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Kodiak Island Borough, AK_#13 Series 2014A_10th Year 2024CONTROL #13.00 KODIAK ISLAND BOROUGH, ALASKA $22,660,000.00 GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A ARBITRAGE REBATE CALCULATIONS FOR THE 10TH YEAR COMPUTATION PERIOD FEBRUARY 20, 2014 TO FEBRUARY 20, 2024 AS OF THE DATE OF THIS REPORT FEBRUARY 22, 2024 ARBITRAGE COMPLIANCE SPECIALISTS!� BOND COMPLIANCE SERVICES Arbitrage Compliance Specialists, Inc. 6041 S. Syracuse Way #310 I Greenwood Village, Colorado 80111 I 800.672.9993 I www.rebatebyacs.com Kodiak Island Borough, Alaska ("Issuer") 710 Mill Bay Road Kodiak, Alaska 99615-6340 CONTROL #13.00 KODIAK ISLAND BOROUGH, ALASKA $22,660,000.00 GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A ARBITRAGE REBATE CALCULATIONS FOR THE 10TH YEAR COMPUTATION PERIOD FEBRUARY 20, 2014 TO FEBRUARY 20, 2024 AS OF THE DATE OF THIS REPORT FEBRUARY 22, 2024 We have enclosed the arbitrage rebate calculation report for the above-referenced issue of tax-exempt debt ("Debt"). The computations following as Exhibits 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. Using procedures, which ACS has developed for calculating arbitrage rebate, ACS has computed the amount of the Rebatable Arbitrage 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. As detailed in Exhibit 1 of this report, there is no Rebatable Arbitrage with respect to the Debt for the above-referenced Computation Period. There are no filing requirements regarding arbitrage rebate with the United States Treasury, Internal Revenue Service ("IRS") as of the date of this Report, and therefore, nothing should be filed with the IRS as of this time. Total Rebatable Arbitrage: $0.00 It has been an honor for all of us at ACS to assist you with your arbitrage rebate calculations. Should you have any questions regarding this Review and related matters please do not hesitate to call: Account Manager: Robert Goubert at (800) 672-9993 ext. 7536 or Lead CPA: Doug Pahnke at (800) 672-9993 ext. 7526. Regards, Arbitrage Compliance Specialists, Inc. Douglas Pahnke, CPA, President DEFINITIONS Arbitrage Treas. Reg. § 1.148-3(a) provides that the arbitrage that must be rebated is based on the difference between the amount actually earned on non-purpose investments and the amount that would have been earned if those investments had a yield equal to the yield on the issue. Arbitrage Rebate Treas. Reg. § 1.148-3(b) provides that as of any computation date, the rebate amount for an issue is the excess of the future value, as of that date, for all receipts of non-purpose investments over the future value, as of that date, of all payments on non-purpose investments. Bona Fide Debt Service Fund Under Treas. Reg. § 1.148-1(b), a Bona Fide Debt Service Fund:  Is used primarily to achieve a proper matching of revenues with debt service payments; AND  Is depleted annually to a reasonable carryover amount. Bond Year Each one-year period (or shorter period for the first elected year ending on the issuer elected date). Bond Yield - Fixed Rate Issue Treas. Reg. § 1.148-4(b)(1) provides that the yield on a fixed rate issue is the discount rate that when used in computing the present value, as of the issue date, of all unconditionally payable payments of principal, interest and fees for qualified guarantee on the issue, produces an amount equal to the present value, using the same discount rate, of the aggregate issue price of the bonds as of the issue date. Variable Rate Issue The yield on a variable yield issue is computed separately for each computation period. Treas. Reg. § 1.148-4(c)(1) provides that the yield for each computation period is the discount rate at which the present value, as of first day of the computation period, of all payments of principal and interest and qualified guarantees paid on the bond issue during that computation period equals the present value of the issue price, as of the first day of the computation period. Commingled Funds Treas. Reg. § 1.148-1(b) provides that a commingled fund means any fund or account (other than an open-end regulated investment company) that contains both gross proceeds of an issue and amounts in excess of $25,000 that are not gross proceeds of the issue. Computation Date Treas. Reg. § 1.148-3(e)(1) provides that an issuer may treat as computation dates:  the last day of any Bond Year ending on or before the 1st required Rebate Payment date; AND  thereafter, the end of each Bond Year or the end of each 5th Bond Year. Once selected, the issuer may not change the computation date after the 1st required Rebate Payment date. Computation Date Credit Computation Date Credits are applied on the last day of each bond year during which there are amounts allocated to gross proceeds of an issue that are subject to the rebate requirement, and on the final maturity date. Computation Period The computation period may be selected by the issuer and is the period between the Computation Dates. Gross Proceeds All sales proceeds (any amounts actually or constructively received by the issuer from the sale of the debt, including amounts used to pay underwriter’s discount or fees, but excluding pre-issuance accrued interest); investment proceeds (any amounts received from investing sales proceeds or other investment proceeds); Transferred Proceeds as further defined; replacement proceeds (any amounts held in a sinking fund, pledged fund, reserve fund, or otherwise set aside to pay debt service; and disposition proceeds (any funds that must be included due to a change in use). Investment Yield Treas. Reg. § 1.148-5(b)(1) provides that the yield on an investment allocated to an issue is the discount rate that, when used in computing the present value as of the date the investment is 1st allocated to the issue of all unconditionally payable receipts from the investment, produces an amount equal to the present value of all unconditionally payable payments for the investment. Materially Higher Yield Treas. Reg. § 1.148-2(d)(1) provides that the yield on investments is materially higher than the yield on the issue to which the investments are allocated if the yield on the investments over the term of the issue exceeds the yield on the issue by an amount in excess of the applicable definition of materially higher set forth in Treas. Reg. § 1.148-2 (d)(2). If yield restricted investments in the same class are subject to different definitions of materially higher, the applicable definition of materially higher that produces the lowest permitted yield applies to all the investments in the class. Proceeds All sales proceeds (any amounts actually or constructively received by the issuer from the sale of the debt, including amounts used to pay underwriter’s discount or fees, but excluding pre-issuance accrued interest); investment proceeds (any amounts received from investing sales proceeds or other investment proceeds) and Transferred Proceeds as further defined. Rebate Installment Payments IRC §148(f)(3) requires that rebate be paid at least once every 5 years during the life of the debt. Each rebate payment must be paid no later than 60 days after the Computation Date to which the payment relates. The last rebate payment is due no later than 60 days after the last debt is redeemed. Any rebate payment paid within the 60-day period may be treated as paid on the computation date to which it relates. Except for the Final Rebate Payment, the amount of each required Rebate Installment Payment is at least 90 percent of the calculated rebate amount as of that Computation Date, taking into account the future value of previous rebate payments. Small Issuer Exception Under IRC § 148(f)(4)(D), governmental bonds issued by a governmental unit that does not expect to issue more than $5 million of governmental bonds in that calendar year are exempted from the rebate requirements, but not yield restriction rules. The Taxpayer Relief Act of 1997 supplements the $5 million Small Issuer Exception, which can be used for any purpose, with up to an additional $5 million to specifically finance new construction of public school facilities. This increased limit applies to debt issued from January 1, 1998 through December 31, 2001. The Economic Growth and Tax Relief Reconciliation Act of 2001 supplements the $5 million Small Issuer Exception, which can be used for any purpose, with up to an additional $10 million to specifically finance new construction of public school facilities. This increased limit applies to debt issued on and after January 1, 2002. Spending Exception Spending exceptions may apply to exempt from the rebate requirements, arbitrage earned on certain proceeds of an issue, if the issuer spends the proceeds in accordance with prescribed 6-month, 18-month, or 2-year schedules. Rebate Payments IRC § 148(f)(3) requires that rebate be paid at least once every 5 years during the life of the bonds. Each rebate payment must be paid no later than 60 days after the computation date to which the payment relates. The last rebate payment is due no later than 60 days after the last bond is redeemed. Any rebate payment paid within the 60-day period may be treated as paid on the computation date to which it relates. Except for the Final Rebate Payment, the amount of each required Rebate Installment Payment is at least 90 percent of the rebate amount as of that computation date, taking into account the future value of previous rebate payments. Temporary Periods The initial period during which the use of bond proceeds to acquire higher yielding investments will not cause the bonds to be arbitrage bonds. Transferred Proceeds Treas. Reg. § 1.148-9 provides that when proceeds of a new refunding issue discharge the outstanding principal of a prior issue, the proceeds of the prior issue transfer to the refunding issue and become transferred proceeds of the refunding issue. Yield Restriction After the applicable temporary period is over, bond proceeds must be yield restricted. Yield restriction can be achieved in two ways:  Investment of proceeds in securities that do not exceed the permitted yield; OR  Investment of proceeds above the permitted yield followed by making Yield Reduction Payments. (Note thatunder Treas. Reg. § 1.148-5(c)(3), Yield Reduction Payments may be made only for certain types ofproceeds.) Yield Reduction Payments Treas. Reg. § 1.148-5(c)(2)(i) provides that yield reduction payments must be paid to the United States at the same time and in the same manner as rebate payments. The provisions that apply to Rebate Payments, such as due dates, making 90 percent installment payments, correction of late payments, and recovery of overpayments, all apply to yield reduction payments as well. Arbitrage Compliance Specialists, Inc. 6041 S. Syracuse Way #310 I Greenwood Village, Colorado 80111 I 800.672.9993 I www.rebatebyacs.com NOTES AND ASSUMPTIONS 1. The PAR amount of the Debt is $22,660,000.00. 2. The Delivery Date of the Debt is February 20, 2014. 3. The Computation Date is February 20, 2024. 4. The Computation Period is February 20, 2014 to February 20, 2024. 5. The Bond Yield on the Debt is 3.2232%. 6. The Investment Yield is 1.86440662% 7. The Arbitrage Rebate Liability, as of the end of the calculation period, is ($339,113.74). 8. We have reviewed available Debt documents to determine the sources and uses of the Debt for purposes of identifying Gross Proceeds. 9. The Debt constitutes a single issue for federal taxation purposes and is not treated as part of any other issue of governmental obligations. 10. Computations of yield are based on a 360-day year with semi-annual compounding. 11. Purchase prices on investments are assumed to be at fair market value and represent an arm's length transaction. 12. We have applied the Computation Date Credit amounts set forth in the Regulations for bond years ending on or after January 1, 2007. Period 02/20/14 to 02/20/24 Bond Yield 3.22320000% Investment Yield 1.86440662% Liability ($339,113.74) 10th Year Arbitrage Rebate Calculation KODIAK ISLAND BOROUGH, ALASKA GENERAL OBLIGATION SCHOOL BOND, 2014 SERIES A Page 1 of 3 $22,660,000.00 EXHIBIT 1 Control # 13.00 Arbitrage Rebate Calculation Period Ending Relevant Cash Flow Future Value Factor Adjustment Investment Yield Present Value Factor Total Future Value Days of Period 02/20/14 (25,000,000.00)1.37678396% (34,419,599.06) 3600 05/20/14 692,962.39 1.36582216% 946,463.39 3510 05/29/14 29,330.88 1.36473079% 40,028.75 3501 05/30/14 1,750.27 1.36460958% 2,388.44 3500 05/31/14 (27,032.93)1.36460958% (36,889.40) 3500 06/03/14 97,379.09 1.36424601% 132,849.04 3497 06/04/14 17,944.19 1.36412485% 24,478.12 3496 06/10/14 14,777.07 1.36339808% 20,147.03 3490 06/13/14 1,519.02 1.36303484% 2,070.48 3487 06/16/14 216.40 1.36267169% 294.88 3484 06/17/14 29,092.00 1.36255066% 39,639.32 3483 06/24/14 385,121.42 1.36170378% 524,421.29 3476 06/26/14 2,214,531.00 1.36146191% 3,014,999.61 3474 06/27/14 1,351.05 1.36134099% 1,839.24 3473 06/30/14 26,823.22 1.36097830% 36,505.82 3470 07/05/14 1,296.72 1.36037403% 1,764.02 3465 07/08/14 868.87 1.36001159% 1,181.67 3462 07/11/14 1,555.50 1.35964925% 2,114.93 3459 07/15/14 216.40 1.35916628% 294.12 3455 07/22/14 29,991.13 1.35832150% 40,737.60 3448 07/25/14 1,069.78 1.35795961% 1,452.72 3445 07/28/14 (43,830.23)1.35759782% (59,503.82) 3442 07/29/14 3,018,157.07 1.35747725% 4,097,079.55 3441 07/30/14 (45,141.25)1.35735668% (61,272.78) 3440 07/31/14 37,939.88 1.35735668% 51,497.95 3440 08/06/14 786.00 1.35663352% 1,066.31 3434 08/08/14 1,325.98 1.35639255% 1,798.55 3432 08/12/14 15,067.05 1.35591074% 20,429.57 3428 08/15/14 216.40 1.35554949% 293.34 3425 08/19/14 27,577.13 1.35506798% 37,368.89 3421 08/22/14 1,186.61 1.35470696% 1,607.51 3418 08/26/14 2,615,425.63 1.35422574% 3,541,876.72 3414 08/31/14 (25,461.07)1.35374470% (34,467.79) 3410 09/02/14 69,897.07 1.35350425% 94,605.98 3408 09/05/14 1,795.46 1.35314364% 2,429.52 3405 09/09/14 33,789.70 1.35266298% 45,706.08 3401 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 2 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 1 Period 02/20/14 to 02/20/24 Arbitrage Rebate Calculation Period Ending Relevant Cash Flow Future Value Factor Adjustment Investment Yield Present Value Factor Total Future Value Days of Period 09/15/14 293.60 1.35194232% 396.93 3395 09/16/14 28,661.89 1.35182225% 38,745.78 3394 09/19/14 730.13 1.35146209% 986.74 3391 09/23/14 2,946,515.00 1.35098203% 3,980,688.81 3387 09/26/14 942.09 1.35062210% 1,272.41 3384 09/30/14 135,729.82 1.35014233% 183,254.58 3380 10/03/14 2,125.85 1.34978263% 2,869.44 3377 10/08/14 899.70 1.34918332% 1,213.86 3372 10/14/14 45,082.60 1.34846451% 60,792.29 3366 10/15/14 216.40 1.34834475% 291.78 3365 10/17/14 607.53 1.34810525% 819.01 3363 10/21/14 2,378,046.00 1.34762638% 3,204,717.53 3359 10/31/14 29,683.54 1.34654955% 39,970.36 3350 11/06/14 560.70 1.34583215% 754.61 3344 11/12/14 46.80 1.34511512% 62.95 3338 11/13/14 (98,827.94)1.34499565% (132,923.15) 3337 11/14/14 751.85 1.34487620% 1,011.15 3336 11/17/14 216.40 1.34451789% 290.95 3333 11/18/14 25,319.90 1.34439848% 34,040.03 3332 11/25/14 1,707,091.00 1.34356287% 2,293,584.09 3325 11/26/14 1,038.90 1.34344354% 1,395.70 3324 11/30/14 5,988.94 1.34296633% 8,042.94 3320 12/02/14 96,226.03 1.34272779% 129,205.36 3318 12/09/14 32,596.23 1.34189323% 43,740.66 3311 12/12/14 1,535.08 1.34153572% 2,059.36 3308 12/15/14 216.40 1.34117830% 290.23 3305 12/16/14 780,671.47 1.34105918% 1,046,926.64 3304 12/24/14 534.00 1.34010662% 715.62 3296 12/30/14 943.00 1.33939265% 1,263.05 3290 12/31/14 28,408.98 1.33939265% 38,050.78 3290 01/02/15 43,830.23 1.33915474% 58,695.46 3288 01/06/15 30.00 1.33867905% 40.16 3284 01/09/15 946.19 1.33832240% 1,266.31 3281 01/13/15 81,052.53 1.33784700% 108,435.88 3277 01/15/15 216.40 1.33760937% 289.46 3275 01/20/15 495,941.00 1.33701547% 663,080.79 3270 01/21/15 520.73 1.33689673% 696.16 3269 01/23/15 393.94 1.33665926% 526.56 3267 01/30/15 (13,792.57)1.33582847% (18,424.51) 3260 01/31/15 (10,429.54)1.33582847% (13,932.08) 3260 02/02/15 (2,788.34)1.33559120% (3,724.08) 3258 02/06/15 2,439.06 1.33511677% 3,256.43 3254 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 3 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 1 Period 02/20/14 to 02/20/24 Arbitrage Rebate Calculation Period Ending Relevant Cash Flow Future Value Factor Adjustment Investment Yield Present Value Factor Total Future Value Days of Period 02/12/15 36.71 1.33440546% 48.99 3248 02/17/15 536,088.30 1.33381298% 715,041.53 3243 02/20/15 (1,650.00)1.33345762% Computation Date Credit (2,200.21) 3240 02/20/15 1,024.40 1.33345762% 1,365.99 3240 02/24/15 1,232,300.37 1.33298396% 1,642,636.63 3236 02/28/15 30,542.79 1.33251046% 40,698.59 3232 03/06/15 2,605.65 1.33156398% 3,469.59 3224 03/10/15 73,496.83 1.33109098% 97,830.97 3220 03/16/15 216.40 1.33038181% 287.89 3214 03/17/15 25,781.63 1.33026365% 34,296.37 3213 03/20/15 1,340.60 1.32990924% 1,782.88 3210 03/24/15 10,700.00 1.32943684% 14,224.97 3206 03/31/15 1,161,985.03 1.32872855% 1,543,962.68 3200 04/03/15 5,009.13 1.32837454% 6,654.00 3197 04/07/15 959.70 1.32790268% 1,274.39 3193 04/14/15 69,924.27 1.32707733% 92,794.91 3186 04/15/15 216.40 1.32695947% 287.15 3185 04/17/15 3,195.21 1.32672377% 4,239.16 3183 04/21/15 27,692.00 1.32625250% 36,726.58 3179 04/28/15 343.35 1.32542817% 455.09 3172 04/30/15 (5,658.65)1.32519275% (7,498.80) 3170 05/01/15 4,146.97 1.32507505% 5,495.05 3169 05/05/15 1,557,332.20 1.32460436% 2,062,849.03 3165 05/07/15 1,238.06 1.32436908% 1,639.65 3163 05/08/15 26,501.52 1.32425146% 35,094.68 3162 05/15/15 3,109.89 1.32342838% 4,115.72 3155 05/22/15 1,768,567.00 1.32260581% 2,339,116.99 3148 05/29/15 2,955.32 1.32178375% 3,906.29 3141 05/31/15 11,745.41 1.32166636% 15,523.51 3140 06/02/15 59,708.47 1.32143160% 78,900.66 3138 06/08/15 767.70 1.32072757% 1,013.92 3132 06/09/15 59.30 1.32061027% 78.31 3131 06/12/15 3,697.46 1.32025843% 4,881.60 3128 06/15/15 216.40 1.31990668% 285.63 3125 06/16/15 23,668.28 1.31978945% 31,237.15 3124 06/23/15 718,792.43 1.31896915% 948,065.04 3117 02/20/16 (1,650.00)1.29149473% Computation Date Credit (2,130.97) 2880 Liability (339,113.74)337,712.96 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 1 of 1 Control # 13.00 PAR $22,660,000.00 EXHIBIT 2 Period 02/20/14 to 02/20/24 Listing of Investments by Fund Debt Service Fund Bona Fide per Issuer Project Proceeds General Ledger - Fund 460 101.100 Expenditures of the Fund have been allocated based on a First In, First Out methodolgy. Wells Fargo (to 6/30/14) Wells Fargo (6/30/14 - 6/30/15) Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 1 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 3 Period 02/20/14 to 02/20/24 Proof of Investment Yield Investment Yield 1.86440662% Period Ending Investments Value Factor Value Proceeds Value Factor Value 02/20/14 (25,000,000.00) 1.20391292%(30,097,823.11)1.20391292% 02/28/14 (19,750.39) 1.20341654%(23,767.95)19,750.39 1.20341654%23,767.95 03/31/14 (34,396.25) 1.20143305%(41,324.79)34,396.25 1.20143305%41,324.79 04/30/14 (38,538.79) 1.19957650%(46,230.23)38,538.79 1.19957650%46,230.23 05/20/14 1.19834040%692,962.39 1.19834040%830,404.83 05/29/14 1.19778456%29,330.88 1.19778456%35,132.08 05/30/14 1.19772282%1,750.27 1.19772282%2,096.34 05/31/14 (63,674.71) 1.19772282%(76,264.65)36,641.78 1.19772282%43,886.69 06/03/14 1.19753761%97,379.09 1.19753761%116,615.12 06/04/14 1.19747588%17,944.19 1.19747588%21,487.73 06/10/14 1.19710556%14,777.07 1.19710556%17,689.71 06/13/14 1.19692045%1,519.02 1.19692045%1,818.15 06/16/14 1.19673536%216.40 1.19673536%258.97 06/17/14 1.19667367%29,092.00 1.19667367%34,813.63 06/24/14 1.19624194%385,121.42 1.19624194%460,698.39 06/26/14 1.19611861%2,214,531.00 1.19611861%2,648,841.75 06/27/14 1.19605696%1,351.05 1.19605696%1,615.93 06/30/14 (21,803,723.18) 1.19587200%(26,074,462.14)21,830,546.40 1.19587200%26,106,539.28 07/05/14 1.19556381%1,296.72 1.19556381%1,550.31 07/08/14 1.19537894%868.87 1.19537894%1,038.63 07/11/14 1.19519409%1,555.50 1.19519409%1,859.12 07/15/14 1.19494767%216.40 1.19494767%258.59 07/22/14 1.19451656%29,991.13 1.19451656%35,824.90 07/25/14 1.19433184%1,069.78 1.19433184%1,277.67 07/28/14 (43,830.23) 1.19414716%(52,339.74)1.19414716% 07/29/14 1.19408560%3,018,157.07 1.19408560%3,603,937.89 07/30/14 (45,141.25) 1.19402405%(53,899.74)1.19402405% 07/31/14 (52,753.64) 1.19402405%(62,989.11)90,693.52 1.19402405%108,290.24 08/06/14 1.19365480%786.00 1.19365480%938.21 08/08/14 1.19353174%1,325.98 1.19353174%1,582.60 08/12/14 1.19328566%15,067.05 1.19328566%17,979.29 08/15/14 1.19310114%216.40 1.19310114%258.19 08/19/14 1.19285515%27,577.13 1.19285515%32,895.52 08/22/14 1.19267069%1,186.61 1.19267069%1,415.23 08/26/14 1.19242479%2,615,425.63 1.19242479%3,118,698.37 08/31/14 (50,852.63) 1.19217895%(60,625.43)25,391.56 1.19217895%30,271.28 09/02/14 1.19205604%69,897.07 1.19205604%83,321.22 09/05/14 1.19187171%1,795.46 1.19187171%2,139.96 09/09/14 1.19162597%33,789.70 1.19162597%40,264.68 09/15/14 1.19125746%293.60 1.19125746%349.75 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 2 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 3 Period 02/20/14 to 02/20/24 Proof of Investment Yield Period Ending Investments Value Factor Value Proceeds Value Factor Value 09/16/14 1.19119606%28,661.89 1.19119606%34,141.93 09/19/14 1.19101186%730.13 1.19101186%869.59 09/23/14 1.19076630%2,946,515.00 1.19076630%3,508,610.76 09/26/14 1.19058216%942.09 1.19058216%1,121.64 09/30/14 (29,759.75) 1.19033670%(35,424.12)165,489.57 1.19033670%196,988.30 10/03/14 1.19015263%2,125.85 1.19015263%2,530.09 10/08/14 1.18984591%899.70 1.18984591%1,070.50 10/14/14 1.18947795%45,082.60 1.18947795%53,624.76 10/15/14 1.18941664%216.40 1.18941664%257.39 10/17/14 1.18929402%607.53 1.18929402%722.53 10/21/14 1.18904881%2,378,046.00 1.18904881%2,827,612.78 10/31/14 (20,973.73) 1.18849729%(24,927.22)50,657.27 1.18849729%60,206.03 11/06/14 1.18812975%560.70 1.18812975%666.18 11/12/14 1.18776233%46.80 1.18776233%55.59 11/13/14 (98,827.94) 1.18770110%(117,378.05)1.18770110% 11/14/14 1.18763988%751.85 1.18763988%892.93 11/17/14 1.18745623%216.40 1.18745623%256.97 11/18/14 1.18739501%25,319.90 1.18739501%30,064.72 11/25/14 1.18696663%1,707,091.00 1.18696663%2,026,260.05 11/26/14 1.18690544%1,038.90 1.18690544%1,233.08 11/30/14 (10,790.79) 1.18666073%(12,805.00)16,779.73 1.18666073%19,911.84 12/02/14 1.18653839%96,226.03 1.18653839%114,175.88 12/09/14 1.18611032%32,596.23 1.18611032%38,662.72 12/12/14 1.18592690%1,535.08 1.18592690%1,820.49 12/15/14 1.18574351%216.40 1.18574351%256.59 12/16/14 1.18568239%780,671.47 1.18568239%925,628.42 12/24/14 1.18519353%534.00 1.18519353%632.89 12/30/14 1.18482701%943.00 1.18482701%1,117.29 12/31/14 (8,850.57) 1.18482701%(10,486.39)37,259.55 1.18482701%44,146.12 01/02/15 1.18470486%43,830.23 1.18470486%51,925.89 01/06/15 1.18446060%30.00 1.18446060%35.53 01/09/15 1.18427744%946.19 1.18427744%1,120.55 01/13/15 1.18403327%81,052.53 1.18403327%95,968.89 01/15/15 1.18391121%216.40 1.18391121%256.20 01/20/15 1.18360610%495,941.00 1.18360610%586,998.79 01/21/15 1.18354509%520.73 1.18354509%616.31 01/23/15 1.18342307%393.94 1.18342307%466.20 01/30/15 (13,792.57) 1.18299612%(16,316.56)1.18299612% 01/31/15 (18,801.74) 1.18299612%(22,242.39)8,372.20 1.18299612%9,904.29 02/02/15 (2,788.34) 1.18287416%(3,298.26)1.18287416% 02/06/15 1.18263028%2,439.06 1.18263028%2,884.51 02/12/15 1.18226455%36.71 1.18226455%43.40 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 3 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 3 Period 02/20/14 to 02/20/24 Proof of Investment Yield Period Ending Investments Value Factor Value Proceeds Value Factor Value 02/17/15 1.18195987%536,088.30 1.18195987%633,634.86 02/20/15 1.18177710%1,024.40 1.18177710%1,210.61 02/24/15 1.18153344%1,232,300.37 1.18153344%1,456,004.10 02/28/15 (4,791.80) 1.18128984%(5,660.50)35,334.59 1.18128984%41,740.39 03/06/15 1.18080279%2,605.65 1.18080279%3,076.76 03/10/15 1.18055933%73,496.83 1.18055933%86,767.37 03/16/15 1.18019425%216.40 1.18019425%255.39 03/17/15 1.18013341%25,781.63 1.18013341%30,425.76 03/20/15 1.17995092%1,340.60 1.17995092%1,581.84 03/24/15 1.17970764%10,700.00 1.17970764%12,622.87 03/31/15 (7,271.39) 1.17934282%(8,575.46)1,169,256.42 1.17934282%1,378,954.17 04/03/15 1.17916045%5,009.13 1.17916045%5,906.57 04/07/15 1.17891734%959.70 1.17891734%1,131.41 04/14/15 1.17849201%69,924.27 1.17849201%82,405.19 04/15/15 1.17843126%216.40 1.17843126%255.01 04/17/15 1.17830977%3,195.21 1.17830977%3,764.95 04/21/15 1.17806684%27,692.00 1.17806684%32,623.03 04/28/15 1.17764181%343.35 1.17764181%404.34 04/30/15 (93,612.55) 1.17752041%(110,230.69)87,953.90 1.17752041%103,567.51 05/01/15 1.17745971%4,146.97 1.17745971%4,882.89 05/05/15 1.17721695%1,557,332.20 1.17721695%1,833,317.86 05/07/15 1.17709558%1,238.06 1.17709558%1,457.31 05/08/15 1.17703491%26,501.52 1.17703491%31,193.21 05/15/15 1.17661026%3,109.89 1.17661026%3,659.13 05/22/15 1.17618576%1,768,567.00 1.17618576%2,080,163.32 05/29/15 1.17576142%2,955.32 1.17576142%3,474.75 05/31/15 (2,731.70) 1.17570081%(3,211.67)14,477.11 1.17570081%17,020.76 06/02/15 1.17557960%59,708.47 1.17557960%70,192.06 06/08/15 1.17521606%767.70 1.17521606%902.21 06/09/15 1.17515548%59.30 1.17515548%69.69 06/12/15 1.17497376%3,697.46 1.17497376%4,344.42 06/15/15 1.17479206%216.40 1.17479206%254.23 06/16/15 1.17473151%23,668.28 1.17473151%27,803.87 06/23/15 1.17430769%718,792.43 1.17430769%844,083.48 06/30/15 (553.15) 1.17388402%(649.33)553.15 1.17388402%649.33 (47,466,207.08)(56,960,932.54)47,807,220.04 56,960,932.54 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 1 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 4 Period 02/20/14 to 02/20/24 Investment Detail - Project Proceeds - General Ledger - Fund 460 101.100 Wells Fargo (to 6/30/14) Net 164,535.70 Yield 1.84921206% Alloc. $Alloc. %Type100% $ Date 02/20/14 Principal (25,000,000.00)100.00000%(25,000,000.00) 02/28/14 Principal (19,750.39)100.00000%(19,750.39) 02/28/14 Interest 19,750.39100.00000%19,750.39 03/31/14 Principal (34,396.25)100.00000%(34,396.25) 03/31/14 Interest 34,396.25100.00000%34,396.25 04/30/14 Principal (38,538.79)100.00000%(38,538.79) 04/30/14 Interest 38,538.79100.00000%38,538.79 05/20/14 Maturity 692,962.39100.00000%692,962.39 05/29/14 Maturity 29,330.88100.00000%29,330.88 05/30/14 Maturity 1,750.27100.00000%1,750.27 05/31/14 Principal (27,032.93)100.00000%(27,032.93) 05/31/14 Principal (36,641.78)100.00000%(36,641.78) 05/31/14 Interest 36,641.78100.00000%36,641.78 06/03/14 Maturity 97,379.09100.00000%97,379.09 06/04/14 Maturity 100.62100.00000%100.62 06/04/14 Maturity 192.50100.00000%192.50 06/04/14 Maturity 315.80100.00000%315.80 06/04/14 Maturity 333.80100.00000%333.80 06/04/14 Maturity 421.07100.00000%421.07 06/04/14 Maturity 445.50100.00000%445.50 06/04/14 Maturity 480.00100.00000%480.00 06/04/14 Maturity 502.89100.00000%502.89 06/04/14 Maturity 1,023.49100.00000%1,023.49 06/04/14 Maturity 1,149.70100.00000%1,149.70 06/04/14 Maturity 1,156.10100.00000%1,156.10 06/04/14 Maturity 1,187.30100.00000%1,187.30 06/04/14 Maturity 1,682.37100.00000%1,682.37 06/04/14 Maturity 2,494.12100.00000%2,494.12 06/04/14 Maturity 6,458.93100.00000%6,458.93 06/10/14 Maturity 14,777.07100.00000%14,777.07 06/13/14 Maturity 1,519.02100.00000%1,519.02 06/16/14 Maturity 216.40100.00000%216.40 06/17/14 Maturity 29,092.00100.00000%29,092.00 Wells Fargo (to 6/30/14) Alloc. $Alloc. %Type100% $ Date 06/24/14 Maturity 385,121.42100.00000%385,121.42 06/26/14 Maturity 2,214,531.00100.00000%2,214,531.00 06/27/14 Maturity 1,351.05100.00000%1,351.05 06/30/14 Principal (87,432.45)100.00000%(87,432.45) 06/30/14 Principal (1,155.80)100.00000%(1,155.80) 06/30/14 Principal (1,155.80)100.00000%(1,155.80) 06/30/14 Principal (35,208.50)100.00000%(35,208.50) 06/30/14 Interest 35,208.50100.00000%35,208.50 06/30/14 Maturity 0.41100.00000%0.41 06/30/14 Maturity 58.63100.00000%58.63 06/30/14 Maturity 295.88100.00000%295.88 06/30/14 Maturity 388.31100.00000%388.31 06/30/14 Maturity 526.38100.00000%526.38 06/30/14 Maturity 536.87100.00000%536.87 06/30/14 Maturity 606.17100.00000%606.17 06/30/14 Maturity 828.90100.00000%828.90 06/30/14 Maturity 1,002.98100.00000%1,002.98 06/30/14 Maturity 1,021.91100.00000%1,021.91 06/30/14 Maturity 1,155.80100.00000%1,155.80 06/30/14 Maturity 1,205.62100.00000%1,205.62 06/30/14 Maturity 1,664.78100.00000%1,664.78 06/30/14 Maturity 1,699.14100.00000%1,699.14 06/30/14 Maturity 4,057.73100.00000%4,057.73 06/30/14 Maturity 50,525.74100.00000%50,525.74 06/30/14 Maturity 50,992.02100.00000%50,992.02 06/30/14 Balance End 21,678,770.63100.00000%21,678,770.63 Wells Fargo (6/30/14 - 6/30/15) Net 176,477.25 Yield 1.87894943% Alloc. $Alloc. %Type100% $ Date 06/30/14 Balance Start (21,678,770.63)100.00000%(21,678,770.63) 07/05/14 Maturity 392.14100.00000%392.14 07/05/14 Maturity 34.64100.00000%34.64 07/05/14 Maturity 0.04100.00000%0.04 07/05/14 Maturity 32.70100.00000%32.70 07/05/14 Maturity 294.89100.00000%294.89 07/05/14 Maturity 34.07100.00000%34.07 07/05/14 Maturity 5.81100.00000%5.81 07/05/14 Maturity 248.04100.00000%248.04 07/05/14 Maturity 21.91100.00000%21.91 07/05/14 Maturity 0.03100.00000%0.03 07/05/14 Maturity 20.71100.00000%20.71 07/05/14 Maturity 186.52100.00000%186.52 07/05/14 Maturity 21.55100.00000%21.55 07/05/14 Maturity 3.67100.00000%3.67 07/08/14 Maturity 786.00100.00000%786.00 07/08/14 Maturity 82.87100.00000%82.87 07/11/14 Maturity 1,555.50100.00000%1,555.50 07/15/14 Maturity 216.40100.00000%216.40 07/22/14 Maturity 29,991.13100.00000%29,991.13 07/25/14 Maturity 1,069.78100.00000%1,069.78 07/28/14 Principal (43,830.23)100.00000%(43,830.23) 07/29/14 Maturity 3,018,157.07100.00000%3,018,157.07 07/30/14 Principal (45,141.25)100.00000%(45,141.25) 07/31/14 Principal (52,753.64)100.00000%(52,753.64) 07/31/14 Interest 52,753.64100.00000%52,753.64 07/31/14 Maturity 37,939.88100.00000%37,939.88 08/06/14 Maturity 786.00100.00000%786.00 08/08/14 Maturity 1,325.98100.00000%1,325.98 08/12/14 Maturity 15,067.05100.00000%15,067.05 08/15/14 Maturity 216.40100.00000%216.40 08/19/14 Maturity 27,577.13100.00000%27,577.13 08/22/14 Maturity 1,186.61100.00000%1,186.61 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 2 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 4 Period 02/20/14 to 02/20/24 Investment Detail - Project Proceeds - General Ledger - Fund 460 101.100 Wells Fargo (6/30/14 - 6/30/15) Alloc. $Alloc. %Type100% $ Date 08/26/14 Maturity 2,600,995.36100.00000%2,600,995.36 08/26/14 Maturity 14,430.27100.00000%14,430.27 08/31/14 Principal (25,461.07)100.00000%(25,461.07) 08/31/14 Principal (25,391.56)100.00000%(25,391.56) 08/31/14 Interest 25,391.56100.00000%25,391.56 09/02/14 Maturity 69,897.07100.00000%69,897.07 09/05/14 Maturity 1,795.46100.00000%1,795.46 09/09/14 Maturity 789.70100.00000%789.70 09/09/14 Maturity 33,000.00100.00000%33,000.00 09/15/14 Maturity 293.60100.00000%293.60 09/16/14 Maturity 28,661.89100.00000%28,661.89 09/19/14 Maturity 730.13100.00000%730.13 09/23/14 Maturity 2,946,515.00100.00000%2,946,515.00 09/26/14 Maturity 611.61100.00000%611.61 09/26/14 Maturity 0.07100.00000%0.07 09/26/14 Maturity 134.46100.00000%134.46 09/26/14 Maturity 13.57100.00000%13.57 09/26/14 Maturity 45.18100.00000%45.18 09/26/14 Maturity 137.20100.00000%137.20 09/30/14 Principal (29,759.75)100.00000%(29,759.75) 09/30/14 Interest 29,759.75100.00000%29,759.75 09/30/14 Maturity 63,175.09100.00000%63,175.09 09/30/14 Maturity 65,209.88100.00000%65,209.88 09/30/14 Maturity 3,894.86100.00000%3,894.86 09/30/14 Maturity 0.43100.00000%0.43 09/30/14 Maturity 288.10100.00000%288.10 09/30/14 Maturity 1,883.88100.00000%1,883.88 09/30/14 Maturity 246.24100.00000%246.24 09/30/14 Maturity 45.46100.00000%45.46 09/30/14 Maturity 60.43100.00000%60.43 09/30/14 Maturity 167.72100.00000%167.72 09/30/14 Maturity 247.24100.00000%247.24 09/30/14 Maturity 127.78100.00000%127.78 Wells Fargo (6/30/14 - 6/30/15) Alloc. $Alloc. %Type100% $ Date 09/30/14 Maturity 321.81100.00000%321.81 09/30/14 Maturity 60.90100.00000%60.90 10/03/14 Maturity 2,125.85100.00000%2,125.85 10/08/14 Maturity 899.70100.00000%899.70 10/14/14 Maturity 45,082.60100.00000%45,082.60 10/15/14 Maturity 216.40100.00000%216.40 10/17/14 Maturity 607.53100.00000%607.53 10/21/14 Maturity 2,378,046.00100.00000%2,378,046.00 10/31/14 Principal (20,973.73)100.00000%(20,973.73) 10/31/14 Interest 20,973.73100.00000%20,973.73 10/31/14 Maturity 981.82100.00000%981.82 10/31/14 Maturity 28,701.72100.00000%28,701.72 11/06/14 Maturity 560.70100.00000%560.70 11/12/14 Maturity 46.80100.00000%46.80 11/13/14 Principal (91,588.93)100.00000%(91,588.93) 11/13/14 Principal (7,239.01)100.00000%(7,239.01) 11/14/14 Maturity 751.85100.00000%751.85 11/17/14 Maturity 216.40100.00000%216.40 11/18/14 Maturity 25,319.90100.00000%25,319.90 11/25/14 Maturity 1,707,091.00100.00000%1,707,091.00 11/26/14 Maturity 1,038.90100.00000%1,038.90 11/30/14 Principal (10,790.79)100.00000%(10,790.79) 11/30/14 Interest 10,790.79100.00000%10,790.79 11/30/14 Maturity 5,988.94100.00000%5,988.94 12/02/14 Maturity 96,226.03100.00000%96,226.03 12/09/14 Maturity 31,271.13100.00000%31,271.13 12/09/14 Maturity 807.73100.00000%807.73 12/09/14 Maturity 517.37100.00000%517.37 12/12/14 Maturity 1,535.08100.00000%1,535.08 12/15/14 Maturity 216.40100.00000%216.40 12/16/14 Maturity 780,671.47100.00000%780,671.47 12/24/14 Maturity 534.00100.00000%534.00 12/30/14 Maturity 943.00100.00000%943.00 Wells Fargo (6/30/14 - 6/30/15) Alloc. $Alloc. %Type100% $ Date 12/31/14 Principal (8,850.57)100.00000%(8,850.57) 12/31/14 Interest 8,850.57100.00000%8,850.57 12/31/14 Maturity 19,839.08100.00000%19,839.08 12/31/14 Maturity 3,915.18100.00000%3,915.18 12/31/14 Maturity 110.31100.00000%110.31 12/31/14 Maturity 0.42100.00000%0.42 12/31/14 Maturity 300.09100.00000%300.09 12/31/14 Maturity 1,043.01100.00000%1,043.01 12/31/14 Maturity 250.25100.00000%250.25 12/31/14 Maturity 47.24100.00000%47.24 12/31/14 Maturity 64.35100.00000%64.35 12/31/14 Maturity 888.09100.00000%888.09 12/31/14 Maturity 452.68100.00000%452.68 12/31/14 Maturity 252.51100.00000%252.51 12/31/14 Maturity 486.62100.00000%486.62 12/31/14 Maturity 324.17100.00000%324.17 12/31/14 Maturity 434.98100.00000%434.98 01/02/15 Maturity 43,830.23100.00000%43,830.23 01/06/15 Maturity 30.00100.00000%30.00 01/09/15 Maturity 946.19100.00000%946.19 01/13/15 Maturity 81,052.53100.00000%81,052.53 01/15/15 Maturity 216.40100.00000%216.40 01/20/15 Maturity 495,941.00100.00000%495,941.00 01/21/15 Maturity 520.73100.00000%520.73 01/23/15 Maturity 393.94100.00000%393.94 01/30/15 Principal (5,549.58)100.00000%(5,549.58) 01/30/15 Principal (8,242.99)100.00000%(8,242.99) 01/31/15 Principal (10,429.54)100.00000%(10,429.54) 01/31/15 Principal (8,372.20)100.00000%(8,372.20) 01/31/15 Interest 8,372.20100.00000%8,372.20 02/02/15 Principal (2,788.34)100.00000%(2,788.34) 02/06/15 Maturity 1,670.36100.00000%1,670.36 02/06/15 Maturity 768.70100.00000%768.70 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 3 of 3 Control # 13.00 PAR $22,660,000.00 EXHIBIT 4 Period 02/20/14 to 02/20/24 Investment Detail - Project Proceeds - General Ledger - Fund 460 101.100 Wells Fargo (6/30/14 - 6/30/15) Alloc. $Alloc. %Type100% $ Date 02/12/15 Maturity 36.71100.00000%36.71 02/17/15 Maturity 216.40100.00000%216.40 02/17/15 Maturity 535,871.90100.00000%535,871.90 02/20/15 Maturity 1,024.40100.00000%1,024.40 02/24/15 Maturity 1,232,300.37100.00000%1,232,300.37 02/28/15 Principal (4,791.80)100.00000%(4,791.80) 02/28/15 Interest 4,791.80100.00000%4,791.80 02/28/15 Maturity 30,542.79100.00000%30,542.79 03/06/15 Maturity 2,605.65100.00000%2,605.65 03/10/15 Maturity 72,567.13100.00000%72,567.13 03/10/15 Maturity 929.70100.00000%929.70 03/16/15 Maturity 216.40100.00000%216.40 03/17/15 Maturity 25,781.63100.00000%25,781.63 03/20/15 Maturity 1,340.60100.00000%1,340.60 03/24/15 Maturity 10,700.00100.00000%10,700.00 03/31/15 Principal (1,099.47)100.00000%(1,099.47) 03/31/15 Principal (6,171.92)100.00000%(6,171.92) 03/31/15 Interest 6,171.92100.00000%6,171.92 03/31/15 Maturity 1,153,057.00100.00000%1,153,057.00 03/31/15 Maturity 2,705.94100.00000%2,705.94 03/31/15 Maturity 66.83100.00000%66.83 03/31/15 Maturity 0.28100.00000%0.28 03/31/15 Maturity 206.44100.00000%206.44 03/31/15 Maturity 1,289.34100.00000%1,289.34 03/31/15 Maturity 209.36100.00000%209.36 03/31/15 Maturity 39.52100.00000%39.52 03/31/15 Maturity 14.49100.00000%14.49 03/31/15 Maturity 368.34100.00000%368.34 03/31/15 Maturity 397.13100.00000%397.13 03/31/15 Maturity 289.50100.00000%289.50 03/31/15 Maturity 431.40100.00000%431.40 03/31/15 Maturity 404.24100.00000%404.24 03/31/15 Maturity 239.48100.00000%239.48 Wells Fargo (6/30/14 - 6/30/15) Alloc. $Alloc. %Type100% $ Date 03/31/15 Maturity 491.47100.00000%491.47 03/31/15 Maturity 0.05100.00000%0.05 03/31/15 Maturity 36.64100.00000%36.64 03/31/15 Maturity 333.96100.00000%333.96 03/31/15 Maturity 102.99100.00000%102.99 03/31/15 Maturity 7.74100.00000%7.74 03/31/15 Maturity 116.30100.00000%116.30 03/31/15 Maturity 2,276.06100.00000%2,276.06 04/03/15 Maturity 5,009.13100.00000%5,009.13 04/07/15 Maturity 959.70100.00000%959.70 04/14/15 Maturity 69,924.27100.00000%69,924.27 04/15/15 Maturity 216.40100.00000%216.40 04/17/15 Maturity 3,195.21100.00000%3,195.21 04/21/15 Maturity 27,692.00100.00000%27,692.00 04/28/15 Maturity 343.35100.00000%343.35 04/30/15 Principal (64,159.10)100.00000%(64,159.10) 04/30/15 Principal (24,117.00)100.00000%(24,117.00) 04/30/15 Principal (5,336.45)100.00000%(5,336.45) 04/30/15 Interest 5,336.45100.00000%5,336.45 04/30/15 Maturity 12,908.77100.00000%12,908.77 04/30/15 Maturity 64,159.10100.00000%64,159.10 04/30/15 Maturity 5,549.58100.00000%5,549.58 05/01/15 Maturity 4,146.97100.00000%4,146.97 05/05/15 Maturity 1,557,332.20100.00000%1,557,332.20 05/07/15 Maturity 1,238.06100.00000%1,238.06 05/08/15 Maturity 26,501.52100.00000%26,501.52 05/15/15 Maturity 2,893.49100.00000%2,893.49 05/15/15 Maturity 216.40100.00000%216.40 05/22/15 Maturity 1,768,567.00100.00000%1,768,567.00 05/29/15 Maturity 2,955.32100.00000%2,955.32 05/31/15 Principal (2,731.70)100.00000%(2,731.70) 05/31/15 Interest 2,731.70100.00000%2,731.70 05/31/15 Maturity 11,745.41100.00000%11,745.41 Wells Fargo (6/30/14 - 6/30/15) Alloc. $Alloc. %Type100% $ Date 06/02/15 Maturity 59,708.47100.00000%59,708.47 06/08/15 Maturity 767.70100.00000%767.70 06/09/15 Maturity 59.30100.00000%59.30 06/12/15 Maturity 3,697.46100.00000%3,697.46 06/15/15 Maturity 216.40100.00000%216.40 06/16/15 Maturity 23,668.28100.00000%23,668.28 06/23/15 Maturity 718,792.43100.00000%718,792.43 06/30/15 Principal (553.15)100.00000%(553.15) 06/30/15 Interest 553.15100.00000%553.15 Arbitrage Compliance Specialists, Inc. Report 10th Year Arbitrage Rebate Calculation Page 1 of 1 Control # 13.00 PAR $22,660,000.00 EXHIBIT 5 Period 02/20/14 to 02/20/24 Calculation Credits Period 02/20/14 to 02/20/24 Date AmountTransaction Type 02/20/15 (1,650.00)Computation Date 02/20/16 (1,650.00)Computation Date Arbitrage Compliance Specialists, Inc.