Item C46
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: May 16, 2006
Division:
Budget & Finance
Bulk Item: Yes X
No
Department: Office of Management & Budget
Staff Contact Person: Salvatore R. Zappulla
AGENDA ITEM WORDING:
Request for approval of the recommendation made by the County's Financial Advisor (PFM) Public
Financial Management, in the attached letter dated May 3, 2006, to accept the proposal made by US Bank to
act as Paying Agent and Registrar on the Monroe County Florida, (Key West International Airport) Revenue
Bonds, Series 2006. Request for approval of PFM's recommendation to use Wold Financial Printing for
printing of the (P.O.S.) Preliminary Official Statement and the (O.s) Official Statement
ITEM BACKGROUND:
Paying agent and Registrar services are necessary for the issuance of Bonds. US Bank. was the successor bank
of South Trust, Bank., National Association which served as the Paying Agent and Registrar of the Monroe
County, Florida, Sales Tax Refunding Revenue Bonds Series 1998.
PREVIOUS RELEVANT BOCC ACTION:
On April 19, 2006 the Board of County Commissioners approved a plan of finance for the new terminal
complex at the Key West International Airport.
CONTRACT/AGREEMENT CHANGES:
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: $200.00/ year paying agent
$3,895.00 printing
BUDGETED: Yes No
COST TO COUNTY: $4,095.00
SOURCE OF FUNDS: Bond Proceeds
REVENUE PRODUCING: Yes
No
AMOUNT PER MONTH_ Year
APPROVED BY: County Atty. _ OMB/Purchasing
Risk Management _
DIVISION DIRECTOR APPROVAL:
Not Required_
DOCUMENT A TION:
Included X
AGENDA ITEM
The PFM Group
Public Financial Management, Inc
PFM Asset Management LLC
PFM Advisors
13350 Metro Parkway
Suite 302
Fort Myers, FL
33912-4796
239-939-3009
239-939-1220 fax
www.pfm.com
May 3, 2006
Memorandum
To: Sal Zappulla
Momoe County, Florida
From: KellyRyman
Lauren Shelton
Public Financial Management, Inc.
Re: Momoe County, Florida
West International Revenue
Series 2006
Public Financial Management Inc. ("PFM") has received bids from several institutions to serve
as Paying Agent and Printer for Momoe County ("County") proposed Key West International
Airport Revenue Bonds, Series 2006 ("Series 2006 Bonds"). Below are our recommendations
and analyses for each proposal in terms of cost. All firms are known in the industry to exhibit
the expertise to provide the proposed services.
For Paying Agent services, PFM received a total of five bids. PFM recommends that the County
accept US Bank's proposal based on their lower overall fee which includes review of documents,
account set-up and normal closing responsibilities. The following is a summary of each bid for
Paying Agent:
Paying Agent/Registrar
Paying
Proposers Acceptance Fee Agent/Registrar Out of Pocket Miscellaneous
Annual Annual Expenses
Administrative Fee
Bank of New York $0 $1,000 At Cost By Appraisal
JP Morgan $0 $750 $0 N/A
SunTrust Bank $0 $350 At Cost N/A
US Bank Waived $200 Included N/A
Wells Fargo Waived $500 None Anticipated $750/ Annual Dissemination
Fee (if required)
Monroe County, Florida
Support Services
May 3, 2006
Page 2
Two bids were received for printing. PFM recommends that the County select Wold Financial
Printing ("Wold") based on their lowest overall cost including electronic distribution. PFM has
provided a summary of the proposals received for printer services:
Fees
P.O.S. $2,320 $1,445
O.S. $3,900 $2,450
Total $6,220 $3,895
Addit'l Pages
P.O.S. $0.13/4 pages* # of $30/4 pages
caples
O.S. $0.13/4 pages* # of $56/4 pages
caples
Addit'l Copies
P.O.S. $1,105/1 00 copies $700/1 00 copies
O.S. $1,095/100 copies $700/1 00 copies
Electronic Posting $250 No Charge
Handling and DHL Shipping Cost Shipping at Cost
Freight
Overtime Overtime other than 8 am Overtime other than 8
- 6pm am - 6 pm
Once you have reviewed, please contact PFM as to how to proceed.
SOO West Cypress Creek Road
Suite 560
Ft. Lauderdale, Fl 33309
(404) 965-1215 (Office)
(404) 365-1946 (Fax)
VIA EMAIL& UPS OVERNIGHT DELIVERY
shelton l@publicfm.com
May 2, 2006
Ms. Lauren Shelton
Public Financial Management, Inc
13350 Metro Parkway, Suite 302
Ft. Myers, FL 33912
Mr. Salvatore Zappulla,
Division Director, Budget & Finance
The Historic Gato Cigar Factory
1100 Simonton Street
Key West, FL 33040
Re: $35,000,000 Monroe County, Florida (Key West International Airport) Revenue
Bonds, Series 2006
Dear Ms. Shelton & Mr. Zappulla:
The Ft. Lauderdale Corporate Trust office of U.S. Bank is pleased to submit our proposal to act
as Paying Agent & Registrar on the Monroe County, Florida (Key West International Airport)
Revenue Bonds, Series 2006.
On December 30,2005, U.S. Bank completed the purchase of the corporate trust and institutional
custody business of Wachovia Bank. As a result of this transaction, U.S. Bank Corporate Trust
Services has acquired 14,100 new issuances and $410 billion in assets under administration. The
acquisition solidifies the position of U.S. Bank as the leader in the corporate trust industry. In
fact, U.S. Bank now ranks as the nation's largest tax-exempt debt trustee, second largest trustee
of asset-backed and mortgage-backed securities, and third largest of new corporate bond
Issuances.
We have also broadened our geographic presence by adding 19 new corporate trust offices
primarily in the mid-Atlantic and Southeastern states. This gives us 50 offices in the country
including 10 offices in the Southeast. The personnel in these offices are all very experienced in
serving municipal clients in the Southeast.
The attachcd fees are the total that would be charged. We do not anticipate any legal cost and/or
travel expenses. In addition, the fees are guaranteed for the life of the issue and are payable in
advance.
Again, thank you for the opportunity to present our proposal on these financings. As you review
our proposal, should you have any questions or need additional information, please feel free to
call.
Sincerely,
Timothy E. Hammond
Vice President
Southeast Business Development
TH:ab
Cc: Scott Schuhle U.S. BankJFt. Lauderdale, FL
2
FEE PROPOSAL
General Information
Issuer:
Issue:
Format:
Service Provided:
Office for Service
Monroe County, Florida
$35,000,000 Monroe County, Florida (Key West International
Airport) Revenue Bonds, Series 2006
Book-Entry
Paying Agent & Registrar
U.S. Bank National Association
500 West Cypress Creek Road Suite 560
Ft. Lauderdale, FL 33309
Scott Schuhle , Vice President
(954) 776-2216 Office
(954) 776-2629 - Fax
Contact:
Schedule of Proposed Fees
Acceptance Fee
Payable at closing
Waived
Annual Fee
(Paying Agent & Registrar)
$200.00
Report Preparation (All normal/typical reporting included)
Included
Annual Out of Pocket Expenses
Included
Closing Expenses
None
Account approval is subject to review and qualification. Fees are subject to change at our discretion and upon written notice. Fees paid in
advance will not be prorated. 771e fees set forth and any substantial modifications thereof are part of your agreement. Finalization of the
transaction constitutes agreement to the above fee schedule. including agreement to any subsequent changes upon proper written notice. /n
the event your transaction is not finalized, any related out-o.fpocket expenses will be billed to you directly. Absent written instructions to
sweep or otherwise invest, all sums in your account will remain uninvested and no accrued interest or other compensation will be credited to
the account. Payment offees constitutes acceptance of the terms and conditions setforth.
3
Susan Thorpe
Vice President
Business Development
Corporate Trust Services
37 North Orange Avenue, Suite 500
Orlando, FL 32826
Tel: 407-926-2446
Fax: 904-281-2759
Cell: 407-810-1044
May 2, 2006
Lauren Shelton
Consultant
Public Financial Management, Inc.
13350 Metro Parkway
Suite 302
Fort Myers, Florida 33912
Salvatore Zappulla
Division Director, Budget & Finance
Monroe County
The Historic Gato Cigar Factory
1100 Simonton Street
Key West, Florida 33040
Re: Monroe County, Florida
Key West International Airport Revenue Bonds
Series 2006 - $35,000,000
Dear Lauren and Salvatore,
As requested, and subject to review of final documents, Wells Fargo Bank is pleased to enclose a
proposal to provide Paying Agent and Registrar services for the referenced transaction. If selected, this
account relationship will be handled in our Jacksonville office by George Bemister and Aimee Marson.
Both may be reached as follows:
George Bemister, Vice President and Relationship Manager
904.281.2741 - Telephone
Aimee Marson, Relationship Specialist
904.281.2758 - Telephone
Wells Fargo Bank, N.A.
7077 Bonneval Road, Suite 400
Jacksonville, Florida 32216
904.281.2759 - Facsimile
We appreciate this opportunity and look forward to the possibility of working with you both on this
transaction. Should you have any questions, please do not hesitate to call me at 407-926-2446.
Sincerely,
~'P-
Susan S. Thorpe
Vice President
Business Development
Byemail:
Monroe County, Florida
Key West International Airport Revenue Bonds, Series 2006
PA VING AGENT / REGISTRAR
^^'~_^____________'__'m____________________,__"'__'__m_'M_.-----------,.,.,.'''..----------,."".___..___________,.,.,.,."'''___________,___.____________._____,.'''.'''.'''______..'-"--------------,-__._____________...__________"_m."'."._________._,_,"''''__..______,_''',_,_".".'''.____.__""._
"'~~~''''._'--~'-'''''''-'''_.~,-'''''---''-''--~~,-'''._--,-,----~".,-~'~.,-""'''''~''''''''--,-'''''''~-
Name of Firm
Wells Fargo Bank, N.A.
Contact Person Susan Thorpe
Phone Number 407.926.2446
Fax Number 904.281.2759
Email Adress
Location of office where services will be performed Jacksonville, Florida
Is your firm authorized to do business in the State of Florida
Briefly describe the Bank's experience in serving in these capacities for tax-exempt bond issues in the State of
Florida. Wells Fargo has provided corporate trust and related services for over 70 years and currently provides
these services for more than 16,500 issues with over $1.7 trillion in debt outstanding. We are among the top three
trustees in the country with 28 locations nationwide and a staff of more than 1,500 corporate trust professionals.
Briefly describe the services the Bank will provide to the County for this issue. As Paying Agent and Registrar,
Wells Fargo will perform all normal adminstrative duties as required by the financing documents and other
supporting documents. This includes, but is not limited to receiving revenues from the County's debt service
accounts on or prior to the payment date and making payments to bondholders.
Scope of Services include but are not limited too:
· Establishing Serial and Term Bonds, by CUSIP and periodic updates with DTC on outstanding amounts by
CUSIP
· Provide debt service bills for Issuer
· Collection of debt service on or prior to pay date
· Report to DTC the amount paid for debt service, by CUSIP
· Pay debt service to DTC by wire prior to mid-day on pay date
· Provide account statements
· Communication with bondholders as well as issuer
Paying Agent / Registrar Fees
Acceptance Fee
Annual Adminstration Fee
Fixed or Minimum Service Fee
Any Counsel Fee, at a "not to exceed" level
Other Fees (itemize and explain)
Total Paying Agent/Registrar Bid
Jon Fox
Senior Vice President
SunTrust Bank
225 E. Robinson Street
Suite 250
Orlando, Florida 32801
Tel 407/237.4085
Fax 407/237.5299
jon.fox@suntrusLcom
April 26, 2006
Lauren Shelton
Public Financial Management, Inc.
13350 Metro Parkway, Suite 302
Fort Myers, FL 33912
Re: $35,000,000 Monroe County, Florida Revenue Bonds, Series 2006 (Key West
International Airport)
Thank you for the opportunity to offer our services in connection with this financing. Our fees for
serving as Paying Agent & Registrar are attached. Fees are paid annually, payable at closing and
each anniversary date thereafter. The fees cover:
Set up of Serial and Term Bonds, by CUSIP, on our bond payment system,
Periodic reconcilement with DTC of outstanding amounts by CUSIP,
Production of debt service billings for the issuer prior to payable date,
Collection of debt service on or prior to payable date
Reporting to DTC the amount payable, by CUSIP, for each debt service payment,
Payment of debt service to DTC by wire prior to mid-day on payable date,
Production of account statements,
Response to annual audits of the issuer,
Communication to bondholders and information services.
Occurrences such as extensive document amendments, adding forward purchase contracts,
investment agreements, or repurchase agreements, etc. may result in extraordinary fees. Legal
expenses associated with the negotiation and execution of an investment agreement will be billed
additionally at cost.
We offer rebate calculation services for bond issues such as this one. Tfyou are interested, we would
be happy to prepare a fee proposal for providing those services on this issue.
Thank you for the opportunity to provide our services. Should you have any questions or ifI can be
of further assistance, please do not hesitate to contact me at (407) 237-5240.
Sin~
~6X
ice President
JFW /lwd
Monroe County, Florida
Key West International Airport Revenue Bonds, Series 2006
PAYING AGENT / REGISTRAR
Name of Firm
SunTrust Bank
Contact Person
Jon Fox, Senior Vice President
Phone Number
407/237-5240
Fax Number
407/237-5299
Email Adress
jon.fox@suntrust.com
Location of office where services will be performed 225 E. Robinson Street, Ste 250, Od, FL 32801
Is your firm authorized to do business in the State of Florida Yes
Briefly describe the Bank's experience in serving in these capacities for tax-exempt bond issues in the State of
Florida. For over a century, SunTrust Bank has provided trust services for tax-exempt bond
issues in the Southeast and across the country. The scope of services as outlined in this RFP
are typical and consistent with SunTrust Bank's standard operatin2 procedures for servicin2
bond issues. SunTrust Bank has serviced over $33 billion of bonds in the State of Florida.
Briefly describe the services the Bank will provide to the County for this issue.
SunTrust will be providin2 Payin2 A2ent Services for Monroe County. In a book-entry only issue,
this entails makin2 sure the County's debt service payments are properly wired and identified as to
CUSIP to DTC. The services will be provided at:
SunTrust Bank 225 E. Robinson Street, Suite 250, Orlando, FL 32801
407/237-4085 phone & 407/237-5299 fax
Scope of Services include but are not limited too:
.
Establishing Serial and Term Bonds, by CUSIP and periodic updates with DTC on outstanding
amounts by CUSIP
Provide debt service bills for Issuer
Collection of debt service on or prior to pay date
Report to DTC the amount paid for debt service, by CUSIP
Pay debt service to DTC by wire prior to mid-day on pay date
Provide account statements
Communication with bondholders as well as issuer
.
.
.
.
.
.
Paying Agent / Registrar Fees
Acceptance Fee
Annual Adminstration Fee
Fixed or Minimum Service Fee
Any Counsel Fee, at a "not to exceed" level
Other Fees (itemize and explain)
Reimbursement of out-of-pocket expenses associated with ongoing administration, such as
wire transfers @ $20 each, overnight courier, postage, telecopy, typesetting and publication
of notices, transmission of notices to depositories and information services.
$ 0.00
$ 350.00
$ 0.00
$ 0.00
Total Paying Agent/Registrar Bid
$ 350.00
JPMorgan
R. Kurt Marsou
Vice President
May 3, 2006
Ms. Lauren Shelton
Public Financial Management
13350 Metro Parkway, Suite 302
Fort Myers, FL 33912
Phone: (239) 939-3009
Fax: (239) 939-1220
E-mail: sheltonl@pfm.com
Re: Key West International Airport Revenue Bonds, Series 2006
Dear Ms. Shelton,
On behalf of JPMorgan Worldwide Securities Services, I am pleased to submit our proposal to act as
Paying Agent and Registrar for Key West International Airport. Weare pleased to see that you have once
again come to us with your financing needs.
As always, JPMorgan believes that the qualifications of the Paying Agent and Registrar play an important
role in the continued success of any financing transaction. Our expertise and intense focus upon customer
service allows our firm to continually enhance the quality of the services we provide, and to form long-
lasting relationships with our customers.
I am confident that JPMorgan will be able to meet your requirements and surpass all of your expectations,
however, should you require any further information please do not hesitate to contact me at (904) 620-6085.
Yours sincerely,
Kurt Marson
R. Kurt Marson
Vice President
Worldwide Securities Services
J. P. Morgan Trust Company, N. A.
J. P. Morgan Trust Company, N. A." Worldwide Securities Services.. 10151 Oeerwood Park Blvd., Jacksonville, FL 32256
Telephone: (904) 620-6085.. Facsimile: (904) 620-6477
kurt. r. marson@jpmorgan.com
PMorgan
JPMorgan Fee Proposal
May 3, 2006
Proposal and Schedule of Services and Fees as
Paying Agent and Registrar in connection with
Key West International Airport Revenue Bonds, Series 2006
Experience
J.P. Morgan currently services 295 tax-exempt bond issues in the State of Florida totaling more than
$11.6 Billion in bonds outstanding.
Services
J.P. Morgan, as Paying Agent and Registrar, will provide for maintenance of records as registrar,
processing of transfers, and payment of interest/principal funds for Debt Service. Additionally the
annual fee includes preparation of one standard audit confirmation per year.
Fees
Based upon our current understanding of your proposed transaction, our fee proposal is as follows:
Annual Paying Agent and Registrar Administration Fee
$750
Payment at Maturity
$0
Report Preparation
IRS Reports
IRS Tax Compliance
$0
$0
$0
Out-of-Pocket expenses
$0
Other fees
$0
Notes:
JPMorgan Chase & Co. ("JPMorgan") has entered into an agreement with The Bank of New York
Company, Inc. ("BNY") pursuant to which JPMorgan intends to exchange select portions of its corporate
trust business, including municipal, corporate and structured finance trusteeships and agency
appointments, for BNY's consumer, small-business and middle-market banking businesses. This
transaction has been approved by both companies' boards of directors and is subject to regulatory
approvals. It is expected to close in the late third quarter or fourth quarter of 2006.
Please note that our willingness to act in the capacities specified above and the fees designated in this
proposal are indicative and based upon our understanding of the transaction. We reserve the right to
revise this proposal should any material aspect of the transaction differ from our understanding. Also, our
acceptance of the above contracts and duties is subject to our usual internal review, document review and
the receipt of appropriate immunities and indemnities.
JPMorgan
JPMorgan Fee Proposal
May 3,2006
To help the government fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify, and record information that identifies each person who
opens an account. When you open an account, we will ask for information that will allow us to identify
you.
JPMorgan's Trust Accounting Reporting (TAR) web site gives corporate and municipal issuers 24/7
Internet access to information on their cash and asset transactions/positions free of charge. TAR also
electronically posts and archives trust and escrow account statements so you can access them online,
easily at your convenience. With functionality allowing the user to customize reporting, choose format,
drill down for detail, and download for convenience, Trust Accounting Reporting on the Web is a
powerful decision-making and account management tool. To further facilitate your TAR online
experience, intra-day updates are provided for more timely and accurate reporting. This capability gives
you the option of viewing asset details as of intra-day, close-of-business or to review prior month-end
reports. Please visit us at www.jpmorgan.comltar for more details or contact your JPMorgan Relationship
Manager or Sales Representative.
Annual fees include one standard audit confirmation per year without charge. Standard audit
confirmations include the final maturity date, principal paid, principal outstanding, interest cycle, interest
paid, cash and asset information, interest rate, and asset statement information. Non-standard audit
confirmation requests may be assessed an additional fee.
Performance of any extraordinary service or incurring extraordinary expenses, such as those in connection
with any default, account resignation, or outside legal counsel charges, will be billed in addition to the
stated per annum fees.
Accepted and Agreed to:
By:
Title:
Date:
Monroe County, Florida
Key West International Airport Revenue Bonds, Series 2006
PA YING AGENT / REGISTRAR
Name of Firm
J.P. Morgan Trust Comvanv. N.A.
Contact Person Kurt Marson
Phone Number 904-620-6085 Fax Number 904-620-6477
Email Addresskurt.r.marson@;pmorgan.com
Location of office where services will be performed Jacksonville. FL
Is your firm authorized to do business in the State of Florida Yes
Briefly describe the Bank's experience in serving in these capacities for tax-exempt bond issues in the State of
Florida. J.P. Morgan currentlv services 295 tax-exemvt bond issues in the State of Florida totahn!>! more than
$//.6 Billion in bonds outstanding.
Briefly describe the services the Bank will provide to the County for this issue. J.P. Morgan. as Paying Agent and
Re!>!istrar. will vrovide for maintenance of records as registrar. vrocessing of transfers. and payment of
interest/principal funds for Debt Service. Additionally the annual fee includes preparation of one standard audit
confirmation vel" veal".
Scope of Services include but are not limited too:
· Establishing Serial and Term Bonds, by CUSIP and periodic updates with DTC on outstanding amounts by
CUSIP
· Provide debt service bills for Issuer
· Collection of debt service on or prior to pay date
· Report to DTC the amount paid for debt service, by CUSIP
· Pay debt service to DTC by wire prior to mid-day on pay date
· Provide account statements
· Communication with bondholders as well as issuer
Paying Agent / Registrar Fees
Acceptance Fee
Annual Adminstration Fee
Fixed or Minimum Service Fee
Any Counsel Fee, at a "not to exceed" level
Other Fees (itemize and explain)
~
$750
~
~
~
Total Paying AgentJRegistrar Bid
$750
April 26, 2006
Lauren Shelton
Consultant
Public Financial Management, Inc.
13350 Metro Parkway
Suite 302
Fort Myers, Florida 33912
via email:
Re: Monroe County, Florida
(Key West International Airport) Revenue Bonds
Series 2006 - $35,000,000
Dear Ms. Shelton:
As requested, and subject to review of final documents, The Bank of New York Trust Company, N.A. is
pleased to enclose our proposal to provide Paying Agent and Registrar services in connection with the
referenced transaction.
The Bank of New York is one of the largest providers of corporate trust services in the world. We
currently administer more than 90,000 bond issues, representing over $2.7 trillion in outstanding principal
for nearly 35,000 clients worldwide. The Bank of New York has acquired 41 corporate trust books of
business since 1994 and has spent more than $2.4 billion on securities processing system upgrades and
enhancements over the past three years.
If selected, T.e. Cornelius will serve as administrator for this issue. She may be reached at 800.705.0384,
extension 1992.
We appreciate this opportunity and look forward to working with you and the other members of the
financing team. Should you have any questions or if I may be of further assistance, please do not hesitate
to call me at 904.645.1952 or 800.705.0384, extension 1952.
Sincerely,
Antonio Portuondo
V ice President
Business Development
The Bank of New York 'frust Company, N,^,
10161 Centurion Parkway. Jacksonville · Florida 32256
Monroe County, Florida
(Key West International Airport) Revenue Bonds
Series 2006 - $35,000,000
Fee Schedule
Acceptance Fee: Waived
A one-time charge covering the Bank Officer's review of governing documents, communication with members of
the closing party, including representatives of the issuer, investment banker(s) and attomey(s), establishment of
procedures and controls, set-up of trust accounts and tickler suspense items and the receipt and
disbursement/investment of bond proceeds. This fee is payable on the closing date.
Annual Paying Agent Administration Fee:
An annual charge covering the normal paying agent duties related to account administration and
services. This fee is payable annually, in advance, on the closing date and each anniversary thereafter.
$1,000
bondholder
Out-of-Pocket Expenses: At Cost
Including, but not limited to the following, if applicable: telephone, facsimile, courier, copying, postage, supplies,
call notice dissemination and statutory filing charges, including DCC amendments, continuations, terminations, etc.
Itemized detail of expenses must be provided for payment.
Extraordinary Services / Miscellaneous Fees: By Appraisal
The charges for performing extraordinary or other services not contemplated at the time of execution of the
transaction or not specifically covered elsewhere in this schedule will be determined by mutual agreement of both
parties prior to performance. In addition, ongoing fee and expenses of Trustee's Counsel, if any, shall be
reimbursable at cost.
Miscellaneous fee may include, but are not necessarily limited to the following: wire transfer fees and auditor
confirmation fees. Wire transfer fees are limited to outgoing wires only at a maximum charge of $25 each. Auditor
confirmation fees are imposed on a "per auditor response" basis at a maximum cost of $25 each; first confirmation
fee to be provided at no charge. Other miscellaneous fee must be approved in advance by both parties.
The Bank of New York's final acceptance to provide these services is subject to its full review and acceptance of all
documentation related to this transaction and standard conflict procedures check.
Terms and Disclosures
Terms of Proposal
Final acceptance of the appointment under the Indenture is subject to approval of authorized officers of BNY and
full review and execution of all documentation related hereto. Please note that if this transaction does not close, you
will be responsible for paying any expenses incurred, including Counsel fees. We reserve the right to terminate this
offer if we do not enter into final written documents within three months from the date this document is first
transmitted to you. Fees may be subject to adjustment during the life of the engagement.
The Bank of New York Trust Company. N.A.
1016 1 Centurion Parkway. Jaeksonville · Florida 32256
I SERVICES PROVIDED
1. Briefly describe the Bank's experience in serving in these capacities for tax-exempt
debt issues in the State of Florida.
The Bank of New York is pleased to submit a proposal to provide Paying Agent and Registrar
services for Monroe County. We offer the resources, experience and commitment to quality
necessary to meet all of the requirements for these services.
The Bank of New York is the leading provider of securities processing services in the world. We
administer more than 90,000 corporate trust issues with bonds in excess of $2.7 trillion
outstanding. Therefore, we receive senior management attention and significant resource
allocation. Over the past six years, The Bank has acquired 41 corporate trust businesses,
including Nationsbank, Wells Fargo, and Wachovia. Our long-term commitment to this
business is unparalleled.
The Bank of New York will provide you with a dedicated and responsive team whose primary
objective is to meet your needs. We have an understanding of, and a commitment to, the industry
as well as the technolo!,ry and systems support necessary for outstanding performance. The Bank
of New York has spent more than $2.4 billion on system upgrades and enhancements over the
past three years.
In philosophy and practice, our Bank remains dedicated to a tradition of attentive, customized
service. We view our relationships as partnerships and believe it is our responsibility to tailor our
services to the way you do business, not your obligation to adjust to the way we do ours.
The Bank of New York has compiled a notable track record ofperfom1ance and is, financially,
one of the strongest banking institutions in the country. As we enter our third century, the Bank
is proud to have rendered uninterrupted service to its clients and to have paid continuous
dividends to its stockholders for more than 200 years. The Bank of New York Company, Inc. has
consolidated total assets of$95.4 billion and total shareholders' equity of$9.3 billion as of
December 31, 2003. The Bank of New York Company, Inc. is one of the largest bank holding
companies in the United States.
The Bank of New York is a "well capitalized Bank," the highest rating available under the capital
adequacy definition of the Federal Reserve Bank. This fiscal health, along with strong
commitment to securities processing services, provides a level of contribution to products and
services which ensures our continued leading position in the securities industry. The Company's
Tier I capital and its total capital ratios as of December 31, 2003 were 7.41 % and 11.46%
respectively. Both of these ratios exceed the "well capitalized" minimums of 6% and 10% as
established by regulations issued under the FDIC Improvement Act of 1991.
'The Bank of New York Trust Company, N.k
10] 6] Centurion Parkway. Jacksonville · Florida 32256
Customer Notice Required by the USA Patriot Act
To help the US government fight the funding of terrorism and money laundering activities, US Federal law requires
all financial institutions to obtain, verify, and record information that identifies each person (whether an individual
or organization) for which a relationship is established.
What this means to you: When you establish a relationship with BNY, we will ask you to provide certain
information (and documents) that will help us to identify you. We will ask for your organization's name, physical
address, tax identification or other government registration number and other information that will help us to
identify you. We may also ask for a Certificate of Incorporation or similar document or other pertinent identifying
documentation for your type of organization.
We thank you for your assistance.
Accepted By:
Signature:
Date:
For BNY:
April 26, 2006
Name:
Antonio Portuondo
Title
Vice President
Upon acceptance, an authorized representative of the Obligor is responsible for signing the fee
schedule and returning an original to the administrator listed in the cover letter.
The Bank of New York Trust Company, N.A.
10161 Centurion Parkway. Jacksonville · Florida 32256
Securities Servicing and Global Payment Services, which includes corporate trust, has brrown
aggressively over the last seven years, and is expected to contribute nearly 50% to the Bank's
earnings in the coming year. This trend is a clear indication of the Bank's commitment to the
growth of this business.
2. Briefly describe the services that the Bank will provide to the County for the issue.
Cash receipts from the County will flow through our Trust Accounting System (TAS).
Bond payments will be made electronically from our Bondmaster System directly to
DTC. The Bank of New York will mail notices to the county as a reminder to pay debt
service payments.
The Bank of New York Trust Company, N.A.
10161 Centll1ion Parkway. .laeksonville .. Florida 32256
Monroe County, Florida
Key West International Airport Revenue Bonds, Series 2006
PA YING AGENT I REGISTRAR
Name of Firm
Contact Person Antonio Portuondo
Phone Number (904) 645-1952
Fax Number (904) 645-1930
Email Adress
aportuondo@bankofny.com
Location of office where services will be performed 10161 Centurion Pkwy. Jacksonville. FL 32256
Is your firm authorized to do business in the State of
Briefly describe the Bank's experience in serving in these capacities for tax-exempt bond issues in the State of
Florida.
Please see attached.
Briefly describe the services the Bank will provide to the County for this issue.
Please see attached.
Scope of Services include but are not limited too:
.. Establishing Serial and Term Bonds, by CUSIP and periodic updates with DTC on outstanding amounts by
CUSIP
.. Provide debt service bills for Issuer
.. Collection of debt service on or prior to pay date
.. Report to DTC the amount paid for debt service, by CUSIP
.. Pay debt service to DTC by wire prior to mid-day on pay date
II Provide account statements
II Communication with bondholders as well as issuer
Paying Agent I Registrar Fees
Acceptance Fee
Annual Adminstration Fee
Fixed or Minimum Service Fee
Any Counsel Fee, at a "not to exceed" level
Other Fees (itemize and explain)
Total Paying Agent/Registrar Bid
Monroe County, Florida
Key West International Airport Revenue Bonds, Series 2006
PA YING AGENT / REGISTRAR
Name of Firm
The Bank of New York, N.A.
Contact Person
Antonio Portuondo
Phone Number (904) 645-1952
Fax Number (904) 645-1930
Email Adress
aportuondo@bankofny.com
Location of office where services will be performed 10161 Centurion Pkwy, Jacksonville, FL 32256
Is your firm authorized to do business in the State of Florida Yes
Briefly describe the Bank's experience in serving in these capacities for tax-exempt bond issues in the State of
Florida.
Please see attached.
Briefly describe the services the Bank will provide to the County for this issue.
Please see attached.
Scope of Services include but are not limited too:
· Establishing Serial and Term Bonds, by CUSIP and periodic updates with DTC on outstanding amounts by
CDSIP
· Provide debt service bills for Issuer
· Collection of debt service on or prior to pay date
· Report to DTC the amount paid for debt service, by CDSIP
· Pay debt service to DTC by wire prior to mid-day on pay date
· Provide account statements
· Communication with bondholders as well as issuer
Paying Agent / Registrar Fees
Acceptance Fee
Annual Adminstration Fee
Fixed or Minimum Service Fee
Any Counsel Fee, at a "not to exceed" level
Other Fees (itemize and explain)
0.00
1,000.00
See Attached
Total Paying Agent/Registrar Bid
$1,000.00