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HomeMy WebLinkAboutM-01-0816CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM S9 To: Honorable Mayor and Members DATE JUL- 2 FILE Of City Commission Restricted funds SUBJECT; MOM : eZ REFERENCES: City Manager ENCLOSURES: Discussion concerning the release of funds related to the removal of the restricted cash in the amount of $554,148.00 held by the fiscal agent for the community redevelopment Bonds Series 1990. RJN SSS 01- 810 City of Miami Community Redevelopment Bond Series 1990 Yearly Principal Payment Principal cost without release of funds by Fiscal Aaent CJc�` E�+ Principal cost with release of funds by Fiscal Aaent Principal Estimated Earnings 'Net Principal Year Payment on Restricted Funds Payment 2001 105,000.00 (22,720.07) 82,279.93 2002 115,000.00 (22,720.07) 92,279.93 2003 125,000.00 (22,720.07) 102,279.93 2004 135,000.00 (22,720.07) 112,279.93 2005 145,000.00 (22,720.07) 122,279.93 2006 155,000.00 (22,720.07) 132,279.93 2007 170,000.00 (22,720.07) 147,279.93 2008 185,000.00 (22,720.07) 162,279.93 2009 200,000.00 (22,720.07) 177,279.93 2010 220,000.00 (22,720.07) 197,279.93 2011 235,000.00 (22,720.07) 212,279.93 2012 255,000.00 (22,720.07) 232,279.93 2013 280,000.00 (22,720.07) 257,279.93 2014 305,000.00 (22,720.07) 282,279.93 2015 330,000.00 (22,720.07) 307,279.93 2,960,000.00 (340,801.02) 2,619,198.98 CJc�` E�+ Principal cost with release of funds by Fiscal Aaent 2,960,000.00 Principal Year Payment 2001 105,000.00 2002 115,000.00 2003 125,000.00 2004 135,000.00 2005 145,000.00 2006 155,000.00 2007 170,000.00 2008 185,000.00 2009 200,000.00 2010 220,000.00 2011 235,000.00 2012 255,000.00 2013 280,000.00 2014 305,000.00 2015 330,000.00 2,960,000.00 City of Miami Community Redevelopment Bonds Series 1990 Estimated Interest Earnings Funds lett with Fiscal /Anent 1 Year Balance Rate interest 2001 554,148.00 4.10% 22,720.07 2002 554,148.00 4.10% 22,720.07 2003 554,148.00 4.10% 22,720.07 2004 554,148.00 4.10% 22,720.07 2005 554,148.00 4.10% 22,720.07 2006 554,148.00 4.10% 22,720.07 2007 554,148.00 4.10% 22,720.07 2008 554,148.00 4.10% 22,720.07 2009 554,148.00 4.10% 22,720.07 2010 554,148.00 4.10% 22,720.07 2011 554,148.00 4.10% 22,720.07 2012 554,148.00 4.10% 22,720.07 2013 554,148.00 4.10% 22,720.07 2014 554.148.00 4.10% 22,720.07 2015 554,148.00 4.10% 22,720.07 340,801.02 Note: 1 " Estimated interest earnings on funds held by Fiscal Agent. Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2 Estimated interest earnings on funds if released by Fiscal Agent. Cost of Surety bond is outstanding principal times 1.5%. O/S principal as of 6128/01 2,960,000.00 times 1.50% 44,400.00 Funds returned to City 2 Balance Rate 509,748.00 530,647.67 4.10% 552,40422 4.10% 575,052.80 4.10% 598,629.96 4.10% 623,173.79 4.10% 648,723.91 4.10% 675,321.59 4.10% 703,009.78 4.10% 731,833.18 4.10% 761,838.34 4.10% 793,073.71 4.10% 825,589.74 4.10% 859,438.91 4.10% 894,675.91 4.10% Amount to be invested by the City: Funds held by Fiscal Agent 554,148.00 less: Cost of surety bond (44,400.00) 509,748.00 Interest 20,899.67 21,756.55 22,648.57 23,577.16 24,543.83 25,550.13 26,597.68 27,688.19 28,623.40 30,005.16 31,235.37 32,516.02 33,849.18 35,237.00 36,681.71 421,609.62 E S Specific Pledged Revenue Community Redevelopment Bonds Series 1990 11,500.000 Total Total Interest Principal Amount Interest P 3 1 Interest Principal P a l P.;3L8 Rate Ndpturity Outstandina Maturity Maturl For Year For X2s For Year 2,960,000.00 10/01/01 8.500% 105,000.00 2,855,000.00 125,800.00 230,800.00 125,800,00 105,000.00 230,600.00 04/01/02 2,855,000.00 121,337.50 121,337.50 10/01/02 8.500% 115,000.00 2,740,000.00 121,337.50 236,337.50 242,675.00 115,000.00 357,675.00 04/01/03 2,740,ODO.OD 116,450.00 116,450.00 10/01/03 8.50D% 125,000.00 2,615,000.00 116,450.00 241,450.00 232,900.00 125,000.00 357,900.00 04/01/04 2,615,000.00 111o137,50 111,137.50 10/01/04 8.500% 135,000.00 2,480,000.00 111,137.50 246,137.50 222,275.00 135,000.00 357,275.00 04/01/05 2,480,000.00 105,400.00 105,400.00 10/01/05 8.500% 145,000.00 2,335,000.00 105,400.00 250,400.00 210,800.00 145,000.00 355,800.00 04/01/06 2,335,000.00 99,237.50 99,237.50 10/01/06 8.500% 155,000.00 2,160,000.00 99,237.50 254,237.50 198,475.00 155,000.00 353,475.00 04/01/07 2,180,000.00 92,650.00 92,650.00 10/01/07 8.500% 170,000.00 2,010,000.00 92,650.00 262,650.00 185,300.00 170,000.00 355,300.00 04101/08 2,010,000.00 85,425.00 85,425.00 10/01/08 6.500% 185,000.00 1,825,000.00 85,425.00 270,425.00 170,850.00 185,000.00 355,850.00 04/01/09 1,825,000.00 77,562.50 77,562.50 10/01/09 8.500% 200,000.00 1,625,000.00 77,562.50 277,582.50 155,125.00 200,000.00 355,125,00 04/01/10 1,625,000.00 69,062.50 69,062.50 10/01/10 8.500% 220.000.00 1,405,000.00 69,062.50 289,052,50 138,125.00 220,000.00 358,125.00 04/01/11 1,405,000.00 59,712.50 59,712.50 10/01/11 8.500% 235,000.00 1,170,000.00 59,712.50 294,712.50. 119,425.00 235,000.00 354,425.DO 04/01/12 1,170,000.00 49,725.00 49,725,00 10/01/12 8.500% 255,000.00 915,000.00 49,725.00 304,725.00 99,450.00 255,000.00 354,450.00 04/01/13 915,000.00 38,887.50 38,887.50 10/01/13 8.500% 280,000.00 635,000.00 38,887.50 318,887.50 77,775.00 280,000.00 357,775.00 04101/14 635,000.00 26,987.50 26,987.50 10/01/14 8,500% 305,000.00 330,000.00 26,987.50 331,987.50 53,975.00 305,000.00 358,975,00 04/01/15 330,000.00 14,025.00 14,025.OD 10/01/15 8.500% 330.000.00 - 14,025.00 344,025.00 28.050.00 330,ODD.00 358.050.00 2,960,000.00 2,261,000.00 5,221,000,00 2,261,000.00 2,960,000.00 5,221,000.00