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HomeMy WebLinkAboutBack-Up DocumentsThe PFM Group finnnial br,M mcl Advisor Sources: SOURCES AND USES OF FUNDS The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Dated Date Delivery Date 08/31/2016 08/31/2016 Proposed Refunding of Proposed Special Refunding of Obligation Series 2009 Bonds, Series Street & 2007 Sidewalk Bonds Total Bond Proceeds: Par Amount 58,280,000.00 53,440,000.00 111,720,000.00 Premium 10,088,955.75 8,905,325.35 18,994,281.10 68,368,955.75 62,345,325.35 130,714,281.10 Uses: Proposed Refunding of Proposed Special Refunding of Obligation Series 2009 Bonds, Series Street & 2007 Sidewalk Bonds Total Refunding Escrow Deposits: Cash Deposit SLGS Purchases Delivery Date Expenses: Cost of Issuance Underwriter's Discount 0.97 67,842,536.00 0.60 61, 863, 887.00 1.57 129, 706, 423.00 67,842,536.97 61,863,887.60 129,706,424.57 291,400.00 233,120. 00 267,200.00 213,760.00 524, 520.00 Other Uses of Funds: Additional Proceeds 1,898.78 558,600.00 446,880.00 480, 960.00 1,005,480.00 477.75 2,376.53 68,368,955.75 62,345,325.35 130,714,281.10 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 1 The PFM Group inmar.�at 4tee tt rckAdvlsam Bond Component BOND SUMMARY STATISTICS The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Dated Date Delivery Date First Coupon Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All -In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Bond Years from Dated Date Bond Years from Delivery Date Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Underwriter's Fees (per $1000) Average Takedown Other Fee 08/31/2016 08/31/2016 01/01/2017 01/01/2037 2.747273% 3.319251 % 3.680979% 3.363958% 5.000000% 12.821 12.820 9.754 58,280,000.00 68,368,955.75 37,360,427.78 27,504,592.03 747,208,555.56 747,208,555.56 95,640,427.78 4,867,500.00 4,702,985.11 4.000000 Total Underwriter's Discount 4.000000 Bid Price 116.911180 Par Average Average PV of 1 bp Value Price Coupon Life change Bond Component 58,280,000.00 117.311 5.000% 12.821 47,393.60 58,280,000.00 12.821 47,393.60 Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts TIC 58,280,000.00 10,088,955.75 -233,120.00 All -In Arbitrage TIC Yield 58,280,000.00 58,280,000.00 10, 088, 955.75 10,088, 955.75 -233,120.00 -291,400.00 Target Value 68,135,835.75 67,844,435.75 68,368,955.75 Target Date 08/31/2016 08/31/2016 08/31/2016 Yield 3.319251% 3,363958% 2.747273% May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 2 The PFM Group Finano'Ia1 104 ent Atvitam Bond Component BOND SUMMARY STATISTICS The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Dated Date 08/31/2016 Delivery Date 08/31/2016 First Coupon 01/01/2017 Last Maturity 01/01/2039 Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All -In TIC Average Coupon 2.747273% 3.612421% 3.983950% 3.650955% 5.000000% Average Life (years) 16.007 Weighted Average Maturity (years) 15.941 Duration of Issue (years) 11.396 Par Amount 53,440,000.00 Bond Proceeds 62,345,325.35 Total Interest 42,771,338.89 Net Interest 34,079,773.54 Bond Years from Dated Date 855,426,777.78 Bond Years from Delivery Date 855,426,777.78 Total Debt Service 96,211,338.89 Maximum Annual Debt Service 9,381,750.00 Average Annual Debt Service 4,307,434.65 Underwriter's Fees (per $1000) Average Takedown Other Fee 4.000000 Total Underwriter's Discount 4.000000 Bid Price 116.264157 Par Average Average PV of 1 bp Value Price Coupon Life change Bond Component 53,440,000.00 116.664 5.000% 16.007 45,047.40 53,440,000.00 16.007 45,047.40 Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts TIC 53,440,000.00 8,905,325.35 -213,760.00 All -In Arbitrage TIC Yield 53,440,000.00 53,440,000.00 8,905,325.35 -213,760.00 -267,200.00 8,905,325.35 Target Value 62,131,565.35 61,864,365.35 62,345,325.35 Target Date 08/31/2016 08/31/2016 08/31/2016 Yield 3.612421 % 3.650955% 2.747273% May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 3 The PFM Group -�iarpmr a9 lnve: invent 1101/nra SUMMARY OF REFUNDING RESULTS The City of Miami, Florida Series 2016 Street & Sidewalk 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 08/31/2016 @ 2.747273% Net PV Savings Percentage savings of refunded bonds Percentage savings of refunding bonds 08/31/2016 08/31/2016 2.747273% 0.748544% 4,382,542.89 111,720,000.00 3.471923% 3.842694% 5.000000% 14.345 119, 070, 000.00 5.312213% 14.334 154, 991, 013.18 14, 393, 490.16 12.088259% 12.883539%0 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 4 The PFM Group firmolal & lovotemot Actviws SUMMARY OF REFUNDING RESULTS The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 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 08/31/2016 @ 2.747273% Net PV Savings Percentage savings of refunded bonds Percentage savings of refunding bonds 08/31/2016 08/31/2016 2.747273% 0.635305% 1,822,800.21 58,280,000.00 3.319251% 3.680979% 5.000000% 12.821 63,595,000.00 5.083803% 12.850 79, 710, 923, 31 7,689,914.38 12.092011% 13.194774% May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 5 The PFM Group Flrz�fl�inl; lnwslment Ahvls©rs SUMMARY OF REFUNDING RESULTS The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Dated Date 08/31/2016 Delivery Date 08/31/2016 Arbitrage yield 2.747273% Escrow yield 0.82.1379% Value of Negative Arbitrage 2,559,742.68 Bond Par Amount 53,440,000.00 True Interest Cost 3.612421% Net Interest Cost 3.983950% Average Coupon 5,000000% Average Life 16.007 Par amount of refunded bonds 55,475,000.00 Average coupon of refunded bonds 5.522027% Average life of refunded bonds 16.036 PV of prior debt to 08/31/2016 @ 2.747273% 75,280,089.87 Net PV Savings 6,703,575.78 Percentage savings of refunded bonds 12.083958% Percentage savings of refunding bonds 12.544116% May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 6 The PFM. Group financial &iaysSi eniMaisnrs Bond SUMMARY OF BONDS REFUNDED The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Maturity Interest Par Call Call Date Rate Amount Date Price Special Obligation Bonds, Series 2007 (Street and Sidewalk Improvement Program), 2007: SERIAL 01/01/2019 4.250% 2,060,000.00 01/01/2018 100.000 01/01/2020 4.375% 2,155,000.00 01/01/2018 100.000 01/01/2021 4.500% 2,250,000.00 01/01/2018 100.000 01/01/2022 4.500% 2,355,000.00 01/01/2018 100.000 01/01/2027 4.750% 105, 000.00 01/01/2018 100.000 TERM24 01/01/2023 5.250% 2,470,000.00 01/01/2018 100.000 01/01/2024 5.250% 2,605,000.00 01/01/2018 100.000 TERM26 01/01/2025 5.250% 2,745,000.00 01/01/2018 100.000 01/01/2026 5.250% 2,895,000.00 01/01/2018 100.000 TERM28 01/01/2027 5.250% 2,945,000.00 01/01/2018 100.000 01/01/2028 5.250% 3,215,000.00 01/01/2018 100.000 TERM30 01/01/2029 5,250% 3,385,000.00 01/01/2018 100.000 01/01/2030 5.250% 3,570,000.00 01/01/2018 100.000 TERM32 01/01/2031 5.250% 3,760,000.00 01/01/2018 100.000 01/01/2032 5.250% 3,965,000.00 01/01/2018 100.000 TERM37 01/01/2033 5.000% 4,175,000.00 01/01/2018 100.000 01/01/2034 5.000% 4,385,000.00 01/01/2018 100.000 01/01/2035 5.000% 4,610,000.00 01/01/2018 100.000 01/01/2036 5,000% 4,850,000.00 01/01/2018 100.000 01/01/2037 5.000% 5,095,000.00 01/01/2018 100.000 63,595,000.00 Series 2009 Street & Sidewalks, 2009SS: BOND 01/01/2020 4.500% 1,300,000.00 01/01/2019 100.000 01/01/2021 4.500% 1,360,000.00 01/01/2019 100.000 01/01/2022 4.750% 1,425,000.00 01/01/2019 100.000 01/01/2023 5.000% 1,500,000.00 01/01/2019 100.000 01/01/2024 5.000% 1,575,000.00 01/01/2019 100.000 TERM29 01/01/2025 5.250% 1,660,000.00 01/01/2019 100.000 01/01/2026 5.250% 1,745,000.00 01/01/2019 100.000 01/01/2027 5.250% 1,840,000.00 01/01/2019 100.000 01/01/2028 5.250% 1,940,000.00 01/01/2019 100.000 01/01/2029 5.250% 2,045,000.00 01/01/2019 100.000 TERM34 01/01/2030 5,500% 2,155,000.00 01/01/2019 100.000 01/01/2031 5.500% 2,280,000.00 01/01/2019 100.000 01/01/2032 5.500% 2,405,000.00 01/01/2019 100.000 01/01/2033 5.500% 2,540,000.00 01/01/2019 100.000 01/01/2034 5.500% 2,690,000.00 01/01/2019 100.000 TERM39 01/01/2035 5.625% 2,845,000.00 01/01/2019 _ 100.000 01/01/2036 5.625% 3,005,000.00 01/01/2019 100.000 01/01/2037 5.625% 3,180,000.00 01/01/2019 100.000 01/01/2038 5.625% 8,740,000.00 01/01/2019 100.000 01/01/2039 5.625% 9,245,000.00 01/01/2019 100.000 55,475,000.00 119, 070, 000.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 7 The PFM Group financial & turntr Ie11'l Ar}YIS4rs Date SAVINGS The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Present Value Prior Refunding to 08/31/2016 Debt Service Debt Service Savings @ 2.7472732% 01/01/2017 3,107,793.76 1,877,516.67 1,230,277.09 1,219,045.74 01/01/2018 6,215,587.52 5,586,000.00 629,587.52 611,217.44 01/01/2019 8,275,587.52 7,456,000.00 819,587.52 773,032.23 01/01/2020 9,583,037.52 8,722,500.00 860,537.52 789,648.95 01/01/2021 9,585,256.26 8,726,000.00 859,256.26 767,308.99 01/01/2022 9,592,806.26 8,731,250.00 861,556.26 748,687.14 01/01/2023 9,609,143.76 8,752,750.00 856,393.76 724,219.91 01/01/2024 9,614,468.76 8,754,250.00 860,218.76 707,766.36 01/01/2025 9,623,956.26 8,766,250.00 857,706.26 686,618.35 01/01/2026 9,627,693.76 8,767,750,00 859,943.76 669,749.88 01/01/2027 9,634,093.76 8,773,750.00 860,343.76 651,896.58 01/01/2028 9,642,893.76 8,783,500.00 859,393.76 633,521.51 01/01/2029 9,647,256.26 8,786,250.00 861,006.26 617,481.49 01/01/2030 9,657,181.26 8,796,750.00 860,431.26 600,315.28 01/01/2031 9,666,231.26 8,804,000.00 862,231.26 585,196.52 01/01/2032 9,673,431.26 8,812,500.00 860,931.26 568,402.73 01/01/2033 9,677,993.76 8,816,500.00 861,493.76 553,267.87 01/01/2034 9,689,543.76 8,830,500.00 859,043.76 536,688.74 01/01/2035 9,702,343.76 8,843,250.00 859,093.76 522,106.71 01/01/2036 9,711,812.50 8,854,000.00 857,812.50 507,109.72 01/01/2037 9,720,281.26 8,857,000.00 863,281.26 496,404.42 01/01/2038 9,751,656.26 9,371,750.00 379,906.26 212,784.26 01/01/2039 9,765,031.26 9,381,750.00 383,281.26 208,642.81 210,775,081.50 191,851,766.67 18,923,314.83 14,391,113.63 Savings Summary PV of savings from cash flow Plus: Refunding funds on hand 14,391,113.63 2,376.53 Net PV Savings 14,393,490.16 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 8 The PFM Group Plnarolai & Investment Ad NOs Date SAVINGS The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Present Value Prior Refunding to 08/31/2016 Debt Service Debt Service Savings @ 2.7472732% 01/01/2017 1,603,215.63 979,427.78 623,787.85 618,093.22 01/01/2018 3,206,431.26 2,914,000.00 292,431.26 283,898.71 01/01/2019 5,266,431.26 4,784,000.00 482,431.26 454,523.89 01/01/2020 5,273,881.26 4,795,500.00 478,381.26 438,629,23 01/01/2021 5,274,600.00 4,796,750,00 477,850.00 426,377.99 01/01/2022 5,278,350.00 4,798,000,00 480,350.00 417,077.34 01/01/2023 5,287,375.00 4,809,000.00 478,375.00 404,206.97 01/01/2024 5,292,700.00 4,814,000.00 478,700.00 393,510.52 01/01/2025 5,295,937.50 4,818,000.00 477,937.50 382,224.84 01/01/2026 5,301,825.00 4,820,750.00 481,075.00 374,278.70 01/01/2027 5,304,837.50 4,827,000.00 477,837.50 361,667.93 01/01/2028 5,310,237.50 4,831,250.00 478,987.50 352,681.98 01/01/2029 5,311,450.00 4,833,250.00 478,200.00 342,524.50 01/01/2030 5,318,737.50 4,837,750.00 480,987.50 335,136.02 01/01/2031 5,321,312.50 4,839,250.00 482,062.50 326,731.07 01/01/2032 5,328,912.50 4,847,500.00 481,412.50 317,392.82 01/01/2033 5,330,750.00 4,851,750.00 479,000.00 307,184.20 01/01/2034 5,332,000.00 4,851,750.00 480,250.00 299,614.42 01/01/2035 5,337,750.00 4,857,250.00 480,500.00 291,619.07 01/01/2036 5,347,250.00 4,867,500.00 479,750.00 283,243.00 01/01/2037 5,349,750.00 4,866,750.00 483,000.00 277,399.17 105,673,734.41 95,640,427.78 10,033,306.63 7,688,015.60 Savings Summary PV of savings from cash flow Plus: Refunding funds on hand 7,688,015.60 1,898.78 Net PV Savings 7,689,914.38 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 9 The PFM. Group flrt9nr�18d £ IhYtlSieui�44iAtL�aiYaz3 Date SAVINGS The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Present Value Prior Refunding to 08/31/2016 Debt Service Debt Service Savings @ 2.7472732% 01/01/2017 1,504,578.13 898,088.89 606,489.24 600,952.53 01/01/2018 3,009,156.26 2,672,000.00 337,156.26 327,318.73 01/01/2019 3,009,156.26 2,672,000.00 337,156.26 318,508.34 01/01/2020 4,309,156.26 3,927,000.00 382,156.26 351,019.73 01/01/2021 4,310,656.26 3,929,250.00 381,406.26 340,931.00 01/01/2022 4,314,456.26 3,933,250.00 381,206.26 331,609.80 01/01/2023 4,321,768.76 3,943,750.00 378,018.76 320,012.95 01/01/2024 4,321,768.76 3,940,250.00 381,518.76 314,255.84 01/01/2025 4,328,018.76 3,948,250.00 379,768.76 304,393.51 01/01/2026 4,325,868.76 3,947,000.00 378,868.76 295,471.18 01/01/2027 4,329,256.26 3,946,750.00 382,506.26 290,228.65 01/01/2028 4,332,656.26 3,952,250.00 380,406.26 280,839.52 01/01/2029 4,335,806.26 3,953,000.00 382,806.26 274,956.99 01/01/2030 4,338,443.76 3,959,000.00 379,443.76 265,179.26 01/01/2031 4,344,918.76 3,964,750,00 380,168,76 258,465.45 01/01/2032 4,344,518.76 3,965,000.00 379,518.76 251,009.90 01/01/2033 4,347,243.76 3,964,750.00 382,493.76 246,083.66 01/01/2034 4,357,543.76 3,978,750.00 378,793.76 237,074.32 01/01/2035 4,364,593.76 3,986,000.00 378,593.76 230,487.63 01/01/2036 4,364,562.50 3,986,500.00 378,062.50 223,866.71 01/01/2037 4,370,531.26 3,990,250.00 380,281.26 219,005.25 01/01/2038 9,751,656.26 9,371,750.00 379,906.26 212,784.26 01/01/2039 9,765,031.26 9,381,750.00 383,281.26 208,642.81 105,101,347.09 96,211,338.89 8,890,008,20 6,703,098.03 Savings Summary PV of savings from cash flow Plus: Refunding funds on hand 6, 703, 098.03 477.75 Net PV Savings 6,703,575.78 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 10 The PFM Group Financial & laYestmant Advin€xs Bond Component BOND PRICING The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Maturity Yield to Call Call Premium Date Amount Rate Yield Price Maturity Date Price (-Discount) Bond Component: 01/01/2019 1,870,000 5.000% 1.340% 108.378 156,668.60 01/01/2020 3,230,000 5.000% 1.480% 111.405 368,381.50 01/01/2021 3,395,000 5.000% 1.530% 114.493 492,037.35 01/01/2022 3,570,000 5.000% 1.690% 116.811 600,152.70 01/01/2023 3,770,000 5.000% 1.840% 118.807 709,023.90 01/01/2024 3,960,000 5.000% 2.010% 120.289 803,444.40 01/01/2025 4,170,000 5.000% 2.190% 121.295 888,001.50 01/01/2026 4,380,000 5.000% 2.390% 121.715 951,117.00 01/01/2027 4,605,000 5.000% 2.520% 120.508 C 2.711% 01/01/2026 100.000 944,393.40 01/01/2028 4,845,000 5.000% 2.600% 119.772 C 2,936% 01/01/2026 100.000 957,953.40 01/01/2029 5,090,000 5.000% 2.670% 119.132 C 3.119% 01/01/2026 100.000 973,818.80 01/01/2030 5,355,000 5.000% 2.720% 118.678 C 3.261% 01/01/2026 100.000 1,000,206.90 01/01/2031 5,630,000 5.000% 2.780% 118.136 C 3.391% 01/01/2026 100,000 1,021,056.80 01/01/2032 5,920,000 5.000% 2.840% 117.596 C 3.506% 01/01/2026 100.000 1,041,683.20 01/01/2033 6,220,000 5.000% 2,900% 117.059 C 3.608% 01/01/2026 100.000 1,061,069.80 01/01/2034 6,545,000 5.000% 2.960% 116.526 C 3,700% 01/01/2026 100.000 1,081,626.70 01/01/2035 6,885,000 5.000% 3.020% 115.995 C 3.782% 01/01/2026 100.000 1,101,255.75 01/01/2036 7,240,000 5.000% 3.070% 115.555 C 3.851% 01/01/2026 100.000 1,126,182.00 01/01/2037 7,605,000 5.000% 3.120% 115.117 C 3.915% 01/01/2026 100,000 1,149,647.85 01/01/2038 8,500,000 5.000% 3.150% 114.855 C 3.962% 01/01/2026 100.000 1,262,675.00 01/01/2039 8,935,000 5.000% 3.180% 114.593 C 4.005% 01/01/2026 100.000 1,303,884.55 111,720, 000 18, 994,281.10 Dated Date 08/31/2016 Delivery Date 08/31/2016 First Coupon 01/01/2017 Par Amount 111,720,000.00 Premium 18,994,281.10 Production 130,714,281.10 117.001684% Underwriter's Discount -446,880.00 -0.400000% Purchase Price 130,267,401.10 116.601684% Accrued Interest Net Proceeds 130,267,401.10 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 11 The PFM Group FA/IW i & InvPslniera Akeisetn BOND DEBT SERVICE The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Period Ending Principal Coupon Interest Debt Service 01 /01 /2017 1,877,516.67 1, 877, 516.67 01/01/2018 5,586,000.00 5,586,000.00 01/01/2019 1,870,000 5.000% 5,586,000.00 7,456,000.00 01/01/2020 3,230,000 5.000% 5,492,500.00 8,722,500.00 01/01/2021 3,395,000 5.000% 5,331,000.00 8,726,000.00 01/01/2022 3,570,000 5.000% 5,161,250.00 8,731,250.00 01/01/2023 3,770,000 5.000% 4,982,750.00 8,752,750.00 01/01/2024 3,960,000 5.000% 4,794,250.00 8,754,250.00 01/01/2025 4,170,000 5,000% 4,596,250.00 8,766,250.00 01/01/2026 4,380,000 5.000% 4,387,750.00 8,767,750.00 01/01/2027 4,605,000 5.000% 4,168,750.00 8,773,750.00 01/01/2028 4,845,000 5.000% 3,938,500.00 8,783,500.00 01/01/2029 5,090,000 5.000% 3,696,250.00 8,786,250.00 01/01/2030 5,355,000 5.000% 3,441,750.00 8,796,750.00 01/01/2031 5,630,000 5.000% 3,174,000.00 8,804,000.00 01/01/2032 5,920,000 5.000% 2,892,500.00 8,812,500.00 01/01/2033 6,220,000 5.000% 2,596,500.00 8,816,500.00 01/01/2034 6,545,000 5.000% 2,285,500.00 8,830,500.00 01/01/2035 6,885,000 5.000% 1,958,250.00 8,843,250.00 01/01/2036 7,240,000 5.000% 1,614,000.00 8,854,000.00 01/01/2037 7,605,000 5.000% 1,252,000.00 8,857,000.00 01/01/2038 8,500,000 5.000% 871,750.00 9,371,750.00 01/01/2039 8,935,000 5.000% 446,750.00 9,381,750.00 111,720,000 80,131,766.67 191,851,766.67 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 12 The PFM Group F11)41101i & Ineeslment AdVi505 BOND DEBT SERVICE The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Period Ending Principal Coupon Interest Debt Service 01/01/2017 979,427.78 979,427.78 01/01/2018 2,914,000.00 2,914,000.00 01/01/2019 1,870,000 5.000% 2,914,000.00 4,784,000.00 01/01/2020 1,975,000 5.000% 2,820,500.00 4,795,500.00 01/01/2021 2,075,000 5.000% 2,721,750.00 4,796,750.00 01/01/2022 2,180,000 5.000% 2,618,000.00 4,798,000.00 01/01/2023 2,300,000 5.000% 2,509,000.00 4,809,000.00 01/01/2024 2,420,000 5.000% 2,394,000,00 4,814,000.00 01/01/2025 2,545,000 5.000% 2,273,000.00 4,818,000.00 01/01/2026 2,675,000 5.000% 2,145,750.00 4,820,750.00 01/01/2027 2,815,000 5.000% 2,012,000.00 4,827,000.00 01/01/2028 2,960,000 5.000% 1,871,250.00 4,831,250.00 01/01/2029 3,110,000 5.000% 1,723,250.00 4,833,250.00 01/01/2030 3,270,000 5.000% 1,567,750.00 4,837,750.00 01/01/2031 3,435,000 5.000% 1,404,250.00 4,839,250.00 01/01/2032 3,615,000 5.000% 1,232,500.00 4,847,500.00 01/01/2033 3,800,000 5.000% 1,051,750.00 4,851,750.00 01/01/2034 3,990,000 5.000% 861,750.00 4,851,750.00 01/01/2035 4,195,000 5.000% 662,250.00 4,857,250.00 01/01/2036 4,415,000 5.000% 452,500.00 4,867,500.00 01/01/2037 4,635,000 5.000% 231,750.00 4,866,750.00 58,280,000 37,360,427.78 95,640,427.78 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 13 The PFM Group Financial aa lncestrocin' ain r r BOND DEBT SERVICE The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Period Ending Principal Coupon Interest Debt Service 01/01/2017 898,088.89 898,088.89 01/01/2018 2,672,000.00 2,672,000.00 01/01/2019 2,672,000.00 2,672,000.00 01/01/2020 1,255,000 5.000% 2,672,000.00 3,927,000.00 01/01/2021 1,320,000 5.000% 2,609,250.00 3,929,250.00 01/01/2022 1,390,000 5.000% 2,543,250.00 3,933,250.00 01/01/2023 1,470,000 5.000% 2,473,750.00 3,943,750,00 01/01/2024 1,540,000 5.000% 2,400,250.00 3,940,250.00 01/01/2025 1,625,000 5.000% 2,323,250.00 3,948,250.00 01/01/2026 1,705,000 5.000% 2,242,000.00 3,947,000.00 01/01/2027 1,790,000 5.000% 2,156,750.00 3,946,750.00 01/01/2028 1,885,000 5.000% 2,067,250.00 3,952,250,00 01/01/2029 1,980,000 5.000% 1,973,000.00 3,953,000.00 01/01/2030 2,085,000 5.000% 1,874,000.00 3,959,000.00 01/01/2031 2,195,000 5.000% 1,769,750.00 3,964,750.00 01/01/2032 2,305,000 5.000% 1,660,000.00 3,965,000,00 01/01/2033 2,420,000 5.000% 1,544,750.00 3,964,750.00 01/01/2034 2,555,000 5.000% 1,423,750.00 3,978,750.00 01/01/2035 2,690,000 5.000% 1,296,000.00 3,986,000.00 01/01/2036 2,825,000 5.000% 1,161,500.00 3,986,500.00 01/01/2037 2,970,000 5.000% 1,020,250,00 3,990,250.00 01/01/2038 8,500,000 5.000% 871,750,00 9,371,750.00 01/01/2039 8,935,000 5.000% 446,750,00 9,381,750.00 53,440,000 42,771,338.89 96,211,338.89 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 14 The PFM Group Rlnanalai &, InvasfineatAGxlamv. ESCROW REQUIREMENTS The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Period Principal Ending Interest Redeemed Total 01/01/2017 07/01/2017 01/01/2018 1,603,215.63 1,603,215.63 1,603,215.63 1,603,215.63 1,603,215.63 63,595,000.00 65,198,215.63 4,809,646.89 63,595,000.00 68,404,646.89 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 15 T The PFM. Group �""" Pinnnalal & Am aiennM Acfulsr�r4. ESCROW REQUIREMENTS The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Period Principal Ending Interest Redeemed Total 01 /01 /2017 07/01/2017 01/01/2018 07/01/2018 01 /01 /2019 1, 504, 578.13 1, 504, 578.13 1, 504, 578.13 1, 504, 578.13 1, 504, 578.13 55,475,000.00 1, 504, 578.13 1,504,578.13 1, 504, 578.13 1, 504, 578,13 56, 979, 578.13 7,522,890.65 55,475,000.00 62,997,890.65 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 16 The PFM Group FittOnotad & 1uve&tmentilduta6ts. ESCROW DESCRIPTIONS The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Aug 31, 2016: SLGS Certificate 01/01/2017 01/01/2017 1,462,714 0.300% 0.300% SLGS Certificate 07/01/2017 07/01/2017 1,389,576 0.490% 0.490% SLGS Note 01/01/2018 01/01/2017 64,990,246 0.640% 0.640% 67,842,536 SLGS Summary SLGS Rates File 13MAY16 Total Certificates of Indebtedness 2,852,290.00 Total Notes 64,990,246.00 Total original SLGS 67,842,536.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 17 The PFM Group '"*w....f Financial & InveVOnma MtviOn ESCROW DESCRIPTIONS The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Aug 31, 2016: SLGS Certificate 01/01/2017 01/01/2017 1,339,939 0.300% 0.300% SLGS Certificate 07/01/2017 07/01/2017 1,255,194 0.490% 0.490% SLGS Note 01/01/2018 01/01/2017 1,260,315 0.640% 0.640% SLGS Note 07/01/2018 01/01/2017 1,264,349 0.750% 0.750% SLGS Note 01/01/2019 01/01/2017 56,744,090 0.830% 0.830% 61, 863, 887 SLGS Summary SLGS Rates File Total Certificates of Indebtedness Total Notes 13MAY16 2,595,133.00 59,268,754.00 Total original SLGS 61,863,887.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 18 The PFM Group Finanoi4 Investment Ativisnrs ESCROW COST The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Type of Maturity Par Total Security Date Amount Rate Cost SLGS 01/01/2017 2,802,653 0.300% 2,802,653.00 SLGS 07/01/2017 2,644,770 0.490% 2,644,770.00 SLGS 01/01/2018 66,250,561 0.640% 66,250,561.00 SLGS 07/01/2018 1,264,349 0.750% 1,264,349,00 SLGS 01/01/2019 56,744,090 0.830% 56,744,090.00 129, 706,423 129, 706,423.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 08/31/2016 129, 706,423 1.57 129, 706,424.57 129, 706, 423 1.57 129, 706, 424.57 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 19 wry The PFM Group Financial & Inv0slmt+rt Arfrisxs Date ESCROW CASH FLOW The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Present Value Net Escrow to 08/31/2016 Principal Interest Receipts @ 0.6353052% 01 /01 /2017 1,462, 714.00 140,501.35 1, 603, 215.35 1, 599, 801.02 07/01/2017 1,389,576.00 213,639.78 1,603,215.78 1,594,735.73 01/01/2018 64,990,246.00 207,968.79 65,198,214.79 64,647,999.25 67,842,536.00 562,109.92 68,404,645.92 67,842,536.00 Escrow Cost Summary Purchase date Purchase cost of securities 08/31/2016 67, 842, 536.00 Target for yield calculation 67,842,536.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 20 The PFM Group Fin noNI & InveSfinenI AN .. Date ESCROW CASH FLOW The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Present Value Net Escrow to 08/31/2016 Principal Interest Receipts @ 0.8213792% 01 /01 /2017 1, 339, 939.00 164,638.65 1, 504, 577.65 1,500,438.10 07/01/2017 1,255,194.00 249, 384.86 1, 504, 578.86 1, 494, 302.37 01 /01 /2018 1, 260, 315.00 244, 262.29 1, 504, 577.29 1,488,188.97 07/01/2018 1,264,349.00 240,229.28 1, 504, 578.28 1,482,103.11 01/01/2019 56,744,090.00 235,487.97 56,979,577.97 55,898,854.45 61, 863, 887.00 1,134, 003.05 62,997,890,05 61,863,887.00 Escrow Cost Summary Purchase date Purchase cost of securities 08/31/2016 61,863,887.00 Target for yield calculation 61,863,887.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 21 TlC PFM. Group finogcta4 R t rvestrnentMvisers Date ESCROW SUFFICIENCY The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 Escrow Net Escrow Excess Excess Requirement Receipts Receipts Balance 08/31/2016 0.97 0.97 0.97 01 /01 /2017 1,603,215.63 1, 603, 215.35 -0.28 0.69 07/01/2017 1,603,215.63 1, 603, 215, 78 0.15 0.84 01/01/2018 65,198,215.63 65,198,214.79 -0.84 68,404,646.89 68,404,646.89 0.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 22 The PFM Group financial & mrP,slment kdslsatn Date ESCROW SUFFICIENCY The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds Escrow Net Escrow Excess Excess Requirement Receipts Receipts Balance 08/31/2016 0.60 0.60 0.60 01 /01 /2017 1,504,578.13 1, 504, 577.65 -0.48 0.12 07/01/2017 1,504,578.13 1,504,578.86 0.73 0.85 01 /01 /2018 1,504,578.13 1, 504, 577.29 -0.84 0.01 07/01/2018 1,504, 578.13 1, 504, 578.28 0.15 0.16 01/01/2019 56,979,578.13 56,979,577.97 -0.16 62,997,890.65 62,997,890.65 0.00 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 23 The PFM Group €hive d & mime NmmsIMudvixdrs ESCROW STATISTICS The City of Miami, Florida Proposed Refunding of Special Obligation Bonds, Series 2007 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 Global Proceeds Escrow: 67,842,536.97 1.297 8,796.06 0.635305% 0.635305% 66,019,736.73 1,822,800.21 0.03 67,842,536.97 8,796,06 66,019,736.73 1, 822, 800.21 0.03 Delivery date Arbitrage yield 08/31/2016 2.747273% May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 24 The PFM Group firr�sflia3 liixatmt�tt7. tvisw. ESCROW STATISTICS The City of Miami, Florida Proposed Refunding of Series 2009 Street & Sidewalk Bonds 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 Global Proceeds Escrow: 61,863,887.60 2.206 13,646.98 0.821379% 0.821379% 59,304,144.90 2,559,742.68 0.02 61,863,887.60 13,646.98 59, 304,144.90 2,559,742.68 0,02 Delivery date Arbitrage yield 08/31/2016 2.747273% May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 25 The PFM Group FORM 8038 STATISTICS The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Dated Date 08/31/2016 Delivery Date 08/31/2016 Redemption Bond Component Date Principal Coupon Price Issue Price at Maturity Bond Component: 01/01/2019 1,870,000.00 5.000% 108.378 2,026,668,60 1,870,000.00 01/01/2020 3,230,000.00 5.000% 111.405 3,598,381.50 3,230,000.00 01/01/2021 3,395,000.00 5.000% 114.493 3,887,037.35 3,395,000.00 01 /01 /2022 3,570, 000.00 5.000% 116.811 4,170,152.70 3, 570, 000.00 01/01/2023 3,770,000,00 5.000% 118.807 4,479,023.90 3,770,000.00 01/01/2024 3,960,000.00 5.000% 120.289 4,763,444.40 3,960,000.00 01/01/2025 4,170,000.00 5.000% 121.295 5,058,001.50 4,170,000.00 01/01/2026 4,380,000.00 5.000% 121.715 5,331,117.00 4,380,000.00 01/01/2027 4,605,000.00 5.000% 120.508 5,549,393.40 4,605,000.00 01/01/2028 4,845,000.00 5.000% 119.772 5,802,953.40 4,845,000.00 01/01/2029 5,090,000.00 5.000% 119.132 6,063,818.80 5,090,000.00 01/01/2030 5,355,000.00 5.000% 118.678 6,355,206.90 5,355,000.00 01/01/2031 5,630,000.00 5.000% 118.136 6,651,056.80 5,630,000.00 01/01/2032 5,920,000.00 5.000% 117.596 6,961,683.20 5,920,000.00 01/01/2033 6,220,000.00 5.000% 117.059 7,281,069.80 6,220,000.00 01/01/2034 6,545,000.00 5.000% 116.526 7,626,626.70 6,545,000.00 01/01/2035 6,885,000.00 5.000% 115.995 7,986,255.75 6,885,000.00 01/01/2036 7,240,000.00 5.000% 115.555 8,366,182.00 7,240,000.00 01/01/2037 7,605,000.00 5.000% 115.117 8,754,647.85 7,605,000.00 01/01/2038 8,500,000.00 5.000% 114.855 9,762,675.00 8,500,000.00 01/01/2039 8,935,000.00 5.000% 114.593 10,238,884.55 8,935,000.00 111,720,000.00 130,714,281.10 111,720,000,00 Stated Weighted Maturity Interest Issue Redemption Average Date Rate Price at Maturity Maturity Yield Final Maturity 01/01/2039 5.000% 10,238,884.55 8,935,000.00 Entire Issue 130,714,281.10 111,720,000.00 14.3084 2.7473% 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 1,005,480.00 0.00 0.00 0.00 129,706,424.57 0.0000 14.2919 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. Page 26 The PFM Group FIrtamcia9 & Investment 0.i#eisers Bond Component Date FORM 8038 STATISTICS The City of Miami, Florida Series 2016 Street & Sidewalk Refunding Refunded Bonds Principal Coupon Price Issue Price Special Obligation SERIAL SERIAL SERIAL SERIAL SERIAL TERM24 TERM24 TERM26 TERM26 TERM28 TERM28 TERM30 TERM30 TERM32 TERM32 TERM37 TERM37 TERM37 TERM37 TERM37 Bonds, Series 2007 (Street and Sidewalk Improvement Program): 01/01/2019 2,060,000.00 4.250% 98.521 01/01/2020 2,155,000.00 4.375% 98.750 01/01/2021 2,250,000.00 4.500% 99.119 01/01/2022 01/01/2027 01/01/2023 01/01/2024 01/01/2025 01/01/2026 01/01/2027 01/01/2028 01/01/2029 01/01/2030 01/01/2031 01/01/2032 01/01/2033 01/01/2034 01/01/2035 01/01/2036 01/01/2037 Series 2009 Street & Sidewalks: BOND 01/01/2020 BOND 01/01/2021 BOND BOND BOND TERM29 TERM29 TERM29 TERM29 TERM29 TERM34 TERM34 TERM34 TERM34 TERM34 TERM39 TERM39 TERM39 TERM39 TERM39 01/01/2022 01/01/2023 01/01/2024 01/01/2025 01/01/2026 01/01/2027 01/01/2028 01/01/2029 01/01/2030 01/01/2031 01/01/2032 01/01/2033 01/01/2034 01/01/2035 01/01/2036 01/01/2037 01/01/2038 01/01/2039 2,355,000.00 105,000.00 2,470,000.00 2,605,000.00 2,745,000.00 2,895,000.00 2,945,000.00 3,215,000.00 3,385,000.00 3,570,000.00 3,760,000.00 3,965,000.00 4,175,000.00 4,385,000.00 4,610,000.00 4,850,000.00 5,095,000.00 63,595,000.00 1,300,000.00 1,360,000.00 1,425,000.00 1,500,000.00 1,575,000.00 1,660,000.00 1,745,000.00 1,840,000.00 1,940,000.00 2,045,000.00 2,155,000.00 2,280,000.00 2,405,000.00 2,540,000.00 2,690,000.00 2,845,000.00 3,005,000.00 3,180,000.00 8,740,000.00 9,245,000.00 55,475,000.00 4.500% 4.750% 5.250% 5.250% 5.250% 5.250% 5.250% 5.250% 5.250% 5.250% 5.250% 5.250% 5.000% 5.000% 5.000% 5.000% 5.000% 4.500% 4.500% 4.750% 5.000% 5.000% 5.250% 5.250% 5.250% 5.250% 5.250% 5.500% 5.500% 5.500% 5.500% 5.500% 5.625% 5.625% 5.625% 5.625% 5.625% 98.460 99.252 105.436 105.436 104.778 104.778 104.206 104.206 103.799 103.799 103.557 103.557 99.238 99.238 99.238 99.238 99.238 97.777 96.690 98.104 99.710 98.999 98.222 98.222 98.222 98.222 98.222 98.421 98.421 98.421 98.421 98.421 98.655 98.655 98.655 98.655 98.655 2,029,532.60 2,128,062.50 2,230,177.50 2,318,733.00 104,214.60 2,604,269.20 2,746,607.80 2,876,156.10 3,033,323.10 3,068,866.70 3,350,222.90 3,513,596.15 3,705,624.30 3,893,743.20 4,106,035.05 4,143,186.50 4,351,586.30 4,574,871.80 4,813,043.00 5,056,176.10 64,648,028.40 1,271,101.00 1,314,984.00 1,397,982.00 1,495,650.00 1,559,234,25 1,630,485.20 1,713,973.90 1,807,284.80 1,905,506.80 2,008,639.90 2,120,972.55 2,243,998.80 2,367,025.05 2,499,893.40 2,647,524.90 2,806,734.75 2,964,582.75 3,137,229.00 8,622,447.00 9,120,654.75 54,635,904.80 119,070,000.00 119,283,933,20 Last Call Date Remaining Weighted Issue Average Date Maturity Special Obligation Bonds, Series 2007 (Street and Sidewalk Improvement Program) Series 2009 Street & Sidewalks All Refunded Issues 01/01/2018 01/01/2019 01/01/2019 12/05/2007 12/02/2009 12.8087 16.0470 14.2919 May 13, 2016 1:50 pm Prepared by Public Financial Management, Inc. 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