hallsdale-powell utility district...hallsdale-powell utility district kevin julian todd cook robert...

HALLSDALE-POWELL UTILITY DISTRICT

Kevin Julian Todd Cook Robert Crye

Commissioners

General Manager Darren Cardwell

October 2, 2019

Via Hand-Delivery Ms. Sandra Thompson, Director Office of State and Local Finance Cordell Hull Building 425 Fifth Avenue North Nashville, TN 37243-3400

Ms. Thompson:

On behalf of the Hallsdale-Powell Utility District of Knox County, Tennessee (the “District”), I am submitting this request for a report on the proposed issuance of tax-exempt water and sewer revenue refunding and improvement bonds (the “Bonds”) pursuant to Tennessee Code Annotated §7-82-501 and by cross reference, 9-21-1003. The Board of Commissioners intends to consider the bond resolution authorizing the Bonds at their regular meeting on November 11, 2019.

In connection with this request, 1 am enclosing the following:

Exhibit A - Proposed bond resolutionExhibit B - Financial projections detailing the plan of finance for the BondsExhibit C - Schedules of total outstanding debt of the District prior to and following issuance of the Bonds,

along with a debt service coverage schedule Exhibit D - Current Debt Management Policy of the DistrictExhibit E - State Reports on Debt Obligation related to the Rural Development bonds proposed to be

refunded (the “Refunded Bonds”)

A link to the District’s most recent audited financial statements can be found at https://coinptroller.tn.Kov/content/dam/cot71it/advanced-search/2019/utilities/2747-2019-u-hallud-rpt-ct)al91-9-27 19.[xlf

FINANCING SUMMARY

The par amount of the Bonds is expected to be $38,960,000.00, The preliminary analysis of the transaction is based on a premium structure producing $5,595,278,20, for total proceeds of $44,555,278.20. The District will use the proceeds of the Bonds (plus $721,064.00 of debt service reserve funds related to the Refunded Bonds) as follows:

(1) an estimated $12,092,718.11 will be used to currently refund the Refunded Bonds; and

(2) an estimated $32,850,844.09 will be used to finance capital improvements to the District's water and sewer system; and

(3) an estimated $332,780.00 will be used to pay costs of issuance on the Bonds.

4810-9261-0984 23745 Cunningham Road s P.O. Box 5199 a Knoxville, TN 37928-0199 » 865-922-7547 b fax 865-922-8428

HPUD is an Equal Opportunity Employer and Provider.

https://coinptroller.tn.Kov/content/dam/cot71it/advanced-search/2019/utilities/2747-2019-u-hallud-rpt-

Ms. Sandra Thompson, Director October 2, 20J 9

As reflected in Exhibit B, interest on the Bonds will be payable on each April 1 and October 1, commencing April 1, 2020 and principal will be payable each April 1, from 2020 through 2039. The Bonds will be callable at par on April 1,2029 and are expected to be issued on December 4, 2019.

As reflected in Exhibit B, the portion of the Bonds attributable to the refunding of the Refunded Bonds will be amortized in a manner that (a) does not constitute balloon indebtedness (as defined by T.C.A.§ 9-21- 134) and (b) reduces the average life of the Refunded Bonds by approximately five years.

As reflected in Exhibit B, the portion of the Bonds issued to fund the Projects will be amortized over a 20- year period in a manner that does not constitute balloon indebtedness.

The Bonds will be secured by the revenues of the District’s water and sewer system (the “System”) on parity with the District’s 2009 Rural Development Bond, Series 2013 Public Market Bonds and Series 2018 Public Market Bonds. The District’s 2005-062,2005-186,2006-069,2011-111,2011-279,2014-332,2014- 333 and Series 2018-410 State Revolving Fund Loans will be subordinate to the Bonds, as previously consented to by the Tennessee Local Development Authority.

DESCRIPTION OF REFUNDED BONDS AND PROJECTED DEBT SERVICE SAVINGS

The Refunded Bonds consist of those debt obligations listed below. State Debt Information Forms for the Rural Development Bonds are included with this letter as Exhibit F. As described in Exhibit B, the proposed refunding is expected to generate $942,823.39 in net present value savings (or 7.79% of refunded par).

(1) State of Tennessee DWSRF Loans Nos. 2009-086 and 2009-086 (ARRA) were incurred to fund waterworks improvements for the District. These loans bear interest at a rate of 2.52%, payable through 2031.

(2) State of Tennessee CWSRF Loans Nos. 2009-233 and 2009-233 (ARRA) were incurred to fund sewer improvements for the District. These loans also bear interest at a rate of 2.52%, payable through 2031.

(3) Utilities Revenue Improvement Bonds, Series 2013-A and 2013-B were issued to Rural Development to fund waterworks improvements for the District. These bonds bear interest at a rate of 3.125%, payable in equal monthly installments of principal and interest through 2051 and 2052, respectively.

CONSISTENCY WITH DEBT MANAGEMENT POLICY

The District most recently amended its debt management policy on February 12, 2018, The policy is attached hereto as Exhibit E. The Bonds comply in all respects with the District’s debt management policy.

4810-9261-0984.2

Ms. Sandra Thompson, Director October 2, 2019

ADDITIONAL INFORMATION

Should you have additional questions or require further information in order to issue your report, please do not hesitate to contact any of the following individuals who have assisted the District in connection with the preparation of this request and plan of finance.

DistrictCFOJames Smith [email protected]

Municipal AdvisorStifelBryan [email protected]

UnderwriterWiley Bros.Keener [email protected]

Bond CounselWallerAlex [email protected]

Thank you for considering our request.

Respectfully,

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Darren CardwellGeneral Manager

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mailto:[email protected]




2019 SUPPLEMENTAL BOND RESOLUTION

The Hallsdale-Powell Utility District of Knox County, Tennessee Waterworks and Sewer Revenue Refunding and Improvement Bonds,

Series 2019

Adopted November 11, 2019

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TABLE OF CONTENTS

ARTICLE I DEFINITIONS............................................. ................. .............................. 3Section 1.1. Definitions................................................................... ........................... 3

ARTICLE II AUTHORIZATION AND DETAILS OF SERIES 2019 BONDS............ 6Section 2.1. Authorization of Series 2019 Bonds......................................................6Section 2.2. Terms of Series 2019 Bonds........ ........................................................ .7Section 2.3. Form of Series 2019 Bonds............................................... 9Section 2.4. Book Entry System.................................................................. 9Section 2.5. Redemption Prior to Maturity................................................ 11Section 2.6. Notice of Redemption................................. 11Section 2.7. Delivery of Series 2019 Bonds............. 13Section 2.8. Creation of Accounts................... 13Section 2.9. Application of Bond Proceeds....................... 14Section 2.10. Source of Payment............................................................. 14

ARTICLE III MISCELLANEOUS PROVISIONS.......... ......... ...................................14Section 3.1. Severability........................................................................ ..................14Section 3.2. Binding Effect......................... ............................................................. 14Section 3.3. Immunity of Individuals..... ........... ....................................................14Section 3.4. Governing Law............................................... .....................................15Section 3.5. Master Resolution........................................................................ ........15Section 3.6. Official Statement............................................................................... 15Section 3.7. Federal Tax Matters................................................ ........ ................... 16Section 3.8. Continuing Disclosure.........................................................................16Section 3.9. Further Authority.......................... ............................ ........ .................16Section 3.10. Action Approved and Confirmed........................................................ 17

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2019 SUPPLEMENTAL BOND RESOLUTION

WHEREAS, pursuant to a decree duly entered on September 13, 1954, in the County of Knox, Tennessee, and pursuant to the provisions of Chapter 248 of the 1937 Public Acts of Tennessee, as amended, as now compiled in Sections 7'82'101 et seq. of the Tennessee Code Annotated, as amended (the “Act”), there has been heretofore created a Utility District in Knox County, Tennessee known as “The Hallsdale-Powell Utility District of Knox County, Tennessee” (the “District”); and

WHEREAS, on August 30, 2002, the District adopted a Master Bond Resolution and as thereafter supplemented and amended (the “Master Bond Resolution”) providing for the issuance of Indebtedness thereunder;

WHEREAS, pursuant to the Master Bond Resolution and a 2002 Supplemental Bond Resolution adopted on or about August 30, 2002, to refund (i) the District’s outstanding Waterworks and Sewer System Improvement Revenue Bonds, Series 1994A, maturing April 1, 2003, (ii) the District’s Taxable Waterworks and Sewer System Improvement Revenue Refunding Bonds, Series 1994B, maturing April 1, 2003, (iii) the District’s Waterworks and Sewer System Improvement Revenue Refunding Bonds, Series 1999, maturing April 1, 2003 through April 1, 2024, and to finance improvements to its Water and Sewer System (as defined below), the District previously issued its Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 2002-A in the original principal amount of $31,515,000 and Series 2002-B in the original principal amount of $5,665,000 (collectively, the “Series 2002 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System and to refund the District’s Waterworks And Sewer System Improvement Revenue Refunding Bonds, Series 1993, maturing August 1, 2013, the District previously issued its Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 2004-A in the original principal amount of $1,305,000 and Series 2004-B in the original principal amount of $20,420,000 (collectively, the “Series 2004 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Utilities Improvement Revenue Bond, Series 2005 in the original principal amount of $891,600 (the “Series 2005 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Waterworks and Sewer Revenue Improvement Bonds, Series 2006 in the original principal amount of $16,000,000 (the “Series 2006 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Utilities Improvement Revenue Bond, Series 2007 in the original principal amount of $3,018,000 (the “Series 2007 Bonds”); and

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WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Waterworks and Sewer Revenue Improvement Bonds, Series 2008 in the original principal amount of $10,000,000 (the “Series 2008 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Utilities Improvement Revenue Bond, Series 2009 in the original principal amount of $998,000 (the “Series 2009 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Utilities Improvement Revenue Bond, Series 2011 in the original principal amount of $4,899,000 (the “Series 2011 Bonds”); and

WHEREAS, to refund certain of the District’s Series 2002 Bonds and Series 2004 Bonds, the District previously issued its Waterworks and Sewer System Revenue Refunding Bonds, Series 2013 in the original principal amount of $43,825,000 (the “Series 2013 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously issued its Utilities Improvement Revenue Bond, Series 2013'A (Rural Utilities Service) in the original principal amount of $1,566,000 and its Series 2013-B (Rural Utilities Service) in the original principal amount of $4,983,000 (collectively, the “Series 2013 Rural Utilities Service Bonds”); and

WHEREAS, to refund the District’s Series 2006 Bonds, the Series 2006 Bonds, the Series 2007 Bonds, the Series 2008 Bonds and the Series 2011 Bonds, the District previously issued its Waterworks and Sewer System Revenue Refunding Bonds, Series 2018 in the original principal amount of $24,930,000 (the “Series 2018 Bonds”); and

WHEREAS, to finance improvements to its Water and Sewer System, the District previously entered into its Revolving Fund Loan Agreement For Utility Districts, with application date of July 20, 2009 (CGA 09-233) and its Revolving Fund Loan Agreement For Utility Districts, with application date of July 20, 2009 (DGA 09-086) by and among the Tennessee Department of Environment and Conservation, the Tennessee Local Development Authority and the District relating to loans in the original principal amounts of $12,150,000 and $2,825,000, respectively, to be repaid according to the Payment Schedule applicable for such loans (collectively, the “Series 2009 SRF Obligations”);

WHEREAS, further improvements to the Water and Sewer System are now necessary, and the Board of Commissioners of the District has determined it is necessary to construct certain improvements to the System as herein more fully described; and

WHEREAS, the Board desires to adopt a plan of refunding for the Series 2009 SRF Obligations and the Series 2013 Rural Utilities Service Bonds in order to

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(i) eliminate the need for unnecessary increases in user rates; and (ii) procure present value interest cost savings; and

WHEREAS, prior to the date of issuance of the Series 2019 Bonds (defined below), the Director of State and Local Finance of the State of Tennessee will have received the plan of refunding and improvements for the District and will have issued her report regarding the proposed refinancing and improvements; and

WHEREAS, in order to refinance all or a portion of the Series 2009 SRF Obligations and the Series 2013 Rural Utilities Service Bonds as provided in the plan of refunding and to finance improvements to its Water and Sewer System, the District desires, pursuant to the Master Bond Resolution, to issue its Waterworks and Sewer Revenue Refunding and Improvement Bonds, Series 2019 (the “Series 2019 Bonds”);

NOW, THEREFORE, be it resolved by the Board of Commissioners of The Hallsdale-Powell Utility District of Knox County, Tennessee as follows'-

All acts and things necessary to constitute this 2019 Supplemental Bond Resolution (this “Resolution”) a valid undertaking of the Board of the District according to its terms have been done and performed, and the Board in the exercise of the legal right and power vested in it, adopts this Resolution and proposes to make, execute, issue, and deliver the Series 2019 Bonds hereunder and desires to declare the terms and conditions upon which the Series 2019 Bonds are to be authenticated, issued and delivered, and in consideration of the premises, of the purchase and acceptance of Series 2019 Bonds by the owners and holders thereof, and of other good and lawful consideration the receipt and sufficiency of which are hereby acknowledged, the District covenants and agrees with the Trustee, for the equal and proportionate benefit of the owners and holders from time to time of the Series 2019 Bonds, as follows-'

ARTICLE I

DEFINITIONS

Section 1.1. Definitions. Words and terms defined in the Master Resolution are used in this Resolution with the meanings given them in the Master Resolution. In addition, the following words and terms will, unless the context otherwise requires, have the following meanings when used herein:

“Authorized Denominations” means $5,000 or any integral multiple thereof.

“Beneficial Owner” means the person in whose name a Series 2019 Bond is recorded as beneficial owner of such Bond by the Trustee or by a Securities Depository, a Participant or an Indirect Participant on the records of the Trustee or of a Securities Depository, a Participant or an Indirect Participant, as the case may be, or such person’s subrogee.

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“Bond Purchase Agreement” means the Bond Purchase Agreement between the District and the Underwriter in substantially the form attached as Exhibit A. If the Series 2019 Bonds are issued in more than one emission, each emission shall be sold pursuant to a separate Bond Purchase Agreement with such changes therein as shall be required to conform the Bond Purchase Agreement to the emission being sold.

“Book-Entry System” means a book-entry system established and operated for the recordation of Beneficial Owners pursuant to Section 2.4.

“District” means The Hallsdale-Powell Utility District of Knox County, Tennessee, and its successors and assigns.

“General Manager” means the person who is employed by the District as its general manager and serves as the District’s President/Chief Executive Officer.

“Indirect Participant” means a broker-dealer, bank or other financial institution for which the Securities Depository holds Series 2019 Bonds as a securities depository through a Participant.

“Interest Payment Date” means April 1 and October 1 of each year, commencing April 1, 2020, or if the date of issuance of the Series 2019 Bonds, or any emission thereof, is later than such date, the first April 1 or October 1 occurring after the date of issuance of the Series 2019 Bonds.

“Master Resolution means the Master Bond Resolution adopted by the District on August 30, 2002, as supplemented and amended.

“Participant” means a broker-dealer, bank or other financial institution for which the Securities Depository holds Series 2019 Bonds as a securities depository.

“President” means the person holding the office of Chairman of the Board of Commissioners of the District.

“Principal Payment Date” means April 1 of each year, commencing April 1, 2020 or as is otherwise set forth in the Bond Purchase Agreement.

“Project” means the “project” financed with a portion of the proceeds of the Series 2019 Bonds, which shall include the acquisition, construction and equipping of extensions of and improvements to the System; the acquisition of all real and personal property appurtenant thereto; and the payment of legal, fiscal, engineering, architectural and administrative fees in connection therewith. The District may change the components comprising the Project as it determines to be in its interest but anticipates as of the date of this Resolution that the Project would include the sewer projects identified internally as the Beaver Creek Phase 1/Contract 1 improvements, including replacing the existing interceptor with new 48 inch diameter pipe, the downtown Powell sewer rehabilitation, the North Fork

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interceptor improvements project phase 2, the Temple Acres and surrounding area sewer rehabilitation, the sewer rehabilitation phase 5 and 6, the sewer line improvement along Bishop and Taggart area, the Beaver Creek WWTP Chlorine Conact Chamber improvements and the Beaver Creek Clarifier improvements and the water projects improvements identified internally as the Dry Gap Road improvements and the Central Avenue improvements.

“Record Date” means each March 15 and September 15, whether or not a Business Day.

“Refunded Obligations” means all or the portion of those maturities of the Series 2009 SRF Obligations and the Series 2013 Rural Utilities Service Bonds selected for refunding pursuant to Section 2.2 hereof.

“Securities Depository” means The Depository Trust Company and any substitute for or successor to such securities depository that maintains a Book- Entry System with respect to the Series 2019 Bonds.

“Securities Depository Nominee” means the Securities Depository or the nominee of such Securities Depository in whose name the Series 2019 Bonds are registered on the registration books of the District while the Series 2019 Bonds are in a Book-Entry System.

“Series 2002 Bonds” means collectively The Hallsdale-Powell Utility District of Knox County, Tennessee Waterworks and Sewer Revenue Refunding and Improvement Bonds, Series 2002-A and Series 2002 B.

“Series 2004 Bonds” means collectively The Hallsdale-Powell Utility District of Knox County, Tennessee Waterworks and Sewer Revenue Refunding and Improvement Bonds, Series 2004'A and Series 2004-B.

“Series 2005 Bonds” means the Utilities Improvement Revenue Bond, Series2005.

“Series 2006 Bonds” means The Hallsdale-Powell Utility District of Knox County, Tennessee, Waterworks and Sewer Revenue Improvement Bonds, Series 2006.

“Series 2007 Bonds” means The Hallsdale-Powell Utility District of Knox County, Tennessee, Utilities Improvement Revenue Bond, Series 2007.

“Series 2008 Bonds” means The Hallsdale-Powell Utility District of Knox County, Tennessee, Waterworks and Sewer Revenue Improvement Bonds, Series 2008.


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“Series 2013 Bonds” means The Hallsdale-Powell Utility District of Knox County, Tennessee, Waterworks and Sewer Revenue Refunding Bonds, Series 2013.

“Series 2018 Bonds” means The Hallsdale-Powell Utility District of Knox County, Tennessee, Waterworks and Sewer Revenue Refunding Bonds, Series 2018.

“Series 2019 Bonds” means The Hallsdale-Powell Utility District of Knox County, Tennessee, Waterworks and Sewer Revenue Refunding and Improvement Bonds, Series 2019.

“Series 2013 Rural Utilities Service Bonds” means collectively The Hallsdale- Powell Utility District of Knox County, Tennessee, Utilities Improvement Revenue Bond, Series 2013-A (Rural Utilities Service) and The Hallsdale-Powell Utility District of Knox County, Tennessee, Utilities Improvement Revenue Bond, Series 2013-B (Rural Utilities Service).

“Series 2009 SFR Obligations” means collectively, the Revolving Fund Loan Agreement For Utility Districts, with application date of July 20, 2009 (CGA 09- 233) and the Revolving Fund Loan Agreement For Utility Districts, with application date of July 20, 2009 (DGA 09-086), entered into by and among the Tennessee Department of Environment and Conservation, the Tennessee Local Development Authority and the District relating to loans in the original principal amounts of $12,150,000 and $2,825,000, respectively, to be repaid according to the Payment Schedule applicable for such loans.

“Trustee” means Regions Bank, a state banking corporation organized under the laws of the State of Alabama.

“Underwriter” means Wiley Bros--Aintree Capital, LLC, Nashville, Tennessee, as underwriter of the Series 2019 Bonds.

ARTICLE II

AUTHORIZATION AND DETAILS OF SERIES 2019 BONDS

Section 2.1. Authorization of Series 2019 Bonds.

(a) The issuance of the Series 2019 Bonds is hereby authorized. The Series 2019 Bonds are issued pursuant to Sections 7-82-101 et seq. and 9-21- 101 et seq. of Tennessee Code Annotated, as amended, and other applicable provisions of law.

(b) The Series 2019 Bonds are being issued for the purpose of procuring funds to finance the cost of (i) currently refunding all or a portion of the Series 2009 SRF Obligations and the Series 2013 Rural Utilities

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Service Bonds on such date(s) as shall be determined by the District in the Bond Purchase Agreement at par (ii) acquiring, constructing and equipping the Project and reimbursing the District for cost incurred in connection therewith; (iii) funding the Debt Service Reserve Fund Requirement if any is established for the Series 2019 Bonds, or any emission thereof or paying the cost of a debt service reserve fund policy or other credit facility in lieu thereof, in either case if other available monies of the District directed for such purpose are insufficient and (iv) paying the cost of the issuance and sale of the Series 2019 Bonds including without limitation, bond discount, Trustee’s fees, municipal bond insurance or other credit facility, engraving, printing and advertising fees and the fees of financial and legal advisors and consultants and computer verification reports and studies relating to the Series 2019 Bonds.

(c) The District hereby determines (i) that the refunding proposed in its refunding plan is advantageous to the District and (ii) that the portion of each maturity of the Series 2009 SRF Obligations and the Series 2013 Rural Utilities Service Bonds selected for refunding pursuant to Section 2.2(d) hereof shall be called for redemption on the dates established pursuant to the terms of the Bond Purchase Agreement.

Section 2.2. Terms of Series 2019 Bonds.

(a) Subject to the terms of Section 2.2(d) hereof, the Series 2019 Bonds will be dated their date of initial issuance and delivery, will be in fully registered form, and will bear interest from their date and be payable on each Interest Payment Date.

(b) The Series 2019 Bonds will be issued in an aggregate principal amount not to exceed $42,000,000 and may be issued in one or more emissions. The Series 2019 Bonds will mature on each April 1, or be subject to such other maturity schedule with Sinking Fund Payments on each Principal Payment Date, in the amounts, and bearing interest at the rates per annum, as finally negotiated with the Underwriter as provided in the Bond Purchase Agreement(s), signed by the District, establishing the final interest rates, principal amount and maturities (and any sinking fund amounts) for the Series 2019 Bonds with respect to any emission. The President, or in his absence the General Manager, is hereby authorized to negotiate with the Underwriter and to execute the Bond Purchase Agreement(s) without further action of this Board; provided the aggregate principal amount of the Series 2019 Bonds may not exceed $42,000,000, the true interest cost on the Series 2019 Bonds may not exceed 5.0% per annum with respect to any emission and the Series 2019 Bonds, or any emission, shall be sold to the Underwriter at a price of not less than ninety-nine percent (99%) of par, exclusive of accrued interest and any original issue

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discount on the Series 2019 Bonds. Interest will be calculated on a 360 day- year basis.

(c) The President of the Board, or the General Manager in his absence, or either of them, is also authorized to determine the Debt Service Reserve Fund Requirement, if any, with respect to the Series 2019 Bonds and whether the same shall be funded from proceeds of Series 2019 Bonds or from other available moneys of the District. The amount of the Debt Service Reserve Fund, if any, and the source of its funding with respect to the Series 2019 Bonds, shall be as set forth in the Bond Purchase Agreement or as otherwise approved by the President or the General Manager in his absence. The President, or the General Manager in his absence, is authorized to negotiate and enter into (i) a municipal bond insurance policy for purposes of insuring the Series 2019 Bonds in a cost effective manner and (ii) a debt service reserve fund policy or other credit facility for the purpose of funding all or a portion of the Series 2019 Account of the Debt Service Reserve Fund at the amount required therein, if any, all without further action of the Board.

(d) The President of the Board, or the General Manager in his absence, or either of them, in consultation with the Underwriter, are authorized to make such changes in the structuring of the terms of the sale of the Series 2019 Bonds as they shall deem necessary to attain for the District favorable net present value savings from the refunding. In this regard, they, or either of them, in consultation with the Underwriter, are authorized (l) to designate the aggregate principal amount of the Series 2019 Bonds of any emission to be sold, provided that in no event shall the aggregate principal amount of the Series 2019 Bonds exceed $42,000,000; (2) to cause all or a portion of the Series 2019 Bonds to be sold as term bonds with annual mandatory redemption requirements which for the purposes of this Resolution shall be a Sinking Fund Payment required with respect to the Series 2019 Bonds; (3) to cause all or any portion of the Series 2019 Bonds to be insured by a bond insurance policy issued by a reputable and nationally recognized bond insurance company; (4) to change the dated date of the Series 2019 Bonds to a date other than their initial delivery date; (5) to change the optional redemption provisions for the Series 2019 Bonds, so long as the redemption premium to be paid on any of the Series 2019 Bonds does not exceed 102% of the par amount thereof; (6) to adjust principal and interest payment dates and amounts, so long as the final maturity date is not later than April 1, 2039; (7) determine the Refunded Obligations to be refunded, including the portion to be refunded within each maturity, (8) establish the Debt Service Reserve Fund Requirement, if any, with respect to any emission of the Series 2019 Bonds and (9) change the series designation for any emission of the Series 2019 Bonds, all without further act or deed of the Board.

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Section 2.3. Form of Series 2019 Bonds. The Series 2019 Bonds will be in substantially the form attached hereto as Exhibit B, with such changes, insertions and omissions as deemed necessary or desirable by the Trustee or the President.

Section 2.4. Book Entry System.

(a) The Series 2019 Bonds will initially be issued pursuant to a Book-Entry System administered by the Securities Depository with no physical distribution of Series 2019 Bond certificates to be made except as provided in subsection (b) of this Section. So long as a Book-Entry System is in effect for the Series 2019 Bonds, one Series 2019 Bond in the aggregate principal amount of each maturity of the Series 2019 Bonds will be issued and deposited with the Securities Depository to be held in its custody. Such Bond or Bonds will be registered in the name of the Securities Depository Nominee. The Book-Entry System will be maintained by the Securities Depository and the Participants and Indirect Participants and will evidence beneficial ownership of the Series 2019 Bonds in Authorized Denominations, with transfers of ownership effected on the records of the Securities Depository, the Participants and the Indirect Participants pursuant to rules and procedures established by the Securities Depository, the Participants and the . Indirect Participants. The principal of and any premium on the Series 2019 Bonds will be payable to the Securities Depository Nominee or the Securities Depository, as the case may be, as the Owner of Series 2019 Bonds and so long as the Book-Entry System is in effect, the Securities Depository will be recognized as the sole Owner for all purposes. Transfers of principal, interest and any premium payments or notices to Participants and Indirect Participants will be the responsibility of the Securities Depository, and transfers of principal, interest and any premium payments or notices to Beneficial Owners will be the responsibility of the Participants and the Indirect Participants. No other party will be responsible or liable for such transfers of payments or notices or for maintaining, supervising or reviewing such records maintained by the Securities Depository, the Participants or the Indirect Participants. While the Book-Entry System is in effect, notwithstanding any other provisions set forth herein, payments of principal of, premium, if any, and interest on the Series 2019 Bonds will be made to the Securities Depository Nominee or the Securities Depository, as the case may be, by wire transfer in immediately available funds to the account of such entity.

(b) The District may at any time elect (i) to provide for the replacement of any Securities Depository as the depository for the Series 2019 Bonds with another qualified Securities Depository, or (ii) to discontinue the maintenance of the Series 2019 Bonds under a Book-Entry System. Upon written notice of such election, the Trustee will give 30 days’ prior notice of such election to the Securities Depository (or such fewer number of days as is acceptable to such Securities Depository).

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(c) Upon the discontinuance of the maintenance of the Series 2019 Bonds under a Book-Entry System, the District will cause Bonds to be issued directly to the Beneficial Owners of Series 2019 Bonds, or their designees, as further described below. In such event, the Trustee will make provisions to notify Participants and the Beneficial Owners, by mailing an appropriate notice to the Securities Depository, or by other means deemed appropriate by the Trustee in its discretion, that Series 2019 Bonds will be directly issued to the Beneficial Owners of Series 2019 Bonds as of a date set forth in such notice, which must be a date at least 10 days after the date of mailing of such notice (or such fewer number of days as is acceptable to the Securities Depository). Upon such event, the District will promptly have prepared Series 2019 Bonds in certificated form registered in the names of the Beneficial Owners of Series 2019 Bonds shown on the records of the Participants provided to the Trustee, as of the date set forth in the notice described above. Series 2019 Bonds issued to the Beneficial Owners, or their designees, will be in fully registered form substantially in the form set forth in Exhibit B.

(d) The District will not have any responsibility or obligation to the Participants or Beneficial Owners for (l) sending transaction statements; (2) maintaining, supervising or reviewing, or the accuracy of, any records maintained by DTC or any Participant; (3) payment or the timeliness of payment by DTC to any Direct Participant, or by any Direct Participant or Indirect Participant to any Beneficial Owner of any amount due to any Beneficial Owner in respect to the principal or redemption premium, if any, or interest on the Bonds; (4) delivery or timely delivery by DTC or any Participant to any Beneficial Owner, or'any notice (including notices of redemption of Bonds) or other communications to any Beneficial Owner which is required or permitted under the terms of the Resolution to be given to Bondholders! (5) the selection of the Beneficial Owners to receive payment in the event of any partial redemption of Bonds; or (6) any action taken by DTC or its nominee as the registered owner of the Bonds.

(e) On or prior to the date(s) of issuance of the Series 2019 Bonds, the District will have executed and delivered to the initial Securities Depository a letter of representations (the “Letter of Representations”) governing various matters relating to the Securities Depository and its activities pertaining to the Series 2019 Bonds if necessary. The terms and provisions of the Letter of Representations are incorporated herein by reference and, in the event there exists any inconsistency between the substantive provisions of the Letter of Representations and any provisions of this Resolution, then, for as long as the initial Securities Depository serves with respect to the Series 2019 Bonds, the terms of the Letter of Representations will govern.

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(f) The District and the Trustee may rely conclusively upon (i) a certificate of the Securities Depository as to the identity of the Participants in the Book-Entry System; (ii) a certificate of any Participant as to the identity of any Indirect Participant and (iii) a certificate of any Participant or Indirect Participant as to the identity of, and the respective principal amount of Series 2019 Bonds beneficially owned by, the Beneficial Owners.

Section 2.5. Redemption Prior to Maturity.

(a) Subject to adjustment as provided in Section 2.2(d) hereof, the Series 2019 Bonds maturing April 1, 2030, and thereafter are subject to redemption prior to maturity at the option of the District as a whole or in part on April 1, 2029, or on any date thereafter, at the redemption price equal to the principal amount thereof plus accrued interest to the redemption date.

(b) Series 2019 Bonds may be subject to mandatory sinking fund redemption through Sinking Fund Payments as provided in Section 2.2.

Section 2.6. Notice of Redemption.

(a) Notice of call for redemption will be given by the Trustee as provided in the Master Resolution not less than 30 days prior to the date fixed for redemption by first class mail, postage prepaid, to the person in whose name the Series 2019 Bond is registered on the books maintained by the Registrar subject to the following conditions-'

(i) if the Series 2019 Bonds are being held under a Book- Entry System by Depository Trust Company, or a successor Securities Depository, the Series 2019 Bonds to be redeemed shall be determined by Depository Trust Company, or such successor Securities Depository, by lot or such other manner as Depository Trust Company, or such successor Securities Depository, shall determine; or

(ii) if the Series 2019 Bonds are not being held under a Book- Entry System by Depository Trust Company, or a successor Securities Depository, the Bonds within the maturity to be redeemed shall be selected by the Paying Agent by lot or such other random manner as the Paying Agent in its discretion shall determine.

(b) Pursuant to Section 2.2 hereof, the President of the Board or the General Manager in his absence is authorized to sell the Series 2019 Bonds, or any maturities thereof, as term bonds with mandatory redemption requirements corresponding to the maturities set forth herein and as shall be set forth in the Bond Purchase Agreement. In the event any or all the Series 2019 Bonds are sold as term bonds, the District shall redeem term bonds on redemption dates corresponding to the maturity dates set forth herein, in aggregate principal amounts equal to the maturity amounts established

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pursuant to Section 2.2 hereof, for each redemption date, as such maturity amounts and redemption premiums may be adjusted, at a price of par plus accrued interest thereon to the date of redemption and as shall be set forth in the applicable Bond Purchase Agreement if the Series 2019 Bonds are sold in more than one emission. The term bonds to be redeemed within a single maturity shall be selected in the manner described in subsection (a) above.

At its option, to be exercised on or before the forty-fifth (45th) day next preceding any such mandatory redemption date, the District may (i) deliver to the Registrar for cancellation Series 2019 Bonds to be redeemed, in any aggregate principal amount desired, and/or (ii) receive a credit in respect of its redemption obligation under this mandatory redemption provision for any Series 2019 Bonds of the maturity to be redeemed which prior to said date have been purchased or redeemed (otherwise than through the operation of this mandatory sinking fund redemption provision) and canceled by the Registrar and not theretofore applied as a credit against any redemption obligation under this mandatory sinking fund provision. Each Series 2019 Bond so delivered or previously purchased or redeemed shall be credited by the Paying Agent at 100% of the principal amount thereof on the obligation of the District on such payment date and any excess shall be credited on future redemption obligations in chronological order, and the principal amount of Series 2019 Bonds to be redeemed by operation of this mandatory sinking fund provision shall be accordingly reduced. The District shall on or before the forty-fifth (45th) day next preceding each payment date furnish the Registrar with its certificate indicating whether or not and to what extent the provisions of clauses (i) and (ii) of this subsection are to be availed of with respect to such payment and confirm that funds for the balance of the next succeeding prescribed payment will be paid on or before the next succeeding payment date.

(c) Notice of call for optional or mandatory redemption shall be given by the Trustee on behalf of the District not less than thirty (30) nor more than sixty (60) days prior to the date fixed for redemption by sending an appropriate notice to the registered owners of the Series 2019 Bonds to be redeemed by first-class mail, postage prepaid, at the addresses shown on the Series 2019 Bond registration records of the Registrar as of the date of the notice; but neither failure' to mail such notice nor any defect in any such notice so mailed shall affect the sufficiency of the proceedings for redemption of any of the Series 2019 Bonds for which proper notice was given. As long as Depository Trust Company, or a successor Securities Depository, is the registered owner of the Series 2019 Bonds, all redemption notices shall be mailed by the Trustee to Depository Trust Company, or such successor Securities Depository, as the registered owner of the Series 2019 Bonds, as and when above provided, and neither the District nor the Trustee shall be responsible for mailing notices of redemption to Depository Trust Company Participants or Beneficial Owners. Failure of Depository Trust Company, or

4812-4161-0662.3

any successor Securities Depository, to provide notice to any Depository Trust Company Participant or Beneficial Owner will not affect the validity of such redemption. From and after the redemption date, all Series 2019 Bonds called for redemption shall cease to bear interest if funds are available at the office of the Paying Agent for the payment thereof and if notice has been duly provided as set forth herein.

Section 2.7. Delivery of Series 2019 Bonds. The Series 2019 Bonds will be executed by the District and delivered to the Trustee and thereupon will be authenticated by the Trustee and delivered to or upon the written request of the District, but only upon the receipt by the Trustee of-’

(a) The documents referred to in Section 3.11 of the Master Resolution;

(b) The documents required by Section 5.13 of the Master Resolution;

(c) The documents required under any other contract of the District prior to issuing any Parity Indebtedness;

(d) An executed counterpart of an escrow agreement, if any, and such additional documents, if any, as are required by the Trustee to show that provision has been made in accordance with the terms of the Master Resolution and any applicable State Revolving Fund loan agreement for the payment and/or redemption of Refunded Obligations; and

(e) An Opinion of Bond Counsel to the effect that the interest on the Bonds is excludable from gross income of the recipient thereof for federal income tax purposes.

Section 2.8. Creation of Accounts. As contemplated by Article VI of the Master Resolution, the Trustee is hereby directed by the District to create (i) a Series 2019 Account in the Debt Service Reserve Fund, if a Debt Service Reserve Fund Requirement is established for any emission of the Series 2019 Bonds; (ii) a Series 2019 Account in the Rebate Fund both as the designation thereof may be appropriately modified for each emission of the Series 2019 Bonds; and (iii) a special fund known as the “Series 2019 Construction Fund” established with the Trustee to be kept separate and apart from all other funds of the District. Except as otherwise provided hereinafter, monies in the Series 2019 Construction Fund shall be disbursed solely to pay cost of the Project, reimburse the District for amounts previously spent to pay said cost pursuant to a validly adopted reimbursement resolution and pay costs of issuance of the Series 2019 Bonds, including necessary legal, accounting, financial advisor fees and expenses, printing, engraving, advertising and similar expenses, administrative and clerical costs, Trustee, Paying Agent and Bond Registrar fees and expenses, bond insurance and Reserve Fund Credit Facility premium, if any, and other necessary miscellaneous expenses

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incurred in connection with the issuance and sale of the Series 2019 Bonds and construction of the Project. Money in the Series 2019 Construction Fund shall be secured in the manner prescribed by applicable statutes relative to the securing of public or trust funds, if any, or in the absence of such a statute, by pledge of readily marketable securities having at all times a market value of not less than the amount in the Series 2019 Construction Fund. Any funds remaining in the Series 2019 Construction Fund after the completion of the . Project and payment of authorized expenses shall be deposited in the Debt Service Fund. Moneys in the Series 2019 Construction Fund shall be invested as directed by an authorized representative of the District in such investments as shall be permitted by the Act.

Section 2.9. Application of Bond Proceeds. The proceeds of the Series 2019 Bonds, net of underwriter’s discount, will be deposited by the Trustee as directed by the District in the written order to be delivered to the Trustee by the District pursuant to Section 2.7.

Section 2.10. Source of Payment. The Series 2019 Bonds shall be payable solely from and be secured by a pledge of the Net Revenues on a parity and equality of lien with the Series 2009 Bonds, the Series 2013 Bonds and the Series 2018 Bonds and any Parity Indebtedness heretofore or hereafter issued. The Series 2019 Bonds do not constitute a debt of Knox County, Tennessee, the State of Tennessee, or any political subdivision, agency or instrumentality thereof, other than the District, and no owner or holder of any of the Series 2019 Bonds shall have recourse to the taxing power of any such entities. The punctual payment of principal of and interest on the Series 2019 Bonds authorized herein, the Series 2009 Bonds, the Series 2013 Bonds, the Series 2018 Bonds and any Parity Indebtedness shall be secured equally and ratably by the Net Revenues without priority by series, number or time of sale or delivery.

ARTICLE III

MISCELLANEOUS PROVISIONS

Section 3.1. Severability. If any one or more sections, clauses, sentences or parts hereof are for any reason questioned in any court of competent jurisdiction and are adjudged unconstitutional or invalid, such judgment will not affect, impair or invalidate the remaining provisions hereof, but will be confined to the specific sections, clauses, sentences and parts so adjudged.

Section 3.2. Binding Effect. This instrument will inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns subject to the limitations contained herein.

Section 3.3. Immunity of Individuals. No recourse may be had for the payment of the principal of, Redemption Price or interest on any of the Series 2019 Bonds or for any claim based thereon or upon any obligation, covenant or agreement herein against any past, present or future officer, member, employee, commissioner

4812-4161-0662.3

or agent of the District, whether directly or indirectly and all such liability of any such individual as such is hereby expressly waived and released as a condition of and in consideration for the execution hereof and the issuance of the Series 2019 Bonds.

Section 3.4. Governing Law. This Resolution and the Series 2019 Bonds are contracts made under the laws of the State and are to be governed and construed in accordance with such laws.

Section 3.5. Master Resolution. Except as specifically provided in this Resolution, the terms and provisions of the Master Resolution will remain in full force and effect and will be applicable to the Series 2019 Bonds. Notwithstanding the above, by purchasing the Series 2019 Bonds all holders of the Series 2019 Bonds acknowledge and agree that the provisions of Section 8.2(a) of the Master Resolution shall not be effective against the District without its consent unless and until the provisions of Tennessee Code Annotated are amended to provide such remedy following a default or a court of competent jurisdiction determines that such provision is lawful under the laws of the State of Tennessee. In the event the District seeks to amend the Master Resolution to remove the remedy of acceleration of the indebtedness upon an Event of Default as provided in Section 8.2(a) of the Master Resolution, all holders of the Series 2019 Bonds hereby authorized shall be deemed to have consented to such amendment by their acceptance of the Series 2019 Bonds provided for herein.

Section 3.6. Official Statement. The President of the Board and the General Manager of the District, or either of them, working with the Underwriter, are hereby authorized and directed to provide for the preparation and distribution of a Preliminary Official Statement, electronic or otherwise, describing the Series 2019 Bonds. After the Series 2019 Bonds have been sold, the President of the Board and the District’s General Manager, or either of them, shall make such completions, omissions, insertions and changes in the Preliminary Official Statement not inconsistent with this resolution as are necessary or desirable to complete it as a final Official Statement for purposes of Rule 15c2-12(e)(3) of the Securities and Exchange Commission. The President of the Board and the District’s General Manager, or either of them, shall arrange for the delivery to the purchaser of a reasonable number of copies of the Official Statement within seven business days after the Series 2019 Bonds have been sold for delivery, by the Underwriter, to each potential investor requesting a copy of the Official Statement and to each person to whom the Underwriter initially sells the Series 2019 Bonds.

The President of the Board and the District’s General Manager, or either of them, are authorized, on behalf of the District, to deem the Preliminary Official Statement and the Official Statement in final form, each to be final as of its date within the meaning of Rule 15c2-12(b)(1), except for the omission in the Preliminary Official Statement of certain pricing and other information allowed to be omitted pursuant to such Rule 15c2- 12(b)(1). The distribution of the Preliminary Official

4812-4161-0662.3

Statement and the Official Statement in final form shall be conclusive evidence that each has been deemed in final form as of its date by the District except for the omission in the Preliminary Official Statement of such pricing and other information.

Section 3.7. Federal Tax Matters. The District recognizes that the purchasers and owners of the Series 2019 Bonds will have accepted them on, and paid therefore a price that reflects, the understanding that interest thereon is excludable from gross income for purposes of federal income taxation under laws in force on the date of delivery of the Series 2019 Bonds. In this connection, the District covenants that it shall take no action that may cause interest on any of said Series 2019 Bonds to be included in gross income for purposes of federal income taxation. It is the reasonable expectation of the District that the proceeds of the Series 2019 Bonds will not be used in a manner which will cause the Series 2019 Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code, and to this end the said proceeds of the Series 2019 Bonds and other related funds established for the purposes herein set out shall be used and spent expeditiously for the purposes described herein. The District further covenants and represents that in the event it shall be required by Section 148(1) of the Code to pay any “rebate amount” with respect to the Series 2019 Bonds to the United States government, it will make such payments as and when required by said Section 148(1) and will take such other actions as shall be necessary or permitted to prevent the interest on the Series 2019 Bonds from being included in gross income for federal income tax purposes. The President of the Board and the District’s General Manager, or either of them, are authorized and directed to make such certifications in this regard in connection with the sale of the Series 2019 Bonds as either or both shall deem appropriate, and such certifications shall constitute a representation and certification of the District.

Section 3.8. Continuing Disclosure. The District hereby covenants and agrees that it will provide financial information and material event notices as required by Rule 15c2-12 of the Securities Exchange Commission for the Series 2019 Bonds. The President of the Board is authorized to execute at the closing of the sale of the Series 2019 Bonds, an undertaking for the benefit of and enforceable by the owners of the Series 2019 Bonds specifying the details of the financial information and material event notices to be provided and its obligations relating thereto. Failure of the Board to comply with the undertaking herein described and to be detailed in said closing undertaking, shall not be a default hereunder, but any such failure shall entitle the owner or owners of any of the Series 2019 Bonds to take such actions and to initiate such proceedings as shall be necessary and appropriate to cause the District to comply with its undertaking as set forth herein and in said undertaking, including the remedies of mandamus and specific performance.

Section 3.9. Further Authority. The proper officers, commissioners, agents and employees of the District hereby are authorized to take any and all

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further actions and execute and deliver any and all other certificates and documents or to accept the same as may be necessary or desirable in connection with the issuance of the Series 2019 Bonds and the carrying out of the purposes and intent of this Resolution, including without limitation, the Bond Purchase Agreement and any tax regulatory agreements.

Section 3.10. Action Approved and Confirmed. All acts and doings of the officers, commissioners, agents and employees of the District which are in conformity with the purposes and intent of this Resolution and in the furtherance of the issuance of the Series 2019 Bonds are in all respects approved and confirmed.

4812-4161-0662.3

Adopted and approved this 11th day of November, 2019.

BOARD OF COMMISSIONERS OF THE HALLSDALE-POWELL UTILITY DISTRICT OF KNOX COUNTY, TENNESSEE

By:President

Attest:

Secretary

Pursuant to motion duly made and carried, the meeting adjourned.

President

Attest:

Secretary

4812-4161-0662.3

STATE OF TENNESSEE)

COUNTY OF KNOX )

I, , hereby certify that I am the duly qualified and acting Secretary of The Hallsdale-Powell Utility District of Knox County, Tennessee, and as such official I further certify that attached hereto is a copy of excerpts from the minutes of the meeting of the Board of Commissioners of said Utility District held on November 11, 2019, in full compliance with the provisions of 8-44-101, et seq. Tennessee Code Annotated; that I have compared said copy with the original minute records of said meeting in my official custody; and that said copy is a true, correct and complete transcript from said original minute records insofar as said original minute records.

WITNESS my official signature of said Utility District this _ day of. 2019.

Secretary

4812-4161-0662.3

The undersigned hereby accepts all duties and obligations of the Trustee, the Paying Agent and the Registrar with respect to the Indebtedness in accordance with the terms of this Series 2019 Supplemental Resolution, all as of the day and year first written above.

REGIONS BANKas Trustee, Paying Agent and Registrar

NameTitle

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EXHIBIT A

BOND PURCHASE AGREEMENT

EXHIBIT B

FORM OF SERIES 2019 BONDS

The Hallsdale-Powell Utility District of Knox County, Tennessee Waterworks And Sewer Revenue Refunding and Improvement Bonds

Series 2019

No. R $

Dated Date: Interest RateRate

Date of Maturitv

Cush) #

, 2019 ________ %

Know all men by these presents, that The Hallsdale-Powell Utility District of Knox County, Tennessee, a duly created and existing utility district and body politic situate in the Counties of Knox, Anderson and Union (the “District”) in the State of Tennessee for value received, acknowledges itself indebted and promises to pay to

the registered owner, or his or its registered assigns, as hereinafter identified, upon presentation and surrender of this Bond, the principal sum of

on the maturity date specified above, and to pay interest on said sum at the rate per annum as specified above, from the most recent interest payment date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of original issuance hereof.

Interest on this Bond will be payable semi-annually on the 1st day of April and October of each year, commencing April 1, 2020 (each an “Interest Payment Date”) by check or draft mailed by the Paying Agent to the registered owners hereof as of the applicable Record Date (defined below) at the last addresses appearing on the registration books of the District maintained by the Registrar, or at the option

4812-4161-0662.3

of a registered owner of not less than $1,000,000 in aggregate principal amount of Series 2019 Bonds (defined below), by wire transfer in immediately available funds to the bank account number on file with the Paying Agent on or prior to the applicable Record Date. The Record Dates for the April 1 and October 1 interest payment dates will be the preceding March 15 and September 15, respectively. The principal of and premium, if any, on this Bond are payable by presentation and surrender hereof at the Principal Office of the Paying Agent, Regions Bank (the “Trustee,” “Paying Agent” and “Registrar”). The Series 2019 Bonds are issuable as fully registered bonds in the denomination of $5,000 or integral multiples thereof.

The District’s Waterworks and Sewer Revenue Refunding and Improvement Bonds Series 2019 (the “Series 2019 Bonds”), including this Bond, are issued pursuant to a Master Bond Resolution adopted by the District on August 30, 2002, as supplemented and amended (collectively, the “Resolution”). Capitalized terms are used herein with the meanings given them in the Resolution, copies of which are on file at the Principal Office of the Trustee in Nashville, Tennessee.

This Bond is one of a series of obligations issued for the purpose of refunding outstanding obligations of the District issued to finance improvements to the System of the District and to finance improvements to the System pursuant to the provisions of Sections 7-82-101 et seq., and 9-21-101 et seq. of the Tennessee Code Annotated as amended, and pursuant to the Constitution and laws of the State of Tennessee and resolutions and proceedings duly passed and adopted by the Board of Commissioners of the District.

For the prompt payment of the Series 2019 Bonds and any indebtedness issued on a parity with the Series 2019 Bonds pursuant to the Resolution (collectively, “Bonds”), the District has pledged and assigned the Trust Estate, including Net Revenues of the System. The District covenants in the Resolution that is will faithfully and punctually perform all duties with respect to the System required by the Constitution and laws of the State of Tennessee, including the making and collecting of reasonable and sufficient rates for services rendered by the System as provided in the Resolution, and will apply the Net Revenues as provided in the Resolution, including the payment of the Bonds. The Series 2019 Bonds shall be payable solely from and be secured by a pledge of the Net Revenues on a parity and equality of lien with the Series 2009 Bonds, the Series 2013 Bonds and the Series 2018 Bonds and any Parity Indebtedness heretofore or hereafter issued.

The Series 2019 Bonds do not constitute a debt of Knox County, Tennessee, the State of Tennessee, or any political subdivision, agency or instrumentality thereof, other than the District, and no owner or holder of any of the Series 2019 Bonds shall have recourse to the taxing power of any such entities. The punctual payment of principal of and interest on the Series 2019 Bonds authorized herein, the Series 2009 Bonds, the Series 2013 Bonds, the Series 2018 Bonds and any Parity Indebtedness shall be secured equally and ratably by the Net Revenues

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without priority by series, number or time of sale or delivery. The Bonds and the interest thereon are limited obligations of the District payable solely from the revenues pledged therefor and do not constitute a debt of the District within the meaning of any statutory limitation. The Bonds are secured by the statutory lien on the System pursuant to Tennessee Code Annotated Section 7-82-505, as amended.

For a more complete description of (i) the Trust Estate from which this Bond is payable, (ii) the conditions under which obligations may hereafter be issued on a parity with this Bond, and (iii) the general covenants and provisions pursuant to which this Bond is issued, reference is hereby made to the Resolution, a copy of which is on file at the Principal Office of the Trustee in Nashville, Tennessee.

So long as any Series 2019 Bonds are outstanding, the District will cause to be maintained and kept, at the Principal Office of the Registrar, books for the registration, transfer and exchange of Series 2019 Bonds. Series 2019 Bonds may be transferred and exchanged as provided in the Resolution. For every exchange or transfer of Bonds, whether temporary or definitive, the District and the Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sums must be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. Neither the District nor the Registrar will be obliged to make any such exchange or transfer of Series 2019 Bonds during the 15-day period preceding the mailing of notice of redemption of such Bonds.

The District, the Trustee and the Paying Agent may deem and treat the person in whose name any Bond is registered on the books of the Registrar as the absolute owner of such Bond, whether such Bond is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Bond and for all other purposes, and all such payments so made to any such owner will be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the District, the Trustee nor any Paying Agent will be affected by any notice to the contrary.

[Series 2019 Bonds of the issue of which this Series 2019 Bond is one maturing on or before April 1, 2029, shall mature without option of prior redemption. Series 2019 Bonds maturing on April 1, 2030, and thereafter shall be subject to redemption prior to maturity at the option of the District on or after April 1, 2029, as a whole or in part at any time at the redemption price of par, plus interest accrued to the redemption date.]

If less than all the Series 2019 Bonds shall be called for redemption, the maturities to be redeemed shall be designated by the Board of Commissioners of the District, in its discretion. If less than all the principal amount of the Series 2019

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Bonds of a maturity shall be called for redemption, the interests within the maturity to be redeemed shall be selected as follows:

(i) if the Series 2019 Bonds are being held under a Book-Entry System by Depository Trust Company, or a successor Securities Depository, the amount of the interest of each Depository Trust Company Participant in the Series 2019 Bonds to be redeemed shall be determined by Depository Trust Company, or such successor Securities Depository, by lot or such other manner as Depository Trust Company, or such successor Securities Depository, shall determine; or

(ii) if the Series 2019 Bonds are not being held under a Book-Entry System by Depository Trust Company, or a successor Securities Depository, the Series 2019 Bonds within the maturity to be redeemed shall be selected by the Paying Agent by lot or such other random manner as the Paying Agent in its discretion shall determine.

[Subject to the credit hereinafter provided, the District shall redeem Series2019 Bonds maturing__________________ ; on the redemption dates set forth belowopposite the maturity dates, in aggregate principal amounts equal to the respective dollar amounts set forth below opposite the respective redemption dates at a price of par plus accrued interest thereon to the date of redemption. Depository Trust Company, as securities depository for the series of Series 2019 Bonds of which this Series 2019 Bond is one, or such Person as shall then be serving as the securities depository for the Series 2019 Bonds, shall determine the interest of each Participant in the Series 2019 Bonds to be redeemed using its procedures generally in use at that time. If Depository Trust Company, or another securities depository is no longer serving as securities depository for the Series 2019 Bonds, the Series 2019 Bonds to be redeemed within a maturity shall be selected by the Paying Agent by lot or such other random manner as the Paying Agent in its discretion shall select. The dates of redemption and principal amount of Series 2019 Bonds to be redeemed on said dates are as follows^

Final RedemptionPrincipal Amount of Series 2019 Bonds

Maturity Date Redeemed

*Final Maturity

At its option, to be exercised on or before the forty-fifth (45th) day next preceding any such redemption date, the District may (i) deliver to the Registrar for cancellation Series 2019 Bonds to be redeemed, in any aggregate principal amount desired, and/Or (ii) receive a credit in respect of its redemption obligation under this mandatory redemption provision for any Series 2019 Bonds of the maturity to be

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redeemed which prior to said date have been purchased or redeemed (otherwise than through the operation of this mandatory sinking fund redemption provision) and canceled by the Registrar and not theretofore applied as a credit against any redemption obligation under this mandatory sinking fund provision. Each Series 2019 Bond so delivered or previously purchased or redeemed shall be credited by the Registrar at 100% of the principal amount thereof on the obligation of the District on such payment date and any excess shall be credited on future redemption obligations in chronological order, and the principal amount of,Series 2019 Bonds to be redeemed by operation of this mandatory sinking fund provision shall be accordingly reduced.]

Notice of call for redemption will be given by the Trustee as provided in the Master Resolution not less than 30 days prior to the date fixed for redemption by certified mail, return receipt requested, to the person in whose name the Series 2019 Bond is registered on the books maintained by the Registrar.

This Bond will not be valid or obligatory unless this Bond is authenticated by the Trustee by the due execution of the certificate endorsed hereon.

Tennessee Code Annotated Section 7-82-505, as amended provides for the creation of a statutory lien on the System of the District, including all extensions and improvements thereto or combinations thereto subsequently made, which lien will be in favor of the Bondholders and all such property will remain subject to such statutory lien until the payment in full of the principal of and interest on the Bonds. Such statutory lien does not have the effect of granting to Bondholders any interest in any real or personal property owned by the District other than that described above or as specifically pledged in the Resolution.

It is hereby certified, recited and declared that all acts, conditions and things required by law to happen, to be done, exist and be performed precedent to and in the issuance of this Bond and of the series of which it is one, have been done, have happened, do exist and have been performed in regular and in due form and time as required by law.

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IN TESTIMONY WHEREOF, The Hallsdale-Powell Utility District of Knox County, Tennessee has caused this Bond to be signed by the manual or facsimile signature of the President of its Board of Commissioners and attested by the manual or facsimile signature of the Secretary of its Board of Commissioners, all as of ___________:, 2019.

BOARD OF COMMISSIONERS OF THE HALLSDALE-POWELL UTILITY DISTRICT OF KNOX COUNTY, TENNESSEE

By:_____________ ,___ :____President

Attest:BOARD OF COMMISSIONERS,THE HALLSDALE-POWELL UTILITY DISTRICT OF KNOX COUNTY, TENNESSEE

By:Secretary

4812-4161-0662.3

CERTIFICATE OF AUTHENTICATION

This Bond is one of the Series 2019 Bonds described hereinabove.

REGIONS BANK, as Trustee

By:Authorized Signatory

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ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sells, assigns andtransfers unto _______________ the within the Series 2019 Bond and all rightsthereunder and hereby irrevocably constitutes and appoints attorney to transfer the within Series 2019 Bond on the books kept for registration thereof, with full power of substitution in the premises.

Date-_________________ . ___________________________ _______

NOTICE: The signature of this assignment must correspond with the name as itappears upon the face of the within Series 2019 Bond in every particular, without alteration or enlargement or any change whatever.

Signature Guaranteed:_______________________

NOTICE: Signature(s) must be guaranteed by a member firm of a MedallionProgram or such other guarantee program acceptable to the Registration Agent.

\

4812-4161-0662.3

Sep 30, 2019 2:34 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019COMB)

TABLE OF CONTENTS

Hallsdale-Powell UP Series 2019 Refunding and Improvement

Report Page

Sources and Uses of Funds .................................................................................................... 1

Bond Summary Statistics ......................................................................................................................... 2

Bond Debt Service.............................................................................................. 3

Bond Pricing ....................................................................................... 4

Cost of Issuance ........................................................................................................................... 5

G-23 Disclosure . .......................................... .... ........................................................... .... 6

Sep 30, 2019 2:34 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019COMB) Page 1

SOURCES AND USES OF FUNDS

Hallsdale-Powell UD Series 2019 Refunding and Improvement'

Sources:

Bond Proceeds:Par AmountPremium

38,960,000.005,595,278.20

44,555,278.20

Other Sources of Funds:Series 2009A SRF DSRFSeries 2009B SRF DSRFSeries 2013ARUD DSRFSeries 2013B RUD DSRF

107.976.00464.412.00

41.121.00107.555.00721.064.00

45,276,342.20

Uses:

Project Fund Deposits:Project FundRefunding Escrow

32,850,000.0012.092.718.1144.942.718.11

Delivery Date Expenses:Cost of Issuance 332,780.00

Other Uses of Funds:Additional Proceeds 844.09

45,276,342.20


BOND SUMMARY STATISTICS

Hallsdale-Powell UD Series 2019 Refunding and Improvement

Dated Date 12/04/2019Delivery Date 12/04/2019Last Maturity 04/01/2039

Arbitrage Yield 2.179354%True Interest Cost (TIC) 2.452138%Net Interest Cost (NIC) 2.662196%All-In TIC 2.538860%Average Coupon 4.001766%

Average Life (years) 10.721Duration of Issue (years) 8.766

Par Amount 38,960,000.00Bond Proceeds 44,555,278.20Total Interest 16,715,056.25Net Interest 11,119,778.05Total Debt Service 55,675,056.25Maximum Annual Debt Service 3,042,750.00Average Annual Debt Service 2,880,986.09

Underwriter's Fees (per $1000)Average Takedown Other Fee

Total Underwriter's Discount

Bid Price

Bond ComponentPar

Value

114.361597

Average Price Coupon

AverageLife

Serials 17,085,000.00 116.981 5.000% 5.3342031 Term 4,515,000.00 116.472 4.000% 10.8242033 Term 3,955,000.00 116.012 4.000% 12.8162035 Term .4,130,000.00 115.098 . 4.000% 14.8352037 Term 4,475,000.00 114.192 4.000% 16.8362039 Term 4,800,000.00 101.218 3.000% 18.832

38,960,000.00 10.721

TICAll-In

TICArbitrage

Yield

Par Value 38,960,000.00 38,960,000.00 38,960,000.00+ Accrued Interest+ Premium (Discount) 5,595,278.20 5,595,278.20 5,595,278.20- Underwriter's Discount- Cost of Issuance Expense -332,780.00- Other Amounts

Target Value 44,555,278.20 44,222,498.20 44,555,278.20

Target Date 12/04/2019 12/04/2019 12/04/2019Yield 2.452138% 2.538860% 2.179354%


BOND DEBT SERVICE


PeriodEnding Principal Coupon Interest Debt Service

03/31/2021 1,040,000 5.000% 1,361,031.25 2,401,031.2503/31/2022 1,445,000 5.000% 1,593,125.00 3,038,125.0003/31/2023 1,520,000 5.000% 1,519,000.00 3,039,000.0003/31/2024 1,600,000 5.000% 1,441,000.00 3,041,000.0003/31/2025 1,680,000 5.000% 1,359,000.00 3,039,000.0003/31/2026 1,770,000 5.000% 1,272,750.00 3,042,750.0003/31/2027 1,860,000 5.000% 1,182,000.00 3,042,000.0003/31/2028 1,955,000 5.000% 1,086,625.00 3,041,625.0003/31/2029 2,055,000 5.000% 986,375.00 3,041,375.0003/31/2030 2,160,000 5.000% 881,000.00 3,041,000.0003/31/2031 2,260,000 4.000% 781,800.00 3,041,800.0003/31/2032 2,255,000 4.000% 691,500.00 2,946,500.0003/31/2033 2,015,000 4.000% 606,100.00 2,621,100.0003/31/2034 1,940,000 4.000% 527,000.00 2,467,000.0003/31/2035 2,025,000 4.000% 447,700.00 2,472,700.0003/31/2036 2,105,000 4.000% 365,100.00 2,470,100.0003/31/2037 2,190,000 4.000% 279,200.00 2,469,200.0003/31/2038 2,285,000 4.000% 189,700.00 2,474,700.0003/31/2039 2,365,000 3.000% 108,525.00 2,473,525.0003/31/2040 2,435,000 3.000% 36,525.00 2,471,525.00

38,960,000 16,715,056.25 55,675,056.25


BOND PRICING


Maturity Yield toBond Component Date Amount Rate Yield Price Maturity

Serials:04/01/2020 1,040,000 5.000% 1.450% 101.14404/01/2021 1,445,000 5.000% 1.480% 104.59904/01/2022 1,520,000 5.000% 1.490% 107.98904/01/2023 1,600,000 5.000% 1.500% 111.30804/01/2024 1,680,000 5.000% 1.510% 114.55604/01/2025 1,770,000 5.000% 1.570% 117.45404/01/2026 1,860,000 5.000% 1.590% 120.43904/01/2027 1,955,000 5.000% 1.630% 123.17704/01/2028 2,055,000 5.000% 1.680% 125.69004/01/2029 2,160,000

17,085,0005.000% 1.730% 128.046

2031 Term:04/01/2031 4,515,000 4.000% 2.050% 116.472 C 2.336%

2033 Term:04/01/2033 3,955,000 4.000% 2.100% 116.012 C 2.573%

2035 Term:04/01/2035 4,130,000 4.000% 2.200% 115.098 C 2.783%

2037 Term:04/01/2037 4,475,000 4.000% 2.300% 114.192 C 2.948%

2039 Term:04/01/2039 4,800,000 3.000% 2.850% 101.218 C 2.917%

38,960,000

Dated Date 12/04/2019Delivery Date 12/04/2019First Coupon 04/01/2020

Par Amount 38,960,000.00Premium 5,595,278.20

ProductionUnderwriter's Discount

44,555,278.20 114.361597%

Purchase PriceAccrued Interest

44,555,278.20 114.361597%

Net Proceeds 44,555,278.20


COST OF ISSUANCE


Cost of Issuance $/I00Q Amount

Bond Counsel 1.02669 40,000.00Underwriter Counsel 0.89836 35,000.00Local Counsel 0.12834 5,000.00Municipal Advisor 1.00000 38,960.00Trustee 0.06417 2,500.00Standard and Poor's 0.77002 30,000.00Underwriter 4.50000 175,320.00Misc 0.15400 6,000.00

8.54158 332,780.00


G-23 DISCLOSURE


Preliminary Numbers

We are writing to provide you with certain regulatory disclosures as required by the Municipal Securities Rulemaking Board. As part of our services, Wiley Bros, may provide advice concerning the structure, timing, terms and other similiar matters concerning an issue of municipal securities that

Wiley Bros, is underwriting or placing. However, Wiley Bros, intends to serve as an underwriter with respect to the Bonds and not as a financial advisor to you; and the primary role of Wiley Bros, is to purchase the Bonds for resale to investors in an arm's-length commercial transaction between you and Wiley Bros. Wiley Bros, has financial and other interests that differ from your interests.

Debt Service Coverage for the Hallsdale-Powell Utilities District

Audited Audited Audited Audited Budaeted Pro forma Pro forma Pro forma2016 2017 2018 2019 2020 2021 2022 2023

Revenue and Capital ContributionsMetered water sales $14,119,707 $14,433,155 $15,092,468 $15,234,501 $16,075,718 $16,557,990 $17,054,729 $17,566,371Metered wastewater sales 12,767,987 $13,463,091 ' $14,691,564 $15,066,896 $16,385,045 $16,876,596 $17,382,894 $17,904,381Connection Fees 383,910 $435,067 $490,871 $303,007 $234,791 $239,487 $244,277 . $249,162Penalties 596,858 $578,154 $582,981 $490,829 $513,105 $523,367 $533,834 $544,511Miscellaneous 801,986 330,086 402,351 409,694 $486,122 $495,844 $505,761 $515,877Interest Income 157,716 166.108 182,539 557.623 $383,509 $391,179 $399,003 $406,983

Total Revenue $28,828,164 $29,405,661 $31,442,774 $32,062,550 $34,078,290 $35,084,463 $36,120,499 $37,187,285

ExpensesSalaries and related expenses 6,402,982 6,892,702 6,578,384 7,573,287 8,410,404 8,578,612 8,750,184 8,925,188Professional and contract services 790,990 760,330 935,874 1,143,684 588,874 600,651 612,665 624,918Administration 784,875 772,201 825,508 922,373 1,558,506 1,589,676 1,621,470 1,653,899Utilities 2,379,989 2,450,007 2,437,391 2,570,667 2,306,538 2,352,669 2,399,722 2,447,717Supplies, repairs and maintenance 2,203,174 2,556,889 2,587,273 3,284,855 3,660,761 3,733,976 3,808,656 3,884,829Vehicles and equipment 155,769 170,389 192,635 225.604 349,851 356,848 363.985 371.265

Total Expenses 12,717,779 13,602,518 13,557,065 15,720,470 16,874,934 17,212,433 17,556,681 17,907,815

Net Revenue Available for Debt Service $16,110,385 $15,803,143 $17,885,709 $16,342,080 $17,203,356 $17,872,031 $18,563,817 $19,279,470

Current Maximum Annual Debt ServiceTotal Debt Service $ 10,724,539 $ 10,724,539 $ 10,724,539 $ 10,724,539 $ 10,724,539 $ 10,724,540 $ 10,724,541 $ 10,724,542

Maximum Annual Debt Service Coverage Ratio . 1.50X 1.47X 1.67X 1.52X 1.60X 1.67X 1.73X 1.80X

Maximum Annual Debt Service after Series 2019Total Debt Service $ 12,901,712 $ 12,901,712 $ 12,901,712 $ 12,901,712 $ 12,901,712 $ 12,901,713 $ 12,901,714 $ 12,901,715

Maximum Annual Debt Service Coverage Ratio 1,25X 1.22X 1,39X 1.27X 1.33X 1.39X 1.44X 1.49X

Current and Proposed Debt Service for the Hallsdale Powell Utility DistrictProposed Series 2019 Refunding and Improvement

FY20212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

Total

Series 2013, 2018 & Proposed 2019 RUD Loans_______________ Total Senior Debt Service_______________SRF Total Debt Service___________________ Total Debt Service

PRINCIPAL INTEREST TOTAL PRINCIPAL INTEREST3,605,000 3,544,381 7,149,381 18,570 27,3064,110,000 3,679,500 7,789,500 19,183 26,6934,750,000 3,491,350 8,241,350 19,816 26,0604,970,000 3,281,350 8,251,350 20,469 25,4075,175,000 3,065,725 8,240,725 21,145 24,7315,410,000 2,844,100 8,254,100 21,842 24,0345,615,000 2,627,875 8,242,875 22,563 23,3135,795,000 2,410,725 8,205,725 23,307 22,5695,905,000 2,168,025 8,073,025 24,076 21,8005,400,000 1,920,850 7,320,850 24,870 21,0065,635,000 1,689,350 7,324,350 25,690 20,1865,770,000 1,461,250 7,231,250 26,538 19,3385,650,000 1,232,850 6,882,850 27,413 18,4635,720,000 1,005,450 6,725,450 28,318 17,5585,960,000 771,850 6,731,850 29,252 16,6243,285,000 586,950 3,871,950 30,217 15,6593,415,000 452,950 3,867,950 31,214 14,6623,565,000 313,350 3,878,350 32,243 13,6333,695,000 179,975 3,874,975 33,307 12,5693,815,000 58,950 3,873,950 34,406 11,470

35,541 10,33536,713 9,16337,924 7,95239,175 6,70140,467 5,40941,803 4,07343,182 2,69444,606 1,27014,790 95

97,245,000 36,786,806 134,031,806 848,640 450,773

'OTAL PRINCIPAL INTEREST TOTAL PRINCIPAL45,876 3,623,570 3,571,687 7,195,257 3,912,85245,876 4,129,183 3,706,193 7,835,376 4,075,80745,876 4,769,816 3,517,410 8,287,226 4,114,24945,876 4,990,469 3,306,757 8,297,226 4,152,56845,876 5,196,145 3,090,456 8,286,601 4,191,24445,876 5,431,842 2,868,134 8,299,976 4,230,32745,876 5,637,563 2,651,188 8,288,751 4,269,80745,876 5,818,307 2,433,294 8,251,601 4,309,70445,876 5,929,076 2,189,825 8,118,901 4,349,68245,876 5,424,870 1,941,856 7,366,726 3,846,04845,876 5,660,690 1,709,536 7,370,226 3,882,65445,876 5,796,538 1,480,588 7,277,126 3,911,57445,876 5,677,413 1,251,313 6,928,726 3,946,20345,876 5,748,318 1,023,008 6,771,326 1,501,53845,876 5,989,252 788,474 6,777,726 965,22545,876 3,315,217 602,609 3,917,826 978,45245,876 3,446,214 467,612 3,913,826 991,86945,876 3,597,243 326,983 3,924,226 891,79645,876 3,728,307 192,544 3,920,851 316,73645,876 3,849,406 70,420 3,919,826 263,35245,876 35,541 10,335 45,876 177,61045,876 36,713 9,163 45,87645,876 37,924 7,952 45,87645,876 39,175 6,701 45,87645,876 40,467 5,409 45,87645,876 41,803 4,073 45,87645,876 43,182 2,694 45,87645,876 44,606 1,270 45,87614,885 14,790 95 14,885

1,299,413 98,093,640 37,237,579 135,331,219 59,279,297

INTEREST TOTAL PRINCIPAL INTEREST TOTAL509,591 4,422,443 7,536,422 4,081,278 11,617,700525,968 4,601,775 8,204,990 4,232,161 12,437,151487,509 4,601,758 8,884,065 4,004,919 12,888,984449,165 4,601,733 9,143,037 3,755,922 12,898,959410,492 4,601,736 9,387,389 3,500,948 12,888,337371,409 4,601,736 9,662,169 3,239,543 12,901,712331,929 4,601,736 9,907,370 2,983,117 12,890,487292,032 4,601,736 10,128,011 2,725,326 12,853,337252,051 4,601,733 10,278,758 2,441,876 12,720,634213,132 4,059,180 9,270,918 2,154,988 11,425,906176,526 4,059,180 9,543,344 1,886,062 11,429,406147,606 4,059,180 9,708,112 1,628,194 11,336,306112,977 4,059,180 9,623,616 1,364,290 10,987,90673,696 1,575,234 7,249,856 1,096,704 8,346,56058,471 1,023,696 6,954,477 846,945 7,801,42245,244 1,023,696 4,293,669 647,853 4,941,52231,827 1,023,696 4,438,083 499,439 4,937,52219,394 911,190 4,489,039 346,377 4,835,41610,196 , 326,932 4,045,043 202,740 4,247,7835,580 268,932 4,112,758 76,000 4,188,7581,593 179,203 213,151 11,928 225,079

36,713 9,163 45,87637,924 7,952 45,87639,175 6,701 45,87640,467 5,409 45,87641,803 4,073 45,87643,182 2,694 45,87644,606 1,270 45,87614,790 95 14,885

4,526,388 63,805,685 157,372,937 41,763,967 199,136,904

Sep 30, 2019 1:53 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019REF,2019REF)

TABLE OF CONTENTS

Hallsdale-Powell UD Series 2019 RUD and SRF Refunding

20-Year Refunding

Report ■ Page

Savings . ......................................................................... 1

Summary of Refunding Results................................................................................................ 2

Bond Summary Statistics ....................................................................................................................... 3

Sources and Uses of Funds ........................................................................................ ......................... 5

Summary of Bonds Refunded ........................................................................................ 6

Prior Bond Debt Service ..................................................................................................................... 7

Escrow Requirements .......................................................................................................................... 11

Bond Debt Service................................................................... 12

Bond Pricing . . . ................................................................................ ........................ ..................... 13

Cost of Issuance......................................... 14

G-23 Disclosure 15

Sep 30, 2019 1:53 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019REF,2019REF) Page 1

SAVINGS


20-Year Refunding

DatePrior

Debt ServiceRefunding

Debt Service

Present Value to 12/04/2019

Savings @ 2.0169797%

03/31/2020 213,210.90 213,210.90 212,525.9103/31/2021 865,563.17 903,656.25 -38,093.08 -43,604.1303/31/2022 865,565.70 901,750.00 -36,184.30 -40,998.2503/31/2023 865,562.18 901,625.00 -36,062.82 -40,190.4203/31/2024 865,563.31 905,125.00 -39,561.69 -42,792.2403/31/2025 865,560.20 902,250.00 -36,689.80 -39,439.3403/31/2026 865,562.95 903,000.00 -37,437.05 -39,461.9303/31/2027 865,561.45 902,250.00 -36,688.55 -38,157.1303/31/2028 865,565.63 904,875.00 -39,309.37 -39,804.9303/31/2029 865,565.27 . 905,750.00 -40,184.73 -39,902.6103/31/2030 865,568.28 904,875.00 -39,306.72 -38,533.8803/31/2031 865,382.21 906,100.00 -40,717.79 -39,038.5203/31/2032 775,505.19 811,600.00 -36,094.81 -33,918.9503/31/2033 448,214.79 484,500.00 -36,285.21 -30,440.2903/31/2034 294,719.98 331,300.00 -36,580.02 -29,805.6803/31/2035 294,720.00 335,600.00 -40,880.00 -32,480.2903/31/2036 294,720.01 334,400.00 -39,679.99 -30,994.4903/31/2037 294,720.02 332,800.00 -38,079.98 -29,268.1003/31/2038 294,719.99 ,335,700.00 -40,980,01 -30,778.6403/31/2039 294,720.01 334,700.00 -39,979.99 -29,507.9903/31/2040 294,719.98 334,950.00 -40,230.02 -29,124.8903/31/2041 294,720.02 294,720.02 194,211.2603/31/2042 294,720.00 294,720.00 190,352.5203/31/2043 294,720.01 294,720.01 186,570.4603/31/2044 294,719.97 294,719.97 182,863.5103/31/2045 294,720.03 294,720.03 179,230.2803/31/2046 294,720.02 294,720.02 175,669.2003/31/2047 294,720.00 294,720.00 172,178.8603/31/2048 ' 294,719.98 294,719.98 168,757.8803/31/2049 294,720.00 294,720.00 165,404.8803/31/2050 294,720.01 294,720.01 162,118.5003/31/2051 294,720.00 294,720.00 158,897.4103/31/2052 275,913.89 275,913.89 145,875.0903/31/2053 165,139.66 165,139.66 85,756.45

16,703,964.81 13,576,806.25 3,127,158.56 1,662,169.50

Savings Summary

PV of savings from cash flow 1,662,169.50Less: Prior funds on hand -721,064.00Plus: Refunding funds on hand 1,717.89

Net PV Savings 942,823.39


SUMMARY OF REFUNDING RESULTS


20-Year Refunding

Dated Date Delivery Date Arbitrage yield Escrow yieldValue ofNegative Arbitrage

12/04/201912/04/20192.016980%0.000000%

Bond Par Amount True Interest Cost Net Interest Cost Average Coupon Average Life

9,945,000.002.239680%2.458551%4.218267%

8.657

Par amount of refunded bonds 12,092,718.11Average coupon of refunded bonds 2.970572%Average life of refunded bonds 12.837

PVofprior debt to 12/04/2019 @2.016980% 13,309,517.97Net PV Savings 942,823.39Percentage savings of refunded bonds 7.796621%Percentage savings of refunding bonds 9.480376%




20-Year Refunding




Par Amount 9,945,000.00Bond Proceeds 11,460,064.50Total Interest 3,631,806.25Net Interest 2,116,741.75Total Debt Service 13,576,806.25Maximum Annual Debt Service 906,100.00Average Annual Debt Service 702,551.42

Underwriter's Fees (per $1000)Average Takedown Other Fee


Bid Price 115.234434

Bond ComponentPar

Value PriceAverageCoupon

AverageLife

Serials 5,995,000.00 116.482 5.000% 5.1772031 Term 1,475,000.00 116.472 4.000% 10.8032033 Term 660,000.00 116.012 4.000% 12.7192035 Term 560,000.00 115.098 4.000% 14.8342037 Term 605,000.00 114.192 4.000% 16.8372039 Term 650,000.00 101.218 3.000% 18.833

9,945,000.00 8.657

Sep 30, 2019 1:53 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale PoweIl:HALLSDAL-2019REF,20I9REF) Page 4



20-Year Refunding

TICAll-In

TICArbitrage

Yield

Par Value 9,945,000.00 9,945,000.00 9,945,000.00+ Accrued Interest+ Premium (Discount) 1,515,064.50 1,515,064.50 1,515,064.50- Underwriter's Discount- Cost of Issuance Expense -86,692.50- Other Amounts

Target Value 11,460,064.50 11,373,372.00 11,460,064.50


Sep 30, 2019 1:53 pm Prepared by Wiley Bros. (Finance 8.0Q1 Hallsdale Powell:HALLSDAL-2019REF,2019REF) Page 5



20-Year Refunding

Sources:


9,945,000.001,515,064.50

11,460,064.50

Other Sources of Funds:Series 2009A SRF DSRFSeries 2009B SRF DSRFSeries 2013 A RUD DSRFSeries 2013B RUD DSRF

107.976.00464.412.00 41,121.00

107.555.00721.064.00

32,181,128.50

Uses:

Refunding Escrow Deposits:Cash Deposit 12,092,718.11


Other Uses of Funds:Additional Proceeds 1,717.89


SUMMARY OF BONDS REFUNDED


20-Year Refunding

MaturityBond Date

InterestRate

ParAmount

CallDate

CallPrice

Series 2013 A RUD, 2013A:TERM2052 12/01/2051 3.125% 1,424,062.10 12/04/2019 100.000

Series 2013B RUD, 2013B:TERM2053 12/01/2052 3.125% 4,612,676.31 12/04/2019 100.000

SRF 2009-086, SRF09A:TERM2032 05/01/2031 2.520% 1,070,067.10 12/04/2019 100.000

SRF 2009-233, SRF09B:TERM2032 07/01/2032 2.520% 4,985,912.60 12/04/2019 . 100.000

12,092,718.11


PRIOR BOND DEBT SERVICE


20-Year Refunding

Series 2013 A RUD (2013 At .


03/31/2020 6,510.43 3,125% 10,737.72 17,248.1503/31/2021 26,555.73 3.125% 43,920.27 70,476.0003/31/2022 27,397.57 3.125% 43,078.43 70,476.0003/31/2023 28,266.10 3.125% 42,209.90 70,476.0003/31/2024 29,162.21 3.125% 41,313.79 70,476.0003/31/2025 30,086.68 3.125% 40,389.32 70,476.0003/31/2026 31,040.49 3.125% 39,435.51 70,476.0003/31/2027 32,024.50 3.125% - 38,451.50 70,476.0003/31/2028 33,039.74 3.125% 37,436.26 70,476.0003/31/2029 34,087.13 3.125% 36,388.87 70,476.0003/31/2030 35,167.76 3.125% 35,308.24 70,476.0003/31/2031 36,282.62 3.125% 34,193,38 70,476.0003/31/2032 37,432.84 3.125% 33,043.16 70,476.0003/31/2033 38,619.52 3.125% 31,856.48 70,476.0003/31/2034 39,843.81 3.125% , 30,632.19 70,476.0003/31/2035 41,106.92 3.125% 29,369.08 70,476.0003/31/2036 42,410.08 3.125% 28,065.92 70,476.0003/31/2037 43,754.55 3.125% 26,721.45 70,476.0003/31/2038 45,141.60 3.125% 25,334.40 70,476.0003/31/2039 46,572.68 3.125% 23,903.32 70,476.0003/31/2040 48,049.10 3.125% 22,426.90 70,476.0003/31/2041 49,572.33 3.125% 20,903.67 70,476.0003/31/2042 51,143.87 3.125% 19,332.13 70,476.0003/31/2043 52,765.18 ,3.125% 17,710.82 70,476.0003/31/2044 54,437.92 3.125% 16,038.08 70,476.0003/31/2045 56,163.69 3.125% 14,312.31 70,476.0003/31/2046 57,944.16 3.125% 12,531.84 70,476.0003/31/2047 59,781.08 3.125% 10,694.92 70,476.0003/31/2048 61,676.23 3.125% 8,799.77 70,476.0003/31/2049 63,631.45 3.125% 6,844.55 70,476.0003/31/2050 65,648.67 3.125% 4,827.33 70,476.0003/31/2051 67,729.84 3.125% 2,746.16 70,476.0003/31/2052 51,015.62 3.125% 654.25 51,669.87

1,424,062.10 829,611.92 2,253,674.02




20-Year Refunding

Series 2013B RUD 12013BI


03/31/2020 20,076.65 3.125% 34,783.13 54,859.7803/31/2021 81,891.58 3.125% 142,352.42 224,244.0003/31/2022 84,487.67 3.125% 139,756.33 224,244.0003/31/2023 87,166.05 3.125% 137,077.95 224,244.0003/31/2024 89,929.34 3.125% 134,314.66 224,244.0003/31/2025 92,780.25 3.125% 131,463.75 224,244.0003/31/2026 95,721.51 3.125% 128,522.49 224,244.0003/31/2027 98,756.04 3.125% 125,487.96 224,244.0003/31/2028 101,886.76 3.125% 122,357.24 224,244.0003/31/2029 105,116.70 3.125% 119,127.30 224,244.0003/31/2030 108,449.07 3.125% 115,794.93 224,244.0003/31/2031 111,887.05 3.125% 112,356.95 224,244.0003/31/2032 115,434.05 3.125% 108,809.95 224,244.0003/31/2033 119,093.49 3.125% 105,150.51 224,244.0003/31/2034 122,868.92 3.125% 101,375.08 224,244.0003/31/2035 126,764.06 3.125% 97,479.94 224,244.0003/31/2036 130,782.66 3.125% 93,461.34 224,244.0003/31/2037 134,928.67 3.125% 89,315.33 224,244.0003/31/2038 139,206.11 3.125% 85,037.89 224,244.0003/31/2039 143,619.16 3.125% 80,624.84 224,244.0003/31/2040 148,172.08 3.125% 76,071.92 224,244.0003/31/2041 152,869.37 3.125% 71,374.63 224,244.0003/31/2042 157,715.54 3.125% 66,528.46 224,244.0003/31/2043 162,715.39 3.125% 61,528.61 224,244.0003/31/2044 167,873.68 3.125% 56,370.32 224,244.0003/31/2045 173,195.56 3.125% 51,048.44 224,244.0003/31/2046 178,686.11 3.125% 45,557.89 224,244.0003/31/2047 184,350.73 3.125% 39,893.27 . 224,244.0003/31/2048 190,194.91 3.125% 34,049.09 224,244.0003/31/2049 196,224.39 3.125% 28,019.61 224,244.0003/31/2050 202,444.99 3.125% 21,799.01 224,244.0003/31/2051 208,862.78 3.125% 15,381.22 224,244.0003/31/2052 215,484.07 3.125%. 8,759.93 224,244.0003/31/2053 163,040.92 3.125% 2,098.74 165,139.66

4,612,676.31 2,783,131.13 7,395,807.44




20-Year Refunding

SRF 2009-086 ISRF09A-)


03/31/2020 20,231.40 2.520% 6,474.23 26,705.6303/31/2021 82,472.70 2.520% 25,508.17 107,980.8703/31/2022 84,575.10 2.520% 23,405.70 107,980.8003/31/2023 86,732.10 2.520% 21,249.62 107,981.7203/31/2024 88,943.40 2.520% 19,038.57 107,981.9703/31/2025 91,210.50 2.520% 16,771.15 107,981.6503/31/2026 93,535.80 2.520% 14,445,91 107,981.7103/31/2027 95,919.90 2.520% 12,061.42 107,981.3203/31/2028 98,365.50 2.520% 9,616.14 107,981.6403/31/2029 100,873.50 2.520% 7,108.50 107,982.0003/31/2030 103,444.80 2.520% 4,536.96 107,981.7603/31/2031 105,897.00 2.520% 1,901.39 107,798.3903/31/2032 17,865.40 2.520% 56.40 17,921.80

1,070,067.10 162,174.16 1,232,241.26




20-Year Refunding

SRF 2009-233 1SRF09B1


03/31/2020 84,210.00 2.520% ■ 30,187.37 114,397.3703/31/2021 343,284.00 2.520% 119,578.26 462,862.2603/31/2022 352,038.00 2.520% 110,826.93 462,864.9303/31/2023 361,008.00 2.520% 101,852.47 462,860.4703/31/2024 370,212.00 2.520% 92,649.32 462,861.3203/31/2025 379,647.00 2.520% 83,211.55 462,858.5503/31/2026 389,328.00 2.520% 73,533.23 462,861.2303/31/2027 399,252.00 2.520% 63,608.10 462,860.1003/31/2028 409,434.00 2.520% 53,429.97 462,863.9703/31/2029 419,871.00 2.520% 42,992.28 462,863.2803/31/2030 430,578.00 2.520% 32,288.52 462,866.5203/31/2031 441,552.00 2.520% 21,311.83 462,863.8303/31/2032 452,808.00 2.520% 10,055.40 462,863.4003/31/2033 152,690.60 2.520% 804.18 153,494.78

4,985,912.60 836,329.41 5,822,242.01


ESCROW REQUIREMENTS


20-Year Refunding

Period PrincipalEnding Redeemed Total

12/04/2019 12,092,718.11 12,092,718.11

12,092,718.11 12,092,718.11


BOND DEBT SERVICE


20-Year Refunding


03/31/2021 545,000 5.000% 358,656.25 903,656.2503/31/2022 490,000 5.000% 411,750.00 901,750.0003/31/2023 515,000 5.000% 386,625.00 901,625.0003/31/2024 545,000 5.000% 360,125.00 905,125.0003/31/2025 570,000 5.000% 332,250.00 902,250.0003/31/2026 600,000 5.000% 303,000.00 903,000.0003/31/2027 630,000 5.000% 272,250.00 902,250.0003/31/2028 665,000 5.000% 239,875.00 904,875.0003/31/2029 700,000 5.000% 205,750.00 905,750.0003/31/2030 735,000 5.000% 169,875.00 904,875.0003/31/2031 770,000 4.000% 136,100.00 906,100.0003/31/2032 705,000 4.000% 106,600.00 811,600.0003/31/2033 400,000 4.000% 84,500.00 484,500.0003/31/2034 260,000 4.000% 71,300.00 331,300.0003/31/2035 275,000 4.000% 60,600.00 335,600.0003/31/2036 285,000 4.000% 49,400.00 334,400.0003/31/2037 295,000 4.000% 37,800.00 332,800.0003/31/2038 310,000 4.000% 25,700.00 335,700.0003/31/2039 320,000 3.000% 14,700.00 334,700.0003/31/2040 330,000 3.000% 4,950.00 334,950.00

9,945,000 3,631,806.25 13,576,806.25


BOND PRICING


20-Year Refunding


Serials:04/01/2020 545,000 5.000% 1.450% 101.14404/01/2021 490,000 5.000% 1.480% 104.59904/01/2022 515,000 5.000% 1.490% 107.98904/01/2023 545,000 5.000% 1.500% 111.30804/01/2024 570,000 5.000% 1.510% 114.55604/01/2025 600,000 5.000% 1.570% 117.45404/01/2026 630,000 5.000% 1.590% 120.43904/01/2027 665,000 5.000% 1.630% 123.17704/01/2028 700,000 5.000% 1.680% 125.69004/01/2029 735,000 5.000% 1.730% 128.046

5,995,000

2031 Term:04/01/2031 1,475,000 4.000% 2.050% 116.472 C 2.336%

2033 Term:04/01/2033 660,000 4.000% 2.100% 116.012 C 2.573%

2035 Term:04/01/2035 560,000 4.000% 2.200% 115.098 C 2.783%

2037 Term:04/01/2037 605,000 4.000% 2.300% 114.192 C 2.948%

2039 Term:04/01/2039 650,000 3.000% 2.850% 101.218 C 2.917%

9,945,000


Par Amount 9,945,000.00Premium 1,515,064.50


11,460,064.50 115.234434%


11,460,064.50 115.234434%


Sep 30, 2019 1:53 pra Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019REF,2019REF) Page 14

COST OF ISSUANCE


20-Year Refunding

Cost of Issuance S/1000 Amount

Bond Counsel 1.08597 10,800.00Underwriter Counsel 0.95023 9,450.00Local Counsel 0.13575 1,350.00Municipal Advisor 1.00000 9,945.00Trustee 0.06787 675.00Standard and Poor's 0.81448 8,100.00Underwriter 4.50000 44,752.50Misc 0.16290 1,620.00

8.71719 86,692.50

Sep 30, 2019 1:53 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell :HALLSDAL-2019REF,2019REF) Page 15

G-23 DISCLOSURE

I-Iallsdale-Powell UD Series 2019 RUD and SRF Refunding

20-Year Refunding

Preliminary Numbers




TABLE OF CONTENTS

Hallsdale-Powell UD Series 2019 RUD Only Refunding

20-Year Refunding RUD Only Refunding

Report Page

Savings .................... 1

Summary of Refunding Results............................................................................................................. 2

Bond Summary Statistics ..................................................................................................................... 3

Sources and Uses of Funds .................................................. .................... ......................................... 5

Summary of Bonds Refunded .................................................. ■ • ............................................. 6

Prior Bond Debt Service .............................. ....................................................................................... 7

Escrow Requirements . . . ............................................................................................................. 9

Bond Debt Service.................................................................................................................................. 10

Bond Pricing ......................... 11

Cost of Issuance . ................................................................................................ 12

G-23 Disclosure 13


SAVINGS



Present Value

DatePrior

Debt ServiceRefunding

Debt Serviceto 12/04/2019

Savings @ 2.2255533%

03/31/2020 72,107.90 72,107.90 71,850.2403/31/2021 294,720.02 378,067.50 -83,347.48 -84,539.82.03/31/2022 294,720.00 377,650.00 -82,930.00 -82,329.2903/31/2023 294,719.96 374,025.00 -79,305.04 -77,129.7403/31/2024 294,720.00 375,025.00 ^80,305.00 -76,417.7103/31/2025 294,720.02 375,525.00 -80,804.98 -75,248.0603/31/2026 294,719.99 375,525.00 -80,805.01 -73,651.0703/31/2027 294,719.99 375,025.00 -80,305.01 -71,655.6303/31/2028 294,720.03 374,025.00 -79,304.97 -69,289.4003/31/2029 294,719.97 377,400.00 -82,680.03 -70,634.7303/31/2030 294,720.02 375,150.00 -80,429.98 -67,314.0703/31/2031 294,719.98 373,700.00 -78,980.02 -64,732.3803/31/2032 294,719.98 378,000.00 -83,280.02 -66,709.2003/31/2033 294,720.01 376,800.00 -82,079.99 -64,383.1903/31/2034 294,719.98 375,200.00 -80,480.02 -61,830.8903/31/2035 294,720.00 378,100.00 -83,380.00 -62,639.1803/31/2036 294,720.01 375,500.00 -80,779.99 -59,466.0903/31/2037 294,720.02 377,400.00 -82,679.98 -59,539.6203/31/2038 294,719.99 373,800.00 -79,080.01 -55,834.6703/31/2039 294,720.01 376,500.00 -81,779.99 -56,451.8703/31/2040 294,719.98 375,550.00 -80,830.02 -54,636.6203/31/2041 294,720.02 294,720.02 186,057.6403/31/2042 294,720.00 294,720.00 181,984.9303/31/2043 294,720.01 294,720.01 178,001.3703/31/2044 294,719.97 294,719.97 174,104.9903/31/2045 294,720.03 294,720.03 170,293.9603/31/2046 294,720.02 294,720.02 166,566.3003/31/2047 294,720.00 294,720.00 162,920.2403/31/2048 294,719.98 294,719.98 159,353.9903/31/2049 294,720.00 294,720.00 155,865.8203/31/2050 294,720.01 294,720.01 152,454.0103/31/2051 294,720.00 294,720.00 149,116.8603/31/2052 275,913.89 275,913.89 136,620.8403/31/2053 165,139.66 165,139.66 80,167.98

9,649,481.45 7,517,967.50 2,131,513.95 770,925.95

Savings Summary

PV of savings from cash flow 770,925.95Less: Prior funds on hand -148,676.00Plus: Refunding funds on hand 801.64






Dated Date Delivery Date Arbitrage yield Escrow yieldValue of Negative Arbitrage


Par amount of refunded bonds Average coupon of refunded bonds Average life of refunded bonds

PV of prior debt to 12/04/2019 @ 2.225553% Net PV SavingsPercentage savings of refunded bonds Percentage savings of refunding bonds

12/04/201912/04/20192.225553%0.000000%

5,215,000.002.509301%2.714687%3.945811%

11.192

6,036,738.413.125000%

19.151

6,858,345.91623,051.59

10.320997%11.947298%








Par Amount 5,215,000.00Bond Proceeds 5,933,544.05Total Interest 2,302,967.50Net Interest 1,584,423.45Total Debt Service 7,517,967.50Maximum Annual Debt Service 378,100.00Average Annual Debt Service 389,028.07

Underwriter's Fees (per $ 1000)Average Takedown Other Fee



Bond ComponentPar


AverageLife

Serials 2,060,000.00 116.361 5.000% 5.1382031 Term 535,000.00 116.472 4.000% 10.8392033 Term 580,000.00 116.012 4.000% 12.8342035 Term 630,000.00 115.098 4.000% 14.8332037 Term 680,000.00 114.192 4.000% 16.8322039 Term 730,000.00 101.218 3.000% 18.832

5,215,000.00 11.192



Plallsdale-Powell UD Series 2019 RUD Only Refunding


TICAll-In

TICArbitrage

Yield

Par Value + Accrued Interest

5,215,000.00 5,215,000.00 5,215,000.00

+ Premium (Discount)- Underwriter's Discount- Cost of Issuance Expense- Other Amounts

718,544.05 718,544.05

-44,680.00

718,544.05

Target Value 5,933,544.05 5,888,864.05 5,933,544.05

Target Date Yield

12/04/20192.509301%

12/04/20192.593692%

12/04/20192.225553%

(Finance 8.001 Hallsdale Powell:HALLSDAL-2019REF,2019REF) Page 5Sep 30, 2019 1:47 pm Prepared by Wiley Bros.




Sources:


5,215,000.00718,544.05

- 5,933,544.05

Other Sources of Funds:Series 2013 A RUD DSRFSeries 2013B RUD DSRF

41,121.00107.555.00148.676.00

6,082,220.05

Uses:



Other Uses of Funds:Additional Proceeds 801.64

6,082,220.05





BondMaturity

DateInterest

RatePar

AmountCallDate

CallPrice

Series 2013ARUD, 2013A:TERM2052 12/01/2051 3.125% 1,424,062.10 12/04/2019 100.000

Series 2013B RUD, 2013B:TERM2053 12/01/2052 3.125% 4,612,676.31 12/04/2019 100.000

6,036,738.41





Series 2013A RUD (2013A)

PeriodEnding Principal .Coupon Interest Debt Service

03/31/2020 6,510.43 3.125% 10,737.72 17,248.1503/31/2021 26,555.73 3.125% 43,920.27 70,476.0003/31/2022 27,397.57 3.125% 43,078.43 70,476.0003/31/2023 28,266.10 3.125% 42,209.90 70,476.0003/31/2024 29,162.21 3.125% 41,313.79 70,476.0003/31/2025 30,086.68 3.125% 40,389.32 70,476.0003/31/2026 31,040.49 3.125% 39,435.51 70,476.0003/31/2027 32,024.50 3.125% 38,451.50 70,476.0003/31/2028 33,039.74 3.125% 37,436.26 70,476.0003/31/2029 34,087.13 3.125% 36,388.87 70,476.0003/31/2030 35,167.76 3.125% 35,308.24 70,476.0003/31/2031 36,282.62 3.125% 34,193.38 70,476.0003/31/2032 37,432.84 3.125% 33,043.16 70,476.0003/31/2033 38,619.52 3.125% 31,856.48 70,476.0003/31/2034 39,843.81 3.125% 30,632.19 70,476.0003/31/2035 41,106.92 3.125% 29,369.08 70,476.0003/31/2036 42,410.08 3.125% 28,065.92 70,476.0003/31/2037 43,754.55 3.125% 26,721.45 70,476.0003/31/2038 45,141.60 3.125% . 25,334.40 70,476.0003/31/2039 46,572.68 3.125% 23,903.32 70,476.0003/31/2040 48,049.10 3.125% 22,426.90 70,476.0003/31/2041 49,572.33 3.125% 20,903.67 70,476.0003/31/2042 51,143.87 3.125% 19,332.13 70,476.0003/31/2043 52,765.18 3.125% 17,710.82 70,476.0003/31/2044 54,437.92 3.125% 16,038.08 70,476.0003/31/2045 56,163.69 3.125% 14,312.31 70,476.0003/31/2046 57,944.16 3.125% 12,531.84 70,476.0003/31/2047 59,781.08 3.125% 10,694.92 70,476.0003/31/2048 61,676.23 3.125% 8,799.77 70,476.0003/31/2049 63,631.45 3.125% 6,844.55 70,476.0003/31/2050 65,648.67 3.125% 4,827.33 70,476.0003/31/2051 67,729.84 3.125% 2,746.16 70,476.0003/31/2052 51,015.62 3.125% 654.25 51,669.87

1,424,062.10 829,61 1.92 2,253,674.02

(Finance 8.001 Hallsdale Powell:HALLSDAL-2019REF,2019REF) Page 8Sep 30, 2019 1:47 pm Prepared by Wiley Bros.


I-lallsdale-Powell UD Series 2019 RUD Only Refunding


Series 2013B RUD 12013B')


03/31/2020 20,076.65 3.125% 34,783.13 54,859.7803/31/2021 81,891.58 3.125% 142,352.42 224,244.0003/31/2022 84,487.67 3.125% 139,756.33 224,244.0003/31/2023 87,166.05 3.125% 137,077.95 224,244.0003/31/2024 89,929.34 3.125% 134,314.66 224,244.0003/31/2025 92,780.25 3.125% 131,463.75 224,244.0003/31/2026 95,721.51 3.125% 128,522.49 224,244.0003/31/2027 98,756.04 3.125% 125,487.96 224,244.0003/31/2028 101,886.76 3.125% 122,357.24 224,244.0003/31/2029 105,116.7 0 3.125% 119,127.30 224,244.0003/31/2030 108,449.07 3.125% 115,794.93 224,244.0003/31/2031 111,887.05 3.125% 112,356.95 224,244.0003/31/2032 115,434.05 3.125% 108,809.95 224,244.0003/31/2033 119,093.49 3.125% 105,150.51 224,244.0003/31/2034 122,868.92 3.125% 101,375.08 224,244.0003/31/2035 126,764.06 3.125% 97,479.94 224,244.0003/31/2036 130,782.66 3.125% 93,461.34 224,244.0003/31/2037 134,928.67 3.125% 89,315.33 224,244.0003/31/2038 139,206.11 3.125% 85,037.89 224,244.0003/31/2039 143,619.16 3.125% 80,624.84 224,244.0003/31/2040 148,172.08 3.125% 76,071.92 224,244.0003/31/2041 152,869.37 3.125% 71,374.63 224,244.0003/31/2042 157,715.54 3.125% 66,528.46 224,244.0003/31/2043 162,715.39 3.125% 61,528.61 224,244.0003/31/2044 167,873.68 3.125% 56,370.32 224,244.0003/31/2045 173,195.56 3.125% 51,048.44 224,244.0003/31/2046 178,686.11 3.125% 45,557.89 224,244.0003/31/2047 184,350.73 3.125% 39,893.27 224,244.0003/31/2048 190,194.91 3.125% 34,049.09 224,244.0003/31/2049 ' 196,224.39 3.125% 28,019.61 224,244.0003/31/2050 202,444.99 3.125% 21,799.01 224,244.0003/31/2051 208,862.78 3.125% 15,381.22 224,244.0003/31/2052 215,484.07 3.125% 8,759.93 224,244.0003/31/2053 163,040.92 3.125% 2,098.74 ■165,139.66

4,612,676.31 2,783,131.13 7,395,807.44

Sep 30, 2019 1:47 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell;HALLSDAL-2019REF,2019REF) Page 9

ESCROW REQUIREMENTS




12/04/2019 6,036,738.41 6,036,738.41

6,036,738.41 6,036,738.41


BOND DEBT SERVICE




03/31/2021 200,000 5.000% 178,067.50 378,067.5003/31/2022 170,000 5.000% 207,650.00 377,650.0003/31/2023 175,000 5.000% 199,025.00 374,025.0003/31/2024 185,000 5.000% 190,025.00 375,025.0003/31/2025 195,000 5.000% 180,525.00 375,525.0003/31/2026 . 205,000 5.000% 170,525.00 375,525.0003/31/2027 215,000 ' 5.000% 160,025.00 375,025.0003/31/2028 225,000 5.000% 149,025.00 374,025.0003/31/2029 240,000 5.000% 137,400.00 377,400.0003/31/2030 250,000 5.000% 125,150.00 375,150.0003/31/2031 260,000 4.000% 113,700.00 373,700.0003/31/2032 275,000 4.000% 103,000.00 378,000.0003/31/2033 285,000 4.000% 91,800.00 376,800.0003/31/2034 295,000 4.000% 80,200.00 375,200.0003/31/2035 310,000 4.000% 68,100.00 378,100.0003/31/2036 320,000 4.000% 55,500.00 375,500.0003/31/2037 335,000 4.000% 42,400.00 377,400.0003/31/2038 345,000 4.000% 28,800.00 373,800.0003/31/2039 360,000 3.000% 16,500.00 376,500.0003/31/2040 370,000 3.000% 5,550.00 375,550.00

5,215,000 2,302,967.50 7,517,967.50


BOND PRICING




Serials:04/01/2020 200,000 5.000% 1.450% 101.14404/01/2021 170,000 . 5.000% 1.480% 104.59904/01/2022 175,000 5.000% 1.490% 107.98904/01/2023 185,000 5.000% 1.500% 111.30804/01/2024 195,000 5.000% 1.510% 114.55604/01/2025 205,000 5.000% 1.570% 117.45404/01/2026 215,000 5.000% 1.590% 120.43904/01/2027 225,000 5.000% 1.630% 123.17704/01/2028 240,000 5.000% 1.680% 125.69004/01/2029 250,000

2,060,0005.000% 1.730% 128.046

2031 Term:04/01/2031 535,000 4.000% 2.050% 116.472 C 2.336%

2033 Term:04/01/2033 580,000 4.000% 2.100% 116.012 C 2.573%

2035 Term:04/01/2035 630,000 4.000% 2.200% 115.098 C 2.783%

2037 Term:04/01/2037 680,000 4.000% 2.300% 114.192 C 2.948%

2039 Term:04/01/2039 730,000 3.000% 2.850% 101.218 C 2.917%

5,215,000


Par Amount 5,215,000.00Premium 718,544.05


5,933,544.05 113.778409%


5,933,544.05 113.778409%


Sep 30, 2019 1:47 pin Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019REF,2019REF) Page 12

COST OF ISSUANCE



Cost of Issuance $71000 . Amount

Bond Counsel 1.03547 5,400.00Underwriter Counsel 0.90604 4,725.00Local Counsel 0.12943 675.00Municipal Advisor 1.00000 5,215.00Trustee 0.06472 337.50Standard and Poor's 0.77661 4,050.00Underwriter 4.50000 23,467.50Misc 0.15532 810.00

8.56759 44,680.00


G-23 DISCLOSURE



Preliminary Numbers




TABLE OF CONTENTS

Flallsdale-Powell UD Series 2019 SRF Only Refunding

20-Year Refunding SRF Only Refunding

Report Page

Savings .............................................. 1

Summary of Refunding Results.............................................................................................................. 2

Bond Summary Statistics ......................... ...................................................... .................... . . , . . 3

Sources and Uses of Funds .................................................................................................................. 4

Summary of Bonds Refunded ............................................................................................ 5

Prior Bond Debt Service ..................................................................................................... .... 6

Escrow Requirements .......................................................................................... 8

Bond Debt Service..................................................................................................................... 9

Bond Pricing ................................................................... 10

Cost of Issuance................................................................... 11

G-23 Disclosure...................................................................................................................................... 12

Sep 30, 2019 1:50 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-20i9REF,2019REF) Page 1

SAVINGS

Hallsdale-Poweli UD Series 2019 SRF Only Refunding


Present ValuePrior Refunding to 12/04/2019

Date Debt Service Debt Service Savings @ 1.7587120%

03/31/202003/31/2021

141,102.99570,843.14 514,230.00

141,102.9956,613.14

03/31/2022 570,845.72 512,900.00 57,945.7203/31/2023 570,842.19 512,025.00 58,817.1903/31/2024 570,843.30 510,400.00 60,443.3003/31/2025 570,840.18 512,900.00 57,940.1803/31/2026 570,842.96 514,400.00 56,442.9603/31/2027 570,841.42 510,025.00 60,816.4203/31/2028 570,845.61 509,775.00 61,070.6103/31/2029 570,845.34 513,400.00 57,445.3403/31/2030 570,848.28 510,900.00 59,948.2803/31/2031 570,662.23 509,800.00 60,862.2303/31/2032 480,785.19 422,000.00 58,785.1903/31/2033 153,494.78 96,900.00 56,594.78

140,709.1252,672.9152,994.5752.843.3953.390.31 50,070.27 47,761.7150.770.54 50,033.2245.948.3247.191.40 47,066.7445.182.54 45,337.66

7,054,483.33 6,149,655.00 904,828.33 781,972.70

Savings Summary

PV of savings from cash flow Less: Prior funds on hand Plus: Refunding funds on hand

781,972.70-572,388.00

1,319.25




Hallsdale-Powell UD Series 2019 SRF Only Refunding


Dated Date Delivery Date Arbitrage yield Escrow yieldValue of Negative Arbitrage


Par amount of refunded bonds Average coupon of refunded bonds Average life of refunded bonds

PV of prior debt to 12/04/2019 @ 1.758712% Net PV SavingsPercentage savings of refunded bonds Percentage savings of refunding bonds

12/04/201912/04/20191.758712%0.000000%

4,745,000.001.853413%2.058540%4.643929%

6.375

6,055,979.702.520000%

6.543

6,338,531.85210,903.953.482574%4.444762%



Halisdale-Powell UD Series 2019 SRF Only Refunding





Par Amount 4,745,000.00Bond Proceeds 5,527,005.95Total Interest 1,404,655.00Net Interest 622,649.05Total Debt Service 6,149,655.00Maximum Annual Debt Service 514,400.00Average Annual Debt Service 498,957.81

Underwriter's Fees (per $1000)Average TakedownOther Fee

Total Underwriter’s Discount


Bond ComponentPar


AverageLife

Serials 3,760,000.00 116.495 5.000% 5.1802031 Term 890,000.00 116.472 4.000% 10.7862033 Term 95,000.00 116.012 4.000% 12.325

4,745,000.00 6.375

TICAll-In

TICArbitrage

Yield

Par Value 4,745,000.00 4,745,000.00 4,745,000.00+ Accrued Interest+ Premium (Discount) 782,005.95 782,005.95 782,005.95- Underwriter's Discount- Cost of Issuance Expense -42,095.00- Other Amounts

Target Value 5,527,005.95 5,484,910.95 5,527,005.95






Sources:


4,745,000.00782,005.95

5,527,005.95

Other Sources of Funds:Series 2009A SRF DSRFSeries 2009B SRF DSRF

107.976.00464.412.00572.388.00

6,099,393.95

Uses:




6,099,393.95





BondMaturity .

DateInterest

RatePar

AmountCallDate

CallPrice

SRF 2009-086, SRF09A:TERM2032 05/01/2031 2.520% 1,070,067.10 12/04/2019 100.000

SRF 2009-233, SRF09B:TERM2032 07/01/2032 2.520% 4,985,912.60 12/04/2019 100.000

6,055,979.70

Sep 30, 2019 1:50 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale PowelI:HALLSDAL-2019REF,2019REF) Page 6




SRF 2009-086 (SRF09A1


03/31/2020 20,231.40 2.520% 6,474.23 26,705.6303/31/2021 82,472.70 2.520% 25,508.17 107,980.8703/31/2022 84,575.10 2.520% 23,405.70 107,980.8003/31/2023 86,732.10 2.520% 21,249.62 107,981.7203/31/2024 88,943.40 2.520% 19,038.57 107,981.9703/31/2025 91,210.50 ' 2.520% 16,771.15 107,981.6503/31/2026 93,535.80 2.520% 14,445.91 107,981.7103/31/2027 95,919.90 2.520% 12,061.42 107,981.3203/31/2028 98,365.50 2.520% 9,616.14 107,981.6403/31/2029 100,873.50 2.520% 7,108.50 107,982.0003/31/2030 103,444.80 2.520% 4,536.96 107,981.7603/31/2031 105,897.00 2.520% 1,901.39 107,798.3903/31/2032 17,865.40 2.520% 56.40 17,921.80

1,070,067.10 162,174.16 1,232,241.26





SRF 2009-233 fSRF09B~)


03/31/2020 84,210.00 2.520% 30,187.37 114,397.3703/31/2021 343,284.00 2.520% 119,578.26 462,862.2603/31/2022 352,038.00 2.520% 110,826,93 462,864.9303/31/2023 361,008.00 2.520% 101,852.47 462,860.4703/31/2024 370,212.00 2.520% 92,649.32 462,861.3203/31/2025 379,647.00 2.520% 83,211,55 462,858.5503/31/2026 ' 389,328.00 2.520% 73,533.23 462,861.2303/31/2027 399,252.00 2.520% 63,608.10 462,860.1003/31/2028 409,434.00 2.520% 53,429.97 462,863.9703/31/2029 419,871.00 2.520% 42,992.28 462,863.2803/31/2030 430,578.00 2.520% 32,288.52 462,866.5203/31/2031 441,552.00 2.520%. 21,311.83 : 462,863.8303/31/2032 452,808.00 2.520% 10,055.40 462,863.4003/31/2033 152,690.60 2.520% 804.18 153,494.78

4,985,912.60 836,329.41 5,822,242.01


ESCROW REQUIREMENTS




12/04/2019 6,055,979.70 6,055,979.70

6,055,979.70 6,055,979.70


BOND DEBT SERVICE



PeriodEnding Principal Coupon Interest

DebtService

03/31/2021 335,000 5.000% 179,230 514,23003/31/2022 310,000 5.000% 202,900 512,90003/31/2023 325,000 5.000% 187,025 512,02503/31/2024 340,000 5.000% 170,400 510,40003/31/2025 360,000 5.000% 152,900 512,90003/31/2026 380,000 5.000% 134,400 514,40003/31/2027 395,000 5.000% 115,025 510,02503/31/2028 415,000 5.000% 94,775 509,77503/31/2029 440,000 5.000% 73,400 513,40003/31/2030 460,000 5.000% 50,900 510,90003/31/2031 480,000 4.000% 29,800 509,80003/31/2032 410,000 4.000% 12,000 422,00003/31/2033 95,000 4.000% 1,900 96,900

4,745,000 1,404,655 6,149,655

Sep 30, 2019 1:50 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-20I9REF,2019REF) Page 10

BOND PRICING




Serials:04/01/2020 335,000 5.000% 1.450% 101.14404/01/2021 310,000 5.000% 1.480% 104.59904/01/2022 325,000 5.000% 1.490% 107.98904/01/2023 340,000 5,000% 1.500% 111.30804/01/2024 360,000 5.000% 1.510% 114.55604/01/2025 380,000 5.000% 1.570% 117.45404/01/2026 395,000 5.000% 1.590% 120.43904/01/2027 415,000 5.000% 1.630% 123.17704/01/2028 440,000 5.000% 1.680% 125.69004/01/2029 460,000

3,760,0005.000% 1.730% 128.046

2031 Term:04/01/2031 890,000 4.000% 2.050% 116.472 C 2.336%

2033 Term:04/01/2033 95,000 4.000% 2.100% 116.012 C 2.573%

2035 Term:04/01/2035 . 4.000% 2.200% 115.098 C 2.783%

2037 Term:04/01/2037 4.000% 2.300% 114.192 C 2.948%

2039 Term:04/01/2039 3.000% 2.850% 101.218 C 2.917%

4,745,000


Par Amount 4,745,000.00Premium 782,005.95

ProductionUnderwriter’s Discount

5,527,005.95 116.480631%


5,527,005.95 116.480631%



COST OF ISSUANCE



Cost of Issuance S/1000 Amount

Bond Counsel 1.13804 5,400.00Underwriter Counsel 0.99579 4,725.00Local Counsel 0.14226 675.00Municipal Advisor 1.00000 4,745.00Trustee 0.07113 337.50Standard and Poor's 0.85353 4,050.00Underwriter 4.50000 21,352.50Misc 0.17071 810.00

8.87144 42,095.00


G-23 DISCLOSURE



Preliminary Numbers



Sep 30, 2019 2:1$ pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019NEW)

TABLE OF CONTENTS

Hallsdale-Powell UD Series 2019 New Money only

New Money Only

Report Page

Sources and Uses of Funds ................................................................................................................. 1

Bond Summary Statistics ......................................................................................................' . . . 2

Bond Debt Service..................................................................................... 4

Bond Pricing .............................................................................................................................................. 5

Cost of Issuance.......................................................................................................................................... 6

G-23 Disclosure.................................................................................................... 7

Sep 30, 2019 2:16 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale Powell:HALLSDAL-2019NEW) Page 1



New Money Only

Sources:


29,020,000.004,080,270.90

33,100,270.90

Uses:

Project Fund Deposits:Project Fund 32,850,000.00






New Money Only


Arbitrage Yield 2.225861%True Interest Cost (TIC) 2,509589%Net Interest Cost (NIC) 2.715065%All-In TIC 2.591402%Average Coupon 3.945558%


Par Amount 29,020,000.00Bond Proceeds 33,100,270.90Total Interest 13,083,331.25Net Interest 9,003,060.35Total Debt Service 42,103,331.25Maximum Annual Debt Service 2,139,750.00Average Annual Debt Service 2,178,697.61

Underwriter's Fees (per $1000) Average Takedown Other Fee



Bond ComponentPar


AverageLife

Serials 11,095,000.00 117.243 5.000% 5.4172031 Term 3,040,000.00 116.472 4.000% 10.8352033 Term 3,295,000.00 116.012 4.000% 12.8352035 Term 3,570,000.00 115.098 4.000% 14.8352037 Term 3,870,000.00 114.192 4.000% 16.8352039 Term 4,150,000.00 101.218 3.000% 18.832

29,020,000,00. 11.426

Sep 30, 2019 2:16 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale PowelI:HALLSDAL-2019NEW) Page 3



New Money Only

TICAll-In

TICArbitrage

Yield

Par Value + Accrued Interest + Premium (Discount)- Underwriter's Discount- Cost of Issuance Expense- Other Amounts

29,020,000.00

4,080,270.90

29,020,000.00

4,080,270.90

-246,115.00

29,020,000.00

4,080,270.90

Target Value 33,100,270.90 32,854,155.90 33,100,270.90

Target DateYield

12/04/20192.509589%

12/04/20192.591402%

12/04/20192.225861%


BOND DEBT SERVICE


New Money Only


03/31/2021 500,000 5.000% 1,002,456.25 1,502,456.2503/31/2022 955,000 5.000% 1,181,375.00 2,136,375.0003/31/2023 1,005,000 5.000% 1,132,375.00 2,137,375.0003/31/2024 1,055,000 5.000% 1,080,875.00 2,135,875.0003/31/2025 1,110,000 5.000% 1,026,750.00 2,136,750.0003/31/2026 1,170,000 5.000% 969,750.00 2,139,750.0003/31/2027 1,230,000 5.000% 909,750.00 2,139,750.0003/31/2028 1,290,000 5.000% 846,750.00 2,136,750.0003/31/2029 1,355,000 5.000% 780,625.00 2,135,625.0003/31/2030 1,425,000 5.000% 711,125.00 2,136,125.0003/31/2031 1,490,000 4.000% 645,700.00 2,135,700.0003/31/2032 1,550,000 4.000% 584,900.00 2,134,900.0003/31/2033 1,615,000 4.000% 521,600.00 2,136,600.0003/31/2034 1,680,000 4.000% 455,700.00 2,135,700.0003/31/2035 1,750,000 4.000% 387,100.00 2,137,100.0003/31/2036 1,820,000 4.000% 315,700.00 2,135,700.0003/31/2037 1,895,000 4.000% 241,400.00 2,136,400.0003/31/2038 1,975,000 4.000% 164,000.00 2,139,000.0003/31/2039 2,045,000 3.000% 93,825.00 2,138,825.0003/31/2040 2,105,000 3.000% 31,575.00 2,136,575.00


BOND PRICING


New Money Only


Serials:04/01/2020 500,000 5.000% 1.450% 101.14404/01/2021 955,000 5.000% 1.480% 104.59904/01/2022 1,005,000 5.000% 1.490% 107.98904/01/2023 1,055,000 5.000% 1.500% 111.30804/01/2024 1,110,000 5.000% 1.510% 114.55604/01/2025 1,170,000 5.000% 1.570% 117.45404/01/2026 1,230,000 5.000% 1.590% 120.43904/01/2027 1,290,000 5.000% 1.630% 123.17704/01/2028 1,355,000 5.000% 1.680% 125.69004/01/2029 1,425,000

11,095,0005.000% 1.730% 128.046

2031 Term:04/01/2031 3,040,000 4.000% 2.050% 116.472 C 2.336%

2033 Term:04/01/2033 3,295,000 4.000% 2.100% 116.012 C 2.573%

2035 Term:04/01/2035 3,570,000 4.000% 2.200% 115.098 C 2.783%

2037 Term:04/01/2037 3,870,000 4.000% 2.300% 114.192 C 2.948%

2039 Term:04/01/2039 4,150,000 3.000% 2.850% 101.218 C 2.917%

29,020,000 .


Par Amount 29,020,000.00'

Premium 4,080,270.90


33,100,270.90 114.060203%

Purchase Price 33,100,270.90 114.060203%Accrued Interest


Sep 30, 2019 2:16 pm Prepared by Wiley Bros. (Finance 8.001 Hallsdale PoweIl:HALLSDAL-2019NEW) Page 6

COST OF ISSUANCE


New Money Only

Cost of Issuance s/iooo Amount

Bond Counsel 1.00620 29,200.00Underwriter Counsel 0.88043 25,550.00Local Counsel 0.12578 3,650.00Municipal Advisor 1.00000 29,020.00Trustee 0.06289 1,825.00Standard and Poor's 0.75465 21,900.00Underwriter 4.50000 130,590.00Misc 0.15093 4,380.00

8.48088 246,115.00

Sep 30, 2019 ,2:16 pm Prepared by Wiley Bros. (Finance 8.001 Hailsdale Powell:HALLSDAL-2019NEW) Page 7

G-23 DISCLOSURE


New Money Only

Preliminary Numbers

We are writing to provide you with certain regulatory disclosures as required by the Municipal Securities Rulemaking Board. As part of our services, Wiley Bros, may provide advice concerning the structure, timing, terms and other similiar matters concerning an issue of municipal securities that Wiley Bros, is underwriting or placing. However, Wiley Bros, intends to serve as an underwriter with respect to the Bonds and not as a financial advisor to you; and the primary role of Wiley Bros, is to purchase the Bonds for resale to investors in an arm's-length commercial transaction between you and Wiley Bros. Wiley Bros, has financial and other interests that differ from your interests. ,

HALLSDALE-POWELL UTILITY DISTRICT AMENDED AND RESTATED DEBT MANAGEMENT POLICY

February 12,2018

Purpose

The Hallsdale-Powell Utility District of Knox County, Tennessee (the “Utility”) hereby enacts this amended and restated policy to specify the appropriate uses for debt for the Utility (the “Debt Policy)”. This Debt Policy reinforces the commitment of the Utility and its officials to manage the Utility’s financial affairs in such a way that minimizes risks and ensures transparency while still meeting the capital needs of the Utility.

The Utility has a need for capital intensive projects and equipment purchases that are beyond the normal resources of the Utility and require the issuance of long-term debt. These expenditures are planned for and prioritized in the Utility’s Rate Model that encompasses a Capital Improvement Program, Capital Equipment Program, and user rate model that is updated and approved annually. The issuance of debt enables the Utility to fund the up-front costs of these major equipment purchases and public infrastructure improvement projects. The issuance of debt also ensures that the future benefactors of the expenditures will help pay for the cost over the life of the improvements..

In the State of Tennessee, there is no legal debt limit and therefore the Utility is not subject to statutory debt limitations. Regardless, the following policies are adopted by the Utility to provide budgetary guidance in developing the Utility’s short and long-term financial planning.

General Guidelines

1. The Utility may issue revenue improvement bonds, and other debt as it determines most appropriate. The Utility will utilize long-term borrowing only for major capital improvement projects identified in the Utility’s Rate Model including the Capital Improvement Program and Capital Equipment Program. The Utility will not use long-term debt to finance current operations.

2. The Utility may refinance outstanding bonds or other debt by issuing new bonds. Utility staff, with assistance from the Utility’s financial advisor (“Financial Advisor”), if any, shall have the responsibility to analyze outstanding bond or debt issues for refunding opportunities, whether for economic, tax-status, or project reasons. Consideration shall be given to anticipated costs and administrative implementation and management.

A. Refunding Proposals

Refunding opportunities shall be reported to the Utility when:

• The sale of refunding bonds produces an aggregate present value savings of at least 1.0% of the par value of the bonds or debt to be refunded; or

4851-4335-6508.3

• The refunding of the bonds is necessary due to a change in the use of a project that would require a change to the tax status of the Bonds; or

• The project is sold or no longer in service while still in its amortization period; or

• Restrictive covenants prevent the issuance of other debt or create other restrictions on the financial management of the project and revenue producing activities.

If a decision to refund is based on savings, then the Utility will issue the refunding debt only after receipt of a certified analysis from the Financial Advisor, if any, or its staff, that the market conditions at the time of the sale still will produce the necessary savings.

B. Term of Refunding Issues

The Utility will generally seek to refund bonds within the same fiscal year of the term of the originally issued debt and will generally avoid balloon indebtedness, unless approval thereof has been obtained from the Office of State and Local Finance.

C. Refunding Bond Structuring

The bonds will be structured to create savings as determined to be most advantageous for the Utility by its CFO.

3. When the Utility finances capital projects by issuing bonds or other debt, it will pay back the interest and principal on the bonds for a period not exceeding the expected life of the improvements.

4. The Utility will seek level or declining debt repayment schedules when possible and when consistent with the Utility’s Rate Model and will avoid issuing debt that provides for balloon principal payments, unless the same is approved prior to the incurrence thereof by the Office of State and Local Finance. All debt will be structured in accordance with the Utility’s Rate Model taking into consideration covenants and other requirements contained in existing debt.

5. The Utility will avoid variable rate debt due to the potential volatility of such instruments, and will only consider such a debt structure as a last resort when current interest rates are deemed. excessive and will likely decline in future years. The maximum amount of variable rate debt shall not exceed twenty-five percent (25%) of total outstanding debt.

6. The Utility prohibits the use of debt related derivatives, such as interest rate swaps.

7. The use of credit enhancements will be considered on a case by case basis, evaluating the economic benefit versus cost for each case.

Page 2Debt Policy

4851-4335-6508.3

8. This Debt Policy shall be reviewed annually by the Utility’s President/CEO and its CFO and any changes recommended to the Board of Commissioners during the approval process for the annual budget or thereafter on an as needed basis.

Transparency

9. The Utility will maintain good communications with bond rating agencies about the. financial condition of the Utility and will follow a policy of full disclosure on every financial report and bond official statement.

10. The Utility will seek to maintain and, where practical, improve its creditworthiness from its current long-term obligation rating of “AA” from Standard & Poor’s Investors Service.

11. The Utility shall comply with legal requirements for notice and for public meetings related to debt issuance. In the interest of transparency, all costs (including interest, issuance:, continuing, and one-time) shall be promptly disclosed to the Utility’s Board of Commissioners and other stakeholders, and shall also be made available to the public in a timely manner as required by law. All costs for which approval by the Utility’s Board of Commissioners is not required will be presented via an informational memo at the conclusion of the bond sale.

12. Costs related to the repayment of debt, including liabilities for future years, shall be provided in the context of the annual budgets from which such payments will be funded. The costs of Revenue bonds will be provided in the context of the dedicated revenue stream and related expenditures.

Page 3Debt Policy

Professionals

13. The Utility requires its financial staff and legal counsel to the Utility to be familiar with the applicable laws, rules and regulations, and existing debt covenants and requirements of the Utility, and report to the Utility’s Board of Commissioners the effects of changes, new debt issuance and other related developments on planned and outstanding debt.

14. The Utility requires all professionals engaged in the process of issuing debt to clearly disclose all compensation and consideration received related to services provided in the debt issuance process by both the Utility and the lender or conduit issuer, if any. This includes “soil” costs or compensation in lieu of direct payments.

15. Legal Counsel: The Utility shall enter into an engagement letter agreement with each lawyer or law firm representing the Utility in a debt transaction. No engagement letter is required for any lawyer who is an employee of the Utility or lawyer or law firm which is under a general appointment or contract, to serve as counsel to the Utility and not serving as bond counsel for the transaction. The Utility is not required to enter into an engagement letter with legal counsel not representing the Utility, such as underwriters’ counsel.

16. Financial Advisor: If the Utility chooses to hire financial advisors, the Utility shall enter into a written agreement with each person or firm serving as financial advisor for debt management and transactions. Whether in a competitive or negotiated sale, the financial advisor

4851-4335-6508.3

shall not be permitted to bid on, privately place or underwrite an issue for which the financial advisor is or has been providing advisory services for the issuance.

17. Underwriter: if there is an Underwriter, the Utility shall require the Underwriter to clearly identify itself in writing (e.g., in a response to a request for proposals or in promotional materials provided to an issuer) as an underwriter and not as a financial advisor from the earliest stages of its relationship with the Utility with respect to that issue. The Underwriter must clarify its primary role as a purchaser of securities in an arm’s length commercial transaction and that it has financial and other interests that differ from those of the Utility. The Underwriter in a publicly offered, negotiated sale shall be required to provide pricing information both as to interest rates and to takedown per maturity to the Chief Executive Officer, Chief Financial Officer or other designated official in advance of the pricing of the debt.

Conflicts

Page 4Debt Policy

18. Professionals involved in a debt transaction hired or compensated by the Utility shall berequired to disclose to the Utility existing client and business relationships between and among the professionals to a transaction (including but not limited to financial advisor, bond counsel, trustee, paying agent, underwriter, counterparty, and remarketing agent), as well as conduit issuers sponsoring organizations and program administrators. This disclosure shall include that information reasonably sufficient to allow the Utility to appreciate the significance of the relationships. . ^

19. Professionals who become involved in the debt transaction as a result of a bid submitted in a widely and publicly advertised competitive sale conducted using an industry standard, electronic bidding platform are not subject to disclosure. No disclosure is required that would violate any rule or regulation of professional conduct.

20. Any one or more provisions of this Debt Policy may be amended, modified or rescinded by the Utility’s Board of Commissioners at any time. No person or entity shall have any claim against the Utility as a result of any such amendment, modifications or rescission. The delay or failure of the Utility, its Board of Commissioners or its management to enforce or comply with any of the provisions or other requirements of this Debt Policy shall not be construed as a waiver by the Utility of its future right or ability to enforce the same.

21. All rules, regulations, policies or parts of policies of the Utility in conflict with the provisions of this Debt Policy are hereby amended and superseded.

22. The invalidity of any section, clause, sentence, or provision of this Debt Policy shall not affect the validity of any other part of this policy that can be given effect without such invalid part or part.

4851-4335-6508.3

Debt Policy

IN WITNESS WHEREOF, this Debt Policy is approved and executed this 12th day of February, 2018.

Kevin Julian, President

Robert Crye, Secretary

Todd Cook, Treasurer

4851-4335-6508.3

STATE OF TENNESSEECOMPTROLLER OF THE TREASURY

OFFICE OF STATE AND LOCAL FINANCE SUITE 1600 JAMES K. POLK STATE OFFICE BUILDING

505 DEADERICK STREET NASHVILLE, TENNESSEE 37243-1402

PHONE (615) 401-7872 FAX (615) 741-5986

December 30, 2014

Mr. Kevin Julian, Chairman •Hallsdale-Powell Utility District of Knox County 3745 Cunningham Drive Knoxville, TN 37918

Dear Mr. Julian:

This letter acknowledges receipt of the copy of the Hallsdale-Powell Utility District of Knox County’s Report on Debt Obligation. The report was received by this Office on January 12, 2014.

Thank you for sending the Utility District’s report to this Office. Enclosed is a date stamped,copy of the report for your records. Should there be any questions, please do not hesitate to call us.

Sincerely,

Sandra ThompsonDirector of the Office of State and Local Finance

Cc: Mr. Alexander B. Buchanan, Waller Lansden, Dortch & Davis, LLP Enclosure: Date stamped copy of Report on Debt Obligation

of 3

RECEIVEDJAN (i 2015

Stite Form No. CT-0253 Revised Effective 1/i/lA

REPORT ON DEBT OBLIGATION STATE AND LOCAL FINANCE(Pursuant to Tennessee Code Annotated Section 9-21-151)

of 3 State Form No. CT-0253 Revised Effective 1/1/14

REPORT ON DEBT OBLIGATION(Pursuant to Tennessee Code Annotated Section 9-21-151)

10. Maturity Dates, Amounts and Interest Rates *:

Amount Year- Amount'-(merest

, , Rate$ RFF ATTACHFO - % $ %$ % '_ . - ______ | $ ■. %$...... ............ . ......... . """"..... 'T"'".............. .......... -$ % $ %

$ % $ %$ % $ %.$ % $ %$ % $ %$ ■' % ... - x %$ % $ %$ % $ %

If more space is needed, attach an additional sheet.

If (1) the debt has a final maturity of 31 or more years from the date of Issuance, (2) principal repayment is delayed for two or more years, or (3) debt service payments are not level throughout the retirement period, then a cumulative repayment schedule (grouped in 5 year increments out to 30 years) including this and ailother entity debt secured by the same source MUST BE PREPAREO AND ATTACHED. For purposes of this form, debt secured by an ad valorem tax pledge and debt secured by a dual ad valorem tax and revenue pledge are secured by the same source. Also, debt secured by the same revenue stream, no iriatterwhat lien level, is considered secured by the same source.

* This section is not applicable to the Initial Report for a Borrowing Program. .• f • :

11. Cost of Issuance and Professionals:[~~|no costs or professionals

Financial Advisor Fees Legal Fees

Bond Counsel issuer's Counsel Trustee's Counsel

■ -;Ban’k Counsel- ;> •. Disclosure Counsel

Paying Agent.Fees .. Registrar Fees

'Trustee Fees -Remarketing Agent Fees Liquidity Fees

-Rating'Agency Fees'Credit Enhancement Fees Bank Closing CostsUnderwriter's Discount__

Take Down Management Fee Risk Premium ..Underwriter's Counsel Other expenses

Printing and Advertising Fees Issuer/Administrator Program Fees Real Estate FeesSponsorshlp/Referra! Fee \ .Other Costs FoiYiC.'iSt (lol)t

AMOUNT(Round to nearest $)

s_____ _$__________$ 2,500

-$ 2,500 .$_____ _

$ ____ _$ ........$ .___ _$ ___$• 1,000 $$____$$_____$

FIRMNAME

WallenEanselen Dortch & Davis, LLP--John P: Valliant; Jr.-

Regions Bank

5,000service coverage complianceTOTAL COSTS $11 ,000

Raftelis-Financial Consultants

4011-4322 1024

of 3 State Form No. CT-0253 Revised Effective 1/1/14

REPORT ON DEBT OBLIGATION(Pursuant to Tennessee Code Annotated Section 9-21-1S1)

18. Signatures'...-■ AUTHORIZED REPRESENTATIVE ■ PREPARER

Namejy —>V7f ^ Kevin Julian Alexander B. Buchanan

Title Chairman ^ AttorneyFirm

Email

Waller Lansden Dortch & Davis, PLLCalex.buchanan(a)wallerlaw.com .

Date IL 1 l"| 11 li

4811-4322-1024

ATTACHMENT

THIS ISSUE TOTAL DEBT OUTSTANDING

YearCumulativePrincipal % Total Year

CumulativePrincipal % Total

1 $17,176.00 .0030% 1 $5,826,253 .0379%5 $311,024.80 .0624% 5 ' $35,632,450 .2324%10 $733,875.00 .1473% 10 $66,643,495 :4340%15 $1,228,135.20 .2465% 15 $105,454,096 .6867%20 $1,805,867.20 .3624% 20 $135,369,415 .8815%25 $2,481,167.30 .4979% 25- ■ $144,831,063 .9431%30 $3,270,512.70 . .6563% 30 $149,681,170 .9747%

4811-0803-5873.2

SERIES2013RUS-BDated Date = 12/16/2014 HALLSDALE-POWELL UTILITY DISTRICT OF KNOX COUNTY,TN. Delivery Date = 12/16/2014

_______________________________ . $4,983,000 UTILITIES IMP. REV. BOND_____________ ______________________ __Term Bond Bond Coupon Interest Total Fiscal Year

Dates Maturities Redemptions Proceeds Rate Yield Price Amount Debt Service Debt Service01/16/2015 - 5,710.43 5,710.43 3.125 3.125000 100.000000 , 12,976.56 18,686.99 -

02/16/2015 - 5,725.30 5,725.30 3.125 3.125000 100.000000 12,961.69 18,686.99 -03/16/2015 - 5,740.21 5,740.21 3.125 3.125000 100.000000 12,946.78 18,686.99 56,060.9704/16/2015 - 5,755.16 5,755.16 3.125 3.125000 100.000000 12,931/83 18,686.99 -

05/16/2015 - 5,770.15 ' 5,770.15 3.125 3.125000- 100.000000 12,916.85 18,687.00 -06/16/2015. - 5,785.18 5,785.18 3.125 3.125000 100.000000 12,901.82- 18,687.00 -07/16/2015 - 5,800.24 5,800.24 3.125 3.125000 100.000000 12,886.75 18,686.99 -08/16/2015 - 5,815.35 5,815.35 3.125 3.125000 100.000000 12,871.65 18,687.00 -09/16/2015 - 5,830.49 5,830.49 3.125 3.125000 100.000000 12,856.51 18,687.00- ■ -10/16/2015 - 5,845.67 5,845.67 3.125 3.125000 100.000000 12,841.32 18,686.99 -

11/16/2015 - 5,860.90 5,860.90 3.125 3.125000 100.000000 12,826.10 18,687.00 -12/16/2015 - 5,876.16 5,876.16 3.125 3.125000 100.000000 . 12,810.84 18,687.00 -01/16/2016 . - 5,891.46 5,891.46 3.125 3.125000 100.000000 12,795.53 18,686.99 -02/16/2016 - 5,906.80 5,906.80 3.125 3.125000 100.000000 12,780.19 18,686.99 -03/16/2016 - 5,922.19 5,922.19 3.125 3.125000 100.000000 12,764.81 18,687.00 224,243.9504/16/2016 - 5,937.61 5,937.61 3.1.25 3.125000 100.000000 12,749.39 18,687.00 -05/16/2016 - 5,953.07 5,953.07 3.125 3.125000 100.000000 - 12,733.92 18,686.9906/16/2016 - 5,968.57 5,968.57 3.125 3.125000 100/000000 12,718.42 18,686.99 -07/16/2016 5,984.12 5,984.12 3.125 ‘ 3.125000 100/000000 12,702.88 18,687.00 -08/16/2016 - 5,999.70 5,999.70 3.125 3.125000 100.000000 12,687.29 18,686.99 -09/16/2016 - 6,015.33 6,015.33 3.125 3.125000 100.000000 12,671.67 18,687.00 -10/16/2016 - 6,030.99 6,030.99 3.125 3.125000- 100.000000 12,656,00 18,686.99 -11/16/2016 - 6,046.70 6,046.70 . 3.125 3.125000 100.000000 12,640.30 18,687.00 -1.2/16/2016 - 6,062.44 6,062.44 3.125 3.125000 100.000000 12,624.55 18,686.99 -01/16/2017 - 6,078.23 6,078.23 3.125 3.125000 100.000000 12,608.77 18,687.00 -02/16/2017 - 6,094.06 6,094.06 3.125 3.125000 100.000000 12,592.94 18,687.00 -03/16/2017 - 6,109.93 6,109.93 3.125 3.125000 100.000000 12,577.07 18,687.00 224,243.9504/16/2017 - 6,125.84 6,125.84 3.125 3.125000 100.000000 12,561.1-6 18,687.00 -

05/16/2017 - 6,141.79 6,141.79 3.125 3.125000 100.000000 '12,545.20 18,686.99 -06/16/2017 - 6,157.79 6,157.79 3.125 ■ 3.125000 100.000000 12,529.21 18,687.00 -07/16/2017 - 6,173.82 6,173.82 3.125 3,125000 100.000000 12,513.17 18,686.99 -08/16/2017 - 6,189.90 6,189.90 3.125 3.125000 100.000000 12,497.09 18,686.99 -

09/16/2017 - 6,206.02 6,206.02 3.125 3.125000 100.000000 12,480.98 18,687.00 -10/16/2017 - 6,222.18 6,222.18 3.125 3.125000 100.000900 . 12,464.81 18,686.99 -11/16/2017 - 6,238.39 6,238.39 3.125 . 3.125000 100.000000 ' 12,448.61 18,687.00 -12/16/2017 - 6,254.63 ■ 6,254,63 3.125 3.125000 100.000000 12,432.36 18/686.99 -01/16/2018 - 6,270.92 6,270.92 3.125 3.125000 100.000000 - 12,416.08 18,687.00 -02/16/2018 - 6,287.25 6,287.25 3.125 3.125000 100.000000 12,399.75 18,687.00 -03/16/2018 -... 6,303.62 6,303.62 3.125 3.125000 100.000000 12,383.37 18,686.99 224,243.9404/16/2018 - 6,320.04 6,320.04 3.125 3.125000 100.000000 12,366.96 18,687.00 -05/16/2018 - 6,336.50 -. . 6,336.50 3.125 3.125000 100.000000 12,350.50 18,687.00 -06/16/2018 - 6,353.00 "'-■-■-6,353.00 3.125 3.125000 100.000000 12,334.00 '18,687.00 -

07/16/2018 - 6,369.54 6,369.54 3.125 3.125000 100.000000 12,317.45 18,686.99 _

08/16/2018 - 6,386.13 6,386.13 3.125 3.125000 100.000000 12,300.87 18,687.00 -

09/16/2018 - 6,402.76 6,402.76 •3.125 3.125000 100.000000 12,284.23 18,686.99 -

10/16/2018 - 6,419.43 6,419.43 3.125 ' 3.125000 100.000000 12,267.56 18,686.99 -

11/16/2018 - 6,436.15 6,436.15 3.125 3.125000 100.000000 ■12,250.84 18,686.99 -

12/16/2018 - 6,452.91 6,452.91 3/125 3.125000 100.000000 12,234.08 18,686.99 -

01/16/2019 - 6,469.72 6,469.72 3.125 3.125000 100.000000 12,217.28 18,687.00 -

02/16/2019 - 6,486.56 6,486.56 3.125 3.125000 100.000000 12,200.43 18,686.99 -

03/16/2019 - 6,503.46 6,503.46 3.125 3.125000 100.000000 12,183.54 18,687.00 224,243.94

DatesTerm Bond Maturities

BondRedemptions Proceeds

CouponRate Yield Price

. interest Amount

TotalDebt Service

Fiscal Year Debt Service

04/16/2019 - 6,520.39 6,520.39 3.125 3.125000 100.000000 12,166.60 18,686.99 -

05/16/2019 - 6,537.37 6,537.37 3.125 3.125000 100.000000 12,149.62 18,686.99 -06/16/2019 - 6,554.40 6,554.40 3.125 3.125000 100.000000 12,132.60 18,687.0007/16/2019 ' - 6,571.47 6,571.47 3.125 3.125000 100.000000 12,115.53 18,687.00 -08/16/2019 - 6,588.58 ' 6,588.58 3.125 3.125000 100.000000 12,098.42 18,687.00 -

09/16/2019 - 6,605.74 6,605.74 3.125 3.125000- 100.000000 12,081.26 18,687.00 -

10/16/2019 - 6,622.94 6,622,94 3.125 3.125000 100.000000 12,064.06 18,687.00 -

11/16/2019 - 6,640.19 6,640.19 3.1.25 3.125000 100.000000 12,046.81. 18,687.00 -

12/16/2019 - 6,657.48 6,657.48. 3.125 3.125000 100.000000 12,029.52 18,687.00 -

01/16/2020 - 6,674.82 6,674.82 3.125 3.125000 100.000000 12,012.18 18,687.00 -

02/16/2020 - 6,692.20 6,692.20 3.125 3.125000 100.000000 11,994.80 18,687.00 -

03/16/2020 - . 6,709.63 ' 6,709.63 3.125 3.125000 100.000000 11,977.37 18,687.00 224,243.9804/16/2020 - 6,727.10 6,727.10 3.125 - 3.125000 100.000000 11,959.90 18,687.00 -05/16/2020 - 6,744.62. 6,744.62 3.125 3.125000 100.000000 11,942.38 18,687.00 -06/16/2020 - ' 6,762.18 6,762.18 3.125 3.125000 100.000000 . 11,924.81 18,686.99 -07/16/2020 - 6,779.79 6,779.79 3.125 3.125000 100.000000 ■ 11,907.20 18,686.99 -08/16/2020 - 6,797.45 6,797.45 3.125 3.125000 100.000000 11,'889.55 18,687.00 ' -09/16/2020 - 6,815.15 6,815.15 3.125 3.1250C0 100.000000 11,871.85 - ■ 18,687.00 -10/16/2020- - 6,832.90 6,832.90 3.125 3.125000 100.000000 11,854.10 18,687.00 -11/16/2020 - 6,850.69 6,850.69 3.125 3.125000 100.000000 11,836.30 18,686.99 -

12/16/2020 6,868.53 6,868.53 3.125 3.125000 100.000000 11,818.46 18,686.99 -

01/16/2021 - 6,886.42 6,886.42 3.125 3.125000 100.000000 11,800.58 - 18,687.00 -

02/16/2021 - 6,904.35 6,904.35 3.125 3.125000 100.000000 . 11,782.64 18,686.99 -

03/16/2021 - 6,922.33 6,922.33 3.125 3.125000 100.000000 11,764.66 18,686.99 224,243.9404/16/2021 - 6,940.36 6,940.36 3.125 3.125000 100.000000 11,746.64 18,687.00 -

05/16/2021 6,958.43 6,958.43 3.125 3/125000 ■100.000000 '11,728.56 18,686.99' -

06/16/2021 - 6,976.55 6,976.55 3.125 3.125000 100.000000 11,710.44 18,686.99 -07/16/2021 - 6,994.72 6,994.72 3.125 3.125000 100.000000 11,6.92.27 18,686.99 ■ -

08/16/2021 - 7,012.94 7,012.94 3.125 3.125000 100.000000 11,674.06 18,687.00 -

09/16/2021 - 7,031.20 7,031.20 3.125 3.125000 100.000000 11,655.80 18,687.00 -

10/16/2021 7,049.51 7,049.51 3.125 3.125000 100.000000 11,637.49 18,687.00 ’11/16/2021 - 7,067.87 7,067.87 3.125 3.125000 100.000000 11,619.13 18,687.00 -

12/16/2021 - 7,086.27 7,086.27 3.125 3.125000 100.000000 11,600.72 18,686.99 -01/16/2022 - 7,104.73 7,104.73 3,125 3.125000 100.000000 11,582.27 18,687.00 -02/16/2022 . 7,123.23 7,123.23 3.125 3.125000 100.000000 11,563.77 18,687.00 -03/16/2022 - 7,141.78 7,141.78 3.125 3.125000 100.000000 11,545.22 18,687.00 224,243.9604/16/2022 - 7,160.38 7,160.38 3.125 3.125000 100.000000 11,526.62 18,687.00 -05/16/2022 - 7,179.02 7,179.02 3.125 3.125000 '100.000000 11,507.97 18,686.99 -06/16/2022 - 7,197.72 7,197.72 3.125 3.125000 100:000000 11,489.27 ; 18,686.99 -07/16/2022 - 7,216.46 7,216.46 3.125 3.125000 100:000000 11,470.53 18,686.99 -08/16/2022 - 7,235.26 7,235.26 3.125 3.125000 100.000000 11,451.74 18,687.0009/16/2022 - 7,254.10 7,254.10 3.125 3.125000 100.000000 11,432/90 18,687.00 -10/16/2022 - 7,272.99 7,272.99 3.125 3.125000 100.000000 11,414.01 18,687.00 -11/16/2022 - 7,291.93 7,291.93 3.125 3.125000 100.000000 11,395.07 18,68 7.00 -12/16/2022 - 7,310,92 . 7,310.92 ■ 3.125 3.125000 100.000000 11,376.08 18,687.00 .01/16/2023 7,329.96 7,329.96 . 3.125 3.125000 100.000000 11,357.04 18,687.00 .02/16/2023 - 7,349.05 7,349.05 3.125 3.125000 100.000000 11,337.95 18,687.00 -03/16/2023 - 7,368.18 7,368.18 3.125 3.125000 100.000000 11,318.81 18,686.99 224,243.9604/16/2023 - 7,387.37 7,387.37 3.125 3.125000 100.000000 11,299.62 18,686.99 -05/16/2023 - 7,406.61 7,406.61 . 3.125 3.125000 100.000000 11,280.38 18,686.99 -06/16/2023 7,425.90 7,425.90 3.125 3.125000 100.000000 .11,261.10 18,687.00 ' -

07/16/2023 - 7,445.24 7,445.24 3.125 3.125000 100.000000- 11,241.76 18,687.00 -08/16/2023 - 7,464.63 7,464.63 3.125 3.125000 100.000000 11,222.37 18,687.00 -

09/16/2023 - 7,484.06 ' 7,484.06 3.125 3.125000 100.000000 11,202.93 18,686.99 -

DatesTerm Bond Maturities



Interest . Amount

TotalDebt Service

Fiscal YearDebt Service

10/16/2023 _ 7,503.55 7,503.55 3.125 3.125000 100.000000 11,183.44 18,686.99 -

11/16/2023 ■ . 7,523.10 7,523.10 3.125 3.1250C0 100.000000 11,163.90 18,687.00 . -

12/16/2023 7,542.69 7,542.69 3.125 3.125000 100.000000 11,144.31 18,687.00 -01/16/2024 - 7,562.33 7,562.33 3.125 3.1250C0 100.000000 11,124.67 18,687.00 -02/16/2024 - 7,582.02 7,582.02 3.125 3.125000 100.000000 11,104.97 18,686.99 '\03/16/2024 - 7,601.77 7,601.77 3.125 3.125000 100.000000 11,085.23 18,687.00 224,243.9504/16/2024 . 7,621.56 7,621.56 3.125 3.125000 100.000000 11,065.43 18,686.99 -05/16/2024 - 7,641.41 7,641.41 3.125 3.125000 100.000000 11,045.58 18,686.9906/16/2024 - 7,661.31 7,661.31 3.125 3.125000 100.000000 11,025.68 18,686.99 -

07/16/2024 . 7,681.26 7,681.26 3.125 3.125000 100.000000 11,005.73 . 18,686.99 -

08/16/2024 - 7,701.27 7,701.27 3.125 3.125000 100.000000 10,985.73 18,687.00 -09/16/2024 - 7,721.32 7,721.32 3.125 3.125000 100.000000 10,965.67 18,686.99 -10/16/2024 - 7,741.43' 7,741.43 3.125 3.125000 100.000000 10,945.57 18,687.00 -11/16/2024 - • 7,761.59 7,761.59 3.125 3.125000 100.000000 10,925.41 ■ 18,687.00 -12/16/2024 ' - 7,781.80 7,781.80 3.125 3.125000 100.000000 10,905.19 18,686.99 -01/16/2025 - 7,802.07 7,802.07 3.125 3.125000 100.000000 *10,884.93 18,687.00 -02/16/2025 - 7,822.38 7,822.38 3.125 3.125000 100.000000 10,864.61 18,686.99 -03/16/2025 - 7,842.75 7,842.75 3.125 3.125000 100.000000 10,844.24 18,686.99 224,243.9204/16/2025 - 7,863.18 7,863.18 3.125 3.125000 100.000000 10,823.82 18,687.00. -05/16/2025 - 7,883.66 7,883.66 3.125 3.125000 100.000000 10,803.34 18,687.00 -06/16/2025 - 7,904.19 7,904.19 - 3.125 3.125000 100.000000 ■ 10,782.81 18,687.00 -07/16/2025 - 7,924.77 7,924.77 3.125 3.125000 100.000000 10,762.23 18,687.00 -08/16/2025 - 7,945.41 7,945.41 3.125 3.125000 100.000000 10,741.59 18,687.00 -09/16/2025 - 7,966.10 7,966.10 3.125 ' 3.125000 100.000000 10,720.90 18,687.00 -10/16/2025 - 7,986.84 7,986.84 3.125 3.125000 100.000000 10,700.15 18,686.99 -11/16/2025 - 8,007.64 8,007.64 3.125 3.125000 100.000000' 10,679.35 18,686.99 ■ -12/16/2025 - 8,028.50 8,028.50 3.125 3.125000 100.000000 '10,658.50 18,687.00 -01/16/2026 - * 8,049.40 8,049.40 3.125 3.125000 100.000000 10,637.59 18,686.9902/16/2026 - 8,070.37 8,070.37 3.125 3.125000 100.000000 10,616.63 18,687.00 -03/16/2026 - ■ 8,091.38 8,091.38 3.125 3.125000 100.000000 10,595.61 18,686.99 ' 224,243.9604/16/2026 - 8,112.45 8,112.45 3.125 3.125000 100.000000 10,574.54 18,686.99 -05/16/2026 - 8,133.58 8,133.58 3.125 3.125000 100.000000 10,553.42 18,687.00 -06/16/2026 - 8,154.76 8,154.76 3.125 3.125G00 100.000000 10,532.23 18,686.99 -07/16/2026 - 8,176.00 8,176.00 3.125 3.125000 100.000000 10,511.00 18,687.00 -08/16/2026 - 8,197.29 8,197.29 3.125 3.125000 100.000000 10,489.71 18,687.00 -09/16/2026 - 8,218.64 8,218.64 3.125 3.125000 100.000000 10,468.36 18,687.00 -10/16/2026 - ■ 8,240.04 8,240.04 . 3.125 3.125000 100.000000 10,446.96 18,687.00. -11/16/2026 - 8,261.50 8,261.50 3.125 3.125000 100.000000 10,425.50 18,687.00 -12/16/2026 - 8,283.01 8,283.01 3.125 3.125000 100.000000 10,403.98 18,686.99 -01/16/2027 - 8,304.58 - ' 8,304.58 3.125 3.125000 ■100.000000 ■ 10,382.41 18,686.99 -02/16/2027 - 8,326.21 8,326.21 3.125 3.125000 100.000000 10,360.79 18,687.00 -.03/16/2027 - 8,347.89 8,347.89 3.125 3.125000 ■ 100.000000 10,339.10 - 18,686.99 224,243.9504/16/2027 - 8,369.63 8,369.63 3.125 3.125000 100.000000 10,317.36 18,686.99 -

05/16/2027 - 8,391.43 8,391.43 3.125 3.125000 100.000000 10,295.57 18,687.00 -06/16/2027 - 8,413.28 8,413.28 3.125 3.125000 100.000000 10,273.72 18,687.00 -07/16/2027 - 8,435.19 8,435.19 3.125 3.125000 100.000000 10,251.81 18,687.00 _08/16/2027 - 8,457.15 8,457.15 3.125 3.125000 100.000000 10,229.84 18,686.99 -09/16/2027 - 8,479.18 8,479.18 3.125 3.125000 100.000000 10,207.82 18,687.00 -10/16/2027 - 8,501.26 8,501.26 3.125 3.125000 100.000000 10,185.74 18,687.00 -11/16/2027 - 8,523.40 8,523.40 3.125 3.125000 100.000000 10,163.60 18,687.00 -12/16/2027 - 8,545.59 8,545.59 3.125 3.125000 100.000000 10,141.40 18,686.99 -01/16/2028 - 8,567.85 8,567.85 3.125 3.125000 100.000000 10,119.15 18,687.00 -02/16/2028 - 8,590.16 ' 8,590.16 3.125 3.125000 -i 00.000000 10,096.83 18,686.99 -03/16/2028 - 8,612.53 8,612.53 3.125 3.125000 100.000000 10,074.46 18,686.99 224,243.95

DatesTerm BondMaturities



InterestAmount

TotalDebt Service


04/16/2028 - 8,634.96 8,634.96 3.125 3.125000 100.000000 10,052.04 18,687.00 -05/16/2028 - 8,657.45 8,657.45 3.125 3.125000 100.000000 10,029.55 18,687.00 -06/16/2028 - 8,679.99 8,679.99 3.125 3.125000 100.000000 10,007.00 18,686.99 -07/16/2028 - 8,702.60 8,702.60 3.125 3.125000 100.000000 9,984.40 18,687.00 -08/16/2028 - 8,725.26 8,725.26 3.125 3.125000' 100.000000 9,961.74 18,687:00 -

09/16/2028 - 8,747.98 8,747.98 3.125 3.125000 100.000000 9,939.01 ■18,686.99 -

10/16/2028 - 8,770.76 8,770.76 3.125 3.125000 100.000000 9,916.23 18,686.99 -

11/16/2028 - 8,793.60 '8,793.60 3.125 ■3.125000 100.000000 9,893.39 18,686.99 -

12/16/2028 - 8,816.50 8,816.50 3.125 3.125000 100.000000 9,870.49 ■18,686.99 -01/16/2029 - 8,839.46 8,839.46 3.125 3.125000 100.000000 9,847.53 18,686.99 -

02/16/2029 - 8,862.48 8,862.48 3.125 3.125000 100.000000 9,824.51 18,686.99 -03/16/2029 - 8,885.56 ' 8,885.56 3.125 3.125000 100.000000 9,801.43 18,686.99 224,243.9204/16/2029 - 8,908.70 8,908.70 3.125 3.125000 100.000000 9,778.29 18,686.99 -05/16/2029 - 8,931.90 8,931.90 3.125 3.125000 100.000000 . 9,755.09 18,686.99 -06/16/2029 - 8,955.16 8,955.16 3.125 3; 125000 100.000000 9,731.83 18,686.99 -07/16/2029 - 8,978.48 8,978.48 3.125 3.125000 100.000000 9,708.51 18,686.99 -08/16/2029 - 9,001.86 9,001.86 . 3.125 3.125000 100.000000 9,685.13 18,686.99 -09/16/2029 - 9,025.31 9,025.31. 3.-125 3.125000 100.000000 9,661.69 18,687.00 -10/16/2029 - 9,048.81 . 9,048.81 ' 3.125 3.125000 100.000000 9,638.19 18,687.00 -11/16/2029 - 9,072.37 9,072.37 3.125 3.125000 100.000000 9,614.62 18,686.99 -12/16/2029 - 9,096.00 9,096.00. 3.125 3.125000 100.000000 9,591.00 18,687.00 -01/16/2030 - 9,119.69 9,119.69 3.125 3.125000 100.000000 ■ 9,567.31 18,687.00 -02/16/2030 - ■9,143.44 ' 9,143.44 3.125 3.125000 100.000000 9,543.56 18,687.00 -03/16/2030 - ■ 9,167.25 9,167.25 3.125 3.125000 100.000000 9,519.75 18,687.00 224,243.9404/16/2030 - 9,191.12 9,191.12 3.125 3.125000 100.000000 9,495.87 18,686.99 -05/16/2030 - ' 9,215.06 9,215.06 3.125 3.125000 100-/000000 9,471.94 18,687.00 -06/16/2030 - 9,239.05 9,239.05 3.125 3.125000 100.000000 9,447.94 18,686.99 -07/16/2030 - . 9,263.11 9,263.11 3.125 3.125000 100.000000 9,423.88 18,686.99 -08/16/2030 - 9,287.24 9,287.24 3.125 3.125000 100.000000 9,399.76 18,687.00 -09/16/2030 - 9,311.42' 9,311.42 3.125 3.125000 100.000000 9,375.57 18,686.99 -10/16/2030 - 9,335.67 9,335.67 3.125 3.125000 100.000000 9,351.33 18,687.00 -

. 11/16/2030 - 9,359.98 9,359.98 3.125 3.125000 100.000000 9,327.01 18,686.99 -12/16/2030 - 9,384.36 9,384.36 3.125 3.125000 ■100.000000 9,302.64 18,687.00 -

01/16/2031 - 9,408.79 9,408.79 3.125 ' 3.125000 100.000000 9,278.20 18,686.99 ' -02/16/2031 - 9,433.30 9,433.30 3.125 3.125000 100.000000 9,253.70 18,687.00 •03/16/2031 - '9,457.86 9,457.86 3.125 3.125000 100.000000 9,229.13 18,686.99 224,243.9304/16/2031 - 9,482.49 9,482.49 3.125 3/125000- 100.000000 9,204.50 18,686.99 -05/16/2031 - 9,507.19 9,507.19 3.125 ■ 3.125000 100.000000 9,179.81 18,687.00 -06/16/2031 - 9,531.94 9,531.94 3.125 3.125000 100.000000 9,155.05 18,686.99 -07/16/2031 - 9,556.77 9,556.77 3.125 3.125000 100.000000 9,130.23 18,687.00

- 08/16/2031 - 9,581.66 9,581.66 3.125 3.125000 100.000000 9,105.34 18,687,00 -09/16/2031 - 9,606.61 9,606.61 3.125 3.125000 100.000000 9,080.39 18,687.0010/16/2031 - 9,631.62 9,631.62 3.125 3.125000 100.000000 9,055.37 18,686.99 -11/16/2031 - 9,656.71 9,656.71 ■ 3.125 3.125000 100.000000 9,030.29 18,687.00 '12/16/2031 - 9,681.85 ■ 9,681.85 3.125 3.125000 100.000000 9,005.14 18,686.99 -01/16/2032 - 9,707.07 9,707.07 3.125 3.125000 100.000000 8,979.93 18,687.00 -

02/16/2032 - 9,732.35 9,732.35 3.125 3.125000 100.000000 8,954.65 18,687.00 -03/16/2032 - 9,757.69 9,757.69 ' 3.125 3.125000 100.000000 8,929.30 18,686.99 224,243.9504/16/2032 - 9,783.10 9,783.10 3.125 3.125000 100.000000 ' 8,903.89 18,686.9905/16/2032 - 9,808.58 9,808.58 3.125 3.125000 100.000000 8,878.42 18,687.00 -06/16/2032 - 9,834.12 9,834.12 3.125 3.125000 100.000000 8,852.87 18,686.99 -07/16/2032 - 9,859.73 9,859.73 3.125 3.125000 100.000000 8,827.26 18,686.99 -08/16/2032 - 9,885.41 9,885.41 3.125 3.125000 100.000000 8,801.59 ' 18,687.00 -09/16/2032 9,911.15 9,911.15 3.125 3.125000 100.000000 8,775.84 18,686.99 . -

Term Bond Bond Coupon Interest Total Fiscal YearDates Maturities Redemptions Proceeds Rate Yield Price Amount . Debt Service Debt Service .

10/16/2032 . 9,936.96 9,936.96 3.125 3.125000 100.000000 8,750.03 18,686.99 ■11/16/2032 . 9,962.84 9,962.84 3.125 3.125000 100.000000 8,724.16 18,687.00 -12/16/2032 - 9,988.78 9,988.78 3.125 3,1.25000 100.000000 8,698.21 18,686.99 -01/16/2033 - 10,014,80 10,014.80 3.125 3.125000 100.000000 8,672.20 18,687.00 -02/16/2033 - 10,040.88 10,040.88 3.125 3.125000 100.000000 8,646.12 18,687.00 -03/16/2033 - 10,067.02 10,067.02 ■ 3.125 3.125000 100.00.0000 8,619.97 18,686.99 224,243.9304/16/2033 - 10,093.24 10,093.24 3.125 3.125000 100.000000 8,593.75 18,686.99 ' -05/16/2033 - 10,119.53 10,119.53 3.125 3.125000 100.000000 8,567.47 ■ 18,687.00 -06/16/2033 - 10,145.88 10,145.88 3.125 3.125000 100.000000 8,541.12 18,687.00 -

07/16/2033 - 10,172.30 10,172.30 3.125 3.125000 100.000000 8,514.70 18,687.00 -08/16/2033 - ■ 10,198.79 10,198.79 3.125 3.125000 100.000000 8,488.20 18,686.99 -09/16/2033 - 10,225.35 10,225.35 3.125 3.125000 100.000000 8,461.65 18,687.00 -10/16/2033 - 10,251.98 ■ 10,251.98 3.125 3.125000 100.000000 8,435.02 18,687.00 -11/16/2033 - 10,278.68 . 10,278.68 3.125 3.125000 100.000000 8,408.32 ■18,687.00 -12/16/2033 - 10,305.44 10,305.44 3.125 3.125000 100.000000 8,381.55 18,686.99 -01/16/2034 - 10,332.28 10,332.28 3.125 3.125000 100.000000 8,354.71 ■ 18,686.99 -02/16/2034 - 10,359.19 10,359,19 3.125 3.125000 100.000000 8,327.81 18,687.00 -03/16/2034 - 10,386.16 10,386,16 " 3.125 3.125000 100.000000 8,300.83 18,686.99 ' 224,243.9504/16/2034 - 10,413.21 10,413.21 3.125 3.125000 100.000000 8,273.78 18,686.99 -05/16/2034 - 10,440.33 10,440.33 3.125 3,125000 100.000000 8,246.67 18,687.00 -06/16/2034 - 10,467.52 10,467.52 3.125 3.125000 100.000000 8,219.48 18,687.00 -

07/16/2034 - 10,494.78 10,494.78 3.125 3.125000 100.000000 8,192.22 18,687.00 -

08/16/2034 - 10,522.11 10,522,11 3.125 3.125000 100.000000 8,164,89 18,687.00 -03/16/2034 - 10,549.51 10,549,51 3.125 3.125000 100.000000 ■ 8,137,49 18,687.00 . -10/16/2034 - 10,576.98 10,576.98 3.125 3.125000 1-00.000000 8,110.01 18,686.99 -11/16/2034 - 10,604.53 10,604.53 3.125 3.125000 100.000000 8,082.47 . 18,687,00 -12/16/2034 - 10,632.14 10,632.14 3.125 3.125000 100.000000 8,054.85 18,686.99 -01/16/2035 - 10,659.83 10,659.83 3.125 3.125000 100.000000 8,027.17 18,687.00 -02/16/2035 - 10,687.59 10,687.59 3.125 3.125000 100.000000 7,999.41 18,687.00 -03/16/2035 - 10,715.42 ' 10,715.42 3.125 3.125000 100.000000 7,971.57 18,686.99 224,243.9604/16/2035 - 10,743.33 10,743.33 3.125 3.125000 100.000000 7,943.67 18,687.00 -05/16/2035 - 10,771:30 10,771.30 3.125 3.125000 100.000000 7,915.69 18,686.99 -06/16/2035 _ 10,799.35 10,799.35 3.125 3.125000 100.000000 7,887.64 18,686:99 -07/16/2035 - 10,827.48 10,827.48 3.125 ■ 3.125000 100.000000 7,859.52 18,687.00 -08/16/2035 - - 10,855.67 10,855.67 3.125 3.125000 100.000000 7,831.32 18,686.99 -09/16/2035 - 1-0,883.94 10,883.94 3.125 3.125000 100.000000 7,803.05 18,686.99 ■10/16/2035 - 10,912.29 10,912.29 3.125 3.125000 100.000000 . 7,774.71 18,687.00 -11/16/2035 - 10,940.70 10,940.70 3.125 3.125000 100.000000 . 7,746.29 18,686.99 -12/16/2035 - . 10,969.20 10,969.20 3.125 3.125000 100:000000 7,717.80 '18,687.00 -01/16/2036 - 10,997.76 10,997.76 3.125 ' 3.125000 100.000000 7,689.23 18,686.99 -02/16/2036 - 11,026.40 11,026.40 3.125. 3.125000 100.000000 7,660.59 18,686.99 -03/16/2036 - 11,055.12 11,055.12 3.125 3.125000 100.000000 7,631.88 ' 18,687.00 224,243.9304/16/2036 ■- ' 11,083.91 11,083.91 3.125 3.125000 100.000000 7,603.09 18,687.00 -

05/16/2036 - 11,112.77 11,112.77 3.125 3.125000 100.000000 7,574.23 18,687.00 -06/16/2036 - 11,141.71 11,141.71 3.125 3.125000 100.000000 7,545.29 18,687.0007/16/2036 - 11,170.72 11,170.72 3.125 3.125000 100.000000 7,516.27 18,686.99 -

08/16/2036 - 11,199.81 11,199.81 3.125 3.125000 100.000000 7,487.18 18,686.99 -09/16/2036 - 11,228.98 11,228.98 3.125 3.125000 100.000000 7,458.01 18,686.99 -10/16/2036 - 11,258.22 11,258.22 3.125 3.125000 100.000000 7,428.77 18,686.99 ' -11/16/2036 - 11,287.54 '11,287.54 3.125 3.125000 100.000000 7,399.45 18,686.99 -12/16/2036 - 11,316.94 11,316.94 3.125 3.125000 100.000000 7,370.06 18,687.00 -01/16/2037 - 11,346.41 11,346.41 3.125 3.125000 100.000000 - 7,340.59 18,687.00 -

02/16/2037 - - 11,375.96 11-,375.96 3.125 3.125000 100.000000 7,311.04 ■ 18,687.00 -03/16/2037 - 11,405.58 11,405.58 3.125 3.125000 100.000000 7,281.41 18,686.99 224,243.94

Term Bond Bond Coupon Interest Total Fiscal YearDates Maturities Redemptions Proceeds Rate Yield Price Amount Debt Service Debt Service

04/16/2037 - ■ 11,435.28 11,435.28 3.125 3.125000 100.000000 7,251.71 18,686.99 -

05/16/2037 - 11,465.06 11,465.06 3.125 3.125000 100.000000 7,221.93 . 18,686.9906/16/2037 - 11,494.92 11,494.92 ' 3.125 3.125000 100.000000 7,192.08 18,687.00 -

07/16/2037 - 11,524.85 11,524.85 3.125 3.125000 100.000000 7,162.14 . 18,686.99 -08/16/2037 - 11,554.87 . 11,554.87 3.125 3.125000 100.000000 7,132.13 18,687.00 -■09/16/2037 - 11,584.96 11,584.96 3.125 3.125000 100.000000 7,102.04 18,687.00 -10/16/2037 - 11,615.13 11,615.13 3.125 3.125000 100.000000 7,071.87 18,687.00 -11/16/2037 - 11,645.37 11,645.37 3.125 3.125000 100.000000' 7,041.62 18,686.99 -

12/16/2037 - 11,675.70 11,675.70 3.125 3.125000 100.000000 7,011.30 18,687.00 -

01/16/2038 - 11,706.11 11,706.11 3.125 3.125000 100.000000 6,980.89 18,687.0002/16/2038 - 11,736.59 ■ ■11,736.59 3.125 3.125000 100.000000 6,950.40 18,686.99 -

03/16/2038 - 11,767.15 11,767.15 3.125 3.125000 100.000000 6,919.84 18,686.99 224,243.9404/16/2038 - 11,797.80 11,797.80 3.125 3.125000 . 100.000000 . 6,889.20 18,687.00 -05/16/2038 - 11,828.52 11,828.52 3.125 3.125000 100.000000 6,858.47 18,686.99 -

06/16/2038 - 11,859.32 11,859:32 3.125 ■ 3.125000 100.000000 6,827.67 18,686.99 -07/16/2038 - 11,890.21 11,890.21 . 3.125 3.125000 100.000000 6,796.79 18,687.00 -08/16/2038 - 11,921.17 11,921.17 3.125 3.125000 100.000000 6,765.82 18,686.99 -09/16/2038 11,952.22 11,952.22 3.125 3.125000 100.000000 6,734.78 18,687.00 -10/16/2038 - 11,983.34 11,983.34 3.125 3:125000 100.000000 6,703.65 18,686.99 ' -11/16/2038 - 12,014.55 12,014.55 3.125 3.125000 100.000000 6,672.45 18,687.00 -12/16/2038 - ■ 12,045.84 12,045.84 3.125 3.125000 100.000000 6,641.16 18,687.00 -01/16/2039 - 12,077.21 12,077.21 3.125 3.125000 100.000000 6,609.79 18,687.00 -02/16/2039 - 12,108.66 12,108.66 3.125 3.125000 100.0.00000 6,578.34 18,687.00 ' -03/16/2039 - 12,140.19 12,140.19 3.125 3.125000 100.000000 6,546.80 18,686.99 224,243.9504/16/2039 - 12,171.81 12,171.81 3.125 3.125000 100.000000 6,515.19 18,687.00 -05/16/2039 - 12,203.50 12,203.50 . '3.125 3.125000 100.000000 6,483.49 18,686.99 -

06/16/2039 - 12,235.28 12,235.28 3.125 ■3.125000 100.000000 6,451.71 . 18,686.99 -07/16/2039 ■ /- 12,267.15 12,267.15 3.125 3.125000 100.000000 6,419.85 18,687.00 -08/16/2039 - 12,299.09 12,299.09 3.125 3.125000 100.000000 6,387.90 18,686.99 -09/16/2039 - 12,331.12 12,331.12 3.125 3.125000 100.000000 6,355.87 18,686.99 -10/16/2039 - 12,363.23 12,363.23 3.125 3.125000 100.000000 6,323.76 18,686.99 -11/16/2039 - 12,395.43 12,395.43 3.125 .3.125000 100.000000 6,291.57 18,687.00 -12/16/2039 - 12,427.71 12,427.71 3.125 3.125000 100.000000 6,259.29 18,687.00 -01/16/2040 - 12,460.07 12,460.07 3.125 3.125000 100.000000 6,226.92 18,686.99 -02/16/2040 - 12,492.52 12,492.52 3.125 3.125000 100.000000 6,194.47 18,686.99 -03/16/2040 - ' 12,525.05 12,525.05 ' 3.125 3.125000 100.000000 6,161.94 • 18,686.99 224,243.9204/16/2040 - 12,557.67 12,557.67 3.125 3.125000 100.000000 ■ 6,129.32 18,686.99 -05/16/2040 - 12,590.37 12,590.37 3.125 3.125000 100.000000 6,096.62 18,686.99 -06/16/2040 - 12,623.16 12,623.16 3.125 3.125000 100.000000 ' 6,063.84 18,687.00 -07/16/2040 - 12,656.03 12,656.03 3.125 3.125000 100.000000 -6,030.96 18,686.9908/16/2040 - 12,688.99 12,688.99 3.125 3.125000 100.000000 5,998.00 18,686.99 -09/16/2040 - 12,722.04 12,722.04 3.125 3.125000 100.000000 5,964.96 ■ 18,687.00 -10/16/2040 12,755.17 ’ 12,755.17 3.125 3:125000 100.000000 5,931.83 18,687.00 -

11/16/2040 - 12,788.38 12,788.38 3,125 3.125000 100.000000 5,898.61 18,686.99 -12/16/2040 - 12,821.69 12,821.69 ' 3.125 3.125000 100.000000 5,865.31 18,687.00 -01/16/2041 - 12,855.08 12,855.08 3.125' 3.125000 100.000000 5,831.92 18,687.00 -02/16/2041 - 12,888.55 '■ 12,888.55 3.125 3.125000 100.000000 5,798.44 18,686.99 -03/16/2041 - 12,922.12 12,922.12 3.125 3.125000 100.000000 5,764.88 18,687.00 224,243.9404/16/2041 - 12,955.77 12,95577 3.125 3.125000 100.000000 5,731.23 18,687.00 -05/16/2041 - 12,989.51 12,989.51 3.125 3.125000 100.000000 5,697.49 18,687.00 -

06/16/2041 - 13,023.33 13,023.33 3.125 3.125000 100.000000 5,663.66 18,686.99 -

07/16/2041 - 13,057.25 13,057.25 3.125 3-. 125000 100.000000 5,629.75 18,687.00 -

08/16/2041 - 13,091.25 13,091.25 3.125 3.125000 100.000000 5,595.74 18,686.99 -

09/16/2041 - 13,125.34 13,125.34 3.125 3.125000 100.000000 5,561.65 18,686.99 -

Term Bond Bond Coupon Interest • Total Fiscal YearDates Maturities Redemptions ______Proceeds . Rate Yield Price Amount Debt Service Debt Service

10/16/2041 - 13,159.52 13,159.52 3.125 3.125000 100.000000 5,527.47 18,686.99 -

11/16/2041 - 13,193.79 13,193.79 3.125 3.125000 100.000000 5,493.20 18,686.99 -12/16/2041 - 13,228.15 13,228.15 3.125 3.125000 100.000000 5,458.84 18,686.99 -01/16/2042 - 13,262.60- 13,262.60 3.125 3.125000 400.000000 5,424.39 18,686.99 -02/16/2042 - 13,297.14 13,297.14 3.125 3.125000 100.009000 5,389.86 18,687.0003/16/2042 - 13,331.77 13,331.77 3.125 3.125000 100.000000 5,355.23 18,687.00 224,243.9304/16/2042 - 13,366.48 13,366.48 3.125 3.125000 100.000000 5,320.51 18,686.99 -05/16/2042 - 13,401.29 13,401.29 3.125 3.125000 100.000000 5,285.70 18,686.99 "06/16/2042 - 13,436.19 13,436.19 3.125 3.125000 100.000000 5,250.80 18,686.99 -

07/16/2042 - 13,471.18 13,471.18 3.125 3.125000 100.000000 5,215.81. 18,686.99 -08/16/2042 13,506.26 13,506.26 3.125 3.125000 100.000000 5,180.73 18,686.99 -09/16/2042 13,541.44 13,541.44 3.125 3.125000 100.000000 5,145.56 18,687.00 -10/16/2042 - 13,576.70 13,576.70 ■ 3.125 3.125000 100.000000 5,110.29 18,686.99 -

11/16/2042 - 13,612.06 13,612.06 3.125 3.125000 100.000000 5,074.94 18,687.00 -12/16/2042 - ' 13,647.50 13,647.50 3.125 3.125000 100.000000 5,039.49 . 18,686.99 .01/16/2043 - 13,683.04 - 13,683.04 3.125 3.125000 100.000000 5,003.95 18,686.99 -•02/16/2043 - 13,718.68 13,718.68 3.125 3.125000 100.000000 4,968.32 18,687.00 -03/16/2043 - 13,754.40 13,754.40 3.125 3.125000 100.000000 4,932.59 18,686.99 224,243.9104/16/2043 - 13,790.22 13,790.22 3.125 3.125000 100.000000 4,896.77 ' 18,686.99 -05/16/2043 - 13,826.13 13,826.13 3,125 ' 3.125000 100.000000 4,860.86 18,686.99 -06/16/2043 - 13,862.14 13,862.14 3.125 3.125000 100.000000 4,824.86 18,687.00 -07/16/2043 - 13,898.24 1.3,898.24 3,125 . 3.125000 100.000000 4,788.76 18,687.00 -08/16/2043 - 13,934.43 13,934.43 3.125 3.125000 100.000000 4,752.56 18,686.99 -09/16/2043 - 13,970.72 13,970.72 3.125 3.125000 100.000000 4,716.28 18,687.00 -10/16/2043 - 14,007.10 14,007.10 3.125 3.125000 100.000000 4,679.89 18,686.99 -11/16/2043 - 14,043.58 14,043.58 ' 3.125 3.125000 100.000000 4,643.42 ' 18,687.00 -

12/16/2043 - 14,080.15 14,080.15 3.125 3.125000 100.000000 4,606.84 18,686.99 -01/16/2044 - 14,116.82 14,116.82 3.125 3.125000 100.000000 4,570.18 ' 18,687.00 -

02/16/2044 - 14,153.58' - 14,153.58 3.125 3.125000 100.000000 4,533.42 18,687.00 '03/16/2044 14,190.44 . 14,190.44 3.125 3.125000 100.000000 4,496.56 18,687.00 224,243.9504/16/2044 - 14,227.39 14,227.39 3.125 3.125000 100.000000 4,459.60 18,686.99 -05/16/2044 - 14,264.44 14,264.44 3.125 3.125000 100.000000 4,422.55 18,686.99 -06/16/2044 - 14,301.59 14,301.59 3.125 3.125000 100.000000 4,385.40 18,686.99 -07/16/2044 14,338.83 14,338.83 3.125 3.125000 100.000000 4,348.16 18,686.99 -08/16/2044 - 14,376.17 14,376.17 3.125. 3.125000 100.000000 4,310.82- - 18,686.99 -09/16/2044 - 14,413.61 14,413.61 3.125 3.125000 100.000000 4,273.38 18,686.99. -10/16/2044 - 14,451.15 14,451.15 3.125 3.125000 100.000000 ■ 4,235.85 18,687.00 -11/16/2044 - 14,488.78 14,488.78 3.125 3.125000 100.000000 4,198.21 18,686.9912/16/2044 - 14,526.51 14,526.51 3.125 3.125000 100.000000 4,160.48 18,686.99 -

01/16/2045 - 14,564.34 14,564.34 3.125 3.125000 100.000000 4,122.65 18,686.99 -

02/16/2045 - 14,602.27 14,602.27 3.125 3.125000 100.000000 4,084.73 18,687.00 -

03/16/2045 - 14,640.30 14,640.30 3.125 3.125000 100.000000 4,046.70 18,687.00 224,243.9104/16/2045 - 14,678.42 14,678.42 3.125 3.125000 100.000000 4,008.57 18,686.99 -

05/16/2045 - 14,716.65 14,716.65 3.125 3.125000 100.000000 3,970.35 18,687.00 -

06/16/2045 - 14,754.97 14,754.97 3.125 3.125000 100.000000 3,932.02 18,686.99 -

07/16/2045 14,793.40 14,793.40 3.125 3.125000 100.000000 3,893.60 18,687.00 -

08/16/2045 - 14,831.92 14,831.92 3.125 3.125000 100.000000 3,855.07 18,686.99 -

■09/16/2045 - 14,870.55 ■ 14,870.55 3.125 3.125000 100.000000 ' 3,816.45 18,687.00 -

10/16/2045 - 14,909.27 14,909.27 3.125 3.125000 100.000000 3,777.72 18,686.99 -

11/16/2045 - 14,948.10 14,948.10 3.125 3.125000 100.000000 3,738.90 18,687.00 -

12/16/2045 . - 14,987.02 14,987.02 3.125 3.125000 100.000000 3,699.97 18,686,99 -

01/16/2046 - 15,026.05 15,026.05 3.125 3.125000 100.000000 3,660.94 18,686.99 -

02/16/2046 - 15,065.18 15,065.18 3.125 3.125000 100.000000 3,621.81 18,686.99 -

03/16/2046 - 15,104.42 15,104.42 3.125 3.125000 100.000000 3,582.58 18,687.00 224,243.93


04/16/2046 - 15,143.75 15,143.75 3.125 3.125000 100.000000 3,543.24 18,686.99 -05/16/2046 - 15,183.19' 15,183.19 3.125 3.125000 100.000000 3,503.81 18,687.00 -

06/16/2046 - 15,222.73 15,222.73 3.125 3.125000 100.000000 3,464.27 18,687.00 -

07/16/2046 - 15,262.37 15,262.37 3.125 3.125000 100.000000 3,424.63 18,687.00 -

08/16/2046 - 15,302.11 15,302.11 3.125 3.125000 100.000000 3,384.88 18,686.99 -

09/16/2046 - 15,341.96 15,341.96 3.125 3.125000 100.000000 3,345.03 18,686.99 -

10/16/2046 - 15,381.92 15,381.92 3.125 3.125000 100.000000 3,305.08 18,687.00 -

11/16/2046 - ' 15,421.97 15,421.97 3.125 3.125000 100.000000 3,265.02 18,686.99 -

■ 12/16/2046 - 15,462.14 15,462.14 3.125 3.125000 100.000000 3,224.86 18,687.00 -

01/16/2047 - 15,502.40 15,502.40 3.125 3.125000 100.000000 3,184.59 18,686.99 ■-

02/16/2047 - 15,542.77 ■ 15,542.77 3.125 3.125000 100.000000 3,144.22 18,686.99 -

03/16/2047 - 15,583.25 15,583.25 3.125 3.125000 100.000000 3,103.75 18,687.00 ' 224,243.9404/16/2047 - 15,623.83 15,623.83 3.125 3.125000 100.000000 . 3,063.17 18,687.00 -

05/16/2047 - 15,664.52 15,664.52 3.125 3.125000 100.000000 3,022.48 18,687.00 -

06/16/2047 - 15,705.31 15,705.31 3.125 3.125000 100.000000 2,981.69 1-8,687.00 -

07/16/2047 - 15,746.21 ■ 15,746.21 3.125 3.125000 100.000000 2,940.79 18,687.00 -

08/16/2047 ' ; 15,787.21 15,787.21 3.125 -3.125000 100.000000 2,899.78 18,686.99 -

09/16/2047 - 15,828.33 15,828.33 3.125 3.125000 100.000000 2,858.67 18,687.00 -

10/16/2047 - 15,869.55 15,869.55 3.125 3.125000 100.000000 2,817.45 18,687.00 ■ -

11/16/2047 - 15,910.87 15,910.87 3.125 3.125000 100.000000 2,776.12 18,686.99 -

12/16/2047 . ■ 15,952.31 15,952.31 3.125 3.125000 100.000000 2,734.69 18,687.00 -

01/16/2048 . 15,993.85 15,993.85 3.125 3.125000 100.000000 2,693.14 18,686.99 -02/16/2048 . 16,035.50 16,035.50 3.125 3.125000 100.000000 2,651.49 18,686.99 ■ -03/16/2048 - 16,077.26 16,077.26 3.125 3.125000 100.000000 ■ 2,609.73 18,686.99 224,243.9504/16/2048 - 16,119.13 16,119.13 3.125 3.125000 100.000000 2,567.87 18,687.00 -05/16/2048 - 16,161.11 16,161.11 3.125 3.125000 100.000000 2,525.89 . 18,687.00 -06/16/2048 - . 16,203.19 16,203.19 3.125 3.125000 100.000000 2,483.80 18,686.9907/16/2048 - 16,245.39 16,245.39 3.125 3.125000 100.000000 ■ 2,441.61 18,687.00 -08/16/2048 - 16,287.69 16,287.69 3.125 3.125000 100.000000 2,399.30 18,686.99 -09/16/2048 ' - 16,330.11 ' 16,330.11 3.125 3.125000 100.000000 2,356.89- 18,687.00 -10/16/2048 - 16,372.64 16,372.64 3.125 3.125000 100.000000 . 2,314.36 ■18,687.00 -11/16/2048 - 16,415.27' 16,415.27 3.125 3.125000 1 bo.oooooo 2,271.72 18,686.99 -

12/16/2048 - 16,458.02 16,458.02 3.125 3.125000 100.000000 2,228.97 18,686.99 -

01/16/2049 16,500.88 16,500.88 3.125 3.125000 100.000000 2,186:11 18,686.99 -

02/16/2049 16,543.85 16,543.85 3.125 3.125000 100.000000 ' 2,143.14 18',686.99 -

03/16/2049 - 16,586.93 16,586.93 3.125 3.125000 100.000000 2,100.06 18,686.99 224,243.9304/16/2049 - 16,630.13 16,630.13 3.125 3.125000 100.000000 2,056.87 18,687.00 -

05/16/2049 - 16,673.44 16,673.44 3.125 3.125000 100.000000 2,013.56 18,687.00 -

06/16/2049 - 16,716.86 16,716.86 3.125 3.125000 100.000000 1,970.14 18,687.00 -

07/16/2049 - 16,760.39 16,760.39 3.125 3.125000 100.000000 1,926.60 18,686.99 -

08/16/2049 - 16,804.04 16,804.04 3.125 3.125000 100.000000 1,882.96 18,687.00 -

09/16/2049 - 16,847.80 16,847.80 3.125 3.125000 100.000000 1,839.20 - 18,687.00 -

10/16/2049 - 16,891.67 16,891.67 3.125 ■3.125000 100.000000 1,795.32 18,686.99 -

11/16/2049 - 16,935.66 16,935.66 3.125 ' 3.125000 100.000000 1,751.33 18,686.99 -

12/16/2049 ■- 16,979.76 16,979.76 3.125 3.125000 100.000000 1,707.23 18,686.99 -

01/16/2050 - 17,023.98 17,023.98 3.125 3.125000 100.000000 1,663.01 18,686.99 -

02/16/2050 - 17,068.32 17,068.32 3.1-25 3.125000 100.000000 1,618.68 18,687.00 -

03/16/2050 - 17,112.76 17,112.76 3.125 ' 3.125000 100.000000 1,574.23 18,686.99 224,243.9404/16/2050 - 17,157.33 17,157.33 3.125 3.125000 100.000000 1,529.67 ' 18,687.00 -

05/16/2050 . 17,202.01 17,202.01 3.125 ■3.125000 100.000000 1,484.99 18,687.00 -

06/16/2050 - 17,246.81 17,246.81 3.125 3.125000 100.000000 1,440.19 18,687.00 -

07/16/2050 - 17,291.72 17,291.72 3.125 3.1250JD0 100.000000 1,395.27 ■ 18,686.99 -

08/16/2050 - 17,336.75 17,336.75 3.125 3.125000 100.000000 1,350.24 18,686.99 "

09/16/2050 - 17,381.90 17,381.90 3.125 3.125000 100.000000 1,305.10 18,687.00 -

P Term Bond Bond Coupon interest Total Fiscal YearDates Maturities Redemptions Proceeds Rate Yield Price ' Amount Debt Service Debt Service

10/16/2050 - 17,427.16 ' 17,427.16 3.125 3.125000 100.000000 '1,259.83 18 686 9911/16/2050 - 17,472.55 17,472.55 3.125 3.125000 100.000000 ' 1,214145 18,687.0012/16/2050 - 17,518.05 17,518.05 3.125 3.125000 100.000000 1,168.95 18,687.0001/16/2051 - 17,563.67 17,563.67 3.125 3.125000 ' 100.000000 1,123.33 18W.0002/16/2051. - 17,609.41 17,609.41. 3.125 3.125000 100.000000 1,077.59 18,687:0003/16/2051 - 17,655.26 17,655.26 3.125 3.125000 ' 100.000000 1,031.73 18 686 99 224 243 9604/16/2051 - 17,701.24 17,701.24 3.125 ' 3.125000 100.000000 985.75 18,686.9905/16/2051 - 17,747,34 17,747.34 3.125 3.125000 100.000000 939.66 18387.0006/16/2051 - 17,793.56 17,793.56 3.125' 3.125000 100.000000 893.44 'l8!687.0007/16/2051 - 17,839.89 17,839.89 3.125 3.125000 100.000000 847.1-0 18’686.9908/16/2051 - 17,886.35 17,886.35 3.125 3.125000 100.000000 800.64 18 686 9909/16/2051 - 17,932.93 17,932.93 3.125 3.125000 100.000000 754.06 18,686.99 .10/16/2051 - - 17,979.63 17,979.63 3.125 3.125000 100.000000 707.36 18!s86.9911/16/2051 - 18,026.45 18,026.45 3.125 3.125000 100.000000 660.54 18 686 9912/16/2051 - 18,073.40 . 18,073.40 ■ 3.125 3.125000 100.000000 613.60 18,687.0001/16,2052 - 18,120.46 18,120.46 3.125 3.125000 100.000000 566 53 18 686 9902/16/2052 - 18,167.65 18,167.65 3.125' 3.125000 100.000000 519.34 18,686.99 ...:03/16/2052 - 18,214.96 18,214.96 3.125 3.125000 100.000000 472.03 P686.99 224 243 9104/16/2052 - 18,262.40 18,262.40 3.125 3.125000 100.000000 424.60 isW.OO ’ ' -05/16/2052 - 18,309.96 18,309.96 3.125 3.125000 100.000000 377.04 is’687.0006/16/2052 - 18,357.64 18,357.64 3.125 3.125000 100.000000 329 36 18 687 0007/16/2052 - 18,405.44 18,405.44 3.125 3.125000 100.000000 281.55- 18 686 9908/16/2052 - 18,453.38 18,453.38 3.125 3.125000 100.000000 233.62 18^687 0009/16/2052 - 18,501.43 ■ 18,501.43 3.125 3.125000 100.000000 185.56 18,686.9910/16/2052 - 18,549.61 18,549.61 3.125 3.125000 100.000000 137.38 18,686.9911/16/2052 - 18,597.92 18,597.92 '3.125 3.125000 100.000000 89.08 18 687 0012/16/2052 - 15,607.42 15,607.42 . 3.125 3.125000 100.000000 40/64 15,648.06 165",144.03

70tal ' 4,983,000.00 4,983,000.00 3,535,230.81 8,518,230.81 ‘ 8,518,230.81Acc Int - _ . ’

_G.rg,nd Ttls------- ;----------------:-----------4,983,000:00..... ...... 4,983,000.00 3,535,230.81 8,518,230.81 8,518,230.81TIC (Incl. all expenses) .... 3.15205317% Average Coupon..... 3.12499999%TIC (Arbitrage TIC)........ 3.14541586% Average Life (yrs) ... 22.70 IRS Form 8038-G NIC = 3.125000% (with Adjstmnt of $0 00)BondYears................. 113,127.39 WAM (yrs)............ 22.702666 NIC = 3.125000% (with Adjstmnt of $0.00).

HPUD: NEW2013BOND 12/11/2014 @14:49 V9.54

INSTRUCTIONS FOR PREPARATION OF FORM CT-0253: REPORT ON DEBT OBLIGATION ("Report")

Note: The Report must be prepared for all debt obligations issued or entered into by any public entity and filed with the Governing Body with a copy sent to the Office of State and Local Finance/Comptroller of the Treasury for the State of Tennessee ("OSLF"). The purpose for the Report is to provide clear and concise information to members of the governing or legislative body who authorized and are responsible for debt that has been issued. Conduit issuers must complete a Report even if costs and responsibilities are paid or assumed by a non-governmental borrower.

For a draw down borrowing program, including but not limited to commercial paper programs or the State Revolving Fund loan program ("Borrowing Program"), in which the maximum principal amount of the program or loan is established, but will not be drawn upon until a future date, the Governing Body may elect to file a Report at the time of establishment of the program (with disclosures as if the entire amount has been issued). In other words, the Report can be filed for a commercial paper program in the maximum amount authorized ("Initial Report") and an additional Report is not needed each time the commercial paper is issued within the maximum amount authorized by the established program. As an alternative, the Governing Body could also submit a Report for each draw on the Borrowing Program.

The Governing Body must decide what ongoing disclosures it wishes to receive regarding the Borrowing Program, such as updated payment schedules when funds are drawn. These ongoing disclosures should occur on a frequency no less than annually and should follow the same process as with a Report. Copies of these updates to the Initial Report may (but are not required to) be filed with the OSLF

This Report has been approved by the'State Funding Board pursuant to TCA Section 9-2l-151(c){1) and must be used. Responses (including "Not Applicable" or NA) are required for all questions; Reports without responses to each question will be deemed non-compliant under TCA Section 9-21-151, returned to the public entity, and the public entity will be included on the discovery list. Any entity failing to comply within 15 days will be placed on the list of nonresponsive entities and pursuant to that Section will be legally unable to enter into any additional debt obligations until compliance is achieved. Definitions are included at the end of these Instructions.

1. Public EntityInclude the full name and address of the public entity issuing the debt (this is NOT the bank or the lending institution). Provide the name of the debt issue (such as "Police Car Three-Year Capital Outlay Notes, Series 2013"). If this is an interfund loan, indicate the borrowing fund.If the Governing Body has elected to receive an Initial Report for a Borrowing Program, then attach a copy of a draft form the Governing Body will use for its annual updates to the Initial Report. Such form should include a schedule similar to #10 of the Report.

2. Face AmountIndicate the face or par amount of debt issued and the amount of any premium or discount. When debt is issued in multiple series of bonds (for example Revenue Bonds Series 2013-A and 2013-B), the Governing Body may file a separate Report for each series or file a consolidated Report. Separate Reports should be used if consolidated reporting does not provide transparent disclosure.

3. Interest CostIndicate the interest rate percentage and method used to determine the rate and whether the debt is federally tax-exempt or taxable. If the rate is variable, indicate the first assigned rate specifying the formula for calculating (such as the index plus spread) or that the rate is established by a remarketing agent. Add-on fees should be disclosed in Item 12- Recurring Costs.

4. Debt ObligationIdentify the type of debt obligations being issued:

• Notes: bond anticipation note (BAN), capital outlay note (CON), tax and revenue anticipation note (TRAN), revenue anticipation note (RAN), capital revenue anticipation note (CRAN), or grant anticipation note (GAN). If any of the notes listed above are issued pursuant to the Local Government Public Obligations

. Act (TCA Section 9-21-101 et seq.), enclose a copy of the executed note with the copy filed with OSLF.

•' Bonds \• Capital leases (including Certificates of Participation and Lease/purchase

agreements)• Loan agreements pursuant to a federal or state loan program or with a public

building authority, such as the State Revolving Fund, the Energy Efficient Schools Initiative, or Rural Economic Development Loans and Grants (USDA REDLG).

5. RatingsSpecify the rating(s) the debt has been assigned, or indicate that the debt is unrated.

6. PurposeIndicate the purpose(s) of the debt issue, the percentage of the amount of debt issued in each category, and a brief description of the project(s) or use. If final percentages have not been determined, use reasonable estimates.

7. SecurityIndicate the security for the repayment of the debt obligation. Annual appropriations are applicable ONLY to capital lease/lease purchase obligations.

8. Type of SaleIndicate whether the debt was sold through a competitive sale, negotiated sale, informal bid, or as an agreement under a loan program. If the debt is a loan agreement, specify the name of the loan program. If the debt is an jnterfund loan, specify the lendingfund.

9. DateThe "dated date" is the date that interest begins to accrue on the obligation or the date that value begins to increase or accrete. The "issue or closing date" is the date that proceeds of the debt obligation are received by the public entity.

10. Maturity Dates, Amounts and Interest Rates*Indicate each year that principal is paid, the principal amount maturing in each year and the interest rate for that maturity. If (1) the debt has a final maturity of 31 or more years from the date of issuance, (2) principal repayment is delayed for two or more years of (3) debt service payments are not level throughout the retirement period, then YOU MUST PREPARE AND ATTACH a cumulative repayment schedule (grouped in 5 year increments, out to 30) including this and all other entity debt then outstanding

secured by the same source. For purposes of this form, debt secured by an ad valorem tax pledge and debt secured by a dual ad valorem tax and revenue pledge are secured by the same source. Also, debt secured by the same revenue stream, no matter what lien level, is considered secured by the same source. The format to use follows:

THIS ISSUE TOTAL DEBT OUTSTANDING

YearCumulativePrincipal % Total Year

CumulativePrincipal % Total

1 $ % 1 $ %5 510 1015 1520 2025 2530 30

*This section is not applicable to an Initial Report for a Borrowing Program. 11. Costs of Issuance

Indicate all costs incurred in the initial issuance of the debt, rounded to the nearest dollar. Related costs that may recur on a periodic basis while the debt is outstanding are reported in #12. Include with professional fees any expenses billed by the professional, such as long distance calls'or printing costs. If the financial advisor fee includes any other costs such as legal, printing, or rating fees, these costs should be itemized separately. If there are fees and costs that are not identified by categories shown on the form, indicate these in the "other costs" category; this may be aggregated only if this amount is less than $5,000. Pro-rate the issuance costs on each Report if multiple series are reported on separate forms.

12. Recurring CostsList the ongoing or recurring costs involved in connection with remarketing, liquidity, and credit enhancement, specifying any periodic fees and charges that may be incurred on a per transaction basis. Indicate any sponsorship, program, or administrative fees. If the periodic fees are not based on the outstanding principal balance of debt, please specify how the fees are calculated.

13. Disclosure Document/Official StatementIf applicable, provide a link to the document filed with the Electronic Municipal Market Access system or "EMMA" or attach a copy of the final disclosure or official statement.

14. Continuing Disclosure ObligationsIndicate if the public entity previously has agreed to make any continuing disclosures and if the entity agreed to any continuing disclosure obligations in connection with this debt. Indicate the date the annual disclosure is due. Identify the individual responsible for making the disclosures.

15. Written Debt Management PolicyIndicate the Governing Body's approval date of the current version of the written debt management policy and whether the debt complies with the policy and is clearly authorized by the policy.

16. Written Derivative Management PolicyIf a Derivative is related to. the debt obligation, indicate the Governing Body's approval date of the current version of the written Derivative Policy, the date of the Letter of Compliance, and whether the Derivative complies with the Policy and is clearly authorized by the Policy.

17. Submission of ReportThe Report must be filed with the Governing Body not later than forty-five (45) days after the issuance or execution of a debt obligation by or on behalf of any Public Entity and with a copy to the Director of the OSLF. The Report is to be delivered to each member of the Governing Body and presented at a public meeting of the body. If there is not a scheduled meeting within forty-five (45) days, deliver the Report to each member and list the date of the next scheduled meeting at which the Report will be presented. Public Entities that fail to comply with the requirements of TCA Section 9- 21-151 will not be allowed to enter into any further Debt Obligations or Derivatives until they have complied with the law.

18. SignaturesThe authorized representative is the chief executive officer of the Public Entity. If the Report is prepared by someone other than the authorized representative, indicate in the space provided. However, the authorized representative must still sign the Report and is certifying the accuracy of the information included.

DEFINITIONS

"Borrowing Program" means a draw down borrowing program, in which the maximum principal amount of the program or loan is established, but will not be drawn upon until a future date. Examples are commercial paper programs and the State Revolving Fund loan program.

"Chief Executive Officer" means County Executive, County Mayor, Mayor, President, or Chairman.

"Debt obligation" means bonds, notes, capital leases, loan agreements, and any other evidence of indebtedness lawfully issued, executed or assumed by a Public Entity.

"Derivative" means an interest rate agreement, as defined in TCA Section 9-22-103 and other transactions identified by the State Funding Board.

"Finance transaction" means debt obligations, derivatives, or both.

"Governing body" means the legislative body of any public entity or any other authority charged with the governing of the affairs of any public entity.

"Initial Report" means a Report filed at the time of establishment of a Borrowing Program (with disclosures as if the entire amount has been issued).

"NIC" means net interest cost and "TIC" means true interest cost.

"Public entity" means the state, a state agency, a local government, a local government instrumentality, or any other authority, board, district, instrumentality, or entity created by the state, a state agency, local government, a local government instrumentality, or combination, thereof.

INCORRECT OR INCOMPLETE FORMS WILL BE RETURNED AND THE PUBLIC ENTITY WILL BE DEEMED NOT IN COMPLIANCE WITH TCA SECTION 9-21-151.

REPORT ON DEBT OBLIGATION (Pursuant to Tennessee Code Annotated Section 9-21-151)

1. Public Entity:Name The Hallsdale-Powell Utility District of Knox County, TennesseeAddress 3745 Cunningham Dr. __________________

Knoxville, Tennessee 37918___________• __________Utilities Improvement Revenue Bond, Series 2013 (RUS-A)

2. Debt Obligation:

/ a. Bondb. CONc. BANd. GANe. TRANf. CRANg. Capital Leaseh. Loan Agreement

Note: Enclose a copy of the executed NOTE FORM if applicable.

3. Security For Debt Obligation:

a. Genera! Obligationb. General Obligation+Revenue+Taxc. Revenued. TIFe. Annua! Appropriations

4. Purpose oflssue:a. General Government %b. Education %c. Highways and Streets %d. Public Safety %e. Solid Waste Disposal %f. Industrial Park %

g- Manufacturing Facilities %h. Health Facilities %i. Airports %

/ i- Utilities 100.00 %/ i. Water %

ii. Sewer %iii. Electric %iv. Gas %

k. Refunding or Renewal %I. Other %

specify

CT-0253 (Rev. 12/11)

5. Face Amount of Debt Obligation: $1,566,000,00

Premium/Discount: _______

6. Type of Sale:

/

a. Competitive Public Saleb. Informal Bidc. Negotiated Saled. Loan Program

RUS

7. Tax Status:~7~ a. Tax Exempt

b. Tax Exempt - Bank Qualifiedc. Taxable

8. Dated Date: 12/10/2013

9. Issue Date (Closing Date): 12/10/2013

10. Ratings:a.b.c.

Moody'sStandard & Poor'sFitch

d. Unrated X

11. Interest Cost:3.125000 % a. TIC

/ b. NICc. Variable: Index. plus bpsd. Other

12. Recurring Costs:a. Remarketing Agent (bps)b. Liquidity (bps)c. Credit Enhancements (bps)

Page I of4

11388460

13. Maturity Dates, Amounts and Interest Rates

Year Amount Interest Rate Year Amount Interest RateSee attached schedule. % %

% %% %% %% %% %% %% %% %% %% %

If additional space is needed, attach additional sheet.

14. Repayment Schedule *

This Issue Total Debt Outstanding*

YearCum. Principal

Redeemed % Total YearCum. Principal

Redeemed % Totali $0 0.00 i $5,134,127 3.25

5 $116,398 7.43 5 $28,234,774 17.85

10 $252,453 16.12 10 $61,523,680 38.90

15 $411,486 26.28 15 $98,886,333 62.53

20 $597,376 38.15 20 $135,441,973 85.65

25 $814,659 52.02 25 $149,497,042 94.53

30 $1,068,637 68.24 30 $155,065,953 98.06

*The debt outstanding excludes any debt not yet issued but which is anticipated to be issued to pay off existing BANS. Any such debt is anticipated to be provided by RUS in a principal amount that equals the principal of the redeemed BANS plus accrued interest and with monthly principal amortization over a 38 period.

Page 2 of4

11388460

15. Itemized Description of tlie Cost of Issuance(Round to Nearest Dollar)

Name of Firma. Financial Advisor Fees*b. Legal Fees:

i. Bond Counsel $2,500.00 Waller Lansden Dortch & Davisii. Issuer’s Counsel $2,500.00 John P. Valliant, Jr.iii. Trustee’s Counsel

c. Paying Agent Fees andRegistration Fees

d. Trustee Feese. Remarking Agent Feesf. Liquidity Feesg. Rating Agency Feesh. Credit Enhancement Feesi. Underwriter's Discount %

i. Take Downii. Management Feeiii. Risk Premiumiv. Underwriter's Counselv. Other Expenses

j. Printing and Advertising Feesk. Issuer Fees ,1. Real Estate Feesm. Bank Closing Costsn. Other Costs

Total Costs $5,000.00*If other costs are included, please itemize

Note: Enclose a copy of the DISCLOSURE DOCUMENT/ OFFICIAL STATEMENT if applicable.

16. Description of Continuing Disclosure Obligations(Use additional pages if necessary)

Individual Responsible for Completion:Date Annual Disclosure is due:

Page 3 of 4

11388460

17. Description of Compliance with Written Debt Management Policy:(Use additional pages if necessary)

Debt Management Policy previously filed.

The Debt was issued with a fixed rate mode and finances capital assets with a longer economic life than the Debt.The Debt is secured by revenues of the system. See General Guidelines

An engagement letter was entered into with Alex Buchanan of Waller Lansden Dortch & Davis. See Professionals

The Debt was approved by resolution of the Commissioners at a meeting following sunshine notice. See Transparency

18. (If any) Description of Derivative and Compliance with Written Derivative Management Policy:(Use additional pages if necessary)

N.A.

Page 4 of4

11388460

Series ,^13-ADated Date = 12/10/2013 Hallsdale-Poweli Utility District of Knox County Delivery Date = 12/10/2013

________________________ £ 1,566,000 Utilities Improvement Revenu _____Term Bond Bond Coupon Interest Total Fiscal Year

Dates Maturities Redemptions Proceeds Rate Yield Price Amount Debt Service Debt Service01/10/2014 1,794.87 1,794.87 3.125 3.125000 100.000000 4,078.13 5,873.00 -02/10/2014 _ 1,799.54 1,799.54 3.125 3.125000 100.000000 4,073.45 5,872.99 -03/10/2014 - 1,804.23 1,804.23 3.125 3.125000 100.000000 4,068.76 5,872.99 -04/10/2014 - 1,808.93 1,808.93 3.125 3.125000 100.000000 4,064.07 . 5,873.00 -05/10/2014 1,813.64 1,813.64 3.125 3.125000 100.000000 4,059.36 . 5,873.00 -06/10/2014 - 1,818.36 1,818.36 3.125 3.125000 100.000000 4,054.63' 5,872.99 -07/10/2014 1,823.10 1,823.10 3.125 3.125000 100.000000 4,049.90 5,873.00 -

08/10/2014 - 1,827.85 1,827.85 3.125 3.125000 100.000000 4,045.15 5,873.00 -09/10/2014 - 1,832.61 1,832.61 3.125 3.125000 100.000000 4,040.39 5,873.0010/10/2014 - 1,837.38 1,837.38 3.125 3.125000 100.000000 4,035.62 5,873.00 -11/10/2014 1,842.16 1,842.16 3.125 3.125000 100.000000 4,030.83 5,872.99- -12/10/2014 - 1,846.96 1,846.96 3.125 3.125000 100.000000 4,026.03 5,872.99 70,475.9501/10/2015 - 1,851.77 1,851.77 3.125 3.125000 100.000000 4,021.22 5,872.99 -02/10/2015 - 1,856.59 1,856.59 3.125 3.125000 100.000000 4,016.40 5,872.99 -03/10/2015 1,861.43 1,861.43 3.125 3.125000 100.000000 4,011.57 5,873.00 -04/10/2015 - 1,866.27 ■ 1,866.27 3.125 3.125000 100.000000 4,006.72 5,872.99 -05/10/2015 - 1,871.13 1,871.13 3.125 3.125000 100.000000 4,001.86 5,872.99 -06/10/2015 - 1,876.01 1,876.01 3.125 3.125000 100.000000 3,996.99 5,873.00 -07/10/2015 - 1,880.89 1,880.89 3.125 3.125000 100.000000 3,992.10 5,872.99 -08/10/2015 - 1,885.79 1,885.79 3.125 3.125000 .100.000000 3,987.20 5,872.99 -09/10/2015 - 1,890.70 1,890.70 3.125 3.125000 100.000000 3,982.29 5,872.99 -10/10/2015 - 1,895.63 1,895.63 3.125 3.125000 100.000000 3,977.37 5,873.00 -11/10/20.15 - 1,900.56 1,900.56 3.125 3.125000 100.000000 3,972.43 5,872.99 -12/10/2015 - 1,905.51 1,905.51 3.125 3.125000 100.000000 3,967.48 5,872.99 70,475.9101/10/2016 - 1,910.47 1,910.47 3.125 3.125000 100.000000 3,962.52 5,872.99 --02/10/2016 - 1,915.45 1,915.45 3.125 3.125000 100.000000 3,957.55 5,873.0003/10/2016 - 1,920.44 1,920.44 3.125 3.125000 100.000000 3,952.56 5,873.00 -04/10/2016 - 1,925.44 1,925.44 3.125 3.125000 100.000000 3,947.56 5,873.00 -05/10/2016 - 1,930.45 1,930.45 3.125 3.125000 100.000000 ' 3,942.54 5,872.99 -06/10/2016 - 1,935.48 1,935.48 3.125 3.125000 100.000000 3,937.52 5,873.00 -07/10/2016 - 1,940.52 1,940.52 3.125 3.125000 100.000000 3,932.47 5,872.99 -08/10/2016 - 1,945.57 1,945.57 3.125 3.125000 100.000000 3,927.42 5,872.99 • -09/10/2016 - 1,950.64 1,950.64 3.125 3.125000 100.000000 3,922.35 5,872.99 -10/10/2016 1,955.72 1,955.72 ■ 3.125 3.125000 100.000000 3,917.28 5,873.00 -11/10/2016 - 1,960.81 1,960.81 3.125 3,125000 100.000000 3,912.18 5,872.9912/10/2016 - 1,965.92 1,965.92. 3.125 3.125000 100.000000 ■ 3,907.08 5,873.00 70,475.9401/10/2017 - 1,971.04 1,971.04 3.125 3.125000 100.000000 3,901.96 5,873.00 -02/10/2017 - 1,976.17 1,976.17 3.125 3.125000 100.000000 3,896.82 5,872.99 -

03/10/2017 - 1,981.32 1,981.32 3.125 3.125000 100.000000 3,891.68 5,873.00 -04/10/2017 - 1,986.48 1,986.48 3.125 3.125000 100.000000 3,886.52 5,873.00 -

05/10/2017 - 1,991.65 1,991.65 3.125 3.125000 100.000000 3,881.34 5,872.99 -06/10/2017 - 1,996.84 1,996.84 3.125 3.125000 100.000000 3,876.16 5,873.0007/10/2017 - 2,002.04 2,002.04 3.125 3.125000 100.000000 3,870.96 ■5,873.00 -

08/10/2017 - 2,007.25 2,007.25 3.125 3.125000 100.000000 3,865.74 5,872.99 -

09/10/2017 - 2,012.48 2,012.48 3.125 3.125000 100.000000 3,860.52 5,873.00 -

10/10/2017 - 2,017.72 2,017.72 3.125 3.125000 100.000000 3,855.28 5,873.00 -

11/10/2017 - 2,022.97 2,022.97 3.125 3.125000 100.000000 3,850.02 5,872.99 -

12/10/2017 - 2,028.24 2,028.24 3.125 3.125000 100.000000 3,844.75 5,872.99 70,475.9501/10/2018 - 2,033.52 2,033.52 3.125 3.125000 100.000000 3,839.47 5,872.99 -

02/10/2018 - 2,038.82 2,038.82 3.125 3.125000 100.000000 " 3,834.18 5,873.00 -

03/10/2018 - 2,044.13 2,044.13 3.125 3.125000 100.000000 3,828.87 5,873.00 -

*****

Term Bond Bond Coupon Interest Total Fiscal YearDates Maturities Redemptions Proceeds Rate Yield ■ Price Amount Debt Service Debt Service

04/10/2018 _ 2,049.45 2,049.45 3.125 3.125000 100.000000 3,823.54 5,872.99 -

05/10/2018 _ 2,054.79 2,054.79 3.125 3.125000 100.000000 3,818.21 5,873.00 . -06/10/2018 - 2,060.14 2,060.14 3.125 3.125000 100.000000 3,812.85 5,872.99 -07/10/2018 - 2,065.51 2,065.51 3.125 3.125000 100.000000 3,807.49 5,873.00 -

08/10/2018 . 2,070.88 2,070.88 3.125 3.125000 100.000000 3,802.11 5,872.99 -

09/10/2018 . 2,076.28 2,076.28 3.125 3.125000 100.000000 3,796.72 5,873.00 -

10/10/2018 - 2,081.68 2,081.68 3.125 3.125000 100.000000 3,791.31 ■ 5,872.99 -11/10/2018 - 2,087.10 ■ 2,087.10 3.125 3.125000 100.000000 3,785.89 5,872.99 -12/10/2018 - 2,092.54 2,092.54 3.125 3.125000 100.000000 ■ 3,780.45 5,872.99 70,475.9301/10/2019 - 2,097.99 2,097.99 3.125 '3.125000 100.000000 3,775.01 5,873.00 -

02/10/2019 - 2,103.45 2,103.45 3.125 3.125000 100.000000 3,769.54 5,872.99 -

03/10/2019 - 2,108.93 2,108.93 3.125 3.125000 100.000000 3,764.06 . ■ 5,872.99 -04/10/2019 2,114.42 2,114.42 3.125 3.125000 100.000000 3,758.57 5,872.99 -05/10/2019 - 2,119.93 2,119.93 3.125 3.125000 100.000000 3,753.07 5,873.00 -06/10/2019 2,125.45 2,125.45 3.125 3.125000 100.000000 3,747.55 5,873.00 -07/10/2019 - 2,130.98 2,130.98 3.125 3.125000 100.000000 3,742.01 5,872.99 -08/10/2019 - 2,136.53 2,136.53 3.125 3.125000 100.000000 3,736.46 5,872.99 -09/10/2019 - 2,142.10 2,142.10 3.125 3.125000 100.000000 3,730.90 5,873.00 -10/10/2019 - 2,147.68 2,147.68 3.125 3.125000 100.000000 3,725.32 5,873.00 -11/10/2019 - 2,153.27 2,153.27 3.125 3.125000 100.000000 3,719.73 5,873.00 -12/10/2019 - 2,158.88 2,158.88 3.125 3.125000 100.000000 3,714.12 5,873.00 70,475.9501/10/2020 - 2,164.50 2,164.50 3.125 3.125000 100.000000 3,708.50 5,873.00 -02/10/2020 ' - 2,170.14 2,170.14 3.125 3.125000 100.000000 3,702.86 5,873.00 -

03/10/2020 - 2,175.79 2,175.79 3.125 3.125000 100.000000 3,697.21. 5,873.00 -

04/10/2020 2,181.45 2,181.45 3.125 3.125000 100.000000 ■ 3,691.54 5,872.99 -

05/10/2020 - 2,187.13 2,187.13 3.125 3.125000 100.000000 3,685.86 5,872.99 - ■

06/10/2020 - 2,192.83 2,192.83 3.125 3.125000 100.000000 3,680.17 5,873.00 -

07/10/2020 - 2,198.54 2,198.54 3.125 3.125000 100.000000 3,674.45 5,872.99 -

08/10/2020 - 2,204.27 2,204.27 3.125 3.125000 100.000000 3,668.73 5,873.00 ' _

09/10/2020 - 2,210.01 2,210.01 3.125 3.125000 100.000000 3,662.99 5,873.00 - V.

10/10/2020 - 2,215.76 2,215.76 3.125 3.125000 100.000000 3,657.23 5,872.99 -

11/10/2020 - 2,221.53 2,221.53 3.125 3.125000 100.000000 3,651.46 5,872.99 -

12/10/2020 - 2,227.32 2,227.32 3.125 3.125000 100.000000 3,645.68 5,873.00 70,475.9501/10/2021 - 2,233.12 2,233.12 3.125 3.125000 100.000000 3,639.88 5,873.00 -02/10/2021 - 2,238.93 2,238.93 3.125 3.125000 100.000000 3,634.06 5,872.99 -03/10/2021 - 2,244.76 2,244.76 3.125 3.125000 100.000000 3,628.23 5,872.99 -04/10/2021 - 2,250.61 2,250.61 3.125 . 3.125000 100.000000 3,622.39 5,873.00 -05/10/2021 - 2,256.47 2,256.47 3.125 3.125000 100.000000 3,616.53 5,873.00 -06/10/2021 - 2,262.35 2,262.35 3.125 3.125000 100.000000 3,610.65 5,873.00 -07/10/2021 - 2,268.24 2,268.24 3.125 3.125000 100.000000 3,604.76 5,873.00 -08/10/2021 - 2,274.14 2,274.14 3.125 3.125000 100.000000 3,598.85 5,872.99 -09/10/2021 2,280.07 2,280.07 3.125 3.125000 100.000000 3,592.93 5,873.00 -10/10/2021 - 2,286.00' . 2,286.00 3.125 3.125000 100.000000 3,586.99 5,872.99 -11/10/2021 - 2,291.96 2,291.96 3.125 3,125000 . 100.000000 3,581.04 5,873.00 -

12/10/2021 - 2,297.93 2,297.93 3.125 3.125000 100.000000 . 3,575.07 5,873.00 70,475.9601/10/2022 - 2,303.91 2,303.91 3.125 3.125000 100.000000 3,569.09 5,873.00 -

02/10/20.22 - 2,309.91 2<309.91 3.125 3.125000 100.000000 3,563.09 5,873.00 _

03/10/2022 - 2,315.93 2,315.93 3.125 3.125000 100.000000 3,557.07 5,873.00 -

04/10/2022 - 2,321.96 2,321.96 3.125 3.125000 100.000000 3,551.04 5,873.00 -

05/10/2022 - 2,328.00 2,328.00 3.125 3.125000 100.000000 3,544.99 5,872.99 -

06/10/2022 - 2,334.07 2,334.07 3.125 3.125000 100.000000 3,538.93 5,873.00 -

07/10/2022 - 2,340.14 2,340.14 3.125 3,125000 100.000000 3,532.85 5,872.99 -

08/10/2022 - 2,346.24 2,346.24 3.125 3.125000 100.000000 3,526.76 5,873.00 -

09/10/2022 - 2,352.35 2,352.35 3.125 3.125000 100.000000 3,520.65 5,873.00

Term Bond . Bond Coupon Interest Total Fiscal YearDates Maturities Redemptions Proceeds Rate Yield Price Amount Debt Service Debt Service

10/10/2022 2,358.47 2,358.47 3.125 3.125000 100.000000 3,514.52 5,872.99 -11/10/2022 2,364.62 2,364.62 3.125 3.125000 100.000000 3,508.38 5,873.00 -12/10/2022 - 2,370.77 2,370.77 3.125 3.125000 100.000000 3,502.22 5,872.99 70,475.9601/10/2023 ' 2,376.95 2,376.95 3.125 3.125000 100.000000 3,496.05 5,873.00 -02/10/2023 - 2,383.14 2,383.14 3.125 3.125000 100.000000 3,489.86 ■ 5,873.00 -03/10/2023 _ 2,389.34 2,389.34 ■ 3.125 3.125000 100.000000 3,483.65 5,872.9904/10/2023 - 2,395:57 2,395.57 3.125 3.125000 100.000000 3,477.43 5,873.00 -05/10/2023 ■ - 2,401.80 2,401.80 •3.125 3.125000 100.000000 3,471.19 5,872.99 -06/10/2023 - 2,408.06 2,408.06 3.125 3.125000 100.000000 3,464.94 5,873.00 ■ -07/10/2023 - 2,414.33 2,414.33 3.125 3.125000 100.000000 3,458.67 5,873.00 -08/10/2023 - 2,420.62 2,420.62 3.125 3.125000 100.000000 .3,452.38 5,873.00 -

. 09/10/2023 - 2,426.92 2,426.92 3.125 3.125000 100.000000 3,446.07 5,872.99 --10/10/2023 - 2,433.24 2,433.24 3.125 3.125000 100.000000 3,439.75 5,872.99 -

11/10/2023 - 2,439.58 2,439.58 3.125 3.125000 100.000000 3,433.42 5,873.00 -12/10/2023 - 2,445.93 2,445.93 3.125 3.125000 100.000000 3,427.06 5,872.99 70,475.9501/10/2024 - 2,452.30 2,452.30 3.125 3.125000 100.000000 3,420.69 5,872.99 -02/10/2024 - 2,458.69 2,458.69 3.125 3.125000 100.000000 3,414.31 5,873.00 -

03/10/2024 - ■ 2,465.09 2,465.09 3.125 3.125000 100.000000 3,407.91 5,873.00 -04/10/2024 - 2,471.51 2,471.51 3.125 3.125000 100.000000 3,401.49 5,873.00 -

05/10/2024 - 2,477.94 2,477.94 3.125 3.125000 100.000000 3,395.05 5,872.99 -06/10/2024 - 2,484.40 2,484.40 3.125 3.125000 100.000000 3,388.60 5,873.00 -07/10/2024 - 2,490.87 2,490.87 3.125 3.125000 100.000000 . 3,382.13 5,873.00 -08/10/2024 - 2,497.35 2,497.35 3.125 3.125000 100.000000 3,375.64 5,872.99 -09/10/2024 - 2,503.86 ' 2,503.86 3.125 3.125000 100.000000 3,369.14 5,873.00 -10/10/2024 - 2,510.38 2,510.38 3.125 3.125000 100.000000 3,362.62 5,873.00 -11/10/2024 - 2,516.92 2,516.92 3.125 3.125000 100.000000 3,356.08 5,873.00 -12/10/2024 - 2,523.47 2,523.47 3.125 3.125000 100.000000 3,349.52 5,872.99 70,475.9601/10/2025 - 2,530.04 2,530.04 3.125 3.125000 100.000000 3,342.95 5,872.99 -02/10/2025 - 2,536.63 2,536.63 3.125 3.125000 100.000000 3,336.36 . 5,872.99 -03/10/2025 - 2,543.24 2,543.24 3.125 3.125000 100.000000 3,329.76 5,873.00 -04/10/2025 - 2,549.86 2,549.86 3.125 3.125000 100.000000 3,323.14 5,873.00 -05/10/2025 - 2,556.50 2,556.50 3.125 3.125000 100.000000 3,316.50 5,873.00 -06/10/2025 - 2,563.16 2,563.16 3.125 3.125000 100.000000 3,309.84 5,873.00 -■07/10/2025 - ' 2,569.83 2,569.83 3.125 3.125000 100.000000 3,303.16 5,872.99 ■ -08/10/2025 - 2,576.52 2,576.52 3.125 3.125000 100.000000 3,296.47 5,872.99 -09/10/2025 - 2,583.23 2,583.23 3.125 3.125000 100.000000 3,289.76 5,872.99 -10/10/2025 - 2,589.96 2,589.96 3.125 3.125000 100.000000 3,283.03 5,872.99 -11/10/2025 - 2,596.71 2,596.71 3.125 3.125000 100.000000 3,276.29 5,873.00 '12/10/2025 - 2,603.47 2,603.47 3.125 3.125000 100.000000 3,269.53 5,873.00 70,475.9401/10/2026 - 2,610.25 2,610.25 .3.125 3.125000 100.000000 3,262.75 5,873.00 -02/10/2026 - 2,617.05 2,617.05 3.125 3.125000 100.000000 3,255.95 5,873.00 -03/10/2026 - 2,623.86 2,623.86 3.125 . 3.125000 100.000000 3,249.13 5,872.99 -04/10/2026 - 2,630.69 2,630.69 3.125 3.125000 100.000000 3,242.30 5,872.9905/10/2026 - 2,637.54 ■ 2,637.54 3.125 3.125000 100.000000 3,235.45 5,872.99 -06/10/2026 - ' 2,644.41 2,644.41 3.125 3.125000 100.000000 3,228.58 5,872.99 -07/10/2026 - 2,651.30 2,651.30 3.125 3.125000 100.000000 3,221.70 5,873.00 -08/10/2026 - 2,658.20 2,658.20 3.125 • 3.125000 100.000000 3,214.79 5,872.99 _09/10/2026 - 2,665.13 2,665.13 3.125 3.125000 100.000000 3,207.87 5,873.00 -10/10/2026 - 2,672.07 2,672.07 3.125 3.125000 100.000000 3,200.93 ■5,873.00 ■-11/10/2026 - 2,679.03 2,679.03 3.125 3.125000 100.000000 3,193.97 5,873.0012/10/2026 - 2,686.00 2,686.00 3.125 3.125000 100.000000 3,186.99 5,872.99 70,475.9401/10/2027 - 2,693.00 2,693.00 3.125 3.125000 100.000000 3,180.00 ■5,873.00 -02/10/2027 - 2,700.01 2,700.01 3.125 3.125000 100.000000 3,172.99 5,873.00 -

03/10/2027 - 2,707.04 2,707.04 3.125 3.125000 100.000000. 3,165.95 5,872.99 -


BondProceeds

Coupon Interest TotalYield

Fiscal YearPrice

04/10/2027 - 2,714.09 2,714.09 3.125 3.125000 100.000000 3,158.90 5,872.9905/10/2027 - 2,721.16 2,721.16 3.125 3,125000 100.000000 3,151.84 5,873.00 _

06/10/2027 - 2,728.24 2,728.24 3.125 3.125000 100.000000 3,144.75 5,872.99 _

07/10/2027 - 2,735.35 2,735.35 3.125 3.125000 100.000000 3,137.65 5,873.00 _

08/10/2027 - 2,742.47 2,742.47 3.125 3.125000 100.000000 3,130.52 5,872.99 _

09/10/2027 . - 2,749.61 2,749.61 3.125 3.125000 100.000000 3,123.38 5,872.99 _

10/10/2027 - 2,756.78 2,756.78 3.125 3.125000 100.000000 3,116.22 5,873.00 _

11/10/2027 2,763.95 2,763.95 3.125 3.125000 100.000000 3,109.04 5,872.99 _

12/10/2027 - 2,771.15 2,771.15 3.125 3.125000 100.000000 3,101.84 5,872.99 70,475.9301/10/2028 - 2,778.37 2,778.37 3.125 3.125000 100.000000 3,094.63 5,873.0002/10/2028 - 2,785.60 2,785.60 3.125 3.125000 100.000000 3,087.39 5,872.9903/10/2028 - 2,792.86 2,792.86 3.125 3.125000 100.000000 3,080.14 5,873.00 _

04/10/2028 - 2,800.13 2,800.13 3.125 3.125000 100.000000' 3,072.86 5,872.99 _

05/10/2028 - 2,807.42 2,807.42 3.125 3.125000 100.000000 3,065.57 5,872.9906/10/2028 - 2,814.73 2,814.73 3.125 3.125000 100.000000 3,058.26 5,872.99 ‘07/10/2028 - 2,822.06 2,822.06 3.125 3.125000 100.000000 3,050.93 5,872.9908/10/2028 2,829.41 2,829.41 3.125 3.125000 100.000000 3,043.58 5,872.9909/10/2028 - 2,836.78 2,836.78 3.125 3.125000 100.000000 3,036.21 5,872.9910/10/2028 - 2,844.17 2,844.17 3.125 3.125000 100.000000 3,028.83 5,873.0011/10/2028 2,851.58 2,851.58 3.125 3.125000 100.000000 3,021.42 5,873.0012/10/2028 - 2,859.00 2,859.00 3.125 3.125000 100.000000 3,013.99 5,872.99 70,475.9201/10/2029 - 2,866.45 2,866.45 3.125 3.125000 100.000000 3,006.55 5,873.0002/10/2029 - 2,873.91 2,873.91 3.125 3.125000 100.000000 2,999.08 5,872.9903/10/2029 - 2,881.40 2,881.40 3.125 3.125000 100.000000 2,991.60 5,873.0004/10/2029 " 2,888.90 2,888.90 3.125 3.125000 100.000000 2,984.10 5,873.0005/10/2029 2,896.42 •' 2,896.42 3.125 3.125000 100.000000 2,976.57 5,872.9906/10/2029 2,903.97 2,903.97 3.125 3.125000 100.000000 2,969.03 5,873.0007/10/2029 2,911.53 2,911.53 ■ 3.125 3.125000 100.000000 2,961.47 5,873.0008/10/2029 - 2,919.11 2,919.11 3.125 3.125000 100.000000 2,953.88 5,872.9909/10/2029 - 2,926,71 2,926.71 3.125 3.125000 100.000000 2,946.28 5,872.9910/10/2029 - 2,934.33 2,934.33 3.125 3.125000 100.000000 2,938.66 5,872.9911/10/2029 - 2,941.97 2,941,97 , 3.125 3.125000 100.000000 2,931.02 5,872.9912/10/2029 2,949.64 2,949.64 .3.125 3.125000 100.000000 ■ . 2,923.36 5,873.00 70,475 9401/10/2030 - 2,957.32 2,957.32 3.125 3.125000 100.000000 2,915.68 5,873.0002/10/2030 - 2,965.02 2,965.02 3.125 3.125000 100.000000 ■ 2,907.98 5,873.0003/10/2030 2,972.74 2,972.74 3.125 3.125000 100.000000 2,900.25 5,872.9904/10/2030 - 2,980.48 2,980.48 3,125 3.125000 100.000000 2,892.51 5,872.9905/10/2030 " 2,988.24 2,988.24 3.125 3.125000 100.000000 2,884.75 5,872.9906/10/2030 - 2,996.03 ■ 2,996.03 3.125 3.125000 100.000000 2,876.97 5,873.0007/10/2030 3,003.83 3,003.83 3.125 3.125000 100.000000 2,869.17 5,873.0008/10/2030 - 3,011.65 3,011.65 . 3.125 3.125000 100.000000 2,861.34 5,872.9909/10/2030 - 3,019.49 3,019.49 3.125 3.125000 100.000000 2,853.50 5,872.9910/10/2030 - 3,027.36 3,027.36 3.125 3.125000 100.000000 2,845.64 5,873.0011/10/2030 3,035.24 3,035.24 3.125 3.125000 100.000000 2,837.75 5,872.9912/10/2030 “ ' 3,043.14 3,043.14 3.125 3.125000 100.000000 2,829.85 5372.99 ’ 70,475.9301/10/2031 " 3,051.07 3,051.07 3.125 3.125000 100.000000 2,821.93 5,873.0002/10/2031 - 3,059.01- 3,05-9.01 3.125 3.125000 100.000000 2,813.98 5 872 9903/10/2031 3,066.98 . 3,066.98 3.125 3.125000 100.000000 2,806.01 5372.9904/10/2031 3,074.97 3,074.97 3.125 3.125000 100.000000 2,798.03 5,873.0005/10/2031 - 3,082.98 3,082.98 3.125 3.125000 100.000000 2,790.02 5373.0006/10/2031 - 3,091.00 3,091.00 3.125 3.125000 100.000000 2,781.99 ' 5,872.9907/10/2031 - 3,099.05 3,099.05 3.125 3.125000 100.000000 2,773.94 5,872.9908/10/2031 - 3,107.12 3,107.12 3.125 3.125000 100.000000 2,765.87 5,872.9909/10/2031 3,115.22 3,115.22 3.125 3.125000 100.000000 2,757.78 5,873.00 -

Term Bond Bond Coupoi. Interest Total Fiscal YearDates Maturities Redemptions Proceeds Rate Yield Price Amount Debt Service Debt Service

10/10/2031 - 3,123.33 3,123.33 3.125 3.125000 100.000000 2,749.67 5,873.00 _

11/10/2031 - 3,131.46 3,131.46 3.125 3.125000 100.000000 2,741.53 5,872.99 -

12/10/2031 - 3,139.62 3,139.62 3.125 3.125000 100.000000 2,733.38 5,873.00 70,475.9401/10/2032 - ■ 3,147.79 3,147.79 3.125 3.125000 100.000000 2,725.20 5,872.99 _

02/10/2032 - 3,155.99 3,155.99- 3.125 3.125000- 100.000000 2,717.01 5,873.00 -

03/10/2032 - 3,164.21 3,164.21 3.125 3.125000 100.000000 2,708.79 5,873.0004/10/2032 - 3,172.45 3,172.45 3.125 3.125000 100.000000 2,700.55 5,873.00 _05/10/2032 - - 3,180.71 3,180.71 3.125 3.125000 100.000000 ' 2,692.28 5,872.9906/10/2032 - 3,188.99 3,188.99 3.125 3.125000 100.000000 2,684.00 5,872.99 _07/10/2032 - 3,197.30 3,197.30 3.125 3.125000 100.000000 2,675.70 5,873.00 _08/10/2032 3,205.62 3,205.62 3.125 3.125000 100.000000 2,667.37 5,872.99 .09/10/2032 3,213.97 3,213.97 3.125 3.125000 100.000000 2,659.02 5,872.99 _10/10/2032 - 3,222.34 3,222.34 3.125 3.125000 100.000000 2,650.65 5,872.99 _11/10/2032 3,230.73 3,230.73 3.125 31125000 100.000000 2,642.26 5,872.99 _

12/10/2032 - ■ 3,239.15 3,239.15 3.125 3.125000 100.000000 2,633.85 5,873.00 70,475.9301/10/2033 - 3,247.58 3,247.58 3.125 3.125000 100.000000 2,625.41 5,872.9902/10/2033 - 3,256.04 3,256.04 3.125 3.125000 100.000000 2,616.96 5,873.00 _

03/10/2033 - 3,264.52 3,264.52 3.125 3.125000 100.000000 2,608.48 5,873.00 „

04/10/2033 3,273.02 3,273.02 3.125 3.125000 100.000000 2,599.97 5,872.99 _

05/10/2033 - 3,281.54 3,281.54 3.125 3.125000 100.000000 2,591.45 5,872.99 _

06/10/2033 - 3,290.09 3,290.09 •3.125 3.125000 100.000000 2,582.91 5,873.0007/10/2033 - 3,298.66 3,298.66 3.125 3.125000 100.000000 2,574.34 5,873.0008/10/2033 - 3,307.25 3,307.25 3.125 3.125000 100.000000 - 2,565.75 5,873.0009/10/2033 - 3,315.86 3,315.86 3.125 3.125000 100.000000 2,557.13 5,872.99 _

10/10/2033 “ 3,324.50 3,324.50 3.125 3.125000 100.000000 2,548.50 5,873.0011/10/2033 - 3,333.15 3,333.15 3.125 3.125000 100.000000 2,539.84 5,872.99 _

12/10/2033 - 3,341.83 3,341.83 3.125 3.125000 100.000000 2,531.16 5,872.99 70,475.9401/10/2034 - 3,350.54 3,350.54 3.125 3.125000 ■ 100.000000 2,522.46 5,873.0002/10/2034 3,359.26 3,359.26 3.125 3.125000 100.000000 2,513.73 5,872.9903/10/2034 - 3,368.01 3,368.01 3.125 3.125000 100.000000 2,504.99 5,873.0004/10/2034 - 3,376.78 3,376.78 3.125 3.125000 100.000000 2,496.22 5,873.0005/10/2034 . - 3,385.57 3,385.57 3.125 3.125000 100.000000 2,487.42 ■ 5,872.9906/10/2034 3,394.39 3,394.39 3.125 3.125000 100.000000 2,478.60 5,872.9908/10/203409/10/203410/10/203411/10/203412/10/203401/10/203502/10/203503/10/203504/10/203505/10/203506/10/203507/10/203508/10/203509/10/203510/10/203511/10/203512/10/203501/10/203602/10/203603/10/2036

3,403.233,412.093,420:983,429.893,438:823.447.773.456.753.465.753.474.78

3,403.233,412.093,420.983,429.89

3.1253.1253.1253.125

3.125000 ' 3.125000 3.125000 3.125000

100.000000100.000000100.000000100.000000

3,438.823.447.773.456.753.465.753.474.78

3.1253.1253.1253.1253.125

3,483.833,492.903,502.003,511.123,520,26

3.125000 3.125000 3.125000 3.125000 3.125000

2,469.772,460.902,452.022,443,11

100.000000 100.000000 100.000000 100.000000 100.000000

3,483.833,492.903,502.003,511.123,520.26

2,434.182.425.222.416.242.407.242.398.22

3.1253.1253.1253.1253.125

3,529.433,538.623,547.833,557.073,566,34

3.1250003.1250003.1250003.1250003.125000

100.000000100.000000100.000000100.000000-100.000000

3,529.43 3,-538.62 3,547.83 3,557.07 3,566.34

3.1253.1253.1253.1253.125

2,389.172,380.092,371.002,361.882,352.73

3.1250003.1250003.1250003.1250003.125000

3,575.623,584.94

100.000000100.000000100.000000100.000000100.000000

2,343.572,334.382,325.162,315.922,306.66

3,575.623,584.94

3.1253.125

3.1250003.125000

100.000000100.000000

2,297.372,288.06

5,873.00 5,872.99 5,873.00 5,873.005,873.005,872.995,872.995,872.995,873.005,873.005,872.995,873.005,873.005,872.995,873.005,873.005,872.995,872.995,873.005,872.995,873.00

70,475.95

70,475.94


04/10/2036 - 3,594.27 3,594.27 3.125 3.125000 100.000000 2,278.72 5,872.990.5/10/2036 3,603.63 3,603.63 3.125 3.125000 100.000000 2,269.36 5,872.9906/10/2036 - 3,613.02 3,613.02 3.125 - 3.125000 100.000000 2,259.98 5,873.0007/10/2036 - 3,622.42 3,622.42 3.125 3.125000 100.000000 2,250.57 5,872.9908/10/2036 - 3,631.86 ■ . 3,631.86 3.125 3.125000 100.000000 2,241.14 5,873.0009/10/2036 - 3,641.32 3,641.32 3.125 3.125000 100.000000 2,231.68 5,873.0010/10/2036 - 3,650.80 3,650.80 3.125 3.125000 100.000000 2,222.20 5,873.0011/10/2036 - 3,660.31 3,660.31 3.125 3.125000 100.000000 2,212.69 5,873.0012/10/2036 - 3,669.84 3,669.84 3.125 3.125000 100.000000 2,203.16 5,873.00 70,475.9601/10/2037 - 3,679.40 3,679.40 3.125 3.125000 100.000000 2,193.60 5,873.0002/10/2037 3,688.98 3,688.98 3.125 3.125000 100.000000 2,184.02 5,873.0003/10/2037 - . 3,698.58 3,698.58 3.125 3.125000 100.000000 2,174.41 5,872.9904/10/2037 - 3,708.22 3,708.22 3.125 3.125000 100.000000 2,164.78 5,873.0005/10/2037 3,717.87 3,717.87 3.125 3.125000 100.000000 2,155.12 5,872.9906/10/2037 3,727.55 3,727.55 3.125 3.125000 100.000000 2,145.44 5,872.9907/10/2037 - 3,737.26 3,737.26 3.125 3.125000 100.000000 2,135.73 5,872.9908/10/2037 3,746.99 3,746.99 3.125 3.125000 100.000000 ■ 2,126.00 5,872.9909/10/2037 3,756.75 3,756.75 3.125 3.125000 100.000000 2,116.24 5,872.9910/10/2037 3,766.53 3,766.53 3.125 3.125000 100.000000 2,106.46 5,872.9911/10/2037 - 3,776.34 3,776.34 3.125 3.125000 100.000000 2,096.65 5,872.99' 12/10/2037 3,786.18 3,786.18 3.125 3.125000 100.000000 2,086.82 5,873.00 70,475.9201/10/2038 3,796.04 3,796.04 3.125 3.125000 100.000000 2,076.96 5,873.0002/10/2038 “ 3,805.92 3,805.92 3.125 3.125000 100.000000 2,067.07 5,872.9903/10/2038 3,815.83 3,815.83 3.125 3.125000 100.000000 2,057.16 5,872.9904/10/2038 - 3,825.77 3,825.77 3.125 3.125000 100.000000 2,047.22 5,872.9905/10/2038. - 3,835.73 3,835.73 3.125 3.125000 100.000000 ■ 2,037.26 5,872.9906/10/2038 - . 3,845.72 3,845.72 3.125 3.125000 100.000000 2,027.27 5,872.9907/10/2038 - 3,855.74 3,855.74 3.125 3.125000 100.000000 2,017.26 5,873.0008/10/2038 - 3,865.78 3,865.78 3.125 3.125000 100.000000 2,007.22 5,873.0009/10/2038 “ 3,875.85 3,875.85 3.125 3.125000 100.000000 1,997.15 5,873.0010/10/2038 3,885.94 3,885.94 3.125 3.125000 100.000000 1,987.06 5,873.0011/10/2038 " -3,896.06 3,896.06 3.125 3.125000 100.000000 1,976.94 5,873.0012/10/2038 3,906.21 3,906.21 3.125 3.125000 100.000000 1,966.79 5!873.00 70 475 9501/10/2039 - 3,916.38 3,916.3.8 3.125 3.125000 100.000000 1,956.62 5 873 0002/10/2039 3,926.58 . 3,926.58 3.125 3.125000 100.000000 1,946.42 5 873 0003/10/2039 - 3,936,80 3,936.80 3.125 3.125000 100.000000 1,936.19 5 872 9904/10/2039 3,947.05 3,947.05 3.125 3.125000 100.000000 1,925.94 5 872 9905/10/2039 - 3,957.33 3,957.33 3.125 3.125000 100.000000 1,915.66 5,872 9906/10/2039 - 3,967.64 3,967.64 3.125 3.125000 100.000000 1,905.36 5,873.0007/10/2039 - 3,977.97 3,977.97 3.125 3.125000 100.000000 1,895.02 5 872 9908/10/2039 3,988.33 3,988.33 3.125 3.125000 100.000000 1,884.67 5 r72 nn09/10/2039 - 3,998.72 3,998.72 3.125 3.125000 100.000000 1,874.28 5 873 0010/10/2039 ’ 4,009.13 4,009.13 3.125 3.125000 100.000000 1,863.87 5 873 0011/10/2039 - 4,019.57 4,019.57 3.125 3.125000 100.000000 1,853.43 5 873 0012/10/2039 4,030.04 4,030.04 3.125 3.125000 100.000000 1,842.96 5,873.00 70 475 9601/10/2040 4,040.53 4,040.53 3.125 3.125000 100.0.00000 1,832.46 5 872 9902/10/2040 4,051.05 4,051.05 3.125 3.125000 100.000000 1,821.94 5 R7? QQ03/10/2040 4,061.60 4,061.60 3.125 3.125000 100.000000 1,811.39 5,872 9904/10/2040 4,072.18 4,072.18 3.125 3.125000 100.000000 • 1,800.81 5,872 9905/10/2040 4,082.79 4,082.79 3.125 3.125000 100.000000 1,790.21 5 873 0006/10/2040 4,093.42 4,093.42 3.125 3.125000 100.000000 1,779.58 5,873 0007/10/2040 - 4,104.08 4,104.08 3.125 3.125000 100.000000 1,768.92 5^873.0008/10/2040 4,114.77 4,114.77 3.125 3.125000 100.000000 1,758.23 5,873.0009/10/2040 - • 4,125.48 '4,125.48 3.125 3.125000 100.000000 1,747.51 5,872.99- -




InterestAmount

TotalDebt Service


10/10/2040 - 4,136.22 4,136.22 3.125 3.125000 ■ 100.000000 1,736.77 5,872.99 -11/10/2040 . - 4,147.00 4,147.00 3.125 3.125000 100.000000 - 1,726.00 5,873.00 -12/10/2040 - 4,157.80 4,157.80 3.125 3.125000 100.000000 1,715.20 5,873.00 70,475.9401/10/2041 ' - 4,168.62 4,168.62 3.125 3.125000 100.000000 1,704.37 5,872.99 -02/10/2041 ' - 4,179.48 4,179.48 3.125 3.125000 100.000000 1,693.52 5,873.00 -03/10/2041 - 4,190.36 4,190.36 3.125 3.125000 100.000000 1,682.63 5,872.99 -04/10/2041 - 4,201.28 4,201.28 3.125, 3.125000 100.000000 1,671.72 5,873.00 -05/10/2041 - 4,212.22 4,212.22 3.125 3.125000 100.000000 1,660.78 5,873.00 -06/10/2041 - 4,223.19 4,223.19 3.125 ,3.125000 100.000000 1,649.81 5,873.00 -

07/10/2041 - 4,234.18 4,234.18 3.125 3.125000 100.000000 1,638.81 5,872.99 -08/10/2041 - 4,245.21 4,245.21 3.125 3.125000 100.000000 1,627.78 5,872.99 -

09/10/2041 - 4,256.27 4,256.27 3.125 3.125000 100.000000 1,616.73 5,873.00 -10/10/2041 - 4,267.35 4,267.35 3.125 3.125000 100.000000 1,605.65 5,873.00 -11/10/2041 - 4,278.46 4,278.46 3.125 3.125000 100.000000 1,594.53 5,872.99 -12/10/2041 - 4,289.60 4,289.60 3.125 3.125000 100.000000 1,583.39 5,872.99 70,475.9401/10/2042 ■ 4,300.78 4,300.78 3.125 3.125000 100.000000 1,572.22 5,873.00 -02/10/2042 - 4,311.97 4,311.97 3.125 3.125000 100.000000 1,561.02 5,872.99 -03/10/2042 - 4,323.20 4,323.20 3.125 3.125000 100.000000 1,549.79 5,872.99 -04/10/2042 ■ - 4,334.46 4,334.46 3.125 3.125000 100.000000 1,538.53 5,872.99 -05/10/2042 - ' 4,345.75 4,345.75 3.125 3.125000 100.000000 1,527.24 5,872.99 -06/10/2042 - 4,357.07 4,357.07 3.125 3.125000 100.000000 1,515.93 5,873.00 -07/10/2042 - 4,368.41 4,368.41 3.125 3.125000 100.000000 1,504.58 5,872.99 -08/10/2042 - 4,379.79 4,379.79 3.125 3.125000 100.000000 1,493.21 5,873.00 -09/10/2042 - 4,391.20 4,391.20 3.125 3.125000 100.000000 1,481.80 5,873.00 -10/10/2042 - 4,402.63 4,402.63 3.125 3.125000 100.000000 1,470.36 5,872.99 -11/10/2042 - 4,414.10 4,414.10 3.125 3.125000 100.000000 ■ 1,458.90 5,873.00 -12/10/2042 - 4,425.59 4,425.59 3.125 3.125000 100.000000 1,447.40 5,872.99 • 70,475.9301/10/2043 - 4,437.12 4,437.12 3.125 3.125000 100.000000 1,435.88 5,873.00 -02/10/2043 - 4,448.67 4,448.67 ' , 3.125 3.125000 100.000000 1,424.32 ■ 5,872.99 -03/10/2043 - 4,460.26 4,460.26 3.125 3.125000 100.000000 1,412.74 5,873.00 -04/10/2043 - 4,471.87 4,471.87 3.125 3.125000 100.000000 1,401.12 5,872.99 -

05/10/2043 - 4,483.52 4,483.52 3.125 3.125000 100.000000 1,389.48 5,873.00 -06/10/2043 - 4,495.19 4,495.19 3.125 3.125000 100.000000 1,377.80 5,872.99 -07/10/2043 - 4,506.90 ■ 4,506.90 3.125 3.125000 100.000000 1,366.10 5,873.00 -08/10/2043 - 4,518.64 '4,518,64 3.125 3.125000 100.000000 1,354.36 5,873.00 -09/10/2043 - 4,530.40 4,530.40 3.125 3.125000 100.000000 1,342.59 5,872.99 -10/10/2043 - 4,542.20 4,542.20 3.125 3.125000 100.000000 1,330.79 5,872.99 -11/10/2043 - 4,554.03 4,554.03 3.125 .3.125000 100.000000 1,318.97 5,873.00 -12/10/2043 - 4,565.89 4,565.89 3.125 3.125000 100.000000 1,307.11 5,873.00 70,475.9501/10/2044 4,577.78 4,577.78 3.125 3.125000 100.000000 1,295.22 5,873.00 ■ -02/10/2044 - 4,589.70 4,589.70 3.125 3.125000 100.000000 1,283.29 5,872.99 -03/10/2044 - 4,601.65 4,601.65 3.125 3.125000 ,100.000000 1,271.34 5,872.99 -04/10/2044 • - 4,613.64 4,613.64 3.125 3.125000 100.000000 1,259.36 5,873.00 -05/10/2044 - 4,625.65 4,625.65 3.125 3.125000 100.000000 1,247.34 5,872.99 -06/10/2044 - 4,637.70 4,637.70 3.125 3.125000 100.000000 1,235.30 5,873.00 -07/10/2044 ■ - 4,649.77 4,649.77 3.125 3.125000 100.000000 1,223.22 5,872.99 -08/10/2044 - - 4,661.88 4,661.88 3.125 3.125000 100.000000 1,211.11 5,872.99 -09/10/2044 - 4,674.02 4,674.02 3.125 3.125000 100.000000 1,198.97 5,872.99 -10/10/2044 - 4,686.20 4,686.20 3.125 3.125000 100.000000 . 1,186.80 5,873.00 -11/10/2044 - 4,698.40 4,698.40 3.125 3.125000 .100.000000 1,174.60 5,873.00 -12/10/2044 - 4,710.63 4,710.63 3.125 3.125000 100.000000 1,162.36 5,872.99 70,475.9301/10/2045 - 4,722.90 4,722.90 3.125 3.125000 100.000000 1,150.09 5,872.99 -02/10/2045 - 4,735.20 4,735.20 3.125 3.125000 100.000000 1,137.79 5,872.99 -03/10/2045 - 4,747.53 4J47.53 3.125 3.125000 100.000000 1,125.46 5,872.99 -

Term Bond Bond Coupon Interest Total Fiscal YearDates Maturities' Redemptions Proceeds Rate Yield Price Amount Debt Service Debt Service04/10/2045 - 4,759.90 4,759.90 3.125 3.125000 100.000000 1,113.10 ■ 5,873.0005/10/2045 4,772.29 4,772.29 3.125 3.125000 100.000000 1,100.70 5,872.9906/10/2045 - 4,784.72 4,784.72 3.125 3.125000 100.000000 1,088.28 5,873.0007/10/2045 - 4,797.18 4,797.18 3.125 3.125000 100.000000 1,075.82 5,873.0008/10/2045 4,809.67 4,809.67 3.125 3.125000 100.000000 1,063.32 5,872.99 _

09/10/2045 - 4,822.20 4,822.20 3.125 3.125000 100.000000 1,050.80 5,873.0010/10/2045 " 4,834.75 4,834.75 3.125 3.125000 100.000000 ■ 1,038.24 5,872.9911/10/2045 • - 4,847.35 4,847.35 3.125 3.125000 100.000000 1,025.65 5,873.0012/10/2045 - 4,859.97 4,859.97 3.125 3.125000 100.000000 1,013.03 5,873.00 70,475.9401/10/2046 4,872.62 4,872.62 3.125- 3.125000 100.000000 ■1,000.37 5,872.99 ■02/10/2046 - 4,885.31 4,885.31 3.125 3.125000 100.000000 987.68 5,872.9903/10/2046 - 4,898.04 4,898.04 3.125 3.125000 100.000000 974.96 5,873.0004/10/2046 - 4,910.79 4,910.79 3.125 3.125000 100.000000 962,20 5,872.9905/10/2046 - 4,923.58 4,923.58 3.125 .3.125000 100.000000 949.42 ■ 5,873.0006/10/2046 4,936.40 4,936.40 3.125 3.125000 100.000000 936.59 5,872.9907/10/2046 - 4,949.26 4,949.26 3.125 3.125000 100.000000 923.74 5,873.0008/10/2046 - 4,962.15 4,962.15 3.125 3.125000 100.000000 910.85 5,873.0009/10/2046 - 4,975.07 4,975.07 3.125 3.125000 100.000000 897.93 5,873.0010/10/2046 4,988.02 4,988.02 3.125 3.125000 100.000000 884.97 5,872.9911/10/2046 - 5,001.01 5,001.01- 3.125 3.125000 100.000000 871.98 5,872.9912/10/2046 “ 5,014.04 5,014.04 3.125 3.125000 100.000000 858.96 5,873.00 70,475.9401/10/2047 - 5,027.09 5,027.09 3.125 ■ 3.125000 100.000000 845.90 5,872.9902/10/2047 - 5,040.19 5,040.19 3.125 3.125000 100.000000 832.81 5,873.0003/10/2047 - 5,053.31 5,053.31 . 3.125 3.125000 100.000000 819.68 5,872.9904/10/2047 ' - 5,066.47 5,066.47 3.125 3.125000 100.000000 806.52 5,872.9905/10/2047 “ 5,079.66 5,079.66 3.125 3.125000 100.000000 793.33 5,872.9906/10/2047 5,092.89 5,092.89 3.125 3.125000 100.000000 780.10 5,872.9907/10/2047 - 5,106.16 5,106.16 3.125 3.125000 100.000000 766.84 5,873.0008/10/2047 5,1.19.45 5,119.45 3.125 3.125000 100.000000 753.54. 5,872.9909/10/2047 - 5,132.78 5,132.78 3.125 . 3.125000 100.000000 740.21 5,872.9910/10/2047 ■ - ' 5,146.15 5,146.15 3.125 3.125000 100.000000 726.84 5,872.9911/10/2047 - 5,159.55 5,159.55 3.125 3.125000 100.000000 713.44 5,872.9912/10/2047 5,172.99 5,172.99 3.125 3.125000 100.000000 700.01 5,873.00 70 475 9101/10/2048 - 5,186.46 5,186.46 3.125 3.125000 100.000000 686.53 ' 5,872.9902/10/2048 - 5,199.97 5,199.97 3.125 3.125000 100.000000 673.03 5373.0003/10/2048 - 5,213.51 5,213.51 3.125 3.125000 100.000000 659.49 5,873 0004/10/2048 - 5,227.09 5,227.09 3.125 3.125000 100.000000 645.91 5,873 0005/10/2048 5,240.70 5,240.70 3.125 3.125000 100.000000 632.30 5,873 0006/10/2048 - 5,254.35 5,254.35 3.125 3.125000 100.000000 618.65 5,873 0007/10/2048 5,268.03 5,268.03 3.125 3.125000 100.000000 604.97 5,873.0008/10/2048 - 5,281.75 5,281.75 3.125 3.125000 100.000000 591.25 5 873 0009/10/2048 - 5,295.50 5,295.50 3.125 3.125000 100.000000 577.49 5,872.9910/10/2048 5,309.29 5,309.29 3.125 3.125000 100.000000 563.70 5,872 9911/10/2048 5,323.12 5,323.12 3.125 3.125000 100.000000 549.88 5 873 0012/10/2048 5,336.98 5,336.98 3.125 3.125000 100.000000 536.01 5,872.99 70 473 PR01/10/2049 - 5,350.88 5,350.88 3.125 '3.125000 100.000000 522.12 F> 873 0002/10/2049 - 5,364.81 5,364.81 3.125 3.125000 100.000000 508.18 5 37? QQ03/10/2049 5,378.78 . 5,378.78 3.125 3.125000 100.000000 494.21 5,872 9904/10/2049 - 5,392.79 5,392.79 3.125 3.125000 100.000000 480.20 5,872.99U5/10/2049 - 5,406.84 5,406.84 3.125 3.125000 100.000000 466.16 5,873 0006/10/2049 - 5,420.92 5,420.92 3.125 3.125000 100.000000 452.08 5,873.0007/10/2049 - 5,435.03 5,435.03 3.125 3.125000 100.000000 437.96 5372.9908/10/2049 - 5,449.19 ■ 5,449.19 3.125 3.125000 100.000000 423.81 5,873 0009/10/2049 5,463.38 5,463.38 3.125 3.125000 100.000000 409.62 5373.00 -

Dates10/10/2049

Term BondMaturities


CouponRate Yield

11/10/204912/10/204901/10/205002/10/205003/10/205004/10/2050

5,477.605,491.87

Price5,477.60

InterestAmount

5,506.175,520.515,534.895,549.30

5,491.875,506.175,520.515,534.895,549.30

3.125 3.125000 100.000000

TotalDebt Service


3.1253.1253.1253.1253.125

05/10/205006/10/205007/10/205008/10/205009/10/205010/10/205011/10/205012/10/205001/10/2051

5,563.755,578.245,592.775,607.335,621.93

3.1250003.1250003.1250003.1250003.125000

395.39100.000000100.000000100.000000100.000000100.000000

5,563.755,578,245,592.775,607.335,621.93

3.1253.1253.1253.1253.125

381.13366.82352.48338.11323.69

5,872,99

02/10/205103/10/205104/10/205105/10/205106/10/205107/10/2051

- 5,636.57 5,636.57 3.125- 5,651.25 5,651.25 3.125- 5,665.97 5,665.97 3.125- 5,680.73 5,680.73 3.125- 5,695.52 5,695.52 3.125

3.1250003.1250003.1250003.1250003.125000

100.000000100.000000100.000000100.000000100.000000

5,873.005,872.995,872.995,873.005,872.99

309.24294.75280.23265.66251.06

5,710.355,725.225,740.135,755.085,770,07

3.1250003.125000 : 3.125000 3.125000 3.125000

5,710.355,725.225,740.135,755.085,770,07

100.000000100.000000100.000000100.000000100.000000

5,872.995,872.995,873.005,872.995,872.99

3.1253.1253.1253.1253.125

3.1250003.1250003.125000 3.125000 3.125000

236.42221.74207.03192.27177.48

100.000000100.000000100.000000100.000000100.000000

5,872.995,872.995,873.005,873.005,873.00

08/10/205109/10/205110/10/205111/10/205112/10/2051

Total Acc Int

Grand TtlsTIC (Inc!, all expenses).... 3.16657219%TIC (Arbitrage TIC)........ 3.14541596%Bond Years..... ............ 35,548.89

5,785.095,800.16 5,815.26

■ 5,830.41 5,845.59

5,785.095,800.165,815.265,830.415,845.59

3.1253.1253.1253.1253.125

3.1250003.1250003.1250003.1250003.125000

100.000000100.000000100.000000100.000000100.000000

4,678.04 4,678.04 3.125. 3.125000 100,0000001,566,000.00 1,566,000.00 .

1,566,000.00 1,566,000.00

162.64147.77132.86.117.92102.93

5,872.995,872.995,872.995,873.005,873.00

. Average Coupon...... 3.12500009%Average Life (yrs)... 22.70WAM (yrs)............ 22.700443

IRS Form 8038-G NIC = 3.125000% (with Adjstmnt of $0.00). NIC = 3.125000% (with Adjstmnt of $0,00), .______________

HPUD: NEW2013NO2 12/06/2013 © 15:13 v9.6

70,475.94

70,475.92

87.90 5,872.99 _

72.84 5,873.00 _

57.73 5,872.99 -

42.59 5,873.0027.41 . 5,873.0012.18 4,690.22 69,293.17

1,110,902.97 2,676,902.97 2,676,902.97

1,110,902.97 2,676,902.97 2,676,902.97

hallsdale-powell utility district...hallsdale-powell utility district kevin julian todd cook robert...

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