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HomeMy WebLinkAbout2000 08 14 Regular I I I I I I I I I I I I I I I I PROPOSAL TO SERVE As SENIOR MANAGING UNDERWRITER To THE CITY OF WINTER SPRINGS FEBRUARY 17,1999 - - I I I I I I I I I I I I I I I I I I I William R. HouSh ~ Co.@ LANDMARK CENTER II SUITE 465 225 E. ROBINSON STREET ORLANDO, FLORIDA 32801 (407) 422-5161 · FAX (407) 422-5659 February 17, 1999 Mr. Harry Martin Finance Director City of Winter Springs 1126 East State Road 434 Winter Springs, Florida 32708 Dear Mr. Martin: William R. Hough & Co. appreciates the opportunity to respond to your Request for Proposals to serve as Senior Managing Underwriter to the City of Winter Springs. With over 37 years of experience in structuring innovative and cost-effective financing programs throughout Florida, our firm provides the best possible blend of experience, commitment and technical expertise for the City's proposed financings. f'/orida's Leading Underwriter: As a Florida-based investment banking firm, William R. Hough & Co. has been a leading managing underwriter of Florida municipal bonds since 1966, underwriting more Florida bond issues than any other firm in the Nation. In 1995, 1996, 1997, and 1998, our firm ranked 1 st in Florida in terms of number of senior managed transactions. Special Assessment and CDD Financing Expertise: Since 1993, William R. Hough & Co. has served as underwriter on 32 CDD and special assessment issues totaling in excess of $860 million par amount. These include insured, rated and unrated issues encompassing every type of infrastructure improvement: roads, water, wastewater, drainage, street lights and school facilities. As financial advisor to the City of Orlando, the firm developed a combined special assessment/tax increment revenue financing structure for Universal Studios and the developers of the Conroy Road/I-4 Interchange. We are also currently working on.the redevelopment of the 1,093 acre Naval Base property in the City. The project will include 3,000 residential units (owned and rental), 1.5 million square feet of commercial development and several hundred acres of park land that will be deeded back to the City. It is being financed through a unique public-private partnership involving special assessments and private funds contributed by the selected developer. Such exp'erience is invaluable in' structuring the optimal financing plan for any of the City of Winter Springs' COO and special assessment bond issues to accomplish the City's objectives at the lowest possible cost. Case studies detailing the firm's COD and special assessment experience are included as Appendix A. Water and Sewer Financing Expertise: William R. Hough & Co. is a leader in water and sewer system finance. Since 1993, we have participated in over $4.7 billion of water and sewer bond issues. We have achieved this success by developing expertise in all facets of the utility .business, including utility acquisitions, assisting in the formulation of efficient capital improvement programs and the expansion of a utility's revenue base to create the optimal financing plan. Prior Service to the City of Winter Springs: William R. Hough & Co.'s team of professionals offer unparalleled experience with the City of Winter Springs. William R. Hough & Co. served as Senior Managing Underwriter on the City's $9,365,000 Improvement Refunding Revenue Bonds, Series 1993 and as a Co- Manager on the City's $16,015,000 Water and Sewer Refunding Revenue Bonds, Series 1992. Loomis C. "Bill" Leedy, William R. Hough & Co.'s Project Manager assigned to the City of Winter Springs, served as Sole Managing Underwriter for the City's first bond issue in 1979 while at his prior firm, The Leedy Corporation. Mr. Leedy also served as Sole Manager on the City's $5,035,000 Water and Sewer Revenue INVESTMENTS SINCE 1962 MEMBER NASD I SIPC I I Bonds, Series 1984, Co-Manager on the City's $16,015,000 Water and Sewer Refunding Revenue Bonds, Series 1992 and Co-Manager on the City's $9,365,000 Improvement Refunding Revenue Bonds, Series 1993. This experience with the City of Winter Springs provides William R. Hough & Co. and our professionals with unique insight regarding the intricacies of the City's financings, which will assist in the structuring and marketing of its transactions on a timely basis with minimal involvement by the City's staff. I I Experience Professional Team: The team of professionals from William R. Hough & Co. assigned to serve the City provide an exceptional level of experience and expertise in Florida tax-exempt finance. Loomis C. "Bill" Leedy, First Vice President located in our Orlando office, will serve as Project Manager. Mr. Leedy's extensive experience with the City of Winter Springs is detailed in the paragraph above. Mitchell Owens, Senior Vice President located in our Jacksonville office, will serve as Co-Project Manager. Julie Santamaria, Assistant Vice President, located in our St. Petersburg office, will provide project support. Scott Johnson, the firm's senior underwriter, will be responsible for underwriting and pricing of the bond issue. Our team approach assures the City that an experienced banker will always be available to attend all meetings, presentations and workshops related to the City's proposed financings. I I I I Marketing and Distribution Capabilities: As the City's Senior Managing Underwriter, William R. Hough & Co. offers a strong retail base with thousands of active retail accounts. In addition to our St. Petersburg headquarters, William R. Hough & Co. maintains retail sales offices in Palm Beach Gardens, Daytona Beach, Jacksonville, Orlando, and Naples. In addition, through an agreement with Republic Bank, we also have retail .sales offices in Republic Bank branches throughout the State, giving us a total of 72 retail offices in the State of Florida. Our institutional sales professionals maintain long term relationships with over 350 institutional accounts. We have been able to publicly underwrite unrated CDD and special assessment bond issues where other firms would privately place the bonds at a much higher interest cost. Our sales staffs complete coverage of the Florida retail market, together with our strong institutional relationships, will enable William R. Hough & Co. to target the sizable population of high net worth Florida investors and sell the City's bonds at the lowest possible cost. I I I Analysis of Winter Springs Outstanding Debt: In our preliminary review of the City of Winter Springs' outstanding debt, William R. Hough & Co. has identified several refunding opportunities for the City to achieve debt service savings. A combined refunding of a portion of the Water and Sewer Refunding Bonds, Series 1991, Series 1992 and Subordinate Water and Sewer Notes, Series 1997 currently produces net present value savings of $668,432, or 9.31 % of bonds refunded. A refunding of the City's outstanding Improvement Refunding Revenue Bonds, Series 1989 currently provides net present value savings of $30 I ,850, or 10.50% of bonds refunded. These analyses are preliminary and subject to approval by the 'City's Financial Advisor and Bond Counsel. Our analysis of the City's outstanding debt is further discussed in Section ] 2 of this proposal and complete numerical analyses are included as Appendix B. I I I Thank you for the opportunity to submit our qualifications to serve as Senior Managing Underwriter to the City of Winter Springs. If selected, our professionals would be available to commence work immediately. Please contact either of us should you have any questions or need any clarifications. I I I I Sincerely, WILLIAM R. HOUGH & CO. .-') , , . d~-;A f._. ( '-./ C t,"':'---v, :::":.. ).1 A-~' ) Loomis C. "Bill" Leedy, III . First Vice President 407/422-5161 II. /1LtiJ /t- ~. . 1.1),./ , (" '---<~ y"/-o \..- 0 Mitchell N. Owens Senior Vice President 904/355-6691 I I I I I I I I I I I I I I I I I I I I PRoPOSAL To SERVE As SENIOR MANAGING UNDERWRITER To THE CITY OF WINTER SPRINGS, FLORIDA Section 2 3 4 5 6 7 8 9 10 11 12 Appendix A Appendix B Appendix C Appendix D TABLE OF CONTENTS History and Organizational Structure of the Firm Personnel Assigned to the Financing Experience With the City of Winter Springs Experience as Senior or Co-Managing Underwriter Strategy for Rating the Bonds Fees and Expenses Marketing Plan Ongoing Investigations, Litigation or Arbitration MSRB Rule G-38 Conflict of Interest References Why Select William R. Hough & Co. CDD and Special Assessment Case Studies Refunding Analyses List of Financings as Underwriter Since January 1, 1996 Conflict of Interest Statement I I I I I I I I I I I I I I I I I I I HISTORY AND ORGANIZATIONAL STRUCTURE OF THE FIRM 1. Provide a brief history and organizational structure of your firm. William R. Hough & Co., a Florida corporation, was formed in 1962 to provide complete underwriting and financial advisory services to municipal issuers in the State of Florida. In William R. Hough & Coo's 37 years of business, the firm has become a recognized industry leader for its work in the Florida market and nationwide. Headquartered in St. Petersburg, Florida, William R. Hough & Co. is well-positioned to meet the needs of its clients with over 225 employees serving clients from 15 offices throughout the United States. Underwriting, trading activities and "t?WRH OFFICES operations are centralized in the St. Petersburg office, with public finance [[J States where WRH has served as managing underwriter. professionals located throughout the United States and institutional and retail sales staff located throughout Florida. This structure enables William R. Hough & Co. to provide personalized service to issuers throughout Florida and ensures access to all potential investors of Florida municipal debt. A complete organizational chart illustrating the structure of William R. Hough & Co. is included at the end of this section. Commitment to Public Finance: William R. Hough & Co. has demonstrated a commitment to municipal finance that is rare in the industry today. Since 1987, the capitalization of William R. Hough & Co. has · grown from less than $10 million to over $44 million. During that same time, many Wall Street firms have either removed themselves from the municipal bond . business or gone out of business entirely. In contrast, in the last two years, William R. Hough & Co. has aggressively added public finance and institutional sales personnel, opening offices in Daytona Beach, Naples, Charleston, Long Island, Baltimore, Houston, · Denver and Dallas. Since January 1, 1997, William R. Hough & Co. has hired 16 investment bankers with the intent to continue expanding its Public Finance Department. Our growth has been based on strong capitalization, sound management, and our ability to find creative solutions for our client's financing and investment needs. Highlights of the firm Rankings: In 1996, 1997 and 1998, William R. Hough & Co. ran Iced 1st in Florida and 4th in the southeast United States in the number of Senior Managed issues. (Source: Securities Data Co.) Consistent growth: In 1990, William R. Hough & Co. maintained four offices in the state of Florida. Today the firm has 15 offices throughout the United States with 40 public finance professionals. Financial strength: In 1990 our total capital was $15 million. Today William R. Hough & Co. 's total capital is over $44 million. I I I I I I I I I I I I I I I I I I I Underwriting and Trading: William R. Hough & Co. has earned the reputation as the most aggressive firm in the Nation in the pricing and trading of Florida bonds. We carry the largest daily inventory of Florida municipal securities in the Nation, averaging in excess of $70 million daily. William R. Hough & Co. has been involved in every type of bond issue for virtually every project need, participating in issues ranging in size from $50,000 in notes to over $1 billion in bonds. Our unmatched credibility and access to investors in Florida governmental debt enable us to secure the most cost-effective financing possible, regardless of the issue type or size. Institutional and Retail Sales: William R. Hough & Co. 's institutional sales department consists of experienced professional salespeople and an analyst who maintains relationships with hundreds of institutional investors. We offer our clients a strong Florida retail base with over 5,000 active accounts. Through an agreement with Republic Bank, we also have retail sales offices in Republic Bank branches throughout the State, giving us a total of 72 retail sales offices throughout Florida. Our sales relationships enable us to structure our client's issues to create the largest demand from the retail and institutional investors who purchase Florida bonds. William R. Hough & Co. Diversification of Project Financing 1994 through 1998 CapilaJlmpl'O"""""" 18% School Dislric:tJlEducation 280/. Recreation 4% Transportation S% Heahh ear. 4% Source:: WilllaaR.fbWlACo.o..t:.e. bdDcbl:ull~IDdF,A Taxable Fixed Income/U.S. Government Securities: The Taxable Fixed Income Department of William R. Hough & Co. consists of a team of professionals who specialize in the trading and sales of taxable fixed income securities. William R. Hough & Co. maintains an average daily inventory of taxable securities in excess of $40 million. The Taxable Fixed Income Department provides direct market knowledge and market making capabilities in U.S. Treasuries and agencies, Mortgage Backed Securities, Derivatives, Asset Backed Securities, and Corporate Bonds. Municipal Research: As evidence to William R. Hough & Coo's commitment to municipal finance, our firm maintains a high level of expertise in municipal research, portfolio strategy and technical analysis. William R. Hough & Coo's director of research, Stefan Haberer, was selected as one of the Nation's top utilities analysts by Institutional Investor Magazine. The research department publishes a bi-monthly newsletter, The Municipal Bond Forum, which is distributed to issuers and institutional purchasers across the Nation. To further enhance the efforts of our firm's Municipal Research Department, Global Market Consultants (GMC), a division of William R. Hough & Co., provides market research and investment strategies for traders and money managers worldwide. GMC is headed by Chief Financial Strategist Richard Suttmeier, one of Wall Street's most well-known U.S. Treasury Bond Market technicians. These resources will be fully integrated to develop a strategic financing and marketing program for the City of Winter Springs. Today, William R. Hough & Co. is a major full service investment banking firm with extensive financing research, underwriting, trading, and securities sales capabilities. We provide a broad range of investment banking services, including public and corporate finance investment banking, underwriting and marketing of fixed income and equity securities and fixed income and equity research. Our growth has I I I I I been based on strong capitalization, sound management, and our ability to find creative solutions for our client's financing and investment needs. I I I I I I I I I I I I I I -. - - - - - William R. Hou!h & Co: Municipal Trading, Dealer SaI... Und.....riting Patrick E. Mann Senior Vice President Municipal Trading Steve C. Abtlman Sr Vice President Roy R. Dickson Sr Vice President I""lltutional SaI.> C. Bullei!. SVP R. Biddison, VP D. Eliason, VP S. Payan!. VP C. Yauman>, VP M. Weber, A VP TI.r II T. Hornsby, SVP A Brinkley, VP J. Little, VP J. Ptrkins, VP K. Curtis, A VP D. Ewing. A VP O1arleston R. Lipman. A VP D. Rossler, A VP Deal.r SaI.> Und.....riting Scali G. Johnston Sr Vice President S. Lozanolf. SVP M. Ozimok, VP C. Fuss, Assistant C. Seiler, Assistant M. Win, VP 1. Doly, VP D. Goodman, A VP M. Dixon, Assistant M. Schull" Assistant T. Turner, Assistant - -: Tier I R. Barnett. VP C. Gallery, VP 1. Huddleston., VP B. Israel, VP J. Logan, VP D. Matheny, VP R. Moore, VP 1. Rossi, VP T. Trebbt, VP P. Trinkle VP , T. Ulrich, VP L Criswell, Liaison C. HcffTan, Liaison - - - - Chairman William R. Dough President W. Robb Hough, Jr. Equity, UIT and BondFund Trading James Cohen, Sr Vice President R. Stanton, VP 1. Otscher, A VP R. Pemble, A VP H Callar, Assistant Investment Adl-isory R. Fie~ VP B. Palmer, Analyst Research S. Haberer, SVP J. Bry";!. vp S. JUIl, VP M. Orten, Analyst H. Hvideberg, Analyst S. SUllmtier, Analyst Taxable Flud Income P. Farina, 1st VP E. Donnelly, VP D. Geller, VP M. McKinney, VP C. Radigan, VP C. Ryan, VP W. Shahriari, VP N. Smith, VP K. Fredericks, Analyst D. Casteel, Liaison L Daniels. Liaison D. Edwards, Liaison - - RelaU Sales Angelo Cappelli Vice President B. Sinunons, VP J. Bonnelle, VP A Austin, VP B. Burdick. VP R. Dobbs, A VP S. Hutchinson, A VP S. Kra)11ak, A VP B. Mahoney, A VP M. Mendelblan, A VP C. Mason, AVP T. Powen, A VP J. Ward. A vp. Bk Mktg. Coord S. Goodrich. Acet Exec J. McNicholas, Liaison K. Cawein, Liaison A Mukherjee, Liaison P. Tessier, Liaison C. Nelson, Exec Ass! C. Cooper, Receptionist Da)1ona 1. Gonzalez. A VP B. Romero. Acct Exec C. Wheatley, A<st Jaclaom..U1e B. Crutchfield, VP Naples IJ. Bates, VP P. Sheldon, A VP M. LoIZ, Acet EKec LMurphy, Liaison - Orlando F. Alleman, 1st VP T. Friend. 1st VP N. Hughes, A VP Palm Brach Ganl."" C. Meyer, 1st VP R. Phelps, VP 1. Harper, A VP L. Randolph, Ass! 1. Lewis, Ass! - - - - revised 1/31199 p... , ..;siolcorp\ orgehart N... York J. Suttmeier, Analyst RepubUc Bank E. Whillle, VP V.Hudson, AVP 1. Proby, AVP K. Stewart. A VP D. Streitcnberger, A VP B. Benoist, Acet Exec K. Jones, Acct Exec M. Knigh~ Acet Exec D. Levering, Jr., Acet Exec S. Monagas, Acct Exec M. Mura, Acet Exec A Parker, Acct Exec B. Stewart. Acet Exec N. Wilkinson, Acet Exec - .. -' - - - - - - -' - - - - - - - - - Chairman I William R Hough reviud 11]1/99 U!h & Co: ....2 vWo'<<>>p' <qdwrt President I W. Robb Hough, Jr. I I I I I I Administration '.~'" John W. Waechter Public Finance Housing Finance Structurrd Finance Corponte finance Eucuth"e Vice Prnldent Richard Montalbano Helen Feinberg Lo""n D. Carlson Senior Vice Pruldrnt Senior Vice Pruldent Senior Vice President ~~;ltt}mgj~~m ... ;.;.;.;.:.;.:.:.:.:.;...;.;.::(~.:.;.:.;.' ............,....................... .~:.:.:.:.>>:.~;.:.~. ,............, [nfannatlon S"'5tem! I Support Group Jill Paczkowski I Lottie R. lack E. Bulleit, SVP Boca Raton M. Waterbury, First VP Charle5ton P. Tomey, AVP Vice President Vice President K. Conitz, SVP 1. Roul;., VP D.Bemer, VP Orlando B. Harris. SVP 1. Wise, Consultant K. Driver, Fin Analyst G. Carwile, SVP R. MOl'eyra, VP C. Mortenson, SVP D.u.. S. Kerr, VP Quinlan, Sr. PrgmlAnalyst B. Wise, SVP M. Schonhorst, SVP Baltimore M. Geiger, A VP lab. Prgml Analyst S. Little, VP S. Perry, Fin Analyst G. BruMer. SVP C. Johnson, Fin Analyst andmalm, Sr. Network Adm 8. Augustine D. Watkins, VP 1.. Meyer I. Myers, Exec Ass! Ferguson, Network Adm L. Bell T. Herndon, A VP Houston Boca Raton Abaci, End User Support F. Benltoski 1. Santamaria. A VP 1. Wright, VP R. Popkin, SVP ruzzichesi, End User Support K. Buchanan C. Grier, Fin Analyst Jacksonville SI. Petenburg P. Carollo S. McGarry. Consultant A Crenshaw, SVP Denver J. Caslunore, VP K. Cox M. Owens, SVP M. Galuski, SVP S. Creft S. Stern, SVP T. Nelson, SVP ugal t- H. Ewin B. Wulbem, SVP Bonnie Gennain K. Keith S. Prescott, Fin General CounselIVP 1.. Lopez Analyst M. McCord MIami S. Parks, Paralegal K. Mason E. Tannebaum, A VP D. Purvis Naples Operallo.. W. Reagan, S VP Baltimore 1. Man, AVP Peler C. Jordan '-- 1. Bone Orlando Vice President Boca Raton B. Leedy, 1st VP D. Colomb 1.. Andrioni Pell58cola William R. Ho M. J.O 1.V T. M. J.B C. Brown. VP R. Ayres, A VP R. Czujko, A VP J. Holecek. A VP C. Kirley, A VP L. Meagher, A VP J. Moye. AVP D. Baker L. Brennick R. Burks S. Ca\'anaugh T. Cummings S. Dion C. Glass K.Hillman D. Lockhart S. Perry D. Potter A Ranella-Spangler J. Slegura G. Tenorio 8. Wilder P. Wiskotoni DaII.. N. Pruitt laclaonville D.Dpl D.Oli\'er Miami P. B)Td Nap'e. M. Ward Orlando M. Rose J. Bell, 1st VP I I I I I I I I I I 'I' I I I I I I I 'I PERSONNEL ASSIGNED TO THE FINANCING 2. Name, qualifications, experience and location of those persons who will be assigned to work with the City Staff, Financial Advisor and Legal Counsel. The team of professionals committed to the City of Winter Springs provide an exceptional level of experience and expertise in municipal finance. Loomis C. "Bill" Leedy, located in our Orlando office, will serve as Project Manager and will provide the day-to-day activities relative to the City's financing. Mr. Leedy served as Sole Managing Underwriter on the City of Winter Springs' first bond issue in 1979. Mitchell Owens, located in our Jacksonville office, will serve as Co-Project Manager. Together, these senior bankers have over 41 years experience as investment bankers to Florida issuers. Mr. Leedy and Mr. Owens will be directly supported by Julie Santamaria. The Firm's underwriter, Scott Johnston, is Florida's most senior underwriter and will be responsible for the pricing and underwriting of the City's bonds. Dorothy Watkins, one ofthe Firm's senior analysts, will provide quantitative analysis. This team approach assures the City that either Mr. Leedy, Mr. Owens, or both will be available to attend all meetings, presentations and workshops related to the City's proposed financings. The selection of a senior manager with experienced professionals committed to local availability will provide the City with the most efficient and cost-effective service. Bill Leedy joined William R. Hough & Co. in 1998. During his 23 years of experience, Mr. Leedy has assisted Florida tax-exempt issuers in developing and implementing financing plans for a variety of capital needs. Some of these clients include the cities of Winter Springs, Orlando, Mount Dora, DeLand, Vero Beach, Dunedin, Leesburg, Clearwater, Cocoa, and the Orlando-Orange County Expressway Authority, Orange County Housing Finance Authority, Orange, Seminole, V olusia, Indian River, S1. Lucie, Martin and Pinellas Counties. Mr. Leedy has completed numerous special assessment financings for S1. Lucie and Martin Counties to fund water and sewer system, street and drainage improvements. Principal Contact: Loomis C. "Bill" Leedy, m First Vice President 225 East Robinson Street, Suite 465 Orlando, Florida 32801 (407) 422-5161 (407) 422-5659 FAX From 1973 to 1975, Mr. Leedy was associated with Pierce, Wulbem, Murphey, Inc., Orlando, Florida, and from 1975 to 1998 he was associated with the Leedy Corporation. Mr. Leedy is a graduate of the University of Florida with a B.S. degree in Banking and Finance. He is also a graduate of the Public Finance Institute at the University of Michigan. Mr. Leedy is a NASD Registered Municipal Securities Representative. Prior to joining William R. Hough & Co. in March of 1981, Mitch Owens was the local Bond Counsel for the City of Jacksonville, where he handled bond issuance matters for the City, its agencies, and independent authorities, including the Jacksonville Port Authority, the Downtown Development Authority, the Duval County Housing Finance Authority, the Jacksonville Electric Authority and the Jacksonville Health Facilities Authority. Mitchell N. Owens Senior Vice President Jacksonville, Florida Since joining William R. Hough & Co., Mr. Owens has served as Senior Manager, Financial Advisor, and Co-Manager to many local governments. Mr. Owens served as financial advisor to the City of Orlando for the $32,840,000 Special Assessment Revenue Bonds (Conroy Road Interchange Project), Series 1997A and B and the $47,400,000 Community Redevelopment Agency Revenue Bonds (1-4 Interchange/Republic Drive Project). These unique financings involved a joint public/private financing I I I I I I I' I I I '1 I I I I II I I. I structure which utilized tax increment revenues, special assessments and impact fee revenues to pay debt service on the tax-exempt bonds. Mr. Owens has completed special assessment and tax increment financing for St. Lucie County, Volusia County and the City of Aitamonte Springs. Mr. Owens is currently working on a refunding for a CRA in the City of Orlando. Since 1991, Mr. Owens has been involved in 36 financings for water and sewer systems totaling in excess of $1.8 billion. Such financings include $244,020,000 Jacksonville Electric Authority Water and Sewer System Revenue Bonds, $467,820,000 Orlando Utilities commission Water and Electric Revenue Refunding bonds, $80,315,000 City of Ocala Utility Systems Subordinate Refunding Revenue Bonds, $47,825,000 City of Orlando Waste Water System Refunding Revenue Bonds and $46,780,000 City of Tallahassee Combined System Revenue Bonds. His financial advisory clients include the cities of Ocala, Orlando and Pensacola, Lake County and the Fort Pierce Utilities Authority. Mr. Owens holds a B.A. degree, with honors, from the University of Central Florida, and a J.D. from Mercer University. He is also a NASD Registered Municipal Securities Representative. Julie Santamaria joined William R. Hough & Co. in 1993, originally in the Municipal Sales Department as an Account Executive advising retail clients and marketing new debt issues. In 1995, she joined the Firm's Public Finance Department and is responsible for the quantitative and qualitative analysis of municipalities' outstanding debt, future financing needs and client development. Ms. Santamaria has recently worked on financings for the City of Ocoee, Pinellas County, Bay Creek Community Development District, and Heritage Greens Community Development District. She is currently working on a special assessment bond issue for the City of Orlando in the Firm's role as Financial Advisor. Ms. Santamaria has also served as the analyst for projects such as a utility rate analysis for the Lee County Utility Department and a special assessment methodology report for the Winston Trails Community Development District in Palm Beach County, Florida. Julie Santamaria Assistant Vice President S1. Petersburg, Florida Ms. Santamaria earned a B.S. in Psychology from the University of Florida and is a NASD Registered General Securities Representative. Dorothy Watkins joined William R. Hough & Co. in 1982 and has been involved in all facets of tax-exempt and taxable financings in the capacity of underwriter and financial advisor. She is currently responsible for technical analysis with respect to structuring all types of financings, including refundings and cash flow analyses. Ms. Watkins is responsible for refunding structures to obtain maximum savings, mitigate negative arbitrage and minimize transferred proceeds. She has also participated in numerous financing structures whereby she customized the refunding debt service with the new money proceeds to comply with the issuer's revenue constraints. Dorothy A. Watkins Vice President S1. Petersburg, Florida Ms. Watkins holds an M.B.A. degree from Florida Institute of Technology, Melbourne, Florida, and is a NASD Registered General Securities Representative. She is also active in the National Association of Bond Lawyers Conferences and participates in ongoing education for tax law changes regarding arbitrage, rebate and tax-exempt financings. Scott Johnston, one of the leading underwriters in the Nation, will be responsible for pricing and underwriting the City's bonds. Mr. Johnston has been involved as managing underwriter in many large bond issues involving syndicates of several investment banking firms, and is responsible for Scott G. Johnston Senior Vice President S1. Petersburg, Florida ,I I I I I I I' 'I I I I I, I I I I .1. I I managing an average daily bond inventory of $60 to $80 million. Because of his daily contact with all sectors of the bond market, he is thoroughly knowledgeable about market conditions and the demand for specific kinds of securities. As the most senior underwriter in the State, other firms frequently seek his opinion on pricing levels of Florida bonds at their initial marketing. Mr. Johnston holds a B.A. degree in Economics from Tulane University. He has been actively involved in the underwriting, trading, and selling of municipal bonds for over 19 years. He is also an NASD Registered General Securities Representative, Registered General Securities Principal, Registered Municipal Securities Principal and a Registered Municipal Securities Representative. - I I I I I I I I I I I I I I I I I I PRIOR EXPERIENCE WITH THE CITY OF WINTER SPRINGS 3. Has your firm, or members of your firm, had any prior experience as senior manager or co- manager on previous City of Winter Springs issues? If so, please describe. William R. Hough & Coo's team of professionals offer unparalleled experience with the City of Winter Springs. William R. Hough & Co. served as Senior Managing Underwriter on the City's $9,365,000 Improvement Refunding Revenue Bonds, Series 1993 and as a Co-Manager on the City's $16,015,000 Water and Sewer Refunding Revenue Bonds, Series 1992. Loomis C. "Bill" Leedy's prior firm, The Leedy Corporation, served as the City's Sole Manager on its first bond issue, the approximately $700,000 Improvement Revenue Bonds, Series 1979. Mr. Leedy also served as Sole Manager on the City's $5,035,000 Water and Sewer Revenue Bonds, Series 1984, Co-Manager on the City's $16,015,000 Water and Sewer Refunding Revenue Bonds, Series 1992 and Co-Manager on the City's $9,365,000 Improvement Refunding Revenue Bonds, Series 1993. This experience with the City of Winter Springs provides William R. Hough & Co. and our professionals with unique insight regarding the intricacies of the City's financings, which will assist in the marketing and structuring of its transactions a timely basis with minimal involvement by the City's staff. I I I I I I I I I I I I I I I I I I I Ratings: Moody's: Aaa Standard & Poor's: AAA ("MBIA" Insured) (See "Bond Ratings" herein) In the opinion of Bond Counsel. under existing law. conditioned upon compliance with certain tax requirements refe"ed to herein. interest on the Series 1992 Bonds is excludable from gross income for federal income tax purposes and will not be treated as an item of tax preference in compu1ing the alternative minimum tax for individuals and corporations. Interest on the Series 1992 Bonds will, however. be taken into account in computing an adjustment made in determining a corporate Bondholder's alternative. minimum tax, and holders of the Series 1992 Bonds could be subject to the consequences of other provisions of the Internal Revenue Code of 1986, as amended. In the opinion of Bond Counsel. under existing law. the Series 1992 Bonds are also exempt from all present intangible personal property taxes imposed pursuant to Chapter 199. Florida Statutes. See "Tax Exemption" herein. NEW ISSUE $16,015,000 CITY OF WINTER SPRINGS, FLORIDA Water and Sewer Refunding Revenue Bonds Series 1992 Dated: October 1, 1992 Due: April 1 in each year as shown below The Water and Sewer Refunding Revenue Bonds, Series 1992 (the "Series 1992 Bonds") are to be issued by the City of Winter Springs. Florida (the "City") as fully registered bonds without coupons in the denomination of $5.000 or any integral multiples thereof. Interest on the Series 1992 Bonds is payable on each October 1 and April 1, beginning April 1, 1993, by a check or draft to be mailed to the address of the registered owner thereof (the "Holder") as recorded in the registration books of the City on the fifteenth day of the month prior to each interest payment date by NationsBank of Florida, N.A.. as Registrar and Paying Agent (the "Paying Agent"). Principal of and any premium on the Series 1992 Bonds are payable to the Holder. when due upon presentation and surrender of the Series 1992 Bonds at the principal corporate trust office of the Paying Agent. The Series 1992 Bonds may be transterred or exchanged as described herein. The Series 1992 Bonds are subject to redemption prior to maturity as described herein. The payment of the principal and interest on the Series 1992 Bonds when due will be insured by a municipal bond insurance policy to be issued by Municipal Bond Investors Assurance Corporation simultaneously with the delivery of the Series 1992 Bonds. A1BIA The Series 1992 Bonds are being issued to provide funds for the purpose of (i) refunding the City's Water and Sewer Revenue Bonds, Series 1990 dated April 1, 1990 which are currently outstanding in the principal amount of $12,300.000 and the City's Series 1989 Utility Revenue Bond Anticipation Note which is currently outstanding in the principal amount of $750,000 (collectively the "Refunded Bonds"), (ii) making a deposit to the subaccount in the Reserve Account established for the benefit of the Series 1992 Bonds; and (iii) providing moneys to pay certain costs and expenses relating to the issuance of the Series 1992 Bonds; all pursuant to Resolution No. 665 duly adopted by the City Commission of the City on April 29. 1991 as supplemented and specifically as supplemented by a resolution adopted September 28, 1992, as supplemented (the "Resolution"). The Series 1992 Bonds and interest thereon are payable solely from and secured by a lien upon and pledge of the net revenues derived from the operation of the City's Water and Sewer System (the "Net Revenues"). The lien of the Series 1992 Bonds on the Net Revenues is on a parity with the lien thereon of the City's outstanding Water and Sewer Refunding Revenue Bonds. Series 1991 (the "Parity Bonds") currently outstanding in the aggregate principal amount of $6.880.000. THE SERIES 1992 BONDS DO NOT. CONSTITUTE INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER PROVISION OR LIMITATION. AND NO HOLDER SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF THE AD VALOREM TAXING POWER OF THE CITY OR TAXATION OF ANY REAL OR PERSONAL PROPERTY THEREIN FOR THE PAYMENT OF THE SERIES 1992 BONDS OR THE MAKING OF DEPOSITS INTO THE DEBT SERVICE FUND. RESERVE OR OTHER PAYMENTS PROVIDED FOR IN THE RESOLUTION. THE SERIES 1992 BONDS SHALL NOT CONSTITUTE A LIEN UPON THE SYSTEM. OR ANY PART THEREOF. OR ON ANY OTHER PROPERTY OF OR IN THE CITY, BUT SHALL CONSTITUTE A LIEN ONLY ON THE NET REVENUES DERIVED FROM THE OPERATION ON THE SYSTEM ALL IN THE MANNER PROVIDED IN THE RESOLUTION. . This cover page contains certain information for quick reference only. It is not a summary of the Series 1992 Bonds. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. MATURITIES, AMOUNTS, INTEREST RATES AND YIELDS $5,580,000 SERIAL BONDS Principal Interest Principal Interest Maturity Amount Rate Yield Maturity Amount Rate Yield 1996 $315.000 4.40% 4.40% 2003 $440.000 5.40% 5.50% 1997 330,000 4.55 4.55 2004 465.000 5.50 5.60 1998 345,000 4.80 4.80 2005 490.000 5.65 5.75 1999 360,000 5.00 5.00 2006 520.000 5.80 5.90 2000 375.000 5.20 5.20 2007 545.000 5.90 6.00 2001 395.000 5.30 5.30 2008 580.000 6.00 6.05 2002 420,000 5.40 5.40 $2.690.000 6.1 0% Term Bonds Due April 1, 2012 - Yield to Maturity 6.20% $7.745.0006.125% Term Bonds Due April 1. 2020 - Yield to Maturity 6.25% The Series 1992 Bonds are offered. when, as and if issued. and received by the Underwriters, subject to the opinion as to the legality of the Series 1992 Bonds, by Honigman Miller Schwartz and Cohn, Orlando, Florida, Bond Counsel to the City. Certain legal matters will be passed upon for the City by Honigman Miller Schwartz and Cohn, Orlando. Florida. Counsel to the City. It is expected that the Series 1992 Bonds will be available for delivery in New York, New York on or about October 20. 1992. Prudential Securities Incorporated A.G. Edwards & Sons, Inc. William R. Hough & Co. Gardnyr Michael Capital, Inc. The Leedy Corporation Harcourt Ryder Capital, Inc. Dated: October 1, 1992 I REFUNDING ISSUE Ratings: Moody's: Asa Standard & Poor's: AM (AMBAC Insured) (See "Municipal Bond Insurance" and "Bond Rating" herein) In the opinion of Bond Counsel, under existing law, conditioned upon compliance with certain tax requirements referred to herein, interest on the 1993 Bonds is excludable from gross income for federal income tax purposes and will not be treated as an item of tax preference in computing the alternative minimum tax for individuals and corporations. Interest on the 1993 Bonds will, however, be taken into account in computing an adjustment made in determining a corporate BondJwlder's alterrw.te minimum tax,. and Jwlders of the 1993 Bonds could be subject to the consequences of other provisions of the 1nterrw.1 Revenue Code of 1986, as amended. In the opinion of Bond Counsel, under existing law, the 1993 Bonds are also exempt from all present intangible persorw.l property taxes imposed pursuant to Chapter 199, Fwrida Statutes. See "Tax E:remption" herein. I I I $9,365,000 CITY OF WINTER SPRINGS, FLORIDA Improvement Refunding Revenue Bonds, Series 1993 Dated: June 1, 1993 Due: October 1, in each year as shown below The City of Winter Springs, Florida (the "City") is issuing its Improvement Refunding Revenue Bonds, Series 1993 (the "1993 Bonds") as fully registered bonds, in denominations of $5,000 each or integral multiples thereof. Interest on the 1993 Bonds (payable on April 1 and October 1 of each year, commencing on October 1, 1993) will be payable by wire transfer or check mailed to the address of the registered owner thereof as recorded in the registration books of the City on the fifteenth day of the month immediately prior to each interest payment date. Principal of the 1993 Bonds is payable to the registered owner or his legal representative upon presentation and surrender when due at the principal corporate office of NationsBank of Florida, N.A., Fort Lauderdale, Florida, as Registrar and Paying Agent. The 1993 Bonds are subject to optional and mandatory redemption prior to maturity, as more fully described herein. The 1993 Bonds are being issued for the purposes of, together with other legally available funds, financing the cost of (i) refunding $4,980,000 of the City's outstanding Improvement Refunding Revenue Bonds, Series 1989, (the "Refunded Bonds") currently outstanding in the aggregate principal amount of $8,550,000 (ii) acquiring and constructing certain City owned capital improvements (iii) funding the debt service reserve account created for the benefit of the 1993 Bonds and (iv) paying the costs and expenses relating to the issuance of the 1993 Bonds including the municipal bond insurance premium. The City's Improvement Refunding Revenue Bonds, Series 1989 not being refunded are herein referred to as the "Parity Bonds". See "THE REFUNDING PLAN" and "THE PROJECT" herein. The 1993 Bonds and the interest thereon are payable solely from and secured by a first lien ('1, ,....j pledgp. f'Jf, which lien and pledge is on a parity with the lien and pledge of the Parity Bonds, the Public Service Tax impo'sed by the City or.. ,he p:.;,d' .e of certain utilities services within the corporate limits of the City and the proceeds of Franchise Fees to be paid for a period of thirty (::S~ years from April 1, 1984 by Florida Power Corporation (collectively, the "Excise Taxes"). See "SECURITY FOR THE 1993 BONDS" and "COLLECTION OF PUBLIC SERVICE TAX AND FRANCHISE FEES" herein. I I I I I I The 1993 Bonds do not constitute a general indebtedness of the City or the State of Florida or any agency or political subdivision thereof within the meaning of any constitutional, statutory or charter provision or hmitation but are payable from and secured solely by the Excise Taxes. Neither the City, the State of Florida or any agency or political subdivision thereof is obligated to levy any ad valorem taxes for payment of the principal of, premium, if any, and the interest on the 1993 Bonds. The payment of the principal of and interest on the 1993 Bonds when due will be insured by a municipal bond insurance policy to be issued by AMBAC Indemnity Corporation simultaneously with the delivery of the 1993 Bonds. (See "MUNICIPAL BOND INSURANCE" herein). I AMBAC. I MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES AND PRICES OR YIELDS $775,000 Serial Bonds Year Principal Amount Interest Rate Yield Year I Principal Amount Interest Rate Yield 1994 1995 $55,000 50,000 3.00% 3.40 3.000/< 3.40 $110,000 275,000 285,000 3.60% 3.90 4.20 3.60% 3.90 4.20 I 1996 1997 1998 $8,590,000 Tenn Bonds $135,000 4.60% Term Bonds, Due October 1, 2001, at 4.70% $160,000 5.10% Term Bonds, Due October 1, 2004, at 100% $120,000 5.25% Term Bonds, Due October 1,2006, at 5.35% $2,015,000 5.25% Term Bonds, Due October 1,2010, at 5.65% $1,310,000 5.25% Term Bonds, Due October 1,2012, at 94.875% $2,235,000 5.50% Term Bonds, Due October 1, 2015, at 97.00% $2,615,000 5.00% Term Bonds, Due October 1, 2018, at 5.75% <Plus Accrued Interest from June 1, 1993) I I The 1993 Bonds are offered when, as and if issued, subject to the legal opinion of Honigman Miller Schwartz and Cohn, Orlando, Florida, Bond Counsel to the City. Certain legal matters will be passed upon for the City by Honigman Miller Schwartz and Cohn, Orlando, Florida, Counsel to the City. Capital Market Consultants, Inc. is acting as Financial Advisor to the City. It is expected that the 1993 Bonds in definitive form will be available for delivery to the Underwriters in New York, New York on or about June 10, 1993. This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read this entire Official Statement to obtain information essential to the making of an informed investment decision. I I William R. HOUSh & Co. The Leedy Corporation A. G. Edwards & Sons, Inc. Gardnyr Michael Capital, Inc. .Prudential Securities, Inc. I Dated: May 24, 1993 I I EXPERIENCE AS SENIOR OR CO-MANAGING UNDERWRITER I I I 4. Please list the Florida financing your firm has serviced as a Senior Manager or Co-manager over the past three (3) years, the type of revenue source, size of transaction, T.L C. and underwriting cost for each issue. I Florida's Leading Underwriter: As a Florida based investment banking firm, William R. Hough & Co. has been the leading managing underwriter of Florida municipal bonds since 1966, underwriting more Florida bond issues than any other firm in the Country. In 1995, 1996, 1997 and 1998, the firm ranked I st in terms of Florida senior managed transactions. Many of these transactions were financed using non-ad valorem revenues, water and sewer revenues and special assessment revenues. Our broad experience in all aspects of Florida tax-exempt finance and our specific experience structuring the type of financings proposed by the City will result in the most cost-effective and efficient financing possible. I I Florida Underwriting Experience Top Five Senior Managing Underwriters 1993 through September 30, 1998 I R ~ o j o z: I I WillilImR. Hough &. Co. Salomon Smilb Ilamoy Holdinjp Rsymood, James &. Associldes, In<. Prager. McCarthy &. Sealy MerriD Lyncb &. Co. I I I SouR:e: SecmtlIaDaaCo..1119r'91. FallcmlltoDootYla&u. A list of financings where William R. Hough & Co. served as Senior or Co-Manager since January 1, 1996 is included as Appendix B. I I I I I I I I I I I I I I I I I I I I I I I I I!~. STRATEGY FOR RATING TH~ BONDS - I .......1IIlIIII 5. Assuming the issues would qualify for bond insurance, what rating strategy for marketing the bonds would you recommend. William R. Hough & Co. is primarily responsible for "putting Florida on the map" in the invesnnent community. For over 36 years, William R. Hough & Co. has consistently convinced Wall Street and the major rating agencies to accept Florida credits as invesnnent grade securities in the face of skepticism. Our success has been based upon an unqualified commitment and belief in the growth potential of Florida, and the resulting high quality security sources available to Florida issuers. Through our efforts, we have routinely been able to obtain the highest ratings possible for our clients, resulting in the lowest interest cost on their bond issues. Assuming that the City's proposed issues would qualify for bond insurance and thus be high investment grade, William R. Hough & Co. would recommend that the City consider a formal presentation to at least two of the three major bond rating agencies, Moody's Investors Service, Standard & Poor's Corporation and Fitch. Although the bonds would be insured, an underlying rating of .. A/ A2" or better would allow the bonds to be marketed to certain institutional sectors who require underlying ratings. Many bank trust departments are unable to purchase a municipal bond unless it has an underlying rating. The ability to market the City's bonds with an underlying rating of "A/A2" or better will expand the universe of eligible buyers and may result in a lower interest cost to the City. The presentation could encompass all of the City's proposed bond issues and may involve travel to New York where the rating agency offices are located or, if the City prefers, inviting the rating agencies to visit Winter Springs. We also recommend ongoing dialogue between the City and the rating agencies to ensure that the rating agencies are familiar and comfortable with the City's [mancial plans. As underwriter to the City, William R. Hough & Co. and the City's Financial Advisor would be responsible for arranging, coordinating, and preparing the rating presentations. This process begins with our firm contacting the rating agencies approximately four to six weeks prior to the presentation. Shortly thereafter we put together a package of information for their review prior to the presentation containing audited financial statements, the current budget, engineering reports, description of the project, estimated debt service schedules, the bond resolution, the preliminary official statement, and any other pertinent information relative to the bond issue. William R. Hough & Co., coordinating with the City's Financial Advisor, would also be responsible for preparing the presentation itself, which usually consists of a report highlighting the positive aspects of the City, including economics and demographics, finances and debt, taxes, City management, growth management plans and the specifics relative to the bond issue. The presentation is led by the City Manager and usually includes the Finance Director, Consulting Engineer and a representative from the planning/economic development department or the Utility Director in the case of a utility bond issue. The presentation will be derived from information obtained from the City and would be coordinated through the City Manager's office based upon input from the City staff. Of most importance is our overall familiarity with the rating process and knowledge of the pertinent information and how to present it to the agencies in order to obtain the highest possible rating. Through our continued efforts, the rating agencies have gained favorable acceptance of the growth oriented credits which are so critical to meeting Florida's financing needs. Based upon our excellent rapport with the rating agencies, William R. Hough & Co. is better positioned to assist the City in dealing with the rating agencies than any other firm. The quality of our I I I I I I I I I I I I I I I I I I I staff is unsurpassed on Wall Street, and we know and understand Florida, its demographics, laws, growth patterns, and fInancing needs better than any other fIrm. Our success in dealing with the rating agencies on small as well as large Florida issues demonstrates the credibility William R. Hough & Co. has earned with the rating agencies and the entire investment community. William R. Hough has recently been successful in obtaining rating upgrades for the City of Pensacola ("AAJAA2/AA" underlying), Fort Lauderdale/Hollywood Airport ("A/AlIA" underling) and the City of Ocoee (A/A" underlying). I I I I I I I I I I I I I. I I I I I I L_=- ,: ~ FEES AND EXPENSES .~ - 6. Provide an estimate of total fees and expenses your firm would charge assuming bond insurance for the following sized bond issues. $1 Million - $5 Million $5 Million - $10 Million William R. Hough & Co. proposes the following total fees and expenses for the City's bond issues based on a 30-year, fixed rate, insured issue structured to provide level debt service. The difference in expenses between the $1 - 5 million issue and the $5 - 10 million issue is due to the estimated fixed Underwriter's Counsel fee of $10,000 which includes the drafting of the Official Statement and the Section 10(b)(5) opinion. Should underwriter's counsel not be required to draft the Official Statement, such fee would be significantly reduced. William R. Hough & Coo's fees would not change based upon the size of the proposed bond issue. Estimated Fees and Expenses $1 Million - $5 Million $$ / Bond (rounded) $5 Million - $10 Million $$/Bond (rounded) Management Fee Underwriter's Risk Average Take Down Expenses(') Gross Spread $0.00 $0.00 0.00 0.00 4.77 4.77 2.30(1) 1.3()<1) $7.07 $6.07 (I) Includes estimated underwriter's counsel fees and expenses of $10,000. I I I I I I I I I I I I I I I I I I I I[ - ~ - - - J - MARKETING STRATEGY 7. Please describe your approach to marketing, both rated and non-rated issues, type of investor you would seek and geographical location of where the bonds would be marketed from. Should the issue be non-rated, does your firm have a credit approval process? Ifso, what is the process? William R. Hough & Co. 1998 Average Weekly Participation in Municipal Bond Market 8cIur1;e: WIIIam R. Hough & Co. Dm:b.. will translate into the lowest interest rates for the City's debt. William R. Hough & Co. 's leadership in the municipal market is demonstrated by our level of involvement in municipal bond transactions. During the period from 1993 through 1998, the firm served as senior manager for 585 issues with a par value in excess of $10 billion, and as a joint manager on 522 issues with a par value of $21. I billion. Our nationwide recognition as a market leader, coupled with the largest inventory of previously issued bonds, provides William R. Hough & Co. with unequaled insight into the marketing of new bond offerings and Institutional Sales: William R. Hough & Co.'s institutional sales department consists of experienced professional salespeople whose sole perspective is maintaining relationships with and serving over 350 institutional investors nationwide. Within the past year, William R. Hough & Co. 's Institutional Sales Department has been restructured, resulting in Tier I and Tier II account coverage. Tier I accounts include major national bond funds and insurance companies. Tier II accounts include mid-size mutual funds, smaller property and casualty insurance companies and bank trust departments. This differentiation in coverage has enabled our salesforce to provide more intensive and specialized coverage to a broader base of accounts. An important ingredient to the success of the Municipal Bond Department is our research staff, which consists of credit research, portfolio strategy and technical analysis. The Firm's senior credit analyst has been selected number one by the Institutional Investor magazine's "All American Institutional Fixed Income Research Team". The Firm's research is published regularly in the William R. Hough & Co. Municipal Bond Forum. Our continued dedication, knowledge and creativity will guide us into the future of an ever changing municipal bond industry. Retail Sales: As Senior Managing Underwriter, William R. Hough & Co. offers the City a strong retail base with thousands of active retail accounts. In addition to our St. Petersburg headquarters, William R. Hough & Co. maintains sales offices in Orlando, Jacksonville, Palm Beach Gardens, Naples, and Daytona Beach, all of which have retail and institutional sales representatives. Through an agreement with Republic Bank, the firm also has retail sales offices in Republic Bank branches throughout the State, giving us a total of 72 retail sales offices throughout the State of Florida and one in Georgia. Assuming that the City's bonds are insured, William R. Hough & Co.'s salespeople would market the City's bonds from all of our 72 offices throughout the State of Florida. While the majority of I I I I I I I I I I I I I I I I I I I our clients reside in Florida, we are a registered broker/dealer in all 50 states as well as the District of Columbia and distribute bonds to retail buyers across the Country. Marketine Strateev William R. Hough & Co. prices and markets all Florida. issues, rated or non-rated, from its St. Petersburg, Fla. headquarters, as well as its 72 retail sales offices in Florida. The firm's marketing strategy will depend primarily on the type of credit, structure and credit enhancement procured (if any). Our marketing strategies based on the type of debt are summarized as follows: Non-Rated Issues: Our approach to marketing non-rated bonds involves an initial analysis of the credit to determine whether the issue is suitable for a broad marketing to retail investors, or whether the marketing should be limited to institutional investors. In our experience, matching an issue to the correct investor base is always beneficial to the issuer. If the credit is a solid credit which, in our opinion, would qualify for an investment grade rating, the issue can often be successfully marketed to retail investors in Florida under terms more favorable to the issuer than if the bonds were marketed institutionally. Likewise, large non-rated transactions with peculiar risks are often more appropriately sold to institutional investors. William R. Hough & Co, has recently formalized a process which has for many years informally governed our underwriting of non-rated issues. Our commitment committee for non-rated municipal financings consists of Robb Hough, President and former manager of the firm's public finance department, Scott Johnston, the firm's underwriter, Stefan Haberer, manager of the firm's research department, Angelo Cappelli, manager of the firm's retail sales department, and Dick Montalbano, manager of the firm's public finance department. The public finance professional who is responsible for structuring a particular transaction presents the credit to this committee, which determines whether the firm will underwrite the security, whether the security is suitable for a broad retail offering or whether it needs to be limited to institutions or in some other manner. All members of the committee have extensive experience in structuring and/or marketing non-rated municipal bonds, and all are particularly sensitive to the needs of issuers. William R. Hough & Co. is particularly proud of its record in structuring and marketing non rated securities. In our 37 years of existence' we have structured and underwritten many non-rated bond issues, both institutionally and retail. None have ever defaulted. Additionally, in our experience, we are often more willing than many other firms to offer a uninsured security on a retail basis, because we have confidence in our ability to analyze a credit and determine the extent of the risks presented by it, as well as our ability to make an appropriate suitability determination. Our track record discussed at the beginning of this section supports our confidence. High Investment Grade-Rated and Insured: For any high investment grade-rated and insured bonds, William R. Hough & Co. 's marketing strategy is to create the largest possible demand in the retail and institutional markets through pro-active communication with all buyers who purchase the particular type of bonds. William R. Hough & Co. will perform an extensive pre-sale marketing effort to target retail investors who are likely to pay the most for the City's bonds. This marketing effort will include advertisements placed in newspapers of general circulation within the City and surrounding areas, such as the Orlando Sentinel. Advertisements will clearly state the terms of the City's securities and provide toll- free telephone numbers to William R. Hough & Co. sales offices and to the local offices of other securities firms which are a part of the underwriting team. We would encourage local retail participation through the establishment of a "pre-order" priority period for local investors and utilize retention levels for retail buyers. The firm's sales staffs complete coverage of the retail market, together with its strong I I institutional relationships, will enable William R. Hough & Co. to target the sizable population of high net worth retiree investors and sell the City's bonds at the lowest possible cost. I Marketing Strategy: Develop optimum demand for the City's Bonds I Activity in Weeks Prior to Insured Bond Sale Buyers 4 3 2 1 Institutional . List financing in . Distribute preliminary . Provide description . Distribute final internal calendar bond issue information to suitable for outside information to all sales . Provide preliminary salespersons via internal distribution per MSRB/ professionals circular PSA rules description of . Conference call program to sales . Begin preliminary . Provide anticipated sale involving all professionals discussions with buyers date to institutional underwriters to review investors financing terms Retail . Create and distribute . Identify potential . Provide detailed . Conference caIl with marketing letters to purchasers of the City's description of the issue sales professionals. retail accounts bonds and begin one-on- for internal use Investment bankers List financing in one sales meetings available to answer . . FoIlow-up with selected specific questions. internal forward . Target investors in the calendar local area purchasers, advertise in local newspaper(s) I I I I I I I I I I I I I I I I I ONGOING INVESTIGATIONS, LITIGATION OR ARBITRATION I 8. Identify fully the extent to which your firm or individual partners or employees are the subject of any ongoing municipal securities investigation, are a party to any municipal securities litigation or arbitration, or are the subject of a subpoena in connection with a municipal securities investigation. In addition, include any such investigations which concluded in an enforcement or disciplinary action ordered or imposed in the last three years. I I Neither William R. Hough & Co. or its individual partners or employees are currently or in the past three years have been the subject of any ongoing municipal securities investigation, are a party to any municipal securities litigation or arbitration, or are the subject of a subpoena in connection with a municipal securities investigation except as noted below. I I I No enforcement or disciplinary action order has been imposed in the last three years except that the Firm and one of its principals entered a voluntary settlement with the NASD on December 13, 1996 concerning a clerical omission of the name of one transaction from a reporting form required by the MSRB. I William R. Hough & Co. has responded to subpoenas by the Securities and Exchange Commission relating to the Firm's involvement in certain advance municipal refundings and its conduct is being reviewed. This does not involve any present activities. I I I I I I I I I I I I I~ - I MSRB RULE G-38 - - I 9. MSRB Rule G-38: Please indicate whether your firm has retained the services of a consultant who is not regularly employed by the firm who will represent the firm's interest with respect to this RFP. Provide the name of the consultant and the compensation. If the consultant is covered by the firm's most recent 6-38 report, you may attach and reference the report. If the consultant is not included in the most recent report, provide the requested information. Please provide a statement of positive assurance indication that your firm and all of its representatives are not presently being investigated or in violation of Rule 6-38, or attach a statement describing the current status of such investigations or violations. I I I William R. Hough & Co. has not retained the services of a consultant who is not regularly employed by the firm who will represent the firm's interest with respect to this RFP nor is the firm or any of its representatives being investigated or in violation of Rule 0-38. I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I II=~ =- ~~ONFLICT OF INTER~; - I 10. Will the selection of your firm result in any current or potential conflict of interest? If so, your firm's response must specify the party with which the conflict exists or might arise, the nature of the conflict and whether your firm would step aside or resign from the engagement or representation creating the conflict. Please include Conflict of Interest Statement. William R. Hough & Co. is unaware of nor do we foresee any relationships that would present a potential conflict of interest in our role as underwriter to the City of Winter Springs. A Conflict of Interest Statement is included as Appendix D. I I I I I I ,I I I I I I I I 'I I I I I L- .~= "_ REFERENCES ~ --" - 11. Provide a list of five (5) references with a contact name, telephone number and fax number for similar issues who may be contacted 'by the City. William R. Hough & Co. has provided personalized service and innovative financings for local governments for over 37 years. Please contact any of the individuals listed below for confirmation of the Firm's capabilities. James R. Holt, Director of Finance City of Cocoa 603 Brevard A venue Cocoa, FL 32922-1750 (407) 639-7516 G. Michael Miller Director of Finance City of Orlando 400 So. Orange Avenue Orlando, Florida 32801 (407) 246-2341 Mr. John R. Lawrence City Manager City of Dunedin 542 Main Street Dunedin, FL 34697 (727) 733-4151 Mr. Glen Baker Director of Finance City of Ocala 151 S.E. Osceola Avenue Ocala, FL 32678 (352) 629-8401 Ellis Shapiro City Manager City of Ocoee 150 N. Lakeshore Drive Ocoee, Florida 34761-2258 (407) 656-2322 Ext. 121 I I I I I ,I I I I I. I ,I I I I I I I I ['~'-= W~y S;:ECT WILL~AM R. H~H & Co. -l 12. In two (2) pages or less, please describe why your firm should be selected as either the Senior Manager or Co-manager to the City. For 37 years, William R. Hough & Co. has structured, priced and sold municipal bonds for Florida issuers and enhanced the marketplace for those issuers' financings. The Firm's experience with financing the capital improvement needs of Florida's governmental bodies encompasses every facet of short term and long term financing programs. Our extensive involvement in the structuring, underwriting and sale of all types of Florida tax-exempt and taxable securities makes us the most qualified firm to serve as the City's Senior Managing Underwriter. Special Assessment and CDD Financing Expertise: Since 1993, William R. Hough & Co. has served as underwriter on 32 CDD and special assessment issues totaling in excess of $860 million par amount. These include insured, rated and unrated issues encompassing every type of infrastructure improvement: roads, water, wastewater, drainage, street lights and school facilities. As financial advisor to the City of Orlando, William R. Hough & Co. is currently working on the redevelopment of the 1,093 acre Naval Base property in the City. The project will include 3,000 residential units (owned and rental), 1.5 million square feet of commercial development and several hundred acres of park land that will be deeded back to the City. It is being financed through a unique public-private partnership involving special assessments and private funds contributed by the selected developer. William R. Hough & Co. also currently serves as Senior Managing Underwriter to the Winston Trails Community Development District, a 825 acre neo-traditional planned community located in unincorporated Palm Beach County. The District will be financing the construction of the surface water management system, water distribution system and wastewater collection facilities for the District. As Senior Managing Underwriter, William R. Hough & Co. also prepared the Special Assessment Methodology Report which established the allocation of costs and benefits to the development William R. Hough & Co. can and will underwrite non-rated transactions in a public offering that other firms won't. Case studies describing our experience with other CDD and special assessment transactions are included as Appendix A. Water and Sewer Expertise: William R. Hough & Co. is not only Florida's leading underwriter, but also leads the State as Senior Managing Underwriter for utility transactions. Since 1993, we have participated in over $4.7 billion of water and sewer bond issues. Many of these transactions involved acquisitions, developer agreements, rate studies, special assessments, privatization, impact fees and presentations to rating agencies, bond insurers and investors. William R. Hough & Co. has developed extensive computer models specific to the financing and/or acquisition of utility systems, which forecast revenues, operating expenses and revenues available for debt service under different growth and rate base scenarios. This allows us to structure amortization schedules and include the use of Super Sinker bonds (retired from connection fees), if applicable, so that revenues will most efficiently match debt service payments on the bonds. These computer models are invaluable in the preliminary evaluation of utility acquisition, start-up utility systems or expansion projects. Analysis of Winter Springs' Outstanding Debt: William R. Hough & Co. has preliminarily reviewed all of the City of Winter Springs' oustanding debt for the opportunity to achieve debt service savings. The City can achieve significant savings and economies of scale by combining a refunding of eligible I I I I I I I I I I I I I I I I I I I portions of its outstanding Water and Sewer Refunding Revenue Bonds, Series 1991, Series 1992 and Subordinate Water and Sewer Revenue Bonds, Series 1997. By employing William R. Hough & Coo's Balance Sheet Management Program, the City can also utilize unrestricted cash in the general fund ($2,804,299 as of September 30, 1997) to defease a portion of the non-advance refundable, high interest rate Series 1991 Bonds and issue new money bonds to fund capital projects. Under this program, current market conditions provide present value savings of $668,432, or 9.31% of Water and Sewer Revenue Bonds refunded. Our analysis assumes a refunding of the new money portion (21.09%) of the Series 1991 Bonds, a cash defeasance of $2,550,000 of the Series 1991 Bonds maturing 2014-2021, an advance refunding of the new money portion (5.26%) of the Series 1992 Bonds and a refunding of all outstanding Subordinate Series 1997 Bonds. If the City no longer has unrestricted funds that can be used to defease a portion of the Series 1991 Bonds, a conventional refunding of the other obligations mentioned above results in net present value savings of $269,238, or 5.82% of bonds refunded. We have also analyzed a current refunding of tbe unrefunded portion of tbe City's Improvement Refunding Revenue Bonds, Series 1989, wbich provides present value savings of $301,850, or 10.50% of bonds refunded. While the addition of the eligible portion of the Series 1993 Improvement Bonds and Series 1997 Subordinate Improvement Bonds currently decreases savings, the City may wish to consider the inclusion of the Series 1997 Subordinate Bonds in a Series 1989 refunding for restructuring purposes. We will continue to monitor the economic feasibility of combining a refunding of these issues as interest rates continue to fluctuate near historical lows. These analyses are preliminary and are subject to approval by the City's Financial Advisor and Bond Counsel. As the City's Senior Managing Underwriter, William R. Hough & Co. would discuss all structuring options with the City's staff, Financial Advisor and Bond Counsel to determine the optimum financing strategy for the City's future capital needs. Florida's Leading Underwriter: As a Florida-based investment banking firm, William R. Hough & Co. has been a leading managing underwriter of Florida municipal bonds since 1966, underwriting more Florida bond issues tban any otber firm in tbe Nation. In 1995, 1996, 1997 and 1998, our firm ranked 151 in Florida in terms of number of senior managed negotiated transactions. Market Awareness: William R. Hough & CO.'s position as a leading underwriter and secondary market maker of municipal bonds provides an unquestioned knowledge and expertise for our issuing clients. Our secondary market inventory of municipal bonds averages in excess of $70 million daily. Our underwriting staff is an aggressive underwriter of municipal bonds, as evidenced by our success in purchasing bonds offered at competitive sale. This market expertise is critical in our role as Senior Managing Underwriter, allowing access to accurate and tim~ly market evaluation. William R. Hough & CO.'s active participation in the secondary market will ensure that the City's debt is structured appropriately and will trade fairly and competitively in the market. Commitment to Public Finance and Winter Springs: William R. Hough & CO.'s sole corporate mission for over 37 years has been to provide complete underwriting and financial advisory services to local governments in the State of Florida. No other national or regional firm has made such an extensive commitment of resources to Florida issuers. The City of Winter Springs will be served by an experienced team representing some of Florida's most senior professionals. The firm and its professionals have served as Senior Manager or Co-Manager on 4 of Winter Springs' bond issues totaling in excess of $38 million. This level of commitment and service is critical to the City in establishing stability over the term of this engagement and in reacting quickly to financing challenges and opportunities as they arise. I I - . I I I I I .1 I I I I I I I I I I William R. Hou,!h & eo: COMMUNITY DEVELOPMENT DISTRICT AND SPECIAL DISTRICT FINANCE I I $20,210,000 Fiddler's Creek Community Development District Special Assessment Bonds I I I I I I I I Bond Information 20 year term @ 7.50% $100,000 denominations, fully registered Extraordinary mandatory redemption due to prepayment of special assessments. Project Description Finance, acquire and construct all infrastructure for this 1 ,276-acr~ development. Project: Interest Rate: Increments: I Construction Proceeds: Developer: Prepayment: $15,100,000 951 Land Holdings Joint Venture, a member of the Gulf Bay group of companies. 193 single family units, 175 attached single family units, 533 multi-family units, 344,000 sq. ft. commercial I I Capitalized Interest: 24 months Properties: Obligated Party: 951 Land Holdings Joint Venture I Annual Residential Assessments: I Single family detached - $1,250 Single family attached - $950 Special Characteristics Capital Assessments: Voluntary prepayments of a portion of capital assessments upon sale of lots by the Developer. I Credit Features Special assessment revenues under Ch. 190 & Ch. 170, F .S. Security: Additional Capital Needs: I $36,000,000 Credit Enhancement: Ratings: None None I I I $12,200,000 Julington Creek Plantation Community Development District I I I I ::J I I I .9~~3/ ~L~ I Bond Information Project Description Road widening and improvements to Race Track Road, which is adjacent to the Development 5,146 single family units 1,254 multi-family units 351,950 sq. ft. commercial space 40,000 sq. ft. office space I Project: 10 year term @6.70% 20 year term @ 7.125 % $100,000 denominations, book entry only, institutional investors only Extraordinary mandatory redemption due to prepayment of special assessments. Interest Rates: I Increments: Properties: I I Prepayment: Construction Proceeds: $9,100,000 Julington-Cypress Limited Partnership contributed $4,750,000 to the project. Cypress Realty, Inc., of Houston, Texas is a General Partner. Capitalized Interest: Obligated Party: Developer: 2 years I Julington-Cypress Limited Partnership Annual Assessments: I Special Characteristics $187 per single family unit, $96.40 per multi-family unit, $5,390 per acre commercial Provides flexibility in development density during project buildout through reassessment mechanism while assuring no property is subdivided to where the property value/ assessment ratio is too small. No additional bonds are allowed to be issued on parity under the same Trust Indenture. True-up Agreement: I Credit Features Special assessments implemented and collected under Ch. 190 & Ch. 170, F.S. Security: I Additional Bonds: Credit Enhancement: Ratings: None None I I $46,400,000 City of Orlando, Florida Universal Studios 1-4 Interchange Project August 1997 i '. I CONROY--WmOMERE-AO. .' I "' ,~. _, Q' Ct' I IJJ . . 1 I . .~ i .' I i I . .''0:[' ~ '---r+- ....vINEbANO.RO.-----.-----+-- -...J i .1 .: I .).. 1# g I I I I I I I I I I Project: I I I I Construction Proceeds: Developer: Assessments: I I Security: Credit Enhancement: Ratings: I I Obligated Party: I . 1 I ORLANDOl 435 ---j-""" .....-f...~ ..- r- ~_. , , j I 1 I 1 -._. "'- T' ._- I I I ~ .._),...... -- Project Description 1-4/Republic Drive Fty-Over Interchange, including on/off ramps, related stormwater construction, and all engineering and environmental costs. Interest Rates: Increments: Prepayment: $42,500,000 Issuing Authority: Capitalized Interest: Universal Studios $4,200,000 projected annual assessment. Credit Features Tax increment revenues, special assessment revenues, transportation impact fees. Conversion Feature: Letter of Credit from Morgan Guaranty Trust Company, N.Y. Short- Term Long-Term Moody's: P-l Aal S&P: A-l+ AAA Credit Enhancement: Universal Studios ........ -..-l- - ... ". .. ,~_ ~_u.,..... I I Bond Information Variable rate with 22 year maturity $100,000 denominations, book entry only Variable rate bonds/callable at any time. City Ordinance 18 months Special Characteristics Upon achieving 2.0Ox debt service coverage, special assessment pledge may be released. Annual assessment of $4.2 million projected to be reduced by annual impact fees of $1 to $4 million and tax increment revenues. Tax increment revenues are expected to increase from $500,000 in 1997 to $5 million in 2004. I I I I I I I I I I Project: I Construction Proceeds: Developer: I I Properties: Annual Assessments: I I Security: I Credit Enhancement: Ratings: I I I $5,360,000 Northern Palm Beach County Improvement District Riverwalk Project Project Description All water and wastewater facilities within this 560-acre development. Bond Information 15 year term @ 6.80% 20 year term @ 6.90% $5,000 denominations Ratings: Increments: Capitalized Interest: $4,156,312 RiverWalk of the Palm Beaches Development Co., Inc., an affiliate of Divosta & Co., Inc. 1,000 - 1,300 single family units None Obligated Party: RiverWalk of the Palm Beaches Development Co., Inc., an affiliate of Divosta & Co., Inc. Projected at $508.63 per unit based on 1,000 units Special Characteristics Retail Only Underwriting: Due to our retail only offering, the non-rated bonds were priced at only 125 basis points over insured municipal bonds of the same maturities. To our knowledge, these were the most aggressively priced non-rated municipal bonds in the State of Florida. Ch. 198 Bonds: The District may levy and collect annual revenues sufficient to pay debt service on the bonds, but the levy of drainage taxes may not exceed the benefit to the land. Credit Features Drainage tax revenues collected under Ch. 298, F.S. None Non- rated I I I I I I I I I I Project: I Construction Proceeds: Developer: I I Properties: I I Annual Assessments: I Builder: I Security: I Credit Enhancement: Ratings: I $45,280,000 and $1,810,000 (Taxable) Northern Palm Beach County Improvement District ABACOA Development Project Project Description Infrastructure improvements to Unit 9A for the start-up ABACOA Project. $39,473,190 ABACOA Development Co. (35% MacArthur Foundation, 65% Cypress Realty L.P.) 6,073 residential units, I million sq. ft. retail, 1.75 million sq. ft. workplace, .500,000 sq. ft. office space, university campus for 4,900 students, major league sports training facility, 528 acres open space including preservation lands and parks. $495.34 per unit residential, $7,500 per acre commercial, $925 per acre golf course. Divosta & Co., Inc. Credit Features Special assessments (drainage tax revenues) under Ch. 298, F.S. None Non- rated Bond Information Interest Rates: to year term @6.80% 20 year term @ 7.20% 30 year term @ 7.30% $100,000 denominations, fully registered, institutional investors only Increments: Capitalized Interest: Obligated Party: 2 years ABACOA Development Co. Special Characteristics New Urbanism ABACOA will be the largest "neo- Design: traditional" development in the country and is similar in concept to the Celebration development in Orlando, Florida. Taxable Bonds. Developer payments to Town of Jupiter for water reservation capacity . Ch. 298 Bonds: District may levy and collect annual revenues sufficient to pay debt service on the bonds. However, the drainage tax levy may not exceed benefit to the land. I I I I I I I I I I Project: I I I Construction Proceeds: Developer: Properties: I Annual Assessments: I I $2,430,000 Walton County, Florida Driftwood Estates Project Project Description Acquisition and construction of roads, drainage improvements, water and wastewater collection and transmission facilities and electrical service improvements. Interest Rates: Increments: $2,026,070 Prepayment: Sandestin Resorts, Inc. 277 lots: 114 bay frontage with 60% sold to homeowners, 163 bayview lots with 23% sold to homeowners. Capitalized Interest: Obligated Party: Non-frontage lot: $154 Frontage lot: $1,290 Marketing: Credit Features Issuer: I Security: Special assessment revenues Credit Enhancement: None Ratings: None I I Developer Commitment: Developer Prepayment: Bond InforllUltion 4 year term @ 7.00% 10 year term @ 7.50% 15 year term @ 8.00% $25,000 denominations, fully registered At any time from prepayments of assessments. 4 months Sandestin Resorts, Inc. Special Characteristics Bonds were sold to accredited investors (including retail buyers) as defined in SEe Act of 1933. County issued bonds on behalf of the Developer under Ch. 125, F .S. The Developer will bid on all tax certificates and purchase if the lowest bidder. Developer prepaid all assessments on 315 interior lots. I I I I I I I I I I Project: I Construction Proceeds: I Developer: Properties: I I Annual Assessments: I Security: I Credit Enhancement: Ratings: I Obligated Party: I I $5,000,000 Bay Creek Community Development District Lee County, Florida Project Description Storm water management system Bond Information Interest Rates: 2-14 year serials @ 4.10-5.65% 16 year term @ 6.00% $5,000 denominations, book entry only $989,562, plus $4,208,268 for the repayment of 1995 Bond Anticipation Notes. WCl Communities L. P. Increments: Capitalized Interest: 12 months 773 residential units; 15,000 sq. ft. office/retail; 58-acre golf course Special Characteristics $400 Insurance: Bay Creek Community Development District is one of a very select few CDDs that have received credit enhancement prior to occupancy. The District realized significant savings through our efforts in obtaining bond insurance. Credit Features Special assessment revenues under Ch. 190, F .S. Asset Guaranty insured AaJ AAA (S&PlDuff & Phelps) Development Status: Approximately 40% of the units were lacking takedowns by builders. WCI Communities L. P. I I $6,000,000 Heritage Greens Community Development District Collier County, Florida I I I I I I I Bond Information 20 year term @ 8.25% $100,000 denominations Extraordinary mandatory redemption due to full or partial prepayment of special assessments. Project Description Construction of stonnwater management, water, wastewater and reclaimed water facilities, and roadways to service the Development. 251 acres with 529 single family homes, public golf course and tennis courts. I Project: Interest Rates: Increments: Prepayment: I Properties: I I Capitalized Interest: 18 months Construction Proceeds: $4,570,000 Ronto Developments Naples, Inc. Special Characteristics Capital Assessments: Developer: Annual Assessments: Voluntary prepayment of capital assessments upon sale of lots. I $1,300-$1,800 for homes, $673 for coach homes and $873 for multi-family units. Takedown Agreement: U.S. Homes has exclusive option to takedown 180 villa sites and 158 detached s.f. units; and non- exclusive option for 79 family lots I Credit Features I Development Status: This project was particularly difficult to finance due to the prior developer's failure to complete the project. With a new developer and team we were able to work closely with specific investors for a successful completion of the financing. Special assessment revenues under Ch. 190 & Ch. 170, F.S. Security: I Credit Enhancement: Ratings: Obligated Party: None Non-rated I Ronto Developments Naples, Inc. I I I $13,400,000 City of Miramar, Florida Utility Improvement Assessment Bonds I I I I I I COUNTY I I Project Description I Project: Acquiring and constructing utility improvements and refinancing a $400,000 line of credit. Interest Rates: Increments: I I Construction Proceeds: Prepayment: Capitalized Interest: $11,396,129 I Credit Features Security: Special assessment revenues under Ch. 166, F .S. Developer Demand: I Credit Enhancement: Ratings: FGIC-insured Aaa/ AAA/ AAA (Moody's/S&P/Fitch) I Obligated Party: Landowners within the assessment area. Special obligation of the City of Miramar. Capacity Reservation Fee: I I I ~ ~ :~ . _.~~J~~~f~_..J /1 I: ~ Bond Information 4-13 year serials @ 5.60-6.40% 16 year term @ 6.50% $5,000 denominations, book entry only At any time without premium 10 months Special Characteristics The largest property owners in the assessment area anticipated an accelerated rate of development, expecting to connect an average of 4,000 units per year during the three years following the financing. Annual maximum of $29 for the Water System and $42 for the Wastewater System. I I I I I I I I I I I I I I $2,100,000 Flamingo Estates Community Development District City of Miramar, Florida 1-. ~ a: o \OJ a: - ciADE cOUNtY BOUNDARV -UNE- t t oUA In September 1993, the Flamingo Estates Community Development District issued tax- exempt bonds for the acquisition of certain drainage and water management and distribution improvements. In 1995, the District considered a refunding, which was benefited by the fact that the Bondholders ( the Developer and Builder of the District) decided to liquidate their Bonds at less than face value. By the time the District was in a position to consider a refunding, the property was a fully developed single family residential community. The District Board wished to explore a method of paying off the Series 1993 Bonds at a greater savings than the refunding alone would produce. To maximize the value for the Bondholders (Developer and Builder) and reduce the annual assessments to residents of the District, William R. Hough & Co. developed the innovative plan to dissolve the District into the City. The dissolution provided the following benefits for the Bondholders and the residents: · The current Bondholders were paid 91 % of par to tender the Series 1993 Bonds. The Bondholders would have only received 84% of par if the District refunded the Series 1993 Bonds. · The City's cost to borrow funds to finance the purchase of Series 1993 Bonds was lower than the interest rate which was available to the District. · The administrative costs associated with the maintenance of the District were eliminated, providing annual savings to each homeowner in excess of $60. I I I I I I I $9,870,000 Bayside Improvement Community Development District Lee County, Florida I I I I I I I I Project Description Project: Construction of water manage- ment and control systems, district roads, bridges, and culverts, and other infrastructure for this 2,700 unit development. Properties: 2,350 residential units, 330,000 sq. ft. retail, 160,000 sq. ft. office, 450 hotel rooms, 50,000 sq. ft. conference center, marina, golf course, tennis and jogging path. Developer: WCI Communities Limited Partnership, Delaware I I I I I Annual Assessments: $800 for residential units I Credit Features Security: Special assessment revenues under Ch. 190 and 170, F .S. I Credit Enhancement: Guaranteed Purchase Note by the Developer Non-rated I Ratings: I Interest Rates: Increments: Prepayment: Capitalized Interest: Obligated Party: Bond Information 2 year Bond Anticipation Note @ 5.750/0 $100,000 denominations; book entry only Beginning 1 year after financing and any month thereafter. 18 months WCI Communities Limited Partnership, Delaware Special Characteristics Note Purchase Agreement: Development Status: WCI will purchase the Notes from the Owners for a price equal to the amount of Notes outstanding on the Mandatory Tender Date should a default occur. Most land was completely unimproved at the time of financing. I $11,340,000 Viera Community Development District Brevard County, Florida Water Management Refunding Bonds, Series A and B At the time of this fmancing, the District had approximately $29,000,000 in outstanding water management bonds and immediate projects needs of $4,000,000. The District's goal was to provide new project funds without increasing annual assessments, which we achieved by restructuring, refunding and extending the existing debt. Refunding a portion of the debt reduced interest rates from 8.50% to approximately 6.65%. Overall, the new debt service payments, including an additional $4,000,000 in construction proceeds, were approximately the same as the debt service prior to the restructuring and issuance of new money bonds. I I I I I I I I I I I I I Project Description Project: $5,000,000 in construction proceeds, $10,555,000 to refund! restructure outstanding debt. Developer: The Viera Company created by A. Duda & Sons, Inc. Properties: 2,930 single family units, 1,392 multi-family units, 100 bed hospital, 500 room hotel, 480 bed adult congregate living, I.I5M sq. ft. retaiVcommercial, 1.18M sq. ft. office, .12M sq. ft. warehouse, 60,000 sq. ft. light industrial use I I I I I Bond Information Interest Rates: 26 year term @ 6.50% Increments: $5,000 denominations, book entry only Obligated Party: The Viera Company Credit Features Security: Special assessments collected under Ch. 190 & 170 Rating: Credit Enhancement None None I $7,355,000 Viera Community Development District Brevard County, Florida Special Revenue Assessment Refunding Bonds (Recreational) The debt service on $7,490,000 in outstanding bonds was expected to be paid by recreational fees (impact fees), net revenues of the golf course and a backup pledge of special assessments on residents of the District. The goal of the District was to avoid the implementation of special assessments. However, the projected recreational fees based on absorption of the homes and the net revenues of the golf course were not expected to provide sufficient revenues to pay the debt service. A portion of the debt was restructured to provide relief in the early years and $7,355,000 of the Bonds were refunded at an average interest rate of 6.70% from a previous interest rate of 7.50010. The fmal maturity was also extended 14 years. This structure reduced the average annual debt service requirement from $820,000 to $640,000, which equaled the projected recreational fees and net revenues of the golf course. I .1 I I I ,I I 'I I I I I I Project Description I Project: Refund/restructure $7,355,000 outstanding 1992 Bonds Developer: The Viera Company created by A. Duda & Sons, Inc. Properties: 2,930 single family units, 1,392 multi-family units, 100 bed hospital, 500 room hotel, 480 bed adult congregate living, 1.15M sq. ft. retail/commercial, 1.18M sq. ft. office, .12M sq. ft. warehouse, 60,000 sq. ft. light industrial use I I I I Bond Information Interest Rates: 30 year term @6.70% Increments: $5,000 denominations, book entry only Obligated Party: The Viera Company Credit Features Security: Recreational fees, net revenues of the golf course, and special assessments on benefited properties. None Rating: Credit Enhancement None I I I. I I I I I I I I I I Project: I Developer: I Properties: I I I I $2,850,000 Viera East Community Development District Water and Sewer Revenue Bonds and $3,615,000 Water and Sewer Revenue Bond Restructuring Project Description $2,500,000 in construction proceeds, $3,615,000 in existing debt restructured. The Viera Company created by A. Duda & Sons, Inc. 2,930 single family units, 1,392 multi-family units, 100 bed hospital, 500 room hotel, 480 bed adult congregate living, 1.15M sq. ft. retaiUcommercial, 1.18M sq. ft. office, 72,000 sq. ft. warehouse, 60,000 sq. ft. light industrial use Bond Information Interest Rates: 13 years @ 6.75% Increments: $5,000 denominations, book entry only Obligated Party: The Viera Company Credit Features Security: Water and sewer connection fees. None The Water and Sewer System had construction needs of $2,500,000 and the goal of the District was to maintain current sewer rates rather than imposing a rate increase on the residents of the District. This was accomplished by restructuring a portion of the existing Bonds to provide relief in certain principal payment years. Overall, with the addition of $2,500,000 in construction proceeds, the combined debt service increased only approximately $85,000 per year. Had the District not restructured the existing Bonds and provided for delayed amortization of the new money bonds, the average debt service would have increased by approximately $300,000 per year, requiring a substantial sewer rate increase. Rating: Developer Agreement: Developer will pay any shortfall in debt service in exchange for credit toward future facility charges I I I I I' I I I I I Project: I' Construction Proceeds: Developer Contract: I I I I Security: I Credit Enhancement: Ratings: I Obligated Party: I I $34,430,000 City of Miramar, ~orida Water Improvement Assessment Bonds Pembroke r--1P1Ma t I WW1'P - DADE cOUNTY S-OUNDARY-UNE- Project Description Acquisition and construction of a new water treatment plant and associated well fields Interest Rates: Increments: $30,105,343 Prepayment: WRH & Co. sucessfully negotiated with 27 developers to agree on one unified assessment contract. Capitalized Interest: Low Interest Rates: Credit Features Special assessment revenues, backup pledge by City to pay any deficiencies in the reserve account. FGlC-insured Aaa/AANAAA (Moody' s/S&P IF itch) Assessment Payment: Landowners within the assessment area. Special obligation of the City of Miramar. ;J.11-~'7:".t>'~. . f.,'~'~' -"K' .[~ ' "","' . .." .' ':I*~, r a. I .If}.,~;-~' Ii' .u..~"'.'.' f~t~~~ ~~~jJ' . a a: Q III a: Bond Infor1lUltion 2-13 year serials @ 3.20-5.10% 27 year term @ 5.125% 31 year term @ 5.60% $5,000 denominations, book entry only Super sinker term bonds allow for prepayment at any time at par. 2 years Special Characteristics The issue secured the lowest interest cost due to the super sinker structure utilized by our firm. Based on estimates of building activity, we demonstrated to buyers that the bond would be called early, convincing them to accept a lower interest rate. The term bond was priced 25.5 basis points lower than any bond of similar maturity in the market at that time, resulting in an annual savings of $41,000. Due to the success of the fmancing plan, the estimated assessments billed in 1994 ($149.50 per ERC) were $25.00 per ERe lower than expected. I I I I I' I '1 I I I Project: I I I' Construction Proceeds: I I Security: Credit Enhancement: Ratings: I Obligated Party: I I I $59,780,000 City of Miramar, Florida Wastewater Improvement Assessment Bonds p."btoU r-1Plnle I I WWlP "14/. -.... - DADE cOUNTY BOUNDARY -UNE- Project Description Acquisition and construction of a wastewater treatment plant and refinancing $1 MM of a line of credit. $55,908,987 Credit Features Special assessment revenue FGIC-insured AaalAAAJ AAA (Moody's/S&PfFitch) Landowners within the assessment area. Special obligation of the City of Miramar Interest Rates: Increments: Prepayment: Capitalized Interest: Developer Demand: Capacity Reservation Fee: t t ". ~ a: c ..., a: Bond Information 4-13 year serials @ 5.60-6.40% 18 year term @ 6.00% 22 year term @ 6.75% 23 year term @ 6.75% 31 year term @6.75% $5,000 denominations, book entry only Super sinker term bonds allow for prepayment at any time at par. 11 months Special Characteristics The largest porperty owners in the assessment area anticipated an accelerated rate of development, expecting to connect an average of 4,000 units per year during the three years following the financing. Annual maximum of $29 for the Water System and $42 for the Wastewater System. .1 I I I I I. I I' Project: I I Construction Proceeds: I Total Cost: I Districts: '1 I I I Security: .1 Credit Enhancement: Ratings: Obligated Party: I I $15,500,000 . St. Lucie County, Florida Special Assessment Bonds South Hutchinson Island Wastewater System ,.:. ~ ~ ~ ~ Project Description To purchase land and construct a wastewater collection treatment and etlluent disposal/reuse system on South Hutchinson Island. Interest Rates: Prepayment: $13,421,169 Capitalized Interest: $2,829 per Equivalent Dwelling Unit South Hutchinson Island is a coastal barrier island in St. Lucie County consisting of a majority of unincorportated area. Two Municipal Services Benefit Units (North and South Districts) were created surrounding the Florida Power & Light Nuclear Genera- ting Facility to centralize wastewater collection and treatment on the island. Environmental Benefits: Credit Features Special Assessments under Ch. 125, F.S. Asset Guaranty Insured AAAlAA (Duff & Phelps/S & P's) Landowners within the MSBUs. ~ <2' ~ ~ Bond Information 30 year financing at interest rates ranging from 4.00-6.20% 10 year optional redemption @ 102%, declining to par in the 12th year. none Special Characteristics The developed properties on the island were previously served by 20 small privately-owned package wastewater treatment plants. During the peak tourist season, average daily flow exceeded the csapacity of these plants causing overflows and potentially severe public health problems. A central- ized wastewater collection and treatment system was required to eliminate sources of pollution in accordance with the Indian River Lagoon Act and DEP mandates. Special assessments levied as payment for this bond issue financed the construction of this system to alleviate environmental contamination. I, I I I I' I I' I. I Project: I District: I I I, Cost Allocation: I I I I I I $6,900,000 Nassau County, Florida South Amelia Island Shore Stabilization Special Assessment Bonds '. . , , Project Description To construct shore stabilization and beach nourishment improve- ments on South Amelia Island. As authorized under Ch. 125, . F.S., the Board of Commissioners of Nassau County established a Municipal Services Benefit Unit (MSBU) to fmance a beach nourishment program through the levy of special assessments on the benefitted areas of South Amelia Island. One-half of the debt service on residential properties (43% of the total debt service) is divided equally and the other half is divided among the residential properties based on location. Of the half of the debt service on residential properties allocated by location, 50% is payable by residential properties facing or fronting the Atlantic Ocean. All properties east and west of S.R. A 1 A not fronting the ocean will pay the remaining 50% of the debt service. Interest Rates: Prepayment: Type of Sale: Role of WRH: Security: Credit Enhancement: Ratings: Obligated Party: Bond Information Variable rate financing for 1 year @ approximately 2.88% (48% oftbe Prime Rate), converting to a fixed rate of 4.10% tbereafter until maturity in 8-1/2 years. 10 year optional redemption @ 102%, declining to par in the 12th year. Private placement Financial Advisor to Nassau Co. Credit Features Special Assessments under Ch. 125, F.S. None None Landowners within the MSBU '1 I I I I I I I I I Project: I I Proceeds: Properties: I I Assessable Cost: I I Security: I Credit Enhancement: Ratings: I I $17,335,000 Pine Ridge Industrial Park and Naples Production Park Collier County, Florida g r- -n ........... TO MIAMI .t': _ "tn. Rfdqe ]ndusc.rl.l Peril. ~T8 ___ "'Dl.. ProduCt.1Gft pi,." MST6U Ct1;,. 0' "aples C1t.y lhnlt.s. o ........ ~ ~ 8 CITY OF NAPLES t + Project Description Repayment of revenue notes used to construct and upgrade roads, drainage swales, potable water distribution systems, and sewage collection systems within the Benefit Units. Note repayment $16,426,894 Pine Ridge Unit: 99 acres heavy commercial, 382 acres industrial. Naples Unit: 59 acres heavy commercial, 451 acres industrial. Bond Information 1-10 year serials @ 3.25-5.60% 14 year term@5.375% 20 year term @ 5.70% $5,000 denominations, book entry only Interest Rates: Increments: Capitalized Interest: Obligated Party: 2 months Landowners within the Benefit Units Pine Ridge Project: $10,685,003 Naples Project: $8,674,582 Special Characteristics Rating DifficulJies: The Bonds were rejected for a rating by Moody's before WRH was hired. We were able to secure a BBB rating for the Bonds through our education of S&P on the strength of the cash flows, amount of occupied property and business diversification within the Development. Credit Features Special assessment revenues under Ch. 125, F.S. None S&P: BBB I I I I Project: I Proceeds: I I District: I Drainage Assessments: I -I Security: I Credit Enhancement: Ratings: I ,I $22,270,000 East County Water Control District Water Management Consolidated Refunding Bonds, Lee and Hendry Counties, Florida ';;"'~ ., .~ .- . -I ~ ...... ~ l20UU Project Description To refund several of the District's outstanding Water Management and Drainage Bond issues. $21,948,535 to refund prior debt Bond Information 1-10 year serials @ 4.00-5.75% 15 year term @ 6.22% 17 year term @ 6.370/0 $5,000 denominations, fully registered 10 year optional redemption @ 102%, declining to par on the 12th year. Interest Rates: Increments: The District was created in 1958 as a public corporation of the State. It was established to implement water control through the construction and maintanence of canals, drainageways, lake excavation, dikes, and other drainage works. Prepayment: Obligated Party: Landowners within the District Ranging from $16 to $91 per acre annually. Special Characteristics Credit Features Credit Enhancement: The District had approximately $15 million in outstanding debt from a series of bond issues, all non-rated. By working closely with the bond insurer we were able to defease the. outstanding debt & issue new debt at substantially lower rates. Drainage taxes levied upon lands within the District under Ch. 63 & Ch. 298, F.S. Asset Guaranty Insured Aa/AAA (S&PlDuff & Phelps) I I I I I I I I I I I I I I I I I I I Refunding of Various Outstanding Water and Sewer Bonds I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1999 Adv Ref of 21.09% of Ser 1991, Cash Defeasance of Certain Ser 1991, Adv Ref of 5.26% of Ser 1992 and Ref of All of Subordinate Notes, Ser 1997 REFUNDING SUMMARY I I Dated 04/0111999 Delivered 04/01/1999 I SOURCES AND USES or fUNDS I Par Amount of Bonds............................................................................................... Transfers from Plior Issue Debt Service Funds....................................................... TOTAL SOURCES...................................................................................................... I Total Undelwrite,'s Discount (0.604%)................................................................. Costs of Issuance...................................................................................................... Gross Bond Insurance Premium ( 24.0 bp)............................................................ Surety Fee @ 3.50%................................................................................................. Deposit to Cun",nt Refunding Fund........................................................................ Rou nding Amounl.................................................................................................... TOTAL USES.............................................................................................................. I now or fUNDS DITAIL I PRIMARY PURPOSE nJND SOLUTION METI-lOD.................................................. Total Cost of Investmenls......................................................................................... Interest Earnings @ 4.845%.................................................................................... TOTAL ORA WS......................................................................................................... I PRESENT V ALUE ANALYSIS SUMMARY (NIT TO NL'T) I Net PV Cashflow Savings@ 4.696% (Bond yield)................................................. Transfers from Prior Issue Debt Service Fund........................................................ Contingency or Rounding Amounl......................................................................... NIT PRESENT VALUE BENEm................................................................................. I NIT PV BENEm 1 $7,180,000 REnJNDED PRINCiPAL........................................ BOND STATISTICS I A verage Life.............................................................................................................. Average Cou pon....................................................................................................... I Net Interest Cost (NIC)............................................................................................. Bond Yield for Arbitrage Purposes.......................................................................... True Interest Cost mC)........................................................................................... All Inclusive Cost (AIC)............................................................................................ I Ser 91 91Def Ser 92 Ser 97 Issue Summary $1,285,000.00 $2,765,000.00 $715,000.00 $2,645,000.00 197,131.50 $1,285,000.00 $2,765,000.00 $715,000.00 $2,842,131.50 8,157.15 18,235.94 11,271.93 24,254.39 5,151.15 12,691.94 3,082.50 8,295.00 1,254,099.10 2,698,883.00 3,238.17 2,639.73 $ I ,285,000.00 $2,765,000.00 Net Funded Net Funded $1,254,099.10 $2,698,883.00 144,885.30 415,682.55 $ I ,398,984.40 $3,029,781.25 13,850.50 23,201.75 7,543.07 7,935.00 701,236.62 2,787,084.37 123.25 2,516.81 $715,000.00 $2,842,131.50 4,541.91 6,271.93 2,826.29 Net Funded Net Funded $701,236.62 $2,787,084.37 97,468.38 9,937.55 $798,705.00 $2,797,021.92 $7,410,000.00 197,131.50 $7,607,131.50 44,785.50 65,000.00 28,212.45 19,312.50 7,441,303.09 8,517.96 $7,607,131.50 Net Funded $7,441,303.09 667,973.78 $8,024,492.57 140,251.46 345,024.13 46,434.03 311,523.12 857,045.76 (197,131.50) (197,131.50) 3,238.17 123.25 2.516.81 8,517.96 $143,489.63 $345,024.13 $46,557.28 $ 116,908.43 $668,432.22 12.160% 13.530% 7.001% 4.198% 9.310% 14.263 Yeal~ 18.480 Yeal~ 13.864 Years 5.078 Yeal~ 12.520 Yea,~ 4.6995635% 4.9382259% 4.6670492% 3.7070259% 4.6838310% 4.7440712% 4.9739145% 4.7128692% 3.8101377% 4.7321068% 4.6960557% 4.6960557% 4.6960557% 4.6960557% 4.6960557% 4.7200318% 4.9841476% 4.6908351 % 3.8152434% 4.6918532% 4.8749889% 5.1243952% 4.8222103% 4.1447576% 4.8665156% I _---l William II. Hough << Co. Public Finonce - OW File = WI/llTRSPGSSF-Series92W/S REF-Issue Summary 2/16/19992:42PM I I I I I I The City of Winter Springs, Florida I Water and Sewer Refunding Revenue Bonds, Series 1999 Adv Ref of 21.09% of Ser 1991, Cash Defeasance of Certain Ser 1991, Adv Ref of 5.26% of Ser 1992 and Ref of All of Subordinate Notes, Ser 1997 DEBT SERVICE SCHEDULE I Date Principal Coupon Interest Total P+l FISCAL TOTAL 4/01/1999 I 1010111999 75,000.00 3.000% 159,445.00 234,445.00 234,445.00 4/01/2000 158,320.00 158,320.00 1010112000 310,000.00 3.000% 158,320.00 468,320.00 626,640.00 4/0112001 153,670.00 153,670.00 I 10/0112001 320,000.00 3.300% 153,670.00 473,670.00 627,340.00 4/01/2002 148,390.00 148,390.00 1010112002 360,000.00 3.450% 148,390.00 508,390.00 . 656,780.00 4/0112003 142,180.00 142,180.00 I 1010112003 390,000.00 3.550% 142,180.00 532,180.00 674,360.00 4/01/2004 135,257.50 135,257.50 1010112004 415,000.00 3.650% 135,257.50 550,257.50 685,515.00 I 4/0112005 127,683.75 127,683.75 1010112005 430,000.00 3.750% 127,683.75 557,683.75 685,367.50 4/0112006 119,621.25 119,621.25 1010112006 445,000.00 3.850% 119,621.25 564,621.25 684,242.50 I 4/0112007 111,055.00 111,055.00 10101/2007 460,000.00 3.950% 111,055.00 571 ,055.00 682,110.00 4/0112008 101,970.00 101,970.00 1010112008 105,000.00 4.000% 101,970.00 206,970.00 308,940.00 I 4/0112009 99,870.00 99,870.00 1010112009 100,000.00 4.100% 99,870.00 199,870.00 299,740.00 4/0112010 97,820.00 97,820.00 1010112010 105,000.00 4.200% 97,820.00 202,820.00 300,640.00 I 4/0112011 95,615.00 95,615.00 10/0112011 105,000.00 4.300% 95,615.00 200,615.00 296,230.00 4/01/2012 93,357.50 93,357.50 10/0112012 110,000.00 4.400% 93,357.50 203,357.50 296,715.00 I 4/0112013 90,937.50 90,937.50 10/0112013 125,000.00 4.500% 90,937.50 215,937.50 306,875.00 4/0112014 88,125.00 88,125.00 10/01/2014 375,000.00 4.600% 88,125.00 463,125.00 551,250.00 I 4/0112015 79,500.00 79,500.00 10/0112015 400,000.00 5.000% 79,500.00 479,500.00 559,000.00 4/0112016 69,500.00 69,500.00 10/0112016 415,000.00 5.000% 69,500.00 484,500.00 554,000.00 I 4/01/2017 59,125.00 59,125.00 1010112017 440,000.00 5.000% 59,125.00 499,125.00 558,250.00 4/0112018 48,125.00 48,125.00 I 10101/2018 465,000.00 5.000% 48,125.00 513,125.00 561,250.00 4/0112019 36,500.00 36,500.00 10/0112019 480,000.00 5.000% 36,500.00 516,500.00 553,000.00 4/0112020 24,500.00 24,500.00 I 10/0112020 510,000.00 5.000% 24,500.00 534,500.00 559,000.00 4/0112021 11,750.00 11,750.00 10/0112021 470,000.00 5.000% 11,750.00 481,750.00 493,500.00 I Total 7,410,000.00 4,345,190.00 11,755,190.00 William R. Hough & Co. File = WlNTRSPCS.SF-Series92W /S REF-lssue Summmy I Public Finance - DW 2/16/19992:42 PM I I I The City of Winter Springs, Florida I Water and Sewer Refunding Revenue Bonds, Series 1999 Adv Ref of 21.09% of Ser 1991, Cash Defeasance of Certain Ser 1991, Adv Ref of 5.26% of Ser 1992 and Ref of All of Subordinate Notes, Ser 1991 DEBT SERVICE COMPARISON I Date Total P+I Existing D/S Net New D/S Old Net D/S Savings meAL TOTAL 4/0111999 (8,517.96) (197,131.50) (188,613.54) I 10101/1999 234,445.00 950,107.50 1,184,552.50 1,417,139.63 232,587.13 43,973.59 4/0112000 158,320.00 1,067,607.50 1,225,927.50 1,278,164.63 52,237.13 1010112000 468,320.00 952,857.50 1,421,177.50 1,428,414.63 7,237.13 59,474.26 4/0112001 153,670.00 1,069,622.50 1,223,292.50 1,273,316.13 50,023.63 I 10101/2001 473,670.00 944,155.00 1,417,825.00 1,427,848.63 10,023.63 60,047.26 4/01/2002 148,390.00 1,075,475.00 1,223,865.00 1,271,916.63 48,051.63 1010112002 508,390.00 914,135.00 1,422,525.00 1,430,576.63 8,051.63 56,103.26 4/0112003 142,180.00 1,055,630.00 1,197,810.00 1,263,615.63 65,805.63 I 1010112003 532,180.00 904,290.00 1,436,470.00 1,426,735.63 (9,734.37) 56,071.26 4/0112004 135,257.50 1,060,330.00 1,195,587.50 1,258,916.13 63,328.63 1010112004 550,257.50 908,092.50 1,458,350.00 1,446,128.63 (12,221.37) 51,107.26 4/0112005 127,683.75 1,058,180.00 1,185,863.75 1,251,661.13 65,~97.38 I 1010112005 557,683.75 905,043.75 1,462,727.50 1,447,818.63 (14,908.87) 50,888.51 4/0112006 119,621.25 1,064,278.13 1,183,899.38 1,247,087.63 63,188.25 1010112006 564,621.25 894,923.13 1,459,544.38 1,447,007.63 (12,536.75) 50,651.50 I 4/0112007 111,055.00 1,063,873.13 1,174,928.13 1,235,463.13 60,535.00 1010112007 571,055.00 888,533.13 1,459,588.13 1,449,385.63 (10,202.50) 50,332.50 4/01/2008 101,970.00 1,066,833.13 1,168,803.13 1,231,673.13 62,870.00 1010112008 206,970.00 895,333.13 1,102,303.13 1,074,273.13 (28,030.00) 34,840.00 I 4/0112009 99,870.00 1,072,495.63 1,172,365.63 1,234,973.13 62,607.50 1010112009 199,870.00 874,653.13 1,074,523.13 1,051,215.63 (23,307.50) 39,300.00 4/0112010 97,820.00 1,076,490.63 1,174,310.63 1,236,590.63 62,280.00 10/0112010 202,820.00 877,580.63 1,080,400.63 1,056,765.63 (23,635.00) 38,645.00 I 4/01/2011 95,615.00 1,078,280.63 1,173,895.63 1,240,840.63 66,945.00 10/0112011 200,615.00 863,303.13 1,063,918.13 1,039,795.63 (24,122.50) 42,822.50 4/0112012 93,357.50 1,088,353.13 1,181,710.63 1,248,220.63 66,510.00 10/0112012 203,357.50 872,003.13 1,075,360.63 1,050,803.13 (24,557.50) 41,952.50 I 4/0112013 90,937.50 1,090,590.63 1,181,528.13 1,252,603.13 71,075.00 1010112013 215,937.50 857,928.13 1,073,865.63 1,038,715.63 (35,150.00) 35,925.00 4/0112014 88,125.00 1,095,703.13 1,183,828.13 1,254,540.63 70,712.50 10/0112014 463,125.00 596,662.50 1,059,787.50 1,024,275.00 (35,512.50) 35,200.00 I 4/0112015 79,500.00 1,106,587.50 1,186,087.50 1,259,125.00 73,037.50 10101/2015 479,500.00 591,168.75 1,070,668.75 1,037,328.13 (33,340.62) 39,696.88 4/0112016 69,500.00 1,124,693.75 1,194,193.75 1,264,378.13 70,184.38 10/0112016 484,500.00 572,590.63 1,057,090.63 1,025,896.88 (31,193.75) 38,990.63 I 4/01/2017 59,125.00 1,140,440.63 1,199,565.63 1,271,596.88 72,031.25 1010112017 499,125.00 556,653.13 1,055,778.13 1,021,278.13 (34,500.00) 37,531.25 4/0112018 48,125.00 1,153,659.38 1,201,784.38 1,275,290.63 73,506.25 I 10/0112018 513,125.00 538,187.50 1,051,312.50 1,013,134.38 (38,178.12) 35,328.13 4/01/2019 36,500.00 1,174,350.00 1,210,850.00 1,280,459.38 69,609.38 1010112019 516,500.00 521,887.50 1,038,387.50 1,011,312.50 (27,075.00) 42,534.38 4/0112020 24,500.00 1,187,037.50 1,211,537.50 1,281,612.50 70,075.00 I 10101/2020 534,500.00 502,737.50 1,037,237.50 1,005,475.00 (31,762.50) 38,312.50 4/01/2021 11,750.00 16,875.00 28,625.00 33,750.00 5,125.00 10/01/2021 481,750.00 516,875.00 998,625.00 1,033,750.00 35,125.00 40,250.00 I Total 11,755,190.00 40,887,088.23 52,633,760.27 53,653,738.44 1,019,978.17 William K. Hough & Co. File = WINTKSPGS.SF-Series92W/S KEF-Issue SlJmmlU)' I Public Finance - DW 2//6//9992:42 PM I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1999 Adv Ref of 21.09% of Ser 1991, Cash Defeasance of Certain Ser 1991, Adv Ref of 5.26% of Ser 1992 and Ref of All of Subordinate Notes, Ser 1997 DEBT SERVICE COMPARISON I PRESENT VALUE ANALYSIS SUMMARY (NIT TO NLO I Gross PV Debt Service Savings............................................................................................................ 857,045.76 Net PV Cashflow Savings@ 4.696% (Bond yield)............................................................................ 857,045.76 I Transfers from Prior Issue Debt Service Fund.................................................................................... Contingency or Rounding Amount..................................................................................................... NIT PRESENT VALUE BENEm... .................. ........................................................................... ............ (197,131.50) 8,517.96 $668,432.22 I NIT PV BENEm I $7,180,000 REFUNDED PRINCiPAL................................................................... 9.310% I William R. Hough'" Co. Public Finance - DW File = WlNTRSPGS.SF-Series92 W /S KEF-Issue Summary 2/16/19992:42 PM I I I I I I I I I I I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue BondsJ Series 1999 Advance Refunding of 21.09% of the Sen"es 1991 Bonds I REFUNDING SUMMARY Dated 04/0111999 Delivered 04/0111999 I SOURCES AND USES OF FUNDS I Par Amount of Bonds.................................................................................................... $1,285,000.00 TOTAL SOURCES.................................... .................. ...................... ..... ........................ $1,285,000.00 I Total Underwriter's Discounl (0.635%)................................................................... 8,157.15 Costs of Issuance.......................................................................................................... 11,271.93 Gross Bond Insurance Premium ( 24.0 bp).............................................................. 5,151.15 Surety Fee @ 3.50%..................................................................................................... 3,082.50 Deposit to Net Cash Escrow Fund.............................................................................. 1,254,099.10 Rounding Amount....................................................................................................... 3,238.17 TOTAL USES................................................................................................................. $1,285,000.00 I I FLOW OF FUNDS DITAIL I NET CASH ESCROW FUND SOLUTION METHOD................................................... Net Funded Total Cost of Investments............................................................................................ $1,254,099.10 Interest Earnings @ 4.695%....................................................................................... 144,885.30 TOTAL DRAWS.................................. ............ ....................................................... ....... $1,398,984.40 I PRESENT VALUE ANALYSIS SUMMARY (NEr" TO NIT) I Net rv Cash flow Savings@4.696% (Bond.Yield)................................................... Contingency or Rounding Amount............................................................................ NET PRESENT V AWE BENEnT................................................................................... 140,251.46 .3,238.17 $143,489.63 I NET rv BENEm I $1,180,000 REFUNDED PRINCIPAL.,....................................... 12.160% BOND SfATISTICS I Average Life.................................................................................................................. Average Coupon............................................................. ............................................. 14.263 Years 4.6995635% I Net Interest Cost (NIC)... ............ ......... ...... ...... ............................................................ Bond Yield for Arbitrage Purposes............................................................................. True Interest Cost (TIC) .............................................................................................. All Inclusive Cost (AlC)... .... .............................. .......................................................... 4.7440712% 4.6960557% 4.7200318% 4.8749889% I I William R. Hough << Co. Public Finance - DW File = WINJ'RSPCS.SF-Series92W/S REF-Sel' 91 2/16/1999 2:24 Pkf I I I I I $$6,915,000 The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1991 TOTAL REFUNDED DEBT SERVICE Date Principal Coupon Interest Total p+ I FlSCALTOTAL 10/01/1999 6.000% 39,076.88 39,076.88 39,076.88 4/01/2000 - - 39,076.88 39,076.88 10/01/2000 - 6.100",6 39,076.88 39,076.88 78,153.76 4/01/2001 - - 39,076.88 39,076.88 - 10101/2001 - 6.200% 39,076.88 39,076.88 78,153.76 4/01/2002 - 39,076.88 39,076.88 - 10/01/2002 30,000.00 6.300% 39,076.88 69,076.88 108,153.76 4/01/2003. - - 38,1 31.88 38,131.88 - 10/01/2003 30,000.00 6.400% 38,131.88 68,131.88 106,263.76 4/01/2004 37,171.88 37,171.88 - 10/01/2004 35,000.00 6.500% 37,171.88 72,171.88 109,343.76 I 4/01/2005 36,034.38 36,034.38 - - 10/01/2005 35,000.00 6.625% 36,034.38 71,034.38 107,068.76 4/01/2006 - 34,875.00 34,875.00 - 10/01/2006 40,000.00 6.500% 34,875.00 74,875.00 109,750.00 4/01/2007 - - 33,575.00 33,575.00 - 10101/2007 40,000.00 6.500% 33,575.00 73,575.00 107,150.00 4/01/2008 - -. 32,275.00 32,275.00 10/01/2008 45,000.00 6.500% 32,275.00 77,275.00 109,550.00 4/01/2009 - - 30,812.50 30,812.50 - 10101/2009 45,000.00 6.500% 30,812.50 75,812.50 106,625.00 4/01/2010 - - 29,350.00 29,350.00 10101/2010 50,000.00 6.500% 29,350.00 79,350.00 108,700.00 4/01/2011 - 27,725.00 27,725.00 10/01/2011 50,000.00 6.500% 27,725.00 77,725.00 105,450.00 4/01/2012 - 26,100.00 26,100.00 10/01/2012 55,000.00 6.500% 26,100.00 81,100.00 107,200.00 4/01/2013 - 24,312.50 24,312.50 - 10/01/2013 60,000.00 6.500% 24,312.50 84,312.50 108,625.00 : 4/01/2014 - 22,362.50 22,362.50 10/01/2014 65,000.00 6.500% 22,362.50 87,362.50 109,725.00 4/01/2015 - - 20,250.00 20,250.00 10101/2015 70,000.00 6.750% 20,250.00 90,250.00 110,500.00 4/01/2016 17,887.50 17,887.50 - 10/01/2016 75,000.00 6.750% 17,887.50 92,887.50 110,775.00 4/01/2017 - - 15,356.25 15,356.25 10/01/2017 80,000.00 6.750% 15,356.25 95,356.25 110,712.50 4/01/2018 - - 12,656.25 12,656.25 - 10/01/2018 85,000.00 6.750% 12,656.25 97,656.25 110,312.50 \ 4/01/2019 - 9,787.50 9,787.50 - I 10101/2019 90,000.00 6.750% 9,787.50 99,787.50 109,575.00 4/01/2020 - - 6,750.00 6,750.00 - 10/01/2020 95,000.00 6.750% 6,750.00 101,750.00 108,500.00 4/01/2021 3,543.75 3,543.75 - 10101/2021 105,000.00 6.750% 3,543.75 108,543.75 112,087.50 Total 1,180,000.00 - 1,191,451.94 2,371,451.94 - I I I I I I I I I I I I I YIELD STATISTICS I Average Life.... ........... ............... .......... ................ ..... ...... ....................................................... ..... Weighted Average Maturity (Par Basis)................................................................................. Average Cou pon.......... ............... ...................... ............................... .......................................... 15.148 Years 15.148 Years 6.6654654% I William R. Hough & Co. Public Finance - D W mc = WINTRSPCS.SF-Serics91 W /S rcv-SlNCLJ: PURPOSE 2//6//999 2:24 PM I I I ! The City of Winter Springs, Florida I Water and Sewer Refunding Revenue Bonds, Series 1999 Advance Refunding of 21.09% of the Series 1991 Bonds DEBT SERVICE SCHEDULE I Date Principal Coupon Interest Total P+I FISCAL TOTAL 410111999 I 10/01/1999 5,000.00 3.000% 28,760.00 33,760.00 33,760.00 4101/2000 28,685.00 28,685.00 10101/2000 10,000.00 3.000% 28,685.00 38,685.00 67,370.00 4/01/2001 28,535.00 28,535.00 I 10/0112001 10,000.00 3.300% 28,535.00 38,535.00 67,070.00 410112002 28,370.00 28,370.00 1010112002 40,000.00 3.450% 28,370.00 68,370.00 96,740.00 4101/2003 27,680.00 27,680.00 I 10/0112003 40,000.00 3.550% 27,680.00 67,680.00 95,360.00 4101/2004 26,970.00 26,970.00 10101/2004 45,000.00 3.650% 26,970.00 71,970.00 98,940.00 4101/2005 26,148.75 26,148.75 I 10/01/2005 45,000.00 3.750% 26,148.75 71,148.75 97,297.50 4101/2006 25,305.00 25,305.00 10101/2006 50,000.00 3.850% 25,305.00 75,305.00 100,610.00 I 4101/2007 24,342.50 24,342.50 10101/2007 50,000.00 3.950% 24,342.50 74,342.50 98,685.00 410112008 23,355.00 23,355.00 10/0112008 55,000.00 4.000% 23,355.00 78,355.00 101,710.00 I 410112009 22,255.00 22,255.00 10/0112009 50,000.00 4.100% 22,255.00 72,255.00 94,510.00 4101/2010 21,230.00 21,230.00 10/01/2010 55,000.00 4.200% 21,230.00 76,230.00 97,460.00 I 4/0112011 20,075.00 20,075.00 10101/2011 55,000.00 4.300% 20,075.00 75,075.00 95,150.00 410112012 18,892.50 18,892.50 10/01/2012 60,000.00 4.400% 18,892.50 78,892.50 97,785.00 I 410112013 17,572.50 17,572.50 10/0112013 65,000.00 4.500% 17,572.50 82,572.50 100,145.00 410112014 16,110.00 16,110.00 10/0112014 70,000.00 4.600% 16,110.00 86,110.00 102,220.00 I 410112015 14,500.00 14,500.00 10/0112015 70,000.00 5.000% 14,500.00 84,500.00 99,000.00 4101/2016 12,750.00 12,750.00 10/01/2016 75,000.00 5.000% 12,750.00 87,750.00 100,500.00 I 410112017 10,875.00 10,875.00 10/01/2017 80,000.00 5.000% 10,875.00 90,875.00 101,750.00 4101/2018 8,875.00 8,875.00 I 10/0112018 85,000.00 5.000% 8,875.00 93,875.00 102,750.00 410112019 6,750.00 6,750.00 10/0112019 85,000.00 5.000% 6,750.00 91,750.00 98,500.00 4101/2020 4,625.00 4,625.00 I 10101/2020 90,000.00 5.000% 4,625.00 94,625.00 99,250.00 4/01/2021 2,375.00 2,375.00 10101/2021 95,000.00 5.000% 2;375.00 97,375.00 99,750.00 I Total 1,285,000.00 861,312.50 2,146,312.50 William R. Hough & Co. File = WINTRSPGS.SF-Series92W /S REF-Ser 91 I Publk Finance - DW 2/16/1999 2:24 PM I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds; Series 1999 Advance Refunding of 2 1.09% of the Series 1991 Bonds I' DEBT SERVICE COMPARISON PRESENT VALUE ANALYSIS SUMMARY (NIT TO NIT) I Gross PV Debt Service Savings.................................................................................................... 140,251.4 6 Net PV Cashflow Savings @ 4.696% (Bond yield).................................................................... 140,251.46 I Contingency or Rounding Amount............................................................................................. 3,238.17 NIT PRESENT VALUE BENEm.................................................................................................... $143,489.63 I NIT PV BENEm I $1,180,000 REFUNDED PRlNCIPAL.......................................................... 12.160% William K. Hough It Co. Public Finance - DW File = W1NJ"KSPGS.sF-Series92W /S KEF-Ser 91 2/16/19992:24 PM I I I I I I I I I I I I I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1999 Cash Defeasance of Portion of Unrefunded Sen'es 1991 Bonds I REFUNDING SUMMARY Dated 04/01/1999 Delivered 04/01/1999 I SOURCES AND USES OF FUNDS I Par Amount of Bonds........................................ ..................................... ...................... $2,765,000.00 TOTAL SOURCES........ ............................................................. .................................... $2,765,000.00 I Total Underwriter's Discount (0.660%)................................................................... 18,235.94 Costs of Issuance...................... ..... ................................................................... ...... ...... 24,254.39 Gross Bond Insurance Premium ( 24.0 bp).............................................................. 12,691.94 Surety Fee @ 3.50%...................................................................................................... 8,295.00 Deposit to Net Cash Escrow Fund.............................................................................. 2,698,883.00 Rounding Amount............................ ............................ ............................................... 2,639.73 TOTAL USES...................................... ............ .................... .................... ....................... $2,765,000.00 I I FLOW OF FUNDS DETAIL I NET CASH ESCROW FUND SOLlJI10N METHOD................................................... Net Funded Total Cost of Investments.......................................................................... .................. $2,698,883.00 Interest Earnings @ 4.981 %....................................................................................... 415,682.55 TOTAL DRA WS............................................................................................................ $3,029,781.25 I PRESENT VALUE ANALYSIS SUMMARY (NET TO NET) I Net PV Cashflow Savings @ 5.124% (AIC)............................................................... NET PRESENT VALUE BENEFIT......................................... ................... ....................... 345,024.13 $345,024.13 NET PV BENEFIT I $2,550,000 REFUNDED PRINCIPAL......................................... 13.530% I BOND STATISTICS I Average Life...................................................................... ............................................ Average Coupon................................................. .................................................... ..... 18.480 Years 4.9382259% I Net Interest Cost (NIC)...................... ....................................................._................... Bond Yield for Arbitrage Purposes............................................................................. True Interest Cost mC) ..................................................... ......................................... All Inclusive Cost (AlC) ........... ...... ....................................................................... ... .... 4.9739145% 4.6960557% 4.9841476% 5.1243952% I I William R. Hough & Co. Public Finance - DW File = W1NTKSPGS.SF-Series92W/SREF-91Def 2/l6/l9992:25PM I I I I I $$6,915,000 The City of Winter Spn'ngs} Flon'da Water and Sewer Refunding Revenue Bonds} Sen'es 1991 TOTAL REFUNDED DEBT SERVICE Date Principal Coupon Interest Total P+l fISCAL TOTAL 10/0111999 6.000% 85,756.25 85,756.25 85,756.25 4101/2000 85,756.25 85,756.25 10101/2000 6.100% 85.756.25 85,756.25 171,512.50 4/01/2001 85,756.25 85,756.25 10101/2001 6.200% 85,756.25 85,756.25 171,512.50 4/0\/2002 85,756.25 85,756.25 10/01/2002 6.300% 85,756.25 85,756.25 171,512.50 4/01/2003 85,756.25 85,756.25 10101/2003 6.400% 85,756.25 85,756.25 171,512.50 4/01/2004 85,756.25 85,756.25 10/01/2004 6.500% 85,756.25 85,756.25 171,512.50 410112005 85,756.25 85,756.25 10101/2005 6.625% 85,756.25 85,756.25 171,512.50 4/01/2006 85,756.25 85,756.25 10/01/2006 6.500% 85,756.25 85,756.25 171,512.50 4101/2007 85,756.25 85,756.25 10/01/2007 6.500",(, 85,756.25 85,756.25 171,512.50 4/01/2008 85,756.25 85,756.25 10/01/2008 6.500% 85,756.25 85,756.25 171,512.50 410112009 85,756.25 85,756.25 10/01/2009 6.500% 85,756.25 85,756.25 171,512.50 4/01/2010 85,756.25 85,756.25 10101/2010 6.500% 85,756.25 85.756.25 171,512.50 4101/2011 85,756.25 85,756.25 10/0112011 6.500% 85,756.25 85,756.25 171,512.50 4/0112012 85,756.25 85,756.25 10/01/2012 6.500% 85,756.25 85,756.25 \71,512.50 4/01/2013 .85,756.25 85,756.25 10/0112013 6.500% 85,756.25 85,756.25 17] ,51 2.50 4/01/2014 85,756.25 85,756.25 10/0112014 245,000.00 6.500% 85,756.25 330,756.25 4] 6,51 2.50 4101/2015 77,793.75 77,793.75 10/01/2015 270,000.00 6.750% 77,793.75 347,793.75 425,587.50 4/01/2016 68,681.25 68,681.25 \0/01/2016 285,000.00 6.750% 68,681.25 353,681.25 422,362.50 4/01/2017 59,062.50 59,062.50 10/01/2017 305,000.00 6.750% 59,062.50 364,062.50 423,125.00 4/01/2018 48,768.75 48,768.75 10/01/2018 325,000.00 6.750% 48,768.75 373,768.75 422,537.50 4/01/2019 37,800.00 37,800.00 10101/2019 350,000.00 6.750% 37,800.00 387,800.00 425,600.00 4/01/2020 25,987.50 25,987.50 10/0112020 375,000.00 6.750% 25,987.50 400,987.50 426,975.00 4/01/2021 13,331.25 13,331.25 10101/2021 395,000.00 6.750% 13,331.25 408,331.25 421,662.50 Total 2,550,000.00 3,321,293.75 5,871,293.75 I I I I I 'I I I I I I I I YIELD STATISTICS I Average Life....... ...................... ..................................................... ..................... ...... .................. Weighted Average Maturity (Par 8asis)................................................................................. Average Cou pon. ........................................... ..... ........................... ........ ............... ..................... 19.351 Yeal's 19.35\ Ye8l"s 6.7307605% I William R. Hough & Co. Public Finance - DW File = WINTKSPGS.S}~SCries9/ W /S rev-SINGLE PURPOSE 2//6//999 2:25 Pkl I I I. The City of Winter Springs, Florida I Water and Sewer Refunding Revenue Bonds, Series 1999 CllSh Defeasance of Portion of Unrefunded Series 1991 Bonds DEBT SERVICE SCHEDULE I Date Princi pal Coupon Interest Total P+I meAL TOTAL 4/01/1999 I 10/0111999 5,000.00 3.000% 67,500.00 72,500.00 72,500.00 4/01/2000 67,425.00 67,425.00 10/01/2000 10,000.00 3.000% 67,425.00 77,425.00 144,850.00 4/0112001 67,275.00 67,275.00 I 10/01/2001 10,000.00 3.300% 67,275.00 77 ,275.00 144,550.00 4/0112002 67,110.00 67,110.00 10/01/2002 10,000.00 3.450% 67,110.00 77,110.00 144,220.00 4/01/2003 66,937.50 66,937.50 I 10/0112003 10,000.00 3.550% 66,937.50 76,937.50 143,875.00 4/01/2004 66,760.00 66,760.00 10/01/2004 15,000.00 3.650% 66,760.00 81,760.00 148,520.00 4/0112005 66,486.25 66,486.25 I 10/0112005 15,000.00 3.750% 66,486.25 81,486.25 147,972.50 4/0112006 66,205.00 66,205.00 10/01/2006 15,000.00 3.850% 66,205.00 81,205.00 147,410.00 I 4/01/2007 65,916.25 65,916.25 10/01/2007 15,000.00 3.950% 65,916.25 80,916.25 146,832.50 4/01/2008 65,620.00 65,620.00 10/01/2008 15,000.00 4.000% 65,620.00 80,620.00 146,240.00 I 4/01/2009 65,320.00 65,320.00 10/0112009 15,000.00 4.100% 65,320.00 80,320.00 145,640.00 4/01/2010 65,012.50 65,012.50 10/0112010 15,000.00 4.200% 65,012.50 80,012.50 145,025.00 I 4/01/2011 64,697.50 64,697.50 10/01/2011 15,000.00 4.300% 64,697.50 79,697.50 144,395.00 4/01/2012 64,375.00 64,375.00 10/01/2012 15,000.00 4.400% 64,375.00 79,375.00 143,750.00 I 4/01/2013 64,045.00 64,045.00 10/0112013 20,000.00 4.500% 64,045.00 84,045.00 148,090.00 4/01/2014 63,595.00 63,595.00 10/01/2014 265,000.00 4.600% 63,595.00 328,595.00 392,190.00 I 4/01/2015 57,500.00 57,500.00 10/01/2015 285,000.00 5.000% 57,500.00 342,500.00 400,000.00 4/0112016 50,375.00 50,375.00 10/0112016 295,000.00 5.000% 50,375.00 345,375.00 395,750.00 I 4/01/2017 43,000.00 43,000.00 10/0112017 310,000.00 5.000% 43,000.00 353,000.00 396,000.00 4/01/2018 35,250.00 35,250.00 I 10/01/2018 325,000.00 5.000% 35,250.00 360,250.00 395,500.00 4/01/2019 27,125.00 . 27,125.00 10/01/2019 345,000.00 5.000% 27,125.00 372,125.00 399,250.00 4/01/2020 18,500.00 18,500.00 I 10/01/2020 365,000.00 5.000% 18,500.00 383,500.00 402,000.00 4/01/2021 9,375.00 9,375.00 10/01/2021 375,000.00 5.000% 9,375.00 384,375.00 393,750.00 I Total 2,765,000.00 2,523,310.00 5,288,310.00 William R. Hough << Co. File = WINTRSPCS.SF-Series92W/SREF-9lDef I Public Finance - DW 2/16/19992:25PM I I, I- I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1999 Refunding of 5.26% of the Series 1992 Bonds I REFUNDING SUMMARY Dated 0410111999 Delivered 04101/1999 I SOURCES AND USES OF FUNDS I Par Amount of Bonds................................................................................................... $715,000.00 TOTAL SOURCES......................................................... ................................................ $715,000.00 I Total Underwriter's Discount (0.635%)................................................................... Costs of Issuance....................................... ................. .................................................. Gross Bond Insurance Premium ( 24.0 bp).............................................................. Deposit to Net Cash Escrow Fund.............................................................................. Rounding Amount..................................................... .................................................. TOTAL USES....................................................................................... .......................... 4,541.91 6,271.93 2,826.29 701,236.62 123.25 $715,000.00 I I FLOW OF FUNDS DITAIL I NET CASH ESCROW FUND SOLUTION METHOD................................................... Total Cost of Investments......................... ................................................................... Interest Earnings @ 4.695%.............. ........................... ................... ........................... TOTAL DRA WS............................................................................................................ Net Funded $701,236.62 97,468.38 $798,705.00 I PRESENT V AWE ANALYSIS SUMMARY (NIT TO NET) I Net PV Cashtlow Savings @ 4.696% (BOnd yield)................................................... Contingency or Rounding Amounl........................ ....................... ................. ............ NET PRESENT VALUE BENEm................................................................................... 46,434.03 123.25 $46,557.28 NET PV BENEflT I $665,000 REFUNDED PRINCIPAL.......................................... 7.001% I BOND SfATISTICS I Average Life.......................................... ...... ........................................................... ....... 13.864 Years Average Coupon.............................................................................. ............... ...... ....... 4.6670492% I Net Interest Cost (NIC)................................................................................................ 4.7128692% Bond Yield for Arbitrage Purposes......................................~...................................... 4.6960557% True Interest Cost (TIC).............................................................................................. 4.6908351% All Inclusive Cost (AlC)............................................................................................... 4.8222103% I I William R. Hough & Co. Public Finance - DW File = W1Nl'RSPCS.SF-Series92W IS REF-Ser 92 211611999 2:27PM I I I. I $16,015,000 City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Senes 1992 TOTAL REFUNDED DEBT SERVICE Date Principal Coupon Interest Total P+I FISCAL TOTAL 10101/1999 20,067.50 20,067.50 20,067.50 4/01/2000 5.200% 20,067.50 20,067.50 10101/2000 20,067.50 20,067.50 40,135.00 4/01/2001 5.300% 20,067.50 20,067.50 10/01/2001 20,067.50 20,067.50 40,135.00 4/01/2002 5.400% 20,067.50 20,067.50 10/01/2002 20,067.50 20,067.50 40,135.00 4/01/2003 20,000.00 5.400% 20,067.50 40,067.50 10101/2003 19,527.50 19,527.50 59,595.00 4/01/2004 20,000.00 5.500% 19,527.50 39,527.50 10/01/2004 18,977.50 18,977.50 58,505.00 4/01/2005 25,000.00 5.650% 18,977.50 43,977.50 10/01/2005 18,271.25 18,271.25 62,248.75 4/01/2006 25,000.00 5.800% 18,271.25 43,271.25 10101/2006 17,546.25 17,546.25 60,817.50 4/01/2007 25,000.00 5.900% 17,546.25 42,546.25 10/01/2007 16,808.75 16,808.75 59,355.00 4/01/2008 30,000.00 6.000% 16,808.75 46.808.75 10/01/2008 15,908.75 15,908.75 62,717.50 4/01/2009 30,000.00 6.100% 15,908.75 45,908.75 10/01/2009 14,993.75 14,993.75 60,902.50 4/01/2010 30,000.00 6.100% 14,993.75 44,993.75 10/01/2010 14,078.75 14,078.75 59,072.50 4/01/2011 35,000.00 6.100% 14,078.75 49,078.75 10/01/2011 13,011 .25 13,011.25 62,090.00 4/01/2012 35,000.00 6. 1 OO"A. 13,011.25 48,011.25 10/01/2012 11,943.75 11,943.75 59,955.00 4/01/2013 40,000.00 6.125% 11,943.75 51,943.75 10/01/2013 10,718.75 10,718.75 62,662.50 4/01/2014 40,000.00 6.125% 10,718.75 50,718.75 10/01/2014 9,493.75 9,493.75 60,212.50 4/01/2015 45,000.00 6.125% 9,493.75 54,493.75 10101/2015 8,115.63 8,115.63 62,609.38 4/01/2016 45,000.00 6.125% 8,115.63 53, I 15.63 10101/2016 6,737.50 6,737.50 59,853.13 4/01/2017 50,000.00 6.125% 6,737.50 56,737.50 10101/2017 5,206.25 5,206.25 61,943.75 4/01/2018 55,000.00 6.125% 5,206.25 60,206.25 10/01/2018 3,521.88 3,521.88 63,728.13 4/01/2019 55,000.00 6.125% 3,521.88 58,521.88 10/01/2019 1,837.50 1,837.50 60,359.38 4/01/2020 60,000.00 6.125% 1,837.50 61,837.50 10/01/2020 61,837.50 Total 665,000.00 573,937.52 1,238,937.52 YIELD STATISTICS Average Life......... .................. ...................................... ....... ..... ................................................ 14.180 Years Weighted Average Maturity (Par Basis)................................................................................ 14.180 Years Average Cou pon. ................................................... ........................... ....... ................................ 6.0862940% I I I I I Ii I I I I I I I I I William K. Hough & Co. Public Finance - DW File = W1Nl'KSPGS.SF-Series92W/S-S1NGLE PUKF9SE 2/l6/l9992:27PM I' I I, I The City of Winter Springs, Florida I Water and Sewer Refunding Revenue Bonds, Series 1999 Refunding of 5.26% of the Sen"es 1992 Bonds I, DEBT SERVICE SCHEDULE Date Princi pal Coupon Interest Total P+I nSCAL TOTAL 4/0111999 I 10101/1999 5,000.00 3.000% 15,946.25 20,946.25 20,946.25 4/0112000 15,871.25 15,871.25 1010112000 5,000.00 3.000% 15,871.25 20,871.25 36,742.50 I 4/0112001 15,796.25 15,796.25 10101/2001 5,000.00 3.300% 15,796.25 20,796.25 36,592.50 4/0112002 15,713.75 15,713.75 1010112002 5,000.00 3.450% 15,713.75 20,713.75 36,427.50 I' 4/01/2003 15,627.50 15,627.50 I 1010112003 25,000.00 3.550% 15,627.50 40,627.50 56,255.00 4/01/2004 15,183.75 15,183.75 I 1010112004 25,000.00 3.650% 15,183.75 40,183.75 55,367.50 I 4/01/2005 14,727.50 14,727.50 1 10101/2005 30,000.00 3.750% 14,727.50 44,727.50 59,455.00 4/0112006 14,165.00 14,165.00 10101/2006 30,000.00 3.850% 14,165.00 44,165.00 58,330.00 'I 4/01/2007 13,587.50 13,587.50 1010112007 30,000.00 3.950% 13,587.50 43,587.50 57,175.00 4/0112008 12,995.00 12,995.00 I 10101/2008 35,009.00 4.000% 12,995.00 47,995.00 60,990.00 4/01/2009 12,295.00 12,295.00 1010112009 35,000.00 4.100% 12,295.00 47,295.00 59,590.00 4/0112010 11,577.50 11,577.50 I 10/0112010 35,000.00 4.200% 11,577.50 46,577.50 58,155.00 4/0112011 10,842.50 10,842.50 10/0112011 35,000.00 4.300% 10,842.50 45,842.50 56,685.00 4/01/2012 10,090.00 10,090.00 I, 1010112012 35,000.00 4.400% 10,090.00 45,090.00 55,180.00 4/0112013 9,320.00 9,320.00 10/0112013 40,000.00 4.500% 9,320.00 49,320.00 58,640.00 4/01/2014 8,420.00 8,420.00 I 10/0112014 40,000.00 4.600% 8,420.00 48,420.00 56,840.00 4/0112015 7,500.00 7,500.00 10/0112015 45,000.00 5.000% 7,500.00 52,500.00 60,000.00 . I. 4/0112016 6,375.00 6,375.00 1010112016 45,000.00 5.000% 6,375.00 51,375.00 57,750.00 4/0112017 5,250.00 5,250.00 1010112017 50,000.00 5.000% 5,250.00 55,250.00 60,500.00 I 4/0112018 4,000.00 4,000.00 1010112018 55,000.00 5.000% 4,000.00 59,000.00 63,000.00 4/0112019 2,625.00 2,625.00 10/0112019 50,000.00 5.000% 2,625.00 52,625.00 55,250.00 I 4/0112020 1,375.00 1,375.00 1010112020 55,000.00 5.000% 1,375.00 56,375.00 57,750.00 Total 715,000.00 462,621.25 1,177,621.25 I' William R. Hough & Co. Fife = WINTRSPGS.SF-Series92W /S REF-Ser 92 Public Finance - DW 2/16/1999 2:27 PM I I' I I I The City of Winter Springs, norida Water and Sewer Refunding Revenue Bonds) Series J 999 Refunding of 5.26% of the Series J 992 Bonds DEBT SERVICE COMPARISON Date Total P+ I Existing D / S Net New D/S Old Net D/S Savings FISCAL TOTAL 4/01/1999 - (t 23.25) 123.25 10/01/1999 20,946.25 417,793.13 438,739.38 437,860.63 (878.75) (755.50> 4/01/2000 15,8 71.25 792,793.13 808,664.38 812,860.63 4,196.25 - 10/01/2000 20,871.25 408,043.13 428,914.38 428,110.63 (803.75) 3,392.50 4/01/200] ] 5,796.25 803,043.13 818,839.38 823,110.63 4,271.25 10/01/2001 20,796.25 397,575.63 418,371.88 417,643.] 3 (728.75) 3,542.50 4/01/2002 15,713.75 817,575.63 833,289.38 837,643.13 4,353.75 10/01/2002 20,713.75 386,235.63 406,949.38 406,303.13 (646.25) 3.707.50 4/01/2003 15,627.50 806,235.63 821,863.13 846,303.13 24,440.00 10/01/2003 40,627.50 374,895.63 4] 5,523.13 394,423.] 3 (2],100.00) 3,340.00 4/01/2004 15,183.75 8] 9,895.63 835,079.38 859,423.13 24,343.75 10/01/2004 40,183.75 362,658.13 402,841.88 381,635.63 (21.206.25) 3,137.50 4/01/2005 14,727.50 827,658.]3 842,385.63 871,635.63 29,250.00 10/01/2005 44,727.50 349,521.88 394,249.38 367,793.13 (26,456.25) 2,793.75 4/01/2006 14,165.00 844,521.88 858,686.88 887,793.]3 29,106.25 10/01/2006 44.165.00 335,166.88 379,331.88 352,713.13 (26,618.75) 2,487.50 4/01/2007 13,587.50 855,166.88 868,754.38 897,7]3.13 28,958.75 10/01/2007 43,587.50 319,826.88 363,414.38 336,635.63 (26,778.75) 2,180.00 4/01/2008 12,995.00 869,826.88 882,821.88 9]6,635.63 33,813.75 10/01/2008 47,995.00 303,326.88 351,321.88 319,235.63 (32,086.25) 1,727.50 4/01/2009 12,295.00 888,326.88 900,621.88 934,235.63 33,613.75 10/0]/2009 47,295.00 285,484.38 332,779.38 300,478.13 (32,301.25) 1,312.50 4/01/2010 11,577.50 905,484.38 917,061.88 950,478.13 33,416.25 10/01/2010 46,577.50 266,574.38 313,151.88 280,653.13 (32,498.75) 917.50 4/01/20] 1 10,842.50 921,574.38 932,416.88 970,653. ] 3 38,236.25 10/01/2011 45,842.50 246,596.88 292,439.38 259,608.] 3 (32,831.25) 5,405.00 4/01/2012 10,090.00 946,596.88 956,686.88 994,608.13 37,921.25 - 10/01/2012 45,090.00 225,246.88 270,336.88 237,190.63 (33,146.25) 4,775.00 4/01/20] 3 9,320.00 965,246.88 974,566.88 1,017,190.63 42,623.75 - 10/01/2013 49,320.00 202,584.38 251,904.38 213,303.13 (38,601.25) 4,022.50 4/01/2014 8,420.00 987,584.38 996,004.38 1,038,303.13 42,298.75 10/01/2014 48,420.00 178,543.75 226,963.75 188,037.50 (38.926.25) 3,372.50 4/01/2015 7,500.00 1,008,543.75 1,016,043.75 1.063,037.50 46,993.75 - 10/0]/2015 52,500.00 ] 53,125.00 205,625.00 16] .240.63 (44.384.37) 2,609.38 4/01/2016 6,375.00 1,038,125.00 1,044,500.00 1,091,240.63 46,740.63 10/01/2016 51,375.00 126,021.88 177 ,396.88 132,759.38 (44,637.50) Z,103.13 4/01/2017 5,250.00 1,066,021.88 1,071,271.88 1,122,759.38 51,487.50 10/01/2017 55,250.00 97,234.38 ] 52,484.38 102,440.63 (50,043.75) ] ,443.75 4/01/20]8 4,000.00 1,092,234.38 1,096,234.38 1,152,440.63 56,206.25 ]0/0]/2018 59,000.00 66,762.50 125,762.50 70,284.38 (55,478.12) 728.13' 4/01/2019 2,625.00 1,126,762.50 1,129,387.50 1,185,284.38 55,896.88 - I 10/01/2019 52,625.00 34.300.00 86,925.00 36,137.50 (50,787.50) 5,109.38 4/0]/2020 1,375.00 1,] 54,300.00 1,155,675.00 1,216,]37.50 60,462.50 I ]0/01/2020 56,375.00 56,375.00 (56,375.00) 4,087.50 , Total 1,177,621.25 25,075,036.42 26,252,534.42 26,313,973.94 6] ,439.52 - I I I I I I I I' I I I I I. PRESENT V AWE ANALYSIS SUMMARY (NET TO NET) Gross PV Debt Service Savings...................................................................................................... 46,434.03 I Net PV Cashflow Savings@4.696% (Bond yield)....................................................................... 46,434.03 Contingency or Rounding Amounl............................................................................................... NET PRESEI'IT VALUE BENEfIT...................................................................................................... 123.25 $46,557.28 I NET PV BENEfIT / $665,000 REFUNDED PRlNClPAL............................................................... 7.001% WHliam R. Hough & Co. Public Finance. DW File = WINTRSPGS.SF-Series92W/S IIEF-Scr 92 2/16/1999 2:27PM I I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds) Series 1999 Refunding of All of the Outstanding Subordinate Note) Series 1997 I REFUNDING SUMMARY Dated 04/01/1999 Delivered 04/01/1999 I SOURCES AND USES OF FUNDS I Par Amount of Bonds.................................... ....................... ................... ..................... $2,645,000.00 Transfers from Prior Issue Debt Service Funds......................................................... 197,131.50 TOTAL SOURCES......................................................................................................... $2,842,131.50 I I Total Underwriter's Discount (0.524%)................................................................... 13,850.50 Costs of Issuance.............................................. ......................... ........................... ........ 23,201.75 Gross Bond Insurance Premium (24.0 bp).............................................................. 7,543.07 Surety Fee @ 3.50%.................................................. ...... ............................................. 7,935.00 Deposit to Current Refunding Fund.......................................................................... 2,787,084.37 Rounding Amoun!........................... ....... .................... ................................................. 2,516.81 TOTAL USES................................................ ................................................................. $2,842,131.50 I FLOW OF FUNDS DITAIL I I CURRENT REFUNDING ESCROW SOLlJ1l0N METHOD......................................... Net Funded Total Cost of Investments............................................................................................ $2,787,084.37 Interest Earnings @ 4.317%....................................................................................... 9,937.55 TOTAL DRA WS............................................................................................................ $2,797,021.92 PRESENT V AWE ANALYSIS SUMMARY (NET TO NET) I I Net PV Cashflow Savings @ 4.696% (Bond yield)................................................... Transfers from Prior Issue Debt Service Fund.......................................................... Contingency or Rounding Amount....................... ..................................................... NET PRESENT VALUE BENEm................................................................................... 311,523.12 (t 97,131.50) 2,516.81 $11 6,908.4 3 NET PV BENEffi I $2,785,000 REFUNDED PRINCIPAL....................................... 4.198% I BOND STATISTICS I Average Life.......... .............. ............... .... .............. ................................... ...... ................ Average Coupon...................................................................... ... ........ ......................... 5.078 Years 3.7070259% I Net Interest Cost (NIC) ................................................................................................ Bond Yield for Arbitrage Purposes............................................................................. True Interest Cost (TIC).............................................................................................. All Inclusive Cost (AIC) ..................................................................... .......................... 3.8101377% 4.6960557% 3.8152434% 4.1447576% I I WJJliam R. Hough << Co. Pubiic Finance - DW File = WiNTRSPGS.SF-Series92W/S REF-Ser 97 2/ J 6/ J 999 2:23 PM I I I The City of Winter Springs, Florida Subordinate Water and Sewer Revenue Bonds} Sen"es 1997 I I TOTAL REFUNDED DEBT SERVICE Date Principal Coupon Interest Total P+I FISCAL TOTAL 1010111999 250,000.00 5.180% 72,131.50 322,131.50 322,131.50 4/0112000 65,656.50 65,656.50 1010112000 265,000.00 5.180% 65,656.50 330,656.50 396,313.00 4/0112001 58,793.00 58,793.00 10/0112001 280,000.00 5.180% 58,793.00 338,793.00 397,586.00 4/01/2002 51,541.00 51,541.00 1010112002 290,000.00 5.180% 51,541.00 341,541.00 393,082.00 4/0112003 44,030.00 44,030.00 1010112003 305,000.00 5.180% 44,030.00 349,030.00 393,060.00 4/01/2004 36,130.50 36,130.50 1010112004 325,000.00 5.180% 36,130.50 361,130.50 397,261.00 4/0112005 27,713.00 27,713.00 1010112005 340,000.00 5.180% 27,713.00 367,713.00 395,426.00 4/01/2006 18,907.00 18,907.00 1010112006 355,000.00 5.180% 18,907.00 373,907.00 392,814.00 4/0112007 9,712.50 9,712.50 1010112007 375,000.00 5.180% 9,712.50 384,712.50 394,425.00 Total 2,785,000.00 697,098.50 3,482,098.50 YIELD STATISTICS I I I I I I I Average Life................................................................................ ..................................................... Weighted Average Maturity (Par Basis) ................. ................................................. ............. ........ Average Coupon................. .... ........... .... ... ................................................. .......................... ........... 4.832 Years 4.832 Years 5.1800000% I U''i/lil1m R. Hough & Co. Fublic Finance - DW Fife = W/NTRSPCS.SF-Series9 7W /Ssub-S/NGLE PURPOSE 2//6//9992:23PM I I I I I I I I I I I I I I I I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1999 Refunding of All of the Outstanding Subordinate Note, Series 1997 I DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I nsCAL TOTAL 4/01/ 1999 10/01/1999 60,000.00 3.000% 47,238.75 107,238.75 107,238.75 4/01/2000 46,338.75 46,338.75 10101/2000 285,000.00 3.000% 46,338.75 331,338.75 377,677.50 4/01/2001 42,063.75 42,063.75 10/01/2001 295,000.00 3.300% 42,063.75 337,063.75 379,127.50 4/01/2002 37,196.25 37,196.25 10101/2002 305,000.00 3.450% 37,196.25 342,196.25 379,392.50 4/01/2003 31,935.00 31,935.00 10/01/2003 315,000.00 3.550% 31,935.00 346,935.00 378,870.00 4/01/2004 26,343.75 26,343.75 10101/2004 330,000.00 3.650% 26,343.75 356,343.75 382,687.50 4/01/2005 20,321.25 20,321.25 10101/2005 340,000.00 3.750% 20,321.25 360,321.25 380,642.50 4/01/2006 13,946.25 13,946.25 10101/2006 350,000.00 3.850% 13,946.25 363,946.25 377,892.50 4/01/2007 7,208.75 7,208.75 10101/2007 365,000.00 3.950% 7,208.75 372,208.75 379,417.50 I Total 2,645,000.00 497,946.25 3,142,946.25 ~ YIELD STATISTICS I I I I I I I Bond Year Dollars..................................................... ............................................................ ... ....... Average Life..... ................... ............................................... ............................................................... Average Coupon................................................... ...... .......................................... ......... .... ............. $13,432.50 5.078 Years 3.7070259% I I Net Interest Cost (NIC) .................... ........................ ..... .......................... ......................... ............... True Interest Cost (TIC)................................................................................................................. . Bond Yield for Arbitrage Purposes....... ................................. ...................... ... ... ......................... ... All Inclusive Cost (AIC) .................... ....................... ............ ... ...... ... ............................................... 3.8101377% 3.8152434% 4.6960557% 4.1447576% I IRS fORM 8038 Net Interest Cost........ ..................... ...... ............ ............................................................................... Weighted Average Maturity.......................................................................................................... 3.7070259% 5.078 Years I William R. Hough & Co. Public Finance - DW File = WINTRSPGS.SF-Series92W /S REF-Ser 97 2/16/1999 2:23 PM I I I I I I I The City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Sen"es 1999 Refunding of All of the Outstanding Subordinate Note, Series 1997 I DEBT SERVICE COMPARISON Date Total p+ I Net New DIS Old Net DIS Savings flSCAL TOTAL 4/0111999 (2,516.81) (197,131.50) (194,614.69) 10/0111999 107,238.75 107,238.75 322,131.50 214,892.75 20,278.06 4/0112000 46,338.75 46,338.75 65,656.50 19,317.75 10/01/2000 331,338.75 331,338.75. 330,656.50 (682.25) 18,635.50 4/0112001 42,063.75 42,063.75 58,793.00 16,729.25 10/01/2001 337,063.75 337,063.75 338,793.00 1,729.25 18,458.50 4/0112002 37,196.25 37,196.25 51,541.00 14,344.75 ] 0/0112002 342,196.25 342,]96.25 341,541.00 (655.25) ] 3,689.50 4/0112003 3] ,935.00 3],935.00 44,030.00 12,095.00 10/0112003 346,935.00 346,935.00 349,030.00 2,095.00 14,190.00 4/01/2004 26,343.75 26,343.75 36,]30.50 9,786.75 10/0112004 356,343.75 356,343.75 361,130.50 4,786.75 ]4,573.50 4/0112005 20,321.25 20,321.25 27,7]3.00 7,391. 75 10/0112005 360,321.25 360,32] .25 367,713.00 7,391.75 ]4,783.50 4/01/2006 ] 3,946.25 13,946.25 ]8,907.00 4,960.75 10/0112006 363,946.25 363,946.25 373,907.00 9,960.75 ]4,921.50 4/0112007 7,208.75 7,208.75 9,7]2.50 2,503.75 10/01/2007 372,208.75 372,208.75 384,712.50 12,503.75 15,007.50 Total 3,142,946.25 3,] 40,429.44 3,284,967.00 144,537.56 PRESENT V AWE ANALYSIS SUMMARY (NIT TO NFD I I I I I I I Gross PV Debt Service Savings.................. ............................ .......................... .............................. 311,523.]2 Net PV Cashflow Savings @ 4.696% (Bond yield)...................................................................... 311,523.12 I Transfers from Prior Issue Debt Service Fund............................................................................. Contingency or Rounding Amount.. ............... ..... ......................................................................... . NET PRESENT VALUE BENEm...................................................................................................... (197,131.50) 2,516.81 $116,908.43 I NET PV BENEflT I $2,785,000 REFUNDED PRINCIPAL............................................................ 4.198% I William R. Hough & Co. Public Finance - DW File = WlNTRSPGS.sF-Series92W/S REF-Ser 97 2//6//999 2:23 PM I I I I I I 'I I I I I I I I I I I I I I I I I I Refunding ofUnrefunded Improvement Revenue Series 1989 Bonds I I I The City of Winter Springs, Florida Improvement Revenue Refunding Bonds, Series 1999 Refunding of Unrefunded Series 1989 Bonds I REFUNDING SUMMARY __...._..___m._..._.._._~.___~..___.._.___._.. ; ..h....._____._...._..h_...._...~..............hH._.__...M_._......._.,...~_,_..._...____..___._...M...M_...H.__._._ ......~,...,_.~,...."..'w_..._..._....M...__'..._........_...._.. ............ M.....___....__............... I ; Dated 04/0111999 J.----..---_._._._._.__.._~_.___HW_.M.__._....____._....w...__....__..._......._............_......."........-<.O""-"'-..._...._.M'_.___...__....___ I Delivered 04/0111999 ......._.'u...................__...._.__..__......_........__........__......._.,_........................ ........._,...................... i I SOURCES AND USES OF FUNDS I Par Amount of Bonds.............. .... ............................................ ..................................... $2,900,000.00 Transfers from Prior Issue Debt Service Funds......................................................... 233,575.00 TOT Ai SOURCES...... ....................... .............. ..................... ......................................... $3,133,575.00 I Total Underwriter's Discount (0.729%)................................................................... 21,151.25 Costs of Issuance................ ................................................................................. ......... 55,000.00 Gross Bond Insurance Premium (22.0 bp).............................................................. 7,477.85 Deposit to Current Refunding Fund.......................................................................... 3,045,772.47 Rounding Amount........ ........................ ............. ............... ........................................... 4,1 73.43 TOTAL USES...... ............................. ............................... ........ ...... ................................. $3,133,575.00 I I FLOW OF FUNDS DITAIL I CURRENT REFUNDING ESCROW SOLlITION METHOD......................................... Net Funded Total Cost of Investments....................................................c....................................... $3,045,772.4 7 Interest Earnings @ 4.317%....................................................................................... 10,481.70 TOTAL ORA WS............................................................................................................ $3,056,254.17 I PRESENT V ALUE ANALYSIS SUMMARY (NIT TO NIT) I Net PV Cashflow Savings@ 3.724% (Bond yield)................................................... Transfers from Prior Issue Debt Service Fund.......................................................... Contingency or Rounding Amount........ ............ ..... .......................................... ..... .... NET PRESENT VALUE BENEFIT................................................................................... 531,251.26 (23~,575.00) 4,173.43 $301,849.69 I NET PV BENEnT I $2,875,000 REFUNDED PRlNCIPAL..................~...................... 10.499% BOND STATISTICS I Average Life............................. ...................................... ..... .................. ..... ....... ...... ...... Average Coupon....... .... ............ ....... ........ ................................................,'....... ........ .... 4.688 Years 3.6706326% I Net Interest Cost (NIC)................................................................................................ Bond Yield for Arbitrage Purposes............................................................................. True Interest Cost (TIC).. ............ .......... .......... .............. ......... ...... ............................... All Inclusive Cost (AI C) ............ .................................... ..... ........... ........ ... .......... ... ... .... 3.8262137% 3.7243783% 3.8374717% 4.3640857% I I William R. Hough & Co. - JS Public Finance File = WINTRSPGS.sF-Series89ImprREF- SINGLE PURPOSE 2//6/199912:12 PM I I. I I I I The City of Winter Springs, Florida Improvement Revenue Bonds7 Series 1989 TOTAL REFUNDED DEBT SERVICE i ...................; ; ; Date Principal Coupon Interest l-._._._.....__..._...._._.......~...Nk..~-~-_....._..,.._._~-_.~.._u.~_....~_..~~..MH._..~."w_"._~..~__".__......._.__,..__.,__.,'",_,_,__~.~."..M.'.___M~..'.........__...._..._...._ Total P+I I 1010111999 1010J/2000 10/0112001 1010J/2002 1010112003 1010112004 10101/2005 1010112006 1010J/2007 I I .-.--.---.----- ; i L______ Total I YIELD STATISTICS 255,000.00 7.200% 212,150.00 467,150.00 275,000.00 7.250% 193,790.00 468,790.00 295,000.00 7.400% 173,852.50 468,852.50 315,000.00 7.400% 152,022.50 467,022.50 335,000.00 7.400% 128,712.50 463,712.50 365,000.00 7.400% 103,922.50 468,922.50 390,000.00 7.400% 76,912.50 466,912.50 420,000.00 7.450% 48,052.50 468,052.50 225,000.00 7.450% 16,762.50 241,762.50 ; ___.__..M____._______.____~..______________.___~_..__! 2,875,000.00 1,106,177.50 3,981,177.50 I Average Life....................................................................................................................................... 4.69 3 Yea rs Weighted Average Maturity {Par Basis)......................................................................................... 4.693 Years Average Coupon....... .................................. ................................. ...... .................... ........................... 7.4 1 22846% I William R. Hough & Co. - JS Public Finance I I I I I I I I I File = WINTRSPGS.SF-Series89ImprRel'-SINGLE PURPOSE 2/16//99912:12 PM I I I The City of Winter Springs, Florida Improvement Revenue Refunding Bonds) Series 1999 Refunding of Unrefunded Series 1989 Bonds I ; t-._-_._...~- Date I 10101/1999 10101/2000 10101/2001 10101/2002 10101/2003 10101/2004 10101/2005 10101/2006 10101/2007 I I Principal DEBT SERVICE SCHEDULE Interest 145,000.00 330,000.00 345,000.00 350,000.00 360,000.00 380,000.00 390,000.00 405,000.00 195,000.00 ; j---------.-.----..-.----------- i L_________~~___ 2,900,000.00 I YIELD STATISTICS Coupon 3.000% 3.000% 3.300% 3.450% 3.550% 3.650% 3.750% 3.850% 3.950% 51,140.00 97,930.00 88,030.00 76,645.00 64,570.00 51,790.00 37,920.00 23,295.00 7,702.50 Total p+ I 196,140.00 427,930.00 433,030.00 426,645.00 424,570.00 431,790.00 427,920.00 428,295.00 202,702.50 -----_._._-_.__._-_.__.~-~------_._--, 3,399,022.50 I Bond Year Dollars..................................................... ................................................. ................ ....... $13,595.00 Average Life........ ...................................... ......................................................................................... 4.688 Years Average Coupon................... ................................................................. ..... ........................ ... ...... ..... 3.6706326% I Net Interest Cost (NIC)..........................:.......................................................................................... 3.8262137% True Interest Cost (TIC)................................................................................................................... 3.8374717% Bond Yield for Arbitrage Purposes.................................................................................................. 3.7243783% All Inclusive Cost (AIC).................................................................................................................... 4.3640857% 499,022.50 I IRS FORM 8038 Net Interest Cost.................................. .... ..... ............................. ...... .................................................. 3.6706326% Weighted Average Maturity............................................................................................................ 4.688 Years I WIlliam R. Hough <<Co. - jS Public Finance I I I I I I I File = W1NFRSPGS.SF-Series89ImprREF- SINGLE PURPOSE 2//6//99912:12 PM I I I The City of Winter Springs, Florida Improvement Revenue Refunding Bonds7 Sen"es 1999 Refunding of Unrefunded Sen'es 1989 Bonds I Date I 10/0111999 1010112000 10/0112001 1010112002 1010112003 1010112004 10101/2005 1010112006 10/01/2007 I I Total I Total p+ I DEBT SERVICE COMPARISON Old Net DIS 196,140.00 427,930.00 433,030.00 426,645.00 424,570.00 431,790.00 427,920.00 428,295.00 202,702.50 3,399,022.50 Net New DIS 191,966.57 427,930.00 433,030.00 426,645.00 424,570.00 431,790.00 427,920.00 428,295.00 202,702.50 PRESENT V AWE ANALYSIS SUMMARY (NIT TO NIT) 3,394,849.07 233,575.00 468,790.00 468,852.50 467,022.50 463,712.50 468,922.50 466,912.50 468,052.50 24 I ,762.50 3,747,602.50 Savings .........! 41,608.43 40,860.00 35,822.50 40,377.50 39,142.50 37,132.50 38,992.50 39,757.50 39,060.00 352,753.43 Gross PV Debt Service Savings........................................................................................................ 531,251.26 I Net PV Cashflow Savings @ 3.724% (Bond yield)........................................................................ 531,251.26 I Transfers from Prior Issue Debt Service Fund............................................................................... (233,575.00) Contingency or Rounding Amount................................................................................................. 4, 173.4 3 NET PRESENT VALUE BENEFIT......................................................................................................... $301,849.69 NET PV BENEm I $2,875,000 REFUNDED PRINCiPAL.............................................................. I 10.499% William R. Hough & Co. - jS Public Finance _..._......_._..M_........._........_.__...__...__....~.....____._..._..""_....M.".._........,_.",._..._"'_.,.~_""....."..""'_".,,..._._..._...'"M..~""...,_'........"......."..."......,........._.....,"'..,"'._"'.....,.,........................"'._..._"................................................_..............,_...,...,.... I I I I I I I I File = WINTRSPCS.SF-Series89ImprREF- SINGLE PURPOSE 2/16/1999/2:12 Pll1 I I I The City of Winter Springs, norida Improvement Revenue Refunding Bonds, Series 1999 Refunding of Unrefunded Sen'es 1989 Bonds I CURRENT REFUNDING ESCROW SUMMARY COST Maturity Type Coupon Yield Price Par Amount Principal Cost +Accrued Interest :: Total Cost I CURRENT REFUNDING ESCROW 05/0111999 SLGS-C1 4.350% 4.350% 100-.000000 2,939,697 2,939,697.00 2,939,697.00 c ............" .".."",..,""...."""_"",.,..~.H.R:IQ.!!.!!..._"..."...,"".."',.,,,,.,,..""".""""",".............."....."....,.",,,,,,.....,,...........,,,,,"',,''''''',?J~w~.~,2.~"L",g",.~.~.~.,f'"~.7..,Q.Q".",."''".,,.,,''""."."''',."".,''''''''',....."''''"..,",..?,~.~,~.&~?..:,QQ,,.,,.... ...... ,; ; Total 2,939,697 2,939,697.00 2,939,697.00 i I I CURRENT REruNDING ESCROW Cash Deposit.. ... .............. ........ ................................. ........ .......................... ....... ... .... Cost of Investments Purchased with Bond Proceeds........................................... Total Cost of Investments....................................................................................... 106,075.4 7 2,939,697.00 $3,045,772.4 7 I Delivery Date......;...................................................................... ............................. 4/0111999 I William R. Hough & Co. - JS Public Finance File = WINTRSPCS.SF-Series89ImprREF- SINGLE PURPOSE 2/16/199912:1ipM I I I I I I I I I I I I The City of Winter Springs, Florida Improvement Revenue Refunding Bonds) Series 1999 Refunding of Unrefunded Sen"es 1989 Bonds I I CURRENT REFUNDING ESCROW Principal Interest :"'-'--'-'--'-"-"-"'-'--'-'-~"""""""'-"""''--.;--''''--~-''''''''''-;,,,,,~,-,"-"..._,._.._--_.............."---"--_.~......................_~~------_._---'_.._,,,...,,.,,-.........,.-..."....".--.. , i Date Rate Receipts Disbursements Cash Balance i j I i I ! ! ...---....--.."...! :...--..".-.--.--.........-.-...........-....-..---.-.....--........-._.........._..._._._.........._..__.._...."_...~...._,,,............._._.........._.,,,..._..........~._.._.._..._.._.._-,,,.._............__.._.........--."--............-....".......................-.,,...-...................".""'''..-... I 4/0111999 5/0111999 2,939,697.00 4.350% 106,075.47 106,075.00 10,481.70 2,950,178.70 2,950,179.17 Total 2,939,697.00 10,481.70 3,056,254.17 3,056,254.17 t..._ ...__..__........."......._...".__...._.._......._._.....,........__.M......,."_.,,.. I INVESTMENT P ARAMITERS I Investment Model [PV, GIC, or Securities]................................................................................... Default investment yield target....... ..... ............ .......... ..... ................................ ...... ........ ....... .... ..... 0.47 Securities User Defined I Cash Deposit.......................... ... ..................................................................... ................................. 106,075.47 Cost of Investments Purchased with Bond Proceeds................................................................... 2,939,697.00 Total Cost of Investments....................................................... ......... ...... ......................................... $3,045,772.47 I Target Cost of Investments at bond yield..................................................................................... $3,047,196.00 Actual positive or (negative) arbitrage......................................................................................... 1,423.53 I Yield to Receipt........................ .......................... .............................................. ............. ......... ......... Yield for Arbitrage Purposes..................................... ..................................... ..... .......................... W1Jliam R. Hough & Co. - JS Public Finance 4.3170076% 3.7243783% File = WINJ'RSPGS.SF-Series89/mprREF- SINGLE PURPOSE 2/16/199912:12 PM I I I I I I I I I I I I The City of Winter Springs, Florida Improvement Revenue Bonds, Sen'es 1989 I DEBT SERVICE TO MATURITY AND TO CALL Date Refunded Bonds Premium DIS To Call Principal Coupon Interest Refunded DIS FISCAL TOTAL 4/01/1999 106,075.00 106,075.00 106,075.00 5/0111999 2,875,000.00 57,500.00 2,950,179.17 10/0111999 255,000.00 7.200% 106,075.00 361,075.00 467,150.00 4/01/2000 96,895.00 96,895.00 1010112000 275,000.00 7.250% 96,895.00 371,895.00 468,790.00 4/0112001 86,926.25 86,926.25 10/0112001 295,000.00 7.400% 86,926.25 381,926.25 468,852.50 4/0112002 76,011.25 76,011.25 1010112002 315,000.00 7.400% 76,011.25 391,011.25 467,022.50 4/01/2003 64,356.25 64,356.25 1010112003 335,000.00 7.400% 64,356.25 399,356.25 463,712.50 4/0112004 51,961.25 51,961.25 1010112004 365,000.00 7.400% 51,961.25 416,961.25 468,922.50 4/01/2005 38,456.25 38,456.25 10101/2005 390,000.00 7.400% 38,456.25 428,456.25 466,912.50 4/0112006 24,026.25 24,026.25 10101/2006 420,000.00 7.450% 24,026.25 444,026.25 468,052.50 4/0112007 8,381.25 8,381.25 1010112007 225,000.00 7.450% 8,381.25 233,381.25 241,762.50 Total 2,875,000.00 57,500.00 3,056,254.17 2,875,000.00 1,106,177.50 3,981,177.50 YIELD STATISTICS I I I I I I I Average Life................................. ... ........ ........ ... ......... ...... ....... ............................ ....... ..... ..... Weighted Average Maturity {Par Basis)............................................................................ Average Coupon...................... ...... ....................................... ...... .... ...... ............................... 4.693 Years 4.693 Years 7.4122846% I WJiliam R. Hough & Co. - JS Public Fina.nce File = WINTRSPGS.SF-Series89ImprRev-SINGLE PURPOSE 2/16'/199912:12 PM I I I I I I I - '-,,-, - - _! i__ ,- -, ,- - -, - - -, - William R. Hough & Co. Financings as Underwriter Since January 1, 1996 Sale Date Issue Size Issue Role Revenue Source T.I.C. UIW Ratings Cost 12/29198 $ 9,000,000 Halifax Hospital Medical Center (FL) Health Care Facilities Senior Manager Loan Agreement 4.50 MIGI Revenue Bonds (Florida Health Care Plan, Inc. Project) Series 1998 12/16/98 5,555,000 Northern Palm Beach County Improvement District (FL) Water Senior Manager Special Assessments 5.5558 13.33 None Control and Improvement Refunding Bonds, Unit of Development No. 5-D, Series 1998 12/15198 10,360,000 Florida Housing Finance Corporation Multifamily Housing Senior Manager 5.1108 6.63 Aaa Revenue Bonds, Series R-I (Waterbridge Apartments) 12/15198 735,000 Florida Housing Finance Corporation Multifamily Taxable Senior Manager 5.1108 6.63 Aaa Housing Revenue Bonds, Series R-2 (Waterbridge Apartments) 12/15198 11,880,000 Florida Housing Finance Corporation Housing Revenue Bonds Senior Manager First Lien Mortgage 6.4496 19.79 None (Westbrook Apartments), Series V-I 12/15198 200,000 Florida Housing Finance Corporation Housing Revenue Bonds Senior Manager First Lien Mortgage 7.4979 19.79 None (Westbrook Apartments), Taxable Series U-2 12111/98 800,000 Volusia County Housing Finance Authority (FL) Multifamily Senior Manager FNMA MBS 6.1956 14.03 AAA Housing Revenue Bonds (Spring Arbor Apartments Project) Taxable Series 1998B 12/11198 5,700,000 Volusia County Housing Finance Authority (FL) Multifamily Senior Manager FNMA MBS 5.3801 14.03 AAA Housing Revenue Bonds (Spring Arbor Apartments Project) Series 1998A 12/10/98 43,510,000 Miami-Dade County Special Obligation Refunding Bonds Co-Manager Miscellaneous 5.71 AaaI All (Courthouse Center Project) Series A & B Revenues AAAJ Fitch AAA 12/9198 14,500,000 Florida Housing Finance Corporation Multifamily Housing Senior Manager 19.83 Revenue Bonds, Series 1998A (Whistler's Cove) 12/9198 500,000 Florida Housing Finance Corporation Multifamily Housing Senior Manager 19.83 Revenue Bonds, Series 1998B (Whistler's Cove) 12/8/98 13,090,000 Palm Beach County Housing Finance Authority (FL) Multifamily Senior Manager 11.73 Aaa Housing Revenue Refunding Bonds (Lake Crystal Apartments) 12/3/98 102,295,000 Adventist Health Systems/Sunbelt Obligated Group, Series 1998 Co- Manager 9.23 Baa 11 (Highlands County Health Facilities Authority Hospital Revenue A- Bonds ) 12/2/98 137,620,000 Orange County (FL) Tourist Development Tax Revenue Bonds, Co-Manager Net Convention 4.7299 5.45 AaaI Series 1998B Center Rev AAA - - - - ,- - - -, -,- - _, _; ,_. i_I _ - -,. - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 11/20/98 11,420,000 DeSoto Housing Finance Corporation Multifamily Housing Senior Manager Fannie Mae Pass 9.45 Aaa Revenue Refunding Bonds (Mt. Vernon Apartments), Series Thru Cert 1998A 11/19/98 26,000,000 Miami-Dade County (FL) General Obligation Bonds Parks Senior Manager Ad Valorem Taxes 4.8154 7.61 AaaI Program, Series 1998 AAAI Fitch AAA 11/19/98 26,465,000 Florida International University Housing Facility Revenue Bonds, Senior Manager Housing Revenues 4.8648 6.76 AaaI Series 1998 AAA 11/18/98 115,590,000 Florida Gas Utility Gas Project No. 1 Revenue Bonds, Series 1998 Co-Manager Bond Proceeds 4.6697 6.00 AaaI AAA 11/17/98 32,345,000 West Palm Beach (FL) Public Service Tax Revenue Bonds, Series Senior Manager Public Service Taxes 4.2760 3.67 AaaI 1998 AAA 11/ 13/98 43,642,689 Clearwater (FL) Water and Sewer Refunding Revenue Bonds, Senior Manager Utility System 4.9230 7.51 AaaI Series 1998 Revenues AAA 11/10/98 283,700,000 Miami-Dade (FL) School Board Certificates of Participation, Co-Manager Lease Payments 4.86 AaaJ Series 1998C (Refunding) Aaa 11/6/98 14,040,000 Florida Housing Finance Corporation Housing Revenue Refunding Senior Manager First Mortgage Lien 5.2900 9.80 A+ Bonds, 1998 Series 0 (Hunters Ridge at Deerwood) 10/30/98 49,220,000 Tallahassee (FL) Energy System Revenue Bonds, Series 1998B Co-Manager Net Revenues 5.84 AaaI AAAI Fitch AAA 10/28/98 27,885,000 Broward County (FL) Refunding Certificates of Participation Co-Manager Master Lease 6.15 AaaI Master Lease Program, Series 1998 AAA 10/23/98 3,120,000 St. Johns County (FL) Capital Improvement Revenue Bonds, Senior Manager Net Golf Course 4.1350 9.00 AaaI Series 1998 Revenues AAA 10/22/98 29,780,000 Marion County (FL) School District Master Lease Certificates of Co-Manager Lease Payments 4.6290 5.42 AaaI Obligation, Series 1998B AAAI Fitch AAA 10/20/98 25,000,000 Hillsborough County (FL) Port District Revenue Bonds (Tampa Co-Manager Port Revenues 5.1743 4.98 AaaI Port Authority Project), Series 1998 AAAI Fitch AAA 10/14/98 143,800,000 Tallahassee (FL) Energy System Refunding Revenue Bonds, Co-Manager Net Revenues 6.37 AaaI Series 1998A AAAI Fitch AAA 10/7/98 19,255,000 Ocoee (FL) Transportation Refunding and Improvement Revenue Senior Manager Local Option Gas 4.7012 6.87 AaaI Bonds Tax AAAI Fitch AAA -, - - - ._.- - - - - - - - - -' -, _I - -, Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 10/5/98 5,000,000 Lauderhill (FL) Half Cent Sales Tax Revenue Bonds, Series 1998 Senior Manager Half Cent Sales Tax 4.1620 8.99 Aaa/ AAA 9/22/98 7,500,000 Coral Springs (FL) General Obligation Bonds, Series C and 0 Senior Manager Ad Valorem Taxes 4.5831 5.52 Aall AA 9/18/98 9,505,000 Miami-Dade County Housing Finance Authority (FL) Single Senior Manager OlC Contract 3.4500 4.55 Aaa/VMI Family Mortgage Revenue Bonds, Series 1998B 9/18/98 13,470,000 Miami-Dade County Housing Finance Authority (FL) Multi- Senior Manager FNMA Mortgage 5.2460 11.86 None/ Family Housing Revenue Bonds (Doral Terrace Apartments Guarantee Aaa/ Project), Series 1998A Fitch A 91l8/98 22,849,865 Orange County Housing Finance Authority (FL) Homeowner Senior Manager GNMA/FNMA 5.0280 9.03 Aaa/ Revenue Bonds, Series A-I (AMT) Securities 9/18/98 2,150,000 Orange County Housing Finance Authority (FL) Homeowner Senior Manager GNMA!FNMA 5.0280 9.03 Aaa/ Revenue Bonds, Series A-2 (Taxable) Securities 9/10/98 8,465,000 Miami-Dade County Housing Finance Authority (FL) Multi- Senior Manager FL Guaranty Fd 5.3670 13.23 AI Family Housing Revenue Bonds (Villa Esperanza Apartments Mtge Guar. Fitch A Project), Series 1998 9/8/98 26,690,000 Miami Health Facilities Authority (FL) Health Facilities Revenue Co-Manager Payments under 6.25 Aa2/ Refunding Bonds (Mercy Hospital Project), Series 1998 Master Not VMGII AA-/Al+ 9/5/98 11,715,000 Miramar (FL) Water Improvement Assessment Bonds, Series 1998 Senior Manager Special Assessments 5.0690 7.56 Aaa/ Fitch AAA 9/3/98 14,050,000 Hillsborough County Housing Finance Authority (FL) Single Co-Senior Mortgage Backed 5.0040 10.73 Aaa/ Family Mortgage Revenue Bonds, 1998 Series A Manager Sec 9/1/98 24,055,000 Pembroke Pines (FL) Public Improvement Revenue Bonds, Series Senior Manager Electric Public Serv 4.9540 7.75 Aaa/ 1998 Tax Fitch AAA 8/26/98 46,640,000 Greater Orlando Aviation Authority (FL) Airport Facilities Co-Manager Net Airport 6.30 Aaa/ Refunding Revenue Bonds Revenues AAAI Fitch AAA 8/25/98 154,580,000 Miami-Dade County School District (FL) General Obligation Co-Manager Ad Valorem Taxes 4.6739 5.40 Aaa/ Refunding School Bonds, Series 1998 AAAI 8/18/98 60,000,000 Miami-Dade County (FL) Solid Waste System Revenue Bonds, Co-Manager Pledged Revenues 5.89 Aaa/A3 Series 1998 AAAI BBB+/ Fitch AAAI 8/11198 6,070,000 Fort Lauderdale (FL) Excise Tax Refunding Bonds, Series 1998A Senior Manager Excise Taxes 4.2342 4.72 Aaa/ AAA 8/11/98 6,045,000 Fort Lauderdale (FL) Excise Tax Improvement Bonds, Series Senior Manager Excise Taxes 4.2342 4.72 Aaa/ 1998B AAAI - - - - ... - - - - - - - - -- - - -, - Sale Date Issue Size Issue Role Revenue Source T.I.C. UIW Ratings Cost 8/6/98 162,955,000 Jacksonville Electric Authority (FL) St. Johns River Power Park Co-Manager Power Park 4.7215 5.07 Aa2/ System Refunding Revenue Bonds, Issue Two, Series Sixteen Revenues AN Fitch AA+ 8/4/98 7,855,000 Orange County Housing Finance Authority (FL) Variable Rate Senior Manager Fannie Mae 0.0000 7.65 AAA Housing Revenue Refunding Bonds (Highland Apartments Collateral Agr Project) 7/30/98 46,925,000 Jupiter Island (FL) Utility System Revenue Bonds Co-Manager Net Water Revenues 9.80 AaaI AAA 7/22/98 9,135,000 Miami Beach Redevelopment Agency (FL) Tax Increment Co-Manager Net Trust Fund 7.0745 7.08 AaalBaa2 Revenue Bonds, Series 1998B (City Center Historic Convention Revenues AAAlBBB Village) 7/22/98 29, I 05,000 Miami Beach Redevelopment Agency (FL) Tax Increment Co-Manager Net Trust Fund 7.0745 7.08 AaalBaa2/ Revenue Bonds, Taxable Series 1998A (City CenterIHistoric Revenues AANBBB Convention Village) 7/21/98 71,355,000 Lake County School Board (FL) Certificates of Participation, Co-Manager Master Lease 5.1785 5.56 AANA-/ Series 1998 Fitch AAA 7/14/98 11,000,000 Seminole County (FL) School District Tax Anticipation Notes, Senior Manager Ad Valorem Taxes 3.5196 0.48 MIGI Series 1998 7/13/98 16,970,000 Florida Housing Finance Corporation Housing Revenue Bonds, Senior Manager First Lien Mortgage 6.5997 20.88 None Series 1998G (Cypress Trace Apartments) 7/8/98 26,155,000 State of Florida Board of Regents University System Revenue Senior Manager Net Housing System 4.9083 7.12 AaaI Bonds, Series 1998 Revs AAN Fitch AAA 7/2/98 8,200,000 Pasco County Housing Finance Authority (FL) Multifamily Senior Manager FNMA Pass 13.94 AAA Housing Revenue Bonds, Series I 998A (Park Richey Apartments) Through Certif 6/30/98 12,840,000 Osceola County Housing Finance Authority (FL) Multifamily Senior Manager GNMA Certificates 5.3855 14.49 AAA Housing Revenue Bonds, Series 1998 (Kensington Apartments Project - GNMA Collateralized) 6/30/98 12,300,000 Lee County Housing Finance Authority (FL) Single Family Co-Manager Single Family Mtg. 6.0000 10.96 Aaa Mortgage Revenue Bonds, Series 5 and 7 Revs. 6/30/98 11,890,000 Lee County Housing Finance Authority (FL) Single Family Co-Manager Single Family Mtg. 6.0000 10.96 Aaa Mortgage Revenue Bonds, Series 6 Revs. 6/26/98 15,000,000 Palm Beach County Housing Finance Authority Single Family Senior Manager GNMAlFNMA 11.72 Aaa Mortgage Revenue Refunding Bonds, Series 1998A 6/26/98 15,000,000 Palm Beach County Housing Finance Authority Single Family Senior Manager GNMNFNMA 1.00 None Mortgage Revenue Refunding Bonds, Series I998B 6/26/98 16,510,000 Florida Housing Finance Corporation Housing Revenue Bonds, Senior Manager First Lien Mortgage 6.6086 20.91 None 1998 Series B (Westchase Apartments) - - - - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 6/26/98 8,800,000 Florida Housing Finance Corporation Housing Revenue Bonds, Senior Manager First Lien Mortgage 6.6086 21.70 None 1998 Series C (Beacon Hill Apartments) 6/25/98 14,000,000 Florida Housing Finance Corporation Multifamily Mortgage Senior Manager Revenue Assets 6.95 AAA Revenue (Kendall Court Apartments) 6/24/98 25,540,000 Miami-Dade County Housing Finance Authority Single Family Co-Manager GNMNFNMA AAA Mortgage Revenue Bonds, Series 1998A-l (AMT) 6/24/98 2,305,000 Miami-Dade County Housing Finance Authority Single Family Co-Manager GNMNFNMA AAA Mortgage Revenue Bonds, Series 1998A-2 Non-AMT) 6/24/98 5,085,000 Volusia County (FL)Water and Sewer Refunding Revenue Bonds, Senior Manager Net Water and 4.5206 6.66 AaaI Series 1998 Sewer Revs AAA 6/24/98 4,230,000 Broward County Housing Finance Authority (FL) Multifamily Senior Manager FNMA Certificate 5.4374 18.86 AAA Housing Revenue Bonds (Praxis Phase III Project), Series 1998 6/23/98 300,000,000 Capital Projects Finance Authority Variable Rate Demand Senior Manager Loan Agreement 5.15 AAA Revenue Bonds (FL Hospital Association - Capital Projects Loan Program) Series 1998 A 6/19/98 67,100,000 Miami-Dade County (FL) Public Facilities Revenue Bonds Co-Manager PIF Revenues 6.79 AaaI (Jackson Memorial Hospital), Series 1998 AAA 6116/98 8,200,000 Hillsborough County Housing Finance Authority Multifamily Senior Manager Mortgage 0.0000 9.39 AlAI Housing Revenue Bonds (Brandon Crossing Project) 6/12/98 132,500,000 Miami-Dade County School Board (FL) Certificates of Co-Manager Trust Estate 5.75 AaaI Participation, Series 1998A (Refunding) AAA 6/12/98 69,605,000 Miami-Dade County School Board (FL) Certificates of Co-Manager Trust Estate 5.45 AaaI Participation, Series 1998B AAA 6/11198 24,150,000 North Port Utility System Refunding Revenue Bonds, Series 1998 Senior Manager Utility Revenues 4.9900 3.49 AaaI AAA 6/1198 129,660,000 Jacksonville Electric Authority Electric System Revenue Bonds, Co-Manager Net Electric 5.1590 5.78 Aa2/ Series Three 1998A Revenues AN Fitch AA+ 5/28/98 51,760,000 Broward County Gas Tax Revenue Refunding Bonds, Series 1998 Co-Manager Local Option Gas 4.5355 4.78 AaaI A 11 Tax AAAlAA-/ Fitch AAA 5/26/98 15,405,000 Bayside Improvement Community Development District Capital Senior Manager Special Assessments 6.4298 13.00 - Improvement Revenue Bonds, 1998 A&B 5/22/98 20,920,000 Pinellas County Housing Finance Authority Single Family Senior Manager GNMNFNMA 8.64 Aaa Housing Revenue Bonds (Multi-County Program), 1998 Series C- I I (AMT) - - - - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 5/22/98 1,580,000 PinelIas County Housing Finance Authority Single Family Senior Manager GNMAlFNMA 8.64 Aaa/ Housing Revenue Bonds (Multi-County Program), 1998 Series C- 2 (Non AMT) 5/22/98 2,500,000 PinelIas County Housing Finance Authority Single Family Senior Manager GNMAlFNMA 8.64 Aaa Housing Revenue Bonds (Multi-County Program), 1998 Series C- 3 (Taxable) 5/21/98 102,367,866 Florida Housing Finance Corporation Homeowner Mortgage Co-Senior 8.68 AaaI Revenue, 1998 Series 1, 2, 3, and 4 Manager AAA 5/13/98 12,640,000 Alachua County School Board Certificates of Participation, Series Co-Manager Lease Payments 5.0538 6.39 AaaI 1998 AAA 5/5/98 227,310,000 State of Florida Orlando-Orange County Expressway Authority Co-Manager Jr. Lien System 5.2800 3.80 AaaI Junior Lien Revenue Bonds, Series of 1998 Revenues AAN Fitch AAA 4/28/98 4,395,000 Palm Beach County Housing Finance Authority Multifamily Senior Manager FMFC Guaranty 7.7349 11.51 Fitch A Housing Revenue Bonds (Windsor Park Apartments Project), Fund Series B 4/28/98 11,120,000 Palm Beach County Housing Finance Authority Multifamily Senior Manager Guaranty Fund 6.2636 11.51 Fitch A Housing Revenue Bonds (Windsor Park Apartments Project), 1998 Series A 4/23/98 56,390,000 Orange County Sales Tax Revenue, Series 1998 Co-Manager Half Cent Sales Tax 5.1849 5.10 AaaI AAA 4/23/98 2,050,000 Lake City Taxable Utilities Revenue Refunding Bonds, Series Senior Manager Jr. Lien Net 6.6718 8.00 AaaI 1998 Revenues Fitch AAA 4/23/98 6,335,000 Lake City Utility Revenue Bonds, Series 1998A Senior Manager Jr. Lien Net 5.3458 8.00 AaaI Revenues Fitch AAA 4/22/98 14,060,000 Brevard County Housing Finance Authority Variable Rate Senior Manager LOC Guaranty 0.0000 5.21 AA-/A1+ Demand Multifamily Housing Revenue Refunding Bonds (Palm Place Project) 4/22/98 9,000,000 Miami-Dade County Special Housing Revenue Refunding Bonds Senior Manager 5.1236 1.20 A3 4/16/98 12,450,000 Mount Dora Water and Sewer Refunding Revenue Bonds, Series Senior Manager Net Revenues 5.1000 5.80 AaaI 1998 Fitch AAA 4/8/98 9,280,000 Northern Palm Beach County Improvement District Water Control Senior Manager Drainage Taxes 6.2200 11.65 None and Improvement Refunding Bonds Unit of Development 5A, Series 1998 (Vista Center) 4/8/98 3,485,000 Northern Palm Beach County Improvement District Water Control Senior Manager Drainage Taxes 5.5500 12.21 None and Improvement Refunding Bonds Unit of Development 24, Series 1998 (Ironhorse) - - -, - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T./.C. U/W Ratings Cost 4/8/98 1,495,000 Manatee County Housing Finance Authority Single Family Co-Senior Single Family 6.2800 11.80 Aaa Mortgage Revenue Refunding Bonds, Series 1998 Sub Series One Manager Mortgages (Tax Exempt) 4/8/98 5,505,000 Manatee County Housing Finance Authority Single Family Co-Senior Single Family 6.2800 11.80 Aaa/ Mortgage Revenue Refunding Bonds, Series 1998 Sub Series One Manager Mortgages (Taxable) 4/7/98 10,000,000 Halifax Hospital Medical Center Tax Anticipation Notes, Series Senior Manager Ad Valorem Taxes 4.1300 5.00 MIGI 1998 4/7/98 9,675,000 Coral Springs Water and Sewer Revenue Refunding, Series 1998 Senior Manager Net Revenues 4.8000 5.89 Aaa/ AAA 4/3/98 46,185,000 First Florida Governmental Financing Commission Revenue Co-Manager Non Ad Valorem 4.7300 3.67 AAAJ Bonds, Series 1998 Revenues Fitch AAA 3/26/98 6,345,000 Collier County Housing Finance Authority Multi-Family Housing Senior Manager Lease Revenues 5.5200 17.46 AaaJ Revenue Refunding Bonds, Series 1998A-1 (Saxon Manor Isle AAA Project) 3/26/98 450,000 Collier County Housing Finance Authority Multi-Family Housing Senior Manager Lease Revenues 6.8600 17.46 Aaa/ Revenue Refunding Bonds, Series 1998A-2 (Taxable) (Saxon AAAJ Manor Isle Project) 3/26/98 6,400,000 Collier County Housing Finance Authority Multi-Family Housing Senior Manager Lease Revenues 5.5000 17.46 Aaa/ Revenue Bonds, Series 1998B (Saxon Manor Isle Project) AAAJ 3/19/98 15,460,000 Marion County School District Master Lease Certificates of Senior Manager Lease Revenues 4.7200 5.70 Aaa/ Obligation, Series 1998A Fitch AAA 3/19/98 8,500,000 Marion County School District Master Lease Certificates of Senior Manager Lease Revenues 5.2300 5.70 Aaa/ Obligation, Series 1998 Fitch AAA 3/19198 1,280,000 Lynn Haven Gas Tax Revenue Refunding Bonds, Series 1998 Senior Manager Local Option Fuel 5.0500 14.61 Fitch AAA Tax 3/16/98 11,500,000 Broward County Housing Finance Authority Multi-Family Senior Manager FL Guaranty Fund 5.8100 11.22 Fitch A Housing Revenue (Cross Keys Apartments Project), Series I998A 3/16/98 5,470,000 Broward County Housing Finance Authority Taxable Multi- Senior Manager FL Guaranty Fund 7.4700 11.22 Fitch A Family Housing Revenue Bonds (Cross Keys Apartments Project), Series 1998B 3/13/98 6,970,000 Panama City Beach Utility Revenue Refunding Bonds, Series 1998 Senior Manager Net Revenues 4.9800 9.21 AAAJ Fitch AAA 3/11/98 33,980,000 Northern Palm Beach County Improvement District Water Control Co-Manager Drainage Taxes 5.1100 7.96 Aaa/ and Improvement Refunding Bonds, Unit of Development No. 18, AAA Series 1998 (Ibis Development) 3/10/98 4,200,000 Perry Water and Sewer Refunding Revenue Bonds, Series 1998 Senior Manager Net Revenues 4.9000 7.04 Aaa/ Fitch AA - - - - - - - - - - - - - - - - - - -.- - Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 3/6/98 7,700,000 Pinellas County Housing Finance Authority Multi-Family Housing Senior Manager PMA MBS 4.9700 12.41 AAA Revenue Bonds (Emerald Bay Apartments Project), Series 1998A Duff AAA 3/6/98 100,000 Pinellas County Housing Finance Authority Multi-Family Housing Senior Manager 12.41 AAA Revenue Bonds (Emerald Bay Apartments Project), Series 1998B 3/6/98 5,500,000 Broward County Housing Finance Authority Multi-Family Co-Manager GNMA Security 14.83 AAA Housing Revenue Bonds (Prospect Park), Series 1998A 3/5/98 500,000 Broward County Housing Finance Authority Multi-Family Co-Manager GNMA Security 14.83 AAA Housing Revenue Bonds (Prospect Park), Series B 3/5/98 7,400,000 Broward County Housing Finance Authority Multi-Family Senior Manager FHFC Guaranty 5.6600 13.50 Fitch A Housing Revenue Bonds (Stirling Apartments Project), Series 1998 3/5/98 9,500,000 Broward County Housing Finance Authority Multi-Family Senior Manager FHFC Guaranty 5.6600 12.61 Fitch A Housing Revenue Bonds (Pembroke Park Apartments Project), Series 1998 3/5/98 157,585,000 Sunrise Utility System Revenue Refunding, Series 1998 Co-Manager Utility System 5.2000 5.75 Aaa/ AAA Revenues 2/27/98 9,700,000 Broward County Housing Finance Authority Single Family Senior Manager Pledged Property 5.1700 10.08 AAA Mortgage Revenue Refunding Bonds, Series 1998A (Non-AMT) 2/27/98 18,600,000 Broward County Housing Finance Authority Single Family Senior Manager Pledged Property 5.1700 10.08 AAA Mortgage Revenue Refunding Bonds, Series 1998B (AMT) 2/26/98 34,575,000 Clay County Housing Finance Authority Single Family Mortgage Senior Manager GNMAIFNMA 5.1700 10.11 Aaa Revenue, Series 1998 (Multi-County Program) Securities 2/19/98 28,635,000 Duval County Housing Finance Authority Single Family Mortgage Senior Manager Pledged Property 5.0714 10.19 Aaa Revenue, Series 1998 2/19/98 2,385,000 Orange County Housing Finance Authority Multi-Family Housing Senior Manager Assignment of 7.3700 11.56 None Revenue Bonds, 1998 Series C (Alhambra Trace Apartments Revenues Project) 2/11/98 8,500,000 Orange County Housing Finance Authority Multifamily Housing Senior Manager Pledged Property 5.4300 10.44 AAA Revenue, 1998 Series A (Metro Place Apartments - Phase 11 Project) 2/11/98 1,400,000 Orange County Housing Finance Authority Multifamily Housing Senior Manager Pledged Property 6.6400 10.44 NR/ Revenue, 1998 Series B (Metro Place Phase II Project) AAA 2/11/98 28,450,000 Board of Trustees of Bay Medical Center, Florida Hospital Co-Manager Gross Revenues 5.1200 7.00 AaaJ Revenue Bonds, Series 1998 (Bay Medical Center Project) AAAI 2/9/98 5,190,000 Halifax Hospital Medical Center, FL Taxable Health Care Senior Manager Loan Payments 7.1200 15.00 NR/N Facilities Revenue Bonds (Halifax Management System, Inc. Fitch A Project), 1998 Series B Taxable - - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I. C. UIW Ratings Cost 2/9/98 26,920,000 Halifax Hospital Medical Center Health Care Facilities Revenue Senior Manager Loan/Lease 5.2900 14.75 AI Bonds (Halifax Management System, Inc. Project), 1998 Series A Payments Fitch A 2/6/98 17,195,000 Lee County Housing Finance Authority Single Family Mortgage Co-Manager Mortgage Backed 5.8400 7.36 AaalMlGl Revenue Bonds, Series 1998A, Subseries 1,2,3 and 4 Sec. 2/6/98 10,000,000 Lee County Housing Finance Authority Taxable Single Family Co-Manager Mortgage Backed 5.8400 7.36 AaalMIGl Mortgage Revenue Bonds, Series 1998B, Subseries 2 and 3 Sec. 2/4/98 76,870,000 Seminole County School Board Certificates of Participation, Senior Manager Lease Revenues 5.0100 4.53 Aaa/ A2 Series 1998A AAA 2/4/98 60,765,000 Escambia County Housing Finance Authority Single Family Senior Manager Pledged Property 5.1487 8.99 Aaa/ Mortgage Revenue, 1998 Series A (Multi-County) NR 1/23/98 19,620,000 PinelIas County Housing Finance Authority Single Family Senior Manager GNMNFNMA 5.3031 9.41 Aaa Housing Revenue (Multi-County Program), Series A-I (AMT) Securities 1/23/98 2,930,000 PinelIas County Housing Finance Authority Single Family Senior Manager GNMA/FNMA 5.3032 9.41 Aaa Housing Revenue (Multi-County Program), Series A-2 (Non- Securities AMT) 1/23/98 2,450,000 Pine lIas County Housing Finance Authority Single Family Senior Manager GNMAIFNMA 5.3032 9.41 Aaa Housing Revenue (Multi-County Program), Series A-3 (Taxable) Securities 1/23/98 27,120,000 Pine lIas County Housing Finance Authority Single Family Senior Manager GNMAIFNMA 5.3032 0.31 Aaa Housing Revenue (Multi-County Program), Series B (Convertible Securities Option Bonds) 1/23/98 8,020,000 Clearwater Gas System Revenue Refunding Bonds, Series 1998 Senior Manager Gas System 5.0600 6.10 Aaa/ A3/ Revenues Fitch AAA 1/22/98 35,915,000 Polk County School Board (Master Lease Program) Certificates of Co-Manager Rents/Capital Outlay 5.81 Aaa/ Participation, Series 1998 Mil AAAJ 1/14/98 17,505,000 Monroe County Sales Tax Refunding Revenue Bonds, Series 1998 Senior Manager Infrastructure Sales 3.9100 3.02 Aaa/ Tax AAAJ 1/7/98 65,960,000 Manatee County School District Certificates of Participation, Co-Manager Lease Revenues 5.0200 5.34 NRJ Series 1998 AAAJ Fitch AAA 12/19/97 13,690,000 Alachua County School Board Certificates of Participation Master Senior Manager Lease Revenues 4.9600 5.86 Aaa/ Lease Revenue, Series 1997A AAAJ NR 12/19/97 19,225,000 Alachua County School Board Certificates of Participation Master Senior Manager Lease Revenues 4.9600 5.72 Aaa/ Lease Revenue, Series 1997 AAAJ NR - 12/11/97 11,945,000 Brevard County Solid Waste Management Systems Revenue Senior Manager Resource Recovery 4.2100 1.35 Aaa/ Refunding Revs AAAJ NR - - - - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 12/8/97 66,170,000 School Board of Seminole County, Florida Certificates of Senior Manager Lease Revenues 5.0500 4.67 AaaI Participation, Series 1997 A AAA 11124/97 6,750,000 Housing Finance Authority of Duval County Variable Rate Senior Manager Mortgage Lien 12.24 NA-I Demand Multifamily Housing Refunding Revenue Bonds (Sunbeam Road Apartments Project), Series 1997 11120/97 13,595,000 St. Johns County Industrial Development Authority Industrial Sole Manager Trust Estate 5.5800 15.00 AaaI Development Revenue Bonds, Series 1997 A (Professional Golf AAA/ Hall of Fame) Fitch AAA 11120/97 8,700,000 St. Johns County Industrial Development Authority Industrial Sole Manager Trust Estate 7.0200 15.00 AaaI . Development Revenue Bonds, Series 1997B Taxable (Professional NRI Golf Hall of Fame) Fitch AAA 11119/97 6,470,000 City of Lynn Haven, Florida Sales Tax Revenue Refunding Bonds, Senior Manager Half-Cent Sales Tax 5.3300 12.40 AaaI Series 1997 NRI . AAA Fitch 11119/97 20, I 05,000 Brevard County, Florida Sales Tax Refunding Revenue, Series Senior Manager Half-Cent Sales Tax 4.5500 3.04 AaaI 1997 NRI AAA D&P 11114/97 16,7 I 5,000 School Board ~f Hernando County, Florida Refunding Certificates Co-Manager Lease Revenues/Pay 5.0300 5.31 AaaI of Participation, Series 1997 AAA/ 11112/97 8,750,000 Housing Finance Authority of Broward County Multifamily Senior Manager Mortgage Lien 6.4500 13.05 AaaI Mortgage Revenue (Heron Pointe Apartment Project), Series 1997 AAA/ A NR 11/12/97 450,000 Housing Finance Authority of Broward County Multifamily Senior Manager Mortgage Lien 5.6200 13.05 AaaI Mortgage Revenue (Heron Pointe Apartment Project) Series 1997 AAA/ B (Taxable) NR 1116/97 82,710,000 Hillsborough County Aviation Authority Tampa Airport Revenue Co-Manager Net Revenues 5.1800 5.32 AaaI Refunding Bonds, 1997 Series A AAA/ AAA Fitch 1116/97 26,900,000 Hillsborough County Aviation Authority Tampa Airport Revenue Co-Manager Net Revenues 5.1800 5.32 AaaI Refunding Bonds, 1997 Series B AAA/ AAA Fitch 10/24/97 910,000 Boca Raton Housing Authority Second Lien Mortgage Housing Senior Manager Mortgage Lien 49.71 Revenue Bonds (Banyan Place Senior Living Facility) 1997 Series B 10/24/97 15,130,000 School Board of Bay County, Florida Refunding Certificates of Senior Manager Lease 5.0400 5.86 AaaI Participation RevenuesIPayments AAA Fitch - - - - - - - - - - - - - - - - -' - - Sale Date Issue Size Issue Role Revenue Source T.J.e. u/W Ratings Cost 10/23/97 . 7,190,000 Boca Raton Housing Authority First Lien Mortgage Housing Senior Manager Mortgage Lien 49.71 Revenue Bonds (Banyan Place Senior Living Facility) 1997 Series A 10/23/97 7,605,000 Housing Finance Authority of Vol usia County Variable Rate Senior Manager Multi Family 6.64 AA+/A-I+/ Demand Multifamily Housing Revenue Refunding Bonds (Arbors Mortgage Loa Apartments Project) Series 1997A 10/23/97 10,295,000 Housing Finance Authority of Vol usia County Variable Rate Senior Manager Multi Family 6.21 A-1+ Demand Multifamily Housing Revenue Refunding Bonds (Ocean Mortgage Loa Oaks Apartments Project) Series 1997B 10/23/97 9,100,000 Housing Finance Authority of Palm Beach Florida Variable Rate Senior Manager Multi Family 6.57 AA+/A-l+ Demand Multifamily Housing Revenue Refunding Bonds Series Mortgage 1997 A (Haverhill Commons) 10/23/97 7,000,000 Housing Finance Authority of Palm Beach County Florida Senior Manager Multi Family 6.99 AA+/A-I+ Variable Rate Demand Multifamily Housing Revenue Refunding Mortgage Bonds Series 1997 B (Village Crossing Apartments) 10/2/97 7,895,000 City of Clearwater Florida Gas System Revenue Bonds Series A Senior Manager Project Revenues 5.3000 6.09 AaaI AAA 10/2/97 6,710,000 City of Clearwater Florida Gas System Revenue Refunding Bonds Senior Manager Project Revenues 5.3000 5.87 AaaI Series B AAA 9/26/97 15,000,000 City of Miami Beach Florida General Obligation Bonds, Series Co-Manager Ad Valorem Taxes 4.4600 6.79 A3/ 1996 Park Improvement Projects A 9/24/97 8,920,000 Boca Raton Florida G.O. Refunding Bonds Series 1997 Senior Manager Ad Valorem Taxes 4.6100 5.59 Aal/ AA+ 9/18/97 10,500,000 Housing Finance Authority of Dade County Florida Multi-Family Senior Manager Multi-Family 11.78 AaaI Mortgage Revenue Bonds (Golden Lakes Apartments) Series Mortgage AAA 1997A (AMT) 9/18/97 14,600,000 Housing Finance Authority of Dade County Florida Multi-Family Senior Manager Multi-Family 11.42 AaaI Mortgage Revenue Bonds (Siesta Pointe Apartments) 1997 Series Mortgage AAA A (AMT) 9/18/97 38,760,000 City of Fort Myers Improvement Refunding Revenue Bonds, Senior Manager Guaranteed 5.3000 7.16 AaaI Series 1997 A Entitlement AAA 9/18/97 2,170,000 Housing Finance Authority of Dade County Florida Multi-Family Senior Manager Multi-Family 11.78 A Fitch Mortgage Revenue Bonds (Golden Lakes Apartments) Taxable Mortgage Series 1997B - - - - - .- - - - - - - - - -' - - - - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 9/18/97 2,135,000 Housing Finance Authority of Dade County Florida Multi-Family Senior Manager Multi-Family 11.42 AaaJ Mortgage Revenue Bonds (Siesta Pointe Apartments) 1997 Series Mortgage AAA B (Taxable) 9/17/97 45,065,000 Jacksonville Florida Health Facility Authority Hospital Revenue Co-Manager Loan Agreement 4.75 Aa2/ Bonds 1997B Charity Obligated Group AA+/ AA+ Fitch 9/f7/97 18,885,000 Bay County Florida Water System Revenue Series 1997 Co-Manager Project Revenues 5.2800 7.25 AaaJ AAA 9/17/97 153,765,000 Jacksonville Florida Health Facility Authority Hospital Revenue Co-Manager Loan Agreement 4.75 AaaJ Bonds 1997 A Charity Obligated Group AAAJ AAA Fitch 9/15/97 47,145,000 School District of Palm Beach County Florida Refunding Co-Manager Lease Revenues/Pay 5.1000 4.93 AaaJ Certificates of Participation, Series 1997 A AAA 9/15/97 25,975,000 Housing Finance Authority of Dade County Florida Single Family Co-Senior Single Family Mortgage Revenue Bonds, Series 1997C (AMT and non-AMT Manager Mortgage portion) 9/10/97 11,900,000 North Miami Florida Taxable Special Obligation Bonds (Pension Senior Manager Non-Ad Valorem 10.11 AaaJ Funding) Series 1997 Taxes AAA 9/3/97 13,825,000 Okaloosa County Florida Gas District System Revenue Bonds Senior Manager Project Revenues 5.3200 2.87 AaaJ 1997 A AAA 9/2/97 2,690,000 Jupiter Florida Sales Tax Revenue Refunding Bonds, Series 1997 Senior Manager Half-Cent Sales Tax 5.3200 10.00 AAAJ AAA Fitch 8/28/97 6,665,000 Orange County Housing Finance Authority Multi-Family Housing Co-Manager Multi-Family 2.50 A-I Revenue Bonds 1997 Series D (Waterview Club Apartments Mortgage Project) 8/28/97 10,200,000 Broward County Florida Housing Finance Authority Weekly Senior Manager Multi-Family 5.03 AINMIGI Adjustable/Fixed Rate Multi-Family Housing Revenue Refunding Mortgage (Jacaranda Village Apartments) Series 1997 8/27/97 21,730,000 Polk County Florida Utility System Revenue Refunding Bonds, Co-Manager Project Revenues 4.9400 4.96 Aaal Series 1997B AAA Fitch 8/27/97 28,035,000 Escambia County Florida Housing Finance Authority Single Senior Manager Single Family 9.87 AaaJ Family Mortgage Revenue 97C Multi-County Program Mortgage 8/27/97 16,480,000 Polk County Florida Utility System Revenue Bonds, Series 1997 A Co-Manager Project Revenues 5.4800 4.96 AaaJ AAA Fitch - - - - .- - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 8/22/97 14,555,000 Homestead Florida Water and Wastewater Revenue and Revenue Senior Manager Project Revenues 5.4400 14.34 AaaJ Refunding Bonds Series 1997 AAA Fitch 8/21/97 8,725,000 Duval County Housing Finance Authority Multi-Family Housing Senior Manager Multi-Family 5.6600 12.04 AAAI Mortgage Revenue Bonds (Eagles Pointe North & Cedars of Mortgage Baymeadows Projects) 1997 Series A 8/21/97 290,000 Duval County Housing Finance Authority Taxable Multi-Family Senior Manager Multi-Family 7.0800 12.04 AAA Housing Mortgage Revenue Bonds (Eagles Pointe North & Cedars Mortgage of Baymeadows Projects) 1997 Series B 8/20/97 12,340,000 Housing Finance Authority of Lee County Florida Single Family Co-Manager Single Family Aaa Mortgage Revenue Bonds (Multi-County Program) Series 1997A, Mortgage Subseries 2 8/20/97 7,660,000 Housing Finance Authority of Lee County Florida Taxable Single Co-Manager Single Family Aaa Family Mortgage Revenue Bonds (Multi-County Program) Series Mortgage 1997B, Subseries 2 8/19/97 148,780,000 Jacksonville Electric Authority Water and Sewer System Revenue Co-Manager Project Revenues 5.65 Bonds 1997 Series A 8/19/97 95,240,000 Jacksonville Electric Authority Water and Sewer System Revenue Co-Manager Project Revenues 5.65 Aa2/ Bonds 1997 Series B AA+ 8/14/97 5,950,000 Housing Finance Authority of Manatee County Florida Multi- Senior Manager Multi-Family 5.8400 14.69 AAA Family Housing Revenue Refunding Bonds Series I 997A (GNMA Mortgage Collateralized-Conquistador Village Project) 8/14/97 935,000 Housing Finance Authority of Manatee County Florida Multi- Senior Manager Multi-Family 7.1900 14.69 AAA Family Housing Revenue Refunding Bonds Series 19978 Mortgage Taxable(GNMA Collateralized-Conquistador Village Project) 8/13/97 20,145,000 Housing Finance Authority of HilIsborough County Florida Single Co-Senior Single Family 5.6000 9.09 Aaa Family Mortgage Revenue Bonds Series 1997 Manager Mortgage 8/13/97 5,225,000 Housing Finance Authority of Hillsborough County Florida Single Co-Senior Single Family 5.8400 13.81 Aaa Family Mortgage Revenue Refunding Bonds Series 1997A Manager Mortgage 8/6/97 5,075,000 City of Lynn Haven, Florida Capital Improvement Revenue Co-Manager Project Revenues 5.2300 12.50 AaaJ Refunding Bonds, Series 1997 AAA 8/6/97 12,020,000 Pelican Marsh Community Development District (Collier Co Senior Manager Special Assessment 6.3900 12.00 Florida) Special Assessment Revenue Refunding Series 1997 A 8/6/97 1,305,000 Pelican Marsh Community Development District (Collier Co Senior Manager Special Assessment 6.3900 12.00 Florida) Special Assessment Revenue Refunding Series 1997B 8/6/97 13,460,000 Pelican Marsh Community Development District (Collier Co Senior Manager Special Assessment 6.3900 12.00 Florida) Special Assessment Revenue Refunding Series 1997C - -' - - - - - - - - - - -, - - - - - - Sale Date Issue Size Issue Role Revenue Source T./.C. UIW Ratings Cost 8/6/97 8,185,000 Pelican Marsh Community Development District (Collier Co Senior Manager Special Assessment 6.3900 12.00 Florida) Special Assessment Revenue Refunding Series 1997D 7/28/97 11,809,000 Housing Finance Authority of Dade County Single Family Co-Senior Single Family 7.96 AaaJ Mortgage Revenue Bonds Series 1997B-I Manager Mortgage 7/17/97 4,445,000 Lake Wales Florida Public Improvement Refunding Revenue Senior Manager Franchise Fees 4.9600 8.00 AaaJ Series 1997 AAA 7/16/97 4,900,000 Palm Beach Gardens Florida GO, Series 1997 Senior Manager Ad Valorem Taxes 6.02 Aa2 7/10/97 25,000,000 Housing Finance Authority of Pine lias County Florida Single Co-Senior Single Family 7.04 Aaa Family Mortgage Revenue Bonds 1997 Series C Multi-County Manager Mortgage Program 7/10/97 4,975,000 Housing Finance Authority of Pinellas County Florida Single Co-Senior Single Family 2.59 VMIGI Family Mortgage Revenue Bonds 1997 Series D Multi-County Manager Mortgage Program 6/26/97 21,800,000 Housing Finance Authority of Palm Beach County Florida Single Co-Senior Single Family 10.43 AaaJ Family Mortgage Revenue Series 1997A Manager Mortgage AAA 6/26/97 7,235,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Co-Manager Collateral 8.72 A.aaJ Bonds Series 1 Non-AMT Agreement AAAJ AAA Fitch 6/26/97 67,765,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Co-Manager Collateral 8.72 AaaJ Bonds Series 2 AMT Agreement AAAJ AAA Fitch 6/26/97 25,000,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Co-Manager Collateral' 8.72 AaaJ Bonds Series 3 Agreement AAAJ AAA Fitch 6/26/97 21,000,000 Housing Finance Authority of Palm Beach County Florida Single Co-Senior Single Family 1.29 AaaJ Family Mortgage Revenue Series 1997 Series 1997B Manager Mortgage AAA 6/25/97 28,300,000 Halifax Hospital Medical Center Hospital Revenue Refunding & Senior Manager Project Revenues 5.3600 9.75 AaaJ Improvement Bonds 1997 Series A AAA 6/19/97 2,880,000 Florida Board of Regents Agricultural & Mechanical University Senior Manager Project Revenues 5.2000 5.16 AaaJ Parking Facility Revenue Bonds, Series 1997 AAAJ AAA Fitch Univ. Parking Fac. Rev. Series 1997 - - I III' - - -: - - - '_I - - - - ,- - - - - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 6/17/97 445,000 Pasco County Housing Finance Authority Multi-Family Housing Senior Manager Multi-Family 7.0900 10.65 AA- Revenue Refunding Series 1997C (Oak Trail & Cypress Trail Mortgage Apartments) Taxable 6/17/97 5,405,000 Pasco County Housing Finance Authority Multi-Family Housing Senior Manager Multi-Family 5.3400 10.65 AA- Revenue Refunding Series 1997A (Oak Trail Apartments) Mortgage 6/17/97 5,440,000 Pasco County Housing Finance Authority Multi-Family Housing Senior Manager Multi-Family 5.4900 10.65 AA- Revenue Refunding Series 1997B (Cypress Trail Apartments) Mortgage 6/13/97 8,900,000 Osceola County Housing Finance Authority Multi-Family Housing Co-Manager Multi-Family 5.7000 14.37 Aa>>.I Revenue Bonds 1997 Series A (Tierra Vista Apts.) Mortgage AAA 6/12/97 60,730,000 The School Board of Broward County, Florida Refunding Co-Manager Lease 5.2800 5.27 AAA/ Certificates of Participation, Series 1997 A RevenueslPayments AAA Fitch 6/12/97 29,995,000 Orange County Housing Finance Authority Single Family Co-Manager Multi-Family 9.71 AAA Mortgage Revenue Bonds Series 1997 B Mortgage 6/12/97 34,530,000 The School Board of Broward County, Florida Refunding Co-Manager Lease 5.2800 5.27 AAA/ Certificates of Participation, Series 1997B RevenueslPayments AAA Fitch 6/12/97 109,230,000 The School Board of Broward County, Florida Refunding Co-Manager Lease 5.2800 5.27 AAA/ Certificates of Participation, Series 1997C RevenueslPayments AAA Fitch 6/11/97 13,275,000 Housing Finance Authority of Palm Beach County Florida Multi- Senior Manager Multi-Family 5.8900 12.51 Aa>>.I Family Housing Revenue Bonds 1997 A, Chelsea Commons Mortgage AAA Apartments 6/10/97 5,000,000 Manatee County Port Authority Bond Anticipation Notes Series Senior Manager Project Revenues 4.0700 2.10 MfGI 1997 6/6/97 9,350,000 Housing Finance Authority of Polk County Multi-Family Housing Sole Manager Multi-Family 13.47 AAA Revenue Refunding Bonds Series A Winter Oaks Apartments Mortgage 6/5/97 6,310,000 Florida Board of Regents Florida A & M Student Services Center Senior Manager Project Revenues 5.1800 5.06 Aa>>.I Revenue MBIA AAA 5/21/97 9,500,000 Housing Finance Agency of Broward County Multi-Family Senior Manager Multi-Family 6.0200 12.50 AAA Housing Revenue Bonds, Series 1997 Pompano Oaks Apts.- Mortgage GNMA Collateralized 5/14/97 10,925,000 Housing Finance Agency of Broward County Multi-Family Senior Manager Multi-Family 8.75 AAA Variable Rate Revenue Refunding Bonds, Series 1997 (Southern Mortgage Pointe Project) 5/14/97 12,140,000 Housing Finance Agency of Broward County Multi-Family Senior Manager Multi-Family 8.59 AAA Variable Rate Revenue Refunding Bonds, Series 1997 (Waters I Mortgage Edge Project) I - - - - - ,- - - - - - - - _! - -: -' -' - Sale Date Issue Size Issue Role Revenue Source T.I.C. UIW Ratings Cost 5/9/97 351,057,075 Orange County Certificates of Participation School Board Leasing Co-Manager Lease 5.6600 2.96 AaaI Corp Revenues/Payments NR/ AAA Fitch 4/23/97 2,595,000 Northern Palm Beach County Florida Improvement District Water Senior Manager Special Assessments 6.8400 17.16 NR/ Control & Improvement Unit NR 4/18/97 26,045,000 First Florida Governmental Financing Commission Revenue Senior Manager Non-Ad Valorem 5.5800 3.88 AaaI Bonds (Broward County & Cities of Hollywood & St. Petersburg) Tax AAA 4/17/97 27,505,000 City of Cocoa Florida Water and Sewer System Improvement Co-Manager Project Revenues 5.8300 5.20 AaaI Revenue Bonds, Series 1997 AAA 4/ ll/97 22,000,000 Housing Finance Authority of Broward County Single Family Senior Manager Single Family 10.20 Aaa Mortgage Revenue Bonds, Series 1997 A Mortgage 4/ ll/97 18,480,000 Housing Finance Authority of Broward County Single Family Senior Manager Single Family 1.00 Aaa Mortgage Revenue Bonds, Series 1997B Mortgage 4/10/97 36,805,000 State of Florida Board of Regents University System Improvement Senior Manager Pledged Revenues 5.6600 4.04 AaaI Revenue Bonds Series 1997 AAAJ AAA Fitch 4/9/97 12,000,000 Housing Finance Authority of Dade County Single Family Co-Senior Single Family 6.0700 AAA Housing Revenue Bonds, Series A Manager Mortgage 4/9/97 12,400,000 Housing Finance Authority of Dade County Single Family Co-Senior Single Family A1+ Housing Revenue Bonds, Series B Manager Mortgage 4/4/97 15,625,000 Florida Housing Finance Agency Housing Revenue Bonds 1997 Co-Manager Pledged Revenues 8.68 AaaI Series A (Riverfront Apartments Project) AAAJ AAA Fitch 4/2/97 10,000,000 Halifax Hospital Medical Center Daytona Beach Florida Tax Sole Manager Ad Valorem Taxes 5.00 MIGl Anticipation Notes Series 1997 3/20/97 33,885,000 The Solid Waste Authority of Palm Beach County Florida Co-Manager Project Revenues 6.6400 7.00 AaaI Improvement Revenue Bonds, Series 1997B AAA 3/20/97 9,850,000 Housing Finance Authority of Orange County Multi-Family Senior Manager Multi-Family 6.1000 11.00 AAA Housing Revenue 1997B Pointe Vista Apts. Phase II Mortgage 3/20/97 700,000 Broward County Florida HFA Multi-Family Revenue Refunding Senior Manager Pledged Revenues 8.1300 14.16 AAA Bonds (Deer Chase Apartments) GNMA Collateralized Series 1997 A-2 Taxable 3/20/97 6,780,000 Broward County Florida HFA Multi-Family Revenue Refunding Senior Manager Pledged Revenues 8.1300 14.16 AAA Bonds (Deer Chase Apartments) GNMA Collateralized Series 1997 A-I - - - _ ._i - - - - - - - ,- -: - -: -'.- -: Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 3/20/97 266,590,000 The Solid'Waste Authority of Palm Beach County Florida Co-Manager Project Revenues 6.6400 7.00 AaaI Refunding Revenue Bonds, Series 1997 A AAA 3/12/97 9,650,000 Housing Finance Authority of Manatee County Florida, Single Co-Manager Single Family 6.6100 11.54 Aaa Family Mortgage Revenue Bonds, Sub Series One 1997 (Tax Mortgage Exempt) 3/12/97 2,850,000 Housing Finance Authority of Manatee County Florida, Single Co-Manager Single Family 6.6100 11.54 Aaa Family Mortgage Revenue Bonds, Sub Series One 1997 (Taxable) Mortgage 2/28/97 37,000,000 Housing Finance Authority of Clay County Florida Single Family Senior Manager Single Family 5.8400 10.04 Aaa Mortgage Revenue Series A 1997 GNMAIFNMA Mortgage 2/28/97 4,000,000 Housing Finance Authority of Lee County Florida Taxable Single Co-Manager Single Family Aaa Family Mortgage Revenue, 1997 B Subseries I Mortgage 2/28/97 11,900,000 Housing Finance Authority of Lee County Florida Single Family Co-Manager Single Family Aaa Mortgage Revenue, 1997 A Convertible Option Bonds Mortgage 2/28/97 16,000,000 Housing Finance Authority of Lee County Florida Single Family Co-Manager Single Family 10.55 Aaa Mortgage Revenue, 1997 A SubSeries I Mortgage 2/27/97 5,660,000 School Board of Santa Rosa County Florida COP Series 1997-1 Co-Manager Lease 5.5600 5.43 AaaI RevenueslPayments AAA 2/27/97 7,330,000 School Board of Santa Rosa County Florida COP Series 1997-2 Co-Manager Lease 5.5600 5.43 AaaI Revenues/Payments AAA 2/25/97 85,725,000 Jacksonville Electric Authority St Johns River Power Park System Co-Manager Project Revenues 6.63 Aa1/ Refunding Revenue Bonds, Issue 11 Series 13 AA 2/25/97 44,200,000 Jacksonville Electric Authority St Johns River Power Park System Co- Manager Project Revenues 6.63 Aa1/ Refunding Revenue Bonds, Issue 11 Series 14 AA 2/25/97 92,625,000 Jacksonville Electric Authority St Johns River Power Park System Co-Manager Project Revenues 6.63 Aa1/ Refunding Revenue Bonds, Issue 11 Series 15 AA 2/21/97 42,000,000 Housing Finance Authority of Orange County, Florida Single Senior Manager Single Family 5.7100 9.49 AAA Family Mortgage Revenue Bonds, Series 1997 A Mortgage 2/21/97 20,145,000 Housing Finance Authority of Hillsborough County, Florida Single Senior Manager Single Family 1.22 Aaa Family Mortgage COB Mortgage 2/19/97 19,800,000 Housing Finance Authority of Duval County, Florida Single Senior Manager Single Family 5.8200 10.54 Aaa Family Mortgage Revenue, Series 1997 Mortgage - - - ,- ~,- - - - -: __ r_ -, -' -: -, - '- - - Sale Date Issue Size Issue Role Revenue Source T.I.C. UIW Ratings Cost 2/19/97 9,000,000 Riviera Beach Florida Water & Sewer Revenue Bonds, Series Sole Manager Project Revenues 5.3200 10.25 AaaJ 1997 MBIA BQ AAA 2/18/97 11,785,000 Julington Creek Plantation Community Development District (St. Sole Manager Special Assessments 7.1800 11.00 NR/ Johns Co. Fla. ) Special Assessment Bonds, Series 1997 NR 2/11/97 29,000,000 School District ofSt. Lucie County Florida GO, Series 1997 FGIC Senior Manager Ad Valorem Taxes 4.6800 5.14 AaaJ AAA 2/5/97 6,500,000 The School District of Seminole Co. Florida Revenue Anticipation Senior Manager 0.58 Notes BQ Series 1997 2/4/97 5,560,000 St. Lucie County, North Hutchinson Island Water System, Water Senior Manager Project Revenues 5.5900 8.95 AaaJ and Sewer Revenue Refunding Bonds, Series 1997 AMBAC AAA 1/22/97 53,175,000 Housing Finance Authority of Escambia County Single Family Senior Manager Single Family 6.0000 9.40 Aaa Mortgage Revenue Bonds, Series 1997 A (Multi-County Program) Mortgage AMT 1/22/97 15,510,000 Housing Finance Authority of Escambia County Single Family Senior Manager Single Family 3.6000 9.40 V-MIGl Mortgage Revenue Bonds, Series 1997 B (Multi-County Program) Mortgage AMT 1/17/97 437,195,000 Dade County Florida Water & Sewer System Revenue Bonds Co-Manager Project Revenues 5.6600 5.50 AaaJ Series 1997 AAAI AAA Fitch 1/15/97 9,570,000 State of Florida Department of Management Services Division of Senior Manager Pledged Revenues 5.5800 4.90 AaaJ Facilities Mgmt. Pool Revenue Bonds AAAI AAA Fitch 1/10/97 12,260,000 Housing Finance Authority of Brevard Co. Multi-Family Housing Senior Manager Multi-Family 5.4700 11.99 NR/ Revenue Refunding Bonds, Windover Oaks & Windover Health Mortgage AAA Club Apts. Projects, Series 1996A 1/10/97 610,000 Housing Finance Authority of Brevard Co. Multi-Family Housing Senior Manager Multi-Family 10.0600 15.49 NR/ Revenue Refunding Bonds, Windover Oaks & Windover Health Mortgage NR Club Apts. Projects, Series 1996B 1/7/97 3,075,000 City of Temple Terrace Florida Water and Sewer Revenue Senior Manager Project Revenues 5.4100 4.76 NR/ Refunding Series 1997 BQ AAAI AAA Fitch 12/27/96 6,000,000 Heritage Greens Community Development District (Collier Co., Sole Manager Special Assessments 8.2500 25.00 NR/ Fla.) Special Assessment Series 1997 NR - ,- - ,- - '- ~- -, - - .. '- - -, _. - - - - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 12/18/96 3,500,000 St. Lucie County Florida Port and Airport Authority G.O. Series Senior Manager Ad Valorem Taxes 6.95 AaaI 1997 AAA 12/18/96 9,870,000 Bayside Improvement Community Development District, Lee Senior Manager Future Bond Issue 5.6000 15.00 NR/ County Florida Bond Anticipation Notes, Series 1996 NR 12/17/96 10,150,000 City ofOcoee Florida Water and Sewer System Improvement Sole Manager Project Revenues 5.8400 8.59 AaaI Revenue Bonds, Series 1997 AAA/ AAA Fitch 12/13/96 2,525,000 Walton County, Florida G.O. Refunding Bonds Series 1996 (Bank Senior Manager Ad Valorem Taxes 5.0400 15.00 Aaa! Qualified) NR 12/13/96 8,700,000 Housing Finance Authority of Palm Beach County Multi-Family Senior Manager Multi-Family 6.11 00 12.03 NR/ Housing Revenue Bonds, Series 1996 A WoodLake Apts. Project Mortgage AAA 12/12/96 109,550,000 Dade County Florida Solid Waste System Revenue Refunding Co-Manager Project Revenues 6.08 Aaa! Bonds Series 1996 AAA/ AAA Fitch 12/11/96 28,110,000 City of Coral Springs Florida Franchise Revenue Refunding Bonds Senior Manager Franchise Fees 5.2900 5.95 AaaI Series 1996 AAA 12/7/96 80,000,000 Dade County Expressway Authority Toll System Revenue Bonds, Co-Manager Project Revenues 6.0000 4.81 AaaI Series 1996 (Taxable) AAA/ AAA Fitch 12/6/96 26,400,000 School Board of Pasco County Florida Certificates of Co-Manager Lease 5.4100 6.09 AaaI Participation, Series 1996 (Fixed Rate) Revenues/Payments AAA 12/6/96 80,370,000 School Board of Pasco County Florida Certificates of Co-Manager Lease 2.17 Aaa! Participation, Series 1996 (Variable Rate) Revenues/Payments AAA 12/5/96 24,365,000 Polk County Florida Constitutional Fuel Tax Revenue Refunding Co- Manager Gas Tax 5.2100 6.14 AaaI Bonds Series 1996 NR/ AAA Fitch 12/4/96 222,320,000 Florida Ports Financing Commission Revenue (State Co-Manager Loan Agreement 6.30 AaaI Transportation Trust Fund) Series 1996 AAA/ AAA Fitch 12/4/96 7,595,000 Florida Housing Finance Agency Revenue 1996 T (Landings at Co-Manager Loan Agreement 11.57 NR/ Sea Forest Apartments Project) AAA - ,- - \- :- - - - -: - - :- ,- '-"- 1- - -, 1- Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 11/27/96 20,210,000 Fiddlers Creek Community Development District Collier County Senior Manager Special Assessments 15.00 NR/ Florida Special Assessment Revenue Bonds, Series 1996 NR 11/26/96 14,060,000 Brevard County HFA, Multifamily Housing Revenue Bonds (Palm Senior Manager Letter of Credit 4.36 AlA-1 Place Apartment Project), Series 1985 Variable Rate Demand 11/22/96 11,800,000 Florida Housing Finance Agency Multi-Family Housing Revenue Senior Manager Multi-Family 5.8000 10.51 NR/ Refunding Bonds 1996 Series Q-I (Sandstone/Harbour Walk Apts. Mortgage AA Project) 11/22/96 435,000 Florida Housing Finance Agency Taxable Multi-Family Housing Senior Manager Multi-Family 5.8000 10.51 NR/ Revenue Refunding Bonds 1996 Series Q-2 (Sandstone/Harbour Mortgage AA Walk Apts. Project) 11/22/96 4,300,000 Florida Housing Finance Agency Multi-Family Housing Revenue Senior Manager Multi-Family 5.7900 10.51 NR/ Refunding Bonds 1996 Series R-1 (Windwood Oaks Apts. Project) Mortgage AA 11/22/96 25,000 Florida Housing Finance Agency Taxable Multi-Family Housing Senior Manager Multi-Family 5.7900 10.51 NR/ Revenue Refunding Bonds 1996 Series R-2 (Windwood Oaks Mortgage AA Apts. Project) 11/22/96 6,000,000 Florida Housing Finance Agency Multi-Family Housing Revenue Senior Manager Multi-Family 5.8000 10.51 NR/ Refunding Bonds 1996 Series S-1 (Windwood Oaks II Apts. Mortgage AA Project) 11/22/96 200,000 Florida Housing Finance Agency Taxable Multi-Family Housing Senior Manager Multi-Family 5.8000 10.51 NR/ Revenue Refunding Bonds 1996 Series S-2 (Windwood Oaks II Mortgage AA Apts. Project) 11/15/96 3,135,000 Housing Finance Authority of Dade County, Florida Multi-Family Senior Manager Multi-Family 6.0200 16.78 NR/ Housing Revenue Bonds (Green Vista Apartments Project) Series Mortgage AAA 1996-1 11/15/96 900,000 Housing Finance Authority of Dade County, Florida Multi-Family Senior Manager Multi-Family 5.0000 10.53 NR/ Housing Revenue Bonds (Green Vista Apartments Project) Series Mortgage NR 1996-2 11/14/96 5,105,000 Housing Finance Authority of St. Johns County, Florida Multi- Senior Manager Multi-Family 12.98 NR/ Family Housing Refunding Revenue Bonds (Anastasia Shores Mortgage AlA-1 Apartments Project), Series 1996 11/4/96 5,000,000 Bay Creek Community Development District (Lee County, Senior Manager Special Assessments 5.8700 16.00 NR/ Florida) Capital Improvement Revenue Bonds Series 1996 AN AAA D&P 10/30/96 26,000,000 School Board of Lee County Florida Certificates of Participation Co-Manager Lease 5.5600 6.49 Aaa! Series 1996A, Master Lease Purchase Agreement Revenues/Payments AAA - .. - ._ 1- -, - _,,_1_ ,_ - - - -: - - :- 1- Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 10/23/96 26,300,000 St. Johns County Florida Industrial Development Authority Sole Manager Loan Agreement 5.8400 15.00 AaaI Revenue Bonds, Series 1996 (Professional Golf Hall of Fame) AAA/ AAA Fitch 10/23/96 4,795,000 Okaloosa County Gas District Gas System Revenue Bonds, Series Senior Manager Pledged Revenues 5.6900 9.50 AaaI 1996 AAA 10/11/96 13,880,000 Callaway / Bay County Florida Wastewater System Revenue Senior Manager Trust Estate 5.8700 9.45 AaaI Bonds Series 1996A AAA 10/11/96 7,730,000 Callaway / Bay County Florida Wastewater System Revenue Senior Manager Trust Estate 5.8700 9.45 AaaI Bonds Series 1996B AAA 10/10/96 1,765,000 Duval County Florida HFA Multi-Family Housing Mortgage Senior Manager Multi-Family 6.4800 16.05 NR/ Revenue Bonds Series I 996A (Southpoint Place Apartments Mortgage AAA Project - GNMA Collateralized) 10/10/96 75,000 Duval County Florida HFA Multi-Family Housing Mortgage Senior Manager Multi-Family 6.4800 16.05 NR/ Revenue Bonds Series 1996B Taxable (Southpoint Place Mortgage AAA Apartments Project - GNMA Collateralized) . 10/10/96 4,480,000 Osceola County Housing Finance Authority Multi-Family Housing Senior Manager Multi-Family 6.4000 15.90 NR/ Revenue Bonds Series 1996 A (Woodside Apartments Project- Mortgage AAA GNMA Collateralized) 10/10/96 100,000 Osceola County Housing Finance Authority Multi-Family Housing Senior Manager Multi-Family 6.4000 15.90 NR/ Revenue Bonds Taxable Series 1996 B (Woodside Apartments Mortgage AAA Project - GNMA Collateralized) 10/8/96 56,000,000 Board of Trustees of Bay Medical Center Florida Hospital Co-Manager Project Revenues 5.95 Aaa! Revenue Refunding Bonds, Series 1996 (Bay Medical Center AAA Project) 10/7/96 4,390,000 City of Mary Esther, Florida Water and Sewer Refunding Revenue Co-Manager Project Revenues 5.4500 9.00 NR/ Bonds Series 1996 AAA/ AAA Fitch 9/19/96 2,665,000 City of Eustis, Florida Utility System Revenue Refunding Bonds, Sole Manager Pledged Revenues 0.0000 11.56 AaaI Series 1996 AAA 9/19/96 26,000,000 Housing Finance Authority of Dade County, Florida Single Family Senior Manager Single Family 5.9000 3.13 NR/ Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage- Mortgage AAA Backed Securities Program) Series 1996 9/17/96 1,945,000 City of Niceville, Florida Water and Sewer Revenue Bonds, Series Senior Manager Pledged Revenues 5.3800 10.25 NR/ 1996 (Bank Qualified) AAA/ AAA Fitch - - - - - - -' - ,- ,- -,- ,- ,- - - - .- - Sale Date Issue Size Issue Role Revenue Source T.I. C. U/W Ratings Cost 9/10/96 141,483,068 City of Sunrise, Florida Utility System Revenue Bonds, Series Senior Manager Pledged Revenues 5.9300 5.79 Aaa! 1996A AAA 9/10/96 4,360,000 Florida Housing Finance Agency Housing Revenue Bonds, 1996 Co-Manager Pledged Revenues 6.2100 14.51 Aaa! Series J (Mystic Woods II Apartments Project) AAA/ AAA Fitch 8/30/96 45,345,000 Northern Palm Beach County Improvement District Water Control Senior Manager Special Assessments 7.4400 14.50 NR/ & Improvement Bonds, Unit 9A, Series 1996A NR 8/27/96 9,800,000 Florida Housing Finance Agency Housing Revenue Bonds, Series Senior Manager Collateral 6.1900 10.50 NR/ 1996 (Villas of Capri Project) Agreement AAA 8/ I /96 4,475,000 City of Lake Worth, Florida General Obligation Bonds, Series Senior Manager Ad Valorem Taxes 5.2600 11.98 Aaa! 1996 AAA 7/30/96 13,985,000 Manatee County, Florida Transportation Revenue Refunding and Co-Manager Pledged Revenues 8.16 Aaa! Improvement Bonds, Series 1996 AAA/ AAA Fitch 7/30/96 1,860,000 St. Lucie County, Florida Special Assessment Improvement Senior Manager Special Assessments 6.4900 12.50 NR/ Bonds, Series 1996 NR 7/25/96 26,210,000 New Smyrna Beach Utilities Commission, Florida System Senior Manager Project Revenues 5.0900 4.37 Aaa! Refunding Revenue Certificates, Series 1996 AAA/ AAA Fitch 7/17/96 4,720,000 Longboat Key Erosion Control District A, Florida General Sole Manager Ad Valorem Taxes 4.6000 6.36 Aaa! Obligation Bonds, Series 1996 AAA 7/9/96 16,990,000 St. Johns County, Florida Taxable Convention Center Revenue Sole Manager Project Revenues Aaa! Bonds, Series 1996 AAA 7/2/96 23,070,000 City of Boynton Beach, Florida Utility System Revenue Bonds, Senior Manager Project Revenues 5.4500 8.50 Aaa! Series 1996 AAA 6/28/96 5,720,000 City of Lake Wales, Florida Capital Improvement Revenue Bonds, Sole Manager Pledged Revenues 5.7600 8.31 AAA/ Series 1996 NR/ AAA Fitch 6/28/96 8,695,000 Housing Finance Authority of Broward County, Florida Multi- Senior Manager Multi-Family 6.2000 12.96 NR/ Family Revenue Refunding Bonds (Tamarac Pointe Apartments), Mortgage AAA Series 1996 ... - - - - .. - - - - -, ,-, - ,- - - - -, - Sale Date Issue Size Issue Role Revenue Source T.J.e. U/W Ratings Cost 6/27/96 77,570,000 Brevard County Heath Facilities Authority, Florida Hospital Sole Manager Loan Agreement 5.9300 9.00 Aaa! Revenue Bonds (Holmes Regional Medical Center), Series 1996 AAA 6/21/96 9,870,000 Broward County Housing Finance Authority, Florida Multi-Family Senior Manager Multi-Family 11.84 NR/ Housing Revenue Bonds (Boardwalk Apartments Project), Series Mortgage AAA 1996 6/13/96 82,000,000 School Board of Manatee County Certificates of Participation Co-Manager Lease 6.00 Aaa/ (Master Lease Program), Series 1996 Revenues/Payments AAA/ A Fitch 6/12/96 25,430,000 Hillsborough County Aviation Authority, Florida Tampa Co-Manager Project Revenues 6.52 Aaa! International Airport Revenue Bonds, Series 1996 A AAA 6/12/96 55,325,000 Hillsborough County Aviation Authority, Florida Tampa Co-Manager Project Revenues 6.52 Aaa! International Airport Revenue Bonds, Series 1996 B AAA 6/12/96 5,360,000 Northern Palm Beach County Water Control and Improvement Senior Manager Special Assessments 6.8100 14.30 NR/ District Water Control and Improvement Bonds, Unit of NR Development No. 5C, Series 1996 6/10/96 5,375,000 Florida Housing Finance Agency Homeowner Mortgage Revenue Co-Senior Mortgage Loan 9.26 Aa/ Bonds, 1996 Series I (Refunding Issue Non-AMT) Manager Payments AN AA Fitch 6/10/96 34,625,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Co-Senior Mortgage Loan 9.26 Aa/ Bonds, 1996 Series 2 (New Money and Refunding Issue/ AMT) Manager Payments AN AA Fitch 5/30/96 11,185,000 State of Florida Board of Regents Florida A & M University Senior Manager Pledged Revenues 5.7600 7.57 Aaa! Student Apartment Facility Revenue Bonds, Series 1996 AAA/ AAA Fitch 5/29/96 8,505,000 City ofSt. Augustine, Florida Water and Sewer Revenue Sole Manager Pledged Revenues 5.1200 8.75 NR/ Refunding Bonds, Series 1996 AAA/ AAA Fitch 5/23/96 4,865,000 Brevard County, Florida Second Guaranteed Entitlement Revenue Senior Manager Guaranteed 5.3200 6.48 Aaa! Bonds, Series 1996 Entitlement AAA 5/22/96 32,155,000 School Board of Palm Beach County, Florida Certificates of Co-Manager Lease 6.56 Aaa! Participation, Series 1996A Revenues/Payments AAA 5/21/96 38,900,000 Indian River CoUnty, Florida Water and Sewer Revenue Bonds, Senior Manager Pledged Funds 5.7500 7.43 Aaa! Series 1996 AAA - - - - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I. e. u/W Ratings Cost 5/15/96 10,380,000 Housing Finance Authority of Manatee County, Florida Single Co-Manager Single Family AaaI Family Mortgage Revenue Bonds, Series 1996 - Sub Series I Mortgage 5/14/96 10,000,000 Halifax Hospital Medical Center (Daytona Beach, FL) Tax Sole Manager Ad Valorem Taxes 5.5800 5.00 MIG-I/ Anticipation Notes, Series 1996 NR 5/10/96 9,785,000 City of Lake Wales, Florida Utility System Improvement Sole Manager Project Revenues 5.7900 9.54 AaaI Refunding Revenue Bonds, Series 1996 AAA 5/8/96 7,015,000 Housing Finance Authority of Dade County, Florida Multi-Family Senior Manager Multi-Family 5.9000 14.76 AAA Mortgage Revenue Refunding Bonds, Series I 996A (Midway Mortgage Point Apartments) 5/8/96 450,000 Housing Finance Authority of Dade County Multi-Family Senior Manager Multi-Family 5.9000 14.76 AAA Mortgage Revenue Refunding Bonds, Series I 996B (Midway Mortgage Point Apartments) 5/2/96 32,520,000 Lee County, Florida Industrial Development Authority Utility Co-Manager Special Assessments 8.16 System Revenue Bonds (Bonita Springs Utilities), Series 1996 5/1/96 30,450,000 First Florida Governmental Financing Commission Revenue Senior Manager Loan Agreement 5.6100 4.52 AaaI Bonds, Series 1996 (Cities of Gainesville, Hollywood, St. AAA Petersburg) 4/16/96 119,135,000 School Board of Dade County, Florida Certificates of Participation Co-Senior Lease 6.40 AaaI (Master Lease Agreement), Series 1996A Manager Revenues/Payments AAA 4/11/96 8,210,000 City of Port St. Lucie, Florida Special Assessment Bonds, Series Co-Manager Special Assessments 14.00 AaaI 1996A (Water and Sewer Extension Project) AAA 4/10/96 300,000,000 State of Florida Department of Environmental Protection Co-Manager Doc Stamp Tax 5.5200 8.61 AaaI Preservation 2000 Revenue Bonds, Series 1996A AAA/ Fitch AAA 4/3/96 26,740,000 School Board of Escambia County, Florida Certificates of Sole Manager Lease 5.9300 7.05 AaaI Participation, Series 1996-1 Revenues/Payments AAA 4/3/96 21,645,000 School Board of Escambia County, Florida Certificates of Sole Manager Lease 5.9300 7.05 AaaI Participation, Series 1996-2 Revenues/Payments AAA 3/29/96 53,680,000 Sarasota Manatee Airport Authority Airport Systems Revenue Co-Manager Pledged Revenues 6.08 AaaI Refunding Bonds, Series 1996 AAA 3/28/96 36,300,000 Orange County Housing Finance Authority, Florida Single Family Co-Senior Single Family AAA/ Mortgage Revenue Bonds, Series 1996A Manager Mortgage - .... - -/- - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 3/26/96 22,835,000 City of Atlantic Beach, Florida Utilities System Revenue Bonds, Senior Manager Pledged Revenues 5.6900 5.19 Aaa/ Series 1996 AAA :> 3/22/96 56,590,000 School Board of Brevard County, Florida Certificates of Senior Manager Lease 5.5000 6.89 Aaa! Participation: School Board Leasing Corporation, Series 1996A Revenues/Payments AAA 3/22/96 64,980,000 School Board of Brevard County, Florida Certificates of Senior Manager Lease 5.9900 7.37 AaaI Participation, School Board Leasing Corporation, .Series 1996B Revenues/Payments AAA 3/22/96 41,700,000 Orange County Housing Finance Authority, Florida Single Family Co-Senior Single Family AAA/ Mortgage Revenue Bonds, Series 1996B Manager Mortgage 3/22/96 10,000,000 Housing Finance Authority of Manatee County, Florida Single Co-Manager Single Family 4.00 AaaI Family Mortgage Revenue Bonds, Series 1996 Mortgage VMIG-I 3/19/96 20,750,000 Housing Finance Authority of Duval County, Florida Single Senior Manager Single Family 10.54 Aaa! Family Mortgage Revenue Bonds, Series 1996 Mortgage 3/13/96 3,400,000 City of Lynn Haven, Florida Special Project Revenue Bonds, Senior Manager Pledged Revenues 5.9400 12.50 NR/ Series 1996 AAA/ AAA Fitch 3/13/96 19,990,000 St. Johns County, Florida Water & Sewer Revenue and Refunding Sole Manager Pledged Revenues 5.4300 9.06 Aaa! Bonds, Series 1996 AAA 3/13/96 5,745,000 City of Lynn Haven, Florida Capital Improvement Revenue Co-Senior Pledged Revenues 6.0800 10.14 AaaI Bonds, Series 1996A Manager AAA 3/13/96 1,945,000 City of Lynn Haven, Florida Capital Improvement Revenue Co-Senior Pledged Revenues 6.0800 12.79 AaaI Bonds, Series 1996B Manager AAA 3/7/96 5,070,000 State of Florida Department of Management Services Division of Senior Manager Pledged Revenues 5.4900 6.40 Aaa! Facilities Management Florida Facilities Pool Revenue Bonds, AAA/ Series 1996A AAA Fitch 3/7/96 7,990,000 City of Clermont, Florida Water and Sewer Revenue and Sole Manager Pledged Revenues 5.0000 11.80 NR/ Refunding Bond Anticipation Notes, Series 1996 NR 3/1/96 10,795,000 City of Miami Beach, Florida Parking Revenue Refunding Bonds, Co-Senior Pledged Revenues 7.83 AaaI Series 1996 A Manager AAA 3/1/96 25,970,000 Escambia County Housing Finance Authority, Florida Single Senior Manager Single Family 10.38 AaaI Family Mortgage Revenue Bonds, Series 1996 A (Multi-County Mortgage NR Program) - IIJIII - .. - - .. _. - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I. e. u/W Ratings Cost 3/1/96 12,385,000 Escambia County Housing Finance Authority, Florida Single Senior Manager Single Family 10.38 Aaa! Family Mortgage Revenue Bonds, Series 1996 B (Multi-County Mortgage NR Program) 3/1/96 6,100,000 City of Oviedo, Florida Utility Revenue Bonds, Series 1996 Sole Manager Pledged Revenues 5.8100 8.75 Aaa! AAA/ AAA Fitch 2/29/96 41,105,000 Dade County, Florida Special Obligation Bonds, Series 1996 Senior Manager Ad Valorem Taxes 4.9300 6.22 Aaa! (Metro-Dade Fire and Rescue Service District) AAA 2/29/96 6,645,000 City of New Port Richey, Florida Water and Sewer Revenue Senior Manager Pledged Revenues 5.2900 9.00 Aaa! Refunding Bonds, Series 1996 AAA 2/29/96 25,000,000 Housing Finance Authority of Pin ell as County, Florida Single Senior Manager Single Family 7.37 Aaa! Family Mortgage Revenue Bonds, 1996 Series A (Multi-County Mortgage NR Program) 2/28/96 22,600,000 Housing Finance Authority of Pinellas County, Florida Single Senior Manager Single Family 7.37 VM1G-I/ Family Mortgage Revenue Bonds, 1996 Series B (Multi-County Mortgage NR Program) 2/26/96 6,935,000 Citrus County, Florida Capital Improvement Revenue Bonds, Senior Manager Half-Cent Sales Tax 5.2900 8.68 Aaa! Series 1996 AAA 2/20/96 16,520,000 Housing Finance Authority of Duval County, Florida Multi- Senior Manager Multi-Family NR/ Family Housing Revenue Refunding Bonds ( St. Augustine Mortgage A Apartments Project) Series 1996 2/16/96 8,310,000 Housing Finance Authority of Manatee County, Florida Single Co-Manager Single Family Aaa! Family Mortgage Revenue Bonds, Series 1994 - Sub Series 4 Mortgage NR 2/14/96 142,555,000 School District of Dade County, Florida General Obligation Co-Senior Ad Valorem Taxes Aaa! Refunding School Bonds, Series 1996 Manager AAA 2/13/96 31,000,000 School District of St. Lucie County, Florida General Obligation Senior Manager Ad Valorem Taxes 5.12 Aaa! Bonds, Series 1996 A AAA 2/8/96 3,740,000 City of Lake Mary, Florida Public Improvement Revenue Bonds, Sole Manager Pledged Revenues 4.9700 Aaa/ Series 1996 AAA 2/6/96 9,270,000 Pinellas County, Florida Second Guaranteed Entitlement Revenue Senior Manager Pledged Revenues 4.2500 2.18 Aaa/ and Refunding Revenue Bonds, Series 1996 AAA - - - - - - - - - - - - - - - - - - - Sale Date Issue Size Issue Role Revenue Source T.I.C. U/W Ratings Cost 2/2/96 59,720,000 School Board of Lee County, Florida Refunding Certificates of Co-Manager Lease 6.71 Aaa! Participation, Series 1995A Revenues/Payments AAA 1/24/96 59,995,000 City of Jacksonville, Florida District Water and Sewer Revenue Co-Manager Pledged Revenues Aaa/ Bonds, Series 1996 AAA 1/18/96 149,950,000 Dade County, Florida Seaport General Obligation Refunding Senior Manager Pledged Revenues 5.4500 6.82 Aaa! Bonds, Series 1996 AAAI AAA Fitch 1/3/96 12,125,000 Lee County, Florida Certificates of Participation (Master Lease Senior Manager Lease 5.0400 6.70 Aaa! Project), Series 1996 Revenues/Payments NR/ AAA Fitch - -, I I I I I I I I I I I I I I I I I I I NO CONFLICT OF INTEREST To the best of my knowledge, none of William R. Hough & Co's ownership, management or staff currently has a conflict of interest or vested interest in the City of Winter Springs, Florida. .' -=;---- .~;;; ~.-- Date: ') ,':\' - J ( ~':.j /' . !' - 1 r STATE OF FLORIDA COUNTY OF PINELLAS PERSONALLY APPEARED BEFORE ME, the undersigned authority, The foregoing instrument was acknowledged before me this I '" day of ' - d~ r IA_ ., - 1999 by P, .-', r", A., ~'::\ ''I - r-' \ S. who is persc?,!ialli_l9to~'.1-.!~ ~or who has produce ,; as identification and who did did not take an oath. J~ ( . "-"'.., NOTARY PUBLIC c? 0 I My commission expires: () - \ 00 - '. ..,~\. Helen M Ewln *W*My Commission CC670571 \.",..~' Expires Augusl10, 2001