$29,400,000
Michigan Strategic Fund
Variable-Rate Demand Limited Obligation Revenue Bonds
Henry Ford Museum & Greenfield Village
December 2002

The Henry Ford Museum & Greenfield Village (HFM&GV) is First River Advisory's other non-health care client. HFM&GV is a major cultural attraction in the Midwest, hosting approximately 1½ million visitors annually. Its $200 million endowment and other strong credit characteristics produced an "A" rating assessment from a major rating agency. Because it had always relied on its endowment and/or special fundraising campaigns for capital improvements, this transaction represented the first time HFM&GV had incurred debt.

First River Advisory identified and researched several financing alternatives, and presented its evaluation to the HFM&GV Finance Committee, a group comprised mainly of senior executives of Fortune 500 corporations. They elected to utilize the same daily-mode variable-rate demand obligations (VRDOs) that the Detroit Symphony Orchestra, another First River Advisory client, had found to be so advantageous. First River Advisory negotiated the provisions of a letter of credit, and arranged for an underwriter and remarketing agent on favorable terms.