Development Finance Review Weekly - August 12, 2010Development Finance Review Weekly
August 12, 2010
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CDFA Development Finance Review
Weekly<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c
5f78/6c862d113ee4404c862572c20064ba9c/$FILE/dfrw.jpg>
Feature
2010 In Statistics: The Bond Buyer Midyear Review
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/2
312a26d454b2d368625777b004a3272/$FILE/2010midyearstatssupp.pdf>
The Bond Buyer's Midyear Review offers a summary of activity and trends
in the Municipal market. It features articles on Build America Bonds and
the use of ARRA bank qualified provisions.
Read More
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/2
312a26d454b2d368625777b004a3272/$FILE/2010midyearstatssupp.pdf>
National Association of State Treasurers Urges Congress to Pass CDFA
Legislative Priority
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/3
1d640487cca29b18625777b004b6a38/$FILE/Baucus%20and%20Grassley%20re%20PAB
s%20July%2030%202010.pdf>
The National Association of State Treasurers has submitted this letter
to the Senate Finance Committee supporting S. 3336, which CDFA has been
advocating for. The bill would create a new private activity bond
category for clean energy production, related manufacturing and energy
efficiency.
Read More
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/3
1d640487cca29b18625777b004b6a38/$FILE/Baucus%20and%20Grassley%20re%20PAB
s%20July%2030%202010.pdf>
DOE Extends Renewable Energy Loan Guarantee Solicitation
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/4
305b4a1906f034e8625777b006067f3/$FILE/DOE%20Extension.pdf>
The Department of Energy is extending the application deadline for the
July 2009 energy efficiency, renewable energy and advanced transmission
and distribution technologies solicitation. The new Part 1 application
deadline is October 5, 2010.
Read More
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/4
305b4a1906f034e8625777b006067f3/$FILE/DOE%20Extension.pdf>
State Energy Revolving Loan Funds - Overview and Trends
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/0
f9467cfe62e32038625777a0042fcad/$FILE/State_Energy_RLF_Report.pdf>
This report by the National Association of State Energy Officials
examines the use of revolving loan funds by states to finance energy
projects and highlights the RLF programs of six states.
Read More
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/0
f9467cfe62e32038625777a0042fcad/$FILE/State_Energy_RLF_Report.pdf>
National Volume Cap Resource Center
<http://www.cdfa.net/cdfa/volumecap.nsf/index.html>
CDFA's National Volume Cap Resource Center is dedicated to the private
activity bond volume cap. The Resource Center features annual volume cap
data, which has been updated through 2009 and made available through an
interactive map that allows users to view data on a state-by-state
basis. A search function allows for comparison of multiple states across
different categories and years. The Resource Center also features
reports, news, resources and other information regarding volume cap.
Read More <http://www.cdfa.net/cdfa/volumecap.nsf/index.html>
CDFA Spotlight
Follow CDFA on Twitter! <http://twitter.com/CDFA_Update>
Development finance daily news and resources with CDFA on Twitter. Start
following CDFA today!
Read More <http://twitter.com/CDFA_Update>
Legislative Front
CDFA Continues Letter Writing Campaign to Extend ARRA, Green Bond
Provisions <http://www.cdfa.net/cdfa/cdfaweb.nsf/legislativefront.html>
CDFA and its members continue working with Congressional offices to
extend the ARRA bond provisions and create a new category of private
activity bonds for green and renewable energy projects. CDFA will be
holding it's 2010 Capitol Hill Day on September 14, 2010.
Read More <http://www.cdfa.net/cdfa/cdfaweb.nsf/legislativefront.html>
Upcoming Webcasts
CDFA - BNY Mellon Webcast Series: The Future of Public Private
Partnership (P3) Finance
<http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/Webcast6.html>
August 24, 2010 @ 1:00pm Eastern
This free, hour-long webcast will discuss how public private
partnerships (P3s) are being used to finance and drive economic
development.
Read More <http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/Webcast6.html>
This Week's Headlines
Project Gets IDA With Incentives, Bonds
<http://niagara-gazette.com/local/x370355646/Green-Tire-site-gets-IDA-su
pport>
Niagara Gazette | Aug. 12 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds>
Darden Gets More Time on Job-Growth Goals
<http://www.orlandosentinel.com/business/os-darden-jobs-extension-201008
11,0,2492823.story>
Orlando Sentinel | Aug. 12 | Economic Development
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Economic
Development>
Huron River Ventures Gets $6M for New High Tech Investments
<http://www.annarbor.com/business-review/huron-river-ventures-gets-6-mil
lion-for-new-high-tech-investments/>
AnnArbor.com | Aug. 12 | Seed, Venture Capital and Angel Investment
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Seed, Venture
Capital and Angel Investment>
Lobbyists Lineup to Pass BABs Extension
<http://www.bondbuyer.com/issues/119_402/lobbyist_bab_extension-1015883-
1.html>
The Bond Buyer | Aug. 11 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds> |
Legislative
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Legislative>
Developer Downsizes TIF Bid
<http://www.timesrecord.com/articles/2010/08/09/news/doc4c6032528a597232
340715.txt>
Times Record | Aug. 11 | TIF
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=TIF>
2010 Build America Bond Issues Through August 9
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/9
31351ba54254b838625777b004ab568/$FILE/BAB.pdf>
The Bond Buyer | Aug. 10 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds>
Securities Industry Employment: 2Q 2010
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/7
b5325c9447d35518625777b004cfb5f/$FILE/SecuritiesIndustry_Employment_2010
0810_SIFMA.pdf>
Securities Industry and Financial Markets Association | Aug. 10 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds> |
General Finance
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=General
Finance>
Lipper Current Weekly: The Pulse of the Innovation Economy
<http://www.lippercurrent.com/dcn/lc.nsf/lcw.html?open&id=A761FCFB6DF70C
986DE5E88722F46A06>
Development Capital Networks | Aug. 10 | Seed, Venture Capital and Angel
Investment
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Seed, Venture
Capital and Angel Investment>
SBA Program Proves a Hit, but Now It Is in Limbo
<http://online.wsj.com/article/SB100014240527487045322045753976834092293
38.html?mod=WSJ_FinancingAndInvesting_RIGHTBottomSBHeadLines>
Wall Street Journal | Aug. 10 | Access to Capital
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Access to
Capital> | Federal Financing Programs
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Federal
Financing Programs>
Microfinance Groups Help Small Businesses Grow
<http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/08/03/BUL71ENROC.
DTL&type=business>
San Francisco Chronicle | Aug. 10 | Access to Capital
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Access to
Capital>
DOE Finalizes $43M Loan Guarantee for Energy Storage Project in New York
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/9
de7954f37ff0bfb8625777b00676420/$FILE/DOE%20Case%20Study.pdf>
Department of Energy | Aug. 10 | Access to Capital
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Access to
Capital> | Energy Finance
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Energy Finance>
Ohio Recovery Zone Bond Allocations
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/5
35d880ee00cd0bb8625777b006f73bd/$FILE/RZBonds_ConfirmedProjects_073010.p
df>
Ohio Department of Development | Aug. 10 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds>
The Future of Tax-Exempt Bonds
<http://online.wsj.com/article/SB128123634713225461.html?mod=googlenews_
wsj>
Wall Street Journal | Aug. 9 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds>
Schools, City Council to Meet Over TIF
<http://suburbanjournals.stltoday.com/articles/2010/08/07/stcharles/news
/0808stc-joint0.txt>
St. Louis Post-Dispatch | Aug. 9 | TIF
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=TIF>
TIF District Pros And Cons Weighed During Meeting
<http://www.thejournal-news.net/articles/2010/08/09/news/news04.txt>
Journal-News | Aug. 9 | TIF
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=TIF>
Report from the SIFMA's Treasury Borrowing Advisory Committee
<http://www.treas.gov/press/releases/tg800.htm>
Treasury Department | Aug. 6 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds>
Lawmaker Asks Treasury for Tax Law Clarification on QECBs
<http://www.bondbuyer.com/issues/119_399/qecb_tax_clarification-1015706-
1.html>
The Bond Buyer | Aug. 6 | Bonds
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Bonds> |
Energy Finance
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Energy Finance>
City Eyes Creation of Venture Capital Pool
<http://www.wiscnews.com/baraboonewsrepublic/news/local/article_6a9c8faa
-a10a-11df-9c7f-001cc4c03286.html>
News Republic | Aug. 6 | Access to Capital
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Access to
Capital> | Seed, Venture Capital and Angel Investment
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Seed, Venture
Capital and Angel Investment>
Mercer and Muscatine Counties to Establish RLF
<http://www.qconline.com/archives/qco/display.php?id=504595>
Quad City Times | Aug. 6 | Access to Capital
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Access to
Capital> | RLF
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=RLF>
Section 1602 Exchange Fund Recipients: 30% Test Requirements
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/0
48e1925e8035e28862577770047ab0b/$FILE/ca_30_percent_test_requirements_me
mo_080510.pdf>
California Tax Credit Allocation Committee | Aug. 6 | Tax Credits
<http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html?open&tag=Tax Credits>
>>> SEARCH HEADLINES <http://www.cdfa.net/cdfa/cdfaweb.nsf/tags.html>
New Additions to the Online Resource Database
Florida Rural Economic Development Initiative
<http://www.florida-redi.com/>
Economic Development
<http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=Economic
Development> | Rural Development
<http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=Rural
Development>
The Florida Rural Economic Development Initiative is a newly created
program. It offers a variety of programs including loan funds and grants
for rural economic development.
Finance Authority Assists Pizzuti With Infrastructure for Whirlpool
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/d
cd4df9b72fc481d8625777c0046c5bf/$FILE/Pizzuti.pdf>
Access to Capital
<http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=Access to
Capital> | Infrastructure
<http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=Infrastructure>
| TIF <http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=TIF>
The Columbus-Franklin County Finance Authority has closed on a $6.7
million financing with the State of Ohio and Pizzuti to finance $10.9
million in public infrastructure improvements at Rickenbacker Airport.
The project takes advantage of a unique financing opportunity available
through the State of Ohio's Logistics and Distribution Stimulus Loan
program.
California Debt Limit Allocation Committee: Recovery Zone Bond and
Qualified Energy Conservation Bond Projects
<http://www.cdfa.net/cdfa/cdfaweb.nsf/fbaad5956b2928b086256efa005c5f78/7
e8009ea2dca33d38625777600503eab/$FILE/summary.pdf>
Bonds <http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=Bonds> |
Energy Finance
<http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html?open&tag=Energy Finance>
This document summarizes the California Debt Limit Allocation
Committee's use of waived Recovery Zone Bond and Qualified Energy
Conservation Bond authority.
>>> SEARCH ONLINE RESOURCE DATABASE
<http://www.cdfa.net/cdfa/cdfaweb.nsf/ord.html>
Upcoming Events
Intro Energy Finance Course
<http://www.cdfa.net/cdfa/cdfaweb.nsf/0/95EF12CF076D7CED86257729005C1E70
>
The Council of Development Finance Agencies <http://www.cdfa.net> is a
national association dedicated to the advancement of development finance
concerns and interests. CDFA is comprised of the nation's leading and
most knowledgeable members of the development finance community
representing public, private and non-profit entities alike. For more
information about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.
Council of Development Finance Agencies
815 Superior Avenue, Suite 1301
Cleveland, OH 44114
(216) 920-3073
info@cdfa.net
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牡敢湩獵摥琠楦慮据湡牤癩捥湯浯捩敤敶潬浰湥敒摡䴠牯格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慰敧⽳敗换獡㙴栮浴㹬ഠഊഊ吊楨敗步猧䠠慥汤湩獥ഉഊ倊潲敪瑣䜠瑥䑉⁁楗桴䤠据湥楴敶ⱳ䈠湯獤格瑴㩰⼯楮条牡ⵡ慧敺瑴潣⽭潬慣⽬㍸〷㔳㘵㘴䜯敲湥吭物ⵥ楳整札瑥䑉ⵁ畳灰牯㹴ഠ上慩慧慲䜠穡瑥整簠䄠杵㈱簠䈠湯獤格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䈽湯獤‾慄摲湥䜠瑥
潍敲吠浩湯䨠扯䜭潲瑷潇污൳㰊瑨灴⼺眯睷漮汲湡潤敳瑮湩汥挮浯戯獵湩獥⽳獯搭牡敤潪獢攭瑸湥楳湯㈭〰സㄊⰱⰰ㐲㈹㈸⸳瑳牯㹹ഠ伊汲湡潤匠湥楴敮⁼畁ㄠ′⁼捅湯浯捩䐠癥汥灯敭瑮格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䔽潣潮業ൣ䐊癥汥灯敭瑮‾畈潲楒敶敖瑮牵獥䜠瑥㘤⁍潦敎⁷楈桧吠捥湉敶瑳敭瑮൳㰊瑨灴⼺眯睷愮湮牡潢潣⽭畢楳敮獳爭癥敩⽷畨潲楲敶敶瑮牵獥札瑥ⴶ業൬
氊潩潦敮楨桧琭捥湩敶瑳敭瑮⽳‾湁䅮扲牯挮浯簠䄠杵㈱簠匠敥Ɽ嘠湥畴敲䌠灡瑩污愠摮䄠杮汥䤠癮獥浴湥൴㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧敓摥敖瑮牵䌊灡瑩污愠摮䄠杮汥䤠癮獥浴湥㹴ഠഊ䰊扯祢獩獴䰠湩略⁰潴倠獡䅂獂䔠瑸湥楳湯格瑴㩰⼯睷潢摮畢敹潣⽭獩畳獥ㄯ㤱㑟㈰氯扯祢獩彴慢形硥整獮潩〱㔱㠸ⴳ⸱瑨汭‾桔潂摮䈠祵牥簠䄠杵ㄱ簠䈠湯獤格瑴㩰⼯睷摣慦渮瑥振晤
⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䈽湯獤‾簠敌楧汳瑡癩㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧敌楧汳瑡癩㹥ഠഊ䐊癥汥灯牥䐠睯獮穩獥吠䙉䈠摩格瑴㩰⼯睷楴敭牳捥牯潣⽭牡楴汣獥㈯⼰㠰〯⼹敮獷搯捯挴〶㈳㈵愸㤵㈷㈳㐳㜰㔱琮瑸‾楔敭敒潣摲簠䄠杵ㄱ簠吠䙉格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条吽䙉‾〲〱䈠極摬䄠敭楲慣䈠湯獉畳獥吠牨畯桧䄠杵獵⁴ഹ㰊瑨灴
⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳是慢摡㤵㘵㉢㈹戸㠰㈶㘵晥ち㔰㕣㝦⼸ഹ㌊㌱ㄵ慢㐵㔲戴㌸㘸㔲㜷户〰愴㕢㠶䥆䕌䈯䉁瀮晤‾桔潂摮䈠祵牥簠䄠杵〱簠䈠湯獤格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䈽湯獤‾敓畣楲楴獥䤠摮獵牴⁹浅汰祯敭瑮›儲㈠ര㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳是慢摡㤵㘵㉢㈹戸㠰㈶㘵晥ち㔰㕣㝦⼸ഷ戊㌵㔲㥣㐴搷㔳ㄵ㘸㔲㜷户〰挴扦昵䥆䕌匯捥牵瑩敩䥳摮獵牴役浅汰祯
敭瑮㉟ര《ㄸ弰䥓䵆⹁摰㹦ഠ匊捥牵瑩敩湉畤瑳祲愠摮䘠湩湡楣污䴠牡敫獴䄠獳捯慩楴湯簠䄠杵〱簠䈠湯獤格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䈽湯獤‾簠敇敮慲楆慮据㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧敇敮慲൬䘊湩湡散‾楌灰牥䌠牵敲瑮圠敥汫㩹吠敨倠汵敳漠桴湉潮慶楴湯䔠潣潮祭格瑴㩰⼯睷楬灰牥畣牲湥潣⽭捤⽮捬渮晳氯督栮浴㽬灯湥椦㵤㝁ㄶ䍆䉆䐶㝆䌰
㠹䐶㕅㡅㜸㈲㑆䄶㘰‾敄敶潬浰湥⁴慃楰慴敎睴牯獫簠䄠杵〱簠匠敥Ɽ嘠湥畴敲䌠灡瑩污愠摮䄠杮汥湉敶瑳敭瑮格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条匽敥Ɽ嘠湥畴敲慃楰慴湡湁敧湉敶瑳敭瑮‾䉓⁁牐杯慲牐癯獥愠䠠瑩畢⁴潎⁷瑉䤠湩䰠浩潢格瑴㩰⼯湯楬敮眮橳挮浯愯瑲捩敬匯ㅂ〰㈴〴㈵㐷㜸㐰㌵㈲㐰㜵㌵㜹㠶㐳㤰㈲㌹㠳栮浴㽬潭㵤南彊楆慮据湩䅧摮湉敶瑳湩彧䥒䡇䉔瑯潴卭䡂慥䱤湩
獥‾慗汬匠牴敥⁴潊牵慮⁼畁ㄠ‰⁼捁散獳琠慃楰慴൬㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧捁散獳琠൯䌊灡瑩污‾簠䘠摥牥污䘠湩湡楣杮倠潲牧浡൳㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧敆敤慲൬䘊湩湡楣杮倠潲牧浡㹳ഠഊ䴊捩潲楦慮据片畯獰䠠汥⁰浓污畂楳敮獳獥䜠潲൷㰊瑨灴⼺眯睷献杦瑡潣⽭杣楢⽮牡楴汣杣㽩㵦振愯㈯⼰㠰〯⼳啂㝌䔱剎䍏മ䐊䱔琦灹㵥畢楳敮獳‾
慓牆湡楣捳桃潲楮汣⁼畁ㄠ‰⁼捁散獳琠慃楰慴൬㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧捁散獳琠൯䌊灡瑩污‾佄⁅楆慮楬敺㐤䴳䰠慯畇牡湡整潦湅牥祧匠潴慲敧倠潲敪瑣椠敎⁷潙歲格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦扦慡㕤㔹戶㤲㠲ぢ㘸㔲收慦〰挵昵㠷㤯敤㤷㐵㍦昷て晢㡢㈶㜵㜷ぢ㘰㘷㈴⼰䘤䱉⽅佄╅〲慃敳㈥匰畴祤瀮晤‾敄慰瑲敭瑮漠湅牥祧簠䄠杵〱簠䄠捣獥潴䌠灡瑩污
格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䄽捣獥潴慃楰慴㹬†⁼湅牥祧䘠湩湡散格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䔽敮杲⁹楆慮据㹥桏潩删捥癯牥⁹潚敮䈠湯汁潬慣楴湯൳㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳是慢摡㤵㘵㉢㈹戸㠰㈶㘵晥ち㔰㕣㝦⼸വ㌊搵㠸攰づ挰つ扢㘸㔲㜷户〰昶㌷摢䥆䕌刯䉚湯獤䍟湯楦浲摥牐橯捥獴た㌷⸰൰搊㹦ഠ伊楨敄慰瑲敭瑮漠敄敶潬浰湥⁴⁼畁
ㄠ‰⁼潂摮൳㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧潂摮㹳ഠഊ吊敨䘠瑵牵景吠硡䔭數灭⁴潂摮൳㰊瑨灴⼺漯汮湩獷潣⽭牡楴汣⽥䉓㈱ㄸ㌲㌶㜴㌱㈲㐵ㄶ栮浴㽬潭㵤潧杯敬敮獷ൟ眊橳‾慗汬匠牴敥⁴潊牵慮⁼畁㤠簠䈠湯獤格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䈽湯獤‾捓潨汯ⱳ䌠瑩⁹潃湵楣潴䴠敥⁴癏牥吠䙉格瑴㩰⼯畳畢扲湡潪牵慮獬献汴潴慤潣⽭牡楴汣獥㈯⼰㠰〯
⼷瑳档牡敬⽳敮獷〯〸猸捴樭楯瑮⸰硴㹴ഠ匊䰠畯獩倠獯楄灳瑡档簠䄠杵‹⁼䥔െ㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧䥔㹆ഠഊ吊䙉䐠獩牴捩⁴牐獯䄠摮䌠湯敗杩敨畄楲杮䴠敥楴杮格瑴㩰⼯睷桴橥畯湲污渭睥敮⽴牡楴汣獥㈯⼰㠰〯⼹敮獷港睥び⸴硴㹴ഠ䨊畯湲污中睥⁼畁㤠簠吠䙉格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条吽䙉‾敒潰瑲映潲桴䥓䵆❁牔慥畳祲䈠
牯潲楷杮䄠癤獩牯⁹潃浭瑩整㰊瑨灴⼺眯睷琮敲獡朮癯瀯敲獳爯汥慥敳⽳杴〸⸰瑨㹭ഠ吊敲獡牵⁹敄慰瑲敭瑮簠䄠杵‶⁼潂摮൳㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧潂摮㹳ഠഊ䰊睡慭敫獁獫吠敲獡牵⁹潦慔⁸慌⁷汃牡晩捩瑡潩湯儠䍅獂格瑴㩰⼯睷潢摮畢敹潣⽭獩畳獥ㄯ㤱㍟㤹焯捥形慴彸汣牡晩捩瑡潩〱㔱〷ⴶ⸱瑨汭‾桔潂摮䈠祵牥簠䄠杵‶⁼潂摮൳㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳
琯条瑨汭漿数♮慴㵧潂摮㹳†ർ䔊敮杲⁹楆慮据㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧湅牥祧䘠湩湡散ാ䌊瑩⁹祅獥䌠敲瑡潩景嘠湥畴敲䌠灡瑩污倠潯൬㰊瑨灴⼺眯睷眮獩湣睥潣⽭慢慲潢湯睥牳灥扵楬⽣敮獷氯捯污愯瑲捩敬㙟㥡㡣慦ൡⴊㅡ愰ㄭ搱ⵦ挹昷〭捣挴㌰㠲⸶瑨汭‾敎獷删灥扵楬⁼畁㘠簠䄠捣獥潴䌠灡瑩污格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条䄽捣獥潴慃楰慴㹬†
⁼敓摥敖瑮牵慃楰慴湡湁敧湉敶瑳敭瑮格瑴㩰⼯睷摣慦渮瑥振晤⽡摣慦敷獮⽦慴獧栮浴㽬灯湥琦条匽敥Ɽ嘠湥畴敲慃楰慴湡湁敧湉敶瑳敭瑮‾敍捲牥愠摮䴠獵慣楴敮䌠畯瑮敩潴䔠瑳扡楬桳删䙌格瑴㩰⼯睷捱湯楬敮挮浯愯捲楨敶⽳捱⽯楤灳慬桰㽰摩㔽㐰㤵㸵ഠ儊慵楃祴吠浩獥簠䄠杵‶⁼捁散獳琠慃楰慴൬㰊瑨灴⼺眯睷挮晤敮⽴摣慦振晤睡扥渮晳琯条瑨汭漿数♮慴㵧捁散獳琠൯䌊灡瑩污‾簠删䙌格瑴
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