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Item V10 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 20. 2002 Division: County Administrator Bulk Item: Yes No-L Department: County Administrator AGE~DA ITEM WORDING: Approval of a Resolution authorizing and directing the County Administrator and the County's financial advisor to solicit proposals from various fmancial institutions to provide financing to the County in order to refund certain outstanding indebtedness of the County and to finance various capital improvements. ITEM BACKGROUND: The County has been considering refinancing two issues and the establishment of a new debt instrument to finance major capital projects. At the October meeting of the BOCC, the County Administrator identified a number of questions that needed to be answered. Prior to the meeting, the BOCC will receive the analysis of the questions and answers and recommendations from the County's financial advisor and bond counsel. PREVIOUS RELEVANT BOCC ACTION: As above. CONTRACT/AGREEMENT CHANGES: None. STAFF RECOMMENDATIONS: Approval. TOTAL COST: -0- BUDGETED: Yes No COST TO COUNTY: -0- REVENUE PRODUCING: Yes No AMOUNT PER MONTH_ Year APPROVED BY: County Atty ----X- OMB/Purchasing _ Risk Management _ DIVISION DIRECTOR APPROVAL: - -;~~ ----/~0 James L. Roberts DOCUMENTATION: Included X To Follow_ Not Required_ DISPOSITION: AGENDA ITEM #-1/JD NUV- 1 "-00:.1: 100' 0000 rl'Cu'" .....u......u.. ........... &. ... &....- urr...... RESOLU'nON NO. 2002 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, AUTltORlUNG AND DIRECTING THE COUNTY ADMINISTRATOR AND THE COUNTY"S FINANCIAL ADVISOR TO SOUClT PROPOSALS FROM VARIOUS FINANCIAL IN51TTUTIONS TO PROVIDE FINANCING TO THE COUNTY IN ORDER TO REPUND CERTAIN OUTSTANDING INDEBTEDNESS OF THE COUNTY AND TO FINANCE VARIOUS CAPITAL I"PROVEMENTSs AND PROVIDING AN EPPPiCTIVE DATE. WHEREAS, the County previously has issued its Monroe COunty, Florida Refunding Revenue Bonds, Series 1993 (the "1993 Bonds") and Its Monroe County, Florida Municipal Service District Refunding Improvement Bonds, Series 1991 (the "1991 Bonds"); WHeREAS, due to current favorable interest rate markets, the County may be able to achieve debt service savings by refinandng the 1993 Bonds and/or the 1991 Bonds (collectively, the "Existing Bonds"); WHIREAS, the County has various infrastructure and capital improvement needs (the "Capital Improvements") that may be funded with proceeds of the infrastructure sales surtax (the "Sales Surtax") that is scheduled to become effective as of January 1, 2004; and WHeRIAS, due to current favorable interest rate markets, It may be desirable and beneficial to the County to issue tax-exempt bonds secured in whole or in part by the Sales Surtax in order to finance all or a portion of the Capital Improvements; now, therefore B! IT RESOLVED BV THE BOARD OF COUNTY COMMISSIONERS OP MONROE COUNTY, FLORIDA: ~ion 1. AUTHORIZATION TO SOUCIT BIDS. The County Administrator and the County's financial advisor, Public Financial Management, Inc. ("PFM-), are hereby authorized and directed to solicit bids from qualified financial institutions to provide financing for the refunding of the Existing Bonds and the financing of the capital Improvements. The County Administrator, in consultation with PFM, may determine, in his sole discretion, whether to solicit bids to refund both, either or none of the Existing Bonds. The Winning btdders shall subsequently be approved by the Board in connection with the subsequent approval of any debt issuance. PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida at a regular meeting of the Board this 20rn day of November, 2002. COmmissioner McCoy Commissioner Nelson Commissioner Neugent Commissioner Rice Commissioner Spehar (SEAL) Attest: DANNY LKOLHAGE, Clerk BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By By Mayor/Chairperson Deputy Oerk Capital Financing The Board of County Commissioners asked the Administration, the County's financial advisors, and Bond Counsel to review the possibilities for capital financing. During that review it became obvious to the financial advisors that it would also be appropriate to refund the municipal service district (Solid Waste) improvement bonds issued in 1991 and the guaranteed entitlement refunding revenue bonds issued in 1993. These would produce an overall savings to the County of $850,000. In addition the financial advisors looked at a variety of scenarios that could be utilized for the County for the issuance of additional debt. The overall purpose during a period of low interest rates was to determine whether many of the County's projected capital needs could be satisfied earlier. Scenarios reviewed were to issue bonds in the value of $10 million, $10 million each for three issues, $20 million worth of bonds in one issue, $30 million worth of bonds in one issue, $20 million worth of bonds in three issues and $30 million worth of bonds in three issues. These were predicated upon the extension of the infrastructure sales tax from 2005 to 2019 and the availability of funds. As the Board knows, there is a policy for the distribution of those funds in various categories and that policy will have to be adjusted no matter which scenario was chosen. The following is the recommendation to the Board of County Commissioners in reference to these three offerings: Capital - Two Refunding Scenarios Taken together the two bond amounts to be refunded include approximately $5.67 million for the series 1991 bonds and near $3 million on the 1993 issue. By refunding these the County will save a total of approximately $850,000. The financial advisor recommends the County proceed to a bank qualified loan approach as opposed to formal bond issue. Based upon the projected savings it is recommended that the County proceed along these lines to refund this debt. Capital Bond The County Commission has also been looking at issuing new capital debt for a variety of capital items that need to be addressed. The problem has been whether projects could be accelerated and the County could still maintain its capital program under the infrastructure sales tax that was extended through fiscal year 2019. It is recommended that, based upon past policies set by the County Commission including the percentage distribution of funds for a variety of categories of capital projects, the amount to be financed be set at $20 million and under that finance the projects of immediate importance to the County. As discussed with the Board of County Commissioners at the October 2002 meeting a number of questions needed to be considered prior to the recommendation. These questions and responses are as follows: 1. The first question pertains to the availability of funds to support the capital debt versus the financing costs. In other words, accelerating projects through capital debt has a cost attached to .>"-.._"",~"",. it. A prudent approach would suggest that the County not bond such a large amount of funds that the debt payment would seriously impact its ability to do other capital projects. As will be seen by the priority list to be discussed shortly there are some immediate needs that should be addressed. By accepting the $20 million level for the capital financing it is believed that the County can handle the debt payments as well as other capital needs that will be handled over the course of time. 2. The question has arisen whether capital financing at this point will impact the flexibility of future County Commission's ability to identify projects and set priorities. As the Board is aware the current infrastructure sales tax is nearly 50% committed to the capital debt on the Detention facility on Stock Island, which debt will be retired in fiscal year 2004. That has precluded the County from moving ahead on a variety of other projects. The $20 million bond issue once again should serve to accelerate needed projects and leave future commissions flexibility for future priorities. 3. There is always the question of the relationship between inflation and financing costs. At present the County is on a "pay-as-you- go" basis and must absorb continuing increases in capital costs as a result of inflation. Although it is not possible to project the exact trade-off between financing costs and inflation over the years it is reasonable to expect that some inflationary costs will be saved by doing a variety of projects sooner rather than later. 4. Capital Improvement Plan Allocation Policy - When the citizens voted to extend the infrastructure sales tax through 2019 the Board of County Commissioners adopted an allocation policy for the use of those funds which identified 65% for physical environment (wastewater, stormwater, land acquisition), 5% for general government projects, 10% for public safety projects, 5% for human services projects, 10% for culture and recreation, 5% for grant matches. The annual revenues were projected to be approximately $10,500,000. Within each of these categories the Board approved certain projects to be completed from fiscal year 2005 to fiscal year 2019. The result is some projects were not to be completed until the end of that period. In addition the County is under mandates to complete wastewater projects on an accelerated schedule. If the Board of County Commissioners determines to proceed with the $20 million bond it is necessary to revise the policy which would bring the physical environment category down closer to 50%, rather than 65%. The other categories should also be adjusted, especially given the early completion of several certain projects under the bond issue. The comparison is as follows: Current Policy Proposed Policy with $20 Million Bond Issue Administrative Off the Top Off the Top General Government 5.00% 4.07% Public Safety 10.00% 8.14% Physical Environment 65.00% 52.89% Human Services 5.00% 4.07% Culture & Recreation 10.00% 8.14% Grant Match 5.00% 4.07% Debt Payment 0.00% 18.63% Total 100.00% 100.00% It will be necessary for the Board of County Commissioners prior to the issuance of the debt to establish a new policy reflecting new percentages and revising the infrastructure sales tax capital plan from fiscal year 2003 through fiscal year 2019. If the Board wishes to proceed these can be presented at the December or January meeting. Projects for Capital Financing Previously the Administration worked with the County Commission to develop a list of capital needs in the County. That list ultimately resulted in over $160 million in total costs. Many of those items were part of the existing infrastructure sales tax capital plan and many were newly developed items that have not yet been evaluated. The Administration has reviewed the list of all those projects and recommends to the County Commission the following priority list at this time for the capital financing bond issue: First, Public Safety projects should be completed. These are the ones that potentially have the most direct impact upon lives and property and an overall sense of security in the community. Seven of these projects are recommended totaling approximately $9 million. The second category is General Government projects which include not only the Upper Keys Government Center, should the Commission wish to proceed with that, but also much needed courtroom renovations in both Plantation Key and Marathon. These projects total approximately $9.4 million. The third category is the Medical Examiner facility estimated at approximately $2.5 million, which is a facility the Board of County Commissioners had identified as a priority. The Board has already selected an architect who is presently working on preliminary aspects of the design. The total cost as identified on the proposed priority list is $20,950,000. In the event that costs do not reach that level or that some projects, for whatever reason, can't be completed it is suggested that two additional projects be identified. The first is the Crawl Key Fire Rescue Training Facility additions for approximately $1 million and a Dedicated Emergency Operations Center which has been needed in this county for quite some time ($2.8 million). Total is $3.8 million of projects that would be available immediately to be placed within the bond issue if room within the $20 million becomes available. Although it is certain that individual commissioners will want to see certain projects within the priority list, the Board should be reminded that this will result in a reworking of the capital improvement plan and that other projects may have an opportunity to be moved up to an earlier date. Although not every project can be completed immediately, and some will not be completed until near the end of the infrastructure sales tax period, it is anticipated that those of most significance to the community will be accomplished. Once again the BOCC will have an opportunity in December or January to rework the capital projects plan. ATTACHMENTS 1. Plan of Finance: Guaranteed Entitlement Revenue Refunding Notes 2. Plan of Finance: Municipal Service District Refunding Improvement Notes 3. Request for Commitment for a Tax Exempt Note (for #1 and #2 above) 4. Proposed Priority List of Projects for Bond Issue 5. Current Capital Projects Plan - Infrastructure Sales Tax FY 2001 - 2004 6. Infrastructure Capital Projects Plan FY 2005 - 2019 7. Proposed Capital Program Projects (both new and existing in 304 plan). MONROE COUNTY, FLORIDA GUARANTEED ENTITLEMENT REVENUE REFUNDING NOTES, SERIES 2002 Plan of Finance November 13, 2002 Public Financial Management, Inc. 10100 Deer Run Farms Road Suite 201 Fort Myers. FL 33912 (239) 939-3009 MONROE COUNTY, FLORIDA (Guaranteed Entitlement) Refunding Revenue Notes, Series 2002 Plan of Finance I. INTRODUCTION The objective of this Plan of Finance for ~vlonroe County, Florida ('"County") is to describe the proposed issuance of the County's Revenue Refunding Notes, Series 2002 ("Series 2002 Notes"). The Series 2002 Notes will provide funds to current refund the County's outstanding Retunding Revenue Bonds, Series 1993 ("Series 1993 Bonds"). The proceeds of the Series 1993 Bonds vvere used to advance retund the County' s S6,46 million Improvement Revenue Bonds, Series 1988:'\. II. THE ISSUER Monroe County has a population of approximately 80,588, The County consists primarily of the Florida Keys, which are a string of coral islands extending in a southwesterly arc from Biscayne Bay to the Dry Tortugas, The County of Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba, approximately 160 miles southvvest of 0vliami and 66 nautical miles north of the Tropic of Cancer. The Florida Keys are connected to the Florida peninsular mainland by two roadways: (1) V,S. Highway One, which is a causevvay crossing the Barnes Sound, and (2) the Card Sound Bridge, which spans the Card Sound, north of the Barnes Sound causeway crossmg. The County is governed by a five-member board that is empowered to. among other things. levy ad valorem taxes; acquire, construct and improve capital projects: appropriate and spend revenues of the County; and issue various forms of indebtedness. including the Series 2002 Notes. III. FINANCE TEAM P ARTICIP ANTS A. Financial Advisor - Public Fillallciall~lallagemellt, fllc. ("PFllJ'') A consulting firm selected by the County to advise with respect to the structure, timing. terms, planning and other matters concerning the issuance of the Series 2002 Notes, B. Bond Counsel-Nabors, Giblill & Nickersoll A law firm selected by the County to deliver an opinion. upon the date of closing. as to the legality of issuance and the tax-exempt nature of the Series 2002 Notes. C. Bank Loan Provider-To Be Determilled A bank selected by the County based on both bid amount and experience to provide the Series 2002 Notes. D. Bank Counsel-To Be Determined A law firm selected by the bank loan provider and approved by the County to prepare the disclosure documents for the Series 2002 Notes and advise the bank loan provider on its disclosure responsibilities. IV. DEBT STRUCTURE The Series 2002 Notes will be structured to provide level savings on the Series 1993 Bonds. The Series 2002 Notes will current refund all callable Series 1993 Bonds excluding the 2003 serial bonds in the aggregate principal amount of approximately $2.91 million. The interest on the Series 2002 Notes will be payable semi-annually on June 1 and December I, with principal payable annually on December 1. The debt will be amortized with the same maturity structure as the outstanding Series 1993 Bonds. V. FUNDING FOR THE PROJECT Issuance of Series 2002 Notes The County will issue Notes to provide for: . The purchase of securities to be deposited into an Escrow . Cost of Issuance VI. SECURITY FOR THE SERIES 2002 NOTES The debt service on the Series 2001 Notes is secured by a lien upon the guaranteed entitlement and second guaranteed entitlement portion of the revenue sharing trust funds of the State of Florida, as defined in and as distributable to the County, under the provisions of Chapter 218. Part II, Florida Statutes, VII. ESTABLISHMENT OF FUNDS AND ACCOUNTS The following account for the Series 2002 Notes will be established: Payment Account-Pledged Funds shall be first applied and allocated to the Payment Account in such sums of 1/6th of all interest becoming due on next semi-annual interest payment date and 1/12th principal maturing on the next serial bond maturity date. Public Fillallcial .l/allllgemellt 2 lVlONROE COUNTY, FLORIDA PRELIlVlINARY FINANCING TIlVIETABLE Guaranteed Entitlement Refunding Revenue Notes, Series 2002 Nov-02 s M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 DATE (2002) November 13 November 14 November 20 November 21 December 3 December 4 December 9 December 18 December 23 December 26 December 27 December 30 December 3 1 January 31 LEGEND: COUNTY FA De c-02 s M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 ~6 17 18 19 20 2~ 22 23 24 25 26 27 28 29 30 31 Jan-03 s M T \I T F S 1 2 3 ~ 5 " 1 3 ,3 10 11 12 13 1~ 15 16 11 13 lJ 20 21 22 ~, 2.1 25 ':"J 26 ? ' 2 ;3 23 ~o '''4 .1 ., EVENT Initial Conference Call PARTICIPANTS ALL Preliminary Plan of Finance/Timetable Distributed FA Board Approval of Request For Commitment ('"RFC') COU:.rTY RFC Distributed FA RFC Responses Due FA Deadline for Agenda Package ALL Analysis of RFCs Due to County FA Board Approval of Loan Providers Delegated Resolution for Rate Lock COlJ'NTY Draft Documents Distributed ALL Final Documents BC/BKC Lock in Fixed Rate COUNTY/BANK Preclosing ALL Closing Issue Notice of Redemption for Series 1993 Bonds to Trustee ALL COUNTY Redeem Series 1993 Bonds CO UNT'{ Monroe County, Florida Financial Advisor: Public Financial ~lanagement. rnc, Public Financial iY/anagement, Inc. Revised l1/l.J./]OO] I.\'IONROE COUNTY, FLORIDA PRELIl\IINARY FINANCING TIMETABLE Guaranteed Entitlement Refunding Revenue Notes, Series 2002 Nov-02 s M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 De c-02 s M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Jan-03 S M T \J T F S 1 2 3 4 5 6 1 8 3 10 11 12 13 14 15 16 17 13 13 20 21 22 23 24 25 26 21 28 23 30 31 DATE (2002) BC BKC BANK EVENT Bond Counsel: Nabors, Giblin & Nickerson Bank Counsel: To Be Determined Bank: To Be Determined Council Meetings Scheduled 3rd Wednesday PARTICIPANTS Public Financial ;l.,fanagemenr, fne, Revised 11/14/2002 l\'IONROE COUNTY, FLORIDA PRELIMINARY FINANCING TIMETABLE Guaranteed Entitlement Refunding Revenue Notes, Series 2002 Nov-02 s M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 De c-02 s M T W__ T F 5 1 2 3 --.1. 5 6 7 8 9 10 11 12 13 14 15 16 17 &_ 19 20 21 22 23 24 25 26 27 28 29 30 31 Jan-03 S M T \J T F S 1 2 3 4 5 6 7 8 3 10 11 12 13 14 15 16 17 18 13 20 21 22 23 24 25 26 27 28 23 30 31 DATE (2002) November 13 EVENT Initial Conference Call PARTICIPAi'lTS ALL November 14 Preliminary Plan of Finance/Timetable Distributed FA November 20 Board Approval of Request For Commitment ("RFC") COUNTY November 21 RFC Distributed FA December 4 Deadline for Agenda Package ALL December 5 RFC Responses Due FA December 9 Analysis of RFCs Due to County FA December 18 Board Approval of Loan Providers COUNTY December 23 Draft Documents Distributed ALL January 8 Final Documents BC/BKC January 15 Commission Meeting Lock in Fixed Rate Preclosing COUNTY COUNRTY/BANK ALL January 26 Closing Issue Notice of Redemption for Series 1993 Bonds to Trustee ALL COUNTY February 26 Redeem Series 1993 Bonds COUNTY LEGEND: COUNTY FA BC Monroe County, Florida Financial Advisor: Public Financial Management, Inc, Bond Counsel: Nabors, Giblin & Nickerson Public Financial Management, Inc, Revised 11/14/2002 lVIONROE COUNTY, FLORIDA PRELIMINARY FINANCING TIMETABLE Guaranteed Entitlement Refunding Revenue Notes, Series 2002 Nov-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 De c-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 t) 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Ja n-03 S M T V T F S 1 2 3 4 5 6 1 8 3 10 11 12 13 14 15 16 11 18 13 20 21 22 23 24 25 26 21 28 23 30 31 DATE (2002) BKC BA1"JK EVENT Bank Counsel: To Be Determined Bank: To Be Determined Council Meetings Scheduled 3rd Wednesday PARTICIPANTS Public Financial Management. lnc, Revised 11/14/2002 Monroe County, Florida Guaranteed Entitlement Refunding Revenue Notes, Series 2002 Distribution List Issuer James Roberts County Administrator 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4441 (305) 292-4544/F AX James Hendrick County Attorney jtylaw@hotmai1.com 500 Whitehead Street Key West, FL 33040 305-292-3476 (305) 292-3516/FAX Jennifer Hill Finance & Budget Director 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4472 305-295-4320/FAX Sheila Barker Administrative Services Director 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4462 305-292-4564/F AX Danny Kolhage Clerk of Courts 500 Whitehead Street Key West, FL 33040 (305) 292-3550 (305) 295-3660/F AX Financial Advisor Hal Canary Senior Managing Consultant Kelly Ryman Consultant Kyrle Turton Consultant Public Financial Management 10100 Deer Run Farms Road Suite 201 Fort Myers, FL 33912 (239) 939-3009 (239) 939-l220/FAX Bond Counsel Tom Giblin Steve Miller smiller@ngn-tampa.com Nabors, Giblin & Nickerson P.A. 2502 Rocky Point Drive Suite 1060 Tampa, FL 33607 (813) 281-2222 (813) 281-0129/FAX Bank To Be Determined Bank Counsel To Be Determined. Public Financial ,Uanagement 2 ------- == PFM __ Public Financial Management - Financial and Investment Advisors Suite 201 10100 Deer Run F ann Road Fort Myers, FL 33912-1045 239 939-3009 239 939-1220 fax www.pfm.com November 12, 2002 MEMORANDUM TO: Jim Roberts Monroe County FROM: Hal Canary Kyrle L. Turton Public Financial Management, Inc. RE: Refunding Scenario-1993 Guaranteed Entitlement Bonds Public Financial Management, Inc. ("PFM") has completed a current bank loan refunding scenario for Monroe County's Municipal Service District Refunding Revenue Bonds, Series 1993 ("Series 1993 Bonds"). We have chosen-based on preliminary analysis-to refund all callable Series 1993 Bonds excluding the 2003 serial bonds. The following are additional assumptions and findings for this scenario: Category Datedffielivery Date Costs of Issuance Structure Par Amount-Bonds Refunded Principal Payment Periodicity Interest Payment Periodicity Assumption December 1, 2002 $50,000 Level Savings $2.91 million Annual Semiannual Category Loan Amount TIC Present Value Savings ($) Present Value Savings (%) A vera~e Life of Loan Finding $3 million 3% $123,778 4,26% 4.028 In determining which serial bond maturities should be included in our refunding scenario, we have evaluated each maturity of outstanding Series 1993 Bonds based on its individual refunding potential. PFM has included a ranking of refunding candidates to detail the percentage savings associated with refunding each maturity of Series 1993 Bonds. As shown by this analysis, all maturities of the Series 1991 Bonds excluding the 2003 serial bonds produce some level of posItive savings. In an issuance of Series 2002 Notes, we advise that the County refund all callable bonds excluding this year. Recommendation Based on the current conditions of the market and PFM's knowledge and experience in the issuance of tax-exempt debt, it is our opinion that 4.26% in net prevent value savings on a current refunding of Series 1993 Bonds is sufficient justification for the issuance of Series 2002 Notes. In order to obtain the projected amount of savings on a refunding of the Series 1993 Bonds, PFM recommends that the County should proceed deliberately with the issuance of a Request for Commitment for a term loan provider for the Series 2002 Notes. In the very near future we will also have to address a number of other key decisions in order to move forward. PFM will be pleased to assist you. Thank you. Public Financial Jlanagement 2 SOURCES AND USES OF FUNDS Monroe County, Florida Guaranteed Entitlement Refunding Improvement Notes. Series 2002 Dated Date Delivery Date 12/0 I /2002 12/0 I /2002 Sources: Bond Proceeds: Par Amount 3,002,273.85 3.002.273.85 Uses: Refunding Escrow Deposits: Cash Deposit SLG Purchases 0.85 2.952.27300 2.952.273.85 Delivery Date Expenses: Cost ofIssuance 50.000.00 3.002.273.85 ~L)V 12,2002 5:49 pm Prepared by Public Financial M::magment (Finance 4.421 monroe,GC.\RE:';T.LO.\:\.LO,\:\) P'H,!C I SUMMARY OF REFUNDING RESULTS Monroc County, Florida Guaranteed Entitlcment Refunding Improvement Notes, Series 2002 Dated Date Delivery Date Arbitrage yield Escrow yield Bond Par Amount True Interest Cost Net Interest Cost A verage Coupon Avcrage Life Par amount of refunded bonds Average coupon of refunded bonds Average life ofrefunded bonds PV of prior debt to 12/01/2002 @ 3.000000% :--Iet p"y Savings Percentage savings of refunded bonds Percentage savings ofrefunding bonds 12/01/2002 12/01/2002 3.000000% 1.155709% 3,002,273.85 3,000000% 3.000000% 3.000000% 4.028 2,905,000.00 5.000000% 4.100 3,126,051.76 123,777,91 4,260857% 4.122805% :\ov 12,2002 5A9 pm Prepared by Public Financial 7\lanagmcnt (Finance 4.421 monroe:GUARENT.LOA:--I,LOAN) Page:2 SUMMARY OF BONDS REFUNDED Monroe County, Florida Guarantced Entitlement Refunding Improvement Notes, Series 2002 Bond Maturity lntercst Par Call Call Date Ratc Amount Date Pricc 12/01/2004 5.000% 525,000.00 01.'30/2003 101.000 12/01/2005 5.000% 550,000.00 01/30/2003 101.000 12/01/2006 5.000% 580,000.00 o l/30/2003 101.000 12/01/2007 5.000~~ 610,000.00 01/30/2003 101.000 12/01/2008 5.000% 640.000.00 01/30/1003 101.000 2,905,000.00 1993LN: SERIAL 'iov 12, 2002 5:49 pm Prcpared by Public Financial Managment (Finance --l"E I rnonroe,GL::\RE'iT-LOAN.LO..\:\) Page 3 SA VlNGS Monroe County, Florida Guaranteed Entitlement Refunding Improvement Notes, Series 2002 Present Value Prior Refunding Annual to 12/01/2002 Date Debt Service Debt ServIce Savings Savings @ 3.0000001% 06/0 \/2003 72,625.00 45,034.\\ 27,590.89 27,\83.14 12/01/2003 72,625.00 77,646..B -5,021.43 22,569.46 -4,874.11 06/01/2004 72,625.00 44,544.92 28,080,08 26,853.46 \2/01/2004 597,625.00 603,135.60 -5,5\ 0.60 22,569.48 -5,192.00 06/01/2005 59,500.00 36,166.06 23,333,94 21,659.97 12/0 \/2005 609,500.00 610,264.4 7 -764.47 22,569.47 -699.14 06/01/2006 45,750.00 27,554.59 18,195.41 16,394.55 12/0 1/2006 625,750.00 621.375.95 4.374,05 22,569.46 3,882.89 06/0 l/2007 31,250.00 18,647.27 12,602,73 1\ ,022.25 12/0 l/2007 64\ ,250.00 63\,283.27 9,966,73 22,569.46 8,588.00 06/0 1/2008 \6,000,00 9.457.73 6,542,27 5,553.95 12/01/2008 656,000.00 639,972.81 16,027.19 22,569.46 13,404.94 3,500,500.00 3,365.083.21 135,416.79 135,416.79 123,777.91 Savings Summarv PV of savings from cash now 123,777.91 Net PV Savings 123,777.91 ~O\" 12,2002 5:4<) pm Prepared by Public Financial :-'Ianagment (Finance 4.42\ monroe:GUARENT-LOAN,LOA~) Page 4 PRIOR BOND DEBT SERVICE Monroe County, Florida Guaranteed Entitlement Refunding Improvement Notes, Series 2002 Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/2002 06/01/2003 72,625 72.625 12/01/2003 72,625 72,625 145.250 06/01/2004 72.625 72.625 12/01/2004 525.000 5.000% 72.625 597.625 670,250 06/01/2005 59,500 59.500 12/01/2005 550,000 5.000% 59,500 609.500 669,000 06/01/2006 45,750 45.750 12/01/2006 580,000 5.000% 45,750 625.750 671,500 06/01/2007 31,250 31.250 12/01/2007 610,000 5.000% 31,250 641,250 672.500 06/0 I /2008 16.000 16,000 12/01/2008 640,000 5.000% 16,000 656,000 672,000 2,905,000 595.500 3.500.500 3,500.500 Nav 12.2002 5:49 pm Prepared by Public Financial \lanagment I Finance 4,421 1l1onroe,GUARE:-.iT.LOAN.LO.\N) Page 5 BOND SUMMARY STATISTICS Monroe County, Florida Guaranteed Entitlement Refunding Improvement Notes, Series 2002 Dated Date Delivery Date Last Maturity 12/01/2002 12/01/2002 12/01/2008 Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All-In TIC Average Coupon 3.000000% 3.000000% 3.000000% 3.450093% 3.000000% Average Life (years) Duration of Issue (years) 4,028 3.797 Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service 3,002,273.85 3,002,273.85 362,809,36 362,809.36 3,365,083,21 649,930.54 560,847.20 Underwriter's Fees (per S 1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price 100.000000 Par Average Average Value Price Coupon Life 3,002,273.85 100.000 3.000% 4.028 3.002,273.85 4.028 All-In Arbitrage TIC TIC Yield 3,002,273.85 3,002,273.85 3,002,273.85 Bond Component Senal Bonds Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts -50,000.00 Target Value 3,002.273.85 2.952,273.85 3,002,273,85 Target Date Yield 12/01/2002 3.000000% 12/01/2002 3.450093% 12/01/2002 3.000000% :--Jov 12.2002 5:49 pm Prepared by Public Financial Managment (Finance 4.421 monroe:GUARENT-LOAN,LOAN) Page 6 BOND DEBT SERVICE Monroe County, Florida Guaranteed Entitlement Refunding Improvement Notes, Series 2002 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 12/0 1/2002 06/0112003 45,034.11 45,034.11 12/01/2003 32,612.32 3.000'% 45,034.11 77 ,646.43 122.680.54 06/01/2004 44,544.92 44,544.92 12/01/2004 558,590.68 3.000% 44,544.92 603,135.60 647,680.52 06/01/2005 36,166.06 36,166.06 12/01/2005 574,098.41 3 .OOO~/o 36,166.06 610,264.47 646,430.53 06/01/2006 27,554.59 27,554.59 12/01/2006 593,821.36 3.000% 27,554.59 621.375.95 648.93054 06/01/2007 18,647.27 18,647.27 12/01/2007 612,636.00 3.000% 18,647.27 631.283.27 649.930.54 06/01/2008 9,457.73 9,457.73 12:01/2008 630,515.08 3.000% 9,457.73 639,972.81 649.430.54 3,002,273,85 362,809.36 3,365,083.21 3,365.083.21 'iO\' 12, 2002 5:49 pm Prepared by Public Financial ;"Ianagment (Finance 4,421 monroe,Gl';\RE:\T.LO,\:\.LO..\'i) Page '7 BOND DEBT SERVICE Monroe County, Florida Guaranteed Entitlement Refunding Improvement Notes, Series 2002 Period Ending Principal Coupon Interest Debt Service 12/01/2003 32,612.32 3.000% 90,068.22 122,680.54 12/01/2004 558,590.68 3.000% 89,089.84 647,680.52 12/01/2005 574,098.41 3.000% 72,332.12 646,430.53 12/01/2006 593,821.36 3.000% 55,109.18 648,930.54 12/01/2007 612,636.00 3.000% 37,294.54 649,930.54 12/01/2008 630,515.08 3.000% 18,915.46 649,430.54 3,002,273.85 362,809.36 3,365,083.21 Nov 12.2002 5:49 pm Prepared by Public Financial Managmenl (Finance 4.421 monroe:GUARENT-LOAN,LOAN) Page 8 z 0 < !'> N 0 0 N V- V- l.H ":::l 3 "'C ..., ..., ":::l ~ ..., P- er '< "'C c: S!: n' .." 5' en "'t! 5' m;=:: t;;' 0 co ::l co <: " '" (1) '" !!. ..., < ..., i:' c: ~ S' en ..., ..., co <' co (1) 0 ::l ::l OQ ;!;. ~ 9: ..., (1) 3: (1:1 ~. ~ m::l co en::l (1) to ><OQ '" N'OQ m 0 ::l '" co ":::l '" 2 (1) en >< co OQ ..., I:l:l to~~ " S (1) co (1) '" P- Q:l _. = '" '" '" (1) '" ~ (1) (1) g- (1) '" (1) 0.. 0.. 0.. 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INTRODUCTION The objective of this Plan of Finance for Monroe County, Florida ("County") is to describe the proposed issuance of the County's Refunding Improvement Revenue Notes, Series 2002 ("Series 2002 Notes"). The Series 2002 Notes will provide funds to current refund the County's outstanding Refunding Improvement Bonds. Series 1991 ("Series 1991 Bonds"), The proceeds of the Series 1991 Bonds \vere used to advance refund the County' s Refunding Improvement Bonds, Series 1985, II. THE ISSUER Monroe County has a population of approximately 80,588, The County consists primarily of the Florida Keys. which are a string of coral islands extending in a south\vesterly arc from Biscayne Bay to the Dry Tortugas. The City of Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba. approximately 160 miles southwest of Miami and 66 nautical miles north of the Tropic of Cancer. The Florida Keys are connected to the Florida peninsular mainland by two roadways: (1) D,S, Highway One, which is a causeway crossing the Barnes Sound, and (2) the Card Sound Bridge, \vhich spans the Card Sound. north of the Barnes Sound causeway crossmg, The County is governed by a five-member board that is empowered to. among other things. levy ad valorem taxes; acquire. construct and improve capital projects: appropriate and spend revenues of the County; and issue various forms of indebtedness. including the Series 2002 Notes, III. FINANCE TEAM P ARTICIP ANTS A. Financial Advisor -Public Financial Ll1anagement, Inc. ("PF1H") A consulting firm selected by the County to advise with respect to the structure. timing. terms, planning and other matters concerning the issuance of the Series 2002 Notes, B. Bond Counsel-Nabors, Giblin & Nickerson A law firm selected by the County to deliver an opinion. upon the date of closing. as to the legality of issuance and the tax-exempt nature of the Series 2002 Notes, C. Bank Loan Provider-To Be Determined A bank selected by the County based on both bid amount and experience to provide the Series 2002 Notes, D. Bank Counsel-To Be Determined A law firm selected by the bank loan provider and approved by the County to prepare the disclosure documents for the Series 2002 Notes and advise the bank loan provider on its disclosure responsibilities, IV. DEBT STRUCTURE The Series 2002 Notes will be structured to provide level savings on the Series 1991 Bonds. The Series 2002 Notes will current refund all callable Series 1991 Bonds in the aggregate principal amount of approximately $5,66 million, The interest on the Notes will be payable semi-annually on May 1 and November 1, with principal payable annually on November 1, The debt will be amortized with the same maturity structure as the outstanding Series 1991 Bonds. V. FUNDING FOR THE PROJECT Issuance of Series 2002 Notes In addition to refunding all outstanding Series 1991 Bonds, the Series 2002 Notes will provide for: . The purchase of securities to be deposited into an Escrow . Cost of Issuance VI. SECURITY FOR THE SERIES 2002 NOTES The debt service on the Series 2002 Notes is secured by a lien upon payments received from franchisee solid waste collectors with respect to commercial property within the area of the Monroe County Municipal Service District ("District"); all other non ad valorem funds received by the District with respect to furnishing services of the solid waste disposal facilities O\vned and operated by or on behalf of the District to the residents of the District; and any income derived from the investment of funds and accounts created and established by the Bond Resolution. VII. ESTABLISHMENT OF FUNDS AND ACCOUNTS The following account for the Series 2002 Notes will be established: Payment Account-Pledged Funds shall be first applied and allocated to the Payment Account in such sums of 1I6th of all interest becoming due on next semi-annual interest payment date and 1I12th principal maturing on the next annual principal payment date Public Fillllllcilll ,lfllllllgement :! lVIONROE COUNTY, FLORIDA PRELIl\UNARY FINANCING TIwIET ABLE lVIuncipal Service District Refunding Revenue Notes, Series 2002 Nov-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Dec-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 '6 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Ja n-03 S M T \I T F S 1 2 3 4 5 6 i 3 3 10 11 12 1:3 U 15 16 1 i 13 1:3 20 21 22 23 2$ 25 2~ '" 2$ 23 30 31 0' DATE (2002) November 13 November 14 November 20 November 21 December 3 December 4 December 9 December 18 December 23 December 26 December 27 December 30 December 31 January 31 LEGEND: COUNTY FA EVENT Initial Conference Call PARTICIPANTS ALL Preliminary Plan of Finance/Timetable Distributed FA Board Approval of Request For Commitment ("RFC') COUNTY RFC Distributed FA RFC Responses Due FA Deadline for Agenda Package ALL Analysis of RFCs Due to County FA Board Approval of Loan Providers Delegated Resolution for Rate Lock COUNTY Draft Documents Distributed ALL Final Documents BC/BKC Lock in Fixed Rate COUNTY/BANK Preclosing ALL Closing Issue Notice of Redemption for Series 1993 Bonds to Trustee ALL COUNTY Redeem Series 1993 Bonds COUNTY Monroe County, Florida Financial Advisor: Public Financial Management, lnc, Public Financial /vfanagement, lnc, Revised 1/114/2002 l.\'IONROE COUNTY, FLORIDA PRELIMINARY FINANCING TIMETABLE Muncipal Service District Refunding Revenue Notes, Series 2002 Nov-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 De c-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 tl 11 12 13 14 15 16 f7 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Ja n-03 s M T V T F S 1 2 3 ~ 5 6 7 8 3 10 11 12 13 14 15 t6 Ii 18 13 20 21 22 23 24 25 26 27 28 23 30 31 DATE (2002) BC BKC BANK EVENT Bond Counsel: Nabors, Giblin & Nickerson Bank Counsel: To Be Detennined Bank: To Be Determined Council Meetings Scheduled 3rd 'Wednesda PARTICIPANTS Public Financial }vlanagement. Inc, Revised 11114/2002 lVIONROE COUNTY, FLORIDA PRELIlVlINARY FINANCING TIJ.\tIET ABLE lVluncipal Service District Refunding Revenue Notes, Series 2002 Nov-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Dec-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Jan-03 s M T \J T F S 1 2 3 4 5 6 7 3 ~ 10 11 12 13 14 15 16 17 13 1~ 20 21 22 23 24 25 26 27 23 23 30 31 DATE (2002) November 13 EVENT Initial Conference Call PARTICIPA1'ITS ALL November 14 Preliminary Plan of Finance/Timetable Distributed FA November 20 Board Approval of Request For Commitment ("RFC") COUNTY November 21 RFC Distributed FA December 4 Deadline for Agenda Package ALL December 5 RFC Responses Due FA December 9 Analysis of RFCs Due to County FA December 18 Board Approval of Loan Providers COUNTY December 23 Draft Documents Distributed ALL January 8 Final Documents BC/BKC January 15 Commission Meeting Lock in Fixed Rate Preclosing COUNTY COUNRTY/BANK ALL January 26 Closing Issue Notice of Redemption for Series 1993 Bonds to Trustee ALL COUNTY February 26 Redeem Series 1993 Bonds COUNTY LEGEND: COUNTY FA BC Monroe County, Florida Financial Advisor: Public Financial Management, lnc, Bond Counsel: Nabors, Giblin & Nickerson Public Financial !vfanagement, Inc, Revised 11/14/2002 lVlONROE COUNTY, FLORIDA PRELIMINARY FINANCING TIMET ABLE l\'luncipal Service District Refunding Revenue Notes, Series 2002 Nov-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Dec-02 5 M T W T F 5 1 2 3 4 5 6 7 8 9 1) 11 12 13 14 15 16 'fl 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Jan-03 s M T " T F S 1 2 3 4 5 6 7 8 3 10 11 12 13 14 15 16 17 18 13 20 21 22 23 20l 25 26 27 28 23 30 31 DATE (2002) BKC BANK EVENT Bank Counsel: To Be Determined Bank: To Be Determined Council Meetings Scheduled 3rd Wednesda PARTICIPANTS Public Financiallvlanagement, Inc, Revised 11/14/2002 Monroe County, Florida Municipal Service District Refunding Revenue Notes, Series 2002 Distribution List Issuer J ames Roberts County Administrator 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4441 (305) 292-4544/F AX J ames Hendrick County Attorney jtylaw@hotmail.com 500 Whitehead Street Key West, FL 33040 (305) 292-3476 (305) 292-3516/FAX Jennifer Hill Finance & Budget Director 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4472 (305) 295-4320/F AX Sheila Barker Administrative Services Director 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4462 305-292-4564/F AX Danny Kolhage Clerk of Courts 500 Whitehead Street Key West, FL 33040 (305) 292-3550 (305) 295-3660/F AX Dent Pierce Division Director Public Works/Solid Waste 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4441 (305) 292-4544/F AX Financial Advisor Hal Canary Senior Managing Consultant Public Financial Management 10100 Deer Run Farms Road Kelly Ryman Consultant Kyrle Turton Consultant Suite 201 Fort Myers, FL 33912 (239) 939-3009 (239) 939-1220/FAX Bond Counsel Tom Giblin Steve Miller smiller@ngn-tampa.com Nabors, Giblin & Nickerson P.A. 2502 Rocky Point Drive Suite 1060 Tampa, FL 33607 (813) 281-2222 (813) 281-0129/FAX Bank To Be Determined Bank Counsel To Be Determined Public Financial Jlanagement 2 Public Financial Management Financial and Investment Advisors Suile 201 10100 Deer Run Farm Road Fort Myers. FL 33912,1045 239 939-3009 239 939.1220 fax www.plin.com November 12, 2002 MEMORANDUM TO: Jim Roberts Monroe County FROM: Hal Canary Kyrle L. Turton Public Financial Management, Inc. RE: Refunding Scenario--1991 Municipal Service District Bonds Public Financial Management, Inc. ("PFM") has completed a current bank loan refunding scenario for Monroe County's Municipal Service District Refunding Revenue Bonds, Series 1991 ("Series 1991 Bonds"). We have chosen-based on preliminary analysis-to refund all callable Series 1991 Bonds. The following are additional assumptions and findings for this scenano: Category DatedJDelivery Date Costs of Issuance Structure Par Amount-Bonds Refunded Principal Payment Periodicity Interest Pavment Periodicitv Assumption December 1, 2002 $50,000 Level Savings $5.66 million Annual Semiannual Category Loan Amount TIC Present Value Savings ($) Present Value Savings (%) Averaee Life of Loan Finding $5.8 million 3.6% $722,388 12.76% 4.881 In determining which serial bond maturities should be included in our refunding scenario, we have evaluated each maturity of outstanding Series 1991 Bonds based on its individual refunding potential. PFM has included a ranking of refunding candidates (attached) to detail the percentage savings associated with refunding each maturity of Series 1991 Bonds, As shown by this analysis, all maturities of the Series 1991 Bonds produce some level of positive savings. In an issuance of Series 2002 Notes, we advise that the County refund all callable bonds excluding this year. Recommendation Based on the current conditions of the market and PFM's knowledge and experience in the issuance of tax-exempt debt, it is our opinion that 12.7% in net prevent value savings on a current refunding of Series 1991 Bonds is sufficient justification for the issuance of Series 2002 Bonds. In order to obtain the projected amount of savings on a refunding of the Series 1991 Bonds, PFM recommends that the County should proceed deliberately with the issuance of a Request for Commitment for a term loan provider for the Series 2002 Notes. In the very near future we will also have to address a number of other key decisions in order to move forward. PFM will be pleased to assist you. Thank you. Public Financiali'\.-fanagement 2 SOURCES A1\D USES OF FUNDS Monroe County, Florida Municipal Scrvice Districl Refunding Improvement NOles, Series 2002 Dated Date Delivery Dale 12/01/2002 12/0 I /2002 Sources: Bond Proceeds: Par Amount 5,805,321,25 5,805,321.25 Uses: Refunding Escrow Deposils: Cash Deposit 5,755.321.25 Delivery Date Expenses: Cost of Issuance 50,000,00 5,805,321,25 Nov 12,2002 5:47 pm Preparcd by Public Financial Managmcnt (Fimnce 4.421 monroe::-'ISD-C\SE,C\SE) P:lge I SUMMARY OF REFUNDING RESULTS Monroe County, Florida Municipal Service District Refunding Improvement Notes, Series 2002 Daled Date Delivery Date Arbitrage yield Escrow yield Bond Par Amount True Inleresl Cost Net Inlerest Cost Average Coupon Average Life Par amount of refunded bonds A verage coupon ofrefunded bonds Average life ofrefunded bonds PV o(prior debt to 12/01/2002 @ 3.600813% Nel PV Savings Percenlage savings of refunded bonds Percentage savings of refunding bonds 12/01/2002 12/01/2002 3,600813% 5,805,32 1,25 3,600813% 3.600000% 3,600000% 4,881 5,660,000,00 6,747787% 5,089 6,527,709,25 722,388,00 12,763039% 12,443549% ;\Iov 12,2002 5:47 pm Prepared by Public Financial Managment (Finance 4.421 monroe:MSD-CASE,CASE) Page 2 SUMMARY OF BONDS REFUNDED Monroe County, Florida Municipal Scrvice Dislrict Refunding Improvemenl NOles, Series 2002 Bond Maturity Dale Interest Rate Par Amount Call Date Call Price Revenue Refunding, Bonds, Series 1991, 1991: SERIAL 10/01/2003 6.600% TERM 10/01/2011 6,750% 510,000,00 5,150,000,00 12/31/2002 12/31/2002 100.000 100.000 5,660,000,00 :--Jov 12,2002 5:47 pm Prepared by Public Financial Managmcnt (Finance ..\...21 monroe:i'vISD-C\SE,CASE) Page 3 SA VINGS Monroe County, Florida Municipal Service District Refunding Improvement Notes, Series 2002 Present Value Prior Refunding Annual to 12/01/2002 Date Debt Service Debt Service Savings Savings @ 3,6008125% 04/01/2003 190,642,50 69,663,86 120,978,64 119,548,01 09/30/2003 120,978,64 1 % 1/2003 700,642,50 700,625,65 16,85 16,36 04/01/2004 173,812,50 93,765.44 80,047,06 76,327,32 09/30/2004 80,063,91 1 % 1/2004 713,812,50 706,601.70 7,210,80 6,754,12 04/01/2005 155,587,50 82,734,39 72,853.11 67,032,24 09/30/2005 80,063,91 1 % 1/2005 735,587,50 720,277.48 15,310,02 13,837,63 04/0 1/2006 136,012,50 71,258,62 64,753,88 57,491.33 09/30/2006 80,063,90 1 % 1/2006 751,012,50 726,744,99 24,267,51 21,164,71 04/01/2007 115,256,25 59,459,86 55,796,39 47,801.74 09/30/2007 80,063,90 10/01/2007 765,256,25 731,141.51 34,114.74 28,709,80 04/01/2008 93,318,75 47,369,59 45,949,16 37,985.35 09/30/2008 80,063,90 1 % 1/2008 783,318,75 738,354,23 44,964.52 36,513,97 04/01/2009 70,031.25 34,931,87 35,099,38 27,998,77 09/30/2009 80,063,90 10/0112009 805,031,25 748,097.47 56,933,78 44,612,86 04/01/20 I 0 45,225,00 22,094,89 23,130,11 17,804,03 09/30/2010 80,063,89 10/0 1/20 1 0 685,225,00 617,406,83 67,818,17 51,278,71 04/01/2011 23,625,00 11,379.27 12,245,73 9,095.49 09/30/2011 80,063,90 10/01/2011 723,625,00 643,561.10 80,063,90 58,415,58 09/30/2012 80,063,90 7,667,022,50 6,825,468,75 841,553,75 841,553,75 722,388,00 Savings Summarv PV of savings tTom cash now 722,388,00 Net PV Savings 722,388,00 :\ov 12,2002 5:47 pm Prcparcd by Public Financial Managmenl (Finance 4.421 monroe:MSD-CASE,CASE) Page 4 PRIOR BOND DEBT SERVICE Monroe County, Florida Municipal Scrvice Dislricl Refunding Improvement Notes, Series 2002 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 12/01/2002 04/01/2003 190,642,50 190,642,50 09/30/2003 190,642,50 1 % 1/2003 510,000 6,600% 190,642,50 700,642,50 04/01/2004 173,812,50 173,812,50 09/30/2004 874,455,00 1 % 1/2004 540,000 6,750% 173,812,50 713,812,50 04/01/2005 155,587,50 155,587,50 09/30/2005 869,400,00 1 % 1/2005 580,000 6,750% 155,587,50 735,587,50 04/01/2006 136,012,50 136,012,50 09/30/2006 871,600,00 I % 1/2006 615,000 6.750% 136,012,50 751,012,50 04/01/2007 115,256,25 115,256,25 09/30/2007 866,268.75 10/01/2007 650,000 6,750% 115,256.25 765,256,25 04/01/2008 93,318,75 93,318,75 09/30/2008 858,575,00 10/0 1/2008 690,000 6,750% 93,318,75 783,318,75 04/01/2009 70,031.25 70,031.25 09/30/2009 853,350,00 1 % 1/2009 735,000 6,750% 70,031,25 805,031,25 04/01/2010 45,225,00 45,225,00 09/30/2010 850,256,25 10/01/2010 640,000 6.750% 45,225.00 685,225,00 04/01/2011 23,625,00 23,625.00 09/30/2011 708,850,00 10/0 1/20 11 700,000 6,750% 23,625.00 723,625.00 09/30/2012 723,625,00 5,660,000 2,007,022,50 7,667,022,50 7,667,022,50 Nov 12,2002 5:47 pm Prcparcd by Public financial Managmenl (Financc 442l monroe:MSD-C.\SE,C\SE) Page 5 BOND SUMMARY STATISTICS Monroe County, Florida Municipal Service District Refunding Improvemenl NOles, Series 2002 Dated Date Delivery Date Last Maturity 12/01/2002 12/01/2002 10/01/2011 Arbitrage Yield True Interest Cost (TIC) Net Inlerest Cost (NIC) All-In TIC Average Coupon 3,600813% 3.600813% 3.600000% 3,800354% 3,600000% Average Life (years) Duration of Issue (years) 4,881 4.421 Par Amount Bond Proceeds Total Interest Nel Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service 5,805,321.25 5,805,321.25 1,020,147,50 1,020,147,50 6,825,468,75 794,391.09 772,694,58 Underwriter's Fees (per S 1000) Average Takedown Other Fee TOlal Underwriter's Discount Bid Price 100,000000 Par Average Average Value Price Coupon Life 5,805,321.25 100.000 3,600% 4,881 5,805,321,25 4,881 All-In Arbitrage TIC TIC Yield 5,805,321,25 5,805,32 1,25 5,805,321.25 Bond Componenl Serial Bonds Par Value + Accrued Inlerest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other AmounlS -50,000,00 Targel Value 5,805,321,25 5,755,321.25 5,805,321.25 Target Dale Yield 12/01/2002 3,600813% 12/0112002 3,800354% 12/01/2002 3,600813% 0:ov 12,2002 5:47 pm Prepared by Public Financial Managment (Finance 4.421 monroe:MSD-CASE,CASE) Page 6 BOND DEBT SERVICE Monroe County, Florida Municipal Service District Refunding Improvement Notes, Series 2002 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 12/01/2002 04/01/2003 69,663,86 69,663,86 09/30/2003 69,663,86 1 % 1 /2003 596,129,87 3,600% 104,495,78 700,625,65 04/01/2004 93,765.44 93,765.44 09/30/2004 794,391.09 1 % 112004 612,836,26 3,600% 93,765.44 706,601.70 04/01/2005 82,734,39 82,734,39 09/30/2005 789,336,09 1 % 1/2005 637,543,09 3,600% 82,734,39 720,277.48 04/01/2006 71,258,62 71,258,62 09/30/2006 791,536,10 1 % I /2006 655,486,37 3,600% 71,258,62 726,744,99 04/01/2007 59,459,86 59,459,86 09/30/2007 786,204,85 1 % 1/2007 671,681.65 3,600% 59,459,86 73 1,141.51 04/0 1/2008 47,369,59 47,369,59 09/30/2008 778,511.1 0 10/0112008 690,984,64 3,600% 47,369,59 738,354,23 04/01/2009 34,931,87 34,93 I ,87 09/30/2009 773,286.1 0 1 % 1/2009 713,165,60 3,600% 34,931.87 748,097.47 04/01/2010 22,094,89 22,094,89 09/30/2010 770,192,36 10/01/2010 595,311.94 3,600% 22,094,89 617,406,83 04/01/2011 11,379,27 11,379,27 09/30/2011 628,786.1 0 10/01/2011 632,181.83 3,600% 11,379,27 643,561.10 09/30/2012 643,561.1 0 5,805,321.25 1,020,147,50 6,825,468,75 6,825,468,75 Nov 12,2002 5:47 pm Prcparcd by Public Financial Managment (Finance 4.421 monroe:MSD-CASE,CASE) Page 7 BOND DEBT SERVICE Monroe County, Florida Municipal Service District Refunding Improvement NOles, Series 2002 Period Ending Principal Coupon Interest Debl Service 09/30/2003 69,663.86 69,663,86 09/30/2004 596,129,87 3,600% 198.261,22 794,391.09 09/30/2005 612,836,26 3,600% 176,499,83 789,336,09 09/30/2006 637,543,09 3,600% 153,993,01 791,536,10 09/30/2007 655,486,37 3,600% 130,718.48 786,204,85 09/30/2008 671,681.65 3,600% 106,829.45 778,511.1 0 09/30/2009 690,984,64 3,600% 82,301.46 773,286,10 09/30/2010 713,165,60 3,600% 57,026,76 770,192,36 09/30/2011 595,311.94 3,600% 33,474,16 628,786,10 09/30/2012 632,181.83 3,600% 11,379,27 643,561.1 0 5,805,321.25 1,020,147,50 6,825,468,75 Nov 12.2002 5:47 pm Prepared by Public Financial Managmenl (Finance 4.421 monroe:MSD-CASE.CASE) Page 8 CI'l o z :; < CI'l 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E ::I '" -< = o '" -0 ., '" ., ~.~ ~ ~ 4.) .... c:o c; c.~ lU o ~ tIO,~ ~ ., ,= lZl ~g-g~ :.: ~..:! - 4.) ~ G,) ~ O~~(..t.l '<t' ., 00 .. ~ Gl lZl -. .... o - ., '" '" ., ...J '0 '" -"0 .~ a >'.0 ~'O >. .. ., .0-'0 -0 ..:: = 4.)~a '0 .. ., = - - ::1=.... 1.1. ., 0 E - ., .. u~ .. c.. ., ~ ,~ .... o C ., ~ .. ~ .. c: '" o .. '0'0 ., ., '" '" ~ ~ ~~ c:(..t.l en ':;: ~ ~ ~.5 ., ;> ~ ]Q..CI) ~ ., ,~ -.; -0 .c: 00 ::l o - oS -0 ., 2 (,) u .. c "., E 00 .. c: .. ::E 0; 'OJ c: .. c: ii: ,~ :t) ::I ~ >> .0 '0 ., - .. c.. ~ Q.. c: c.. N V'I V'I N o o N ,...; ;> o Z MONROE COUNTY, FLORIDA REQUEST FOR COMMITMENT FORA TAX-EXEJ.\tIPT TERM NOTE: Refunding of Municipal Service District Refunding Improvement Bonds, Series 1991 AND Refunding of Guaranteed Entitlement Refunding Revenue Bonds, Series 1993 Issue Date: November 21, 2002 Due Date: December 5, 2002 Public Financial Management, Inc. 10100 Deer Run Farms Road Ft. Myers, FL 33912 239-939-3009 239-939-1220 TABLE OF CONTENTS I. Introduction Paae ~ A. Objectives ....--...--..--...--.....--..--..---.----.---..----------------------....----..------..----..------------- 1 B. Bidding Instructions 1. Sealed Bids -.-----------------...-.---..------.-----------...-----------------------------------------------.. 1 2. Bid Response..,..... h......,......,............ ,............. 00 .....00..00....... 00...00..'... ...00..., 00'.2 3, Questions, Additional Information .....00.......................00..00...00........00.....00...2 4, Tentative Schedule 2 --------------------...------------...-----------.----.-------...----------------.....-- c . Security for Loanh.......,..,... 00 h.... .....,........,...... 00......00... "''''00..". "00.., ....,...". ..., 003 D. Structure of the Financina 3 /:>,.......,....",.................,.......,..,.......,',..........,.....,........., E. Qualified T ax- Exempt Obligation.,...........___........."......,........,........___"...,...." ..3 F, Provisos --..-----------------..---------..-------..--------.....----.-----......---------...---------------------.----_a. .., .) II. Eval uation of Responses - Criteria......h.........h.......h.........,.............h...h..,.....h..,..4 III. Instructions to Offerors -----....--..--....--..--...........--......---....--......--..--....--...-.........--..-......--....--.....---..---..... 5 IV. Other Information --.-....-...--....-............-...-....--........-............-.......-.........-..--.........---... 6 Exhibit A Description of Refunding of Municipal Service District Refunding Improvement Bonds, Series 1991 Exhibit B Refunding of Guaranteed Entitlement Refunding Revenue Bonds, Series 1993 REQUEST FOR COMMITMENT TERM LOAN MONROE COUNTY, FLORIDA I. Introduction A. Objectives The objective of this Request for Commitment (the "RFC'") is to identify the institution that can provide Monroe County, Florida ("County") with either a bank- qualified or non-bank qualified, tax-exempt, fixed-rate Loan (the "Loan") for the following: · Refunding of Municipal Service District Refunding Improvement Bonds, Series 1991 (Detailed description in Exhibit A.) · Refunding of Guaranteed Entitlement Refunding Revenue Bonds, Series 1993 (Detailed description in Exhibit B,) B. Bidding Instructions 1, Sealed Bids Two copies of the response to this RFC should be submitted on or before 2:00 P.M. on December 5,2002 per the following instructions: Kyrle L. Turton Consultant Public Financial Management, Inc, 10 I 00 Deer Run Farms Rd, #201 Fort Myers, FL 33912 (239) 939-3009 ( one copy) Jim Roberts County Administrator Monroe County 1100 Simonton Street Suite 2-205 Key West, FL 33040 (305) 292-4441 (one copy) The County reserves the right to reject any and all responses, to waive any informalities or irregularities in any responses received and to readvertise or take any other such actions that may be deemed to be in the best interest of the County, 2. Bid Response Each bid should address all pertinent areas and be specific. Any conditions should be clearly stated. The failure to disclose substantive terms, conditions and covenants may be considered cause for the offeror's response to be rejected by the County. In addition, any responses that are subject to credit review and approval may be considered cause for the offeror's response to be rejected by the County. 3, Questions, Additional Information Offerors, their agents and/or associates shall refrain from contacting or soliciting any member of the County Commission, County staff or the County's Financing Team regarding this RFC during the selection process. Failure to comply with this provision may result in the disqualification of the offeror. All requests for clarifications or additional information should be directed to Public Financial Management, Inc., the County's Financial Advisor as addressed above. The Financial Advisor may choose, at its sole discretion, to redirect such requests to other members of the County's Financing Team. However, all initial requests should be directed to the Financial Advisor. All documents needed for credit review should be requested immediately. 4. Tentative Schedule The County will attempt to adhere to the following schedule: November 21,2002 RFC Issued December 5, 2002 Written responses due prior to 2:00 P,M. December 9,2002 Analysis of Responses to County December 18, 2002 County approval of Provider December 27,2002 Lock In Rate December 31, 2002 Closing The County reserves the right to alter scheduled dates if necessary, Schedule is subject to change, 2 C. Structure of the Financing The following describes the County's requirements in establishing the Loan: 1. Amount: As outlined in Exhibit A and Exhibit B 2. Rate: Fixed, ta."X-exempt rate on a bank-qualified and non-bank qualified basis, The rate quoted may not exceed the maximum rate permitted under Florida Statute 215.84 applicable at the time of sale. 3. Repayment Provisions: Principal will be paid annually and interest payments on the outstanding principal balance of the Loan will be calculated on a 30/360-day basis and will be paid semi-annually, 4. Prepayment Provisions: The Loan is subject to prepayment with no penalty in whol~ or in part at any time following five (5) business days notice by the County, If the proposer is unable to adhere to the above structure, please identify the structure or minimum conditions or prepayment requirements of the proposer for bidding on the Loan. D. Qualified Tax-Exempt Obligation The County will attempt to take such actions as may be required by Treasury regulations in order to maintain the status of the Loan as a "bank-qualified" tax-exempt obligation according to Internal Revenue Code, Section 265 (b)(5) if the loans are closed by December 31, 2002. If closed after December 31, 2002, then the loans will most likely be non-bank -qualified. E. Other Provisions The County will not accept responses with reserve requirements or requirements to maintain minimum balances in any bank account as a condition for the Loan. Gross Up The bidder may include in its bid provisions increasing the interest rate on the Loan if they become taxable. The County will not consider bids that adjust the interest rate on the Loan based on changes in the maximum corporate tax rate or the preference reduction rate, Late Payment The bidder may include in its bid a "late payment rate" to apply if payments are not made when due. Such a late payment rate may take effect no earlier than ten (10) days after the date payment is due, There shall be no other fees or penalties 3 imposed for late payment. No late payment rate will be included in the bond documents unless it is specified in the bid. II. EVALUATION OF COMMITMENTS - CRITERIA Proposals will be evaluated on the basis of cost and compliance with the proposed structure and terms of the Loan as outlined in this RFC, A. Proposal Format In order to assist the County in reviewing proposals, each proposal shall be prepared utilizing the following format and headings: 1, Contact Information - State the legal name of the financial institution or firm, current principal business address, contact person, telephone and facsimile numbers. 2, Interest Rate - State the fixed rates being proposed for the above identified structure as follows: a, Such rates must be expressed as a function of the LIBOR-based U.S. Dollar Swap Offering Rate. The final interest rate will be set no later than three (3) business days prior to the closing date for the Loan. b, Provide a preliminary debt service schedule. c. Interest will be payable as discussed under Section c., "Structure of the Financing" above, d. Provide bids for: · Bank qualified rate - Security per Exhibit A and Exhibit B · Non-bank qualified rate - Security per Exhibit A and Exhibit B 3. Fees and Expenses - Describe in detail all fees and expenses that the County will be responsible to pay for each transaction, The amounts stated in the proposal shall represent the maximum amounts payable to the offeror by the County, All fees and expenses in excess of those stated in the response shall be the sole responsibility of the offeror and will not be paid or reimbursed by the County. The County has determined that bond counsel will prepare documents. Please include your fees for bank counsel review only, Please state fees based upon both scenarios. 4, Covenants and Conditions - Provide a listing of all conditions, terms or restrictions, other than those already specified in this RFC, which would be included in your commitment to provide each Loan. 4 III. INSTRUCTIONS TO OFFERORS A. Offerors shall thoroughly examine and be familiar with the bid specifications. Failure of any offeror to receive or examine this document shall in no way relieve any offeror of obligations pertaining to this bid or the subsequent contract. B, Any changes or modifications to the bid specifications can result in the rejection of the bid as not being responsive to this RFC, C. Any responses that are subject to credit review or approval of the bank may be considered cause for the offeror's response to be rejected by the County, All responses submitted should be commitments to lend. - D, The responsibility for delivering the proposal to the County on or before the specified date and time will be solely and strictly the responsibility of the offeror. The County will in no way be responsible for delays caused by the United States Post Office or a delay caused by any other occurrence. E, The response deadline shall be strictly observed. Under no circumstances will a prop,?sal delivered after the time specified be considered, Such responses will be returned to the offeror unopened. F, Offerors will not be allowed to \vithdraw or modify their bids for a period of sixty (60) days after the opening time and date. G. The County reserves the right to reject the bid of any offeror who has previously failed in the proper performance of a contract or to deliver on time other contracts similar in nature, or who is not in a position to perform properly under this contract. H. Federal, state and local laws, ordinances. rules and regulations that in any manner affect the items covered herein apply, Lack of knowledge by the offeror will in no way be a cause for relief from responsibility, I. No successful offeror may assign any portion of the contractual agreement between the parties without prior written authorization by the County, J. Changes to the RFC may be made by and at the sole discretion of the County, K. Public Entity Crimes Form - Each offeror shall complete a Public Entity Crimes Form and shall submit the same with the proposal. The County considers the failure of the offeror to submit this document to be a major irregularity and may be cause for rejection of the proposal. 5 L. Warranties - The offeror, in submission of its proposal, warrants to the County that it will comply with all applicable federal, state and local laws, regulations and orders in providing the services under the proposed documents, IV. OTHER INFORMATION A. The award will be made to the institution whose response complies with all of the requirements set forth in this RFC and whose bid, in the sole opinion of the County, is best, considering all aspects of the offeror's response. B. In the event that the successful offeror does not execute a contract within a time frame acceptable to the County, the County may give notice of intent to award the bid to the next most qualified offeror or to call for new bids and may proceed to act accordingly. 6 EXHIBIT A Municipal Service District Refunding Improvement Bonds, Series 1991 · Refund maturities 2003 through 2011 of the outstanding $5,660,000 Municipal Service District Refunding Improvement Bonds, Series 1991 ("Series 1991 Bonds") · The Series 1991 Bonds maturing on or after October 1, 2000 are subject to redemption at the option of the District, on or after October 1, 1999, in whole on any date or in part on any interest payment date, selected as directed by the District, at the following redemption prices expressed as a percentage of the principal amount of the Series 1991 Bonds to be redeemed, plus accrued interest to the redemption date: Redemption Period Redemption Price October 1, 1999 through September 30, 2000 October 1,2000 through September 30,2001 October 1, 2001 and thereafter 102% 101% 100% · The note and the interest hereon will be secured by and payable from a lien upon the payments received from franchisee solid waste collectors with respect to commercial property within the area of the District; all other non ad-valorem funds received by the District with respect to the furnishing of the services of the Facilities to the residents of the District, excluding any state or federal funds received from time to time by the District; and any income derived from the investment of funds and accounts created and established by the Bond Resolution. 7 EXHIBIT B Guaranteed Entitlement Refunding Revenue Bonds, Series 1993 · Refund maturities 2003 through 2008 of the outstanding $3,405,000 Guaranteed Entitlement Refunding Revenue Bonds, Series 1993 ("Series 1993 Bonds") · The Series 1993 Bonds maturing on or after December 1, 2002 are subject to redemption at the option of the County, on or after December 1, 2001, in whole on any date or in part on the first day of any month thereafter, at the following redemption prices expressed as a percentage of the principal amount of the Series 1993 Bonds to be redeemed, plus accrued interest to the redemption date: Redemption Period Redemption Price December 1,2001 through November 30,2002 December 1, 2002 through November 30, 2003 December 1, 2003 and thereafter 102% 101% 100% · The debt service will be secured by a lien upon the guaranteed entitlement and second guaranteed entitlement portion of the revenue sharing trust funds of the State of Florida, as defined in and as distributable to the County, under the provisions of Chapter 218, Part II, and Florida Statutes. 8 PROPOSED PRIORITY LIST FOR BOND ISSUE PROJECTS PUBLIC SAFETY a, Stock Island Fire Rescue 2,000,000 Facility Storage, etc. b, Big Pine Fire/EMS 1,300,000 c, Conch Key Fire/EMS 1,000,000 d, Cudjoe Fire/EMS 1,000,000 e, Key Largo North Fire Station 1,400,000 f, Tavernier Fire Rescue 500,000 g, Ocean Reef Fire/Ambulance 1,850,000 Replacement SUB-TOTAL PUBLIC SAFETY 9,050,000 GENERAL GOVERNMENT h, Upper Keys Government * 7,000,000 Center i. Plantation Key Courtrooms 1,200,000 j, Marathon Courtroom Renovations 1,200,000 SUB-TOTAL GENERAL GOVERNMENT 9,400,000 HUMAN SERVICES k, Medical Examiner Facility 2,500,000 SUB-TOTAL HUMAN SERVICES 2,500,000 TOTAL OF ABOVE 20,950,000 * Property @ $1,8 million to be purchased prior to bond PROPOSED PRIORITY LIST FOR BOND ISSUE PROJECTS ADDITIONAL POSSIBiliTIES I. Crawl Key Fire Rescue Training Facility Additions 1,000,000 m, Dedicated EOC 2,800,000 SUB-TOTAL ADDITIONAL POSSIBILlTES 3,800,000 GRAND TOTAL 24,750,000 = ~ - ~ fI) - CJ ~ '--' o I- ~ - ~ - .. c.. ~ U ;g >- '" '1l 8- e 0.. l ~ Eo f- t\ ~ 8 ~ .~ ,~ .fj -c '" c ~ '3 <Q .. u '6 .=: ~ Z ... = ... ... 1 a. c '"C' <! [iI' " -, 0.. c =1= = Q.Q = = = = = = ~ F! ~ - , 'ill :~ I :!l ' - , :ili ~1 ... N o ... '" 11 !I ~ , oloi~ ! 8.1 o. I ~! ~ on I ("l ti!~ o 0 ~ ~ 8. ~ o o .;t o (of) '0 c: :J U. i: ! ! __~~~_.-.-l_~__~_~___L--t -c'cl; 1800'0001' ao:: og.~ NO ci'or-i ~ ~ ~ ~ ~ <5 ... 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It) co N ,..: N ~ (; o N ~ en tit tit It) co N It'i N ~ tit tit It) co N &ri N ~ tit It) co N M N ~ tit tit It) co N N N ~ tit It) co N It'i M M tit It) co N N co tit tit It) co N a:i co o. .... tit ~- ;e- o o Q ~ Cij 0) -0 ::l CD cC5 "E CI) E Q) 0) III C III ::E a Q) o l;:: o Q) ,~ Cij "S E ::l o m e o ::: IV -.: c. o ... c.. c. <( - '0 l;:: Q) Cl Iii ::l 0.. :s C/) III - o I- PROPOSED CAPITAL PROGRAM PROJECTS New In 304 Year Proposal Plan PUBLIC SAFETY 1, Stock Island Detention 100,000 Facility Boilers 2. Stock Island Fire Rescue 2,000,000 2004-2006 Facility/Storage, etc. 3, Summerland Fire Station 2,000.000 4, Big Pine Fire/EMS 1,300,000 2003-2004 5. Conch Key Fire/EMS 1.000,000 2002-2003 6, Cudjoe Fire/EMS 1,000,000 2002-2004 7, Fire/EMS Vehicle 1,000,000 2003-2004 Replacement 8, Key Largo North Fire 1,400,000 2007 -2008 Station 9, Tavernier Fire Rescue 500,000 2003-2004 10, Dedicated EOC 2,800,000 2009-2011 11, Ocean Reef Fire/ 1,850,000 Ambulance SUB-TOTAL PUBLIC SAFETY 3,950,000 11,000,000 GENERAL GOVERNMENT 12, Upper Keys Government 9,000,000 Center 13. Old Courthouse Property 50,000 Appraisers Computer Room 14, Old Courthouse Signage 50,000 15, 2nd Chiller - Jackson Square 750,000 16, New Judicial Funding - 2.500,000 Judicial Center / /fr:. PROPOSED CAPITAL PROGRAM PROJECTS New In 304 Year Proposal Plan 17, Community Center for 450,000 Key Largo 18, Stock Island Asbestos 350,000 2003 Abatement/Demolition 19, New Judicial Building 10,000,000 2003-2004 20, Plantation Key 1,200,000 2005-2006 Courtrooms 21, Marathon Courtroom 1,200,000 2005-2006 Renovations 22, Courthouse Annex 4,250,000 2005-2008 23, Records Storage Facilities 880,000 2007 -2009 Upper & Lower Keys 24, Old Historic Jail 860,000 2009-2011 SUB~OTALGENERALGOVERNMENT 12,800,000 18,740,000 CULTURE & RECREA liON 25, S1. Peters Recreation 1,500,000 26, Library Improvements 800,000 (Four Facilities) 27, Sugarloaf Recreation 1,500,000 28. Old Tavernier School 500,000 Refurbished 29, New Lights at Harry 400,000 Harris Park 30, Harry Harris Park 500,000 Improvements 31, Key West Childrens 250,000 Library 32, Big Coppitt Park 800,000 2003-2004 PROPOSED CAPITAL PROGRAM PROJECTS New Proposal In 304 Plan Year 33. Big Pine Park 2,500,000 2003-2004 34, Big Pine Roller Hockeyl Basketball 250,000 2003 SUB-TOTAL CULTURE & RECREATION 5,450,000 3,550,000 PHYSICAL ENVIRONMENT 35, Wastewater Treatment - Detention Facility 300,000 2003 36, Wastewater Treatment 4,000,000 2003-2004 37, Wastewater, Stormwater & Land Acquisition * 83,573,000 2005-2019 SUB-TOTAL PHYSICAL ENVIRONMENT 87,873,000 HUMAN SERVICES 38, Medical Examiner Facility 2,500,000 2002-2004 SUB-TOTAL HUMAN SERVICES 2,500,000 PUBLIC WORKS 39, Public Works Facility & State of the Art Vehicle Maint. (relocated from KW Airport) 2,000,000 40, Upper Keys Public Works Facility 2,000,000 SUB-TOTAL PUBLIC WORKS 4,000,000 MISCELLANEOUS 41, Big Pine Key Affordable Housing/Recovery Center 5,500,000 42, Big Pine Key Multi-Use Facility 2,000,000 PROPOSED CAPITAL PROGRAM PROJECTS New Proposal In 304 Plan Year 43. Crawl Key Fire Rescue Training Facility Additions 1,000,000 SUB-TOTAL MISCELLANEOUS 8,500,000 GRAND TOTAL 34,700,000 123,663,000 Additional Information In adopting a policy concerning the use of one cent infrastructure sales tax funds for FY2005 through FY2019. the BOCC identified general categories of usage in addition to the numbers above. These categories are as follows: NEW New Proposal In 304 Plan Year 44, Office, General Facilities 4,043,000 45. Grant Matches 6,885,000 SUB-TOTAL NEW 10,928,000 GRAND TOTAL INCLUDING NEW 45,628,000 123,663,000 Many of the items listed above are proposals that have arisen because of the potential availability of both infrastructure and capital financing funds. Many of the costs are rough estimates, although some are based upon engineering estimates. One item which was recommended through staff was the development of an additional assisted living facility in the County as an expansion of the services provided at Bayshore Manor, The new facility would be located in the Middle to Upper Keys. Even though very preliminary cost estimates are available at around 5.5 million dollars, there are no operational costs for what would be a substantial undertaking; however, there is a need in the County and this project has been discussed just to identify that need. · This amount is per County Commission policy in the extension of the infrastructure sales tax from FY2005 to FY2019