SEGMENT 1 :

Michael Moriarty, Deputy Superintendent for Property and Capital Markets,
New York State Insurance Department

- NY Insurance Department’s Role in Regulating the Bond Insurance Market
- Problems Facing the Bond Insurance Market
- Impact on the Municipal Bond Market
- Adequacy of Existing Regulatory Tools
- Potential Changes to Regulation of Bond Insurers
- The Future of Bond Insurance

SEGMENT 2 :

Michael J. Schozer, President,
Assured Guaranty Corp.

- What caused the ABS CDO crisis? How did this happen to bond insurers who are highly regulated
  and monitored by both regulators and rating agencies?
- What changes could the regulators make and what impact would they have on bond insurers and
  bond insurance?
- Can the existing bond insurance market serve the needs of municipal issuers?
- How will the demand for bond insurance change in the future?
- What is the impact of corporate equivalent ratings?
- How are bond insurers adjusting/coping with the current market environment?

SEGMENT 3 :

Steven A. Chamberlin, Manager, Tax Exempt Bonds Compliance & Program Management,
Internal Revenue Service (IRS)

- What is a reissuance under the Internal Revenue Code and corresponding Treasury Regulations?
  What type of modifications to a debt instrument trigger a reissuance?
- What are the tax consequences of a reissuance? How does this impact tax-exempt bonds?
- What special reissuance standards apply to tax-exempt bonds? What are the differences between
  IRS Notices 88-130, 2008-27 and 2008-41?
- What other options are there to voluntarily correct adverse tax consequences resulting from a
  reissuance?
- What happens if the Service determines that a reissuance occurred during an examination of
  tax-exempt bonds?

SEGMENT 4 :

Margaret Purcell, Executive Director, National Tax Exempt Organization Group,
Ernst & Young LLP

Credit Crisis: What Should an Issuer Do?
- What do the issue documents dictate?
    •  Trust Indenture,
    •  Insurance Agreement,
    •  Swap Agreement,
    •  Auction Rate Agreement,
    •  Tax Certificate
- Review all of your investments and your investment policies with a focus on risk to your organization.
  Develop a summary of your choices, both during and after the current IRS period of benevolence.
    •  Summarize the need for a reissuance or refunding under the documents from your closing
       transcript, comparing the requirements before and after July 1, 2008.
- Document your private business use, and all other post-issuance requirements.
    •  Perform the due diligence necessary for re-entry into the tax-exempt marketplace, assuming that
       your institution will not be able to complete a transaction prior to July 1, 2008.
- Talk to your financial advisors about choices they perceive are available to you.
    •  Based on your credit without insurance, rating agency guidance and alternatives available to you
       identify structuring choices that are possible for your issue:
        »  Taxable Refunding
        »  Fixed Rate Refunding
        »  Buying your own bonds
        »  Commercial Paper
        »  Bank Letter of Credit Arrangement
        »  Insurance or no insurance
        »  Other alternatives your financing team can suggest
- Do your homework regarding the potential impact on your financial statements of the choices
  offered by your financial advisor, including the FASB and GASB requirements.
    •  Discuss the financial statement impact of the alternatives so that you know in advance of a
       transaction what the accounting treatment differences would be, and determine what potential
       Board Action might be required as a result of such impact.

SEGMENT 5 :

Valerie Pearsall Roberts, Partner,
Jones Day

- Taxably Refunding the ARS (current refunding using taxable debt)
- Removing the Bond Insurance (financial guarantee)
- Non-reissuance conversions
- Reissuance
- Interest rate mode on the bonds is to be modified
    •  The bonds are generally required to be tendered to the issuer/borrower or agent, and any
       modifications of the documents are approved after the bonds are tendered.
- Issuers and Borrowers should be aware of the many results of a reissuance and of a reoffering
  even where there is no reissuance of the bonds.