HomeMy Public PortalAboutTAB 19.pdfESTRADA*HINOJOSA
INVESTMENT BANKERS
July 12, 2011
To: All parties on attached distribution list
From: Wally Sevier, Estrada Hinojosa & Company, Inc.
CLOSING MEMORANDUM
VILLAGE OF KEY BISCAYNE, FLORIDA
$4,450,000
STORMWATER UTILITY REVENUE REFUNDING BONDS,
SERIES 2011
Date of Closing: Monday, July 18, 2011
Time of Closing: 9:00 a.m.
Location of Closing: Closing will take place via conference call.
A. RECEIPTS
1. Bond Proceeds
Pinnacle Public Finance, Inc. (the "Purchaser") will pay the Village of Key Biscayne (the
"Issuer") for its Stormwater Utility Revenue Refunding Bonds, Series 2011 (the "Bonds") the
amount of $4,450,000.00, computed as follows:
Principal Amount of the Bonds
Total Paid by the Purchaser for the Bonds
2. Issuer Contribution
The Issuer will contribute $58,560.77.
The following is a summary of total receipts:
Total from the Purchaser $4,450,000.00
Total from the Issuer 58,560.77
Total $4,508,560.77
ESTRADA HINOJOSA & COMPANY, INC.
1717 Main Street • Suite 4700, Lockbox 47 • Dallas, Texas 75201
(214) 658-1670 • (800) 676-5352 • Fax (214) 658-1671
$4,450,000.00
$4,450,000.00
FINAL
7/12/2011, 3:30 PM
Member FINRAISIPC
DALLAS AUSTIN CHICAGO HOUSTON MIAMI SAN ANTONIO SAN DIEGO
Page 2
B. DISBURSEMENTS
The proceeds available, as described above, will be treated as follows:
1. The Issuer will wire -transfer $8,560.77 to the following, to be applied for the defeasance
of the Stormwater Utility Revenue Bonds, Series 1999 identified in Schedule I herein.
Bank: Bank of America, New York, NY
ABA #: 026 009 593
Account #: 1366211001000
Ref: VILLAGE OF KEY BISCAYNE FL-21-XXXXXX9018-265
Attn: Transaction Processing
2. The Issuer will wire -transfer $50,000.00 to pay certain cost of issuance expenses related to
the sale of the Bonds to the following:
ABA#: 113 010 547
Bank Name: Compass Bank
Preston Road, Dallas, Texas
Account #: 2513706696
REF: Estrada Hinojosa & Company, Inc.
Estrada Hinojosa is requested and instructed to provide an accounting for all expenses
associated with cost of issuance to the Issuer.
3. The Purchaser will wire -transfer $4,450,000.00 to the following, to be applied for the
defeasance of the Stormwater Utility Revenue Bonds, Series 1999 identified in Schedule I
herein.
Bank: Bank of America, New York, NY
ABA #: 026 009 593
Account #: 1366211001000
Ref: VILLAGE OF KEY BISCAYNE FL-21-XXXXXX9018-265
Attn: Transaction Processing
The following is a summary of the disbursements:
Disbursements:
Deposit from the Issuer to Bank of America $8,560.77
Cost of Issuance 50,000.00
Deposit from the Purchaser to Bank of America 4,450,000.00
Total $4,508,560.77
If there are any questions regarding the above information, please call (214) 658-1670.
FINAL
7/12/2011, 3:30 PM
Page 3
SCHEDULE I
SCHEDULE OF REFUNDED OBLIGATIONS
Bond
Stormwater Utility Revenue Bonds,
Series 1999
Maturity Interest Par Call Call
Date Rate Amount Date Price
Serials 10/1/2011 4.130% $ 405,000.00 7/18/2011 100.00
10/1/2012 4.130% 425,000.00 7/18/2011 100.00
10/1/2013 4.130% 445,000.00 7/18/2011 100.00
10/1/2014 4.130% 465,000.00 7/18/2011 100.00
10/1/2015 4.130% 490,000.00 7/18/2011 100.00
10/1/2016 4.130% 515,000.00 7/18/2011 100.00
10/1/2017 4.130% 540,000.00 7/18/2011 100.00
10/1/2018 4.130% 570,000.00 7/18/2011 100.00
10/1/2019 4.130% 595,000.00 7/18/2011 100.00
$ 4,450,000.00
FINAL
7/12/2011, 3:30 PM