Estimated Issuance Cost:

Underwriting & Placement Fee

1%

Bond, Underwriter Counsel 

30,000

Bond, Underwriter Counsel Expenses 

 4,000

LOC & Trustee Counsel 

17,500

Moody’s Rating Fee 

         11,100

Trustee Acceptance Fee

 2,000

Miscellaneous (Cusip, DTC, Etc.)                                   

4,500

______

Total   

$69,100

Third Party Fees & Expenses:

Appraisal, Environmental & RE Closing Cost

$ TBD

Borrower Counsel

15,000

_____

Total   

$ TBD

Estimated Annual Fees (First Year):

Letter of Credit Fee (1.25% of outstanding balance)* 

62,500

Remarketing Fee (.125% of outstanding balance)*

 6,250

Trustee Fee 

 2,000

_______

Total 

 $70,750 

*Paid Annually in Advance