HomeMy Public PortalAbout4-Purchasers Disclosure Statement.pdfJanuary 15, 2021
To: Village of Key Biscayne, Florida
Re: $11,238,000 Village of Key Biscayne, Florida
Capital Improvement Revenue Refunding Bond, Series 2021
Ladies and Gentlemen:
The undersigned (the “Purchaser”) has agreed to purchase from the Village of Key
Biscayne, Florida (the “Village”), the Bond referenced above (the “Bond”). The Bond is being
sold directly to the Purchaser.
The purpose of this letter is to furnish, pursuant to the provisions of Subsections (2), (3)
and (6) of Section 218.385, Florida Statutes, as amended, certain information with respect to the
purchase and sale of Bond, as follows:
(a) There is no managing underwriter for the Bond.
(b) There are no “finders,” as defined in Section 218.386, Florida Statutes, as
amended, with respect to the Bond.
(c) There is no underwriting spread with respect to the Bond.
(d) No management fee will be charged by the Purchaser. No commitment fee
will be charged by the Purchaser.
(e) No fee, bonus or other compensation will be paid by the Purchaser in
connection with the Bond to any person not regularly employed or retained
by it , other than a fee of $7,500 to Kutak Rock LLP as counsel to the
Purchaser.
(f) The name and address of the Purchaser is Key Government Finance, Inc.,
1000 South McCaslin Blvd., Superior, CO 80027.
(g) The Village is proposing to issue a Bond in the aggregate principal amount
of $11,238,000 for the purpose of refunding the Village’s $1,865,000
Capital Improvement and Land Acquisition Revenue Refunding Bonds,
Series 2011, its $7,130,000 Capital Improvement Revenue Refunding
Bonds, Series 2011B, its $5,575,000 School Improvement Revenue Bonds,
Series 2012, its $4,575,000 School Improvement Revenue Bonds, Series
2014 and its $3,490,000 Sewer Improvement Revenue Bonds, Series 2016.
The Bond is expected to be repaid over approximately 11.7 years. At an
interest rate of 1.235%, total interest paid over the life of Bond will be
$658,890.78. The source of repayment or security for the Bond is a
2
covenant to budget and appropriate from legally available Non-Ad
Valorem Revenues. Authorizing the Bond will result in a maximum of
approximately $1,937,646.46 of Non-Ad Valorem Revenues not being
available to finance the other services of the Village each fiscal year for
approximately 11.7 years.
(h) The Purchaser understands that you require no other disclosures with
respect to the Bond.
[Signature Page Follows]
Very truly yours,
KEY GOVERNMENT FINANCE, INC.
By: Y—Kie
Name: Thomas Parachini
Title: Senior Vice President
Signature Page to
Purchaser's Disclosure Statement