HomeMy Public PortalAbout5-COPY OF LETTER FROM SUNTRUS BANK.pdfNovember10,2009
To: Village of Key Biscayne, Florida
Re: $1,200,000 Village of Key Biscayne, Florida
Water and Sewer Revenue Bonds, Series 2009
Ladies and Gentlemen:
The undersigned (the "Purchaser") has agreed to purchase fLom 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, pursuant to the provisions of Subsections (2), (3)
and (6) of Section 218.385, Florida Statutes, as amended, certain information with respect to the
purchase and sale orBonds, as follows:
(a) There is no managing underwriter for the Bonds.
(b) There are no "finders," as defmed in Section 218.386, 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) T~e name and address of the Purchaser is SunTrust Bank, 777 Brickell
Avenue, 4'h Floor, Miami, FL 33131.
(g) The Village is proposing to issue $1,200,000 of Bonds for the purpose of
financing a portion of the costs of water and sewer system improvements
within the Village, financing architectural, engineering, environmental,
legal and other planning costs related thereto, and paying costs of issuance
of the Bonds. The Bonds are expected to be repaid over 15 years. At an
interest rate of 4.80%, total interest paid over the life of Bonds will be
$496,049.40, The source of repayment or security for the Bonds is
expected to be a pledge of the Electne Utility Tax Revenues. Authorizing
the Bonds will result in approximately $1 13,069.96 of Electric Utility Tax
Revenues not being available to finance the other services of the Village
for each year.
(M1860483_1)