proposal to · capital financial advisors, inc., ("cfa") is a new jersey based...

Proposal to:

LOPATCONG BOARD OF EDUCATION

For

Financial Advisory Services

March 21, 2011

Capital Financial Advisors, Inc. 309 Fellowship Road, Suite 200 Mount Laurel, New Jersey 08054 TEL: 856-533-2314 FAX: 856-533-2315

Table of Contents

Introduction ........................................................................I Resumes of Professionals ............................................... II Scope of Services.............................................................III Experience........................................................................IV Fee Proposal ..................................................................... V

Introduction

Introduction Capital Financial Advisors, Inc., ("CFA") is a New Jersey based woman-owned financial advisor to local governments. The goal of CFA is to provide in-depth professional support and sound financial consulting services. These services are provided without any conflict of interest, which is evident in many firms that provide financial advisory services. CFA is an independent financial advisor. This allows us to provide our clients with a clear unbiased view of the best financial planning strategies relative to the issuance of securities, be it through refinancings, general obligation, referendum or lease financings. We do not provide accounting or auditing services, nor are we investment bankers. Our goal is to work closely with all the professionals involved in the transaction and to achieve the best financing structure for our client. Our involvement in all stages of financing, planning and implementation permits CFA to offer our clients a practical perspective on the legal, financial, and institutional constraints of public policy. Our role in assisting clients relative to the issuance of securities is to serve as manager by handling each financial aspect of the transaction from projecting repayment options and attending public hearings to planning the sale and bond closing. One of our most important functions is to maximize the degree to which securities are accepted in the marketplace so that our clients pay the lowest possible interest rate. We provide market analyses, organize presentations to the rating agencies and insurance companies and provide a detailed analysis of final sale bids in order to permit an informed assessment of the bid offering. Since we are involved in the capital market on an ongoing basis, we have developed excellent working relationships with underwriting and trading personnel at many national investment banking firms. This allows us to extract market information from a broad cross section of investment bankers. This is particularly helpful when negotiating the sale of securities. With regard to other financial consulting services provided by CFA, again, we are committed to providing the highest quality of services with the best interest of the client in mind. These services draw from the expertise of the professionals of the firm. The technical ability coupled with the staff's practical experience allows CFA to complete these services and present their findings in a way, which recognizes the sometimes-sensitive nature of these issues. CFA has developed an expertise in assisting clients with the evaluation of financing options for alternative energy systems. CFA is the only financial advisory firm in New Jersey to procure and issue Clean Renewable Energy Bonds (“CREB”) on behalf of their clients. With the advent of the recent federal stimulus financial incentives, we are continuing to assist clients with the implementation of these new financing options. We continue to be available to our clients after the completion of our contracts for on-going discussions and communication of new developments in the bond market, funding regulations and other issues important to them. We work closely with state officials including those at the Department of Community Affairs and Local Finance Board and are knowledgeable of the requirements for various state approval processes. Both Mary Lyons and Robbi Acampora have previous work experience in the budget, comptroller and county administrator’s offices of a New Jersey County. This experience is unmatched by any other financial advisory firm in New Jersey. This expertise combined with the 20 years of financial advisory experience by both Ms. Lyons and Ms. Acampora allows CFA to provide a unique perspective in terms of budgeting, financial planning debt management and rating agency relations.

Resumes of Professionals

Capital Financial Advisors, Inc.

Resumes of Professionals The professionals of Capital Financial Advisors are proud to present their credentials below. The combined experience of our professionals enables us to provide our clients with a distinctive level of service unequaled by other financial advisory firms. Robbi S. Acampora President Ms. Acampora formed Capital Financial Advisors, Inc. in 1993. She also has five years of public finance experience at another financial advisory firm, and nine years of municipal fund accounting, public finance and hospital finance experience. As Chief Financial Officer of a county government, Ms. Acampora managed a $180 million budget and coordinated the financing and project management of a capital budget in excess of $135 million. Ms. Acampora has extensive experience in budget development and analysis, long-term debt management and the development of capital financing alternatives. In addition, she has developed continuing education programs on various budgeting and program monitoring topics which were presented to employees at all levels of government. Ms. Acampora has participated in financings in excess of $4.5 billion. Her experience with municipal and school district financings, county and municipal debt planning, and authority financings enables Ms. Acampora to provide a full scope of financial advisory services to her clients. Ms. Acampora earned a Bachelors Degree in accounting from Rutgers University and is a Certified Municipal Finance Officer for the State of New Jersey. Mary K. Lyons Vice President Ms. Lyons joins Capital Financial Advisors, Inc. as a specialist in municipal and school budget analysis and is responsible for the development of software modeling applications needed to structure specific solutions for financing transactions. She has fifteen years of experience as a consultant to tax-exempt issuers. She has developed various financial models, which are used to determine the feasibility of refunding securities. She has participated in $4 billion of tax- exempt financings. She has also developed a comprehensive analytical model for the feasibility of early retirement programs. Ms. Lyons has previously served as the Budget Director of a New Jersey County. Her responsibilities in that position included overall management for both operational and capital budgets. These budgets exceeded $150 million for operating and in excess of $100 million for capital. Ms. Lyons has developed an expertise in operating and capital budget monitoring systems, debt management planning and school budget analysis. Ms. Lyons has a Bachelor's degree from St. Joseph's University and a Master's degree from Villanova University.


Denise S. Baxter Associate Ms. Baxter joins Capital Financial Advisors, Inc. with 10 years experience in the public finance sector. Ms. Baxter’s responsibilities are market research, document development, transaction processing and quantitative support. Her duties include the compilation and development of materials for official statements, applications to regulatory and credit agencies, and public presentations. Ms. Baxter is an expert at researching bond and economic data and is familiar with the capabilities of TM3 and other internet based informational sources. She provides quantitative support through data base management, bond sizing and general cash flow analyses. Ms. Baxter earned a Bachelor’s degree from Rowan University.

Scope of Services

Scope of Services Refunding Bonds • Review structure of General Obligation Bond ("Bond") financing;

• Review terms and conditions of Bond financing in order to assure compliance when completing refunding;

• Review current school budget projections and integrate refinancing results with future budget projections;

• Provide an analysis to determine the amount of bond proceeds necessary to complete a refunding of the Bonds;

• Assist with public presentation concerning the refunding process;

• Provide analytical and support services to financial planning efforts. Review timetable and schedule of their long-range operating and capital budget financing strategy;

• Review and amend reports of accountants, independent engineers, architects, and other project or feasibility consultants to ensure that such studies adequately address technical, economic and financial risk factors affecting the marketability of any proposed debt issue; provide financial market assumptions with respect to these reports which are essential and impact the financial project; attend all relevant working sessions regarding the preparation, review and completion of such independent reports;

• Prepare timetables and work schedules; monitor the status of securities related activities; and coordinate the activities of other professional consultants engaged to assist in the securities issuance process;

• Coordinate application to the Local Finance Board and the Department of Education, if applicable;

• Develop a credit rating program; meet with analysts from the major rating services in preparation of such a program; furnish the rating services with all necessary and relevant documentation and information; coordinate the overall rating agency program; attend and support in other appropriate ways the rating meetings;

• Assist in the obtainment of credit enhancement (i.e. municipal bond issuance, letters of credit), if determined to be economical;

• Assist in the preparation of the preliminary and final official statement prepared in connection with the sale of securities;

• Advise in regard to an appropriate and advantageous method of selling debt securities (competitive, negotiated, private placement) given existing legal constraints, market conditions and credit factors;

• Assist in the solicitation, review and evaluation of any investment banking proposal should a negotiated sale be utilized, and provide advice and information necessary to aid in such selection;

• Review the terms, conditions and structure of any proposed securities offerings undertaken by the School District and provide suggestions and modifications where appropriate and necessary to reflect the constraints of current financial policy and fiscal capability;

• Advise as to an advantageous time for issuing its debt. Such analysis will review interest rate levels and trends;

• Assist and advise in negotiations with investment banking groups regarding pricing and final terms of any security offering and make definitive recommendations regarding any proposed offer to purchase securities;

• Assist in other aspects of the planning, structuring, timing, execution and closing of the transaction including the approval of the program by the State Department of Education and Local Finance Board;

Experience

Experience Below is a summary of our capital financing transactions. Since 1996 CFA’s professionals have assisted with over $7.1 billion in financing transactions. Name of Issuer Amount Sale Date Type of Project

Freehold Regional Board of Education 50,000,000 September 2011 Referendum

Piscataway Board of Education 42,000,000 September 2011 Referendum

Colts Neck Board of Education 12,900,000 May 2011 Refunding Bonds

Greenbrook Board of Education 19,500,000 May 2011 Refunding Bonds

Marlboro Board of Education 5,350,000 April 2011 Refunding Bonds

Somerset Hills Board of Education 33,800,000 April 2011 Refunding Bonds

Watchung Hills Board of Education 30,269,000 April 2011 Refunding Bonds

Piscataway Board of Education 30,750,000 April 2011 Refunding Bonds

Jackson Board of Education 7,000,000 April 2011 Referendum

Teaneck Board of Education 1,286,000 March 2011 Lease Purchase

Greenwich Board of Education 8,407,000 March 2011 Bond Anticipation Notes

South Orange-Maplewood Board of Education 10,000,000 March 2011 Bond Anticipation Notes

Atlantic City Board of Education 30,000,000 February 2011 General Obligation School Bonds

Woodbridge Board of Education 30,000,000 December 2010 Bond Anticipation Notes

Branchburg Board of Education 11,690,000 November 2010 Refunding Bonds

Readington Board of Education 6,000,000 November 2010 Refunding Bonds

Park Ridge Board of Education 3,141,600 October 2010 School Bonds

Union County Improvement Authority 3,000,000 September 2010 Revenue Bonds

Monroe Township Municipal Utilities Authority 6,500,000 August 2010 Revenue Bonds

Monroe Township Municipal Utilities Authority 5,000,000 August 2010 Refunding Bonds

North Warren Board of Education 200,000 July 2010 Bond Anticipation Notes

Marlboro Board of Education 2,000,000 July 2010 Bond Anticipation Notes

Atlantic City Board of Education 5,000,000 July 2010 Refunding COPs

Township of Evesham 2,700,000 July 2010 Clean Renewable Energy Bonds

Park Ridge Board of Education 2,300,000 June 2010 Refunding Bonds

Hopewell Valley Regional Board of Education 14,250,000 May 2010 Refunding Bonds

City of Jersey City 7,800,000 May 2010 Refunding Bonds

Upper Freehold Board of Education 10,250,000 April 2010 Refunding Bonds

Greenwich Board of Education 1,600,000 April 2010 Refunding Bonds

Bergen County Improvement Authority 17,000,000 April 2010 Revenue Bonds

Name of Issuer Amount Sale Date Type of Project

Hammonton Board of Education 10,000,000 March 2010 Refunding Bonds

North Brunswick Board of Education 21,000,000 March 2010 Refunding Bonds

Perth Amboy Board of Education 23,160,000 February 2010 Refunding COPs

Lakehurst Board of Education 1,900,000 February 2010 General Obligation School Bonds

North Plainfield Board of Education 4.645,000 February 2010 Refunding Bonds

Clearview Regional Board of Education 1,303,336 December 2009 School Bonds

Branchburg Board of Education 380,000 December 2009 Equipment Lease

Linden Board of Education 5,000,000 November 2009 Capital Lease

Town of Clinton Board of Education 1,545,000 October 2009 Refunding Bonds

Mount Olive Board of Education 230,000 October 2009 Equipment Lease

Kittitanny Board of Education 2,400,000 October 2009 Refunding Bonds

North Plainfield Board of Education 200,000 September 2009 Equipment Lease

Upper Freehold Board of Education 400,000 August 2009 Equipment Lease

Upper Saddle River Board of Education 3,500,000 June 2009 Clean Renewable Energy Bonds and tax-exempt bonds

Old Bridge Township Board of Education 2,250,000 June 2009 Capital Lease

Princeton Regional Board of Education 44,000,000 June 2009 Refunding Bonds

Atlantic City Board of Education 50,000,000 June 2009 Build America Bonds

Union County Improvement Authority 17,000,000 June 2009 Revenue Bonds

Flemington Board of Education 7,100,000 April 2009 Refunding Bonds

Toms River Regional Board of Education 16,300,000 March 2009 Refunding Bonds

Union County Improvement Authority 17,000,000 March 2009 Revenue Bonds

Warren Hills Regional Board of Education 5,494,000 February 2009 School Bonds

Sayreville Board of Education 2,200,000 February 2009 Bond Anticipation Notes

Kenilworth Board of Education 13,900,000 February 2009 School Bonds

City of Jersey City 39,925,000 January 2009 General Obligation Bonds

Bergen County Improvement Authority 3,200,000 December 2008 Clean Renewable Energy Bonds

Toms River Board of Education 2,751,000 November 2008 Clean Renewable Energy Bonds

City of Jersey City 4,000,000 September 2008 Tax Appeal Refunding Bonds

Westwood Regional Board of Education 16,260,000 September 2008 School Bonds

Hopewell Valley Regional Board of Education 1,200,000 September 2008 Equipment Lease

Upper Freehold Regional Board of Education 450,000 July 2008 Equipment Lease

North Warren Board of Education 700,000 July 2008 School Bonds

Readington Board of Education 2,500,000 July 2008 Bond Anticipation Notes


City of Jersey City 7,253,000 June 2008 Tax Appeal Refunding Bonds

Logan Township Board of Education 167,000 June 2008 Equipment Lease

Lawrence Board of Education 10,000,000 June 2008 General Obligation Bonds

Boonton Board of Education 140,000 June 2008 Equipment Lease

Perth Amboy Board of Education 10,944,000 May 2008 Refunding Bonds

Somerset Hills Board of Education 3,305,000 May 2008 Refunding Bonds

Colts Neck Board of Education 3,165,000 April 2008 Refunding Bonds

Milltown Board of Education 7,000,000 March 2008 School Bonds

South Orange-Maplewood Board of Education 10,000,000 March 2008 School Bonds

Linden Board of Education 2,500,000 April 2008 Lease Purchase

Montville Board of Education 7,230,000 February 2008 Refunding Bonds

Atlantic City Board of Education 11,240,000 January 2008 Refunding Bonds

Asbury Park Board of Education 7,775,000 January 2008 Refunding Bonds

Madison Board of Education 11,085,000 December 2007 School Bonds

Barnegat Board of Education 22,000,000 December 2007 School Bonds

City of Jersey City 26,242,000 November 2007 General Obligation Bonds

Mansfield Board of Education 10,000,000 November 2007 School Bonds

Toms River Regional Board of Education 6,000,000 November 2007 Bond Anticipation Notes

Monroe Municipal Utilities Authority 7,000,000 September 2007 Revenue Bonds

Bernards Board of Education 8,000,000 September 2007 School Bonds

Upper Freehold Board of Education 11,000,000 July 2007 School Bonds

North Warren Board of Education 1,500,000 July 2007 Lease Purchase

Barnegat Board of Education 22,000,000 July 2007 Bond Anticipation Notes

Watchung Board of Education 3,000,000 June 2007 School Bonds

City of Jersey City 6,504,000 June 2007 Tax Appeal Refunding Bonds

Tenafly Board of Education 7,511,000 May 2007 School Bonds

City of Jersey City 52,000,000 May 2007 Refunding Bonds

Branchburg Board of Education 3,300,000 March 2007 School Bonds

Lawrence Board of Education 9,800,000 March 2007 School Bonds

City of Jersey City 17,050,000 February 2007 General Obligation Bonds

Mount Olive Board of Education 9,500,000 January 2007 Refunding Bonds

Union Township Board of Education 10,000,000 January 2007 Refunding Bonds

North Brunswick Board of Education 18,725,000 January 2007 Refunding Bonds

Toms River Regional Board of Education 12,355,000 January 2007 Refunding Bonds


Readington Board of Education 10,000,000 December 2006 Refunding Bonds

Bernards Board of Education 10,000,000 December 2006 Refunding Bonds

Woodbridge Board of Education 15,000,000 December 2006 Bond Anticipation Notes

Flemington-Raritan Regional Board of Education 10,000,000 December 2006 Refunding Bonds

Highland Park Board of Education 15,000,000 December 2006 Refunding Bonds

City of Jersey City 37,000,000 November 2006 General Obligation Bonds

Toms River Regional Board of Education 6,000,000 November 2006 Bond Anticipation Notes

Upper Freehold Regional Board of Education 10,000,000 October 2006 Refunding Bonds

Old Bridge Board of Education 47,500,000 September 2006 Refunding Bonds

Hammonton Board of Education 7,100,000 September 2006 Refunding Bonds

City of Jersey City 5,000,000 August 2006 Taxable TARNs

Sayreville Board of Education 10,000,000 August 2006 Refunding Bonds

Mount Olive Board of Education 9,100,000 August 2006 Refunding Bonds


Jackson Township Board of Education 11,712,132 July 2006 School Bonds

City of Jersey City 3,750,000 June 2006 Bond Anticipation Notes

Township of Union 4,150,000 April 2006 Refunding Bonds

Hammonton Board of Education 2,614,000 April 2006 School Bonds

North Plainfield Board of Education 9,400,000 March 2006 Refunding Bonds

City of Jersey City 183,000,000 March 2006 Refunding Bonds

Jackson Township Board of Education 88,500,000 March 2006 Refunding Bonds

Tenafly Board of Education 11,000,000 March 2006 Refunding Bonds

Branchburg Board of Education 18,100,000 March 2006 Refunding Bonds

North Brunswick Board of Education 7,400,000 March 2006 School Bonds

Somerville Board of Education 13,130,000 February 2006 Refunding Bonds

Freehold Township Board of Education 31,500,000 February 2006 Refunding Bonds

City of Jersey City 17,110,000 February 2006 Bond Anticipation Notes

Pitman Board of Education 2,054,000 January 2006 School Bonds

Bernards Board of Education 44,468,000 December 2005 School Bonds

Cherry Hill Board of Education 160,000 December 2005 Lease Purchase

Milltown Board of Education 940,000 December 2005 Refunding Bonds

Tenafly Board of Education 25,889,000 December 2005 School Bonds

Milltown Board of Education 347,854 November 2005 Lease Purchase


Lumberton Board of Education 9,950,000 November 2005 Refunding Bonds

Madison Board of Education 45,920,000 November 2005 School Bonds

NJEFA – Stockton College 29,035,000 October 2005 Refunding Bonds

Jackson Township Board of Education 11,721,000 September 2005 School Bonds

Cranbury Board of Education 3,255,000 September 2005 Refunding Bonds

Greystone Hospital 186,565,000 September 2005 Revenue Bonds

City of Jersey City 8,320,000 September 2005 Bond Anticipation Notes

Haddonfield Board of Education 11,025,000 August 2005 Refunding Bonds

Cherry Hill Board of Education 6,000,000 August 2005 Lease Purchase



Sayreville Board of Education 33,022,000 July 2005 School Bonds

School District of the Chathams 20,525,000 July 2005 School Bonds

School District of the Chathams 17,500,000 July 2005 Refunding Bonds

City of Jersey City 14,340,000 July 2005 Tax Appeal Refunding Notes

NJEFA – Princeton University 114,645,000 July 2005 Revenue Bonds

Delaware Township Board of Education 4,000,000 June 2005 Refunding Bonds

Woodbridge Board of Education 1,500,000 June 2005 Equipment Lease

City of Jersey City 34,790,000 June 2005 Refunding School Bonds

City of Jersey City 3,500,000 June 2005 Revenue Bonds

Cherry Hill Board of Education 6,000,000 June 2005 Lease Purchase

Colts Neck Board of Education 5,200,000 June 2005 Refunding Bonds

Pitman Board of Education 6,185,000 June 2005 Refunding Bonds

City of Jersey City 29,875,000 May 2005 General Obligation Bonds

Cherry Hill Board of Education 9,400,000 May 2005 Lease Purchase

NJEFA – Princeton University 139,590,000 April 2005 Refunding Bonds

Logan Township Board of Education 4,840,000 April 2005 Refunding Bonds

North Brunswick Board of Education 24,781,000 March 2005 School Bonds

NJEFA – Stockton College 33,000,000 March 2005 Revenue Bonds

South Orange – Maplewood Board of Education 9,900,000 March 2005 School Bonds

Freehold Board of Education 6,200,000 March 2005 Refunding Bonds

Metuchen Board of Education 20,000,000 March 2005 Refunding Bonds


Metuchen Board of Education 17,247,000 March 2005 School Bonds

Somerville Board of Education 15,412,000 February 2005 School Bonds

Woodbury Board of Education 12,981,000 February 2005 School Bonds

Highland Park Board of Education 16,000,000 February 2005 School Bonds

Warren Hills Regional Board of Education 23,775,000 February 2005 School Bonds

Upper Freehold Regional Board of Education 28,000,000 January 2005 School Bonds

Hopewell Valley Regional Board of Education 11,434,700 January 2005 School Bonds

Linden Board of Education 5,000,000 January 2005 Lease Purchase

NJEFA – New Jersey City University 21,575,000 January 2005 Revenue Bonds

Woodbridge Board of Education 56,050,865 December 2004 School Bonds

City of Jersey City 124,000,000 October 2004 Refunding Bonds

NJEDA – Office Buildings Refunding 38,025,000 October 2004 Refunding Bonds

Cherry Hill Board of Education 52,612,000 October 2004 Refunding Bonds

Mount Olive Board of Education 34,500,000 October 2004 Refunding Bonds

Hamilton Township Board of Education 30,000,000 October 2004 ERIP Bonds

Toms River Regional Board of Education 25,000,000 October 2004 ERIP Bonds

Egg Harbor Township Board of Education 51,180,000 September 2004 Refunding Bonds

Readington Board of Education 10,700,000 September 2004 Refunding Bonds

Monroe Township Municipal Utilities Authority 7,345,000 September 2004 Revenue Bonds

NJEFA - Princeton University 175,000,000 July 2004 Revenue Bonds

Barnegat Board of Education 9,139,000 July 2004 School Bonds

Bernards Board of Education 1,250,000 June 2004 Lease Purchase

NJEFA - Stevens Institute of Technology 13,285,000 June 2004 Revenue Bonds

NJEFA - Fairleigh Dickinson University 35,270,000 June 20004 Revenue Bonds

Mount Olive Board of Education 35,000,000 May 2004 School Bonds

Westwood Regional Board of Education 6,900,000 April 2004 Refunding Bonds

Long Hill Board of Education 12,347,000 April 2004 School Bonds

Upper Freehold Regional Board of Education 5,600,000 March 2004 Refunding Bonds

Bernards Board of Education 25,985,000 March 2004 Refunding Bonds

Pascack Valley Board of Education 30,723,000 March 2004 School Bonds

North Warren Regional Board of Education 750,000 March 2004 ERIP Refunding

Elk Board of Education 1,700,000 March 2004 Refunding Bonds


Hunterdon Central Regional Board of Education 15,538,000 March 2004 School Bonds

Dunellen Board of Education 10,420,000 February 2004 School Bonds

Maple Shade Board of Education 7,350,000 February 2004 Refunding Bonds

NJEFA - William Paterson University 30,035,000 January 2004 Revenue Bonds

NJEDA – Small School Loans 46,815,000 January 2004 Refunding Bonds

Andover Regional Board of Education 7,760,000 January 2004 Refunding Bonds

Barnegat Board of Education 11,500,000 January 2004 Refunding Bonds

Greystone Hospital 19,125,000 December 2003 Revenue Bonds

Manasquan Board of Education 3,500,000 December 2003 Refunding Bonds

Ramsey Board of Education 23,434,000 December 2003 School Bonds

West Long Branch Board of Education 5,800,000 November 2003 School Bonds

Kenilworth Board of Education 425,000 September 2003 ERIP Refunding

Clinton Township Board of Education 7,000,000 September 2003 Refunding Bonds

NJEFA – Princeton University 112,000,000 July 2003 Refunding Bonds

Hunterdon Central Regional Board of Education 1,485,000 July 2003 ERIP Refunding

Flemington-Raritan Board of Education 33,248,000 June 2003 School Bonds

Watchung Hills Regional High School District 32,426,000 May 2003 School Bonds

Green Brook Board of Education 21,707,000 May 2003 School Bonds

Riverside Board of Education 7,835,000 May 2003 School Bonds

Toms River Regional Board of Education 27,245,000 April 2003 School Bonds

Piscataway Board of Education 10,525,000 April 2003 Refunding COPs

Point Pleasant Board of Education 10,453,000 March 2003 School Bonds

Lawrence Township Board of Education 27,500,000 March 2003 School Bonds

Barnegat Board of Education 1,500,000 March 2003 Lease Purchase

Jackson Township Board of Education 6,600,000 January 2003 ERIP Refunding

Rutherford Board of Education 22,420,000 January 2003 School Bonds

Point Pleasant Board of Education 9,500,000 January 2003 Refunding Bonds

Lumberton Board of Education 9,700,000 January 2003 Refunding Bonds

Trenton Board of Education 19,000,000 January 2003 ERIP Refunding

Mount Olive Board of Education 2,275,000 January 2003 ERIP Refunding

Somerville Board of Education 2,290,000 January 2003 ERIP Refunding

Brick Township Board of Education 4,445,000 February 2003 ERIP Refunding


Edison Board of Education 5,800,000 December 2002 Refunding Bonds

Wall Township Board of Education 6,250,000 December 2002 ERIP Refunding

Lawrence Township Board of Education 3,500,000 December 2002 ERIP Refunding

Atlantic City Board of Education 9,900,000 November 2002 ERIP Refunding

Edison Board of Education 8,297,000 October 2002 School Bonds

Egg Harbor Township Board of Education 25,600,000 October 2002 Refunding Bonds

Middletown Township Board of Education 10,600,000 September 2002 School Bonds

Garwood Board of Education 8,339,000 September 2002 School Bonds

Piscataway Board of Education 35,507,000 August 2002 School Bonds

Livingston Board of Education 4,000,000 August 2002 School Bonds

North Brunswick Board of Education 22,149,000 July 2002 School Bonds

Manville Board of Education 1,371,000 July 2002 School Bonds


Upper Freehold Board of Education 13,703,000 July 2002 School Bonds

Union Township Board of Education 11,996,000 July 2002 School Bonds

Perth Amboy Board of Education 13,500,000 June 2002 Refunding Bonds

Plumsted Board of Education 8,186,000 June 2002 School Bonds

Cherry Hill Township 10,000,000 June 2002 Refunding Bonds

Sayreville Board of Education 1,770,000 June 2002 Lease Purchase

Cranbury Board of Education 5,948,000 May 2002 School Bonds

Camden County Improvement Authority 19,900,000 May 2002 General Obligation Revenue Bonds

Ramsey Board of Education 6,120,000 May 2002 Refunding Bonds

Freehold Township Board of Education 16,775,000 April 2002 Refunding Bonds

Cherry Hill Township 5,600,000 April 2002 Bonds Anticipation Notes

Jackson Board of Education 70,000,000 April 2002 School Bonds

Bernards Township Board of Education 8,000,000 March 2002 Refunding Bonds

Sayreville Board of Education 21,000,000 March 2002 School Bonds

Monroe Municipal Utilities Authority 5,600,000 February 2002 Revenue Bonds

Glen Ridge Board of Education 9,215,000 February 2002 School Bonds

Pine Hill Board of Education 2,730,000 February 2002 Refunding Bonds

Logan Board of Education 8,000,000 February 2002 Refunding Bonds

Freehold Township Board of Education 29,000,000 February 2002 School Bonds


Woodbury Board of Education 1,000,000 January 2002 School Bonds

Hopewell Valley Regional Board of Education 550,000 January 2002 Equipment Lease

Colts Neck Board of Education 13,500,000 January 2002 School Bonds

Clinton Town Board of Education 4,000,000 January 2002 Refunding Bonds

Cherry Hill Township 9,960,000 January 2002 Refunding Bonds

Secaucus Board of Education 300,000 December 2001 Equipment Lease

Keansburg Board of Education 9,000,000 November 2001 Refunding Bonds

Mansfield Board of Education 11,684,000 November 2001 School Bonds

Princeton Regional Board of Education 64,944,000 November 2001 School Bonds

Mount Olive Board of Education 600,000 October 2001 Bond Anticipation Notes

Hopewell Valley Regional Board of Education 20,810,000 October 2001 School Bonds

Freehold Township Board of Education 19,000,000 October 2001 Refunding Bonds

Readington Board of Education 12,000,000 October 2001 Refunding Bonds

Hunterdon Central Regional Board of Education 12,000,000 September 2001 Refunding Bonds

Cherry Hill Township 26,170,000 September 2001 General Obligation Bonds

Lopatcong Board of Education 9,000,000 August 2001 Refunding Bonds

Point Pleasant Beach Board of Education 5,505,000 August 2001 School Bonds

North Plainfield Board of Education 19,798,000 August 2001 School Bonds

Branchburg Board of Education 18,475,000 August 2001 School Bonds

Pemberton Township Board of Education 10,000,000 August 2001 Refunding Bonds

Livingston Board of Education 20,000,000 August 2001 School Bonds

Woodbridge Board of Education 1,900,000 July 2001 Equipment Lease

Hackettstown Board of Education 4,176,000 July 2001 School Bonds

Woodbury Board of Education 750,000 June 2001 Lease Purchase

School District of the Chathams 22,000,000 May 2001 School Bonds

Toms River Regional Board of Education 18,700,000 May 2001 School Bonds

Atlantic City Board of Education 32,000,000 May 2001 School Bonds

Neptune Board of Education 2,500,000 April 2001 Equipment Lease

North Plainfield Board of Education 9,500,000 March 2001 Bond Anticipation Notes

Byram Board of Education 9,900,000 March 2001 School Bonds

Hopewell Valley Regional Board of Education 29,500,000 March 2001 Refunding Bonds

Marlboro Board of Education 11,540,000 February 2001 Refunding Bonds


Central Regional Board of Education 2,751,500 January 2001 School Bonds

Transactions Prior to 2001 $2,271,636,500

References The following is a list of school district personnel with whom we have worked in our capacity as Financial Advisors. We welcome you to call all or some of these individuals as a reference to ensure that you will receive the same quality service that has made CFA the most qualified advisor to school districts in the State of New Jersey.

School District County Contact Flemington-Raritan Regional 50 Court Street Flemington, NJ 08822

Hunterdon Stephanie Hope Business Administrator (908) 284-7570

Greenwich 101 Wyndham Farm Blvd. Stewartsville, NJ 08886

Warren Victoria Stevens Business Administrator (908) 859-2022

Warren Hills Regional 89 Bowerstown Road Washington, NJ 078882

Warren Maureen Joyce Business Administrator (908) 689-3143

Fee Proposal


Fee Proposal Below is a summary of our fee proposal. Depending on the timing and scope of the project, this is negotiable. Upon the issuance of refunding securities, we would bill a fee of $10,000. Expenses In addition, we would bill reasonable out-of-pocket expenses including, but not limited to: • Postage • Photocopies • Telecopies • Freight Charges • Telephone

proposal to · capital financial advisors, inc., ("cfa") is a new jersey based...

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