HomeMy Public PortalAbout2011 Confidential Commitment Letter.tifitele"
Su TRusrs.
Government Division
8699 NW 36 Street
Miami, Florida 33166
Steve T. Leth,
Senior Vice President
Relationship Manager
Tel: 305-597-6601
steve.leth@suntrust.com
suntrust.com
CONFIDENTIAL COMMITMENT LETTER
June 22, 2011 (supersedes June 16, 2011 Commitment Letter)
Village Clerk
Village Manager
Village Financial Advisor
$7,150,000 and $2,200,000
calvarez@kevbiscayne.fl.gov
chip@keybiscayne.fl.gov
keybiscayne.fl.gov
Abadin@ehmuni.com
RE: Refunding Capital Improvement Revenue Bonds
A) Series 2002 for the Village of Key Biscayne
$7,150,000.00 and
B) Series 2004 for the Village of Key Biscayne
$2,200,000.00
in an amount not to exceed
in an amount not to exceed
Dear Ms. Lourdes Abadin as Financial Advisor for the Village of Key Biscayne:
SunTrust Bank (the "Bank") is pleased to provide this commitment (the "Commitment")
would supersede any other agreement and is intended to be complete in form and
substance. This Commitment is in response to the Village of Key Biscayne ( the
"Borrower") request to refund the Bank and Borrower's original Series 2002 and Series
2004 Bonds by issuing two new Capital Improvement Revenue Bonds Series 2011 A in
an amount not to exceed the lesser of $7,150,000.00 or the principal amount outstanding
on date of refunding (estimated to be $7,130,000.00) and Series 2011 B in amount not to
exceed the lesser of $2,200,000.00 or the principal amount outstanding ( estimated to be
$1,865,000.00). The Bank's solution will be two Bank Qualified Tax Exempt Bonds (the
"Facility "or the "Bond") to the Village of Key Biscayne, Florida (the "Borrower" or the
"Village ") based substantially on the summary of terms and conditions set forth on
Annex I attached hereto. (Annex I, together with this letter: the "Commitment Letter").
This commitment is subject to: (i) the preparation, execution and delivery of mutually
acceptable loan documentation, including a note incorporating substantially the terms and
conditions set forth in the Term Sheet; (ii) the absence of a material adverse change in the
business, condition (financial or otherwise), results of operations, properties or prospects
of the Borrower and its subsidiaries (if any) as reflected in its financial statements as of
9/30/2010 audited CAFR.; (iii) the accuracy of all representations which you have made
or will make to the Bank and all information that you furnish to us and your compliance
with the terms of this Commitment Letter; and (iv) a closing of the Facility on or prior to
August 1, 2011.
Although the following provisions, terms and conditions are intended to be
comprehensive, they are not necessarily inclusive of all the anticipated terms that will be
applicable to the credit and does not purport to summarize all of the conditions,
covenants, definitions, representations, warranties, events of default or other provisions
that may be contained in documents required to consummate this financing. All of such
terms will be set forth in the final, definitive loan documents, and all such terms must be
acceptable to the Bank and its counsel. This financing proposal is contingent upon the
accuracy of all facts, statements and financial information submitted to the Bank by the
Borrower and is conditioned upon the terms outlined in the attached Term Sheet.
The Borrower hereby agrees to pay, or reimburse the Bank on demand for counsel fees as
specified on the term sheet attached hereto. Such fees are payable for, all reasonable
costs and expenses incurred by the Bank (whether before or after the date hereof) in
connection with this Commitment Letter and the transactions contemplated hereunder
only if the transactions close, including without limitation the reasonable costs and
expenses of the Bank's counsel (including in-house counsel), incurred in connection with
the enforcement of its rights and remedies hereunder. Your obligation in respect of such
costs and expenses shall survive the expiration or termination of this Commitment Letter.
This Commitment Letter shall constitute a binding obligation of the Bank for all purposes
immediately upon the acceptance hereof by the Borrower in the manner provided herein.
Notwithstanding any other provision of this Commitment Letter, the Bank's commitments
and undertakings as set forth herein shall not be or become effective for any purpose
unless and until this Commitment Letter shall have been accepted by the Borrower in the
manner specified below.
If you are in agreement with the foregoing, please sign and return the enclosed copy of
this Commitment Letter to the Bank at its office located at 8699 NW 36 Street,
Second Floor, Doral, Florida 33161 Attention: Steve Leth, Senior Vice President,
Steve.Leth@suntrust.com . Unless the Bank receives such copy of this Commitment
Letter duly executed by an authorized officer of the Borrower prior to 2:00 PM p.m.
(EST), on June 22, 2011, the Bank's obligations hereunder shall terminate on such date.
In no event shall the Bank have any obligation to make the Facility available unless the
closing shall have occurred on or prior to August 1, 2011. The Bank understands and
acknowledges that the issuance of the bonds is subject to final approval by the Village.
In addition to the foregoing, this Commitment Letter may be terminated at any time by
mutual agreement.
This document is confidential and proprietary and shall not be disclosed.
This Commitment Letter is solely for the benefit of the Borrower and the Bank, and no
provision hereof shall be deemed to confer rights on any other person or entity. This
Commitment Letter may not be assigned by the Borrower to any other person or entity,
but the obligations of the Borrower hereunder shall be binding upon the successors of the
Borrower.
THIS COMMITMENT LETTER WILL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS AND
TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
BORROWER AND THE BANK HEREBY WAIVES JURY TRIAL IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS
COMMITMENT LETTER OR ANY OTHER DOCUMENTS CONTEMPLATED
HEREBY.
This Commitment Letter may be executed in any number of separate counterparts, each
of which shall collectively and separately, constitute one agreement. Upon acceptance by
you as provided herein, this Commitment Letter shall supersede all understandings and
agreements between the parties hereto in respect of the transactions contemplated hereby.
Sincerel
Steve Leth, Senior Vice President
SunTrust Bank
Institutional & Governmental Banking Group
BORR
R ACCE S THE COMMITMENT:
Name /Title/Date
t,Cl16 \ es i 66
'\) ijorYt.ii t•-• /
Name/Title/Date
Term Sheet
June 22, 2011
Borrower: Village of Key Biscayne ("Village")
Key Biscayne, Florida
Bank: SunTrust Bank
Contact: Steve T. Leth, Senior Vice President
Relationship Manager
8699 NW 36 Street
Second Floor
Doral, Florida 33161
Steve.Leth@suntrust.com
Phone: 305-597-6601 (w)
305-763-9045 (c)
Facility Type:
A) Series 2001 A: Bank Qualified in the form of a tax-
exempt bond (the "Bond" or "Facility") up to the lesser of
an amount not to exceed $7,150,000.00 or the amount
necessary to fully refund Series 2002 Bond (estimated
outstanding on funding date to be $7,130,000.00). The
Bond will be a "Qualified Tax Exempt" obligation under
Section 265(b) (3) of the Internal Revenue of 1986.
B) Series 2011 B: Bank Qualified in the form of a tax
exempt bond (the "Bond" or "Facility") up to the lesser
of an amount not to exceed $2,200,000.00 or the
amount necessary to fully refund Series 2004 Bond (
estimated outstanding on funding date to be
$1,865,000.00). The Bond will be a "Qualified Tax
Exempt" obligation under Section 265(b) (3) of the
Internal Revenue of 1986.
Purpose The proceeds from the 2011 Series A and B Capital
Improvement Revenue Bonds will be used to refund the
original Series 2002 and 2004 Capital Improvement
Revenue Bonds currently with SunTrust Bank for the
respective principal balances outstanding under said
referenced bonds.
Amount: Up to the lesser of an amount not to exceed $7,150,000.00
or the amount necessary to fully refund Series 2002 Bond
(estimated outstanding on funding date to be
$7,130,000.00).
Up to the lesser of an amount not to exceed $2,200,000.00
or the amount necessary to fully refund Series 2004 Bond (
estimated outstanding on funding date to be
$1,865,000.00).
Security:
The Village agrees to a Covenant, Budget and Appropriate
lawfully available funds in each fiscal year, if necessary, in
amounts sufficient to service debt and shall be cumulative
to the extent not paid, and shall continue until such revenue
or other legally available funds in amounts sufficient to
make all such required payments shall have been budgeted,
appropriated and actually paid.
Maturity Date: A) Series 2011 A: November 1, 2022
B) Series 2011 B: November 1, 2022
Amortization: Principal and interest payable quarterly commencing
November 1, 2011 final principal and interest payment due
November 1, 2022 and structured to achieve an
approximate level debt service.
Interest Repayment: Quarterly: Interest will be payable quarterly commencing
November 1, 2011 and quarterly thereafter. The interest
rate will accrue and be payable based upon a 30/360
interest rate calculation for actual number of days lapsed
and reflect the rate applicable for a Bank Qualified tax
exempt rate.
Interest Rate
Rate Lock 45 days
For both Series 2011 "A" and "B" Bonds, The Village can
obtain a guaranteed rate lock for 45 days from the date of
this proposal by providing Bank written notice on or before
June 22, 2011 and upon such timely notice Bank will lock
in the Bank Qualified rate as follows:
45 day Rate Lock:
Rate Lock with no Make Whole Provision *: 2.41
(Village can prepay without penalty with 60 days written
notice to Bank)
Amortization Schedule
*Make Whole Provision
After -Tax Yield
Maintenance
Attached hereto are the actual amortization schedules
Series 2011A in the amount of $7,130,000.00 and Series
2011B in the amount of $1,865,000.00.
Prepayment is allowed subject to standard Make Whole
Provision. The Borrower may prepay the Loan at anytime
upon three Business Days' prior written notice to SunTrust.
The Borrower may be required to pay SunTrust an
additional fee (a prepayment charge) determined in the
manner provided below, to compensate SunTrust for all
losses, costs and expenses incurred in connection with such
prepayment .The fee shall be equal to the present value of
the difference between (1) the amount that would have
been realized by SurTrust on the prepaid amount for the
remaining term of the loan at the Federal Reserve H.15
Statistical Release rate for fixed-rate payers in interest rate
swaps for a term corresponding to the term of the Note,
interpolated to the nearest month, if necessary, that was in
effect three Business Days prior to the origination date of
the Note and (2) the amount that would be realized by
SunTrust by reinvesting such prepaid funds for the
remaining term of the loan at the Federal Reserve H.15
Statistical Release rate for fixed-rate payers in interest rate
swaps, interpolated to the nearest month, that was in effect
three Business Days prior to the loan repayment date; both
discounted at the same interest rate utilized in determining
the applicable amount in (2). Should the present value have
no value or a negative value, the Borrower may repay with
no additional fee. Should the Federal Reserve no longer
release rates for fixed-rate payers in interest rate swaps,
SunTrust may substitute the Federal Reserve H.15
Statistical Release with another similar index. SunTrust
shall provide the Borrower with a written statement
explaining the calculation of the premium due, which
statement shall, in absence of manifest error, be conclusive
and binding. This alternative does not increase the interest
rate.
The interest rates quoted herein take into consideration a
marginal federal corporate tax rate of 35%. In the event of
a decrease in the marginal maximum corporate tax rate, the
Bank shall have the right to adjust the interest rate upwards
in order to maintain the same after tax yield.
Upon the occurrence of a Determination of Taxability, the
Company hereby agrees to pay to the Bank certain
additional amounts, as follows: an additional amount equal
to the difference between (i) the amount of interest paid on
the Bonds during the Taxable Period and (ii) the amount of
interest that would have been paid on the Bonds during the
Taxable Period had the Bonds borne interest at the Taxable
Rate plus an amount equal to any interest, penalties on
overdue interest and additions to tax (as referred to in
Subchapter A of Chapter 68 of the Code) owed by the Bank
as a result of the occurrence of a Determination of
Taxability.
The Bank shall have the right to adjust the interest rate
upwards in order to maintain the same after tax yield if the
adoption or taking effect of or the change (including by
interpretation or application) of any laws, regulations, rules,
guidelines, directives or treaties and would adversely affect
SunTrust's after tax yield.
Legal Fees: To be negotiated between $5000 -$7000
Legal Firm: Ruden and McClosky
222 Lakeview Avenue
Suite 800
West Palm Beach, FL 33401
Direct (561) 838-4556 I Fax (561) 514-3456
Skip.Miller@ruden.com J www.ruden.com
Credit Approvals and
Right to Resend
Covenants and Conditions
The Bank shall have the right to rescind this Commitment
after June 22, 2011 if the Village has not accepted the
Commitment in writing on or prior to such date. In any
event, the Bank will require a written notice of interest
from the Borrower on or before June 22, 2011. Bank agrees
to close upon mutually agreeable terms and conditions on
or before August 1, 2011.
A. All matters relating to this loan, including all instruments and documents
required, are subject to the Bank's policies and procedures in effect, applicable
governmental regulations and/or statutes, and approval by the Bank and the
Bank's Counsel.
B. Special Covenants attached hereto and made a part hereof.
C. Borrower shall submit annual financial statements within 180 days of fiscal year
end, together with an annual budget within 30 days of adoption, together with any
other information the Bank may reasonably request.
D. Borrower shall be required to deliver a written opinion from Borrower's Counsel,
in form and substance acceptable to the Bank and Bank's Counsel, that all
documents are valid, binding and enforceable in accordance with their terms, that
execution and delivery of said documents has been duly authorized, and
addressing such other matters as the Bank and the Bank's Counsel deem
appropriate.
E. The Borrower shall comply with and agree to such other covenants, terms, and
conditions that may be reasonably required by the Bank and its counsel and are
customary in non -governmental financings of this nature. These covenants would
include, but are not to be limited to, covenants regarding compliance with laws
and regulation, remedies in the event of default and the right of Bank to transfer
and assign the Bond.
F. The "Bank -Qualified" interest rate quoted herein assumes the obligation is a
"qualified tax-exempt obligation" as defined in Section 265(b) (3) of the Internal
Revenue Service Code. Receipt of opinions from Bond Counsel in each case in
form and substance satisfactory to the Bank, which shall include, without
limitation, opinions that the financing is tax-exempt and that the Bond is a
qualified tax-exempt obligation under Section 265 (b)(3) of the Internal Revenue
Code.
G. The Borrower shall agree to have the interest payments collected via ACH Direct
Debit from a SunTrust Bank account of their choice. Borrower shall also agree to
maintain primary banking relationship with Bank for a period not less than five
years from the date of funding and subject to the Bank maintain a branch office
on Key Biscayne, Florida.
SPECIAL COVENANTS.
(a) The Village shall, within one hundred eighty (180) days of the end of each
fiscal year of the Village, deliver to the Bondholders a copy of the annual audited financial
statements of the Village. Within thirty (30) days of its final adoption, the Village shall
deliver to the Bondholders a copy of the operating budget for each upcoming fiscal year of
the Village.
(b) (I) The Village hereby covenants that, so long as the Bonds are
outstanding, it shall maintain a Debt Service Coverage Ratio (hereinafter defined)
equal to 1.25 to I.
(ii) The Village shall be permitted to issue additional Debt secured in the
same manner as the Bonds (as specified in Section 7 hereof), so long as on the date
of issuance of such additional Debt the Debt Service Coverage Ratio for the current
fiscal year of the Village is at least 1.25 to I.
(iii) "Debt Service Coverage Ratio" shall mean the ratio of (a) all Non -Ad
Valorem Revenues (as defined in Section 7 hereof) of the Village in the current fiscal
year of the Village plus any available cash balance in the General Fund, to (b) the
Debt Service coming due on the Bonds and all other Debt of the Village secured in
the same manner as the Bonds (as specified in Section 7 hereof), plus, for purposes
of the calculation in (ii) above only, the additional Debt.
.(c) The total Debt of the Village, including amounts authorized but still not
drawn down under existing loan agreements and other contractual arrangements with banks
and other financial institutions, underwriters, brokers and/or intermediaries, shall not exceed
the greater of:
(I) one percent (1 %) of the total assessed value of all property within the
Village, as certified by the Miami -Dade County Property Appraiser for the current
fiscal year; or
(ii) that amount which would cause annual Debt Service to equal fifteen
percent (1 S%) of General Fund expenditures for the previous fiscal year.
(d) As used i n t his S ection , t he following t erms s hall h ave t he m eaning
ascribed to them in this subsection:
(I) "Debt" shall mean any obligation of the Village to repay borrowed
money however evidenced since the date of its incorporation regardless of tenor or
term for which it was originally contracted or subsequently converted through
M1070212 2
12
refinancing or novation, except (A) any obligation required to be repaid in less than
a year and which was incurred solely for emergency relief of natural disasters, or (B)
that portion of any obligations for operations which are financed and operated in an
independent, self-liquidating manner and recovered entirely through currently
collected user fees and charges.
(ii) "Debt Service" shall include, without limitation thereto, scheduled
interest payments, repayments of principal and all financial fees arising from Debt
or from the underlying contractual obligations, whether as originally incurred or
subsequently deferred or otherwise renegotiated.
(iii) "General Fund" shall mean any and all revenues of the Village, from
whatever source derived, except those revenues derived from special assessments,
user fees and charges and designated as a separate fund to finance goods and services
to the public.
Jun 21, 2011 10:22 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY•2011B)
TABLE OF CONTENTS
Village of Key Biscayne
Series 2011A
Report Page
Sources and Uses of Funds
Bond Summary Statistics
Bond Pricing
1
2
3
Bond Debt Service 5
Jun 21, 201 I 10:22 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011B) Page I
SOURCES AND USES OF FUNDS
Village of Key Biscayne
Series 201 IA
Sources:
Bond Proceeds:
Par Amount
7,130,000.00
7,130,000.00
Uses:
Project Fund Deposits:
Project Fund 7,126,240.00
Other Uses of Funds:
Additional Proceeds 3,760.00
7,130,000.00
Jun 21, 2011 10:22 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011B) Page 2
BOND SUMMARY STATISTICS
Village of Key Biscayne
Series 2011A
Dated Date
Delivery Date
Last Maturity
Arbitrage Yield
True Interest Cost (TIC)
Net Interest Cost (NIC)
All -In TIC
Average Coupon
Average Life (years)
Duration of Issue (years)
Par Amount
Bond Proceeds
Total Interest
Net Interest
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
08/01/2011
08/01/2011
11/0I/2022
2.417260%
2.417260%
2.410000%
2.417260%
2.410000%
6.002
5.496
7,130,000.00
7,130,000.00
1,031,269.20
1,031,269.20
8,161,269.20
726,793.14
725,446.15
Bid Price 100.000000
Bond Component
Par Average Average
Value Price Coupon Life
Bond Component
7,130,000.00 100.000 2.410% 6.002
7,130,000.00 6.002
TIC
All -In Arbitrage
TIC Yield
Par Value 7,130,000.00 7,130,000.00 7,130,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts \
Target Value 7,130,000.00 7,130,000.00 7,130,000.00
Target Date 08/01/2011 08/01/2011 08/012011
Yield 2.417260% 2.417260% 2.417260%
Jun 21, 2011 10:22 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011B) Page 3
BOND PRICING
Village of Key Biscayne
Series 2011A
Bond Component
Maturity
Date Amount Rate Yield Price
Bond Component:
11/01/2011 140,000 2.410% 2.410% 100.000
02/01/2012 140,000 2.410% 2A10% 100.000
05/01/2012 140,000 2.410% 2.410% 100.000
08/01/2012 140,000 2.410% 2.410% 100.000
11/01/2012 140,000 2.410% 2.410% 100.000
02/01/2013 140,000 2.410% 2.410% 100.000
05/01/2013 140,000 2.410% 2.410% 100.000
08/01/2013 140,000 2.410% 2.410% 100.000
11/01/2013 155,000 2.410% 2.410% 100.000
02/01/2014 150,000 2.410% 2.4I0% 100.000
05/01/2014 145,000 2.410% 2.410% 100.000
08/01/2014 145,000 2.410% 2.410% 100.000
11/01/2014 150,000 2.410% 2.410% 100.000
02/01/2015 155,000 2.410% 2.410% 100.000
05/01/2015 150,000 2.410% 2.410% 100.000
08/01/2015 150,000 2.410% 2.410% 100.000
11/01/2015 150,000 2.410% 2.410% 100.000
02/01/2016 155,000 2.410% 2.410% 100.000
05/01/2016 150,000 2.410% 2.410% 100.000
08/01/2016 150,000 2.410% 2.410% 100.000
11/01/20I6 165,000 2.410% 2.410% 100.000
02/01/2017 160,000 2.410% 2.410% 100.000
05/01/2017 155,000 2.410% 2.410% 100.000
08/01/2017 155,000 2.410% 2.410% 100.000
11/01/2017 165,000 2.410% 2.410% 100.000
02/01/2018 165,000 2.410% 2.410% 100.000
05/01/2018 160,000 2.410% 2.410% 100.000
08/01/2018 160,000 2.410% 2.410% 100.000
11/01/2018 165,000 2.410% 2.410% 100.000
02/01/2019 170,000 2.410% 2.410% 100.000
05/01/2019 165,000 2.410% 2.410% 100.000
08/01/2019 165,000 2.410% 2.410% 100.000
11/01/2019 165,000 2.410% 2.410% 100.000
02/01/2020 170,000 2.410% 2.410% 100.000
05/01/2020 170,000 2.410% 2.410% 100.000
08/01/2020 170,000 2.410% 2.410% 100.000
11/0I/2020 170,000 2.410% 2.410% 100.000
02/01/2021 170,000 2.410% 2.410% 100.000
05/01/2021 170,000 2.410% 2.410% 100.000
08/01/2021 170,000 2.410% 2.410% 100.000
11/01/2021 185,000 2.410% 2.410% 100.000
02/01/2022 180,000 2.410% 2.410% 100.000
05Y01/2022 175,000 2.410% 2.410% 100.000
08/01/2022 175,000 2.410% 2.410% 100.000
11/01/2022 185,000 2.410% 2.410% 100.000
7,130,000
Jun 21, 2011 10:22 am Prepared by DBC Finance
(Finance 6.016 Key Biscane:KEY-2011B) Page 4
Dated Date
Delivery Date
First Coupon
Par Amount
Original Issue Discount
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
BOND PRICING
Village of Key Biscayne
Series 201 IA
08/01/2011
08/01/2011
11/01/2011
7,130,000.00
7,130,000.00 100.000000%
7,130,000.00 100.000000%
7,130,000.00
Jun 21, 2011 10:22 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011B) Page 5
BOND DEBT SERVICE
Village of Key Biscayne -
Series 2011A
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
11/01/2011 140,000 2.410% 42,958.25 182,958.25 182,958.25
02/01/2012 140,000 2.410% 42,114.75 182;114.75
05/01/2012 140,000 2.410% 41,271.25 181,27 I.25
08/01/2012 140,000 2.410% 40,427.75 180,427.75
11/01/2012 140,000 2.410% 39,584.25 179,584.25 723,398.00
02/01/2013 140,000 2.410% 38,740.75 178,740.75
05/01/2013 140,000 2.410% 37,897.25 177,897.25
08/01/2013 140,000 2.410% 37,053.75 177,053.75
11/01/2013 155,000 2.410% 36,210.25 191,210.25 724,902.00
02/01/2014 150,000 2.410% 35,276.38 185,276.38
05/01/2014 145,000 2.410% 34,372.63 179,372.63
08/01/2014 145,000 2.410% 33,499.00 178,499.00
11/01/2014 150,000 2.410% 32,625.38 182,625.38 725,773.39
02/01/2015 155,000 2.410% 31,721.63 186,721.63
05/01/2015 150,000 2.410% 30,787.75 180,787.75
08/01/2015 150,000 2.410% 29,884.00 179,884.00
11/01/2015 150,000 2.410% 28,980.25 178,980.25 726,373.63
02/01/2016 155,000 2.410% 28,076.50 183,076.50
05/01/2016 150,000 2.410% 27,142.63 177,142.63
08/01/2016 150,000 2.410% 26,238.88 176,238.88
11/01/2016 165,000 2.410% 25,335.13 190,335.13 726,793.14
02/01/2017 160,000 2.410% 24,341.00 184,341.00
05/01/2017 155,000 2.410% 23,377.00 178,377.00
08/01/2017 155,000 2.410% 22,443.13 177,443.13
11/01/2017 165,000 2.410% 21,509.25 186,509.25 726,670.38
02/01/2018 165,000 2.410% 20,515.13 185,515.13
05/01/2018 160,000 2.410% 19, 521.00 179,521.00
08/01/2018 160,000 2.410% 18, 557.00 178,557.00
11/01/2018 165,000 2.410% 17,593.00 182593.00 726,186.13
02/01/2019 170,000 2.410% 16,598.88 186,598.88
05/01/2019 165,000 2.410% 15, 574.63 180, 574.63
08/01/2019 165,000 2.410% 14, 580.50 179,580.50
11/01/2019 165,000 2.410% 13,586.38 178,586.38 725,340.39
02/01/2020 170,000 2.410% 12,592.25 182,592.25
05/01/2020 170,000 2.410% 11,568.00 181,568.00
08/01/2020 170,000 2.410% 10,543.75 180,543.75
11/01/2020 170,000 2.410% 9,519.50 179,519.50 724,223.50
02/01/2021 170,000 2.410% 8,495.25 178,495.25
05/01/2021 170,000 2.410% 7,471.00 177,471.00
08/01/2021 170,000 2.410% 6,446.75 176,446.75
11/01/2021 185,000 2.410% 5,422.50 190,422.50 722,835.50
02/01/2022 180,000 2.410% 4,307.88 184,307.88
05/01/2022 175,000 2.410% 3,223.38 178,223.38
08/01/2022 175,000, 2.410% 2,169.00 177,169.00
11/01/2022 185,000 2.410% 1,114.63 186,114.63 725,814.89
7,130,000 1,031,269.20 8,161,269.20 8,161,269.20
Jun 21, 2011 10:23 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011D)
TABLE OF CONTENTS
Village of Kcy Biscayne
Series 2011B
Report
Page
Sources and Uses of Funds
Bond Summary Statistics
Bond Pricing
1
2
3
Bond Debt Service 5
Jun 21, 2011 10:23 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011D) Page 1
SOURCES AND USES OF FUNDS
Village of Key Biscayne
Series 2011B
Sources:
Bond Proceeds:
Par Amount
1,865,000.00
1,865,000.00
Uses:
Project Fund Deposits:
Project Fund
Other Uses of Funds:
Additional Proceeds
1,862,428.00
2,572.00
1,865,000.00
Jun 21, 2011 10:23 am Prepared by DBC Finance
(Finance 6.0I6 Key Biscane:KEY-201 ID) Page 4
Dated Date
Delivery Date
First Coupon
Par Amount
Original Issue Discount
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
BOND PRICING
Village of Key Biscayne
Series 2011B
08/01/2011
08/01/2011
11/01/2011
1,865,000.00
1,865,000.00 100.000000%
1,865,000.00 100.000000%
1,865,000.00
Jun 21, 2011 10:23 am Prepared by DBC Finance (Finance 6.016 Key Biscane:KEY-2011D) Page 5
BOND DEBT SERVICE
Village of Key Biscayne
Series 2011B
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
11/01/2011 35,000 2.410% 11,236.63 46,236.63 46,236.63
02/01/2012 35,000 2.410% 11,025.75 46,025.75
05/01/2012 35,000 2.410% 10,814.88 45,814.88
08/01/2012 35,000 2.410% 10,604.00 45,604.00
11/01/2012 40,000 2.410% 10,393.13 50,393.13 187,837.76
02/01/2013 35,000 2.410% 10,152.13 45,152.13
05/01/2013 35,000 2.410% 9,941.25 44,941.25
08/01/2013 35,000 2.410% 9,730.38 44,730.38
11/01/2013 45,000 2.410% 9,519.50 54,519.50 189,343.26
02/01/2014 40,000 2.410% 9,248.38 49,248.38
05/01/2014 35,000 2.410% 9,007.38 44,007.38
08/01/2014 35,000 2.410% 8,796.50 43,796.50
11/01/2014 45,000 2.410% 8,585.63 53,585.63 190,637.89
02/01/2015 40,000 2.410% 8,314.50 48,314.50
05/01/2015 35,000 2.410% 8,073.50 43,073.50
08/01/2015 35,000 2.410% 7,862.63 42,862.63
11/01/2015 50,000 2.410% 7,651.75 57,651.75 191,902.38
02/01/2016 40,000 2.410% 7,350.50 47,350.50
05/01/2016 40,000 2.410% 7,109.50 47,109.50
08/01/2016 40,000 2.410% 6,868.50 46,868.50
11/01/2016 40,000 2.410% 6,627.50 46,627.50 187,956.00
02/01/20I7 40,000 2.410% 6,386.50 46,386.50
05/01/2017 40,000 2.410% 6,145.50 46,145.50
08/01/2017 40,000 2.410% 5,904.50 45,904.50
11/01/2017 45,000 2.410% 5,663.50 50,663.50 189,100.00
02/01/2018 45,000 2.410% 5,392.38 50,392.38
05/01/2018 40,000 2.410% 5,121.25 45,121.25
08/01/2018 40,000 2.410% 4,880.25 44,880.25
11/01/2018 45,000 2.410% 4,639.25 49,639.25 190,033.13
02/01/2019 45,000 2.410% 4,368.13 49,368.13
05/01/2019 40,000 2.410% 4,097.00 44,097.00
08/01/2019 40,000 2.410% 3,856.00 43,856.00
11/01/2019 50,000 2.410% 3,615.00 53,615.00 190,936.13
02/01/2020 45,000 2.410% 3,313.75 48,313.75
05/01/2020 40,000 2.410% 3,042.63 43,042.63
08/01/2020 40,000 2.410% 2,801.63 42,801.63
11/01/2020 55,000 2.410% 2,560.63 57,560.63 191,718.64
02/01/2021 50,000 2.410% 2,229.25 52,229.25
05/01/2021 45,000 2.410% 1,928.00 46,928.00
08/01/2021 45,000 2.410% 1,656.88 46,656.88
11/01/2021 45,000 2.410% 1,385.75 46,385.75 192,199.88
02/01/2022 45,000 2.410% 1,114.63 46,114.63
05/01/2022 45,000 2.410% 843.50 45,843.50
08/01/2022 45,000 2.410% 572.38 45,572.38
11/01/2022 50,000 2.410% 301.25 50,301.25 187,831.76
1,865,000 270,733.46 2,135,733.46 2,135,733.46