mchenry d156 forum
TRANSCRIPT
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Integrity. Commitment. Performance.
PMA Financial Planning ProgramPresented byHoward Crouse, Vice PresidentPMA Financial Network, Inc.November 30, 2010
McHenry HSD #156
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Integrity. Commitment. Performance.2Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
FY2011 Revenue
Includes: Educational, Operations & Maintenance, Transportation, Illinois Municipal Retirement Fund, Tort and Working Cash Funds
REVENUE BY SOURCE DETAIL - FY 2011
Property Taxes78.7%
Federal
4.3%
Other State5.4%General State Aid
3.8%Other Local
7.8%
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Integrity. Commitment. Performance.3Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
EAV Change, CPI and Tax Rate
CPI
Existing EAV Tax Rate
CPI CPIExisting EAV
Existing EAVTax Rate
Tax Rate
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Integrity. Commitment. Performance.4Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Revenue Assumptions Property Taxes
Consumer Price Index (CPI) - Levy Years
3.40%
2.50%
4.10%
0.10%
2.70%
2.00%
2.50% 2.50% 2.50% 2.50%
1.30%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Actual Projected
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Integrity. Commitment. Performance.5Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Revenue Assumptions Property Taxes
Existing EAV % Change
6.13%
1.99%
-3.43%
-8.05%-8.98%
-2.99%
0.00%2.00% 2.00% 2.00%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Actual Projected
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Integrity. Commitment. Performance.6Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Revenue Assumptions Property Taxes
New Growth (In Millions)
$38.74$35.71
$24.25
$16.52
$5.6 $4.4 $4.4 $4.4 $4.4 $4.4 $4.4
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Actual Projected
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Integrity. Commitment. Performance.7Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Actual & Projected Limiting Rate and Tax Extensions
1.361% 1.314% 1.341% 1.391% 1.553% 1.729% 1.818% 1.863% 1.872% 1.881% 1.891%
$17.8$18.7
$19.8 $20.1$20.7 $21.0 $21.5
$22.2 $22.8$23.4 $24.1
0.000%
0.200%
0.400%
0.600%
0.800%
1.000%
1.200%
1.400%
1.600%
1.800%
2.000%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
M i l l i o n s
PTELL Limiting Rate Actual PTELL Limiting Rate Projected
Extension without Bonds Actual Extension without Bonds Projected
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Integrity. Commitment. Performance.8Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
FY2011 Expenditures
Includes: Educational, Operations & Maintenance, Transportation, Illinois Municipal Retirement Fund, Tort and Working Cash Funds
FY 2011 EXPENDITURES BY OBJECT
Benefits
14.5%Salaries
58.8%
Capital Outlay1.6% Other Objects
5.4%
Supplies And
Materials4.9%Purchased Services14.8%
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Integrity. Commitment. Performance.9Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Expenditure Assumptions
Salaries Certified staff
Current contract through FY11 FY12 FY16 subject to negotiations
FY12 assumes all staff salaries are frozen FY13 FY16 assumes 2% - 3.5% increases per year
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Integrity. Commitment. Performance.10Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Projected Aggregate Revenues Vs. Expenditures
Includes: Educational, Operations & Maintenance, Transportation, Illinois Municipal Retirement Fund, Tort and Working Cash Funds
REVENUES VS. EXPENDITURES
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Revenues Expenditures
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Integrity. Commitment. Performance.11Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Projected Aggregate Surplus/Deficit
Includes: Educational, Operations & Maintenance, Transportation, Illinois Municipal Retirement Fund, Tort and Working Cash Funds
SURPLUS / DEFICIT
($4,052,081)
($2,864,200)($3,183,290)
($2,847,820)($2,662,263) ($2,594,535)
($4,500,000)
($4,000,000)($3,500,000)
($3,000,000)
($2,500,000)
($2,000,000)
($1,500,000)($1,000,000)
($500,000)
$0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
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Integrity. Commitment. Performance.12Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Historical & Projected Fund BalancesProjected Year-End Balances
(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
($5,364,175)
($2,769,640)
($107,377)
$2,740,444
$5,923,733
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
($811,155)
($4,092,581)
($7,140,418)
($10,024,789)
($12,826,232)($15.0)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Operat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.13Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 1 Reduce ongoing expenditures $1MProjected Year-End Balances
(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
($151,278)
$1,376,263
$2,980,413
$4,783,957
$6,938,291
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
$69,825
($2,183,986)
($4,188,976)
($6,016,514)
($7,751,744)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Operat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.14Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 2 Reduce ongoing expenditures $2M
Projected Year-End Balances(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
$5,098,170$5,536,563
$6,072,995$6,828,589
$7,953,000
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997
$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
$950,941
($274,368)($1,233,110)
($1,994,802)($2,642,921)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Operat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.15Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 3 Limiting rate increase 2011 levy of 60 cents
Projected Year-End Balances(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
$9,710,194$8,736,168
$7,955,690$7,481,556$7,447,674
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997
$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
($48,562)($955,295) ($725,293)
($216,847)$498,874
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Ope rat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.16Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 4 Limiting rate increase 2011 levy of 50 cents
Projected Year-End Balances(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
$3,928,919$4,334,465$4,875,477
$5,671,525
$6,865,997
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997
$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
($339,640)
($2,153,123)
($3,176,281) ($3,969,749)($4,612,977)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Ope rat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.17Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 5 Limiting rate increase 2011 levy of 40 cents
Projected Year-End Balances(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
($1,820,558)
($55,402)
$1,798,487
$3,861,979
$6,284,328
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
($630,711)
($3,350,514)
($5,624,320)
($7,711,678)
($9,695,026)
($15.0)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Operations andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.18Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 6 10% CPI question for levy years 2011 & 2012
Projected Year-End Balances(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
$9,824,675
$8,404,768
$7,194,404$6,303,863
$6,787,222
$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997
$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
($379,060)
($1,875,934) ($1,697,310)($765,189)
$389,824
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Operat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.19Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Summary of Limiting Rate & CPI Questions
2009 2010 2011 2012 2013 2014 2015 2016Capped Levy - Actual Dollars* 20.1$Capped Levy - Actual Rate 1.391%Capped Levy - Projected Dollars* 20.7$ 21.0$ 21.5$ 22.2$ 22.8$ 23.4$ 24.1$Capped Levy - Projected Rate - Base 1.553% 1.729% 1.818% 1.863% 1.872% 1.881% 1.891%
Capped Levy - Projected w 60 cents 24.2$ 24.8$ 25.5$ 26.2$ 27.0$ 27.8$1.991% 2.093% 2.145% 2.156% 2.167% 2.177%
Capped Levy - Projected w 50 cents 23.0$ 23.6$ 24.2$ 24.9$ 25.6$ 26.4$1.891% 1.988% 2.038% 2.048% 2.058% 2.068%
Capped Levy - Projected w 40 cents 21.8$ 22.3$ 22.9$ 23.6$ 24.3$ 25.0$1.791% 1.883% 1.930% 1.939% 1.949% 1.958%
Capped Levy - Projected w 10% CPI 22.8$ 25.2$ 25.9$ 26.7$ 27.5$ 28.2$
1.877% 2.128% 2.182% 2.192% 2.203% 2.214%
*In millions
Levy year
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Integrity. Commitment. Performance.20Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 7 $8M Working Cash Bond
Projected Year-End Balances
(Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.)
$2,823,032
$5,373,681
$7,986,396
$10,787,313
$13,934,181$12,840,014
$8,787,933
$14,500,278
$17,254,011$16,667,459
$15,576,213
$9,424,997
$10,594,245 $10,543,015
$8,247,998
$6,228,470
$2,507,556
$7,198,248
$3,950,646
$948,665
($1,886,423)
($4,643,413)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
Educat ional Operat ions andMaintenance
Transportation IMRF Working Cash Tort
M i l l i o n s
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 FY End Balances Low-Point Balance
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Integrity. Commitment. Performance.21Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Scenario 7 $8M Working Cash Bond
believes to be accurate and reliable plus 75 bps.
Rates based upon the Bloomberg AAA insured taxable index for November 24, 2010 and recent bond sales which PMA
EAV and growth rates in levy years 2010-2015 as estimated by FPP.
Levy year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Debt Service Rate - Actual 0.238 0.236 0.218 0.234
Debt Service Rate -Projected 0.266 0.306 0.330 0.345 0.347 0.349 0.352
Debt Service Rate -Projected w/ $8M New Bonds 0.266 0.568 0.568 0.568 0.347 0.349 0.352
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Integrity. Commitment. Performance.22Data & Assumptions provided by District
PMA Financial Planning Program| McHenry HSD 156November 30, 2010
Copyright 2010 PMA Financial Network, Inc.
T h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s s o l e l y i n t e n d e d t o s u g g e s t / d i s c u s s p o t e n t i a l l y a p p l i c a b l e f i n a n c i n g a p p l i c a t i o n s a n d i s n o t i n t e n d e d t o b e a
s p e c i f i c b u y / s e l l r e c o m m e n d a t i o n , n o r i s i t a n o f f i c i a l c o n f i r m a t i o n o f t e r m s . A n y t e r m s d i s c u s s e d h e r e i n a r e p r e l i m i n a r y u n t i l c o n f i r m e d i n a
d e f i n i t i v e w r i t t e n a g r e e m e n t .
T h e a n a l y s i s o r i n f o r m a t i o n p r e s e n t e d h e r e i n i s b a s e d u p o n h y p o t h e t i c a l p r o j e c t i o n s a n d / o r p a s t p e r f o r m a n c e t h a t h a v e c e r t a i n l i m i t a t i o n s . N o
r e p r e s e n t a t i o n i s m a d e t h a t i t i s a c c u r a t e o r c o m p l e t e o r t h a t a n y r e s u l t s i n d i c a t e d w i l l b e a c h i e v e d . I n n o w a y i s p a s t p e r f o r m a n c e i n d i c a t i v e
o f f u t u r e r e s u l t s . C h a n g e s t o a n y p r i c e s , l e v e l s , o r a s s u m p t i o n s c o n t a i n e d h e r e i n m a y h a v e a m a t e r i a l i m p a c t o n r e s u l t s . A n y e s t i m a t e s o r
a s s u m p t i o n s c o n t a i n e d h e r e i n r e p r e s e n t o u r b e s t j u d g m e n t a s o f t h e d a t e i n d i c a t e d a n d a r e s u b j e c t t o c h a n g e w i t h o u t n o t i c e . E x a m p l e s a r e
m e r e l y r e p r e s e n t a t i v e a n d a r e n o t m e a n t t o b e a l l - i n c l u s i v e .
T h e i n f o r m a t i o n s e t f o r t h h e r e i n w a s g a t h e r e d f r o m s o u r c e s w h i c h w e b e l i e v e , b u t d o n o t g u a r a n t e e , t o b e a c c u r a t e . N e i t h e r t h e i n f o r m a t i o n ,
n o r a n y o p t i o n s e x p r e s s e d , c o n s t i t u t e a s o l i c i t a t i o n b y u s f o r p u r p o s e s o f s a l e o r p u r c h a s e o f a n y s e c u r i t i e s o r c o m m o d i t i e s .
I n v e s t m e n t / f i n a n c i n g d e c i s i o n s b y m a r k e t p a r t i c i p a n t s s h o u l d n o t b e b a s e d o n t h i s i n f o r m a t i o n .
Y o u s h o u l d c o n s i d e r c e r t a i n e c o n o m i c r i s k s ( a n d o t h e r l e g a l , t a x , a n d a c c o u n t i n g c o n s e q u e n c e s ) p r i o r t o e n t e r i n g i n t o a n y t y p e o f t r a n s a c t i o n
w i t h P M A S e c u r i t i e s , I n c . o r P M A F i n a n c i a l N e t w o r k , I n c . I t i s i m p e r a t i v e t h a t a n y p r o s p e c t i v e c l i e n t p e r f o r m i t s o w n r e s e a r c h a n d d u e
d i l i g e n c e , i n d e p e n d e n t o f u s o r o u r a f f i l i a t e s , t o d e t e r m i n e s u i t a b i l i t y o f t h e p r o p o s e d t r a n s a c t i o n w i t h r e s p e c t t o t h e a f o r e m e n t i o n e d p o t e n t i a l
e c o n o m i c r i s k s a n d l e g a l , t a x , a n d a c c o u n t i n g c o n s e q u e n c e s . O u r a n a l y s e s a r e n o t a n d d o n o t p u r p o r t t o b e a p p r a i s a l s o f t h e a s s e t s , o r
b u s i n e s s o f t h e D i s t r i c t o r a n y o t h e r e n t i t y . P M A m a k e s n o r e p r e s e n t a t i o n s a s t o t h e a c t u a l v a l u e w h i c h m a y b e r e c e i v e d i n c o n n e c t i o n w i t h
a t r a n s a c t i o n n o r t h e l e g a l , t a x , o r a c c o u n t i n g e f f e c t s o f c o n s u m m a t i n g a t r a n s a c t i o n . P M A c a n n o t b e r e l i e d u p o n t o p r o v i d e l e g a l , t a x , o r
a c c o u n t i n g a d v i c e . Y o u s h o u l d s e e k o u t i n d e p e n d e n t a n d q u a l i f i e d l e g a l , t a x , a n d a c c o u n t i n g a d v i c e f r o m o u t s i d e s o u r c e s .
I f p o s t e d o n a w e b p a g e , t h i s i n f o r m a t i o n h a s b e e n p r e p a r e d f o r i I f p o s t e d o n a w e b p a g e , t h i s i n f o r m a t i o n h a s b e e n p r e p a r e d f o r i I f p o s t e d o n a w e b p a g e , t h i s i n f o r m a t i o n h a s b e e n p r e p a r e d f o r i I f p o s t e d o n a w e b p a g e , t h i s i n f o r m a t i o n h a s b e e n p r e p a r e d f o r i n f o r m a t i o n a l a n d e d u c a t i o n a l p u r p o s e s a n d d o e s n o t c o n s t i t u t e an f o r m a t i o n a l a n d e d u c a t i o n a l p u r p o s e s a n d d o e s n o t c o n s t i t u t e an f o r m a t i o n a l a n d e d u c a t i o n a l p u r p o s e s a n d d o e s n o t c o n s t i t u t e an f o r m a t i o n a l a n d e d u c a t i o n a l p u r p o s e s a n d d o e s n o t c o n s t i t u t e a
s o l i c i t a t i o n t o p u r c h a s e o r s e l l s e c u r i t i e s , w h i c h m a y b e d o n e os o l i c i t a t i o n t o p u r c h a s e o r s e l l s e c u r i t i e s , w h i c h m a y b e d o n e os o l i c i t a t i o n t o p u r c h a s e o r s e l l s e c u r i t i e s , w h i c h m a y b e d o n e os o l i c i t a t i o n t o p u r c h a s e o r s e l l s e c u r i t i e s , w h i c h m a y b e d o n e o n l y a f t e r c l i e n t s u i t a b i l i t y i s r e v i e w e d a n d d e t e r m i n e d . S e r v i c en l y a f t e r c l i e n t s u i t a b i l i t y i s r e v i e w e d a n d d e t e r m i n e d . S e r v i c en l y a f t e r c l i e n t s u i t a b i l i t y i s r e v i e w e d a n d d e t e r m i n e d . S e r v i c en l y a f t e r c l i e n t s u i t a b i l i t y i s r e v i e w e d a n d d e t e r m i n e d . S e r v i c e s o f f e r e d b ys o f f e r e d b ys o f f e r e d b ys o f f e r e d b y
P M A S e c u r i t i e s , I n c . a n d t h i s r e g i s t e r e d r e p r e s e n t a t i v e p r e s e n t eP M A S e c u r i t i e s , I n c . a n d t h i s r e g i s t e r e d r e p r e s e n t a t i v e p r e s e n t eP M A S e c u r i t i e s , I n c . a n d t h i s r e g i s t e r e d r e p r e s e n t a t i v e p r e s e n t eP M A S e c u r i t i e s , I n c . a n d t h i s r e g i s t e r e d r e p r e s e n t a t i v e p r e s e n t e r , i n p a r t i c u l a r , a r e a v a i l a b l e o n l y i n t h e f o l l o w i n g s t a t e : I L r , i n p a r t i c u l a r , a r e a v a i l a b l e o n l y i n t h e f o l l o w i n g s t a t e : I L r , i n p a r t i c u l a r , a r e a v a i l a b l e o n l y i n t h e f o l l o w i n g s t a t e : I L r , i n p a r t i c u l a r , a r e a v a i l a b l e o n l y i n t h e f o l l o w i n g s t a t e : I L . T h i s i n f o r m a t i o n. T h i s i n f o r m a t i o n. T h i s i n f o r m a t i o n. T h i s i n f o r m a t i o n
i s n o t a n a d v e r t i s e m e n t o f s e r v i c e s a v a i l a b l e i n a n y s t a t e o t h e r i s n o t a n a d v e r t i s e m e n t o f s e r v i c e s a v a i l a b l e i n a n y s t a t e o t h e r i s n o t a n a d v e r t i s e m e n t o f s e r v i c e s a v a i l a b l e i n a n y s t a t e o t h e r i s n o t a n a d v e r t i s e m e n t o f s e r v i c e s a v a i l a b l e i n a n y s t a t e o t h e r t h a n t h o s e l i s t e d a b o v e .t h a n t h o s e l i s t e d a b o v e .t h a n t h o s e l i s t e d a b o v e .t h a n t h o s e l i s t e d a b o v e .