HomeMy WebLinkAbout20060553.tiff TM TRANSMITTAL MEMORANDUM
Northwest Parkway
Public Highway Authority
3701 Northwest Parkway, Broomfield, Colorado 80020
jill@nwpky.org
Phone: 303-533-1200 Fax: 303-404-3049
PAR KWAY
TO: NWP Investors
FROM: Jill Lamoureux
CC:
DATE: Monday, February 13, 2006
SUBJECT: Northwest Parkway Bond Disclosure Document
Enclosed is the bond disclosure document for the 4th Quarter of 2005. The
PDF file can also be found on the Investor's section of our website
(www.nwpky.org). Please feel free to contact me if you have any questions
or concerns.
`7,vU—IVGC f 2006-0553
� 3 � Tr�'#g.. ,�' �i₹x i� � x't## 1 yY7�-1;<'4.1f!2,
n 71 � 1e 1 I
q R g I§
k q � y4 gP
yet i,`Efi` i.i'1� :<-si e 4', r bsk'ir L4 4Z., k,:x1l #,^¢1i y} +('.i
r3
1 e t Pi ¢ . y
NO
TRUCKS
OVER .'
10.000 LBS i
EIPtY RT 1
ON • I
NWPKWY
RAMPS
:.. t. 'til..r] .ice•11
� i r, I I
""Ip
br-
__ _ _..__.-...-_.._... .asst .r•+* r _ ..�.. .
The Northwest Parkway
Disclosure Document 2005
° :I `' 1Cg1'."i ,.11 l 4. I1° 11.74474 •ry iy '4;4 1 ys P .ta'a? t R .
a e P iI 4,';'4,4t,
4 y�7 1, �S .p 7 , fiss 4{4}'' .1 13'1 1I� ' F 1 :€ KI
' 4 "+ '& 9(�rD" isi fY ri `[iiin g-1l il't fr� 4 sw{ -u� i'' . 44; 44 44 i
a + F i '.#u *i." .' i ¢pif '' €�s"" $ 4 �' 1'�` 1 d& ' +xS 'fi I 1 .=
4 _ �. p dµ $ ' dl,y a.
I.
� I •'
l 1
, , �f°' •; " '._�i PARKWAY'
I
y}
'�.# # {p,Y.g1 �i y .l a,.� }}g p{s Y �a`y y1�'� -
..1 o:•_ .. . 4' .. F�'nw4,11sV 1 #.;:I�`. if"t: .;:tL_ :IP-. .1 . l
r
's. .5» ; .ii, * r.� .
i' tr' .�* ,ink
r ` ` a ary. ` : ,,,,.>„4.-
ji 3
......mv.v}.^_.—.—ems ..wc.v_v.v.... r�..... >i.c w... • . ......u..v .mss . .. a......._.. ..«.. .�..n... .. _. .. �.
.y OVERVIEW 1
t -= CONSTRUCTION OF THE NORTHWEST PARKWAYttat
1
SHERIDAN INTERCHANGE 2
PROJECT FINANCIAL HIGHLIGHTS 3 ;,,
r
F2, . erf
4 = INVESTMENTS 4 x'=
BUDGET 4 , R '
BOND FINANCING 4
ter.
• ' THE PEOPLE BEHIND THE PROJECT 5
;R
NW Northwest Parkway Public Highway Authority
3701 Northwest Parkway
Broomfield, Colorado 80020
(c:11
Telephone: 303-533-1200
Fax: 303-404-3049
PARKWAY www.nwpky.org
info@nwpky.org
- -
.rt -
" OVERVIEV operation/maintenance costs through the construction
period, and amounts due under certain reimbursement
The Northwest Parkway Public Highway Authority agreements. In addition, the plan of finance provides for
The Northwest Parkway Public Highway Authority debt service reserves, capitalized interest, contingency
(Authority) is a political subdivision of the State of Colo- funds, bond insurance premiums and issuance costs.
rado established in June 1999 with all the powers, duties
and privileges provided by the Public Highway Authority
Law. The Board of Directors of the Authority is currently CQNSTRUGTIOI O x THE
composed of one elected official from each of the City and
County of Broomfield, the City of Lafayette, and Weld - NORTHWEST VAf KWNAY
County, Colorado. In 2002 the City of Arvada and Jeffer-
son County applied to the Board of Directors and were
approved for affiliate memberships to the Authority. Ex-
Design/Build Contractor
Officio members include the Colorado Department of In order to construct the Northwest Parkway, a Design-
Transportation, the Regional Transportation District and Build Contract between the Authority and NPC, a Design-
Transportation,Consolidated Metropolitan District. The Au- radc joint venture of Kiewit Western Co. and Washing-
thority is responsible for the financing, construction and ton Group International, Inc. was executed on June 28,
operation of the toll highway known as the Northwest 2001. The full notice to proceed was issued on June 28,
Parkway (Parkway). 2001 simultaneously with the financial closing. The con-
Project Description tract provided for the road to open to traffic by Decem-
The Northwest Parkway consists of the two-mile Inter- ber 31, 2003 with revenue collection to begin on the Pro-
locken Loop from State Highway 128 to Tape Drive (just ject Guaranteed Substantial Completion date of Febru-
south of the intersection with 96'° Street) connecting with ary 29, 2004. The road opening was achieved on No-
the nine-mile limited access toll highway constructed on vember 24, 2003. The final acceptance of all items in-
the northwestern perimeter of the Denver metropolitan cluded in the project was granted by the Project Guaran-
area that links the Interlocken Loop to 1-25. teed Final Acceptance of June 29, 2004.
The final segment of the E-470 toll road which connects ROW
with the Northwest Parkway at 1-25 was completed in To acquire the right-of-way for the Northwest Parkway a
2002, providing access to and from regional employment budget was established that included all estimated costs
and retail centers and facilitating travel from the northwest- for right-of-way acquisition including property acquisi-
tion,metropolitan area to points east and south, including tion, legal, consultants and associated relocation costs.
Denver International Airport. Current construction work Under the Design-Build Contract, the Authority was re
ncludes completion of an Interchange and maintenance quired to deliver on the contract schedule approximately
facility at Sheridan Boulevard. 564 acres of right-of-way. The Authority has obtained
possession of all of the required right-of-way; of this, 452
Plan of Finance acres are fee simple takes and the remainder is made
The Authority closed on project financing in June 2001 up by easements.
and simultaneously gave a notice to proceed to the De- All right-of-way purchases have been finalized or have
sign-Build Contractor—Northwest Parkway Constructors had value determinations. The overall right-of-way costs
(NPC). The plan of finance(see further description under have been under the allocated budget amount. Remain-
Project Financial Highlights) provides for the funding of ing costs include legal and consulting fees; however, the
construction costs under the Design-Build Contract and Authority expects costs to remain under budget.
other capital costs, as well as Authority administrative and
1
r
SHERIDAN INTERCHANGE with Pirnack Walters as the design/build contractor at
Interchange Development the November 2004 board meeting.
The original Authority plan included construction of
an interchange at Sheridan Boulevard no later than
2010. Current development activities in that vicinity
indicated that it would be beneficial to Authority ',1141.2f!'•
y JE n,• revenues to open the interchange as soon as possi-
ble. Due to the fact that the majority of the Con-
struction Contingency funds were not used from the 1I j °°
original Design-Build Contract and associated mobi-
lization costs, it is possible to complete the con- -w- �
struction of the interchange and still have a Contin-
gency Fund balance.
A critical path item to the construction of the Sheri-
dan Interchange was to move the current temporary
maintenance facility. This was due to the fact that
the temporary maintenance facility sat in the middle
of the proposed west bound on-ramp from Sheridan
to the Parkway. Interchange Status
In 2004, the Authority executed a contract with Carter Bur-
The City and County of Broomfield required the Au- gess (CB) for design review and construction maintenance
thority to construct a permanent maintenance facility on the Sheridan Interchange project. The Sheridan Inter-
rather than moving the temporary facility. The Au- change project was constructed as a design, bid, build
thority determined that the best site for the mainte- Project. The Authority selected SEMA as the general con-
nance facility was east of the Sheridan Interchange tractor in February 2005.
location on land owned by the Pulte Corporation. The contractor provided for an early opening on November
7, 2005. Toll collection for cash customers began on De-
As part of its Anthem development plan, the Pulte cember 1, 2005, while EXpress Toll customers used the
Corporation wanted to obtain land to hold for perma- interchange free of charge until January 1, 2006. The pro-
nent open space. The Authority owned land ac- ject consists of on and off ramps from the Parkway to
quired for the purpose of holding for open space. Sheridan, two unmanned toll booths with coin machines
The Authority has traded parcels of land with Pulte. and automated Express Toll collection capability, inter-
There was no monetary consideration involved in change lighting, and interchange landscaping. In addition,
this transaction. The trade allowed the Authority to a change order was executed with NPC to provide con-
gain approval from Broomfield for construction of crete slab approach ramps. The construction budget for
the permanent maintenance site, and begin con- the interchange including the toll collection system installa-
struction on both the site and the Sheridan Inter- tion is approximately $5,200,000 which is being paid from
change. (Completion of the maintenance site oc- remaining contingency funds.
curred November 2005. The Sheridan Interchange
opened to traffic November 7, 2005.)
Operations Report
branding EX ressToll is the Denver areafor the trans-
Maintenance Facility Status P
In August 2004, the Authority entered a contract ponder system that allows non-stop use of the toll roads.
with Eidos Architects, LLC to design a maintenance These transponders are functional on both the Northwest
facility. The building was designed to meet strict Parkway and the E-470 toll road.
aesthetic criteria from the City and County of In this quarter, 122 transponders were issued for new EX-
Broomfield. The project consists of covered parking press Toll accounts opened at the Parkway's mainline Toll
for six snow plows, a 1,500 sq. ft. office, a 1,000 sq. Plaza. A total of 7,417 new EXpress Toll accounts were
ft. storage area, a fuel island for diesel and gasoline, opened in this period through the EXpress Toll website,
storage tanks for anti-ice chemicals, covered stor- service centers and area retail outlets. Due to interopera-
age for salt and sand, and a separate building for bility agreements between the Authority and the E-470
vehicle maintenance. The construction budget for Public Highway Authority (E-470), the Authority benefits
the maintenance facility is $1,460,000 which was from the entire EXpress Toll customers base of over
paid from available contingency funds. The Author- 199,563 accounts.
ity recommended and received approval to contract
2
The Authority, through an Intergovernmental Agree- Total transactions for December were 354,545 with an ADT of
ment(IGA) with E-470, has contracted with Mile High 11,437 which is a 4.8% increase over November. Year-over-year
Toll Services (MHTS) to provide toll operations for the transaction increases remain strong with a 36% increase over 2004.
Parkway. MHTS is a division of Parsons Brinckerhoff.
Monthly Transactions
The IGA also provides for the Authority to utilize the
back office operations of E-470 for EXpressToll proc- 400,000
essing and customer service functions. a4 �
300,000 F 6 k"a fist+
Operations of the Parkway are continuing smoothly as 200,000 � t r r
traffic steadily increases. Detailed auditing has shown 100,000 j
that MHTS continues to perform within industry stan- I
dards. The EXpressToll transactions that are handled
by the E-470 customer service center are exchanged r n •2oaa'
on a nightly basis and payments are regularly audited z ■2005,
by Authority staff. The violation system continues to _....—
operate effectively.
The Authority has entered into a three-year contract for PROJECT FINANCIAL HIGHLIGHTS
roadside, roadway and facilities maintenance with
American Civil Constructors (ACC). ACC handles all
snow removal on the Parkway and operates the Park- Original Capital Budget
way's Courtesy Patrol. Maintenance work on the Park- The total capital budget for the Northwest Parkway at financial
way has proceeded as scheduled. closing was set at$242,637,528, excluding contingency funds.
After adjusting for all change orders through December 31,
Law enforcement and incident management on the 2005 the total capital budget is$246,330,230 excluding the
Parkway is handled by the City of Broomfield Police remaining contingency fund budget. The amount of expendi-
Department through an IGA with the Authority. Both tures through December 31,2005 total$235,439,300. The
payments to NPC for approved work included in that total are
the police and the North Metro Fire District (NMFD) re-
$191,615,337 representing 100%of the contract.
spond to any occurrences as needed and continue to
meet the Authority's requests and requirements. The The original Contract Amount of the Design-Build Contract
NMFD broke ground on a new fire station along the was$187,637,528. Change orders approved through Decem-
Parkway which was completed December 2005 and is ber 31, 2005 increased that amount to$191,615,337. There
currently operational. were eighty-one contract changes authorized, with a total cost
impact of$3,977,809. However, six change orders, in the
Traffic Summary amount of$1,269,788, were funded by third parties. In addi-
Toll collections for both cash and EXpress Toll custom- tion, one change order was funded as a transfer from the
ers began on January 1, 2004, after a system testing Northwest Parkway Right-of-Way budget in the amount
and marketing period following the opening. During this $285,107. There also was an adjustment for actual waterline
period no tolls were initially assessed and then a period costs incurred.
followed during which tolls were charged only to cash Sheridan Interchange Budget
customers as an incentive for users to purchase EX- The budget allocated to the Sheridan Interchange is
press Toll privileges. $7,750,000 which was transferred from the Contingency
Budget. The allocated budget includes funds for design, con-
During the first full year of roadway operations, traffic struction and toll system implementation for the interchange
levels and toll revenues were significantly below initial and maintenance facility. Also included in the budget is a
projections. The Authority attributes these results to the change order to the Design-Build Contract in the amount of
economic downturn experienced in the state over the $86,782 for the concrete slab approach ramps at the Sheridan
past several years and the resulting delay of develop- Interchange.
ment within the corridor. The development activities in
the corridor have increased in 2005, and the Authority Contingency Fund Status
anticipates that traffic levels and toll revenues will im- The original allocated budget for Contingency was
prove as development and natural ramp up occurs. $18,763,753, including expected interest earnings over the life
of construction. Approved change orders to the original De-
The Authority does not expect, however, that the initial sign-Build contract total $3,977,809. However, after adjusting
revenue projections will be achieved in the short term. for third party funded change orders and a transfer from the
Right-of-Way budget, the net charge against the original con-
Total transactions for October 2005 were 328,591. Av- tingency fund is currently$2,422,914,which adjusts the allo-
erage daily transactions (ADT) for October were cated budget amount to$16,340,839. The Authority has also
10,600, a 1% decrease from September traffic. Total transferred $3,807,601 for start-up and mobilization costs and
transactions in November were 327,254, with an ADT plans to transfer an additional $7,750,000 for the Sheridan
of 10,908 which is a 2.9% increase over October. Interchange and maintenance facility project. The remaining
unallocated Contingency Budget is $4,783,238. 3
r
INVESTMENTS The Senior Bonds received bond insurance from both Ambac and
FSA and, based on that insurance, were rated AAA. When issued in
2001, the Senior Bonds received investment grade underlying ratings
Construction Fund from all three rating agencies: Standard & Poor's and Fitch rated the
(a) At the time of closing,$245,114,354 was invested in two Senior Bonds BBB—and Moody's Investors Service rated them Baa3.
separate Investment Agreements with Trinity Funding When issued in 2001, the Subordinate Bonds received Moody's Ba1
Company,which submitted the successful bid. One ac- rating and a BB+from Standard &Poors.
count has closed and the remaining balance was trant
ferred to a series of investments through the trustee, Fitch, Moody's and Standard and Poor's subsequently downgraded
while the second account will remain with Trinity Funding their underlying ratings in this quarter. Standard & Poor's announced
until December 2007. that the underlying rating on the Senior Bonds was downgraded from
BBB— to B— and the rating on the Subordinate Bonds was down-
(b) Bond proceeds in the Construction Fund which were not
invested in that Investment Agreement are invested by graded from BB+to CCC. Moody's downgraded the underlying rating
the Trustee in either a Wells Fargo money market fund or on the Senior Bonds from Baa3 to B1 and the rating on the Subordi-
the AAA Colorado Local Government Liquid Asset Trust. nate Bonds from Ba1 to B3. Fitch downgraded their underlying rating
on the Senior Bonds from BBB—to BB-. The Senior Bonds remain
insured and rated AAA. Please contact the individual rating agencies
Debt Service Reserve Fund
$36,161,406.28 of the Senior Bond proceeds were invested for for additional information.
the Senior Debt Service Reserve Fund in a Debt Service Reserve
Forward Delivery Agreement with Bayerische Hypo— and Ver-
einsbank AG, New York Branch,who was the successful bidder. The Original Source and Uses for the Northwest Parkway Bond issue
are estimated as follows:
Capitalized Interest Fund
The capitalized interest amount from the bond proceeds of Original Sources of Funds:
$43,047,440.50 was invested in an Investment Agreement with Series 2001A Bonds $175,720,000
AIG Matched Funding Corp. This Investment Agreement is ex- Series 2001A Bonds $175,720,000
pected to provide returns which,when combined with interest (Current Interest)
flowing from the Debt Service Reserve,will provide the necessary Series 2001 B Bonds 79,865,792
interest payments through the capitalized interest period. (Capital Appreciation)
Series 2001C Bonds 108,371,280
. (Convertible Capital Appreciation)
Series 2001D Bonds 52,465,000
: -1-4Er"f3 . 111- a. is (First Tier Subordinate)
v� „ Colorado Department of Transportation 723,000
t If b 5.n. .�1 ,l y, ! aa'
� r ` �€ + Net Original Issue Discount (4,025,562)
v a men 8 n. ₹a �'+ m unfsn
i dems a $.a '41#.5's+ v' j s' - ',�i11 i TOTAL ORIGINAL SOURCES $413,119,510
,^1°J.1,, 'r'� 4 414ir )' ' : :A4lia.
.; k , 5 ., „a 4- '°w * Original Uses of Funds:
Design-Build Contract Price $179,819,232
"'-',I;'.:5".:7 .-/‘: ' �g--. '—` (net of interest earnings)
Igo n c, f i a e a.a, ,�<,„) .. ; Other Costs of the Project(1) 104,738,219
Capitalized Interest 2001A, 2001D 43,047,440
..„,,,,,:;:_i,,,;4,;,-,,...7.;:.).;',-;:.,," - Debt Service Reserve Accounts 41,239,651
Pi> II `»;. tl t \ ,sue ) Cost of Issuance/Underwriters Discount 26,617,107
„., " Project Contingency 17,657,861
.$ ENQIr Utter4 f � (available for Project Costs)
s, t Est �i 1 ;fu, 'rl � :. TOTAL ORIGINAL USES $413,119,510
I " r r yr q#fIt C project oversight engineering services,
°e" el ₹e e"=,, r 'x. I '�'.. m� , administrative(1) Includes right-of-way
osts, and amounts due under certain reimbursement agree-
, • rurt f 'v p a .44-.9,1+7S7‘1r� r° a .,-,.r- M, menu.
# era•f10 S h J'., `f, I
?`yz xta,a a ata A'µrri - r
fesa'[enafetvl ,.
•'Ure• 4� sa ri- - .-.•:1.;...r.,4, ' 0 9 e *'fi , Bond Restructuring
- Authority staff regularly monitors cash flow and revenue covenants
`,T ALEX` 'PtDI ES 3 "`V ;* ":' � y relating to the Authority's bond obligations and during the quarter
4 , r _„ ,4 ,-,.'..-_, explored several options relating to the Authority's outstanding bonds.
On November 2, 2005, the Board, acting on the recommendation of
the staff and the Authority's financial advisor, RBC Dain Rauscher
r x, r :t -j s ;, Inc., authorized the staff to proceed with Bear, Stearns & Company
�gB> xN1c r1��I""� a and George K. Baum & Company to pursue a proposed refunding of
is s,„4.:2,... ^' ' _:8 ':`F ac' -^-,,,-P7-s,
a portion of the Authority's outstanding bonds and thereby restructure
The Northwest Parkway Public Highway Authority issued approxi- its bond obligations.
mately $364 million of insured Senior Bonds and approximately
$52 million of Subordinate Bonds in June 2001 to fund the con- On December 16, 2005 the Authority announced that it was not corn-
struction of the Northwest Parkway toll road project. The under- fortable with the pricing available in the market for the proposed re-
writers were George K Baum&Company and Bear, Stearns&Co. funding and terminated the offering in order to explore more cost ef-
Inc. PBConsult Inc. was the financial consultant and provided the fective options. The Authority expects to bring a new refunding struc-
chief
Authority. A.G. Edwards&Sons, Inc.
P
financial officer for the Au ty ture to market bYyear-end 2006.
was the financial advisor. Vollmer Associates conducted the traffic 4
and revenue study with PB Consult Inc. providing the economic/
land use inputs for the study.
PEOPLE BEHIND
THE PROJECT
Board of Directors
Chris Berry, City of Lafayette "roe '— ''�
Vice-Chairman of the Board t -
Alternate—Chris Cameron ++ ,ljttj 4 3 ` . g
din
Karen Stuart, City and County of Broomfield ^r
Chairman of the Board _ . ."
Alternate—Walt Spader
Glenn Vaad, Weld County
Secretary/Treasurer of the Board
Alternate— Robert Masden
• j
Associate Members
Lorraine Anderson, City of Arvada74(
°+o
Alternate— Don Allard
Jefferson County 7Sal
Ex-Officio Directors
Joe Jehn, Colorado Transportation Commission •
Alternate— Peggy Catlin, Colorado Department of _ •
Transportation
Wallace Pulliam, Regional Transportation District
Alternate—Lee Kemp
Joel Rosenstein, Interlocken Consolidated Metropolitan
District
Alternate— Gwen Anderson
.. Ed Icenogle—General Counsel
4'141 '''';54•41#,S00 �, �nn.Smith-Lead Right-of-Way Counsel
Stephen I) + • E6 = • 3 ,Icenogle Norton, Smith & Blieszner, PC
a-woski h ` F Mark May---Right-of-Way Counsel
441
. v t, ., ,+ May &Associates, PC
Kieth Project Oversight Manager
t_ ° t} Carter&Burgess, Inc.
i „�'t;tFary Brown—Public and Governmental Relations
+ 4 °" • « iti t «_ t ;.4 InterMountain Corporate Affairs
Carolyn McIntosh—Special Governmental Counsel
e .}� �� Patton Boggs, LLP
�'1, ,1li .«u ' i u.' ,.Howard Kenison-Special Environment Counsel
• =Flit ' Lindquist, Vennum&Christensen P.L.L.P
Norman Lovejoy"—Consulting•Engineer`' Lisa Fenner—Financial Advisor
Lovejoy&Associates, Inc. RBC Dain Rauscher, Inc. 5
I16 -, 1 y y? v i , 1 f ',I }, `iAjiii> yf
# W #
i r `, 4- yert 6 Sfy i' € k.t '- R,S""`r y ti
j {{ �`€ g
j
16
: 1 1: W ¢1a'1M , v +
Jf '� �i r C��g3'I � It " '� i i �r}€ ( ✓ '� -�ix iii_$ r
4. 11 ii e+ 7
r te' r r - I . -4 A �.
,.. ,-.;,,: Is • _JL..._VV LQ9OUNTY
,.><f
1. l LA AYETTE -. •
.t a '*' i
,
a, � �+�- ..9t Ste' _ - �, .-_
' £OtitS V ete 'r t SP.
. , _v&h. •---4-
�J 4 i T kt '"
-'Dilkn Rd 'a.44 'r-
E 3 �
r 4
`ti�ROOMFIELD Vie - --
4,4
f ga RL�OCkIX' ,414.401.44:-... .
r i c
M ,'y .S. SRIESS Y0.RK� .y, V 4 �,} �. ;4
—
128—,...e. ;�"+ 1�Orfl Are _ -
w,11
., statat
• r .- - f ./, _ . PARKWAY
Northwest Parkway Public Highway Authority
3701 Northwest Parkway
Broomfield, CO 80020
ittii
Telephone: 303-533-1200 .
Fax:
¢ �[��� /��j� s P i di 3r a,. '�a {`1 s p 1 s �v, �d < { '
303-404-304 k°r: '(- i "# � ' 4 '�b#e',Er �gaJ r r 'q •. s ; v 1' 3.
0,• "" A: 46 } d K� 5 E
Y a� ,c 4 � -,"4,4/4,0 q Rl1 i� ''''.„-;,`41:1,-.
e ':1} ..'C 't 1. el ,f 6} 4H ,, °�` 4 F - y• " -.�{^
Y.•`▪ k t h k i y {,
Is 4 �i '-I a -:q yf x .14'11144-1-' kr d
,r -- 1° ii 22 SF. i `pj 4-8, *rY ¢r
3R Fi
4 se 5p ,� p i ..I, �} y {
!� �'Jy {«m� (; iti 4 Sa - , -0 A i'�4 Prt" � 1 r
6r� �IyA �£ 1'
4 "� 'r▪ �I � 4ci "iar�• n.r. t, .'� ':re�i, � , a
4 'nos i .R r : eyrtl yrp' • nia' .e c-I . t6+i ₹ : ' t
a, { it.art.. .. ` > sa � .i "C e .P. , . s t •.4 F::Y. .:M rl.r I'.1fM911"+a 40..,4-4414,444 -
Hello