Step 1

Application Process

New Participants Send:

1. Current year adopted budget and unaudited actuals

2. Audited financial statements for the prior three fiscal years

3. Most recent interim report (for K-12 issuers) or CCFS-311Q (for CCD issuers) as applicable

4. Most recent actual cash flow and/or cash flow projection

Existing Participants Send:

1. Current year adopted budget and unaudited actuals

2. Audited financial statement for the prior fiscal year

3. Most recent interim report (for K-12 issuers) or CCFS-311Q (for CCD issuers) as applicable

4. Most recent actual cash flow and/or cash flow projection

Step 2

Resolution Adoption

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

Step 3

Cash Flow Preparation

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

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

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

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

Step 7

Set-aside Period

Funds periodically deposited into repayment account ahead of maturity date. Provides additional security for investors, improving ratings and lowering borrowing costs.

Step 8

Note Maturity

Principal and interest on the notes are repaid to investors. Excess investment earnings in excess of total costs retained by Districts*

* Subject to compliance with certain federal tax regulations.