HomeMy Public PortalAboutTab 10.pdfARBITRAGE CERTIFICATE
The undersigned is the Mayor of the Village of Key Biscayne, Florida (the "Village"), and
hereby certifies the following with respect to the Village's $2,808,952 Transportation Tax Revenue
Refunding Bonds, Series 2011 (the "Bonds"). The undersigned is the official charged with others
with responsibility for issuing the Bonds.
1. General.
(a) The Bonds are being issued on the date hereof pursuant to Ordinance No.
2011-9 adopted by the Village Council on August 30, 2011, and Resolution No. 2011-26 adopted by
the Village Council on August 30, 2011 (collectively, the "Bond Ordinance") to provide funds to
refund the Village's $3,500,000 Transportation Tax Revenue Bonds, Series 2005 (the "Prior
Bonds"). Capitalized terms used herein but not otherwise specifically defined have the same
meanings as when used in the Bond Ordinance.
(b) This certification is made under 26 CFR section 1.148-2(b)(2) relating to
"arbitrage bonds" as defined in Section 148 of the Internal Revenue Code of 1986, as amended (the
"Code"). Terms used herein which are not capitalized or specifically defined have the same
meanings as when used in 26 CFR sections 1.148-1 -1.148-11. The undersigned has investigated the
facts, estimates, and circumstances in existence on the date hereof. Such facts, estimates, and
circumstances, together with the expectations of the Village as to future events, are set forth in
summary form in this certificate. On the basis of such facts, estimates, and circumstances, it is not
expected that the proceeds of the Bonds will be used in any manner that would cause the Bonds to be
"arbitrage bonds" within the meaning of the Code and regulations. To the best of my knowledge and
belief, such expectations are reasonable and there are no facts, estimates, or circumstances that
would materially change them.
2. Source and Use of Proceeds.
(a) The proceeds received from the sale of the Bonds will be $2,808,952 (the
"Sale Proceeds"), representing $2,808,952 principal amount plus accrued interest of $0.
(b) None of the Sale Proceeds will be used to pay costs of issuing the Bonds.
(c) All of the Sale Proceeds, together with other available funds of the Village,
will be used on the date hereof to refund and retire the Prior Bonds.
(d) The Village reasonably expects that the project financed with the Prior Bonds
(the "Project") will continue throughout the term of the Bonds to be owned and operated by the
Village.
3. Flow of Funds.
(a) The Village is required under the Bond Ordinance on each Interest Payment
Date to deposit Pledged Revenues into the Bond Fund, which, together with other moneys therein,
are sufficient to pay the principal of and interest on the Bonds on such Interest Payment Date.
(b) The Bond Fund has been established to achieve a proper matching of revenues
and debt service within each bond year and will be depleted at least once each year (except for a
reasonable carryover amount that will not exceed the greater of one year's earnings on the Bond
Fund and 1/12 of annual debt service on the Bonds). All amounts in the Bond Fund will be expended
to pay debt service on the Bonds within 13 months of the date of receipt thereof (12 months if the
amounts are interest or income from the investment of such amounts). Amounts in the Bond Fund
will be invested without yield restrictions. Interest earnings and gains resulting from investment of
the Bond Fund will be retained therein and used to pay debt service on the Bonds.
(c) The Rebate Fund is not pledged to pay debt service on the Bonds and will not
be available if needed to pay such debt service.
4. Yield Restrictions
(a) The restrictions set forth in this Section 4 apply to taxable investments. For
this purpose, taxable investments include all investments other than obligations the interest on which
is (i) excluded from gross income for federal income tax purposes; and (ii) not an item of tax
preference for federal alternative minimum tax purposes.
(b) All Sale Proceeds are being expended on the date hereof to retire the Prior
Bonds.
(c) Amounts in the Bond Fund that are not to be used within 13 months of the
date of receipt thereof (12 months if the amounts are interest or income from the investment of such
amounts) to pay debt service on the Bonds will not be invested in taxable investments that produce a
yield over the term of the Bonds that is materially higher than the yield on the Bonds (within the
meaning of 26 CFR section 1.148-2(d)(2).
(d) There are no funds or accounts in existence or that are expected to be
established in addition to the funds referred to herein that are reasonably expected to be used
(directly or indirectly) or that will be pledged (directly or indirectly) to pay debt service on the
Bonds. There are not any amounts that have been reserved or otherwise set aside such that there is a
reasonable assurance that such amounts will be available to pay principal or interest on the Bonds.
In addition, the Village has not entered into, and does not reasonably expect to enter into within the
next thirty days, a hedge contract primarily for the purpose of reducing the Village's risk of interest
rate changes with respect to the Bonds. If any such fund or account is established after the date
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hereof, amounts in the fund or account will not be invested at a yield higher than the yield on the
Bonds to the extent necessary to preserve the federal income tax exemption of interest on the Bonds.
(e) There are no amounts held under any agreement requiring the maintenance of
amounts at a particular level for the direct or indirect benefit of the owners of the Bonds or any
guarantor of the Bonds, excluding for this purpose amounts in which the Village may grant rights
that are superior to the rights of the owners of the Bonds or any guarantor of the Bonds and amounts
that do not exceed reasonable needs for which they are maintained and as to which the required level
is tested no more frequently than every six (6) months and that may be spent without any substantial
restriction other than a requirement to replenish the amount by the next testing date.
(0 There are no amounts that have a sufficiently direct nexus to the Bonds to
conclude that the amounts would have been used for debt service on the Bonds if the proceeds of the
Bonds were not being used for those purposes.
(g) The yield on the Bonds for purposes of this Section is 2.4273%, computed on
the basis of a 30 day month and 360 day year and with interest compounded quarterly. For purposes
of computing the yield, the issue price of the Bond is $2,808,952 (the principal amount plus $0
accrued interest). See Exhibits "A" and "B" attached hereto.
(h) If any taxable investments are subject to yield restriction under this Section 4,
the yield produced by the taxable investments shall be computed over the term of the Bonds on the
basis of a 30 day month and 360 day year and with interest compounded quarterly. For purposes of
computing yield, the purchase price shall be determined as provided in 26 CFR section 1.148-5, and
yield reduction payments to the Internal Revenue Service and brokerage and selling commissions
may be taken into account to extent permitted thereunder.
5. Arbitrage Rebate. The aggregate face amount of all tax-exempt bonds (other than
private activity bonds and current refunding bonds to the extent the principal amount thereof does
not exceed the outstanding principal amount of the refunded bonds) issued by the Village during
calendar year 2011 is not expected to exceed $5,000,000. Therefore, the Village qualifies for the
exception to arbitrage rebate contained in Section 148(f)(4)(D) of the Code. In the event such
exception or another exception from rebate is not available, the Village has covenanted to satisfy the
arbitrage requirements of Section 148 of the Code including making the necessary calculations and
payments, if any, with respect to the rebate requirement. For purposes of this Section 4, "proceeds"
includes the amount of investment proceeds on the Bonds reasonably expected by the Village on the
date of issuance of the Bonds.
6. Qualified Tax -Exempt Obligations. The Prior Bonds were designated by the Village
as qualified tax-exempt obligations (as defined in section 265(b)(3)(B) of the Code). The principal
amount of the Bonds does not exceed the outstanding principal amount of the Prior Bonds, the
average maturity date of the Bonds is not later than the average maturity date of the Prior Bonds (as
shown in Exhibit "B" attached hereto prepared by the Financial Advisor to the Village), and the
Bonds have a maturity date that is not later than 30 years after the date of issuance of the Prior
3
Bonds. Accordingly, pursuant to the provisions of Section 265(b)(3)(D)(ii) of the Code, the Bonds
are treated as qualified tax-exempt obligations.
7. Miscellaneous.
(a) No more than 50 percent of the proceeds of the Bonds will be invested in
nonpurpose investments having a substantially guaranteed yield for four years or more (within the
meaning of section 149(g)(3)(A)(ii) ofthe Code). More than 85 percent of the spendable proceeds of
the Bonds (within the meaning of section 149(g)(3)(A)(ii) ofthe Code) will be reasonably expended
for the governmental purposes within three years of the date of hereof.
(b) Amounts that are subject to yield restriction under Section 4 hereof will not
be invested (directly or indirectly) in federally insured deposits or accounts (within the meaning of
section 149(b)(4)(B) of the Code) if such investment would exceed the limit of 5 percent of the
proceeds of the Bonds contained in section 149(b)(2)(B) of the Code.
(c) No portion of the proceeds of the Bonds will be used as a substitute for other
funds that were otherwise to be used as a source of financing for any portion of the Project.
(d) There are no other obligations of the Village (i) that are or will be sold within
15 days of the date hereof; and (ii) that are to be paid out of substantially the same source of funds
(or that will have substantially the same claim to be paid out of substantially the same source of
funds) as will be used to pay the Bonds.
(e) The Village has covenanted that neither the Village nor any person under the
control or direction of the Village will make any investment or use of the proceeds of the Bonds that
would cause the Bonds to be "arbitrage bonds" within the meaning of section 148 of the Code. No
portion of the proceeds of the Bonds will be intentionally used in the manner described in section
148(a)(1) or (a)(2) of the Code.
(f) The Village has covenanted that neither the Village nor any person under the
control or direction of the Village will make any use of the Project that would cause the Bonds to be
"private activity bonds" within the meaning of section 141 of the Code. The Project will be owned
and operated by the Village, and no portion of the Project will be used in the trade or business of any
person other than a governmental unit (within the meaning of section 141 of the Code).
(g) All investments of amounts deposited in any fund or account created by or
pursuant to the Bond Ordinance, or otherwise containing gross proceeds of the Bonds, within the
meaning of section 148 of the Code shall be acquired, disposed of, and valued (as of the date that
valuation is required by the Bond Ordinance or the Code) at Fair Market Value. For this purpose,
Fair Market Value means the price at which a willing buyer would purchase the investment from a
willing seller in a bona fide arm's length transaction (determined as of the date the contract to
4
purchase or sell the investment becomes binding) if the investment is traded on an established
securities market (within the meaning of section 1273 of the Code) and, otherwise the term Fair
Market Value means the acquisition price in a bona fide arm's length transaction (as referenced
above) if (i) the investment is a certificate of deposit that is acquired in accordance with applicable
regulations under the Code, (ii) the investment is an agreement with specifically negotiated
withdrawal or reinvestment provisions and a specifically negotiated interest rate (for example, a
guaranteed investment contract, a forward supply contract or other investment agreement) that is
acquired in accordance with applicable regulations under the Code, (iii) the investment is a United
States Treasury Security -State and Local Government Series that is acquired in accordance with
applicable regulations of the United States Bureau of Public Debt, or (iv) any commingled
investment fund in which the Village and related parties do not own more than a ten percent (10%)
beneficial interest therein the return paid by the fund is without regard to the source of investment.
(h) The Village will use a consistently applied accounting method to account for
investments and expenditures of proceeds of the Bonds. Allocations of Bonds proceeds to
expenditures will be made only with respect to a current outlay of cash of the expenditures. The
Village will not invest proceeds of the Bonds in a commingled fund in which the Village owns more
than 10 percent of the beneficial interest thereof. The Village will maintain books and records until
six years after the date of retirement or redemption of the Bonds sufficient to (i) establish the
accounting method used, (ii) account for all investment of proceeds of the Bonds, and (iii)
substantiate the allocation of proceeds of the Bonds to expenditures. In the event such allocations of
Bond proceeds to expenditures are not made within 60 days after the date of five years after the date
hereof, the Village will use a specific tracing accounting method to account for investment and
expenditures of proceeds of the Bonds.
[Remainder of this page intentionally left blank]
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IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 30th day of
September, 2011.
VILLAGE OF KEY BISCAYNE, FLORIDA
ranklin Caplan, ayor
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EXHIBIT "Asp
ISSUE PRICE CERTIFICATE
This certificate is delivered in connection with the issuance of $2,808,952 Village of Key
Biscayne, Florida, Transportation Tax Revenue Refunding Bonds, series 2011(the "Bonds"), being
issued on the date hereof.
Pinnacle Public Finance, Inc. (the "Purchaser") does hereby certify as follows:
1. The Purchaser is purchasing the Bonds for its own account and without any
present intent to reoffer the Bonds to the public.
2. The total amount paid as the purchase price of the Bonds is $2,808,952,
representing $2,808,952 principal amount and $0 accrued interest.
IN WITNESS WHEREOF, the Purchaser has caused this certificate to be executed in its
name on this 30th day of September, 2011 by one of its officers duly authorized as of such date.
PINNACLE PUBLIC FINANCE, INC.
By:
Paul iaerle, President
EXHIBIT "B"
REFUNDING ANALYSIS PREPARED BY FINANCIAL ADVISOR
SUMMARY OF REFUNDING RESULTS
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Dated Date
Delivery Date
Arbitrage yield
Escrow yield
Bond Par Amount
True Interest Cost
Net Interest Cost
All -In TIC
Average Coupon
Average Life
Par amount of refunded bonds
Average coupon of refunded bonds
Average life of refunded bonds
PV of prior debt to 09/30/2011 @ 2.427317%
Net PV Savings
Percentage savings of refunded bonds
Percentage savings of refunding bonds
09/30/2011
09/30/2011
2.427317%
2,808,952.45
2.427317%
2.420000%
2.702846%
2.420000%
7.383
2,808,952.45
4.090000%
7.640
3,127,629.26
268,676.81
9.565018%
9.565018%
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 1
SOURCES AND USES OF FUNDS
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Dated Date
Delivery Date
Sources:
09/30/2011
09/30/2011
Bond Proceeds:
Par Amount
Other Sources of Funds:
Issuer Contribution
2,808,952.45
50,000.00
2,858,952.45
Uses:
Refunding Escrow Deposits:
Cash Deposit
Delivery Date Expenses:
Cost of Issuance
2,808,952.45
50,000.00
2,858,952.45
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 2
SUMMARY OF BONDS REFUNDED
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Bond
Maturity Interest Par Call Call
Date Rate Amount Date Price
Series 2005, Transportation Tax Revenue Refunding Bonds, 2005:
SERIAL 01/01/2012 4.090% 38,304.01 09/30/2011 100.000
04/01/2012 4.090% 38,695.67 09/30/2011 100.000
07/01/2012 4.090% 39,091.33 09/30/2011 100.000
10/01/2012 4.090% 39,491.04 09/30/2011 100.000
01/01/2013 4.090% 39,894.83 09/30/2011 100.000
04/01/2013 4.090% 40,302.76 09/30/2011 100.000
07/01/2013 4.090% 40,714.85 09/30/2011 100.000
10/01/2013 4.090% 41,131.16 09/30/2011 100.000
01/01/2014 4.090% 41,551.73 09/30/2011 100.000
04/01/2014 4.090% 41,976.60 09/30/2011 100.000
07/01/2014 4.090% 42,405.81 09/30/2011 100.000
10/01/2014 4.090% 42,839.41 09/30/2011 100.000
01/01/2015 4.090% 43,277.44 09/30/2011 100.000
04/01/2015 4.090% 43,719.95 09/30/2011 100.000
07/01/2015 4.090% 44,166.99 09/30/2011 100.000
10/01/2015 4.090% 44,618.59 09/30/2011 100.000
01/01/2016 4.090% 45,074.82 09/30/2011 100.000
04/01/2016 4.090% 45,535.71 09/30/2011 100.000
07/01/2016 4.090% 46,001.31 09/30/2011 100.000
10/01/2016 4.090% 46,471.68 09/30/2011 100.000
01/01/2017 4.090% 46,946.85 09/30/2011 100.000
04/01/2017 4.090% 47,426.88 09/30/2011 100.000
07/01/2017 4.090% 47,911.82 09/30/2011 100.000
10/01/2017 4.090% 48,401.72 09/30/2011 100.000
01/01/2018 4.090% 48,896.63 09/30/2011 100.000
04/01/2018 4.090% 49,396.59 09/30/2011 100.000
07/01/2018 4.090% 49,901.67 09/30/2011 100.000
10/01/2018 4.090% 50,411.92 09/30/2011 100.000
01/01/2019 4.090% 50,927.38 09/30/2011 100.000
04/01/2019 4.090% 51,448.11 09/30/2011 100.000
07/01/2019 4.090% 51,974.17 09/30/2011 100.000
10/01/2019 4.090% 52,505.61 09/30/2011 100.000
01/01/2020 4.090% 53,042.48 09/30/2011 100.000
04/01/2020 4.090% 53,584.83 09/30/2011 100.000
07/01/2020 4.090% 54,132.74 09/30/2011 100.000
10/01/2020 4.090% 54,686.25 09/30/2011 100.000
01/01/2021 4.090% 55,245.41 09/30/2011 100.000
04/01/2021 4.090% 55,810.30 09/30/2011 100.000
07/01/2021 4.090% 56,380.96 09/30/2011 100.000
10/01/2021 4.090% 56,957.45 09/30/2011 100.000
01/01/2022 4.090% 57,539.84 09/30/2011 100.000
04/01/2022 4.090% 58,128.19 09/30/2011 100.000
07/01/2022 4.090% 58,722.55 09/30/2011 100.000
10/01/2022 4.090% 59,322.99 09/30/2011 100.000
01/01/2023 4.090% 59,929.57 09/30/2011 100.000
04/01/2023 4.090% 60,542.35 09/30/2011 100.000
07/01/2023 4.090% 61,161.39 09/30/2011 100.000
10/01/2023 4.090% 61,786.77 09/30/2011 100.000
01/01/2024 4.090% 62,418.54 09/30/2011 100.000
04/01/2024 4.090% 63,056.77 09/30/2011 100.000
07/01/2024 4.090% 63,701.52 09/30/2011 100.000
10/01/2024 4.090% 64,352.87 09/30/2011 100.000
01/01/2025 4.090% 65,010.88 09/30/2011 100.000
04/01/2025 4.090% 65,675.61 09/30/2011 100.000
07/01/2025 4.090% 66,347.15 09/30/2011 100.000
2,808,952.45
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 3
BOND DEBT SERVICE
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Period
Ending Principal Coupon Interest Debt Service
10/01/2012 174,190.68 2.420% 66,594.35 240,785.03
10/01/2013 178,636.78 2.420% 62,148.25 240,785.03
10/01/2014 182,999.17 2.420% 57,785.86 240,785.03
10/01/2015 187,468.11 2.420% 53,316.93 240,785.04
10/01/2016 192,046.17 2.420% 48,73 8.85 240,785.02
10/01/2017 196,736.03 2.420% 44,048.99 240,785.02
10/01/2018 201,540.43 2.420% 39,244.60 240,785.03
10/01/2019 206,462.14 2.420% 34,322.89 240,785.03
10/01/2020 211,504.07 2.420% 29,280.97 240,785.04
10/01/2021 216,669.10 2.420% 24,115.94 240,785.04
10/01/2022 221,960.25 2.420% 18,824.76 240,785.01
10/01/2023 227,380.64 2.420% 13,404.39 240,785.03
10/01/2024 232,933.40 2.420% 7,851.64 240,785.04
10/01/2025 178,425.48 2.420% 2,163.29 180,588.77
2,808,952.45 501,841.71 3,310,794.16
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 4
BOND DEBT SERVICE
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
01/01/2012 43,013.27 2.420% 17,182.99 60,196.26
04/01/2012 43,462.33 2.420% 16,73 3.93 60,196.26
07/01/2012 43,725.27 2.420% 16,470.98 60,196.25
10/01/2012 43,989.81 2.420% 16,206.45 60,196.26 240,785.03
01/01/2013 44,255.95 2.420% 15,940.31 60,196.26
04/01/2013 44,523.70 2.420% 15,672.56 60,196.26
07/01/2013 44,793.07 2.420% 15,403.19 60,196.26
10/01/2013 45,064.06 2.420% 15,132.19 60,196.25 240,785.03
01/01/2014 45,336.70 2.420% 14,859.56 60,196.26
04/01/2014 45,610.99 2.420% 14,585.27 60,196.26
07/01/2014 45,886.93 2.420% 14,309.32 60,196.25
10/01/2014 46,164.55 2.420% 14,031.71 60,196.26 240,785.03
01/01/2015 46,443.85 2.420% 13,752.41 60,196.26
04/01/2015 46,724.83 2.420% 13,471.43 60,196.26
07/01/2015 47,007.52 2.420% 13,188.74 60,196.26
10/01/2015 47,291.91 2.420% 12,904.35 60,196.26 240,785.04
01/01/2016 47,578.03 2.420% 12,618.23 60,196.26
04/01/2016 47,865.88 2.420% 12,330.38 60,196.26
07/01/2016 48,155.46 2.420% 12,040.79 60,196.25
10/01/2016 48,446.80 2.420% 11,749.45 60,196.25 240,785.02
01/01/2017 48,739.91 2.420% 11,456.35 60,196.26
04/01/2017 49,034.78 2.420% 11,161.47 60,196.25
07/01/2017 49,331.44 2.420% 10,864.81 60,196.25
10/01/2017 49,629.90 2.420% 10,566.36 60,196.26 240,785.02
01/01/2018 49,930.16 2.420% 10,266.10 60,196.26
04/01/2018 50,232.24 2.420% 9,964.02 60,196.26
07/01/2018 50,536.14 2.420% 9,660.11 60,196.25
10/01/2018 50,841.89 2.420% 9,354.37 60,196.26 240,785.03
01/01/2019 51,149.48 2.420% 9,046.78 60,196.26
04/01/2019 51,458.93 2.420% 8,737.32 60,196.25
07/01/2019 51,770.26 2.420% 8,426.00 60,196.26
10/01/2019 52,083.47 2.420% 8,112.79 60,196.26 240,785.03
01/01/2020 52,398.58 2.420% 7,797.68 60,196.26
04/01/2020 52,715.59 2.420% 7,480.67 60,196.26
07/01/2020 53,034.52 2.420% 7,161.74 60,196.26
10/01/2020 53,355.38 2.420% 6,840.88 60,196.26 240,785.04
01/01/2021 53,678.18 2.420% 6,518.08 60,196.26
04/01/2021 54,002.93 2.420% 6,193.33 60,196.26
07/01/2021 54,329.65 2.420% 5,866.61 60,196.26
10/01/2021 54,658.34 2.420% 5,537.92 60,196.26 240,785.04
01/01/2022 54,989.02 2.420% 5,207.23 60,196.25
04/01/2022 55,321.71 2.420% 4,874.55 60,196.26
07/01/2022 55,656.40 2.420% 4,539.85 60,196.25
10/01/2022 55,993.12 2.420% 4,203.13 60,196.25 240,785.01
01/01/2023 56,331.88 2.420% 3,864.37 60,196.25
04/01/2023 56,672.69 2.420% 3,523.57 60,196.26
07/01/2023 57,015.56 2.420% 3,180.70 60,196.26
10/01/2023 57,360.51 2.420% 2,835.75 60,196.26 240,785.03
01/01/2024 57,707.54 2.420% 2,488.72 60,196.26
04/01/2024 58,056.67 2.420% 2,139.59 60,196.26
07/01/2024 58,407.91 2.420% 1,788.35 60,196.26
10/01/2024 58,761.28 2.420% 1,434.98 60,196.26 240,785.04
01/01/2025 59,116.78 2.420% 1,079.47 60,196.25
04/01/2025 59,474.44 2.420% 721.82 60,196.26
07/01/2025 59,834.26 2.420% 362.00 60,196.26
10/01/2025 180,588.77
2,808,952.45 501,841.71 3,310,794.16 3,310,794.16
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 5
SAVINGS
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Date
Present Value
Prior Prior Prior Refunding to 09/30/2011
Debt Service Receipts Net Cash Flow Debt Service Savings @ 2.4273174%
10/01/2011
10/01/2012 268,102.20
10/01/2013 268,102.17
10/01/2014 268,102.20
10/01/2015 268,102.19
10/01/2016 268,102.19
10/01/2017 268,102.20
10/01/2018 268,102.18
10/01/2019 268,102.19
10/01/2020 268,102.19
10/01/2021 268,102.18
10/01/2022 268,102.19
10/01/2023 268,102.20
10/01/2024 268,102.20
10/01/2025 201,076.64
50,000.00
-50,000.00
268,102.20
268,102.17
268,102.20
268,102.19
268,102.19
268,102.20
268,102.18
268,102.19
268,102.19
268,102.18
268,102.19
268,102.20
268,102.20
201,076.64
240,785.03
240,785.03
240,785.03
240,785.04
240,785.02
240,785.02
240,785.03
240,785.03
240,785.04
240,785.04
240,785.01
240,785.03
240,785.04
180,588.77
-50,000.00
27,317.17
27,317.14
27,317.17
27,317.15
27,317.17
27,317.18
27,317.15
27,317.16
27,317.15
27,317.14
27,317.18
27,317.17
27,317.16
20,487.87
-50,000.00
26,907.14
26,265.69
25,639.59
25,028.37
24,431.75
23,849.35
23,280.79
22,725.83
22,184.07
21,655.23
21,139.04
20,635.11
20,143.20
14,791.65
3,686,405.12 50,000.00 3,636,405.12 3,310,794.16 325,610.96 268,676.81
Savings Summary
PV of savings from cash flow 268,676.81
Net PV Savings 268,676.81
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 6
SAVINGS
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Date
Prior Prior Prior Refunding
Debt Service Receipts Net Cash Flow Debt Service
Savings
Present Value
Annual to 09/30/2011
Savings @ 2.4273174%
09/30/2011
10/01/2011
01/01/2012 67,025.55
04/01/2012 67,025.55
07/01/2012 67,025.55
10/01/2012 67,025.55
01/01/2013 67,025.54
04/01/2013 67,025.55
07/01/2013 67,025.54
10/01/2013 67,025.54
01/01/2014 67,025.55
04/01/2014 67,025.55
07/01/2014 67,025.55
10/01/2014 67,025.55
01/01/2015 67,025.55
04/01/2015 67,025.55
07/01/2015 67,025.55
10/01/2015 67,025.54
01/01/2016 67,025.55
04/01/2016 67,025.55
07/01/2016 67,025.54
10/01/2016 67,025.55
01/01/2017 67,025.55
04/01/2017 67,025.55
07/01/2017 67,025.55
10/01/2017 67,025.55
01/01/2018 67,025.55
04/01/2018 67,025.54
07/01/2018 67,025.54
10/01/2018 67,025.55
01/01/2019 67,025.55
04/01/2019 67,025.54
07/01/2019 67,025.55
10/01/2019 67,025.55
01/01/2020 67,025.55
04/01/2020 67,025.54
07/01/2020 67,025.55
10/01/2020 67,025.55
01/01/2021 67,025.54
04/01/2021 67,025.55
07/01/2021 67,025.55
10/01/2021 67,025.54
01/01/2022 67,025.54
04/01/2022 67,025.55
07/01/2022 67,025.55
10/01/2022 67,025.55
01/01/2023 67,025.55
04/01/2023 67,025.55
07/01/2023 67,025.55
10/01/2023 67,025.55
01/01/2024 67,025.55
04/01/2024 67,025.55
07/01/2024 67,025.55
10/01/2024 67,025.55
01/01/2025 67,025.55
04/01/2025 67,025.54
07/01/2025 67,025.55
10/01/2025
50,000.00 -50,000.00
67,025.55
67,025.55
67,025.55
67,025.55
67,025.54
67,025.55
67,025.54
67,025.54
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.54
67,025.55
67,025.55
67,025.54
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.54
67,025.54
67,025.55
67,025.55
67,025.54
67,025.55
67,025.55
67,025.55
67,025.54
67,025.55
67,025.55
67,025.54
67,025.55
67,025.55
67,025.54
67,025.54
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.55
67,025.54
67,025.55
60,196.26
60,196.26
60,196.25
60,196.26
60,196.26
60,196.26
60,196.26
60,196.25
60,196.26
60,196.26
60,196.25
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.25
60,196.25
60,196.26
60,196.25
60,196.25
60,196.26
60,196.26
60,196.26
60,196.25
60,196.26
60,196.26
60,196.25
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.25
60,196.26
60,196.25
60,196.25
60,196.25
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.26
60,196.25
60,196.26
60,196.26
-50,000.00 -50,000.00
-50,000.00
6,829.29
6,829.29
6,829.30
6,829.29
6,829.28
6,829.29
6,829.28
6,829.29
6,829.29
6,829.29
6,829.30
6,829.29
6,829.29
6,829.29
6,829.29
6,829.28
6,829.29
6,829.29
6,829.29
6,829.30
6,829.29
6,829.30
6,829.30
6,829.29
6,829.29
6,829.28
6,829.29
6,829.29
6,829.29
6,829.29
6,829.29
6,829.29
6,829.29
6,829.28
6,829.29
6,829.29
6,829.28
6,829.29
6,829.29
6,829.28
6,829.29
6,829.29
6,829.30
6,829.30
6,829.30
6,829.29
6,829.29
6,829.29
6,829.29
6,829.29
6,829.29
6,829.29
6,829.30
6,829.28
6,829.29
27,317.17
27,317.14
27,317.17
27,317.15
27,317.17
27,317.18
27,317.15
27,317.16
27,317.15
27,317.14
27,317.18
27,317.17
27,317.16
20,487.87
6,787.77
6,746.95
6,706.38
6,666.04
6,625.95
6,586.11
6,546.50
6,507.14
6,468.01
6,429.11
6,390.46
6,352.02
6,313.82
6,275.85
6,238.11
6,200.59
6,163.31
6,126.24
6,089.40
6,052.79
6,016.39
5,980.21
5,944.25
5,908.50
5,872.96
5,837.64
5,802.54
5,767.65
5,732.96
5,698.49
5,664.22
5,630.16
5,596.30
5,562.64
5,529.19
5,495.94
5,462.88
5,430.04
5,397.39
5,364.92
5,332.67
5,300.60
5,268.73
5,237.05
5,205.55
5,174.24
5,143.12
5,112.20
5,081.45
5,050.90
5,020.52
4,990.33
4,960.33
4,930.48
4,900.84
3,686,405.12 50,000.00 3,636,405.12 3,310,794.16 325,610.96 325,610.96 268,676.81
Savings Summary
PV of savings from cash flow 268,676.81
Net PV Savings 268,676.81
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 7
BOND PRICING
Village of Key Biscayne, Florida
Transportation Tax Revenue Refunding Bonds
Series 2011
FINAL
Bond Component
Maturity
Date Amount Rate Yield Price
Serial Bonds:
01/01/2012 43,013.27 2.420% 2.420% 100.000
04/01/2012 43,462.33 2.420% 2.420% 100.000
07/01/2012 43,725.27 2.420% 2.420% 100.000
10/01/2012 43,989.81 2.420% 2.420% 100.000
01/01/2013 44,255.95 2.420% 2.420% 100.000
04/01/2013 44,523.70 2.420% 2.420% 100.000
07/01/2013 44,793.07 2.420% 2.420% 100.000
10/01/2013 45,064.06 2.420% 2.420% 100.000
01/01/2014 45,336.70 2.420% 2.420% 100.000
04/01/2014 45,610.99 2.420% 2.420% 100.000
07/01/2014 45,886.93 2.420% 2.420% 100.000
10/01/2014 46,164.55 2.420% 2.420% 100.000
01/01/2015 46,443.85 2.420% 2.420% 100.000
04/01/2015 46,724.83 2.420% 2.420% 100.000
07/01/2015 47,007.52 2.420% 2.420% 100.000
10/01/2015 47,291.91 2.420% 2.420% 100.000
01/01/2016 47,578.03 2.420% 2.420% 100.000
04/01/2016 47,865.88 2.420% 2.420% 100.000
07/01/2016 48,155.46 2.420% 2.420% 100.000
10/01/2016 48,446.80 2.420% 2.420% 100.000
01/01/2017 48,739.91 2.420% 2.420% 100.000
04/01/2017 49,034.78 2.420% 2.420% 100.000
07/01/2017 49,331.44 2.420% 2.420% 100.000
10/01/2017 49,629.90 2.420% 2.420% 100.000
01/01/2018 49,930.16 2.420% 2.420% 100.000
04/01/2018 50,232.24 2.420% 2.420% 100.000
07/01/2018 50,536.14 2.420% 2.420% 100.000
10/01/2018 50, 841.89 2.420% 2.420% 100.000
01/01/2019 51,149.48 2.420% 2.420% 100.000
04/01/2019 51,458.93 2.420% 2.420% 100.000
07/01/2019 51, 770.26 2.420% 2.420% 100.000
10/01/2019 52,083.47 2.420% 2.420% 100.000
01/01/2020 52,398.58 2.420% 2.420% 100.000
04/01/2020 52,715.59 2.420% 2.420% 100.000
07/01/2020 53,034.52 2.420% 2.420% 100.000
10/01/2020 53,355.38 2.420% 2.420% 100.000
01/01/2021 53,678.18 2.420% 2.420% 100.000
04/01/2021 54,002.93 2.420% 2.420% 100.000
07/01/2021 54,329.65 2.420% 2.420% 100.000
10/01/2021 54,658.34 2.420% 2.420% 100.000
01/01/2022 54,989.02 2.420% 2.420% 100.000
04/01/2022 55,321.71 2.420% 2.420% 100.000
07/01/2022 55,656.40 2.420% 2.420% 100.000
10/01/2022 55,993.12 2.420% 2.420% 100.000
01/01/2023 56,331.88 2.420% 2.420% 100.000
04/01/2023 56,672.69 2.420% 2.420% 100.000
07/01/2023 57,015.56 2.420% 2.420% 100.000
10/01/2023 57,360.51 2.420% 2.420% 100.000
01/01/2024 57, 707.54 2.420% 2.420% 100.000
04/01/2024 58,056.67 2.420% 2.420% 100.000
07/01/2024 58,407.91 2.420% 2.420% 100.000
10/01/2024 58,761.28 2.420% 2.420% 100.000
01/01/2025 59,116.78 2.420% 2.420% 100.000
04/01/2025 59,474.44 2.420% 2.420% 100.000
07/01/2025 59,834.26 2.420% 2.420% 100.000
2,808,952.45
Dated Date 09/30/2011
Delivery Date 09/30/2011
First Coupon 01/01/2012
Par Amount
Original Issue Discount
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
2,808,952.45
2,808,952.45 100.000000%
2, 808, 952.45 100.000000%
2,808,952.45
Sep 21, 2011 2:37 pm Prepared by Estrada Hinojosa & Company, Inc. (mv) (Finance 6.020 KeyBisc_Transport...:20110816-RC01,RC01) Page 8