2008 Series C-1
In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and continuing compliance with certain covenants, interest on the Series 2008C Bonds is excluded from gross income for federal income tax purposes. However, interest on the Series 2008C Bonds is a specifi c preference item for purposes of the federal alternative minimum tax. In addition, Bond Counsel is of the opinion that, under existing laws of the State of Vermont, the Series 2008C Bonds and interest thereon are exempt from all taxation, franchise taxes, fees or special assessments of whatever kind imposed by the State of Vermont, except for transfer, inheritance and estate taxes. For a more complete description, see “TAX MATTERS” herein. NEW ISSUE - Book-Entry Only Ratings: See “Ratings” herein $200,000,000 Vermont Student Assistance Corporation (a non-profi t public corporation established by the laws of the State of Vermont) Education Loan Revenue Bonds $100,000,000 Senior Series 2008C-1 (Tax-Exempt Variable Rate Demand Bonds) $100,000,000 Senior Series 2008C-2 (Tax-Exempt Variable Rate Demand Bonds) Dated: Date of Delivery Price: 100% Due: December 15, 2040 The Vermont Student Assistance Corporation (the “Corporation”) will issue its Education Loan Revenue Bonds, Senior Series 2008C-1 in the aggregate principal amount of $100,000,000 (the “Series 2008C-1 Bonds”) and its Senior Series 2008C-2 in the aggregate principal amount of $100,000,000 (the “Series 2008C-2 Bonds” and together with the Series 2008C-1 Bonds, the “Series 2008C Bonds”), pursuant to the provisions of an Indenture of Trust (Series C), dated as of September 1, 2008 (the “Master Indenture”), and a 2008C-1/2 Supplemental Indenture of Trust, dated as of September 1, 2008 (the “Supplemental Indenture” and together with the Master Indenture, the “Indenture”), each between the Corporation and Chittenden Trust Company, Burlington, Vermont, as Trustee (the “Trustee”).
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