Step 1

Application Process
November 2007 - March 2008

New Participants Send:

1. Adopted Budget for fiscal year 2007-08 with unaudited actuals for fiscal year 2006-07.

2. Audited financial statements for the fiscal years ended June 30, 2005, 2006, and 2007

3. Second Interim Report including actual cash flow worksheet

Existing Participants Send:

1. Adopted Budget for fiscal year 2007-08 with unaudited actuals for fiscal year 2006-07

2. Audited financial statement for fiscal year ended June 30, 2007

3. Second Interim Report including actual cash flow worksheet

Step 2

Resolution Adoption
January 2008 - March 2008

District’s Board adopts program documents and sends signature pages to Piper Jaffray & Co.

Step 3

Cash Flow Preparation
May 2008

The financing team assists school districts with the preparation of cash flows for individual district TRAN sizing. These cash flows are reviewed by Orrick, Herrington & Sutcliffe, the program’s Bond Counsel

Step 4

Pricing
June 2008

District’s administration approves all aspects of the pricing including the interest rate on the notes, the investment of proceeds and the final costs of issuance.

Step 5

Closing
July 2008

Funds are wired into the district's sub-account held by the Trustee and are invested per the district's instructions. Proceeds begin earning interest from the date of closing.

Step 6

Closing through Note Maturity
July 2008 - June 2009

Districts enjoy access to note proceeds for cash flow purposes until payments are due under the notes.

Step 7

Note Maturity
July 2009

Principal and interest on the notes are repaid to investors. Investment earnings in excess of total costs are rebated to the districts.