Deal Summaries

• 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.

• 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)

• 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.

• 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)
  

• 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. 

• 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)

• 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)

• 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)

• 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.

• 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.

• 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. 

• 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)

• 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)

• 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)

• 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)

• 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)

• 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)
  

• 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)

• 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)

• 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 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.

• 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
  

• 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.

• 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).

• 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. 

• 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.
  

• 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)
  

• Covenant Health (“Covenant”) consists of five hospitals (with 1,433 licensed beds located throughout counties that make up the Knoxville, TN metropolitan service area), Cariten-PHP (the area’s second largest health plan) and several other health care-related organizations. Covenant provides an integrated, comprehensive continuum of care to the residents of 16 counties in Tennessee with a population base of 1.1 million.
• The five medical centers in the Covenant organization are Parkwest Medical Center, Fort Loudoun Medical Center, Methodist Medical Center (named Tennessee\\'s top hospital in quality performance by Health Insight), Fort Sanders Regional Medical Center (a 541-bed full-service acute care hospital in downtown Knoxville) and Fort Sanders Sevier Medical Center.  In total, Covenant’s five acute care hospitals represent approximately 66% of annual total revenues and 85% of total assets.
• Covenant has a leading and stable market share of 40.4% in its six-county primary service area of 757,858 residents coupled with service line leadership in cardiology, neurology, orthopedic, outpatient surgery, inpatient surgery and ER visits. Covenant also maintains a strong market share for inpatient discharges in its sixteen-county secondary service area of 31.7%.
• Cash and investments have had a CAGR of 5.2%, since fiscal 2001 with unrestricted cash of $654 million in fiscal 2005, resulting in 243 days\\' cash on hand.
• The bonds are secured by a pledge of Gross Receipts.
• The Subseries B-4 bonds are part of a $215 million Series 2006 bond issue. 
• Bond proceeds will fund improvements at many of Covenant’s acute care hospitals. 
• Underlying rating of A from Fitch and A- from Standard & Poor\'s.
• Cusip: 499527AH2

• Knox County (the “County”), encompassing 388 square miles, is located in Kentucky’s Coal Field region, about 105 miles southeast of Lexington.  Its current population is 32,000.  The County has assessed value of over $1 billion, with average annual growth of 6.26% from 2002 to 2006.
• Knox County Hospital (the “Hospital”) is licensed for 42 acute and 16 long-term care beds providing primary care services to the citizens of Knox, Bell, Whitley and Harlan Counties. 
• The unlimited general obligation of the County ultimately secures the bonds. 
• The bonds proceeds will refund debt related to the Hospital in order to facilitate its sale to a private company.  The County has determined that the sale of the Hospital to a private entity, specializing in healthcare management, will be the best course for the County’s taxpayers both from a service and financial perspective.  Pacer Health Corporation, the current manager of the facility, has agreed to purchase the Hospital.    
• Sample Cusip: 499422DL4 (2036 maturity)

• Union County School District (the “District”) is located in Union County, which is situated in the northwestern region of South Carolina.  The District encompasses a land area of approximately 389 square miles and includes within its boundaries the City of Union, the Towns of Jonesville and Carlisle, and the unincorporated Town of Lockhart. 
• The bonds are secured by installment payments, which although subject to annual appropriation by the District, are absolute and unconditional once the appropriation has been made.   
• The bond proceeds will fund the acquisition, construction and renovation of the District’s educational facilities.
• Underlying rating of Baa2 from Moody’s.
• Sample Cusip: 80585LBA5 (2031 maturity)

• Williamsburg County School District (the “District”) is conterminous with Williamsburg County and has a land area of 935 square miles.  The District is located in the eastern coastal plain section of South Carolina. 
• The bonds are secured by installment payments, which although subject to annual appropriation by the District, are absolute and unconditional once the appropriation has been made.   
• The bond proceeds will fund the acquisition, construction and renovation of the District’s educational facilities and refund $4.2 million in outstanding COPs.
• Sample Cusip: 80585QAN7 (2031 maturity)

• Oconee Memorial Hospital, Inc. (“OMH” or “the Hospital”) is a 160-bed licensed acute care hospital located in Seneca, South Carolina, approximately 35 miles west of Greenville, SC and 95 miles north of Atlanta, Georgia.
• OMH offers a comprehensive range of acute care (20 sub-specialties), diagnostic and community services, including a wellness center, education and preventative health, home care, physical therapy and mental health.  The Hospital also operates a number of clinics throughout the community.
• As the sole acute care hospital in Oconee County, OMH captures a leading 67.3% of the Primary Service Area’s (“PSA”) discharges.  The PSA has an estimated population of approximately 70,000.  The Hospital’s Secondary Service Area draws upon Pickens and Anderson counties to the east, an area with a combined population of roughly 349,000. 
• The bonds are secured by Gross Revenues of the Hospital and a mortgage.  The bonds will be supported by a standby purchase agreement from Wachovia Bank, N.A.
• The bond proceeds will finance the construction of a new 6-story patient tower.
• The Radian-insured portion of the deal will include $27 million of variable rate demand bonds (Series A) and $3 million of fixed rate bonds (Series C).

• Pacific Lutheran University (“Pacific Lutheran” or the “University”) is located in Tacoma, Washington, on a 140-acre campus, which includes 40 major buildings.  
• With approximately 1,700 undergraduate students, the University has evolved from a high school academy founded by Scandinavian Lutherans (1890) to a two-year college (1920), a four-year college (1940), and a university (1960).  It is affiliated with the Evangelical Lutheran Church of America.  
• The University has a solid global perspective and 30% of its students study abroad in 41 countries.  Of the students studying abroad, approximately one-quarter study in Europe.  71 Graduates of Pacific Lutheran have been awarded Fulbright Scholarships for overseas studies since 1975.
• Total FTE enrollments have risen from 3,147 FTE students to 3,410 over the five most recent academic years.  The University’s selectivity ratio for the 2006-2007 Academic Year is at 70.4% vs. the Moody’s “Baa” median of 72% and the S&P “BBB” median of 76.3%.  Its solid Yield of 44.7% is a good deal stronger than the rating agency medians of 31% and 34.8% respectively. 
• The bonds are a general obligation of the University backed by a security interest in Unrestricted Revenues. 
• The bond proceeds will refund outstanding Series 1996 and Radian-insured Series 1999 Bonds.  A new money component of the proceeds will finance, among other things, construction and renovations relating to nine residence halls and the construction of a University Center.

• Kennedy Krieger Institute, Inc. (the “Institute”) was organized under the name Children’s Rehabilitation Institute, Inc. in 1937.  The Institute’s mission is to improve the lives of children and adolescents with pediatric developmental disabilities through patient care, special education, research, community outreach and professional training.
• The Institute offers the following services in six different areas: a 50-bed specialty pediatric hospital, more than 35 different outpatient / clinic programs designed to meet the special needs of children, various community programs, the Kennedy Krieger School (which provides day-school education to children with disabilities), research, and an affiliation with the Marcus Institute of Atlanta (a similar operation that provides services to individuals with special needs).
• The Institute is the largest organization in the world that is dedicated to the research and treatment of children whom are challenged with a wide array of physical and developmental disabilities. 
• The Institute has an independent affiliation with Johns Hopkins Medical University, which allows for a reciprocal arrangement where certain patient care and access to medical staff has benefited both operations. Physically, the Institute is located adjacent to Johns Hopkins, which materially benefits the relationship as well.
• The bonds are secured by the gross revenues of the Institute, which include healthcare, education, research, fundraising and endowment income revenues.  The bonds are further secured by a mortgage on a new outpatient facility and the main children’s hospital.
• A majority of the proceeds of the bonds will fund a portion of an outpatient clinical care project and clinical research facility on the Institute’s Baltimore campus.  With the remainder of the funds, the Institute will refund the $13 million outstanding from their 1997 Series Bonds.
• Cusip: 574217YE9

• Woodview Village II Sub District (the “District”) consists of 106 acres and is located in the town of Mitchellville, MD, 20 miles east of Washington DC.  It is one mile outside of the Washington Beltway (I-95 / I-495) and is less than one mile north of Route 214, another major route.
• The property in the District is comprised of three separate parcels that are owned by three different entities.  Campus Way, LLC owns 67 acres known as the Dunbarton Hill Development, Foulger Upshire Collington, LLC owns 20 acres known as the Collington Development and the remaining 19 acres are owned by Tartan Development of Maryland, Inc. and is referred to as the Tartan Development.
• The District is 70% completed with 273 lots built and occupied.
• The Bonds are secured by a pledge of special tax revenues to be imposed on all taxable real property within the District (the “Special Tax”).  The Special Tax is funded to sufficiently cover annual debt service and administration expenses.  The Special Tax is levied and collected from owners of parcels within the District in the same manner as general ad valorem taxes.  The Special Tax increases by 2% annually and the applicable tax rate offers a cushion of 9% and above in case of delinquency.   
• Bond proceeds will refund to refund outstanding 2002 Series bonds, which were issued to fund infrastructure improvements.
• Sample Cusip: 74172RBG1 (2032 maturity)

• Sampson Creek Community Development District (the “District”) is located in northeast St John’s County, FL within the Jacksonville MSA.  The District encompasses 1,015 acres west of I-95. 
• The District has an estimated assessed value of $215 million and consists of 799 residential units, a golf course and clubhouse, various recreational facilities, and a multi-purpose recreation center. 
• The bonds are secured by special assessments on each parcel.  The assessment is on par with property taxes and is collected together.  There are no partial payments allowed.  Collections are over 100% since some payees do not take advantage of the early payment discounts. 
• The top ten assesses are responsible for 15% of the total and the developer, if aggregated with all of its subs accounts, for a manageable 9.6% of the assessment. 
• Bond proceeds will refund currently outstanding capital improvement bonds and pay the cost of issuance.  
• Sample Cusip: 79588CAQ0 (2031 maturity)

• The City of Carson Assessment District No. 2001-1 (the “District”) encompasses 271 acres of commercial and industrial property located 20 miles south of downtown Los Angeles and just north of Long Beach.
• The District is the second phase of the master-planned industrial project known as the Dominguez Technology Center West (the “Technology Center”) which, when completed, will be home to 50 buildings and over 6 million square feet of office/warehouse space. The Technology Center is the collaborative effort of the area’s two largest and only property owners: Watson Land Company and The Carson Company.
• The District is almost completely built out, with only one parcel (5 acres) being vacant. There are 28 buildings totaling 4.5 million square feet that are occupied by 36 lessees.  These are high-quality tenants with long-term (10 to 15 year) leases on the buildings. There is currently 382,000 square feet that is available for lease, leaving a vacancy rate of just over 8%.
• The bonds will be structured as 80% senior and 20% subordinate, with Radian providing insurance on only the senior Series A bonds.
• The bonds are secured by special assessments on the District.  The assessed value of the land and improvements is currently $155 million and 5.23x the assessment debt, which is the senior lien on the property.  Furthermore, current market values of land (provided by Carson Company) increase the value to over $412 million, providing a market value to lien of 13.91x. 
• Bond proceeds will refund the District’s outstanding 2001 bonds, which were used to provide water and sewer and street improvements.
• Sample Cusip: 14601GAS7 (2031 maturity)

• Watertown Memorial Hospital, Inc. (“WMH” or “the Hospital”) is a 95-licensed bed acute care hospital located in Watertown, Wisconsin, approximately midway between Milwaukee and Madison in the southeastern portion of the state. 
• The main campus of the Hospital sits on 65-acres in the northeastern section of Watertown.  The Hospital offers a fairly comprehensive range of services for a community hospital. In addition to the hospital operations, the main campus houses senior living services, the Directions Counseling Center, a mental health and alcohol/drug abuse counseling center, and two of the Hospital’s four Medical Office Buildings.  The Hospital also maintains two satellite clinics and various senior living facilities.
• WHM is the only hospital in its Primary Service Area, which enables them to capture a 52% market share.
• Over the past 5 years, Operating Margins and Net Margins have averaged a solid 5.8% and 7.7%, respectively.  Liquidity has also been excellent, averaging nearly 178 Days Cash on Hand for the same period.  
• The bonds are secured by the Gross Revenues of the Hospital and a mortgage on the main hospital operations.
• The bond proceeds will go towards the renovation, expansion and construction of various surgical suites and facilities.
• Radian currently insures the Series 2001 Bonds of which $12.3 million remains outstanding.
• Underlying rating of BBB+ from Standard & Poor’s
• Cusip: 97710VP3

• Eastern University (“Eastern” or the “University”) is located on a 106-acre campus in St. David’s, which is located approximately 12 miles west of downtown Philadelphia.  The University offers bachelors degrees in 33 majors and graduate degrees in eight disciplines, including business and education.  Eastern was originally founded in 1932 as a department of the Eastern Baptist Theology Seminary. 
• Demand trends are steady, as applications have risen by 15% over the past five years.  More importantly, total enrollment has grown by 20% over the same period.  Demand trends have been driven in large part by the University’s sound franchise.  Eastern is ranked in the third quartile of 164 schools classified as Northern Regional Universities by US News & World Report and was recently chosen by the Templeton Foundation as one of America’s top 100 “Character Building” colleges. 
• Despite its presence in the highly competitive Northeastern market, the School’s yield is a very high 48% and tuition discounting has remained steady at 23% (versus comparative Moody’s and S&P medians of 20% and 27%, respectively).  Net Tuition per FTE of $13,460 is well above rating agency medians of $12,135 and $11,716, respectively.
• The bonds are a general obligation of the University backed by a security interest in tuition and fees or unrestricted revenues.
• The proceeds of the bonds will fund the construction of a new 160-bed dormitory and administration offices on campus. 
• Sample Cusip: 245913JB5 (2036 maturity)

• The College of Santa Fe (“CSF” or the “College”) is an independent college in the Catholic LaSalle tradition.  Established by the Christian Brothers in 1859 in Santa Fe, New Mexico as a school for boys, it was chartered by the Territorial Legislature in 1874.  Today, CSF is New Mexico’s oldest higher education institution and largest private college.  The College offers twenty bachelor degrees in the arts & sciences, fine arts, and business administration.  It is governed by an independent Board of Trustees and includes students of all faiths from 42 states and several foreign countries.
• The College has earned a national reputation for its visual arts, theater, music, film, and creative writing programs.  Approximately 70% of undergraduate students are involved in the school’s arts programs.  CSF’s highly regarded undergraduate film program competes with top-ranked NYU, UCLA and USC.   Also, the College ranks 29th out of 121 Western Master’s Univerisities according to US News & World Report.
• FTE enrollment has grown by 18% over the past five years.  Selectivity has improved to 73% from 84%, while tuition discounting has improved steadily.
• The bonds are a general obligation of the College backed by a first lien and pledge of revenues.
• The proceeds of the bonds will restructure existing debt service, while incorporating a new legal structure with a first mortgage lien.  An additional $4 million of new money will also be issued for campus improvements.
• The College’s Series 1998, 2001, 2004 Bonds are advance refundable and will be refunded with tax-exempt debt.  The Series 1997 Bonds cannot be advance refunded and, will therefore be taxable prior to the call date in 2007, at which time they will revert to tax-exempt.
• The bonds carry liquidity support from the Royal Bank of Canada.
• Cusip: 80207MDE1

• Vermont Educational and Health Buildings Financing Agency will loan the proceeds of the bonds to four community service providers: Healthcare & Rehabilitation Services (“HCRS”) ($10.6mm), Clara Martin Center (“CMC”) ($1.1 mm), NFI Vermont Inc. (“NFI”) ($1.3mm) and Washington County Mental Health Services (“WCMHS”) ($710K).
• HCRS is a community-based human service agency specializing in the delivery of services related to mental health, substance abuse and developmental disabilities. 
• CMC provides community mental health services to the greater Orange County area in three major locations, as well as in area schools.
• NFI provides community based mental health services to children and adolescents and their families. 
• WCMHS was organized in to provide mental health and development disability services to the residents of Washington County and three towns in 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.
• Underlying rating of BBB from Standard & Poor’s 
• Sample Cusip: 9241608G2 (2036 maturity, tax-exempt bonds)
  

• The Mission Bay North Redevelopment Project Area (the “Project Area”) is approximately 65-acres located in the southeastern section of San Francisco (the “City”).  The completed development will include approximately 3,000 residential and 164,000 square feet of commercial and retail space.  This will include 2,400 market rate units and 600 affordable housing units.
• The ongoing residential development in the Project Area and the commercial development of the surrounding area will continue to positively impact AV growth given the high demand for each product within the City.
• The bonds will be secured by the tax increment revenues in the Project Area.
• The AV is $516 mm and the Incremental AV is $485 mm. Top ten-taxpayer concentration of the AV is 77%.  MADSC on AV is 1.35x.  IAV has to decline by approximately 50%, or $240 mm, for coverage to go below 1.0x.
• The bond proceeds will be used to (i) reimburse the developer, Catellus Development Corporation, for certain infrastructure improvements to the Project Area (i.e. streets, parks, traffic control systems, sewer lines, etc), (ii) establish a debt service reserve fund, and (iii) pay certain other issuance costs.
• The Series B bonds have an underlying rating of BBB from Standard & Poor’s.
• The $57 million Series A taxable bonds, which received an underlying rating of A from Standard & Poor’s, will be insured by a AAA provider.
• Sample Cusip:79771PH99 (2036 maturity)

• Daemen College (“Daemen” of the “College”), founded in 1947, is a private, co-educational, non-sectarian liberal arts college offering undergraduate and professional degrees in Business, Fine Arts, Graphic Design, Education, Humanities, and Allied Health Programs, including Nursing and Natural Science.  It is located on a 39-acre campus in Amherst, New York, some eight miles from Buffalo. 
• Daemen has a sound market niche with particular strengths in Education and the Health Sciences.  The 3% to 4% annual teacher retirement rate in nearby Ontario Province, coupled with more stringent teacher certification requirements in New York State, and more rigorous accreditation requirements in Physical Therapy, have bolstered an already healthy franchise.
• The College has a favorable demand profile.  FTE enrollments have increased by 22.1% from the 1,499 recorded as recently as the 1999-2000 Academic Year.  The College’s overall Matriculation Ratio is now at its high for the decade at 38.98%. This Yield exceeds the Moody’s “Baa” median of 34.2% and the S&P “BBB” median of 34.5%.  Total applications for admission to Daemen rose by 17.9% from 2003-2004 through 2005-2006. 
• Radian believes that Daemen’s financial operations are on a healthy footing.  The College has generated operating margins of 3.1%, 3.2%, and 3.4% over the past three fiscal years.  Programmatic flexibility and effective cost control have been integral factors in Daemen’s success in recent years.
• Debt service coverage capacity is solid.  FY 2005 operations generated a very healthy 1.96X coverage of pro forma MADS of $2.167 million. The adjusted pro forma MADS coverage figures for FY 2003 and FY 2004 are 1.56X and 1.61X respectively.
• The proceeds of the bonds will refund existing debt and finance the construction of a 45,000 square foot library.
• The bonds carry liquidity support from M&T Bank.
• Fixed Rate Cusip: 031362EH5
• VRDB Cusip: 031362EJ1
  

• Beloit Memorial Hospital, Inc. (“BMH”) is a 256-licensed bed acute care community hospital located along the Illinois border in Beloit, Wisconsin, approximately 50 miles southeast of Madison, Wisconsin, 98 miles northwest of Chicago and 18 miles north of Rockford, Illinois. 
• BMH plans to construct a new satellite health and wellness center across the border in Roscoe, Illinois approximately 5 miles south of the main campus.  This project will expand its effective Primary Service Area (“PSA”), enabling BMH to capitalize on explosive population growth in northern in Illinois to bolster utilization and to capture a more lucrative patient base.    
• BMH holds a 71.6% market share in its PSA, which has a total population of roughly 61,000. 
• BMH has been proactive in seeking clinical affiliations with tertiary providers such as University of Wisconsin Hospital and Clinics in Madison and Rockford Health System in Illinois, as well as partnering with specialty clinics to provide higher acuity services and referrals for patients in a seamless network. 
• Radian believes that BMH has an impressive track record of accurate budgeting for the past 15 years, consistently strong margins of over 3% and ample liquidity averaging 120 Days Cash on Hand for the past 5 years.  
• The bonds were issued across two series: $41.1 million of auction rate securities issued out of the Illinois Finance Authority (“Series A Bonds”) and $10.5 million of daily reset variable rate demand bonds issued out of the Wisconsin Health and Educational Facilities Authority with liquidity from M&I Bank (“Series B Bonds”).
• The proceeds of the Series A Bonds will finance the construction of the Northern Illinois Health and Wellness Center, a satellite facility in Roscoe, Illinois.  The facility will replace the existing Roscoe/Rockton Medical Center.  Meanwhile, the proceeds of the Series B Bonds will refund existing bonds and finance routine capital.
• Underlying rating A- from Fitch
• VRDB Cusip: 97710VH5
• Auction rate Cusip: 45200BZD3

• Mount Saint Vincent College (the “Mount” or the “College”) is a four-year, coed liberal arts college founded by the Sisters of Charity in New York in 1847.  The College is located on 72 wooded acres 12 miles north of midtown Manhattan. 
• According to US News & World Reports, the College is classified among the ten most diverse colleges and universities in the northeast. 
• Total FTE enrollment grew to 1,541 students in FY 2006 and the preliminary 2006 application numbers are approximately 16% ahead of last year.  The strong demand trends are expected to continue as the school projects between 2,100-2,200 applications (and admitting between 1,280-1,350 students) for its Fall 2006 class.
• The revenue base has almost doubled over the last decade, from  $16.9mm of unrestricted revenues in 1995 to $29.8mm in 2005. 
• Pro Forma MADS coverage is a strong 3.2x.  Furthermore, the new dormitory and improvements are designed to be completely self-sustaining.  Factoring in the additional dormitory revenues, MADS coverage exceeds 5.0x.
• The bonds are a general obligation of the College and include a lien on revenues.  The bonds are further secured by a mortgage on certain dormitories.
• The proceeds of the bonds will refund $3 million of the College’s outstanding Series 1993 bonds and finance construction of a 194-bed dorm, Mastronardi Hall, and additional dorm improvements. 
• Auction rate Cusip: 649438AH1
• Sample fixed rate Cusip: 649438BD9 (2036 maturity)

• The Riverside – Quindaro Bend Levee District (the “District”) comprises 2,400 acres just seven miles north of Kansas City, Missouri.  The total assessed benefit for the District is $75,052,428.
• The primary industries within the District are agriculture and light industrial; most of the land in the District is considered agricultural or commercial.  Several large industrial and manufacturing businesses, which draw their employees from nearby areas, are located in the District. 
• The District is authorized to levy a tax of 1.1x the amount of debt service to cover payments of P&I and other miscellaneous expenses. 
• If a taxpayer proves delinquent, there are a number of measures the District can take to make debt service payments.  The District has access to the excess 10% of the annual levy, surplus district funds from previous years, available TIF Revenues, and the District is authorized to levy additional taxes if the initial levy is insufficient.  The District can tap the debt service reserve fund.  In a financing agreement, the City has pledged to replenish the DSRF for an amount equal to one year’s debt service requirements, subject to appropriation.
• The bond proceeds will advance refund the Series 2001 Infrastructure Facilities Revenue Bonds and restructure existing debt. 
• Underlying rating of BBB from Standard & Poor’s
• Sample Cusip: 76926RAR2 (2029 maturity)

• The City of Stockton (the “City”) is located in San Joaquin County, 60 miles east of San Francisco and 45 miles south of Sacramento.  The City encompasses 53 square miles.  The City has undergone marked growth with a population of 280,000 and close to 79,000 households.   
• The City is issuing three series of bonds to fund redevelopment in six project areas.   Series A and B bonds are secured by the tax increment after the housing set-asides from the three mature areas, North, South and Midtown projects.  Meanwhile the Series C bonds are secured by the housing set-asides from the prior as well as the housing set-asides from the Port Industrial, West End and Rough and Ready Island project areas.   
• The combined project areas securing the bonds total roughly 15,000 acres and 29,000 parcels; AV of $5bn and IAV of $1.32bn, and combined top payer concentration of AV and IAV at 15% and 56%, respectively.  MADSC is 1.25x for all series.   
• The Series A includes $75 million of tax-exempt bonds; Series B and C are federally taxable and are sized at $8 million and $26 million, respectively.  The bond proceeds will fund redevelopment in all the project areas and pay for the costs of issuance.
• The Series A and B have an underlying rating of BBB from Standard & Poor’s based on the separate credits of the North, South and Midtown project areas.  The Series C has an underlying rating of BBB+ from Standard & Poor’s by virtue of the six merged areas allocating their housing set-asides to it under one agreement. 
• Sample Cusip: 861395ES6 (Series A, 2037 maturity).

• Franciscan University of Steubenville (“Franciscan” or the “University”) was founded in 1946 and is located on a 128-acre campus.  It also operates a study abroad program in Gaming, Austria, which accommodates 250 students per annum.  It is a co-educational Catholic and Franciscan institution, the mission of which is to promote the intellectual development of its students and their moral, spiritual, and religious values. 
• Franciscan is ranked 34th among the 142 schools classified by US New & World Report as Midwestern Master’s Universities.  FTE enrollments have increased from 1,896 to 2,143 over the five most recent academic years.  The University’s enrollment includes 440 graduate students.  Undergraduate applications have risen from 1,078 to 1,481.  Yield is strong at 51.2%.  Median entry-level SAT scores have risen from 1,133 to 1,184 over this period of time.  Freshmen-to-sophomore retention is strong at 87%.  Radian believes that Franciscan has a very coherent and well-differentiated market identify. 
• Franciscan has a national draw for students.  Students currently originate from all 50 states and from 16 countries.  Only 25% of incoming students are natives of the State of Ohio, which is the single largest geographic source for successful candidates who enroll at the University. 
• Financial operations and debt service coverage capability are strong.  FY 2005 operations generated 3.84X coverage of pro forma MADS.  Franciscan recorded an outstanding operating margin of 9.35% for the year. 
• Liquidity is healthy and exceeds the Rating Agency “Baa/BBB” medians in all key particulars.  Additionally, FY 2005 year-ending Unrestricted Resources of $27.171MM exceeded pro forma MADS by a robust 13.19X.
• The bonds are a general obligation of the University, backed by a security interest in Unrestricted Revenues.
• The proceeds of the bonds will finance the construction of on-campus housing facilities, improve the University’s student center, upgrade the University’s technological network, reimburse the University for costs associated with the renovation of its St. Thomas Moore housing facility, acquire a parcel of land adjacent to the campus and refund their outstanding 1996 bonds.
• Sample tax-exempt Cusip: 67756AWB4 (2026 maturity)

• The City of Gardena (“Gardena” or the City”) is located about 15 miles south of downtown Los Angeles.  The City is a fully developed residential community with access to employment throughout the metropolitan area.  Through annexations and boundary adjustments, Gardena has grown from 3 square miles to 5.9 square miles.
• The 2006 COPs will be secured by lease payments from the City to the Gardena Financing Authority for certain city properties, including the city’s municipal transportation facility, police headquarters, fire department and headquarters, administrative offices, community center, city pool and gym, public works building and civic center.  The facilities are essential for the City and are worth an estimated $27 million.
• Radian considers the demographic trends to be solid.  The City participates in the Los Angeles metropolitan employment area.  The population has grown by 4.3% over the past five years and unemployment rates tend to fall below the regional average.
• Gardena is extensive, both in terms of size and population.  The City has a population of over 61,000 and represents $3.8 billion of assessed value, which has grown by over 6% annually.
• The bonds have been issued across two series of federally taxable bonds: Series A ($12.5 million) and Series B ($8.5 million).  The remaining $3.65 million was issued as tax-exempt bonds.
• The bond proceeds will finance the restructuring of their 1993 COPs and the repayment the City’s obligation to two Letter of Credit Banks agreed to in a Memorandum of Understanding (MOU).  Once executed, the MOU agreement relieves the City of its $25.4 million in obligations (LOC reimbursements) to the banks.
• The transaction has underlying ratings of BBB- from Standard & Poor’s and Baa3 from Moody’s.
• Sample Cusip: 365468EM5 (Series A, 2030 maturity).
  

• The University of Hartford (the “University) received its charter from the State of Connecticut in 1957 when the Hartt College of Music, the Hartford Art School, and Hillyer College agreed to merge and move from their downtown locations to their present site four miles west.  Today, the University is located on a 320-acre campus straddling Hartford, West Hartford, and Bloomfield.
• The University’s franchise is fundamentally strong.  Hartford has been reclassified by US New & World Report as a National Doctoral University, after having been listed as a Northern Regional University for many years. It has recently advanced from the fourth quartile to the third quartile nationally among the 245 institutions classified within this group. 
• Demand indicators, notably at the Undergraduate level, have been very healthy over the past several years.  Most dramatically, applications have increased from 5,641 for the Fall of 1998 to 14,236 for the 2004-2005 Academic Year.  Over the same period of time, Hartford’s Selectivity Ratio has improved from 81.6% to 60.1% and its FTE Undergraduate enrollments have risen from 4,480 to over 4,982.
• Overall wealth is above average for colleges in the “Baa” large college category.  FY 2004 year-ending Total Resources of $116.513 million equated to $19,435 per FTE as compared with the Moody’s median of $9,942. 
• The University has underlying ratings of BBB- from Standard & Poor’s and Baa3 from Moody’s.
• The proceeds of the bonds will be used to finance the construction of a 200-bed Residence Hall; to refinance existing debt; and to finance various renovations and improvements to existing on-campus residence facilities.
• Sample Cusip: 20774UDY8 (2036 maturity) 

• Longmont United Hospital (“LUH” or the “Hospital”), a 147-staffed bed acute-care provider, is located 35 miles northwest of Denver and 15 miles northeast of Boulder in Longmont. 
• LUH is the only acute care hospital in the City of Longmont and continues to be the dominant provider in its primary service area, which is delineated by a 10-mile radius, with a 61% market share. 
• Radian believes that the Hospital’s financial performance has improved. Management continues to emphasize cost controls, having successfully reduced its reliance on contract labor by one-third, and continues to realize savings on supply costs through group purchasing.  On the revenue side, recent negotiations with commercial payors have been favorable.  Over the last three years, operations have improved dramatically, allowing LUH to generate a robust operating and net margin of 4.0% and 4.9% respectively.  Pro forma MADS coverage is good at over 2.5x. 
• Liquidity ratios have also improved with 111-days cash on hand in FY 2005 from 70-days in FY 2003.  LUH has restrained capital spending over the past two years given performance levels and while undertaking a master facilities planning process.
• Utilization trends are stronger.  Admissions increased to 9,457 in 2005 from 8,624 in 2003, while outpatient visits increased to 237,531 from 210,081.
• The proceeds of the bonds will refund existing debt, most of which is Radian-insured. 
• The Hospital will also issue an additional $40 million in a private placement to finance construction of and renovations to several departments.
• Underlying ratings of Baa2 from Moody’s and BBB- from Standard & Poor’s
• Sample Cusip: 1964744DP (2030 maturity)

• Garden Spot Village (“GSV”) is a Type-C, fee-for-service, CCRC located in rural New Holland, PA.  GSV currently offers 161 ILU cottages, 77 ILU carriage homes (2-unit buildings with lofts), 232 ILU apartments, 86 ALUs, 42 SNF beds (17 semi-private and 8 private) and adult day services for up to 29 clients. 
• GSV offers an on-site ambulatory healthcare at its Center for Health (“the Center”), which opened in November 2004.  The Center is leased to and operated by Ephrata Community Hospital under a non-cancellable operating lease expiring in 2014.  Services provided by the Center include primary care, internal medicine, OB/GYN, imaging, outpatient therapy, blood center, cardiac diagnostic lab, and medical supplies.  The Center also offers a Wellness Program that is open to adults 55+ in the greater community.  Other amenities include a fitness center, pool, a spa and an indoor park.
• Historically, GSV has maintained excellent ILU occupancy levels in excess of 90%.  Management believes that this trend will be sustainable given the growth in the region and since GSV has a 5+ year waiting list for the ILUs. 
• GSV has consistently maintained excellent liquidity.  Days Cash on Hand for FY05 was 498 days, representing an improvement of 102 days Year over Year. 
• The proceeds of the bonds will refund existing debt, finance the renovation and expansion of the SNF, and finance the construction of 70 new ILU apartments and 58 covered parking spaces.
• Underlying rating of BBB from Standard & Poor’s
• $12.575 million of the insured bonds was issued as fixed rate securities.  Radian will also insure an additional $25 million of auction rate bonds to be placed in early June.
• Sample fixed rate Cusip: 51435AW5 (2025 maturity)
• Auction rate Cusip: 514351AX3

• Waynesburg College (“Waynesburg” of the “College”) is located 60 miles south of Pittsburgh and the only private institution of higher learning in Greene County (population 40,000).  Waynesburg’s main campus consists of eight academic buildings, nine residence halls and various other facilities including a football stadium, performing arts center and student center.
• Waynesburg received its charter from the Commonwealth of Pennsylvania in 1850.  The College is affiliated with the Presbyterian Church of the United States and provides a “liberal arts education directed by historic Judeo-Christian perspectives and values”. 
• The College currently has a total enrollment of 2,134, which represents a strong increase (19.2%) from 1,790 students in 2002.  Demand has improved due to a number of factors, including the College’s unique program offerings, a greater national draw, and the enhanced campus and facilities.
• Operating margins have averaged 4.6% over the past four years, benefiting from conservative fiscal management and the success of the graduate program, which is the third largest in Pittsburgh metropolitan area.
• The development team has a history of success and the support of its energetic president.  The College will soon be announcing the successful completion of its most recent campaign, the goal of which was $30 million.  To date, the school has $40 million of cash and pledges; 75% of the cash has already been received. 
• The proceeds of the bonds will refund existing debt and fund the construction of various capital projects, including a new campus wellness center and an addition to Benedum Dining Hall.
• Underlying rating of BBB from Standard & Poor’s
• Sample Cusip: 01729EKD8 (2036 maturity)

• Founded in 1924 as a 12-bed hospital, Oaklawn Hospital (“Oaklawn” or the “Hospital”) is now a 94-licensed bed (77 acute care and 17 psychiatric) community hospital located in downtown Marshall, Michigan in the south-central portion of Michigan.
• Oaklawn has been at its present site since 1953.  The main hospital facility and the Wright Medical Building occupy a 2.9-acre site adjacent to the central business district.  Since the hospital is otherwise landlocked, Oaklawn has several off-site facilities close by the main campus. 
• Oaklawn captures roughly 49.5% of the Primary Service Area market share.  Battle Creek Health System is the Hospital’s next closest competitor just 14 miles west, but it only has a 14.2% market share.  Oaklawn has a reputation as a leader in service excellence due to its emphasis on patient satisfaction and quality. 
• Oaklawn has been profitable historically although Operating Margin dipped in FY03 to negative 1.17% because of a one write-off of Accounts Receivable.  Management acted quickly to implement revenue cycle improvements and obtained more favorable reimbursement to restore operating profitability in FY04.  This recovery continued in FY05, with strong Operating and Net Margins of 5.89% and 6.72%, respectively.  Pro forma MADS coverage as a result strengthened to a solid 2.5x.
• The proceeds of these bonds will finance an expansion and renovation of its patient tower and to refund the Series 2000 bonds.  
• Underlying rating of BBB- from Standard & Poor’s
• Cusip: 59465HCK0

• The Episcopal Church Home (the “Institution”) is a South Carolina non-profit corporation incorporated in 1948.  The Institution is sponsored by The Episcopal Diocese of South Carolina (the “Diocese”).  The Diocese has provided housing for the elderly since 1850. 
• In 1987, the Institution opened the first phase of the Bishop Gadsen Episcopal Retirement Community (“Bishop Gadsen”) consisting of a single-story 70-unit residential care facility.   Today, Bishop Gadsen consists of a 50-bed nursing care facility, 104-bed assisted living apartments and 215-bed independent living units located on 54-acres on James Island, in Charleston, South Carolina.
• This remarketing consists of a conversion of $20,755,000 bonds from variable rate mode to fixed rate securities.  This represents half of the outstanding bonds from the original 2002 Bonds.  The remaining portion of those bonds will remain variable rate securities.
• Underlying rating of BBB from Fitch
• Sample Cusip: 837033JQ3 (2027 maturity)

• Arcadia University is located on a 55-acre campus in Glenside, Pennsylvania.  It was founded in 1853 and was know as Beaver College until 2001.  The University currently offers 34 undergraduate majors through 20 academic departments, 14 degree programs at the Masters level, two doctoral programs, and 13 post-graduate certifications.  Arcadia is ranked in a tie for 27th among the 165 schools classified as Northern Master’s Universities by US New & World Report.
• Demand is healthy as reflected by the growth in its enrollment base over the past decade and by its strong increase in total applications, which have risen from 2,433 for the 2001-2002 Academic Year to 3,630 for admissions in the 2005-2006 Academic Year.  The University’s geographic draw has also broadened with 59% of incoming freshmen now coming from Pennsylvania as contrasted with 66% as recently as four years ago.
• The Arcadia University Center for Education Abroad (“CEA”) was founded in 1965 as a program to facilitate overseas studies by the school’s own students. It has grown in forty years to become one of the premier study abroad providers in the United States.  In 2005, CEA sent over 2,600 students from over 350 colleges and universities to study in over 70 programs in Great Britain, Scotland, Ireland, Wales, Australia, New Zealand, Spain, Italy, Greece, and Mexico. 
• Arcadia’s two core businesses are profitable.  During FY 2005, traditional academic operations generated a surplus of $2.337MM while the CEA generated a surplus of $1.712MM. 
• In January of this year, Radian insured $46.5MM of Series 2006A Bonds for the University. 
• The proceeds of these Series 2006B Bonds will finance an advance refunding of their Series 1999 Bonds. 
• Sample Cusip: 613603RA9 (2027 maturity)

• Mid-Pacific Institute (“Mid-Pac”) is an independent college preparatory school serving grades K-12 and located on 34 acres in the Manoa Valley. It is adjacent to the University of Hawaii’s main campus and is also near Honolulu’s business district. Mid-Pac was established through the 1908 merger of Kawaiaha\\'o Seminary for Girls, founded in 1864, and Mills Institute for Boys, founded in 1892.  Today Mid-Pac serves more than 1,320 students of diverse social, ethnic and economic backgrounds.
• This will be the first bond offering for a private high school in the State of Hawaii.
• The acquisition of 143 students from the Epiphany School, grades K-5, completes their vertical integration and has turned Mid-Pac into a K-12 program.  They will also add a Pre-School program in 2005-06, resulting in 90 more students.
• Applications, selectivity and yield have all improved over the past five years.
• The proceeds from the issuance will (i) refinance an existing bridge-loan which was originally used for the construction and renovation of an elementary school to house the students they recently acquired, and (ii) to consolidate some borrowings under a line of credit.
• Sample Cusip: 419800GE1 (2026 maturity)

• South County Hospital (“SCH”) was founded as a seven-bed Cottage Hospital in 1919. Since then, SCH has evolved into a 78-bed hospital facility located on a campus of approximately 17.5 acres and comprising of 280,000 square feet of enclosed space. It is strategically located in the Wakefield area of South Kingstown; approximately 20 miles away from the nearest hospital and 30 miles from Providence.  
• SCH maintains a strong market position in a demographically favorable service area capturing 53% of the primary service area’s market share.
• Radian believes that their balance sheet, backed by the guaranty of SCH\\'s parent (South County Hospital Healthcare System Endowment), is solid.  Liquidity has improved over the years with unrestricted cash of $37.7 million, resulting in 183 days\\' cash on hand as in fiscal 2004 that exceeds rating agency medians by 40%.
• The proceeds of the bonds will refund existing debt of $35 million and provide $15 million of new money for capital projects.
• Underlying ratings of BBB from Standard & Poor’s and Baa2 from Moody’s
• Issued as a weekly auction rate security with a Cusip of 762243ST1

• Presbyterian Retirement Communities (PRC) was charted in 1954 and opened its first CCRC in 1961.  PRC maintains a covenant relationship with the Synod of South Atlantic Presbyterian Church (USA), but the church does not have any legal or moral obligation to support PRC.
• CCRC system with 1,828 ILUs, 537 ALUs, and 761 SNF beds, located on 10 campuses in Jacksonville, Orlando, Winter Park, Bradenton, St. Petersburg, and Tallahassee, FL.
• Long and successful operating history leading to well-located and attractive senior living facilities. Radian believes PRC also enjoys a very good competitive profile and reputation in Florida.  PRC has been successfully operating senior living facilities in Florida for over fifty years and enjoys an excellent service reputation.  Moreover, several of its campuses are located on valuable waterfront property in many of Florida’s desirable retirement communities that have very high levels of age and income qualified seniors.
• Strengthening balance sheet with improving cash position and relatively light leverage.  Cash and investments increased to nearly $78 million or 261 days operating expenses as of 9/30/05, up from $40 million or 200 days three years earlier.  Cash improving from consistent earnings, debt finance capital projects, and healthy net entrance fee receipts. Leverage is low, with 35% adjusted debt to capital and 49% debt to capital.
• The proceeds of the bonds will be used to (i) refund $37 million of outstanding revenue bonds; (ii) finance $30 million of capital projects across many of their of their CCRCs, (iii) partially fund debt service reserve fund, and (iv) pay certain issuance costs.
• Underlying rating of BBB+ from Fitch
• Sample Cusip: 6845032D6 (Series A)

• Arcadia University is located on a 55-acre campus in Glenside, Pennsylvania.  It was founded in 1853 and was know as Beaver College until 2001.  The University currently offers 34 undergraduate majors through 20 academic departments, 14 degree programs at the Masters level, two doctoral programs, and 13 post-graduate certifications.  Arcadia is ranked in a tie for 27th among the 165 schools classified as Northern Master’s Universities by US New & World Report.
• The Arcadia University Center for Education Abroad (“CEA”) was founded in 1965 as a program to facilitate overseas studies by the school’s own students. It has grown in forty years to become one of the premier study abroad providers in the United States.  In 2005, CEA sent over 2,600 students from over 350 colleges and universities to study in over 70 programs in Great Britain, Scotland, Ireland, Wales, Australia, New Zealand, Spain, Italy, Greece, and Mexico. 
• Demand is healthy as reflected by the growth in its enrollment base over the past decade and by its strong increase in total applications, which have risen from 2,433 for the 2001-2002 Academic Year to 3,630 for admissions in the 2005-2006 Academic Year.  The University’s geographic draw has also broadened with 59% of incoming freshmen now coming from Pennsylvania as contrasted with 66% as recently as four years ago.
• Each of Arcadia’s two core businesses are profitable.  During FY 2005, traditional academic operations generated a surplus of $2.337MM while the CEA generated a surplus of $1.712MM. 
• The proceeds of the bonds will finance (a) the current refunding of $15.020MM outstanding Series 1996 Bonds; (b) $16MM in acquisition costs for the 225-unit Oak Summit Apartment Building; (c) $6.5MM in capital improvements at the Brubacker Hall classroom building and at Murphy Hall, a fine arts and communications building; (d) approximately $5MM in various other capital improvements, and reimbursements for prior fiscal years; and (e) to fund the DSRF and the costs of bond issuance.

• The City of Brundidge (“the City”) is located in Pike County in the southeast region of AL, 150 miles southeast of Birmingham, AL and 60 miles southeast of Montgomery, AL.  The City covers 3 square miles or 1,920 acres. 
• The City owns and operates its water, sewer and electric system (together, the “Utility System”).  The bonds are secured by enterprise revenues of the Utility system.
• The Water System, with 1,176 customers currently, service area is the City and surrounding vicinity.  The water supply is derived from 3 wells, storage and treatment is provided by facilities including elevated storage tanks and standpipes with 30 miles of transmission mains and distribution lines. Capacity is 115% of the average daily water demand. 
• The Sewer System, with 1,047 customers, has a similar service area as the Water System.  The System has 95% of its customers within the City.  All new development is required to hook up to the system and all older structures that haven’t hooked up and have septic tanks are required to pay a minimum charge every month. 
• The Electric System, with 1,385 customers, also has a service area similar to the Water and Sewer Systems.  The System consists of distribution lines, transformers and meters and is limited in its scope for growth since the Code of Alabama in 1975 sought to eliminate the duplication of electric facilities and hence any customers outside the City limits can attach to a different system that is closer to them.  Like the Water and Sewer Systems, the Electric System has been in the City for 50 years. 
• The City owns and operates the Utility System and has sole authority to set rates.  The City relies on yearly transfers from the System net revenues.  This reliance places the onus of efficient operation and thorough billing practices on the City since DS has to be paid prior to any transfers.  It is in the City’s best interests to maintain and promote the viability of the System.
• There is concentration of utility revenues with Wal-Mart.  Wal-Mart has been an active participant in the City’s economy since 2004 but began construction of a $102mm distribution center in 2002.  The Center services all Super Wal-Mart stores (101 stores growing to 130) within a 150-mile radius.  Wal-Mart, since the Center came on line in 2004, comprises 39% of the Utility System revenues.  As a stress, 39% of the revenues were assumed away for the years 2004, 2005 and 2006.  For 2006, MADSC is 1.16x while coverage for 2004 and 2005 at .85x and .77x, which would require rate increases of 7-8.2% to meet the rate covenant.  This is not unreasonable considering that delinquency rates are minimal and the City is the sole provider of these essential services for the service area with no risk of competition.   
• The proceeds of the bonds will fund improvements to the residential electric system in the amount of $2.5mm, retires a bank loan in the amount of $550k and fix a currently variable rate issue of $4mm, paying costs of issuance and such out of the total proceeds. 

• Presbyterian Homes, Inc. is a not-for-profit corporation formed in 1998 that provides senior health and housing services in eight Presbyteries in Pennsylvania, Delaware and Ohio.
• Presbyterian Homes, Inc. is governed by a board of directors, all of which are elected by the board of its parent organization, PHI.
• PHI also owns and operates CCRCs in Bethlehem, PA and Glen Arm, MD, two congregate care apartments in central PA, 50% of an information technology services provider, and as of April 2005 consolidated with Presbyterian Homes in the Presbytery of Huntington. This new affiliate owns three small CCRCs, a SNF, and an ALU with 99 ILUs, 161 ALUs, and 376 SNF beds. 
• Radian believes that Presbyterian Homes has strong historical occupancy trends at all levels of care, averaging 93.25% for both ILUs and ALUs, and 95.25% at SNF beds over the last three and a half years.
• Strengthening cash position, with liquidity increasing to $35 million or about 180 days operating expenses, from just under $19 million or 108 days at the end of FY 2002.
• The proceeds of the bonds will refund their Series 1996 bonds.
• Underlying rating of BBB+ from Standard & Poor’s.
• $16,700,000 will be issued as VRDBs on the week of December 12^th.
• Underlying rating of BBB+ from Standard & Poor\'s
• Sample fixed rate Cusip: 230614CF4 (2021 maturity)
• Variable rate Cusip: 230614CG2

• Eskaton Properties is a nonprofit senior living and care company operating nine campuses with independent living, assisted living, and skilled care services throughout central California. They also own and operate two homecare agencies and management services for non-obligated HUD affordable housing projects.
• Radian considers the deal to have a good security structure with Eskaton’s main cash flow generating operating assets in the obligated group and mortgages on nine senior housing and care campuses.
• Excellent occupancy, with residential occupancies averaging above 95% over the past four years.
• Improving earnings and cash flow, with a positive net margin in FY 2004 and positive operating margin through the first seven months of FY 2005. Pro forma maximum annual debt service coverage strengthened to about 2.30x for the seven-month interim period of FY 2005. 
• The proceeds of the bonds will refund about $37 million of existing debt and finance about $10 million of routine renovation projects over the next four years. About $2 million will reimburse them for previous capital expenses in FY 2005.
• Underlying rating of BBB- from Standard & Poor’s.
• Cusip: 00037CGV6

·        Providence, the capital of Rhode Island, is located at the head of Narragansett Bay on the Providence River and is the industrial, commercial center of the State.  Manchester Street Station (the “Project”) is located near the City’s waterfront.   

·        The Project is a 500MW combined cycle technology generation plant owned currently by Dominion Resources and feeds power into the DR power grid used for the ISO Northeast Energy Markets.   

·        The bonds are rated BBB by Standard & Poor’s based on the moral obligation pledge of the City.  The City’s moral obligation has been tested and been proven valuable in terms of an ultimate backstop.  The City is rated A, upgraded recently by virtue of its economic growth, financial management and conservative budgeting and fiscal policies.

·        The bond proceeds refund the 1995 and 1996 series bonds and pays for costs of issuance. 

·        A majority of the bonds (more than $23 million) will be issued as tax-exempt securities.

·        Pickersgill is CCRC with 87 ILUs, 109 ALUs and 60 SNF beds on a sixteen-acre campus located in Towson, Maryland. The Towson area is a highly desirable suburb of Baltimore.

·        Pickersgill’s ILU apartments were added about twelve years ago to increase services to the elderly and to address pent up demand. Services provided to ILU residents that are included in the monthly rent include: wellness clinic, dinner six days per week, standard utilities, weekly housekeeping and linen, schedule transportation to local destinations, social and recreation activities, and 30 free lifetime days of assisted or skilled care services.

·        The proceeds of the bonds will be used to (1) $15 million to refund the series 1997 bonds. (2) $22 million will finance a major renovation, modernization, and expansion of assisted living and skilled nursing facilities. 27 new assisted living units will be added and 19 skilled beds will be removed. The project will also provide new underground employee parking, new administrative space, and upgrade the entire heating and air conditioning system. Other enhancements include an increase in resident dining choices, the auditorium size expanded, and other mechanical systems upgraded to achieve operational efficiencies.

·        The number of licensed ALUs increases to 136 single occupancy units from 109 beds in 102 units. Since 12 units are out of service and are not being marketed, the net increase is 39 beds. The average square footage in the ALUs increases to about 360 square feet from 250 square feet, with more room choices available. The number of SNF beds declines to 41 in single occupancy units, from 60 beds in 56 units.

·        Conemaugh Health System (CHS) is headquartered in Johnstown, PA (78 miles east of Pittsburgh and 130 miles west of Harrisburg) serving the Laurel Highlands region.

·        The four general acute care medical centers in the CHS organization post closing will be:

• Conemaugh Valley Memorial Hospital which operates under the name Memorial Medical Center (MMC), located in Johnstown, Cambria County (442-beds),
• Meyersdale Community Hospital located in Meyersdale, Somerset County (20-beds),
• Windber Hospital, Inc., located in Windber, Somerset County (65-beds),
• Lee Memorial Hospital located in Johnstown, Cambria County (170-beds).

·        CHS has a history of being a market consolidator by rationalizing services and eliminating costs.

·        Prior to the incorporation of CHS in 1994, the organization’s three current acute care medical centers operated as independent and competitive entities located within 50 miles of one another in Cambria and Somerset counties.

·        CHS has maintained a strong and leading historical market share in its primary service area. With this acquisition CHS’s market share will increase to the low 70% range.

·        CHS plans to issue approximately $30 million auction rate bonds for the purchase of its only direct competitor University of Pittsburgh Medical Center’s Lee Regional Hospital, which will make CHS the sole provider of acute and tertiary care services in Johnstown and the surrounding communities. Additionally, proceeds will also fund the construction of a new central energy plant and other capital projects.

·        Mount Saint Mary College was founded as a teacher training school in 1930 and was chartered as a four-year college in 1959.  It is located on a 44-acre campus in Newburgh, New York.  The College also owns the 25-acre Desmond campus which is located two miles away and which houses its Center for Community and Educational Services, which serves as a venue for special events, and is also the site of an arboretum.  The College became co-educational in 1971.

·        MSM offers 47 undergraduate degree programs and Masters degree programs in Education, Nursing, and Business Administration. The College emphasizes a commitment to liberal arts education in the Judeo-Christian tradition and solid pre-professional education and preparation.  It is comprised of eight academic divisions: Arts and Letters, Business, Education, Mathematics and Computer Science, Natural Sciences, Nursing, Philosophy and Religious Studies, and Social Sciences.

·        The presence of the Bishop Dunn School on campus, with 287 Grade K through 8 students, drawn from 123 School Districts, offers exceptional tutoring and teacher training opportunities for MSM students.  The Bishop Dunn School has an enrollment of 187 students.

·        Mount Saint Mary has offered Graduate degrees in Education since 1974. Its MBA and Masters in Nursing programs were first offered in 1991 and 1994 respectively.

·        As of the Fall of 2004, total FTE enrollments of 2,167 included 1,862 undergraduate students and 305 graduate students.  Four years earlier the College enrolled 1,423 FTE undergraduates and 305 graduate students. 790 students now reside on campus.

·        Mount Saint Mary College is issuing its Series 2005 Bonds in order (a) to finance the renovation and 45,000 square foot expansion of Aquinas Hall, thereby converting it into the school’s Science and Technology Center; and (b) to finance the renovation and modernization of the College Court Housing facility.

• Embry-Riddle University (the “University”) is a co-educational institution of higher education, offering bachelor’s and master’s degree programs of study in aerospace and aeronautical studies and sciences, as well as in related disciplines.  It operates campuses in Daytona Beach, Florida, in Prescott, Arizona; and on 136 off-campus sites known as the Extended Campus. 
• The Daytona Beach campus is located on 185 acres adjacent to the International Airport in south central Daytona Beach, Florida.  The campus is the site of “state of the art” facilities for all of the University’s academic programs and a Center for Aviation/Aerospace Research.   1,960 students reside on this campus. 
• The Prescott campus is located on 565 acres, approximately two miles from the city-owned airport and five miles from downtown Prescott, Arizona.  Campus facilities include the King Engineering and Technology Center, which is electronically linked to the Daytona Beach campus, and the Robertson Aviation Center, which is dedicated to the study of human factors, aircraft accident investigation, and aviation safety.  760 students reside on this campus.
• Embry-Riddle Aeronautical University has an excellent academic reputation.  Its Daytona Beach and Prescott campuses are respectively ranked first and third nationally by US News & World Report for their Aerospace, Aeronautical, and Astronomical programs.
• Radian believes that the University has a solid demand profile.  Undergraduate applications increased from 4,759 for the 2001-2002 Academic Year to 5,420 for the 2004-2005 Academic Year.  Total FTE enrollments rose from 9,384 to 10,616 over this period of time.
• The proceeds of the bonds will be used to (a) to refinance Embry-Riddle University’s outstanding Series 1996 Bonds; (b) to construct a 200-bed Student Residence Hall on the University’s Daytona Beach campus; and (c) to finance a variety of additional capital projects (totaling approximately $30MM) on its Daytona Beach, Florida, and Prescott, Arizona campuses.
• Sample Cusip: 928836JK2 (2035 maturity)

• The Adelante Eastside project area was established in 1999.  The area encompasses 2,164 acres (3.4 square miles) in eastern Los Angeles, and is largely commercial and industrial.
• Large economic drivers include two major hospitals, both of which have substantial renovation plans underway.  The area is also a nexus for light manufacturing given the area’s location near the eastern end of the Alameda Corridor freight railway.
• Taxable value has increased 3.6% on average since the area was established, including a 6.4% decline in the first year.
• Because of the project area\'s relatively new establishment and the slow development, incremental value is 24% of total taxable value.  Radian believes future development potential is good given the location and limited land availability.
• Underlying rating of BBB from Standard & Poor’s.
• The proceeds will be used to fund improvements in the project area.
• Underlying rating of BBB from Standard & Poor’s.  

• Bellevue University was founded in 1965 as an independent, non-sectarian, private institution just outside Omaha, Nebraska.  Since the mid-1980s, the University has matured from a college offering predominantly freshman- and sophomore-level courses to an institution where students enroll to complete a bachelor’s or master’s degree.  Bellevue currently offers 43 bachelor’s degrees and nine master’s programs, including 18 undergraduate and six graduate programs available online.
• Bellevue has established a viable niche serving the nontraditional, adult working student and now enjoys the largest undergraduate enrollment among Nebraska private colleges & universities.  The average age of the undergraduate student body is high at 28, reflecting the significant nontraditional component.
• Radian believes the school’s operations are excellent, with operational surpluses averaging $5.4 million annually over the past four years. 
• Bellevue has ample financial resources to support its debt.  Expendable resources comprise 299% of pro forma debt, versus the comparable rating agency medians of 55% and 87%.
• School tuition of $4,740 is very competitive and in line with the extremely low state college levels, as the school is able to pass along the relatively low operational costs to its students.  Tuition discounting is an extremely low 4%. 
• The proceeds will be used to finance construction of a new 66,000-squre foot building that will include classrooms, faculty offices and an educational outreach center.
• Sample Cusip: 079226AK2 (2015 maturity)

• The Project is a combination of SCLA redevelopment area and the City of Victorville, CA redevelopment area.  The combined size of the Project is 7.8 square miles (4,990 acres).   County demographics, employment characteristics and household income trends are positive and substantiate rapid IAV growth based on primarily residential development. 
• The member project areas, of which there are 3 more, the County, Apple Valley and Hesperia, all allocate 40% of their tax increment to the Project affording additional cushion and coverage for DS.  The growth in their individual areas aggregated by classification (67% residential) benefits the Project through the allocation of a portion of their increment tax.  Current contributions total $741k or 12.9% of MADS.
• Future development in the SCLA portion includes expanding a rail service project, creating an inter-modal rail facility comprising 650 acres as well as an industrial facility comprising 584 acres.  A Southern California Logistics Rail Authority has submitted an application to the US DOT to obtain financing under the Transportation Finance and Innovation Act.  One of the largest regional logistics groups has entered into a lease transaction for facilities in the Project and commenced freight forwarding operations from the Port of Los Angeles and Long Beach. 
• The proceeds will be used to fund improvements in the project area and pay the costs of issuance.
• Sample Cusip: 842472BE1 (2035 maturity)

• The District, created in 1988, is comprised of 189 acres of land containing 426 separate tax parcels in downtown St. Paul, MN.  The parcels are located at noncontiguous sites throughout the Project Area within the City comprised of seven TIF areas.  The composition is approximately 46% commercial, 28% industrial and 15% residential, with 11% exempt from property taxes.
• Three portions of the City of Saint Paul’s strategies for urban vitality are geographically related to five of the seven TIF areas, which in addition to the Authority’s plan, encourage the expansion and increased value of the tax base.
• The market value of the existing properties has grown 11% annually since 2001.
• Debt service coverage is “in the ground”.  There is no reliance on future development for revenues, and projected debt service coverage is at least 1.4x for the life of the transaction. 
• The proceeds will be used to finance various development projects in the city of St. Paul, including a 97-unit affordable multifamily rental housing development above a new public library and pay cost of issuance for the bonds.
• Underlying rating of Baa3 from Moody’s
• Sample Cusip: 792904FD1 (2017 maturity) 

• Marywood’s 115-acre campus is located in a residential area of the City of Scranton, some two miles from its downtown section.  The Pocono Mountains are located within 30 minutes of the campus.  The University was founded as a seminary for girls in 1900 and became the first Catholic college for women in Pennsylvania in 1915.  It became co-educational in 1964 and was granted university status in 1998.  942 undergraduates currently reside on campus.
• Marywood, with its distinctive program mix at both the undergraduate (1,669 FTE students) and graduate levels (788 FTE students), is well regarded within its market cohort and is ranked in a tie for 42nd among the 164 schools classified by US News & World Report as Northern Master’s Universities. 
• Radian believes demand trends are favorable at both the undergraduate and graduate school levels.  Total FTE enrollments have risen from 2,185 students in 2000-2001 to 2,457 students in 2004-2005.  Total applications have increased from 2,035 to 2,580 over this period of time.  
• The University’s overall Selectivity Ratio of 73.02% is slightly stronger than the Moody’s “Baa” and S&P “BBB” medians of 75.0% and 76.9%, respectively.  The University’s Yield of 50.85% is far superior to the respective Rating Agency medians of 34.0% and 35.1%. 
• The proceeds will be used to finance the construction of a 90,000 square foot Athletic and Wellness Center.  The Center is scheduled to open in the Fall of 2006. 
• Underlying rating of BBB from Standard & Poor’s
• Sample Cusip: 70917N4Q4 (2035 maturity) 

• Mid-Florida Medical Services, Inc. (MFMS) was formed in October 1983 and is the sole member of Winter Haven Hospital, Inc. (the “Hospital”).  The Hospital is the sole member of Mid-Florida Medical Services Foundation, Inc. (the “Foundation”).  MFMS, the Hospital and the Foundation each are 501 (c)(3) not-for-profit organizations.  
• The Hospital is a general acute care hospital facility having 527 licensed beds and provides comprehensive inpatient and outpatient ambulatory care services.   
• The Hospital leading and stable market share of 57% in its primary service area located in and around Winter Haven, FL (approximately 45-miles east of Tampa and 50-miles west of Orlando).  The Hospital’s primary and secondary service area has a population base of 510,000 residents.
• In October 2004, the Hospital received approval from the State of Florida to begin open-heart surgery and interventional cardiology services. The Hospital expects to begin offering these services about July 1, 2005 and April 1, 2005, respectively.
• Radian believes that the Hospital has solid cash flows resulting in good pro forma MADS coverage at 3.1x in 2004.  Radian also considers the debt position to be light with debt service as a percentage of revenues at 2.1%. 
• The proceeds will be used to accomplish various goals including creating capacity for increased patient demand, financing the facility aspects of the upcoming Open Heart Program, finance various other facility needs, and refund the existing long-term bond indebtedness.
• Underlying ratings of BBB from Standard & Poor’s and Fitch
• Sample Cusip: 731120MX6 (Series A)