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2 I. DEBT MANAGEMENT GUIDELINES TABLE OF CONTENTS A. INTRODUCTION The Need for and Purpose of Debt Management Guidelines... 1 B. DEBT AFFORDABILITYAND CAPITAL PLANNING Concept of Affordability... 2 Debts That May Be Issued Without Board of Governors Approval... 2 C. GENERAL DEBT ISSUANCE GUIDELINES PROCESS FOR SUBMITTING DEBT FOR APPROVAL... 4 Purposes For Which Debt May Be Issued... 8 Committing University Resources for Debt Issued by DSOs... 8 Credit Ratings... 8 Tax Status... 9 Security Features... 9 Structural Features Interest Accrual Features Other Types of Financings D. METHOD OF SALE AND USE OF PROFESSIONALS Analysis of Method of Sale Allocation of Bonds Report on Sale of Bonds Selection of Financing Professionals E. DISCLOSURE Primary Disclosure Continuing Disclosure F. POST-ISSUANCE CONSIDERATIONS Investment of Proceeds of Debt Issued by DSOs Arbitrage Compliance G. EFFECT II. VARIABLE RATE DEBT GUIDELINES A. INTRODUCTION B. SCOPE AND AUTHORITY C. GUIDELINES FOR THE USE OF VARIABLE RATE DEBT D. VARIABLE RATE DEBT ALTERNATIVES E. THE USE OF LIQUIDITY FACILITIES F. DEFINITIONS... 26
4 I. DEBT MANAGEMENT GUIDELINES FOR CAPITAL OUTLAY PROJECTS A. INTRODUCTION The Need for and Purpose of Debt Management Guidelines The state universities of Florida and their direct support organizations ( DSOs ) have funded significant investments in infrastructure, such as buildings, equipment, land, and technology, to meet the needs of a growing student population and to upgrade and maintain existing capital assets. A significant amount of the funding for this investment in infrastructure has been provided through the issuance of debt by the State for the benefit of the state universities and by the state universities direct support organizations ( DSOs ). The purpose of these guidelines is to confirm that the state universities and their DSOs must engage in sound debt management practices and, to that end, the Board of Governors ( Board ) has formalized guiding principles for the issuance of debt by the state universities and their DSOs. Each state university shall adopt a debt management policy which is consistent with these guidelines and which shall be approved by the Board. The following guidelines set forth guiding principles regarding state university and DSO debt-related decisions related to: a) The amount of debt which may prudently be issued. b) The purposes for which debt may be issued. c) Structural features of debt being issued. d) The types of debt permissible. e) Compliance with securities laws and disclosure requirements. f) Compliance with federal tax laws and arbitrage compliance. These principles will facilitate the management, control and oversight of debt issuances, for the purpose of facilitating ongoing access to the capital markets which is critical to the financing of needed infrastructure. In furtherance of this objective, the provisions of these guidelines shall be followed in connection with the authorization, issuance and sale of university and DSO debt. However, exceptions to the general principles set forth herein may be appropriate under certain circumstances. Also, additional guidelines and policies may be necessary as new financial products and debt structures evolve over time. For purposes of these guidelines: i) debt means bonds, loans, promissory notes, lease-purchase 1
5 agreements, certificates of participation, installment sales, leases, or any other financing mechanism or financial arrangement, whether or not a debt for legal purposes, for financing or refinancing, for or on behalf of a state university or a direct support organization, the acquisition, construction, improvement or purchase of capital outlay projects; ii) iii) capital outlay project means (i) any project to acquire, construct, improve or change the functional use of land, buildings, and other facilities, including furniture and equipment necessary to operate a new or improved building or facility, and (ii) any other acquisition of equipment or software; and financing documents means those documents and other agreements entered into by the state university or the DSO establishing the terms, conditions and requirements of the debt issuance. iv) auxiliary enterprise means any activity defined in section (1), Florida Statutes, and performed by a university or a direct-support organization. B. DEBT AFFORDABILITY AND CAPITAL PLANNING Concept of Affordability One of the most important components of an effective debt management policy is an analysis of what level of debt is affordable given a particular set of circumstances and assumptions. More comprehensive than simply an analysis of the amount of debt that may be legally issued or supported by a security pledge, the level of debt should be analyzed in relation to the financial resources available to the university and its DSO s on a consolidated basis, to meet its debt service obligations and provide for operating the university. An analysis of debt affordability should address the impact of existing and proposed debt levels on an issuer s operating budget and offer guidelines or ranges to policymakers for their use in allocating limited resources within the guidelines. Debts That May Be Issued Without Board of Governors Approval The following types of financings, subject to specific approval by the university board of trustees, may be engaged in by the state universities and their DSOs, as applicable, without Board approval: 2
6 o o o o o o o o Universities may finance the acquisition of equipment and software provided such financings are accomplished in accordance with the deferred-purchase provisions in Chapter 287, Florida Statutes. DSOs may finance the acquisition of equipment and software financings provided the overall term of the financing, including any extension, renewal or refinancings, hereof, does not exceed five years or the estimated useful life of the equipment or software, whichever is shorter. DSOs may issue promissory notes and grant conventional mortgages, in an amount not to exceed $1 million, for the acquisition of real property, including improved real property. However, no mortgage or note shall exceed 30 years. University and DSO debt secured solely with gifts and donations and pledges of gifts so long as the maturity of the debt, including extensions, renewals and refundings, does not exceed five years and so long as the facilities being financed have been included in the university s five-year capital improvement plan that has been approved by the Board. Refundings for debt service savings where final maturities are not extended. Fully collaterized lines of credit intended to be used for temporary cash flow needs. Energy Performance-Based Contracts, in accordance with the provisions of section , Florida Statutes, not to exceed $10,000,000. Universities may borrow up to $20,000,000 from a university DSO on a non-recourse basis to finance a capital project. The term of the borrowing may not exceed thirty (30) years, and the interest rate, if any, may not exceed current market interest rates. The university retains legal title to any capital project financed in whole or in part by such loan irrespective of whether the loan is repaid. The DSO is prohibited from transferring the note or any other instrument associated with the borrowing to any other entity. 3
7 C. GENERAL DEBT ISSUANCE GUIDELINES PROCESS FOR SUBMITTING DEBT FOR APPROVAL Timing. The submission of proposed debt for approval by the Board shall be governed by the following process 1 : a) The university shall formally transmit to the Board Office a request for debt approval no later than 60 days prior to the next regularly scheduled meeting of Board. The university shall also provide a copy to the State Division of Bond Finance ( DBF ). The formal transmittal to the Board Office shall be in duplicate, hard copy, and bound in a three-ring binder, and include all the information required by these guidelines. Electronic copies of supporting documentation should be provided to the Board Office and the DBF, to the extent available. The formal letter of transmission must be signed by the official point of contact for the university, and any exceptions to these Debt Guidelines shall be noted and explained. If the university board of trustees has not yet formally approved the debt being requested, the proposed board of trustees meeting date shall be provided. b) During the review period, the Board Office shall review the information submitted for compliance with these guidelines and State law, analyze general credit issues associated with the proposed indebtedness, and review any analysis provided by the DBF staff. c) Board and DBF staff shall jointly discuss with the university or DSO any issues, concerns or suggestions resulting from the review during the review period. As a result of these discussions, the university may amend the information submitted or explain why the suggestions were not incorporated. The Board Office will advise the university if it believes that any amended information is so significant that reauthorization by the board of trustees and/or DSO is required. During this period, if the debt being requested for approval is to be issued by the DBF on behalf of a state university, DBF shall submit to the Board Office a form of a resolution for adoption requesting that DBF issue the debt. d) After the review period, the Board Office shall submit the agenda item with supporting documentation and all appropriate and required analyses to the Board for consideration at its next meeting. Supporting documentation for the agenda item shall also include the resolution to 1 Although not required, universities are encouraged to consult with the Board Office and the State Division of Bond Finance 30 days prior to formal approval of debt by the university board of trustees or the DSO, particularly for any debt with unusual features. 4
8 be adopted by the Board requesting issuance of the debt by DBF or a resolution approving issuance of the debt by the DSO. Information Required for Submission. The following information shall be submitted to the Board Office in support of a request for approval of the issuance of debt. Additionally, the university or DSO shall complete the Checklist of Information Required for Submission to the Board Pursuant to Debt Management Guidelines, and provide any additional information requested by the Board Office or DBF staff in connection with review of any proposed debt issuance. a) A resolution of the DSO board of directors approving the debt issuances, if applicable, and a resolution of the university board of trustees approving the debt issuance and authorizing the university to request Board approval of the debt issuance. For debt to be issued by DBF, at the request of the university, DBF staff will work with the university to determine a not-to-exceed amount of debt to be included in the board of trustees requesting resolution to the Board and in preparing required debt service and source-and-use schedules. b) The project program, feasibility studies or consultant reports (if available), and an explanation of how the project being proposed is consistent with the mission of the university. c) Estimated project cost, with schedules drawn by month and including start and completion dates, estimated useful life, and the date bond proceeds are required. d) The sources-and-uses of funds, clearly depicting all costs, funding sources expected to be used to complete the project and the estimated amount of the debt to be issued. e) An estimated debt service schedule with the assumed interest rate on the debt clearly disclosed. If the proposed debt service is not structured on a level debt service basis, an explanation shall be provided which gives the reason why it is desirable to deviate from a level debt structure. f) One consolidated debt service schedules separately showing all outstanding debt related to or impacting the debt being proposed, the proposed debt and the new estimated total debt service. g) A description of the security supporting the repayment of the proposed debt and the lien position the debt will have on that security. If the lien is junior to any other debt, the senior debt must be 5
9 described. Furthermore, a description of why the debt is proposed to be issued on a junior lien basis must be provided. A statement citing the legal authority for the source of revenues securing repayment must also be provided. h) If debt is to be incurred on a parity basis with outstanding debt, a schedule showing estimated compliance with any additional bonds requirement set forth in the documents governing the outstanding debt. The applicable provisions of the documents for bonds of DSOs should be provided. i) Financial statements for five years, if available, for the auxiliary, if auxiliary revenues are pledged. j) A five-year history, if available, and five-year projection of the revenues securing payment and debt service coverage. To the extent applicable, the projections must be shown on the individual project as well as the entire system. All revenue items securing repayment must be clearly set forth as separate line items. An explanation must be provided with regard to growth assumptions, and to the amount and status of approval of any rate increases. The effect of the rate increases on the projections and expected revenues and expenses for the new facility should be clearly set forth as a separate line item. If rate increases are necessary, a commitment must be made to increase rates to the needed levels. Major categories of any operating expenses should be set forth as separate line items with an explanation of assumptions regarding increases or decreases. k) Evidence that the project is consistent with the university s master plan or a statement that the project is not required to be in the master plan. l) For variable rate debt proposals: i) the expected reduction in total borrowing costs based on a comparison of fixed versus variable interest rates; ii) a variable rate debt management plan that addresses liquidity and interest rate risks and provides, at a minimum: a description of budgetary controls, a description of liquidity arrangements, a discussion of why the amount of variable rate debt being proposed is appropriate, and a plan for hedging interest rate exposure. If interest rate risks are to be mitigated by the use of derivatives, then evidence that the counterparty has a long term rating of at least an A/A2 and a swap management plan as set 6
10 forth in the Board s Debt Management Guidelines must be submitted; iii) iv) a pro forma showing the fiscal feasibility of the project using current market interest rates plus 200 basis points; the total amount of variable rate debt including the proposed debt as a percentage of the total amount of university and DSO debt outstanding; and v) the individual or position that will be responsible for the reporting requirements for variable rate debt as set forth in these guidelines. m) If all or any portion of the financing is contemplated to be done on a taxable basis, then evidence demonstrating that the issuance of taxable debt is in the best interest of the university must be submitted. n) A statement explaining whether legislative approval is required, and if required, an explanation as to when legislative approval will be sought or evidence that legislative approval has already been obtained. o) A statement that the debt issuance is in accordance with the university s debt management policy or, if not, an explanation of the specific variances as well as the reasons supporting the variances. p) If a request is made to employ a negotiated method of sale, an analysis must be provided supporting the selection of this method that includes a discussion of the factors set forth in section IV of these Guidelines. q) A description of the process used to select each professional engaged in the transaction, showing compliance with the competitive selection process required by these Guidelines. Specific contact information for each selected professional, must be included, and at a minimum, should disclose the professional s name, firm name, address, address, phone number and facsimile number. r) The most recent annual variable rate debt report. Approval. The Board will consider the following factors in connection with its review and approval of university or DSO debt issuance. a) The debt is to provide funding for needed infrastructure of the university for purposes consistent with the mission of the university. 7
11 b) The debt is being issued in compliance with the principles and guidelines set forth herein. c) The project information submitted is reasonable and supportable. d) The five-year projection of pledged revenues available to pay debt service should provide debt service coverage of at least 1.20x for both outstanding parity debt and for the proposed new debt for all years within the five-year projection period after giving credit for any capitalized interest and other revenues available for payment. e) Any requirements for the issuance of additional parity debt can be reasonably expected to be met. Purposes For Which Debt May Be Issued Debt may be issued only to finance or refinance capital outlay projects as defined in these guidelines, including equipment and software; debt may not be approved to finance or refinance operating expenses of a university or a DSO. Refunding bonds may be issued to achieve debt service savings. Refunding bonds may also be issued to restructure outstanding debt service or to revise provisions of Financing Documents if it can be demonstrated that the refunding is in the best interest of the university. Committing University Resources for Debt Issued by Direct Support Organizations There may be occasions where the university considers committing its financial resources on a long-term basis in support of debt issued by a DSO or other component unit. While the nature of the commitment may not constitute a legal debt obligation of the university, it may affect the university's debt position and its available financial resources. Therefore, the university should evaluate the long-term fiscal impact upon the university's debt position and available resources before authorizing any such financial commitment. Additionally, the debt of any DSO may not be secured by an agreement or contract with the university unless the source of payments under such agreement or contract is limited to revenues that the university is authorized to use for the payment of debt service. Any such contract or agreement shall also be subject to the requirements set forth under Security Features Pledged Revenues herein. Credit Ratings In order to access the credit markets at the lowest possible borrowing cost, it is recognized that credit ratings are critical. Therefore, for all publicly offered debt: 8
12 a) For existing bond programs, universities and DSOs shall strive to maintain or improve current credit ratings without adversely impacting the amount of debt which may be issued for any particular program. b) For all new financings, the university or DSO shall seek to structure the transaction to achieve a minimum rating of A from at least two nationally recognized rating agencies. Credit enhancement may be used to achieve this goal. Tax Status The universities have traditionally issued tax exempt debt which results in significant interest cost savings compared with the interest cost on taxable debt. Accordingly, all university and DSO debt should be issued to take advantage of the exemption from federal income taxes unless the university demonstrates that the issuance of taxable debt is in the university s best interest. With respect to debt which has a management contract with a private entity as part of the security feature, the management contract should comply, to the greatest extent practical, with tax law requirements to obtain tax exemption for the debt. Security Features Pledged Revenues. The debt issued by universities and their DSOs may only be secured by revenues (including fund balances and budget surpluses) authorized for such purpose. The revenues which may secure debt include the following: a) Activity and Service Fee, subject to the limitation that annual debt service payable from these fees does not exceed five percent of the revenues derived therefrom. b) Athletic Fee, subject to the limitation that annual debt service payable from these fees does not exceed five percent of the revenues derived therefrom. c) Health Fee. d) Transportation Access Fee. e) Hospital Revenue. 9
13 f) Licenses and Royalties for facilities that are functionally related to the university operation or DSO reporting such royalties and licensing fees. g) Gifts and Donations for debt not longer than five years. h) Overhead and indirect costs and other monies not required for the payment of direct costs of grants. i) Assets of University Foundations and DSOs and earnings thereon. j) Auxiliary Enterprise Revenues, e.g., housing, parking, food service, athletic, retail sales, research activities. Revenues which are not enumerated above may not be pledged to secure debt unless authorized by law for such purpose. In the case of university-issued debt, the pledge of revenues which secures debt should specifically identify the sources pledged and not use general or vague terms such as lawfully available revenues. Specifically identifying revenues used to secure debt will provide certainty and transparency as to the revenues that are encumbered and avoid ambiguity or uncertainty as to the issuer s legal liability and universities and their DSOs should take this into consideration when determining the nature of the security it will provide in connection with a debt issuance. The guidelines for pledging revenues and securing debt shall also apply to debt structures which involve an agreement, contract or lease with a university or its DSOs, i.e., the revenues being pledged to secure debt must be specifically identified and lawfully available for such purpose. It is preferable, whenever possible, to secure debt with system pledges comprised of multiple facilities within a system, e.g., housing and parking, rather than stand-alone project finances. Functional Relationships. Revenues from one auxiliary enterprise (a Supporting Auxiliary Enterprise ) may not be used to secure debt of another auxiliary enterprise unless the Board, after review and analysis, determines that the facility being financed (the Facility ) is functionally related to the Supporting Auxiliary Enterprise s revenues being used to secure such debt. The Board must determine whether a functional relationship exists whenever revenues from a Supporting Auxiliary Enterprise will be used to pay or secure the debt of a Facility or when proceeds of bonds issued by a Supporting Auxiliary Enterprise will be used, directly or indirectly, to pay costs relating to a Facility. When a functional relationship is established between a Facility and a Supporting Auxiliary Enterprise, only that portion of the Supporting Auxiliary Enterprise s revenues that exceed its operating requirements and debt service, if any, may be pledged to secure such debt; provided that such pledge may be on parity with outstanding debt if permitted by the covenants and conditions of the outstanding debt. 10
14 A functional relationship exists when a nexus is established between the Facility and the Supporting Auxiliary Enterprise s revenues. Whether a Facility is functionally related to the Supporting Auxiliary Enterprise s revenues must be determined on a case by case basis, taking into consideration the unique facts and circumstances surrounding each individual situation. Examples of functional relationships include, but are not limited to, a parking facility intended to provide parking to residents of a student housing facility and located within reasonably close proximity to a student housing facility; a food services facility intended to serve residents of a student housing facility and located within reasonably close proximity to a student housing facility; or shared infrastructure (e.g. water lines, sewer lines, utilities, plaza areas) located within reasonably close proximity to both the Facility and the Supporting Auxiliary Enterprise. While representations that a Facility will provide general benefits to or enhance the experience of the student body are desirable, this factor alone is not determinative in and of itself to establish a functional relationship between the Facility and the Supporting Auxiliary Enterprise s revenues. Lien Status. All bonds of a particular program should be secured by a first lien on specified revenues. Additionally, bonds should generally be equally and ratably secured by the revenues pledged to the payment of any outstanding bonds of a particular bond program. However, the creation of a subordinate lien is permissible if a first lien is not available or circumstances require. Reserve Fund. Debt service reserve requirements may be satisfied by a deposit of bond proceeds, purchase of a reserve fund credit facility, or funding from available resources over a specified period of time. In the submission of a request for debt issuance, it is preferred, though not required, that the bond size for the proposed debt include provisions for funding a reserve from bond proceeds. This will ensure that in the event the university is unable to obtain a reserve fund credit facility it will still have an authorized bond amount sufficient to fund its needs. Debt service reserve requirements may also be satisfied with cash balances. Credit Enhancement. Credit enhancement is used primarily to achieve interest cost savings. Accordingly, the state universities and their DSOs should consider the cost effectiveness of bond insurance or other credit enhancements when evaluating a debt issuance and the overall cost thereof. Any bond insurance or credit enhancement should be chosen through a competitive selection process analyzing the cost of the insurance or credit enhancement and the expected interest cost savings to result from their use. The primary determinant in selecting insurance or other credit enhancement should be price and expected interest cost savings; however, consideration may also be given to 11
15 the terms of any arrangement with the provider of insurance or other credit enhancement. Capitalized Interest. Capitalized interest from bond proceeds is used to pay debt service until a revenue producing project is completed or to manage cash flows for debt service in special circumstances. Because the use of capitalized interest increases the cost of the financing, it should only be used when necessary for the financial feasibility of the project. Structural Features Length of Maturity. In addition to any restriction on the final maturity imposed by the constitution or laws of the State, as a general guideline, the final maturity on bonds should not exceed thirty years. Debt secured by gifts and donations shall not be considered long-term financing but may be used as a temporary or construction loan to accelerate construction of facilities. Accordingly, the maturity of debt secured by gifts and donations shall not exceed five years, including roll-overs or refinancings except refinancings to implement permanent financing. Debt issued to finance equipment and software may not be longer than five years or the useful life of the asset being financed, whichever is shorter. Lastly, the final maturity of the debt should not exceed the estimated useful life of the assets being financed. Debt Service Structure. Generally, debt should be structured on a level debt basis, i.e., so that the annual debt service repayments will, as nearly as practicable, be the same in each year. A deviation from these preferences is permissible if it can be demonstrated to be in the university s best interest, such as restructuring debt to avoid a default and not to demonstrate feasibility of a particular project. Redemption Prior to Maturity. A significant tool in structuring governmental bonds is the ability to make the bonds callable after a certain period of time has elapsed after issuance. This provides the advantage of enabling the issuer to achieve savings through the issuance of refunding bonds in the event interest rates decline. Although the ability to refund bonds for a savings is advantageous, there may be situations where a greater benefit of lower interest rates may be realized by issuing the bonds as non-callable. Accordingly, there is a strong preference that bonds issued by a university or DSO be structured with the least onerous call features as may be practical under then prevailing market conditions. Bonds of a particular issue may be sold as non-callable if it is shown to be in the best interest of the university or DSO. Debt Issued With a Forward Delivery Date. Debt issued by a university or DSO may be issued with a delivery date significantly later than that which is usual 12
16 and customary. This debt typically carries an interest rate penalty associated with the delay in delivery. There are also additional risks that delivery will not occur. Debt with a forward delivery date may be issued if the advantages outweigh the interest rate penalty which will be incurred and the university and DSO are protected from adverse consequences of a failure to deliver the debt. Interest Accrual Features Fixed Rate, Current Interest Debt. Fixed rate debt will continue to be the primary means of financing infrastructure and other capital needs. However, there may be circumstances where variable rate debt is more appropriate, in which case, the state university or DSO shall provide documentation as noted in these guidelines for such debt. Derivatives. Alternative financing arrangements, generally referred to as derivatives, are available in the market as an alternative to traditional bonds. Under certain market conditions, the use of alternative financing arrangements may be more cost effective than the traditional fixed income markets. However, these alternative financing instruments, such as floating to fixed swap agreements, have characteristics and carry risks peculiar to the nature of the instrument which are different from those inherent in the typical fixed rate financing. Although the universities and their DSOs should normally continue issuing conventional fixed rate bonds, alternative financing instruments may be used when the inherent risks and additional costs are identified and proper provision is made to protect the Board, the university and the DSO from such risks. In determining when to utilize alternative financing arrangements, the availability of the requisite technical expertise to properly execute the transaction and manage the associated risks should be evaluated along with any additional ongoing administrative costs of monitoring the transaction. Also, a comprehensive derivatives policy should be established by the university or their DSOs and approved by the Board prior to approving transactions using derivatives products. Capital Appreciation Bonds. Normally capital appreciation bonds, which do not require current debt service payments, should not be used. However, when a compelling university interest is demonstrated, capital appreciation bonds may be issued. Variable Rate Bonds. Variable rate debt may be issued where, considering the totality of the circumstances, such bonds can reasonably be expected to reduce the total borrowing cost to the university or the DSO over the term of the financing. The availability of the requisite technical expertise to properly manage the risks and execution of the variable rate transaction should be evaluated along with any additional ongoing administrative costs of monitoring the transaction. There should be a solid understanding of the liquidity risk and interest rate risks 13
17 associated with variable rate debt. Further, there should be a debt management plan that mitigates, to the extent possible, these risks over the life of the debt. The following guidelines should apply to the issuance of variable rate debt: a) Expected reduction in total borrowing cost. In determining reasonably expected savings, a comparison should be made between a fixed rate financing at then current interest rates and a variable rate transaction, based on an appropriate floating rate index. The cost of the variable rate transaction should take into account all fees associated with the borrowing which would not typically be incurred in connection with fixed rate bonds, such as tender agent, remarketing agent, or liquidity provider fees. b) Limitation on variable rate debt. The amount of variable rate debt and interest derivative exposure is dependent on several factors associated with these types of debts. Included in the factors associated with these instruments are the university s/dso s operating flexibility and tightness of budget, access to short and long term capital, the likelihood of a collateral call or termination payment, and the university s/dso s financial expertise. The level to which universities may utilize variable rate debt obligation (VRDO) and interest derivatives (like swaps, collars, and caps) is subject to an understanding of the risks associated and a debt policy that adequately addresses the additional risks. c) Budgetary controls. To avoid a situation in which debt service on variable rate bonds exceeds the annual amount budgeted, the following guidelines should be followed in establishing a variable rate debt service budget: i) A principal amortization schedule should be established, with provisions made for payment of amortization installments in each respective annual budget; ii) Provide for payment of interest for each budget year using an assumed budgetary interest rate which allows for fluctuations in interest rates on the bonds without exceeding the amount budgeted. The budgetary interest rate may be established by: (1) using an artificially high interest rate given current market conditions; or (2) setting the rate based on the last 12 months actual rates of an appropriate index plus a 200 basis point cushion or spread to anticipate interest rate fluctuations during the budget year. The spread should be determined by considering the historical volatility of short-term interest rates, the dollar impact on the budget and current economic conditions and forecasts; or, 14
18 (3) any other reasonable method determined by the university or DSO and approved by the Board; iii) iv) The amount of debt service actually incurred in each budget year should be monitored monthly by the university or DSO to detect any significant deviations from the annual budgeted debt service. Any deviations in interest rates which might lead to a budgetary problem should be addressed immediately; and As part of the effort to monitor actual variable rate debt service in relation to the budgeted amounts and external benchmarks, the university or DSO should establish a system to monitor the performance of any service provider whose role it is to periodically reset the interest rates on the debt, i.e., the remarketing agent or auction agent. d) Establish a hedge with short-term investments. In determining the appropriate amount of variable rate debt which may be issued by the universities or their DSOs, consideration should be given to mitigating the variable interest rate risk by creating a hedge with short-term investments. This hedge mitigates the financial impact of debt service increases due to higher interest rates because, as debt service increases, the university s or DSO s earnings on short-term investments also increases. Appropriate personnel should monitor the hedge monthly. Short-term investment as a hedge is one of several methods of mitigating interest rate risk. The ratio of such short-term investments to variable debt needs to be examined in conjunction with other interest rate risk hedging, striking an overall balance to minimize interest rate risk. e) Variable interest rate ceiling. The bond documents should include an interest rate ceiling of no greater than 12%. f) Mitigating interest rate risks with derivatives. Universities and DSOs are allowed to use various derivatives to mitigate the risk of rising interest rates on variable rate debt. However, the introduction of these derivatives also presents other risks for which the university must mitigate. These risks include rollover risk, basis risk, tax event risk, termination risk, counterparty credit risk and collateral posting risk. At a minimum, a university/dso engaging in this type of interest rate risk mitigation must provide: i) Evidence that the counterparty has a long term rating of at least an A/A2; and 15
19 ii) A swap management plan that details the following: a) Why the university is engaging in the swap and what the objectives of the swap are. b) The swap counterparty s rating. c) An understanding by the issuer of the cash flow projections that detail costs and benefits for the swap. d) The plan of action addressing the aforementioned risks associated with swaps. e) The events that trigger an early termination (both voluntary and involuntary) under the swap documents, the cost of this event and how such would be paid. f) The method for rehedging variable rate exposure should early termination be exercised. g) A list of key personnel involved in monitoring the terms of the swap and counterparty credit worthiness. g) Liquidity. One of the features typical of variable rate debt instruments is the bondholder s right to require the issuer to repurchase the debt at various times and under certain conditions. This, in theory, could force the issuer to repurchase large amounts of its variable rate debt on short notice, requiring access to large amounts of liquid assets. There are generally two methods for addressing this issue. With the first method, issuers that do not have large amounts of liquid assets may establish a liquidity facility with a financial institution which will provide the money needed to satisfy the repurchase. The liquidity provider should have a rating of A1/P1 or higher. The liquidity agreement does not typically run for the life of longterm debt. Accordingly, there is a risk that the provider will not renew the agreement or that it could be renewed only at substantially higher cost. Similar issues may arise if the liquidity provider encounters credit problems or an event occurs which results in early termination of the liquidity arrangement; in either case the issuer must arrange for a replacement liquidity facility. With the second method, issuers with significant resources may choose to provide their own liquidity. This approach eliminates the costs that would be charged by a third party liquidity provider and could mitigate the renewal/replacement risk. If a university/dso chose to provide its own liquidity, the institution must maintain liquid assets or facilities equal to 100% of the outstanding variable rate debt obligations ( VRDOs ). 16
20 h) Submission of periodic reports. The university will prepare and submit to the board of trustees and the Board an annual variable rate debt report showing the position during the previous period of the university or DSO variable rate debt with respect to the following measures: i) the total principal amount of variable rate debt to principal amount of total debt; ii) iii) the amount of debt service accrued during the reporting period in relation to the pro-rata amount of annual budgeted debt service for the reporting period. If the amount of debt service which accrued during the reporting period exceeded the pro-rata amount of annual budgeted debt service for the period, the university shall explain what actions were taken to assure that there would be sufficient revenues and budget authority to make timely payments of debt service during the subsequent years; and the amount of variable rate debt in relation to the amount of the university s and/or DSO s short-term investments, and any other strategies used to hedge interest rate risk. Other Types of Financings Refunding Bonds. Generally, refunding bonds are issued to achieve debt service savings by redeeming high interest rate debt with lower interest rate debt. Refunding bonds may also be issued to restructure debt or modify covenants contained in the bond documents. Current tax law limits to one time the issuance of tax-exempt advance refunding bonds to refinance bonds issued after There is no similar limitation for tax-exempt current refunding bonds. The following guidelines should apply to the issuance of refunding bonds, unless circumstances warrant a deviation therefrom: a) Refunding bonds should be structured to achieve level annual debt service savings. b) The life of the refunding bonds should not exceed the remaining life of the bonds being refunded. c) Advance refunding bonds issued to achieve debt service savings should have a minimum target savings level measured on a present value basis equal to 5% of the par amount of the bonds being advance refunded. The 5% minimum target savings level for advance refundings should be used as a general guide to guard against prematurely using the one advance refunding opportunity for post- 17
21 1986 bond issues. However, because of the numerous considerations involved in the sale of advance refunding bonds, the 5% target should not prohibit advance refundings when the circumstances justify a deviation from the guideline. d) Refunding bonds which do not achieve debt service savings may be issued to restructure debt or provisions of bond documents if such refunding serves a compelling university interest. Certificates of Participation and Lease-Type Financing. The universities or their DSOs may utilize these financing structures for all purposes, but it shall be considered as debt for the purposes of these guidelines and the universities shall always budget and make available monies necessary to pay debt service, notwithstanding the right to cancel the lease. Additionally, for lease purchase financings of equipment, universities and DSOs should consider using the State s consolidated equipment financing program if it will reduce costs and ensure a market interest rate on the financing. Conversions of existing variable rate debt. A conversion between interest rate modes pursuant to the provisions of variable rate financing documents does not require Board approval. However, ten days prior to the conversion, the universities or their DSOs must notify the Board Office of a conversion and provide a summary of the terms of (i.e. interest rate, debt service schedule, etc.) and reasons for the conversion. The universities and DSOs should answer all questions and provide any additional information that the Board deems necessary to fully understand the conversion. D. METHOD OF SALE AND USE OF PROFESSIONALS Analysis of Method of Sale It is in the best interests of the universities and their DSOs to use the method of sale for their debt that is expected to achieve the best sale results. Based upon the facts and circumstances with regard to each individual financing, it may be more appropriate to sell debt through either a competitive sale or through negotiation. Accordingly, the universities and their DSOs may utilize either a competitive or negotiated sale. If, however, a request is made for a DSO to sell debt using a negotiated sale, the university must provide the Board with an analysis showing that a negotiated sale is desirable. The analysis should include, but not necessarily be limited to, a consideration of the following factors: a) Debt Structure i) pledged revenues strong revenue stream vs. limited revenue base; 18
22 ii) iii) iv) security structure conventional resolution, cash flow, rate and coverage covenants vs. unusual or weak covenants; debt instrument traditional serial and term bonds vs. innovative, complex issues requiring special marketing; and size a smaller transaction of a size which can be comfortably managed by the market vs. a large size which the market cannot readily handle. b) Credit Quality i) ratings A or better vs. below single A ; and ii) outlook stable vs. uncertain. c) Issuer i) type of organization well-known, general purpose vs. special purpose, independent authority; ii) iii) frequency of issuance regular borrower vs. new or infrequent borrower; and market awareness active secondary market vs. little or no institutional awareness. d) Market i) interest rates stable; predicable vs. volatile; ii) iii) supply and demand strong investor demand, good liquidity vs. oversold, heavy supply; and changes in law none vs. recent or anticipated Bonds may also be sold through a private or limited placement, but only if it is determined that a public offering through either a competitive or negotiated sale is not in the best interests of the university or DSO. Allocation of Bonds In the event a negotiated sale by a DSO is determined by the university to be in the university s best interest, syndicate rules shall be established which 19
23 foster competition among the syndicate members and ensure that all members of the syndicate have an opportunity to receive a fair and proper allocation of bonds based upon their ability to sell the bonds. Report on Sale of Bonds The university or DSO shall prepare a report on the sale of bonds or anytime it incurs debt. The report shall be prepared and provided to the Board as soon as practicable but in no event later than one month after closing the transaction, in the format and manner provided by the Board, which at a minimum shall include the following: a) The amount of the debt. b) The interest rate on the debt. c) A final debt service schedule or estimated debt service schedule if a variable rate debt or the interest rate is subject to adjustment. d) Any aspect of the transaction that was different from the transaction submitted for approval. e) Itemized list of all fees and expenses incurred on the transaction, including legal fees. f) For negotiated sale of bonds: i) the underwriters spread detailing the management fee; ii) iii) iv) takedown by maturity and aggregate takedown; any risk component and an itemized list of the expense component; orders placed by each underwriter and final bond allocation; v) total compensation received by each underwriter; and vi) any report or opinion of the financial advisor. g) Final official statement for publicly offered bonds. h) Bond insurance or any other form of credit enhancement and the terms thereof. 20
24 i) Credit rating reports. Selection of Financing Professionals The use of underwriters for negotiated financings and the use of financial advisors for negotiated and competitive offerings is necessary to assist in the proper structuring and sale of debt. To assure fairness and objectivity in the selection of professionals and to help select the most qualified professional, the selection of underwriters and financial advisors should be accomplished through a competitive selection process. A competitive selection process allows the universities and their DSOs to compare more professionals and obtain the best price and level of service. E. DISCLOSURE Primary Disclosure Universities and DSOs shall use best practices in preparing disclosure documents in connection with the public offer and sale of debt so that accurate and complete financial and operating information needed by the markets to assess the credit quality and risks of each particular debt issue is provided. The disclosure recommendations of the Government Finance Officers Association s Disclosure for State and Local Governments Securities, and the National Federation of Municipal Analysts Recommended Best Practices in Disclosure for Private Colleges and Universities should be followed to the extent practicable, specifically including the recommendation that financial statements be prepared and presented according to generally accepted accounting principles. Continuing Disclosure DSOs shall fulfill all continuing disclosure requirements set forth in the transaction documents and as required under Rule 15c2-12 of the Securities and Exchange Commission. F. POST-ISSUANCE CONSIDERATIONS Investment of Proceeds of Debt Issued by DSOs Construction Funds. Funds held for payment of debt service and all other funds held as required by the documents of any financing shall be invested consistent with the terms of the Financing Documents. 21
25 Arbitrage Compliance The university will comply with federal arbitrage regulations. Any arbitrage rebate liabilities should be calculated and funded annually. G. EFFECT The foregoing guidelines shall be effective immediately and may be modified from time to time by the Board as circumstances warrant. The guidelines are intended to apply prospectively to all university and DSO debt, and not to adversely affect any university or DSO debt currently outstanding or projects approved by the Board or board of trustees prior to, or existing, as of January 26, Authority: Section 7(d), Art. IX, Fla. Const., History: New , Amended November 10,
Wednesday, November 10, 2010
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State Bond Commission was created by Article VII, Section 8 of the Louisiana Constitution of 1974
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Kenneth is an entrepreneurial type with passion for innovation, digital transformation and mobile solutions. He has 20 years IT and Tech experience, 10 years Mobile and Digital expertise, and 8 years working with airlines and transportation technology.
He has achieved MSc from Chalmers University of Technology, Sweden, and MBA courses from Tec de Monterrey, Mexico. With vast international exposure, Kenneth has lived abroad 15 years and been to 120+ countries.

subset: commoncrawl


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A video currently going viral on the Internet shows a Slay Queen been embarrassed at a lounge in Lagos Yesterday, In the video the Lady could be seen visibly frustrated while trying to explain to the Management that someone brought her to the Lounge, And Left but was yet to returned about 3hrs later, Before then she had already eaten bills up to 40k.
The management refused to listen to her, as they taunted her, and made her feel embarrassed.
When you are going out on a date, why can't ya'll carry a back up expenses, like WTF? is this..
Anyway see another photo below!


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Get Pictures and This The Biggest Japanese Boobs Full Length!
Gorgeous and seductive busty Japanese babe in her erotic black and red lingerie, modeling her sexy bodice and her goodies while laying down topless in bed. This pretty looking japanese chick have her hair well groomed, wearing light makeup and have kissable blush lips, and have her nails in white nail-polish. She is wearing her erotic red lingerie, and her thigh high stockings and red high heels to match. She then lay down in bed with out her bra and fully exposing her big natural boobs with puffy and pinkish nipples, and then spreads her thigh showing that cameltoe and crotch.


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ICC Kyoto unveils new innovative Exhibition Venue "New Hall"
Kyoto is home to a new, uniquely designed convention and exhibition venue, the "New Hall" at the Kyoto International Conference Center (ICC Kyoto), as revealed by Kyoto City Tourism Association today.
Open since earlier this month, the stunning new venue features a unique design that incorporates both traditional and contemporary elements.
The third independent building within the ICC Kyoto complex, the new space boasts a multi-purpose usage area of 2,000 square meters that can hold up to 2,000 attendees. The adjacent Event Hall (3,000 square metres) may be used simultaneously, allowing large-scale events for more than 4,000 attendees.
Designed by the reputable Nikken Sekkei group, New Hall was created to incorporate the latest technology with a simple, yet very Kyoto-style design and aesthetic that includes the use of wooden material, rice-paper wall features, locally produced Kyo-yaki ceramic tiles, traditional Nishijin Kyoto woven silk fabric brocade and traditional lacquered features.
The venue employs the latest green and sustainable technology in both its construction and ongoing management and features a highly sophisticated fibre-optic digital network system that connects throughout the entire ICC Kyoto Complex.
On the occasion of the opening of New Hall, ICC Kyoto has also revamped its catering service for both the New Hall and adjacent Event Hall. Partnerships with hotels in Kyoto have been expanded to strengthen response to demand for large parties of several hundred to one thousand attendees and ICC Kyoto is improving the quality of its catering service to heighten the culinary satisfaction of conference organizers and attendees.
Just 15 minutes easy access from the city centre, ICC Kyoto is a large exhibition complex of 156,000 square metres that contains a Main Hall, Event Hall, Annex Hall, Japanese garden, and now the 'New Hall', as well as an adjacent hotel located along Lake Takaragaike.
Since its opening in 1966, ICC Kyoto has welcomed more than 12 million guests from all over the world and is a regular venue for major international conventions, conferences, exhibitions and events.


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Want to see some high schoolers with serious rap skills? Check out Northside Coalition of Jacksonville's Increase the Peace rap contest, which runs from noon to 4 p.m. at Hemming Park. Students will be on stage for three minutes or less, giving spoken word, rap or video performances and competing for $1,000 in prizes. It's free to watch.
Those cans of Spam at the back of your pantry are just gathering dust; put them to use. The National Association of Letter Carriers' annual food drive is Saturday. Just take your canned goods, peanut butter, condiments and baking staples and leave them in a bag near your mailbox, and they'll do the rest. If you want to pitch in further, head to St. Catherine's Roman Catholic Church in Orange Park from 2-7:30 p.m. to help sort the haul.
Boldly go where no one has gone before, to Daily's Place to watch the Jacksonville Symphony perform the soundtrack to 'Star Trek' while the film shows overhead. Showtime is 7:30 p.m. $28.75-$90.75. Additional fees may apply for Klingons.
Stand on A. Philip Randolph Boulevard Saturday evening and you'll be faced with a decision: Go to the Baseball Grounds for the Jumbo Shrimp-Biloxi Shuckers game at 6:35 p.m. ($5-$22), or head across the street to VyStar Veterans Memorial Arena for an arena football game between the hometown Sharks and the Carolina Cobras at 7 p.m. ($10-$148).
Bob Seger has been a bona fide rock star for longer than most of us have been alive, selling more than 75 million records over a Rock and Roll Hall of Fame career. He's out on his farewell tour, so this is your last chance to catch Seger and the Silver Bullet Band. He's at Daily's Place at 7:30 p.m. and the show is sold out.
"Kinky Boots" is back. The Tony-winning musical with songs by Cyndi Lauper was a big hit when it was in town for an extended run last year. This time, it's just one performance, at 7:30 p.m. Wednesday at the Times-Union Center. Tickets are $39-$96.50 at fscjartistseries.org.


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Website Design Booking Form
To commence your project please complete the form below so we can get cracking on your awesome new website!
- You will need the PDF document that was emailed to you to indicate your acceptance of the quoted price and inclusions.
- You need to read our terms and conditions.
- After providing your business details, we have a few more questions for you to help us plan your website's design. You can be as brief or as thorough as you like, but the more info you can give us the better.
Website Design FAQ
Below we have answered some of our most frequently asked questions, but if there's anything else you would like to know please don't hesitate to ask.
How do you accept payment for a Web Design Package?
A 35% deposit is required upfront before the commencement of any work. When the project is nearing completion, a second 35% installment is required with the remaining 30% balance due upon completion.
How long will it take to create my website?
Usual turn-around time is about 4-6 weeks from the time that all required content has been supplied to us. This can vary (slower or quicker) depending on two things:
- How quick you are to supply us with additional content as required, respond to feedback requests and so on
- Our current workload which we will inform you of upon booking a project with us.
What about domains and hosting, do I set that up or do you?
Many developers will purchase your domain & hosting for you as part of their package; as it is your website though, we personally prefer that your domain/hosting is registered in your name rather than ours! We will of course provide you with full instructions on how to do this, but rest assured it's very easy!
We've actually written an article about this if you would like more information:
Can you make sure my website will show at the top of google?
Our websites come with in-site SEO (Search Engine Optimisation – how your website shows up in google) and all possible efforts are undertaken to set this up as effectively as possible, but no guarantees can be made for your website's ranking.
How google ranks your site is constantly evolving and changing so I would be very wary of anyone who does guarantee "top of page 1 results."
Ranking on page 1 of google used to be reasonably easy with a well-built site. However, with so much competition these days this is getting harder and harder to achieve and often a well-built site isn't enough on its own.
As such, many businesses will also invest in off-site SEO services to help improve page rankings.
I don't have any good quality images to use on my website, can you help with this?
Yes, we can either include a selection of royalty free images which we will purchase on your behalf or if you're a Wagga Wagga local there are a few professional photographers who we are happy to recommend to you.
How do I learn to use the website? Do you offer any education?
Upon completion of your website we provide a one-on-one education session to walk you through the site and teach you how to use it. For peace of mind if you happen to make a mistake you can always restore the previous version because of the built in back-up features we will have installed for you.
We do also offer maintenance packages if you would prefer to leave the ongoing management of your site up to us.
What E-Commerce Platforms do you offer?
We work with WooCommerce (on WordPress) and Shopify for our e-commerce websites. We are happy to discuss with you which platform is best suited to your needs.


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Call us nosy, but we love peeking inside the fridges, pantries, makeup bags and homes of our favourite people. Not only do we feel we can learn so much about the person, but we usually walk away with a few handy lifestyle tips to implement ourselves.
Our latest target was yogi, Jessica Olie who lives with her boyfriend, British model, Will Higginson in their ever-so stylish London home.
Jessica travels the the world teaching yoga and has just launched her new e-book as part of her #LETSSTARTYOGA series, which is the ultimate guide to yoga for every level. She is also soon to launch her very own line of yoga mats which we absolutely love.
Here, we chat to Jess about all things health and wellness, so keep scrolling for more!
I love to make stir-fry dishes with a tonne of vegetables. I love Courgettes (zucchini) and I put them in everything.
Coffee with oat milk. I'm trying to reduce my waste, so I purchase compostable and recyclable coffee pods.
Not every single day. People have this idea that I am on my mat all hours of the day. But I try to practice six days a week if I can. But lately, it's been four days a week. Some days it's 2o mins, or some days are 1.5 hours.
This would definitely be a lot of sun salutations of 10 rounds. Then lots of Vinyasa flows, chaturanga, down dogs, up dogs and I'll mix in some arm balances and inversions. Arm balances and inversions definitely took a while for me to master. I had to really work at it. You start to really bridge the gap between body and mind and that's when you get to know your body. It's like learning to walk again as your upside down. It's one of my favorites to work on as its so challenging.
The splits! It's what drew me to yoga, more the physical aspect of it. It's all about what you want to achieve. If asana is your goal, then you'll achieve it quicker. Just depends on what your goal is when you get on your mat.
I feel so lucky to travel the world that I love doing. I've been to Australia, USA, NY, Canada, Toronto and this year I went to the Maldives and that was my favorite.
Don't soak it! I usually just spray it with essential oils.
Today I woke up at 8.30am. Cause my schedule is different every day, it's different all the time. But I try to wake up early in the day as I feel more productive. I like to do things more slowly and mindfully and I don't like to rush, but take my time, have my coffee and chill. I also try not to look at my phone as soon as I wake up.
I lay in my bed and do a few twists and stretches in bed, then crack my back and get everything moving. I then get into a solid yoga practice. But every morning is different for me.
I am obsessed with the Lululemon align pants. Those are my go-to workout pants. But, as for sports bras, I just throw on what I have. For fashion, I mix and match a lot of different things. I love shopping on Revolve and Asos. I also love Tigermist.
Heels do get worn occasionally, but I definitely prefer sneakers over heels, and I'll also try to wear sneakers with a dress.
Peppermint. If I feel tired or stressed, every time I get a massage I'll ask for peppermint or eucalyptus.
I don't really put products in my hair. I only wash my hair once per week and I rinse it every day. If I wash it every day, it goes flat and fluffy. The day after I have washed it I put in Aveda's Texture Tonic, and I work it in my hands and work it through.
Follow her on @jessicaolie


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"By using our website, you (the visitor) agree to allow third parties to process your IP address in order to determine your position for currency conversion. You also agree that such currency is stored in a session cookie in the browser (a temporary cookie that is automatically removed when you close the browser.) To ensure that the selected currency remains selected and consistent while browsing our website so that prices can be converted in the visitor's local currency (the visitor). "
LUPPINO GIOIELLI protects the privacy of its CUSTOMERS and ensures that the processing of data complies with the provisions of the privacy legislation pursuant to Legislative Decree 30 June 2003, n. 196.
The data controller is LUPPINO GIOIELLI SRLS with a lawyer in Sant'Eufemia d 'Aspromonte (RC) at Via Carusa, 32, tel. 3318086660 email: email@example.com The responsible of the treatment is the responsible of the privacy of LUPPINO GIOIELLI SRLS. . Where necessary, LUPPINO GIOIELLI SLRS may in any case provide for the appointment of external managers for the processing of data.
It is understood that the truthfulness of the data provided by the CUSTOMERS include their complete responsibility and that if the data provided were of a minor, the registration must be supervised by an adult. Failure to consent to the processing of data provided precludes the possibility of access to the requested service.
Personal data and tax information acquired directly and / or through third parties by LUPPINO GIOIELLI SRLS, the data controller, are collected and processed in paper form, computerized, telematics, in relation to the processing methods, with the purpose of registering the order and activate to the CUSTOMERS the procedures for the execution of this contract and the related necessary communications, in addition to the fulfillment of any legal obligations, as well as to allow an effective management of business relationships to the extent necessary to best perform the requested service ( Article 24, paragraph 1, letter b), of Legislative Decree 196 / 2003). LUPPINO GIOIELLI SRLS undertakes to treat the data and information transmitted by the Purchaser with confidentiality and not to disclose it to unauthorized persons, or to use it for purposes other than those for which it was collected or to transmit it to third parties. (1General Provision of the Personal Data Protection Authority Simplification of certain obligations in the public and private sphere with respect to processing for administrative and accounting purposes of the 19 June 2008, published in the Official Gazette 1 ° July 2008, No. 152 2 General Provision Personal Data Protection Authority Practical Guide to Simplification Measures for Small and Medium-Sized Enterprises of 24 May 2007, published in Official Gazette 21 June 2007, No. 142). Such data may be presented only upon request by the judicial authority or by other authorities authorized by law. Personal data will be communicated, after signing a commitment of confidentiality of the data, only to persons delegated to perform the activities necessary for the execution of the contract and communicated exclusively for that purpose.
The Purchaser enjoys the rights referred to in art. 7 of Legislative Decree 196 / 2003, namely the right to obtain: a) updating, rectification or, when interested, integration of data; b) the cancellation, transformation into anonymous form or blocking of data processed unlawfully, including data whose retention is unnecessary for the purposes for which the data were collected or subsequently processed; c) the attestation that the operations referred to in letters a) and b) have been brought to the attention, also as regards their content, of those to whom the data have been communicated or disseminated, except in the case where such fulfillment is it proves impossible or involves a use of means manifestly disproportionate to the protected right. The data subject also has the right to object, in whole or in part, for legitimate reasons to the processing of personal data concerning him / her, even though they are relevant to the purpose of the collection; to the processing of personal data concerning him for the purpose of sending advertising or direct sales material or for carrying out market research or commercial communication. The communication of personal data by the Purchaser is a necessary condition for the correct and timely execution of this contract. Failing this, the Buyer's request can not be carried out. In any case, the data acquired will be kept for a period of time not exceeding that necessary for the purposes for which they were collected or subsequently processed. However, their removal will be safe. Owner of the collection and processing of personal data, is LUPPINO GIOIELLI SRLS., To which the buyer can direct, at the company headquarters, every request. Anything sent to the email address (including electronic) of LUPPINO GIOIELLI SRLS (requests, suggestions, ideas, information, materials, etc.) will not be considered confidential information or data, it must not violate the rights of others and must contain valid information , not detrimental to the rights of others and truthful, in any case can not be attributed to the Supplier any responsibility on the content of the messages themselves.


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We provide the world leading international Oil and Energy Sector Web Design services together with Brand Development, Oil and Energy Sector Search Engine Optimisation, Lead Generation and Digital Marketing.
Providing you with specialist Oil and Energy sector website development. Build your brand awareness, build trust and reach new markets in the highly competitive oil, energy and engineering sectors.
Our highly skilled team has experience and expertise with highly technical processes and services. This means we get started on your project faster and deliver the results you need. Why not request our FREE Website Impact Review.
We partner with you to provide:
- Brand identity - global positioning
- Lead generation - qualified leads directly from your website
- Online visibility - Search Optimisationtion for Oil, Gas, Nuclear and Energy
- Showcase your innovation - global positioning
- Reaching your audiences
- Reaching the decision makers
- Making new partners
- Getting found on Google search results- Search Optimisation for Oil and Energy sectors
- Launching new services online
- Positioning you as the experts - global positioning
- Attracting top talent
- Growing your business
Setting a new standard for energy sector websites
FREE Website Impact Review
How much impact is your business website providing?
Is it providing ROI for your business?
Take advantage of our FREE a HIGHLY DETAILED performance and business impact review of your website. Just fill out your details and we'll get started. Our FREE Website Impact Review includes:
- User experience
- Conversion optimisation
- Performance and security
- SEO and online visibility
- Technical assessment
As website and SEO specialists in a range of science, technical and engineering sectors we know the details to asses to provide you with the detailed information you need.


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A friend of mine knew I was on the hunt for an old washtub. She was at a large flea market in New York when she saw this washtub for $5! She was kind enough to pick it up for me. I seriously cannot get enough of galvanized metal. I love the farmhouse look and this is perfect to stand up to all kinds of weather as well.
This post contains affiliate links for your convenience. Please see my disclosure here
The plan was to grow my own herbs and have them in a convenient place right by the back door. I will also be adding peppermint as I like to make lavender and peppermint soaps. The tub is very large so I was able to include a couple of my angel statues as well.


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Solar Modules
Asantys Systems offers a selection of the best solar panels available in the market from various manufacturers.
All offered solar modules are highly efficient and guarantee 80% of the initial power output even after 25 years. We emphasize product quality and international standards. Therefore we provide a range of operating and test certificates including IEC, CE, and TÜV with all available solar modules.
Furthermore Asantys Systems offers you solar modules especially designed for difficult climatic conditions as found in deserts or near to the sea.
Additionally to solar modules of various suppliers Asantys Systems is manufacturing and distributing the Asantys Systems solar module series ASM ranging from 5 to 275Wp.
Asantys Systems' ASM solar modules are produced with some of the best available solar module components and convince with the best price performance ratio available in the market. The key components of all ASM modules are produced in Germany, the European Union and the USA (see drawing below). Based on the Asantys Systems quality management we are able to provide you with outstanding solar modules at best prices.
We have the right solution for your needs.


text: If you are new to the church, join us on Sunday, July 21st immediately following the morning service for a time of food & fellowship. We would like to get to know you a little better. Sign up using your connection card or by calling the church office at 540-483-1307.