HomeMy WebLinkAboutFee Proposal 1ATTACHMENT A - FEE PROPOSAL
Proposers shall fully complete and return this Attachment with their Proposal Response.
Failure to so complete and return the same shall disqualify Proposer. Additionally,
Proposer may describe services and fees in detail along with this Attachment A.
Description Fee
Bond Issues:
• Established Debt Program Transaction Fee
Stated in Dollars ($) per Bond Terms:
First $10,000,000.00 $
Second $10,000,000.00 $
Next $20,000,000.00 $
Over $40,000,000.00 $
e New Debt Program Transaction Fee
Stated in Dollars ($) per Bond Terms:
First $10,000,000.00 $
Second $ 10,000,000.00 $
Next $20,000,000.00 $
Over $40,000,000.00 $
Separate Task Assignment:
Hourly Rate Scale by Class/Type (Principal/Partner, Officer, Associate, Para -
Professional, etc.)
Title: Hourly Rate: $
Title: Hourly Rate: $
Title: Hourly Rate: $
Title: Hourly Rate: $
Title: Hourly Rate: $
Title: Hourly Rate: $
Name of Proposer:
Authorized Signature: Date:
City of Miami, Florida
Proposal for Financial Advisory. Services
RFP# 245238
Sergio D. Masvidal
Senior Managing Consultant
2121 Ponce De Leon Blvd.
Suite 510
Coral Gables, FL
33134
305-448-6992
305-448-7131 fax
masvidals@pfm.com
November 1, 2010
The PFM Group
David M. Moore
Managing Director
300 S. Orange Avenue
Suite 1170
Orlando, FL
32801-3470
407-648-2208
407-648-1323 fax
moored@pfm.com
www.pfm.com
Federal ID#: 23-1992164
The PFM Group
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PFM Asset Maneicement, LLC
PFM Advisors
Executive Summary
Lincoln Plaza 407-648-2208
Suite 1170 407-648-1323 fax
300 S. Orange Avenue www.plm.com
Orlando, FL
32801-3470
November 1, 2010
The PFM Group ("PFM") is pleased to submit our proposal to serve as financial advisor to the City of Miami,
Florida ("City"). PFM was founded over thirty-three years ago with the goal of creating an independent financial
advisor with technical resources matching those of the best Wall Street investment banks. This commitment
continues today. As a result, PFM has grown to be the leading financial advisor in the nation. From the outset PFM
was a financial advisor that was very different from our competitors. PFM's complete independence is significant,
but it is just the beginning of our unique qualifications. PFM is the only firm offering strategic consulting, debt
management, investment advice, and arbitrage rebate services. The City may not need, or desire, to take advantage
of all of these services today. However, we are confident that you will find that the breadth of our experience with
local governments and the depth of our financial planning expertise uniquely qualify PFM to serve the City as its
financial advisor.
Why should the City of Miami select PFM as its Financial Advisor?
PFM is the leading financial advisor in the State of Florida 2009 Year End Overall Long -Term Municipal New Issues
and the nation. Our commitment to only provide financial National MawwOat FinanCiar Adv8dry Ranking
Source: 7ne Bone Buyer/Securilias Data Company
advisory services is unmatched by any of our competitors.
We are confident to say that PFM is the only firm that. is
both solely dedicated to financial advisory services (no PFM
investment banking practice) and providing issuers with a
comprehensive scope of services extending well beyond
normal debt issuance. Our practice areas have served our
clients to confront the challenges created by recent events.
The combined impact of (i) the Supreme Court ruling in the RBC Capital Marke
Strand case, (ii) the deterioration of the SBA and (iii) the
impact of the sub -prime crisis on the municipal market, only A.C. Advisory Inc.
served to highlight the value added from the depth of PFM's Bank Development
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resources. PFM Asset Management stepped in to educate
6 transactions
dollars in millions
885,
Public Resources
Advisory Group
FlrstSoulhvresl
Kaufman, Hall 8
129sS 7A1 11, 1202.
Associates Ina , -cam
clients regarding what was really happening with the SBA so Ponder 8 Co. t85 :='.t 7,461.1
clients could make rational decisions. PFM led the effort to Montague, DeRose 8 Do -kV
Associates LLC
°
educate the Supreme Court regarding the error in its analysis INN Public Finance- 6,128.7
of the Strand case. When the sub -prime market paralyzed
the municipal market, PFM had the power to step in and fix
a wide range of financings for our clients. Finally, as issuers continue to grapple with the rising costs of
employment benefits and contractual commitments, PFM's Strategic Consulting practice has been called upon to
apply its considerable knowledge base to assist clients to stabilize budgetary pressures. PFM always acts proactively
in search of creative solutions for our clients. A good example of this occurred earlier this year, when PFM's Asset
Management team identified an escrow restructuring opportunity for Miami -Dade County, which provided the
County with an up -front cash payment in excess of $2.9 million. In summary, the value added by the PFM
approach saved our Florida clients tens of millions of dollars since the beginning of2008.
The enclosed proposal should serve as further evidence as to PFM's qualifications and ability to serve the City. We
highlight the following points for the City's consideration:
• Qualifications and Experience — PFM is the number one ranked financial advisor in the nation and in
Florida, and has been for over ten years. We focus on credits like the City and bring unique expertise to the City
with regard to rating agency dialogue, new credit development and evolving issues in public finance (OPEB,
PPP, Stimulus strategies, etc). Our Florida team offers the City more financial advisory experience than any firm
in the State. The two primary individuals assigned to the City's account have been the most active in Florida
PFM`
Pablo Velez
November 1, 2010
Page 2
over the last two years, individually surpassing competing flrmr in 2009. In addition, PFM's network of services
encompasses more areas than any of our competitors in that we offer in-depth services beyond the traditional
financial advisory role on debt issuances. PFM offers 2009 Year End Florida Overall tong.Term Municipal New Issues
Neb. .41unkaal FnandaIAnvaory Aankna
experience and knowledge in several key areas of safe: n,aamanaNs.aan.aa,aean,
importance to the City, including: budgetary planning tools,
labor negotiations, Pension and Post -Employment Benefits, PFM
Asset -monetization, Public -Private Partnership agreements, Sergio Mesvidal,
and more. PFM has also become more familiar with the David Moore
Raymond James
City over the course of 2010, assisting the City to evaluate Aasoaales Inc.
Pubic Resources
labor contracts and budgetary concerns. Advisory Group
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Kaufman, Mau 0
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• Resources & Technology — At the core of PFM's corporate philosophy is the goal of providing superior
technical resources to assist our clients with the completion of a complex transaction. Our technical resources
span across multiple advisory services. This will be of particular importance given the City's complex budgetary
pressures. Within our proposal we introduce a number of the technical resources that will be available to the
City, including the PFM Debt Profile, the PFM Budget Planning Model, and a host of other PFM-developed
financial models which incorporate state of the art tools created to aid our professionals in helping clients
achieve their financial goals. PFM's dedicated Pricing Group matches all of the resources of the largest
investment banking firms.
• Independence and Commitment — PFM is a company whose sole business is to provide issuers of municipal
debt with a full line of advisory services. We are not underwriters, nor do we engage in any securities
trading or sales. We do not participate as swap counterparties. Therefore, PFM completely avoids all the
conflicts of interest that are inherent when investment banking and securities trading firms also provide
financial advisory services. Even in instances where firms claim to have so-called "chinese ftrewalls," it is
important to note that investment banking firms rely upon each other for allocations. So they are inherently
less likely to negotiate as strongly with another banking firm's desk, as that could disrupt an investment banking
relationship with the same firm somewhere else in the country.
David Moore, Managing Director in the Orlando office located at 300 S. Orange Ave. Orlando, FL 32801, is
authorized to make representations on behalf of PFM. Mr. Moore can be reached at 407-648-2208 or
moored@pfm.com. The work will be performed from our Coral Gables office located at 2121 Ponce de Leon
Blvd, Coral Gables, FL 33134. Sergio Masvidal, Senior Managing Consultant in the Miami office will serve as the
day-to-day contact and project manager for the engagement. Mr. Masvidal can be reached 305-448-6992 or
masvidals@pfm.com.
The City is a very important account to PFM. We have reviewed the RFP scope of work and understand what will
be required of PFM should we be selected as the City's financial advisor. We are ready to go to work immediately
and fully committed to complete any and all assigned tasks in a professional and timely manner.
Thank you for your consideration of our proposal.
Sincerely,
Public Financial Management
David M. Moore
Managing Director
Sergio D. Masvidal
Senior Managing Consultant
Tug- of �TECTLiL
KENNETH ROBERTSON CARLOS A. MIGOYA
Chief Procurement Officer City Manager
ADDENDUM NO. 1
RFP NO. 245238 October 27th, 2010
Request for Proposals for Financial Advisory Services
TO ALL PROSPECTIVE PROPOSERS:
The following changes, additions, clarifications and deletions amend the Solicitation Documents
of the above captioned RFP, and shall become an integral part of the Contract Documents.
Please note the contents herein and reflect the same on the documents you have on hand.
The following are the City's answers to questions received from prospective proposers
concerning the above referenced Solicitation:
Q1: In Subsection (4)(d) of the Section 4.1 Submission Requirements on Page 32 of the RFP,
what is meant by the reference to "primary markets"?
Al: In the abovementioned subsection, what is meant by "primary markets" is where the
initial investor buys a security (for example, for the City the underwriter is the primary
markets). Additionally, "primary markets" does not mean the following: the types of
securities for which a proposer has served as a financial advisor; the geographic markets
the proposer has served; the types of governmental issuers the proposer has represented;
nor the areas of the capital markets the proposer has accessed.
ALL OTHER TERMS AND CONDITIONS OF THE RFP REMAIN THE SAME.
Sincerely,
Kenneth Robertson
Director/Chief Procurement Officer
Certification Statement
Please quote on this form, if applicable, net prices for the item(s) listed. Return signed original and
retain a copy for your files. Prices should include all costs, including transportation to destination. The
City reserves the right to accept or -reject all or any part of -this submission. Prices should be firm for a
minimum of 120 days following the time set for closing of the submissions.
In the event of errors in extension of totals, the unit prices shall govern in determining the quoted
prices.
We (I) certify that we have read your solicitation, completed the necessary documents, and propose to
furnish and deliver, F.O.B. DESTINATION, the items or services specified herein.
The undersigned hereby certifies that neither the contractual party nor any of its principal owners or
personnel have been convicted of any of the violations, or debarred or suspended as set in section
18-107 or Ordinance No. 12271.
All exceptions to this submission have been documented in the section below (refer to paragraph and
section).
EXCEPTIONS:
We (I) certify that any and all information contained in this submission is true; and we (I) further certify
that this submission is made without prior understanding, agreement, or connection with any
corporation, firm, or person submitting a submission for the same materials, supplies, equipment, or
service, and is in all respects fair and without collusion or fraud. We (I) agree to abide by all terns and
conditions of this solicitation and certify that I am authorized to sign this submission for the submitter.
Please print the following and sign your name:
SUPPLIERNAME• Public Financial Management, Inc.
ADDRESS•300 South Orange Avenue, Suite 1170
PHONE: 407-648-2208
EMAIL: moored@pfm. corn
SIGNED BY -
TITLE: Managing Director
FAX 407-648-1323
BEEPER- Cell : 407-619-0063
DATE. GeV
FAILURE TO COMPLETE SIGN, AND RETURN THIS FORM SHALL DISOUALIFY THIS BID.
Page 2 of 35
Certifications
Legal Name of Firm:
Public Financial Management, Inc.
Entity Type: Partnership, Sole Proprietorship, Corporation, etc.
Corporation
Year Established:
1975
Office Location: City of Miami, Miami -Dade County, or Other
2121 Coral Gables Blvd., Suite 510 Coral Gables, FL 33134
Occupational License Number:
400326-5
Occupational License Issuing Agency:
Miami -Dade County
Occupational License Expiration Date:
September 30,2011
Respondent certifies that (s) he has read and understood the provisions of City of Miami Ordinance No.
10032 (Section 18-105 of the City Code) pertaining to the implementation of a "First Source Hiring
Agreement.": es or No)
Do you expect to create new positions in your company in the event your company was awarded a
Contract by the City? (Yes or�Vo)
In the event your answer to question above is yes, how many new positions would you create to
perform this work?
Please list the title, rate of pay, summary of duties, number of positions, and expected length or duration
of all new positions which -might -be created as a result of -this award of a Contract.
Will Subcontractor(s) be used? (Yes or No)
No
Page 3 of 35
Line: 1
Description: Financial Advisory Services per the Specifications/Scope of Work — PLEASE
DISREGARD THIS LINE ITEM AND REFER TO THE "ATTACHMENT A - FEE
PROPOSAL" HEREIN THE HEADER SECTION.
PLEASE DISREGARD THIS LINE ITEM AND REFER TO THE "ATTACHMENT A - FEE
PROPOSAL" HEREIN THE HEADER SECTION.
Category: 94648-00
Unit of Measure: Dollar
Unit Price: $ Number of Units: l Total: $
Page 4 of 35
.
MIAMI-DADE COUNTY. 2010 LOCAL BUSINESS TAX RECEIPT ...2011 -. FIRST-CLASS
'TAX COLLECTOR MIAMI-DADE COUNTY - STATE.OFFLORIDA'. U.S. POSTAGE
140 W:%FLAGLER. ST, •EXPIRES,SEPT: 30, 201,1 '. _ PAID
1st FLOOR MUST: BE DISPLAYED AT PLACE OP BUSINESS. MIAMI, FL
MIAMI.:FL 33130 PURSUANT.TO COUNTY; CODE CHAPTER BAART.9 & 10 PERMIT NO. 231
40032b=5. THIS IS NOT A BILL — DO NOT PAY RENEWAL
-BUSINESS NAME / LOCATION - RECEIPT NO. 41.7797-8
''PUBLIC FINANCIAL- MANAGEMENT INC
•201 'ALHAMBRA CIRCLE 1401
33134 CORAL GABLES
OWNER
P..UBLIC'FINANCIAL MANAGEMENT INC
'Sec: Type of Business
212-.CONSULTANT
`THIS IS ONLY A. LOCAL'
BUSINESS TAX-RECEIPT:IT
DOES. NOTPERMITTHE
HOLDER TO VIOLATE. ANY
' EXISTING REGULATORY OR
ZONING LAWS OF THE DO NOT FORWARD
COUNTY' OR cams. NOR
DOES, fT EXEMPT 'THE
•HOLOER FROM ANY OTHER
[PERMIT . OR' LICENSE
• REOUIREO BY•LAW:-THIS IS
NOT'A CERTIFICATION OF
THE:HOLDER'S OUALIFlCA-
!PAYMENT RECEIVED'•
-
MIAMI-DADE COUNTY TAX
COLLECTOR: .
07'/22/2010
:60010000367
000.060.00
SEE OTHER SIDE
PUBLIC FINANCIAL MANAGEMENT INC
STEVEN BOYLE PFM CONTROLLER
TWO LOGAN SQUARE SUITE #1600
PHILADELPHIA PA 19103
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PUBLIC%FINANCIAL MANAGEMENT INC.
THE?PFMGROUP
TUVO LOGAN SQUARE
.1.STH &-'ARCH ST,S, STE -1600
`PHILADELPHIA PA 19103;,
1ERE.AND DISPLAY BELOW LOCALBUSINESS TAX RECEIPT IN.CONSPI000US PLA
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A 'BUSINESS TAX RECE
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BUSINESS NAME 'PUBLIC FINANCIAL MANAGEMENT INC LOCATION 2.121 PONCE DE;LEON BLVD.;..'
OBA NAME .r.THE PFMiGROUP: - STE 510'
CLASSIFICATION , . NO OF. UNITS UNIT DESCRIPTION AMOUNT. PAID: ?S 164160
1 FINANCIAL PLANNERS/SERVICE 1 PERSONS •
BUSINESS TAX RECPT RENEWAL':
does dot. constitute authority to begin operating at:thisn w locatioithout a-
Certificate at Use and Inspection
-VALID'ONLY AT LOCATION ABOVE
LOCAL BUSINESS TAX RECEIPTEXPIRES 09/30/2011:..:•
II. Qualifications & Experience of
Key Personnel
® PFM`
PFM's Firm Overview
iDescribet the 3Proposer,s >ardanlzatlort•}y•ears Proposer yhas een tm uslness;�rovic
'service(s) nd Indlcatetwirether theiCity has#previously°wardednypontractstoithe1Propos
The PFM Group ("PFM"), including Public Financial Management, Inc. and PFM Asset Management LLC,
was founded 35 years ago in 1975 with our national headquarters located in Philadelphia. Today, PFM is
the nation's leading provider of independent financial and investment advisory services with 409
employees in 32 offices throughout the United States. PFM has been the number one ranked financial
advisor in the nation for six consecutive years, and is the only financial advisory firm to offer a full array of
investment advisory services including active and passive strategies. In May 2009, Public Financial
Management, Inc. and PFM Asset Management, LLC and related businesses, all of which were owned by
their senior employees ("Managing Directors"), reorganized into a holding company structure. The new
holding company is named PFM Group, LLC (a Delaware limited liability company) and all of the above -
named business entities have become indirect wholly owned subsidiaries of PFM Group, LLC.
Contemporaneously, a group of well-known private equity investors made a substantial equity and credit
investment in the PFM Group, LLC holding -company structure.
When PFM is hired, depending upon their needs, our clients have access to any of our five primary
business activities:
Financial Advising: managing transactions related to debt issuance;
Investment Management: providing investment advice and portfolio management for working capital
and bond proceeds;
Investment Consulting: structuring simple, reliable, and fundamentally sound asset management
strategies and retirement plans;
Strategic Consulting: offering highly effective capital and operating budget advice;
Structured Products: developing innovative financing techniques and investment products.
PFM Group, LLC:
Public Financial
Management, Inc.
Financial
Advisory
Services
Strategic
Consulting
Services
';PFM Asset
Man agem ent. LLC i:
Asset
'`Management
Investment
NanagemenVConeulting.
Structured
Products._:
Regardless of which service you may
need, PFM serves only one interest:
that of our clients and no one else.
This fact, coupled with our proven
track record and comprehensive
approach to finance, makes PFM a
leader in providing sound, independent
financial and investment advisory
services to local and state
governments as well as institutional
borrowers and investors.
PFM's range of services sets us apart from our competitors. While some firms offer one or two additional
services, only PFM offers independent advisory services from professionals that specialize in each of
these fields. When PFM is engaged for Financial Advisory services, the entire spectrum of services and
professionals immediately becomes available.
The City has previously awarded a contract to PFM for Professional Services. That contract was
approved by the Commission on July 22, 2010.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 12
PFM"
PFM's Knowledge and Experience
) , ..rovide a-vageneraescrptlorr opt; he ?raposerSr;f'panda 11,advisory capablllties fAnd dI c.uss,t is °k
uallficationsiandexperience in representmgother ublicaentities includmgtpastexperience and scope
As the largest financial advisory firm, PFM has the ability to solve our clients' intractable problems by
using our market power to move the agenda. Our constant participation in the markets only serves to
further enhance our ability to do so. PFM serves as financial advisor on many of the largest transactions
brought to market each year. These transactions often involve intricate financial plans, the sale of
sophisticated securities, high -end quantitative modeling and complicated tax analysis.
Over its thirty-five year history, PFM has built a solid presence in the municipal marketplace. We have
been involved in financing programs totaling in excess of $318 billion over the last 10 years. In 2009,
PFM advised on 832 bond transactions with a total volume of over $51.5 billion.
PFMstF„irst'Jace ankma
verall Loony term_
tom+ ehtictir
2009 Year End Overall Long -Term Municipal New Issues
National Municipal Financial Advisory Ranking
Source. The Bond BuyedSecunlies Data Company
PFM
Public Resources
Advisory Group
FirstSouthwest
Kaufman, Hall &
Associates Inc.
RBC Capital Markets
A.G. Advisory Inc.
Govt Development
Bank for Puerto Rico
Ponder & Co.
8 transactions
dollars in millions
i,? iti4I580TJ
°'
yci-z p� 4P, 11, 1202
779 F 1 9,583.7
, 8,096.1
Montague, DeRose & ,
Associates LLC 32 ==. 6,455.3
KNN Public Finance 6,128.7
Although rankings provide a shorthand method of measuring success, we believe the length of service
and level of satisfaction we provide our clients is a better measure of true success. At PFM, we view our
decade -long association with many clients as an affirmation of our ability to service their needs
thoughtfully and efficiently. We are committed to developing long-term relationships with our clients to
ensure that their interests are protected and their goals are achieved.
In developing this impressive history of value added service to our clients, PFM purposefully adopted a
strategy to garner the largest market share when calculated based on both the number and size of
transactions managed. We reasoned that managing a large number of transactions would make us an
experienced player in the capital markets, thereby allowing us to provide our clients with fresh market
information. We know the preferences of the investor community and the financial and credit structures
that are currently best accepted. We know which investors are active buyers, the types of securities they
currently prefer, and the maximum price they are willing to pay for a given security. Additionally, we know
what constitutes reasonable compensation levels for other professional services rendered during the
transaction. With this current information, PFM can.structure transactions to minimize our clients' cost of
__borrowing-
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 ( 3
IMEMIS3PPM`
PFM's Knowledge and Experience
At the same time, given the number of transactions we manage each year, PFM has a broad and deep
network of capital market professionals with which we interact. This network of investors, underwriters,
bankers, credit specialists and lawyers facilitate the transaction management process to our clients. As
the largest financial advisory firm, PFM has the ability to solve our clients' intractable problems by using
our market power to move the agenda. Our constant participation in the markets only serves to further
enhance our ability to do so.
Besides managing a large number of transactions, PFM also serves as financial advisor on many of the
largest transactions brought to market each year. These transactions often involve intricate financial
plans, the sale of sophisticated securities, high -end quantitative modeling and complicated tax analysis.
Our managing such transactions ensures that PFM remains on the cutting edge of the public finance
industry. Our clients benefit from our ability to optimize their transactions using the complete array of
structures, securities and techniques available.
PFM is the only financial advisory firm to also offer a full array of investment advisory services including
active and passive strategies. PFM Asset Management LLC currently advises and consults on
approximately $53.9 billion. We provide advice on structured products such as interest rate swaps and
guaranteed investment contracts. Again, among financial advisors, only PFM participates in the capital
markets so broadly.
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1 000
1984-2009 Financial Advisory Experience
Volume/Experience Matrix
National Municipal Finance Advisory Ranking
Source: The Bond Buyer/Securities Data Corporation
Transactions
s
k fi sFirstSouthwest
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s PFM
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30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 480 510 540 570 600
$ Billions
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 14
ANCILLIL
PFM
PFM's Florida Experience
PFM has been committed to serving Florida issuers since 1985 and consistently ranks among the top
financial advisors in the State. It has been and continues to be our goal to provide the highest level of
service and commitment to all of our Florida clients. In 2009, PFM continued its decade -longstanding as
the number one ranked financial advisor in Florida.
2009 Year End Florida Overall Long -Term Municipal New Issues
National Municipal Financial Advisory Ranking
Source: The Bond Buyer/Securities Dala Company
# transactions
PFM
dollars in millions
1 r � c9971;,
Raymond, James & R.q� t;tatiw? 1,172.0
Associates Inc. }w'a k,; F. ""
Public Resources
Advisory Group
FirstSouthwest P1Q 4i ,r 609.7
Kaufman, Hall &
541.6
Associates Inc.
Dunlap & Associates :11.,,� 483.6
RBC Capital Markets �r7�.-r,' 450.9
Spectrum Municipal MI 329.7
Services Inc.
Ramirez & Co. Inc.
323.4
Ponder & Co. E 322.6
1$3;839.4
r541`56.8
42';687.8
114;525.0
$4,101.6
$2,227.4
1,062.3
Cities
Alachua
Bay Harbor Island
Boca Raton
Brooksville
Clermont
Coral Gables
Crystal River
Dade City
Delray Beach
Dora!
Flagler Beach
Gainesville
Golden Beach
Jacksonville
Jupiter
Key West
Lake Wales
Longboat Key
Melbourne
Melbourne Beach
New Port Richey
Ormond Beach
Oviedo
Panama City Beach
Pompano Beach
St. Cloud
St. Petersburg
Sanibel
Sebring
Stuart
Sunrise
Sudside
Tallahassee
Tarpon Springs
Titusville
West Palm Beach
Winter Haven
Winter Garden
Winter Springs
Counties
Alachua
Brevard
Broward
Clay
Collier
Flagler
Glades
Highlands
Hillsborough
Leon
Marion
Miami -Dade
Monroe
Orange
Osceola
St. Johns
St. Lucie
Volusia
School Districts
Broward
Citrus
Columbia
Duval
Flagler
Hernando
Lake
Manatee
Marion
Martin
Miami -Dade
Palm Beach
Sarasota
Santa Rosa
Seminole
Volusia
Other Authorities
First Florida Governmental
Financing Commission
South Florida Water Management
District
Sunshine State Governmental
Financing Commission
Tampa Bay Water-
As a result of our commitment to Florida,
PFM has established a strong presence in
the state. We at PFM are extremely proud
of our position as the number one ranked
financial advisory firm in the State of
Florida. As highlighted below, PFM
advises more cities than any other firm in
Florida and these clients range from some
of the largest cities in the state to small
rural cities. PFM offers its Florida clients a
level of expertise that is unmatched in the
state or nation. While enjoying the
experience and reputation of a national
firm, PFM also offers clients the depth of
understanding and commitment of a local
firm.
Healthcare
Health Central
Jackson Health System
North Broward Hospital District
Orange County Health Facilities
Authority
The State of Florida
Florida Department of
Transportation
Division of Bond Finance
Special Districts
Aachua Library District
Blueprint 2000
Sun'n Lake of Sebring Improvement District
Transportation
Central Florida Regional
Transportation Authority
Florida High Speed Rail
Authority
Jacksonville Aviation Authorily
Jacksonville Seapon Authority
Jacksonville Transportation Authority
Tampa Port Authority
Higher Education
Broward County Educational
iFadlities Authority
Embry -Riddle Aeronautical
University
Flagler College
Jacksonville University
New College
Nova Southeastern University
Ringting School of Art
and Design
Rollins College
Saint Leo University
Stetson University
University of South Florida
University of West Florida
Utilities
Bonita Springs Utilities
Gainesville Regional Utilities
Jacksonville Electric
Authority
Orlando Utilities Commission
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 5
�PFM'
1011•10.-
•
PFM's Florida Experience
PFM is licensed to do business in the State of Florida and we are listed in the most recent issue The
Bond Buyer's Municipal Marketplace Directory (commonly referred to as the "Red Book").
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City of Miami - Proposal for Financial Advisory Services - RFP# 245238 6
PFM`
References
PFM has completed 312 transactions totaling $19.38 billion in par amount in the last three years. Please
note that number only includes Florida transactions. Please see Appendix A for a listing of the Florida
transactions completed since 2008. We would be happy to share the contact information for any of those
transactions upon request. For brevity purposes, we have provided the following five local references, all
of which are directly served by the project team that would be assigned to the City's engagement. We
very much encourage the City to contact all of our references.
Miami -Dade County, FL
111 NW 1st Street, Suite 2550
Miami, FL 33147
Lidia Monzon-Aguirre, Director— Division of Bond Administration
(305) 375-5147
(305) 375-5659 fax
Iml@miamidade.gov
PFM has served as Financial Advisor and has assisted Miami -Dade County with bond financings with an
approximate total par amount in excess of $3 billion. In the last 36 months PFM has assisted the County
with over 20 financings, including the recent (August 2010) three -component financing comprised of tax-
exempt, taxable, and stimulus program bonds.
City of Doral, FL
8300 NW 53rd Street
Suite 100
Doral, FL 33166
Yvonne Soler -McKinley, City Manager
(305) 593-6725
ysmckinley@cityofdoral.com
PFM was recently hired as the City's financial advisor. The first task undertaken by PFM was to review
the City's outstanding debt, as well as upcoming capital needs. PFM has assisted the City to craft its first
debt and investment policy, as well as negotiate a design -build contract with a private developer.
City of Miami - Proposal for Financial Advisory Services - RFP# 245236 I 7
PFM'
References
City of West Palm Beach, FL
401 Clematis Street, Fifth Floor
West Palm Beach, FL 33401
Randy Sherman, Finance Director
(561) 822-1310
RSherman@wpb.org
PFM assisted the City with a competitive loan negotiation that included tax-exempt and taxable
components. The taxable portion of the loan was a restructuring in which PFM worked with the City's
finance team to craft a solution around a significant prepayment penalty that would have otherwise
hindered the restructuring.
City of Pompano Beach, FL
100 W. Atlantic Blvd.
Finance Department (Room 480)
Pompano Beach, FL 33060
Suzette Sibble, Finance Director
(954) 786-4680
(954) 786-4687 fax
suzette.sibble@copbfl.com
PFM was hired by the City of Pompano Beach to serve as their Financial Advisor. PFM assisted the City
and their East District Community Redevelopment Agency (CRA) with the development of their five-year
capital improvement plan, as well as with the issuance of their first financing transaction through a two -
component (taxable and tax-exempt) $20 million bank loan.
City Boca Raton, Florida
201 West Palmetto Park Road
Boca Raton, Florida 33432
Linda Davidson, CPA, CGFO and CPFO
(561) 393-7737
Idavidso @ ci.boca-raton.fl.us
PFM has served as Financial Advisor and has assisted the City of Boca Raton with credit agency
presentations and bond financings with an approximate par amount of $400 million. This includes a
recent upgrade of their water and sewer system to AAA by Standard and Poor's.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 l 8
®PFM
1111111511...
•
PFM's Municipal Debt issuance Experience
cd)7�iscusstthe primary markets:thejffrm(s)eerve and�ro•
vide am
ldetit Issuance for avhlch the cProploserr'has ervetli as rfinanclal
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The first part of this question appears to be geared towards underwriting firms that also perform financial
advisory work as an ancillary business; however the second part of the question more clearly specifies
financial advisor experience which is what is directly pertinent to the City in this RFP. As such we have
responded to this question in two parts.
Primary Market Participation
PFM intentionally practices solely as an independent financial advisor that does not underwrite bonds; as
such we serve only our municipal clients, not institutional investors. By doing so PFM avoids the
inherent conflicts of interest of firms that serve as both a financial advisor and an underwriter. That said,
as the mostactive financial 'advisor in the state and nation, PFM's constant market participation affords us
a significant level of access to the primary markets. In fact, PFM engages in direct communication on a
periodic basis with most of the largest institutional investors, including Guggenheim, Blackrock, Visional
Capital Advisors, Templeton, etc... PFM also works on behalf of our clients in negotiating private
placements or direct bank loans with most all of the active investment firms, including Bank of America
Merrill Lynch, JP Morgan, BB&T, TD Bank, etc... In addition, PFM's Public -Private Partnership team
maintains consistent communications with a significant portion of the infrastructure equity and project
finance lenders, including Dexia Credit Local, ING, Macquarie, Carlyle Group, etc... Our strong position
in the municipal capital markets over the last three decades has led to a great level of credibility among
the institutional investor base and lending community and enhances PFM's ability to remain at the
forefront of the financial advisory business.
Financial Advisor Presence
PFM has served as Financial Advisor for every type of debt issuance available in the capital markets over
the last 30 years. In many cases PFM was at the forefront of innovative financing structures that assisted
our clients in meeting their long-term strategic vision. The information provided throughout this proposal
highlights our involvement in an expansive range of financings.
PFM has been a consistent and stable leader in the Florida marketplace for 20 years. The following
tables provide a breakdown of the number of issues and par amount for various categories of financings
for which PFM has served as independent financial advisor since 2005 in Florida. PFM is the leading
financial advisor in the nation, and can provide an expanded table to show all transactions completed in
all states.
?�7bt►ctF�nancia7 ►aeaRgemeift Joiida3New ssye!
Category
Negotiated
Corrpetilive
Florida Total
2005
3,257.1
899.7
4,156.8
2006
2,998.1
841.3
3,839.4
Par Amount (millions)
2007 2008
3,456.1
596.4
4,052.5
4,169.4
791.0
4,950.4
2009
3,770.5
226.6
3,997.1
TOTALS
17,651.2
3,355.0
21,006.2
2005
49
21
70
2006
44
18
62
Number of Deals
2007
45
16
61
2008
35
10
45
2009 TOTALS
47 220
9 74
56 294
n;1x
Airport
Education
Higher Education
Health Care
Transportation
Public Power
Water, Sewer & Gas
Solid Waste
General Purpose
41.8 159.6 0.0 0.0 0.0 201.4 1 2 0 0 0 3
636.0 819.0 1,132.0 194.7 206.8 2,988.5 11 11 10 2 6 40
183.8 251.9 121.5 97.0 58.8 713.0 5 7 3 3 1 19
390.7 90.7 332.6 370.0 520.9 1,704.9 5 2 3 7 4 21
187.4 285.9 260.0 375.9 0.0 1,109.2 4 4 5 3 0 16
923.5 119.0 935.3 1,877.0 939.3 4,794.1 7 1 8 14 10 40
506.4 1,004.6 813.2 531.4 432.5 3,288.1 4 10• 7 7 5 33
113.3 262.4 0.0 0.0 0.0 375.7 2 3 0 0 0 5
708.8 358.2 788.4 516.7 1,133.1 3,505.2 20 13 14 8 23 78
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 19
® PFM"
PFM's Swap Experience
escnbe.examples rofewaptransactlonshe proposer.
o, onflrm;�rlcing nd1oevaluate`the 8sksendjrewards;r
atedfinah
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Swap Pricing & Valuation Expertise
PFM is a leader in providing swaps and derivative products advice. Our practice began as a separate
business group in the early 1990s and its sole focus is this extremely complex area of public finance. We
believe that the knowledge, market access, technical skills and resources we offer are on par with those
of the major investment banks. Since January 2000, PFM has arranged 1,182 swap and derivative
transactions totaling in excess of $89.87 billion notional principal amount. In 2009 alone, PFM arranged
155 swap transactions totaling over $9 billion of notional principal amount.
PFM is unique among public sector advisory firms in that we have a group of professionals solely
dedicated to the derivatives and structured financial products area —the PFM Structured Products Group.
PFM Structured Products Group's eleven (11) professionals are focused on providing municipal clients
with the highest quality advice and insight on the utilization, structuring, procurement and management of
interest rate swaps, derivatives, and other financial products. Our dedicated structured products team
with significant Wall Street experience has advised our clients on numerous swap and derivative
transactions. With the state-of-the-art resources and capabilities matching or exceeding those of the
nation's largest investment banks, PFM can provide the most in-depth analysis and on -going monitoring
of derivatives transactions.
The table below summarizes the number, notional principal amount, payment basis and index, and
procurement method of interest rate swap and derivative transactions for which PFM AM served as
advisor since 2000.
Fear 2_
2000
Iumberrogransactkons !! 4ponalrAmouniy
11 $1,352,910,000
2001
43 $4,274,727,502
2002 55 $4,698,029,000
2003 72 $11,177,954,000
2004 138 $10,253,049,750
2005 150 $12,964,705,241
2006 154 $11,531,045,698
2007
154
$10,922,225,139
2008
250
$13, 671, 408, 232
2009
RTaf 1 fii1.82��589�89S�yI`48b1
5100,000,000
590,000,000
580,000,000
570,000,000
$60,000,000
$50,000,000
$40,000,000
530,000,000
$20,000,000
510,000,000
155 $9,049,660,299 So
Cumulative Notional (000)
$91,533,32E
$82,557,0
$68 925 670i(`
558,128,445
:
i`yT__y;'�
67513273-371
$33,617,429
$23,364,379
'
$12186425t
—fr,4ss39.
9,213,668
`
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,...1117 -. o¢tl
L"V but
2000 2001 2002 2003 2004 2005 2006 2007 2006 2009
PFM SwapViewerTM
PFM's latest innovation is the proprietary SwapViewerTM. Interest rate swaps and derivatives have
become integral to today's municipal financings. They are powerful tools, yet carry significant risks that
must be monitored. Swap dealers recognize this risk and spend several millions of dollars a year
monitoring exactly where their risk lies, and precisely where their cash flows go and belong for each
transaction. PFM believes end -users of swaps need to be equally vigilant.
PFM's proprietary web -based valuation and monitoring platform, SwapViewerTM, represents the state -of -
the art in derivatives risk management and is an example of PFM's ongoing innovation in this area.
SwapViewerTM is tailored exclusively for tax-exempt clients and enables them to view all of their swap
positions, risk and documents online. As soon as a trade is transacted, it is captured in our system for
processing. Valuations are performed on a daily basis, and can be reported depending on the frequency
of the City's needs and the level of service required. The City would also have access to a website to
view these valuations and details on transactions. PFM also presents the rate resets and payment
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 110
PFM'
INGC
PFM's Swap Experience
calculations for the City for access through the web. PFM maintains its clients' entire portfolio of swap
positions in its database and provides them with regular mark -to -market reports. In addition, we maintain
frequent contact with clients to provide them with market "color" and to alert them to current windows of
opportunity.
The models, methods and procedures used for ongoing surveillance, are the same used by the PFM
team to price all our client transactions. SwapViewerTM provides calculations on the Dollar Value of 1
basis point move (DV01) for each transaction and the entire portfolio. Other risk parameters can be
calculated with ease, in order for PFM to work with the City in monitoring the effect of rates on the swaps.
SwapViewerTM also affords clients the ability to create custom portfolios to house the transactions, and
load information on the associated bonds as well.
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Further services include collateral monitoring when this is necessary as part of an ISDA Credit Support
Annex. As a large asset manager, we have access to a database of security prices, which combine with
our swap valuation software to create a powerful tool to monitor collateral posted against the value of a
derivative portfolio. PFM believes our services are much more comprehensive than the role of a
traditional broker or other advisors in this area. We customize our services for each of our clients in this
area. For example, in the area of accounting and reporting, some clients require FAS 133 Effectiveness
Testing while others may require assistance in writing footnote disclosures for their financial statements.
PFM also can provide periodic counterparty credit exposure reports and Value at Risk -type calculations.
The following list provides a preview of SwapViewerTM services available to the City:
Valuations
▪ Web -based access to valuations and reports
• Customized portfolio groupings
• Graded levels of access
Back -Office Monitoring
• BMA and LIBOR rate settings
• Payment and net payment calculations
• Web -based access to payments
Documentation
• Web -based access to transaction and ISDA documents.
PFM's in-house technical resources, experience and scale enable us to offer clients leading edge
technology at an affordable price. SwapViewerTM consolidates PFM's expertise in municipal derivatives,
and delivers it onto your desktop.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 111
PFM"
PFM's Swap Experience
Swap Transaction Case Studies
With respect to derivatives and investment products, PFM has adopted a practice to limit specific
information related to derivative product and investment advisory clients in any presentation or proposal,
consistent with the spirit of SEC Regulation S-P and the Graham -Leach -Bliley Act, which both deal with
privacy issues. Additional information including pricing details or client contact information is available
upon request. We understand that many of our competitors are not as careful as they should be with
regard to the dissemination of details related to the business of their clients. We are able to provide a full
list of our clients to the City and would be very willing to discuss comparable experience in the context of
not providing names related to a particular transaction decision, we believe our discretion is important to
our clients and would behave to protect the interests of the City if chosen to represent the City as its swap
advisor.
In the last 5 years we have advised on a total of 92 swap transactions for entities in the State of Florida
with a total notional value. of over $4.8 billion. Following are brief case studies describing transactions
where PFM as the swap advisor added significant value.
Basis Swap for a County Authority
The Authority needed cash for necessary stadium repairs both immediately and over time. After reviewing
various alternatives and discussing relative risk tolerances of the Authority it was decided that a "tax risk"
basis swap would meet the needs of the Authority. In connection with the fixed rate Series 2002A and
2002B bonds (the "Bonds") for the Authority they executed a SIFMA/ "Enhanced LIBOR" floating -to -
floating swap or basis swap (the "Swap") with Goldman Sachs Capital Markets, L.P. ("Goldman"). The
basis swap produces expected positive cash flow to the Authority.
Under the basis swap, the Authority pays the SIFMA Index in exchange for receiving the following: 1)
$5,200,000 upfront payment from Goldman, 2) $200,000 payment from Goldman annually, on each
November 1 commencing on November 1, 2005 and ending on November 1, 2008, 3) a percentage of the
floating-rate taxable LIBOR index based on an "Enhanced LIBOR" payment formula.
In exchange for the upfront payments and savings over time, the Authority bears basis risk or the risk that
it could incur a shortfall between SIFMA and the "Enhanced LIBOR" variable rate received 'on the swap.
The most likely cause of such a permanent shortfall would be a substantial reduction in U.S. marginal
income tax rates. The likelihood of a reduction of sufficient magnitude so as to greatly reduce or eliminate
the incremental savings from the swaps is estimated to be small.
City Redevelopment Corporation
On March 9, 2004 the Redevelopment Corporation of the City (the "Corporation") competitively bid the
sale of a SIFMA swaption (the "Swaption"). The Series 2000 Swaption was sold on a SIFMA floating to
fixed interest rate swap and if it is exercised by the winning bidder, the Corporation will be placed into a
variable to fixed interest rate swap. If the swaption is exercised, the Corporation will likely issue variable
rate refunding bonds in 2010. In order to exercise its option, the winning bidder must pay an exercise
premium of $357,930 to the Corporation, which represents the estimated future costs of issuance related
to the variable rate refunding bonds. The future bond issuance and swap are both insured, subject to the
terms of policies issued by Ambac (the "Insurer"). The project financed by the bonds is the Convention
Center.
The swaption allowed the Corporation to effect a synthetic forward refunding of the bonds to lock in
savings based on current market conditions. By selling the Swaption, the Corporation was able to take
advantage of interest rates near historically low levels and effectively create low-cost synthetic fixed-rate
debt. The terms of the swaption were structured to mirror the terms on the optional redemption feature on
the Bonds. The swaption generates expected total net PV savings of $2,599,000 (4.36% of the Bonds'
par amount).
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 112
Letters of References
`f) rovfde itwo{�(2) �Letters'mf sReferQn'�ri FI
Inblude`;those frim.governm,entaI entitiescen
nverification s part f heaevaluatlon process.
Please find in Appendix C.
etterhead, �forawhom minllar se lces. hiave .thee}ntperformed
�irlvattlt es as applicable ti`Thls0information fsiubject to;
•cat°sf'F,t';!�'i';^.df,�+�x.�4
.::.
'Prcvlde ifnformatlon prom#within the fast fflve f(5) dears co �eerning �acurrent r past Iltigation
ankruptcies invo vin.g fhe Proposer if pplicable ; s�related to the scope ofk ervices'beiny ought watt
e:�onfineshls iFP f Indicatethe'r�asDn:(s)nduic�me(s)3a; ,,��r` _ '!
None.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 13
PFM Strategic Consulting
ier�mformaGon deemed trQlevant �meludm
PFM makes no exceptions to the requirements of the RFP.
Throughout this proposal we demonstrate PFM's consistently top -ranked Financial Advisory practice. It is
also of specific interest to the City that PFM is the only independent financial advisor that also maintains a
dedicated Strategic Consulting Practice. In support of the City of Miami, PFM is unique among
financial advisers with our capacity to provide high-level Strategic Consulting services through our
dedicated practice of 25 management and budget specialists. We are pleased that members of this team
— including Michael Nadol, Greg Butler, David Hoskins, and Jelani Newton — were able to support Miami
earlier in 2010 with labor and non -tax revenue analysis, and we would welcome the opportunity to bring
additional services from this practice to help the City strengthen its structural fiscal health.
The PFM Strategic Consulting practice brings actionable ideas to government that both enhance public
service delivery and improve the bottom line. The PFM team is the national leader in the development of
multi -year financial plans in the public sector — helping distressed governments to achieve fiscal recovery,
stable governments to ensure sustainable health, and strong governments to optimize management and
budget performance.
Across a broad range of service areas, we can both identify best practice opportunities for improvement
and support effective implementation:
• Budgeting and Financial Planning
o Multi -Year Financial Plans
o Fiscal Recovery and Turnarounds
o Budgeting for Outcomes and Budget Development
o Financial Policies and Best Practices
• Operational Reviews and Reform
o Fleet Management
o Public Safety
o Public Works/Utilities
o Parks and Recreation
o Health and Human Services
o Capital Program Implementation
• Workforce Analysis
o Economic Analysis for Bargaining
o Interest Arbitration Expert Testimony
o Overtime Control
o Staffing Level Analysis
• Governmental Consolidation and Shared Services
o Consolidation/Merger
o Shared Services and Partnerships
• Revenue Maximization
o Tax Policy
o Fee and Cost Recovery Studies
o Market -Based Revenue Opportunities
• Program Analysis and Decision -Making
o Program.Evaluation.and.Impact Analysis
o Information Technology Needs Assessment and Investment Review
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 114
PFM Strategic Consulting
SELECTED PFM STRATEGIC
CONSULTING CLIENTS:
CALIFORNIA
California Society of Municipal Finance
Officers (CSMFO)
Los Angeles County (LAFCO)
City of Oakland
City of San Jose
COLORADO
City of Aurora
American Water Works Association
(AWWA)
CONNECTICUT
City of New Haven
DISTRICT OF COLUMBIA
Brookings institution
Government of Washington, DC
U.S. General Services Administration
FLORIDA
City of Gainesville
City of Miami
Martin County
St. John's County
LOUISIANA
City of New Orleans
MARYLAND
Anne Arundel County
Montgomery County
City of Baltimore
Baltimore County
MINNESOTA
City of Minneapolis
City of Saint Paul
MISSOURI
City of Saint Louis
NEBRASKA
State of Nebraska, Department of
Administrative Services
NEW JERSEY
City of Newark
NEW YORK
Nassau County
City of New York
OHIO
City of Cleveland
Cuyahoga County
PENNSYLVANIA
City of Philadelphia
Commonwealth of Pennsylvania
TENNESSEE
State of Tennessee
TEXAS
City of Austin
City of Dallas
Although PFM brings the same analytical rigor to every assignment, we
specifically tailor our staffing and focus for each engagement recognizing
that every publicsector organization has its own unique issues.
To meet the fiscal goals of the City of Miami, PFM would like to highlight
four areas where our Strategic Consulting services would have an impact:
■ Efficiency Reviews. We have successfully identified cost -
savings and operational efficiency opportunities on both an enterprise -
wide basis — as with a recent project for the City of Cleveland (OH) — and
on a departmental basis, as in Wilmington (DE), the Commonwealth of
Pennsylvania, and the City of St. Louis (MO). Where functions could
benefit from an independent assessment, PFM can bring experienced
public sector managers to identify best practice opportunities to improve
performance.
▪ Workforce Issues. While significant progress was made in 2010
in addressing Miami's wage and benefit cost sustainability, ongoing labor
negotiations highlight the need for continued analysis and creativity. In
this service area, our project experience includes labor-management
consulting to many of the nation's largest public employers — from the City
of New York Office of Labor Relations to the City of San Jose (CA).
Fleet Reduction. We have helped cities nationally, including
Minneapolis (MN), Philadelphia (PA), and Washington (DC) to deploy
analytical tools to optimize the size of their municipal fleets — achieving
both fiscal and environmental benefits. For the District of Columbia
Government, for example, PFM developed vehicle usage guidelines and
a sophisticated transportation alternative costing model used to inform
department -specific operational analyses of fleet reduction opportunities.
The result was a 17% reduction in the City's passenger fleet, with net cost
savings estimated at $6.6 million over five years without any significant
adverse impact on services.
• Non -Tax Revenues. On a limited basis, PFM fee analysis
supported the City of Miami in developing this year's budget. On a more
comprehensive basis, PFM has help City and County governments
nationwide to capture millions in non -tax revenues through
comprehensive cost recovery studies and plans. Successful fee analysis
engagements include the Cities of Gainesville (FL), Dallas (TX), and
Austin (TX), among many others.
Overall, PFM believes it is critical to be focused on the unique challenges
of managing in the public sector. Government consulting is not a
secondary business for us, undertaken to fill in when corporate
engagements have slowed. Improving public sector performance is our
mission as a firm, and the passion of our professionals. We highly value
long-term, client capacity -building, evolving engagements, and are
dedicated to making a difference. Accordingly, we would welcome the
opportunity to continue to serve and support the City of Miami.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 115
PFM
The Team
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PFM agrees to the City's terms to approve any Future Financial Advisor(s).
David Moore, who will be the engagement manager for this relationship, is one of the most seasoned
finance professionals in Florida providing financial advisory services to a vast array of counties, cities and
school districts managing over $15 billion of debt transactions during the last 18 years. He is located in
the Orlando office and will coordinate a team of professionals that offer specialized expertise in the areas
of interest identified throughout the RFP.
Sergio D. Masvidal, a Senior Managing Consultant in the Miami office, will serve as the project manager
and assume day-to-day responsibility for the engagement. Mr. Masvidal specializes in Florida municipal
finance for counties, cities and special authorities/CRA's, managing over $5 billion of debt transactions
over the last 7 years. In 2009, Mr. Masvidal was one of the most active financial advisors in Florida in
terms of both total par amount issued and number of transactions completed. We would encourage you to
call upon all of Mr. Masvidal's references, as well as take particular note of market activity rather than only
"number of years in the business" when deciphering the experience of the project manager.
David M. Moore
Managing Director
Southern Practice
22 Years of Experience
David Moore is a Managing Director in the Orlando office. Mr.
Moore coordinates PFM's Florida practice and is among the most
active financial advisors in Florida completing in excess of 250
financings totaling over $15 billion. During his twenty-two year
professional career, Mr. Moore has worked as an engineer,
investment banker and financial advisor focusing on public finance
for the past seventeen years.
Mr. Moore is a hands-on, analytical project manager. This approach evolved out of his roots as an
analyst in public finance. This technical foundation is a unique asset when advising clients regarding
strategic issues with complex financing needs. An example of Mr. Moore's technical accomplishments is
that his work for the School Board of Palm Beach County resulted in the District receiving the Bond
Buyer's Southeast Region Deal of the Year award in 2002 for a multi -series plan of finance included
almost $1 billion in financings incorporating fixed and variable rate obligations. In 2007 another of Mr.
Moore's clients —the South Florida Water Management District —was nominated and won the Deal of the
Year for the entire nation. For the District he helped create the first COP .financing program for.
environmental restoration. Even though COPs are generally viewed as a weak credit structure, Mr. Moore
helped the District create a credit presentation that outlined the unique characteristics of the District and
the program. This effort led to the District being rated AAA (implied GO) and the COPs being rated AA+.
Mr. Moore has applied his expertise for City and County clients on projects including: economic
development, airports, housing, convention centers, pooled financings, solid waste, special assessment
programs and utility financings. Mr. Moore holds a M.B.A., cum laude, from the Crummer School of
Business at Rollins College and a B.S. in Electrical Engineering from Auburn University.
City of Miami - Proposal for Financial Advisory Services - RFP# 24523E 117
PFM
vemissrm
The Team
Sergio Masvidal
Senior Managing Consultant
Florida Municipal Finance
7 Years of Experience
Sergio Masvidal joined Public Financial Management in 2003. As a
Senior Managing Consultant in the Miami office he has assumed an
active- role in providing technical financial advisory support to clients
throughout Florida and the Southeast, with a primary focus in South
Florida. Over the last two years Mr. Masvidal has been one of the
most active financial advisors in Florida in terms of both total Par
Amount and number of transactions completed.
Having actively managed over $5.0 billion of bond transactions,
Mr. Masvidal's clients include a variety of Cities, Counties,
Special Taxing Districts, Transportation Authorities and Utilities.
Some of these clients include Miami -Dade County, where he
assists the County with their multi -billion dollar General
Obligation Bond Program and their various general credits and
special tax liens. In serving the County, Mr. Masvidal serves as
the project manager for new money, refunding, tax-exempt, and
taxable financings. A few of the projects Mr. Masvidal
managed include: a $345 million refunding issue for the Water
and Sewer Department that resulted in approximately $25
million of Net Present Value savings, or $1.8 million annually for
the Department; a $320 million new money bond issue
comprised of five separate series that included tax-
exempt/taxable and new money/refunding bonds; three
simultaneous debt restructurings during the height of the recent
financial crisis that converted the County's outstanding auction
rate bonds within a period of one month.
Kaufman, Hall &
Associates Inc.
2009 Year End Florida Overall Long -Term Municipal New Issues
Naaonel Mauopsl Financial Advisory Rankmp
Source: The Bona evye/seconds Dacc Company
8 llama cbons
PFM
Sergio Masuidal 2 �4,�#m,'-^.�asp-z',
Raymond. James 8 •raa!` -
Associates Inc.1.172.0
Public Resources
Advisory Group
g.
Firs4Soumwesl MR�-�;�; 609.7
iEY� G.
541.6
Dunlap & Associates .tyl=:. 483.6
RBC Capital Markets E.450.9
Spectrum Municipal ,F,
bervwes Inc � 328.7
Ramirez 8 Co. Inc. 323.4
Ponder & Co.
322.6
0
dollars in millions
In his role as project manager, Mr. Masvidal devotes a
significant amount of time working with cities in South Florida as well as new and/or infrequent issuers to
develop long-term capital financing strategies. Part of this process includes a comprehensive evaluation
of available security pledges, budgetary constraints, and development of credit ratings. Recent examples
of pertinent work with cities include Mr. Masvidal's management of a competitive loan negotiation for the
City of West Palm Beach, in which the City was able to work around a significant pre -payment penalty
while restructuring the loan and achieving a lower interest cost. Other examples include working with the
City of Pompano Beach in order to implement a first-time financing for their CRA while protecting the
City's general fund from project risk. That financing included three loan components made up of tax-
exempt and taxable bonds, including a latent option (City option) to later issue tax-exempt or taxable
bonds, depending on the final agreement with the private developer.
Mr. Masvidal also assists other municipalities and special taxing entities with long-term capital planning
and debt structuring/execution. Other Florida clients to whom Mr. Masvidal provides financial advisory
services include the City of Coral Gables, City of West Palm Beach, City of Doral, City of Pompano
Beach, Collier County CRA, Pompano Beach CRA, the Miami -Dade County School District, South Florida
Water Management District, Broward County, Collier County, Monroe County, among others. Mr.
Masvidal has also been an active participant on innovative financing engagements, including public -
private partnership structuring.
As a member of PFM's financial advisory group, Mr. Masvidal has responsibility for providing analytical
and technical support to his clients. These responsibilities include managing all aspects of bond
transactions, including sizing bond transactions, developing CIP spreadsheet 'models, and performing
refunding analyses. Mr. Masvidal is also a member of PFM's internal team specializing in public -private
partnership agreement structuring.
Mr: Masvidal graduated from Muhlenberg College in May of 2002, where he earned his Bachelor of Arts
in Psychology.
City of Miami - Proposal for Financial Advisory Services - AFP# 245238 118
PFM
The Team
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Financial Advisory Support
Since the financial markets are made up of many intricacies and continually change, PFM has many
specialists who will assist Mr. Masvidal and Mr. Moore in ensuring that the City is well served when it
comes to providing advice on strategic plans, capital planning, debt structuring, refunding techniques,
derivative products, money management, arbitrage rebate, and strategic consulting services.
Marissa Wortman, a Senior Managing Consultant in the Orlando office, will assist Mr. Moore and Mr.
Masvidal with senior project management support. Mrs. Wortman specializes in Florida municipal finance
for counties and cities and has managed over $6 billion in financings over the last 9 years. Ms. Wortman
is particularly familiar with the City from her previous career as an investment banker.
Nicklas Rocca, Laura Howe and Liang Shan, Consultants in the Orlando office, will assist both Mr.
Masvidal and Mr. Moore and provide analytical and technical support for the City's engagement. We
believe this team is composed of the optimal mix of professionals with specific areas of expertise to
provide a comprehensive range of services to the City.
Pricing Group
Todd Frazier, Senior Managing Consultant and Jaclyn Shell, Consultant, in the Charlotte office will
provide pricing analysis and support for the engagement.
Strategic Consulting Support
Mike Nadol, Managing Director in the Philadelphia office along with Virginia Rutledge and Greg Butler,
Senior Managing Consultants will provide strategic consulting services for the engagement.
Structured Products Support
Andrew McKendrick, Managing Director in the Philadelphia office along with Alfred Mukunya, Senior
Managing Consultant, will provide derivatives and swap expertise as needed to the City.
Investment Advisory Support
Steve Alexander, Managing Director, will provide Investment Advisory services as needed for this
engagement. Mr. Alexander is a Certified Treasury Professional (CTP) and Certified Government
Finance Officer (CGFO) with over 24 years of advisory and management experience and is the author of
the Florida Statutes Chapter 218.415, which governs the investment of public funds. Mr. Alexander is
responsible for the administration of PFM's investment advisory, consulting and managed accounts
services in the Southeast.
Mel Hamilton, Senior Managing Consultant in the Orlando office with more than 25 years experience in
investment advice and portfolio management services to institutional investors will provide Investment
Advisory services as needed to the City.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 119
®PFM`
615211501.
0.35.2
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Team Resumes
Marissa Wortman
Senior Managing Consultant
PFM Inc.
Florida Municipal Finance
9 Years of Experience
These team members are the primary
individuals assigned to the City's team.
ientter
•onsd tans:.:;.'
Made phia
Marissa Wortman joined Public Financiaf Managements
Orlando office as a Senior Managing Consultant in September
2005. As a Senior Managing Consultant, Ms. Wortman is
responsible for providing project management and analytical and
technical support to the financial advisory group which includes:
sizing bond transactions, performing refunding analyses,
reviewing legal documents, preparing and maintaining disclosure
documentation, overseeing the rating process, preparing terms
and conditions of sales, creating models for quantitative analysis and analyzing market conditions. She
has executed both negotiated and competitive bond transactions, structured both tax-exempt and taxable
new money and refunding financings for her clients.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 120
PFM'
11/92.1925.
Team Resumes
Prior to joining PFM, Ms. Wortman worked at Stifel, Nicolaus and Company, Incorporated, Hanifen Imhofff
Division where she served as support banker in numerous underwriting and financial advisory financings,
investment programs, and competitively bid bond issues.
Ms. Wortman has worked with Florida clients such as: Cities of Jacksonville, Miami, New Port Richey,
Panama City, Oviedo, and Apopka, Counties of Broward, Orange, Seminole, Bay, Volusia and Escambia,
School District of Martin County, Clay County Utility Authority, Jacksonville Port Authority, Rollins College,
Ringling College of Art and Design, and Stetson University. She has participated in the completion of
short-term and long-term financings exceeding $6 billion in par issuance.
Ms. Wortman received her Bachelor of Science in Business Administration degree from the University of
Central Florida in December 1997, graduating at the top of her class with Summa Cum Laude honors.
Todd Fraizer
Senior Managing Consultant
PFM Inc.
Pricing Group
13 Years of Experience
Todd Fraizer is a Senior Managing Consultant With Public
Financial Management, Inc., based in Charlotte. Mr. Fraizer leads
PFM's Pricing Group which provides pricing resources and
negotiation support for PFM's clients nation-wide, continually
enhancing, expanding and centralizing the firm's bond pricing
expertise. Since 2006, Mr. Fraizer has assisted in pricing
hundreds of transactions totaling over $80 billion of municipal
bonds for PFM issuer clients.
Mr. Fraizer in his prior job as the Vice President of Finance for the Kansas Development Finance
Authority, served as the primary project manager for over $2 billion of general purpose, higher education,
pension obligation, transportation, and SRF transactions. Prior to that, Mr. Fraizer also gained futures
and options trading experience while at the Kansas City Board of Trade.
Mr. Fraizer has a Bachelor of Arts in English Literature from the University of Kansas and a Masters of
Business Administration, Finance from the University of Missouri -Kansas City. He is a CFA charter
holder, as well as a member of the CFA Institute and the Charlotte Society of Financial Analysts.
Steven Alexander,
CTP, CGFO
Managing Director
PFM AM
Investment Advisory
24 Years of Experience
Steven Alexander is a Managing Director and Partner in PFM's
Orlando office with 24 years of investment and financial
management experience. Mr. Alexander is responsible for the
administration of PFM Asset Management LLC investment
advisory and treasury management services in the southeast of
the country. Mr. Alexander currently serves as the Investment
Advisor to a variety of local governments including: Cities,
Counties, Authorities, Hospitals, Universities, Airports and School
Districts. He also provides specialized investment, cash
management, arbitrage rebate and OPEB consulting services to public sector clients across the country.
Mr. Alexander is responsible for providing investment training across the nation and has presented at
many conferences including: Government Finance Officers Association (GFOA), Florida, Georgia, and
Tennessee GFOA's, Florida GFOA School of Government Finance, Florida School Finance Officers
Association and Florida Association of School Business Officials. In addition, Mr. Alexander holds three
investment training seminars each year, which allows over 300 finance officials to satisfy their 8 hour
continuing education requirement.
Over the years, Mr. Alexander has worked on a number of financial and investment distressed public
entities in Florida, California, Texas and Washington DC including working for the State of Florida's
Emergency Financial Oversight Board for the recovery of the City of Miami. Mr. Alexander authored
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 121
PFM
Team Resumes
Florida's Investment Policy Statute, served on the FGFOA's Local Government Investment Practices
Task Force and the Florida Association of Court Clerk's & Comptroller's Investment Policies &
Procedures Task Force. Currently, he serves on the Association of Public Treasurers of the United
States and Canada Investment Policy Certification Committee reviewing investment policies from across
the nation. Mr. Alexander has testified to the Governmental Accounting Standards Board ("GASB")
regarding Statement 31 and 40 and assisted in the development of the implementation guide for the
Board.
Mr. Alexander is working closely with a number of Federal Agencies and Financial Institutions to
understand the various aspects of the United States Treasury TARP (Troubled Assets Recovery
Program) program and the program's effect on investments purchased by local governments.
Prior to joining PFM, Mr. Alexander served for ten years as the Treasury Manager for Orange County,
Florida where he was responsible for the management of the County's cash and investment portfolio and
banking and debt administration functions. During Mr. Alexander's tenure at Orange County he served in
a variety of financial and administrative positions including Deputy Director of Water and Wastewater
Accounting. Mr. Alexander began his career as a Financial Examiner/Analyst for the Division of Securities
in the Florida Comptroller's Office investigating securities and investment fraud.
Mr. Alexander has a Bachelor of Business Administration Degree in Finance from Stetson University and
a Bachelor of Science Degree in Accounting from Florida Southern College. Mr. Alexander is also a
graduate of the Rollins College Financial Planner Program and is a Certified Treasury Professional (CTP)
and a Certified Government Finance Officer (CGFO). He is a member of the Government Finance
Officers Association, Florida School Finance Officers Association, the Association of Financial
Professionals and Association of Public Treasurers of the United States and Canada.
Andrew McKendrick
Managing Director
PFM AM
Swap Advisory Services
20 Years of Experience
Andrew McKendrick, a Managing Director in PFM's
Structured Products Group based in Philadelphia,
specializes in advising clients regarding the use and
application of derivatives and other hedging tools with a
focus on risk management, as part of PFM's swap advisory
practice. He counsels on the use and management of
derivatives and the application of these tools to create and
apply the most appropriate structures for each client's overall asset/liability management needs. Mr.
McKendrick works with a broad diversity of clients including general municipal, school districts, public
utilities, higher education and healthcare.
Prior to joining PFM in 2003 Mr. McKendrick served as Head of Swap and Option Trading at Sovereign
Bank Capital Markets and Head of European Interest Rate Trading for Nomura international in London.
He traded interest rate derivatives for the First National Bank of Chicago (now JPMorgan Chase) for over
9 years, ultimately managing the Euro Swap Desk in London.
A combination of direct market experience and the understanding of the particular needs and sensitivities
of public sector and not -for -profit borrowers mean that Mr. McKendribk provides complete context for
borrowers using derivatives in the management of their debt and other hedging needs He received a B.A.
in Economics from Kalamazoo College.
Michael Nadol
Managing Director
PFM Inc.
Strategic Consulting
21 Years of Experience
Michael Nadol is a Managing Director with PFM, co -leading the
firm's Strategic Consulting practice nationwide. Mr. Nadol focuses
on public sector budgeting and financial sustainability, with
specialized experience in government workforce strategies. Prior
to joining PFM, Mr. Nadol served the City of Philadelphia in
positions including Deputy Mayor, Director of Labor Negotiations,
and Director of Finance. In addition, he served as Deputy
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 ( 22
PFM'
1120152.
Team Resumes
Commissioner for the Philadelphia Water Department, overseeing both finance and human resources for
one of the nation's largest environmental utilities.
At PFM, Mr. Nadol has provided strategic and quantitative support for human resources reforms and
collective bargaining on behalf of clients including the Commonwealth of Pennsylvania, City of New York,
New York Metropolitan Transportation Authority, City of Austin, Montgomery County, MD, and the City of
Philadelphia. He has testified as an expert witness on compensation issues in binding interest arbitration
in California, Maryland, New Jersey, New York, and Pennsylvania. In addition to workforce services, Mr.
Nadol has played a lead role in turnaround consulting for fiscally distressed local governments. He has
coordinated recovery plan development for Nassau County, is a senior member of the recovery team for
the City of Pittsburgh, PA appointed by the Commonwealth of Pennsylvania, and has worked on multi-
year financial plans for governments including Kansas City, MO, and Wilmington, DE. In addition, PFM's
Strategic Consulting practice advises financially strong governments on strategies for improved
performance, and Mr. Nadol has worked with clients from the Philadelphia School Reform Commission to
Washington, DC to streamline work processes and service delivery.
Prior to joining PFM, as Philadelphia's Director of Finance and in previous positions within the City's
Office of the Mayor, Mr. Nadol worked on management and budget initiatives key to the City's turnaround
from the brink of bankruptcy in 1992 to its then -record $206 million surplus in 1999. As Finance Director,
Mr. Nadol was chief financial officer for a city -county government with a $2.6 billion General Fund budget.
While in the Office of the Mayor, Mr. Nadol served as Director of Labor Negotiations for 1996 collective
bargaining covering over 22,000 municipal employees. In addition, he was active on the city's 1992 labor
negotiating team, with the restructuring of employee safety and risk management programs, and in the
development of joint labor-management productivity initiatives. As Deputy Water Commissioner, Mr.
Nadol served as chief financial and administrative officer for a $400 million water, wastewater, and storm
water utility with over 2,200 employees. Mr. Nadol has co -edited Management Innovation in U.S. Public
Water and Wastewater Systems (2005) and America's Water and Wastewater Industries, Competition
and Privatization (2000).
Mr. Nadol earned a Masters degree in Governmental Administration from the University of Pennsylvania,
and a Bachelor of Arts degree, Summa Cum Laude, from Yale University. Mr. Nadol also serves on the
adjunct faculty of the University of Pennsylvania, Fels Institute of Government, teaching a masters -level
seminar on competitive government. In addition, he is a member and past Treasurer of the Committee of
70, Greater Philadelphia's leading, nonprofit, civic watchdog organization, and served as -the Governor's
appointee and Chair of the Commonwealth of Pennsylvania Task Force on School Cost Reduction.
Sub -consultants will not be used for this engagement.
City o1 Miami - Proposal for Financial Advisory Services - RFP# 245238 123
III. Overall Ability & Utilization of Technology
Market and Pricing Information
Market Experience
PFM excels at structuring and pricing all of the different types of bonds that the County may issue. Last
year, PFM was the number one ranked financial advisor nationwide. In 2009 we helped our clients issue
over $51.5 billion in bonds. The table below shows that PFM is the most active Financial Advisor, and is
as frequent a market participant as the largest investment banking/underwriting firms.
len iters,:an
No. Deals Avg per Week
1 Public Financial Management
2 Robert W Baird & Co.
3 First Southwest
4 Morgan Keegan & Co Inc
5 RBC Capital Markets
6 Piper Jaffray & Co
7 Bank of America Merrill Lynch
8 Citi
Roosevelt & Cross Inc
10 JP Morgan Securities Inc
FA
UW
FA
Uw
UW
Uw
UW
USX/
UW
UW
832
679
579
578
570
529
516
398
398
391
16.0
13.1
11.1
11.1
11.0
10.2
9.9
7.7
7.7
7.5
PFM is unique among financial advisors in that we are independent AND price as many bonds as the
leading investment banks. Pricing an average of over two deals per business day, we know the market
preferences when pricing bonds for our clients. PFM offers the same level of sophistication as the
largest investment banks while at the same time maintaining the independence of a firm that
solely advises public sector clients.
• Municipal market knowledge
• Trading desk
• Swap structuring
• PFMAuction (internet bidding)
• Debt profiles
• Sizing and structuring bonds
• Refunding analysis
• Call option analysis
• No conflict of interest
• Client interest only
• Business agent for the client
• No investor pressures
We take a very thorough and quantitative approach to every pricing. PFM has a specific group of
professionals that comprise our Pricing Group, who dedicate themselves solely to assisting our clients
with pricing bonds. We use the same software and subscribe to the same information sources as the
largest investment banks. In addition, since we are in the market over two times per day on average, we
City of Miami - Proposal for Financial Advisory Services - RFP# 245238, 25
AMICSC
PFM'
Market and Pricing Information
have compiled a database of how our clients' bonds have priced and what is fair compensation for the
other members of the financing team. Our professionals also share information on unique structuring
ideas, or problems that certain structures have faced in the market. 'This information is fed to our own
Bond Pricing Group that uses various models and indices to understand how our clients' bonds should
price. In negotiated sales, we use this information to determine the target price that we expect the
underwriter to meet, and provide the analysis to the underwriters that support our position. In competitive
sales, we understand what the market will be and we work to ensure that as many banks are bidding on
our clients' bonds as possible.
When serving as financial advisor, PFM takes an all encompassing approach that ensures that our
client's best interests are taken into account during each step of the bond issuance process. This begins
with the development of the optimal plan of finance and continues through post sale monitoring/continuing
disclosure requirements of the transaction. At the conclusion of each transaction, PFM provides the
issuer with a "Report of the Independent Financial Advisor" that summarizes all important details of the
transaction and includes final numbers, ratings reports, and closing memorandum. This can be used as a
resource when questions arise as well as for outside entities such as auditors who might review an
issuer's outstanding debt.
Comprehensive Approach for a Successful Financing
PFM
Technical Approach
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 12`
PFM'
amasenz-
Market and Pricing Information
Structuring the Method of Sale
At PFM we believe the Financial Advisor should play an active part in designing and executing the
financing strategies of our clients. We see ourselves as both your partner and agent in helping to achieve
your specific goals. Our job is to make you aware of all of the options at your disposal and the
consequences of utilizing each of them. It is not our job to make policy choices; rather we want to ensure
that you have the appropriate tools to craft a financing strategy that can lead to the lowest cost of
borrowing consistent with your broader policy and financial objectives. It is our job to provide a forum for
ideas, an environment for challenging the conventional wisdom, and a crucible for forging strategies to
improve the performance of the program. Most importantly we must help manage the process and
execute the transactions.
The efficient marketing and pricing of debt financings is a key strength of PFM. The market intelligence
inherent in these important attributes is unmatched by any other financial advisory firm. This significant
level of market activity enables PFM to accurately determine where a client's bonds should be priced.
Throughout the course of the financing (plan of finance development, document preparation and
negotiation, and rating agency presentation process) PFM will develop an arsenal of City attributes.
Armed with this information, PFM is able to negotiate the best possible terms for our clients with the other
market players. PFM will serve solely to meet the goals of the City.
The following sub headers detail PFM's role along each step of the process of bringing an issue to
market.
Pricing and Sale of Debt
PFM possesses extensive expertise and experience in regard to both competitive and negotiated sales.
Dependant on our client's needs and situation, PFM has experience in playing a variety of roles in the
negotiated sale financing process. We have positive working
relationships with all of the national investment banking firms, as well as
the major regional firms.
Likewise, PFM, as independent financial advisors, places considerable
corporate emphasis on the professional and skillful conduct of
competitive issues. The public finance departments of investment
banks generate the vast majority of their revenues from negotiated bond
issues and therefore have a natural bias both in attitude and experience
to negotiated issues. PFM works on dozens of competitive issues each
year and, in fact, the team prides itself on successfully bringing issuers
to the competitive markets. PFM is proud of its role as being on the
leading edge of the municipal industry in developing innovative ways to
use the competitive bid process. Our recommendation regarding the
method of sale is derived after considering all the referenced factors.
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City of Miami - Proposal for Financial Advisory Services - RFP# 245238, 2
PFM`
einsmatae
Market and Pricing Information
Negotiated Bond Pricing Expertise
If a negotiated sale is determined to be the appropriate method, PFM has an unmatched expertise in
negotiating the lowest cost possible for our clients. Assisting with bond pricing is one of the most critical
roles of a financial advisor. Recognizing that, for over 30 years PFM has been at the forefront of the
evolution of pricing techniques, resulting in savings to our clients of millions of dollars. Time and time
again underwriting firms have said "you can't do that" to many of the concepts PFM has developed, that
are now industry standards including par calls, option analysis, minimizing discounts and premiums,
designation rules and most recently the PFM Pricing Desk.
In order to effectively advise clients regarding the optimal interest rates and other terms and conditions, a
financial advisor requires three things: (i) accurate, up-to-date market information, (ii) technical ability to
evaluate financing options and (iii) willingness to force underwriters to perform. With advances in
technology, any firm can have access to up-to-date market information, but PFM's "Bond Pricing Desk" is
unique among all firms in the nation in that it meets all three criteria.
• Market information: PFM has access to the same data that every underwriting desk uses. In
addition, when PFM prices bonds we are able to rely on ideas developed by dozens of
underwriters around the nation because we are pricing bonds with dozens of firms each week.
This is a material advantage to our clients in that if an underwriting firm serves as financial
advisor; their primary source of ideas is limited to their own underwriting desk. The PFM Pricing
Desk uses the latest ideas from underwriter "X" and applies it to financing "Y", immediately.
• Technical tools: During the last decade PFM has developed option pricing models and other
financing tools enabling PFM to evaluate pricing options using the same tools investors use.
• Willingness to force underwriters to perform: Finally, as an independent advisor, PFM is
structured as a pure fiduciary to our clients —we make money only from our local government
clients —and thus have the willingness to force underwriters to perform.
PFM's Pricing Desk and market professionals intentionally are not tasked with managing any one client
engagement; instead they are 100% dedicated to assisting PFM's regional offices with bond pricing.
PFM has developed its business model to mirror even the largest investment banks. The pure volume of
transactions we manage alone ensures that our professionals have a great level of awareness as to
market developments and pricing considerations. PFMs Pricing Desk is not "watching the market", the
Pricing Desk is "leading the ,market" .to better terms and conditions for hundreds of local governments
around the nation.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 128
Ad
PFM'
Market and Pricing Information
After the Sale
After each transaction, PFM customarily prepares a financial advisory memorandum that provides its
clients with a summary of the transaction, including the financial alternatives considered, the financial
impact of the transaction, and a comparison to similar deals that priced within the same timeframe. Part
of this post -sale analysis includes detailed information regarding the pricing performance of the bond
sale. This detailed analysis includes a review of the City's prior transactions, other transactions in the
market that priced within the same time frame, and a summary of the pricing in comparison to the pricing
model. PFM will compile this information for the City as part of the "Financial Advisor's Report" and will
also identify the on -going administrative requirements over the life of the transaction. Below is a sample
excerpt of the post -pricing analysis that PFM recently provided City of Boca Raton. PFM would provide
the City with a similar Pricing Analysis after a new issuance of Bonds.
Pricing Performance - 2010 Bonds
• The 2010 Bonds priced very favorably at 8 bps over the MMD AAA GO scale and 34 bps
below the Florida AAA GO scale.
T4 •
nera 11 iiikin OntlS de 2070��y .,.1- r'�.R .•
SALE DATE _ -77112E12010 • RATINGS. 'Aaa•'AAA"AAA
-•
DATED DATE '8.12'a710 .":-. :'... UNDEAWRl7FA .r •.:aP Mrtr9an. -
DELNERYDATE' `'e -8112/2010 " :'7YPE OF SALE; ,' '(bnpHNhe c ,+•.;._
ISSUE SSE ` _.: '89.225000'
GALL, FEATURES' - 7/1/2010.ED Par''.
L005 .�
Sproa0 t0 Opening MAID AAA,GD .. 7.939
`....,.�
Spread 07 Posing MAID AAA .Go .-."a018_bps
Spread t4 Fl01108 AAA GO _.- .. . . : -34.109 bpi-
:. �.. .-.... :.. ...'
MMO AAAA
Gomm na0n
_
' - ,Ab0cei CpoNnq
. Mnn5t.Cktefog . '
Sptead to Fblitla AAA GO-
:..- "Spread ici
-' '•'+ .Spre10 to
-
- ' .:,SMa3tlto
!Dale Pnnclp61., Coupon. Scale
D any - AMCAM .'
MD
..
M4fl e Cu -.-':AAD .
� AAA Row.-) '-Ctuve ..
1JA62011
280,000
4.000
0.350
0.250 0.100
0250 0.100
0.290 0,050
14N.2012
325,1300
9.000
0.400
0.370 0.030
0.370 0.090
0.560 (0.160)
1J5.1.213
340,000
4.000
0.690
0.620 0.010
0.610 0.020
0.900 (0.270/
1..1u42014
355,000
4.000
0.850
0.840 0.010
0.830 0.020
1.140 (0.290)
140.2015
365,000
4.000
1.300
1.290 0.010
1.280 0.020
1.590 (0.290)
1J11-2016
380,000
4.000
1.700
1.680 0.020
1.670 0.030
2.000 (0.300)
14.1.2017
995,000
4.000
1.990
1.970 0.020
1.960 0.030
2300 (0.310)
1-1.1-2016
415,000
4.000
2.210
2.190 0.020
2.190 0.020
2590 (0.320)
1Ju1-2019
430.000
4.000
2.410
2330 0.030
2380 0030
2720 (0.310)
141.2021
445,000
4.000
2610
2570 0.040
2.570 0040
2920 (0.310)
1J6.1- 021
465,000
4.000
2780
2.730 0.050
2.730 0.050
3.080 (0.300)
1.1u62022
4135,000
4.000
2920
2.860 0.060
2860 0.060
3210 (0.290)
1J402023
505.000
3.000
3.000
2.980 0.020
2.980 0020
3.360 (0-360)
1J.1-2024
520,000
3.000
3.150
3.100 0.050
3.100 0.050
3520 (0.370)
1-Ju1.2025
535,000
4.000
3330
3.210 0.129
3.210 0.120
3.650 (0.320)
1Ju1.2026
555.000
4.000
3.430
3.310 0120
3.310 0.120
3780 (0.350)
4J24027
575,000
3.500
3.500
3.410 0.090
3.410 0.090
3.090 10.390)
1J5.12028
595.000
3.500
3.600
3.510 0.090
3.510 0.090
3.990 (0.390)
1-4.1-2029
620,000
4.000
3.710
3.590 0.120
3.590 0.120
4.070 (0.369)
1-5u1-2030
640.000
4.000
3.800
3.670 0.130
3.670 0.130
4.140 (0.340)
9.225,000
3120
3.040
3.040
3.961
Key Indicator
of Pricing
Performance
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 129
PFM`
loceasen
Pricing and Marketing the City's Debt
Financial Advisor's Report
This report summarizes the Bond Sale and general market conditions leading up to the sale date of the
bonds, as well as the pricing performance. Below are pages taken from the Report provided to City of
Boca Raton for its General Obligation Bonds, Series 2010.
City of Boca Raton, Florida
Report of the Independent Financial Advisor
$9,225,000 General Obligation Bonds, Series 2010
(Downtown Library Project)
presentedby ••••--
Public Financial Management �PFM
300 5. Orange Avenue
Sutra 1170
Onando. FL 32801 -
407-648-2208
407448-1323 tax
Summary of the 2010 Bonds
• $9,225,000 General Obligation Bonds, Series 2010
• The 2010 Bonds are being issued to (i) financing the replacement of the City's
. • existing downtown library and (ii) paying the costs of issuing the Series 2010 Bonds.
• Principal paid annually on July 1, 2011 through July 1, 2030.
• Interest paid semiannually on January 1 and July 1, commencing January 1, 2011.
The 2010 Bonds maturing after July 1, 2020 are subject to optional redemption prior
to their stated dates of maturity on or after July 1, 2020 at a redemption price of par.
The 2010 Bonds possess underlying credit ratings of "Aaa", "AAA" and "AAA" from
Moody's Investors Service, Standard and Poor's and Fitch Ratings, respectively. A
copy of the rating reports are included behind Tab III.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 ( 30
PFM`
Pricing and Marketing the City's Debt
Market Conditions for Sale — Yield Curve
• The chart below shows the progression of the AAA MMD index starting one year before
the pricing date. This is a proxy for interest rates on the highest rated (AAA) municipal
bonds, such as the City's General Obligation credit. Interest rates trended downward in
the months leading up to the sale and are significantly lower than July of 2009.
Historical AAA MMD G.O. Yields
4.50%
4.00%
3.50%
3.00%
250%
2.00%
1.50%
1.00%
0.50%
—7/26/2009—1/4/2010—4/28/2010—6/28/2010 —7/28/2010
Issuance Details — 2010 Bonds
• The City issued $9,225,000 General Obligation Bonds, Series 2010 on August 12, 2010
• Below are the Sources and Uses of Funds and Cost of Issuance for the 2010 Bonds.
Bond Proceeds:
Par Amount
Net Premium
9,225,000.00
572,247.55
9,797,247.55
Project Fund Deposits:
Project Fund
Delivery Dale Expenses:
Costol Issuance
Underwriter's Discount
9,603,267.39
88,525.00
105,435.16
193,950.16
9,797,247.55
tZ r f r
Bond Counsel Fee
Disclosure Counsel Fee
BC/DC Expenses
Financial Advisor Fee
Financial Advisor ENDenses
Moody's Rating Fee
S&P Rating Fee
Fitch Rating Fee
Paying Agent/Registrar
Bond Buyer Ad
POS/OS Printing
Mscellaneous
1000
Amount
1.3442 12,400.00
2.1680 20,000.00
0.0542 500.00
1.8970 17,500.00
0.0542 500.00
0.7263 6,700,00
1.0786 9,950.00
0.8130 7,500.00
0.2276 2,100.00
0.1491 1,375.00
0.5420 5,000.00
0.5420 5,000.00
9.5962 86 525.000
City of Miami - Proposal for Financial Advisory Services - RFP6 245238 131
PFM'
PFM's Office Locations
, e r 3 t
}Mate "the locatio twhe�ethe�primaryEwork wfll�be perfformed provide he,branch�brRoth r ubordinate
uriltsnr�divislorishajiwilllperformaDrsslst�intperformingnyworiresultingrprntthisFP�,�
Primary Office Location Where Work to be Performed
Public Financial Management
2121 Ponce De Leon Blvd., Suite 510
Coral Gables, FL 33134
Sergio D. Masvidal, Senior Managing Consultant
305-448-6992
305-448-7131 fax
masvidals@pfm.com
Other Office Locations
300 South Orange Avenue, Suite 1170
Orlando, FI 32801
407-648-2208
407-648-1323 fax
Two Logan Square, Suite 1600
Philadelphia, PA 19103
215-567-6100
215-567-4180 fax
PFM fully intends to meet all of the requirements listed in the Scope of Services, We do not require any
modifications or exceptions of any kind.
PFM's full complement of services will be made available to the City. PFM is the only independent
financial advisory firm that offers this breadth and level of services.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 132
PFM'
PFM's Approach to Project Organization
})Describe ?roposers tapproachto;project organization ndarianagement ,includmgrrrsponsibilities fithe` ,
Proposers }management and .staff rpersonne .}'that will fperformlwork, under tthistengagement c Include l
ddiscussion oftie tmethodologylothe utilized when,a ub consultantlis;usedttoessist3heftroposerain the'F'
;performance f;theSpecifioat ion s/Scope dfiWotktpr+inrof;specifjetl nalysisawben iheeded;s.Y`'-r
The City of Miami can be assured that no other Financial Advisory firm can match PFM's depth of
experience and transactional knowledge across the full spectrum of financings. Our team of
professionals within Florida are the most active Financial Advisors in the state, and have significant
experience with each of the financing types listed above. In addition to the core team dedicated to the
City, the City of Miami will have access to PFM's wealth of knowledgeable professionals around the
country. A certain project and financing type
may be new to Florida, but may have been
completed elsewhere in the country and could
be learned from in creating the structure for
the City. Through your local team, the City will
have access to hundreds of PFM
professionals located in 32 offices throughout
the country.
We serve our clientele by creating project
teams comprised of experts in specific
financing techniques, governmental
businesses and geographic regions. These
project teams are designed to meet the
specific needs of individual clients. One
project may require experience with
community development agencies,
understanding tax increment financing and
familiarity with local politics, while another may
need experience with transportation financing
models, public/private negotiations and tax-
exem pt/taxable funding strategies. Our
specialized project teams ensure that our
clients receive complete and thorough advice
directly from the optimal mix of PFM
professionals.
General Municipal
Healthcare& Higher Education
Housing
Investment Management
Investment Consulting
Public Power
School Districts
Said Waste
Sports Facilities & Convention Centers
Strategic Consulting
• Transportation
LVater& Wastewater
Workforce & labor Development
:Practices'
Arbitrage Rebate
Balance Sheet
Management
Debt issuance
Financial Planning
lrwestmentPolices
tease Negotiation
Pension management
Portfolio Management
Benchmarking
Strategicconsuning
.roaucts
Albany
S Ann Arbor
Arlington
1 At`anta
Austin
Boston
Charlotte
Chicago
Cleveland
Denver
Des Moines
Fargo
Harrisburg
Lafayette
Long Island
lasAngeles
Malvern
Memphis
Miami
Mli:aaukee
Minneapolis
Newyork
Newport Beach
Oakland
Orlando
Philadelphia '.
Phoenix
Pittsburgh
Princeton
San Antonio
San Francisco
Seattle
St. Louis
Tampa
PFM's flexible project -oriented approach to staffing engagements enables us to bring the proper mix of
resources and experience to bear on a given client's problem or transaction. We can develop solutions to
our clients' concerns that are responsive to multiple constituencies. The project -oriented approach also
facilitates the development of close working relationships among our many professionals. This approach
fosters information sharing and innovation, enhances junior staff mentoring and otherwise accelerates
professional development.
City of Miami - Proposal for Financial Advisory Services - RFP4 245238 133
PFM'111.01151331
PFM's Innovative Products
escrlbe, unovative;proi
ifeiJA ?rnposer�has sub`mitted'ioraclfents,„ ; , " � +
Ten or fifteen years ago, most local government financings were traditional fixed rate, level' debt service
financings issued as public offerings. In recent years financing options available to issuers have
diversified significantly. PFM has been at the forefront of these evolutions, but always views new options
with an extra level of scrutiny to make sure clients understand the advantages and disadvantages of
these new products. In our role as independent financial advisor, we will present the City with the full
range of financing alternatives and review the intricacies of each. A few examples include:
a. Commercial Bank Financings (Lease Structures) — Traditionally, banks only participate in small,
general obligation bond financings for "bank qualified issuers" (less than $10 MM of debt in any given
calendar year except 2009 and 2010 when the limit is $30 million). As the market place has changed
and as their balance sheets have expanded, banks have began developing long-term financing tools
for larger and larger financings. Recently, banks have started to loan funds to municipalities through
their Leasing Subsidiaries. Due to the lower cost of capital requirements that these Leasing
Subsidiaries possess, they are able to provide funding for larger scale projects at very low rates
similar to what bank qualified issuers are able to receive. PFM has worked with several clients during
the recent financial turmoil to implement this type of financing vehicle at very attractive rates with
flexible terms and prepayment provisions. With the public capital markets continuing to experience
significant turmoil and the lack of quality bond insurers, this type of financing will become more
common place for all types of issuers.
b. Commercial Bank Financings (Lines of Credit and Bank Loans) — PFM has also worked with
many issuers to utilize lines of credit from commercial banks to fund interim capital needs. This
allows the issuer to draw down funds as needed and only pay interest on funds that have been
drawn. We all know that the spending timeframe of bond proceeds for large capital projects can be
very uncertain. The LOC approach allows the issuer to better match the borrowing of funds with
spend down of proceeds. At the same time the issuer is not paying unnecessary interest expense.
This can be combined with a traditional long term financing to take out the LOC once the project is
completed. This type of program is also very useful in conjunction with SRF loans for water and
sewer projects. The LOC can be draw down over time and paid off as SRF funds are allocated and
received. Additionally, with the recent increase in the bank qualified limit from $10 million to $30
million as part of Stimulus Package, the traditional bank loan route to fund long term capital projects
has become more common. With this change, many medium sized issuers will be able to take
advantage of the lower cost debt that is available through bank qualified loans. However, this will be
limited to projects being financing over 20 years and less as banks are not willing to extend payback
periods beyond 20 years, as the traditional capital markets do.
c. Certificates of Participation (COPs) — The South Florida Water Management District, a PFM client,
won the Bond Buyer Deal of the Year in 2007 for the creative use of COPs to fund land acquisition
and construction of reservoirs and wetland areas totaling over $500 million. This unique application of
a lease concept has opened the door to local government to finance non-traditional, real estate
related financings. See case study below for more detail on this financing structure.
d. Assessment Programs — PFM clients have used assessment secured financings to fund projects as
diverse as $100,000 road resurfacing project to a $100 million convention center. These structures
allow our clients to fund critical needs using non-traditional revenue streams. This is even more
important now as all municipalities are looking for ways to fund critical capital needs with sources
outside of the general fund.
e. Commercial Paper — PFM created the first Commercial Paper program for one of our Florida school
district clients that needed debt financing to accelerate construction of critical projects, but could not
issue long-term debt. PFM developed a strategy whereby over $250 million in CP draws were
structured to meet spend -down requirements so the proceeds would not be subject to arbitrage yield
restrictions. In the end the positive arbitrage and other investment income was so large that interest
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 34
PFM'
PFM's Innovative Products
earnings exceeded interest expenses resulting in the Commercial Paper program functioning like a
no cost, $250 million line of credit.
The following case studies have been provided as examples of recent innovative financing technique.
City of Pompano Beach CRA
PFM was hired by the City of Pompano Beach to serve as their Financial Advisor in 2009.
PFM assisted the City and their East District Community Redevelopment Agency (CRA) with
the development of their five-year capital improvement plan, as well as with the issuance of
their first financing transaction through a two -component (taxable and tax-exempt) $20 million
bank loan. Sergio Masvidal serves as the project manager for the account.
PFM was recently engaged to serve as the Financial Advisor for the City of Pompano Beach and the
Pompano Beach CRA. One of our first tasks for the CRA was to evaluate their capital improvement and
implementation plans in order to develop a detailed financing plan that could be introduced to the Council
and CRA Board. Upon reviewing the Capital Improvement Plan needs, PFM quickly assessed two key
items: the tax-exempt eligibility of the projects and the ability to stagger the timing of the financings in
order to minimize the impact of debt service in the first year while projects were still coming on-line.
PFM worked with the City, the CRA, and the other members of the financing team through the following
steps:
• Detailed multi -year Plan of Finance
• Board memorandums and presentations to communicate the plan of finance to policy makers
• Request for Proposals for interested lenders
• Negotiated borrowing terms with the selected bank
• Review of the Bond documents
Because the plan of finance could be most efficiently implemented through two financings that would
occur several months apart, PFM wanted to ensure that the CRA (1) had access to capital when the
project scheduled dictated, and (2) had a borrowing in place that could be drawn upon at a reasonable
cost at a future date. To this extent, PFM developed a multi -pronged plan of finance. The first borrowing
was implemented so that all of the known tax-exempt projects were funded at closing. The second
-financing was structured in such a manner that the CRA had the ability to draw from one of two Lines of
Credit. Due to the early stage of the project negotiations for the second piece, it could not be determined
whether the project would be taxable or tax-exempt eligible. Therefore, the Lines of Credit were
established — with no ongoing "carry" cost — to be drawn at a later date. The agreement with the lending
bank detailed that at the point a draw was made on the line, the CRA could simply notify the bank as to
whether the draw would be considered taxable (drawn from the taxable line) or tax-exempt (drawn from
the tax-exempt line). Using this methodology the CRA was afforded future flexibility while it continued to
negotiate agreements with other private developers. The financing closed successfully on February 17,
2010.
City of West Palm Beach, FL
PFM assisted the City with a competitive loan negotiation that included tax-exempt and
. taxable_.components._ . The.._taxable _portion .of _the...loan __was. a..restructuring in which _PFM
worked with the City's finance team to craft a solution around a significant prepayment
penalty that would have otherwise hindered the restructuring. Sergio Masvidal serves as the
project manager for the account.
As the City's Financial Advisor, PFM regularly monitors the City's existing debt portfolio for upcoming
action items and/or potential refunding opportunities. During the first quarter of 2010, the City was
advised that the liquidity for one of its outstanding loans with a Florida pooled loan pool program was set
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 1 35
PFM'
PFM's Innovative Products
to expire in October of 2010. The City's exposure as a result of the expiring liquidity facility would have
been approximately $6 million and would have been immediately due at that time. At the same time,
PFM was actively working on a global strategy with the City -in an attempt to re -position its balance sheet
and remove any unnecessary pledge of its general fund revenues. In order to accomplish these two
goals, PFM introduced the possibility of packaging the approximately $6 million expiring pooled loans with
a $14 million taxable CRA loan.
PFM developed a plan of finance that (a) provided a take-out financing for the $6 million of loans, and (b)
re-securitized the $14 million CRA loan. That loan in particular was secured by the City's Non -Ad
Valorem revenues, and the City received the debt service payments from the CRA through an interlocal
agreement. PFM quickly entered into negotiations with the CRA loan provider (bank) on behalf of the
City. The difficult negotiation centered on a prepayment penalty in excess of $1 million that would have
been applicable for the CRA loan. In order to remove the prepayment penalty from the transaction, PFM
offered the bank the opportunity to also refinance the $5.735 million loan. As a result, the bank agreed to
waive the prepayment penalty In exchange for the bank's ability to (a) provide the loan to refinance the
smaller debt (new loan for the bank), and (b) maintain the loan on the restructured $14 million dollar loan.
As a result of the plan of finance, the City was able to refinance an upcoming obligation at a lower rate,
and reduce the overall exposure of its general fund by re-securitizing the debt solely with CRA revenues.
In total the City saved in excess of $1 million as a result of the strategy.
Miami -Dade County, FL
Escrow Restructuring of Series 1998 Bonds
In 2009, the County issued the Series 2009 Bonds to defease the Series 1998
Bonds via a low -to -high refunding. A significant portion of the SLGS portfolio
subsequently transferred to the Refunding Bonds, which, as a result of the low -to -
high nature of the refunding, was now restricted to an arbitrage yield that was
approximately 120 basis points above the arbitrage yield of the refunded bonds.
As a result of the dead time in the portfolio associated with the 0% SLGS that were originally scheduled to
be purchased in the future, an opportunity existed to restructure the portfolio and monetize the dead time
by redeeming the SLGS and using the proceeds to purchase more efficient open market securities.
PFMAM presented analysis to the County, including complex arbitrage rebate calculations outlining the
operating rule, which outlined the possible economic benefits of completing the escrow restructuring.
PFMAM moved forward with the redemption of a portion of the SLGS Portfolio and procurement of
replacement open market securities. PFMAM conducted a complex competitive procurement process on
a security -by -security basis among five (5) approved and pre -qualified securities dealers over the course
of two days. The restructured portfolio consisted of one (1) United States Treasury Bill (`T-Bill"), eleven
(11) T-Notes, six (6) Treasury STRIPS CT -STRIPS"), and twenty-four (24) REFCCORPS, and individual
securities were awarded to four (4) separate security providers who offered the lowest cost for each
individual security. The restructuring produced a net cash benefit to the county of over $2.97
million.
Broward County School Board
.First Combined_QSCB/BAB(Tax-ExemptFinancing.in..the Nation
The School District of Broward County, Florida has a multi -year capital
program totaling over $1 billion, of which $130 million was planned for debt Vt BROIYARD COLIN
funding in fiscal year 2009. In a tight budget year it was critical that the �, PURJICSCH
District lock in the lowest cost of capital possible. Significant market volatility �� ri^h Lstport
°eha°�si-
in the fall of 2008 led PFM to recommend that the District accelerate approval
of the summer 2009 financing so that the District could avoid difficult periods in the market and/or take
advantage of favorable market conditions.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 136
=0.1PFM'
PFM's Innovative Proc
Credit ratings and bond insurance
market. However, in early
financings widened from
that the District take advantage
Concurrently, Congress was
school Districts. Specifically,
based on market conditions
allow tax-exempt issuers to
government.
PFM worked with bond counsel,
for any combination
was to allow all options and
Prior to the pricing date
were obtained early in
February the market deteriorated
approximately 80bps to 150bps over
of the flexibility in timing built
finalizing the details of the
Congress approved (i) Qualified
were effectively 0% interest loans
sell debt at taxable interest rates
rating agencies, insurers and
of QSCBs, BABs and traditional
then make a "game time" decision
PFM arranged to privately place
2009 and the District prepared to g
significantly; credit spreads for
a three week period. PFM recom
into the schedule and deferred the fir
ARRA, which included two financing 1
School Construction Bonds (QSCB
and (ii) Build America Bonds (BAB
and receive a 35% rebate from the
the underwriter to develop a struct
tax-exempt debt. The strategic
regarding which financing tools to
the $49 million QSCB at par, lockin
(1) Debt Service present valued al 3.80% (Al
TIC of Senes 2009A COPS)
ucts
o to the
Florida
mended
Lancing.
ools for
), which
), which
Federal
g
Market discussion about QSCB and BABs during the weeks leading up to the sale focused on the lack of
buyers for QSCB and unfavorable terms for BABs (non -callable, bullet maturities, etc). PFM was able to
sell the QSCB at par via private placement and negotiated a traditional 10 year par call for the taxable
term bonds, thus eliminating most of the complications associated with both of these structures.
The bottom line is that the combination of a 0% interest loan and the net benefit of the BABs resulted in
an All -In TIC of 3.80% for a 25 year financing, which will save the District over $26 million over a
traditional tax-exempt financing on a present value basis
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 137
-PFMlearCE
-
PFM's Technical Capabilities
;1):Describe
or . , .�„
+corrtputer,n
osers house�omputersoftware d tecf nlcal apabflihes onnclude echmcalsu
ing t' thcialanalysis; econbmetncprofections,.andprlcing modeling!
Technical Resources
PFM serves its clients as an independent advisor, not a dealer, and we have technical capabilities,
resources and market access to ensure that our clients receive an unmatched level of service and advice.
PFM continues to develop and strengthen its edge technically by installing the most advanced
telecommunications and data processing systems available. PFM provides its clients with a diverse and
broad array of analytical capabilities. Each team of PFM professionals includes members experienced in
credit research, economic analysis, computer programming, municipal bond structuring and refunding
techniques. All PFM professionals possess exceptional skills in utilizing financial modeling software and
developing sophisticated financial analysis models.
Hardware
Each member of PFM's professional staff is provided with a personal computer with a minimum of a
Pentium IV processor. We also provide employees with remote transmission capabilities for field use.
The Firm's in-house computing capabilities consist of multiple SQL Server -based applications, hosting of
Internet and Intranet websites, including client related sites and a nationwide frame relay and T-1 network
connecting Mini and Micro -based processing systems. All PFM computers are connected through
extensive Local Area and Telecommunications Networks. Each Novell File Server in the network has a
tape back-up system in place and mission critical applications are backed up by mirror servers in addition
to the normal back-up processes. These state-of-the-art networks enable PFM to transmit documents
quickly between PFM offices as well as with PFM clients across the nation, enhancing the Firm's
creativity and efficiency.
Software
PFM maintains an extensive library of widely published computer applications including, Microsoft Office
2007 (includes Word, Excel, PowerPoint and Access), PageMaker (desktop publishing), MS Visual Basic
(database), Lindsay & Ward (bond tool, financial modeling), Dubois, Brown & Co., Inc. ("DBC"), software
(financial analysis) and dBase (database management). PFM accesses the Internet for research using
MS Internet Explorer software. PFM professionals communicate via internal and external e-mail using
MS Outlook software. We have found e-mail has nearly surpassed overnight delivery services and fax
transmission as our primary means of transmitting and receiving information from our clients.
PFM professionals use the latest versions of powerful spreadsheets, incorporating numerous proprietary
functions and macros, to build flexible, customized models that address the unique analytical
requirements of our clients. To supplement PFM's in-house financial analysis models, PFM uses a bond
structuring program developed by DBC, which optimally sizes and structures debt issues given any
number of constraints. This municipal finance program, which currently constitutes the industry standard,
is integrated with other proprietary computer programs written by PFM professionals, and is easily
transformed into graphics for presentation purposes.
Information Networks
Although much research may be collected from the Internet, PFM makes use of nationally recognized
timesharing networks and database management systems including those of: Bloomberg, Securities Data
Corporation, Delphis Hanover Corporation, Thomson Financial, CDA Spectrum and Dow Jones. PFM
uses these timesharing networks and information systems for research and bond market analyses. For
example, PFM tracks municipal bond new issue pricings and credit information with on-line access to the
Securities Data Corporation's extensive database. Delphis Hanover Corporation provides PFM with
market interest rate scales for tax-exempt issues differentiated by state, sector or credit quality. PFM also
actively tracks secondary market conditions and specific issue trading activities for numerous municipal
clients whose debt instruments are actively traded in the secondary market. The variety of technical
resources available to PFM allows us to provide flexible customized research and analytical support to
our clients in a cost effective manner.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 138
t
PFM'
PFM's Technical Capabilities
In addition to the first-hand knowledge our senior professionals possess of market conditions through the
management of hundreds of transactions, PFM's subscription to major on-line services, including the
Thomson Financial and Bloomberg systems, provide us with up-to-the-minute data on market conditions.
This combination of resources allows our clients to take advantage of some of the most sophisticated
market analysis available to properly structure and time the sale of their issues. In the past, this has
allowed many of our clients to recognize significant savings by delaying or accelerating a planned
financing to take advantage of the most favorable market conditions.
Through its use of CDA Spectrum's Bond Watch, PFM is also able to track the holders of its clients'
bonds. Bond Watch provides us with the names of the holders, par amount held, contact information and
much more. This allows our consultants to keep abreast of recent trades and new bond holders and help
our clients deploy effective investor relations strategies.
Development of Specialized Models
PFM is an industry leader in developing specialized ownership, planning and structuring rate setting
models for the public finance industry. A few of these are briefly described below:
• Debt Sizing and Structuring Models - PFM has developed several different models that have
the capability of sizing and structuring tax-exempt and taxable debt, commercial paper programs,
variable rate debt, original issue discount bonds, capital appreciation bonds, serial and term
bonds, and multi -modal structures. These models, which are customized for any given client, aid
in the development of the optimal plan of finance, while providing the flexibility needed to easily
conduct sensitivity analysis and thereby quantify an issuer's policy decisions.
• Refunding Models - PFM has been an industry leader in analyzing and structuring a variety of
current and advanced refunding techniques and has developed several models that maximize the
present value debt service savings realized by the issuer. PFM also has the capability to perform
complicated financing structures that may provide alternatives to traditional refunding techniques
including cross -over refundings, variable rate debt restructuring options, fixed rate conversions,
replacement commercial paper programs, Dutch auction variable rate bonds, and synthetic
fixed/synthetic variable rate periodic auction reset securities. Additionally, unlike most Wall Street
firms, and virtually every other financial advisory firm, PFM has the ability to analyze not only
refunding savings on a maturity -by -maturity basis, but also negative arbitrage, transferred
proceeds and call option value for each of an issuer's outstanding bonds. These proprietary
models are of crucial importance if a refunding is to be optimally structured.
Budget Forecasting and Planning Model - PFM has developed a Budget Projection Model,
used by PFM clients across the nation, designed to give municipal administrators and leaders the
ability to quickly see the impact of different decisions and scenarios. The Model creates detailed
budgetary projections, graphically updated in real time, based on a series of flexible inputs. The
Model also allows users to quickly develop and compare "What If?" scenarios. Models are
customized for each implementation and serve as effective planning tools that help leaders focus
on the big picture. The Model is designed so as to be effective for any size or type of municipal
entity. The Budget Projection Model can be easily used by officials at any level of government,
from budget analysts to elected officials. In the future, we believe this is a tool that the City could
find very beneficial. PFM would be pleased to arrange an online demonstration of this model for
the City so staff can learn more about the model's capabilities and can discuss the use of this tool
within Miami's budget development process.
• Parking System Revenue Model - This model was designed to analyze the impact of various
capital financing and structuring options, ownership alternatives, and asset -monetization
strategies. This model consists of three integrated modules: a taxable and tax-exempt bond
structuring and sizing module, an equity contribution/tax analysis module, and a pro forma life
cycle parking rate/cash flow module.
City of Miami - Proposal for Financial Advisory Services - RFP4 245238 139
PFM'
PFM's Technical Capabilities
We hope you find the information provided throughout this proposal to be directly relevant to the City's
current needs from a Financial Advisor. As discussed, PFM is at the forefront as far as technical
resources that allow us to better serve our clients. One such example is the PFM Debt Profile, which is
discussed below.
PFM Debt Profile & Refunding Models
In an effort to present a comprehensive, yet simple to understand, analysis of all historical and current
debt, PFM has refined a process which has become known as "debt profiling." PFM's debt profiles are
easy to use and custom built for each client. Each "Series Report" shows the important structural
features of our client's bonds including the maturity date, coupon, yield, call date and price, and eligibility
for advance, current or forward refunding under the tax code. As the City incurs additional debt, refunds
existing debt, or makes any changes to their debt portfolio, we will update the debt profile accordingly.
The PFM debt profile also incorporates an "Option Value" model that allows us to estimate the value that
each refunding is extracting from the theoretical option value of the outstanding bonds on a maturity -by -
maturity basis.
PFM has been an industry leader in analyzing and structuring a variety of current and advanced refunding
techniques and has developed several models that maximize the present value debt service savings
realized by the issuer. In Appendix B we have included some of the outputs from the City's General
Obligation and Limited Ad Valorem Bonds Debt Profile. Some of these outputs include the associated
Series Reports. This tool allows PFM to monitor the City's outstanding debt portfolio on an ongoing basis
and proactively identify opportunities for cost savings.
LYIPIM fFTr,r,Ex�m
as of: September 30, 2009
4
Idanture`n'titi3,is `it+raxr-•status'
itus - :-541s8ue.Slie';w'14 Melllreryltle) viniainaturily- Ut tstanding'Pa� MextaCa91 te`
�.-
. Series_1992
Series_2002A
Series2002
Series_2003
• Series 2003E
Series 2007A
Seriies2007B
Series_2009
General Obligatkin Refunding Bonds
General Obligatlbn Refunding Bonds
_ United Ad Valorer,iTax Bonds
General Obligation Refunding Bonds
General Obligation Refunding Bonds
United Ad Valorem Tax Refunding Bonds
'United Ad Valorem Tax Bonds
United Ad Valorem Tax Bonds
Tax-Exenpl
Tax-Ecerrpl
Tax-Exerrpl
Tax -Exempt
:Tax-Exerrpl
Tax-Exerrpt
Tax -Exempt
Tax-Exerrpt
Refunding
Refunding
-New Money
Refunding
Refunding
Refunding
New Money
New Money
70,100,000
32510.000
153,186,405
18,680,000
4,180,000.
103,060.000
50,000,000
51,055,000
2/10/92
5/8/02
8/8/02
5/30/03
12/2/03
7/10/07
7/10/07
5/29/09
12/1/13
9/1/17
1/1/22
7/1/12
12/1 /13
1/1/22
1/1/28
1/1/29
4,040,000
25,200,000 9/12012
25,185,198 1/12012
2,925,000 4,080,000 ..
102,930,000 1/12017
50,000,000 1/1/2017
51,055,000 1/1/2019
Geom. Oblipise
404010,11.4014
1501041010
11.40000
w1..r:mnuAr
n.aw.:mnur:
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 140
= PFM'
PFM's Internet Bidding Experience
interne
e?Internetibitlders 641.6, r1olders
osersvmeans
Electronic bidding is available to state and local issuers of competitively bid municipal bonds. It allows
underwriters to submit their bids for a given bond or series of bonds via the Internet or a wire service.
PFM was at the forefront of the service, having been one of the first FA firms to complete several
electronically bid transactions with each of the primary providers. We have found that electronic bidding
offers issuer's several advantages relative to traditional bidding methodologies, including: (i) enhanced
competition; (ii) a facilitated bid submission process; (iii) a facilitated bid verification process; (iv) the
ability to conduct "open" auctions; and (v) maturity -by -maturity bidding.
PFM offers its clients the ability to receive bids for their bonds on the firm's private label website,
www.PFMauction.com. Since its introduction in March of 1999, the website has hosted hundreds of bond
sales for a myriad of PFM's local government clients from smaller par amounts to par amounts exceeding
$250 million. PFM has a separate arrangement with Parity through which PFM has negotiated below -
market rates for ancillary services offered by Parity. PFM's firm -wide policy with regard to electronic
bidding is to evaluate each service on a case -by -case basis in light of a given client's needs and
preferences. This is done by analyzing the advantages and disadvantages that each site possesses (as
outlined in the chart on the following page) and determining which one best suits the specific needs of the
client. PFM does not necessarily recommend our own website, however we offer this service to our
clients when appropriate. Regardless of the medium, electronic bid data can be instantaneously
evaluated and rank ordered as bids are submitted facilitating the bid verification process. The electronic
bidding system also records the bidding history of auction participants, showing the time and levels of
successive bids for a given bond or bonds.
In addition to the auction platforms automatic bid ranking system, PFM independently runs each bid
through our proprietary Bid Verification Model. The Bid Verification Model ("BVM") is set up with the
issuer prior to the auction date and includes all of the parameters and pertinent information for the
specific series of bonds. The ranking criteria is also established in accordance with issuer preferences
and matching the language in the Official Notice of Sale. Typically issuers have set the rankings to be
based on the lowest True Interest Cost offered by the proposer. However, the model includes flexible
parameters that allow issuers to set the bid ranking on different criteria, for example the greatest amount
of bond proceeds, highest call option value, or a specific savings threshold in the case of refunding
bonds. The graphic below is a sample of the input page of the BVM taken from a recent transaction.
£T.Zcing zf01'7lZ 9n
General Information
Issuer:
Series:
Dated Date:
Delivery:
First Coupon:
Payment Intervals (1 =monthly;
interest:
Principal:
Fiscal Year,'
Collier County.. Florida
Special Obligation Bonds, Series 2010
7/23/2010
7/23/2010
I/1/2011
2 =quarterly; 3 = senrinanually; 4 =annually):
3
4
No
Optional Redemption Provisions
First Call Date:
Second Call Date:
Third Call Date:
Bid Parameters
Minimum Bid Price:
Maximum Bid Price:
Maximum Bid Spread:
7/1/2020
98.0000%
108.0000%
8.0%
First Maturity:
Last Maturity:
Par:
Insurance Premium:
Xtra Expense for Arb Yield Calc.:
Fiscal Year En d:
Call Price:
Call Price:
Call Price:
Calculation Parameters
Calculation Type:'
Calculation Date
7/1/2011
7/1/2034
62.500.000
0.000%
0.00
9/30/2009
100.0%
0.0%
0.0%
TIC
Dated
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 141
PFM-
PFM's Internet Bidding Experience
italienInagenifNIUNIAUCMON/REIVIMMION
Advantages
a
• ,r_-:r•-IDCOMP/PARITir
9340.0
(BERG "t
Disadvantages
Advantages Disadvantages
Advantages
Disadvantages
Maturity -by -Maturity
Bidding
Only provider to
offer MBM
bidding
No empirical
evidence MBM
or open bidding
reduces TIC
No MBM
bidding
No MBM
bidding
Open Auction
Only provider to
offer Open
Auction Format
No Open
Auction
No Open
Auction
r?; �S' f ai 'd{
r'aa
Platform
Entirely Internet
based
Reties on local
servers both -
front end
(bidder) and
back end
(issuer)
Direct wire -service
service on front
end :
(underwriter)
Relies on local
server on back
end (issuer)
Direct wire
....
throughout
system if both
underwriter and
issuer
subscribe
Relies on local
server on back
end (issuer) if
issuer not a
subscriber
Risk of System
Failure
Near zero
chance of
Internet failure
Small chance of
local server
failure on front
end (bidder)
Remote chance
of wire service
interruption
Remote change
of wire service
interruption
Data Security
Secure socket
layer to encrypt
data ;,
Small, chance of
data piracy
•data
Proprietary '
service; near
zero chance of
piracy
Proprietary wire
service; near •
zero chance of
data piracy
yy
c. ✓ �i•: y+�ay�- L-iv=,dx •-�`"nK.a�
R.6r^T^Y' }
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-, ti. �.+�i.
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,_. r>.v_ „ �. r
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t
a..3rt's;..� . s p, y4
Bidders
Any party
(including
( 9
.Investors).may
accessauction
Extension.
existing service.
.
Not bidders
subscribe to
_wire service
Extension of
existing service
•all Not all bidders
subscribe to
wire service-.
Issuers
Easy access via
an Internet
browser
Easy access via
an internet
browser
Easy access via
wire service, if
subscriber,
Internet if not
y ,..: i �!
F.ar..'3.-.K+6fi:ik`.0 eYI=.�'+i2E
-uwr't".�, -.. h
1 '.:
,µ±xb j.t
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X9a
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ZL'b�FL^<'rvi3alk.�
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m✓✓ �Y s. IIoRl.
j' }
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ax 4
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--
•
:
Explicit fee for. ,
-service :.. _-; . .
_(PFM does not •'.
. receive any ,
portion of this'
:fee)- .. .::._
. .
No explicit fee:. '
for this service:
.
No explicit fee,.::
for service
In each case, PFM independently evaluates and verifies the bids before recommending awarding the
bonds. As recently performed for a City of Jacksonville Special Revenue Bond issuance, PFM worked
alongside staff to ensure that all of the parameters were met and independently verified the bids using our
bid verification model ("BVM"). Prior to the sale date, PFM assisted the City and legal counsel to prepare
the Notice of Sale, ensure all financing documents were correctly posted on the internet platform's
website, and make follow-up calls to potential bidders. At the conclusion of the bidding time, PFM
dders-srRia into the -BVM, verified each bid for the award parameters, and
advised the City regarding the validity of bids.
City of Miami - Proposal for Financial Advisory Services - RFPPJ 245238 142
PFAl'
IV. Fee Proposal
PFM'
Fee Proposal
F r � s a -xa
.�poser`shallYully omplete ttahhmenffA�t sir*Lde.3lli 1.p. edjfeesrandshall7eturn'the�ame with
e` roposal response � allure �to�refurr%rAttachment *.4"- h the"proposal tpsponse4ujlly (completed anti
med shall he'ause,to deem t'roposeUon responsfvE "fhe City s;,not eeking' o)irocure a Einahcial'
isois nr .,x ',•:. I 'sh
ylsr pn ,a:retainer !basis , L 6�x.]Y A' LT T js
PFM has completed Attachment A and included in this proposal. Please find Attachment A as the last
page in this section. Furthermore, we have identified particular services that are likely relevant to the
City (swap advisory, strategic consulting), and have fully identified the fees that did not fit within the
Attachment A template. These fees are solely provided for your information. Should the City not utilize
specialty services that are outside the financial advisor category, those fees would not be applicable.
b) Pr'opyoser haFI provide ny nd Il ddltfonaI. osts
t the area not previously�iecussed°sand retail avhat;
shall:alsokinclude� wf fch ntlty:`'(Propos'errnrptty) would
Structured Products, Investment Advisory, Arbitrage Rebate, Strategic Consulting Services
The financial advisory compensation proposed above does not apply to services related to procurements
of bond proceeds investments, investment management, arbitrage rebate, or strategic consulting
services. Fees for these special services shall be negotiated as a function of the complexity of the
proposed engagement and the specific scope of services outlined. PFM Asset Management LLC,
registered investment advisor, is prepared to offer the City its full range of investment management and
arbitrage rebate compliance services. This might include the procurement of structured investment
products or other investment securities for a bond construction account or refunding escrow. If needed,
these services would be performed by PFM Asset Management LLC pursuant to a separately negotiated
letter agreement. Swaps used as debt management tools would also be subject to a negotiated fee
schedule depending on the size and complexity of the transaction. Swap transactions would be executed
by PFM Asset Management LLC subject to a letter agreement. PFM Asset Management LLC fully
discloses all fees related to any transaction.
For your convenience, we offer the following proposed fee schedules for two separate services (Strategic
Consulting and Swap Advisory) that may be of particular interest to the City.
Swap Advisory Services
PFM believes that successful swap and derivatives transactions are not highly correlated with the total
number of hours expended and thus do not lend themselves to standard financial advisory fee
arrangements. Rather, successful outcomes depend instead on: 1) experience and technical expertise of
swap advisor personnel, 2) credibility with the dealer community and 3) technology and support
infrastructure.
We are proposing the following fee schedule if selected as swap advisor to the City:
Swap and Derivatives Advisory
Structuring and Competitive Bid
Structuring and Negotiation
Valuation ano Reponing
Fee Schedule (per transaction)
New Swap' Termination
1/2 bp per annum $20,000
3/4 bp per annum $12,500
$5,000 per annum2
- written report included with all engagements; Fair Market Opinion included for
negotiated transactions. No additional out of pocket fees will be charged.
'subject to minimum fee of $20,000, $200,000 maximum fee.
2assumes monthly valuation for up to five (5) `plain -vanilla" transactions and
includes 24-hour access to SwapViewer0 website
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 144
AMMO
PFM'
Fee Proposal
Non -Debt Related Services (Strategic Consulting and Other Specialty Services)
The following table provides the hourly fee rate and appropriate titles for PFM staff that would provide
specialty services to the City.' These fee levels are in line with our previously approved hourly fees for
these specialty services. PFM will only engage in these services upon request by the City and such
services will be authorized in advance and require detailed time reports to accompany the invoices.
PFM Title
Financial Advisor
Hourly Fee
Specialist
Hourly Fee
Managing Director
$175
$275
Senior Managing Consultant
$150
$225
Consultant
$100
$205
Associate
$50
$125
Research Assistant
N/A
$90
Incidental Expenses
PFM would request reimbursement for out of pocket expenses incurred in serving the City as its financial
advisor. PFM proposes the following rates:
Type of Expense Rate
Photocopies $0.10 per page for Black and White
$1.00 per page for Color Printer
Facsimile $1.00 per page
Long Distance Telephone At Cost
Conference Calls At Cost
Travel In accordance with F.S.112.061
Mileage In accordance with F.S.112.061
Postage At Cost
Courier, Overnight Delivery At Cost
PFM wants to work with the City, and does not want fees to be an impediment. As such, all fee
schedules are proposed and subject to negotiation with the City.
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 145
ATTACHMENT A - FEE PROPOSAL
Proposers shall fully complete and return this Attachment with their Proposal Response.
Failure to so complete and return the same shall disqualify Proposer. Additionally,
Proposer may describe services and fees in detail along with this Attachment A.
Description Fee
Bond Issues:
• Established Debt Program Transaction Fee
Stated in Dollars ($) per Bond Terms:
First $10,000,000.00
Second $10,000,000.00
Next $20,000,000.00
Over $40,000,000.00
• New Debt Program Transaction Fee
Stated in Dollars ($) per Bond Terms:
First $10,000,000.00
Second $10,000,000.00
Next $20,000,000.00
Over $40,000,000.00
Separate Task Assignment:
$ 1.00
$ 0.85
$ 0.75
$ 0.60
$1.00
$0.85
$ 0.75
$0.60
Hourly Rate Scale by Class/Type (Principal/Partner, Officer, Associate, Para -
Professional, etc.)
Title: Managing Director Hourly Rate: $ 175 . 00
Title: Senior Managing Consultant Hourly Rate: $ 150 .00
Title: Consultant Hourly Rate: $ 10 0 . 0 0
Title: Administrative Hourly Rate: $ 50.00
Title: ---Hourly Rate: $
Title: Hourly Rate: $- -
Name of Proposer: Public Financial Management, Inc.
Authorized Signature:
Date: ,,��'%//..//4)
V. Local Preference
ISMS
PFAV
Local Preference
*F4pProposere,eeking
maintain gailooEilaifficewit
reference;sponsideretion on:j a veluetion reeeSs •
,tt
e i yper,,theSectlon 5DlrocalRe:efererPelrequfrement
PFM's Coral Gables office will be the primary office location where work will be performed. Although
PFM's office is not located within the City limits, it is only 3.41 miles away from City Hall. Staff can be
available to attend meetings with short notice.
Public Financial Management
2121 Ponce De Leon Blvd., Suite 510
Coral Gables, FL 33134
Sergio D. Masvidat, Senior Managing Consultant
305-448-6992
305-448-7131 fax
masvidals@pfm.com
City of Miami - Proposal for Financial Advisory Services - RFP# 245238 47
VI. Appendix
ndyemefl1, Inc
Florida Bond Finance Record
1/1/07-to Present
Hillsborough County
FL
10/19/2(11(1
$18,035,000
Utility Revenue Bonds Series 2010A (fax-
Exempt)
To finance the costs of the 2010 Project making a deposit into the Reserve
Account, fund capitalized interest on the Series 2010 Bonds and pay
issuance costs.
Hillsborough County
FL
10/19/2010
$110,265,000
Utility Revenue Bonds Series 2010B (Federally
Taxable - Build America Bonds - Direct Payment)
To finance the costs of the 2010 Project. making a deposit into the Reserve
Account, fund capitalized interest on the Series 2010 Bonds and pay
issuance costs.
Hillsborough County
FL
10/19/2010
$21,700,000
Utility Revenue Bonds Series 20IOC (Federally
Taxable -Recovery Zone Ecomonic Development
Bonds- Direct Payment)
To finance the costs of the 2010 Project, making a deposit into the Reserve
Account, fund capitalized interest on the Series 2010 Bonds and pay
issuance costs.
Broward County, School District of
FL
10/5/2010
$125,(IIIU,001)1ax
Anticipation Notes, Series 2010taxes.
To provide interim funds for the payment of operating expenses of the
District for its Fiscal Year in anticipation of the receipt of the ad valorem
Jacksonville Port Authority
FL
10/1/2010
$18,976,000
Revenue Note, Series 2010
To refund the lacksonvillc Port Authority Seaport Revenue Bonds, Series
2000
acksony ille Electric Authority (JEA)
FL
9/3D/2UlU
$34,255,000
Electric System Revenue Bonds, Series Three
2010E (Federally Taxable - issuer Subsidy - Build
America Bonds)
To finance a portion of the cost of construction and acquisition of
additions, extensions and improvments to JEA's Electric System and to pay
issuance costs.
acksony ille Electric Authority (JEA)
FL
9/30/2010
$45,575,000
Electric System Subordinated Revenue Bonds,
2010 Series D (Federally Taxable - issuer Subsidy -
Build America Bonds)
To finance a portion of the cost of construction and acquisition of
additions, extensions and improvements to the Electric System and to pay
issuance costs.
acksoncille Electric Authority (JEA
FL
9/30/2010
$13,765,000
Electric System Subordinated Rei-enue Bonds,
2010 Series E
To finance a portion of the cost of construction and acquisition of
additions, extensions and improvements to the Electric System and to pay
issuance costs.
[Jacksonville Electric .Authority (JEA)
FL
9/30/2010
$76,195,000
Electric System Revenue Bonds, Series Three
2010D
To refund certain of JEA's outstanding Electric System Bonds and to pay
issuance costs.
'Jacksonville Electric Authority (JEA)
FL
9/30/2010
$108,190,000
Electric System Revenue Bonds, Series Three
2010D
To refund certain of JEA's outstanding Electric System Bonds and to pay
issuance costs.
[Jacksonville Electric Authority (JEA)
FL
9/30/2010
$15,925,000
Electric System Subordinated Rcvenuc Bonds,
2010 Series C
To refund certain of JEA's outstanding Subordinated Electric System
Bonds and to pay issuance costs.
Saint Cloud, City of
FL
9/24/2010
$20,875,000
Capital Improvement Revenue Bonds, Series
2010A
To finance certain capital improvements within the City, refund an
outstanding bank loan of the City, refund a portion of the City's
outstanding Sales Tax Revenue Bonds Series 2002 and to pay issuance
costs.
Saint Cloud, City of
FL
9/24/2010
$34,015,000
Capital Improvement Revenue Bonds, Taxable
Series 2010B (Build America Bonds - Direct
Payment)
"1'o finance certain capital improvements within the City, refund an
outstanding bank loan of the City, refund a portion of the City's
outstanding Sales Tax Revenue Bonds Series 2002 and to pay issuance
costs.
!
Palm Beach County School District School
Board ,
FL
9/21/2010
$115,000;000
Tax Anticipation Notes, Series 2010
To provide interim funds for the payment of operating expenses of the
District for its fiscal year in anticipation of the receipt of the ad valorem
taxes.
1 of 24
7viaticlyement,_Inc __
Florida Bond Finance Record _ __ ___ ----
1 /1 /07 to Present
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Jacksonville,
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9/15/2000
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Seminole County Public Schools
FL
9/14/2010
$15,000,000
'1'o
'fax Anticipation Notes, Series 2010
provide interim funds for the payment of operating expenses of the
District in anticipation of the receipt of ad valorem taxes.
Orange County
FL
9/14/2010
$144,395,000
Tourist Development Tax Refunding Revenue
Bonds Series 2010
To currently refund a portion of the County's outstanding •f1T Refunding
Revenue Bonds Series 1998A; currently refunding a portion of the County's
outstandingTDT Revenue Bonds Series 1998E and to pay issuance costs.
Oviedo, City of
FL
9/9/2010
$5,080,000
Utility Revenue Bonds, Series 2010A
To finance the acquisition of a wastewater and reclaimed water utility
system and various capital improvements to such system and to pay
issuance costs.
Oviedo, City of
FL
9/9/2010
$30,820,000
•Taxable Utility Revenue Bonds, Series 2(110B
(Federally Taxable - Build America Bonds - Direct
Subsidy)
7'o finance the acquisition of a wastewater and reclaimed water utility
system and various capital improvements to such system and to pay
issuance costs.
Tallahassee, City of
FL
9/9/2011)
$117,015,000
Consolidated Utility Systems Revenue Bonds,
Series 2010A (Federally Taxable - Build America
Bonds)
For the purpose of acquiring and constructing certain capital improvements
to the City's Utility System; fund capitalized interest and to pay issuance
costs.
Tallahassee, City of
FL
9/9/2010
$25,820,000
Consolidated Utility Systems Revenue Bonds,
Series 20100
For the purpose of acquiring and constructing certain capital improvements
to the City's Utility System; fund capitalized interest and to pay issuance
costs.
Manatee County, School District of
FL
9/8/2010
$45,000,000
fax Anticipation Notes, Series 2(11(1
l•o pay the operating expenses of the District prior to the receipt of
budgeted revenues.
Sunrise, City of
FL
9/6/2010
$19,960,000
Utility System Revenue Bonds, Series 201(IA
To finance the construction, acquisition or equipping of a portion of certain
capital improvements to the City's water, wastewater and natural gas utility
facilities and to pay issuance costs.
Sunrise, City of
FL
9/6/2010
$93,915,000
Utility System Revenue Bonds, Federally Taxable
Series 2010B (Build America Bonds)
'l'o finance the construction, acquisition or equipping of a portion of the
Series 201(1 Project and to pay issuance costs.
Sunrise, City of
FL
9/6/2010
$4,740,000
Utility System Revenue Refunding Bonds, Series
2010C
To current refund a portion of the City's Utilit' System Refunding Revenue
Bonds Series 1993 and Utility' System Revenue Refunding Bonds Series
1996 and that portion of all of the City's other outstanding bonds and to
pay issuance costs.
Bonita Springs Utilities, Inc.
FL
9/2/2011)
$49,310,000
Utility System Revenue Bonds, Series 2010
(Bonita Springs Utilities Inc. Project)
To finance & refinance the costs of the acquisition, construction &
equipping of certain capital improvements to the Borrower's water &
wastewater utility' system, refinance certain taxable indebtedness incurred by
the Borrower to finance portions of the 2010 Project; refund all of the
Issuer's Utility System Refunding Revenue Bonds Series 2008; and to pay
issuance costs.
2of9I
,at,ulal ivlanagement, Inc
Florida Bond Finance Record
171/07 to Present
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Jacksonville, City of
To finance a portion of the costs of various capital improvements
comprising the Better Jacksonville Projects; make a deposit to the 2009B
Reserve Subaccount and to pay issuance costs.
Sarasota County School District
FL
8/25/2010
$70,070,000
Certificates of Participation (School Board of
Sarasota County, Florida Master Lease Program)
Series 2010B
To finance the acquisition, construction, installation and equipping of
certain educational facilities and to pay issuance costs.
Osceola County
FL
8/12/2010
$24,295,000
Limited General Obligation Bonds, Series 2010
To finance previously issued Osceola County Revenue Note, Draw No. A-
1-1 (Limited Obligation) and Osceola County Revenue Note, Draw No. A-
1-2; finance the cost of acquisition of environmentally significant lands for
the protection of water resources, wildlife habitat and public green space
and to pay issuance costs.
Miafni-Dade County
FL
8/11/2010
$15,925,000
Capital Asset Acquisition Special Obligation
Bonds Series 2010A
To pay the costs of acquisition, construction, improvement or renovation
of certain capital assets; make a deposit to the Reserve Account; and to pay
issuance costs.
Miami -Dade County
FL
8/11/2010
$71,115,000
Capital Asset Acquisition Taxable Special
Obligation Bonds Series 2010B (Build America
Bonds - Direct Payment to Issuer)
"1'o pay the costs of acquisition, construction, improvement or renovation
of certain capital assets; make a deposit to the Reserve Account: and to pay
issuance costs.
Miami -Dade County
FL
8/11/2010
' $13,805,000
Capital Asset Acquisition Taxable Special
Obligation Bonds Series 2010C (Scott
Carver/I lope VI Project)
To pay the costs of acquisition, construction, improvement or renovation
of certain capital assets; make a deposit to the Reserve Account; and to pay
issuance costs.
Boca Raton, City of
FL
7/28/2010
$9,225,000
General Obligation Bonds, Series 211111
(Downtown Library Project) (Bank Qualified)
To finance the replacement of the City's existing downtown library and to
pay issuance costs.
Florida; State of
FL
7/27/2010
$225,000,000
Water Pollution Control Revenue Bonds, Series
2010A -
To finance the cost of water pollution control projects and activities.
Broward County, School District of
FL
7/23/2010
, $51,645,000
Certificates of Participation, Series 2010A
(Qualified School Construction Bonds - Federally
Taxable - issuer Subsidy) (QSCB)
To provide for the lease purchase financing of certain real property,
educational facilities, improvements to educational facilities and equipment
and to pay issuance costs.
Tallahassee, City of
FL
7/23/2l11l1
$43,245,000
Energy System Refunding Revenue Bonds, Series
2010A
To current refund a portion of the City's outstanding Energy System
Refunding Revenue Bonds, Series 1998A, fund a deposit to the Reserve
Fund and to pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
7/21/2010
$16,655,000
Water and Sewer System Subordinated Revenue
Bonds, 2010 Series A
To refund certain of JEA's outstanding Subordinated Water and Sewer
System Bonds and to pay issuance costs.
Duval County Public Schools
Fl.
7/21/2010
$25,590,000
Certificates of Participation (School Board of
Duval County, Florida Master Lease Program)
Series 2010B
To finance the acquisition, construction, installation and equipping of the
Series 2010B Project and to pay issuance costs.
3 of 24
Gl1,.lean tvtdnagement, Inc
Florida Bond Finance Record
-1 /1 /07 to Present
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Jacksonville Electric Authority (JEA)
FL
7/21/2010
. $98,455,000
Water and Sewer System Revenue Bonds, 20II)
Series D
To refund certain of J1;\'s outstanding Water and Sewer System Bonds,
provide for a deposit to the Construction Reserve Account in the
Construction Fund, provide for a deposit to the Initial 5ubaceount in the
Debt Service Reserve Account and to pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
7/21/2010
8105,750,000
Water and Sewer System Revenue Bonds, 2010
Series D
To refund certain of J EA's outstanding Water and Sewer Systems Bonds.
provide for a deposit to the Construction Reserve Account in the
Construction Fund, provide for a deposit to the Initial Subaccuunt in the
Debt Service Reserve Account and to pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
7/15/2(110
$8,54(1,0(10
Electric System Revenue Bonds, Series Three
2010B
To refund certain of J EA's outstanding Electric System Bonds, provide
funds for deposit to the Construction Reserve Account and to pay issuance
costs.
Jacksonville Electric Authority (JEA)
FL
7/15/201(
$15,290,000
Electric System Revenue Bonds, Series Three
2010C
l•o refund certain of JE:\'s outstanding Electric System Bonds, provide
funds (Or deposit to the Construction Reserve Account and to pay issuance
costs.
Jacksonville Electric Authority (JEA)
FL
7/15/21.11(
$16,685,001)
Electric System Subordinated Revenue Bonds,
2010 Series A
To refund certain of JLA's outstanding Electric System Subordinated
Bonds, and to pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
7/15/2010
840,930,000
Electric System Subordinated Revenue Bonds,
2010 Series B
To refund certain of J EA's outstanding Electric System Subordinated
Bonds, and tc). pay issuance costs.
Collier County
FL
7/13/2010
$59,895,000
Special Obligation Revenue Bonds, Series 2010
To current refund all of the County's outstanding promissory notes and to
pay issuance costs.
Gainesville, City of
FL
6/22/21)11)
$4,350,00)1
Capital Improvement Revenue Bonds, Series 2010
'I'o provide funds to acquire and install LI?D metering equipment for traffic
signals, and to construct, refurbish, renovate and equip various capital
projects at Ironwood Golf Course and One -Stop i'Iomeless Shelter as well
as certain other capital projects within the City and to pay issuance costs.
Broward County, Florida
FL
6/22/2010
$95,960,000
i-lalf-Cent Sales lax Revenue Bonds (Nlain
Courthouse Project) Series 2010;\
To finance the acquisition and construction of certain capital improvements
within the County and to pay issuance costs.
Broward County, Florida
FL
6/22/201O
869,950,000
Half -Cent Sales Tax Revenue Bonds (Main
Courthouse Project) Series 2010B (Federally
Taxable - Build America Bonds - Direct Payment)
To finance the acquisition and construction of certain capital improvements
within the County and to pay issuance costs.
Broward County, Florida
FL
6/22/201(
848,780,1)00
Half -Cent Sales Tax Revenue Bonds (Main
Courthouse Project) Series 2010C (Federally
Taxable - Recovery Zone Economic
Development Bonds - Direct Payment) (RZEDB)
To finance the acquisition and construction of certain capital improvements
within the County and to pay issuance costs.
Miami -Dade County Public Schools
FL
6/11/2010
$50,000,000
Certificates of Participation Series 2010i\
(Qualified School Construction Bonds - Federally
Taxable - Issuer Subsidy) (QSCB)
•Fo finance the cost of acquisition and construction of the Series 2010A
Facilities and to pay issuance costs.
4 of 24.
Public Financial Management, Inc
Florida Bond_Finance Record
1/1/07 to Present
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Miami -Dade County Public Schools
FL
6/11/2010
$46,290,000
Certificates of Participation Series 2010:\
(Qualified School Construction Bonds - Federally
Taxable - issuer Subsidy) (QSCB)
To finance the cost of acquisition and construction of the Series 2010:\
Facilities and to pay issuance costs.
Miami -Dade County Public Schools
FL
6/11/2010
$27,990,000
Certificates of Participation Series 2010B (Build
America Bonds - Federally Taxable - Issuer
Subsidy)
To finance the cost of acquisition and construction of the Series 2010B
Facilities and to pay issuance costs.
Daytona Beach, City of
FL
6/2/2010
$9,345,000
Capital Improvement Revenue Note, Series 2010
To fund road and bridge projects.
Manatee County, School District of
FL
5/19/2010
$5,000,000
Revenue Anticipation Note, Series 2010A
Refunding
Manatee County, School District of
FL
5/19/2010
$15,000,000
Revenue Anticipation Note, Series 2010B
Refunding
Saint Leo University
FL
5/13/2010
' $22,000,000
Revenue Bonds (Saint Leo University Project)
Series 21)10
To be used for capital expenditures.
Boca Raton, City of
FL
5/12/2010
. $3,705,000
Special Assessment improvement Bonds, Series
2011) (Visions 90) Bank Qualified
To Finance certain assessable improvements within the Downtown Special
Assessment District as contemplated by the Visions 90 Capital
Improvement Program, capitalizing interest and to pay issuance costs.
Jacksonville Electric Authority ()EA)
FL
5/5/2010
' $25,720,1)110
St. John's River Power Park System Revenue
Bonds, issue Three, Series Four (Federally
Taxable - Issuer Subsidy - Build America Bonds)
To pay the cost of certain Additional Facilities, pay the cost of funding the
initial Subaccount in the Debt Service Reserve Account and to pay issuance
costs.
Jacksonville Electric Authority (JEA)
FL
5/5/2010
.
$6,110,001)
St. John's River Power Park System Revenue
Bonds, Issue Three, Series Five
To pay the cost of certain Additional Facilities, pay the cost of funding the
initial Subaccount in the Debt Service Reserve Account and to pay issuance
costs.
Orlando Utilities Commission
FL
5/3/2010
$96,530,000
Utility System Revenue Refunding Bonds, Series
2010C
To refund all of the Utility System Revenue Refunding Bonds, Series 2009B
1, to pay issuance costs, and to terminate certain interest rate hedge
agreements.
Orlando Utilities Commission
FL
5/3/2010
$97,465,001)
Utility System Revenue Refunding Bonds, Series
2010D
To refund all of the Utility System Revenue Refunding Bonds, Series 2009B
1, to pay issuance costs, and to terminate certain interest rate hedge
agreements.
Citrus County School Board
FL
4/21/2010
$35,000,000
Certificates of Participation Series 2010A
(Qualified School Construction Bonds - Federally
Taxable - Issuer Subsidy) (QSCB)
To finance the acquisition, construction, renovation, reconstruction,
installation and lease -purchase of the Series 2010A Facilities and to pay
issuance costs.
Citrus County School Board
FL
4/21/2010
: $11,945,000
Certificates of Participation Series 2010B (Tax-
Exempt)
To finance the acquisition, construction, renovation, reconstruction,
installation and lease -purchase of the Series 2010B Facilities and to pay
issuance costs.
Marion County, FL
FL
4/20/2010
$32,515,000
Public Improvement Revenue Bonds, Series 2010
To finance the cost of transportation projects within the County,
satisfaction of the Reserve Account Requirement and to pay issuance costs.
5 of 24
Florida Bond Finance Record
-1/1/07 to -Present
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System
outstanding
the Reserve
-
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ij`
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, f
,..
on a
Energy
Fund
y
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Revenue
System
and
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Revenue Bonds
issuance costs.
i
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and
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Energy
the Cin's
fund a deposit to
Tallahassee, City of
FL
4/7/2(110
$77,845,000
Energy System Refunding Revenue Bonds, Series
2010
Jacksonville Electric Authority (JEA)
FL
3/18/2010
$18,140,000
Scherer 4 Project Issue, Series 2010A (Federally
Taxable - Issuer Subsidy - Build America Bonds)
To finance the cost of IG:\'s Scherer 4 Project, fund a deposit to the Initial
Subaccount of d7e Debt Service Reserve :\eeount and to pay issuance costs.
Jacksonville Electric Authority (JEA)
Fl.
3/10/2010
$32,835,000
Electric System Revenue Bonds, Series Three
2010:\
fo refund certain of the jEA's outstanding Electric System Bonds and to
pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/10/2010
$31,410,000
Electric System Revenue Bonds, Series Three
2010.\
fo refund certain of the jE:\'s outstanding Electric System Bonds and to
pay issuance costs.
Palm Beach County School District School
Board
FL
2/24/2010
S56,000,000
Revenue Anticipation Notes, Series 2010
To renew a portion of the loan financed under the District s Revenue
.1nticipation Notes, Series 2009 and to pay issuance costs.
Osceola County
FL
2/23/2010
$43,470,000
Sales Tax Revenue Refunding Bonds, Series 2(11(1
fo currently refund the Counn's outstanding Sales Tax Revenue Bonds,
Series 1999; fund the required reserves and pay costs of issuance.
Titusville, City of
F1.
2/2/2010
$40,385,000
Water and Sewer Revenue Refunding Bonds,
Series 2010
fu currently refund all of the Cin's outstanding \'('ater and Sewer Revenue
Bonds Series 1998, pay a premium for the Reserve Account Credit Facility
and to pay issuance costs.
Miami -Dade County
FL
1/27/2010
$50,980,000
General Obligation Bonds (Building Better
Communities Program) Series 2010A
To pay a portion of die costs of the Baseball Stadium.
Orlando Utilities Commission
FL
1/21/2010
$200,000,000
Utility System Revenue Bonds, Series 2001A
(Federally Taxable Build America Bonds - Direct
Payment)
To finance a portion of the costs of OUC's five-year capital plan and to pay
issuance costs.
Jacksonville Electric Authority (JEA)
FL
1/14/2010
$24,220,000
Water and Sewer System Revenue Bonds, 2010
Series B (Federally Taxable )
To repay certain temporary short-term borrowings and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
1/14/2010
$83,115,000
Water and Sewer System Revenue Bonds, 201))
Series A (Federally Taxable - Issuer Subsidy -
Build America Bonds)
To pay a portion of the cost of construction and acquisition of additions.
extensions and improvements to IE:\'s combined water and wastewater
system, provide a deposit to die Construction Reserve Account and pay
issuance costs.
Jacksonville Electric Authority (JEA)
FL
1/14/2010
$45,78)1,000
Water and Sewer System Revenue Bonds, 2010
Series C
10 refund certain of 1L:\'s outstanding Water and Sewer System BY tnds and
certain of IE \'s outstanding Subordinated Water and Sewer System Bonds,
provide for a deposit to the Construction Reserve Account and pay
issuance costs.
LifeSouth Community Blood Center, Inc.
FL
12/22/2009
$30,000,000
Health Facilities Revenue Note (LifeSouth
Community Blood Centers, inc. Project)
New Money & Refunding
6 of 24
ow IolarrnartdlJefTleni inc -
Florida Bond Finance Record
1/1/O7 to Present
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afi . wx,., , t .rt:,Y. rw^ �'
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r,l it � i. ..a ,. F ..1 -f-: z»r n.�...,-[r�.<.. i� .. 5.:. 'ail, ?.,J -.
r( .T.:. 1 ,x ^i :yl! "t. ,. '.. ::-(a'-s .;?� � �S.ir
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'µ�-: .�. , j . r r' ah f
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$118,610,000
Utility System Revenue Refunding Bonds Series
2009C
To refund all of the Water and Electric Variable Rate Revenue Bonds Series
2002A, pay termination fees upon termination fees due upon termination
of the hvo existing Qualified Agreements, and to pay issuance costs.
Hillsborough County
FL
12/15/2009
$11,305,000
General Obligation Bonds (Environmental Lands
Acquisition and Protection Program) Series 2009A
1'o finance the costs of the 2(109 Project, fund capitalized interest on the
Series 2009 Bonds and to pay issuance costs.
Hillsborough County
FL
12/15/2009
$48,125,000
Taxable General Obligation Bonds
(Environmental Lands Acquisition and -Protection
Program) Series 2009B (Federally Taxable - Build
America Bonds - Direct Subsidy)
•fo finance the costs of the 20(19 Project, fund capitalized interest on the
Series 2009 Bonds and to pay issuance costs.
Jacksonville, City of
FL
12/2/2(1(19
$70,330,000
Special Revenue Bonds, Series 2009C-1
To finance a portion of the costs of acquisition and construction of certain
capital equipment and improvements of the City, make a deposit to the
Composite Reserve Subaccount and to pay issuance costs..
Jacksonville, City of
FL
12/2/2009
$37,310,000
Taxable Special Revenue Bonds, Series 2009C-2
(Direct Payment Build America Bonds)
To finance a portion of the costs of acquisition and construction of certain
capital equipment and improvements of the City, make a deposit to the
Composite Reserve Subaccount and to pay issuance costs.
Clermont, City of
FL
12/ 1 /2009
816,640,000
Water and Sewer Revenue Refunding Bonds,
Series 2009
To refund all of the Citv's Water and Sewer Revenue and Refunding Bonds
Series 2000, fund a debt service reserve account and to pay issuance cost.
Jacksonville Electric Authority (JEA)
FL
11/19/2009
$45,955,000
Electric System Revenue Bonds, Series Three
2009 D (Federally Taxable - issuer Subsidy - Build
America Bonds)
To finance a portion of the cost of construction and acquisition of
additions, extensions and improvements to the Electric System, provide
funds for deposit to the Construction Reserve Account in the Construction
Fund, and to pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
11/19/2009
$68,6(10,000
Electric System Subordinated Revenue Bonds,
Series 2009 F (Federally Taxable - issuer Subsidy -
Build America Bonds)
To finance a portion of the cost of construction and acquisition of
additions, extensions and improvement to the generating facilities of the
Electric System; and to pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
11/19/2009
: $27,675,000
Electric System Subordinated Revenue Bonds,
Series 20(19 G
To refund the outstanding Subordinated Electric System Bonds and to pay
issuance costs.
Brevard County
FL
11/12/2009
$58,810,000
Industrial Development Revenue Bonds (TUFF
Florida Tech Project), Series 2009
To provide funds to finance the acquisition, construction, furnishing and
equipping of a student housing complex, a food services facility, a three
story scientific research building, a NCAA regulation aquatic facility, a
parking deck; to make a deposit to a debt service reserve fund: to pay
issuance costs; and to fund a portion of the interest.
Brevard County
FL
10/21/2009
$1,547,000
Subordinate Sales Tax Revenue Bond, Series
2009A
'1'o provide funds for capital improvement to the Utility System.
Brevard County
FL
10/21/2009
$6,787,000
Tax Revenue Bonds, Series 2009B
Refunding
7 of 24
lvtanayei I I enL,it1C -
Florida Bond Finance Record
--1/1i0Tto Present
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Orange County, Health Facilities Authority
FL
10/14/2009
S100,000,00(
Re 'et ue Bo1 ds ( 'he Nemours Foundation
1're jest) Series 2009B
Orange County Health Facilities Authority
FL
10/14/2009
S25,555,000
Re -enue Bo' ds ('he Nemours Foundation
Pa ject) Series 2009E t
To finance a portion of the cost of the Project and to pat' issuance costs.
Orange County Health Facilities Authority
FL
10/14/2009
324,445,000
Re 'enue But ds (fhe Nemours Foundation
Pre feet) Series 2009C-2
1u refund the Series 23107 Bonds and to pay issuance costs.
Manatee County, School District of
FL
10/14/2009
S30,000,000
'Fax Anticipation Notes, Series 2009
To pay the operating expenses of the District prior to the receipt of
budgeted revenues.
Palm Beach County School District School
Board
FL
10/14/2009
S85,000,000
Tax Anticipation Notes, Series 2009
To provide interim funds for the payment of operating expenses of the
District for its fiscal year.
Orange County Health Facilities Authority
FL
10/1/2009
$167,035,000
Revenue Bonds (The Nemours Foundation
Project) Series 2009r\
To finance a portion of the cost of the acquisition, construction, installation
and equipping of a 95-bed freestanding children's hospital and an
outpatient clinic to be owned and operated by Nemours, and related
facilities, equipment, fixtures and furnishings and to pay issuance costs.
Jacksonville, City of
FL
9/25/2009
$39,585,0011
Excise Taxes Revenue Bonds, Series 2009A
to finance or reimburse die City for expenses previously incurred in
connection with certain general municipal capital improvements, make a
cash deposit to the Reserve Account and par issuance costs.
Jacksonville, City of
FL
9/25/2009
S23,730,1100
Excise Taxes Revenue Refunding Bonds Series
2009C (AM'T)
To refund all of the C:ity's outstanding Excise Taxes Revenue Refunding
and improvement Bonds, Series 19998, make a cash deposit to the Reserve
r\ccount and pay issuance costs.
Jacksonville, City of
FL
9/25/2009
S29,010,000
Excise Taxes Revenue Refunding Bonds, Series
20119E
To refund all of the City's outstanding Excise Taxes Revenue Refunding
and Improvement Bonds Series 1996A and Excise Taxes Revenue
Refunding and Improvement Bonds, Series I999A, to make a cash deposit
to the Reserve Account and to pay issuance costs.
Jacksonville, City of
FL
9/24/2009
S52,090,1)00
Special Revenue Bonds, Series 2009B-1t\
To finance a portion of the costs of various capital improvements, make a
deposit to the 201)9B Reserve Subaccount of the Reserve Account and to,
pay issuance costs.
Jacksonville, City of
FL
9/24/2009
S55,925,1)00
Taxable Special Revenue Bonds, Series 2009L3-IB
(Direct Payment Build America Bonds)
To finance a portion of the costs of various capital improvements, make a
deposit to the 211119E Reserve Subaccount of the Reserve Account and to
pay issuance costs.
Osceola County
FL
9/23/2009
S6,770,000
Taxable Capital Improvement Revenue Bonds,
Series 2009C (Federally Taxable - Build America
Bonds - Recovery Zone Economic Development
Bonds - Direct Subsidy) (RZEDBs)
To construct various capital projects, including without limitation road and
ancillary improvements within the County and the construction of a
parking garage, the construction of a gun range for the Sheriffs
Department, the construction and equipment of a new community center
in I\larvdia and other capital projects; to fund required reserves; and pay
issuance costs.
8 of 24
uunC ruiancial-management, Inc
Florida Bond Finance Record_
1/1/07 to Present
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Osceola County
FL
9/23/2009
S42,430,000
Capital Improvement Revenue Bonds, Series
2009A
To construct various capital projects, including without limitation road and
ancillary improvements within the Count' and the construction of a
parking garage, the construction of a gun range for the Sheriffs
Department, the construction and equipment of a new community center
in Nlarydia and other capital projects; to fund required reserves; and pay
issuance costs.
Osceola County
FL
9/23/2009
$83,050,000
Taxable Capital Improvement Revenue Bonds,
Series 2009E (Federally Taxable - Build America
Bonds - Direct Subsidy)
To construct various capital projects, including without limitation road and
ancillary improvements within the County and the construction of a
parking garage, the construction of a gun range for the Sheriffs
Department, the construction and equipment of a new community center
in Marydia and other capital projects; to fund required reserves; and pay
issuance costs.
St. Lucie County -
FL
9/22/2009
83,130,000
Special Assessment Improvement Bond, Series
2009B (Sunland Gardens Phase 1I MSBU)
Refunding on line of credit used to finance water systems.
Alachua County
FL
9/22/2009
$4,018,665
Industrial Development Refunding Revenue
Bonds (Oak Hall Private School, Inc. Project)
Series 2009
Education and Industrial Development.
,
St. Lucie County
FL
9/22/2009
81,250,000
Special Assessment Improvement Bond, Series
2009A (Harmony Heights MSBU)
Financing draw on line of credit used to finance water system.
City of Lake \Vales
FL
9/15/2009
$2,000,000
Refunding Revenue Note, Series 2009
To refund outstanding prior bonds.
Gainesville Regional Utilities
FL
9/15/2009
$156,900,000
Utilities System Revenue Bonds 2009 Series B
(Federally Taxable - issuer Subsidy - Build
America Bonds)
To pay a portion of the cost of acquisition and construction of certain
improvements to the System and to pay issuance costs.
Gainesville Regional Utilities
FL
9/15/2009
$24,190,000
Utilities System Revenue Bonds 2009 Series t\
(Federally Taxable)
To pay a portion of the cost of acquisition and construction of certain
improvements to the Cit}'s electric, natural gas, water, wastewater and
telecommunication systems, including refunding of certain commercial
paper notes and to pay issuance costs.
Volusia County, School Board of
FL
9/10/2009
$30,000,000
Tax Anticipation Notes, Series 2009
To pay operating expenses of the District prior to the receipt of budgeted
revenues.
Volusia, County of
FL
9/10/2009
$9,530,000
Capital Improvement Revenue Bond, Series
2009A and Capital improvement Refunding
Revenue Bonds Series 2009B
For the purposes of refunding and public safety.
Panama, City of City Beach
FL
9/1(1/2009
$28,725,000
Utility Revenue Bonds, Series 2009
1'o finance the cost of the acquisition and construction of certain capital
improvements in connection with the City's water and sewer utility system,
funding the Reseri e Fund, and paying issuance costs.
9 of 24
_ . idgerrlen[, Inc
Florida Bond Finance Record
-----1/1107 to -Present
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Seminole County
Y. f .t tK
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Public Schools
S
FL
,k.., ,:. h. _
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9/9/2009
r , 6t.1 -. t f.. 4. a:•w�i
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$18,000,000
tr
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Marion County, FL
FL
9/2/2009
51 298,3311
Special Assessinent Bonds, Series 2009A\
T 1 finance road improvements. -
i
Collier County
FL
9/1/2009
S1.3,500,000
Taxable Note (Fifth Third Bank) Series 201)9
Community Redevelopment and land acquisition.
I
Miami -Dade County
FL
8/25/201)9
$136,320,000
Capital Asset Acquisition Special Obligation
Bonds, Series 2009A
To fund the acquisition, construction, Improvement or renovation of
certain Capital Assets of the County, making a deposit to the Reserve
Account for the Series 211119 Bonds and to pay issuance costs.
I
Miami -Dade County
FL
8/25/2009
545,100,00))
Capital Asset Acquisition Taxable Special
Obligation Bonds, Series 2009B (Build America
Bonds - Direct Payment to Issuer)
To fund the acquisition, construction, improvement or renovation of
certain Capital Assets of the County, making a deposit to the Reserve
Account for the Series 2009 Bonds and to pay issuance costs.
Town of Melbourne Beach, FL
FL
8/20/2009
53,500,000
limited Ad Valorem Tax Note, Series 2009
improvements to the 'Town s stormwater management system.
Orange County
FL
8/18/2)11)9
S83,405,000
Tourist Development Fax Refunding Revenue
Bonds, Series 2009
to currently refund a portion of the County's outstanding Tourist
development Tax Refunding Revenue Bonds, Series 1998;\ and Series
1998B and to pay issuance costs.
1
Miami -Dade County
FL
8/17/2009
S83,315,000
Public Facilities Revenue Bonds (Jackson I lealtb
System) Series 2009
fo pay or reimburse P11T- for the cost of certain additions to P1 IT's
healthcare facilities, fund a deposit to the Debt Service Reserve Fund an
pay issuance costs.
Flagler County
FL
8/12/2009
510,000,000
Limited Tax General Obligation Bonds, Series
2009
To purchase environmentally sensitive land.
Jacksonville Electric Authority (JEA)
FL
8/4/2009
315,7.311,001)
Electric System Revenue Bonds, Series Three
2009C
To refund certain of JCi:\'s outstanding Electric System Bonds and par
issuance costs:
Jacksonville Electric Authority 0EA)
FL
8/4/200(
S33,970,000
Electric System Revenue Bonds, Series Three
2009B
To refund certain of JEA's outstanding Electric System Bonds and pay
issuance costs.
.
Jacksonville Electric Authority 0E:\)
Fl.,
8/4/2009
S12,420,000
Electric System Subordinated Revenue Bonds,
2009 Series E
To refund certain of EA s outstanding Subordinated Idectric System
Bonds and pay issuance costs.
Longboat Key, Town of
FL
7/22/2009
59,25)1,000
General Obligation Note, Series 2009
Sewer and \V%aster water
Marion County i'ublic Schools
FL
7/13/2009
S21,420,1)00
Refunding Certificates of Participation, Series
2009A
1•o refund on a current basis, all of the School Boards's outstanding
Refunding Certificates of Participation Series 199821, refund on current
basis, all of the School Board's outstanding Certificates of Participation
Series 1998B and to pay issuvue costs.
St. Johns County
FL
7/8/2009
810,950,000
Sales Tax Revenue Refunding Bonds, Series
2009A
To refund on a current basis all of the County's outstanding Sales Tax
Revenue Refunding Bonds Series 1998, pay the premium for a reserve
account insurance policy in order to fund the Reserve Account
Requirement and to pay issuance costs.
10nf94
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- ruunc-rinanciarManagement,, Inc
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1/1/07 to Present
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Miami -Dade County
FL
7/2/2009
$5,000,000
Professional Sports Franchise Facilities Tax
Revenue Bonds, Taxable Series 2009D
I'o refund Miami -Dade County Florida Professional Sports Franchise
Facilities Tax Revenue Refunding Bonds Series 1998, to pay costs of the
Baseball Stadium, and pay issuance costs.
Miami -Dade County
FL
7/2/2009
$100,000,000
Professional Sports Franchise Facilities Tax
Variable Rate Revenue Bonds, Series 1.1C19E
To refund Miami -Dade County Florida Professional Sports Franchise
Facilities Tax Revenue Refunding Bonds Series 1998, to pay costs of the
Baseball Stadium, and pay issuance costs.
Miami -Dade County
FL
7/2/2009
$85,701,273
Professional Sports Franchise Facilities Tax
Revenue Refunding Bonds, Series 2009A
To refund Miami -Dade County Florida Professional Sports Franchise
Facilities Tax Revenue Refunding Bonds Series 1998, to pay costs of the
Baseball Stadium, and pay issuance costs.
Miami -Dade County
FL
7/2/2009
$5,220,000
Professional Sports Franchise Facilities Tax
Revenue Refunding Bonds, Taxable Series 2009B
To refund Miami -Dade County Florida Professional Sports Franchise
Facilities Tax Revenue Refunding Bonds Series 1998, to pay costs of the
Baseball Stadium, and pay issuance costs.
Miami-Dade'County
FL
7/2/2009
$123,421,712
Professional Sports Franchise Facilities Tax
Revenue Bonds, Series 2009C
To refund Miami -Dade County Florida Professional Sports Franchise
Facilities Tax Revenue Refunding Bonds Series 1998, to pay costs of the
Baseball Stadium, and pay issuance costs.
Gainesville, City of
FL
7/2/2009
$13,000,000
Revenue Note, Series 2009
Other.
Miami -Dade County
FL
7/1/2009
$91,207,214
Subordinate Special Obligation Bonds, Series 2009
To pay the costs of the Project 5vith respect to the Baseball Stadium, to
make a deposit to a Reserve Fund and to pay issuance costs.
St. Petersburg, City of
FL
6/23/2009
$53,015,000
Public Utility Revenue Bonds, Series 2009A
To acquire, construct and erect the 2009 Project and to refund certain
indebtedness of the City, to make a deposit into the reserve account and to
pay issuance costs.
St. Petersburg, City of
FL
6/23/2009
$23,375,000
Public Utility Refunding Revenue Bonds, Series
2009B
'co currently refund a portion o the City's currently outstanding Public
Utility Refunding Revenue Binds Series 1998E and to pay issuance costs.
Titusville, City of
FL
6/23/2009
$2,735,000
Multi -purpose Revenue Refunding Notes, Series
2009
'Fo current refund the issuer's outstanding Multi -purpose Revenue Bonds
Installment 1995A and pay issuance costs.
St. Lucie County
FL
6/23/2009
$10,035,000
Improvement Refunding Revenue Note, Series
2009A
To refund the Improvement Revenue Note, Series 2004.
Osceola County
FL
6/22/2009
$7,316,000
Subordinated "Tourist Development •I'ax Revenue
Bond, Series 2009
'To finance capital improvements.
Boca Raton, City of
FL
6/9/2009
$11,205,000
Special Assessment Refunding Bonds, Series 2009
(Visions 90 Project)
'co pay and defease all of the City's Special Assessment Refunding Bonds,
Series 2001 which arc currently outstanding, an d to pay issuance costs.
Broward County School District
FL
6/5/2009
$63,910,000
Certificates of Participation, Series 2009A -
(Federally Taxable - Direct Payment - Build
America Bonds)
1'o finance the acquisition, construction and installation of the Series 20119A
Facilities and pay issuance costs.
Broward County School District
FL
6/5/2009
$20,140,000
Certificates of Participation, Series 2009A - Tax-
exempt
To finance the acquisition, construction and installation of the Series 2009A
Facilities and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
6/1/2009
$50,135,000
Electric System Subordinated Revenue Bonds,
2009 Series D
To refund certain of JEA's outstanding Subordinated Electric System
Bonds and to pay issuance costs.
11 of 24
Management, Inc
Florida Bond Finance Record_
11/07 to Present
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sition
FL
5/29/2009
$2,535,000
I I
Orlando Utilities Commission
FL
5/21/2009
8197,650,0(1(1
Utility System Revenue Refunding Bonds, Series
2009B-1
To refund all of the Utility System Revenue Refunding Bonds, Series 2004
and to pay issuance costs.
Orlando Utilities Commission
F1.
5/21/2(1(19
8114,125,000
Utility System Revenue Refunding Bonds, Series
2009B
I refund all of the Utility System Revenue Refunding Bonds, Series 2004
and to pay issuance costs-
i
i lighlands County, Florida
FL
5/19/201)9
32,4811,388
Asphalt Plant Revenue Note, Series 201)9
Asphalt Plant and Equipment
Oviedo, City of '
FL
5/18/2009
8688,5(1(1
Capital Improvement Revenue Note, Series 2009
l o fund acquisition of park land.
Manatee County,
IManatee
School District of
FL
5/13/2(1(19
547,065,0110
Certificates of Participation (School Board of
County, Florida Master (.ease Program)
Series 2009
l o finance and refinance the Series 2(11)9 Project, including retirement of a
portion of the Series of 2009B Note and to pay issuance costs.
Marion County, FL
FL
5/ 12/2009
S6,805,001)
Public Improvement Revenue Refunding Bonds,
Series 2009E
'1'o currently refund all of the County's outstanding Public Improvement
Revenue Refunding Bonds, Series 1996 and to pay costs of issuance
Marion County, FL
FL
5/12/2009
823,190,000
Public improvement Revenue Bonds, Series
2(I(19;\
To finance the costs of transportation projects within the County',
satisfaction of the Reserve :\ccount Requirement and to pay issuance costs.
Seminole County Public Schools
FL
4/28/201)9
820,675,01111
Certificates of Participation, Series 2009A
To finance the cost of the acquisition, construction and installation of the
Series 2009A Facilities and to pay issuance costs.
Jacksonville, City of
FL
4/28/2009
81 17,570,000
Transportation Revenue Bonds, Series 2008B
To refund the City''s'1'ransportation Revenue Bonds Series 2003. refund the
City's transportation Revenue Bonds Series 201)4A and pay issuance costs.
Orlando Utilities Commission
Fi.
4/28/2(1(19
8100,000,000
Utility System Revenue Bonds, Series 2009r\
To finance the costs of certain capital projects currently included in the
2009 and 201(1 fiscal years of the current capital improvement plan and to
pay issuance costs.
Orange County
FL
4/23/2009
825,480,000
Capital Improvement Refunding Revenue Bonds
Series 2009
To currently refund all of the County's Capital improvement Refunding
Revenue Bonds, Senes 1998 and to pay costs of issuance.
Tallahassee, City of
FL
4/22/2009
826,975,000
Capital improvement Refunding Revenue Bonds,
Series 2009
Refunding
Jacksonville Electric Authority (JEA)
FL
4/15/2009
864,305,000
St. John's River Power Park System Revenue
Bonds Issue Three, Series Three
To pay the cost of certain Additional Facilities, capitalize interest on the
Series Three Bonds, pay costs of funding the Initial Subaccount in the Debt
Service Reserve Account and to pay issuance costs.
Alachua County
FL
3/31/2009
$15,000,00(1
Wild Spaces, Public 1'Iaces Revenue Bonds, Series
2009
To finance the acquisition of environmentally sensitive land within the
County.
Jacksonville Electric Authority (JEA)
FL
3/26/2009
865,515,000
Electric System Subordinated Revenue Bonds,
2009 Series C
To refund certain of IEA's outstanding Subordinated Electric System
Bonds and to pay issuance costs.
12^f9A
n,anctdf lvlanagement, Inc
Florida Bond Finance Record
171707 to Present
,. ..-.
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3/13/2009
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;arasota County School District
Certificates of Participation (School Board of
Sarasota County, Florida blaster Lease Program)
Series 2009
To finance the acquisition, construction and installation of certain
educational facilities and pay the costs of issuance.
\liami-Dade County
FL
3/13/2009
$203,800,000
General Obligation Bonds (Building Better
Communities Program) Series 2008B-1
To pay costs of various capital projects that arc part of the Building Better
Communities Program.
3oca Raton, City of
FL
3/10/2009
$8,485,000
Water and Sewer Revenue Refunding Bonds
Series 2009
For the purpose of paying and dcfeasing all of the City's outstanding Water
and Sewer Revenue Refunding and Improvement Bonds, Series 1999 and
to pay issuance costs.
Daytona Beach, City of
FL
2/27/2(1(19
1329,942,000
Capital Improvement Revenue Note, Series 2009
Refunding
:',ity of Flagler Beach, FL
FL
2/27/2009
$1,100,000
Community Redevelopment Revenue Note, Series
2009
Redevelopment
:ity of Flagler Beach, FL
FL
2/27/2009
$1,80)),000
Stormwater Revenue Note, Series 2009
Stormwater System Capital Improvements
Palm Beach County School District
FL
2/26/2009
$72,135,000
Revenue Anticipation Notes, Series 2009
'1b pay or reimburse the capital funds or general funds of the District for
paying certain costs of the design, construction. acquisition and equipping
of certain educational facilities and to pay issuance costs.
Jacksonville Electric Authority (JEA)
F1..
2/19/2009
$96,685,000
Electric System Revenue Bonds, Series Three
2009 A
'1'o refund certain of IRA's outstanding Electric System Bonds, provide
funds for deposit to the Construction Reserve Account and pay issuance
costs.
Jacksonville Electric Authority (JEA)
FL
2/19/2009
$117,075,000
Electric System Subordinated RCyeOUe Bonds,
2009 Series B
To refund certain of JEA's outstanding Subordinated Electric System
Bonds and pay issuance costs.
St. John's County
FL
2/17/2009
$23,520,000
Sales Tax Revenue and Refunding Bonds, Series
2009
Administration (City hall/Court Mouse) and refunding
Jacksonville Electric Authority (JEA)
FL
2/12/2009
$45,405,000
Water and Server System Revenue Bonds, 2009
Series A
To pay a portion of the cost of construction and acquisition of additions,
extensions and improvements to JEA's combined water and wastewater
system, to provide deposit to the Construction Reserve Account and pay
issuance costs.
Jacksonville Electric Authority (JEA)
FL
2/12/2009
$83,240,000
Water and Sewer System Revenue Bonds, 2009
Series B
To currently refund certain of JEA's outstanding Water and Sewer System
Bonds and pay costs of issuance.
Jacksonville Electric Authority (JEA)
FL
1/20/2009
$122,585,000
Electric System Subordinated Revenue Bonds,
2009 Series A
To Finance a portion of the cost of the construction and acquisition of
additions, extensions and improvements to the Electric System of JEA,
provide for a deposit to the Construction Reserve Account in the
Subordinated Bond Construction Fund and pay the costs of issuance.
Clay County
FL
1 / 15/2009
$71,025,000
infrastructure Sales Surtax Revenue Bonds, Series
2009
To finance certain capital improvements in and for the County, funding the
required deposit to the Reserve Account and pay issuance costs.
Osceola County
FL
1/14/2009
$48,735,000
Sales Tax Revenue Bonds, Series 2009
To finance the costs Of acquisition, construction and installation of various
properties and facilities of the County, fund required reserves and pay costs
of issuance.
13 of 24
t�tanctyetnenr,-Inc
Florida Bond Finance Record
--1/1/O7 to Present
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activities.
Miami -Dade County
FL
12/11/2008
$146,200,000
General Obligation Bonds, (Building Better
Communities Program) Series 2008B
To pay costs of various capital projects authorized by the Series 2008B
Resolution that are part of the Building Better Communities Program.
Jacksonville Electric Authority (JEA)
FL
11/13/2008
$77,945,000
Bulk Power Supply System Revenue Bonds,
Scherer 4 Project Issue, Series 2008A
7•o finance the cost of )EA's Scherer 4 Project, fund a deposit to the Initial
Subaccount of the Debt Service Reserve Account and pay issuance costs.
Manatee County, School District
FL
10/28/2008
$35,000,000
Tax Anticipation Notes, Series 2008
l o pay operating expenses of the'District prior to the receipt of budgeted
revenues.
Broward County, School District
FL
10/21/2008
3125,000,000
Fax Anticipation Notes, Series 201)8
l o pay expenditures incurred or accrued for the Current Fiscal Year and
pay issuance costs.
Broward County Educational Facilities
Authority
FL
10/17/2008
860,000,000
Educational Facilities Revenue Bonds, Series
2008A (Nova Southeastern University Project)
To finance the acquisition, construction and equipping of various capital
projects of the University, including a central chiller plant and a dormitory.
Palm Beach County School District
FL
10/16/2008
$85,000,000
Tax Anticipation Notes, Series 2008
To pay expenditures incurred or accrued for the Current Fiscal Year and
pay issuance costs.
Jacksonville, City of
FL
9/ 16/21)08
$54,215,000
Special Revenue Bonds, Series 21)08
To finance the acquisition and construction of various capital equipment
and capital improvements which comprise the Banking Fund Project.
Jacksonville Electric Authority (JEA)
FL
9/11/2008
' $54,050,000
Electric System Revenue Bonds, Series Three
20118E
To refund certain of JEA's outstanding Electric System Revenue Bonds
and certain jEA's outstanding Electric System Subordinated Revenue
Bonds.
Jacksonville Electric Authority (JEA)
FL
9/11/2(108
$18,645,000
Electric System Subordinated Revenue Bonds,
2008 Series E
To refund certain ofJI-A's outstanding Electric System Subordinated
Revenue Bonds, and pay issuance costs.
Volusia County School District
FL
9/10/2008
835,000,000
Tax Anticipation Notes, Series 2008
To pay operating expenses of the District prior to the receipt of budgeted
revenues.
Seminole County Public Schools
FL
9/9/2008
818,000,001
Tax Anticipation Notes, Series 2008
•1'o provide interim funds to pav operating expenses of the District prior to
the receipt of budgeting revenues.
Jacksonville, City of
Fl..
9/4/2008
$105,470,000
Better Jacksonville Sales Tax Revenue Bonds,
Series 2008
To fund or reimburse the City for expenses previously incurred in
connection with the acquisition and construction of certain capital projects
forming a portion of The Better Jacksonville Plan, deposit funds to the
Subaccount in the Debt Service Reserve Account in the Sinking Fund and
pay issuance cost.
Town of Golden Beach
FL
8/26/2008
$14,445,000
General Obligation Bonds, Series 2008
To finance the construction of various capital improvements including;
streetscape projects, traffic calming improvement projects, underground
power, telephone and cable utility lines, removal of existing poles etc, and
to pay the cost of issuance.
Broward 1-Iealth
FL
7/16/2008
$85,500,000
Refunding Revenue Bonds, Series 2008A
To redeem all of the currently outstanding North Broward Hospital
District Refunding Revenue Bonds Series 2005B and pay issuance costs.
14 of 94
r Y]lJffli 1-111ar'clarivlanagement, Inc
Florida Bond Finance Record
171 /07 to Present
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Jacksonville, City of
r.
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's- -., a.M1
FL
r �
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6/30/2008
-�f .! .4.
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• $67,285,000
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�'t'j�I: t3f riii'Itier$a._ ._..
:. i+'j 4.J:�,.
�n_
4 a+ .N
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s�Y i.}
�• " .
;e- �4..:
To currently refund
Series 1997-1, 1997-2,
rr ty < A:.:; .v. '. Y 3 J.
1.L�iT £,...l..S.<.,zr .• :s;
i.. ; Gd.. ••i.. :s� [ 'j't � 4 1.~.ris. F'
1:j" r N.. 4-� '> � �',.'�. l3. �, _s.
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_ '. r 8sC
,i. 7,-tiiih ��(-J�•�.f*.k�'y1'e.y4'�.?'1a,<..,
Capital Projects Revenue Bonds Series 2008A
the City's outstanding Capital Projects Revenue Bonds
1997-3 and 2002-1 and pay issuance costs.
Jacksonville, City of
FL
6/30/2008
$67,285,000
Capital Projects Revenue Bonds Series 2008B
To currently refund the City's outstanding Capital Projects Revenue Bonds
Series 1997-1, 1997-2, 1997-3 and 2002-1 and pay issuance costs.
Ringling School of Art and Design,
Incorporated i
FL
6/25/2008
$52,500,000
Educational Facilities Variable Rate Revenue
Bonds, Scrics 2008 (Ringling College of Art and
Design, Inc. Project)
To finance or refinance the cost of acquisition, construction and equipping
of various educational facilities, the renovation of various existing facilities
and the acquisition of land.
i
Orange County Health Facilities Authority
FL
6/17/2008
$54,130,000
Hospital Revenue Bonds (Orlando Regional
Healthcare System) Series 2008D
To currently refund the Authority's Hospital Revenue Bonds (Orlando
Regional Healthcare System) Series 1999A, 1999B, 1999C, pay certain
termination fees incurred by the Corporation in connection with the
termination of certain interest rates swap agreements. and pay issuance
costs.
Orange County Health Facilities Authority
FL
6/17/2008
. $54,130,000
Hospital Revenue Bonds (Orlando Regional
Healthcare System) Series 2008E
To currently refund the Authority's Hospital Revenue Bonds (Orlando
Regional Healthcare System) Series 1999A, 1999B, 1999C, pay certain
termination fees incurred by the Corporation in connection with the
termination. of certain interest rates swap agreements, and pay issuance
costs.
Orange County 1-Icalth Facilities Authority
FL
6/17/2(108
$35,550,000
Hospital Revenue Bonds (Orlando Regional
l Icalthcare System) Series 21108E costs.
To currently refund the Authority's Hospital Revenue Bonds (Orlando
Regional i-Icalthcare System) Series 1999A, 1999B, 1999C, pay certain
termination fees incurred by the Corporation in connection with the
termination of certain interest rates swap agreements, and pay issuance
Orange County Health Facilities Authority
FL
6/17/2008
$35,550,0(10
Hospital Revenue Bonds (Orlando Regional
Flcalthcarc System) Scrics 2008G
To currently refund the Authority's Hospital Revenue Bonds (Orlando
Regional Healthcare System) Series 1999A, 1999B, 1999C, pay certain
termination fees incurred by the Corporation in connection with the
termination of certain interest rates swap agreements, and pay issuance
costs.
Broward County, School District of
FL
6/4/2008
: $270,560,000
.
Certificates of Participation, Series 2008A
Towards the acquisition, construction, installation and equipping of 2008A
Facilities, leasing of the Series 2008 :\-1 Facilities Sites by the School Board,
the subleasing of the Series 2008 A-1 Facilities Sites back to the School
Board.
Orange County l lealth Facilities Authority
FL
5/29/2008
$80,225,000
Hospital Revenue Bonds (Orlando Regional
Healthcare System) Series 2008C
To finance, refinance or reimburse the costs of certain capital
improvements to and equipment for its Health Facilities, refinance the
outstanding balance of a Line of Credit, fund a debt service reserve fund
and pay costs of issuance.
Jacksonville, City of
FL
5/6/2008
$121,740,000
Transportation Revenue Bonds, Series 2008B
3'o refund the City's Transportation Revenue Bonds, Series 2003, refund
the City's Transportation Revenue Bonds Series 2004A and pay issuance
costs.
15 of 24
It, IIII.
Florida Bond Finance Record
1/1/07 to Present
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established
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and
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f�-y j
EA's outstanding
to make
under the
issuance
1n`.'�
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Electric
costs.
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in
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the Construction
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a
ii,
Revenue
Reserve
and/or Initial
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Authority (JEA)
FL
5/5/2008
$130,000,000
Variable Rate Electric
Series Three 2008
Jacksonville Electric Authority (JEA)
FL
5/5/2008
$130,000,000
Variable Rate Electric System Revenue Bonds,
Series Three 2008 D-2
To refund certain of J E:\'s outstanding Variable Electric System Revenue
Bonds, provide funds to make a deposit in the Construction Reserve
Account established under the Electric System Resolution and/or Initial
Subaccount, and pay issuance costs.
I
Orange County health Facilities Authority
FL
4/28/2008
$106,295,000
.
Hospital Revenue Bonds (Orlando Regional
Healthcare System) Series 20118E
To advance refund all of the Authority's outstanding 1 lospital Revenue
Bonds Series 201)2, to finance, refinance or reimburse the costs of certain
capital improvements to and equipment for the health facilities of the
Corporation, fund a debt service reserve fund and pay issuance costs.
I
1
Orange County Health Facilities Authority
FL
4/28/2008
$48,380,000
1 lospital Revenue Bonds (Orlando Healthcare
System) Series 2008A
fo refund a portion of the Authoris I lospital Revenue Bonds Series
1993, finance or refinance or be reimbursed a portion of the costs of an
expansion project at the Arnold Palmer 1 lospital for Women and Children.
fund a debt service reserve fund and pay issuance costs.
Jacksonville, City of
FL
4/25/2008
5154,535,000
Transportation Revenue Bonds, Series 2008A
To refund the City's Transportation Revenue Bonds Series 2003A• refund
the City's Transportation Revenue Bonds Series 21)03B and pay issuance
costs.
Miatnj-Dade County
FL
4/22/2008
$99,600,000
General Obligation Bonds (Building Better
Communities Program) Series 2008A
To pay a portion of the cost to construct tunnels and related improvements
designed to increase access to the Port of Miami.
Orlando Utilities Commission
FL
4/I6/2008
$200,000,000
Utility System Revenue Bonds Series 2008
To finance the costs of certain capital projects included in the 2008 and
21)09 fiscal years, and pay issuance costs.
Jacksonville Port Authority
Fl.
4/16/2008
$90,000,000
Revenue Bonds, Series 2008 (AMT)
To finance expenditures related to cost of the MOL Project, purchase a
reserve account insurance policy to fund Reserve Account and pay issuance
costs.
Hillsborough County
FL
4/16/2008
$19,195,000
Capital Improvement Non -Ad Valorem
Refunding Revenue Bonds (Warehouse and
Sheriff's Facilities Project) Series 2008
To refund all of the Issuer's outstanding Capital Improvement Non -Ad
Valorem Revenue Bonds (Warehouse and Sheriffs Facilities Project). Series
1998 and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
4/10/2008
$125,000,000
St. johns River Power Park System Revenue
Bonds Issue Three, Series Two
To pay the cost of certain Additional Facilities, pay issuance costs and pay
the cost of funding the Initial Subaccount in the Debt Service Reserve
Account.
Jacksonville Electric Authority (JEA)
FL
4/2/2008
$85,290,000
Variable Rate Water and Sewer System Revenue
Bonds 2008 Series B
To current refund certain of jLA's outstanding Variable Rate Water and
Sewer System Bonds.
Rollins College
FL
3/31/2008
$14,500,000
Educational Facilities Refunding Revenue Bonds
(Rollins College Project)
To currently refund the Authority's outstanding Educational Facilities
Revenue Bonds (Rollins College Project) Series 2004.
—
16^f94
•
,,uionartv)anayemeni, Inc
Florida Bond Finance Record
1 /1 /07 to Present
Alachua County
FL
3/26/2008
$18,245,000
Gas Tax Revenue Bonds, Series 2(108
To finance the costs of acquisition and construction of certain road
improvements within die County, purchase the Reserve Fund insurance
Policy and pay issuance costs.
Jacksonville Electric Authority
(JEA)
FL
3/25/2008
$56,410,000
Electric System Subordinated Revenue Bonds,
2008 Series A
To Finance n portion of the cost of construction and acquisitions of
additions, extensions and improvements to JEA's Electric System, pay for a
deposit to the Construction Reserve Account in the Subordinated Bond
Construction Fund and pay costs of issuance.
University of South Florida !
FL
3/24/2008
$73,700,000
Certificates of Participation, Series 2007
University Improvements
University of South Florida ;
FL
3/20/2008
846,125,000
Certificates of Participation, Series 2007
University improvements.
University of South Florida ;
FL
3/20/2008
$46,125,000
Certificates of Participation, Series 2007
University improvements.
Jacksonville Electric Authority (JEA)
FL
3/19/2008
885,000,001)
Variable Rate Electric System Revenue Bonds
2008 Series Three C-2
To refund certain of JI3A's outstanding Variable Rate Electric System
Revenue Bonds; provide funds for deposit to the Initial Subaccount in the
Debt Service Account and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/19/2008
853,615,000
Variable Rate Electric System Revenue Bonds
2008 Series Three C-3
To refund certain of JEA's outstanding Variable Rate Electric System
Revenue Bonds; provide funds for deposit to the initial Subaccount in the
Debt Service Account and pay issuance costs.
'
Jacksonville Electric Authority (JEA)
FL
3/19/2008
$49,745,000
Variable Rate Electric System Revenue Bonds
2008 Series Three C-4
To refund certain off EA's outstanding Variable Rate Electric System
Revenue Bonds, provide funds for deposit to the Initial Subaccount in the
Debt Service Account and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/ l9/2008
8104,955,000
Variable Rate Electric System Subordinated
Revenue Bonds, 2008 Series B
To refund a portion of JEA's outstanding Variable Rate Electric System
Subordinated Revenue Bonds, 2001 Series D, provide for a deposit to the
Construction Reserve Account in the Subordinated Bond Construction
Fund and pay costs of issuance.
Jacksonville Electric Authority (JEA)
FL
3/19/2008
$73,070,000
Variable Rate Electric System Revenue Bands .
Series Three 2008 B-1
To refund JEA's outstanding Variable Rate Electric System Revenue Bonds
and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/19/2008
872,435,00(1
Variable Rate Electric System Revenue Bonds
Series Three 2008 B-2
To refund JEA's outstanding Variable Rate Electric System Revenue Bonds
and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/19/2008
, 858,275,000
Variable Rate Electric System Revenue Bonds
Series Three 20(18 B-3
To refund JEA's outstanding Variable Rate Electric System Revenue Bonds
and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/19/2(108
$57,710,000
Variable Rate Electric System Revenue Bonds
Series Three 2008 B-4
To refund JEA's outstanding Variable Rate Electric System Revenue Bonds
and pay issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/19/2008
870,605,000
Variable Rate Electric System Subordinated
Revenue Bonds 2008 Series D
To refund JEA's outstanding Variable Rate Electric System Subordinated
Revenue Bonds, 2(105 Series B and pay costs of issuance.
)acksonville Electric Authority (JEA)
FL
3/19/2008
$85,245,000
Variable Rate Electric System Revenue Bonds
2(108 Series Three C-1
To refund certain ofJEA's outstanding Variable Rate Electric System
Revenue Bonds, provide funds for deposit to the Initial Subaccount in the
Debt Service Account and pay issuance costs.
17 of 24
tvtdt)dgement, inc
Florida Bond Finance Record
1/1/07 to Present
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Broward County, School District of
FL
3/18/2008
$113,825,000
Certificates of Participation Series
Jacksonville Electric Authority (JEA)
FL
3/18/2008
$103,995,000
Variable Rate Water and Sewer System
Subordinated Revenue Bonds 2008 Series B-I
To refund certain of )E:\'s outstanding Variable Rate Subordinated Water
and Sewer System Bonds, provide for a deposit to the Construction
Reserve Account in the Subordinated Bond Construction Fund and pay
issuance costs.
Jacksonville Electric Authority (JEA)
FL
3/18/2008
$400,000
Variable Rate Water and Sewer System
Subordinated Revenue Bonds 2008 Series B-2
To refund certain of IRA's outstanding Variable Rate Subordinated Water
and Sewer System Bonds, provide for a deposit to the Construction
Reserve Account in the Subordinated Bond Construction Fund and pay
issuance costs.
Broward County School District
FL
3/17/2008
$65,00)1,000
Certificates of Participation, Series 2006B
•1'o finance die acquisition, construction, installation and equipping of the
Series 2006 Facilities, the leasing of the Series 2006-1 Facility Sites by the
School Board to the Corporation and the subleasing of the Series 2006-1
Facility Sites back to the School Board.
Jacksonville Electric Authority (JEA)
FL
3/13/2008
$79,255,000
Electric System Subordinated Revenue Bonds,
2008 Series C
To refiind a portion of JEA's outstanding Variable Rate Electric System
Subordinated Revenue Bonds, Series 2001 Series D, provide funds for
deposit to the Initial Subaccount in the Debt Service Reserve Account, and
pay issuance costs.
Jacksonville Port Authority
FL
2/26/2008
$53,295,000
Revenue Refunding Bonds, Series of 2006 (AMT)
To refund the Authoiit's 1996 Port Facilities Revenue Refunding Bonds,
purchase a reserve account insurance policy in order to fund the Reserve
Account and pay issuance costs of Series 2006 Bonds.
Jacksonville Electric Authority (JEA)
FL
2/26/2008
S66,875,000
Variable Rate Water and Sewer System
Subordinated Revenue Bonds 2008 Series A-1
1'o current refund certain of I1::\'s outstanding Variable Rate Subordinated
Water and Sever System Bonds, provide for a deposit to the Construction
Reserve Account in the Subordinated Bond Construction Fund and pay
costs of issuance.
Jacksonville Electric Authority (JEA)
FL
2/26/2008
$66,525,000
Variable Rate Water and Sewer System
Subordinated Revenue Bonds 2008 Series A-2
To current refund certain of I I?:\'s outstanding Variable Rate Subordinated
Water and Sewer System Bonds, provide Inc a deposit to the Construction
Reserve Account in the Subordinated Bond Construction Fund and pay
costs of issuance.
Palm Beach County School District School
Board
FL
2/21/2008
$116,225,000
Certificates of Participation, Series 2007B
1b finance the acquisition, construction and installation of the Series 200713
Facilities and pay issuance costs.
Manatee County School District
FL
2/14/2008
$59,380,000
Certificates of Participation (School Board of
Manatee County, Florida Master Lease Program)
Series 2008A
To provide funds for the purpose of refunding all of the hereinafter
defined Refundid Certificates in the aggregate principal amount of
$61,680,000 and thereby refinancing a portion of the Series of 1996 Project
and paying costs of issuance.
18 ^f 94
la! t�I41 ivianagement, Inc
Florida Bond Finance Record
1/1/07 to Present
Gainesville Regional Utilities
FL
2/12/2008
$90,000,000
Variable Rate Utilities System Revenue Bonds
2008 Scrics B
To pay costs of acquisition and construction of the Citv's utilities system, to
pay interest accruing on the 2008 Series B Bonds, pay costs of issuance
related to the 2008 Series B Bonds.
•
Volusia, County of
FL
2/7/2008
$42,605,000
Subordinate Lien Sales Tax Refunding Revenue
Bonds, Series 2008
To refund a portion of the outstanding Subordinate Lien Sales Tax
Revenue Bonds Series 1998 and to pay costs associated with the issuance of
the Series 2008 Bonds.
Jacksonville Electric Authority (JEA)
FL
2/6/2008
$75,000,000
Variable Rate Water and Sewer System Revenue
Bonds 2008 Scrics A-1
To finance a portion of the cost of the construction and acquisition of
additions, extensions, and improvements to the Water and Sewer System of
JEA and paying costs of issuance of the 2008 Series A Bonds.
Jacksonville Electric Authority (JEA)
FL
2/6/2008
$75,000,000
Variable Rate Water and Sewer System Revenue
Bonds 2008 Series A-2
To finance a portion of the cost of the construction and acquisition of
additions, extensions, and improvements to the Water and Sewer System of
JEA and paying costs of issuance of the 2008 Series A Bonds.
Gainesville Regional Utilities
FL
2/6/2008
$105,000,000
Utility System Revenue Bonds, 2008 Series A
(Federally Taxable)
To pay a portion of the cost of acquisition and construction of certain
improvements to the City's electric, natural gas. water, wastewater and
telecommunications systems and to pay the costs of issuance of the Taxable
2008 Series A Bonds.
Boca Raton, City of
FL
2/5/2008
$40,040,000
Water and Sewer Revenue Refunding and
Improvement Bonds Series 2008
To finance certain additions, extensions and improvements to the Water
and Sewer System, fund Debt Service Reserve Requirement for the 2008
Bonds, paying and dcfeasing a portion of outstanding Series 2001 Bonds
and paying the cost of issuance.
Jacksonville Electric Authority (JEA)
FL
1/30/2008
$100,000,000
Variable Rate Electric System Revenue Bonds,
Series Three 2008A
To finance a portion of the cost of the construction and acquisition of
additions, extensions and improvements to the Electric of JEA and pay
costs of issuance.
Jacksonville Port Authority
FL
1/9/2008
$85,000,000
Subordinate Lien Commercial Paper Notes Series
B (AM1)
1'o finance or refinance certain capital improvements to the Marine
Facilities.
St. John's County
FL
12/5/2007
$30,620,000
Porte Vedra Utility System Revenue Bonds, Series
2007
To acquire an existing water and wastewater utility system, make various
capital improvements to the Intercoastal Utility System and the County s
existing Porte Vedra Utility- System, capitalize a portion of interest on the
Scrics 2007 Bonds and pay costs of issuance.
Monroe County
FL
11 /28/2007
$29,415,000
Infrastructure Sales Surtax Revenue Bonds, Series
2007
To acquire, construct and equip various capital improvements and pay costs
of issuance.
University of South Florida
FL
11/16/2007
$22,830,000
USF College of Medicine Health Facilities Lease
Program, Certificates of Participation, Series 2007
"1'o finance or refinance the acquisition, construction. installation and
equipping of a medical office building to be located on the University's
Tampa Campus, to make a deposit to the Series 20117 Subaccount of the
Capitalized Interest Account, and pay issuance costs.
19 of 24
Florida Bond Finance Record
1/1/07 to Present
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and to advance
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North Broward
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2001
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and
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1997
pay costs
Tallahassee, City of
Fl_
11/7/2(107
$164,460,0(1(1
Consolidated Utility Systems Revenue Bonds,
Series 2007
To acquire and construct certain capital improvements to the City's Utility
System, funding a special account for the Series 2007 Bonds in the Senior
Lien Reserve Fund by a deposit of a portion of proceeds of the Series 2007
Bonds, paying certain costs of issuance in connection with die Series 2007
Bonds.
Palm Beach County School District
FL
1l1/17/2(107
8147,390,0(1(1
Certificates of Participation Series 20117E (Basic
Lease Payments)
10 finance the acquisition, construction and installation of the Series 211117171
Facilities and issuance costs.
Hillsborough County
FL
10/ 16/2007
$191,800,00tl
Community Investment Tax Revenue Bonds,
Series 207
To finance costs of the acquisition and construction of certain capital
improvements in the County, paying the cost of a debt service reserve
surety bond tribe held for the credit of the 2(1(17 Subaccount in the Reserve
Fund and paving the costs of issuance.
Broward County School District
Fl.
10/16/2007
$125,01H1,0011'fax
Anticipation Notes, Series of 2007
To pay expenditures for the Current Fiscal Year and the costs of
preparation and issuance of the Notes not to the extent not paid from
other funds of the District.
Bay Medical Center
FL
1(I/11/21(17
$22,315,000
hospital Revenue Refunding Bonds, Series 2007A
To refund the primary outstanding debt of The Board of Trustees of Bar
Medical Center and finance certain capital improvements.
Bay Medical Center
FL
1l1/I (/2t)07
S104,09(1,0(10
Hospital Revenue Refundong Bonds, Series
2(10713
10 refund the primary outstanding debt of The Board of Trustees of Bar
Medical Center and finance certain capital improvements.
Manatee County School District
FL
10/ 10/2007
53)1,000,00(
Tax Anticipation Notes, Series 2007
I'a pay operating expenses of the District prior to the receipt of budgeted
revenues.
Jacksonville Electric Authority (aFA)
FL
10/9/2007
S82,800,00(1
F'.Icctric System Subordinated Revenue Bonds,
2007 Series t\
In finance a portion of the cost of construction and acquisition of
additions, extensions and improvements to IEA's Electric System and pay
issuancc costs.
Jacksonville bdectric Authority ()EA)
Fl.
10/9/21107
$26,515,000
Eleant System Revenue Bonds, Series Three
2007C
To finance a portion Of the cost of construction and acquisition of
additions, extensions and improvements to IE:\'s Electric System and pay
issuance costs.,
Palm Beach County School District
F7.
9/26/2007
$115,000,00(i
"fax Anticipation Notes, Series 2007
lb pay expenditures incurred or accrued for the Current Fiscal Year and
the costs of preparation and issuance of the Notes to the extent not paid
from other funds of the District.
Collier County
FL
9/25/2017
S6,215,000
Limited General Obligation Bonds (Forest Lakes
Roadway and Drainage i\iunicipal Service Taxing
Unit), Series 2007
re finance the costs of certain roadway lighting, roadway -related drainage
aiad roadway restoration Within the Forest Lakes MSTTI, paying Certain
costs and expenses incurred in connection With the issuance of the Series
2007 Bonds.
20 of 94
- t uvnc r-Indnclai Management, Inc
Florida Bond Finance Record
1 /1 /07 to Present
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Tax Anticipation Notes, Series 2007
To pay operating expenses of the District prior to the receipt of budgeted
revenues.
University of South Florida
FL
9/24/2007
: $73,700,000
Series 2007 (USF Financing Corporation blaster
Lease Program) (Auction Rate Securities)
To finance the costs of acquisition, construction and installation of the
20(17 1-lousing Project, making a deposit to the Series 2007 Subaccount of
the Capitalized interest Account and paying certain expenses related to the
issuance and sale of the 2007 Certificates including the financial guaranty
insurance policy premium.
Jacksonville, City of
FL
9/ 19/20(17
' $42,245,000
Excise Tax Revenue Bonds, Series 2007
'1'o finance or reimburse the City for expenses previously incurred in
connection with certain general municipal capital improvements, make a
cash deposit to the Reserve Account, pay costs of issuance of the 2007
Bonds.
Miami -Dade County Water & Sewer System
FL
9/12/2007
. $344,690,000
Water and Sewer System Revenue Refunding
Bonds Series 2007
To refund a portion of the County's Water and Sewer System Revenue
Bonds, and pay the costs of issuance , including the payment of the
premium for a municipal bond insurance policy.
Melbourne, City of
FL
9/12/2007
$27,100,000
Water and Sewer Improvement Revenue Bonds,
Series 2007B
'1'o finance the construction of certain additions, expansions and
improvements to the City's water and sewer utility' system. capitalizing a
portion of the interest on insurance policy and pay certain costs and
expenses related to issuance of the 2007 B Bonds. including payment of the
premium for a municipal bond insurance policy.
Delray Beach, City of
FL
9/12/2007
$24,635,000
City of Delray, Florida Utilities Tax Revenue
Bonds, Series 2007
To finance and refinance certain municipal projects within the City and pay
the costs of issuing the Series 2007 Bonds, including premiums for the
financial guaranty insurance policy and a debt service reserve fund surety
bond.
acksonville, City of
FL
9/5/2007
, $100,675,00))
Transportation Revenue Bonds, Series of 2007
To finance or reimburse the City of expenses previously incurred in
connection with the acquisition and construction of certain road, bridge,
drainage and other transportation capital projects forming a portion of The
Better Jacksonville Plan.
Seminole County Public Schools
FL
8/30/2007
$20,000,000
Tax Anticipation Notes, Series of 2007
Used toward school improvements.
Rollins College
FL
8/28/2007
' $25,000,000
Educational Facilities Revenue Bonds (Rollins
College Project), Series 2007
'l'o acquire, construct and equip additional educational facilities, pay the
premium for the financial guaranty insurance policy, and pay the costs
associated with the issuance of the Bonds.
Blueprint 2000 intergovernmental Agency
FL
8/28/2007
$75,285,000
Blueprint 2000 Intergovernmental Agency, Sales
Tax Revenue Bonds, Series 2007
'1'u fund all or a portion of the cost of planning, financing, design, land
acquisition and construction of certain capital
Miami -Dade County
FL
8/8/2007
$30,785,000
Miami -Dade, FL, Public Service Tax Reyenuc
Bonds (USMA Public Improvements) Series •
2007A
Of paying or reimbursing the County for all or a portion of the costs of die
Series 2007 Project and paying costs of issuance of the Series of 2007A
Bonds, including the cost of bond insurance policy and the premium for a
Reserve Fund Facility.
21 of 24
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Florida Bond Finance Record
1/1/07 to Present
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Tourist Development Fax Refunding Revenue
Bonds Series 2007A
To pay the cost of refunding outstanding Tourist Development Tax
Refunding Revenue Bonds Series 2007 and costs of issuance of the Series
2007A Bonds
Osceola County
FL
5/16/2007
$75,000,000
Infrastructure Sales Surtax Revenue Bonds, Series
2007
To finance a portion of the cost for acquisition, construction and equipping
of transportation capital improvements, to advance refund portion of Series
2002 Bonds, and pay issue costs.
Orange County
FL
5/15/2007
$139,635,000
Tourist Development Tax Refunding Revenue
Bonds, Series 2007
To advance refund portion of County's outstanding Tourist Development
Tax Revenue Bonds, Series 2002 and pay issue costs.
Manatee County, School District of
FL
5/3/2007
860,040,000
Certificates of Participation, Series 2007
To provide for the lease purchase financing of certain educational and
related facilities and equipment.
Clay County Utility Authority
FL
4/11/2007
842,905,000
Utilities System Revenue and Refunding Bonds,
Series 2007
To finance acquisition, construction and installation costs to water and
wastewater improvements, refund outstanding 2003;\ Bonds and 1997 and
Fooled Commercial l'aper Notes 2005A, funding Reserve Subaccount and
pay issue costs.
Palm Beach County School District
FL
4/10/2007
$30,485,000
Refunding Certificates of Participation, Series
2007D
T. refund Outstanding Certificates of Participation, Series 1997A,
refinance acquisition, construction and installation of educational facilities
and pay issue costs.
St. Lucie County
FL
4/10/2007
$29,685,000
Transportation Revenue Bonds, Series 2007
'To finance costs of road, bridge, and other transportation improvements,
pay 2007 Insurance Policy and Surety Bond premiums, and pay issue costs.
Volusia County School District
FL
4/5/2007
$97,975,000
Certificates of Participation, Seresi 2007
To refund lease purchase financing of educational facilities and equipment.
Sarasota County, Florida
FL
4/4/2007
$48,650,01111
Utility System Revenue Bonds, Series 2007
To fund construction and acquisition of capital improvements, purchase
reserve account credit facility, capitalize interest, and issue costs.
Jacksonville Port Authority
FL
4/2/2007
$100,000,000
Special Purpose Facilities Revenue Bonds (Mitsui
O.S.I. Lines, Ltd. Project), Series 20(17
To fund acquisition, construction and installation of container terminal and
capital improvements.
First Florida Governmental Financiing
Commission
FL
3/29/2007
$18,685,000
Improvement and refunding revenue bonds,
Series 2007
To fund or refund cost of acquisition, construction and equipment of
qualified projects and pay issue costs.
Jacksonville Electric Authority (JEA)
FL
3/27/2007
$150,000,0011
Revenue Bonds, Issue Three, Series One
To fund additional facilities, capitalized interest and pay issuing costs.
Palm Beach County School District School
Board
FL
3/2(1/2(1(17
$119,400,000
Certificates of Participation, Series 200713, (
Auction Rate Certificates)
To provide funds the acquisition,construction, and installation of the
facilities and pay issuing costs.
Broward County, School District of
FL
3/12/2007
$272,625,000
Certificates of Participation, Series 2007A
To fund school improvements and pay issuing costs.
Jacksonville Electric Authority ()EA)
FL
3/2/2007
$85,290,000
Revenue Bonds, Series 2007B
To refund water and sewer revenue bonds and pay issuing costs.
Gainesville Regional Utilities
FL
3/1/20(17
8139,505,000
Variable Rate Utilities System Revenue Bonds,
Series 2007A
To refund 2003A and 2005A utilities system revenue bonds.
23 of 24
ur!vial taytmTeni; inc
Florida Bond Finance Record
1/1/07 to Present
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Palm Beach County School District School
Board
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2/27/2007
M: t
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$192,3i0,000
e :
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Refunding
2007C.
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yl.:l
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Certificates
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of Participation,
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To refund
construction
(
r .
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e4,,
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7
outstanding
'}:
is
and
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vi
_
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Certificates
of
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t.ii ffs
of Participation,
educational
'y-1',
,:
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ia' /:
fir', .l
facilities,
t,
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1
fi
�
}E
a l
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refinance
and
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•-1,�}11'a:-tt
'._ a?2bE.
, f . tr_t ...
.ti '\7 ,
.
acquisition.
pay issue costs.
Jacksonville Electric Authority (JEA)
FL
2/ 15/2007
896,850,00(
Water and Sewer System Revenue Bonds, Series 'I'o
2007A improvements
fund construction and acquisition of additions, extensions and
to the water and sewer system and pay issuing costs.
Jacksonville Electric Authority (JEA)
FL
2/15/2007
510,330,000
Water and Setter System Subordinated Revenue •fo
Bonds, Series 2007A
refund JEA's water and sewer system subordinated revenue bonds and
pay issuing costs.
Seminole County Public Schools
FL
2/1.3/201)7
$53,865,000
Certificates of Participation, Scries 2007A `I'o
refund series 1997.\ certificates and pay issuing costs.
Palm Beach County School District School
Board
FL
2/8/2007
$268,545,000
Certificates of Participation, Series 2007A
To provide funds for the purpose of financing construction, installation,
attd insurance.
Winter Haven, City of
FL
1/30/2007
823,100,00))
l'ublic Improvement Refunding Revenue Bonds,
Series 2007
To advance refund 1999 bonds, acquire, construct and reconstruct
infrastructure insurance premium and reserve account policy premium.
Jacksonville Electric Authority (JEA)
FL
1/26/2007
5123,480,00))
Variable Rate Electric System Revenue Bonds,
Series Thee 211117A
To fund construction and acquisition to the electric system and refund
electric system revenue bonds.
Brevard County
FL
1/24/2007
813,110,000
Limited Ad Valorem 'lax Bonds (Merritt Island
recreation Municipal Service Taxing Unit, Parks
and Recreation l'rogram), Series 2007
To fund capital projects and pay issuing costs.
Brevard County
FL
1/24/2007
$57,565,01)0
1.imited Ad Valorem Tax Bonds (Parks and
Recreation Program), series 2007
To fund capital improvements and pay issuing costs.
Brevard County
FL
1/24/2007
511,300,000
North Brecard Recreation Special District,
Limited Ad Valorem Tax Bonds (Parks and
Recreation Program), Series 2007
To fund capital projects and pay issuing costs.
Orange County Health Facilities Authority
FL
1/19/2(107
S45,000,000
Hospital Revenue Bonds (Orlando Regional
I icaltbcare System) Subscries 2007A-I
7'o fund capital improvement, fund a debt service and pay issuing costs.
Orange County Health Facilities Authority
Fl.,
1/19/2007
$45,000,00(
Hospital Revenue Bonds (Orlando Regional
Healthcare System) Subseries 2007A-2
To fund capital improvement, fund a debt service and pay issuing costs.
Jacksonville Electric Authority aEA)
FL
1/11/2007
$108,350,000
Refunding Revenue Bonds Issue Two, Series
Twenty -Two
To refund IE.\'s power park bonds.
Alachua County
FL
1/11/2007
$21,170,000
Public Improvement Revenue Bonds, Series
2007A
To fund capital improvements and pay issuing costs.
Alachua County
FL
1/11/2007
$42,455,000
Public Improvement Revenue Refunding Bonds,
Series 2007B
'1'o refiind 1995 and 1999 Bonds and pay issuing costs.
312 Total Deals
$19,382,479,083
Total Par Amount
24 ^f 94
City of Miami, FL
Series -Series Analvsi
2 a
��e �92,.(�STa f;��"�,.w�'��9
Bond
Ger a aT ° I a"tloli` i 7ndtn ems. r
3�4s:a..,���.,.� v„�,�s.fi.,�•,4JF�.r-Nr•,n,�
Bond Price
e'U fifer
Bond Insurance
$ ii �(v g 1_�iv&'s °meii°`f 8 t3o"iri
i�,m,t�:,. ,9�_��.�,.-�•'•..�,`���..-,?,�.��:-�.r:._��-.,iL�'l�`��r..�
Redemption
"ig. rafib�
Optional
'�7ra ni, in Ere1 Tins_ '"z1=1ot ara Ga $r;Coip an [�i
•:� `tYr P�::.
Outstanding Bond Year Debt Service as of 9/30/09
Date
Comp Par Amount
Coupon
Yield
Price
MMD
Insurer
prem
Status
Date
Date Price
Year
Principal
Int./Accr.
Fee
Net Debt Se
2/1/92
2/1/93
2/1/94
2/1/95
2/1/96
2/1/97
2/1/98
2/1/99
2/1/00
2/1/01
2/1/02
2/1/03
2/1/04
2/1/05
2/1/06
2/1/07
2/1/08
2/1/09
2/1/10
Serial 155,000
Serial 3,770,000
Serial 3,800,000
Serial 3,880,000
Serial 6,100,000
Serial 6,415,000
Serial 6,590,000
Serial 6,765,000
Serial . 7,000,000
Serial 6,250,000
Serial 4,315,000
Serial 2,305,000
Serial 2,325,000
Serial 2,345,000
Serial 2,380,000
Serial 1,660,000
4.000%
4.300%
4.500%
4.700%
4.900%
5.100%
5.300%
5.400%
5.600%
5.700%
5.800%
5.900%
5.900%
5.900%
6.000%
6.000%
4.000%
4.350%
4.600%
4.800%
5.000%
5.200%
5.400%
5.500%
5.650%
5.800%
5.900%
5.950%
6.000%
6.000%
6.050%
6.100%
100.000
99.818
99.558
99.484
99.415
99.352
99.294
99.238
99.593
99.143
99.100
99.527
99.018
98.979
99.471
98.915
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Currently Callable
Currently Callable
12/1/92
12/1/93
12/1/94
12/1/95
1211/96
12/1/97
12/1/98
12/1199
12/1/00
12/1/01
12/1/02
12/1/03
12/1/04
12/1/05
12/1/06
12/1/07
12/1/08
12/1/09
12/1/10
2,380,000
1,660,000
121,200
99.600
2,5(
1.7
Issuance Par:
Average Life:
70,100,000
10.57 years
P, firposefotAW9 �r,Y;al'?ia MAi ` :=-,r<rgs..,r ff
vance refund GO Series 1986, GO Refunding 1986, GO Series 1986A, and GO Series 1987
s' ?;%' % dates "'n" EYgi:
Dated Date: 11/15/92
Delivery Date: 12/10/92
Sale Date: 11/25/92
First Interest Payment: 6/1/93
First Maturity Date: 12/1/95
5
Outstanding Par: 4,040,000
Ave age Life: 0.58 years
> . ' L TMASourcesrdf ilWEe'"'.;+v rt4Uses off=u`na>4b
Par Amount: 70,100,000.00 SLGS Escrow: 68,419,0
Plus: OIP/(OID): (744,734.10)
Accrued Interest: 259,530.21
Total Proceeds: 69,614,796.11
Underwriters' Discount: 400,0
Costs of Issuance: 536,1
Accrued Interest: 259,5
Total Sources $69,514,795.11 Total Uses $69,514,7
Public Financial Management, Inc.
Page / of / 10/29/2010, 2:37 PM. A4iami Debt Prafile_General Ob/igation..rlsm, Series Report
City of Miami, FL
Series -by -Series Analysis
35.,)2002Ir TakiEkettipf) `r!Generate:Obligation?Refunding,Bonds r' UnderiNritec• jR:Morgan ,•
Bond.Counse!._ Souin
Sanders &1
Financial
Bond
'Bond Price
Bond Insurance
Redemption
Optional
Outstanding Bond Year Debt Service as of 9130109
e
)2
)3
)4
)5
)6
)7
)8
)9
10
11
12
13
14
15
16
17
Comp Par Amount
Coupon
Yield
Price
MMD
Insurer
Prem
Status
Date
Date
Price
Year
Principal
Int./Accr.
Fee
Net Debt ;
Serial 100,000
Serial 2,315,000
Serial 620,000
Serial 645,000
Serial 660,000
Serial 680,000
Serial 695,000
Serial 1,595,000
Serial 1,610,000
Serial 2,595,000
Serial 4,280,000
Serial 4,300,000
Serial 4,740,000
Serial 6,275,000
Serial 685,000
Serial 715,000
2.500%
3.500%
3.000%
3.400%
3.700%
4.000%
4.125%
4.300%
4.400%
5.375%
5.375%
5.375%
5.375%
5.375%
5.000%
5.000%
2.000%
2.470%
3.000%
3.450%
3.750%
4.050%
4.200%
4.400%
4.500%
4.580%
4.670%
4.760%
4.860%
4.960%
5.030%
5.120%
100.153
101.321
100.000
99.841
99.798
99.758
99.582
99.374
99.307
105.966
105.711
104.959
104.131
103.311
99.689
98.729
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Matured
Non -Callable
Non -Callable
Non -Callable
Forward Refundable
Forward Refundable
Forward Refundable
Forward Refundable
Forward Refundable
9/1/12
9/1/12
9/1/12
9/1/12
9/1/12
100%
100%
100%
100%
100%
9/1/02
9/1/03
9/1/04
9/1/05
9/1/06
9/1/07
9/1/08
9/1/09
9/1/10
9/1/11
9/1/12
9/1/13
9/1/14
9/1/15
9/1/16
9/1/17
1,610,000
2,595,000
4,280,000
4,300,000
4,740,000
6,275,000
685,000
715,000
1,333,553
1,262,713
1,123,231
893,181
662,056
407,281
70,000
35,750
2,
3,
5,
5,
5,
6,
uance Par: 32,510,000
erage Life: 9.91 years
'.' ?,.Piirposetof�IssG;
nt refund GO Refunding Series 1991, current refund GO Series 1992 and advance refund
jar 0aiesAE
Dated Date: 4/1/02
Delivery Date: 5/8/02
Sale Date: 3/27/02
First Interest Payment: 9/1/02
First Maturity Date: 9/1/02
Outstanding Par: 25,200,000
Ave age'Life: 4.23 years
Par Amount: 32,510,000.00 SLGS Escrow: 33,39'
Plus: OIP/(OID): 1,007,524.85
Accrued Interest: 165,110.57
Total Proceeds: 33,682,635.42
Other Sources 1: 546,195.00
Total Sources $34,228,830.42
Costs of Issuance: 665.
Other Uses:
Accrued Interest:
16f.
Total Uses $34,22f
Public Financial Management, Inc.
Page / of 1 10/29/2010, 2:54 PM. Miami Debt Prq/le_General Obligation..s/sm. Series Report
City of Miami, FL
Series -by -Series Analysis
•
1PX1.Lvuz- ra*girp,m t :
..._.._ .._,..�(__.,_,.,.,PJ�>vfn,*...,�.,,...,�,��:
Bond
,i rtea/aa va{orem,, taxnonci yworepg.mi
�t..,t:- .,�,�ri�.....�'''r,
Bond Bond Price
rer.�'nnorgim
�..,-. .. �„>.
Bond Insurance
tanley�t �} r} s K „ t acIpounset1,werire•-,oanaers!&:
ti.� e,.c,..,�. .>n.,. ,r^��c"-�.�..�,�,.
Redemption
Optional
..�. �...-?� ftwajr�'rrnancraPhicrosor_-�,uuntapi&•Associarea rnGrxHc
Outstanding Bond Year Debt Service as of 9/30109
late
1/03
1/04
1/05
1/06
1(07
1/08
1/09
1/10
'1/11
'1/12
'1/13
'1/14
'1/15
.-�...r„
1/1 .,
•o.:.
1/16.
I. za...v
1/16.
i - ..'
1/17:,
/1Z.i,
r1 '17.>
/,:�
,
r1i18:-
+ -, ...
1l18s,
.,-1„g..
L1(19;
!1 1 0'
/, �:.t�
11/20,`�
.:,
11/20-.
2-.,
{.
l7/21-,
fY .
.,, .•.
h1i21'}
L..#r.
r- .,
/1/22< �,
e ,,•. }
!1/22P,
,..
Comn Par Amount
Coupon Yield Price MMD
Insurer Prem
Status Date
Date Price
Year
Principal Int,/Accr. Fee Net Debt Sep
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
Matured
Matured
Matured
Matured
Matured
Non -Callable
Non -Callable
Non -Callable
Advance Refundable
Advance Refundable
Advance Refundable
1/1/12 102%
1/1/12 102%
1/1/12 102%
1/1/03
1 /1 /04
1 /1 /05
1/1/06
1/1/07
1/1/08
1/1/09
1/1/10
1/1/11
1/1/12
1/1/13
1/1/14
1/1/15
4,624,097 1,650,903 6.275
4,337,680 1,847,320 6,185
4,243,392 2,126,608 6,370
4,102,664 2,527,336 6,630
4,022,550 2,907,450 6,930
3,854,992 3,230,008 7,085
CAB 496,450
CAB 2,038,042
CAB 3,832,552
CAB 4,455,664
CAB 4,790,309
CAB 4,624,097
CAB 4,337,680
CAB 4,243,392
CAB 4,102,664
CAB 4,022,550
CAB 3,854,992
�,._..-..r, � ....._....,.....
7"0—
;Serial a :1j025 OOOr
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1iSetial^ 9495000+.a5d500/°.:.4:400%..
..c•i
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t ,.,{. Il .,,11.�,. 1 �
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.+:MBIA , r. .,
7. N. a y
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:;MBIA': -i
w. f.....:.4 ,�(.��,
ssuance Par: 153,186,702
Average Life: 14.36 years
Tigg a� nniaailUMMairra".P,iiipo3e etftlss'uallnr i faifiRf $''I ate;- :1 S
id capital improvement projects
Suf i r 'Orates".:We`3Wt gi
Dated Date: 8/8/02
Delivery Date: 8/8/02
Sale Date: 7/19/02
First Interest Payment: 1/1/03
First Maturity Date: 1/1/16
Outstanding Par: 25,185,375
Ave age Life: 2.65 years
a!tra `:~'°f".`'aar FS6Ui.eirg of;Fun'ds ,'�f7 3k'`' `_°: - 4TIotruirral7t7;s'
Par Amount: 153,186,405.85
Plus: OI P/(OI D): 5,296. 650.30
Total Proceeds: 158,483,056.15
Project Fund: 155,130,08
Costs of Issuance: 3,352,96
Accrued Interest:
Total Sources $158,483,056.15 Total Uses 5158,483,05
Public Financial Management, Inc.
Page 1 of l 10/29/2010. 2:50 PA1, Miami Debr Profile_ General Obligation.slsm. Series Report
City of Miami, FL
Series -by -Series Analysis
(Taz-Exempt) GenerafObhgahon;Reftinding:Bonds Urideiwriter" Jacksori-Secuntres
•Arinr1Cni,ite !. RnidM MJloeanri
Firianelat CAvienr RR( d14bi
Bond
Bond Price
Bond Insurance
Redemption
Optional
Outstanding Bond Year Debt Service as of 9130/09
e
03
04
05
06
07
08
09
10
11
12
13
Comp Par Amount
Coupon
Yield
Price
MMD
Insurer
Prem
Status
Date
Date Price
Year
Principal
Int./Accr.
Fee
Net Debt
2,835,000
2,995,000
3,085,000
3,225,000
2,425,000
1,190,000
1,235,000
1,280,000
410,000
2.000%
3.000%
4.000%
4.000%
5.000%
3.000%
3.500%
5.000%
3.000%
1.130%
1.260%
1.530%
1.930%
2.200%
2.490%
2.770%
3.020%
3.150%
100.936
103.570
107.416
108.094
113.401
102.862
104.665
114.108
98.821
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
Matured
Matured
Matured
Matured
Matured
Matured
Non -Callable
Non -Callable
Non -Callable
12/1/03
12/1/04
12/1/05
12/1/06
12/1/07
12/1/08
12/1/09
12/1/10
12/1/11
12/1/12
12/1/13
1,235,000
1,280,000
410,000
119,525
76,300
12,300
1,;
1„
uance Par: 18,680,000
erage Life: 4.40 years
nt Refunding GO Series 1993
1992
Dated Date: 5/1/03
Delivery Date: '5/30/03
Sale Date: 5122/03
First Interest Payment: 1/1/04
First Maturity Date: 7/1/04
Outstanding Par: 2,925,000
Ave age Life: 1.89 years
Par Amount: 18,680,000.00 SLGS Escrow: 20,098
Plus: OIP/(OID): 1,215,665.50
Accrued Interest: 54,409.24
Total Proceeds: 19,950,074.74
Other Sources 1: 477,407.50
Costs of Issuance: 274
Accrued Interest: 54
Total Sources $20,427,482.24 Total Uses $20,427
Public Financial Management, Inc.
Page l of 1 10/29/20/0. 2:58 PM. Miami Debi Prgfrle_General Obligation.slsm. Series Report
s_2003B (Tax -Exempt) General Obligation Refunding Bonds
City of Miami, FL
Series -by -Series Analysis
Underwriter: UBS Financial Services Inc.
Bond Counsel: Hogan and Hartso
Financial Advisor RBC Dain Rauscher Inc
Bond
Bond Price
Bond Insurance
Redemption
Optional
Outstanding Bond Year Debt Service as of 9130109
V N CO 1- CO 0) 0 .- N V)
Comp Par Amount
Coupon
Yield
Price
MMD
Insurer
Prem
Status
Date
Date Price
Year
Principal
Int./Accr.
Fee
Net Debt
Serial 20,000
Serial 20,000
Serial 20,000
Serial 20,000
Serial 20,000
Serial 25,000
Serial 25,000
Serial 1,290,000
Serial 1,375,000
Serial 1,365,000
2.000%
2.000%
2.000%
2.000%
2.375%
2.625%
3.000%
3.125%
3.500%
3.500%
1.200%
1.430%
1.760%
2.090%
2.440%
2.710%
3.000%
3.260%
3.500%
3.620%
100.790
101.118
100.697
99.656
99.695
99.532
100.000
99.056
100.000
99.000
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Cap Assur
Matured
Matured
Matured
Matured
Matured
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
12/1/04
12/1/05
12/1/06
12/1/07
12/1/08
12/1/09
12/1/10
12/1/11
12/1/12
12/1/13
25,000
25,000
1,290,000
1,375,000
1,365,000
68,809
136,963
136,213
95,900
47,775
1
1
1
ance Par: 4,180,000
rage Life: 8.84 years
r ME ^ �a` P„u oserof tkO e-.. ,�,.�x�i.�.a,tc�'rtt�i�.:�t�..m ' ..MS� /f� .-� w�.�J.r_w
t refund GO Refunding Series 1992
_1992
Dated Date: 12/2/03
Delivery Date: 12/2/03
Sale Date: 11/19/03
First Interest Payment: 6/1/04
First Maturity Date: 12/1/04
Outstanding Par: 4,080,000
Ave age Life: 3.16 years
Par Amount: 4,180,000.00 SLGS Escrow: 4,06
Plus: OIP/(OID): (25.553.40)
Total Proceeds: 4,154,446.60
Total Sources $4,154,446.60
Costs of Issuance: 9
Accrued Interest:
Total Uses
$4,15
Public Financial Management, Inc.
Page 1 of 1 10/29/2010, 2:59 PM. Miami Debt Profile_General Obligation.slsm, Series Report
City of Miami, FL
Series -by -Series Anal
5;:: 0„ A {'TaxEX,e V. y1Umlted
Bond
Adi alorem TaxiR, efundmg Bonds
Bond Price
w tc 0pigerwnfery:UBSanvestmen
Bond Insurance
:Ba i, f x e.V.: Bond;;Counse%tS
Redemption
4//70Sanders
Optional
. :3:;Pr . r ,; h inah.61.e =Advrsoc,:First:Soutfiwest Com an
Outstanding Bond Year Debt Service as of 9130/09
-
8
9
0
1
2
3
4
5
6
6
7
7
8
8
9
0
1
2
2
Comp
Par Amount
Coupon
Yield
Price
MMD
Insurer
Prem
Status
Date
Date
Price
Year
Principal
Int./Accr.
Fee
Net Debt
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
Serial
130,000
135,000
145,000
150,000
155,000
160,000
170,000
1,220,000
8,420,000
790,000
11,625,000
355,000
12,795,000
15,205,000
15,670,000
16,990,000
1,800,000
17,145,000
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.125%
4.125%
5.000%
4.250%
5.000%
4.250%
5.000%
5.000%
5.000%
5.000%
4.500%
5.000%
3.810%
3.880%
3.930%
3.990%
4.040%
4.090%
4.150%
4.240%
4.240%
4.300%
4.290%
4.350%
4.390%
4.465%
4.529%
4.585%
4.550%
4.627%
100.269
100.279
100.224
100.039
99.804
99.491
99.839
99.187
105.362
99.613
105.479
99.164
105.081
104.764
104.449
104.134
99.472
103.899
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
Matured
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Forward Refundable
Forward Refundable
Forward Refundable
Forward Refundable
Forward Refundable
Forward Refundable
Forward Refundable
1/1/17
1/1/17
1/1/17
1/1/17
1/1/17
1/1/17
1/1/17
100%
100%
100%
100%
100%
100%
100%
1/1/08
1/1/09
1/1/10
1/1/11
1/1/12
1/1/13
1/1/14
1/1/15
1/1/16
1/1/16
1/1/17
1/1/17
1/1/18
1/1/18
1/1/19
1/1/20
1/1/21
1/1/22
1/1/22
135,000
145,000
150,000
155,000
160,000
170,000
9,640,000
12,415.000
13,150,000
15,205,000
15,670,000
16,990,000
18,945,000
2,554,650
5,103,900
5,098,100
5,092,100
5,085,900
5,079,500
5,072,488
4,601,163
3,986,338
3,331,500
2,571,250
1,787,750
938,250
2,
5,
5
5,
5,
5
14
17
17
18
18
18
19
ance Par:
rage�Lyife:
rT
103,060,000
11.79 years
Outstanding Par: 102,930,000
Ave age Life: 9.58 years
ce refund Limited Ad Valorem Tax Bonds Series 2002
2002
Dated Date: 7/10/07
Delivery Date: 7/10/07
Sale Date: 6/28I07
First Interest Payment: 1/1/08
First Maturity Date: 1/1/09
Pa Amount: 103,060,000.00
Plus: OI P/(OID): 4,505,172.80
Total Proceeds: 107,565,172.80
Total Sources $107,565,172.80
SLGS Escrow: 106,23
Costs of Issuance: 1,33
Accrued Interest:
Total Uses $107,56
Public Financial Management, Inc.
Page 1 all 10/29/2010, 3:00 PM. Miami Debt Prafile_General Obligation..xlsrn. Series Report
City of Miami, FL
Series -by -Series Analysis
.04V-97BM aNgittfiffif
i �.._? .... ,......� .
Bond
r
411 ti d`Va`lorOWIEfcg'9O /
�., # _: -��
Bond Price
-
Uhi9e1` %dte'F,',IlBS"alnvesiM11.1
�..4 ,. <, . r,
Bond Insurance
an'
, .,. �. �:. ,>.o.�..:, ` t�
Redemption
8ond'MoUhsel
, t.�4�_.�_
S'6ir.eaPaiders'&
.4.
Optional
' "..FJ*Tace1 0.,r-q �irsf�So"iiN�'{;ve W9 in
:b is - -_ . a... s... .. , . .,
Outstanding Bond Year Debt Service as of 9130109
-
8
9
0
1
2
3
4
5
6
7
8
9
0
1
2
3
4
5
6
7
8
8
Comp Par Amount
Coupon
Yield
Price
MMD
Insurer
Prem
Status
Date
Date
Price
Year
Principal
Int./Accr.
Fee
Net Debt
Serial 7,325,000
Serial 7,705,000
Serial 8,095,000
Serial 8,515,000
Serial 8,950,000
Serial 115,000
Serial 9,295,000
5.000%
5.000%
5.000%
5.000%
5.000%
4.625%
5.000%
4.665%
4.698%
4.723%
4.738%
4.753%
4.700%
4.766%
103.665
103.431
103.275
103.197
103.120
99.019
103.042
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
MBIA
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
1/1/17
1/1/17
1/1/17
1/1/17
1/1/17
1/1/17
1/1/17
100%
100%
100%
100%
100%
100%
100%
1/1/08
1/1/09
1/1/10
1 /1 /11
1 /1 /12
1 /1 /13
1/1/14
1 /1 / 15
1 /1 /16
1/1/17
1/1/18
1 /1 /19
1 /1 /20
1 /1 /21
1 / 1 /22
1/1/23
1/1/24
1/1/25
1/1/26
1/1/27
1/1/28
1/1/28
7,325,000
7,705,000
8,095,000
8,515,000
8,950,000
9,410,000
1,249,784
2,499,569
2,499,569
2,499,569
2,499,569
2,499, 569
2,499, 569
2,499,569
2,499,569
2,499,569
2,499, 569
2,499,569
2,499, 569
2,499,569
2,133,319
1,748,069
1,343,319
917,569
470,069
1
2
2
2
2
2
2
2
2
2
2
2
2
9
9
9
9
9
9
ance Par: 50,000,000
rage Life: 18.12 years
` z •: 'n a "PurSl"air tiiiiera geirvan L M y rTK
Outstanding Par: 50.000,000
Ave age Life: 15.90 years
.114j„' ,,, Sources eififands al= r2: ratJses":df Funds
Par Amount: 50.000.000.00
Plus: OIP/(OID): 1,631,021.35
apital improvement projects
Dated Date: 7/10/07
Delivery Date: 7/10/07
Sale Date: 6/28/07
First Interest Payment: 1/1/08
First Maturity Date: 1/1/23
Total Proceeds: 51,631,021.35
Total Sources $51,631,021.35
Project Fund: 50,96
Costs of Issuance:
66
Accrued Interest:
Total Uses $51,63
Public Financial Management, Inc.
Page 1 oj1 10/29/2010, 3:01 PM, Miami Debt Praftle_Genera/ Ohligatian..c/sm. Series Report
City of Miami, FL
Series -by -Series Analysis
... 20,0I'(dTaIg ell:PB
Bond
Lr'"`it,"e'd��fd5 ajorem?Ta' oR
.� . �,..�.,�..., _ . ,. �....Mt �. �o
Bond Price
'�
r t0,4 :0
_.. u.. _ .._t,
Bond Insurance
'eVAO c "&2C30 tom'? tlb rCounseG
�,..,ne�,�.,!1, �3b„__,r., ...:.., ��,db. ��,..«.,<,.......
Redemption
l0.ol lgteeMnef'
•..,.,,Y4,=,,�..�.,
Optional
1; a'rcteMOikrT41 . r"'•So t.21Tv ,.Gom" an
ku �,r�:� ,... / ..... _� .�',+ ,_, . _ P .,_]
Outstanding Bond Year Debt Service as of 9/30/09
_
0
1
2
3
3
4
4
5
5
6
7
7
8
9
0
1
2
3
4
5
6
7
8
9
Comp Par Amount
Coupon
Yield
Price
MMD
Insurer Prem
Status
Date
Date
Price
Year
Principal
Int./Accr. Fee
Net Debt
Serial 3,880,000
Serial 1,205,000
Serial 785,000
Serial 300,000
Serial 700,000
Serial 605,000
Serial 200,000
Serial 1,840,000
Serial 2,135,000
Serial 890,000
Serial 1,345,000
Serial 2,340,000
Serial 2,460,000
Serial 2,575,000
Serial 3,050,000
Serial 4,695,000
Serial 400,000
Serial 3,160,000
Serial 3,325,000
Serial 3,495,000
Serial 3,685,000
Serial 3,885,000
Serial 4,100,000
3.000%
5.000%
3.000%
5.000%
3.250%
5.000%
4.000%
5.000%
5.000%
4.000%
5.000%
5.000%
5.000%
4.500%
4.500%
4.750%
5.000%
5.000%
5.000%
5.125%
5.250%
5.375%
5.500%
2.450%
2.920%
3.230%
3.230%
3.620%
3.620%
3.840%
3.840%
4.010%
4.210%
4.210%
4.400%
4.560%
4.710%
4.800%
4.940%
5.060%
5.140%
5.220%
5.310%
5.380%
5.470%
5.530%
100.850
105.147
99.224
105.949
98.446
105.783
100.795
105.781
105.679
98.644
105.082
104.249
103.382
98.260
97.353
98.230
99.410
98.570
97.668
97.971
98.528
98.894
99.638
Non -Callable
Non-Call9ble
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Non -Callable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
Advance Refundable
1/1/19
1/1/19
1/1/19
1/1/19
1/1/19
1/1/19
1/1/19
1/1/19
1/1/19
1/1/19
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
1/1/10
1/1/11
1/1/12
1/1/13
1/1/13
1/1/14
1/1/14
1/1/15
1/1/15
1/1/16
1/1/17
1/1/17
1/1/18
1/1/19
1/1/20
1/1/21
1/1/22
1/1/23
1/1/24
1/1/25
1/1/26
1/1/27
1/1/28
1/1/29
3,880,000
1,205,000
1,085,000
1,305,000
2,040,000
2,135,000
2,235,000
2,340,000
2,460,000
2,575,000
3,050,000
4,695,000
400,000
3,160,000
3,325,000
3,495,000
3,685,000
3,885,000
4,100,000
1,222,544
2,445,088
2,328,688
2,268,438
2,229.888
2,176,888
2,076,888
1,970,138
1,867,288
1,750,288
1,627,288
1,511,413
1,374,163
1,151,150
1,131,150
973,150
806,900
627,781
434,319
225,500
1
6
3
3
3
4
4
4
4
4
4
4
6
1
4
4
4
4
4
4
ante Par: 51,055,000
rage Life: 11.86 years
SIZIM:fF 'E, Z ePibpuse of lssUd; "M.:' ;? 'b�3riP,ANR N
apital improvement projects
Dated Date: 5/29/09
Delivery Date: 5/29/09
Sale Date: 5/20/09
First Interest Payment: 7/1/09
First Maturity Date: 1/1/11
Outstanding Par: 51,055,000
Ave age Life: 11.53 years
i� n i 'Source"s`of Funds is r. 'x i, c;'Us`e 6!F-unds
Pa Amount: 51,055,000.00
Plus: OI P/(OI D ): 82, 28 7.40
Total Proceeds: 51,137,287.40
Project Fund: 50,59
Underwriters' Discount: 32
Costs of Issuance: 21
Accrued Interest:
Total Sources $51,137,287.40 Total Uses $51,13
Public Financial Management, Inc.
Page I qj/ 10/29/2010, 3:02 PM, Miami Debt Profile_GeneralObligation.x/sm. Series Report
October 26, 2010
Finance Department
Office of the Finance Director
111 NW 1 Street • Suite 2550
Miami, Florida 33128-1995
T 305-375-5147 F 305-375-5659
miamidade.gov
City of Miami
Purchasing Department
444 S.W. 2nd Avenue, 61h Floor
Miami, FI 33130
To Whom It May Concern
Re: Public Financial Management, Inc.
I am pleased to recommend Public Financial Management, Inc, (PFM) as a financial advisory
firm, to serve as financial advisor to your govemmental entity. PFM has been providing financial
advisory services for almost ten (10) years to Miami -Dade County, first as Financial Advisor to
the County's enterprise operations/departments (Seaport, Solid Waste, Transit Agency and.
Water and Sewer departments) and currently, as the County's General Segment Financial
Advisor, Their current contract with the County started in November 2006 for a period of three
(3) years. At our sole discretion, the County may exercise two (2) options the contract for a
period of two (2) years each, thereby taking us to November 2013. The County has exercised its
first "option to renew" (OTR), which places the expiration of the current contract to December,
2011, at which time, the County, once again, will have the option to exercise the second and
last OTR for a final expiration date of November 2013.
PFM has always assigned capable professionals to serve the County's needs as it accesses the
capital markets. Since 2005, PFM proved their commitment by opening a local Office that is
staffed by Mr. Sergio Masvidal. PFM's professionals have exhibited prudent advice and tactical
thinking. We are confident on PFM's ability to provide expert and timely advice regarding every
step of the issuance process from developing a finance program and setting finance terms, to
assisting with rating agency presentation and marketing ofthe debt.
We gladly recommend Public Financial Management, Inc. to the City of Miami. Please feel free
to contact me at (305) 375-5147 should you want additional information.
Si A -rely your
Li is P. Monzon-Aguirr
rector
'vision of Bond Administration
1.,-
r .VT, .i�
-r.
City of Pompano Beach
P.O. Drawer 1300
Pompano Beach, Florida 33061
Suzette Sibble
(954) 7864680
Pompano Beata
AII-AmerleaCRY
2005
City of Pompano Beach, Florida
October 26, 2010
To whom it may concem:
I am writing to recommend Public Financial Management, Inc. (PFM) as a financial
advisor. PFM began serving the City in June of 2009 (Sergio Masvidal serves as PFM's
project manager for the City). Since that time PFM, and all of their services, have
always been readily available to my staff and I, offering creative solutions to our
financing challenges. They have assisted the City in financing and evaluating financing
options for several projects and programs, including our Community Redevelopment
Agency, as well as City utility projects, conduit financings, and general capital
improvements. PFM has also been willing and helpful in providing insight and analysis
into the funding programs made available through the American Recovery and
Reinvestment Act (ARRA), to include Build America Bonds and Recovery Zone Bonds.
PFM is very responsive to the needs of the City and I am pleased to offer a strong
recommendation for them to serve as your financial advisor. Should you have
additional questions please do not hesitate to contact me directly.
Sir,�serely
Suzette Sibble
Finance Director
SS:tcz
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The Chy or Pompano Beach is an Equal Oppoetunity Employer and Does Nut Discriminate on the Basis of Handicapped Status