HomeMy WebLinkAboutExhibit - PFM Memorandum255 Alhambra Circle
Suite 404
Coral Gables, FL
33134
The PFM Group
Public Financial Management, Inc.
PFM Asset Management LLC
PFM Advisors
Memorandum
786 671-7481
305 448-7131 fax
www.pfm.com
November 25, 2015
To: City of Miami Finance Committee
From: Public Financial Management
Re: Limited Ad Valorem Tax Refunding — Summary of Bank Loan Proposals and Recommendation
Public Financial Management, Inc. ("PFM") has prepared this memorandum detailing the steps taken to
implement a bond refinancing of the City of Miami's (the "City") Series 2002 and Series 2007B Limited Ad
Valorem Tax Bonds. The 2002 and 2007B Bonds are eligible for a current refunding and advanced
refunding, respectively. The refunding bonds will have the same final maturity date as the bonds being
refunded (no extension of maturities) and will be structured to provide uniform savings versus the prior
bonds (debt service savings will be achieved in every year).
Private Placement Process
PFM recommended to the City that the refinancing could be achieved through a direct bank placement,
instead of a limited public offering. In addition to being consistent with the City's recent practice, the
implementation of a private placement is typically Tess expensive and less administratively burdensome.
PFM circulated the request for proposals to a wide -range of firms that participate in the municipal capital
markets. A total of 43 firms received the RFP. On October 26, 2015, four proposals were received from
responding firms. A short summary of the proposals is provided below.
• JP Morgan — Partial submittal. Bank submitted for the shorter 2002 refunding, but did not elect to
participate in the 2007B issuance.
• PNC — Same as JP Morgan above.
• Wells Fargo — Elected to submit a bid for a limited public offering on both the 2002 and 2007B
issuance.
• Pinnacle — Pinnacle submitted a private placement proposal for the Series 2002 and 2007B
refunding. They provide for a refunding of both issuances at a rate of 2.64%, locked until closing.
The Pinnacle response is considered to be at market levels when compared with similar transactions that
PFM has advised on, with a low interest rate and reasonable terms consistent with the bond resolution.
Upon a discussion with the City administration, PFM informed Pinnacle that they were selected to provide
the direct placement.
Refunding Results
Total Par. Amount ($)
57,360,000
Par Amount of Bonds Refunded (2002 and 2007B) ($)
57,635,000
Average Annual Cash Flow Savings ($)
1,144,243
Final Maturity of Bonds Refunded (2002 and 2007B)
Jan 1, 2028
Final Maturity of Refunding Bonds (2015)
Jan 1, 2028
Net Present Value Savings ($)
7,854,853
Net Present Value Savings (%)
13.63%
A full set of refunding results are provided in the attached numbers. Please feel free to contact us should
you have any questions. We look forward to a successful closing on December 11th.
11;PFM:
The PFM Group
""" Pinanaldl & Investment Adu1sars
Sources:
SOURCES AND USES OF FUNDS
City of Miami, FL
Series 2015 Limited GO Refunding
Dated Date
Delivery Date
12/11/2015
12/11/2015
Proposed
Refunding of
Limited
Ad -Valorem Tax
Bonds, Series
2002
Proposed
Refunding of
Limited
Ad -Valorem Tax
Bonds, Series
2007B
Total
Bond Proceeds:
Par Amount
Other Sources of Funds:
Funds on Hand
7,185,000,00 '50,175,000.00
658,513.12
3,457,135.48
57,360,000.00
4,115,648,60
7,843,513,12
53,632,135.48
61,475,648.60
Uses:
Proposed
Refunding of
Limited
Ad -Valorem Tax
Bonds, Series
2002
Proposed
Refunding of
Limited
Ad -Valorem Tax
Bonds, Series
2007B
Total
Refunding Escrow Deposits:
Cash Deposit
SLGS Purchases
Delivery Date Expenses:
Cost of Issuance
Other Uses of Funds:
Additional Proceeds
0.67
7, 822, 759.00
7,822,759.67
20,344.48
408.97
0.71
53,487,843.00
53,487,843.71
142,071.52
2,220.25
1.38
61,310,602.00
61,310 603.38
162,416.00
2,629.22
7, 843, 513.12
53, 632,135.48
61,475,648.60
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 1
PFM
The PFM Group
-"' Flnnnolol F Invesimeni Advt$at
Bond Component
BOND SUMMARY STATISTICS
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002
Dated Date 12/11/2015
Delivery Date 12/11/2015
First Coupon 07/01/2016
Last Maturity 01/01/2021
Arbitrage Yield 2.639861%
True Interest Cost (TIC) 2.639592%
Net Interest Cost (NIC) 2.640000%
All -In TIC 2.749292%
Average Coupon 2,640000%
Average Life (years) 2.719
Duration of Issue (years) 2,621
Par Amount 7,185,000.00
Bond Proceeds 7,185,000.00
Total Interest 515,834.00
Net Interest 515,834.00
Total Debt Service 7,700,834.00
Maximum Annual Debt Service 2,472,312.00
Average Annual Debt Service 1,523,241.89
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bp
Value Price Coupon Life change
Bond Component
7,185, 000.00 100.000 2.640% 2.719 1,890.05
7,185,000.00
2.719 1,890.05
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
TIC
7,185,000.00
All -In Arbitrage
TIC Yield
7,185,000.00 7,185,000.00
-20,344.48
Target Value 7,185,000.00 7,164,655,52 7,185,000.00
Target Date 12/11/2015 12/11/2015 12/11/2015
Yield 2,639592% 2.749292% 2.639861%
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 2
PF;1�f.
The PFM Group
Flnnnolnl & Investment Advisors
BOND SUMMARY STATISTICS
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007B
Dated Date 12/11/2015
Delivery Date 12/11/2015
First Coupon 07/01/2016
Last Maturity 01/01/2028
Arbitrage Yield 2.639861%
True Interest Cost (TIC) 2.639873%
Net Interest Cost (NIC) 2.640000%
All -In TIC 2.674062%
Average Coupon 2.640000%
Average Life (years) 9.475
Duration of Issue (years) 8.405
Par Amount 50,175,000.00
Bond Proceeds 50,175,000.00
Total Interest 12,550, 626.00
Net Interest 12,550,626.00
Total Debt Service 62,725,626.00
Maximum Annual Debt Service 8,929,680.00
Average Annual Debt Service 5,203,047,32
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bond Component
Bid Price 100.000000
Par Average Average PV of 1 bp
Value Price Coupon Life change
Bond Component
50,175,000.00 100.000 2.640% 9.475 41,709.60
50,175,000.00
9.475 41,709.60
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
TIC
50,175,000.00
All -In Arbitrage
TIC Yield
50,175,000.00 50,175,000.00
-142, 071. 52
Target Value 50,175,000.00 50,032,928,48 50,175,000.00
Target Date 12/11/2015 12/11/2015 12/11/2015
Yield 2.639873% 2.674062% 2.639861%
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 3
= The PFM Group
Finnrisl 1. Investment M Isnrs
SUMMARY OF REFUNDING RESULTS
City of Miami, FL
Series 2015 Limited GO Refunding
Dated Date
Delivery Date
Arbitrage yield
Escrow yield
Value of Negative Arbitrage
Bond Par Amount
True Interest Cost
Net Interest Cost
Average Coupon
Average Life
Par amount of refunded bonds
Average coupon of refunded bonds
Average life of refunded bonds
PV of prior debt to 12/11/2015 @ 2.639861%
Net PV Savings
Percentage savings of refunded bonds
Percentage savings of refunding bonds
12/11/2015
12/11/2015
2.639861%
0.473641 %
1,174,233.16
57, 360, 000.00
2.639861%
2.640000%
2.640000%
8.629
57,635,000.00
4.987739%
8.785
69,327,872.48
7,854,853.10
13.628616%
13.693956%
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 4
The PFM Group
Financial & Investment Advisers
Bond
SUMMARY OF BONDS REFUNDED
City of Miami, FL
Series 2015 Limited GO Refunding
Maturity Interest Par Call Call
Date Rate Amount Date Price
Series 2002, 2002:
CIB
01/01/2017 4.500% 1,635,000.00 01/11/2016 100.000
01/01/2018 4.600% 2,375,000.00 01/11/2016 100.000
01/01/2019 4.700% 1,110,000.00 01/11/2016 100.000
01/01/2020 4.800% 1,480,000.00 01/11/2016 100.000
01 /01 /2021 4.875% 1, 035, 000.00 01/11/2016 100.000
7,635,000.00
City of Miami Limited Ad Valorem Tax Bonds, Series 2007B, 2007B:
SERIAL 01/01/2023 5.000% 7,325,000.00 01/01/2017 100.000
01/01/2024 5.000% 7,705,000.00 01/01/2017 100,000
01/01/2025 5.000% 8,095,000.00 01/01/2017 100.000
01/01/2026 5.000% 8,515,000.00 01/01/2017 100.000
01/01/2027 5.000% 8,950,000.00 01/01/2017 100.000
01/01/2028 5.000% 9,295,000.00 01/01/2017 100.000
BIFUR 01/01/2028 4.625% 115,000.00 01/01/2017 100.000
50,000,000.00
57,635,000.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 5
PFM
° = The PFM Group
Finnnuinl & Inuest,n nt pd,'isof%
Date
SAVINGS
City of Miami, FL
Series 2015 Limited GO Refunding
Present Value
Prior Refunding to 12/11/2015
Debt Service Debt Service Savings @ 2.6398607%
01 /01 /2016 1,428,030, 01 1,428, 030.01 1,425, 950.89
01 /01 /2017 4, 491, 060. 02 3, 358, 432. 00 1,132, 628.02 1,109, 236.84
01/01/2018 5,157,485.02 4,022,840.00 1,134,645.02 1,083,318,02
01/01/2019 3,783,235.02 2,650,388.00 1,132,847.02 1,053,362.20
01/01/2020 4,101,065.02 2,972,388.00 1,128,677,02 1,022,232.93
01/01/2021 3,585,025.02 2,455,016.00 1,130,009.02 996,773.33
01/01/2022 2,499,568.76 1,550,184.00 949,384.76 816,755.00
01/01/2023 9,824,568.76 8,878,452.00 946,116.76 792,934.28
01/01/2024 9,838,318,76 8,888,076.00 950,242.76 774,863,20
01/01/2025 9,843,068.76 8,892,156.00 950,912.76 754,400.91
01/01/2026 9,858,318.76 8,910,692.00 947,626.76 731,369,05
01/01/2027 9,867,568.76 8,918,156.00 949,412.76 712,745.76
01/01/2028 9,880,068.76 8,929,680.00 950,388.76 693,930,07
84,157,381.43 70,426,460.00 13,730,921.43 11,967,872.48
Savings Summary
PV of savings from cash flow
Less: Prior funds on hand
Plus: Refunding funds on hand
11, 967, 872.48
-4,115,648.60
2,629.22
Net PV Savings 7,854,853.10
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 6
The PFM Group
Ffnxnolnf & Investment Advisors
Bond Component
BOND PRICING
City of Miami, FL
Series 2015 Limited GO Refunding
Maturity
Date Amount Rate Yield Price
Bond Component:
01/01/2017 1,760,000 2.640% 2,640% 100.000
01/01/2018 2,555,000 2.640% 2.640% 100.000
01/01/2019 1,250,000 2,640% 2,640% 100.000
01/01/2020 1,605,000 2.640% 2.640% 100.000
01/01/2021 1,130,000 2.640% 2.640% 100.000
01/01/2022 255,000 2.640% 2.640% 100.000
01/01/2023 7,590,000 2.640% 2.640% 100.000
01/01/2024 7,800,000 2.640% 2.640% 100.000
01/01/2025 8,010,000 2.640% 2.640% 100,000
01/01/2026 8,240,000 2.640% 2.640% 100.000
01/01/2027 8,465,000 2.640% 2,640% 100.000
01 /01 /2028 8,700,000 2.640% 2.640% 100.000
57,360,000
Dated Date 12/11/2015
Delivery Date 12/11/2015
First Coupon 07/01/2016
Par Amount 57,360,000,00
Original Issue Discount
�. � w �•,•• •• • ----Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
57,360,000.00 100 000000%
57,360, 000.00 100, 000000%
57, 360, 000.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 7
PFM
The PFM Group
flnnnclel % Investment Adv(snrs
BOND DEBT SERVICE
City of Miami, FL
Series 2015 Limited GO Refunding
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
07/01/2016 841,280 841,280
01/01/2017 1,760,000 2.640% 757,152 2,517,152 3,358,432
07/01/2017 733,920 733,920
01/01/2018 2,555,000 2.640% 733,920 3,288,920 4,022,840
07/01/2018 700,194 700,194
01/01/2019 1,250,000 2.640% 700,194 1,950,194 2,650,388
07/01/2019 683,694 683,694
01/01/2020 1,605,000 2.640% 683,694 2,288,694 2,972,388
07/01/2020 662,508 662,508
01/01/2021 1,130,000 2.640% 662,508 1,792,508 2,455,016
07/01/2021 647,592 647,592
01/01/2022 255,000 2.640% 647,592 902,592 1,550,184
07/01/2022 644,226 644,226
01/01/2023 7,590,000 2.640% 644,226 8,234,226 8,878,452
07/01/2023 544,038 544,038
01/01/2024 7,800,000 2.640% 544,038 8,344,038 8,888,076
07/01/2024 441,078 441,078
01/01/2025 8,010,000 2.640% 441,078 8,451,078 8,892,156
07/01/2025 335,346 335,346
01/01/2026 8,240,000 2.640% 335,346 8,575,346 8,910,692
07/01/2026 226,578 226,578
01/01/2027 8,465,000 2,640% 226,578 8,691,578 8,918,156
07/01/2027 114,840 114,840
---OM112028-----A^---8;700;000 2.640% 114,840- 8,814,840- 8,929,680
57,360,000 13,066,460 70,426,460 70,426,460
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 8
PFM
e The PFM Group
FInnnclal A Investment AOIsnr.;
BOND DEBT SERVICE
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
07/01/2016 105,380 105,380
01 /01 /2017 1,605,000 2.640% 94,842 1,699,842 1,805,222
07/01/2017 73,656 73,656
01/01/2018 2,325,000 2.640% 73,656 2,398,656 2,472,312
07/01/2018 42,966 42,966
01/01/2019 1,015,000 2.640% 42,966 1,057,966 1,100,932
07/01/2019 29,568 29,568
01/01/2020 1,360,000 2.640% 29,568 1,389,568 1,419,136
07/01/2020 11,616 11,616
01/01/2021 880,000 2.640% 11,616 891,616 903,232
7,185,000 515,834 7,700,834 7,700,834
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 9
M. PPM
The PEW Group
FinantIal tti Investment fidvisarF;
BOND DEBT SERVICE
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007B
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
07/01/2016 735,900 735,900
01/01/2017 155,000 2.640% 662,310 817,310 1,553,210
07/01/2017 660,264 660,264
01/01/2018 230,000 2.640% 660,264 890,264 1,550,528
07/01/2018 657,228 657,228
01/01/2019 235,000 2.640% 657,228 892,228 1,549,456
07/01/2019 654,126 654,126
01/01/2020 245,000. 2.640% 654,126 899,126 1,553,252
07/01/2020 650,892 650,892
01/01/2021 250,000 2.640% 650,892 900,892 1,551,784
07/01/2021 647,592 647,592
01/01/2022 255,000 2.640% 647,592 902,592 1,550,184
07/01/2022 644,226 644,226
01/01/2023 7,590,000 2.640% 644,226 8,234,226 8,878,452
07/01/2023 544,038 544,038
01/01/2024 7,800,000 2.640% 544,038 8,344,038 8,888,076
07/01/2024 441,078 441,078
01/01/2025 8,010,000 2.640% 441,078 8,451,078 8,892,156
07/01/2025 335,346 335,346
01/01/2026 8,240,000 2.640% 335,346 8,575,346 8,910,692
07/01/2026 226,578 226,578
01/01/2027 8,465,000 2.640% 226,578 8,691,578 8,918,156
07/01/2027 114,840 114,840
.01/04/2028-------•$700,000 ----2.640%--------114,840---8,814,840 -----"8,929,680 `---
50,175,000 12,550,626 62,725,626 62,725,626
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 10
Typo -
The PFM Group
Floor -total t; tnveatment Advisors
ESCROW REQUIREMENTS
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002
Period Principal
Ending Interest Redeemed
Total
01 /01 /2016 178,245.63 178,245.63
01/11/2016 9,902.53 7,635,000.00 7,644,902.53
188,148.16 7,635,000.00 7,823,148.16
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 11
The PFM Group
.' finenainl & inirstment Advisory,
ESCROW REQUIREMENTS
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007E
Period Principal
Ending Interest Redeemed
Total
01 /01 /2016 1,249,784.38 1,249,784, 38
07/01/2016 1,249, 784, 38 1,249,784.38
01/01/2017 1,249,784,38 50,000,000.00 51,249,784.38
3,749,353.14 50,000,000.00 53,749,353.14
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 12
Piriscuaa FM
The PFM Group
Finnncla! & investment Adulsnrs
Type of
Security
ESCROW COST DETAIL
City of Miami, FL
Series 2015 Limited GO Refunding
Maturity
Date
Par
Amount Rate
Total
Cost
Proposed Refunding
SLGS
SLGS
Proposed Refunding
SLGS
SLGS
Proposed Refunding
SLGS
SLGS
SLGS
Proposed Refunding
SLGS
SLGS
SLGS
of Limited Ad -Valorem Tax Bonds,
01/01/2016 15,004.51
01/11/2016 643,508.56
658, 513. 07
of Limited Ad -Valorem Tax Bonds,
01/01/2016 163, 240.49
01/11/2016 7,001,005,44
7,164, 245.93
of Limited Ad -Valorem Tax Bonds,
01/01/2016 80,778.60
07/01/2016 71,807.13
01/01/2017 3,304,549.72
3,457,135.45
of Limited Ad -Valorem Tax Bonds,
01/01/2016 1,169, 005.40
07/01/2016 1,039,172.87
01/01/2017 47,822,529.28
50,030,707.55
Series 2002, SFI:
15, 004.51
0.060% 643,508.56
658, 513.07
Series 2002, ESC:
163,240.49
0.060% 7,001,005.44
7,164, 245.93
Series 2007, SFI:
80, 778.60
0,340% 71,807.13
0.480% 3,304,549.72
3,457,135.45
Series 2007, ESC:
1,169, 005,40
0.340% 1,039,172.87
0.480% 47,822,529.28
50, 030, 707.55
61,310,602.00
61,310,602.00
Escrow
Purchase
Date
Cost of
Securities
Cash
Deposit
Total
Escrow Cost
Yield
Proposed Refunding
SFI
ESC
Proposed Refunding
SFI
ESC
of Limited Ad -Valorem Tax Bonds, Series 2002:
12/11/2015 658,513.07
12/11/2015 7,164,245.93 0.67
7,822,759.00 0,67
of Limited Ad -Valorem Tax Bonds, Series 2007:
12/11/2015 3,457,135.45
12/11/2015 50,030,707.55 0.71
53,487,843.00 0.71
658,513.07 0.060052%
7,164,246.60 0,060058%
7, 822, 759.67
3,457,135.45
50, 030, 708.26
53,487,843.71
0.478444%
0.478444%
61,310,602.00
1.38
61,310,603.38
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 13
l"3t.tlrf
111.012..
The PFM Group
Finonainl A Inveslmanl Advisors
Date
ESCROW CASH FLOW
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002
Net Escrow
Principal Interest Receipts
01 /01 /2016 178,245,00 178, 245.00
01/11/2016 7,644,514.00 388.49 7,644,902.49
7,822,759.00
388.49 7,823,147.49
Escrow Cost Summary
Purchase date
Purchase cost of securities
12/11/2015
7, 822, 759.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 14
PEW
The PFM Group
Finnnalol & IwieMmeni AAvlgnrn
Date
ESCROW CASH FLOW
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007B
Net Escrow
Principal Interest Receipts
01 /01 /2016 1,249,784, 00 1,249,784.00
07/01/2016 1,110,980.00 138, 804.44 1,249,784.44
01/01/2017 51,127,079.00 122,704.99 51,249,783.99
53,487,843.00
261,509.43 53,749,352,43
Escrow Cost Summary
Purchase date
Purchase cost of securities
12/11/2015
53,487,843.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 15
1):PM
The PFM Group
Financial F Inmatment A IvIs,,i
Date
ESCROW SUFFICIENCY
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002
Escrow Net Escrow Excess Excess
Requirement Receipts Receipts Balance
12/11/2015 0,67 0.67
01 /01 /2016 178,245,63 178,245.00 -0.63
01/11/2016 7,644,902.53 7,644,902.49 -0.04
0.67
0.04
7,823,148.16 7,823,148.16 0.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 16
The PFM Group
FlnnnvIai&InvasimonlAtivisnrs;
Date
Proposed Refunding
Escrow
Requirement
ESCROW SUFFICIENCY
City of Miami, FL
of Limited Ad -Valorem Tax Bonds, Series 2007B
Net Escrow
Receipts
Excess
Receipts
Excess
Balance
12/11/2015
01 /01 /2016
07/01/2016
01/01/2017
1,249,784.38
1, 249, 784.38
51,249,784.38
0.71
1,249, 784.00
1,249,784.44
51,249,783,99
0.71
-0.38
0.06
-0.39
0.71
0.33
0.39
53, 749, 353.14
53,749,353.14
0.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 17
14t
1111111..1,1
The PFM Group
^a.r-"" fin anciNI & invstmeni Advisors
Escrow
ESCROW STATISTICS
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002
Modified Yield to Yield to Perfect Value of
Total Duration PV of 1 bp Receipt Disbursement Escrow Negative Cost of
Escrow Cost (years) change Date Date Cost Arbitrage Dead Time
SFI 658,513.07 0.083 5.44 0.060052% 0.060052% 657,119.01 1,394.06
ESC 7,164,246.60 0.083 59.23 0.060058% 0.060058% 7,149,080.01 15,166.59
7,822,759.67 64,67
7,806,199.02 16,560.65 0.00
Delivery date
Arbitrage yield
12/11/2015
2.639861%
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 18
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The PFM Group
rinnanfel F Investment Advdsnrs
Escrow
ESCROW STATISTICS
City of Miami, FL
Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007B
Modified Yield to Yield to Perfect Value of
Total Duration PV of 1 bp Receipt Disbursement Escrow Negative Cost of
Escrow Cost (years) change Date Date Cost Arbitrage Dead Time
SFI 3,457,135.45 1.018 351.95 0.478444% 0.478444% 3,382,310.40 74,825.05
ESC 50,030,708.26 1.018 5,093.28 0.478444% 0.478444% 48,947,860,79 1,082,847.46
0.01
53,487,843.71
5,445.22 52,330,171.19
1,157,672.51 0.01
Delivery date
Arbitrage yield
12/11/2015
2,639861%0
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 19
-- The PM Group
finnnninl C. Investment Advisors
Cost of Issuance
COST OF ISSUANCE
City of Miami, FL
Series 2015 Limited GO Refunding
$/1000 Amount
Bond Counsel Fee (est.) 1.04603 60,000.00
Bank Counsel Fee 0.17434 10,000,00
Counsel Expenses 0.06974 4,000.00
Escrow Structuring Fee 0.43584 25,000.00
Escrow Agent Fee (est.) 0.08717 5,000.00
DAC 0.04358 2,500.00
Verification Agent Fee (est.) 0.03487 2,000,00
Miscellaneous 0.17434 10,000.00
Financial Advisor Fee 0.76562 43,916.00
2.83152 162,416.00
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 20
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The PFM Group
FInanelal R lamniment Ativtsnss
FORM 8038 STATISTICS
City of Miami, FL
Series 2015 Limited GO Refunding
Dated Date 12/11/2015
Delivery Date 12/11/2015
Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Bond Component:
01/01/2017 1,760,000.00 2.640% 100.000 1,760,000.00 1,760,000.00
01/01/2018 2,555,000.00 2.640% 100.000 2,555,000.00 2,555,000.00
01/01/2019 1,250,000.00 2.640% 100.000 1,250,000.00 1,250,000.00
01/01/2020 1,605,000.00 2.640% 100.000 1,605,000.00 1,605,000,00
01 /01 /2021 1,130, 000.00 2.640% 100.000 1,130, 000, 00 1,130, 000.00
01/01/2022 255,000.00 2.640% 100.000 255,000.00 255,000.00
01/01/2023 7,590,000.00 2.640% 100.000 7,590,000.00 7,590,000.00
01/01/2024 7,800,000.00 2.640% 100.000 7,800,000.00 7,800,000.00
01/01/2025 8,010,000.00 2.640% 100.000 8,010,000.00 8,010,000.00
01/01/2026 8,240,000,00 2.640% 100.000 8,240,000.00 8,240,000.00
01/01/2027 8,465,000.00 2,640% 100.000 8,465,000.00 8,465,000,00
01/01/2028 8,700,000.00 2.640% 100.000 8,700,000,00 8,700,000.00
57,360,000,00 57,360,000.00 57,360,000,00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 01/01/2028 2.640% 8,700,000.00 8,700,000.00
Entire Issue 57,360,000.00 57,360,000.00 8.6287 2.6399%
Proceeds used for accrued interest
Proceeds used for bond issuance costs (including underwriters' discount)
Proceeds used for credit enhancement
Proceeds allocated to reasonably required reserve or replacement fund
Proceeds used to currently refund prior issues
Proceeds used to advance refund prior issues
Remaining weighted average maturity of the bonds to be currently refunded
Remaining weighted average maturity of the bonds to be advance refunded
0.00
162,416.00
0.00
0.00
7,164, 246.60
50,030,708.26
2.7822
9.6979
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 21
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The PFM Group
Haan i;ini F inveatrnent AUul$En
Bond
Component
Date
FORM 8038 STATISTICS
City of Miami, FL
Series 2015 Limited GO Refunding
Refunded Bonds
Principal
Coupon
Price
Issue Price
Series 2002:
CIB
CIB
CIB
CIB
CIB
01/01/2017
01 /01 /2018
01 /01 /2019
01 /01 /2020
01 /01 /2021
1,635, 000, 00
2,375,000.00
1,110, 000.00
1, 480, 000, 00
1, 035, 000.00
City of Miami Limited Ad Valorem Tax
SERIAL 01/01/2023
SERIAL 01/01/2024
SERIAL
SERIAL
SERIAL
SERIAL
BIFUR
01 /01 /2025
01/01/2026
01 /01 /2027
01/01/2028
01/01/2028
7,635,000.00
Bonds, Series 2007B:
7, 325, 000.00
7,705,000.00
8,095,000,00
8, 515, 000.00
8, 950, 000.00
9,295,000.00
115, 000.00
50, 000, 000.00
4,500%
4.600%
4.700%
4,800%
4.875%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
4.625%
100.000
99.559
100.000
100.000
100.000
103,665
103.431
103.275
103.197
103.120
103.042
99.019
1,635,000.00
2,364,526.25
1,110, 000.00
1,480, 000.00
1,035, 000.00
7,624,526.25
7,593,461.25
7,969, 358.55
8,360,111.25
8, 787, 224.55
9,229,240.00
9,577,753.90
113,871.85
51,631,021.35
57,635,000.00
59,255,547.60
Last
Call
Date
Issue
Date
Remaining
Weighted
Average
Maturity
Series 2002.
City of Miami Limited Ad Valorem Tax Bonds, Series 2007B
All Refunded Issues
01/11/2016 08/08/2002
01/01/2017 07/10/2007
01/01/2017
2.7822
9.6979
8,8080
Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 22