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«OFFICIAL STATEMENT DATED JUNE 20, 2013 NEW ISSUE NOT RATED In the opinion of Bond Counsel, interest on the Bonds will be excludable from gross income ...»

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This property is located adjacent to other RR ISD land and provides an additional ingress/egress to that area. The portion of the property located within the city of Austin was subsequently rezoned to GR-CO. RR ISD plans to utilize the portion along RR 620/SH 45 as a transportation facility. At the time of sale this property was assessed as part of tax IDs: R329313, R324294, R324293 and R324296. However, after annexation the property was given tax IDs: R509273, R509276, R509275, R511425, R509280, R509281, R509277, R509278, and R509277.

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Legal Description

32.38 acres in the S. Damon Survey, Abstract 170, in Williamson County, Texas, being a portion of an 80 acre tract described in Volume 550, Page 147 of the Deed Records of Williamson County, Texas, conveyed in a Warranty Deed to Wilson Land and Cattle Company dated December 1,977, and recorded in Volume 693, Page 293 of the Deed Records of Williamson County, Texas.

Remarks Milestone Community Builders purchased this tract on the north side of Brushy Creek just west of Parmer Lane for the development of The Reserve at Brushy Creek. Milestone is both the developer and the home builder. As of February 2012, Phase 1 was completed with 41 residential lots and home building had begun. Also completed was a 3.23-acre detention pond that will serve the development.

Phase 2 was to be started within a few months and will contain 65 residential lots. Remaining are two commercial tracts containing 4.75 and 4.38 acres on Brushy Creek.

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Legal Description

96.115 acres out of the John Cooper Survey No. 13, A-100, the Jesse Day Survey No. 162, A-152, and the Jesse Day Survey No. 159, Hays County, TX.

Remarks The site is located in a residential area and is to be developed with a branch of Austin Community College known as the North Hays Campus, set to open in the Fall of 2013. The east boundary is formed by a rail line with vacant land to the east of the rail line, a residential subdivision with minimal development and a banking facility to the west, multifamily and retail to the south, and agricultural land to the north. The site is within the Plum Creek Conservation District and the Plum Creek Underground Water District. The site was zoned PUD (Planned Unit Development) at the time of sale.

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Lennar plans to develop 385 home sites, about 3.6 homes per acre, typical of single family detached developments in the Austin market. The table below summarizes the transactions that are most comparable to the subject.

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Conditions of Sale/Financing The sales reflected cash-to-seller transactions or those where the financing terms were reported to be at market. As such, no adjustments for cash equivalency were necessary.

In analyzing and comparing the market data to the subject property, each comparable was adjusted for dissimilar characteristics. Adjustments were applied as follows.

Conditions of Sale/Financing The sales reflected cash-to-seller transactions or those where the financing terms were reported to be at market. As such, no adjustments for cash equivalency were necessary.

Market Conditions The transactions occurred between August 2008 and December 2011. According to area brokers and our analysis of the land sales in this submarket, the area experienced increasing land prices through year end

2007. In most cases, land pricing was relatively flat in 2008 and 2009 when very few transactions occurred.

The residential market began an upturn after bottoming in 2009. Recognizing this trend, an adjustment of 5% per year is applied in 2010, 2011, and 2012.

Location/Access The subject is located west of the southbound IH-35 frontage road north of its intersection at Puryear Road in far-south Austin. The area primarily consists of single family development with multifamily and commercial development along the arterials. The area surrounding the subject is mostly vacant land with older residential development or small acreage residential sites in the immediate area, and newer residential development to the north and to the south in the Buda and Kyle submarkets. The sales are located in similar suburban settings in areas that have had recent growth like the subject’s submarket.

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Sale 1 is located in north Austin off Avery Ranch Boulevard. It was purchased for residential construction. It is superior because of the mature development in proximity and its association with an established, successful development. It is adjusted downward.

Sale 2 is located on Pearson Ranch Road, but at the time of sale, Pearson Ranch Road did not exist, but its construction was imminent as the land was donated and funds were budgeted. The location is superior, but access is inferior, and the adjustment is offset to zero. Like Sale 2, Sale 3 is located on Pearson Ranch Road, but a small section extends to RR 620. It is superior overall and a downward adjustment is applied.

Sale 4 is located in Cedar Park in an area that has had substantial growth in the past few years with the extension and improvement of nearby Parmer Lane and the construction of the SH 130 toll road a few miles to the west. Its location will allow for small areas of commercial construction, but it has inferior access compared to the subject. It is similar overall and no adjustment is applied.

Sale 5 is located west of Kyle in Hays County about a mile from IH-35. Although purchased for school construction, like Sale 2 this site would be suited for residential development with fringe commercial development. Sale 5 has a greater commercial or multifamily potential than the other sales and the subject’s residential tract, and is adjusted downward.

Size/Density Typically, there is an inverse relationship between price and size as larger properties generally sell for less per unit than smaller tracts. The sales are adjusted for differences at a rate of 10% per size doubling.

Flood, Topography, Parkland Neither the subject nor the sales have significant flood plain, and none were adjusted for flood considerations.

The subject is located in an area of rolling terrain, and the sales are located in areas that are generally level.

A small upward adjustment is applied for topography.

The subject is part of a master-planned community and will have parks within the development available to all residents. This allows a higher density within each tract in the development. The surrounding parks and green space adds parkland without the use of land within the development that could be used for home sites.

Additionally, typical neighborhood parks are not as extensive or immediately available as within a masterplanned community. Sale 1 is located in a master planned community and is similar. An upward adjustment is applied to the other sales for parkland within the Estancia development.

Utilities/Infrastructure The subject’s utilities, spine road, and basic infrastructure are presumed to be in place according to a hypothetical condition. Consequently, in the adjustment grid, the subject is viewed as having access and all utilities available to the site. The sales also have utilities and roads at the perimeter, and no adjustments are applied. Sales 2 and 3 lacked proximate infrastructure at the time of closing, but construction was the responsibility of the city/county and was imminent. No adjustments are warranted.

Zoning/Entitlements The subject is presumed to be through the zoning and entitlement process on the date of valuation. All but Sale 5 were located in ETJ areas or were not specifically zoned or entitled, and upward adjustments were applied to each. Sale 5 was zoned PUD at the time of its sale and is not adjusted.

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Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $87,019 per acre to $107,955 per acre with a mean and median of $96,838 per acre and $96,245 per acre, respectively. Eliminating the low and high outlier, a tighter range is exhibited by three sales with a mean of $96,405 and a median of $96,245 per acre. Both methods produce a similar result, and a unit value of $96,500 per unit is reconciled.

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The value estimate is $2.22 per square foot based on the tract size of 106.76 acres. A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 9 to 12 months.

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Tracts 1 and 9 were determined to be best suited for multifamily development in the highest and best use analysis. The two multifamily tracts are not contiguous and are not likely to be developed as a single project.

A separate analysis of each is presented, but with common comparable sales.

This analysis pertains to Tract 1, which contains 13.6 acres. Based on a 20-unit per acre ratio, the tract will yield 272 units. The location map of the sales used in this analysis is shown below.

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Legal Description

18.468 acres of land out of that certain 51.506 acres of land in the S.V.R. Eggleston Survey, Abstract No. 5 in Hays County, Texas.

Remarks The site is located behind Cabela's. It was purchased for the development of Silverado Crossing, a 300-unit Class A apartment community. Construction began in early 2012 and is expected to be completed in mid-2013.

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Legal Description Tract 1: being all of that certain tract or parcel of land containing 46.687 acres of land more or less, situated in the Rachel Saul Survey, Abstract No.551, in Williamson County, Texas.

Tract 2; Access rights appurtenant to Tract 1 as created and defined by anti-barrier agreement dated June 6, 1986 recorded in Volume 1371, Page 205 of the Official Records of Williamson County, Texas, and Supplement to Amendment to Anti-Barrier Agreement recorded in Volume 1651, page 604, Official Records of Williamson County, Texas Remarks This is the site of the new Lakeline East luxury apartments which are being developed in two phases of 340 units each. It is along the northern property line of the Lakeline Regional Mall in Cedar Park.

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Legal Description All that certain tract or parcel of land situated in Williamson County, Texas out of the Rachel Saul Survey, Abstract No. 551 and the Samuel Daymon Survey, Abstract No. 170 and being all of lots 1, 2 and 11 of Fenway Park Resubdivision, a Subdivision in and to Williamson County Texas Remarks This is the site for the Muir Lake Apartments, a 332 unit development. The site is covered with trees and some units will have lake views. It is situated less than a mile north of the Lakeline Regional Mall in Cedar Park. At the time of the sale, it was platted and zoned, requiring only a site development permit, and all utilities (City of Cedar Park) were available to the site.

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Legal Description Lot 1, Springs at Tech Ridge Subdivision, Travis County, Texas Remarks This is an 18.34 acre tract out of a 95-acre tract that was zoned PUD at the time of sale but was not platted. A second multifamily tract of approximately 13 acres is also available, as well as a 59-acre business park. The buyer intended to build a 313-unit multifamily property. Asking price was $4.65 per square foot for the multifamily land and $3.50 per square foot for the commercial land. Water said to be in Parmer Lane and Dessau Road, wastewater at Dessau Road.

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Legal Description Lots 4 and 5, Block B, Four Points Center P.U.D.

Remarks Purchased for the construction of the 344-unit Preserve at Four Points apartment project. The land required re-platting to remove plat note restriction from residential, but the site was already zoned and platted at the time of sale, and all utilities were available to the site from the City of Austin.

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The table below summarizes the transactions researched that are most comparable to the subject. Because price is dependent on yield, the sales were examined on a price per buildable unit basis.

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Density Analysis The density (units per acre or UPA) ranges from 14.6 to 19.7 with a mean and median of 17.1.

The subject is in a master planned community that uses land in and near the flood plain for dedicated parkland. The parkland contributes to the developable areas because it allows development at a higher density since little additional land must be dedicated to green areas, common areas, detention ponds, and the like. Considering the parkland and the density benefit, we conclude that the subject will likely achieve approval for 20.0 units per acre, or 272 units for its 13.6 acres.

Conditions of Sale/Financing The sales reflected cash-to-seller transactions or those where the financing terms were reported to be at market. As such, no adjustments for cash equivalency were necessary.

Market Conditions The transactions occurred between February 2011 and January 2013. Each is very recent and sold in a similar period, and no adjustment for market conditions is indicated.

Location/Access The subject is located along the south IH-35 frontage road. The area primarily consists of single family development with multifamily and commercial development along the arterials. The area surrounding the subject is mostly vacant land with older residential development or small acreage residential sites in the immediate area and newer residential development to the north and to the south in the suburban Buda and Kyle markets. Access to the subject will be via a southbound exit just north, which is currently an entrance that is to be flipped. An exit ramp near the middle of Estancia will also be flipped to provide ingress to IH-35 southbound. Northbound access to IH-35 is attainable by the Puryear Road overpass connecting the northbound frontage road.

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