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HomeMy WebLinkAboutResolution_08-21_01/14/2021RESOLUTION 08-21 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA, AMENDING AND INCREASING THE FISCAL YEAR 2020/2021 BUDGETS IN THE GENERAL FUND #001, CAPITAL IMPROVEMENT FUND #301 AND CAPITAL PROJECTS FUND #303'TO RECOGNIZE LOAN PROCEEDS RESULTING FROM THE ISSUANCE OF C,WtTAL IMPROVEMENT REVENUE NOTE, SERIES 2021; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, the Village Council Authorized the issuance of $6,890,000 Capital Improvement Revenue Notes, Series 2021 ("the Series 2021 Notes") for the purpose of funding certain capital improvements identified in the Village's Five -Year Capital Improvement Plan ("CIP"); WHEREAS, the adopted budget for FY2020/2021 requires an amendment to provide for the receipt of the proceeds of the Series 2021 Note and to reflect Capital Outlay expenditures in connection with the CIP Projects as well as to provide for the payment of debt service and debt issuance costs in connection with the Series 2021 Note; WHEREAS, the Fiscal Year 2020/2021 Budget will be amended as specified in the attached "Exhibit A"; NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL. OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: Section 1: Resolution 08-21, amending the Fiscal Year 2020/2021 General Fund #001, Capital Improvement Fund #301 and Capital Projects Fund #303 budgets is hereby adopted in accordance with the attached "Exhibit A"; Section 2: This Resolution shall become effective immediately upon passage. EXHIBIT "A" BUDGET AMENDMENT SUMMARY GENERAL FUND #001: Account Description Amount Incr. (Decr.) Debt Service — Interest $29,206 Transfer to Capital Improvement Fund ($29,206) CAPITAL IMPROVEMENT FUND #301: Account Description Transfer from General Fund ($29,206) Capital Outlay — Transportation ($255,000) Allocate to Fund Balance $225,794 CAPITAL PROJECTS FUND #303: Account Description Other Financing Sources — Loan Proceeds $6,890,000 Capital Outlay — Culture & Recreation $6,350,000 ~Capital Outlay — Transportation $255,000 • Allocate to Fund Balance $255,000 Debt Issuance Costs $30,000 TABLE OF CONTENTS M Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Report Page Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 &nd Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Aggregate Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Cost of Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) SOURCES AND USES OF FUNDS Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Dated Date 01/21/2021 Delivery Date 01/21/2021 Sources: Bond Proceeds: Par Amount 6,890,000.00 6,890,000.00 Uses: Project Fund Deposits: Community Center 6,000,000.00 Streets & Roadway 510,000.00 Parks & Recreational 350,000.00 6,860,000.00 Delivery Date Expenses: Cost of Issuance 30,000.00 6,890,000.00 11 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 1 BOND SUMMARY STATISTICS Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Dated Date 01/21/2021 Delivery Date 01/21/2021 First Coupon 04/01/2021 Last Maturity 10/01/2040 Arbitrage Yield 2.180147% True Interest Cost (TIC) 2.180147% Net Interest Cost (NIC) 2.180000% All -In TIC 2.226183% - Average Coupon 2.180000% Average Life (years) 11.037 Duration of Issue (years) 9.591 Par Amount 6,890,000.00 Bond Proceeds 6,890,000.00 Totallnterest 1,657,731.34 Net Interest 1,657,731.34 Total Debt Service 8,547,731.34 Maximum Annual Debt Service 434,583.40 Average Annual Debt Service 434,017.39 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price 100.000000 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Term Bond 6,890,000.00 100.000 2.180% 11.037 10,955.10 6,890,000.00 11.037 10,955.10 All -In Arbitrage TIC TIC Yield Par Value 6,890,000.00 6,890,000.00 6,890,000.00 +Accrued Interest + Premium (Discount) Underwriter's Discount - Cost of Issuance Expense (30,000.00) - Other Amounts Target Value 6,890,000.00 6,860,000.00 6,890,000.00 Target Date 01/21/2021 01/21/2021 01/21/2021 Yield 2.180147% 2.226183% 2.180147% Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (M1S) Page 2 BOND PRICING Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Maturity Bond Component Date Amount Rate Yield Price Term Bond: 10/01/2021 197,000 2.180% 2.180% 100.000 10/01/2022 288,000 2.180% 2.180% 100.000 10/01/2023 294,000 2.180% 2.180% 100.000 10/01/2024 301,000 2.180% 2.180% 100.000 10/01/2025 307,000 2.180% 2.180% 100.000 10/01/2026 314,000 2.180% 2.180% 100.000 10/01/2027 321,000 2.180% 2.180% 100.000 10/O1/2028 328,000 2.180% 2.180% 100.000 10/01/2029 335,000 2.180% 2.180% 100.000 10/01/2030 342,000 2.180% 2.180% 100.000 10/01/2031 350,000 2.180% 2.180% 100.000 10/01/2032 358,000 2.180% 2.180% 100.000 10/01/2033 365,000 2.180% 2.180% 100.000 10/01/2034 373,000 2.180% 2.180% 100.000 10/01/2035 381,000 2.180% 2.180% 100.000 10/01/2036 390,000 2.180% 2.180% 100.000 10/01/2037 398,000 2.180% 2.180% 100.000 10/01/2038 407,000 2.180% 2.180% 100.000 10/01/2039 416,000 2.180% 2.180% 100.000 10/01/2040 425,000 2.180% 2.180% 100.000 6,890,000 Dated Date 01/21/2021 Delivery Date 01/21/2021 First Coupon 04/01/2021 Par Amount 6,890,000.00 Original Issue Discount Production 6,890,000.00 100.000000% Underwriter's Discount Purchase Price 6,890,000.00 100.000000% Accrued Interest Net Proceeds 6,890,000.00 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 3 BOND DEBT SERVICE Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Dated Date 01/21/2021 Delivery Date 01/21/2021 Period Ending Principal Coupon Interest Debt Service 10/O1/2021 197,000 2.180% 104,306.94 301,306.94 10/01/2022 288,000 2.180% 145,907.40 433,907.40 10/01/2023 294,000 2.180% 139,629.00 433,629.00 10/01/2024 301,000 2.180% 133,219.80 434,219.80 10/01/2025 307,000 2.180% 126,658.00 433,658.00 10/01/2026 314,000 2.180% 119,965.40 433,965.40 10/O1/2027 321,000 2.180% 113,120.20 434,120.20 10/O1/2028 328,000 2.180% 106,122.40 434,122.40 � 10/01/2029 335,000 2.180% 98,972.00 433,972.00 •� ' 10/01/2030 342,000 2.180% 91,669.00 433,669.00 10/01/2031 350,000 2.180% 84,213.40 434,213.40 10/01/2032 358,000 2.180% 76,583.40 434,583.40 10/01/2033 365,000 2.180% 68,779.00 433,779.00 10/01/2034 373,000 2.180% 60,822.00 433,822.00 10/O1/2035 381,000 2.180% 52,690.60 433,690.60 10/01/2036 390,000 2.180% 44,384.80 434,384.80 10/01/2037 398,000 2.180% 35,882.80 433,882.80 10/01/2038 407,000 2.180% 27,206.40 434,206.40 10/01/2039 416,000 2.180% 18,333.80 434,333.80 10/01/2040 425,000 2.180% 9,265.00 434,265.00 6,890,000 1,657,731.34 8,547,731.34 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 4 BOND DEBT SERVICE Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Dated Date 01/21/2021 Delivery Date 01/21/2021 Period Ending Principal Coupon Interest Debt Service Annual Debt Service 04/01/2021 29,205.94 29,205.94 10/01/2021 197,000 2.180% 75,101.00 272,101.00 301,306.94. 04/01/2022 72,953.70 72,953.70 10/01/2022 288,000 2.180% 72,953.70 360,953.70 433,907.40 04/01/2023 69,814.50 69,814.50 10/01/2023 294,000 2.180% 69,814.50 363,814.50 433,629.00 04/01/2024 66,609.90 66,609.90 10/01/2024 301,000 2.180% 66,609.90 367,609.90 434,219.80 04/01/2025 63,329.00 63,329.00 10/01/2025 307,000 2.180% 63,329.00 370,329.00 433,658.00 • 04/01/2026 59,982.70 59,982.70 10/O1/2026 314,000 2.180% 59,982.70 373,982.70 433,965.40 ' 04/01/2027 56,560.10 56,560.10 10/01/2027 321,000 2.180% 56,560.10 377,560.10 434,120.20 04/O1/2028 53,061.20 53,061.20 10/O1/2028 328,000 2.180% 53,061.20 381,061.20 434,122.40 04/01/2029 49,486.00 49,486.00 10/01/2029 335,000 2.180% 49,486.00 384,486.00 433,972.00 04/01/2030 45,834.50 45,834.50 10/01/2030 342,000 2.180% 45,834.50 387,834.50 433,669.00 04/O1/2031 42,106.70 42,106.70 10/01/2031 350,000 2.180% 42,106.70 392,106.70 434,213.40 04/01/2032 38,291.70 38,291.70 10/01/2032 358,000 2.180% 38,291.70 396,291.70 434,583.40 04/O1/2033 34,389.50 34,389.50 10/O1/2033 365,000 2.180% 34,389.50 399,389.50 433,779.00 04/01/2034 30,411.00 30,411.00 10/01/2034 373,000 2.180% 30,411.00 403,411.00 433,822.00 04/O1/2035 26,345.30 26,345.30 10/01/2035 381,000 2.180% 26,345.30 407,345.30 433,690.60 • 04/01/2036 22,192.40 22,192.40 10/01/2036 390,000 2.180% 22,192.40 412,192.40 434,384.80 04/01/2037 17,941.40 17,941.40 10/O1/2037 398,000 2.180% 17,941.40 415,941.40 433,882.80 ; 04/01/2038 13,603.20 13,603.20 10/01/2038 407,000 2.180% 13,603.20 420,603.20 434,206.40 04/O1/2039 9,166.90 9,166.90 10/01/2039 416,000 2.180% 9,166.90 425,166.90 434,333.80 04/01/2040 4,632.50 4,632.50 10/01/2040 425,000 2.180% 4,632.50 429,632.50 434,265.00. 6,890,000 1,657,731.34 8,547,731.34 8,547,731.34' Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 5 AGGREGATE DEBT SERVICE Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Capital Improvement Promissory Period Revenue Note, Note, Series Aggregate Ending Series 2021 2002 Debt Service 10/01/2021 301,306.94 248,334.32 549,641.26 10/01/2022 433,907.40 372,501.48 806,408.88 10/01/2023 433,629.00 433,629.00 10/01/2024 434,219.80 434,219.80 10/01/2025 433,658.00 433,658.00 10/01/2026 433,965.40 433,965.40 10/01/2027 434,120.20 434,120.20 10/01/2028 434,122.40 434,122.40 10/01/2029 433,972.00 433,972.00 10/01/2030 433,669.00 433,669.00 10/01/2031 434,213.40 434,213.40 10/01/2032 434,583.40 434,583.40 10/01/2033 433,779.00 433,779.00 10/01/2034 433,822.00 433,822.00 10/01/2035 433,690.60 433,690.60 10/01/2036 434,384.80 434,384.80 10/01/2037 433,882.80 433,882.80 10/01/2038 434,206.40 434,206.40 10/01/2039 434,333.80 434,333.80 10/01/2040 434,265.00 434,265.00 8,547,731.34 620,835.80 9,168,567.14 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (M1S) Page 6 COST OF ISSUANCE Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Cost of Issuance $/1000 Amount Issuer Counsel Fee 0.72569 5,000.00 Bond Counsel Fee 1.45138 10,000.00 Financial Advisor Fee 2.17707 15,000.00 4.35414 30,000.00 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 7 FORM 8038 STATISTICS Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (Lender: Sterling National Bank) FINAL NUMBERS Dated Date 01/21/2021 Delivery Date O1/21/2021 Redemption Bond Component Date Principal Coupon Price Issue Price at Maturity Term Bond: 10/01/2021 197,000.00 2.180% 100.000 197,000.00 197,000.00 10/O1/2022 288,000.00 2.180% 100.000 288,000.00 288,000.00 10/01/2023 294,000.00 2.180% 100.000 294,000.00 294,000.00 10/01/2024 301,000.00 2.180% 100.000 301,000.00 301,000.00 10/O1/2025 307,000.00 2.180% 100.000 307,000.00 307,000.00 10/O1/2026 314,000.00 2.180% 100.000 314,000.00 314,000.00 10/O1/2027 321,000.00 2.180% 100.000 321,000.00 321,000.00 10/01/2028 328,000.00 2.180% 100.000 328,000.00 328,000.00 10/01/2029 335,000.00 2.180% 100.000 335,000.00 335,000.00 10/01/2030 342,000.00 2.180% 100.000 342,000.00 342,000.00 10/01/2031 350,000.00 2.180% 100.000 350,000.00 350,000.00 10/O1/2032 358,000.00 2.180% 100.000 358,000.00 358,000.00 10/O1/2033 365,000.00 2.180% 100.000 365,000.00 365,000.00 10/O1/2034 373,000.00 2.180% 100.000 373,000.00 373,000.00 10/01/2035 381,000.00 2.180% 100.000 381,000.00 381,000.00 10/01/2036 390,000.00 2.180% 100.000 390,000.00 390,000.00 10/01/2037 398,000.00 2.180% 100.000 398,000.00 398,000.00 10/O1/2038 407,000.00 2.180% 100.000 407,000.00 407,000.00 10/01/2039 416,000.00 2.180% 100.000 416,000.00 416,000.00 10/O1/2040 425,000.00 2.180% 100.000 425,000.00 425,000.00 6,890,000.00 6,890,000.00 6,8P0,000.00 Stated Weighted Maturity Interest Issue Redemption Average Date Rate Price at Maturity Maturity Yield Final Maturity 10/O1/2040 2.180% 425,000.00 425,000.00 Entire Issue 6,890,000.00 6,890,000.00 11.0367 2.1,801% Proceeds used for accrued interest Proceeds used for bond issuance costs (including underwriters' discount) Proceeds used for credit enhancement Proceeds allocated to reasonably required reserve or replacement fund 0.00 30,000.00 0.00 0.00 Dec 28, 2020 4:15 pm Prepared by Hilltop Securities Inc. (MJS) Page 8 •.1 RESOLUTION Date 08-21 01-14-2021 Motion Council Member Frank D'Ambra Second Vice -Mayor Kyle Stone Mayor Abigail Brennan Vice -Mayor Kyle Stone Council Member Laurie Brandon Council Member Frank D'Ambra Council Member Bruce Prince FOR AGAINST ABSENT CONFLICT 0 ❑ ❑ 0 ❑ ❑ ❑ Fx� ❑ ❑ ❑ The Mayor thereupon declared the Resolution duly passed and adopted. MAYOR OF TEQUESTA: ATTEST: 60RPQ0. Q s m l NCoq�i� L � ATE•,•• •..4 195�.• P ,uuomnuin,,,,%J�_ LQ �C Q/1L_ Lori McWilliams, MMC Village Clerk