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SUMMARY OF REFUNDING RESULTS
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
Net PV Savings
Percentage savings of refunded bonds
Percentage savings of refunding bonds
City of Miami, FL
Series 2017 Limited GO Refunding
JP Morgan Proposal
Proposed Proposed
Refunding of Refunding of
Limited Limited
Ad -Valorem Tax Ad -Valorem Tax
Bonds, Series Bonds, Series
2007A 2009
Total
06/29/2017 06/29/2017 06/29/2017
06/29/2017 06/29/2017 06/29/2017
2.209982% 2.209982% 2.209982%
0.701296% 1.217505% 1.156939%
100,068.90 491,147.16 591,216.06
80,450,000.00 34,290,000.00 114,740,000.00
2.209973% 2.209990% 2.209982%
2.210000% 2.210000% 2.210000%
2.210000% 2.210000% 2.210000%
2.577 7.165 3.948
79,960,000.00 32,370,000.00 112,330,000.00
4.980397% 5.157083% 5.073628%
2.673 7.376 4.028
87,604,857.68 39,540,741.93 127,145,599.61
5,188,141.51 4,446,469.26 9,634,610.77
6.488421% 13.736389% 8.577059°/4
6.448902% 12.967248% 8.396907°/0
May 8, 2017 1 :58 pm Prepared by PFM Financial Advisors, LLC Page 3