The Bonds

OFFICIAL STATEMENT
CITY OF REVERE, MASSACHUSETTS
$8,015,000 SERIES A STATE QUALIFIED GENERAL OBLIGATION BONDS
and
$1,000,000 SERIES B GENERAL OBLIGATION BONDS

This Preliminary Official Statement is provided for the purpose of presenting certain information relating to the City of Revere, Massachusetts (the "City") in connection with the sale of $8,015,000 principal amount of its State Qualified General Obligation Municipal Purpose Loan of 1997 Series A Bonds (the "Series A Bonds") and $1,000,000 principal amount of its General Obligation Municipal Purpose Loan 1997 Series B Bonds, (the "Series B Bonds"). The 1997 Series A Bonds and the 1997 Series B Bonds are collectively referred to as the "Bonds" The information contained herein has been furnished by the City, except information attributed to another governmental agency or official as the source.

The Bonds will be dated June 15, 1997 and shall mature on June 15 of each year as set forth on the first page of this Official Statement. Interest on the Bonds will be payable semiannually on June 15 and December 15 of each year, commencing December 15, 1997 to the Bondowners of record, determined as of the close of business on the applicable record date.

The Bonds are issuable only as fully registered Bonds without coupons, and, when issued, will be registered in the name of Cede & Co., as Bondowner and nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry form, in the denomination of $5,000 or any integral multiples thereof. Purchasers will not receive certificates representing their interest in Bonds purchased. So long as Cede & Co. is the Bondowner, as nominee of DTC, references herein to the Bondowners or registered owners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners (as defined herein) of the Bonds. (See "Book-Entry Only System" herein.)

Principal and semiannual interest on the Bonds will be paid by Fleet National Bank, as Paying Agent. So long as DTC or its nominee, Cede & Co., is the Bondowner, such payments will be made directly to such Bondowner. Disbursement of such payments to the DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of the DTC Participants and the indirect Participants, as more fully described herein.

The Series A Bonds constitute "qualified bonds" pursuant to Chapter 44A of the General Laws. Pursuant to Chapter 44A the City Treasurer shall certify to the State Treasurer the maturity schedule, interest rate, and dates of payment of debt service on qualified bonds within l0 days after their date of issuance. The State Treasurer shall pay such debt service to the paying agent for the qualified bonds and after payment shall withhold from the distributable aid (as defined in Chapter 44A) payable to the City an amount which will be sufficient to pay the debt service on the qualified bonds or, if the amount of such distributable aid in any year is insufficient for the purpose, from any other amounts payable by the Commonwealth to the City under any provision of law. From the time withheld by the State Treasurer, all such distributable aid or amounts so withheld and paid shall be exempt from being levied upon, taken, sequestered, or applied toward paying the debts of the City other than for payment of debt service on such qualified bonds.

The Commonwealth covenants in Section 8 of Chapter 44A with the purchasers, holders and owners, from time to time, of qualified bonds that it will not repeal, revoke, rescind, modify, or amend the above described provisions so as to create any lien or charge on or pledge, assignment, diversion, withholding of payment, or other use of or deduction from any distributable aid or other amounts to be paid to any holder of qualified bonds which is prior in time or superior in right to the payment required by said provisions; provided, however, that nothing therein contained shall be deemed or construed to require the Commonwealth to continue to make payments of distributable aid or other amounts or to limit or prohibit the Commonwealth from repealing or amending any law heretofore or hereafter enacted for the payment or apportionment of such aid or other amounts, or of the manner, time, or amount thereof.

Chapter 44A also provides that the certification to the State Treasurer as to the amount payable in any year for debt service on qualified bonds shall be fully conclusive as to such qualified bonds from and after the time of issuance of such qualified bonds, notwithstanding any irregularity, omission, or failure as to compliance with any of the provisions of Chapter 44A with respect to such qualified bonds.

Chapter 44A further provides that nothing therein shall be construed to relieve the City of the obligation imposed on it by law to appropriate and to include in its annual tax levy amounts necessary to pay, in each year, the principal and interest maturing and becoming due on any qualified bonds issued by the City; provided, however, that to the extent of the amounts of distributable aid or other amounts payable to the City which have been or are to be forwarded to the paying agent for such qualified bonds, the State Treasurer shall certify to the City Auditor the amounts so withheld and thereafter such amounts shall be credited to the appropriations of the City for the current fiscal year; and provided, further that to the extent to which distributable aid is not appropriated by the Commonwealth in any fiscal year, such appropriated amounts of the City shall be used to pay the debt service maturing and becoming due in such year on such qualified bonds of the City.

Nothing in Chapter 44A shall be construed to pledge the credit and assets of the Commonwealth to the support of any qualified bonds or to guarantee payment or stand as surety for the payment of any qualified bonds.

The City may issue other bonds in addition to the Bonds as qualified bonds on a parity with the Bonds pursuant to Chapter 44A.

In connection with the possible effects on the Commonwealth's payment obligations of any proceeding by the City seeking relief under the federal bankruptcy laws, under the Federal Bankruptcy Code a municipality cannot be the subject of an involuntary petition in bankruptcy, and may file a voluntary petition only if authorized to do so under state law (either by general state law authorization or by a governmental officer or organization empowered by state law to authorize such an entity to be a debtor under Chapter 9 of the Bankruptcy Code). There is no specific authority under existing state law for the City to file a voluntary petition, but a bankruptcy court may well find sufficient implicit authority. In the opinion of Bond Counsel, assuming that there is state law authority for the City to file a voluntary petition, the obligation of the Commonwealth to make payments under Chapter 44A is independent of the City's obligations, and institution of bankruptcy proceedings would not automatically prevent payment of debt service on the Bonds by the Commonwealth. Additionally, in the opinion of Bond Counsel the amounts paid by the Commonwealth and held by the Paying Agent under Chapter 44A would not be considered property of the City's estate in bankruptcy. The provisions of Section 547 of the Bankruptcy Code governing the recovery of avoidable preferences do not apply in municipal bankruptcies, which are governed by Chapter 9 of the Bankruptcy Code.

Bonds maturing on or prior to June 15, 2007 shall not be subject to redemption prior to their stated maturity dates. Bonds maturing on or after June 15, 2008 shall be subject to redemption prior to maturity, at the option of the City, on or after June 15, 2007 either in whole or in part at any time and by lot within a maturity at the following redemption prices, expressed as a percentage of the principal amount, plus accrued interest to the date set for redemption.

The Bonds maturing on June 15, are subject to mandatory redemption at par (without premium), plus accrued interest to the payment date, on June 15 of each year beginning June 15, . Such Bonds are required to be called and prepaid, or paid, in the principal amount of the Bonds specified for each of the years as follows:

Selection of the particular Bonds to be so redeemed in each year will be by lot. The City may purchase Bonds from any available funds at a price not exceeding par and accrued interest, and the principal amount of any such Bonds purchased and surrendered to the Paying Agent not later than May 15 in any year in which mandatory redemption is required shall be credited against the principal amount of such Bonds required to be redeemed or paid on the following June 15, and, if the principal amount of such Bonds exceeds such principal amount, to the principal amount of such Bonds to be redeemed on June 1 in each following year, in order, until the entire principal amount of such Bonds so purchased has been so credited.

So long as DTC is the registered owner of the Bonds, notice of any redemption of Bonds prior to their maturities, specifying the Bonds (or the portions thereof) to be redeemed shall be mailed to DTC not more than 60 days nor less than 30 days prior to the redemption date. Any failure on the part of DTC to notify the DTC Participants of the redemption or failure on the part of the DTC Participants, Indirect Participants or of a nominee of a Beneficial Owner (having received notice from a DTC Participant or otherwise) to notify the Beneficial Owner shall not affect the validity of the redemption.

The record date for each payment of interest is the last business day of the month preceding the interest payment date, provided that, under certain circumstances, the Paying Agent may establish a special record date. The special record date may not be more than twenty (20) days before the date set for payment. The Paying Agent will mail notice of a special record date to the Bondowners at least ten (10) days before the special record date.

The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee). One fully-registered Bond Certificate will be issued for each maturity of the Bonds each in the aggregate principal amount of such maturity and will be deposited with DTC.

DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities that its participants ("Participants") deposit with DTC. DTC also facilitates the settlement among Participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in Participants' accounts, thereby eliminating the need for physical movement of securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is owned by a number of its Direct Participants and by the New York Stock Exchange, Inc., the American Stock Exchange, Inc., and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as securities brokers and dealers, banks, and trust companies that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participant"). The Rules applicable to DTC and its Participants are on file with the Securities and Exchange Commission.

Purchases of securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the securities on DTC's records. The Ownership interest of each actual purchaser of each security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the securities are to be accomplished by entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in securities, except in the event that use of the book-entry system for the securities is discontinued.

To facilitate subsequent transfers, all securities deposited by Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. The deposit of securities with DTC and their registration in the name of Cede & Co. effect no change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such securities are credited, which may or may not be the Beneficial Owners. The Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Neither DTC nor Cede & Co. will consent or vote with respect to securities. Under its usual procedures DTC mails on Omnibus Proxy to the issuer of the securities as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Principal and interest payments on the Bonds will be made to DTC. DTC's practice is to credit Direct Participants' accounts on payable date in accordance with their respective holdings shown on DTC's records unless DTC has reason to believe that it will not receive payment on payable date. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Agent, or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest to DTC is the responsibility of the City or the Agent, disbursement of such payments to Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as securities depository with respect to the Bonds at any time by giving reasonable notice to the City or the Agent. Under such circumstances, in the event that a successor securities depository is not obtained, Bond certificates are required to be printed and delivered.

The City may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered.

The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.

The following table sets forth the various principal amounts, total bond authorizations, date approved and statutory references for the current offering of $8,015,000 State Qualified Municipal Purpose Loan of 1997 Bonds and the $1,000,000 Municipal Purpose Loan of 1997 Bonds:

These Issues	Total Amount Authorized	BANs Outstanding	Date Approved	Purpose	Statutory Authority
$1,645,000(1)	$4,200,000	$0	June 27, 1994	Roughans’ Point	C. 74, Acts of 1945
2,000,000	2,000,000	1,650,000	April 6, 1995	Water Improvements	C. 44, s. 8(5)
941,000	941,000	0	August 19, 1996	Fire station Remodeling	C. 44, s. 7(3A)
576,000	576,000	0	August 19, 1996	City Hall Remodeling	C. 44, s. 7(3A)
122,000	122,000	122,000	August 19, 1996	Voting Machines	C. 44, s. 7(9)
1,000,000(2)	1,000,000	1,000,000	August 19, 1996	DPW Equipment	C. 44, s. 7(9)
2,500,000	2,500,000	0	August 19, 1996	School Remodeling	C. 44, s. 7(3A)
231,000	231,000	0	August 19, 1996	Fire Station Remodeling	C. 44, s. 7(3A)
$9,015,000		$2,772,000

In the opinion of Ropes & Gray, Bond Counsel, the Bonds, including the interest thereon, are exempt from taxation imposed by existing Massachusetts laws, although the Bonds or such interest are included in the measure of estate and inheritance taxes and of applicable corporation excise and franchise taxes and under existing law, except as described below, interest on the Bonds is not included in gross income for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). Interest on the Bonds is not an item of tax preference for the purpose of computing the alternative minimum tax imposed on individuals and corporations under the Code, but such interest is taken into account in determining adjusted current earnings for the purposes of computing the alternative minimum tax imposed upon certain corporations. See below and Appendix B - "Proposed Form of Legal Opinion".

The Internal Revenue Code of 1986 as amended (the "Code") imposes certain requirements and restrictions on the use and investment of proceeds of state and local governmental obligations, including the Bonds, and a requirement for payment to the federal government (called a "rebate") of certain proceeds derived from the investment thereof. Failure to comply with the Code's requirements subsequent to the issuance of the Bonds could cause interest on the Bonds to become subject to federal income taxation, retroactive to the date of their issuance. Appropriate officials of the City will covenant to take all lawful action necessary to comply with those provisions of the Code that, except for such compliance, would affect adversely the excludability of interest on the Bonds from gross income for federal income tax purposes.

The Code provides certain exceptions to the requirement that the issuer of tax-exempt obligations "rebate" to the federal government certain income derived from investment of the proceeds of such obligations. One such exception applies when the gross proceeds of governmental purpose obligations are expended within certain specified time periods from the date of issuance of the obligations. The City will certify that it expects to qualify for this exception so that sums derived from the investment and reinvestment of proceeds of the Bonds would be exempt from the "rebate" requirements of the Code.

The Code provides that interest on obligations such as the Bonds is not an item of tax preference for purposes of computing the alternative minimum tax imposed on individuals and corporations; however, such interest is taken into account in determining adjusted current earnings for the purposes of computing the alternative minimum tax imposed upon corporations. Interest on the Bonds is included in the measure of the environmental tax and the foreign branch profits tax imposed upon certain corporations and may be included in passive income subject to taxation under provisions of the Code applicable to certain S corporations. The Code further provides that interest on the Bonds may be includable in the modified adjusted gross income of certain recipients of Social Security and Railroad Retirement benefits for the purpose of determining whether a portion of such benefits shall be included in the taxable income of such recipients, and is treated as "disqualified income" for purposes of determining whether an individual is eligible for the earned income tax credit. In addition, certain otherwise deductible underwriting losses of property and casualty insurance companies will be reduced by a portion of interest received by such companies on the Bonds.

The Bonds will not be designated as "qualified tax-exempt obligations" for the purposes of Section 265 (b)(3) of the Code.

The Securities and Exchange Commission has promulgated amendments to Rule 15c2-12 under the Securities Exchange Act of 1934, as amended, which provide that underwriters may not purchase or sell municipal securities unless the issuer of the municipal securities undertakes to provide continuing disclosure with respect to those securities, subject to certain exemptions. The City will covenant, at the time of the delivery of the Bonds, to provide continuing disclosure consistent with the terms of Rule 15c2-12, as amended and officially interpreted from time to time (the "Rule"), as provided in a Continuing Disclosure certificate to be dated as of the date of the Bonds and incorporated by reference in the Bonds.

Pursuant to the Continuing Disclosure Certificate, the City will undertake for the benefit of the bondholders to provide the following disclosure with respect to the Bonds:

The intent of the City's undertaking in the Continuing Disclosure Certificate is to provide on a continuing basis the information described in the Rule. Accordingly, the City reserves the right to modify the disclosure thereunder or format thereof so long as any such modification is made in a manner consistent with the Rule. Furthermore, to the extent that the Rule, as in effect from time to time, no longer requires the issuers of municipal securities to provide all or any portion of the information the City has agreed to provide pursuant to the Continuing Disclosure Certificate, the obligation of the City to provide such information also shall cease immediately.

The purpose of the City’s undertaking is to conform to the requirements of the Rule and not to create new contractual or other rights for the original purchasers of the Bonds, any registered owner or beneficial owner of the Bonds, any municipal securities broker or dealer, any potential purchaser of the Bonds, the Securities and Exchange Commission or any other person. The sole remedy in the event of any actual or alleged failure by the City to comply with any covenant of the Continuing Disclosure Certificate shall be an action for the specific performance of the City's obligations thereunder and not for money damages in any amount. Any failure by the City to comply with any provision of such undertaking shall not constitute an event of default with respect to the Bonds.

The City's Treasurer, or such official's designee from time to time, shall be the contact person on behalf of the City from whom the foregoing information, data and notices may be obtained. The name, address and telephone number of the initial contact person is George Anzuoni, Treasurer, Revere City Hall, Revere, Massachusetts 02151, (617) 286-8138. It is the intention of the City to contract with its financial advisor to assist it in fulfilling its obligation hereunder.

The unqualified approving opinion as to the validity of the Bonds will be rendered by Ropes & Gray, of Boston, Massachusetts, Bond Counsel. The opinion will be dated the date of the original delivery of the Bonds and will speak only as of such date. A copy of the legal opinion of the firm of Ropes & Gray, of Boston, Massachusetts, will be printed on the Bonds. The proposed form of legal opinion is set forth in Appendix B hereto.

Other than as to matters expressly set forth herein as the opinion of Bond Counsel, Bond Counsel is not passing upon and do not assume any responsibility for the accuracy or adequacy of the statements made in this Official Statement and make no representation that they have independently verified the same.

Application has been made to Moody’s Investors Service, Inc. and Standard & Poor’s Rating Group for ratings on the Bonds. Such ratings, if obtained, will reflect only the respective rating agency's views and will be subject to revision or withdrawal, which could affect the market price of the Bonds.

The Bonds will be general obligations of the City and constitute a pledge of the full faith and credit of the City. (See "PROPERTY TAXATION - Property Tax Limitation".) Payment is not limited to a particular fund or revenue source.

Except for "qualified bonds" as described under "INDEBTEDNESS--Types of Obligations--Serial Bonds and Notes", no provision is made by the Massachusetts statutes for priorities among general obligations, although the use of certain moneys may be restricted. A city or town may vote to exempt from the statutory limit (See "PROPERTY TAXATION--Property Tax Limitation") the amounts required for payment of debt service on all bonds and notes outstanding as of November 4, 1980 (the date of passage of Proposition 2 1/2) and/or specific bonds or notes issued or to be issued since that date. See "Use of State Distributions to Pay Debt Service" and "PROPERTY TAXATION--Property Tax Limitation", herein.

Massachusetts General Laws, Chapter 59, Section 23, as amended, requires that the municipal assessors shall annually assess taxes to an amount not less than the aggregate of, among other sums, "all amounts appropriated, granted or lawfully expended since the last preceding annual assessment and not provided for therein", all debt and interest charges matured and maturing during the next fiscal year and not otherwise provided for, and "all amounts necessary to satisfy final judgments" against the City, less certain estimated receipts and reimbursements (including state aid), sums voted to be raised by transfer from available funds, and liabilities for the payment of which the City has lawfully voted to contract debt. Specific provision is also made for including payments of notes in anticipation of federal aid or certain state aid in the next tax levy if the aid or reimbursement is no longer forthcoming. However, the total amount of the tax levy is limited by statute. See "PROPERTY TAXATION -- Property Tax Limitation" herein.

No provision is made for a lien on any portion of the tax levy to secure bonds or notes (or judgments on bonds or notes) in priority to other claims. Provision is made, however, for borrowing to pay final judgments rendered after the tax levy has been fixed, subject to the General Debt Limit. See "INDEBTEDNESS-- Authorization Procedure and Limitations", herein. With the approval of the State Director of Accounts, judgments may also be paid from available funds without appropriation and included in the next tax levy unless other provision is made.

In the opinion of Bond Counsel, Massachusetts cities and towns are subject to suit on their general obligation bonds and courts of competent jurisdiction have power in appropriate proceedings to order payment of a judgment on the bonds from lawfully available funds or, if necessary, to order the city or town to take lawful action to obtain the required money, including the raising of it in the next annual levy, within the limits prescribed by law. See "PROPERTY TAXATION -- Property Tax Limitation" herein. In exercising their discretion as to whether to enter such an order, the courts could take into account all relevant factors including the current operating needs of the city or town and the availability and adequacy of other remedies.

Massachusetts statutes also provide that certain electric, water, sewer and parking meter receipts may be used only for electric, water, sewer and parking and related purposes respectively and, accordingly, moneys derived from these sources may be unavailable to pay general obligation bonds and notes issued for other purposes. Receipts from industrial users in connection with industrial revenue bond financings are also not available for general municipal purposes.

State grants and distributions may in some circumstances be unavailable to pay general obligation bonds of a city or town since the State Treasurer is empowered to deduct the amount of any debt service paid on "qualified bonds" (see "INDEBTEDNESS--Types of Obligations--Serial Bonds and Notes") or on other general obligation bonds or notes (see "Use of State Distributions to Pay Debt Service") and any other sums due and payable by the city or town to the Commonwealth, including any unpaid assessments for costs of any public transportation authority (such as the Massachusetts Bay Transportation Authority) of which the City of Revere is a member.

Enforcement of a claim for payment of principal of or interest on general obligation bonds or notes would also be subject to the applicable provisions of Federal bankruptcy laws and to the provisions of other statutes if any, hereafter enacted by the Congress or the State legislature extending the time for payment or imposing other constraints upon enforcement insofar as the same may be constitutionally applied. Massachusetts statutes do not presently authorize the filing of bankruptcy proceedings by its cities and towns.

Section 19A of Chapter 44 of the General Laws provides in part that, if a city or town is (or is likely to be) unable to pay principal or interest on its bonds or notes when due, it may notify the State Commissioner of Revenue. The Commissioner shall in turn, after verifying the inability, certify the inability to the State Treasurer. The State Treasurer shall pay the due or overdue amount to the paying agent for the bonds or notes, in trust, within three days after the certification or one business day prior to the due date (whichever is later). This payment is limited, however, to the estimated amount distributable by the Commonwealth to the city or town during the remainder of the fiscal year after first deducting any sums owed by the city or town to the Commonwealth. If for any reason any portion of the certified sum has not been paid at the end of the fiscal year, the State Treasurer shall pay it as soon as practicable in the next fiscal year to the extent of the estimated distributions for that fiscal year. The sums so paid shall be charged (with interest and administrative costs) against the distributions to the city or town.

The foregoing provisions are not a pledge of the faith and credit of the Commonwealth. The Commonwealth has not agreed to maintain existing levels of state distributions and the direction to use estimated distributions to pay debt service may be subject to repeal by future legislation. It should also be noted that adoption of the annual appropriation act is often delayed beyond the beginning of the fiscal year and that estimated distributions which are subject to appropriation may be unavailable to pay local debt service until they are appropriated.

Period During Which Redeemed (Both Dates Inclusive)	Redemption Prices
June 15, 2007 through June 14, 2008	101.0%
June 15, 2008 through June 14, 2009	100.5%
June 15, 2009 and thereafter	100.0%