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<ul><li><p>Irvine Unified School District Technology Bond Discussion </p><p>Adam Bauer </p><p>Principal </p><p>(949) 660-7303 </p><p>Cell: (949) 295-5735 </p><p>abauer@fieldman.com </p><p>February 19, 2013 </p><p>00068359 </p><p>Charles Heath </p><p>Principal </p><p>(415) 291-1894 </p><p>Cell: (415) 810-8053 </p><p>cheath@tbwb.com </p></li><li><p>Table of Contents </p><p>Potential Proposition 39 General Obligation Bond 3 </p><p>Technology Bond Structures 12 </p><p>Questions and Discussion 16 </p><p>2 </p></li><li><p>Potential Proposition 39 General </p><p>Obligation Bond </p><p>3 </p></li><li><p>School District Debt Financing with General Obligation Bonds </p><p> Bonding Capacity </p><p> Unified School Districts: 2.50% of </p><p>Assessed Valuation </p><p> Tax Rate Limitations </p><p> Unified School Districts: $60 per </p><p>$100,000 </p><p> Requires Voter Approval </p><p> 55% approval required for full district </p><p> Before Election At least 88 days before election: </p><p> Projects to be financed must be stated </p><p> School board must declare resolution for election </p><p> Tax rate amount must be estimated and bond amount named </p><p> After Election Citizens Oversight Committee </p><p>appointed </p><p> Annual audits required </p><p> Use of Proceeds Construction, reconstruction, </p><p>rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities </p><p>4 </p></li><li><p>-5.00%</p><p>0.00%</p><p>5.00%</p><p>10.00%</p><p>15.00%</p><p>20.00%</p><p>2006 2007 2008 2009 2010 2011 2012 2013</p><p>Historical Change in Assessed Valuation</p><p>History of Assessed Valuation </p><p>Source: CalMuni 5 </p><p> Section 3.1 (d) of CFD No. 09-1 Mitigation Agreement IUSD shall not be prohibited by the terms of this Agreement from subjecting the Communities to any </p><p>increase in ad valorem real property tax pursuant to an IUSD-wide general obligation bond election, formation of a school facilities improvement district (but only if such school facilities improvement district is not of such a size and does not disproportionately include property owned by the Developer within the Communities in a manner that unreasonably or inequitably burdens such property in relation to the other properties to be benefited by the financing provided by such school facilities improvement district), or imposition of an IUSD-wide parcel tax which parcel tax is imposed to fund IUSD operations; provided, however, that nothing herein shall be construed to constitute a waiver by Developer of its right or ability to dispute such proposed formation of a school facilities improvement district, imposition of a parcel tax, or passage of an IUSD-wide general obligation bond. </p><p>FY EndingTotal Assessed </p><p>Valuation(1)</p><p>% Change</p><p>2005 $21,735,221,551 -</p><p>2006 $24,945,799,586 14.77%</p><p>2007 $29,685,145,799 19.00%</p><p>2008 $33,264,930,824 12.06%</p><p>2009 $35,055,759,151 5.38%</p><p>2010 $35,037,287,346 -0.05%</p><p>2011 $34,873,409,942 -0.47%</p><p>2012 $35,622,966,656 2.15%</p><p>2013 $36,811,119,332 3.34%</p><p>5-Year Average 2.07%</p><p>(1) Total A.V. before Redevelopment Increment</p><p>5-Year Average: </p><p>2.07% </p><p>FY EndingTotal Assessed </p><p>Valuation(1)</p><p>Assumed % </p><p>Growth in A.V.Bonding Capacity</p><p>2013 $36,811,119,332 - $920,277,983</p></li><li><p>Potential 2014 GO Bond Election - $20 Tax Rate </p><p>(2) Assumes 0% growth in Assessed Valuation every year. (1) CIBs scale based on MMD AA 10-year average per maturity. Assumes </p><p>no Capital Appreciation Bonds. </p><p>6 </p><p>Series 2015 Series 2019 Series 2022 Series 2025 Total</p><p>Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 -</p><p>Par Amount $50,805,000 $37,305,000 $33,990,000 $38,160,000 $160,260,000</p><p>Project Amount $49,471,112 $36,843,865 $33,552,070 $37,692,880 $157,559,927</p><p>Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 -</p><p>$20 per $100,000</p><p>$0</p><p>$1,000,000</p><p>$2,000,000</p><p>$3,000,000</p><p>$4,000,000</p><p>$5,000,000</p><p>$6,000,000</p><p>$7,000,000</p><p>$8,000,000</p><p>2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049</p><p>Election of 2014 Debt Service(1)</p><p>(Assumed Tax Rate of $20 per $100,000 of A.V.)</p><p>Series 2015 Series 2019 Series 2022 Series 2025</p><p>0.00</p><p>5.00</p><p>10.00</p><p>15.00</p><p>20.00</p><p>25.00</p><p>2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048</p><p>Estimated Tax Rates(2)</p><p>Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate</p></li><li><p>Potential 2014 GO Bond Election - $30 Tax Rate </p><p>(1) CIBs scale based on MMD AA 10-year average per maturity. Assumes </p><p>no Capital Appreciation Bonds. </p><p>7 </p><p>$0</p><p>$2,000,000</p><p>$4,000,000</p><p>$6,000,000</p><p>$8,000,000</p><p>$10,000,000</p><p>$12,000,000</p><p>2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049</p><p>Election of 2014 Debt Service(1)</p><p>(Assumed Tax Rate of $30 per $100,000 of A.V.)</p><p>Series 2015 Series 2019 Series 2022 Series 2025</p><p>0.00</p><p>5.00</p><p>10.00</p><p>15.00</p><p>20.00</p><p>25.00</p><p>30.00</p><p>35.00</p><p>2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048</p><p>Estimated Tax Rates(2)Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate</p><p>(2) Assumes 0% growth in Assessed Valuation every year. </p><p>Series 2015 Series 2019 Series 2022 Series 2025 Total</p><p>Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 -</p><p>Par Amount $76,235,000 $55,975,000 $50,975,000 $57,235,000 $240,420,000</p><p>Project Amount $74,333,476 $55,383,175 $50,418,175 $56,634,355 $236,769,181</p><p>Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 -</p><p>$30 per $100,000</p></li><li><p>Potential 2014 GO Bond Election - $40 Tax Rate </p><p>(1) CIBs scale based on MMD AA 10-year average per maturity. Assumes </p><p>no Capital Appreciation Bonds. </p><p>8 </p><p>$0</p><p>$2,000,000</p><p>$4,000,000</p><p>$6,000,000</p><p>$8,000,000</p><p>$10,000,000</p><p>$12,000,000</p><p>$14,000,000</p><p>$16,000,000</p><p>2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049</p><p>Election of 2014 Debt Service(1)</p><p>(Assumed Tax Rate of $40 per $100,000 of A.V.)</p><p>Series 2015 Series 2019 Series 2022 Series 2025</p><p>0.00</p><p>5.00</p><p>10.00</p><p>15.00</p><p>20.00</p><p>25.00</p><p>30.00</p><p>35.00</p><p>40.00</p><p>45.00</p><p>2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048</p><p>Estimated Tax Rates(2)Series 2016 Series 2019 Series 2022 Series 2025 Max Tax Rate</p><p>(2) Assumes 0% growth in Assessed Valuation every year. </p><p>Series 2015 Series 2019 Series 2022 Series 2025 Total</p><p>Dated Date 02/01/15 02/01/19 02/01/22 02/01/25 -</p><p>Par Amount $101,675,000 $74,635,000 $67,980,000 $76,280,000 $320,570,000</p><p>Project Amount $99,205,670 $73,912,555 $67,304,140 $75,546,040 $315,968,405</p><p>Final Maturity Date 08/01/39 08/01/43 08/01/46 08/01/49 -</p><p>$40 per $100,000</p></li><li><p>Feasibility Study Measure Development/ </p><p>Public Outreach </p><p>March 8, 2014 </p><p>Board Calls </p><p>For Election </p><p>June 5, 2014 </p><p>Election Day </p><p>Advocacy Campaign </p><p> Private fundraising </p><p> Direct mail </p><p> Website </p><p> Endorsements </p><p> Phone banks </p><p> Lawn signs </p><p> GOTV </p><p>Now </p><p> Write resolution </p><p> Ballot question </p><p> Non-advocacy communication </p><p> Consensus building </p><p> Board vote </p><p> Poll </p><p> Election timing </p><p> Bond amount/ tax rate </p><p> Projects </p><p> Political landscape </p><p> Competing issues </p><p> Potential controversy </p><p>Strategic Approach to a June 2014 G.O. Bond Election </p><p>IUSD Registered Voters: 110,041 </p><p>Expected June 2014 Voter Turnout: 30,641 (28%) </p><p>Votes Needed to Win: 16,853 (55%) </p><p>Goal: Persuade at least 17,000 voters to vote Yes </p><p>Red Light/ </p><p>Green Light </p><p>(Week of May 7, 2013) </p></li><li><p>Feasibility Study Measure Development/ </p><p>Public Outreach </p><p>August 9, 2014 </p><p>Board Calls </p><p>For Election </p><p>November 5, 2014 </p><p>Election Day </p><p>Advocacy Campaign </p><p> Private fundraising </p><p> Direct mail </p><p> Website </p><p> Endorsements </p><p> Phone banks </p><p> Lawn signs </p><p> GOTV </p><p>Now </p><p> Write resolution </p><p> Ballot question </p><p> Non-advocacy communication </p><p> Consensus building </p><p> Board vote </p><p> Poll </p><p> Election timing </p><p> Bond amount/ tax rate </p><p> Projects </p><p> Political landscape </p><p> Competing issues </p><p> Potential controversy </p><p>Strategic Approach to a November 2014 G.O. Bond Election </p><p> IUSD Registered Voters: 110,041 </p><p>Expected Nov. 2014 Voter Turnout: 56,619 (51%) </p><p>Votes Needed to Win: 31,141 (55%) </p><p>Goal: Persuade at least 31,500 voters to vote Yes </p><p>Red Light/ </p><p>Green Light </p><p>(Week of Oct. 1, 2013) </p></li><li><p>Case Study: Tustin Unified School District Measure S </p><p> Election Date: November 6, 2012 </p><p> Authorization Amount: $135 million bond measure </p><p> Use of funds: - Provide and maintain up-to-date technology, data and communication equipment </p><p>- Upgrade and expand wireless systems, telecommunications, Internet and network connections </p><p>- Upgrade and replace district technology improving efficiency and reducing operational costs </p><p>- Upgrade and replace computers, hardware and software systems, classroom and library technology and teaching </p><p>equipment to enhance instruction </p><p>- Keep our technology up-to-date and allow our students to learn the skills necessary for a 21st Century economy </p><p>- Upgrade middle school science and secondary career technical educational classrooms and instructional </p><p>technology to meet university and industry-standard specifications better preparing our students for college and </p><p>career opportunities </p><p>- Provide additional electrical, network and telephone service capacity to relieve overloaded systems so that it can </p><p>handle modern instructional technology </p><p>- Provide online and virtual classroom learning curriculum and instruction </p><p> Election Results: </p><p> Yes: 60.1% </p><p> No: 39.9% </p></li><li><p>Technology Bond Structures </p><p>12 </p></li><li><p>Technology Bond Structures </p><p> Phased Technology Bond Sales </p><p> Multiple GO Bond sales </p><p> Consistent updates to the technology program </p><p> Technology Endowment </p><p> Lump sum </p><p> Investment restrictions (Non-AMT Municipal Bonds) </p><p>13 </p></li><li><p>Next Steps June 2014 Election Date Description </p><p>Monday, February 18, 2013 through </p><p>Friday, March 1, 2013 Interview and select a pollster </p><p>Week of Monday, March 4, 2013 Kick-off meeting @ TBD with pollster to begin development of survey </p><p>questionnaire </p><p>Monday, March 25, 2013 Begin drafting poll </p><p>Friday, April 5, 2013 Review and approve poll </p><p>Monday, April 8, 2013 Begin polling period </p><p>Friday, April 19, 2013 End of polling period </p><p>Tuesday, May 7, 2013 Present results and recommendations to Board of Education </p><p>Friday, November 15, 2013 Approve tracking poll (if needed) </p><p>Monday, November 18, 2013 through </p><p>Friday, November 29, 2013 Conduct tracking poll (if needed) </p><p>Tuesday, January 7, 2014 Board of Education meeting for the following items: </p><p>1. Present tracking poll results and recommendations (if needed) 2. Present draft bond measure documents for first reading and feedback </p><p>Tuesday, February 18, 2014 </p><p>Board of Education meeting to adopt two resolutions: 1. Resolution ordering Election </p><p>2. Resolution requesting consolidation with other elections, authorizing Tax Rate </p><p>Statement, and authorizing Board Members to sponsor ballot arguments </p><p>14 </p></li><li><p>Next Steps November 2014 Election Date Description </p><p>Monday, July 15, 2013 through </p><p>Friday, July 26, 2013 Interview and select a pollster </p><p>Week of Monday, July 29, 2013 Kick-off meeting @ TBD with pollster to begin development of survey </p><p>questionnaire </p><p>Monday, August 19, 2013 Begin drafting poll </p><p>Friday, August 30, 2013 Review and approve poll </p><p>Monday, September 2, 2013 Begin polling period </p><p>Friday, September 13, 2013 End of polling period </p><p>Tuesday, October 1, 2013 Present results and recommendations to Board of Education </p><p>Friday, April 11, 2014 Approve tracking poll (if needed) </p><p>Monday, April 14, 2014 through </p><p>Friday, April 25, 2014 Conduct tracking poll (if needed) </p><p>Tuesday, July 1, 2014 Board of Education meeting for the following items: </p><p>1. Present tracking poll results and recommendations (if needed) 2. Present draft bond measure documents for first reading and feedback </p><p>Tuesday, July 15, 2014 </p><p>Board of Education meeting to adopt two resolutions: 1. Resolution ordering Election </p><p>2. Resolution requesting consolidation with other elections, authorizing Tax Rate </p><p>Statement, and authorizing Board Members to sponsor ballot arguments </p><p>15 </p></li><li><p>Questions and Discussion </p><p>16 </p></li></ul>

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