Complete information about the financing of this year's replacement
school buses is now available on our web site at

Complete instructions are now available, referencing previous and
current memoranda from Philip Price and Derek Graham.

The State Board of Education (SBE) and Carlyle Capital Markets, Inc.
(CCMI) have signed a Master Facilitator Agreement (MFA) that outlines
the operation of this project. The SBE agrees to make annual installment
payments upon your request and on your behalf and agrees to continue to
allocate funds for this purpose in subsequent years. The Agreement also
outlines the state responsibility to "insure" the bus and the driver's
liability. The signed agreement can be accessed on the web page
referenced above.

Attached to this email (and also on the web page) is a memorandum from
Philip Price and Derek Graham containing additional instructions. You
have already received a report of buses that you are authorized to
order. Attached to the memorandum is a Request for Payment that you
will submit to DPI Transportation Services. This can be faxed to DPI
Transportation Services. Your receipt of approval of this request
authorizes you to issue a purchase order for these buses. The purchase
order should be sent to DPI Transportation Services.

Your LEA must also sign a Master Replacement Bus Financing Agreement
with CCMI. This document is also on the web page. It should be printed
and relevant lines completed before forwarding two copies of the signed
Agreement to CCMI. You must substitute the EXHIBIT B previously sent to
you from DPI Transportation Services for the blank page in this

Buses will be ordered and built in the order that the orders are
received from LEAs. We anticipate that a large number of these buses
will be built during July and August of this year.


posted 5/28/03