ESCROW AGREEMENT COUNTY OF CASS STATE OF MICHIGAN RELATING TO THE MICHIGAN TRANSPORTATION FUND BONDS, SERIES 2003 WITNESSETH:

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1 ESCROW AGREEMENT COUNTY OF CASS STATE OF MICHIGAN RELATING TO THE MICHIGAN TRANSPORTATION FUND BONDS, SERIES 2003 THIS ESCROW AGREEMENT (the "Agreement"), dated as of July 31, 2012, made by and between the County of Cass, State of Michigan and The Bank of New York Mellon Trust Company, N.A, Detroit, Michigan (the "Escrow Agent"). WITNESSETH: WHEREAS, the County of Cass, State of Michigan (the "Issuer"), has previously issued and delivered its Michigan Transportation Fund Bonds, Series 2003, dated May 1, 2003, maturing in the years 2012 to 2027, inclusive (the "Prior Bonds"); and WHEREAS, the Issuer desires to refund the Prior Bonds as set forth on Exhibit A (the "Refunded Bonds"); and WHEREAS, the Issuer has adopted a resolution authorizing the issuance of its Michigan Transportation Fund Refunding Bonds, Series 2012 (the "Refunding Bonds"), for the purpose of providing amounts sufficient to provide for the payment of the principal of and interest on the Refunded Bonds on the dates and in the amounts shown on Exhibit A attached hereto; and WHEREAS, the Refunded Bonds mature serially in such years, are subject to optional redemption, bear interest at such rates and are payable as to interest at the times and in the amounts set forth in Exhibit A attached hereto and made a part hereof; and WHEREAS, the Issuer desires to provide for the deposit of part of the proceeds of its Refunding Bonds with the Escrow Agent, which when taken together with monies from the debt service funds for the Refunded Bonds, will be sufficient to provide for the payment of the principal of and interest on the Refunded Bonds upon call for redemption on October 1, 2012; and WHEREAS, the Issuer desires to enter into this Agreement with the Escrow Agent to provide for the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions herein set forth; and WHEREAS, the Issuer desires that, concurrently with the delivery of the Refunding Bonds to the purchasers thereof, a portion of the proceeds of the Refunding Bonds shall be applied to purchase certain direct obligations of or obligations, the principal of and interest on which are unconditionally guaranteed by the United States of America, for deposit to the credit of the Escrow Fund created pursuant to the terms of this Agreement and to establish a beginning cash balance in the Escrow Fund; and

2 WHEREAS, the Escrowed Securities shall mature and the interest thereon shall be payable at such times and in such amounts so as to provide moneys which, together with cash balances from time to time on deposit in the Escrow Fund, will be sufficient to pay the principal of and interest on the Refunded Bonds as they accrue and become payable on October 1, 2012; and WHEREAS, by a resolution adopted by the Board of Commissioners of the Issuer on June 7, 2012 (the "Resolution"), the Issuer duly authorized the negotiation and execution of this Agreement, certified copies of which resolution has been or will be filed with the Escrow Agent. NOW, THEREFORE, in consideration of the mutual undertakings, promises and agreements herein contained, the sufficiency of which hereby are acknowledged, and to secure the full and timely payment of the principal of, interest and redemption premium on the Refunded Bonds, the Issuer and the Escrow Agent mutually undertake, promise, and agree for themselves and their respective representatives and successors, as follows: ARTICLE I DEFINITIONS AND INTERPRETATIONS Section Definitions. Unless the context clearly indicates otherwise, the following terms shall have the meanings assigned to them below when they are used in this Agreement: "Code" means the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder. "Escrow Fund" means the County of Cass Michigan Transportation Fund Refunding Bonds, Series 2012 Escrow Fund created and described in Section 3,01 of this Agreement. "Escrowed Securities" means those securities described in Exhibit C attached to this Agreement. "Refunded Bonds Transfer Agent" means The Bank of New York Mellon Trust Company, N.A., Detroit, Michigan, as successor to Fifth Third Bank, Michigan, Grand Rapids, Michigan. "Refunding Bonds" means the Issuer's Michigan Transportation Fund Refunding Bonds, Series 2012, dated as of July 31, "Refunding Bonds Transfer Agent" means The Bank of New York Mellon Trust Company, N.A., Detroit, Michigan. Section Interpretations. The titles and headings of the articles and sections of this Agreement have been inserted for convenience and reference only and are not to be considered a part hereof and shall not in any way modify or restrict the terms hereof. This Agreement and all of the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to achieve the intended purpose of providing for the refunding of the Refunded Bonds in accordance with applicable law.

3 ARTICLE II DEPOSIT OF FUNDS AND ESCROWED SECURITIES Section Deposits in the Escrow Fund. The Issuer has deposited, or caused to be deposited, in the Escrow Fund the following funds and Escrowed Securities: (a) (b) $1.03 as the beginning cash balance for the Escrow Fund; and the Escrowed Securities described in Exhibit C attached hereto against payment. ARTICLE III CREATION AND OPERATION OF ESCROW FUND Section Escrow Fund. The Escrow Agent has created on its books on behalf of the Issuer a special and irrevocable escrow fund to be known as the County of Cass Michigan Transportation Fund Refunding Bonds, Series 2012 Escrow Fund. The Escrow Agent hereby acknowledges that there has been deposited to the credit of such Escrow Fund the beginning cash balance, the Issuer's contribution and the Escrowed Securities as described in Section The Escrowed Securities and all proceeds therefrom shall be the property of the Escrow Fund, and shall be applied only in strict conformity with the terms and conditions of this Agreement. All of the Escrowed Securities, all proceeds therefrom and all cash balances from time to time on deposit in the Escrow Fund are hereby irrevocably pledged to the payment of the principal of and interest on the Refunded Bonds, which payment shall be made by timely transfers to the Refunded Bonds Transfer Agent in such amounts and at such times as are provided for in Section 3.02 hereof. When the final transfers have been made to the Refunded Bonds Transfer Agent for the payment of the principal of and interest on the Refunded Bonds in accordance with Exhibit B, any balance then remaining in the Escrow Fund shall be transferred to the Issuer, and the Escrow Agent shall thereupon be discharged from any further duties hereunder. Section Payment of Principal and Interest. The Escrow Agent is hereby irrevocably instructed to transfer to the Refunded Bonds Transfer Agent from the cash balances from time to time on deposit in the Escrow Fund, the amounts required to pay the principal of and interest on the Refunded Bonds in the amounts and at the times shown on Exhibit B attached hereto. Section Sufficiency of Escrow Fund. The Issuer represents that the successive receipts of the principal of and interest on the Escrowed Securities will assure that the cash balance on deposit from time to time in the Escrow Fund will be at all times sufficient to provide moneys for transfer to the Refunded Bonds Transfer Agent at the times and in the amounts required to pay the interest on the Refunded Bonds as such interest comes due and the principal on the Refunded Bonds as the Refunded Bonds are redeemed prior to their maturity, all as more fully set forth in Exhibit B, attached hereto. If, for any reason, at any time, the cash balances on deposit or scheduled to be on deposit in the Escrow Fund shall be insufficient to transfer the amounts required by the Refunded Bonds Transfer Agent to make the payments set forth in Section 3.02 hereof, the Issuer shall timely deposit in the Escrow Fund, from lawfully available funds, additional funds in the amounts required to make such payments. Notice of any such insufficiency shall be given promptly as hereinafter provided, but the Escrow Agent shall

4 not in any manner be responsible for any insufficiency of funds in the Escrow Fund or the Issuer's failure to make additional deposits thereto. Section Escrow Fund as Trust Fund. The Escrow Agent shall hold at all times the Escrow Fund, the Escrowed Securities and all other assets of the Escrow Fund, as special trust funds, but need not segregate such funds and securities except to the extent required by law; and it shall hold and dispose of the assets of the Escrow Fund only as set forth herein. The Escrowed Securities and other assets of the Escrow Fund shall always be maintained by the Escrow Agent as escrow funds for the benefit of the holders of the Refunded Bonds; and a special account thereof shall at all times be maintained on the hooks of the Escrow Agent. The holders of the Refunded Bonds shall be entitled to the same preferred claim and first lien upon the Escrowed Securities, the proceeds thereof and all other assets of the Escrow Fund to which they were entitled as holders of the Refunded Bonds. The amounts received by the Escrow Agent under this Agreement shall not be considered as a banking deposit by the Issuer, and the Escrow Agent shall have no right to title with respect thereto except in its capacity as Escrow Agent under the terms of this Agreement. The amounts received by the Escrow Agent under this Agreement shall not be subject to warrants, drafts or checks drawn by the Issuer or by the Refunded Bonds Transfer Agent. Section Security for Cash Balances. Cash balances from time to time on deposit in the Escrow Fund shall, to the extent not insured by the Federal Deposit Insurance Corporation or its successor, be continuously secured by a pledge of direct obligations of or obligations unconditionally guaranteed by, the United States of America, having a market value at least equal to such cash balances. ARTICLE IV REDEMPTION AND PAYMENT OF REFUNDED BONDS Section Duties of Escrow Agent in Connection with Redemption and Payment of Refunded Bonds. The Escrow Agent shall take all steps required by the Refunded Bonds Resolutions (copies of which have been or will be furnished to the Escrow Agent) to call for redemption the Refunded Bonds on October 1, The Escrow Agent is hereby authorized by the Issuer to take all action on its behalf legally required to effect the call and payment of the Refunded Bonds on the date described in this section. Attached hereto as Exhibit D is the form of the Notice of Redemption for the Refunded Bonds, to be mailed as hereinafter described in connection with the redemption of the Refunded Bonds. The Escrow Agent, as Refunded Bonds Transfer Agent, hereby agrees to mail the Notices to the Owner or Owners of the Refunded Bonds, at the registered addresses shown on the registration books of the Refunded Bonds Transfer Agent at least 30 days prior to October 1, ARTICLE V LIMITATION ON INVESTMENTS Section General Prohibition. Moneys in the Escrow Fund and the proceeds of the Escrowed Securities, shall not be invested or reinvested except as provided in this Article V. Section Investment or Reinvestment of Moneys. At the written direction of the Issuer, the Escrow Agent shall invest or reinvest the moneys held in the Escrow Fund provided that the Issuer delivers to the Escrow Agent the following:

5 (a) an opinion by an independent certified public accountant that after such investment or reinvestment, the principal amount of the securities in the Escrow Fund together with the interest thereon and other available moneys will be sufficient to pay, as the same become due in accordance with Exhibit B, the principal of, the interest and redemption premium on the Refunded Bonds which have not been paid previously; and (b) an opinion of nationally recognized municipal bond counsel, which may be rendered in reliance upon an opinion by an independent certified public accountant with respect to the yield of the Refunding Bonds and the yield of the securities in the Escrow Fund, to the effect that (1) such investment or reinvestment will not cause the Refunding Bonds or the Refunded Bonds to be "arbitrage bonds" within the meaning of the Code and such regulations thereunder in effect on the date of such investment, or otherwise make the interest on the Refunding Bonds or the Refunded Bonds subject to Federal income taxation, and (2) such investment or reinvestment complies with the Constitution and laws of the State of Michigan and with all relevant documents relating to the issuance of the Refunding Bonds and Refunded Bonds. Section Transfer of Excess Amounts. If at any time through redemption or cancellation of the Refunded Bonds or through deposit of additional moneys or noncallable direct obligations of the United States of America or by reason of an investment or reinvestment pursuant to Section 5.02 of this Agreement, or for any other reason there exists or will exist excesses of cash in the Escrow Fund hereunder for the Refunded Bonds, the Escrow Agent may transfer such excess amounts to or on the written order of the Issuer provided that the Issuer delivers to the Escrow Agent the following: (a) an opinion by an independent certified public accountant that after the transfer of such excess the principal amount of securities in the Escrow Fund, together with the interest thereon and other available moneys, will be sufficient to pay, as the same become due in accordance with Exhibit B, the principal of, interest and redemption premium on the Refunded Bonds which have not been paid previously; and (b) an opinion of nationally recognized municipal bond counsel, which may be rendered in reliance upon an opinion by an independent certified public accountant with respect to the yield of the Refunding Bonds and the yield of the securities in the Escrow Fund, to the effect that (1) such transfer will not cause the Refunding Bonds or the Refunded Bonds to be "arbitrage bonds" within the meaning of the Code and the regulations thereunder in effect on the date of such transfer, or otherwise make the interest on the Refunding Bonds or the Refunded Bonds subject to Federal income taxation, and (2) such transfer complies with the Constitution and laws of the State of Michigan and with all relevant documents relating to the issuance of the Refunded Bonds and the Refunding Bonds. Section Arbitrage. The Issuer hereby covenants and agrees that it shall never request the Escrow Agent to exercise any power hereunder or permit any part of the money in the Escrow Fund or proceeds from the sale of Escrowed Securities to be used directly or indirectly to acquire any securities or obligations if the exercise of such power or the acquisition of such securities or obligations would cause the Refunded Bonds or the Refunding Bonds to be "arbitrage bonds" within the meaning of the Code and the regulations thereunder.

6 ARTICLE VI RECORDS AND REPORTS Section Records. The Escrow Agent will keep books of record and account in which complete and correct entries shall be made of all transactions relating to the receipts, disbursements, allocations and application of the money and the Escrowed Securities deposited in the Escrow Fund and all proceeds thereof, and such books shall be available for inspection at reasonable hours and under reasonable conditions by the Issuer and the holders of the Refunded Bonds. Section Reports. For the period beginning on the date hereof and ending on November 1, 2012, the Escrow Agent shall prepare and send to the Issuer within thirty (30) days following the end of such period a written report summarizing all transactions relating to the Escrow Fund during such period, including, without limitation, credits to the Escrow Fund as a result of interest payments on or maturities of the Escrowed Securities and transfers from the Escrow Fund to the Refunded Bonds Transfer Agent for payments on the Refunded Bonds or otherwise, together with a detailed statement of all Escrowed Securities, and the cash balance on deposit in the Escrow Fund as of the end of such period. ARTICLE VII CONCERNING THE ESCROW AGENT Section Representations. The Escrow Agent hereby represents that it has all necessary power and authority to enter into this Agreement and undertake the obligations and responsibilities imposed upon it herein and that it will carry out all of its obligations hereunder. Section Limitation on Liability. The liability of the Escrow Agent to transfer funds to the Refunded Bonds Paying Agent for the payment of the principal of and interest on the Refunded Bonds shall be limited to the proceeds of the Escrowed Securities and the cash balances from time to time on deposit in the Escrow Fund. Notwithstanding any provision contained herein to the contrary, the Escrow Agent shall not have any liability whatsoever for the insufficiency of funds from time to time in the Escrow Fund or any failure of the obligors of the Escrowed Securities to make timely payment thereon, except for the obligation to notify the Issuer promptly of any such occurrence. The recitals herein and in the proceedings authorizing the Refunding Bonds shall be taken as the statements of the Issuer and shall not be considered as made by, or imposing any obligation or liability upon, the Escrow Agent. The Escrow Agent is not a party to the Ordinances and is not responsible for nor bound by any of the provisions thereof. In its capacity as Escrow Agent it is agreed that the Escrow Agent need look only to the terms and provisions of this Agreement. The Escrow Agent makes no representations as to the value, conditions or sufficiency of the Escrow Fund, or any part thereof, or as to the title of the Issuer thereto, or as to the security afforded thereby or hereby, and the Escrow Agent shall not incur any liability or responsibility in respect to any of such matters. It is the intention of the parties hereto that the Escrow Agent shall never be required to use or advance its own funds or otherwise incur personal financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder.

7 The Escrow Agent shall not be liable for any action taken or neglected to be taken by it in good faith in any exercise of reasonable care and believed by it to be within the discretion or power conferred upon it by this Agreement, nor shall the Escrow Agent he responsible for the consequences of any error of judgment; and the Escrow Agent shall not be answerable except for its own action, neglect or default, nor for any loss unless the same shall have been through its gross negligence or willful misconduct. Unless it is specifically otherwise provided herein, the Escrow Agent has no duty to determine or inquire into the happening or occurrence of any event or contingency or the performance or failure of performance of the Issuer with respect to arrangements or contracts with others, with the Escrow Agent's sole duty hereunder being to safeguard the Escrow Fund, to dispose of and deliver the same in accordance with this Agreement and to take all necessary action to effect the call for redemption of and the payment of the Refunded Bonds as provided in Article IV of this Agreement. If, however, the Escrow Agent is called upon by the terms of this Agreement to determine the occurrence of any event or contingency, the Escrow Agent shall be obligated, in making such determination, only to exercise reasonable care and diligence, and in event of error in making such determination the Escrow Agent shall be liable only for its own willful misconduct or its gross negligence. In determining the occurrence of any such event or contingency the Escrow Agent may request from the Issuer or any other person such reasonable additional evidence as the Escrow Agent in its discretion may deem necessary to determine any fact relating to the occurrence of such event or contingency, and in this connection may make inquiries of, and consult with, among others, the Issuer at any time. The Escrow Agent may consult with counsel with respect to any question relating to its duties or responsibilities hereunder or otherwise in connection herewith. The Escrow Agent may act through its agents and attorneys appointed with due care. The Escrow Agent may conclusively rely upon and shall be fully protected in acting and relying upon any notice, order, requisition, request, consent, certificate, order, opinion (including an opinion of counsel), affidavit, letter, telegram or other paper or document in good faith deemed by it to be genuine and correct and to have been signed or sent by the proper person or persons. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; hurricanes or other storms; wars; terrorism; similar military disturbances; sabotage; epidemic; pandemic; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances. Section Compensation. The Issuer has caused to be paid to the Escrow Agent, as a fee for performing all of the services hereunder and for all expenses incurred or to be incurred by the Escrow Agent in the administration of this Agreement, the sum of Seven Hundred Fifty Dollars ($750.00) the receipt and sufficiency of which are hereby acknowledged by the Escrow Agent. In the event that the Escrow Agent is requested to perform any extraordinary services hereunder, the Issuer hereby agrees to pay reasonable fees to the Escrow Agent for such extraordinary services and to reimburse the Escrow Agent for reasonable expenses incurred in connection therewith, and the Escrow Agent hereby agrees to look only to the Issuer for the payment of such fees and reimbursement of such expenses. The Escrow -7-

8 Agent hereby agrees that in no event shall it ever assert any claim or lien against the Escrow Fund for any fees for its services, whether regular or extraordinary, as Escrow Agent or in any other capacity, or for reimbursement for any of its expenses. Section Successor Escrow Agents. The Escrow Agent may resign at any time upon thirty days written notice to the Issuer. If at any time the Escrow Agent or its legal successor or successors should become unable, through operation of law or otherwise, to act as Escrow Agent hereunder, or if its property and affairs shall be taken under the control of any state or federal court or administrative body because of insolvency or bankruptcy or for any other reason, a vacancy shall forthwith exist in the office of Escrow Agent hereunder. In such event the Issuer, by appropriate resolution, shall promptly appoint an Escrow Agent to fill such vacancy. If no successor Escrow Agent shall have been appointed by the Issuer within 60 days, a successor may be appointed by the holders of a majority in principal amount of the Refunded Bonds then outstanding by an instrument or instruments in writing filed with the Issuer, signed by such holders or by their duly authorized attorneys-in-fact. It in a proper case, no appointment of a successor Escrow Agent shall be made pursuant to the foregoing provisions of this section within three months after a vacancy shall have occurred, the holder of any Refunded Bond or the retiring Escrow Agent may apply to any court of competent jurisdiction to appoint a successor Escrow Agent. Such court may thereupon, after such notice, if any, as it may deem proper, prescribe and appoint a successor Escrow Agent. Any successor Escrow Agent shall be a corporation or association organized and doing business under the laws of the United States or the State of Michigan, authorized under such laws to exercise corporate trust powers, having an office and place of business in the State of Michigan, having a combined capital and surplus of at least $50,000,000 and subject to the supervision or examination by federal or state authority. Any successor Escrow Agent shall execute, acknowledge and deliver to the Issuer and the Escrow Agent an instrument accepting such appointment hereunder, and the Escrow Agent shall immediately execute and deliver an instrument transferring to such successor Escrow Agent, subject to the terms of this Agreement, all the rights, powers and trusts of the Escrow Agent hereunder. Upon the request of any such successor Escrow Agent, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor Escrow Agent all such rights, powers and duties. If the Escrow Agent resigns or has been removed for cause, the Escrow Agent shall pay over to its successor Escrow Agent a proportional part of the Escrow Agent's fee hereunder. Any banking association or corporation into which the Agreement may be merged, converted or with which the Escrow Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Escrow Agent shall be a party, or any banking association or corporation to which all or substantially all of the corporate trust business of the Escrow Agent shall be transferred, shall succeed to all the Escrow Agent's rights, obligations and immunities hereunder without the execution or filing of any paper or any further act on the part of any of the partied thereto, anything herein to the contrary notwithstanding.

9 ARTICLE VIII MISCELLANEOUS Section Notice. Any notice, authorization, request, or demand required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when mailed by registered or certified mail, postage prepaid addressed as follows: To the Issuer: County of Cass 120 North Broadway Cassopolis, MI Attn: Treasurer To the Escrow Agent: The Bank of New York Mellon Trust Company, N.A. ATTN: Corporate Trust Services 719 Griswold Street, Suite 930 Detroit, MI The United States Post Office registered or certified mail receipt showing delivery of the aforesaid shall be conclusive evidence of the date and fact of delivery. Any party hereto may change the address to which notices are to be delivered by giving to the other party not less than ten (10) days prior notice thereof. Section Termination of Responsibilities. Upon the taking of all the actions as described herein by the Escrow Agent, the Escrow Agent shall have no further obligations or responsibilities hereunder to the Issuer, the holders of the Refunded Bonds or any other person or persons in connection with this Agreement. Section Binding Agreement. This Agreement shall be binding upon the Issuer and the Escrow Agent and their respective successors and legal representatives, and shall inure solely to the benefit of the holders of the Refunded Bonds, the Issuer, the Escrow Agent and their respective successors and legal representatives. Section Severability. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid. illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. Section Michigan Law Governs. This Agreement shall be governed exclusively by the provisions hereof and by the applicable laws of the State of Michigan. Section Time of the Essence. Time shall be of the essence in the performance of obligations from time to time imposed upon the Escrow Agent by this Agreement.

10 Section Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section Preservation of Bondholders' Rights. This Agreement shall not be terminated nor amended in any manner that would adversely affect the rights of the holders of the Refunded Bonds. Executed as of the date first written above. COUNTY OF CASS By Its Treasurer THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Escrow Agent By Its

11 Section Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section Preservation of Bondholders' Rights. This Agreement shall not be terminated nor amended in any manner that would adversely affect the rights of the holders of the Refunded Bonds. Executed as of the date first written above. COUNTY OF CASS By Its Treasurer THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Escrow Agent By 11(Attlank. Its V

12 EXHIBIT A DESCRIPTION OF THE REFUNDED BONDS Michigan Transportation Fund Bonds, Series 2003 MATURITY DATE PRINCIPAL AMOUNT INTEREST RATE August 1, 2013 $135, % August 1, 2014 $140, % August 1, 2015 $150, % August 1, 2016 $155, % August 1, 2017 $160, % August 1, 2018 $170, % August 1, 2019 $175, % August 1, 2020 $185, % August 1, 2021 $190, % August 1, 2022 $200, % August 1, 2023 $210, % August 1, 2024 $220, % August 1, 2025 $230, % August 1, 2026 $245, % August 1, 2027 $255, % The bonds are callable on October 1, 2012 at a redemption price of par plus accrued interest.

13 EXHIBIT B ESCROW FUND REQUIREMENTS Date Principal Interest Total 10/01/2012 $2,820,000 $58, $2,878,448.13

14 EXHIBIT C ESCROWED SECURITIES Type of Maturity Par Interest Total Security Date Amount Rate Cost SLGS 10/1/12 $2,878, % $2,878,056

15 EXHIBIT D FORM OF NOTICE OF REDEMPTION COUNTY OF CASS STATE OF MICHIGAN MICHIGAN TRANSPORTATION FUND BONDS. SERIES 2003 NOTICE IS HEREBY GIVEN that the County of Cass, State of Michigan. hereby calls for redemption on October 1, 2012, that portion of the outstanding Michigan Transportation Fund Bonds, Series 2003, dated May 1, 2003, maturing on October 1 in the years 2013 to 2027, inclusive, aggregating the principal sum of Two Million Eight Hundred Twenty Thousand Dollars ($2,820,000) more particularly described as follows: MATURITY DATE PRINCIPAL AMOUNT INTEREST RATE CUSIP August 1, 2013 $135, % JN9 August 1, 2014 $140, % JP4 August 1, 2015 $ % JQ2 August 1, 2016 $155, % JRO August 1, 2017 $160, % JS8 August 1, 2018 $170, % JT6 August I, 2019 $175, % JU3 August 1, 2020 $185, % JV1 August 1, 2021 $190, % JW9 August 1, 2022 $200, % JX7 August 1, 2023 $210, % JY5 August 1, 2024 $220, % JZ2 August 1, 2025 $230, % KA5 August 1, 2026 $245, % KB3 August 1, 2027 $255, % KC I The bonds are callable at a redemption price of par plus accrued interest Said bonds should be surrendered for redemption at the corporate trust office of The Bank of New York Mellon Trust Company, N.A., Detroit, Michigan (as successor to Fifth Third Bank, Michigan. Grand Rapids, Michigan), as transfer agent, for payment on October 1, 2012, after which date all interest on said bonds shall cease to accrue, whether said bonds are presented for payment or not. COUNTY OF CASS STATE OF MICHIGAN By: 6_kt Treasurer NOTE: HOLDERS WHO WISH TO AVOID 28% BACKUP WITHHOLDING SHOULD SUBMIT A COMPLETED, SIGNED FORM W-9 WHEN PRESENTING SECURITIES FOR PAYMENT. 20,311,