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<div class=Section1>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>As you are aware, the Master Lease Real
Property program was expanded through legislation last spring to include
refunding of current debt. It might be beneficial to your institution to
consider a refinancing of any privatized housing issuances or bond issuance
from previous fiscal years through this program under the current market
conditions. A cost savings analysis must be part of the
materials included in our presentation to the Bond Oversight for their
consideration.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Each project would need to be analyzed to
determine if indeed cost saving would be feasible under the terms for
redemption of the original issuance. As the time is nearing for the list to be
submitted to the legislature of projects under consideration this calendar
year, you may want to consider these projects.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Please let me know if you have any
questions that we can help to get answers.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
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<o:p></o:p></span></font></p>
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12.0pt'><o:p> </o:p></span></font></p>
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<pre>**********************************************************************
The company reserves the right to amend statements made herein in the event of a mistake. Unless expressly stated herein to the contrary, only agreements in writing signed by an authorized officer of the Company may be enforced against it.
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