Detroit, MI, City of (MI)

Detroit, MI, City of (MI) 1 City of Detroit, Michigan, Financial Recovery Bond, Series 2014C, $88,430,021 Dated: December 10, 2014 2 City of Detroit, Michigan, Financial Recovery Bonds, Series 2014B (Limited Tax), $631,964,145 (consisting of) Financial Recovery Bonds, Series 2014B 1, $616,560,047; Financial Recovery Bonds, Series 2014B 2, $15,404,098 Dated: December 10, 2014 3 Michigan Finance Authority Local Government Loan Program Revenue Bonds, (City of Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds)(Federally Taxable), Series 2014F 2, $110,275,000 Conversion Date: September 1, Original Date: December 10, 2014 4 Michigan Finance Authority Local Government Loan Program Revenue Bonds, (City of Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds), Series 2014F 1, $134,725,000 Conversion Date: September 1, Original Date: December 10, 2014 5 Michigan Finance Authority Local Government Loan Program Revenue Bonds, Series 2014F (City of Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds) $275,000,000 Dated: December 10, 2014 6 Michigan Finance Authority Local Government Loan Program Revenue Bonds, Series 2014G (City of Detroit Unlimited Tax General Obligation Restructured Local Project Bonds), $287,560,790 Dated: December 10, 2014 City of Detroit General Obligation Distributable State Aid Third Lien Capital Improvement Refunding Bonds (Limited Tax), Series 2012(B); Self Insurance Distributable State Aid Third Lien Bonds (Limited Tax General Obligation), Series 2012(A2 B); Self Insurance Distributable State Aid Third Lien Bonds (Limited Tax General Obligation), Series 7 2012(A2); Self Insurance Distributable State Aid Third Lien Bonds (Limited Tax General Obligation), Series 2012(B2) Dated: August 23, 2012 NAR 8 Michigan Finance Authority Local Government Loan Program Revenue Bonds, Series 2012C (City of Detroit Limited Tax General Obligation Local Project Bonds Third Lien), $129,520,000 Dated: August 23, 2012 9 Michigan Finance Authority Local Government Loan Program Revenue Bonds, Series 2010E (City of Detroit Unlimited Tax General Obligation Local Project Bonds)(Federally Taxable), $100,000,000 Dated: December 16, 2010 10 City of Detroit, Michigan Distributable State Aid General Obligation (Limited Tax) Bonds, Series 2010, $249,790,000 Dated: March 18, 2010 City of Detroit, Michigan, Taxable Certificates of Participation Series 2006 issued by the Detroit Retirement Systems Funding Trust 2006 evidencing undivided proportionate interests in the rights to receive certain payments pursuant to two Service Contracts between City of Detroit, Michigan and Detroit General Retirement System Service 11 Corporation and Detroit Police and Fire Retirement System Service Corporation, $948,540,000 consisting of $148,540,000 Series 2006 A (Fixed Rate) and $800,000,000 Series 2006 B (Floating Rate), Dated: June 12, 2006 City of Detroit, Michigan, $98,815,000 consisting of General Obligation Capital Improvement Bonds (Limited Tax), Series 2005 A(1)(Taxable), $73,500,000 and General Obligation Capital Improvement Bonds (Limited Tax), Series 2005 A(2), $13,530,000 and General Obligation Capital Improvement Refunding Bonds (Limited Tax), Series 12 2005 B, $11,785,000 Dated: June 29, 2005 City of Detroit, Michigan Taxable Certificates of Participation Series 2005, issued by the Detroit Retirement Systems Funding Trust 2005, $1,440,000,000 evidencing undivided proportionate interests in the rights to receive certain payments pursuant to two Service Contracts between City of Detroit, Michigan and Detroit General Retirement 13 System Service Corporation and Detroit Police and Fire Retirement System Service Corporation, $640,000,000, Series 2005 A (Fixed Rate), $800,000,000, Series 2005 B (Floating Rate), Dated: June 2, 2005 14 City of Detroit, Michigan General Obligation Bonds (Unlimited Tax), Series 2002, $45,000,000 Dated: August 8, 2002 City of Detroit, Michigan, $151,795,000 consisting of General Obligation Bonds (Unlimited Tax), Series 2001 A (1), $100,000,000 and General Obligation Bonds (Unlimited Tax), Series 2001 A (2) (Taxable Dutch Auction Rate Securities), $5,000,000 and General Obligation Refunding Bonds (Unlimited Tax), Series 2001 B, $46,795,000 Dated: 15 July 15, 2001 Services Provided: Governmental Unit and Revenue Sources 2016 Services Provided and Funded by the City in Whole or in Part (Budgeted) Percent Supported by: Responsibility General Fund Self Supported State Grants Federal Grants Other Sources Police and Fire City 100.0% Sanitation and streets City 97.0% 1.0% 2.0% Parks and Recreation City 100.0% Water and Sewer City 100.0 Court City/State 100.0% Transportation 43.0% 12.0% 13.5% 13.5% 18.0% Port City/County/State 100.0% City Airport City 16.0% 11.0% 36.5% 36.5% Planning and Development City 100.0% Health City 100.0% Public Lighting City 100.0% Parking City 54.0% 46.0% Education Airport Housing Hospital Welfare Services Provided and Totally Funded Other than by the City School District of the City of Detroit Wayne County Airport Authority Independent Private State

City of Detroit Budgeted Employee Positions /City of Detroit Work Force Fiscal Year Ended June 30 2016 Number % Number % Tax supported: General City 1,747 20.3% Police and fire 3,937 45.8% Library 307 3.6% Total tax supported 5,991 69.8% Revenue supported: Building & Safety 181 2.1% Transportation 968 11.3% Water & Sewage 1,363 15.9% Municipal Parking 85 1.0% Total revenue supported 2,597 30.2% Total 8,588 Departmental Appropriations Fiscal Year Ended June 30 2016 Police 27% Fire 12% Public works (sanitation and streets) 0% Public lighting 5% Health 0% Recreation 2% Planning and development 0% Other departments 19% Non departmental: Enterprise fund 6 Contributions 29% Other General agency budget(millions) $956.2

Composition of General Fund Investment Portfolio Pooled investment funds 0.00% Federal Agency Coupon Securities 33.00% Certificate of deposit 0.00% Repurchase agreements 0.00% Open repurchase agreements 0.00% U.S. Government securites 67.00% Total General Fund Investments Average monthly investment balance, Fiscal Year $17,238,689 Investment earnings, Fiscal Year 2014 $180,623 Investment earnings, Fiscal Year 2013 ($532,986) General Fund Balance Fund balance (deficit) at beginning of year $53,406,369.0 Revenues and other financing sources $2,463,140,564.0 Expenditures and other financing uses $2,078,859,373.0 Increase (decrease) in reserve for other assets Fund balance (deficit) at end of year $437,687,560.0 Components of General Fund Balance Fund Balances (Deficit): Nonspendable: Inventory Long Term Receivables Restricted For Capital Acquisitions $125,961,474.0 Committed for: Encumbrances $182,000,000.0 Risk Management Operations $58,800,000.0 Motor Vehicle Operations Unassigned: General Fund (Deficit) $70,922,574.0 Total Fund Balances (Deficit) $437,684,048.0

Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Revenues and Expenditures of the General Fund Revenues: Taxes, assessments, interest and penalties: Property taxes $126,394,573.0 Municipal income tax $263,376,804.0 Utility users tax $37,939,463.0 Wagering taxes $172,523,054.0 Other taxes and assessments $4,783,208.0 Interest and penalties on taxes $1,106,744.0 Total taxes, assessments, interest and penalties $606,123,846.0 Licenses, permits and inspection charges $11,080,804.0 Shared Taxes: State revenue sharing $194,757,659.0 Other shared taxes $14,735,184.0 Total shared taxes $209,492,843.0 Grants: State equity grant Other grants $43,347,343.0 Total grants $43,347,343.0 Sales and charges for services $86,783,156.0 Other revenues $102,963,828.0 Total revenues $1,059,791,820.0 Other Financing Sources: Debt and capital lease proceeds $1,356,292,978.0 Transfer from Community Development Block Grants Transfer from Major & Local Street Funds Transfer from Capital Projects Funds Transfer from Trust and Agency Funds Transfer from Component Units $47,055,766.0 Total Other Financing Sources Total Revenues And Other Financing Sources $2,463,140,564.0 Expenditures: Executive agencies: Public Works $7,106,269.0 Fire $107,970,491.0 Health $32,630,225.0 Police $248,997,675.0 Public Lighting $7,384,724.0 Recreation $12,439,661.0 All Other $120,991,558.0 Total executive agencies $537,520,603.0 Legislative agencies $20,669,112.0 Judicial agencies $24,664,243.0 Non departmental $419,589,371.0 Captial Outlay $28,803,462.0 Debt Service: Principal $134,340,535.0 Interest $35,445,185.0 Bond Insurance Cost $4,194,731.0 Total expenditures $1,205,227,242.0 Other Financing Uses: Transfer to Community Dev. Block Grant Fund Transfer to Construction Code Fund Transfer to Detroit Building Authority Transfer to Human Services Fund Transfer to Solid Waste Fund Transfer to Targeted Business Development Fund Transfer to Debt Service Funds ($959,481,790.0) Transfer to Capital Projects Funds Transfer to PFRS Service Corp ($5,320,771.0) Transfer to GRS Service Corp ($3,886,100.0) Transfer to Water Fund Transfer to Sewer Fund Transfer to Transportation Fund ($82,113,071.0) Transfer to Municipal Parking Fund ($14,291,854.0) Transfer to Component Units ($13,366,910.0) Payment to Refunded Debt Escrow Special Item Extraordinary Gain from Bankruptcy $204,828,365.0 Total Other Financing Uses ($873,632,131.0) Total Expenditures And Other Financing Uses $331,595,111.0

Major General Fund Revenue and Other Financing Sources Property Taxes $126,394,573.0 Municipal income tax $263,376,804.0 Utility users tax $37,939,463.0 Wagering Taxes $172,523,054.0 State shared revenues $194,757,659.0 State equity grant Sales and charges for services $86,783,156.0 Other revenue, grants and financing sources $1,581,365,855.0 Total $2,463,140,564.0 Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Distributable State Aid/ State Revenue Sharing State Fiscal Year Ended or Ending September 30, Revenue Sharing Sales tax constitutional $54,863,357.0 Sales tax statutory $139,894,302.0 Total State revenue sharing $194,757,659.0 Comparison of Major Budget Classifications General Fund Category Budget Actual Revenues Property tax $102,577,090.0 $126,394,573.0 Municipal income tax $264,751,257.0 $263,376,804.0 State revenue sharing $195,304,000.0 $194,757,659.0 Utility Users Tax $17,000,000.0 $37,939,463.0 Wagering Taxes $168,201,000.0 $172,523,054.0 State equity grant Total $747,833,347.0 $794,991,553.0 Total General Fund Revenues $1,686,208,155.0 $1,059,791,820.0 % of Total General Fund 44.4% 75.0% Expenditures Police $303,393,932.0 $248,997,678.0 Department of Public Works $30,482,190.0 $7,106,269.0 Fire $147,076,729.0 $107,970,491.0 Public Lighting $38,711,093.0 $7,384,724.0 Recreation $20,162,013.0 $12,439,661.0 Total $539,825,957.0 $383,898,823.0 Total General Fund Expenditures $1,752,267,150.0 $1,205,227,242.0 % of Total General Fund 30.81% 31.85%

Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F City Two Year Budget Summary Budget FY15 Estimated Beginning GF Surplus / (Deficit) $58,205,151.0 FY16 Budget Activity GF Revenues $1,205,606,917.0 $1,018,863,832.0 GF Appropriations ($1,245,603,834.0) ($1,067,848,037.0) POA Balance Sheet Adjustments $209,466,465.0 Budget Reserve ($111,264,397.0) $48,984,205.0 Net Annual Surplus/(Deficit) $58,205,151.0 Projected FY15 Ending Surplus/(Deficit) Budget Reserve Beginning Balance $111,264,397.0 Transfers In / (Out) $111,264,397.0 ($48,984,205.0) Ending Balance $111,264,397.0 $62,280,192.0 Memo: Minimum Balance (5% of appropriations) $62,280,192.0 $53,392,402.0 Cushion above 5% $48,984,205.0 $8,887,790.0 Transportation Fund Subsidies Fiscal Year Subsidy $82,113,071.0 Revenues and Expenditures of Other Funds Funds Revenues/ Expenditures Purpose Major Funding Sources Special Revenue Funds $246,454,314 $228,055,331 Community Development Economic Development Federal Government Block Grant $56,154,867 $72,826,162 Construction Code Fund $20,032,560 $16,570,217 Building Permit and Inspections User Fees Detroit Building Authority Special Maintenance Other Income Drug Law Enforcement $3,835,550 $3,099,748 Narcotics Law Enforcement Fines and Forfeitures Empowerment Zone Economic Development Federal Government Detroit Work force Development Department $0 $1,477 Work Force Development Federal Government Targeted Business Development $0 $0 Casino Agreements Casinos Major and Local Streets $108,176,637 $80,204,435 Infrastructure Improvements Gas and Weight Tax Human Services $0 $2,924 Social Welfare Programs Federal Government Supportive housing and homeless initiatives $11,749,897 $11,524,300 Help of the Homeless Federal Government Capital projects (including Urban Renewal) $1,204,716 $9,546,953 Capital Projects Federal Government Fiduciary Funds Pension Funds Employee Retirement and Benefits City Contributions Plan Member Contributions

Liability Claims Paid Damage, liability and vehicle claims $2,899,698 Worker compensation claims $10,197,723 Total $13,097,421 Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B State Equalized Valuations and Taxable Valuations State Equalized Valuation Taxable Valuation Fiscal Year Real Property Personal Property Total % Annual Change Total Valuation % Annual Change $6,071,520,945 $1,740,559,868 $7,812,080,813 14.9% $7,313,418,377 11.3% Series 2014C, 2014B, 2014G, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Breakdown of State Equalized Valuation/ Components of State Equalized Valuation By Use (Real Property only) Residential 42.7% Commercial 28.2% Industrial 0.7% Total 100.0% By Class (Total State Equalized Valuation) Real property 77.7% Personal property 22.3% Total 100.0% Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Tax Rates and Levies Taxing Entity: Millage Levy City Of Detroit General Fund 19.9520 Debt Service 9.5147 Garbage Levy Library 4.6307 Downtown Development Authority 0.9887 Total City 35.0861 Schools Debt Service 13.0000 Judgement 0.0155 Operating 18.0000 Total Schools 31.0155 State Education Tax 6.0000 Wayne County General Fund 6.6380 Regional Educational Service 3.4643 Operational Agency Community College 3.2408 Wayne County Parks 0.2459 Huron Clinton Metro Authority 0.2146 Public Safety 0.9381 Zoo 0.1000 DIA 0.2000 Judgement 0.9761 Total Wayne County 16.0178 Total Levy Total Homestead Rate Total non Homestead Rate

Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Tax Levies and Collections Collections of Current Levy During Year Adjusted Fiscal Year Tax Level Amount Ratio to Adj. Levy $206,384,000 $151,700,000 73.50% Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Ten Largest Taxpayers Taxable Assessed % of Total City Taxable Value Assessed Value 1 DTE ELECTRIC/GAS COMPANY $475,823,000 6.51% 2 MARATHON PETROLEUM $446,745,000 6.11% 3 VANDERGUARD HEALTH SYSTEMS HOSPITALS $289,131,000 3.95% 4 MGM GRAND DETROIT LLC $208,273,000 2.85% 5 RIVERFRONT HOLDINGS INC $109,237,000 1.49% 6 FCA US LLC $96,896,000 1.32% 7 DETROIT ENTERTAINMENT LLC $61,783,000 0.84% 8 1000 WEBWARD LLC $59,282,000 0.81% 9 GREEKTOWN CASINO LLC $50,498,000 0.69% 10 GENERAL MOTORS LLC $47,695,000 0.65% Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Legal Debt Margin Subject to State Limitation SEV Fiscal Year 2014 $7,812,080,813 Add: $6,831,508,671 General Purpose Limit $1,464,358,948 Less Outstanding Debt: Revenue Anticipation Notes General Obligation Bonds $429,025,000 Distributable State Aid Bonds Limited Tax Bonds $249,535,000 Detroit Building Authority (District Court Madison Center Bonds) General Debt Margin $704,996,948 Additional Hospital Limit ($73,217,947) Total Legal Debt Margin (General and Hospital) $631,779,001

Authorized but Unissued Debt Date of Remaining General Obligation (Unlimited Tax) Bonds Voter Approval Authorization Sewer Construction 8/2/1960 $24,000,000 Public Safety 11/2/2004 $23,393,000 Municipal Facilities 11/7/2000 $120,000 Neighborhood/Economic Development 11/2/2004 $17,295,000 Public Lighting 11/2/2004 $7,735,000 Recreation, Zoo Cultural 11/7/2000 $628,000 Recreation, Zoo Cultural History 11/2/2004 $570,000 Histocial 11/6/2011 $17,200,000 Museum of African American History 4/29/2003 $500,000 Transportation 11/2/2004 $17,310,000 Public Lighting 2/24/2009 $22,000,000 Neighborhood/Economic Development 2/24/2009 $250,000,000 Museum s, Libraries, Recreation, & Other 2/24/2009 $89,770,000 Public Safety 2/24/2009 $59,379,000 Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Statement of Direct Tax Supported and Revenue Indebtedness Tax Supported Debt: Unlimited Tax General Obligation Bonds (general purpose) $295,000,000 Distributable State Aid General Obligation Bonds $98,115,000 $393,115,000 Limited Tax Self Insurance Bonds $125,210,000 General Obligation Bonds (limited tax) $1,241,842,692 Greater Detroit Resource Recovery Authority Bonds Detroit Building Authority Bonds (Madison Center) Economic Development Corporation(Resource Recovery) Total tax supported debt $1,760,167,692 Revenue and Other Debt: Water Supply System Bonds $2,394,143,761 Sewage Disposal System Bonds $3,367,873,831 Detroit Building Authority Bonds (Parking & Arena System) Federal Section 108 Loans $80,802,000 Convention Facility Revenue Bonds (Cobo Hall Expansion) DDA Tax Increment Bonds LDFA Tax Increment Bonds (Chrysler Project) Capital Lease IBM $1,965,697 Total revenue and other projects $5,844,785,289 Gross Direct Debt $7,604,952,981 Deductions Revenue and Other Debt Greater Detroit Resource Recovery Authority Bonds Reserve Account Balance Total Deductions Net Direct Debt $7,604,952,981

City s Share of Overlapping Debt Detroit's Share Issuer Outstanding Debt Percent Amount School District of the City of Detroit $1,647,946,743 100.00% $1,647,946,743 Wayne County $615,956,111 16.54% $101,879,141 Wayne Intermediate School District Wayne County Community College Net Overlapping Debt $1,749,825,884 Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E, 2010, 2006AB, 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Direct and Overlapping Debt Direct debt: Gross principal amount $1,701,892,327 Less amount payable from other sources Net direct debt $1,701,892,327 Overlapping debt: Net overlapping debt $1,749,825,884 Net direct and overlapping debt $3,451,718,211 General Obligation Long Term Cumulative Principal Amortization Unlimited Tax GO Limited Tax GO Total GO Debt Fiscal Year Principal Percent Retired Principal Percent Retired Principal Percent Retired $429,024,210 8.37% $1,381,286,881 3.65% $1,810,311,091 12.02% 2016 $393,115,000 9.71% $1,330,862,692 1.28% $1,723,977,692 10.98% 2017 $358,325,000 11.37% $1,313,892,715 1.36% $1,672,217,715 12.72% 2018 $321,755,000 13.12% $1,296,057,239 1.45% $1,617,812,239 14.57% 2019 $284,430,000 14.87% $1,277,316,989 2.59% $1,561,746,989 17.46%

Total Outstanding Long Term Debt Service Requirement Schedule General Obligation Unlimited Tax Limited Tax Revenue and Other Bonds Total General Obligation Revenue Fiscal Year Principal Interest Total Principal Interest Total Principal Interest Total and Other Bonds 40,614,210 20,959,822 61,574,032 7,779,540 26,533,488 34,313,028 166,668,872 269,074,918 435,743,790 531,630,850 2016 34,790,000 22,822,314 57,612,314 16,969,977 53,550,248 70,520,225 166,668,872 269,074,918 435,743,790 563,876,330 2017 36,570,000 21,009,995 57,579,995 17,835,476 57,538,563 75,374,039 160,843,825 263,282,036 424,125,861 557,079,895 2018 37,325,000 19,133,977 56,458,977 18,740,250 56,631,664 75,371,914 166,432,000 256,500,970 422,932,970 554,763,861 2019 36,815,000 17,189,935 54,004,935 33,090,012 55,396,552 88,486,564 174,016,000 249,462,164 423,478,164 565,969,662 2020 38,035,000 15,263,500 53,298,500 44,215,513 53,599,136 97,814,649 179,861,000 242,104,852 421,965,852 573,079,002 Per Capita Debt and Debt Ratios Net Direct Debt Net Direct and Overlapping Debt Population Per Capita Ratio to True Ratio to True As of June 30 Estimate Net Amount Net Amount Cash Value Total (000) Per Capita Cash Value 713,777 $1,701,892,327 $2,384 $3,451,718,211 $4,836 Series 2012C, 2010E, 2010 Short Term Indebtedness Tax Anticipation Notes Revenue Sharing Anticipation Notes Total Series 2014C, 2014B, 2014G, 2012C, 2010E, 2010, 2006AB Annual City Contributions to Retirement Systems GRS 96,157,790.00 PFRS 15,229,511.00

Contributions to Retirement Systems General Retirement System: Number of Active Employees 5,658 Number of Retirees and Beneficiaries 12,118 Number of Deferred Vested Beneficiaries 2,214 Accrued Actuarial Liabilities (Millions) 3,801 Available for Benefits (Millions) 3.4 Assets as % of Accrued Actuarial Liabilities 59.0% City Contributions (% of Payroll) 11.5% Applicable Fiscal Year 2,014 Normal Cost UAAL Amortization Amount Total % of Payroll City Contribution 6.3% Police and Fire Retirement System: Number of Active Employees 3,233 Number of Retirees and Beneficiaries 8,395 Number of Deferred Vested Beneficiaries 272 Accrued Actuarial Liabilities (Millions) 4,407 Available for Benefits (Millions) 3.4 Assets as % of Accrued Actuarial Liabilities 59.0% City Contributions (% of Payroll) 0.0% Applicable Fiscal Year 2,014 Normal Cost UAAL Amortization Amount Total % of Payroll City Contribution 3.5% Series 2012C, 2010E, 2010, 2006AB, 2001A1_A2_B XXXX COP Service Payments and XXXX Certificate Service Payments XXXX COP XXXX Certificate Fiscal Year Service Payments Service Payments Total Series 2012C, 2010E, 2010 Summary of Outstanding Swaps Related to Certificates of Participation Insert Required Information

Series 2010, 2005AB, 2002 Waterborne Commerce of the Port of Detroit Foreign Calendar Year Canadian Overseas Total Domestic Total Grand Total Series 2006AB Population Trends City of Detroit Wayne County Detroit PMSA Year Population % Change Population % Change Population % Change U.S. % Change 677,116 0.40% 1,759,335 0.30% 4,269,259 Series 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B State Equity Package Revenues Main Library Detroit Historical Museum Police (special events) Detroit Zoo Total Series 2005A1_A2_B, 2005AB, 2002, 2001A1_A2_B Unfunded Actuarial Accrued Pension Liabilities Assets as a Percent Valuation Date Accrued Actuarial Available for of Accrued Actuarial June 30, Liabilities (Millions) Benefits (Millions) Liabilities General Retirement System 5.8 3.4 59.0% Police and Fire Retirement System 5.8 3.4 59.0% Series 2014C, 2014B, 2014G, 2014F1,F2, 2014F, 2012C, 2010E Largest Principal Employers % of Total City Employer Employees Employment 1 Rock Ventures 11,524 5.4% 2 Detroit Medical Center 10,528 5.0% 3 City of Detroit 9,137 4.3% 4 Henry Ford Health System 8,879 4.2% 5 U.S. Government 6,358 3.0% 6 Detroit Public Schools 6,258 3.0% 7 Wayne State University 6,010 2.8% 8 Chrysler Group L.L.C 5,870 2.8% 9 Blue Cross/Blue Shield of Miichigan 5,426 2.6% 10 General Motors Co 5,051 2.4%

Series 2005A1_A2_B Largest Private Employers Detroit Company Employment Rock Ventures 11,524 Detroit Medical Center 10,528 Henry Ford Health System 8,879 Chrysler Group LLC 5,870 Blue Cross/Blue Shield of Michigan 5,426 General Motors 5,051 DTE Energy Co 3,835 MGM Grand Detroit LLC 2,494 MotorCity Casino Hotel 1,929 Compuware 1,912 Series 2014F1,F2, 2014F Historical Income Tax Rates Resident Non Resident Fiscal Year Individuals Individuals Corporations 2.50% 1.25% 2.00% Series 2014F1,F2, 2014F Historical Income Tax Levies and Colections Fiscal Year Billings Gross Collections $ 2,063,729 $ 702,132 Series 2014F1,F2, 2014F Historical Income Tax Revenue Fiscal Year Individuals Corporations Total Revenue Refunds Net Revenue $ 9,650,008 $ 10,104,846 $ 275,834,476 $ 9,232,677 $ 266,601,799 Series 2014F1,F2, 2014F Monthly Historical Income Tax Collections and Disbursements FY Month Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Gross Income Tax Receipts 18,720,707.94 19,314,885.90 26,240,701.72 18,644,258.87 $ 20,969,721.02 $ 21,714,073.34 $ 20,090,049.12 $ 22,055,661.91 $ 25,239,105.14 $ 28,424,542.03 $ 25,503,036.68 $ 28,917,732.30 Income Tax Refunds 838,557.62 1,431,989.26 784,980.24 313,168.16 23,205.30 224,990.05 370,986.29 781,035.30 481,493.34 1,169,415.54 2,812,855.63 Net Income Tax receipts 17,882,150.32 17,882,896.64 25,455,721.48 18,331,090.71 20,969,721.02 21,690,868.04 19,865,059.07 21,684,675.62 24,458,069.84 27,943,048.69 24,333,621.14 26,104,876.67 Series 2014C, 2014B, 2014G Pension Plans Insert Required Information