2.18 Closing Memoradum ® A
TO: Working Group
FROM: BofA Securities, Inc. ("BofA Securities")
DATE: September 12, 2022
RE: Closing Instructions
Monroe County, Florida (the "County')
Airport Revenue Bonds (Key West International Airport), Series 2022 (AMT) (the "Bonds")
Time and Location of Pre-Closing:
The pre-closing will be held on Monday, September 12, 2022, commencing at 2:45 p.m. Eastern Time at the Harvey
Government Center.
1200 Truman Avenue, 2nd Floor
Key West, Florida 33040
Time and Location of Closing:
The closing will be held on Thursday,September 15, 2022,commencing at approximately 10:00 a.m. Eastern Time,
at which time wire transfers will be confirmed and DTC will be contacted to close. Please use the following dial-in
instructions.
Phone Number: +1 (866) 747-5167
Participant Passcode: 377-639-73#
Sources and Uses of Funds:
SOURCES
Principal Amount of the Bonds $41,340,000.00
Original Issue Premium 1,119,928.95
Total Sources $42,459,928.95
USES
Project Fund Deposit $34,561,168.00
Capitalized Interest Fund Deposit 4,275,137.78
Debt Service Reserve Fund Deposit 2,864,750.00
Cost of Issuance 505,209.53
Underwriters' Discount 253,663.64
Total Uses $42,459,928.95
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Net Purchase Price Due at Closing:
On Thursday, September 15, 2022, BofA Securities shall authorize the release of two (2) Federal Funds wires
totaling $41,839,565.31 (the "Net Purchase Price") equal to the Bonds principal amount of$41,340,000.00 plus
an original issue premium of$1,119,928.95 less an underwriters' discount of$253,663.64 and less the good faith
deposit of$366,700.00.
Par Amount of the Bonds $41,340,000.00
Plus: Original Issue Premium 1,119,928.95
Less: Underwriters' Discount (253,663 64)
Less:Good Faith Deposit (3GG,700.00)
Net Purchase Price $41,839,565.31
Wire from BofA Securities to the County:
By 8:30 a.m. Eastern Time on Thursday, September 15, 2022, a wire totaling $41,334,355.78 (representing the
Net Purchase Price less the Cost of Issuance Amount)will be sent by BofA Securities' Syndicate Settlement Team
payable in immediately available Federal Funds to the County pursuant to the wiring instructions below.
Wire Amount: $41,334,355.78
Bank Name:
ABA Number:
For Benefit of:
Account Name:
Account Number:
Account Type:
Attention: 11EE
Wire from BofA Securities to the Paying Agent:
By 8:30 a.m. Eastern Time on Thursday, September 15, 2022, a wire totaling $505,209.53 (representing the Cost
of Issuance Amount)will be sent by BofA Securities' Syndicate Settlement Team payable in immediately available
Federal Funds to BNY Mellon Corporate Trust(the"Paying Agent") pursuant to the wiring instructions below.The
Paying Agent will refer to additional instructions provided by representatives from Key West International Airport
(the "Airport") or Frasca &Associates, LLC(the "Municipal Advisor")for the disbursement of funds.
Wire Amount: $505,209.53
Bank Name:
ABA Number:
Credit Account:
Account Number:
Reference:
Attention:
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Allocation of Funds by the County:
Once the wires are received by the respective parties and upon successful delivery of the Bonds via DTC, the
allocation of funds will be as shown in the table below.
Series 2022 Bonds Net Purchase Price less Cost of Issuance $41,334,355.78
Good Faith Deposit 366,700.00
Total Funds $41,701,055.78
Series 2022 Project Fund Account $34,561,168.00
Series 2022 Capitalized Interest Fund Account 4,275,137.78
Series 2022 Debt Service Reserve Fund Account 2,864,750.00
Total Deposits $41,701,055.78
At the request of the Airport and Municipal Advisor,the Paying Agent will handle the disbursement of the Cost of
Issuance funds for invoicing.
Delivery of Bonds:
Monroe County, Florida, Airport Revenue Bonds (Key West International Airport), Series 2022 will be issued as
book-entry only through DTC.
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