Fort Walton Beach Council agenda — 02-26-13--regular — reading text

of the debt and $ 35, 000 on an annual basis. 3. 2. In FY 2012 -13, the savings will be approximately $223, 000. The issuance costs for the debt are not to exceed $ 45, 000 and will be funded by the initial savings. 4. RECOMMENDATION: 4. 1. Staff respectfully recommends City Council authorization for PFM to work with City Staff to issue a Request for Interest Rates and move forward with refunding the 2001 Capital hnprovement Revenue Bonds. Page 1 of 2  14. 2 ATTACHMENTS: Series 2001 Capital Improvement Bonds Refunding Summary ( MSG) Series 2001 Capital Improvement Bank Loan Refunding ( PDF) SIGNATURE BLOCK: Brandy Ferris Completed 02/ 18/ 2013 10: 29 AM Carole Jones Completed 02/ 18/ 2013 3: 43 PM City Manager Completed 02/ 19/ 2013 2: 36 PM City Council Pending Page 2 of 2  Page 1 14. 2. a c.. er. J..... F....'. m...... w,.._.. Iwoul s... a T... -- F. - -, 11 1111111 AM e: 9..... F.— C.: M., ... W........ a5..._ s A...<._....: F— ... W.... F... B.... S. n.. 3OO1 Q.... L.........., e... L... R.... G... m...,." B.... r. P.............. _.......... r .......... .. PPi... r........ C1PIt1I ImP. e„ e mo., t B— d., Sege, 2001 5, 740, 000 o g 1 , ,.. eo , 4. 470, 0001111„ 111 tly t1 1 e 1 P11 The P„ 1PO1e oa..e Sol— 2001 B.,. ds we 11 to tm1" 1 eeltlm e1 1 I rm p. e., eme.. t meld .,g Irb11. y to P. IIee stated, -- t. P.".. 11. ety b„ rldr,. g o1 F,,. Dep., tme., t 1„ d eq,. rPP— g 11111,, oche. 11ploll Implollm. It of eClty. L, sr. led by (" AMBACr) to 1dif — o " AAA" . l., ,.. we.. e. AMBAC Is ., o Io., ge1', too 111 Its 1. edrt 111 ng1 weld d w P,. tPePe,a o.. 1. ay 1 e1 n ye1., old mtelest 1 P1rd sear 1,.,... I o.. J.", 1 1„ d 1„ Iy 1 thlo„ h thl 11.. 11 P'. d., P11 Poyment o„ J1., r. 11y 1, 2031 PFM 1., d Clty 1t1tt.. 1., e bee.. mo.. rto... g P - 11- 1 1111191 tot tbrl 1111111 ro.. B ... d e„ m11 1 eo. o. 1 ro 111111, 30, 2013. PFM e-- ti t1, 1 tb. Gtr = uld tbee 13 %, of P. ese„ t 1 9600, 000 wrtb1 bl., k qu1lllled 101., 1e. u., d, g 1o., m, t11, $ 35, 000 ,„ „ gs .., 10 do.... I Mors 31111 tFrs retLed ng will be 1 book ben, no debt to— Ce . eserve tuna would be requ e. Io olde1 to m1m< 1m If— goegtred stltes ettr,rl — f— d, te, tet 11-- of ..et to 111eed$ 45, 000 —woe by clty M,.,... We. e.._.,. '. I PFM . 005' I If in., I1. I 1111 , . 2/ 20/ 2013 Packs! Pgi  14. 2. ti SOURCES AND USES OF FUNDS City of Fort Walton Beach - Capital Improvement Series 2001 Capital Improvement Bank Loan Refunding Sources: Bond Pmcceds_ Par Amount 4, 488, 098. 00 Other Sources of Funds'. City' s Contribution to COI 45, 000. 00 Accrued Interest 54, 851. 25 99, 85125 4,587, 949. 25 Uses. Refunding Escrow Deposits: Cash Deposit 0. 30 SLGS Purchases 4542,948. 00 4,542, 945. 30 Delivery Date Expenses. Cost of ],, ounce 45, 000. 00 Other Uses of Funds- Additional Proceeds 0. 95 4, 587, 94915 Feb 14, 2013 9: 53 am Prepared by The PFM Group  14.2. b BOND SUMMARY STATISTICS City of Fort Walton Beach - Capital Improvement Series 2001 Capital Improvement Bank Loan Refunding 0 Dated Date 04/ 012013 N Delivery Date 04/ 01/ 2013 Maturity 07/ 012031 0L N0 Arbitrage Yield 3. 250377 "% True Interest Cost ( TIC) 3. 250377% Net Interest Cost( NIC) 3250000% 0 All -In TIC 3- 367705 % a Average Coupon 3 2500110% Average Life ( years) 10610 e0E m Duration of Issue ( years) 8. 747 0n Par Amount 4, 488, 098. 00 E Bond Proceeds 4, 488, 098. 00 Total Interest 1, 547, 623. 90 Net Interest 1, 547, 623 90 Vn Total Debt Service