Tab 18 Final NumbersSOURCES AND USES OF FUNDS
One-Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Dated Date 10/21/2014
Delivery Date 10/21/2014
Prepared by Public Financial Management, Inc. Page 1
Series 2014
2014 Refunding
New Money
Sources:
Bonds
Portion
Total
Bond Proceeds:
Par Amount
7,120,000.00
24,765,000.00
31,885,000.00
7,120,000.00
24,765,000.00
31,885,000.00
Series 2014
2014 Refunding
New Money
Uses:
Bonds
Portion
Total
Project Fund Deposits:
Cudjoe Key Project
15,000,000.00
15,000,000.00
Additional Projects
9,691,6 1.40
9691691.40
24,691,691.40
24:691:691.40
Refunding Escrow Deposits:
Cash Deposit
7,097,180.79
7,097,180.79
Delivery Date Expenses:
Cost of Issuance
22,819.21
73,308.60
96,127.81
7,120,000.00
24,765,000.00
31,885,000.00
Prepared by Public Financial Management, Inc. Page 1
BOND SUMMARY STATISTICS
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
• Premium (Discount)
Loan Provider: Pinnacle Public Finance
Dated Date
10/21/2014
Delivery Date
10/21/2014
First Coupon
04/01/2015
Last Maturity
04/01/2024
Arbitrage Yield
2.360125%
True Interest Cost (TIC)
2.360125%
Net Interest Cost (DIIC)
2.360000%
All -In TIC
2.415833%
Average Coupon
2.360000%
Average Life (years)
5.906
Duration of Issue (years)
5.486
Par Amount
31,885,000.00
Bond Proceeds
31,885,000.00
Total Interest
4,444,142.22
Net Interest
4,444,142.22
Total Debt Service
36,329,142.22
Maximum Annual Debt Service
4,284,202.00
Average Annual Debt Service
3,846,615.06
Underwriters Fees (per $1000)
Average Takedown
Other Fee
Total Underwriters Discount
Bid Price
100.000000
Par
Bond Component Value
Average Average PV of 1 by
Price Coupon Life change
Bond Component 31,885,000.00 100.000 2.360% 5.906 17,323.55
31,885,000.00 5.906 17,323.55
All -In Arbitrage
TIC TIC Yield
Par Value 31,885,000.00 31,885,000.00 31,885,000.00
• Accrued Interest
• Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- 96,127.81
- Other Amounts
Target Value
31,885,000.00
31,788,872.19
31,885,000.00
Target Date
10/21/2014
10/21/2014
10/21/2014
Yield
2.360125%
2.415833%
2.360125%
Prepared by Public Financial Management, Inc. Page 2
SUMMARY OF REFUNDING RESULTS
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public ?;inane
Dated Date
10/21/2014
Delivery Date
10/21/2014
Arbitrage yield
2.360125%
Escrow yield
Value of Negative Arbitrage
Bond Par Amount
7,120,000.00
True Interest Cost
2.360264 ° /
Net Interest Cost
2.360000%
Average Coupon
2.360000%
Average Life
2.669
Par amount of refunded bonds
7,060,000.00
Average coupon of refunded bonds
3.940553%
Average life of refunded bonds
2.003
PV of prior debt to 10/21/2014 @ 2,360125%
7,290,401.13
Net PV Savings
170,375.69
Percentage savings of refunded bonds
2.413253%
Percentage savings of refunding bonds
2.392917%
Prepared by Public Financial Management, Inc Page 3
SUMMARY OF BONDS REFUNDED
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider. Pinnacle Public Finance
Maturity Interest Par Call Gall
Bond Date Rate Amount Date Price
Infrastructure Sales Surtax Rev. Bonds, Sr. 2003:
SERIALS 04/0I/2015
3.700%
1,645,000.00
11120/2014
100.000
04/01/2016
3.750%
1,720,000.00
11/20/2014
100.000
04/01/2017
4.000%
1,805,000.00
11/2012014
100.000
04/01/2018
4.000%
1
11/20/2014
100.000
7,060,000.00
Prepared by Public Financial Management, Inc. Page 4
SAVINGS
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Present Value
Prior Refunding to 10/21/2014
Date Debt Service Debt Service Savings @ 2.3601249%
04/01/2015 1,781,582.50
574,680.89
1,206,901.61
1,194,381.39
04/01/2016 1,932,300.00
656,232.00
1,276,068.00
1,233,865.07
04/01/2017 1,952,800.00
3,164,432.00
- 1,211,632.00
- 1,144,076.33
04/01/2018 1,965,600.00
3,173,160.00
- 1,207,560.00
- 1,113,794.43
7,632,282.50 7,568,504.89 63,777.61 170,375.69
Savings Summary
PV of savings from cash flow
Net PV Savings
170,375.69
170,375.69
Prepared by Public Financial Management, Inc. Page 5
Dated Date
Delivery Date
First Coupon
Par Amount
Original Issue Discount
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
10/21/2014
10/21/2014
04/01/2015
31,885,000.00
31,885,000.00 100.000000%
31,885,000.00 100.000000%
31,885,000.00
Prepared by Public Financial Management, Inc. Page 6
BOND PRICING
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle
Public Finance
Maturity
Bond Component Date
Amount
Rate
Yield
Price
2014 Refunding Bonds, Bond Component:
04/01/2015
500,000
2.360%
2.360%
100.000
04/01/2016
500,000
2.360%
2.360%
100.000
04/01/2017
3,020,000
2.360%
2.360%
100.000
04/01/2018
3,100,000
2.360%
2.360%
100.000
7,120,000
Series 2014 New Money Portion, Bond Component:
04/01/2015
2.360%
2.360%
100.000
04/01/2016
2.360%
2.360%
100.000
04/01/2017
535,000
2.360%
2.360%
100.000
04/01/2018
535,000
2.360%
2.360%
100.000
04/01/2019
3,725,000
2.360%
2.360%
100.000
04/01/2020
3,810,000
2.360%
2.360%
100.000
04/01/2021
3,900,000
2.360%
2.360%
100.000
04/01/2022
3,990,000
2.360%
2.360%
100.000
04/01/2023
4,085,000
2.360%
2.360%
100.000
04/01/2024
4,185,000
2.360%
2.360%
100.000
24,765,000
31,885,000
Dated Date
Delivery Date
First Coupon
Par Amount
Original Issue Discount
Production
Underwriter's Discount
Purchase Price
Accrued Interest
Net Proceeds
10/21/2014
10/21/2014
04/01/2015
31,885,000.00
31,885,000.00 100.000000%
31,885,000.00 100.000000%
31,885,000.00
Prepared by Public Financial Management, Inc. Page 6
BOND DEBT SERVICE
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Dated Date 10/21/2014
Delivery Date 10/21/2014
Period
Ending
Principal
Interest
Debt Service
Annual
Debt Service
04/01/2015
500,000
334,438.22
834,438.22
834,438.22
10/01/2015
370,343.00
370,343.00
04/01/2016
500,000
370,343.00
870,343.00
1,240,686.00
10/01/2016
364,443.00
364,443.00
04/01/2017
3,555,000
364,443.00
3,919,443.00
4,283,886.00
10/01/2017
322,494.00
322,494.00
04/01/2018
3,635,000
322,494.00
3,957,494.00
4,279,988.00
10/01/2018
279,601.00
279,601.00
04/01/2019
3,725,000
279,601.00
4,004,601.00
4,284,202.00
10/01/2019
235,646.00
235,646.00
04/01/2020
3,810,000
235,646.00
4,045,646.00
4,281,292.00
10/01/2020
190,688.00
190,688.00
04/01/2021
3,900,000
190,688.00
4,090,688.00
4,281,376.00
10/01/2021
144,668.00
144,668.00
04/01/2022
3,990,000
144,668.00
4,134,668.00
4,279,336.00
10/01/2022
97,586.00
97,586.00
04/01/2023
4,085,000
97,586.00
4,182,586.00
4,280,172.00
10/01/2023
49,383.00
49,383.00
04/01/2024
4,185,000
49,383.00
4,234,383.00
4,283,766.00
31,885,000
4,444,142.22
36,329,142.22
36,329,142.22
Prepared by Public Financial Management, Inc. Page 7
PRIOR BOND DEBT SERVICE
Prepared by Public Financial Management, Inc. Page 8
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Period
Annual
Ending
Principal
Interest
Debt Service
Debt Service
04/01/2015
1,645,000
136,582.50
1,781,582.50
1,781,582.50
10/01/2015
106,150.00
106,150.00
04/01/2016
1,720,
106,150.00
1,826,150.00
1,932,3Q "Q.00
10/01/2016
73,900.00
73,900.00
04/01/2017
1,805,000
73,900.00
1,878,900.00
1,952,800.00
10/01/2017
37,800.00
37,800.00
04/01/2018
1,890,000
37,800.00
1,927,800.00
1,965,600.00
7,060,000
572,282.50
7,632,282.50
7,632,282.50
Prepared by Public Financial Management, Inc. Page 8
AGGREGATE DEBT SERVICE
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Period 2014 Refunding
Ending Bonds
Series 2014
New Money Aggregate
Portion Debt Service
04/01/2015
574,680.89
259,757.33
834,438.22
04/01/2016
656,232.00
584,454.00
1,240,686.00
04/01/2017
3,164,432.00
1,119,454.00
4,283,886.00
04/01/2018
3,173,160.00
1,106,828.00
4,279,988.00
04/01/2019
4,284,202.00
4,284,202.00
04/01/2020
4,281,292.00
4,281,292.00
04/01/2021
4,281,376.00
4,281,376.00
04/01/2022
4,279,336.00
4,279,336.00
04/01/2023
4,280,172.00
4,280,172.00
04/01/2024
4,283,766.00
4,283,766.00
7,568,504.89 28,760,637.33 36,329,142.22
Prepared by Public Financial Management, Inc. Page 9
COST OF ISSUANCE
One -Cent infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Cost of Issuance $/1000 Amount
Bond Counsel (Private Placement)
1.41132
45,000.00
BC Expenses
0.09409
3,000.00
Financial Advisor
1.00000
31,885.00
Financial Advisor (Refunding)
0.23522
7,500.00
FA Expenses
0.06273
2,000.00
Lender's Counsel
0.15681
5,000.00
Miscellaneous
0.05466
1,742.81
3.01483
96,127.81
Prepared by Public Financial Management, Inc. Page 10
ESCROW REQUIREMENTS
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Period Principal
Ending Interest Redeemed Total
11/20/2014 37,180.79 7,060,000.00 7,097,180.79
37,180.79 7,060,000.00 7,097,1110.79
Prepared by Public Financial Management, Inc. Page 11
ESCROW COST
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
10/21/2014 7,097,180.79 7,097,180.79
0 7,097,180.79 7,097,180.79
Prepared by Public Financial Management, Inc. Page 12
ESCROW SUFFICIENCY
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
10/21/2014 7,097,180.79 7,097,180.79 7,097,180.79
11/20/2014 7,097,180.79 - 7,097,180.79
7,097,180.79 7,097,180.79 0.00
Prepared by Public Financial Management, Inc. Page 13
ESCROW STATISTICS
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pirmacle Public Finance
Modified Yield to Yield to Perfect Value of
Total Duration Receipt Disbursement Escrow Negative Cost of
Escrow Escrow Cost (years) Date Date Cost Arbitrage Dead Time
2014 Refunding Bonds, Global Proceeds Escrow:
7,097,18039 7,083,779.21 13,401.58
7,097,180.79 7,083,779M 0.00 13,401.58
Delivery date 10/21/2014
Arbitrage yield 2.360125%
Prepared by Public Financial Management, Inc. Page 14
FORM 8038 STATISTICS
Bond Component Date
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Dated Date
Delivery Date
Principal
10/21/2014
10/21/2014
Redemption
Coupon Price Issue Price at Maturity
Bond Component:
04/01/2015
500,000.00
2.360%
100.000
500,000.00
500,000.00
04/01/2016
500,000.00
2.360%
100.000
500,000.00
500,000.00
04/01/2017
3,555,000.00
2.360%
100.000
3,555,000.00
3,555,000.00
04/01/2018
3,635,000.00
2.360%
100.000
3,635,000.00
3,635,000.00
04/01/2019
3,725,000.00
2.360%
100.000
3,725,000.00
3,725,000.00
04/01/2020
3,810,000.00
2.360%
100.000
3,810,000.00
3,810,000.00
04/01/2021
3,900,000.00
2.360%
100.000
3,900,000.00
3,900,000.00
04/01/2022
3,990,000.00
2.360%
100.000
3,990,000.00
3,990,000.00
04/01/2023
4,085,000.00
2.360%
100.000
4,085,000.00
4,085,000.00
04/01/2024
4,185,000.00
2.360%
100.000
4,185,000.00
4,185,000.00
31,885,000.00 31,885,000.00 31,885,000.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 04/01/2024 2.360% 4,185,000.00 4,185,000.00
Entire Issue 31,885,000.00 31,885,000.00 5.9059 2.3601%
Proceeds used for accrued interest
0.00
Proceeds used for bond issuance costs (including underwriters' discount)
96,127.81
Proceeds used for credit enhancement
0.00
Proceeds allocated to reasonably required reserve or replacement fund
0.00
Proceeds used to currently refund prior issues
7,097,180.79
Proceeds used to advance refund prior issues
0.00
Remaining weighted average maturity of the bonds to be currently refunded
2.0036
Remaining weighted average maturity of the bonds to be advance refunded
0.0000
Prepared by Public Financial Management, Inc. Page 15
FORM 8038 STATISTICS
One -Cent Infrastructure Sales Surtax
Series 2014 Refunding and New Money
Final Numbers
Loan Provider: Pinnacle Public Finance
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Infrastructure Sales Surtax Rev. Bonds, Sr. 2003:
Weighted
Call Issue
Average
SERIALS
04/01/2015
1,645,000.00
3.700%
98.757
1,624,552.65
SERIALS
04/01/2016
1,720,000.00
3.750%
98.079
1,686,958.80
SERIALS
04/01/2017
1,805,000.00
4.000%
99.574
1,797,310.70
SERIALS
04/01/2018
1,890,000.00
4.000%
98.555
1,862,689.50
7,060,000.00
6,971,511.65
Remaining
Last
Weighted
Call Issue
Average
Date Date
Maturity
Infrastructure Sales Surtax Rev. Bonds, Sr. 2003 11/20/2014 03/26/2003
2.0036
All Refunded Issues 11/20/2014
2.0036
Prepared by Public Financial Management, Inc. Page 16