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2014 SeriesA 5-Year Arbitrage Report 2019
CONTROL #13.00 $22,660,000.00 KODIAK ISLAND BOROUGH, ALASKA GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A DATE OF ISSUE: FEBRUARY 20, 2014 ARBITRAGE REBATE CALCULATIONS FOR THE OSTH YEAR REBATE INSTALLMENT COMPUTATION PERIOD FEBRUARY 20, 2014 TO FEBRUARY 20, 2019 AS OF THE DATE OF THIS REPORT MARCH 14, 2019 Kodiak Island Borough, Alaska 710 Mill Bay Road Kodiak, Alaska 99615-6340 March 14, 2019 TRANSMITTAL LETTER CONTROL #13.00 $22,660,000.00 KODIAK ISLAND BOROUGH, ALASKA GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A DATE OF ISSUE: FEBRUARY 20, 2014 ARBITRAGE REBATE CALCULATIONS FOR THE 05TH YEAR REBATE INSTALLMENT COMPUTATION PERIOD FEBRUARY 20, 2014 TO FEBRUARY 20, 2019 AS OF THE DATE OF THIS REPORT MARCH 14, 2019 We have enclosed the arbitrage rebate calculation report (together with Exhibits thereto, the "Report") for the above-referenced issue of tax-exempt debt ("Debt"). As explained in more detail in this Report, there is no Rebate Installment payment due to the United States Treasury, Internal Revenue Service ("IRS'� on or before Monday, April 22, 2019 with respect to the Debt for the above-referenced 05th Year Rebate Installment Computation Period. There are no filing requirements regarding arbitrage rebate with the IRS as of the date of this Report, and therefore, nothing should be filed with the IRS as of this time. Please note that the 10th Year IRS filing date is 60 days from February 20, 2024. If you have any questions regarding this Report and related matters please call Diana Pahnke at (800) 672-9993 ext. 7522. Very truly yours, ARBITRAGE COMPLIANCE SPECIALISTS, INC. March 14, 2019 Kodiak Island Borough, Alaska ("Issuer") 710 Mill Bay Road Kodiak, Alaska 99615-6340 CONTROL #13.00 $22,660,000.00 KODIAK ISLAND BOROUGH, ALASKA GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A DATE OF ISSUE: FEBRUARY 20, 2014 ARBITRAGE REBATE CALCULATIONS FOR THE 05TH YEAR REBATE INSTALLMENT COMPUTATION PERIOD FEBRUARY 20, 2014 TO FEBRUARY 20, 2019 AS OF THE DATE OF THIS REPORT MARCH 14, 2019 At your request, Arbitrage Compliance Specialists, Inc. ("ACS") has prepared computations pertaining to the amount of the rebate installment payment ("Rebate Installment payment") that is due on or before Monday, April 22, 2019 from the Issuer to the United States Treasury, Internal Revenue Service ("lRS") with respect to the above-referenced issue of tax-exempt debt ("Debt") for the above-referenced 05th Year Rebate Installment Computation Period ("Computation Period"). The computations attached as Exhibits (together with this letter, the "Report") have been performed by ACS and are based upon the limited scope of ACS' engagement with information, instructions, assumptions and representations as provided to ACS by the Issuer. The computations reflected in the Exhibits of this Report are summarized as follows: 1. The yield on the Debt is 3 .2232% per Form 8038-G. 2.The yield on the investments is 1.86440662%. 3. I 00% Rebate Installment payment TOTAL PAYMENT DUE TO THE IRS: ($289,009. 74) NONE For purposes of these calculations, we have allocated the Project Proceeds to reflect that portion that is subject to rebate for the Debt. Using procedures, which ACS has developed for calculating arbitrage rebate, ACS has computed the amount of the Rebate Installment payment with respect to the Debt for the Computation Period in accordance with the applicable provisions of the Internal Revenue Code of 1986, as amended and the Treasury Regulations applicable to the Debt. ARBITRAGE COMPLIANCE SPECIALISTS, INC. Douglas Pahnke, CPA, Managing Director PTIN: P02 l 24041 KODIAK ISLAND BOROUGH, ALASKA GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A $22,660,000.00 05th Year Arbitrage Rebate Calculation Period Bond Yield 02/20/14 to 02/20/19 3.22320000% Investment Yield 1.86440662% Liability ($289,009.74) Period Ending Relevant Cash Flow 02/20/14 (25,000,000.00) 05/20/14 692,962.39 05/29/14 29,330.88 05/30/14 1,750.27 05/31/14 (27 ,032.93) 06/03/14 97,379.09 06/04/14 17,944.19 06/10/14 14,777.07 06/13/14 1,519.02 06/16/14 216.40 06/17/14 29,092.00 06/24/14 385, 121 .42 06/26/14 2,214,531.00 06/27/14 1,351.05 06/30/14 26,823.22 07/05/14 1,296.72 07/08/14 868.87 07111/14 1,555.50 07/15/14 216.40 07/22/14 29,991.13 07/25/14 1,069.78 07/28/14 (43,830.23) 07/29/14 3,018, 157.07 07/30/14 (45,141.25) 07/31/14 37,939.88 08/06/14 786.00 08/08/14 1,325.98 08/12/14 15,067.05 08/15/14 216.40 08/19/14 27,577.13 08/22/14 1,186.61 08/26/14 2,615,425.63 08/31/14 (25,461.07) 09/02/14 69,897.07 09/05/14 1,795.46 09/09/14 33,789.70 Arbitrage Compliance Specialists, Inc. Future Value Factor 1.17336438% 1.16402218% 1.16309206% 1 . 16298876% 1.16298876% 1.16267891 % 1.16257564% 1.16195625% 1.16164668% 1.16133719% 1.16123405% 1.16051229% 1.16030616% 1.16020310% 1.15989400% 1.15937901% 1.15907012% 1.15876132% 1.15834971 % 1.1576297 4% 1.15732132% 1 .15701299% 1.15691023% 1.15680747% 1.15680747% 1.15619116% 1 . 15598579% 1.15557517% 1. 15526729% 1 . 15485693% 1 .15454925% 1.15413913% 1.15372916% 1. 15352424 % 1.15321691% 1.15280727% Arbitrage Rebate Calculation Adjustment Investment Yield Present Value Factor EXHIBIT 1 Control # 13.00 Page 1of3 Days of Total Future Value Period (29,334, 109.44) 1800 806,623.59 1710 34,114.51 1701 2,035.54 1700 (31,438.99) 1700 113,220.61 1697 20,861.48 1696 17,170.31 1690 1,764.56 1687 251.31 1684 33,782.62 1683 446,938.14 1676 2,569,533.95 1674 1,567.49 1673 31,112.09 1670 1,503.39 1665 1,007.08 1662 1,802.45 1659 250.67 1655 34,718.62 1648 1,238.08 1645 (50,712.15) 1642 3,491,736.78 1641 (52,219.74) 1640 43,889.14 1640 908.77 1634 1,532.81 1632 17,411.11 1628 250.00 1625 31,847.64 1621 1,370.00 1618 3,018,565.07 1614 (29,375.18) 1610 80,627.96 1608 2,070.55 1605 38,953.01 1601 PAR Report Period Period Ending 09/15/14 09/16/14 09/19/14 09/23/14 09/26/14 09/30/14 10/03/14 10/08/14 10/14/14 10/15/14 10/17/14 10/21/14 10/31/14 11/06/14 11/12/14 11/13/14 11/14/14 11/17/14 11/18/14 11/25/14 11/26/14 11/30/14 12/02/14 12/09/14 12/12/14 12/15/14 12/16/14 12/24/14 12/30/14 12/31/14 01/02/15 01/06/15 01/09/15 01/13/15 01/15/15 01/20/15 01/21/15 01/23/15 01/30/15 01/31/15 02/02/15 02/06/15 $22,660,000.00 05th Year Arbitrage Rebate Calculation 02/20/14 to 02/20/19 Relevant Cash Flow 293.60 28,661.89 730.13 2,946,515.00 942.09 135,729.82 2,125.85 899.70 45,082.60 216.40 607.53 2,378,046.00 29,683.54 560.70 46.80 (98,827.94) 751.85 216.40 25,319.90 1,707,091.00 1,038.90 5,988.94 96,226.03 32,596.23 1,535.08 216.40 780,671.47 534.00 943.00 28,408.98 43,830.23 30.00 946.19 81,052.53 216.40 495,941.00 520.73 393.94 (13,792.57) (10,429.54) (2,788.34) 2,439.06 Arbitrage Compliance Specialists, Inc. Arbitrage Rebate Calculation Future Value Factor Adjustment 1.15219308% 1.15209075% 1.15178381% 1.15137468% 1.15106792% 1.15065905% 1.15035248% 1.14984173% 1.14922912% 1.14912705% 1.14892294% 1.14851483% 1.14759710% 1.14698569% 1.14637460% 1.14627278% 1.14617098% 1.14586561% 1.14576384% 1.14505170% 1.14495000% 1.14454330% 1.14434000% 1.14362874% 1.14332405% 1.14301944% 1.14291793% 1.14210611% 1.14149762% 1.14149762% 1.14129487% 1.14088946% 1.14058550% 1.14018035% 1.13997783% 1.13947168% 1.13937047% 1.13916809% 1.13846005% 1.13846005% 1.13825783% 1.13785351 % Investment Yield Present Value Factor EXHIBIT 1 Control # 13.00 Page 2 of 3 Days of Total Future Value Period 338.28 1595 33,021.10 1594 840.95 1591 3,392,542.75 1587 1,084.41 1584 156,178.75 1580 2,445.48 1577 1,034.51 1572 51,810.24 1566 248.67 1565 698.01 1563 2,731,221.09 1559 34,064.74 1550 643.11 1544 53.65 1538 (113,283.78) 1537 861.75 1536 247.97 1533 29,010.63 1532 1,954,707.45 1525 1,189.49 1524 6,854.60 1520 110,115.30 1518 37,277.99 1511 1,755.09 1508 247.35 1505 892,243.42 1504 609.88 1496 1,076.43 1490 32,428.78 1490 50,023.22 1488 34.23 1484 1,079.21 1481 92,414.50 1477 246.69 1475 565,110.72 1470 593.30 1469 448.76 1467 (15,702.29) 1460 (11,873.61) 1460 (3,173.85) 1458 2,775.29 1454 PAR $22,660,000.00 EXHIBIT 1 Report 05th Year Arbitrage Rebate Calculation Control # 13.00 Period 02/20/14 to 02/20/19 Page 3 of 3 Arbitrage Rebate Calculation Period Days of Ending Relevant Cash Flow Future Value Factor Adjustment Investment Yield Present Value Factor Total Future Value Period 02/12/15 36.71 1.13724729% 41.75 1448 02/17/15 536,088.30 1.13674235% 609,394.27 1443 02/20/15 (1,650.00) 1.13643950% Computation Date Credit (1,875.13) 1440 02/20/15 1,024.40 1.13643950% 1,164.17 1440 02/24/15 1,232,300.37 1. 13603582% 1,399,937.36 1436 02/28/15 30,542.79 1.13563228% 34,685.38 1432 03/06/15 2,605.65 1.13482564% 2,956.96 1424 03/10/15 73,496.83 1.13442253% 83,376.46 1420 03/16/15 216.40 1.13381814% 245.36 1414 03/17/15 25,781.63 1.13371744% 29,229.08 1413 03/20/15 1,340.60 1.13341539% 1,519.46 1410 03/24/15 10,700.00 1.13301278% 12,123.24 1406 03/31/15 1,161,985.03 1.13240914% 1,315,842.47 1400 04/03/15 5,009.13 1.13210744% 5,670.87 1397 04/07/15 959.70 1.13170530% 1,086.10 1393 04/14/15 69,924.27 1.13100189% 79,084.48 1386 04/15/15 216.40 1.13090144% 244.73 1385 04/17/15 3,195.21 1.13070057% 3,612.83 1383 04/21/15 27,692.00 1.13029893% 31,300.24 1379 04/28/15 343.35 1.12959640% 387.85 1372 04/30/15 (5,658.65) 1.12939576% (6,390.86) 1370 05/01/15 4,146.97 1.12929545% 4,683.15 1369 05/05/15 1,557,332.20 1.12889430% 1,758,063.45 1365 05/07/15 1,238.06 1.12869379% 1,397.39 1363 05/08/15 26,501.52 1.12859354% 29,909.44 1362 05/15/15 3,109.89 1.12789207% 3,507.62 1355 05/22/15 1,768,567.00 1.12719104% 1,993,512.87 1348 05/29/15 2,955.32 1.12649044% 3,329.14 1341 05/31/15 11,745.41 1.12639039% 13,229.92 1340 06/02/15 59,708.47 1.12619032% 67,243.10 1338 06/08/15 767.70 1.12559031% 864.12 1332 06/09/15 59.30 1.12549034% 66.74 1331 06/12/15 3,697.46 1.12519048% 4,160.35 1328 06/15/15 216.40 1.12489071% 243.43 1325 06/16/15 23,668.28 1.12479080% 26,621.86 1324 06/23/15 718,792.43 1.12409169% 807,988.60 1317 02/20/16 (1,650.00) 1.10067661 % Computation Date Credit (1,816.12) 1080 337,712.96 Liability (289,009.74) Arbitrage Compliance Specialists, Inc. PAR Report Period $22,660,000.00 05th Year Arbitrage Rebate Calculation 02/20/14 to 02/20/19 Debt Service Fund Paid From General Operating Fund Bona Fide Per Issuer Project Proceeds General Ledger -Fund 460 101.100 Wells Fargo (to 6/30/14) Wells Fargo (6/30/14+) Arbitrage Compliance Specialists, Inc. Listing of Investments by Fund EXHIBIT 2 Control # 13.00 Page 1of1 PAR $22,660,000.00 EXHIBIT3 Report 05th Year Arbitrage Rebate Calculation Control # 13.00 Period 02/20/14 to 02/20/19 Page 1of3 Proof of Investment Yield Investment Yield 1.86440662% Period Ending Investments Present Value Factor Present Value Proceeds Present Value Factor Present Value 02/20/14 (25,000,000.00) 1 .09722966% (27,430,741.47) 1.09722966% 02/28/14 (19,750.39) 1 .09677726% (21,661.78) 19,750.39 1.09677726% 21,661.78 03/31/14 (34,396.25) 1.09496954% (37,662.84) 34,396.25 1.09496954% 37,662.84 04/30/14 (38,538.79) 1.09327750% (42, 133.59) 38,538.79 1.09327750% 42,133.59 05/20/14 1.09215093% 692,962.39 1.09215093% 756,819.52 05/29/14 1.09164436% 29,330.88 1.09164436% 32,018.89 05/30/14 1.09158808% 1,750.27 1.09158808% 1,910.57 05/31/14 (63,674.71) 1.09158808% (69,506.55) 36,641.78 1.09158808% 39,997.73 06/03/14 1.09141929% 97,379.09 1.09141929% 106,281.42 06/04/14 1.09136303% 17,944.19 1.09136303% 19,583.63 06/10/14 1.09102552% 14,777.07 1.09102552% 16,122.16 06/13/14 1.09085681% 1,519.02 1.09085681 % 1,657.03 06/16/14 1 .09068813% 216.40 1.09068813% 236.02 06/17/14 1.09063191% 29,092.00 1.09063191% 31,728.66 06/24/14 1.09023843% 385,121.42 1.09023843% 419,874.17 06/26/14 1.09012603% 2,214,531.00 1.09012603% 2,414,117.89 06/27/14 1.09006984% 1,351.05 1.09006984% 1,472.74 06/30/14 (21,803,723.18) 1.08990128% (23,763,905.69) 21,830,546.40 1.08990128% 23,793, 140.36 07/05/14 1.08962039% 1,296.72 1.08962039% 1,412.93 07/08/14 1.08945190% 868.87 1.08945190% 946.59 07/11/14 1.08928343% 1,555.50 1.08928343% 1,694.38 07/15/14 1.08905885% 216.40 1.08905885% 235.67 07/22/14 1.08866594% 29,991.13 1.08866594% 32,650.32 07/25/14 1.08849759% 1,069.78 1.08849759% 1,164.45 07/28/14 (43,830.23) 1.08832927% (47,701.72) 1.08832927% 07/29/14 1.08827317% 3,018,157.07 1.08827317% 3,284,579.36 07/30/14 (45,141.25) 1.08821707% (49, 123.48) 1.08821707% 07/31/14 (52,753.64) 1.08821707% (57,407.41) 90,693.52 1.08821707% 98,694.23 08/06/14 1.08788054% 786.00 1.08788054% 855.07 08/08/14 1.08776839% 1,325.98 1.08776839% 1,442.36 08/12/14 1.08754412% 15,067.05 1.08754412% 16,386.08 08/15/14 1.08737595% 216.40 1.08737595% 235.31 08/19/14 1.08715176% 27,577.13 1.08715176% 29,980.53 08/22/14 1.08698364% 1,186.61 1.08698364% 1,289.83 08/26/14 1.08675954% 2,615,425.63 1.08675954% 2,842,338. 7 4 08/31/14 (50,852.63) 1.08653547% (55,253.19) 25,391.56 1.08653547% 27,588.83 09/02/14 1.08642346% 69,897.07 1.08642346% 75,937.82 09/05/14 1.08625546% 1,795.46 1.08625546% 1,950.33 09/09/14 1.08603150% 33,789.70 1.08603150% 36,696.68 09/15/14 1 .08569565% 293.60 1.08569565% 318.76 Arbitrage Compliance Specialists, Inc. PAR $22,660,000.00 EXHIBIT 3 Report 05th Year Arbitrage Rebate Calculation Control # 13.00 Period 02/20/14 to 02/20/19 Page 2 of3 Proof of Investment Yield Period Ending Investments Present Value Factor Present Value Proceeds Present Value Factor Present Value 09/16/14 1.08563968% 28,661.89 1.08563968% 31,116.49 09/19/14 1.08547180% 730.13 1.08547180% 792.54 09/23/14 1.08524801 % 2,946,515.00 1.08524801% 3, 197,699.53 09/26/14 1.08508019% 942.09 1.08508019% 1,022.24 09/30/14 (29,759.75) 1.08485647% (32,285.05) 165,489.57 1.08485647% 179,532.43 10/03/14 1.08468871% 2,125.85 1.08468871% 2,305.89 10/08/14 1.08440918% 899.70 1.08440918% 975.64 10/14/14 1.08407382% 45,082.60 1.08407382% 48,872.87 10/15/14 1.08401794% 216.40 1.08401794% 234.58 10/17/14 1.08390619% 607.53 1.08390619% 658.51 10/21/14 1.08368271 % 2,378,046.00 1.08368271 % 2,577,047.34 10/31/14 (20,973.73) 1.08318006% (22,718.33) 50,657.27 1.08318006% 54,870.95 11/06/14 1.08284509% 560.70 1.08284509% 607.15 11/12/14 1.08251023% 46.80 1.08251023% 50.66 11/13/14 (98,827.94) 1.08245443% (106,976.74) 1.08245443% 11/14/14 1.08239863% 751.85 1.08239863% 813.80 11/17/14 1.08223125% 216.40 1.08223125% 234.19 11/18/14 1.08217546% 25,319.90 1.08217546% 27,400.57 11/25/14 1.08178504% 1,707,091.00 1.08178504% 1,846,705.50 11/26/14 1.08172927% 1,038.90 1.08172927% 1, 123.81 11/30/14 (10,790.79) 1.08150625% (11,670.30) 16,779.73 1.08150625% 18,147.38 12/02/14 1.08139475% 96,226.03 1.08139475% 104,058.32 12/09/14 1.08100461% 32,596.23 1.08100461% 35,236.67 12/12114 1.080837 45% 1,535.08 1.08083745% 1,659.17 12/15/14 1.08067031% 216.40 1.08067031% 233.86 12/16/14 1.08061460% 780,671.47 1.08061460% 843,604.99 12/24/14 1.08016906% 534.00 1.08016906% 576.81 12/30/14 1.07983502% 943.00 1.07983502% 1,018.28 12/31/14 (8,850.57) 1.07983502% (9,557.15) 37,259.55 1.07983502% 40,234.16 01/02/15 1.07972369% 43,830.23 1.07972369% 47,324.54 01/06/15 1.07950108% 30.00 1.07950108% 32.39 01/09/15 1.07933415% 946.19 1.07933415% 1,021.26 01/13/15 1.07911162% 81,052.53 1.07911162% 87,464.73 01/15/15 1.07900037% 216.40 1.07900037% 233.50 01/20/15 1.07872230% 495,941.00 1.07872230% 534,982.62 01/21/15 1.07866669% 520.73 1.07866669% 561.69 01/23/15 1.07855549% 393.94 1.07855549% 424.89 01/30/15 (13,792.57) 1.07816637% (14,870.69) 1.07816637% 01/31/15 (18,801.74) 1.07816637% (20,271.41) 8,372.20 1.07816637% 9,026.63 02/02/15 (2,788.34) 1.07805522% (3,005.98) 1.07805522% 02/06/15 1.07783295% 2,439.06 1.07783295% 2,628.90 Arbitrage Compliance Specialists, Inc. PAR $22,660,000.00 EXHIBIT 3 Report 05th Year Arbitrage Rebate Calculation Control # 13.00 Period 02/20/14 to 02/20/19 Page 3 of 3 Proof of Investment Yield Period Ending Investments Present Value Factor Present Value Proceeds Present Value Factor Present Value 02/12/15 1.07749963% 36.71 1.07749963% 39.56 02/17/15 1.07722195% 536,088.30 1.07722195% 577,486.08 02/20/15 1.07705537% 1,024.40 1.07705537% 1,103.34 02/24/15 1.07683331% 1,232,300.37 1.07683331% 1,326,982.09 02/28/15 (4,791.80) 1.07661129% (5,158.90) 35,334.59 1.07661129% 38,041.61 03/06/15 1.07616740% 2,605.65 1.07616740% 2,804.12 03/10/15 1.07594552% 73,496.83 1.07594552% 79,078.58 03/16/15 1.07561278% 216.40 1.07561278% 232.76 03/17/15 1.07555734% 25,781.63 1.07555734% 27,729.62 03/20/15 1.07539102% 1,340.60 1.07539102% 1,441.67 03/24/15 1.07516930% 10,700.00 1.07516930% 11,504.31 03/31/15 (7,271.39) 1.07483681% (7,815.56) 1, 169,256.42 1.07483681% 1,256,759.84 04/03/15 1.07 467060% 5,009.13 1.07467060% 5,383.16 04/07/15 1.07 444903% 959.70 1.07444903% 1,031.15 04/14/15 1.07406139% 69,924.27 1.07406139% 75,102.96 04/15/15 1.07 400602% 216.40 1.07400602% 232.41 04/17/15 1.07389530% 3, 195.21 1.07389530% 3,431.32 04/21/15 1.07367389% 27,692.00 1.07367389% 29,732.18 04/28/15 1.07328653% 343.35 1.07328653% 368.51 04/30/15 (93,612.55) 1.07317588% (100,462.73) 87,953.90 1.07317588% 94,390.01 05/01/15 1.07312056% 4,146.97 1.07312056% 4,450.20 05/05/15 1.07289931 % 1,557,332.20 1.07289931% 1,670,860.65 05/07/15 1.07278870% 1,238.06 1.07278870% 1,328.18 05/08/15 1.07273340% 26,501.52 1.07273340% 28,429.07 05/15/15 1.07234638% 3,109.89 1.07234638% 3,334.88 05/22/15 1.07195950% 1,768,567.00 1.07195950% 1,895,832.20 05/29/15 1.07157276% 2,955.32 1.07157276% 3,166.84 05/31/15 (2,731.70) 1.07151753% (2,927.07) 14,477.11 1.07151753% 15,512.48 06/02/15 1.07140706% 59,708.47 1.07140706% 63,972.08 06/08/15 1.07107573% 767.70 1.07107573% 822.26 06/09/15 1.07102052% 59.30 1.07102052% 63.51 06/12/15 1.07085490% 3,697.46 1.07085490% 3,959.44 06/15/15 1.07068931 % 216.40 1.07068931% 231.70 06/16/15 1.07063412% 23,668.28 1.07063412% 25,340.07 06/23/15 1.07024785% 718,792.43 1.07024785% 769,286.06 06/30/15 (553.15) 1.06986173% (591.79) 553.15 1.06986173% 591.79 (47,466,207.08) (51,913,409.44) 47,807,220.04 51,913,409.44 Arbitrage Compliance Specialists, Inc. PAR Report Period $22,660,000.00 05th Year Arbitrage Rebate Calculation 02/20/14 to 02/20/19 EXHIBIT 4 Control # 13.00 Page 1of3 Investment Detail -Project Proceeds -General Ledger -Fund 460 101.100 Wells Fargo (to 6/30/14) Net 164,535. 70 Date 02/20/14 02/28/14 02/28/14 03/31/14 03/31/14 04/30/14 04/30/14 05/20/14 05/29/14 05/30/14 05/31/14 05/31/14 05/31/14 06/03/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/04/14 06/10/14 06/13/14 06/16/14 06/17/14 100% $ Type (25,000,000.00) Principal (19,750.39) Principal 19,750.39 Interest (34,396.25) Principal 34,396.25 Interest (38,538.79) Principal 38,538. 79 Interest 692, 962. 39 Maturity 29,330.88 Maturity 1,750.27 Maturity (27,032.93) Principal (36,641. 78) Principal 36,641.78 Interest 97,379.09 Maturity 100.62 Maturity 192.50 Maturity 315.80 Maturity 333.80 Maturity 421.07 Maturity 445.50 Maturity 480.00 Maturity 502.89 Maturity 1,023.49 Maturity 1,149.70 Maturity 1, 156.1 O Maturity 1, 187.30 Maturity 1,682.37 Maturity 2,494.12 Maturity 6 ,458. 93 Maturity 14,777.07 Maturity 1,519.02 Maturity 216.40 Maturity 29,092.00 Maturity Yield 1.84921206% Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100 00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100 00000% Alloc.$ (25,000,000.00) (19,750.39) 19,750.39 (34,396.25) 34,396.25 ! i (38,538.79) 38,538.79 692,962.39 29,330.88 1,750.27 (27,032.93) (36,641.78) 36,641.78 97,379.09 100.62 192.50 315.80 333.80 421.07 445.50 480.00 502.89 1,023.49 1, 149.70 1,156.10 1,187.30 1,682.37 2,494.12 6,458.93 14,777.07 1,519.02 216.40 29,092.00 Arbitrage Compliance Specialists, Inc. Wells Fargo (to 6/30/14) Date 06/24/14 06/26/14 06/27/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 06/30/14 100% $ Type 385, 121.42 Maturity 2,214,531.00 Maturity 1,351.05 Maturity (87,432.45) Principal (1, 155.80) Principal (1, 155.80) Principal (35,208.50) Principal 35,208.50 Interest 0.41 Maturity 58.63 Maturity 295.88 Maturity 388.31 Maturity 526.38 Maturity 536.87 Maturity 606. 17 Maturity 828.90 Maturity 1,002.98 Maturity 1,021.91 Maturity 1, 155.80 Maturity 1,205.62 Maturity 1,664.78 Maturity 1,699.14 Maturity 4,057.73 Maturity 50,525. 7 4 Maturity 50,992.02 Maturity 21,678, 770.63 Balance End Alloc. % 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc. $ 385, 121.42 2,214,531 00 1,351.05 (87,432.45) (1, 155.80) (1, 155.80) (35,208.50) 35,208.50 0.41 58.63 295.88 388.31 526.38 536.87 606.17 828.90 1,002.98 1,021.91 1, 155.80 1,205.62 1,664.78 1,699.14 4,057.73 50,525.74 50,992.02 21,678,770.63 Wells Fargo (6/30/14+) Net 176,477.25 Yield 1.87894943% Date 06/30/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/05/14 07/08/14 07/08/14 07/11/14 07/15/14 07/22/14 07/25/14 07/28/14 07/29/14 07/30/14 07/31/14 07/31/14 07/31/14 08/06/14 08/08/14 08/12/14 08/15/14 08/19/14 08/22/14 100% $ Type Alloc. % (21,678,770.63) Balance Start 100.00000% 392.14 Maturity 34.64 Maturity 0.04 Maturity 32.70 Maturity 294.89 Maturity 34.07 Maturity 5.81 Maturity 248.04 Maturity 21.91 Maturity 0.03 Maturity 20. 71 Maturity 186.52 Maturity 21.55 Maturity 3.67 Maturity 786.00 Maturity 82.87 Maturity 1,555.50 Maturity 216.40 Maturity 29,991. 13 Maturity 1,069.78 Maturity (43,830.23) Principal 3,018,157.07 Maturity (45,141.25) Principal (52,753.64) Principal 52,753.64 Interest 37,939.88 Maturity 786.00 Maturity 1,325.98 Maturity 15,067.05 Maturity 216.40 Maturity 27,577.13 Maturity 1,186.61 Maturity 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc. $ (21,678,770.63) 392.14 34.64 0.04 32.70 294.89 34.07 5.81 248.04 21.91 0.03 20.71 186.52 21.55 3.67 786.00 82.87 1,555.50 216.40 29,991.13 1,069.78 (43,830.23) 3,018, 157.07 (45, 141.25) (52,753.64) 52,753.64 37,939.88 786.00 1,325.98 15,067.05 216.40 27,577.13 1, 186.61 PAR Report Period $22,660,000.00 05th Year Arbitrage Rebate Calculation 02/20/14 to 02/20/19 Investment Detail -Project Proceeds -General Ledger -Fund 460 101.100 Wells Fargo (6/30/14+) Date 08/26/14 08/26/14 08/31/14 08/31/14 08/31/14 09/02114 09/05/14 09/09/14 09/09/14 09/15/14 09/16/14 09/19/14 09/23/14 09/26/14 09/26/14 09/26/14 09/26/14 09/26/14 09/26/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 09/30/14 100%$ Type 2,600,995.36 Maturity 14,430.27 Maturity (25,461.07) Principal (25,391.56) Principal 25,391.56 Interest 69,897.07 Maturity 1, 795.46 Maturity 789.70 Maturity 33,000.00 Maturity 293.60 Maturity 28,661.89 Maturity 730.13 Maturity 2,946,515.00 Maturity 611.61 Maturity 0.07 Maturity 134.46 Maturity 13.57 Maturity 45 .18 Maturity 137 .20 Maturity (29,759.75) Principal 29,759.75 Interest 63, 175.09 Maturity 65,209.88 Maturity 3,894.86 Maturity 0.43 Maturity 288.1 o Maturity 1,883.88 Maturity 246.24 Maturity 45.46 Maturity 60.43 Maturity 167.72 Maturity 247 .24 Maturity 127.78 Maturity Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Arbitrage Compliance Specialists, Inc. Alloc.$ 2,600,995.36 14,430.27 (25,461.07) (25,391.56) 25,391.56 69,897.07 1,795.46 789.70 33,000.00 293.60 28,661.89 730.13 2,946,515.00 611.61 0.07 134.46 13.57 45.18 137.20 (29,759.75) 29,759.75 63,175.09 65,209.88 3,894.86 0.43 288.10 1,883.88 246.24 45.46 60.43 167.72 247.24 127.78 Wells Fargo (6/30/14+) Date 09/30/14 09/30/14 10/03/14 10/08/14 10/14/14 10/15/14 10/17/14 10/21/14 10/31/14 10/31/14 10/31/14 10/31/14 11/06/14 11/12/14 11/13/14 11/13/14 11/14/14 11/17/14 11/18/14 11/25/14 11/26/14 11/30/14 11/30/14 11/30/14 12102114 12/09/14 12/09/14 12109/14 12/12114 12/15/14 12/16/14 12/24/14 12130/14 100% $ Type 321.81 Maturity 60.90 Maturity 2, 125.85 Maturity 899.70 Maturity 45,082.60 Maturity 216.40 Maturity 607 .53 Maturity 2,378,046.00 Maturity (20,973.73) Principal 20,973.73 Interest 981.82 Maturity 28,701.72 Maturity 560.70 Maturity 46.80 Maturity (91,588.93) Principal (7,239.01) Principal 751.85 Maturity 216.40 Maturity 25,319.90 Maturity 1,707,091.00 Maturity 1,038.90 Maturity (10,790.79) Principal 10,790.79 Interest 5,988.94 Maturity 96,226.03 Maturity 31,271.13 Maturity 807.73 Maturity 517.37 Maturity 1,535.08 Maturity 216.40 Maturity 780,671.47 Maturity 534.00 Maturity 943.00 Maturity Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc.$ 321.81 60.90 2,125.85 899.70 45,082.60 216.40 607.53 2,378,046.00 (20,973.73) 20,973.73 981.82 28,701.72 560.70 46.80 (91,588.93) (7,239.01) 751.85 216.40 25,319.90 1,707,091.00 1,038.90 (10,790.79) 10,790.79 5,988.94 96,226.03 31,271.13 807.73 517.37 1,535.08 216.40 780,671.47 534.00 943.00 Wells Fargo (6/30/14+) Date 12/31/14 12/31/14 12131/14 12131/14 12/31/14 12/31/14 12/31/14 12131/14 12131/14 12/31/14 12/31/14 12/31/14 12/31/14 12/31/14 12/31/14 12131/14 12131/14 01/02/15 01/06/15 01/09/15 01/13/15 01/15/15 01/20/15 01/21/15 01/23/15 01/30/15 01/30/15 01/31/15 01/31/15 01/31/15 02102115 02106/15 02106/15 100% $ Type (8,850.57) Principal 8,850.57 Interest 19,839.08 Maturity 3,915.18 Maturity 110.31 Maturity 0.42 Maturity 300. 09 Maturity 1,043.01 Maturity 250.25 Maturity 47 .24 Maturity 64.35 Maturity 888.09 Maturity 452.68 Maturity 252.51 Maturity 486.62 Maturity 324.17 Maturity 434.98 Maturity 43,830.23 Maturity 30.00 Maturity 946.19 Maturity 81,052.53 Maturity 216.40 Maturity 495, 941. oo Maturity 520.73 Maturity 393.94 Maturity (5,549.58) Principal (8,242.99) Principal (10,429.54) Principal (8,372.20) Principal 8,372.20 Interest (2,788.34) Principal 1,670.36 Maturity 768. 70 Maturity EXHIBIT 4 Control # 13.00 Page 2 of 3 Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc.$ (8,850.57) 8,850.57 19,839.08 3,915.18 110.31 0.42 300.09 1,043.01 250.25 47.24 64.35 888.09 452.68 252.51 486.62 324.17 434.98 43,830.23 30.00 946.19 81,052.53 216.40 495,941.00 520.73 393.94 (5,549.58) (8,242.99) (10,429.54) (8,372.20) 8,372.20 (2,788.34) 1,670.36 768.70 PAR Report Period $22,660,000.00 05th Year Arbitrage Rebate Calculation 02/20/14 to 02/20/19 Investment Detail -Project Proceeds -General Ledger -Fund 460 101.100 Wells Fargo (6130114+) Date 02/12/15 02/17/15 02/17/15 02/20/15 02/24/15 02/28/15 02/28/15 02/28/15 03/06/15 03/10/15 03/10/15 03/16/15 03/17/15 03/20/15 03/24/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 03/31/15 100% $ Type 36.71 Maturity 216.40 Maturity 535,871.90 Maturity 1,024.40 Maturity 1,232,300.37 Maturity (4,791.80) Principal 4, 791.80 Interest 30,542.79 Maturity 2,605.65 Maturity 72,567.13 Maturity 929.70 Maturity 216.40 Maturity 25,781.63 Maturity 1,340.60 Maturity 10,700.00 Maturity (1,099.47) Principal (6,171.92) Principal 6,171.92 Interest 1,153,057.00 Maturity 2,705.94 Maturity 66.83 Maturity 0.28 Maturity 206.44 Maturity 1,289.34 Maturity 209.36 Maturity 39.52 Maturity 14.49 Maturity 368.34 Maturity 397.13 Maturity 289.50 Maturity 431.40 Maturity 404.24 Maturity 239.48 Maturity Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Arbitrage Compliance Specialists, Inc. Alloc. $ 36.71 216.40 535,871.90 1,024.40 1,232,300.37 (4,791.80) 4,791.80 30,542.79 2,605.65 72,567.13 929.70 216.40 25,781.63 1,340.60 10,700.00 (1,099.47) (6, 171.92) 6, 171.92 1,153,057.00 2,705.94 66.83 0.28 206.44 1,289.34 209.36 39.52 14.49 368.34 397.13 289.50 431.40 404.24 239.48 Wells Fargo (6/30114+) Date 03/31/15 03/31/15 03/31/15 03/31/15 03131/15 03/31/15 03/31/15 03/31/15 04/03/15 04/07/15 04/14/15 04/15/15 04/17/15 04/21/15 04/28/15 04/30/15 04/30/15 04/30/15 04/30/15 04/30/15 04/30/15 04/30/15 05/01/15 05/05/15 05/07/15 05/08/15 05/15/15 05/15/15 05/22/15 05/29/15 05/31/15 05/31/15 05/31/15 100% $ Type 491 .47 Maturity 0.05 Maturity 36. 64 Maturity 333.96 Maturity 102.99 Maturity 7.74 Maturity 116.30 Maturity 2,276.06 Maturity 5,009.13 Maturity 959.70 Maturity 69,924.27 Maturity 216.40 Maturity 3, 195.21 Maturity 27,692.00 Maturity 343.35 Maturity (64,159.10) Principal (24, 117 .00) Principal (5,336.45) Principal 5,336.45 Interest 12,908.77 Maturity 64, 159.10 Maturity 5,549.58 Maturity 4, 146.97 Maturity 1,557,332.20 Maturity 1,238.06 Maturity 26,501.52 Maturity 2,893.49 Maturity 216.40 Maturity 1,768,567.00 Maturity 2,955.32 Maturity (2, 731 . 70) Principal 2,731.70 Interest 11, 7 45 .41 Maturity Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc. $ 491.47 0.05 36.64 333.96 102.99 7.74 116.30 2,276.06 5,009.13 959.70 69,924.27 216.40 3,195.21 27,692.00 343.35 (64, 159.10) (24,117.00) (5,336.45) 5,336.45 12,908.77 64,159.10 5,549.58 4,146.97 1,557,332.20 1,238.06 26,501.52 2,893.49 216.40 1, 768,567.00 2,955.32 (2,731.70) 2,731.70 11,745.41 Wells Fargo (6130114+) Date 06/02/15 06/08/15 06/09/15 06/12/15 06/15/15 06/16/15 06/23/15 06/30/15 06/30/15 100% $ Type 59,708.47 Maturity 767.70 Maturity 59.30 Maturity 3,697.46 Maturity 216.40 Maturity 23,668.28 Maturity 718,792.43 Maturity (553.15) Principal 553.15 Interest EXHIBIT 4 Control # 13.00 Page 3 of 3 Alloc. % 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc.$ 59,708.47 767.70 59.30 3,697.46 216.40 23,668.28 718,792.43 (553.15) 553.15 $22,660,000.00 PAR Report Period 05th Year Arbitrage Rebate Calculation 02/20/14 to 02/20/19 Period 02/20/14 to 02/20/19 Date Transaction Type 02/20/15 Computation Date 02/20/16 Computation Date Arbitrage Compliance Specialists, Inc. Amount (1,650.00) (1,650.00) Calculation Credits EXHIBIT 5 Control # 13.00 Page 1of1