Garden State Preservation Trust

The Garden State Presentation Trust (GSPT) is an agency of the State of New Jersey, created by an act of the state legislature. The Trust's role is to approve all expenditures by the state agencies managing land preservation programs in New Jersey, and to provide these agencies with bond funding during an accelerated 10-year period. Over a period of two years the GSPT issued a total of $1.15 billion of bonds to fund land preservation. Evergreen currently serves as financial adviser to the GSPT.

In November 2005, Evergreen served as financial advisor for GSPT's issuance of $209.6 million of Open Space and Farmland Preservation Refunding Bonds. With only refunding bonds allowed, the GSPT was seeking to minimize the Trust's debt service until 2010, when the funding for preservation projects ends.

The 2005C Bonds, sold through a negotiated sale, refunded certain maturities of bonds issued in 2003. For the remaining proceeds, Evergreen proposed an innovative structure that refunded interest (but not principal) on selected maturities of the 2003 Bonds not refunded. This structure allowed the GSPT to realize over $4 million of additional short-term funding for preservation projects across the state.

Evergreen assisted the GSPT and the State Treasurer's Office in their dealings with the Joint Budget Oversight Committee; worked closely with the Attorney General's Office, bond counsel and the senior manager in reviewing the State's disclosure in the official statement; monitored the performance of the senior manager and underwriting syndicate; coordinated preparation of a verification report with the verification agent; and prepared and submitted subscriptions for the escrow securities (SLGS) to the Bureau of Public Debt.

Howard County, Maryland

As financial advisor for $643 million of refunding bonds sold in seven series between 1991 and 2004, Evergreen identified the opportunities for debt service savings, developed a request for proposals and evaluated responding underwriters, and assisted the county in its first negotiated long-term bond sales. The refunding of multiple series of outstanding bonds was made possible in part by favorable redemption provisions structured into earlier transactions, and saved the county millions of dollars without increasing debt service in subsequent years. In 2004, Evergreen assisted the county in maximizing its $4.1 million in general fund savings by subscribing (and resubscribing) for SLGS at the maximum allowable rates and accelerating the bond sale by two weeks (view chart). Recommendations made by Evergreen overnight during the negotiated sale process allowed the county to increase savings by 50%.