Butler County Port Authority

• Issue Currency: United States of America Dollars
• Announcement Date: 03-Jul-2017
• News: In connection with the 2017 Bond Transfer, MKC amended the Continuing Covenant Agreements with the holders of all the Series 2013B Bonds and Series 2013C Bonds, including the 2017 Bond Purchaser. Also, in connection with the 2017 Bond Transfer, certain sections of the Indenture of Trust (Bond Indenture) (the Bond Indenture) affecting the Series 2013B and Series 2013C Bonds were also amended. Among other things, such amendments to the Continuing Covenant Agreements and Bond Indenture changed the interest rate on the Series 2013B Bonds and 2013C Bonds, extended the Initial Private Placement Rate Period until July 31, 2023, changed the required Debt Service Coverage Ratio to not less than 1:20 to 1:00 and changed the Days Cash on Hand requirement to not less than 100 days. A copy of the First Amendment to Indenture of Trust (Bond Indenture) is attached as Exhibit A. Effective June 29, 2017, pursuant to the consent and direction of holders of more than a majority in aggregate principal amount of the Obligations Outstanding under the Master Trust Indenture as described in the 2013 Official Statement, the Master Trustee and MKC amended the Master Trust Indenture to, among other things, change the Days Cash on Hand requirement to at least 120 days. A copy of the Eleventh Supplemental Trust Indenture effecting such change is attached as Exhibit B.

• Issue Currency: United States of America Dollars
• Announcement Date: 11-Jun-2018
• News: The following information is submitted by Liberty Township pursuant to certain Continuing Disclosure undertakings delivered in connection with the execution and delivery of the above captioned Bonds (the Bonds), in compliance with Securities and Exchange Commission Rule 15c12-12. Change in Rating On June 6, 2018 Moodys Investors Service, Inc. upgraded its rating on the above captioned Bonds from Baa3 to Baa2. The rating reflects a Rating Agency`s current assessment of the creditworthiness of the Issuer. Any further explanation as to the significance of the above rating may be obtained only from the Rating Agency. A rating reflects only the view of the agency assigning such rating and is not a recommendation to buy, sell or hold the Bonds. Such rating may be changed at any time, and no assurance can be given that it will not be subject to further revision or withdrawn entirely by such rating agency if, in the judgment of the rating agency, circumstances so warrant. Any downward revision or withdrawal of the rating may have an adverse effect on the market price of the Bonds.