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Home My WebLink AboutExhibit - PFM MemorandumA. . PFM". The PFM Group Public Financial Management, Inc. PFM Asset Management LLC PFM Advisors Memorandum 255 Alhambra Circle 786 671.7481 Suite 404 305 448-7131 fax Coral Gables, FL www.pfm.com 33134 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 20076 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 less expensive and less administratively burdensome. PFM circulated the request for proposals to a wide -range of firms that participate in the municipal capital markets. Atotal 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 20078 $ 57,635,000 Average Annual Cash Flow Savings $ 1,144,243 Final Maturity of Bonds Refunded 2002 and 20078 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 11t". The PFM Group Flnnnd,l & lomiment Advisors SOURCES AND USES OF FUNDS City of Miami, FL Series 2015 Limited GO Refunding Dated Date 12/11/2015 Delivery Date 12/11/2015 Proposed Proposed Proposed Refunding of Limited Refunding of Refunding of Ad -Valorem Tax Bonds, Series Limited Limited 2007B Total Ad -Valorem Tax Ad -Valorem Tax 61,310 603.38 Delivery Date Expenses: Bonds, Series Bonds, Series Sources: 2002 2007B Total Bond Proceeds: Par Amount 7,185,000,00 '50,175,000.00 57,360,000.00 Other Sources of Funds: 7,843,513.12 53,632,135.48 61,475,648.60 Funds on Hand 658,513.12 3,457,135.48 4,115,648,60 7,843,513,12 53,632,135.48 61,475,648.60 Proposed Proposed Refunding of Refunding of Limited Limited Ad -Valorem Tax Ad -Valorem Tax Bonds, Series Bonds, Series Uses: 2002 2007B Total Refunding Escrow Deposits: Cash Deposit 0.67 0.71 1.38 SLGS Purchases 7,822,759.00 53,487,843.00 61,310,602.00 7,822,759.67 53,487,843.71 61,310 603.38 Delivery Date Expenses: Cost of Issuance 20,344.48 142,071.52 162,416.00 Other Uses of Funds: Additional Proceeds 408.97 2,220.25 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 .�� =- PF)4' %"' The PFM Group -F[PSM0101 F InvestrA at AdAsum 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 by Bond Component 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 All -In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield 7,185,000.00 7,185,000.00 7,185,000.00 7,185, 000.00 12/11/2015 2.639592% -20,344.48 7,164,655, 52 12/11/2015 2.749292% 7,185, 000.00 12/11/2015 2.639861% Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 2 PFM Par �a- The PFM Garoap PV of 1 by In:vestmentn�tivisnrs Value Price Coupon Life change BOND SUMMARY STATISTICS City of Miami, FL 2.640% 9.475 Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 20076 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) 50,175,000.00 Average Takedown 50,175,000.00 Other Fee 12/11/2015 Total Underwriter's Discount 12/11/2015 Bid Price 100.000000 Nov 25, 2015 12;28 pm Prepared by Public Financial Management, Inc. Page 3 Par Average Average PV of 1 by Bond Component 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 All -1n Arbitrage TIC TIC Yield Par Value 50,175,000.00 50,175,000.00 50,175,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -142,071,52 - Other Amounts 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%0 2.639861% Nov 25, 2015 12;28 pm Prepared by Public Financial Management, Inc. Page 3 1 The PFM Group Firmlel A Investment pduisnrs 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 10— PFIm am The PFM Group ��--"' Financial l Investment AGuisnrs SUMMARY OF BONDS REFUNDED City of Miami, FL Series 2015 Limited GO Refunding Maturity Interest Par Call Call Bond 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 20076, 200713: SERIAL 01/01/2023 5.000% 7,325,000.00 01/01/2017 100.000 01/01/2024 5.000%0 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%0 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%0 115,000,00 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 .= PFNC IM The PFM G"P Fin onolol f Inuesim9nt NdW1.5Qr$ SAVINGS Date City of Miami, FL Series 2015 Limited GO Refunding Prior Refunding Debt Service Debt Service Savings Present Value to 12/11/2015 @ 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 11,967,872.48 Less: Prior funds on hand -4,115,648.60 Plus: Refunding funds on hand 2,629.22 Net PV Savings 7,854,853.10 Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 6 .0 �= The PFM Group �._. Finxnolei R Investment Atlu(strrs BOND PRICING City of Miami, FL Series 2015 Limited GO Refunding Maturity Bond Component 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 Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 57, 360, 000.00 100.000000% 57, 360; 000.00 Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 7 PFS The PFM Group flnandil F Investment Advimm 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 01/0112017 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 01/0412028--------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 P.Pm The PFM Granp —W Flnanotnl & Investment gd�dsar.; BOND DEBT SERVICE City of Miami, FL Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002 Annual Period Ending Principal Coupon Interest Debt Service Debt 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 ,. PFZW The PFM Group Financlal & Investwat fid,i(s= 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 --"-----•8;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 �= The PFM Group FinnncGri t; investment Rtl�risnr:; 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 Gr aup .' flnenainl & inmtmenl Ad�isgrr, ESCROW REQUIREMENTS City of Miami, FL Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007B Period Ending Interest Principal 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 The PFM Group Financial & inu�atm¢nl atltdsora ESCROW COST DETAIL City of Miami, FL Series 2015 Limited GO Refunding Type of Maturity Par Total Security Date Amount Rate Cost Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002, SFI: SLGS 01/01/2016 15,004.51 15,004.51 SLGS 01/11/2016 643,508.56 0.060% 643,508.56 658, 513, 07 658, 513, 07 Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002, ESC: SLGS 01/01/2016 163,240.49 163,240.49 SLGS 01/11/2016 7,001,005,44 0.060% 7,001,005.44 7,164, 245.93 7,164, 245.93 Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007, SFI: SLGS 01/01/2016 80,778.60 80,778.60 SLGS 07/01/2016 71,807.13 0,340% 71,807.13 SLGS 01/01/2017 3,304,549.72 0.480% 3,304,549.72 3,457,135.45 3,457,135.45 Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007, ESC: SLGS 01/01/2016 1,169,005.40 1,169,005,40 SLGS 07/01/2016 1,039,172.87 0.340% 1,039,172.87 - - -- SLGS 01/01/2017 47,822,529.28 0.480% 47,822,529.28 50,030,707.55 50,030,707.55 61,310,602.00 61,310,602.00 Purchase Cost of Cash Total Escrow Date Securities Deposit Escrow Cost Yield Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002: SFI 12/11/2015 658,513.07 658,513.07 0.060052% ESC 12/11/2015 7,164,245.93 0.67 7,164,246.60 0,060058% 7,822,759.00 0,67 7,822,759.67 Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007: SFI 12/11/2015 3,457,135.45 3,457,135.45 0.478444% ESC 12/11/2015 50,030,707.55 0.71 50,030,708.26 0.478444% 53,487,843.00 0;71 53,487,843.71 61,310,602.00 1.38 61, 0,603.38 Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 13 .W— l"3t.I f The PFM Group '�� FinHnainl £. Inveslmaml Adu(sarS ESCROW CASH FLOW City of Miami, FL Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002 Net Escrow Date 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 Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. 12/11/2015 7, 822, 759.00 Page 14 r11Vr The PFM Groin �"" Fiannalol A IwinMmeni p(hilgnre ESCROW CASH FLOW City of Miami, FL Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2007B Net Escrow Date 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 13��vS = The PFM Group Financial F Investment Advism Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 16 ESCROW SUFFICIENCY City of Miami, FL Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 2002 Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 12/11/2015 0,67 0.67 0.67 01/01/2016 178,245,63 178,245.00 -0.63 0.04 01/11/2016 7,644,902.53 7,644,902.49 -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 Gr aup Plnnnolai & Invasimml Atlaisnrs; ESCROW SUFFICIENCY Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc, Page 17 City of Miami, FL Proposed Refunding of Limited Ad -Valorem Tax Bonds, Series 20078 Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 12/11/2015 0.71 0.71 0.71 01/01/2016 1,249, 784.38 1,249, 784.00 -0.38 0.33 07/01/2016 1, 249, 784.38 1,249, 784.44 0.06 0.39 01/01/2017 51,249,784.38 51,249,783.99 -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 Nt The PFM Group Fla ndel & Investment Advism 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 by Receipt Disbursement Escrow Negative Cost of Escrow 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 12/11/2015 Arbitrage yield 2.639861% Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 18 The PFM Group rinnanfal$ in vestment Adidsnrs Delivery date 12/11/2015 Arbitrage yield 2,639861% Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 19 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 by Receipt Disbursement Escrow Negative Cost of Escrow Escrow Cost (years) change Date Date Cost Arbitrage Dead Time SH 3,457,135.45 1.018 351.95 0,478444%0 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 12/11/2015 Arbitrage yield 2,639861% Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. Page 19 The PPM Group finnnnlnl C. Investm At AtiviSprx 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 PFM The PFM Group Finanrlal 8. laveKtment Ativims 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 Maturity Date Final Maturity 01/01/2028 Entire Issue Stated Weighted Interest Issue Redemption Average Rate Price at Maturity Maturity Yield 2.640% 8,700,000.00 8,700,000.00 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 TkJFm The PFM Group FSn.andiM F 9nvOment Alutxgrs FORM 8038 STATISTICS City of Miami, FL Series 2015 Limited GO Refunding Refunded Bonds Bond Component Date Principal Coupon Price Issue Price Series 2002: 7,593,461.25 SERIAL 01/01/2024 7,705,000.00 5.000% 103.431 CIB 01/01/2017 1,635,000.00 4,500% 100,000 1,635,000.00 CIB 01/01/2018 2,375,000.00 4.600% 99.559 2,364,526.25 CIB 01/01/2019 1,110,000.00 4.700% 100.000 1,110,000.00 CIB 01/01/2020 1,480,000,00 4,800% 100.000 1,480,000.00 CIB 01/01/2021 1,035,000.00 4.875% 100.000 1,035,000.00 51,631, 021, 35 7,635,000.00 57,635,000.00 7,624,526.25 City of Miami Limited Ad Valorem Tax Bonds, Series 20076: SERIAL 01/01/2023 7,325,000.00 5.000% 103,665 7,593,461.25 SERIAL 01/01/2024 7,705,000.00 5.000% 103.431 7,969,358.55 SERIAL 01/01/2025 8,095,000,00 5.000% 103.275 8,360,111.25 SERIAL 01/01/2026 8,515,000.00 5.000% 103.197 8,787,224.55 SERIAL 01/01/2027 8,950,000.00 5.000% 103.120 9,229,240.00 SERIAL 01/01/2028 9,295,000.00 5.000% 103.042 9,577,753.90 BIFUR 01/01/2028 115 000.00 4.625% 99.019 113,871.85 50, 000, 000.00 51,631, 021, 35 57,635,000.00 59,255,547.60 Remaining Last Weighted Call Issue Average Date Date Maturity Series 2002 01/11/2016 08/08/2002 2.7822 City of Miami Limited Ad Valorem Tax Bonds, Series 20076 01/01/2017 07/10/2007 9.6979 All Refunded Issues 01/01/2017 8,8080 Nov 25, 2015 12:28 pm Prepared by Public Financial Management, Inc. 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