4/24/12 - Barnegat Township School District

C. Experience in New Jersey
Bank of America and Bank of America Public Capital Corp lends to New Jersey
state and local governments. We have significant credit exposure to these
entities within New Jersey. Evidence of our experience with New Jersey
borrowers can be demonstrated through our current volume of committed capital
in excess of $1.2 billion to New Jersey state and local municipalities and
agencies.
D, E and F Interest Rates, Optional Redemption and Fees
Lease Term:
15 years
Closing Date: Expected April or May 2012
Interest Rate:
2.94% fixed for 60 days from this proposal
We have provided a rate that is locked for 60 days until May 22, 2012 and will be
honored so long as the transaction is funded before such date.
Rate Lock
Procedure:
Closing Costs:
These interest rates can be held for 60 days from this proposal if the proposal is
signed by April 27, 2012. Please sign the term sheet to accept our proposal.
Bank’s legal costs are capped at $5,000. There are no other costs.
Prepayment:
The Refunding Bond shall be subject to redemption, in whole on any interest payment
date, at the option of the Board, upon notice as required herein at the respective prices set
forth below, expressed as percentages of the principal amount to be redeemed, plus in
each case accrued interest to the date fixed for redemption:
Redemption Period
(both dates inclusive)
Redemption
Price
November 1, 2012 through April 30, 2022 101.5%
May 1, 2022 through April 30, 2027 101%
Final Approval:
Assignment:
This proposal and the terms set forth herein are an indication of interest in the
transaction, and are not and should not be construed as a commitment nor obligation
of Purchaser or its affiliates to provide any financing. The proposed transaction and
the terms set forth herein are subject to all credit, risk, documentation and legal approvals
of Purchaser as well as execution and delivery of documentation acceptable to all
parties. All disbursements are subject to no material adverse change in the financial
condition of Purchaser from the time of approval.
Purchaser may sell, assign or encumber all or any part the Bonds, however, in no
event shall the Purchaser assign this agreement as a public offer of participation.
Barnegat Township Board of Education Meeting Minutes
April 24, 2012 31