Certificates of Participation Method of Financing Public Projects Without Voter Approval Within Placer County

The following table represents the principal balance due on COP/Enterprise Funds as of June 30, 2001. Interest that will be paid over the term of the lease has not been computed as the figure can change through re-financing the COPs or converting them into Revenue Bonds. Schools: District Remaining Principal Auburn Union $27,443,580 Eureka 502,000 Placer County Office of Education 3,200,000 Loomis Union 7,000,000 Placer Union High 3,534,208 Placer Hills Union 680,000 Roseville Joint Union High 2,320,000 Roseville City Schools 22,500,000 Tahoe-Truckee Union 15,631,000 Western Placer Unified 8,035,000 Sierra Community College 5,200,000 Total $92,845,788 Cities: Remaining Principal Auburn $2,325,000 Rocklin 3,019,610 Roseville 87,140,000 Total $92,484,610 Placer County: Total $29,961,000 Special Districts: North Tahoe Public Utility District $7,310,000 Placer County Water Agency 54,150,000 Total $61,460,000 COP Totals: School Districts $92,845,788 Cities 92,484,610 Placer County 29,961,000 Special Districts 61,460,000 Total outstanding obligation in Placer County as of June 30,2001 $276,751,398 As a point of reference, if $276,751,400 at 5.5% matured in 15 years, the total cost would be $407,032,182. If the same $276,751,400 at 5.5% matured in 25 years, the total cost would be $509,848,719. This is assuming all COPs matured at the same time at the same rate of interest.

All COPs issued were legally initiated and implemented.

There is no central repository that has on file COP information for all agencies within the County.

There appears to be little understanding or awareness of this type of financing on the part of the public.