derivatives TEXAS BOND REVIEW BOARD by changcheng2

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									                                       TEXAS BOND REVIEW BOARD
                                     DERIVATIVES PROGRAM SUMMARY

   Notes To This Document:
   1) This is only an example. Please change the information, data labels, and data to fit the particular
      transaction.
   2) Please submit any updates or changes to the Derivatives Program Summary that occur
      subsequent to this Notice of Intent or Application submission.


                                     Veterans' Land Board of the State of Texas
                Veterans' Housing Assistance Program, Fund I Series 2004C Taxable Refunding Bonds,
                Veterans' Housing Assistance Program, Fund II Series 2004D Taxable Refunding Bonds,
                Veterans' Housing Assistance Program, Fund II Series 2004E Taxable Refunding Bonds

                                             Derivatives Program Summary

   Bond Par Amounts/Maturities/Yields

   -- Term Bond Due 12/1/2018 (VRDBs)(1)                                                        $           7,220,000.00
                                           (1)
   -- Term Bond Due 6/1/2020 (VRDBs)                                                            $         31,705,000.00
   -- Term Bond Due 12/1/2006 (VRDBs)(1)                                                        $          4,945,000.00
   -- Total                                                                                     $         43,870,000.00

   Interest Rate Swap Terms
   -- Swap Counterparty                                                                         JPMorgan Chase Bank
   -- Counterparty Credit Ratings                                                                            AA-/Aa3
   -- Notional Amount                                                                            $      43,870,000.00
   -- Notional Amortization                                                                     Identical to Sinking Funds
   -- VLB Receives Floating                                                                          100% of 1M LIBOR
   -- VLB Pays Fixed Payer Rate of                                                                                5.348%
   -- Average Life (Years)                                                                                         10.783
   -- Par Termination Rights                                                                    Market Termination Only
   -- Variable Rate Bond Related
        Add Liquidity Fee                                                    0.100%
        Add Remarketing Fee                                                  0.070%
                                                                             0.170%
                                                                                                                  5.518%


          (1)
                  Sinking fund schedules of the term bonds is also used to structure notional
                  amortization of the swap.




D:\Docstoc\Working\pdf\2f257ecd-6525-4d64-b809-819ec8e15458.xls                                                       1/15/2012

								
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