Part 2 45 Points Assignment Guidelines/Criteria Official Statement Summary and Cursory Analysis I. Select a United States municipality debt issuance official statement, preferably one located in the Inland Empire and analyze its contents. These statements can be located at the following link and then proceed to the instructions (EMMA) and click on them (note: examples are provided in Module #3 but students may not use any of those). https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_munibondsoverview II. Investors wishing to research municipal bonds may access a range of information online free of charge at the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.  Information available to you includes: a. Disclosure documents going back as early as 1990, including official statements and continuing disclosures. b. Historical and real-time transaction price data, including information relating to a type of municipal bond called a “variable rate demand obligation” that resets its interest rate periodically. Investors should be aware that recent price information may not be available for bonds that do not trade frequently. III. The response should address the following: a. Name of issuer, date of issuance, and amount of issuance b. Type of bond issue/debt offering (General obligation, revenue, lease, etc.) c. Maturity date d. Weighted average yield or net interest cost e. Financing team members – underwriter(s), financial advisor (if applicable), bond counsel, underwriters’ counsel, trustee f. Rating and rating agency(ies) name(s) g. Summary description of issuer (150 to 200 words) h. Security or “coverage” percentage for issuance i. Strengths of issuer (150 to 200 words) j. Weaknesses or challenges of issuer (150 to 200 words) k. Discussion of elected officials and senior management team (150 to 200 words) l. If you were in the market to invest in bonds, would you buy these bonds? Why or why not? (150 to 200 words) 33 LAB 5: DIFFUSION AND OSMOSIS Diffusion and osmosis are important processes in all biological functions. Both diffusion and osmosis are required in part to control the movement of ions (charged atoms or molecules), water, and organic molecules in living systems. Thus, the proper functioning of nerves, muscles, kidneys, lungs and every organ in your body depends on diffusion and osmosis. The driving force of diffusion and osmosis is the random movement of particles provided by kinetic energy. KINETIC ENERGY is the energy of motion, and occurs in all states of matter (solids, liquid s, and gases). The kinetic energy increases as the temperature of the matter increases, and decrease s as the temperature decreases, hence the movement of atoms and molecules changes as the temperature changes. At a very low temperature, called " absolute zero" (-273 ℃ or -460℉), the kinetic energy equals zero and all motion ceases. Above absolute zero, particles " bounce" around .

1. Part 2
45 Points
Assignment Guidelines/Criteria
Official Statement Summary and Cursory Analysis
I. Select a United States municipality debt issuance official
statement, preferably one located in the Inland Empire and
analyze its contents. These statements can be located at the
following link and then proceed to the instructions (EMMA) and
click on them (note: examples are provided in Module #3 but
students may not use any of those).
https://www.sec.gov/oiea/investor-alerts-and-
bulletins/ib_munibondsoverview
II. Investors wishing to research municipal bonds may access a
range of information online free of charge at the Municipal
Securities Rulemaking Board’s Electronic Municipal Market
Access (EMMA) website. Information available to you
includes:
a. Disclosure documents going back as early as 1990, including
official statements and continuing disclosures.
b. Historical and real-time transaction price data, including
information relating to a type of municipal bond called a
“variable rate demand obligation” that resets its interest rate
periodically. Investors should be aware that recent price
information may not be available for bonds that do not trade
frequently.
III. The response should address the following:
a. Name of issuer, date of issuance, and amount of issuance
b. Type of bond issue/debt offering (General obligation,
revenue, lease, etc.)
c. Maturity date
d. Weighted average yield or net interest cost
e. Financing team members – underwriter(s), financial advisor
(if applicable), bond counsel, underwriters’ counsel, trustee
f. Rating and rating agency(ies) name(s)

2. g. Summary description of issuer (150 to 200 words)
h. Security or “coverage” percentage for issuance
i. Strengths of issuer (150 to 200 words)
j. Weaknesses or challenges of issuer (150 to 200 words)
k. Discussion of elected officials and senior management team
(150 to 200 words)
l. If you were in the market to invest in bonds, would you buy
these bonds? Why or why not? (150 to 200 words)
33
LAB 5: DIFFUSION AND OSMOSIS
Diffusion and osmosis are important processes in all biological
functions. Both diffusion and osmosis are required in
part to control the movement of ions (charged atoms or
molecules), water, and organic molecules in living systems.
Thus, the proper functioning of nerves, muscles, kidneys, lungs
and every organ in your body depends on diffusion
and osmosis.
The driving force of diffusion and osmosis is the random
movement of particles provided by kinetic energy. KINETIC
ENERGY is the energy of motion, and occurs in all states of
matter (solids, liquid s, and gases). The kinetic energy
increases as the temperature of the matter increases, and

3. decrease s as the temperature decreases, hence the movement
of atoms and molecules changes as the temperature changes. At
a very low temperature, called " absolute zero" (-273
℃ or -460℉), the kinetic energy equals zero and all motion
ceases. Above absolute zero, particles " bounce" around
at random, moving in a straight path until they collide with
another particle (which they " bounce" off and proceed to
travel in another direction until they bounce off another, and
another, etc.).
Since biological systems always function far above absolute
zero, it is safe to assume that there is always quite a bit of
kinetic energy (hence random molecular motion) within living
systems. What this mean s, in a practical sense, is that
molecules are in a constant state of motion, even in material
that (to the naked eye) look like it is still. A familiar
example of this motion, and the effects of temperature on the
amount of motion, is the rate at which sugar dissolves in
cold versus hot tea. When the tea is cold, sugar will sit on the
bottom of a glass and slowly dissolve; however, as the
temperature of the tea (hence its kinetic energy) begins to
increase, the rate at which the sugar dissolves increases
dramatically. This is due in part to the different rates at which
the sugar molecules are "moving away from the pile of

4. suga r". They still move away in cold tea, but they move much
faster in hot tea due to increased level of random
motion. This molecular movement is also affected by the size of
the molecules (in general, smaller molecules will
move faster than larger molecules) and the nature of the medium
they are moving through (faster in gases than in
liquids, and so on). One of the first persons to observe the
random motion of particles was Robert Brown (1827), so
we now call this motion BROWNIAN MOTION.
DIFFUSION
DIFFUSION is the net movement of particles from an area of
high concentration to an area of low concentration. This
movement occurs via Brownian motion: the particles in the area
of high concentration tend to move out to areas with
a lower concentration. Although some also move back toward
the area of higher concentration, the majority (due to the
random nature of the direction of movement) tend to move to
areas of lower concentration. Eventually, the particles
become equally distributed within the medium in which they are
diffused; this is termed the "equilibrium" state. Since
diffusion is driven by Brownian motion, and Brownian motion
increases with temperature, the rate of diffusion is also
strongly affected by temperature. Remember the example of the

5. sugar diffusing in hot and cold tea? The diffusion of
sugar molecules in warm tea occurs much more quickly than
diffusion of sugar molecules in cold tea simply because
the rates of Brownian motion are much greater in the warm tea.
This means that sugar molecules are "escaping" from
the pile of sugar and moving throughout the tea at random at a
much higher rate in warm than in cold tea.
As an analogy, imagine 15 pool balls clustered in the center of a
pool table. If you were to hit the cue ball into the
group, the balls would move out of the "area of high
concentration" to "areas of lower concentration," bouncing off
of the walls and the other balls during the process. The balls
move in a straight line until they collide with something
- either the wall or another ball. Although some might, by
chance, return to the center of the table, most would wind
up elsewhere, " diffused across the table" in a sense. If you can
imagine the balls bouncing around and never stopping,
eventually becoming equally distributed (yet still moving)
across the table, you would have an idea of the result of
diffusion. In this analogy, the speed of the balls would be an
indication of the temperature of the system; the higher
the temperature, the faster the balls travel, the more often they
collide with each other and the walls, the faster they
spread out and reach equilibrium, etc.

6. 34
As a realistic example of diffusion, think about the effect of
opening a bottle which contains a foul-smelling
liquid or gas (vinegar, rotten food, etc.) in a closed room. The
gas is in high concentration in the jar, and in low
concentration in the air within the room. However, soon the "
smell" (gas particles) begins to diffuse away from
the jar and out into the room. At first the smell is strongest near
the bottle and diminishes as you move away
from it, but if you leave the bottle open long enough the entire
room will smell the same (equilibrium has been
reached). This is diffusion.
Diffusion is not restricted to any one medium; it can (and does)
occur in solids, liquids and gases. The rate of
movement is greatest in gases and slowest in solids, but it still
occurs in all three. Also, any particle can diffuse,
however, the rate is affected by factors such as size (with large
particles diffusing more slowly than small ones)
and chemical properties (charged versus uncharged,
hydrophobic versus hydrophilic, etc.) of both the particles
and the medium. The following exercise is designed to give you

7. a feel for rate of diffusion and the differences
in rates of movements between different molecules.
Watch the following video to get a better idea of how diffusion
works.
https://www.youtube.com/watch?v=jhszFBtBPoI&feature=youtu
.be
EXERCISE 1: Effects of Temperature and Molecule Size on
Diffusion
In this exercise you will examine the movement of two dyes
diffusing within a semi-solid medium called agar,
which is very similar to the gelatin that you eat. You will
compare the different rates of movement of two
molecules of different sizes: potassium permanganate and
methylene blue. Potassium permanganate (KMn04)
is an ionic compound consisting of potassium (K+) and
manganate (Mn04⁻) ions, and has a molar mass of
158.03 g/mol.
Methylene blue (C16H18ClN3S) is a complex chemical
compound with a molar mass of 3l9.85 g/mol. Thus,
one molecule of potassium permanganate has about half the
molar mass of one molecule of methylene blue. In
addition to size, you will also examine the effect of temperature
on the rate of diffusion.

8. Online lab modification: You will not be preparing diffusion
plates in
this online lab. Instead you will be viewing demonstrations
online to
answer the questions in the lab report.
https://youtu.be/EW7awHHXr0w (Molecule Size)
https://www.youtube.com/watch?v=IgbR-K1ff-w (Temperature)
You should still read through the procedures below as it is
helpful to
understand how the procedure is done.
Materials:
Forceps
Paper disks
Two agar Petri dishes
1% solution of potassium permanganate (TOXIC - wear gloves
and safety goggles.)
1% solution of methylene blue (TOXIC - wear gloves and safety
goggles.)
Procedure:
1. Obtain two Petri dishes containing agar, one from the
refrigerator and one from the incubator. Label

9. both plates with your initials.
2. Using the appropriately labeled forceps, pick up a paper disk
and dip it into the solution of
potassium permanganate, and then place it on the surface of the
agar about 1cm from the edge
of the plate. Be careful not to drip any of the solution onto the
agar. Repeat for the other plate.
https://www.youtube.com/watch?v=jhszFBtBPoI&feature=youtu
.be
https://youtu.be/EW7awHHXr0w
https://www.youtube.com/watch?v=IgbR-K1ff-w
35
3. Repeat step 2 for the methylene blue. Remember to use the
appropriately labeled forceps and
place the paper disk approximately 1 cm from the opposite edge
of the plate.
4. Place the plate from the refrigerator back in the refrigerator
(4°C) and the plate from the incubator
back in the incubator (37°C).
5. After 90 minutes, measure the distance in millimeters each of
the compounds has diffused from the
edge of its paper disk. Record your measurements and draw the
plates to scale below.

10. 6. EXERCISE CLEAN-UP
a. THROW THE LIDS IN THE TRASH CAN.
b. PUT THE PLATES IN THE WASTE JAR LABELED
“METHYLENE BLUE AND
POTASSIUM PERMANGANATE WASTE”
Potassium
Permanganate
Methylene

11. Blue
Hot (37°C) mm mm
Cold (4°C) mm mm
36
OSMOSIS
Both osmosis and diffusion are important biological processes
because they are involved in the transport of
materials (such as oxygen and carbon dioxide) throughout your
body, and also the transport of materials into
and out of individual cells. OSMOSIS is a special case of
diffusion: it is the movement of water down its
concentration gradient, from an area of higher water
concentration to an area of lower water concentration (in
other words, osmosis is the diffusion of water). In osmosis the
concentration gradient of water (the SOLVENT)
is created by the addition of a dissolved solid (the SOLUTE
(e.g., salt or sugar)) in two different areas. The
more solute present in a solution, the less room for water, and
thus the lower the concentration of water.
Conversely, areas with lower concentrations of solutes will have

12. a higher concentration of water. In osmosis the
solutes are prevented from diffusing by a SEMI- PERMEABLE
or SELECTIVELY PERMEABLE
MEMBRANE. A semi-permeable membrane, as the name
implies, is a membrane which allows certain
molecules to pass through while excluding others (in much the
same way that a sieve has pores which allows
water to pass through but prevents pasta from escaping). The
plasma membrane surrounding a cell is a semi-
permeable membrane: permeable to water, yet impermeable to
sugar (and many other molecules).
Water diffuses from the side of the semi-permeable membrane
with lower solute concentration to the side with
higher solute concentration. There are three terms that we use to
compare the solute concentrations of two
solutions: HYPERTONIC, HYPOTONIC, and ISOTONIC.
Simply stated, hypertonic means having a higher
concentration of solute, hypotonic means having a lower
concentration of solute, and isotonic means having
equal solute concentration. If a cell is placed in a hypertonic
solution (solute concentration greater, water
concentration lower outside the cell), water will move across
the membrane out of the cell away from the

13. hypertonic solution, causing the cell to become crenated or
shriveled. If a cell is placed in a hypotonic solution
(solute concentration lower, water concentration higher outside
the cell), water will move across the membrane
into the cell toward the hypotonic solution, causing the cell to
swell. In both cases, water always flows from a
hypotonic solution into a hypertonic solution, or from an area of
high water concentration to an area of low
water concentration. If the cell is placed in an isotonic solution
(solute and water concentration equal inside and
outside of the cell), there will be no net movement of water into
or out of the cell, and the cell will maintain its
original shape.
Watch the following video to gain a better understanding of
Osmosis
https://youtu.be/L-osEc07vMs
EXERCISE 2: Osmosis Across Living Membranes -Animal
Cells
In this experiment you will be exposing mammalian red blood
cells (RBCs) to different concentrations of
sodium chloride (NaCl; table salt) in deionized water. They will
react in the manner of the cells described

14. above. The process of osmosis occurs very rapidly in RBCs.
Additionally, the RBC plasma membrane is so
fragile that if it expands too much it will burst. There is a test
that can be conducted with the naked eye that
can detect the bursting of red blood cells. Whole RBCs make a
solution so turbid that you cannot easily see
through the solution, whereas a solution of ruptured RBCs
impart a red color but no turbidity, still allowing
you to see through the solution. Thus, by holding a test tube
containing a solution of RBCs against a printed
page you can quickly tell if the cells have ruptured (i.e., are in a
hypotonic solution). You can also examine the
shape of the cells using the microscope (400X total
magnification) to determine if the cells have crenated, burs
t, or remain unchanged. Normal RBCs in an isotonic solution
appear perfectly circular.
Online modification: You will be viewing a video where they
have put
red blood cells in various solutions
https://youtu.be/A8cI6FkcG4c
https://youtu.be/L-osEc07vMs
https://youtu.be/A8cI6FkcG4c

15. 37
Materials:
0%, 0.9%, and 10% NaCl/Blood
Solution
s
Three microscope slides
Three cover slips
Procedure (work in groups of four):
1. Locate the three vials of blood solutions that have been
prepared by your instructor.
2. Hold each tube against this page and see if you can read
through the solution. Turbidity is a
measure of the cloudiness of a solution. Higher turbidity means

16. more cloudy, lower turbidity
means clearer. Record your results in the second column of the
table on the following page.
3. Place a drop of each of the blood mixtures onto the
appropriate microscope slide (use a different
slide and pipette for each mixture), cover with a cover slip, and
view under the microscope.
Draw the results in the third column of the table on the
following page. (When viewing and
drawing RBCs, increase the magnification to 400X and reduce
the light intensity for the best
image).
4. Based on the turbidity of the solution and the shape of the
cells, determine whether each NaCl
solution is hypotonic, isotonic, or hypertonic to the blood cells.
Record your answers in the last

17. column of the table on the following page.
I