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Exh 8A / 8B (~ Memorandum Date: January 7, 1999 To: Jim Jarboe, City Manager From: Nelson Van Liere, Finance Director Re: Refinancing of the City of Gulf Breeze Loan 8~ ~. 8 ~ ~-~/-99 800 SEhIINOLE ROAD ATLAIQTIC BEACH, FLORIDA 32233-5445 TELEPHONE (904) 247-5800 FAX (904) 247-5805 SUNCOM 852-5800 After reviewing the City's current debt outstanding, I recently determined that it is now in the best interest of the City to refinance the City of Gulf Breeze Local Government Loan Program (Series 1985 B). It is my understanding that the City has wanted to relieve itself of the Gulf Breeze Loan Program due to the high interest expenses associated with it. I have contacted the paying agent for pay-off requirements and obtained the following information: The Paying Agent ,Janet Davis of Sun Trust Banks of Florida, Inc., indicated that the City may in-fact prepay the loan at any semi-annual interest date. (See attachment 1.). The next available date is June 1, 1999. The City must however pre-notify 129 days prior to the interest date for which the prepayment is to be made. The total to be paid off is as follows: Principal $1,705,000.00 Interest 65,266.25 Premium 34,100.00 Total $1,804,366.26 After receiving this information, it became evident that the savings to the City would be very significant and that due to the lengthy pre-notification requirement there was not enough time to formally select a financial advisor within the City's Purchasing Code. I discussed with the City Attorney and he advised that we proceed by asking the Commission to waive the Purchasing Code and select an advisor with the quotes. It is evident that any potential savings that would be realized by doing a Request for Proposal -for selecting a financial advisor would be lost by extending the pay-off to the next available date. The savings achieved by proceeding now are approximately $26,000 in interest and the low quote is $5,000 for the financial advisor. The Quotes were as follows: (See attachments 2,3,4 ) 1. Dunlap & Associates, Inc. $5,000 ; no out of pocket expenses; attend January 11`x' meeting at no cost. 2. William R. Hough & Co. $7,500 plus approved out of pocket expenses. 3. A.G. Edwards & Sons, Inc. $10,000 plus expenses not to exceed $1,000. When I contacted Dunlap & Associates, Inc., I spoke with both Craig and Clint Dunlap. They spent considerable time explaining to me the process of refinancing the loan. They also indicated that they had recently assisted other cities with refinancing bonds of the Gulf Breeze type. About the loan to be paid off: Paying off the City of Gulf Breeze Local Government Loan Pool Rate varies between 7.4% and 7.7% Matures on December 1, 2013 Principal annually in December and interest semi-annually in December and in June Loan is secured by the Utility Services Tax Sources for payment are Gas Taxes and Water and Sewer Utility Revenues The loan proceeds were used to make paving and drainage improvements to "Section H". ~~ I\Tote: Recent interest rates for bank qualified loans have been behveen 4% and 5%. Other information: Also provided for your information Are some preliminary calculations provided by Dunlap & Associates, Inc. showing an estimated net present value savinQS to the City of $318.256.26, (See Attachment 5 ). They also provided a summary of qualifications for your review which I feel indicates that their expertise in this area will certainly meet our needs. Recommendation: 1. Naive the purchasing requirements and select Dunlap & Associates, Inc. as Financial Advisors to assist the City in expediting the payoff of the Gulf Breeze Loan immediately. 2. Give notification by January 23, 1999 to the Paying Agent and to the City of Gulf Breeze Loan Program that the City will be refinancing the loan. I am requesting that you consider selecting a Financial Advisor to expedite this transaction at this commission meeting in order to realize the maximum savings to the City. If the Commission chooses, we may prepay the loan and go through the R.F.P. process with the December 1, 1999 interest date as a target. Keep in mind that this would result in the City losing the interest differential for that time period estimated at around $26,000. 12/11/98 19:08 To: Nelson Van leer From: Jan Davis 407-237-6716 Page 1/2 SunTrust Banks of Florida, Inc. Post OtTce Box 44 OrlanCo. Florida 32802 Tel(d07)237-5193 Facsirrile (407) 237-52?9 SUNTRUST VIA FACSIMILE (904) 247.5877 Page 1 of 1 December 21, 1998 Nelson Van Leer City of Atlantic Beach Re: City of Gulf Breeze Local Government Loan Program Series 1985 6 Dear Nelson, You had inquired about prepayment on your loan from the Gulf Breeze 1985 B program. ~ Pursuant to Section 3.4 of the Loan Agreement, the City may prepay their loan on any ~, Interest Payment Date on or which the Bonds converted to a long fixed rate may be redeemed. This means each June or December 1st beginning December 1, 1998. In order to elect to prepay, the City must give 129 days prior written notice to the Sponsor, the Administrator and the Trustee. At the same time, the City would need to deposit the principal, premium and interest payment as well as any pro rata deposit for Non-asset bonds with the Trustee. Assuming the City elected the next available date to prepay their loan (June 1, 1999), the amount that would need to be deposited on January 23, 1999 would be: Principal: $1,705,000.00 Interest: 65,266.25 Premium: 34,100.00 Total 1,804,366.25 An amount for anon-asset bond payment has not been added. There are not any non assets to be billed to borrowers at this time. This situation could change between now and January 23`~ but, it is not likely. Do not hesitate to give me a call at 407-237-5193 if you have any questions. Sincerely, ~~t ~:~ l ~ Janet Davis ~~+>~~. FROM DUNLAP & ASSOCIATES PHONE N0. 4©7849D1D2 Jan. D6 1999 1©:42AM P2 ~"vroiuial ~'arrn~l airis January 6, 1999 Mr. Nelson Van Licre Director of Finance CITX OF ATLANTIC BEA.C)F~ 800 Seminole Road Atlantic Beach, FL 32233-5445 Re: Payoff of Gulf Breeze Loan Dear Mr. Van Licre: in regard to the above referenced, Dunlap c~ Associates, Inc. would be pleased to serve in the capacity of Financial Advisor to the City of Atlantic Beach in the refinancing of the City's Gulf t, Breeze Loan. Dunlap & Associates, Inc. has assisted the Cities of Boca Raton and Daytona Beach in the payoff of their Gulf Breeze loans. By initiating this fcnancing now, the City will save S26,896.25 in interest for the calendar year 1999. We would propose to assist in this financing for 'a fee of $5,000, including out-of-pocket expenses. The scope of services covered in this fee would include, but not be limited to, the developing of requests for proposals for bank bidders, verification agent, escrow agent, the evaluation of those bids and closing arrangements. 'We appreciate the opportunity to serve the City of Atlantic Beach. Sincerely, P 7. Craig Du p P~stdent JCD/sjm Enclosures ~` riYXrlf• O,~crr.}•e•./Tixrzuc; .fiilr. c4?~s • (9i/vzdv, :~lo,wz~a .5.:~c~'a/ .~~!<,rluar 407'/d'•~,Q- aChYO • ~rl rr~G~o ~fo~'/cS'•~9 • a1a.:~ ~m~~ z lc. GJ• ~O !J: UJ QyU'L .3:7J U:.U L Iltt nVL•l7n lHilliam 1~. Hough & Co_ ONE INDEPEND'eNT pRrvE, SURE 2602 JACK ioNVLtE, FLORIDA 32202.5060 (904) 355-6691 • ToLr_ FREE: (800) 647.1844 FAx: (904) 355-0201 December 29, 1998 Ms. Jeri Benjamin Director of Finance City of Atlantic Beach 800 Seminole Road Atlantic Beach, Florida 32233-5445 Re: Financial Advisor/Placement Agent EDWARD R. WuLeERv SENiDR VICE PRESIDENT RESIOEM MANAGER MRCN:LL N. Over-._t•Is SENIOR VICE PRESICENT IµJUUI INNAN P. CRUTCHFIELD, Ja. VICE PRESr:ENT ANDER CREh$HAW SENIOR VICE PRESIDENT STEVEN A. STERN SENICR VICE PRESIDENT ~^~, Dear Ms. Benjamin: t~ Pursuant to our telephone conversation of today regarding William R. Hough & Co. serving as financial advisor or placement agent with respect to the City of Atlantic Beach and the City of Gulf Breeze Local Government Loan Poo], we hereby express a desire to serve in such capacity. Subject to clarification of our role and responsibilities Hough would propose a not to exceed fee of $7,500 plus approved out of pocket expenses, if any. We are available to meet with the City for further discussion. Should you have any questions please contact Mitch Owens or Steve Prescott at 355-6691. Sincerely, WII. IAM R. HOUGH & CO. ~l Mitchell N. Owens Senior Vice President 1~Il~TO:dad MEMBER: NASD/SIPC INVESTMENTS SINCE 1962 ~~~~ 3 DEC-29-1998 1637 FROrt AG EDWARDS TO ,~.C ~'~d~war~s &Sor~s, ~nG ._. jti~•~STi~1Fi TS SlI~C'1%188i December 29, 1998 Ms. Seri Benjamin City of Atlantic Beach S00 Seminole Road Atlantic Beach, Florida 32233 Dear Ms. $enjamin: 19©42475877 P.©D2/DD2 S00 Notch wcstshore Boult+atti Suira 7d0 I3mps, F'1wiJ~ 33609 (813) 286.0310 A.G. Edwards would be pleased to serve as the City's Financial Advisor on their S1.8 million GulfBree2e Local Government Pool Loan Program refinancing. Assuming a closing within 90 days, we would charge a tlat fee of S 10,000.00 plus expenses not to exceed S 1,000.00. Feel free to contact us should you have aziy questions, and we hopc to be of service to the Ciry. >~ Sinccreiy, a.G. EDWARDS & SONS, INC. ~~ ~~~ Pam Gilleland Associate Vice President Investment Banking TOTAL P.©D2 ~il~~y TABLE OF CONTENTS City of Atlantic Beach, Florida Utility Revenue Refunding Bands, Seris 1999 Refinancing of 1985 B Gulf Brocz¢ Loan Report Page Sources and Uses of Finds _ 1 Surmary of Refunding Results. 2 Savings .. 3 Fond Debt Service _ L Sumaary of Bonds Refunded 5 Escrow Requircmcnts 6 Drior Bond Oebt Service 7 Escrow Descriptions 8 Escrow Cost 9 ... , Escrow Lash Flow. 10 Escrow Sufficiency. 11 28-Dec-9B 4:36 pm Drepared by Dunlap d Associates, InC.---wcd--- (Finance 3.200 ATI.BEACM:GLFBRZ-858REF,99BLOAN) ' ~~~ S cd LJdSb:t^© 8661 8'c '~aQ ci3T©6b8Li3r 'ON BNONd S~1dI00SSti '3 ddliJflQ : l•JObd SOURCES AND USES Of FUNDS City of Atlantic Beach, Florida Utility Revenue Refunding Bonds, Seris 1999 Refinancing of 1985 8 Gulf Breeze Loan Dated Date 01/23/1999 Delivery Date 01/:3/1999 Sources: Bond Proeeee~: Par Amount 1,800,000.00 1,800,000.00 Uses: Refunding Escrow Deposits: Cash Deposit O.L9 SLG Purchases 1.Ti-5,624.00 1,775,62L-G9 Delivery Date Expenses: ' Cost of Issuance 20,000,00 Other Use: of Funds: ~~, Contingency 6,375,51 1,800,000.00 28-Oec-98 4:36 pm prepared by Dunlap & Associates, inc.---wc(Finance 3.200 ATLEEACH:GLFgR2-858REF,998COAN) Page 1 £d WdSb:t© 8661 8c -~aQ cDi©6r8Li7r 'ON SNOHd S~1tiI00SStt '8 dti~UJf1Q : lJO~id SUNIART C1F REFUNDING RESULTS City of Atlantic Beach, Florida Utility Reverwe Refunding bonds, Saris 1999 Refinancing of 1985 B 4ulf Breeze Loan Gated Date 01/23/1999 Delivery oate 01/23/1999 Arbitrage yield 4.500746% Escrow yield 4.567473% Bond Par AmAUnt 1,800,000.00 True interest Cost L.50074bx filet Interest Cost 4.500000% All-In TIC 4.665562X Average Coupon 4.S000OOX Average life 8.625 Par amount of refunded bonds 1,705,000.00 Average coupon of refunded bonds 7.680943X Average life of refunded bonds 9,199 PV of prior debt to 01/2S/1999 a 4.5007467. 2,113,880.75 Net PV savings 318,256.26 Pcrcentage savings of refunded bonds 18.6b6056X Percentage savings of refunding bands 17.680903X ~~ ~~ 28•Dec•98 4:36 pm Prepared by Dunlap & Associates, inc.---wc(Finance 3.200 ATIBEACN:GlFeR2-856REF,998LOAN) Page 2 t'd lJd9b:b~ 866T 8c '~aQ c©t©6r8L©t 'ON ~NOHd S~1dI~OSSti '3 dti~Jf1Q l•JO~id ~' ` SAVINGS City of Atlantic Beach, Florida utility Revenue Refunding Bonds, Seris 1999 Refinancing of 1985 6 Gulf Breeze Loan Present value Prior Refunding Mnual to 01/23/1999 Oate Oebt Service Debt Service Savings Savings A 4.5007L59x 06/01/1999 65,266.25 28,800.00 36,466.25 - 35,893.70 12/07/1999 130,266.25 140,500.00 (10,233.75) 26,232.50 (9,851.38) 06/01/2000 62,925.25 38,250.00 24,676.25 - 23,231.46 12/01/2000 132,926.25 128,250.00 6,676.25 29,352.50 L,305.57 06/01/2001 60,248.75 36,225.00 24,023.75 21,632.58 12/01/2001 135,248.75 131,225.00 4,023.75 28,047.50 3,543.51 06/01/2002 57,380.00 34,087.50 23,292.50 - 20,061.06 12/01/2002 137,380.00 129,087.50 8,292.50 31,585.00 6,984.87 06/01/2003 54,320.00 31,950.00 22,370.00 - 18,427.82 12/01/2003 139,320.00 131,950.00 7,370.00 29,740.00 5,937.59 06/01/2004 51,068.75 29,700.00 21,368.75 - 16,836.71 12/01/2004 146,068.75 139,700.00 6,368.75 27,737.50 L,907.58 06/01/2005 47,435.00 27,225.00 20,210.00 - 15,230.52 12/01/2005 167,435.00 137,225.00 10,210.00 30,420.00 7,525.05 06/01/2006 43,610.00 24,750.00 18,860.00 - 13,594.41 12/01/2006 153,610.00 144,750.00 8,860.00 27,720.00 6,205.79 06/01/2007 39,402.50 22,050.00 17,352.50 - 11,%3.30 12/01/2007 154,402.50 142,050.00 12,352.50 29,705.00 8,328.73 06/01/2008 35,003.75 19,350.00 15,653.75 - 10,322.32 12/01/2003 160,003.75 144,350.00 15,653.75 31,307.50 10,095.14 ~, 06/01/2009 30,222.50 16,537.50 13,685.00 - 8,631.26 ' 12/01/2009 165,222.50 151,537.50 13,685.00 27,370.00 8,441.29 06/01/2010 25,025.00 73,500.00 11,525.00 6,952.49 12/01/2010 170,025.00 153,500.00 16,525.00 28,050.00 9,749.36 06/01/2011 19,642.50 10,350.00 9,092.50 - 5,246.30 12/01/2011 174,442.50 155,350.00 19,092.50 28,185.00 10,773.76 06/01!2012 13,475.00 7,087.50 6,387.50 - 3,525.09 12/01/2012 183,475.00 162,087.50 21,387.50 27,775.00 11,543.43 06/01/2013 6,930.00 3,600.00 3,330.00 - 1,757.74 12/01/2013 186,930.00 163,600.00 23,330.00 26,660.00 12,043.70 2,928,512.50 2,498,625.00 429,887.50 429,887.50 313,&30.75 Savings Summary PV of savings from cash fla+ 313,880.75 Plus: Refunding funds on hand 4,375.51 Net PV Savings 378,256.26 l 28-Dee-98 4:36 pn Prepared by Dunlap & Associates, Inc.---wc(Finance 3,200 ATLBEACH:clFBR2-85BREF,998LOAM) Page 3 Sd 6Jd9T?:b© 8661 8c '~aQ c©Z©6t-SLDr 'plJ ~:JOHd Sd1tiI00SSd '2 dd~ldlQ lJ0't!d BOND DEBT SERVICE City of Atlantic BEach, Florida Utility Revenue Refunding Bonds, Seric 7999 Refinancing of 1985 B Guff Breeze Loan Dated Date 01/23/1999 Delivery Oate 01/23/1999 Annual Period Debt Ending Principal Coupon Interest Debt Service Service 01/23/1999 - - - - - O6/01/1999 - - 28,800.00 28,800.00 - 1Z/O1/1999 100,000 4,500 40,500.00 140,500.00 169,300 06/01/2000 - - 38,250.00 38,250.00 - 12/01/2000 90,000 4,SOOX 38,250.OD 128,250.00 166,500 06/01/2001 - - 36,225.00 36,225.00 - 12/O1/2001 95,000 4,SOOX 36,225.00 131,225.00 167,450 06/01/2002 - - 34,087.50 34,087.50 - 12/01/2002 95,000 4,SOOX 34,087.50 129,087.50 163,175 06/01/2003 - 31,950.00 31,950.00 - 12/01J2003 100,000 4.500X 31,950.00 131,950.00 163,900 06/01/2004 - - 29,700.00 29,700.00 - 12/01/2004 110,000 4.500. 29,700.00 139,700.00 169,400 06/01/2005 - - 27,225.00 27,225.00 - 12/01/2005 110,000 4.5COX 27,225.00 137,225.00 164,450 06/01/2005 - - 24,750.00 24,750.00 - ~~, 12/01/2006 120,000 4.500X 24,750.00 144,750.00 169,500 ' 06/01/2007 - - 22,050.00 22,050.00 - 12/O1/2007 120,000 4,500X 22,050.00 142,050.00 164,100 06/01/2008 - - 19,350.00 79,350,00 - 12/01/Z008 125,000 4.SOOX 19,350.00 144,350.00 163,700 06/01/Z009 - - 16,537.50 16,537.50 - 12/O1/2009 135,000 4.500: 16,537.50 151,537.50 168,075 06/01/2010 - - 13,500.00 13,500.00 - 12/01/2010 140,000 4.SOOX 13,500.00 153,500.00 167,000 06/01/2011 - 10,350,00 10,350.00 - 12/01/2011 145,000 4,506:. 10,350.00 155,350.00 165,700 06/01/2012 - 7,087.50 7,087,50 - 12/01/2012 155,000 L.SOOX 7,087,50 162,087.50 169,175 06/01/2013 - - 3,600.C0 3,600.00 - 12/01/2013 160,000 4.500X 3,600.00 163,600.00 167,200 1,800,000 698,625.00 2,498,625.00 2,498,625 l 28-Dec-98 4:36 pm Prei-a rcd by Dunlap & Associates, Inc.---wc(Finance 3.200 ATLBEACM:GLieRZ-SSBREf,998L0AN) Page 4 9d IJdLb:b© 8661 8c '~aQ cDI©6t•SLDt• "ON ~NOHd S~1EjI~OSSti ~ dtilNflQ l•J0~l~ ~' StAMART Of BONGS REFUNDED City of Atlantic Beach, Florida Utility Revenue Refunding Bonds, Seris 1999 Refinancing of 1985 B Gulf Breeze Loan Bond Maturity Oate lnterest Rate Par Amount Call Date Call Price Gulf Breeze Pooled Loan Drogram, 858LOANe AMORT 12/01/1999 7.200X 65,000.00 06/01/1999 102.000 AMORT 12/01/2000 7.650X 70,000.00 06/01/1999 102.000 AMORT 12/01/X01 7.650X 75,000.00 Cb/01/1994 102.000 AMORT 12/01/2002 7.650X 80,000.00 06/07/1999 102.000 AMORT 12!01/2003 7.650X 85,000.00 06/01/1999 102.000 AMORT 12/01/2004 7.650X 95,000.00 06/01/1999 102,000 AMORT 12/01/2005 7.650X 100,000.00 06/01/1999 102.000 AMORt 12/01/2006 7.650X 110,000,00 06/01/1999 102.000 AMORT 12/01/2007 7.650X 115,000.00 06/01/1999 102.000 AMORT 12/01/2008 7.650X 125.000.00 06/01/1999 102.000 AMORT 72/01/2009 7.700X 135,000.00 06/01/1999 102.000 AMORT 12/01/2010 7.70ox 145,000.00 06/01/1999 102.000 AMORi 12/01/2011 7.700X 155,000.00 O6/Oi/1999 102.000 AMOR7 12/01/2012 7.700X 170,000.00 06/01/1999 102.000 AMORT 12/01/2013 7.700X 180,000.00 06/01/1999 102.000 1,705,000.00 ~~, 28-Dec-98 4:36 pm Prepored try Dunlap d, Associates, lne.---wc(Finance 3.200 ATLBEACH:GLFBR2-858REF,998LOAw) Dage 5 Ld l•JdLt : t-0 8661 8c '~aQ cDT ©6b8LOb 'ON ~NOHd S~lti I00SSFi '8 dtllNflQ 1J02id ~' ESCROU REQUIREMENTS City of Atlantic Beach, Florida Utility Revenue Refunding Borxis, Seris 1499 Rtfinancing of 1985 B Gulf Breeze Loan Gulf Breeze Pooled Loan Program (85B10AN) Deriod principal Redemption Ending Interest Redeemed Premium Totat 06/01/1999 65,?66_25 1,705,000.00 36,100.00 1,804,366.25 45,266.25 1,705,000.00 34,100.00 1,804,366.25 28-Dec-98 4:36 pm prepared by Ounlep 8 Associates, Ine.---wc(Financo 3.200 ATLBEACH:Glf8R2-858REF,998LOAN) page 6 8d lJdot':b© 8661 8'c '~aQ ~©tO61^8L0r 'ON ~NOHd S81tiIO0SSti '~ dtilNflQ 4JObd ~i PRIOR BONO OEBi SERVICE City of Atlantic Beach, Florida Utility Revenue R¢funeiing Bonds, S¢ris 1999 Refinancing of 1985 8 Gulf Bree =c Loan Period p~~l Ending Prlneipal Coupon Interest Debt Servtce Debt Service 01/23/1999 - - - - - 06/01/1999 - - 65,266.25 65,266.25 - 12/01/1999 65,000 7.200X 65,266.25 130,266.25 195,532.50 06/01/2000 - - 62,926.25 62,926.25 - 12/O1/2000 70,000 7.650X 62,926.25 132,926.25 195,852.50 06/01/2001 - - 60,248.75 60,248.75 - 12/O1/2001 75,000 7.650x 60,248.75 135,248.75 195,497.50 06/01/2002 - - 57,350.00 57,380.00 - 12/O1/2002 80,000 7.650% 57,380.00 137,380.00 194,760.00 06/01/2003 - - 54,320.00 54,320.00 - 12/O1/2003 85,000 7.650X 54,320.00 139,320.00 193,640.00 06/01/2004 - - 51,068.75 51,068.75 - 12/01/2004 95,000 7.650X 51,068.75 146,068.75 197,137,50 06/01/Z005 - - 47,435.00 47,435.00 - 72/01/2005 100,000 7.650X 47,435.00 147,435.00 194,870,00 06/01/2006 - - 43,610.00 43,610.00 - 12/01/2006 110,000 7.650% 43,610.00 153,610,00 197,220.00 06/01/2007 - - 39,402.50 39,402.50 - 12/01/2007 115,000 7.650X 39,402.50 154,602.50 193,805.00 06/01/2008 - - 35,003.75 35,003.75 - 12/01/2CO8 ~' 125,000 7.b50X 35,003.75 T60,C03.75 195,007.50 06/01/2009 - 30,222.50 30,222.50 - 12/01/2009 135,000 7,700Y. 30,222.50 165,222.50 195,445.00 06/01/2010 - 25,025.00 25,025.00 - 12/01/2010 1L5,000 7.70QX 25,025.00 170,025.00 195,050.00 06/01/2011 - - 19,442.50 19,642.50 - 12/O1/2011 155,000 7.700X 19,442.50 174,442.50 193,SSS.CO 06/01/2012 - - 13,475.00 13,475.00 - 12/01/2012 170,000 7.700X 13,475.00 1ffi,475.00 196,950.00 06/01/2013 - - 6,930.00 6,930.00 - 12/O1/2013 180,000 7.700X 6,930.00 186,930.00 193,860.00 1,705,000 1,223,512.50 2,928,512.50 2,928,512.50 1 28-Oec-98 4:36 pm Prepared by Dunlap 8 Associates, Inc.---wc(Flnance 3.200 ATLBEACH:GCFBRZ-858REF,996LOAN) Page 7 6d wd8r:t'© 866T 8c ~~~Q cDT©6t•8L©t- ~Or1 ~NOHd S31tiI~OSSti '~ dt!-1~UlQ tJOti~ n ESCR041 DESCRIPTIONS City of Atlantic. Beach, Florida Utility Revenue Refunding Bonds, Saris 1999 Refinancing of 1985 8 Gulf Breeze Loan PUfCABEe Type Of Type Of Maturity first Int Par Max Date Security SLGS Date Pmt Oate Amount Rate RAte Jan 23, 1999: SLG Certificate 06/01/1999 06/01/1999 1,775,624 4.580X 4.580X SLGS Summary SLGS Rates File total Certificates of Indebtedness ~\, 1 280EC98 1,775,624.00 28-Dec-98 G:36 pm Prepared M Dunlap L Associates, Inc.---vc(Finance 3.200 ATLBEACH:GLFBR2-858REF,94610AN) Page 8 ©Zd Wd6b:b0 8661 8Z '~aQ c©i06b8LOb 'ODJ ~ldOHd Sd1tiI00SSti '~ dti~llU1Q : WObd ~~ i¢scaou cosT City of Atlantic Beach, Florida Utility Rcvcnue Refunding Oonds, Seris 1999 Refinancing of 1985 B Gulf Brsaza Loon Type of Maturity Par Total Security Date Amount Rate Cost SLG 06/01/1999 1,775,624 4.SSOX 1,775,624.00 1,77$,624 1,775,624.00 Purchase Cost of Caah Total Date Securities Deposit Escrow Cost Yiald 01/23/1999 1,775,624 0.<9 1,775,626.49 4.S67L73Y. 1,775,626 0.49 1,775,624.69 ~, 2H-Dee-98 4:36 pm Prepared by Dunlap Jl Assoeiotes~ Inc.---~o(Finance 3.200 ATLBEACH:GLf8R2-858REF,998LOAN) Page 9 iid lJd6b:b© 8661 Sc' '~aQ c'OT©6b8LDr 'ON SNOHd SS1tiI00SSd '~ dti~Jf1Q WObd ESCROV CASH FLOV City of Atlantic BEach, Florida Vtility Reverwe Refunding Bonds, Saris 1999 Refinancing of 1985 8 Gulf 8reezo loan Present Yalue Het Escrow PY to 01/23/1999 Oate Principal Interest Receipts Factor 8 L.5674726X 06/01/1999 1,775,624.00 28,741.76 1,804,365.76 0.9b4070990 1,775,624.00 1,775,624.00 28,747.76 1,80L,365.76 1,775,626.00 Eeerou Cost Surmnry Purchase date 01/23/1999 Purchase cost of securities 1,775,624.00 Target for yield calculation 1,775,624.00 ~~, ~~ 28•Dec-98 L:36 pm Prepared by Dunlap t Associates, lnC.--•u(Finance 3.200 ATLBEACH:GLFBR2-SSBREf,998L0AH) Page 10 'cid lJd©S:1%l3 8661 8Z '~aQ ~©Z©6t•8LDr• 'ON ~NOHd S~1tiI~OSSti ~ dd-1Nf1Q 6J0~l~ ~~ EseROU SUFFICIENCY City of Atlantlc Beach, Florida Utility Revenue Refunding Bonds, Serfs 1999 . Refinancing of 1985 B Gulf Breeze loan Escrow Net Escrow Excess Excess Datc Requirement Receipts Receipts Balance 01/23/1999 - 0.49 0.49 0.49 06/01/1999 1,804,366.25 1,804,365.76 (0.49) - 7,804,366.25 1,804,366.25 0.00 4 ~1 28-Dec-98 4:36 pn Drepared by Dunlap 8 Associates, Inc.---„{Finance 3.200 ATLBEACH:GIFBRZ-858REf,996lOaN) Cage 11 £Id lJd©S:b© 866i 8c "~~Q cDi©6b8L©t• ~OrI S~JOHd SS1tiI00SSti ~ dtlltJflQ 1d02td