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PFM The PFM Group Financial & Investment Advisors SOURCES AND USES OF FUNDS City of Miami, FL - CRA Preliminary Financing Numbers Dated Date Delivery Date Sources: 03/01/2017 03/01/2017 Bond Proceeds: Par Amount 16,625,000.00 Premium 1,043,573.60 17,668,573.60 Uses: Project Fund Deposits: Project Fund Delivery Date Expenses: Cost of Issuance Underwriter's Discount 17,500,000.00 83,125.00 83,125.00 166,250.00 Other Uses of Funds: Additional Proceeds 2,323.60 17,668,573.60 Note: Preliminary numbers for discussion purposes only. Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 1 PFM The PFM Group Financial & Investment Advisors Bond Component BOND SUMMARY STATISTICS City of Miami, FL - CRA Preliminary Financing Numbers Dated Date 03/01/2017 Delivery Date 03/01/2017 First Coupon 09/01/2017 Last Maturity 03/01/2030 Arbitrage Yield 3.952159% True Interest Cost (TIC) 4.087184% Net Interest Cost (NIC) 4.247563% All -In TIC 4.163339% Average Coupon 5.000000% Average Life (years) 7.678 Weighted Average Maturity (years) 7.704 Duration of Issue (years) 6.355 Par Amount 16,625,000.00 Bond Proceeds 17,668,573.60 Total Interest 6,382,250.00 Net Interest 5,421,801.40 Bond Years from Dated Date 127,645,000.00 Bond Years from Delivery Date 127,645,000.00 Total Debt Service 23,007,250.00 Maximum Annual Debt Service 1,772,000.00 Average Annual Debt Service 1,769,788.46 Underwriter's Fees (per $1000) Average Takedown Other Fee 5.000000 Total Underwriter's Discount 5.000000 Bid Price 105.777134 Par Average Average PV of 1 bp Value Price Coupon Life change Bond Component 16,625,000.00 106.277 5.000% 7.678 10,292.10 16,625,000.00 7.678 10,292.10 Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts TIC 16,625,000.00 1, 043, 573.60 -83,125.00 All -In Arbitrage TIC Yield 16,625,000.00 1,043,573.60 - 83,125.00 - 83,125.00 16,625,000.00 1, 043, 573.60 Target Value 17,585,448.60 17,502,323.60 17,668,573.60 Target Date 03/01/2017 03/01/2017 03/01/2017 Yield 4.087184% 4.163339% 3.952159% Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 2 . C PFM" The PFM Group Financial & Investment Advisors Bond Component BOND PRICING City of Miami, FL - CRA Preliminary Financing Numbers Maturity Yield to Call Call Premium Date Amount Rate Yield Price Maturity Date Price (-Discount) Bond Component: 03/01/2018 940,000 5.000% 2.710% 102.244 21,093.60 03/01/2019 985,000 5.000% 2.980% 103.893 38,346.05 03/01/2020 1,035,000 5.000% 3.180% 105.168 53,488.80 03/01/2021 1,085,000 5.000% 3.390% 105.975 64,828.75 03/01/2022 1,140,000 5.000% 3.510% 106.778 77,269.20 03/01/2023 1,200,000 5.000% 3.650% 107.215 86,580.00 03/01/2024 1,260,000 5.000% 3.800% 107.315 92,169.00 03/01/2025 1,320,000 5.000% 3.930% 107.284 96,148.80 03/01/2026 1,385,000 5.000% 4.010% 107.417 102,725.45 03/01/2027 1,455,000 5.000% 4.080% 107.492 109,008.60 03/01/2028 1,530,000 5.000% 4.150% 106.899 C 4.210% 03/01/2027 100.000 105,554.70 03/01/2029 1,605,000 5.000% 4.230% 106.225 C 4.329% 03/01/2027 100.000 99,911.25 03/01/2030 1,685,000 5.000% 4.290% 105.724 C 4.417% 03/01/2027 100.000 96,449.40 16,625,000 1,043,573.60 Dated Date Delivery Date First Coupon 03/01/2017 03/01/2017 09/01/2017 Par Amount 16,625,000.00 Premium 1,043,573.60 Production 17,668,573.60 106.277134% Underwriter's Discount -83,125.00 -0.500000% Purchase Price 17,585,448.60 105.777134% Accrued Interest Net Proceeds 17,585,448.60 Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 3 PFM The PFM Group Financial & Investment Advisors BOND DEBT SERVICE City of Miami, FL - CRA Preliminary Financing Numbers Period Debt Ending Principal Coupon Interest Service 03/01/2018 940,000 5.000% 831,250 1,771,250 03/01/2019 985,000 5.000% 784,250 1,769,250 03/01/2020 1,035,000 5.000% 735,000 1,770,000 03/01/2021 1,085,000 5.000% 683,250 1,768,250 03/01/2022 1,140,000 5.000% 629,000 1,769,000 03/01/2023 1,200,000 5.000% 572,000 1,772,000 03/01/2024 1,260,000 5.000% 512,000 1,772,000 03/01/2025 1,320,000 5.000% 449,000 1,769,000 03/01/2026 1,385,000 5.000% 383,000 1,768,000 03/01/2027 1,455,000 5.000% 313,750 1,768,750 03/01/2028 1,530,000 5.000% 241,000 1,771,000 03/01/2029 1,605,000 5.000% 164,500 1,769,500 03/01/2030 1,685,000 5.000% 84,250 1,769,250 16,625,000 6,382,250 23,007,250 Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 4