ESCROW AGREEMENT - EMMA · PDF fileESCROW AGREEMENT This Escrow Agreement dated as ofrVlay 8, 2012, by and between the State ofIllinois and ... "Escrow Account" means the trust fund

ESCROW AGREEMENT

This Escrow Agreement dated as of rVlay 8, 2012, by and between the State of Illinois and

Deutsche Bank National Trust Company, a national bank duly organized, validly existing and in

good standing under the laws of the United States of Atnerica, having trust powers, with a

designated corporate trust office located in the City of Chicago, Illinois, not individually but in

the capacity as hereinafter described, for and in consideration of the mutual promises contained

herein,

WITNESSETH

ARTICLE I

DEFINITIONS

Thc following words and tenns used in this Agreement shall have the following

meanings unless the context or use clearly indicates another or different meaning

Section /.1. "Af.{reement" means this Escrow Agreement dated as of May 8,2012.

Section 1.2. "Bonds" lueans the $1,797,740,000 General Obligation Refunding Bonds,

Series of ~Aay 2012, of the State. certain proceeds of which are to be used to provide for the

refunding of the Refunded Bonds.

Section 1.3. "Bond Registrar" means the bond regi strar for the respective series of the

Refunded Bonds, or any duly appointed successor. The Bond Registrar for all of the Refunded

Bonds is currently the Treasurer.

Section 1.4. "Bond Sale Order" means the order authorizing the issuance of the Bonds

adopted by the Governor and the Director on Iviay 1, 2012.

Section 1.5. "Code" means the Internal Revenue Code of 1986, as ainended, and all

lawful regulations prolnulgated thereunder.

Section 1. 6. "Defeasance Report" means the report of Samuel Klein and Company,

certified public accountants, Newark, New Jersey, dated as of May 8, 2012, concerning the

Bonds and the defeasance of the Refunded Bonds, attached hereto as Exhibit A.

Section 1.7. ('Depositol:V'·· means The Depository Trust Cornpany, a limited purpose

trust COlnpany organized under the laws of the State of New York, its successors, or a successor

depository qualified to clear securities under applicable state and federal laws.

Section 1. 8. IlDirector" means the Director of the Governor's Office of Management

and Budget of the State or any such Acting Director of the Governor's Office of Management

and Budget of the State.

Section 1.9. "Escrow Account" means the trust fund created under the terms of this

Agreelnent with the Escrow Agent and comprised of the Government Securities and a certain

beginning deposit as more fully described in the Defeasance Report.

Section 1.10. "Escrow Agent" means Deutsche Bank National Trust Company, a

national bank duly organized, validly existing and in good standing under the laws of the United

States of "L\.merica, having trust powers, with a designated corporate trust office located in the

City of Chicago, Hiinois, not individually but in the capacity for the uses and purposes

hereinafter mentioned, or any successor thereto.

Section 1.11. "Government 5~ecurities" means direct, noncallable, non-prepayable full

faith and credit obligations of the United States of America (currently known as United States

Bills, Notes, Bonds~ STRPS or SLGS) purchased with Bond proceeds and deposited hereunder,

as more particularly described in Schedule C to the Defeasance Report and Exhibit C to this

Agreement.

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Section 1.12. "Paying Agent" means the paying agent for the respective series of the

Refunded Bonds, or any duly appointed successor. The Paying Agent for all of the Refunded

Bonds is currently the Treasurer.

Section 1.13. "Refunded Bonds t, means the general obligation bonds of the State

cOlnprising certain Inaturities of a certain series of bonds listed in Exhibit B attached hereto.

Section 1.14. "SLGS'" is defined in Section 3.2 hereof.

Section 1.15. "State" means the State of Illinois.

Section 1.16. <I Treasurer " means the Treasurer of the State.

Section 1. 17. "Yield" means that yield which when used in computing the present worth

of all payments of principal and interest to be paid on an obligation produces an amount equal to

the purchase price, when calculated by use of a semi-annual frequency interval of compounding

interest and an assumed 360-day year consisting of twelve 30-day months. For purposes of this

Agreement, Yield shall be calculated as provided from time to time by the Code.

ARTICLE II

CREATION OF ESCRO\V

Section 2.1. All of the Refunded Bonds are hereby refunded by the deposit with the

Escrow Agent of moneys sufficient to purchase the Government Securities and provide for the

beginning deposit described in the Defeasance Report, which Government Securities (with the

beginning deposit) will provide all moneys necessary to pay all interest and principal "vhen due

and to pay at the applicable redemption date or maturity dates~ as applicable, all principal of and

applicable premium on the Refunded Bonds, and the Escrow Agent has been advised by Samuel

Klein and Company, Certified Public Accountants, Newark, New Jersey, of the sufficiency of

the Government Securities and said beginning deposit for said purposes.

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Section 2.2. The State and the Escrow Agent have each received the Defeasance

Report.

Section 2.3. The Escrow Agent hereby acknowledges receipt of the Government

Securities and a beginning cash balance on demand in the alnount of$1,934A34J04.27.

ARTICLE III

COVENANTS o.F THE ESCROW AGENT

The Escrow Agent covenants and agrees with the State:

Section 3. J. The Escrow Agent will hold the Govermnent Securities and all income

and profit derived therefrorn and all uninvested cash in an irrevocable segregated and separate

trust fund account for the sale and exclusive benefit of the State and the holders of the Refunded

Bonds for the purposes for which escrowed.

Section 3.2. The Escrow Agent will reinvest all available uninvested balances (rounded

to an even $1) in the Escrow Account on deposit from tinle to time, whenever said balances

exceed $1,000; provided, that the beginning cash balance of $14.91 shall be held uninvested.

Investments so made shall be in direct obligations of the United States of America and shall be

scheduled to rnature on or prior to the next succeeding interest paynleni date on the Refunded

Bonds on which such proceeds will be needed to pay the principal of or interest on the Refunded

Bonds. Such investments shall, to the extent possible, be in zero-yield obligations issued directly

by the Bureau of Public Debt of the United States Treasury (currently designated "U S.

Treasury Securities--Stale and Local Government Series Certificates of Indebtedness, lVoles or

Bonds") ("SLGS"). Such investments shall be made only to the extent pennitted by, and shall

be made in accordance with, the applicable statutes, rules and regulations governing such

investments issued by the Bureau of Public Debt. The Escrow Agent expressly recognizes that

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under current regulations all SLGS must be subscribed for not less than 5 days nor luore than 60

days prior to date of issuance. Notwithstanding anything herein to the contrary, the uninvested

balances in the Escrow Account may be invested in other SLGS having a higher yield investment. .

upon delivery of an opinion of nationally recognized bond counsel or tax counsel nationally

recognized as having an expertise in the area of tax-exempt municipal bonds that such

investments will not adversely affect the exelnption of interest on the Bonds or the Refunded

Bonds from federal income taxation nor violate the covenants of the State not to cause the Bonds

or the Refunded Bonds to become "arbitrage bonds" under Section 148 of the Code.

If the Department of the Treasury (or the Bureau of Public Debt) of the United States

suspends the sale of SLGS causing the Escrow Agent to be unable to purchase SLGS, then the

Escrow Agent will take the following actions. On the date it would have purchased SLGS had it

been able to do so, the Escrow Agent will purchase direct obligations of the United States

maturing no more than 90 days after the date of purchase (the "Alternate Investment "). The

purchase price of the Alternate Investment shall be as close as possible to the principal amount of

the SLGS that would have been purchased on such date if they had been available for purchase.

The Escrow Agent will purchase each AlLenlate Investment at the available nlarket price of the

Alternate Investtnent and will maintain records demonstrating compliance with this requirement.

On the maturity of each Alternate Investment, the Escro\v Agent shall pay the difference

between the total of the receipts on the Alternate Investment and the purchase price of the

Alternate Investment to the State. If the Alternate Investlncnt matures more than 14 days prior to

the next succeeding interest payment date on the Refunded Bonds on which such proceeds will

be needed to pay principal of or interest on the Refunded Bonds, the Escrow Agent shall treat

such anl0unts as an unjnvested balance available for reinvestment and shall take all reasonable

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steps to invest such amounts in SLGS (or additional Alternate Investments as provided in this

Section).

The Escrow Agent shall hold balances not so invested in the Escrow Account on demand

and in trust for the purposes hereof and shall secure same in accordance with applicable Illinois

law for the securing of public funds of the State.

Section 3.3. The Escrow Agent will take no action in the investment or securing of the

proceeds of the Government Securities which vvould cause the Bonds or the Refunded Bonds to

be classified as "arbitrage bonds" under the Code; provided, it shall be under no duty to inquire

affirmatively whether the Government Securities as deposited are properly invested under said

Section; and, provided, further, it .tnay rely on all specific directions in this Agreement in the

investment or reinvestment of balances held hereunder.

Section 3.4. The Escrow Agent will promptly collect the principal, income and profit

from the Government Securities and promptly apply the same solely and only to the payment of

the principal of and applicable premium and interest on the Refunded Bonds as the same mature

or are due at the applicable redemption datc~ and to such other purposes as are herein expressly

stated.

Section 3.5. The State and the Treasurer, as Paying Agent, hereby authorize and direct

the Escrow Agent to act on its behalf to remit funds as set forth in this Section; and the Escrow

Agent agrees to remit directly to the Depository for and on behalf of the holders of the Refunded

Bonds in good funds on or before each maturity date, redemption date or interest payment date

of the Refunded Bonds moneys sufficient to pay such principal, prclnium and interest as will

meet the requirements for the timeiy payment of said Refunded Bonds as set out in the

Defeasance Report, and each such remittance shall fully release and discllarge the Escrow Agent

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from any further duty or obligation thereto under this Agreement. The following are the wire

instructions for principal and interest payments, respectively, to the Depository:

PRINCIPAL PAYMENTS:

[ABA 021000021lP tvlorgan Chase

Cede & Co-Redemption Deposit Acct066027306

PIA #50420150

INTEREST PA YMENTS:

ABA 021000021lP Morgan Chase

Cede & Co-Dividend Deposit Acct066026776

P/A #50420150]

Sec/ion 3.6. The Escrow Agent will make no payment [rom the Escrow Account of

fees, due or to bccolne due, of the Escrow Agent~ the Bond Registrars, the Paying Agents or the

bond registrar and paying agent for the Bonds, and the State covenants 10 pay the same as they

become due. The fce of the Escrow Agent for services provided hereunder shall be an up-front~

lump sunl fee of$l,OOO.

Section 3.7. The State~ in the Bond Sale Order~ has called the Refunded Bonds for

redeluption or has authorized their defeasance and payment on their stated Inaturity dates, as

applicable, on the dates shown in Exhibit I). The Treasurer, as Bond Registrar and Paying Agent

for the Refunded Bonds, by execution of this Escrow Agreement, acknowledges receipt of notice

of the State's call for redemption of the applicable Refunded Bonds as provided herein and in

accordance with the respective proceedings authorizing the issuance of the several series of the

Refunded Bonds, and hereby approves the procedures for such redemption sci forth herein. Not

less than 30 days prior to the redemption date for the applicable Refunded Bonds the Treasurer

will provide the Escrow Agent with the nanles and addresses of the registered owners of the

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Refunded Bonds to be redeemed on such redelnption date. The fonn, time and method of the

giving of such notice shall be as specified in Section 3.8 hereof: The State shall reimburse the

Escrow Agent for its actual out of pocket expenses incurred in connection with the redemption of

any of the Refunded Bonds.

The Escrow Agent shall also give notice of the call of the Refunded Bonds, on or before

the date the notice of such redemption is given to the holders of the Refunded Bonds, to the

Municipal Securities Rulemaking Board through its Electronic Municipal Market Access System

("EMMA"). Attached hereto as fxhibit F is a form of cover sheet to be used in filing such

notice.

S~ection 3.8. The time, lnanner, method and form of giving notice of the call for

redemption of the applicable Refunded Bonds pursuant to Section 3.7 hereof shall be as follows:

(a) Time and Manner: The State and the Treasurer, as Bond Registrar,hereby direct the Escrow Agent to give written notice of the States exercise of itsoption to redeem the applicable Refunded Bonds to the registered owner of any suchR.eflUlded Bond. by certified or first class mail postage prepaid (as specifically providedin the proceedings authorizing the issuance of the Refunded Bonds being so called forredemption). The Escrow Agent agrees to give such notice on behalf of the State andthe Bond Registrar as provided herein. The date of the mailing of such notice shall benot less than thirty (30) days nor more than sixty (60) days prior to the applicableredemption dates. In the event the State or the Bond Registrar deternline that theEscro\v Agent cannot give such tilUely notice} the Bond Registrar will give such notice.

(b) Form: Notices of redemption shall include all of the infOlTI1ation requiredby the proceedings authorizing the issuance of the several series of the Refunded Bonds,and shall be in substantially the fonn indicated in Exhibit E with such additions,revisions or ll10difications as the Escrow Agent shall deem appropriate. The partygiving such notice will insert the name of the (iovernor and the Treasurer into thespaces provided therefor. Such notice shall be made in the names of the State and theBond Registrar.

Section 3.9. The Escro\\' Agent has all the powers and duties herein set forth and only

the powers and duties herein set forth with no liability in eonnection with any act or omission to

act hereunder, except for its own negligence or willful breach of trust'! and shall be under no

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obligation to institute any suit or action or other proceeding under this Agreemcnt or to enter any

appcarance in any suit, action or proceeding in which it may be defendant or to take steps in the

enforcClnent of its, or any, rights and powers hereunder, nor shall be deelned to have failed to

take any such actjon~ unless and until it shall have been indemnified by the State to its

satisfaction against any and all costs and expenses, outlays, counsel fces and other

disbursclncnts, including its own reasonable fees, and if any judgment, decree or recovery be

obtained by the Escrow A.gent, payment of all sums due it, as aforesaid, shall be a first charge

against the amount of any such judgment, decree or recovery. The Escrow Agent shall be

entitled to consult with its counsel and rely upon the advice of its counsel in connection with the

exercise of its powers and duties under this Agreement.

Section 3. 10. 'rhe Escrow Agent may in good faith buy, sell or hold and deal in any of

the Bonds. For thc avoidance of doubt, the Escrow Agent understands and agrees that it shall not

buy, sell or hold and deal in any of the Refunded Bonds.

Section 3.11. The Escrow Agent will submit to the Treasurer and the Director a

statement within ten (l0) days after February 2 and .August 2 of each calendar year,

comrnencing February 2, 2013, jlernizing all nloneys received by it and all payments Inade by it

under the provisions of this Agrcem'ent during the preceding six (6) month period (or such

shortcr period beginning on thc date of execution and dclivcry of this Agrccment), and also

listing the Government Securities on deposit therewith on the date of said report, including ali

moneys held by it received as interest on or profit from the collection of the Government

Securities.

Section 3. /2. If at any time it shall appear to the Escrow Agent that the available

proceeds of the Govemlnent Securities and deposits on delnand in the Escrow Account will not

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be sufficient to make any payment due to the holders of any of the Refunded Bonds, the

Escrow Agent shall notify the State, the Director, and the Treasurer not less than five (5) days

prior to such date, and the State agrees that it will make up the anticipated deficit so that no. .

default in the ntaking of any such paytnent will occur.

ARTICLE IV

COVENANTS OF TilE STATE

The State covenants and agrees with the Escrow Agent as follo\vs:

Section 4.1. The Escrow Agent shall have no responsibility or liability whatsoever for

(a) any of the recitals of the State herein, (b) the performance of or compliance with any

covenant, condition, term or provision of the Bond Sale Order, and (c) any undertaking or

statement of the State hereunder or under said Bond Sale Order.

Section 4.2. The State will promptly and without delay remit to the Escrow Agent,

within two (2) days after receipt of its written request, such SUln or sums of money as are

necessary to make the payments required under Section 3.12 hereof The State will promptly

pay all Escrow Agent, Bond Registrar and Paying Agent fees and all of the expenses of the

Escrow Agent incurr~d in giving the notices of redemption provided for herein as submitted.

Section 4.3. The State and the Treasurer hereby authorize the insertion of the names of

the Governor and the Treasurer into the space provided therefor in the fonn of notice of

redemption set forth in Exhibit E: and agree that the notices of redemption may be tnailed in the

name of the State and the Bond Registrar, as required by Section 3.8.

Section 4.4. All payments to be made by, and all acts and things required to be done

by, the Escrow Agent under the tenns and provisions hereof shall be made and done by said

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Escrovv' Agent without any further direction or authority of the State, the Director or the

Treasurer.

~S1ecti()n 4.5. The State will take no action regarding the proceeds of the Bonds which

would cause the Bonds to be classified as ~~arbitrage bonds" under the Code, and the State will

take any and all further action necessary to ensure that adequate provision is made for the

payment of the Refunded Bonds and that neither the Refunded Bonds nor the Bonds are

classified as "arbitrage bonds" under the Code.

ARTICLE V

AMENDMENTS AND IRREVOCABILITY OF AGREEMENT

Section 5.1. This Agreement tnay be amended or supplemented, so that the

Government Securities or any portion thereof may be sold or redeemed, or invested or reinvested

in other Ciovernment Securities which are not redeemable by the issuer thereof prior to maturity

in any manner provided (any such amendtnent, supplement, direction to sellar redeem or invest

to be referred to as a "Subsequent Action "), upon submission to the Escrow Agent of each of the

following:

(a) Certified copy of an Order adopted by the Governor and the Directorauthorizing the Subsequent Action and a copy of the document effecting the SubsequentAction signed by the Treasurer and the Director.

(b) An opinion of nationally recognized bond counselor tax counselnationally recognized as having an expertise in the area of tax-exempt municipal bondsthat the Subsequent Action will not adversely affect the exemption of interest on theBonds or the Refunded Bonds from federal income taxation nor violate the covenants ofthe State not to cause the Bonds or the Refunded Bonds to become ('arbitrage bonds"under Section 148 of the Code.

(c) An opinion of a firm of nationally recognized independent certifiedpublic accountants that the funds (\vhich will consist of funds held in trust or receiptsfrom direct noncallable full faith and credit obligations of the United States of America,all of which will be held hereunder) available or to be available for payment of theRefunded Bonds will relnain sufficient to pay when due all principal, redClnptionprenliu111 and interest on the Refunded Bonds after the taking of the Subsequent Action.

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(d) No Refunded Bond may be deleted from the list in Exhibit B under thisprOVISIon.

Section 5.2., This Agreement lnay be amended or supplementeq for the purpose of

curing any ambiguity or formal defect or omission herein.

Section 5.3. Except as provided in Sections 5.1 and 5.2 hereof, all of the rights,

powers, duties and obligations of the Escro\v Agent hereunder shall be irrevocable and shall not

be subject to amendment by the Escrow Agent and shall be binding on any successor to the

Escrow Agent during the tenn of this Agreement.

Section 5.4. Except as provided in Sections 5.1 and 5.2 hereof: all of the rights,

powers, duties and obligations of the State hereunder shall be irrevocable and shall not be subject

to amendment by the State and shall be binding on any successor to the officials of the State

during the term of this Agreement.

Section 5.5. Except as provided In Sections 5.1 and 5.2 hereof: all of the rights,

powers, duties and obligations of the Treasurer, of the Director, and of the Governor hereunder

shall be irrevocable and shall not be subject to amendment by said officials and shall be binding

on any successor to said official now in office during the term of this Agreement.

ARTICLE Vi

NOTICES TO THE STATE, THE TREASURER AND TilE ESCROW AGENT

Section 6.1. All notices and comrnunications to the State shall be addressed in \vriting

to the Treasurer and to the Director at the addresses provided in Sections 6.3 and 6.4.

Section 6.2. All notices and communications to the Escrow Agent shall be addressed in

writing to:

Deutsche Bank National Trust COlupany222 S. Riverside PlazaChicago~ Illinois 60606Attention: Corporate Trust Department

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Section 6. 3. All notices and communications to the Treasurer shall be addressed in

writing to:

State TreasurerRoom 219State Capitol BuildingSpringfield, Illinois 62706

Section 6,4. All notices and communications to the State or the Director shaH he

addressed in writing to:

Director of the Governor's Office of~tfanagementandBudgetRoom 108State Capitol BuildingSpringfield, Illinois 62706

ARTICLE VII

TERMINATION OF AGRE~MENT

Section 7.1. Upon the retirement of the Refunded Bonds as hereinabove provided for,

the Escrow Agent \vill transfer any balance remaining in the Escrow Account to the Treasurer

with due notice thereof mailed to the State, and thereupon this Agreement shall tenninate.

RESIGNATION, MERGER OF CONSOLIDATION OF ESCROW AGENT

Section 8.1. The Escrow Agent may at any time resign as Escrow Agent under this

Agreenlent by giving 30 days \vritten notice to the State, and such resignation shall take effect

upon the appointment of a successor Escrow Agent by the State. The State may select as

successor Escrow Agent any financial institution with capital, surplus and undivided profits of at

least $50,000,000 and located within the City of Chicago, Illinois, or the City of New York, New

York, which is authorized to maintain trust accounts for corporations in Illinois under applicable

law, and which in fact custOlnarily so acts. Any banking association or corporation into which

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the Escrow Agent may be merged, converted or with \vhich the Escrow Agent may be

consolidated, or any corporation resulting from any merger, conversion or consolidation to which

the Escrow Agent shall be a party, or any banking association or corporation to which all 01'

substantially all of the corporate trust business of the Escrow Agent shall be transferred, shall

succeed to all the Escrow Agent's rights, obligations and immunities hereunder without the

execution or filing of any paper or any further act on the part of any of the parties hereto,

anything herein to the contrary notwithstanding.

[Signature Pages FolJow1

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IN WITNESS WHEREOF, the State of Illinois, has caused this Agreement to be signed

in its name by its Director and its Treasurer; and Deutsche Bank National Trust Company,

C.hicago, Illinois) not individually, but in the capacity as hereinabove described, has caused this

Agreement to be signed in its corporate name by one of its ofJicers and to be attested by one of

its officers under its corporate seal hereunto affixed, all this ?)JI day of May, 2012.

STATE OF ILLINOIS

By -I--__--+--- _

g Director, Governor's Office ofManagement and Budget

[Rcmainder of page intentionally left blank.]

[Remainder of page intentionally lett blank.1

DEUTSCHE BANK NATIONAL TRUST COMPANY

Chicago, Illinois

By ---Il-~ _

Its Vice President

Attest:

By s;z:1~A?:-.Its Vice President

(BANK SEAL)

EXHIBITS

A) Defeasance Report

B) Refunded Bonds

C) Government Securities

D) Maturity Date, Redclnption Date, if applicable, Aggregate Principal and Redetnption

Premium of Refunded Bonds

E) Form for Notice of Redemption

F) Material Event Notice Cover Sheet

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EXHIIUT A

DEFEASANCE REPORT

A-I

SAMUEL KLEIN AND COMPANYCERTIFIED PUBLIC ACCOUNTANTS

$1,797,740,000STATE OF ILLINOIS

GENERAL OBLIGATION REFlTN"DING BONDSSeries of May 2012

Verification Report Dated May 8, 2012


State of IllinoisOffice of Management and Budget100 We"st Randolph StreetChicago, Illinois 60601

Hardwick Law Firm, LLC500 North Michigan Avenue, Suite 300Chicago, Illinois 60611

Deutsche Bank National Trust Company222 South Riverside PlazaChicago, Illinois 60606

$1,797,740,000STATE OF ILLINOISGENERAL OBLIGATION REFUNDING BONDSSeries of May 2012(the "Bonds")

Mayer Brown LLP71 South Wacker DriveChicago, Illio()is 60606

Jefferies & Company, Inc.155 North Wacker Drive, Suite 4200Chicago, Illinois 60606

Assured Guaranty Municipal Corp.31 West 52nd StreetNew York, New York 10019

We have verified certain information and assertions provided on behalf of the State of Illinois(the "State") by Jefferies & Company, Inc. (the "Underwriter") relating to the refunding of thefollowing of the Stale's General Obligation Bonds (the "Refunded Bonds") sel forth more fully inSchedule A:

a) $29,915,000 Series of July 1997, dated July 1, 1997, maturing on July I, 2014through July 1, 2016 and July 1, 2022,

b) $3,000,000 Illinois First Series of August 2000, dated August I, 2000, maturing onAugust 1, 2025,

c) $14,000,000 Illinois First Series of December 2000, dated December 1, 2000,maturing on December 1,2025,

d) $30,000,000 Illinois First Series of May 2001, dated May 1, 2001, maturing on May1,2026,

e) $80,000,000 Illinois First Series of August 2001, dated August 1, 2001, maturing onAugust I, 2019 through August 1, 2026,

f) $42,000,000 Illinois First Series of November 2001, dated November 1, 2001,maturing on November 1, 2020 through November 1, 2022,

g) $135,000,000 Illinois FIRST Series of February 2002, dated February I, 2002,maturing on February 1, 2019 through February 1, 2027,

SAMUEL KLEIN AND COMPANY,cERTIFIED PUBLIC ACCOUNTANTS

h) $150,000,000 Illinois FIRST Series March 2002, dated April 1, 2002, maturing onApril 1, 2018 through April 1, 2027,

i) $214,000,000 Illin"ois FIRST Series of July 2002, dated July 1, 2002, maturing" onJuly 1,2012 and July 1,2016 through July 1,2027,

j) $186,540,000 Illinois FIRST Series of August 2002, datcd August 1, 2002, maturingon August 1,2012 and August 1,2016 through August 1,2019,

k) $160,000,000 Illinois FIRST Serics of October 2002, dated October I, 2002,maturing on October 1, 2015 through October 1, 2024,

1) $262,000,000 Illinois FIRST Series of December 2002, datcd Dccember 1, 2002,maturing on Dccember 1, 2014 through December 1,2027,

m) $167,210,000 Series of June 2003, dated June 4, 2003, maturing on June 1, 2014through June L 2020, June 1,2025, June 1,2026, and June 1,2028,

n) $155,590,000 Series A of October 2003, dated October 30, 2003, maturing onOctober 1,2012 through October 1,2017 and October 1,2020,

0) $73,155,000 Series A of March 2004, dated April 1, 2004, maturing on March 1,2014, through March 1, 2016 and March 1, 2021 through March 1, 2024,

p) $43,170,000,000 Series of September 2004, dated September 28, 2004, maturing onSeptember 1,2012 through September 1,2014 and September 1,2023,

q) $11,000,000 Series of November 2004, dated November 10, 2004, maturing onNovember 1,2013,

r) $47,600,000 Series of September 2005, dated September 29, 2005, matming onSeptember 1,2012 through September 1,2015,

s) $35,500,000 Series A of September 2009, dated September 23, 2009, maturing onSeptember 1, 2012 ~hrough September 1,2014, and

t) $18,110,000 Series of February 2010, dated March 3, 2010, maturing on January I,2014.

The scope of our engagement consisted of verification of the mathematical accuracy of thecomputations contained in the provided schedules which represent 1) that the anticipated receiptsfrom the securities and cash deposit, to be held in escrow, will be sufficient to pay, when duc, theprincipal, interest and redemption requirements on the Refunded Bonds, 2) the yield on theescrow purchased to refund the Refunded Bonds, and 3) the yield on the Bonds.

OUf examination was made in accordance with standards established by the American Institute ofCertified Public Accountants and, accordingly, included such procedures as we considerednecessary under the circumstances. The scope of our engagement induded, among other things, a

SAMUEL KLEIN AND COMPANYCERTIFIED PUBLIC ACCOU,NTANTS

verification of the mathematical accuracy of the computations contained in the schedulesprovided by the 'Underwriter. The schedules produced by us in our verification of themathematical accuracy of the computations are included in this report. In these schedules, Lheissue date for the Bonds is assumed to be May 8, 2012.

The Underwriter provided us with copies of: 1) the final Official Statement for the Bonds, and 2)the Final Subscription Forms for the State and Local Government Securities from the UnitedStates Department of Treasury, Bureau of the Public Debt ("SLOS") purchascd to refund theRefunded Bonds, and 3) the confinnation tickets relatcd to the open market securities purchasedto refund the Refunded Bonds (the "OMS Securities" and together with the SLGS, the "EscrowSecurities"). Additionally, we reviewed copies of the Bond Opinions and other relevantinformation related to the Refunded Bonds. We found 1) that the SLGS interest ratcs shown inthe schedules provided to us by the Underwriter do not exceed the maximum rates available forMay 1, 2012, and 2) that the information contained in the schedules provided to us by theUnderwriter was in agreement with the information set forth in the above-mentioned documents.

The term "yield" as used herein means that rate which, when used in computing the present valueof all expected payments of principal and interest on an obligation, computed on a 30/360-dayyear basis and using semi-annual compounding, produces an amount equal to, in the case of theescrow yield calculation, the total cost of the Escrow Securities and in the case of the Bonds, theinitial issue price to the public of the Bonds less the bond insurance premium.

In our opinion, the computations contained in the schedules provided are mathematically correct.

The schedules verifying the mathematical accuracy of the computations reilect that:

the anticipated receipts from the Escrow Securities, together with the additional cashdeposit of $14.91, will be sufficient to pay, when due, the principal, interest andredemption requirements on the Refunded Bonds,

based upon the procedures and information set forth above, the computationsprovided to us and represented in Schedule G which indicate that the yield on theBonds, assuming that certain of the Bonds scheduled to mature on August 1, 2024and August t, 2025 are redeemed at a price of 100% of par on August 1, 2022, is3.2082639%, are correct. It is our opinion that computing the yield on the Bonds bytreating those certain of the Bonds scheduled to mature on August 1, 2024 andAugust 1, 2025 as redeemed at a price of 100% of par on August 1, 2022 results inthe lowest mathematical yield on the Bonds, and

the yield on the Escrow Securities is 0.2069400%.

We express no opinion as to the appropriateness of the methodologies used in preparing suchschedules or the actual existence of the Refunded Bonds or their attributes exccpt to the extentdisclosed in the historical data revicwed by us as set forth in this report. It should be understoodthat we make no representations as to questions of legal interpretation and, accordingly, weexpress no opinion with regard to any determination that the Refunded Bonds remain incompliance with existing statutes, regulations, administrative interprctations and court decisions.The terms of our engagement are such that we have no obligation to update this report because of


events occurring, or data or information coming to our attention, subsequent to the date of thisreport.

".~"

I) A..~ ~ttJl!Jt.fer(. !-y,-f4{.~. SAMUgL EIN AND COM N{CERTIFIED· UBUC ACCOUNTANTS

May 8,2012

SAMUEL KLEIN AND COMPANYCERTI~IEDPUBLIC ACCOUNTANTS

LIST OF SCHEDULES

SCHEDULE A

SCHEDULEB

SCHEDUl,E C

SCHEDULED

SCHEDULEE

SCHEDULEF

SCHEDULEG

SUMMARY Olt' REFUNDED BONDS

ESCROW REQUIREMENTSSeries of July 1997Illinois First Series of August 2000Illinois First Series of December 2000Illinois First Series of May 2001Illinois First Series of August 2001Illinois First Series of November 2001Illinois li'IRST Series of February 2002Illinois FIRST Series of March 2002Illinois FIRST Series of July 2002Illinois FIRST Series of August 2002Illinois FIRST Series of October 2002Illinois FIRST Series of December 2002Series of June 2003Series A of October 2003Series A of March 2004Series of September 2004Series of November 2004Series of September 2005Series A of September 2009Series of February 2010Aggregate

ESCROW COST

ESCROW CASH FLOW AND SUFFICIENCY

ESCROW YIELD

nOND PRICING

BOND DEBT SERVICE AND YIELD

SCHEDULE A

SUMMARY OF REFUNDED BONDS

Maturity Principal Interest Call Call

Date Amount Rate Date Price

Series of July 1997

07/0112014 4,000,000.00 5.125% 06/0712012 100.000

07/0112015 1,915,000.00 5.150% 06/0712012 100.000

0710112016 4,000,000.00 5.200% 06/07/2012 100.000

07/0112022 20,000,000.00 5.250% 06/0712012 100.000

29,915,000.00

Series of August 2000

08/0112025 3,000,000.00 5.375% 06/0712012 100.000

3,000,000.00

Series of December 2000

12/0112025 14,000,000.00 5.375% 06/0712012 100.000

14,000,000.00

Series of May 2001

05/0112026 30,000,000.00 5.250% 06/0712012 100.000

30,000,000.00


08/01/2019 15,000,000.00 5.000% 06/0712012 100.000

08/0112020 15,000,000.00 5.()00% 06/0712012 100.000

08/0112021 15,000,000.00 5.000% 06/0712012 100.000

08/01/2022 15,000,000.00 5.125% 06/0712012 100.000

08/01/2026 20,000,000.00 5.000% 06/07/2012 100.000

80,000,000.00

Series of November 2001

1110112020 13,000,000.00 5.000% 06/0712012 100.000

11/0112021 13,000,000.00 5.000% 06/0712012 100.000

11/0112022 16,000,000.00 5.000% 06/0712012 100.000

42,000,000.00

Series of February 2002

02/0112019 15,000,000.00 5.100% 06/0712012 100.000

02/0112020 15,000,000.00 5.125% 06/0712012 100.000

02/01/2021 15,000,000.00 5.125% 06/0712012 100.000

02/0112022 15,000,000.00 5.125% 06/0712012 100.000

02/0112027 75,000,000.00 5.125% 06/0712012 100.000

135,000,000.00

Series of March 2002

0410112018 J5,OOO,000.00 5.125% 06/0712012 100.000

04/0112019 15,000,000.00 5.125% 06/0712012 100.000

04/0112020 15,000,000.00 5.125% 06/07120 t2 100.000

04/0112021 15,000,000.00 5.250% 06/0712012 100.000

04/0112022 15,000,000.00 5.250% 06/0712012 100.000

04/01/2023 5,000,000.00 5.250% 06/0712012 100.000

04/0112027 70,000,000.00 5.250% 06/0712012 100.000

SCHEDUI__EA



Date. Amount Rate Date Price

150,000,000.00

Series of July 2002

07/0112012 16,000,000.00 5.375%

07/0112016 - 16.000,000.00 5.375% 07/01/2012 100.000

07/0112017 16,000,000.00 5.375% 07/0112012 100.000

07/0112018 16,000,000.00 5.375% 07/0112012 tOO.OOO

07/0112019 16,000,000.00 5.375% 07/0112012 100.000

07/01/2020 16,000,000.00 5.375% 07/0112012 100.000

07/0112021 16,000,000.00 5.375% 07/0112012 100.000

07/0112022 14,620,000.00 5.375% 07/01/2012 LOO.OOO

07/0112022 2,380,000.00 5.000% 07/01/2012 100.000

07/01/2023 17,000,000.00 5.100% 07/0112012 100.000

07/0112024 17,000,000.00 5.100% 07/0112012 100.000

07/0112027 51,000,000.00 5.000% 07/01/2012 100.000

214,000,000.00


08/0112012 61,305,000.00 5.250%

08/0112016 38,690,000.00 5.500% 08/01/2012 100.000

08/0112017 38,510,000.00 5.500% 08/0112012 100.000

08101/2018 31,525,000.00 5.500% 08/0112012 100.000

08/0112019 16,510,000.00 5.500% 08/0112012 100.000

186,540,000.00

Series of October 2002

10/0112015 16,000,000.00 5.250% 10/0l/2012 100.000

10/0112016 16,000,000.00 5.000% 10/0112012 100.000

1010112017 16,000,000.00 5.250% 10/0112012 100.000

10/0112018 16,000,000.00 5.250% 10/0112012 100.000

10/0112019 16,000,000.00 5.250% 10/0112012 100.000

10/0112020 16,000,000.00 5.250% 10/0112012 100.000

10/01/2021 16,000,000.00 5.250% 10/0112012 100.000

10/0112022 16,000,000.00 4.750% 10/0112012 100.000

10/01/2023 16,000,000.00 4.800% 10/0112012 100.000

10/01/2024 16,000,000.00 4.850% 10/0112012 100.000

160,000,000.00


12/0112014 20,000,000.00 5.375% 12/0112012 100.000

12/0112015 26,000,000.00 5.375% 12/0l12012 100.000

12/0112016 16,000,000.00 5.375% 12/0112012 100.000

12/0112017 14,000,000.00 5.250% 12/0112012 100.000

12/0112018 14,000,000.00 5.250% 12/0112012 100.000

12/0112019 16,000,000.00 5.250% 12/0112012 100.000

1210112020 16,000,000.00 5.250% 12/0112012 100.000

SCHEDULE A



Date Amount, Rate Date Price

1210112021 28,000,000.00 5.250% 12/0112012 100.000

12/0112022 20,000,000.00 5.000% 12/0112012 100.000

12/0112023 22,000,000.00 5.000% 12/0112012 100.000

12/0112024 22,000,000.00 5.000% J2/0112012 100.000

12/0112027 48,000,000.00 5.000% 12/0112012 100.000

262,000,000.00

Series of June 2003

06/0112014 16,795,000.00 5.000% 06/0112013 100.000

06/0112015 17,630,000.00 5.000% 06/0112013 100.000

06/0112016 18,5 J5,000.00 5.000% 06/01120]3 100.000

06/0112017 19,440,000.00 5.000% 06/0112013 100.000

06/0112018 20,410,000.00 5.000% 06/0112013 100.000

06/0112019 13,065,000.00 5.000% 06/0112013 100.000

06/0112020 11,290,000.00 5.000% 06/0112013 100.000

06/0112025 26,700,000.00 5.000% 06/0112013 100.000

06/0112026 21,780,000.00 5.000% 0610112013 100.000

06/0112028 1,585,000.00 5.000% 06/0112013 100.000

167,210,000.00

Series A of October 2003

1010112012 10,685,000.00 5.250%

1010112013 34,875,000.00 5.250%

10/01/2014 44,645,000.00 5.250% 10/0112013 100.000

10/0112015 38,585,000.00 5.250% 10/0112013 100.000

10/0112016 14,675,000.00 5.000% 10/0 l/2013 100.000

10/0112017 4,670,000.00 5.000% 10/0 l/2013 100.000

10/0112020 7,455,000.00 5.000% 10/0112013 100.000

155,590,000.00

Series A of March 2004

03/01/2014 4,215,000.00 5.000%

03/0112015 11,220,000.00 5.000% 03/0112014 100.000

03/0112016 11,780,000.00 5.000% 03/0112014 100.000

0310112021 7,540,000.00 5.000% 03/0112014 100.000

0310112022 3,210,000.00 5.000% 03/0112014 JOO.OOO

03/0112023 17,165,000.00 5.000% 03/0112014 100.000

03/0112024 18,025,000.00 5.000% 03/0112014 100.000

73, I55,000.00

Series of September 2004

09/0112012 11,400,000.00 5.000%

09/0112013 11,400,000.00 5.000%

09/0112014 11,400,000.00 5.000%

09/0112023 8,970,000.00 5.000% 09/0112014 100.000

43,170,000.00

SCHEDULE A


Maturity Principal Intcrest Call Call

Date Amount Rate . Date Price


1110112013 11 ,000,000.00 5.000%

11,000,000.00


09/0112012 12,000,000.00 5.000%

09/01/2013 12,000,000.00 5.000%

0910112014 12,000,000.00 5.000%

09/0112015 11,600,000.00 5.000%

47,600,000.00

Series of Septcmber 2009

09/0112012 16,000,000.00 3.500%

09/0112013 16,000,000.00 3.500%

0910112014 3,500,000.00 3.500%

35,500,000.00


0110112014 18,110,000.00 5.000%

18,110,000.00

TOlal 1,857,790,000.00

SCHEDUI~E HI

ESCROW REQUIREMENTS

Series of July 1997

Date06/07/2012

Totals

Interest676,703.08

676,703.08

Redeemed

Principal29,915,000.00

29,915,000.00

Total

Requirements30,591,703.08

30,591,703.08

Date

06/0712012

Totals

SCHEDULEB2

ESCROW REQUIREMENTS


Redeemed Total

Interest Principal Requirements

56,437.50 3,000,000.00 3,056,437.50

56,437.50 3,000,000.00 3,056,437.50

Date

06/01/2012

06/0712012

Totals

SCHEDUI,E 83

ESCROW REQUIREMENTS


Redeemed Total

Interest Plincipal Requirements

376,250.00 376,250.00

12,541.67 14,000,000.00 14,012,541.67

388,791.67 14,000,000.00 14,388,791.67

Date

06/0712012

Totals

SCHEDULEB4

ESCROW REQUIREMENTS

Series of May 2001

Redeemed Total


[57,500.00 30,000,000.00 30,157,500.00

157,500.00 30,000,000.00 30,157,500.00

SCHEDULEBS

ESCROW REQUIREMENTS


Date

06/0712012

Totals

Interest

1,406,562.50

Redeemed

Principal

80,000,000.00

80,000,000.00

Total

Requirements

81,406,562.50

81,406,562.50

Date

06/07/2012

Totals

SCHEDULEB6

ESCROW REQUIREMENTS

Series of' November 2001

Redeemed Total


210,000,00 42,000,000.00 42,210,000.00

210,000.00 42,000,000.00 42,210,000.00

SCHEDULED7

ESCROW REQUIREMENTS


Date

06/0712012

Totals

Interest

2,420,250.00

2,420,250.00

Redeemed

Principal

135,000,000,00

135,000,000.00

Total

Requirements

137,420,250.00

t 37,420,250.00

SCHEDULEHS

ESCROW REQUIREMENTS


Date

06/0712012

Totals

Interest

t ,433,437.50

1,433,437.50

Redeemed

Principal

150,000,000.00

150,000,000.00

Total

Reguirements

151,433,437.50

151,433,437.50

SCHEDUI~E B9

ESCROW REQUIREMENTS

Series of July 2002

Date

07/0112012

Totals

Principal

16,000,000.00

16,000,000.00

Interest

5,604,412.50

5,604,412.50

Redcemed

Principal

198,000,000,00

198,000,000.00

. Total

Rcquirements

219,604,412.50

219,604,412.50

SCHEDULE RIO

ESCROW REQUIREMENTS


Redeemed Total

Date Principal Interest Principal Requirements

08/0112012 61,305,000.00 5,053,218.75 125,235,000.00 191,593,218.75

Totals 61,305,000.00 5,053,218.75 125,235,000.00 191,593,218.75

SCHEDULE Bil

ESCROW REQUIREMENTS


Date

10/0112012

Totals

Interest

4,072,000.00

Redeemed

Principal

160,000,000.00

160,000,000.00

Total

Reguirements

164,072,000.00

164,072,000.00

Date

06/0112012

12/0112012

Totals

SCHEDULE B12

ESCROW REQUIREMENTS


Redeemed Total

Interest Principal Reguirerncnts

6,776,250.00 6,776,250.00

6,776,250.00 262,000,000.00 268,776,250.00

13,552,500.00 262,000,000.00 275,552,500.00

SCHEDULE 813

ESCROW REQUIREMENTS

Series of' June 2003

Redeemed Total

Date Interest PIincipal Requirements

06/0112012 4,180,250.00 4, 180,250.00

12/0112012 4,180,250.00 4,180,250.00

06/0112013 4,180,250.00 167,2]0,000.00 171,390,250.00

Totals 12,540,750.00 167,2 LO,OOO.OO 179,750,750.00

SCHEDULE 814

ESCROW REQUIREMENTS


Redeemed Total

Date Principal Interest Principal Requirements

10/0112012 10,685,000.00 4,050,737.50 14,735,737.50

04/0112013 3,770,256.25 3,770,256.25

10/01120) 3 34,875,000.00 3,770,256.25 110,030,000.00 148,675,256.25

Totals 45,560,000.00 11,591,250.00 110,030,000.00 167,181,250.00

SCHEDULE 815

ESCROW REQUIREMENTS


Date

09/0112012

03/0112013

09/0112013

03/0112014

Totals

Principal

4,215,000.00

4,215,000.00

Redeemed Total


J,828,875.00 1,828,875.00

1,828,875.00 1,828,875.00

·1,828,875.00 1,828,875.00

1,828,875.00 68,940,000.00 74.983,875.00

7,315,500.00 68,940,000.00 80,470,500.00

SCHEDULE B16

ESCROW REQUIREMENTS


Total

Requirements

46,856,250.00

12,479,250.00

794,250.00

12,194,250.00

509,250.00

20,879,250.008,970,000.00

8,970,000.00

Redeemed

PrincipalDate Principal Interest

09/0112012 J1,400,000.00 1,079,250.00

03/0112013 794,250.00

09/0112013 11,400,000.00 794,250.00

03/01/2014 509,250.00

09/0112014 11,400,000.00 509,250.00

Totals 34,200,000.00 3,686,250.00

SCHEDULE Bt7

ESCROW REQUIREMENTS


Date

1110112012

05/0112013

1110112011.

Totals

Interest

275,000.00

275,000.00

275,000.00

825,000.00

Redeemed

Principal

11,000,000.00

11,000,000.00

Totl,ll

Requirements

275,000.00

275,000.00

11,275,000.00

11,825,000.00

SCHEDULE 818

ESCROW REQUIREMENTS


Total

Date Principal Interest Requirements

09/0112012 12,000,000.00 1,190,000.00 13,190,000.00

03/0112013 890,000.00 890,000.00

09/0112013 12,000,000.00 890,000.00 12,890,000.00

03/0112014 590,000.00 590,000.00

09/0112014 12,000,000.00 590,000.00 12,590,000.00

03/0112015 290,000.00 290,000.00

09/0112015 11,600,000.00 290,000.00 11,890,000.00

Totals 47,600,000.00 4,730,000.00 52,330,000.00

SCHEDULE 819

ESCROW REQUIREMENTS


Total

Date Principal Interest Requirements

09/0112012 16,000,000.00 621,250.00 16,621,250.00

03/0112013 341,250.00 341,250.00

09/0112013 16,000,000.00 341,250.00 16,341,250.00

03/01/2014 61,250.00 61,250.00

09/0112014 3,500,000.00 61,250.00 3,561,250.00

Totals 35,500,000.00 1,426,250.00 36,926,250.00

SCHEDULE H20

ESCROW REQUIREMENTS


Date

07/0112012

0110112013

07/0112013

01/0112014

Totals

Principal

18,110,000.00

18,110,000.00

Interest

452,750.00

452,750.00

452,750.00

452,750.00

1,811,000.00

Total

Requirements

452.750.00

452,750.00

452,750.00

18,562,750.00

19,921,000,00

SCHEDULE B21

ESCROW REQUIREMENTS

Aggregate

Series ofJuly Series ofAugust Series of Series ofMay Series ofAugust Series of Series of Series ofMarch Series ofJuly Series QfAugust Series of October

Date 1997 2000 December 2000 2001 2001 November 2001 February 2002 2002 2002 2002 2002

06/0112012 376,250.00

06/0712012 30,591,703.08 3,056,437.50 14,012,541.67 30,157,500.00 81,406,562.50 42,210,000.00 137,420,250.00 151,433,437.50

07/0112012 219,604,412.50

08/0112012 191,593,218.75

09/0112012

10/01/2012 164,072,000.00

11/0112012

12/011201201/0112013

03/0112013

04/0112013

05/0112013

06/0112013

07/0112013

09/0112013

1010112013

111011201301(0112014

03/011201409/011201403/011201509/0112015

Totals 30,591,703.08 3,056,437.50 14,388,791.67 30,157,500.00 81,406,562.50 42,210,000.00 137,420,250.00 151,433,437.50 219,604,412.50 191,593,218.75 164,072,000.00

SCHEDULE B21

ESCROW REQUIREMENTS

Aggregate

Series of Series ofJune Series A of Series A of Series of Series of Series of Series of Series of Total EscrowDate December 2002 2003 October 2003 March 2004 September 2004 November 2004 September 2005 September 2009 February 2010 Reguirements

06/0112012 6,776,250.00 4,180,250.00 11,332,750.00

06/0712012 490,288,432.25

07/0112012 452,750,00 220,057,162.50

08/0112012 191,593,218.75

09/0112012 1,828,875.00 12,479,250.00 13,190,000.00 16,621,250.00 44,119,375.00

10/0112012 14,735,737.50 178,807,737.50

11/0112012 275,000.00 275,000.00

1210112012 268.776,250.00 4,180,250.00 272,956,500.00

01/0112013 452,750.00 452,750.00

03/0112013 1,828,875.00 794,250.00 890,000.00 341,250.00 3,854,375.00

04/0112013 3,770,256.25 3,770,256.25

05/0112013 275,000.00 275,000.00

06/0112013 171,390,250.00 171,390,250.00

07/0112013 452,750.00 452,750.00

09/0112013 1,828,875.00 12,194,250,00 12,890,000.00 16,341,250.00 43,254,375.00

10/0112013 148,675,25625 148,675,256.25

11/0112013 11,275,000.00 11,275,000.00

0110112014 18,562,750.00 18,562,750.00

03/0112014 74,983,875.00 509,250.00 590,000.00 61,250.00 76,144,375.00

09/0112014 20,879,250.00 12,590,000.00 3,561,250.00 37,030,500.00

03/01/2015 290,000.00 290,000.00

09/0112015 11,890,000.00 11,890,000.00

Totals 275,552,500.00 179,750,750.00 167,181,250.00 80,470,500.00 46,856,250.00 11,825,000.00 52,330,000.00 36,926,250.00 19,921,000.00 1,936,747,813.50

SCHEDULEC

ESCROW COST

Maturity Type of Par Intcrest Accrued Total

Date Security Amount Rate Pricc ' Cost Interest Cost

06/0112012 SLGS 10,277,750.00. 0.000% 100.0000000 10,277,750.00 . 10,277,750.00

06/0712012 SLGS 490,264,252.00 0.060% 100.0000000 490,264,252.00 490,264,252.00

07/0112012 SLGS 220,031,738.00 0.060% 100.0000000 220,031,738.00 220,031,738.00

08/0112012 SLGS 191,557,531.00 0.080% 100.0000000 191,557,531.00 191,557,531.00

0910112012 SLGS 42,327,968.00 0.090% 100.0000000 42,327,968.00 42,327,968.00

10/0112012 SLGS 178,636,196.00 0.110% lOO.OOOOOOO 178,636,196.00 178,636,196.00

11/01120l2 SLGS 264,539.00 0.130% 100.0000000 264,539.00 264,539.00

11130/2012 TNOTE 253,000,000.00 0.500% 100.1942020 253,491,331.06 553,005.46 254,044,336.52

12/0112012 SLGS 18.884,505.00 0.140% 100.0000000 18,884,505.00 18,884,505.00

01/01/2013 SLGS 432,467.00 0.150% ]00.0000000 432,467.00 432,467.00

03/0112013 SLGS 2,062,175.00 0.L60% 100.0000000 2,062,175.00 2,062,175.00

04/0112013 SLGS 3,671,594.00 0.170% 100.0000000 3,671,594.00 3,671,594.00

05/0112013 SLGS 263,859.00 0.170% 100.0000000 263,859.00 263,859.00

05/3112013 TNOTE 169,000,000.00 0.500% 100.3152990 169,532,855.31 369,398.91 169,902,254.22

06/0112013 SLGS 1,965,981.00 0.180% 100.0000000 1,965,981.00 1,965,981.00

07/0112013 SLGS 432,889.00 0.180% 100.0000000 432,889.00 432,889.00

08/3112013 TNOTE 41,000,000.00 3.125% 103.7921980 42,554,801.18 240,234.38 42,795,035.56

09/0112013 SLGS 464,860.00 0.190% 100.0000000 464,860.00 464,860.00

09/3012013 TNOTE 148,000,000.00 0.125% 99.8476563 147,774,531.18 19,207.77 147,793,738.95

10/0112013 SLGS 582,203.00 0.190% 100.0000000 582,203.00 582,203.00

11/0112013 SLGS 11,264,299.00 0.190% 100.0000000 11,264,299.00 11,264,299.00

0110112014 SLGS 18,543,280.00 0.210% 100.0000000 18,543,280.00 18,543,280.00

0212812014 TNOTE 74,000,000.00 1.875% 102.9010000 76,146,740.00 260,156.25 76,406,896.25

03/0112014 SLGS 995,926.00 0.220% 100.0000000 995,926.00 995,926.00

08/3112014 TNOTE 36,000,000.00 2.375% 104.7263260 37,701,477.36 160,312.50 37,861,789.86

09/0112014 SLGS 576,897.00 0.260% 100.0000000 576,897.00 576,897.00

03/0t/2015 SLGS 264,646.00 0.330% ]00.0000000 264,646.00 264,646.00

09/0112015 SLGS 11,865,083.00 0.420% ]00.0000000 11,865,083.00 11,865,083.00

Totals 1,926,630,638.00 ] ,932,832,374.09 1,602,315.27 1,934,434,689.36

Calculation of Total Escrow Cost

Cost of Securities 1,934,434,689.36

Cash Deposit 14.91

Total Escrow Cost 1,934,434,704.27

SCHEDULE D

ESCROW CASH FLOW AND SUFFICIENCY

Total Escrow Total Escrow ' Ending

Date Ptincipal Interest . Receipts Requirements Balance

0510812012 14.91

05/3112012 1,055,000.00 1,055,000.00 1,055,{H4.91

06/0112012 i 0,277,750.00 10,277,750.00 11,332,750.00 14.91

. 06/07/2012 490,264,252.00 24,177.42 490,288,429.42 490,288,432.25 12.08

07/0112012 220,031,738.00 25,424.12 220,057,162.12 220,057,162.50 11.70

08/0112012 191,557,531.00 35,687.43 191,593,218.43 191,593,218.75 11.38

08/3112012 1,761,875.00 1,761,875.00 1,761,886.38

09/01/2012 42,327,968.00 29,532.46 42,357,500.46 44,119,375.00 11.84

09/3012012 92,500.00 92,500.00 92,511.84

1010112012 178,636,196.00 79,041.19 178,715,237.19 178,807,737.50 11.53

1110112012 264,539.00 10,460.74 274,999.74 275,000.00 11.27

11/3012012 253,000,000.00 1,055,000.00 254,055,000.00 254,055,011.27

12/0112012 18,884,505.00 16,995.21 18,901,500.21 272,956,500.00 11.48

01/0112013 432,467.00 20,283.03 452,750.03 452,750.00 11.51

02/28/2013 1,761,875.00 1,761,875.00 1,761.886.51

03/0112013 - 2,062,175.00 30,325.23 2,092,500.23 3,854,375.00 11.74

03/3112013 92,500.00 92,500.00 92,511.74

04/01/2013 3,671,594.00 6,162.08 3,677,756.08 3,770,256.25 11.57

05/0112013 263,859.00 ] 1,141.04 275,000.04 275,000.00 11.61

05/3112013 169,000,000.00 422,500.00 169,422,500.00 169,422,511.61

06/01/2013 1,965,981.00 1,769.38 1,967,750.38 171,390,250.00 11.99

07/0112013 432,889.00 19,860.04 452,749.04 452,750.00 11.03

08/3112013 41,000,000.00 1,761,875.00 42,761,875.00 42,761,886.03

0910112013 464,860.00 27,640.45 492,500.45 43,254,375.00 11.48

09/30/2013 148,000,000.00 92,500.00 148,092,500.00 148,092,511.48

10/0112013 582,203.00 553.09 582,756.09 148,675,256.25 11.32

I 1I0112013 11,264,299.00 10,701.08 11,275,000.08 11,275,000.00 11040

01/01/2014 18,543,280.00 19,470044 18,562,750.44 18,562,750.00 11.84

02/28/2014 74,000,000.00 1,121,250.00 75,121,250.00 75,121,261.84

03/0112014 995,926.00 27,198.83 1,023,124.83 76,144,375.00 11.67

08/31/2014 36,000,000.00 427,500.00 36,427,500.00 36,427,511.67

09/0112014 576,897.00 26,103.31 603,000.31 37,030,500.00 11.98

03/0112015 264,646.00 25,353.34 289,999.34 290,000.00 11.32

09/01/2015 11,865,083.00 24,916.67 11,889,999.67 11,890,000.00 10.99

Totals 1,926,630,638.00 10, tl7,171.58 1,936,747,809.58 1,936,747,813.50

SCHEDULE E

ESCROW YIELD

Date

05/31/2012

06/0112012

06/0712012

07/0112012

08/01/2012

08/3112012

09/0112012

09/3012012

10/0112012

11101/2012

1113012012

12/0112012

0110112013

0212812013

03/0112013

03/3112013

04/0112013

05/0112013

05/31/2013

06/0112013

07/0112013

0813112013

09/0112013

09/3012013

10/0112013

1110112013

01/0112014

0212812014

03/0112014

08/31/2014

09/0112014

03/0112015

09/0112015

Totals

Total Escrow

Receipts

1,055,000.00

10,277,750.00

490,288,429.42

220,057,162.12

191,593,218.43

1,761,875.00

42,357,500.46

92,500.00

178,715,237.19

274,999.74

254,055,000.00

18,901,500.21

452,750.03

1,761,875.00

2,092,500.23

92,500.00

3,677,756.08

275,000.04

169,422,500.00

],967,750.38

452,749.04

42,761,875.00

492,500.45

148,092,500.00

582,756.09

11,275,000.08

18,562,750.44

75,121,250.00

1,023,124.83

36,427,500.00

603,000.31

289,999.34

11,889,999.67

1,936,747,809.58

Present Value

05/0812012 @

0.2069400%

1,054,860.60

10,276,391.95

490,206,746.59

219,990,164.01

191,501,876.12

1,760,731.52

42,330,009.80

92,424.57

178,568,467.46

274,726.54

253,760,324.24

18,879,468.09

452,144.35

1,758,941.89

2,088,980.70

92,328.50

3,670,937.41

274,442.87

169,050,100.22

1,963,425.16

451,676.02

42,645,824.99

491,163.87

147,665,991.26

581,074.40

11,240,525.72

18,499,614.78

74,841,234.05

1,019,293.54

36,253,578.68

600,121.31

288,316.43

11,808,781.71

1,934,434,689.36

Calculation of Escrow Yield Target Price

Cost of Securities 1,934,434,689.36

Escrow Yield Target Price 1,934,434,689.36

SCHEDULE F

BOND PRICING

Maturity Par Interest Pricing Pricing Gross

Date Amount Rate Yield Call Date Call Price Price . Reoffering

02/0112013 128,410,000.00 2.000% 0.850% 100.835 129,482,223.50

08/01/2013 128,410,000.00 3.000% 1.020% 102.414 131,509,817.40

08/0112014 103,410,000.00 4.000% 1.340% 105.824 109,432,598.40

08/0112014 25,000,000.00 1.600% 1.120% 08/0112013 100.000 100.584 25,146,000.00

08/01/2015 103,410,000.00 5.000% 1.770% 110.095 113,849,239.50

08/0112015 25,000,000.00 2.500% 1.450% 08/0112014 100.000 102.295 25,573,750.00

08/01/2016 127,210,000.00 5.000% 2.130% 111.548 141,900,210.80

08/0112016 1,200,000.00 2.000% 2.130% 99.475 1,193,700.00

08/01/2017 128,410,000.00 5.000% 2.450% L12.443 144,388,056.30

08/0112018 128,410,000.00 5.000% 2.760% 112.737 144,765,581.70

08/0112019 126,410,000.00 5.000% 3.030% 112.701 142,465,334.10

08/0112019 2,000,000.00 3.000% 3.030% 99.803 1,996,060.00

08/0112020 88,410,000.00 5.000% 3.260% 112.467 99,432,074.70

08/0112020 40,000,000.00 5.000% 3.160% 113.238 45,295,200.00

08/0112021 128,410,000.00 5.000% 3.480% 111.907 143,699,778.70

08/0112022 78,410,000.00 5.000% 3.620% 11 1.705 87,587,890.50

08/0112022 50,000,000.00 5.000% 3.520% 112.617 56,308,500.00

08/0112023 128,410,000.00 5.000% 3.750% t11.365 143,003,796.50

08/0112024 128,410,000.00 5.000% 3.880% 08/0112022 100.000 109.377 140,45] ,005.70

08/0112025 93,910,000.00 5.000% 4.000% 08/0112022 100.000 108.322 101,725,190.20

08/01/2025 34,500,000.00 4.000% 4.050% 99.486 34,322,670.00

Totals 1,797,740,000.00 1,963,528,678.00

Calculation of Gross Rcoffering

Par Amount 1,797,740,000.00

Net Rcoffcring Premium 165,788,678.00

Gross Reoffering 1,963,528,678.00

SCHEDULEG

BOND DEBT SERVICE AND YIELD

Bond Yield Bond Yield Total Present Value

Tolal Principal Interest Bond Yield to 05/0812012 @

,Dale Principal Interest Debt Service Adjustment Adjustment Cash Flow 3,2082639%

02/01/2013 128,410,000.00 58,836,314.44 187,246,314.44 187,246,314.44 182,942.664.09

08/0112013 128,410.000,00 38,984,100,00 167,394.100.00 167.394,100.00 160,964,645.66

02101/2014 37,057.950.00 37,057,950.00 37,057,950.00 35,071,987.08

08/0112014 128,410,000.00 37,057,950.00 165,467,950.00 165,467,950.00 154,127,984.10

02/0112015 - 34,789,750.00 34,789,750.00 34,789,750.00 3 J.893,894.25

08/01/2015 128,410,000.00 34,789,750.00 163,199,750.00 163,199,750.00 147.253,071.19

0210112016 31,892,000.00 31,892.000.00 31,892,000.00 28,321,435.22

08/0112016 128,410.000.00 31,892,000.00 160,302,000.00 160,302,000.00 140,107,399.94

02101/2017 28,699.750.00 28,699,750.00 28,699,750.00 24,688,168.72

08/01/2017 ]28,410,000.00 28,699.750.00 157,109.750.00 157,109,750.00 133,015.585.66

02/0112018 25,489.500.00 25,489,500.00 25,489,500.00 21,239,747.04

08/0112018 128,410,000.00 25,489,500.00 153,899,500.00 153,899,500.00 J26,215,840.24

02/0112019 22,279,250.00 22.279,250.00 22,279,250.00 17,983.153.49

08/0112019 128,410,000.00 22,279,250.00 150,689,250.00 150,689,250.00 119,111,586.35

02101/2020 19,089,000.00 19,089,000.00 19,089.000.00 14,925,391.19

08/0112020 128,410,000.00 19,089,000.00 147,499,000.00 147,499,000.00 113,506,374.21

02/01/2021 15,878,750.00 15,878,750.00 15.878,750.00 12,026,413.07

OB/0I/2021 128,410,000.00 15,878.750.00 144.288,750.00 144,288,750.00 107,557,551.38

02/0112022 12,668,500.00 12,668.500.00 12,668,500.00 9,294,419,32

08/01/2022 128,410,000.00 12,668,500.00 141,078,500.00 222,320,000.00 363,398,500.00 262,403,018.48

02/0112023 9,458.250.00 9,458,250.00 (5558,000.00) 3,900,250.00 2,771,831.16

08/01/2023 128,410.000.00 9,458.250.00 137.868,250.00 (5,558,000.00) 132.310,250.00 92,545,743.06

02/0112024 6,248,000.00 6,248,000.00 (5,558.000.00) 690,000.00 475.007.73

08/0112024 128,410,000.00 6,248,000.00 134,658.000.00 (128,410.000.00) (5,558,000.00) 690,000.00 467.508.28

02/01/2025 3,037.750.00 3,037,750.00 (2,347,750.00) 690.000.00 460.127.23

08/01/2025 128,410.000,00 3,037,750.00 131,447,750.00 (93,910,000.()Q) (2,347.750.00) 35,190,000.00 23,095.998.61

Totals 1,797.740,000.00 590,997,314.44 2.388,737,314.44 0.00 (26,927,500.00) 2.361,809.814.44 1,963,066,546.75

Calculation of Bond Yield Target Price

Bonds Par Amount 1,797,740.000.00

Net Reoffering Premium 165,188,678.00

Bonds Insurance Premium (462,131.25)

Bond Yield Target Price 1,963,066,546.75

EXHIBIT B

REFUNDED BONDS

'fhe Refunded Bonds will either be redeemed prior to stated maturity at dcfeased to stated

maturity. For Refunded Bonds that will be redeemed prior to maturity, redemption notices will be sent

separately.

Remaining

Dated Maturity Refunded Non- Call

Series Date CUSIP* Date Coupon Par Refunded Call Date Price

Saies of July 1997 7/1/1997 452150-GK5 7/1/2014 5.125% 4,000,000 6/7/2012 100

Series of July 1997 7/l/1997 452151-T86 7/112015 5.150% 1,915,000 6/7/2012 100

Series of July 1997 7/1/1997 452150-GMI 7/112016 5.200% 4,000,000 617/2012 100

Series of July 1997 7/1/1997 452150-GT6 7/l/2022 5.250% 20,000,000 617/2012 tOo

Series of August 2000 81112000 452150-H73 8/1/2025 5.375% 3,000,000 6/7/2012 100

Series of December 2000 12/1/2000 4521 52-DA6 12/1/2025 5.375% 14,000,000 6/7/2012 100

Series of May 200 I 5/1/200 I 452150-U86 511/2026 5.250% 30,000,000 617/2012 100

Series of August 2001 8/1/2001 452150-Y74 8/1/2019 5.000% 15,000,000 617/2012 100

Series of August 2001 8/l/200 I 452150-Y82 81112020 5J)OO% 15,000,000 617/2012 100

Series of August 200 I 811/200 I 452150·Y90 8/1/2021 5.000% 15,000,000 61712012 100

Series of August 2001 8fl1200 I 452150-724 gll/202l 5.125% 15,000,000 61712012 100

Series of August 200 I 8/112001 452150-Z32 8/1/2026 5.000% 20,000,000 617/2012 100

Remaining



Series of November 200t J1/1/2001 452150-3Al 11/112020 5.000% 13,000,000 6/7/2012 100

Series of November 2001 11/1/2001 452t50-3B9 11/1/2021 5.000% 13,000,000 6/7/2012 100

Series of November 2001 11/1/2001 452150-3C7 11/1/2022 5.000% 16,000,000 61712012 100

Series of February 2002 2/1/2002 452150-5Y7 2/1/2019 5.100% 15,000,000 6/7/2012 100

Series of February 2002 2/1/2002 452150-5Z4 2/112020 5.125% 15,000,000 6/7/2012 100

Series of February 2002 2/1/2002 452150-6A8 2/1/2021 5.125% 15,000,000 617/2012 100

Series of February 2002 2/1/2002 452/50-6136 2/1/2022 5.125% 15,000,000 6/7/2012 100

Series of February 2002 2/1/2002 452150·6C4 2/112027 5.125% 75,000,000 6/7/2012 100

Series or March 2002 4/112002 452150-7C3 4/1/2018 5. j25~-a 15,000,000 6/7/2012 100

Series of March 2002 4/1/2002 452150-7DI 4/1/2019 5.125% 15,000,000 6/7/2012 IOU

Series of March 2002 4/1/2002 452 150-7E9 4/1/2020 5.125% 15,000,000 6/7/2012 JO{)

Series of March 2002 4/1/2002 452150-7F6 4/1/2021 5.250o;b 15,000,000 617/2012 100

Series of March 2002 4/1/2002 452150-7G4 4/1/2022 5.250'Yo 15,000,000 6/7/2012 100

Series of March 2002 4/1/2002 452 I50-7H2 4/1/2023 5.250% 5,000,000 6/7/2012 100

Series of March 2002 411/2002 452150·718 41112027 5.250% 70,000,000 6/7/2012 100

Series of July 2002 7/1/2002 452151-AN3 7/i/2012 5.375% 16,000,000 n/a n/a

Remaining

Dated Maturity llcfunded Non- Call

Series Date ClISIP* Date Coupon Par Refunded Call Date Price

S~ries ofJuly 2002 7/1/2002 452151-AS2 7/1/2016 5.375% 16,000,000 7/1/2012 100

Series of July 2002 7/1/2002 452151-ATO 7/l/2017 5.375% 16,000,000 7/112012 100

Series ofJuly 2002 7/1/2002 452151-AU7 7/112018 5.375% 16,000,000 7/1/2012 100

Series of July 2002 7/112002 452151-AV5 7/112019 5.375% 16,OOn,Ooo 7/112012 100

SCiics of July 2002 7/1/2002 452151-AW3 7/1/2020 5.375% 16,000,000 7/1/20/2 100

Series of July 2002 7/1/2002 452151-AXI 7/1 /2021 5.375% 16,000,000 7/l/2012 100

Series ofJuly 2002 7/1/2002 452151-AY9 7/112022 5.000% 2,380,000 7/1/2012 100

Series of July 2002 7/1/2002 452151-AZ6 7/112022 5.375% 14,620,000 7/112012 100

Series of July 2002 7/1/2002 452151-BAO ilI/20n 5.100% 17,000,000 7/112012 100

Series of July 2002 7/1/2002 452151-BB8 71J12024 5.100% i 7,000,000 7/1/20/2 100

Series of July 2002 7/1/2002 452151-BC6 7/li2027 5.000% 51,000,000 711/2012 100

Series of August 2002 8/J/2002 45215 J-BU6 8/1/2012 5.250% 61,305,000 n/a 11/(1

Series of August 2002 8/1/2002 452151-I3Y8 8/1/2016 5.500% 38,690,000 8/1/2012 100

Series of August 2002 8/1/2002 452151-BZ5 811/20!7 5.500% 38,S 10,000 8/1/2012 100

Series of August 2002 8/1/2002 4521SI-CA9 8/l/20IS 5.500% 31,525,000 gll/2012 (00

Series of August 2002 &/1/2002 45215I-CB7 8/1/20/9 5500% 16,510,000 8/1/2012 100

Remaining



Series of October 2002 10/1/2002 452151-DI:.0 101l/2015 5.250% 16,000,000 10/1/2012 100

Series of October 2002 10/112002 452151~Df7 10/112016 5.000% 16,000,000 10/1/20 I2 100

Series of October 2002 10/112002 452I51-DG5 10/112017 5.250% 16,000,000 10/1/2012 100

Series of October 2002 10/112002 452151-0113 to/l/20 18 5.250% 16,000,000 - 1011/2012 100

Series of October 2002 10/1/2002 452151-DJ9 10/112019 5.250% 16,000,000 10/1/2012 100

Series of October 2002 10/1/2002 452151-DK6 101112020 5.250% 16,000,000 10/1/2012 100

Series of October 2002 10/112002 452151-DL4 1Oil/202 I 5.250% 16,000,000 10/1/2012 100

Series of October 2002 10/1/2002 452151-DM2 10/112022 4.750% 16,000,000 1011/2012 100

Series ofOdobcr 2002 101112002 452151-DNO 10/112023 4.800% 16,000,000 - 10/li20 12 100

Series of October 2002 101112002 452151·DPS 10/1/2024 4.850% 16,000,000 10/112012 100

Series of December 2002 12/112002 45215 t-UP2 12/1/2014 5.375% 20,000,000 - 12/1/2012 100

Series of December 2002 12/1/2002 452151-GQO 12/1/2015 5.375% 26,000,000 - 121112012 ]00

Series of December 2002 12/li2002 452151-GR8 12/1/2016 5.375% 16.000,000 12/1/2012 100

Series of December 2002 12/1/2002 452151-GS6 12/1/2017 5.250% 14,000,000 12/l/20 12 100

Series of December 2002 12/112002 452151 ~CiT4 12/1/2018 5.250% 14,000,000 12/112012 100

Series of December 2002 12/1/2002 4521SI ..GUI 12/l /20 19 5.250% 16,000,000 12/1/2012 jOO

Remnining

Dntet! Maturity Refunded Non- Call


-Series of Decemher 2002 i 2/1/2002 452151-GV9 i 211/2020 5.250% 16,000,000 12/1J2M2 100

Series of December 2002 12/1/2002 452J51-GW7 1211/2021 5.250% 28,000,000 12/l/2012 100

Seric3 of December 2002 12/1/2002 452151-GX5 12/1/2022 5.000% 20,000,000 12/l/20 12 100

Series ()f December 2002 12/1/2002 452151-GY3 12/1/2023 5.000% 22,000,000 12il/2012 100

Series of December 2002 12/1/2002 452151-CZO 12/112024 5.000% 22,000,000 - 12/1/2012 100

Series of December 2002 1211/2002 452151-HA4 12/1/2027 5.000% 48,000,000 12/1/2012 100

Series of June 2003 6/4/2003 452151-KAO 6/l/2014 5.000% 16,795,000 6/1/2013 100

Series of June 2003 6/412003 452151-KB8 6/112015 5.000% 17,630,000 6/1/2013 100

Series ofJUlie 2003 6/4/2003 452151-KC6 6/1/2016 5.000% [8,515,000 6/1/2013 100

Series of June 2003 6/412003 452151-KD4 6/1/2017 5,000% /9,440,000 6/1/20/3 100

Series of June 2003 6/4/20U3 452151-KE2 6/ J12018 5.000% 20,410,000 61112013 100

Series of June 2003 6/4/2003 452151-KF9 6/1/2019 5.000% 13,065,000 8,365,000 6/112013 100

Series of June 2003 6/412003 452151-KG7 6/112020 5.000% 11,290,000 11,215,000 6/112013 100

Series of June 2003 6/4/2003 452151-KM4 6/1/2025 5.000% 26,700,000 1,975,000 6/1/2013 100

Series of June 2003 6/4/2003 452151-KSI 6/1/2026 5.000% 21,7&0,000 3,330,000 6/1 /20 13 100

Series of ]lIIK' 2003 6/4/2003 452151-KQ5 6/1/2028 5.000% 1,585,000 J 1,590,000 61i/2013 100

Remaining


Series Date CUSIP* Date Coupon Par Refunded Call1hte Price

Series A of Odobcr 2003 iO/30/2003 452151-MQ3 101112012 5.250%) 10,685,000 14,295,000 n/a n/a

Series A of Octobcr 2003 10/30/2003 452151-MRI 10/1/2013 5.250% 34,875,000 12,255,000 n/a n/a

Series 1\ of October 2003 10130/2003 452151-MS9 10/1/2014 5.250% 44,645,000 15,690,000 10/1/2013 100

Series A of October 2003 10/3012003 452151-MT7 10/1/2015 5.250% 3R,585,OOO 13,560,000 10/1/2013 100

Series A of October 2003 10/3012003 452151-MU4 10/1/2016 5.000% 14,675,000 26,085,000 10/1/2013 100

Series A of Octoher 2003 10/30/2003 452151-MV2 10/1/2017 5.000% 4,670,000 19,515,000 10/1/2013 100

Scries A of October 2003 10/3012003 452151-MY6 LO/l/2020 5.000% 7,455,000 2,620,000 10/1/2013 10O

Series A of March 2004 4/1J2004 452151-PCl 3/1/2014 5.000% 4,215,000 6,470,000 n/a n/a

Series A of March 2004 4/1/2004 452151-PD9 311/2015 5.000% 11,220,000 3/112014 100

Series A of March 2004 4/1/2004 452151-PE7 3/1/2016 5.000% 11,780,000 3/lJ2014 100

Series A of March 2004 4/1/2004 452151-PK3 3/1/2021 5.000% 7,540,000 8,030,000 3/1/2014 100

Series A of March 2004 4ili2004 452151-PLI 3/1/2022 5.000% 3,210,000 13,140,000 3/J/2014 100

Series 1\ of March 2004 411J2004 452151-PM9 3/1/2023 5.000% 17,165,000 3/1/2014- 100

Series A of ~·1an:h 2004 4/1/2004 452151-PN7 3/1/2024 5.000% 18,025,000 3/1/2014 100

Series of Scptcmhcr 2004 9/2812004 452151-RBI 9/1/2012 5.000% 11,400,000 n/a n/a

Series of September 2004 9/28/2004 452151-RC9 91li2013 5.000% J 1,400,000 n/a n/a

Remaining

Dated Maturity Refunded NOD- Call

Series Date CUSIP* nate Coupon Par Refunded Call Date Price

Serits \..)( Septemher 2004 9/28/2004 452151-RD7 9/1/2014 5.000% ) 1,400,000 n/a fila

Series of September 2004 9/28/2004 4521SI-RN5 9/1/2023 5.000% 8,970,000 2,430,000 9/1/2014 100

Series ofNovember 2004 11/1012004 452I51-SFI II/l/20I3 5.000% 11,000,000 n/a n/a

Series of September 2005 9/2912005 45215J-VY6 9/1/2012 5.000% 12,000,000 nla n/a

Series of September 2005 9/2912005 452151-VZ3 9/112013 5.000% 12,000,000 n/a n/u

Series of September 2005 912912005 45215J-WA7 911/2014 5JlOO% 12,000,000 n/a n/a

Series of September 2005 9/29/2005 452151-WB5 9/1/2015 5.000% 11,600,000 400,000 n/a n/a

Series A of September 2009 9/23/2009 452151-7R8 9/112012 3.500% 16,000,000 n/a n/a

Series A of September 2009 9/23/2009 452151-7S6 9/1/2013 3.50(We 16,000,000 nia n/a

Series A of September 2009 9/23/2009 452151-71'4 9/112014 3.500% 3,500,000 12,500,000 n/a n/a

Refunding Series of Feb 2010 313/2010 452152-CL3 11112014 5.000% 18,110,000 58,685,000 ilIa ilIa

* The CUSIP number for each refunded bond has been obtained from a source the State believes to

be reliable, but the State is not responsible for the corrce-tness of the CUSIP numbers.

EXIII81TC

GOVERNMENT SECURITIES

Security Security PrincipalIntcrest Rate

Maturity First Jnterest SecurityNumber Type Amount Date Payment Date Description912828PV6 TNote 253,000,000 0.500% IlJ30/2012

912828QZ6 TNote 169,000,000 0.500% 5/3J12013

912828JK7 TNote 41,000,000 3.125%1 8/3 1I20l3

91 2828RK8 TNotc 148,000,000 0.125% 9/3012013

912828KF6 TNote 74,000,000 1.875% 2/28/2014

912828LK4 TNote 36,000,000 2.375% 8/3 tl2014

SLGS Certificate 10,277,750 0.000% 6/1/2012 6/1/2012

SLGS Certificak 490,264,252 0.060% 6/7/2012 617/2012

SLOS Certificate 220,031,738 0.060% 7/1 12012 7/1/2012

SLGS CCliificatc 191,557,531 0.080% 8/l/2012 8/112012

SLGS Certificate 42,327,968 0.090% 9/1/2012 9/112012

S LGS Ccrtificate 178,636,196 0.110% 10/1/2012 10/1/2012

SLGS Certificate 264,539 0.130% 11/1/2012 111l/2012

SLGS Certificate 18,884,505 0.140% 12/1/2012 12/1/2012

SLGS Certificate 432,467 0.150% 1/1/2013 1/l12013

SLGS Certificate 2,062,175 0.160% 3/1/2013 31112013

SLGS Certificate 3,671,594 0.170% 4/112013 4/1/2013

SLGS Certificate 263,859 0.170% 5/1/2013 5/1/2013

SLGS Note 1,965,981 0.180% 6/1/2013 121112012

SLGS Note 432,889 0.180% 7/li2013 7/112012

SLGS Note 464,860 0.190% 9/li2013 9/1/2012

SLGS Note 582,203 0.190% 10/1/2013 1011/2012

SI.GS Notc 11,264,299 0.J90% 11/1/2013 11/1/2012

EXHIBITD

REFUNDED BONDSAGGREGATE PRINCIPAL AMOUNT,

REDEMPTION PRICEIFINAL MATURITY PAYMENT AND REDEMPTION DATEIMATURITY DATEFOR REFUNDED BONDS

Maturity Date Interest Rate Par Amount Call Date Call Price

Series of July 1997

7/1/2014 5.125% 4,000,000 61712012 100

71112015 5.150% 1,915,000 61712012 100

7/1/2016 5.200% 4,000,000 617/2012 100

7/112018 5.250% 4,000,000 617/2012 100

71112019 5.250% 4,000,000 617/2012 100

7/1/2020 5.250% 4,000,000 617/2012 100

7/112021 5.250% 4,000,000 617/2012 100

7/112022 5.250% 4,000,000 617/2012 100

29,915,000


8/1/2025 5.375% 3,000,000 61712012 100


12/112025 5.375% 14,000,000 617/2012 100


81112019 5.000% 15,000,000 617/2012 100

811/2020 5.000% 15,000,000 61712012 100

8/112021 5.000% 15,000,000 6/7/2012 100

8/112022 5.125% 15,000,000 617/2012 100

81112025 5.000% 10,000,000 617/2012 100

811/2026 5.000% 10,000,000 617/2012 100

80,000,000

Series of May 2001

5/1/2024 5.250% 10,000,000 61712012 100

51112025 5.250% 10,000,000 617/2012 100

511/2026 5.250% 10,000,000 617/2012 100

30,000,000


111112020 5.000% 13,000,000 61712012 100

111112021 5.000% 13JOOO,OOO 6/7/2012 100

11/1/2022 5.000% 16,000,000 617/2012 100

D-l


42,000,000


8/1/2012 5.250% 61,305,000

8/1/2016 5.500% 38,690,000 8/1/2012 100

8/1/2017 5.500% 38,510,000 8/1/2012 100

8/l/2018 5.500% 31,525,000 8/1/2012 100

8/1/2019 5.500% 16,510,000 8/1/2012 100

186,540,000


2/1/2019 5.100% 15,000,000 6/712012 100

2/1/2020 5.125% 15,000,000 61712012 100

2/1/2021 5.125% 15,000,000 6/7/2012 100

2/1/2022 5.125% 15,000,000 617/2012 100

2/1/2023 5.125% 15,000,000 617/2012 100

2/1/2024 5.125% 15,000,000 6/7/2012 100

2/1/2025 5.125% 15,000,000 6/712012 100

2/1/2026 5.125% 15,000,000 6/7/2012 100

2/l/2027 5.125% 15,000,000 6/7/2012 100

135,000,000

Series of July 2002

7/1/2012 5.375% 16,000,000

7/1/2016 5.375% 16,000,000 7/1/2012 100

7/1/2017 5.375% 16,000,000 7/1/2012 100

711/2018 5.375% 16,000,000 71I/2012 100

71112019 5.375% 16,000,000 7/1/2012 100

7/1/2020 5.375% 16,000,000 7/1/2012 100

7/1/2021 5.375% 16,000,000 7/1/2012 100

7/1/2022 5.000% 2,380,000 7/112012 100

7/1/2023 5.100% 17,000,000 7/1/2012 100

7/1/2024 5.100% 17,000,000 7/112012 100

7/1/2025 5.000% 17,000,000 71112012 100

711/2026 5.000% 17,000,000 71112012 100

7/1/2027 5.000% 17,000,000 71112012 100

7/1/2022 5.375% 14,620,000 7/112012 100

214,000,000


4/1/2018 5.125% 15,000,000 6/712012 100

4/112019 5.125% 15,000,000 61712012 100

411/2020 5.125% 15,000,000 6/712012 100

411/2021 5.250% 15,000,000 61712012 100

4/1/2022 5.250% 15,000,000 617/2012 100

4/112023 5.250% 5,000,000 6/712012 100

D-2


4/112024 5.250% 17,500,000 61712012 100

41112025 5.250% 17,500,000 61712012 100

41112026 5.250% 17,500,000 61712012 100

4/112027 5.250% 17,500,000 61712012 100

150,000,000


12/1/2014 5.375% 20,000,000 12/112012 100

12/1/2015 5.375% 26,000,000 121112012 100

121112016 5.375% 16,000,000 121112012 100

12/1/2017 5.250% 14,000,000 121112012 100

12/1/2018 5.250% 14,000,000 12/1/2012 100

12/1/2019 5.250% 16,000,000 12/112012 100

12/1/2020 5.250% 16,000,000 12/112012 100

121112021 5.250% 28,000,000 12/112012 100

12/1/2022 5.000% 20,000,000 12/112012 100

12/112023 5.000% 22,000,000 121112012 100

12/1/2024 5.000% 22,000,000 12/112012 100

1211/2025 5.000% 16,000,000 12/1/2012 100

12/1/2026 5.000% 17,000,000 121112012 100

12/1/2027 5.000% 15,000,000 12/112012 100

262,000,000


10/112015 5.250% 16,000,000 10/112012 100

10/112016 5.000% 16,000,000 101112012 100

10/1/2017 5.250% 16,000,000 10/112012 100

10/1/2018 5.250% 16,000,000 101112012 100

10/1/2019 5.250% 16,000,000 101112012 100

10/112020 5.250% 16,000,000 10/112012 100

10/1/2021 5.250% 16,000,000 1011/2012 100

101112022 4.750% 16,000,000 10/1/2012 100

101112023 4.800% 16,000,000 1011/2012 100

10/112024 4.850% 16,000,000 10/112012 100

160,000,000

Series of June 2003

6/1/2014 5.000% 16,795,000 6/112013 100

61112015 5.000% 17,630,000 61112013 100

6/112016 5.000% 18,515,000 6/112013 100

611/2017 5.000% 19,440,000 611/2013 100

6/112018 5.000% 20,410,000 61112013 100

6/112019 5.000% 13,065,000 61112013 100

61112020 5.000% 11,290,000 61112013 100

6/112025 5.000% 26,700,000 6/1/2013 100

6/112028 5.000% 1,585,000 61l/20l3 100

D-3

Maturity Dale Interest Rate Par Amount Call Date Call Price

61112026 5.000% 21,780,000 6/112013 100

167,210/000


10/112012 5.250% 10,685,000

1O/l/2013 5.250% 34,875,000

10/1/2014 5.250% 44,645,000 10/112013 100

lOll/20 15 . 5.250% 38,585,000 101112013 100

10/112016 5.000% 14,675,000 10/112013 100

10/112017 5.000% 4,670,000 1Oil12013 100

101l/2020 5.000% 7,455,000 1011/2013 100

155,590,000


31112014 5.000% 4,215,000

3/112015 5.000% 11,220,000 311/2014 100

31112016 5.000% 11,780,000 3/112014 100

3/1/2021 5.000% 7,540,000 3/112014 100

311/2022 5.000% 3,210,000 3/112014 100

3/112023 5.000% 17,165,000 3/112014 100

31112024 5.000% 18,025,000 31112014 100

73,155,000


1111/2013 5.000% 11,000,000


9/112012 5.000%

9/112013 5.000%

9/1/2014 5.000%

91112023 5.000%


9/1/2012 5.000%

9/112013 5.000%

9/112014 5.000%

9/1/2015 5.000%

Series A of September 2009

911/2012 3.500%

9/1/2013 3.500%

9/1/2014 3.500%

11,400,000

11,400,000

11,400,000

8,970,000

43,170,000

12,000,000

12,000,000

12,000,000

11,600,000

47;600,000

16,000,000

16,000,000

3,500,000

35,500,000

D-4

91112014 100

Maturity Date Interest Rate Par Amount

! Refunding Series of February 2010

1/112014 5.000% 18,110,000

D-5

Call Date Call Price

EXHIBITE

FORM OF NOTICES OF REDEMPTION

Notices of redemption shall be in substanti~~ly the following form:

STATE OF ILLINOIS

NOTICE OF REDEMPTION OF

$ GENERAL OBLIGATION BONDS,SERIES OF _

Dated l, __OF THE

STATE OF ILLINOIS

* * *Notice is hereby given to the registered owners of the bonds named in the above caption, and dueon 1 of the years and bearing the following CUSlP numbers:____ that the State of Illinois, has exercised its option to call for redemption and paymentsaid bonds in the aggregate principal amount of $ prior to their maturity. All bondsdescribed in the preceding sentence will be redeemed on 1, 20_. Such bonds willbe paid on 1, 20_, upon surrender of said bonds, and such payment will be at aprice of par, a premium of__0/0 of the principal amount being redeemed and accrued interestup to and including said last mentioned date.

Notice is hereby further given that on said date of redemption, said redemption price willbecome due and payable for each of said bonds so called for redemption and that said bondsshall cease to bear interest from and after said redemption date of 1, 20_,

The registered owners of said bonds are directed to present the same for payment at theoffice of [the State Treasurer, Springfield, Illinois], as bond registrar and paying agent for saidbonds, where such bonds and interest will be paid.

Federal tax law requires that the redeeming institution withhold 28% of the principalamount of your holdings unless it is provided with your social security number or federalemployer identification number, properly celtified. This compliance should be fulfilled bysubmitting a W-9 Form which may be obtained at a bank or other financial institution.

By order of the Governor of the State of Illinois, dated the __ day of. _

E-1

STATE OF ILLINOIS

By _

Govelnor

By _

State Treasurer, as Bond Registrar

E-2

EXHIBITF

MATERIAL EVENT NOTICE COVER SHEET

This cover sheet and material event notice should be sent to the Municipal SecuritiesRulemaking Board pursuant to Securities and Exchange Commission Rule 15c2-12(b)(5)(i)(C)and (D).

Issuer's and/or Other Obligated Person)s Name:~ ---_- _

or Nine-Digit CUSIP Number(s) to which this material event notice relates: _

Number of pages of attached material event notice: ~ _

Description of Material Event Notice (Check One):

1. __Principal and interest paylnent delinquencies2. __Non-payment related defaults3. __Unscheduled draws on debt service reserves reflecting financial difficulties4. __Unscheduled draws on credit enhancements reflecting financial difficulties5. __Substitution of credit or liquidity providers, or their failure to perform6. __Adverse tax opinions or events affecting the tax-exempt status of the security7. __Modifications to rights of security holders8. __Bond calls9. Defeasances10. __Release) substitution, or sale of property securing repayment of the securities11. __Rating changes12. __Failure to provide annual financial infonnation as required13. __Other material event notice (specify) _

I hereby represent that I am authorized by the issuer or its agent to distribute this informationpublicly:

Signature:__--__~_- _

Name:--------------------------------Title: ~__--- - _

Employer: - _

Address:-------~-----------------------

F-1

Note: Please print the material event notice attached to this cover sheet in lO-point type or larger.The cover sheet and notice should be delivered to the MSRB through the use of EMMA orthrough any other electronic fonnat prescribed by the MSRB for such purpose. Contact theMSRB at (202) 223-9503 with questions regarding this form or the dissemination of this notice.

F-2

Documents

ESCROW AGREEMENT - EMMA · PDF fileESCROW AGREEMENT This Escrow Agreement dated as ofrVlay 8, 2012, by and between the State ofIllinois and ... "Escrow Account" means the trust fund