g.o. bonds funding for iccsd facility master plan board of ... · proposed g.o. bond series funded...

Compiled By: Craig Hansel, Ph.D. Chief Financial Officer

G.O. Bonds Funding for ICCSD Facility Master Plan

Board of Education Work Session Discussion

October 11, 2016

Table of Contents

Key Facts and Details Summary 1‐2

Board of Education Approved FMP April 2015 Summary 3

Proposed G.O. Funded Portion of the Approved FMP 4

Proposed G.O. Bond Series Funded Project Sequencing 5

Estimated Debt Service Tax Rate Required for G.O. Bonds 6

Statutory Debt Levy ($2.70) Limitation Test 7

Statutory Valuation and Debt Limitation (5%) Test 8

Details & Assumptions for the proposed G.O. Series 9‐13

G.O. Issues Cost Summary 14

Bonding Capacity Equal to the $0.54 Projected Debt Service Levy Rate 15‐17

G.O. Referendum Required Action Timeline 18

Campaign Do’s / Don’ts School Finance 19‐25

Facility Master Plan (FMP) Proposed General Obligation Bond Funding

Key Facts and Details 10/11/2016

1. The current 10-year ICCSD FMP as last amended in April 2015 calls for the use of three primary funding sources:

a. S.A.V.E. – The 1 penny statewide sales tax for school infrastructure that is due to sunset in 2029 under the current state law.

b. P.P.E.L. – Reapproved by ICCSD voters in 2015 and is due to sunset in 2025. c. General Obligation (G.O.) Bonds which will require voter approval at the 60%

level to issue. 2. ICCSD has used SAVE and PPEL to the fullest extent possible to fund the first five years

of the FMP. Without any legislative modifications of the sales tax law, G.O. Bonds will be required to fund the final five years of the FMP.

3. The total 10 year FMP cost, including a modest adjustment for construction inflation over time, is rounded to $344M. $153M for the first five years of FMP projects has been funded by SAVE and PPEL. This leaves $191M in projects to be funded by G.O. Bonds.

4. Funding the remaining FMP projects plus borrowing costs results in a $194M proposed G.O. Bond referendum ballot question to be considered by voters.

5. To phase the G.O. funded FMP over this five-year period it is proposed to also phase the funding into five bond series to be issued when the required projects scheduled. This accomplishes two things, first, it breaks five years of FMP work into manageable group projects, and second, it allows the District to not incur debt before it is needed to fund a project resulting in a lower debt service tax rate.

6. The proposed G.O. Bond Series and the FMP projects to be funded by this series are color coded alike. See pages four, five, and six.

7. When all the debt is finally issued over the five-year period the maximum debt service levy rate is projected to reach $2.16 / $1,000 assessed valuation in FY2026. Subtracting the projected debt service levy rate of $0.54 / $1,000 assessed valuation this is a total debt service levy rate increase of $1.62 / $1,000 assessed valuation.

8. While it is phased in over the remaining five years of FMP projects, this proposed $1.62 / $1,000 assessed valuation increase would result in a ICCSD home owner with a $200,000 house paying $14.12 / month more in property taxes to fund this FMP.

9. The incremental change each bond series adds to the tax rate is illustrated on page six.

Incremental Impact of G.O. Bond Series Debt Service Levy Rate

Expressed in Dollars per $1,000 assessed Valuation Bond Series Rate Change

Projected FY2018 $ 0.54

Series 12/1/17 ‐ $11,955,000 $ 0.65 $ 0.11

Series 6/15/18 ‐ $74,820,000 $ 0.92 $ 0.27

Series 4/15/19 ‐ $43,360,000 $ 1.44 $ 0.52

Series 6/1/20 ‐ $42,860,000 $ 1.90 $ 0.46

Series 3/31/22 ‐ $20,965,000 $ 2.16 $ 0.26

1

10. The maximum ICCSD G.O. Debt capacity for all remaining FMP projects to be G.O. funded is 54.7% of estimated total assessed valuation in FY 2019-20. 1.5% growth assumption is made in taxable valuations in FY 2017-18, with 0% growth thereafter.

11. Can the District seek voter approval once for the all of the projects to be bonded over the five-year period? Yes, but if an event or events occur that do not allow the issuance of bonds in any year because of the levy limit or constitutional debt limit (i.e., property values decline, interest rates rise, cost of project increases, etc., or a combination of any of these factors) then the bonds cannot be issued.

12. Can the District “round up” for any or all of the bonding amounts to include some contingency in case bids come in over estimates? i.e. For all projects, can the District round up to $200,000,000? Yes, the District can include some “cushion” in the amount requested of the voters but may only issue bonds that are needed for the projects described in the ballot question. When projects are scheduled out over a five-year period, the assumption is made that the District has included some type of inflation factor when estimating costs of construction and arriving at the $194M amount. If this has not been done, the District needs to decide how it will fund any increase in the project budget.

13. What if an event or events happen that require the District change plans over the five-year period? Can the District choose not to complete a project that was listed as part of the voter referendum? Remember, ALL of the projects included on the ballot MUST be completed. It is not appropriate for the District to not complete certain projects. If the District does not complete all the projects, the failure to do so may subject the District and the Bonds to voter challenge. The projects as described in the ballot and to the voters MUST be done. The District can’t decide Project XYZ is no longer feasible after four years and simply not do it. Also, if there is excess capacity and the District wants to use it to build an auditorium, but that wasn’t a project included on the ballot, then G.O. Bonds may not be issued nor can G.O. Bond proceeds be used for that project.

14. The major take away from paragraphs 11-13 above is that the District has less project “adjustment” flexibility when using G.O. funding compared to the use of either PPEL or SAVE funding.

2

IOWA CITY CSD Red‐ Indicates staff changes based on constrcution bids and actual to‐date expenditures.

Master Plan of Finance Blue ‐ Indicates construction is completed and Total Project Cost is final.4/7/2015 Based on Master Construction Plan as of PFM Updated as of 9/23/2016

School / Project

Original Dec. 2013

Approved CostsContract Date

Original Construction Contract

Change Orders

Design & Other Soft

Costs FF&ETotal

Project Cost

Updated April 2015 Project Cost

Design Start Date Completed

Funding Source

Penn Elementary (Final) 9,360,000$ 3/12/14 8,470,100$ 295,219$ 790,225$ 398,424$ 9,953,968$ 9,360,000$ 7/1/2013 10/1/2015 SAVETwain Elementary (Final) 6,279,000$ 8/14/14 6,059,000$ 111,600$ 698,405$ 148,051$ 7,017,056$ 6,279,000$ 9/1/2013 9/1/2015 SAVEAlexander Elementary *New* (Final) 14,137,500$ 6/1/14 11,338,000$ 111,327$ 1,353,638$ 879,211$ 13,682,176$ 14,137,500$ 11/1/2013 11/1/2015 SAVELiberty High School Phase 1a & 1b (Bid) 51,811,500$ 4/14/15 47,814,000$ 1,372,294$ 2,906,189$ 5,651,791$ 57,744,274$ 56,451,010$ 10/1/2013 1/1/2018 SAVECity High Phase 1 (Final) 1,852,500$ 4/28/15 2,014,843$ 50,789$ 328,343$ 7,041$ 2,401,016$ 2,515,500$ 7/1/2014 10/1/2016 SAVECoralville Central Elem. (Bid) 4,680,000$ 4/28/15 3,960,600$ 262,328$ 444,746$ 187,200$ 4,854,874$ 4,680,000$ 10/1/2014 10/1/2016 SAVEAlexander Elementary Road (Final) ‐$ ‐$ ‐$ ‐$ ‐$ 500,000$ 6/1/2015 9/1/2015 SAVENew Hoover Elementary (Bid) 14,137,500$ 2/9/16 13,755,000$ 36,134$ 1,141,122$ 723,880$ 15,656,136$ 15,656,136$ 5/1/2015 12/1/2017 SAVELucas Elementary (Bid) 3,997,500$ 4/12/16 4,195,000$ ‐$ 511,551$ 177,931$ 4,884,482$ 4,448,270$ 8/1/2015 10/1/2017 SAVEWest High Phase 1 (Partially Bid) 7,800,000$ 5/10/16 7,029,102$ 33,032$ 1,510,143$ 357,178$ 8,929,455$ 8,929,455$ 1/1/2016 8/1/2018 SAVENew Hoover Elementary ‐ Road ‐$ 500,000$ 64,791$ 22,592$ 587,383$ 564,791$ 6/1/2017 9/1/2017 SAVELongfellow Elementary 12,285,000$ 10,900,000$ 631,750$ 469,566$ 12,001,316$ 11,739,142$ 7/1/2016 11/1/2018 SAVEVan Allen Elementary (Final) 1,638,000$ 8/26/14 1,407,000$ 35,448$ 137,520$ 117,844$ 1,697,812$ 1,638,000$ 10/1/2013 11/1/2015 PPELHoover Elementary (Bid) 1,462,500$ 4/9/14 615,800$ ‐$ 332,281$ ‐$ 948,081$ 1,580,937$ 1/1/2014 12/1/2014 PPELOneVision Transitional Housing (Ongoing) 6,459,700$ 6,541,393$ 489,401$ 29,750$ 358,271$ 7,418,815$ 8,956,763$ 4/1/2014 8/1/2024 PPELWeber Elementary (Bid) 2,028,000$ 3/22/16 4,268,422$ 130,019$ 405,963$ 408,440$ 5,212,844$ 5,212,844$ 7/1/2015 11/1/2017 PPELHills Elementary (Final) 780,000$ 5/12/15 689,500$ (30,866)$ 65,000$ 54,017$ 777,651$ 780,000$ 8/1/2015 12/1/2016 PPELGrant Elementary *New* 14,137,500$ ‐$ 20,189,450$ 4/1/2017 11/1/2019 GO BondsSouth East Junior High 10,627,500$ ‐$ 14,270,434$ 5/1/2017 9/1/2019 GO BondsMann Elementary 12,577,500$ ‐$ 11,731,041$ 7/1/2017 8/1/2019 GO BondsGarner Elementary 97,500$ ‐$ 3,970,148$ 10/1/2017 11/1/2019 GO BondsLiberty High School Phase 2 (Athletic) 7,117,500$ ‐$ 12,543,905$ 11/1/2017 8/1/2019 GO BondsCity High Phase 2 19,402,500$ ‐$ 30,374,650$ 2/1/2018 12/1/2021 GO BondsWest High Phase 2 8,287,500$ ‐$ 16,791,951$ 7/1/2018 5/1/2020 GO BondsShimek Elementary 5,245,500$ ‐$ 4,938,859$ 9/1/2018 9/1/2020 GO BondsWood Elementary 3,315,000$ ‐$ 7,701,964$ 10/1/2018 11/1/2020 GO BondsGrant Elementary Road ‐$ ‐$ 605,018$ 6/1/2019 9/1/2019 GO BondsNorth Central Junior High 6,142,500$ ‐$ 13,203,649$ 6/1/2019 10/1/2021 GO BondsNorthwest Junior High 10,432,500$ ‐$ 15,715,683$ 6/1/2019 10/1/2021 GO BondsKirkwood Elementary 4,524,000$ ‐$ 10,474,250$ 9/1/2019 9/1/2021 GO BondsWickham Elementary 1,170,000$ ‐$ 1,490,071$ 9/1/2019 11/1/2021 GO BondsHorn Elementary 975,000$ ‐$ 1,241,725$ 9/1/2019 11/1/2021 GO BondsLincoln Elementary 4,621,500$ ‐$ 4,760,709$ 9/1/2017 9/1/2019 GO BondsLiberty High School Phase 3 (Addition) 4,738,500$ ‐$ 6,212,869$ 4/1/2020 10/1/2022 GO BondsTREC 3,120,000$ ‐$ 4,240,758$ 5/1/2021 10/1/2023 GO BondsLemme Elementary 3,061,500$ ‐$ 8,328,019$ 8/1/2021 10/1/2023 GO BondsBorlaug Elementary 7,800$ ‐$ 1,691,947$ 10/1/2021 11/1/2023 GO BondsTate 78,000$ ‐$ 108,271$ 10/1/2022 11/1/2023 GO Bonds

Total 258,388,000 129,557,760 2,896,725 153,767,338 344,014,721Increase 85,626,721$

3

Iowa City Community School District EXHIBIT 1

Master Plan of Finance Based on Master Plan as of 4/7/2015PFM Updated as of 9/21/2016

School / Project

Original Dec. 2013

Approved CostsEstimated Bid Date

Contract Date

Original Construction

Contract Change Orders

Design & Other Soft

Costs FF&ETotal

Project Cost

Updated April 2015

Project Cost Design

Start Date CompletedFunding Source

Grant Elementary 14,137,500$ Jan-18 -$ 20,189,450$ 4/1/2017 11/1/2019 GO BondsSouth East Junior High 10,627,500$ Jan-18 -$ 14,270,434$ 5/1/2017 9/1/2019 GO BondsMann Elementary 12,577,500$ Feb-18 -$ 11,731,041$ 7/1/2017 8/1/2019 GO BondsGarner Elementary 97,500$ Feb-18 -$ 3,970,148$ 10/1/2017 11/1/2019 GO BondsLincoln Elementary 4,621,500$ Feb-18 -$ 4,760,709$ 9/1/2017 9/1/2019 GO BondsWest High Phase 2 8,287,500$ Apr-18 -$ 16,791,951$ 7/1/2018 5/1/2020 GO BondsLiberty High School Phase 2 (Athletic) 7,117,500$ May-18 -$ 12,543,905$ 11/1/2017 8/1/2019 GO BondsCity High Phase 2 19,402,500$ Jan-19 -$ 30,374,650$ 2/1/2018 12/1/2021 GO BondsWood Elementary 3,315,000$ Feb-19 -$ 7,701,964$ 10/1/2018 11/1/2020 GO BondsShimek Elementary 5,245,500$ Mar-19 -$ 4,938,859$ 9/1/2018 9/1/2020 GO BondsGrant Elementary Road -$ May-19 -$ 605,018$ 6/1/2019 9/1/2019 GO BondsNorth Central Junior High 6,142,500$ Feb-20 -$ 13,203,649$ 6/1/2019 10/1/2021 GO BondsNorthwest Junior High 10,432,500$ Feb-20 -$ 15,715,683$ 6/1/2019 10/1/2021 GO BondsKirkwood Elementary 4,524,000$ Feb-20 -$ 10,474,250$ 9/1/2019 9/1/2021 GO BondsWickham Elementary 1,170,000$ Mar-20 -$ 1,490,071$ 9/1/2019 11/1/2021 GO BondsHorn Elementary 975,000$ Mar-20 -$ 1,241,725$ 9/1/2019 11/1/2021 GO BondsLiberty High School Phase 3 4,738,500$ Feb-21 -$ 6,212,869$ 4/1/2020 10/1/2022 GO BondsTREC 3,120,000$ Feb-22 -$ 4,240,758$ 5/1/2021 10/1/2023 GO BondsLemme Elementary 3,061,500$ Feb-22 -$ 8,328,019$ 8/1/2021 10/1/2023 GO BondsBorlaug Elementary 7,800$ Feb-22 -$ 1,691,947$ 10/1/2021 11/1/2023 GO BondsTate 78,000$ Feb-23 -$ 108,271$ 10/1/2022 11/1/2023 GO Bonds

Total 119,601,300 0 0 0 190,585,373Increase 70,984,073$

4

Iowa City Community School DiMaster Plan of Finance

School / ProjectGrant Elementary South East Junior High Mann Elementary Garner Elementary Lincoln Elementary West High Phase 2 Liberty High School Phase 2 (Athletic) City High Phase 2 Wood Elementary Shimek Elementary Grant Elementary Road North Central Junior High Northwest Junior High Kirkwood Elementary Wickham Elementary Horn Elementary Liberty High School Phase 3 TREC Lemme Elementary Borlaug Elementary Tate

Total

EXHIBIT 1

Design & Construction Costs by Fiscal Year

FY2013-14 FY2014-15 FY2015-16 FY2016-17 FY2017-18 FY2018-19 FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24Accelerated

Total0 0 0 520,973 3,726,465 11,475,381 4,466,632 0 0 0 0 20,189,450$ 0 0 0 246,672 2,516,669 10,057,103 1,449,990 0 0 0 0 14,270,434$ 0 0 0 0 1,443,480 8,455,310 1,832,250 0 0 0 0 11,731,041$ 0 0 0 0 591,969 2,028,117 1,350,062 0 0 0 0 3,970,148$ 0 0 0 0 459,408 2,949,172 1,352,128 0 0 0 0 4,760,709$ 0 0 0 0 0 6,656,718 10,135,233 0 0 0 0 16,791,951$ 0 0 0 0 1,210,142 8,466,461 2,867,302 0 0 0 0 12,543,905$ 0 0 0 0 1,003,158 2,368,689 10,701,831 8,889,544 7,411,429 0 0 30,374,650$ 0 0 0 0 0 1,148,333 3,934,429 2,619,202 0 0 0 7,701,964$ 0 0 0 0 0 607,792 3,288,616 1,042,452 0 0 0 4,938,859$ 0 0 0 0 0 150,603 454,415 0 0 0 0 605,018$ 0 0 0 0 0 113,946 1,857,251 9,284,861 1,947,590 0 0 13,203,649$ 0 0 0 0 0 135,625 2,210,597 11,051,339 2,318,123 0 0 15,715,683$ 0 0 0 0 0 0 1,288,728 6,782,141 2,403,381 0 0 10,474,250$ 0 0 0 0 0 0 196,158 759,393 534,519 0 0 1,490,071$ 0 0 0 0 0 0 163,470 632,828 445,428 0 0 1,241,725$ 0 0 0 0 0 170,778 404,268 440,371 3,474,930 1,722,522 0 6,212,869$ 0 0 0 0 0 0 0 73,115 559,031 2,982,920 625,692 4,240,758$ 0 0 0 0 0 0 0 0 874,682 5,085,916 2,367,421 8,328,019$ 0 0 0 0 0 0 0 0 252,274 864,319 575,353 1,691,947$ 0 0 0 0 0 0 0 0 0 30,030 78,241 108,271$

0 0 0 767,646 10,951,291 54,784,028 47,953,361 41,575,245 20,221,387 10,685,708 3,646,707 190,585,373$ Acclerator -$

Series 12/2017

Series 6/2018

Series 4/2019

Series 6/2020

Series 3/2022

5

IOWA CITY COMMUNITY SCHOOL DISTRICT EXHIBIT 2Debt Service Levy Planning Analysis

Par Amount $11,955,000 $74,820,000 $43,360,000 $42,860,000 $20,965,000Const. $$ $11,718,936 $73,541,860 $42,617,334 $42,125,378 $20,581,864

Proposed Proposed Proposed Proposed Proposed TotalFiscal % Taxable Tax Total Misc Total Outstanding Current Series Series Series Series Series Total Tax Rate Other Surplus/ EndingYear Growth Valuation Rate Taxes Revenues Revenues G.O. DEBT Tax Rate 12/1/2017 6/15/2018 4/15/2019 6/1/2020 3/31/2022 Debt Levy (Per 1,000) Adjustments (Deficit) Cash1E+09 1295672527

FY 2015/16 2.45% 5,605,031,600 0.58612 3,285,221 114,983 3,400,204 3,282,550 0.58564 3,282,550 0.58564 (24,719) 92,935 201,360

FY 2016/17 6.66% 5,978,490,538 0.55017 3,289,200 87,540 3,376,740 3,289,200 0.55017 3,289,200 0.55017 87,540 288,900

FY 2017/18 1.50% 6,068,167,896 0.64736 3,928,289 3,928,289 3,293,350 0.54273 634,939 3,928,289 0.64736 288,900

FY 2018/19 6,068,167,896 0.91835 5,572,693 5,572,693 782,312 4,790,381 5,572,693 0.91835 288,900

FY 2019/20 6,068,167,896 1.43792 8,725,532 8,725,532 784,374 4,860,596 3,080,562 8,725,532 1.43792 288,900

FY 2020/21 6,068,167,896 1.90216 11,542,599 11,542,599 785,874 4,858,400 2,946,428 2,951,897 11,542,599 1.90216 288,900

FY 2021/22 6,068,167,896 1.90060 11,533,162 11,533,162 781,643 4,858,000 2,945,567 2,947,952 11,533,162 1.90060 288,900

FY 2022/23 6,068,167,896 2.15419 13,071,987 13,071,987 781,652 4,858,280 2,942,672 2,950,119 1,539,265 13,071,987 2.15419 288,900

FY 2023/24 6,068,167,896 2.15473 13,075,270 13,075,270 785,522 4,858,388 2,942,105 2,950,154 1,539,102 13,075,270 2.15473 288,900

FY 2024/25 6,068,167,896 2.15364 13,068,665 13,068,665 783,480 4,856,425 2,943,305 2,947,424 1,538,032 13,068,665 2.15364 288,900

FY 2025/26 6,068,167,896 2.15587 13,082,171 13,082,171 785,720 4,859,431 2,945,057 2,951,460 1,540,504 13,082,171 2.15587 288,900

FY 2026/27 6,068,167,896 2.15395 13,070,500 13,070,500 782,104 4,857,730 2,943,562 2,950,946 1,536,159 13,070,500 2.15395 288,900

FY 2027/28 6,068,167,896 2.15466 13,074,829 13,074,829 782,729 4,861,187 2,944,146 2,947,156 1,539,612 13,074,829 2.15466 288,900

FY 2028/29 6,068,167,896 2.15552 13,080,044 13,080,044 782,448 4,859,427 2,946,608 2,950,410 1,541,153 13,080,044 2.15552 288,900

FY 2029/30 6,068,167,896 2.15561 13,080,606 13,080,606 786,294 4,857,297 2,945,733 2,950,370 1,540,913 13,080,606 2.15561 288,900

FY 2030/31 6,068,167,896 2.15572 13,081,261 13,081,261 784,169 4,859,894 2,946,422 2,951,937 1,538,839 13,081,261 2.15572 288,900

FY 2031/32 6,068,167,896 2.15417 13,071,876 13,071,876 781,249 4,857,198 2,943,677 2,949,876 1,539,877 13,071,876 2.15417 288,900

FY 2032/33 6,068,167,896 2.15433 13,072,808 13,072,808 782,582 4,859,468 2,942,643 2,949,311 1,538,805 13,072,808 2.15433 288,900

FY 2033/34 6,068,167,896 2.15452 13,073,979 13,073,979 783,007 4,856,718 2,943,343 2,950,240 1,540,672 13,073,979 2.15452 288,900

FY 2034/35 6,068,167,896 2.15472 13,075,184 13,075,184 782,504 4,858,838 2,945,810 2,947,670 1,540,362 13,075,184 2.15472 288,900

FY 2035/36 6,068,167,896 2.15568 13,081,027 13,081,027 786,054 4,860,433 2,944,830 2,951,770 1,537,940 13,081,027 2.15568 288,900

FY 2036/37 6,068,167,896 2.15480 13,075,694 13,075,694 783,484 4,856,238 2,945,328 2,952,165 1,538,480 13,075,694 2.15480 288,900

FY 2037/38 6,068,167,896 2.02512 12,288,740 12,288,740 4,861,128 2,942,078 2,948,775 1,536,760 12,288,740 2.02512 288,900

FY 2038/39 6,068,167,896 0.73980 4,489,255 4,489,255 2,951,520 1,537,735 4,489,255 0.73980 288,900

FY 2039/40 6,068,167,896 0.25398 1,541,172 1,541,172 1,541,172 1,541,172 0.25398 288,900

FY 2040/41 6,068,167,896 0.25326 1,536,832 1,536,832 1,536,832 1,536,832 0.25326 288,900

FY 2041/42 6,068,167,896 288,900

15,522,138 97,105,457 56,079,869 56,051,149 29,242,208 <= Total Debt Service

6

IOWA CITY COMMUNITY SCHOOL DISTRICT EXHIBIT 3Statutory Debt Levy $2.70 Limitation Test and Compliance

$2.70 $2.70 $2.70 $2.70 $2.70FY 17/18 Val. $6,068,167,896 FY 18-19 Val. $6,068,167,896 FY 19/20 Val. $6,068,167,896 FY 20/21 Val. $6,068,167,896 FY 22/23 Val. $6,068,167,896

Max D/S $3,928,289 Max D/S $5,646,487 Max D/S $8,725,532 Max D/S $11,543,087 Max D/S $13,082,171D/S Limit $16,384,053 D/S Limit $16,384,053 D/S Limit $16,384,053 D/S Limit $16,384,053 D/S Limit $16,384,053

OK OK OK OK OK

Par: $11,955,000 Par: $74,820,000 Par: $43,360,000 Par: $42,860,000 $20,965,000Proceeds: $11,718,936 Proceeds: $73,541,860 Proceeds: $42,617,334 Proceeds: $42,125,378 $20,581,864

Proposed Proposed Proposed Proposed Proposed TotalFiscal Taxable Tax Total Outstanding Series Series Series Series Series Tax RateYear Valuation Rate Revenues G.O. DEBT Total 12/1/2017 Total 6/15/2018 Total 4/15/2019 Total 6/1/2020 Total 3/31/2022 Total (Per 1,000)

1295672527

FY 2014/15 5,471,006,291 0.59831 3,273,358 3,273,350 3,273,350 3,273,350

FY 2015/16 5,605,031,600 0.58612 3,285,221 3,282,550 3,282,550 3,282,550

FY 2016/17 5,978,490,538 0.55017 3,289,200 3,289,200 3,289,200 3,289,200

FY 2017/18 6,068,167,896 0.64736 3,928,289 3,293,350 3,293,350 634,939 3,928,289 3,928,289 3,928,289 3,928,289 3,928,289 0.64736

FY 2018/19 6,068,167,896 0.91835 5,572,693 782,312 782,312 4,790,381 5,572,693 5,572,693 5,572,693 5,572,693 0.91835

FY 2019/20 6,068,167,896 1.43792 8,725,532 784,374 784,374 4,860,596 5,644,970 3,080,562 8,725,532 8,725,532 8,725,532 1.43792

FY 2020/21 6,068,167,896 1.90216 11,542,599 785,874 785,874 4,858,400 5,644,274 2,946,428 8,590,702 2,951,897 11,542,599 11,542,599 1.90216

FY 2021/22 6,068,167,896 1.90060 11,533,162 781,643 781,643 4,858,000 5,639,643 2,945,567 8,585,210 2,947,952 11,533,162 11,533,162 1.90060

FY 2022/23 6,068,167,896 2.15419 13,071,987 781,652 781,652 4,858,280 5,639,932 2,942,672 8,582,604 2,950,119 11,532,722 1,539,265 13,071,987 2.15419

FY 2023/24 6,068,167,896 2.15473 13,075,270 785,522 785,522 4,858,388 5,643,910 2,942,105 8,586,015 2,950,154 11,536,169 1,539,102 13,075,270 2.15473

FY 2024/25 6,068,167,896 2.15364 13,068,665 783,480 783,480 4,856,425 5,639,905 2,943,305 8,583,210 2,947,424 11,530,634 1,538,032 13,068,665 2.15364

FY 2025/26 6,068,167,896 2.15587 13,082,171 785,720 785,720 4,859,431 5,645,151 2,945,057 8,590,208 2,951,460 11,541,668 1,540,504 13,082,171 2.15587

FY 2026/27 6,068,167,896 2.15395 13,070,500 782,104 782,104 4,857,730 5,639,834 2,943,562 8,583,395 2,950,946 11,534,341 1,536,159 13,070,500 2.15395

FY 2027/28 6,068,167,896 2.15466 13,074,829 782,729 782,729 4,861,187 5,643,916 2,944,146 8,588,061 2,947,156 11,535,217 1,539,612 13,074,829 2.15466

FY 2028/29 6,068,167,896 2.15552 13,080,044 782,448 782,448 4,859,427 5,641,875 2,946,608 8,588,482 2,950,410 11,538,892 1,541,153 13,080,044 2.15552

FY 2029/30 6,068,167,896 2.15561 13,080,606 786,294 786,294 4,857,297 5,643,591 2,945,733 8,589,324 2,950,370 11,539,693 1,540,913 13,080,606 2.15561

FY 2030/31 6,068,167,896 2.15572 13,081,261 784,169 784,169 4,859,894 5,644,063 2,946,422 8,590,485 2,951,937 11,542,422 1,538,839 13,081,261 2.15572

FY 2031/32 6,068,167,896 2.15417 13,071,876 781,249 781,249 4,857,198 5,638,447 2,943,677 8,582,124 2,949,876 11,532,000 1,539,877 13,071,876 2.15417

FY 2032/33 6,068,167,896 2.15433 13,072,808 782,582 782,582 4,859,468 5,642,050 2,942,643 8,584,692 2,949,311 11,534,003 1,538,805 13,072,808 2.15433

FY 2033/34 6,068,167,896 2.15452 13,073,979 783,007 783,007 4,856,718 5,639,725 2,943,343 8,583,067 2,950,240 11,533,307 1,540,672 13,073,979 2.15452

FY 2034/35 6,068,167,896 2.15472 13,075,184 782,504 782,504 4,858,838 5,641,342 2,945,810 8,587,152 2,947,670 11,534,822 1,540,362 13,075,184 2.15472

FY 2035/36 6,068,167,896 2.15568 13,081,027 786,054 786,054 4,860,433 5,646,487 2,944,830 8,591,317 2,951,770 11,543,087 1,537,940 13,081,027 2.15568

FY 2036/37 6,068,167,896 2.15480 13,075,694 783,484 783,484 4,856,238 5,639,722 2,945,328 8,585,050 2,952,165 11,537,215 1,538,480 13,075,694 2.15480

FY 2037/38 6,068,167,896 2.02512 12,288,740 4,861,128 4,861,128 2,942,078 7,803,206 2,948,775 10,751,981 1,536,760 12,288,740 2.02512

FY 2038/39 6,068,167,896 0.73980 4,489,255 2,951,520 2,951,520 1,537,735 4,489,255 0.73980

FY 2039/40 6,068,167,896 0.25398 1,541,172 1,541,172 1,541,172 0.25398

FY 2040/41 6,068,167,896 0.25326 1,536,832 1,536,832 1,536,832 0.25326

FY 2041/42 6,068,167,896

15,522,138 97,105,457 56,079,869 56,051,149 29,242,208

Proposed 2019 Bond IssueProposed 2018 Bond Issue Proposed 2020 Bond Issue Proposed 2022 Bond IssueProposed 2017 Bond Issue

7


Projection of General Obligation Debt Capacity

Updated: 22-Sep-16

Legal Limit 5.00%

Self-Imposed Limit 5.00%

G.O. G.O. G.O. G.O. G.O. SAVE TOTAL Available Percent Beginning

Actual Annual Gross Self-Imposed G.O. Debt SAVE G.O. PPEL Proposed Proposed Proposed Proposed Proposed Proposed G.O. DEBT Effective /Debt Gross of Fiscal

Valuation Growth Debt Limit Debt Limit Outstanding Outstanding Outstanding 12/1/2017 6/15/2018 4/15/2019 6/1/2020 3/31/2022 3/1/2017 Reserved OUTST'NDG Capacity Debt Limit Year

2011 - 2012 7,814,998,467 1.86% 390,749,923 390,749,923 20,765,000 20,765,000 369,984,923 5.31% 2011

2012 - 2013 7,996,518,885 2.32% 399,825,944 399,825,944 17,990,000 17,990,000 381,835,944 4.50% 2012

2013 - 2014 8,144,347,064 1.85% 407,217,353 407,217,353 15,165,000 15,165,000 392,052,353 3.72% 2013

2014 - 2015 8,543,277,631 4.90% 427,163,882 427,163,882 12,280,000 9,430,000 21,710,000 405,453,882 5.08% 2014

2015 - 2016 8,821,370,732 3.26% 441,068,537 441,068,537 9,345,000 60,030,000 8,630,000 78,005,000 363,063,537 17.69% 2015

2016 - 2017 9,479,737,585 7.46% 473,986,879 473,986,879 6,320,000 56,080,000 7,830,000 70,230,000 403,756,879 14.82% 2016

2017 - 2018 9,621,933,649 1.50% 481,096,682 481,096,682 3,205,000 52,775,000 7,015,000 11,955,000 74,820,000 50,340,000 200,110,000 280,986,682 41.59% 2017

2018 - 2019 9,621,933,649 481,096,682 481,096,682 0 49,370,000 6,190,000 11,470,000 74,820,000 43,360,000 46,890,000 232,100,000 248,996,682 48.24% 2018

2019 - 2020 9,621,933,649 481,096,682 481,096,682 0 45,830,000 5,355,000 10,980,000 71,770,000 43,360,000 42,860,000 43,060,000 263,215,000 217,881,682 54.71% 2019

2020 - 2021 9,621,933,649 481,096,682 481,096,682 0 42,115,000 4,510,000 10,480,000 68,665,000 41,490,000 42,860,000 39,160,000 249,280,000 231,816,682 51.81% 2020

2021 - 2022 9,621,933,649 481,096,682 481,096,682 0 38,215,000 3,645,000 9,970,000 65,515,000 39,585,000 41,035,000 20,965,000 35,195,000 254,125,000 226,971,682 52.82% 2021

2022 - 2023 9,621,933,649 481,096,682 481,096,682 0 34,115,000 2,765,000 9,455,000 62,315,000 37,650,000 39,180,000 20,965,000 31,155,000 237,600,000 243,496,682 49.39% 2022

2023 - 2024 9,621,933,649 481,096,682 481,096,682 0 29,815,000 1,865,000 8,930,000 59,060,000 35,685,000 37,290,000 20,240,000 27,030,000 219,915,000 261,181,682 45.71% 2023

2024 - 2025 9,621,933,649 481,096,682 481,096,682 0 25,300,000 945,000 8,390,000 55,745,000 33,685,000 35,365,000 19,380,000 22,810,000 201,620,000 279,476,682 41.91% 2024

2025 - 2026 9,621,933,649 481,096,682 481,096,682 0 20,555,000 7,840,000 52,365,000 31,645,000 33,405,000 18,500,000 18,495,000 182,805,000 298,291,682 38.00% 2025

2026 - 2027 9,621,933,649 481,096,682 481,096,682 0 15,670,000 7,275,000 48,910,000 29,560,000 31,400,000 17,595,000 14,070,000 164,480,000 316,616,682 34.19% 2026

2027 - 2028 9,621,933,649 481,096,682 481,096,682 0 10,625,000 6,700,000 45,380,000 27,430,000 29,350,000 16,670,000 9,530,000 145,685,000 335,411,682 30.28% 2027

2028 - 2029 9,621,933,649 481,096,682 481,096,682 0 5,405,000 6,110,000 41,765,000 25,250,000 27,255,000 15,715,000 4,845,000 126,345,000 354,751,682 26.26% 2028

2029 - 2030 9,621,933,649 481,096,682 481,096,682 0 0 5,505,000 38,065,000 23,015,000 25,105,000 14,730,000 0 106,420,000 374,676,682 22.12% 2029

2030 - 2031 9,621,933,649 481,096,682 481,096,682 0 4,880,000 34,275,000 20,725,000 22,900,000 13,715,000 0 96,495,000 384,601,682 20.06% 2030

2031 - 2032 9,621,933,649 481,096,682 481,096,682 0 4,240,000 30,385,000 18,375,000 20,635,000 12,670,000 0 86,305,000 394,791,682 17.94% 2031

2032 - 2033 9,621,933,649 481,096,682 481,096,682 0 3,585,000 26,395,000 15,965,000 18,310,000 11,590,000 0 75,845,000 405,251,682 15.77% 2032

2033 - 2034 9,621,933,649 481,096,682 481,096,682 0 2,910,000 22,295,000 13,490,000 15,920,000 10,475,000 0 65,090,000 416,006,682 13.53% 2033

2034 - 2035 9,621,933,649 481,096,682 481,096,682 0 2,215,000 18,085,000 10,945,000 13,460,000 9,320,000 54,025,000 427,071,682 11.23% 2034

2035 - 2036 9,621,933,649 481,096,682 481,096,682 0 1,500,000 13,755,000 8,325,000 10,930,000 8,125,000 42,635,000 438,461,682 8.86% 2035

2036 - 2037 9,621,933,649 481,096,682 481,096,682 0 760,000 9,300,000 5,630,000 8,320,000 6,890,000 30,900,000 450,196,682 6.42% 2036

2037 - 2038 9,621,933,649 481,096,682 481,096,682 0 0 4,720,000 2,855,000 5,630,000 5,610,000 18,815,000 462,281,682 3.91% 2037

2038 - 2039 9,621,933,649 481,096,682 481,096,682 0 0 0 2,860,000 4,285,000 7,145,000 473,951,682 1.49% 2038

2039 - 2040 9,621,933,649 481,096,682 481,096,682 0 0 0 2,910,000 2,910,000 478,186,682 0.60% 2039

2040 - 2041 9,621,933,649 481,096,682 481,096,682 0 0 0 1,480,000 1,480,000 479,616,682 0.31% 2040

2041 - 2042 9,621,933,649 481,096,682 481,096,682 0 0 0 0 481,096,682 0.00% 2041

VALUATION GROWTH &DEBT LIMIT ASSUMPTIONS

Year

DEBT ISSUES SUBJECT TO DEBT LIMITBeginning

of Fiscal

8


Proposed G.O. School Building Bonds, Series 2017

SOURCES & USES DEBT SERVICE SCHEDULE

SOURCES Debt AnnualDate Principal Coupon Interest Service Debt Service

Par Amount of Bonds 11,955,000.00 ------------------- -------------- ------------- ---------------- ------------------ ------------------Accrued Interest 12-01-17Other Monies 0.50 06-01-18 485,000 1.560 149,939 634,939 634,939

12-01-18 146,156 146,156Total Sources 1.50 06-01-19 490,000 1.620 146,156 636,156 782,312

----------------- 12-01-19 142,187 142,18711,955,000.00 2.50 06-01-20 500,000 1.700 142,187 642,187 784,374

USES 12-01-20 137,937 137,937 3.50 06-01-21 510,000 1.810 137,937 647,937 785,874

Deposit to Construction Account 11,718,936.35 12-01-21 133,322 133,322Deposit to Reserve Account 4.50 06-01-22 515,000 1.940 133,322 648,322 781,643Capitalized Interest Account 12-01-22 128,326 128,326Municipal Bond Insurance 5.50 06-01-23 525,000 2.120 128,326 653,326 781,652Underwriters' Discount ($15 per bond) 179,325.00 12-01-23 122,761 122,761Costs of Issuance 56,000.00 6.50 06-01-24 540,000 2.230 122,761 662,761 785,522Accrued Interest 12-01-24 116,740 116,740Rounding Amount 738.65 7.50 06-01-25 550,000 2.320 116,740 666,740 783,480

----------------- 12-01-25 110,360 110,360Total Uses 11,955,000.00 8.50 06-01-26 565,000 2.410 110,360 675,360 785,720

12-01-26 103,552 103,5529.50 06-01-27 575,000 2.500 103,552 678,552 782,104

ASSUMPTIONS 12-01-27 96,364 96,36410.50 06-01-28 590,000 2.590 96,364 686,364 782,729

Dated Date 12/1/2017 12-01-28 88,724 88,724Delivery Date 12/1/2017 11.50 06-01-29 605,000 2.670 88,724 693,724 782,448First Interest Date 6/1/2018 12-01-29 80,647 80,647First Principal Date 12/1/2018 12.50 06-01-30 625,000 2.740 80,647 705,647 786,294Last Principal Date 12/1/2036 12-01-30 72,085 72,085

13.50 06-01-31 640,000 2.800 72,085 712,085 784,16912-01-31 63,125 63,125

14.50 06-01-32 655,000 2.850 63,125 718,125 781,249Arbitrage Yield 4.6154% 12-01-32 53,791 53,791TIC 2.9100% 15.50 06-01-33 675,000 2.900 53,791 728,791 782,582AIC 4.8952% 12-01-33 44,003 44,003Average Life 10.805 Years 16.50 06-01-34 695,000 2.950 44,003 739,003 783,007

12-01-34 33,752 33,752Projects included: 17.50 06-01-35 715,000 3.000 33,752 748,752 782,504Grant Elementary $4,247,438 12-01-35 23,027 23,027South East Junior High 2,763,341 18.50 06-01-36 740,000 3.050 23,027 763,027 786,054Mann Elementary 1,443,480 12-01-36 11,742 11,742

Garner Elementary 591,969 19.50 06-01-37 760,000 3.090 11,742 771,742 783,484Lincoln Elementary 459,408 12-01-37West High Phase 2 -Liberty High School Phase 2 (Athletic) 1,210,142 -------------- ---------------- ------------------ ------------------City High Phase 2 1,003,158 11,955,000 3,567,138 15,522,138 15,522,138

Total: $11,718,936Scale : MMD 08/24/2016 + 35 bps pricing (Aaa/NonBQ) + 75 bps timing

Design & Projected Construction Costs Through June 2018

9

Iowa City Community School District EXHIBIT 6Proposed General Obligation School Building Bonds, Series 2018



Par Amount of Certificates 74,820,000.00 -------------- ----------------- ------------- ----------------- ----------------- -----------------Accrued InterestOther Monies 12/1/2018 834,980 834,980

--------------------- 0.96 6/1/2019 3,050,000 1.810% 905,401 3,955,401 4,790,381Total Sources 74,820,000.00 12/1/2019 877,798 877,798

1.96 6/1/2020 3,105,000 1.520% 877,798 3,982,798 4,860,59612/1/2020 854,200 854,200

USES 2.96 6/1/2021 3,150,000 1.600% 854,200 4,004,200 4,858,40012/1/2021 829,000 829,000

Deposit to Construction Account 73,541,859.87 3.96 6/1/2022 3,200,000 1.710% 829,000 4,029,000 4,858,000Deposit to Reserve Account 12/1/2022 801,640 801,640Capitalized Interest Account 0.00 4.96 6/1/2023 3,255,000 1.840% 801,640 4,056,640 4,858,280Municipal Bond Insurance 12/1/2023 771,694 771,694Underwriters' Discount ($15.00 per bond) 1,122,300.00 5.96 6/1/2024 3,315,000 2.020% 771,694 4,086,694 4,858,388Costs of Issuance 151,300.00 12/1/2024 738,213 738,213Accrued Interest 6.96 6/1/2025 3,380,000 2.130% 738,213 4,118,213 4,856,425Rounding Amount 4,540.13 12/1/2025 702,216 702,216

--------------------- 7.96 6/1/2026 3,455,000 2.220% 702,216 4,157,216 4,859,431Total Uses 74,820,000.00 12/1/2026 663,865 663,865

8.96 6/1/2027 3,530,000 2.310% 663,865 4,193,865 4,857,73012/1/2027 623,094 623,094

ASSUMPTIONS 9.96 6/1/2028 3,615,000 2.400% 623,094 4,238,094 4,861,18712/1/2028 579,714 579,714

Dated Date 6/15/2018 10.96 6/1/2029 3,700,000 2.490% 579,714 4,279,714 4,859,427Delivery Date 6/15/2018 12/1/2029 533,649 533,649First Interest Date 12/1/2018 11.96 6/1/2030 3,790,000 2.570% 533,649 4,323,649 4,857,297First Principal Date 6/1/2019 12/1/2030 484,947 484,947Last Principal Date 6/1/2038 12.96 6/1/2031 3,890,000 2.640% 484,947 4,374,947 4,859,894

12/1/2031 433,599 433,59913.96 6/1/2032 3,990,000 2.700% 433,599 4,423,599 4,857,198

12/1/2032 379,734 379,73414.96 6/1/2033 4,100,000 2.750% 379,734 4,479,734 4,859,468

12/1/2033 323,359 323,359Arbitrage Yield 2.63122% 15.96 6/1/2034 4,210,000 2.800% 323,359 4,533,359 4,856,718TIC 2.79227% 12/1/2034 264,419 264,419AIC 2.81425% 16.96 6/1/2035 4,330,000 2.850% 264,419 4,594,419 4,858,838Average Life 11.24 Years 12/1/2035 202,717 202,717

17.96 6/1/2036 4,455,000 2.900% 202,717 4,657,717 4,860,43312/1/2036 138,119 138,119

Grant Elementary $15,942,012 18.96 6/1/2037 4,580,000 2.950% 138,119 4,718,119 4,856,238South East Junior High 11,507,093 12/1/2037 70,564 70,564Mann Elementary 10,287,560 19.96 6/1/2038 4,720,000 2.990% 70,564 4,790,564 4,861,128Garner Elementary 3,378,179 ----------------- ------------- ----------------- ----------------- -----------------Lincoln Elementary 4,301,301 74,820,000 22,285,457 97,105,457 97,105,457West High Phase 2 16,791,951Liberty High School Phase 2 (Athletic) 11,333,763 Scale : MMD 08/24/2016 + 35 bps pricing (Aaa/NonBQ) + 100 bps timing

Total: $73,541,860

Projects included:

Balance of Projects Bid During 2018

10




Par Amount of Bonds 43,360,000.00 --------------- ----------------- ----------- ------------------ ------------------- ------------------Accrued InterestOther Monies 12/1/2019 673,859 673,859

-------------------- 1.13 6/1/2020 1,870,000 1.710% 536,702 2,406,702 3,080,562Total Sources 43,360,000.00 12/1/2020 520,714 520,714

2.13 6/1/2021 1,905,000 1.620% 520,714 2,425,714 2,946,42812/1/2021 505,283 505,283

USES 3.13 6/1/2022 1,935,000 1.700% 505,283 2,440,283 2,945,56712/1/2022 488,836 488,836

Deposit to Construction Account 42,617,334.32 4.13 6/1/2023 1,965,000 1.810% 488,836 2,453,836 2,942,672Deposit to Reserve Account 12/1/2023 471,053 471,053Capitalized Interest Account 0.00 5.13 6/1/2024 2,000,000 1.940% 471,053 2,471,053 2,942,105Municipal Bond Insurance 12/1/2024 451,653 451,653Underwriters' Discount ($15.00 per bond) 650,400.00 6.13 6/1/2025 2,040,000 2.120% 451,653 2,491,653 2,943,305Costs of Issuance 91,000.00 12/1/2025 430,029 430,029Accrued Interest 7.13 6/1/2026 2,085,000 2.230% 430,029 2,515,029 2,945,057Rounding Amount 1,265.68 12/1/2026 406,781 406,781

-------------------- 8.13 6/1/2027 2,130,000 2.320% 406,781 2,536,781 2,943,562Total Uses 43,360,000.00 12/1/2027 382,073 382,073

9.13 6/1/2028 2,180,000 2.410% 382,073 2,562,073 2,944,14612/1/2028 355,804 355,804

ASSUMPTIONS 10.13 6/1/2029 2,235,000 2.500% 355,804 2,590,804 2,946,60812/1/2029 327,866 327,866


12/1/2032 233,821 233,82114.13 6/1/2033 2,475,000 2.800% 233,821 2,708,821 2,942,643

12/1/2033 199,171 199,17115.13 6/1/2034 2,545,000 2.850% 199,171 2,744,171 2,943,343


18.13 6/1/2037 2,775,000 3.000% 85,164 2,860,164 2,945,32812/1/2037 43,539 43,539

City High Phase 2 $29,371,492 19.13 6/1/2038 2,855,000 3.050% 43,539 2,898,539 2,942,078Wood Elementary 7,701,964 12/1/2038Shimek Elementary 4,938,859 20.13 6/1/2039Grant Elementary Road 605,018 ----------------- ----------- ------------------ ------------------- ------------------Reserved 43,360,000 12,719,869 56,079,869 56,079,869Reserved -

Total: $42,617,334 Scale : MMD 08/24/2016 + 35 bps pricing (Aaa/NonBQ) + 110 bps timing

Projects included:

Projects Bid during 2019

11




Par Amount of Bonds 42,860,000.00 ------------- ----------------- ------------- --------------- ----------------- -----------------Accrued InterestOther Monies 12/1/2020 563,449 563,449

------------------- 1.00 6/1/2021 1,825,000 1.860% 563,449 2,388,449 2,951,897Total Sources 42,860,000.00 12/1/2021 546,476 546,476

2.00 6/1/2022 1,855,000 1.770% 546,476 2,401,476 2,947,95212/1/2022 530,059 530,059

USES 3.00 6/1/2023 1,890,000 1.850% 530,059 2,420,059 2,950,11912/1/2023 512,577 512,577

Deposit to Construction Account 42,125,378.18 4.00 6/1/2024 1,925,000 1.960% 512,577 2,437,577 2,950,154Deposit to Reserve Account 12/1/2024 493,712 493,712Capitalized Interest Account 0.00 5.00 6/1/2025 1,960,000 2.090% 493,712 2,453,712 2,947,424Municipal Bond Insurance 0.00 12/1/2025 473,230 473,230Underwriters' Discount ($15.00 per bond) 642,900.00 6.00 6/1/2026 2,005,000 2.270% 473,230 2,478,230 2,951,460Costs of Issuance 91,000.00 12/1/2026 450,473 450,473Accrued Interest 7.00 6/1/2027 2,050,000 2.380% 450,473 2,500,473 2,950,946Rounding Amount 721.82 12/1/2027 426,078 426,078

------------------- 8.00 6/1/2028 2,095,000 2.470% 426,078 2,521,078 2,947,156Total Uses 42,860,000.00 12/1/2028 400,205 400,205

9.00 6/1/2029 2,150,000 2.560% 400,205 2,550,205 2,950,41012/1/2029 372,685 372,685

ASSUMPTIONS 10.00 6/1/2030 2,205,000 2.650% 372,685 2,577,685 2,950,37012/1/2030 343,469 343,469


12/1/2033 245,120 245,12014.00 6/1/2034 2,460,000 2.950% 245,120 2,705,120 2,950,240

12/1/2034 208,835 208,83515.00 6/1/2035 2,530,000 3.000% 208,835 2,738,835 2,947,670


18.00 6/1/2038 2,770,000 3.150% 89,388 2,859,388 2,948,77512/1/2038 45,760 45,760

North Central Junior High $13,203,649 19.00 6/1/2039 2,860,000 3.200% 45,760 2,905,760 2,951,520Northwest Junior High 15,715,683 12/1/2039Kirkwood Elementary 10,474,250 20.00 6/1/2040Wickham Elementary 1,490,071 ----------------- ------------- --------------- ----------------- -----------------Horn Elementary 1,241,725 42,860,000 13,191,149 56,051,149 56,051,149Reserved -

Total: $42,125,378 Scale : MMD 08/24/2016 + 35 bps pricing (Aaa/NonBQ) + 125 bps timing

Projects included:

Projects Bid during 2020

12


Proposed G.O. School Building Bonds, Series 2022



Par Amount of Bonds 20,965,000.00 ------------------- -------------- ------------- ---------------- ------------------ -----------------Accrued Interest 03-31-22Other Monies 12-01-22 466,123 466,123

1.17 06-01-23 725,000 2.370 348,142 1,073,142 1,539,265Total Sources 12-01-23 339,551 339,551

------------------- 2.17 06-01-24 860,000 2.450 339,551 1,199,551 1,539,10220,965,000.00 12-01-24 329,016 329,016

USES 3.17 06-01-25 880,000 2.560 329,016 1,209,016 1,538,032 12-01-25 317,752 317,752

Deposit to Construction Account 20,581,864.09 4.17 06-01-26 905,000 2.690 317,752 1,222,752 1,540,504Deposit to Reserve Account 12-01-26 305,580 305,580Capitalized Interest Account 5.17 06-01-27 925,000 2.870 305,580 1,230,580 1,536,159Municipal Bond Insurance 12-01-27 292,306 292,306Underwriters' Discount ($15 per bond) 314,475.00 6.17 06-01-28 955,000 2.980 292,306 1,247,306 1,539,612Costs of Issuance 68,000.00 12-01-28 278,076 278,076Accrued Interest 7.17 06-01-29 985,000 3.070 278,076 1,263,076 1,541,153Rounding Amount 660.91 12-01-29 262,957 262,957

------------------- 8.17 06-01-30 1,015,000 3.160 262,957 1,277,957 1,540,913Total Uses 20,965,000.00 12-01-30 246,920 246,920

9.17 06-01-31 1,045,000 3.250 246,920 1,291,920 1,538,83912-01-31 229,938 229,938

ASSUMPTIONS 10.17 06-01-32 1,080,000 3.340 229,938 1,309,938 1,539,87712-01-32 211,902 211,902

Dated Date 3/31/2022 11.17 06-01-33 1,115,000 3.420 211,902 1,326,902 1,538,805Delivery Date 3/31/2022 12-01-33 192,836 192,836First Interest Date 12/1/2022 12.17 06-01-34 1,155,000 3.490 192,836 1,347,836 1,540,672First Principal Date 6/1/2023 12-01-34 172,681 172,681Last Principal Date 6/1/2041 13.17 06-01-35 1,195,000 3.550 172,681 1,367,681 1,540,362

12-01-35 151,470 151,47014.17 06-01-36 1,235,000 3.600 151,470 1,386,470 1,537,940

12-01-36 129,240 129,240Arbitrage Yield 4.6154% 15.17 06-01-37 1,280,000 3.650 129,240 1,409,240 1,538,480TIC 3.6780% 12-01-37 105,880 105,880AIC 4.8952% 16.17 06-01-38 1,325,000 3.700 105,880 1,430,880 1,536,760Average Life 11.181 Years 12-01-38 81,367 81,367

17.17 06-01-39 1,375,000 3.750 81,367 1,456,367 1,537,735Projects included: 12-01-39 55,586 55,586Liberty High School Phase 3 $6,212,869 18.17 06-01-40 1,430,000 3.800 55,586 1,485,586 1,541,172TREC 4,240,758 12-01-40 28,416 28,416Lemme Elementary 8,328,019 19.17 06-01-41 1,480,000 3.840 28,416 1,508,416 1,536,832

Borlaug Elementary 1,691,947 12-01-41Tate 108,271 20.17 06-01-42Reserved -

Total: $20,581,864 -------------- ---------------- ------------------ -----------------20,965,000 8,277,208 29,242,208 29,242,208

Scale : MMD 08/24/2016 + 35 bps pricing (Aaa/NonBQ) + 150 bps timing

Projects Bid during 2022-2023

13

ICCSD Facility Master Plan General Obligation Bond Funding Summary

Bond SeriesProposed 12/1/2017

Proposed 6/15/2018

Proposed 4/15/2019

Proposed 6/1/2020

Proposed 3/21/2022 Totals

Deposit to Construction 11,718,936$ 73,541,860$ 42,617,334$ 42,125,378$ 20,581,864$ 190,585,372$

Underwriters Discount 179,325$ 1,122,300$ 650,400$ 642,900$ 314,475$ 2,909,400$

Cost of Issuance 56,000$ 151,300$ 91,000$ 91,000$ 68,000$ 457,300$

Other 739$ 4,540$ 1,266$ 722$ 661$ 7,928$

Principal (par) Amount 11,955,000$ 74,820,000$ 43,360,000$ 42,860,000$ 20,965,000$ 193,960,000$

Accrued Interest 3,567,138$ 22,285,457$ 12,719,869$ 13,191,149$ 8,277,208$ 60,040,821$

Total Debt Service 15,522,138$ 97,105,457$ 56,079,869$ 56,051,149$ 29,242,208$ 254,000,821$

Percentage of Total:Deposit to Construction 75.5% 75.7% 76.0% 75.2% 70.4% 75.0%Underwriters Discount 1.2% 1.2% 1.2% 1.1% 1.1% 1.1%Cost of Issuance 0.4% 0.2% 0.2% 0.2% 0.2% 0.2%Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Principal (par) Amount 77.0% 77.1% 77.3% 76.5% 71.7% 76.4%Accrued Interest 23.0% 22.9% 22.7% 23.5% 28.3% 23.6%Total Debt Service 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

14

Current General Obligation Bonds Debt Service Levy Rate

The question has been asked about our debt service levy. Presently ICCSD refunded G.O. debt to save on interest costs taking advantage of falling interest rates in 2012. This G.O. debt is scheduled to be paid in full in June 2018. Making a modest assumption of a 2% taxable valuation increase, the debt service tax rate for FY 2017-18 is projected to be $0.54 for the final year of these refunded bonds.

The ICCSD Bond Financial Advisor (PFM) estimates the District could issue a new series of G.O. Bonds within the $0.54 debt service tax rate as follows:

Series 2018 G.O. Bonds:

1. Principal (Par) Amount: $46,705,000 2. Project Fund Proceeds: $46,048,240 3. Assumptions:

a. Dated date of April 1, 2018 b. 20 Year G.O. Bonds with level debt service maturing June 1, 2037 c. Estimated 3.54% total interest cost (TIC) d. $0.54 debt service levy tax rate e. 2% taxable valuation growth in FY 2017-18 f. A conservative 0% taxable valuation growth for the life of the bonds g. Includes 20 year pricing comparable credit plus 100 bps timing cushion

Summary:

ICCSD could borrow $46M for construction purposes and not increase the debt service property tax rate currently being paid by district stakeholders.

15

IOWA CITY COMMUNITY SCHOOL DISTRICT EXHIBIT 1Debt Service Levy Planning Analysis

Par Amount $46,705,000Const. $$ $46,048,240

Proposed TotalFiscal % Taxable Tax Total Outstanding Current Series Total Tax Rate Other Surplus/ EndingYear Growth Valuation Rate Revenues G.O. DEBT Tax Rate 2/1/2018 Debt Levy (Per 1,000) Adjustments (Deficit) Cash1E+09 1295672527

FY 2011/12 3.50% 4,806,027,801 0.74900 3,599,715 3,598,708 0.74879 3,598,708 0.74879 22,460 23,467 23,467

FY 2012/13 4.26% 5,010,901,831 0.69729 3,494,052 3,494,031 0.69729 3,494,031 0.69729 11,519 11,540 35,006

FY 2013/14 3.79% 5,200,640,964 0.63500 3,302,407 3,302,400 0.63500 3,302,400 0.63500 8,190 8,197 43,203

FY 2014/15 5.20% 5,471,006,291 0.59831 3,273,358 3,273,350 0.59831 3,273,350 0.59831 65,229 65,237 108,440

FY 2015/16 2.45% 5,605,031,600 0.58612 3,285,221 3,282,550 0.58564 3,282,550 0.58564 113,507 116,178 224,618

FY 2016/17 6.66% 5,978,490,538 0.55017 3,289,200 3,289,200 0.55017 3,289,200 0.55017 87,540 87,540 312,158

FY 2017/18 1.50% 6,068,167,896 0.54273 3,293,350 3,293,350 0.54273 3,293,350 0.54273 312,158

FY 2018/19 6,068,167,896 0.54287 3,294,216 3,294,216 3,294,216 0.54287 312,158

FY 2019/20 6,068,167,896 0.54321 3,296,292 3,296,292 3,296,292 0.54321 312,158

FY 2020/21 6,068,167,896 0.54346 3,297,812 3,297,812 3,297,812 0.54346 312,158

FY 2021/22 6,068,167,896 0.54381 3,299,912 3,299,912 3,299,912 0.54381 312,158

FY 2022/23 6,068,167,896 0.54370 3,299,277 3,299,277 3,299,277 0.54370 312,158

FY 2023/24 6,068,167,896 0.54317 3,296,025 3,296,025 3,296,025 0.54317 312,158

FY 2024/25 6,068,167,896 0.54370 3,299,277 3,299,277 3,299,277 0.54370 312,158

FY 2025/26 6,068,167,896 0.54347 3,297,858 3,297,858 3,297,858 0.54347 312,158

FY 2026/27 6,068,167,896 0.54337 3,297,234 3,297,234 3,297,234 0.54337 312,158

FY 2027/28 6,068,167,896 0.54306 3,295,389 3,295,389 3,295,389 0.54306 312,158

FY 2028/29 6,068,167,896 0.54302 3,295,144 3,295,144 3,295,144 0.54302 312,158

FY 2029/30 6,068,167,896 0.54358 3,298,554 3,298,554 3,298,554 0.54358 312,158

FY 2030/31 6,068,167,896 0.54378 3,299,778 3,299,778 3,299,778 0.54378 312,158

FY 2031/32 6,068,167,896 0.54305 3,295,298 3,295,298 3,295,298 0.54305 312,158

FY 2032/33 6,068,167,896 0.54345 3,297,733 3,297,733 3,297,733 0.54345 312,158

FY 2033/34 6,068,167,896 0.54328 3,296,720 3,296,720 3,296,720 0.54328 312,158

FY 2034/35 6,068,167,896 0.54346 3,297,806 3,297,806 3,297,806 0.54346 312,158

FY 2035/36 6,068,167,896 0.54328 3,296,732 3,296,732 3,296,732 0.54328 312,158

FY 2036/37 6,068,167,896 0.54328 3,296,736 3,296,736 3,296,736 0.54328 312,158

FY 2037/38 6,068,167,896 0.54358 3,298,508 3,298,508 3,298,508 0.54358 312,158

FY 2038/39 6,068,167,896 312,158

FY 2039/40 6,068,167,896 312,158

FY 2040/41 6,068,167,896 312,158

FY 2041/42 6,068,167,896 312,158

65,946,300 <= Total Debt Service

Prepared by Public Financial Management, Inc. 1/13/2016 1:27 PM16




Par Amount of Certificates 46,705,000.00 ------------- ---------------- ------------ ---------------- ---------------- ----------------Accrued InterestOther Monies 12/1/2018 1,215,135 1,215,135

--------------------- 1.33 6/1/2019 1,350,000 1.620% 729,081 2,079,081 3,294,216Total Sources 46,705,000.00 12/1/2019 718,146 718,146

2.33 6/1/2020 1,860,000 1.800% 718,146 2,578,146 3,296,29212/1/2020 701,406 701,406

USES 3.33 6/1/2021 1,895,000 2.000% 701,406 2,596,406 3,297,81212/1/2021 682,456 682,456

Deposit to Construction Account 46,048,240.00 4.33 6/1/2022 1,935,000 2.100% 682,456 2,617,456 3,299,912Deposit to Reserve Account 12/1/2022 662,139 662,139Capitalized Interest Account 0.00 5.33 6/1/2023 1,975,000 2.190% 662,139 2,637,139 3,299,277Municipal Bond Insurance 12/1/2023 640,512 640,512Underwriters' Discount ($12.00 per bond) 560,460.00 6.33 6/1/2024 2,015,000 2.320% 640,512 2,655,512 3,296,025Costs of Issuance 96,300.00 12/1/2024 617,138 617,138Accrued Interest 7.33 6/1/2025 2,065,000 2.490% 617,138 2,682,138 3,299,277Rounding Amount 12/1/2025 591,429 591,429

--------------------- 8.33 6/1/2026 2,115,000 2.630% 591,429 2,706,429 3,297,858Total Uses 46,705,000.00 12/1/2026 563,617 563,617

9.33 6/1/2027 2,170,000 2.850% 563,617 2,733,617 3,297,23412/1/2027 532,694 532,694

ASSUMPTIONS 10.33 6/1/2028 2,230,000 3.150% 532,694 2,762,694 3,295,38912/1/2028 497,572 497,572


12/1/2031 372,649 372,64914.33 6/1/2032 2,550,000 3.630% 372,649 2,922,649 3,295,298

12/1/2032 326,367 326,36715.33 6/1/2033 2,645,000 3.630% 326,367 2,971,367 3,297,733


18.33 6/1/2036 2,945,000 3.735% 175,866 3,120,866 3,296,73212/1/2036 120,868 120,868

19.33 6/1/2037 3,055,000 3.870% 120,868 3,175,868 3,296,73612/1/2037 61,754 61,754

20.33 6/1/2038 3,175,000 3.890% 61,754 3,236,754 3,298,508---------------- ------------ ---------------- ---------------- ----------------

46,705,000 19,241,300 65,946,300 65,946,300

Scale : MMD 01/13/2016 + Aaa/Non-BQ Pricing + 100 bps timing

Prepared by Public Financial Management, Inc. 1/13/201617

To meet the legal obligations of submitting a ballot referendum question to the ICCSD voters with a

target date of September 12, 2017, the following steps must be taken:

General Obligation Bond Referendum Required Action Timeline

Bd Start Date End Date Action Required

x May 22, 2016 February 28, 2017

Prioritize projects in and update as necessary 5/10 year Facility Master Plan; Estimate cost of projects to be funded by GO Bond proceeds; Draft proposed bond proposition language and determine bond proceeds size to satisfy estimated project scope of work.

x April 11, 2017 April 25, 2017

School Board reviews draft proposition language and provides input for changes.

x April 25, 2017 April 25, 2017

School Board approves final bond proposition language to be placed on community petitions and ballot question.

April 26, 2017 June 27, 2017

Petitions circulated for signatures. Must be signed by 25% of eligible electors who voted in the Sept. 8, 2015 school board election UNLESS A SPECIAL ELECTION WAS HELD TO FILL A VACANCY SINCE THEN. Johnson County auditor records show 25% of the July 19, 2016 special election total of 5,759 = 1,440 SIGNATURES REQUIRED

x June 27, 2017 June 27, 2017

Petitions are filed with the school board president. President calls a meeting to take action on the petitions and fixes July 25, 2017 as that date.

x July 25, 2017 July 25, 2017

Board fixes a time for the proposition ballot referendum. This date will be September 12, 2017.

July 26, 2017 August 4, 2017

Johnson County Commissioner of Elections is notified to prepare the ballot for the September 12, 2017 referendum which is the day after nomination papers must be filed.

July 27, 2017 September 11, 2017

Community education presentations and information meetings.

September 12, 2017

September 12, 2017

Referendum election day. 60% of the total vote cast on the proposition is required to pass.

If election fails any election that includes parts or all of the failed proposition, or which is substantially similar to the failed proposition, another election may not be held for 6 months. ( 04/03/2018 is next available)

x = Board Action Required

18

Campaign Do’s Don’ts School Finance

This document is important because it describes what a school can and can’t do ONCE THERE IS A BALLOT ISSUE. A question becomes a ballot issue once the Board has accepted the petition and calls the election.

The Iowa Ethics & Campaign Disclosure Board is the State Agency responsible for monitoring and enforcing the campaign finance laws (as well as the issues in #3&4 above). Here is a link to their website: www.iowa.gov/ethics. Their homepage has a great Q & A regarding new committees. These documents answer questions such as: Do you need to file? What are filing thresholds and deadlines? etc.

IA Code 68A.406(2)(a) prohibits placing campaign signs on property (including the right-of-way) owned by the state, or a city, county or other political subdivision (i.e., a school) and provides that the city/county shall remove them. The relevant portion of the statute is copied below. Again, this is information on the homepage of the Iowa Ethics & Campaign Disclosure Board website. You can find a full copy of the rules related to campaign signs (size, etc.) there.

1. Campaign signs shall not be placed on any of the following: a. Any property owned by the state or the governing body of a county, city, or other

political subdivision of the state, including all property considered the public right-of-way. Upon a determination by the board that a sign has been improperly placed, the sign shall be removed by highway authorities as provided in section 318.5, or by county or city law enforcement authorities in a manner consistent with section 318.5.

19

USE OF PUBLIC FUNDS FOR POLITICAL PURPOSES

I. Questions and Answers Related to What School Board Members, School

Officials and Employees Can Do in Connection with Promotion of a

Bond Issue

Q. Can a school board spend money to advocate the passage (or defeat) of a

bond issue?

A. No. Public money cannot be used for political purposes, including attempts to pass

or defeat a ballot issue. The Iowa Code provides:

The state and the governing body of a county, city, or other political subdivision

of the state shall not expend or permit the expenditure of public moneys for

political purposes, including expressly advocating the passage or defeat of a

ballot issue.

This section shall not be construed to limit the freedom of speech of

officials or employees of the state or of officials or employees of a

governing body of a county, city, or other political subdivision of the state.

This section also shall not be construed to prohibit the state or a

governing body of a political subdivision of the state from expressing an

opinion on a ballot issue through the passage of a resolution or

proclamation.

Iowa Code § 68A.505 (2009) (emphasis added). This statute provides the

boundaries that define the appropriate conduct of governing officials and

employees ONCE THE BOARD HAS ACCEPTED THE PETITION AND

CALLED THE ELECTION.

Q. Can a school board spend money to distribute informational material about

an upcoming bond issue?

A. Yes, as long as that information does not advocate the passage or defeat of the

bond issue. A school board has the authority to disseminate information to the

public concerning the reasons for the bond issue, such as needs, plans, and

anticipated costs. It is important that this information remain neutral and not

promote a “yes” or “no” vote.

Q. Can a school board member, superintendent or a district employee campaign

for or against a bond issue?

A. Yes. The Iowa Code specifically states that it does not limit the freedom of speech

of officials or employees of a governing body such as a school board. Board

20

members, officials, and employees must be sure they are acting as citizens of the

community in promoting their position on the bond issue.

Q. Can a school employee, during his or her work hours, advocate that students,

parents, or teachers vote, as long as they don=t advocate HOW to vote?

A. Yes, but read the next question and answer.

Q. Can a school district employee, during work hours, advocate that students,

teachers, or parents vote by absentee ballot?

A. No. Advocating voting absentee is prohibited by a separate code section that

makes it a simple misdemeanor for a public employee during work hours to solicit

absentee ballots.

However, public employees may advise students, teachers, or parents of the

opportunity to vote absentee. The difference is between advising of an

opportunity and advocacy.

Q. Can a principal, administrator or teacher wear buttons during the work day

which state AVote Yes@?

A. An employee, in their individual capacity, may choose to wear a button as long as

it is not usually prohibited by District policy. The District, however, may not

encourage or discourage the employee from wearing or not wearing buttons.

T-shirts are different than buttons. The school district may have a policy which

prohibits employees from wearing shirts which contain political messages,

advertising or logos. As a result, it is improper for an employee in his/her official

capacity to wear a t-shirt either advocating for or against the ballot issue because

of their position of authority over students and because the District has

consistently enforced its policies, rules, and regulations regarding the wearing of

t-shirts.

Q. Can the school district sponsor a AVote Yes@ poster contest for students to be

completed during the school day or as a school assignment?

A. No. In a May 24, 1982 letter opinion, the Attorney General stated that a school

sponsorship of a AVote Yes@ poster contest or vote yes message in a school

newsletter is impermissible. We believe the same answer would apply to a AVote

Yes@ essay contest.

Q. Can a principal tell employees to vote yes during a meeting held during the

school day?

21

A. No. Because public funds cannot be used to advocate for or against a bond issue,

the District may not use any facilities or public funds to support the ballot issue.

In this case, the principal would be using his/her position, as well as school

facilities, to urge a vote yes position on the ballot issue which is impermissible.

Q. Can a principal or administrator at a PTA meeting held outside the school

day urge a vote yes message at the meeting?

A. Yes, but read this answer. School officials and employees are prohibited from

advocating for or against the ballot issue in their official capacity as District

employees. However, school officials and employees are free to work as

individuals to advocate for or against the issue. The Principal or school official

attending such meeting and urging a vote yes message should make it very clear

that he/she is acting in an individual capacity and not as a school official or in

their capacity as a District employee when urging such a message. See May 24,

1982 letter opinion from Iowa Attorney General.

Q. Can a district employee use the district=s telephone, e-mail system, fax

machine, or website to advocate a vote yes or no position on a ballot issue?

A. No, because this is a direct use of public funds to advocate for or against a ballot

issue.

BOTTOM LINE: Material prepared and distributed by the school board must be neutral.

School board members and employees, acting as individuals, may promote or oppose a

bond issue.

22

II. Questions and Answers Related to Identifying What Conduct is

Permissible With Respect to Students Advocating a Particular Position

on a Ballot Issue

Q. Can a student advocate (1) voting, or (2) a particular position on a ballot

issue during school hours?

A. Yes, if it is consistent with District policies, rules and regulations that govern

student speech. Because the student is not an employee of the District, there is no

restriction on the student=s speech, except as allowed by the First Amendment.

Q. Can a student wear a AVote Yes@ t-shirt to an open house held at the school

building?

A. Yes. Because the student is not an employee of the District, there is no

prohibition on what the student wears to school as long as it conforms with the

District=s policies, rules, and regulations

Q. Can a student wearing a AVote Yes@ t-shirt sit with an adult at an open house

and distribute brochures and flyers promoting a vote yes message?

A. Yes. The problem is not the student sitting with the adult at an open house or the

student wearing the AVote Yes@ t-shirt in this scenario. The District is prohibited,

through its employees, from displaying political posters, brochures, flyers, or

promotional literature of any type which advocates for or against a ballot issue in

areas accessible to the public. This rule does not apply to students and student

speech.

However, if the District has a written policy that would allow any member of the

public to distribute brochures at an open house, the District may allow the Vote

Yes Committee and the opposition to distribute brochures at open houses held in

school buildings. Absent such a policy, the District should not allow the Vote Yes

Committee or the opposition to distribute brochures at open houses held in school

buildings.

23

III. Questions and Answers Related to the Use of Public Funds and/or

Resources by Individuals or Organizations other than Board Members,

District Officials or Employees

Q. Can campaign volunteers use school district property to operate a phone

bank, promote a position on the bond issue, or to poll voters?

A. No. The Iowa Criminal Code specifically prohibits the use of government

property to operate a phone bank or poll voters, to solicit funds, or to urge support

for a ballot measure. See Iowa Code § 721.2(8) (2009).

Q. Can a school-sponsored parent newsletter advocate a vote yes or no position?

A. No, because it is direct use of public funds. This is different, however, than a

student publication where the District may only restrict speech consistent with the

First Amendment or an advertisement in a District publication that normally

accepts such ads.

Q. Can a candidate post a campaign sign on a parade float sponsored by the

District?

A. No. If it is a school-sponsored float, political signs are not permitted because the

display would constitute a prohibited use of public funds for a political purpose.

Q. Can students take home information produced by the Vote Yes Committee or

the PTA urging a vote yes message which has been distributed either through

the school mail system or by teachers to students before school is let out?

A. No. The District may not allow either the opposition or the Vote Yes Committee

to use its mail system to send information home with a student.

24

IV. Questions and Answers Related to Identifying the Guidelines for

Establishing a Citizens’ Committee to Promote a Bond Issue

Q. What are the governing rules for establishing an organization to support or

oppose a public measure such as a bond issue?

A. The Iowa Campaign Disclosure Act regulates these citizens’ organizations. See

Iowa Code Chapter 68A. In addition, the Iowa Ethics and Campaign Finance

Board has established rules for the operation of campaign committees. The

specific code sections of importance for ballot issue committees are:

• §68A.102 (Definitions)

• §68A.201 (Organization Statement)

• §68A.203 (Committee Treasurer)

• §68A.401 (Reports Filed with Board)

• §68A.402 (Disclosure Report Due Dates)

• §68A.402A (Information Disclosed on Reports)

Q. What is the difference between campaigning for a ballot issue and

campaigning for an individual who is running for office?

A. One important distinction between ballot issues and the election of individuals to

public office is that corporations may contribute to a ballot issue campaign, but

not to the campaigns of individual candidates. See Iowa Code § 68A.605 (2009).

Q. So we know there are rules out there. What happens if they are not followed?

A. When a campaign committee is formed, it is extremely important that the

procedures are followed. Persons responsible for filing reports, preparing

campaign materials, and other campaign activities must comply with the statutes

and rules to avoid negative publicity, as well as reprimands or fines.

Q. What if several board members join the same citizens’ committee?

A. School board members who participate in a citizens’ committee should keep in

mind the requirements of the Open Meetings law. If a quorum of the school board

is present at a meeting of the campaign committee, the provisions of Iowa Code

chapter 21 (Official Meetings Must be Open to the Public) may apply.

MBucklin/ 620603.1 /MSWord

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