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In June, 2012 NW Capital Markets Inc. served as underwriter to the Union County Improvement Authority for the following forward option refunding transactions:
$24,690,000 Union County Improvement Authority County General Obligation Lease Revenue Refunding Bonds, Series A (Juvenile Detention Center Facility Project) And $21,645,000 Union County Improvement Authority Lease Revenue Refunding Bonds, Series A (Tax-Exempt) (City of Plainfield – Park Madison Redevelopment Project)
NW worked diligently with the County, the Improvement Authority and State officials in order to properly size and execute this transaction. When the Refunding Bonds close in the future, the Bonds will have rates and principal amounts that exactly equal the original Outstanding Bonds. In exchange for the commitment to issue the Refunding Bonds, the Authority, based on current interest rates at the time of pricing received an initial payment equal to 3.99% of the principal of the Refunding Bonds. At the closing of the Refunding Bonds, the Authority will receive an additional payment of 1.53% of the Refunding Bonds. This represents a present value savings of 5.52%, well in excess of the 3% guideline recommended by the Local Finance Board.