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					August 17, 2007

Mike Freeman, CFO
City of Fort Collins


Dear Mr. Freeman,

Enclosed please find information to familiarize you with our firm, D.A. Davidson & Co. Fixed
Income Capital Markets (“D.A. Davidson”), and the innovative debt structures we are using for
Special Districts. We are full service investment bankers with headquarters in Montana and
roots dating back to 1935. Our Denver office opened in 1991 with a full complement of
experienced Colorado bankers. You will notice that most of our experience is in Colorado,
where the use of Special Districts is well established. We are confident that our comprehensive
approach to Special District financings (Section V) will serve your needs well.

The D.A. Davidson experience relevant to your needs is highlighted by:

•   Our ranking as the top Underwriter for Colorado Special Districts 2001 through 2006
    (Section I).

•   Our success in structuring and marketing 225 Special District financings totaling
    $2,658,495,872 since 2001. (Section II).

•   References with similar Special Districts in Colorado. (Section III).

•   Our ability to create innovative financing structures, including the use of Letter of Credit
    (“LOC”) enhancements of underlying non-rated credits (Section III).

•   Our team of public finance personnel supported by a full complement of investment banking
    support including the largest institutional sales force and trading desk located in Denver
    (Section IV).




                                D.A. Davidson & Co. Fixed Income Capital Markets
    1600 Broadway, Suite 1100 Denver, Colorado 80202-4922 (303) 764-6000 (800) 942-7557 Fax (303) 764-5770
                                              www.dadavidson.com
                                          D.A. Davidson & Co.
                                                Member SIPC
Experience with Colorado Special Districts

Our lead bankers for Special District financings are Tom Bishop and Sam Sharp. Tom and Sam
have experience serving non-rated Special District clients in Colorado with over 30 years
combined experience as underwriters in public finance. We have listed references for several
recent bond financings in Section III. Each of these relationships resulted in a successful
financing of a Special District in Colorado. This is not a comprehensive list of our clients, but
only representative of related experience. References and phone numbers are provided in this
Section for your convenience. On the client list of Colorado Special Districts at D.A. Davidson
(Section II), you will find that since January 2001 we have underwritten 225 Special District
issues. By these facts, we remain the most active underwriters of non-rated Special Districts in
Colorado.

You will note that a number of these references involve LOC enhancements. Each LOC
enhanced issuer chose the variable rate structure to maximize their cost benefits. Among the
Official Statement covers of recent financings by D.A. Davidson you will find several LOC
enhanced transactions (Section III). None of these issuers settled for municipal bond insurance,
because it was not as cost effective as the final results of the LOC structure.

We have recent success with non-rated private-placements as well. There is a market for
institutionally placed bonds that are secured by a combination of land, tap fee agreements and
development prospects. Although this structure would more likely involve phasing the bond
issues and we would build in additional bonds tests. If a district does not have the financial
strength to attract an LOC provider, the non-rated structure is far more effective than not
utilizing the District financing.

Debt Structure

The majority of start up Special District issuers in Colorado are unable to garner an investment
grade debt rating. Without alternate enhancement, your District will not be investment grade on
their own until the project is substantially built-out. Our creativity and experience with similar
issuers will allow us to minimize your District’s cost of borrowing despite their non-rated status.
The following are two general structures your District may consider:

1) 30-year Fixed-rate Bonds

One possible structure is a non-rated bond issue with a fixed rate for the life of the debt.
Depending on the status of the District at the time of issuance, a non-rated fixed-rate bond issue
currently requires an interest rate of between 6%-8%. This higher interest rate will decrease the
District’s debt capacity. It is also important to note that this fixed-rate structure will involve 10-
year call protection, preventing the District from lowering their cost of borrowing despite
improved credit quality during the call protection period. This structure will also involve an
additional bond test, which will limit the District’s ability to issue subsequent debt.
The main benefit of this structure is that it can be sold early in the development with little or no
recourse to the developer. If the District’s primary concern is issuing debt with no recourse to
the developer early in the project, and the lost capacity and debt management flexibility are not
significant issues, this is our recommended structure. It is also possible for the District to sell
non-rated debt to the developer, who may have some interest in the benefit of the high tax-
exempt coupon.



2) Variable-rate Bonds

The second option is a variable-rate issue backed by a LOC from an investment grade
commercial bank. With this structure, the District will have the option of setting their interest
rate mode at weekly, annually, or at some longer fixed interval (3-5 years). In most taxing
Districts, we would remarket the debt annually based on a 1-year interest rate (est. 4%), which is
much lower than a 30-year interest rate. We currently serve as the Remarketing Agent for more
than twenty variable rate issuers and set one-year rates as low as 2.5% earlier this year. We use
4% as a conservative average for one-year variable rates based on a 15-year historical average of
3.8%. This structure includes some risk of rising short-term interest rates. This risk can be
managed by fixing rates initially for 3-5 years or by purchasing a swap contract.

To induce an LOC Provider to provide credit enhancement and liquidity to a non-rated issuer, we
have used the following two structures:

   a)   Wait to issue the bonds until the project is substantially complete and the development
        risk is mitigated. In the interim, the developer would advance funds to the District for
        needed improvements and would enter into an advance and reimbursement agreement.
        Once the bonds are issued, the District would use the proceeds to pay the developer on
        that agreement.

   b) Issue the bonds at the beginning of the project and provide a secondary security source
      until the District’s credit quality has improved. As we have discussed, this secondary
      security can include a guarantee from the developer or some pledged pool of assets. We
      can also use the proceeds of the bond issue as this secondary security. In any case, this
      secondary security would be released as development occurs in the District, and at
      buildout the secondary security would be completely released, leaving the District’s tax
      pledge as the sole source of security for the LOC Provider. To the extent the developer
      provides this secondary security, it is possible for the District to pay the developer an
      annual fee for this security. It is important to recognize however that this added cost to
      the District will decrease their overall debt capacity.

Adding the cost of the District’s LOC and other annual costs, this structure will have an average
annual cost of borrowing of 5.0-5.5%. The fees paid to the LOC Provider are paid by the
District annually based on the credit quality of the District each year, which allows the District to
lower their cost of enhancement as their credit quality increases. If the District’s primary
concern is maximizing the District’s debt capacity and flexibility, and a secondary security
source is available, this is our recommended structure.

Anticipated Bond Purchasers

Due to statutory limitations, Title 32 Special Districts are limited to selling bonds to institutions
and accredited investors unless the District’s debt is investment grade or the District is
substantially built out. Thus, the non-rated structure discussed above would need to be sold to
institutional investors. The rated LOC-enhanced structure discussed above is designed to be sold
at low interest rates to investors seeking short-term investments. These bonds will likely be sold
to institutional money market funds. Because our firm has the largest trading and institutional
force in the Denver municipal market, we have an institutional sales focus. We do have brokers
who will make some sales of municipal bonds to retail customers, but most of our sales are to
institutional buyers.

In this case, both of our recommended bond structures will be marketed to large institutional
investors, which will take advantage of our institutional sales focus.

Proposed Fees and Costs

Our only expected compensation as outlined by a Letter of Intent, will occur at the time bonds
are sold to third party buyers or the developers take bonds in exchange for improvement costs
incurred. Depending on the structure used our underwriter’s discount will range between 1.0%
and 2.0%, with a lower discount for rated bonds. We trust you will find our discount and our
overall proposed cost of borrowing very competitive, and we are willing to negotiate this fee
once the District’s debt structure is determined.

We hope this response is helpful as an overview to demonstrate our experience and adequately
express our interest in serving your investment banking needs. We do request that you consider
the knowledge, structures and experience set forth in this proposal as a proprietary business asset
and on that basis we would request and appreciate the information contained herein to be kept
confidential from our competitors.

We appreciate the opportunity and look forward to further discussing these ideas.


Sincerely,




Thomas R. Bishop                              Samuel R. Sharp
Senior Vice President                         Senior Vice President
                Table of Contents


Special District Rankings    Section One

Experience                   Section Two

References                  Section Three

Firm Overview               Section Four
Our Team

Our Approach                 Section Five
                                               Colorado Special District Financings*
                                                   Bond Underwriter Rankings
                                                                    (Ranking based on Dollar Amount)

                                 2006 Ranking                                                                  2001 - 2006 Cumulative Ranking

                                            Amount         Number of                                                                 Amount      Number of
Lead Manager                            ($ Millions)        Issues         Rank                                                  ($ Millions)     Issues     Rank

D.A. Davidson & Co.                           526.4            55            1            D.A. Davidson & Co.                        2,027.9       195         1
Stifel Nicolaus & Co                          100.6            8             2            George K Baum & Company                      328.4       54          2
George K Baum & Company                        65.1            6             3            RBC Dain Rauscher                            310.8       23          3
Piper Jaffray & Co                             62.8            7             4            Piper Jaffray & Co                           305.5       34          4
Prager Sealy & Co                              50.7            2             5            Stifel Nicolaus & Co                         263.9       43          5
RBC Dain Rauscher                              43.9            4             6            A G Edwards & Sons                           158.1        8          6
Citigroup                                      13.4            1             7            Prager Sealy & Co                            127.8        7          7
Oppenheimer & Co                                8.7            1             8            Wells Fargo Brokerage Secs                    85.9       12          8
Duncan-Williams                                 7.4            1             9            Bathgate Capital Partners                     49.1        5          9
Wells Fargo Brokerage Secs                      5.0            1            10            UBS Financial Services                        38.0        2         10
First Matrix Investment Svc.                    3.7            1            11            Bank of America Securities                    36.0        1         11
Bathgate Capital Partners                       3.0            1            12            Oppenheimer & Co                              35.4        3         12
A G Edwards & Sons                              0.0            0            NA            First Matrix Investment Svc.                  14.8        3         13
UBS Financial Services                          0.0            0            NA            Citigroup                                     13.4        1         14
Bank of America Securities                      0.0            0            NA            Duncan-Williams                                7.4        1         15
Stephens Inc                                    0.0            0            NA            Stephens Inc                                   4.7        4         16
Zions First Natl Bank                           0.0            0            NA            Zions First Natl Bank                          3.5        1         17
Fifth Third Securities                          0.0             0           NA            Fifth Third Securities                         0.7        2         18

                                Total        $890.6            88                                                        Total      $3,811.3       399

Data Source: Securities Data Company

* Includes Metro Districts, LIDs, BID, GIDs and PIDs, negotiated and private placement financings




                                                        Colorado Special District Financings
                                                       2006 Bond Underwriter Market Share


                                                                                         George K Baum & Company
                                                                                                   7.3%
                                        Stifel Nicolaus & Co
                                                11.3%                                                     Piper Jaffray & Co
                                                                                                                 7.1%

                                                                                                                  Prage r Sealy & Co
                                                                                                                         5.7%

                                                                                                                          RBC Dain Rauscher
                                                                                                                                4.9%
                                                                                                                            Citigroup
                                                                                                                              1.5%
                                                                                                                            O ppenheime r & Co
                                                                                                                                   1.0%
                                                                                                                            Duncan-Williams
                                                                                                                                 0.8%

                                                           D.A. Davidson & Co.                                              Wells Fargo Brokerage Secs
                                                                                                                                       0.6%
                                                                  59%                                                       First Matrix Inve stment Svc.
                                                                                                                                        0.4%
                                                                                                                            Bathgate Capital Partners
                                                                                                                                      0.3%

                                         D.A. Davidson & Co.
                                                59.1%
                                                 D.A. Davidson & Co.
                                         Special District Financing Experience
                                                    2001 to Present



   Amount      Dated                                 Name of Issuer                                          Rating            Role



 $3,145,000    9/4/07   Pinery West Metropolitan District No. 3, GO Limited Tax Refunding Bonds,              AAA               M
                        Series 2007
$25,045,000   8/20/07   Conservatory Metropolitan District, General Obligation (Limited Tax                    AA               M
                        Convertible to Unlimtied Tax) Refunding & Improvement Bonds, Series 2007


$25,000,000    8/9/07   Timnath Development Authority, Variable Rate Tax Increment Revenue Bonds,             A/A-1             M
                        Series 2007

$21,215,000    8/8/07   Maher Ranch Metropolitan District No. 4, General Obligation Limited Tax                AA               M
                        Refunding Bonds, Series 2007

$58,940,000    8/1/07   Southlands Metropolitan District No. 1, General Obligation Refunding &                 AA               M
                        Improvement Bonds, Series 2007

$11,175,000   7/31/07   Bromley Park Metropolitan District No. 2, GO Limited Tax Convertible Zero              NR               M
                        Coupon Bonds, Series 2007B

$22,340,000   7/31/07   Bromley Park Metropolitan District No.2 , General Obligation Refunding                 AA               M
                        Bonds, Series 2007A

$40,000,000   7/26/07   Jefferson Center Metropolitan District No. 2, Special Revenue Variable Rate            NR               PP
                        Bonds, Series 2007A

 $4,000,000   7/18/07   Stoneridge Metropolitan District, General Obligation Limited Tax Bonds, Series         NR               M
                        2007

 $2,695,000   7/18/07   Mead Western Meadows Metro District, General Obligation Bonds, Limited                 NR               M
                        Tax Convertible to Unlimited Tax, Series 2007

 $7,130,000   7/10/07   United Water & Sanitation District, Ravenna Project Water Activity Enterprise,         NR               M
                        Elbert County, Colorado, Capital Appreciation Special Utility Revenue Bonds,
                        Series 2007

 $4,420,000   6/27/07   Greatrock North Water & Sanitaiton District, Adams County, Colorado,                  AAA               M
                        General Obligation Refunding & Improvement Bonds, Series 2007


 $2,000,000   6/20/07   Fallbrook Metropolitan District, Subordinate Convertible Capital Appreciation,         NR               M
                        GO (Limited Tax Convertible to Unlimited Tax) Bonds, Series 2007


$34,660,000   6/15/07   Meadows Metropolitan District Bonds, Secondary Trade, 2007                             NR             sponsor

$77,000,000   6/14/07   Southglenn Metropolitan District, City of Centennial, Colorado, Special             AA/A-1+             M
                        Revenue Variable Rate Bonds, Series 2007

$20,400,000   5/29/07   Bromley Park Metropolitan District No. 3, Limited Tax (Convertible to                  AA               M
                        Unlimited Tax) General Obligation Refunding & Improvement Bionds, Series
                        2007

 $4,760,000   5/22/07   Colorado Tech Center Metropolitan District, Boulder County, Colorado,                   A               M
                        General Obligation Bonds, Series 2007

$19,845,000   5/16/07   Pinery West Metropolitan District No. 2, General Obligation Limited Tax                AA               M
                        Refunding Bonds, Series 2007

$10,420,000    5/9/07   Heritage Todd Creek Metropolitan District, Adams County, Colorado, General             NR               M
                        Obligation (Limited Tax Convertible to Unlimited Tax) Bonds, Series 2007A


                                                      Page 1                                      Experience in Special Districts
                                                  D.A. Davidson & Co.
                                         Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                           Rating            Role

 $5,585,000   4/25/07    Waterfront Metropolitan District, Limited Tax (Convertible to Unlimited Tax)           AA               M
                         General Obligation Refunding & Improvement Bonds, Series 2007


 $6,225,000   4/17/07    Vintage Reserve Metropolitan District, Jefferson County, Colorado, Limited             AA               M
                         Tax (convertible to Unlimited Tax) GO Refunding & Improvement Bonds,
                         Series 2007

                         Saddle Rock South Metropolitan District No. 4, General Obligation Refunding
 $8,625,000   3/21/07                                                                                          AAA               M
                         Bonds, Series 2007

                         Saddle Rock South Metropolitan District No. 3, General Obligation Refunding
 $4,430,000   3/21/07                                                                                          AAA               M
                         Bonds, Series 2007

                         Saddle Rock South Metropolitan District No. 2, General Obligation Refunding
 $5,695,000   3/21/07                                                                                          AAA               M
                         Bonds, Series 2007

$11,400,000   3/19/07    Mountain Shadows Metropolitan District, City of Arvada, Jefferson County,              NR               M
                         Colorado, GO Limited Tax Convertible to Unlimited Tax Bonds, Series 2007


$12,850,000     3/8/07   Fronterra Village Metro District, Commerce City, Colorado, GO Refunding &             AAA               M
                         Improvement Bonds, Series 2007

 $8,705,000     3/8/07   North Range Village Metro District, Commerce City, Colorado, GO Refunding             AAA               M
                         & Improvement Bonds, and Supplemental "B" Interest Registered Coupons



 $2,478,012     3/2/07   Cumberland Green Metro District, GO Limited Tax Convertible Capital                    NR               SA
                         Appreciation Bonds, Series 2007

$10,210,000     3/1/07   Wildgrass Metro District, Broomfield, Colorado, GO (Limited Tax Convertible            NR               M
                         to Unlimited Tax) Refunding Bonds, Series 2007

$21,740,000   2/28/07    Madre Metropolitan District No. 2, City and County of Denver, Colorado,                NR               M
                         General Obligation (Limited Tax Convertible to Unlimtied Tax) Bonds, Series
                         2007A

 $3,820,000   2/28/07    Madre Metropolitan District No. 2, City and County of Denver, Colorado,                NR               SA
                         Subordinate General Obligation Bonds, Series 2007B

 $9,500,000   2/27/07    Tablerock Metropolitan District, General Obligation Refunding and                      AA               M
                         Improvement Bonds and $200,000 Supplemental "B" Interest Registered
                         Coupons

$17,925,000   2/13/07    Tallgrass Metro District, Arapahoe County, Colorado, GO (Limited Tax                   NR               M
                         Convertible to Unlimited Tax) Refunding and Improvement Bonds, Series 2007



 $4,255,000     2/1/07   Liverpool Metro District, Araphaoe County, Colorado, GO Refunding Bonds               AAA               M
                         and Supplemental "B" Interest Registered Coupons, Series 2007



 $3,955,000   12/28/06   Aberdeen Metro District No. 1, Subordinate GO Bonds, Convertible CABS,                 NR               SA
                         Series 2006

 $2,000,000   12/28/06   South Durango Sanitation District, Revenue Bonds                                       NR               SA

 $7,440,000   12/28/06   Silver Peaks Metro District No. 2, GO Limited Tax Bonds, Series 2006                   NR               M


                                                      Page 2                                       Experience in Special Districts
                                                   D.A. Davidson & Co.
                                          Special District Financing Experience
                                                      2001 to Present



   Amount       Dated                                 Name of Issuer                                         Rating            Role

$22,940,000   12/28/06   Arapahoe County Water & Wastewater Authroity, Revenue Refunding Bonds,               AAA              SM
                         Series 2006

 $5,500,000   12/21/06   Elbert & Hwy 86 Metro district, GO (Limited Tax Convertible to Unlmited               NR               M
                         Tax) Bonds, Series 2006

 $5,500,000   12/21/06   Horse Creek Metro District, Parker, CO, GO (Limited Tax Convertible to                NR               M
                         Unlmited Tax) Bonds, Series 2006

 $2,250,000   12/20/06   Bromley Park Metro District No. 6, Adams County, Colorado, GO Bonds,                  NR               M
                         Series 2006

 $6,500,000   12/20/06   Lambertson Lakes Metropolitan District, GO Refunding Bonds, Series 2006               AA               M


 $1,570,000   12/19/06   United W & S District, Ravenna Project Water Activity Enterprise, Elbert              NR               PA
                         County, Colorado, Capital Appreciation Revenue Bonds, Subordinate Series
                         2006B

$11,940,000   12/15/06   McKay Landing Metro District No. 2, GO Refunding Bonds, Series 2006                  AAA               M


 $3,120,000   12/14/06   Horse Creek Metro District, Adams County, GO (Limited Tax Convertible to              NR               M
                         Unlimited Tax) Bonds, Series 2006

 $2,940,000   12/14/06   Riverdale Dunes Metro District No. 1, GO Refunding Bonds, Series 2006                 AA               M


$22,495,000   12/01/06   Castlewood Ranch Metropolitan District, Castle Rock, Colorado, GO                    AAA               M
                         Refunding Bonds, Series 2006

$19,400,000   12/01/06   Central Platte Valley Metropolitan District, General Obligation Variable Rate       Aa/A-1+            M
                         Bonds, Series 2006

 $4,260,000   11/29/06   East Smoky Hill Metro District No. 1, GO Refunding Bonds, Series 2006                AAA               M


$18,777,736   11/21/06   Tamarron Metro District, GO Limited Tax Convertible Capital Appreciation              NR               SA
                         Bonds, Series 2006

 $4,775,000   11/21/06   Traditions Metro District No. 2, GO Limited Tax Convertible to Unlimited Tax          NR               M
                         Bonds, Series 2006

 $1,625,000   10/25/06   Foxfield Metropolitan District, Arapahoe County, Colorado, General Obligation         NR               M
                         Special Revenue Bonds, Series 2006

 $3,025,000   10/18/06   Regency Metropolitan District, Parker, Colorado, GO (Limited Tax Convertible          NR               M
                         to Unlimited Tax) Bonds, Series 2006

 $1,415,000   10/18/06   Jordan Crossing Metropolitan District, Parker, Colorado, GO (Limited Tax              NR               M
                         Convertible to Unlimited Tax) Bonds, Series 2006


 $3,190,000   9/28/06    Eagle Creek Metropolitan District, City of Commerce City, Colorado, GO                NR               M
                         (Limited Tax Convertible to Unlmited Tax) Refunding & Improvement Bonds,
                         Series 2006

$20,400,000   9/28/06    United W & S District, Lupton Lakes Water Storage Project Water Activity              NR               M
                         Enterprise, Elbert County, Colorado, Revenue bonds, Series 2006




                                                       Page 3                                     Experience in Special Districts
                                                  D.A. Davidson & Co.
                                          Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                          Rating            Role

 $6,500,000   9/27/06    Fallbrook Metropolitan District, GO (Limited Tax Convertible to Unlimited             NR               M
                         Tax) Bonds, Series 2006

$32,610,000   9/26/06    Triview Metropolitan District, El Paso County, CO, GO Variable Rate                  A/A-1             M
                         Refunding & Improvement Bonds, Series 2006A

$11,675,000   9/22/06    Sorrel Ranch Metropolitan District, Arapahoe County, Colorado, GO (Limited            NR               M
                         Tax Convertible to Unlimited Tax) Bonds, Series 2006A


 $2,735,000   9/22/06    Sorrel Ranch Metropolitan District, Arapahoe County, Colorado, General                NR               M
                         Obligation Subordinate Bonds, Series 2006B

$26,875,000   9/19/06    Copperleaf Metropolitan District, Arapahaoe County, Colorado, General                 NR               M
                         Obligation (Limited Tax Convertible to Unlimited Tax) Series 2006



 $2,690,000   09/07/06   Southpark Metropolitan District, Arapahoe and Douglas Counties, Colorado,            AAA               M
                         General Obligation Refunding Bonds, Series 2006

$11,780,000   09/06/06   Canterberry Crossing Metropolitan District, Douglas County Colorado, General         AAA               M
                         Obligation Refunding Bonds, Series 2006

 $4,935,000   08/29/06   Liberty Ranch Metropolitan District, (In the Town of Mead, Colorado)                  NR               M
                         GO(Limited Tax Convertible to Unlimited Tax) Bonds, Series 2006



 $1,270,000   08/24/06   Chimney Rock Metropolitan District, Jefferson County, Colorado,                      AAA               M
                         Supplemental Interest Coupons Taxable Series 2006B Bonds

  $610,000    08/24/06   Chimney Rock Metropolitan District, Jefferson County, Colorado, Limited Tax          AAA               M
                         GO, Refunding Bonds, Taxable Series 2006B

 $3,365,000   08/24/06   Chimney Rock Metropolitan District, Jefferson County, Colorado, Limited Tax          AAA               M
                         GO, Refunding Bonds, Tax-Exempt Series 2006A

 $3,000,000   7/20/06    Huntington Trails Metropolitan District, Adams County, Colorado, General              NR               M
                         Obligation Limited Tax Bonds, Series 2006

$24,195,000   6/29/06    Thompson Crossing Metropolitan District #4, Convertible Zero Coupon Bonds,            NR               SA
                         Series 2006

$17,940,000   6/27/06    Arista Metropolitan District, City and County of Broomfield, Colorado,             A1/VMIG             FA
                         Parking/Special Limited Revenue Bonds, Series 2006A, 2006B and 2006C


 $6,330,000   6/22/06    Crystal Crossing Metropolitan District, Douglas County, Colorado, General             NR               M
                         Obligation Limited Tax Bonds, Series 2006

$13,910,000   6/21/06    United Water & Sanitation District, Ravenna Project Water Activity Enterprise,        NR               M
                         Elbert County, Colorado, Capital Appreciation Revenue Bonds, Series 2006



$16,000,000   6/21/06    Mariposa East Public Improvement District, Rio Rancho, NM, General                    NR               M
                         Obligation Bonds, Series 2006

 $3,600,000   6/20/06    Maher Ranch Metropolitan District No. 4, Douglas County, Colorado, General            NR               M
                         Obligation Limited Tax Bonds, Series 2006



                                                      Page 4                                      Experience in Special Districts
                                                  D.A. Davidson & Co.
                                         Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                            Rating            Role

 $1,750,000     6/1/06   Buffalo Run Mesa Metro District, Commerce City, Colorado, Limited Tax                   NR               SA
                         General Obligation Bonds, Series 2006

 $5,702,152   5/17/06    Spring Mesa Metropolitan District, Convertible Capital Appreciation Limited             NR               SA
                         Tax General Obligation Bonds, Series 2006

 $1,849,012     5/1/06   Triview Metropolitan District, El Paso County, Colorado, Subordinate Limited            NR               SA
                         Tax Obligation Bonds, Series 2006B-1

 $1,299,265   4/17/06    Elkhorn Ranch Metro District, Non-Rated Convertible CAB, Series 2006B                   NR               SA
                         Subordinate Bonds

 $3,000,000   3/16/06    Country Club Village Metropolitan District, Adam County, Colorado, General              NR               M
                         Obligation Limited Tax Bonds, Series 2006

$32,448,336   3/13/06    PV Water & Sanitation Metropolitan District, Adams County, Colorado,                    NR               M
                         Capital Appreciation Revenue Bonds, Series 2006

$31,030,000     3/1/06   Superior Metropolitan District No. 1, Superior, CO, Special Revenue Refunding          AAA               M
                         Bonds, Series 2006
$44,400,000   2/15/06    Commerce City Northern Infrastructure GID, Commerce City, Colorado,                   AA/A-1             M
                         General Obligation Variable Rate Bonds, Series 2006

$27,600,000   2/15/06    Murphy Creek Metro District No. 3, Limited Tax GO Refunding &                           NR               M
                         Improvement Bonds, Series 2006

 $1,645,000     2/9/06   High Point Metropolitan District, Commerce City, CO , General Obligation                NR               M
                         Bonds (Limited Tax Convertible to Unlimited Tax) Series 2006


 $3,915,000     2/9/06   River Oaks Metropolitan District, Commerce City, CO, General Obligation                 NR               M
                         Bonds, Limited Tax Convertible to Unlimited Tax, Series 2006


 $2,850,000     2/9/06   Buckley Ranch Metro District, Adams County, Colorado, GO (Limited Tax                   NR               M
                         Convertible to Unlimited Tax) Bonds, Series 2006

 $3,794,686     2/8/06   Bromley Park Metro District No. 3, Brighton, Colorado, Subordinate Limited              NR               M
                         Tax General Obligation, Capital Appreciation Bonds, Series 2006



 $8,875,000     2/7/06   Colorado International Center Metro District No. 3, Aurora, CO, General                 NR               M
                         Obligation (Limited Tax Convertible to Unlimited Tax) Bonds, Series 2006


$10,215,000     2/1/06   Willow Trace Metropolitan District, Arapahoe County, Colorado General                  AAA               M
                         Obligation Refunding Bonds, Series 2006 A & B

$19,970,000   12/29/05   Adonea Metropolitan District No. 2, Aurora, Colorado, Revenue Bonds, Series              A               M
                         2005B

 $2,539,946   12/29/05   Adonea Metro District No. 2 (Aurora, Colorado) Subordinate General                      NR               SA
                         Obligation Bonds Series 2005C

$14,260,000   12/29/05   Adonea Metro District No. 2 (Aurora, Colorado) Limited Tax Convertible to               NR               M
                         Unlimited Tax, General Obligation Bonds, Series 2005A


 $1,800,000   12/29/05   Hills at Cherry Creek Metropolitan District, (Arapahoe County, Colorado)                NR               M
                         General Obligation Bonds, Series 2005

                                                      Page 5                                        Experience in Special Districts
                                                   D.A. Davidson & Co.
                                          Special District Financing Experience
                                                      2001 to Present



   Amount       Dated                                  Name of Issuer                                           Rating            Role


                         Northwest Metropolitan District, General Obligation, Limited Tax Convertible
$56,000,000   12/27/05                                                                                            NR               M
                         to Unlimited Tax, Series 2005
 $2,090,000   12/16/05   Aberdeen Metropolitan District #2, In the City and County of Denver,                     NR               M
                         Colorado, Limited Tax General Obligation Bonds, Series 2005


 $3,915,000   12/16/05   Aberdeen Metropolitan District #1, In the City and County of Denver,                     NR               M
                         Colorado, Limited Tax General Obligation Bonds, Series 2005


 $7,855,000   12/15/05   Cherry Creek South Metropolitan District No. 1, Parker, Colorado, Limited Tax           AAA               M
                         General Obligation Variable Rate Refunding Bonds, Series 2003A and 2003B
                         Refunding

$15,465,000   12/13/05   Eagle Bend Metro District No. 2, Aurora, Colorado, General Obligation                    AA               M
                         Refunding Bonds, Series 2005

 $9,329,000    12/1/05   Ebert Metropolitan District Securitization Trust, Class A2 Certificates, Series       A1/VMIG1            M
                         2005-S1

 $2,750,000    12/1/05   Central Platte Valley Metro District, Denver, Colorado, GO Variable Rate              AA/A-1+             M
                         Bonds, Series 2005A and 2005B

 $3,850,000   11/15/05   Canterberry Crossing Metro District II, Parker, Colorado, GO Bonds, Limited              NR               M
                         Tax Convertible to Unlimited Tax, Series 2005

 $5,200,000   11/14/05   Superior/McCaslin Interchange District, General Obligation Refunding Bonds,              AA               M
                         Series 2005

 $2,580,000   10/21/05   South Beebe Draw Metro District, Adams County, Sewer Line Connection Fee                 NR               M
                         Refunding and Improvement Revenue Bonds, Series 2005


$31,175,000   10/1/05    Arista Metropolitan District, Broomfield, Colorado, Special Revenue Bonds,               NR               M
                         Series 2005

 $3,495,000    9/29/05   The Villages at Castle Rock Metro District No. 7, Castle Rock, Colorado, GO             AAA               M
                         Refunding Bonds, Series 2005

$21,650,000    9/28/05   Wheatlands Metro District No. 2, Aurora, Colorado, GO Bonds (Limited Tax                 NR               M
                         Convertible to Unlimited Tax) Series 2005

$14,690,000   9/15/05    Tower Metropolitan District, (in Adams County, Colorado) General Obligation              AA               M
                         Refunding and Improvement Bonds Series 2005


 $4,865,000   9/15/05    Himalaya Water & Sanitation District, (in Adams County, Colorado) General                AA               M
                         Obligation Refunding and Improvement Bonds, Series 2005


 $6,950,000     9/1/05   Elkhorn Ranch Metro District No. 1, Elbert County, Colorado, GO Bonds                    NR               M
                         (Limited Tax Convertible to Unlimited Tax) Series 2005


 $3,105,000     9/1/05   Riverdale Peaks II Metro District, Adams County, Colorado, GO (Limited Tax               NR               M
                         Convertible to Unlimited Tax) Bonds, Series 2005


$16,000,000     9/1/05   Castle Oaks Metro District, Castle Rock, Colorado, Douglas County, GO                    NR               M
                         Limited Tax Bonds, Series 2005


                                                        Page 6                                       Experience in Special Districts
                                                  D.A. Davidson & Co.
                                         Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                           Rating            Role

$10,900,000     9/1/05   Wyndham Hills Metropolitan District No. 2, Frederick, CO, GO Limited Tax               NR               M
                         Bonds, Series 2005

                         Dove Valley Metropolitan District, Arapahoe County, Colorado, General
$44,125,000   08/23/05                                                                                         AAA               M
                         Obligation Refunding Bonds, Series 2005

 $4,350,000    6/30/05   Four Mile Ranch Metro District No. 1, City of Canon City, Colorado, GO              A2/VMIG1            M
                         (Limited Tax Convertible to Unlimited Tax) Variable Rate Bonds, Series 2005


$17,600,000    6/16/06   Flying Horse Metro District No. 1, El Paso County, Colorado, Subordinate GO            NR               SA
                         Bonds, Series 2005

 $3,630,000    6/14/05   East Quincy Highlands Metro District, Aurora, Colorado, GO Refunding                  AAA               M
                         Bonds, Series 2005

 $6,600,000    6/14/05   Piney Creek Village Metro District, Arapahoe County, Colorado, GO Bonds,               NR               M
                         Limited Tax Convertible to Unlimited Tax, Series 2005


 $2,400,000    5/24/05   Centerra Community Facilities District, (Goodyear, AZ) District GO Bonds,              NR               M
                         Series 2005

$15,830,000    5/19/05   Parker Automotive Metropolitan District, GO Variable Rate Bonds, Limited            AA-/A-1+            M
                         Tax Convertible to Unlimited Tax, Series 2005

 $5,895,000    5/12/05   Flying Horse Metro District No. 3, GO Limited Tax, Capital Appreciation                NR               SA
                         Bonds, Series 2005

$13,235,000   05/12/05   Flying Horse Metro District No. 2 GO Limited Tax, Current Interest and Capital         NR               SA
                         Appreciation Bonds, Series 2005A and 2005B



$30,000,000   04/28/05   Ebert Metropolitan District, Limited Tax General Obligation Bonds, Series              NR               SA
                         2005

$14,555,000   04/26/05   High Plains Metro District, Aurora, CO, Revenue Bonds, Series 2005B                    A-               M



$10,615,000   04/26/05   Beacon Point Metro District, Aurora, CO, Revenue Bonds, Series 2005B                   A-               M


$17,250,000   04/01/05   Beacon Point Metro District, Aurora, CO, GO Bonds, Limited Tax Convertible             NR               M
                         to Unlimited Tax, Series 2005A

$24,000,000   4/1/2005   High Plains Metro District, Aurora, CO, GO Bonds, Limited Tax Convertible to           NR               M
                         Unlimited Tax, Series 2005A

 $3,000,000     3/1/05   Chatfield Corners Metropolitan District, Town of Gypsum, Colorado, General             NR               M
                         Obligation Limited Tax Bonds, Series 2005

 $9,500,000     3/1/05   Conservatory Metropolitan District, Arapahoe County, Colorado, General                 NR               M
                         Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2005



 $5,000,000    2/24/05   BNC Metro District No. 2, Adams County, Colorado, GO Bonds (Limited Tax                NR               SA
                         Convertible to Unlmiited Tax) Series 2005




                                                      Page 7                                       Experience in Special Districts
                                                   D.A. Davidson & Co.
                                          Special District Financing Experience
                                                      2001 to Present



   Amount       Dated                                 Name of Issuer                                          Rating            Role

 $8,380,000    2/22/05   Eastpark 70 Metropolitan District, GO Bonds (Limited Tax Convertible to                NR               SA
                         Unlimited Tax), Series 2005

$13,735,000     2/1/05   Centennial Downs Metropolitan District, Littleton, Colorado, General                  AAA               M
                         Obligation Refunding Bonds, Series 1999


 $1,330,000   12/30/04   North Pines Metropolitan District, Elbert County, Colorado, General Obligation         NR               SA
                         Limited Tax Refunding Bonds



$36,330,000   11/15/04   Ebert Metro District, City and County of Denver, Limited Tax General
                                                                                                                NR               SA
                         Obligation Refunding Bonds, Series 2004A
$27,000,000   12/22/04   Ebert Metropolitan District Securitization Trust, Series 2004 - S1, Class A2       A1/VMIG 1            PA
                         Certificates

 $5,275,000   12/21/04   Neu Towne Metro District, Douglas County, Colorado, General Obliation                  NR               M
                         Bonds, Limtied Tax Convertible to Unlimited Tax, Series 2004



$12,005,000   12/15/04   McKay Landing Metro District No. 2, City and County of Broomfield,                     NR               M
                         Colorado, Subordinate GO Limtied Tax Refunding Bonds, Series 2004A &
                         2004B

 $6,750,000    11/1/04   Serenity Ridge Metro District No. 2, Aurora, Colorado, GO Bonds, (Limited
                         Tax Convertiel to Unlimited Tax) Series 2004
                                                                                                                NR               M


 $3,000,000    11/1/04   Dove Valley Metropolitan District. Arapahoe County, Colorado, General
                         Obligation Variable Rate Bonds, Series 2004
                                                                                                             AA/A-1+             M


 $8,000,000    11/1/04   Spring Valley Metro District No. 2, Elbert County, Colorado, General
                         Obligation Bonds, (Limited Tax Convertible to Unlimited Tax) , Series 2004
                                                                                                                NR               SA


 $6,250,000   10/26/04   Thompson Crossing Metropolitan District #1, Larimer County, Colorado,
                         Special Revenue Bonds, Series 2004
                                                                                                                NR               SA


 $7,925,000   10/14/04   Southeast Public Improvement Metro District, Arapahoe, Denver & Douglas
                         Counties, Colorado, GO Limited Tax Variable Rate Bonds, Series 2004
                                                                                                             AA-A-1+             M


$10,800,000    9/29/04   United Water & Sanitation District, South Adams Project Water Activity                 NR               M
                         Enterprise, Elbert County, Colorado, Revenue Bonds, Series 2004B




$35,225,000     9/1/04   Southlands Metro District No. 1, Aurora, Colorado, GO Bonds, Limited Tax               NR               M
                         Convertible to Unlimited Tax, Series 2004



 $2,010,000    8/26/04   Gateway Village General Improvement District, City and County of Denver,              AAA               M
                         Colorado, GO Refunding Bonds, Series 2004




                                                       Page 8                                      Experience in Special Districts
                                                 D.A. Davidson & Co.
                                        Special District Financing Experience
                                                    2001 to Present



   Amount      Dated                                Name of Issuer                                            Rating            Role

 $2,200,000   8/25/04   Sterling Hills West Metro District, Arapahoe County, Colorado, GO Bonds,                NR               M
                        Limited Tax Convertible to Unlimited Tax, Series 2004



$14,340,000   8/19/04   Highlands Ranch Community Association, Inc., Homeowners Assessment                  AAA, Insured         FA
                        Revenue Bonds, Series 2004



$10,110,000   7/14/04   Saddle Rock South Metropolitan District Nos. 2, 3 & 4, Aurora, Colorado,                NR               SA
                        Series 2004

 $5,704,000    7/2/04   Buffalo Run Mesa Metro District, Commerce City, Colorado, General                       NR               SA
                        Obligation Convertible Capital Appreciation Bonds, Series 2004



$15,070,000    7/1/04   The Broadlands Metro District No. 2, Broomfield, Colorado, General                      Aaa              M
                        Obligation Refunding Bonds, Series 2004



 $6,020,000    7/1/04   BNC Metro District, Commerce City, Colorado, General Obligation, Limited                NR               M
                        Tax Convertible to Unlimited Tax, Series 2004



$10,385,000    6/8/04   Wildgrass Metropolitan District, Broomfield, CO, General Obligation Variable          A-/A-2             M
                        Rate Bonds, Limited Tax Convertible to Unlmited Tax, Series 2004



 $1,100,000    6/1/04   Aspen Hills Metro District, Commerce City, Colorado, General Obligation,                NR               M
                        Limited Tax Convertible to Unlimited Tax, Series 2004



 $3,170,000    6/1/04   Bradburn Metropolitan District No. 2, Westminster, CO General Obligation                NR               M
                        Limited Tax Bonds, Series 2004


$15,000,000   5/25/04   United Water & Sanitation District, Elbert County, Colorado, Revenue                    NR               M
                        Refunding and Improvement Bonds, Series 2004A



$13,000,000    5/6/04   Castlewood Ranch Metropolitan District, Castle Rock, Colorado, Limited Tax           AA-/A-1+            M
                        General Obligation, Variable Rate Refunding & Improvement Bonds, Series
                        2004


 $5,147,430   4/23/04   North Quincy Highlands Metro District, Limited Tax GO Bonds, Series 2004A               NR               SA



 $6,220,000   4/21/04   Superior/McCaslin Interchange District, General Obligation Variable Rate             Aa-/A-1+            M
                        Bonds, Series 2004

 $4,645,000   4/16/04   South Durango Sanitation District, La Plata County, Colorado, Sewer Tap Fee             NR               SA
                        Revenue Bonds, Series 2004

$12,100,000   4/14/04   Tollgate Crossing Metro District, Convertible Capital Appreciation Bonds                NR               SA




                                                     Page 9                                        Experience in Special Districts
                                                  D.A. Davidson & Co.
                                         Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                          Rating            Role

 $3,000,000    3/31/04   Murphy Creek Metro District No. 2, Limited Tax GO Refunding Bonds, Series             NR               SA
                         2004

 $9,140,000     3/1/04   NBC Metro District, GO Variable Rate Bonds, Limited Tax Convertible to             AA-/A-1+            M
                         Unlimited Tax, Series 2004

 $6,040,000   12/30/03   Bradburn Metropolitan District No. 3, Westminster, CO General Obligation              NR               M
                         Limited Tax Bonds, Series 2003

$10,130,000    12/4/03   Buffalo Ridge Metropolitan District (In the City of Commerce City) Adams              NR               M
                         County, Colorado General Obligation Bonds Refunding and Improvement
                         Bonds (Limited Tax Convertible to Unlimited Tax) Series 2003



$26,500,000   12/18/03   United Water & Sanitation District, Elbert County, Colorado Sale of Water             NR               SA
                         Rights to East Cherry Creek Valley W & S District Series 2003



 $7,500,000    12/1/03   Red Sky Ranch Metropolitan District, Eagle County, Colorado General                   NR              SM
                         Obligation Bonds, Series 2003

$15,000,000   11/21/03   Triview Metropolitan District (El Paso County, Colorado) GO Limited Tax             A-/A-2”            M
                         Variable Rate Refunding and Improvement Bonds, Series 2003A



$31,500,000   11/21/03   Arapahoe County Water & Wastewater Authority Colorado $18,34,000 Water  Series A, AA-/A-1+             M
                         & Wastewater Revenue Variable Rate Refunding and Improvement Bonds,    and Series B & C AA-
                         Series 2003A $4,750,000 Taxable/Tax Exempt Water & Wastewater Revenue
                         Variable Rate Refunding Bonds, Series 2003B $8,405,000 Water &
                         Wastewater Revenue Variable Rate Refunding Bonds, Series 2003C




$37,870,000    11/3/03   Denver West Metropolitan District General Obligation Bond Anticipation                AA               M
                         Notes, Series 2003

 $3,570,000    11/1/03   Superior Metropolitan District No. 3, Superior, Colorado General Obligation          AAA               M
                         Refunding Bonds, Series 2003

 $7,490,000   11/1/03    Superior Metropolitan District No. 2, Superior, Colorado General Obligation          AAA               M
                         Refunding Bonds, Series 2003

 $3,970,000   9/30/03    Consolidated Bell Mountian Ranch Metropolitan District, Douglas County,               NR               M
                         Colorado, Subordinate General Obligation Limited Tax Refunding and
                         Improvmenet Bonds, Series 2003


 $3,590,000     9/1/03   Plum Creek Metropolitan District, Castle Rock, Colorado, General Obligation          AAA               M
                         Refunding Bonds, Series 2003


$25,330,000     9/1/03   Bowles Metropolitan District, Jefferson County and the City and County of            AAA               M
                         Denver, Colorado, General Obligation Refunding Bonds, Series 2003



 $5,750,000    6/25/03   Grand Elk General Improvement District                                                NR               M



                                                     Page 10                                      Experience in Special Districts
                                                 D.A. Davidson & Co.
                                        Special District Financing Experience
                                                    2001 to Present



   Amount      Dated                                Name of Issuer                                           Rating            Role

$13,935,000   6/19/03   Parker Jordan Metropolitan District, Arapahoe County, Colorado General                AAA               M
                        Obligation Refunding Bonds, Series 2003


$13,100,000   6/18/03   Maher Ranch Metropolitan District No. 4, Douglas County, Colorado, General             NR               M
                        Obligation Limited Tax Bonds, Series 2003



 $8,800,000   6/17/03   Conservatory Metropolitan District, Arapahoe County, Colorado, General                 NR               M
                        Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2003



 $3,980,000   6/15/03   City of Grand Junction, Colorado, Rimrock General Improvement District,                NR               M
                        Series 2003

 $2,755,000   5/27/03   Todd Creek Farms Metropolitan District No. 2, General Obligation Refunding            AAA               M
                        Bonds, Series 2003


$10,060,000   5/13/03   Cherry Creek South Metropolitan District No. 1, Parker, Colorado, Limited Tax        A-/A-2             M
                        General Obligation Variable Rate Refunding Bonds, Series 2003



 $4,700,000   4/30/03   Laredo Metropolitan District, Adams County, Colorado, General Obligation               NR               M
                        Bonds, Limited Tax Convertible to Unlimited Tax, Series 2003



 $8,885,000   4/28/03   Colorado Tech Center Metropolitan District, Boulder County, Colorado,                   A               M
                        General Obligation Refunding and Improvement Bonds, Series 2003



 $2,975,000   4/24/03   Heritage Hills Metropolitan District, Douglas County, Colorado, General               AAA               M
                        Obligation Refunding Bonds, Series 2003



 $6,300,000    4/1/03   Antelope Heights Metropolitan District, General Obligation Bonds, Limited Tax          NR               M
                        Convertible to Unlimited Tax, Series 2003



  $720,000    3/25/03   Cherry Creek Vista Park and Recreation District, Arapahoe County, Colorado,           Baa2              M
                        Cherry Creek Vista Park and Rec District Fence Subarea, General Obligation
                        Refunding Bonds, Series 2003


 $9,500,000   3/21/03   Bromley Park Metropolitan District No. 2, Brighton, Colorado, General                  NR               M
                        Obligtaion Bonds, Limited tax convertible to unlimited tax



 $2,500,000    3/6/03   Buckhorn Valley Metropolitan District, Gypsum, Colorado, General Obligation            NR               M
                        Limited Tax Bonds, Series 2003



 $4,550,000   2/12/03   Fronterra Village Metropolitan District No. 2, Adams County, Colorado,                 NR               M
                        General Obligation Bonds (Limited Tax Convertible to Unlimited Tax), Series
                        2003



                                                    Page 11                                       Experience in Special Districts
                                                  D.A. Davidson & Co.
                                          Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                           Rating            Role

 $7,777,476     1/6/03   Silver Peaks Metropolitan District No. 1 (Town of Lochbuie, Colorado)                  NR               M
                         Revenue Bonds, Series 2003


$21,815,000   12/30/02   Pinery West Metropolitan District No. 2 (Douglas County, Colorado) Limited           A+/A-1             M
                         Tax General Obligation Variable Rate Bonds, Series 2002


$11,100,000   11/21/02   SBC Metropolitan District, City and County of Denver, Colorado, General              A-/A-1             M
                         Obligation Limited Tax Variable Rate Bonds, Series 2002



 $9,530,000   11/21/02   One Horse Business Improvement District in the City of Lakewood, Colorado           AA-/A1+             M
                         Variable Rate Revenue Bonds, Series 2002



 $9,000,000   11/14/02   Superior Metropolitan District No. 1 (Town of Supeior, Colorado) Water &            AA-/A-1+            M
                         Sewer Revenue Variable Rate Bonds, Series 2002



 $2,495,000    10/7/02   Town of Lochbuie, Colorado, General Obligation Bonds, Series 2002                      NR               M


 $6,000,000    9/24/02   Lambertson Lakes Metropolitan District (in the City of Thornton, Colorado)             NR               M
                         Limited Tax General Obligation Bonds Series 2002



 $6,695,000     9/1/02   Mountain Village Metropolitan District (in San Miguel County, Colorado)            AAA; MBIA          Co-M
                         General Obigation Refunding Bonds, Series 2002



$15,270,000    8/22/02   Dove Valley Metropolitan District, Arapahoe County, Colorado, General               AA-/A-1+            M
                         Obligation, Variable Rate Bonds, Series 2002



$12,330,000    7/25/02   Canterberry Crossing Metropolitan District Trust Class A Pass-Through                A+/A-1             PA
                         Certificates (MuniMae) Series 2002A

 $2,510,000    5/10/02   Consolidated Bell Mountain Ranch Metropolitan District, Douglas County,                NR               FA
                         Colorado, Subordinate General Obligation Limited Tax Bonds, Series 2002



$63,870,000    4/25/02   Arapahoe County Water & Wastewater Public Improvement District, General               AAA               M
                         Obligation Project and Acquisition Bonds, Series 2002A and 2002B



$11,500,000    4/15/02   Bromley Park Metropolitan District No. 2 (in the City of Brighton, Colorado)           NR               M
                         General Obligation Bonds (Limited Tax Convertible to Unlimited Tax) Series
                         2002A-1, 2002A-2 and 2002B



 $4,315,000    3/28/02   Potomac Farms Metropolitan District (in the City of Commerce City) Adams               NR               M
                         County, Colorado General Obligation Bonds (Limited Tax Convertible to
                         Unlimited Tax) Series 2002




                                                     Page 12                                       Experience in Special Districts
                                                  D.A. Davidson & Co.
                                          Special District Financing Experience
                                                     2001 to Present



   Amount       Dated                                Name of Issuer                                          Rating            Role

 $3,550,000    3/28/02   Pinery West Metropolitan District #3 (Douglas County, Colorado) Limited Tax           A1               M
                         General Obligation Variable Rate Bonds, Series 2002



 $3,800,000   1/28/02    Riverdale Dunes Metropolitan District No. 1, General Obligation Bonds,                NR               M
                         (Limited Tax Convertible to Unlimited Tax)


$14,140,000   1/15/02    City of Commerce City Northern Infrastructure General Improvement District,         A+/A-1             M
                         General Obligation Variable Rate Refunding Bonds (Limited Tax Convertible
                         to Unlimited Tax)


$29,905,000   12/20/01   Central Platte Valley Metropolitan District, Denver County, Colorado General        A+/A-1             M
                         Obligation Variable Rate Refunding Bonds, Series 2001A



 $9,000,000   12/20/01   Central Platte Valley Metropolitan District, Denver County, Colorado General        A+/A-1             M
                         Obligation Variable Rate Improvement Bonds, Series 2001B



$15,000,000   12/20/01   Denver West Metropolitan District, Jefferson County, Colorado Variable Rate        AA-/A-1+            M
                         General Obligation Bonds, Series 2001B



$12,430,000   12/15/01   Canterberry Crossing Metropolitan District (Colorado) General Obligation              NR               FA
                         Refunding and Improvement Bonds, Series 2001



 $9,500,000   12/14/01   Castlewood Ranch Metropolitan District (Douglas County, Colorado) Limited           A+/A-1             M
                         Tax General Obligation Variable Rate Bonds, Series 2001



$10,000,000    12/1/01   Bachelor Gulch Metropolitan District (Eagle County, Colorado) General                 NR              SM
                         Obligation Bonds, Series 2001

 $5,020,000    12/1/01   McKay Landing Metropolitan District (Colorado) General Obligation Limited             NR               FA
                         Tax Bonds, Series 2001


 $6,500,000   11/20/01   Bromley Park Metropolitan District No. 3 (in the City of Brighton, Colorado)          NR               M
                         General Obligation Exchange Bonds (Limited Tax Convertible to Unlimited
                         Tax) Series 2001A (not reoffered)



 $2,500,000   11/20/01   Bromley Park Metropolitan District No. 3 (in the City of Brighton, Colorado)          NR               M
                         General Obligation Exchange Bonds (Limited Tax Convertible to Unlimited
                         Tax) Series 2001B


 $3,600,000   11/15/01   Mountain Village Metropolitan District (San Miguel County, Colorado) General AAA/BBB+; MBIA           SM
                         Obligation Refunding Bonds, Series 2001




                                                      Page 13                                     Experience in Special Districts
                                                   D.A. Davidson & Co.
                                          Special District Financing Experience
                                                      2001 to Present



   Amount       Dated                                 Name of Issuer                                           Rating            Role

$43,605,000   11/13/01   Elk Valley Public Improvement Corporation - a Colorado Non-profit                       NR               M
                         Corporation $40,205,000 Public Improvement Fee Revenue Bonds, Series
                         2001A and $3,400,000 Public Improvement Fee Revenue Bonds, Series 2001B



 $2,000,000    11/2/01   Eagle Creek Metropolitan District, General Obligation Bonds, Series 2001                NR               M


  $650,000     11/1/01   Eagle Creek Metropolitan District (Subordinate Bonds)                                   NR               PA

$42,445,000   10/31/01   Elk Valley Public Improvement Corporation, Public Improvement Fee Revenue               NR               M
                         Bonds, Series 2001A and 2001B



$19,000,000   10/24/01   Denver West Metropolitan District, Jefferson County, Colorado Variable Rate          AA/A-1+             M
                         General Obligation Refunding and Improvement Bonds, Series 2001A



 $5,465,000    10/1/01   Eagle Ranch Metropolitan District (Colorado) General Obligation Refunding                               CM
                         and Improvement Bonds, Series 2001


 $7,205,000     9/1/01   Fronterra Village Metropolitan District (Commerce City, Colorado) General               NR               M
                         Obligation Bonds - Limited Tax Convertible to Unlimited Tax - Series 2001



 $9,235,000    8/23/01   Sterling Hills West Metropolitan District, General Obligation Exchange Bonds,           NR               M
                         Series 2001A and General Obligation Bonds, Series 2001B



 $6,870,000     8/2/01   Arrowhead Metropolitan District, Eagle County, Colorado General Obligation          AAA/MBIA             M
                         Refunding Bonds, Series 2001


 $6,875,000    7/17/01   Willow Trace Metropolitan District, Arapahoe County, Colorado General                 A+/A-1             M
                         Obligation Limited Tax Bonds, Series 2001


 $3,125,000    7/17/01   Willow Trace Metropolitan District (Arapahoe County, Colorado) Subordinate              NR               FA
                         Series 2001B

 $1,365,000    7/16/01   North Range Village Metropolitan District, Commerce City, Colorado General              NR               M
                         Obligation Limited Tax Bonds, Series 2001



$12,000,000    6/20/01   Holland Creek Metropolitan District, Eagle County, Colorado Variable Rate           AAA/Ambac            M
                         Revenue Bonds, Series 2001


 $3,650,000    6/12/01   East Smoky Hill Metropolitan District No. 1, Arapahoe County, Colorado                  NR               M
                         General Obligation Limited Tax Bonds, Series 2001



 $3,940,000     6/1/01   Parker Properties Metropolitan District No. 1, (In the Town of Parker,                 AAA               M
                         Colorado) General Obligation Refunding Bonds, Series 2001




                                                      Page 14                                       Experience in Special Districts
                                                                        D.A. Davidson & Co.
                                                               Special District Financing Experience
                                                                           2001 to Present



              Amount                  Dated                                Name of Issuer                                        Rating            Role

            $2,998,820                4/5/01   Beaver Creek Metropolitan District, Eagle County, Colorado, General               Aaa/FSA            FA
                                               Obligation Capital Appreciation Bonds, Series 2001



            $3,000,000               3/22/01   Eagle Shadow Metropolitan District,Arapahoe County, Colorado,General                NR               M
                                               Obligation Limited Tax Bonds, Series 2001



            $4,595,000               2/14/01   Himalaya Water & Sanitation District (Dadmas County, Colorado) GO Variable        A+/A-1             M
                                               Rate Refunding & Improvement Bonds, Series 2001



           $12,890,000               2/14/01   Tower Metropolitan District (Adams County, Colorado) General Obligation           A+/A-1             M
                                               Variable Rate Refunding and Improvement Bonds, Series 2001




        $2,658,495,872                         TOTAL



Total Number of Issues: 225



Key: M-Sole Manager; M-Senior Manager; CM-Co-Manager; SA - Structuring Agent, PA-Placement Agent, FA-Financial Advisor; RA-Remarketing Agent; SG-Selling
Group

Ratings: Moody's/Standard & Poor's




                                                                           Page 15                                    Experience in Special Districts
                                        D.A. Davidson
                                   Special District Financing
                                   References for Experience

                    Name of Issuer                         Role             Contact                Phone


Canterberry Crossing Metro District II, Parker,             M     Tom Brinkman, BCX             303/793-9991
Colorado, GO Bonds, Limited Tax Convertible to                    Development
Unlimited Tax, Series 2005
Arista Metropolitan District, Broomfield, Colorado,         M     Dave Hostetler, Wiens         303/460-8800
Special Revenue Bonds, Series 2005                                Capital

Wheatlands Metro District No. 2, Aurora, Colorado,          M     David Goldberg, Alberta       303/771-4004
GO Bonds (Limited Tax Convertible to Unlimited                    Development Partners, LLC
Tax) Series 2005
Wyndham Hills Metropolitan District No. 2,                  M     Lew Holtsclaw, Community      303/442-2299
Frederick, CO, GO Limited Tax Bonds, Series 2005                  Development Group

High Plains/Beacon Point Metropolitan Districts, Aurora,    M     Creig Veldhuisen, Terra       303/503-0144
Colorado, GO Bonds, Limited Tax Convertible to                    Causa Capital, LLC
Unlimited Tax, Series 2005A and 2005B

Southlands Metro District No. 1, Aurora, Colorado, GO       M     Don Provost, Alberta          303/771-4004
Bonds, Limited Tax Convertible to Unlimited Tax, Series           Development Partners LLC
2004
Gateway Village General Improvement District, City and      M     Harvey Deutsch, Gateway       303/694-1982
County of Denver, Colorado, GO Refunding Bonds, Series            American Properties
2004

Sterling Hills West Metro District, Arapahoe County,        M     Joel Farkas, Gateway          303/740-8657
Colorado, GO Bonds, Limited Tax Convertible to                    American Properties
Unlimited Tax, Series 2004

The Broadlands Metro District No. 2, Broomfield,            M     Steve Prokopiak, Centre       303/573-0066
Colorado, General Obligation Refunding Bonds, Series
2004

BNC Metro District, Commerce City, Colorado, General        M     Jim Marshall, Canterberry     303/793-0220
Obligation, Limited Tax Convertible to Unlimited Tax,             Development
Series 2004
Wildgrass Metro District, Broomfield, CO, General           M     Lloyd McKibbin, Standard      949/789-1603
Obligation Variable Rate Bonds, Limited Tax Convertible           Pacific
to Unlimited Tax, Series 2004

Aspen Hills Metro District, Commerce City, Colorado,        M     Jim Harmon, Amber Homes     303/671-5556 Ext.
General Obligation, Limited Tax Convertible to Unlimited                                             15
Tax, Series 2004
Bradburn Metropolitan District No. 2, Westminster, CO       M     Mark Falcone, Continuum       303/573-0050
General Obligation Limited Tax Bonds, Series 2004                 Partners LLC

United Water & Sanitation District, Elbert County,          M     Bob Lembke, Bromley         303/773-1005 Ext.
Colorado, Revenue Refunding and Improvement Bonds,                Companies                         221
Series 2004A
                                          D.A. Davidson
                                     Special District Financing
                                     References for Experience

                     Name of Issuer                        Role             Contact                    Phone
  Castlewood Ranch Metro District, Castle Rock, CO,         M     David J. Erb, Castlewood          303/773-2887
  General Obligation Variable rate Bonds, Lmited Tax              Ranch
  Convertible to Unlimited Tax, Series 2004

  North Quincy Highlands Metro District, Limited Tax GO           Richard Frank, Centre             303/573-0066
  Bonds, Series 2004A                                                                                 Ext. 301

  Superior/McCaslin Interchange Metro District, General     M     Paul Nilles, Town of Superior     303/499-3675
  Obligation Variable Rate Bonds, Series 2004

  Murphy Creek Metro District No. 2, Limited Tax GO               Harvey Alpert, Alpert             303-761-3667
  Refunding Bonds, Series 2004                                    Companies

  NBC Metro District, GO Variable Rate Bonds, Limited       M     Bill Lau, Catellus                415/974-4500
  Tax Convertible to Unlimited Tax, Series 2004                   Development Corp.

  Arapahoe County Water & Wastewater Authority,             M     Jennie Achee, Arapahoe            303/790-4830
  Arapahoe County, Colorado, Variable Rate Refunding and          County W & W
  Improvement Bonds, Series 2003

  Triview Metro District, El Paso County, Colorado, GO      M     Rick Blevins, Jackson Creek       719/385-0555
  Limited Tax Variable Rate Refunding and Improvement             Vision Development
  Bonds, Series 2003

  Parker Jordan Metropolitan District, Arapahoe County,           Norm Sheldon, Sheldon &           303/741-2500
  Colorado General Obligation Refunding Bonds, Series             Associates
  2003

  Cherry Creek South Metro District No. 1, Parker, CO,      M     Gary Hunter, Ascent Pointe      303/840-1000 Ext.
  Limited Tax General Obligation Variable Rate Refunding          Development                           1003
  Bonds, Series 2003

  Heritage Hills Metropolitan District, Douglas County,           Dale Verdoorn, Celebrity          303/792-7357
  Colorado, General Obligation Refunding Bonds, Series            Development Corporation
  2003

Key: M-Sole Manager; M-Senior Manager; CM-Co-Manager; PA-Placement Agent, FA-Financial Advisor; RA-
Remarketing Agent; SG-Selling Group
                             Firm Background

Company Description

D.A. Davidson & Co. Fixed Income Capital Markets (“D.A. Davidson”), is a Montana based
investment banking firm. D.A. Davidson and its related entities operate under the Davidson
Companies, constituting a broad based financial services firm. With a 70-year history, D.A.
Davidson has a demonstrated expertise and commitment to public sector clients. Moreover,
the firm has the financial strength to underwrite transactions in excess of $100 million. For
fiscal year 2006 (ending September 30, 2006), D.A. Davidson & Co. had over $89 million in
equity, $46 million in net capital
and posted over $3.8 billion in                          Office Locations
fixed       income        security
transactions. In addition, the               WA
Davidson Companies had over                            MT
                                            OR                      MN
$22.0 billion of assets under
                                                  ID
management and recorded over             CA
                                                          WY
                                                                NE
$187 million of revenue in fiscal                   UT                   IL
                                                           CO
2006.                                                           KS    MO

                                                                   OK
Our public finance professionals
average over a quarter century of
experience and enjoy working
                                                                                       FL
relationships with over 500
clients nationwide including
school districts, counties, cities, special districts, health care institutions, housing agencies,
universities, colleges and state governments. The firm's investment bankers have expertise in
conventional fixed rate and variable rate debt financings as well as synthetic products such as
swaps, forwards, and swaptions.

D.A. Davidson specializes in financing projects for communities across the United States.
From securing funding for a new elementary school building to structuring multi-million
dollar project financings for professional athletic facilities, we are committed to strengthening
infrastructure, expanding businesses and enriching the lives of the people in our communities.

Our public finance group provides financing solutions for many types of clients across the
country. We specialize in a number of practices in which we have significant expertise. Our
primary areas of focus include the following:
                              Firm Background
              • Special Districts
                                                   •     School Districts
              • Higher Education
                                                   •     Financial Advisory Services
              • Resort Communities
                                                   •     Lease-Purchase Financing
              • Housing Agencies
                                                   •     Internet-Based Public Sales
              • Sanitary and Improvement
                                                   •     Utility Finance
                Districts
                                                   •     Alternative Energy
              • Tribal Finance
                                                   •     Rural Water
              • Healthcare Finance
                                                   •     State Governments
              • Charter Schools

Over the past four years, the firm has served as investment banker or financial advisor on a
number of large transactions. Our major transactions include the $102 million City of Omaha,
Nebraska Convention Hotel financing, the $81 million City of Deltona, Florida Utility
Financing, the $68 million University of Central Florida COP financing, the $399 million
Soldier Field renovation (Chicago Bears) and the $10 billion State of Illinois Pension
Obligation Bond financing (at the time, the largest municipal bond financing in United States
history).

Corporate Structure
Davidson Companies serves as the holding company for a number of related entities. D.A.
Davidson & Co. is a broker/dealer that provides underwriting and financial advisory services.
Davidson Fixed Income Management is a registered investment advisory firm specializing in
fixed income investment management including interest rate swaps and synthetic financings.
Davidson Trust Company provides trust services to a variety of clients. Davidson Investment
Advisors is a registered investment advisory firm specializing in equity investment
management.

Capital Position
As a division of D.A, Davidson & Co., has a significant amount of capital to successfully
serve public sector clients. Shown below is a five-year audited history of the financial
condition (September 30) of D.A. Davidson & Co.
                             D.A. Davidson & Co. Capital Position

                                     2006         2005            2004         2003          2002

Total Shareholders’ Equity     89,522,339   79,576,750     73,271,141    69,381,245    71,554,930

Net Excess Capital             47,468,361   43,459,114     38,975,190    27,978,948    32,778,106

Net Capital                    45,944,123   41,623,320     41,014,428    32,567,236    34,844,891
         Our Team

Thomas R. Bishop
Senior Vice President, Public Finance

1600 Broadway, Suite 1100
Denver, CO 80202

Telephone Number: (303) 764-5737
Cell: (303) 907-9907
Fax: (303) 764-5736
Email: tbishop@dadco.com


Samuel R. Sharp
Senior Vice President, Public Finance

1600 Broadway, Suite 1100
Denver, CO 80202

Telephone Number: (303) 764-5768
Cell: (303) 908-1208
Fax: (303) 764-5736
Email: ssharp@dadco.com


Zachary K. Bishop
Associate Vice President, Public Finance

1600 Broadway, Suite 1100
Denver, CO 80202

Telephone Number: (303) 764-5759
Cell: (303) 815-9385
Fax: (303) 764-5736
Email: zbishop@dadco.com
         Our Team

Mark J. Kendle
Vice President, Senior Quantitative Analyst
1600 Broadway, Suite 1100
Denver, CO 80202

Telephone Number: (303) 764-6045
Fax: (303) 764-5736
Email: mkendle@dadco.com



Joseph M. Brady
Senior Vice President, Managing Director,
Fixed Income Sales & Trading
1600 Broadway, Suite 1100
Denver, CO 80202

Telephone Number: (303) 764-6046
Fax: (303) 764-6003
Email: jbrady@dadco.com
                                  Our Comprehensive
                                  Approach

1.      Development of Preliminary Plan of Finance

     Initially, we will work with you to identify the project requirements. Once the financial
     needs are identified, we will work with you to determine the most effective financing
     mechanisms available for your projects. The preliminary plan of finance will culminate in an
     initial debt sizing to estimate bonding requirements and will identify the annual cash flow
     necessary to cover debt service on the bonds.

2.      Structuring Analysis

     We will conduct a thorough analysis of the financing structures available to determine the
     most advantageous and cost effective structure. The analysis will consist of identifying the
     type of financing structure, the terms of debt, the type of securities issued, and setting
     appropriate interest rate targets which will permit the successful completion of the financing.

3.      Document Preparation

     We will participate in the drafting and reviewing of all bond documents. Our goal in the
     review process will be to structure the documents in such a manner as to create a secure,
     marketable transaction, while preserving the Districts’ flexibility for future debt issuance.
     We will work with legal counsel to assist in structuring bond covenants, which are not
     onerous, but provide the level of security required to obtain the lowest interest rate available
     on the bonds.

4.      Rating Agency/Credit Enhancement Presentation

     If deemed appropriate, we will assist in making a formal presentation of the anticipated
     transaction to credit enhancers and rating agencies. We have been uniquely successful
     recently in obtaining bank letters of credit for high debt/assessed value districts. In fact, we
     just received an LOC commitment for a developer-controlled District financing in the start-
     up stage. These financings used credit enhancement to create very low annual floating
     interest rate financings, which are not subject to traditional long-term prepayment limitations.
     Developers have viewed this very favorably, inasmuch as refinancing opportunities are
     enhanced as build-out occurs.

5.      Market Analysis

     We will perform an ongoing market analysis, which will evaluate current market conditions,
     interest rate trends, and the economic outlook. This analysis is vital to a successful, lowest
     cost financing. Through our ongoing analysis, we will assist in determining the benefits of
     various structures and whether it would be cost effective to issue debt with credit support,
     such as bond insurance or a letter of credit, or to enter the market with unenhanced debt.
     This analysis will consist of comparing the interest rate of enhanced debt and unenhanced
     debt of similar quality to that of the proposed financing. If the cost of the enhanced debt is
     less than the interest rate differential, then it will be beneficial to enhance the debt.
                                    Our Comprehensive
                                    Approach


6.       Determine the Appropriate Timing of the Transaction

      We are active in the municipal marketplace on a daily basis, buying and selling municipal
      securities. To be successful requires an astute sense of market indicators and knowledge of
      the issues that cause movements in the market. The final determination to enter the market
      may be made on a daily or even hourly basis, especially during times of interest rate
      volatility.

7.       Pre-market Securities

      The purpose of pre-marketing securities is to promote interest and determine the market
      acceptability of an issue. Through pre-marketing an issue, the underwriter can gain valuable
      insight as to the types of securities desired by different investors. The attractiveness of the
      structure, targeting a specific type of investor, and increased investor knowledge results in a
      lower interest cost to the issuer.

8.       Market Securities

      Once it has been determined that it is time to take the transaction to the market, we will work
      with the investors, continually providing information regarding the structure and the security
      of the issue, to obtain the lowest interest rate available in any given market. It has been our
      experience that an investor that is knowledgeable regarding a transaction, and is comfortable
      with security, is likely to give up yield to acquire the bonds.

9.       Close Transaction

     Once the bonds are marketed, we will work with the District Counsel and Bond Counsel to
     assure the timely closing of the transaction. If required, we would also be available to assist
     in the investment of the bond proceeds.

10.      Bond Remarketing Agent

     Our firm is prepared to serve as the remarketing agent for bond issues that are set up to
     remarket annually. The remarketing fees are determined by the bond rating and the size of
     the issue remarketed.
                                        Letter of Credit
                                        Enhancement

Kirkpatrick Pettis has not only obtained letter of credit enhancements for Colorado
special districts, they have introduced a number of national and international banks to the
local marketplace, accomplished the first variable rate financing for a non-rated special
district in Colorado, and sought out new financial institutions to serve Colorado issuers.
As a result of these efforts, not only have LOC fees declined significantly over the last
several years; new and innovative structures have been created to serve Colorado special
district needs.

In recent years, the Kirkpatrick Pettis team closed the first Colorado special district
advance refunding transaction with an LOC credit enhancement that utilized variable rate
financing. Traditional variable rate financing causes the bond yield to fluctuate which is
the basis for calculating the yield limitation for the escrow of refunded bonds. We have
developed techniques to solve these yield calculation problems and provide refunding
candidates with the benefits of variable rate financing.

Bond Structure

Below we will further discuss the alternative of rated bonds with an LOC enhancement.
Our experience has demonstrated that using Bank LOC’s as credit enhancement for
municipal bond issues has numerous advantages:

1. Credit enhance non-rated issues - We have identified a number of A+ rated Banks
   that will provide their LOC in the form of credit enhancement to a municipal issuer
   that is not yet investment grade rated. This is a significant advantage since most of
   the municipal bond insurance companies will not consider enhancing any issuer
   unless there is an underlying investment grade rating.

2. LOC fees paid annually - The typical fee arrangement for municipal bond insurance
   is to pay all the enhancement fees up front, while the LOC enhancement is paid
   annually as utilized. Initially the issuer has a weak credit and when the fees are set at
   that time they are significantly more costly than if paid annually based on the existing
   credit risk. With an LOC enhancer, the issuer only pays the fee in the years that the
   credit facility is in place.

3. Variable Rate Financing - Traditionally municipal bond insurance utilizes a fixed
   rate bond structure whereas an LOC enhancement is conducive to variable rate
   financing. With tax based issuers we have usually recommended annually adjustable
   variable rate financing to coincide with the time tax rates are set in December.
   Although there may be some interest rate risk, the advantages of annually adjustable
   variable rate financing for our clients have far exceeded the risks.
                                       Letter of Credit
                                       Enhancement

4. Future Debt Management Flexibility - With variable rate financing, the issuer has
   the flexibility of remarketing long term fixed rate at any time. Furthermore, the
   bonds of a variable rate structure are callable annually at each remarketing date, with
   no penalty. This added flexibility allows the issuer to alter their debt structure
   annually with no added costs. Fixed rate debt usually requires 7-10 years of call
   protection, which is a prohibition against altering the amortization. This flexibility is
   particularly important where the last tax exempt advance refunding is occurring.

5. Lower Interest Rates and Costs - The LOC enhanced variable rate structure allows
   the issuer to market bonds at the short end of the yield curve even though they have
   long term financing. The interest rates today for an annually adjustable A+ rated
   LOC enhanced tax exempt special district bond is about 4%. The cost of the LOC
   will range from 0.50% to 1.50% annually depending on the underlying credit
   worthiness of the District. With tax based issuers, we have found the LOC cost can
   drop annually as the debt to assessed valuation ratio of the District decreases.


Experiences and References

You will note that over half of the references in Section III involve LOC enhancements.
Each LOC enhanced issuer chose the variable rate structure to maximize their cost
benefits. Included in this Section are Official Statement covers of recent LOC enhanced
financings underwritten by Kirkpatrick Pettis. As you can see, we have utilized a variety
of LOC providers in the last few years from locally based banks to international banks.

We would prefer to reserve discussion of the banks we rely upon until we have had the
opportunity to understand your District requirements and more fully evaluated your
credit. Upon our engagement, we usually propose to put out an RFP to our list of LOC
Banking relationships and solicit the best possible enhancer for your financing. We hope
this response is helpful as an overview to demonstrate our experience with LOC
transactions and adequately express our interest in serving your investment banking
needs.

				
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