TO OBTAIN A
RATING THEREON. PURCHASE OF THIS BOND SHOULD BE CONSIDERED ONLY BY INVESTORS WHO
(A) CAN BEAR THE ECONOMIC RISK OF SUCH BOND; (B) HAVE KNOWLEDGE AND EXPERIENCE
IN BUSINESS AND FINANCIAL MATTERS AS TO BE CAPABLE OF EVALUATING THE RISKS AND
MERITS OF SUCH BOND; (C) ARE A NATIONAL BANK, COMMERCIAL BANK, REGISTERED
INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
"INVESTMENT COMPANY ACT"), AN ACCREDITED INVESTOR UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), A QUALIFIED INSTITUTIONAL BUYER AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT OR A QUALIFIED PURCHASER AS SUCH
TERM IS DEFINED UNDER SECTION 2(A)(5)(A) OF THE INVESTMENT COMPANY ACT; (D)
ACKNOWLEDGE THAT SUCH BOND IS HIGH RISK AND SHOULD ONLY BE CONSIDERED FOR
PURCHASE AS PART OF A DIVERSIFIED PORTFOLIO OF HIGH YIELD, HIGH RISK SECURITIES;
AND (E) HAVE UNDERTAKEN THE RESPONSIBILITY FOR OBTAINING ALL INFORMATION THAT
THEY DEEM NECESSARY AND DESIRABLE TO FORM A DECISION TO PURCHASE SUCH BOND. BY
PURCHASING SUCH BOND, EACH PURCHASER OF SUCH BONDS AGREES THAT THE AUTHORITY IS
NOT RESPONSIBLE FOR ITS DECISION TO PURCHASE SUCH BOND AND ACKNOWLEDGES THAT IT
HAS NO RIGHTS OR RECOURSE AGAINST THE AUTHORITY WITH RESPECT TO THE DECISION TO
PURCHASE SUCH BOND.
No. R-1
$17,500,000
NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
SOLID WASTE FACILITIES REVENUE BONDS
(CONVERTED ORGANICS OF WOODBRIDGE, LLC. - 2007 PROJECT) SERIES A
Accrued
Maturity Date
Dated Date
Interest Date
Rate
CUSIP
August 1, 2027
February 16, 2007
February 16, 2007
8 %
645903AM7
REGISTERED OWNER:
CEDE & CO.
PRINCIPAL AMOUNT:
SEVENTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS
The NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (the "Authority"), a public
body corporate and politic constituting an instrumentality of the State of New
Jersey (the "State"), for value received, hereby promises to pay (but only out
of the sources hereinafter mentioned) to the Registered Owner identified above,
or registered assigns, on the Maturity Date shown above unless this Bond shall
have been called for redemption in whole or in part and payment of the
redemption price shall have been duly made or provided for, upon surrender
hereof, the Principal Amount identified above and to pay to the registered owner
hereof (but only
out of the sources hereinafter mentioned) interest thereon from the Dated Date
shown above until payment of said principal sum has been made or provided for,
at the Interest Rate stated above on August 1, 2007 and thereafter on each
August 1 and February 1, to the registered owner hereof as of the close of
business on the July 15 or January 15 next preceding such interest payment date,
and to pay interest on overdue interest (to the extent permitted by applicable
law) at the rate per annum above specified. Except as otherwise provided in the
Trust Indenture dated as of February 1, 2007 (the "Indenture") between the
Authority and The Bank of New York, as Trustee (the "Trustee"), principal and
interest shall be paid at the principal corporate trust office