Clair Report No. 356 (March 23, 2011) ( )

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1 Clair Report No. 356 (March 23, 2011) ()

2 CLAIR REPORT CLAIR REPORT () TEL: FAX:

6 Local Bond MunicipalitySpecial District 1 CLAIR REPORT No.287, 2006, P2427

7 United States of America StatesUnited Internal Revenue Service, IRS Securities Exchange Commission, SEC 2 CLAIR REPORT No CLAIR REPORT No.287, 2006, P27-1 -

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15 7% 10% City 9% 10% Town Village 7% 7% 7% 5% 10% 12 5, Office of the New York State ComptrollerLayers of Debt: Trends and Implications for New York s Local Governments2007, P

12 5,000 22 Backdoor Borrowing 23 21 Office of the New York State ComptrollerLayers of Debt: Trends and Implications for New York s Local Governments2007, P13

16 12 5, Backdoor Borrowing Office of the New York State ComptrollerLayers of Debt: Trends and Implications for New York s Local Governments2007, P State Municipal Bond Bank Agency, MBBA Transitional Finance Authority, TFA Industrial Development Agency, IDA

17 24 25 State ComptrollerOffice of the State ComptrollerChief Fiscal Officer

18 CLAIR REPORT No.321P39P Financial Control Board

19 TownsVillages State Bond Commission CLAIR REPORT No.287 P

21 Feasibility Bond Counsel,

23 Louisiana State Bond Commission Application Form Is the application fee inclosed with this application (Yes/No) Amount Is request for preliminary final approval General information 1. Name of Issuer: 2. Counsel to Issuer Contact Phone Fax 3. Bond Counsel Contact Phone Fax address 4. Financing Beneficiary Address A. Type of Entity Proprietorship Partnership LLP Publicly held Corp Closely held Corp LLC Non-profit Corp Governmental Unit Other B. State of Organization C. Principals of Beneficiary Contact Phone Fax 5. Mark one of the following categories A. Type of sale B. Tax status C. Security Type Negotiated Taxable Revenue Competitive Tax Exempt General Obligation Private Placement Subject to AMT D. Financing Type E. Interest Rate Refunding Fixed New money Variable 6. Purpose(s) of bonds being issued A. B. C. D

24 7. Amount of Issue Estimated date(s) Single issue Multiple issues 8. Name of Bond Purchaser(s) (if privately placed) 9. Guarantor 10. Name of Underwriter(s) (if publicly offered): A. Contact Phone Fax B. Contact Phone Fax 11. Name of Underwriter(s) Counsel: A. Contact Phone Fax B. Contact Phone Fax 12. Legal authority to issue Bonds 13. Street address and Parish of project 14. Briefly describe the proposed project and the public purpose served 15. If this issue is a refunding, please provide the following information reguarding the original bond issue(s): SEE ATTACHMENT "A" HERETO 16. If historical building, age of building:

25 17. Employment impact information: a. Temporary construction position: # $ b. New permanent job /annual payroll: # $ c. Present jobs retained or transferred /annual payroll: # $ d. Total jobs/annual payroll (Total of 16b+16c) # 0 $ If this application involves funding of a construction project, please complete the following information for all contractors, engineers, architects and other professionals involved in or retained for the project: SEE ATTACHMENT "B" HERETO 19. Please complete the financial information requested on Attachment "C." SEE ATTACHMENT "C" HERETO 20. Please complete the following information: Source of Funds Bond proceeds Other sources Total source of funds 0 Use of Funds Bond issuance costs Other costs associated with bond issue Other uses Total use of funds Please identify all continuing expenses that are not to be paid from bond proceeds: Description of Expense Payable to Terms Amount

26 Louisiana State Bond Commission Information Reguarding Bond Issues to be Refunded Attachment "A" (Line 15 of Application) 1. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee 2. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee 3. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee 4. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee

27 5. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee 6. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee 7. Name A. Date of issue B. Amount of issue C. Current balance of issue D. Interest rate E. Maturity date F. Underwriters G. Underwriters discount H. Bond Counsel I. Bond Counsel fee 50,

28 Louisiana State Bond Commission Applications Involving the Funding of Construction Projects Attachment "B" (Line 18 of Application) Contractor(s) 1. Name Conact Address Phone Fax 2. Name Conact Address Phone Fax Engineer(s) 1. Name Conact Address Phone Fax 2. Name Conact Address Phone Fax Architect(s) 1. Name Conact Address Phone Fax 2. Name Conact Address Phone Fax Other 1. Name Conact Address Phone Fax 2. Name Conact Address Phone Fax 3 Name Conact Address Phone Fax

29 A Louisiana State Bond Commission To be Completed by the SBC Financial Information-Debt Issuance Cost s SBC Application # SBC Approval Date A ttachment "C" (Line 19 of application) TO BE COMPLETED WITH TO BE COMPLETED WITH THE POST THE APPLICATION CLOSING REPORTING FORM ( 1 + 2) ( ) (6 / 3) Estimated Costs Actual Costs (Over) (Over) Firm / Total Under Under Vendor Name Fees Expenses Costs Fees Expenses Variance % Var. Legal fees 1 Issuer counsel % 2 Bond counsel % 3 Underwriter counsel % 4 Underwriter co-counsel % 5 Preparation of Blue Sky Memo % 6 Preparation of Official Statements % 7 Tax counsel % 8 Trustee counsel % 9 Escrow trustee counsel % 10 Other (Description) % % % Total Legal Fees % B. Underwriting costs 1 Sales commission % 2 Management fees % 3 MSRP / CUSIP / PSA % 4 Day loan % 5 Placement fee % 6 Other (Description) % % % T otal Underwriting Costs % C. Credit enhancement 1 Bond insurance % 2 L etter of credit % 3 Surety % 4 Other (Description) 0 0 Total Credit Enhancement % D. Other cost of issuance 1 Publishing / advertising % 2 Rating agencies % 3 Insurance % 4 Bond commission fees % 5 Issuer financing fees % 6 Financial advisor fees % 7 Trustee fees % 8 Escrow trustee fees % 9 Feasibility consultants % 10 Other consultants % 11 Accounting fees % 12 Account verification fees % 13 Escrow verification fees % 14 Cash flow verification fees % 15 Other (Description) % % Total other cost of issuance % Total Debt Issuance Costs %

30 E. Beneficiary organizational costs 1 Beneficiary counsel 2 Development fees 3 Title, survey and appraisal costs % 4 Consultant fees Insurance Other (Description) % 0.0% 0.0% 0.0% % F. Mortgage banking costs Lender counsel Mortgage servicer counsel 3 Mortgage insurance Examination fees Inspection fees Other (Description) % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% %

31 Financial AdvisorBond Counsel SEC IRS

33 Letter of Credit

34 47 NAIPFA 48 Municipal Securities Rulemaking Board, MSRB 49 National Association of Independent Public Finance Advisors, P54 48 SEC P

35 NAIPFANAIPFA 50 Certified Independent Public Finance AdvisorCIPFA NAIPFA CIPFA 51 CIPFA CIPFA NAIPFA CIPFA 107 NAIPFA NAIPFA 54 NAIPFA 55 NAIPFA NAIPFA NAIPFA 56 A 50 Independent CLAIR REPORT No.293, 2006, P ,000 CAOChief Administrative OfficerICMA CLAIR REPORT No.326, 2008, P16P

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37 NAIPFA 57 Illinois Government Finance Officer AssociationIGFOA , QB The Bond Market AssociationThe Fundamentals of Municipal Bonds (Fifth Edition)2001, P

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41 Moody s Investors Service1909 Standard & Poor ss&p Fitch Ratings The Bond Market Association The Fundamentals of Municipal Bonds (Fifth Edition) S&P 66 S&P The Bond Market AssociationThe Fundamentals of Municipal Bonds (Fifth Edition)2001, P

42 surveillance Certified Public Accountant,

43 S&P S&P S&P 12 S&P A AAAAA 20BBB 10BB BBB S&P (Prime) AAA Aaa AAA (Excellent) AA Aa AA (Upper medium) A A A (Lower medium) BBB Baa BBB (Speculative) BB Ba BBB (Very speculative) B, CCC, CC B, Caa B, CCC, CC, C (Default) D Ca, C DDD, DD, D S&P 1,2, CLAIR REPORT No.287, 2006, P

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46 IGFOA % Letter of Credit AAA 73 IGFOA 51%42%% 0.1%

47 2007 Internal Revenue Code intergovernmental tax immunity, Private activity bondarbitrage bond

48 79 The Bond Market AssociationThe Fundamentals of Municipal Bonds (Fifth Edition)P

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50 14 $0- $8,025 $8,026- $32,550 $32,551- $78,850 $78,851- $164,550 $164,551- $357,700 $357,701 $0- $16,050 $16,051- $65,100 $65,101- $131,450 $131,451- $200,300 $200,301- $357,700 $357,701 10% 15% 25% 28% 33% 35% (%) (%) FMS Bonds, Inc

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55 CLAIR REPORT CLAIR REPORT CLAIR REPORT CLAIR REPORT 326,2008 Office of the New York State ComptrollerLayers of Debt: Trends and Implications for New Yorks Local Governments2007 The Bond Market Association The Fundamentals of Municipal Bonds (Fifth Edition)2001

野村資本市場研究所｜「財政の崖」回避をめぐる議論と米国地方債市場（PDF）

野村資本市場研究所｜「財政の崖」回避をめぐる議論と米国地方債市場（PDF） 1. 1 2011 28% 2. 2012 12 3. 2013 1 2 4. 1 1 2013 1 2 2 1 2 Securities Industry and Financial Markets Association, Regulatory Fiscal cliff negotiation could affect the taxexemption, December 10 2012. Bloomberg,