HomeMy Public PortalAbout11-8186 RFP for Banking Institution for a "Tax Exempt Rate Loan" Sponsored by: City Manager
Resolution No. 11-8186
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF OPA-LOCKA, FLORIDA TO AUTHORIZE THE ISSUANCE
OF A REQUEST FOR PROPOSALS (RFP) TO SOLICIT
PROPOSALS FROM QUALIFIED BANKING INSTITUTIONS
FOR A "TAX-EXEMPT FIXED RATE LOAN" TO FUND AN
AMOUNT NOT TO EXCEED EIGHT MILLION DOLLARS
($8,000,000.00); PROVIDING FOR INCORPORATION OF
RECITALS; PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the City of Opa-locka is considering the issuance of a Request for
Proposals (RFP) to solicit proposals from qualified banking institutions to finance a "Tax-
Exempt Fixed Rate Loan" to refinance the City's Capital Improvement and Series 1994
Refunding Bonds; and
WHEREAS, the City of Opa-locka plans to refinance the City's Series 1994 Revenue
Refunding Bonds as Series 2011A Bonds and issue Series 2011B Bonds; and
WHEREAS, the City anticipates that the cost associated with refinancing the City's
Series 1994 Refunding Bonds will be included in the cost of issuance of the bonds; and
WHEREAS, the proceeds from the refunding bonds will provide approximately $2.22
million for certain additional capital projects; and
WHEREAS, the City Commission of the City of Opa-locka, approves the issuance of a
Request for Proposals (RFP) to solicit proposals from qualified banking institutions for a "Tax-
Exempt Fixed Rate Loan" to fund an amount not to exceed Eight Million Dollars
($8,000,000.00).
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF OPA-LOCKA,FLORIDA:
Resolution No. 11-8186
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa-locka, hereby authorizes and
directs the City Manager to issue a Request for Proposals (RFP), to solicit proposals from
qualified banking institutions for a "Tax Exempt-Fixed Rate Loan" to fund an amount not to
exceed Eight Million Dollars ($8,000,000.00).
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 23rd day of February,2011.
U MY TAYLOR
MAYOR
• t t,.
/
Debor.h S Irby
City Cler
Approved as to form and legal sufficiency:
II4iii - Ill' /
Jos- .h S. Ge �l(
Cit/Attorney�
Moved by: VICE MAYOR JOHNSO
Seconded by: COMMISSIONER TYDUS
Commission Vote: 3-1
Commissioner Holmes: NO
Commissioner Miller: NOT PRESENT
Commissioner Tydus: YES
Vice-Mayor Johnson: YES
Mayor Taylor: YES
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Memorandum
TO: Mayor Myra L.Taylor
Vice-Mayor Dorothy Johnson
Commissioner Timothy Holmes
Commissioner Rose Tydus
Commissioner Gail Miller
FROM: Iarance Patterson, City Manager
DATE: February 15,2011
RE: Resolution: Requesting Approval to Issue RFP
Request: STAFF IS REQUESTING APPROVAL FROM THE CITY COMMISSION
TO ISSUE REQUEST FOR PROPOSAL (RFP) TO SOLICIT PROPOSALS
FROM QUALIFIED BANKING INSTITUTONS FOR A "TAX-EXEMPT
FIXED RATE LOAN” TO FUND AN AMOUNT NOT TO EXCEED $8.0
MILLION.
Description: The proceeds of the "tax-exempt fixed rate loan will be used to currently refund the
City's outstanding Capital Improvement and Refunding bonds, Series 1994 and to
provide approximately$2.22 million for certain capital projects.
Financial Impact: All cost related to this bond refunding transaction will be included in the cost of
issuance of the bonds.
Implementation Timeline: Fiscal Year 2010-2011
Legislative History: Resolution No. 10-8055
Recommendation(s): Staff recommends approval.
Analysis: The City's current needs of capital expenditures require multi-year funding. The City
would like to use its current revenue sources and leverage it to obtain capital funding
NOW and perform much needed capital projects sooner .than later. Specifically,the City
plans to refinance the City's Series 1994 Revenue Refunding Bonds as Series 2011A
Bonds and issue Series 2011B Bonds.
Attachments: 1) Resolution No. 10-8055 2) FirstSouthwest RFP: Bank Loan Summary (Capital
Improvements Revenue and Refinancing Bonds, Series 2011)
PREPARED BY: Finance Department
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Memorandum
TO: Mayor Myra L. Taylor
Vice-Mayor Dorothy Johnson
Commissioner Timothy Holmes
Commissioner Rose Tydus
Commissione Gail Miller
FROM: Cla e Ya ersoty Mnager
DATE: January 14, 2011
RE: Resolution: Requesting Approval to Issue RFP
Request: STAFF IS REQUESTING APPROVAL FROM THE CITY COMMISSION
TO ISSUE REQUEST FOR PROPOSAL (RFP) TO SOLICIT PROPOSALS
FROM QUALIFIED BANKING INSTITUTONS FOR A "TAX-EXEMPT
FIXED RATE LOAN" TO FUND AN AMOUNT NOT TO EXCEED $8.0
MILLION.
Description: The proceeds of the "tax-exempt fixed rate loan will be used to currently refund the
City's outstanding Capital Improvement and Refunding bonds, Series 1994 and to
provide approximately$2.425 million for certain capital projects.
Financial Impact: All cost related to this bond refunding transaction will be included in the cost of
issuance of the bonds.
Implementation Timeline: Fiscal Year 2010-2011
Legislative History: Resolution No. 10-8055
Recommendation(s): Staff recommends approval.
Analysis: The City's current needs of capital expenditures require multi-year funding. The City
would like to use its current revenue sources and leverage it to obtain capital funding
NOW and perform much needed capital projects sooner than later. Specifically, the City
plans to refinance the City's Series 1994 Revenue Refunding Bonds as Series 2011A
Bonds and issue Series 2011B Bonds.
Attachments: Resolution No. 10-8055.
PREPARED BY: Finance Department
FirstSouthwest at Memorandum
A PlainsCapital Company.
18851 NE 29th Avenue Edward Marquez
Suite 520 Senior Vice President
Aventura,FL,33180
(305)819-8886 Direct edward.marquez @fistsw.com
Date: January 11,2011
To: Dr. Ezekiel Orji, Finance Director
City of Opa Locka
Cc:
Subject: Summary of Bank Loan RFP(Capital Improvement Revenue and Refunding Bonds, Series 2011)
As directed by the City, FirstSouthwest drafted a Request for Proposal (`RFP') for a Bank Loan (the
`Revenue and Refunding Bonds, Series 2011' or `Series 2011 Bonds') to refund the City's outstanding
Series 1994 Bonds and to provide new money proceeds, to the extent affordable from available revenues,
to fund needed City improvements. Based upon the City's revenue parameters, we estimated that
approximately $2.2 Million in new money proceeds would be generated in addition to refinancing the
$5.3 Million of outstanding Series 1994 Bonds. The amount of new money proceeds generated with by
the Series 2011 Bonds is subject to change based upon the interest rate environment at the time the RFP
bids are received.
The RFP is intended to solicit a privately placed loan from banking institutions as opposed to a public
offering of bonds using underwriters. The benefits of a bank loan over a bond issue include:
1) Issuance is typically faster than a bond issue reducing exposure to interest rates;
2) The City will not need to obtain credit ratings which are time-consuming and could range up to
$60,000 per rating agency. Credit enhancement, through an insurance company, could cost over
$75,000, if it is obtainable;
3) Costs of issuance are generally are limited to bond counsel, financial advisor, bank fees, and
refunding fees and they typically do not include underwriting fees, disclosure counsel fees, rating
agency or credit enhancement fees,paying agent fees,etc;
4) A bank that holds a privately-placed loan is deemed a `sophisticated or accredited investor' and
therefore future disclosure requirements placed on the City are minimized, which will save the
City money and time on a recurring basis; and
5) Given the size of the City's transaction, banking institutions will offer competitive interest rates
compared to publicly-offered bonds.
This communication is for information only,not an offer,solicitation or recommendation,nor an official confirmation of any financial transaction. It is not to be
considered research.The information is considered to be reliable,but First Southwest Company does not warrant its completeness or accuracy,prices and availability
are subject to change without notice.Clients should consult their own advisors regarding any accounting,legal or tax aspects.Investors are instructed to read the entire
Official Statement to obtain information essential to the making of an informed investment decision.
DRAFT # 2
City of Opa Locka, Florida
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REQUEST FOR PROPOSAL(RFP)FOR TAX EXEMPT LOAN
CAPITAL IMPROVEMENT REFUNDING AND NEW MONEY NOTES,SERIES 2011A&B
IN A NOT-TO-EXCEED OF$8,000,000
Issue date: Thursday,January 27, 2011
Due date: Thursday, February 17, 2011
Prepared by:
FirstSouthwestigt
A PlainsCapitaI Company
TABLE OF CONTENTS
I. PURPOSE 2
II. STRUCTURE OF FINANCING 2
III. SECURITY FOR THE LOAN 4
IV. TAX EXEMPT OBLIGATION 5
V. PROPOSAL FORMAT--SELECTION CRITERIA 5
VI. PROPOSAL SUBMITTAL INSTRUCTIONS 5
VII. PROVISIONS 6
VIII. TENTATIVE SCHEDULE 8
Page 1 of 7
November 19,2010
I. PURPOSE
The purpose of this Request for Proposal is to solicit proposals to fund an amount not to exceed
$8,000,000 at the lowest overall borrowing cost, pursuant to certain conditions. The City of Opa Locka,
Florida (the "City") shall accept and review proposals from qualified banking institutions for a "tax-
exempt fixed rate loan (the "Obligation"). The proceeds of the Obligation will be used to currently
refund the City's outstanding Capital Improvement and Refunding Bonds, Series 1994 (Series 2011A) and
to provide approximately$2.22 Million for certain capital projects(Series 2011B)as follows:
Wastewater Collection System
Environmental Cleanup
Public Utilities Fueling Facility Environmental Cleanup
Fleet Replacement Program
Pumping Station Renovations (Sewer)
Infiltration/Inflow Reduction Program
Road/Street Improvements
Pump Station Improvements
Stormwater Utility and Drainage Improvements
Roof Replacement
Additional Water Meter Sites
Canal Maintenance
Park and Recreation Improvements
Demolition of Abandoned Structures
Public Sewer Utilities Improvements
Water Distribution System Improvements
The City shall accept and review proposals from qualified financing institutions based upon the proposed
financing structure below. The City will select the financing that provides the lowest overall borrowing
cost to the City while meeting the financing requirements of the City, including their savings threshold.
FirstSouthwest, Aventura, Florida, as the City's Financial Advisor, will assist with reviewing/arranging a
fixed rate Obligation with the selected financial institution.
H. STRUCTURE OF FINANCING
Amount: Not-to-exceed $8,000,000*
Expected Settlement Date: Thursday, February 24, 2011
'Preliminary, subject to change
Page 2 of 7
November 19,2010
Rate: Tax-Exempt fixed interest rate
Prepayment: The City requests the ability to prepay the Obligation
without penalty at any time. Other prepayment terms
will be considered.
Final Maturity: January 1,2024(Series 2011A)
January 1, 2026(Series 2011B)
Interest Payments Dates: Semi-annually each July 1 and January 1,commencing
on July 1,2011
Interest Compounding: None permitted
Interest Day Count Method: Please specify
Annual Principal Payment Date: Annually,commencing on January 1,2012
Debt Service Structure: Approximately level debt service. Some adjustments
may be made in order to achieve level debt service
savings and desired amortization on the combined
Series 2011A&B Notes. The following are preliminary
amortization schedules for each series, which are
subject to change:
Page 3 of 7
November 19,2010
Series 2011A Refunding Note Series 2011B New Money Note
Period Ending Principal Period Ending Principal
1/1/2012 $ 342,000 1/1/2012 $ 19,000
1/1/2013 344,000 1/1/2013 33,000
1/1/2014 357,000 1/1/2014 33,000
1/1/2015 369,000 1/1/2015 35,000
1/1/2016 383,000 1/1/2016 36,000
1/1/2017 396,000 1/1/2017 38,000
1/1/2018 410,000 1/1/2018 90,000
1/1/2019 425,000 1/1/2019 93,000
1/1/2020 440,000 1/1/2020 97,000
1/1/2021 456,000 1/1/2021 101,000
1/1/2022 472,000 1/1/2022 106,000
1/1/2023 489,000 1/1/2023 110,000
1/1/2024 507,000 1/1/2024 114,000
$5,390,000 1/1/2025 644,000
1/1/2026 671,000
$ 2,220,000
M. SECURITY FOR THE LOAN
The Obligation is payable from and secured solely by a pledge of and lien on the Pledged Revenues,
which consist of the City's (i) Guaranteed Entitlement Revenues received from the State of Florida
pursuant to Chapter 218, Part II, Florida Statutes, and (ii) Local Government Half-Cent Sales Tax
distributions from the State of Florida pursuant to Part VI, Chapter 218, Florida Statutes. The following
table shows the collection of the Pledge Revenues over the past ten years:
Pledged Revenues-History of Collections
Fiscal Year Half-cent Guaranteed
Ended 9/30 Sale Tax Entitlement Total
2001* $ 1,325,675
2002* 1,272,016
2003* 1,273,182
2004 $ 915,395 $ 440,733 1,356,128
2005 905,714 415,668 1,321,382
2006 1,146,689 643,904 1,790,593
2007 1,104,689 580,911 1,685,600
2008 983,202 575,080 1,558,282
2009 874,614 471,927 1,346,541
2010 831,768 472,220 1,303,988
*Breakdown not available for this year.
Page 4 of 7
November 19,2010
IV. TAX EXEMPT OBLIGATION
The City will agree to take such actions as may be required by Treasury regulations in order to maintain
the status of the loan as tax-exempt obligation. The financial institution receiving the award will be
furnished,the opinion of Squire, Sanders& Dempsey, LLC serving as bond counsel to the City, approving
the legality of the loan together with the closing certificates and related documents and an opinion
regarding the tax exempt status of interest on the Loan.
V. PROPOSAL FORMAT--SELECTION CRITERIA
Proposals will be evaluated on the basis of cost and the structure that meets the financing requirements
of the City. Each proposal should include the following information:
1. The legal name of the financial institution and the primary contact person(s) (include address,
telephone number,facsimile number,and e-mail address).
2. Provide a tax exempt fixed interest rate for the full term of the Obligation. The bidder shall give a
stated time in which the proposed rate will be held as well as the index in which the rate shall be
calculated should the stated time elapse. The proposal should include an amortization for the
entire term assuming the preliminary amortizations outlined in Section II above. Assume a
settlement date of February 24, 2011.
3. Describe in detail all fees and expenses which the City will be responsible to pay to the financial
institution including its legal counsel. The amounts stated in the proposal shall represent the
maximum amounts payable to the Bank by the City. All fees and expenses, with the exception of
those of Bond Counsel and FirstSouthwest, in excess of those stated in the proposal shall be the
sole responsibility of the Bank and will not be paid or reimbursed by the City.
4. List all other terms, if any, sought by the proposer.
VI. PROPOSAL SUBMITTAL INSTRUCTIONS
1. Copies of the response to the RFP should be submitted in original form on or before 2:00 PM on
February 17,2011 as follows:
Three(3)Copies
The City of Opa-Locka
Finance Department
Attention: Dr. Ezekiel Orji
780 Fisherman Street
Fourth Floor
Opa-Locka, FL 33054
(305)953-2868 Ph
Page 5 of 7
November 19,2010
(305)953-2900 Fax
eorji @opalockafl.gov
In addition,one copy of the response to this RFP(which may be sent in electronic format)should be
submitted to:
One(1)Copy
Mr. Edward Marquez
Senior Vice President
FirstSouthwest
18851 NE 29 Ave,Suite 520
Aventura, FL 33180
(305)819-8886 Ph
(305)819-9998 Fax
edward.marquez @firstsw.com
2. The City assumes no responsibility for a proposal received after the due date and time, or at any
location other than that specified herein. Late responses shall be returned unopened. There will
be no exceptions to this policy.
3. Each proposal should address all pertinent areas and be specific. Any conditions should be clearly
stated. The failure to disclose substantive terms,conditions and covenants may be considered cause
for the Proposer's response to be rejected by the City.
4. Proposers,their agents and/or associates shall refrain from contacting or soliciting any member of the
City regarding the RFP during the selection process. Failure to comply with this provision may result
in disqualification of the Proposal. All requests for clarifications or additional information should be
directed in writing to:
Mr. Edward Marquez
Senior Vice President
FirstSouthwest
18851 NE 29 Ave,Suite 520
Aventura, FL 33180
(305)819-8886 Ph
(305)819-9998 Fax
edward.marquez @firstsw.com
VII. PROVISIONS
1. The City reserves the right, in its sole discretion,to accept or reject any and all proposals,to waive
any irregularities or informalities in any proposal or in the solicitation, to re-advertise, and to
accept or reject any items or combination of items. The decision of the City is final and non-
appealable. The award will be to the financial institution whose response best complies with the
Page 6 of 7
November 19,2010
requirements set forth in this Request for Proposal and whose proposal, in the opinion of the City
and FirstSouthwest is best,taking into consideration all aspects of the Proposer's response and the
financial objectives of the borrowing.
2. Changes to the Request for Proposal may be made by and at the sole discretion of the City and will
be communicated to all know recipients of the RFP as an addendum to the RFP.
3. The City will not be liable for any expenses incurred in connection with the preparation of a
response to this Request for Proposal.
4. Counsel to the City and Bond Counsel, Squire, Sanders & Dempsey, LLC will prepare all documents
for this borrowing.
5. Federal,State, City and Local laws, ordinances, rules and regulations that in any manner affect the
items covered herein apply. Lack of knowledge by the financial institution will in no way be a
cause for relief from responsibility.
6. No successful Proposer may assign any portion of the contractual agreement between the parties
without prior written authorization by the City.
7. Warranties —The Proposer, in submission of its proposal, warrants to the City that it will comply
with all applicable federal, state, and local laws, regulations, and orders in providing the services
under the proposed documents.
8. The City requests the ability to pre-pay the loan at any time during the term without incurring a
prepayment penalty, other pre-payment terms will be considered. Alternate proposals will be
considered.
9. At the closing of the loan the financial institution will be required to make certain certifications,
including but not limited to certifications that it:
a. is not acting as a broker or other intermediary, and is purchasing the Lines as an
investment for its own account and not with a present view to a resale or other
distribution to the public;
b. understands that the loan may not be transferred in a denomination less than $100,000
under any circumstances;
c. is a bank, trust company, savings institution, insurance company, dealer, investment
company, pension or profit-sharing trust, or qualified institutional buyer as contemplated
by Section 517.061(7), Florida Statutes;
Page 7 of 7
November 19,2010
d. is not purchasing the loan for the direct or indirect promotion of any scheme or enterprise
with the intent of violating or evading any provision of Chapter 517, Florida Statutes;and
e. is an "accredited investor" within the meaning of the Securities Act of 1933, as amended,
Regulation D there under.
VIII. TENTATIVE SCHEDULE
The City will attempt to adhere to the following schedule:
January 26,2011 Release of RFP approved by City Commission
January 27, 2011 Issue Request for Proposal
February 9, 2011 First Reading of Ordinance
February 24,2011 Responses to RFP due on or before 2:00 P.M.
February 28,2011 Award pending Loan Agreement and Commission
Approval
March 10,2011 Resolution with Loan Agreement filed with Agenda
Coordinator
March 23,2011 Second Reading of Ordinance and Award
Resolution Approval
March 24,2011 Closing on Loan
*Subject to change
Page 8 of 7
November 19,2010
Sponsored by: City Manager
Resolution No. 10-8055
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA LOCKA, FLORIDA AUTHORIZING THE
CITY MANAGER TO ADVERTISE A REQUEST FOR
QUALIFICATIONS (RFQ) FOR BOND COUNSEL TO
OBTAIN LEGAL GUIDANCE FOR THE REFINANCING OF
THE SERIES 1994 REVENUE BONDS AS SERIES 2010
BONDS AND ISSUANCE OF SERIES 2010A BONDS;
PROVIDING FOR INCORPORATION OF RECITALS;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City currently plans to refinance the City's Series 1994 Revenue
Refunding Bonds as Series 2010 Bonds and to issue Series 2010A Bonds; and
WHEREAS, the proceeds of the bonds will provide additional funds for capital
expenditures; and
WHEREAS, the City Commission of the City of Opa-locka needs the services of Bond
Counsel to provide legal guidance in carrying out the planned refinancing of the Series 1994
Revenue Refunding Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds; and
WHEREAS, the City Commission of the City of Opa-locka desires to advertise a Request
for Qualifications for Bond Counsel:
NOW,THEREFORE,BE IT DULY RESOLVED BY THE CITY COMIVIISSION OF
THE CITY OF OPA-LOCKA,FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission of the City of Opa-locka authorizes the City Manager
to advertise a Request for Qualifications for Bond Counsel to provide legal guidance in carrying out
Resolution No. 10-8055
the planned bond refinancing of the City's Series 1994 Revenue Refunding Bonds as Series 2010
Bonds and the issuance of Series 2010A Bonds.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 28th day of April, 2010.
1, A
JOSEP 1LLEY
MA OR
Approved as t( form and legal sufficiency:
.46.064
Deborah S. •o Jo , 44-
S.' eller
City Clerk
rim • ty Attorney
Moved by: JOHNSON
Seconded by: TAYLOR
Commission Vote: 4-0
Commissioner Holmes: YES
Commissioner Johnson: YES
Commissioner Tydus: NOT PRESENT
Vice-Mayor Taylor: YES
Mayor Kelley: YES
t1-tl
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1
Memorandum
TO: Mayor Joseph Kelley
Vice-Mayor Myra L. Taylor
Commissioner Dorothy Johnson
Commissione Timothy Holmes
Co fission
Rose Tydus
FROM: larance Patterson, City Manager
DATE: April 20, 2010
RE: Request for Authorization to Issue Request for Qualifications for Bond Counsel
Request: RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA
LOCKA,FL AUTHORIZING THE CITY MANAGER TO ADVERTISE RFQ
FOR A BOND COUNSEL TO OBTAIN LEGAL GUIDANCE FOR THE
REFINANCING OF TILE SERIES 1994 REVENUE BONDS AS SERIES 2010
BONDS AND ISSUANCE OF SERIES 2010A BONDS.
Description' Included in the City's fiscal year 2009-2010 budget is $500,000 of revenue from planned
refinancing of the City's Series 1994 Capital Improvement Revenue Refunding Bonds
and the issuance of Series 2010 Bonds. The $500,000 is budgeted to provide additional
funds for capital expenditures. The City needs the services of a Financial Bond Counsel
to carry out the planned bond refinancing and issuance.
The Series 1994 Capital Improvement Revenue has an outstanding balance of $5.815
million.
Financial Impact: Professional fees will be funded from the expected savings gain from refinancing and
financing transactions.
Implementation Timeline: Immediately
Legislative History None
Recommendation(s): Staff recommends approval_
Analysis: Net proceeds from bond refinancing/financing will be used for capital improvement projects.
Attachments: None
PREPARED BY: Ezekiel Orji,PhD,CPA
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