The URL can be used to link to this page

Home My Public Portal AboutTAB 02.pdfVILLAGE OF KEY BISCAYNE Office of the Village Clerk Village Council Franklin H. Caplan, Mayor Michael E. Kelly, Vice Mayor Michael W. Davey Enrique Garcia Robert Gusman Mavra P. Lindsay James S. Taintor Village Clerk Conchita H. Alvarez, MMC CERTIFICATION STATE OF FLORIDA COUNTY OF MIAMI-DADE I, Conchita H. Alvarez, duly appointed Village Clerk of the Village of Key Biscayne, Florida, do hereby certify that the attached is a true and correct copy of: Resolution No. 2011-10 adopted by the Village Council on May 24, 2011. IN WITNESS WHEREOF, I hereunto set my hand and affix the Seal of the Village of Key Biscayne, Florida, this 13th day of July, 2011. nchita H. Alvarez, MMC lage Clerk lage of Key Biscayne, Florida 88 West McIntyre Street • Suite 220 • Key Biscayne, Florida 33149 • (305) 365-5506 • Fax (305) 365-8914 MISSION ST.YIIiMFNT: 'TO O PROVIDE \ SAFE, QUALITY COAI\ICNITY ENVIRONMENT FOR :ALL ISlANDERS'1'HROCGI I RESPONSIBLE GOA ERNAIENC" www.keybiscayne.fl.gov RESOLUTION NO. 2011-10 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, SELECTING BANK PROPOSAL FOR THE PURCHASE OF THE STORMWATER UTILITY REVENUE REFUNDING BONDS OF THE VILLAGE; AUTHORIZING THE VILLAGE MANAGER AND OTHERS TO NEGOTIATE FINAL TERMS AND PREPARE DOCUMENTS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Village of Key Biscayne, Florida (the "Village") recently sought proposals through a competitive bidding process for the purchase of Stoiuiwater Utility Revenue Refunding Bonds (the "Bonds") of the Village, in an aggregate principal amount not to exceed $4,505,000, for the purpose of refunding the Village's $7,200,000 Stormwater Utility Revenue Bonds, Series 1999; and WHEREAS, after careful review of the competitive bids submitted, the Village wishes to select the proposal by Pinnacle Public Finance (the "Bank") to purchase the Bonds; and WHEREAS, the Village Council finds that this Resolution is in the best interest and welfare of the residents of the Village. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section 1. Recitals Adopted. Each of the above stated recitals are hereby adopted, confirmed and incorporated herein. Section 2. Selection of Bank. The Village Council hereby selects the proposal of the Bank to purchase the bonds, a copy of which is attached as Exhibit "A" to this Resolution. If the Village and the Bank cannot negotiate a successful agreement, the Village Manager shall terminate any negotiations with the Bank and begin negotiations with the next highest ranked bidder (the "Alternate Bank"). Section 3. Village Manager and Others Authorized. The Village Manager is hereby authorized to negotiate with the Bank (and the Alternate Bank, if necessary) the final terms of the Bonds consistent with the proposal attached as Exhibit "A". The Village Attorney and Bond Counsel to the Village are hereby authorized to draft documents and to do all other things necessary to accomplish the issuance and sale of the Bonds. Section 4. Effective Date. This Resolution shall be effective immediately upon adoption. PASSED AND ADOPTED this 24th day of May, 2011. ATT 'a/if OFRANKL H. CAPLAN CHITA H. ALVAREZ, MMC, VILLAGE CL APPROVED AS TO FORM AND LEGAL SUFFI iLLAGE A'TTb� RNEY �•J 2 EXH I BIT "A" PinnaclePuhlicFinance® A BANKUNITED COMPANY May 18, 2011 VIA Electronic.. Mail Lourdes Reyes Abadin Estrada Hinojosa & Company, Inc. 2937 SW 27th Avenue, Suite 200B Miami, FL 33133 RE: Refinancing Stormwater Utility Refunding Bonds, Series 1999 Dear Ms. Abadin; Pinnacle Public Finance, a BankUnited Company, is pleased to respond to your client's financing request. Corporate Overview: Pinnacle Public Finance, a BankUnited company, is a market leader in providing tax-exempt financing directly to its state and local government clients and through its vendor programs and alliances. We are a full -service municipal finance organization with origination, underwriting, servicing, and syndication capabilities. With more than $6 billion in financing and transactional experience in every state in the U.S., our team has the knowledge and the resources to structure complex programs that require innovative, flexible financing solutions. In October 2010, BankUnited acquired the municipal finance business from Koch Financial and now operate under the name Pinnacle Public Finance. Our proposed terms and conditions are as follows: PPF: Pinnacle Public Finance, Inc. ("PPF") Lessee: Village of Key Biscayne ("Village") Issue Type: Tax -Exempt Note Amount Financed: $4,505,000.000 Security: Pledge of Stormwaster Utility Fees and all legally available funds sufficient to pay the principal and interest due on the Note. Maturity: October 2019 Interest Rate: 2.39% (Interest rate is held firm until July 18, 2011, subject to initial Council award on May 24, 201 1) 8377 E. Hartford Drive, Suite 115, Scottsdale, AZ 85255 Phone 480:419.4800 I Toll Free 1,86.6.545.2327 Village of Key Biscayne May 18, 2011 Page 2 of 3 Projected Funding Date: Credit Approval Process: Prepayment Terms: Fees/Closing Costs: Documentation: On or before July 18, 2011 Upon receipt of a completed Credit Application (see attached) and the Village's last three years audited financials statements and most recent approved budget, Pinnacle Public Finance will begin the credit review process. Final credit approval is typically completed within 5 to 10 business days. On any payment date with no prepayment penalty on or after October 1, 2014. None other than those listed herein, however the Village will be responsible for any fees or expenses with respect to their (i) issuing costs, if any, and (ii) Village's legal/bond counsel, if any. PPF is willing to finance any of the Village's expenses related to closing the transaction. It is anticipated that the transaction will be documented by the Village's legal counsel Weiss Serota at the Village's expense. This proposal is subject to final credit approval and final documentation. Please feel free to call me at 480-419-3634 with any questions or further clarification. Thank you for the opportunity to present this proposal. Sincerely, Bruce Block Vice President - Syndication & Direct Markets Village of Key Biscayne May 18, 2;01 1 Page 3 of 3 Amortization Schedule ,005,5,49,98„ $500,549.98 $4,505,000.00 Rate 2.3900%0. Payment Payment Purchase Outstanding Date i Amount .. Interest j Pri ppal j Price j Balance_ 7/18/2011 $4,505,000.00 1 10/1/2011 $241,832.98 $21,832,98. $220,000.00 $4,285,000.00 2 4/1/2012 $51,205.75 $51,205.75 $0.00 r- $4,285,000.00 3 10/1/2012 $526;205.75 $51,205.75 $4.75,000,00 $3,810,000.00 4 4/1/2013 $45,529.50 $45,529.50 $0.00 $3,810,000.00 5 10/1/2013 $535,529.50 $45,529.50 $490,000.00 $3,320,000.00 6 4/1/2014 $39,674.00 $39,674.00 $0.00 $3,320,000.00 7 10/1/2014 $549,674.00 $39,674.00 $510,000.00 $2,810,000.00 $2,810,000.00 8 4/1/2015 $33,579.50 $33,579.50 $0,00 $2,810,000.00 $2,810,000.00 9 10/1/2015 $558,579.50 $33,579.50 $525,000.00 $2,285,000.00 $2,285,000.00 10 4/1/2016 $27,305:75 $27,305.75 $0.00 $2,285,000.00 $2,285,000.00 11 10/1/2016 $572,305.75 $27,305.75 $545,000.00 $1,740,000.00 $1,740,000.00 12 4/1/2017 $20,793.00 $20,793.00 $0.00 $1,740,000.00 $1,740,000.00 13 10/1/2017 $580,793.00 $20,793.00 $560,000.00 $1,180,000.00 $1,180,000.00 14 4/1/2018 $14,101.00 $14,101,00 $0.00 $1,180,000.00 $1,180,000.00 15 10/1/2018 $594,101.00 $14,101.00 $580,000.00 $600,000.00 $600,000.00 1.6 4/1/2019 $7,170.00 $7,170.00 $0.00 $600,000.00 $600,000.00 17 10/1/2019 $607,170.00 $7,170.00 $600,000.00 $0.00 $0.00 Key Biscayne St ormwater Refinancing Bank Qualified RFP Evaluation 18 -May -11 Pa r Amount= $4,505,000 .00 Maturity Date= October 1, 2019 Bank No Rate Lock Rate Lock starting 5/25 Rate Lock thru closing Late Pmt Penalty Prepayment Penalty Fees & Expenses Additional Coniditions Bank of America 2.39% Make whole provision $ - Current docs and amort sched/Int on bonds computed on 365or366 day yr BB& T 2.2% - (69% 7 Yr LIBOR+34 b. p.) 2.27% Int Rate + 2% 1% on sched payment date $ 4,000 Chase 2.25 % Base Rate + 4% Breakage Cost $ 5,500 1.25x MADS Rate Lock Exhibit Provided 2.33% No breakage fee on or aft 10/2015 Northern Trust 3.00% 5% on Initial 2 years $ 5,000 Underwriting & Approval Process 3 wks Pinnacle Public Finance r , Ti.. r4 2.39% Int at 12% or max legal amt No Penalty on or after Oct. 1, 2014 $ Final credit approval required Sun Tru st 2.49% 2.57% Make Whole $ 4,500 1 .25x MADS bank needs to complete due diligence 2. 64% 2.72% No breakage fee or after Oct. 1, 2014 TD Bank 2. 69% 2. 85% 6.00% Yield M aintenance Fee $ 3,000 Maintain Depository Relationship/ Only Stormwater fee req as security