financing options & raymond james overview...financing options & raymond james overview...

FINANCING OPTIONS & RAYMOND JAMES OVERVIEW

Discussion Materials November 14, 2017

Elizabeth M. Hennessy Managing Director – Public Finance

312.612.7641 (voice) [email protected]

2

TABLE OF CONTENTS

SECTION 1 Market Update

SECTION 2 Outstanding Debt

SECTION 3

Financing Options

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SECTION 4 Raymond James Overview

SECTION 5

Banking Team and Biographies

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3

Market Update

SECTION 1

4

HISTORICAL AAA MMD RATES •  The graph below shows the range between the record highs and lows of AAA MMD at each maturity since 1993, along

with average rates over this time frame and the current rates.

•  AAA MMD rates set multiple record lows in June and July 2016, and current rates remain well below the historical average.

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Yiel

d (%

)

Maturity

Record Highs and Lows since 1/1/93

Average since 1/1/93

11/10/2017

Current (06/16/17) 1 5 10 15 20 25 30Record Low since 1/1/93 0.11 0.62 1.29 1.57 1.80 1.88 1.93Record High since 1/1/93 4.95 5.60 6.15 6.65 6.85 6.90 6.95Average since 1/1/93 2.00 2.87 3.60 4.07 4.36 4.50 4.54Current (11/10/17) 1.10 1.49 1.98 2.32 2.55 2.63 2.68

5

RECENT HISTORICAL AAA-RATED GENERAL OBLIGATION TAX-EXEMPT RATES

•  Yields for the 10-year, 20-year and 30-year maturities of AAA GO MMD briefly spiked in late 2008 as a result of the credit crisis and at the end of 2010 as a result of higher issuance, investor concerns about municipal credits, and the anticipated expiration of Build America Bonds legislation.

•  Rates subsequently declined until reaching record lows in November 2012. Rates began to rise again in 2013, and fell throughout 2014. After a brief spike, rates continued to fall throughout the second half of 2015 and first half of 2016.

•  MMD rates set new record lows after Brexit in July 2016 but rose in the wake of the 2016 Presidential election. Since January 2017, rates have fallen near pre-election levels.

1.25

1.75

2.25

2.75

3.25

3.75

4.25

4.75

5.25

5.75

6.25

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 Jan-16 Jul-16 Jan-17 Jul-17

Yiel

d (%

)

10-Year 20-Year and 30-Year MMD AAA GO2008 to Current

10-yr MMD

20-yr MMD

30-yr MMD

6

Outstanding Debt

SECTION 2

7

DEBT LIMIT

8

WORKING CASH FUND BOND LIMIT

2016EqualizedAssessedValuation 1,386,653,517

MaximumEducationFundTaxRate 3.50%

Subtotal 48,532,873

PlusEstimatedCorporateandPersonalPropertyReplacementTaxes 1,279,488

Subtotal 49,812,361

Times85% 85%

GrossWorkingCashFundBondLimit 42,340,507

Less:OutstandingWorkingCashFundBalance 8,680,000

NetWorkingCashFundBondingLimit 33,660,507

9

OUTSTANDING DEBT

DATEDISSUESERIESORIGINAL PARCALL DATEFINAL MATURITY

PAYING AGENT:Amount Coupon Amount Coupon Amount Coupon

RATING:

01/01/18 645,000 1.89% 2,630,000 3.00% 12/1/2017 3,750,000 9.00%

01/01/19 1,315,000 1.89% 12/1/2018 4,090,000 9.00%

01/01/20 1,335,000 1.89% 12/1/2019

01/01/21 1,365,000 1.89% 12/1/2020

01/01/22 1,390,000 1.89% 12/1/2021

TOTAL $6,050,000 $2,630,000 $7,840,000

Amalgamated Bank & Trust 312-822-8525

Aa2

Purpose: $6M Working Cash

December 20, 2016

G.O. LIMITED TAX SCHOOL BOND

2016

$6,050,000Non-Callable

1/1/2022

Aaa FGIC

May 1, 1999

G.O. SCHOOL BONDS

1999 B

$38,345,000NON-CALLABLE

12/1/2018

US Bank (Formerly LaSalle) (312) 904-2973

Purpose: 1999 Referendum

1/1/2018


Aa2

Purpose: $3.665M Working Cash

December 17, 2014


2014

$3,475,000Non-Callable

10

OUTSTANDING DEBT SERVICE

DATEDISSUESERIESORIGINAL PARCALL DATEFINAL MATURITY

PAYING AGENT:Amount Coupon Interest Total Amount Coupon Interest Total Amount Coupon Interest Total

01/01/18 645,000 1.89% 117,839 762,839 2,630,000 3.00% 78,900 2,708,900 12/1/2017 3,750,000 9.00% 705,600 4,455,600

01/01/19 1,315,000 1.89% 102,155 1,417,155 12/1/2018 4,090,000 9.00% 368,100 4,458,100

01/01/20 1,335,000 1.89% 77,301 1,412,301 12/1/2019

01/01/21 1,365,000 1.89% 52,070 1,417,070 12/1/2020

01/01/22 1,390,000 1.89% 26,271 1,416,271 12/1/2021

TOTAL $6,050,000 $375,635 $6,425,635 $2,630,000 $78,900 $2,708,900 $7,840,000 $1,073,700 $8,913,700


Purpose: $6M Working Cash

December 20, 2016


2016

$6,050,000

Non-Callable1/1/2022

May 1, 1999

G.O. SCHOOL BONDS

1999 B

$38,345,000

NON-CALLABLE12/1/2018

US Bank (Formerly LaSalle) (312) 904-2973Amalgamated Bank & Trust 312-822-8525

Purpose: $3.665M Working Cash

December 17, 2014


2014

$3,475,000

Non-Callable1/1/2018

11

Financing Options

SECTION 3

12

CURRENTLY OUTSTANDING DEBT SERVICE WITH ABATEMENT

Referendum Referendum Total ProposedTax Equalized DebtService CPI Total Remaining Current Less:Proposed Total Proposed B&IYear AssessedValue ExtensionBase Growth(1) DSEBD/S DSEBCapacity ULTD/S Abatement ULTD/S DebtService TaxRate

2015 1,334,441,513 3,451,651 0.80% 3,364,600 87,051 4,455,200 - 4,455,200 7,819,800 0.5862016 1,386,653,517 3,475,813 0.70% 3,471,739 4,074 4,455,600 - 4,455,600 7,927,339 0.5722017 1,386,653,517 3,548,805 2.10% 1,417,155 2,131,651 4,458,100 (2,592,994) 1,865,106 3,282,261 0.2372018 1,386,653,517 3,602,037 1.50% 1,412,301 2,189,736 - - - 1,412,301 0.1022019 1,386,653,517 3,656,068 1.50% 1,417,070 2,238,998 - - - 1,417,070 0.1022020 1,386,653,517 3,710,909 1.50% 1,416,271 2,294,638 - - - 1,416,271 0.1022021 1,386,653,517 3,766,572 1.50% - 3,766,572 - - - - 0.0002022 1,386,653,517 3,823,071 1.50% - 3,823,071 - - - - 0.0002023 1,386,653,517 3,880,417 1.50% - 3,880,417 - - - - 0.0002024 1,386,653,517 3,938,623 1.50% - 3,938,623 - - - - 0.0002025 1,386,653,517 3,997,703 1.50% - 3,997,703 - - - - 0.0002026 1,386,653,517 4,057,668 1.50% - 4,057,668 - - - - 0.0002027 1,386,653,517 4,118,533 1.50% - 4,118,533 - - - - 0.0002028 1,386,653,517 4,180,311 1.50% - 4,180,311 - - - - 0.0002029 1,386,653,517 4,243,016 1.50% - 4,243,016 - - - - 0.0002030 1,386,653,517 4,306,661 1.50% - 4,306,661 - - - - 0.0002031 1,386,653,517 4,371,261 1.50% - 4,371,261 - - - - 0.0002032 1,386,653,517 4,436,830 1.50% - 4,436,830 - - - - 0.0002033 1,386,653,517 4,503,382 1.50% - 4,503,382 - - - - 0.0002034 1,386,653,517 4,570,933 1.50% - 4,570,933 - - - - 0.0002035 1,386,653,517 4,639,497 1.50% - 4,639,497 - - - - 0.000

-9,134,535 8,913,700 (2,592,994) 6,320,706 15,455,241

(1)CPIisassumedtogrowat1.5%fromLY2017on

NonReferendum(LimitedTax)


13

CURRENTLY OUTSTANDING DEBT SERVICE WITH ABATEMENT

14

NON-REFERENDUM LIMITED BONDS

•  The District can issue bonds without a referendum to fund capital projects, if the debt service payments fit within the District’s Debt Service Extension Base (DSEB) ($3,548,805). DSEB grows with CPI annually.

•  The types of limited bonds the District can issue include:

Working Cash Fund Bonds Life Safety Bonds Funding Bonds ü  Can be used either for capital

or operating;

ü  requires a petition period and public hearing

ü  Proceeds must be used for life safety projects only which are approved by the Board of Education, State and Regional Superintendent of Schools;

ü  requires public hearing

ü  Can be used to refund debt obligations of the District such as lease or debt certificates;

ü  requires petition period and public hearing

•  In 2016 the District authorized not to exceed $16M of limited tax working cash fund bonds payable from the DSEB to fund an addition to Holmes School and life safety projects

•  In December of 2016, the District issued $6M; the remaining $10M is planned for December 2017 and February 2018 (issued in BQ pieces).

15

SERIES 2017 $8.2M LIMITED BONDS (BANK QUALIFIED)


Non-Ref(LimitedTax) Referendum Total ProposedTax Equalized EAV DebtService CPI Current $8.2MSeries2017 Total Remaining Total Proposed DebtServiceYear AssessedValue Change ExtensionBase Growth(1) DSEBD/S DSEBDebtService DSEBD/S DSEBCapacity ULTD/S DebtService TaxRate

2016 1,386,653,517 3.91% 3,475,813 0.70% 3,471,739 - 3,471,739 4,074 4,455,600 7,927,339 0.5722017 1,386,653,517 0.00% 3,548,805 2.10% 1,417,155 2,087,969 3,505,123 43,682 1,865,106 5,370,229 0.3872018 1,386,653,517 0.00% 3,602,037 1.50% 1,412,301 2,142,075 3,554,376 47,662 - 3,554,376 0.2562019 1,386,653,517 0.00% 3,656,068 1.50% 1,417,070 2,192,042 3,609,112 46,956 - 3,609,112 0.2602020 1,386,653,517 0.00% 3,710,909 1.50% 1,416,271 2,248,218 3,664,489 46,420 - 3,664,489 0.2642021 1,386,653,517 0.00% 3,766,572 1.50% - - - 3,766,572 - - 0.0002022 1,386,653,517 0.00% 3,823,071 1.50% - - - 3,823,071 - - 0.0002023 1,386,653,517 0.00% 3,880,417 1.50% - - - 3,880,417 - - 0.0002024 1,386,653,517 0.00% 3,938,623 1.50% - - - 3,938,623 - - 0.0002025 1,386,653,517 0.00% 3,997,703 1.50% - - - 3,997,703 - - 0.0002026 1,386,653,517 0.00% 4,057,668 1.50% - - - 4,057,668 - - 0.0002027 1,386,653,517 0.00% 4,118,533 1.50% - - - 4,118,533 - - 0.0002028 1,386,653,517 0.00% 4,180,311 1.50% - - - 4,180,311 - - 0.0002029 1,386,653,517 0.00% 4,243,016 1.50% - - - 4,243,016 - - 0.0002030 1,386,653,517 0.00% 4,306,661 1.50% - - - 4,306,661 - - 0.0002031 1,386,653,517 0.00% 4,371,261 1.50% - - - 4,371,261 - - 0.0002032 1,386,653,517 0.00% 4,436,830 1.50% - - - 4,436,830 - - 0.0002033 1,386,653,517 0.00% 4,503,382 1.50% - - - 4,503,382 - - 0.0002034 1,386,653,517 0.00% 4,570,933 1.50% - - - 4,570,933 - - 0.000

2035 1,386,653,517 0.00% 4,639,497 1.50% - - - 4,639,497 - - 0.0002036 1,386,653,517 0.00% 4,709,089 1.50% - - - 4,709,089 - - 0.000

-9,134,535 8,670,303 17,804,838 6,320,706 24,125,544

AllinTrueInterestCostasofNov.13,2017: 2.14%Proceeds: 8,214,500

16

SERIES 2017 $8.2M LIMITED BONDS (BANK QUALIFIED)

17

PROPOSED SERIES 2018 $1.8M LIMITED BONDS (BANK QUALIFIED)


Referendum Total ProposedTax Equalized EAV DebtService CPI Current $8.2MSeries2017 $1.8MSeries2018 Total Remaining Total Proposed DebtServiceYear AssessedValue Change ExtensionBase Growth(1) DSEBD/S NetDebtService NetDebtService DSEBD/S DSEBCapacity ULTD/S DebtService TaxRate

2016 1,386,653,517 3.91% 3,475,813 0.70% 3,471,739 - 3,471,739 4,074 4,455,600 7,927,339 0.5722017 1,386,653,517 0.00% 3,548,805 2.10% 1,417,155 2,087,969 40,792 3,545,915 2,890 1,865,106 5,411,021 0.3902018 1,386,653,517 0.00% 3,602,037 1.50% 1,412,301 2,142,075 44,500 3,598,876 3,162 - 3,598,876 0.2602019 1,386,653,517 0.00% 3,656,068 1.50% 1,417,070 2,192,042 44,500 3,653,612 2,456 - 3,653,612 0.2632020 1,386,653,517 0.00% 3,710,909 1.50% 1,416,271 2,248,218 44,500 3,708,989 1,920 - 3,708,989 0.2672021 1,386,653,517 0.00% 3,766,572 1.50% - - 1,824,500 1,824,500 1,942,072 - 1,824,500 0.1322022 1,386,653,517 0.00% 3,823,071 1.50% - - - - 3,823,071 - - 0.0002023 1,386,653,517 0.00% 3,880,417 1.50% - - - - 3,880,417 - - 0.0002024 1,386,653,517 0.00% 3,938,623 1.50% - - - - 3,938,623 - - 0.0002025 1,386,653,517 0.00% 3,997,703 1.50% - - - - 3,997,703 - - 0.0002026 1,386,653,517 0.00% 4,057,668 1.50% - - - - 4,057,668 - - 0.0002027 1,386,653,517 0.00% 4,118,533 1.50% - - - - 4,118,533 - - 0.0002028 1,386,653,517 0.00% 4,180,311 1.50% - - - - 4,180,311 - - 0.0002029 1,386,653,517 0.00% 4,243,016 1.50% - - - - 4,243,016 - - 0.0002030 1,386,653,517 0.00% 4,306,661 1.50% - - - - 4,306,661 - - 0.0002031 1,386,653,517 0.00% 4,371,261 1.50% - - - - 4,371,261 - - 0.0002032 1,386,653,517 0.00% 4,436,830 1.50% - - - - 4,436,830 - - 0.0002033 1,386,653,517 0.00% 4,503,382 1.50% - - - - 4,503,382 - - 0.0002034 1,386,653,517 0.00% 4,570,933 1.50% - - - - 4,570,933 - - 0.0002035 1,386,653,517 0.00% 4,639,497 1.50% - - - - 4,639,497 - - 0.0002036 1,386,653,517 0.00% 4,709,089 1.50% - - - - 4,709,089 - - 0.000

-9,134,535 8,670,303 1,998,792 19,803,630 6,320,706 26,124,336

AllinTrueInterestCostasofNov.13,2017: 2.14% 2.42% 2.22%Proceeds: 8,214,500 1,785,500 10,000,000

Proposed2017Non-Ref Proposed2018Non-Ref

Non-Ref(LimitedTax)

18

PROPOSED SERIES 2018 $1.8M LIMITED BONDS (BANK QUALIFIED)

19

REFERENDUM BONDS

•  District voters approved a $57.5M referendum April 4, 2017

•  The referendum authorization is good for 5 years

•  Once issued and in conjunction with IRS rules on arbitrage, bond proceeds must be expected to be spent in 3 years AND at least 5% of the proceeds must be spent or obligated within the first six months of issue

•  Therefore it is important to have the estimated draw schedule to make out the issuance plan

•  The goal is to keep the debt service at or close to the debt service on the existing referendum bonds (Series 1999B) which will be retired in full by December 1, 2018 (2017 tax levy)

•  The following options are just examples to be refined once the proposed construction draw schedule is completed:

Option I: Issue all Bonds in February 2018

Option II: Issue $40M Bonds in February 2018 and $17.5M in February 2019

Option III: Issue $20M in February 2018; $20M in February 2019 and $17.5M in February 2020

•  All referendum bond options include a cushion (noted in every slide) over estimated interest rates for an Illinois “Aa2” rated bond issue

20

OPTION I: ISSUE $57.5M REF BONDS IN FEBRUARY 2018

(1)  CPIisassumedtogrowat1.5%fromLY2018on(2)  ProposedSeries2017assumescurrentmarketinterestratesforasimilarratedtransaction,whileSeries2018includes+0.25%ascushionformarketvolatility.

Referendum Referendum Total ProposedTax Equalized EAV DebtService CPI Current $8.2MSeries2017 $1.8MSeries2018 Total Remaining Current Total Proposed DebtServiceYear AssessedValue Change ExtensionBase Growth(1) DSEBD/S NetDebtService NetDebtService DSEBD/S DSEBCapacity ULTD/S DebtService LessCAPI NetDebtServuce ULTD/S DebtService TaxRate

2016 1,386,653,517 3.91% 3,475,813 0.70% 3,471,739 - 3,471,739 4,074 4,455,600 - - - 4,455,600 7,927,339 0.5722017 1,386,653,517 0.00% 3,548,805 2.10% 1,417,155 2,087,969 40,792 3,545,915 2,890 1,865,106 2,393,004 (2,393,004) - 1,865,106 5,411,021 0.3902018 1,386,653,517 0.00% 3,602,037 1.50% 1,412,301 2,142,075 44,500 3,598,876 3,162 - 4,455,550 - 4,455,550 4,455,550 8,054,426 0.5812019 1,386,653,517 0.00% 3,656,068 1.50% 1,417,070 2,192,042 44,500 3,653,612 2,456 - 4,456,750 - 4,456,750 4,456,750 8,110,362 0.5852020 1,386,653,517 0.00% 3,710,909 1.50% 1,416,271 2,248,218 44,500 3,708,989 1,920 - 4,459,950 - 4,459,950 4,459,950 8,168,939 0.5892021 1,386,653,517 0.00% 3,766,572 1.50% - - 1,824,500 1,824,500 1,942,072 - 4,459,950 - 4,459,950 4,459,950 6,284,450 0.4532022 1,386,653,517 0.00% 3,823,071 1.50% - - - - 3,823,071 - 4,456,750 - 4,456,750 4,456,750 4,456,750 0.3212023 1,386,653,517 0.00% 3,880,417 1.50% - - - - 3,880,417 - 4,458,750 - 4,458,750 4,458,750 4,458,750 0.3222024 1,386,653,517 0.00% 3,938,623 1.50% - - - - 3,938,623 - 4,455,250 - 4,455,250 4,455,250 4,455,250 0.3212025 1,386,653,517 0.00% 3,997,703 1.50% - - - - 3,997,703 - 4,456,250 - 4,456,250 4,456,250 4,456,250 0.3212026 1,386,653,517 0.00% 4,057,668 1.50% - - - - 4,057,668 - 4,456,250 - 4,456,250 4,456,250 4,456,250 0.3212027 1,386,653,517 0.00% 4,118,533 1.50% - - - - 4,118,533 - 4,460,000 - 4,460,000 4,460,000 4,460,000 0.3222028 1,386,653,517 0.00% 4,180,311 1.50% - - - - 4,180,311 - 4,457,000 - 4,457,000 4,457,000 4,457,000 0.3212029 1,386,653,517 0.00% 4,243,016 1.50% - - - - 4,243,016 - 4,457,250 - 4,457,250 4,457,250 4,457,250 0.3212030 1,386,653,517 0.00% 4,306,661 1.50% - - - - 4,306,661 - 4,455,250 - 4,455,250 4,455,250 4,455,250 0.3212031 1,386,653,517 0.00% 4,371,261 1.50% - - - - 4,371,261 - 4,455,750 - 4,455,750 4,455,750 4,455,750 0.3212032 1,386,653,517 0.00% 4,436,830 1.50% - - - - 4,436,830 - 4,458,250 - 4,458,250 4,458,250 4,458,250 0.3222033 1,386,653,517 0.00% 4,503,382 1.50% - - - - 4,503,382 - 4,457,250 - 4,457,250 4,457,250 4,457,250 0.3212034 1,386,653,517 0.00% 4,570,933 1.50% - - - - 4,570,933 - 4,457,500 - 4,457,500 4,457,500 4,457,500 0.3212035 1,386,653,517 0.00% 4,639,497 1.50% - - - - 4,639,497 - 4,458,500 - 4,458,500 4,458,500 4,458,500 0.3222036 1,386,653,517 0.00% 4,709,089 1.50% - - - - 4,709,089 - 3,774,750 - 3,774,750 3,774,750 3,774,750 0.272

-9,134,535 8,670,303 1,998,792 19,803,630 6,320,706 86,399,954 (2,393,004) 84,006,950 90,327,656 110,131,286

AllinTrueInterestCostasofNov.13,2017: 2.14% 2.42% 2.22% AllinTrueInterestCostasofNov.13,2017: 3.74%Proceeds: 8,214,500 1,785,500 10,000,000 Proceeds: 57,500,000

Proposed2017Non-Ref Proposed2018Non-Ref Proposed2018Ref

$57.5mmReferendum(UnlimitedTax)(2)

Proposed$57.5mmReferendumDebtServiceNon-Ref(LimitedTax)

21

OPTION I: ISSUE $57.5M REF BONDS IN FEBRUARY 2018

22

OPTION II: ISSUE $40M BONDS IN FEB 2018 AND $17.5M IN FEB 2019

(1)  CPIisassumedtogrowat1.5%fromLY2018on(2)  ProposedSeries2017assumescurrentmarketinterestratesforasimilarratedtransaction,whileSeries2018andSeries2019include+0.25%and+0.50%,

respectively,ascushionformarketvolatility.

$57.5mmReferendum(UnlimitedTax)(2)Referendum Proposed2018 Proposed2019 Referendum Total Proposed

Tax Equalized EAV DebtService CPI Current $8.2MSeries2017 $1.8MSeries2018 Total Remaining Current $40MRefD/S $17.5MRefD/S Total Proposed DebtServiceYear AssessedValue Change ExtensionBase Growth(2) DSEBD/S NetDebtService NetDebtService DSEBD/S DSEBCapacity ULTD/S DebtService LessCAPI NetDebtServuce NetDebtServuce ULTD/S DebtService TaxRate

2016 1,386,653,517 3.91% 3,475,813 0.70% 3,471,739 - 3,471,739 4,074 4,455,600 - - - - 4,455,600 7,927,339 0.5722017 1,386,653,517 0.00% 3,548,805 2.10% 1,417,155 2,087,969 40,792 3,545,915 2,890 1,865,106 1,623,967 (1,623,967) - - 1,865,106 5,411,021 0.3902018 1,386,653,517 0.00% 3,602,037 1.50% 1,412,301 2,142,075 44,500 3,598,876 3,162 - 3,716,600 - 3,716,600 742,729 4,459,329 8,058,205 0.5812019 1,386,653,517 0.00% 3,656,068 1.50% 1,417,070 2,192,042 44,500 3,653,612 2,456 - 3,648,800 - 3,648,800 810,250 4,459,050 8,112,662 0.5852020 1,386,653,517 0.00% 3,710,909 1.50% 1,416,271 2,248,218 44,500 3,708,989 1,920 - 3,645,600 - 3,645,600 810,250 4,455,850 8,164,839 0.5892021 1,386,653,517 0.00% 3,766,572 1.50% - - 1,824,500 1,824,500 1,942,072 - 3,644,400 - 3,644,400 810,250 4,454,650 6,279,150 0.4532022 1,386,653,517 0.00% 3,823,071 1.50% - - - - 3,823,071 - 3,645,000 - 3,645,000 810,250 4,455,250 4,455,250 0.3212023 1,386,653,517 0.00% 3,880,417 1.50% - - - - 3,880,417 - 3,645,250 - 3,645,250 810,250 4,455,500 4,455,500 0.3212024 1,386,653,517 0.00% 3,938,623 1.50% - - - - 3,938,623 - 3,645,000 - 3,645,000 810,250 4,455,250 4,455,250 0.3212025 1,386,653,517 0.00% 3,997,703 1.50% - - - - 3,997,703 - 3,649,000 - 3,649,000 810,250 4,459,250 4,459,250 0.3222026 1,386,653,517 0.00% 4,057,668 1.50% - - - - 4,057,668 - 3,646,750 - 3,646,750 810,250 4,457,000 4,457,000 0.3212027 1,386,653,517 0.00% 4,118,533 1.50% - - - - 4,118,533 - 3,648,250 - 3,648,250 810,250 4,458,500 4,458,500 0.3222028 1,386,653,517 0.00% 4,180,311 1.50% - - - - 4,180,311 - 3,648,000 - 3,648,000 810,250 4,458,250 4,458,250 0.3222029 1,386,653,517 0.00% 4,243,016 1.50% - - - - 4,243,016 - 3,645,750 - 3,645,750 810,250 4,456,000 4,456,000 0.3212030 1,386,653,517 0.00% 4,306,661 1.50% - - - - 4,306,661 - 3,646,250 - 3,646,250 810,250 4,456,500 4,456,500 0.3212031 1,386,653,517 0.00% 4,371,261 1.50% - - - - 4,371,261 - 3,649,000 - 3,649,000 810,250 4,459,250 4,459,250 0.3222032 1,386,653,517 0.00% 4,436,830 1.50% - - - - 4,436,830 - 1,438,500 - 1,438,500 3,020,250 4,458,750 4,458,750 0.3222033 1,386,653,517 0.00% 4,503,382 1.50% - - - - 4,503,382 - - - - 4,454,750 4,454,750 4,454,750 0.3212034 1,386,653,517 0.00% 4,570,933 1.50% - - - - 4,570,933 - - - - 4,457,000 4,457,000 4,457,000 0.3212035 1,386,653,517 0.00% 4,639,497 1.50% - - - - 4,639,497 - - - - 4,459,750 4,459,750 4,459,750 0.3222036 1,386,653,517 0.00% 4,709,089 1.50% - - - - 4,709,089 - - - - 2,257,500 2,257,500 2,257,500 0.163

9,134,535 8,670,303 1,998,792 19,803,630 6,320,706 54,186,117 (1,623,967) 52,562,150 30,455,479 89,338,335 109,141,965

AllinTrueInterestCostasofNov.13,2017: 2.14% 2.42% 2.22% AllinTrueInterestCostasofNov.13,2017: 3.32% 4.32% 3.72%Proceeds: 8,214,500 1,785,500 10,000,000 Proceeds: 40,000,000 17,500,000 57,500,000

Proposed2017Non-Ref Proposed2018Non-Ref Proposed2018Ref Proposed2019Ref TotalReferendum

Non-Ref(LimitedTax)

23

OPTION II: ISSUE $40M BONDS IN FEB 2018 AND $17.5M IN FEB 2019

24

OPTION III: ISSUE $20M IN FEB 2018; $20M IN FEB 2019 AND $17.5M IN FEB 2020

(1)  CPIisassumedtogrowat1.5%fromLY2018on(2)  ProposedSeries2017assumescurrentmarketinterestratesforasimilarratedtransaction,whileSeries2018,Series2019andSeries2020include+0.25%,+0.50%

and+0.75%,respectively,ascushionformarketvolatility.

Referendum Proposed2018 Proposed2019 Proposed2020 Referendum Total ProposedTax Equalized EAV DebtService CPI Current $8.2MSeries2017 $1.8MSeries2018 Total Remaining Current $20MRefD/S Total Proposed DebtServiceYear AssessedValue Change ExtensionBase Growth(2) DSEBD/S NetDebtService NetDebtService DSEBD/S DSEBCapacity ULTD/S DebtService LessCAPI NetDebtServuce NetDebtServuce NetDebtServuce ULTD/S DebtService TaxRate

2016 1,386,653,517 3.91% 3,475,813 0.70% 3,471,739 - 3,471,739 4,074 4,455,600 - - - - - 4,455,600 7,927,339 0.5722017 1,386,653,517 0.00% 3,548,805 2.10% 1,417,155 2,087,969 40,792 3,545,915 2,890 1,865,106 780,404 (780,404) - - - 1,865,106 5,411,021 0.3902018 1,386,653,517 0.00% 3,602,037 1.50% 1,412,301 2,142,075 44,500 3,598,876 3,162 - 3,671,350 - 3,671,350 785,308 - 4,456,658 8,055,534 0.5812019 1,386,653,517 0.00% 3,656,068 1.50% 1,417,070 2,192,042 44,500 3,653,612 2,456 - 2,853,550 - 2,853,550 856,700 745,479 4,455,729 8,109,341 0.5852020 1,386,653,517 0.00% 3,710,909 1.50% 1,416,271 2,248,218 44,500 3,708,989 1,920 - 2,788,950 - 2,788,950 856,700 813,250 4,458,900 8,167,889 0.5892021 1,386,653,517 0.00% 3,766,572 1.50% - - 1,824,500 1,824,500 1,942,072 - 2,788,550 - 2,788,550 856,700 813,250 4,458,500 6,283,000 0.4532022 1,386,653,517 0.00% 3,823,071 1.50% - - - - 3,823,071 - 2,789,750 - 2,789,750 856,700 813,250 4,459,700 4,459,700 0.3222023 1,386,653,517 0.00% 3,880,417 1.50% - - - - 3,880,417 - 2,789,250 - 2,789,250 856,700 813,250 4,459,200 4,459,200 0.3222024 1,386,653,517 0.00% 3,938,623 1.50% - - - - 3,938,623 - 2,788,000 - 2,788,000 856,700 813,250 4,457,950 4,457,950 0.3212025 1,386,653,517 0.00% 3,997,703 1.50% - - - - 3,997,703 - 2,430,750 - 2,430,750 1,211,700 813,250 4,455,700 4,455,700 0.3212026 1,386,653,517 0.00% 4,057,668 1.50% - - - - 4,057,668 - - - - 3,642,500 813,250 4,455,750 4,455,750 0.3212027 1,386,653,517 0.00% 4,118,533 1.50% - - - - 4,118,533 - - - - 3,642,500 813,250 4,455,750 4,455,750 0.3212028 1,386,653,517 0.00% 4,180,311 1.50% - - - - 4,180,311 - - - - 3,645,500 813,250 4,458,750 4,458,750 0.3222029 1,386,653,517 0.00% 4,243,016 1.50% - - - - 4,243,016 - - - - 3,646,000 813,250 4,459,250 4,459,250 0.3222030 1,386,653,517 0.00% 4,306,661 1.50% - - - - 4,306,661 - - - - 3,643,750 813,250 4,457,000 4,457,000 0.3212031 1,386,653,517 0.00% 4,371,261 1.50% - - - - 4,371,261 - - - - 1,438,500 3,018,250 4,456,750 4,456,750 0.3212032 1,386,653,517 0.00% 4,436,830 1.50% - - - - 4,436,830 - - - - - 4,458,000 4,458,000 4,458,000 0.3212033 1,386,653,517 0.00% 4,503,382 1.50% - - - - 4,503,382 - - - - - 4,455,250 4,455,250 4,455,250 0.3212034 1,386,653,517 0.00% 4,570,933 1.50% - - - - 4,570,933 - - - - - 4,458,250 4,458,250 4,458,250 0.3222035 1,386,653,517 0.00% 4,639,497 1.50% - - - - 4,639,497 - - - - - 2,336,250 2,336,250 2,336,250 0.1682036 1,386,653,517 0.00% 4,709,089 1.50% - - - - 4,709,089 - - - - - - - - 0.000

9,134,535 8,670,303 1,998,792 19,803,630 6,320,706 23,680,554 (780,404) 22,900,150 26,795,958 28,417,229 84,434,044 104,237,674

AllinTrueInterestCostasofNov.13,2017: 2.14% 2.42% 2.22% AllinTrueInterestCostasofNov.13,2017: 2.65% 3.23% 4.30% 3.54%Proceeds: 8,214,500 1,785,500 10,000,000 Proceeds: 20,000,000 20,000,000 17,500,000 57,500,000

Proposed2017Non-Ref Proposed2018Non-Ref Proposed2018Ref Proposed2019Ref Proposed2020Ref TotalReferendum

$20MRefD/S $17.5MRefD/S

$57.5mmReferendum(UnlimitedTax)(2)Non-Ref(LimitedTax)

25

OPTION III: ISSUE $20M IN FEB 2018; $20M IN FEB 2019 AND $17.5M IN FEB 2020

26

SUMMARY OF ALL REFERENDUM OPTIONS OakParkSD97,CookCounty,ILSummaryofOptions-BondReferendumApril4,2017

OptionI OptionII OptionIII

EstimatedBondProceeds2017(DSEB-NonReferendumBonds) 8,214,500 8,214,500 8,214,500EstimatedBondProceeds2018(DSEB-NonReferendumBonds) 1,785,500 1,785,500 1,785,500

EstimatedBondProceeds(ReferendumBonds) 57,500,000 57,500,000 57,500,000

TimingofReceiptofProceedsDSEBBonds(2017BankQualified) $8.2MDec2017 $8.2MDec2017 $8.2MDec2017TimingofReceiptofProceedsDSEBBonds(2018BankQualified) $1.8MFeb2018 $1.8MFeb2018 $1.8MFeb2018

TimingofReceiptofProceedsReferendumBonds $57.5MFeb2018 $40MFeb2018 $20MFeb2018$17.5MFeb2019 $20MFeb2019

$17.5MFeb2020

CurrentAnnualPayments1999ReferendumBonds2016Levy 4,455,600 4,455,600 4,455,600

ProposedAverageAnnualReferendumDebtService 4,421,418 4,341,441 4,339,630

TotalInterestCostofReferendumBonds $26,506,950 $25,517,629 $20,613,338

LengthofMaturityReferendumBonds 20Years 20Years 19Years

FinalMaturityProposedReferendumBonds 1/1/2038 1/1/2038 1/1/2037

*Thedebtserviceonallbondissuesisestimatedbasedoncurrentmarketconditions.ThereisNOGUARANTEEthatthedebtserviceontheproposedbondissueswon'tbehigherinthefuturedependingonbondmarketconditions.

**Referstoreferendumdebtserviceonly.DSEBBondsarepaidfromtheDebtServiceExtensionBaseandarenotincludedintheanalysis.

Note:MedianhomesalevalueinOakParkis$357,100accordingtoZillow.

27

PROPOSED SERIES 2017 $8.2M NON-REFERENDUM LIMITED BONDS SCHEDULE

Oak Park School District 97 District

Raymond James, Placement Agent RJChapman and Cutler, Bond Counsel/Disclosure Counsel C&C

Date Activity Responsibility Status

7-Nov-17 Draft Term Sheet distributed for DSEB Bonds RJ

14-Nov-17 Comments received on First Draft of Term Sheet All Parties

Regular Meeting Discuss plan of financing for Holmes School, mandated life safety projects District/RJ14-Nov-17 Review draft bond resolution

15-Nov-17 Distribute Preliminary Official Statement (POS/Term Sheet) for Review All Parties

15-Nov-17 Due Diligence Call on Term Sheet District/RJ

16-Nov-17 Distribute Term Sheet to Investors RJ

20-Nov-17 Bond Resolutions delivered to District for inclusion in the Board packets C&C

27-Nov-17 Receive bids from Banks on DSEB Bonds District/RJ

Regular Meeting Approval of the Bond Resolution incorporating final pricing and purchaser District27-Nov-17

29-Nov-17 Finalize Term Sheet RJ/Purchaser

Ongoing Process documentation All Parties

19-Dec-17 Close bond issue, District invests proceeds All Parties

S M T W T F S S M T W T F S S M T W T F S1 2 3 4 5 6 7 1 2 3 4 1 28 9 10 11 12 13 14 5 6 7 8 9 10 11 3 4 5 6 7 8 915 16 17 18 19 20 21 12 13 14 15 16 17 18 10 11 12 13 14 15 1622 23 24 25 26 27 28 19 20 21 22 23 24 25 17 18 19 20 21 22 2329 30 31 26 27 28 29 30 24 25 26 27 28 29 30

31

December2017October2017 November2017

28

Overview of Raymond James

SECTION 4

29

RAYMOND JAMES OVERVIEW

INVESTMENTBANKING EQUITYCAPITALMARKETS FIXEDINCOMECAPITALMARKETS

Ø  Morethan275professionalsorganizedbyindustryandtransac3onspecialtygroups

Ø  Middle-marketgrowthorienta3onfocusØ  Since2009,par3cipatedinraising$600billion

incapitalforourcorporateclientsandcompletedmorethan450advisoryassignments,includingwellover400M&Abuy-sideorsell-sideadvisoryassignments

Ø  OneofWallStreet’sleadingequityresearcheffortswith83fundamentalandtechnicalresearchanalystscoveringnearly1,000U.S.andmorethan350internaYonalcompanies

Ø  1,800acYveinsYtuYonalaccountsØ  Globaldistribu3oncapabili3es-approximately

39%ofinsYtuYonalequitycommissionsgeneratedinEurope

Ø  Morethan200experiencedinsYtuYonalsalespeopleservicingmorethan3,200insYtuYonalaccounts

Ø  Approximately140FixedIncometradersØ  Nearly45FixedIncomestrategists

suppor3ngclientsØ  Over180PublicFinanceprofessionalsin26

loca3onsna3onwide

RETAILBROKERAGE ASSETMANAGEMENT RAYMONDJAMESBANK

•  Approximately6,700financialadvisorsservinginexcessof2.7millionclientaccountsinmorethan2,700locaYons

•  Morethan450financialadvisorsin100officesinCanada

•  20officesin10countriesinterna3onally

Ø  $500billioninAssetsUnderManagementforbothins3tu3onalandindividualinvestors

Ø  EagleAssetManagement-Pensionandprofitsharing,re3rementfunds,founda3ons

Ø  Sponsoredmorethan100LowIncomeHousingTaxCreditFunds(LIHTC)since1987

Ø  $13.8billioninTotalAssetsØ  Innova3veBankingServices-Bothlending

anddepositoryservicesofferedacross50states

Ø  LeZersandLinesofCreditØ  PrivateBanking

30

RAYMOND JAMES PUBLIC FINANCE

23 Muni Institutional Sales

180+ Public Finance Professionals

200+ Fixed Income Sales Professionals

$509 Million in Excess Net Capital

16,500+ Employees / 7,100 Retail Advisors

Extensive Resources

National Presence

Retail Offices Institutional Offices Public Finance Offices Corporate Headquarters

2016 Senior Manager Municipal Rankings

Illinois Presence

Rank UnderwriterParAmount(US$mil)

No.ofIssues

1 BankofAmericaMerrillLynch 65,567.6 5182 Citi 47,707.0 5293 JPMorganSecuritiesLLC 41,358.2 4024 MorganStanley 33,690.6 3885 WellsFargo&Co 26,125.8 3266 RBCCapitalMarkets 23,855.8 7177 RaymondJames 18,017.2 8028 StifelNicolaus&CoInc 17,916.6 9189 Barclays 16,943.7 12810 PiperJaffray&Co 16,421.6 676

No. 2 ranked underwriter for K-12 Bond Issues in 2016

31

RAYMOND JAMES CAPITAL STRENGTH

Ø  RaymondJameshassignificantlylessleveragethanourpeers.

Ø  Inthecurrentmarketenviron-ment,thecapitalposi3onandoverallfinancialhealthofaclient’sunderwriterisessen3al,andRaymondJamesiscom-miZedtoprovidingsufficientcapitaltounderwritebonds.

Ø  RaymondJameshassufficientExcessNetCapitaltounder-writeanissueof,prac3callyspeaking,anysizenecessary.

Ø  RaymondJamesdis3nguishesitselffromitscompe3torsbyitsrepeatedwillingnesstounder-writesizablebalancestosupportanissuer’sbondoffering,evenwhenRaymondJamesisnottheseniormanager.

TotalCapital $19,189,240,000EquityCapital 4,914,096,000NetCapital 512,593,894ExcessNetCapital 460,306,734

FISCALYEARENDED9/30/2016

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2001 2003 2005 2007 2009 2011 2013 2015 2017*

Millions

EquityCapital ExcessNetCapital

FiscalYear TotalCapital EquityCapital NetCapital ExcessNetCapitalCapacitytoUnderwrite

2017* $21,700,153,000 $5,389,272,000 $548,716,201 $497,895,525 $7,112,793,2142016 19,189,240,000 4,914,096,000 512,593,894 460,306,734 6,575,810,4862015 16,467,872,000 4,522,031,000 411,221,578 371,769,502 5,310,992,8862014 14,214,037,000 4,141,236,000 442,866,361 406,172,506 5,802,464,3712013 13,021,233,000 3,662,924,000 431,501,807 393,876,731 5,626,810,4432012 11,950,366,000 3,268,940,000 264,314,878 233,619,251 3,337,417,871

*Asof6/30/17

*Asof6/30/17

32

ILLINOIS FINANCING EXPERIENCE

$526,423,396

Community Unit School District 308

Sole Manager $526,423,396 Bonds since 2006 Most Recent Financing: $96,780,000 General Obligation Refunding School Bonds, Series 2016

March 1, 2016

$94,815,000

City of Decatur

Sole Manager

$94,815,000 Bonds since 2012 Most Recent Financing: $22,205,000 General Obligation Bonds, Series 2016 November 9, 2016

$17,000,000

Village of Westmont

Sole Manager

$17,000,000 Bonds since 2013 Most Recent Financing: $7,000,000 General Obligation Bonds (Alternate Revenue Source), Series 2017 August 31, 2017

$59,413,730

Community College District 523

Sole Manager

$59,413,730 Bonds since 2011 Most Recent Financing: $1,360,000 General Obligation Community College Bonds, Ser 2014 March 5, 2014

$10,110,000

Community Consolidated School District 202 (Plainfield)

Senior Manager

$10,110,000 General Obligation Limited School Bonds, Series 2016B February 3, 2016

*Preliminary, subject to change.

$10,000,000*

Lee County

Sole Manager

$10,000,000* Debt Certificates Series 2017 September 2017

33

RECENT ILLINOIS K-12 TRANSACTIONS 2017 (PRIOR FIRM)

34

RECENT ILLINOIS K-12 TRANSACTIONS 2016 (PRIOR FIRM)

$7,460,000

Community Unit School District Number 226

(Byron) Ogle County, Illinois

General Obligation Refunding School Bonds, Series 2016

Manager

$10,325,000

School District Number 73 1/2 (Skokie)

Cook County, Illinois Taxable Debt Certificates,

Series 2016 Placement Agent

$15,675,000

Community Consolidated School District 15 (Palatine)

Cook County, Illinois General Obligation Limited Tax School

Bonds, Series 2016

Financial Advisor

$6,180,000

School District Number 20 (Keeneyville)

DuPage County, Illinois General Obligation Limited Tax School

Bonds, Series 2016

Manager

$8,450,000

Community Unit School District Number 201 (Westmont)

DuPage County, Illinois General Obligation Limited Tax School

Bonds, Series 2016A

Manager

$5,885,000

School District Number 107 (Pleasantdale)

Cook County, Illinois General Obligation Refunding

School Bonds, Series 2016

Manager

$7,725,000

School District Number 25 (Arlington Heights)

Cook County, Illinois General Obligation Limited School Bonds, Series 2016

Manager

$1,245,000

Community Unit School District Number 201 (Westmont)

DuPage County, Illinois Taxable General Obligation Limited

Tax School Bonds, Series 2016B

Placement Agent

$4,805,000

Township High School District Number 203

Cook County, Illinois (New Trier) General Obligation Limited Tax School

Bonds, Series 2016A

Manager

$7,320,000

School District Number 37 (East Moline)

Rock Island County, Illinois General Obligation

School Bonds, Series 2016

Manager

$7,105,000

Community Unit School District Number 1

Grundy and Will Counties, Illinois (Coal City)

General Obligation School Bonds, Series 2016

Manager

$3,780,000


LaSalle County, Illinois (Ottawa)

General Obligation School Bonds, Series 2016A

Manager

$3,500,000

Community High School District Number 99

DuPage County, Illinois (Downers Grove)

General Obligation Limited School Bonds, Series 2016

Placement Agent

$12,980,000


(Evanston) Cook County, Illinois

General Obligation Limited School Bonds, Series 2016

Manager

$15,500,000

Community Unit School District Number 201-U

Will County, Illinois (Crete-Monee) Taxable General Obligation School Bonds (Alternate Revenue Source),

Series 2016

Placement Agent

35

CAPITAL COMMITMENT

Ø  Asaleadingna3onalinvestmentbankingfirm,RaymondJameshasbeenintheposi3onofseniormanagerfornumeroustransac3onswhereourliabilitywassignificant.

Ø  ThetablebelowdetailswhereRaymondJameshasrecentlycommiZedcapitaltounderwriteunsoldbalancesforMidwestissuers.

SaleDate Issuer StateParAmount

($000)

AmountUnderwritten

($000)%ofPar

Underwritten08/15/17 VillageofWestmont IL 7,000 850 12%05/17/17 CityofMemphis TN 70,515 3,315 5%04/11/17 CityofKalamazoo MI 7,860 230 3%01/27/17 GrossePointePublicSchoolSystem MI 24,995 1,170 5%01/25/17 SouthwesternMichiganCollege MI 12,250 300 2%01/19/17 JonesvilleCommunitySchools MI 8,965 1,720 19%01/18/17 LincolnParkSchoolDistrict MI 6,265 135 2%01/18/17 DearbornSchoolDistrict(HenryFordCollege) MI 9,165 4,925 54%01/12/17 LincolnConsolidatedSchoolDistrict MI 8,440 1,980 23%01/11/17 ManchesterCommunitySchools MI 8,250 190 2%01/10/17 TennesseeSchoolBondAuthority TN 124,490 2,120 2%10/20/16 CityofDecatur IL 22,205 4,125 19%06/07/16 CityofFortScott KS 5,135 955 19%02/25/16 SoutheastMissouriStateUniversity MO 30,360 3,280 11%

36

COMMITMENT TO AND KNOWLEDGE OF ILLINOIS

Raymond James Illinois Retail Offices

Belvidere(2) Elmhurst McHenry PeruBethalto ElmwoodPark Mokena PinckneyvilleBloomington Evanston Morton PontiacBourbonnais(2) Fairfield MountCarmel Quincy(2)Byron FairviewHeights MountSterling Rockford(3)Carbondale Galesburg Naperville(3) RocktonCarmi Geneva NewLenox SalemCentralia GlenCarbon NorthRiverside Schaumburg(2)Champaign Glenview(2) Northfield SkokieCharleston Godfrey OFallon SouthBarringtonChicago(8) Harrisburg OakBrook(2) St.Charles(3)Collinsville Hinsdale OakPark(2) SterlingCrystalLake(2) Hoopeston OakbrookTerrace SwanseaDanville Itasca(2) Olney Sycamore(3)Decatur(3) LaGrange Ottawa(2) UrbanaDeerfield Lemont PalosHills WarrenvilleDeKalb Lisle ParkRidge(2) WatsekaDixon LovesPark Paxton Wheaton(4)Edwardsville Manteno Peoria(2) WilmingtonEffingham(2) Mattoon PeoriaHeights Winnetka

Yorkville

37

POWERFUL DISTRIBUTION NETWORK

U.S.RetailDistribuYon

Ø  Branchloca3onsinall50states

Ø  Over7,100financialadvisorslocatedinover2,700officesthroughouttheU.S.,Canadaandabroad

Ø  Morethan2.9millionclientaccounts

Ø  5thlargestU.S.retailnetwork(asillustratedbelow)

U.S.InsYtuYonalDistribuYon

Ø  Over200U.S.ins3tu3onalsalesandtradingprofessionals,including23ins3tu3onaltax-exemptsalesrepresenta3vesandtradersna3onwideand15municipalunderwriters

Ø  Muniins3tu3onalsalesandtradingforceisamongthe10largestinthena3on(coveringTier1,Tier2andTier3accounts)

MunicipalDeskPersonnelØ  21RetailTraders

Ø  12Ins3tu3onalTraders

Ø  15Underwriters

Ø  4MunicipalCreditAnalysts

Full

Ser

vice

Fi

nanc

ial A

dvis

ors

10,000 – 15,000

5,000 – 10,000

2,000 – 5,000

< 2,000

•  BAS - Merrill Lynch •  Citigroup •  Morgan Stanley •  Wells Fargo

•  JP Morgan •  Credit Suisse •  Deutsche Bank

•  RBC •  Robert Baird •  Stifel Nicolaus •  Jefferies •  William Blair

•  UBS Securities

U.S. Retail Distribution Network

38

Banking Team and Biographies

SECTION 5

39

DEDICATED RAYMOND JAMES TEAM

Banking Team

Elizabeth Hennessy Managing Director

Primary Banking Contact

Paula Arnedo Analyst

Deal Execution and Analytical Support

Quantitative Support

Linda Rau Byron Vice President

Quantitative Group

Jennifer Mills

Senior Vice President

Underwriting Desk

Casy O’Brien Managing Director

Head of Underwriting

Parker Colvin Senior Vice President

Ed Baker

BQ Specialist

Administrative Support Karen Barron

Administrative Assistant

Ashlea Roederer Vice President

Marketing

Public Finance Management

Rob Baird Executive Vice President

Head of Public Finance/Debt Investment Banking

Gavin Murrey Senior Managing Director

Co - Head of Public Finance

Head of National

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TEAM BIOS

Gavin Murrey, Senior Managing Director and Co-Head of Public Finance

Gavin Murrey joined the firm in 1998 and was named co-head of Public Finance in January 2016. He also serves as manager of the central region, which includes bankers in Michigan, Kentucky, Tennessee, Alabama, Mississippi, Louisiana, Arkansas and Illinois. As a Public Finance banker, Mr. Murrey has served as senior manager for various municipalities, states, airports, utilities, institutions of higher education, and project financings. He spends the majority of his banking time working on privatized student housing transactions. He has served as both treasurer and vice chairman of the SIFMA Municipal Executive Committee. Prior to joining the firm, Mr. Murrey spent eight years at Ernst & Young LLP and served as senior manager and director of the municipal verification department of the Structured Finance Services Group. He holds a Bachelor of Business Administration degree from the University of Mississippi.

Elizabeth M. Hennessy, Managing Director, Head of Illinois Public Finance

Elizabeth Hennessy has over 28 years of experience serving public finance issuers, Ms. Hennessy has cultivated a strong K-12 Midwest business practice which focuses primarily on Illinois municipalities, including school districts, counties, cities/villages, school districts and park districts. Ms. Hennessy’s expertise and commitment to serving her clients’ needs is superlative and continuously demonstrated through the longstanding relationships she maintains with her clientele. Prior to joining Raymond James, she was Managing Director for William Blair & Company, LLC where she lead the Illinois school district finance team where the firm maintained their top five ranking for the last 10 years for Illinois K-12 financings. She is a frequent presenter for the Illinois Association of School Business Officials. In addition to her business accomplishments, Ms. Hennessy has served as President of the Board of Directors of the Infant Welfare Society of Chicago FY2015-2017. Ms. Hennessy received a Masters in Management from the Kellogg School of Management at Northwestern University and a Bachelor of Arts degree in Economics from the University of Michigan. Ms. Hennessy holds the Series 7, 63, 79, 24 and 50 licenses. Furthermore, Ms. Hennessy has implemented complex financing plans to meet a variety of financial challenges Illinois school districts face today.

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TEAM BIOS

Thomas Chapman, Managing Director , Public Finance

Thomas L. Chapman has over 30 years of experience serving public finance issuers, Mr. Chapman has cultivated a strong Midwest business practice which focuses primarily on Illinois municipalities, including counties, cities/villages, school districts and park districts. Mr. Chapman’s expertise and commitment to serving his clients’ needs is superlative and continuously demonstrated through the longstanding relationships he maintains with his clientele. Prior to joining Raymond James, he was Managing Director and Midwest Public Finance Manager for both Legg Mason Wood Walker, Incorporated and First Union Securities, Inc. (formerly EVEREN Securities, Inc. where he served as Executive Vice President/Manager of the Municipal Bond Department), and a member of the Public Finance staff of the Harris Bank in Chicago and Clayton Brown and Associates. In addition to his business accomplishments, Mr. Chapman has served as Treasurer and an elected Trustee for the Village of Roselle, and as a Board member of the Museum of Broadcast Communications. These extracurricular responsibilities have been invaluable tools to further Mr. Chapman’s knowledge when serving his clients’ needs. Mr. Chapman received a Bachelor of Arts (Accounting) degree from Carroll University in Waukesha, Wisconsin. Mr. Chapman holds the Series 52, 53 and 63 licenses. Mr. Chapman has implemented complex financing plans to meet a variety of financial challenges Illinois municipalities face today.

Linda Rau Byron, Vice President, Public Finance

Linda Rau Byron has over 25 years of experience in Public Finance. She provides analytical support, including analysis of program structures, cash flow modeling, structuring issues and coordinating all closing activities on financings. Ms. Byron has worked on tax-exempt and taxable financings including general obligation, certificates of participation/debt certificates, tax increment, industrial development, education, water and sewer, sanitary district, and various other financings. She has worked directly with issuers, bond counsel, underwriter’s counsel, financial advisors, bond insurers, rating agencies, escrow agents, verification agents, and investment contract/escrow reinvestment brokers and providers. Before joining Raymond James, she spent five years at Legg Mason Wood Walker, two years at First Union Securities, and nine years at Dain Rauscher. In each position, she provided analytical support to the Public Finance banking team. Ms. Byron attended the University of Wisconsin and holds Series 7, 53 and 63 licenses.

Casy O’Brien, Managing Director, Manager of New Issue Municipal Underwriting

As the head of underwriting, Casy O’Brien brings 23 years of municipal bond experience to the firm’s efforts to serve our diverse clientele. Prior to joining Raymond James, Mr. O’Brien was with the Royal Bank of Canada where he worked primarily with new issues but also secondary trading. He has extensive experience in underwriting a wide variety of municipal credits, including state and local issuers, education, transportation, healthcare, project finance, land-based finance, and housing issues. He is a member of Chicago, Minneapolis and Denver Bond Clubs. Mr. O’Brien has a Bachelor of Science degree in Economics from the University of Minnesota. He holds Series 7 and 63 licenses.

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TEAM BIOS

Parker Colvin, Managing Director, Senior Municipal Underwriter

Parker Colvin joined the firm as a managing director and senior underwriter in November 2013. Most recently, he managed the California/Arizona underwriting desk for Stifel. Prior to that, he served as head of trading and underwriting for Stone & Youngberg. Over the past several years, Mr. Colvin has underwritten more than 1,200 California transactions with a par value exceeding $30 billion. Born and raised on the Iron Range of Minnesota, Mr. Colvin earned a degree in mathematics and played ice hockey at Wheaton College (IL). He is a past president of the San Francisco Municipal Bond Club. He currently holds Series 7, 53 and 63 licenses.

Edward Baker, Senior Vice President, Bank Qualified Municipal Trader and Underwriter

Ed Baker is a trader and underwriter based in Raymond James’ Chicago office. He works on all Midwest bank qualified municipal transactions in the primary and secondary market. Mr. Baker has been involved in K-12, city, county and local credits of the municipal market for over 23 years. Ed has a Bachelor of Arts degree in the Liberal Arts School of Economics, from the University of Iowa. He holds a Series 7, 63 and 52 licenses.

Paula Arnedo, Analyst, Public Finance

Paula Arnedo is an Analyst at Raymond James – Chicago office. She mainly provides support on K-12 Illinois and local issuer financing deals, including new money and refunding analyses. Prior to joining Raymond James in July 2017, Ms. Arnedo started her public finance career at William Blair providing analytical support to the banking team and mainly supported Illinois and Massachusetts bankers on K-12 and local issuer structuring deals, where she worked on several referendum and non-referendum Illinois municipal bond issuances for school districts. Prior to starting her public finance role, she was at Ryan LLC, a property tax consulting firm, where she handled tax compliance and assessment analyses for corporate clients and provided solutions on their property tax liabilities. She also helped on tax budgeting as well as property tax appeals in different counties and states. She holds her Series 7, 50, 52, and 63 licenses. She received her Bachelors of Science degree in Applied Economics and Finance from De La Salle University, Manila, Philippines.

Karen Barron, Administrative Assistant, Public Finance

Karen Barron is the Administrative Assistant to the Managing Director and Head of Illinois Public Finance. In this position, Karen provides administrative assistance, including marketing, municipal bond deal executions and closings, assisting school districts in completing and filing bond closing documents, planning and supporting the daily operational functions of the Managing Director. Karen also coordinates with clients and issuers to timely meet continuing disclosures deadlines and filings. Prior to joining Raymond James, Karen worked for approximately 9 years at William Blair & Company, LLC in Public Finance as a dissemination agent where she did performed research, compiled and calculated statistical and financial data for school districts, counties, cities/villages and park districts for continuing disclosure filings.

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DISCLAIMER The information contained herein is solely intended to facilitate discussion of potentially applicable financing applications and is not intended to be a specific buy/sell recommendation, nor is it an official confirmation of terms. Any terms discussed herein are preliminary until confirmed in a definitive written agreement. While we believe that the outlined financial structure or marketing strategy is the best approach under the current market conditions, the market conditions at the time any proposed transaction is structured or sold may be different, which may require a different approach. The analysis or information presented herein is based upon hypothetical projections and/or past performance that have certain limitations. No representation is made that it is accurate or complete or that any results indicated will be achieved. In no way is past performance indicative of future results. Changes to any prices, levels, or assumptions contained herein may have a material impact on results. Any estimates or assumptions contained herein represent our best judgment as of the date indicated and are subject to change without notice. Examples are merely representative and are not meant to be all-inclusive. Raymond James shall have no liability, contingent or otherwise, to the recipient hereof or to any third party, or any responsibility whatsoever, for the accuracy, correctness, timeliness, reliability or completeness of the data or formulae provided herein or for the performance of or any other aspect of the materials, structures and strategies presented herein. This Presentation is provided to you for the purpose of your consideration of the engagement of Raymond James as an underwriter and not as your financial advisor or Municipal Advisor (as defined in Section 15B of the Exchange Act of 1934, as amended), and we expressly disclaim any intention to act as your fiduciary in connection with the subject matter of this Presentation. The information provided is not intended to be and should not be construed as a recommendation or “advice” within the meaning of Section 15B of the above-referenced Act. Any portion of this Presentation which provides information on municipal financial products or the issuance of municipal securities is only given to provide you with factual information or to demonstrate our experience with respect to municipal markets and products. Municipal Securities Rulemaking Board (“MSRB”) Rule G-17 requires that we make the following disclosure to you at the earliest stages of our relationship, as underwriter, with respect to an issue of municipal securities: the underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with the issuer and it has financial and other interests that differ from those of the issuer. Raymond James does not provide accounting, tax or legal advice; however, you should be aware that any proposed transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and/or legal counsel. Raymond James and affiliates, and officers, directors and employees thereof, including individuals who may be involved in the preparation or presentation of this material, may from time to time have positions in, and buy or sell, the securities, derivatives (including options) or other financial products of entities mentioned herein. In addition, Raymond James or affiliates thereof may have served as an underwriter or placement agent with respect to a public or private offering of securities by one or more of the entities referenced herein. This Presentation is not a binding commitment, obligation, or undertaking of Raymond James. No obligation or liability with respect to any issuance or purchase of any Bonds or other securities described herein shall exist, nor shall any representations be deemed made, nor any reliance on any communications regarding the subject matter hereof be reasonable or justified unless and until (1) all necessary Raymond James, rating agency or other third party approvals, as applicable, shall have been obtained, including, without limitation, any required Raymond James senior management and credit committee approvals, (2) all of the terms and conditions of the documents pertaining to the subject transaction are agreed to by the parties thereto as evidenced by the execution and delivery of all such documents by all such parties, and (3) all conditions hereafter established by Raymond James for closing of the transaction have been satisfied in our sole discretion. Until execution and delivery of all such definitive agreements, all parties shall have the absolute right to amend this Presentation and/or terminate all negotiations for any reason without liability therefor.

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