Independent Registered Municipal Advisor

Calhoun Baker Inc. ("CalBak") has been appointed as the Independent Registered Municipal Advisor ("IRMA") to DelVal. CalBak has registered as a Municipal Advisor with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board. Lucien Calhoun, President and Jeffrey Calhoun, Director of CalBak are registered Municipal Advisors. No officer, director, or employee of CalBak (each an "Associated Individual") has been an Associated Individual of an investment bank, commercial bank, or any other financial institution within the past two years. CalBak also serves as the "qualified independent representative" (within the meaning of the Business Conduct Standards for Swap Dealers with Counterparties promulgated by the Commodity Futures Trading Commission) for derivative transactions considered or executed by DelVal.

      DelVal relies upon advice from CalBak for the public sale and direct placement of its bonds and notes, the investment of proceeds of debt issues and of operating funds, the execution of interest rate swap and other derivative transactions, and the use of any other municipal financial products. Financial institutions may rely upon the IRMA exemption to provide advice or recommendations to DelVal for municipal securities and municipal financial products. Financial institutions should contact Lucien Calhoun or Jeffrey Calhoun for any such discussions (See contact information in the footer of this webpage.).