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4 <br /> 4 . Financial Condition - As Ken pointed out during the <br /> presentation of the 1992 Audit Report, our present <br /> financial condition is very stable. Last year we <br /> were able to withstand some major revenue shortfalls <br /> with only minimal impact on our fund balance. <br /> Currently, we do not foresee any revenue shortfalls <br /> of the magnitude we experienced in 1991-92 . We feel , <br /> at this point, that we will go into the upcoming bond <br /> sale, as well as end the year, in good financial <br /> condition. <br /> 5 . Bond Issuance Costs - Administrative costs associated <br /> with the issuance of bonds consist mainly of Bond <br /> Counsel charges, printing of the Official Statement, <br /> fees charged by rating agencies, and advertising. <br /> Issuance costs in the three previous bond sales were <br /> approximately $132 , 000 . This averages out to $44, 000 <br /> per sale. Issuance Costs are usually distributed in <br /> the following manner. <br /> Bond Counsel 45% <br /> Rating Agencies 34% <br /> LGC 18% <br /> Advertising 3% <br /> Issuance cost tend to vary slightly with the size of <br /> each bond sale. Inflation may also impact these <br /> costs. <br /> We need to officially establish the bond sale amount for <br /> March 9 as early as possible so that it can be provided to <br /> the LGC by the January 27 deadline. As mentioned above, we <br /> have more flexibility with the subsequent years. <br /> Please contact us if you have any questions. <br />