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SUMMARY OF REFUNDING RESULTS
May 8, 2017 1:58 pm Prepared by PFM Financial Advisors, LLC Page 3
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
Dated Date
06/29/2017
06/29/2017
06/29/2017
Delivery Date
06/29/2017
06/29/2017
06129/2017
Arbitrage Yield
2.209982%
2.209982%
2.209982%
Escrow Yield
0.701296%
1.217505%
1.156939%
Value of Negative Arbitrage
100,068.90
491,147.16
591,216.06
Bond Par Amount
80,450,000.00
34,290,000.00
114,740,000.00
True Interest Cost
2.209973%
2.209990%
2.209982%
Net Interest Cost
2.210000%
2.210000%
2.210000%
Average Coupon
2.210000%
2.210000%
2.210000%
Average Life
2.577
7.165
3.948
Par amount of refunded bonds
79,960,000.00
32,370,000.00
112,330,000.00
Average coupon of refunded bonds
4.980397%
5.157083%
5.073628%
Average life of refunded bonds
2.673
7.376
4.028
PV of prior debt
87,604,857.68
39,540,741.93
127,145,599.61
Net PV Savings
5,188,141.51
4,446,469.26
9,634,610.77
Percentage savings of refunded bonds
6.488421%
13.736389%
8.577059%
Percentage savings of refunding bonds
6.448902%
12.967248%
8.396907%
May 8, 2017 1:58 pm Prepared by PFM Financial Advisors, LLC Page 3