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• <br /> Ank adjusted pursuant to the Indenture and as described herein under "Reserve Fund." <br /> The Bonds would be sold August 12, 2002 and be dated September 1, 2002. The first interest <br /> payment on the Bonds will be February 1, 2003,and semiannually thereafter. Principal on the <br /> Bonds will be due on February 1 in the years 2004 through 2023. The projected debt service and <br /> flow of funds can be found in Exhibit 1. <br /> OTHER CONSIDERATIONS <br /> Following is a summary of key factors in the finance plan: <br /> • We recommend the following call feature: <br /> Bonds maturing February 1, 2014 and thereafter will be subject to prepayment at the <br /> discretion of the Authority on February 1, 2013: <br /> • We anticipate that the Authority will not issue more than a total of$10,000,000 in tax- <br /> exempt debt during this calendar year. This will allow the Bonds to be designated as bank <br /> qualified. Bank qualified status broadens the market and achieves lower interest rates. <br /> • Because the EDA is issuing more than $5,000,000 in tax-exempt obligations during this <br /> • calendar year,the debt will not qualify for the small issuer exemption from arbitrage rebate. <br /> You may be exempt from arbitrage rebate if the Bond proceeds, as defined in an arbitrage <br /> certificate to be provided upon closing, are expended within two years from the date of <br /> issuance as follows: <br /> Months from Percent of Net <br /> Issuance Proceeds Spent <br /> 6 10% <br /> 12 45% <br /> 18 75% <br /> 24 100% <br /> In the event the expenditure rules specified above are not met,the Authority will be required <br /> to pay any applicable arbitrage rebate in accordance with the general rules of Section 148(f) <br /> of the IRS Code. <br /> • The Bonds will be global book entry with a bank designated as the paying agent. As <br /> "paperless" bonds, you will avoid the costs of bond printing and annual registrar charges. <br /> The Paying Agent will invoice you for the interest semi-annually and on an annual basis for <br /> the principal coming due. You will be charged only for paying agent/transfer agent services <br /> provided by the bank. <br /> • Bidders on this issue may submit a bid which contains a maturity schedule providing for any <br /> • combination of serial bonds and term bonds, subject to mandatory redemption. If the <br /> purchaser of the Bonds designates certain of the maturities as Term Bonds, subject to a <br /> Page 5 <br />