%PDF-1.4 % 3 0 obj <> /Annots [ 7 0 R ] /Contents 4 0 R>> endobj 4 0 obj <> stream xY[OGgJ4QHdٙo mP|"_;g0NB^{ng\Y}q$d^Q+V%yQU ?R˘TØN,Bqs՛wZO^$oo΃/I2bJC|8cсܴq+U2.{W}t͢q"DHE/y4#W[D7΂ '$֙A_Bsge> mi]o4$Uy/|"hvu$ZFѸ,6o.Wfkwoz qr[PWv뭖[8r+8cg3,ߋb=^x(:ż%h_컹y=^GH=>ƾtܗ~ x#"?"F8 Gzg< FA'=MNO8.VIe>53qG8c*zS8tM;+zGpN찓3PM( G3́q_B4xdn<,GhM8B鐕]b }ͱI3AMXr¡`p}wS:KȜÖDz>bR/u^`-O.absHa3A>h?1V)X3 x;p q oOtmrnnJ%,p]\l=ȣ6Z:)<k2=[r&}&QJ"˼RW|Aل*7rX)Ki&ia?f^.էlC)&D1QIԞYΪ vn|)3doGY;OYZ Y wHǙ8i{EgLqdu,GԤ3휽tAX{n`"~rs<:6g ]P%;(Oq5\(ae[a,2W95+R޼nM(|I*Q)'Ly>-PaA9i1[i!1(4*v%,jpNkHzX?̯tq#o-8C20zv&Y6="$y\ 'kY;jiZ5$RE I*n5ȸͭn!20UWF>"|0ryˀr+vϰP{TAxBշbpQp)۱Fܿsj7_Cکf}nTOlh^6#u<5Ym̝,g% *O6:ThVynp6E-x c"nk =l!u6@AUggWlL4VfZWoxԨ~L~LkB?>" G-Ҵ= 2B?&"~;nAE{9mKoG+~`:n}}SnnZq$8wkC>eOAdIs%*d~x}V #Sfе+Saqq%2HX>j%6Tb夌xi Hr/a‡.MnGaVZ\= H.Y^"DDw}dep$K?tn|;'!?nIƯIHJMOB~\V7 <$ .Dk36c.^U]b8frW4EiF/(Z-(9i}2KîL16[nbs*Jc-L":MgfI0u/NLk6O%dvIQt$2 æ#aw !v{EoMnJ m&_BUID52Xdhmg a5ؑ endstream endobj 5 0 obj <> /Annots [ 8 0 R ] /Contents 6 0 R>> endobj 6 0 obj <> stream xTn@y mv޵[SH/P`qRFHAB͎̜13kZ*8ģLB`<\lq.zx/7ް3&|RN;iyɃ oyڙ ~ޒ[5O0W ggcit$A-_%};nhMLgtO%/;*z| Cs'`SzՐ=_GV&*b{Jk#}̚n{-Bl#U{۾=/*N*=ʺLnBѱfqzD1vHs1G;%h`9I0Ot my%oX%0Xg+z V =y5uA وSHmʯQI<SˤKFEݢ=d:`<- x7|WȖ"n> >> 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 $10'!ka5Jh0L :kauak}ko0Tǟ1T{ q8b1^Pf5Z솒1^Ck}P5F7 L &!pېk3IF!a5LG8 "rCFF!VnHI qAXXC DŽaCt`2t\a "}jaVhVppR !`L]6 ESuh~Z>U98?cZeV*sPڡpHJ0х֣s;ijTV`z;>Ǘnw[UWrmnK5+g%ܨv欺~w9~E敹wWםՈs3L~e]?ru#+ZERZ}EJFqUl]> endobj 18 0 obj <> endobj 19 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 20 0 obj <> endobj 21 0 obj < >> /FontFile2 23 0 R >> endobj 22 0 obj <> stream xiR@7-"مDed*KG3N^mюvP{۾wvwю6ֱwtg:x:߅&bܕڵލnvnwv5߃=i=k-u˽m+}ا>ڗh6ٯ~ͭ; endstream endobj 23 0 obj <> stream x{ |[řȖ|GdlY%˲-ɒOَq|9-KDGi @,gl(h)-B4Ҕl\HJͼl砐J滿o#b.$AkJ{eFmnTlLh *HD}ԄknWwaf2M?M0 }(xΟtf\p<weF]Tu͓00O oX^IB0ukjg dLafAƚ aKN^/7-Zd˞:=çcOkC}8Sd9V6DE+RB )+Rel hPRSW T) ѼmkFe0eL/V~RD^rFe/'f4ֺHSHԔ('[$x ICy¢F2cA80M0,Yԛ$Xc ˘߹~3S+HJD% H׹ ESb$G ϔY`W*A\.%9$Q >~b1ch]bYmvfgvƸjJ :ylWt붌W[Y\0hрϠg@? hex PLr8yʼn*PY7g>ۜ?|I)ނlPLʺʽpnmr,Kd*ʜ ainݙuB駊z]aYG6 %7ap3[ލ~*YwT}Q$zWw/?ɵt<r2Qx^USq7jh,E# < c #BKxIAIb^">\;Rgedz u#ډCkvQ{j 1ByЕIhʀ7MOl%#} h!%\n2ʂSy:UJNm{`8.2=tcɰE[a,b8s@# 1,|G'>O򖕝:}1;\X9m.5տy7sYWQҠnjmq ֎,,t_Ycg(]A CAz\a=O;.'~!TW~JyUx幐hT;'2c%7IXo{׿kuW`[m}+w8?Wg"J)d IRBHM}z\޶g8421ަ|3<?Ʒ=%6?w KE\@"swBʒ/uW:9:}.8Ч/( nl^Dӽnwo9YGT74ljn6Tr!=ɀkLɂTn A Ϟoks>ĩ8ήں.fpC'%Y9iI%eFf~~fRC*UvfaaȝU*Xq%++ 8"?:c}HC:ڢ+SaⳡqdIw0~=X)8)k{ƙmGDc?01.>E^jSnæmSs (ȱ2fg ;bIn%d@;66\ѭ,~ Z-L6=#dPaT)x,S# ޘS.l.BZ9&9 8G!jˊ)ٮbNȾ{.O۶\kRlSfQlh]<_>࿬YV 8<!YVGPRq(g%ݷNCxsn+m0Nr|+'A%B̕bЧ w>_ӘaEEiTZwWj*XUޥuy6'w-=I$fY{ɯ~WYG3XX&A;u\M74;Z 6mdžo6u7 dj,+c" 7}{ojl"OhP.gTޛ`>hH DZЀo =k>q2ؿ.hZQ$ER.'õd c_#+%}dZ=W|vKsaSkgg[i/>pn'?9D$1҄:~IU_ O#t_72lL} ܍O5nH3 rf^y(R?X (m@7Y䱽@elZnt xwh~d܏p'Pr iV%?ɍFypfmY"Q<ݿuI|*D/?Lj lM Du݇];3}ݎfK}c&l{p=mߏD?ǙRD?S-m畍5>>1z̧L5MO<5[%!i{*U;Rkiit}5G7~qooˠ>_T;=܍ZYUQSSqօ^% qWY; OkJTXZFĠWz,=8Tiз˛:fW{}Z]Td篭1kLy#n~N 3"C6OYwY@S%u[f_ܭlǿ ~Chm ΅Ο\3-g"e&y ~k}{ؼsgs}7Im<ut`!~{zG^霼n/ĽN| Tr|G"q w|~<4Opj\.UH Ѝc}d_ly~ vyʟ ƣx^RatաF~ശ `%o~y-?A"WSo [F$T46;;;ԡ_{'IRw3o IY`rEoKZI5xb圤\WnF-% =ʊ )ch}ϦWF Fz4iщeyۼß)XA@,"OH!4 4kFbk {vfhɩ[fkǝwZG2{). 6bCB-.mfnYyI\XDK~M2c%ޭjF3m_w`nV]>6b=ݣVlʥ %EO{/pƐtzVƵ.RQ׿4pӮ+nNPUOLI4JFGp>Sdʖ%weIH{ۺ|ﺎ-2<3{'ɦ+ aJ*WVl$eg0Sڪk!u(t1z3 6O^Sz1~]fB?͢mF 1UzƔgiU`|mj\AEAAEYMaa *j~/g% 'RJeERj_~N:Xe㫹3x~^^uӧKÿ} DOP <<V@QSE'cWlL' MBSF ՌVԕT#Y8R.&%M"m0|:Wfy@βEK-mq> n۾ۮ>J |(`q$L6ZG{4ձ&ki?a4wg22mY;FMa X/rW[jMlު^)6(K]Hԝ_F|- V*]@E5 H6օ #ᰄ |&WmnjM\fӪa|("#Q=7f(咒Z5sŪ*ERAY^qˆ!%djoE _u_<> g65aP>zsCG\UC \8߻wYC!m g;P;^jwyq;`!NRn ڄR`3k ;v^ڲ}!}}߸DB%djhh92@3@S畨 Z!%C|*Y0PI%v7j#Jx~/rp!{P23C |EWgOQQxC |!%(şfx)#ЖXR `};iԂ 8obs G 8hQ E阞@5p:nC= :F\H(I[[7JVʶn=$?dQQyQkvEu,ltzt_/z_Cb"b bbc9YXclG+vw}cߏK\^\S\?2ꢙ:1NpIdDЇF!]/%(WzЏ@+~$RD)Z!{DЛ;~J#"B?&#WǢԕ~_hyZOBiB9Z4\D 1*.EIW } Z%H+ЏD=X/EZB_(&fDG1Qoʄ~,ҭ+DDZ_J:P#!r 4C`75Fu[@r 91e6ϭ mH !t p:i./'pA['{9èR.Уy*pL @b|nog8Au9N^a>=\L~3}@1&_42A`Vx= }3~Y5;9 ᝛ۺ Ɯ썋iqMpP-L2^x~VɨW6+jBm~~Eum_bEkO09kqhc#矷e3p24qicTqo!+?,jSH+´`3y4'C0wIF5M9yr0/t0N0k*]{FԜ91 mjN_Zj亜o`n17ǵڴ̌%ټnrql9ߴî&~X}m` 7)9Z.W?Ѯkw;A 9 g` pI瘝~n :.;~ii9+Ekw;\c߄5n6ކV-в~5ǹ6y_+DgbO8l_ -AowN/(G/gsZ=\/pR^)NYI's#2 8lG?zXlX\y{kyF].p/kxV[GG;KҠxŐwhrtte/Iv &I^B2Ă/w}h ?M jlQN 9|~P)dz߷+--Al^4(*Af}vM 2o^/I昆fvVut\?סN4e'"nfi\@ @c~I- 77$}ZD7ȕHO-#(;o5p fF2b9/SBHcjQ+N^ +54:bP r~ұ :X(槄di \z̴,sƁs1tK&Rm eVl E |O%_irBbk"OcB,lx/};!l](ABboe z(-E?4w].]27Ŷo8k"]Zؙmz1vڷ$.5uIs3K{U3_(g| SXWxxxH&z){r-Q;z+X2.]D~Gyf!3Kwq %cpQ% vfgh}vF2`^ | 76 p-\W{csϚf{,hI7װaT|r7 R$64L;̢(Ru)>Xr vx` 6|:ニu0< -R$l1ʊ=a^yn )p\@;;#  *1=rz&P{ܞ Fh_T_Gu<JN;8-Y T :@ٝ>u_LgG# "H-9ǂtz:y/V`S71(w(jɯ8]DYT,a威N%?zTktnw͋U~63Tp儺H:G"OټSsT;Q|V-SJ0;0 Ot ]vpic)b P80?bp b[@ @ "_6!^RNc(PŜUqEBSYbciGY JJ.< D6r3-q/8 -p$H> endobj 25 0 obj <> endobj 26 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 27 0 obj <> endobj 28 0 obj < >> /FontFile2 30 0 R >> endobj 29 0 obj <> stream xVQfd%{dT*l-Ȉ_sڥ}@;t:NtSn3msBhJWnt[Nw^{&lGM7l{z^4^7]B-JV[K}[}G?fVnw endstream endobj 30 0 obj <> stream x} T\u9w~afa~2/ À$@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 (democrats _legislative_agenda_could_begin_with_$2k_payments,_relief,_&_infrastructure_totaling_$3_trillion) /CreationDate (D:20251018103629+00'00') /ModDate (D:20251018103629+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 0000003770 00000 n 0000052711 00000 n 0000000015 00000 n 0000000242 00000 n 0000002408 00000 n 0000002635 00000 n 0000003231 00000 n 0000003521 00000 n 0000003865 00000 n 0000003926 00000 n 0000004076 00000 n 0000005057 00000 n 0000005453 00000 n 0000005522 00000 n 0000005827 00000 n 0000006225 00000 n 0000018905 00000 n 0000019061 00000 n 0000020043 00000 n 0000020439 00000 n 0000020508 00000 n 0000020822 00000 n 0000021206 00000 n 0000029294 00000 n 0000029447 00000 n 0000029996 00000 n 0000030392 00000 n 0000030461 00000 n 0000030773 00000 n 0000031149 00000 n 0000044658 00000 n 0000052876 00000 n 0000053234 00000 n trailer << /Size 34 /Root 33 0 R /Info 32 0 R /ID [<957336e346c2a91c5aaae9b6a82d9a6c> <957336e346c2a91c5aaae9b6a82d9a6c>] >> startxref 53344 %%EOF Democrats’ Legislative Agenda Could Begin With $2K Payments, Relief, & Infrastructure Totaling $3 Trillion - HTS Commodities

Democrats’ Legislative Agenda Could Begin With $2K Payments, Relief, & Infrastructure Totaling $3 Trillion

01/08/2021
  • We expect the legislative agenda for the Democrats to move quickly and include substantial relief that could contain meaningful, direct, and unencumbered aid for state and local governments.
  • There is a preliminary report noting that President-elect Joe Biden is considering a proposal that would follow through on the delivery of a $2,000 payment to select individuals and include a $3 trillion relief and infrastructure package. This is not a surprise.
  • What is coming as a surprise is that Democrats are already facing inter-party disagreements about the legislative agenda. Senator Joe Manchin (D from West Virginia) has already voiced opposition to the idea of $2,000 stimulus checks. The Democrats' “Blue Wave” is perhaps not as durable as initially expected.
  • Additionally, we expect any of the items formerly included in the HEROES Act or Moving Forward Act could be included in the $3 trillion package. This package could include municipal bond-friendly elements like the return of tax-exempt advance refundings and a sequester-proof BAB-like infrastructure bond program.
  • We will update our $375 billion 2021 issuance forecast. We now expect to see 2021 primary market municipal bond issuance that is between $500 and $600 billion. There is a small chance we could see just over $600 billion. We expect to publish our updated forecast by the end of the month.

 

Download the full article

Read more Municipal Commentary 

Learn More From HilltopSecurities

Producer Prices Pile On

Uncertainty Chips Away at Third Quarter Outlook

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