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<br />8A <br />Page 14 <br /> <br />. Designed to keep existing bond insurance policies in place to preserve potential future <br />value of bond insurance premiums already paid; and <br /> <br />. Local agency participants would trigger mandatory tender of their bonds for purchase by <br />California Communities via notice to their bondholders of interest rate mode change to an <br />approximately one-year fixed-term interest rate. <br /> <br />Program Advisors <br /> <br />Califomia Communities has assembled a team of firms that are leaders in California public finance. <br /> <br />Bond and Disclosure Counsel: Orrick Herrington & Sutcliffe lLP <br />Financial Advisor: Public Financial Management, loe. <br />Underwriters (in alphabetical order): Goldman Sachs, Merrill Lynch, and Morgan Stanley <br /> <br />Additional Information <br /> <br />City officials interested in participating in the Liquidity Note program should visit California <br />Communities online at www.cacornmunities.orQ. <br /> <br />Please contact James Hamill, Program Manager, at (925) 933-9229. ext. 216 with further <br />questions . <br /> <br />California Communities Offers Cities Short Tenn Cash Flow Financing <br /> <br />Economic realities are driving cities to seek solutions to cash flow problems. The California <br />Communities TRAN (Tax and Revenue Anticipation Note) program provides an easy and cost <br />effective way for local governments to access the capital marKets by providing funds for short term <br />cash flow deficits that occur due to the normal timing difference of cash receipts and cash <br />disbursements. <br /> <br />Program Accomplishments <br /> <br />. Over $7 billion in funds have been provided to more than 150 local govemments since <br />1993; and <br /> <br />. Borrowings have ranged in size from $100 thousand to $320 million. <br /> <br />There is no cost to enroll in TRAN. The enrollment form can be found on the California Statewide <br />Communities Development Authority Web site at www.cacommunities.org. <br /> <br />httpJ/cscda.Qwikdox.comfcustom/CSGDA EnroflmentForm.asp (THIS IS THE FORM for the <br />online version) <br /> <br />The California Communities Web site (www.cacommunitiesorQ) has information for city officials <br />interested in TRAN or other programs and services designed to benefit local governments. <br /> <br />For more information on TRAN, contact Terrence Murphy of California Communities at (925) 933- <br />9229. ex!. 223. <br /> <br />California Communities is co-sponsored by the League and CSAC. <br /> <br />8 <br />