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Home My WebLink AboutDocumentation_Regular_Tab 09A_6/13/2002DATE: TO: 1M9�. RE: JUNE 5, 2002 MICHAEL COUZZO, VILLAGE MANAGER JOANN FORSYTHE, FINANCE DIRECTOR is Financing using Sale of Bonds vs Bank Loan • Issue: The Village is interested in permanent financing to pay off the existing line -of - credit and to finance the construction of a public safety facility. �1 • Information: Staff has attached a comparison of financing methods: a 30-year bond with semi-annual interest and annual principal payments, a 20-year bank loan with three different payment methods (monthly, quarterly and semi-annually). • Recommendation: This item be brought before Council to determine what method of peemanent financing staff should pursue and request staff to begin the process. 6/5/026:03 PM Village of Tequesta Comparison of 30 year Bond vs. 20 year Bank Loan at June 3, 2002 Amount borrowed 30-Year Bones Semi -Annual pymt 20-Yr Bank Loan Monthly P & I $5.5MM 20-Yr Bank Loan Quarterly P & I $5.5MM 20-Yr Bank Loan Semi -Annual Pymt $5.71 MM $5.5MM Issuance Costs $ 125,000 Bond Costs 75684.93 Required Reserve 9315.07 Bank/Closing Costs n/a ? ? ? Cash received $ 5,500,000 $ 5,500,000 $ 5,500,000 5500000 Bond Net Int Cost (NIC) 5.056376 Average Coupon 5.0191582 Bank Interest Rate 4.7 4.75 4.95 Total Interest Paid $ 5,390,325 $ 2,994,150 $ 3,063,962 $ 3,227,113 Avg Annual Debt Service $ 370,000 $ 424,700 $ 428,200 $ 436,355 n JForsythe <^bm: vanessa.civalero@bankofamerica.com ,nt: Monday, June 03, 2002 11:03 AM To: jforsythe@tequesta.org Subject: Loan Rates Hi Jody - Per your request, please find today's rates for a tax-exempt, bank -qualified $5.5MM 20 year Term Loan with 20 year amortization, calculated on a 30/360 basis: Monthly principal and interest payments- 67.50 of the 20 year US SWAP Ask Rate as quoted on Bloomberg plus 60 basis points, approximately 4.70% fixed. Quarterly principal and interest payments- 67.5% of the 20 yr SWAP Rate + 65 bps, approx. 4.75'� Annual principal with semi-annual interest payments- 67.5�- of the 20 yr SWAP rate +85 bps, approx. 4.95% Please let me know if you have any other questions. Thanks. Vanessa WE 1 06/03/2002 Pagel 5.5MM 20-year term loan - Monthly P & I Compound Period ........ Monthly 100 , iminal Annual Rate..... 4.700 Effective Annual Rate— 4.803 % Periodic Rate ..................: 0.3917 % Daily Rate .......................... 0.01288 % CASH FLOW DATA Event Start Date Amount Number Period End Date 1 Loan 09/30/2002 5,500,000,00 1 2 Payment 10/30/2002 35,392.29 240 Monthly 09/30/2022 AMORTIZATION SCHEDULE - Normal Amortization Date Payment_ Interest Princi al Balance 2002 Totals 0.00 0.00 0.00 5,500,000.00 2003 Totals 424,707.48 254,872.45 169,835.03 5,330,164.97 2004 Totals 424,707.48 246,716.02 177,991.46 5,152,173.51 (�`'05 Totals 424,707.48 238,167.80 186,539.68 4,965,633.83 2006 Totals 424,707.48 229,209.10 195,498.38 4,770,135.45 2007 Totals 424,707.48 219,820.15 204,887.33 4,565,248.12 2008 Totals 424,707.48 209,980.26 214,727,22 4,350,520.90 2009 Totals 424,707.48 199,667.82 225,039.66 4,125,481.24 2010 Totals 424,707.48 188,860.08 235,847.40 3,889,633.84 2011 Totals 424,707.48 177,533.36 247,174.12 3,642,459.72 2012 Totals 424,707A8 165,662.63 259,044.85 3,383,414.87 2013 Totals 424,707.48 153,221.78 271,485.70 3,111,929.17 2014 Totals 424,707.48 140,183.46 284,524.02 2,827,405.15 2015 Totals 424,707.48 126,518.96 298,188.52 2,529,216.63 'Q16 Totals 424,707.48 112,198.24 312,509.24 2,216,707.39 2017 Totals 424,707.48 97,189.72 327,517.76 1,889,189.63 06/03/2002 Page 2 5.5MM 20-year term loan - Monthly P & I 8 Totals 424,707.48 81,460.44 2019 Totals 424,707.48 64,975.72 2020 Totals 424,707.48 47,699.29 2021 Totals 424,707.48 29,593.20 2022 Totals 424,707.48 10,619.12 Grand Totals 8,494,149.60 2,994,149.60 Principal Balance 343,247.04 359,731.76 377,008.19 395,114.28 414,088.36 5,500,000.00 1, 545, 942.59 1,186, 210.83 809,202.64 414,088.36 0.00 06/03/2002 Pagel 5.5MM 20-year term loan - Quarterly P & I Compound Period ......... Monthly ,-0� .,mina) Annual Rate ...... 4.750 % Effective Annual Rate ... , 4.855 % Periodic Rate ..................: 0.3958 % Daily Rate ........................: 0.01301 % CASH FLOW DATA Event Start Date Amount Number Period End Date 1 Loan 09/30/2002 5,500,000.00 1 2 Payment 12/30/2002 107,049.52 80 Quarterly 09/30/2022 AMORTIZATION SCHEDULE - Normal Amortization Date Payment Interest Principal Balance 2002 Totals 0.00 0.00 0.00 5,500,000.00 2003 Totals 428,198.08 259,294.79 168,903.29 5,331,096.71 2004 Totals 428,198.08 251,094.90 177,103.18 5,153,993.53 eo'*05 Totals 428,198.08 242,496.92 185,701.16 4,968,292.37 2006 Totals 428,198.08 233,481.53 194,716.55 4,773,575.82 2007 Totals 428,198.08 224,028.44 204,169.64 4,569,406.18 2008 Totals 428,198.08 214,116.43 214,081.65 4,355,324.53 2009 Totals 428,198.08 203,723.23 224,474.85 4,130,849.68 2010 Totals 428,198.08 192,825.45 235,372.63 3,895,477.05 2011 Totals 428,198.08 181,398.60 246,799.48 3,648,677.57 2012 Totals 428,198.08 169,417.02 258,781.06 3,389,896.51 2013 Totals 428,198.08 156,853.74 271,344.34 3,118,552.17 2014 Totals 428,198.08 143,680.55 284,517.53 2,834,034.64 2015 Totals 428,198.08 129,867.83 298,330.25 2,535,704.39 ,.N16 Totals 428,198.08 115,384.52 312,813.56 2,222,890.83 2017 Totals 428,198.08 100,198.08 328,000.00 1,894,890.83 06/03/2002 Page 2 5.5MM 20-year term loan - Quarterly P & I Date Payment Interest Principal Balance 8 Totals 428,198.08 84,274.39 2019 Totals 428,198.08 67,577.61 2020 Totals 428,198.08 50,070.25 2021 Totals 428,198.08 31,712.96 2022 Totals 428,198.08 12,464.36 Grand Totals 8,563,961.60 3,063,961.60 343,923.69 360,620.47 378,127.83 396,485.12 415,733.72 5,500,000.00 1,550,967.14 1,190,346.67 812,218.84 415,733.72 0.00 06/03/2002 Pagel $5.5MM 20 year bank loan P & I semiannually Compound Period ........: Semiannual r,- .iminal Annual Rate ....: 4.950 % Effective Annual Rate 5.011 % Periodic Rate ................... 2.4750 % Daily Rate ........................: 0.01356 % CASH FLOW DATA Start Date Amount Number Period End Date Event 1 Loan 09/30/2002 5,500,000.00 1 2 Payment 03/31 /2003 218,177.82 40 Semiannual 09/30/2022 AMORTIZATION SCHEDULE - Normal Amortization Date Payment Interest Principal Balance 2002 Totals 0.00 0.00 0.00 5,500,000.00 2003 Totals 436,355.64 270,219.19 166,136.45 5,333,863.55 2004 Totals 436,355.64 261,893.67 174,461.97 5,159,401.58 "'05 Totals 436,355.64 253,150.93 183,204.71 4,976,196.87 2006 Totals 436,355.64 243,970.07 192,385.57 4,783,811.30 2007 Totals 436,355.64 234,329.14 202,026.50 4,581,784.80 2008 Totals 436,355.64 224,205.07 212,150.57 4,369,634.23 2009 Totals 436,355.64 213,573.67 222,781.97 4,146,852.26 2010 Totals 436,355.64 202,409.49 233,946.15 3,912,906.11 2011 Totals 436,355.64 190,685.85 245,669.79 3,667,236.32 2012 Totals 436,355.64 178,374.71 257,980.93 3,409,255.39 2013 Totals 436,355.64 165,446.62 270,909.02 3,138,346.37 2014 Totals 436,355.64 151,870.67 284,484.97 2,853,861.40 2015 Totals 436,355.64 137,614.41 298,741.23 2,555,120.17 ".016 Totals 436,355.64 122,643.71 313,711.93 2,241,408.24 2017 Totals 436,355.64 106,922.81 329,432.83 1,911,975.41 06/03/2002 Page 2 $5.5MM 20 year bank loan P & I semiannually Date Payment Interest 8 Totals 436,355.64 90,414.08 2019 Totals 436,355.64 73,078.07 2020 Totals 436,355.64 54,873.30 2021 Totals 436,355.64 35,756.24 2022 Totals 436,355.64 15,681.10 Grand Totals 8,727,112.80 3,227,112.80 w Principal Balance 345, 941.56 363,277.57 381,482.34 400,599.40 420,674.54 5, 500, 000.00 1,566,033.85 1,202,756.28 821,273.94 420,674.54 0.00 rage i of i r*N JForsythe r) W From: Clark D Bennett [cdb@spectmunicipal.com] Sent: Monday, June 03, 2002 9:48 AM To: Jody Forsyth Subject: Bond Issue Update Jody: Attached is latest numbers run for bond issue. Please advise if I am to do anything else. This transaction will not be ready for Council action until there is an authorizing resolution, bond resolution and some indication as to the nature of the security for the bond. I will still need all of the items we discussed some time ago in order to apply for insurance and or ratings. Clark 6/3/2002 REPORT Village of Tequesta Public Safety Revenue Bonds, Series 2002 TABLE OF CONTENTS SOURCES& USES................................................................................................... DEBT SERVICE SCHEDULE. ................. ........ ............................... ................. 2 OPERATION OF PROJECT CONSTRUCTION FUND ........................................... 5 PRICING SUMMARY.............................................................................I................... 6 DETAIL COSTS OF ISSUANCE............................................................................... 7 PROJECTSUMMARY.. ....................................................................... I ............. — ..... 8 PAGE Spectrum Municipal Services, Inc. File = TEQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 6/3/2002 9:47 AM n ?,1 Village of Tequesta Public Safety Revenue Bonds, Series 2002 L SOURCES & USES _I Dated 08/01/2002 Delivered 08/14/2002 SOURCES OF FUNDS Par Amount of Bonds............................................................................... $5,710,000.00 Accrued Interest from 08/01/2002 to 08/14/2002.................................... 9,724.45 TOTALSOURCES................................................................................. $5,719,724.45 USES OF FUNDS Total Underwriter's Discount(0.700%)................................................... 39,970.00 Costs of Issuance.................................................................................... 125,000.00 Gross Bond Insurance Premium ( 30.0 bp) ............................................. 33,300.98 Debt Service Reserve Surety................................................................... 9,315.07 Deposit to Debt Service Fund.................................................................. 9,724.45 Deposit to Project Construction Fund ...................................................... 5,500,000.00 RoundingAmount.................................................................................... 2,413.95 TOTALUSES.......................................................................................... $5,719,724.45 Spectrum Municipal ServiEda,41REQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 61312002 9:47 AM Page 1 e*�� Village of Tequesta Public Safety Revenue Bonds, Series 2002 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 8/01/2003 100,000.00 1.800% 269,292.50 369,292.50 8/01/2004 105,000.00 2.400% 267,492.50 372,492.50 8/01/2005 105,000.00 2.800% 264,972.50 369,972.50 8/01/2006 110,000.00 3.150% 262,032.50 372,032.50 8/01/2007 110,000.00 3.400% 258,567.50 368,567.50 8/01/2008 115,000.00 3.650% 254,827.50 369,827.50 8/01/2009 120,000.00 3.850% 250,630.00 370,630.00 8/01/2010 125,000.00 4.000% 246,010.00 371,010.00 8/01 /2011 130,000.00 4.150% 241,010.00 371,010.00 8/01 /2012 135,000.00 4.250% 235,615.00 370,615.00 8/01/2013 140,000.00 4.350% 229,877.50 369,877.50 8/01/2014 145,000.00 4.450% 223,787.50 368,787.50 8/01/2015 150,000.00 4.600% 217,335.00 367,335.00 8/01/2016 160,000.00 4.700% 210,435.00 370,435.00 8101 /2017 165,000.00 4.800% 202,915.00 367,915.00 8/01/2018 175,000.00 4.850% 194,995.00 369,995.00 8/01/2019 185,000.00 4,900% 186,507.50 371,507.50 8/01/2020 195,000.00 5.000% 177,442.50 372,442.50 8/01/2021 200,000.00 5.050% 167,692.50 367,692.50 8/01 /2022 210,000.00 5.100% 157,592.50 367,592.50 8/01/2023 225,000.00 5.150% 146,882.50 371,882.50 8/01/2024 235,000.00 5.150% 135,295.00 370,295.00 8/01 /2025 245,000.00 5,150% 123,192.50 368,192.50 8/01 /2026 260,000.00 5.150% 110,575.00 370,575.00 8/01 /2027 275,000.00 5.150% 97,185.00 372,185.00 8/01 /2028 285,000.00 5.200% 83,022.50 368,022.50 8/01/2029 300,000.00 5.200% 68,202.50 368,202.50 8/01 /2030 320,000.00 5.200% 52,602.50 372,602.50 8/01/2031 335,000.00 5.250% 35,962.50 370,962.50 8/01/2032 350,000.00 5.250% 18,375.00 368,375.00 Total 5,710,000.00 - 5,390,325.00 11,100,325.00 0:1114§]&-]CA l►��[�� Accrued Interest from 08/01/2002 to 08/14/2002....................................................................... 9,724.45 Bond Year Dollars... ...... - ..... .......... - ....................................... ....... .......................... $107,395.00 AverageLife................................................................................................................................ 18.808 Years AverageCoupon......................................................................................................................... 5.0191582% Net Interest Cost(NIC)............................................................................................................... 5.0563760% True Interest Cost (TIC)............................................................................................................. 5.0295692% Bond Yield for Arbitrage Purposes.............................................................................................. 5.0336502% AllInclusive Cost(AIC)............................................................................................................... 5.2940159% IRS FORM 8038 NetInterest Cost......................................................................................................................... &0197411% Weighted Average Maturity......................................................................................................... 18.772 Years /-1 Spectrum Municipal S&ftesTEQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 61312002 9:47 AM Page 2 Village of Tequesta Public Safety Revenue Bonds, Series 2002 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 2/01/2003 - - 134,646.25 134,646.25 8/01/2003 100,000.00 1.800% 134,646.25 234,646.25 2/01 /2004 - - 133,746.25 133,746.25 8/01/2004 105,000.00 2.400% 133,746,25 238,746.25 2101 /2005 - - 132,486.25 132,486.25 8/01/2005 105,000.00 2.800% 132,486.25 237,486.25 2/01 /2006 - - 131,016.25 131,016.25 8/01 /2006 110,000.00 3.150% 131,016.25 241,016.25 2/01 /2007 - - 129,283.75 129,283.75 8/01/2007 110,000.00 3.400% 129,283.75 239,283.75 2/01/2008 - - 127,413.75 127,413.75 8/01/2008 115,000.00 3.650% 127,413.75 242,413.75 2101 /2009 - - 125,315.00 125,315.00 8/01/2009 120,000.00 3.850% 125,315.00 245,315.00 2/01/2010 - - 123,005.00 123,005.00 8/01/2010 125,000.00 4.000% 123,005.00 248,005.00 2/01 /2011 - - 120,505.00 120,505.00 8/01/2011 130,000.00 4.150% 120,505.00 250,505.00 2/01 /2012 - - 117,807.50 117,807.50 8/01/2012 135,000.00 4.250% 117,807.50 252,807.50 2/01 /2013 - - 114,938.75 114,938.75 8/01/2013 140,000.00 4.350% 114,938.75 254,938.75 2/01 /2014 - - 111,893.75 111,893.75 8/01/2014 145,000.00 4.450% 111,893.75 256,893.75 2/01/2015 - - 108,667,50 108,667.50 8/01/2015 150,000.00 4.600% 108,667.50 258,667.50 2/01/2016 - - 105,217.50 105,217.50 8/01/2016 160,000.00 4.700% 105,217.50 265,217.50 2/01/2017 - - 101,457.50 101,457.50 8/01/2017 165,000.00 4.800% 101,457.50 266,457.50 2/01/2018 - - 97,497.50 97,497.50 8/01/2018 175,000.00 4.850% 97,497.50 272,497.50 2/01/2019 - - 93,253.75 93,253.75 8/01/2019 185,000.00 4.900% 93,253.75 278,253.75 2/01/2020 - - 88,721.25 88,721.25 8/01/2020 195,000.00 5.000% 88,721.25 283,721.25 2/01/2021 - - 83,846.25 83,846.25 8/01/2021 200,000.00 5.050% 83,846.25 283,846.25 2/0112022 - - 78,796.25 78,796.25 8/01/2022 210,000.00 5.100% 78,796.25 288,796.25 2/01/2023 - - 73,441.25 73,441.25 8/01/2023 225,000.00 5.150% 73,441.25 298,441.25 2/01/2024 - - 67,647.50 67,647.50 8/01/2024 235,000.00 5.150% 67,647.50 302,647.50 2/01 /2025 - - 61,596.25 61,596.25 8/01/2025 245,000.00 5.150% 61,596.25 306,596.25 2/01/2026 - - 55,287.50 55,287.50 Spectrum Municipal ServEJs,=l>-£QUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 61312002 9:47 AM Page 3 110'� Village of Tequesta Public Safety Revenue Bonds, Series 2002 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 8/Ot/2026 260,000.00 5.150% 55,287.50 315,287.50 2/01/2027 - - 48,592.50 48,592.50 8/01 /2027 275,000.00 5.150% 48,592.50 323,592.50 2/01 /2028 - - 41,511.25 41,511.25 8/01/2028 285,000.00 5.200% 41,511.25 326,511.25 2/01 /2029 - - 34,101.25 34,101.25 8/01/2029 300,000.00 5.200% 34,101.25 334,101.25 2/01/2030 - - 26,301.25 26,301.25 8/01/2030 320,000.00 5.200% 26,301.25 346,301.25 2/01 /2031 - - 17,981.25 17,981.25 8/01/2031 335,000.00 5.250% 17,981.25 352,981.25 2/01 /2032 - - 9,187.50 9,187.50 8/01 /2032 350,000.00 5.250% 9,187.50 359,187.50 Total 5,710,000.00 - 5,390,325.00 11,100,325.00 YIELD STATISTICS Accrued Interest from 08/01/2002 to 08/14/2002.......................................................................... 9,724.45 Bond Year Dollars.......................................................................................................................... $107,395.00 AverageLife................................................................................................................................... 18.808 Years AverageCoupon............................................................................................................................ 5.0191582% Net Interest Cost(NIC).................................................................................................................. 5.0563760% True Interest Cost (TIC)................................................................................................................. 5.0295692% Bond Yield for Arbitrage Purposes... ......................... ..................................... .............................. 5.0336502% All Inclusive Cost(AIC).................................................................................................................. 5.2940159% IRS FORM 8038 Net Interest Cost............................................................................................................................ 5.0197411% Weighted Average Maturity ....................................................................................................... 18.772 Years Spectrum Municipal ServiEds,=fnZEQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 61312002 9:47 AM Page 4 11*� w Village of Tequesta Public Safety Revenue Bonds, Series 2002 OPERATION OF PROJECT CONSTRUCTION FUND Date Principal Rate Receipts Disbursements Cash Balance 8/14/2002 5,500,000.00 - 5,500,000.00 5,500,000.00 - Total 5,500,000.00 - 5,500,000.00 5,500,000.00 - INVESTMENT PARAMETERS Investment Model [PV, GIC, or Securities]. . ............................................... .................................. GIC Default investment yield target...................................................................................................... User Defined Cost of Investments Purchased with Bond Proceeds. ...... ........................................................... 5,500,000.00 Total Cost of Investments............................................................................................................. $5,500,000.00 Target Cost of Investments at bond yield...................................................................................... $5,500,000.00 Yieldto Receipt............................................................................................................................. - Yield for Arbitrage Purposes......................................................................................................... 5.0336502% Spectrum Municipal Ser>Tid'es,= MEQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 61312002 9:47 AM Page 5 /0"11" Village of Tequesta Public Safety Revenue Bonds, Series 2002 PRICING SUMMARY Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 8/01/2003 Serial Coupon 1.800% 1.800°% 100,000.00 100.000% 100,000.00 8/01/2004 Serial Coupon 2.400% 2.400% 105,000.00 100.000°% 105,000.00 8/01/2005 Serial Coupon 2.800% 2.800°% 105,000.00 100.000°% 105,000.00 8/01/2006 Serial Coupon 3.150°% 3.150% 110,000.00 100.000°% 110,000.00 8/01/2007 Serial Coupon 3.400°% 3.400% 110,000.00 100.000% 110,000.00 8/01/2008 Serial Coupon 3.650% 3.650% 115,000.00 100.000% 115,000.00 8/01/2009 Serial Coupon 3.850% 3.850°% 120,000.00 100.000% 120,000.00 8/01/2010 Serial Coupon 4.000°% 4.000°% 125,000.00 100.000°% 125,000.00 8/01/2011 Serial Coupon 4.150°% 4.150°% 130,000.00 100.000°% 130,000.00 8/01/2012 Serial Coupon 4.250°% 4.250°% 135,000.00 100.000°% 135,000.00 8/01/2013 Serial Coupon 4.350°% 4.350°% 140,000.00 100.000°% 140,000.00 8/01/2014 Serial Coupon 4.450°% 4.450°% 145,000.00 100.000°% 145,000.00 8/01/2015 Serial Coupon 4.600°% 4.600°% 150,000.00 100.000°% 150,000.00 8/01/2016 Serial Coupon 4.700°% 4.700°% 160,000.00 100.000°% 160,000.00 8/01/2017 Serial Coupon 4.800°% 4.800°% 165,000.00 100.000% 165,000.00 8/01/2018 Serial Coupon 4.850°% 4.850°% 175,000.00 100.000°% 175,000.00 8/01/2019 Serial Coupon 4.900°% 4.900°% 185,000.00 100.000°% 185,000.00 8/01/2020 Serial Coupon 5.000°% 5.000°% 195,000.00 100.000°% 195,000.00 8/01/2021 Serial Coupon 5.050°% 5.050°% 200,000.00 100.000°% 200,000.00 8/01/2022 Serial Coupon 5.100°% 5.100°% 210,000.00 100.000°% 210,000.00 8/01/2023 Serial Coupon 5.150°% 5.150°% 225,000.00 100.000°% 225,000.00 8/01/2024 Serial Coupon 5.150°% 5.150°% 235,000.00 100.000°% 235,000.00 8/01/2025 Serial Coupon 5.150°% 5.150°% 245,000.00 100.000°% 245,000.00 8/01/2026 Serial Coupon 5.150°% 5.150°% 260,000.00 100.000°% 260,000.00 8/01/2027 Serial Coupon 5.150°% 5.150°% 275,000.00 100.000°% 275,000.00 8/01/2028 Serial Coupon 5.200% 5.200°% 285,000.00 100.000°% 285,000.00 8/01/2029 Serial Coupon 5.200°% 5.200°% 300,000.00 100.000% 300,000.00 8/01/2030 Serial Coupon 5.200°% 5.200°% 320,000.00 100.000°% 320,000.00 8/01/2031 Serial Coupon 5.250°% 5.250°% 335,000.00 100.000°% 335,000.00 8/01/2032 Serial Coupon 5.250°% 5.250°% 350,000.00 100.000°% 350,000.00 Total - - - - 5,710,000.00 - 5,710,000.00 BID INFORMATION ParAmount of Bonds.......................................................................................................... $5,710,000.00 Gross Production................................................................................................................. $5,710,000.00 Total Underwriter's Discount(0.700%)............................................................................... $(39,970.00) Bid(99.300%)..................................................................................................................... 5,670,030.00 Accrued Interest from 08/01/2002 to 08/14/2002................................................................ 9,724.45 TotalPurchase Price........................................................................................................... $5,679,754.45 BondYear Dollars............................................................................................................... $107,395.00 AverageLife........................................................................................................................ 18.808 Years AverageCoupon.................................................................................................................. 5.0191582°% NetInterest Cost(NIC)........................................................................................................ 5,0563760°% TrueInterest Cost (TIC)....................................................................................................... 5.0295692°% Spectrum MunicipaFServ1TE3, UESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Financelcdb 61312002 9.47 AM Page 6 Village of Tequesta Public Safety Revenue Bonds, Series 2002 DETAIL COSTS OF ISSUANCE Dated 08/01/2002 Delivered 08/14/2002 COSTS OF ISSUANCE DETAIL Spectrum Municipal ServiEAs,=WrEQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Pubbc Finance/cdb 61312002 9:47 AM Page 7 Village of Tequesta Public Safety Revenue Bands, Series 2002 PROJECT SUMMARY Dated 08/01/2002 Delivered 08/14/2002 SOURCES OF FUNDS Par Amount of Bonds............................................................................... $5,710,000.00 Accrued Interest from 08/01/2002 to 08/14/2002.................................... 9,724.45 TOTAL SOURCES................................................................................. $5,719,724.45 USES OF FUNDS Total Underwriter's Discount(0.700%)................................................... 39,970.00 Costs of Issuance.................................................................................... 125,000.00 Gross Bond Insurance Premium (30.0 bp) ............................................. 33,300.98 Debt Service Reserve Surety................................................................... 9,315.07 Deposit to Debt Service Fund.................................................................. 9,724.45 Deposit to Project Construction Fund ...................................................... 5,500,000.00 Rounding Amount.................................................................................... 2,413.95 TOTALUSES.......................................................................................... $5,719,724.45 FLOW OF FUNDS DETAIL State and Local Government Series (SLGS) rates for ............................. Date of OMP Candidates......................................................................... PROJECT CONSTRUCTION FUND SOLUTION METHOD ................ Gross Funded Total Cost of Investments........................................................................ $5,500,000.00 TOTAL DRAWS...................................................................................... $5,500,000.00 BOND STATISTICS AverageLife............................................................................................. 18.808 Years Average Coupon.. .................................................................................... 5.0191582% Net Interest Cost(NIC)............................................................................ 5.0563760% Bond Yield for Arbitrage Purposes........................................................... 5.0336502% True Interest Cost (TIC).......................................................................... 5.0295692% All Inclusive Cost(AIC)............................................................................ 5.2940159% Spectrum Municipal Servrfds,*JEEQUESTA PUBLIC SAFETY 2002.SF-TEQUESTA PUBLIC SAFETY 2002- SINGLE PURPOSE Public Finance%db 61312002 9:47 AM Page 8