Johnsburg Central School District, Warren County, New York

• Issue Currency: United States of America Dollars
• Announcement Date: 18-Jan-2018
• News: As required under S.E.C. Rule 15c2-12, the above referenced District is filing a Material Event Notice due to a rating withdrawal made by S&P Global Ratings to bonds issued by the District, as listed below. On January 8, 2018, S&P Global Ratings (S&P) withdrew its ratings on various Indiana, New York, and Virginia local government issues that were based on State Aid Intercept programs following their determination that they misapplied the State Credit Enhancement Programs criteria. S&P had previously assigned these issues `A` state credit enhanced ratings. The Districts current insured rating of AA with a stable outlook has NOT been affected by this rating action. Bond Issue Name: Insured by: $3,405,000 School District (Serial) Bonds, 2007 AGM (1) (1) AGM is formerly known and referenced on the Official Statement for the Bonds as Financial Security Assurance Inc., (FSA). For Bond Document please visit www.BondPDF.com

• Issue Currency: United States of America Dollars
• Announcement Date: 18-Jan-2018
• News: As required under S.E.C. Rule 15c2-12, the above referenced District is filing a Material Event Notice due to a rating withdrawal made by S&P Global Ratings to bonds issued by the District, as listed below. On January 8, 2018, S&P Global Ratings (S&P) withdrew its ratings on various Indiana, New York, and Virginia local government issues that were based on State Aid Intercept programs following their determination that they misapplied the State Credit Enhancement Programs criteria. S&P had previously assigned these issues `A` state credit enhanced ratings. The Districts current insured rating of AA with a stable outlook has NOT been affected by this rating action. Bond Issue Name: Insured by: $3,405,000 School District (Serial) Bonds, 2007 AGM (1) (1) AGM is formerly known and referenced on the Official Statement for the Bonds as Financial Security Assurance Inc., (FSA). For Bond Document please visit www.BondPDF.com