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OFFICE OF THE STATE TREASURER

Timeline of Bond Funding Communications and Events


05/23/13 Governor issues letter to Legislature directing Treasurer to prepare bonds for his signature on expedited basis (Governor)

06/13/13 Emailed Depts requesting bond funding request for Q1 in prep for Governor's approval
06/13/13 06/18/13 06/21/13 07/02/13 07/02/13 07/02/13 Forwarded above email to Admin (DAFS-OSC, BOB) Forwarded updated bond requests to Admin (DAFS-OSC) Forwarded updated bond requests to Admin (DAFS-OSC) Met with Commissioner Millett & Controller Brann (DAFS-OSC) Forwarded updated bond requests to Admin (DAFS-OSC) Press Release issued by Commissioner Millett: "At the request of my office, the State Treasurer has spent the last two weeks compiling bond requests from State agencies totaling $69.5 million dollars for FY 14" Controller Brann added: "Although we do not anticipate the actual sale of the bonds until the fall, there are sufficient funds available in the State's cash pool to ensure bond projects can begin immediately after certification by the Treasurer...The Administration is committed to funding the needs of the agencies immediately..." Provided bond tax status to Admin (BOB) Press Release issued by Governor referencing 5/23/13 directive to Treasurer (Governor) Emailed Depts to confirm requests (BOB) Treasurer detailed requests to Legislature via email

07/03/13 Emailed Depts to confirm requests subsequent to Governor's approval (BOB)


07/03/13 07/03/13 07/12/13 07/24/13

07/31/13 Governor signed FO 001710 F4, authorizing $69M bond funding, referencing bond issue 08/07/13 Provided updated spreadsheet to Admin and requested cash transfers of $21.5M to bond accounts (OSC)
08/12/13 Provided updated spreadsheet to Admin (DAFS-OSC)

09/06/13 Emailed Depts requesting bond funding requests for Q2


09/23/13 Emailed Depts to confirm Q2 bond fund requests

09/30/13 Provided updated spreadsheet to Admin and requested cash transfers of $5.5M to bond accounts (OSC)
11/05/13 Additional bond projects authorized by the voters 11/19/13 Emailed John Butera, Commissioner Millett, & Controller Brann offering a meeting with Governor and requesting direction on communication path for bond fund (Governor Staff, DAFS, DAFS-OSC) 12/05/13 Rec'd response from Commissioner Millett, authorized to proceed and communicate directly with Depts, preference on timing of Spring Bond Sale (DAFS) 12/13/13 Emailed Depts (Commissioners) regarding bond sale, requested confirmation on preference to deal directly with finance and project managers

12/17/13 Emailed Depts requesting bond funding requests for Q3 01/14/14 Provided updated spreadsheet to Admin and requested cash transfers of $24.2M to bond accounts (OSC)
01/15/14 Received meeting request from Controller Brann, responded 1/15/14 (DAFS-OSC) 01/24/14 Met with Commissioner Millet, Controller Brann, and others to discuss bond issue timeline, current status of requests, short-term borrowing, scheduled 3 meetings to prepare for bond issue (DAFS-OSC) 01/24/14 Forwarded updated bond requests to Commissioner Millett (DAFS) 02/10/14 Emailed Commissioner Millett & John Butera re: Governor statements to press, provided factual bond funding data, requested response (Governor staff, Admin) Page 1 of 2

02/12/14 Emailed Legislature with update on bond fund requests 02/19/14 Received email from Governor indicating he will not approve going to market until $60M in RDF and indicated Treasurer has elected not to keep Governor informed 02/20/14 Emailed response to Governor and Admin
Anticipated Continuation of Bonding Process

02/24/14 Issue RFP for quote on short-term private borrowing (BAN) through debt advisor
03/05/14 Award and contract with winning bidder

03/10/14 Close on Loan, Draw funds, replenish Treasurer's Cash Pool 03/10/14 Email Depts requesting bond funding requests for Q3
03/17/14 Circulate previous disclosure materials for Bond Issue Group for updates, continue through finalization on 5/19/14 with calls with debt advisors and bond counsel (OST, DAFS, DAFS, BOB, MRS) 03/24/14 Email Depts to confirm Q3 bond fund requests

03/31/14 Provide updated spreadsheet to Admin and request cash transfers of $5.5M to bond accounts (OSC)
04/01/14 Provide Legislature with update on bond fund requests 04/01/14 Circulate revised disclosure materials to Bond Issue Group (OST, DAFS, OSC, BOB, MRS) 04/14/14 Kick-Off conference call and distribute previous rating agency presentation (OST, DAFS, OSC, BOB, MRS) 04/14/14 04/28/14 05/01/14 05/05/14 05/06/14 05/12/14 Conference call to discuss status of Official Statement progress, needs (OST, DAFS, OSC, BOB, MRS) Bond Issue Group meeting (OST, DAFS, OSC, BOB, MRS) Bond Issue Group meeting (OST, DAFS, OSC, BOB, MRS) Conference call to discuss status of Official Statement progress, needs (OST, DAFS, OSC, BOB, MRS) Bond Issue Group meeting (OST, DAFS, OSC, BOB, MRS) Send rating package to Rating Agencies

05/19/14 Rating Agency presentations (OST, DAFS, OSC, BOB, MRS)


05/19/14 Due Diligence Call (OST, DAFS, OSC, BOB, MRS) 05/26/14 Receive Ratings, post prelim disclose docs (OST, DAFS, OSC, BOB, MRS) 06/06/14 Price Bonds, finalize disclosure docs (OST, DAFS, OSC, BOB, MRS)

06/16/14 Close on Bond Sale, repay Loan


BOLD: Italics: OST Admin DAFS OSC BOB MRS Critical step to bonding process Additional information/communication Office of the State Treasurer Governor's Administration Department of Administrative and Financial Services Office of the State Controller, Department of Administrative and Financial Services Bureau of the Budget, Department of Administrative and Financial Services Maine Revenue Services, Department of Administrative and Financial Services

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Office of the State Treasurer


Agency
DAG DECD DECD DEP DEP DEP DEP DHHS DHHS DHHS DOC DOC DOC DOC DOT DOT DOT DOT DOT DOT DOT DOT ME Historic Preserv MCCS UMS UMS TOTAL

Law

Description
Agricultural water source development grant program. Brunswick Naval Air Station Redevelopment Provides funds to make investments under the Communities for Maine's futureCommunity program. Grant program: Small provides funding for grants to small towns to help replace malfunctioning septic Uncontrolled hazardous substance investigation and clean up Wastewater treatment facility construction grants Revolving Loan for Wastewater treatment facilities Community-based Teaching Clinic

Acct Codes
018-01A-0833-03 018-19A-0585-01 018-19A-0585-02 018-06A-0248-22 018-06A-0247-53 018-06A-0248-24 018-06A-0248-50 018-10A-0143-13

Authorized but Unissued


$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Total Cash Advanced from Cashpool


90,000.00 $ 2,944,098.00 $ 3,051,711.00 $ 100,000.00 $ 150,000.00 $ 150,000.00 $ 4,335,000.00 $ 2,400,000.00 $ 1,411,264.00 $ 3,590,000.00 $ 80,000.00 $ 1,050,000.00 $ 500,000.00 $ 425,000.00 $ 2,000,000.00 $

Expended as of 2/21/14
34,498.96 473,725.31 968,160.00 22,433.01 4,335,000.00 2,399,998.55 383,523.77 3,590,000.00 341,503.19 21,000,000.00 55,995.97 -

2009 PL Chapter 414

295,000 $ 2,944,098 $ 3,051,711 $ 200,000 $ 150,000 $ 200,000 $ 4,335,000 $ 2,400,000 $ 1,500,000 $ 3,590,000 $ 110,000 $ 6,500,000 $ 500,000 $ 425,000 $ 2,000,000 $

2009 PL, Chapter 414

2009 PL, Chapter 414

2009 PL, Chapter 414, C

2009 PL, Chapter 414, C

2009 PL, Chapter 414, C

PL 2011 Chapter 695 2009 PL, c.414 as amended by PL 2009, c.645 2009 PL, c.414 as amended by PL 2009, c.645 PL 2011 Chapter 695 2009 PL, c.414 as amended by PL 2009, c.645 2009 PL, c.414 as amended by PL 2009, c.645 2009 PL, c.414 as amended by PL 2009, c.645 2009 PL, c.414 as amended by PL 2009, c.645 2009 PL, Chaper 645, A

Health and Dental Clinic Upgrades 018-10A-0143-14 Revolving Loan for Drinking Water Systems State Parks and Land Management 018-01A-Z246-50 Provides for the use of bond proceeds to be used for the acquisition of land and interest infunds land for conservation, water Provides to be used for working farmland preservation Working waterfront preservation 018-01A-Z162-09 Taxable Railroad 017-17E-0350-73 Highway and Bridge Construction 018-17A-0406-90 Transit buses. 018-17A-0443-55 Industrial Rail Access Program 017-17E-0350-28 Warehousing facilities at the port at Eastport Ferry 018-17C-0346-41 018-17C-0346-77 Avaition-FAA Augusta Airport Upgrade 018-17B-0294-78 018-17B-0294-75 Historic Preservation Commission: Provides capital investment through a revolving loan fund to revitalize Energy and infrastructure upgrades at all campuses of MCCS, Tax-exemptProvides funds for energy and infrastructure upgrades at all campuses of UMS Maine Marine Wind Energy Fund. Provides funds for research, development and product innovation associated with 018-01A-Z162-07 018-01A-Z162-08 018-10A-0143-15

PL 2011 Chapter 697

41,000,000 $ 21,000,000.00 $ 1,000,000 $ 1,500,000 $ 1,500,000 $ 650,000 $ 1,700,000 $ 50,000 $ 200,000.00 $ 1,500,000.00 $ 1,500,000.00 $ 300,000.00 $ 300,000.00 $ 10,000.00 $

PL 2011 Chapter 697

PL 2011 Chapter 697

PL 2011 Chapter 697

2009 PL, Chaper 414, Part A

2009 PL, Chaper 414, Part A

2009 PL, Chaper 414, Part A

2009 PL, Chapter 414 as amended by chapter 645

017-94P-Z109-01

1,200,000 $

100,000.00 $

2009 PL, c 414

018-99T-0560-18 017-78A-0361-16 017-78A-Z110-01

$ $ $

1,050,000 $ 3,677,000 $ 7,350,000 $ TOTAL $

100,000.00 $ 3,677,000.00 $ 325,000.00 $ 51,289,073 $

100,000.00 3,671,461.63 37,376,300.39

2009 PL, chapter 414 2009 PL, chapter 414 as amended by c. 645

Treasurer's Cash Pool Balance - Recent History


$900,000,000 $850,000,000 $800,000,000 $750,000,000 $700,000,000 $650,000,000 $600,000,000 $550,000,000 $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000

FY 2014

FY 2013

FY 2012

FY 2011

FY 2010

* The Treasurer's Cash Pool holds approximately $200 Million in long-term investments, including Treasury and Federal Agency Securities.