lewis county board of legislators agenda sept. 1, 2015

8/20/2019 Lewis County Board of Legislators Agenda Sept. 1, 2015

1/82


2/82


3/82


4/82


5/82


6/82


7/82


8/82


9/82


10/82


11/82


12/82


13/82


14/82


15/82


16/82

COUNTY OF LEWIS, NYSUMMARY OF REFUNDING RESULTS

Dated/Delivery 11/17/2015

Refunding Par Amount 8,165,000

Bond Arbitrage Yield 3.033444%

Escrow Yield 0.515924%

Refunded Bonds Par Amount 7,815,000

Average Coupon of Refunded Bonds 4.245407%

Net PV Savings 417,268.57

Percentage of PV Savings 5.339329%

Aggregate Budgetary Savings 577,643.53

Annual Budgetary Savings (Dec 31)

Fiscal Year 2016 25,043.54

Fiscal Year 2017 24,612.50

Fiscal Year 2018 24,462.50

Fiscal Year 2019 27,856.25

Fiscal Year 2020 24,162.50

Fiscal Year 2021 28,287.50

Fiscal Year 2022 27,287.50

Fiscal Year 2023 26,850.00

Fiscal Year 2024 27,000.00

Fiscal Year 2025 27,731.25

Fiscal Year 2026 25,581.25

Fiscal Year 2027 25,256.25

Fiscal Year 2028 23,887.50

Fiscal Year 2029 26,343.75

Fiscal Year 2030 28,006.25

Fiscal Year 2031 28,862.50

Fiscal Year 2032 24,487.50

Fiscal Year 2033 25,165.62 Fiscal Year 2034 25,821.87

Fiscal Year 2035 26,456.25

Fiscal Year 2036 27,075.00

Fiscal Year 2037 27,406.25

ROOSEVELT & CROSS

*SLGS and Market Rates as of COB of 08/10/15*

REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)

Insured A+ Underl in ; BQ; Cal lable

8/11/2015


17/82

Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008

TABLE OF CONTENTS

County of Lewis, New YorkRefunding 2008 GO Bonds

REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable

------------------*SLGS and Market Rates as of COB of 08/10/15*

Report Page

Sources and Uses of Funds ........................... 1

Summary of Refunding Results ......................... 2

Savings ................................... 3

Bond Pricing ................................. 5

Bond Debt Service ............................... 6

Escrow Requirements ............................. 8

Escrow Descriptions .............................. 9

Escrow Statistics ............................... 10

Escrow Sufficiency ............................... 11

Proof of Arbitrage Yield ............................. 12

Summary of Bonds Refunded .......................... 14

Prior Bond Debt Service ............................ 15

Bond Summary Statistics ............................ 17

Aggregate Debt Service ............................ 18


18/82

Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 1

SOURCES AND USES OF FUNDS




Dated Date 11/17/2015Delivery Date 11/17/2015

Sources:

Bond Proceeds:Par Amount 8,165,000.00Net Premium 225,558.20

8,390,558.20

Uses:

Refunding Escrow Deposits:Cash Deposit 0.31SLGS Purchases 8,248,569.00

8,248,569.31

Delivery Date Expenses:Cost of Issuance 80,000.00Underwriter's Discount 38,212.20Insurance Premium (20 bps) 22,959.59

141,171.79

Other Uses of Funds: Additional Proceeds 817.10

8,390,558.20


19/82


SUMMARY OF REFUNDING RESULTS




Dated Date 11/17/2015Delivery Date 11/17/2015

Arbitrage yield 3.033444%Escrow yield 0.515924%

Bond Par Amount 8,165,000.00True Interest Cost 3.100165%Net Interest Cost 3.136223%

All-In TIC 3.196833% Average Coupon 3.318161% Average Life 12.611

Par amount of refunded bonds 7,815,000.00 Average coupon of refunded bonds 4.245407%

Average life of refunded bonds 13.089

PV of prior debt to 11/17/2015 @ 3.027119% 8,807,009.67Net PV Savings 417,268.57Percentage savings of refunded bonds 5.339329%


20/82


SAVINGS




Present Value

Prior Refunding Annual to 11/17/2015Date Debt Service Debt Service Savings Savings @ 3.0271189%

05/15/2016 165,350.00 177,362.71 -12,012.71 -11,835.5811/15/2016 165,350.00 128,293.75 37,056.25 35,965.4812/31/2016 25,043.5405/15/2017 165,350.00 178,293.75 -12,943.75 -12,375.4311/15/2017 165,350.00 127,793.75 37,556.25 35,371.9112/31/2017 24,612.5005/15/2018 445,350.00 457,793.75 -12,443.75 -11,545.2511/15/2018 159,750.00 122,843.75 36,906.25 33,730.9112/31/2018 24,462.5005/15/2019 449,750.00 457,843.75 -8,093.75 -7,287.0911/15/2019 153,768.75 117,818.75 35,950.00 31,884.4512/31/2019 27,856.2505/15/2020 453,768.75 462,818.75 -9,050.00 -7,906.8711/15/2020 147,581.25 114,368.75 33,212.50 28,584.69

12/31/2020 24,162.5005/15/2021 457,581.25 459,368.75 -1,787.50 -1,515.4911/15/2021 140,993.75 110,918.75 30,075.00 25,118.2512/31/2021 28,287.5005/15/2022 460,993.75 460,918.75 75.00 61.7111/15/2022 134,193.75 106,981.25 27,212.50 22,054.8512/31/2022 27,287.5005/15/2023 464,193.75 461,981.25 2,212.50 1,766.4211/15/2023 127,181.25 102,543.75 24,637.50 19,376.9012/31/2023 26,850.0005/15/2024 467,181.25 462,543.75 4,637.50 3,592.9211/15/2024 119,956.25 97,593.75 22,362.50 17,067.1012/31/2024 27,000.0005/15/2025 474,956.25 467,593.75 7,362.50 5,535.2911/15/2025 112,412.50 92,043.75 20,368.75 15,085.3612/31/2025 27,731.25

05/15/2026 477,412.50 472,043.75 5,368.75 3,916.8811/15/2026 104,656.25 84,443.75 20,212.50 14,526.5812/31/2026 25,581.2505/15/2027 479,656.25 474,443.75 5,212.50 3,690.3311/15/2027 96,687.50 76,643.75 20,043.75 13,978.9412/31/2027 25,256.2505/15/2028 486,687.50 481,643.75 5,043.75 3,465.1711/15/2028 88,400.00 69,556.25 18,843.75 12,753.0612/31/2028 23,887.5005/15/2029 493,400.00 484,556.25 8,843.75 5,896.0311/15/2029 79,793.75 62,293.75 17,500.00 11,493.0912/31/2029 26,343.7505/15/2030 494,793.75 482,293.75 12,500.00 8,086.9511/15/2030 70,975.00 55,468.75 15,506.25 9,882.2912/31/2030 28,006.2505/15/2031 500,975.00 485,468.75 15,506.25 9,734.9511/15/2031 61,837.50 48,481.25 13,356.25 8,260.14

12/31/2031 28,862.5005/15/2032 506,837.50 493,481.25 13,356.25 8,136.9811/15/2032 52,381.25 41,250.00 11,131.25 6,680.3412/31/2032 24,487.5005/15/2033 512,381.25 496,250.00 16,131.25 9,536.7111/15/2033 42,606.25 33,571.88 9,034.37 5,261.4412/31/2033 25,165.6205/15/2034 517,606.25 498,571.88 19,034.37 10,919.9611/15/2034 32,512.50 25,725.00 6,787.50 3,835.9112/31/2034 25,821.8705/15/2035 527,512.50 505,725.00 21,787.50 12,129.4711/15/2035 21,993.75 17,325.00 4,668.75 2,560.4212/31/2035 26,456.2505/15/2036 531,993.75 507,325.00 24,668.75 13,327.03


21/82


SAVINGS




Present Value

Prior Refunding Annual to 11/17/2015Date Debt Service Debt Service Savings Savings @ 3.0271189%

11/15/2036 11,156.25 8,750.00 2,406.25 1,280.5712/31/2036 27,075.0005/15/2037 536,156.25 508,750.00 27,406.25 14,367.7112/31/2037 27,406.25

12,159,425.00 11,581,781.47 577,643.53 577,643.53 416,451.47

Savings Summary

PV of savings from cash flow 416,451.47Plus: Refunding funds on hand 817.10

Net PV Savings 417,268.57


22/82


BOND PRICING




Maturity Yield to Call Call

Bond Component Date Amount Rate Yield Price Maturity Date Price

Uninsured Serial Bonds:05/15/2016 50,000 2.000% 0.600% 100.69005/15/2017 50,000 2.000% 0.950% 101.554

100,000

Insured Serial Bonds:05/15/2018 330,000 3.000% 1.050% 104.78805/15/2019 335,000 3.000% 1.200% 106.14105/15/2020 345,000 2.000% 1.450% 102.38405/15/2021 345,000 2.000% 1.650% 101.83105/15/2022 350,000 2.250% 1.850% 102.43705/15/2023 355,000 2.500% 2.000% 103.46305/15/2024 360,000 2.750% 2.150% 104.63505/15/2025 370,000 3.000% 2.300% 105.93905/15/2026 380,000 4.000% 2.500% 112.607 C 2.618% 05/15/2025 100.000

05/15/2027 390,000 4.000% 2.700% 110.823 C 2.887% 05/15/2025 100.00005/15/2028 405,000 3.500% 2.900% 104.948 C 3.022% 05/15/2025 100.00005/15/2029 415,000 3.500% 3.000% 104.104 C 3.125% 05/15/2025 100.00005/15/2030 420,000 3.250% 3.100% 101.225 C 3.144% 05/15/2025 100.00005/15/2031 430,000 3.250% 3.200% 100.406 C 3.217% 05/15/2025 100.00005/15/2032 445,000 3.250% 3.300% 99.36705/15/2033 455,000 3.375% 3.400% 99.67205/15/2034 465,000 3.375% 3.450% 98.98005/15/2035 480,000 3.500% 3.500% 100.00005/15/2036 490,000 3.500% 3.550% 99.27605/15/2037 500,000 3.500% 3.600% 98.512

8,065,000

8,165,000

Dated Date 11/17/2015Delivery Date 11/17/2015First Coupon 05/15/2016

Par Amount 8,165,000.00Premium 225,558.20

Production 8,390,558.20 102.762501%Underwriter's Discount -38,212.20 -0.468000%

Purchase Price 8,352,346.00 102.294501% Accrued Interest

Net Proceeds 8,352,346.00


23/82


BOND DEBT SERVICE




Period Annual

Ending Principal Coupon Interest Debt Service Debt Service

05/15/2016 50,000 2.000% 127,362.71 177,362.7111/15/2016 128,293.75 128,293.7512/31/2016 305,656.4605/15/2017 50,000 2.000% 128,293.75 178,293.7511/15/2017 127,793.75 127,793.7512/31/2017 306,087.5005/15/2018 330,000 3.000% 127,793.75 457,793.7511/15/2018 122,843.75 122,843.7512/31/2018 580,637.5005/15/2019 335,000 3.000% 122,843.75 457,843.7511/15/2019 117,818.75 117,818.7512/31/2019 575,662.5005/15/2020 345,000 2.000% 117,818.75 462,818.7511/15/2020 114,368.75 114,368.7512/31/2020 577,187.50

05/15/2021 345,000 2.000% 114,368.75 459,368.7511/15/2021 110,918.75 110,918.7512/31/2021 570,287.5005/15/2022 350,000 2.250% 110,918.75 460,918.7511/15/2022 106,981.25 106,981.2512/31/2022 567,900.0005/15/2023 355,000 2.500% 106,981.25 461,981.2511/15/2023 102,543.75 102,543.7512/31/2023 564,525.0005/15/2024 360,000 2.750% 102,543.75 462,543.7511/15/2024 97,593.75 97,593.7512/31/2024 560,137.5005/15/2025 370,000 3.000% 97,593.75 467,593.7511/15/2025 92,043.75 92,043.7512/31/2025 559,637.5005/15/2026 380,000 4.000% 92,043.75 472,043.75

11/15/2026 84,443.75 84,443.7512/31/2026 556,487.5005/15/2027 390,000 4.000% 84,443.75 474,443.7511/15/2027 76,643.75 76,643.7512/31/2027 551,087.5005/15/2028 405,000 3.500% 76,643.75 481,643.7511/15/2028 69,556.25 69,556.2512/31/2028 551,200.0005/15/2029 415,000 3.500% 69,556.25 484,556.2511/15/2029 62,293.75 62,293.7512/31/2029 546,850.0005/15/2030 420,000 3.250% 62,293.75 482,293.7511/15/2030 55,468.75 55,468.7512/31/2030 537,762.5005/15/2031 430,000 3.250% 55,468.75 485,468.7511/15/2031 48,481.25 48,481.2512/31/2031 533,950.00

05/15/2032 445,000 3.250% 48,481.25 493,481.2511/15/2032 41,250.00 41,250.0012/31/2032 534,731.2505/15/2033 455,000 3.375% 41,250.00 496,250.0011/15/2033 33,571.88 33,571.8812/31/2033 529,821.8805/15/2034 465,000 3.375% 33,571.88 498,571.8811/15/2034 25,725.00 25,725.0012/31/2034 524,296.8805/15/2035 480,000 3.500% 25,725.00 505,725.0011/15/2035 17,325.00 17,325.0012/31/2035 523,050.0005/15/2036 490,000 3.500% 17,325.00 507,325.00


24/82


BOND DEBT SERVICE




Period Annual


11/15/2036 8,750.00 8,750.0012/31/2036 516,075.0005/15/2037 500,000 3.500% 8,750.00 508,750.0012/31/2037 508,750.00

8,165,000 3,416,781.47 11,581,781.47 11,581,781.47


25/82


ESCROW REQUIREMENTS




Period PrincipalEnding Interest Redeemed Total

05/15/2016 165,350.00 165,350.0011/15/2016 165,350.00 165,350.0005/15/2017 165,350.00 7,815,000.00 7,980,350.00

496,050.00 7,815,000.00 8,311,050.00


26/82


ESCROW DESCRIPTIONS




Type of Type of Maturity First Int Par MaxSecurity SLGS Date Pmt Date Amount Rate Rate

Nov 17, 2015:SLGS Certificate 05/15/2016 05/15/2016 144,761 0.170% 0.170%SLGS Certificate 11/15/2016 11/15/2016 144,154 0.350% 0.350%SLGS Note 05/15/2017 05/15/2016 7,959,654 0.520% 0.520%

8,248,569

SLGS Summary

SLGS Rates File 10AUG15

Total Certificates of Indebtedness 288,915.00Total Notes 7,959,654.00

Total original SLGS 8,248,569.00


27/82


ESCROW STATISTICS




Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time

Global Proceeds Escrow:8,248,569.31 1.461 0.515924% 0.515924% 7,952,629.26 295,940.03 0.02

8,248,569.31 7,952,629.26 295,940.03 0.02

Delivery date 11/17/2015 Arbitrage yield 3.033444%


28/82


ESCROW SUFFICIENCY




Escrow Net Escrow Excess ExcessDate Requirement Receipts Receipts Balance

11/17/2015 0.31 0.31 0.3105/15/2016 165,350.00 165,349.71 -0.29 0.0211/15/2016 165,350.00 165,350.88 0.88 0.9005/15/2017 7,980,350.00 7,980,349.10 -0.90

8,311,050.00 8,311,050.00 0.00


29/82


PROOF OF ARBITRAGE YIELD




Present Value

to 11/17/2015Date Debt Service @ 3.0334440124%

05/15/2016 177,362.71 174,742.0311/15/2016 128,293.75 124,509.6405/15/2017 178,293.75 170,449.6111/15/2017 127,793.75 120,346.0705/15/2018 457,793.75 424,672.9211/15/2018 122,843.75 112,253.5805/15/2019 457,843.75 412,122.9811/15/2019 117,818.75 104,468.7405/15/2020 462,818.75 404,245.6111/15/2020 114,368.75 98,402.0505/15/2021 459,368.75 389,332.4911/15/2021 110,918.75 92,603.3205/15/2022 460,918.75 379,060.3811/15/2022 106,981.25 86,667.07

05/15/2023 461,981.25 368,666.1011/15/2023 102,543.75 80,608.4305/15/2024 462,543.75 358,167.7711/15/2024 97,593.75 74,442.0105/15/2025 2,057,593.75 1,546,030.8011/15/2025 62,293.75 46,106.8405/15/2026 62,293.75 45,417.9811/15/2026 62,293.75 44,739.4105/15/2027 62,293.75 44,070.9711/15/2027 62,293.75 43,412.5305/15/2028 62,293.75 42,763.9211/15/2028 62,293.75 42,125.0005/15/2029 62,293.75 41,495.6211/15/2029 62,293.75 40,875.6505/15/2030 482,293.75 311,741.2611/15/2030 55,468.75 35,317.78

05/15/2031 485,468.75 304,487.0011/15/2031 48,481.25 29,953.2305/15/2032 493,481.25 300,332.9411/15/2032 41,250.00 24,729.6905/15/2033 496,250.00 293,060.7511/15/2033 33,571.88 19,529.6805/15/2034 498,571.88 285,699.6711/15/2034 25,725.00 14,521.1105/15/2035 505,725.00 281,203.8211/15/2035 17,325.00 9,489.4805/15/2036 507,325.00 273,727.1511/15/2036 8,750.00 4,650.5305/15/2037 508,750.00 266,355.01

11,434,756.47 8,367,598.61

Proceeds Summary

Delivery date 11/17/2015Par Value 8,165,000.00Premium (Discount) 225,558.20 Arbitrage expenses -22,959.59

Target for yield calculation 8,367,598.61


30/82


PROOF OF ARBITRAGE YIELD




Assumed Call/Computation Dates for Premium Bonds

Net PresentValue (NPV)

Bond Maturity Call Call to 11/17/2015Component Date Rate Yield Date Price @ 3.0334440124%

INS 05/15/2026 4.000% 2.500% 05/15/2025 100.000 -17,802.68INS 05/15/2027 4.000% 2.700% 05/15/2025 100.000 -11,313.57INS 05/15/2028 3.500% 2.900% 05/15/2025 100.000 -4,552.00INS 05/15/2029 3.500% 3.000% 05/15/2025 100.000 -1,161.80

Rejected Call/Computation Dates for Premium Bonds

Net PresentValue (NPV)

Bond Maturity Call Call to 11/17/2015 IncreaseComponent Date Rate Yield Date Price @ 3.0334440124% to NPV

INS 05/15/2026 4.000% 2.500% -15,104.48 2,698.20INS 05/15/2027 4.000% 2.700% -5,857.28 5,456.29INS 05/15/2028 3.500% 2.900% -509.96 4,042.04INS 05/15/2029 3.500% 3.000% 4,279.59 5,441.39


31/82


SUMMARY OF BONDS REFUNDED




Maturity Interest Par Call CallBond Date Rate Amount Date Price

General Obligation Serial Bonds, 2008, 2008:SERIAL 05/15/2018 4.000% 280,000.00 05/15/2017 100.000

05/15/2019 4.125% 290,000.00 05/15/2017 100.00005/15/2020 4.125% 300,000.00 05/15/2017 100.00005/15/2021 4.250% 310,000.00 05/15/2017 100.00005/15/2022 4.250% 320,000.00 05/15/2017 100.00005/15/2023 4.250% 330,000.00 05/15/2017 100.00005/15/2024 4.250% 340,000.00 05/15/2017 100.00005/15/2025 4.250% 355,000.00 05/15/2017 100.00005/15/2026 4.250% 365,000.00 05/15/2017 100.00005/15/2027 4.250% 375,000.00 05/15/2017 100.00005/15/2028 4.250% 390,000.00 05/15/2017 100.000

05/15/2029 4.250% 405,000.00 05/15/2017 100.00005/15/2030 4.250% 415,000.00 05/15/2017 100.00005/15/2031 4.250% 430,000.00 05/15/2017 100.00005/15/2032 4.250% 445,000.00 05/15/2017 100.00005/15/2033 4.250% 460,000.00 05/15/2017 100.00005/15/2034 4.250% 475,000.00 05/15/2017 100.00005/15/2035 4.250% 495,000.00 05/15/2017 100.00005/15/2036 4.250% 510,000.00 05/15/2017 100.00005/15/2037 4.250% 525,000.00 05/15/2017 100.000

7,815,000.00


32/82


PRIOR BOND DEBT SERVICE




Period Annual


05/15/2016 165,350.00 165,350.0011/15/2016 165,350.00 165,350.0012/31/2016 330,700.0005/15/2017 165,350.00 165,350.0011/15/2017 165,350.00 165,350.0012/31/2017 330,700.0005/15/2018 280,000 4.000% 165,350.00 445,350.0011/15/2018 159,750.00 159,750.0012/31/2018 605,100.0005/15/2019 290,000 4.125% 159,750.00 449,750.0011/15/2019 153,768.75 153,768.7512/31/2019 603,518.7505/15/2020 300,000 4.125% 153,768.75 453,768.7511/15/2020 147,581.25 147,581.2512/31/2020 601,350.00

05/15/2021 310,000 4.250% 147,581.25 457,581.2511/15/2021 140,993.75 140,993.7512/31/2021 598,575.0005/15/2022 320,000 4.250% 140,993.75 460,993.7511/15/2022 134,193.75 134,193.7512/31/2022 595,187.5005/15/2023 330,000 4.250% 134,193.75 464,193.7511/15/2023 127,181.25 127,181.2512/31/2023 591,375.0005/15/2024 340,000 4.250% 127,181.25 467,181.2511/15/2024 119,956.25 119,956.2512/31/2024 587,137.5005/15/2025 355,000 4.250% 119,956.25 474,956.2511/15/2025 112,412.50 112,412.5012/31/2025 587,368.7505/15/2026 365,000 4.250% 112,412.50 477,412.50

11/15/2026 104,656.25 104,656.2512/31/2026 582,068.7505/15/2027 375,000 4.250% 104,656.25 479,656.2511/15/2027 96,687.50 96,687.5012/31/2027 576,343.7505/15/2028 390,000 4.250% 96,687.50 486,687.5011/15/2028 88,400.00 88,400.0012/31/2028 575,087.5005/15/2029 405,000 4.250% 88,400.00 493,400.0011/15/2029 79,793.75 79,793.7512/31/2029 573,193.7505/15/2030 415,000 4.250% 79,793.75 494,793.7511/15/2030 70,975.00 70,975.0012/31/2030 565,768.7505/15/2031 430,000 4.250% 70,975.00 500,975.0011/15/2031 61,837.50 61,837.5012/31/2031 562,812.50

05/15/2032 445,000 4.250% 61,837.50 506,837.5011/15/2032 52,381.25 52,381.2512/31/2032 559,218.7505/15/2033 460,000 4.250% 52,381.25 512,381.2511/15/2033 42,606.25 42,606.2512/31/2033 554,987.5005/15/2034 475,000 4.250% 42,606.25 517,606.2511/15/2034 32,512.50 32,512.5012/31/2034 550,118.7505/15/2035 495,000 4.250% 32,512.50 527,512.5011/15/2035 21,993.75 21,993.7512/31/2035 549,506.2505/15/2036 510,000 4.250% 21,993.75 531,993.75


33/82


PRIOR BOND DEBT SERVICE




Period Annual


11/15/2036 11,156.25 11,156.2512/31/2036 543,150.0005/15/2037 525,000 4.250% 11,156.25 536,156.2512/31/2037 536,156.25

7,815,000 4,344,425.00 12,159,425.00 12,159,425.00


34/82


BOND SUMMARY STATISTICS




Dated Date 11/17/2015Delivery Date 11/17/2015Last Maturity 05/15/2037

Arbitrage Yield 3.033444%True Interest Cost (TIC) 3.100165%Net Interest Cost (NIC) 3.136223%

All-In TIC 3.196833% Average Coupon 3.318161%

Average Life (years) 12.611Weighted Average Maturity (years) 12.494Duration of Issue (years) 10.158

Par Amount 8,165,000.00

Bond Proceeds 8,390,558.20Total Interest 3,416,781.47Net Interest 3,229,435.47Total Debt Service 11,581,781.47Maximum Annual Debt Service 580,637.50

Average Annual Debt Service 538,826.74

Underwriter's Fees (per $1000) Average Takedown Other Fee 4.680000

Total Underwriter's Discount 4.680000

Bid Price 102.294501

Par Average AverageBond Component Value Price Coupon Life

Uninsured Serial Bonds 100,000.00 101.122 2.000% 0.994Insured Serial Bonds 8,065,000.00 102.783 3.319% 12.755

8,165,000.00 12.611

All-In ArbitrageTIC TIC Yield

Par Value 8,165,000.00 8,165,000.00 8,165,000.00 + Accrued Interest + Premium (Discount) 225,558.20 225,558.20 225,558.20 - Underwriter's Discount -38,212.20 -38,212.20 - Cost of Issuance Expense -80,000.00 - Other Amounts -22,959.59 -22,959.59 -22,959.59

Target Value 8,329,386.41 8,249,386.41 8,367,598.61

Target Date 11/17/2015 11/17/2015 11/17/2015Yield 3.100165% 3.196833% 3.033444%


35/82

Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance

AGGREGATE DEBT SERVICE




Refunding

2008 GO Refunding 2008 Unrefunded UnrefundedBonds GO Bonds Bonds Bonds Aggregate Aggregate A

Date Principal Interest Principal Interest Principal Interest Deb

05/15/2016 50,000 127,362.71 265,000 10,700 315,000 138,062.71 4511/15/2016 128,293.75 5,400 133,693.75 1312/31/2016 05/15/2017 50,000 128,293.75 270,000 5,400 320,000 133,693.75 4511/15/2017 127,793.75 127,793.75 1212/31/2017 05/15/2018 330,000 127,793.75 330,000 127,793.75 4511/15/2018 122,843.75 122,843.75 1212/31/2018 05/15/2019 335,000 122,843.75 335,000 122,843.75 4511/15/2019 117,818.75 117,818.75 1112/31/2019 05/15/2020 345,000 117,818.75 345,000 117,818.75 4611/15/2020 114,368.75 114,368.75 1112/31/2020 05/15/2021 345,000 114,368.75 345,000 114,368.75 4511/15/2021 110,918.75 110,918.75 1112/31/2021 05/15/2022 350,000 110,918.75 350,000 110,918.75 4611/15/2022 106,981.25 106,981.25 1012/31/2022 05/15/2023 355,000 106,981.25 355,000 106,981.25 4611/15/2023 102,543.75 102,543.75 1012/31/2023 05/15/2024 360,000 102,543.75 360,000 102,543.75 4611/15/2024 97,593.75 97,593.75 912/31/2024 05/15/2025 370,000 97,593.75 370,000 97,593.75 4611/15/2025 92,043.75 92,043.75 9

12/31/2025 05/15/2026 380,000 92,043.75 380,000 92,043.75 4711/15/2026 84,443.75 84,443.75 812/31/2026 05/15/2027 390,000 84,443.75 390,000 84,443.75 4711/15/2027 76,643.75 76,643.75 712/31/2027 05/15/2028 405,000 76,643.75 405,000 76,643.75 4811/15/2028 69,556.25 69,556.25 612/31/2028 05/15/2029 415,000 69,556.25 415,000 69,556.25 4811/15/2029 62,293.75 62,293.75 612/31/2029


36/82

Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance

AGGREGATE DEBT SERVICE




Refunding

2008 GO Refunding 2008 Unrefunded UnrefundedBonds GO Bonds Bonds Bonds Aggregate Aggregate A

Date Principal Interest Principal Interest Principal Interest Deb

05/15/2030 420,000 62,293.75 420,000 62,293.75 4811/15/2030 55,468.75 55,468.75 512/31/2030 05/15/2031 430,000 55,468.75 430,000 55,468.75 4811/15/2031 48,481.25 48,481.25 412/31/2031 05/15/2032 445,000 48,481.25 445,000 48,481.25 4911/15/2032 41,250.00 41,250.00 412/31/2032 05/15/2033 455,000 41,250.00 455,000 41,250.00 4911/15/2033 33,571.88 33,571.88 312/31/2033 05/15/2034 465,000 33,571.88 465,000 33,571.88 4911/15/2034 25,725.00 25,725.00 212/31/2034 05/15/2035 480,000 25,725.00 480,000 25,725.00 5011/15/2035 17,325.00 17,325.00 112/31/2035 05/15/2036 490,000 17,325.00 490,000 17,325.00 5011/15/2036 8,750.00 8,750.00 12/31/2036 05/15/2037 500,000 8,750.00 500,000 8,750.00 5012/31/2037

8,165,000 3,416,781.47 535,000 21,500 8,700,000 3,438,281.47 12,13


37/82

Aug 11, 2015 9:43 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 ) Page 1

EIC

Present Valueto 11/17/2015

Date Cashflow @ 3.0271188745%

05/15/2016 177,362.71 174,747.4111/15/2016 128,293.75 124,517.3505/15/2017 178,293.75 170,465.48

11/15/2017 127,793.75 120,361.0305/15/2018 457,793.75 424,738.9311/15/2018 122,843.75 112,274.5205/15/2019 457,843.75 412,212.7211/15/2019 117,818.75 104,494.7505/15/2020 462,818.75 404,358.8311/15/2020 114,368.75 98,432.6805/15/2021 459,368.75 389,465.7911/15/2021 110,918.75 92,637.9205/15/2022 460,918.75 379,213.8011/15/2022 106,981.25 86,704.8505/15/2023 461,981.25 368,838.2911/15/2023 102,543.75 80,648.5905/15/2024 462,543.75 358,357.3811/15/2024 97,593.75 74,483.74

05/15/2025 467,593.75 351,547.5911/15/2025 92,043.75 68,168.8005/15/2026 472,043.75 344,389.2311/15/2026 84,443.75 60,689.1105/15/2027 474,443.75 335,895.3011/15/2027 76,643.75 53,452.9805/15/2028 481,643.75 330,900.1911/15/2028 69,556.25 47,074.2305/15/2029 484,556.25 323,048.0911/15/2029 62,293.75 40,911.3105/15/2030 482,293.75 312,022.9211/15/2030 55,468.75 35,350.8005/15/2031 485,468.75 304,781.1011/15/2031 48,481.25 29,983.1005/15/2032 493,481.25 300,641.75

11/15/2032 41,250.00 24,755.8905/15/2033 496,250.00 293,380.3711/15/2033 33,571.88 19,551.5905/15/2034 498,571.88 286,029.0911/15/2034 25,725.00 14,538.3005/15/2035 505,725.00 281,545.5911/15/2035 17,325.00 9,501.3105/15/2036 507,325.00 274,076.9211/15/2036 8,750.00 4,656.6105/15/2037 508,750.00 266,711.97

11,581,781.47 8,390,558.20

Summary

Valuation date 11/17/2015 Amount 8,390,558.20

Target for yield calculation 8,390,558.20


38/82


39/82


40/82


41/82


42/82


43/82


44/82


45/82


46/82


47/82


48/82


49/82


50/82


51/82


52/82


53/82


54/82


55/82


56/82


57/82


58/82


59/82


60/82


61/82


62/82


63/82


64/82


65/82


66/82


67/82


68/82


69/82


70/82


71/82


72/82


73/82


74/82


75/82


76/82


77/82


78/82


79/82


80/82


81/82


82/82

lewis county board of legislators agenda sept. 1, 2015

Documents