%PDF-1.4 % 3 0 obj <> /Contents 4 0 R>> endobj 4 0 obj <> stream xYKs7ƙ 7TMvl%8+JRM_͗(?r?413,qb3x5u7@R?{e&I}9//G}1Jy>zv(ѿԉʘ-1Yf&nF6mI{Jn,vV[`F3s iaMa+]轜jzF-ߝڪ5>3k7x¡;Cu朩;yړҪZ=ө_m(47e꼮LI?W[[uWj>eGX4>} a'Vd=R.t*<(1UaYDxf\„;ߠw5h ;QoVh5Zwsߨ>Ϥz^O=;_ʾOuԗoj(`l&&7-{`y (PplR__>VIzwrkLC1w u j ~3 pK.܃mϒ̩a fl鞞Qa'C}9q!8ߑ^@+0y>yOI߳%!*6w9W$|S^B{;ܒ" G}ΐ1i@< fkXFݱ:$@TҪ4Gp HoǺ "?VA`q$ E%9ߓfr-sZZIKVHY?|FTZ3Y|M԰Zk~l9ܒ&\Iؑɂ-|^.zJ[G^3xzŶq9 k5NR`}NN:CdݛWd)'1ǻΒsN1tj8msuC3cӈF߬iF4񀶸ZzDCҳYDCKC31 ozchtejR'h\P]o{BۢCTWT]J&#<s{_C;ߊf钼`ݏ{e;yv)rA'y,Z<}Qn #2Oc-&JT=CRljx\:1Gm .`r, =5,9I^qTD(\f2[x۞-KZ*L 8CYdEᑀ)hOg,G Tڂ\>xĹS(ӫaVH8 {;c:'Ǟ^:xCp!r* њѪ>Bzui.SӃ2dBԛMx諶Rb#ZΧ^UX0pNAmY3fP[a0߬nqҌ4 Ws j dP[DVs3f8.!eP%Eg aTO/ kBV xC{w:|ϥG|eywbԸܣ8\M8(Lt߿m9 ڀ%c0+:[tI͉MI9ƻ ivqFf!7'U&QfgdG͸ZnNO=j%}KZ$z9]6WbQ< 1A]Y<.cRړ)gu/yilHsRKKprE*$[#]~dcdB,j9 vh'Ywe 6< Kh@%K?/Jc endstream endobj 5 0 obj <> /Annots [ 7 0 R 8 0 R ] /Contents 6 0 R>> endobj 6 0 obj <> stream xVn6g}Cc Hݨű@.)b^i/{8qE A"9 ϙ!ɇ>xYk1|<|ҞD'' Y^muy5m4U9׹Jt^k>ZYoR=7,zl5❲Q>?aMrrm97! 7%]Q*KZ3-dkSĂHCf0ujIYڙ.5޺$SEpVZ~'qN jk8 E7` ZzW)ٱd{3(V6Re xZPxH5-``z bkR3Ew3N =\~K1+X} /O/t"K 9H-(i=iHCg(Ӟ/ЭKp0*ؙA6h -Xgmg#)wHS8rJȺCXжwPR DULUso-!3X`† a#0+Ɇ[\O|= :lK105n$i=ә ẖF4ҖI-?C߳"Gݿβw%\&.;N魰2<h-:_휚W' ;܁w@ZjUڒ  2:0gȬQBo; uA2X{7bލqthu{.rPTRu.1/%/Y> >> endobj 8 0 obj <> >> endobj 1 0 obj <> endobj 9 0 obj <> endobj 10 0 obj <> endobj 11 0 obj <> endobj 12 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 13 0 obj <> endobj 14 0 obj < >> /FontFile2 16 0 R >> endobj 15 0 obj <> stream xGNDџ(ED`΄1&,'3BZ@kZۺ7؆6mikCmkFގvioXovwMwd:ݙv]bܕfڵ7\7f -vn߃=izދ^׽mz߇>}kVz~YKw?g~ endstream endobj 16 0 obj <> stream x||Soh[%oٖd!xɓa m2f/3C!)I 2&$E ikh M}zyιgslBjԋXX^zо)ZزiַShYc8)&B\l_ܱ3b[Խ!3BBc7dd=5HDwP3waϊ9<>IWP Yشb1gͳMu㢦mUucqWwIPҿٶϳ4?8nލ>onÈ⓹RhϧڑQ8R\^>#{s! $}\1`CY_9>9DF+ 12#^:#^+~ZLg 0G$rD*GH(0+E!5hdA1(VB4%$RW6QDY(C4IȎrQGɨRTh*GUjTjt4!fz4595fԂZQB@>+k=O G A&Z\0v* zC \ Ur }h7z `<008:K!"4 =OA*4`=6@_ֱ?Ek 6pQo?;!(ЛeOK;[6oڸwkVZb=%-\0^܎֖9 gt͘^[S]YQ>mꔲҒEqB|s~blW(ݒ|6˭FTVUWX7zmwsBr5Z:f\QVm.Yg,t5Nh&g Jn&]dڨdZ?]2m6QڏX XnM6/C*SMc>TC%l 5WY66;a4b,n+rb4%ssEƍf^UMzl2:#h `1(ߌUumVSwL~c ]6"24TPɜgdt{i/GhVAAWZ.3bFDCA=cALlGFˠGCz #7K rc@<\$h@`V˸_n_|#{a$inɰQڑά׆#؄~f<֕u ~<MjWבzy Du6Z\د䗹AAר7Ib.Q刢5@MYKIlSM-ӍF+"Wъ&23sro[ans+y=$GBz<7^h.4vZ͠} `&7gs(%Ò 4+ tZ1 0r\LSK].sAcԌBmoji:, MV2,8Wm̙dN:j&Xл-0HCcsN yKK;,b:lhQ̥}bt [aZ,hUUP£AK3~}5:wZDFZ+n.h^=O^ir6]FyjtPmi"IBtJX ]CӸaLE@K5{+cc#F7Oc{Q.v+TG"b@z"@{SMV>Pu].ˍDK 1nIL ygB$MmtnKC & a,8mtk-.˘5.2‚Qc,2RQ7&&2O{2B?]VqBʪCC%V7d GE[Jv*=mt35u>%d~H`4hnEJ^~T#en)YΈ@簔\qPTF_]HYph$6 Mfr/{_h&A("2v $X$~SB0YA?RJ3x*L3d[}V鳻6{*Β<<*xJۘ`6Ij+"WKE@Q萯n72crC`Zb7<̜ErsV?3ѻZ[@ \FY dk$S.#s21Ve&C>p'O-u#w_f, 'Mo#ϨXQ@Jr'JM\ĵV U@H"}To)*#͢ .:5@u8 >^J8ZdЭzs"r5"r,IR^^N00I`ycQ~Pw `,\.' n.`{-d=[hO~O3E[O/$6ɉ$|׾9t;11P{K[;5iZkB+$1<u.oHw#j4v>+n e' UF2ZC 6ye"b U252j!pQ̴ $7SGW1j`YzCm$K]Fs+LQy%ln"hj傐2ljzx'2J UQ3$qarKJ!ėQO%*gY$vջfBQRWG8( h!2*!CRCr(خX*S:Ɖۚ\3kc2lAst .\'T[>/?p$rvàq)ED[:-E_ `nB?`P]#"` j9LT!:FII6mv-~裸;S +D/K U\nnޭ+aC5[۪7WcpJ.I8^nr5kE\kV޻ hQ=P 'Lf'ݶ]p׆dS cbbӃCt[ԤAiP PCCp0#E^o:7?7ɽl|wYZъ-/p}ʤyVƶ-%3&1-s\{$ϝa;1R,ncGxjδV>6<{Wɿ(l( Wi%HW!25Is+u5Z2B%@-nf_#?>Z9eJeMU%[2뽬u#sh!_3w}}SN={{/?|w+N:uԙșa.YP20iT&^DcN™XI! B$lxc Ce#HG t)!T>Lׂ'jOm3BOۦ`g/ tSd֤Y'¦u?ySTMY]eRaTwԟ0вK[wMغEӖ>] xQ2Ԝզ1L-Xe}O4ndG_.c;!*az3zOc֯~/\'0N! DjkxS(Y?̨Y/BI2|XKlΒɳ̎#\c/?Wa[ bU8Ôǽzy JnD9CىۅV|d;M't~O } ~S5b \YrJ[Vd~\Ӛ8ې'J*+Ftn-,&~ _oP)XhgrQ`AȖR0wH|_$B}r.g #\AT*C z%X|h:i9Zp֌u_XdǤWwk"y7oƕ/ u ~ o.|֊yhCAvR8'R(h2Sۓb1̲3N_;bkڲ6fS(ĮThyYP)j&7v3 L۷Xc'[__K|?5LIhx~Eϛ.^~o"2y."ީS8 "W+H |%^|1fs:2DҀ oS?n_y}Zooqg_?wqVMW{?kj=K+ wk]둱']sf*Z?k1̙y: 5P* ǘJ9'# @LL Cl&\||3&cL&Lsz'A+]cjQt@uq3&kBf{@xXXp!YsFqg(>>ț!aH`l~rN;_/y9k\Ĭ`׵K&M޳hLCdYAГ F)ڀ`9'EzĽC]jQst"SX}عі9W U}s̿Wn{fU%?|f\ssx.:pyrfya̓ 8}s:{m|bNhnW[Ceۙ| $R<ء 5#jBL1ԍ -`.d%8ԡSvSOXvdݴ) T<k]u@s,ĵox'ٳn_e%tS[,o8ˈ> Qz$n my$fR|u+,ǡ/.2[Z_Ajrկyg{/W"hݵ@%73~?A%W}c磟z/s{NV=YR5}RvZ99v.Ğ^MlY{)P-ubWAc6>۠׫YuAqfEXAJzAAzJ!'N?_|?x7wK Y(u6A_Y[#֍sgtfONgO3n:n}!1`"1E~s\ cvu+ttO/l$YJ=3|lHatQefmYrxW]¢”<|05+wV}ܮTk'foZ81֑c~y_γ;YrrQ9JL YrX0U[Nsv LT6, y!dDq1h8 "8=Ɩi#Q%\mr^W'S1353Va{9షW}h?ùo.kY(SEVX?h {/(-xwGiX傲/cEo wO>?ђ:.vSpE8ܷG0/k>|ޏ3N)+R o"I!a&2,7YfcLyF+BedڽV+ CM&{e:]DʜzČx}MF*F#B^(zzs@ofV8"OЗ{y'zmg^Zݵ6ʵylcI46[%:BIVA7[Ȗ&l[<\U{_=S]w NOneQWpWDZ„$=~(P `Hg/&X(]9f3?q޹MK'$O#ppaA?.{P|]*\!v9X6n,lclg 33f3ĺ`QPÐC434g> l"`~3%0!.?$0{8cU7V:wuٽ[v0g|lE\/pՋcS rI`|aƷ>b/2~X lp=if=a|pU/`Paʍnu4#y4/S]LJ8)zc5!̬zjB0o69/8Xj`FSN&3RՂr_+3oz2oKݐ2$.a,+1: A: y8!%qGi9q=f#N/ _y-g}~pշu(\]ש?z $'#Cɞ! !0x~8 \# N791ex`ÎD- GiO | Ndc,Q. a#&S'-V~AQ _ PKx.Ka:T/5RsG|躰Tz0x! L`6C\\a&{&t%7PIXB2NVq6 jmDwI;-^e>d>yIb2 x .8F&~ɥcJsWW8(gu]6;zGf޶{#_b#;$0+Ladp )KOC =3' aU%!s* W_9]5)6 |r@p g {d xPy3?ێt7.^MKL`ȃfCZGdKǡMK$%cB#+ğ5xp3Q$CfVj(t:T:93IcW$Q}9v8McIt(HgJ^{iQغiN ZU]ӏJ_'nt6t_P_k3n,35z]LTlAcǨ=[1a 3H BBdc;rBj#>O;"2KAyP+ecOoŷvl<1/zjΉ=$PX\.|!acS>I 44!t}[t}>PXJjle%{ؙ5pս246Z%lD{|pjS0$R.04TD?LFKBl@./J bwfll08-aRÜM{w\zУ8B3%NM1,ƗuHJEQw0]:Cd'`z5JgO{h䋇A K;bŠjϖM1ѭ+r@$e,99[IΧȟLT8y~gNp BK؄ׄ>%5& f?y/ 6#8`GDFq(4ߩBQ:\-VwfɜkИT`iݞT<):gV^X欎ԧk?TJxY̜F t)~:c?c]9a[qgCN[wH@qZ)|.9M#9=_Sd^Z30'kQe墬ց奝-Y]qq.;}2Np6¯ Tu j@Q1+h L"`G! )@!H4WhL'CoX}fG*mf^4qɷ hd9U`*U!Q=xEgZoЇHa '-r=ւ(i?H)~C,W#2rR#Ŀ 4zsuHtMF[y+J'P;>VUE`m  "mp] z W\}t|8ջɓAiZ#o nrNLPԿB7 px9(scMi* MI6Z˽{ZP'Щ EqO" ~49i _%:9!'s됁#:)ht.:G7%l!2BӬbC\2İ>6|dBHW(=SXG[&3Nf/fn0cƦ3كn)_ߓ I$K2]4Y.=/Vfege>iRF[WEbRPRQSET .i5]P#]LOd_@|p!kmH{X{S'%zt[twe "jG{N 4T=3%MCjRP>K5YY_Aj̢ tWP4f|e1q,E_YbQ++PS++QsWV f5l$WC\XŨ^_#WF0G@ G -F+u4@eD5rӆA5J0 ̓:+-\hs8 fvq $IG,EMZ`Bh@j" ]>>?AE;; &h2.YCs>0vP#kGIMp& x`Gxb3[IFg3muRLZZhK"' w"/q-ݰm+)FTB1uйwSYD -U[㛟89,ihiI>]P >pp)LxQBE>]$#R(MC2\@y)꨸ΥTRFmtv r @rhyPRNrGQv?ZF彀 Qs,NԷ"JZ>*ђ) I,”6A;'>yf@;'#z蓬yd!UV֮t,*7,z3n^Ò3ř^CWװ`Xh1Oz ^CGО\hhKZSnZR I $10'!ka5Jh0L :kauak}ko0Tǟ1T{ q8b1^Pf5Z솒1^Ck}P5F7 L &!pېk3IF!a5LG8 "rCFF!VnHI qAXXC DŽaCt`2t\a "}jaVhVppR !`L]6 ESuh~Z>U98?cZeV*sPڡpHJ0х֣s;ijTV`z;>Ǘnw[UWrmnK5+g%ܨv欺~w9~E敹wWםՈs3L~e]?ru#+ZERZ}EJFqUl]> endobj 18 0 obj <> endobj 19 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 20 0 obj <> endobj 21 0 obj < >> /FontFile2 23 0 R >> endobj 22 0 obj <> stream xVQfd%{dT*l-Ȉ_sڥ}@;t:NtSn3msBhJWnt[Nw^{&lGM7l{z^4^7]B-JV[K}[}G?fVnw endstream endobj 23 0 obj <> stream x{ |[řȖ|GdlYe˲-ɒOَq|9˶IHSH rͶ@)GR .),~r,$D3=9(dyoF XIPYߚRݾta12퉹! _NXS0@"&\s6= B+tXo sIN9h•eDk\^7gʼ޿N>X܎HKx)?<@#Z .r̿JbeRB?I?:FpzQ: "3}Cda)3=]]Ğ)tp&E2Q 8-C(%$Q2JA+P*ZP:Y(\()QRBFEiP ҢRTA>=2 dD&TP5AQ=j@hjBͨ6Ԏ:P'Bݨvj4֠A4ZF:m@&! Lin(R!dW(Lzh2 C"O*K5u+R2&嚠hR2X.Ŷsr}C 6 TRq򊓽fsuj_OO9S=M٠P UU(? 9܁X*ST&)Äڷ+kNB馊{5^[x3#l fJK)f [o[ރA*IwV }QzWw/?ੵt2RxNU[q7f.*24&s:KTrLj:Lt$b~S| Y/"O+1%z]6&yrhW׏j&{7i;c[&Ĝ .@WR'I)=6>TnۋIwT3Zqlzۻݫ89p8)WJ!kzI:BLo T^S:{ۮkuOq;`nˣM1fnE.~oGKm2~2jRcD*A%_˘^gqv괺=E}l|~c0e}QO}Ukd:YZ[SV <$Rʅ$Y2& S Z'-?y-3Nɾvuw3[wC%88/IK/)3233V3 CBW!:+|\X!_=X8 GE-Jp2e&!)>zj?6o?t# >ž'ex8|ȔȊ "%_o!f\P 6. GH/m{L[<0;K٩Krk)U>uGY.+4JOlzȠ*RY ҅|G~1.].(]6 q*Lr\SI*B՞SvغK5+S-)Z6:ەի6wx_V̫| ~!YVGPzqpOK"zṅ]4Va4VI1NK()+EKF|*)#zҠֶ,^\ع[[BE&'w̽I$f{/SU{XX&A;uT׶[[ 7Gkn6u7 jdj,+c$ 7{gnnjƖ$OhPngTa>hH DZPo == 2`l4(\"):qxK/!ȕFT X-+0R^1c꛽OL".y̥4Π_3sbpu0)â|=^tvnNpsFVP&ԞBɦ vY~FA+owgca^-hC&=#<8^迌 zs"N ̟SX! *A"au뚈۬͟;K\"B'W޽!7x{' ӚR`'3*T5ʊ2WRr4 t͝=p\KK.o.KKy}n~. ;&M6OuYwY@S%u[f_7mǿ>,Chm ΅zdڋ|*x%go%ؼJֳ 7Im<uta!|{z抇9./}O| TMr|釯"q w|~,4Op5j\!UH ?ϷXB[]OfٹFCyzzǀf k [OY9ƯkP'mH|cI)#7Co.2晛4o5XY_[-w:=[PYPP95E~Z[XX> '| <ĄT\ARY:qgGl&*opj. &߻W^u3?`r^[ ]+ ȩIXJJ7f}1#j[Ly*QAEpV tS|)i6Ul:< g%ЖG8wN ՃEܲ}->F|`q$L6ZFzjbM{n?PhReeQmF[Ma X/rW[ؚޑ=ĽU3HW>7A;=g[dYeATHC5$ XF8des@g07G\a E hm.-+b5i\vӪ|82#Q=?ڮ/咒ۆ5sͪ*ERA*X^q¨>%dj74lG\y%<>g65-aP>rsBG]]՘C \8߷o0YC!m g;P;^jwy:pǴ;`&.Rn ڄR`3k ;hk>s0{?cotg"2cӻV",>ᖙQj:wdHxĄv݀#0kB:3\t͸~l}a=5$9tϫ:#kp 5d7#==[͕qnSVM~Se$4/ԆkP Ԏ\ɿ+ q@kzpg[@l>%O wE WLKSs5J(KzJhZ ]} #DRχVZ h*hy%V8ņdA> "jǟ 5BD Џvgsa?uB}@ywCĄߐDqϠHJ, J9 qH[/A3x ?v2?DJ؅5/`k=KX΢frB;=ᑿ+cQ=B?/ D<-F'LI <8} ˅>AQB_VIDŽ~H_W+H#J~*Ѩ5柅~L[2+>CB?|GC%NԄesȇhMP!C:T_ 9ˆfYsrs;@}u,-` twܧjga8@0 7(u 8,Sp Ф(_A)bGl8/WAgvfk/P 0IƗ2~c|OC_yN3|N#9vxf.o1'{bElv3\9T Fu2.z1P__Q]ۗX}L㚧dH-@`팷\=Mgf~++[ϰ7m¨2-L^$0ɤP̵2ɨ)'"O | >CO~䝚9'&\M \ M9cY|s\ڮfff.ukFcswv-78s~x`spnS8@|^{k^N2Gn9m./>.xgIo0&cv (3px88f,RvpY km[mmesiks9m-0'&JWĞp*[>^_P3n9(^ЫY|/hxV_0़R"[> Z,I's#2 8lG?zYlX\µy{{y&].p/k9xV9[GjG75A)K ,kjVY$=Kn'%zY 0 y50RّVװ`wZGJ95\YYZͤ7`zEV_b6ӵke|xYM244䵳#~+1/;q3Nedf:^Lxv'}l?hE W"!=Bk\[tF7ZPDP k__D lO !qE8/zipR s,HDNl\ [K>B3.!H&fh`ʒ<΂[Y0_!vBغP΃J.8/PZ~<*x$fSb*_زa[IH ŭE"~qv)NcX EUB 7|qiL|M BoXp,L&1&/oC8Ȯg.|LX|b7 akX5.-F6Ro@[ܹѽOܪ/\³ZLRoY)+T;op ZdFS0_w܆z;Z;;zVwM i--=-b\亂k0NAA *>VV9ay:y;*Ӡ(JT~"ep=; *_{ad"`-7Of-E,9n[᧔`v`A@? N Sp`r@<+JiD4 EmCP9å UrN* %r2LU^x.7=9lgZ^|qZ8y$H> endobj 25 0 obj <> endobj 26 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 27 0 obj <> endobj 28 0 obj < >> /FontFile2 30 0 R >> endobj 29 0 obj <> stream xVQfd%{dT*l-Ȉ_sڥ}@;t:NtSn3msBhJWnt[Nw^{&lGM7l{z^4^7]B-JV[K}[}G?fVnw endstream endobj 30 0 obj <> stream x} T\u9w~afa~2/ À$@I $la 0H=ŎYĵOMl6$S98mi^8N8Y]yN8ܙ'}YO=s>"BRPN >nOD"$4mrajV=Aݯ>q tD|Ew:4 AuE)?ӳ)gO~0 ʂo!4{q.>ghsp_ja~)vGh<_XL,tk pqB0R| Av?wޅBB  D"*eQx<ï /ِ7W%J!;kkk? S# C"C *EZCeH Ȉʑ Q +iGT 3;QP5r!7 /Aȇ((¨E(P3ځZP+jCh'@hڍP7A{P/ڋ>@ @a4t݆:nGwh݉N (@׏&#h^i eP Ц B}WP3?I: p: ;FN}/tY##KM9Y] <6e4r/\dx+ ml @ 2}_.HN+i邹RHH, ‡^Ad^AkPBςH)o@YR \GTjҷ Ԉbbш1b8֮6*ӎ#FZ?FΩP^k ŚrP TVƞ K~>=F˻w/*R^_]viSoh"$o~FzD@EL)@'VAMTD|9Jh@HyRJEf(@hr,vpE#4#uȳ0~LPH969R~A~9+؋?#_DrIC9 o iX喍HRZ8kZrui᪀kA~56~7%("Šcc ǰcqؤDmimt:7=.OΝcvf/JEX0a*E%L*5 @Z(zr$W^@ o*oaytˇq+@i&s@X[1tkޞi(# e90#o@*PњK +CNi XK;IĒѡ0JQ' hw)FCIߎA=/Ps-Ά͢Բ(5F܍W%ib}H4po5p`O]$4Ps¿*a +VaR‚GlQ8JA>4U@Lh4@ Q CCqCi$òиw@#zHםᖋޕÜRPtC:g Q#U \Wic;]8A KW<.`D!foķx2aGv{<#v nw)7K['\6noV~,/U\Bn@f v3U=tkfFLUڮ";(O뀧uХ^2s8IQ5iP2rk0p-s ;n2O e޶oہv<)5T81)]&*J@1&?&vz,C{&Oԑ:|v:.68jZcUnyC5.U5K~ %G5VeCoj 6OVꖨKK-]Wq'Ne-=ؚޯ^u0U"ܗ^GWaB0bCcl Cwu]?36o )t1kW+5]Ѐu&@]ba-f sN׀w esuB Wb,zo!+Y Ҡ@|ҐORE(TkW̤1i<O3E#G>z/ן^|$4z֎DPpє,j]Cq%8bk>6XNKQl~}:#O浻%\EA0">!AC`_D!$.17S餢N"! "?IG=pG; eAQjjWT`:i IixIuYO38~v - /z6_u&6 CGڛl&?rQa&tPX0P$t$\MIdeKETj5B6C4Bi".qgfH_H04D`]|Ν[[G;Ύ;w[5ւk}ޚǎ^:pQjnuF77e > z}#KM^`*vP4W7[_|p#|ZAB#wHCbZ26;i32k+Eɬ2k jVx maBitvC G5*o`].OYet.;k[}HUKCs~ k&}c"qTíp$kFt@tPq8d7\ 9sg.d,Pd(2B:jNL|,wA ].HNO+J-NjсeXg@FVVGG}mk;wtvGJ4B.-\4-%57- X`Kc(U3i,ME+@'tΝйں-`k ZLLF4v(I1nLχ5F[ [ 8c#ʢ옾)]IagHnO+l KmBXiuvp{ =zg@~OVTCM6[ӡh]#FlA_6\w*֦&K@,DGc:jj(;@ "-$ Xnc֬ZT1-@Je{WջQ7bu3 2B/Qzk4;VM͊~afS@=؊>^155rjϐDG(m2&8n32&iW˽ɺ[9x,+ q//hwb]w+b}7 AECp#$E1y1@^  rWϝ;rʑ.6@VHYEQH+sf@Hk>2c~7%|d3c:2 &Uf)x|E q>zNJfwltFUPP&'29fL_e9 e3@l*l`ho^{A j"ٛYBC ! QKKn!f ^c [@v)MzP3岰5+<tALBu]ScM|_SZuZR{-U%PQ*̧ux:P`4$.bq[Xڛ $ߵJ.,O h&Z%g5K@Rn)F)`UXWJQ,냮}еɹ!tAnx4'a3/&`bV|G0 'tyl';D L;N#<E8ީDPLCYrJ>iGz`@4L=Pn2 O@?}*_"6'+fnT"nZn";4g;9suElͅR v +g9!zo!kΣ\9u#=?*7Sيw_f{B[ mZGPde  kozXt9püUnM+q]݆\.vҧN;sѾTcpE_9?ڞ,N&*DJ}DW^H>DHާAϤ dO??>5۠cMG,yH6Sch&D2$Xyllp91P1ߏTP"P AH.~wE?*+@|Bo"R|b23x 3n+$)c^/ Dg揀`g.,ۃrFSZꀵk%brVdkkkk"̕ogflx6CQM;,fP b981ln|pΑFp3cH'm8qc3鹳96kEw- ƽ;eoMYM"=A )6DFB'3mc=nV6-_~Ry}e<&X)|K.۽ &Cy>?P3<%5P1/ /M؟~,FIי J@\AtD .ywc,͆ |)Qh 1xgK"t1ڝ ]Lr.}fo#^WdU{<= =f<2YN#"7aThrYUB[H-R?T][hm.]p9rwK_5Z1 QPE}~sw}=Ewg9[NߏxkcKbDM/l@+zۏWM}n C\O+(3ߦ=lt;L)Zqv EmHc{]?[6v,yZ&{uιJ`*;AOzl"; 7+d 50=sT=5(nL";kWhGi|Mdk2J-2op<M8B};d kEn7˭p_/y4?>ӏ Ϧh$Ur eOT@J|#]o|z|Vv(=K(y"ό>tQhxk7OHD!+("9I"gu乖櫗@kF9[]=lH*IC|nB[oBq6cCbmKE~aNxQQ6Jm':S{ͩX`X XեfGi{GXS*56vT|i]:}_UJTLݷpP0o^n%G022a Y.RײZ\d1ܔIJ]є#aulpmnXz&aڬKÔLœRTڐL'9 ^*F"ڜUG#-_^(dn]rK>Q&+ cB?gq#kb$c~dJ7C*BrQv1[?DI*rP H,2koMc*8 *\Njm>{>%;l |i:X]¢VwFy_eqB8޲.gggV4\"3ya*h JCW--[Z\ȆA&$Tlu|VIT( DVoᅡH^(1L2@o NA hWtmHԾ1RB" fU46j<<<`(cTV=^{mMKq!߸@dSe_ۘ р, .$wn Ol OɺS]p۸ ɡċ%ݍ2R%wJ)L 2 Ÿe  lGMLnK&^ BV_{ڏo+ nUKoG/ ؼq ]@<85O`MϿQd113D:TR_*A?=O^A E2&{Iq/ID*t,Mz2 e Pȩ5?zږvƢH]rS;ev m^Kъ/hV, yVWg0dD12!S]\h1UwDKi}?l$Bmv2PdyeoB,B6/tpV2?Voe =PWzꁺz0l 8զsE0Z{bis8\] 9Mon8œ2kwv-o2OiSL}kгx,7y ` k"]^M@m_^#8?8FV,${oyrJJ0`*UjW+Yf~|NV!/ eɦy[쐹s7jp4bl^OI頡Sl5bֈlnJf*RuͭqYZX Vywʪ]) lO'쯱3挏Y:lZJr 369?wb#DWa /_9ՆCWVL"[R7[bxďZjTڤ ^] #i:PK0gy웹ձf, Ġd}Ql(>DJ/boLK۾>>(?Q<9"`_VdȄt|w/_h <3{ ټwyfP{B0-L~fsx/#L` J3[] ˰iLG#L/=|S?YɌ>8x$\y B.҅Nq(rlN|}™Q- <3:#RB9Tm6Czpؼ_Vߗ~kc'q_1Y+Xf:UM_H|ayivځdSɓքE%Zɮ% V̿ĐIH.k ܂`q(RNM" wAAX;ފ`PQKmƗ!wsK p/}=uU=ov|S$gx %›dawPHloP̅ïbx\4I@ERbѠ*n B2P9>_BRcV>? %v wQ$]IvQU|*9OsO7#F^[hvkH^iyFՀJJѹï7jVk@&7ִ* z)rӟ^]S+T|Qϛ;|IHW|߽ !t PHC5'W9 c j(&<ڱqµ߻ J%#PB؏zxaLѠBD;'Pމ\Ǡ~ ~R u ? !x}C%,;BhBJU+ ><]/VW/V̕r=鶹weu MjN<ᇸ@umYu%߼B{x]>Wzx=32?;gfDⒸXJ,NLpt9u Ŷ j*] ̍:O'撋bb%%v%fh> =2pbjy&aFn@-(P)OԵ)@]@!>qq7J A٘JR6ǡ>o1!OA ²Hߛ3/'7HTr)XLL915@Z+N12mJ~{9F̧uN,&sbr*9X􋝧qqXl|i:~SK~c_h?e$g$,eDoOӷ1d/QAb.KPNR!dd "{#3%RY/Iqd{&#"% E<#b tbl3?$+i2gDFnx2ߖեrgjLc0a%Z#juLi')J )z\Hw҃c\6JgddFqB>K5{YJ7F//c'UtӜK8 z!П)fshdiΘڂ| ee:2^lVIs1|gy$ȠKQ,I{NSuX_q/tӱY ++ӔCIt2DW{=q h8mHHLllAaֆg#?LRq.lK,3|I2C)v6gF4e=/✮@y:O5)$ L{(q_Y&)FDS6;4}o"c3rmZC|?[-QEj_9<zia5SWiɠo0waYJo) 2@)RzR?3kenEJ3wTg(ToLsq׽w]jLYXCnq>:Mب%79)Db)95͉uMM~1> x6_\"ttrn 0A\[!INē'޹LL25q"x{KN&f'Ώ$gS& !,O$Nev1 {Sˋq8"#g[<'y5&3:;ndr;_sI:w>ųAq/fH5 py& gFO'`x ǩ#ΟIg)T#b"Aw.s3IBF/^1w8R$89O%8Ec:9~ ss)pjsE db<%'g~F;x \ug"DĞ[OR||L2u8<s%6jbn)96YXqEq \{1qF"LhQI7Drq6!t,]Jj|1ɺfkH 0onyV=?3F4d|fY-XC?_B=0.{.>_b/$R .bJx&Asupp `$rr2>9g)O1`3 '%qrq~=j!-]:MPZ &XX(?AөŽPhcFÎ6xEW b#4 ͩ]J!7}J/ߓ glw!bLaȠ> stream JFIFHHExifMM*; JiTt >Ian Back fIan Back ahttp://ns.adobe.com/xap/1.0/ Ian Back CC" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?ebٛX>*/w+D|ӼCsPHH.5 o~"Oȉ;eIxOy6Iػht]/ö^ ZT$VgmyͬY)Oן ~_Doe-cohcϏWztH^Dkc}<(ph li'o'>?oBѬ ௎Z U"qw=ٴav ,r[{^nm/vjۗ2TF1>OÜ%,-> /ExtGState << /GS1 9 0 R >> /XObject << /I1 31 0 R >> >> endobj 32 0 obj << /Producer (mPDF 8.0.15) /Title (american_rescue_plan_provides_massive_economic_boost,_u.s._public_finance_could_be_on_brink_of_a_golden_age,_especially_if_infrastructure_stimulus_follows) /CreationDate (D:20250918070345+00'00') /ModDate (D:20250918070345+00'00') >> endobj 33 0 obj << /Type /Catalog /Pages 1 0 R /OpenAction [3 0 R /XYZ null null 1] /PageLayout /OneColumn >> endobj xref 0 34 0000000000 65535 f 0000004273 00000 n 0000052744 00000 n 0000000015 00000 n 0000000223 00000 n 0000002430 00000 n 0000002663 00000 n 0000003728 00000 n 0000004024 00000 n 0000004368 00000 n 0000004429 00000 n 0000004579 00000 n 0000005560 00000 n 0000005956 00000 n 0000006025 00000 n 0000006330 00000 n 0000006728 00000 n 0000019408 00000 n 0000019564 00000 n 0000020115 00000 n 0000020511 00000 n 0000020580 00000 n 0000020894 00000 n 0000021270 00000 n 0000029327 00000 n 0000029480 00000 n 0000030029 00000 n 0000030425 00000 n 0000030494 00000 n 0000030806 00000 n 0000031182 00000 n 0000044691 00000 n 0000052909 00000 n 0000053363 00000 n trailer << /Size 34 /Root 33 0 R /Info 32 0 R /ID [ ] >> startxref 53473 %%EOF American Rescue Plan Provides Massive Economic Boost, U.S. Public Finance Could Be on Brink of a Golden Age, Especially if Infrastructure Stimulus Follows - HTS Commodities

American Rescue Plan Provides Massive Economic Boost, U.S. Public Finance Could Be on Brink of a Golden Age, Especially if Infrastructure Stimulus Follows

03/19/2021
  • The American Rescue Plan Act of 2021 ($1.9 Trillion), is the sixth phase of U.S. fiscal policy in response to COVID-19. Lawmakers have spent almost $6.5 trillion since March 2020.
  • U.S. GDP growth forecasts are higher as a result of the latest COVID-19 stimulus package. Public finance entities will benefit from the higher macro-level spending and the direct and almost unencumbered aid included.
  • At least $350 billion of the Rescue Plan's dollars will flow to state and local governments. A total of about $650 billion spread across different spending line-items will also significantly support credit quality across many public finance sectors. This capital boost could put U.S. public finance on the brink of a golden age because of the opportunities that currently exist for state and local government leaders, especially if infrastructure stimulus follows later this year. However, the federal aid does not solve every problem. Challenges, some of which are extreme, remain for some.
  • Municipal bond credit will be lifted across almost every sector. We now expect that public finance rating upgrades will outpace downgrades in 2021 and most likely in 2022.
  • We remain concerned that those entities experiencing structural imbalances before COVID-19 may find it difficult to gain or regain structural balance even with this one-time, short-term extraordinary infusion that can be used until the end of 2024. We also remain concerned about those entities that have been experiencing multi-year pension funding issues. Adjusting to daily life after COVID-19 may take some getting used to as well.
  • Infrastructure is likely "close to next" on the list for Washington lawmakers. Timing, form, and whether municipal bond friendly elements are included remains unknown at this time.

Download the full article

Read more Municipal Commentary 

Learn More From HilltopSecurities

Retail Sales Rebound as Consumers Increase Summer Spending

Bond Yields Rise as Another Round of Strong Data Adds Fuel to First Quarter Growth Story

logo
Thank you for visiting the HTS Commodities website. For best viewing experience, we recommend using Chrome, Firefox, Safari, or Microsoft Edge.