harris: how to fund your lmr system 1 harris corporation overview pspc

Harris: How to Fund Your LMR System 1

Harris CorporationOverview

PSPC


Presenters & Agenda

• Harris Inc. Overview:

– Rick Polehonka – Sales Manager

• Funding Strategies & Sources:

– Lee Connor – Grant Funding Manager

• Payment Terms & Financing Solutions:

– Ed Clemente – Finance Manager Bids & Proposals

• PNC Finance Overview:

– Russ Munson – PNC Finance


Company overview

• International communications and information technology company headquartered in Melbourne, Florida serving government and commercial markets

– Publicly listed on NYSE (ticker: HRS)

– Approximately $6 billion annual revenue

– More than 16,000 employees located in 50 countries around the world

• Significant intellectual property and technology portfolio– Workforce includes nearly 7,000 engineers and scientists

• Leader in design, deployment and operation of highly-reliable, secure communications systems and information networks for voice, data, imaging and video


Diverse served markets


RF Communications

• Tactical radio products and integrated systems

• JTRS-approved; delivering the JTRS promise today

• Leading the transformation from narrowband to wideband networking

• Tactical ISR products and applications

• Communications Security products

• Full range of Land Mobile Radio products

• Integrated IP-based communications systems

• Advanced 4G/LTE broadband communications systems

U.S. Departmentof Defense

International

Public Safety & Professional

Communications

Tactical Communications


Financing Solutions for yourInvestment in a Public Safety Network

May 2011

Lee Connor – Grant Funding Program Manager

Ed Clemente – Finance Manager Bids & Proposals


Agenda

• Grant Funding Update

• Funding Strategies

• Harris Corporation Grant Funding Support

• Payment Terms /Financing Solutions– Milestone Payments– Leasing– Public Private Partnerships (PPPs)

• Next Steps – Discussion/Questions


Funding Update


Topics

• 2011 SAFECOM:

Guidance on Emergency Communication Grants

• Grant Funding Update


SAFECOMhttp://www.safecomprogram.gov/SAFECOM/grant/default.htm

• The purpose of the FY 2011 SAFECOM Guidance is to provide guidance to grantees on:

– Emergency communications activities that can be funded through Federal grants

– Technical standards that facilitate interoperability

– Recommendations for planning, coordinating, and implementing emergency communications projects

http://www.safecomprogram.gov/SAFECOM/grant/default.htm


SAFECOM: http://www.safecomprogram.gov/SAFECOM/grant/default.htm

http://www.safecomprogram.gov/SAFECOM/grant/default.htm


2011 SAFECOM Guidance

• Narrowband Mandate

– “In the FY 2011 SAFECOM Guidance, grantees are encouraged to allocate grant funds to plan and implement activities that will ensure compliance with the Federal Communications Commission (FCC) narrowband mandate by the January 1, 2013, deadline.” (pg 4)



• Consider Regional, Multi-Jurisdictional, Multi-Disciplinary Projects– Improve emergency communications across jurisdictions (e.g.,

across States, counties) – Enables communication across jurisdictions, between disciplines,

and among all levels of government – Expands coverage to unserved or underserved areas within or

beyond a region – Links disparate systems – Connects local systems and responders to regional or statewide

systems

“Regional projects (intra-State and/or inter-State projects that include more than one jurisdiction) should promote wide area interoperability and not create new barriers between responders inside and outside of the region. For example, grant funding should not advance a “proprietary-based project” when an equivalent “open standards” solution exists”



• Consider Broadband and Emerging Technologies– Grantees should consider investments in broadband

planning and technologies* in order to continue to move their jurisdiction toward greater interoperability nationwide

*The FCC has advised grantees to ensure that investments in wireless broadband networks are compliant with 3 GPP-Release 8 of the Long-Term Evolution (LTE) standard, and have required grantees to provide information on how the investment will achieve interoperability with other public safety networks, including a statement on whether the interface is compliant with 3 GPP-Release 8 of the LTE standard.



• Eligible Activities:– Planning– Training– Exercises– Equipment

• Conversion to Narrowband Equipment– Replacing non-narrowband compliant equipment – Acquiring/upgrading additional tower sites needed to comply with

narrowband conversion – Reprogramming existing equipment to comply with narrowband

conversion

Authorized Equipment List (AEL):https://www.rkb.us/mel.cfm?subtypeid=549

https://www.rkb.us/mel.cfm?subtypeid=549


SAFECOM Summary

• Acknowledges Narrowbanding Deadline

• Encouraging funding agencies to “allocate grant funds” to narrowbanding projects

• Focus on regional interoperability projects

• Standard based & emerging technology solutions


FY11 GRANT FUNDING UPDATE


FY 2011 Grant Update

• Budgets delayed – grants delayed

• Overall decrease in DHS & DOJ grants

• DHS grant consolidation

• Earmarks removed


Grants forCommunications Equipment

Dept of Homeland Security (DHS)• Homeland Security Grant Program

-- State Homeland Security Program (SHSP)

-- Urban Area Security Initiative (USAI)

-- Operation Stonegarden Grants (OPSG)

-- Metropolitan Medical Response System (MMRS)

-- Citizen Corp Program (CCP)

• Infrastructure Protection Program

-- Transit Security Grant Program (TSGP)

-- Port Security Grant Program (PSGP)

-- Intercity Bus Security Grant Program (IBSGP)

-- Buffer Zone Protection Program (BZPP)

-- Freight Rail Security Grant Program (FRSGP)

• Preparedness Grants -- Interoperability Emergency Communications Grant Program (IECGP)

-- Emergency Management Performance Grants (EMPG)

-- Emergency Operations Center Grant Program (EOCGP)

-- Regional Catastrophic Preparedness Grant Program (RCPGP)

-- REAL ID Systems Integration and Data Verification Grant Program

-- Assistance to Firefighters Program (AFG)

Dept of Justice (DOJ)• Community Oriented Policing Services (COPS) -- Secure Our Schools -- Tribal Resources Grant Program -- Law Enforcement Technology -- COPS Meth• Byrne Memorial Grant Program (JAG) -- Discretionary -- Competitive -- Formula

Dept of Agriculture (USDA)• Broadband Grants and Loan Programs• Distance Learning /Telemedicine Grants

Health & Human Services (HHS)• Hospital Preparedness Program• Pandemic Influenza Preparedness and Response• Rural Health Care Outreach Program • Small Rural Hospital Improvement Program

DOE DOT FAA FTA TSA ED BIA DOI


Major Communications GrantsFY2011 President’s Budget

• Awards made annually• 36 month period of

performance• Awarded to the State: SAA• 80% Passed through to locals• Grant guidance changes year

to year

• Allowable expenditures:– Planning– Overtime for Orange alert– Equipment– Training, Exercise– M&A

Homeland Security Grant Programs FY2010 FY2011

President'sBudget

FY2011 CR

April 2011Budget Agreement

% Change

FY2012 President's

Budget

State Homeland Security Program $842,000,000 $1,050,000,000 $890,000,000 $725,000,000 - 19% $1,000,000,000

Urban Area Security Initiative $832,000,000 $1,100,000,000 $887,000,000 $725,000,000 - 18% $920,000,000

Operation Stonegarden Grant Program $60,000,000 $0 $60,000,000 $55,000,000 - 8% $50,000,000

Metropolitan Medical Response System $39,300,000 $0 $41,000,000 $35,000,000 - 15% $0

Citizen Corp Program $12,400,000 $0 $13,000,000 $10,000,000 - 23% $13,000,000

$1,785,700,000 $2,150,000,000 $1,891,000,000 $1,550,000,000 - 18% $1,983,000,000

http://www.fema.gov/government/grant/hsgp/index.shtm

http://www.fema.gov/government/grant/hsgp/index.shtm


Major Communications Grants FY2011 President’s Budget

• Funded yearly• 2- 3 yr period of performance• Funds flow to fiduciary agents,

specific entities• Matching requirements• PSGP & TSGP received $300M

ARRA funds

• Allowable expenditures:– Planning– Equipment– Training– Exercise– M&A

Preparedness Grant Program FY2010 FY2011

President'sBudget

FY2011 CR

April 2011Budget

Agreement% Change

FY2012 President's

Budget

Port Security Grant Program $288,000,000 $300,000,000 $300,000,000 $250,000,000 - 17% $300,000,000

Transit Security Grant Program $253,000,000 $300,000,000 $300,000,000 $250,000,000 - 17% $300,000,000

Buffer Zone Protection Program $48,000,000 $50,000,000 $50,000,000 $0 - 100% $50,000,000

TSGP: Freight Rail Security Grant Program $15,000,000 $0 $0 $0 0% $0

TSGP: Intercity Passenger Rail (Amtrak) $20,000,000 $0 $0 $0 0% $0

TSGP: Intercity Bus Security Grant Program $11,520,000 $0 $0 $10,000,000 $0

TSGP: Trucking Security Program $0 $0 $0 $0 $0 $0Infrastructure Total $635,520,000 $650,000,000 $650,000,000 $510,000,000 - 22% $650,000,000

http://www.fema.gov/government/grant/index.shtm

http://www.fema.gov/government/grant/index.shtm



• AFG: Regional Communications Project:

• EOC– FY10: $47M directed funding/

$10M competitive– FY11: $15M competitive only!

• Consolidation of grant programs – IECGP, Driver License, RCPGP…

Preparedness Grant Program FY2010 FY2011

President'sBudget

FY2011 CR

April 2011Budget

Agreement

% Change

FY2012 President's

Budget

Emergency Management Performance Grants $329,800,000 $345,000,000 $340,000,000 $340,000,000 0% $345,000,000

Assistance to Firefighters Grant $560,000,000 $305,000,000 $405,000,000 $405,000,000 0% $305,000,000

Emergency Operations Center Grant Program $57,600,000 $0 $60,000,000 $15,000,000 - 75% $0

Interoperable Emergency Communications Grant Program $48,000,000 $0 $50,000,000 $0 - 100% $0

Driver’s License Security Grant Program $48,000,000 $0 $35,000,000 $0 - 100% $0

Regional Catastrophic Preparedness Grant Program $33,600,000 $0 $0 $0 0% $0

UASI Nonprofit Security Grant Program $19,000,000 $0 $0 $0 0% $0

Tribal Homeland Security Grant Program $10,000,000 $0 $0 $0 0% $0

Various Preparedness Programs $1,106,000,000 $650,000,000 $890,000,000 $760,000,000 - 15% $650,000,000

April 2011:“Charlotte, NC accepted $2.1M& approved a MOU with the City of Gastonia related to the regional communications grant”

http://www.fema.gov/firegrants/index.shtm http://www.fema.gov/government/grant/eoc/index.shtm

http://www.fema.gov/firegrants/index.shtm

http://www.fema.gov/government/grant/eoc/index.shtm

http://www.fema.gov/government/grant/eoc/index.shtm



COPS ProgramsJAG Programs

http://www.ojp.usdoj.gov/BJA/grant/jag.html http://www.cops.usdoj.gov/Default.asp?Item=46

COPS SOS Now OPEN!Deadlines: May 25th & June 8th

DOJ FY2010 FY2011

President'sBudget

FY2011 CR


% Change

FY2012 President's

Budget

Byrne J AG Grants - Formula $511,000,000 $512,000,000 $519,000,000 $480,000,000 - 8% $519,000,000

Byrne J AG Grants - Discretionary* $179,000,000 $0 $185,000,000 $0 - 100% $0

Byrne J AG Grants - Competitive $30,000,000 $30,000,000 $40,000,000 $0 - 100% $25,000,000

Byrne Criminal J ustice Innovation Grant $20,000,000 $40,000,000 $40,000,000 $0 - 100% $20,000,000

Indian Assistance $50,000,000 $25,000,000 $25,000,000 $40,000,000 60% $0

COPS Technology Grant* $170,233,000 $0 $170,000,000 $0 - 100% $0

COPS Secure Our Schools (SOS) $16,000,000 $16,000,000 $16,000,000 $13,000,000 - 19% $10,000,000

$976,233,000 $623,000,000 $995,000,000 $533,000,000 - 46% $574,000,000

http://www.ojp.usdoj.gov/BJA/grant/jag.html

http://www.cops.usdoj.gov/Default.asp?Item=46


HHS & ED Grants

• Focus on the four phases of emergency management:– Prevention-Mitigation, Preparedness, Response, and Recovery

• Interoperability communications is a priority• Focus on Health IT projects

Health & Human Services (HHS) FY2010 FY2011

President'sBudget

FY2011 CR


% Change

FY2012 President's

Budget

Hospital Preparedness Program (HPP) $390,000,000 $390,000,000 $390,000,000 $390,000,000 0% $353,400,000

Public Health Emergency Preparedness (PHEP) $688,000,000 $714,800,000 $714,843,000 $764,800,000 7% $643,264,000

$1,078,000,000 $1,104,800,000 $1,104,843,000 $1,154,800,000 5% $996,664,000

Department of Education Grant Programs FY2010 FY2011

President'sBudget

FY2011 CR*

April 2011Budget

Agreement

% Change

FY2012 President's*

Budget

Emergency Management for Higher Education (EMHE) $29,000,000 $29,000,000 $29,000,000 $0 -100% $29,000,000Readiness & Emergency Management for Schools (REMS) $9,000,000 $9,000,000 $9,000,000 $9,000,000 0% $9,000,000

$38,000,000 $38,000,000 $38,000,000 $9,000,000 -76% $38,000,000

PHEP Now OPEN!Deadline: June 17th

http://www.cdc.gov/phpr/coopagreement.htm#phep_ca

http://www.cdc.gov/phpr/coopagreement.htm#phep_ca


Federal Transit Administration (FTA) http://www.fta.dot.gov/funding/grants_financing_263.html

• FTA Overview– 1 of 11 administrations within

U.S. DOT– HQ in DC & 10 Regional

Offices – Authorized thru SAFETEA-LU

(Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users of 2005)

– $10B combined formula & discretionary grants

– Project Types:• Buses• Subways• Light rail, commuter rail• Streetcars, monorail• Passenger ferry boats• Inclined railways,

people movers

http://www.fta.dot.gov/funding/grants_financing_263.html


FUNDING YOUR LMR SYSTEM


Funding your LMR System

• Developing sound funding sources for a Land Mobile Radio (LMR) system can be daunting. When approaching how to fund your LMR system, it’s most effective when it encompasses the entire life cycle of LMR.

• There are three main phases: – Planning & Development– Procurement & Installation– Operations & Maintenance

• Each phase has a different funding profile or requirement.


Fis

cal R

equi

rem

ents

System Life Cycle

Planning &Design

Procurement &Installation

Operations & Maintenance

Existing SystemFiscal Requirements

Source: Booz-Allen & Hamilton: Funding Strategies For Public Radio Communications (Oct 1998)

8 – 10 years Service of Life

LMR: Fiscal Requirements


PlanningAnd Design

Procurement and Installation Operations and Maintenance

Federal - Redirect Existing Financial Resources

-Asset Forfeiture

-Annual Appropriations

-Federal Excise Tax

-Spectrum Lease Fees

-Existing Financial Resources

- Tower Space Leasing

State - Redirect Existing Financial Resources

-Asset Forfeiture

-Federal Grants

-Right-of-Way Fees

-Utility Tax

-Surcharge Fees

Existing Financial Resources

- Tower Space Leasing

Local - Redirect Existing Financial Resources

-Asset Forfeiture

- Federal /State Grants

-Right-of-Way Fees

-Utility Tax

-Surcharge Fees

-Bonds

-Existing Financial Resources

-Tower Space Leasing

- Impact fees

Funding Sources

Source: Booz-Allen & Hamilton: Funding Strategies For Public Radio Communications (Oct 1998)


Funding Strategies

– PROS: • No tax increases• Funds can co directly to

Public Safety Communications

• Excluded from budget review

– Cons:• There are intense

competition for funds• They are not evenly

distributed• May not provide adequate

revenue

• Planning and Design Phase – Existing financial resources (CapEx/OpEx accounts)

Asset forfeiture

Watonga, OK and purchase of portable radiosFeb 2011: The city approved the expenditure of $3,848 from the Drug Seizure Account to purchase portable radios for the Police Department.


Funding Strategies

• Installation and Procurement Phase – The Federal government can leverage

• Annual appropriations• Federal exercise tax• Spectrum lease fees

– The State & Local governments can• Issue bonds• Impose right-of-way fees• Utility tax/ surcharge fees

April 22, 2011: Lapeer County, MI “The county approved the issuance of Capital Improvement Bonds in an amount not to exceed $14,475,000 for the purpose ofoutdated analog radio equipment for Police, Fire and EMS with updated digital radio equipment and other equipment necessary for the 911 Central Dispatch System to effectively provide and ensure 24x7 public safety communications service for citizens”


Funding Strategies

• Operations and Maintenance Phase– Federal, State and Local governments can

• Use existing financial resources• Tower Leasing• Impact Fees• User Fees

Although cities nationwide are implementing nonresident emergency services fees, at least 10 states have outlawed them.

States forbidding the fee include: Alabama, Arkansas, Florida, Georgia, Indiana, Louisiana, Missouri, Oklahoma, Pennsylvania and Tennessee


Funding Strategies

• Grant Pros– Flexibility to create

programs– Advances policy goals– Encourages

coordination

• Grant Cons– Highly competitive with

no guarantee of award– Have administrative

reporting requirements – May require matching

funds– May have political

hurtles

• Federal/State Grants


Funding Strategies

• When deploying a LMR systems focus on a multi-jurisdictional approach.

• WHY?– Allows leveraging economies of scale to reduce the cost to each participant.– Shared systems are developed as planned implementations– Management & control similar to other multi-agency or regional govt services– Costs can be equal share or prorated by relative population size, tax base,

geographic area or number of users– Implementation financing based on proportional population or a percentage

of system infrastructure dedicated to each agency– Operational & Maintenance financing based on number of users, numbers of

pieces of equipment, or actual system usage (airtime) – Federal grants require a multi-jurisdictional, multi-agency approach


Funding Strategies Conclusion

• It’s important to ensure fiscal requirements and sources for the life cycle of the system.

• No matter what combination of funding sources, each agency must develop funding strategies that provide sufficient revenue to support each life cycle stage.

• Key stakeholders – senior level government officials, budget directors, political representatives, and the public – need to be involved – especially when the funding strategy is developed.

• The ability to secure funding to finance projects of this magnitude is one of the greatest challenges facing Public Safety agencies


Traditional Sources of Financing

• Grant Funding

• Bond issuance

• Extended Payment Terms during implementation

• Line up payment terms with Funding Stream

• Time Phased Implementation aligned with Funding

• Lease program (including tax exempt)

• Public Private Partnerships


Payment Terms & Financing Solutions

• Hurdles you may be facing:

– Partial Funding

– Budgetary Restraints

– Bonding Thresholds

• Aligning your Project Needs with available Funding


Examples of Payment Flow

Land Mobile Radio System

A. Payment Milestones ( 18 month project)

Month ARO ( After Receipt of Contract) May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12

Item Description Value 1 2 3 4 5 6 9 12 15 18

1.1 Project Kickoff / Mobilization $2,000,000 $2,000,000

1.2 Critical Design Review $1,000,000 $1,000,000

1.3 Hardware Staging $2,000,000 $1,000,000 $1,000,000

1.4 Hardware Delivery $2,000,000 $1,000,000 $1,000,000

1.5 Site Development / Site Improvements $1,000,000 $500,000 $500,000

1.6 System Installation $1,000,000 $1,000,000

1.7 Radio Delivery $2,000,000 $1,000,000 $1,000,000

1.8 System Acceptance Testing $1,000,000 $1,000,000

1.9 Final System Acceptance $500,000 $500,000

Monthly $2,000,000 $0 $1,000,000 $0 $1,000,000 $2,500,000 $1,500,000 $2,000,000 $2,000,000 $500,000Cummulative $12,500,000 $2,000,000 $2,000,000 $3,000,000 $3,000,000 $4,000,000 $6,500,000 $8,000,000 $10,000,000 $12,000,000 $12,500,000

B. Align Payments by Fiscal Year

By Fiscal Year $2,000,000 $8,000,000 $2,500,000

C. Align Project Payments with Funding Stream Phase 1 + Phase 2 + Phase 3 = Total

Propose project rollout into functioning $4,000,000 $4,000,000 $4,500,000 $12,500,000phases that align with annual budgets


Leasing Example

Lease Project Valued @ $12,500,000 5 Year Term Rate Amount

Monthly Payment ( in arrears) 2.7% Fixed $222,946

Annual Payment ( in advance) 2.5% fixed $2,515,646 7 Year Term

Monthly Payment ( in arrears) 3.25 Fixed $166,578

Annual Payment ( in advance) 3.0% Fixed $1,803,616

10 Year Term

Monthly Payment ( in arrears) 3.5% Fixed $123,607Annual Payment ( in advance) 3.25% Fixed $1,268,695

* Indicative rates as of May 8, 2011


Credit - Response Times

• Credit decisions are based on – Type of borrower – Credit Rating– Transaction size– Financial structure– Existing exposure with the same customer

• The credit process starts with complete information– Project scope– Financial information


Public Private Partnership ( PPP)

Pros:

• Technical Risk Lies with Technical Experts

• Capital Risk Lies with the Financial Experts

• Service Risk Lies with the Service Experts

• Long Term Relationship – 20 yrs

Cons:

• Available for Large Projects >$100M

• Extensive Terms and Conditions

• Long Term Relationship – 20 yrs

Venture ( LMR System) which is funded and operated through a partnership of State and Private Company(ies).

Private Sector Consortium forms a Special Purpose Company to build and maintain the asset.

A Building Contractor , Maintenance Company and Financial Firm.


Project Financing Structure (PPP example)

Senior Secured Debt

Debt Service

Equity

Customer

Sub-Contractors Sub-Contractors

BanksConsortium Partners/ single

company

Project Company

Build Operations

AssetsDividend

3 Yr Build-out15 Yr Operations &

Maintenance


Summary

• We at the Harris Corporation are willing to discuss Project Financing to meet your needs. There are financing sources and payment methods that we are able to discuss that may be available to meet your needs.

• Grant Funding Support is available

• Should you wish further information regarding the Project Financing Options, Please feel free to contact us.


Contact Information

• Contact your Harris team to learn more:

– Your Local Harris representative: www.harris.com

– Bank Financing/Leasing: Ed Clemente ([email protected])

– Grant Funding Program Office: Lee Connor ([email protected])


Presented by:

Russ Munson, Vice PresidentTechnology Finance Division

May 19, 2011


PNC Financial Services Group

• Headquartered in Pittsburgh, PA, with assets of $ 280 Billion PNC Financial Services is the 5th largest commercial bank in the United States

• PNC enjoys the strongest Tier 1 capitalization of any peer bank

• Moody's, Standard & Poors and Fitch rates PNC at A3 or A+

• PNC’s municipal leasing and public finance groups are leaders in financing for city, state and county governments and non-profit agencies


• Vice President, PNCEF Equipment Finance, since 2005

• Located at West Region office

– 19671 Beach Blvd, 3rd Floor– Huntington Beach, CA 92648 – 800 607 9830 ( Office ) – 714 267 7603 ( Mobile )– [email protected]

• 30+ year career: equipment finance & vendor financing programs

PNCEF – Russ Munson

mailto:[email protected]


• Strong balance sheet - deep pockets - low cost of funds

• Will fund $ 1.2 Billion in equipment financing for municipalities in 2011

• Flexible & customized deal structuring, with ability to respond quickly

• HARRIS program relationship since 2006

Why PNC Equipment Finance?


• Terms from 12 months to 15 years

• Payments can be structured: Monthly, Quarterly, Semi-Annually or Annually

• Commercial and municipal rates for transactions are matched “rate-to-risk” and based on current cost of funds, transaction size, term, credit quality and other factors:

– Tax-exempt rates for investment grade credits currently range from 1.5% to 3.9%

– Tax-exempt rates for non-investment grade credits currently range from 2% to 5%

• A municipal lease-purchase creates a series of annual appropriations (12 months at a time )

Municipal Finance Nuts & Bolts


Benefits to City, State & County governments

• No down payment. 100% Financing preserves liquidity.

• No “debt”. Payments are based on annual appropriation.

• Offers an operating budget solution at a time of budget

restraint.

• A fiscal management tool that addresses future budget uncertainty

• Purchase at end of term for $1.00.

• Customized financing can be arranged to fit your unique situation.


TYPICAL TRANSACTION ( based on current costs )

Example Amount: - $ 5,000,000

• Term - 84 Months

• Structure – Municipal Lease Purchase

• Down payment – none

• Rate 2.7% fixed ( 7-years )

• Monthly Payment - $ 65,392

• End of term purchase - $ 1.00

Budget appropriation required, if purchased: $ 5,000,000

Annual budget appropriation, if financed: $ 784,711


PNCEF Recent Tax Exempt Transactions

$ 28,000,000

TAX-EXEMPT MUNI LEASE Vehicles

City of Philadelphia

$ 18,000,000

TAX-EXEMPT MUNI LEASEEnergy Retrofit Project

University of Illinois

$ 5,879,131

TAXABLE MUNI LEASE Energy Project

State of Maryland

$ 8,400,000

TAX-EXEMPT MUNI LEASE Energy Project

State of Colorado

$ 8,200,000

TAX-EXEMPT MUNI LEASEHauling EquipmentCity of San Antonio

$ 11,300,000

TAX-EXEMPT MUNI LEASE Fire Trucks

California City

$ 9,600,000

TAX-EXEMPT MUNI LEASEFire Trucks & Equipment

Sacramento, Ca

$ 2,434,685

TAX-EXEMPT LEASEScoreboard Controls

State of Maryland

$1,150,000

TAX-EXEMPT LEASEPolice Cars

Indiana

$ 51,000,000

TAX-EXEMPT LEASEBuilding Project

Cleveland State Univ.

$ 24,000,000

TAX-EXEMPT MUNICommercial Vehicles

Maryland County

$ 2,400,000

TAX-EXEMPT LEASEFire Safety Equipment

Reno, NV

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