Madison Elementary School DistrictClass B Bond Capacity Update

May 2013

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Madison ESD - Secondary Assessed Valuation History

Source: Maricopa County Assessor’s Office.

2014-15 854,446,274$ 3.81%

2013-14 823,051,054 -8.18%

2012-13 896,353,066 -13.28%

2011-12 1,033,622,409 -24.34%

2010-11 1,366,106,799 -11.19%

2009-10 1,538,312,194 0.42%

2008-09 1,531,862,956 12.71%

2007-08 1,359,074,350 27.34%

2006-07 1,067,287,640 8.08%

2005-06 987,485,761 6.18%

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Madison ESD – Current Debt Outstanding

Fiscal Class A Class B Total

Year Debt Debt Debt

2012-13 4,860,000$ 1,630,000$ 6,490,000$

2013-14 5,050,000 2,490,000 7,540,000

2014-15 5,275,000 3,150,000 8,425,000

2015-16 - 4,630,000 4,630,000

2016-17 - 4,960,000 4,960,000

2017-18 - 5,290,000 5,290,000

2018-19 - 5,685,000 5,685,000

2019-20 - 5,935,000 5,935,000

2020-21 - 6,340,000 6,340,000

2021-22 - 4,140,000 4,140,000

2022-23 - 2,460,000 2,460,000

2023-24 - 2,575,000 2,575,000

2024-25 - 3,210,000 3,210,000

2025-26 - 2,270,000 2,270,000 15,185,000$ 54,765,000$ 69,950,000$

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Class B Bond Capacity – 5% Limitation

2012-13 2013-14 2014-15

(1) Projected Secondary Assessed Valuation 896,353,066$ 823,051,054$ (1) 854,446,274$ (2)

(2) 15% Constitutional Bond Limit 134,452,960 123,457,658 128,166,941

(Row 1 x 15%)

(3) Outstanding Class A Bonds 15,185,000 10,325,000 5,275,000

(4) Unused Class A Bond Capacity or 119,267,960 113,132,658 122,891,941 Constitutional Bonding Capacity

(Row 2 Less Row 3)

(5) Class B Bond Limit (Row 1 x 5%) 44,817,653 41,152,553 42,722,314

(6) Class B Bond Capacity

(Lesser of Rows 4 and 5) 44,817,653 41,152,553 42,722,314

(7) Outstanding Class B Bonds 54,765,000 53,135,000 50,645,000

(8) Current Authorized Class B Capacity (9,947,347) (11,982,447) (7,922,686)

(Sum of Rows 6 less 7)

(1) SAV provided by Maricopa County Assessor's office and becomes effective value as of August 2013.(2) 2014 estimated provided by the Maricopa County Assessor's office. (3) Assumed 4% SAV growth rate for 2014-15 and beyond.

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Class B Bond Capacity – 5% Limitation (cont.)

2015-16 2016-17 2017-18

(1) Projected Secondary Assessed Valuation 888,624,125$ (3) 924,169,090$ (3) 961,135,854$ (3)

(2) 15% Constitutional Bond Limit 133,293,619 138,625,363 144,170,378

(Row 1 x 15%)

(3) Outstanding Class A Bonds - - -

(4) Unused Class A Bond Capacity or 133,293,619 138,625,363 144,170,378 Constitutional Bonding Capacity

(Row 2 Less Row 3)

(5) Class B Bond Limit (Row 1 x 5%) 44,431,206 46,208,454 48,056,793

(6) Class B Bond Capacity

(Lesser of Rows 4 and 5) 44,431,206 46,208,454 48,056,793

(7) Outstanding Class B Bonds 47,495,000 42,865,000 37,905,000

(8) Current Authorized Class B Capacity (3,063,794) 3,343,454 10,151,793

(Sum of Rows 6 less 7)

(1) SAV provided by Maricopa County Assessor's office and becomes effective value as of August 2013.(2) 2014 estimated provided by the Maricopa County Assessor's office. (3) Assumed 4% SAV growth rate for 2014-15 and beyond.

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Class B Bond Capacity – 10% Limitation

2012-13 2013-14 2014-15

(1) Projected Secondary Assessed Valuation 896,353,066$ 823,051,054$ (2) 854,446,274$ (3)

(2) 15% Constitutional Bond Limit 134,452,960 123,457,658 128,166,941

(Row 1 x 15%)

(3) Outstanding Class A Bonds 15,185,000 10,325,000 5,275,000

(4) Unused Class A Bond Capacity or 119,267,960 113,132,658 122,891,941 Constitutional Bonding Capacity

(Row 2 Less Row 3)

(5) Class B Bond Limit (Row 1 x 10%) (1) 44,817,653 82,305,105 85,444,627

(6) Class B Bond Capacity

(Lesser of Rows 4 and 5) 44,817,653 82,305,105 85,444,627

(7) Outstanding Class B Bonds 54,765,000 53,135,000 50,645,000

(8) Current Authorized Class B Capacity (9,947,347) 29,170,105 34,799,627

(Sum of Rows 6 less 7)

(1) Class B Bond Limit is 5% of SAV in 2012-13 and 10% of SAV thereafter.(2) SAV provided by Maricopa County Assessor's office and becomes effective value as of August 2013.(3) 2014 estimated provided by the Maricopa County Assessor's office. (4) Assumed 4% SAV growth rate for 2014-15 and beyond.

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Class B Bond Capacity – 10% Limitation (cont.)

2015-16 2016-17 2017-18

(1) Projected Secondary Assessed Valuation 888,624,125$ (4) 924,169,090$ (4) 961,135,854$ (4)

(2) 15% Constitutional Bond Limit 133,293,619 138,625,363 144,170,378

(Row 1 x 15%)

(3) Outstanding Class A Bonds - - -

(4) Unused Class A Bond Capacity or 133,293,619 138,625,363 144,170,378 Constitutional Bonding Capacity

(Row 2 Less Row 3)

(5) Class B Bond Limit (Row 1 x 10%) (1) 88,862,412 92,416,909 96,113,585

(6) Class B Bond Capacity

(Lesser of Rows 4 and 5) 88,862,412 92,416,909 96,113,585

(7) Outstanding Class B Bonds 47,495,000 42,865,000 37,905,000

(8) Current Authorized Class B Capacity 41,367,412 49,551,909 58,208,585

(Sum of Rows 6 less 7)

(1) Class B Bond Limit is 5% of SAV in 2012-13 and 10% of SAV thereafter.(2) SAV provided by Maricopa County Assessor's office and becomes effective value as of August 2013.(3) 2014 estimated provided by the Maricopa County Assessor's office. (4) Assumed 4% SAV growth rate for 2014-15 and beyond.