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District FTA Grants $7,675,506 District Local Match - Federal Grants 1,918,876 Area Mass Transit District Funds 249,678. Total 9,844,060. Insurance The County will self-insure or maintain fire and extended coverage insurance aggregating not less that 100 percent of the real market value of the County's Share of the Courthouse Square Project, as determined annually. All losses payable under any such self-insurance or policies in force, less deductible, will be payable to the Trustee for deposit to the Acquisition Account or the Financing Payment Account. The Net Proceeds realized by the County from any insurance payment paid in respect to the damage or destruction of the Project, an amount in excess of $1 million, are required by the Agreement to be applied to repair or replace the Project or to be applied to the mandatory prepayment of the principal components of the Certificates. See "PREPAYMENT - Prepayment Upon Damage, Destruction of Condemnation," herein. ANNUAL DISCLOSURE INFORMATION In conformance with SEC Rule 1 Sc2-12, as amended (17 CFR Part 240, § 240.1 Sc2-12) (the "Rule'), the Counry will provide annually the type of information presented in the tables in this section to al/ NRMSIRs and SIDs, if any. (See Appendix C, "Continuing Disclosure Agreement " herein.) BASIS OF ACCOUNTING Modified accrual accounting is utilized for the General, Special Revenue, Capital Project and Debt Service Funds. All other funds utilize the accrual basis of accounting. The County's accounting practices conform to generally ~ accepted accounting principals (GAAP), and with the standards of financial reporting developed by the Government Finance Officers Association of the United States and Canada and the Government Accounting Standards Board. For the years 1986 through 1998 Marion County was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada. FISCAL YEAR July 1 through June 30. AUDITS In accordance with Oregon Municipal Audit Law (ORS 297.405-555) an audit is conducted at the end of each fiscal year by independent certified public accountants selected by approval of the Board Chair and the County Commissioners. This requirement has been complied with and the financial statements have received an "unqualified opinion" from the auditors. Such an opinion indicates there was no limitation on the scope of the auditor's examination and the financial statements were prepared in accordance with generally accepted accounting principles. The County audit for fiscal years 1994-95 through 1996-97 were performed by Kenneth Kuhns & Co., certified public accountants, Salem, Oregon. The auditors did not review this statement and offer no opinion regarding this Official Statement. Financial Information Real Market Valuation (1997-98) (1) $12,992,13 I ,133 Assessed Valuation (1997-98) (1) $10,630,094,769 ~ Estimated 1998 Population (PSU Population Statistics 1998) 273,300 20