$136,975,000
Capital Projects Finance Authority
Continuing Care Retirement Community
Revenue Bonds
(Capital Projects Loan Program –
The Glenridge on Palmer Ranch Project)

Consisting of $67,975,000 Tax Exempt Series 2002A
$5,000,000 Tax Exempt Series 2002B
$60,000,000 Tax Exempt Series 2002C and
$4,000,000 Subordinate Tax Exempt Series 2002A-1




On June 21, 2002, the Authority issued its Series 2002A, B, C, and A-1 Bonds to finance the acquisition, construction, and equipping of a 270 residential unit continuing care retirement community in Sarasota County, Florida. The proceeds of the Bonds were loaned to The Glenridge on Palmer Ranch, Inc. (the Corporation), a not for profit corporation organized under the laws of the State of Florida. The Community will consist of 49 club homes and 221 apartments located in four mid-rise apartment buildings. The Community will be located on a 90 acres site near the City of Sarasota, Florida.

The Bonds will be payable from and are secured by Note Payments to be made pursuant to a Loan Agreement dated June 21, 2002 between the Authority and the Corporation. The 2002C Bonds are additionally secured by an irrevocable letter of credit issued by the Bank of Scotland.

The Series 2002A Bonds were issued at interest rates ranging from 6.00% to 8.00% and mature in 2032. The Series 2002B Bonds were issued as a term bond in an adjustable rate mode at an initial interest rate of 7.625% and mature in 2032. The Series 2002C Bonds were issued as a term bond at a variable rate of interest with a maturity in 2012. The Series 2002A-1 Bonds were issued subordinate to the other Bonds at an interest rate of 12.00% and mature in 2032.