Experience with Rating Agencies and Credit Providers.

Members of the firm have worked closely with the major national rating agencies and municipal bond insurers for many years and are thoroughly familiar with the requirements imposed by the rating agencies and bond insurers on various types of municipal financings. We typically are involved in the rating process by providing the rating agencies with drafts and executed copies of the primary financing documents to be used in a particular transaction along with a draft of our proposed bond opinion. Although the usual rating agency "package" (including, particularly, financial information relating to the client and the proposed transaction) typically is prepared by the financial advisor, we are prepared to provide whatever assistance is deemed necessary in presenting information and documentation to the rating agencies and bond insurers, and answering questions posed by such entities.

Most of our contact with the rating agencies and the bond insurers through telephone conferences and written correspondence; however, if the client requests our attendance at rating agency and/or bond insurer presentations, we are pleased to attend and participate. As Bond Counsel, we recognize the importance of responding promptly to requests and inquiries made by the rating agencies and bond insurers. Our objective is to assist the client to achieve the highest possible rating within the financing structure which, in the opinion of the client and its professional consultants, is most beneficial to the client.

Two examples of the close working relationship that members of this firm have with the rating agencies and credit providers involve two separate transactions for San Antonio I.S.D. Mr. Avila served as Bond Counsel for San Antonio I.S.D. in a $13,000,000 Lease Purchase Financing. Even though both the rating agencies and AMBAC (a Bond Insurance Company) were each initially skeptical of the credit worthiness of such a lease-purchase financing alternative, through our discussions with them on Texas school finance law, the legal structure of a Lease Purchase financing, and the availability of state funding to support it, S.A.I.S.D. was able to retain an "A" rating for its transaction and secured insurance from AMBAC. By doing so S.A.I.S.D. was able to be the first Texas School District to sell its lease revenue bonds as "AAA" rated.

Additionally, in the process of selling and rating its $263,280,000 voter approved bonds, Mr. Avila had several meetings and conversations with the rating agencies and prepared for signature of the Texas Commissioner of Education, a written correspondence regarding the establishment and reliability of the Chapter 46 Instructional Facilities Allotment Program Funds. Because of the comfort given to the rating agencies through these conversations and the Commissioner's correspondence, S.A.I.S.D. and all other Texas school districts who issued debt supported by State Chapter 46 finding, were been able to retain the strength of their previous ratings, which has saved Texas school districts billions of dollars of interest costs.

Commitment to Minority Hiring and Ownership.

THE LAW OFFICES OF WILLIAM T. AVILA, P.C. is committed to ensuring equal employment opportunity for all persons without discrimination on the basis of race, color, religion, sex, national origin or age. This policy of equal opportunity applies to all employment practices including recruitment, employment, training, compensation, promotion and termination.

THE LAW OFFICES OF WILLIAM T. AVILA, P.C. has consistently maintained minority and female attorney employment levels at or in excess of those of other firms practicing public finance law. We are the only national firm which is 100% Hispanic-Owned. One hundred percent (100%) of our legal assistants are minority or female.

No-claims or Litigation Filed Against the Firm.

No litigation has been filed against the firm alleging professional malpractice, nor have any claims been made against the professional liability carried by the firm, nor have any settlements by the firm been paid by the professional liability carrier.

No Known or Anticipated Conflicts of Interest.

The firm does not currently, nor does it anticipate that it will, in the future, represent any client in any action against the City or in any matter where the client has an interest adverse to the City. In the event that a situation arises which could create a conflict of interest, we will immediately notify City officials of such event.