| Retain Counsel (undertake preliminary tax and environmental diligence) | Month 1 |
| Board Reimbursement Resolution (may allow reimbursement of costs incurred 18 months prior to issuance) | Month 1 |
| CHEFA Application | Month 2 |
| Conduct RFP with CHEFA for | Month 2 |
| A. Investment Banker/Private Placement Agent | |
| B. Letter of Credit Provider | |
| Draft Appendix A (Borrower's disclosure section for the public offering statement) | Month 3 |
| Complete Tax Questionnaire (relates to project eligibility for tax-exempt financing) | Month 4 |
| Prepare Legal Documents and Official Statement | Month 4 |
| CHEFA Board Preliminary Review | Month 4 |
| CHEFA Board Approval | Month 5 |
| Mail Official Statement and Pre-Market Bond Issue | Month 5 |
| Pricing | Month 6 |
| Closing | Month 6 |
