HomeMy Public PortalAboutTAB 5.pdfAugust 1, 2011
To: Village of Key Biscayne, Florida
Re: $1,865,000 Village of Key Biscayne, Florida
Capital Improvement and Land Acquisition Revenue Refunding Bonds, Series 2011
Ladies and Gentlemen:
The undersigned (the "Purchaser") has agreed to purchase from 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 of Bonds, as follows:
(a) There is no managing underwriter for the Bonds.
(b) There are no "finders," as defined 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, other than a fee of $3,500 to Ruden McClosky as counsel to
the Purchaser.
(1)
(g)
The name and address of the Purchaser is SunTrust Bank, 8699 NW 36
Street, 2nd Floor, Doral, Florida 33166.
The Village is proposing to issue $1,865,000 of Bonds for the purpose of
refunding its $2,800,000 Capital Improvement and Land Acquisition
Revenue Bonds, Series 2004. The Bonds are expected to be repaid over
11.25 years. At an interest rate of 2.41%, total interest paid over the life of
Bonds will be $270,733. The source of repayment or security for the
Bonds is expected to be a covenant to budget and appropriate from
available Non -Ad Valorem Revenues. Authorizing the Bonds will result
in a maximum of approximately $192,200 of Non -Ad Valorem Revenues
not being available to finance the other services of the Village each fiscal
year for 11.25 years.
32L078102.DOC
(h) The Purchaser understands that you require no other disclosures with
respect to the Bonds.
Very truly yours,
SUNTRUST BANK
By:
Steve Leth, Senior Vice President
32L078102.DOC
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