HomeMy WebLinkAboutDocumentation_Special Meeting_Tab 03_05/31/1994 � ^ �� I
; - ; VILLAGE OF TEQUE,STA
,� r Post Office Box 3273 • 357 Tequesta Drive _
� Tequesta, Florida 33469-0273 • (40'n 575-6200
� J ` Fax: (407) 575-6203
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TO: Thomas G. Bradford, Village na er�
� �
FROM: Bill Kascavelis, Dir�ector of Fi.ance
DATE: May 27, 1994 /�
(
SUBJECT: Revised Debt Service'Schedule For $1,375,000;
1994 Refunding and C�apital Improvement Bonds
Attached is the revised Debt Service Schedule for the proposal
submitted by Barnett Bank increasing the issue amount from
51,350,000 to $1,375,�00, per your request.
The average annual debt service payment is $144,525, less the
current average annual debt servic',e payment for the 79 Series Bonds
of 585,000, resulting in an average annual net increase of 559,625.
The millage required to fund the additional debt service is .1828
mills, an increase of 3.09% above the current millage rate of
5.9140 mills. The new millage rate including the increase for debt
service is 6.D968 mills.
Mr. Clark D. Bennett, Vice President, Florida Municipal
Advisors, Inc. - Independent Mulnicipal Bond Consultants, will
attend the Special Council Meeting scheduled for 7:00 P.M.,
Tuesday, May 31, 1994, to review the proposal and answer any
questions concerning this matter.l
Respectfully, �
BCK/mk
Encl.
c: Clark D. Bennett, FMA
Kerucled I Pa�er
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Transfera f�sw Priar Iswr D!R fY1ds.:.•--........ 'p9,00D.00
C�h Cot�ttS6uefon ................................. 90.000.00
Totd Sarsea 11�S84.00D.00
Cosls oF 1nwlx� ............................._... 33,OOQ.00
pepv�rlt to Projeat CanstPUCLton furKl...........�.. 1.5�3,400.00
eentl�y._ ..................................... �,idb.00
Tet�l OsN t1,560,0U0.aD
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MIWECT CON'�TRIICI'i0N HIND (P�F) 84WTION MLSNm 6110E� fl��0
D+poe1L eo �roJact con�tructian Funa .............. t,�i3,;►00.40
[e�t�rnt. ........................ -
T�t�1Mfe��f� Debt�Serviae Renerv� l�nd.......... •
Tranrf�rs f�a� cepitalised I�terose Fu�d.......... •
YataL PCP Orow� ! 1.523,400.OD
CAP1i�Lti10 iNT�R�iT FIMp tCIf) lQLUTtQU 1�EiNOD f�ltOSi 1'uNPI�
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dend Yt�td for Arbltr.De th,rpoea..........�....... a ZOOOOGOX
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t�u� tex�nss Cese (TtC) .......................... �.200000GX
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May 18, 1994
TRANSMITTED VIA FACSIMTLE
407-575-6203 '
Mr. Bill C. Kascavelis
Village of Tequesta
357 Tequesta Drive
Box 3273
Tequesta, Florida 33469-0273
TRANSMITTED VIA FACSIMTLE
407-626-4781
Mr. Clark Bennett
Florida Municipal Advisors, Inc.
9121 North Military Trail, Suite 200
Palm Beach Gardens, Florida 33418
Re: Letter of Commitment for the purchase of up to
$1,350,000 in Public Improvement and Series 1979
Refunding Bonds from the Village of Tequesta
Dear Mr. Bennett: �
Barnett Bank of Palm Beach County (the "Bank") has approved the
purchase of up to $1,350,000 in Public Improvement and Series 1979
Refunding Bonds (the "Bonds") fromithe Village of Tequesta (the
"Village") under the terms, requirements and conditions of this
Commitment Letter.
TERMS, RI34UIREMENTS '�+,ND CONDITIO1vS
l. BORROWER: Village of Tequesta
2. PURPOSE: The proceeds of the Bonds will be used for
capital public improvement purposes; to refund
a Series 1979 bond issue; and to pay costs of
issuance.
I
data\tax\bondform\commltr\tequest.510
May 18, 1994
Page 2 '
3. THE BONDS:
A. Princi.pal Amount:
Up to $1,350,000.
B. Interest Rate
If the Bonds are exempt from �'Federal Income Tax and if the
Bonds qualify as "Qualified Tax Exempt Obligations" under
Section 265 of the Internal Revenue Code, then the rate will
be a fixed rate of 6.200.
C. Default Rate:
The rate during any period that the Bond is in payment default
shall be five percent (5�) above the rate that the Bonds would
otherwise bear. '
D. Maximum Rate Provision:
The Bank will not charge an interest rate higher than
permitted by law, and the Villa�ge will be entitled to a refund
of all unearned interest in exc�ess of the maximum rate allowed
by law. If the interest rate is decreased because of this
provision, then the rate will be increased during subsequent
periods during the term of the�Bonds (up to the maximum rate
allowed by law) until the Bank'has received all amounts which
it otherwise would have receiv�,ed.
E. Interest Calculation:
Al1 interest rates described' above will be adjusted for
negative tax consequences (see paragraph 4 below) and all
interest rates shall be calculated on the basis of a 360 day
year consisting of twelve 30 day months and shall accrue from
the date of disbursement.
F. Repayment Terms•
(1) Terms
,
Principal and interest shall be paid in equal annual
amounts commencing one year after closing and based on a
15 year amortization and the fixed rate with a final
maturity of no later than August 31, 2009 , principal
data\tax\bondform\commltr\tequest.510 -
May 18, 1994
Page.3
will be paid annually commencing one year after closing.
Interest will be paid semi-annually commencing six months
from closing.
(2) Prepayment
Prepayment will be pe!rmitted; however, any such
prepayment will be subjeet to an "economic make-whole"
provision (also referred to as "yield maintenance
formula"), whereb� if general interest rates have
declined from present levels, the Bank is compensated for
the lost interest opportunity over the remaining life of
the loan, discounted back to the prepayment date. If a
prepayment occurs after general interest rates have
increased, then no "penalty" applies. A sample of the
calculation of any such prepayment charge is attached as
Exhibit A.
4. TAX-EXEMPT STATIIS AND GROSS-UP:
The interest rate on the Bonds during any period that the Bonds are
taxable shall be the rate necessary to produce a yield on the Bonds
equal to the yield that the Bank would enjoy on the Bonds if the
Bonds were exempt from federal income tax. If any interest on the
Bonds becomes partially taxable, the interest,deduction of the Bank
as the holder of the Bonds is reduced or limited because the Bonds
are held by the Bank or because the Bonds fail to qualify under
Section 265(b)(3)(B) of the Internal Revenue Code as "qualified
tax-exempt obligations", the federal income tax cieduction for state
income taxes paid on the interest payments on the Bonds during any
period is reduced because of any change in the tax laws or
regulations, the Bonds become subject to a minimum tax or
alternative minimum tax; or the �tax benefit of the Bonds is
otherwise reduced by a change in law or regulation, then the
interest rate will be adjusted in accordance with Barne.tt's
standard provisions to give the Bank a yield equal to the yield the
Bank would have enjoyed on the Bonds if such negative event had not
occurred.
5. INVESTMENT OF BOND PROCEEDS:
A. Bond proceeds not immediately needed for the Project will
be invested in authorized investments. "Authorized
Investments" will be defined in final documents. The interest
on these investments will be used for Project purposes unless
required to be rebated to the U.S. Treasury.
data\tax\bondform\commltr\tequest.510
' I !
May 18, 1994
Page 4
B. All proceeds of the Bonds',not disbursed within 36 months
from closing will be used to reduce the outstanding balance of
the Bonds. Specific criteria as to the disbursement schedule
will be negotiated.
6. REBATE:
The Village will determine any rebate to the U.S. Treasury which is
required by Section ].48 of the Internal Revenue Code and agrees to
hire, at the Village's expense, qualified counsel, accountants or
experts to determine the amount, due dates and any other rebate
requirements and arbitrage requirements and the Village shall remit
such rebate amount to the federal government not ]:ater than the due
date thereof. The Bank will not be liable for any failure to
comply with Section 148 of the Internal Revenue Code.
7. SECURITY:
The Bonds will be secured by a first lien on the franchise taxes of
the Village (the "Pledged Revenues") and all undisbursed proceeds
of the Bond issue.
8. COVENANPS: '
The final documents relating to the Bonds will include the
following covenants w•hich may be deviated from only with the Bank' s
consent:
A. The Village will submit annual financial statements
prepared in accordance with generally accepted accounting
principles by the 120th day following the end of each fiscal
year.
The Village will maintain a system of accounting in accordance
with generally accepted accounting principles, and will
furnish a certificate of the accountants preparing such
statements addressed to the Bank stating that either (i) �
during the course of their preparation of the financial
statements of the Village nothing came to their attention
which led them to believe that either the Village was in
default under the Bond documents, or (ii) the nature and
extent of any matter which led them to believe that such
default had occurred.
The Village shall also provide the Bank with such other
financial information as it shall reasonably request from time
data\tax\bondform\commltr\tequest_510
i
May 18, 1994
Page 5 �
to time to be submitted to the Bank within a reasonable time
period.
B. The Village will immediately give the Bank written notice
of any Event of Default or an event which with the passage of
time would become an Event of Default under the Bond documents
of which it shall have actual'knowledge or written notice.
C. The Village may not.secure additional obligations with a
lien on the Pledged Revenues without the Bank's prior written
consent.
D. Other covenants that typically accompany this type of
transaction will be negotiated.
9. CLOSING COSTS FEES AND SERVICE CHARGI�S:
The Village will pay all closing costs and fees, including but not
limited to, attorney fees and a Bank fee of $7500. If the Bond
issue does not close for any reason other than a change in law or
a negligent or arbitrary act by the Bank, the Village agrees to
pay, within ten (10) days of demand, all expenses incurred by the
Bank, including the Bank's reasonable attorney fees and expenses
and, any reasonable fees incurred by the Bank in collecting such
costs and fees. The fees for the Bank's attorney will not exceed
$7,5d0 if the transaction closes by June 30, 1994.
10. COUNSEL REVIEW:
Bond counsel will be a law firm which specializes in tax exempt
financing and which is listed in the Directory of Municipal Bond
Attorneys.
The Village agrees to execute any and all documentation in
connection with the Bonds as may be required by the Bank and its
counsel to provide a first lien pledge in the Pledged Revenues.
All documentation executed and delivered in connection with the
issuance of the Bonds shall be in form and substance satisfactory
to the Bank and its counsel and all other legal matters shall be
satisfactory to the Bank's counsel.
11. LIABILITY CLAUSE:
Any review or approval by the Bank'cvill be for the benefit of the
Bank and not the Village. The Bank has no liability for any
data\tax\bondform\commltr\tequest.510
I
May 18, 1994
Page 6
defects including but not limited to, structural or material
defects in the Project. '
12. REQUIRED PROVISIONS:
The final Bond documents will include the Bank's standard
provisions relating to tax-exempt financing and such other
instruments and documents as the Bank or its counsel or Bond
counsel shall reasonably require.
13. DEFAULT, CREDIT OR FINANCIAL C';�NDITION:
The Village's failure to comply with the terms, requirements and
conditions of this Commitment Letter will constitute a default and
unless waived by the Bank in writing will relieve the Bank of any
obligations under this letter.
The Bank will not be obligated to purchase the Bonds unless: no
adverse change has occurred in the credit or financial conditions
of the Village or in any other feature of the transaction; and the
Village is not involved in any bankruptcy, reorganization or
insolvency proceedings.
14. GOVERNMENTAL REGULATIONS:
This Commitment Letter will be subject to any applicable
governmental regulations.
15. VALIDATION:
Validation, pursuant to Chapter 75, Florida Statues, will not be .
required unless deemed necessary by Bond and Bank counsel.
16. ACCEPTANCE AND EXPIR.ATION:
Please inform us of your acceptance by signing and returning the
enclosed copy of this letter by 5:00 p.m. on June 1, 1994. If the
clQSing does not occur by June 30, 1994, then the Bank's
obligations under this Commitment Letter will automatically
terminate.
data\tax\bondform\commltr\tequest.510
May 18, 1994
Page 7
We thank you for the opportunity to be of service.
Sincerely,
BARNETT OF PALM BEACH COUNTY
J
r
1
�
By: . �
W. Dale Kahle
• It,s: Vice President
data\tax\bondforn�\commltr\tequest.510 -
May 18, 1994
Page 8
ACCEPTANCE
We accept this commitment and agree to its terms, requirements
and conditions.
VILLAGE:
VILLAGE OF TEQUESTA
By:
data\tax\bond£orm\commltr\tequest.510
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EXHIBIT A
PREPAYMLNT �gARGE
The Borrower may make a written request upon the Holder to prepay
� in full the loan evidenced hereby, specifying a prepayment date at
least thirty business days after the date of such request. The
prepayment charge will be computed by (i) subtracting the "Current
Yield�� from 7.31 s, and then, if such difference is positive, (ii)
� multiplying the resulting percentage rate difference by (A) the
remaining principal balance of this Note as of the prepayment date
and (B) the remaining principal balance of this Note as of each
subsequent anniversary date of the making of this Note (as if this
Note were not being prepaid) . The resulting dollar amount for each
such multiplication will be discounted back to the date of
prepayment at the "Current Yield". Partial years shall be adjusted
on a 360-day basis. If the difference computed in clause (i) above
is zero or negative, then the prepayment charge is zer,o dollars.
The °Current Yield" .is an annual interest rate equal to the U.S.
Treasury yield on instruments with a maturity that comes, closest
to, but not shorter than, the remaining term of this Note as of the
prepayment date, as published in the Wall Street Journal on the
date of receipt of prepayment request (or the next succeeding day
on which such yield is published if not such yield information is
published therein on such day).
I
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Tr�nfer! ft�om �Pla� !s=ue DSR fund� .............. 95,000.00
G+h �attrl6utton .....................1.......�... 90�0OO.Od
Tot.l ��w 11�S3S.000.00 •
Wit� Of 14iuer� ................................. 33,DOO.OD
Daporit te P�eJ�ct Cotutruetian Fu11d .............. 1,49r,400.00
consrnwncr .....................•.•.•••••......... 3.e00.00
?otal Uora 11,535,OOQ_00
F�oM OF FNIM�t i�TAi�
w[or�ci roNSTtuICitON fUND (RCP) SOIUTt NETM00 CRO!! FUNOiD
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Int�rnt ............ . . ... ........ -
Trarnt�l's fe�on o�bt l�rrice�Ressrve furd.......... -
Transi�s f�m Caplt.iised intere�t 1und.........� -
Tot�l PCf Oraw 1■�r40,iQ0.00
CAP[TIILi� =�Yi11itT FtlND (C1P� i�1UT10M I�TI�D GRdi� liJl�
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Bend Yield for Arbitrage Purpoeee ................. 6.2000000X
Trw inse�t Cat iTlC) .....................•.••• d.2000000!
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���� � ����
uo�i� r�,000.00 d.�o�i �,�oo.aa �oo,�ao.ao
1/01/i00Q - - 31�Tti.00 S1,7Ti.00
7/01/2COD 7�.000.00 d.20000% 31.T1f.00 iG4.77i.Ott
��� - - 29 4l0.00 29 �i0.00
yE �lC�'���i5a:,A�:.:�'.::..
1/O1/2002 - - ffi.l10.00 2b.l10.00
tlOtlZOOZ a3.00o.00 6.20000� ' 26.9�0.00 411.�T0.00
1/01/2003 - - 2+►,33S.00 24,335.Q0
�,;; Ai ..�._� •_::-�@.e�!.4R-.... ��� : �pq
���as.�.•`..�...x ..�..,:�:. `°�`�� . ��R!'... � '
� ,.�,��.,��.�.�� .�..:.....
1/Otl200S 100,000.00 6.20000�X 21�7�45.00 {il�fii•00�
1I01/�006 - • 1a.;i3.00 1S,4iS.00
1/01/tOm 105,000.00 6.=G000� 1a.K'f.00 1i7.1i�i.OD
� 1 Gi 200b , , ' .��. . • :aa •.14, 19Di�'av�oxt• 1! 190.00
�:���I�:�.����"�l��`x�............_. ._:
1Jat/�00T - - 11.710.� 11,7l0.00
7/01/I007 120.000.00 f.lOOOOX 11,7SC.00 1l1,Ta0.00
��ovtaoe • - a,o�o.o� e,oao.ao
r ot � tt� 000,w s.zaaao�c ' a oe�o.00 ,s3 oeo.00
M:4�
� ���� ��:w� x�.
7/01/2009 13b,000.00 i.Z0000% ' �,189.00 139,4l6.OD
TOT1u 1,3SD,000.00 - 764,7t0.00 t,114,770.OD
Flxid� wadcip�t nd+riaers. ft1a. PILE = TEa'➢�ul
Pub11a firr�e� p4r�eirrrt S/26/1994 14s3) �t
iilLD �fATIiT{R ,
Aoo�+ie�d lntanst lsan 07/01/1994 t0 07/01/1994... -
11wnN �1fe.........•-•-• ........................ 9.737 YfARf
land Tan ........................................ 12,335.00
A riraM COt�o11 .......... ........... , ••••••.••• i.ID000001
INt fnN�ut Cest (NIC) ........................... 6.2DOOODOX
�and Y1ald f�r Ari�ltr� ruepo��s ................. 6.2000000X
?nM 1e1tN`Nt dst (TIC) .......................... 6.Z000000%
E Int�r+st Ce�t Ci1C3 ..................... 6.STA5668%
~ .., . MAY-25—'94 WED 11:15 1D: TEL t�): .._----. _. i�21 P0,4 ...__ !
Yittan M Tqu�n
R�f�ntin� anr Cy�1ql l�pn�t �a+�
teMp tf*f
hipltar Taqtwta Mrt ►�apa�el
�RO1tCf ri�M1I1RT
Ort�J 7/01 D�tf 7/01/1l9i
qlD IpII�CF�t i {I9q
P�P A�OIN1t Of �ond� ............................... i1�3fQ�000.00
Trat�f�a iron �MOP 1u1+� p6R hnds .............. 9S.ppp.pp
Cwh Cantri6ution ................................. 90,040.00
iot�l lOU�t�t il,'��OO�.DG
Ca�ts of t�e ..� ............................. 3J,000.00
D�10�It to Pro1�cL tar»tructtan 1vd .............. 1,i9E,000.00
Canti�y ....................................... �,000.00
T�tal {h�� 11,S3i3O04.00
FWM Or fuios oEraa
PRV�Ci CC119TItucTtoN fUl4 (PCF) iOLUT[Oil IETYOD Mti �tNIDlP
o.pe►it te a�etccs cansm,cclan fu�d .............. 1,;99,00D.00
[nterat. ... ........ _
...................... ........
T��rrt�ra fral D�bt �rvia t�.rw fu�d.......... •
trrrof�ra fra� Gpltalisad Iaceress rud.......... -
Tot�l rCf Orawe ��;90�ppp�qp
Ci1PITAtZED INTEREST FUD (CIF� SOLUIIOY lET�D �It09! FUIN�ID
�.pasit m C.ptuli:.d 1rn•r.•e rw+d �Ct►?........ •
1flSSPNt. . . ........ •
...................... . ........
r��+ef+rs fro� o.bc �io. rt....�,�. a.,d.......... -
i'r�rwf�rs frw �rol�at canstn�tlm Md......... -
T�l�t CiF Drars .
�o slArrsrres
�ranvs lifa ...................................... a.4e9 rEARs
Awrp� CaQon .................................... 5.a6t�1ltlK
Met [M�rest Cat ZNIC) ........................... 5.3d610l�f[
bnd Yidd for Arbitrape Purpo�e�......,........... 6.E2l116dX
Tw� Int�rwt Cu! (TIC) .......................... 5,82111d6�
EffaCtlY! iMlq`bt COAt tEtE) ..................... A.i4T21D1Y
Fl�riie Ikni�ipsl Advisors, tna. fILE � I�YP1lE
f�flio Fi�noe De�rtn�ene 6liS/199�4 10�13 AM
~ MAY-25-' 94 WED 11:15 I D: ,_. ,T� �A: _, p621 • P65
• •--� .r
I
Wll�s ot T��u
Retrfdlr� rrd wplht I�xowMOt �ar�
flN�s 19ii
�t41Nr T�ta �enk /ropoul
OEIT liRVICB �CIED{!LE
DAiE I�tNqPAL CGUPCM 1NT�T DE�T ifRYiG!
7/0111V�► - - -
7/Otlll9S d4,000.00 �.00OOOS 7S,7�L.'30 13s,Tf2.lp
7/011190d 6S,OD0.00 4.SOOOOY 73.74Z.S0 l36,7i2.S0
�101/1l97 .., , � . 0 , �Q00.00 4.l0004x ?o �1T ti0 4 f!Q
?'�� ;�,�'� . .��'•�"�;��� ����8i�r � 1?8,�87.l0
7IOtItQ00 00,000.00 5.40000L ' lO,SS0.00 139,530.00
7/01/l001 a0.000.Q0 S.��DOOR !l,a0.00 1]6,Z70.00
T �q� � CQQ.00,. 5.10000f �0,790.00 ,
..... �
�� �IQDI� �::"m"•-��O,�stli��::���"� -.._°��' ,��'.�'
�/O1/3004 95,OOO.DO l.90004K 40,72i.OD 135,i1l.00
7/01l20GS 10S�p00.00 5.9500�0; 5,1=0.00 l40,i20.G0
�/01/2006 110�000.00 b.00000R ffi�87t.�G 1Sd,d72.S�
T 1/Z007 11'i.000.00 i.06000X 22 2T2.S0 1i7 272.5G
iA� . .. � � .�:GD .......[ . * ._..
�� ��id�1Cw.. `_..,., �kl!�
.• �7101/2009 .:r:. 1]Q,OOD.GC 6.1SOOOx 7,995.DQ 13�,�95.00
iOTAL 1 T11,�62.50 Z�ON��A2.S0
Fle�id� Nunioip�l AQvf�ars, lno. ►7LE ■ M�IFILE
hstfe �flw5o� O.p.rt.s�t 5123l1�P4 10�13 AM
T1[l0 lTATI�TlCt
�ow�ued 11tt�r�at fra� OT/Otl1S+4i � 07/01/194K... .
�wrye Li�� ................................... .. i.l6} Y4111�
dotd Yee�n ........................................ tZ 13l.00
�wroi� Ceup�on .................................... �.�66l42ifi
N�t tnnr.st cwt c►ucs ........................... s.d�t4tett
Eorii lfietd ia� Arhltr�e Purpo�e� ................. S.ii3113b7[
tw. 1nc�sse Cat tr�C) .......................... s.R2i11biX
Etf�ettw lflt�tt Cost (lIC� ..................... 6.19721G1X
,_ . MAY-25—'94 WED 11:16 lp: TEL N0: t�021 P06
.
W lt��a of T�quata
R�tudinp �nd Gpit�l 1MIp1'OVM1el'ft �end�
l�tN 1994
duiplc� 1equ�as� s�nt rropo�a�
�T !lIIYlC! lCN�ULi
G4TE �IttNCUAI COIAON [NiERE6T DEiT iE�11ICE
7/01/1994 - - • •
1/01/199'!i - - • -
T/01l19'95 60,000.00 i.0�04X 79�742.50 135�7�i2.S0
1/01/1996 36 b71.25 J� iT1.
. .
, ... ... .. . . ... .x��:�:,:::: �.... . ... � . � •::. .�,,.
'�:� � �- ��• �. � ,.�... y �,.
s:a ,.a:a:azz,r, .�( ......��,�.:�x.;��?�.�.��� .�`"r..z.. �•,� �xs
1/D1/1+A97 - • ES,?A�.75 "�..... 56.20a.73
7/01l199T 70,OG0.00 i.e0000% 39,206.75 10S,ZW.Ti
1/01l199� • ]3.S2E.76 33.S28.T�!
7/ot�149� 70,000.00 5.90000% 33 5za 75 103 5� �.y5
:�S�i�. ���`a$zeasisisza:��:�:.=��: . a� y �a�k c��x�tk
f ��.;. ..:ua.+:^ '� '^ ��W>r. . .:�.NlA� .
7 �0���/�� ����.�� s.i M .���7�3.�i ���r�.�...
1101/Z000 - - Z9,7T5.00 24,T�S.00
�rou�000 eo,000.00 s.�000ax 2�.�5.00 �O�.r�.00
... � 1 ; J j 0 + 1/2 .y 0 y 0 y 1 y ��� �� /� � y - � y � p p �� 27 y p 6 � , 1 y � 5 p .0 /y 0 y � y � yp,y � 2T 675.OQ
.'+�+�F�3�iMY.A.;° v �.�..�..�..'.n�iP�i'��PM1N�:£4M YR RKeiRlGfe f0l�7Ak Y1 i�"�15,1:
1�G1IZ04i - � 2y�'.14��00 tS�393.00
7/01/2002 BS,Ob0.00 S.7Q000li z5.395.00 110,39:.00
1/01/2003 - - 22,97Z.S0 t2,97t.li0
T/01 90 000.00 S.�QO�Qjf� � 4T�.S0 112 9T2.S0
««.........,...,..R.......,..... ;oxt , , , .. .• - •
ax+.. • .._....,,,.,w M� ` � �,. �», ��wuxu+.x t.. „.„.
�dAf���' . . zi¢;�::ai;» . . . .
i'/01/2Q4t 95,000.00 5.90000% 20,3bz.34 115.36Z.S0
1I411�� - - 17,560.00 1T,5b0.00
7t01JZQ05 1�,000.00 5.95000x 1T.S80.00 4i2,700.00
1 Q1 006 - - 4�► .2S 14 �ii.2s
, y ., . ¢,
� 'y , '»�xe •; t;�N'���7t�'���x?�Kr :tt'S:'if
��iiaar�oo� - - ��,��a.�s ��,ias.� ...
7/o7/Z007 ��s,vvo.00 a.osaoox »,��e.� ��a��ae.zs
1/Ot/ZOOtl - - T.667.50 7,+367.90
7(01 00 120 000 00 8.10000x 7 6b7.50 1E7 65i.50
;a� �. v� g»� • �:.F.�:,�� �c��s:r�xo:� ,�,:�,�
• ?�: ,�w...:..«ya".�'n��S��.�. •»��i�a:a:uxaa•::�•c�.�. �.`r�E'";�
+. .
� 7/01/2009 150�000.00 6.150QOfi 3,99!'.Sb 153,99T.f0
tbTAL 1,350,OOC.00 - T71.b62.90 2,061,a6t.50
Ftorida �nitipel Adviso�s, 1nc. �i�[ * t�l�e
At6lio Firnnce Deps�te+nt 5lZS/19SN► 10�ti AN
Yi�LD iTAT1STIR
Ac�rued fntersst fros O7f01/1994 to 4T/Ot/1994... -
���. �tf. ...................................... a.sss re�►Ra
�ond 1wr: ........................................ 1Z,13J.00
Avere�a Coy�on .................................... 3.a6419t8X
Met Interett East INte)........ ..................• 6.db41'Dtal:
8ond tfl�ld for Arbftr+��e Pu�pee.s ................. 5.�Z31166X
Tn� Int�r��t 8est �T1C� .......................... 9.�J'11Ed�
lftect4lne Inter�st Cost tE3C) ..................... i.14'�'2101x
t: y
s�
' t1. lte� ��' U�Sti�
. Jp q
y National Bank
FRX T:L�SMISSION
, � ��
TO:
��/� l- l � r /_ 1 � , ✓ , � J /I / �
,� <'
F� # 1�:� � -� �`i � 1
�. � .�- �
FROMz ' ,I G �1 �"?/�% \ , L- t �i r / �
PXONS (4G�)575-3300
FAX # t407)575-1324
RS:
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COI�S�IJTS. . .. ��� � >;-
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FA �NSMi SS20N DATA
� DATL : �' ' �...�'�'� �f �
TIME: �l C_ l_ �?� - � .
NUMBBR . OF PAGB& : �� .
(xxcsarrxc �ovBR s�sTJ �'
TRANSM.IT?'SD BY: ,/�_�
CONFIDSNTIALITY Nc�TTCS
TXS DOCZTMSNTS ACCOItlPAIVFING THZS TSLBCOPY TRANS�lIS9ION MAY CONTAIN
CONFIDSNTIAT,. AND/OR PRIVILS�B'D INFORMATYDN WHICFI 23 INTBI►'DBD F0�2 T,FIS
.BXCLtJ3IV$ II9E OF THS TNDI VIDLTAL(S) 032 8'�'TITY(ZS5) NAM?�D ON THIS TRANS-
MITTi�l,I, S�?B3T. A��iY D25CLOSURS, COPYING, DZSTRIBiJTION O�Z USS OF THE
CONTENT3, BY ANYOIVI� OTXSR 3'HAN THS ?1�1'!'SNDB'D RSCIPISNT, IS PR01�12BITBD.
�F RECEIV�D IN SRROR, PL1�'ASS NOTIFY U3 Ih�DTATBLY BY TSLEPgONS SO THAT
RSTRIEYa�1.t+� AT NO COST TO YOU� CAN BS 11Rh'ANGED •
25t� Tequesta i�tive • Teq�esza, Florida • 33469 �{40?) 575-1300 • Fax {�0?} 57�-1324
,
- � �u��it.et• Te�ue�ta
�,�' �Tational �3an�:
May 31, 1994 i�t2A1`iSMITTED VI� FACSIu;ILE
Nr. 3i11 C. Kascavel_s
Village of ?'eq�sesza
357 �equesta �riv�
Bax 32?3
��?qkesta, FL 334n9-02?3
Nr. Clark ��nnett
Flor. ida :��u�icipal A4J? SOrS , i��c .
91z1 N. :�Iilitary Tr,�il, Saite 20�
Palm Eeach GaYdar_s, : L 3341�
RE; �T�=1age o� T�cuesi.a �or�o��uing
i��ar Mr �Erlr�
J�:pit�x Tequ��t� I�aticr_al Bar_�, on be�.alf of itse? f an� five of its
��SGta}11Si.�.Cat9c� iriVFstG_''��CL'8tflTRZZ'S� {h�r�3�LE: "ine Bar_k" ,
her�with ozfers to �u�'cl��se fwith ;:o view �ov:Grd furzrer
distrii�u�i�r_) u� tc $'., 3-�, LOa in PuY�lic Ir�provemer_z :nd Se=ies
1�79 ?�ef�snd:.:�g �cr.ds {� erz�naf�er �°The Bor�ds"') from the Vil�age af
Tequesta t"l���se��a"? u:.�Fr tne fol_awing term.s a^d ccnditi�ns:
A, �ssuEr: Tr�e z1i1 � a�e cf Teq�:ESta, F?cri�a.
3, A�*�ount: $l, 3��, 304
C, Terms : �� y�ars f inal r�.aturity; ec�ual annual d�bt
s��t�ice; princip�i ��Y a:�nual2y, ir�terest
semi-annually.
�repa}rntent is perr.litted; i��o�:ever, subject to
�cena'lr ies design�d to maiz:tain �ank' s
anti�ipated @CO?"1�t:17.0 y ield.
D. Rat�: 6.15� fixed-assumir�g 'rhE Rcnds qualify as Tax
=�:e�pt under Szcti�n 265 of the Interr�al.
�everue Code.
2itj Tcyue=,ta D:i;•:, Z's��u�; FI „ri:�a 3:i.}:�� 7'Fi _r�'. :���-i�;Gp � Fyx -iC±i ���-l:i`��i
K
, �� Jupit.er Tr��gta
1�Atiq11:t1 Panl[
Mr. Clark Eenr�tt
i�ay 31, 1994
Page Twc
� . Use of
Proceeas: Capital publiC imprcvements, refur.d of Series
��79 bonds, c�sts of �seuancz - proceeds not
co:�m�tted i;ranediately must ba inves�ed in
auLhcrizeci inv?�tT�ents; funcis r.o� di�bursen
within 3 years �Ni�l s�e uQad tio repav bonds
outstar:dii:g .
F . Borad
Secux'ity: �:.rst lien Gn all franchise fees and
prcfess:or.a� Gr. oc�upd�1G21a1 =icenS� fe�s.
Sucn f.ur�rer ccvenar.ts �asaal to ar_ issaance o�
this type.
G. Co�ts & Fees: C1�sing cos_s �nd fees to be paid by Te��es�a.
F�es �u� lI inr_1.�:,;,e a 3� :k origi�lation fe� of
5/'8 of 1 p�int or $3,437.5�.
H. 'T�ax-Ex.em��t ion
Cr�z.di Thr ir_�erast r�tz c��-�mitte� �o herei:�
pr�supposes q�ia? ific��.ion u:zder Section 265 oL
�he I:�ternal �c�venae �o�z asszri :g apr�ropria�e
eq��iva��r:t yield to tr�e �arl�c. Sr�uld tGx laws
or tax be��fi�s �o T��e 3ank be c�ang�d so as.
tr� advzrsely �r�,pac� Tr.e 3ar_;�' s r�x equivalent
y�eld or shoulc� acticn take: by Teque�ta so
impac� '�he �?Lr_ds, The ficnds' yield ti�i�1 be
ad�'�s�ed to carnper�sa�e The Bank
nrcportiorat�ly.
I. Ceur.s�� : Ag�ro�:rzate ��r_�d Cou*�sel will be retained by
Teq�aestd . '='•.e Bank' s ccunsel must be
sata.4f ied as i:,o leaal issaes, covenants,
liabi3.izies Gn3 cther matters benefitting The
B�r.�c in proce�:�'ir.gs of this r_�t�vre.
x
, Juk�itrr Tc��e�ia
�� ;�'atiux�al E�ttl:
P�lr . Clark �ernett
May 3�., 1594
Page Th.ree
,� . Clo�ing :�
Rar_z
AYSUrGnc�: CloSing to �ccux c:� or befflre June 30, 1994.
Thz 6.15o in�eres� rate is a�sured so lcng as
�..� .�i�'d o:� 1.�-�ear L.S. Treasury Secuxa.ties
dc�s i�cr �xce?� 3. �� o i�'�rrently 7.15%? .
Thnnk y�:;u �cr the c�a�ort:<ni��� to st:bmi= thi� �rcpcsal.
Sin�Ere�y,
f
!
/
'�
�j�.,:�1�=r i�i�i,'t �c ��LiC!1�i �i�21�;
t
� �
�� ��
�., J . �f % S F'r'��S' G�?i"tL
i
/� !
/' /
� J, _
Thia �or.;mitmF::� �.� i:arew_�h aC:;°ptPd.
�%�.11aCe �f T��qu�sta
�'
� Date
,� '
,� �
Viltage of Tequesia
Refunding and Capital Improvement Bonds
Series 1996
Jupiter Tequesta Bank Proposal
PROJECT SUMMARY
Dated 7/01/1994 Delivery 7/01/1994
BOND SWRCES & USES
Par Maunt of Bonds ............................... E1,365,000,00
Transfers fran Prior issue DSR Funds .............. 95,000,00
Cash Contribution ................................. 90,000,00
7otal Sources S1,550,000.00
Costs of Issuance ................................. 26,437,50
Deposit to Project Construction Fund .............. 1,523,400,00
Contingency ....................................... 162.50
Total Uses E1,550,000,00
FLON OF FUNDS DETAIL
PROJECT CONSTRUCTION FUNO (PCF) SOLUTION METHOD NET fUNDED
Deposit to Project Construction Fund .............. 1,523,400.00
Interest.......................................... .
Transfers fran Debt Service Reserve Fund.......... -
Transfers from Capitalized Interest Fund.......... -
Total PCF Draus 1,523,400.00
CAPITALI2ED INTEREST FUND (C1F) SOLUTION METH00 GROSS FUNDED
Deposit to Capitalized lnterest Fund (CIF)........ -
Interest.......................................... -
Transfers from Debt Service Reserve Fund.......... -
Transfers from Project Construction Furid.......... -
Total CIF Draws -
BOND STATISTICS
Average Life ...................................... 9.121 1fEARS
Average Coupon .........................'........... ' 6.1500000X
Net Interest Cost (N1C) ........................... 6.1500000X
Bond Yield for Arbitrage Purposes ................. 6.1365222X
True Interest Cost (TIC) .......................... 6.1365222X
Effective Interest Cost (EIC) ..................... 6.4338612X
Florida Municipal Advisors, Inc. FILE = TE094C
Public Pinance Department 5/31/1994 4:24 PM
,
Village of Tequesta
Refunding and Capitat Improvement Bonds
Series 1994
Jupiter Tequesta Bank Proposal
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON INTEREST DEBT SERVICE
7/01/1994 - - - -
, 7/01/1995 55,000.00 6.15000X 83,947.50 138,947.50
T/01/1996 60,000.00 6.15000X 80,565.00 140,565.00
7/01/1997 65,000.00 6.15000X 76,875.00 141,875.00
; .::710a1.�998 ':''.70;000 00 :b.15000X . ?; 72,87? 50 " r142,877:50':`
7/01/1999 75,000.00 6.15000X 68,572.50 143,572.50
7/01/2000 80,000.00 6.15000X 63,960.00 143,960.00
7/01/2001 80,000.00 6.15000X 59,040.00 139,040.00
7/01/2002 90,000.00 6.15000X 54,120 00 144,120.00
<7I01Y2003 ,. .:95',000.00 b:a3000X `'.: 48,585 00 , ::1�3,585:00 ;;
� 7/01/2004 100,000.00 6.15000X 42,742.50 142,742.50
7/01/2005 105,000.00 6.15000X 36,592.50 14t,592.50
7/01/2006 110,000.00 6.15000X 30,135.00 140,135.00
7/01/2007 120,000.00 6.15000X 23,370.00 143,370.00
:7/Q112008 125,OOO.QO 6.15000X '> .95,'990.00 '74fl,990:00::'>
7/01/2009 135,000.00 6.15000X 8,302.5'0 143,302.50
TOTAL 1,365,000.00 - 765,675.00 2,130,675.00
Florida Municipat Advisors, Inc. FILE = TEC94C
Public Finance Department 5/31/1994 4:24 PM
YIELD STATISTICS
Accrued Interest fran 07/01/1994 to 07/01/1994... -
Average Life ...................................... 9.121 YEARS
BondTears ........................................ 12,450.00
Average Coupon .................................... 6.1500000X
Net Interest Cost (NIC) ........................... 6.1500000X
Bond Tield tor Arbitrage Purposes ................. 6.1365222X
True Interest Cost (TIC) .......................... 6.1365222X
Effective Interest Cost (EIC) ..................... 6.4338612X ,