HomeMy Public PortalAboutTab 05.pdfSeptember 30, 2011
To: Village of Key Biscayne, Florida
Re: $2,808,952 Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds, Series 2011
Ladies and Gentlemen:
The undersigned (the "Purchaser") has agreed to purchase from the Village of Key
Biscayne, Florida (the "Village"), the Bonds referenced above (the "Bonds"). The Bonds are
being sold directly to the Purchaser.
The purpose of this letter is to furnish to the Village, pursuant to the provisions of
Subsections (2), (3) and (6) of Section 218.385, Florida Statutes, as amended, certain information
with respect to the direct purchase of the Bonds by the Purchaser, as follows:
(a) There is no managing underwriter for the Bonds.
(b) There are no "finders," as defined in Section 218.3 86, Florida Statutes, as
amended, with respect to the Bonds.
(c) There is no underwriting spread with respect to the Bonds.
(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 Bonds to any person not regularly employed or
retained by it.
(f) The name and address of the Purchaser is Pinnacle Public Finance, Inc.,
8377 E. Hartford Drive, Suite 115, Scottsdale, Arizona 85255.
(g) The Village is proposing to issue $2,808,952 of Bonds for the purpose of
refunding its $2,808,952 outstanding aggregate principal amount of
Transportation Tax Revenue Bonds, Series 2005. The Bonds are expected
to be repaid over 13 years and nine months. At an interest rate of 2.42%
per annum, total interest paid over the life of the Bonds will be $501,842.
The source of repayment or security for the Bonds is expected to be a
pledge of the Village's portion of the Charter County Transit System
Surtax and the Local Option Gas Tax (collectively, the "Pledged
Revenues"). Authorizing the Bonds will result in a maximum of
approximately $240,785 of Pledged Revenues not being available to
finance the other services of the Village each fiscal year for 13 years and
nine months.
The Purchaser understands that you require no other disclosures with
respect to the Bonds.
The Purchaser understands that the statements set forth in subparagraphs
(a) through (g) above are for informational purposes only and shall not
affect or control the actual terms and conditions of the Bonds.
Very truly yours,
PINNACLE PUBLIC FINANCE, INC.
By:
Paul aerie, President