EXHIBIT A Mason 2025-26 Vote Comparison Update 10-20-23.pdf

Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly Virchow Krause, LLP

October 20, 2023

Dr. Gary Kinzer, Superintendent Tracey Wooden, Chief Financial Officer Mason Public Schools 201 W. Ash Street, Suite 2A Mason, MI 48854

Re: Bond Election Comparison

Dear Dr. Kinzer and Tracey:

The attached schedules (listed below) present unaudited and limited information for the purpose of discussion and consideration in the planning stage of a proposed capital improvement plan by the appropriate officers, officials and advisors of the Mason Public Schools. The use of the schedules should be restricted to this purpose, for internal use only as the information is subject to future revision and final report.

Page(s) PRO FORMA FINANCIAL DATA

2 Taxable Value History and Growth Assumptions 3 Estimated Existing Millage Study – Chart Format 4 Comparison of Capital Improvement Plan Alternatives 5 Comparison of Estimated Debt Service Millage Rates – Chart Format 6 Estimated Proposed Total Millage Study - $87,750,000 – 0.98 Mill Increase 7 Estimated Proposed Total Millage Study - $96,750,000 – 1.32 Mill Increase 8 Estimated Proposed Total Millage Study - $109,250,000 – 1.82 Mill Increase 9 Estimated Proposed Total Millage Study - $122,500,000 – 2.32 Mill Increase 10 Estimated Existing Bonds Millage Study

We would appreciate your questions or comments on this information and would provide additional information upon request.

BAKER TILLY MUNICIPAL ADVISORS, LLC

Jesse R. Nelson, CPA, Partner

Baker Tilly Municipal Advisors, LLC 2852 Eyde Pkwy, Suite 150 East Lansing, MI 48823

(517) 321-0110 bakertilly.com

Personal Taxable Property Tax Total

Year Value Loss Value

2023 846,826,125 40,358,122 * 887,184,247 5.26% 2022 802,488,558 40,358,122 842,846,680 5.71% 2021 758,228,316 39,074,838 797,303,154 2.50% 2020 740,238,545 37,642,714 777,881,259 2.55% 2019 722,846,743 35,728,093 758,574,836 4.60% 2018 700,705,639 24,511,100 725,216,739 3.32% 2017 680,498,403 21,392,075 701,890,478 3.13% 2016 662,251,085 18,318,575 680,569,660 -3.67% 2015 706,495,764 - 706,495,764 7.36% 2014 658,032,942 - 658,032,942 3.03% 2013 638,685,531 - 638,685,531 1.32% 2012 630,382,270 - 630,382,270 -1.52% 2011 640,140,820 - 640,140,820 1.09% 2010 633,249,230 - 633,249,230 -5.73% 2009 671,717,511 - 671,717,511 2.72% 2008 653,937,157 - 653,937,157 2.92% 2007 635,411,639 - 635,411,639 7.14% 2006 593,083,848 - 593,083,848 6.78% 2005 555,416,775 - 555,416,775 5.87% 2004 524,596,953 - 524,596,953 6.28% 2003 493,620,428 - 493,620,428

5 Year Average [1] 4.12%

20 Year Average [2] 3.03%

[1] Must assume taxable value growth for years 1 through 5 equal to the present five year average or lower.

[2] Must assume taxable value growth for years 6 and beyond equal to the present twenty year average or lower, no lower than 0.00% and no greater than 3.00%.

*Assumes prior year PPT Value

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

(Internal Use Only)

TAXABLE VALUE HISTORY AND GROWTH ASSUMPTIONS

COUNTY OF INGHAM, STATE OF MICHIGAN

MASON PUBLIC SCHOOLS

MASON PUBLIC SCHOOLS

ESTIMATED EXISTING MILLAGE STUDY - CHART FORMAT

(Assumes taxable value growth of 3.00% - 4.12%)

(Internal Use Only)

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

1.00

2.00

3.00

4.00

5.00

6.00

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

Annual Bond Payment Estimated Debt Service Millage Rate

Option 1 - Option 2 - Option 3 - Option 4 -

0.98 Mill Increase 1.32 Mill Increase 1.82 Mill Increase 2.32 Mill Increase

I. Debt Service Millage Rate No SLRF No SLRF No SLRF No SLRF

Estimated 12/1/2026 tax bill 6.66 7.00 7.50 8.00 Estimated 12/1/2025 tax bill (5.68) (5.68) (5.68) (5.68) Difference 0.98 1.32 1.82 2.32

Annual difference $100,000 market value $50,000 taxable value property $49.00 $66.00 $91.00 $116.00

Per Month $4.08 $5.50 $7.58 $9.67

II. Proposal Summary

Bonds - Series I 2026 2026 2026 2026 Bus and Technology eligible purchases[1] $1,500,000 $1,750,000 $2,000,000 $2,250,000 Other construction 18,743,705 18,493,705 18,243,705 17,993,705 Underwriting allowance 202,500 202,500 202,500 202,500 Bond issuance costs 137,700 137,700 137,700 137,700 Less interest income [2] (333,905) (333,905) (333,905) (333,905) Par amount of bonds $20,250,000 $20,250,000 $20,250,000 $20,250,000

Bonds - Series II 2028 2028 2028 2028 Bus and Technology eligible purchases[1] $1,500,000 $1,750,000 $2,000,000 $2,250,000 Other construction 18,758,956 18,508,956 18,258,956 18,016,580 Underwriting allowance 202,500 202,500 202,500 202,500 Bond issuance costs 122,700 122,700 122,700 115,200 Less interest income [2] (334,156) (334,156) (334,156) (334,280) Par amount of bonds $20,250,000 $20,250,000 $20,250,000 $20,250,000

Bonds - Series III 2030 2030 2030 2030 Bus and Technology eligible purchases[1] $1,500,000 $1,750,000 $2,000,000 $2,250,000 Other construction 45,865,723 54,645,106 66,953,472 79,747,268 Underwriting allowance 472,500 562,500 687,500 817,500 Bond issuance costs 193,038 222,588 246,363 287,713 Less interest income [2] (781,260) (930,193) (1,137,334) (1,352,480) Par amount of bonds $47,250,000 $56,250,000 $68,750,000 $81,750,000

Total Proposal Total Total Total Total Bus and Technology eligible purchases[1] $4,500,000 $5,250,000 $6,000,000 $6,750,000 Other construction 83,368,384 91,647,767 103,456,133 115,757,553 Underwriting allowance 877,500 967,500 1,092,500 1,222,500 Bond issuance costs 453,438 482,988 506,763 540,613 Less interest income [2] (1,449,321) (1,598,254) (1,805,395) (2,020,665) Par amount of bonds $87,750,000 $96,750,000 $109,250,000 $122,250,000

[1] Technology equipment has a five year useful life allowance from the time installed. Buses have a six year useful life.

[2] Assumes 24 month draw schedule at an assumed interest rate of 1.75%

MASON PUBLIC SCHOOLS

COUNTY OF INGHAM, STATE OF MICHIGAN

COMPARISON OF CAPITAL IMPROVEMENT PLAN ALTERNATIVES

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

(Internal Use Only)

COMPARISON OF ESTIMATED DEBT SERVICE MILLAGE RATES - CHART FORMAT

MASON PUBLIC SCHOOLS

(Assumes taxable value growth of 3.00% - 4.12%)

(Preliminary - Subject to Change) (Internal Use Only)

(Subject to the attached letter dated October 20, 2023)

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Estimated Existing Millage Rate Estimated Millage Rate - Option 1 - $87,750,000 Estimated Millage Rate - Option 2 - $96,750,000 Estimated Millage Rate - Option 3 - $109,250,000 Estimated Millage Rate - Option 4 - $122,250,000

Winter Tax Levy Tax Collection Factor 100% *Significant assumptions.

Proposed Debt Personal Property PPT Non PPT Non PPT

Taxable Service Tax ("PPT") Bonds Bonds Bonds Total Total Value Year Growth Taxable Reimbursable Millage Millage Millage Millage Tax PPT Total PPT Non-PPT 2026 2028 2030 Annual Increase/ Dec. 1st Year Ending % Value Value Rate Rate Rate Rate Collections Reimbursements Revenues Payments Payments Bonds Bonds Bonds Payments (Decrease) Balance

$20,250,000 $20,250,000 $47,250,000

2022 2023 5.71% 802,488,558 40,358,122 0.92 4.76 - 5.68 $4,558,135 $37,129 $4,595,264 $773,600 $3,618,913 $0 $0 $0 $4,392,513 $1,659,429 2023 2024 5.26% 846,826,125 40,358,122 0.86 4.82 - 5.68 4,809,972 34,708 4,844,680 761,250 4,106,321 - - - 4,867,571 ($22,891) 1,636,538 2024 2025 4.12% 881,715,361 40,358,122 - 5.68 - 5.68 5,008,143 - 5,008,143 - 4,983,188 - - - 4,983,188 24,955 1,661,493 2025 2026 4.12% 918,042,034 40,358,122 - 5.68 - 5.68 5,214,479 - 5,214,479 - 5,121,813 - - - 5,121,813 92,666 1,754,159 2026 2027 4.12% 955,865,366 40,358,122 - 3.91 2.75 6.66 6,366,063 - 6,366,063 - 3,734,938 2,629,045 - - 6,363,983 2,080 1,756,239 2027 2028 4.12% 995,247,019 40,358,122 - 3.73 2.93 6.66 6,628,345 - 6,628,345 - 3,708,063 2,915,148 - - 6,623,211 5,134 1,761,373 2028 2029 4.12% 1,036,251,196 40,358,122 - 3.55 3.11 6.66 6,901,433 - 6,901,433 - 3,676,388 838,450 2,386,276 - 6,901,114 319 1,761,692 2029 2030 3.00% 1,067,338,732 40,358,122 - 3.42 3.24 6.66 7,108,476 - 7,108,476 - 3,649,938 838,450 2,622,200 - 7,110,588 (2,112) 1,759,580 2030 2031 3.00% 1,099,358,894 40,358,122 - 3.31 3.35 6.66 7,321,730 - 7,321,730 - 3,638,438 838,450 845,075 1,999,224 7,321,187 543 1,760,123 2031 2032 3.00% 1,132,339,661 40,358,122 - 3.20 3.46 6.66 7,541,382 - 7,541,382 - 3,624,063 838,450 943,425 2,132,335 7,538,273 3,109 1,763,232 2032 2033 3.00% 1,166,309,851 40,358,122 - 3.11 3.55 6.66 7,767,624 - 7,767,624 - 3,623,788 838,450 940,075 2,358,415 7,760,728 6,896 1,770,128 2033 2034 3.00% 1,201,299,147 40,358,122 - 3.01 3.65 6.66 8,000,652 - 8,000,652 - 3,621,475 838,450 936,625 2,610,678 8,007,228 (6,576) 1,763,552 2034 2035 3.00% 1,237,338,121 40,358,122 - 2.93 3.73 6.66 8,240,672 - 8,240,672 - 3,621,338 838,450 933,075 2,843,200 8,236,063 4,609 1,768,161 2035 2036 3.00% 1,274,458,265 40,358,122 - 2.84 3.82 6.66 8,487,892 - 8,487,892 - 3,622,925 838,450 929,425 3,100,000 8,490,800 (2,908) 1,765,253 2036 2037 3.00% 1,312,692,013 40,358,122 - 2.76 3.71 6.47 8,493,117 - 8,493,117 - 3,626,375 838,450 925,675 3,099,400 8,489,900 3,217 1,768,470 2037 2038 3.00% 1,352,072,773 40,358,122 - 2.68 3.59 6.27 8,477,496 - 8,477,496 - 3,626,572 838,450 921,825 3,095,550 8,482,397 (4,901) 1,763,569 2038 2039 3.00% 1,392,634,956 40,358,122 - 2.60 3.48 6.08 8,467,221 - 8,467,221 - 3,624,513 838,450 917,875 3,088,350 8,469,188 (1,967) 1,761,602 2039 2040 3.00% 1,434,414,005 40,358,122 - 2.53 3.37 5.90 8,463,043 - 8,463,043 - 3,623,944 838,450 913,825 3,077,700 8,453,919 9,124 1,770,726 2040 2041 3.00% 1,477,446,425 40,358,122 - 2.45 3.26 5.71 8,436,219 - 8,436,219 - 3,624,097 838,450 909,675 3,063,500 8,435,722 497 1,771,223 2041 2042 3.00% 1,521,769,818 40,358,122 - 2.38 3.15 5.53 8,415,387 - 8,415,387 - 3,625,950 838,450 905,425 3,045,650 8,415,475 (88) 1,771,135 2042 2043 3.00% 1,567,422,913 40,358,122 - 2.30 3.04 5.34 8,370,038 - 8,370,038 - 3,604,338 838,450 901,075 3,024,050 8,367,913 2,125 1,773,260 2043 2044 3.00% 1,614,445,600 40,358,122 - 1.62 3.50 5.12 8,265,961 - 8,265,961 - 2,617,556 1,717,300 930,838 2,998,600 8,264,294 1,667 1,774,927 2044 2045 3.00% 1,662,878,968 40,358,122 - 1.33 3.61 4.94 8,214,622 - 8,214,622 - 2,217,731 2,113,750 924,695 2,969,200 8,225,376 (10,754) 1,764,173 2045 2046 3.00% 1,712,765,337 40,358,122 - 1.29 3.50 4.79 8,204,146 - 8,204,146 - 2,200,913 2,097,050 957,478 2,935,750 8,191,191 12,955 1,777,128 2046 2047 3.00% 1,764,148,297 40,358,122 - 1.15 3.48 4.63 8,168,007 - 8,168,007 - 2,023,219 2,222,750 1,012,605 2,898,150 8,156,724 11,283 1,788,411 2047 2048 3.00% 1,817,072,746 40,358,122 - 0.81 3.66 4.47 8,122,315 - 8,122,315 - 1,465,900 2,630,250 1,161,923 2,856,300 8,114,373 7,942 1,796,353 2048 2049 3.00% 1,871,584,928 40,358,122 - 0.76 3.55 4.31 8,066,531 - 8,066,531 - 1,417,669 2,622,750 1,215,000 2,810,100 8,065,519 1,012 1,797,365 2049 2050 3.00% 1,927,732,476 40,358,122 - 0.68 3.48 4.16 8,019,367 - 8,019,367 - 1,310,500 2,707,750 1,234,875 2,759,450 8,012,575 6,792 1,804,157 2050 2051 3.00% 1,985,564,450 40,358,122 - 0.54 3.42 3.96 7,862,835 - 7,862,835 - 1,063,750 2,738,875 1,354,875 2,704,250 7,861,750 1,085 1,805,242 2051 2052 3.00% 2,045,131,384 40,358,122 - 0.50 2.94 3.44 7,035,252 - 7,035,252 - 1,021,250 2,070,000 1,296,750 2,645,500 7,033,500 1,752 1,806,994 2052 2053 3.00% 2,106,485,326 40,358,122 - - 2.97 2.97 6,256,261 - 6,256,261 - - 117,500 3,311,750 2,828,000 6,257,250 (989) 1,806,005 2053 2054 3.00% 2,169,679,886 40,358,122 - - 2.68 2.68 5,814,742 - 5,814,742 112,500 3,174,250 2,517,750 5,804,500 10,242 1,816,247 2054 2055 3.00% 2,234,770,283 40,358,122 - - 1.69 1.69 3,776,762 - 3,776,762 107,500 3,036,750 637,500 3,781,750 (4,988) 1,811,259 2055 2056 3.00% 2,301,813,391 40,358,122 - - 1.57 1.57 3,613,847 - 3,613,847 102,500 2,899,250 612,500 3,614,250 (403) 1,810,856 2056 2057 3.00% 2,370,867,793 40,358,122 - - 0.94 0.94 2,228,616 - 2,228,616 - 1,650,250 587,500 2,237,750 (9,134) 1,801,722 2057 2058 3.00% 2,441,993,827 40,358,122 - - 0.23 0.23 561,659 - 561,659 - - 562,500 562,500 (841) 1,800,881 2058 2059 3.00% 2,515,253,642 40,358,122 - - 0.21 0.21 528,203 - 528,203 - - 537,500 537,500 (9,297) 1,791,584 2059 2060 3.00% 2,590,711,251 40,358,122 - - 0.20 0.20 518,142 - 518,142 - - 512,500 512,500 5,642 1,797,226

Totals 1.78 80.33 98.82 180.93 $248,334,787 $71,837 $248,406,624 $1,534,850 $95,045,866 $39,481,418 $41,092,840 $70,911,102 $248,066,076

Bond Principal $20,250,000 $20,250,000 $47,250,000 $87,750,000

Interest $19,231,418 $20,842,840 $23,661,102 $63,735,360

Interest Rates 3.00% - 5.00% 3.00% - 5.00% 3.00% - 5.00%

Cost of Issuance Estimate 2026 2028 2030 Bond Counsel $42,500 $42,500 $78,000 Municipal Advisor 38,250 38,250 59,688 Qualification 8,000 8,000 13,400 Treasury Fee 1,000 1,000 1,000 Ratings 25,500 25,500 33,500 Printing OS 4,000 4,000 4,000 Paying Agent 500 500 500 MAC Fee 450 450 450 Notice of Sale 2,500 2,500 2,500 Election cost 15,000 - - Contingency - - - Totals $137,700 $122,700 $193,038

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

(Internal Use Only)

Existing Bonds Non-PPT Proposed Bonds

MASON PUBLIC SCHOOLS

COUNTY OF INGHAM, STATE OF MICHIGAN

ESTIMATED PROPOSED TOTAL MILLAGE STUDY - $87,750,000 - 0.98 MILL INCREASE

Debt Retirement Fund Existing

Revenues Bond Payments

Debt Personal Property PPT Non PPT Non PPT

Taxable Service Tax ("PPT") Bonds Bonds Bonds Total Total Value Year Growth Taxable Reimbursable Millage Millage Millage Millage Tax PPT Total PPT Non-PPT 2026 2028 2030 Annual Increase/ Dec. 1st Year Ending % Value Value Rate Rate Rate Rate Collections Reimbursements Revenues Payments Payments Bonds Bonds Bonds Payments (Decrease) Balance

$20,250,000 $20,250,000 $56,250,000

2022 2023 5.71% 802,488,558 40,358,122 0.92 4.76 - 5.68 $4,558,135 $37,129 $4,595,264 $773,600 $3,618,913 $0 $0 $0 $4,392,513 $1,659,429 2023 2024 5.26% 846,826,125 40,358,122 0.86 4.82 - 5.68 4,809,972 34,708 4,844,680 761,250 4,106,321 - - - 4,867,571 ($22,891) 1,636,538 2024 2025 4.12% 881,715,361 40,358,122 - 5.68 - 5.68 5,008,143 - 5,008,143 - 4,983,188 - - - 4,983,188 24,955 1,661,493 2025 2026 4.12% 918,042,034 40,358,122 - 5.68 - 5.68 5,214,479 - 5,214,479 - 5,121,813 - - - 5,121,813 92,666 1,754,159 2026 2027 4.12% 955,865,366 40,358,122 - 3.91 3.09 7.00 6,691,058 - 6,691,058 - 3,734,938 2,949,039 - - 6,683,977 7,081 1,761,240 2027 2028 4.12% 995,247,019 40,358,122 - 3.73 3.27 7.00 6,966,729 - 6,966,729 - 3,708,063 3,250,305 - - 6,958,368 8,361 1,769,601 2028 2029 4.12% 1,036,251,196 40,358,122 - 3.55 3.45 7.00 7,253,758 - 7,253,758 - 3,676,388 802,950 2,774,989 - 7,254,327 (569) 1,769,032 2029 2030 3.00% 1,067,338,732 40,358,122 - 3.42 3.58 7.00 7,471,371 - 7,471,371 - 3,649,938 802,950 3,021,443 - 7,474,331 (2,960) 1,766,072 2030 2031 3.00% 1,099,358,894 40,358,122 - 3.31 3.69 7.00 7,695,512 - 7,695,512 - 3,638,438 802,950 802,575 2,453,997 7,697,960 (2,448) 1,763,624 2031 2032 3.00% 1,132,339,661 40,358,122 - 3.20 3.80 7.00 7,926,378 - 7,926,378 - 3,624,063 802,950 900,925 2,594,165 7,922,103 4,275 1,767,899 2032 2033 3.00% 1,166,309,851 40,358,122 - 3.11 3.89 7.00 8,164,169 - 8,164,169 - 3,623,788 802,950 897,575 2,834,375 8,158,688 5,481 1,773,380 2033 2034 3.00% 1,201,299,147 40,358,122 - 3.01 3.99 7.00 8,409,094 - 8,409,094 - 3,621,475 802,950 894,125 3,095,335 8,413,885 (4,791) 1,768,589 2034 2035 3.00% 1,237,338,121 40,358,122 - 2.93 4.07 7.00 8,661,367 - 8,661,367 - 3,621,338 802,950 890,575 3,341,095 8,655,958 5,409 1,773,998 2035 2036 3.00% 1,274,458,265 40,358,122 - 2.84 4.16 7.00 8,921,208 - 8,921,208 - 3,622,925 802,950 886,925 3,610,563 8,923,363 (2,155) 1,771,843 2036 2037 3.00% 1,312,692,013 40,358,122 - 2.76 4.01 6.77 8,886,925 - 8,886,925 - 3,626,375 802,950 883,175 3,582,750 8,895,250 (8,325) 1,763,518 2037 2038 3.00% 1,352,072,773 40,358,122 - 2.68 3.89 6.57 8,883,118 - 8,883,118 - 3,626,572 802,950 879,325 3,577,075 8,885,922 (2,804) 1,760,714 2038 2039 3.00% 1,392,634,956 40,358,122 - 2.60 3.77 6.37 8,871,085 - 8,871,085 - 3,624,513 802,950 875,375 3,568,000 8,870,838 247 1,760,961 2039 2040 3.00% 1,434,414,005 40,358,122 - 2.53 3.65 6.18 8,864,679 - 8,864,679 - 3,623,944 802,950 871,325 3,555,425 8,853,644 11,035 1,771,996 2040 2041 3.00% 1,477,446,425 40,358,122 - 2.45 3.53 5.98 8,835,130 - 8,835,130 - 3,624,097 802,950 867,175 3,539,250 8,833,472 1,658 1,773,654 2041 2042 3.00% 1,521,769,818 40,358,122 - 2.38 3.41 5.79 8,811,047 - 8,811,047 - 3,625,950 802,950 862,925 3,519,375 8,811,200 (153) 1,773,501 2042 2043 3.00% 1,567,422,913 40,358,122 - 2.30 3.29 5.59 8,761,894 - 8,761,894 - 3,604,338 802,950 858,575 3,495,700 8,761,563 331 1,773,832 2043 2044 3.00% 1,614,445,600 40,358,122 - 1.62 3.74 5.36 8,653,428 - 8,653,428 - 2,617,556 1,681,800 888,338 3,468,125 8,655,819 (2,391) 1,771,441 2044 2045 3.00% 1,662,878,968 40,358,122 - 1.33 3.85 5.18 8,613,713 - 8,613,713 - 2,217,731 2,078,250 882,195 3,436,550 8,614,726 (1,013) 1,770,428 2045 2046 3.00% 1,712,765,337 40,358,122 - 1.29 3.72 5.01 8,580,954 - 8,580,954 - 2,200,913 2,061,550 914,978 3,400,875 8,578,316 2,638 1,773,066 2046 2047 3.00% 1,764,148,297 40,358,122 - 1.15 3.69 4.84 8,538,478 - 8,538,478 - 2,023,219 2,187,250 970,105 3,361,000 8,541,574 (3,096) 1,769,970 2047 2048 3.00% 1,817,072,746 40,358,122 - 0.81 3.87 4.68 8,503,900 - 8,503,900 - 1,465,900 2,594,750 1,119,423 3,316,825 8,496,898 7,002 1,776,972 2048 2049 3.00% 1,871,584,928 40,358,122 - 0.76 3.76 4.52 8,459,564 - 8,459,564 - 1,417,669 2,587,250 1,172,500 3,268,250 8,445,669 13,895 1,790,867 2049 2050 3.00% 1,927,732,476 40,358,122 - 0.68 3.67 4.35 8,385,636 - 8,385,636 - 1,310,500 2,672,250 1,192,375 3,215,175 8,390,300 (4,664) 1,786,203 2050 2051 3.00% 1,985,564,450 40,358,122 - 0.54 3.61 4.15 8,240,092 - 8,240,092 - 1,063,750 2,703,375 1,312,375 3,157,500 8,237,000 3,092 1,789,295 2051 2052 3.00% 2,045,131,384 40,358,122 - 0.50 2.95 3.45 7,055,703 - 7,055,703 - 1,021,250 1,342,250 1,595,500 3,096,250 7,055,250 453 1,789,748 2052 2053 3.00% 2,106,485,326 40,358,122 - - 3.09 3.09 6,509,040 - 6,509,040 - - 117,500 3,251,750 3,130,000 6,499,250 9,790 1,799,538 2053 2054 3.00% 2,169,679,886 40,358,122 - - 2.69 2.69 5,836,439 - 5,836,439 112,500 3,114,250 2,620,000 5,846,750 (10,311) 1,789,227 2054 2055 3.00% 2,234,770,283 40,358,122 - - 2.51 2.51 5,609,273 - 5,609,273 107,500 2,976,750 2,520,000 5,604,250 5,023 1,794,250 2055 2056 3.00% 2,301,813,391 40,358,122 - - 2.29 2.29 5,271,153 - 5,271,153 102,500 2,751,500 2,420,000 5,274,000 (2,847) 1,791,403 2056 2057 3.00% 2,370,867,793 40,358,122 - - 1.19 1.19 2,821,333 - 2,821,333 - 512,500 2,320,000 2,832,500 (11,167) 1,780,236 2057 2058 3.00% 2,441,993,827 40,358,122 - - 0.91 0.91 2,222,214 - 2,222,214 - - 2,220,000 2,220,000 2,214 1,782,450 2058 2059 3.00% 2,515,253,642 40,358,122 - - 0.80 0.80 2,012,203 - 2,012,203 - - 2,022,500 2,022,500 (10,297) 1,772,153 2059 2060 3.00% 2,590,711,251 40,358,122 - - 0.59 0.59 1,528,520 - 1,528,520 - - 1,537,500 1,537,500 (8,980) 1,763,173

Totals 1.78 80.33 109.47 191.58 $266,506,894 $71,837 $266,578,731 $1,534,850 $95,045,866 $38,592,319 $39,821,546 $91,277,655 $266,272,236

Bond Principal $20,250,000 $20,250,000 $56,250,000 $96,750,000

Interest $18,342,319 $19,571,546 $35,027,655 $72,941,520

Interest Rates 3.00% - 5.00% 3.00% - 5.00% 3.10% - 5.00%

Cost of Issuance Estimate 2026 2028 2030 Bond Counsel $42,500 $42,500 $88,000 Municipal Advisor 38,250 38,250 66,438 Qualification 8,000 8,000 15,200 Treasury Fee 1,000 1,000 1,000 Ratings 25,500 25,500 44,500 Printing OS 4,000 4,000 4,000 Paying Agent 500 500 500 MAC Fee 450 450 450 Notice of Sale 2,500 2,500 2,500 Election cost 15,000 - - Contingency - - - Totals $137,700 $122,700 $222,588

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

(Internal Use Only)

Existing Bonds Non-PPT Proposed Bonds

MASON PUBLIC SCHOOLS

COUNTY OF INGHAM, STATE OF MICHIGAN

ESTIMATED PROPOSED TOTAL MILLAGE STUDY - $96,750,000 - 1.32 MILL INCREASE

Debt Retirement Fund

Debt Personal Property PPT Non PPT Non PPT

Taxable Service Tax ("PPT") Bonds Bonds Bonds Total Total Value Year Growth Taxable Reimbursable Millage Millage Millage Millage Tax PPT Total PPT Non-PPT 2026 2028 2030 Annual Increase/ Dec. 1st Year Ending % Value Value Rate Rate Rate Rate Collections Reimbursements Revenues Payments Payments Bonds Bonds Bonds Payments (Decrease) Balance

$20,250,000 $20,250,000 $68,750,000

2022 2023 5.71% 802,488,558 40,358,122 0.92 4.76 - 5.68 $4,558,135 $37,129 $4,595,264 $773,600 $3,618,913 $0 $0 $0 $4,392,513 $1,659,429 2023 2024 5.26% 846,826,125 40,358,122 0.86 4.82 - 5.68 4,809,972 34,708 4,844,680 761,250 4,106,321 - - - 4,867,571 ($22,891) 1,636,538 2024 2025 4.12% 881,715,361 40,358,122 - 5.68 - 5.68 5,008,143 - 5,008,143 - 4,983,188 - - - 4,983,188 24,955 1,661,493 2025 2026 4.12% 918,042,034 40,358,122 - 5.68 - 5.68 5,214,479 - 5,214,479 - 5,121,813 - - - 5,121,813 92,666 1,754,159 2026 2027 4.12% 955,865,366 40,358,122 - 3.91 3.59 7.50 7,168,990 - 7,168,990 - 3,734,938 3,431,491 - - 7,166,429 2,561 1,756,720 2027 2028 4.12% 995,247,019 40,358,122 - 3.73 3.77 7.50 7,464,353 - 7,464,353 - 3,708,063 3,750,503 - - 7,458,566 5,787 1,762,507 2028 2029 4.12% 1,036,251,196 40,358,122 - 3.55 3.95 7.50 7,771,884 - 7,771,884 - 3,676,388 749,700 3,346,336 - 7,772,424 (540) 1,761,967 2029 2030 3.00% 1,067,338,732 40,358,122 - 3.42 4.08 7.50 8,005,040 - 8,005,040 - 3,649,938 749,700 3,608,863 - 8,008,501 (3,461) 1,758,506 2030 2031 3.00% 1,099,358,894 40,358,122 - 3.31 4.19 7.50 8,245,192 - 8,245,192 - 3,638,438 749,700 740,075 3,115,633 8,243,846 1,346 1,759,852 2031 2032 3.00% 1,132,339,661 40,358,122 - 3.20 4.30 7.50 8,492,547 - 8,492,547 - 3,624,063 749,700 838,425 3,277,895 8,490,083 2,464 1,762,316 2032 2033 3.00% 1,166,309,851 40,358,122 - 3.11 4.39 7.50 8,747,324 - 8,747,324 - 3,623,788 749,700 835,075 3,530,030 8,738,593 8,731 1,771,047 2033 2034 3.00% 1,201,299,147 40,358,122 - 3.01 4.49 7.50 9,009,744 - 9,009,744 - 3,621,475 749,700 831,625 3,807,248 9,010,048 (304) 1,770,743 2034 2035 3.00% 1,237,338,121 40,358,122 - 2.93 4.57 7.50 9,280,036 - 9,280,036 - 3,621,338 749,700 828,075 4,073,395 9,272,508 7,528 1,778,271 2035 2036 3.00% 1,274,458,265 40,358,122 - 2.84 4.66 7.50 9,558,437 - 9,558,437 - 3,622,925 749,700 824,425 4,362,250 9,559,300 (863) 1,777,408 2036 2037 3.00% 1,312,692,013 40,358,122 - 2.76 4.49 7.25 9,517,017 - 9,517,017 - 3,626,375 749,700 820,675 4,328,225 9,524,975 (7,958) 1,769,450 2037 2038 3.00% 1,352,072,773 40,358,122 - 2.68 4.35 7.03 9,505,072 - 9,505,072 - 3,626,572 749,700 816,825 4,316,163 9,509,260 (4,188) 1,765,262 2038 2039 3.00% 1,392,634,956 40,358,122 - 2.60 4.21 6.81 9,483,844 - 9,483,844 - 3,624,513 749,700 812,875 4,300,525 9,487,613 (3,769) 1,761,493 2039 2040 3.00% 1,434,414,005 40,358,122 - 2.53 4.07 6.60 9,467,132 - 9,467,132 - 3,623,944 749,700 808,825 4,281,213 9,463,682 3,450 1,764,943 2040 2041 3.00% 1,477,446,425 40,358,122 - 2.45 3.93 6.38 9,426,108 - 9,426,108 - 3,624,097 749,700 804,675 4,258,125 9,436,597 (10,489) 1,754,454 2041 2042 3.00% 1,521,769,818 40,358,122 - 2.38 3.80 6.18 9,404,537 - 9,404,537 - 3,625,950 749,700 800,425 4,231,163 9,407,238 (2,701) 1,751,753 2042 2043 3.00% 1,567,422,913 40,358,122 - 2.30 3.67 5.97 9,357,515 - 9,357,515 - 3,604,338 749,700 796,075 4,200,225 9,350,338 7,177 1,758,930 2043 2044 3.00% 1,614,445,600 40,358,122 - 1.62 4.10 5.72 9,234,629 - 9,234,629 - 2,617,556 1,628,550 825,838 4,165,213 9,237,157 (2,528) 1,756,402 2044 2045 3.00% 1,662,878,968 40,358,122 - 1.33 4.19 5.52 9,179,092 - 9,179,092 - 2,217,731 2,025,000 819,695 4,126,025 9,188,451 (9,359) 1,747,043 2045 2046 3.00% 1,712,765,337 40,358,122 - 1.29 4.05 5.34 9,146,167 - 9,146,167 - 2,200,913 2,008,300 852,478 4,082,563 9,144,254 1,913 1,748,956 2046 2047 3.00% 1,764,148,297 40,358,122 - 1.15 4.01 5.16 9,103,005 - 9,103,005 - 2,023,219 2,134,000 907,605 4,034,725 9,099,549 3,456 1,752,412 2047 2048 3.00% 1,817,072,746 40,358,122 - 0.81 4.17 4.98 9,049,022 - 9,049,022 - 1,465,900 2,541,500 1,056,923 3,982,413 9,046,736 2,286 1,754,698 2048 2049 3.00% 1,871,584,928 40,358,122 - 0.76 4.04 4.80 8,983,608 - 8,983,608 - 1,417,669 2,534,000 1,110,000 3,925,525 8,987,194 (3,586) 1,751,112 2049 2050 3.00% 1,927,732,476 40,358,122 - 0.68 3.95 4.63 8,925,401 - 8,925,401 - 1,310,500 2,619,000 1,129,875 3,863,963 8,923,338 2,063 1,753,175 2050 2051 3.00% 1,985,564,450 40,358,122 - 0.54 3.88 4.42 8,776,195 - 8,776,195 - 1,063,750 2,650,125 1,249,875 3,797,625 8,761,375 14,820 1,767,995 2051 2052 3.00% 2,045,131,384 40,358,122 - 0.50 3.68 4.18 8,548,649 - 8,548,649 - 1,021,250 250,625 2,995,500 4,288,250 8,555,625 (6,976) 1,761,019 2052 2053 3.00% 2,106,485,326 40,358,122 - - 3.38 3.38 7,119,920 - 7,119,920 - - 117,500 2,870,500 4,138,250 7,126,250 (6,330) 1,754,689 2053 2054 3.00% 2,169,679,886 40,358,122 - - 2.82 2.82 6,118,497 - 6,118,497 112,500 2,745,500 3,257,000 6,115,000 3,497 1,758,186 2054 2055 3.00% 2,234,770,283 40,358,122 - - 2.63 2.63 5,877,446 - 5,877,446 107,500 2,620,500 3,144,500 5,872,500 4,946 1,763,132 2055 2056 3.00% 2,301,813,391 40,358,122 - - 2.41 2.41 5,547,370 - 5,547,370 102,500 701,500 4,738,250 5,542,250 5,120 1,768,252 2056 2057 3.00% 2,370,867,793 40,358,122 - - 2.23 2.23 5,287,035 - 5,287,035 - 512,500 4,782,000 5,294,500 (7,465) 1,760,787 2057 2058 3.00% 2,441,993,827 40,358,122 - - 2.17 2.17 5,299,127 - 5,299,127 - - 5,300,750 5,300,750 (1,623) 1,759,164 2058 2059 3.00% 2,515,253,642 40,358,122 - - 1.23 1.23 3,093,762 - 3,093,762 - - 3,100,750 3,100,750 (6,988) 1,752,176 2059 2060 3.00% 2,590,711,251 40,358,122 - - 0.20 0.20 518,142 - 518,142 - - 527,875 527,875 (9,733) 1,742,443

Totals 1.78 80.33 123.65 205.76 $289,302,568 $71,837 $289,374,405 $1,534,850 $95,045,866 $37,258,594 $37,911,563 $117,337,767 $289,088,640

Bond Principal $20,250,000 $20,250,000 $68,750,000 $109,250,000

Interest $17,008,594 $17,661,563 $48,587,767 $83,257,924

Interest Rates 3.00% - 5.00% 3.00% - 5.00% 3.00% - 5.00%

Cost of Issuance Estimate 2026 2028 2030 Bond Counsel $42,500 $42,500 $100,000 Municipal Advisor 38,250 38,250 75,813 Qualification 8,000 8,000 17,600 Treasury Fee 1,000 1,000 1,000 Ratings 25,500 25,500 44,500 Printing OS 4,000 4,000 4,000 Paying Agent 500 500 500 MAC Fee 450 450 450 Notice of Sale 2,500 2,500 2,500 Election cost 15,000 - - Contingency - - - Totals $137,700 $122,700 $246,363

MASON PUBLIC SCHOOLS

COUNTY OF INGHAM, STATE OF MICHIGAN

ESTIMATED PROPOSED TOTAL MILLAGE STUDY - $109,250,000 - 1.82 MILL INCREASE

Debt Retirement Fund Existing

Revenues Bond Payments

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

(Internal Use Only)

Existing Bonds Non-PPT Proposed Bonds

Debt Personal Property PPT Non PPT Non PPT

Taxable Service Tax ("PPT") Bonds Bonds Bonds Total Total Value Year Growth Taxable Reimbursable Millage Millage Millage Millage Tax PPT Total PPT Non-PPT 2026 2028 2030 Annual Increase/ Dec. 1st Year Ending % Value Value Rate Rate Rate Rate Collections Reimbursements Revenues Payments Payments Bonds Bonds Bonds Payments (Decrease) Balance

$20,250,000 $20,250,000 $81,750,000

2022 2023 5.71% 802,488,558 40,358,122 0.92 4.76 - 5.68 $4,558,135 $37,129 $4,595,264 $773,600 $3,618,913 $0 $0 $0 $4,392,513 $1,659,429 2023 2024 5.26% 846,826,125 40,358,122 0.86 4.82 - 5.68 4,809,972 34,708 4,844,680 761,250 4,106,321 - - - 4,867,571 ($22,891) 1,636,538 2024 2025 4.12% 881,715,361 40,358,122 - 5.68 - 5.68 5,008,143 - 5,008,143 - 4,983,188 - - - 4,983,188 24,955 1,661,493 2025 2026 4.12% 918,042,034 40,358,122 - 5.68 - 5.68 5,214,479 - 5,214,479 - 5,121,813 - - - 5,121,813 92,666 1,754,159 2026 2027 4.12% 955,865,366 40,358,122 - 3.91 4.09 8.00 7,646,923 - 7,646,923 - 3,734,938 3,909,160 - - 7,644,098 2,825 1,756,984 2027 2028 4.12% 995,247,019 40,358,122 - 3.73 4.27 8.00 7,961,976 - 7,961,976 - 3,708,063 4,250,950 - - 7,959,013 2,963 1,759,947 2028 2029 4.12% 1,036,251,196 40,358,122 - 3.55 4.45 8.00 8,290,010 - 8,290,010 - 3,676,388 696,700 3,912,995 - 8,286,083 3,927 1,763,874 2029 2030 3.00% 1,067,338,732 40,358,122 - 3.42 4.58 8.00 8,538,710 - 8,538,710 - 3,649,938 696,700 4,191,705 - 8,538,343 367 1,764,241 2030 2031 3.00% 1,099,358,894 40,358,122 - 3.31 4.69 8.00 8,794,871 - 8,794,871 - 3,638,438 696,700 678,075 3,783,684 8,796,897 (2,026) 1,762,215 2031 2032 3.00% 1,132,339,661 40,358,122 - 3.20 4.80 8.00 9,058,717 - 9,058,717 - 3,624,063 696,700 776,425 3,956,735 9,053,923 4,794 1,767,009 2032 2033 3.00% 1,166,309,851 40,358,122 - 3.11 4.89 8.00 9,330,479 - 9,330,479 - 3,623,788 696,700 773,075 4,236,500 9,330,063 416 1,767,425 2033 2034 3.00% 1,201,299,147 40,358,122 - 3.01 4.99 8.00 9,610,393 - 9,610,393 - 3,621,475 696,700 769,625 4,525,545 9,613,345 (2,952) 1,764,473 2034 2035 3.00% 1,237,338,121 40,358,122 - 2.93 5.07 8.00 9,898,705 - 9,898,705 - 3,621,338 696,700 766,075 4,807,835 9,891,948 6,757 1,771,230 2035 2036 3.00% 1,274,458,265 40,358,122 - 2.84 5.16 8.00 10,195,666 - 10,195,666 - 3,622,925 696,700 762,425 5,112,028 10,194,078 1,588 1,772,818 2036 2037 3.00% 1,312,692,013 40,358,122 - 2.76 4.98 7.74 10,160,236 - 10,160,236 - 3,626,375 696,700 758,675 5,077,765 10,159,515 721 1,773,539 2037 2038 3.00% 1,352,072,773 40,358,122 - 2.68 4.82 7.50 10,140,546 - 10,140,546 - 3,626,572 696,700 754,825 5,060,228 10,138,325 2,221 1,775,760 2038 2039 3.00% 1,392,634,956 40,358,122 - 2.60 4.66 7.26 10,110,530 - 10,110,530 - 3,624,513 696,700 750,875 5,043,870 10,115,958 (5,428) 1,770,332 2039 2040 3.00% 1,434,414,005 40,358,122 - 2.53 4.52 7.05 10,112,619 - 10,112,619 - 3,623,944 696,700 746,825 5,038,200 10,105,669 6,950 1,777,282 2040 2041 3.00% 1,477,446,425 40,358,122 - 2.45 4.38 6.83 10,090,959 - 10,090,959 - 3,624,097 696,700 742,675 5,032,700 10,096,172 (5,213) 1,772,069 2041 2042 3.00% 1,521,769,818 40,358,122 - 2.38 4.24 6.62 10,074,116 - 10,074,116 - 3,625,950 696,700 738,425 5,022,125 10,083,200 (9,084) 1,762,985 2042 2043 3.00% 1,567,422,913 40,358,122 - 2.30 4.12 6.42 10,062,855 - 10,062,855 - 3,604,338 696,700 734,075 5,030,800 10,065,913 (3,058) 1,759,927 2043 2044 3.00% 1,614,445,600 40,358,122 - 1.62 4.54 6.16 9,944,985 - 9,944,985 - 2,617,556 1,575,550 763,838 4,984,100 9,941,044 3,941 1,763,868 2044 2045 3.00% 1,662,878,968 40,358,122 - 1.33 4.61 5.94 9,877,501 - 9,877,501 - 2,217,731 1,972,000 757,695 4,932,950 9,880,376 (2,875) 1,760,993 2045 2046 3.00% 1,712,765,337 40,358,122 - 1.29 4.45 5.74 9,831,273 - 9,831,273 - 2,200,913 1,955,300 790,478 4,877,250 9,823,941 7,332 1,768,325 2046 2047 3.00% 1,764,148,297 40,358,122 - 1.15 4.39 5.54 9,773,382 - 9,773,382 - 2,023,219 2,081,000 845,605 4,816,900 9,766,724 6,658 1,774,983 2047 2048 3.00% 1,817,072,746 40,358,122 - 0.81 4.53 5.34 9,703,168 - 9,703,168 - 1,465,900 2,488,500 994,923 4,751,800 9,701,123 2,045 1,777,028 2048 2049 3.00% 1,871,584,928 40,358,122 - 0.76 4.39 5.15 9,638,662 - 9,638,662 - 1,417,669 2,481,000 1,048,000 4,681,850 9,628,519 10,143 1,787,171 2049 2050 3.00% 1,927,732,476 40,358,122 - 0.68 4.27 4.95 9,542,276 - 9,542,276 - 1,310,500 2,566,000 1,067,875 4,606,950 9,551,325 (9,049) 1,778,122 2050 2051 3.00% 1,985,564,450 40,358,122 - 0.54 4.27 4.81 9,550,565 - 9,550,565 - 1,063,750 1,685,500 1,187,875 5,599,500 9,536,625 13,940 1,792,062 2051 2052 3.00% 2,045,131,384 40,358,122 - 0.50 4.02 4.52 9,243,994 - 9,243,994 - 1,021,250 122,500 2,689,750 5,412,000 9,245,500 (1,506) 1,790,556 2052 2053 3.00% 2,106,485,326 40,358,122 - - 4.22 4.22 8,889,368 - 8,889,368 - - 117,500 2,821,000 5,955,750 8,894,250 (4,882) 1,785,674 2053 2054 3.00% 2,169,679,886 40,358,122 - - 4.01 4.01 8,700,416 - 8,700,416 112,500 2,374,250 6,218,250 8,705,000 (4,584) 1,781,090 2054 2055 3.00% 2,234,770,283 40,358,122 - - 3.88 3.88 8,670,909 - 8,670,909 107,500 2,100,000 6,455,750 8,663,250 7,659 1,788,749 2055 2056 3.00% 2,301,813,391 40,358,122 - - 2.96 2.96 6,813,368 - 6,813,368 102,500 537,500 6,180,750 6,820,750 (7,382) 1,781,367 2056 2057 3.00% 2,370,867,793 40,358,122 - - 2.50 2.50 5,927,169 - 5,927,169 - 512,500 5,418,250 5,930,750 (3,581) 1,777,786 2057 2058 3.00% 2,441,993,827 40,358,122 - - 2.06 2.06 5,030,507 - 5,030,507 - - 5,036,625 5,036,625 (6,118) 1,771,668 2058 2059 3.00% 2,515,253,642 40,358,122 - - 0.21 0.21 528,203 - 528,203 - - 537,500 537,500 (9,297) 1,762,371 2059 2060 3.00% 2,590,711,251 40,358,122 - - 0.20 0.20 518,142 - 518,142 - - 512,500 512,500 5,642 1,768,013

Totals 1.78 80.33 138.22 220.33 $311,852,928 $71,837 $311,924,765 $1,534,850 $95,045,866 $35,977,960 $36,348,064 $142,706,690 $311,613,430

Bond Principal $20,250,000 $20,250,000 $81,750,000 $122,250,000

Interest $15,727,960 $16,098,064 $60,956,690 $92,782,714

Interest Rates 3.00% - 5.00% 3.00% - 5.00% 3.00% - 5.00%

Cost of Issuance Estimate 2026 2028 2030 Bond Counsel $42,500 $35,000 $112,000 Municipal Advisor 38,250 38,250 85,563 Qualification 8,000 8,000 20,200 Treasury Fee 1,000 1,000 1,000 Ratings 25,500 25,500 61,500 Printing OS 4,000 4,000 4,000 Paying Agent 500 500 500 MAC Fee 450 450 450 Notice of Sale 2,500 2,500 2,500 Election cost 15,000 - - Contingency - - - Totals $137,700 $115,200 $287,713

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

(Internal Use Only)

Existing Bonds Non-PPT Proposed Bonds

MASON PUBLIC SCHOOLS

COUNTY OF INGHAM, STATE OF MICHIGAN

ESTIMATED PROPOSED TOTAL MILLAGE STUDY - $122,250,000 - 2.32 MILL INCREASE

Debt Retirement Fund

Debt Personal Property PPT Non PPT Taxable Service Tax ("PPT") Bonds Bonds Total Total Value Year Growth Taxable Reimbursable Millage Millage Millage Tax PPT Total PPT Non PPT Annual Increase/ Dec. 1st Year Ending % Value Value Rate Rate Rate Collections Reimbursements Revenues Payments Payments Payments (Decrease) Balance

2022 2023 5.71% 802,488,558 40,358,122 0.92 4.76 5.68 $4,558,135 $37,129 $4,595,264 $773,600 $3,618,913 $4,392,513 $1,659,429 2023 2024 5.26% 846,826,125 40,358,122 0.86 4.82 5.68 4,809,972 34,708 4,844,680 761,250 4,106,321 4,867,571 ($22,891) 1,636,538 2024 2025 4.12% 881,715,361 40,358,122 - 5.68 5.68 5,008,143 - 5,008,143 - 4,983,188 4,983,188 24,955 1,661,493 2025 2026 4.12% 918,042,034 40,358,122 - 5.68 5.68 5,214,479 - 5,214,479 - 5,121,813 5,121,813 92,666 1,754,159 2026 2027 4.12% 955,865,366 40,358,122 - 3.91 3.91 3,737,434 - 3,737,434 - 3,734,938 3,734,938 2,496 1,756,655 2027 2028 4.12% 995,247,019 40,358,122 - 3.73 3.73 3,712,271 - 3,712,271 - 3,708,063 3,708,063 4,208 1,760,863 2028 2029 4.12% 1,036,251,196 40,358,122 - 3.55 3.55 3,678,692 - 3,678,692 - 3,676,388 3,676,388 2,304 1,763,167 2029 2030 3.00% 1,067,338,732 40,358,122 - 3.42 3.42 3,650,298 - 3,650,298 - 3,649,938 3,649,938 360 1,763,527 2030 2031 3.00% 1,099,358,894 40,358,122 - 3.31 3.31 3,638,878 - 3,638,878 - 3,638,438 3,638,438 440 1,763,967 2031 2032 3.00% 1,132,339,661 40,358,122 - 3.20 3.20 3,623,487 - 3,623,487 - 3,624,063 3,624,063 (576) 1,763,391 2032 2033 3.00% 1,166,309,851 40,358,122 - 3.11 3.11 3,627,224 - 3,627,224 - 3,623,788 3,623,788 3,436 1,766,827 2033 2034 3.00% 1,201,299,147 40,358,122 - 3.01 3.01 3,615,910 - 3,615,910 - 3,621,475 3,621,475 (5,565) 1,761,262 2034 2035 3.00% 1,237,338,121 40,358,122 - 2.93 2.93 3,625,401 - 3,625,401 - 3,621,338 3,621,338 4,063 1,765,325 2035 2036 3.00% 1,274,458,265 40,358,122 - 2.84 2.84 3,619,461 - 3,619,461 - 3,622,925 3,622,925 (3,464) 1,761,861 2036 2037 3.00% 1,312,692,013 40,358,122 - 2.76 2.76 3,623,030 - 3,623,030 - 3,626,375 3,626,375 (3,345) 1,758,516 2037 2038 3.00% 1,352,072,773 40,358,122 - 2.68 2.68 3,623,555 - 3,623,555 - 3,626,572 3,626,572 (3,017) 1,755,499 2038 2039 3.00% 1,392,634,956 40,358,122 - 2.60 2.60 3,620,851 - 3,620,851 - 3,624,513 3,624,513 (3,662) 1,751,837 2039 2040 3.00% 1,434,414,005 40,358,122 - 2.53 2.53 3,629,067 - 3,629,067 - 3,623,944 3,623,944 5,123 1,756,960 2040 2041 3.00% 1,477,446,425 40,358,122 - 2.45 2.45 3,619,744 - 3,619,744 - 3,624,097 3,624,097 (4,353) 1,752,607 2041 2042 3.00% 1,521,769,818 40,358,122 - 2.38 2.38 3,621,812 - 3,621,812 - 3,625,950 3,625,950 (4,138) 1,748,469 2042 2043 3.00% 1,567,422,913 40,358,122 - 2.30 2.30 3,605,073 - 3,605,073 - 3,604,338 3,604,338 735 1,749,204 2043 2044 3.00% 1,614,445,600 40,358,122 - 1.62 1.62 2,615,402 - 2,615,402 - 2,617,556 2,617,556 (2,154) 1,747,050 2044 2045 3.00% 1,662,878,968 40,358,122 - 1.33 1.33 2,211,629 - 2,211,629 - 2,217,731 2,217,731 (6,102) 1,740,948 2045 2046 3.00% 1,712,765,337 40,358,122 - 1.29 1.29 2,209,467 - 2,209,467 - 2,200,913 2,200,913 8,554 1,749,502 2046 2047 3.00% 1,764,148,297 40,358,122 - 1.15 1.15 2,028,771 - 2,028,771 - 2,023,219 2,023,219 5,552 1,755,054 2047 2048 3.00% 1,817,072,746 40,358,122 - 0.81 0.81 1,471,829 - 1,471,829 - 1,465,900 1,465,900 5,929 1,760,983 2048 2049 3.00% 1,871,584,928 40,358,122 - 0.76 0.76 1,422,405 - 1,422,405 - 1,417,669 1,417,669 4,736 1,765,719 2049 2050 3.00% 1,927,732,476 40,358,122 - 0.68 0.68 1,310,858 - 1,310,858 - 1,310,500 1,310,500 358 1,766,077 2050 2051 3.00% 1,985,564,450 40,358,122 - 0.54 0.54 1,072,205 - 1,072,205 - 1,063,750 1,063,750 8,455 1,774,532 2051 2052 3.00% 2,045,131,384 40,358,122 - 0.50 0.50 1,022,566 - 1,022,566 - 1,021,250 1,021,250 1,316 1,775,848

Totals 1.78 80.33 82.11 $96,828,049 $71,837 $96,899,886 $1,534,850 $95,045,866 $96,580,716

(Internal Use Only)

(Subject to the attached letter dated October 20, 2023) (Preliminary - Subject to Change)

Debt Retirement Fund

MASON PUBLIC SCHOOLS

COUNTY OF INGHAM, STATE OF MICHIGAN

ESTIMATED EXISTING BONDS MILLAGE STUDY