Subject: File No. S7-15-09
From: Philip A Shalanca, MBA
Affiliation: Retired School Business Administrator

August 30, 2009

I am in agrrement with the changes you propose. Hopefully within the change there will be some requirement that notice be given for a long term funding commitment for payment of these instruments. Many times budgets for the first and second years include funding but the long range plan does not. Future projections are hard to determine but coupled with historical data there will be a chance to determine the solency of the government entity issuing the instrument.