HomeMy Public PortalAboutTab 18.pdfS -RA
September 28, 201.1.
To: All parties on attached distribution list
From: Wally Sevier, Estrada Hinojosa & Company, Inc.
CLOSING MEMORANDUM
VILLAGE OF KEY BISCAYNE, FLORIDA
$2,808,952.45
TRANSPORTATION TAX REVENUE REFUNDING BONDS,
SERIES 2011
Date of Closing: Friday, September 30, 2011
Time of Closing: 9:30 AM (EDT)
Location of Closing: Closing will take place via conference call.
A. DISBURSEMENTS
1. SunTrust Bank (the "Owner of the Transportation Tax Revenue Bonds, Series 2005") will
debit the Village of Key Biscayne Operating Account #59.7014301906 $78,621.47,
representing the principal and interest payment on its Transportation Tax Revenue Bonds,
Series 2005 due on October 1, 2011:
Bank Name: SunTrust Bank
For Further Credit to: Village of Key Biscayne - Obligor: 0040334913
Obligation #91 — Principal Payment: $49,716.35 and Interest: $28,905.12
2. The Issuer (the "Village of Key Biscayne") 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 #: 2533879740 (New Account Number)
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.
ESTRADAHIN0jOSA & COMPANY, INC.:
1717
{'d7 Main Street. \<>' Suite 4700„ 4.iO. Lockbo..x. .a`;`yam o Dallas, • ,e, as 75201
"201
t214) 858-1670 (800) .67&5352. &5352 Fax(214) 658-1671
t
DRAFT
9/28/2011, 11:10 AM
> S AUSTIN CHICAGO HOUSTON SAN ANTO 410 SAN DIEGO
Page 2
3. Pinnacle Public Finance, Inc. (the "Purchaser") will wire -transfer $2,808,952.45 to the
following. to be applied for the defeasance of the Transportation Tax Revenue Bonds.
Series 2005 identified in Schedule I herein.
Bank: SunTrust Bank
ABA #: 061 000 104
Beneficiary Name: Commercial Credit Services
Beneficiary A/C#: 9088000112
For Further Credit to: Village of Key Biscayne — Obligor: 0040334913
Obligation #91 — Payoff amount: $2,808,952.45
The following is a summary of the disbursements:
Disbursements:
Principal and interest payment by the Issuer
Cost of Issuance by the Issuer Contribution
Cash Deposit from the Purchaser for Bond Defeasance
Total
If there are any questions regardin he above information, please call (214) 658-1670.
Approved b
illage of Key Biscayne
Pinnacle Public Finance, Inc.
78,621.47
50,000.00
2,808,952.45
$2,937,573.92
DRAFT
9/2'8.'2011. 11:10 AM
Page 2
3. Pinnacle Public Finance, Inc. ( the "Purchaser") will wire -transfer $2,808,952.45 to the
following, tobe
win applied for the defeasance of the Transportation Tax Revenue Bonds,
Series 2005 identified in. Schedule 1 herein.
Bank:
ABA #:
Beneficiary Name:
Beneficiary A/C#:
For Further Credit to:
SunTrust Bank
061 000 104
Commercial Credit Services
9088000112
Village of Key Biscayne — Obligor: 0040334913
Obligation #91 — Payoff amount: $2,808,952.45
The following is a summary of the disbursements:
Disbursements:
Principal and interest payment by the Issuer
Cost of Issuance by the Issuer Contribution
Cash _ Deposit from the Purchaser for Bond Defeasance
Total
If there are any . questions g regarding the above information, please call (214) 658-1670.
Approvedby w4�......�.�u�.......�. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Village of Key Biscayne
Pinnacle Public
e, Inc.
786211 4
DRAFT
9/28/2011, 11:10 AA1
Page 3
SCHEDULE I
SCHEDULE OF REFUNDED OBLIGATIONS
Bond
Transp ortation Tax Revenue Bonds,
Series 2005
M aturity Interest Par Call Call
Date Rate Amount Date Price
1/1/2012 4.090% $ 38,304.01 9/30/2011 100.00
4/1/2012 4.090% 38,695.67 9/30/2011 100.00
7/1/2012 4.090% 39,091.33 9/30/2011 100.00
10/1/2012 4.090% 39,491.04 9/30/2011 100.00
1/1/2013 4.090% 39,894.83 9/30/2011 100.00
4/1/2013 4.090% 40,302.76 9/30/2011 100.00
7/1/2013 4.090% 40,714.85 9/30/2011 100.00
10/1/2013 4.090% 41,131.16 9/30/2011 100.00
1/1/2014 4.090% 41,551.73 9/30/2011 100.00
4/1/2014 4.090% 41,976.60 9/30/2011 100.00
7/1/2014 4.090% 42,405.81 9/30/2011 100.00
10/1/2014 4.090% 42,839.41 9/30/2011 100.00
1/1/2015 4.090% 43,277.44 9/30/2011 100.00
4/1/2015 4.090% 43,719.95 9/30/2011 100.00
7/1/2015 4.090% 44,166.99 9/30/2011 100.00
10/1/2015 4.090% 44,618.59 9/30/2011 100.00
1/1/2016 4.090% 45,074.82 9/30/2011 100.00
4/1/2016 4.090% 45,535.71 9/30/2011 100.00
7/1/2016 4.090% 46,001.31 9/30/2011 100.00
10/1/2016 4.090% 46,471.68 9/30/2011 100.00
1/1/2017 4.090% 46,946.85 9/30/2011 100.00
4/1/2017 4.090% 47,426.88 9/30/2011 100.00
7/1/2017 4.090% 47,911.82 9/30/2011 100.00
10/1/2017 4.090% 48,401.72 9/30/2011 100.00
1/1/2018 4.090% 48,896.63 9/30/2011 100.00
4/1/2018 4.090% 49,396.59 9/30/2011 100.00
7/1/2018 4.090% 49,901.67 9/30/2011 100.00
10/1/2018 4,090% 50,411.92 9/30/2011 100.00
1/1/2019 4.090% 50,927.38 9/30/2011 100.00
4/1/2019 4.090% 51,448.11 9/30/2011 100.00
7/1/2019 4.090% 51,974.17 9/30/2011 100.00
10/1/2019 4.090% 52,505.61 9/30/2011 100.00
1/1/2020 4.090% 53,042.48 9/30/2011 100.00
4/1/2020 4.090% 53,584.83 9/30/2011 100.00
7/1/2020 4.090% 54,132.74 9/30/2011 100.00
10/1/2020 4.090% 54,686.25 9/30/2011 100.00
1/1/2021 4.090% 55,245.41 9/30/2011 100.00
4/1/2021 4.090% 55,810.30 9/30/2011 100.00
7/1/2021 4.090% 56,3 80.96 9/30/2011 100.00
10/1/2021 4.090% 56,957.45 9/30/2011 100.00
1/1/2022 4.090% 57,539.84 9/30/2011 100.00
4/1/2022 4.090% 58,128.19 9/30/2011 100.00
7/1/2022 4.090% 58,722.55 9/30/2011 100.00
10/1/2022 4.090% 59,322.99 9/30/2011 100.00
1/1/2023 4.090% 59,929.57 9/30/2011 100.00
4/1/2023 4.090% 60,542.35 9/30/2011 100.00
7/1/2023 4.090% 61,161.39 9/30/2011 100.00
10/1/2023 4.090% 61,786.77 9/30/2011 100.00
1/1/2024 4.090% 62,418.54 9/30/2011 100.00
4/1/2024 4.090% 63,056.77 9/30/2011 100.00
7/1/2024 4.090% 63,701.52 9/30/2011 100.00
10/1/2024 4.090% 64,352.87 9/30/2011 100.00
1/1/2025 4.090% 65,010.88 9/30/2011 100.00
4/1/2025 4.090% 65,675.61 9/30/2011 100.00
7/1/2025 4.090% 66,347.15 9/30/2011 100.00
2,808,952.45
DRAFT
9/28/2011, 11:10 AM