11/30/2017 Fianace Committee Meeting Packet Finance Committee Agenda
November 30, 2017
County Manager's Front Conference Room
10:30 a.m.
1. Call to order
2. Approval of Agenda (meeting noticed on November 20, 2017)
3. Approval of Minutes from October 3, 2017 Meeting
4. Discussion of proposals and the Plan of Finance for the 2017 Special Obligation Refunding Note
5. Other Business
6. Public Comment
7. Adjourn— Next Meeting 12/14/17
1 FSO RIOP^ 1
Collier County Government
Communication & Customer Relations
3299 Tamiami Trail East, Suite 102 colliergov.net
Naples, FL 34112-5746 twitter.com/CollierPlO
facebook.com/CollierGov
youtube.com/CollierGov
November 20, 2017
FOR IMMEDIATE RELEASE
NOTICE OF PUBLIC MEETING
COLLIER COUNTY FINANCE COMMITTEE
COLLIER COUNTY, FLORIDA
THURSDAY, NOVEMBER 30,2017
10:30 A.M.
Notice is hereby given that the Collier County Finance Committee will meet Thursday,November 30, at
10:30 a.m. in the County Manager's Front Conference Room, second floor, Collier County Government
Center, 3299 Tamiami Trail East,Naples, Fla.
About the public meeting:
Two or more members of the Board of County Commissioners may be present and may participate at the
meeting. The subject matter of this meeting may be an item for discussion and action at a future Board of
County Commissioners meeting.
All interested parties are invited to attend, and to register to speak. All registered public speakers will be
limited to three minutes unless permission for additional time is granted by the chairman.
Collier County Ordinance No. 2004-05 requires that all lobbyists shall, before engaging in any lobbying
activities (including, but not limited to, addressing the Board of County Commissioners, an advisory board
or quasi-judicial board), register with the Clerk to the Board at the Board Minutes and Records Department.
Anyone who requires an auxiliary aid or service for effective communication, or other reasonable
accommodations in order to participate in this proceeding, should contact the Collier County Facilities
Management Department located at 3335 Tamiami Trail East,Naples, Florida 34112, or(239) 252-8380 as
soon as possible, but no later than 48 hours before the scheduled event. Such reasonable accommodations
will be provided at no cost to the individual.
For more information, call Mark Isackson at(239) 252-8973.
###
DRAFT
COLLIER COUNTY
FINANCE COMMITTEE MEETING
MINUTES
October 3, 2017, 9:30 A.M.
Board members in attendance: Mark Isackson, Corporate Financial Operations CMO; Crystal Kinzel,
Clerk of Courts Finance Director; Joe Bellone, Director of Operations Support-Public Utilities; Gene Shue-
Growth Management Operations Support Director.
Other attendees: Derek Johnssen, Clerk of Courts Assistant Finance Director; Ed Finn, Senior Budget
Analyst OMB.
Present by phone: Sergio Masvidal, Nicklas Rocca and Pete Varona from the PFM Group; Steve Miller
from Nabors, Giblin & Nickerson.
Not present: Jeff Klatzkow, County Attorney; Susan Usher-Senior Budget Analyst, OMB
1. Call to Order: Mark Isackson called the meeting to order at 9:34 a.m.
2. Approval of Agenda: Meeting noticed September 26, 2017. Motion to approve agenda. Joe
Bellone seconded. Unanimously approved.
3. Approval of Minutes from May 26, 2017 meeting: Make the following edit per Joe's request: #4(5th
sentence) Add "s" to 18 month. Motion to accept minutes with Joe's edit correction. Joe Bellone
seconded. Unanimously approved.
4. Plan of Finance—Acquisition of Golden Gate Utility: Finance Committee members discussed the
"Plan of Finance" connected with acquisition of the Golden Gate Utility. After discussion,
committee members recommended that the Series 2010, Series 2012 and Series 2015 Senior Lien
Bonds of the Golden Gate System in the cumulative amount of$34,960,000 be refinanced and
restructured to achieve the greatest net present value savings to the water/sewer district as
opposed to simply assuming the debt. This net present value savings based upon a planning interest
rate of 2.3%would realize net present value interest savings of$3,397,000 over the life of the
restructured issue. The specific level of savings will not be known until receipt of the bids. In
addition, committee members recommended taking cash from the utility transfer and pay off one
Sun Trust loan totaling$2,265,100 and two State Revolving Fund loans in the amount of$1,433,653.
5. Other Business: None.
6. Public Comment: None
8. Adjourn: Meeting adjourned at 10:05 a.m. Motioned by Mark Isackson and seconded by Crystal
Kinzel. Unanimously approved. Next meeting TBD.
APPROVED FINAL
COLLIER COUNTY
FINANCE COMMITTEE MEETING
MINUTES
October 3, 2017, 9:30 A.M.
Board members in attendance: Mark Isackson, Corporate Financial Operations CMO; Crystal Kinzel,
Clerk of Courts Chief Deputy Clerk; Joe Bellone, Director of Operations Support-Public Utilities; Gene
Shue-Growth Management Operations Support Director.
Other attendees: Derek Johnssen, Clerk of Courts Assistant Finance Director; Ed Finn, Senior Budget
Analyst OMB.
Present by phone: Sergio Masvidal, Nicklas Rocca and Pete Varona from the PFM Group; Steve Miller
from Nabors, Giblin & Nickerson.
Not present: Jeff Klatzkow, County Attorney;Susan Usher-Senior Budget Analyst, OMB
1. Call to Order: Mark Isackson called the meeting to order at 9:34 a.m.
2. Approval of Agenda: Meeting noticed September 26, 2017. Motion to approve agenda. Joe
Bellone seconded. Unanimously approved.
3. Approval of Minutes from May 26, 2017 meeting: Make the following edit per Joe's request:#4 (5th
sentence) Add "s"to 18 month. Motion to accept minutes with Joe's edit correction. Joe Bellone
seconded. Unanimously approved.
4. Plan of Finance—Acquisition of Golden Gate Utility: Finance Committee members discussed the
"Plan of Finance" connected with acquisition of the Golden Gate Utility. After discussion,
committee members recommended that the Series 2010, Series 2012 and Series 2015 Senior Lien
Bonds of the Golden Gate System in the cumulative amount of$34,960,000 be refinanced and
restructured to achieve the greatest net present value savings to the water/sewer district as
opposed to simply assuming the debt. This net present value savings based upon a planning interest
rate of 2.3%would realize net present value interest savings of$3,397,000 over the life of the
restructured issue. PFM agreed to issue RFQ and the specific level of savings will not be known until
receipt of the bids. In addition, committee members recommended taking cash from the utility
transfer and pay off one Sun Trust loan totaling$2,265,100 and two State Revolving Fund loans in
the amount of$1,433,653.
5. Other Business: None.
6. Public Comment: None
8. Adjourn: Meeting adjourned at 10:05 a.m. Motioned by Mark Isackson and seconded by Crystal
Kinzel. Unanimously approved. Next meeting TBD.
Public Funding
November 27,2017
Mark Isackson
Collier County
markisackson@col l iergov.n et
Subject: Collier County,Florida Special Obligation Revenue Bond,Series 2017(the"Loan")
Dear Mark:
This Term Sheet is presented in response to that certain Request for Proposal dated November 13, 2017
("RFP")that you have presented to Capital One Public Funding,LLC("COPF"). All terms,provisions and
covenants set forth in the RFP are incorporated herein except as described below. We are very interested in
working with Collier County, Florida ("Borrower") and are pleased to present the following summary
terms:
Structure Directly purchased Special Obligation Revenue Bond,Series 2017.
Estimated Amount $45,000,000
Use of Proceeds Refund 2010 bonds for debt service savings.
Security Provisions/Repayment Sources As described in the RFP.
Fixed Interest Rate 3.15%
Payment Assumptions Payments of principal annually and interest due semi-annually;average life of 10.4
years;final maturity 07/01/34. Loan will be payable in installments on the dates and
in the amounts set forth on a payment schedule identifying payment dates,principal,
interest and total payment due,which shall be attached to the bond.
Call Provisions No call until 07/01/25,then in whole at par on any interest payment date.
Tax Treatment Tax-exempt
Determination of Taxability COPF shall require an increase in the interest rate in the event the tax-exempt status of
the Loan is lost due to a direct act or omission on the part of the Borrower
Interest Rate Assumptions
The above-quoted interest rate is based upon the assumptions set forth above regarding average life and
final maturity. Any changes from the assumptions may require an adjustment to the quoted rate. The rate
may also be subject to change if the contemplated Loan is not closed by December 28,2017.
Documentation
Loan documentation shall be prepared by qualified bond counsel subject to review by COPF and its
counsel. Borrower shall provide, at its expense,an opinion of legal counsel (acceptable to COPF)attesting
to the legal, valid, and binding nature of the transaction and the tax-exempt nature of the interest
component of the Loan payments. Upon selection of COPF, the Borrower shall provide COPF the draft
authorizing document for its review and comment.
Costs of Issuance
The Borrower shall be responsible for normal borrower costs of issuance including a financial advisor,
placement agent,and bond counsel. No fees will be due to COPF,which shall be responsible for the costs
of its own legal review.
Capital te"
Public Funding
Direct Loan •
The Loan shall be directly funded by (and registered in the name of) COPF as a single, fully registered
bond and delivered in physical, non-book-entry, certificated form. The Loan shall not be (i) assigned a
separate rating by any rating agency; (ii) registered with the Depository Trust Company or any other
securities depository;(iii)issued pursuant to any type of official statement,private placement memorandum
or other offering document; or(iv) assigned a CUSIP number. The lender certificate attached hereto as
Exhibit A will be executed by COPF at closing.
Audited Financial Statements
Upon request,the Borrower shall send COPF a copy of its audited financial statements within 270 days of
the end of the fiscal year.
Municipal Advisor Rules
As noted, this Term Sheet is submitted in response to your Request for Proposals dated November 13,
2017. The contents of this Term Sheet and any subsequent discussions between us, including any and all
information, recommendations, opinions, indicative pricing, quotations and analysis with respect to the
Loan, are provided to you in reliance upon the exemption provided for responses to requests for proposals
or qualifications under the municipal advisor rules of the Securities and Exchange Commission (Rule
15Bal-1 et seq.).
Role of Capital One Public Funding,LLC
The Borrower acknowledges and agrees that: (i) the information contained in this Term Sheet is for
discussion purposes only and sets forth certain proposed terms and conditions of an arm's-length
commercial transaction between the Borrower and COPF and does not constitute advice, an opinion or a
recommendation by COPF; (ii)the Borrower will make its own determination regarding whether to enter
into the proposed transaction and the terms thereof, and will consult with and rely on the advice of its own
financial, accounting, tax, legal and other advisors; (iii) COPF is acting solely for its own account in
connection with the proposed transaction, and is not acting as a municipal advisor, financial advisor, agent
or fiduciary to the Borrower or any other person or entity(including to any financial advisor or placement
agent engaged by the Borrower) and the Borrower, its financial advisor and placement agent are free to
retain the services of such advisors (including as it relates to structure, timing, terms and similar matters
and compliance with legal requirements applicable to such parties) as it deems necessary or appropriate;
(iv) COPF has no fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934 to the
Borrower with respect to the transaction contemplated hereby and the discussions, undertakings and
procedures leading thereto; (v) neither COPF nor any of its affiliates is acting as a broker, dealer,
underwriter or placement agent with respect the transactions contemplated hereby; (vi)the only obligations
COPF has to the Borrower with respect to the transaction contemplated hereby expressly are set forth in
this Term Sheet; and(vii)COPF is not recommending that the Borrower take an action with respect to the
transaction contemplated by this Term Sheet. Before taking any action with respect to the Loan, the
Borrower should discuss the information contained herein with the Borrower's own legal, accounting,tax,
financial and other advisors,as it deems appropriate. If the Borrower would like a municipal advisor in this
transaction that has legal fiduciary duties to it, Borrower is free to engage a municipal advisor to serve in
that capacity.
Other Information
To the extent that updated financial and other credit materials have not already been provided to COPF or
are not available through public resources, COPF may require and request the following: audited and
unaudited financial statements; budgets; calculations of historical and projected debt service coverage;
information on outstanding bond issues, lease transactions, and contingent/material liabilities; tax base
details; and other reasonable and customary information relevant to the Borrower's credit quality and the
source of repayment.
Collier County,Florida Page 2
Special Obligation Revenue Bond,Series 2017 November 27,2017
Capitan
Public Funding
Confidentiality
The information contained herein is strictly confidential and is intended for review by the parties, their
advisors and legal counsel only and may not be disclosed to any other person or entity, except as required
by law or otherwise consented to by COPF.
Closing
Closing is anticipated to take place on December 28,2017. The funding of the Loan will occur only after,
among other things,COPF,the Borrower,and their respective counsels are fully satisfied with the terms of
the Loan documents and all of the terms and conditions contained herein and in the Loan documents have
been met.
Term Sheet Expiration
This Term Sheet shall expire if not accepted by the Borrower by December 1, 2017. Once accepted, this
Term Sheet shall expire if the transaction has not closed by December 28, 2017,unless extended by COPF
at its sole discretion.
Subject to Final Credit Approval
Specifically, but without limitation, this Term Sheet has not yet received all necessary internal and
committee approvals of COPF. Any obligation of COPF to provide financing or otherwise shall arise only
upon the execution of final Loan documents signed by authorized signatories of COPF and not from
statements(oral or written)made during the course of discussions among the parties(whether or not prior
to or after the date hereof).
Should the above-stated terms be acceptable to you, a formal decision through COPF's internal credit
process will be pursued as quickly as possible
Thank you for the opportunity to offer this Term Sheet. Should you have any questions, please do not
hesitate to contact me at jaci.bretz(a)capitalone.com or 631-457-9582.
Sincerely,
,.).ar42/4;1-4. . •2/
Jacqueline Bretz
Vice President
Capital One Public Funding,LLC
ACCEPTED BY: COLLIER COUNTY,FLORIDA
By
Name
Title
cc: Sergio Masvidal/Nicklas Rocca
masvidals@,pfm.com
roccan(apfm.com
Collier County,Florida Page 3
Special Obligation Revenue Bond,Series 2017 November 27,2017
i Pinnacle Public Finance
A BankUnited Company
November 27,2017
VIA Electronic Mail
Mr.Mark Isackson
Director of Corporate Financial&Management Services Division
Collier County
RE: Request for Quotes—Special Obligation Refunding Revenue Bond,Series 2017
Dear Mr. Isackson
Pinnacle Public Finance, Inc., a BankUnited Company, is pleased to provide this response to the Collier
County Request for Quotes distributed by PFM Financial Advisors LLC., acting as Financial Advisor,to
the County.
Corporate Overview: In October 2010, BankUnited acquired the municipal finance business from
Koch Financial Corporation and now operates it under the name Pinnacle Public Finance,Inc. Pinnacle is
headquartered in Scottsdale, Arizona and is a market leader in providing tax-exempt financing directly to
its state and local government clients and through its vendor programs and alliances. With more than$6
billion in financing and transactional experience in every state in the U.S., our team has the knowledge
and the resources to fund complex programs that require innovative and flexible financing solutions.
Since beginning operations as Pinnacle, we have funded more than 1,570 municipal transactions totaling
more than $2.45 billion. As Koch Financial Corporation, our group managed a portfolio in excess of$1
billion and 2,600 municipal leases.
Given that BankUnited is based in Florida, Pinnacle is strongly committed to meeting the needs of our
Florida clients. Members of our team have successfully funded more than 45 transactions totaling nearly
$500 million in Florida.
Our proposed terms and conditions are as follows:
Borrower: Collier County,Florida("Borrower"or"County")
Lender: Pinnacle Public Finance,Inc., a BankUnited Company("Lender"or"Pinnacle")
Financial
Advisor: PFM Financial Advisors LLC("Advisor")
Bond Counsel: Nabors,Giblin&Nickerson,PA(`Bond.Counsel")
Lender's
Counsel: Chapman and Cutler LLP("Lender's Counsel")
Issue Type: Municipal loan in the form of a bond(the"Loan"). The registered owner will be
Pinnacle Public Finance, Inc. and Pinnacle requests physical delivery of the
bond, printed on safety paper, with no CUSIP and no reference to DTC or book-
entry only system. Pinnacle prefers the bond be structured as a single term bond
with mandatory sinking fund redemptions.
Pinnacle Public Finance,Inc.
Collier County—Special Obligation Refunding Revenue Bond,Series 2017
November 27,2017
Page 2 of 5
Transaction
Amount: Not to exceed$45,000,000
Purpose: The proceeds will be used to refund the County's callable Special Obligation
Revenue Bonds, Series 2010 and to pay costs of issuance.
Security: The payment of principal and interest for the Loan will be secured by a covenant
to budget and appropriate from all legally available Non Ad-Valorem revenues of
the County.
Term: The Loan will have a final maturity of July 1, 2034 with an average life of
approximately 10.4 years.
Interest Rate: 3.09%
Interest Rate
Expiration: The above rate is valid through December 31,2017.
Projected
Funding Date: It is assumed the Loan will fund on or about December 28,2017.
Payment
Frequency: Principal will be paid annually each July 1, commencing July 1, 2018. Interest
will be paid semi-annually each January 1 and Julyl, commencing July 1,2018.
Debt Service
Requirements: Please see the attached Preliminary Debt Service Schedules.
Prepayment Terms: Prepayment in Whole
Beginning July 1, 2018 and ending June 30, 2025, the Loan is subject to
prepayment in whole any time at a price equal to 101% of par plus accrued
interest. Beginning July 1, 2025 and thereafter, the Loan is subject to
prepayment in whole any time at a price equal to par plus accrued interest.
Prepayment in Part
Beginning July 1, 2018, the Loan is subject to prepayment in part one-time per
year on a payment date in a minimum amount of $250,000 and a maximum
amount of$4 million at a price equal to par plus a $500 re-booking fee. Prior to
closing, the Lender and City will agree to the method of applying the partial
prepayment,i.e.pro rata or inverse order of maturity.
Documentation: The Lender assumes all financing documentation will be prepared by Bond
Counsel in form and content acceptable to the Lender and Lender's Counsel.
Further, it is assumed Bond Counsel will provide, at no cost to the. Lender, a
validity and tax opinion.
This proposal is subject to review and acceptance of all documents by the Lender
and Lender's Counsel.
Pinnacle Public Finance,Inc.
Collier County—Special Obligation Refunding Revenue Bond,Series 2017
November 27,2017
Page 3 of 5
Requested
Provisions: The Lender will require a gross up provision in the event the Loan becomes
taxable due to actions or omissions of the Borrower. If the Loan becomes
taxable the taxable rate of interest will be 4.75% and will be effective as of the
date of a final determination of the Internal Revenue Service or a court of
competent jurisdiction or an opinion of a nationally recognized bond counsel
selected by the Lender.
The Lender assumes customary events of default for a transaction of this nature
will be included. The Lender requests a default rate of 6% be included in the
transaction with the default rate going to 7% if the obligation has become taxable
as described above. Subject to negotiation.
The Lender assumes an Anti-Dilution/Additional Bonds Test willrequire at least
1.50X coverage. Subject to negotiation.
The Lender requires the loan documents make no reference to any Uniform
Commercial.Code Section relating to Investment Securities(i.e. UCC Article 8).
The Lender will agree to transfer restrictions stated below in Assignment.
Reporting: The Lender will request that the Borrower agree to provide its CAFR within 210
days of the close of each fiscal year. Additionally, the Lender will request that
the Borrower agree to provide such other financial information as the Lender
may reasonably request, including but not limited to, its annual budget for any
prior or current fiscal year or subsequent fiscal years.Subject to negotiation.
Assignment: It is our present intention to hold the Loan to maturity; however,the Lender will
require that it reserves the right to assign, transfer or convey the Loan(or any
interest therein or portion thereof)only to any of its affiliates or to banks,
insurance companies or similar financial institutions or their affiliates,including
participation arrangements with such entities.
Fees/Closing Costs: The Lender proposes the inclusion of up to $7,500 for Lender's Counsel in the
costs of issuance. The Borrower will be responsible for any fees or expenses with
respect to its (i) issuing costs, (ii) legal counsel (iii) Bond Counsel and (iv)
title/registration fees,if any.
Pre-Close
Requirements: The Lender will require a complete executed copy of the transcript by noon the
day prior to funding (a scanned copy is acceptable). Ultimately, the Lender will
require a complete transcript with original signatures.
IRMA
Representation: The Lender requests the Borrower provide a letter confirming the Advisor is
acting as Independent Registered Municipal Advisor under the SEC Municipal
Advisor Rule. A copy of the requested letter is attached to this proposal as
Exhibit A.
Pinnacle Public Finance,Inc.
Collier County-Special Obligation Refunding Revenue Bond,Series 2017
November 27,2017
Page 4 of 5
Pinnacle's Role
As Lender: The transaction described in this document is an arm's length, commercial
transaction between the Borrower and Pinnacle in which: (a) Pinnacle is acting
solely as a principal(i.e., as a lender) and for its own interest; (b)Pinnacle is not
acting as a municipal advisor or financial advisor to the Borrower; (c) Pinnacle
has no fiduciary duty pursuant to Section 15B of the Securities Exchange Act of
1934 to the Borrower with respect to this transaction and the discussions,
undertakings and procedures leading thereto (irrespective of whether Pinnacle
has provided other services or is currently providing other services to the
Borrower on other matters); (d)the only obligations Pinnacle has to the Borrower
with respect to this transaction are set forth in the definitive transaction
agreements between Pinnacle and the Borrower; and (e) Pinnacle is not
recommending that the Borrower take an action with respect to the transaction
described in this document, and before taking any action with respect to this
transaction, the Borrower should discuss the information contained herein with
its own legal, accounting, tax, financial and other advisors, as it deems
appropriate.
Credit Approval: This proposal is subject to final credit approval by Pinnacle's parent,
BankUnited.
Please feel free to call me at 480.419.3634 with any questions or further clarification.
Thank you for the opportunity to present this proposal.
Sincerely
Blair Swain
Senior Vice President,Direct Markets
CC: Sergio Masvidal, Public Financial Management,Inc.
Nicklas Rocca, Public Financial Management, Inc.
Pinnacle Public Finance.Inc.
Collier County—Special Obligation Refunding Revenue Bond,Series 2017
November 27,2017
Page 5 of 5
Preliminary Debt Service Schedule
1
Totals; 558,102,791.54 $14,097,791.54 $44,005,000.00 Rate 3.0900% $58,102,791.54
Payment Payment Purchase Outstanding Annual
Pmt# Date Amount Interest Principal Price Balance Total
12/28/2017 $44,005,000.00
I
711/2018 S826,208.54 $691,208.54 $135,000.00 $44,308,700.00 $43,870,000.00 $826,208.54
2 1/1/2019 $677,791.50 $677,791.50 $0.00 $44,308,700.00 $43,870,000.00
3 7/1/2019 $942,791.50 $677.791.50 $265,000.00 $44,041,050.00 $43,605,000.00 $1,620,583.00
4 1/1/2020 $673,697.25 $673,697.25 $0.00 $44,041,050.00 $43.605,000,00
5 7/112020 $948,697.25 $673,697.25 $275,000.00 $43,763,300.00 $43,330,000.00 $1,622,394.50
6 1/1/2021 $669,448,50 $669,448.50 $0.00 $43,763,300.00 $43,330,000.00
7 7/1/2021 $3,189,448.50 $669,448.50 $2,520,000.00 $41,218,100.00 $40,810.000.00 $3,858,897.00
8 1/1/2022 $630,514.50 $630,514.50 $0.00 $41,218,100.00 $40,810,000.00
9 7/1/2022 $3,225,514.50 $630,514.50 $2,595,000.00 $38,597,150.00 $38,215,000.00 $3,856,029.00
10 1/1/2023 $590,421.75 $590,421.75 $0.00 $38,597,150.00 $38,215,000.00
11 7,1/2023 $3,270,421.75 $590,421.75 $2,680,000.00 $35,890,350.00 $35,535.000.00 $3,860,843.50
12 1/1/2024 $549,015.75 $549,015.75 $0.00 $35,890,350.00 $35,535,000.00
13 7/1/2024 $3,309,015.75 $549,015.75 $2,760,000.00 S33,102,750.00 $32,775,000.00 $3,858,031.50
14 1/1/2025 $506,373.75 $506,373.75 $0.00 S33,102,750.00 $32,775,000.00
15 7/1/2025 $3,351,373.75 $506,373.75 $2,845,000.00 $29,930,000.00 $29,930,000.00 $3,857,747.50
16 1/1/2026 $462,418.50 $462,418.50 $0.00 $29,930,000.00 $29,930,000.00'
17 7/1/2026 $3,397,418.50 $462.418.50 $2,935.000.00 526,995,000.00 $26,995,000.00 $3,859,837.00
18 1/1/2027 $417,072.75 $417,072.75 $0.00 $26,995,000.00 $26,995,000.00
19 7/1/2027 $3,442,072.75 $417,072.75 $3,025,000.00 $23,970,000.00 $23,970,000.00 $3,859,145.50
20 1/1/2028 $370,336.50 $370,336.50 $0.00 $23,970,000.00 $23,970,000.00
21 7/1/2028 $3,490,336.50 $370,336.50 $3,120,000.00 $20,850,000.00 $20,850,000'.00 $3,860,673.00
22 1/12029 $322,132.50 $322,132.50 $0.00 $20,850,000.00 $20,850.000.00
23 7/1/2029 $3,537,132.50 $322,132.50 $3,215,000.00 , $17,635,000.00 $17,635,000.00 $3,859,265.00
24 1/1/2030 $272,460,75 $272,460.75 $0.00 517.635,000.00 $17,635,000.00
25 7/112030 $3,587,460.75 $272,460.75 $3,315,000.00 S14,320,000.00 $14,320,000.00 $3.859,921.50
26 1/1/2031 $221,244.00 $221244.00 $0.00 $14,320,000.00 $14,320.000.00
27 7/1/2031 $3,636,244.00 $221,244.00 $3,415,000.00 510,905,000.00 $10,905,000.00 $3,857,488.00
28 1/1/2032 $168,482.25 $168,482.25 $0.00 510.905,000.00 $10,905,000.00
29 7!1/2032 $3,693,482.25 $168,482.25 $3,525,00(1.00 $7,380,000.00 $7,380,000.00 $3,861,964.50
30 1/122033 $114,021.00 $114,021.00 $0.00 $7,380,000.00 $7,380,000.00
31 7/1/2033 $3,749,021.00 $114,021.00 $3,635,000.00 $3,745,000.00 $3.745,000.00 $3,863,042.00
32 1/1/2034 $57,860.25 $57,860.25 $0A0 $3,745,000.00 $3,745,000.00
33 7/12034 $3,802.860.25 $57,860.25 $3,745,000.00 $0.00 $0.00 $3.860,720.50
1
EXHIBIT A
IRMA REPRESENTATION LETTER
[Date]
Pinnacle Public Finance, Inc.
8377 E. Hartford Drive, Suite 115
Scottsdale,Arizona 85255
Attention: Blair Swain
Re: Independent Registered Municipal Advisor Representation
Dear Mr. Swain:
We are writing to provide you with certain representations pursuant to Rule 15Bal-1 (the
"Municipal Advisor Rule") of the Securities and Exchange Commission (the "SEC") under the
Securities Exchange Act of 1934, as amended (the "Act"), regarding our independent registered
municipal advisor.
Pursuant to paragraph (d)(3)(vi)(B) of the Municipal Advisor Rule, we hereby represent
to you that we are represented by, and will rely on the advice of, [name of advisor](the
"Advisor")on all matters relating to [name of specific transaction].
We have been advised by the Advisor that: (i) it has registered as a municipal advisor
with the SEC and the Municipal Securities Rulemaking Board; and (ii)the following individuals,
each of whom has been employed by the Advisor for at least two years prior to the date of this
letter, are the Associated Individuals of the Advisor for its representation of us: [names of
Advisor officers and employees]..
Capitalized terms used and not defined in this letter have the meanings assigned to them
in the Act, the Municipal Advisor Rule and the related guidance of the SEC's Office of
Municipal Securities. You may rely on this representation letter until such time as you receive
notice from us.
Sincerely,
[NAME OF MUNICIPAL ENTITY]
By
Its
255 Alhambra Circle 305 448-6992
Suite 404 305 448-7131 fax
Coral Gables,FL www.pfm.com
33134
pfm November 27, 2017
Memorandum—Plan of Finance
To: Collier County, Florida
From: PFM Financial Advisors LLC
Re: 2017 Special Obligation Refunding Note—Plan of Finance
The purpose of this memorandum is to provide the basis for the recommended plan of finance for Collier
County (the "County"), and to summarize the proposals received for the County's Request for Proposals
for the 2017 Bank Note.
PFM, working alongside County officials, continually evaluates the County's existing debt portfolio for
opportunities to reduce debt service costs. One such opportunity is refinancing the outstanding Special
Obligation Revenue Bonds, Series 2010 (the"Series 2010 Bonds") in the presently attractive interest rate
environment. The total outstanding amount of the Series 2010 Bonds is approximately$41 million maturing
in years 2021-2034. The call date of the outstanding Series 2010 Bonds is July 1, 2020 and they are
currently allowed to be advance refunded on a tax-exempt basis. However, language in both the House
and Senate proposed tax reform bills could eliminate the ability for issuers to execute advance refundings
(a refunding more than 90 days from the call date) on a tax-exempt basis. Due to this proposed change in
tax law, the County has determined that a Bank Note, as opposed to a public bond offering, would best
serve the County to implement the plan of finance in the most time and cost effective manner. This
determination is based on the desire to: expedite the refinancing and close before January 1, 2018 (which
would allow the financing to be tax-exempt); capture current market conditions as well as lock the rate as
soon as possible; minimize the administrative requirements compared to a public offering; and reduce the
costs of issuance compared to a public offering.
PFM worked with the County to draft the Request for Quote ("RFQ") for the 2017 Bank Note prior to its
release. The RFQ was then emailed to a broad pool of financing entities that we know to be active in the
municipal space. The size of the loan (up to approximately $45 million) and average life (approximately
10.4 years) are generally consistent with parameters typically seen in bank notes, and such parameters
would attract interest from the bank lending community and yield the County with a favorable result. On
November 27th,two(2)quotes were submitted. A summary of the proposing firms,along with the key points
from each proposal is included as an attachment to this memorandum.
After review of the bank offers and discussion among the County's finance team, Pinnacle Public Finance,
Inc.'s ("PPF") proposal was considered the most attractive. Based on the 3.09% interest rate and a final
maturity of 2034, the County is estimated to achieve an All-In True Interest Cost of 3.11%. As of today we
anticipate the refunding to result in approximately$2.67 million (6.5%) Net Present Value Savings. On the
following page we have included a summary of the anticipated cash flow savings ($3.4 million) that will
result from the refunding of the Series 2010 Bonds (please note these may fluctuate depending on the
escrow earning's rate at time of approval). The PPF interest rate is locked through the anticipated closing
time for this transaction (expected on or around December 28th). The PPF proposal also provides for future
prepayment opportunities of the 2017 Bank Note (1% premium before 2025, and no cost afterwards).
Finally, the County's legal team has reviewed the terms in the PPF proposal and, is satisfied they are
consistent with the existing terms and covenants in the County's prior bond resolution.
November 27, 2017
Page 2 of 2
pfm
The schedule below shows the County's expected annual debt service cash flow savings upon completing
the 2017 Bank Note. Please feel free to contact us should you have any questions or comments prior to
the Commission meeting to approve the transaction.
Bond Year Annual Cash
Ending Flow Savings
7/1/2018 $104,763
7/1/2019 205,846
7/1/2020 208,880
7/1/2021 207,069
7/1/2022 204,196
7/1/2023 206,827
7/1/2024 208,130
7/1/2025 208,105
7/1/2026 206,707
7/1/2027 205,508
7/1/2028 207,553
7/1/2029 208,972
7/1/2030 209,196
7/1/2031 207,616
7/1/2032 206,176
7/1/2033 204,635
7/1/2034 207,743
Total $3,417,922
P
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pfm
SOURCES AND USES OF FUNDS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Dated Date 12/28/2017
Delivery Date 12/28/2017
Sources:
Bond Proceeds:
Par Amount 43,815,000.00
Other Sources of Funds:
Sinking Fund Interest 892,725.31
44,707,725.31
Uses:
Refunding Escrow Deposits:
Cash Deposit 907,856.90
SLGS Purchases 43,723,131.00
44,630,987.90
Delivery Date Expenses:
Cost of Issuance 76,361.25
Other Uses of Funds:
Additional Proceeds 376.16
44,707,725.31
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 1
pfm
BOND SUMMARY STATISTICS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Dated Date 12/28/2017
Delivery Date 12/28/2017
First Coupon 07/01/2018
Last Maturity 07/01/2034
Arbitrage Yield 3.089977%
True Interest Cost(TIC) 3.089977%
Net Interest Cost(NIC) 3.090000%
All-In TIC 3.110207%
Average Coupon 3.090000%
Average Life(years) 10.370
Duration of Issue(years) 8.758
Par Amount 43,815,000.00
Bond Proceeds 43,815,000.00
Total Interest 14,039,496.11
Net Interest 14,039,496.11
Total Debt Service 57,854,496.11
Maximum Annual Debt Service 3,847,115.00
Average Annual Debt Service 3,504,563.12
Underwriter's Fees(per$1000)
Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bp
Bond Component Value Price Coupon Life change
Bond Component 43,815,000.00 100.000 3.090% 10.370 37,637.45
43,815,000.00 10.370 37,637.45
All-In Arbitrage
TIC TIC Yield
Par Value 43,815,000.00 43,815,000.00 43,815,000.00
+Accrued Interest
+Premium(Discount)
-Underwriter's Discount
-Cost of Issuance Expense -76,361.25
-Other Amounts
Target Value 43,815,000.00 43,738,638.75 43,815,000.00
Target Date 12/28/2017 12/28/2017 12/28/2017
Yield 3.089977% 3.110207% 3.089977%
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 2
'* pfm
SUMMARY OF REFUNDING RESULTS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Dated Date 12/28/2017
Delivery Date 12/28/2017
Arbitrage yield 3.089977%
Escrow yield 1.798615%
Value of Negative Arbitrage 1,321,401.07
Bond Par Amount 43,815,000.00
True Interest Cost 3.089977%
Net Interest Cost 3.090000%
Average Coupon 3.090000%
Average Life 10.370
Par amount of refunded bonds 41,110,000.00
Average coupon of refunded bonds 4.588598%
Average life of refunded bonds 10.688
PV of prior debt to 12/28/2017 @ 3.089977% 47,385,693.97
Net PV Savings 2,678,344.82
Percentage savings of refunded bonds 6.515069%
Percentage savings of refunding bonds 6.112849%
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 3
•
pfm
SUMMARY OF BONDS REFUNDED
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Special Obligation Bonds,Series 2010:
SERIALS 07/01/2021 3.375% 2,235,000.00 07/01/2020 100.000
07/01/2022 4.000% 2,310,000.00 07/01/2020 100.000
07/01/2023 4.000% 2,405,000.00 07/01/2020 100.000
07/01/2024 4.000% 2,500,000.00 07/01/2020 100.000
07/01/2025 4.000% 2,600,000.00 07/01/2020 100.000
07/01/2026 4.125% 2,705,000.00 07/01/2020 100.000
07/01/2027 4.125% 2,815,000.00 07/01/2020 100.000
07/01/2028 4.250% 2,930,000.00 07/01/2020 100.000
07/01/2029 4.375% 3,055,000.00 07/01/2020 100.000
07/01/2030 4.500% 3,190,000.00 07/01/2020 100.000
TERM 07/01/2031 5.000% 3,330,000.00 07/01/2020 100.000
07/01/2032 5.000% 3,500,000.00 07/01/2020 100.000
07/01/2033 5.000% 3,675,000.00 07/01/2020 100.000
07/01/2034 5.000% 3,860,000.00 07/01/2020 100.000
41,110,000.00
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 4
• pfm
SAVINGS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Present Value
Prior Prior Prior Refunding to 12/28/2017
Date Debt Service Receipts Net Cash Flow Debt Service Savings @ 3.0899770%
07/01/2018 1,815,712.50 892,725.31 922,987.19 818,224.11 104,763.08 103,144.84
07/01/2019 1,815,712.50 1,815,712.50 1,609,866.50 205,846.00 199,978.26
07/01/2020 1,815,712.50 1,815,712.50 1,606,832.50 208,880.00 196,806.14
07/01/2021 4,050,712.50 4,050,712.50 3,843,644.00 207,068.50 189,293.03
07/01/2022 4,050,281.26 4,050,281.26 3,846,085.00 204,196.26 181,089.64
07/01/2023 4,052,881.26 4,052,881.26 3,846,054.00 206,827.26 177,762.49
07/01/2024 4,051,681.26 4,051,681.26 3,843,551.00 208,130.26 173,374.99
07/01/2025 4,051,681.26 4,051,681.26 3,843,576.00 208,105.26 168,027.33
07/01/2026 4,052,681.26 4,052,681.26 3,845,974.50 206,706.76 161,778.28
07/01/2027 4,051,100.00 4,051,100.00 3,845,592.00 205,508.00 155,874.94
07/01/2028 4,049,981.26 4,049,981.26 3,842,428.50 207,552.76 152,520.83
07/01/2029 4,050,456.26 4,050,456.26 3,841,484.00 208,972.26 148,757.27
07/01/2030 4,051,800.00 4,051,800.00 3,842,604.00 209,196.00 144,234.48
07/01/2031 4,048,250.00 4,048,250.00 3,840,634.00 207,616.00 138,622.43
07/01/2032 4,051,750.00 4,051,750.00 3,845,574.00 206,176.00 133,209.20
07/01/2033 4,051,750.00 4,051,750.00 3,847,115.00 204,635.00 127,909.23
07/01/2034 4,053,000.00 4,053,000.00 3,845,257.00 207,743.00 125,585.29
62,165,143.82 892,725.31 61,272,418.51 57,854,496.11 3,417,922.40 2,677,968.66
Savings Summary
PV of savings from cash flow 2,677,968.66
Plus:Refunding funds on hand 376.16
Net PV Savings 2,678,344.82
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 5
Pfm
BOND PRICING
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Maturity
Bond Component Date Amount Rate Yield Price
Bond Component:
07/01/2018 130,000 3.090% 3.090% 100.000
07/01/2019 260,000 3.090% 3.090% 100.000
07/01/2020 265,000 3.090% 3.090% 100.000
07/01/2021 2,510,000 3.090% 3.090% 100.000
07/01/2022 2,590,000 3.090% 3.090% 100.000
07/01/2023 2,670,000 3.090% 3.090% 100.000
07/01/2024 2,750,000 3.090% 3.090% 100.000
07/01/2025 2,835,000 3.090% 3.090% 100.000
07/01/2026 2,925,000 3.090% 3.090% 100.000
07/01/2027 3,015,000 3.090% 3.090% 100.000
07/01/2028 3,105,000 3.090% 3.090% 100.000
07/01/2029 3,200,000 3.090% 3.090% 100.000
07/01/2030 3,300,000 3.090% 3.090% 100.000
07/01/2031 3,400,000 3.090% 3.090% 100.000
07/01/2032 3,510,000 3.090% 3.090% 100.000
07/01/2033 3,620,000 3.090% 3.090% 100.000
07/01/2034 3,730,000 3.090% 3.090% 100.000
43,815,000
Dated Date 12/28/2017
Delivery Date 12/28/2017
First Coupon 07/01/2018
Par Amount 43,815,000.00
Original Issue Discount
Production 43,815,000.00 100.000000%
Underwriter's Discount
Purchase Price 43,815,000.00 100.000000%
Accrued Interest
Net Proceeds 43,815,000.00
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 6
• Pfm
BOND DEBT SERVICE
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Period
Ending Principal Coupon Interest Debt Service
07/01/2018 130,000 3.090% 688,224.11 818,224.11
07/01/2019 260,000 3.090% 1,349,866.50 1,609,866.50
07/01/2020 265,000 3.090% 1,341,832.50 1,606,832.50 .
07/01/2021 2,510,000 3.090% 1,333,644.00 3,843,644.00
07/01/2022 2,590,000 3.090% 1,256,085.00 3,846,085.00
07/01/2023 2,670,000 3.090% 1,176,054.00 3,846,054.00
07/01/2024 2,750,000 3.090% 1,093,551.00 3,843,551.00
07/01/2025 2,835,000 3.090% 1,008,576.00 3,843,576.00
07/01/2026 2,925,000 3.090% 920,974.50 3,845,974.50
07/01/2027 3,015,000 3.090% 830,592.00 3,845,592.00
07/01/2028 3,105,000 3.090% 737,428.50 3,842,428.50
07/01/2029 3,200,000 3.090% 641,484.00 3,841,484.00
07/01/2030 3,300,000 3.090% 542,604.00 3,842,604.00
07/01/2031 3,400,000 3.090% 440,634.00 3,840,634.00
07/01/2032 3,510,000 3.090% 335,574.00 3,845,574.00
07/01/2033 3,620,000 3.090% 227,115.00 3,847,115.00
07/01/2034 3,730,000 3.090% 115,257.00 3,845,257.00
43,815,000 14,039,496.11 57,854,496.11
•
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 7
Pfm
I
BOND DEBT SERVICE
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
07/01/2018 130,000 3.090% 688,224.11 818,224.11 818,224.11
01/01/2019 674,933.25 674,933.25
07/01/2019 260,000 3.090% 674,933.25 934,933.25 1,609,866.50
01/01/2020 670,916.25 670,916.25
07/01/2020 265,000 3.090% 670,916.25 935,916.25 1,606,832.50
01/01/2021 666,822.00 666,822.00
07/01/2021 2,510,000 3.090% 666,822.00 3,176,822.00 3,843,644.00
01/01/2022 628,042.50 628,042.50
07/01/2022 2,590,000 3.090% 628,042.50 3,218,042.50 3,846,085.00
01/01/2023 588,027.00 588,027.00
07/01/2023 2,670,000 3.090% 588,027.00 3,258,027.00 3,846,054.00
01/01/2024 546,775.50 546,775.50
07/01/2024 2,750,000 3.090% 546,775.50 3,296,775.50 3,843,551.00
01/01/2025 504,288.00 504,288.00
07/01/2025 2,835,000 3.090% 504,288.00 3,339,288.00 3,843,576.00
01/01/2026 460,487.25 460,487.25
07/01/2026 2,925,000 3.090% 460,487.25 3,385,487.25 3,845,974.50
01/01/2027 415,296.00 415,296.00
07/01/2027 3,015,000 3.090% 415,296.00 3,430,296.00 3,845,592.00
01/01/2028 368,714.25 368,714.25
07/01/2028 3,105,000 3.090% 368,714.25 3,473,714.25 3,842,428.50
01/01/2029 320,742.00 320,742.00
07/01/2029 3,200,000 3.090% 320,742.00 3,520,742.00 3,841,484.00
01/01/2030 271,302.00 271,302.00
07/01/2030 3,300,000 3.090% 271,302.00 3,571,302.00 3,842,604.00
01/01/2031 220,317.00 220,317.00
07/01/2031 3,400,000 3.090% 220,317.00 3,620,317.00 3,840,634.00
01/01/2032 167,787.00 167,787.00
07/01/2032 3,510,000 3.090% 167,787.00 3,677,787.00 3,845,574.00
01/01/2033 113,557.50 113,557.50
07/01/2033 3,620,000 3.090% 113,557.50 3,733,557.50 3,847,115.00
01/01/2034 57,628.50 57,628.50
07/01/2034 3,730,000 3.090% 57,628.50 3,787,628.50 3,845,257.00
43,815,000 14,039,496.11 57,854,496.11 57,854,496.11
I
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 8
S pfm
ESCROW REQUIREMENTS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Period Principal
Ending Interest Redeemed Total
01/01/2018 907,856.25 907,856.25
07/01/2018 907,856.25 907,856.25
01/01/2019 907,856.25 907,856.25
07/01/2019 907,856.25 907,856.25
01/01/2020 907,856.25 907,856.25
07/01/2020 907,856.25 41,110,000.00 42,017,856.25
5,447,137.50 41,110,000.00 46,557,137.50
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 9
pfm
ESCROW DESCRIPTIONS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Type of Type of Maturity First Int Par Max
Security SLGS Date Pmt Date Amount Rate Rate
Dec 28,2017:
SLGS Certificate 07/01/2018 07/01/2018 507,717 1.440% 1.440%
SLGS Note 01/01/2019 07/01/2018 519,858 1.610% 1.610%
SLGS Note 07/01/2019 07/01/2018 524,043 1.680% 1.680%
SLGS Note 01/01/2020 07/01/2018 528,445 1.750% 1.750%
SLGS Note 07/01/2020 07/01/2018 41,643,068 1.800% 1.800%
43,723,131
SLGS Summary
SLGS Rates File 27NOV17
Total Certificates of Indebtedness 507,717.00
Total Notes 43,215,414.00
Total original SLGS 43,723,131.00
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 10
• PfM
ESCROW COST
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Type of Maturity Par Total
Security Date Amount Rate Cost
SLGS 07/01/2018 507,717 1.440% 507,717.00
SLGS 01/01/2019 519,858 1.610% 519,858.00
SLGS 07/01/2019 524,043 1.680% 524,043.00
SLGS 01/01/2020 528,445 1.750% 528,445.00
SLGS 07/01/2020 41,643,068 1.800% 41,643,068.00
43,723,131 43,723,131.00
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
12/28/2017 43,723,131 907,856.90 44,630,987.90
43,723,131 907,856.90 44,630,987.90
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 11
• Pfm
ESCROW CASH FLOW
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Net Escrow
Date Principal Interest Receipts
07/01/2018 507,717.00 400,138.71 907,855.71
01/01/2019 519,858.00 387,998.32 907,856.32
07/01/2019 524,043.00 383,813.46 907,856.46
01/01/2020 528,445.00 379,411.50 907,856.50
07/01/2020 41,643,068.00 374,787.61 42,017,855.61
43,723,131.00 1,926,149.60 45,649,280.60
Escrow Cost Summary
Purchase date 12/28/2017
Purchase cost of securities 43,723,131.00
Note: *Preliminary Numbers for discussion purposes only. 1
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 12
• pfm
ESCROW SUFFICIENCY
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
12/28/2017 907,856.90 907,856.90 907,856.90
01/01/2018 907,856.25 -907,856.25 0.65
07/01/2018 907,856.25 907,855.71 -0.54 0.11
01/01/2019 907,856.25 907,856.32 0.07 0.18
07/01/2019 907,856.25 907,856.46 0.21 0.39
01/01/2020 907,856.25 907,856.50 0.25 0.64
07/01/2020 42,017,856.25 42,017,855.61 -0.64
46,557,137.50 46,557,137.50 0.00
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 13
SPfm
ESCROW STATISTICS
Collier County,Florida
Special Obligation Refunding Revenue Note,Series 2017
PRELIMINARY NUMBERS
(Pinnacle Bank Loan 3.09%)
Modified Yield to Yield to Perfect Value of
Total Duration Receipt Disbursement Escrow Negative Cost of
Escrow' Escrow Cost (years) Date Date Cost Arbitrage Dead Time
SFI 892,725.31 892,497.22 228.09
BP 43,738,262.59 2.385 1.798615% 1.798615% 42,416,857.62 1,321,401.07 . 3.90
44,630,987.90 43,309,354.84 1,321,401.07 231.99
Delivery date 12/28/2017
Arbitrage yield 3.089977%
Note: *Preliminary Numbers for discussion purposes only.
Nov 27,2017 12:09 pm Prepared by Public Financial Management,Inc. Page 14