Loading...
1To: From: Date: Subject: Background: South Miami h1)d CITY OF SOUTH MIAMI OFFICE OF THE CITY MANAGER INTER-OFFICE MEMORANDUM ililf' The Honorable Mayor & Members of the City Commission Hector Mirabile, PhD, City Manager I July 31, 2012 Agenda Item No.: A Resolution authorizing the City Manager to enter into an agreement with FirstSouthwest as the City's Financial Advisor to analyze the City's financial position with respect to bond refinancing. Note: THIS REFINANCING WILL CREATE NO NEW DEBT FOR THE CITY. The City continually evaluates its outstanding debt for opportunities to save money through refinancing. Given the interest rates available in today's market, certain outstanding debt obligations may be able to be refinanced for annual debt service savings. FirstSouthwest, as financial advisor to the City, provided a preliminary refunding analysis of two of the City's outstanding loans with the Florida Municipal Loan Council (the 200 I A and 2002A loans). The 200 I A loan is currently outstanding in the amount of $1,780,000, has interest rates from 4.75% to 5.25%, and matures in 203 I. The 2002A loan is currently outstanding in the amount of $3,585,000, has interest rates from 5.00% to 5.50%, and matures in 2032. These loans currently allow for prepayment at 10 I % of the principal amount prepaid, and based upon current market conditions the City may be able to achieve substantial debt service savings by refunding a portion of these loans with a traditional bank loan. In the current market, the City may be able to save approximately $580,000 in total debt service or an average of just over $38,000 per year during the next fifteen years by refunding a portion of these loans. Please note that current market conditions can change, which will 2001 Attached Documentation: impact these preliminary savings projections. In order to take advantage of today's favorable market conditions, it is recommended to move forward with a request for proposals from banks to provide a refinancing of all or a portion of these loans. The City believes that time is of the essence and that it is in the best interest of the City to retain a Financial Ad~isor and has recommended the services of FirstSouthwest to analyze the City's financial position with respect to bond refinancing of the City's existing 200 I A and 2002A bonds. Below please find a breakdown of the estimated cost related to the potential refinancing of a portion of the 200 I A and 2002A bonds, which will be financed as part of the new loan: Financial Advisor $17,500 Bond Counsel $20,000 FMLC Bond Council $30,000 Misc Expenses $2,500 TOTAL $60,000 Assuming FirstSouthwest provides a suitable, beneficial bank to service the loan at a beneficial interest rate, the city administration will be bringing forward the refinancing as an Ordinance for your review and approval. -FirstSouthwest July 20, 2012 proposed engagement letter -FirstSouthwest September 13, 20 I 0 executed engagement letter -Preliminary Refunding Note Summary South Miami Revenue Refunding Note Series 2012 DRAFT Timetable 1 RESOLUTION NO. _____ _ 2 3 A Resolution authorizing the City Manager to enter into an 4 agreement with FirstSouthwest as the City's Financial Advisor 5 to analyze the City's financial position with respect to bond 6 refinancing. 7 8 WHEREAS, The City continually evaluates its outstanding debt for 9 opportunities to save money through refinancing. Given the interest rates available in 10 today's market, certain outstanding debt obligations may be able to be refinanced for 11 annual debt service savings, and; 12 13 WHEREAS, FirstSouthwest, as financial advisor to the City, provided a 14 preliminary refunding analysis of two of the City's outstanding loans with the Florida 15 Municipal Loan Council (the 200 I A and 2002A loans). The 200 I A loan is currently 16 outstanding in the amount of $1,780,000, has interest rates from 4.75% to 5.25%, and 17 matures in 203 I. The 2002A loan is currently outstanding in the amount of $3,585,000, 18 has interest rates from 5.00% to 5.50%, and matures in 2032, and; 19 20 WHEREAS, these loans currently allow for prepayment at 10 I % of the 21 principal amount prepaid, and based upon current market conditions the City may be 22 able to achieve substantial debt service savings by refunding a portion of these loans 23 with a traditional bank loan, and; 24 25 WHEREAS, In the current market, the City may be able to save approximately 26 $580,000 in total debt service or an average of just over $38,000 per year during the 27 next fifteen years by refunding a portion of these loans. Please note that current market 28 conditions can change, which will impact these preliminary savings projections. In order 29 to take advantage of today's favorable market conditions, it is recommended to move 30 forward with a request for proposals from banks to provide a refinancing of all or a 31 portion of these loans, and; 32 33 WHEREAS, the city believes that time is of the essence and that it is in the 34 best interest of the City to retain a Financial Advisor and has recommended the services 35 of FirstSouthwest to analyze the City'S financial position with respect to bond 36 refinancing. 37 38 NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY 39 COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA THAT; 40 41 Section I. That the City Commission hereby authorizes the City Manager to 42 engage in an agreement with FirstSouthwest as the City's Financial Advisor to analyze 43 the City's financial position with respect to bond refinancing. 44 45 Section 2. That the City Commission hereby approves the attached 46 engagement from FirstSouthwest dated July 20, 2012, and annexed to this Resolution as 47 Exhibit A, pending review and approval of the engagement letter by the City Attorney. Page 1 of2 Additions shown by underlining and deletions shown by overstriking. 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this _ day of , 2012. ATTEST: APPROVED: CITY CLERK MAYOR READ AND APPROVED AS TO FORM, LANGUAGE, LEGALITY AND EXECUTION THEREOF CITY ATTORNEY Page 2 of2 COMMISSION VOTE: Mayor Stoddard: Vice Mayor Liebman: Commissioner Harris: Commissioner Newman: Commissioner Welsh: FirstSouthwest ~ A PlainsCapital Company 18851 N.E. 29 th Avenue, Suite 520 Aventura, Florida 33180 (305) 819-8886 Direct (305) 819-9992 Fax 450 South Orange Avenue, Suite 460 Orlando, Florida 32801 (407) 426-9611 Direct (407) 426-7835 Fax July 25, 2012 Mr. Alfredo Riverol, CPA, Cr.FA: CFO City of South Miami Finance Department, 1st Floor 6130 Sunset Drive South Miami, FL 33143 Dear Mr. Riverol, Lakshmi McGrath Vice President lakshmi.mcgrath@firstsw.com Joel Tindal Vice President joel. tindal@firstsw.com As per our recent conversation, First Southwest Company ("FirstSouthwest") has been monitoring the market and analyzing potential refunding opportunities for the City. The City has existing Series 2001A and Series 2002A loans (the "FMLC Loans") with the Florida Municipal Loan Council that are currently callable. A refunding of all or a portion of these FMLC Loans may provide debt service savings to the City in today's current market environment. We believe that it would be beneficial for the City to begin preparations to refund all or a portion of these FMLC Loans in order to attain refunding savings that may be available in the current market. Please note however that market conditions can rapidly change, which may materially impact potential refunding savings. The City of South Miami and First Southwest Company previously entered into a certain engagement for financial advisory services (the "Engagement") effective as of October 15, 2010. The terms of the Engagement provided for two renewal periods of one-year each to be exercised at the option of the City. The City desires to exercise the option to renew the Engagement through October 14, 2012. All other terms remain in effect in all other respects as outlined in the Engagement -Exhibit I Compensation for Services Rendered: i. Payment of charges for financial advisory services related to a loan or debt transaction shall be contingent upon closing of the loan or debt transaction and shall be due at that time; ii. Additional agreed upon services as requested by the City will be charged hourly fees at the "City of South Miami Discounted Rate"; and, iii. Payment of reimbursable expenses that FirstSouthwest has assumed on behalf of the City shall NOT be contingent upon closing of a debt transaction, and shall be due at the time that services are rendered and payable upon receipt of an invoice therefor submitted by FirstSouthwest. Also, please find attached a copy of the Certificate of Liability that the City had requested. Kindly let us know if you need any additional information. On behalf of FirstSouthwest, we would like to thank you for the opportunity to provide financial advisory services to the City. Sincerely, ~~ ....... ~~ ~.'S/ /~~indal Vice President Vice President Accepted: By: ______________________________________ _ Dme: ________________________________________ __ 2 FirstSouthwesl:~ A PlalnsCapltal Company. 18851 NB 29th Avenue Suite 520 Aventura, FL, 33180 (305) $19·8886 Direot (305) 819·9995 Fax September 13,2010 Mr. Alfredo R.iverol Finance Director City of South Miami 6130 Sunset Drive South Miami, Fl 33 t 43 Dear Mr. Riverol: Edward Marquez Senior Vice President edward.marqueZ@fistsw.oom On behalf of First Southwest Company (FirstSouthwest), I thank you for the opportunity to serve the City of South Miami as its Financial Advisor. Please let this ietter confirm the terms of our engagement. Scope of Services As FInancial Advisor,'we agree to perfonn the following services: (1) For the planned refunding of the City's Series 2002A and Series 2006 Bonds Issued through the . Florida League of Cities and the 2009 SunTrust Bank Loan: a. We will conduct a review of the financial resources of the Issuer to detennine the extent of the borrowipg capacity of the Issuer. This review will include an analysis of (i) the existing debt structure in relation to sources of income projected by the Issuer which may be pledged to secure payment of the Bank Loan, and (ii) where appropriate, the trends (as estimated by representatives of the Issuer) ofpJedge-able revenues and future financing needs. In the event revenues of existing or potential projected facilities operated by the Issuer are to be pledged to repayment of the Bank Loan then under consid~ration) our review will take into account any outstanding indebtedness payable from the revenues thereof and any additional revenues to be' available from any proposed rate increases. as projected by consulting engineers employed by the Issuer. We will also take into account future financing needs, obligations and operations as projected by the Issuer's staff. b. On the basis of the' information and estimates developed through our review described above and other infonnation that we consider appropriate, we will submit written recommendations with respect to a pJan of finance for arranging the terms of the Bank Loan that will include (i) the date of issue, (ii) interest structure (fixed or variable), (iii) interest payment dates j (iv) a schedule of maturities. (v) early redemption options, (vi) security provisions, and (vU) other matters that we consider appropriate to the Bank Loan. c. We will prepare, solicit and evaluate "request for proposals" on behalf of the Issuer from local and national. banking institutions. d. We will provide assistance in negotiating terms oftha loan documents in collaboration with the Issuer, he Issuer's solicitor and bond counsel. e. We will evaluate a commitment letter to be signed by the lender and the Issuer; and (2) Other financial services as requested by the City. Engagement DurauQn The engagement will be for a one-year period from the date of acCeptance below. The engag<lment may be renewed for two additional one-year periods at the option of the City. Compensation See Exhibit I attached f.or the tenns of compensation. Please indioate your acceptance of these terms by your signature below. I and the entire FirstSouthwest team; look forward to serving the City. Sincerely yours, Edward Marquez Senior Vice President 2 Accepted: BY:~t!::t. Date: OCtober' 1'5':, ;20\1) Exhibit I Compensation for Services Rendere.d A. For each debt transaction, FlrstSouthwest will charge a transactional fee (based on $1,000 of par amount) as shown below: Amount of Debt Issued Fee(l) t°f.j4fp.·N:~19.,~~P.~~·:: .. ; .. " : ... " :'.::'~::~,:;\;:·:i:::i:<::·/\~:.~·;;)·ii)i:~';,;\\~.r:(;:~.~.·l;~:~?':S·~.:.::·;:t(::~·{;}i·\ For the next $10~OOO,000 $1.00 per $1,000 n''';~, .; .. '.;". $ .. 20· .. · "000 O' OQ' .. ::"': \: Y: .:.::: :::.'::';<' ;;;.:;-:: ':'" :;"';/'>'/'($' '0" ·'·8'0 .. ··· .. :·; ··'$:·'1 .. ·0 .. 0..,. ... ' "'\ :·.';:i:\ ,.{·or.u'l.e.next. '., ,,' . .' ,.,'. '. '.' .... ,; .. ,. ;'. "': .. :: '. ';"":' .... ,.,' • :~r.· , ),I":; :,' .... ,', ':,:\": ,:.: ~:.::: ~ '::": \' ::: :1;:' i,'o~:. \ :; ': " I,. "':" . ; .:. >.' : ': '<:' 1 : .': : ... ::,:':::\.: :'~::'; ~'.:; :.~ .:.~. ',.\ : .. : ;'.;': '::"':'>:~":':.: ,:::~. ~:~::.;:.~'~·::~;.:\':~'~i'\ :'/. ~'~:)J Greater than $40,000,000 . $0.70 per $1.000 (I)Minimum $17,500 per transaction. In addition, FirstSouthwest wiU act as sole bidding agent for the structuring and investment of certain debt instrument proceeds. FirstSouthwest agrees to structure and conduct aU bids for any of the funds authorized by the debt instrument documents and to comply with Treasury Regulation 1.148~5 that applies to computing the yield and value of such investments and determine required documentation. The successful investment provider shall pay FirstSouthwest a fee equal to 0.05 percent of the weighted average dollar amount reasonably expected to be invested each year of the investment agreement. The fee paid by the winning provider will be the only compensation received by FirstSouthwest in connection with its engagement of a bidding agent. B. With respect to additional agreed upon services, FirstSouthwest will charge hourly fees as shown below: FirstSouthwest Cjty of Standard Rate South Miami Position (per bour) Diseounted Rate ·~:~~~?r:,Yi.~.:~i~~~~.':~~ .. ~~.?~~:·,s:::. \'.::;~;::~·:;}{~~>::.~;¥M?:.'(·i\i~·':~~;:\!'::)::;;;f(Wl~~fA~y}{ Vice President $275 $190 ~~~.~~~t, ~i~~.:~r.e~i~e.~i :.', ::. ':':;:; <:.<~\\~~)~.\'::~~:':~'(/~~~~\. :\::~:}.:? (/Cit?~.~~¥?}?;}F)} Analyst/Associate $190' $125- '.~~~~~~~.~~~~~: .'.:; ... ::-.... ;.'::: ;::.~ ::.::~.:\.:' , .. :~:,\c::<·:~:·,~,\;:\:~~;;n:~~~i~~·::V'·;·;Pl?r:·.{:::·:·;:~~~·.\fV~~.:·g·i These rates include all expenses except for outside the travel as requested by the City at rates authorized by Florida Statute. mileage reimbursement. tolls. FedExlUPS charges, conference calls with call-in numbers and any extraordinary copying ofpresentationai material. 3 ACORO® CERTIFICATE OF LIABILITY INSURANCE I DATE (MM/DDNYYY) "---' 7/23/2012 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT Helen Stuart NAME: Roach Howard Smith & Barton rllgN,;o Ext): I FAX 8750 North Central Expressway (971) 231-1300 (AIC No): (972) 231-1368 Suite 500 E·MAIL hstuart@rhsb.com ADDRESS: Dallas TX 75231 INSURER(S) AFFORDING COVERAGE NAIC# INSURER A : Great Northern Ins Co 20303 INSURED INSURER B : Federal Ins Co 20281 First Southwest Company First Southwest Asset Management, Inc. INSURER C : Texas Mutual Ins Co 22945 325 N. St. Paul Street INSURER D : Travelers Prop Cas America 36161 Suite 800 Dallas TX 75201 INSURER E: Firemans Fund Ins co 21873 INSURER F: Westchester Surplus Lines 10172 COVERAGES CERTIFICATE NUMBER· Cert ID 20615 REVISION NUMBER· THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR ADDLSUSR (~~ME~1 (~2T6EiMYl LIMITS LTR TYPE OF INSURANCE I'N"R Iwvn POLICY NUMBER GENERAL LIABILITY EACH OCCURRENCE $ 1,000,000 t--~~~~~~~?ta~J~r~ence) A ~ COMMERCIAL GENERAL LIABILITY 35787714 12/15/2011 12/15/2012 $ 1,000,000 t--::=J CLAIMS-MADE W OCCUR MED EXP (Anyone person) $ 10,000 PERSONAL & ADV INJURY $ 1,000,000 t-- GENERAL AGGREGATE $ 2,000,000 t-- GEN'L AGGREGATE LIMIT APPLIES PER: PRODUCTS -COMPIOP AGG $ Included n nPRO-!xl Location Agg Limit $ 10,000,000 POLICY JECT X LOC AUTOMOBILE LIABILITY i€:~~~~~~~t~INGLE LIMIT $ 1,000,000 t-- A X ANY AUTO 74968567 12/15/2011 12/15/2012 BODILY INJURY (Per person) $ t--ALL OWNED ,..---SCHEDULED AUTOS AUTOS BODILY INJURY (Per accident) $ 'i t--!----NON-OWNED rp~~~Zc~d~~gAMAGE X HIRED AUTOS X AUTOS $ t--!---- Hired Car Comp/Col $ Ded 500/500 BE X UMBRELLA L1AB n OCCUR 79785393 12/15/2011 12/15/2012 EACH OCCURRENCE $ 10,000,000 t--SHXOO024155558 12/15/2011 12/15/2012 EXCESS LlAB CLAIMS-MADE AGGREGATE $ 10,000,000 DED I I RETENTION $ Excess Umbrella $ 10,000,000 WORKERS COMPENSATION I WCSTATU-I 10TH-CD AND EMPLOYERS· LIABILITY TSFOOO1199604 -TX 4/1/2012 4/1/2013 X TORY LIMITS ER YIN ANY PROPRIETOR/PARTNER/EXECUTIVE D HJUB3491N91612 -OS 4/1/2012 4/1/2013 E.L. EACH ACCIDENT $ 1,000,000 OFFICER/MEMBER EXCLUDED? NIA (Mandatory in NH) E.L. DISEASE -EA EMPLOYEE $ 1,000,000 If yes, describe under E.L. DISEASE -POLICY LIMIT $ 1,000,000 DESCRIPTION OF OPERATIONS below F Broker/Dealer G23619295007 12/15/2011 12/15/2012 Claims Made $ 10,000,000 per Claim/Occurr. Errors & Omissions Aggregate $ 10,000,000 DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (Attach ACORD 101, Additional Remarks Schedule, if more space is required) General and auto liability policies include a blanket automatic additional insured endorsement/provision that provides additional insured status to the certificate holder only when there is a written contract between the named insured and the certificate holder that requires such status. General and auto liability policies contains a special endorsement/provision with "primary additional insured" wording. General and auto liability, and workers compensation policies include a blanket automatic waiver of subrogation endorsement/provision that provides this feature only when there is a written contract between the named insured and the certificate holder that requires it. CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. City of South Miami Alfredo Riverol, Finance Director 6130 Sunset Drive AUTHORIZED REPRESENTATIVE South Miami FL 33143 ~.(-\ \7/J,e \,r © 1988-2010 ACORD CORPORATION. All rights reserved. ACORD 25 (2010/05) The ACORD name and logo are registered marks of ACORD Page 1 of 1 ACORD® CERTIFICATE OF LIABILITY INSURANCE I DATE (MM/DDNYVY) ~ 7/23/2012 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT Helen Stuart NAME: Roach Howard Smith & Barton 8750 North Central Expressway rl1g N';o Ex!): (971) 231-1300 I FAX (AlC No): (972) 231-1368 Suite 500 E·MAIL hstuart@rhsb.com ADDRESS: Dallas TX 75231 INSURER(S) AFFORDING COVERAGE NAIC# INSURER A: Great Northern Ins Co 20303 INSURED INSURER B : Federal Ins Co 20281 First Southwest Company First Southwest Asset Management, Inc. INSURER C : Texas Mutual Ins Co 22945 325 N. St. Paul Street INSURER 0: Travelers Prop Cas America 36161 Suite 800 Dallas TX 75201 INSURER E: Firemans Fund Ins co 21873 INSURER F: Westchester Surplus Lines 10172 COVERAGES CERTIFICATE NUMBER' Cert ID 20615 REVISION NUMBER' THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR TYPE OF INSURANCE GENERAL LIABILITY r-- A X COMMERCIAL GENERAL LIABILITY ::::=J CLAIMS·MADE W OCCUR r--------------------------- r--------------------------- GEN'L AGGREGATE LIMIT APPLIES PER: n POLICY n j~8T !xl LOC AUTOMOBILE LIABILITY r-- ~A X ANY AUTO r--ALL OWNED r--AUTOS , ~ HIRED AUTOS ,--SCHEDULED I-~~~~gWNED ~ AUTOS BE ~ UMBRELLA LIAB ~ OCCUR EXCESS LIAB I I CLAIMS·MADE DED I I RETENTION $ WORKERS COMPENSATION CD AND EMPLOYERS' LIABILITY YIN ANY PROPRIETOR/PARTNER/EXECUTIVE D OFFICER/MEMBER EXCLUDED? (Mandatory in NH) If yes, describe under DESCRIPTION OF OPERATIONS below F Broker/Dealer N/A POLICY NUMBER 35787714 74968567 79785393 SHX00024155558 TSFOOOl199604 -TX HJUB3491N91612 -OS G23619295007 LIMITS EACH OCCURRENCE $ 12/15/2011 12/15/2012 ~~~~~~l?E~~~~~?ence) $ MED EXP (Anyone person) $ PERSONAL & ADV INJURY GENERAL AGGREGATE $ PRODUCTS· COMP/OP AGG $ Location Agg Limit $ 12/15/2011 12/15/2012 BODILYINJURY(Perperson) $ BODILY INJURY (Per accident) $ Hired Car Comp/Col $ 12/15/2011 12/15/2012 EACH OCCURRENCE $ 4/1/2012 4/1/2012 4/1/2013 4/1/2013 Excess Umbrella $ E.L. EACH ACCIDENT $ E.L. DISEASE· EA EMPLOYEE $ E.L. DISEASE· POLICY LIMIT $ 12/15/201112/15/2012 Claims Made $ per C1aim/Occurr. 1,000,000 1,000,000 10,000 1,000,000 2,000,000 Included 10,000,000 1,000,000 Ded 500/500 1,000,000 1,000,000 1,000,000 10,000,000 Errors & Omissions Aggregate $ 10,000,000 DESCRIPTION OF OPERATIONS I LOCATIONS I VEHICLES (Attach ACORD 101, Additional Remarks Schedule, if more space is required) General and auto liability policies include a blanket automatic additional insured endorsement/provision that provides additional insured status to the certificate holder only when there is a written contract between the named insured and the certificate holder that requires such status. General and auto liability policies contains a special endorsement/provision with "primary additional insured" wording. General and auto liability, and workers compensation pOlicies include a blanket automatic waiver of subrogation endorsement/provision that provides this feature only when there is a written contract between the named insured and the certificate holder that requires it. CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. City of South Miami Alfredo Rivero1, Finance Director 6130 Sunset Drive AUTHORIZED REPRESENTATIVE South Miami FL 33143 £:c..ci --r:/cJ.R \,' © 1988·2010 ACORD CORPORATION. All rights reserved. ACORD 25 (2010105) The ACORD name and logo are registered marks of ACORD Page 1 of 1 City of South Miami, Florida Preliminary Refunding Analysis of a Portion of the Outstanding FMLC Loans Series 2001A and 2002A Current FMLC Loans Debt Service After Partial Refunding of Series 200lA & 2002A Refunded Refunded Fiscal Series Series Series Series Series Series Series Series Series Difference / Year 2001A 2002A 2006 Total 2001A 2001A D/S 2002A 2002A D/S 2006 2012. Total Savings 2012 140,613 29S,419 94,019 530,050 140,613 -295,419 -94,019 -530,050 - 2013 142,988 290,169 97,819 530,975 142,988 (111,988) 290,169 (225,850) 97,819 299,493 492,631 38,344 2014 140,169 289,394 96,419 525,981 140,169 (109,169) 289,394 (225,075) 96,419 294,923 486,660 39,321 2015 142,150 293,344 94,669 530,163 142,150 (111,150) 293,344 (229,025) 94,669 301,285 491,273 38,890 2016 139,000 291,744 97,919 528,663 139,000 (108,000) 291,744 (227,425) 97,919 296,386 489,624 39,039 2017 140,719 289,869 95,919 526,506 140,719 (109,719) 289,869 (225,550) 95,919 297,419 488,656 37,850 2018 142,175 287,719 93,919 523,813 142,175 (111,175) 287,719 (223,400) 93,919 295,300 484,538 39,275 2019 143,369 290,294 96,919 530,581 143,369 (112,369) 290,294 (225,975) 96,919 299,003 491,240 39,341 2020 139,619 292,319 95,119 527,056 139,619 (108,619) 292,319 (228,000) 95,119 298,458 488,895 38,161 2021 140,938 289,569 98,263 528,769 140,938 (109,938) 289,569 (225,250) 98,263 295,789 489,370 39,399 2022 142,019 291,569 96,200 529,788 142,019 (111,019) 291,569 (227,250) 96,200 299,941 491,460 38,328 2023 142,750 288,069 99,138 529,956 142,750 (111,750) 288,069 (223,750) 99,138 296,860 491,316 38,640 2024 138,250 289,319 96,869 524,438 138,250 (107,250) 289,319 (225,000) 96,869 293,641 485,829 38,609 2025 138,625 290,069 99,600 528,294 138,625 (107,625) 290,069 (225,750) 99,600 294,313 489,231 39,063 2026 138,750 290,319 97,125 526,194 138,750 (107,750) 290,319 (226,000) 97,125 294,750 487,194 39,000 2027 138,625 290,069 94,650 523,344 138,625 (107,625) 290,069 (225,750) 94,650 294,954 484,923 38,421 2028 138,250 294,319 96,950 529,519 138,250 -294,319 -96,950 -529,519 - 2029 142,500 292,531 99,025 534,056 142,500 -292,531 -99,025 -534,056 - 2030 141,375 290,231 95,875 527,481 141,375 -290,231 -95,875 -527,481 - 2031 140,000 287,419 97,725 525,144 140,000 -287,419 -97,725 -525,144 - 2032 138,375 289,094 99,350 526,819 138,375 -289,094 -99,350 -526,819 - 2033 --95,750 95,750 ----95,750 -95,750 - 2034 --97,150 97,150 ----97,150 -97,150 - 2035 --98,325 98,325 ----98,325 -98,325 - 2036 --99,275 99,275 ----99,275 -99,275 - ,----Totals - _~,~?1,256 6,102,844 2,423,988 11,478,088 2,951,256 (1,645,144) 6,102,844 (3,389,050) 2,423,988 4,452,513 10,896,407 581,680 -Preliminary and subject to change. -Assumes current refunding of certain maturities of the Series 2001A and 2002A FMLC Loans with a new refunding bank loan (Series 2012) -Bank loan is preliminary/subject to change as of 7/18/2012 and assumes Bank Qualified (BQ) loan issued on 9/12/2012 with a final maturity of 5/1/2027. -Series 2006 payments on October 1st of each year are assumed to be paid in the prior fiscal year ending September 30th. S 5 12 19 26 CITY OF SOUTH MIAMI, FLORIDA Revenue Refunding Note, Series 2012 TIMETABLE As of July 23, 2012 I AUGUST SEPTEMBER M T W T F S S M T W T 1 2 3 4 6" 8 9 10 11 2 3.5 6 13 14 15 16 17 18 9 10 11 12 13 20&122 23 24 25 16 1711119 20 27 28 29 30 31 23 24 25 26 27 30 F S 1 7 8 14 15 21 22 28 29 City Commission Meetings are held the 1st & 3rd Tuesday of each month @ 7:30 pm Eastern Date Event Responsible Party 8/1/12 Issue Request for Proposal ("RFP") to prospective banks City/FA 8/21/12 Bank Loan RFP Response due; Written Notification to FMLC of City/FA/BC/FMLC Intent to Refund Loans 8/23/12 Tentative Award of Loan; Start document negotiation with Bank City /FA/BC/BK/BKC Wkof Completion of Ordinance and loan negotiation BC/BKC 8/27/12 9/4/12 1st Reading of Loan Ordinance City 9/18/12 2nd Reading of Loan Ordinance and Award of Loan to Bank City 9/19/12 Pre-Closing of Loan All 9/20/12 Closing of Loan All City City of South Miami FA Financial Advisor -FirstSouthwest BC Bond Counsel-Squires Sanders (US) LLP BK Bank -TBD BKC Bank's Counsel -TBD FMLC Florida Municipal Loan Council and its Bond Counsel