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Agenda 10/26/2021 Item #16J 4 (Contract #21-7909 - Arbitrage Rebate to BLX Group, LLC.)16.J.4 10/26/2021 EXECUTIVE SUMMARY Recommendation to award Request for Proposal ("RFP") No. 21-7909, "Arbitrage Rebate," to BLX Group LLC., with an estimated annual fiscal impact of $25,000.00, and authorize the Chair to sign the attached agreement. OBJECTIVE: To contract with a qualified professional firm to provide arbitrage services in accordance with the arbitrage rebate requirements contained in Section 148(f) of the Internal Revenue Code of 1986. CONSIDERATIONS: Collier County, Florida has issued long-term, tax-exempt bonds to finance a variety of activities, such as the construction and/or acquisition of general governmental structures and utilities improvements. These issues are subject to the arbitrage rebate requirements contained in Section 148(f) of the Internal Revenue Code of 1986. Additionally, the County may complete further financings during the term of the agreement that may be subject to rebate requirements. On June 3, 2021, the Procurement Services Division advertised RFP No. 21-7909, Arbitrage Rebate, and received two responsive and responsible proposals by the July 9, 2021, deadline. The evaluation criteria included certified minority business enterprise; business plan; costs of services to the County; experience and capacity of the firm; specialized expertise of team members and local vendor preference. The solicitation requested the firms to submit references from clients on projects of a similar size for which the firms provided services similar in scope and complexity. A selection committee convened on August 16, 2021, and scored and ranked the proposals in the following order: Company Name Final Ranking BLX Group LLC. 1 Hawkins Delafield & Wood LLP. 2 BLX Group LLC has been in the financial legal services industry for thirty-two years. BLX's experienced professionals provide a range of experience with legal and regulatory agencies that will be needed for these services. The attached agreement will replace Agreement No. 16-6684 with PFM Asset Management LLC., which expires on October 24, 2021. FISCAL IMPACT: The payment of arbitrage services is budgeted across various County debt service funds. The total estimated maximum annual amount to be paid across all County debt service funds is $25,000.00. GROWTH MANAGEMENT IMPACT: There is no impact to the Growth Management plan with this action. LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for Board approval. -SRT RECOMMENDATION: To award RFP 21-7909, "Arbitrage Rebate," to BLX Group LLC, and authorize the Chair to sign the attached agreement. Prepared By: Derek M. Johnssen, Director of Finance, Office of the Clerk of Courts and Comptroller Packet Pg. 1547 16.J.4 10/26/2021 ATTACHMENT(S) 1. [LINKED]21-7909 BLX Proposal (PDF) 2.21-7909 BLXGroup_VendorSigned (PDF) 3.21-7909 Notice of Recommended Award.docx (PDF) 4.21-7909 BLXGroup_Insurance (PDF) 5.21-7909 BLXGroup_PLInsurance (PDF) 6.21-7909 BLXGroup_WClnsurance (PDF) 7.21-7909 Final Ranking (PDF) Packet Pg. 1548 16.J.4 10/26/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.J.4 Doe ID: 20352 Item Summary: Recommendation to award Request for Proposal ("RFP") No. 21-7909, "Arbitrage Rebate," to BLX Group LLC., with an estimated annual fiscal impact of $25,000.00, and authorize the Chair to sign the attached agreement. Meeting Date: 10/26/2021 Prepared by: Title: — Clerk of the Circuit Court Name: Erin Roxberry 10/12/2021 11:03 AM Submitted by: Title: Senior Staff Assistant — Clerk of the Circuit Court Name: Jennifer Milum 10/12/2021 11:03 AM Approved By: Review: Clerk of the Circuit Court Office of Management and Budget Office of Management and Budget County Attorney's Office County Manager's Office Board of County Commissioners Derek Johnssen Additional Reviewer Debra Windsor Level 3 OMB Gatekeeper Review Susan Usher Additional Reviewer Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Sean Callahan Level 4 County Manager Review Geoffrey Willig Meeting Pending Completed 10/20/2021 2:03 PM Completed 10/20/2021 2:11 PM Completed 10/20/2021 2:21 PM Completed 10/20/2021 2:50 PM Completed 10/20/2021 3:59 PM 10/26/2021 9:00 AM Packet Pg. 1549 16.J.4. b FIXED FEE PROFESSIONAL SERVICE AGREEMENT # 21-7909 for Arbitrage Rebate THIS AGREEMENT, made and entered into on this day of 2021 by and between BLX Group LLC authorized to do business in the State of Florida, whose business address is 777 S Figueroa St, Ste 3200, Los Angeles, CA 90017 ,(the "Contractor") and Collier County, a political subdivision of the State of Florida, (the "County"): ti WITNESSETH: N 6 z 1. The Agreement shall be for a three ( 3 ) year period, commencing 0 U- upon the date of Board approval;n and terminating on W three ( 3 ) year(s) from that date or until all outstanding Purchase Order(s) LO issued prior to the expiration of the Agreement period have been completed or o terminated. N The County may, at its discretion and with the consent of the Contractor, renew the Agreement under all of the terms and conditions contained in this Agreement for two (2 ) additional one ( 1 ) year(s) periods. The County shall give the Contractor written notice of the County's intention to renew the Agreement term prior to the end of the Agreement term then in effect. The County Manager, or his designee, may, at his discretion, extend the Agreement under all of the terms and conditions contained in this Agreement for up to one hundred and eighty (180) days. The County Manager, or his designee, shall give the Contractor written notice of the County's intention to extend the Agreement term prior to the end of the Agreement term then in effect. 2. COMMENCEMENT OF SERVICES. The Contractor shall commence the work upon issuance of a 0 Purchase Order ❑ ❑ere 3. STATEMENT OF WORK. The Contractor shall provide services in accordance with the terms and conditions of FE� Request for Proposal (RFP) ❑ twAta#&R4e Bid ❑ th8F' ) # 21-7909 , including all Attachment(s), Exhibit(s) and Addenda and the Contractor's proposal referred to herein and made an integral part of this Agreement. 0 The Contractor shall also provide services in accordance with Exhibit A — Scope of Services attached hereto. Page 1 of 15 Fixed Price Professional Service Agreement 2021_Ver.1 �Ap Packet Pg. 1550 16.J.4.b 3.1 This Agreement contains the entire understanding between the parties and any modifications to this Agreement shall be mutually agreed upon in writing by the Parties, in compliance with the County's Procurement Ordinance, as amended, and Procurement Procedures in effect at the time such services are authorized. 3.2 The execution of this Agreement shall not be a commitment to the Contractor to order any minimum or maximum amount. The County shall order items/services as required but makes no guarantee as to the quantity, number, type or distribution of items/services that will be ordered or required by this Agreement. 4. THE AGREEMENT SUM. The County shall pay the Contractor for the performance of this Agreement based on Exhibit B- Fee Schedule, attached N hereto and the price methodology as defined in Section 4.1. Payment will be made o upon receipt of a proper invoice and upon approval by the County's Contract Z Administrative Agent/Project Manager, and in compliance with Chapter 218, Fla. U- Stats., otherwise known as the "Local Government Prompt Payment Act". N LO 4.1 Price Methodology (as selected below): N - -� -- a ... - - -.e - o - -- -: •_ ,- :• ,. �-•_ .- -- - -- - - - o - FN-] Unit Price: The County agrees to pay a firm total fixed price (inclusive of all costs, including labor, materials, equipment, overhead, etc.) for a repetitive product or service delivered (i.e. installation price per ton, delivery price per package or carton, etc.). The invoice must identify the unit price and the number of units received (no contractor inventory or cost verification). 4.2 Any County agency may obtain services under this Agreement, provided sufficient funds are included in their budget(s). Page 2 of 15 Fixed Price Professional Service Agreement 2021_Ver.1 CAO Packet Pg. 1551 16.J.4.b 4.3 Payments will be made for services furnished, delivered, and accepted, upon receipt and approval of invoices submitted on the date of services or within six (6) months after completion of the Agreement. Any untimely submission of invoices beyond the specified deadline period is subject to non-payment under the legal doctrine of "laches" as untimely submitted. Time shall be deemed of the essence with respect to the timely submission of invoices under this Agreement. 4.4 The County, or any duly authorized agents or representatives of the County, shall have the right to conduct an audit of Contractor's books and records to verify the accuracy of the Contractor's claim with respect to Contractor's costs associated with any Payment Application, Change Order, or Work Directive Change. _ . - . ... - .:. .. T. .... ...�...- r 5. SALES TAX. Contractor shall pay all sales, consumer, use and other similar taxes associated with the Work or portions thereof, which are applicable during the performance of the Work. Collier County, Florida as a political subdivision of the State of Florida, is exempt from the payment of Florida sales tax to its vendors under Chapter 212, Florida Statutes, Certificate of Exemption # 85-8015966531 C. Page 3 of 15 Fixed Price Professional Service Agreement 2021_Ver.I 0 N O Z IL LL N LO M O N (CI',:, , Packet Pg. 1552 16.J.4. b 6. NOTICES. All notices from the County to the Contractor shall be deemed duly served if mailed or emailed to the Contractor at the following: Company Name: BLX Group LLC Address: 4300 W. Cypress Street, Suite 360 Tampa, FL 33607 Authorized Agent: Erik B. Dingwall Attention Name & Title: Telephone: (813) 872-6840 E-Mail(s): Edingwall@blxgroup.com rn 0 rn ti All Notices from the Contractor to the County shall be deemed duly served if mailed N or emailed to the County to: c z Board of County Commissioners for Collier County, Florida U_ Clerk of Court & Comptroller: Crystal K. Kinzel Division Name: Clerk of the Circuit Court -Finance Department LO N Address: 3315 Tamiami Trail East, Ste. 700 N Naples, Florida 34112-5324 Administrative Agent/PM: Telephone: E-Mail(s): Derek Johnssen (239) 252-7863 Derek.johnssen@collierclerk.com The Contractor and the County may change the above mailing address at any time upon giving the other party written notification. All notices under this Agreement must be in writing. 7. NO PARTNERSHIP. Nothing herein contained shall create or be construed as creating a partnership between the County and the Contractor or to constitute the Contractor as an agent of the County. 8. PERMITS: LICENSES: TAXES. In compliance with Section 218.80, F.S., all permits necessary for the prosecution of the Work shall be obtained by the Contractor. The County will not be obligated to pay for any permits obtained by Subcontractors. Payment for all such permits issued by the County shall be processed internally by the County. All non -County permits necessary for the prosecution of the Work shall be procured and paid for by the Contractor. The Contractor shall also be solely responsible for payment of any and all taxes levied on the Contractor. In addition, the Contractor shall comply with all rules, regulations and laws of Collier County, the State of Florida, or the U. S. Government now in force or hereafter adopted. The Contractor agrees to comply with all laws governing the responsibility of an employer with respect to persons employed by the Contractor. Page 4 of 15 Fixed Price Professional Service Agreement 2021_Ver. I CA® Packet Pg. 1553 16.J.4.b 9. NO IMPROPER USE. The Contractor will not use, nor suffer or permit any person to use in any manner whatsoever, County facilities for any improper, immoral or offensive purpose, or for any purpose in violation of any federal, state, county or municipal ordinance, rule, order or regulation, or of any governmental rule or regulation now in effect or hereafter enacted or adopted. In the event of such violation by the Contractor or if the County or its authorized representative shall deem any conduct on the part of the Contractor to be objectionable or improper, the County shall have the right to suspend the Agreement of the Contractor. Should the Contractor fail to correct any such violation, conduct, or practice to the satisfaction of the County within twenty-four (24) hours after receiving notice of such violation, conduct, or practice, such suspension to continue until the violation is cured. The Contractor further agrees not to commence operation during the o suspension period until the violation has been corrected to the satisfaction of the County. N 6 10. TERMINATION. Should the Contractor be found to have failed to perform his Z services in a manner satisfactory to the County as per this Agreement, the County U_ may terminate said Agreement for cause; further the County may terminate this Agreement for convenience with a thirty (30) day written notice. The County shall M be the sole judge of non-performance. N In the event that the County terminates this Agreement, Contractor's recovery against the County shall be limited to that portion of the Agreement Amount earned through the date of termination. The Contractor shall not be entitled to any other or further recovery against the County, including, but not limited to, any damages or any anticipated profit on portions of the services not performed. 11. NO DISCRIMINATION. The Contractor agrees that there shall be no discrimination as to race, sex, color, creed or national origin. 12. INSURANCE. The Contractor shall provide insurance as follows: A.Q Commercial General Liability: Coverage shall have minimum limits of $1,000,000 Per Occurrence, $2,000,000 aggregate for Bodily Injury Liability and Property Damage Liability. This shall include Premises and Operations; Independent Contractors; Products and Completed Operations and Contractual Liability. B. FM_1 Business Auto Liability: Coverage shall have minimum limits of $1,000,000 Per Occurrence, Combined Single Limit for Bodily Injury Liability and Property Damage Liability. This shall include: Owned Vehicles, Hired and Non -Owned Vehicles and Employee Non -Ownership. C. 0 Workers' Compensation: Insurance covering all employees meeting Statutory Limits in compliance with the applicable state and federal laws. The coverage must include Employers' Liability with a minimum limit of $1,000,000 for each accident. Page 5 of 15 Fixed Price Professional Service Agreement 2021_Ver. I Packet Pg. 1554 16.J.4.b D. Foll Professional Liability: Shall be maintained by the Contractor to ensure its legal liability for claims arising out of the performance of professional services under this Agreement. Contractor waives its right of recovery against County as to any claims under this insurance. Such insurance shall have limits of not less than $ 5,000,000 each claim and aggregate. E. p Coverage minimum limits of shall have 11/ 111 per occurrence. inimum limits .. - 1-1.- .,. - .. . .- Special Requirements: Collier County Board of County Commissioners, OR, Board of County Commissioners in Collier County, OR, Collier County Government shall be listed as the Certificate Holder and included as an "Additional Insured" on the Insurance Certificate for Commercial General Liability where required. This insurance shall be primary and non-contributory with respect to any other insurance maintained by, or available for the benefit of, the Additional Insured and the Contractor's policy shall be endorsed accordingly. Current, valid insurance policies meeting the requirement herein identified shall be maintained by Contractor during the duration of this Agreement. The Contractor shall provide County with certificates of insurance meeting the required insurance provisions. Renewal certificates shall be sent to the County thirty (30) days prior to any expiration date. Coverage afforded under the policies will not be canceled or allowed to expire until the greater of: thirty (30) days prior written notice, or in accordance with policy provisions. Contractor shall also notify County, in a like manner, within twenty-four (24) hours after receipt, of any notices of expiration, cancellation, non -renewal or material change in coverage or limits received by Contractor from its insurer, and nothing contained herein shall relieve Contractor of this requirement to provide notice. Contractor shall ensure that all subcontractors comply with the same insurance requirements that the Contractor is required to meet. Page 6 of 15 Fixed Price Professional Service Agreement 2021_Ver.1 / , n Packet Pg. 1555 16.J.4. b 13. INDEMNIFICATION. To the maximum extent permitted by Florida law, the Contractor shall defend, indemnify and hold harmless Collier County, its officers and employees from any and all liabilities, damages, losses and costs, including, but not limited to, reasonable attorneys' fees and paralegals' fees, whether resulting from any claimed breach of this Agreement by Contractor, any statutory or regulatory violations, or from personal injury, property damage, direct or consequential damages, or economic loss, to the extent caused by the negligence, recklessness, or intentionally wrongful conduct of the Contractor or anyone employed or utilized by the Contractor in the performance of this Agreement. This indemnification obligation shall not be construed to negate, abridge or reduce any other rights or remedies which otherwise may be available to an indemnified party or person described in this paragraph. This section does not pertain to any incident arising from the sole negligence of Collier County. 13.1 The duty to defend under this Article 13 is independent and separate from the duty to indemnify, and the duty to defend exists regardless of any ultimate liability of the Contractor, County and any indemnified party. The duty to defend arises immediately upon presentation of a claim by any party and written notice of such claim being provided to Contractor. Contractor's obligation to indemnify and defend under this Article 13 will survive the expiration or earlier termination of this Agreement until it is determined by final judgment that an action against the County or an indemnified party for the matter indemnified hereunder is fully and finally barred by the applicable statute of limitations. 14. AGREEMENT ADMINISTRATION. This Agreement shall be administered on behalf of the County by the Clerk of Court Finance Department 15. CONFLICT OF INTEREST. Contractor represents that it presently has no interest and shall acquire no interest, either direct or indirect, which would conflict in any manner with the performance of services required hereunder. Contractor further represents that no persons having any such interest shall be employed to perform those services. 16. COMPONENT PARTS OF THIS AGREEMENT. This Agreement consists of the following component parts, all of which are as fully a part of the Agreement as if herein set out verbatim: Contractor's Proposal, Insurance Certificate(s), ❑■ Exhibit A Scope of Services, Exhibit B Fee Schedule, 0 RFP/ ❑ a-TW ❑ gther ( ) # 21-7909 including Exhibits, Attachments and Addenda/Addendum, ❑ subsequent quotes, a-pd ❑ 17. APPLICABILITY. Sections corresponding to any checked box (N) will expressly apply to the terms of this Agreement. 18. SUBJECT TO APPROPRIATION. It is further understood and agreed by and between the parties herein that this Agreement is subject to appropriation by the Board of County Commissioners. Page 7 of 15 Fixed Price Professional Service Agreement 2021_Ver.I 9 0 rn ti N 6 z a. U- N LO rM 0 N Packet Pg. 1556 16.J.4.b 19. PROHIBITION OF GIFTS TO COUNTY EMPLOYEES. No organization or individual shall offer or give, either directly or indirectly, any favor, gift, loan, fee, service or other item of value to any County employee, as set forth in Chapter 112, Part III, Florida Statutes, Collier County Ethics Ordinance No. 2004-05, as amended, and County Administrative Procedure 5311. Violation of this provision may result in one or more of the following consequences: a. Prohibition by the individual, firm, and/or any employee of the firm from contact with County staff for a specified period of time; b. Prohibition by the individual and/or firm from doing business with the County for a specified period of time, including but not limited to: submitting bids, RFP, and/or quotes; and, c. immediate termination of any Agreement held by the individual and/or firm for cause. 20. COMPLIANCE WITH LAWS. By executing and entering into this Agreement, the Contractor is formally acknowledging without exception or stipulation that it agrees to comply, at its own expense, with all federal, state and local laws, codes, statutes, ordinances, rules, regulations and requirements applicable to this Agreement, including but not limited to those dealing with the Immigration Reform and Control Act of 1986 as located at 8 U.S.C. 1324, et seq. and regulations relating thereto, as either may be amended; taxation, workers' compensation, equal employment and safety including, but not limited to, the Trench Safety Act, Chapter 553, Florida Statutes, and the Florida Public Records Law Chapter 119, if applicable, including specifically those contractual requirements at F.S. § 119.0701(2)(a)-(b) as stated as follows: IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT: Division of Communications, Government and Public Affairs 3299 Tamiami Trail East, Suite 102 Naples, FL 34112-5746 Telephone:• • • "• "` x • • ' a r' ♦ • • The Contractor must specifically comply with the Florida Public Records Law to: 1. Keep and maintain public records required by the public agency to perform the service. 2. Upon request from the public agency's custodian of public records, provide the public agency with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in this chapter or as otherwise provided by law. Page 8 of 15 Fixed Price Professional Service Agreement 2021_Ver.I ncxo Packet Pg. 1557 0 N 6 z a LL N LO Cl) 0 16.J.4. b 3. Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the contract if the Contractor does not transfer the records to the public agency. 4. Upon completion of the contract, transfer, at no cost, to the public agency all public records in possession of the Contractor or keep and maintain public records required by the public agency to perform the service. If the Contractor transfers all public records to the public agency upon completion of the contract, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If the Contractor keeps and maintains public records upon completion of the contract, the Contractor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the public agency, upon request from the public agency's custodian of public records, in a format that is compatible with the information technology systems of the public agency. If Contractor observes that the Contract Documents are at variance therewith, it shall promptly notify the County in writing. Failure by the Contractor to comply with the laws referenced herein shall constitute a breach of this Agreement and the County shall have the discretion to unilaterally terminate this Agreement immediately. 21. OFFER EXTENDED TO OTHER GOVERNMENTAL ENTITIES. Collier County encourages and agrees to the successful Contractor extending the pricing, terms and conditions of this solicitation or resultant Agreement to other governmental entities at the discretion of the successful Contractor. 22. AGREEMENT TERMS. If any portion of this Agreement is held to be void, invalid, or otherwise unenforceable, in whole or in part, the remaining portion of this Agreement shall remain in effect. 23. ADDITIONAL ITEMS/SERVICES. Additional items and/or services may be added to this Agreement in compliance with the Procurement Ordinance, as amended, and Procurement Procedures. 24. DISPUTE RESOLUTION. Prior to the initiation of any action or proceeding permitted by this Agreement to resolve disputes between the parties, the parties shall make a good faith effort to resolve any such disputes by negotiation. The negotiation shall be attended by representatives of Contractor with full decision -making authority and by County's staff person who would make the presentation of any settlement reached during negotiations to County for approval. Failing resolution, and prior to the commencement of depositions in any litigation between the parties arising out of this Agreement, the parties shall attempt to resolve the dispute through Mediation before an agreed -upon Circuit Court Mediator certified by the State of Florida. The mediation shall be attended by representatives of Contractor with full decision -making authority and by County's staff person who would make the presentation of any settlement o� 0 ti N 6 z a LL N rM 0 N Page 9 of 15 Fined Price Professional Service Agreement 2021_Ver.l rl, �� Packet Pg. 1558 16.J.4.b reached at mediation to County's board for approval. Should either party fail to submit to mediation as required hereunder, the other party may obtain a court order requiring mediation under section 44.102, Fla. Stat. 25. VENUE. Any suit or action brought by either party to this Agreement against the other party relating to or arising out of this Agreement must be brought in the appropriate federal or state courts in Collier County, Florida, which courts have sole and exclusive jurisdiction on all such matters. 26. ❑man mjement494e-uV---- Tk- T La Per . [l� FE] AGREEMENT STAFFING. The Contractor's personnel and management to be utilized for this Agreement shall be knowledgeable in their areas of expertise. The County reserves the right to perform investigations as may be deemed necessary to ensure that competent persons will be utilized in the performance of the Agreement. The Contractor shall assign as many people as necessary to complete required services on a timely basis, and each person assigned shall be available for an amount of time adequate to meet required services. 27. 0 ORDER OF PRECEDENCE. In the event of any conflict between or among the terms of any of the Contract Documents, the terms of solicitation the Contractor's Proposal, and/or the County's Board approved Executive Summary, the Contract Documents shall take precedence. ... .. .. ..... . n.— .- ... A.. .w. — WN 28. ASSIGNMENT. Contractor shall not assign this Agreement or any part thereof, without the prior consent in writing of the County. Any attempt to assign or otherwise transfer this Agreement, or any part herein, without the County's consent, shall be void. If Contractor does, with approval, assign this Agreement or any part thereof, it shall Page 10 of 15 Fixed Price Professional Service Agreement 2021_Ver.1 V�s?it:. Packet Pg. 1559 16.J.4. b require that its assignee be bound to it and to assume toward Contractor all of the obligations and responsibilities that Contractor has assumed toward the County. 29. SECURITY. The Contractor is required to comply with County Ordinance 2004-52, as amended. Background checks are valid for five (5) years and the Contractor shall be responsible for all associated costs. If required, Contractor shall be responsible for the costs of providing background checks by the Collier County Facilities Management Division for all employees that shall provide services to the County under this Agreement. This may include, but not be limited to, checking federal, state and local law enforcement records, including a state and FBI fingerprint check, credit reports, education, residence and employment verifications and other related records. o Contractor shall be required to maintain records on each employee and make them available to the County for at least four (4) years. All of Contractor's employees and subcontractors must wear Collier County Government Identification badges at all times c while performing services on County facilities and properties. Contractor ID badges z are valid for one (1) year from the date of issuance and can be renewed each year at U_ no cost to the Contractor during the time period in which their background check is valid, as discussed below. All technicians shall have on their shirts the name of the LO contractor's business. N The Contractor shall immediately notify the Collier County Facilities Management Division via e-mail (DL-FMOPS@colliergov.net) whenever an employee assigned to Collier County separates from their employment. This notification is critical to ensure the continued security of Collier County facilities and systems. Failure to notify within four (4) hours of separation may result in a deduction of $500 per incident. (Intentionally left blank -signature page to follow) Page 11 of 15 0�0 Fixed Price Professional Service Agreement 2021_Ver.I Packet Pg. 1560 1 6.J.4.b -IN WITNESS WHEREOF, the parties hereto, by an authorized person or agent, have executed this Agreement on the date and year first written above. ATTEST: Crystal K. Kinzel, Clerk of Courts & Comptroller 2 Dated : (SEAL) Contractor's Witnesses: Contractor's First W ness f �5 . TTypelprint witness nameT a Contra is Secedd Witness TTypelprint witness nameT Approved as to Form and Legality: County Attorney Print Name BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA BLX Group LLC Contractor By: ir tur �� TType/print signature and titfeT Page 12 of 15 rip Fixed Price Professional Service Agreement 2021_Ver.1 a O 0) ti N 6 z a LL N LO M O N Packet Pg. 1561 16.J.4. b Exhibit A Scope of Services ❑N following this page (containing 2 page/s) ❑ this exhibit is not applicable 9 0 rn ti N O Z d U- N LO m O N Page 13 of 15 Cf4Q Fixed Price Professional Service Agreement 2021_Ver.1 Packet Pg. 1562 16.J.4.b RFP# 21-7909 "Arbitrage Rebate" Exhibit A SCOPE OF SERVICES BACKGROUND Collier County has issued long term, tax exempt bond issues and direct placement bank term loans to finance, or refinance, a variety of activities, such as the construction and/or acquisition of structures and improvements. These issues, which we understand may be subject to the arbitrage rebate requirements contained in Section 148(f) of the Internal Revenue Code of 1986 (the "Rebate Requirement") are enumerated in Schedule A of this scope of services. For the Consultant to perform the arbitrage rebate calculation, the County's Clerk of Court Finance Department will provide the Consultant with the daily expenditures and relevant investment income and investment valuation information, further described under the Evaluation Criteria #3 Business Plan. The County may complete additional financings during the term of the agreement that may be subject to Rebate Requirements and may be added to the work identified under this Agreement. DETAILED SCOPE OF WORK The purpose of this Agreement is for requisite services rendered by a capable Firm/Consultant. The County may elect to contract for some or all of the available services. For each issue, the Consultant is expected to: 1. Verify that the issue is subject to the Rebate Requirement. 2. Calculate the bond yield. 3. Identify and separately account for all gross proceeds including those requiring allocation analysis due to transferred proceeds and/or commingled funds circumstances. 4. Calculate excess investment earnings. 5. Deliver appropriate documentation required to support calculations. 6. Provide various arbitrage rebate reports on the Internal Revenue Service (IRS) required dates (interim or final computation) for each issue and provide an annual "point in time" analysis of cumulative arbitrage rebate liability on September 30 of each year for use in the annual audit during the term of the contract. 7. Provide an executive summary identifying the methodology employed, major assumptions, conclusions and any recommendations for changes in the County's record keeping and investment policy. 8. Prepare a matrix to monitor arbitrage compliance. The matrix should identify key items for each bond issue such as the dates of restriction and/or rebate, the applicable arbitrage yield, any exceptions to rebate, penalty elections, calculations and payment dates. 9. Prepare all necessary IRS forms for rebate payments or refunds of overpayments. Assist the Department as necessary in the event of an IRS audit or inquiry. 10. Advise the Department on new or revised arbitrage regulations and interpretations as to their effect on the County's bond issues. 11. Provide assistance and consultation as necessary regarding arbitrage -related matters and retain records and documentation at least six (6) years after the issue's final maturity. Pagel of 2 Exhibit A — Scope of Services OCAO Packet Pg. 1563 16.J.4. b Schedule A As of May 17, 2021, Collier County, Florida has the following issues outstanding and subject to rebate: Issue Dated Date Final Maturity Original Issue Arbitrage Yield Amount Series 2012, Gas Tax Refunding 6/5/2012 6/1/2023 $38,680,000 2.12% Revenue Bonds Series 2014, Gas Tax Refunding 5/29/2014 6/1/2025 $89,780,000 2.33% Revenue Bond Series 2010B, Special Obligation 11/30/2010 10/1/2021 $24,620,000 2.76% Refunding Revenue Bonds Series 2011, Special Obligation 1/9/2012 10/1/2029 $92,295,000 2.46% Refunding Revenue Bonds Series 2013, Special Obligation 4/16/2013 10/1/2035 $73,805,000 3.59% Refunding Revenue Bonds Series 2017, Special Obligation 12/28/2017 7/1/2034 $43,713,000 3.09% Refunding Revenue Bond Series 2020A, Special Obligation 11/3/2020 10/1/2045 $75,100,000 1.81% Revenue Bonds Series 2018, Tourist 12/28/2017 10/1/2048 $62,965,000 3.80% Development Tax Revenue Bonds Series 2013, County Water and 6/27/2013 7/1/2021 $17,769,080 1.47% Sewer Refunding Revenue Bond Series 2015, County Water and 9/30/2015 7/1/2022 $17,687,000 1.75% Sewer Refunding Revenue Bond Series 2016, County Water and 5/26/2016 7/1/2036 $48,105,000 2.22% Sewer Revenue Bonds Series 2016B, County Water and 11/17/2016 7/1/2029 $89,982,000 1.80% Sewer Refunding Revenue Bond Subordinated Series 2018, County Water and 2/28/2018 7/1/2029 $35,965,000 2.41% Sewer Revenue Bond Series 2019, County Water and 4/17/2019 7/1/2039 $76,185,000 2.94% Sewer Revenue Bonds rn 0 rn ti N O Z d u_ N LO rM O N Page 2 of 2 Exhibit A — Scope of Services ('AO Packet Pg. 1564 1 6.J.4.b Exhibit B Fee Schedule following this page (pages 1 Page 14 of 15 through Fixed Price Professional Service Agreement 2021_Ver.I Packet Pg. 1565 16.J.4. b RFP# 21-7909 "Arbitrage Rebate" Exhibit B FEESCHEDULE Service I Fee Report Fee for Annual Calculation I $1,250 Computation Periods in excess of 12 months* $500 (per additional year or fraction thereof) * This fee only applies if the bond has been outstanding for more than one year and no previous annual calculations have been done. rn O rn ti N 6 z a u- N LO rM O N Page 1 of 1 Exhibit B — Fee Schedule + AO Packet Pg. 1566 16.J.4. b Description: ❑ following this page (pages FE-1 this exhibit is not applicable Other Exhibit/Attachment through Page 15 of 15 o� 0 rn ti N O Z IL U- N LO M 0 N Fixed Price Professional Service Agreement 2021_Ver.I (C3 11/ Packet Pg. 1567 DocuSign Envelope ID: OB784F08-27CF-41 BE-AEFD-47A749803FF0 1 6.J.4.c Notice of Recommended Award Solicitation: 21-7909 Title: Arbitrage Rebate Due Date and Time: 7/9/2021 10:00 AM EST Respondents: Company Name City County State Final Ranking Responsive/Responsible BLX Group LLC. Tampa Hillsborough FL 1 YES/YES Hawkins Delafield & Wood LLP. New York Westchester NY 2 YES/YES Utilized Local Vendor Preference: Yes 0 No - Recommended Vendors) For Award: On June 3, 2021, the Procurement Services Division released notices of Request for Proposal 21-7909 Arbitrage Rebate. 7,670 firms were notified, 28 firms viewed the information, and two (2) responsive and responsible proposals were received on July 9, 2021. A minimum of five references were requested from clients of projects with similar size for which the firm provided services similar in scope and complexity. On August 16, 2021, the selection committee scored each proposal and ranked the firms as shown above. Award is recommended to BLX Group LLC. as the number one firm. Contract Driven = Purchase Order Driven 0 Required Signatures ned by: Project Manager: h Derek JohnssenF JDLsstu' 8/18/2021 Procurement Strategist DocuSignedby: Viviana Giarimoustas ,8/18/2021 661 CD1939DO941 E_ 6ggt Services Director: H 8/18/2021 Sandra Herrera Date Packet Pg. 1568 DATE (M 1 6.J.4.d I ACORDTM CERTIFICATE OF LIABILITY INSURANCE I 9/15/2021 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 have ADDITIONAL INSURED provisions or 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 any rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACTNAME: Avonni McCreary USI Insurance Services, LLC ac"N , EM:925-214-0146 A/C, No 201 Mission St 11th FI E-MAIL ADDRESS: avonni.mccreary@usi.com San Francisco, CA 94105 INSURER(S)AFFORDING COVERAGE NAIC# 628 201-9001 20303 INSURED Client#: 1545435 ORRICHER BLX Group, LLC 405 Howard Street San Francisco, CA 94105 INSURER A: Great Northern Insurance Company INSURER B: Federal Insurance Company 20281 INSURER C : Lloyd's of London NONAIC INSURER D : INSURER E : COVERAGES CERTIFICATE NUMBER: 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 CONTRACTOR 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 ADDL INSR SUBR WVD POLICY NUMBER POLICY EFF MM/DD/YYYY POLICY EXP W MM/DD/YY LIMITS A X COMMERCIAL GENERAL LIABILITY 35821151 6/01/2021 06/01/2022 EACH OCCURRENCE $1 000,000 CLAIMS -MADE F OCCUR PREMISES Eaoc.urence $1,000,000 X MED EXP (Any one person) $10,000 Host Liquor Included X Ind. Contractors PERSONAL & ADV INJURY $1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $2,000,000 X POLICY I JECOT LOC PRODUCTS - COMP/OP AGG $ Incl Gen Agg $ OTHER: B AUTOMOBILE LIABILITY 74996569 6/01/2021 06/01/202 MBINED INGLE LIMIT (CEO, cid.n1S 1,000,000 BODILY INJURY (Per person) $ ANY AUTO OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $ PROPERTY DAMAGE Per accident $ X HIRED NON -OWNED AUTOS ONLY X AUTOS ONLY $ B X UMBRELLA LIAB X OCCUR 79820023 06/01/2021 06/01/2022 EACH OCCURRENCE s5,000,000 AGGREGATE s5,000,000 EXCESS LIAB CLAIMS -MADE DEED I I RETENTION $ $ WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y/ N ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? N / A PER OTH- STATUTE ER E.L. EACH ACCIDENT $ E.L. DISEASE - EA EMPLOYEE $ (Mandatory in NH) If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE -POLICY LIMIT $ C Cyber Liabil B0146CYUSA2000827 12/04/2020 12/04/2021 $10,000,000 $100,000 Retention DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) RE: Arbitrage Rebate Services - For any and all work performed on behalf of Collier County. Collier County Board of County Commissioners, OR, Board of County Commissioners in Collier County, OR, Collier County Government, OR Collier County are included as an additional insured under the captioned Commercial General Liability and Automobile Liability Policies on a primary and non-contributory basis if and to the extent required by written contract. Collier County Board of County Commissioners 3295 Tamiami Trail E NAPLES, FL 34112 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. AUTHORIZED REPRESENTATIVE r Q © 1488-2015 ACORD CORPORATION. All rights reserved. ACORD 25 (2016/03) 1 of 1 The ACORD name and logo are registered marks of ACORD Packet Pg. 1569 #S33288749/M32163710 SYYZP This page has been left blank intentionally. 16.J.4.d 9� O rn ti N O Z d LL w N LO M O N N V C L Q 0 'L^ V X J m O O CD ti N C d E t V 2 a+ a Packet Pg. 1570 CERTIFICATE OF LIABILITY INSURANCE 16.JAe DATE( 09/16/2021 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THI: CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIE! BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZE[ REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement of this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT MARSH RISK & INSURANCE SERVICES NAME: PHOFOUR EMBARCADERO CENTER, SUITE 1100(A/C,FAX Ext : A/C No), CALIFORNIA LICENSE NO.0437153 E-MAIL SAN FRANCISCO, CA 94111 ADDRESS: CN 1 02668209-BLX2-E&O-20-21 INSURED BLX GROUP LLC 777 SOUTH FIGUEROA STREET, SUITE 3200 LOS ANGELES, CA 90017 COVERAGES CERTIFICATE NUMBER: INSURER(S) AFFORDING COVERAGE NAIC # INSURER A: XL Specialty Insurance Company 37885 INSURER B : INSURER C : INSURER D : INSURER E : INSURER F : SEA-003788606-01 REVISION NUMBER: 2 THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIO1 INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THI; 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 ADDL INSD SUBR WVD POLICY NUMBER POLICY EFF MM/DDIYYYY POLICY EXP MM/DD/YYYY LIMITS COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ CLAIMS-MADE1:1 OCCUR DAMAGE TO PREMISES(E. occur ante $ MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ POLICY ❑ JECT PRO- ❑ LOC PRODUCTS - COMP/OP AGG $ $ OTHER: AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT Ea accident $ BODILY INJURY (Per person) $ ANY AUTO OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $ PROPERTY DAMAGE Per accident $ HIRED NON -OWNED AUTOS ONLY AUTOS ONLY UMBRELLA LIAB OCCUR EACH OCCURRENCE $ AGGREGATE $ EXCESS LIAB CLAIMS -MADE DED RETENTION $ $ WORKERS COMPENSATION AND EMPLOYERS' LIABILITY Y / N PER OTH- STATUTE ER ANYPROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? ❑N N/A E.L. EACH ACCIDENT $ E.L. DISEASE - EA EMPLOYEE $ (Mandatory in NH) If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ A PROFESSIONAL LIABILITY ELU171723-20 11/28/2020 11/28/2021 LIMIT OF LIABILITY: 5,OOC INVESTMENT COMPANY RETENTION: 25C DESCRIPTION OF OPERATIONS / LOCATIONS I VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) REF: EVIDENCE OF PROFESSIONAL LIABILITY COVERAGE 11111 RE: ARBITRAGE REBATE SERVICES - FOR ANY AND ALL WORK PERFORMED ON BEHALF OF COLLIER COUNTY 11111 CERTIFICATE HOLDER CANCELLATION COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS 3295 TAM IAMI TRAIL E NAPLES.FL 34112 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORI THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED It ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE O O rn ti N O Z d LL N Lr� M O N d V C M L N C J IL 12 7 O /L^ V X J m O O O) N C N E t U R r Q ©1988-2016 ACORD CORPORATION. All rights reserved. ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD Packet Pg. 1571 AcRo® CERTIFICATE OF LIABILITY INSURANCE 16.J.4.f DATE IN 10/05/2021 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THE CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIE; BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZE[ REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsec If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement of this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT MARSH RISK & INSURANCE SERVICES NAME: N FOUR EMBARCADERO CENTER, SUITE 1100 A/C No Ext : FAX No), CALIFORNIA LICENSE NO.0437153 E-MAIL SAN FRANCISCO, CA 94111 ADDRESS: INSURER(S) AFFORDING COVERAGE NAIC # INSURER A: Chubb Indemnitv Insurance Co 12777 INSURED BLX GROUP, LLC 777 SOUTH FIGUEROA STREET, SUITE 3200 LOS ANGELES, CA 90017 INSURER B : INSURER D : INSURER E: COVERAGES CERTIFICATE NUMBER: SEA-003788430-05 REVISION NUMBER: 2 THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOI INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THI; CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERM EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR TYPE OF INSURANCE ADDL INSD SUBR WVD POLICY NUMBER POLICY EFF MM/DD/YYYY POLICY EXP MM/DD/YYYY LIMITS COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ CLAIMS -MADE OCCUR DAMAGE S(RENTED PREMISES Ea occurrence)$ MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ POLICY ❑ PRO ❑ JECT LOC PRODUCTS -COMP/OP AGG $ $ OTHER: AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT Ea accident $ BODILY INJURY (Per person) $ ANY AUTO OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $ PROPERTY DAMAGE Per accident $ HIRED NON -OWNED AUTOS ONLY AUTOS ONLY UMBRELLALIAB OCCUR EACH OCCURRENCE $ AGGREGATE $ EXCESS LIAB CLAIMS -MADE DED RETENTION $ $ A WORKERS COMPENSATION AND EMPLOYERS' LIABILITY YIN ANYPROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? ❑N (Mandatory in NH) N/A 71756264 10/01/2021 10/01/2022 X PER OTH- STATUTE ER E.L. EACH ACCIDENT $ 1,000 E.L. DISEASE - EA EMPLOYEE $ 1,000 If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT $ 1,000 DESCRIPTION OF OPERATIONS I LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) Re: Arbitrage Rebate Services - For any and all work performed on behalf of Collier County CERTIFICATE HOLDER CANCELLATION Collier County Board of County Commissioners 3295 Tamiami Trail E. Naples, FL 34112 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORI THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED II ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE x4w� Rdd & %wun om Saw4w a+ Q ©1988-2016 ACORD CORPORATION. All rights reserved. ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD Packet Pg. 1572 Administrative Services Division Procurement Services RFP #: 21-7909 Title: Arbitrage Rebate Selection Committee Scoring and Final Ranking 1 6.J.4.g Ilonka Name of Firm Derek Johnson Rady Edreva Joe Bellone Ed Finn Total Scores Final Rank Washburn BLX Group LLC 70 851 851 80 741 394.00 1 1 Hawkins Delafield & Wood LLP 72 791 821 75 701 378.00 1 2 Procurement Professional I `Uunarur ijicvti,�tw 8/16/2021 rn 0 rn n T N 6 z IL LL N m M 0 N Page 1 of 1 Packet Pg. 1573 BLX Group LLC RESPONSE TO REQUEST FOR PROPOSAL FOR ARBITRAGE REBATE SERVICES - RFP NO.21-7909 Collier County July 9, 2021 PROJECT MANAGER Erik B. Dingwall Managing Director 813.872.6840 T edingwall@blxgroup.com E B X S LX© COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES CONTENTS TABLE OF CONTENTS 1. COVER LETTER / MANAGEMENT SUMMARY PAGE 2. CERTIFIED WOM N AND/OR MINORITY BUSINESS ENTERPRISE 1 3. BUSINESS PLAN 2 4. COST OF SERVICES TO THE COUNTY 10 5. EXPERIENCE AND CAPACITY OF THE FIRM 12 6. SPECIALIZED EXPERTISE OF TEAM MEMBERS 18 7. LOCAL VENDOR PREFERENCE 24 APPENDICES A. SAMPLE REPORTS B. ORGANIZATIONAL CHART C. REQUIRED FORMS - VENDOR CHECKLIST - FORM 1: VENDOR DECLARATION STATEMENT - FORM 2: CONFLICT OF INTEREST CERTIFICATION - DIVISION OF CORPORTAION - FLORIDA DEPT. OF STATE REGISTRATION - FORM 3: IMMIGRATIONAFFIDAVIT CERTIFICATION - E-VERIFY M - FORM 4: (NOT APPLICABLE) - FORM 5: REFERENCE QUESTIONNAIRE -W-9 - ADDENDUM 1 BLX<g> 4300 W. Cypress St., Suite 360 Tampa, FL 33607 Ph 813 872 6147 Fx 813 872 7295 July 9, 2021 Collier County Procurement Services Division 3295 Tamiami Trail East, Bldg. C-2 Naples, FL 34112 Re: RFP No. 21-7909 - Arbitraae Rebate Ladies and Gentlemen: On behalf of BLX Group LLC ("BLX"), I am pleased to submit the attached proposal in response to the Collier County's ("County") Arbitrage Rebate Services RFP. BLX draws upon deep expertise supporting municipal offerings with decades of client service experience paired with advanced processes, methodologies and technology. Since inception 32 years ago, BLX has been a subsidiary of Orrick, Herrington & Sutcliffe LLP ("Orrick"). Orrick has been providing quality municipal finance legal services for over one hundred years, has ranked first nationally as bond counsel for most of the last two decades, and encompasses the largest and most experienced public finance tax group of its kind. BLX consultants work with Orrick tax and bond attorneys to ensure that the legal aspects of each analysis have been appropriately addressed. We understand the scope of the proposed engagement and are highly qualified to perform the arbitrage rebate services the County is seeking. BLX will provide such services in accordance with both federal tax law requirements and best practices. Our qualifications are supported by three important elements foundational to delivering certainty, resourcefulness, and timely reporting to our clients: (1) Perspective • The in-depth knowledge and experience of our professionals, along with the exceptional variety and scope of our engagements, give our team unsurpassed expertise and a unique perspective. • Our working relationship with Orrick enables us to monitor the continual changes in the municipal finance environment, to understand their potential impact on our clients, to develop strategies that protect and advance each client's interests, and ultimately to identify the single best technical approach to any particular analysis. Our reports are delivered with an Orrick legal opinion that attests that the calculations are prepared in accordance with the Treasury Regulations. (2) Experience • Our senior professionals have been with the firm for many years and have decades of experience handling a broad range of engagements for a wide variety of clients. There are few situations, client needs, regulatory complexities or legal situations that we have not previously encountered and successfully handled. • Our degreed and educated staff provide responsive and reliable customer service as well as on -site training. Our clients know the BLX professionals they rely upon will be part of their team for years to come. • Our team members are familiar with the legal and regulatory constraints within which our clients must operate. We understand the needs and expectations of officials at the IRS and other regulatory agencies. BLX<g> Collier County July 9, 2021 (3) Process • We utilize vetted and efficient data collection methods and resources. • We have instituted policies and procedures to ensure that all analyses reflect the most recent version of the Treasury Regulations as well as all beneficial elections available thereunder. • Our processes include multiple levels of rigorous internal reviews and checks and balances to ensure accuracy and to confirm that possible alternatives are identified and compared. Partnering with BLX and taking advantage of our strong tax and analytical skill set and competitive pricing is the best choice for a successful, yet cost-effective engagement. I will serve as your relationship manager and primary point of contact. In that role, I will be responsible for leading an open dialogue within BLX and with the County. I am excited about the prospect of working with you and look forward to addressing any questions you may have. I can be reached at 813.872.6840 or via e-mail at edingwall@blxgroup.com. Very truly yours, Erik B. Dingwall /17'r Managing Director w, h BLX Group LLC S LX© COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 2. CERTIFIED WOMAN AND/OR MINORITY BUSINESS ENTERPRISE Submit certification with the Florida Department of Management Services, Office of Supplier Diversity as a Certified Woman and/or Minority Business Enterprise. Not applicable. BLX Group 1 1 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 3. BUSINESS PLAN 1) Description of the proposed contract team and the role to be played by each member of the consulting team. The members of BLX's proposed team have been carefully selected based on their area of expertise and prior experience with similar financing programs. Your additional resources include registered municipal advisors and a CPA. Consistent with our foundational pillars, we are eager to demonstrate that your assigned professionals will work seamlessly together as a team to meet your requirements with certainty, and do so in a timely and efficient manner. Their tenure at BLX and mastery of our advanced processes will ensure a smooth transition as well as continuity for your organization. They are well versed in post - issuance compliance matters and have developed a reliable and broad perspective through years of quality industry experience. Their depth of knowledge, acquired by being immersed in exhaustive regulatory and transactional matters, will make them keen advocates for your program. Their resumes are provided in Section 6.1. Legal Analysis: Richard Chirls, Orrick Tax Partner, will provide the necessary legal analysis and review which are integral to our services. Richard is not simply a sole -practitioner attorney like that available to other compliance firms; he represents and is supported by the entire Orrick Tax Group, which has handled more volume than that of any competing group over the last two decades. Team Members: Having provided compliance services to hundreds of municipalities across the country, the BLX professionals assigned to your account are widely considered to be among the nation's leading non -attorney experts in tax matters relating to municipal bond financing. Their collective experience exceeds that of competing firms, and, in some cases, it surpasses the experience of the entire firm. Identified below are the roles each proposed team member will play in this project: Tenure/ Industry Personnel/Title Role Office Location Experience Erik Dingwall Project Manager / Technical Strategy TM 22 / 22 years Managing Director Report Review/Production Sandra Stallings Technical Strategy COO, Managing Regulatory Support Dallas 22 / 32 years Director Amber Rhodes Technical Analysis Managing Director Optimization / Verification Dallas 18 / 21 years Report Review Matthew Hunt Technical Analysis Associate Director Optimization / Verification Dallas 15 / 20 years Report Production Richard Chirls Tax Partner, Orrick Legal Analysis/Review New York 36 / 36+ years BLX's overarching objectives in any engagement are to provide certainty and attentive client services. We are distinguished in our ability to meet these goals via three core principles: (i) a broad perspective grounded in the regulatory domain and acquired by working in concert with Orrick's Public Finance Tax Group and developing industry standards on the proper application of arbitrage rebate regulations for nearly three decades. Boasting a team of 13 registered municipal advisors and a CPA on staff, BLX can address circumstances requiring methodological discretion and provide confidence that the ultimate approach has been vetted out from multiple angles and verified by the nation's leading tax attorneys. (ii) a rigorous procedural and technical approach ensuring that all analyses are accurate and providing a superior client experience. We address a broad range of municipal and client requirements by utilizing an arsenal of methodologies and by hosting educational forums. Our advanced online platforms and processes are designed in-house by a team of software engineers working in concert with our industry experts to minimize risk and to cost -efficiently prepare analyses while maintaining BLX Group , z BLX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES consultative flexibility. We adhere to strict IRS and client deadlines and provide complimentary access to a secure online portal. We also offer onsite training and host post -issuance compliance webinars and seminars to deliver an enriching client experience. (iii) a responsive degreed and experienced staff dedicated to delivering analyses within 30 to 45 days of their computation date. As the country's largest provider of arbitrage rebate compliance services, BLX has 33 full-time professionals, strategically located in five offices nationwide. BLX personnel assigned to this engagement would be in our Tampa and Dallas offices and would be immediately available to ensure a smooth transition of any prior work to BLX. Their long tenure, coupled with the transparency of BLX's reports, will ensure the fluid sharing of information and provide continuity in the event of staff turnover at the County. BLX is a value-added partner with the requisite credentials to manage the County's compliance requirements. We have encountered and successfully tackled a similar scope of work in literally thousands of arbitrage compliance engagements. 2) Detailed plan of approach (including major tasks and sub -tasks). BLX APPROACH TO SATISFY REQUIREMENTS OF THE SCOPE OF WORK We have read carefully and fully understand the "Scope of Work" and required deliverables as set forth in the RFP. We are well prepared to provide the necessary IRS interim and final reports and annual "point in time" analysis of cumulative arbitrage rebate liability on September 30 of each year. BLX's expert technical and regulatory resources, notwithstanding, we have consistently endeavored to "raise the bar" with respect to providing industry leading client services. We are available at any time to provide recommendations, guidance, and any other requested support in areas where our experience and expertise are of value. We appreciate the perspectives and sensitivities of each issuer client, and prioritize them over current market forces — our clients always take precedence. We propose to follow the work plan below: Data Collection Identify the most efficient and cost-effective sources and compile legal documents and investment records not already in our possession. New Matter Open virtual files and track a unique matter for each of your bond transactions in our database. Our tickler system ensures that reports are delivered on time and that pertinent details can be accessed by the BLX professionals involved in the production, review, and delivery of your analyses. Validation Confirm issue is subject to the rebate and/or yield restriction requirements via a thorough review of available tax documents. Assignment Assign transaction to a consultant based upon issue type, complexity, and similarity to prior experience. Determine whether it is legally required or advisable to undertake a given analysis in conjunction with one or more related issues. Strategy Working with a senior BLX professional and/or Orrick tax partner, consultant reviews legal documents to uncover any unusual or unique elements impacting initial analytical direction. Together, they review your documents and circumstances to identify proceeds subject to rebate and/or yield restriction and determine which methodologies and elective exceptions are best suited for you. Execution Consultant calculates the arbitrage yield, identifies and separately accounts for all proceeds (e.g., transferred proceeds and commingled funds), determines the value of unexpended proceeds, applies the arbitrage yield to your net non -purpose investments cash flow to determine its future value, and generates your rebate and yield restriction liabilities. Senior Review Drafts are reviewed by a BLX director. Alternative allocation and valuation approaches are discussed, agreed upon, and executed. The director determines if elective regulatory provisions will improve your results. BLX Group 1 3 BLX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Tax Review Throughout the validation process, the consultant works with one or more Orrick tax partners to ascertain that applicable rules and regulations were followed, and to ensure that a complete tax analysis has been performed. Verification Consultant incorporates any modifications to the methodology, and senior BLX professional verifies the accuracy of the final analysis. Final Report A final report is assembled and delivered to you within 30 days of the computation date. It includes a summary of methodologies, assumptions, and conclusions, a legal opinion attesting that your analysis was prepared in accordance with applicable federal tax law, and any necessary filing materials (including IRS Form 8038-T and payment explanations). Tickler Update Update the relevant elements of our database tracking system to automatically notify our team in advance of the next anticipated computation date. Portal Access Once a report is issued, it is tagged as a portal document. You can view the report through our online portal access and peruse through a summary of your outstanding issues (including last and next computation dates, next IRS filing date, and most recent rebate and yield restriction liabilities). Confirmation We will ensure you are in possession of the report, that the service has been executed to your satisfaction, and answer any questions about the analysis. BLX maintains a database monitoring system whereby all relevant information about a particular bond issue, including notifications of upcoming rebate calculations and rebate payment dates, is easily recalled. This will enable us to provide timely reporting to the County, easily prepare quarterly status reports highlighting upcoming computation dates, and communicate to the County any required information for which they will be responsible. Another component of our service offering is issuer education. Given how important it is to us; we would be pleased to provide a complimentary on -site or webinar training session at the County's request. Additionally, open communication allows BLX to achieve a clear understanding of the unique characteristics, circumstances, and objectives of each client. Daily communications will be over the telephone and/or email, as the County prefers, also at no additional charge. TRANSITIONING THE WORK TO BLX Because of the size and scope of our practice, we are able to understand all flow of funds mechanics, positions taken by tax counsel, investment record formats, and the underlying economics of your transactions quickly and without burdening the County staff. We are very comfortable that we will not encounter issues, concepts, or problems significantly different than those we have encountered previously in literally thousands of issues for which we have provided tax compliance services. If selected, BLX will dedicate its resources to the County immediately upon engagement. Within a few days of being notified of our engagement, Erik Dingwall will be available to meet in person, if beneficial to County, to discuss the initial steps of the engagement, review historical compliance efforts, and to identify bond documents and other materials we will need to accomplish the scope of work. In general, our list will include five or six bond transcript documents, all current bond proceeds account records, and the most recent prior arbitrage rebate analyses. We are almost always able to pick up where the prior provider left off without creating too much of a burden on the County's staff, and routinely attempt to rely upon the prior contractor's calculations. BLX Group 1 4 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 3) Detailed timeline for completion of the project. We demonstrate in the graphic below the four phases implemented with each arbitrage rebate reporting processes related to both annual reports as well as five year installment computations. Our calculations typically take approximately 14 days to complete, excluding follow up. Once we have a full set of information, the calculations can be done within 8 days. We have provided detailed time frames for the completion of each step below. Phase Discovery 6 days 2 professionals 3 total hours Data Collection New Matter Validation Phase ll Modeling 3 days 2 professionals 6 total hours Strategy Execution Phase 111 Validation 3 days 4 professionals 6 total hours Senior Review Tax Review Verification Phase IV Disbursement 1 day 2 professionals 2 total hours Final Report Tickler Update Portal Access Confirmation 4) Include with the Business Plan or as an attachment, a copy of a report as an example of work product. This should be for one of the projects listed as a reference. Please see Appendix A for a sample report prepared for one of our references. 5) Provide a brief explanation of circumstances requiring methodology discretion and your recommended approach to addressing such circumstances. Examples might include allocation of commingled funds, identifying and advising on optional elections available to the County, and utilizing market vs. present value for identifying fund balances. APPLYING METHODOLOGICAL DISCRETION To deliver optimum results, BLX carefully evaluates beneficial elections and alternate allocation and valuation methods at both the bond and program levels. We integrate the results of individual analyses into an overarching and consistently applied strategy to not only ensure the certainty of our findings but to support an exemplary post -issuance program. The following examples illustrate how utilizing methodological discretion benefits our clients. Commingled Funds: Commingled funds arise when proceeds subject to rebate are commingled with other types of monies (e.g., proceeds eligible for an exception, proceeds of another tax-exempt issue, or non -bond proceeds). An "allocation analysis" is undertaken to allocate investments and expenditures to each type of monies. Various consistently applied approaches are allowed under the regulations. BLX carefully weighs in the parameters of a given bond issue and program to identify which permissible methodology yields the optimal economic result. How? BLX has performed multiple allocation analyses for a transportation authority in the state of New York that have resulted in cumulative rebate payment savings of over $3.5 million. Transferred Proceeds: Transferred proceeds arise in connection with refunding and refunded bonds and can significantly complicate the process of identifying gross proceeds of a particular bond issue. Transferred proceeds can involve multiple bond issues originally subject to different versions of the regulations. Our legal and technical expertise enable us to flesh out the intricacies and differences between successive versions of the regulations and to pinpoint when to make beneficial elections. How? We have performed transferred proceeds analyses for virtually every issuer type and tax-exempt debt instrument. BLX prepared rebate analyses with transferred proceeds associated with multiple refunding bonds, as well as proceeds commingled in a large parity reserve fund on behalf of a large international airport. These turn -key allocation and optimization analyses enabled the issuer to recover rebate payments totaling over $3.2 million from the IRS. BLX Group 1 5 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Market vs. Present Value of Securities: The regulations allow several methods of valuing securities held as of a computation date, transferred proceeds date, or other applicable allocation date. Because rebate analyses are based on non -purpose payments and receipts through computation and transferred proceeds dates, securities held as of such dates must be valued to represent a receipt or disposition of principal and accrued interest. The regulations allow such valuations to be at either market value, present/accreted value, or plain par - valued at 100 if purchased at a "de minimis" discount or premium. The selection can have a tremendous impact on the bottom line rebate liability. BLX evaluates the merits of these three valuation methods on a case -by -case basis. How? BLX performed an allocation and valuation analysis for a large electric authority in Georgia that resulted in approximately $2.5 million in arbitrage rebate payment savings. In addition, we analyzed the investment holdings of a large California school district and performed an allocation analysis which eliminated a $695,000 rebate liability. Variable Rate Bonds, Qualified Guarantees, and Derivatives: Variable rate bond yield calculations are more complex than fixed rate analyses; instead of determining the yield over the life of the issue using the expected debt service, the yield is determined using actual payments for a specific time period. The flexibility to use different combinations of yield periods in determining bond yields allows us to optimize your rebate liability by comparing the bond yield and the investment yield for "slices" of the computation period. In addition, qualified guarantees and derivatives (such as interest rate swaps and caps) add another layer of complexity. We are experienced in the review of the associated closing documents to validate the inclusion of qualified guarantee fees and qualified hedge transactions. While we boast an active derivative advisory practice and are well versed in the proper amortization of upfront qualified guarantee and hedge termination fees, BLX professionals work closely with Orrick tax attorneys to ensure that the treatment of each letter of credit and derivative is based on solid legal reasoning and analysis. How? BLX has saved our clients millions of dollars as a result of variable rate bond yield optimization. The bond yield is an important benchmark, and we recognize that it's in your best interest for us to capture all eligible outlays. Universal Cap Provisions: The Universal Cap provisions state that, starting (at the latest) with the end of the first bond year that follows the second anniversary, the balance of proceeds allocated to a bond issue for arbitrage rebate purposes must not exceed the value of the outstanding bonds. A legally accurate and economically optimal application of the Universal Cap provisions is one of the most important areas requiring methodological discretion in order to achieve the most favorable result. How? BLX obtained a $1.2 million arbitrage rebate refund from the IRS for a large city in Washington. The bond issues in question utilized a common reserve structure, and a prior rebate provider had missed a requirement to apply the universal cap provision which had a beneficial impact for the city. BLX consultants worked closely with IRS representatives, undertook the complex and lengthy re -allocation analysis, arrived at a final result $1.2 million lower than amounts previously paid, and subsequently obtained the refunds for the issuer. 6) Describe in detail the efforts your firm will undertake to satisfy the requirements of the County in regard to the "Detailed Scope of Services" section. Indicate if any additional tasks are necessary and/or advisable. Provide the time required to perform the services from date of purchase order. BLX has reviewed and understands the "Scope of Services" requested in the Solicitation # 16-6684. Please see the "detailed plan of approach" section above. As stated therein, we expect that calculations will take approximately 2 weeks to complete from the applicable computation date. 1. Verify that the issue is subject to the Rebate Requirement. Working closely with members of Orrick's Public Finance Tax Group, BLX consultants will review each issue's closing documents (i.e. Tax Certificate, Official Statement, etc.) to determine that the issue is subject to the rebate requirements set forth in Section 148 of the Internal Revenue Code. 2. Calculate the bond yield. All arbitrage rebate analyses provided by BLX include a verification of the bond yield for arbitrage purposes. Yield is calculated in accordance with applicable regulations taking into account any provisions for optional or early redemption and the application of any qualified guarantee fees. In BLX Group 1 6 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES addition, for variable rate bonds, BLX has advanced capabilities in determining the bond yield which will produce the ideal result for the County (i.e., bond year and yield period elections). 3. Identify and separately account for all gross proceeds including those requiring allocation analysis due to transferred proceeds and/or commingled funds circumstances. Identifying and allocating the gross proceeds of an issue can be complicated by refundings, pooled financings, commingled investments of bond proceeds and other County monies, and cases where replacement proceeds of the bonds, as defined by the Treasury Regulations, may or may not exist. Our system of checks and balances ensures that all of the gross proceeds allocable to a specific bond issue are taken into account in the calculation of arbitrage rebate liability. 4. Calculate excess investment earnings. Yield restriction is a compliance requirement that is separate from arbitrage rebate but conceptually verysimilar. Yield restriction becomes a factor at the end of certain "temporary periods" as defined in the arbitrage regulations. For example, in the case of construction or project funds, the temporary period ends on the third anniversary of the bonds. Accordingly, the yield restriction analysis for such funds is a cumulative calculation starting on the third anniversary and ending on the earlier of the final redemption of the bonds and the date on which all yield restricted proceeds have been spent. Advance refunding escrows, certain types of transferred proceeds, and excesses over reasonably required reserves (as defined in Section 1.148-2(f) of the arbitrage regulations) are common types of yield restricted proceeds. BLX's arbitrage compliance reports factor in the necessary yield restriction analyses if and when appropriate. It should be noted that yield reduction payments are due at the same time and in the same manner as an arbitrage rebate payment. Even if the County does not owe an arbitrage rebate payment on a particular issue, the County may owe a yield reduction payment on yield restricted monies that have accumulated excess earnings since they first became yield restricted. 5. Deliver appropriate documentation required to support calculations. All BLX analyses include a professional opinion, Orrick legal opinion, and appropriate documentation and footnotes, which thoroughly explain the calculation methodology and applicable Treasury Regulations. 6. Provide various arbitrage rebate reports on the Internal Revenue Service (IRS) required dates (interim or final computation) for each issue and provide an annual "point in time" analysis of cumulative arbitrage rebate liability on September 30 of each year for use in the annual audit during the term of the contract. BLX will provide the County all required interim and final arbitrage rebate reports, and an annual `point in time" analysis of cumulative arbitrage rebate liability on September 30 of each year through the term of the contract. BLX is uniquely positioned to meet any scheduled requirements, as well as to respond quickly to any requests for additional support outside the traditional scope of an arbitrage services engagement. Our internal tracking software notifies the members of the assigned professionals well in advance of scheduled computation dates, allowing us to maintain smooth work -flow and react to any unforeseen circumstances. For many smaller or less technically capable firms, an engagement with the County might represent a significant strain on firm resources. Not so with BLX, we have the additional capacity to consistently exceed the County's expectations with regard to timely and accurate reporting. 7. Provide an executive summary identifying the methodology employed, major assumptions, conclusions and any recommendations for changes in the County's record keeping and investment policy. All BLX analyses include a professional opinion, Orrick legal opinion, and appropriate documentation and footnotes, which thoroughly explain the calculation methodology and applicable Treasury Regulations. In addition, we include recommendations, if any, addressing our client's recordkeeping policies. Even the simplest analysis can present one-off circumstances that would make it difficult for an auditor or IRS agent to reconstruct the analysis should the need arise. Documenting such circumstances is even more crucial during the course of complex calculations or calculations that affect two or more individual bond issues. BLX Group 1 7 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Furthermore, BLX has identified many instances where issuers were incurring negative arbitrage on invested bond proceeds when either positive arbitrage or significantly "less negative" arbitrage positions were easily achievable. Since foregone arbitrage earnings are a dollar -for -dollar opportunity cost to the issuer, BLX has resolved to help issuers reduce or eliminate negative arbitrage. 8. Prepare a matrix to monitor arbitrage compliance. The matrix should identify key items for each bond issue such as the dates of restriction and/or rebate, the applicable arbitrage yield, any exceptions to rebate, penalty elections, calculations and payment dates. BLX will provide the County a summary identifying key items for each bond issue such as dates of restriction and/or rebate, the applicable arbitrage yield, any exceptions to rebate, penalty elections, calculations and payment dates. 9. Prepare all necessary IRS forms for rebate payments or refunds of overpayments. Assist the Department as necessary in the event of an IRS audit or inquiry. Should a payment be required with respect to an issue, BLX will include with the analysis a completed IRS Form 8038-T and detailed instructions as to how to make payment. BLX is also available to complete the IRS forms in the context of any arbitrage refund claims. 10. Advise the Department on new or revised arbitrage regulations and interpretations as to their effect on the County's bond issues. BLX will be available to advise the Department on new or revised arbitrage regulations and interpretations as to their effect on the County's bond issues. By working closely with Orrick's Public Finance Tax Group, BLX is made aware of any relevant changes in tax law. BLX participates in Orrick's Public Finance Tax Group's regular meetings to discuss pending legislation and other tax matters. Furthermore, BLX consultants are on the distribution list for e-mails or any other correspondence to make sure that resultant policy changes are effectively implemented throughout the organization. 11. Provide assistance and consultation as necessary regarding arbitrage -related matters and retain records and documentation at least six (6) years after the issue's final maturity. BLX will provide the County assistance and consultation regarding best practices for records and document retention. BLX will maintain all investment records, arbitrage rebate reports, and bond documents, as well as a PDF version of all arbitrage rebate analyses prepared for a given issue for at least six years after a given issue's final maturity date. Furthermore, BLX will be available at any time to provide recommendations, guidance, and any other requested support. 7) Describe in detail the information and assistance you will require from Department staff. Include your needs for bond issuance and investment information, and any special reporting formats that may be required. For the vast majority of bond issues, County staff can expect their involvement to be limited to gathering (or identifying an alternative source for) the documents listed (below). Whatever reporting format the County currently uses will suffice for BLX. Given the extent of our practice we have literally "seen it all.". ✓ official statement; ✓ tax certificate; ✓ any investment agreements entered into in connection with the bond issuance; ✓ any swaps or hedging agreements entered into in connection with the bond issuance; ✓ escrow sufficiency verification reports (as necessary); ✓ trust agreement (if applicable); ✓ prior rebate calculations and associated documents filed with the IRS; BLX Group 1 8 S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES ✓ for variable rate bonds, documents describing the terms of any credit facilities (such as the Letter of Credit and related Reimbursement Agreement) and a schedule of fees and expenses incurred in connection with obtaining and maintaining such credit facilities; and ✓ With regards to pooled bond proceeds, we typically require: (1) a rate history for the pool, (2) a brief description of how pool earnings are calculated and distributed, and (3) a deposit/withdrawal schedule (specific as to date and amount) for each bond issue the proceeds of which were invested in the commingled pool. 8) Describe your firm's availability with respect to future and/or additional rebate compliance services, i.e., new bond issues subject to the rebate requirement. We have in place the resources to address the County's current and future needs with no interruption to our procedures or strain on our consultants. Additional professionals from our Dallas, Los Angeles, Phoenix, and New York offices, staffed with more than 20 arbitrage rebate compliance professionals, will be available as necessary. Because of our large pool of administrative and financial resources, and because of our unique operational approach, we have the available capacity to add new County bond issues to the proposed engagement. Furthermore, our internal tracking software notifies the members of the proposed team well in advance of scheduled computation dates, allowing us to maintain a smooth work -flow and react promptly to unforeseen circumstances. Consequently, we have the capacity to consistently exceed the County's expectations with regard to timely and accurate reporting. BLX Group 1 9 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 4. COST OF SERVICES TO THE COUNTY 1) Provide the projected total cost and estimated calendar day duration (including projected hours) for which your firm will provide the work as described in this RFP. Based on Exhibit A of the RFP, BLX's all in total cost for 2021 calculations is $17,500. The total cost for future years will depend on the number of issues for which calculations are required. We estimate that the calculations will take 14 calendar days to complete. We expect that the total required hours, including discovery, organization, production, review, redrafting and optimization for all levels (e.g. consultant, managing director and tax partner) will be about 19 hours. 2) Describe your firm's fee schedule and provide estimates of other expenses exclusive of the fee schedules. Identify follow-up consultation and services available after completion of the arbitrage calculation and the costs thereof. Provide estimates of costs for both annual calculations and five (5) year reporting, on a per issue, per service and/or all-inclusive basis. Service Report Fee for annual calculation Fee $1,250 3) Describe your firm's fee schedule on a per issue basis, for future bond issues, including length of time you would honor such schedule. We are enthusiastic about the prospect of servicing your arbitrage rebate compliance needs and do not want fees to be an impediment to our selection. As you know, an institution can spend a great deal more than the amount saved on service fees on other internal and external costs incurred as a result of an error or oversight by a less experienced provider. We believe our services represent the best value available; our expert resources dedicate the time required to deliver the work quality you are seeking and deserve. When comparing our fees to those of other firms, please consider the following: • BLX does not attach additional fees for the legal opinion and consultation provided by Orrick. Other firms might require after -the -fact hourly billing for legal resources if complexities arise with regards to a specific analysis, making their proposed cost appear artificially low. A firm that forgoes enlisting the services of an expert tax counsel to avoid incurring costs for, or charging for, such services runs the very real risk of causing you to make unnecessary rebate payments or be out of compliance with applicable Treasury Regulations. In the interest of simplicity, we offer the following fee schedule - Orrick legal opinion included: Service Fee Report Fee for annual calculation $1,250 Additional Fee (per report, if applicable) Computation Periods in Excess of 12 Months (1) (per additional year or fraction thereof) +$500 (1) This fee only applies if the bond has been outstanding for more than one year and no previous annual calculations have been done. BLX does not charge hourly rates for phone calls or any other fees such as client visits, meetings, or training sessions. Issuer education is very important to us; we would be pleased to provide an on -site or webinar training session at the County's request, at no additional charge. Additionally, open communication allows BLX to BLX Group , 10 SLX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES achieve a clear understanding of the unique characteristics, circumstances, and objectives of each client. Daily communications will be over the telephone and/or email, as the County prefers, also at no additional charge. BLX's proposed fee schedule will remain in effect for the duration of the initial and any elective contracting periods. Such fees would also apply to any future bond issuances of the County not covered in the RFP. 4 Describe how you propose to handle and invoice for amending your calculations if new regulations require amending previous calculations. While other firms may find the prospect of emerging public finance and changing tax laws burdensome, we see such changes as potential opportunities to provide additional benefit to our clients. Although only minor regulatory changes have occurred in the last 32 years (1993 was the last major revision of the regulations), there exists a remote possibility that the federal government may amend the rebate regulations in the future with the result being that prior rebate liabilities may require recalculation. In the event that this occurs, we will, at no charge, review prior rebate calculations to determine if a recalculation is necessary and/or advisable. After this initial review, we will discuss our findings with the County and jointly determine the best course of action. Although most changes in tax law are applicable prospectively, many are retroactively available by election. Our approach is to first carefully analyze the changes in tax law and then develop a transaction profile for issues that are or may be affected from an arbitrage or yield restriction perspective. For example, when the 1993 Regulations were introduced we developed a list of the pros and cons of electing into the 1993 Regulations. By utilizing this check list, we were able to efficiently identify candidates that might benefit from electing into the 1993 Regulations and notified our clients accordingly. By taking advantage of the benefits of the 1993 Regulations, our clients have saved millions of dollars in rebate liability. There is no charge associated with any recalculation of BLX's work due to new regulations or guidance from the IRS. BLX Group 1 11 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 5. EXPERIENCE AND CAPACITY OF THE FIRM 1) Describe your firm's experience in providing arbitrage rebate compliance services including information which documents successful and reliable past performance. A brief description of the firm's business history and number of years in operation is essential. BACKGROUND BLX is registered with the Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB) as a municipal advisor. Originally known as Orrick, Herrington & Sutcliffe LLP's ("Orrick") Financial Services Group ("FSG"), BLX was formed as a wholly -owned subsidiary of Orrick in September 2000. In June 2004, BLX opened an office in Tampa, Florida. Since our inception 32 years ago (March 1989), we have grown to become the largest provider of arbitrage rebate consulting services in the country. Throughout our history, our core business and reason for being has always been arbitrage rebate consulting. We have successfully: Our ability to consistently engage and maintain clients • Prepared over 80,000 arbitrage reports through geographic reach, depth of resources, and • Engaged over 27,500 bond issues breadth of experience are all strong indicators that • Serviced over 3,500 distinct tax-exempt BLX has succeeded at providing the highest quality issuers and obligors technical and client services available in the industry. Our familiarity with a variety of debt profiles and service needs has been accumulated through this rich and diverse experience. The proficiency we have acquired through our enduring tenure, along with the technical knowledge of our seasoned staff, make BLX distinctly qualified to fulfill the County's scope of work cost-effectively without sacrificing quality. EXPERIENCE WITH COMPLEX TAX-EXEMPT STRUCTURES We maintain long-standing engagements with many of the nation's largest and most sophisticated issuers. Our technical, financial and regulatory expertise is evidenced by the fact that we are often asked to assist investment banking, financial advisory, consulting, and law firms with complex structurings and problem - solving, especially in the realm of correctly applying federal tax law and arbitrage requirements. This level of technical proficiency far surpasses what is required for many arbitrage analyses, but enables BLX to handle complex analyses Highlights f Par and to provide issuers with a high degree of comfort that all ' Issues ($trillion) analyses are accurate. BLX's arbitrage rebate practice represents the full spectrum of issue types and technical complexities. As illustrated in Table 1, we have worked on thousands of analyses involving commingled funds, transferred proceeds, and variable rate debt (with or without hedges). These are some of the most challenging analyses; they require a thorough understanding of the legal, economic, and technical aspects of Overall 26,720 2.144 Fixed 22,753 1.791 Variable 3,967 0.353 Refunding Issues 10,483 1.120 Commingled Funds 10,222 0.949 arbitrage computations. Furthermore, and Chart 1: Issues Engaged by Industry Segment as shown in Chart 1, our practice is seasoned and fortified by the breadth of 631 1,150 public and private industry segments we 1,392 have serviced; we have clients in sectors 11658 ranging from education, healthcare, and 1,062 general infrastructure, to housing, student 4 loan, and public power. This rich and 2,610 diverse experience enables us to immediately recognize debt and investment features, spend less time 3,365 figuring out the issue's structure, and s34e spend more time optimizing the analysis of any given bond issue. • General Infrastructure Improvements Education 9,504 • Housing e Water & SewerlPollution Control . Economidlndustrial Development o HeatthcarelLifecarn Tra n s p ortatio nlSea p ortlA i rp o rt • Student Loan • Public Power/Combined Utilities BLX Group 1 12 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES In addition, our procedural approach, our process of checks and balances, and our quick access to Orrick's expert legal resources give us a distinct advantage not only in recognizing and appropriately addressing structures with which we have prior experience, but also in isolating the single best approach for structures for which no precedent exists. Our expertise allows us to accommodate even the most unusual and complex circumstances, and to apply beneficial analytical alternatives when available. COUNTY EXPERIENCE We are distinct in our ability to deliver the County's requested scope of work. BLX is distinguished by (i) an unmatched track -record of successful engagements similar to the County in size and type, (ii) our balanced team of legal, analytical, and administrative resources, (iii) our dedication to provide the County with all timely annual and installment calculations, and (iv) the capacity necessary to respond effectively to County's current and future needs. In the last 32 years, BLX has provided reports and legal opinions for with various county level issuers. The table below demonstrates BLX and its consultants' experience. 640 4,148 $255.33 billion 18,065 CAPABILITIES BLX is a go -to strategic partner for your post -issuance compliance requirements. (i) We staff 33 full time professionals, strategically located nationwide. We are headquartered in Los Angeles and have offices in Dallas, New York, Phoenix, and Tampa. BLX is thereby uniquely positioned to meet your scheduled requirements and respond quickly to requests for additional support. (i i) Our large-scale production is seamless. BLX prepares about 3,400 arbitrage rebate reports annually. We have in place the resources to address the County's current and future needs with no interruption to our procedures or strain on our consultants. (iii) Our rigorous system of built-in checks and balances ensures compliance with laws governing arbitrage rebate and also ensures that the County receives the best arbitrage consulting services available. (iv) We continually invest in technology to enhance our clients' experience, minimize labor production costs passed on to them, and supplement our multi -tier review process with software -based quality controls: (a) BLX Digital, our team of 4 full-time engineers, partners with our 29 consultants to deliver accurate and efficiently produced reports. They have designed several proprietary platforms to assist our clients with bond and compliance related activities. Such platforms advocate transparency and include: BLXBid (secure investment bidding), BLXSwap (swap monitoring and GASB53/72 valuations), and internal platforms related to trust account data processing and extensive private use analyses. (b) We advocate transparency and provide complimentary access to the BLXPortal, a secure service that allows our clients to access detailed information about their rebate engagements, view rebate reports, review scheduled computations, and upload bond documents and investment records. Given our capabilities, BLX will thereby be able to dedicate resources to the County immediately upon engagement and seamlessly transition any prior work. Within a few days of being awarded the engagement, the proposed relationship manager will reach out to address any questions and identify items needed to perform upcoming computations. You can be assured that your assigned liaison will be attentive to your needs and will maintain a complete understanding of your requirements; we strive to establish strong partnerships and empower our clients to reap the benefits derived from our broad perspective on post -issuance compliance matters. TECHNICAL RESOURCES AND PROFICIENCY BLX's strength and longevity are derived from our extensive technical resources, proficiency, and the oversight provided by Orrick. As you will notice from our firm organizational chart included as Appendix B, BLX has 12 Managing Directors, each bringing tremendous intellectual resources and talent to our firm. A BLX Group , 13 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES firm does not amass and retain that amount of quantitative talent without an environment of challenging work, diligence and mutual respect. This work environment differentiates us and provides peace of mind and certainty for our clients in the following ways: (i) Efficient Operations: BLX deploys its resources such that each is dedicated to the component of a given rebate calculation that makes that resource most efficient. Our professionals spend less time on information collection and data entry, and more time analyzing and applying regulatory knowledge to uncover the approach that produces the best result for their clients. Accordingly, our professionals gain more exposure and acquire expertise you can rely on in a wide variety of scenarios. (ii) Attentive Service: We prioritize the perspectives and sensitivities of each client. Having provided arbitrage consulting services to tax-exempt issuers in every U.S. State and Territory, we are poised to provide you with recommendations, guidance, and support that is right for your organization. Our team is committed to addressing your service needs every step of the way. (iii) Advanced Technology: We use proprietary spreadsheet -based templates rather than commercial software because of the flexibility they afford our clients. A pre -designed system is limited to built-in methodologies. We recognize that the best answer is often produced from an approach that is rarely used. Our flexible technological platform is in place to give you the certainty that contingencies can be vetted out. We have invested substantially in technology to enhance our clients' experience: (a) Our internal tracking software notifies the members of the proposed team well in advance of scheduled computation dates, allowing us to maintain a smooth work -flow and react promptly to unforeseen circumstances. Consequently, we have the capacity to consistently exceed the County's expectations with regard to timely and accurate reporting. (b) We advocate transparency and provide complimentary access to the BLXPortal, a secure web -based service that allows our clients to access detailed information about their rebate engagements, view rebate reports, review scheduled computations, and upload bond documents and investment records. A quick view of some of the detailed bond issue information available on the BLXPortal is shown below: © BIKPwta1 A 1.n M P.— Mailers Matter Detail / Anytown IFA 2012A Bonds Sandra Stallings Josh Cain - UU Gu f cWt Cdy or ArWfol al Ieeoere . NI SNtv98e • m r Fvl rer Bond Issue f2S.0B6A00 Anylow Irdrastructwa Financing AuRpMy lease Rev BOs, Seres 2015 Infreat-1— Revenue Pehe+dmg Bonds yMer Rev Ref Bus. %se 201a Sena 2012A Mlrasauc Rev Re18m.Sorce 20taA My— IFA 201M Boras Cap I— Rev Ref B . Series 2012 A glow IFA Gros Ceuta 2009A 9- BLX Contacts PROJECT MANAGER REULI0-1 MANAGLI Cmc Career 20DDS Bonds Nancy Kummer Sandra SNIlirlge (213)612 2215 1214)W9 2701 Water My Bde. Saws 200E nKuvmrer004Agroup.mn ssNAingstetlLXCrO�Pco.m Ud oe Wtvo, Bds. Rermy way arhaunrctw Ref Rev Bea, S-2OD6 A Matter Details Matter s 612-12662 Latest Rapm: 00002/2016 CIFR Sens 2006 Op— 06'D2 12 Neal Report 09002/P021 CIFP. Senee 2005 TON Ro ono YR POy— Saw Noal Sm Yew a OBMWO21 Inhaslructun Rw Ref See. MfiaebuplMe Rev Ref Bee. Smea Issue Details p,T.py polo OB"1 12 C1136' 037633100 � CIFP, Sanea 2Ws Issue Da 06�'Mr2D12 Ineaevupl" Rev Rel Bee. %es 20Ds A CIFP, Sands 2003 CIFP, Sans 2002 Roports Comp. Date Renwinin9 Proceeds CumulaNvp Rebate UOOility Ycie Rcetrictlon Un06ity Ina V ruptMe Rev Ref Bee, Serve 2002 A 09/OY.018 m BB3.009 36"l61 OOG 9R I (3]6fifi fit) EXPERIENCE DIFFERENTIATORS The County's desired scope of services aligns with BLX's corporate philosophy and procedures. Our aptitude at handling the unique characteristics of your debt profile comes from a strong foundation of successful County engagements. The following differentiators are unique to BLX. (i) Our clients benefit greatly from BLX being a wholly -owned subsidiary of Orrick with unlimited access to tax expertise. Being a subsidiary of a law firm, BLX holds itself accountable to the highest BLX Group 1 14 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES standards of the Treasury Department's Circular No. 230 which governs tax practitioners. Orrick tax partners are on the front lines closing bond deals, providing legal guidance, receiving updated educational information, working with the IRS on various tax matters, and attending and presenting at seminars across the nation. BLX receives regulatory updates from the Orrick tax partners and routinely consults with them on technical complexities. We have access to these additional resources at no charge to the County. (ii) Senior BLX consultants average more than 20 years of experience in arbitrage compliance and public finance. Their tenure enabled them to become experts and thoroughly master the post -issuance compliance domain surrounding debt offerings. This expertise allows us to accommodate even the most unusual and complex circumstances and to apply beneficial analytical alternatives when available. BLX consultants are recruited from strong educational and occupational backgrounds and undergo rigorous financial, technical, and regulatory training by nationally recognized experts. Furthermore, our team of registered municipal advisors and CPA undergo continuing professional education to maintain their licenses. (iii) BLX is a national authority and leader on post -issuance compliance education. We host annual post -issuance compliance workshops, and conduct onsite training for numerous clients throughout the year. We also host webinars to keep clients apprised of regulatory developments and best practices on a variety of topics, ranging from continuing disclosure to private use and post -issuance compliance. In addition to gaining valuable insight and staying up-to-date through Orrick, our staff includes an associate member of the National Association of Bond Lawyers who disseminates timely regulatory updates. Our education advocacy is further demonstrated by the BLX Institute — an online resource covering the fundamentals of post -issuance compliance and intended to support the municipal and non-profit sectors. The BLX Institute provides curated educational content on topics ranging from private business use to continuing disclosure and arbitrage rebate compliance. (iv) Under Orrick's careful guidance, BLX consultants have accumulated extensive experience interfacing with IRS agents and are familiar with their operating procedures. The IRS and other federal agencies have greatly increased their scrutiny of all tax aspects of state and local government bonds. In addition to responding to random audits, BLX consultants have processed and retrieved over $70 million in refund claims for their clients. Some of these claims materialized due to changes in the interest rate environment while others stem from BLX consultants optimizing the analysis of a prior consultant who failed to identify the lowest legally permissible rebate liability. In light of the IRS's increased enforcement efforts, we strongly believe that BLX's depth of financial expertise, combined with our pulse on regulatory matters and direct exposure with the IRS, provides the highest level of comfort available. MOST QUALIFIED RESPONDENT Due to the diverse nature of our practice and resources, we believe that BLX is best qualified to assist the County in providing arbitrage compliance services for its tax-exempt transactions. Over the past three decades BLX has been able to distinguish itself from other firms. The following table is based on our understanding of our competition. Have prepared calculations for Issuers in all 50 States plus U.S. Territories ✓ 25+ years providing arbitrage service ✓ Offers Legal Opinion ✓ Team of Tax Lawyers Available through Parent Company ✓ Hii1top ✓ ✓ ✓ ✓ ✓ Team of Engineers to Enhance Data Security and Minimize Manipulation Errors ✓ Degreed Professional Staff ✓ ✓ ✓ ✓ Hosts Education Workshops ✓ MSRB Registered ✓ ✓ ✓ Independent of Underwriting Services ✓ ✓ ✓ ✓ Swap Monitoring/Evaluation ✓ ✓ ✓ Team Providing Continuing Disclosure Services ✓ ✓ ✓ BLX Group 1 15 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES As outlined in the table on the previous page, many firms do not stack up against the qualifications, resources and offerings of BLX. Firms with more narrow experience, or firms that seem to state proudly that "rebate is all we do," are unable to provide advice regarding debt structuring, accounting methodology and other matters that relate to arbitrage rebate compliance. As a registered Municipal Advisor, BLX approaches engagements with a wider lens and thereby offers a more comprehensive perspective. Include at least two (2) examples of work performed at the branch office that will have primary responsibility for this engagement. These examples should reflect currently applicable laws, rules, and regulations. Provided as Appendix A are sample reports completed by the proposed team. 2) Describe the legal expertise available within your firm, particularly with regard to the provisions of Section 148(0 of the Internal Revenue Code and Regulation promulgated thereunder. Describe the assurance you can provide the County the work performed is consistent with federal tax and other applicable laws. Explain whether any legal advice will be provided within your firm or by a sub -consultant. Describe any legal opinions that may be required to satisfy each arbitrage calculation. If the legal advice is to be provided outside your firm, identify the source of this expertise and explain the source's knowledge of the relevant Code and Regulation sections. Explain mark-ups, if any, that your firm will add to the cost of outside legal advice. Provide an estimate of the scope and cost of legal advice, including estimated hours and fee rates. LEGAL EXPERTISE - UNPARALLELED TAX RESOURCES BLX works closely with tax and bond attorneys at Orrick, our parent company, to ensure the legal aspects of your analyses are appropriately addressed. Orrick has been ranked as the No. 1 Bond Counsel firm in the U.S. by Thomson Reuters for most of the last two decades. Our collective intellectual property is attuned to your support and compliance needs, and our services include the necessary transparency to document your tax position: Global Perspective: Orrick handles roughly 500 bond counsel transactions per year, which represents more than 12% of the U.S. market share. BLX's body of knowledge is shaped by routine interactions with Orrick's innovative public finance and non-profit attorneys. This exposure enables us to gain a broad perspective on regulatory trends and best practices for your post -issuance compliance program. We understand tax law applications and make impactful decisions based upon the synergy gained by working with 20 diverse Orrick public finance practitioners (including 11 partners). Legal/ Professional Opinion: Arbitrage analyses are complex enough, and the results delivered from competing firms vary enough, that a professional opinion matters. BLX delivers each analysis with an Orrick legal opinion attesting that it conforms to the appropriate Treasury Regulations. The Orrick legal opinion carries with it the credentials of an institution that has provided quality legal services to municipal issuers and borrowers for almost 100 years. The Orrick opinion, supported by its underlying knowledge base, has far more weight under scrutiny than that of a sole practitioner or certified public accountant. • Regulatory Expertise: Under Orrick's careful guidance, BLX consultants have accumulated extensive experience interfacing with IRS agents and are familiar with their regulatory interpretations. Our collaborative team is fully versed in Sections 103 and 148 of the Internal Revenue Code and related Treasury Regulations - the relevant sections of the Code pertaining to arbitrage rebate and yield restriction compliance. Carefully sorting through the different rules set forth in prior versions of the Tax Regulations and making the proper permitted beneficial elections can reduce rebate liabilities by hundreds of thousands of dollars. A legal review is important to reach an optimal result that is fully compliant with the Treasury Regulations in a variety of areas (as listed in Section 3.5). The effects of important changes to Treasury Regulations and proposed legislation impacting tax-exempt finance are debated and openly discussed in e-mail threads that include the entire Orrick public finance group, of which BLX is a part. BLX is thereby often aware of regulations being considered and the positions bond and tax counsels are likely to take on prospective changes. BLX Group 1 16 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES As illustrated below, our approach is to first carefully analyze the tax law changes, and then develop a profile for issues potentially impacted from an arbitrage or yield restriction perspective. As a result of our relationship with the Orrick Public Finance Team, all BLX consultants are immediately made aware of any changes to the Treasury Regulations. 1993: When the 1993 Regulations were introduced, we developed a list of pros and cons of electing into the 1993 Regulations. By utilizing this checklist, we were able to efficiently identify candidates that might benefit from electing into the 1993 Regulations and notified our clients accordingly. 2007: When proposed regulations were released in 2007, BLX immediately adopted the updated computation date credit to include the amount allowed, and indexed it to inflation (unlike other smaller firms), thereby ensuring that the lowest legally permissible payments were made. Regulations related to the disallowance of super -integration of certain LIBOR -based hedges were also released that year. We searched our database for bond transactions with super -integrated qualified hedges and reached out to our clients regarding the potential for the bonds to no longer be treated as fixed yield issues. As further evidenced in Section 3.5, BLX readily recognizes opportunities and routinely takes advantage of alternative methodologies when it can be ascertained that present value savings will be achieved. The table to the right summarizes some of the methodologies BLX has applied, and the approximate cumulative savings achieved as a result. Allocation and Valuation Analyses $16 million Variable Rate Optimizations $9 million Various Elections $6 million Rebate Refund Requests Successfully Retrieved $70 million 3) The County requests that the vendor submits no fewer than five (5) completed reference forms from clients during a period of the last 5 years whose projects are of a similar nature to this solicitation as a part of their proposal. Provide information on the projects completed by the Proposer that best represent projects of similarsize, scope and complexity of this project using form provided in Form 5. Proposers may include two (2) additional pages for each project to illustrate aspects of the completed project that provides the information to assess the experience of the Proposer on relevant project work. Included as Appendix C are five completed Reference forms. BLX Group 1 17 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 6. SPECIALIZED EXPERTISE OF TEAM MEMBERS 1) Designate the individuals) who will be working on the day-to-day activities with County staff. Include current resumes and identify particular experience and/or skills that would be applicable to the services required. Project Manager: Erik Dingwall will serve as your project manager. He will address your day-to-day needs and coordinate efforts internally with Orrick and with other BLX team members. He has a wide range of public finance experience, which combined with her project management expertise, has consistently resulted in successful transactions and great client satisfaction. He will be fully committed to delivering BLX's industry -leading services to you and your team and is available 7 days a week via phone or e-mail. Furthermore, he routinely conducts and is available for complimentary site visits as needed. In the event there should be a change in the person(s) names assigned to perform the services under this contract, the Vendor shall submit, for approval to the County, the credentials and resumes of the person(s) the Vendor wishes to perform the services under the contract. The team presented in this section represents all personnel who would be assigned to work on this project, and any changes would be forwarded to the County for prior approval; BLX would draw from its deep talent pool and replace the key person with a director, consultant or an attorney with equivalent experience. RESUMES OF PROPOSED TEAM Erik B. Dingwall Managing Director TAM PA T: (813) 872-6840 E: edingwall@blxgroup.com INDUSTRY EXPERIENCE 22 Years TENURE AT BLX 22 Years EDUCATION University of California, San Diego BS in Bio-Engineering, 1991 University of Southern California MBA, 1998 FINRA LICENSES Series 50 Municipal Advisor Rep (2016 to Present) Series 65 Investment Advisor Rep (2001 to 2017) ROLE: Project Manager, Technical Strategy, Report Review/Production SPECIFIC QUALIFICATIONS: ❖ 22 years of Arbitrage Regulatory compliance experience. ❖ Successful client and third -party Project Manager for BLX's clients, such as Union County Improvement Authority (NJ), Camden County Improvement Authority (NJ), New Jersey Transit Corporation (NJ), the Town of Lexington (SC), Fairfax County (VA), City of Orange (FL), LAMTA (CA), City of Chicago (IL), and Miami -Dade Public Schools (FL). ❖ Strong communicator, skilled problem solver, organized project manager, and knowledgeable resource. ❖ Registered Municipal Advisor representative and client service advocate with a broad perspective on issuer requirements. ❖ Has extensive quantitative and coding skillset related to the most complicated areas of arbitrage compliance. ❖ Has identified software solutions to simplify complicated analyses and produce accurate and repeatable results. ❖ Has executed strategies for clients and significantly improved the economics of their transactions resulting in the reduction or elimination of arbitrage liabilities and the refund of arbitrage overpayment. bLX Group , iu S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 1310 / RELEVANT WO K EXPERIENCE: Erik is a Managing Director and head of BLX's Tampa office. He is responsible for overseeing Tampa's operations, reviewing and optimizing analyses, managing client relationships and leading BLX's business development efforts throughout the Southeastern United States. He is responsible for some of the firm's largest and most complex engagements. Through his deep knowledge of the governing Treasury Regulations, Erik has executed strategies for his clients that have significantly improved the economics of their transactions. Such improvements have resulted in reduced or eliminated arbitrage liabilities and the refund of arbitrage overpayment. Having worked on a number of large engagements with tight timeframes, extensive datasets, interrelated issues, and complicated structures, Erik has used his coding skills, has acquired database knowledge, and has identified software solutions to simplify complicated analyses and produce accurate and repeatable results. He is an active speaker and member of the Florida Government Finance Officers Association and the Florida School of Finance Officers Association. BLX Group 1 19 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Sandee Stallings Chief Operating Officer I Managing Director DALLAS T: (214) 989-2701 E: sstallings@blxgroup.com INDUSTRY EXPERIENCE 32 Years TENURE AT BLX 22 Years EDUCATION Nebraska Wesleyan University BS in Business Administration, Finance, 1986 FINRA LICENSES Series 50 Municipal Advisor Rep (August 2017 to Present) Series 63 Uniform Securities Rep (2004 to Feb. 2020) Series 65 Investment Advisor Rep (1996 to Feb. 2020) Series 7 General Securities Rep (1990 to 2015) MEMBERSHIPS GTOT, NABL, and GFOA Texas Women in Public Finance ROLE: Technical Strategy, Regulatory Support SPECIFIC QUALIFICATIONS: ❖ 32 years of Arbitrage Regulatory Consulting, Auditing, Banking and Finance Background. ❖ Successful Client and Third -Party Relationship Manager on dozens of large accounts and State and local level issuers. ❖ Strong communicator, skilled problem solver, organized project manager, and knowledgeable resource. ❖ Developed an extensive quantitative skillset related to the most complicated areas of arbitrage compliance: loan yield determination, universal cap, commercial paper programs and state revolving fund transactions; ❖ Reviewed thousands of arbitrage rebate and yield restriction analyses, sought to optimize results when applicable, and recovered over $20M from the IRS in refund claims for clients. 1310 / RELEVANT WORK EXPERIENCE: Sandee is BLX's Chief Operating Officer. A senior member of BLX's management team with 32 years of public finance experience, she heads BLX's Compliance Services, which encompasses Arbitrage Rebate and Yield Restriction Compliance, Post -Issuance Compliance, Secondary Market Disclosure, and Program Administration Services. Sandee is responsible for all aspects of project management, client services, work quality and the overall operations of our compliance and consulting services nationwide. She oversees production in the Los Angeles, Phoenix, Dallas, Tampa, and New York offices. In addition to her management responsibilities, Sandee is an industry leader in monitoring compliance of tax-exempt financings for all types of issuers of municipal bonds. Her expertise, which includes the highly complicated areas of student loan and housing bond structures, is enhanced by her close working relationship with Orrick Tax Partners. She joined BLX's predecessor organization, the Financial Services Group of Orrick, in 1999 when it acquired the Arbitrage Rebate Consulting Group of Dain Rauscher Incorporated (Dain). From 1994 through 1999, as Vice President and Manager, she was responsible for the oversight of the Dain Group. For the five years between 1989 and 1994, she directed the daily functions of the Arbitrage Rebate Services Group at First Southwest Company and was instrumental in the establishment of that practice. From 1986 to 1989, Sandee was associated with the Federal Reserve Bank of Dallas and the Federal Reserve Board in Washington, D.C. where she performed audits of bank holding companies and Federal Reserve branches, respectively. BLX Group 1 20 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Amber Rhodes Managing Director DALLAS T: (214) 989-2718 E: arhodes@blxgroup.com INDUSTRY EXPERIENCE 21 Years TENURE AT BLX 18 Years EDUCATION Texas Christian University Bachelor of Business Administration in Finance, 1999 FINRA LICENSE Series 65 Investment Advisor Rep (2004 to 2017) ROLE: Technical Analysis, Optimization, Verification, Report Review SPECIFIC QUALIFICATIONS: ❖ 21 Years of Arbitrage Regulatory Consulting. ❖ Provided accurate and thorough reviews of thousands of arbitrage analyses. 1310 / RELEVANT WORK EXPERIENCE: Amber joined BLX in 2003. Prior to BLX, she gained three years of arbitrage rebate experience as a consultant at First Southwest Asset Management in their Arbitrage Rebate department. Currently, Amber is primarily focused on reviewing arbitrage rebate analyses as well as training and mentoring Dallas consultants on technical matters. She supports consultants in identifying the optimal methodology for various arbitrage rebate and yield restriction calculations, as well as expenditure exception analyses. During her review of annual arbitrage analyses, Amber confirms the report accurately reflects the record of investments as well as computations and methodologies that are in accordance with the applicable regulations. BLX Group 1 21 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Matthew Hunt Associate Director DALLAS T: (214) 989-2720 E: mhunt@blxgroup.com INDUSTRY EXPERIENCE 20 Years TENURE AT BLX 15 Years EDUCATION University of Texas BA in Economics, 2000 Southern Methodist University MBA in Corporate Finance, 2005 FINRA LICENSES Series 50 Municipal Advisor Rep (2016 to Present) Series 7 General Securities Rep (2001 to 2011) ROLE: Technical Analysis, Optimization, Verification, Report Production SPECIFIC QUALIFICATIONS: ❖ 15 years of Arbitrage Regulatory Consulting experience. ❖ MBA in Corporate Finance. ❖ Completed approximately 3,000 arbitrage rebate calculations for various local and state level issuers including the Contra Costa County (CA), County of Los Angeles (CA), Miami -Dade County (FL), San Mateo County (CA), and the City and County of San Francisco (CA); ❖ Effectively performed arbitrage rebate and yield restriction analyses resulting in the recovery of over $7M from the IRS in refund claims for various clients. 1310 / RELEVANT WORK EXPERIENCE: Matt joined BLX in 2006. With a strong interest in finance, he began working at Fidelity Investments as a Trading Representative prior to joining BLX. His responsibilities included servicing client accounts as well as placing mutual fund, equity, and complex option trades for clients. Currently, Matt's responsibilities include preparing arbitrage rebate, yield restriction, and acquired purpose investment analyses. Matt also manages all recovery of overpayment and special project opportunities. BLX Group 1 22 COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Matthew Hunt Associate Director DALLAS T: (214) 989-2720 E: mhunt@blxgroup.com INDUSTRY EXPERIENCE 20 Years TENURE AT BLX 15 Years EDUCATION University of Texas BA in Economics, 2000 Southern Methodist University MBA in Corporate Finance, 2005 FINRA LICENSES Series 50 Municipal Advisor Rep (2016 to Present) Series 7 General Securities Rep (2001 to 2011) ROLE: Technical Analysis, Optimization, Verification, Report Production SPECIFIC QUALIFICATIONS: ❖ 15 years of Arbitrage Regulatory Consulting experience; ❖ MBA in Corporate Finance; ❖ Completed approximately 3,000 arbitrage rebate calculations for various local and state level issuers including the City of Fort Myers (FL), City of Orlando (FL), City of Panama City Beach (FL), City and County of San Francisco (CA), Contra Costa County (CA), Miami -Dade County (FL), School Board of Volusia County (FL), School District of Lee County (FL); ❖ Effectively performed arbitrage rebate and yield restriction analyses resulting in the recovery of over $7M from the IRS in refund claims for various clients. BIO / RELEVANT WORK EXPERIENCE: Matt joined BLX in 2006. With a strong interest in finance, he began working at Fidelity Investments as a Trading Representative prior to joining BLX. His responsibilities included servicing client accounts as well as placing mutual fund, equity, and complex option trades for clients. Currently, Matt's responsibilities include preparing arbitrage rebate, yield restriction, and acquired purpose investment analyses. Matt also manages all recovery of overpayment and special project opportunities. BLX Group 1 22 S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES Richard Chirls Partner, Orrick NEW YORK T: (212) 506-5250 E: rchirls@orrick.com INDUSTRY EXPERIENCE 36+ Years TENURE AT ORRICK 36 Years ROLE: Legal Analysis / Review EDUCATION University of Pennsylvania B.S., cum laude, , 1973 University of Pennsylvania Law School J.D., 1976 New York University School of Law LL.M., Taxation, 1979 MEMBERSHIPS National Association of Bond Lawyers, President (1990-1991) & Chair, annual tax seminar NABL Bernard P. Friel Medal for distinguished service in Public Fin (2008) American Bar Assoc., Section of Taxation, Tax Exempt Fin. Cmte., Chair (1989-1991) New York State Bar Assoc., Tax Section, Tax Exempt Fin. Cmte, Chair (1984-1986) Beryl Anthony's Commission on Public Finance BIO / RELEVANT WORK EXPERIENCE: Richard Chirls, a New York tax partner, focuses his practice on the tax aspects of public finance transactions. He has served as the head of Orrick's nationally recognized Public Finance Tax Group. With over 36+ years of experience, Richard is widely recognized as one of the nation's foremost authorities, having broad experience with tax exempt financings and related transactions involving governmental and not -for -profit entities. His expertise and stature in the public finance community was recognized by the National Association of Bond Lawyers' highest award for his career of distinguished service in public finance. Richard focuses on new products, including the development of new and creative financing techniques for governments, non -profits and investment bankers. He regularly works on transactions throughout the country. However, in his home office in New York City, he leads the relationship with the Port Authority of New York and New Jersey, serving as counsel on well over 100 transactions over a period of more than 20 years and has headed the tax work in connection with every financing of a cultural facility relating to museums and performing arts in New York City over this same period. Richard has worked on the tax aspects of several of the largest and most complex public private partnership (P3) transactions in recent years. He frequently acts as special tax counsel to issuers and underwriters of municipal finance issues. Richard also conducts the defense to IRS challenges to the tax exempt status of municipal bonds. He was the lead tax attorney among the joint defense group of 17 investment banking firms that settled the original IRS/SEC/DOJ "yield burning" allegations and subsequently has represented investment banking firms and issuers in connection with investigations involving alleged "yield burning" and "bid -rigging" and other violations of arbitrage restrictions. His work on IRS investigations of tax exempt bonds has covered a broad range of situations, including small issue IDBs, excess private use of governmental and not -for - profit projects, arbitrage driven structures, excess unexpended bond proceeds and the status of community development districts as political subdivisions. The results of these investigations have ranged from the prompt and favorable closing of examinations to complex settlements involving multiple transaction participants and federal regulatory agencies. He has experience with the IRS Voluntary Closing Agreement Program (VCAP) and the resolution of investigations through technical advice from the IRS Office of Chief Counsel and the IRS Office of Appeals. Richard's booklet "An Introduction to IRS Audits of Tax -Exempt Bonds" is a popular resource of information for the public finance community. Richard's practice also involves significant experience with post -issuance tax law compliance such as arbitrage rebate and yield restriction requirements and rebate refund claims (together saving issuer clients many millions of dollars of arbitrage costs), as well as private use monitoring and relief. BLX Group 1 23 S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES 7. LOCAL VENDOR PREFERENCE 1) Local business is defined as the vendor having a current Business Tax Receipt issued by the Collier or Lee County Tax Collector prior to proposal submission to do business within Collier County, and that identifies the business with a permanent physical business address located within the limits of Collier or Lee County from which the vendor's staff operates and performs business in an area zoned for the conduct of such business. Not applicable. BLX Group 1 24 S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES APPENDIX A BLX Group l FOR INTERNAL USE ONLYAh ilkffA VA 0�11 7Ad g1rAl $310, 885, 000 City of Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C INTERIM ARBITRAGE REBATE AND YIELD RESTRICTION ANALYSES For the Computation Period: March 13, 2008 — March 13, 2021 X<g> City of Anytown, Florida Interim Arbitrage Rebate and Yield Restriction Analyses July 8, 2021 Page TABLE OF CONTENTS Transmittal Letter Opinion by Orrick, Herrington & Sutcliffe LLP Notes and Assumptions Definitions The Bonds Schedule A - Summary of Rebate and Yield Restriction Analyses Schedule B - Sources & Uses of Funds Schedule C - Annual Debt Service & Production Schedule D - Semi -Annual Debt Service Schedule E - Arbitrage Yield Calculation Arbitrage Computations Appendix A - Transferred Proceeds Ratio Analysis BLX<9> BLX Group LL( 4300 W Cypress St, Suite 360 Tampa, FL 33607 Ph 813 872 6147 Fx 813 872 7295 blxgroup.com July 8, 2021 City of Anytown, Florida 100 Main Street Anytown, FL Re: $310,885,000 City of Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Interim Arbitrage Rebate and Yield Restriction Analyses Computation Period: March 13, 2008 through March 13, 2021 Ladies and Gentlemen: This report (the "Report"), which is being delivered to you pursuant to our engagement letter, consists of computations and the assumptions on which such computations are based with respect to the rebate and yield restriction liabilities of the City of Anytown, Florida (the "Issuer") in connection with the above -captioned issue (the 'Bonds") for the above -referenced period (the "Interim Computation Period"). The computations herein are based on an analysis of existing laws, regulations, and rulings. The Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend, or interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate and yield restriction liabilities described in the Report may be subject to adjustment under such future pronouncements. The scope of our engagement was limited to preparing the Report based on information supplied to us. In accordance with our engagement letter (which is incorporated herein by reference), our engagement did not include determination of whether securities allocable to proceeds of the Bonds were purchased at fair market value within the meaning of the Treasury Regulations, or an audit or review of the investments acquired with gross proceeds or the payment of debt service on the Bonds. With your permission, we have relied entirely on the information provided to us without independent verification, and we express no opinion as to the completeness, accuracy, or suitability of such information for purposes of calculating rebate and yield restriction liabilities with respect to the Bonds. We have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or any other aspect of the Bond program. We are under no obligation to consider any information obtained by us pursuant to this engagement for any purpose other than determining such rebate and yield restriction liabilities. Also, we have no obligation to update this Report because of any events occurring, changes in existing laws, regulations, or rulings or interpretations thereof, or data or information received, subsequent to the date hereof. BLX<g> City ofAnytown, Florida July 8, 2021 Page 2 For the Interim Computation Period March 13, 2008 through March 13, 2021: Allowable Yield on Investments: 5.666883% Rebate Payment Due: 0.00 Yield Reduction Payment Due: $0.00 As set forth on Schedule A hereof, no payment is required to be made to the United States on or before May 12, 2021 (60 days after March 13, 2021, the end of the third installment computation period). As no payment is due to the United States, no Internal Revenue Service Form 8038-T need be filed. The next rebate installment payment will be due not later than May 12, 2026 (60 days after March 13, 2026, the end of the fourth installment computation period). Should the bonds be retired prior to March 13, 2026, 100% of the Cumulative Rebate Liability (reduced by any applicable computation date credits, the Yield Restriction Liability, and any payments made in conjunction with prior installment computation periods) and 100% of the Yield Restriction Liability as of such retirement date will become due and payable within 60 days. This Report is not to be used, circulated, quoted, referred to, or relied upon by any other person without our express written permission. Very truly yours, BLX Group LLC Orrick Orrick, Herrington & Sutcliffe LLP July 8, 2021 51 West52nd Street New York, NY 10019-6142 +1 212 506 5000 City of Anytown, Florida orrick.com 100 Main Street Anytown, FL Re: $310,885,000 City of Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Interim Arbitrage Rebate and Yield Restriction Analyses Computation Period: March 13, 2008 through March 13, 2021 Ladies and Gentlemen: This opinion is being delivered to you pursuant to our engagement to provide certain legal services and accompanies a report (the 'Report") prepared on the date hereof by BLX Group LLC ('BLX") consisting of computations and the assumptions on which such computations are based with respect to the rebate and yield restriction liabilities of the City of Anytown, Florida (the "Issuer") in connection with the above -captioned issue (the 'Bonds") for the above -referenced period (the "Interim Computation Period"). In particular, we note that our opinion is specifically subject to the notes and assumptions contained in the Report. The opinion expressed herein is based on an analysis of existing laws, regulations, and rulings. The Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend, or interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate and yield restriction liabilities described in the Report and in this opinion may be subject to adjustment under such future pronouncements. The scope of our engagement was limited to preparing this opinion, based on information supplied to us by you, BLX and Wells Fargo Bank, N.A (the "Trustee"). Our engagement did not include work performed by prior counsel, independent determination of which funds were subject to or exempt from rebate and yield restriction, determination of whether securities allocable to proceeds of the Bonds were purchased at fair market value within the meaning of the Treasury Regulations, or an audit or review of the investments acquired with gross proceeds or the payment of debt service on the Bonds. With your permission, we have relied entirely on information provided by you, BLX and the Trustee, without independent verification, and we express no opinion as to the completeness, accuracy, or suitability of such information for purposes of calculating rebate and yield restriction liabilities with respect to the Bonds. We have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or any other aspect of the Bond program. No opinion is expressed on any matter other than rebate and yield restriction liabilities to the extent set forth below, and we are under no obligation to consider any information obtained by us pursuant to this engagement for any purpose other than determining such rebate and yield restriction liabilities. Also, we have no obligation to update this opinion because of any events occurring, changes in existing laws, regulations, or rulings or interpretations thereof, or data or information received, subsequent to the date hereof. City of Anytown, Florida July 8, 2021 Page 2 C-..* Orrick Based on and subject to the foregoing, and subject to the notes and assumptions contained in the Report, in our opinion, the computations shown in the Report were performed in accordance with applicable federal law and regulations and reflect the following: For the Interim Computation Period March 13, 2008 through March 13, 2021: Allowable Yield on Investments: 5.666883% Rebate Payment Due: $0.00 Yield Reduction Payment Due: 0.00 This opinion is not to be used, circulated, quoted, referred to, or relied upon by any other person without our express written permission. Very truly yours, 0i-t-�z /-- 4'Cc',- ORRICK, HERRINGTON & SUTCLIFFE LLP City of Anytown, Florida Interim Arbitrage Rebate and Yield Restriction Analyses July 8, 2021 Page 1 NOTES AND ASSUMPTIONS The Dated Date of the Bonds is March 13, 2008. 2. The Issue Date of the Bonds is March 13, 2008. The Interim Computation Period is March 13, 2008 to March 13, 2021. 4. The Bonds constitute one issue for federal taxation purposes and are not treated as part of any other issue of governmental obligations. 5. The end of the first Bond Year with respect to the Bonds for purposes of determining installment computation dates is March 13, 2009. Subsequent Bond Years end annually thereafter until the Interim redemption date of the Bonds. The Issuer has selected March 13, 2011, as the end of the first installment computation period with respect to the Bonds. 6. For debt service, yield, and investment cash flow purposes, all payments and receipts with respect to the Bonds and proceeds thereof are accurately set forth in the schedules contained herein. 7. The purchase price of each investment is at fair market value, exclusive of brokerage commissions, administrative expenses, or similar expenses and is representative of an arm's length transaction which did not reduce the rebate amount required to be paid to the United States. 8. Certain funds and accounts constitute a bona fide debt service fund, and accordingly, were not taken into account in determining the Cumulative Rebate Liability. 9. Certain amounts are subject to yield restriction and may not be invested at a yield materially higher than the yield on the Bonds. Any excess spread is eligible for yield reduction payments pursuant to 1993 Regulations Section 1.148-5. In addition, consistent with Treasury Regulations Section 1.148-2(g), we have reduced the yield restricted amounts by the Minor Portion in the Third Lien Subordinate Construction Fund. The yield restriction liability, if any, is set forth on Schedule A hereof. 10. The Bonds are not, in whole or in part, "refunding" bonds. The Bonds are "refunded" bonds, which were refunded by the Issuer's refunding bonds, as described below (the "Refunding Bonds") and, therefore, give rise to transferred proceeds to the Refunding Bonds pursuant to the Treasury Regulations. Accordingly, proceeds of the Bonds, if any, cease to be treated as proceeds of the Bonds and instead are treated as proceeds of the Refunding Bonds as proceeds of the Refunding Bonds are used to discharge principal of the Bonds. See Appendix A herein. The following bonds of the Issuer have refunded the Bonds: Refunding Revenue Bonds, Series 2017AB City of Anytown, Florida Interim Arbitrage Rebate and Yield Restriction Analyses July 8, 2021 Page 2 11. The Issuer has not provided adequate documentation to identify unequivocally a cash flow reflecting the investment and expenditure of gross proceeds in the Senior, and Second Lien Subordinate, and Third Lien Subordinate Construction Funds. At the Issuer's direction, we have approximated such a cash flow utilizing the available monthly investment rate and the expenditures of Bond proceeds which have been provided by the Issuer. We have treated these monthly totals of expenditures as having occurred on the expenditure dates provided by the Issuer and calculated the interest earned on the Bond proceeds for each month based on the monthly investment rate provided and the resulting average daily balance of Bond proceeds. 12. The yield reduction payment in the amount of $43,724.46 paid on or before May 12, 2016 (60 days after the end of the second installment computation period) and the applicable computation date credits were taken into account in determining the Cumulative Rebate Liability with respect to the Bonds. See Schedule 01 hereof. City of Anytown, Florida Interim Arbitrage Rebate and Yield Restriction Analyses July 8, 2021 Page 1 DEFIMTIONS 1992 Regulations: The Treasury Regulations issued on May 18, 1992. 2. 1993 Regulations: The Treasury Regulations issued on June 14, 1993. Treasury Regulations: Either the 1992 Regulations or the 1993 Regulations, as applicable. 4. Bona Fide Debt Service Fund: Pursuant to Section 148(f)(4)(A) of the Internal Revenue Code (the "Code"), amounts held in a bona fide debt service fund in connection with either short term, private activity or variable rate bonds are not subject to rebate if gross earnings on such fund do not exceed $100,000 in each bond year. Amounts held in a bona fide debt service fund for all other bond issues are not subject to rebate. As defined in Section 1.148-1(b) of the 1993 Regulations, a bona fide debt service fund may include proceeds of an issue. 5. Commingled Fund: As defined in Section 1.148-4(a)(4) of the 1992 Regulations or Section 1.148-1(b) of the 1993 Regulations. Commingled Funds arise when gross proceeds of a bond issue are mixed or "commingled" with other monies (e.g., proceeds of other bonds issues, equity contributions, revenues, etc.). Uncommingling generally entails employing one of the methodologies allowable under the Treasury Regulations to identify the portions of investments, and earnings thereon, made with gross proceeds of the bond issue under examination. 6. Qualified Guarantee: As defined in Section 1.148-3(b)(12) of the 1992 Regulations or Section 1.148-4(f) of the 1993 Regulations. 7. Qualified Hedge: As defined in Section 1.148-4(h)(2) of the 1993 Regulations. 8. Transferred Proceeds: As defined in Section 1.148-11(c) of the 1992 Regulations or Section 1.148-9(b) of the 1993 Regulations. Transferred Proceeds arise when a bond issue (the "Refunding Bonds") defeases or redeems one or more bond issues (the "Refunded Bonds"). Proceeds of the Refunded Bonds become Transferred Proceeds of the Refunding Bonds as proceeds of the Refunding Bonds are used to redeem principal of the Refunded Bonds. Subsequent to being transferred, arbitrage earnings on Transferred Proceeds are calculated using the arbitrage yield of the Refunding Bonds. 9. Yield Restricted Funds: Any funds required to be invested at a yield that is not materially higher than the yield on the Bonds under Section 148(a) of the Code and Section 1.148-2 of the 1993 Regulations. Yield restricted funds typically arise in connection with project, construction or acquisition proceeds that remain unspent subsequent to the expiration of the so-called "temporary period" during which such proceeds can be invested without regard to yield. Yield restricted funds also arise in connection with advance refundings, sinking funds, and over -funded reserve funds. City of Anytown, Florida Interim Arbitrage Rebate and Yield Restriction Analyses July 8, 2021 Page 2 10. Universal Cap: As described in Section 1.148-4(b)(3) of the 1992 Regulations or Section 1.148-6(b)(2) of the 1993 Regulations. 11. Computation Date Credit: Per Section 1.148-2(b)(4) of the 1992 Regulations, a $3,000 computation date credit is applied on each eligible computation date. Per Section 1.148-3(d)(iv) of the 1993 Regulations, a $1,000 computation date credit is applied on the last day of each Bond Year during which amounts are allocated to gross proceeds of an issue that are subject to the rebate requirement. In addition, pursuant to Final Treasury Regulations, dated July 18, 2016, for any Bond Year ending in 2007, a computation date credit in the amount of $1,400 and, for Bond Years ending after 2007, a computation date credit in the amount of $1,400 or higher (as adjusted in the future for inflation as described in said Regulations) is applicable. $310,885,000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule A - Summary of Rebate and Yield Restriction Analyses Issue Date: March 13, 2008 Rebate Computation Date: March 13, 2021 Client Matter #: 41000-100 Rebate Summary: Fund Computation Internal Reference Fund Current Date Gross Rate of Excess Number Description Fund Status Valuation Earnings Return Earnings 1 Senior Construction Fund Inactive $0.00 $13,309,175.75 4.824223% ($4,509,150.54) 2 Second Lien Subordinate Construction Fund Inactive $0.00 $4,821,826.52 6.265533% $874,203.85 3 Third Lien Subordinate Construction Fund Inactive $0.00 $9,221,505.48 5.704767% $117,393.95 4 Senior Liquidity Reserve Account Active $250,235.07 $498,077.61 0.813952% ($4,647,796.77) Totals: 1250.235.07 $27.M585.36 t$8.165.349.51) Rebate Summary Arbitrage Yield: 5.666883% Return on Investments: 4.907331% Shortfall %: -0.759552% Actual Gross Earnings: 27,850,585.36 Allowable Gross Earnings: 36,015,934.87 Excess Earnings: $8,165,349.51 FV of Computation Date Credit: 03/13/09 (1,490.00) ($2,913.47) FV of Computation Date Credit: 03/13/10 (1,500.00) ($2,773.62) FV of Computation Date Credit: 03/13/11 (1,520.00) ($2,657.85) FV of Computation Date Credit: 03/13/12 (1,550.00) ($2,563.01) FV of Computation Date Credit: 03/13/13 (1,590.00) ($2,486.26) FV of Computation Date Credit: 03/13/14 (1,620.00) ($2,395.50) FV of Computation Date Credit: 03/13/15 (1,650.00) ($2,307.26) FV of Computation Date Credit: 03/13/16 (1,650.00) ($2,181.86) FV of Computation Date Credit: 03/13/17 (1,670.00) ($2,088.29) FV of Computation Date Credit: 03/13/18 (1,700.00) ($2,010.27) FV of Computation Date Credit: 03/13/19 (1,730.00) ($1,934.57) FV of Computation Date Credit: 03/13/20 (1,760.00) ($1,861.15) FV of Com utation Date Credit: 03/13/21 1,780.00 $1,780.00 Cumulative Rebate Liability: $8,187,716.65 Rebate Payment Due: $0.00 Sample Report Page 1 Sample $310,885,000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule A - Summary of Rebate and Yield Restriction Analyses Issue Date: March 13, 2008 Rebate Computation Date: March 13, 2021 Client Matter #: 41000-100 Yield Restriction Summary: Fund Computation Internal Reference Fund Current Date Gross Rate of Excess Number Description Fund Status Valuation Earnings Return Earnings 1 Senior Construction Fund Inactive $0.00 $17,819.48 7.030627% $5,465.45 2 Second Lien Subordinate Construction Fund Inactive $0.00 $24,253.45 9.577541 % $16,614.65 3 Third Lien Subordinate Construction Fund Inactive $0.00 $74,540.35 8.048747% $36,090.96 Totals: $0.00 $116.613.28 $58.171.05 Yield Restriction Summary ' Arbitrage Yield: 2 5.791883% Actual Gross Earnings: Allowable Gross Earnings: 116,613.28 58,442.23 Yield Restriction Liability: $58,171.05 FV of Prior Yield Reduction Payment. $58,171.05 Ad' usted Yield Restriction Liability: $0.00 Yield Reduction Payment Due: $0.00 ' Pursuant to Treasury Regulation 1.148-2(d), the arbitrage yield is adjusted upwards by .125% for yield restriction purposes. 2 See Notes and Assumptions #9. Sample Report Page 2 Sample Schedule B - Sources & Uses of Funds Sources of Funds Bond Proceeds $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Prior Bond Other Proceeds Sources Total Par Amount 310,885,000.00 + Original Issue Premium 0.00 - Original Issue Discount (7,743,741.40) Net Production 303,141,258.60 303,141,258.60 Accrued Interest 0.00 0.00 Equity Contributions from the Magic 4,840,372.99 4,840,372.99 Total Sources: 303,141,258.60 0.00 4.840.372.99 307.981.631.59 Uses of Funds Series 2008A Senior Construction Fund 170,000,000.00 170,000,000.00 2008A Capitalized Interest ' 1,768,109.98 1,768,109.98 Senior Debt Service Reserve Fund 6,459,206.25 6,459,206.25 Senior Liquidity Reserve 6,459,206.25 6,459,206.25 Senior Transaction Cost Account 2 4,154.13 4,154.13 Bond Insurance Premium 1,166,213.06 1,166,213.06 Underwriter's Discount 1,144,780.63 1,144,780.63 Uses of Series 2008A 187,001,670.30 187,001,670.30 Series 2008E Second Lien Subordinate Construction Fund 28,823,359.01 28,823,359.01 2008E Capitalized Interest 1 386,723.37 386,723.37 Second Lien Subordinate Debt Service Reserve Fund 1,329,300.00 1,329,300.00 Second Lien Subordinate Liquidity Reserve 1,329,300.00 1,329,300.00 Second Lien Subordinate Transaction Cost Account 2 811,400.00 811,400.00 Bond Insurance Premium 725,286.11 725,286.11 Underwriter's Discount 212,129.52 212,129.52 Uses of Series 2008E 32,892,211.90 33,617,498.01 Series 2008C Third Lien Subordinate Construction Fund 71,176,640.99 71,176,640.99 2008C Capitalized Interest' 2,570,815.04 2,570,815.04 Third Lien Subordinate Debt Service Reserve Fund 4,363,500.00 4,363,500.00 Third Lien Subordinate Liquidity Reserve 4,363,500.00 4,363,500.00 Third Lien Subordinate Transaction Cost Account 2 237,571.60 237,571.60 Bond Insurance Premium 4,115,086.88 4,115,086.88 Underwriter's Discount 535,348.77 535,348.77 Uses of Series 2008C 83,247,376.40 87,362,463.28 Total Uses: 303,141,258.60 0.00 4.840.372.99 307.981.631.59 ' Such proceeds were deposited to their respective Construction Fund. 3 All such proceeds were spent on the Issue Date. Sample Report Page 3 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule C - Annual Debt Service & Production Series 2008A I Series 2008B Period Par Par Ending Coupon Amount Yield Price Coupon Amount Yield Price 11/01/08 11/01/09 11/01/10 4.000% 2,500,000 3.100% 102.256 11/01/11 4.000% 2,750,000 3.350% 102.203 11/01/12 4.000% 3,325,000 3.570% 101.817 11/01/13 5.000% 3,520,000 3.730% 106.394 4.000% 250,000 3.780% 101.103 11/01/14 5.000% 3,750,000 3.890% 106.430 4.000% 480,000 3.940% 100.343 11/01/15 4.000% 3,940,000 4.050% 99.670 4.000% 880,000 4.100% 99.346 11/01/16 4.000% 4,095,000 4.210% 98.488 4.125% 965,000 4.260% 99.029 11/01/17 4.125% 4,260,000 4.370% 98.086 4.375% 1,005,000 4.420% 99.645 11/01/18 5.250% 4,435,000 4.520% 105.644 1 4.500% 1,050,000 4.600% 99.161 11/01/19 5.250% 4,535,000 4.660% 104.531 1 11/01/20 5.250% 4,910,000 4.790% 103.510 11/01/21 5.250% 5,165,000 5.070% 101.352 5.000% 350,000 5.010% 99.896 11/01/22 5.250% 5,440,000 5.070% 101.352 5.000% 700,000 5.110% 99.869 11/01/23 5.250% 5,725,000 5.070% 101.352 5.125% 1,000,000 5.200% 99.197 11/01/24 5.125% 6,025,000 5.340% 97.397 5.250% 1,200,000 5.900% 97.718 11/01/25 5.125% 6,330,000 5.340% 97.397 5.250% 1,265,000 5.900% 97.718 11/01/26 5.125% 6,655,000 5.340% 97.397 5.250% 1,330,000 5.900% 97.718 11/01/27 5.125% 7,000,000 5.340% 97.397 5.250% 1,400,000 5.900% 97.718 11/01/28 5.250% 7,355,000 5.500% 96.310 5.500% 1,475,000 5.600% 98.535 11/01/29 5.250% 7,745,000 5.500% 96.310 5.500% 1,555,000 5.600% 98.535 11/01/30 5.250% 8,150,000 5.500% 96.310 5.500% 1,640,000 5.600% 98.535 11/01/31 5.250% 8,575,000 5.500% 96.310 5.500% 1,730,000 5.600% 98.535 11/01/32 5.250% 9,030,000 5.500% 96.310 5.500% 1,825,000 5.600% 98.535 11/01/33 5.250% 9,500,000 5.500% 96.310 5.500% 1,925,000 5.600% 98.535 11/01/34 5.250% 10,000,000 5.500% 96.310 5.500% 2,030,000 5.600% 98.535 11/01/35 5.250% 10,525,000 5.500% 96.310 5.500% 2,145,000 5.600% 98.535 11/01/36 5.250% 11,080,000 5.500% 96.310 5.500% 2,260,000 5.600% 98.535 11/01/37 5.250% 11,660,000 5.500% 96.310 5.500% 2,385,000 5.600% 98.535 11/01/38 5.250% 12,270,000 5.500% 96.310 5.500% 2,520,000 5.600% 98.535 190.250.000 ' Priced to call on November 1, 2017. Sample Report Page 4 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule C - Annual Debt Service & Production Series 2008C Period Par Par Debt Ending Coupon Amount Yield Price Coupon Amount Yield Price Interest Service Production 11 /01 /08 10,299,963.33 10,299,963.33 11 /01 /09 16,263,100.00 16,263,100.00 11/01/10 16,263,100.00 18,763,100.00 2,556,400.00 11/01/11 16,163,100.00 18,913,100.00 2,810,582.50 11/01/12 16,053,100.00 19,378,100.00 3,385,415.25 11/01/13 15,920,100.00 19,690,100.00 3,997,826.30 11/01/14 15,734,100.00 19,964,100.00 4,472,771.40 11/01/15 15,527,400.00 20,347,400.00 4,801,242.80 11/01/16 15,334,600.00 20,394,600.00 4,988,713.45 11/01/17 15,130,993.75 20,395,993.75 5,179,895.85 11/01/18 14,911,300.00 20,396,300.00 5,726,501.90 11/01/19 14,631,212.50 19,166,212.50 4,740,480.85 11/01/20 14,393,125.00 19,303,125.00 5,082,341.00 11/01/21 14,135,350.00 19,650,350.00 5,584,466.80 11/01/22 13,846,687.50 19,986,687.50 6,212,631.80 11/01/23 13,526,087.50 20,251,087.50 6,794,372.00 11/01/24 13,174,275.00 20,399,275.00 7,040,785.25 11/01/25 12,802,493.75 20,397,493.75 7,401,362.80 11/01/26 12,411,668.75 20,396,668.75 7,781,419.75 11/01/27 12,000,775.00 20,400,775.00 8,185,842.00 11/01/28 11,568,525.00 20,398,525.00 8,536,991.75 11 /01 /29 11,101,262.50 20,401,262.50 8,991,428.75 11/01/30 10,609,125.00 20,399,125.00 9,465,239.00 11/01/31 10,091,050.00 20,396,050.00 9,963,238.00 11/01/32 9,545,712.50 20,400,712.50 10,495,056.75 11/01/33 8,971,262.50 20,396,262.50 11,046,248.75 11/01/34 8,366,637.50 20,396,637.50 11,631,260.50 11/01/35 7,729,987.50 20,399,987.50 12,250,203.25 11/01/36 7,059,450.00 20,399,450.00 12,898,039.00 11/01/37 6,353,450.00 20,398,450.00 13,579,805.75 11/01/38 5.750% 11,000,000 5.900% 97.877 5.500% 76,270,000.00 5.850% 95.032 5,610,125.00 107,670,125.00 97,547,695.40 151DLL]DLL l�lr7�x�LI� Iiili�]iiF]lf iI fC!<ifFIFf I�k?<iCf�]�Y�I�7 Sample Report Page 5 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule D - Semi -Annual Debt Service Series 2008 A I Series 2008 B Series 2008 C Principal Principal Principal Principal Debt Date Coupon Amount Coupon Amount Coupon Amount Coupon Amount Interest Service 05/01/08 2,168,413.33 2,168,413.33 11/01/08 8,131,550.00 8,131,550.00 05/01/09 8,131,550.00 8,131,550.00 11/01/09 8,131,550.00 8,131,550.00 05/01/10 8,131,550.00 8,131,550.00 11/01/10 4.000% 2,500,000 8,131,550.00 10,631,550.00 05/01/11 8,081,550.00 8,081,550.00 11/01/11 4.000% 2,750,000 8,081,550.00 10,831,550.00 05/01/12 8,026,550.00 8,026,550.00 11/01/12 4.000% 3,325,000 8,026,550.00 11,351,550.00 05/01/13 7,960,050.00 7,960,050.00 11/01/13 5.000% 3,520,000 4.000% 250,000 7,960,050.00 11,730,050.00 05/01/14 7,867,050.00 7,867,050.00 11/01/14 5.000% 3,750,000 4.000% 480,000 7,867,050.00 12,097,050.00 05/01/15 7,763,700.00 7,763,700.00 11/01/15 4.000% 3,940,000 4.000% 880,000 7,763,700.00 12,583,700.00 05/01/16 7,667,300.00 7,667,300.00 11/01/16 4.000% 4,095,000 4.125% 965,000 7,667,300.00 12,727,300.00 05/01/17 7,565,496.88 7,565,496.88 11/01/17 4.125% 4,260,000 4.375% 1,005,000 7,565,496.88 12,830,496.88 05/01/18 7,455,650.00 7,455,650.00 11/01/18 5.250% 4,435,000 4.500% 1,050,000 7,455,650.00 12,940,650.00 05/01/19 7,315,606.25 7,315,606.25 11/01/19 5.250% 4,535,000 7,315,606.25 11,850,606.25 05/01/20 7,196,562.50 7,196,562.50 11/01/20 5.250% 4,910,000 7,196,562.50 12,106,562.50 05/01/21 7,067,675.00 7,067,675.00 11/01/21 5.250% 5,165,000 5.000% 350,000 7,067,675.00 12,582,675.00 05/01/22 6,923,343.75 6,923,343.75 11/01/22 5.250% 5,440,000 5.000% 700,000 6,923,343.75 13,063,343.75 05/01/23 6,763,043.75 6,763,043.75 11/01/23 5.250% 5,725,000 5.125% 1,000,000 6,763,043.75 13,488,043.75 05/01/24 6,587,137.50 6,587,137.50 11/01/24 5.125% 6,025,000 5.250% 1,200,000 6,587,137.50 13,812,137.50 05/01/25 6,401,246.88 6,401,246.88 11/01/25 5.125% 6,330,000 5.250% 1,265,000 6,401,246.88 13,996,246.88 05/01/26 6,205,834.38 6,205,834.38 11/01/26 5.125% 6,655,000 5.250% 1,330,000 6,205,834.38 14,190,834.38 05/01/27 6,000,387.50 6,000,387.50 11/01/27 5.125% 7,000,000 5.250% 1,400,000 6,000,387.50 14,400,387.50 05/01/28 5,784,262.50 5,784,262.50 11/01/28 5.250% 7,355,000 5.500% 1,475,000 5,784,262.50 14,614,262.50 05/01/29 5,550,631.25 5,550,631.25 11/01/29 5.250% 7,745,000 5.500% 1,555,000 5,550,631.25 14,850,631.25 05/01/30 5,304,562.50 5,304,562.50 11/01/30 5.250% 8,150,000 5.500% 1,640,000 5,304,562.50 15,094,562.50 05/01/31 5,045,525.00 5,045,525.00 11/01/31 5.250% 8,575,000 5.500% 1,730,000 5,045,525.00 15,350,525.00 05/01/32 4,772,856.25 4,772,856.25 11/01/32 5.250% 9,030,000 5.500% 1,825,000 4,772,856.25 15,627,856.25 05/01/33 4,485,631.25 4,485,631.25 11/01/33 5.250% 9,500,000 5.500% 1,925,000 4,485,631.25 15,910,631.25 05/01/34 4,183,318.75 4,183,318.75 11/01/34 5.250% 10,000,000 5.500% 2,030,000 4,183,318.75 16,213,318.75 05/01/35 3,864,993.75 3,864,993.75 11/01/35 5.250% 10,525,000 5.500% 2,145,000 3,864,993.75 16,534,993.75 Sample Report Page 6 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule D - Semi -Annual Debt Service Series 2008 A I Series 2008 B I Series 2008 C Principal Principal Principal Principal Debt Date Coupon Amount Coupon Amount Coupon Amount Coupon Amount Interest Service 05/01/36 3,529,725.00 3,529,725.00 11/01/36 5.250% 11,080,000 5.500% 2,260,000 3,529,725.00 16,869,725.00 05/01 /37 3,176,725.00 3,176,725.00 11/01/37 5.250% 11,660,000 5.500% 2,385,000 3,176,725.00 17,221,725.00 05/01/38 2,805,062.50 2,805,062.50 11/01/38 5.250% 12,270,000 5.500% 2,520,000 5.750% 11,000,000 5.500% 76,270,000 2,805,062.50 104,865,062.50 190.2 00.000 33.365.000 11.000.000 76.2 00.000 385,529,119.58 696.414.119.58 Sample Report Page 7 Sample Schedule E - Arbitrage Yield Calculation Date Total Issue Payments Discount Factor @ 5.666883% Present Value as of 03/13/08 05/01/08 2,168,413.33 0.99257691 2,152,317.01 11/01/08 8,131,550.00 0.96522775 7,848,797.68 05/01/09 8,131,550.00 0.93863215 7,632,534.29 11/01/09 8,131,550.00 0.91276937 7,422,229.76 05/01/10 8,131,550.00 0.88761920 7,217,719.89 11/01/10 10,631,550.00 0.86316201 9,176,750.05 05/01/11 8,081,550.00 0.83937870 6,783,480.97 11/01/11 10,831,550.00 0.81625072 8,841,260.46 05/01/12 8,026,550.00 0.79375999 6,371,154.27 11/01/12 11,351,550.00 0.77188897 8,762,136.25 05/01/13 7,960,050.00 0.75062058 5,974,977.32 11/01/13 11,730,050.00 0.72993821 8,562,211.64 05/01/14 7,867,050.00 0.70982571 5,584,234.35 11/01/14 12,097,050.00 0.69026739 8,350,199.09 05/01/15 7,763,700.00 0.67124797 5,211,367.86 11/01/15 12,583,700.00 0.65275261 8,214,042.97 05/01/16 7,667,300.00 0.63476686 4,866,947.94 11/01/16 12,727,300.00 0.61727669 7,856,265.56 05/01/17 7,565,496.88 0.60026843 4,541,328.94 11/01/17 12,830,496.88 0.58372882 7,489,530.76 05/01/18 7,455,650.00 0.56764493 4,232,161.92 11/01/18 12,940,650.00 0.55200421 7,143,293.33 05/01/19 7,315,606.25 0.53679446 3,926,976.88 11/01/19 11,850,606.25 0.52200379 6,186,061.32 05/01 /20 7,196, 562.50 0.50762065 3,653,123.74 11/01/20 12,106,562.50 0.49363383 5,976,208.77 05/01/21 7,067,675.00 0.48003239 3,392,712.92 11/01/21 12,582,675.00 0.46680572 5,873,664.69 05/01/22 6,923,343.75 0.45394350 3,142,806.89 11/01/22 13,063,343.75 0.44143568 5,766,626.00 05/01/23 6,763,043.75 0.42927249 2,903,188.65 11/01/23 13,488,043.75 0.41744445 5,630,508.99 05/01/24 6,587,137.50 0.40594231 2,673,997.82 11/01/24 13,812,137.50 0.39475710 5,452,439.34 05/01/25 6,401,246.88 0.38388008 2,457,311.18 11/01/25 13,996,246.88 0.37330277 5,224,837.69 05/01/26 6,205,834.38 0.36301690 2,252,822.73 11/01/26 14,190,834.38 0.35301444 5,009,569.43 05/01/27 6,000,387.50 0.34328759 2,059,858.54 11/01/27 14,400,387.50 0.33382874 4,807,263.27 05/01/28 5,784,262.50 0.32463053 1,877,748.19 11/01/28 14,614,262.50 0.31568576 4,613,514.52 05/01/29 5,550,631.25 0.30698745 1,703,974.12 11/01/29 14,850,631.25 0.29852881 4,433,341.25 05/01/30 5,304,562.50 0.29030324 1,539,931.66 11/01/30 15,094,562.50 0.28230431 4,261,260.03 05/01/31 5,045,525.00 0.27452578 1,385,126.69 11/01/31 15,350,525.00 0.26696158 4,098,000.43 05/01/32 4,772,856.25 0.25960580 1,239,061.18 11/01/32 15,627,856.25 0.25245270 3,945,294.56 05/01/33 4,485,631.25 0.24549670 1,101,207.66 11/01/33 15,910,631.25 0.23873236 3,798,382.50 05/01 /34 4,183, 318.75 0.23215440 971,175.85 11/01/34 16,213,318.75 0.22575769 3,660,281.32 05/01/35 3,864,993.75 0.21953723 848,510.01 11/01/35 16,534,993.75 0.21348817 3,530,025.48 05/01/36 3,529,725.00 0.20760578 732,791.30 $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Issue Price Calculation + Par Amount of Issue + Accrued Interest +/- Original Issue Prem/(Disc) 310,885,000.00 0.00 7,743,741.40 Issue Price: 303,141,258.60 - Qualified Guarantee (6,006,586.05) Adjusted Issue Price: 297,134,672.55 Present Value Result: Variance: 297,134,672.55 0.00 Arbitrage Yield: 5.666883% Sample Report Page 8 Sample Schedule E - Arbitrage Yield Calculation Total Discount Present Issue Factor @ Value as of Date Payments 5.666883% 03/13/08 11 /01 /36 16,869,725.00 05/01/37 3,176,725.00 11 /01 /37 17,221,725.00 05/01/38 2,805,062.50 11 /01 /38 104, 865, 062.50 696.414.119.58 0.20188547 3,405,752.37 0.19632278 623,663.48 0.19091336 3,287,857.40 0.18565299 520,768.25 0.18053757 18, 932, 083.14 297. 334.672.55 $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Sample Report Page 9 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C ichedule F1 - Senior Construction Fund Fund 1 Remaining Balance Analyses Summary - Rebate Gross Earnings: $13,309,175.75 Internal Rate of Return: 4.824223% Excess Earnings: $4,509,150.54 Security Par Maturity Settlement Settlement Type Amount Coupon Date Date Price Summary - Yield Restriction Gross Earnings: $17,819.48 Internal Rate of Return: 7.030627% Excess Earnings: $5,465.45 Value Accreted Accrued As of: Yield Price Interest 3/13/2011 City Pool 3,068,813.36 VAR N/A N/A 100.000 VAR 100.000 2,279.00 3,071,092.36 Value as of March 13, 2011: 3.071.092.36 Computation Security Par Maturity Settlement Settlement Accreted Accrued Date Type Amount Coupon Date Date Price Yield Price Interest Value N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.00 Value as of March 13, 2021: 0.00 Sample Report Page 10 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 4.824223% 03/13/21 03/13/08 Deposit (170,000,000.00) 4,680 2.06772904 (351,513,936.12) 1.85837920 (315,924,464.58) 03/13/08 Deposit (1,768,109.98) 4,680 2.06772904 (3,655,972.34) 1.85837920 (3,285,818.82) 03/13/08 Deposit (4,154.13) 4,680 2.06772904 (8,589.62) 1.85837920 (7,719.95) 05/01/08 W/D 1,270,899.29 4,632 2.05238010 2,608,368.41 1.84660490 2,346,848.86 06/15/09 W/D 25,534.67 4,228 1.92762644 49,221.31 1.75041498 44,696.27 06/15/09 W/D 22,999.03 4,228 1.92762644 44,333.54 1.75041498 40,257.85 07/31/09 W/D 285,586.00 4,183 1.91420868 546,671.20 1.74001579 496,924.15 07/31/09 W/D 59,122.54 4,183 1.91420868 113,172.88 1.74001579 102,874.15 07/31/09 W/D 55,991.93 4,183 1.91420868 107,180.24 1.74001579 97,426.84 07/31/09 W/D 47,147.78 4,183 1.91420868 90,250.69 1.74001579 82,037.88 07/31/09 W/D 20,000.00 4,183 1.91420868 38,284.17 1.74001579 34,800.32 07/31/09 W/D 15,802.55 4,183 1.91420868 30,249.38 1.74001579 27,496.69 08/10/09 W/D 209,703.13 4,173 1.91123967 400,792.94 1.73771327 364,403.91 08/10/09 W/D 136,188.78 4,173 1.91123967 260,289.40 1.73771327 236,657.05 09/11/09 W/D 540,325.00 4,142 1.90206495 1,027,733.24 1.73059478 935,083.62 09/11/09 W/D 114,200.00 4,142 1.90206495 217,215.82 1.73059478 197,633.92 09/11/09 W/D 75,387.53 4,142 1.90206495 143,391.98 1.73059478 130,465.27 09/11/09 W/D 63,315.52 4,142 1.90206495 120,430.23 1.73059478 109,573.51 09/11/09 W/D 57,206.28 4,142 1.90206495 108,810.06 1.73059478 99,000.89 09/11/09 W/D 51,854.82 4,142 1.90206495 98,631.24 1.73059478 89,739.68 09/11/09 W/D 34,206.16 4,142 1.90206495 65,062.34 1.73059478 59,197.00 09/11/09 W/D 33,075.32 4,142 1.90206495 62,911.41 1.73059478 57,239.98 09/11/09 W/D 22,500.56 4,142 1.90206495 42,797.53 1.73059478 38,939.35 09/11/09 W/D 21,700.00 4,142 1.90206495 41,274.81 1.73059478 37,553.91 09/11/09 W/D 15,652.96 4,142 1.90206495 29,772.95 1.73059478 27,088.93 09/11/09 W/D 14,770.77 4,142 1.90206495 28,094.96 1.73059478 25,562.22 09/11/09 W/D 13,914.14 4,142 1.90206495 26,465.60 1.73059478 24,079.74 09/11/09 W/D 11,987.00 4,142 1.90206495 22,800.05 1.73059478 20,744.64 09/11/09 W/D 11,589.88 4,142 1.90206495 22,044.70 1.73059478 20,057.39 09/11/09 W/D 8,133.79 4,142 1.90206495 15,471.00 1.73059478 14,076.29 09/11/09 W/D 7,095.00 4,142 1.90206495 13,495.15 1.73059478 12,278.57 09/18/09 W/D 28,327.00 4,135 1.89999934 53,821.28 1.72899142 48,977.14 09/18/09 W/D 25,495.62 4,135 1.89999934 48,441.66 1.72899142 44,081.71 09/18/09 W/D 21,051.05 4,135 1.89999934 39,996.98 1.72899142 36,397.08 09/18/09 W/D 13,279.04 4,135 1.89999934 25,230.17 1.72899142 22,959.35 09/18/09 W/D 11,525.84 4,135 1.89999934 21,899.09 1.72899142 19,928.08 09/18/09 W/D 9,716.18 4,135 1.89999934 18,460.74 1.72899142 16,799.19 09/18/09 W/D 6,983.68 4,135 1.89999934 13,268.99 1.72899142 12,074.72 09/18/09 W/D 4,500.80 4,135 1.89999934 8,551.52 1.72899142 7,781.84 10/02/09 W/D 2,920.50 4,121 1.89587485 5,536.90 1.72578915 5,040.17 10/02/09 W/D 238.45 4,121 1.89587485 452.07 1.72578915 411.51 10/07/09 W/D 64,000.00 4,116 1.89440399 121,241.86 1.72464693 110,377.40 10/07/09 W/D 21,110.53 4,116 1.89440399 39,991.87 1.72464693 36,408.21 10/07/09 W/D 2,845.52 4,116 1.89440399 5,390.56 1.72464693 4,907.52 10/09/09 W/D 84,044.17 4,114 1.89381596 159,164.19 1.72419025 144,908.14 10/09/09 W/D 52,830.47 4,114 1.89381596 100,051.19 1.72419025 91,089.78 10/09/09 W/D 24,923.25 4,114 1.89381596 47,200.05 1.72419025 42,972.42 10/09/09 W/D 20,344.49 4,114 1.89381596 38,528.72 1.72419025 35,077.77 10/09/09 W/D 14,958.31 4,114 1.89381596 28,328.29 1.72419025 25,790.97 10/09/09 W/D 10,630.84 4,114 1.89381596 20,132.85 1.72419025 18,329.59 10/09/09 W/D 8,571.70 4,114 1.89381596 16,233.22 1.72419025 14,779.24 10/09/09 W/D 8,350.40 4,114 1.89381596 15,814.12 1.72419025 14,397.68 10/09/09 W/D 4,325.32 4,114 1.89381596 8,191.36 1.72419025 7,457.67 10/09/09 W/D 2,629.00 4,114 1.89381596 4,978.84 1.72419025 4,532.90 10/09/09 W/D 477.35 4,114 1.89381596 904.01 1.72419025 823.04 10/12/09 W/D 4,000.00 4,111 1.89293427 7,571.74 1.72350545 6,894.02 10/16/09 W/D 200,525.90 4,107 1.89175931 379,346.74 1.72259282 345,424.48 10/16/09 W/D 81,000.00 4,107 1.89175931 153,232.50 1.72259282 139,530.02 Sample Report Page 11 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 10/16/09 W/D 72,476.17 4,107 1.89175931 137,107.47 1.72259282 124,846.93 10/16/09 W/D 57,508.97 4,107 1.89175931 108,793.13 1.72259282 99,064.54 10/30/09 W/D 45,152.02 4,093 1.88765271 85,231.33 1.71940241 77,634.49 10/30/09 W/D 21,594.65 4,093 1.88765271 40,763.20 1.71940241 37,129.89 10/30/09 W/D 16,683.60 4,093 1.88765271 31,492.84 1.71940241 28,685.82 10/30/09 W/D 14,850.00 4,093 1.88765271 28,031.64 1.71940241 25,533.13 11/12/09 W/D 40,385.00 4,081 1.88413987 76,090.99 1.71667247 69,327.82 11/12/09 W/D 37,300.62 4,081 1.88413987 70,279.59 1.71667247 64,032.95 11/12/09 W/D 33,978.72 4,081 1.88413987 64,020.66 1.71667247 58,330.33 11/12/09 W/D 33,473.27 4,081 1.88413987 63,068.32 1.71667247 57,462.64 11/12/09 W/D 26,048.86 4,081 1.88413987 49,079.70 1.71667247 44,717.36 11/12/09 W/D 17,025.70 4,081 1.88413987 32,078.80 1.71667247 29,227.55 11/12/09 W/D 16,191.00 4,081 1.88413987 30,506.11 1.71667247 27,794.64 11/12/09 W/D 14,757.31 4,081 1.88413987 27,804.84 1.71667247 25,333.47 11/12/09 W/D 14,000.00 4,081 1.88413987 26,377.96 1.71667247 24,033.41 11/12/09 W/D 13,333.61 4,081 1.88413987 25,122.39 1.71667247 22,889.44 11/12/09 W/D 13,275.00 4,081 1.88413987 25,011.96 1.71667247 22,788.83 11/12/09 W/D 10,219.60 4,081 1.88413987 19,255.16 1.71667247 17,543.71 11/12/09 W/D 10,176.30 4,081 1.88413987 19,173.57 1.71667247 17,469.37 11/12/09 W/D 7,082.85 4,081 1.88413987 13,345.08 1.71667247 12,158.93 11/12/09 W/D 5,196.65 4,081 1.88413987 9,791.22 1.71667247 8,920.95 11/12/09 W/D 4,588.44 4,081 1.88413987 8,645.26 1.71667247 7,876.85 11/12/09 W/D 4,524.00 4,081 1.88413987 8,523.85 1.71667247 7,766.23 11/12/09 W/D 4,271.22 4,081 1.88413987 8,047.58 1.71667247 7,332.29 11/12/09 W/D 1,201.75 4,081 1.88413987 2,264.27 1.71667247 2,063.01 11/12/09 W/D 987.50 4,081 1.88413987 1,860.59 1.71667247 1,695.21 11/12/09 W/D 494.95 4,081 1.88413987 932.56 1.71667247 849.67 11/12/09 W/D 270.00 4,081 1.88413987 508.72 1.71667247 463.50 11/19/09 W/D 55,086.20 4,074 1.88209372 103,677.39 1.71508201 94,477.35 11/19/09 W/D 916.00 4,074 1.88209372 1,724.00 1.71508201 1,571.02 11/20/09 W/D 171,164.33 4,073 1.88180160 322,097.31 1.71485492 293,521.99 11/20/09 W/D 89,091.00 4,073 1.88180160 167,651.59 1.71485492 152,778.14 11/20/09 W/D 79,380.00 4,073 1.88180160 149,377.41 1.71485492 136,125.18 11/20/09 W/D 55,292.40 4,073 1.88180160 104,049.33 1.71485492 94,818.44 11/20/09 W/D 47,389.60 4,073 1.88180160 89,177.83 1.71485492 81,266.29 11/20/09 W/D 40,848.20 4,073 1.88180160 76,868.21 1.71485492 70,048.74 12/04/09 W/D 819,233.08 4,059 1.87771661 1,538,287.57 1.71167883 1,402,263.92 12/04/09 W/D 592,495.00 4,059 1.87771661 1,112,537.71 1.71167883 1,014,161.15 12/04/09 W/D 163,219.00 4,059 1.87771661 306,479.03 1.71167883 279,378.51 12/11/09 W/D 6,225.20 4,052 1.87567745 11,676.47 1.71009300 10,645.67 12/11/09 W/D 5,032.03 4,052 1.87567745 9,438.47 1.71009300 8,605.24 12/11/09 W/D 5,000.00 4,052 1.87567745 9,378.39 1.71009300 8,550.46 12/11/09 W/D 4,498.25 4,052 1.87567745 8,437.27 1.71009300 7,692.43 12/11/09 W/D 3,691.53 4,052 1.87567745 6,924.12 1.71009300 6,312.86 12/11/09 W/D 2,714.13 4,052 1.87567745 5,090.83 1.71009300 4,641.41 12/11/09 W/D 2,695.92 4,052 1.87567745 5,056.68 1.71009300 4,610.27 12/11/09 W/D 1,566.00 4,052 1.87567745 2,937.31 1.71009300 2,678.01 12/11/09 W/D 791.76 4,052 1.87567745 1,485.09 1.71009300 1,353.98 12/17/09 W/D 29,043.05 4,046 1.87393135 54,424.68 1.70873488 49,626.87 12/17/09 W/D 3,854.55 4,046 1.87393135 7,223.16 1.70873488 6,586.40 12/22/09 W/D 85,604.00 4,041 1.87247752 160,291.57 1.70760394 146,177.73 12/22/09 W/D 66,516.61 4,041 1.87247752 124,550.86 1.70760394 113,584.03 12/22/09 W/D 11,681.28 4,041 1.87247752 21,872.93 1.70760394 19,947.00 12/22/09 W/D 6,660.00 4,041 1.87247752 12,470.70 1.70760394 11,372.64 12/22/09 W/D 2,468.09 4,041 1.87247752 4,621.44 1.70760394 4,214.52 12/22/09 W/D 1,642.97 4,041 1.87247752 3,076.42 1.70760394 2,805.54 12/22/09 W/D 1,424.00 4,041 1.87247752 2,666.41 1.70760394 2,431.63 12/22/09 W/D 890.00 4,041 1.87247752 1,666.50 1.70760394 1,519.77 Sample Report Page 12 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 12/22/09 W/D 138.00 4,041 1.87247752 258.40 1.70760394 235.65 12/28/09 W/D 86,335.00 4,035 1.87073440 161,509.85 1.70624780 147,308.90 12/28/09 W/D 73,260.64 4,035 1.87073440 137,051.20 1.70624780 125,000.81 12/28/09 W/D 39,660.00 4,035 1.87073440 74,193.33 1.70624780 67,669.79 12/28/09 W/D 34,650.80 4,035 1.87073440 64,822.44 1.70624780 59,122.85 12/28/09 W/D 22,750.99 4,035 1.87073440 42,561.06 1.70624780 38,818.83 12/28/09 W/D 22,063.74 4,035 1.87073440 41,275.40 1.70624780 37,646.21 12/28/09 W/D 6,978.44 4,035 1.87073440 13,054.81 1.70624780 11,906.95 12/28/09 W/D 6,054.09 4,035 1.87073440 11,325.59 1.70624780 10,329.78 12/28/09 W/D 5,454.73 4,035 1.87073440 10,204.35 1.70624780 9,307.12 12/28/09 W/D 4,928.00 4,035 1.87073440 9,218.98 1.70624780 8,408.39 12/28/09 W/D 1,525.22 4,035 1.87073440 2,853.28 1.70624780 2,602.40 12/28/09 W/D 1,420.25 4,035 1.87073440 2,656.91 1.70624780 2,423.30 12/28/09 W/D 28.42 4,035 1.87073440 53.17 1.70624780 48.49 12/29/09 W/D 39,565.99 4,034 1.87044404 74,005.97 1.70602188 67,500.44 12/31/09 W/D 11,560.36 4,033 1.87015373 21,619.65 1.70579599 19,719.62 12/31/09 W/D 10,768.77 4,033 1.87015373 20,139.26 1.70579599 18,369.32 12/31/09 W/D 5,279.91 4,033 1.87015373 9,874.24 1.70579599 9,006.45 12/31/09 W/D 1,997.63 4,033 1.87015373 3,735.88 1.70579599 3,407.55 12/31/09 W/D 825.30 4,033 1.87015373 1,543.44 1.70579599 1,407.79 12/31/09 W/D 511.61 4,033 1.87015373 956.79 1.70579599 872.70 12/31/09 W/D 1.39 4,033 1.87015373 2.60 1.70579599 2.37 01/08/10 W/D 366,319.64 4,025 1.86783282 684,223.84 1.70398996 624,204.99 01/08/10 W/D 85,350.18 4,025 1.86783282 159,419.87 1.70398996 145,435.85 01/15/10 W/D 143,760.70 4,018 1.86580438 268,229.34 1.70241125 244,739.83 01/15/10 W/D 132,150.00 4,018 1.86580438 246,566.05 1.70241125 224,973.65 01/15/10 W/D 127,805.35 4,018 1.86580438 238,459.78 1.70241125 217,577.27 01/15/10 W/D 114,012.00 4,018 1.86580438 212,724.09 1.70241125 194,095.31 01/15/10 W/D 105,855.73 4,018 1.86580438 197,506.09 1.70241125 180,209.99 01/15/10 W/D 91,080.00 4,018 1.86580438 169,937.46 1.70241125 155,055.62 01/15/10 W/D 83,974.88 4,018 1.86580438 156,680.70 1.70241125 142,959.78 01/15/10 W/D 50,768.98 4,018 1.86580438 94,724.99 1.70241125 86,429.68 01/15/10 W/D 46,763.27 4,018 1.86580438 87,251.11 1.70241125 79,610.32 01/15/10 W/D 44,660.00 4,018 1.86580438 83,326.82 1.70241125 76,029.69 01/15/10 W/D 44,387.82 4,018 1.86580438 82,818.99 1.70241125 75,566.32 01/15/10 W/D 40,486.06 4,018 1.86580438 75,539.07 1.70241125 68,923.92 01/15/10 W/D 40,021.79 4,018 1.86580438 74,672.83 1.70241125 68,133.55 01/15/10 W/D 38,428.02 4,018 1.86580438 71,699.17 1.70241125 65,420.29 01/15/10 W/D 33,301.79 4,018 1.86580438 62,134.63 1.70241125 56,693.34 01/15/10 W/D 31,580.39 4,018 1.86580438 58,922.83 1.70241125 53,762.81 01/15/10 W/D 30,555.68 4,018 1.86580438 57,010.92 1.70241125 52,018.33 01/15/10 W/D 22,163.63 4,018 1.86580438 41,353.00 1.70241125 37,731.61 01/15/10 W/D 21,473.70 4,018 1.86580438 40,065.72 1.70241125 36,557.07 01/15/10 W/D 19,008.55 4,018 1.86580438 35,466.24 1.70241125 32,360.37 01/15/10 W/D 9,993.01 4,018 1.86580438 18,645.00 1.70241125 17,012.21 01/15/10 W/D 9,609.38 4,018 1.86580438 17,929.22 1.70241125 16,359.12 01/15/10 W/D 7,730.74 4,018 1.86580438 14,424.05 1.70241125 13,160.90 01/15/10 W/D 6,128.29 4,018 1.86580438 11,434.19 1.70241125 10,432.87 01/15/10 W/D 4,522.77 4,018 1.86580438 8,438.60 1.70241125 7,699.61 01/15/10 W/D 3,926.62 4,018 1.86580438 7,326.30 1.70241125 6,684.72 01/15/10 W/D 3,844.87 4,018 1.86580438 7,173.78 1.70241125 6,545.55 01/15/10 W/D 2,946.00 4,018 1.86580438 5,496.66 1.70241125 5,015.30 01/15/10 W/D 2,928.87 4,018 1.86580438 5,464.70 1.70241125 4,986.14 01/15/10 W/D 2,805.00 4,018 1.86580438 5,233.58 1.70241125 4,775.26 01/15/10 W/D 2,348.65 4,018 1.86580438 4,382.12 1.70241125 3,998.37 01/15/10 W/D 688.86 4,018 1.86580438 1,285.28 1.70241125 1,172.72 01/29/10 W/D 6,420.60 4,004 1.86175413 11,953.58 1.69925821 10,910.26 01/29/10 W/D 6,225.00 4,004 1.86175413 11,589.42 1.69925821 10,577.88 Sample Report Page 13 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 01/29/10 W/D 5,668.86 4,004 1.86175413 10,554.02 1.69925821 9,632.86 01/29/10 W/D 5,039.65 4,004 1.86175413 9,382.59 1.69925821 8,563.67 01/29/10 W/D 3,012.58 4,004 1.86175413 5,608.68 1.69925821 5,119.15 01/29/10 W/D 2,865.00 4,004 1.86175413 5,333.93 1.69925821 4,868.37 01/29/10 W/D 2,492.40 4,004 1.86175413 4,640.24 1.69925821 4,235.23 01/29/10 W/D 2,340.00 4,004 1.86175413 4,356.50 1.69925821 3,976.26 01/29/10 W/D 985.00 4,004 1.86175413 1,833.83 1.69925821 1,673.77 01/29/10 W/D 843.65 4,004 1.86175413 1,570.67 1.69925821 1,433.58 01/29/10 W/D 742.69 4,004 1.86175413 1,382.71 1.69925821 1,262.02 01/29/10 W/D 536.38 4,004 1.86175413 998.61 1.69925821 911.45 02/01/10 W/D 287,494.96 4,002 1.86117623 535,078.79 1.69880825 488,398.81 02/04/10 W/D 37,081.45 3,999 1.86030974 68,982.98 1.69813354 62,969.25 02/04/10 W/D 36,002.40 3,999 1.86030974 66,975.62 1.69813354 61,136.88 02/04/10 W/D 21,010.00 3,999 1.86030974 39,085.11 1.69813354 35,677.79 02/04/10 W/D 15,357.00 3,999 1.86030974 28,568.78 1.69813354 26,078.24 02/04/10 W/D 1,332.80 3,999 1.86030974 2,479.42 1.69813354 2,263.27 02/04/10 W/D 941.99 3,999 1.86030974 1,752.39 1.69813354 1,599.62 02/04/10 W/D 523.53 3,999 1.86030974 973.93 1.69813354 889.02 02/04/10 W/D 171.52 3,999 1.86030974 319.08 1.69813354 291.26 02/05/10 W/D 123,211.49 3,998 1.86002099 229,175.96 1.69790870 209,201.86 02/22/10 W/D 91,531.87 3,981 1.85511921 169,802.53 1.69409089 155,063.31 02/22/10 W/D 47,989.99 3,981 1.85511921 89,027.15 1.69409089 81,299.41 02/22/10 W/D 46,164.00 3,981 1.85511921 85,639.72 1.69409089 78,206.01 02/22/10 W/D 44,207.38 3,981 1.85511921 82,009.96 1.69409089 74,891.32 02/22/10 W/D 39,765.02 3,981 1.85511921 73,768.85 1.69409089 67,365.56 02/22/10 W/D 27,225.00 3,981 1.85511921 50,505.62 1.69409089 46,121.62 02/22/10 W/D 15,554.70 3,981 1.85511921 28,855.82 1.69409089 26,351.08 02/22/10 W/D 4,660.00 3,981 1.85511921 8,644.86 1.69409089 7,894.46 02/22/10 W/D 843.98 3,981 1.85511921 1,565.68 1.69409089 1,429.78 02/24/10 W/D 59,415.68 3,979 1.85454338 110,188.96 1.69364231 100,628.91 03/01/10 W/D 164,167.11 3,972 1.85252938 304,124.39 1.69207318 277,782.76 03/01/10 W/D 125,303.93 3,972 1.85252938 232,129.21 1.69207318 212,023.42 03/01/10 W/D 82,492.13 3,972 1.85252938 152,819.09 1.69207318 139,582.72 03/01/10 W/D 71,910.53 3,972 1.85252938 133,216.37 1.69207318 121,677.88 03/01/10 W/D 48,225.79 3,972 1.85252938 89,339.69 1.69207318 81,601.57 03/01/10 W/D 36,565.92 3,972 1.85252938 67,739.44 1.69207318 61,872.21 03/01/10 W/D 35,710.61 3,972 1.85252938 66,154.95 1.69207318 60,424.97 03/01/10 W/D 25,827.48 3,972 1.85252938 47,846.17 1.69207318 43,701.99 03/01/10 W/D 25,179.04 3,972 1.85252938 46,644.91 1.69207318 42,604.78 03/01/10 W/D 23,281.72 3,972 1.85252938 43,130.07 1.69207318 39,394.37 03/01/10 W/D 22,543.02 3,972 1.85252938 41,761.61 1.69207318 38,144.44 03/01/10 W/D 11,435.03 3,972 1.85252938 21,183.73 1.69207318 19,348.91 03/01/10 W/D 11,286.80 3,972 1.85252938 20,909.13 1.69207318 19,098.09 03/01/10 W/D 11,234.52 3,972 1.85252938 20,812.28 1.69207318 19,009.63 03/01/10 W/D 8,018.93 3,972 1.85252938 14,855.30 1.69207318 13,568.62 03/01/10 W/D 6,118.96 3,972 1.85252938 11,335.55 1.69207318 10,353.73 03/01/10 W/D 6,000.00 3,972 1.85252938 11,115.18 1.69207318 10,152.44 03/01/10 W/D 4,124.00 3,972 1.85252938 7,639.83 1.69207318 6,978.11 03/01/10 W/D 2,269.92 3,972 1.85252938 4,205.09 1.69207318 3,840.87 03/01/10 W/D 2,022.50 3,972 1.85252938 3,746.74 1.69207318 3,422.22 03/01/10 W/D 1,757.20 3,972 1.85252938 3,255.26 1.69207318 2,973.31 03/01/10 W/D 1,473.40 3,972 1.85252938 2,729.52 1.69207318 2,493.10 03/01/10 W/D 693.00 3,972 1.85252938 1,283.80 1.69207318 1,172.61 03/01/10 W/D 0.32 3,972 1.85252938 0.59 1.69207318 0.54 03/02/10 W/D 97,129.24 3,971 1.85224184 179,906.84 1.69184914 164,328.02 03/02/10 W/D 6,502.89 3,971 1.85224184 12,044.92 1.69184914 11,001.91 03/05/10 W/D 61,000.00 3,968 1.85137950 112,934.15 1.69117719 103,161.81 03/05/10 W/D 60,871.64 3,968 1.85137950 112,696.51 1.69117719 102,944.73 Sample Report Page 14 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 03/05/10 W/D 59,877.16 3,968 1.85137950 110,855.35 1.69117719 101,262.89 03/05/10 W/D 41,819.96 3,968 1.85137950 77,424.62 1.69117719 70,724.96 03/05/10 W/D 35,584.23 3,968 1.85137950 65,879.91 1.69117719 60,179.24 03/05/10 W/D 32,698.80 3,968 1.85137950 60,537.89 1.69117719 55,299.46 03/05/10 W/D 28,115.00 3,968 1.85137950 52,051.53 1.69117719 47,547.45 03/05/10 W/D 16,095.63 3,968 1.85137950 29,799.12 1.69117719 27,220.56 03/05/10 W/D 10,384.80 3,968 1.85137950 19,226.21 1.69117719 17,562.54 03/05/10 W/D 9,981.74 3,968 1.85137950 18,479.99 1.69117719 16,880.89 03/05/10 W/D 9,801.60 3,968 1.85137950 18,146.48 1.69117719 16,576.24 03/05/10 W/D 9,555.60 3,968 1.85137950 17,691.04 1.69117719 16,160.21 03/05/10 W/D 7,268.35 3,968 1.85137950 13,456.47 1.69117719 12,292.07 03/05/10 W/D 5,422.09 3,968 1.85137950 10,038.35 1.69117719 9,169.71 03/05/10 W/D 4,187.20 3,968 1.85137950 7,752.10 1.69117719 7,081.30 03/05/10 W/D 3,949.79 3,968 1.85137950 7,312.56 1.69117719 6,679.79 03/05/10 W/D 3,825.00 3,968 1.85137950 7,081.53 1.69117719 6,468.75 03/05/10 W/D 3,281.23 3,968 1.85137950 6,074.80 1.69117719 5,549.14 03/05/10 W/D 2,113.70 3,968 1.85137950 3,913.26 1.69117719 3,574.64 03/05/10 W/D 1,959.80 3,968 1.85137950 3,628.33 1.69117719 3,314.37 03/05/10 W/D 980.31 3,968 1.85137950 1,814.93 1.69117719 1,657.88 03/05/10 W/D 883.01 3,968 1.85137950 1,634.79 1.69117719 1,493.33 03/05/10 W/D 670.56 3,968 1.85137950 1,241.46 1.69117719 1,134.04 03/05/10 W/D 635.00 3,968 1.85137950 1,175.63 1.69117719 1,073.90 03/05/10 W/D 457.50 3,968 1.85137950 847.01 1.69117719 773.71 03/05/10 W/D 259.58 3,968 1.85137950 480.58 1.69117719 439.00 03/05/10 W/D 131.65 3,968 1.85137950 243.73 1.69117719 222.64 03/05/10 W/D 8.14 3,968 1.85137950 15.07 1.69117719 13.77 03/08/10 W/D 472,149.00 3,965 1.85051756 873,720.02 1.69050551 798,170.49 03/25/10 W/D 160,062.00 3,948 1.84564082 295,416.96 1.68670435 269,977.27 03/25/10 W/D 105,942.81 3,948 1.84564082 195,532.37 1.68670435 178,694.20 03/25/10 W/D 87,030.97 3,948 1.84564082 160,627.91 1.68670435 146,795.52 03/25/10 W/D 54,000.00 3,948 1.84564082 99,664.60 1.68670435 91,082.04 03/25/10 W/D 52,067.64 3,948 1.84564082 96,098.16 1.68670435 87,822.72 03/25/10 W/D 47,770.00 3,948 1.84564082 88,166.26 1.68670435 80,573.87 03/25/10 W/D 25,186.77 3,948 1.84564082 46,485.73 1.68670435 42,482.63 03/25/10 W/D 17,335.74 3,948 1.84564082 31,995.55 1.68670435 29,240.27 03/25/10 W/D 16,069.00 3,948 1.84564082 29,657.60 1.68670435 27,103.65 03/25/10 W/D 15,410.50 3,948 1.84564082 28,442.25 1.68670435 25,992.96 03/25/10 W/D 13,698.60 3,948 1.84564082 25,282.70 1.68670435 23,105.49 03/25/10 W/D 9,301.50 3,948 1.84564082 17,167.23 1.68670435 15,688.88 03/25/10 W/D 8,775.00 3,948 1.84564082 16,195.50 1.68670435 14,800.83 03/25/10 W/D 7,112.89 3,948 1.84564082 13,127.84 1.68670435 11,997.34 03/25/10 W/D 7,050.00 3,948 1.84564082 13,011.77 1.68670435 11,891.27 03/25/10 W/D 6,389.10 3,948 1.84564082 11,791.98 1.68670435 10,776.52 03/25/10 W/D 6,017.45 3,948 1.84564082 11,106.05 1.68670435 10,149.66 03/25/10 W/D 5,581.10 3,948 1.84564082 10,300.71 1.68670435 9,413.67 03/25/10 W/D 5,100.00 3,948 1.84564082 9,412.77 1.68670435 8,602.19 03/25/10 W/D 4,942.40 3,948 1.84564082 9,121.90 1.68670435 8,336.37 03/25/10 W/D 4,204.85 3,948 1.84564082 7,760.64 1.68670435 7,092.34 03/25/10 W/D 3,955.75 3,948 1.84564082 7,300.89 1.68670435 6,672.18 03/25/10 W/D 2,987.90 3,948 1.84564082 5,514.59 1.68670435 5,039.70 03/25/10 W/D 1,999.49 3,948 1.84564082 3,690.34 1.68670435 3,372.55 03/25/10 W/D 1,378.39 3,948 1.84564082 2,544.01 1.68670435 2,324.94 03/25/10 W/D 745.82 3,948 1.84564082 1,376.52 1.68670435 1,257.98 03/25/10 W/D 415.40 3,948 1.84564082 766.68 1.68670435 700.66 04/02/10 W/D 20,681.44 3,941 1.84363649 38,129.06 1.68514166 34,851.16 04/02/10 W/D 18,828.01 3,941 1.84363649 34,712.01 1.68514166 31,727.86 04/02/10 W/D 1,536.46 3,941 1.84363649 2,832.67 1.68514166 2,589.15 04/02/10 W/D 725.10 3,941 1.84363649 1,336.82 1.68514166 1,221.90 Sample Report Page 15 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 04/02/10 W/D 713.59 3,941 1.84363649 1,315.60 1.68514166 1,202.50 04/02/10 W/D 375.00 3,941 1.84363649 691.36 1.68514166 631.93 04/02/10 W/D 76.38 3,941 1.84363649 140.82 1.68514166 128.71 04/05/10 W/D 30,186.42 3,938 1.84277816 55,626.88 1.68447237 50,848.19 04/08/10 W/D 606,781.38 3,935 1.84192022 1,117,642.89 1.68380336 1,021,700.52 04/08/10 W/D 104,362.04 3,935 1.84192022 192,226.55 1.68380336 175,725.15 04/08/10 W/D 42,882.52 3,935 1.84192022 78,986.18 1.68380336 72,205.73 04/08/10 W/D 28,834.05 3,935 1.84192022 53,110.02 1.68380336 48,550.87 04/08/10 W/D 23,174.18 3,935 1.84192022 42,684.99 1.68380336 39,020.76 04/08/10 W/D 13,050.48 3,935 1.84192022 24,037.94 1.68380336 21,974.44 04/08/10 W/D 7,467.68 3,935 1.84192022 13,754.87 1.68380336 12,574.10 04/08/10 W/D 7,394.88 3,935 1.84192022 13,620.78 1.68380336 12,451.52 04/08/10 W/D 6,812.51 3,935 1.84192022 12,548.10 1.68380336 11,470.93 04/08/10 W/D 6,018.41 3,935 1.84192022 11,085.43 1.68380336 10,133.82 04/08/10 W/D 5,764.29 3,935 1.84192022 10,617.36 1.68380336 9,705.93 04/08/10 W/D 3,436.67 3,935 1.84192022 6,330.07 1.68380336 5,786.68 04/08/10 W/D 3,031.81 3,935 1.84192022 5,584.35 1.68380336 5,104.97 04/08/10 W/D 2,929.87 3,935 1.84192022 5,396.59 1.68380336 4,933.32 04/08/10 W/D 1,922.43 3,935 1.84192022 3,540.96 1.68380336 3,236.99 04/08/10 W/D 1,731.04 3,935 1.84192022 3,188.44 1.68380336 2,914.73 04/08/10 W/D 1,706.80 3,935 1.84192022 3,143.79 1.68380336 2,873.92 04/08/10 W/D 148.50 3,935 1.84192022 273.53 1.68380336 250.04 04/12/10 W/D 285,825.30 3,931 1.84077693 526,140.62 1.68291175 481,018.75 04/12/10 W/D 127,657.00 3,931 1.84077693 234,988.06 1.68291175 214,835.46 04/12/10 W/D 121,871.15 3,931 1.84077693 224,337.60 1.68291175 205,098.39 04/12/10 W/D 76,571.79 3,931 1.84077693 140,951.58 1.68291175 128,863.56 04/12/10 W/D 26,366.19 3,931 1.84077693 48,534.27 1.68291175 44,371.97 04/12/10 W/D 16,869.60 3,931 1.84077693 31,053.17 1.68291175 28,390.05 04/12/10 W/D 11,243.74 3,931 1.84077693 20,697.22 1.68291175 18,922.22 04/12/10 W/D 8,384.66 3,931 1.84077693 15,434.29 1.68291175 14,110.64 04/12/10 W/D 148.50 3,931 1.84077693 273.36 1.68291175 249.91 04/27/10 W/D 10,453.00 3,916 1.83649591 19,196.89 1.67957241 17,556.57 04/30/10 W/D 3,063,360.00 3,913 1.83564090 5,623,228.92 1.67890534 5,143,091.45 04/30/10 W/D 550,775.00 3,913 1.83564090 1,011,025.12 1.67890534 924,699.09 04/30/10 W/D 465,693.00 3,913 1.83564090 854,845.12 1.67890534 781,854.46 04/30/10 W/D 264,967.74 3,913 1.83564090 486,385.62 1.67890534 444,855.75 04/30/10 W/D 200,884.26 3,913 1.83564090 368,751.36 1.67890534 337,265.66 04/30/10 W/D 140,261.00 3,913 1.83564090 257,468.83 1.67890534 235,484.94 04/30/10 W/D 113,617.56 3,913 1.83564090 208,561.04 1.67890534 190,753.13 04/30/10 W/D 90,487.61 3,913 1.83564090 166,102.76 1.67890534 151,920.13 04/30/10 W/D 28,130.39 3,913 1.83564090 51,637.29 1.67890534 47,228.26 04/30/10 W/D 16,000.00 3,913 1.83564090 29,370.25 1.67890534 26,862.49 04/30/10 W/D 10,662.80 3,913 1.83564090 19,573.07 1.67890534 17,901.83 04/30/10 W/D 10,632.60 3,913 1.83564090 19,517.64 1.67890534 17,851.13 04/30/10 W/D 8,647.36 3,913 1.83564090 15,873.45 1.67890534 14,518.10 04/30/10 W/D 7,672.00 3,913 1.83564090 14,083.04 1.67890534 12,880.56 04/30/10 W/D 6,255.54 3,913 1.83564090 11,482.93 1.67890534 10,502.46 04/30/10 W/D 4,477.37 3,913 1.83564090 8,218.84 1.67890534 7,517.08 04/30/10 W/D 4,048.40 3,913 1.83564090 7,431.41 1.67890534 6,796.88 04/30/10 W/D 2,379.65 3,913 1.83564090 4,368.18 1.67890534 3,995.21 04/30/10 W/D 1,906.94 3,913 1.83564090 3,500.46 1.67890534 3,201.57 04/30/10 W/D 1,856.25 3,913 1.83564090 3,407.41 1.67890534 3,116.47 04/30/10 W/D 1,379.09 3,913 1.83564090 2,531.51 1.67890534 2,315.36 04/30/10 W/D 1,269.90 3,913 1.83564090 2,331.08 1.67890534 2,132.04 04/30/10 W/D 1,233.67 3,913 1.83564090 2,264.58 1.67890534 2,071.22 04/30/10 W/D 1,158.40 3,913 1.83564090 2,126.41 1.67890534 1,944.84 04/30/10 W/D 778.75 3,913 1.83564090 1,429.51 1.67890534 1,307.45 04/30/10 W/D 692.40 3,913 1.83564090 1,271.00 1.67890534 1,162.47 Sample Report Page 16 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 04/30/10 W/D 594.00 3,913 1.83564090 1,090.37 1.67890534 997.27 04/30/10 W/D 407.25 3,913 1.83564090 747.56 1.67890534 683.73 04/30/10 W/D 8.80 3,913 1.83564090 16.15 1.67890534 14.77 05/03/10 W/D 267,169.16 3,910 1.83478629 490,198.31 1.67823853 448,373.58 05/06/10 W/D 194,057.00 3,907 1.83393208 355,887.36 1.67757199 325,544.59 05/06/10 W/D 37,697.00 3,907 1.83393208 69,133.74 1.67757199 63,239.43 05/06/10 W/D 18,147.76 3,907 1.83393208 33,281.76 1.67757199 30,444.17 05/06/10 W/D 17,701.60 3,907 1.83393208 32,463.53 1.67757199 29,695.71 05/06/10 W/D 17,097.86 3,907 1.83393208 31,356.31 1.67757199 28,682.89 05/06/10 W/D 4,117.28 3,907 1.83393208 7,550.81 1.67757199 6,907.03 05/06/10 W/D 2,459.56 3,907 1.83393208 4,510.67 1.67757199 4,126.09 05/06/10 W/D 1,481.02 3,907 1.83393208 2,716.09 1.67757199 2,484.52 05/06/10 W/D 448.80 3,907 1.83393208 823.07 1.67757199 752.89 05/06/10 W/D 212.50 3,907 1.83393208 389.71 1.67757199 356.48 05/07/10 W/D 65,761.72 3,906 1.83364743 120,583.81 1.67734986 110,305.41 05/07/10 W/D 24,651.00 3,906 1.83364743 45,201.24 1.67734986 41,348.35 05/07/10 W/D 5,301.49 3,906 1.83364743 9,721.06 1.67734986 8,892.45 05/07/10 W/D 65.81 3,906 1.83364743 120.67 1.67734986 110.39 05/10/10 W/D 51,510.93 3,903 1.83279375 94,408.91 1.67668368 86,367.54 05/13/10 W/D 246,650.00 3,900 1.83194046 451,848.12 1.67601775 413,389.78 05/13/10 W/D 25,890.42 3,900 1.83194046 47,429.71 1.67601775 43,392.80 05/13/10 W/D 17,094.66 3,900 1.83194046 31,316.40 1.67601775 28,650.95 05/13/10 W/D 14,912.00 3,900 1.83194046 27,317.90 1.67601775 24,992.78 05/13/10 W/D 4,517.58 3,900 1.83194046 8,275.94 1.67601775 7,571.54 05/13/10 W/D 1,437.43 3,900 1.83194046 2,633.29 1.67601775 2,409.16 05/13/10 W/D 1,167.00 3,900 1.83194046 2,137.87 1.67601775 1,955.91 05/13/10 W/D 900.58 3,900 1.83194046 1,649.81 1.67601775 1,509.39 05/13/10 W/D 569.91 3,900 1.83194046 1,044.04 1.67601775 955.18 05/13/10 W/D 140.81 3,900 1.83194046 257.96 1.67601775 236.00 05/14/10 W/D 119,943.81 3,899 1.83165612 219,695.81 1.67579583 201,001.34 05/14/10 W/D 66,272.02 3,899 1.83165612 121,387.55 1.67579583 111,058.38 05/14/10 W/D 63,603.60 3,899 1.83165612 116,499.92 1.67579583 106,586.65 05/14/10 W/D 40,790.00 3,899 1.83165612 74,713.25 1.67579583 68,355.71 05/14/10 W/D 22,008.85 3,899 1.83165612 40,312.64 1.67579583 36,882.34 05/14/10 W/D 16,816.20 3,899 1.83165612 30,801.50 1.67579583 28,180.52 05/14/10 W/D 10,542.22 3,899 1.83165612 19,309.72 1.67579583 17,666.61 05/14/10 W/D 10,453.00 3,899 1.83165612 19,146.30 1.67579583 17,517.09 05/14/10 W/D 10,166.46 3,899 1.83165612 18,621.46 1.67579583 17,036.91 05/14/10 W/D 7,945.76 3,899 1.83165612 14,553.90 1.67579583 13,315.47 05/14/10 W/D 7,344.50 3,899 1.83165612 13,452.60 1.67579583 12,307.88 05/14/10 W/D 6,474.00 3,899 1.83165612 11,858.14 1.67579583 10,849.10 05/14/10 W/D 3,115.01 3,899 1.83165612 5,705.63 1.67579583 5,220.12 05/14/10 W/D 1,286.40 3,899 1.83165612 2,356.24 1.67579583 2,155.74 06/04/10 W/D 1,455,009.00 3,879 1.82597858 2,656,815.27 1.67136368 2,431,849.19 06/04/10 W/D 243,061.00 3,879 1.82597858 443,824.18 1.67136368 406,243.33 06/04/10 W/D 141,360.23 3,879 1.82597858 258,120.75 1.67136368 236,264.35 06/04/10 W/D 21,860.70 3,879 1.82597858 39,917.17 1.67136368 36,537.18 06/04/10 W/D 16,349.26 3,879 1.82597858 29,853.40 1.67136368 27,325.56 06/04/10 W/D 7,796.77 3,879 1.82597858 14,236.74 1.67136368 13,031.24 06/04/10 W/D 5,960.48 3,879 1.82597858 10,883.71 1.67136368 9,962.13 06/04/10 W/D 5,295.51 3,879 1.82597858 9,669.49 1.67136368 8,850.72 06/04/10 W/D 4,611.24 3,879 1.82597858 8,420.03 1.67136368 7,707.06 06/04/10 W/D 3,556.53 3,879 1.82597858 6,494.15 1.67136368 5,944.26 06/04/10 W/D 2,806.27 3,879 1.82597858 5,124.19 1.67136368 4,690.30 06/04/10 W/D 2,268.00 3,879 1.82597858 4,141.32 1.67136368 3,790.65 06/04/10 W/D 835.00 3,879 1.82597858 1,524.69 1.67136368 1,395.59 06/04/10 W/D 824.10 3,879 1.82597858 1,504.79 1.67136368 1,377.37 06/04/10 W/D 692.40 3,879 1.82597858 1,264.31 1.67136368 1,157.25 Sample Report Page 17 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 06/04/10 W/D 580.80 3,879 1.82597858 1,060.53 1.67136368 970.73 06/04/10 W/D 464.64 3,879 1.82597858 848.42 1.67136368 776.58 06/04/10 W/D 272.16 3,879 1.82597858 496.96 1.67136368 454.88 06/04/10 W/D 215.00 3,879 1.82597858 392.59 1.67136368 359.34 06/07/10 W/D 158,411.75 3,876 1.82512847 289,121.79 1.67069987 264,658.49 06/07/10 W/D 29,076.00 3,876 1.82512847 53,067.44 1.67069987 48,577.27 06/07/10 W/D 6,605.13 3,876 1.82512847 12,055.21 1.67069987 11,035.19 06/11/10 W/D 201,757.75 3,872 1.82399560 368,005.25 1.66981519 336,898.16 06/11/10 W/D 167,281.18 3,872 1.82399560 305,120.14 1.66981519 279,328.66 06/11/10 W/D 96,820.00 3,872 1.82399560 176,599.25 1.66981519 161,671.51 06/11/10 W/D 46,478.76 3,872 1.82399560 84,777.05 1.66981519 77,610.94 06/11/10 W/D 36,938.00 3,872 1.82399560 67,374.75 1.66981519 61,679.63 06/11/10 W/D 34,000.00 3,872 1.82399560 62,015.85 1.66981519 56,773.72 06/11/10 W/D 11,708.30 3,872 1.82399560 21,355.89 1.66981519 19,550.70 06/11/10 W/D 8,127.25 3,872 1.82399560 14,824.07 1.66981519 13,571.01 06/11/10 W/D 8,036.00 3,872 1.82399560 14,657.63 1.66981519 13,418.63 06/11/10 W/D 5,960.98 3,872 1.82399560 10,872.80 1.66981519 9,953.73 06/11/10 W/D 4,832.84 3,872 1.82399560 8,815.08 1.66981519 8,069.95 06/11/10 W/D 3,843.68 3,872 1.82399560 7,010.86 1.66981519 6,418.24 06/11/10 W/D 2,763.21 3,872 1.82399560 5,040.08 1.66981519 4,614.05 06/11/10 W/D 2,442.24 3,872 1.82399560 4,454.64 1.66981519 4,078.09 06/11/10 W/D 1,453.19 3,872 1.82399560 2,650.61 1.66981519 2,426.56 06/11/10 W/D 1,419.71 3,872 1.82399560 2,589.54 1.66981519 2,370.65 06/11/10 W/D 1,183.62 3,872 1.82399560 2,158.92 1.66981519 1,976.43 06/11/10 W/D 1,166.41 3,872 1.82399560 2,127.53 1.66981519 1,947.69 06/11/10 W/D 927.52 3,872 1.82399560 1,691.79 1.66981519 1,548.79 06/11/10 W/D 534.00 3,872 1.82399560 974.01 1.66981519 891.68 06/11/10 W/D 388.76 3,872 1.82399560 709.10 1.66981519 649.16 06/11/10 W/D 96.56 3,872 1.82399560 176.13 1.66981519 161.24 06/14/10 W/D 35,123.81 3,869 1.82314641 64,035.85 1.66915200 58,626.98 06/14/10 W/D 24,109.58 3,869 1.82314641 43,955.29 1.66915200 40,242.55 06/14/10 W/D 5,141.40 3,869 1.82314641 9,373.52 1.66915200 8,581.78 06/18/10 W/D 274,491.35 3,865 1.82201477 500,127.30 1.66826814 457,925.18 06/18/10 W/D 189,833.96 3,865 1.82201477 345,880.28 1.66826814 316,693.95 06/18/10 W/D 116,188.66 3,865 1.82201477 211,697.46 1.66826814 193,833.84 06/18/10 W/D 110,000.00 3,865 1.82201477 200,421.63 1.66826814 183,509.50 06/18/10 W/D 53,014.90 3,865 1.82201477 96,593.93 1.66826814 88,443.07 06/18/10 W/D 20,347.99 3,865 1.82201477 37,074.34 1.66826814 33,945.90 06/18/10 W/D 18,442.20 3,865 1.82201477 33,601.96 1.66826814 30,766.53 06/18/10 W/D 15,904.47 3,865 1.82201477 28,978.18 1.66826814 26,532.92 06/18/10 W/D 13,472.90 3,865 1.82201477 24,547.82 1.66826814 22,476.41 06/18/10 W/D 12,686.39 3,865 1.82201477 23,114.79 1.66826814 21,164.30 06/18/10 W/D 11,695.54 3,865 1.82201477 21,309.45 1.66826814 19,511.30 06/18/10 W/D 6,723.66 3,865 1.82201477 12,250.61 1.66826814 11,216.87 06/18/10 W/D 5,002.64 3,865 1.82201477 9,114.88 1.66826814 8,345.74 06/18/10 W/D 1,750.00 3,865 1.82201477 3,188.53 1.66826814 2,919.47 06/18/10 W/D 1,547.07 3,865 1.82201477 2,818.78 1.66826814 2,580.93 06/18/10 W/D 1,520.17 3,865 1.82201477 2,769.77 1.66826814 2,536.05 06/18/10 W/D 724.40 3,865 1.82201477 1,319.87 1.66826814 1,208.49 06/21/10 W/D 5,000.00 3,862 1.82116651 9,105.83 1.66760556 8,338.03 06/21/10 W/D 2,085.88 3,862 1.82116651 3,798.73 1.66760556 3,478.43 06/21/10 W/D 613.89 3,862 1.82116651 1,118.00 1.66760556 1,023.73 06/21/10 W/D 0.70 3,862 1.82116651 1.27 1.66760556 1.17 06/25/10 W/D 61,908.00 3,858 1.82003610 112,674.79 1.66672253 103,183.46 06/25/10 W/D 11,788.93 3,858 1.82003610 21,456.28 1.66672253 19,648.88 06/25/10 W/D 10,487.35 3,858 1.82003610 19,087.36 1.66672253 17,479.50 06/25/10 W/D 6,912.00 3,858 1.82003610 12,580.09 1.66672253 11,520.39 06/25/10 W/D 6,644.38 3,858 1.82003610 12,093.01 1.66672253 11,074.34 Sample Report Page 18 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 06/25/10 W/D 3,034.60 3,858 1.82003610 5,523.08 1.66672253 5,057.84 06/25/10 W/D 646.10 3,858 1.82003610 1,175.93 1.66672253 1,076.87 07/01/10 W/D 331,511.69 3,852 1.81834180 602,801.56 1.66539886 552,099.19 07/01/10 W/D 190,048.97 3,852 1.81834180 345,573.99 1.66539886 316,507.34 07/01/10 W/D 99,181.40 3,852 1.81834180 180,345.69 1.66539886 165,176.59 07/01/10 W/D 95,314.00 3,852 1.81834180 173,313.43 1.66539886 158,735.83 07/01/10 W/D 50,850.00 3,852 1.81834180 92,462.68 1.66539886 84,685.53 07/01/10 W/D 42,772.00 3,852 1.81834180 77,774.12 1.66539886 71,232.44 07/01/10 W/D 39,280.32 3,852 1.81834180 71,425.05 1.66539886 65,417.40 07/01/10 W/D 34,024.57 3,852 1.81834180 61,868.30 1.66539886 56,664.48 07/01/10 W/D 19,000.00 3,852 1.81834180 34,548.49 1.66539886 31,642.58 07/01/10 W/D 16,092.00 3,852 1.81834180 29,260.76 1.66539886 26,799.60 07/01/10 W/D 14,083.42 3,852 1.81834180 25,608.47 1.66539886 23,454.51 07/01/10 W/D 12,563.32 3,852 1.81834180 22,844.41 1.66539886 20,922.94 07/01/10 W/D 9,751.86 3,852 1.81834180 17,732.21 1.66539886 16,240.74 07/01/10 W/D 8,151.83 3,852 1.81834180 14,822.81 1.66539886 13,576.05 07/01/10 W/D 7,365.81 3,852 1.81834180 13,393.56 1.66539886 12,267.01 07/01/10 W/D 3,883.18 3,852 1.81834180 7,060.95 1.66539886 6,467.04 07/01/10 W/D 3,699.00 3,852 1.81834180 6,726.05 1.66539886 6,160.31 07/01/10 W/D 3,388.73 3,852 1.81834180 6,161.87 1.66539886 5,643.59 07/01/10 W/D 3,340.68 3,852 1.81834180 6,074.50 1.66539886 5,563.56 07/01/10 W/D 3,168.00 3,852 1.81834180 5,760.51 1.66539886 5,275.98 07/01/10 W/D 3,097.83 3,852 1.81834180 5,632.91 1.66539886 5,159.12 07/01/10 W/D 1,728.28 3,852 1.81834180 3,142.60 1.66539886 2,878.28 07/01/10 W/D 1,424.00 3,852 1.81834180 2,589.32 1.66539886 2,371.53 07/01/10 W/D 1,321.60 3,852 1.81834180 2,403.12 1.66539886 2,200.99 07/01/10 W/D 718.12 3,852 1.81834180 1,305.79 1.66539886 1,195.96 07/01/10 W/D 390.00 3,852 1.81834180 709.15 1.66539886 649.51 07/01/10 W/D 381.21 3,852 1.81834180 693.17 1.66539886 634.87 07/12/10 W/D 142,610.50 3,841 1.81523969 258,872.24 1.66297485 237,157.67 07/12/10 W/D 114,977.30 3,841 1.81523969 208,711.36 1.66297485 191,204.36 07/12/10 W/D 13,298.51 3,841 1.81523969 24,139.98 1.66297485 22,115.09 07/12/10 W/D 13,216.62 3,841 1.81523969 23,991.33 1.66297485 21,978.91 07/12/10 W/D 6,435.00 3,841 1.81523969 11,681.07 1.66297485 10,701.24 07/14/10 W/D 7,187.00 3,839 1.81467624 13,042.08 1.66253450 11,948.64 07/14/10 W/D 5,658.30 3,839 1.81467624 10,267.98 1.66253450 9,407.12 07/14/10 W/D 3,651.00 3,839 1.81467624 6,625.38 1.66253450 6,069.91 07/14/10 W/D 1,259.74 3,839 1.81467624 2,286.02 1.66253450 2,094.36 07/14/10 W/D 1,107.84 3,839 1.81467624 2,010.37 1.66253450 1,841.82 07/14/10 W/D 1,080.55 3,839 1.81467624 1,960.85 1.66253450 1,796.45 07/14/10 W/D 890.00 3,839 1.81467624 1,615.06 1.66253450 1,479.66 07/15/10 W/D 786.00 3,838 1.81439458 1,426.11 1.66231437 1,306.58 07/16/10 W/D 897,513.00 3,837 1.81411296 1,628,189.96 1.66209427 1,491,751.21 07/16/10 W/D 336,060.00 3,837 1.81411296 609,650.80 1.66209427 558,563.40 07/16/10 W/D 101,270.81 3,837 1.81411296 183,716.69 1.66209427 168,321.63 07/16/10 W/D 57,459.83 3,837 1.81411296 104,238.62 1.66209427 95,503.65 07/16/10 W/D 47,882.90 3,837 1.81411296 86,864.99 1.66209427 79,585.89 07/16/10 W/D 34,661.00 3,837 1.81411296 62,878.97 1.66209427 57,609.85 07/22/10 W/D 53,442.23 3,831 1.81242418 96,859.99 1.66077427 88,755.48 07/22/10 W/D 16,194.99 3,831 1.81242418 29,352.19 1.66077427 26,896.22 07/22/10 W/D 14,071.60 3,831 1.81242418 25,503.71 1.66077427 23,369.75 07/22/10 W/D 7,400.00 3,831 1.81242418 13,411.94 1.66077427 12,289.73 07/22/10 W/D 7,030.00 3,831 1.81242418 12,741.34 1.66077427 11,675.24 07/22/10 W/D 4,942.57 3,831 1.81242418 8,958.03 1.66077427 8,208.49 07/22/10 W/D 2,242.80 3,831 1.81242418 4,064.90 1.66077427 3,724.78 07/22/10 W/D 238.00 3,831 1.81242418 431.36 1.66077427 395.26 07/22/10 W/D 93.65 3,831 1.81242418 169.73 1.66077427 155.53 07/26/10 W/D 152,416.97 3,827 1.81129919 276,072.74 1.65989485 252,996.14 Sample Report Page 19 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 07/27/10 W/D 958,547.28 3,826 1.81101806 1,735,946.43 1.65967507 1,590,877.03 07/29/10 W/D 261,574.00 3,824 1.81045592 473,568.20 1.65923560 434,012.89 07/29/10 W/D 8,693.00 3,824 1.81045592 15,738.29 1.65923560 14,423.74 07/29/10 W/D 5,546.62 3,824 1.81045592 10,041.91 1.65923560 9,203.15 07/29/10 W/D 1,207.88 3,824 1.81045592 2,186.81 1.65923560 2,004.16 07/29/10 W/D 807.50 3,824 1.81045592 1,461.94 1.65923560 1,339.83 07/29/10 W/D 268.00 3,824 1.81045592 485.20 1.65923560 444.68 07/29/10 W/D 215.00 3,824 1.81045592 389.25 1.65923560 356.74 08/02/10 W/D 59,978.86 3,821 1.80961303 108,538.53 1.65857660 99,479.53 08/02/10 W/D 19,830.55 3,821 1.80961303 35,885.62 1.65857660 32,890.49 08/02/10 W/D 14,806.00 3,821 1.80961303 26,793.13 1.65857660 24,556.89 08/06/10 W/D 94,805.57 3,817 1.80848979 171,454.91 1.65769835 157,159.04 08/06/10 W/D 87,395.91 3,817 1.80848979 158,054.61 1.65769835 144,876.06 08/06/10 W/D 55,745.38 3,817 1.80848979 100,814.95 1.65769835 92,409.02 08/06/10 W/D 37,662.08 3,817 1.80848979 68,111.49 1.65769835 62,432.37 08/06/10 W/D 37,537.90 3,817 1.80848979 67,886.91 1.65769835 62,226.51 08/06/10 W/D 36,602.04 3,817 1.80848979 66,194.42 1.65769835 60,675.14 08/06/10 W/D 23,644.91 3,817 1.80848979 42,761.58 1.65769835 39,196.13 08/06/10 W/D 21,309.29 3,817 1.80848979 38,537.63 1.65769835 35,324.37 08/06/10 W/D 17,103.04 3,817 1.80848979 30,930.67 1.65769835 28,351.68 08/06/10 W/D 10,150.00 3,817 1.80848979 18,356.17 1.65769835 16,825.64 08/06/10 W/D 8,202.62 3,817 1.80848979 14,834.35 1.65769835 13,597.47 08/06/10 W/D 6,952.27 3,817 1.80848979 12,573.11 1.65769835 11,524.77 08/06/10 W/D 6,653.56 3,817 1.80848979 12,032.90 1.65769835 11,029.60 08/06/10 W/D 4,392.17 3,817 1.80848979 7,943.19 1.65769835 7,280.89 08/06/10 W/D 4,390.87 3,817 1.80848979 7,940.84 1.65769835 7,278.74 08/06/10 W/D 4,284.72 3,817 1.80848979 7,748.87 1.65769835 7,102.77 08/06/10 W/D 3,476.74 3,817 1.80848979 6,287.65 1.65769835 5,763.39 08/06/10 W/D 2,512.50 3,817 1.80848979 4,543.83 1.65769835 4,164.97 08/06/10 W/D 2,318.40 3,817 1.80848979 4,192.80 1.65769835 3,843.21 08/06/10 W/D 1,644.00 3,817 1.80848979 2,973.16 1.65769835 2,725.26 08/06/10 W/D 1,584.00 3,817 1.80848979 2,864.65 1.65769835 2,625.79 08/06/10 W/D 1,248.16 3,817 1.80848979 2,257.28 1.65769835 2,069.07 08/06/10 W/D 1,133.35 3,817 1.80848979 2,049.65 1.65769835 1,878.75 08/06/10 W/D 830.88 3,817 1.80848979 1,502.64 1.65769835 1,377.35 08/06/10 W/D 730.00 3,817 1.80848979 1,320.20 1.65769835 1,210.12 08/06/10 W/D 529.69 3,817 1.80848979 957.94 1.65769835 878.07 08/09/10 W/D 37,347.09 3,814 1.80764782 67,510.39 1.65703996 61,885.62 08/12/10 W/D 195,045.00 3,811 1.80680625 352,408.52 1.65638184 323,069.00 08/12/10 W/D 182,595.00 3,811 1.80680625 329,913.79 1.65638184 302,447.04 08/12/10 W/D 54,034.38 3,811 1.80680625 97,629.66 1.65638184 89,501.57 08/12/10 W/D 18,145.83 3,811 1.80680625 32,786.00 1.65638184 30,056.42 08/12/10 W/D 4,072.48 3,811 1.80680625 7,358.18 1.65638184 6,745.58 08/23/10 W/D 20,908.80 3,800 1.80372381 37,713.70 1.65397096 34,582.55 08/23/10 W/D 15,454.19 3,800 1.80372381 27,875.09 1.65397096 25,560.78 08/23/10 W/D 15,091.26 3,800 1.80372381 27,220.47 1.65397096 24,960.51 08/23/10 W/D 15,052.39 3,800 1.80372381 27,150.35 1.65397096 24,896.22 08/23/10 W/D 7,641.95 3,800 1.80372381 13,783.97 1.65397096 12,639.56 08/23/10 W/D 6,145.00 3,800 1.80372381 11,083.88 1.65397096 10,163.65 08/23/10 W/D 5,732.10 3,800 1.80372381 10,339.13 1.65397096 9,480.73 08/23/10 W/D 4,922.00 3,800 1.80372381 8,877.93 1.65397096 8,140.85 08/23/10 W/D 4,372.20 3,800 1.80372381 7,886.24 1.65397096 7,231.49 08/23/10 W/D 3,279.79 3,800 1.80372381 5,915.84 1.65397096 5,424.68 08/23/10 W/D 3,050.72 3,800 1.80372381 5,502.66 1.65397096 5,045.80 08/23/10 W/D 1,876.05 3,800 1.80372381 3,383.88 1.65397096 3,102.93 08/23/10 W/D 1,816.88 3,800 1.80372381 3,277.15 1.65397096 3,005.07 08/23/10 W/D 1,491.40 3,800 1.80372381 2,690.07 1.65397096 2,466.73 08/23/10 W/D 1,383.45 3,800 1.80372381 2,495.36 1.65397096 2,288.19 Sample Report Page 20 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 08/23/10 W/D 1,326.00 3,800 1.80372381 2,391.74 1.65397096 2,193.17 08/23/10 W/D 869.63 3,800 1.80372381 1,568.57 1.65397096 1,438.34 08/23/10 W/D 737.55 3,800 1.80372381 1,330.34 1.65397096 1,219.89 08/23/10 W/D 731.40 3,800 1.80372381 1,319.24 1.65397096 1,209.71 08/23/10 W/D 690.90 3,800 1.80372381 1,246.19 1.65397096 1,142.73 08/23/10 W/D 613.60 3,800 1.80372381 1,106.76 1.65397096 1,014.88 08/23/10 W/D 438.60 3,800 1.80372381 791.11 1.65397096 725.43 08/23/10 W/D 399.90 3,800 1.80372381 721.31 1.65397096 661.42 08/23/10 W/D 276.25 3,800 1.80372381 498.28 1.65397096 456.91 08/23/10 W/D 259.80 3,800 1.80372381 468.61 1.65397096 429.70 08/23/10 W/D 256.00 3,800 1.80372381 461.75 1.65397096 423.42 08/23/10 W/D 247.50 3,800 1.80372381 446.42 1.65397096 409.36 08/23/10 W/D 215.00 3,800 1.80372381 387.80 1.65397096 355.60 08/23/10 W/D 100.19 3,800 1.80372381 180.72 1.65397096 165.71 08/23/10 W/D 76.80 3,800 1.80372381 138.53 1.65397096 127.02 08/27/10 W/D 16,852.08 3,796 1.80260423 30,377.63 1.65309515 27,858.09 08/27/10 W/D 10,439.29 3,796 1.80260423 18,817.91 1.65309515 17,257.14 08/27/10 W/D 4,634.89 3,796 1.80260423 8,354.87 1.65309515 7,661.91 08/27/10 W/D 4,545.14 3,796 1.80260423 8,193.09 1.65309515 7,513.55 08/27/10 W/D 4,421.88 3,796 1.80260423 7,970.90 1.65309515 7,309.79 08/27/10 W/D 3,254.04 3,796 1.80260423 5,865.75 1.65309515 5,379.24 08/27/10 W/D 877.50 3,796 1.80260423 1,581.79 1.65309515 1,450.59 08/27/10 W/D 249.60 3,796 1.80260423 449.93 1.65309515 412.61 08/31/10 W/D 91,500.00 3,793 1.80176500 164,861.50 1.65243859 151,198.13 09/03/10 W/D 741,526.46 3,790 1.80092616 1,335,434.40 1.65178230 1,224,840.28 09/03/10 W/D 285,679.00 3,790 1.80092616 514,486.78 1.65178230 471,879.51 09/03/10 W/D 241,056.00 3,790 1.80092616 434,124.06 1.65178230 398,172.03 09/03/10 W/D 91,400.00 3,790 1.80092616 164,604.65 1.65178230 150,972.90 09/03/10 W/D 74,720.00 3,790 1.80092616 134,565.20 1.65178230 123,421.17 09/03/10 W/D 74,084.00 3,790 1.80092616 133,419.81 1.65178230 122,370.64 09/03/10 W/D 50,147.68 3,790 1.80092616 90,312.27 1.65178230 82,833.05 09/03/10 W/D 18,338.96 3,790 1.80092616 33,027.11 1.65178230 30,291.97 09/03/10 W/D 14,563.47 3,790 1.80092616 26,227.73 1.65178230 24,055.68 09/03/10 W/D 4,575.36 3,790 1.80092616 8,239.89 1.65178230 7,557.50 09/03/10 W/D 4,540.35 3,790 1.80092616 8,176.84 1.65178230 7,499.67 09/03/10 W/D 2,964.32 3,790 1.80092616 5,338.52 1.65178230 4,896.41 09/03/10 W/D 2,297.10 3,790 1.80092616 4,136.91 1.65178230 3,794.31 09/03/10 W/D 1,620.74 3,790 1.80092616 2,918.83 1.65178230 2,677.11 09/03/10 W/D 114.00 3,790 1.80092616 205.31 1.65178230 188.30 09/08/10 W/D 630.00 3,785 1.79952896 1,133.70 1.65068905 1,039.93 09/15/10 W/D 9,079,750.52 3,778 1.79757471 16,321,529.89 1.64915972 14,973,958.83 09/15/10 W/D 8,757,184.00 3,778 1.79757471 15,741,692.47 1.64915972 14,441,995.12 09/15/10 W/D 322,566.52 3,778 1.79757471 579,837.42 1.64915972 531,963.71 09/17/10 W/D 40,835.50 3,776 1.79701674 73,382.08 1.64872303 67,326.43 09/17/10 W/D 28,880.00 3,776 1.79701674 51,897.84 1.64872303 47,615.12 09/17/10 W/D 19,302.40 3,776 1.79701674 34,686.74 1.64872303 31,824.31 09/17/10 W/D 14,704.42 3,776 1.79701674 26,424.09 1.64872303 24,243.52 09/17/10 W/D 13,078.46 3,776 1.79701674 23,502.21 1.64872303 21,562.76 09/30/10 W/D 127,680.12 3,763 1.79339416 228,980.78 1.64588736 210,147.10 09/30/10 W/D 124,272.89 3,763 1.79339416 222,870.28 1.64588736 204,539.18 09/30/10 W/D 113,505.34 3,763 1.79339416 203,559.81 1.64588736 186,817.00 09/30/10 W/D 78,933.09 3,763 1.79339416 141,558.14 1.64588736 129,914.97 09/30/10 W/D 71,281.92 3,763 1.79339416 127,836.58 1.64588736 117,322.01 09/30/10 W/D 63,349.60 3,763 1.79339416 113,610.80 1.64588736 104,266.31 09/30/10 W/D 61,699.05 3,763 1.79339416 110,650.72 1.64588736 101,549.69 09/30/10 W/D 60,605.65 3,763 1.79339416 108,689.82 1.64588736 99,750.07 09/30/10 W/D 47,587.79 3,763 1.79339416 85,343.66 1.64588736 78,324.14 09/30/10 W/D 43,669.82 3,763 1.79339416 78,317.20 1.64588736 71,875.60 Sample Report Page 21 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 09/30/10 W/D 36,197.94 3,763 1.79339416 64,917.17 1.64588736 59,577.73 09/30/10 W/D 33,275.88 3,763 1.79339416 59,676.77 1.64588736 54,768.35 09/30/10 W/D 31,625.00 3,763 1.79339416 56,716.09 1.64588736 52,051.19 09/30/10 W/D 31,141.72 3,763 1.79339416 55,849.38 1.64588736 51,255.76 09/30/10 W/D 27,477.96 3,763 1.79339416 49,278.81 1.64588736 45,225.63 09/30/10 W/D 26,073.54 3,763 1.79339416 46,760.13 1.64588736 42,914.11 09/30/10 W/D 24,056.73 3,763 1.79339416 43,143.20 1.64588736 39,594.67 09/30/10 W/D 23,000.00 3,763 1.79339416 41,248.07 1.64588736 37,855.41 09/30/10 W/D 21,033.00 3,763 1.79339416 37,720.46 1.64588736 34,617.95 09/30/10 W/D 20,070.00 3,763 1.79339416 35,993.42 1.64588736 33,032.96 09/30/10 W/D 19,897.20 3,763 1.79339416 35,683.52 1.64588736 32,748.55 09/30/10 W/D 19,818.00 3,763 1.79339416 35,541.49 1.64588736 32,618.20 09/30/10 W/D 19,467.50 3,763 1.79339416 34,912.90 1.64588736 32,041.31 09/30/10 W/D 18,864.00 3,763 1.79339416 33,830.59 1.64588736 31,048.02 09/30/10 W/D 18,687.82 3,763 1.79339416 33,514.63 1.64588736 30,758.05 09/30/10 W/D 18,003.34 3,763 1.79339416 32,287.08 1.64588736 29,631.47 09/30/10 W/D 17,514.84 3,763 1.79339416 31,411.01 1.64588736 28,827.45 09/30/10 W/D 16,776.50 3,763 1.79339416 30,086.88 1.64588736 27,612.23 09/30/10 W/D 15,907.31 3,763 1.79339416 28,528.08 1.64588736 26,181.64 09/30/10 W/D 15,105.20 3,763 1.79339416 27,089.58 1.64588736 24,861.46 09/30/10 W/D 13,850.00 3,763 1.79339416 24,838.51 1.64588736 22,795.54 09/30/10 W/D 12,579.00 3,763 1.79339416 22,559.11 1.64588736 20,703.62 09/30/10 W/D 12,562.82 3,763 1.79339416 22,530.09 1.64588736 20,676.99 09/30/10 W/D 10,162.00 3,763 1.79339416 18,224.47 1.64588736 16,725.51 09/30/10 W/D 8,664.27 3,763 1.79339416 15,538.45 1.64588736 14,260.41 09/30/10 W/D 7,265.73 3,763 1.79339416 13,030.32 1.64588736 11,958.57 09/30/10 W/D 7,176.63 3,763 1.79339416 12,870.53 1.64588736 11,811.92 09/30/10 W/D 6,908.00 3,763 1.79339416 12,388.77 1.64588736 11,369.79 09/30/10 W/D 5,820.00 3,763 1.79339416 10,437.55 1.64588736 9,579.06 09/30/10 W/D 5,794.43 3,763 1.79339416 10,391.70 1.64588736 9,536.98 09/30/10 W/D 5,681.50 3,763 1.79339416 10,189.17 1.64588736 9,351.11 09/30/10 W/D 4,814.52 3,763 1.79339416 8,634.33 1.64588736 7,924.16 09/30/10 W/D 3,800.74 3,763 1.79339416 6,816.22 1.64588736 6,255.59 09/30/10 W/D 3,120.00 3,763 1.79339416 5,595.39 1.64588736 5,135.17 09/30/10 W/D 3,084.56 3,763 1.79339416 5,531.83 1.64588736 5,076.84 09/30/10 W/D 2,952.80 3,763 1.79339416 5,295.53 1.64588736 4,859.98 09/30/10 W/D 2,613.60 3,763 1.79339416 4,687.21 1.64588736 4,301.69 09/30/10 W/D 2,553.68 3,763 1.79339416 4,579.75 1.64588736 4,203.07 09/30/10 W/D 2,515.80 3,763 1.79339416 4,511.82 1.64588736 4,140.72 09/30/10 W/D 2,012.64 3,763 1.79339416 3,609.46 1.64588736 3,312.58 09/30/10 W/D 1,830.86 3,763 1.79339416 3,283.45 1.64588736 3,013.39 09/30/10 W/D 1,817.00 3,763 1.79339416 3,258.60 1.64588736 2,990.58 09/30/10 W/D 1,600.00 3,763 1.79339416 2,869.43 1.64588736 2,633.42 09/30/10 W/D 1,432.22 3,763 1.79339416 2,568.53 1.64588736 2,357.27 09/30/10 W/D 1,424.00 3,763 1.79339416 2,553.79 1.64588736 2,343.74 09/30/10 W/D 1,375.00 3,763 1.79339416 2,465.92 1.64588736 2,263.10 09/30/10 W/D 1,279.50 3,763 1.79339416 2,294.65 1.64588736 2,105.91 09/30/10 W/D 1,264.80 3,763 1.79339416 2,268.28 1.64588736 2,081.72 09/30/10 W/D 1,117.66 3,763 1.79339416 2,004.40 1.64588736 1,839.54 10/22/10 W/D 3,120.00 3,741 1.78728027 5,576.31 1.64109963 5,120.23 10/22/10 W/D 2,515.80 3,741 1.78728027 4,496.44 1.64109963 4,128.68 10/22/10 W/D 1,830.86 3,741 1.78728027 3,272.26 1.64109963 3,004.62 10/22/10 W/D 1,432.22 3,741 1.78728027 2,559.78 1.64109963 2,350.42 10/25/10 W/D 15,105.20 3,738 1.78644818 26,984.66 1.64044784 24,779.29 10/28/10 W/D 63,349.60 3,735 1.78561647 113,118.09 1.63979630 103,880.44 10/28/10 W/D 61,699.05 3,735 1.78561647 110,170.84 1.63979630 101,173.87 10/28/10 W/D 31,625.00 3,735 1.78561647 56,470.12 1.63979630 51,858.56 10/28/10 W/D 24,056.73 3,735 1.78561647 42,956.09 1.63979630 39,448.14 Sample Report Page 22 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule F2 - Senior Construction Fund Fund 1 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ 5.666883% FV As Of 03/13/21 IRR Calculations FV Factor @ 4.824223% FV As Of 03/13/21 10/28/10 W/D 23,000.00 3,735 1.78561647 41,069.18 1.63979630 37,715.32 10/28/10 W/D 20,070.00 3,735 1.78561647 35,837.32 1.63979630 32,910.71 10/28/10 W/D 16,776.50 3,735 1.78561647 29,956.39 1.63979630 27,510.04 10/28/10 W/D 15,907.31 3,735 1.78561647 28,404.35 1.63979630 26,084.75 10/28/10 W/D 13,850.00 3,735 1.78561647 24,730.79 1.63979630 22,711.18 10/28/10 W/D 10,162.00 3,735 1.78561647 18,145.43 1.63979630 16,663.61 10/28/10 W/D 7,265.73 3,735 1.78561647 12,973.81 1.63979630 11,914.32 10/28/10 W/D 7,176.63 3,735 1.78561647 12,814.71 1.63979630 11,768.21 10/28/10 W/D 6,908.00 3,735 1.78561647 12,335.04 1.63979630 11,327.71 10/28/10 W/D 5,794.43 3,735 1.78561647 10,346.63 1.63979630 9,501.68 10/28/10 W/D 5,681.50 3,735 1.78561647 10,144.98 1.63979630 9,316.50 10/28/10 W/D 4,814.52 3,735 1.78561647 8,596.89 1.63979630 7,894.83 10/28/10 W/D 2,952.80 3,735 1.78561647 5,272.57 1.63979630 4,841.99 10/28/10 W/D 2,553.68 3,735 1.78561647 4,559.89 1.63979630 4,187.52 10/28/10 W/D 2,012.64 3,735 1.78561647 3,593.80 1.63979630 3,300.32 10/28/10 W/D 1,264.80 3,735 1.78561647 2,258.45 1.63979630 2,074.01 10/28/10 W/D 612.34 3,735 1.78561647 1,093.40 1.63979630 1,004.11 10/28/10 W/D 273.67 3,735 1.78561647 488.67 1.63979630 448.76 11/08/10 W/D 18,864.00 3,725 1.78284690 33,631.62 1.63762640 30,892.18 11/08/10 W/D 8,664.27 3,725 1.78284690 15,447.07 1.63762640 14,188.84 11/08/10 W/D 1,817.00 3,725 1.78284690 3,239.43 1.63762640 2,975.57 11/08/10 W/D 1,600.00 3,725 1.78284690 2,852.56 1.63762640 2,620.20 11/08/10 W/D 1,375.00 3,725 1.78284690 2,451.41 1.63762640 2,251.74 11/08/10 W/D 1,000.00 3,725 1.78284690 1,782.85 1.63762640 1,637.63 11/15/10 W/D 13,318.23 3,718 1.78091076 23,718.58 1.63610917 21,790.08 11/15/10 W/D 7,850.22 3,718 1.78091076 13,980.54 1.63610917 12,843.82 11/15/10 W/D 3,700.00 3,718 1.78091076 6,589.37 1.63610917 6,053.60 11/15/10 W/D 2,732.00 3,718 1.78091076 4,865.45 1.63610917 4,469.85 11/15/10 W/D 2,054.68 3,718 1.78091076 3,659.20 1.63610917 3,361.68 11/15/10 W/D 1,533.88 3,718 1.78091076 2,731.70 1.63610917 2,509.60 11/15/10 W/D 1,257.90 3,718 1.78091076 2,240.21 1.63610917 2,058.06 11/15/10 W/D 612.66 3,718 1.78091076 1,091.09 1.63610917 1,002.38 11/15/10 W/D 592.08 3,718 1.78091076 1,054.44 1.63610917 968.71 11/15/10 W/D 0.10 3,718 1.78091076 0.18 1.63610917 0.16 11/17/10 W/D 7,816.72 3,716 1.78035797 13,916.56 1.63567593 12,785.62 11/17/10 W/D 7,046.07 3,716 1.78035797 12,544.53 1.63567593 11,525.09 11/17/10 W/D 2,160.41 3,716 1.78035797 3,846.30 1.63567593 3,533.73 11/17/10 W/D 1,980.63 3,716 1.78035797 3,526.23 1.63567593 3,239.67 11/17/10 W/D 847.20 3,716 1.78035797 1,508.32 1.63567593 1,385.74 11/17/10 W/D 508.88 3,716 1.78035797 905.99 1.63567593 832.36 11/17/10 W/D 183.09 3,716 1.78035797 325.97 1.63567593 299.48 04/13/11 W/D 3,074,247.91 3,570 1.74046386 5,350,617.38 1.60435766 4,932,193.19 05/13/11 W/D 14,613.35 3,540 1.73237782 25,315.84 1.59799705 23,352.09 06/06/11 W/D 50.60 3,517 1.72620397 87.35 1.59313766 80.62 07/13/11 W/D (0.02) 3,480 1.71631827 (0.03) 1.58535137 (0.02) 03/13/21 Balance 0.00 0 1.00000000 0.00 1.00000000 0.00 Earnings: 13.309.175.75 Excess Earnings: (4.509.150.541 0M. Sample Report Page 23 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C ichedule F3 - Senior Construction Fund Fund 1 Yield Restriction Analysis Net Yield Restriction Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date 5.791883% 03/13/21 7.030627% 03/13/21 03/13/11 Balance' (3,071,092.36) 3,600 1.76996591 (5,435,728.79) 1.99568528 (6,128,933.83) 04/13/11 Correction (1,724,779.00) 3,570 1.76156441 (3,038,309.30) 1.98422669 (3,422,352.53) 04/13/11 W/D 1,724,779.00 3,570 1.76156441 3,038,309.30 1.98422669 3,422,352.53 04/13/11 W/D 3,074,247.91 3,570 1.76156441 5,415,485.71 1.98422669 6,100,004.75 05/13/11 W/D 14,613.35 3,540 1.75320279 25,620.16 1.97283389 28,829.71 06/06/11 W/D 50.60 3,517 1.74681911 88.40 1.96414373 99.39 07/13/11 W/D (0.02) 3,480 1.73659844 (0.03) 1.95024416 (0.03) 03/13/21 Balance 0.00 0 1.00000000 0.00 1.00000000 0.00 Earnings: 17.819.48 Excess Earnings: 5.465.45 0.00 See Schedule F1 - Remaining Balance Analyses. Sample Report Page 24 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C ichedule G1 - Second Lien Subordinate Construction Fund Fund 2 Remaining Balance Analyses Summary - Rebate Gross Earnings: $4,821,826.52 Internal Rate of Return: 6.265533% Excess Earnings: $874,203.85 Summary - Yield Restriction Gross Earnings: $24,253.45 Internal Rate of Return: 9.577541% Excess Earnings: $16,614.65 Value Security Par Maturity Settlement Settlement Accreted Accrued As of: Type Amount Coupon Date Date Price Yield Price Interest 3/13/2011 City Pool 2,116,772.62 VAR N/A N/A 100.000 VAR 100.000 1,212.80 2,117,985.42 Value as of March 13, 2011: 2.117.985.42 Computation Security Par Maturity Settlement Settlement Accreted Accrued Date Type Amount Coupon Date Date Price Yield Price Interest Value N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.00 Value as of March 13, 2021: 0.00 Sample Report Page 25 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2008C Schedule G2 - Second Lien Subordinate Construction Fund Fund 2 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 6.265533% 03/13/21 03/13/08 Deposit (29,210,082.38) 4,680 2.06772904 (60,398,535.48) 2.23004375 (65,139,761.66) 05/01/08 W/D 29.76 4,632 2.05238010 61.08 2.21177497 65.82 05/01/08 W/D 229,734.67 4,632 2.05238010 471,502.86 2.21177497 508,121.39 11/03/08 W/D 650,413.57 4,450 1.99520993 1,297,711.61 2.14385505 1,394,392.41 04/30/09 W/D 2,000.00 4,273 1.94113825 3,882.28 2.07980217 4,159.60 12/11/09 W/D 321,587.00 4,052 1.87567745 603,193.48 2.00250632 643,980.00 12/11/09 Correction (321,587.00) 4,052 1.87567745 (603,193.48) 2.00250632 (643,980.00) 12/11/09 W/D 321,587.00 4,052 1.87567745 603,193.48 2.00250632 643,980.00 01/26/10 W/D 33,919.50 4,007 1.86262130 63,179.18 1.98712290 67,402.22 02/11/10 W/D 20,164.00 3,992 1.85828947 37,470.55 1.98202140 39,965.48 02/11/10 Correction (20,164.00) 3,992 1.85828947 (37,470.55) 1.98202140 (39,965.48) 02/11/10 W/D 20,164.00 3,992 1.85828947 37,470.55 1.98202140 39,965.48 03/22/10 W/D 176,805.50 3,951 1.84650049 326,471.44 1.96814402 347,978.69 03/31/10 W/D 2,000.00 3,943 1.84420893 3,688.42 1.96544759 3,930.90 04/12/10 W/D 2,654.31 3,931 1.84077693 4,885.99 1.96140987 5,206.19 04/13/10 W/D 222,355.80 3,930 1.84049122 409,243.90 1.96107377 436,056.13 04/13/10 Correction (222,355.80) 3,930 1.84049122 (409,243.90) 1.96107377 (436,056.13) 04/13/10 W/D 222,355.80 3,930 1.84049122 409,243.90 1.96107377 436,056.13 05/13/10 W/D 390,336.51 3,900 1.83194046 715,073.25 1.95101745 761,553.34 05/13/10 Correction (390,336.51) 3,900 1.83194046 (715,073.25) 1.95101745 (761,553.34) 05/13/10 W/D 390,336.51 3,900 1.83194046 715,073.25 1.95101745 761,553.34 05/26/10 W/D 28,317.00 3,887 1.82824748 51,770.48 1.94667574 55,124.02 05/26/10 W/D 24,777.50 3,887 1.82824748 45,299.40 1.94667574 48,233.76 06/01/10 W/D 51,600.00 3,882 1.82682909 94,264.38 1.94500842 100,362.43 06/04/10 W/D 69,959.15 3,879 1.82597858 127,743.91 1.94400872 136,001.20 06/07/10 W/D 83,000.00 3,876 1.82512847 151,485.66 1.94300953 161,269.79 06/07/10 W/D 553,399.06 3,876 1.82512847 1,010,024.38 1.94300953 1,075,259.65 06/14/10 W/D 337,519.11 3,869 1.82314641 615,346.75 1.94068008 655,016.61 06/14/10 Correction (337,519.11) 3,869 1.82314641 (615,346.75) 1.94068008 (655,016.61) 06/14/10 W/D 337,519.11 3,869 1.82314641 615,346.75 1.94068008 655,016.61 06/18/10 W/D 497,049.42 3,865 1.82201477 905,631.39 1.93935023 963,952.90 06/25/10 W/D 3,020.65 3,858 1.82003610 5,497.69 1.93702517 5,851.08 07/01/10 W/D 39,118.90 3,852 1.81834180 71,131.53 1.93503448 75,696.42 07/01/10 W/D 12,231.00 3,852 1.81834180 22,240.14 1.93503448 23,667.41 07/01/10 W/D 23,783.00 3,852 1.81834180 43,245.62 1.93503448 46,020.93 07/12/10 W/D 20,711.28 3,841 1.81523969 37,595.94 1.93139020 40,001.56 07/12/10 W/D 18,656.13 3,841 1.81523969 33,865.35 1.93139020 36,032.27 07/13/10 W/D 2,148,405.74 3,840 1.81495794 3,899,266.06 1.93105924 4,148,698.75 07/13/10 Correction (2,148,405.74) 3,840 1.81495794 (3,899,266.06) 1.93105924 (4,148,698.75) 07/13/10 W/D 2,148,405.74 3,840 1.81495794 3,899,266.06 1.93105924 4,148,698.75 07/15/10 W/D 9,154.66 3,838 1.81439458 16,610.17 1.93039749 17,672.13 07/16/10 W/D 50,380.96 3,837 1.81411296 91,396.75 1.93006670 97,238.61 07/16/10 W/D 91,432.43 3,837 1.81411296 165,868.76 1.93006670 176,470.69 07/19/10 W/D 451,874.00 3,834 1.81326837 819,368.83 1.92907468 871,698.69 07/22/10 W/D 14,492.11 3,831 1.81242418 26,265.85 1.92808317 27,941.99 07/22/10 W/D 57,115.50 3,831 1.81242418 103,517.51 1.92808317 110,123.43 08/12/10 W/D 3,441,558.71 3,811 1.80680625 6,218,229.77 1.92148609 6,612,907.18 08/12/10 Correction (3,441,558.71) 3,811 1.80680625 (6,218,229.77) 1.92148609 (6,612,907.18) 08/12/10 W/D 3,441,558.71 3,811 1.80680625 6,218,229.77 1.92148609 6,612,907.18 08/27/10 W/D 79,939.50 3,796 1.80260423 144,099.28 1.91655310 153,208.30 08/27/10 W/D 58,535.60 3,796 1.80260423 105,516.52 1.91655310 112,186.59 08/27/10 W/D 26,189.74 3,796 1.80260423 47,209.74 1.91655310 50,194.03 08/30/10 W/D 16,569.02 3,793 1.80176500 29,853.48 1.91556802 31,739.08 08/30/10 W/D 14,924.90 3,793 1.80176500 26,891.16 1.91556802 28,589.66 08/31/10 W/D 54,280.00 3,793 1.80176500 97,799.80 1.91556802 103,977.03 09/01/10 W/D 27,135.50 3,792 1.80148534 48,884.21 1.91523977 51,970.99 Sample Report Page 26 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule G2 - Second Lien Subordinate Construction Fund Fund 2 Net Nonpurpose Investments Cash Flow Net Rebate Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date 5.666883% 03/13/21 6.265533% 03/13/21 09/01/10 W/D 2,123.50 3,792 1.80148534 3,825.45 1.91523977 4,067.01 09/03/10 W/D 73,520.73 3,790 1.80092616 132,405.41 1.91458345 140,761.57 09/03/10 W/D 3,020.65 3,790 1.80092616 5,439.97 1.91458345 5,783.29 09/03/10 W/D 49,471.80 3,790 1.80092616 89,095.06 1.91458345 94,717.89 09/15/10 W/D 209,391.72 3,778 1.79757471 376,397.26 1.91065022 400,074.34 09/15/10 Correction (209,391.72) 3,778 1.79757471 (376,397.26) 1.91065022 (400,074.34) 09/15/10 W/D 209,391.72 3,778 1.79757471 376,397.26 1.91065022 400,074.34 09/17/10 W/D 531.00 3,776 1.79701674 954.22 1.90999547 1,014.21 09/17/10 W/D 6,783.81 3,776 1.79701674 12,190.62 1.90999547 12,957.05 09/17/10 W/D 24,777.50 3,776 1.79701674 44,525.58 1.90999547 47,324.91 09/17/10 W/D 28,317.00 3,776 1.79701674 50,886.12 1.90999547 54,085.34 09/17/10 W/D 79,514.73 3,776 1.79701674 142,889.30 1.90999547 151,872.77 09/17/10 W/D 82,409.25 3,776 1.79701674 148,090.80 1.90999547 157,401.29 09/17/10 W/D 15,603.36 3,776 1.79701674 28,039.50 1.90999547 29,802.35 09/17/10 W/D 76,125.00 3,776 1.79701674 136,797.90 1.90999547 145,398.40 09/17/10 W/D 7,348.04 3,776 1.79701674 13,204.55 1.90999547 14,034.72 09/17/10 W/D 149,349.24 3,776 1.79701674 268,383.08 1.90999547 285,256.37 09/17/10 W/D 75,571.44 3,776 1.79701674 135,803.14 1.90999547 144,341.11 09/17/10 W/D 487,901.71 3,776 1.79701674 876,767.54 1.90999547 931,890.05 09/17/10 W/D 125,079.84 3,776 1.79701674 224,770.57 1.90999547 238,901.93 09/17/10 W/D 39,118.90 3,776 1.79701674 70,297.32 1.90999547 74,716.92 09/17/10 W/D 28,539.00 3,776 1.79701674 51,285.06 1.90999547 54,509.36 09/17/10 W/D 19,274.00 3,776 1.79701674 34,635.70 1.90999547 36,813.25 09/17/10 W/D 11,210.66 3,776 1.79701674 20,145.74 1.90999547 21,412.31 09/17/10 W/D 79,939.50 3,776 1.79701674 143,652.62 1.90999547 152,684.08 09/17/10 W/D 345,511.30 3,776 1.79701674 620,889.59 1.90999547 659,925.02 09/17/10 W/D 114,231.00 3,776 1.79701674 205,275.02 1.90999547 218,180.69 09/17/10 W/D 1,194.28 3,776 1.79701674 2,146.14 1.90999547 2,281.07 09/17/10 W/D 6,492.50 3,776 1.79701674 11,667.13 1.90999547 12,400.65 09/24/10 W/D 91,047.50 3,769 1.79506521 163,436.20 1.90770560 173,691.83 09/24/10 W/D 618,820.30 3,769 1.79506521 1,110,822.79 1.90770560 1,180,526.95 09/24/10 W/D 69,959.14 3,769 1.79506521 125,581.22 1.90770560 133,461.44 09/24/10 Correction (1,194.28) 3,769 1.79506521 (2,143.81) 1.90770560 (2,278.33) 09/24/10 W/D 1,086.28 3,769 1.79506521 1,949.94 1.90770560 2,072.30 09/30/10 W/D 79,434.15 3,763 1.79339416 142,456.74 1.90574505 151,381.24 09/30/10 W/D 550,908.86 3,763 1.79339416 987,996.73 1.90574505 1,049,891.83 09/30/10 W/D 161,610.00 3,763 1.79339416 289,830.43 1.90574505 307,987.46 09/30/10 W/D 73,900.00 3,763 1.79339416 132,531.83 1.90574505 140,834.56 09/30/10 W/D 25,550.00 3,763 1.79339416 45,821.22 1.90574505 48,691.79 09/30/10 W/D 10,280.05 3,763 1.79339416 18,436.18 1.90574505 19,591.15 09/30/10 W/D 11,210.67 3,763 1.79339416 20,105.15 1.90574505 21,364.68 09/30/10 W/D 106,362.70 3,763 1.79339416 190,750.25 1.90574505 202,700.19 09/30/10 W/D 4,142.26 3,763 1.79339416 7,428.70 1.90574505 7,894.09 09/30/10 W/D 3,731.23 3,763 1.79339416 6,691.57 1.90574505 7,110.77 09/30/10 W/D 206,400.00 3,763 1.79339416 370,156.55 1.90574505 393,345.78 09/30/10 W/D 66,470.06 3,763 1.79339416 119,207.02 1.90574505 126,674.99 09/30/10 W/D 121,433.56 3,763 1.79339416 217,778.24 1.90574505 231,421.41 09/30/10 W/D 234,142.40 3,763 1.79339416 419,909.61 1.90574505 446,215.72 09/30/10 W/D 37,268.80 3,763 1.79339416 66,837.65 1.90574505 71,024.83 09/30/10 W/D 42,945.00 3,763 1.79339416 77,017.31 1.90574505 81,842.22 09/30/10 W/D 3,130.00 3,763 1.79339416 5,613.32 1.90574505 5,964.98 09/30/10 Correction (12,231.00) 3,763 1.79339416 (21,935.00) 1.90574505 (23,309.17) 09/30/10 Correction (28,539.00) 3,763 1.79339416 (51,181.68) 1.90574505 (54,388.06) 09/30/10 W/D 256,027.45 3,763 1.79339416 459,158.13 1.90574505 487,923.04 09/30/10 W/D 19,038.50 3,763 1.79339416 34,143.53 1.90574505 36,282.53 09/30/10 W/D 144,959.30 3,763 1.79339416 259,969.16 1.90574505 276,255.47 Sample Report Page 27 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2008C Schedule G2 - Second Lien Subordinate Construction Fund Fund 2 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 6.265533% 03/13/21 09/30/10 W/D 10,342.65 3,763 1.79339416 18,548.45 1.90574505 19,710.45 09/30/10 W/D 35,562.21 3,763 1.79339416 63,777.06 1.90574505 67,772.51 09/30/10 W/D 1,880.00 3,763 1.79339416 3,371.58 1.90574505 3,582.80 09/30/10 Correction (19,038.50) 3,763 1.79339416 (34,143.53) 1.90574505 (36,282.53) 09/30/10 W/D 7,702,787.57 3,763 1.79339416 13,814,134.25 1.90574505 14,679,549.25 09/30/10 Correction (7,702,787.57) 3,763 1.79339416 (13,814,134.25) 1.90574505 (14,679,549.25) 09/30/10 W/D 5,777,107.49 3,763 1.79339416 10,360,630.84 1.90574505 11,009,693.98 09/30/10 W/D 1,925,680.08 3,763 1.79339416 3,453,503.41 1.90574505 3,669,855.27 09/30/10 Correction (5,957,425.06) 3,763 1.79339416 (10,684,011.31) 1.90574505 (11,353,333.30) 09/30/10 W/D 4,622,796.00 3,763 1.79339416 8,290,495.35 1.90574505 8,809,870.58 09/30/10 W/D 1,334,629.06 3,763 1.79339416 2,393,515.96 1.90574505 2,543,462.72 09/30/10 W/D 5,957,425.06 3,763 1.79339416 10,684,011.31 1.90574505 11,353,333.30 10/01/10 W/D 550,908.86 3,762 1.79311580 987,843.38 1.90541848 1,049,711.92 10/01/10 W/D 79,434.15 3,762 1.79311580 142,434.63 1.90541848 151,355.30 10/01/10 Correction (79,434.15) 3,762 1.79311580 (142,434.63) 1.90541848 (151,355.30) 10/01/10 Correction (550,908.86) 3,762 1.79311580 (987,843.38) 1.90541848 (1,049,711.92) 10/01/10 Correction (161,610.00) 3,762 1.79311580 (289,785.44) 1.90541848 (307,934.68) 10/01/10 Correction (73,900.00) 3,762 1.79311580 (132,511.26) 1.90541848 (140,810.43) 10/01/10 Correction (25,550.00) 3,762 1.79311580 (45,814.11) 1.90541848 (48,683.44) 10/01/10 Correction (10,280.05) 3,762 1.79311580 (18,433.32) 1.90541848 (19,587.80) 10/01/10 Correction (11,210.67) 3,762 1.79311580 (20,102.03) 1.90541848 (21,361.02) 10/01/10 Correction (106,362.70) 3,762 1.79311580 (190,720.64) 1.90541848 (202,665.45) 10/01/10 Correction (4,142.26) 3,762 1.79311580 (7,427.55) 1.90541848 (7,892.74) 10/01/10 Correction (3,731.23) 3,762 1.79311580 (6,690.53) 1.90541848 (7,109.55) 10/01/10 Correction (206,400.00) 3,762 1.79311580 (370,099.10) 1.90541848 (393,278.37) 10/01/10 Correction (66,470.06) 3,762 1.79311580 (119,188.52) 1.90541848 (126,653.28) 10/01/10 Correction (121,433.56) 3,762 1.79311580 (217,744.44) 1.90541848 (231,381.75) 10/01/10 Correction (234,142.40) 3,762 1.79311580 (419,844.44) 1.90541848 (446,139.26) 10/01/10 Correction (37,268.80) 3,762 1.79311580 (66,827.27) 1.90541848 (71,012.66) 10/01/10 Correction (42,945.00) 3,762 1.79311580 (77,005.36) 1.90541848 (81,828.20) 10/01/10 Correction (3,130.00) 3,762 1.79311580 (5,612.45) 1.90541848 (5,963.96) 10/01/10 Correction (256,027.45) 3,762 1.79311580 (459,086.87) 1.90541848 (487,839.44) 10/01/10 Correction (19,038.50) 3,762 1.79311580 (34,138.24) 1.90541848 (36,276.31) 10/01/10 Correction (144,959.30) 3,762 1.79311580 (259,928.81) 1.90541848 (276,208.13) 10/01/10 Correction (10,342.65) 3,762 1.79311580 (18,545.57) 1.90541848 (19,707.08) 10/01/10 W/D 19,038.50 3,762 1.79311580 34,138.24 1.90541848 36,276.31 10/08/10 W/D 106,362.70 3,755 1.79116851 190,513.52 1.90313410 202,422.48 10/08/10 W/D 10,280.05 3,755 1.79116851 18,413.30 1.90313410 19,564.31 10/08/10 W/D 161,610.00 3,755 1.79116851 289,470.74 1.90313410 307,565.50 10/08/10 W/D 73,900.00 3,755 1.79116851 132,367.35 1.90313410 140,641.61 10/08/10 W/D 25,550.00 3,755 1.79116851 45,764.36 1.90313410 48,625.08 10/13/10 W/D 11,210.67 3,750 1.78977888 20,064.62 1.90150408 21,317.13 10/22/10 W/D 10,342.65 3,741 1.78728027 18,485.21 1.89857356 19,636.28 10/22/10 W/D 4,762.55 3,741 1.78728027 8,512.01 1.89857356 9,042.05 10/22/10 W/D 4,142.26 3,741 1.78728027 7,403.38 1.89857356 7,864.39 10/22/10 W/D 3,731.23 3,741 1.78728027 6,668.75 1.89857356 7,084.01 10/22/10 W/D 206,400.00 3,741 1.78728027 368,894.65 1.89857356 391,865.58 10/22/10 W/D 66,470.06 3,741 1.78728027 118,800.63 1.89857356 126,198.30 10/22/10 W/D 121,433.56 3,741 1.78728027 217,035.81 1.89857356 230,550.55 10/22/10 W/D 234,142.40 3,741 1.78728027 418,478.09 1.89857356 444,536.57 10/22/10 W/D 37,268.80 3,741 1.78728027 66,609.79 1.89857356 70,757.56 10/22/10 W/D 42,945.00 3,741 1.78728027 76,754.75 1.89857356 81,534.24 10/25/10 W/D 3,130.00 3,738 1.78644818 5,591.58 1.89759773 5,939.48 10/26/10 Correction (4,762.55) 3,737 1.78617090 (8,506.73) 1.89727256 (9,035.86) 10/26/10 Correction (10,342.65) 3,737 1.78617090 (18,473.74) 1.89727256 (19,622.83) 10/28/10 W/D 256,027.45 3,735 1.78561647 457,166.83 1.89662239 485,587.39 Sample Report Page 28 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule G2 - Second Lien Subordinate Construction Fund Fund 2 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 6.265533% 03/13/21 10/28/10 W/D 19,038.50 3,735 1.78561647 33,995.46 1.89662239 36,108.85 10/28/10 W/D 144,959.30 3,735 1.78561647 258,841.71 1.89662239 274,933.05 10/28/10 W/D 10,342.65 3,735 1.78561647 18,468.01 1.89662239 19,616.10 11/08/10 W/D 35,562.21 3,725 1.78284690 63,401.98 1.89337489 67,332.60 11/08/10 W/D 1,880.00 3,725 1.78284690 3,351.75 1.89337489 3,559.54 11/08/10 Correction (35,562.21) 3,725 1.78284690 (63,401.98) 1.89337489 (67,332.60) 11/08/10 Correction (1,880.00) 3,725 1.78284690 (3,351.75) 1.89337489 (3,559.54) 11/12/10 W/D 5,957,425.06 3,721 1.78174028 10,614,584.19 1.89207745 11,271,909.63 11/12/10 Correction (5,957,425.06) 3,721 1.78174028 (10,614,584.19) 1.89207745 (11,271,909.63) 11/12/10 W/D 4,622,796.00 3,721 1.78174028 8,236,621.84 1.89207745 8,746,688.08 11/12/10 W/D 1,334,629.06 3,721 1.78174028 2,377,962.35 1.89207745 2,525,221.55 11/12/10 W/D 5,957,425.06 3,721 1.78174028 10,614,584.19 1.89207745 11,271,909.63 11/12/10 Correction (4,622,796.00) 3,721 1.78174028 (8,236,621.84) 1.89207745 (8,746,688.08) 11/12/10 Correction (1,334,629.06) 3,721 1.78174028 (2,377,962.35) 1.89207745 (2,525,221.55) 11/12/10 Correction (5,957,425.06) 3,721 1.78174028 (10,614,584.19) 1.89207745 (11,271,909.63) 12/01/10 Correction (19,038.50) 3,702 1.77649319 (33,821.77) 1.88592674 (35,905.22) 12/01/10 Correction (402,852.31) 3,702 1.77649319 (715,664.39) 1.88592674 (759,749.94) 12/01/10 Correction (35,059.30) 3,702 1.77649319 (62,282.61) 1.88592674 (66,119.27) 12/03/10 W/D 42,951.20 3,700 1.77594177 76,278.83 1.88528046 80,975.06 12/03/10 W/D 18,479.61 3,700 1.77594177 32,818.71 1.88528046 34,839.25 12/03/10 W/D 1,449.67 3,700 1.77594177 2,574.53 1.88528046 2,733.03 12/13/10 W/D 3,153,863.10 3,690 1.77318721 5,592,389.71 1.88205238 5,935,735.55 12/13/10 Correction (3,153,863.10) 3,690 1.77318721 (5,592,389.71) 1.88205238 (5,935,735.55) 12/13/10 W/D 2,950,607.50 3,690 1.77318721 5,231,979.48 1.88205238 5,553,197.87 12/13/10 W/D 203,255.60 3,690 1.77318721 360,410.23 1.88205238 382,537.69 01/14/11 Correction (38,916.20) 3,659 1.76467520 (68,674.45) 1.87208042 (72,854.26) 01/14/11 W/D 14,235.00 3,659 1.76467520 25,120.15 1.87208042 26,649.06 01/14/11 Correction (14,235.00) 3,659 1.76467520 (25,120.15) 1.87208042 (26,649.06) 01/14/11 W/D 14,235.00 3,659 1.76467520 25,120.15 1.87208042 26,649.06 01/14/11 W/D 46,693.50 3,659 1.76467520 82,398.86 1.87208042 87,413.99 01/21/11 W/D 2,490.19 3,652 1.76275879 4,389.60 1.86983602 4,656.25 03/14/11 W/D 881,986.00 3,599 1.74831624 1,541,990.45 1.85292971 1,634,258.07 03/14/11 Correction (881,986.00) 3,599 1.74831624 (1,541,990.45) 1.85292971 (1,634,258.07) 03/14/11 W/D 881,986.00 3,599 1.74831624 1,541,990.45 1.85292971 1,634,258.07 05/12/11 W/D 992,870.00 3,541 1.73264675 1,720,292.98 1.83460360 1,821,522.88 05/12/11 Correction (992,870.00) 3,541 1.73264675 (1,720,292.98) 1.83460360 (1,821,522.88) 05/12/11 W/D 992,870.00 3,541 1.73264675 1,720,292.98 1.83460360 1,821,522.88 06/10/11 Correction (72,451.99) 3,513 1.72513251 (124,989.28) 1.82582149 (132,284.40) 06/10/11 Correction (5,322.50) 3,513 1.72513251 (9,182.02) 1.82582149 (9,717.93) 06/14/11 W/D 19,038.50 3,509 1.72406171 32,823.55 1.82457034 34,737.08 06/14/11 W/D 257,058.56 3,509 1.72406171 443,184.82 1.82457034 469,021.43 06/14/11 Correction (257,058.56) 3,509 1.72406171 (443,184.82) 1.82457034 (469,021.43) 06/14/11 W/D 257,058.56 3,509 1.72406171 443,184.82 1.82457034 469,021.43 07/01/11 Correction (30,237.00) 3,492 1.71951822 (51,993.07) 1.81926251 (55,009.04) 07/01/11 Correction (361,447.00) 3,492 1.71951822 (621,514.70) 1.81926251 (657,566.98) 07/13/11 Correction (467.25) 3,480 1.71631827 (801.95) 1.81552511 (848.30) 07/13/11 W/D 238,338.00 3,480 1.71631827 409,063.86 1.81552511 432,708.62 07/13/11 Correction (238,338.00) 3,480 1.71631827 (409,063.86) 1.81552511 (432,708.62) 07/13/11 W/D 238,338.00 3,480 1.71631827 409,063.86 1.81552511 432,708.62 07/29/11 W/D 218,924.83 3,464 1.71206092 374,812.65 1.81055384 396,375.20 07/31/11 W/D 3,948.72 3,463 1.71179519 6,759.40 1.81024359 7,148.15 03/13/21 Balance 0.00 0 1.00000000 0.00 1.00000000 0.00 Earnings: 4.821.826.52 Excess Earnings: 874.203.85 om Sample Report Page 29 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule G3 - Second Lien Subordinate Construction Fund Fund 2 Yield Restriction Analysis Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Yield Restriction Calculations FV Factor @ FV As Of 5.791883% 03/13/21 IRR Calculations FV Factor @ 9.577541% FV As Of 03/13/21 03/13/11 Balance' (2,117,985.42) 3,600 1.76996591 (3,748,761.99) 2.54856026 (5,397,813.47) 03/14/11 W/D 881,986.00 3,599 1.76968522 1,560,837.59 2.54789805 2,247,210.41 03/14/11 Correction (881,986.00) 3,599 1.76968522 (1,560,837.59) 2.54789805 (2,247,210.41) 03/14/11 W/D 881,986.00 3,599 1.76968522 1,560,837.59 2.54789805 2,247,210.41 05/12/11 W/D 992,870.00 3,541 1.75348087 1,740,978.55 2.50978307 2,491,888.31 05/12/11 Correction (992,870.00) 3,541 1.75348087 (1,740,978.55) 2.50978307 (2,491,888.31) 05/12/11 W/D 992,870.00 3,541 1.75348087 1,740,978.55 2.50978307 2,491,888.31 06/10/11 Correction (72,451.99) 3,513 1.74571128 (126,480.26) 2.49158733 (180,520.46) 06/10/11 Correction (5,322.50) 3,513 1.74571128 (9,291.55) 2.49158733 (13,261.47) 06/14/11 W/D 19,038.50 3,509 1.74460415 33,214.65 2.48899873 47,386.80 06/14/11 W/D 257,058.56 3,509 1.74460415 448,465.43 2.48899873 639,818.43 06/14/11 Correction (257,058.56) 3,509 1.74460415 (448,465.43) 2.48899873 (639,818.43) 06/14/11 W/D 257,058.56 3,509 1.74460415 448,465.43 2.48899873 639,818.43 07/01/11 Correction (30,237.00) 3,492 1.73990668 (52,609.56) 2.47802715 (74,928.11) 07/01/11 Correction (361,447.00) 3,492 1.73990668 (628,884.05) 2.47802715 (895,675.48) 07/13/11 Correction (467.25) 3,480 1.73659844 (811.43) 2.47031163 (1,154.25) 07/13/11 W/D 238,338.00 3,480 1.73659844 413,897.40 2.47031163 588,769.13 07/13/11 Correction (238,338.00) 3,480 1.73659844 (413,897.40) 2.47031163 (588,769.13) 07/13/11 W/D 238,338.00 3,480 1.73659844 413,897.40 2.47031163 588,769.13 07/29/11 W/D 218,924.83 3,464 1.73219723 379,220.99 2.46006164 538,568.58 07/31/11 W/D 3,948.72 3,463 1.73192252 6,838.88 2.45942242 9,711.57 03/13/21 Balance 0.00 0 1.00000000 0.00 1.00000000 0.00 Earnings: Excess Earnings: 1 om ' See Schedule G1 - Remaining Balance Analyses. Sample Report Page 30 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C ichedule H1 - Third Lien Subordinate Construction Fund Fund 3 Remaining Balance Analyses Summary - Rebate Gross Earnings: $9,221,505.48 Internal Rate of Return: 5.704767% Excess Earnings: $117,393.95 Summary - Yield Restriction Gross Earnings: $74,540.35 Internal Rate of Return: 8.048747% Excess Earnings: $36,090.96 Value Security Par Maturity Settlement Settlement Accreted Accrued As of: Type Amount Coupon Date Date Price Yield Price Interest 3/13/2011 City Pool 2,658,108.76 VAR N/A N/A 100.000 VAR 100.000 1,974.00 2,660,082.76 Value as of March 13, 2011: 2.660.082.76 Computation Security Par Maturity Settlement Settlement Accreted Accrued Date Type Amount Coupon Date Date Price Yield Price Interest Value N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.00 Value as of March 13, 2021: 0.00 Sample Report Page 31 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule H2 - Third Lien Subordinate Construction Fund Fund 3 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 5.704767% 03/13/21 03/13/08 Deposit (73,747,456.03) 4,680 2.06772904 (152,489,756.16) 2.07765479 (153,221,755.38) 03/13/08 Deposit (3,971.60) 4,680 2.06772904 (8,212.19) 2.07765479 (8,251.61) 05/01/08 W/D 75.13 4,632 2.05238010 154.20 2.06213089 154.93 05/01/08 W/D 630,165.94 4,632 2.05238010 1,293,340.03 2.06213089 1,299,484.65 11/03/08 W/D 2,098,514.87 4,450 1.99520993 4,186,977.71 2.00431580 4,206,086.52 04/30/09 W/D 2,000.00 4,273 1.94113825 3,882.28 1.94964420 3,899.29 05/01/09 W/D 2,241,151.32 4,272 1.94083696 4,349,709.31 1.94933960 4,368,765.01 05/14/09 W/D 31,139.55 4,259 1.93692446 60,314.96 1.94538407 60,578.38 01/14/10 W/D 7,541,466.34 4,019 1.86609402 14,073,085.28 1.87378407 14,131,079.46 01/14/10 Correction (7,541,466.34) 4,019 1.86609402 (14,073,085.28) 1.87378407 (14,131,079.46) 01/14/10 W/D 7,541,466.34 4,019 1.86609402 14,073,085.28 1.87378407 14,131,079.46 02/11/10 W/D 8,855,362.00 3,992 1.85828947 16,455,825.99 1.86589580 16,523,182.77 02/11/10 Correction (8,855,362.00) 3,992 1.85828947 (16,455,825.99) 1.86589580 (16,523,182.77) 02/11/10 W/D 8,855,362.00 3,992 1.85828947 16,455,825.99 1.86589580 16,523,182.77 03/01/10 W/D 689,533.29 3,972 1.85252938 1,277,380.68 1.86007406 1,282,582.99 03/02/10 W/D 1,616.84 3,971 1.85224184 2,994.78 1.85978345 3,006.97 03/02/10 W/D 10,359.16 3,971 1.85224184 19,187.67 1.85978345 19,265.79 03/12/10 W/D 8,517,156.75 3,961 1.84936894 15,751,365.12 1.85687985 15,815,336.73 03/12/10 Correction (8,517,156.75) 3,961 1.84936894 (15,751,365.12) 1.85687985 (15,815,336.73) 03/12/10 W/D 8,517,156.75 3,961 1.84936894 15,751,365.12 1.85687985 15,815,336.73 03/31/10 W/D 2,000.00 3,943 1.84420893 3,688.42 1.85166478 3,703.33 04/13/10 W/D 8,414,154.00 3,930 1.84049122 15,486,176.57 1.84790746 15,548,577.94 04/13/10 Correction (8,414,154.00) 3,930 1.84049122 (15,486,176.57) 1.84790746 (15,548,577.94) 04/13/10 W/D 8,414,154.00 3,930 1.84049122 15,486,176.57 1.84790746 15,548,577.94 05/13/10 W/D 10,383,897.86 3,900 1.83194046 19,022,682.66 1.83926578 19,098,748.03 05/13/10 Correction (10,383,897.86) 3,900 1.83194046 (19,022,682.66) 1.83926578 (19,098,748.03) 05/13/10 W/D 10,383,897.86 3,900 1.83194046 19,022,682.66 1.83926578 19,098,748.03 06/14/10 W/D 9,713,732.00 3,869 1.82314641 17,709,555.64 1.83037851 17,779,806.26 06/14/10 Correction (9,713,732.00) 3,869 1.82314641 (17,709,555.64) 1.83037851 (17,779,806.26) 06/14/10 W/D 9,713,732.00 3,869 1.82314641 17,709,555.64 1.83037851 17,779,806.26 06/16/10 W/D 722,952.00 3,867 1.82258051 1,317,638.22 1.82980661 1,322,862.35 06/16/10 Correction (722,952.00) 3,867 1.82258051 (1,317,638.22) 1.82980661 (1,322,862.35) 06/16/10 W/D 722,952.00 3,867 1.82258051 1,317,638.22 1.82980661 1,322,862.35 07/13/10 W/D 10,681,220.68 3,840 1.81495794 19,385,966.29 1.82210348 19,462,289.39 07/13/10 Correction (10,681,220.68) 3,840 1.81495794 (19,385,966.29) 1.82210348 (19,462,289.39) 07/13/10 W/D 253,213.68 3,840 1.81495794 459,572.18 1.82210348 461,381.53 07/13/10 W/D 10,428,007.00 3,840 1.81495794 18,926,394.11 1.82210348 19,000,907.86 07/30/10 Correction (114,071.75) 3,823 1.81017491 (206,489.82) 1.81727001 (207,299.17) 08/04/10 W/D 628,331.50 3,819 1.80905133 1,136,683.93 1.81613459 1,141,134.57 08/04/10 Correction (628,331.50) 3,819 1.80905133 (1,136,683.93) 1.81613459 (1,141,134.57) 08/04/10 W/D 628,331.50 3,819 1.80905133 1,136,683.93 1.81613459 1,141,134.57 08/12/10 W/D 9,184,261.65 3,811 1.80680625 16,594,181.32 1.81386587 16,659,018.73 08/12/10 Correction (9,184,261.65) 3,811 1.80680625 (16,594,181.32) 1.81386587 (16,659,018.73) 08/12/10 W/D 294,972.15 3,811 1.80680625 532,957.52 1.81386587 535,039.91 08/12/10 W/D 8,889,289.50 3,811 1.80680625 16,061,223.80 1.81386587 16,123,978.81 07/01/11 W/D 361,447.00 3,492 1.71951822 621,514.70 1.72567341 623,739.48 07/13/11 W/D 314,552.00 3,480 1.71631827 539,871.34 1.72244085 541,797.21 07/13/11 Correction (314,552.00) 3,480 1.71631827 (539,871.34) 1.72244085 (541,797.21) 07/13/11 W/D 314,552.00 3,480 1.71631827 539,871.34 1.72244085 541,797.21 07/29/11 W/D 2,034,085.05 3,464 1.71206092 3,482,477.52 1.71814018 3,494,843.26 09/30/11 W/D 27,829.93 3,403 1.69592644 47,197.52 1.70184218 47,362.15 03/13/21 Balance 0.00 0 1.00000000 0.00 1.00000000 0.00 Earnings: 9.221.505.48 Excess Earnings: 117.393.95 om Sample Report Page 32 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule H3 - Third Lien Subordinate Construction Fund Fund 3 Investment Earnings Analysis Date Description Amount Balance Average Balance Interest Rate Interest 03/13/08 Deposit 73,747,456.03 73,747,456.03 03/13/08 Deposit 3,971.60 73,751,427.63 03/31/08 Interest (5,422.50) 73,746,005.13 73,747,456.03 -0.152% (5,422.50) 04/30/08 Interest (4,374.18) 73,741,630.95 73,746,005.13 -0.071% (4,374.18) 05/01/08 W/D (75.13) 73,741,555.82 05/01/08 W/D (630,165.94) 73,111,389.88 05/31/08 Interest (244,237.76) 72,867,152.12 73,131,720.24 -4.008% (244,237.76) 06/30/08 Interest 30,829.73 72,897,981.86 72,867,152.12 0.508% 30,829.73 07/31/08 Interest 68,833.72 72,966,815.58 72,897,981.86 1.133% 68,833.72 08/31/08 Interest 406,597.51 73,373,413.09 72,966,815.58 6.687% 406,597.51 09/30/08 Interest (1,340,023.85) 72,033,389.24 73,373,413.09 -21.916% (1,340,023.85) 10/31/08 Interest (1,622,615.92) 70,410,773.32 72,033,389.24 -27.031% (1,622,615.92) 11/03/08 W/D (2,098,514.87) 68,312,258.45 11/30/08 Interest 1,221,745.74 69,534,004.19 68,522,109.93 21.396% 1,221,745.74 12/31/08 Interest 1,718,806.06 71,252,810.25 69,534,004.19 29.663% 1,718,806.06 01/31/09 Interest 187,796.59 71,440,606.84 71,252,810.25 3.163% 187,796.59 02/28/09 Interest (450,995.43) 70,989,611.41 71,440,606.84 -7.575% (450,995.43) 03/31/09 Interest 722,946.75 71,712,558.15 70,989,611.41 12.221% 722,946.75 04/30/09 Interest 976,756.56 72,689,314.71 71,712,558.15 16.345% 976,756.56 04/30/09 W/D (2,000.00) 72,687,314.71 05/01 /09 W/D (2,241,151.32) 70,446,163.39 05/14/09 W/D (31,139.55) 70,415,023.84 05/31/09 Interest 982,483.48 71,397,507.32 70,501,382.07 16.723% 982,483.48 06/30/09 Interest 562,073.46 71,959,580.78 71,397,507.32 9.447% 562,073.46 07/31/09 Interest 1,446,028.73 73,405,609.51 71,959,580.78 24.114% 1,446,028.73 08/31/09 Interest 759,627.70 74,165,237.21 73,405,609.51 12.418% 759,627.70 09/30/09 Interest 802,847.40 74,968,084.61 74,165,237.21 12.990% 802,847.40 10/31/09 Interest 472,992.10 75,441,076.72 74,968,084.61 7.571% 472,992.10 11/30/09 Interest 658,888.48 76,099,965.20 75,441,076.72 10.481% 658,888.48 12/31/09 Interest (557,471.70) 75,542,493.50 76,099,965.20 -8.791% (557,471.70) 01/14/10 W/D (7,541,466.34) 68,001,027.16 01/14/10 Correction 7,541,466.34 75,542,493.50 01/14/10 W/D (7,541,466.34) 68,001,027.16 01/31/10 Interest 985,586.17 68,986,613.33 71,406,850.67 16.563% 985,586.17 02/11/10 W/D (8,855,362.00) 60,131,251.33 02/11/10 Correction 8,855,362.00 68,986,613.33 02/11/10 W/D (8,855,362.00) 60,131,251.33 02/28/10 Interest 154,500.27 60,285,751.60 63,610,143.54 2.915% 154,500.27 03/01/10 W/D (689,533.29) 59,596,218.31 03/02/10 W/D (1,616.84) 59,594,601.47 03/02/10 W/D (10,359.16) 59,584,242.31 03/12/10 W/D (8,517,156.75) 51,067,085.56 03/12/10 Correction 8,517,156.75 59,584,242.31 03/12/10 W/D (8,517,156.75) 51,067,085.56 03/31/10 Interest 102,286.28 51,169,371.84 54,387,065.12 2.257% 102,286.28 03/31/10 W/D (2,000.00) 51,167,371.84 04/13/10 W/D (8,414,154.00) 42,753,217.84 04/13/10 Correction 8,414,154.00 51,167,371.84 04/13/10 W/D (8,414,154.00) 42,753,217.84 04/30/10 Interest 510,058.66 43,263,276.50 46,399,351.24 13.191% 510,058.66 05/13/10 W/D (10,383,897.86) 32,879,378.64 05/13/10 Correction 10,383,897.86 43,263,276.50 05/13/10 W/D (10,383,897.86) 32,879,378.64 05/31/10 Interest (16,180.77) 32,863,197.87 37,233,916.46 -0.521% (16,180.77) 06/14/10 W/D (9,713,732.00) 23,149,465.87 06/14/10 Correction 9,713,732.00 32,863,197.87 Sample Report Page 33 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule H3 - Third Lien Subordinate Construction Fund Fund 3 Investment Earnings Analysis Average Interest Date Description Amount Balance Balance Rate ' Interest 06/14/10 W/D (9,713,732.00) 23,149,465.87 06/16/10 W/D (722,952.00) 22,426,513.87 06/16/10 Correction 722,952.00 23,149,465.87 06/16/10 W/D (722,952.00) 22,426,513.87 06/30/10 Interest 322,225.11 22,748,738.99 27,345,163.21 14.140% 322,225.11 07/13/10 W/D (10,681,220.68) 12,067,518.31 07/13/10 Correction 10,681,220.68 22,748,738.99 07/13/10 W/D (253,213.68) 22,495,525.31 07/13/10 W/D (10,428,007.00) 12,067,518.31 07/30/10 Correction 114,071.75 12,181,590.06 07/31/10 Interest 196,745.36 12,378,335.41 16,550,419.62 14.265% 196,745.36 08/04/10 W/D (628,331.50) 11,750,003.91 08/04/10 Correction 628,331.50 12,378,335.41 08/04/10 W/D (628,331.50) 11,750,003.91 08/12/10 W/D (9,184,261.65) 2,565,742.26 08/12/10 Correction 9,184,261.65 11,750,003.91 08/12/10 W/D (294,972.15) 11,455,031.76 08/12/10 W/D (8,889,289.50) 2,565,742.26 08/31/10 Interest 87,962.69 2,653,704.96 6,202,015.35 17.020% 87,962.69 09/30/10 Interest 13,059.21 2,666,764.17 2,653,704.96 5.905% 13,059.21 10/31/10 Interest 11,003.05 2,677,767.22 2,666,764.17 4.951% 11,003.05 11/30/10 Interest (17,241.75) 2,660,525.47 2,677,767.22 -7.727% (17,241.75) 12/31/10 Interest (19,777.48) 2,640,747.99 2,660,525.47 -8.920% (19,777.48) 01/31/11 Interest 8,873.34 2,649,621.33 2,640,747.99 4.032% 8,873.34 02/28/11 Interest 8,487.43 2,658,108.76 2,649,621.33 3.844% 8,487.43 03/31/11 Interest 4,707.23 2,662,815.99 2,658,108.76 2.125% 4,707.23 04/30/11 Interest 29,209.89 2,692,025.88 2,662,815.99 13.163% 29,209.89 05/31/11 Interest 22,229.66 2,714,255.54 2,692,025.88 9.909% 22,229.66 06/30/11 Interest (4,171.49) 2,710,084.05 2,714,255.54 -1.844% (4,171.49) 07/01/11 W/D (361,447.00) 2,348,637.05 07/13/11 W/D (314,552.00) 2,034,085.05 07/13/11 Correction 314,552.00 2,348,637.05 07/13/11 W/D (314,552.00) 2,034,085.05 07/29/11 W/D (2,034,085.05) 0.00 07/31/11 Interest 27,681.58 27,681.58 2,046,422.24 16.232% 27,681.58 08/31/11 Interest 168.44 27,850.02 27,681.58 7.302% 168.44 09/30/11 Interest (20.09) 27,829.93 27,850.02 -0.866% (20.09) 09/30/11 W/D (27,829.93) 0.00 Total Interest Earned: 9.221.505.48 As provided by the Issuer. Sample Report Page 34 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C ichedule H4 -Third Lien Subordinate Construction Fund Fund : Yield Restriction Analysis Date Description Net Nonpurpose Investments Cash Flow' Muni -Days/ Computation Date Yield Restriction Calculations FV Factor @ FV As Of 5.791883% 03/13/21 IRR Calculations FV Factor @ 8.048747% FV As Of 03/13/21 03/13/11 Balance (2,560,082.76) 3,600 1.76996591 (4,531,259.21) 2.20141625 (5,635,807.78) 03/31/11 TrfrmMP (102.75) 3,583 1.76520015 (181.37) 2.19322835 (225.35) 04/30/11 TrfrmMP (1,096.95) 3,553 1.75682128 (1,927.15) 2.17885335 (2,390.10) 05/31/11 TrfrmMP (825.76) 3,523 1.74848217 (1,443.83) 2.16457256 (1,787.42) 07/01/11 W/D 361,447.00 3,492 1.73990668 628,884.05 2.14991407 777,079.99 07/13/11 W/D 314,552.00 3,480 1.73659844 546,250.51 2.14426651 674,483.32 07/13/11 Correction (314,552.00) 3,480 1.73659844 (546,250.51) 2.14426651 (674,483.32) 07/13/11 W/D 314,552.00 3,480 1.73659844 546,250.51 2.14426651 674,483.32 07/29/11 W/D 1,934,085.05 3,464 1.73219723 3,350,216.76 2.13675949 4,132,674.58 07/31/11 TrfrmMP (1,265.41) 3,463 1.73192252 (2,191.60) 2.13629117 (2,703.29) 09/30/11 W/D 27,829.93 3,403 1.71551971 47,742.79 2.10837930 58,676.05 03/13/21 Balance 0.00 0 1.00000000 0.00 1.00000000 0.00 Earnings: 744Q$ Excess Earnings: j ' See Schedule H5 - Commingled Fund Adjustment Analysis. Sample Report Page 35 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule H5 - Third Lien Subordinate Construction Fund Fund 3 Commingled Fund Adjustment Analysis Total Subject to Rebate Minor Portion Cash Total Cash Average Cash Average Date Description Flow Balance Interest Flow Balance Balance Interest Flow Balance Balance Interest 03/13/11 Balance ' 2,660,082.76 2,660,082.76 2,560,082.76 2,560,082.76 0.00 100,000.00 100,000.00 0.00 03/31/11 Interest 2,733.23 2,662,815.99 2,733.23 2,630.48 2,562,713.24 2,560,082.76 2,630.48 102.75 100,102.75 100,000.00 102.75 03/31/11 Tr frm MP 0.00 2,662,815.99 102.75 2,562,815.99 2,562,713.24 (102.75) 100,000.00 100,102.75 04/30/11 Interest 29,209.89 2,692,025.88 29,209.89 28,112.94 2,590,928.93 2,562,815.99 28,112.94 1,096.95 101,096.95 100,000.00 1,096.95 04/30/11 Tr frm MP 0.00 2,692,025.88 1,096.95 2,592,025.88 2,590,928.93 (1,096.95) 100,000.00 101,096.95 05/31/11 Interest 22,229.66 2,714,255.54 22,229.66 21,403.90 2,613,429.78 2,592,025.88 21,403.90 825.76 100,825.76 100,000.00 825.76 05/31/11 Tr frm MP 0.00 2,714,255.54 825.76 2,614,255.54 2,613,429.78 (825.76) 100,000.00 100,825.76 06/30/11 Interest (4,171.49) 2,710,084.05 (4,171.49) (4,171.49) 2,610,084.05 2,614,255.54 (4,171.49) 0.00 100,000.00 100,000.00 0.00 07/01/11 W/D (361,447.00) 2,348,637.05 (361,447.00) 2,248,637.05 2,610,084.05 100,000.00 100,000.00 07/13/11 W/D (314,552.00) 2,034,085.05 (314,552.00) 1,934,085.05 2,276,440.67 100,000.00 100,000.00 07/13/11 Correction 314,552.00 2,348,637.05 314,552.00 2,248,637.05 2,276,440.67 100,000.00 100,000.00 07/13/11 W/D (314,552.00) 2,034,085.05 (314,552.00) 1,934,085.05 2,276,440.67 100,000.00 100,000.00 07/29/11 W/D (2,034,085.05) 0.00 (1,934,085.05) 0.00 2,087,554.81 (100,000.00) 0.00 100,000.00 07/31/11 Interest 27,681.58 27,681.58 27,681.58 26,416.17 26,416.17 1,952,873.85 26,416.17 1,265.41 1,265.41 93,548.39 1,265.41 07/31/11 Tr frm MP 0.00 27,681.58 1,265.41 27,681.58 26,416.17 (1,265.41) 0.00 1,265.41 08/31/11 Interest 168.44 27,850.02 168.44 168.44 27,850.02 27,681.58 168.44 0.00 0.00 0.00 0.00 09/30/11 Interest (20.09) 27,829.93 (20.09) (20.09) 27,829.93 27,850.02 (20.09) 0.00 0.00 0.00 0.00 09/30/11 W/D (27,829.93) 0.00 (27,829.93) 0.00 27,829.93 0.00 0.00 Total Interest Earned: ZZ 2 74.540.35 $ ' See Schedule H1 - Remaining Balance Analyses. Sample Report Page 36 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule 11 - Senior Liquidity Reserve Account Fund 4 Remaining Balance Analyses Summary - Fund 4 Gross Earnings: $498,077.61 Internal Rate of Return: 0.813952% Excess Earnings: $4,647,796.77 Value Security Par Maturity Settlement Settlement Accreted Accrued as of Type Amount Coupon Date Date Price Yield Price Interest 8/31/2017 Wells Fargo MM 7,702,000.00 VAR N/A N/A 100.000 VAR 100.000 4,342.45 7,706,342.45 Value as of August 31, 2017: 7.706.342.45 Computation Security Par Maturity Settlement Settlement Accreted Accrued Date Type Amount Coupon Date Date Price Yield Price Interest Value Wells Fargo MM 7,702,000.00 VAR N/A N/A 100.000 VAR 100.000 27.43 7,702,027.43 Value as of March 13, 2021: 7.702.027.43 Percent Allocable:' 3.2491/6 Allocable Value as of March 13, 2021: 250.235.07 See Schedule 13 - Commingled Fund Adjustment Analyses. Sample Report Page 37 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Schedule 12 - Senior Liquidity Reserve Account Fund 4 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Percent Allocable' Allocable Value Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 0.813952% 03/13/21 03/13/08 Deposit (6,459,206.25) 4,680 100.000% (6,459,206.25) 2.06772904 (13,355,888.31) 1.11137621 (7,178,608.14) 04/11/08 W/D 9,922.03 4,652 100.000% 9,922.03 2.05876159 20,427.09 1.11067427 11,020.14 05/01/08 W/D 13,818.02 4,632 100.000% 13,818.02 2.05238010 28,359.83 1.11017316 15,340.39 08/01/08 W/D 13,344.74 4,542 100.000% 13,344.74 2.02390726 27,008.52 1.10792096 14,784.92 08/01/08 W/D 12,547.85 4,542 100.000% 12,547.85 2.02390726 25,395.68 1.10792096 13,902.03 09/02/08 W/D 49,913.30 4,511 100.000% 49,913.30 2.01419170 100,534.95 1.10714627 55,261.32 09/02/08 W/D 44,882.92 4,511 100.000% 44,882.92 2.01419170 90,402.80 1.10714627 49,691.96 10/01/08 W/D 40,686.06 4,482 100.000% 40,686.06 2.00514516 81,581.46 1.10642204 45,015.95 11/03/08 W/D 957,177.09 4,450 100.000% 957,177.09 1.99520993 1,909,769.24 1.10562344 1,058,277.43 12/03/08 W/D 46,273.78 4,420 100.000% 46,273.78 1.98594036 91,896.97 1.10487528 51,126.76 12/03/08 W/D 375.55 4,420 100.000% 375.55 1.98594036 745.82 1.10487528 414.94 12/03/08 W/D 35,672.13 4,420 100.000% 35,672.13 1.98594036 70,842.72 1.10487528 39,413.25 01/05/09 W/D 81.53 4,388 100.000% 81.53 1.97610029 161.11 1.10407780 90.02 01/05/09 W/D 39,252.37 4,388 100.000% 39,252.37 1.97610029 77,566.62 1.10407780 43,337.67 03/02/09 W/D 54.64 4,331 100.000% 54.64 1.95869327 107.02 1.10265871 60.25 03/02/09 W/D 12,705.75 4,331 100.000% 12,705.75 1.95869327 24,886.67 1.10265871 14,010.11 03/06/09 Deposit (485,195.79) 4,327 100.000% (485,195.79) 1.95747750 (949,759.84) 1.10255919 (534,957.08) 04/01/09 W/D 8,644.38 4,302 100.000% 8,644.38 1.94989600 16,855.64 1.10193741 9,525.57 04/16/09 W/D 29.68 4,287 100.000% 29.68 1.94536121 57.74 1.10156452 32.69 04/16/09 W/D 9,240.55 4,287 100.000% 9,240.55 1.94536121 17,976.21 1.10156452 10,179.06 04/16/09 Deposit (471,981.30) 4,287 100.000% (471,981.30) 1.94536121 (918,174.11) 1.10156452 (519,917.85) 05/01/09 W/D 2,310.14 4,272 100.000% 2,310.14 1.94083696 4,483.61 1.10119175 2,543.91 05/01/09 W/D 14.95 4,272 100.000% 14.95 1.94083696 29.02 1.10119175 16.46 05/11/09 W/D 7,671.23 4,262 100.000% 7,671.23 1.93782664 14,865.51 1.10094330 8,445.59 06/01/09 W/D 35.56 4,242 100.000% 35.56 1.93182000 68.70 1.10044658 39.13 06/02/09 W/D 1.77 4,241 100.000% 1.77 1.93152016 3.42 1.10042175 1.95 07/16/09 W/D 53.09 4,197 100.000% 53.09 1.91837306 101.85 1.09932978 58.36 07/16/09 W/D 1,601.10 4,197 100.000% 1,601.10 1.91837306 3,071.51 1.09932978 1,760.14 07/30/09 W/D 1,539.52 4,183 100.000% 1,539.52 1.91420868 2,946.96 1.09898257 1,691.91 07/30/09 W/D 1,477.94 4,183 100.000% 1,477.94 1.91420868 2,829.09 1.09898257 1,624.23 08/06/09 W/D 14.39 4,177 100.000% 14.39 1.91242672 27.52 1.09883379 15.81 08/06/09 W/D 1,354.78 4,177 100.000% 1,354.78 1.91242672 2,590.92 1.09883379 1,488.68 08/20/09 W/D 1,231.62 4,163 100.000% 1,231.62 1.90827525 2,350.27 1.09848673 1,352.92 09/01/09 W/D 1,231.62 4,152 100.000% 1,231.62 1.90501971 2,346.26 1.09821412 1,352.58 09/01/09 W/D 1,231.62 4,152 100.000% 1,231.62 1.90501971 2,346.26 1.09821412 1,352.58 09/10/09 W/D 0.32 4,143 100.000% 0.32 1.90236022 0.61 1.09799112 0.35 09/10/09 W/D 1,170.06 4,143 100.000% 1,170.06 1.90236022 2,225.88 1.09799112 1,284.72 09/24/09 W/D 1,046.87 4,129 100.000% 1,046.87 1.89823060 1,987.20 1.09764433 1,149.09 10/01 /09 W/D 1,046.88 4,122 100.000% 1,046.88 1.89616916 1,985.06 1.09747097 1,148.92 10/01 /09 W/D 1,047.19 4,122 100.000% 1,047.19 1.89616916 1,985.65 1.09747097 1,149.26 10/15/09 W/D 862.13 4,108 100.000% 862.13 1.89205299 1,631.20 1.09712434 945.86 10/29/09 W/D 800.55 4,094 100.000% 800.55 1.88794575 1,511.39 1.09677782 878.03 10/29/09 W/D 677.39 4,094 100.000% 677.39 1.88794575 1,278.88 1.09677782 742.95 11/05/09 W/D 677.39 4,088 100.000% 677.39 1.88618823 1,277.69 1.09662934 742.85 11/05/09 W/D 0.32 4,088 100.000% 0.32 1.88618823 0.60 1.09662934 0.35 11/19/09 W/D 677.38 4,074 100.000% 677.38 1.88209372 1,274.89 1.09628298 742.60 11/19/09 W/D 615.81 4,074 100.000% 615.81 1.88209372 1,159.01 1.09628298 675.10 11/30/09 W/D 615.81 4,063 100.000% 615.81 1.87888285 1,157.03 1.09601091 674.93 11/30/09 W/D 967.70 4,063 100.000% 967.70 1.87888285 1,818.19 1.09601091 1,060.61 12/02/09 W/D 0.36 4,061 100.000% 0.36 1.87829964 0.68 1.09596145 0.39 12/03/09 W/D 263.92 4,060 100.000% 263.92 1.87800810 495.64 1.09593672 289.24 12/17/09 W/D 554.23 4,046 100.000% 554.23 1.87393135 1,038.59 1.09559058 607.21 ' See Schedule 13 - Commingled Fund Adjustment Analyses. Sample Report Page 38 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Schedule 12 - Senior Liquidity Reserve Account Fund 4 Net Nonpurpose Investments Cash Flow Net Rebate Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation Percent Allocable FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date Allocable' Value 5.666883% 03/13/21 0.813952% 03/13/21 02/01/10 W/D 1,425.48 4,002 100.000% 1,425.48 1.86117623 2,653.07 1.09450340 1,560.19 02/01/10 W/D 0.32 4,002 100.000% 0.32 1.86117623 0.60 1.09450340 0.35 03/04/10 W/D 2,181.72 3,969 100.000% 2,181.72 1.85166690 4,039.82 1.09368873 2,386.12 03/04/10 W/D 0.29 3,969 100.000% 0.29 1.85166690 0.54 1.09368873 0.32 04/01/10 W/D 1,625.74 3,942 100.000% 1,625.74 1.84392269 2,997.74 1.09302263 1,776.97 05/06/10 W/D 2,216.73 3,907 100.000% 2,216.73 1.83393208 4,065.33 1.09215977 2,421.02 06/03/10 W/D 2,454.44 3,880 100.000% 2,454.44 1.82626204 4,482.45 1.09149460 2,679.01 06/03/10 W/D 1.84 3,880 100.000% 1.84 1.82626204 3.36 1.09149460 2.01 06/03/10 W/D 2,155.12 3,880 100.000% 2,155.12 1.82626204 3,935.81 1.09149460 2,352.30 07/01/10 W/D 2,300.57 3,852 100.000% 2,300.57 1.81834180 4,183.22 1.09080522 2,509.47 08/26/10 W/D 1,896.73 3,797 100.000% 1,896.73 1.80288406 3,419.58 1.08945236 2,066.40 08/26/10 W/D 2.38 3,797 100.000% 2.38 1.80288406 4.29 1.08945236 2.59 09/21/10 W/D 1,896.90 3,772 100.000% 1,896.90 1.79590132 3,406.65 1.08883797 2,065.42 09/21/10 W/D 23.96 3,772 100.000% 23.96 1.79590132 43.03 1.08883797 26.09 10/01/10 W/D 1,629.75 3,762 100.000% 1,629.75 1.79311580 2,922.33 1.08859232 1,774.13 10/01/10 W/D 564.14 3,762 100.000% 564.14 1.79311580 1,011.57 1.08859232 614.12 10/01/10 W/D 37.31 3,762 100.000% 37.31 1.79311580 66.90 1.08859232 40.62 10/28/10 W/D 1,755.10 3,735 100.000% 1,755.10 1.78561647 3,133.94 1.08792932 1,909.42 11/01/10 W/D 34.09 3,732 100.000% 34.09 1.78478515 60.84 1.08785568 37.09 11/24/10 W/D 1,829.63 3,709 100.000% 1,829.63 1.77842453 3,253.86 1.08729126 1,989.34 12/01/10 W/D 30.31 3,702 100.000% 30.31 1.77649319 53.85 1.08711954 32.95 12/16/10 W/D 1,416.17 3,687 100.000% 1,416.17 1.77236168 2,509.97 1.08675166 1,539.03 01/03/11 W/D 28.12 3,670 100.000% 28.12 1.76769090 49.71 1.08633487 30.55 01/19/11 W/D 2,188.80 3,654 100.000% 2,188.80 1.76330612 3,859.52 1.08594275 2,376.91 02/01/11 W/D 28.92 3,642 100.000% 28.92 1.76002468 50.90 1.08564876 31.40 02/18/11 W/D 1,626.24 3,625 100.000% 1,626.24 1.75538642 2,854.68 1.08523240 1,764.85 03/01/11 W/D 25.85 3,612 100.000% 25.85 1.75184776 45.29 1.08491411 28.05 03/21/11 W/D 1,849.82 3,592 100.000% 1,849.82 1.74641760 3,230.56 1.08442462 2,005.99 04/01/11 W/D 254.89 3,582 100.000% 254.89 1.74370883 444.45 1.08417996 276.35 05/02/11 W/D 444.88 3,551 100.000% 444.88 1.73533833 772.02 1.08342186 481.99 06/01/11 W/D 443.37 3,522 100.000% 443.37 1.72754424 765.94 1.08271315 480.04 07/01/11 W/D 307.44 3,492 100.000% 307.44 1.71951822 528.65 1.08198050 332.64 08/01/11 W/D 168.44 3,462 100.000% 168.44 1.71152949 288.29 1.08124833 182.13 09/01/11 W/D 299.91 3,432 100.000% 299.91 1.70357788 510.92 1.08051666 324.06 10/03/11 W/D 475.15 3,400 100.000% 475.15 1.69513687 805.44 1.07973676 513.04 11/01/11 W/D 453.77 3,372 100.000% 453.77 1.68778531 765.87 1.07905481 489.64 12/01/11 W/D 484.57 3,342 100.000% 484.57 1.67994401 814.05 1.07832463 522.52 01/03/12 W/D 594.58 3,310 100.000% 594.58 1.67162011 993.91 1.07754631 640.69 02/01/12 W/D 625.34 3,282 100.000% 625.34 1.66437053 1,040.80 1.07686575 673.41 03/01/12 W/D 649.82 3,252 100.000% 649.82 1.65663801 1,076.52 1.07613704 699.30 04/02/12 W/D 687.49 3,221 100.000% 687.49 1.64868548 1,133.45 1.07538457 739.32 05/01/12 W/D 663.94 3,192 100.000% 663.94 1.64128059 1,089.71 1.07468112 713.52 06/01 /12 W/D 697.35 3,162 100.000% 697.35 1.63365534 1,139.23 1.07395389 748.92 07/02/12 W/D 705.36 3,131 100.000% 705.36 1.62581314 1,146.78 1.07320295 756.99 08/01/12 W/D 785.52 3,102 100.000% 785.52 1.61851097 1,271.37 1.07250092 842.47 09/04/12 W/D 649.32 3,069 100.000% 649.32 1.61024149 1,045.56 1.07170263 695.88 10/01/12 W/D 645.66 3,042 100.000% 645.66 1.60350699 1,035.32 1.07104992 691.53 11/01/12 W/D 661.78 3,012 100.000% 661.78 1.59605724 1,056.24 1.07032515 708.32 12/03/12 W/D 560.21 2,980 100.000% 560.21 1.58814898 889.70 1.06955261 599.17 01/02/13 W/D 514.35 2,951 100.000% 514.35 1.58101598 813.20 1.06885297 549.76 02/01/13 W/D 464.00 2,922 100.000% 464.00 1.57391501 730.30 1.06815379 495.62 03/01/13 W/D 464.00 2,892 100.000% 464.00 1.56660274 726.90 1.06743098 495.29 ' See Schedule 13 - Commingled Fund Adjustment Analyses. Sample Report Page 39 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Schedule 12 - Senior Liquidity Reserve Account Fund 4 Net Nonpurpose Investments Cash Flow Net Rebate Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation Percent Allocable FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date Allocable' Value 5.666883% 03/13/21 0.813952% 03/13/21 04/01/13 W/D 443.26 2,862 100.000% 443.26 1.55932444 691.19 1.06670867 472.83 05/01/13 W/D 367.35 2,832 100.000% 367.35 1.55207996 570.16 1.06598684 391.59 06/03/13 W/D 125.79 2,800 100.000% 125.79 1.54438961 194.27 1.06521742 133.99 06/04/13 W/D 206.42 2,799 100.000% 206.42 1.54414990 318.74 1.06519339 219.88 07/01/13 W/D 408.89 2,772 100.000% 408.89 1.53769181 628.75 1.06454464 435.28 08/01/13 W/D 406.62 2,742 100.000% 406.62 1.53054783 622.35 1.06382428 432.57 09/03/13 W/D 429.83 2,710 100.000% 429.83 1.52296417 654.62 1.06305643 456.93 10/01/13 W/D 390.59 2,682 100.000% 390.59 1.51635929 592.27 1.06238501 414.96 11/01/13 W/D 411.55 2,652 100.000% 411.55 1.50931442 621.16 1.06166611 436.93 12/02/13 W/D 366.97 2,621 100.000% 366.97 1.50206910 551.21 1.06092375 389.33 01/02/14 W/D 342.40 2,591 100.000% 342.40 1.49509063 511.92 1.06020584 363.01 02/03/14 W/D 330.24 2,560 100.000% 330.24 1.48791359 491.37 1.05946450 349.88 03/03/14 W/D 300.91 2,530 100.000% 300.91 1.48100087 445.65 1.05874758 318.59 04/01/14 W/D 335.48 2,502 100.000% 335.48 1.47457799 494.69 1.05807888 354.96 04/02/14 W/D 0.05 2,501 100.000% 0.05 1.47434911 0.07 1.05805501 0.05 05/01/14 W/D 333.00 2,472 100.000% 333.00 1.46772723 488.75 1.05736289 352.10 06/02/14 W/D 355.48 2,441 100.000% 355.48 1.46068155 519.24 1.05662355 375.61 07/01/14 W/D 354.95 2,412 100.000% 354.95 1.45412105 516.14 1.05593237 374.80 08/01/14 W/D 368.15 2,382 100.000% 368.15 1.44736533 532.85 1.05521783 388.48 09/02/14 W/D 356.43 2,351 100.000% 356.43 1.44041740 513.41 1.05447998 375.85 10/01/14 W/D 352.21 2,322 100.000% 352.21 1.43394791 505.05 1.05379021 371.16 11/03/14 W/D 381.90 2,290 100.000% 381.90 1.42684289 544.91 1.05302960 402.15 11/03/14 W/D 381.90 2,290 100.000% 381.90 1.42684289 544.91 1.05302960 402.15 12/01/14 W/D 358.88 2,262 100.000% 358.88 1.42065488 509.84 1.05236452 377.67 01/02/15 W/D 443.27 2,231 100.000% 443.27 1.41383516 626.71 1.05162866 466.16 02/02/15 W/D 479.89 2,201 100.000% 479.89 1.40726661 675.33 1.05091704 504.32 03/02/15 W/D 473.18 2,171 100.000% 473.18 1.40072857 662.80 1.05020590 496.94 04/01/15 W/D 555.01 2,142 100.000% 555.01 1.39443735 773.93 1.04951892 582.49 05/01/15 W/D 561.87 2,112 100.000% 561.87 1.38795892 779.85 1.04880872 589.29 06/01/15 W/D 581.86 2,082 100.000% 581.86 1.38151058 803.85 1.04809900 609.85 07/01/15 W/D 601.37 2,052 100.000% 601.37 1.37509221 826.94 1.04738977 629.87 08/03/15 W/D 642.23 2,020 100.000% 642.23 1.36827880 878.75 1.04663378 672.18 09/01/15 W/D 720.30 1,992 100.000% 720.30 1.36234478 981.30 1.04597273 753.41 10/01/15 W/D 757.19 1,962 100.000% 757.19 1.35601544 1,026.76 1.04526494 791.46 11/02/15 W/D 814.15 1,931 100.000% 814.15 1.34950602 1,098.70 1.04453405 850.41 12/01/15 W/D 801.51 1,902 100.000% 801.51 1.34344486 1,076.78 1.04385078 836.66 01/04/16 W/D 1,341.75 1,869 100.000% 1,341.75 1.33658078 1,793.36 1.04307381 1,399.54 02/01/16 W/D 2,038.77 1,842 100.000% 2,038.77 1.33099081 2,713.58 1.04243853 2,125.29 03/01/16 W/D 2,129.41 1,812 100.000% 2,129.41 1.32480714 2,821.06 1.04173313 2,218.28 04/01/16 W/D 2,355.86 1,782 100.000% 2,355.86 1.31865221 3,106.56 1.04102820 2,452.52 05/02/16 W/D 2,287.17 1,751 100.000% 2,287.17 1.31232214 3,001.50 1.04030027 2,379.34 06/01/16 W/D 2,333.85 1,722 100.000% 2,333.85 1.30642799 3,049.01 1.03961977 2,426.32 07/05/16 W/D 2,242.57 1,688 100.000% 2,242.57 1.29955130 2,914.33 1.03882251 2,329.63 08/01/16 W/D 1,726.33 1,662 100.000% 1,726.33 1.29431709 2,234.42 1.03821325 1,792.30 09/01/16 W/D 1,441.61 1,632 100.000% 1,441.61 1.28830381 1,857.23 1.03751071 1,495.69 10/03/16 W/D 1,440.80 1,600 100.000% 1,440.80 1.28192043 1,846.99 1.03676185 1,493.77 11/01/16 W/D 1,477.41 1,572 100.000% 1,477.41 1.27636093 1,885.71 1.03610704 1,530.75 12/01/16 W/D 1,332.37 1,542 100.000% 1,332.37 1.27043107 1,692.68 1.03540592 1,379.54 01/03/17 W/D 1,723.12 1,510 100.000% 1,723.12 1.26413625 2,178.26 1.03465858 1,782.84 02/01/17 W/D 2,165.91 1,482 100.000% 2,165.91 1.25865387 2,726.13 1.03400510 2,239.56 03/01/17 W/D 2,060.80 1,452 100.000% 2,060.80 1.25280627 2,581.78 1.03330540 2,129.44 04/03/17 W/D 2,729.46 1,420 100.000% 2,729.46 1.24659878 3,402.54 1.03255958 2,818.33 ' See Schedule 13 - Commingled Fund Adjustment Analyses. Sample Report Page 40 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Schedule 12 - Senior Liquidity Reserve Account Fund 4 Net Nonpurpose Investments Cash Flow Date Description Net Nonpurpose Investments Cash Flow Muni -Days/ Computation Date Percent Allocable 1 Allocable Value Rebate Calculations FV Factor @ FV As Of 5.666883% 03/13/21 IRR Calculations FV Factor @ FV As Of 0.813952% 03/13/21 05/01/17 W/D 3,201.11 1,392 100.000% 3,201.11 1.24119246 3,973.19 1.03190742 3,303.25 06/01/17 W/D 3,468.79 1,362 100.000% 3,468.79 1.23542599 4,285.43 1.03120914 3,577.05 07/03/17 W/D 3,933.83 1,330 100.000% 3,933.83 1.22930462 4,835.88 1.03046483 4,053.67 08/01/17 W/D 4,487.20 1,302 100.000% 4,487.20 1.22397330 5,492.21 1.02981400 4,620.98 08/31/17 Deposit (7,702,000.00) 1,273 100.000% (7,702,000.00) 1.21847595 (9,384,701.79) 1.02914036 (7,926,439.04) 08/31/17 W/D 6,459,206.25 1,273 100.000% 6,459,206.25 1.21847595 7,870,387.50 1.02914036 6,647,429.84 08/31/17 Balance 2 7,706,342.45 1,273 100.000% 7,706,342.45 1.21847595 9,389,992.97 1.02914036 7,930,908.03 08/31/17 Balance (7,706,342.45) 1,273 82.108% (6,327,509.81) 1.21847595 (7,709,918.55) 1.02914036 (6,511,895.71) 09/01/17 W/D 4,682.22 1,272 82.108% 3,844.47 1.21828683 4,683.67 1.02911714 3,956.41 10/02/17 W/D 5,457.26 1,241 82.108% 4,480.84 1.21243856 5,432.74 1.02839754 4,608.08 11/01/17 W/D 5,774.25 1,212 82.108% 4,741.11 1.20699302 5,722.49 1.02772483 4,872.56 11/01/17 Balance 2 7,702,027.43 1,212 82.108% 6,323,966.84 1.20699302 7,632,983.86 1.02772483 6,499,297.72 11/01/17 Balance 2 (7,702,027.43) 1,212 3.249% (250,235.07) 1.20699302 (302,031.98) 1.02772483 (257,172.79) 12/01/17 W/D 5,847.34 1,182 3.249% 189.98 1.20138544 228.24 1.02702938 195.11 01/02/18 W/D 6,849.96 1,151 3.249% 222.55 1.19561831 266.09 1.02631124 228.41 02/01/18 W/D 7,575.70 1,122 3.249% 246.13 1.19024831 292.96 1.02563989 252.44 03/01/18 W/D 7,096.10 1,092 3.249% 230.55 1.18471853 273.14 1.02494585 236.30 04/02/18 W/D 8,869.89 1,061 3.249% 288.18 1.17903140 339.77 1.02422917 295.16 05/01/18 W/D 9,520.94 1,032 3.249% 309.33 1.17373590 363.07 1.02355918 316.62 06/01/18 W/D 10,329.03 1,002 3.249% 335.59 1.16828283 392.06 1.02286655 343.26 07/02/18 W/D 10,705.62 971 3.249% 347.82 1.16267460 404.40 1.02215133 355.52 08/01/18 W/D 11,586.41 942 3.249% 376.44 1.15745257 435.71 1.02148270 384.52 09/04/18 W/D 11,715.00 909 3.249% 380.61 1.15153878 438.29 1.02072238 388.50 10/01/18 W/D 11,706.10 882 3.249% 380.33 1.14672271 436.13 1.02010072 387.97 11/01/18 W/D 13,076.36 852 3.249% 424.84 1.14139514 484.92 1.01941043 433.09 12/03/18 W/D 12,993.34 820 3.249% 422.15 1.13573968 479.45 1.01867463 430.03 01/02/19 W/D 14,137.63 791 3.249% 459.32 1.13063862 519.33 1.01800828 467.60 02/01/19 W/D 14,892.32 762 3.249% 483.84 1.12556047 544.60 1.01734236 492.24 03/01/19 W/D 13,393.96 732 3.249% 435.16 1.12033122 487.53 1.01665393 442.41 04/01/19 W/D 14,907.33 702 3.249% 484.33 1.11512626 540.09 1.01596598 492.06 05/01/19 W/D 14,554.86 672 3.249% 472.88 1.10994548 524.87 1.01527848 480.11 06/03/19 W/D 14,772.54 640 3.249% 479.95 1.10444585 530.08 1.01454567 486.93 07/01/19 W/D 14,161.04 612 3.249% 460.09 1.09965603 505.94 1.01390490 466.48 08/01/19 W/D 14,580.69 582 3.249% 473.72 1.09454712 518.51 1.01321880 479.98 09/03/19 W/D 13,071.81 550 3.249% 424.70 1.08912378 462.55 1.01248747 430.00 10/01/19 W/D 12,513.93 522 3.249% 406.57 1.08440041 440.89 1.01184800 411.39 11/01/19 W/D 11,328.43 492 3.249% 368.06 1.07936238 397.26 1.01116329 372.16 12/02/19 W/D 9,598.08 461 3.249% 311.84 1.07418101 334.97 1.01045625 315.10 01/02/20 W/D 9,656.63 431 3.249% 313.74 1.06919046 335.45 1.00977248 316.81 02/03/20 W/D 9,542.27 400 3.249% 310.02 1.06405792 329.88 1.00906641 312.83 03/02/20 W/D 8,933.12 371 3.249% 290.23 1.05927881 307.44 1.00840635 292.67 04/01/20 W/D 5,026.56 342 3.249% 163.31 1.05452117 172.21 1.00774671 164.58 05/01/20 W/D 1,143.21 312 3.249% 37.14 1.04962196 38.99 1.00706478 37.40 06/01/20 W/D 545.50 282 3.249% 17.72 1.04474551 18.52 1.00638331 17.84 07/01/20 W/D 366.85 252 3.249% 11.92 1.03989172 12.39 1.00570230 11.99 08/03/20 W/D 302.98 220 3.249% 9.84 1.03473919 10.19 1.00497640 9.89 09/01/20 W/D 113.67 192 3.249% 3.69 1.03025167 3.80 1.00434167 3.71 10/01/20 W/D 63.31 162 3.249% 2.06 1.02546522 2.11 1.00366204 2.06 11/02/20 W/D 65.42 131 3.249% 2.13 1.02054257 2.17 1.00296024 2.13 12/01/20 W/D 63.31 102 3.249% 2.06 1.01595891 2.09 1.00230417 2.06 01/04/21 W/D 95.84 69 3.249% 3.11 1.01076806 3.15 1.00155812 3.12 02/01/21 W/D 65.42 42 3.249% 2.13 1.00654073 2.14 1.00094813 2.13 ' See Schedule 13 - Commingled Fund Adjustment Analyses. Sample Report Page 41 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C ichedule 12 - Senior Liquidity Reserve Account Fund, Net Nonpurpose Investments Cash Flow Net Rebate Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation Percent Allocable FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date Allocable 1 Value 5.666883% 03/13/21 0.813952% 03/13/21 03/01/21 W/D 59.09 12 3.249% 1.92 1.00186443 1.92 1.00027080 1.92 03/13/21 Balance 2 7,702,027.43 0 3.249% 250,235.07 1.00000000 250,235.07 1.00000000 250,235.07 Earnings: 815.394.48 Adjusted Earnings: 498.077.61 Excess Earnings: (4.647.796.771 0M. See Schedule 13 - Commingled Fund Adjustment Analyses. 2 See Schedule 11 - Remaining Balance Analysis. Sample Report Page 42 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2008A, 2008B, & 2008C Schedule 13 - Senior Liquidity Reserve Account Fund 4 Commingled Fund Adjustment Analysis Date Description Proceeds of Bonds Dated 03/13/08 Unrefunded Bond Proceeds Dated 03/13/08 Proceeds of Bonds Dated 08/31/17 Total 08/31/17 Beginning Balance' 6,596,815.35 1,109,527.10 7,706,342.45 Transfer Ratio 2 -4.082% 4.082% Transfer Amount (269,305.54) 269,305.54 Ending Balance 6,327,509.81 1,109,527.10 269,305.54 7,706,342.45 % Allocable 82.108% 14.398% 3.495% 100.000% 11/01/17 Beginning Balance' 6,323,966.84 1,108,905.84 269,154.75 7,702,027.43 Transfer Ratio 2 -96.043% 96.043% Transfer Amount (6,073,731.78) 6,073,731.78 Ending Balance 250,235.07 1,108,905.84 6,342,886.52 7,702,027.43 % Allocable 3.249% 14.398% 82.353% 100.000% ' See Schedule 11- Remaining Balance Analyses. 2 See Appendix A - Transferred Proceeds Ratio Analysis. Sample Report Page 43 Sample $310, 885, 000 Anytown, Florida Revenue Bonds Series 2OO8A, 2OO8B, & 2OO8C Appendix A - Transferred Proceeds Ratio Analysis PV of Bond Principal Amount Refunded by Refunding Bonds: 237,883,527.24 PV of Bond Principal Amount Outstanding on Refunding Date: 277,893,472.47 Operating Rule Factor 0.856 PV Of Bond Principal PV Of % Redeemed With Redeemed With PV Of Adjusted Cumulative Bond Principal Refunding Bond Refunding Bond Bond Principal Transfer Operating Transfer Transfer Date Redeemed Proceeds Proceeds Outstanding Ratio Rule Ratio Ratio 08/31/17 10,783,546.33 95.900% 10,341,397.42 253,319,294.09 4.082% 0.856 3.495% 3.495% 11/01/17 239,141,798.64 96.043% 229,679,120.38 239,141,798.64 96.043% 0.856 82.215% 82.353% 249,925,344.97 Bonds Reserve Fund Principal Transferred Original Adjusted Original Redeemed Principal Redeemed Principal Principal Principal % Redeemed Allocable to Allocable to Redeemed Redeemed Redeemed Total with Refunding Bonds Refunding Bonds Allocable to Allocable to Allocable to Principal Refunding Bonds Date Proceeds Proceeds Bonds Reserve Fd Bonds Reserve Fd Debt Service Fd Redeemed Proceeds 08/31/17 10,548,976.02 451,023.98 451,023.98 0.00 11,000,000.00 95.900% 11/01/17 232,513,816.41 347,404.21 9,941,183.59 9,593,779.38 0.00 242,455,000.00 96.043% 243,062,792.43 347,404.21 10,392,207.57 10,044,803.36 0.00 253,455,000.00 Refunding Bonds Proceeds & PV Of Bonds Refunding Bonds Bonds Percentage Bond Principal Total Bonds Reserve Fund Proceeds Reserve Fund Allocable to PV Of Redeemed With Principal Debt Service Fund Principal Principal Principal Refunding Bonds Bond Principal Refunding Bonds Date Redeemed Principal Redeemed Redeemed Redeemed Redeemed Proceeds Redeemed Proceeds 08/31/17 11,000,000.00 0.00 451,023.98 10,548,976.02 11,000,000.00 95.900% 10,783,546.33 10,341,397.42 11/01/17 242,455,000.00 0.00 9,941,183.59 232,513,816.41 242,455,000.00 95.900% 239,141,798.64 229,336,463.52 2 3.45 0.00 243.062.792.43 253.455.000.00 249.925.344.97 2 9.677�.860.94 Sample Report Page 44 Sample INTERNAL E FOR USE O -- if, _ k i'lJolis 15 $133, 825, 000 Anytown, USA Revenue Bonds Series 2020ABC INTERIM ARBITRAGE REBATE ANALYSIS For the Computation Period: May 1, 2020 — May 1, 2021 B X<g> Anytown, USA Interim Arbitrage Rebate Analysis July 8, 2021 Page i TABLE OF CONTENTS Transmittal Letter Opinion by Orrick, Herrington & Sutcliffe LLP Notes and Assumptions The Bonds Schedule A - Summary of Rebate Analysis Schedule B - Sources & Uses of Funds Schedule C - Annual Debt Service and Production Schedule D - Adjusted Semi -Annual Debt Service Schedule E - Arbitrage Yield Calculation Rebate Computations BLX<g> BLX Group LLC 2711 N. Haskell Ave., Lockbox 35, Suite 2600 SW Dallas, TX 75204 Ph 214 989 2700 Fx 214 989 2712 blxgroup.com July 8, 2021 Anytown USA 300 Northwest Avenue Anytown, USA Re: $133,825,000 Anytown, USA Revenue Bonds Series 2020ABC Interim Arbitrage Rebate Analysis Computation Period: May 1, 2020 through May 1, 2021 Ladies and Gentlemen: This report (the "Report"), which is being delivered to you pursuant to our engagement letter, consists of computations and the assumptions on which such computations are based with respect to the rebate liability of Anytown, USA (the "Issuer") in connection with the above -captioned issue (the "Bonds") for the above -referenced period (the "Interim Computation Period"). The computations herein are based on an analysis of existing laws, regulations, and rulings. The Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend, or interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate liability described in the Report may be subject to adjustment under such future pronouncements. The scope of our engagement was limited to preparing the Report based on information supplied to us. In accordance with our engagement letter (which is incorporated herein by reference), our engagement did not include determination of whether securities allocable to proceeds of the Bonds were purchased at fair market value within the meaning of the Treasury Regulations, or an audit or review of the investments acquired with gross proceeds or the payment of debt service on the Bonds. With your permission, we have relied entirely on the information provided to us without independent verification, and we express no opinion as to the completeness, accuracy, or suitability of such information for purposes of calculating rebate liability with respect to the Bonds. We have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or any other aspect of the Bond program. We are under no obligation to consider any information obtained by us pursuant to this engagement for any purpose other than determining such rebate liability. Also, we have no obligation to update this Report because of any events occurring, changes in existing laws, regulations, or rulings or interpretations thereof, or data or information received, subsequent to the date hereof. For the Interim Computation Period May 1, 2020 through May 1, 2021: Allowable Yield on Investments: 1.535088% Cumulative Rebate Liability: $0.00 BLX<g> Anytown, USA July 8, 2021 Page 2 Ninety percent (90%) of the Cumulative Rebate Liability (reduced by any applicable computation date credits) is required to be rebated to the United States no later than 60 days after May 1, 2025 (the end of the fifth Bond Year). Such Cumulative Rebate Liability is subject to change, however, pursuant to computations undertaken up to and including May 1, 2025. Additionally, should the Bonds be retired prior to May 1, 2025, 100% of the Cumulative Rebate Liability (reduced by any applicable computation date credits) as of such retirement date will become due and payable within 60 days. This Report is not to be used, circulated, quoted, referred to, or relied upon by any other person without our express written permission. Very truly yours, zx!"" BLX Group LLC Anytown USA 300 Northwest Avenue Anytown, USA Re: $133,825,000 Anytown, USA Revenue Bonds Series 2O2OABC 0 Orrick Orrick, Herrington & Sutcliffe LLP July 8, 2021 777 South Figueroa Street Suite 3200 Los Angeles, CA 90017-5855 +1 213 629 2020 orrick.com Interim Arbitrage Rebate Analysis Computation Period: May 1, 2020 through May 1, 2021 Ladies and Gentlemen: This opinion is being delivered to you pursuant to our engagement to provide certain legal services and accompanies a report (the 'Report") prepared on the date hereof by BLX Group LLC ('BLX") consisting of computations and the assumptions on which such computations are based with respect to the rebate liability of Anytown, USA (the "Issuer") in connection with the above -captioned issue (the 'Bonds") for the above -referenced period (the "Interim Computation Period"). In particular, we note that our opinion is specifically subject to the notes and assumptions contained in the Report. The opinion expressed herein is based on an analysis of existing laws, regulations, and rulings. The Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend, or interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate liability described in the Report and in this opinion may be subject to adjustment under such future pronouncements. The scope of our engagement was limited to preparing this opinion, based on information supplied to us by you and BLX. In accordance with our engagement letter (which is incorporated herein by reference), our engagement did not include determination of whether securities allocable to proceeds of the Bonds were purchased at fair market value within the meaning of the Treasury Regulations, or an audit or review of the investments acquired with gross proceeds or the payment of debt service on the Bonds. With your permission, we have relied entirely on information provided by you and BLX, without independent verification, and we express no opinion as to the completeness, accuracy, or suitability of such information for purposes of calculating rebate liability with respect to the Bonds. We have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or any other aspect of the Bond program. No opinion is expressed on any matter other than rebate liability to the extent set forth below, and we are under no obligation to consider any information obtained by us pursuant to this engagement for any purpose other than determining such rebate liability. Also, we have no obligation to update this opinion because of any events occurring, changes in existing laws, regulations, or rulings or interpretations thereof, or data or information received, subsequent to the date hereof. Anytown, USA July 8, 2021 Page 2 Orrick Based on and subject to the foregoing, and subject to the notes and assumptions contained in the Report, in our opinion, the computations shown in the Report were performed in accordance with applicable federal law and regulations and reflect the following: For the Interim Computation Period May 1, 2020 through May 1, 2021: Allowable Yield on Investments: 1.535088% Cumulative Rebate Liability: $0.00 This opinion is not to be used, circulated, quoted, referred to, or relied upon by any other person without our express written permission. Very truly yours, 0i-t-�z /4- e ✓ k1 ORRICK, HERRINGTON & SUTCLIFFE LLP Anytown, USA Interim Arbitrage Rebate Analysis July 8, 2021 Page 1 NOTES AND ASSUMPTIONS The Dated Date of the Bonds is May 1, 2020. 2. The Issue Date of the Bonds is May 1, 2020. 3. The Interim Computation Period is May 1, 2020 to May 1, 2021. 4. The Bonds constitute one issue for federal taxation purposes and are not treated as part of any other issue of governmental obligations. 5. The end of the first Bond Year with respect to the Bonds for purposes of determining installment computation dates is May 1, 2021. Subsequent Bond Years end annually thereafter until the final redemption date of the Bonds. 6. For debt service, yield, and investment cash flow purposes, all payments and receipts with respect to the Bonds and proceeds thereof are accurately set forth in the schedules contained herein. 7. The purchase price of each investment is at fair market value, exclusive of brokerage commissions, administrative expenses, or similar expenses and is representative of an arm's length transaction which did not reduce the rebate amount required to be paid to the United States. 8. The Bonds are not "refunded" bonds. The Bonds are "refunding" bonds, which refunded prior bonds of the Issuer as described below (the "Refunded Bonds") and, therefore, give rise to transferred proceeds from the Refunded Bonds pursuant to the Treasury Regulations. Accordingly, proceeds of the Refunded Bonds, if any, cease to be treated as proceeds of the Refunded Bonds and instead are treated as proceeds of the Bonds as proceeds of the Bonds are used to discharge principal of the Refunding Bonds. All such transfers occurred on May 1, 2020 and May 6, 2020. The following bonds of the Issuer have refunded the Bonds: Revenue Bonds, Refunding Series 2008B Revenue Bonds, Series 2009A Revenue Bonds, Series 2009D Taxable Build America Bonds 9. Certain funds and accounts constitute a bona fide debt service fund, and accordingly, were not taken into account in determining the Cumulative Rebate Liability. Anytown, USA Interim Arbitrage Rebate Analysis July 8, 2021 Page I DEFIMTIONS 1992 Regulations: The Treasury Regulations issued on May 18, 1992. 2. 1993 Regulations: The Treasury Regulations issued on June 14, 1993. Treasury Regulations: Either the 1992 Regulations or the 1993 Regulations, as applicable. 4. Bona Fide Debt Service Fund: Pursuant to Section 148(f)(4)(A) of the Internal Revenue Code (the "Code"), amounts held in a bona fide debt service fund in connection with either short term, private activity or variable rate bonds are not subject to rebate if gross earnings on such fund do not exceed $100,000 in each bond year. Amounts held in a bona fide debt service fund for all other bond issues are not subject to rebate. As defined in Section 1.148-1(b) of the 1993 Regulations, a bona fide debt service fund may include proceeds of an issue. 5. Commingled Fund: As defined in Section 1.148-4(a)(4) of the 1992 Regulations or Section 1.148-1(b) of the 1993 Regulations. Commingled Funds arise when gross proceeds of a bond issue are mixed or "commingled" with other monies (e.g., proceeds of other bonds issues, equity contributions, revenues, etc.). Uncommingling generally entails employing one of the methodologies allowable under the Treasury Regulations to identify the portions of investments, and earnings thereon, made with gross proceeds of the bond issue under examination. 6. Qualified Guarantee: As defined in Section 1.148-3(b)(12) of the 1992 Regulations or Section 1.148-4(f) of the 1993 Regulations. 7. Qualified Hedge: As defined in Section 1.148-4(h)(2) of the 1993 Regulations. 8. Transferred Proceeds: As defined in Section 1.148-11(c) of the 1992 Regulations or Section 1.148-9(b) of the 1993 Regulations. Transferred Proceeds arise when a bond issue (the "Refunding Bonds") defeases or redeems one or more bond issues (the "Refunded Bonds"). Gross proceeds of the Refunded Bonds become Transferred Proceeds of the Refunding Bonds as proceeds of the Refunding Bonds are used to redeem principal of the Refunded Bonds. Subsequent to being transferred, arbitrage earnings on Transferred Proceeds are calculated using the arbitrage yield of the Refunding Bonds. 9. Yield Restricted Funds: Any funds required to be invested at a yield that is not materially higher than the yield on the Bonds under Section 148(a) of the Code and Section 1.148-2 of the 1993 Regulations. Yield restricted funds typically arise in connection with project, construction or acquisition proceeds that remain unspent subsequent to the expiration of the so-called "temporary period" during which such proceeds can be invested without regard to yield. Yield restricted funds also arise in connection with advance refundings, sinking funds, and over -funded reserve funds. 10. Universal Cap: As described in Section 1.148-4(b)(3) of the 1992 Regulations or Section 1.148- 6(b)(2) of the 1993 Regulations. Anytown, USA Interim Arbitrage Rebate Analysis July 8, 2021 Page 2 11. Computation Date Credit: Per Section 1.148-2(b)(4) of the 1992 Regulations, a $3,000 credit is applied on each eligible computation date. Per Section 1.148-3(d)(iv) of the 1993 Regulations, a $1,000 credit is applied on the last day of each Bond Year during which amounts are allocated to gross proceeds of an issue that are subject to the rebate requirement. In addition, pursuant to Final Treasury Regulations, dated July 18, 2016, for any Bond Year ending in 2007, a computation date credit in the amount of $1,400 and, for Bond Years ending after 2007, a computation date credit in the amount of $1,400 or higher (as adjusted in the future for inflation as described in said Regulations) is applicable. $133,825,000 Anytown, USA Revenue Bonds Series 2020ABC Schedule A - Summary of Rebate Analysis Issue Date: May 1, 2020 Rebate Computation Date: May 1, 2021 Client Matter #: 41612-0000 Fund Computation Internal Reference Fund Current Date Gross Rate of Excess Number Description Fund Status Valuation Earnings Return Earnings 1 Reserve Fund Active $7,777,463.75 $133,553.84 1.759713% $17,110.77 2 Construction Fund Active $59,439,680.83 $910,189.77 1.114158% ($345,395.32) Totals: $67,217,144.58 1.043.743.61 ($328.284.54) Summary Arbitrage Yield: Return on Investments: Shortfall %: 1.535088% 1.169005% -0.366083% Actual Gross Earnings: Allowable Gross Earnings: 1,043,743.61 1,372,028.16 Excess Earnings: $328,284.54 FV of Computation Date Credit: 05/01/21 $1,780.00 $1,780.00 Cumulative Rebate Liability. $330,064.54 Sample 2E Page 1 Schedule B - Sources & Uses of Funds Sources of Funds Par Amount + Original Issue Premium - Original Issue Discount Net Production Prior Reserve Contribution Equity of the Issuer Total Sources: Uses of Funds Construction Fund 2020A Redemption Fund' 2020B Escrow Fund' 2020C Redemption Fund' Reserve Fund Underwriter's Discount Costs of Issuance 2 Total Uses: Uninvested until spent. z Deposited to the Construction Fund. Bond Proceeds $133,825,000 Anytown, USA Revenue Bonds Series 2O2OABC Prior Bond her Proceeds Sources Total 133,825,000.00 0.00 29,383,803.30 163,208,803.30 163,208,803.30 0.00 3,650,137.62 3,650,137.62 6,358,927.32 6,358,927.32 163.208.803.30 3.650.137.62 6.358.927.32 173.217.868.24 103,000,000.00 103,000,000.00 25,137,600.47 2,477,419.58 27,615,020.05 13,044,798.13 1,850,137.62 3,001,750.45 17,896,686.20 16,051,726.95 3,273.05 16,055,000.00 5,015,841.66 1,800,000.00 771,750.00 7,587,591.66 437,201.27 47,963.60 485,164.87 521,634.82 56,770.64 578,405.46 163.208.803.30 3.650.137.62 6.358.927.32 173.217.868.24 Sample 2E Page 2 $133,825,000 Anytown, USA Revenue Bonds Series 2020ABC Schedule C - Annual Debt Service & Production Series 2020A I Series 20206 Period Par Par Ending Coupon Amount Yield Price Interest Coupon Amount Yield Price Interest 07/01/20 6,176,216.67 639,625.00 07/01/21 5,293,900.00 548,250.00 07/01/22 5.000% 20,000,000 1.000% 108.550 5,293,900.00 548,250.00 07/01/23 5.000% 7,230,000 1.040% 112.302 4,293,900.00 5.000% 960,000 1.040% 112.302 548,250.00 07/01/24 5.000% 7,275,000 1.080% 115.927 3,932,400.00 5.000% 1,005,000 1.080% 115.927 500,250.00 07/01/25 5.000% 7,340,000 1.120% 119.423 3,568,650.00 5.000% 1,045,000 1.120% 119.423 450,000.00 07/01/26 5.000% 3,315,000 1.180% 122.654 3,201,650.00 5.000% 1,080,000 1.180% 122.654 397,750.00 07/01/27 5.000% 3,355,000 1.220% 125.862 3,035,900.00 5.000% 1,100,000 1.220% 125.862 343,750.00 07/01/28 5.000% 3,400,000 1.290% 128.667 2,868,150.00 5.000% 1,145,000 1.290% 128.667 288,750.00 07/01/29 5.000% 1,050,000 1.330% 131.571 2,698,150.00 5.000% 1,105,000 1.330% 131.571 231,500.00 07/01/30 5.000% 15,980,000 1.400% 134.002 2,645,650.00 5.000% 635,000 1.400% 134.002 176,250.00 07/01/31 5.000% 13,630,000 1.500% 132.886 1,846,650.00 5.000% 670,000 1.500% 132.886 144,500.00 07/01/32 5.000% 1,205,000 1.610% 131.672 1,165,150.00 5.000% 700,000 1.610% 131.672 111,000.00 07/01/33 5.000% 3,515,000 1.700% 130.689 1,104,900.00 5.000% 740,000 1.710% 130.580 76,000.00 07/01/34 5.000% 3,575,000 1.730% 130.363 929,150.00 5.000% 780,000 1.750% 130.146 39,000.00 07/01/35 4.000% 3,645,000 2.020% 118.112 750,400.00 07/01/36 4.000% 3,690,000 2.080% 117.510 604,600.00 07/01/37 4.000% 3,750,000 2.150% 116.811 457,000.00 07/01/38 4.000% 3,805,000 2.190% 116.414 307,000.00 07/01/39 4.000% 3,870,000 2.220% 116.117 154.800.00 109.630.000 50.328.116.67 10.965.000 5.043.125.00 Sample 2E Page 3 $133, 825, 000 Anytown, USA Revenue Bonds Series 2020ABC Schedule C - Annual Debt Service & Production Series 2020C Period Par Total Total Debt Ending Coupon Amount Yield Price Interest Interest Service Production 07/01/20 620,666.67 7,436,508.33 7,436,508.33 0.00 07/01/21 532,000.00 6,374,150.00 6,374,150.00 0.00 07/01/22 532,000.00 6,374,150.00 26,374,150.00 21,710,000.00 07/01/23 5.000% 1,990,000 1.340% 111.308 532,000.00 5,374,150.00 15,554,150.00 11,412,563.00 07/01/24 5.000% 2,155,000 1.370% 114.650 432,500.00 4,865,150.00 15,300,150.00 12,069,463.10 07/01/25 5.000% 2,345,000 1.410% 117.826 324,750.00 4,343,400.00 15,073,400.00 12,776,638.25 07/01/26 5.000% 1,785,000 1.450% 120.867 207,500.00 3,806,900.00 9,986,900.00 7,548,119.25 07/01/27 5.000% 755,000 1.490% 123.772 118,250.00 3,497,900.00 8,707,900.00 6,541,630.70 07/01/28 5.000% 1,610,000 1.540% 126.454 80,500.00 3,237,400.00 9,392,400.00 7,883,824.55 07/01/29 2,929,650.00 5,084,650.00 2,835,355.05 07/01/30 2,821,900.00 19,436,900.00 22,264,432.30 07/01 /31 1,991,150.00 16,291,150.00 19,002,698.00 07/01/32 5.000% 2,590,000 1.850% 134.174 129,500.00 1,405,650.00 5,900,650.00 5,983,458.20 07/01/33 1,180,900.00 5,435,900.00 5,560,010.35 07/01/34 968,150.00 5,323,150.00 5,675,616.05 07/01/35 750,400.00 4,395,400.00 4,305,182.40 07/01/36 604,600.00 4,294,600.00 4,336,119.00 07/01/37 457,000.00 4,207,000.00 4,380,412.50 07/01/38 307,000.00 4,112,000.00 4,429,552.70 07/01/39 154,800.00 4,024,800.00 4,493,727.90 13.230.000 3.509.666.67 58.880.908.33 192.705.908.33 163.208.803.30 Sample 2E Page 4 $133, 825, 000 Anytown, USA Revenue Bonds Series 2020ABC Schedule D - Adjusted Semi -Annual Debt Service Series 2020A I Series 20206 I Series 2020C Principal Principal Principal Accelerated Total Debt Date Coupon Amount Coupon Amount Coupon Amount Principal Interest Service 01/01/21 4,335,766.67 4,335,766.67 07/01/21 3,251,825.00 3,251,825.00 01/01/22 3,251,825.00 3,251,825.00 07/01/22 5.000% 20,000,000 3,251,825.00 23,251,825.00 01/01/23 2,751,825.00 2,751,825.00 07/01/23 5.000% 7,230,000 5.000% 960,000 5.000% 1,990,000 2,751,825.00 12,931,825.00 01/01/24 2,497,325.00 2,497,325.00 07/01/24 5.000% 7,275,000 5.000% 1,005,000 5.000% 2,155,000 2,497,325.00 12,932,325.00 01/01/25 2,236,450.00 2,236,450.00 07/01/25 5.000% 7,340,000 5.000% 1,045,000 5.000% 2,345,000 2,236,450.00 12,966,450.00 01 /01 /26 1,968,200.00 1,968,200.00 07/01/26 5.000% 3,315,000 5.000% 1,080,000 5.000% 1,785,000 1,968,200.00 8,148,200.00 01 /01 /27 1,813,700.00 1,813,700.00 07/01/27 5.000% 3,355,000 5.000% 1,100,000 5.000% 755,000 1,813,700.00 7,023,700.00 01 /01 /28 1,683,450.00 1,683,450.00 07/01/28 5.000% 3,400,000 5.000% 1,145,000 5.000% 1,610,000 1,683,450.00 7,838,450.00 01 /01 /29 1,529,575.00 1,529,575.00 07/01/29 5.000% 1,050,000 5.000% 1,105,000 1,529,575.00 3,684,575.00 01 /01 /30 1,475,700.00 1,475,700.00 07/01/30 5.000% 15,980,000 5.000% 635,000 43,575,000 1,475,700.00 61,665,700.00 01/01/31 64,750.00 64,750.00 07/01/31 5.000% 64,750.00 64,750.00 01/01/32 64,750.00 64,750.00 07/01/32 5.000% 5.000% 2,590,000 64,750.00 2,654,750.00 68.945.000 8.075.000 13.230.000 43.575.000 46.262.691.67 180.087.691.67 Sample 2E Page 5 Schedule E - Arbitrage Yield Calculation Total Discount Present Issue Factor @ Value as of Date Payments 1.535088% 05/01/20 01/01/21 4,335,766.67 0.98985695 4,291,788.76 07/01/21 3,251,825.00 0.98231723 3,194,323.74 01/01/22 3,251,825.00 0.97483495 3,169,992.65 07/01/22 23,251,825.00 0.96740965 22,494,039.99 01/01/23 2,751,825.00 0.96004092 2,641,864.60 07/01/23 12,931,825.00 0.95272831 12,320,515.81 01/01/24 2,497,325.00 0.94547140 2,361,149.38 07/01/24 12,932,325.00 0.93826977 12,134,009.64 01/01/25 2,236,450.00 0.93112300 2,082,410.02 07/01/25 12,966,450.00 0.92403066 11,981,397.30 01/01/26 1,968,200.00 0.91699234 1,804,824.32 07/01/26 8,148,200.00 0.91000763 7,414,924.17 01/01/27 1,813,700.00 0.90307613 1,637,909.17 07/01/27 7,023,700.00 0.89619742 6,294,621.80 01/01/28 1,683,450.00 0.88937110 1,497,211.79 07/01/28 7,838,450.00 0.88259679 6,918,190.78 01/01/29 1,529,575.00 0.87587407 1,339,715.08 07/01/29 3,684,575.00 0.86920256 3,202,642.02 01/01/30 1,475,700.00 0.86258186 1,272,912.06 07/01/30 61,665,700.00 0.85601160 52,786,554.57 01/01/31 64,750.00 0.84949138 55,004.57 07/01/31 64,750.00 0.84302083 54,585.60 01 /01 /32 64, 750.00 0.83659956 54,169.82 07/01/32 2,654,750.00 0.83022720 2,204,045.66 180.087.691.67 163.208.803.30 $133, 825, 000 Anytown, USA Revenue Bonds Series 2O2OABC Issue Price Calculation + Par Amount of Issue 133,825,000.00 + Accrued Interest 0.00 +/- Original Issue Prem/(Disc) 29,383,803.30 Issue Price: 163,208,803.30 - Qualified Guarantee Adjusted Issue Price: 163,208,803.30 Present Value Result: 163,208,803.30 Variance: 0.00 Arbitra a Yield. 1.535088% Sample 2E Page 6 $133,825,000 Anytown, USA Revenue Bonds Series 2020ABC Schedule F1 - Reserve Fund Fund 1 Remaining Balance Analysis Summary - Fund 1 Gross Earnings: $133,553.84 Internal Rate of Return: 1.759713% Excess Earnings: $17,110.77 Security Par Maturity MTM MTM Accreted Accrued Value as of Type Amount Coupon Date Date Price Yield Price Interest 05/01/20 US T-Note 1,800,000 4.250% 05/15/39 11/06/18 113.043 3.365% 112.368 35,275.00 2,057,901.20 Value as of May 1, 2020: 2.057.901.20 Purchase/ Purchase/ Computation Security Par Maturity MTM MTM Accreted Accrued Date Type Amount Coupon Date Date Price Yield Price Interest Value US T-Note 1,800,000 4.250% 05/15/39 11/06/18 113.043 3.365% 111.895 35,275.00 2,049,391.05 US T-Note 3,222,400 5.000% 07/01/30 05/12/20 135.798 1.232% 132.570 53,706.67 4,325,641.64 US T-Note 466,400 5.000% 07/01/30 05/12/20 137.141 1.115% 133.773 7,773.33 631,690.41 US T-Note 551,200 5.000% 07/01/30 05/12/20 140.013 0.868% 136.343 9,186.67 760,707.15 US T-Note 10,000 0.500% 11/07/25 01/19/21 100.099 0.479% 100.093 24.17 10,033.49 Value as of May 1, 2021: 7.777.463.75 Sample 2E Page 7 $133, 825, 000 Anytown, USA Revenue Bonds Series 2O2OABC Schedule F2 - Reserve Fund Fund 1 Net Nonpurpose Investments Cash Flow Net Rebate Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date 1.535088% 05/01/21 1.759713% 05/01/21 05/01/20 TP from 2009D (2,057,901.20) 360 1.01540979 (2,089,613.03) 1.01767454 (2,094,273.66) 05/12/20 Deposit (4,375,970.60) 349 1.01493544 (4,441,327.63) 1.01712989 (4,450,930.48) 05/12/20 Deposit (771,750.00) 349 1.01493544 (783,276.42) 1.01712989 (784,969.99) 05/12/20 Deposit (639,625.00) 349 1.01493544 (649,178.08) 1.01712989 (650,581.70) 05/15/20 W/D 38,250.00 346 1.01480611 38,816.33 1.01698139 38,899.54 07/01/20 W/D 3,174.11 300 1.01282510 3,214.82 1.01470724 3,220.79 07/01/20 W/D 3,751.22 300 1.01282510 3,799.33 1.01470724 3,806.39 07/01/20 W/D 21,930.22 300 1.01282510 22,211.48 1.01470724 22,252.75 11/15/20 W/D 38,250.00 166 1.00707635 38,520.67 1.00811146 38,560.26 01/01/21 W/D 11,660.00 120 1.00511044 11,719.59 1.00585714 11,728.29 01/01/21 W/D 13,780.00 120 1.00511044 13,850.42 1.00585714 13,860.71 01/01/21 W/D 80,560.00 120 1.00511044 80,971.70 1.00585714 81,031.85 01/19/21 Deposit (10,018.65) 102 1.00434221 (10,062.15) 1.00497639 (10,068.51) 05/01/21 Balance 7,777,463.75 0 1.00000000 7,777,463.75 1.00000000 7,777,463.75 Earnings: 133.553.84 Excess Earnings: 17 11 .77 (0M Sample 2E Page 8 $133,825,000 Anytown, USA Revenue Bonds Series 2020ABC Schedule G1 - Construction Fund Fund 2 Remaining Balance Analysis Summary - Fund 2 Gross Earnings: $910,189.77 Internal Rate of Return: 1.114158% Excess Earnings: $345,395.32 Computation Security Par Maturity Settlement Settlement Accreted Accrued Date Type Amount Coupon Date Date Price Yield Price Interest Value Cash Pool 19,436,617.19 Variable N/A N/A 100.000 Variable 100.000 1,159.53 19,437,776.72 Bank CD 30,000,000.00 0.250% 07/01/21 05/01/20 100.000 0.250% 100.000 205.48 30,000,205.48 Bank CD 10,000,000.00 0.200% 07/01/21 05/01/20 100.000 0.200% 100.000 1,698.63 10,001,698.63 Value as of May 1, 2021: 59.439.680.83 Sample 2E Page 9 $133, 825, 000 Anytown, USA Revenue Bonds Series 2O2OABC Schedule G2 - Construction Fund Fund 2 Net Nonpurpose Investments Cash Flow Net Rebate Calculations IRR Calculations Nonpurpose Muni -Days/ Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of Date Description Cash Flow Date 1.535088% 05/01/21 1.114158% 05/01/21 05/01/20 Deposit (103,000,000.00) 360 1.01540979 (104,587,208.27) 1.01117261 (104,150,778.95) 05/01/20 Deposit - COI (474,048.61) 360 1.01540979 (481,353.60) 1.01117261 (479,344.97) 06/01/20 W/D 5,946,401.94 330 1.01411662 6,030,345.04 1.01023681 6,007,274.14 06/01/20 W/D 4,942,463.37 330 1.01411662 5,012,234.25 1.01023681 4,993,058.44 06/01/20 W/D 236,305.16 330 1.01411662 239,640.99 1.01023681 238,724.17 06/01/20 W/D 979,170.58 330 1.01411662 992, 993.16 1.01023681 989,194.16 06/01/20 W/D 1,145,406.68 330 1.01411662 1,161, 575.95 1.01023681 1,157,131.99 06/30/20 W/D 229,947.55 301 1.01286812 232,906.54 1.00933303 232,093.66 07/01/20 W/D 1,092,934.87 300 1.01282510 1,106,951.87 1.00930188 1,103,101.22 07/01/20 W/D 490,012.11 300 1.01282510 496,296.56 1.00930188 494,570.14 07/01/20 Deposit (2,839,402.10) 300 1.01282510 (2,875,817.71) 1.00930188 (2,865,813.87) 08/01/20 W/D 583,118.44 270 1.01153522 589,844.84 1.00836781 587,997.86 08/01/20 W/D 892,431.85 270 1.01153522 902,726.25 1.00836781 899,899.55 09/01/20 W/D 451,121.03 240 1.01024699 455,743.66 1.00743461 454,474.94 09/01/20 W/D 820,084.02 240 1.01024699 828,487.41 1.00743461 826,181.02 10/01/20 W/D 569,864.51 210 1.00896039 574,970.72 1.00650227 573,569.92 10/01/20 W/D 893,676.82 210 1.00896039 901,684.52 1.00650227 899,487.74 11/01/20 W/D 2,085,602.98 180 1.00767544 2,101,610.90 1.00557079 2,097,221.43 11/01/20 W/D 5,801,889.47 180 1.00767544 5,846,421.51 1.00557079 5,834,210.57 12/01/20 W/D 218,336.23 150 1.00639212 219,731.86 1.00464017 219,349.35 12/01/20 W/D 1,745,439.72 150 1.00639212 1,756,596.78 1.00464017 1,753,538.86 01/01/21 W/D 5,454,298.81 120 1.00511044 5,482,172.65 1.00371042 5,474,536.55 01/01/21 W/D 2,261,995.03 120 1.00511044 2,273,554.81 1.00371042 2,270,387.98 02/01/21 W/D 472,436.27 90 1.00383038 474,245.88 1.00278153 473,750.36 02/01/21 Deposit (140,878.93) 90 1.00383038 (141,418.55) 1.00278153 (141,270.79) 03/01/21 W/D 648,101.52 60 1.00255196 649,755.45 1.00185349 649,302.77 03/01/21 W/D 559,352.12 60 1.00255196 560,779.57 1.00185349 560,388.87 04/01/21 W/D 2,657,305.71 30 1.00127517 2,660,694.22 1.00092632 2,659,767.22 04/01/21 W/D 1,266,344.10 30 1.00127517 1,267,958.90 1.00092632 1,267,517.14 05/01/21 W/D 2,424,938.79 0 1.00000000 2,424,938.79 1.00000000 2,424,938.79 05/01/21 W/D 3,055,858.90 0 1.00000000 3,055,858.90 1.00000000 3,055,858.90 05/01/21 Balance 59,439,680.83 0 1.00000000 59,439,680.83 1.00000000 59,439,680.83 Earnings: 910.189.77 Excess Earnings: (345.395.321 (0.001 Sample 2E Page 10 S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES F�,& ml :1 :1 =1 , mwJ BLX Group S LX© COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES ADVISORY SERVICES Organizational Chart ELX LIE All PRESIDENT--iJPERATINGIJEEICER� CregBMevxood {LA} :..HAGMG DIRE LTOR saamesrslin¢;DLI BRSINES S DEVELOPMENT CHIEF BUSINESS DEVELOPNENT DFFICERAMAGIN G DRECDR K yxuuajmT NW RKETNG COORDINATORS cki,R, lr —gA ENaava W-J A) NANAGINGDIRE=RS MANAGING DIRECTOR SRINVEiTN1ENTOFFICER G-n Casffirtin." E-Ch MI Amy Kmn NY) Je Htoms ILA) SR INVESTNENTDFFICER Arty Kmn NY) WW NAGIN i, CON SD LT ANT G_gyu Shi � l _ AL --E_TOR L'PE II f PATIJE Jaah Caro MI 8 NWRKET N1; DPE RATID NS LYn Src ILAI SENIOR WEB ENGINEERS W. Fl .kILAI ACCOU NTING COORDINATOR Wsrtren FiackllA) A� JIY A4�quez lLA1 DATABASE ABMNISTRATDR A➢FANISTRAT}VEASSISTANTS Doag Nl-I Ameeli Ba.qa9 MQ Reny Pd i(TN¢ ADpda Paph(DLI L6 Rq JLA) MANAGING DIRE CTOR S WWNAGING CONSULTANTS AEsn BandlNY) KeUKuti WBIL) Gkann Csetivw " Aieoda Zub MLI Erik DiM—ILi M} Justin Gagnon PL) CONSULTANTS Je Higgins ILA) Nild Bcvpiu(DL) Vo Nguyen (LAI III Sh.Wd PQ A,,be, Rhodes IDLI Gn Raxen(BQ SR FIN ANCIAL ASSISTANTS Robin Schlirtgai WX) A...o. GI—e NLl Tanya Ba-11RX) ASSOCIATE DIRE allRS KdsNn CYapg;DL] F HAN LTAL ASSISTANT An Fame MLl A —a Curer DL} Laura Gauaden lPX} C Aly NNgam WX) Janes HatlieNi ILA) A16en H ueatm ID U Netlhew Hnla (D L) C heats NkKnQhtIDL} COMPLIANCE SERVICES MANAGIN G DIRE CTOR f N AGIN G DIRE CTOR S NWN AGIN G DIRE CTORI Je HiI(LAI Justin G.q—(DLJ Alan Bmd(NY} V. Nguyen ILW Lenaky (NY) ASSOCLATE DIRECTOR CM1,M.Vd;DL} ASSOCIATE DIRECTOR Jeeaicagaherty (DL} BLX Group 1 1 S LX® COLLIER COUNTY PROPOSAL TO PROVIDE ARBITRAGE REBATE SERVICES APPENDIX C BLX Group Co Zer county Administrative Services Departrnent Procurement Seriices Division Vendor Check List IMPORTANT: Please review carefully and submit with your Proposal/Bid. All applicable documents shall be submitted electronically through BidSync. Vendor should checkoff each of the following items: QI' General Bid Instructions has been acknowledged and accepted. QCollier County Purchase Order Terms and Conditions have been acknowledged and accepted. Eff Form 1: Vendor Declaration Statement [Y Form 2: Conflict of Interest Certification [� Proof of status from Division of Corporations - Florida Department of State (If work performed in the State) - http://dos.myflorida.com/sunbiz/ should be attached with your submittal. Q Vendor MUST be enrolled in the E-Verify - https://w,,vw.e-verify.gov/ at the time of submission of the proposal/bid. Q Form 3: Immigration Affidavit Certification MUST be signed and attached with your submittal or you MAY be DEEMED NON -RESPONSIVE Q E-Verify Memorandum of Understanding or Company Profile page should be attached with your submittal. N/A ❑ Form 4: Certification for Claiming Status as a Local Business, if applicable, has been executed and returned. Collier or Lee County Business Tax Receipt should be attached with your submittal to be considered. Q Form 5: Reference Questionnaires form must be utilized for each requested reference and included with your submittal, id applicable to the solicitation. N/A ❑ Form b: Grant Provisions and Assurances package in its entirety, if applicable, are executed and should be included with your submittal. All forms must be executed, or you MAY be DEEMED NON -RESPONSIVE. Q Vendor W-9 Form. [I� Vendor acknowledges Insurance Requirements and is prepared to produce the required insurance certificate(s) within five (5) days of the County's issuance of a Notice of Recommend Award. The Bid Schedule has been completed and attached with your submittal, applicable to bids. Copies of all requested licenses and/or certifications to complete the requirements of the project. All addenda have been signed and attached, or you MAY be DEEMED NON -RESPONSIVE. N/A ❑ County's IT Technical Architecture Requirements has been acknowledged and accepted, if applicable. Any and all supplemental requirements and terms has been acknowledged and accepted, if applicable. ***UPDATED JANUARY 28, 2020*** <,—OMer Gore serace: o�,: �erzu�:eni 5�:� Uivscr: Form 1: Vendor Declaration Statement BOARD OF COUNTY COXI MUSSIONERS Collier County Government Complex Naples, Florida 34112 Dear Commissioners: The undersigned, as Vendor declares that this response is made without connection or arrangement with any other person and this proposal is in every respect fair and made in good faith, without collusion or fraud- The Vendor hereby declares the instructions, purchase order terms and conditions, requirements, and specificationslscope of work of this solicitation have been fully examined and accepted. The Vendor agrees, if this solicitation submittal is accepted by Collier County, to accept a Purchase Carder as a form of a formal contract or to execute a Collier County formal contract for purposes of establishing a contractual relationship between the Vendor and Collier County, for the performance of all requirements to which this solicitation pertains. The Vendor states that the submitted is based upon the documents listed by the above referenced solicitation. The Vendor agrees to comply with the requirements in accordance with the terms, conditions and specifications denoted herein and according to the pricing submitted as a part of the Vendor's bids. Further, the Vendor agrees that if awarded a contract for these goods and/or services, the Vendor will not be eligible to compete, submit it proposal, be awarded, or perform as a sub -vendor for any future associated work that is a result of this awarded contract. IN WITNESS WHEREOF, WE have hereunto subscribed our names on this day of J� 2021 in the County of "ICYM� in the State of .L F , (. Firm's Legal Name: BLX Group LLC Address: 4300 W. Cypress Street. Suite 360 City, State, Zip Code: Tampa, FL 33607 Florida Certificate of M03000003871 Authority Document Numbcr Federal Tax 51-0404065 Identification Number *CCR # or CAGE Code NIA Only if Grant Funded Telephone - ]email: Signature by (Typed and written) Title: (813) 872-6840 * *UPDATED JANUARY M Z92V'* Additional Contact Information Send payments to: BLX Group LLC (required if different from Company name used as payee above) Contact name: Aracelly Marquez Title: Billing Coordinator Address: BLX Group LLC - DEPT 34461: P.O. Box 39000 City, State, ZIP San Francisco, CA 94139-0001 Telephone: (213) 612-2484 Email: amarquez@blxgroup.com Office servicing Collier Same as above — Tampa office County to place orders (required if different from above) Contact name: Title: Address: City, State, ZIP Telephone: Email: ***UPDATED JANUARY 28, 2020*** _ lr Adm iisfr a 5i�riicss Depararant Prc%-Ireracrt Form 2: Conflict of Interest Certification Affidavit The Vendor certifies that to the best of its knowledge and belief, the past and current work on any Collier County project affiliated with this solicitation does not pose an organizational conflict as described by one of the three categories below: Biased ground rules - The firm has not set the "ground rules" for affiliated past or current Collier County project identified above (e.g., writing a procurement's statement of work, spccifications, or performing systems engineering and technical direction for the procurement) which appears to skew the competition in favor of my firm - Impaired objectivity - The firm has not performed work on an affiliated past or current Collier County project identified above to evaluate proposals I past performance of itself or a competitor, which calls into question the contractor's ability to render impartial advice to the government - Unequal access to information - The firm has not had access to nonpublic information as part of its performance of a Collier County project identified above which may have provided the contractor (or an affiliate) with an unfair competitive advantage in current or future solicitations and contracts - in addition to this signed affidavit, the contractor I vendor must provide the following: l- All documents produced as a result of the work completed in the past or currently being worked on for the above -mentioned project; and, 2. Indicate if the information produced was obtained as a matter of public record (in the "sunshine") or through non-public (not in the-suunshine") conversation (s), meeting(s), docu rnent(s) and/or other means. Failure to disclose all material or having an organizational conflict in one or more of the three categories above be identified, may result in the disqualification for future solicitations affiliated with the above referenced project(s). By the signature below, the firm (employees, officers andloragents) certifies, and hereby discloses, that, to the best of their knowledge and belief, all relevant facts concerning past, present, or currently planned interest or activity (financial, contractual, organizational, or otherwise) which relates to the project identified above has been fully disclosed and does not pose an organizational conflict. BLX Group LLC Corn j :77f nature Erik B. Dinuwall, Managing Director Print Name and Title State of Florida County of Hillsborough The foregoing inshument was acknowledged before me by means of 0 physical presence or<online notarization, this �` w day (name of person acknowledging), rt (Signature ofNotary PtIblie - State of orida) Personally Known OR Produced Identification Type of Identification ced (Prins, Type, or Stamp Commissioned Name of Notary Public) tJYpil;. KELLYPRINZEL r° •': Notary public • State of Florida =� • `i Commission # GG 9483B7 My comm, Expires Jan tb' 202• Bonded through National notary Assn. *—UPDATED JAi4UARY 28, 2020*** Divisioi Page i of 1 ions Public Access System Electronic Filing Craver Sheet Note: Please print this page and, use R $s a ever sheet Type the fat audit number (shown below) can the trap and bottom of all pages of the document. (((H43000320464 3))) Nate: DO NOT hit the REFRESHIRELOAD button on your browser from this page. Doing so will generate another cover sheet, ti c.- To. �^ Division of Corporations Fax Number (850) 205-03B3 Prom.- .- Account Name �CT�!1t'ORT-550R TTON S'YST3K AccountNumber ..(b r ; i`Y//.yy}/�11/VO ✓.V..iyO02!3�3 - _- Fax Number (850)222-9428 FOREIGN LITWITED LLABILITY COMPANY Bond Logfisfit L,C Certificate of Status tt Certified Co 0 Pa a Count 04 Estimated aargeSZs.ti P Cj u-> q iD M 0 M https./ief le nmbiz,org/sadptsief icovr exe 11/19/03 -~ APPLICATION BY FORIZTGN LIMITED LIABILITY COWANY FOR AUTHORIZATrON TO TRANSACT BUSINTSS IN FLORIDA .iN CO& PZUNa ffi H SECWX tom. a ALL SIXT ' M nYE IOl.Ot PO 9 S(JBMO72,,f7 R) AE W4Z,4,r0WW Ltd'ELT, B=Ca4tI'�4AIY TA4M4 i"9U0VM N27 E'.51XTE0 'FZ0P.W- 1 Hind Logivix LLC awe of oresgn crate 14 .#y company) 2. Statc of Delswue 3. 53-0 4940!4 Uuxlsdicdoa tinder the law of which fdroigrl inrutad Dabs€sty ( F3 I n=bar, if applicable) company is organ w) ¢_ Soptamber 29, 2000 Gate of rganiuticon) Pwalion. Year li&hed havithy company will cease to exist or "Perpetual") tc feat transec, bs,sinecs nFlorida- (gee sections 8,5 Ii6�02, an i7,1S5, 1� � 7. 777 South Figueroa Sirect, Stato 3200 i-a Anatles CA, SW17 (Street address of principal affice) S. Tf limited liability company is a manager -managed company, cheep here 9 The rtasrme and usual business addresses of the managing members or rntaaagers m as follows: ; Tt Richzrd Chirls, Larry Sobel and Rogt r Avis - 1209 Orange Street,'tilmh2gton, Delaware € 9$Ol '- t-n y; C) 10 Attached is an oxigia� a-aifi= of existence, no more than 9€t clays oici, duly aW=cuted by the o&cial haviV custody cfr wr& in thej=dictio-aunder the taw of %vhicb it is orgaized (A photocopy is not acceptable. If the ccrtifscate is in a foreign iangttsge, a translation of the cerrif cate under oath of the translator must be submitted) I I. Nature of business or purposes to be conducted or prornoted in Florida: Financial Services 5tgna�ffre ar aiember or an 9ithaxized representative of a rrmernbeT (its =ordance w section 608,408(3), F.S the cx=ation ofEhis docwmr cawriimtu an a°f rmation uadcr the penalties of perjury chat the iawi sra,ed herein are; tract A. Craiz Underwood Typed or prirtted name of signee FLUT-311 C4SIA 0A4- CERTIFICATE OF DESIGNATION OF REMSTERED AGENTIREGISTERED OFFICE PURSUANT TO THE PROVISIONS OF SECT ON 609.415 or 608-507, FLOR DA STATUTE$, THE UNDERSIoNED LmTED LTABH1TY CONTANY SUBMffS THE FOLLOWING STATEMENT TO DESIGNATE A REGISTERED OFFICE AND REGISTERED AGENT N THE STATE OF FLORIDA. 1. The name of the Limited Liabiliry Company is: Bond LogisTix L1,.0 2. The timiz and the Florida street address of the registered agent and office are: C) C T Corporation System clo C T Corporation System, 1200 South Pine lsixnd Road x Florida. Street srtdrws (?.0. 130X JY= ACCEPTABLE) 9? Plantations, 33324 �� `. C3 (Citylsftvwzip) Having beers named as registered agertr and ro accept service csf process far the above stated limited liability company at the place designated in this certiffcata, Ihereby accept the appoinrwnt as registered agent and agree to act in this capacity. Ifurticer -agree to comply widt the provisions of all statutes relating to the proper and complete performance of my duties, and cam fat iMar wftlx and accept the obligations of my position as registered agent Qs provided for in Chapter 60k F.S. C T Corporation Sys= By: �Sigrteturo) S 100_00 Filing Fee for Appliesfinra S 25.00 Designation of Registered Agent S 30.00 CerfiAed Copp (optional) S 5.00 Certificate of Status (eptionat) F:,pSt W Y17•Q6 C 7 Syatee, CRf}ac 0 DeCaware PEE 1 TheFirst State I, X)NRRIET SMITH WIM$ORr SECRETARY ON' STATE OF TgE STATE OF t=ZAWAREr DO HBRZBY CERTIXPY "SOND LOCrIS",!,'T.X LLC*' IS DULY F'OR1-£I3 CINDER THE LAWS Or THE STh-TE OF DELAWARE .AND IS IN GOOD STA" G Al-M HAS A LECIAL EXISTENCE SO SAIL R5 THE RECORDS OF THIS OFFICE SHOW, AS OF THE SEVENTEENTH DAY OF NOVZNBER, A.D. 2003 .AND I DO i tVMSY FZMTEZR CERTIFY THAT THE ANNUAL TAXES HXXM BEEN ZtAID TO 14XTE . 329257.9 8300 0307:37699 Huriet Swett Wbuftar, Secretary of State AXITUENTIC.ATION : 2754405 DATE: li--17-03 Comer CANOTty AdmnstratimSsDepubmm Prowreanmt.Si 1ws DiAS Form 3: Ir m%Tatiou Affidavit Certification This Affidavit is required and should be signed, by an authorized principal of the firm and submitted with formal solicitation submittals Further, Vendors are required to be enrolled in the.E-Verify program (iitt�s:/luw.e-verify.ov/). at the time of the submission of the Vender's proposanid. Acceptable evidence of your enrollment consists of a copy of the properly completed E- Verify Company Profile page or a copy of the fully executed E-Verify Memorandum of Undmsstanding for the company which will be produced at the time of the submission of the Vendor's proposallbid or within five (S) day of the County's Notice of recommend Award. FAILURE TO EXECUTE TIM AFFIDAVIT CERTIIFICATION AND SUBMIT WITH VENDOR'S PROPOSALCBID MAY DEEM THE VENDOR'S AS NON41ESPONSIVE. Collier County will not intentionally award County contracts to any Vendor who knowingly employs unauthorized alien workers, constituting a violation of the employment provision contained in 8 U.S.C. Section 1324 a(e) Section 274A(e) of the Immigration and Nationality Act ("INA"). Collier County may consider the employment by any Vendor of unauthorized aliens a violation of Section 274A. (c) of the INA. Such Violation by the recipient of the Employment Provisions contained in Section 274A (e) of the MA shall be grounds for unilateral termination of the contract by Collier County. Vendor attests that they are fully compliant with all applicable immigration laws (specifically to the 1986 immigration Act and subsequent Amendment(s)) and agrees to comply with the provisions of the Memorandum of Understanding with &Verify and to provide proof of enrollment in The Employment Eligibility Verification System (E-Verify), operated- by the Department of Homeland Security in partuersiup with the Social Security Acitrunistraticm at the time of submission of the Vendor's proposal/bid. BLX Grow LLC Co ame �.n i 'gnature Erik B. Dingwall_ ManagjAg Director_ Print Name and Title State of Florida County of Hillsimrougb The flregoing instrument was acknowledged before me by means of 0 physical presence oronline notarization, this (� day Of 4 {monih),(year) icyViIn of n acknowledging). (Sigtiatnre o N Public - of Florida} Personally Known OR Produced Identification 11�� 11L`1A� Type of ldentiftcaticin Produced (Print} Type, or Stamp Commissiomed Name of Notary Public) =tiaX °ua . KELLY PRIN1EL Notary Public • State of Florida Commission N GG 948387 oFn° My Comm. Expires Jan 16, 2024 Bonded through National Notary Assn. *�UPDATFM JAMARY A 2020*** - erifv- or .Y Company ID Number: 1629542 THE E-VERIFY MEMORANDUM OF UNDERSTANDING FOR EMPLOYERS ARTICLE I PURPOSE AND AUTHORITY The parties to this agreement are the Department of Homeland Security (DHS) and the BLX Group LLC (Employer). The purpose of this agreement is to set forth terms and conditions which the Employer will follow while participating in E-Verify. E-Verify is a program that electronically confirms an employee's eligibility to work in the United States after completion of Form 1-9, Employment Eligibility Verification (Form 1-9). This Memorandum of Understanding (MOU) explains certain features of the E-Verify program and describes specific responsibilities of the Employer, the Social Security Administration (SSA), and DHS. Authority for the E-Verify program is found in Title IV, Subtitle A, of the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (IIRIRA), Pub. L. 104-208, 110 Stat. 3009, as amended (8 U.S.C. § 1324a note). The Federal Acquisition Regulation (FAR) Subpart 22.18, "Employment Eligibility Verification" and Executive Order 12989, as amended, provide authority for Federal contractors and subcontractors (Federal contractor) to use E-Verify to verify the employment eligibility of certain employees working on Federal contracts. ARTICLE II RESPONSIBILITIES A. RESPONSIBILITIES OF THE EMPLOYER 1. The Employer agrees to display the following notices supplied by DHS in a prominent place that is clearly visible to prospective employees and all employees who are to be verified through the system: a. Notice of E-Verify Participation b. Notice of Right to Work 2. The Employer agrees to provide to the SSA and DHS the names, titles, addresses, and telephone numbers of the Employer representatives to be contacted about E-Verify. The Employer also agrees to keep such information current by providing updated information to SSA and DHS whenever the representatives' contact information changes. 3. The Employer agrees to grant E-Verify access only to current employees who need E-Verify access. Employers must promptly terminate an employee's E-Verify access if the employer is separated from the company or no longer needs access to E-Verify. Page 1 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 4. The Employer agrees to become familiar with and comply with the most recent version of the E-Verify User Manual. 5. The Employer agrees that any Employer Representative who will create E-Verify cases will complete the E-Verify Tutorial before that individual creates any cases. a. The Employer agrees that all Employer representatives will take the refresher tutorials when prompted by E-Verify in order to continue using E-Verify. Failure to complete a refresher tutorial will prevent the Employer Representative from continued use of E-Verify. 6. The Employer agrees to comply with current Form 1-9 procedures, with two exceptions: a. If an employee presents a "List B" identity document, the Employer agrees to only accept "List B" documents that contain a photo. (List B documents identified in 8 C.F.R. § 274a.2(b)(1)(B)) can be presented during the Form I-9 process to establish identity.) If an employee objects to the photo requirement for religious reasons, the Employer should contact E-Verify at 888-464-4218. b. If an employee presents a DHS Form 1-551 (Permanent Resident Card), Form 1-766 (Employment Authorization Document), or U.S. Passport or Passport Card to complete Form 1-9, the Employer agrees to make a photocopy of the document and to retain the photocopy with the employee's Form 1-9. The Employer will use the photocopy to verify the photo and to assist DHS with its review of photo mismatches that employees contest. DHS may in the future designate other documents that activate the photo screening tool. Note: Subject only to the exceptions noted previously in this paragraph, employees still retain the right to present any List A, or List B and List C, document(s) to complete the Form 1-9. 7. The Employer agrees to record the case verification number on the employee's Form 1-9 or to print the screen containing the case verification number and attach it to the employee's Form 1-9. 8. The Employer agrees that, although it participates in E-Verify, the Employer has a responsibility to complete, retain, and make available for inspection Forms 1-9 that relate to its employees, or from other requirements of applicable regulations or laws, including the obligation to comply with the antidiscrimination requirements of section 274B of the INA with respect to Form 1-9 procedures. a. The following modified requirements are the only exceptions to an Employer's obligation to not employ unauthorized workers and comply with the anti -discrimination provision of the INA: (1) List B identity documents must have photos, as described in paragraph 6 above; (2) When an Employer confirms the identity and employment eligibility of newly hired employee using E-Verify procedures, the Employer establishes a rebuttable presumption that it has not violated section 274A(a)(1)(A) of the Immigration and Nationality Act (INA) with respect to the hiring of that employee; (3) If the Employer receives a final nonconfirmation for an employee, but continues to employ that person, the Employer must notify DHS and the Employer is subject to a civil money penalty between $550 and $1,100 for each failure to notify DHS of continued employment following a final nonconfirmation; (4) If the Employer continues to employ an employee after receiving a final nonconfirmation, then the Employer is subject to a rebuttable presumption that it has knowingly Page 2 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 employed an unauthorized alien in violation of section 274A(a)(1)(A); and (5) no E-Verify participant is civilly or criminally liable under any law for any action taken in good faith based on information provided through the E-Verify. b. DHS reserves the right to conduct Form 1-9 compliance inspections, as well as any other enforcement or compliance activity authorized by law, including site visits, to ensure proper use of E-Verify. 9. The Employer is strictly prohibited from creating an E-Verify case before the employee has been hired, meaning that a firm offer of employment was extended and accepted and Form 1-9 was completed. The Employer agrees to create an E-Verify case for new employees within three Employer business days after each employee has been hired (after both Sections 1 and 2 of Form 1-9 have been completed), and to complete as many steps of the E-Verify process as are necessary according to the E-Verify User Manual. If E-Verify is temporarily unavailable, the three-day time period will be extended until it is again operational in order to accommodate the Employer's attempting, in good faith, to make inquiries during the period of unavailability. 10. The Employer agrees not to use E-Verify for pre -employment screening of job applicants, in support of any unlawful employment practice, or for any other use that this MOU or the E-Verify User Manual does not authorize. 11. The Employer must use E-Verify for all new employees. The Employer will not verify selectively and will not verify employees hired before the effective date of this MOU. Employers who are Federal contractors may qualify for exceptions to this requirement as described in Article II.B of this MOU. 12. The Employer agrees to follow appropriate procedures (see Article III below) regarding tentative nonconfirmations. The Employer must promptly notify employees in private of the finding and provide them with the notice and letter containing information specific to the employee's E-Verify case. The Employer agrees to provide both the English and the translated notice and letter for employees with limited English proficiency to employees. The Employer agrees to provide written referral instructions to employees and instruct affected employees to bring the English copy of the letter to the SSA. The Employer must allow employees to contest the finding, and not take adverse action against employees if they choose to contest the finding, while their case is still pending. Further, when employees contest a tentative nonconfirmation based upon a photo mismatch, the Employer must take additional steps (see Article III.B. below) to contact DHS with information necessary to resolve the challenge. 13. The Employer agrees not to take any adverse action against an employee based upon the employee's perceived employment eligibility status while SSA or DHS is processing the verification request unless the Employer obtains knowledge (as defined in 8 C.F.R. § 274a.1(1)) that the employee is not work authorized. The Employer understands that an initial inability of the SSA or DHS automated verification system to verify work authorization, a tentative nonconfirmation, a case in continuance (indicating the need for additional time for the government to resolve a case), or the finding of a photo mismatch, does not establish, and should not be interpreted as, evidence that the employee is not work authorized. In any of such cases, the employee must be provided a full and fair opportunity to contest the finding, and if he or she does so, the employee may not be terminated or suffer any adverse employment consequences based upon the employee's perceived employment eligibility status Page 3 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 (including denying, reducing, or extending work hours, delaying or preventing training, requiring an employee to work in poorer conditions, withholding pay, refusing to assign the employee to a Federal contract or other assignment, or otherwise assuming that he or she is unauthorized to work) until and unless secondary verification by SSA or DHS has been completed and a final nonconfirmation has been issued. If the employee does not choose to contest a tentative nonconfirmation or a photo mismatch or if a secondary verification is completed and a final nonconfirmation is issued, then the Employer can find the employee is not work authorized and terminate the employee's employment. Employers or employees with questions about a final nonconfirmation may call E-Verify at 1-888-464- 4218 (customer service) or 1-888-897-7781 (worker hotline). 14. The Employer agrees to comply with Title VII of the Civil Rights Act of 1964 and section 274B of the INA as applicable by not discriminating unlawfully against any individual in hiring, firing, employment eligibility verification, or recruitment or referral practices because of his or her national origin or citizenship status, or by committing discriminatory documentary practices. The Employer understands that such illegal practices can include selective verification or use of E-Verify except as provided in part D below, or discharging or refusing to hire employees because they appear or sound "foreign" or have received tentative nonconfirmations. The Employer further understands that any violation of the immigration -related unfair employment practices provisions in section 274B of the INA could subject the Employer to civil penalties, back pay awards, and other sanctions, and violations of Title VII could subject the Employer to back pay awards, compensatory and punitive damages. Violations of either section 274B of the INA or Title VII may also lead to the termination of its participation in E-Verify. If the Employer has any questions relating to the anti -discrimination provision, it should contact OSC at 1-800-255-8155 or 1-800-237-2515 (TDD). 15. The Employer agrees that it will use the information it receives from E-Verify only to confirm the employment eligibility of employees as authorized by this MOU. The Employer agrees that it will safeguard this information, and means of access to it (such as PINS and passwords), to ensure that it is not used for any other purpose and as necessary to protect its confidentiality, including ensuring that it is not disseminated to any person other than employees of the Employer who are authorized to perform the Employer's responsibilities under this MOU, except for such dissemination as may be authorized in advance by SSA or DHS for legitimate purposes. 16. The Employer agrees to notify DHS immediately in the event of a breach of personal information. Breaches are defined as loss of control or unauthorized access to E-Verify personal data. All suspected or confirmed breaches should be reported by calling 1-888-464-4218 or via email at E-Verify(@dhs.gov. Please use "Privacy Incident — Password" in the subject line of your email when sending a breach report to E-Verify. 17. The Employer acknowledges that the information it receives from SSA is governed by the Privacy Act (5 U.S.C. § 552a(i)(1) and (3)) and the Social Security Act (42 U.S.C. 1306(a)). Any person who obtains this information under false pretenses or uses it for any purpose other than as provided for in this MOU may be subject to criminal penalties. 18. The Employer agrees to cooperate with DHS and SSA in their compliance monitoring and evaluation of E-Verify, which includes permitting DHS, SSA, their contractors and other agents, upon Page 4 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 Eifv- -Ver Company ID Number: 1629542 reasonable notice, to review Forms 1-9 and other employment records and to interview it and its employees regarding the Employer's use of E-Verify, and to respond in a prompt and accurate manner to DHS requests for information relating to their participation in E-Verify. 19. The Employer shall not make any false or unauthorized claims or references about its participation in E-Verify on its website, in advertising materials, or other media. The Employer shall not describe its services as federally -approved, federally -certified, or federally -recognized, or use language with a similar intent on its website or other materials provided to the public. Entering into this MOU does not mean that E-Verify endorses or authorizes your E-Verify services and any claim to that effect is false. 20. The Employer shall not state in its website or other public documents that any language used therein has been provided or approved by DHS, USCIS or the Verification Division, without first obtaining the prior written consent of DHS. 21. The Employer agrees that E-Verify trademarks and logos may be used only under license by DHS/USCIS (see M-795 (Web)) and, other than pursuant to the specific terms of such license, may not be used in any manner that might imply that the Employer's services, products, websites, or publications are sponsored by, endorsed by, licensed by, or affiliated with DHS, USCIS, or E-Verify. 22. The Employer understands that if it uses E-Verify procedures for any purpose other than as authorized by this MOU, the Employer may be subject to appropriate legal action and termination of its participation in E-Verify according to this MOU. B. RESPONSIBILITIES OF FEDERAL CONTRACTORS 1. If the Employer is a Federal contractor with the FAR E-Verify clause subject to the employment verification terms in Subpart 22.18 of the FAR, it will become familiar with and comply with the most current version of the E-Verify User Manual for Federal Contractors as well as the E-Verify Supplemental Guide for Federal Contractors. 2. In addition to the responsibilities of every employer outlined in this MOU, the Employer understands that if it is a Federal contractor subject to the employment verification terms in Subpart 22.18 of the FAR it must verify the employment eligibility of any "employee assigned to the contract" (as defined in FAR 22.1801). Once an employee has been verified through E-Verify by the Employer, the Employer may not create a second case for the employee through E-Verify. a. An Employer that is not enrolled in E-Verify as a Federal contractor at the time of a contract award must enroll as a Federal contractor in the E-Verify program within 30 calendar days of contract award and, within 90 days of enrollment, begin to verify employment eligibility of new hires using E-Verify. The Employer must verify those employees who are working in the United States, whether or not they are assigned to the contract. Once the Employer begins verifying new hires, such verification of new hires must be initiated within three business days after the hire date. Once enrolled in E-Verify as a Federal contractor, the Employer must begin verification of employees assigned to the contract within 90 calendar days after the date of enrollment or within 30 days of an employee's assignment to the contract, whichever date is later. Page 5 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 b. Employers enrolled in E-Verify as a Federal contractor for 90 days or more at the time of a contract award must use E-Verify to begin verification of employment eligibility for new hires of the Employer who are working in the United States, whether or not assigned to the contract, within three business days after the date of hire. If the Employer is enrolled in E-Verify as a Federal contractor for 90 calendar days or less at the time of contract award, the Employer must, within 90 days of enrollment, begin to use E-Verify to initiate verification of new hires of the contractor who are working in the United States, whether or not assigned to the contract. Such verification of new hires must be initiated within three business days after the date of hire. An Employer enrolled as a Federal contractor in E-Verify must begin verification of each employee assigned to the contract within 90 calendar days after date of contract award or within 30 days after assignment to the contract, whichever is later. c. Federal contractors that are institutions of higher education (as defined at 20 U.S.C. 1001(a)), state or local governments, governments of Federally recognized Indian tribes, or sureties performing under a takeover agreement entered into with a Federal agency under a performance bond may choose to only verify new and existing employees assigned to the Federal contract. Such Federal contractors may, however, elect to verify all new hires, and/or all existing employees hired after November 6, 1986. Employers in this category must begin verification of employees assigned to the contract within 90 calendar days after the date of enrollment or within 30 days of an employee's assignment to the contract, whichever date is later. d. Upon enrollment, Employers who are Federal contractors may elect to verify employment eligibility of all existing employees working in the United States who were hired after November 6, 1986, instead of verifying only those employees assigned to a covered Federal contract. After enrollment, Employers must elect to verify existing staff following DHS procedures and begin E-Verify verification of all existing employees within 180 days after the election. e. The Employer may use a previously completed Form 1-9 as the basis for creating an E-Verify case for an employee assigned to a contract as long as: i. That Form 1-9 is complete (including the SSN) and complies with Article II.A.6, ii. The employee's work authorization has not expired, and iii. The Employer has reviewed the Form 1-9 information either in person or in communications with the employee to ensure that the employee's Section 1, Form 1-9 attestation has not changed (including, but not limited to, a lawful permanent resident alien having become a naturalized U.S. citizen). f. The Employer shall complete a new Form 1-9 consistent with Article II.A.6 or update the previous Form 1-9 to provide the necessary information if: i. The Employer cannot determine that Form 1-9 complies with Article II.A.6, ii. The employee's basis for work authorization as attested in Section 1 has expired or changed, or iii. The Form 1-9 contains no SSN or is otherwise incomplete. Note: If Section 1 of Form 1-9 is otherwise valid and up-to-date and the form otherwise complies with Page 6 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 Article II.C.5, but reflects documentation (such as a U.S. passport or Form 1-551) that expired after completing Form 1-9, the Employer shall not require the production of additional documentation, or use the photo screening tool described in Article II.A.5, subject to any additional or superseding instructions that may be provided on this subject in the E-Verify User Manual. g. The Employer agrees not to require a second verification using E-Verify of any assigned employee who has previously been verified as a newly hired employee under this MOU or to authorize verification of any existing employee by any Employer that is not a Federal contractor based on this Article. 3. The Employer understands that if it is a Federal contractor, its compliance with this MOU is a performance requirement under the terms of the Federal contract or subcontract, and the Employer consents to the release of information relating to compliance with its verification responsibilities under this MOU to contracting officers or other officials authorized to review the Employer's compliance with Federal contracting requirements. C. RESPONSIBILITIES OF SSA 1. SSA agrees to allow DHS to compare data provided by the Employer against SSA's database. SSA sends DHS confirmation that the data sent either matches or does not match the information in SSA's database. 2. SSA agrees to safeguard the information the Employer provides through E-Verify procedures. SSA also agrees to limit access to such information, as is appropriate by law, to individuals responsible for the verification of Social Security numbers or responsible for evaluation of E-Verify or such other persons or entities who may be authorized by SSA as governed by the Privacy Act (5 U.S.C. § 552a), the Social Security Act (42 U.S.C. 1306(a)), and SSA regulations (20 CFR Part 401). 3. SSA agrees to provide case results from its database within three Federal Government work days of the initial inquiry. E-Verify provides the information to the Employer. 4. SSA agrees to update SSA records as necessary if the employee who contests the SSA tentative nonconfirmation visits an SSA field office and provides the required evidence. If the employee visits an SSA field office within the eight Federal Government work days from the date of referral to SSA, SSA agrees to update SSA records, if appropriate, within the eight -day period unless SSA determines that more than eight days may be necessary. In such cases, SSA will provide additional instructions to the employee. If the employee does not visit SSA in the time allowed, E-Verify may provide a final nonconfirmation to the employer. Note: If an Employer experiences technical problems, or has a policy question, the employer should contact E-Verify at 1-888-464-4218. D. RESPONSIBILITIES OF DHS 1. DHS agrees to provide the Employer with selected data from DHS databases to enable the Employer to conduct, to the extent authorized by this MOU: a. Automated verification checks on alien employees by electronic means, and Page 7 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 - erifv- or .Y Company ID Number: 1629542 b. Photo verification checks (when available) on employees. 2. DHS agrees to assist the Employer with operational problems associated with the Employer's participation in E-Verify. DHS agrees to provide the Employer names, titles, addresses, and telephone numbers of DHS representatives to be contacted during the E-Verify process. 3. DHS agrees to provide to the Employer with access to E-Verify training materials as well as an E-Verify User Manual that contain instructions on E-Verify policies, procedures, and requirements for both SSA and DHS, including restrictions on the use of E-Verify. 4. DHS agrees to train Employers on all important changes made to E-Verify through the use of mandatory refresher tutorials and updates to the E-Verify User Manual. Even without changes to E-Verify, DHS reserves the right to require employers to take mandatory refresher tutorials. 5. DHS agrees to provide to the Employer a notice, which indicates the Employer's participation in E-Verify. DHS also agrees to provide to the Employer anti -discrimination notices issued by the Office of Special Counsel for Immigration -Related Unfair Employment Practices (OSC), Civil Rights Division, U.S. Department of Justice. 6. DHS agrees to issue each of the Employer's E-Verify users a unique user identification number and password that permits them to log in to E-Verify. 7. DHS agrees to safeguard the information the Employer provides, and to limit access to such information to individuals responsible for the verification process, for evaluation of E-Verify, or to such other persons or entities as may be authorized by applicable law. Information will be used only to verify the accuracy of Social Security numbers and employment eligibility, to enforce the INA and Federal criminal laws, and to administer Federal contracting requirements. 8. DHS agrees to provide a means of automated verification that provides (in conjunction with SSA verification procedures) confirmation or tentative nonconfirmation of employees' employment eligibility within three Federal Government work days of the initial inquiry. 9. DHS agrees to provide a means of secondary verification (including updating DHS records) for employees who contest DHS tentative nonconfirmations and photo mismatch tentative nonconfirmations. This provides final confirmation or nonconfirmation of the employees' employment eligibility within 10 Federal Government work days of the date of referral to DHS, unless DHS determines that more than 10 days may be necessary. In such cases, DHS will provide additional verification instructions. ARTICLE III REFERRAL OF INDIVIDUALS TO SSA AND DHS A. REFERRAL TO SSA 1. If the Employer receives a tentative nonconfirmation issued by SSA, the Employer must print the notice as directed by E-Verify. The Employer must promptly notify employees in private of the finding and provide them with the notice and letter containing information specific to the employee's E-Verify Page 8 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 case. The Employer also agrees to provide both the English and the translated notice and letter for employees with limited English proficiency to employees. The Employer agrees to provide written referral instructions to employees and instruct affected employees to bring the English copy of the letter to the SSA. The Employer must allow employees to contest the finding, and not take adverse action against employees if they choose to contest the finding, while their case is still pending. 2. The Employer agrees to obtain the employee's response about whether he or she will contest the tentative nonconfirmation as soon as possible after the Employer receives the tentative nonconfirmation. Only the employee may determine whether he or she will contest the tentative nonconfirmation. 3. After a tentative nonconfirmation, the Employer will refer employees to SSA field offices only as directed by E-Verify. The Employer must record the case verification number, review the employee information submitted to E-Verify to identify any errors, and find out whether the employee contests the tentative nonconfirmation. The Employer will transmit the Social Security number, or any other corrected employee information that SSA requests, to SSA for verification again if this review indicates a need to do so. 4. The Employer will instruct the employee to visit an SSA office within eight Federal Government work days. SSA will electronically transmit the result of the referral to the Employer within 10 Federal Government work days of the referral unless it determines that more than 10 days is necessary. 5. While waiting for case results, the Employer agrees to check the E-Verify system regularly for case updates. 6. The Employer agrees not to ask the employee to obtain a printout from the Social Security Administration number database (the Numident) or other written verification of the SSN from the SSA. B. REFERRAL TO DHS 1. If the Employer receives a tentative nonconfirmation issued by DHS, the Employer must promptly notify employees in private of the finding and provide them with the notice and letter containing information specific to the employee's E-Verify case. The Employer also agrees to provide both the English and the translated notice and letter for employees with limited English proficiency to employees. The Employer must allow employees to contest the finding, and not take adverse action against employees if they choose to contest the finding, while their case is still pending. 2. The Employer agrees to obtain the employee's response about whether he or she will contest the tentative nonconfirmation as soon as possible after the Employer receives the tentative nonconfirmation. Only the employee may determine whether he or she will contest the tentative nonconfirmation. 3. The Employer agrees to refer individuals to DHS only when the employee chooses to contest a tentative nonconfirmation. 4. If the employee contests a tentative nonconfirmation issued by DHS, the Employer will instruct the Page 9 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 - erifv- or .Y Company ID Number: 1629542 employee to contact DHS through its toll -free hotline (as found on the referral letter) within eight Federal Government work days. 5. If the Employer finds a photo mismatch, the Employer must provide the photo mismatch tentative nonconfirmation notice and follow the instructions outlined in paragraph 1 of this section for tentative nonconfirmations, generally. 6. The Employer agrees that if an employee contests a tentative nonconfirmation based upon a photo mismatch, the Employer will send a copy of the employee's Form 1-551, Form 1-766, U.S. Passport, or passport card to DHS for review by: a. Scanning and uploading the document, or b. Sending a photocopy of the document by express mail (furnished and paid for by the employer). 7. The Employer understands that if it cannot determine whether there is a photo match/mismatch, the Employer must forward the employee's documentation to DHS as described in the preceding paragraph. The Employer agrees to resolve the case as specified by the DHS representative who will determine the photo match or mismatch. 8. DHS will electronically transmit the result of the referral to the Employer within 10 Federal Government work days of the referral unless it determines that more than 10 days is necessary. 9. While waiting for case results, the Employer agrees to check the E-Verify system regularly for case updates. ARTICLE IV SERVICE PROVISIONS A. NO SERVICE FEES 1. SSA and DHS will not charge the Employer for verification services performed under this MOU. The Employer is responsible for providing equipment needed to make inquiries. To access E-Verify, an Employer will need a personal computer with Internet access. ARTICLE V MODIFICATION AND TERMINATION A. MODIFICATION 1. This MOU is effective upon the signature of all parties and shall continue in effect for as long as the SSA and DHS operates the E-Verify program unless modified in writing by the mutual consent of all parties. 2. Any and all E-Verify system enhancements by DHS or SSA, including but not limited to E-Verify checking against additional data sources and instituting new verification policies or procedures, will be covered under this MOU and will not cause the need for a supplemental MOU that outlines these changes. Page 10 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 Eifv- -Ver Company ID Number: 1629542 B. TERMINATION 1. The Employer may terminate this MOU and its participation in E-Verify at any time upon 30 days prior written notice to the other parties. 2. Notwithstanding Article V, part A of this MOU, DHS may terminate this MOU, and thereby the Employer's participation in E-Verify, with or without notice at any time if deemed necessary because of the requirements of law or policy, or upon a determination by SSA or DHS that there has been a breach of system integrity or security by the Employer, or a failure on the part of the Employer to comply with established E-Verify procedures and/or legal requirements. The Employer understands that if it is a Federal contractor, termination of this MOU by any party for any reason may negatively affect the performance of its contractual responsibilities. Similarly, the Employer understands that if it is in a state where E-Verify is mandatory, termination of this by any party MOU may negatively affect the Employer's business. 3. An Employer that is a Federal contractor may terminate this MOU when the Federal contract that requires its participation in E-Verify is terminated or completed. In such cases, the Federal contractor must provide written notice to DHS. If an Employer that is a Federal contractor fails to provide such notice, then that Employer will remain an E-Verify participant, will remain bound by the terms of this MOU that apply to non -Federal contractor participants, and will be required to use the E-Verify procedures to verify the employment eligibility of all newly hired employees. 4. The Employer agrees that E-Verify is not liable for any losses, financial or otherwise, if the Employer is terminated from E-Verify. ARTICLE VI PARTIES A. Some or all SSA and DHS responsibilities under this MOU may be performed by contractor(s), and SSA and DHS may adjust verification responsibilities between each other as necessary. By separate agreement with DHS, SSA has agreed to perform its responsibilities as described in this MOU. B. Nothing in this MOU is intended, or should be construed, to create any right or benefit, substantive or procedural, enforceable at law by any third party against the United States, its agencies, officers, or employees, or against the Employer, its agents, officers, or employees. C. The Employer may not assign, directly or indirectly, whether by operation of law, change of control or merger, all or any part of its rights or obligations under this MOU without the prior written consent of DHS, which consent shall not be unreasonably withheld or delayed. Any attempt to sublicense, assign, or transfer any of the rights, duties, or obligations herein is void. D. Each party shall be solely responsible for defending any claim or action against it arising out of or related to E-Verify or this MOU, whether civil or criminal, and for any liability wherefrom, including (but not limited to) any dispute between the Employer and any other person or entity regarding the applicability of Section 403(d) of IIRIRA to any action taken or allegedly taken by the Employer. E. The Employer understands that its participation in E-Verify is not confidential information and may be disclosed as authorized or required by law and DHS or SSA policy, including but not limited to, Page 11 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 - eri Efv- or Company ID Number: 1629542 Congressional oversight, E-Verify publicity and media inquiries, determinations of compliance with Federal contractual requirements, and responses to inquiries under the Freedom of Information Act (FOIA). F. The individuals whose signatures appear below represent that they are authorized to enter into this MOU on behalf of the Employer and DHS respectively. The Employer understands that any inaccurate statement, representation, data or other information provided to DHS may subject the Employer, its subcontractors, its employees, or its representatives to: (1) prosecution for false statements pursuant to 18 U.S.C. 1001 and/or; (2) immediate termination of its MOU and/or; (3) possible debarment or suspension. G. The foregoing constitutes the full agreement on this subject between DHS and the Employer. To be accepted as an E-Verify participant, you should only sign the Employer's Section of the signature page. If you have any questions, contact E-Verify at 1-888-464-4218. Page 12 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 Approved by: Employer BLX Group LLC Name (Please Type or Print) Title Stallings Sandra Signature Date Electronically Signed 01/16/2021 Department of Homeland Security — Verification Division Name (Please Type or Print) Title USCIS Verification Division Signature Date Electronically Signed 01/16/2021 Page 13 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 Eifv- -Verry.Y or Company ID Number: 1629542 Information Required for the E-Verify Program Information relating to your Company: BLX Group LLC Company Name 777 S. Figueroa St. Suite 3200 Company Facility Address Los Angeles, CA 90017 Company Alternate Address County or Parish LOS ANGELES Employer Identification Number 510404065 North American Industry 541 Classification Systems Code Orrick, Herrington & Sutcliffe LLP Parent Company Number of Employees 20 to 99 Number of Sites Verified for 2 Page 14 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 Are you verifying for more than 1 site? If yes, please provide the number of sites verified for in each State: CALIFORNIA 1 site(s) TEXAS 1 site(s) Page 15 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 E-Verifv- or Company ID Number: 1629542 Information relating to the Program Administrator(s) for your Company on policy questions or operational problems: Name Cynthia Sixtos Phone Number (213) 612 - 2207 Fax Number (213) 612 - 2499 Email Address cquezada@blxgroup.com Name Stallings F Sandra Phone Number (214) 989 - 2701 Fax Number (214) 989 - 2712 Email Address sstallings@blxgroup.com Page 16 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 - eri Efv- or Company ID Number: 1629542 Page intentionally left blank Page 17 of 17 E-Verify MOU for Employers I Revision Date 06/01/13 Ca air County Not Applicable Administrable Services Department Procurement Services Division Form 4: Vendor Submittal — Local Vendor Preference Certification (Check Appropriate Boxes Below) State of Florida (Select County if Vendor is described as a Local Business) ❑ Collier County ❑ Lee County Vendor affirms that it is a local business as defined by the Procurement Ordinance of the Collier County Board of County Commissioners and the Regulations Thereto. As defined in Section Fifteen of the Collier County Procurement Ordinance: Local business means the vendor has a current Business Tax Receipt issued by the Collier County Tax Collector prior to bid or proposal submission to do business within Collier County, and that identifies the business with a permanent physical business address located within the limits of Collier County from which the vendor's staff operates and performs business in an area zoned for the conduct of such business. A Post Office Box or a facility that receives mail, or a non -permanent structure such as a construction trailer, storage shed, or other non -permanent structure shall not be used for the purpose of establishing said physical address. In addition to the foregoing, a vendor shall not be considered a "local business" unless it contributes to the economic development and well-being of Collier County in a verifiable and measurable way. This may include, but not be limited to, the retention and expansion of employment opportunities, support and increase to the County's tax base, and residency of employees and principals of the business within Collier County. Vendors shall affirm in writing their compliance with the foregoing at the time of submitting their bid or proposal to be eligible for consideration as a "local business" under this section. A vendor who misrepresents the Local Preference status of its firm in a proposal or bid submitted to the County will lose the privilege to claim Local Preference status for a period of up to one year under this section. Vendor must complete the following information: Year Business Established in []Collier County or ❑ Lee County: Number of Employees (Including Owner(s) or Corporate Officers): Number of Employees Living in ❑ Collier County or ❑ Lee (Including Owner(s) or Corporate Officers): If requested by the County, Vendor will be required to provide documentation substantiating the information given in this certification. Failure to do so will result in vendor's submission being deemed not applicable. Sign and Date Certification: Under penalties ofPeriury, I certify that the information shown on this form is correct to my knowledge. Company Name: Address in Collier or Lee County: Signature: Date: Title: ***UPDATED JANUARY 28, 2020*** Collier County Solicitation 21-7909 Collier County Administrative Services Department Procurement Services Division Form 5 Reference Questionnaire (USE ONE FORM FOR EACH REQUIRED REFERENCE) Solicitation: RFP No. 21-7909: Arbitrage Rebate Reference Questionnaire for: BLX Group LLC (Name of Company Requesting Reference Information) Erik Dingwall, Managing Director (Name of Individuals Requesting Reference Information) Name: Jeannette Ingersoll, Treasurer Company: The School District of Lee County (Evaluator completing reference questionnaire) (Evaluator's Company completing reference) Email: Jeanetteii@leeschools.net FAX: (239) 337-8604 Telephone: (239) 337-8227 Collier County has implemented a process that collects reference information on firms and their key personnel to be used in the selection of firms to perform this project. The Name of the Company listed in the Subject above has listed you as a client for which they have previously performed work. Please complete the survey. Please rate each criteria to the best of your knowledge on a scale of 1 to 10, with 10 representing that you were very satisifed (and would hire the firm/individual again) and 1 representing that you were very unsatisfied (and would never hire the firm/indivdival again). If you do not have sufficient knowledge of past performance in a particular area, leave it blank and the item or form will be scored "0." Project Description: Annual Rebate Calculations Project Budget: As required for each calculation Completion Date: As needed throught the year Project Number of Days: NA Item Criteria Score (must be completed) 1 Ability to manage the project costs (minimize change orders to scope). 10 2 Ability to maintain project schedule (complete on -time or early). 10 3 Quality of work. 10 4 Quality of consultative advice provided on the project. 10 5 Professionalism and ability to manage personnel. 10 6 Project administration (completed documents, final invoice, fmal product turnover; invoices; manuals or going forward documentation, etc.) 10 7 Ability to verbally communicate and document information clearly and succinctly. 10 8 Abiltity to manage risks and unexpected project circumstances. 10 9 Ability to follow contract documents, policies, procedures, rules, regulations, etc. 10 10 Overall comfort level with hiring the company in the future (customer satisfaction). 10 TOTAL SCORE OF ALL ITEMS 100 6/3/2021 1:04 PM p. 27 ***UPDATED JANUARY 28, 2020*** Collier County Solicitation 21-7909 Collier County Administrative Services Department Procurement Services Division Form 5 Reference Questionnaire (USE ONE FORM FOR EACH REQUIRED REFERENCE) Solicitation: RFP No. 21-7909: Arbitrage Rebate Reference Questionnaire for: BLX Group LLC (Name of Company Requesting Reference Information) Erik Dingwall, Managing Director (Name of Individuals Requesting Reference Information) Name: Chris McCullion, Chief Financial Officer Company: City of Orlando (Evaluator completing reference questionnaire) (Evaluator's Company completing reference) Email: christopher.mccullion@cityoforlando.net FAX: 246-4274 Collier County has implemented a process that collects reference information on firms and their key personnel to be used in the selection of firms to perform this project. The Name of the Company listed in the Subject above has listed you as a client for which they have previously performed work. Please complete the survey. Please rate each criteria to the best of your knowledge on a scale of 1 to 10, with 10 representing that you were very satisifed (and would hire the firm/individual again) and 1 representing that you were very unsatisfied (and would never hire the firm/indivdival again). If you do not have sufficient knowledge of past performance in a particular area, leave it blank and the item or form will be scored "0." Project Description: Arbitrage rebate services Project Budget: N/A Completion Date: Ongoing since 2005 or earlier Project Number of Days: N/A Item Criteria Score (must be completed) 1 Ability to manage the project costs (minimize change orders to scope). 10 2 Ability to maintain project schedule (complete on -time or early). 10 3 Quality of work. 10 4 Quality of consultative advice provided on the project. 10 5 Professionalism and ability to manage personnel. 10 6 Project administration (completed documents, final invoice, fmal product turnover; invoices; manuals or going forward documentation, etc.) 10 7 Ability to verbally communicate and document information clearly and succinctly. 10 8 Abiltity to manage risks and unexpected project circumstances. 10 9 Ability to follow contract documents, policies, procedures, rules, regulations, etc. 10 10 Overall comfort level with hiring the company in the future (customer satisfaction). 10 TOTAL SCORE OF ALL ITEMS 100 6/3/2021 1:04 PM p. 27 ***UPDATED JANUARY 28, 2020*** Collier County Solicitation 21-7909 Collier County Administrative Services Department Procurement Services Division Form 5 Reference Questionnaire (USE ONE FORM FOR EACH REQUIRED REFERENCE) Solicitation: RFP No. 21-7909: Arbitrage Rebate Reference Questionnaire for: BLX Group LLC (Name of Company Requesting Reference Information) Sandee Stallings, COO, Managing Director (Name of Individuals Requesting Reference Information) Name: Robin Ragaglia, Director of Finance & Accounting Company: Orange County, FL (Evaluator completing reference questionnaire) (Evaluator's Company completing reference) Email: Robin.Ragaglia@occompt.com FAX: 836-5720 Collier County has implemented a process that collects reference information on firms and their key personnel to be used in the selection of firms to perform this project. The Name of the Company listed in the Subject above has listed you as a client for which they have previously performed work. Please complete the survey. Please rate each criteria to the best of your knowledge on a scale of 1 to 10, with 10 representing that you were very satisifed (and would hire the firm/individual again) and 1 representing that you were very unsatisfied (and would never hire the firm/indivdival again). If you do not have sufficient knowledge of past performance in a particular area, leave it blank and the item or form will be scored "0." Project Description: Arbitrage Rebate Cale & Opinion Project Budget: $6,000 Annual Estimate Completion Date: Varies Project Number of Days: Varies Item Criteria Score (must be completed) 1 Ability to manage the project costs (minimize change orders to scope). 10 2 Ability to maintain project schedule (complete on -time or early). 10 3 Quality of work. 10 4 Quality of consultative advice provided on the project. 10 5 Professionalism and ability to manage personnel. 10 6 Project administration (completed documents, final invoice, fmal product turnover; invoices; manuals or going forward documentation, etc.) 10 7 Ability to verbally communicate and document information clearly and succinctly. 10 8 Abiltity to manage risks and unexpected project circumstances. 10 9 Ability to follow contract documents, policies, procedures, rules, regulations, etc. 10 10 Overall comfort level with hiring the company in the future (customer satisfaction). 10 TOTAL SCORE OF ALL ITEMS 100 6/3/2021 1:04 PM p. 27 ***UPDATED JANUARY 28, 2020*** Collier County Solicitation 21-7909 Collier County Administrative Services Department Procurement Services Division Form 5 Reference Questionnaire (USE ONE FORM FOR EACH REQUIRED REFERENCE) Solicitation: RFP No. 21-7909: Arbitrage Rebate Reference Questionnaire for: BLX Group LLC (Name of Company Requesting Reference Information) Sandee Stallings, COO, Managing Director (Name of Individuals Requesting Reference Information) Name: Arlesa Wood, Bond Administration Division Director Company: Miami -Dade County (Evaluator completing reference questionnaire) (Evaluator's Company completing reference) Email: Arlesa.Wood@miamidade.gov FAX: 305) 375-5147 Collier County has implemented a process that collects reference information on firms and their key personnel to be used in the selection of firms to perform this project. The Name of the Company listed in the Subject above has listed you as a client for which they have previously performed work. Please complete the survey. Please rate each criteria to the best of your knowledge on a scale of 1 to 10, with 10 representing that you were very satisifed (and would hire the firm/individual again) and 1 representing that you were very unsatisfied (and would never hire the firm/indivdival again). If you do not have sufficient knowledge of past performance in a particular area, leave it blank and the item or form will be scored "0." Project Description: Arbitrage Rebate Consultant Project Budget: $550K - 5 yr term Completion Date: Consultant for over 25 years Project Number of Days: on goin Item Criteria Score (must be completed) 1 Ability to manage the project costs (minimize change orders to scope). 10 2 Ability to maintain project schedule (complete on -time or early). 10 3 Quality of work. 10 4 Quality of consultative advice provided on the project. 10 5 Professionalism and ability to manage personnel. 10 6 Project administration (completed documents, final invoice, fmal product turnover; invoices; manuals or going forward documentation, etc.) 10 7 Ability to verbally communicate and document information clearly and succinctly. 10 8 Abiltity to manage risks and unexpected project circumstances. 10 9 Ability to follow contract documents, policies, procedures, rules, regulations, etc. 10 10 Overall comfort level with hiring the company in the future (customer satisfaction). 10 TOTAL SCORE OF ALL ITEMS 100 6/3/2021 1:04 PM p. 27 ***UPDATED JANUARY 28, 2020*** Collier County Solicitation 21-7909 Coflier County Administrative Services Department Procurement Services Division Form 5 Reference Questionnaire (USE ONE FORM FOR EACH REQUIRED REFERENCE) Solicitation: RFP No. 21-7909: Arbitrage Rebate Reference Questionnaire for: BLX Group LLC (Name of Company Requesting Reference Information) Erik Dingwall, Managing Director (Name of Individuals Requesting Reference Information) Name: Holly Simone, Controller Company: City of Fort Myers (Evaluator completing reference questionnaire) (Evaluator's Company completing reference) Email: HSimone@cityftmyers.com FAX: (239) 344-5930 Telephone: (239) 321-7159 Collier County has implemented a process that collects reference information on firms and their key personnel to be used in the selection of firms to perform this project. The Name of the Company listed in the Subject above has listed you as a client for which they have previously performed work. Please complete the survey. Please rate each criteria to the best of your knowledge on a scale of 1 to 10, with 10 representing that you were very satisifed (and would hire the firm/individual again) and 1 representing that you were very unsatisfied (and would never hire the firm/indivdival again). If you do not have sufficient knowledge of past performance in a particular area, leave it blank and the item or form will be scored "0." Project Description: Arbitrage Calculations Completion Date: Ongoing Project Budget: Various, depending on complexity Project Number of Days: Item Criteria Score (must be completed) 1 Ability to manage the project costs (minimize change orders to scope). 10 2 Ability to maintain project schedule (complete on -time or early). 9 3 Quality of work. 10 4 Quality of consultative advice provided on the project. 10 5 Professionalism and ability to manage personnel. 10 6 Project administration (completed documents, final invoice, fmal product turnover; invoices; manuals or going forward documentation, etc.) 10 7 Ability to verbally communicate and document information clearly and succinctly. 10 8 Abiltity to manage risks and unexpected project circumstances. 10 9 Ability to follow contract documents, policies, procedures, rules, regulations, etc. 10 10 Overall comfort level with hiring the company in the future (customer satisfaction). 10 TOTAL SCORE OF ALL ITEMS 6/3/2021 1:04 PM p. 27 ***UPDATED JANUARY 28, 2020*** _ Request for Taxpayer Give Form to the Form Identification Number and Certification requester. Do not (Rev. October2018) Department of the Treasury send to the IRS. Internal Revenue Service ► Go to www.irs.gov1FormW9 for instructions and the latest information. 1 Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. BLX GROUP LLC 2 Business name/disregarded entity name, if different from above a' �p 3 Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only one of the Y 4 Exemptions codes apply only to P� ( PP Y Y ro following seven boxes. certain entities, not individuals; see a instructions on page 3): o ❑ Individual/sole proprietor or ElC Corporation ElS Corporation ElPartnership ElTrust/estate c single -member LLC Exempt payee code (if any) 0.2 -i>16 ❑✓ Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=Partnership) ► C o « Note: Check the appropriate box in the line above for the tax classification of the single -member owner. Do not check Exemption from FATCA reporting rn LLC if the LLC is classified as a single -member LLC that is disregarded from the owner unless the owner of the LLC is LLC is from for federal LLC code ( if any) a another that not disregarded the owner U.S. tax purposes. Otherwise, a single -member that is disregarded from the owner should check the appropriate box for the tax classification of its owner. V N ❑Other (see instructions) ► (Applies to accounts maintained outside the U.S.) (n 5 Address (number, street, and apt. or suite no.) See instructions. Requester's name and address (optional) an 777 S. Figueroa Street, Suite 3200 6 City, state, and ZIP code Los Angeles, CA 90017 7 List account number(s) here (optional) Taxpayer Identification Number (TIN) Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid Social security number backup withholding. For individuals, this is generally your social security number However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I,, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later. or Note: If the account is in more than one name, see the instructions for line 1. Also see What Name and Employer identification number Number To Give the Requester for guidelines on whose number to enter. M51 - 0 4 0 4 0 6 5 Certification Under penalties of perjury, I certify that: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and 2. 1 am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and 3. 1 am a U.S. citizen or other U.S. person (defined below); and 4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later. Sign Signature of Here U.S. person ► +✓ Date ► 1 /19/2021 General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Future developments. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov1F6mi Purpose of Form An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following. • Form 1099-INT (interest earned or paid) • Form 1099-DIV (dividends, including those from stocks or mutual funds) • Form 1099-MISC (various types of income, prizes, awards, or gross proceeds) • Form 1099-B (stock or mutual fund sales and certain other transactions by brokers) • Form 1099-S (proceeds from real estate transactions) • Form 1099-K (merchant card and third party network transactions) • Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition) • Form 1099-C (canceled debt) • Form 1099-A (acquisition or abandonment of secured property) Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN. If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See What is backup withholding, later. Cat. No. 10231X Form W-9 (Rev. 10-2018) 'IeT CD'Li><9.tY Email: . Viviana-Giarimoustas@wlliercountyfl.gov Proaxernent Services Telephone: 239-252-8375 Addendum 1 Date: 6/29/2021 From: Viviana Giarimoustas, Procurement Strategist To: Interested Bidders Subject: Addendum #1 Solicitation 21-7909 Arbitrage Rebate The following clarifications are issued as an addendum identifying the following clarification to the scope of work, changes, deletions, or additions to the original solicitation document for the referenced solicitation: Change 1 _ See following page for fee schedule. if you require additional information please post a question on our Bid Sync (www.bids c.com) bidding platform under the solicitation for this project. Please sign below and return a copy of this Addendum with your submittal for the above referenced solicitation. 7/6/ 202 t Date BLX Group LLC (Name of Firm)