Counsel $273 $4,727 $5,000

Number verifications $55 $945 $1,000

Bond Rating $1,200 $20,800 $22,000
nderwriter's Discount $11,786 $204,314 $21 6,1 00
U

Bank Fee $1 91 $3,309 $3,500

16 570 7 250 J 820
Total Cost of lssuance:
Anticipa ted lnterest Rates: 5 Years 1.700% '10 Years 2A00% '15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red.

 Boone Gounty School District
Projected Plan of Refinancing

Date of Report: May 05, 2016

Prior Bonds Call Reports

2009 Call Report...... 1

2016 Series Refunding Bonds

Total Savings Report... 2
BOONE COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS, SERIES 2OO9

Debt Service To Maturity And To Call

Refunded Refunded
Date Randc lnterest D/S To Call Princioal Couoon lnterest Refunded D/S
08t0t/2016 2t8,340.63 2 I 8,340.63 218,340.63 2I 8,340.63

0210v20t'7 218,340.63 2t8,340.63 3.2s0% 2t8,340.63 2t8.340.63

08/01/20t7 218,340.63 2r 8,340.63 2 r 8,340.63 2I 8,340.63
02101120t8 2t8,340.63 2I 8,340.ó3 3.500% 2t8,340.63 2I 8.340.63
08/0 r/tnrq 2I 8.340.63 2l 8.340.63 2 I 8.340.63 218.340.63
02/0t/2019 9,515,000.00 2t8,340.63 9.',133,340.63 3.',150% 218,340.63 218,340.63
08/0t/2019 2I 8,340.63 2t8,340.63
02/01/2020 540,000.00 4250% 2t8.340.63 '7
58,340.63
08/0112020 206,865.63 206,8ós.63
565 000 00 4 25oo/. 206.865.63 '771.865.63
0110112021
08t0t/2021 I 94,859.38 I 94,859.38
02/0t/2022 590,000.00 4.250% I 94,859.38 784,859.38
08/01/2022 I 82,32 1.88 I 82,32 L88
02/01/2Q23 6I 5,000.00 4.2s0% I 82,32 1.88 797 ,32t.88
csi0t/2023 t69.253.t3 r69.253.13
02101/2024 640.000.00 4.2500/0 t69,253.t3 809,253. l3
08/0v2024 155,653. l3 155,653. t3
02/0t/202s 1.135,000.00 4 s00% I 55,653. l3 | ,290.653.13
08/0t/202s 130,1 15.63 130,1 15.63

02/0 1 t)î1Á l. I 95.000.00 4 5000/^ r30 il5 63 t32511563

08/0t/2026 to3,228.13 103,228. t3
02/01/202'7 1,320,000.00 4.875yo 103,228.13 1,423,228.13
08/0t/2027 7 1,053. I 3 7 1,053. 1 3

02/01/2028 1,420,000.00 4.875% 7 1,053. I 3 r,49 1,053. I3

08/0t/2028 36.440.63 36_440.63

02/0t/2029 1,495,000.00 4 8'75y. 36.440.63 t,531.440.63

Total s9,s1s,000.00 sl,3 10,043.78 s1 0,E25,043.78 s9,s1s,000.00 $4,246,306.38 s13,761,306.38

V¡ôl.l Sfâf¡cfi.e

Base date fo¡ Avs. Life & Avs. Coupon Calculation 6/01/20t6
Averase Life 9.242Years
Ä-erace f-nlnnn 4.8281319%
Weishted Ave¡ase Matu¡itv lPar Basis) 9 203 Years

Refundinq Bond lnformation

Refundins Dated Date 6/01/2016

Refundins Deliverv Date 6/15120t6

BOONECSDSERIES2009 I SINGLEPURPOSE I 5/5/2016 | 12:52PM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
BOONE COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REFLINDING REVENUE BONDS, SERIES 2016
PROJECTED REFINANCING OF 2OO9

Debt Service Comparison

Date Total P+l Existinq D/S Net New D/S Old Net D/S Savinqs
06/30t2016
06/3012017 395,656.67 573,900.00 969,556.67 l ,010,s8 1 .26 41,024.59
06/30D018 395,735.00 537,000.00 932,735.00 973,681 .26 40,946.26
06/30/2019 393,111 .50 539,500 00 933,211.s0 916,18t.26 4) A^1 '76

06130/2020 936.611 s0 936,617.50 916.681 26 40.06316

06/30/2021 939,03'7.50 qlq n17 5n 918,131.26 39,693.'76
06t3012022 940,485.00 940,48s 00 979,718 76 39,233 76
06/30n023 940,220 00 940,220 00 979,643 76 39,423 16
06/30/2024 938,545.00 938,545.00 978,506.26 39,961 .26
06130t202s 1.406.525.00 1.406.525 00 1.446,306.26 39.781.26
06/30/2026 1,41 1 ,512 50 1,411,512.50 I,455,231.26 43,718.7 6
06/30/2021 1,485,012.50 1,485,012 50 t,526,456.26 4t,443 16
06t30/2028 1,5 1 8,840 00 1,51 8,840.00 t,562,106.26 43,266.26
0613012029 r,523,660.00 1 ,523 ,660.00 I,561 ,881. .26 44,221.26
Total s73,225,624.17 sl,650,400.00 s14,876,024.17 $15,411,706.38 s535,682.21

PV Analysis Summary (Net to Net)

Gross PV Debt Service Savings 464.4st.0s

Net PV Cashflow Savings (D 2.571%(Bond Yield) 464.451.05

Accrued Interest Credit to Debt Service Fund 10.246 64

Contingency or Rounding Amount 1.636.54
Net Present Value Benefit s476^334.23

Net PV Benel'ir i S9.515.000 Relunded Principal 5.006%

Net PV Benefìt / $10 4.408%

Refunding Bond lnformation

Refunding Dated Date 6/01/2016

Refunding Delivery Date 6/15/2016

BOONE CSD SERIES 2016 REF I SINGLE PURPOSE | 51 5/2016 | 12:52PM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
December 10, 2015

Ms. Lisa Collins

School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$5,875,000 (est.)
Bourbon County
School District Finance Corporation
School Building Refunding Revenue Bonds,
Series of 2016

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. Please be advised that no tax increases were required to
support this financing.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
8639.

Sincerely,

/s/ Mark Rawlings

Mark Rawlings
Vice President
Public Finance Department
 BOND PAYEE DISCLOSURE FORM
Par Amount: $5,875,000

Issue Name: Bourbon County School District Finance Corporation

School Building Refunding Revenue Bonds, Series 2016
Purpose: Advance refunding the Series 2009 bonds

Projected Sale Date of Bonds: May 26, 2016

First Call Date: 2026

Method of Sale: Competitive

Place/Time of Sale: SFCC/11:00 A.M. EDT

Bond Rating: “Aa3” – Moody’s

Bond Counsel: Steptoe & Johnson

Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Architect: N/A

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Portion Local Portion Total

Estimated par amount of Bonds: $124,792 $5,750,208 $5,875,000
% Share of total Bonds: 2.1% 97.9% 100%
Estimated average annual debt service: 11,086 525,928 537,014
Estimated debt service reserve: -0- -0- -0-
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 767 35,734 36,500
Special Tax Counsel 123 5,752 5,875
Number Verifications 42 1,958 2,000
Bond Rating 241 11,259 11,500
Underwriter's Discount 1,851 86,274 88,125
Paying Agent/Escrow Agent Bank 105 4,895 5,000
Total Cost of Issuance: 3,129 145,871 94,900

Anticipated Interest Rates: 5 Years: 1.40% 10 Years: 2.00%

13 Years: 2.50% 20 Years: N/A

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
 TABLE OF CONTENTS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Report Page

School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 5
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . 8
Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SFCC Portion
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 18

District Portion
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 22
 SOURCES AND USES OF FUNDS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Dated Date 06/16/2016
Delivery Date 06/16/2016

District
Sources: SFCC Portion Portion Total

Bond Proceeds:
Par Amount 124,792.00 5,750,208.00 5,875,000.00
Premium 459.87 25,724.66 26,184.53

125,251.87 5,775,932.66 5,901,184.53

District
Uses: SFCC Portion Portion Total

Refunding Escrow Deposits:
PV cost of cashflows 116,332.26 5,635,446.41 5,751,778.67

Cost of Issuance:
Hilliard Lyons 775.30 35,724.70 36,500.00
Tax Counsel 124.79 5,750.21 5,875.00
Rating 244.27 11,255.73 11,500.00
Paying Agent/Escrow Agent 106.21 4,893.79 5,000.00
Verification 42.48 1,957.52 2,000.00
1,293.05 59,581.95 60,875.00

Underwriter's Discount:
Underwriter's Discount 1,871.88 86,253.12 88,125.00

Other Uses of Funds:
Additional Proceeds 5,754.68 ‐5,348.82 405.86

125,251.87 5,775,932.66 5,901,184.53

 BOND DEBT SERVICE

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

08/01/2016 14,330.16 14,330.16

02/01/2017 110,000 1.000% 57,320.63 167,320.63
06/30/2017 181,650.79
08/01/2017 56,770.63 56,770.63
02/01/2018 70,000 1.000% 56,770.63 126,770.63
06/30/2018 183,541.26
08/01/2018 56,420.62 56,420.62
02/01/2019 70,000 1.150% 56,420.62 126,420.62
06/30/2019 182,841.24
08/01/2019 56,018.13 56,018.13
02/01/2020 170,000 1.300% 56,018.13 226,018.13
06/30/2020 282,036.26
08/01/2020 54,913.13 54,913.13
02/01/2021 170,000 1.400% 54,913.13 224,913.13
06/30/2021 279,826.26
08/01/2021 53,723.12 53,723.12
02/01/2022 170,000 1.500% 53,723.12 223,723.12
06/30/2022 277,446.24
08/01/2022 52,448.12 52,448.12
02/01/2023 635,000 1.600% 52,448.12 687,448.12
06/30/2023 739,896.24
08/01/2023 47,368.13 47,368.13
02/01/2024 645,000 1.750% 47,368.13 692,368.13
06/30/2024 739,736.26
08/01/2024 41,724.38 41,724.38
02/01/2025 655,000 1.850% 41,724.38 696,724.38
06/30/2025 738,448.76
08/01/2025 35,665.62 35,665.62
02/01/2026 670,000 2.000% 35,665.62 705,665.62
06/30/2026 741,331.24
08/01/2026 28,965.62 28,965.62
02/01/2027 685,000 2.125% 28,965.62 713,965.62
06/30/2027 742,931.24
08/01/2027 21,687.51 21,687.51
02/01/2028 900,000 2.250% 21,687.51 921,687.51
06/30/2028 943,375.02
08/01/2028 11,562.51 11,562.51
02/01/2029 925,000 2.500% 11,562.51 936,562.51
06/30/2029 948,125.02

5,875,000 1,106,185.83 6,981,185.83 6,981,185.83

 BOND SUMMARY STATISTICS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Dated Date 06/16/2016
Delivery Date 06/16/2016
Last Maturity 02/01/2029

Arbitrage Yield 2.011183%
True Interest Cost (TIC) 2.194815%
Net Interest Cost (NIC) 2.188860%
All‐In TIC 2.323663%
Average Coupon 2.072795%

Average Life (years) 9.084
Weighted Average Maturity (years) 9.094
Duration of Issue (years) 8.270

Par Amount 5,875,000.00
Bond Proceeds 5,901,184.53
Total Interest 1,106,185.83
Net Interest 1,168,126.30
Total Debt Service 6,981,185.83
Maximum Annual Debt Service 948,125.02
Average Annual Debt Service 552,965.21

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 15.000000

Total Underwriter's Discount 15.000000

Bid Price 98.945694

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 5,875,000.00 100.446 2.073% 9.084 07/16/2025 4,425.95

5,875,000.00 9.084 4,425.95

All‐In Arbitrage
TIC TIC Yield

Par Value 5,875,000.00 5,875,000.00 5,875,000.00

  + Accrued Interest
  + Premium (Discount) 26,184.53 26,184.53 26,184.53
  ‐ Underwriter's Discount ‐88,125.00 ‐88,125.00
  ‐ Cost of Issuance Expense ‐60,875.00
  ‐ Other Amounts

Target Value 5,813,059.53 5,752,184.53 5,901,184.53

Target Date 06/16/2016 06/16/2016 06/16/2016

Yield 2.194815% 2.323663% 2.011183%
 SAVINGS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 215,188.74 181,650.79 33,537.95

06/30/2018 215,188.74 183,541.26 31,647.48
06/30/2019 215,188.74 182,841.24 32,347.50
06/30/2020 315,188.74 282,036.26 33,152.48
06/30/2021 311,188.74 279,826.26 31,362.48
06/30/2022 307,188.74 277,446.24 29,742.50
06/30/2023 773,188.74 739,896.24 33,292.50
06/30/2024 770,103.76 739,736.26 30,367.50
06/30/2025 770,766.24 738,448.76 32,317.48
06/30/2026 770,397.50 741,331.24 29,066.26
06/30/2027 773,997.50 742,931.24 31,066.26
06/30/2028 976,360.00 943,375.02 32,984.98
06/30/2029 979,010.00 948,125.02 30,884.98

7,392,956.18 6,981,185.83 411,770.35

Savings Summary

Savings PV date 06/16/2016
Savings PV rate 2.011183%
PV of savings from cash flow 367,125.87
Plus: Refunding funds on hand 405.86

Net PV Savings 367,531.73
 SUMMARY OF REFUNDING RESULTS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Dated Date 06/16/2016
Delivery Date 06/16/2016
Arbitrage yield 2.011183%
Escrow yield 0.823783%
Value of Negative Arbitrage 166,026.03

Bond Par Amount 5,875,000.00
True Interest Cost 2.194815%
Net Interest Cost 2.188860%
Average Coupon 2.072795%
Average Life 9.084

Par amount of refunded bonds 5,225,000.00
Average coupon of refunded bonds 4.127009%
Average life of refunded bonds 9.680

PV of prior debt to 06/16/2016 @ 2.011183% 6,268,310.40
Net PV Savings 367,531.73
Percentage savings of refunded bonds 7.034100%
Percentage savings of refunding bonds 6.255859%
 BOND PRICING

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Maturity Yield to
Bond Component Date Amount Rate Yield Price Maturity

Bond Component:
02/01/2017 110,000 1.000% 0.900% 100.061
02/01/2018 70,000 1.000% 1.000% 100.000
02/01/2019 70,000 1.150% 1.150% 100.000
02/01/2020 170,000 1.300% 1.300% 100.000
02/01/2021 170,000 1.400% 1.400% 100.000
02/01/2022 170,000 1.500% 1.500% 100.000
02/01/2023 635,000 1.600% 1.600% 100.000
02/01/2024 645,000 1.750% 1.750% 100.000
02/01/2025 655,000 1.850% 1.850% 100.000
02/01/2026 670,000 2.000% 1.900% 100.874
02/01/2027 685,000 2.125% 2.050% 100.651 C 2.056%
02/01/2028 900,000 2.250% 2.200% 100.430 C 2.208%
02/01/2029 12,794 2.500% 2.300% 101.716 C 2.342%
02/01/2029 912,206 2.500% 2.350% 101.284 C 2.382%

5,875,000

Dated Date 06/16/2016
Delivery Date 06/16/2016
First Coupon 08/01/2016

Par Amount 5,875,000.00
Premium 26,184.53

Production 5,901,184.53 100.445694%

Underwriter's Discount ‐88,125.00 ‐1.500000%

Purchase Price 5,813,059.53 98.945694%

Accrued Interest

Net Proceeds 5,813,059.53
 PRIOR BOND DEBT SERVICE

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

08/01/2016 107,594.37 107,594.37

02/01/2017 107,594.37 107,594.37
06/30/2017 215,188.74
08/01/2017 107,594.37 107,594.37
02/01/2018 107,594.37 107,594.37
06/30/2018 215,188.74
08/01/2018 107,594.37 107,594.37
02/01/2019 107,594.37 107,594.37
06/30/2019 215,188.74
08/01/2019 107,594.37 107,594.37
02/01/2020 100,000 4.000% 107,594.37 207,594.37
06/30/2020 315,188.74
08/01/2020 105,594.37 105,594.37
02/01/2021 100,000 4.000% 105,594.37 205,594.37
06/30/2021 311,188.74
08/01/2021 103,594.37 103,594.37
02/01/2022 100,000 4.000% 103,594.37 203,594.37
06/30/2022 307,188.74
08/01/2022 101,594.37 101,594.37
02/01/2023 570,000 4.050% 101,594.37 671,594.37
06/30/2023 773,188.74
08/01/2023 90,051.88 90,051.88
02/01/2024 590,000 4.125% 90,051.88 680,051.88
06/30/2024 770,103.76
08/01/2024 77,883.12 77,883.12
02/01/2025 615,000 4.125% 77,883.12 692,883.12
06/30/2025 770,766.24
08/01/2025 65,198.75 65,198.75
02/01/2026 640,000 4.125% 65,198.75 705,198.75
06/30/2026 770,397.50
08/01/2026 51,998.75 51,998.75
02/01/2027 670,000 4.125% 51,998.75 721,998.75
06/30/2027 773,997.50
08/01/2027 38,180.00 38,180.00
02/01/2028 900,000 4.150% 38,180.00 938,180.00
06/30/2028 976,360.00
08/01/2028 19,505.00 19,505.00
02/01/2029 940,000 4.150% 19,505.00 959,505.00
06/30/2029 979,010.00

5,225,000 2,167,956.18 7,392,956.18 7,392,956.18

 SUMMARY OF BONDS REFUNDED

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Maturity Interest Par Call Call

Bond Date Rate Amount Date Price

Series 2009 (District Portion), 2009_D:
SERIAL 02/01/2023 4.050% 560,115.00 02/01/2019 100.000
02/01/2024 4.125% 579,715.00 02/01/2019 100.000
02/01/2025 4.125% 604,291.00 02/01/2019 100.000
02/01/2026 4.125% 628,849.00 02/01/2019 100.000
02/01/2027 4.125% 658,389.00 02/01/2019 100.000
02/01/2028 4.150% 887,910.00 02/01/2019 100.000
02/01/2029 4.150% 927,408.00 02/01/2019 100.000
22_TERM 02/01/2022 4.000% 272,568.00 02/01/2019 100.000
5,119,245.00

Series 2009 (SFCC Portion), 2009_S:
SERIAL 02/01/2023 4.050% 9,885.00 02/01/2019 100.000
02/01/2024 4.125% 10,285.00 02/01/2019 100.000
02/01/2025 4.125% 10,709.00 02/01/2019 100.000
02/01/2026 4.125% 11,151.00 02/01/2019 100.000
02/01/2027 4.125% 11,611.00 02/01/2019 100.000
02/01/2028 4.150% 12,090.00 02/01/2019 100.000
02/01/2029 4.150% 12,592.00 02/01/2019 100.000
22_TERM 02/01/2022 4.000% 27,432.00 02/01/2019 100.000
105,755.00

5,225,000.00
 ESCROW REQUIREMENTS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Period Principal
Ending Interest Redeemed Total

08/01/2016 107,594.37 107,594.37

02/01/2017 107,594.37 107,594.37
08/01/2017 107,594.37 107,594.37
02/01/2018 107,594.37 107,594.37
08/01/2018 107,594.37 107,594.37
02/01/2019 107,594.37 5,225,000.00 5,332,594.37

645,566.22 5,225,000.00 5,870,566.22

 ESCROW DESCRIPTIONS

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Type of Type of Maturity First Int Par Max

Security SLGS Date Pmt Date Amount Rate Rate

Jun 16, 2016:
SLGS Certificate 08/01/2016 08/01/2016 101,794 0.160% 0.160%
SLGS Certificate 02/01/2017 02/01/2017 84,519 0.390% 0.390%
SLGS Note 08/01/2017 08/01/2016 84,727 0.530% 0.530%
SLGS Note 02/01/2018 08/01/2016 84,951 0.660% 0.660%
SLGS Note 08/01/2018 08/01/2016 85,232 0.760% 0.760%
SLGS Note 02/01/2019 08/01/2016 5,310,555 0.830% 0.830%

5,751,778

SLGS Summary

SLGS Rates File 19APR16
Total Certificates of Indebtedness 186,313.00
Total Notes 5,565,465.00

Total original SLGS 5,751,778.00
 ESCROW COST

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Type of Maturity Par Total

Security Date Amount Rate Cost

SLGS 08/01/2016 101,794 0.160% 101,794.00

SLGS 02/01/2017 84,519 0.390% 84,519.00
SLGS 08/01/2017 84,727 0.530% 84,727.00
SLGS 02/01/2018 84,951 0.660% 84,951.00
SLGS 08/01/2018 85,232 0.760% 85,232.00
SLGS 02/01/2019 5,310,555 0.830% 5,310,555.00

5,751,778 5,751,778.00

Purchase Cost of Cash Total

Date Securities Deposit Escrow Cost Yield

06/16/2016 5,751,778 0.67 5,751,778.67 0.823783%

5,751,778 0.67 5,751,778.67

 ESCROW CASH FLOW

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Present Value
Net Escrow to 06/16/2016
Date Principal Interest Receipts @  0.8237833%

08/01/2016 101,794.00 5,800.24 107,594.24 107,483.73

02/01/2017 84,519.00 23,075.26 107,594.26 107,042.85
08/01/2017 84,727.00 22,867.55 107,594.55 106,604.05
02/01/2018 84,951.00 22,643.02 107,594.02 106,166.23
08/01/2018 85,232.00 22,362.68 107,594.68 105,731.38
02/01/2019 5,310,555.00 22,038.80 5,332,593.80 5,218,749.76

5,751,778.00 118,787.55 5,870,565.55 5,751,778.00

Escrow Cost Summary

Purchase date 06/16/2016
Purchase cost of securities 5,751,778.00

Target for yield calculation 5,751,778.00
 ESCROW SUFFICIENCY

Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)

Escrow Net Escrow Excess Excess

Date Requirement Receipts Receipts Balance

06/16/2016 0.67 0.67 0.67

08/01/2016 107,594.37 107,594.24 ‐0.13 0.54
02/01/2017 107,594.37 107,594.26 ‐0.11 0.43
08/01/2017 107,594.37 107,594.55 0.18 0.61
02/01/2018 107,594.37 107,594.02 ‐0.35 0.26
08/01/2018 107,594.37 107,594.68 0.31 0.57
02/01/2019 5,332,594.37 5,332,593.80 ‐0.57

5,870,566.22 5,870,566.22 0.00

 ESCROW STATISTICS
Bourbon County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Refunding of 2009)
Modified Yield to Yield to Perfect Value of
Total Duration PV of 1 bp Receipt Disbursement Escrow Negative Cost of
Escrow Escrow Cost (years) change Date Date Cost Arbitrage Dead Time

Universal Proceeds Escrow:
5,751,778.67 2.475 1,423.59 0.823783% 0.823783% 5,585,752.61 166,026.03 0.03

5,751,778.67 1,423.59 5,585,752.61 166,026.03 0.03

Delivery date 06/16/2016
Arbitrage yield 2.011183%
Composite Modified Duration 2.475
 BOND DEBT SERVICE

Bourbon County School District Finance Corporation
SFCC Portion

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

08/01/2016 280.80 280.80

02/01/2017 2,922 1.000% 1,123.19 4,045.19
06/30/2017 4,325.99
08/01/2017 1,108.58 1,108.58
02/01/2018 2,109 1.000% 1,108.58 3,217.58
06/30/2018 4,326.16
08/01/2018 1,098.03 1,098.03
02/01/2019 2,130 1.150% 1,098.03 3,228.03
06/30/2019 4,326.06
08/01/2019 1,085.79 1,085.79
02/01/2020 10,943 1.300% 1,085.79 12,028.79
06/30/2020 13,114.58
08/01/2020 1,014.66 1,014.66
02/01/2021 11,085 1.400% 1,014.66 12,099.66
06/30/2021 13,114.32
08/01/2021 937.06 937.06
02/01/2022 11,240 1.500% 937.06 12,177.06
06/30/2022 13,114.12
08/01/2022 852.76 852.76
02/01/2023 11,409 1.600% 852.76 12,261.76
06/30/2023 13,114.52
08/01/2023 761.49 761.49
02/01/2024 11,591 1.750% 761.49 12,352.49
06/30/2024 13,113.98
08/01/2024 660.07 660.07
02/01/2025 11,793 1.850% 660.07 12,453.07
06/30/2025 13,113.14
08/01/2025 550.98 550.98
02/01/2026 12,012 2.000% 550.98 12,562.98
06/30/2026 13,113.96
08/01/2026 430.86 430.86
02/01/2027 12,252 2.125% 430.86 12,682.86
06/30/2027 13,113.72
08/01/2027 300.69 300.69
02/01/2028 12,512 2.250% 300.69 12,812.69
06/30/2028 13,113.38
08/01/2028 159.93 159.93
02/01/2029 12,794 2.500% 159.93 12,953.93
06/30/2029 13,113.86

124,792 19,325.79 144,117.79 144,117.79

 BOND SUMMARY STATISTICS

Bourbon County School District Finance Corporation
SFCC Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Last Maturity 02/01/2029

Arbitrage Yield 2.011183%
True Interest Cost (TIC) 2.113516%
Net Interest Cost (NIC) 2.108666%
All‐In TIC 2.260156%
Average Coupon 1.965089%

Average Life (years) 7.881
Weighted Average Maturity (years) 7.894
Duration of Issue (years) 7.271

Par Amount 124,792.00
Bond Proceeds 125,251.87
Total Interest 19,325.79
Net Interest 20,737.80
Total Debt Service 144,117.79
Maximum Annual Debt Service 13,114.58
Average Annual Debt Service 11,415.27

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 15.000000

Total Underwriter's Discount 15.000000

Bid Price 98.868509

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 124,792.00 100.369 1.965% 7.881 05/03/2024 84.17

124,792.00 7.881 84.17

All‐In Arbitrage
TIC TIC Yield

Par Value 124,792.00 124,792.00 124,792.00

  + Accrued Interest
  + Premium (Discount) 459.87 459.87 459.87
  ‐ Underwriter's Discount ‐1,871.88 ‐1,871.88
  ‐ Cost of Issuance Expense ‐1,293.05
  ‐ Other Amounts

Target Value 123,379.99 122,086.94 125,251.87

Target Date 06/16/2016 06/16/2016 06/16/2016

Yield 2.113516% 2.260156% 2.011183%
 SAVINGS

Bourbon County School District Finance Corporation
SFCC Portion

Prior Refunding
Debt Debt
Date Service Service Savings

06/30/2017 4,326.86 4,325.99 0.87

06/30/2018 4,326.86 4,326.16 0.70
06/30/2019 4,326.86 4,326.06 0.80
06/30/2020 13,114.86 13,114.58 0.28
06/30/2021 13,114.34 13,114.32 0.02
06/30/2022 13,114.78 13,114.12 0.66
06/30/2023 13,114.58 13,114.52 0.06
06/30/2024 13,114.24 13,113.98 0.26
06/30/2025 13,113.98 13,113.14 0.84
06/30/2026 13,114.24 13,113.96 0.28
06/30/2027 13,114.26 13,113.72 0.54
06/30/2028 13,114.30 13,113.38 0.92
06/30/2029 13,114.56 13,113.86 0.70

144,124.72 144,117.79 6.93

Savings Summary

Savings PV date 06/16/2016
Savings PV rate 2.011183%
PV of savings from cash flow 97.61
Plus: Refunding funds on hand 5,754.68

Net PV Savings 5,852.29
 SUMMARY OF REFUNDING RESULTS

Bourbon County School District Finance Corporation
SFCC Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Arbitrage yield 2.011183%
Escrow yield 0.823783%
Value of Negative Arbitrage 3,359.04

Bond Par Amount 124,792.00
True Interest Cost 2.113516%
Net Interest Cost 2.108666%
Average Coupon 1.965089%
Average Life 7.881

Par amount of refunded bonds 105,755.00
Average coupon of refunded bonds 4.110043%
Average life of refunded bonds 8.454

PV of prior debt to 06/16/2016 @ 2.011183% 124,390.38
Net PV Savings 5,852.29
Percentage savings of refunded bonds 5.533819%
Percentage savings of refunding bonds 4.689636%
 BOND DEBT SERVICE

Bourbon County School District Finance Corporation
District Portion

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

08/01/2016 14,049.36 14,049.36

02/01/2017 107,078 1.000% 56,197.44 163,275.44
06/30/2017 177,324.80
08/01/2017 55,662.05 55,662.05
02/01/2018 67,891 1.000% 55,662.05 123,553.05
06/30/2018 179,215.10
08/01/2018 55,322.59 55,322.59
02/01/2019 67,870 1.150% 55,322.59 123,192.59
06/30/2019 178,515.18
08/01/2019 54,932.34 54,932.34
02/01/2020 159,057 1.300% 54,932.34 213,989.34
06/30/2020 268,921.68
08/01/2020 53,898.47 53,898.47
02/01/2021 158,915 1.400% 53,898.47 212,813.47
06/30/2021 266,711.94
08/01/2021 52,786.06 52,786.06
02/01/2022 158,760 1.500% 52,786.06 211,546.06
06/30/2022 264,332.12
08/01/2022 51,595.36 51,595.36
02/01/2023 623,591 1.600% 51,595.36 675,186.36
06/30/2023 726,781.72
08/01/2023 46,606.64 46,606.64
02/01/2024 633,409 1.750% 46,606.64 680,015.64
06/30/2024 726,622.28
08/01/2024 41,064.31 41,064.31
02/01/2025 643,207 1.850% 41,064.31 684,271.31
06/30/2025 725,335.62
08/01/2025 35,114.64 35,114.64
02/01/2026 657,988 2.000% 35,114.64 693,102.64
06/30/2026 728,217.28
08/01/2026 28,534.76 28,534.76
02/01/2027 672,748 2.125% 28,534.76 701,282.76
06/30/2027 729,817.52
08/01/2027 21,386.82 21,386.82
02/01/2028 887,488 2.250% 21,386.82 908,874.82
06/30/2028 930,261.64
08/01/2028 11,402.58 11,402.58
02/01/2029 912,206 2.500% 11,402.58 923,608.58
06/30/2029 935,011.16

5,750,208 1,086,860.04 6,837,068.04 6,837,068.04

 BOND SUMMARY STATISTICS

Bourbon County School District Finance Corporation
District Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Last Maturity 02/01/2029

Arbitrage Yield 2.011183%
True Interest Cost (TIC) 2.196356%
Net Interest Cost (NIC) 2.190366%
All‐In TIC 2.324867%
Average Coupon 2.074817%

Average Life (years) 9.110
Weighted Average Maturity (years) 9.120
Duration of Issue (years) 8.291

Par Amount 5,750,208.00
Bond Proceeds 5,775,932.66
Total Interest 1,086,860.04
Net Interest 1,147,388.50
Total Debt Service 6,837,068.04
Maximum Annual Debt Service 935,011.16
Average Annual Debt Service 541,549.94

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 15.000000

Total Underwriter's Discount 15.000000

Bid Price 98.947369

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 5,750,208.00 100.447 2.075% 9.110 07/26/2025 4,341.78

5,750,208.00 9.110 4,341.78

All‐In Arbitrage
TIC TIC Yield

Par Value 5,750,208.00 5,750,208.00 5,750,208.00

  + Accrued Interest
  + Premium (Discount) 25,724.66 25,724.66 25,724.66
  ‐ Underwriter's Discount ‐86,253.12 ‐86,253.12
  ‐ Cost of Issuance Expense ‐59,581.95
  ‐ Other Amounts

Target Value 5,689,679.54 5,630,097.59 5,775,932.66

Target Date 06/16/2016 06/16/2016 06/16/2016

Yield 2.196356% 2.324867% 2.011183%
 SAVINGS

Bourbon County School District Finance Corporation
District Portion

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 210,861.88 177,324.80 33,537.08

06/30/2018 210,861.88 179,215.10 31,646.78
06/30/2019 210,861.88 178,515.18 32,346.70
06/30/2020 302,073.88 268,921.68 33,152.20
06/30/2021 298,074.40 266,711.94 31,362.46
06/30/2022 294,073.96 264,332.12 29,741.84
06/30/2023 760,074.16 726,781.72 33,292.44
06/30/2024 756,989.52 726,622.28 30,367.24
06/30/2025 757,652.26 725,335.62 32,316.64
06/30/2026 757,283.26 728,217.28 29,065.98
06/30/2027 760,883.24 729,817.52 31,065.72
06/30/2028 963,245.70 930,261.64 32,984.06
06/30/2029 965,895.44 935,011.16 30,884.28

7,248,831.46 6,837,068.04 411,763.42

Savings Summary

Savings PV date 06/16/2016
Savings PV rate 2.011183%
PV of savings from cash flow 367,028.26
Plus: Refunding funds on hand ‐5,348.82

Net PV Savings 361,679.44
 SUMMARY OF REFUNDING RESULTS

Bourbon County School District Finance Corporation
District Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Arbitrage yield 2.011183%
Escrow yield 0.823783%
Value of Negative Arbitrage 162,666.99

Bond Par Amount 5,750,208.00
True Interest Cost 2.196356%
Net Interest Cost 2.190366%
Average Coupon 2.074817%
Average Life 9.110

Par amount of refunded bonds 5,119,245.00
Average coupon of refunded bonds 4.127314%
Average life of refunded bonds 9.705

PV of prior debt to 06/16/2016 @ 2.011183% 6,143,920.03
Net PV Savings 361,679.44
Percentage savings of refunded bonds 7.065093%
Percentage savings of refunding bonds 6.289850%
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Carlisle County School District Series 2016
Date: April 11,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Carlisle
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount. $2,140,000

lssue Name: Carlisle Countv School District Finance Corporation School Buildinq Refunding Revenue Bonds, Series 2016

Purpose: Refinance Series 2008

Projected Sale Date of Bonds: 07-Jun-1 6

First Call Date: 5t1126 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC. 267 Capitol Annex, Frankfort. Kv. I 11:00 A.M.

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson, Louisville, KY

FiscalAgent: Sinclaire & Lexin

Date received by SFCC:

Date scheduled for Committee review:
Month Day Year
sFcc Local
Portion Portion Total
Estimated par amount of Bonds: $593,438 $1.546.562 $2 1 000
% Share of total Bonds: 27.73% 72.27o/o
Estimated average annual debt service: $57,829 $150,709 $208.538
Estimated debt service reserve: 0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertísements, Printing, Etc. 979 15 581 I 560
Special Tax Counsel $593 $1,547 92.140
Number verifications $277 $723 $1,000
Bond Rating $2,010 $5,240 $7,250
U nderwriter's Discount $1 1.869 $30.93r $42.800
Bank Fee $971 92.529 $3,500
Total Cost of lssuance: $21,699 $56,551 78 250
Anticipated lnterest Rates: 5 Years 1.700% 10 Years 2.400o/o 15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red

 Carlisle Gounty School District
Projected Plan of Refinancing

Date of Report: April 11, 2016

Prior Bonds Call Reports

2008 Call Report....... 1

2016 Series Refunding Bonds

Total Savings Report..... 2
CARLISLE COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS, SERIES 2OO8

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Principal Coupon lnterest D/S
l|01t2016 38,060.00 38,0ó0.00 38,060.00 38,060.00
05/01t2017 38,060.00 38,060 00 3.600yo 38,060.00 38,0ó0.00
1|0112017 38,060.00 38,0ó0.00 38,060.00 38,060.00
0510112018 1,95s,000.00 38,060.00 1,993,060.00 3 6000/" 38,060.00 38,060.00
tv01t20t8 38.0ó0.00 38 060 00
05/01t2019 75,000.00 3.700% 38,060.00 I 13,060.00
I|0112019 36,672.s0 36,672.50
0510112020 80,000.00 3.7000/" 16 61) \õ 116,672.50
t1t01t2020 15 lq? 5ô 35"192.50
0st01t2021 ,r.ooo.oo 3 7oO'/, 35.1 92.50 120 192 50
1110112021 33,620.00 33"620.00
05t01/2022 2 1 5.000.00 3.800o/o 33,620.00 248,620.00
11101/2022 ?q 5ì5 00 29,535.00
05t0v2023 225,000.00 3.800% 29,53 5.00 ,54 S?S O0
1v01t2023 )S )6ft õ 25-260.00
05t01/2024 235,000.00 3.900% 25,260.00 260,260.00
11t01/2024 20,677.50 20,677.50
0st01t202s 245,000.00 3.9000/" 20,677.50 265,677.50
1110112025 1 5,900.00 I 5,900.00
0st01/2026 ,r, nnn nn 4000% 1 5.900.00 270 900 00
IIt0l/2026 1 0,800.00 1 0,800.00
05t0|2027 265,000.00 4.000o/o 1 0,800.00 275,800.00
t v01t2027 5,500.00 5,500.00
0st0|2028 275,000.00 4.000% 5,500.00 280,500.00
Totâl $1,955,000.00 sr52,240.00 s2,107,240.00 $1,955,000.00 s6s4,675.00 $2,609,675.00

Yield Statistics

Base date for Avg. Life & Ave. Coupon Calculatior 5/01/2016
Life 8.535 Years

8.510 Years

Dated Date 5/01/2016

Date 5t10t2016

CARLISLECSDSER¡ES2008 | SINGLEPURPOSE | 4t11t2016 1 10:f6AM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
CARLISLE COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REFUNDING REVENUE BONDS, SERIES 2OI6
PROJECTED REFINANCING OF SERIES 2OO8

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S Savinqs
06/30/2016
06/3012017 66,350.00 10,220 00 r36.s70 00 146,340 00 9,770 00
06/30t2018 66,125 00 82.880.00 149,005 00 159,000 00 9,995.00
06l3Al2()19 l 40.875.00 140,875 00 151.120 00 10,245.00
06/3 125.00 12s 00 00
06/30t2021 I 48,360 00 148,360 00 55,38s.00
1 7.02s.00
06/3012022 2l I ,'765.00 2'n,165.00 282,240 00 10,475.00
06130/2023 273,005.00 273,005 00 284,070.00 11,065.00
06/30/2024 278,925.00 278,925.00 285,520 00 6.59s.00
06t30/202s 279300 00 279.300.00 286.355.00 7.055 00
06130/2026 278,562 50 278j62 s0 286,800 00 8.23'7.50
06/302027 277,'712.50 277,'712.50 286.600 00 8.887 50
06/30t2028 276,150.00 2'76,750.00 286,000 00 9.250 00
Totâl s2,502,455.00 sr53,r 00.00 s2,655,555.00 s2,762,775.00 s107,220.00

PV Analvsis Summary (Net to Net)

Gross PV Debt Service Savings 93.994 s0

Net PV Cashflow Savings @ 2.43't%(AlC\ 93.994.50

Accrued Interest Credit to Debt Service Fund I.033.75

Contingency or Rounding Amount 7 all ))
Net Val

Net PV Benefit/ $1,955,000 Refunded Principal 5.044%

Net PV Benefit/ $2,140,000 Refundins Principal 4.608%

Refundi nq Bond lnformation

Refundins Dated Date s/0t/2016

Refundins Deliverv Date 5110t2016

CARLISLE CSD SERIES 2016 l SINGLE PURPOSE | 4t11t2016 | 10:16 AN¡

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Cloverport Independent School District
Series 2016

Date: April 11,2016

cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Cloverport
Independent School District. Please process this issue at the next meeting of the Capital
Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $3,300,000

lssue Name: Cloverport lnd School District Finance Corporation School Building Refunding Revenue Bonds, Series 2016

Purpose: Refinance Series 2008

Projected Sale Date of Bonds: 07-Jun-1 6

First Call Date: 511126 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Ky. / 1'1 :00 A.M

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnso KY

FiscalAgent: Ross Sinclaire & Kent
Date received by SFCC: tn

Date scheduled for Committee review:

Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $2,981,327 $318,673 $3 000
% Share of total Bonds: 90.34o/o 9.66%
Estimated average annual debt service: $283,921 $30,348 $314.269
Estimated debt service reserve: $0 0
Estimated of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc $23 056 $25.520
Special Tax Counsel $2,981 $31 I $3,300
Number verifications $903 $97 $1,000
Bond Rating $7,453 $797 $8.250
Underuvriter's Discount $59,627 $6,373 $66,000
Bank Fee $3.1 62 $338 $3,500
Total Cost of lssuance: $97, I 82 $10.388 107 570
Anticinated lnterest Rates 5 Years 1.700o/o 10 Years 2A00% '15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red.

 Cloverport lndependent School District
Projected Plan of Refinancing

Date of Report: April 11,2016

Prior Bonds Gall Reports

2008 Call Report................ 1

2016 Series Refunding Bonds

Total Savings Report..... 2
CLOVERPORT INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS, SERIES 2OO8

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Datê Bonds lnterest D/S To Call Principal Coupon lnterest D/S
08/0112016 56,620.00 56,620.00 56,620.00 56,620.00
02t0112017 56,620 00 56,620.00 3.4s0% 5ó,620 00 56,ó20 00
0810112017 56,620.00 56,620.00 56,ó20.00 56,620.00
02/01t2018 3,030,000.00 56,620.00 3,086,ó20.00 3.450o/r 56,620.00 56,ó20 00
08/0 l/20 1 8 56.620.00 56.620.00
0210112019 250,000.00 3500% 56"620.00 306,620.00
08t0U2019 52,24s.00 5) )4s ô0
02t0|2020 265,000.00 3.600v. s) ?45 0ô 317,245.00
0810112020 47,475.00 47,475.00
02/0v2021 275,000.00 3 6000/0 47.475.00 322.475 00
0810112021 42,525.00 42,52s.00
02t0112022 285.000 00 3.700o/o 42,525.00 ì77 S7S ô0
08t0|2022 t7 ?st sô ì7 r(? (tì
0210112023 300,000.00 3.7000Á ì7 )57 50 337,2s2 s0
08t01t2023 3t 702.50 3l 702.50
0210U2024 30s,000.00 3.800% 31,702.50 336,702.50
08t0v2024 25,907.50 25,907.50
02101/2025 320.000.00 3 800võ 2s,907.50 345,907.s0
08101/2025 19,827.s0 19,827.50
02t0|2026 330,000.00 , ,rou" 19.827.s0 349.827.50
08101/2026 13,47 5.00 13,47 5.00
0210112027 34s,000 00 3.850% 13,475.00 358,475.00
08/0112027 6,833.75 6,833.75
02t01t2028 355,000 00 3.850% 6,833 7s 361,833.7 s

Totâl $3,030,000.00 s226,480.00 s3,256,480.00 s894,207.50 s3,924,207.50

Yield Statistics

Base date for Avg. Life & Avg. Coupon Calculatior 6/01/2016
Life '7.479 Years
Average Coupon 3.9461937yo
Weighted Average Maturity (Par Basis) 7.479 Yeaß

Refundi Bond lnformation

Dated Date
Refunding Delivery Date 6t01/2016

2008 | SINGLEPURPOSE | 4¡1i2016 | 11r39AN4

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
CLOVERPORT INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REFUNDING REVENUE BONDS, SERIES 20I6
PROJECTED REFINANCING OF 2OO8

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S Savings
06/30120t6
06/30/20t1 99,948 33 246.21s 00 346,163 33 359.45s.00 13.291.67
06/3012018 99,382 s0 248,280.00 347,662 50 36 r,520.00 l 3,857.50
06/3012019 348,982 s0 348.982 50 363,240 00 14.257 50
06/30/2020 .50 750 00 l3 842.50
06/3012021 3s6,147 s0 356.747 50 369,950.00 13"202.50
06/30t2022 35t,32s 00 3s7.325 00 370,050.00 t2.725.00
06130t2023 362"36s.00 362,365 00 374.505.00 12,140.00
06130t2024 356,92s 00 3s6,92s 00 368.40s 00 l l,480.00
361 .00 361 5tl 815 00 10.00
06130/2026 358,580 00 358.s80 00 369,655 00 1 1.075 00
0613012027 361.042.s0 361.042 s0 37 1 ,9s0 00 1 0.907 s0
06/30n028 353,280 00 353,280.00 368,667 50 15,387.50
Total 771,230-83 s494,49s.00 s4,265,725.83 s4,4 I 8,702.s0 s1s2,976.67

PV Analvsis Summarv (Net to Net)

Gross PV Debt Servrce Savings 13s,149 88

PV Cashflow 135 149 88

Net PV Benefìt / $3.030,000 Refunded Principal 4.532%

Net PV Benefit / 4.161o/o

Refundinq Bond lnformation

Refundins Dated Date 6/01/2016

Refunding Delivery Date 6/01/2016

CLOVERPORTISD SERlES201 | SINGLE PURPOSE | At't112016 | 11:394M

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinet
Subject: Bond Payee Disclosure Form -Covington Independent School District
Series 2Ô16

Date: April27,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Covington
Independent School District. Please process this issue at the next meeting of the Capital
Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $2,460,000

lssue Name. Covinqton lndependent School District Finance Corporation School Buildinq Revenue Bonds, Series 2016

Purpose: lmprovements at Holmes Hiqh and Middle Schools

Projected Sale Date of Bonds: 07-Jun-1 6

First Call Date: 5t1t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Kv. / 11:00 A.M

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson Louisville KY

FiscalAgent: Ross, Sinclaire & Associates, Lexi ton

Date received by SFCC

Date scheduled for Committee review: To

Month Day Year

SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $1,703,632 $756,368 $2 460 000
% Share of total Bonds: 69.25% 30.75%
Estimated average annual debt service $r 19,066 $52,862 $171,928
Estimated debt service reserve: $o $0 $0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc 15 817 7 023 $22.840
SpecialTax Counsel $o $0 $0
Number verifications $0 $0 $0
Bond Rating $5,021 $2.229 $7,250
Underwriter's Discount $34,073 $15,127 $49,200
Bank Fee $2,424 $1,076 $3.500
Total Cost of lssuance: $57,335 $25,455 $ 790
Anticipated lnterest Rates: 5 Years 2.000% 10 Years 3.000% 15 Years: 3.500%
20 Years: 3.750o/o

Note: No Local Tax increase ¡s required

 COVINGTON INDEPENDENT SCHOOL DISTRICT
Plan of Financing

Date of Report: 412712016

Local Bond Payments Outstanding 1

Summary of Funds for Bond Payments 2

Projected Bonding Potential 3

 COVINGTON INDEPENDENT SCHOOL DISTRICT
OUTSTANDING NET LOCAL DEBT SERVICE

A B c D E F G H J K

100% sFcc BAB.s BABS's 100% sFcc

Series Series Series Series Series Series Series Series Series Series
FYE 2007-REF 2008-REF 2008 2009 2010 201 0B 2012 2012-REF 2014-REF 201s-REF Total

2016 $542,732 $638,173 $16,254 $28,638 $33,674 s142,101 $1,401,572

2017 $549,417 $631,933 $15,722 $24,464 $31,874 $144,920 $1,398,331
2018 $549,918 $631,859 $20,061 $24,064 $30,322 $148,790 $1,405,0r 5
2019 $1,212,758 $8,702 922,064 $33,274 $122,690 $1,399,488
2020 $17,327 $68,250 $156,375 $'147,190 $389, 1 42
2021 $20,1 90 $66,788 $156,975 $141 ,'l 90 $385, 1 42
2022 $17,489 $132,474 $145,465 $295,428
2023 $19,611 $128,375 $144,715 $292,701
2024 $16,236 $134,018 $138,583 $288,837
2025 $22,361 $134,'180 $142,661 s299,202
2026 $16,379 $132,581 $145,685 $294,645
2027 $16,022 $100,830 $146,350 $263,202
2028 18,366 $94,829 $147,450 $260,645
2029 17,504 $83,831 $148,400 $249,735
2030 $57,981 $144,200 s202,181
2031 $62,512 $62,512
2032 $0
2033 $o

Totals: $2,854,825 $1,901,965 $0 6242,224 $0 $o $234,268 $1,504,104 $2,150,391 $8,887,777

4t27t2016 RSA Page 1

 COVINGTON INDEPENDENT SCHOOL DISTRICT
SUMMARY OF FUNDS AVAILABLE
A c DEFGHIJ K L M
Capital Total Less Local Balance 2012 2014 Total
Local Addfl. Outlay Addfl. Local Gurrent Funds 2010 sFcc sFcc Funds
FYE Nickel Nickel @80o/o FSPK FSPK Funds Payments Available offer offer offer Available

2016 $807,590 $0 s347,242 $492,428 $0 $1,647,260 ($1,401,572) $245,689 $245,689

2017 $807,590 $0 s277,794 $492,428 $0 $1,577,812 ($1,3e8,331) $179,481 $179,481
2018 $807,590 $0 $277,794 $492,428 $o $1,577,812 ($1,405,015) $172,797 $12,682 $52,847 $57,274 $295,600
201 I $807,590 $0 $277,794 $492,428 $o $1,577,812 ($1,399,488) $178,324 $8,205 $52,847 $57,274 $296,650
2020 $807,590 $0 $277,794 $492,428 $o $1,577,812 ($38e,1 42) $1 ,1 88,670 $8,754 $52,847 $57,274 $1,307,545
2021 $807,590 $0 $277,794 $492,428 $o $1,577,812 ($385,1 42) $1,192,670 $9,305 $52,847 957,274 $1,312,095
2022 $807,590 $0 $277,794 $492,428 $o $1,577,812 ($2e5,428) $1,282,384 $9,855 $52,847 $57,274 $1,402,360
2023 $807,590 $o $277,794 $492,428 $0 $1,577,812 ($292,701) $1,285,111 $10,405 $52,847 $57,274 $1,405,637
2024 $807,590 $0 $277,794 $492,428 $0 $1,577,812 ($288,837) $1,288,975 $10,955 $52,847 $57,274 $1,410,051
2025 $807,590 $0 $277,794 9492,428 $o $1,577,812 ($2e9,202) $1 ,278,610 $11,505 $52,847 $57,274 $1,400,236
2026 $807,590 $0 $277,794 $492,428 $0 $1,577,812 ($2e4,64s) $1,283,167 $7,398 $52,847 $57,274 $1,400,686
2027 $807,590 $0 $277,794 $492,428 $0 $1,577,812 ($263,202) $1 ,314,61 0 $8,636 s52,847 $57,274 $1,433,367
2028 $807,590 $o $277,794 $492,428 $0 $1,577,812 ($260,645) $1,317,167 $4,92e 952,847 $57,274 $1,432,217
2029 $807,590 $o 9277,794 $492,428 $0 81,577 ,812 ($249,735) $1,328,077 $6,280 $52,847 $57,274 $1,444,478
2030 $807,590 $0 $277.794 $492,428 $0 s1,577,812 ($202,1 B1 ) $1,375,631 $7,629 $52,847 $57,274 $1,493,381
2031 $807,590 $o $277,794 $492,428 $0 $1,577,812 ($62,512) $1,515,300 $9,093 852,847 $57,274 $1,634,513
2032 $807,590 $0 $277,794 $492,428 $0 $1,577,812 $1,577,812 $5,733 $52,847 $57,274 $'1,693,666
2033 $807,590 $o $277.794 s492,428 $o $1,577,812 $1,577,812 $7,440 $52,847 $57,274 $1,695,373
¿u54 $807,590 $0 s277,794 $492,428 $0 $1,577,812 $1,577,812 $9,1 45 $52,847 $57,274 $1,697,078
2035 $807,590 $0 $277,794 $492,428 $0 s1.577,812 $1,577,812 $7,063 $52,847 $57,274 $1,694,996
2036 $807,590 $o 6277,794 $492,428 $0 $1,577,812 $1,577,812 $11,692 $52,847 $57,274 $1,699,625
2037 $807,590 $0 $277,794 $492,428 $o $1,577,812 $1,577,812 $12,187 $52,847 $57,274 $1 ,700,1 20

Totals: $17,766,980 $0 $5,833,672 $10,833,4'r6 $0 $34,781 ,31 1 ($8,887 ,777) $25,893,534 $178,891 $1 ,056,940 $1 ,145,480 $28,274,845

ÂÍOIES; Data based on assessments of $1,615,180,905 and ADA of 3,472.424 per KDE SEEK Website

Page 2
4t27t2016 RSA
 COVINGTON INDEPENDENT SCHOOL DISTRIGT
PROJECTED JULY 2016 BOND ISSUE

A E F
Projected Funds
Estimated New Bond lssue --------------- All Local Local Available
Current FY Principal lnterest Total SFCC Local Payments Funds For Future
ents June 30 Payment Coupon Payments Payments Portion Portion Outstanding Available Projects

$1,398,331 2017 $38,575 $38,575 $24,400 $14,175 $1,412,506 $1,577,812 $165,306

$1 ,405,015 2018 $70,000 2.000% $76,450 $146,450 $122,8O3 ç23,647 $1,428,661 $1,577,812 $1 49,1 50

$1,399,488 2019 $70,000 2.000% $75,050 $'145,050 $1 18,326 $26,724 51,426,212 $1,577,812 $151,600
$389,142 2020 $100,000 2.000% $73,350 $173,350 $1 18,875 $54,475 ç443,617 $1,577,812 $1 ,134,195
$38s,1 42 2021 $100,000 2.000% $71,350 $171 ,s50 $119,426 $51,924 $437,067 $1,577,812 $1,140,745
$295,428 2022 $105,000 3.000% $69,300 $174,300 $1 19,976 $54,324 $349,752 s1,577,812 $1,228,060
$292,701 2023 $105,000 3.000% $66,675 $171 ,675 5120,526 $51 ,1 49 $343,850 91,577,812 $1,233,962
$288,837 2024 $1 10,000 3.000% $63,450 $173,450 $121 ,076 $52,374 $341,211 $1,577,812 $1,236,601
$299,202 2025 $1 15,000 3.000% $60,075 $175,075 $121 ,626 $53,449 $352,651 91,577,812 $1,225,161
$294,645 2026 $1 15,000 3.000% $56,625 $171,625 $1 17,519 $54,1 06 $348,751 $1,577,812 $1,229,061
$263,202 2027 $120,000 3.400% $53,1 00 $173,100 $1 18,757 $54,343 $317,545 $1,577,812 $1,260,267
$260,645 2028 $125,000 3.500% $49,269 $174,269 $1 15,050 $59,218 $319,864 $1,577,812 $1,257,948
$249,735 2029 $130,000 3.500% $45,1 25 $175,125 $116,401 958,724 $308,459 $1,577,812 $1,269,353
$202,181 2030 $135,000 3.500% $40,650 $175,650 $117,750 $57,900 $260,081 $1,577,812 $1,317,731
$62,512 2031 $140,000 3.500% $35,838 $175,838 $119,214 $56,624 $119,136 $1,577,812 $1,458,676
2032 $140,000 3.500% $30,938 $170,938 $1 15,854 $55,084 $55,084 $1,577,812 $i1,522,728
2033 $150,000 3.500% $25,863 $175,863 $1 17,561 $58,302 $58,302 $1,577,812 $1 ,519,510
2034 $155,000 3.500% $20,525 $175,525 $119,266 $56,259 $56,259 $1,577,812 $1,521,553
2035 $160,000 3.500% $14,813 $174,813 5117,184 $57,628 $57,628 s1,577,812 $1 ,520,184
2036 $165,000 3.500% $8,719 $173,719 $121,813 $51,905 $51,905 $1,577,812 $1,525,907
2037 $150,000 3.500% $2,813 $152,813 $97,908 $54,904 $54,904 $1,577,812 $1,522,908

$7,486,205 Totals: $2,460,000 $3 43 550 $Z 381 11 $1 057 39 $8,543,444 $33,',|34,050 $24,590,606

4t27t2016 RSA Page 3

 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Cumberland County School District Series
20r6
Date: April 11,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Cumberland
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $2,560,000

lssue Name: Cumberland County School District Finance Corporation School Building Refunding Revenue Bonds, Series 2016

Purpose: Refinance Series 2007

Prolected Sale Date of Bonds: 07-Jun-1 6

First Call Date: 5t1t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC. 267 Capitol Annex, Frankfort, Kv. / 11:00 A.M

Bond Rating. Moodys: "4a3"

Bond Counsel: & Johnso Louisville KY

FiscalAgent: Ross Sinclaire & n

Date received by SFCC:

Date scheduled for Committee review:
Month Day Year
sFcc Local
Portion Portion Total
Estimated par amount of Bonds: $1,220,603 $1,339.397 000
% Share of total Bonds: 47.680/o 52.32o/o
Estimated average annual debt service s125.828 $138.074 $263.902
Estimated debt service reserve: 0 0
Estimated Gost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 11 081 1 159
Special Tax Counsel $1.221 $1,339 $2,560
Number verifications $qtz $523 $1,000
Bond Rating $3.457 $3.793 $7.250
U nderwriter's Discount $24.412 $26,788 $51,200
Bank Fee $1,669 $1,831 $3,500
Total Cost of lssuance: $42,316 s46.434 750
Anticipated lnterest Rates: 5 Years 1.700% 10 Years 2.400% l5 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red.

 Gumberland County School District
Projected Plan of Refinancing

Date of Report: April 11,2016

Prior Bonds Gall Reports

2007 Call Report................ 1

2016 Series Refunding Bonds

Total Savings Report..... 2
CUMBERLAND COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS, SERIES 2OO7

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Gall Principal Coupon lnterest D/S
t0l0v20l6 46,53ó.88 46,536.88 46,536.88 46,536.88
04/01t2017 2,410,000 00 46,s36.88 2,4s6,536.88 3.7s0% 46.536 88 46,s36.88
10/0U2017 46,536.88 46,536.88
04/01/2018 200,000.00 3 800% 46,536.88 246.s36.88
I 0/01 /201 8 736 88 736 88
0410112019 2 1 0,000.00 3.850% 42,736.88 252,736.88
10t01t2019 3 8,694.38 38,694.38
04t01t2020 220,000 00 3 850% 38,694.38 258,694.38
10t01t2020 ì4 4sq ìR 34,459.38
0410112021 225,000.00 , *rot" 34.459.38 259.459 38
10/01t2021 30,1 28. 1 3 30,r28.13
04/01t2022 235,000.00 3.87syo 30,1 28. 1 3 265,t28.13
10t0112022 25,575.00 25,57 5.00
0410112023 245.000.00 3 8750/. 25,575.00 2'70,575.00
10t0t/2023 20,828.13 20.828. I 3
04loi 12024 255,000.00 3 875% 20,828.13 275,828.13
10/01/2024 I 5,887.50 I 5,887 50
04/01/202s 265,000.00 3.875% I 5,887.50 280,887.50
10101/2025 10,753.13 10,753 13
0410112026 ,rr.ooo. oo 3 87s% 10.7 s3.13 285.753 13
10t01t2026 5,425.00 5,425.00
04t0U2027 280,000.00 3 8750/" 5,425.00 285,425.00
Totâl s2,410,000.00 s93,073.76 s2,503,073.76 s2,410,000.00 s635,122.58 s3,045,1 22.58

Yield Statistics

Base date for Avg Life & Avg. Coupon Calculatior 6t0t/2016
A Life 6.645 Years
3.8693398%
6.645 Years

Refundino Bond lnformation

Dated Date 6t01/2016

Deli Date 6t01/2016

CUI\4BERLANDCSDSERIES200 | SINGLEPURPOSE | 411112016 l 1'1:56AM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinefi
CUMBERLAND COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REFUNDING REVENUE BONDS, SEzuES 2016

Debt Service Comparison

Existing
Date P+l D/S D/S Old Net D/S Savi
06t30t2016
0613012017 80,343.7 s 197,125.00 277,468.75 290,198.76 12,730.0t
06130120r8 277,972.50 277,972.s0 293,073.76 15.101 26
06t30t2019 280,212 50 280,2t2.s0 295,473.76 t5,261.26
06130/2020 282.040.00 282,040.00 297.388 76 15.348.76
06t30t2021 283,440 00 283,440.00 293.918.76 10,478.76
06/3012022 284,397.50 284,397.50 295.256.26 I 0,858.76
06t30t2023 284,897.s0 284,897.s0 296, r 50 00 11.252.50
06/30/2024 285,052.s0 285,052.50 296.6s6.26 11,603.76
06/30/2025 722.50 722.s0 775 00 I 50
06/30/2026 283,230 00 283,230.00 296,506.26 t3,276.26
06ß0n027 276,615.00 276,615.00 290.850.00 14,235.00
Total s2,902,923.75 $197.125.00 $3,100,048.75 s3,242,247.59 s142,r 98.83

PV Analvsis Summarv lNet to Netl

Gross PV Debt Service Savings 125,410.85

Net PV Cashflow Savings @, 2.509%(AlC) r 25,410.85

Contingency or Rounding Amount 4.t99.91

Net Present Value Benefit s129,610.76

Net PV Benefit / $2,4 I 0,000 Refunded Principal 5.378o/o

Net PV Benefit / $2,560,000 Refunding Principal 5.0630/r

Refundinq Bond lnformation

Refun Date 6/0v20t6

Refunding Delivery Date 6/0U20t6
CUMBERLANDCSDSERIES20l I SINGLE PURPOSE | 4111/2016 Ì 11:564M

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Elliott County School District Series 2016
Date: April26,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Elliott
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $2,195,000

lssue Name: Elliott CountV School District Finance Corporation School Buildinq Refunding Revenue Bonds, Series 2016

Purpose: Refinance Series 2007

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Kv. / 11:00 A.M.

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson Lou KY

FiscalAgent: Sinclaire & Assoc

Date received by SFCC

Date scheduled for Committee review:
Month Day Year
sFcc Local
Portion Portion Total
Estimated par amount of Bonds: $2,195,000 $0 195 000
% Share of total Bonds: 100.00% 0.00o/o
Estimated average annual debt service: $219.198 $0 $219.198
Estimated debt service reserve: $0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc 780 780
Special Tax Counsel $2,1 95 $0 $2,195
Number verifications $1,000 $o $1,ooo
Bond Rating $7,250 $o $7.250
Undewriter's Discount $43,900 $0 $43,900
Bank Fee $3,s00 $o $3,s00
Total Cost of lssuance: $79,625 $0 79 5
Anticipated lnterest Rates: 5 Years 1.700o/o 10 Years 2.400o/o 15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red

 Elliott Gounty School District
Projected Plan of Refinancing

Date of Report: April 26,2016

Prior Bonds Call Reports

2007 Call Report................ 1

2016 Series Refunding Bonds

Total Savings Report. 2
ELLIOTT COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS, SEzuES 2OO7

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Princioal Cou DôN lnterest D/S
1 1i0 1/20i 6 40,11t.25 40,111.25 3.600o/o 40,1 I 1.25 40,1 r.25
1
05i'01/2017 40, I I 1.25 40,1 I 1.25 40,rtL25 40, I I 1.25
1y01t2017 2,035,000.00 40,I I 1.25 2,07s,tlt.25 3.700o/o 40,1t1.25 40,rtr.25
05/0 1/20 1 8 40,1 I 1.25 40,1 11.25
1 1/01/2018 175.000.00 ,.rro* 40,1 1 1.25 2r5.ttt.25
05/0 1/201 9 36,830.00 36,830.00
11/',(-)1i20r9 I 80,000.00 3.800% 36,830.00 2I6,830.00
05,'01/2020 33,410.00 33,4r0.00
1y01lz0z0 190,000.00 3.800o/o 33,410.00 223,4r0.00
05i01n021 29.800.00 29,800.00
111011202t I95,000.00 4.0000/o 29,800.00 224,800.00
051}il2022 25,900.00 25,900.00
tl/0U2022 205,000.00 4.000o/o 25,900.00 230,900.00
05/01/2023 21,800.00 2 i,800.00
1r/0ri2023 210.000.00 4.000"; 21.800.00 23 1,800.00
05/0r/2ùz+ 17,600.00 17,600.00
ry0U2024 220,000.00 4.000o/o 17,600.00 237,600.00
05i0 1/2025 13,200.00 13,200.00
1 1i0112025 230,000.00 4.000o/o I 3,200.00 243,200.00
05/0 ]/2026 8,600.00 8,600.00
t|0ti2026 235,000.00 4.000o/o 8,600.00 243,600.00
05i0U2027 3,900.00 3,900.00
11i01t2027 195,000.00 4.000o/o 3,900.00 198,900.00
Total s2,035,000.00 $1 20,333.75 s2,155,333.75 s2,035,000.00 s582,636.2s s2,617,636.25

Yield Statistics

Base date for Avg. Life& Avs. Coupon Calculation 610y20t6

Arelage Life 7.124 Years
Areraqe CouÞon 3.9726469o/o
\\¡eigrted Average Maturirv (Par Basis) 7.124 Years

Refundinq Bond lnformation

Refuncline Dated Date 610]/20t6

Refundinq Delilelv Date 6t0y2016

ELLIoTT CSD SERIES 2007 I SINGLE PURPOSE | 4126t2O16 I 10;40 AM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
ELLIOTT COLINTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BI.IILDING REFTINDING REVENI'E BONDS, SERIES 2016
PROJECTED REFINANCING OF SERIES 2OO7

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S Savings
06i 30/20 l 6
06/30/201 7 '13.828.75 169,170.00 242,998.'75 249,392.50 6.393.75
06i30/201 8 72,057.50 1 73, t 45.00 24s.202.50 253,367.50 65.00
8, r
06130/20 I9 240.807.50 2.Í0.807.50 25r,94t.25 1 1.133.75
06/30/2020 213.426.25 243.426.25 250.240.00 6.813.75
06/30/2021 245,675.00 245,675.00 253,210.00 7,53 5.00
06i30i2022 242.57'7.50 242,577.50 250,700.00 8.r22.50
06/30/2023 243.800.00 243.800.00 2s2,700.00 8,900.00
06i30i202¿t 239.500.00 239,500.00 249,400.00 9.900.00
06/30i2025 244.537.50 244.537.50 250.800.00 6.262.50
06/3012026 2.+3,850.00 243,850.00 25 1,800.00 7,950.00
061301202'7 23 8, r 00.00 23 8,1 00.00 247,500.00 9,400.00
06/30/2028 192.6t2.50 192,6t2.s0 198,900.00 6.28'.7.50
Total s2,520,772.50 s342,315.00 s2,863,087.50 $2,959,951.25 s96,863.75

PV Analvsis Summarv (Net to Netl

Gross PV Debt Seruice Savings 84.366.5 8

Net PV Cashflow Savines @ 2.173%(Bond Yield) 84,366.5 8

Amount 601.34
Net Present Value Benefit $84,967.92

Net PV Benefit / 52.035.000 Refunded Principal 4.17 50/o

\Ìer PV Benefit / s? 95 0ôô Refirndino Princinal
3.8'7lo/o

Refunding Bond lnformation

Refundrns Dated Date 610U2016

Refunclin.g Deliveru Date 6t0l/20r6

ELL|OTTCSDSERTES20l6R I StNcLEpURPOSE | 4t26t2016 | 1040A11

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Fleming County School District Series 2016
Date: April26,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Fleming
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $1,930,000

lssue Name: Fleminq Countv School District Finance Corporation School Buildinq Refundinq Revenue Bonds. Series 2016

Purpose: Refinance Series 2008

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Kv. / 1 1:00 A.M.

Bond Rating: Moodvs: "4a3"

Bond Counsel: & Johnson Louisville KY

FiscalAgent: Ross Sinclaire & Ke

Date received by SFCC

Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $844.252 $1,085,748 $1 930 000
% Share of total Bonds: 43.74% 56.26%
Estimated average annual debt service s79.487 $102.224 $18'1.71 1

Estimated debt service reserve: 0

Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 880 11 420 $20.300
Special Tax Counsel $844 $1,086 $1,930
Number verifications $437 $563 $1,000
Bond Rating $3. r 71 $4.079 $7.250
Underwriter's Discount $16,885 $21,715 $38,600
Bank Fee $1,531 $1,969 $3,500
Total Cost of lssuance: $31,749 $40.83'1 580
Anticipated lnterest Rates : 5 Years 1.700% '10 Years 2.400o/o '15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red

 Fleming County School District
Projected Plan of Refinancing

Date of Report: April 26,2016

Prior Bonds Call Reports

2008 Call Report...... 1

2016 Series Refunding Bonds

Total Savings Report..... 2
FLEMING COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS SEzuES 2OOB

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnferest D/S To Call Princioal Counon Interest D/S
(t8/0t /?0 I 6 35,235.00 35,235.00 ì5 ?ì5 oal
4.050% 35,235.00
o2i(_t1l2Qt7 35,235 00 35,235.00 ì5 ?q5 ôô î5 ,ìS rrar
08/01/20ì 7 35,235.00 35,235.00 4.0500/" 35,235.00 35,235.00
02101 /201 8 35.235.00 35,235.00 35,235.00 35,235.00
08101120'18 1.740.000.00 35.235.00 1.775,235.00 4.050% ì5 tì5 fttt 35.235.00
Q2tA)/?019 î5 ?i5 ôô 35,235.00
08r01/20r9 75 000 00 4.050% 35,235.00 1 10,235.00
02/,Jt/?Q1Q 33.716.25 33,7t6.25
08/0r 12020 ,r,ooo.oo 4 0500/" 33,7t6.25 I 08,71 ó.25
L)2i0 1 /2(l2 l 32,197.50 ì) r07 \n
08irll /2021 I 75,000.00 4.050% 32, I 97.50 207,19'7.50
02/0112022 28,653.75 28,ó53.75
08r0 I i?0?2 I 80.000.00 4.050vo 28,653.75 208,653.75
t)z/(tti2o23 25,008.75 25,008.75
08¡l I 12023 t no,ooo.oo 4.050% 25,008.75 2r 5.008.75
a?!t)li2Q21 21,t61 .?5 21,161.25
081t11/202J+ I q5 ô0ô 4.050%
l^)al 21,16t.25 216,161.25
0210 I i ?0?5 17,2t? 50 17,212.50
08i 0l /2(ì2_i 205,000.00 1.050% t7,?12.50 ?r? ?ì ? \n
(.t2io1/2()26
r 3.061.25 13.06r .25
0810ti2026 2t 5,000.00 4.050% I 3,0ó1.25 228,061.25
02it)1/2021 8,707.50 8,707.50
()8/r)t ilQ?7 225.000.00 4.050o/o 8,707.50 233,707.50
02/01 /2028 4,151.25 4, I 5 1.25
51 .25 209.151 25
Total $l,740,000.00 s176,175.00 sl,91ó,1 75.00 s1,740,000.00 s614,385.00 s2,354J85.00

Yield Statistics

Base date fo¡ Avg. Life & Ave. Coupon Calcuiatron 6/01/2016
Ave¡ase Lilè 8.385 Yea¡s
Averaee Coupon 4.21],0001%
\áeishted Ave¡aee Matuitv (Par Basis)
8.385 Years

Refundinq Bond Information

Refu¡dine Dated Date 6/01/2016

Refunding Deliverl Date 6/01/2016

FLEI\¡INGCSDSER¡ES2008 I SINGLEPURPOSE I 4i26l2016 I 9:584[4

Ross, Sinclaire & Associates, LLC

Public Fìnance - LTheinert
FLEMING COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BTIILDING REFTINDING REVENLE BONDS SERIES 2016
PROJECTED REFINANCING OF 2OO8

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S Savings
06i30/20 16
06/30i20 I 7 6 1.83 5.83 66.88 5.00 r28,720.83 137,3 5 5.00 8.63r1.17
06/30/20 I 8 65.062.50 69.3 53.75 t34,416.25 t39,823.'.75 5,407.50
06/30/20 19 6.r.8 l 2.50 76,s18.'.75 I41,331.25 I 46,988.75 5,657.50
06i30i2020 1 39.025.00 139.025.00 r43.951.25 4.926.25
06i30r2021 i 32,662.50 r32,662.50 r40,913.75 8,25 i .25
06t30i2022 230.213.'75 230,243.15 235,851.25 5,607.50
06i30/2023 226.587.50 226,58'7.50 233,662.50 7.075.00
06i30/202'1 227.487.50 2Z'7,481.s0 236,r70.00 8,682.50
06/30/2025 227.928.75 22'.7.928.',75 5.445.00
06i-ì0/2026 228,000.00 228,000.00 235,273.75 1 11a 1\
Q6i30t202'7 232,840,00 232,840.00 236,768.75 :,szs.zs
06/30/2028 232.500.00 232,500.00 237,85 8.75 5,3 5 8.75
06/3 0i 2029 202.400.00 202,400.00 209,15t.25 6.75t.25
Tot¡l s2,271,385.83 $212,757.50 s2,484,143.33 s2,567,142.50 s82,999.r7

PV Ana!¡rsis Summary (Net to Net)

G'oss PV Debt Seruice Savinqs '70,336.67

Net PV CashJlo"v Savings @l 2.525%(AIC) 70,336.6i

or Amount t21.70
Net Present Value Benefit s73.458.37

Net PV Benefit / Refunded Á 1110:

Net PV Benefit i Si.930.000 Refunclins Principal 3.806yo

Refund Bond lnformation

Refundin.s Dated Date 610U2016

Refundine Deliveru Date 610ú20r6

FLEf\,,ltNG CSD SÉRtES 2016 R J SINGLE pURPOSE | 4t26t2016 | 958 AM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Fulton Independent School District Series
2016
Date: Ãpril27,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Fulton
Independent School District. Please process this issue at the next meeting of the Capital
Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $365,000

lssue Name: Fulton ¡ndeoendent School Distr¡ct Finance CorobratÌon School Buildinq Revenue Bonds, Series 2015

Purpose: lmprovements at Hiqh/Middle School and Carr Elementary

Projected Sale Date of Bonds: 07-Jun-1 6

First Call Date: 5t1t26 (Ò 100

Method of Sale: Comoetitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Ky. / 11:00 A.M

Bond Rating: Moodvs: "4a3"

Bond Counsel: & Johnson Louisvilìe KY

Fiscal Agent: Sinclaire &
Date received by SFCC
Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $365.000 $0 ¡Jþþ 000
% Share oftotal Bonds: 100.00% 0 00%
Estimated average annual debt service: $25,501 $0 $25,501
Estimated debt service reserve:
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 000 $0
Special Tax Counsel öU $0 $0
Number verifications s0 s0 $0
Bond Rating $3,250 $0 $3,250
Underwriter's Discount $7,300 $0 $7,300
Bank Fee $3.500 $0 $3.500
Total Cost of lssuance: $19,050 $0 I 050
Anticipated lnterest Rates: 5 Years 2.000o/o 10 Years 3.000% 15 Years: 3.750%
20 Years: 3.750%

Note: No Local Tax increase is required.

 Fulton lndependent School District
Projected Plan of Financing

Date of Report: April 27,2016

Projected 2016 Bond lssue (100% SFCC) 1

FULTON INDEPENDBNT SCHOOL DISTRICT FINANCE CORPORATION
scHool- BUILDING REVENUE BONDS, SERIES 2016 (100% SFCC)
INITIAL PROJECTION

Debt Service Schedule

Date Principal Coupon lnterest Total P+l

06130/2017 s,687.50 5,687.5 0
06130/2018 15,000.00 2.000% 11,225.00 26,225.00
06130/20t9 15,000.00 2.000% 10,925.00 25.925.00
06t3012020 15,000.00 2.000% 10,625,00 25,625.00
06t30/2021 15,000.00 2.000% 10,325.00 ?,s,iæ.q0
06130/2022 15,000.00 2 000% l 0,025.00 25,025.00
06/30/2023 15,000,00 2.s00% 9,68"t .50 24,687 50
0613012024 l 5,000.00 2.500% 9,312.50 24,312.50
06t3012025 15,000.00 2 500% 8,937.50 23,937.50
06/30t2026 15.000.00 3.000% 8,525.00 23.szs.00
0613012027 20,000.00 3.000% 8,000.00 28,000.00
0613012028 20,000.00 3.000% 7,400.00 27,400.00
06t30t2029 20,000 00 3.000% 6,800.00 26,800.00
06t3012030 20,000.00 3.s00% 6, l 50.00 26, I 50.00
06t30/2031 20 000.00 3.500% 5,450.00 25.450.00
06130t2032 20,000.00 3.500% 4,750,00 24,750.00
06130/2033 20,000.00 4.000% 4,000.00 24,000.00
06t3012034 20,000.00 4.000% 3,200.00 23,200.00
06130/2035 25,000.00 4 000% 2,300 00 27,300.00
06t3012036 2s.000 00 4.000% I,300.00 _?qi0q,0q
06t30t2037 20,000.00 4.000% 400 00 20,400.00

Total $36s,000.00 s 145,02s.00 $510,025.00

Yield Statistics

Bond Year Dollars $4. l 60.00

Avcrage Lifè ! 1.3!1 Ye4¡¡
Avcrage Coupon 3 4861'179%

Ner Interest Co_st NIC) 3 4861779%

TrrÌe lnterest Cost (TIC) 3 4424906%
Bond Yield for Arbitrase Purposes 3.4424906%
All Inclusive Cost (AIC) 3 4424906%

IRS Form 8038

Net Interest Cost 3.486t779%
Weielìted Average Maturity I 1.397 Years

FULTON rSD SERIES 2016 | SINGLE PURPOSE | 4t2712016 | 9:27 A¡,4

April 22, 2016

Ms. Lisa Collins

School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$9,020,000 (est.)
Grayson County (Kentucky)
School District Finance Corporation
School Building Refunding Revenue Bonds
Series 2016

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. No tax increase was necessary to finance this issue.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
8639.

Sincerely,

/s/ Greg Phillips

Greg Phillips
Managing Director
 BOND PAYEE DISCLOSURE FORM
Par Amount: $9,020,000

Issue Name: Grayson County School District Finance Corporation

School Building Refunding Revenue Bonds, Series 2016
Purpose: Refund the District’s Series 2009 Bonds

Projected Sale Date of Bonds: When NPV savings exceed 5.0%

First Call Date: 2026

Method of Sale: Competitive

Place/Time of Sale: SFCC/11:00 A.M. EDT

Bond Rating: “Aa3” – Moody’s

Bond Counsel: Rubin & Hays

Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Portion Local Portion Total

Estimated par amount of Bonds: $1,106,523 $7,913,477 $9,020,000
% Share of total Bonds: 13% 87% 100%
Estimated average annual debt service: 111,826 747,034 858,660
Estimated debt service reserve: -0- -0- -0-
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 6,380 42,700 49,080
Special Tax Counsel 1,173 7,847 9,020
Number Verifications 286 1,914 2,200
Bond Rating 1,495 10,005 11,500
Underwriter's Discount 12,312 82,398 94,710
Paying Agent/Escrow Agent Bank 650 4,350 5,000
Total Cost of Issuance: 22,296 149,214 171,510

Anticipated Interest Rates: 5 Years: 2.00% 10 Years: 2.50%

15 Years: N/A 20 Years: N/A

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
 TABLE OF CONTENTS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Report Page

School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 5
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . 8
Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SFCC Portion
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 18

District Portion
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 22
 SOURCES AND USES OF FUNDS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Dated Date 06/15/2016
Delivery Date 06/15/2016

District
Sources: SFCC Portion Portion Total

Bond Proceeds:
Par Amount 1,106,523.00 7,913,477.00 9,020,000.00
Premium 34,003.55 262,503.65 296,507.20

1,140,526.55 8,175,980.65 9,316,507.20

District
Uses: SFCC Portion Portion Total

Refunding Escrow Deposits:
PV cost of cashflows 1,055,989.69 8,086,419.22 9,142,408.91

Cost of Issuance:
Hilliard Lyons 6,020.86 43,059.14 49,080.00
Tax Counsel 1,106.52 7,913.48 9,020.00
Paying Agent/Escrow Agent 613.37 4,386.63 5,000.00
Rating 1,410.76 10,089.24 11,500.00
Verification 269.88 1,930.12 2,200.00
9,421.39 67,378.61 76,800.00

Underwriter's Discount:
Underwriter's Discount 11,618.49 83,091.51 94,710.00

Other Uses of Funds:
Additional Proceeds 63,496.98 ‐60,908.69 2,588.29

1,140,526.55 8,175,980.65 9,316,507.20

 BOND DEBT SERVICE

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 61,259.17 61,259.17

04/01/2017 104,025.00 104,025.00
05/01/2017 130,000 1.000% 108.34 130,108.34
06/30/2017 295,392.51
10/01/2017 103,375.00 103,375.00
04/01/2018 103,375.00 103,375.00
05/01/2018 85,000 1.000% 70.83 85,070.83
06/30/2018 291,820.83
10/01/2018 102,950.00 102,950.00
04/01/2019 102,950.00 102,950.00
05/01/2019 85,000 1.500% 106.25 85,106.25
06/30/2019 291,006.25
10/01/2019 102,312.50 102,312.50
04/01/2020 102,312.50 102,312.50
05/01/2020 190,000 2.000% 316.67 190,316.67
06/30/2020 394,941.67
10/01/2020 100,412.50 100,412.50
04/01/2021 100,412.50 100,412.50
05/01/2021 195,000 2.000% 325.00 195,325.00
06/30/2021 396,150.00
10/01/2021 98,462.50 98,462.50
04/01/2022 98,462.50 98,462.50
05/01/2022 190,000 2.000% 316.67 190,316.67
06/30/2022 387,241.67
10/01/2022 96,562.50 96,562.50
04/01/2023 96,562.50 96,562.50
05/01/2023 1,090,000 2.000% 1,816.67 1,091,816.67
06/30/2023 1,284,941.67
10/01/2023 85,662.50 85,662.50
04/01/2024 85,662.50 85,662.50
05/01/2024 1,110,000 2.000% 1,850.01 1,111,850.01
06/30/2024 1,283,175.01
10/01/2024 74,562.50 74,562.50
04/01/2025 74,562.50 74,562.50
05/01/2025 1,135,000 2.000% 1,891.67 1,136,891.67
06/30/2025 1,286,016.67
10/01/2025 63,212.50 63,212.50
04/01/2026 63,212.50 63,212.50
05/01/2026 1,155,000 2.500% 2,406.25 1,157,406.25
06/30/2026 1,283,831.25
10/01/2026 48,775.00 48,775.00
04/01/2027 48,775.00 48,775.00
05/01/2027 1,185,000 2.500% 2,468.75 1,187,468.75
06/30/2027 1,285,018.75
10/01/2027 33,962.50 33,962.50
04/01/2028 33,962.50 33,962.50
05/01/2028 1,215,000 2.750% 2,784.38 1,217,784.38
06/30/2028 1,285,709.38
10/01/2028 17,256.25 17,256.25
04/01/2029 17,256.25 17,256.25
05/01/2029 1,255,000 2.750% 2,876.04 1,257,876.04
06/30/2029 1,292,388.54

9,020,000 2,037,634.20 11,057,634.20 11,057,634.20

 BOND SUMMARY STATISTICS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Dated Date 06/15/2016
Delivery Date 06/15/2016
Last Maturity 05/01/2029

Arbitrage Yield 1.957510%
True Interest Cost (TIC) 2.136891%
Net Interest Cost (NIC) 2.171751%
All‐In TIC 2.237243%
Average Coupon 2.410473%

Average Life (years) 9.372
Weighted Average Maturity (years) 9.398
Duration of Issue (years) 8.430

Par Amount 9,020,000.00
Bond Proceeds 9,316,507.20
Total Interest 2,037,634.20
Net Interest 1,835,837.00
Total Debt Service 11,057,634.20
Maximum Annual Debt Service 1,292,388.54
Average Annual Debt Service 858,660.12

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 10.500000

Total Underwriter's Discount 10.500000

Bid Price 102.237220

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 9,020,000.00 103.287 2.410% 9.372 10/29/2025 7,174.45

9,020,000.00 9.372 7,174.45

All‐In Arbitrage
TIC TIC Yield

Par Value 9,020,000.00 9,020,000.00 9,020,000.00

  + Accrued Interest
  + Premium (Discount) 296,507.20 296,507.20 296,507.20
  ‐ Underwriter's Discount ‐94,710.00 ‐94,710.00
  ‐ Cost of Issuance Expense ‐76,800.00
  ‐ Other Amounts

Target Value 9,221,797.20 9,144,997.20 9,316,507.20

Target Date 06/15/2016 06/15/2016 06/15/2016

Yield 2.136891% 2.237243% 1.957510%
 SAVINGS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 353,367.50 295,392.51 57,974.99

06/30/2018 353,367.50 291,820.83 61,546.67
06/30/2019 353,367.50 291,006.25 62,361.25
06/30/2020 453,367.50 394,941.67 58,425.83
06/30/2021 454,367.50 396,150.00 58,217.50
06/30/2022 450,167.50 387,241.67 62,925.83
06/30/2023 1,345,967.50 1,284,941.67 61,025.83
06/30/2024 1,345,767.50 1,283,175.01 62,592.49
06/30/2025 1,347,661.26 1,286,016.67 61,644.59
06/30/2026 1,346,336.26 1,283,831.25 62,505.01
06/30/2027 1,347,531.24 1,285,018.75 62,512.49
06/30/2028 1,345,687.52 1,285,709.38 59,978.14
06/30/2029 1,351,656.24 1,292,388.54 59,267.70

11,848,612.52 11,057,634.20 790,978.32

Savings Summary

Savings PV date 06/15/2016
Savings PV rate 1.957510%
PV of savings from cash flow 697,273.21
Plus: Refunding funds on hand 2,588.29

Net PV Savings 699,861.50
 SUMMARY OF REFUNDING RESULTS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Dated Date 06/15/2016
Delivery Date 06/15/2016
Arbitrage yield 1.957510%
Escrow yield 0.862214%
Value of Negative Arbitrage 267,739.08

Bond Par Amount 9,020,000.00
True Interest Cost 2.136891%
Net Interest Cost 2.171751%
Average Coupon 2.410473%
Average Life 9.372

Par amount of refunded bonds 8,300,000.00
Average coupon of refunded bonds 4.286115%
Average life of refunded bonds 9.854

PV of prior debt to 06/15/2016 @ 1.957510% 10,058,304.13
Net PV Savings 699,861.50
Percentage savings of refunded bonds 8.432066%
Percentage savings of refunding bonds 7.758997%
 BOND PRICING

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Maturity Yield to
Bond Component Date Amount Rate Yield Price Maturity

Bond Component:
05/01/2017 130,000 1.000% 0.800% 100.174
05/01/2018 85,000 1.000% 1.000% 100.000
05/01/2019 85,000 1.500% 1.250% 100.704
05/01/2020 190,000 2.000% 1.350% 102.447
05/01/2021 195,000 2.000% 1.450% 102.580
05/01/2022 190,000 2.000% 1.500% 102.802
05/01/2023 1,090,000 2.000% 1.600% 102.594
05/01/2024 1,110,000 2.000% 1.750% 101.831
05/01/2025 1,135,000 2.000% 1.850% 101.222
05/01/2026 1,155,000 2.500% 1.900% 105.379
05/01/2027 1,185,000 2.500% 2.050% 104.004 C 2.087%
05/01/2028 1,215,000 2.750% 2.200% 104.857 C 2.281%
05/01/2029 1,255,000 2.750% 2.300% 103.954 C 2.391%

9,020,000

Dated Date 06/15/2016
Delivery Date 06/15/2016
First Coupon 10/01/2016

Par Amount 9,020,000.00
Premium 296,507.20

Production 9,316,507.20 103.287220%

Underwriter's Discount ‐94,710.00 ‐1.050000%

Purchase Price 9,221,797.20 102.237220%

Accrued Interest

Net Proceeds 9,221,797.20
 PRIOR BOND DEBT SERVICE

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 176,683.75 176,683.75

05/01/2017 176,683.75 176,683.75
06/30/2017 353,367.50
11/01/2017 176,683.75 176,683.75
05/01/2018 176,683.75 176,683.75
06/30/2018 353,367.50
11/01/2018 176,683.75 176,683.75
05/01/2019 176,683.75 176,683.75
06/30/2019 353,367.50
11/01/2019 176,683.75 176,683.75
05/01/2020 100,000 4.000% 176,683.75 276,683.75
06/30/2020 453,367.50
11/01/2020 174,683.75 174,683.75
05/01/2021 105,000 4.000% 174,683.75 279,683.75
06/30/2021 454,367.50
11/01/2021 172,583.75 172,583.75
05/01/2022 105,000 4.000% 172,583.75 277,583.75
06/30/2022 450,167.50
11/01/2022 170,483.75 170,483.75
05/01/2023 1,005,000 4.000% 170,483.75 1,175,483.75
06/30/2023 1,345,967.50
11/01/2023 150,383.75 150,383.75
05/01/2024 1,045,000 4.125% 150,383.75 1,195,383.75
06/30/2024 1,345,767.50
11/01/2024 128,830.63 128,830.63
05/01/2025 1,090,000 4.250% 128,830.63 1,218,830.63
06/30/2025 1,347,661.26
11/01/2025 105,668.13 105,668.13
05/01/2026 1,135,000 4.300% 105,668.13 1,240,668.13
06/30/2026 1,346,336.26
11/01/2026 81,265.62 81,265.62
05/01/2027 1,185,000 4.375% 81,265.62 1,266,265.62
06/30/2027 1,347,531.24
11/01/2027 55,343.76 55,343.76
05/01/2028 1,235,000 4.375% 55,343.76 1,290,343.76
06/30/2028 1,345,687.52
11/01/2028 28,328.12 28,328.12
05/01/2029 1,295,000 4.375% 28,328.12 1,323,328.12
06/30/2029 1,351,656.24

8,300,000 3,548,612.52 11,848,612.52 11,848,612.52

 SUMMARY OF BONDS REFUNDED

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Maturity Interest Par Call Call

Bond Date Rate Amount Date Price

Series 2009 District Portion, 2009_D:
BOND 05/01/2023 4.000% 915,395.00 05/01/2019 100.000
05/01/2024 4.125% 951,811.00 05/01/2019 100.000
05/01/2025 4.250% 992,967.00 05/01/2019 100.000
05/01/2026 4.300% 1,033,843.00 05/01/2019 100.000
05/01/2027 4.375% 1,079,493.00 05/01/2019 100.000
05/01/2028 4.375% 1,124,877.00 05/01/2019 100.000
05/01/2029 4.375% 1,180,059.00 05/01/2019 100.000
22_TERM 05/01/2022 4.000% 61,337.00 05/01/2019 100.000
7,339,782.00

Series 2009 (SFCC Portion), 2009_S:
BOND 05/01/2023 4.000% 89,605.00 05/01/2019 100.000
05/01/2024 4.125% 93,189.00 05/01/2019 100.000
05/01/2025 4.250% 97,033.00 05/01/2019 100.000
05/01/2026 4.300% 101,157.00 05/01/2019 100.000
05/01/2027 4.375% 105,507.00 05/01/2019 100.000
05/01/2028 4.375% 110,123.00 05/01/2019 100.000
05/01/2029 4.375% 114,941.00 05/01/2019 100.000
22_TERM 05/01/2022 4.000% 248,663.00 05/01/2019 100.000
960,218.00

8,300,000.00
 ESCROW REQUIREMENTS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Period Principal
Ending Interest Redeemed Total

11/01/2016 176,683.75 176,683.75

05/01/2017 176,683.75 176,683.75
11/01/2017 176,683.75 176,683.75
05/01/2018 176,683.75 176,683.75
11/01/2018 176,683.75 176,683.75
05/01/2019 176,683.75 8,300,000.00 8,476,683.75

1,060,102.50 8,300,000.00 9,360,102.50

 ESCROW DESCRIPTIONS

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Type of Type of Maturity First Int Par Max

Security SLGS Date Pmt Date Amount Rate Rate

Jun 15, 2016:
SLGS Certificate 11/01/2016 11/01/2016 147,689 0.260% 0.260%
SLGS Certificate 05/01/2017 05/01/2017 137,929 0.470% 0.470%
SLGS Note 11/01/2017 11/01/2016 138,496 0.600% 0.600%
SLGS Note 05/01/2018 11/01/2016 138,912 0.720% 0.720%
SLGS Note 11/01/2018 11/01/2016 139,413 0.800% 0.800%
SLGS Note 05/01/2019 11/01/2016 8,439,969 0.870% 0.870%

9,142,408

SLGS Summary

SLGS Rates File 19APR16
Total Certificates of Indebtedness 285,618.00
Total Notes 8,856,790.00

Total original SLGS 9,142,408.00
 ESCROW COST

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Type of Maturity Par Total

Security Date Amount Rate Cost

SLGS 11/01/2016 147,689 0.260% 147,689.00

SLGS 05/01/2017 137,929 0.470% 137,929.00
SLGS 11/01/2017 138,496 0.600% 138,496.00
SLGS 05/01/2018 138,912 0.720% 138,912.00
SLGS 11/01/2018 139,413 0.800% 139,413.00
SLGS 05/01/2019 8,439,969 0.870% 8,439,969.00

9,142,408 9,142,408.00

Purchase Cost of Cash Total

Date Securities Deposit Escrow Cost Yield

06/15/2016 9,142,408 0.91 9,142,408.91 0.862214%

9,142,408 0.91 9,142,408.91

 ESCROW CASH FLOW

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Present Value
Net Escrow to 06/15/2016
Date Principal Interest Receipts @  0.8622141%

11/01/2016 147,689.00 28,994.08 176,683.08 176,109.75

05/01/2017 137,929.00 38,755.43 176,684.43 175,355.12
11/01/2017 138,496.00 38,187.09 176,683.09 174,601.08
05/01/2018 138,912.00 37,771.60 176,683.60 173,852.09
11/01/2018 139,413.00 37,271.52 176,684.52 173,106.72
05/01/2019 8,439,969.00 36,713.87 8,476,682.87 8,269,383.23

9,142,408.00 217,693.59 9,360,101.59 9,142,408.00

Escrow Cost Summary

Purchase date 06/15/2016
Purchase cost of securities 9,142,408.00

Target for yield calculation 9,142,408.00
 ESCROW SUFFICIENCY

Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)

Escrow Net Escrow Excess Excess

Date Requirement Receipts Receipts Balance

06/15/2016 0.91 0.91 0.91

11/01/2016 176,683.75 176,683.08 ‐0.67 0.24
05/01/2017 176,683.75 176,684.43 0.68 0.92
11/01/2017 176,683.75 176,683.09 ‐0.66 0.26
05/01/2018 176,683.75 176,683.60 ‐0.15 0.11
11/01/2018 176,683.75 176,684.52 0.77 0.88
05/01/2019 8,476,683.75 8,476,682.87 ‐0.88

9,360,102.50 9,360,102.50 0.00

 ESCROW STATISTICS
Grayson County School District Finance Corporation
School Building Refunding Revenue Bonds, Series 2016 (Ref of 09)
Modified Yield to Yield to Perfect Value of
Total Duration PV of 1 bp Receipt Disbursement Escrow Negative Cost of
Escrow Escrow Cost (years) change Date Date Cost Arbitrage Dead Time

Universal Proceeds Escrow:
9,142,408.91 2.722 2,488.51 0.862214% 0.862214% 8,874,669.80 267,739.08 0.03

9,142,408.91 2,488.51 8,874,669.80 267,739.08 0.03

Delivery date 06/15/2016
Arbitrage yield 1.957510%
Composite Modified Duration 2.722
 BOND DEBT SERVICE

Grayson County School District Finance Corporation
SFCC Portion

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 7,213.44 7,213.44

04/01/2017 12,249.23 12,249.23
05/01/2017 20,830 1.000% 17.36 20,847.36
06/30/2017 40,310.03
10/01/2017 12,145.08 12,145.08
04/01/2018 12,145.08 12,145.08
05/01/2018 16,007 1.000% 13.34 16,020.34
06/30/2018 40,310.50
10/01/2018 12,065.05 12,065.05
04/01/2019 12,065.05 12,065.05
05/01/2019 16,160 1.500% 20.20 16,180.20
06/30/2019 40,310.30
10/01/2019 11,943.85 11,943.85
04/01/2020 11,943.85 11,943.85
05/01/2020 95,922 2.000% 159.87 96,081.87
06/30/2020 119,969.57
10/01/2020 10,984.63 10,984.63
04/01/2021 10,984.63 10,984.63
05/01/2021 97,837 2.000% 163.06 98,000.06
06/30/2021 119,969.32
10/01/2021 10,006.26 10,006.26
04/01/2022 10,006.26 10,006.26
05/01/2022 99,790 2.000% 166.32 99,956.32
06/30/2022 119,968.84
10/01/2022 9,008.36 9,008.36
04/01/2023 9,008.36 9,008.36
05/01/2023 101,783 2.000% 169.64 101,952.64
06/30/2023 119,969.36
10/01/2023 7,990.53 7,990.53
04/01/2024 7,990.53 7,990.53
05/01/2024 103,815 2.000% 173.03 103,988.03
06/30/2024 119,969.09
10/01/2024 6,952.38 6,952.38
04/01/2025 6,952.38 6,952.38
05/01/2025 105,887 2.000% 176.48 106,063.48
06/30/2025 119,968.24
10/01/2025 5,893.51 5,893.51
04/01/2026 5,893.51 5,893.51
05/01/2026 107,957 2.500% 224.91 108,181.91
06/30/2026 119,968.93
10/01/2026 4,544.04 4,544.04
04/01/2027 4,544.04 4,544.04
05/01/2027 110,650 2.500% 230.52 110,880.52
06/30/2027 119,968.60
10/01/2027 3,160.92 3,160.92
04/01/2028 3,160.92 3,160.92
05/01/2028 113,387 2.750% 259.85 113,646.85
06/30/2028 119,968.69
10/01/2028 1,601.85 1,601.85
04/01/2029 1,601.85 1,601.85
05/01/2029 116,498 2.750% 266.97 116,764.97
06/30/2029 119,968.67

1,106,523 214,097.14 1,320,620.14 1,320,620.14

 BOND SUMMARY STATISTICS

Grayson County School District Finance Corporation
SFCC Portion

Dated Date 06/15/2016
Delivery Date 06/15/2016
Last Maturity 05/01/2029

Arbitrage Yield 1.957510%
True Interest Cost (TIC) 2.071006%
Net Interest Cost (NIC) 2.105450%
All‐In TIC 2.184105%
Average Coupon 2.351290%

Average Life (years) 8.229
Weighted Average Maturity (years) 8.258
Duration of Issue (years) 7.495

Par Amount 1,106,523.00
Bond Proceeds 1,140,526.55
Total Interest 214,097.14
Net Interest 191,712.08
Total Debt Service 1,320,620.14
Maximum Annual Debt Service 119,969.57
Average Annual Debt Service 102,550.31

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 10.499999

Total Underwriter's Discount 10.499999

Bid Price 102.023009

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 1,106,523.00 103.073 2.351% 8.229 09/06/2024 789.49

1,106,523.00 8.229 789.49

All‐In Arbitrage
TIC TIC Yield

Par Value 1,106,523.00 1,106,523.00 1,106,523.00

  + Accrued Interest
  + Premium (Discount) 34,003.55 34,003.55 34,003.55
  ‐ Underwriter's Discount ‐11,618.49 ‐11,618.49
  ‐ Cost of Issuance Expense ‐9,421.39
  ‐ Other Amounts

Target Value 1,128,908.06 1,119,486.67 1,140,526.55

Target Date 06/15/2016 06/15/2016 06/15/2016

Yield 2.071006% 2.184105% 1.957510%
 SAVINGS

Grayson County School District Finance Corporation
SFCC Portion

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 40,310.90 40,310.03 0.87

06/30/2018 40,310.90 40,310.50 0.40
06/30/2019 40,310.90 40,310.30 0.60
06/30/2020 119,969.90 119,969.57 0.33
06/30/2021 119,969.54 119,969.32 0.22
06/30/2022 119,969.74 119,968.84 0.90
06/30/2023 119,969.38 119,969.36 0.02
06/30/2024 119,969.18 119,969.09 0.09
06/30/2025 119,969.14 119,968.24 0.90
06/30/2026 119,969.24 119,968.93 0.31
06/30/2027 119,969.48 119,968.60 0.88
06/30/2028 119,969.56 119,968.69 0.87
06/30/2029 119,969.66 119,968.67 0.99

1,320,627.52 1,320,620.14 7.38

Savings Summary

Savings PV date 06/15/2016
Savings PV rate 1.957510%
PV of savings from cash flow 377.27
Plus: Refunding funds on hand 63,496.98

Net PV Savings 63,874.25
 SUMMARY OF REFUNDING RESULTS

Grayson County School District Finance Corporation
SFCC Portion

Dated Date 06/15/2016
Delivery Date 06/15/2016
Arbitrage yield 1.957510%
Escrow yield 0.862214%
Value of Negative Arbitrage 30,945.05

Bond Par Amount 1,106,523.00
True Interest Cost 2.071006%
Net Interest Cost 2.105450%
Average Coupon 2.351290%
Average Life 8.229

Par amount of refunded bonds 960,218.00
Average coupon of refunded bonds 4.248955%
Average life of refunded bonds 8.713

PV of prior debt to 06/15/2016 @ 1.957510% 1,138,841.25
Net PV Savings 63,874.25
Percentage savings of refunded bonds 6.652057%
Percentage savings of refunding bonds 5.772519%
 BOND DEBT SERVICE

Grayson County School District Finance Corporation
District Portion

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 54,045.73 54,045.73

04/01/2017 91,775.77 91,775.77
05/01/2017 109,170 1.000% 90.98 109,260.98
06/30/2017 255,082.48
10/01/2017 91,229.92 91,229.92
04/01/2018 91,229.92 91,229.92
05/01/2018 68,993 1.000% 57.49 69,050.49
06/30/2018 251,510.33
10/01/2018 90,884.95 90,884.95
04/01/2019 90,884.95 90,884.95
05/01/2019 68,840 1.500% 86.05 68,926.05
06/30/2019 250,695.95
10/01/2019 90,368.65 90,368.65
04/01/2020 90,368.65 90,368.65
05/01/2020 94,078 2.000% 156.80 94,234.80
06/30/2020 274,972.10
10/01/2020 89,427.87 89,427.87
04/01/2021 89,427.87 89,427.87
05/01/2021 97,163 2.000% 161.94 97,324.94
06/30/2021 276,180.68
10/01/2021 88,456.24 88,456.24
04/01/2022 88,456.24 88,456.24
05/01/2022 90,210 2.000% 150.35 90,360.35
06/30/2022 267,272.83
10/01/2022 87,554.14 87,554.14
04/01/2023 87,554.14 87,554.14
05/01/2023 988,217 2.000% 1,647.03 989,864.03
06/30/2023 1,164,972.31
10/01/2023 77,671.97 77,671.97
04/01/2024 77,671.97 77,671.97
05/01/2024 1,006,185 2.000% 1,676.98 1,007,861.98
06/30/2024 1,163,205.92
10/01/2024 67,610.12 67,610.12
04/01/2025 67,610.12 67,610.12
05/01/2025 1,029,113 2.000% 1,715.19 1,030,828.19
06/30/2025 1,166,048.43
10/01/2025 57,318.99 57,318.99
04/01/2026 57,318.99 57,318.99
05/01/2026 1,047,043 2.500% 2,181.34 1,049,224.34
06/30/2026 1,163,862.32
10/01/2026 44,230.96 44,230.96
04/01/2027 44,230.96 44,230.96
05/01/2027 1,074,350 2.500% 2,238.23 1,076,588.23
06/30/2027 1,165,050.15
10/01/2027 30,801.58 30,801.58
04/01/2028 30,801.58 30,801.58
05/01/2028 1,101,613 2.750% 2,524.53 1,104,137.53
06/30/2028 1,165,740.69
10/01/2028 15,654.40 15,654.40
04/01/2029 15,654.40 15,654.40
05/01/2029 1,138,502 2.750% 2,609.07 1,141,111.07
06/30/2029 1,172,419.87

7,913,477 1,823,537.06 9,737,014.06 9,737,014.06

 BOND SUMMARY STATISTICS

Grayson County School District Finance Corporation
District Portion

Dated Date 06/15/2016
Delivery Date 06/15/2016
Last Maturity 05/01/2029

Arbitrage Yield 1.957510%
True Interest Cost (TIC) 2.144913%
Net Interest Cost (NIC) 2.179755%
All‐In TIC 2.243713%
Average Coupon 2.417617%

Average Life (years) 9.531
Weighted Average Maturity (years) 9.557
Duration of Issue (years) 8.560

Par Amount 7,913,477.00
Bond Proceeds 8,175,980.65
Total Interest 1,823,537.06
Net Interest 1,644,124.92
Total Debt Service 9,737,014.06
Maximum Annual Debt Service 1,172,419.87
Average Annual Debt Service 756,109.81

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 10.500000

Total Underwriter's Discount 10.500000

Bid Price 102.267172

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 7,913,477.00 103.317 2.418% 9.531 12/26/2025 6,384.96

7,913,477.00 9.531 6,384.96

All‐In Arbitrage
TIC TIC Yield

Par Value 7,913,477.00 7,913,477.00 7,913,477.00

  + Accrued Interest
  + Premium (Discount) 262,503.65 262,503.65 262,503.65
  ‐ Underwriter's Discount ‐83,091.51 ‐83,091.51
  ‐ Cost of Issuance Expense ‐67,378.61
  ‐ Other Amounts

Target Value 8,092,889.14 8,025,510.53 8,175,980.65

Target Date 06/15/2016 06/15/2016 06/15/2016

Yield 2.144913% 2.243713% 1.957510%
 SAVINGS

Grayson County School District Finance Corporation
District Portion

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 313,056.60 255,082.48 57,974.12

06/30/2018 313,056.60 251,510.33 61,546.27
06/30/2019 313,056.60 250,695.95 62,360.65
06/30/2020 333,397.60 274,972.10 58,425.50
06/30/2021 334,397.96 276,180.68 58,217.28
06/30/2022 330,197.76 267,272.83 62,924.93
06/30/2023 1,225,998.12 1,164,972.31 61,025.81
06/30/2024 1,225,798.32 1,163,205.92 62,592.40
06/30/2025 1,227,692.12 1,166,048.43 61,643.69
06/30/2026 1,226,367.02 1,163,862.32 62,504.70
06/30/2027 1,227,561.76 1,165,050.15 62,511.61
06/30/2028 1,225,717.96 1,165,740.69 59,977.27
06/30/2029 1,231,686.58 1,172,419.87 59,266.71

10,527,985.00 9,737,014.06 790,970.94

Savings Summary

Savings PV date 06/15/2016
Savings PV rate 1.957510%
PV of savings from cash flow 696,895.94
Plus: Refunding funds on hand ‐60,908.69

Net PV Savings 635,987.25
 SUMMARY OF REFUNDING RESULTS

Grayson County School District Finance Corporation
District Portion

Dated Date 06/15/2016
Delivery Date 06/15/2016
Arbitrage yield 1.957510%
Escrow yield 0.862214%
Value of Negative Arbitrage 236,794.03

Bond Par Amount 7,913,477.00
True Interest Cost 2.144913%
Net Interest Cost 2.179755%
Average Coupon 2.417617%
Average Life 9.531

Par amount of refunded bonds 7,339,782.00
Average coupon of refunded bonds 4.290350%
Average life of refunded bonds 10.003

PV of prior debt to 06/15/2016 @ 1.957510% 8,919,462.88
Net PV Savings 635,987.25
Percentage savings of refunded bonds 8.664934%
Percentage savings of refunding bonds 8.036761%
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Harrison County School District Series 2016

Date: April26,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Harrison
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $4,310,000

lssue Name: Harrison County School District Finance Corporation School Buildinq Refundinq Revenue Bonds, Series 2016

Purpose: Refinance Series 2008

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 511126 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Ky. i 11:00 A.M.

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson Louisville KY

FiscalAgent: Ross, Sinclaire & Associates, Lexi Kentu
Date received by SFCC:
Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $713,938 $3,596,062 $¿ 310 000
% Share of total Bonds: 16.56% 83.44%
Estimated average annual debt service: $68,758 $346.329 $415.087
Estimated debt service reserve:
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 5 009 5 1 0 240
Special Tax Counsel $714 $3,596 $4,310
Number verifications $1 66 $834 $1,000
Bond Rating $1,367 $6,883 $8,250
Underwriter's Discount $14,279 $71,921 $86,200
Bank Fee $580 $2,920 $3,500
Total Cost of lssuance: $22.114 $111,386 1 500
Anticipated lnterest Rates: 5 Years 1.700% '10 Years 2.400% 15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red

 Harrison Gounty School District
Projected Plan of Refinancing

Date of Report: April 26, 2016

Prior Bonds Call Reports

2008 Call Report...... 1

2016 Series Refunding Bonds

Total Savings Report. 2
HARRISON COUNTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDNG REVENUE BONDS. SERIES 2OO8

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest DiS To Call Principal Coupon lnterest D/S
I 1/01i2016 7i ìiq ?R 75 1{q ì1 75,359.38 75,359.38
05/0 t/201 7 75,359.38 75,359.38 3.500o/o 75,359.38 75,359.38
I 1r'01/2017 75,359.38 75,359.38 75,359.38 75,359.38
05i01i201 8 3,970,000.00 75,3 59.38 4,045.359.38 3.600o/" 75,3s9.38 75,359.3 I
t/01/201 8 59.38
0510 1/201 9 330,000.00 3.6500/o 75,359.38 405,359.38
1 1i 0 1/201 9 69,336.88 69,336.8 8
05/01/2020 345.000.00 3.700o/o 69,336.88 4r4,336.88
I 1/01/2020 62,954.38 62,954.38
0 5i 0 1i 2021 360.000.00 3.750; 62.954.38 422.954.38
1 1i 0 1i 2021 56,204.38 56,204.38
05i 0ti 2022 370,000.00 3.7 50o/o 56,204.38 +26,204.38
lri}r/2022. 49,266.88 49,266.88
0i10 li 2023 385,000.00 3.750o/o 49,266.88 434,266.88
I l10l/2023 42.048.13 42.048.',t 3
05/0 t/2024 395,000.00 3.800% 42,048. t 3 437,048. t3
I 1101i202.1 34,543.13 34,543. l3
05i0 1i2025 420,000.00 3.800o/o 34,543.13 454,543.13
I l/01/2025 26,563.t3 26,563.13
05/01/2026 435.000.00 3.87syo 26.563.t3 46 1.563.13
I 1i01i2026 1 8,135.00 I 8,1 35.00
05i01/7027 455,000.00 3.900o/o I 8,135.00 473,135.00
ttt01lz027 9,262.50 9,262.50
05/01 /2028 475,000.00 3.900o/o 9,262.50 484,262.50
Total S3,970,000.00 s30 1,437.52 94,271,437.52 s3,970,000.00 $1,188,785. l0 ss,1s8,785. r0

Yield Statistics

Base date for Life & 6t0r/20t6

3.82522630/o
eafs

Refundi¡g Bond lnformation

Refundins l)ated D¡te 6/01/?.O16

Date 6l0L/20t6

HARRISON CSDSERIES2008 I SINGLE PURPOSE | 4/26,/2016 | 11:18AtV

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
HARRISON COIINTY SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BTIILDING REFTINDING RE\ENUE BONDS, SERIES 2016
PROJECTED REFINANCII.{G OF 2OO8

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S Sav¡ngs
06 30 t0l6
06,'30r20i7 136.099.38 305,775.00 4,11,874.38 456,493.'76 14,619.38
06/30/2018 137.507.50 3 i 0,800.00 448,30?.50 46t,5t8.76 13,2r r.26
06/30/2019 166.957.50 466,957.50 480,71 8.76 13,76t.26
06/30i2020 .+67.145.00 46',7 .145.00 483.673.76 t6.528.76
06/30/202r 471,685.00 471,685.00 485,908.76 r4,223.76
06i30t2022 .16 5,285.00 465,285.00 482,408.76 I7,t23.76
06/30/2023 ,168.285.00 468,285.00 483,533.76 t5,248.'76
06/30i202,r 465.¿i95.00 465,495.00 479,096.26 13,60 i.26
06t302025 471.780.00 471.780.00 489-086.26 17.306.26
06/30i2026 472,320.00 472,320.00 488,t26.26 l 5,806.26
06/30i2027 477,200.00 477,200.00 491,270.00 14,070.00
06i-ì012028 481.280.00 481,280.00 493,525.00 12,245.00
Total s4,981,039.38 s616,575.00 $s,597,614.38 Ss,775,360.10 st77 ,7 45.72

PV Analysis Summary (Net to Net)

Cn'oss P\,'DeLrt Serwioe Savings r 5 5.894.26

Net Cashflou' :.J 1

Contingencv or Rounclinq Arnount 3.458.16

Net Present Value Benefit sl

Net PV Benefit,/ S3.970.000 Refuncled 4.014o/o

Net PV Benefit ,/ S4.310.000 Refuncline Principal 3.6970/0

Refund Bond lnformation

Refundins Dated Date 6/01/2016

Refundine Deliverl, Date 6/01120t6

HARR|SON CSDSERIES2016 | SINGLE PURPOSE | 412612A16 I 11:184N¡

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 One Riverfront Plaza
401 West Main Street, April 28, 2016
Suite 2110
Louisville, KY
40202

502/491-3939
fax: 502/491-9979 School Facilities Construction Commission
229 West Main St., Suite 102
I N V E S T M E N T
Frankfort, KY 40601
B A N K I N G
RE: $42,555,000 Jefferson County School District Finance Corporation
F I N A N C I A L Revenue Bonds, Series 2016
A D V I S O R Y

To Whom It May Concern:

P U B L I C

F I N A N C E
Please find enclosed a Bond Payee Disclosure Form and Plan of Financing
B R O K E R A G E
related to the above-referenced series of Bonds. The Bonds are being issued to
S E R V I C E S finance renovations to various facilities in the District as listed in the attachment to
this letter.

We would like to go ahead and submit the plan to Bond Oversight so that
we will be ready to proceed with the bond sale to close in July 2016. The Bonds
will be funded with Local and SFCC funds.

Please process this bond disclosure form for review by the Bond Oversight
Committee at their next meeting. Should you have any questions or require any
Cincinnati. OH additional information, please contact our office.
Lexington, KY
Sincerely,

LLC
Owensboro, KY

ASSOCIATES,
Columbus, OH

Indianapolis, IN

Columbia, SC
Dwight G. Salsbury
Brentwood, TN
&
SINCLAIRE

Pittsburgh, PA Enclosures

St. Petersburg, FL

Alameda, CA
ROSS,
 Jefferson County SD 2016 Projects

• Butler HS - Phase I HVAC Renov

• YPAS - Phase I HVAC/Elevator
• Greenwood ES - Phase I HVAC /Media
• Western MS Roof
• Westport Tapp Roof
• Wheeler Roof
• Watson Ln Roof
• Zachary Taylor Roof
• Laukhaf Roof
• Conway Roof
• Central Roof
• Atkinson Boilers
• Cochran Boiler
• Meyers Hall Boiler

2
 BOND PAYEE DISCLOSURE FORM

Par Amount: $42,555,000

Issue Name: Jefferson County SDFC School Building Revenue Bonds, Series of 2016
Purpose: Renovations and Improvements to various schools
Projected Sale Date of Bond June 15, 2016 -- closing July 6, 2016
First Call Date: 10 Years at Par
Method of Sale: Competitive Bids
Place/time of sale: Parity / SFCC, 229 West Main Street, Suite 102, Frankfort, Ky. / TBD
Bond Rating: Moodys: "Aa3"
Bond Counsel: Wyatt, Tarrant and Combs, Louisville, KY
Fiscal Agent: Ross, Sinclaire & Associates, Louisville, Kentucky & Hilliard Lyons, Louisville, Kentucky
Date received by SFCC: / / To be filled in by SFCC
Date scheduled for Committee review: / / To be filled in by SFCC
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $20,635,000 $21,920,000 $42,555,000
% Share of total Bonds: 48.49% 51.51% 100.00%
Estimated average annual debt service: $1,395,567 $1,314,133 $2,709,700
Estimated debt service reserve: $0 $0 $0
Estimated Cost of Issuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc) $88,844 $94,376 $183,220
Special Tax Counsel $0 $0 $0
Number verifications $0 $0 $0
Bond Rating & Bank Fee $30,493 $32,391 $62,884
Underwriter's Discount $412,700 $438,400 $851,100
Credit Enhancement $0 $0 $0
Total Cost of Issuance: $532,036 $565,168 $1,097,204
Anticipated Interest Rates: 5 Years: 2.00% 10 Years: 2.75% 15 Years: 3.00%
20 Years: 3.20%

Note: DOES NOT INVOLVE A TAX INCREASE

 Jefferson County School District
Plan of Financing -- Series 2016

Date of Report: 5/5/2016

Summary of Outstanding Debt....................................................................................................1

Summary of Funds for Bond Payments -- Current Funds Available........................................2

Projected Bonding Potential....................................................................................................... 3
Summary of Bonding Potential................................................................................................... 4
 JEFFERSON COUNTY SCHOOL DISTRICT FINANCE CORPORATION
OUTSTANDING LOCAL DEBT PAYMENTS
FISCAL Series Series Series Series Series Series QZAB Series Series Series Series Series QSCB QSCB Series Series Series Series Series Series Series Series Series Series
YEAR 2002A 2004B 2005 2006A 2006B 2007 2008 2009A 2009B 2009C 2010A 2010B 2010C 2011 2012B 2012C* 2012D 2013A 2013B 2013C 2014 2014B 2015B 2015C Totals

2016 4,361,200 4,025,700 52,397 1,274,014 51,981 271,250 371,429 4,626,013 1,007,508 3,513,375 1,307,075 1,271,105 1,016,721 2,023,467 297,980 2,062,893 926,613 731,319 934,891 1,432,163 1,409,871 2,186,947 1,486,000 249,862 36,891,772
2017 4,366,475 1,866,600 1,256,580 1,065,900 260,625 371,429 4,623,088 1,003,258 3,487,025 1,357,700 1,120,918 1,016,721 2,023,467 295,881 2,034,880 973,113 830,617 935,691 2,285,288 1,400,900 2,197,297 1,484,000 800,448 37,057,899
2018 4,367,400 371,429 4,624,925 1,008,259 3,457,126 2,311,200 1,233,493 1,016,721 2,023,467 293,079 1,977,058 969,113 832,816 2,193,681 2,006,288 1,403,957 3,096,672 2,863,800 799,698 36,850,180
2019 4,368,700 371,429 4,625,738 3,411,926 2,215,150 1,603,305 1,016,721 2,023,467 294,580 2,008,855 989,863 824,817 2,120,431 2,597,163 1,403,489 3,291,077 2,849,500 793,573 36,809,780
2020 4,374,825 371,429 2,220,150 1,678,155 1,016,721 2,023,467 295,280 1,994,845 1,777,363 3,696,816 2,245,681 2,132,038 1,634,193 2,221,203 2,823,600 1,001,698 31,507,462
2021 4,379,950 371,429 2,297,700 1,654,920 1,016,721 2,023,467 285,168 1,980,455 1,806,363 3,701,216 2,243,680 1,842,038 1,611,949 2,150,549 3,090,300 979,198 31,435,101
2022 4,383,525 371,429 6,765,000 1,016,721 166,906 288,247 1,975,590 1,834,363 3,704,217 2,240,681 2,052,038 1,848,350 3,054,500 956,698 30,658,263
2023 371,429 1,016,721 285,178 1,960,250 1,855,488 3,700,816 3,211,831 2,521,538 1,816,240 3,943,200 1,177,948 21,860,637
2024 1,016,721 286,802 1,949,483 1,869,488 3,702,404 3,167,600 2,872,138 1,786,890 3,998,700 1,142,948 21,793,172
2025 1,016,721 1,938,240 1,881,988 3,707,191 3,113,000 2,760,038 1,757,888 4,449,000 1,107,948 21,732,013
2026 1,016,721 1,892,988 4,067,856 2,496,188 1,726,541 9,388,800 1,072,948 21,662,040
2027 1,016,721 1,902,488 4,223,763 2,496,856 1,716,239 9,225,900 1,041,448 21,623,414
2028 1,016,721 2,870,863 2,172,013 5,328,401 1,243,748 12,631,745
2029 1,016,721 2,872,738 2,173,725 5,383,241 1,240,648 12,687,072
2030 1,016,721 2,823,113 2,218,500 5,401,469 1,231,248 12,691,050
2031 3,250,463 2,808,900 5,026,038 1,235,648 12,321,048
2032 3,217,344 2,843,300 5,026,357 1,233,730 12,320,730
2033 3,229,688 2,828,400 4,992,190 1,235,285 12,285,563
2034 6,058,800 4,991,613 1,235,203 12,285,615
2035 1,238,638 1,238,638
2036 1,234,744 1,234,744

Totals 30,602,075 5,892,300 52,397 2,530,594 1,117,881 531,875 2,971,429 18,499,763 3,019,024 13,869,453 11,708,975 15,326,895 15,250,815 12,307,706 2,622,195 19,882,548 36,943,431 25,432,229 30,698,786 48,597,406 55,665,816 15,143,746 48,657,300 22,253,298 437,104,556

5/5/2016 RSA Page 1

 JEFFERSON COUNTY SCHOOL DISTRICT
SUMMARY OF FUNDS AVAILABLE

CAPITAL TOTAL LESS LOCAL TOTAL

LOCAL OUTLAY LOCAL CURRENT FUNDS SFCC FUNDS
FYE NICKEL @ 100% FSPK FUNDS PAYMENTS AVAILABLE OFFERS AVAILABLE

2017 33,703,963 8,718,544 0 42,422,507 (37,057,899) 5,364,609 348,892 5,713,500

2018 33,703,963 8,718,544 0 42,422,507 (36,850,180) 5,572,328 1,395,567 6,967,895
2019 33,703,963 8,718,544 0 42,422,507 (36,809,780) 5,612,727 1,395,567 7,008,294
2020 33,703,963 8,718,544 0 42,422,507 (31,507,462) 10,915,046 1,395,567 12,310,613
2021 33,703,963 8,718,544 0 42,422,507 (31,435,101) 10,987,406 1,395,567 12,382,973
2022 33,703,963 8,718,544 0 42,422,507 (30,658,263) 11,764,245 1,395,567 13,159,812
2023 33,703,963 8,718,544 0 42,422,507 (21,860,637) 20,561,870 1,395,567 21,957,437
2024 33,703,963 8,718,544 0 42,422,507 (21,793,172) 20,629,336 1,395,567 22,024,903
2025 33,703,963 8,718,544 0 42,422,507 (21,732,013) 20,690,494 1,395,567 22,086,061
2026 33,703,963 8,718,544 0 42,422,507 (21,662,040) 20,760,467 1,395,567 22,156,034
2027 33,703,963 8,718,544 0 42,422,507 (21,623,414) 20,799,093 1,395,567 22,194,660
2028 33,703,963 8,718,544 0 42,422,507 (12,631,745) 29,790,762 1,395,567 31,186,329
2029 33,703,963 8,718,544 0 42,422,507 (12,687,072) 29,735,436 1,395,567 31,131,003
2030 33,703,963 8,718,544 0 42,422,507 (12,691,050) 29,731,457 1,395,567 31,127,024
2031 33,703,963 8,718,544 0 42,422,507 (12,321,048) 30,101,460 1,395,567 31,497,027
2032 33,703,963 8,718,544 0 42,422,507 (12,320,730) 30,101,777 1,395,567 31,497,344
2033 33,703,963 8,718,544 0 42,422,507 (12,285,563) 30,136,944 1,395,567 31,532,511
2034 33,703,963 8,718,544 0 42,422,507 (12,285,615) 30,136,892 1,395,567 31,532,459
2035 33,703,963 8,718,544 0 42,422,507 (1,238,638) 41,183,870 1,395,567 42,579,437
2036 33,703,963 8,718,544 0 42,422,507 (1,234,744) 41,187,764 1,395,567 42,583,331
2037 33,703,963 8,718,544 0 42,422,507 0 42,422,507 1,046,675 43,469,183

NOTES: 1. Information based on asssessments of $67,407,924,865 and ADA of 87,185.443 per KDE Seek Website (2015-2016 Tenative Data)
2. Capital Outlay fund @ 100% subject to DOE Approval

5/5/2016 RSA Page 2

 JEFFERSON COUNTY SCHOOL DISTRICT
Projected Series 2016

Projected Funds
All Local Local Available
FY Principal Interest Total SFCC Local Current Payments Funds For Future
June 30 Payment Coupon Payments Payments Portion Portion Payments Outstanding Available Projects

2017 636,613 636,613 348,892 287,722 37,057,899 37,345,620 42,422,507 5,076,887

2018 880,000 2.000% 1,109,155 1,989,155 1,395,567 593,588 36,850,180 37,443,768 42,422,507 4,978,740
2019 890,000 2.000% 1,091,455 1,981,455 1,395,567 585,888 36,809,780 37,395,668 42,422,507 5,026,839
2020 1,300,000 2.000% 1,069,555 2,369,555 1,395,567 973,988 31,507,462 32,481,450 42,422,507 9,941,058
2021 1,380,000 2.000% 1,042,755 2,422,755 1,395,567 1,027,188 31,435,101 32,462,289 42,422,507 9,960,218
2022 1,815,000 2.000% 1,010,805 2,825,805 1,395,567 1,430,238 30,658,263 32,088,501 42,422,507 10,334,007
2023 2,125,000 2.000% 971,405 3,096,405 1,395,567 1,700,838 21,860,637 23,561,475 42,422,507 18,861,032
2024 2,190,000 2.000% 928,255 3,118,255 1,395,567 1,722,688 21,793,172 23,515,860 42,422,507 18,906,648
2025 2,230,000 2.000% 884,055 3,114,055 1,395,567 1,718,488 21,732,013 23,450,501 42,422,507 18,972,006
2026 2,280,000 2.250% 836,105 3,116,105 1,395,567 1,720,538 21,662,040 23,382,578 42,422,507 19,039,929
2027 2,305,000 2.500% 781,643 3,086,643 1,395,567 1,691,076 21,623,414 23,314,490 42,422,507 19,108,017
2028 2,330,000 2.750% 720,793 3,050,793 1,395,567 1,655,226 12,631,745 14,286,970 42,422,507 28,135,537
2029 2,355,000 2.750% 656,374 3,011,374 1,395,567 1,615,807 12,687,072 14,302,878 42,422,507 28,119,629
2030 2,370,000 3.000% 588,443 2,958,443 1,395,567 1,562,876 12,691,050 14,253,925 42,422,507 28,168,582
2031 2,395,000 3.000% 516,968 2,911,968 1,395,567 1,516,401 12,321,048 13,837,448 42,422,507 28,585,059
2032 2,430,000 3.000% 444,593 2,874,593 1,395,567 1,479,026 12,320,730 13,799,756 42,422,507 28,622,751
2033 2,500,000 3.000% 370,643 2,870,643 1,395,567 1,475,076 12,285,563 13,760,638 42,422,507 28,661,869
2034 2,575,000 3.000% 294,518 2,869,518 1,395,567 1,473,951 12,285,615 13,759,566 42,422,507 28,662,941
2035 2,650,000 3.000% 216,143 2,866,143 1,395,567 1,470,576 1,238,638 2,709,213 42,422,507 39,713,294
2036 2,735,000 3.150% 133,316 2,868,316 1,395,567 1,472,749 1,234,744 2,707,493 42,422,507 39,715,014
2037 2,820,000 3.200% 45,120 2,865,120 1,046,675 1,818,445 1,234,744 3,053,189 42,422,507 39,369,319
TOTALS 42,555,000 14,348,708 56,903,708 27,911,340 28,992,368 403,920,909 432,913,277 890,872,653 457,959,376

NOTE: Information based on an issue dated 7/6/16 with payments dated 2/1 and 6/1

5/5/2016 RSA Page 3

 Jefferson County School District
Summary of Bonding Potential & Available Cash

 Projected Local Portion $21,920,000

 Projected SFCC Portion $20,635,000

 Total Current Bonding Potential $42,555,000

 Total Projected Bonding Potential $42,555,000

5/5/2016 RSA Page 4

April 26, 2016

Ms. Lisa Collins

School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$1,260,000 (est.)
Jenkins Independent (Kentucky)
School District Finance Corporation
School Building Refunding Revenue Bonds
Series 2016

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. No tax increase was necessary to finance this issue.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
8462.

Sincerely,

/s/ Chip Sutherland

Chip Sutherland
Senior Vice President
 BOND PAYEE DISCLOSURE FORM
Par Amount: $1,260,000

Issue Name: Jenkins Independent School District Finance Corporation

School Building Refunding Revenue Bonds, Series 2016
Purpose: Refund the District’s Series 2007 Bonds

Projected Sale Date of Bonds: May 25, 2016

First Call Date: 2026

Method of Sale: Competitive

Place/Time of Sale: SFCC/1:00 P.M. EDT

Bond Rating: “Aa3” – Moody’s

Bond Counsel: Rubin & Hays

Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Portion Local Portion Total

Estimated par amount of Bonds: $188,295 $1,071,705 $1,260,000
% Share of total Bonds: 15% 85% 100%
Estimated average annual debt service: 18,704 105,987 124,691
Estimated debt service reserve: -0- -0- -0-
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 2,040 11,560 13,600
Special Tax Counsel 189 1,071 1,260
Number Verifications 375 2,125 2,500
Bond Rating 1,238 7,012 8,250
Underwriter's Discount 2,835 16,065 18,900
Paying Agent/Escrow Agent Bank 900 5,100 6,000
Total Cost of Issuance: 7,576 42,934 50,510

Anticipated Interest Rates: 5 Years: 1.30% 10 Years: 1.85%

15 Years: N/A 20 Years: N/A

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)

TABLE OF CONTENTS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Report Page

Series 2016 (Ref '07)
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Savings By Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 7
Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Unrefunded Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . 14

SFCC (Ref '07)
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 17
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Unrefunded Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . 19

District (Ref '07)
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 22
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Unrefunded Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . 24
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 1

SOURCES AND USES OF FUNDS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Dated Date 06/15/2016
Delivery Date 06/15/2016

District (Ref
Sources: SFCC (Ref '07) '07) Total

Bond Proceeds:
Par Amount 188,295.00 1,071,705.00 1,260,000.00

188,295.00 1,071,705.00 1,260,000.00

District (Ref
Uses: SFCC (Ref '07) '07) Total

Refunding Escrow Deposits:
Cash Deposit 0.35 0.43 0.78
SLGS Purchases 170,280.00 1,037,301.00 1,207,581.00
170,280.35 1,037,301.43 1,207,581.78

Cost of Issuance:
Financial Advisor/Bond Counsel 2,032.39 11,567.61 13,600.00
Tax Counsel 188.30 1,071.70 1,260.00
Rating 1,232.88 7,017.12 8,250.00
Paying Agent 747.20 4,252.80 5,000.00
Verification Agent 373.60 2,126.40 2,500.00
Escrow Agent 149.44 850.56 1,000.00
4,723.81 26,886.19 31,610.00

Delivery Date Expenses:
Underwriter's Discount 2,824.43 16,075.57 18,900.00

Other Uses of Funds:
Additional Proceeds 10,466.41 ‐8,558.19 1,908.22

188,295.00 1,071,705.00 1,260,000.00

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 2

BOND DEBT SERVICE

Jenkins Independent (KY)
Series 2016 (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 20,000 0.700% 7,733.11 27,733.11

05/01/2017 10,165.00 10,165.00
06/30/2017 37,898.11
11/01/2017 20,000 0.900% 10,165.00 30,165.00
05/01/2018 10,075.00 10,075.00
06/30/2018 40,240.00
11/01/2018 20,000 1.000% 10,075.00 30,075.00
05/01/2019 9,975.01 9,975.01
06/30/2019 40,050.01
11/01/2019 125,000 1.150% 9,975.01 134,975.01
05/01/2020 9,256.25 9,256.25
06/30/2020 144,231.26
11/01/2020 130,000 1.300% 9,256.25 139,256.25
05/01/2021 8,411.25 8,411.25
06/30/2021 147,667.50
11/01/2021 130,000 1.450% 8,411.25 138,411.25
05/01/2022 7,468.75 7,468.75
06/30/2022 145,880.00
11/01/2022 135,000 1.550% 7,468.75 142,468.75
05/01/2023 6,422.50 6,422.50
06/30/2023 148,891.25
11/01/2023 135,000 1.650% 6,422.50 141,422.50
05/01/2024 5,308.75 5,308.75
06/30/2024 146,731.25
11/01/2024 140,000 1.750% 5,308.75 145,308.75
05/01/2025 4,083.75 4,083.75
06/30/2025 149,392.50
11/01/2025 135,000 1.850% 4,083.75 139,083.75
05/01/2026 2,835.00 2,835.00
06/30/2026 141,918.75
11/01/2026 135,000 2.000% 2,835.00 137,835.00
05/01/2027 1,485.00 1,485.00
06/30/2027 139,320.00
11/01/2027 135,000 2.200% 1,485.00 136,485.00
06/30/2028 136,485.00

1,260,000 158,705.63 1,418,705.63 1,418,705.63

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 3

BOND SUMMARY STATISTICS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Dated Date 06/15/2016
Delivery Date 06/15/2016
Last Maturity 11/01/2027

Arbitrage Yield 1.755914%
True Interest Cost (TIC) 1.983589%
Net Interest Cost (NIC) 1.972081%
All‐In TIC 2.374381%
Average Coupon 1.762221%

Average Life (years) 7.148
Duration of Issue (years) 6.691

Par Amount 1,260,000.00
Bond Proceeds 1,260,000.00
Total Interest 158,705.63
Net Interest 177,605.63
Total Debt Service 1,418,705.63
Maximum Annual Debt Service 149,392.50
Average Annual Debt Service 124,690.92

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 15.000000

Total Underwriter's Discount 15.000000

Bid Price 98.500000

Par Average Average PV of 1 bp

Bond Component Value Price Coupon Life change

Serials 1,260,000.00 100.000 1.762% 7.148 833.95

1,260,000.00 7.148 833.95

All‐In Arbitrage
TIC TIC Yield

Par Value 1,260,000.00 1,260,000.00 1,260,000.00

  + Accrued Interest
  + Premium (Discount)
  ‐ Underwriter's Discount ‐18,900.00 ‐18,900.00
  ‐ Cost of Issuance Expense ‐31,610.00
  ‐ Other Amounts

Target Value 1,241,100.00 1,209,490.00 1,260,000.00

Target Date 06/15/2016 06/15/2016 06/15/2016

Yield 1.983589% 2.374381% 1.755914%
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 4

BOND PRICING

Jenkins Independent (KY)
Series 2016 (Ref '07)

Maturity
Bond Component Date Amount Rate Yield Price

Serials:
11/01/2016 20,000 0.700% 0.700% 100.000
11/01/2017 20,000 0.900% 0.900% 100.000
11/01/2018 20,000 1.000% 1.000% 100.000
11/01/2019 125,000 1.150% 1.150% 100.000
11/01/2020 130,000 1.300% 1.300% 100.000
11/01/2021 130,000 1.450% 1.450% 100.000
11/01/2022 135,000 1.550% 1.550% 100.000
11/01/2023 135,000 1.650% 1.650% 100.000
11/01/2024 140,000 1.750% 1.750% 100.000
11/01/2025 135,000 1.850% 1.850% 100.000
11/01/2026 135,000 2.000% 2.000% 100.000
11/01/2027 135,000 2.200% 2.200% 100.000

1,260,000

Dated Date 06/15/2016
Delivery Date 06/15/2016
First Coupon 11/01/2016

Par Amount 1,260,000.00
Original Issue Discount

Production 1,260,000.00 100.000000%

Underwriter's Discount ‐18,900.00 ‐1.500000%

Purchase Price 1,241,100.00 98.500000%

Accrued Interest

Net Proceeds 1,241,100.00
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 5

SAVINGS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Present Value
Prior Refunding to 06/15/2016
Date Debt Service Debt Service Savings @  1.7559139%

06/30/2017 45,545.00 37,898.11 7,646.89 7,487.55

06/30/2018 45,545.00 40,240.00 5,305.00 5,070.87
06/30/2019 45,545.00 40,050.01 5,494.99 5,164.41
06/30/2020 153,455.00 144,231.26 9,223.74 8,601.09
06/30/2021 154,122.50 147,667.50 6,455.00 5,898.55
06/30/2022 154,540.00 145,880.00 8,660.00 7,814.54
06/30/2023 154,700.00 148,891.25 5,808.75 5,140.00
06/30/2024 154,600.00 146,731.25 7,868.75 6,873.01
06/30/2025 154,300.00 149,392.50 4,907.50 4,207.19
06/30/2026 148,900.00 141,918.75 6,981.25 5,905.17
06/30/2027 148,400.00 139,320.00 9,080.00 7,563.87
06/30/2028 142,800.00 136,485.00 6,315.00 5,175.91

1,502,452.50 1,418,705.63 83,746.87 74,902.16

Savings Summary

PV of savings from cash flow 74,902.16
Plus: Refunding funds on hand 1,908.22

Net PV Savings 76,810.38
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 6

SAVINGS BY MATURITY

Jenkins Independent (KY)
Series 2016 (Ref '07)

Nominal
Maturity Interest Par Nominal Savings
Bond Date Rate Amount Savings Percent

SFCC, School District Finance Corporation School B, 2007_S:
SERIAL 11/01/2019 3.800% 15,781.00 37.26 0.236%
11/01/2020 3.900% 16,400.00 390.72 2.382%
11/01/2021 3.900% 17,053.00 564.45 3.310%
11/01/2022 4.000% 17,740.00 1,033.28 5.825%
11/01/2023 4.000% 18,464.00 1,350.92 7.317%
11/01/2024 4.000% 19,218.00 1,658.70 8.631%
11/01/2025 4.000% 20,002.00 1,958.62 9.792%
11/01/2026 4.000% 20,819.00 2,158.62 10.369%
11/01/2027 4.000% 16,685.00 1,750.37 10.491%
162,162.00 10,902.95

DISTRICT, School District Finance Corporation Scho, 2007_D:
SERIAL 11/01/2019 3.800% 94,219.00 319.60 0.339%
11/01/2020 3.900% 98,600.00 2,412.74 2.447%
11/01/2021 3.900% 102,947.00 4,177.56 4.058%
11/01/2022 4.000% 107,260.00 6,527.52 6.086%
11/01/2023 4.000% 111,536.00 8,425.73 7.554%
11/01/2024 4.000% 115,782.00 10,196.32 8.806%
11/01/2025 4.000% 114,998.00 11,366.08 9.884%
11/01/2026 4.000% 119,181.00 12,267.62 10.293%
11/01/2027 4.000% 123,315.00 12,398.16 10.054%
987,838.00 68,091.32

1,150,000.00 78,994.27

Note:  Calculated Using Remaining Maturities
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 7

SUMMARY OF REFUNDING RESULTS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Dated Date 06/15/2016
Delivery Date 06/15/2016
Arbitrage yield 1.755914%
Escrow yield 0.656867%
Value of Negative Arbitrage 17,672.04

Bond Par Amount 1,260,000.00
True Interest Cost 1.983589%
Net Interest Cost 1.972081%
Average Coupon 1.762221%
Average Life 7.148

Par amount of refunded bonds 1,150,000.00
Average coupon of refunded bonds 3.978303%
Average life of refunded bonds 7.582

PV of prior debt to 06/15/2016 @ 1.755914% 1,334,902.16
Net PV Savings 76,810.38
Percentage savings of refunded bonds 6.679163%
Percentage savings of refunding bonds 6.096062%
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 8

ESCROW REQUIREMENTS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Period Principal
Ending Interest Redeemed Total

11/01/2016 22,772.50 22,772.50

05/01/2017 22,772.50 22,772.50
11/01/2017 22,772.50 1,150,000.00 1,172,772.50

68,317.50 1,150,000.00 1,218,317.50

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 9

ESCROW DESCRIPTIONS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Type of Type of Maturity First Int Par Max

Security SLGS Date Pmt Date Amount Rate Rate

Jun 15, 2016:
SLGS Certificate 11/01/2016 11/01/2016 19,836 0.300% 0.300%
SLGS Certificate 05/01/2017 05/01/2017 18,831 0.510% 0.510%
SLGS Note 11/01/2017 11/01/2016 1,168,914 0.660% 0.660%

1,207,581

SLGS Summary

SLGS Rates File 26APR16
Total Certificates of Indebtedness 38,667.00
Total Notes 1,168,914.00

Total original SLGS 1,207,581.00
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 10

ESCROW COST

Jenkins Independent (KY)
Series 2016 (Ref '07)

Type of Maturity Par Total

Security Date Amount Rate Cost

SLGS 11/01/2016 19,836 0.300% 19,836.00

SLGS 05/01/2017 18,831 0.510% 18,831.00
SLGS 11/01/2017 1,168,914 0.660% 1,168,914.00

1,207,581 1,207,581.00

Purchase Cost of Cash Total

Date Securities Deposit Escrow Cost

06/15/2016 1,207,581 0.78 1,207,581.78

1,207,581 0.78 1,207,581.78

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 11

ESCROW CASH FLOW

Jenkins Independent (KY)
Series 2016 (Ref '07)

Net Escrow
Date Principal Interest Receipts

11/01/2016 19,836.00 2,936.70 22,772.70

05/01/2017 18,831.00 3,941.61 22,772.61
11/01/2017 1,168,914.00 3,857.41 1,172,771.41

1,207,581.00 10,735.72 1,218,316.72

Escrow Cost Summary

Purchase date 06/15/2016
Purchase cost of securities 1,207,581.00
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 12

ESCROW STATISTICS

Jenkins Independent (KY)
Series 2016 (Ref '07)

Modified Yield to Yield to Perfect Value of

Total Duration Receipt Disbursement Escrow Negative Cost of
Escrow Escrow Cost (years) Date Date Cost Arbitrage Dead Time

SFCC (Ref '07), Global Proceeds Escrow:
170,280.35 1.345 0.656869% 0.656866% 167,788.42 2,491.92 0.01

District (Ref '07), Global Proceeds Escrow:
1,037,301.43 1.345 0.656867% 0.656867% 1,022,121.30 15,180.12 0.01

1,207,581.78 1,189,909.72 17,672.04 0.02

Delivery date 06/15/2016
Arbitrage yield 1.755914%
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 13

PRIOR BOND DEBT SERVICE

Jenkins Independent (KY)
Series 2016 (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 22,772.50 22,772.50

05/01/2017 22,772.50 22,772.50
06/30/2017 45,545.00
11/01/2017 22,772.50 22,772.50
05/01/2018 22,772.50 22,772.50
06/30/2018 45,545.00
11/01/2018 22,772.50 22,772.50
05/01/2019 22,772.50 22,772.50
06/30/2019 45,545.00
11/01/2019 110,000 3.800% 22,772.50 132,772.50
05/01/2020 20,682.50 20,682.50
06/30/2020 153,455.00
11/01/2020 115,000 3.900% 20,682.50 135,682.50
05/01/2021 18,440.00 18,440.00
06/30/2021 154,122.50
11/01/2021 120,000 3.900% 18,440.00 138,440.00
05/01/2022 16,100.00 16,100.00
06/30/2022 154,540.00
11/01/2022 125,000 4.000% 16,100.00 141,100.00
05/01/2023 13,600.00 13,600.00
06/30/2023 154,700.00
11/01/2023 130,000 4.000% 13,600.00 143,600.00
05/01/2024 11,000.00 11,000.00
06/30/2024 154,600.00
11/01/2024 135,000 4.000% 11,000.00 146,000.00
05/01/2025 8,300.00 8,300.00
06/30/2025 154,300.00
11/01/2025 135,000 4.000% 8,300.00 143,300.00
05/01/2026 5,600.00 5,600.00
06/30/2026 148,900.00
11/01/2026 140,000 4.000% 5,600.00 145,600.00
05/01/2027 2,800.00 2,800.00
06/30/2027 148,400.00
11/01/2027 140,000 4.000% 2,800.00 142,800.00
06/30/2028 142,800.00

1,150,000 352,452.50 1,502,452.50 1,502,452.50

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 14

UNREFUNDED BOND DEBT SERVICE

Jenkins Independent (KY)
Series 2016 (Ref '07)

Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service

11/01/2016 100,000 3.700% 5,720 105,720

05/01/2017 3,870 3,870
06/30/2017 109,590
11/01/2017 100,000 3.750% 3,870 103,870
05/01/2018 1,995 1,995
06/30/2018 105,865
11/01/2018 105,000 3.800% 1,995 106,995
06/30/2019 106,995

305,000 17,450 322,450 322,450

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 15

BOND DEBT SERVICE

Jenkins Independent (KY)
SFCC (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 3,774 0.700% 1,144.80 4,918.80

05/01/2017 1,501.96 1,501.96
06/30/2017 6,420.76
11/01/2017 3,432 0.900% 1,501.96 4,933.96
05/01/2018 1,486.52 1,486.52
06/30/2018 6,420.48
11/01/2018 3,465 1.000% 1,486.52 4,951.52
05/01/2019 1,469.20 1,469.20
06/30/2019 6,420.72
11/01/2019 19,073 1.150% 1,469.20 20,542.20
05/01/2020 1,359.53 1,359.53
06/30/2020 21,901.73
11/01/2020 19,308 1.300% 1,359.53 20,667.53
05/01/2021 1,234.02 1,234.02
06/30/2021 21,901.55
11/01/2021 19,576 1.450% 1,234.02 20,810.02
05/01/2022 1,092.10 1,092.10
06/30/2022 21,902.12
11/01/2022 19,872 1.550% 1,092.10 20,964.10
05/01/2023 938.09 938.09
06/30/2023 21,902.19
11/01/2023 20,192 1.650% 938.09 21,130.09
05/01/2024 771.51 771.51
06/30/2024 21,901.60
11/01/2024 20,539 1.750% 771.51 21,310.51
05/01/2025 591.79 591.79
06/30/2025 21,902.30
11/01/2025 20,912 1.850% 591.79 21,503.79
05/01/2026 398.35 398.35
06/30/2026 21,902.14
11/01/2026 21,319 2.000% 398.35 21,717.35
05/01/2027 185.16 185.16
06/30/2027 21,902.51
11/01/2027 16,833 2.200% 185.16 17,018.16
06/30/2028 17,018.16

188,295 23,201.26 211,496.26 211,496.26

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 16

SAVINGS

Jenkins Independent (KY)
SFCC (Ref '07)

Prior Refunding Present Value

Debt Debt to 06/15/2016
Date Service Service Savings @  1.7559139%

06/30/2017 6,421.46 6,420.76 0.70 ‐14.08

06/30/2018 6,421.46 6,420.48 0.98 ‐13.69
06/30/2019 6,421.46 6,420.72 0.74 ‐13.83
06/30/2020 21,902.62 21,901.73 0.89 ‐11.89
06/30/2021 21,901.98 21,901.55 0.43 ‐10.54
06/30/2022 21,902.65 21,902.12 0.53 ‐8.76
06/30/2023 21,902.32 21,902.19 0.13 ‐7.40
06/30/2024 21,902.24 21,901.60 0.64 ‐5.27
06/30/2025 21,902.60 21,902.30 0.30 ‐3.94
06/30/2026 21,902.20 21,902.14 0.06 ‐2.55
06/30/2027 21,902.78 21,902.51 0.27 ‐0.85
06/30/2028 17,018.70 17,018.16 0.54 0.44

211,502.47 211,496.26 6.21 ‐92.36

Savings Summary

PV of savings from cash flow ‐92.36
Plus: Refunding funds on hand 10,466.41

Net PV Savings 10,374.05
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 17

SUMMARY OF REFUNDING RESULTS

Jenkins Independent (KY)
SFCC (Ref '07)

Dated Date 06/15/2016
Delivery Date 06/15/2016
Arbitrage yield 1.755914%
Escrow yield 0.656869%
Value of Negative Arbitrage 2,491.92

Bond Par Amount 188,295.00
True Interest Cost 1.975490%
Net Interest Cost 1.963794%
Average Coupon 1.750674%
Average Life 7.038

Par amount of refunded bonds 162,162.00
Average coupon of refunded bonds 3.977871%
Average life of refunded bonds 7.527

PV of prior debt to 06/15/2016 @ 1.755914% 188,061.95
Net PV Savings 10,374.05
Percentage savings of refunded bonds 6.397337%
Percentage savings of refunding bonds 5.509467%
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 18

PRIOR BOND DEBT SERVICE

Jenkins Independent (KY)
SFCC (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 3,210.73 3,210.73

05/01/2017 3,210.73 3,210.73
06/30/2017 6,421.46
11/01/2017 3,210.73 3,210.73
05/01/2018 3,210.73 3,210.73
06/30/2018 6,421.46
11/01/2018 3,210.73 3,210.73
05/01/2019 3,210.73 3,210.73
06/30/2019 6,421.46
11/01/2019 15,781 3.800% 3,210.73 18,991.73
05/01/2020 2,910.89 2,910.89
06/30/2020 21,902.62
11/01/2020 16,400 3.900% 2,910.89 19,310.89
05/01/2021 2,591.09 2,591.09
06/30/2021 21,901.98
11/01/2021 17,053 3.900% 2,591.09 19,644.09
05/01/2022 2,258.56 2,258.56
06/30/2022 21,902.65
11/01/2022 17,740 4.000% 2,258.56 19,998.56
05/01/2023 1,903.76 1,903.76
06/30/2023 21,902.32
11/01/2023 18,464 4.000% 1,903.76 20,367.76
05/01/2024 1,534.48 1,534.48
06/30/2024 21,902.24
11/01/2024 19,218 4.000% 1,534.48 20,752.48
05/01/2025 1,150.12 1,150.12
06/30/2025 21,902.60
11/01/2025 20,002 4.000% 1,150.12 21,152.12
05/01/2026 750.08 750.08
06/30/2026 21,902.20
11/01/2026 20,819 4.000% 750.08 21,569.08
05/01/2027 333.70 333.70
06/30/2027 21,902.78
11/01/2027 16,685 4.000% 333.70 17,018.70
06/30/2028 17,018.70

162,162 49,340.47 211,502.47 211,502.47

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 19

UNREFUNDED BOND DEBT SERVICE

Jenkins Independent (KY)
SFCC (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 14,094 3.700% 823.68 14,917.68

05/01/2017 562.94 562.94
06/30/2017 15,480.62
11/01/2017 14,629 3.750% 562.94 15,191.94
05/01/2018 288.65 288.65
06/30/2018 15,480.59
11/01/2018 15,192 3.800% 288.65 15,480.65
06/30/2019 15,480.65

43,915 2,526.86 46,441.86 46,441.86

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 20

BOND DEBT SERVICE

Jenkins Independent (KY)
District (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 16,226 0.700% 6,588.31 22,814.31

05/01/2017 8,663.04 8,663.04
06/30/2017 31,477.35
11/01/2017 16,568 0.900% 8,663.04 25,231.04
05/01/2018 8,588.48 8,588.48
06/30/2018 33,819.52
11/01/2018 16,535 1.000% 8,588.48 25,123.48
05/01/2019 8,505.81 8,505.81
06/30/2019 33,629.29
11/01/2019 105,927 1.150% 8,505.81 114,432.81
05/01/2020 7,896.72 7,896.72
06/30/2020 122,329.53
11/01/2020 110,692 1.300% 7,896.72 118,588.72
05/01/2021 7,177.23 7,177.23
06/30/2021 125,765.95
11/01/2021 110,424 1.450% 7,177.23 117,601.23
05/01/2022 6,376.65 6,376.65
06/30/2022 123,977.88
11/01/2022 115,128 1.550% 6,376.65 121,504.65
05/01/2023 5,484.41 5,484.41
06/30/2023 126,989.06
11/01/2023 114,808 1.650% 5,484.41 120,292.41
05/01/2024 4,537.24 4,537.24
06/30/2024 124,829.65
11/01/2024 119,461 1.750% 4,537.24 123,998.24
05/01/2025 3,491.96 3,491.96
06/30/2025 127,490.20
11/01/2025 114,088 1.850% 3,491.96 117,579.96
05/01/2026 2,436.65 2,436.65
06/30/2026 120,016.61
11/01/2026 113,681 2.000% 2,436.65 116,117.65
05/01/2027 1,299.84 1,299.84
06/30/2027 117,417.49
11/01/2027 118,167 2.200% 1,299.84 119,466.84
06/30/2028 119,466.84

1,071,705 135,504.37 1,207,209.37 1,207,209.37

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 21

SAVINGS

Jenkins Independent (KY)
District (Ref '07)

Present Value
Prior Refunding to 06/15/2016
Date Debt Service Debt Service Savings @  1.7559139%

06/30/2017 39,123.54 31,477.35 7,646.19 7,501.63

06/30/2018 39,123.54 33,819.52 5,304.02 5,084.56
06/30/2019 39,123.54 33,629.29 5,494.25 5,178.23
06/30/2020 131,552.38 122,329.53 9,222.85 8,612.98
06/30/2021 132,220.52 125,765.95 6,454.57 5,909.09
06/30/2022 132,637.35 123,977.88 8,659.47 7,823.29
06/30/2023 132,797.68 126,989.06 5,808.62 5,147.40
06/30/2024 132,697.76 124,829.65 7,868.11 6,878.29
06/30/2025 132,397.40 127,490.20 4,907.20 4,211.13
06/30/2026 126,997.80 120,016.61 6,981.19 5,907.72
06/30/2027 126,497.22 117,417.49 9,079.73 7,564.73
06/30/2028 125,781.30 119,466.84 6,314.46 5,175.47

1,290,950.03 1,207,209.37 83,740.66 74,994.52

Savings Summary

PV of savings from cash flow 74,994.52
Plus: Refunding funds on hand ‐8,558.19

Net PV Savings 66,436.33
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 22

SUMMARY OF REFUNDING RESULTS

Jenkins Independent (KY)
District (Ref '07)

Dated Date 06/15/2016
Delivery Date 06/15/2016
Arbitrage yield 1.755914%
Escrow yield 0.656867%
Value of Negative Arbitrage 15,180.12

Bond Par Amount 1,071,705.00
True Interest Cost 1.984987%
Net Interest Cost 1.973511%
Average Coupon 1.764213%
Average Life 7.167

Par amount of refunded bonds 987,838.00
Average coupon of refunded bonds 3.978373%
Average life of refunded bonds 7.591

PV of prior debt to 06/15/2016 @ 1.755914% 1,146,840.20
Net PV Savings 66,436.33
Percentage savings of refunded bonds 6.725428%
Percentage savings of refunding bonds 6.199125%
Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 23

PRIOR BOND DEBT SERVICE

Jenkins Independent (KY)
District (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 19,561.77 19,561.77

05/01/2017 19,561.77 19,561.77
06/30/2017 39,123.54
11/01/2017 19,561.77 19,561.77
05/01/2018 19,561.77 19,561.77
06/30/2018 39,123.54
11/01/2018 19,561.77 19,561.77
05/01/2019 19,561.77 19,561.77
06/30/2019 39,123.54
11/01/2019 94,219 3.800% 19,561.77 113,780.77
05/01/2020 17,771.61 17,771.61
06/30/2020 131,552.38
11/01/2020 98,600 3.900% 17,771.61 116,371.61
05/01/2021 15,848.91 15,848.91
06/30/2021 132,220.52
11/01/2021 102,947 3.900% 15,848.91 118,795.91
05/01/2022 13,841.44 13,841.44
06/30/2022 132,637.35
11/01/2022 107,260 4.000% 13,841.44 121,101.44
05/01/2023 11,696.24 11,696.24
06/30/2023 132,797.68
11/01/2023 111,536 4.000% 11,696.24 123,232.24
05/01/2024 9,465.52 9,465.52
06/30/2024 132,697.76
11/01/2024 115,782 4.000% 9,465.52 125,247.52
05/01/2025 7,149.88 7,149.88
06/30/2025 132,397.40
11/01/2025 114,998 4.000% 7,149.88 122,147.88
05/01/2026 4,849.92 4,849.92
06/30/2026 126,997.80
11/01/2026 119,181 4.000% 4,849.92 124,030.92
05/01/2027 2,466.30 2,466.30
06/30/2027 126,497.22
11/01/2027 123,315 4.000% 2,466.30 125,781.30
06/30/2028 125,781.30

987,838 303,112.03 1,290,950.03 1,290,950.03

Apr 26, 2016   9:58 am  Prepared by Hilliard Lyons (Finance 7.009 Jenkins Independent:2016)   Page 24

UNREFUNDED BOND DEBT SERVICE

Jenkins Independent (KY)
District (Ref '07)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

11/01/2016 85,906 3.700% 4,896.32 90,802.32

05/01/2017 3,307.06 3,307.06
06/30/2017 94,109.38
11/01/2017 85,371 3.750% 3,307.06 88,678.06
05/01/2018 1,706.35 1,706.35
06/30/2018 90,384.41
11/01/2018 89,808 3.800% 1,706.35 91,514.35
06/30/2019 91,514.35

261,085 14,923.14 276,008.14 276,008.14

April 21, 2016

Ms. Lisa Collins

Ms. Kristi Russell
School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins and Ms. Russell:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$4,295,000 (est.)
LaRue County (Kentucky)
School District Finance Corporation
Energy Conservation Revenue Bonds
Series 2016

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. No tax increase was necessary to finance this issue.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
1763.

Sincerely,

/s/ Kelly Mrsic

Kelly Mrsic
Vice President
 BOND PAYEE DISCLOSURE FORM
Par Amount: $4,295,000
Issue Name: LaRue County School District Finance Corporation Energy
Conservation Revenue Bonds
Purpose: LaRue County HS - New HVAC, LaRue County MS - New HVAC,
new lighting at various schools/buildings and district wide water
conservation measures
Projected Sale Date of Bonds: July 2016
First Call Date: 2026
Method of Sale: Competitive
Place/Time of Sale: SFCC/11:00 A.M. EDT
Bond Rating: “Aa3” – Moody’s
Bond Counsel: Steptoe-Johnson
Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Local Portion Total

Estimated par amount of Bonds: $1,328,438 $2,966,562 $4,295,000
% Share of total Bonds: 30.9% 69.1% 100%
Estimated average annual debt service: 85,271 194,597 279,868
Estimated debt service reserve: -0- -0- -0-
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 9,335 20,845 30,180
Special Tax Counsel - - -
Number Verifications - - -
Bond Rating 2,784 6,216 9,000
Underwriter's Discount 26,569 59,331 85,900
Paying Agent/Escrow Agent Bank 1,547 3,453 5,000
Total Cost of Issuance: 40,235 89,845 130,080

Anticipated Interest Rates: 1 Year: 0.75% 5 Years: 1.35%

10 Years: 1.95% 20 Years: 3.30%

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)

TABLE OF CONTENTS

LaRue County, ECM 2016
Preliminary Bonding Analysis

Report Page

Preliminary Bonding Analysis
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

District, General Funds
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Bond Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Aggregate Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

District, Restricted Funds
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Bond Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Aggregate Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

SFCC
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Bond Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Aggregate Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 1

SOURCES AND USES OF FUNDS

LaRue County, ECM 2016
Preliminary Bonding Analysis

Dated Date 07/15/2016
Delivery Date 07/15/2016

District,
District, Restricted
Sources: General Funds Funds SFCC Total

Bond Proceeds:
Par Amount 2,562,633.00 403,929.00 1,328,438.00 4,295,000.00

Other Sources of Funds:
Capital Outlay SFCC Escrow 269,064.54 269,064.54
Building Fund SFCC Escrow 60,150.60 60,150.60
Construction Fund‐Cash Balance 169,049.91 169,049.91
498,265.05 498,265.05

2,562,633.00 902,194.05 1,328,438.00 4,793,265.05

District,
District, Restricted
Uses: General Funds Funds SFCC Total

Project Fund Deposits:
Project Fund 2,485,148.26 889,831.78 1,286,019.96 4,661,000.00

Delivery Date Expenses:
Cost of Issuance 26,360.21 4,154.97 13,664.82 44,180.00
Underwriter's Discount 51,252.66 8,078.58 26,568.76 85,900.00
77,612.87 12,233.55 40,233.58 130,080.00

Other Uses of Funds:
Additional Proceeds ‐128.13 128.72 2,184.46 2,185.05

2,562,633.00 902,194.05 1,328,438.00 4,793,265.05

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 2

BOND DEBT SERVICE

LaRue County, ECM 2016
Preliminary Bonding Analysis
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

02/01/2017 85,000 0.750% 53,170.44 138,170.44

06/30/2017 138,170.44
08/01/2017 120,000 0.950% 48,511.26 168,511.26
02/01/2018 47,941.25 47,941.25
06/30/2018 216,452.51
08/01/2018 125,000 1.050% 47,941.25 172,941.25
02/01/2019 47,285.00 47,285.00
06/30/2019 220,226.25
08/01/2019 130,000 1.200% 47,285.00 177,285.00
02/01/2020 46,504.99 46,504.99
06/30/2020 223,789.99
08/01/2020 140,000 1.350% 46,504.99 186,504.99
02/01/2021 45,560.00 45,560.00
06/30/2021 232,064.99
08/01/2021 145,000 1.450% 45,560.00 190,560.00
02/01/2022 44,508.75 44,508.75
06/30/2022 235,068.75
08/01/2022 155,000 1.550% 44,508.75 199,508.75
02/01/2023 43,307.50 43,307.50
06/30/2023 242,816.25
08/01/2023 165,000 1.650% 43,307.50 208,307.50
02/01/2024 41,946.25 41,946.25
06/30/2024 250,253.75
08/01/2024 175,000 1.800% 41,946.25 216,946.25
02/01/2025 40,371.25 40,371.25
06/30/2025 257,317.50
08/01/2025 185,000 1.950% 40,371.25 225,371.25
02/01/2026 38,567.50 38,567.50
06/30/2026 263,938.75
08/01/2026 195,000 2.000% 38,567.50 233,567.50
02/01/2027 36,617.50 36,617.50
06/30/2027 270,185.00
08/01/2027 205,000 2.200% 36,617.50 241,617.50
02/01/2028 34,362.50 34,362.50
06/30/2028 275,980.00
08/01/2028 255,000 2.350% 34,362.50 289,362.50
02/01/2029 31,366.26 31,366.26
06/30/2029 320,728.76
08/01/2029 270,000 2.500% 31,366.26 301,366.26
02/01/2030 27,991.25 27,991.25
06/30/2030 329,357.51
08/01/2030 285,000 2.600% 27,991.25 312,991.25
02/01/2031 24,286.25 24,286.25
06/30/2031 337,277.50
08/01/2031 300,000 2.650% 24,286.25 324,286.25
02/01/2032 20,311.25 20,311.25
06/30/2032 344,597.50
08/01/2032 320,000 2.750% 20,311.25 340,311.25
02/01/2033 15,911.24 15,911.24
06/30/2033 356,222.49
08/01/2033 300,000 2.900% 15,911.24 315,911.24
02/01/2034 11,561.26 11,561.26
06/30/2034 327,472.50
08/01/2034 315,000 3.050% 11,561.26 326,561.26
02/01/2035 6,757.51 6,757.51
06/30/2035 333,318.77
08/01/2035 340,000 3.150% 6,757.51 346,757.51
02/01/2036 1,402.50 1,402.50
06/30/2036 348,160.01
08/01/2036 85,000 3.300% 1,402.50 86,402.50
06/30/2037 86,402.50

4,295,000 1,314,801.72 5,609,801.72 5,609,801.72

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 3

BOND DEBT SERVICE

LaRue County, ECM 2016
Preliminary Bonding Analysis

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 85,000 0.750% 53,170.44 138,170.44

06/30/2018 120,000 0.950% 96,452.51 216,452.51
06/30/2019 125,000 1.050% 95,226.25 220,226.25
06/30/2020 130,000 1.200% 93,789.99 223,789.99
06/30/2021 140,000 1.350% 92,064.99 232,064.99
06/30/2022 145,000 1.450% 90,068.75 235,068.75
06/30/2023 155,000 1.550% 87,816.25 242,816.25
06/30/2024 165,000 1.650% 85,253.75 250,253.75
06/30/2025 175,000 1.800% 82,317.50 257,317.50
06/30/2026 185,000 1.950% 78,938.75 263,938.75
06/30/2027 195,000 2.000% 75,185.00 270,185.00
06/30/2028 205,000 2.200% 70,980.00 275,980.00
06/30/2029 255,000 2.350% 65,728.76 320,728.76
06/30/2030 270,000 2.500% 59,357.51 329,357.51
06/30/2031 285,000 2.600% 52,277.50 337,277.50
06/30/2032 300,000 2.650% 44,597.50 344,597.50
06/30/2033 320,000 2.750% 36,222.49 356,222.49
06/30/2034 300,000 2.900% 27,472.50 327,472.50
06/30/2035 315,000 3.050% 18,318.77 333,318.77
06/30/2036 340,000 3.150% 8,160.01 348,160.01
06/30/2037 85,000 3.300% 1,402.50 86,402.50

4,295,000 1,314,801.72 5,609,801.72

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 4

BOND SUMMARY STATISTICS

LaRue County, ECM 2016
Preliminary Bonding Analysis

Dated Date 07/15/2016
Delivery Date 07/15/2016
Last Maturity 08/01/2036

Arbitrage Yield 2.564695%
True Interest Cost (TIC) 2.768620%
Net Interest Cost (NIC) 2.760363%
All‐In TIC 2.875737%
Average Coupon 2.591080%

Average Life (years) 11.815
Weighted Average Maturity (years) 11.815
Duration of Issue (years) 10.007

Par Amount 4,295,000.00
Bond Proceeds 4,295,000.00
Total Interest 1,314,801.72
Net Interest 1,400,701.72
Total Debt Service 5,609,801.72
Maximum Annual Debt Service 356,222.49
Average Annual Debt Service 279,868.16

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 20.000000

Total Underwriter's Discount 20.000000

Bid Price 98.000000

Par Average Average PV of 1 bp

Bond Component Value Price Coupon Life change

Serials 4,295,000.00 100.000 2.591% 11.815 4,187.30

4,295,000.00 11.815 4,187.30

All‐In Arbitrage
TIC TIC Yield

Par Value 4,295,000.00 4,295,000.00 4,295,000.00

  + Accrued Interest
  + Premium (Discount)
  ‐ Underwriter's Discount ‐85,900.00 ‐85,900.00
  ‐ Cost of Issuance Expense ‐44,180.00
  ‐ Other Amounts

Target Value 4,209,100.00 4,164,920.00 4,295,000.00

Target Date 07/15/2016 07/15/2016 07/15/2016

Yield 2.768620% 2.875737% 2.564695%
Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 5

BOND PRICING

LaRue County, ECM 2016
Preliminary Bonding Analysis

Maturity
Bond Component Date Amount Rate Yield Price

Serials:
02/01/2017 85,000 0.750% 0.750% 100.000
08/01/2017 120,000 0.950% 0.950% 100.000
08/01/2018 125,000 1.050% 1.050% 100.000
08/01/2019 130,000 1.200% 1.200% 100.000
08/01/2020 140,000 1.350% 1.350% 100.000
08/01/2021 145,000 1.450% 1.450% 100.000
08/01/2022 155,000 1.550% 1.550% 100.000
08/01/2023 165,000 1.650% 1.650% 100.000
08/01/2024 175,000 1.800% 1.800% 100.000
08/01/2025 185,000 1.950% 1.950% 100.000
08/01/2026 195,000 2.000% 2.000% 100.000
08/01/2027 205,000 2.200% 2.200% 100.000
08/01/2028 255,000 2.350% 2.350% 100.000
08/01/2029 270,000 2.500% 2.500% 100.000
08/01/2030 285,000 2.600% 2.600% 100.000
08/01/2031 300,000 2.650% 2.650% 100.000
08/01/2032 320,000 2.750% 2.750% 100.000
08/01/2033 300,000 2.900% 2.900% 100.000
08/01/2034 315,000 3.050% 3.050% 100.000
08/01/2035 340,000 3.150% 3.150% 100.000
08/01/2036 85,000 3.300% 3.300% 100.000

4,295,000

Dated Date 07/15/2016
Delivery Date 07/15/2016
First Coupon 02/01/2017

Par Amount 4,295,000.00
Original Issue Discount

Production 4,295,000.00 100.000000%

Underwriter's Discount ‐85,900.00 ‐2.000000%

Purchase Price 4,209,100.00 98.000000%

Accrued Interest

Net Proceeds 4,209,100.00
Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 6

BOND DEBT SERVICE

LaRue County, ECM 2016
District, General Funds
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

02/01/2017 76,735 0.750% 32,012.44 108,747.44

06/30/2017 108,747.44
08/01/2017 55,521 0.950% 29,111.43 84,632.43
02/01/2018 28,847.70 28,847.70
06/30/2018 113,480.13
08/01/2018 61,046 1.050% 28,847.70 89,893.70
02/01/2019 28,527.21 28,527.21
06/30/2019 118,420.91
08/01/2019 66,926 1.200% 28,527.21 95,453.21
02/01/2020 28,125.65 28,125.65
06/30/2020 123,578.86
08/01/2020 73,206 1.350% 28,125.65 101,331.65
02/01/2021 27,631.51 27,631.51
06/30/2021 128,963.16
08/01/2021 79,901 1.450% 27,631.51 107,532.51
02/01/2022 27,052.23 27,052.23
06/30/2022 134,584.74
08/01/2022 87,025 1.550% 27,052.23 114,077.23
02/01/2023 26,377.79 26,377.79
06/30/2023 140,455.02
08/01/2023 94,608 1.650% 26,377.79 120,985.79
02/01/2024 25,597.27 25,597.27
06/30/2024 146,583.06
08/01/2024 102,710 1.800% 25,597.27 128,307.27
02/01/2025 24,672.88 24,672.88
06/30/2025 152,980.15
08/01/2025 111,401 1.950% 24,672.88 136,073.88
02/01/2026 23,586.72 23,586.72
06/30/2026 159,660.60
08/01/2026 120,668 2.000% 23,586.72 144,254.72
02/01/2027 22,380.04 22,380.04
06/30/2027 166,634.76
08/01/2027 130,593 2.200% 22,380.04 152,973.04
02/01/2028 20,943.52 20,943.52
06/30/2028 173,916.56
08/01/2028 141,293 2.350% 20,943.52 162,236.52
02/01/2029 19,283.33 19,283.33
06/30/2029 181,519.85
08/01/2029 152,802 2.500% 19,283.33 172,085.33
02/01/2030 17,373.30 17,373.30
06/30/2030 189,458.63
08/01/2030 165,148 2.600% 17,373.30 182,521.30
02/01/2031 15,226.38 15,226.38
06/30/2031 197,747.68
08/01/2031 178,312 2.650% 15,226.38 193,538.38
02/01/2032 12,863.74 12,863.74
06/30/2032 206,402.12
08/01/2032 192,357 2.750% 12,863.74 205,220.74
02/01/2033 10,218.83 10,218.83
06/30/2033 215,439.57
08/01/2033 207,446 2.900% 10,218.83 217,664.83
02/01/2034 7,210.87 7,210.87
06/30/2034 224,875.70
08/01/2034 223,718 3.050% 7,210.87 230,928.87
02/01/2035 3,799.17 3,799.17
06/30/2035 234,728.04
08/01/2035 241,217 3.150% 3,799.17 245,016.17
06/30/2036 245,016.17

2,562,633 800,560.15 3,363,193.15 3,363,193.15

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 7

BOND DEBT SERVICE

LaRue County, ECM 2016
District, General Funds

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 76,735 0.750% 32,012.44 108,747.44

06/30/2018 55,521 0.950% 57,959.13 113,480.13
06/30/2019 61,046 1.050% 57,374.91 118,420.91
06/30/2020 66,926 1.200% 56,652.86 123,578.86
06/30/2021 73,206 1.350% 55,757.16 128,963.16
06/30/2022 79,901 1.450% 54,683.74 134,584.74
06/30/2023 87,025 1.550% 53,430.02 140,455.02
06/30/2024 94,608 1.650% 51,975.06 146,583.06
06/30/2025 102,710 1.800% 50,270.15 152,980.15
06/30/2026 111,401 1.950% 48,259.60 159,660.60
06/30/2027 120,668 2.000% 45,966.76 166,634.76
06/30/2028 130,593 2.200% 43,323.56 173,916.56
06/30/2029 141,293 2.350% 40,226.85 181,519.85
06/30/2030 152,802 2.500% 36,656.63 189,458.63
06/30/2031 165,148 2.600% 32,599.68 197,747.68
06/30/2032 178,312 2.650% 28,090.12 206,402.12
06/30/2033 192,357 2.750% 23,082.57 215,439.57
06/30/2034 207,446 2.900% 17,429.70 224,875.70
06/30/2035 223,718 3.050% 11,010.04 234,728.04
06/30/2036 241,217 3.150% 3,799.17 245,016.17

2,562,633 800,560.15 3,363,193.15

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 8

BOND SOLUTION

LaRue County, ECM 2016
District, General Funds

Period Proposed Proposed Total Adj Revenue Unused Debt Serv

Ending Principal Debt Service Debt Service Constraints Revenues Coverage

06/30/2017 76,735 108,747 108,747 108,748 1 100.00051%

06/30/2018 55,521 113,480 113,480 113,480 0 100.00027%
06/30/2019 61,046 118,421 118,421 118,421 0 100.00008%
06/30/2020 66,926 123,579 123,579 123,579 0 100.00004%
06/30/2021 73,206 128,963 128,963 128,964 1 100.00049%
06/30/2022 79,901 134,585 134,585 134,586 1 100.00072%
06/30/2023 87,025 140,455 140,455 140,455 0 100.00011%
06/30/2024 94,608 146,583 146,583 146,583 0 100.00005%
06/30/2025 102,710 152,980 152,980 152,981 1 100.00062%
06/30/2026 111,401 159,661 159,661 159,661 0 100.00027%
06/30/2027 120,668 166,635 166,635 166,635 1 100.00040%
06/30/2028 130,593 173,917 173,917 173,917 1 100.00045%
06/30/2029 141,293 181,520 181,520 181,520 1 100.00034%
06/30/2030 152,802 189,459 189,459 189,459 0 100.00021%
06/30/2031 165,148 197,748 197,748 197,748 0 100.00012%
06/30/2032 178,312 206,402 206,402 206,403 1 100.00029%
06/30/2033 192,357 215,440 215,440 215,440 0 100.00004%
06/30/2034 207,446 224,876 224,876 224,876 0 100.00001%
06/30/2035 223,718 234,728 234,728 234,729 1 100.00027%
06/30/2036 241,217 245,016 245,016 245,017 1 100.00033%
06/30/2037

2,562,633 3,363,193 3,363,193 3,363,202 9

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 9

AGGREGATE DEBT SERVICE

LaRue County, ECM 2016
District, General Funds

Period District, Aggregate

Ending General Funds Debt Service

06/30/2017 108,747.44 108,747.44

06/30/2018 113,480.13 113,480.13
06/30/2019 118,420.91 118,420.91
06/30/2020 123,578.86 123,578.86
06/30/2021 128,963.16 128,963.16
06/30/2022 134,584.74 134,584.74
06/30/2023 140,455.02 140,455.02
06/30/2024 146,583.06 146,583.06
06/30/2025 152,980.15 152,980.15
06/30/2026 159,660.60 159,660.60
06/30/2027 166,634.76 166,634.76
06/30/2028 173,916.56 173,916.56
06/30/2029 181,519.85 181,519.85
06/30/2030 189,458.63 189,458.63
06/30/2031 197,747.68 197,747.68
06/30/2032 206,402.12 206,402.12
06/30/2033 215,439.57 215,439.57
06/30/2034 224,875.70 224,875.70
06/30/2035 234,728.04 234,728.04
06/30/2036 245,016.17 245,016.17

3,363,193.15 3,363,193.15
Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 10

BOND DEBT SERVICE

LaRue County, ECM 2016
District, Restricted Funds
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

02/01/2017 8,265 0.750% 5,251.85 13,516.85

06/30/2017 13,516.85
08/01/2017 7,305 0.950% 4,792.14 12,097.14
02/01/2018 4,757.44 4,757.44
06/30/2018 16,854.58
08/01/2018 7,478 1.050% 4,757.44 12,235.44
02/01/2019 4,718.18 4,718.18
06/30/2019 16,953.62
08/01/2019 7,676 1.200% 4,718.18 12,394.18
02/01/2020 4,672.12 4,672.12
06/30/2020 17,066.30
08/01/2020 7,903 1.350% 4,672.12 12,575.12
02/01/2021 4,618.78 4,618.78
06/30/2021 17,193.90
08/01/2021 8,156 1.450% 4,618.78 12,774.78
02/01/2022 4,559.65 4,559.65
06/30/2022 17,334.43
08/01/2022 8,430 1.550% 4,559.65 12,989.65
02/01/2023 4,494.31 4,494.31
06/30/2023 17,483.96
08/01/2023 8,727 1.650% 4,494.31 13,221.31
02/01/2024 4,422.32 4,422.32
06/30/2024 17,643.63
08/01/2024 9,053 1.800% 4,422.32 13,475.32
02/01/2025 4,340.84 4,340.84
06/30/2025 17,816.16
08/01/2025 9,414 1.950% 4,340.84 13,754.84
02/01/2026 4,249.05 4,249.05
06/30/2026 18,003.89
08/01/2026 9,802 2.000% 4,249.05 14,051.05
02/01/2027 4,151.03 4,151.03
06/30/2027 18,202.08
08/01/2027 10,222 2.200% 4,151.03 14,373.03
02/01/2028 4,038.59 4,038.59
06/30/2028 18,411.62
08/01/2028 46,105 2.350% 4,038.59 50,143.59
02/01/2029 3,496.86 3,496.86
06/30/2029 53,640.45
08/01/2029 47,237 2.500% 3,496.86 50,733.86
02/01/2030 2,906.39 2,906.39
06/30/2030 53,640.25
08/01/2030 48,457 2.600% 2,906.39 51,363.39
02/01/2031 2,276.45 2,276.45
06/30/2031 53,639.84
08/01/2031 49,746 2.650% 2,276.45 52,022.45
02/01/2032 1,617.32 1,617.32
06/30/2032 53,639.77
08/01/2032 51,108 2.750% 1,617.32 52,725.32
02/01/2033 914.58 914.58
06/30/2033 53,639.90
08/01/2033 13,590 2.900% 914.58 14,504.58
02/01/2034 717.53 717.53
06/30/2034 15,222.11
08/01/2034 14,303 3.050% 717.53 15,020.53
02/01/2035 499.41 499.41
06/30/2035 15,519.94
08/01/2035 15,068 3.150% 499.41 15,567.41
02/01/2036 262.09 262.09
06/30/2036 15,829.50
08/01/2036 15,884 3.300% 262.09 16,146.09
06/30/2037 16,146.09

403,929 133,469.87 537,398.87 537,398.87

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 11

BOND DEBT SERVICE

LaRue County, ECM 2016
District, Restricted Funds

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 8,265 0.750% 5,251.85 13,516.85

06/30/2018 7,305 0.950% 9,549.58 16,854.58
06/30/2019 7,478 1.050% 9,475.62 16,953.62
06/30/2020 7,676 1.200% 9,390.30 17,066.30
06/30/2021 7,903 1.350% 9,290.90 17,193.90
06/30/2022 8,156 1.450% 9,178.43 17,334.43
06/30/2023 8,430 1.550% 9,053.96 17,483.96
06/30/2024 8,727 1.650% 8,916.63 17,643.63
06/30/2025 9,053 1.800% 8,763.16 17,816.16
06/30/2026 9,414 1.950% 8,589.89 18,003.89
06/30/2027 9,802 2.000% 8,400.08 18,202.08
06/30/2028 10,222 2.200% 8,189.62 18,411.62
06/30/2029 46,105 2.350% 7,535.45 53,640.45
06/30/2030 47,237 2.500% 6,403.25 53,640.25
06/30/2031 48,457 2.600% 5,182.84 53,639.84
06/30/2032 49,746 2.650% 3,893.77 53,639.77
06/30/2033 51,108 2.750% 2,531.90 53,639.90
06/30/2034 13,590 2.900% 1,632.11 15,222.11
06/30/2035 14,303 3.050% 1,216.94 15,519.94
06/30/2036 15,068 3.150% 761.50 15,829.50
06/30/2037 15,884 3.300% 262.09 16,146.09

403,929 133,469.87 537,398.87

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 12

BOND SOLUTION

LaRue County, ECM 2016
District, Restricted Funds

Period Proposed Proposed Total Adj

Ending Principal Debt Service Debt Service

06/30/2017 8,265 13,517 13,517

06/30/2018 7,305 16,855 16,855
06/30/2019 7,478 16,954 16,954
06/30/2020 7,676 17,066 17,066
06/30/2021 7,903 17,194 17,194
06/30/2022 8,156 17,334 17,334
06/30/2023 8,430 17,484 17,484
06/30/2024 8,727 17,644 17,644
06/30/2025 9,053 17,816 17,816
06/30/2026 9,414 18,004 18,004
06/30/2027 9,802 18,202 18,202
06/30/2028 10,222 18,412 18,412
06/30/2029 46,105 53,640 53,640
06/30/2030 47,237 53,640 53,640
06/30/2031 48,457 53,640 53,640
06/30/2032 49,746 53,640 53,640
06/30/2033 51,108 53,640 53,640
06/30/2034 13,590 15,222 15,222
06/30/2035 14,303 15,520 15,520
06/30/2036 15,068 15,830 15,830
06/30/2037 15,884 16,146 16,146

403,929 537,399 537,399

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 13

AGGREGATE DEBT SERVICE

LaRue County, ECM 2016
District, Restricted Funds

District,
Period Restricted Existing Debt Aggregate
Ending Funds Service Debt Service

06/30/2017 13,516.85 848,632.85 862,149.70

06/30/2018 16,854.58 795,139.03 811,993.61
06/30/2019 16,953.62 817,313.39 834,267.01
06/30/2020 17,066.30 762,313.58 779,379.88
06/30/2021 17,193.90 800,709.68 817,903.58
06/30/2022 17,334.43 803,335.01 820,669.44
06/30/2023 17,483.96 855,306.25 872,790.21
06/30/2024 17,643.63 859,399.98 877,043.61
06/30/2025 17,816.16 860,970.96 878,787.12
06/30/2026 18,003.89 864,691.68 882,695.57
06/30/2027 18,202.08 865,110.72 883,312.80
06/30/2028 18,411.62 386,245.32 404,656.94
06/30/2029 53,640.45 386,643.23 440,283.68
06/30/2030 53,640.25 53,640.25
06/30/2031 53,639.84 53,639.84
06/30/2032 53,639.77 53,639.77
06/30/2033 53,639.90 53,639.90
06/30/2034 15,222.11 15,222.11
06/30/2035 15,519.94 15,519.94
06/30/2036 15,829.50 15,829.50
06/30/2037 16,146.09 16,146.09

537,398.87 9,905,811.68 10,443,210.55

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 14

BOND DEBT SERVICE

LaRue County, ECM 2016
SFCC
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

02/01/2017 15,906.15 15,906.15

06/30/2017 15,906.15
08/01/2017 57,174 0.950% 14,607.69 71,781.69
02/01/2018 14,336.11 14,336.11
06/30/2018 86,117.80
08/01/2018 56,476 1.050% 14,336.11 70,812.11
02/01/2019 14,039.61 14,039.61
06/30/2019 84,851.72
08/01/2019 55,398 1.200% 14,039.61 69,437.61
02/01/2020 13,707.22 13,707.22
06/30/2020 83,144.83
08/01/2020 58,891 1.350% 13,707.22 72,598.22
02/01/2021 13,309.71 13,309.71
06/30/2021 85,907.93
08/01/2021 56,943 1.450% 13,309.71 70,252.71
02/01/2022 12,896.87 12,896.87
06/30/2022 83,149.58
08/01/2022 59,545 1.550% 12,896.87 72,441.87
02/01/2023 12,435.40 12,435.40
06/30/2023 84,877.27
08/01/2023 61,665 1.650% 12,435.40 74,100.40
02/01/2024 11,926.66 11,926.66
06/30/2024 86,027.06
08/01/2024 63,237 1.800% 11,926.66 75,163.66
02/01/2025 11,357.53 11,357.53
06/30/2025 86,521.19
08/01/2025 64,185 1.950% 11,357.53 75,542.53
02/01/2026 10,731.73 10,731.73
06/30/2026 86,274.26
08/01/2026 64,530 2.000% 10,731.73 75,261.73
02/01/2027 10,086.43 10,086.43
06/30/2027 85,348.16
08/01/2027 64,185 2.200% 10,086.43 74,271.43
02/01/2028 9,380.39 9,380.39
06/30/2028 83,651.82
08/01/2028 67,602 2.350% 9,380.39 76,982.39
02/01/2029 8,586.07 8,586.07
06/30/2029 85,568.46
08/01/2029 69,961 2.500% 8,586.07 78,547.07
02/01/2030 7,711.56 7,711.56
06/30/2030 86,258.63
08/01/2030 71,395 2.600% 7,711.56 79,106.56
02/01/2031 6,783.42 6,783.42
06/30/2031 85,889.98
08/01/2031 71,942 2.650% 6,783.42 78,725.42
02/01/2032 5,830.19 5,830.19
06/30/2032 84,555.61
08/01/2032 76,535 2.750% 5,830.19 82,365.19
02/01/2033 4,777.83 4,777.83
06/30/2033 87,143.02
08/01/2033 78,964 2.900% 4,777.83 83,741.83
02/01/2034 3,632.86 3,632.86
06/30/2034 87,374.69
08/01/2034 76,979 3.050% 3,632.86 80,611.86
02/01/2035 2,458.93 2,458.93
06/30/2035 83,070.79
08/01/2035 83,715 3.150% 2,458.93 86,173.93
02/01/2036 1,140.41 1,140.41
06/30/2036 87,314.34
08/01/2036 69,116 3.300% 1,140.41 70,256.41
06/30/2037 70,256.41

1,328,438 380,771.70 1,709,209.70 1,709,209.70

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 15

BOND DEBT SERVICE

LaRue County, ECM 2016
SFCC

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 15,906.15 15,906.15

06/30/2018 57,174 0.950% 28,943.80 86,117.80
06/30/2019 56,476 1.050% 28,375.72 84,851.72
06/30/2020 55,398 1.200% 27,746.83 83,144.83
06/30/2021 58,891 1.350% 27,016.93 85,907.93
06/30/2022 56,943 1.450% 26,206.58 83,149.58
06/30/2023 59,545 1.550% 25,332.27 84,877.27
06/30/2024 61,665 1.650% 24,362.06 86,027.06
06/30/2025 63,237 1.800% 23,284.19 86,521.19
06/30/2026 64,185 1.950% 22,089.26 86,274.26
06/30/2027 64,530 2.000% 20,818.16 85,348.16
06/30/2028 64,185 2.200% 19,466.82 83,651.82
06/30/2029 67,602 2.350% 17,966.46 85,568.46
06/30/2030 69,961 2.500% 16,297.63 86,258.63
06/30/2031 71,395 2.600% 14,494.98 85,889.98
06/30/2032 71,942 2.650% 12,613.61 84,555.61
06/30/2033 76,535 2.750% 10,608.02 87,143.02
06/30/2034 78,964 2.900% 8,410.69 87,374.69
06/30/2035 76,979 3.050% 6,091.79 83,070.79
06/30/2036 83,715 3.150% 3,599.34 87,314.34
06/30/2037 69,116 3.300% 1,140.41 70,256.41

1,328,438 380,771.70 1,709,209.70

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 16

BOND SOLUTION

LaRue County, ECM 2016
SFCC

Period Proposed Proposed Total Adj Revenue Unused Debt Serv

Ending Principal Debt Service Debt Service Constraints Revenues Coverage

06/30/2017 15,906 15,906 15,918 12 100.07450%

06/30/2018 57,174 86,118 86,118 87,821 1,703 101.97776%
06/30/2019 56,476 84,852 84,852 87,821 2,969 103.49938%
06/30/2020 55,398 83,145 83,145 87,821 4,676 105.62413%
06/30/2021 58,891 85,908 85,908 87,821 1,913 102.22688%
06/30/2022 56,943 83,150 83,150 87,821 4,671 105.61809%
06/30/2023 59,545 84,877 84,877 87,821 2,944 103.46822%
06/30/2024 61,665 86,027 86,027 87,821 1,794 102.08532%
06/30/2025 63,237 86,521 86,521 87,821 1,300 101.50230%
06/30/2026 64,185 86,274 86,274 87,821 1,547 101.79282%
06/30/2027 64,530 85,348 85,348 87,821 2,473 102.89736%
06/30/2028 64,185 83,652 83,652 87,821 4,169 104.98397%
06/30/2029 67,602 85,568 85,568 87,821 2,253 102.63244%
06/30/2030 69,961 86,259 86,259 87,821 1,562 101.81126%
06/30/2031 71,395 85,890 85,890 87,821 1,931 102.24825%
06/30/2032 71,942 84,556 84,556 87,821 3,265 103.86183%
06/30/2033 76,535 87,143 87,143 87,821 678 100.77801%
06/30/2034 78,964 87,375 87,375 87,821 446 100.51080%
06/30/2035 76,979 83,071 83,071 87,821 4,750 105.71827%
06/30/2036 83,715 87,314 87,314 87,821 507 100.58027%
06/30/2037 69,116 70,256 70,256 71,903 1,647 102.34369%

1,328,438 1,709,210 1,709,210 1,756,420 47,210

Apr 21, 2016  11:11 am  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:BONDING)   Page 17

AGGREGATE DEBT SERVICE

LaRue County, ECM 2016
SFCC

Period Aggregate
Ending SFCC Debt Service

06/30/2017 15,906.15 15,906.15

06/30/2018 86,117.80 86,117.80
06/30/2019 84,851.72 84,851.72
06/30/2020 83,144.83 83,144.83
06/30/2021 85,907.93 85,907.93
06/30/2022 83,149.58 83,149.58
06/30/2023 84,877.27 84,877.27
06/30/2024 86,027.06 86,027.06
06/30/2025 86,521.19 86,521.19
06/30/2026 86,274.26 86,274.26
06/30/2027 85,348.16 85,348.16
06/30/2028 83,651.82 83,651.82
06/30/2029 85,568.46 85,568.46
06/30/2030 86,258.63 86,258.63
06/30/2031 85,889.98 85,889.98
06/30/2032 84,555.61 84,555.61
06/30/2033 87,143.02 87,143.02
06/30/2034 87,374.69 87,374.69
06/30/2035 83,070.79 83,070.79
06/30/2036 87,314.34 87,314.34
06/30/2037 70,256.41 70,256.41

1,709,209.70 1,709,209.70
May 3, 2016

Ms. Lisa Collins

Ms. Kristi Russell
School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins and Ms. Russell:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$275,000 (est.)
LaRue County (Kentucky)
School District Finance Corporation
School Building Refunding Revenue Bonds
Series 2016 (Refunding of 2007 Bonds)

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. No tax increase was necessary to finance this issue.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
1763.

Sincerely,

/s/ Kelly Mrsic

Kelly Mrsic
Vice President
 BOND PAYEE DISCLOSURE FORM
Par Amount: $275,000

Issue Name: LaRue County School District Finance Corporation School

Building Refunding Revenue Bonds – Third Series of 2016
Purpose: Refunding of Series 2007 Bonds

Projected Sale Date of Bonds: When NPV savings exceed 5%

First Call Date: 2026

Method of Sale: Competitive

Place/Time of Sale: SFCC/11:00 A.M. EDT

Bond Rating: “Aa3” – Moody’s

Bond Counsel: Steptoe-Johnson

Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Portion Local Portion Total

Estimated par amount of Bonds: $275,000 - $275,000
% Share of total Bonds: 100% - 100%
Estimated average annual debt service: 27,902 - 513,008
Estimated debt service reserve: -0- - -
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 3,000 - 3,000
Special Tax Counsel 275 - 275
Number Verifications 1,225 - 1,225
Bond Rating 1,500 - 1,500
Underwriter's Discount 3,025 - 3,025
Paying Agent/Escrow Agent Bank 1,500 - 1,500
Total Cost of Issuance: 10,525 - 10,525

Anticipated Interest Rates: 1 Year: 0.80% 3 Years: 1.15%

10 Years: 2.00%’ 20 Years: N/A

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)

TABLE OF CONTENTS

LaRue County, KY
Ref '07 SFCC

Report Page

Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Savings By Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 1

SOURCES AND USES OF FUNDS

LaRue County, KY
Ref '07 SFCC

Dated Date 07/15/2016
Delivery Date 07/15/2016

Sources:

Bond Proceeds:
Par Amount 275,000.00

275,000.00

Uses:

Refunding Escrow Deposits:
Cash Deposit 0.40
SLGS Purchases 263,226.00
263,226.40

Cost of Issuance:
Other Cost of Issuance 7,500.00

Delivery Date Expenses:
Underwriter's Discount 3,025.00

Other Uses of Funds:
Additional Proceeds 1,248.60

275,000.00
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 2

BOND DEBT SERVICE

LaRue County, KY
Ref '07 SFCC

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 5,000 0.800% 1,008.58 6,008.58

04/01/2017 2,368.75 2,368.75
06/30/2017 8,377.33
10/01/2017 5,000 1.050% 2,368.75 7,368.75
04/01/2018 2,342.50 2,342.50
06/30/2018 9,711.25
10/01/2018 5,000 1.150% 2,342.50 7,342.50
04/01/2019 2,313.75 2,313.75
06/30/2019 9,656.25
10/01/2019 5,000 1.200% 2,313.75 7,313.75
04/01/2020 2,283.75 2,283.75
06/30/2020 9,597.50
10/01/2020 30,000 1.350% 2,283.75 32,283.75
04/01/2021 2,081.25 2,081.25
06/30/2021 34,365.00
10/01/2021 30,000 1.450% 2,081.25 32,081.25
04/01/2022 1,863.75 1,863.75
06/30/2022 33,945.00
10/01/2022 30,000 1.650% 1,863.75 31,863.75
04/01/2023 1,616.25 1,616.25
06/30/2023 33,480.00
10/01/2023 30,000 1.700% 1,616.25 31,616.25
04/01/2024 1,361.25 1,361.25
06/30/2024 32,977.50
10/01/2024 30,000 1.900% 1,361.25 31,361.25
04/01/2025 1,076.25 1,076.25
06/30/2025 32,437.50
10/01/2025 35,000 2.000% 1,076.25 36,076.25
04/01/2026 726.25 726.25
06/30/2026 36,802.50
10/01/2026 35,000 2.050% 726.25 35,726.25
04/01/2027 367.50 367.50
06/30/2027 36,093.75
10/01/2027 35,000 2.100% 367.50 35,367.50
06/30/2028 35,367.50

275,000 37,811.08 312,811.08 312,811.08

May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 3

BOND SUMMARY STATISTICS

LaRue County, KY
Ref '07 SFCC

Dated Date 07/15/2016
Delivery Date 07/15/2016
Last Maturity 10/01/2027

Arbitrage Yield 1.850184%
True Interest Cost (TIC) 2.011815%
Net Interest Cost (NIC) 2.003678%
All‐In TIC 2.422468%
Average Coupon 1.855253%

Average Life (years) 7.411
Weighted Average Maturity (years) 7.411
Duration of Issue (years) 6.903

Par Amount 275,000.00
Bond Proceeds 275,000.00
Total Interest 37,811.08
Net Interest 40,836.08
Total Debt Service 312,811.08
Maximum Annual Debt Service 36,802.50
Average Annual Debt Service 27,901.88

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 11.000000

Total Underwriter's Discount 11.000000

Bid Price 98.900000

Par Average Average PV of 1 bp

Bond Component Value Price Coupon Life change

Refunding 2007 Serials 275,000.00 100.000 1.855% 7.411 186.80

275,000.00 7.411 186.80

All‐In Arbitrage
TIC TIC Yield

Par Value 275,000.00 275,000.00 275,000.00

  + Accrued Interest
  + Premium (Discount)
  ‐ Underwriter's Discount ‐3,025.00 ‐3,025.00
  ‐ Cost of Issuance Expense ‐7,500.00
  ‐ Other Amounts

Target Value 271,975.00 264,475.00 275,000.00

Target Date 07/15/2016 07/15/2016 07/15/2016

Yield 2.011815% 2.422468% 1.850184%
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 4

BOND PRICING

LaRue County, KY
Ref '07 SFCC

Maturity
Bond Component Date Amount Rate Yield Price

Refunding 2007 Serials:
10/01/2016 5,000 0.800% 0.800% 100.000
10/01/2017 5,000 1.050% 1.050% 100.000
10/01/2018 5,000 1.150% 1.150% 100.000
10/01/2019 5,000 1.200% 1.200% 100.000
10/01/2020 30,000 1.350% 1.350% 100.000
10/01/2021 30,000 1.450% 1.450% 100.000
10/01/2022 30,000 1.650% 1.650% 100.000
10/01/2023 30,000 1.700% 1.700% 100.000
10/01/2024 30,000 1.900% 1.900% 100.000
10/01/2025 35,000 2.000% 2.000% 100.000
10/01/2026 35,000 2.050% 2.050% 100.000
10/01/2027 35,000 2.100% 2.100% 100.000

275,000

Dated Date 07/15/2016
Delivery Date 07/15/2016
First Coupon 10/01/2016

Par Amount 275,000.00
Original Issue Discount

Production 275,000.00 100.000000%

Underwriter's Discount ‐3,025.00 ‐1.100000%

Purchase Price 271,975.00 98.900000%

Accrued Interest

Net Proceeds 271,975.00
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 5

SAVINGS

LaRue County, KY
Ref '07 SFCC

Prior Refunding Present Value

Debt Debt to 07/15/2016
Date Service Service Savings @  1.8501843%

06/30/2017 10,000.00 8,377.33 1,622.67 1,592.35

06/30/2018 10,000.00 9,711.25 288.75 258.56
06/30/2019 10,000.00 9,656.25 343.75 306.39
06/30/2020 10,000.00 9,597.50 402.50 355.92
06/30/2021 34,500.00 34,365.00 135.00 104.41
06/30/2022 38,400.00 33,945.00 4,455.00 4,030.36
06/30/2023 37,200.00 33,480.00 3,720.00 3,304.14
06/30/2024 36,000.00 32,977.50 3,022.50 2,635.86
06/30/2025 34,800.00 32,437.50 2,362.50 2,022.87
06/30/2026 38,500.00 36,802.50 1,697.50 1,427.43
06/30/2027 37,100.00 36,093.75 1,006.25 831.22
06/30/2028 35,700.00 35,367.50 332.50 270.47

332,200.00 312,811.08 19,388.92 17,139.99

Savings Summary

PV of savings from cash flow 17,139.99
Plus: Refunding funds on hand 1,248.60

Net PV Savings 18,388.59
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 6

SUMMARY OF REFUNDING RESULTS

LaRue County, KY
Ref '07 SFCC

Dated Date 07/15/2016
Delivery Date 07/15/2016
Arbitrage yield 1.850184%
Escrow yield 0.568583%
Value of Negative Arbitrage 3,935.60

Bond Par Amount 275,000.00
True Interest Cost 2.011815%
Net Interest Cost 2.003678%
Average Coupon 1.855253%
Average Life 7.411

Par amount of refunded bonds 250,000.00
Average coupon of refunded bonds 4.000000%
Average life of refunded bonds 7.931

PV of prior debt to 07/15/2016 @ 1.850184% 292,139.99
Net PV Savings 18,388.59
Percentage savings of refunded bonds 7.355436%
Percentage savings of refunding bonds 6.686760%
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 7

SAVINGS BY MATURITY

LaRue County, KY
Ref '07 SFCC

Nominal
Maturity Interest Par Nominal Savings
Bond Date Rate Amount Savings Percent

School  District Finance Corp, 2007SF:
SERIAL 10/01/2020 4.000% 25,000.00 612.58 2.450%
10/01/2021 4.000% 30,000.00 1,312.28 4.374%
10/01/2022 4.000% 30,000.00 1,647.18 5.491%
10/01/2023 4.000% 30,000.00 2,166.53 7.222%
10/01/2024 4.000% 30,000.00 2,307.28 7.691%
10/01/2025 4.000% 35,000.00 3,019.83 8.628%
10/01/2026 4.000% 35,000.00 3,440.34 9.830%
10/01/2027 4.000% 35,000.00 3,821.63 10.919%

250,000.00 18,327.65

Note:  Calculated Using Remaining Maturities
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 8

ESCROW REQUIREMENTS

LaRue County, KY
Ref '07 SFCC

Period Principal
Ending Interest Redeemed Total

10/01/2016 5,000.00 5,000.00

04/01/2017 5,000.00 5,000.00
10/01/2017 5,000.00 250,000.00 255,000.00

15,000.00 250,000.00 265,000.00

May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 9

ESCROW DESCRIPTIONS

LaRue County, KY
Ref '07 SFCC

Type of Type of Maturity First Int Par Max

Security SLGS Date Pmt Date Amount Rate Rate

Jul 15, 2016:
SLGS Certificate 10/01/2016 10/01/2016 4,690 0.170% 0.170%
SLGS Certificate 04/01/2017 04/01/2017 4,261 0.450% 0.450%
SLGS Note 10/01/2017 10/01/2016 254,275 0.570% 0.570%

263,226

SLGS Summary

SLGS Rates File 03MAY16
Total Certificates of Indebtedness 8,951.00
Total Notes 254,275.00

Total original SLGS 263,226.00
May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 10

ESCROW COST

LaRue County, KY
Ref '07 SFCC

Type of Maturity Par Total

Security Date Amount Rate Cost

SLGS 10/01/2016 4,690 0.170% 4,690.00

SLGS 04/01/2017 4,261 0.450% 4,261.00
SLGS 10/01/2017 254,275 0.570% 254,275.00

263,226 263,226.00

Purchase Cost of Cash Total

Date Securities Deposit Escrow Cost Yield

07/15/2016 263,226 0.40 263,226.40 0.568583%

263,226 0.40 263,226.40

May 3, 2016   3:07 pm  Prepared by Hilliard Lyons (Finance 7.012 LaRue County, KY:REF2016‐R_S07,R_S07)   Page 11

ESCROW STATISTICS

LaRue County, KY
Ref '07 SFCC

Modified Yield to Yield to Perfect Value of

Total Duration Receipt Disbursement Escrow Negative Cost of
Escrow Cost (years) Date Date Cost Arbitrage Dead Time

Global Proceeds Escrow:
263,226.40 1.179 0.568583% 0.568582% 259,290.79 3,935.60 0.01

263,226.40 259,290.79 3,935.60 0.01

Delivery date 07/15/2016
Arbitrage yield 1.850184%
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Ludlow Independent School District Series
2016
Date: Aprrl2T , 2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Ludlow
Independent School District. Please process this issue at the next meeting of the Capital
Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $285,000

lssue Name. Ludlow lndependent School District Finance Corporation School Buildinq Refundinq Revenue Bonds, Series 2016

Purpose: Refinance Series 20074

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 511t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Ky. / 11:00 A.M

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson Louisville KY

FiscalAgent: Ross, Sinclaire & Associates, Lexi
Date received by SFCC
Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $285,000 $0 $2 000
% Share of total Bonds: 100.00% 0.00%
Estimated average annual debt service: $2B,OBB $0 $28,088
Estimated debt service reserve: $0 $0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc 000 0 000
SpecialTax Counsel $200 $o $200
Number verifications $1.000 $0 $1.000
Bond Rating $3,250 $0 $3,250
Unden¡rriter's Discount $5,700 $0 $5,700
Bank Fee $500 $0 $s00
Total Cost of lssuance: $12,650 $0 12 6s0
Anticipated lnterest Rates: 5 Years 1.700% 10 Years 2.400% 15 Years: N/A
20 Years. N/A

Note: No Local Tax increase ¡s required

 Ludlow lndependent School District
Projected Plan of Refinancing

Date of Report: April 27,2016

Prior Bonds Call Reports

2007 A Call Report............. 1

2016 Series Refunding Bonds

Total Savings Report. 2
LUDLOW INDBPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS, SEzuES 2OO7

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Principal Coupon lnterest D/S
08i0 l/20 I 6 5.340.00 5,340.00 4.12596 5,340.00 5,340.00
02i0 lr20 I 7 5.340.00 5,340.00 5,340.00 5,340.00
08/0 ti201 7 25 5.000.00 5.340.00 260,340.00 4.125o/o 5,340.00 5,340.00
02/0 li 20 I 8 5,340.00 5,340.00
000.00 r.rrr*
02/0 1i 20 19 4,927.50 +,921.50
0810l/20 I 9 20,000.00 4.1250/o 4,927.50 ?l o)? in
02i01i2020 4,515.00 +,5 I 5.00
08i0 1/2020 25,000.00 4.200o/o 4,515.00 29,5 1 5.00
02101/2021 3,990.00 3.990.00
08ru1/202i 25,000.00 4.2000/o 3,990.00 28,990.00
07t0ri2027 3,465.00 3.465.00
08/0 1/2022 25,000.00 4.200o/o 3,465.00 28,465.00
0210y2023 2,940.00 2,940.00
08/01/202-l 2s,000.00 4.200; 2.940.00 27.940.00
02/0i,'2024 2,4t5.00 2,41 5.00
08i01/2024 25,000.00 4.200o/o 2,41 5.00 27,415.00
02i0 Ii2025 I,890.00 r,890.00
08i0 l/2025 30,000.00 4.20Oo/" 1,890.00 3 1,890.00
02i0ri2026 1,260.00 1,260.00
08i01i2026 30,000.00 4.200or'o 1,260.00 3 1,260.00
02i0ri2027 630.00 630.00
08/01/2027 30,000.00 4.200o/o 630.00 30,630.00
Total $255,000.00 s16,020.00 s27 1,020.00 s25s,000.00 s78,765.00 s333,765.00

Yield Stati

Bo
Arerage Life 7.029 yeam
4.1955370o/o
\\¡eightecl A\rerase Matulity (Par Basis) 7.029 Years

Refund Bond lnformation

Refuncline Dated Date 610t/20r6

f)ate 6l0t/2016

LUDLow ISD SERIES 2007 I SINGLE PURPOSE i 4t21t2o16 | 12t59PM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
LIIDLOW INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BTIILDING REFTINDING REVENUE BONDS, SERIES 2016
REFINANCING OF 2OO7 A

Debt Service Comparison

Existing Net New

Date Total P+l D/S D/S Old Net D/S Sav¡nqs
06/30/2016
06/30/20 I 7 3.410.00 21,231.50 24,647.50 3 1,917.50 1,2'.70.00
06i30/20 r 8 r 0,093.75 20,4t2.50 30,506.25 3 1,092.50 586.25
06/30/20r9 29,947.50 29,947.s0 30,267.s0 320.00
06/30/2020 29.666.25 29,666.25 29.442.50 ¡'??i 75\
06t30t2021 34,300.00 34,300.00 33,505.00 (795.00)
06t30t2022 33,850.00 33,850.00 32,455.00 (1,395.00)
06t30t2023 33.3.17, s0 33,347.50 31,405.00 (i,942.50)
06130t2024 2'7 -84't.50 21,847.50 30,355.00 2,50',7.50
06/30t2025 2'1.341 .50 27.34',7.50 29 30 5.00 I Q57 50
06i30i2026 31.755.00 3I,75 5.00 33, r 50.00 1,395.00
06t30i2027 3 1.080.00 31,080.00 31,890.00 810.00
06130/2028 30.3 67,50 30.367.50 30,630.00 262.50
Total s323,012.50 $4r,650.00 s364,662.50 s375,415.00 $10,752.50

PV Analvsis Summarv (Net to Net)

Gross P\¡ Serwice S 9.644.86

Net PV Caslrllorv Savinqs {Zì 2.72596(NC) 9.64,1.86

Continqenov or Rounclìnq A¡nount 3.487.88

Net Present \,-alue Benefit S13- 132.7.1

Net P!'Benefit 1' S255.000 Refundecl Prinoipal 5. I 50%

Net PV Benefit i S285.000 Refunclinq Principal 4.6080/o

Refundinq Bond lnformation

Refundins Dated Date 6/0r120r6

Date 6/01t20t6

LUDLOW rSD SÊRrES 2016.RE I SINGLE PURPOSE | 4l2l12016 | 12:59 PN¡

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Ludlow Independent School District Series
20r6
Date: April27,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Ludlow
Independent School District. Please process this issue at the next meeting of the Capital
Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $580,000

lssue Name: Ludlow lndependent School District Finance Corporation School Buildinq Refundinq Revenue Bonds, Series 2016

Purpose: Refinance Series 20078

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1126 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Kv. I 11:00 A.M.

Bond Rating: Moodvs: "4a3"

Bond Counsel: & Johnson Louisvil KY

FiscalAgent: Ross, Sinclaire & Associates, n,

Date received by SFCC:

Date scheduled for Committee review inb
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $580,000 $0 000
% Share of total Bonds: 100.00% 0.00%
Estimated average annual debt service: $57,892 $0 $57,892
Estimated debt service reserve: $0 $0 0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 000 $0 $4,000
SpecialTax Counsel $600 $0 $600
Number verifications $1,000 $0 $1,000
Bond Rating $1,500 $0 $1,500
Undenruriter's Discount $11,600 $0 $1 1.600
Bank Fee $2.000 $0 $2,000
Total Cost of lssuance: $20,700 $0 700
Anticipated lnterest Rates : 5 Years 1.700% 10 Years 2.400o/o 15 Years: N/A
20 Years: NiA

Note: No Local Tax increase ¡s required

 Ludlow lndependent School District
Projected Plan of Refinancing

Date of Report: April 27,2016

Prior Bonds Call Reports

20078 Call Repoft............. 1

2016 Series Refunding Bonds

Total Savings Report. 2
LUDLOW INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENIUE BONDS. SEzuES 2OO7B

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Principal Coupon lnterest D/S
12t0|2016 10,675.00 I0,675.00 3.600% 10,675.00 1 0,675.00
06t0riz0r7 10,675.00 10,675.00 10,675.00 10,675.00
12,0112017 540,000,00 10,675.00 550,675.00 3.90Oo/" 10,675.00 10,675.00
06i 0 1/20i 8 10,675.00 10,675.00
12i0112018 45.000.00 ,.noor, 10.675.00 55.675.00
06/01/2019 9,797.50 9,797.50
r7t0yz019 50,000.00 3.900o/o 9,797.50 59,797.50
0610112020 8,822.50 8,822.50
120112020 50,000.00 3.900o/o 8,822.50 58,822.50
06/0 1/2021 7.847 .50 7.847.50
t2/0riz02r 50,000.00 3.900o/o 7,847 .50 57,847 .50
06t01tz0zz 6,872.50 6,872.50
|Zi01iz0z2 55,000.00 3.900o/o 6,872.50 61,872.50
06/01/2023 s,800.00 5,800.00
2t0|2023 5 4.000;
06l0Uzjz+ 4,700.00 4,700.00
tzt0t/2024 60,000.00 4.000% 4,700.00 64,700.00
06i0ri2025 3,500.00 3,500.00
l2/01i2025 60,000.00 4.000o/o 3,500.00 63,500.00
06i0Ii2026 2.300.00 2 i00 00
tzt0y2026 65,000.00 4.000o/o 2,300.00 67,300.00
06/01i2027 1,000.00 1,000.00
tzi01i2027 50,000.00 4.000o/o 1,000.00 5 1,000.00
Totrl s5.10,000.00 s32,025.00 s572,025.00 s540,000.00 s r54,655.00 s694,6ss.00

Yield Statistics

Brse (hte for Ar.e. Life & Avo. (ìoupon Calcul¡tion 6/0 1/201 6
Avelage Life 7.213 Ye¡rs
Aver.rge Coupon 3.9706033o/o
7.213 Years

tn Bond lnformation

Datecl Date 6/0r/20t6

Refuncling Deür'err Date 6/01/2016

LUDLOW 1SD SERIES 20078 | SINGLE PURPOSE I 412712016 | 1121 PM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
LUDLOW INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BTIILDING REFTINDING REVENUE BONDS, SERIES 2016
REFINA}.ICING OF 2OO7B

Debt Service Comparison

Existing Net New

Date Total P+l D/S D/S Old Net D/S Sav¡nqs
06 i0,:016
06,'30¡'2017 16.216.25 47.565.00 63.81 1.25 68,9 i 5.00 5,103.75
06,/i0i2018 21.175.00 .15,877.50 6'.7,052.50 61,227 .50 175.00
0613012019 60"812,50 60,8 1 2.50 65,4'.72.50 ,1.660.00
06/3012020 65.1 1 5.00 65.r r 5.00 68.620.00 3.505.00
06i30,,2021 6.1,290.00 64,290.00 66,670.00 2,3 80.00
06i30i2022 63.368.7s 63,368.75 64,720.00 1.3 5 1.25
06130/2023 6'7 -3117.50 67,317 .50 67,672.50 35 5.00
06/30i202,+ 61.170.00 61,170.00 65,500.00 4,330.00
06/30i2025 64.932.50 64.932.50 68.200.00 3.267 .50
06/30i 2026 63.5 82.50 63,5 82.50 65,800.00 2,2t'7.50
061302027 67.096.2s 67,096.25 68,300.00 t,203.75
06/30/2028 50,650.00 50,650.00 51,000.00 3 50.00
Total $665,756.25 $93,442.50 s759,198.75 s788,097.50 s28,898.75

PV Analysis Summary (Net to Net)

Gross PV Debt Seruice Savings 25.7 44.96

Net PV Cashflow Savings @ 2.121o2ó(Boncl Yield) 25.,:.11.96

Contingencl, or Roundins Arnount 1,421 .54

Value Benefit 1 66.50

Net PV Benefit,/ Refunded 5.031%

NetPV Benefit/ $580.000 RefunclinePrinoipal 4.6810/0

Refunding Bond lnformation

Datecl Date 6/01/20t6

Date 6l0t/20I6

LUDLOWtSDSERTES20l6-RE I StNGLEpURPOSE I 4/2il2016 | 1.21 pM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
April 25, 2016

Ms. Lisa Collins

School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$2,805,000 (est.)
Ohio County
School District Finance Corporation
School Building Revenue Bonds,
Series of 2016

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. Please be advised that no tax increases were required to
support this financing.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
8639.

Sincerely,

/s/ Mark Rawlings

Mark Rawlings
Vice President
Public Finance Department
 BOND PAYEE DISCLOSURE FORM
Par Amount: $2,805,000

Issue Name: Ohio County School District Finance Corporation School

Building Revenue Bonds, Series 2016
Purpose: Additions and Renovations to Ohio County Middle and
High Schools
Projected Sale Date of Bonds: December 2016

First Call Date: 2026

Method of Sale: Competitive

Place/Time of Sale: SFCC/11:00 A.M. EDT

Bond Rating: “Aa3” – Moody’s

Bond Counsel: Steptoe & Johnson

Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Architect: RBS Design Group

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Portion Local Portion Total

Estimated par amount of Bonds: $1,403,370 $1,401,630 $2,805,000
% Share of total Bonds: 50% 50% 100%
Estimated average annual debt service: 91,689 95,176 186,685
Estimated debt service reserve: -0- -0- -0-
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 12,110 12,110 24,220
Special Tax Counsel -0- -0- -0-
Number Verifications -0- -0- -0-
Bond Rating 3,625 3,625 7,250
Underwriter's Discount 28,050 28,050 56,100
Paying Agent/Escrow Agent Bank 2,000 2,000 4,000
Total Cost of Issuance: 45,785 45,785 91,570

Anticipated Interest Rates: 5 Years: 1.65% 10 Years: 2.45%

15 Years: 2.90% 20 Years: 3.25%

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
 TABLE OF CONTENTS

Ohio County School District Finance Corporation
School Building Revenue Bonds, Series 2016

Report Page

School Building Revenue Bonds, Series 2016
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

SFCC Portion
Bond Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

District Portion
Bond Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
 SOURCES AND USES OF FUNDS

Ohio County School District Finance Corporation
School Building Revenue Bonds, Series 2016

Dated Date 07/01/2016
Delivery Date 07/01/2016

District
Sources: SFCC Portion Portion Total

Bond Proceeds:
Par Amount 1,403,370.00 1,401,630.00 2,805,000.00

Other Sources of Funds:
Capital Outlay Cash Requirement 4.00 4.00

1,403,374.00 1,401,630.00 2,805,004.00

District
Uses: SFCC Portion Portion Total

Project Fund Deposits:
Total Construction Cost 1,189,129.68 1,187,655.32 2,376,785.00
Architect/Engineer Fee 84,052.11 83,947.89 168,000.00
Contingencies 60,037.22 59,962.78 120,000.00
Other Costs 22,513.96 22,486.04 45,000.00
1,355,732.97 1,354,052.03 2,709,785.00

Cost of Issuance:
Financial Advisor/Bond Counsel 12,117.51 12,102.49 24,220.00
Paying Agent 2,001.24 1,998.76 4,000.00
Moody's Fee 3,627.25 3,622.75 7,250.00
17,746.00 17,724.00 35,470.00

Underwriter's Discount:
Underwriter's Discount 28,067.40 28,032.60 56,100.00

Other Uses of Funds:
Additional Proceeds 1,827.63 1,821.37 3,649.00

1,403,374.00 1,401,630.00 2,805,004.00

 BOND DEBT SERVICE

Ohio County School District Finance Corporation
School Building Revenue Bonds, Series 2016

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 36,318.75 36,318.75

06/30/2018 70,000 1.000% 72,287.50 142,287.50
06/30/2019 65,000 1.200% 71,547.50 136,547.50
06/30/2020 85,000 1.350% 70,583.75 155,583.75
06/30/2021 90,000 1.550% 69,312.51 159,312.51
06/30/2022 90,000 1.650% 67,872.51 157,872.51
06/30/2023 90,000 1.800% 66,320.00 156,320.00
06/30/2024 90,000 2.000% 64,610.00 154,610.00
06/30/2025 95,000 2.150% 62,688.75 157,688.75
06/30/2026 95,000 2.300% 60,575.00 155,575.00
06/30/2027 95,000 2.450% 58,318.75 153,318.75
06/30/2028 95,000 2.550% 55,943.75 150,943.75
06/30/2029 145,000 2.650% 52,811.25 197,811.25
06/30/2030 185,000 2.700% 48,392.50 233,392.50
06/30/2031 190,000 2.800% 43,235.00 233,235.00
06/30/2032 205,000 2.900% 37,602.50 242,602.50
06/30/2033 215,000 2.950% 31,458.75 246,458.75
06/30/2034 215,000 3.000% 25,062.50 240,062.50
06/30/2035 235,000 3.100% 18,195.00 253,195.00
06/30/2036 235,000 3.150% 10,851.25 245,851.25
06/30/2037 220,000 3.250% 3,575.00 223,575.00

2,805,000 1,027,562.52 3,832,562.52

 BOND PRICING

Ohio County School District Finance Corporation
School Building Revenue Bonds, Series 2016

Maturity
Bond Component Date Amount Rate Yield Price

Serials:
07/01/2017 70,000 1.000% 1.000% 100.000
07/01/2018 65,000 1.200% 1.200% 100.000
07/01/2019 85,000 1.350% 1.350% 100.000
07/01/2020 90,000 1.550% 1.550% 100.000
07/01/2021 90,000 1.650% 1.650% 100.000
07/01/2022 90,000 1.800% 1.800% 100.000
07/01/2023 90,000 2.000% 2.000% 100.000
07/01/2024 95,000 2.150% 2.150% 100.000
07/01/2025 95,000 2.300% 2.300% 100.000
07/01/2026 95,000 2.450% 2.450% 100.000
07/01/2027 95,000 2.550% 2.550% 100.000
07/01/2028 145,000 2.650% 2.650% 100.000
07/01/2029 185,000 2.700% 2.700% 100.000
07/01/2030 190,000 2.800% 2.800% 100.000
07/01/2031 205,000 2.900% 2.900% 100.000
07/01/2032 215,000 2.950% 2.950% 100.000
07/01/2033 215,000 3.000% 3.000% 100.000
07/01/2034 235,000 3.100% 3.100% 100.000
07/01/2035 235,000 3.150% 3.150% 100.000
07/01/2036 220,000 3.250% 3.250% 100.000

2,805,000

Dated Date 07/01/2016
Delivery Date 07/01/2016
First Coupon 01/01/2017

Par Amount 2,805,000.00
Original Issue Discount

Production 2,805,000.00 100.000000%

Underwriter's Discount ‐56,100.00 ‐2.000000%

Purchase Price 2,748,900.00 98.000000%

Accrued Interest

Net Proceeds 2,748,900.00
 BOND SUMMARY STATISTICS

Ohio County School District Finance Corporation
School Building Revenue Bonds, Series 2016

Dated Date 07/01/2016
Delivery Date 07/01/2016
Last Maturity 07/01/2036

Arbitrage Yield 2.822717%
True Interest Cost (TIC) 3.015569%
Net Interest Cost (NIC) 3.000588%
All‐In TIC 3.140267%
Average Coupon 2.845251%

Average Life (years) 12.875
Weighted Average Maturity (years) 12.875
Duration of Issue (years) 10.596

Par Amount 2,805,000.00
Bond Proceeds 2,805,000.00
Total Interest 1,027,562.52
Net Interest 1,083,662.52
Total Debt Service 3,832,562.52
Maximum Annual Debt Service 253,195.00
Average Annual Debt Service 191,628.13

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 20.000000

Total Underwriter's Discount 20.000000

Bid Price 98.000000

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Serials 2,805,000.00 100.000 2.845% 12.875 05/16/2029 2,918.80

2,805,000.00 12.875 2,918.80

All‐In Arbitrage
TIC TIC Yield

Par Value 2,805,000.00 2,805,000.00 2,805,000.00

  + Accrued Interest
  + Premium (Discount)
  ‐ Underwriter's Discount ‐56,100.00 ‐56,100.00
  ‐ Cost of Issuance Expense ‐35,470.00
  ‐ Other Amounts

Target Value 2,748,900.00 2,713,430.00 2,805,000.00

Target Date 07/01/2016 07/01/2016 07/01/2016

Yield 3.015569% 3.140267% 2.822717%
 BOND SOLUTION

Ohio County School District Finance Corporation
SFCC Portion

Period Proposed Proposed Total Adj Revenue Unused Debt Serv

Ending Principal Debt Service Debt Service Constraints Revenues Coverage

06/30/2017 16,874 16,874 16,989 115 100.67872%

06/30/2018 58,231 91,689 91,689 91,690 1 100.00103%
06/30/2019 58,874 91,687 91,687 91,688 1 100.00106%
06/30/2020 59,636 91,694 91,694 91,694 1 100.00064%
06/30/2021 60,502 91,688 91,688 91,688 0 100.00025%
06/30/2022 61,479 91,689 91,689 91,690 1 100.00084%
06/30/2023 62,549 91,689 91,689 91,689 0 100.00040%
06/30/2024 63,748 91,688 91,688 91,689 1 100.00110%
06/30/2025 65,086 91,688 91,688 91,689 0 100.00048%
06/30/2026 66,551 91,688 91,688 91,689 1 100.00094%
06/30/2027 68,151 91,688 91,688 91,689 1 100.00068%
06/30/2028 69,878 91,689 91,689 91,690 1 100.00076%
06/30/2029 71,718 91,688 91,688 91,689 1 100.00073%
06/30/2030 73,664 91,689 91,689 91,690 0 100.00014%
06/30/2031 75,718 91,689 91,689 91,689 0 100.00027%
06/30/2032 77,907 91,688 91,688 91,688 0 100.00007%
06/30/2033 80,220 91,688 91,688 91,688 0 100.00010%
06/30/2034 82,643 91,688 91,688 91,689 1 100.00093%
06/30/2035 85,205 91,690 91,690 91,691 1 100.00062%
06/30/2036 87,908 91,688 91,688 91,689 1 100.00109%
06/30/2037 73,702 74,900 74,900 74,900 0 100.00045%

1,403,370 1,833,861 1,833,861 1,833,987 126

 BOND DEBT SERVICE

Ohio County School District Finance Corporation
SFCC Portion

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 16,874.47 16,874.47

06/30/2018 58,231 1.000% 33,457.78 91,688.78
06/30/2019 58,874 1.200% 32,813.38 91,687.38
06/30/2020 59,636 1.350% 32,057.60 91,693.60
06/30/2021 60,502 1.550% 31,186.17 91,688.17
06/30/2022 61,479 1.650% 30,210.07 91,689.07
06/30/2023 62,549 1.800% 29,139.92 91,688.92
06/30/2024 63,748 2.000% 27,939.50 91,687.50
06/30/2025 65,086 2.150% 26,602.35 91,688.35
06/30/2026 66,551 2.300% 25,137.34 91,688.34
06/30/2027 68,151 2.450% 23,537.15 91,688.15
06/30/2028 69,878 2.550% 21,811.36 91,689.36
06/30/2029 71,718 2.650% 19,970.15 91,688.15
06/30/2030 73,664 2.700% 18,025.42 91,689.42
06/30/2031 75,718 2.800% 15,970.91 91,688.91
06/30/2032 77,907 2.900% 13,781.21 91,688.21
06/30/2033 80,220 2.950% 11,468.31 91,688.31
06/30/2034 82,643 3.000% 9,045.42 91,688.42
06/30/2035 85,205 3.100% 6,485.10 91,690.10
06/30/2036 87,908 3.150% 3,779.87 91,687.87
06/30/2037 73,702 3.250% 1,197.66 74,899.66

1,403,370 430,491.14 1,833,861.14

 BOND SOLUTION

Ohio County School District Finance Corporation
District Portion

Period Proposed Proposed Existing Total Adj Revenue Unused Debt Serv

Ending Principal Debt Service Debt Service Debt Service Constraints Revenues Coverage

06/30/2017 19,444 1,449,380 1,468,824 1,676,865 208,041 114.16376%

06/30/2018 11,769 50,599 1,440,417 1,491,015 1,676,865 185,849 112.46461%
06/30/2019 6,126 44,860 1,447,107 1,491,967 1,676,865 184,897 112.39285%
06/30/2020 25,364 63,890 1,443,576 1,507,466 1,676,865 169,399 111.23730%
06/30/2021 29,498 67,624 1,504,845 1,572,470 1,676,865 104,395 106.63892%
06/30/2022 28,521 66,183 1,508,624 1,574,808 1,676,865 102,057 106.48061%
06/30/2023 27,451 64,631 1,509,610 1,574,241 1,676,865 102,624 106.51893%
06/30/2024 26,252 62,923 1,513,926 1,576,848 1,676,865 100,016 106.34279%
06/30/2025 29,914 66,000 1,510,564 1,576,564 1,676,865 100,300 106.36196%
06/30/2026 28,449 63,887 1,508,073 1,571,959 1,676,865 104,905 106.67353%
06/30/2027 26,849 61,631 1,514,924 1,576,555 1,676,865 100,310 106.36261%
06/30/2028 25,122 59,254 1,472,244 1,531,498 1,676,865 145,366 109.49176%
06/30/2029 73,282 106,123 32,322 138,445 1,676,865 1,538,420 1211.21373%
06/30/2030 111,336 141,703 11,509 153,212 1,676,865 1,523,653 1094.47277%
06/30/2031 114,282 141,546 8,319 149,865 1,676,865 1,527,000 1118.91653%
06/30/2032 127,093 150,914 150,914 1,676,865 1,525,950 1111.13706%
06/30/2033 134,780 154,770 154,770 1,676,865 1,522,094 1083.45276%
06/30/2034 132,357 148,374 148,374 1,676,865 1,528,491 1130.16007%
06/30/2035 149,795 161,505 161,505 1,676,865 1,515,360 1038.27475%
06/30/2036 147,092 154,163 154,163 1,676,865 1,522,701 1087.71915%
06/30/2037 146,298 148,675 148,675 1,676,865 1,528,189 1127.87003%

1,401,630 1,998,701 17,875,439 19,874,140 35,214,157 15,340,016

 BOND DEBT SERVICE

Ohio County School District Finance Corporation
District Portion

Period
Ending Principal Coupon Interest Debt Service

06/30/2017 19,444.28 19,444.28

06/30/2018 11,769 1.000% 38,829.72 50,598.72
06/30/2019 6,126 1.200% 38,734.12 44,860.12
06/30/2020 25,364 1.350% 38,526.15 63,890.15
06/30/2021 29,498 1.550% 38,126.34 67,624.34
06/30/2022 28,521 1.650% 37,662.44 66,183.44
06/30/2023 27,451 1.800% 37,180.08 64,631.08
06/30/2024 26,252 2.000% 36,670.50 62,922.50
06/30/2025 29,914 2.150% 36,086.40 66,000.40
06/30/2026 28,449 2.300% 35,437.66 63,886.66
06/30/2027 26,849 2.450% 34,781.60 61,630.60
06/30/2028 25,122 2.550% 34,132.39 59,254.39
06/30/2029 73,282 2.650% 32,841.10 106,123.10
06/30/2030 111,336 2.700% 30,367.08 141,703.08
06/30/2031 114,282 2.800% 27,264.09 141,546.09
06/30/2032 127,093 2.900% 23,821.29 150,914.29
06/30/2033 134,780 2.950% 19,990.44 154,770.44
06/30/2034 132,357 3.000% 16,017.08 148,374.08
06/30/2035 149,795 3.100% 11,709.90 161,504.90
06/30/2036 147,092 3.150% 7,071.38 154,163.38
06/30/2037 146,298 3.250% 2,377.34 148,675.34

1,401,630 597,071.38 1,998,701.38

December 10, 2015

Ms. Lisa Collins

School Facilities Construction Commission
229 West Main Street, Ste. 102
Frankfort, Kentucky 40601

Re: Reporting of Bond Issuance Costs to the Capital Projects and Bond Oversight
Committee ("Bond Oversight Committee")

Dear Ms. Collins:

Enclosed please find a Bond Payee Disclosure form for the following bond issues:

$3,170,000 (est.)
Paducah Independent
School District Finance Corporation
School Building Refunding Revenue Bonds,
Second Series of 2016

Please be advised that the enclosed costs are estimated. Actual costs will not be known
until the bonds are sold. Please be advised that no tax increases were required to
support this financing.

We hereby request that the above bond issue be considered by the Bond Oversight
Committee at its next meeting.

If you need any additional information, please do not hesitate to call me at (502) 588-
8639.

Sincerely,

/s/ Mark Rawlings

Mark Rawlings
Vice President
Public Finance Department
 BOND PAYEE DISCLOSURE FORM
Par Amount: $3,170,000

Issue Name: Paducah Independent School District Finance Corporation

School Building Refunding Revenue Bonds, Series 2016
Purpose: Advance refunding the Series 2009 bonds

Projected Sale Date of Bonds: May 26, 2016

First Call Date: 2026

Method of Sale: Competitive

Place/Time of Sale: SFCC/11:00 A.M. EDT

Bond Rating: “Aa3” – Moody’s

Bond Counsel: Steptoe & Johnson

Fiscal Agent: J.J.B. Hilliard, W.L. Lyons, LLC

Architect: N/A

Date Received by SFCC: / / To be filled in by SFCC

Date Scheduled for Committee Review: / / To be filled in by SFCC

SFCC Portion Local Portion Total

Estimated par amount of Bonds: $414,949 $2,755,051 $3,170,000
% Share of total Bonds: 13.1% 86.9% 100%
Estimated average annual debt service: 38,763 258,776 297,539
Estimated debt service reserve: -0- -0- -0-
Estimated Costs of Issuance (1):
Fiscal Agent, Bond Counsel,
Advertisements, Printing, etc. 3,364 22,316 25,680
Special Tax Counsel 415 2,755 3,170
Number Verifications 262 1,738 2,000
Bond Rating 1,506 9,994 11,500
Underwriter's Discount 6,229 41,321 47,550
Paying Agent/Escrow Agent Bank 655 4,345 5,000
Total Cost of Issuance: 12,432 82,468 94,900

Anticipated Interest Rates: 5 Years: 1.40% 10 Years: 2.00%

13 Years: 2.50% 20 Years: N/A

___________________________________________
(1) Actual costs will not be known until the bonds are sold.
 TABLE OF CONTENTS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Report Page

School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 5
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . 8
Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SFCC Portion
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 18

District Portion
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 22
 SOURCES AND USES OF FUNDS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Dated Date 06/16/2016
Delivery Date 06/16/2016

District
Sources: SFCC Portion Portion Total

Bond Proceeds:
Par Amount 414,949.00 2,755,051.00 3,170,000.00
Premium 2,423.92 16,769.38 19,193.30

417,372.92 2,771,820.38 3,189,193.30

District
Uses: SFCC Portion Portion Total

Refunding Escrow Deposits:
PV cost of cashflows 377,904.88 2,712,699.33 3,090,604.21

Cost of Issuance:
Hilliard Lyons 3,361.48 22,318.52 25,680.00
Tax Counsel 414.95 2,755.05 3,170.00
Rating 1,505.34 9,994.66 11,500.00
Paying Agent/Escrow Agent 654.49 4,345.51 5,000.00
Verification 261.80 1,738.20 2,000.00
6,198.06 41,151.94 47,350.00

Underwriter's Discount:
Underwriter's Discount 6,224.24 41,325.76 47,550.00

Other Uses of Funds:
Additional Proceeds 27,045.74 ‐23,356.65 3,689.09

417,372.92 2,771,820.38 3,189,193.30

 BOND DEBT SERVICE

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 19,193.49 19,193.49

04/01/2017 45,000 1.000% 32,903.12 77,903.12
06/30/2017 97,096.61
10/01/2017 32,678.13 32,678.13
04/01/2018 35,000 1.000% 32,678.13 67,678.13
06/30/2018 100,356.26
10/01/2018 32,503.13 32,503.13
04/01/2019 35,000 1.150% 32,503.13 67,503.13
06/30/2019 100,006.26
10/01/2019 32,301.87 32,301.87
04/01/2020 35,000 1.300% 32,301.87 67,301.87
06/30/2020 99,603.74
10/01/2020 32,074.37 32,074.37
04/01/2021 35,000 1.400% 32,074.37 67,074.37
06/30/2021 99,148.74
10/01/2021 31,829.38 31,829.38
04/01/2022 35,000 1.500% 31,829.38 66,829.38
06/30/2022 98,658.76
10/01/2022 31,566.88 31,566.88
04/01/2023 35,000 1.600% 31,566.88 66,566.88
06/30/2023 98,133.76
10/01/2023 31,286.88 31,286.88
04/01/2024 35,000 1.750% 31,286.88 66,286.88
06/30/2024 97,573.76
10/01/2024 30,980.62 30,980.62
04/01/2025 555,000 1.850% 30,980.62 585,980.62
06/30/2025 616,961.24
10/01/2025 25,846.87 25,846.87
04/01/2026 560,000 2.000% 25,846.87 585,846.87
06/30/2026 611,693.74
10/01/2026 20,246.87 20,246.87
04/01/2027 575,000 2.125% 20,246.87 595,246.87
06/30/2027 615,493.74
10/01/2027 14,137.50 14,137.50
04/01/2028 590,000 2.250% 14,137.50 604,137.50
06/30/2028 618,275.00
10/01/2028 7,500.00 7,500.00
04/01/2029 600,000 2.500% 7,500.00 607,500.00
06/30/2029 615,000.00

3,170,000 698,001.61 3,868,001.61 3,868,001.61

 BOND SUMMARY STATISTICS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Dated Date 06/16/2016
Delivery Date 06/16/2016
Last Maturity 04/01/2029

Arbitrage Yield 2.082811%
True Interest Cost (TIC) 2.247924%
Net Interest Cost (NIC) 2.241184%
All‐In TIC 2.415303%
Average Coupon 2.153689%

Average Life (years) 10.224
Weighted Average Maturity (years) 10.231
Duration of Issue (years) 9.188

Par Amount 3,170,000.00
Bond Proceeds 3,189,193.30
Total Interest 698,001.61
Net Interest 726,358.31
Total Debt Service 3,868,001.61
Maximum Annual Debt Service 618,275.00
Average Annual Debt Service 302,384.49

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 15.000000

Total Underwriter's Discount 15.000000

Bid Price 99.105467

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 3,170,000.00 100.605 2.154% 10.224 09/06/2026 2,611.20

3,170,000.00 10.224 2,611.20

All‐In Arbitrage
TIC TIC Yield

Par Value 3,170,000.00 3,170,000.00 3,170,000.00

  + Accrued Interest
  + Premium (Discount) 19,193.30 19,193.30 19,193.30
  ‐ Underwriter's Discount ‐47,550.00 ‐47,550.00
  ‐ Cost of Issuance Expense ‐47,350.00
  ‐ Other Amounts

Target Value 3,141,643.30 3,094,293.30 3,189,193.30

Target Date 06/16/2016 06/16/2016 06/16/2016

Yield 2.247924% 2.415303% 2.082811%
 SAVINGS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 118,687.50 97,096.61 21,590.89

06/30/2018 118,687.50 100,356.26 18,331.24
06/30/2019 118,687.50 100,006.26 18,681.24
06/30/2020 118,687.50 99,603.74 19,083.76
06/30/2021 118,687.50 99,148.74 19,538.76
06/30/2022 118,687.50 98,658.76 20,028.74
06/30/2023 118,687.50 98,133.76 20,553.74
06/30/2024 118,687.50 97,573.76 21,113.74
06/30/2025 633,687.50 616,961.24 16,726.26
06/30/2026 632,057.50 611,693.74 20,363.76
06/30/2027 634,587.50 615,493.74 19,093.76
06/30/2028 635,787.50 618,275.00 17,512.50
06/30/2029 635,925.00 615,000.00 20,925.00

4,121,545.00 3,868,001.61 253,543.39

Savings Summary

Savings PV date 06/16/2016
Savings PV rate 2.082811%
PV of savings from cash flow 223,986.29
Plus: Refunding funds on hand 3,689.09

Net PV Savings 227,675.38
 SUMMARY OF REFUNDING RESULTS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Dated Date 06/16/2016
Delivery Date 06/16/2016
Arbitrage yield 2.082811%
Escrow yield 0.852487%
Value of Negative Arbitrage 98,332.20

Bond Par Amount 3,170,000.00
True Interest Cost 2.247924%
Net Interest Cost 2.241184%
Average Coupon 2.153689%
Average Life 10.224

Par amount of refunded bonds 2,805,000.00
Average coupon of refunded bonds 4.233995%
Average life of refunded bonds 10.877

PV of prior debt to 06/16/2016 @ 2.082811% 3,413,179.59
Net PV Savings 227,675.38
Percentage savings of refunded bonds 8.116769%
Percentage savings of refunding bonds 7.182189%
 BOND PRICING

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Maturity Yield to
Bond Component Date Amount Rate Yield Price Maturity

Bond Component:
04/01/2017 45,000 1.000% 0.900% 100.078
04/01/2018 35,000 1.000% 1.000% 100.000
04/01/2019 35,000 1.150% 1.150% 100.000
04/01/2020 35,000 1.300% 1.300% 100.000
04/01/2021 35,000 1.400% 1.400% 100.000
04/01/2022 35,000 1.500% 1.500% 100.000
04/01/2023 35,000 1.600% 1.600% 100.000
04/01/2024 35,000 1.750% 1.750% 100.000
04/01/2025 555,000 1.850% 1.850% 100.000
04/01/2026 560,000 2.000% 1.900% 100.888
04/01/2027 575,000 2.125% 2.050% 100.660 C 2.056%
04/01/2028 590,000 2.250% 2.200% 100.436 C 2.208%
04/01/2029 600,000 2.500% 2.350% 101.303 C 2.381%

3,170,000

Dated Date 06/16/2016
Delivery Date 06/16/2016
First Coupon 10/01/2016

Par Amount 3,170,000.00
Premium 19,193.30

Production 3,189,193.30 100.605467%

Underwriter's Discount ‐47,550.00 ‐1.500000%

Purchase Price 3,141,643.30 99.105467%

Accrued Interest

Net Proceeds 3,141,643.30
 PRIOR BOND DEBT SERVICE

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 59,343.75 59,343.75

04/01/2017 59,343.75 59,343.75
06/30/2017 118,687.50
10/01/2017 59,343.75 59,343.75
04/01/2018 59,343.75 59,343.75
06/30/2018 118,687.50
10/01/2018 59,343.75 59,343.75
04/01/2019 59,343.75 59,343.75
06/30/2019 118,687.50
10/01/2019 59,343.75 59,343.75
04/01/2020 59,343.75 59,343.75
06/30/2020 118,687.50
10/01/2020 59,343.75 59,343.75
04/01/2021 59,343.75 59,343.75
06/30/2021 118,687.50
10/01/2021 59,343.75 59,343.75
04/01/2022 59,343.75 59,343.75
06/30/2022 118,687.50
10/01/2022 59,343.75 59,343.75
04/01/2023 59,343.75 59,343.75
06/30/2023 118,687.50
10/01/2023 59,343.75 59,343.75
04/01/2024 59,343.75 59,343.75
06/30/2024 118,687.50
10/01/2024 59,343.75 59,343.75
04/01/2025 515,000 4.200% 59,343.75 574,343.75
06/30/2025 633,687.50
10/01/2025 48,528.75 48,528.75
04/01/2026 535,000 4.200% 48,528.75 583,528.75
06/30/2026 632,057.50
10/01/2026 37,293.75 37,293.75
04/01/2027 560,000 4.250% 37,293.75 597,293.75
06/30/2027 634,587.50
10/01/2027 25,393.75 25,393.75
04/01/2028 585,000 4.250% 25,393.75 610,393.75
06/30/2028 635,787.50
10/01/2028 12,962.50 12,962.50
04/01/2029 610,000 4.250% 12,962.50 622,962.50
06/30/2029 635,925.00

2,805,000 1,316,545.00 4,121,545.00 4,121,545.00

 SUMMARY OF BONDS REFUNDED

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Maturity Interest Par Call Call

Bond Date Rate Amount Date Price

Series 2009 (District Portion), 2009_D:
BOND 04/01/2025 4.200% 451,948.00 04/01/2019 100.000
04/01/2026 4.200% 469,300.00 04/01/2019 100.000
04/01/2027 4.250% 491,540.00 04/01/2019 100.000
04/01/2028 4.250% 513,631.00 04/01/2019 100.000
04/01/2029 4.250% 535,598.00 04/01/2019 100.000
2,462,017.00

Series 2009 (SFCC Portion), 2009_S:
BOND 04/01/2025 4.200% 63,052.00 04/01/2019 100.000
04/01/2026 4.200% 65,700.00 04/01/2019 100.000
04/01/2027 4.250% 68,460.00 04/01/2019 100.000
04/01/2028 4.250% 71,369.00 04/01/2019 100.000
04/01/2029 4.250% 74,402.00 04/01/2019 100.000
342,983.00

2,805,000.00
 ESCROW REQUIREMENTS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Period Principal
Ending Interest Redeemed Total

10/01/2016 59,343.75 59,343.75

04/01/2017 59,343.75 59,343.75
10/01/2017 59,343.75 59,343.75
04/01/2018 59,343.75 59,343.75
10/01/2018 59,343.75 59,343.75
04/01/2019 59,343.75 2,805,000.00 2,864,343.75

356,062.50 2,805,000.00 3,161,062.50

 ESCROW DESCRIPTIONS

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Type of Type of Maturity First Int Par Max

Security SLGS Date Pmt Date Amount Rate Rate

Jun 16, 2016:
SLGS Certificate 10/01/2016 10/01/2016 51,860 0.210% 0.210%
SLGS Certificate 04/01/2017 04/01/2017 46,436 0.440% 0.440%
SLGS Note 10/01/2017 10/01/2016 46,598 0.580% 0.580%
SLGS Note 04/01/2018 10/01/2016 46,734 0.700% 0.700%
SLGS Note 10/01/2018 10/01/2016 46,897 0.780% 0.780%
SLGS Note 04/01/2019 10/01/2016 2,852,079 0.860% 0.860%

3,090,604

SLGS Summary

SLGS Rates File 19APR16
Total Certificates of Indebtedness 98,296.00
Total Notes 2,992,308.00

Total original SLGS 3,090,604.00
 ESCROW COST

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Type of Maturity Par Total

Security Date Amount Rate Cost

SLGS 10/01/2016 51,860 0.210% 51,860.00

SLGS 04/01/2017 46,436 0.440% 46,436.00
SLGS 10/01/2017 46,598 0.580% 46,598.00
SLGS 04/01/2018 46,734 0.700% 46,734.00
SLGS 10/01/2018 46,897 0.780% 46,897.00
SLGS 04/01/2019 2,852,079 0.860% 2,852,079.00

3,090,604 3,090,604.00

Purchase Cost of Cash Total

Date Securities Deposit Escrow Cost Yield

06/16/2016 3,090,604 0.21 3,090,604.21 0.852487%

3,090,604 0.21 3,090,604.21

 ESCROW CASH FLOW

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Present Value
Net Escrow to 06/16/2016
Date Principal Interest Receipts @  0.8524870%

10/01/2016 51,860.00 7,484.24 59,344.24 59,197.18

04/01/2017 46,436.00 12,907.32 59,343.32 58,945.01
10/01/2017 46,598.00 12,745.54 59,343.54 58,695.05
04/01/2018 46,734.00 12,610.41 59,344.41 58,446.78
10/01/2018 46,897.00 12,446.84 59,343.84 58,198.16
04/01/2019 2,852,079.00 12,263.94 2,864,342.94 2,797,121.81

3,090,604.00 70,458.29 3,161,062.29 3,090,604.00

Escrow Cost Summary

Purchase date 06/16/2016
Purchase cost of securities 3,090,604.00

Target for yield calculation 3,090,604.00
 ESCROW SUFFICIENCY

Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)

Escrow Net Escrow Excess Excess

Date Requirement Receipts Receipts Balance

06/16/2016 0.21 0.21 0.21

10/01/2016 59,343.75 59,344.24 0.49 0.70
04/01/2017 59,343.75 59,343.32 ‐0.43 0.27
10/01/2017 59,343.75 59,343.54 ‐0.21 0.06
04/01/2018 59,343.75 59,344.41 0.66 0.72
10/01/2018 59,343.75 59,343.84 0.09 0.81
04/01/2019 2,864,343.75 2,864,342.94 ‐0.81

3,161,062.50 3,161,062.50 0.00

 ESCROW STATISTICS
Paducah Independent School District
School Building Refunding Revenue Bonds, Series 2016 (Ref of 2009)
Modified Yield to Yield to Perfect Value of
Total Duration PV of 1 bp Receipt Disbursement Escrow Negative Cost of
Escrow Escrow Cost (years) change Date Date Cost Arbitrage Dead Time

Universal Proceeds Escrow:
3,090,604.21 2.638 815.04 0.852487% 0.852487% 2,992,271.99 98,332.20 0.02

3,090,604.21 815.04 2,992,271.99 98,332.20 0.02

Delivery date 06/16/2016
Arbitrage yield 2.082811%
Composite Modified Duration 2.638
 BOND DEBT SERVICE

Paducah Independent School District
SFCC Portion

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 2,479.65 2,479.65

04/01/2017 7,781 1.000% 4,250.82 12,031.82
06/30/2017 14,511.47
10/01/2017 4,211.92 4,211.92
04/01/2018 6,088 1.000% 4,211.92 10,299.92
06/30/2018 14,511.84
10/01/2018 4,181.48 4,181.48
04/01/2019 6,149 1.150% 4,181.48 10,330.48
06/30/2019 14,511.96
10/01/2019 4,146.12 4,146.12
04/01/2020 6,220 1.300% 4,146.12 10,366.12
06/30/2020 14,512.24
10/01/2020 4,105.69 4,105.69
04/01/2021 6,301 1.400% 4,105.69 10,406.69
06/30/2021 14,512.38
10/01/2021 4,061.59 4,061.59
04/01/2022 6,389 1.500% 4,061.59 10,450.59
06/30/2022 14,512.18
10/01/2022 4,013.67 4,013.67
04/01/2023 6,485 1.600% 4,013.67 10,498.67
06/30/2023 14,512.34
10/01/2023 3,961.79 3,961.79
04/01/2024 6,588 1.750% 3,961.79 10,549.79
06/30/2024 14,511.58
10/01/2024 3,904.14 3,904.14
04/01/2025 69,756 1.850% 3,904.14 73,660.14
06/30/2025 77,564.28
10/01/2025 3,258.90 3,258.90
04/01/2026 71,046 2.000% 3,258.90 74,304.90
06/30/2026 77,563.80
10/01/2026 2,548.44 2,548.44
04/01/2027 72,467 2.125% 2,548.44 75,015.44
06/30/2027 77,563.88
10/01/2027 1,778.48 1,778.48
04/01/2028 74,007 2.250% 1,778.48 75,785.48
06/30/2028 77,563.96
10/01/2028 945.90 945.90
04/01/2029 75,672 2.500% 945.90 76,617.90
06/30/2029 77,563.80

414,949 88,966.71 503,915.71 503,915.71

 BOND SUMMARY STATISTICS

Paducah Independent School District
SFCC Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Last Maturity 04/01/2029

Arbitrage Yield 2.082811%
True Interest Cost (TIC) 2.240819%
Net Interest Cost (NIC) 2.234276%
All‐In TIC 2.411621%
Average Coupon 2.142746%

Average Life (years) 10.006
Weighted Average Maturity (years) 10.014
Duration of Issue (years) 9.006

Par Amount 414,949.00
Bond Proceeds 417,372.92
Total Interest 88,966.71
Net Interest 92,767.03
Total Debt Service 503,915.71
Maximum Annual Debt Service 77,564.28
Average Annual Debt Service 39,394.06

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 15.000012

Total Underwriter's Discount 15.000012

Bid Price 99.084148

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 414,949.00 100.584 2.143% 10.006 06/18/2026 335.58

414,949.00 10.006 335.58

All‐In Arbitrage
TIC TIC Yield

Par Value 414,949.00 414,949.00 414,949.00

  + Accrued Interest
  + Premium (Discount) 2,423.92 2,423.92 2,423.92
  ‐ Underwriter's Discount ‐6,224.24 ‐6,224.24
  ‐ Cost of Issuance Expense ‐6,198.06
  ‐ Other Amounts

Target Value 411,148.68 404,950.62 417,372.92

Target Date 06/16/2016 06/16/2016 06/16/2016

Yield 2.240819% 2.411621% 2.082811%
 SAVINGS

Paducah Independent School District
SFCC Portion

Prior Refunding
Debt Debt
Date Service Service Savings

06/30/2017 14,512.40 14,511.47 0.93

06/30/2018 14,512.40 14,511.84 0.56
06/30/2019 14,512.40 14,511.96 0.44
06/30/2020 14,512.40 14,512.24 0.16
06/30/2021 14,512.40 14,512.38 0.02
06/30/2022 14,512.40 14,512.18 0.22
06/30/2023 14,512.40 14,512.34 0.06
06/30/2024 14,512.40 14,511.58 0.82
06/30/2025 77,564.40 77,564.28 0.12
06/30/2026 77,564.22 77,563.80 0.42
06/30/2027 77,564.82 77,563.88 0.94
06/30/2028 77,564.26 77,563.96 0.30
06/30/2029 77,564.08 77,563.80 0.28

503,920.98 503,915.71 5.27

Savings Summary

Savings PV date 06/16/2016
Savings PV rate 2.082811%
PV of savings from cash flow 346.36
Plus: Refunding funds on hand 27,045.74

Net PV Savings 27,392.10
 SUMMARY OF REFUNDING RESULTS

Paducah Independent School District
SFCC Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Arbitrage yield 2.082811%
Escrow yield 0.852487%
Value of Negative Arbitrage 12,023.62

Bond Par Amount 414,949.00
True Interest Cost 2.240819%
Net Interest Cost 2.234276%
Average Coupon 2.142746%
Average Life 10.006

Par amount of refunded bonds 342,983.00
Average coupon of refunded bonds 4.233945%
Average life of refunded bonds 10.874

PV of prior debt to 06/16/2016 @ 2.082811% 417,330.10
Net PV Savings 27,392.10
Percentage savings of refunded bonds 7.986431%
Percentage savings of refunding bonds 6.601317%
 BOND DEBT SERVICE

Paducah Independent School District
District Portion

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

10/01/2016 16,713.84 16,713.84

04/01/2017 37,219 1.000% 28,652.30 65,871.30
06/30/2017 82,585.14
10/01/2017 28,466.21 28,466.21
04/01/2018 28,912 1.000% 28,466.21 57,378.21
06/30/2018 85,844.42
10/01/2018 28,321.65 28,321.65
04/01/2019 28,851 1.150% 28,321.65 57,172.65
06/30/2019 85,494.30
10/01/2019 28,155.75 28,155.75
04/01/2020 28,780 1.300% 28,155.75 56,935.75
06/30/2020 85,091.50
10/01/2020 27,968.68 27,968.68
04/01/2021 28,699 1.400% 27,968.68 56,667.68
06/30/2021 84,636.36
10/01/2021 27,767.79 27,767.79
04/01/2022 28,611 1.500% 27,767.79 56,378.79
06/30/2022 84,146.58
10/01/2022 27,553.21 27,553.21
04/01/2023 28,515 1.600% 27,553.21 56,068.21
06/30/2023 83,621.42
10/01/2023 27,325.09 27,325.09
04/01/2024 28,412 1.750% 27,325.09 55,737.09
06/30/2024 83,062.18
10/01/2024 27,076.48 27,076.48
04/01/2025 485,244 1.850% 27,076.48 512,320.48
06/30/2025 539,396.96
10/01/2025 22,587.97 22,587.97
04/01/2026 488,954 2.000% 22,587.97 511,541.97
06/30/2026 534,129.94
10/01/2026 17,698.43 17,698.43
04/01/2027 502,533 2.125% 17,698.43 520,231.43
06/30/2027 537,929.86
10/01/2027 12,359.02 12,359.02
04/01/2028 515,993 2.250% 12,359.02 528,352.02
06/30/2028 540,711.04
10/01/2028 6,554.10 6,554.10
04/01/2029 524,328 2.500% 6,554.10 530,882.10
06/30/2029 537,436.20

2,755,051 609,034.90 3,364,085.90 3,364,085.90

 BOND SUMMARY STATISTICS

Paducah Independent School District
District Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Last Maturity 04/01/2029

Arbitrage Yield 2.082811%
True Interest Cost (TIC) 2.248970%
Net Interest Cost (NIC) 2.242199%
All‐In TIC 2.415845%
Average Coupon 2.155297%

Average Life (years) 10.257
Weighted Average Maturity (years) 10.264
Duration of Issue (years) 9.215

Par Amount 2,755,051.00
Bond Proceeds 2,771,820.38
Total Interest 609,034.90
Net Interest 633,591.28
Total Debt Service 3,364,085.90
Maximum Annual Debt Service 540,711.04
Average Annual Debt Service 262,990.43

Underwriter's Fees (per $1000)
  Average Takedown
  Other Fee 14.999998

Total Underwriter's Discount 14.999998

Bid Price 99.108678

Average
Par Average Average Maturity PV of 1 bp
Bond Component Value Price Coupon Life Date change

Bond Component 2,755,051.00 100.609 2.155% 10.257 09/18/2026 2,275.62

2,755,051.00 10.257 2,275.62

All‐In Arbitrage
TIC TIC Yield

Par Value 2,755,051.00 2,755,051.00 2,755,051.00

  + Accrued Interest
  + Premium (Discount) 16,769.38 16,769.38 16,769.38
  ‐ Underwriter's Discount ‐41,325.76 ‐41,325.76
  ‐ Cost of Issuance Expense ‐41,151.94
  ‐ Other Amounts

Target Value 2,730,494.62 2,689,342.68 2,771,820.38

Target Date 06/16/2016 06/16/2016 06/16/2016

Yield 2.248970% 2.415845% 2.082811%
 SAVINGS

Paducah Independent School District
District Portion

Prior Refunding
Date Debt Service Debt Service Savings

06/30/2017 104,175.10 82,585.14 21,589.96

06/30/2018 104,175.10 85,844.42 18,330.68
06/30/2019 104,175.10 85,494.30 18,680.80
06/30/2020 104,175.10 85,091.50 19,083.60
06/30/2021 104,175.10 84,636.36 19,538.74
06/30/2022 104,175.10 84,146.58 20,028.52
06/30/2023 104,175.10 83,621.42 20,553.68
06/30/2024 104,175.10 83,062.18 21,112.92
06/30/2025 556,123.10 539,396.96 16,726.14
06/30/2026 554,493.28 534,129.94 20,363.34
06/30/2027 557,022.68 537,929.86 19,092.82
06/30/2028 558,223.24 540,711.04 17,512.20
06/30/2029 558,360.92 537,436.20 20,924.72

3,617,624.02 3,364,085.90 253,538.12

Savings Summary

Savings PV date 06/16/2016
Savings PV rate 2.082811%
PV of savings from cash flow 223,639.93
Plus: Refunding funds on hand ‐23,356.65

Net PV Savings 200,283.28
 SUMMARY OF REFUNDING RESULTS

Paducah Independent School District
District Portion

Dated Date 06/16/2016
Delivery Date 06/16/2016
Arbitrage yield 2.082811%
Escrow yield 0.852487%
Value of Negative Arbitrage 86,308.58

Bond Par Amount 2,755,051.00
True Interest Cost 2.248970%
Net Interest Cost 2.242199%
Average Coupon 2.155297%
Average Life 10.257

Par amount of refunded bonds 2,462,017.00
Average coupon of refunded bonds 4.234002%
Average life of refunded bonds 10.878

PV of prior debt to 06/16/2016 @ 2.082811% 2,995,849.49
Net PV Savings 200,283.28
Percentage savings of refunded bonds 8.134927%
Percentage savings of refunding bonds 7.269676%
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Paris Independent School District Series
2016
Date };lay 05,2016
cc File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Paris
Independent School District. Please process this issue at the next meeting of the Capital
Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $380,000

lssue Name: Paris lndependent School District Finance Corporation School Building Refunding Revenue Bonds, Series 2016

Purpose: Refinance Series 2004

Projected Sale Date of Bonds: 07-Jun-1 6

First Call Date: 5t1t26 @, 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC. 267 Capitol Annex, Frankfort, Kv. / 11:00 A.M

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson, Louisvi KY

FiscalAgent: Ross, Sinclaire & Kent

Date received by SFCC:

Date scheduled for Committee review
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $380,000 $0 380 000
% Share of total Bonds: 100.00% 0.00%
Estimated average annual debt service $54,683 $54,683
Estimated debt service reserve: $0 0

Estimated Gost of lssuance:

Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 000 $0 000
SpecialTax Counsel $o $o $0
Number verifications $0 $0
Bond Rating $500 $0 $500
U nden¡rriter's Discount $7,600 $o $7,600
Bank Fee $500 $0 $500
Total Cost of lssuance: $'1 1,600 $0 11 600
Anticipated lnterest Rates: 5 Years 1.700% '10 Years 2.400% 15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red.

 Paris lndependent School District
Projected Plan of Refinancing

Date of Report: May 05, 2016

Prior Bonds Call Reports

2004 Call Report...... 1

2016 Series Refunding Bonds

Total Savings Report... 2
PARIS INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS. SEzuES 2OO4

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Principal Coupon lnterest D/S
06trs/20r6 355,000.00 67 t.6l 355,671 .61
1210r/2016 8,63 5.00 8,63s 00
06/0r/2017 40,000 00 4.600% 8,63 s.00 48,635.00
t2/01120t7 7,7 15.00 7 ,7 15 .00
0610U20t8 00 4 6000/. 7 715.00 47 715 00
12t0!20t8 6,795.00 6,79s.00
0610t/2019 40,000.00 4.6000/o 6,795.00 46,79s 00
t2/0t/2019 5,875.00 5,875.00
06/01t2020 45,000 00 5.000% 5,875.00 50,875 00
12/0112020 4,750 00 4.750.00
0610112021 45,000.00 5 000% 4,150 00 49,'7s0.00
12t0t/2021 3,625.00 3,625.00
06/01/2022 4s,000 00 s 000% 3,625 00 48,625.00
r2101/2022 2,500 00 2,500.00
0610112023 ,o,ooo oo , ooor" 2,500 00 52.500.00
12101/2023 1,250.00 1,250.00
0610t/2024 50,000.00 5.000% 1,250.00 51,250.00
Total $3ss,000.00 s671.61 s355,671.61 s355,000.00 $82,290.00 s437,290.00

Yield Statistics

Base date for Life & Av Calculation 112016

A Life 4.690 Years
A 4.9423423%
w A Basi 4.651 Years

Refunding Bond lnformation

Refunding Dated Date 6/0112016

Refu Date 6lls/20t6
PARIS ISD SERIÉS 2004 | SINGLE PURPOSE | 51 5/2016 | 12:48 P¡,4

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
PARIS INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS. SERIES 2Oi6
REFINANCING OF 2OO4

Debt Service Comparison

Net New
Date Total P+l D/S Old Net D/S Savin
06t30/20r6 (402 s6) 402.56
06/30/2017 55,487 50 55,487 50 57,270.00 1,782.50
06130/2018 s0926 2s 5ô O)Á t{ 5 s,430.00 4,503.75
06t30t20t9 50,228.75 50,228.75 53,590.00 3,361.2s
06t30t2020 54,492.50 54,492.50 56,750.00 2.257.50
06t30/2021 48,756.25 48,756.25 54,500.00 5,743.75
06130/2022 47,8'78.75 47,878.75 52,250 00 4,3'7125
06t30/2023 5t,762 50 51,762 50 55,000.00 3,237.50
06t30/2024 50.587.50 50,587 50 52,500.00 t,912 50
Total $410,120.00 s409,7t7.44 $437,290.00 s27,512.56

PV Ana is Summ toN

Gross PV Debt Service S t9

Net PV Cashflow Savi4gg @ 2z\a%(Bond Yield) t9.699.78

Accrued Interest Credit to Debt Service Fund 27 4.t7

or Amount 128.39
Net Present Value Benefit 102.34

Net PV Benefit / 5 Refunded 5.663%

NetPVBenefìt/ S380 Refund 5.290o/o

Refundin Bond lnformation

Dated Date 6t0r/20t6

Del Date 5 t6

PARIS ISD SERIES 2016 REF | 2004 | 51 5/2016 I 12:48 PN,,l

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form - Todd County School District Series 2016
Date: Aprrl2T ,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the Todd County
School District. Please process this issue at the next meeting of the Capital Projects and
Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $1,185,000

lssue Name: Todd County School District Finance Corporation School Buildinq Revenue Bonds, Series 20'16

Purpose: lmprovements at Todd Hiqh/Middle, North Elementary and Souih Elementarv

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1126 @ 100

Method of Sale: Competitive Bids

Placeitime of sale: SFCC. 267 Capitol Annex, Frankfort. Kv. / 1'1 :00 A.M

Bond Rating: Moodvs: "4a3"

Bond Counsel: & Joh Louisv KY

FiscalAgent: Sinclaire & Lexin Ke

Date received by SFCC:

Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $812,462 $372,538 $t 'l85 000
% Share of total Bonds: 68.56% 31.44%
Estimated average annual debt service: $56,386 $25.855 $82.241
Estimated debt service reserve: $0 $0 $o
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 810 040 $12,850
SpecialTax Counsel $0 $0 $o
Number verifications $0 $0 $0
Bond Rating $4,971 s2.279 $7,250
U nden¡vriter's Discount 916,249 g7,451 $23,700
Bank Fee $2.400 $1 .1 00 $3.500
Total Cost of lssuance: $32,430 $14,870 7 300
Anticipated lnterest Rates: 5 Years 2.000% 10 Years 3.000% '15 Years: 3.500%
20 Years: 3.750%

Note: No Local Tax increase ¡s required.

 TODD COUNTY SCHOOL DISTRICT
Plan of Financing

Date of Report: 412712016

Local Bond Payments Outstanding 1

Summary of Funds for Bond Payments 2

Projected Bonding Potential 3

 TODD COUNTY SCHOOL DISTRICT
OUTSTANDING NET LOCAL DEBT SERVICE

A B c D E F G H

Net
Series Series Series Series Series Series Series
FYE 2005 2009-REF 2010-REF 2O1O-BABS 2012-REF. 2013-REF*. 2014-REF.* Total

2016 $51,035 $657,429 $76,723 $77,031 $41,515 $356,864 $1,260,596

2017 5651,417 $81,123 $76,592 $95,075 $363,665 s1,267,872
2018 $653,784 $80,230 $76,1 51 $94,028 $355,413 $1,259,606
2019 $655,992 $79,250 $80,351 $92,975 $347,263 $1,255,832
2020 '16
$713,200 $129,451 $91,050 $319,414 $1 ,253,1
2021 $707,263 $137,551 $88,251 $321,764 $1,254,829
2022 $855,451 $90,399 $323,840 $1,269,690
2023 $856,889 $87,500 $325,452 $1,269,841
2024 $287,273 $1 ,001 ,1 15 $1,288,388
2025 $294,511 $1,005,614 $1,300,124
2026 9287,149 $999,365 $1,286,513
2027 $903,864 $903,864
2028 $899,115 $899,1 15
2029 $903,616 $903,616
2030 $902,290 $902,290
2031 $898,1 24 $898,1 24
2032 $0
2033 $0
2034 $0

Totals. $51,035 $2,618,622 $1,737,788 $o $2,289,467 $1,549,726 $10,226,778 $18,473,415

4t27t2016 RSA Page 1

 TODD COUNTY SCHOOL DISTRICT
SUMMARY OF FUNDS AVAILABLE
A B c D EFGHI J K K L
Capital Total Less Local 2010 2012 2014 Total
Local Additional Outlay Addfl. Local Gurrent Funds sFcc SFCC SFCC Funds
FYE Nickel Nickel @80% FSPK FSPK Funds Payments Available Offier Offier Offier Available
2016 $298,871 $298,87'1 $143,353 s372,200 s372,200 $1,485,495 ($1,260,5e6) $224,899 $224,899
2017 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,495 ($1,267,872) $217,623 $3,1 43 $4,330 $3,804 $228,900
2018 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,495 ($1,259,606) $225,889 $'15,716 $21,652 $19,018 $282,275
2019 $298,871 $298,871 $143,353 $372,200 9372,200 $1,485,495 ($1,255,832) 9229,664 $1 5,716 $21,652 $19,018 $286,050
2020 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,495 ($1 ,253,1 1 6) $232,380 $1 5,716 $21,652 $19,018 $288,766
2021 $298,871 $298,87r $143,353 $372,200 $372,200 $1,485,495 ($1,254,829) $230,666 $1 5,716 $21,652 $19,018 $287,052
2022 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,495 ($1,269,6e0) $215,80s $1 5,716 $21,652 $19,018 $272,191
2023 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,495 ($1,26e,841) $215,654 $15 716 $21,652 $19,018 $272,040
2024 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,495 ($1,288,388) $1 97,1 07 $15,716 $21,652 $19,018 $253,493
2025 $298,871 $298,871 $143,353 $372,200 $372,200 $1,485,49s ($1 ,300,1 24) $185,371 $15,716 $21,652 $'19,018 $241,757
2026 $298,871 $298,871 $143,353 $372,200 $270,000 $1,383,29s ($1,286,513) $96,782 $15,716 $21,652 $19,018 $1 53, r 68
2027 $298,871 $298,871 $143,353 $372,200 $1 ,1 1 3,295 ($903,864) $209,432 $15,716 $21,652 $19,018 $265,818
2028 $298,871 $298,871 $143,353 $372,200 $1 ,1 1 3,295 ($8ee,115) $21 4,1 80 $15,716 $21,652 $19,018 $270,566
2029 $298,871 $298,871 $143,353 s372,200 $1 ,1 1 3,295 ($e03,616) $209,679 $1 5,716 $21,652 $19,018 $266,065
2030 $298,871 $298,871 $143,353 $372,200 $'1,113,295 ($902,290) $211,005 $15,716 $21,652 $19,018 $267,391
2031 $298,871 $298,871 $143,353 $372,200 $1,113,295 ($8s8,1 24) $215,171 $15,716 $21,652 $19,018 $271,557
2032 $298,871 $298,871 $143,353 $372,200 $1,113,295 $o $1 ,1 3,295
'1
$15,716 $21,652 $19,018 $1 ,1 69,68'1
2033 $298,871 $298,871 $143,353 $372,200 $1,1'13,295 $0 $1 ,1 13,295 $15,716 $21,652 $19,018 $1 ,1 69,681
2034 $298,871 $298,871 $143,353 9372,200 $1,113,295 $o $1 ,1 1 3,295 $15,716 $21,652 $19,018 $1 ,1 69,681
2035 $298,871 $298,871 $143,353 9372,200 $1 ,1 1 3,295 $0 $1 ,1 13,295 $15,716 $21,652 $19,018 $1 ,1 69,68'1
2036 $298,871 $298,87'1 $143,353 $372,200 $1,1 13 295 $0 $1 ,1 13,295 $15,716 $21,652 $19,018 $1 ,1 69,68'1
2037 $298,871 $298,871 $143,353 $372,200 $1,1 13,295 $1 ,1 13,295 $12,573 $17,322 $15,214 $1 ,158,404

Totals: $6,575,1 62 $6,5 75 162 $3,153,767

767 $8, 188 400 ÞJ 992 000 $28,484 491 t$l 8,473,41 5ì $10 011 076 $31 A'71^ $433 040 Q2 an 360 11 138 796

NOIES; Data based on assessments of $597,742,655 and ADA of 1,791.913 per KDE SEEK Website

4t27t2016 RSA Page 2

 TODD COUNTY SCHOOL DISTRICT
PROJECTED JULY 2017 BOND ISSUE

A B c D E F G H J K
Projected Funds
Estimated New Bond lssue --------------- All Local Local Available
Current FY Principal lnterest Total SFCC Local Payments Funds For Future
ents June 30 Pavment Coupon Pavments Payments Portion Portion Outstandinq Available Proiects

$1,267,872 2017 $17,650 $17,650 $11,277 $6,373 $1,274,245 $1,485,495 $211,250

$1,259,606 2018 $45,000 1.000% $35,075 $80,075 $56,386 $23,689 $1,283,295 $1,485,495 $202,200
$1,255,832 2019 $50,000 1.250% $34,538 $84,538 $56,386 $28,152 $1,283,983 $1,485,495 $201,512
$1,253,116 2020 $50,000 1.5OOo/o $33,850 $83,850 $56,386 $27,464 $1,280,580 $1,485,495 $204,916
s1,2s4,829 2021 $50,000 1.750% $33,038 $83,038 $56,386 $26,652 $1,281,480 $1,485,495 $204,015
$1,269,690 2022 $50,000 2.000% $32,1 00 $82,100 $56,386 $25,714 $1,295,404 $1,485,495 $190,091
$1,269,841 2023 $50,000 2.250% $31,038 $81,038 $56,386 $24,652 $1,294,493 $1,485,495 $191 ,002
$1,288,388 2024 $55,000 2.50jo/o $29,788 $84,788 $56,386 528,402 $1,316,790 $1,485,495 $168,705
$1 ,300,124 2025 $55,000 3.000% $28,275 $83,275 $56,386 $26,889 $1 ,327,013 $1,485,495 $158,482
$1 ,286,513 2026 $40,000 3.000% $26,850 $66,850 $56,386 $10,464 $1,296,977 $1,383,295 $86,318
$903,864 2027 $55,000 3.000% $25,425 $80,425 $56,386 $24,039 $927,903 $1 ,1 13,295 $185,393
$899,1 15 2028 $60,000 3.000% $23,700 $83,700 $56,386 $27,314 ç926,429 $1 ,1 13,295 $186,866
$903,616 2029 $60,000 3.500% $21,750 $81,750 $56,386 $25,364 $928,980 $1 ,1 13,295 $184,315
$902,290 2030 $65,000 3.500% $19,563 $84,563 $56,386 s28,177 $930,466 $1,113,295 $182,829
$898,1 24 2031 $65,000 3.500% $17,288 $82,288 $56,386 $25,902 $924,025 $1 ,1 13,295 $189,270
$0 2032 $65,000 3.500% $15,013 $80,013 $56,386 $23,627 $23,627 $1 ,1 13,295 $1,089,669
$o 2033 $70,000 3.750% $12,563 $82,563 $56,386 $26,177 $26,177 $1 ,1 13,295 $1,087,1 19
$0 2034 $75,000 3.750% $9,844 $84,844 $56,386 $28,458 $28,458 $'1,113,295 $1,084,837
$o 2035 $75,000 3.750% $7,031 $82,031 $56,386 $25,645 $25,645 $1 ,1 1 3,295 $1,087,650
$o 2036 $80,000 3.7\jo/o $4,125 $84,1 25 $56,386 927,739 $27,739 $1,113,295 $1,085,556
2037 $70,000 3.750o/o $1 ,313 $71,313 $45,1 09 $26,204 $26,204 $1 ,1 1 3,295 $1,087,092

$17,212,819 Totals: $t 185 ,000 $459 ,8 13 $1 ,644,813

13 $ 127 720 $517,092
17 $ 17 729 911 $26,998, 996 $9.269, 085

4127t2016 RSA Page 3

 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Washington County School District Series
2016
Date: Aprrl28,2016
cc: File

Please find enclosed a Bond Payee Disclosure Fom and Plan Financing for the Washington
County School District. Please process this issue at the next meeting of the Capital Projects
and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $1,450,000

lssue Name: Washington County School District Finance Corporation School Building Revenue Bonds, Series 2016

Purpose: lmprovements at Washinqton CountV Elementary

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 5t1t26 @, 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex, Frankfort, Ky. / 1'l:00 A M.

Bond Rating: Moodys: "4a3"

Bond Counsel: & Johnson, Louisville, KY

FiscalAgent: Ross, Sinclaire &

Date received by SFCC

Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $448.575 $1.001.425 1 000
% Share of total Bonds: 30.94o/o 69.06%
Estimated average annual debt service $31,499 $70,320 $101.819
Estimated debt service reserve:
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. $4,795 $10,705 15 500
Special Tax Counsel $0 $0 $0
Number verifications $o $o $o
Bond Rating 92,243 s5.007 $7.250
Undenvriter's Discount $8,972 $20,028 $29,000
Bank Fee $1,083 $2,417 $3,s00
Tdtal Cost of lssuance: $17,Oe2 $38,158 5
Anticipated lnterest Rates: 5 Years 2.000% 10 Years 3.000% 15 Years: 3.500%
20 Years: 3.750o/o

Note: No Local Tax increase ¡s requ¡red.

 WASH¡NGTON COUNTY SCHOOL DISTRICT
Plan of Financing

Date of Report: 412812016

Local Bond Payments Outstanding 1

Summary of Funds for Bond Payments 2

Projected Bonding Potential 3

 WASHINGTON COUNTY SCHOOL DISTRICT
OUTSTANDING LOCAL DEBT SERVICE

A B c D G H J

Series Series Series Series Series Series Series

FYE 2OO8A-REF 2OO8B-REF 2012 2013-REF* Total

2016 $304,920 $46,035 $723,979 $90,518 $1,165,451

2017 $302,241 $56,971 $725,377 $88,892 $1,173,481
2018 $366,947 $711,728 $87,268 $1,165,943
201 I $367,099 $713,021 $85,643 $1 ,1 65,762
2020 $365,980 $716,804 $84,O17 $1,166,801
2021 $374,615 $708,076 $82,392 $1,165,083
2022 $372,470 $713,978 $85,736 $1,172,183
2023 $364,883 $719,277 $84,045 $1 ,1 68,204
2024 $366,750 $719,053 $82,056 $1,167,859
2025 $1,181,326 $1 ,181 ,326
2026 $1,180,878 $1,180,878
2027 $1,178,997 $1 ,178,997
2028 $1,180,456 $1,180,456
2029 $1,184,905 $1,184,905
2030 $1,182,155 $1,182,155
2031 $1,182,432 $1,182,432
2032 $1,180,139 $1 ,1 80,1 39
2033 $1,193,298 $1,193,298

Totals: $3,185,904 $103,006 $17,095,878 $770,566 $o $o $0 $21 ,155,354

412812016 RSA Page 1

 WASHINGTON COUNTY SCHOOL DISTRICT
SUMMARY OF FUNDS AVAILABLE
A B c DEFGHI L M N
Gapital Total Less Local 2012 2012 Total
Local Recallable Outlay Addfl. Local Current Funds SFCC SFCC Funds
FYE Nickel Nickel 80% FSPK FSPK Funds Available Offer Offer Available
2016 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 65,451 ) $94,432 $94,432
2017 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1,173,481) $86,402 $86,402
2018 $318,30r $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 65,943) $93,940 $8,020 $23,479 $125,439
2019 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 65,762) $94,121 $8,020 $23,479 $125,620
2020 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 66,801 ) $93,082 $8,020 $23,479 $124,581
2021 $318,301 $318,301 $122,297 $253,992 $246.992 $1,259,883 ($1 ,1 65,083) $94,800 $8,020 $23,479 $126,299
2022 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 72, r 83) $87,700 $8,020 923,479 $1 1 9,1 99
2023 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 68,204) $91,679 $8,020 $23,479 $123,178
2024 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,167,85e) $92,024 $8,020 $23,479 $123.523
2025 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,181 ,326) $78,5s6 $8,020 $23,479 $1 10,055
2026 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 , 180,878) $79,005 $8,020 923,479 $1 10,504
2027 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1,178,ee7) $80,886 $8,020 $23,479 $112,385
2028 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1,180,456) $79,426 $8,020 $23,479 $110,925
2029 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 84,905) $74,978 $8,020 $23,479 $106,477
2030 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 82,1 55) $77,727 $8,020 $23,479 $109,226
2031 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1,182,432) $77,451 $8,020 $23,479 $108,950
2032 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1,180,13e) $79,744 $8,020 $23,479 $111,243
2033 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 ($1 ,1 e3,2e8) $66,585 $8,020 $23,479 $98,084
2034 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 $0 $1,259,883 $8,020 $23,479 $1,291,382
2035 $318,301 $318,301 s122,297 $253,992 $246,992 $1,259,883 $0 $1,259,883 $8,020 $23,479 $1,29'1,382
2036 $318,301 $318,301 $122,297 $253,992 $246,992 $1,259,883 $1,259,883 $8,020 $23,479 $1,291,382
2037 $318,301 $318,301 s122,297 $253,992 $246,992 $1,259,883 $1,259,883 $8,020 $23,479 $1,291,382

Totals: $7 $z $2 587 $5,433,824 627 1 1 $160,400 192,049

/VOIES; Data based on assessments of $636,602,542 and ADA ol 1,528.711 per KDE SEEK Website

4t28t2016 RSA Page 2

 WASH¡NGTON COUNTY SCHOOL DISTRICT
PROJECTED BONDING POTENTIAL

A B c D E F G H J K
Projected Funds
Estimated New Bond lssue -------------- All Local Local Available
Current FY Principal lnterest Total SFCC Local Payments Funds For Future
June 30 Payment Coupon Payments Payments Portion Portion Outstanding Available Projects
$1 ,173,481 2017 $25,137 $25,137 $6,300 $18,837 $1 ,192,319 $1,259,883 $67,564
$1 ,1 65,943 2018 $55,000 1.750% $42,611 $97,611 $31,499 $66,112 $1,232,055 $1,259,883 $27,828
$1,165,762 2019 $60,000 1.750% $41,605 $101 ,605 $31,499 $70,1 06 $1,235,868 $1,259,883 $24,015
$1,166,801 2020 $60,000 1.750% $40,555 $100,555 $31,49e $6e,056 $1,235,857 $1,259,883 $24,026
$1 ,165,083 2021 $60,000 2.000% $39,430 $99,430 $31,499 $67,931 $1,233,014 $1,259,883 $26,86e
$1,172,183 2022 $55,000 2.000% $38,280 $93,280 $31,499 $61,781 $1,233,964 $1,259,883 $25,919
$1,168,204 2023 $60,000 2.250% $37,055 $97,055 $31,499 $65,556 $1,233,760 $1,259,883 s26,123
$1,167,859 2024 $60,000 2.500% $35,630 $95,630 $31,499 $64,1 31 $1,231,990 $1,259,883 $27,893
$1 ,181 ,326 2025 $50,000 2.750% $34,1 93 $84,193 $31,499 $52,694 ç1,234,020 $1,259,883 $25,863
$1,180,878 2026 $50,000 3.000% $32,755 $82,755 $31,499 $51,256 s1,232,134 $1,259,883 $27,749
$1,178,997 2027 $55,000 3.000% $31 ,1 80 $86,1 80 $31,499 $54,681 $1,233,678 $1,259,883 $26,205
$1,180,456 2028 $55,000 3.100% $29,503 $84,503 $31,499 $53,004 $1,233,460 $1,259,883 $26,423
$1,184,905 2029 $55,000 3.200% $27,770 $82,770 $31,499 $51,271 $1,236,176 $1,259,883 $23,707
$1,182,155 2030 $55,000 3.300% $25,983 $80,983 $31,499 ç49,484 $1,231,639 $1,259,883 $28,244
$1,182,432 2031 $60,000 3A00% $24,055 $84,055 $31,499 $52,556 $1,234,988 $1,259,883 $24,895
$'1,180,139 2032 $65,000 3.400% $21,930 $86,930 $31,499 $55,431 $1,235,570 $1,259,883 $24,313
$1,193,298 2033 $50,000 3.500% $19,950 $69,950 $31,499 $38,45'1 $1,231,749 $1,259,883 $28,134
$0 2034 $130,000 3.500% $16,800 $146,800 $31,499 $1 15,301 $1 15,301 $1,259,883 $1,144,582
$o 2035 $135,000 3.500% $1 2,1 63 $147,163 $31,499 $1 15,664 $1 15,664 $1,259,883 $1,144,219
2036 $140,000 3.500% $7,350 $147,350 $31,499 $1 15,851 $1 15,851 $1,259,883 $1,144,032
2037 $140,000 3.500% $2,450 $142,450 $25,1 99 $117,251 9117,251 $1,259,883 $1,142,632

$19,989,903 Totals: $1,450 ,000 $s 86 384 $2,036,384 $629,980 $1,406 ,404 s21 ,396, 307 s26.457. 540 $5,061,234

4t28t2016 RSA Page 3

One Riverfront Plaza
401 West Main Street, February 29, 2016
Suite 2110
Louisville, KY
40202

502/491-3939
fax: 502/491-9979 School Facilities Construction Commission
229 West Main St., Suite 102
I N V E S T M E N T
Frankfort, KY 40601
B A N K I N G
RE: $890,000 Webster County School District Finance Corporation
F I N A N C I A L Revenue Bonds, Series 2016
A D V I S O R Y

To Whom It May Concern:

P U B L I C

F I N A N C E
Please find enclosed a Bond Payee Disclosure Form and Plan of Financing
B R O K E R A G E
related to the above-referenced series of Bonds. The Bonds are being issued to
S E R V I C E S finance renovations to Webster County Middle School.

We would like to go ahead and submit the plan to Bond Oversight so that
we will be ready to proceed with the bond sale in the coming months. The Bonds
will be funded with Local and SFCC funds.

Please process this bond disclosure form for review by the Bond Oversight
Committee at their next meeting. Should you have any questions or require any
additional information, please contact our office.
Cincinnati. OH

Sincerely,
Lexington, KY

LLC
Owensboro, KY

ASSOCIATES,
Columbus, OH

Indianapolis, IN

Dwight G. Salsbury
Columbia, SC

Brentwood, TN
&
Enclosures
SINCLAIRE

Pittsburgh, PA

St. Petersburg, FL

Alameda, CA
ROSS,
 BOND PAYEE DISCLOSURE FORM

Par Amount: $890,000

Issue Name: Webster County SDFC School Building Revenue Bonds, Series of 2016
Purpose: Renvoations to Webster County Middle School
Projected Sale Date of Bond June 2016
First Call Date: 10 Years at Par
Method of Sale: Competitive Bids
Place/time of sale: Parity / SFCC, 229 West Main Street, Suite 102, Frankfort, Ky. / TBD
Bond Rating: Moodys: "Aa3"
Bond Counsel: Steptoe and Johnson, Louisville, KY
Fiscal Agent: Ross, Sinclaire & Associates, Louisville, Kentucky
Date received by SFCC: / / To be filled in by SFCC
Date scheduled for Committee review: / / To be filled in by SFCC
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $438,718 $451,282 $890,000
% Share of total Bonds: 49.29% 50.71% 100.00%
Estimated average annual debt service: $31,337 $33,435 $64,772
Estimated debt service reserve: $0 $0 $0
Estimated Cost of Issuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc) $4,826 $4,964 $9,790
Special Tax Counsel $0 $0 $0
Number verifications $0 $0 $0
Bond Rating & Bank Fee $3,204 $3,296 $6,500
Underwriter's Discount $8,774 $9,026 $17,800
Credit Enhancement $0 $0 $0
Total Cost of Issuance: $16,804 $17,286 $34,090
Anticipated Interest Rates: 5 Years: 1.75% 10 Years: 2.80% 15 Years: 3.50%
20 Years: 3.75%

Note: DOES NOT INVOLVE A TAX INCREASE

 Webster County School District
Summary of Bonding Potential

Date of Report: February 29, 2016

Current Outstanding Debt Service……………………………………………………………………… 1

Summary of Funds Available………………………………………………………………………………2

Projected Bonding Potential ......................................................................................................... 3

Summary of Bonding Potential……………………………………………………………………………4

 Webster County School District
Outstanding Local Payments
KISTA
FISCAL 100% SFCC SERIES SERIES SERIES KISTA SERIES Energy Energy Series Series Series
YEAR END Series 2004* 2004R 2006 2008 2009R 2010R 2011 2012 2013 2014R 2015R* Total

2016 336,781 25,990 192,883 22,795 24,755 18,559 6,336 157,186 139,444 6,299 931,027
2017 338,283 20,878 27,855 23,222 31,180 186,788 147,144 91,450 866,798
2018 344,183 23,799 25,855 22,772 30,631 186,464 139,794 94,900 868,398 `
2019 348,482 28,655 22,247 39,696 193,158 142,444 93,300 867,981
2020 356,682 31,188 21,647 33,305 193,205 144,994 86,750 867,770
2021 358,783 28,437 20,997 41,442 191,745 142,494 85,250 869,146
2022 364,398 18,808 63,777 190,185 149,894 83,750 870,811
2023 368,169 70,237 198,424 147,109 87,200 871,140
2024 370,281 70,814 196,514 149,013 80,650 867,271
2025 370,074 65,695 208,815 145,600 84,100 874,284
2026 367,215 60,222 220,401 141,925 82,500 872,263
2027 342,710 54,386 393,578 85,850 876,524
2028 327,034 48,176 403,252 778,462
2029 263,547 41,120 480,509 785,176
2030 33,197 554,609 587,806
2031 29,779 579,090 608,868
2032 20,854 597,090 617,945
2033 16,411 611,312 627,723
2034 682,710 682,710

Totals 0 336,781 25,990 4,712,723 67,471 166,743 148,253 757,257 6,425,034 1,589,853 961,999 15,192,105

Original
Issue Amount Project Description

2004* $300,000 Renovations to Broadway ES (100% SFCC)

2004-Ref $2,880,000 Refunded Prior Srs 94 & 96 Bonds (renvotaions to Dixon & Clay ES and Webster HS)
2006 $900,000 Renovations to Slaughter ES and Area Technology Center
2008 $9,995,000 Renovations & Addition to Webster County HS
KISTA2009 $603,191 Refinanced several prior KISTA loans
2010-Ref $1,020,000 Refunded Prior Srs 2001 Bonds (Addition to Dixon ES)
KISTA2011 $178,485 Energy Savings Bonds
2012 Energy $3,005,000 Energy Savings Bonds
2013 $4,650,000 Renovations to Webster County Middle School
2014-Ref $1,405,000 Refunded Series 2005 Bonds (HVAC Replacement at Clay ES)
2015-Ref $860,000 Refunded Series 2006 Bonds (Slaughter ES & Area Technology Center)

* Providence Independent Bond Issue

2/29/2016 RSA
 WEBSTER COUNTY SCHOOL DISTRICT
SUMMARY OF FUNDS AVAILABLE

CAPITAL TOTAL LESS LOCAL EXISTING TOTAL

LOCAL OUTLAY LOCAL CURRENT FUNDS SFCC FUNDS
FYE NICKEL @ 80% FSPK FUNDS PAYMENTS AVAILABLE OFFER AVAILABLE

2016 393,584 157,806 345,148 896,538 (931,027) -34,489 0 -34,489

2017 393,584 157,806 345,148 896,538 (866,798) 29,740 31,337 61,077
2018 393,584 157,806 345,148 896,538 (868,398) 28,141 31,337 59,478
2019 393,584 157,806 345,148 896,538 (867,981) 28,557 31,337 59,894
2020 393,584 157,806 345,148 896,538 (867,770) 28,768 31,337 60,105
2021 393,584 157,806 345,148 896,538 (869,146) 27,392 31,337 58,729
2022 393,584 157,806 345,148 896,538 (870,811) 25,727 31,337 57,064
2023 393,584 157,806 345,148 896,538 (871,140) 25,399 31,337 56,736
2024 393,584 157,806 345,148 896,538 (867,271) 29,267 31,337 60,604
2025 393,584 157,806 345,148 896,538 (874,284) 22,254 31,337 53,591
2026 393,584 157,806 345,148 896,538 (872,263) 24,275 31,337 55,612
2027 393,584 157,806 345,148 896,538 (876,524) 20,015 31,337 51,352
2028 393,584 157,806 345,148 896,538 (778,462) 118,076 31,337 149,413
2029 393,584 157,806 345,148 896,538 (785,176) 111,362 31,337 142,699
2030 393,584 157,806 345,148 896,538 (587,806) 308,732 31,337 340,069
2031 393,584 157,806 345,148 896,538 (608,868) 287,670 31,337 319,007
2032 393,584 157,806 345,148 896,538 (617,945) 278,594 31,337 309,931
2033 393,584 157,806 345,148 896,538 (627,723) 268,816 31,337 300,153
2034 393,584 157,806 345,148 896,538 (682,710) 213,828 31,337 245,165
2035 393,584 157,806 345,148 896,538 0 896,538 31,337 927,875
2036 393,584 157,806 345,148 896,538 0 896,538 31,337 927,875

NOTES: 1. Assessments: 787,167,995 Webster 2. ADA: 1972.581 Webster

2/29/2016 RSA
 WEBSTER COUNTY SCHOOL DISTRICT
PROJECTED MAXIMUM BONDING POTENTIAL
Projected Funds
All Local Local Available
FY Principal Interest Total SFCC Local Current Payments Funds For Future
June 30 Payment Coupon Payments Payments Portion Portion Payments Outstanding Available Projects
2017 25,000 1.150% 27,128 52,128 31,337 20,791 866,798 887,589 896,538 8,950
2018 25,000 1.150% 26,840 51,840 31,337 20,503 868,398 888,901 896,538 7,638
2019 25,000 1.350% 26,553 51,553 31,337 20,216 867,981 888,197 896,538 8,342
2020 20,000 1.550% 26,215 46,215 31,337 14,878 867,770 882,648 896,538 13,890
2021 25,000 1.750% 25,905 50,905 31,337 19,568 869,146 888,714 896,538 7,824
2022 25,000 1.950% 25,468 50,468 31,337 19,131 870,811 889,942 896,538 6,597
2023 25,000 2.150% 24,980 49,980 31,337 18,643 871,140 889,783 896,538 6,756
2024 25,000 2.350% 24,443 49,443 31,337 18,106 867,271 885,377 896,538 11,162
2025 20,000 2.550% 23,855 43,855 31,337 12,518 874,284 886,802 896,538 9,736
2026 25,000 2.800% 23,345 48,345 31,337 17,008 872,263 889,271 896,538 7,267
2027 25,000 3.150% 22,645 47,645 31,337 16,308 876,524 892,832 896,538 3,707
2028 25,000 3.150% 21,858 46,858 31,337 15,521 778,462 793,983 896,538 102,556
2029 25,000 3.150% 21,070 46,070 31,337 14,733 785,176 799,909 896,538 96,629
2030 75,000 3.350% 20,283 95,283 31,337 63,946 587,806 651,751 896,538 244,787
2031 80,000 3.350% 17,770 97,770 31,337 66,433 608,868 675,301 896,538 221,237
2032 80,000 3.500% 15,090 95,090 31,337 63,753 617,945 681,698 896,538 214,841
2033 80,000 3.500% 12,290 92,290 31,337 60,953 627,723 688,676 896,538 207,863
2034 80,000 3.650% 9,490 89,490 31,337 58,153 682,710 740,863 896,538 155,675
2035 80,000 3.650% 6,570 86,570 31,337 55,233 0 55,233 896,538 841,305
2036 100,000 3.650% 3,650 103,650 31,337 72,313 0 72,313 896,538 824,225
Totals 890,000 405,445 1,295,445 626,740 668,705 14,261,078 14,929,783 17,930,770 3,000,987

NOTE: Information based on issue dated 6/1/16 with interest payments 6/1 & 12/1 and principal on 6/1
Nickel Building #REF!
Capital Outlay #REF!
64,772 FSPK #REF!
Total #REF!

2/29/2016 RSA
 Webster County School District
Summary of Bonding Potential & Available Cash

 Current Local Bonding Potential $449,075

 Current SFCC Bonding Potential $440,925

 Total Current Bonding Potential $890,000

 Total Current Bonding Potential $890,000

 Add: Escrowed Cash for SFCC Offers $505,124

 Total Available for Project $1,395,124

2/29/2016 RSA
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Williamstown Independent School District
Series 2dl6
Date: Ãpri|27,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the
Williamstown Independent School District. Please process this issue at the next meeting of
the Capital Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $3,220,000

lssue Name: Williamstown lndependent School District Finance Corporation School Building Refunding Revenue Bonds, Series

Purpose: Refinance Series 20078

Projected Sale Date of Bonds: 07-J un-1 6

First Call Date: 5t1t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC, 267 Capitol Annex. Frankfort, Kv. / 11:00 A.M.

Bond Rating: Moodys: "4a3"

Bond Counsel: & Joh Louisville KY

FiscalAgent: Ross. Sinclaire & Associates Kentu
Date received by SFCC
Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $2.404.134 $815,866 000
% Share of total Bonds: 74.66% 25.34%
Estimated average annual debt service $240.827 s81,727 $322,554
Estimated debt service reserve: 0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc 19 323 557 $25 BBO

Special Tax Counsel $2.404 $81 6 $3,220

Number verifications $747 $253 $1,000
Bond Rating $6. I 60 $2.090 $8,250
Unden¡rriter's Discount $48,083 $16,317 $64,400
Bank Fee $2,613 $887 $3,500
Total Cost of lssuance: $79.329 s26.921 250
Anticipated lnterest Rates: 5 Years 1.700% 10 Years 2.400% 15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s requ¡red.

 W¡lliamstown lndependent School District
Projected Plan of Refinancing

Date of Report: April 28,2016

Prior Bonds Call Reports

20078 Call Report............. 1

2016 Series Refunding Bonds

Total Savings Report.. 2
WILLIAMST OWI.{ INDEPENDENT S CHO OL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS. SEzuES 2OO7B

Debt Service To Maturitv And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Principal Coupon lnterest D/S
12t01/2016 58,697.50 58,697.50 3.550o/o 58,697.50 58,697.50
06i01i2017 58,697.50 58,697.50 58,697.50 58,697.50
tzi0L/20t7 3,005,000.00 58,697.50 3,063,697.50 3.6500/" 58,697.50 58,697.50
06/0ti 20 I 8 58,697.50 58,697.50
t 2i0 li20 I 8 240.000.00 3.700o/o 58.697.50 298.697.50
06r'01i2019 54.257.50 54,257.50
l2l01/2019 250,000.00 3.7 500/o 54,257.50 304,257.50
06i01/2020 49,570.00 49,570.00
12i01i2020 260,000.00 3.750o/o 49,570.00 309,570.00
06101/2021 44.695.00 44.695.00
tzi01i20zr 265,000.00 3.800% 44,695.00 309,695.00
0610y2022 39,660.00 -39,660.00
12i0ti2022 280,000.00 3.900o/o 39,660.00 3 19,660.00
06/01i2023 34,200.00 34,200.00
12/01i202-l ,oo,ooo.oã *.ooori 34.200,00 334.200.00
06i0112024 28,200.00 28,200.00
17i01i2074 3 I 5,000.00 4.000o2ó 28,200.00 343,200.00
0610 Ii 2025 21,900.00 21,900.00
1 2r0 112025 330,000.00 4.000o¡á 21,900.00 35 I,900.00
06i 0 r/2026 I 5.300.00 I 5.300.00
12i01i7026 405,000.00 4.000o¡ó 1 5,300.00 420,300.00
06i01i2027 7,200.00 7,200.00
I2i0Ii2027 360,000.00 4.000orá 7,200.00 367,200.00
Tot¿l s3,005,000.00 $l 76,091.50 s3,18 1,092.s0 s3,005,000.00 s883,452.50 s3,888,452.50

Yield Statistics

Base d¡te for Life & 6/01t2016

.\r cr¡ge Life
3.9479499ot'o
Years

Bond lnformation

Dated Date 6/0y20r6

Refunding Delìr,erv Dare 6i15/2016

WILLIAIVSTOWN iSDSERIES2 I SINGLEPURPoSE | 4/28/2016 | 9:164M

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
WILLIAMSTOWN INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BTIILDING REFLINDING REVENUE BONDS, SERIES 2016
REFNAI'ICING OF SERES 2007r^

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S s
06/30/20 I 6
06/30i20 17 r 02^037.50 237,571.25 339,608.75 3s4,966.25 I 5,3 57.50
06i-j0/2018 r 01.707.50 239,288.75 340,996.25 3 56,683.75 I 5,687.50
06/30/20 I9 339.8 1 7.50 339,8 r7.50 3 52,955.00 37.50
I 3, i
06i30/2020 341.213.'7s 341.213.75 353-827.50 12.613.75
06/30/2021 337,r 52.50 337,1 52.50 354,265.00 17,112.50
06/30t2022 ìì? 10? 5ô 332,592.50 349,3 5 5.00 16.762.50
06i30/2023 ìì7 ìÁ7 5tì 337,367.50 353,860.00 16,492.50
06t30t2024 346.3 87.50 346,3 87.50 362,400.00 I 6,0 1 2.50

06/30/2Q25 349.850.00 349,850.00 365.1 00.00 1 5.250.00

0613012026 3 52.695.00 352,69s.00 367,200.00 1 4,505.00
06t30t202'7 '11'1.000.00 414,000.00 427,500.00 I 3,500.00
06/30/2028 3 54.5 50.00 3 54,5 50.00 367,200.00 1 2.650.00
Total s3,709,371.25 s176,860.00 $4,186,231.25 s4J65,3r2.s0 s179,081.25

PV Alalysis Summary (Net to Net)

Gross PV Detrt Servioe Savings 153-395..16

Net CashJlou'S 2.'+83 95..16

Accrued Interest Creclit to Debt Senice Funcl a Á111t

Contingenov or Rouncling .\nount 2.500.37
Net Present \¡alue Benefit s15 1i.07

\et PV Benefìt I 005 00 Refunded 5.2689"

Net PV Benelìt I 53 .000 4.9r'.70Á

Refund Bond lnformation

Relìlncli Datecl Date 6i0It20r6

Del Date 6/15/2016

WILLIAI¡STOWN ISDSERIES2 | SINGLEPURPOSE I a/28/2016 | 9:164N¡

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
 Memo
To: KSFCC
From: Lincoln Theinert
Subject: Bond Payee Disclosure Form -Williamstown Independent School District
Series 2016

Date: Aprrl27,2016
cc: File

Please find enclosed a Bond Payee Disclosure Form and Plan Financing for the
Williamstown Independent School District. Please process this issue at the next meeting of
the Capital Projects and Bond Oversight Committee.

If you should have any questions or require any additional information, please do not hesitate
to contact our office.
 BOND PAYEE DISCLOSURE FORM

Par Amount: $2,290,000

lssue Name: Williamstown lndependent School District Finance Corporation School Buildinq Refundinq Revenue Bonds, Series

Purpose. Refinance Series 20074

Projected Sale Date of Bonds 07-Jun-1 6

First Call Date: 511t26 @ 100

Method of Sale: Competitive Bids

Place/time of sale: SFCC. 267 Capitol Annex. Frankfort, Kv. / 11:00 A.M

Bond Rating: Moodvs: "4a3"

Bond Counsel: & Joh KY

FiscalAgent: Ross Sinclaire & Ass

Date received by SFCC

Date scheduled for Committee review:
Month Day Year
SFCC Local
Portion Portion Total
Estimated par amount of Bonds: $248,318 $2,031,682 280
% Share of total Bonds: 10.89% 89.11%
Estimated average annual debt service $26,1 58 $214.022 $240,181
Estimated debt service reserye: $o $0 0
Estimated Cost of lssuance:
Fiscal Agent, Bond Counsel, Advertisements, Printing, Etc. 409 1 711 922,120
SpecialTax Counsel $248 $2,032 $2,280
Number verifications $1 09 $891 $1,000
Bond Rating $790 $6,460 g7,250
U ndennrriter's Discou nt $4,966 $40,634 $45.600
Bank Fee $381 $3,1 1 9 $3,500
Total Cost of lssuance: $8,904 972.846 $81 750
Anticipated lnterest Rates: 5 Years 17OO% 10 Years 2.4OOo/o 15 Years: N/A
20 Years: N/A

Note: No Local Tax increase ¡s required.

 W¡lliamstown lndependent School District
Projected Plan of Refinancing

Date of Report: April 28,2016

Prior Bonds Call Reports

2007 A Call Report.............

2016 Series Refunding Bonds

Total Savings Report. 2
WILLIAMSTOWN INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
SCHOOL BUILDING REVENUE BONDS. SERIES 2OO7

Debt Service To Maturity And To Call

Refunded Refunded Refunded

Date Bonds lnterest D/S To Call Principal Coupon lnterest D/S
10j01,'2016 41,6t6.2s 4r,616.25 41,616.25 4t.6t6.25
04,10 li'20 l7 2.1 45.000.00 4r.6r6.25 2.1s6.616.25 3.800% 4r.616.25 41.6t6.25
l0r'0 l/20 17 4t,616.25 4t.6t6.25
04i0 ti20 I 8 1 10,000.00 3.850% 4r.616.25 r5 I.6 16.25
10i01/20t8 39.498.75 39.498.75
04i'01/2019 I I 5,000.00 3.850% 39.498.75 1 54.498.75

I 0i0 ti20 l 9 37.285,00 3 7.285.00

0+i0 1i2020 165.000.00 3.875% 37,285.00 202,285.00
I ()rc 1/2020 34.088. r3 34.088.13
04rc I/202 1 000.00 3.8750,"
10i0 1i2021 30,697.50 30,697.50
04:0112022 I 80,000.00 3.87 5o/o 30,697.50 210.697.50
10i0ri2022 27,210.00 27,2r0.00
04rc 1/2023 185,000.00 3.875% 2'7,210.00 2t2.2t0.00
t0/0 ri2023 23.625.63 23.625.63
Q4i01i2024 230,000.00 3.875% 23.625.63 ?i ì Á?5 6ì
r0i0ri2024 i9,169.38 r9,169.3S
04i0 1i2025 305.000.00 3.8750/" 19,169.38 324.169.38
10i0 1/2025 13,260.00 13.260.00
04i01i2026 , rr.ooo.oo 3.900"; l3_260.00 328 260 00
I0i0Il2Q26 7, I 1 7.50 7,tt7 .50
04101/2027 365,000.00 3.900% 7 -r17 .50 372,tt7.50
Total S2,1.t5,000.00 s83,232.50 s2,228,232.50 S2,1,15,000.00 s630,368.78 s2,775,368.78

Yield Statistics

Basc d¡tc lbr.\r'e. Life & .\r'q. CouÞon Calculation 4 0l 2016

Lifè
.\ver¡qc CouÞon î lRS I /<A7ol^
\\¡eighted Avemge lt,,f¡turitv (P¡r Basis) 7.551ì Years

Refund Bond lnformation

Refuncling Datecl Date 410v2016

Refundi 4105120r6

wrLLrAr\¡sTowN tsD SER|ES 2 | stNGLË pURPOSE | 4t28t2016 | I25 AM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
WILLIAMSTOWN INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION
S CHOOL BTIILDING REFTINDINTG REVENTIE B ONDS, SERIES 20 1 6
REFINANCING OF SERIES 2OO7

Debt Service Comparison

Existing
Date Total P+l D/S Net New D/S Old Net D/S Savinqs
06130/20 I 6
06i301201 7 70.'+8 5.00 r 08.990.00 r'79,47 5.00 t92,222.s0 r2-717 .50
06/30120 l 8 I 80.235.00 1 80,23 5.00 193,232.50 12.997.50
06130i 20 I 9 1 83.6 82.50 1 83.ó82.50 t93,997.50 10.31 5.00
0,,2020 226.862.s0 226 62.50 707.50
06/30i202t 229.1 80.00 229,1 80.00 243,1',76.26 11.996.26
06/30i2022 231.0.r5.00 231.0.t5.00 241,395.00 1 0.3 50.00
06i 30i 2023 227 -437.50 227,437 .50 239,420.00 1 1.982.50
06/30i202.+ ?6ì 5ì7 5ô 263.537.50 217,251.26 I 3.7 I 3.76
0/2025 50 76 '736.26
06i3012026 33 1.7.10.00 33 1,740.00 341.520.00 9.780.00
06r3 0/2027 369. l 80.00 369. I 80.00 3',19,235.00 10.05 5.00
Totr¡l s2,641,987.50 s108,990.00 s2,750,977.50 s2,88{,358.78 s133,381.28

PV Analvsis Summarv lNet to Net)

Cn'oss P\i Debt Serwioe Savinqs 1 16.71 r.00

Net PV 2.560 11 7r 1.00

Accn¡ecl Interest Credit to Debt Service Fund 505.39

.\nount 12
Net Present \¡alue Benefit sl 21.1 23.5 I

Net PV Benefit / S2.1,15.000 Refundecl Principal 5.617o/o

Net PV Benefit i S2.280.000 Refunclins Principal 5.312Y.

Refunding Bond lnformation

WlLLIAI\¡STOWN ISD SERIES 2i SINGLE PURPOSE | 412812016 | 9t25 AM

Ross, Sinclaire & Associates, LLC

Public Finance - LTheinert
Finance and Administration Cabinet Frankfort, Kentucky 40601-3453
702 Capital Avenue Suite 76 (502) 564-2924

Office of Financial Management

Kentucky Competitive and Negotiated Bond Sales
May 6, 2016

The Office of Financial Management relies on information provided by the Kentucky Department of Education, bond dealers and its own resources to assemble the following information. This
calendar is compiled strictly for the convenience of the investor and bond dealer community and is for informational purposes only. Issue size and sale dates are determined solely at the discretion
of each issuer and their fiscal agent/underwriter and are subject to change. Anticipated ratings are based on prior ratings of similar issues. This calendar is updated every Friday.
Time ANTICIPATED FISCAL AGENT/
SALE DATE AMOUNT DESCRIPTION (Eastern) RATING UNDERWRITER

MAY

10-May-16 18,700,000 Parking Authority of River City First Mortgage Revenue Taxable Bonds, Series 2016 10:30 AM * Hilliard Lyons
11-May-16 4,670,000 Daviess County School District School Building Revenue Bonds, Series 2016 Local (BQ) 11:00 AM * Hilliard Lyons
11-May-16 2,485,000 City of Owensboro GO Refunding Bonds, Series 2016A 12:00 PM A1 Moody's First Kentucky
11-May-16 2,050,000 City of Owensboro GO Refunding Bonds, Series 2016B 1:00 PM A1 Moody's First Kentucky
12-May-16 10,020,000 State Property and Buildings Commission Agency Fund Rev Ref Bonds, Project No 113 10:30 AM * First Southwest
12-May-16 10,340,000 McCreary CSD Energy Conservation Revenue Bonds, Series 2016 Local 11:00 AM * RSA
12-May-16 4,345,000 Boyle County Public Library District GO Refunding Bonds, Series 2016 (BQ) 12:00 PM * Civic Finance
12-May-16 9,085,000 McCreary County School District School Building Revenue Bonds, Series 2016 Local/SFCC 1:00 PM * RSA
17-May-16 18,235,000 Spencer County School Building Revenue Bonds, Series 2016 Local/SFCC 11:00 AM * RSA
18-May-16 3,115,000 City of Leitchfield GO Bonds, Series 2016 A (BQ) 11:00 AM * Hilliard Lyons
18-May-16 1,495,000 City of Leitchfield GO Refunding Bonds, Series 2016 B (BQ) 11:30 AM * Hilliard Lyons
18-May-16 2,525,000 Science Hill Ind School District Refunding Revenue Bonds, Series 2016 Local/SFCC (BQ) 12:00 PM * RSA
18-May-16 5,695,000 Kentucky Bond Corporation Financing Program Revenue Bonds, Series 2016B 1:00 PM * RSA
19-May-16 2,800,000 Hopkins Co School Dist Fin Corp Energy Conservation Ref Bonds, Series 2016 Local (BQ) 11:00 AM * Hilliard Lyons
19-May-16 5,130,000 Trimble County School District Refunding Bonds, Series 2016 Local/SFCC (BQ) 11:30 AM * RSA
19-May-16 5,485,000 Williamstown Ind School District Rev Ref Bonds, Series 2016-REF Local/SFCC (BQ) 1:00 PM * RSA
24-May-16 6,680,000 Bourbon County GO Refunding & Improvement Bonds, Series 2016 (BQ) 11:00 AM * Civic Finance
24-May-16 2,110,000 Pulaski County School Building Refunding Revenue Bonds, Series 2016 Local/SFCC (BQ) 1:00 PM * RSA
25-May-16 9,000,000 Grayson Co School District Finance Corp School Bldg Rev Bonds, Series 2016 SFCC (BQ) 11:00 AM Aa3 Moody's Hilliard Lyons
25-May-16 6,380,000 Shelby County PPC First Mortgage Refunding Revenue Bonds, Series 2016 (BQ) 12:00 PM * RSA
25-May-16 1,260,000 Jenkins Ind School District School Building Ref Rev Bonds, Series 2016 Local/SFCC (BQ) 1:00 PM * Hilliard Lyons
25-May-16 43,200,000 State Property and Buildings Commission Agency Fund Revenue Bonds, Project No 114 Neg * Citi
26-May-16 3,170,000 Paducah Ind School Dist Fin Corp School Bldg Ref Rev Bonds, 2nd Series 2016 SFCC (BQ) 11:00 AM Aa3 Moody's Hilliard Lyons
26-May-16 5,875,000 Bourbon Co School District Fin Corp School Bldg Ref Rev Bonds, Series 2016 SFCC (BQ) 12:00 PM Aa3 Moody's Hilliard Lyons

JUNE

1-Jun-16 1,465,000 Mason County School District School Building Revenue Bonds, Series 2016 Local (BQ) 11:00 AM * RSA
1-Jun-16 2,410,000 Breathitt County School District Refunding Bonds, Series 2016 Local/SFCC (BQ) 1:00 PM * RSA
2-Jun-16 2,590,000 City of Owensboro GO Bonds, Series 2016C 11:00 AM A1 Moody's First Kentucky
7-Jun-16 21,055,000 Hardin County School District Finance Corp School Bldg Rev Bonds, Series 2016 Local 10:30 AM * Hilliard Lyons
7-Jun-16 23,000,000 Lexington-Fayette Urban County Government Taxable GO Bonds, Series 2016A 11:00 AM * Hilliard Lyons
7-Jun-16 4,000,000 Lexington-Fayette Urban County Government GO Bonds, Series 2016B 11:30 AM * Hilliard Lyons
9-Jun-16 28,900,000 Western Kentucky University General Receipts Refunding Bonds, 2016 Series B 11:00 AM * Hilliard Lyons
9-Jun-16 75,000,000 Kentucky Housing Corp Single Family Housing Revenue Bonds, Taxable Series 2016A Neg * Citi
14-Jun-16 9,800,000 Hazard Ind School District School Building Revenue Bonds, Series 2016 Local/SFCC (BQ) 11:00 AM * RSA
14-Jun-16 4,120,000 Powell Co School District School Building Revenue Bonds, Series 2016 Local/SFCC (BQ) 11:30 AM * RSA
15-Jun-16 42,555,000 Jefferson County School District School Building Revenue Bonds, Series 2016 Local/SFCC 11:00 AM * RSA/Hilliard Lyons
16-Jun-16 320,000 Mayfield Ind School District School Building Revenue Bonds, Series 2016 Local (BQ) 11:00 AM * Hilliard Lyons
16-Jun-16 3,000,000 Mayfield Ind School Bldg Rev Bonds (Quality Zone Academy Bonds), Series 2016 Local 11:30 AM * Hilliard Lyons

JULY

7-Jul-16 5,000,000 Hardin County Water District No 2 Refunding Revenue Bonds, Series 2016 (BQ) 11:00 AM * Hilliard Lyons

Visible Supply: 407,065,000

* Rating Applied For, ** Rating Information Not Available, Moody's/S&P/Fitch, NR Not Rated, (NEG) Negotiated, (BQ) Bank Qualified, § Not to exceed

This calendar is only as current as the information provided by participating fiscal agents and underwriters. OFM assumes no responsibility
for the accuracy of any information contained herein provided from other parties. Please notify Bethany Couch at Bethany.Couch@ky.gov
of any new issues or changes to listed issues.

Please note: All requests for changes and any submissions to the following week's calendar must be made by 9:00 a.m. (Eastern)
on Friday prior to its release.
This calendar can be found on the Internet at: http://finance.ky.gov/services/ofm/Pages/default.aspx

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