Bond Caisse Nationale du Financement Local 4.25% ( FR0010428185 ) in EUR

Caisse Nationale du Financement Local

100 % ⇌

France

FR0010428185 ( in EUR )

4.25% per year ( payment 1 time a year)

07/02/2019 - Bond has expired

Prospectus brochure of the bond Caisse Francaise de Financement Local FR0010428185 in EUR 4.25%, expired

1 000 EUR

1 820 000 000 EUR

The Caisse Française de Financement Local (CFDL) is a French public financial institution that provides financing to local authorities for public infrastructure projects.

The Bond issued by Caisse Nationale du Financement Local ( France ) , in EUR, with the ISIN code FR0010428185, pays a coupon of 4.25% per year.
The coupons are paid 1 time per year and the Bond maturity is 07/02/2019

Final Terms dated 14 May 2009
DEXIA MUNICIPAL AGENCY
(the "Issuer")
Euro 75,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières
Due from one month from the date of the original issue
SERIES NO: 319
TRANCHE NO: 7
EUR 25,000,000 4.25% Obligations Foncières due 7 February 2019
to be assimilated (assimilables) upon listing and form a single series with
the EUR 1,595,000,000 4.25% Obligations Foncières due 7 February 2019
Issue Price: 96.35 per cent. of the Aggregate Nominal Amount of the Tranche plus an amount equal
to EUR 282,363.01 corresponding to accrued interest for the period from and including 7 February
2009 to but excluding 15 May 2009
THE ROYAL BANK OF SCOTLAND PLC

The Base Prospectus referred to below (as completed by these Final Terms) has been prepared on the
basis that any offer of Obligations Foncières in any Member State of the European Economic Area
which has implemented the Prospectus Directive (2003/71/EC) (each, a "Relevant Member State")
will be made pursuant to an exemption under the Prospectus Directive, as implemented in that
Relevant Member State, from the requirement to publish a prospectus for offers of the Obligations
Foncières. Accordingly any person making or intending to make an offer in that Relevant Member
State of the Obligations Foncières may only do so in circumstances in which no obligation arises for
the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation
to such offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of
any offer of Obligations Foncières in any other circumstances.
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the
"Conditions") set forth in the Base Prospectus dated 21 July 2006. This document constitutes the
Final Terms of the Obligations Foncières described herein for the purposes of Article 5.4 of the
Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive") and must be read in
conjunction with the Base Prospectus dated 24 July 2008 and the supplements to the Base Prospectus
dated 1 September 2008, 24 December 2008 and 16 April 2009, which together constitute a base
prospectus for the purposes of the Prospectus Directive, save in respect of the Conditions which are
extracted from the Base Prospectus dated 21 July 2006 and are attached hereto as Annex A. Full
information on the Issuer and the offer of the Obligations Foncières is only available on the basis of
the combination of these Final Terms and the Base Prospectus dated 21 July 2006 and the Base
Prospectus dated 24 July 2008 and the supplements to the Base Prospectus dated 1 September 2008,
24 December 2008 and 16 April 2009. The Base Prospectus and the supplements are available for
viewing at the office of the Fiscal Agent or each of the Paying Agents, on the website of the
Luxembourg Stock Exchange (www.bourse.lu), or otherwise in accordance with the provisions of
Article 14 of the Prospectus Directive, and copies may be obtained from Dexia Municipal Agency,
Tour Dexia, La Défense 2 - 1, passerelle des Reflets, TSA 92202 - 92919 La Défense Cedex, France.
For the avoidance of doubt, the Obligations Foncières do not, and are not intended to benefit from
any state guarantee.
1.
Issuer:
Dexia Municipal Agency
2.
(i)
Series Number:
319
(ii) Tranche
Number:
7
The Obligations Foncières will, upon
listing on the Luxembourg Stock
Exchange, be assimilated (assimilables),
interchangeable for trading purposes and

for a single series with the existing EUR
1,595,000,000 4.25 per cent. Obligations
Foncières due 7 February 2019
3.
Specified Currency or Currencies:
Euro ("EUR")
4.
Aggregate Nominal Amount:
(i)
Series:
EUR 1,620,000,000
(ii) Tranche:
EUR 25,000,000
5.
Issue Price:
96.35% per cent. of the Aggregate
Nominal Amount of the Tranche plus an
amount equal to EUR 282,363.01
corresponding to accrued interest for the
period from and including 7 February
2009 to but excluding 15 May 2009
6.
Specified Denominations:
EUR 1,000
7.
(i)
Issue Date:
15 May 2009
(ii) Interest Commencement
Date:
7 February 2009
8.
Maturity Date:
7 February 2019
9.
Interest Basis:
4.25 per cent. per annum Fixed Rate
(further particulars specified below)
10.
Redemption/Payment Basis:
Redemption at par
11.
Change of Interest or Redemption/Payment
Not applicable
Basis:
12.
Call Options:
None
13.
(i) Status of the Obligations Foncières:
Obligations Foncières
(ii) Dates of the corporate authorisations for
Decision of the Directoire of Dexia
issuance of
Obligations
Foncières
Municipal Agency dated 6 May 2009
obtained:
deciding the issue of the Obligations
Foncières and authorizing Mr François
Laugier, President, its Directeur Généraux
or other designated persons to sign and
execute all documents in relation to the
issue of the Obligations Foncières.
14.
Method of distribution:
Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY)
PAYABLE
15.
Fixed Rate Obligation Foncière Provisions
Applicable
(i)
Rate of Interest:
4.25 per cent. per annum payable annually
in arrear
(ii) Interest Payment
Date(s):
7 February in each year, from and
including 7 February 2010 to and
including the Maturity Date
(iii) Fixed Coupon Amount:
EUR 42.5 per Obligation Foncière of
EUR 1,000 in nominal amount in respect
of each Interest Payment Date
(iv) Broken
Amount(s):
Not applicable
(v)
Day Count Fraction (Condition 5(a)):
Actual/Actual ICMA (unadjusted)
(vi) Determination Date(s) (Condition 5(a)):
7 February
(vii)
Other terms relating to the method of
calculating interest for Fixed Rate
Obligations Foncières:
Not Applicable
16.
Floating Rate Provisions
Not Applicable
17.
Zero Coupon Obligation Foncière Provisions
Not Applicable
18.
Index Linked Interest
Obligation
Not Applicable
Foncière /other variable-linked interest
Obligations Foncières Provisions
19.
Dual Currency
Obligation Foncière
Not Applicable
Provisions
PROVISIONS RELATING TO REDEMPTION
20.
Call Option
Not Applicable
21.
Other Option
Not Applicable
22.
Final Redemption Amount of each
EUR 1,000 per Obligation Foncière of
Obligation Foncière
EUR 1,000 Specified Denomination
23.
Early Redemption Amount

Early Redemption Amount(s) of each
Obligation Foncière payable on redemption for
taxation reasons or on any early redemption
and/or the method of calculating the same (if
required or if different from that set out in the
Conditions):
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE OBLIGATIONS FONCIÈRES
24.
Form of Obligations Foncières:
Dematerialised Obligations Foncières
(i) Form of Dematerialised
Obligations
Bearer dematerialised form (au porteur)
Foncières:
(ii) Registration Agent:
Not Applicable
(iii Temporary Global Certificate:
Not Applicable
)
(iv Applicable TEFRA exemption:
Not Applicable
)
25.
Financial Centre(s) (Condition 7(h)) or other
TARGET
special provisions relating to Payment Dates:
(i) Adjusted Payment Date (Condition 7(h)):
The following business day
26.
Talons for future Coupons or Receipts to be
Not Applicable
attached to definitive Materialised Obligations
Foncières (and dates on which such Talons
mature):
27.
Details relating to Partly Paid Obligations
Not Applicable
Foncières: amount of each payment comprising
the Issue Price and date on which each payment
is to be made and consequences (if any) of
failure to pay
28.
Details relating to Instalment Obligations
Not Applicable
Foncières: amount of each instalment, date on
which each payment is to be made:
29.
Redenomination, renominalisation and
Not Applicable
reconventioning provisions:
30.
Consolidation provisions:
Not Applicable
31.
Representation of holders of Obligations
Applicable

Foncières - Masse (Condition 10):
The initial Representative will be:
Antoine de Chauveron
23, avenue Foch
75016 Paris.
The alternative Representative will be
Laurent Vallery Radot
23, avenue Foch
75016 Paris
The Representative will not be
remunerated.
32.
Other final terms:
Not Applicable
DISTRIBUTION
33.
(i)
If syndicated, names and addresses of
Not Applicable
Managers and underwriting
commitments:
(ii)
Date of Subscription Agreement:
Not Applicable
(iii) Stabilising Manager(s) (if any):
Not Applicable
34.
If non-syndicated, name and address of Dealer:
The Royal Bank of Scotland plc
135 Bishopsgate
London, EC2M 3UR
United Kingdom
35.
Total commision and concession:
EUR 75,000
36.
Additional selling restrictions:
FRANCE:
Each of the Dealer and the Issuer has
represented and agreed that:
(i) it has not offered or sold and will not offer
or sell, directly or indirectly, any
Obligations Foncières to the public in
France;
(ii) it has not distributed or caused to be
distributed and will not distribute or cause
to be distributed to the public in France,
the Base Prospectus, its supplements,
these Final Terms or any other offering

material relating to the Obligations
Foncières; and
(iii)
such offers, sales and distributions
have been and will be made in France only
to qualified investors (investisseurs
qualifiés), as defined in, and in accordance
with, Articles L. 411-1, L. 411-2, D. 411-1
to D. 411-3 of the French Monetary and
Financial Code but excluding individuals
referred to in Article D.411-1 II 2° of the
French Monetary and Financial Code.
37.
Non-exempt Offer:
Not Applicable
PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for issue and admission to trading on the
Regulated Market of the Luxembourg Stock Exchange of the Obligations Foncières described
herein pursuant to the Euro 75,000,000,000 Euro Medium Term Note Programme of Dexia
Municipal Agency.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer:
Duly represented by:

PART B OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING
Application has been made by the Issuer (or on its behalf) for the Obligations Foncières to be
listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the
Regulated Market of the Luxembourg Stock Exchange with effect from 15 May 2009.
The existing EUR 1,595,000,000 4.25 per cent. Obligations Foncières due 7 February 2019 are
already admitted to trading on the Regulated Market of the Luxembourg Stock Exchange.
2.
RATINGS
Ratings:
Applicable:
Obligations Foncières to be issued under the
Programme are expected to be rated AAA by
Standard & Poor's Rating Services and Fitch
Ratings and Aaa by Moody's Investors Services,
Inc.
3.
SPECIFIC CONTROLLER
The specific controller (contrôleur spécifique) of the Issuer has certified that the value of the
assets of the Issuer will be greater than the value of its liabilities benefiting from the privilège
defined in Article L. 515-19 of the French Monetary and Financial Code, after settlement of
this issue and of the issues which have been the subject of previous attestations.
4.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE OFFER
Save as disclosed in "Subscription and Sale", so far as the Issuer is aware, no person involved
in the offer of the Obligations Foncières has an interest material to the offer.
5.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES
(i) Reasons for the offer:
See "Use of Proceeds" wording in Prospectus
(ii) Estimated net proceeds:
EUR 24,294,863.01
(iii) Estimated total expenses:
EUR 75,000

6.
Fixed Rate Obligations Foncières only YIELD
Indication of yield:
4.724 per cent. per annum
Calculated as at the Issue Date in accordance with the ICMA
method, which determines the effective interest rate of the
Obligations Foncières taking into account accrued interest on a
daily basis on the Issue Date.
As set out above, the yield is calculated at the Issue Date on the
basis of the Issue Price. It is not an indication of future yield.
7.
OPERATIONAL INFORMATION
ISIN Code:
FR0010428185
Common Code:
028502362
Depositaries:
(i) Euroclear France to act as Central Yes
Depositary:
(ii) Common Depositary for Euroclear Bank
S.A./N.V. and Clearstream, Luxembourg: No
Any clearing system(s) other than Euroclear and
Clearstream, Luxembourg and the relevant
identification number(s):
Not Applicable
Delivery:
Delivery against payment
The Agents appointed in respect of the
Fiscal Agent, Principal Paying Agent and
Obligations Foncières are:
Luxembourg Listing Agent:
Dexia Banque Internationale à Luxembourg,
société anonyme
69, route d'Esch
L-1470 Luxembourg
Grand-Duchy of Luxembourg
Paying Agents:
Dexia Bank Belgium SA
44, boulevard Pachéco
B-1000 Brussels
Belgium
RBC Dexia Investor Services Bank France
S.A.
(formerly known as Dexia Investor Services
Bank France)

105, rue Réaumur
75002 Paris
France
Name and address of the Calculation Agent:
Not Applicable
Names and addresses of additional Paying
Agent(s) (if any):
Not Applicable
The aggregate principal amount of Obligations
Not Applicable
Foncières issued has been translated into Euro
at the rate of [currency] per Euro 1.00,
producing a sum of: