Deal Summaries

San Diego County COPS, CA $13,250,000.00 UW: Altura, Nelson & Co. Inc. Sale Date: Week of 4/10/2008
Vermont Educational and Health Buildings Financing Agency [Developmental and Mental Health Services $11,330,000.00 UW: Municipal Capital Markets Group, Inc. Sale Date: Week of 3/6/2008 Vermont Educational and Health Buildings Financing Agency will loan the proceeds of the bonds to four community service providers: Counseling Services of Addison County (“CSAC”), Northwestern Counseling and Support Services, Inc. (“NCSS”), Rutland Mental Health Services, Inc. (“RMHS”) and Washington County Mental Health Services, Inc. (“WCMHS”). CSAC provides mental health, substance abuse and development service to residents of Addison County. NCSS provides adult behavioral health services, youth and family services and developmental services with Franklin and Grand Isle Counties. RMHS provides services to individuals with developmental disabilities, severe and persistent mental illness and substance abuse issues, as well as general mental health services to individuals in Rutland County. WCMHS provides counseling and psychological services, children, youth and family services, community rehabilitation and treatment programs, community developmental services and intensive care services to the residents of Washington County and parts of Orange County. The bonds are secured by a gross revenue pledge of each provider.  Each provider is responsible for only its pro-rata share of the proceeds.  They are not responsible for each other’s obligation. The bonds carry an underlying rating of BBB from Standard & Poor’s. Sample Cusip: 924166BN0 (2037 maturity) The bonds were priced at yields that were not re-offered.
Howard County, TX $11,570,000.00 UW: Southwest Securities, Inc. Sale Date: Week of 1/24/2008 Howard County (the “County”) encompasses 903 square miles with an estimated population of over 32,000 people and is located in West Texas on the southern edge of Llano Estacado.  The City of Big Spring is the county seat.  The bonds are secured by a general obligation limited ad valorem tax pledge.  The County will use the bond proceeds to construct and equip a new county jail.  The County’s AV is approximately $1.87 billion for the 2008 tax year.  County value is based in agriculture and oil and gas production.  The top 10 taxpayers comprise about 36% of total AV with ALON USA LP leading the roll with 19% of AV.  The bonds carry an underlying rating of A from Standard & Poor’s.  Sample Cusip: 442636CE4 (2033 Maturity)
Lee County School Facilities, Inc., SC [Lee County School District] $30,000,000.00 UW: Wachovia Bank, N.A. Sale Date: Week of 12/6/2007 Note: FA: Ross Sinclaire & Associates, LLC Lee County School Facilities, Inc. is a South Carolina nonprofit corporation.  The Lee County School District (the “District”), which is coextensive with Lee County, was established in 1952 by the consolidation of a number of school districts. The District is located in the Pee Dee section of the State of South Carolina.  The land area of the District is approximately 409 square miles. Current market value of the District is equal to $589 million and AV is $33.1 million.  AV grew an average 2.8% annually from 2002 to 2006. The bonds are secured by installment lease payments on certain District facilities, which payments are subject to annual appropriation by the District.    The bond proceeds will fund the construction of a new middle school and make various improvements to aging facilities.  The financing replaces and completes a financing plan that was initiated in 2006.  Sample Cusip: 523743AJ1 (2031 maturity)
Okaloosa County, FL [Okaloosa Regional Airport] $9,980,000.00 UW: RBC Capital Markets Sale Date: Week of 11/28/2007 Note: Taxable The Okaloosa Regional Airport (the “Airport”) is located in Florida’s panhandle region.  The Airport’s air trade area includes all of Okaloosa County (the “County”), as well as portions of neighboring Santa Rosa and Walton Counties in Florida.  Fort Walton Beach and Destin are its major population centers.  The area has a population of 375,000.  The Airport is an origin and destination airport situated on land the County leases from the Eglin Air Force Base (the “Base”).  It is one of 22 joint civilian/military (joint-use) airports in the U.S. The Airport is part of a multi-airport catchment area that includes Pensacola Regional Airport, located 50 miles away, and Panama City-Bay County International Airport, located 70 miles away.  Although there is some competition among the three panhandle airports, the Base strongly contributes to air traffic at the Airport.  With a land area of 724 square miles, it is the largest air force base in the world and is responsible for the planning, development and testing of all U.S. and allied air-delivered weapons.  The Base supports over 60,000 active military, civil service and military dependents.  The Airport had over 370,000 enplanements in fiscal year 2006. The bonds will be secured by a pledge of net revenues of the County’s airport system, as well as annual collections of Customer Facility Charges (“CFCs”).  The system’s revenues are almost entirely generated by activity at the Airport.  The Airport generated nearly $875,000 of CFCs in fiscal year 2006. The proceeds of the bonds will be used to fund the construction of a consolidated car rental facility at the Airport.  Underlying rating of BBB- from Standard & Poor\'s. Sample Cusip: 678183BJ2 (2030 maturity)
Dormitory Authority of the State of New York [Manhattan College] $15,000,000.00 UW: Lehman Brothers Sale Date: Week of 11/26/2007 Note: Series B Manhattan College (the “College”) was established in 1853 by the Brothers of the Christian Schools, a Catholic teaching order.  It has been located on its present site, a 22-acre campus in the Riverdale section of Bronx County overlooking Van Cortland Park, since 1923. Founded originally as a college for men, Manhattan became co-educational in 1974. The College has a solid academic reputation evidenced by its rank in a tie for 19th place among the 174 schools classified in the US News & World Report compendium as Northern Master’s Universities.  The median SAT score for incoming freshmen is 1,125, which constitutes an increase from 1,111 four years ago.    Total FTE enrollments have increased from 3,059 students during the 2003-2004 Academic Year to 3,231 in 2007-2008.  Over the same period of time, applications from prospective freshmen have risen from 4,403 to 5,127.  The College’s Freshman Selectivity Ratio has improved from 82% as recently as 1997-1998 to 55% for the current Academic Year. The bonds are a general obligation of the College, secured by tuition and fees, and a first mortgage lien on both the entire campus and on the new parking facility. The bond proceeds will finance the construction of a 720-space parking facility to be used primarily by Manhattan College students, faculty, and employees. Radian has previously insured the College’s Series 1992 and Series 2000 Bonds, as well as the Series 2007A Bonds.
Washington Health Care Facilities Authority [Virginia Mason Medical Center] $85,000,000.00 UW: Shattuck Hammond Partners Sale Date: Week of 11/20/2007 Note: Series C Located in Seattle, Washington, Virginia Mason Medical Center (“VMMC” or the “Medical Center”) is an integrated health-care organization that includes a multi-specialty medical group practice of approximately 420 physicians, a tertiary-care hospital with 336 licensed beds and adjacent clinic facility located near downtown in the First Hill neighborhood.  There are also seven satellite clinics located throughout Seattle and the greater Puget Sound region and a 35-bed skilled nursing center operated primarily for the benefit of individuals with HIV/AIDS. The Medical Center maintains “Centers of Excellence” in oncology, cardiology, gastroenterology, hyperbaric medicine and diabetes and is a leading transplant center in the Pacific Northwest and Inter-Mountain West areas.  Among other notable programs, the Medical Center has the only critical-care capable, multi-chamber hyperbaric facility in the Pacific Northwest, and is a leading center for the treatment of gastrointestinal disorders. VMMC has a market position with a physician-led clinic providing in excess of 900,000 annual provider visits and a premier tertiary hospital and regional referral center providing more than 11,000 annual admissions.  In addition, approximately one-third of VMMC\'s admissions come from outside of the Seattle metropolitan area, while just less than half of the provider visits take place at the satellite clinics. The bonds are secured by a pledge of gross revenues of the Medical Center and by a mortgage on the Medical Center campus. The bond proceeds will be used to construct and equip new healthcare facilities, both inpatient and outpatient, which will be adjacent to the Medical Center’s current primary facilities.  The bonds carry an underlying rating of BBB from Standard & Poor’s and Baa2 from Moody’s. Sample Cusip: 93978EG63 (2042 maturity)
The City of New Orleans, LA $75,000,000.00 UW: Merrill Lynch & Co., Inc. Sale Date: Week of 10/30/2007 Note: Competitive Sale The City of New Orleans (the “City”) is located in southeastern Louisiana, approximately 110 miles from the mouth of the Mississippi River.  The City occupies an area of nearly 365 square miles, of which approximately 200 square miles are land and approximately 164 square miles are water, including portions of the Mississippi River and Lake Pontchartrain.  With nearly 224,000 residents in 2006, the City estimates that its population for 2007 is 273,000. The bonds are secured by the full faith and credit G.O. pledge of the City.  Debt Service on the bonds will be paid by the New Orleans Board of Liquidation (the “Board”).  Established 127 years ago in 1880, the Board’s primary purpose is to separate repayment of the City’s  G.O. debt from the City’s operating funds.  That arrangement maintains a dedicated source and security for the payment of the City’s G.O. debt.  The Board has exclusive control and direction of all matters related to the issuance and repayment of the City’s G.O. debt. These bonds represent the first installment of $260 million authorized in a November 2004 referendum, the sale of which was originally planned for 2005.  The urgency of matters related to Hurricane Katrina, which stuck the City in August 2005, caused the City to postpone its issuance.  This deal will be the City’s first G.O. debt issue since Hurricane Katrina. The City’s total assessed valuation is $2.1 billion for fiscal year 2007.  Following a reappraisal of property for the 2008 tax roll, the assessed value is expected to rise above $2.5 billion.   The 2007 estimated market value is $14.8 billion. Sales taxes are one of the City’s largest sources of operating revenues.  Sales tax collections rebounded by 7% in 2006 with unaudited collections of approximately $125 million.  The bond proceeds will be used for various purposes ranging from street repairs to the improvement of parks, libraries and other public facilities. The bonds carry an underlying rating of BBB- from Fitch, Baa3 from Moody’s and BB from Standard & Poor’s.  The City’s underlying ratings from Moody’s and Standard & Poor’s ratings were upgraded in the past year from Ba1 and B, respectively. Sample Cusip: 64763FMH9 (2036 maturity)
Bonneauville Borough Municipal Authority, PA $8,990,000.00 UW: RBC Capital Markets Sale Date: Week of 10/16/2007 The Borough of Bonneauville (the “Borough”), with a population of 1,468, is located in the south central section of Adams County about 40 miles south of Harrisburg.  The Borough is located within commuting distance from the City of Baltimore, MD.   The bonds are secured by the net revenues of the Borough’s water and sewer system (the “System”) and the full faith and credit, and taxing power of the Borough by way of guarantee agreements.   The System’s sales revenue grew from $390,000 in 2002 to $547,000 in 2006.   The System’s customer base on an Equivalent Dwelling Unit basis (“EDU”) grew from 752 in 2002 to 931 in 2007.  The continued expansion of the system generated $131,000 in new connection and reservation fees in 2006.  The Borough is relying on new connection fees and rate increases to cover future DS payments.  312 EDUs are projected to be added by 2012.    The average monthly rate will be increased in 2008 to $71.00 from the current rate of $51.00.  It will be increased again in 2009 to $81.00.  The sewer connection fee will be increased from $1,914 to $8,441 in 2008.  The Borough’s assessed value (“AV”) equaled $22 million in 2006, and grew an average 3.46% annually since 2002.  Market value equaled $72 million in 2006, up from $50 million in 2002.   The top-ten taxpayers comprise less than 8% of total AV.   Fund balance growth has been solid, increasing from $481,000 in 2002 to $754,000 in 2006 or 179% of expenditures. Bond proceeds will fund the expansion of the sewer system, mandated environmental upgrades, a debt service reserve fund, six months of capitalized interest and the costs of issuance. Radian insured this credit in 2003. Sample Cusip: 098218CK4 (2043 maturity)
The Parking Authority of the City of Scranton, PA $32,600,000.00 UW: RBC Capital Markets Sale Date: Week of 9/10/2007 The City of Scranton (the “City”) is located in northeastern Pennsylvania, about 130 miles north of Philadelphia and 125 miles west of New York City.  The City has a population of 73,120 and is the fifth-largest city in the Commonwealth.  It serves as the Lackawanna County seat and is a regional employment center for northeastern Pennsylvania.   The bonds are secured by a pledge of net parking revenues of the City’s parking authority (the “Authority”) and the full, faith and credit, and taxing power of the City by way of a guarantee agreement. The Authority’s parking facilities consist of three garages, one lot and on-street parking with a total of 3,268 spaces.  In aggregate, these facilities earned the Authority nearly $1.5 million in revenues in 2006.  The Authority also runs the City-owned 485-space Casey Garage. Demand for parking in the City is high with daily occupancy at or near 100% since 2002.   Roughly 75% of the spaces are allocated for rent on a monthly basis, and currently there is a two-month waiting list for a spot.  The City’s assessed value is approximately $390 million with a market value of $2.1 billion.  The top-ten taxpayers represent 6% of total assessed value.  The City has operated under Act 47 status since 1992. Bond proceeds will fund the purchase of the 485-space Casey Garage, currently owned by the City’s redevelopment authority, for $15 million.  An additional $12 million of the proceeds will be used for the construction of a new 362-space parking facility.  The remainder of the proceeds will be used to fund necessary repairs to other parking facilities. The City currently has two Radian insured bond issues outstanding:  $5.5 million of Guaranteed Parking Revenue Bonds, Series 2006 and $10 million Taxable General Obligation Bonds, Series 2006 issued through the Scranton Redevelopment Authority.
Millcreek-Richland Joint Authority, PA [Borough of Myerstown] $9,285,000.00 UW: RBC Capital Markets Sale Date: Week of 9/5/2007 Note: Series A The Borough of Myerstown (the “Borough”), with a population 3,107, is located in Lebanon County between Hershey and Reading, Pennsylvania. The bonds are secured by the net revenues of the Borough’s sewage collection system (the “System”) and the full, faith and credit, and taxing power of the Borough by way of a guarantee agreement. The System provides the sole sewage treatment services to the Millcreek-Richland System and the Jackson System, which are governed by two separate inter-municipal agreements.  The System has 1,470 customers. The Borough’s market value is equal to $103.4 million and grew an average 4.9% annually from 2002 to 2006.   The ending fund balance for all governmental funds in 2006 was $1.4 million, $945,000 of which was unrestricted. Bond proceeds will fund the design, acquisition, construction and installation of a new sewage treatment plant and additions, extensions, alterations and improvements to the System. Sample Cusip: 600264AK1 (2037 maturity)
Millcreek-Richland Joint Authority, PA [Borough of Millcreek and the Township of Richland] $8,555,000.00 UW: RBC Capital Markets Sale Date: Week of 9/5/2007 Note: Series B The Borough of Millcreek (the “Borough”), with a population of 3,118, and the Township of Richland (the “Township”), with a population of 1,482, are located in Lebanon County between Hershey and Reading, Pennsylvania.   The bonds are secured by the net revenues of the Borough and the Township’s combined sewer system (the “System”) and the full, faith and credit, and taxing power of the Borough and the Township by way of guarantee agreements.   The Borough will guarantee 30% of the amount of the bonds, and the Township will guarantee 70%.    Each municipality is required to pay no more than their proportionate share of any amount paid pursuant to the guarantee agreements. The System’s customer base numbers 1,393 and is expected to grow substantially over the next ten years due to residential development.  The System’s operational revenues grew from $512,000 in 2003 to $651,000 in 2006. The Borough’s market value is equal to $65.2 million and grew an average 5.3% annually from 2002 to 2006.   The Township’s market value is equal to $189 million and grew an average 8.6% annually across that same period.  Bond proceeds will fund the design, acquisition, construction and installation of a new sewage treatment plant and additions, extensions, alterations and improvements to the System. Sample Cusip: 60026LAK3 (2037 maturity)
Compark Business Campus Metropolitan District, CO $40,125,000.00 UW: George K. Baum & Company Sale Date: Week of 8/20/2007 Compark Business Campus Metropolitan District (the “District”) is located in northern Douglas County within the southeast Denver metropolitan area. The District is part of a larger Compark development (the “Development”).  The Development is a master planned mixed use project containing approximately 650 acres.  The property in the Development is zoned for commercial retail, office, industrial and residential uses, as well as open space and rights-of-way uses.  The District, which was initiated in 1998, has nearly $70 million in market value and $23 million in AV. The bonds are secured by a general obligation unlimited tax security of the District.  Special ownership taxes (10% of collected property taxes), taxes collected from component areas benefiting from the District infrastructure, facility fees and a debt service reserve fund will also secure the transaction. The bond proceeds will be used to refund about $22 million of existing debt.  The additional new money proceeds will be used for certain infrastructure improvements, pay the cost of issuance and fund a debt service reserve fund.    The deal includes approximately $1 million of additional taxable bonds which will also be insured by Radian. Sample Cusip: 204499AN7 (2034 maturity)
City of Monroe, LA [Tower Drive Economic Development Area] $12,000,000.00 UW: Stephens Inc. Sale Date: Week of 8/13/2007 The Tower Drive Economic Development Area (the “District”) is located in Monroe, Louisiana (the “City”).  The City is located in the north central portion of the State approximately 100 miles east of Shreveport and is the county seat of Ouachita Parish.    The District comprises of 346 acres and is 75% developed with 45 businesses and retailers.  The anchor retailer is Wal-Mart.  The bonds are secured by various sales taxes collected in the District.  40% of the tax consists of the State’s 4% sales and use tax increment collected and 60% is the City’s 2 ½ % general city sales and use tax collected.  There was over $2.5 million of incremental tax collected within the District in 2006.    The bond proceeds will refund $4 million in debt and fund ongoing projects within the District.  Sample Cusip: 61107MBS3 (2025 maturity)
City of Franklin, IN [Franklin United Methodist Home] $25,000,000.00 UW: Lancaster Pollard & Co. Sale Date: Week of 8/6/2007 Note: Variable Rate Demand Bonds Franklin United Methodist Home (“FUMH”) is a Type-C, fee-for-service CCRC located in Franklin, Indiana, approximately 22 miles south of Indianapolis and 43 miles northeast of Bloomington.   FUMH is located on a 120-acre campus and offers 299 independent living units, 61 assisted living facility units, 77 Alzheimer’s beds, and 103 skilled nursing facility beds. FUMH was founded by and remains affiliated with the South Indiana Conference of the United Methodist Church (“the Church”).  However, FUMH no longer has direct financial ties to the Church. The bonds are secured by a pledge of gross revenues and a mortgage on the main campus.  The bond proceeds will refund approximately $7 million of outstanding debt, provide $12 million of new money for renovation projects and to reimburse approximately $2 million in prior capital expenditures.  Cusip: 352763AG1
Montgomery Airport Authority, AL $12,000,000.00 UW: The Frazer Lanier Company Incorporated Sale Date: Week of 8/2/2007 The Montgomery Airport Authority (“Authority”) owns and operates Montgomery Regional Airport (the “Airport”), which is located in south-central Alabama, approximately 100 miles south of Birmingham, AL.  The City of Montgomery is the state’s capitol and the seat of Montgomery County. As an origin and destination airport, its primary service area includes nine counties with a population of 500,000.  The closest alternative airports are Birmingham International Airport (90 miles away) and Hartsfield-Jackson Atlanta International Airport (160 miles away).  The Airport had over 186,000 enplanements in 2006.  The Airport is served by four airlines that provide 16 daily departures to four major hub cities: Atlanta (Atlantic Southeast Airlines), Memphis (Northwest), Charlotte (US Airways) and Houston (Continental).  Atlantic Southeast Airlines, a Delta affiliate, is the Airport’s largest carrier, accounting for over 50% of enplanements. The bonds are secured by the Authority’s net revenues, including passenger facility charges (PFCs).  The Authority may only use its PFCs for the project being financed with the bonds and has pledged its PFCs to pay debt service.  The Authority received nearly $775,000 in PFCs in 2006. The proceeds of the bonds will be used to reimburse the Authority on a portion of the costs associated with a recently completed $35 million renovation and expansion project at the Airport. Sample Cusip: 613038AA6 (2037 maturity)
I-470 and 350 Transportation Development District, MO [Lee’s Summit] $18,765,000.00 UW: Stifel, Nicolaus & Company, Incorporated Sale Date: Week of 7/25/2007 The I-470 and 350 Transportation Development District (”TDD”) is a retail center located in northwest portion of Lee’s Summit, Missouri (the “City”), just south of the intersection at I-470 and 350.  The 785,000 square foot development, known as SummitWoods Crossing, contains 49 retailers, including anchor retailers, Kohl’s, Lowe’s, Best Buy, and SuperTarget.  The TDD is almost completely built out. The bonds are secured by a 1% sales tax generated by retail sales in the TDD, and will be collected and transferred by the City to the trustee for the Bonds, as per a cooperative agreement between the City and the TDD.  Additional security is provided by a fully funded debt service reserve fund.  The distribution of revenues is subject to annual appropriation by the City and the TDD. The TDD had $219 million in taxable sales in 2006.  As of March 2007, the TDD had $52.3 million in taxable sales, a 6.5% increase from the prior year at the same time.  The bond proceeds and other available funds will be used to refund existing debt and help fund the construction of a new exit ramp and overpass.  The issue received an underlying rating of A from Fitch. Sample Cusip: 449522AF8 (2029 maturity)
Maryland Health and Higher Educational Facilities Authority [Annapolis Life Care, Inc.] $49,640,000.00 UW: A.G. Edwards & Sons, Inc. Sale Date: Week of 7/23/2007 Annapolis Life Care, Inc., a nonprofit Maryland corporation (the “Obligated Group”), owns and operates a continuing care retirement community located in Annapolis, Maryland known as Ginger Cove (“Ginger Cove” or the “Facility”).  Ginger Cove opened for occupancy in August 1988.  Ginger Cove has 243 ILUs, 36 ALUs and 55-bed skilled care beds. The Facility sits on a 30-acre site with 1,500 feet of water frontage, located about four miles from downtown Annapolis. ILU occupancy levels at Ginger Cove have been at 98% for the past few years.  Liquidity is reflected in over $27 million of unrestricted cash and investments, amounting to 764 days operating expenses and 56% of pro form long-term debt. The bonds are secured by a pledge of gross revenues of the Obligated Group and a mortgage on the Facility.  The bond proceeds will refund about $15 million of outstanding variable rate bonds.  A new money portion will fund almost $35 million of capital projects including additions to the common’s building, health center expansion and reconfiguration, and additional common areas. Standard & Poor’s has assigned a BBB+ underlying rating to this issue.
The Village of Bourbonnais, IL [Olivet Nazarene University] $45,000,000.00 UW: NatCity Investments, Inc. Sale Date: Week of 7/23/2007 Olivet Nazarene University (the “University” or “ONU”) is a non-profit, co-educational comprehensive institution.  The University is located on a 170-acre campus, about 50 miles south of Chicago, in the Village of Bourbonnais, Illinois.  ONU first offered instruction in 1907.  It achieved university status in 1986.    The University is affiliated with the Church of the Nazarene.  ONU is the largest Nazarene university in the United States, and one of the ten largest schools in the 102-member Coalition of Christian Colleges and Universities. The University’s total FTE enrollments have increased from 2,180 during the 1999-2000 Academic Year to 3,432 in 2006-2007.  Undergraduate applications have risen from 1,488 to 2,875 over this period of time. Factoring in the Series 2007 bond issue, pro forma MADS coverage has been at 2.92X, 3.05X, and 2.89X over the FY 2004-FY 2006 period.  Operating margins have been at 12.30%, 11.51%, and 8.56% over these same three years.  The bonds are a general obligation of the University, backed by a security interest in Unrestricted Revenues.  The bond proceeds will be used to refund all of the University’s outstanding debt and mortgage notes, including remaining Radian insured Series 2000 Bonds.  ONU also will issue approximately $15 million of new money to be dedicated to a variety of capital projects. Sample Cusip: 102022BJ8 (2037 maturity)
Allegheny County Higher Education Building Authority [Waynesburg College] $10,730,000.00 UW: PNC Capital Markets LLC Sale Date: Week of 7/19/2007 Waynesburg College (“Waynesburg” or the “College”) is located in Waynesburg, Pennsylvania, about 60 miles south of Pittsburgh.  It is the only private institution of higher learning within Greene County (population of 40,000).  Waynesburg, which received its charter in 1850, is affiliated with the Presbyterian Church of the United States. FTE enrollments have increased over the past five years from 1,389 in the Fall of 2002 to 1,860 in the Fall of 2006.  Over that same period of time, freshmen applications have increased from 1,208 to 1,435.   The College’s fiscal year 2006 year-ending Unrestricted Resources were $29.7 million with an Unrestricted Resources to Operations ratio of 108% (the median ratio for Moody’s “Baa” small colleges is 50% and median ratio for Standard & Poor’s “BBB” is “35.5%). The bonds are a general obligation of the College, backed by a security interest in unrestricted receipts, revenues, income and other moneys received by the College. The bond proceeds will be used to fund the construction of a residence hall that can accommodate 140 students and to refinance approximately $3 million of outstanding debt. This issue has an underlying rating of BBB from Standard & Poor’s.
Montgomery County Industrial Development Authority, PA [The Baldwin School] $18,500,000.00 UW: A.G. Edwards & Sons, Inc. Sale Date: Week of 7/16/2007 Note: Auction Rate Securities The Baldwin School (“Baldwin” or the “School”) is an all-girls, pre-kindergarten through Grade 12, day school located in Bryn Mawr, Pennsylvania, eleven miles west of Philadelphia.  The School was founded in 1888 as a preparatory school for Bryn Mawr College.  Today, it has an enrollment of 612 students, of whom 268 are in the Lower School, 144 in the Middle School, and 200 in the Upper School.  The average SAT score for 2006-07 was 1,325, significantly above the national mean of 1021.  100% of the School’s graduates attend college. The University of Pennsylvania has been the most frequent destination for Baldwin graduates over the past five years.     Student enrollments have increased from 466 in 1989-1990 to 612 for the 2006-2007 Academic Year.   The School’s Selectivity Ratio has improved from 79% to 68% over this period of time.  The bonds are a general obligation of the School, backed by a security interest in tuition and fees.  The bonds are further secured by a mortgage on the campus. The bond proceeds will be used to construct a 47,000 square foot athletic facility, fund improvements of other facilities, and to refinance about $1.3 million of the School’s outstanding debt.
Redevelopment Agency of the City of Woodland, CA $8,735,000.00 UW: Brandis Tallman LLC Sale Date: Week of 7/16/2007 Note: Tax-Exempt and Taxable The City of Woodland (the “City”) was incorporated in 1871, and is located in Yolo County, in Central Valley about 85 miles northeast of San Francisco, and 18 miles northwest of Sacramento.  The Woodland Project Area (the “Project Area”) is located in the downtown area of the City and encompasses 621 acres representing 7% of the City.  The Project Area has AV of $325 million and IAV of $139 million. Over the past four years, AV has increased by 47.1% and IAV by 126.8%.  The top taxpayer comprises 17% and 30% of AV and IAV, respectively.  The bonds are issued across two series – almost $7 million of Series A tax-exempt bonds and $1.75 million of Series B taxable bonds. The bonds are secured by tax increment revenue from the Project Area, net of 20% low and moderate income housing set aside. Bond proceeds will refund outstanding debt and provide new money for various capital improvements within the Project Area.
Pennsylvania Higher Educational Facilities Authority [Gwynedd-Mercy College] $18,680,000.00 UW: NatCity Investments, Inc. Sale Date: Week of 6/28/2007 Note: Series GG5, Fixed Rate Gwynedd-Mercy College (“GMC” or the “College”) is a four-year co-educational Roman Catholic institution, which was founded in 1948 as a junior college and achieved four-year college status in 1963. GMC’s main campus is located on 160 acres in Gwynedd Valley, Pennsylvania, about fifteen miles north of the City of Philadelphia.    The College also maintains satellite operations in Fort Washington and Philadelphia.  The College offers over 50 undergraduate degree programs and eight graduate degree programs.  Current FTE enrollments of 2,031 are up from 1,115 a decade ago and from 1,644 as recently as four years ago.  Undergraduate applications of 2,945 are up from 1,145 a decade ago and 2,169 as recently as the 2003-2004 Academic Year.  The College’s Selectivity Ratio is at 43.1% and has averaged 46.3% over the five most recent academic years.  The bonds are a general obligation of the College, backed by a security interest in its Unrestricted Revenue.  The bonds are further secured by a “springing mortgage” on GMC’s main campus.  The issue received a BBB- underlying rating from Standard & Poor’s. In addition to this fixed rate issue, approximately $21.5 million of variable rate bonds, also insured by Radian, will be placed in the near future.   In aggregate, the fixed rate and variable rate bond proceeds will finance the construction of an athletic facility, which will include a synthetic turf field and an eight lane track, and refund all of the College’s existing debt, some of which has been insured by Radian.  Sample Cusip: 70917RLF0 (2032 maturity)
New Wilmington Municipal Authority [Westminster College] $17,090,000.00 UW: NatCity Investments, Inc. Sale Date: Week of 6/18/2007 Westminster College (“Westminster” or the “College”) is a private, co-educational liberal arts college, which was founded in 1852 and is affiliated with the Presbyterian Church.  The College is located in New Wilmington, Pennsylvania.  The College’s 300 acre campus includes 24 major buildings, a 46-acre natural science study area, a 15-acre lake used for recreation and study, and a 40-acre forest for studies and walking.  In the fall of 2006, Westminster had an undergraduate enrollment of 1,371 FTE students.  The College has a 71% Selectivity Ratio for the forthcoming 2007-2008 Academic Year, which is its strongest in ten years.  The College’s Yield of 34.8% for the recently completed academic year is higher than the most recently published Moody’s “Baa” median of 32.9%. The College has an alumni giving rate of 31%.  The College’s endowment per student has increased from $44,000 in 1997 to approximately $72,000 in April 2007. The College closed FY 2006 with Total Resources of $93.5 million, which equated to $68,199 per FTE Student.  This far surpasses the Moody’s “Baa” median of $20,654 and the S&P “BBB” median of $15,673. The bonds are a general obligation of the College, backed by a security interest in its Unrestricted Revenue.  The bond proceeds will be used to refund Westminster’s existing debt and finance approximately $3 million in capital improvements.  Sample Cusip: 64920RAS2 (2033 maturity)
Norman Regional Hospital Authority, OK $29,440,000.00 UW: UBS Securities LLC Sale Date: Week of 6/14/2007 Note: Only represents Radian-insured maturities Norman Regional Health System (“NRHS” or the “System”) is a two hospital health system with 382 staffed beds located in and around Norman, Oklahoma which is approximately twenty miles south of Oklahoma City.  Norman Regional Hospital is a 307 licensed beds acute care facility with a 30-bed rehabilitation center.  On March 1, 2007, NRHS purchased Moore Medical Center, an acute care facility with a current licensed bed capacity of 45, all of which are currently staffed.  Both hospitals are the only acute care hospitals in the System’s primary service area (“PSA”).  NRHS holds a dominant market position as the sole community provider in the PSA, with a 62% market share.  The population of the PSA is approximately 116,000. The bonds are secured by gross receipts of the System.  The bond proceeds will refund outstanding 1996 Series A Bonds, outstanding 2007 bond anticipation notes and fund a portion of the construction cost for the System\\'s Westside Campus. Underlying ratings of BBB from Standard & Poor’s and Fitch. Radian currently insures Series 2002 bonds with $51.4 million outstanding.   Sample Cusip: 656178CT5 (2021 maturity)
New Jersey Educational Facilities Authority [Rider University] $22,000,000.00 UW: Morgan Stanley Sale Date: Week of 6/13/2007 Note: Series C, 5yr Par Call Rider University (“Rider” or the “University”) is an independent, co-educational institution with more than 5,500 full and part-time students enrolled in programs leading to associate, baccalaureate, and masters degrees and other advanced degrees in education.  In its 136-year history, Rider has evolved from a small, proprietary business college in Trenton to a teaching university with curricula in business, arts and sciences, education, and music with the main campus in Lawrenceville and the Westminster Choir College campus in Princeton, New Jersey.    Demand for admissions to Rider has improved as reflected by an overall increase in enrollments from 4,527 FTE Students in the 2003-2004 Academic Year to 4,901 in 2006-2007.  The University’s Undergraduate FTE count rose from 3,840 to 4,144 over this period of time.  Applications from prospective freshmen have risen from 4,091 to 5,006 over these five years.  The bonds will be issued to finance the construction of a 52,000 square foot, 152-bed residence hall, an addition to dining hall facilities and faculty office renovations, fire safety initiatives, and other deferred maintenance and renovations. The bonds are a general obligation of the University, backed by a security interest in tuition and fees.  The bonds are further secured by a mortgage on the residence hall to be constructed with a portion of the bond proceeds. Moody\\'s has assigned a Baa1 underlying rating to this issue. Radian has previously insured the University’s Series 2002 Bonds and its Series 2004 Bonds. Sample Cusip: 646065JP8 (2037 maturity)
Redevelopment Agency of Yuba City, CA $16,000,000.00 UW: Wedbush Morgan Securities Sale Date: Week of 6/12/2007 Yuba City is located in Sutter County, California, 40 miles north of Sacramento.  The Redevelopment Agency was activated in 1958.  The bonds are secured by the tax increment of a project area that includes 912 acres, $556mm in assessed value (“AV”) and $377mm in incremental AV.  Bond proceeds will be used to pay for new development activities and costs of issuance. Sample Cusip: 988234EQ9 (2039 maturity, 5.375% coupon)
Connecticut Health and Educational Facilities Authority [The Hospital for Special Care] $62,000,000.00 UW: RBC Capital Markets Sale Date: Week of 6/11/2007 Note: Series C & D, Fixed and Variable Rate The Hospital for Special Care (the “Hospital”) and its affiliate, HSC Community Services, Inc., (“HSCCSI”) specializes in the care of patients requiring comprehensive medical management of complex chronic diseases or intensive rehabilitation.  The Hospital, with 228 beds, is located on a 29.5-acre site in New Britain, CT.  HSCCSI is a sister entity of the Hospital and operates Brittany Farms Health Center, a skilled and intermediate long-term facility, also in New Britain. The Hospital’s service area is the State of Connecticut with a population base of 3.5 million residents and Western Massachusetts with the greatest number of admissions from Hartford County.  In addition to the Hospital, there are only five other facilities in Connecticut which are licensed for chronic disease beds.  Unlike the Hospital, each of those five facilities limits care to a restricted population of individuals, limits care to adults in short-term rehabilitation or limits care only those patients at the facility’s own skilled nursing or residential program.  The Hospital is unique in that it provides broader levels of care to a greater range of individuals. The bonds are secured by a pledge of gross revenues of the Obligated Group.  The Obligated Group consists of the Hospital, HSCCSI and the Foundation of Special Care, a 501(c)(3) corporation.  The deal is further secured by a mortgage on the main hospital campus. The bond proceeds will refinance existing debt and fund an electronic medical records system. The bonds were issued across two series - $47 million Series C (fixed rate) and $15 million Series D (variable rate) Sample Cusip: 20774UNN1 (2037 maturity, Series C)
Clinton Industrial Development Agency [Champlain Valley Physicians Hospital Medical Center] $19,565,000.00 UW: KeyBanc Capital Markets Inc. Sale Date: Week of 6/7/2007 Note: Variable Rate Demand Bonds, Series A Champlain Valley Physicians Hospital Medical Center (“CVPH”) operates a 341-licensed bed acute care hospital and a 54-bed SNF in the northeastern portion of New York State in Plattsburgh, roughly 30 miles south of the Canadian border.  CVPH was created in 1967 via a merger of Champlain Valley Hospital which was founded in 1903 and Physicians Hospital, which was founded in 1911.  CVPH enjoys a market share in excess of 80% in its Primary Service Area of Clinton County.  CVPH operates in the North Country of New York State and benefits from geographic barriers to entry.  The North Country is a sparsely populated region, but one of the largest in the state, encompassing an area of approximately 4,600 square miles.  The bonds are secured by a pledge of gross revenues of CVPH.  The deal is further secured by a mortgage on the medical center campus. The bond proceeds will be used to finance the renovation and expansion of a surgical suite. Radian currently insures their Series 2002A bonds with approximately $10 million outstanding.
The City of Erie Higher Education Building Authority [Gannon University] $22,000,000.00 UW: NatCity Investments, Inc. Sale Date: Week of 6/7/2007 Gannon University (“Gannon” or the “University”) is a Catholic institution, the history of which dates back to 1925.   The University is located in an eight block area in downtown Erie, Pennsylvania. Fall 2006 combined undergraduate and graduate headcount enrollment was 3,815 students, which was its largest total enrollment in 13 years and the largest ever enrollment for graduate students.  The University’s Unrestricted Endowment has grown from $10 million in FYE 2002 to $16.7 million in FYE 2006, an increase of 64%.  The total Endowment has grown from $18 million in FYE 2002 to $31.4 million in FYE 2006, an increase of 74%. The bonds are a general obligation of the University, backed by a security interest in its Unrestricted Revenue.  Bond proceeds will be used to fund various renovations. Sample Cusip: 295435AK7 (2035 maturity)
Clinton Industrial Development Agency [Champlain Valley Physicians Hospital Medical Center] $32,070,000.00 UW: KeyBanc Capital Markets Inc. Sale Date: Week of 6/7/2007 Note: Variable Rate Demand Bonds, Series A & B Champlain Valley Physicians Hospital Medical Center (“CVPH”) operates a 341-licensed bed acute care hospital and a 54-bed SNF in the northeastern portion of New York State in Plattsburgh, roughly 30 miles south of the Canadian border.  CVPH was created in 1967 via a merger of Champlain Valley Hospital which was founded in 1903 and Physicians Hospital, which was founded in 1911.  CVPH enjoys a market share in excess of 80% in its Primary Service Area of Clinton County.  CVPH operates in the North Country of New York State and benefits from geographic barriers to entry.  The North Country is a sparsely populated region, but one of the largest in the state, encompassing an area of approximately 4,600 square miles.  The bonds are secured by a pledge of gross revenues of CVPH.  The deal is further secured by a mortgage on the medical center campus. The bond proceeds will be used to finance the renovation and expansion of a surgical suite. Radian currently insures their Series 2002A bonds with approximately $10 million outstanding. The bonds were issued across two series – $19.5 million Series A and $12.5 million Series B. Sample Cusip: 187476AD8 (Series A)
The Community Redevelopment Agency of Los Angeles, CA [Grand Central Square] $11,345,000.00 UW: Stone & Youngberg LLC Sale Date: Week of 6/5/2007 Note: Series A, Subject to AMT The Community Redevelopment Agency of Los Angeles, CA (the “CRA”) was activated in 1948 by the LA City Council and the Authority is a JPA formed in 1992.  The City Council oversees both the CRA and the Authority.  The City is the second largest in population in the nation and covers 469 square miles.   The Bunker Hill Redevelopment Project (the “Project Area”) was created in 1959 and is the oldest active redevelopment project in the City.  It includes 133 acres in the northwestern quadrant of Downtown Los Angeles.  The Project Area has a strong AV of $2.95bn and an extremely large increment with base year AV of $20.3mm which underscores the growth of value over time.   Growth over the past four years has been healthy with incremental AV growth of 35.5%.  Development in the Project Area includes 14.2 million square feet of building development, of which 11.4 million square feet are commercial and approximately 2.7 million square feet residential (3,255 dwelling units), along with notable public and institutional facilities such as the Museum of Contemporary Art (MOCA), the Colburn School of Performing Arts and, most recently, the Walt Disney Concert Hall, which opened in October 2003. The bonds are secured by tax increment revenues of the Project Area, including 20% housing set-aside revenues.  Bond proceeds will be used to refund outstanding debt, fund a debt service reserve, and pay costs of issuance. Underlying ratings of BBB from Standard & Poor’s and Baa3 from Moody’s. Sample Cusip: 544393DB4 (2026 maturity)
Aspen Grove Business Improvement District, CO $9,100,000.00 UW: Piper Jaffray & Co. Sale Date: Week of 5/31/2007 Aspen Grove Business Improvement District (the “District”) is located in Arapahoe County (the “County”), Colorado\'s oldest county and fourth largest in terms of population. The County contains the City of Littleton and portions of Cherry Creek and the Denver Tech Center. The District’s 53.4 acre area includes the Aspen Grove Lifestyle Center (the “Lifestyle Center”).  The Lifestyle Center contains a diverse mix of 58 mostly retail tenants. The top ten tenants comprise 39% of the total rent generated by the property. The bonds are secured by a limited tax levy of 70 mills and an additional specific ownership tax which equal approximately 8.0% of the property tax. Bond proceeds will refund the District’s outstanding debt. Sample Cusip: 04529NAP8 (2021 maturity) An additional $1.6 million of capital appreciation bonds were also issued.
County of Contra Costa Public Financing Authority, CA $16,665,000.00 UW: Stone & Youngberg LLC Sale Date: Week of 5/30/2007 Note: Subordinate Series B Bonds Contra Costa County (the “County”) is situated northeast of San Francisco and is bounded by the San Pablo Bays, Sacramento River Delta and Alameda County.    The County is the 9th most populous in the State of California with over 1 million people.   The Contra Costa Centre Project Area consists of approximately 125 acres with over $610 million of assessed value (“AV”).  The North Richmond Project Area consists of approximately 900 acres with nearly $290 million of AV.  The Bay Point Project Area consists of approximately 1,550 acres with more than $615 million in AV.  The Rodeo Redevelopment Project Area includes about 650 acres with almost $320 million in AV.  The Montalvin Manor Redevelopment Project Area consists of about 210 acres with nearly $140 million in AV.  Collectively, these five project areas represent the Combined Project Area and include over 3,400 acres with $1.97 billion AV and $1.52 billion of Incremental AV.  The bonds are secured by tax increment revenues.  The bonds are subordinate to existing senior bonds.  $87.7 million of 2007 Senior Bonds were also issued and came with insurance from MBIA. Bond proceeds will refund outstanding bonds, fund new development and pay costs of issuance. S&P has assigned a BBB rating to the subordinate bonds. Sample Cusip: 442540BR0 (2047 maturity)
Connecticut Health and Educational Facilities Authority [Chase Collegiate School] $11,060,000.00 UW: Stifel, Nicolaus & Company, Inc. Sale Date: Week of 5/30/2007 The Chase Collegiate School (the “School”) is a pre-K through 12 independent school, which is located on a 47-acre campus in Waterbury, Connecticut.  It is a co-educational day school and draws students from 43 municipalities located within a 45 mile radius of its campus.  The School is the product of the merger of two schools - Saint Margaret School for Girls, which was founded in 1865, and the McTernan School for Boys, which was established in 1912.  The two schools were merged as the co-educational St. Margaret’s- McTernan School in 1972.  The school was renamed the Chase Collegiate School in 2005.  The bonds are a general obligation of the School, backed by a first lien on unrestricted revenues. The bond proceeds will finance expansion and renovation of the Upper School building and refinance a term note. Sample Cusip: 20774UMU6 (2037 maturity)
Housing Authority of the City of Los Angeles, CA $28,735,000.00 UW: RBC Capital Markets Sale Date: Week of 5/22/2007 The Housing Authority of the City of Los Angeles (the “Authority”) is a corporate and public body established in 1938 for the purpose of clearing, re-planning and reconstructing areas in Los Angeles (the "City") in which unsanitary or unsafe housing conditions exist.  The Authority also provides dwelling accommodations for persons of low income throughout the City. The Authority provides the largest supply of low-income housing in the Los Angeles area.  As of May 1, 2007, the Authority owned or managed approximately 7,165 public housing units and 1,619 additional housing units outside its public housing program.  Also, the Authority administered housing assistance payments contracts with respect to approximately 43,553 privately owned housing units under the U.S. Department of Housing and Urban Development (“HUD”) Section 8 Housing Choice Voucher Program. The bond proceeds will mostly be used to acquire a five-story, 119,577-square foot administrative office building in the Mid-Wilshire District of Los Angeles that it currently leases from another owner.  The remaining proceeds will be used to make improvements to the office building, fund a reserve fund and pay the costs of issuance.   The bonds will be full faith and credit obligations of the Authority, payable from revenues received by the Authority from HUD to the extent permitted under regulations governing those programs, from general non-restricted Authority revenues, and other Authority funds that are legally available.  A mortgage on the office building also secures the transaction. Sample Cusip: 54456PAN0 (2037 maturity, 5% coupon)
Connecticut Health and Educational Facilities Authority [Griffin Hospital] $34,050,000.00 UW: Wachovia Bank, N.A. Sale Date: Week of 5/14/2007 Note: Auction Rate Securities, Tax-Exempt and Taxable Griffin Hospital (“Griffin” or the “Hospital”), located in Derby, CT, is licensed for 160 beds offering general medical surgical, obstetrics and psychiatric services.  Griffin is also a provider for niche services that draws patients from outside the primary service area.  Those niche services include sleep wellness, pain and headache and multiple sclerosis treatments. The Hospital’s primary service area (“PSA”) includes six communities covering nearly 100 square miles with a population of nearly 100,000.  Griffin’s PSA market share is over 50%.  Over the past few years, Griffin has experienced volume growth in many categories including emergency room visits, short term surgery visits and total outpatient visits.  Average daily census levels are up nearly 18% between 2003 and the first six months of 2007. The bonds are general obligations of the Obligated Group, secured by a pledge of the gross revenues of the Obligated Group.  The Obligated Group consists of the Hospital, Griffin Health Services Corporation, which coordinates the management and operations of the Hospital, and the Griffin Hospital Development Fund.  The bonds are further secured by a mortgage on real property of the Obligated Group. The bond proceeds will be used to partially fund various projects Griffin has initiated in response to increases in the demand for its services (collectively, the “Project”).  The Project includes emergency room expansion, a new ambulatory care building, new radiation therapy service, the reestablishment of an inpatient medical/surgical unit and the relocation and expansion of other services and departments. The bonds were issued across two series – $23.1 million tax-exempt Series C and $10.9 million taxable Series D. Sample Cusip: 20774UMA0 (Series C, tax-exempt)
Howard County, AR $25,480,000.00 UW: Stephens Inc. Sale Date: Week of 5/14/2007 Howard County (the “County”) is located in southwest Arkansas. The seat of the County is Nashville, which is approximately 120 miles southwest of Little Rock.  The County’s population is near 15,000. The bonds are special obligations payable solely from collections of a combined 1% sales and use tax (the “Tax”) levied by the County.  The sales tax portion of the Tax is generally levied upon the gross proceeds and receipts derived from all sales to any person within the County of goods, tangible personal property, and services.  The use tax portion of the Tax is levied on every person for the privilege of storing, using, distributing or consuming in the County any article of tangible personal property.  The Tax is limited to a maximum of $25 for any single transaction.  The County has collected the Tax since 1983.  Pursuant to voter approval, the Tax will now be pledged to the bonds.  Historically, revenues from the Tax have increased at a compound annual growth rate of 1.6% over the past six years with over $1.6 million generated in 2006. The bond proceeds will be used to finance a portion of the acquisition and construction of a new acute care hospital facility, infrastructure improvements, a debt service reserve fund, and the costs of issuance. Sample Cusip: 442540BR0 (2047 maturity)
Community Development Commission of the City of Maywood, CA [Merged Project Area] $21,650,000.00 UW: Alta Vista Financial, Inc. Sale Date: Week of 4/30/2007 The City of Maywood (the “City”) is located in Los Angeles County, CA, 5 miles southeast of downtown Los Angeles.  The City is considered part of a mature urban development with an estimated population of nearly 30,000.  The Merged Redevelopment Project Area includes three existing redevelopment plans: Westside Project Area, Project Area No. 2, and the City-Wide Project Area (“City-Wide”).  City-Wide is the newest area created in 2000. The bonds are secured by the incremental assessed value (“IAV”) tax revenues of City-Wide.  City-Wide is the largest project in the City with 625 acres $204mm in IAV and $648mm of assessed value (“AV”).  City-Wide’s top 10 taxpayer concentration is 5.5% of AV and 17.5% of IAV. The bond proceeds will be used to refund existing debt, pay for new development activities and pay the costs of issuance.
ABAG Finance Authority for Nonprofit Corporations [Casa De Las Campanas, Inc.] $45,645,000.00 UW: Cain Brothers Sale Date: Week of 4/30/2007 Note: Tax-exempt and Taxable Variable Rate Bonds Casa De Las Campanas ( “Casa”) is a non-profit, CCRC located in the Rancho Bernardo area of northern San Diego County, approximately 25 miles from downtown San Diego.  It occupies a 22.7 acre campus and offers 394 independent living units (“ILUs”), an 18-unit (26-bed) assisted living (“ALU”) facility, an 18-unit (27-bed) special care residence dementia unit and a 99-bed skilled nursing facility (“SNF”). Casa is a Type A, lifecare facility that allows residents to move through the continuum of care from ILUs to ALU, to dementia and to the SNF without an increase to the monthly service fee due to a change in the level of care.  In FY 2006, 58% of SNF revenues were derived from private payors, including lifecare contracts.  Casa is not licensed to receive Medi-Cal reimbursement and has no exposure to that payor category.  Over the past 5years Casa has reduced their HMO exposure to a level of 6%.     Casa has $21.6mm in cash in FY06, which is the equivalent of 355 days cash on hand.   The bonds are secured by a pledge of gross revenues and a mortgage on the campus.  A liquidity facility has been provided by KBC Bank N.V. The bond proceeds will be used to refund $31.2mm of existing debt and to reimburse Casa for $16.8mm in prior capital expenditures, including various construction and renovation projects. The bonds will be issued across two series – a tax-exempt ($28.7 million) and a taxable ($16.9 million).
The Educational Building Authority of the City of Montgomery, AL [Faulkner University] $25,955,000.00 UW: Blount Parrish & Company, Inc. Sale Date: Week of 4/30/2007 Faulkner University (“Faulkner” or the “University”) is a private, independent, four-year liberal arts institution that is affiliated with the Church of Christ.  The University was founded in 1942 and its main campus is located in Montgomery, Alabama.  There are four colleges within the University:  Business, Biblical Studies, Art and Science, and the Thomas Goode Jones School of Law (the “Law School”).  Satellite campuses for adult weekend and evening programs were established in 1975 and operate in Birmingham, Huntsville and Mobile.  As part of a military education program, classes are also held at approximately twenty Alabama National Guard installations throughout the state.    The Law School has been in existence for over 75 years.  The University purchased it from the University of Alabama in 1983 and transferred it to Faulkner’s main campus.  The Law School was accredited by the American Bar Association in 2006.  As of Fall 2006, student enrollment was 2,601.  Selectivity and Yield in 2006 for applicants was at 65% and 51%, respectively.    The bonds are a general obligation of the University, secured by a pledge of its unrestricted revenues, and a mortgage on the entire main campus. The bond proceeds will fund the construction of a 149 bed student housing facility; fund renovations for existing housing facilities and other campus improvements; refund existing debt of nearly $13 million; and pay the costs of issuance. Sample Cusip: 613045ACL5 (2032 maturity)
Clark County, NV [University of Southern Nevada] $27,000,000.00 UW: Zions First National Bank Sale Date: Week of 4/16/2007 The University of Southern Nevada (“USN”) began as the Nevada College of Pharmacy in 2001 after it was granted the authority to offer a Doctor of Pharmacy degree.  Following the graduation of its first class in November 2003, USN’s College of Pharmacy received full certification from the Accreditation Council for Pharmacy Education.  Since then, USN also developed a nursing program and an MBA program with an emphasis on the management and leadership skills of health care professionals. Today, USN occupies a 100,000 square foot building in Henderson, Nevada.  USN has also expanded to a satellite facility in South Jordan, Utah (midway between Salt Lake City and Provo). Applications at USN have grown from 118 in 2001 to 1,472 in 2006.  Enrollment has also increased.  USN’s first class in 2001 included 121 students.  Today, the enrollment at the Henderson facility is 545.  Another 52 students are enrolled at the South Jordan facility.  The bonds are a general obligation of USN, secured by a security interest in unrestricted revenues, and a mortgage on the Henderson facility. The bond proceeds will finance the acquisition of the Henderson facility which USN has been leasing up to this point.
County of Santa Barbara, CA [Music Academy of the West] $16,625,000.00 UW: Edward Jones Sale Date: Week of 4/10/2007 Note: Certificates of Participation The Music Academy of the West (the “Academy”) is an independent 501(c)(3) dedicated to advancing the development of gifted young classical musicians. It was founded in 1947 by a group of Southern California musicians.  In 1951, the Academy moved to an estate in the Town of Montecito, just south of Santa Barbara.   The campus is located on nine acres, overlooking the Pacific Ocean. The Academy provides young musicians, primarily of college and graduate school age, with a pivotal learning experience as they make their transition from student to professional.  The Academy has over 5,500 alumni, many of whom have become professional musicians performing around the world as soloists, in major symphony orchestras, chamber orchestras, ensemble and opera companies. The Academy is one of the most comprehensive nonprofit summer schools in the United States.  There currently exists only two other music academies in the country that are similar to the Academy in terms of scope, overall organization structure and level of instruction provided – Tanglewood Music Center and Aspen Music Festival. The Academy now accepts 135 students per summer session, each of whom receives a full-scholarship, covering tuition, room and board.  Only 11% of the students applying to the school are admitted.  Of those students who apply, most have marked the Academy as their first choice, including 100% of the voice applicants, 96% of the piano applicants, and 76% of the instrumental applicants. Over the past ten years, the Academy’s total public support has averaged approximately $5.6mm per annum.  Over the past several years, approximately 90% of total public support has been comprised of contributions. Underlying rating of A- from Fitch. The bonds will be general obligations of the Academy further backed by a security interest in its unrestricted revenue. The bond proceeds will finance the renovation of the main concert hall and administrative offices. Sample Cusip: 801321JX9
Lindsay Redevelopment Agency, CA [Project Area #1] $7,880,000.00 UW: Wedbush Morgan Securities, Inc. Sale Date: Week of 3/21/2007 The City of Lindsay (the “City”) is located approximately 170 miles north of Los Angeles and 60 miles southeast of Fresno in Tulare County, California.  The City’s economy is agriculturally-based, but there has been a diversification into manufacturing. Project Area #1 (the “Area”) was established in 1987 and consists of 1,456 acres, which encompass approximately 88% of the City’s assessed value (“AV”).  The Area covers most of the downtown commercial core and contains a mix of commercial, industrial and residential usage, with residential usage accounting for the majority of the AV and project area size. Total AV of the Area is $256 million and incremental AV (“IAV”) is $136 million.  The top ten taxpayers within the Area account for 23.5% of AV and 38.5% of IAV. The largest taxpayer accounts for only 5.1% of AV and 8.3% of IAV. Over the past four years, taxable AV has increased by 38% and IAV has increased by 74%. The bonds are secured by tax increment revenues, net of certain pass-through agreements, but inclusive of the 20% housing set-aside.  The bonds are structured to provide 1.25x MADS coverage. The bond proceeds will be used for redevelopment projects that include streetscaping and the redevelopment of low and moderate income housing. Radian also insures the issuer’s Series 2005 bonds. Sample Cusip: 535536BF2
City of East Peoria, IL [Illinois Central College Foundation] $18,000,000.00 UW: NatCity Investments, Inc. Sale Date: Week of 3/14/2007 Illinois Central College (the “College”), a two-year community college, was founded in 1967 and has experienced an increase in total enrollment from 2,486 students at that time to 12,145 students in the Fall of 2006.  There are currently 7,123 FTEs.  The College, which serves all of Peoria and Woodford counties, and parts of eight other counties, offers Associates degrees in more than 150 programs and more than 90 Certifications.  The Illinois Central College Foundation (the “Foundation”) was established in 1988 as a 501(c)(3) organization with the mission of securing additional financial resources in support of the College.  The WoodView Commons (“WVC””) is a 330-bed residence hall which has been operating for the last three years.  It constitutes the first and only on-campus housing facility located on the College’s campus.  WVC achieved 99% occupancy during the summer of 2006, when the facility was heavily utilized by the Caterpillar Corporation. Occupancy was 92% for the Fall semester of 2006, as compared with 80% in the Fall of 2005.  Occupancy is now projected from 92% to 95% across the next five years academic years.  The College is not obligated to make any payments on the bonds.  Instead, the bonds are secured by a first lien on gross revenues generated by WVC, a mortgage on the property; and guaranties from the Foundation for up to $4 million. The bond proceeds will refinance existing Series 2003 bonds which were used for the original construction of the WVC.  The original 2003 Bonds were not insured by Radian.
Dormitory Authority of the State of New York [Manhattan College] $35,000,000.00 UW: Lehman Brothers Sale Date: Week of 3/5/2007 Manhattan College (the “College”) was established in 1853 by the Brothers of the Christian Schools, a Catholic teaching order.  It has been located on its present site, a 22-acre campus in the Riverdale section of Bronx County overlooking Van Cortland Park, since 1923. Founded originally as a college for men, Manhattan became co-educational in 1974. The College has a solid academic reputation and is ranked 23rd among the 165 schools listed in the US News & World Report compendium of Northern Master’s Universities.  The median SAT score for this year’s freshmen class is 1,132, which constitutes an increase from 1,090 four years ago. Total FTE enrollments have increased from 2,962 students during the 2002-2003 Academic Year to 3,237 in 2006-2007.  Over the same period of time, applications from prospective freshmen have risen from 3,775 to 5,078.  The College’s Freshman Selectivity Ratio has improved from 82% as recently as 1997-1998 to 52% for the current Academic Year. The bonds are a general obligation of the College, secured by tuition and fees, and a first mortgage lien on its entire campus. The bond proceeds will finance the construction of a new 10-story residence hall offering 275 two-bed units to accommodate 550 residents.
South El Monte Improvement District, CA [Merged Project Area] $10,270,000.00 UW: Alta Vista Financial, Inc. Sale Date: Week of 2/21/2007 Note: Series A, Taxable Bonds The City of South El Monte (the “City”) is located seven miles east of downtown Los Angeles in the San Gabriel Valley.  The City has a stable population of 22,420.  It has a considerable industrial component to its tax base and has been concentrating redevelopment on commercial and residential growth. The Merged Project Area is comprised of three sub-areas: the Rosemead Project Area (97 acres), the South El Monte No. 2 Project Area (142 acres) and Project No. 3 (782 acres). The three sub-areas were merged formally in 2004 and now encompass more than 1,000 acres.  The Merged Project Area is diverse, although industrial accounts for approximately 65% of the current total assessed value and 50% of the parcels. Residential and commercial represent 18.6% and 12.4% of the total AV, respectively, and 32.9% and 9.5% of the total number of parcels, respectively. For Fiscal Year 2006-07 there is a healthy pro-forma MADS coverage of 1.25x. This assumes a 1% tax rate and 100% tax collections.  The actual tax rate is slightly higher and tax collections have averaged over 100%. The bonds are secured by tax increment revenues from the Merged Project Area.  Almost half of the bond proceeds will be used for housing projects.  The remainder will be used for mostly relocation assistance and development financing for commercial development. Sample Cusip: 83768TAS3 (2027 maturity)
California Statewide Communities Development Authority [Hollenbeck Palms/Magnolia Court] $28,000,000.00 UW: Citigroup Global Markets Inc. Sale Date: Week of 2/12/2007 Note: Tax-exempt and Taxable Bonds Hollenbeck Palms (“HP”) is a not-for-profit CCRC located in Los Angeles, California.  HP operates 113 residential care for the elderly beds (“RCFE”) and 90 skilled nursing facility beds.  HP operates 65 RCFE beds as independent living units (“ILU”) and 48 as assisted living units.   HP is one of the oldest retirement communities in the nation.  In fact, it received the very first retirement home license issued by the State of California after licensing regulations were passed in 1926.          Historically, HP has had excellent utilization of its RCFE beds, with occupancy averaging 97%..  Furthermore, the RCFE license gives them the flexibility to reconfigure its licensed bed use as necessary. In Fiscal Year 2005, HP’s Cash and Investments totaled $33.4 million, the equivalent of 1,187 Days Cash on Hand. The bonds are secured by a pledge of Gross Revenues and a mortgage on the main campus. The bond proceeds will be used to construct a new building containing 32 ILUs, a new dining hall and some common space.  Additional proceeds will be used to build a 51-space underground parking lot and renovate existing common space in certain buildings.  The bonds will be issued across two series – a tax-exempt ($25.3 million) and a taxable ($2.7 million).
Midlothian Development Authority, Texas [Reinvestment Zone II] $35,000,000.00 UW: Stone & Youngberg LLC Sale Date: Week of 2/5/2007 Note: Series A The Midlothian Development Authority (the “Authority”) Reinvestment Zone II (the “Project Area” or the “Zone”) occupies 2,600 acres southwest of the Dallas/Fort Worth MSA.  The Project Area is located near the intersection of two main highways and enjoys easy access to two major airports.   The Zone was formed via collaboration between the City of Midlothian and Texas Industries (“TXI”). TXI, via its affiliate Brookhollow Corporation (a land management company), was the driving force behind the onset of commercial and industrial development in the Zone. Currently, TXI and Midlothian Energy LP form the bulk of the assessed value of the district at 25% and 59%, respectively. Incremental AV has grown exponentially increasing from $130 million to current AV of $341 million.  The Project Area has extremely strong MADSC at 2.03x for overall debt and 2.30x for the senior portion that Radian will insure.  In case of a devaluation of 100% for the top payer, which is highly unlikely, proforma MADSC is retained at 1.23x.  In addition to the $35 million of Radian-insured senior bonds, the Authority will also issue nearly $6 million of uninsured subordinated bonds. The bonds are secured by tax increment contract revenues from the Project Area.  The bond proceeds will be used to refund the Authority’s 1999 and 2001 debt and pay the costs of issuance.
Taos County, NM [County Education Gross Receipts Tax] $13,850,000.00 UW: George K. Baum & Company Sale Date: Week of 2/5/2007 Taos County (the “County”) is located in north-central New Mexico approximately an hour from Santa Fe.  The County\'s northern border serves as the Colorado state line. The Town of Taos is located bout 129 miles northeast of Albuquerque and 60 miles north of Santa Fe. The bonds are secured by a 0.5% levy of Education Gross Receipts Tax (“EGRT”).  The EGRT is imposed on the sales and leases of goods and other property, both tangible and intangible.  The EGRT expires on June 30, 2012 and allows for two additional months of collections in fiscal year 2013.    With over $3 million of EGRT collected for the 2006 Fiscal Year, projected coverage is expected to be over 1.15x MADS for the life of the bonds. Bond proceeds will advance refund outstanding Series 2003 and 2004 bonds, and fund capital improvements for Taos Municipal School District, Penasco ISD and Questa ISD, Taos County Education Center for the University of New Mexico.
Cumberland County Municipal Authority, PA [Diakon Lutheran Social Ministries] $47,400,000.00 UW: Bear, Stearns & Co. Inc.; Ziegler Capital Markets Sale Date: Week of 1/30/2007 Note: Series B, Auction Rate Securities Diakon Lutheran Social Ministries (“Diakon”), headquartered in Allentown, PA, is a social ministry organization of the Evangelical Lutheran Church in America.  Diakon provides both senior living and health services and family and community ministry services in various facilities in Pennsylvania, Maryland, and Delaware. The obligated group consist 11 facilities located in Pennsylvania and Maryland, which include 1,006 skilled nursing beds, 628 assisted living units and 890 independent living units (the “Obligated Group”). Diakon enjoys favorable occupancy trends with all care levels averaging 95% over the past three years. Diakon’s management has successfully executed its strategic plan resulting in the sale of low return and high risk skilled nursing facilities and investment in higher return and lower risk CCRC facilities. The bonds are secured by the Gross Revenues of the Obligated Group and mortgages on each of the facilities.  The bond proceeds will refund outstanding Ambac-insured Series 1998A bonds. $62 million of Series A fixed rate bonds were recently issued.  The proceeds from that new money series will fund the repositioning of a facility and various capital projects across the Obligated Group. Underlying rating of BBB+ from Fitch. Cusip: 230614CL1
Illinois Finance Authority [Newman Foundation at the University of Illinois] $40,000,000.00 UW: NatCity Investments, Inc. Sale Date: Week of 1/29/2007 Newman Foundation at the University of Illinois (the “Newman Foundation”) is the 3rd oldest of the estimated 1,700 Catholic ministries located on non-Catholic universities.  The Newman Foundation provides on-campus masses, housing in Newman Hall, a 297 bed residence hall, and courses in theology. The Newman Foundation began on the University of Illinois campus in 1905.  In 1927, a 1,000 seat chapel was constructed as well as Newman Hall. This was the third Newman Center built in the U.S. and the only one to have a residence hall – a distinction that remains. While this transaction will not be on the University of Illinois’s balance sheet, it will be a general, unconditional obligation of the Newman Foundation.  The bonds are further secured by a gross revenue pledge, a cash trap for the first few years of operation to provide an additional reserve fund, and a mortgage on the entire complex. Debt service coverage reaches 1.50x by 2013 and remains steady thereafter.  This assumes 100% occupancy and other revenues, including those from cafeteria meals and convenience store sales.  Newman Hall has historically operated with 100% occupancy and maintains a lengthy waiting list. The bond proceeds will be used to expand the Newman Foundation’s current housing operation to a total bed size of 559, change its cafeteria operations, and construct a convenience store.
South Carolina Jobs – E. D. A. [Burroughs & Chapin Multi-County Business Park] $19,305,000.00 UW: Banc of America Securities LLC Sale Date: Week of 1/29/2007 Note: Series A The Burroughs & Chapin Multi County Business Park (the “Business Park”) was formed in 2000.  It is located along US 17 and US 501 within and around the City of Myrtle Beach.  The area consists of 26 non-contiguous properties encompassing over 3,900 acres which are used for commercial, retail, office and recreational venues.  All the properties are within a 6 mile range of downtown Myrtle Beach and Myrtle Beach International Airport. The bonds are secured by fees in lieu of tax (“FILOT”) payments.  The FILOT is the ad valorem tax paid by all properties within the Business Park.  23.5% of the FILOT generated is pledged to repay the bonds.  In 2006, $1.3 million in FILOTs were collected.  The two largest payers, the Mall of South Carolina and the Grande Dunes Resort, represented 28.9% and 27.2, respectively, of these payments. The bonds will be sold in a senior/subordinate structure with only the senior lien bonds, Series A, to be insured.  The Series A bond proceeds will refund existing debt and pay the costs of issuance.
Delaware County Authority, PA [Cabrini College] $12,605,000.00 UW: A.G. Edwards & Sons, Inc. Sale Date: Week of 1/25/2007 Cabrini College (the “College”) is a private, Roman Catholic, residential, co-educational institution located in Radnor, Pennsylvania, which is around a thirty minute drive from central Philadelphia.  It was founded in 1957 by the Missionary Sisters of the Sacred Heart of Jesus.  Located on a 112 acre campus, Cabrini had a 2006-2007 Academic Year headcount of 2,361 students, of whom 1,786 were undergraduates and 575 were graduate students. The bonds are a General Obligation of the College, backed by a security interest in its Unrestricted Revenue. The proceeds of the fixed rate bonds will be used to refund existing Radian-insured Series 1999 bonds. Sample Cusip: 246003JS7 (2029 maturity)
Washington Health Care Facilities Authority [Grays Harbor Community Hospital] $32,400,000.00 UW: Piper Jaffray & Co. Sale Date: Week of 1/23/2007 Note: Auction Rate Securities Grays Harbor Community Hospital (“GHCH” or “the Hospital) is approximately 50 miles west of Olympia, the state capitol, 78 miles west of Tacoma, 109 miles southeast of Seattle and 40 miles south of Mount St. Helens.  GHCH is a 140-licensed bed acute care hospital that occupies two campuses in Aberdeen, Washington, along the southwestern Pacific Coast.  The West Campus, which is 2 miles northwest of downtown Aberdeen, is the Hospital’s main campus and houses most patient services.  The East Campus is ¼ mile north of the downtown area and only offers services such as a 16-bed chemical dependency unit, outpatient physical therapy, a few other clinical services and administrative functions.  The Primary Service Area (“PSA”) consists of Grays Harbor County (the “County”), which has a population of 71,000.  The Secondary Service Area, which is comprised of Pacific County, has a total population of 21,600.  Since GHCH is the only acute care hospital of significance in the County and has no significant competition closer than 50 miles, it is able to hold a dominant 59% market share in its PSA.  The bonds are secured by the Hospital’s Gross Revenues and a mortgage on the main campus. The bond proceeds will refund Radian-insured Series 1996 and Series 2000 bonds and finance $8.3mm in new money.  The new