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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 .. PFxv 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 vi 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 TkJFi�f 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