HomeMy Public PortalAbout18) Closing Memorandum.pdfESTRADA ° H
vOIOSA
INVESTMENT BANKERS
To: All parties on attached distribution list
From: Estrada Hinojosa & Company, Inc.
A.
CLOSING MEMORANDUM
VILLAGE OF KEY BISCAYNE, FLORIDA
$6,575,000
STORMWATER UTILITY REVENUE REFUNDING AND
IMPROVEMENT REVENUE BONDS,
Date of Closing:
Time of Closing:
Location of Closing:
SERIES 2013
Tuesday, January 7, 2014
9:00 a.m.
Closing will take place via conference call.
RECEIPTS
1. Bond Proceeds — Pinnacle Public Finance
Pinnacle Public Finance, Inc. (the "Purchaser") will pay the Village of Key Biscayne (the
"Issuer") for its Stormwater Utility Revenue Refunding Bonds, Series 2013 (the "Bonds") the
amount of $6,575,000.00, computed as follows:
Principal Amount of the Bonds
Total Paid by the Purchaser for the Bonds
$6,575,000.00
$6,575,000.00
2. Issuer Contribution —Village of Key Biscayne
The Issuer will contribute $20,203.47 towards accrued interest from October 1, 2013 to
January 7, 2014.
The following is a summary of total receipts:
Total from the Purchaser $6,575,000.00
Total from the Issuer 20,203.47
Total $6,595,203.47
ESTRADA HINOJOSA & COMPANY, INC.
1717 Main Street e Suite 4700, Lorkbox 47 n Dallas, Texas 75201
(214) 658-1670. (800) 676-5352 a Fax (214) 658-1671
DAI..I_AS
AUSTIN CHICAGO
Member FI:':RA:.',IPC
HOUSTON
MIAMI SAN ANTONIO SAN DIEGO
Page 2
B. DISBURSEMENTS
The proceeds available, as described above, will be treated as follows:
1. The Issuer — The Village of Key Biscayne will wire -transfer $20,203.47 to the following,
to be applied for the defeasance of the accrued interest from October 1, 2013 to January 7,
2014 of the Stormwater Utility Revenue Refunding Bonds, Series 2011 identified:
Bank Name: BankUnited
Miami Lakes, FL
Bank Contact: Bryce Landess
Phone: 305-698-4145
ABA: 267090594
Account#: 070-9006985
Account Name: Pinnacle Public Finance, Inc.
8377 East Hartford Drive
Suite 115
Scottsdale, AZ 85255
2. The Purchaser- Pinnacle Public Finance - will internally transfer $3,170,000.00 to be
applied for the defeasance of the Stormwater Utility Revenue Refunding Bonds, Series
2011.
3. The Purchaser will wire -transfer $3,330,000.00 to the Issuer's project fund as follows:
Beneficiary: Village of Key Biscayne
Bank Name: SunTrust Bank, N.A.
Bank Contact: Hilda Irigoyen
Phone: 305-579-7179
ABA #: 061 000 104
Account #: 0597014759406
Account Name: Village of Key Biscayne Stormwater Utility Fund
88 West McIntyre Street
Key Biscayne, FL 33149
4. The Purchaser will wire -transfer $75,000.00 to pay certain cost of issuance expenses related
to the sale of the Bonds to the following:
Bank Name: Compass Bank
Preston Road, Dallas, Texas
Bank Contact: Judy Harvey
Phone: 214-360-2627
ABA#: 113 010 547
Account #: 2533879740
Account Name: Estrada Hinojosa & Company, Inc.
1717 Main Street
Suite 4700
Dallas, TX 75201
Page 3
Estrada Hinojosa is requested and instructed to provide an accounting for all expenses
associated with cost of issuance to the Issuer.
The following is a summary of the disbursements:
Disbursements Summary:
From the Issuer for the accrued interest on the 2011 Bonds (10/1/13-1/07/14) $20,203.47
From the Purchaser for the defeasance of the 2011 Bonds 3,170,000.00
From the Purchaser to the Project Fund 3,330,000.00
From the Purchaser for the Cost of Issuance 75,000.00
Total 6.595.203.47
If there are any questions regarding the above information, please call Wally Sevier at (214) 658-1670 or
Lourdes Reyes Abadin at (305) 507-0100.