Backup Documents 12/13/2022 Item #16C16 CCW S. A- cf. aoa-� c�c'1 iG+ cr\c� ,
ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIP i C I b
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THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE
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2. --- .
3. County Attorney Office County Attorney Office
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4. BCC Office Board of County
Commissioners Lielj,,f*
5. Minutes and Records Clerk of Court's Office
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Normally the primary contact is the person who created/prepared the Executive Summary. Primary contact information is needed in the event one of the addressees
above,may need to contact staff for additional or missing information.
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Approved by the BCC ( c3 /\ ?. / a
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number if document is
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the meeting have been incorporated in the attached document. The County a tO
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9. Initials of attorney verifying that the attached document is the version approved by the 1
BCC,all changes directed by the BCC have been made,and the document is ready for the �,0 `igfi f
Chairman's signature. thitlfig.
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1 6 G 16
RESOLUTION NO. 1 9 3
A RESOLUTION ACCEPTING THE PROPOSAL OF JPMORGAN
CHASE BANK, N.A. TO PURCHASE THE COLLIER COUNTY,
FLORIDA TAXABLE WATER AND SEWER REFUNDING REVENUE
BOND, SERIES 2023 AND TO ALLOW FOR THE FUTURE
EXCHANGE OF SUCH SERIES 2023 BOND FOR THE COLLIER
COUNTY, FLORIDA WATER AND SEWER REFUNDING REVENUE
BOND, SERIES 2026; APPROVING THE FORM OF A RATE LOCK
LETTER AGREEMENT AND AUTHORIZING THE CHAIRMAN TO
ESTABLISH THE INTEREST RATES FOR THE SERIES 2023 BOND
AND SERIES 2026 BOND AND TO EXECUTE AND DELIVER SUCH
RATE LOCK LETTER AGREEMENT; AND PROVIDING FOR AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, ACTING AS THE EX-OFFICIO GOVERNING
BOARD OF THE COLLIER COUNTY WATER-SEWER DISTRICT:
SECTION 1. FINDINGS. It is hereby found and determined that:
(A) PFM Financial Advisors LLC (the "Financial Advisor"), on behalf of the
Collier County Water-Sewer District (the "Issuer") recently solicited bids from various
financial institutions to purchase the Issuer's Collier County, Florida Taxable Water and
Sewer Refunding Revenue Bond, Series 2023 (the "Series 2023 Bond") and allow for the
exchange of the Series 2023 Bond for a tax-exempt Collier County, Florida Water and
Sewer Refunding Revenue Bond, Series 2026 (the "Series 2026 Bond") in 2026, to provide
for the refunding of the outstanding Water and Sewer Refunding Revenue Bonds, Series
2016 (the "Refunded Bonds"), in order to achieve debt service savings for the Issuer.
(B) JPMorgan Chase Bank, N.A. (the "Purchaser") submitted a conforming
proposal (the "Proposal") to purchase the Series 2023 Bond and allow for the exchange of
the Series 2023 Bond for the Series 2026 Bond in 2026, subject to certain conditions, which
Proposal provides the Issuer with the most net present value debt service savings with
respect to the refunding of the Refunded Bonds.
(C) It is in the best interest of the Issuer to accept the Purchaser's proposal and to
authorize the Chairman, upon the advice of the Financial Advisor,to establish interest rates
for the Series 2023 Bond and Series 2026 Bond (collectively, the "Bonds") in accordance
with the Proposal and to execute and deliver a Rate Lock Letter Agreement with respect
thereto (the "Rate Lock Letter Agreement").
1 6 C 1 6
(D) The Bonds will be issued as additional bonds pursuant to Resolution No.
CWS-85-5, as amended and restated by Resolution No. CWS-85-13 duly adopted on
December 26, 1985, as amended and supplemented (collectively, the "Bond Resolution").
SECTION 2. AUTHORITY FOR THIS SUPPLEMENTAL
RESOLUTION. This Resolution is adopted pursuant to the Constitution of the State of
Florida and all applicable laws of the State of Florida, including but not limited to Chapter
125, Florida Statutes, and Chapter 2003-353, Laws of Florida, as amended and
supplemented.
SECTION 3. ACCEPTANCE OF THE PURCHASER'S PROPOSAL.
The Purchaser's Proposal is attached hereto as Exhibit A. The Issuer hereby accepts such
Proposal and awards the sale of the Bonds to the Purchaser pursuant to the terms and
provision set forth in such Proposal and the Bond Resolution.
SECTION 4. APPROVAL OF RATE LOCK LETTER AGREEMENT.
The Issuer hereby authorizes and directs the Chairman to establish, upon the advice of the
Financial Advisor, the interest rates for the Bonds in accordance with the terms of the
Proposal, and to execute the Rate Lock Letter Agreement and deliver the Rate Lock Letter
Agreement to the Purchaser. The Rate Lock Letter Agreement shall be in substantially the
form attached hereto as Exhibit B with such changes, amendments, modifications,
omissions and additions as may be approved by the Chairman, upon the advice of the
Financial Advisor and the Issuer's bond counsel. Execution by the Chairman of the Rate
Lock Letter Agreement shall be deemed to be conclusive evidence of the approval of such
changes. If the Issuer is obligated to pay any breakage fee pursuant to the Rate Lock Letter
Agreement, such obligation shall be payable from net revenues of the Issuer's water and
sewer utility system.
SECTION 5. SEVERABILITY. If any provision of this Resolution shall
be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable in any
context, the same shall not affect any other provision herein or render any other provision
(or such provision in any other context) invalid, inoperative or unenforceable to any extent
whatever.
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SECTION 6. EFFECTIVE DATE. This resolution shall become effective
immediately upon its adoption.
DULY ADOPTED, this 13th day of December 2022
BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, AS THE
EX-OFFICIO GOVERNING BOARD OF THE
COLLIER COUNTY WATER-SEWER
DISTRICT
(SEAL) ( e)
, ,. , glitft
,....._ ...,_ •-...,-
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Willia i L. McDaniel, Jr., Chairman
ATTESTED:
C stal . Kinzel, lerk of the Circuit
Court and Comptroller of Collier County,
Florida and Ex-Officio Clerk of the Board
of County Commissioners
Attest as to Chairman's
signature only.
Approv:. a ' , Fe and Legality:
i
e►. _
Jeffrey •!Kl.A•ko_w, County Attorney
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EXHIBIT A
Proposal of JPMorgan Chase Bank, N.A.
16C16
J.P.Morgan
COLLIER COUNTY WATER-SEWER DISTRICT
Direct Purchase Taxable to Tax-Exempt Refunding Bond
Summary of Terms and Conditions
October 20, 2022
This Summary of Terms and Conditions("Term Sheet") is confidential,is intended as a statement of indicative terms only,
and is provided to facilitate additional discussion. It is a proposal for your consideration only and not a commitment by
JPMorgan Chase Bank, N.A. ("JPMorgan")to provide the financing described in this Term Sheet. The rates and fees set
forth in this proposal are indicative and are subject to market conditions at all times until JPMorgan would commit to
them in writing and, in any event, should not be regarded as indicative after the date of this Term Sheet. Subject to the
foregoing,the terms in this proposal expire on December 6, 2022.
PRINCIPAL INDICATIVE TERMS:
Purchaser JPMorgan Chase Bank,N.A.("Bank"or"Purchaser")
Issuer Collier County Water-Sewer District("Issuer"or"District")
Facility/Amount A single maturity Taxable to Tax-Exempt Refunding Bond in an amount not-to-
exceed$52,000,000("Bond" or"Facility")
Purpose Proceeds of the Facility would be used to (1) refund all of the District's
outstanding Water and Sewer Refunding Revenue Bonds,Series 2016,and(2)to
pay the cost of issuance.
Security Senior parity pledge of and lien on (1)the Net Revenues of the District's Water
and Sewer System, (2) impact fees, and (3) moneys on deposit in certain funds
and accounts established under the hereinafter defined Bond Resolution.
Interest Rates Please refer to the attached Appendix for specific indicative rates. The fixed
interest rate on the Bond will initially be taxable and may be converted to tax-
exempt at the Interest Rate Conversion Date defined below upon the
Purchaser's receipt of an opinion from Bond Counsel stating that the Bond is
exempt from Federal and State taxation. Such opinion must be addressed to
the Purchaser or separate reliance letter issued to the Purchaser. In the event
the Bond is unable to convert from taxable to tax-exempt at the Interest Rate
Conversion Date defined below, the Bond would maintain its taxable fixed
interest rate.
Interest Day Basis 30/360
Financial Covenants The Purchaser would require the System's existing Rate Covenant and
Additional Bonds Test as outlined in the Bond Resolution.
Closing Date December 6,2022,or other date mutually agreeable to the Purchase and Issuer
("Closing Date")
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Interest Rate Conversion Date July 1, 2026 ("Interest Rate Conversion Date")
Bond Maturity Date: July 1, 2036 ("Bond Maturity Date")
Legal Fees Issuer to pay all legal fees of the Purchaser. Mark-David Adams of Locke Lord LLP
to be engaged to represent the Purchaser. Legal fees are estimated at $12,000
(review only)and based on the scope of financing as presented.With respect to
payment of the legal fee, $10,000 to be paid on the Closing Date and the
remaining$2,000 to be paid on the Interest Rate Conversion Date.
Bond Treatment While Purchaser is a bondholder, the Facility shall not be rated by any rating
agency, shall not be initially registered to participate in DTC, shall not contain a
CUSIP number and shall not be marketed pursuant to any Official Statement,
Offering Memorandum, or any other disclosure documentation. The Purchaser
shall take physical delivery of the Bond at closing. Except for the final principal
payment,physical presentment of the Bond would not be required for principal
payments.
Additional customary terms and explanations follow in the attached Appendix
J.P.Morgan
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EXHIBIT B
Form of Rate Lock Letter Agreement
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Confidential
APPENDIX
INTEREST RATES,PAYMENTS AND FEES
Fixed Interest Rate: The Facility would accrue interest at a fixed interest rate per annum as set forth below, based
upon the option below selected by the Issuer prior to closing. The following fixed interest rates
are indicative as of October 20, 2022 and are subject to change daily until a written rate lock
letter agreement is executed between the Issuer and the Purchaser:
Bond Optional Indicative Fixed Indicative Fixed
Maturity Date Redemption Date Rate(Taxable) Rate(Tax-Exempt)
July 1, 2036 N/A; Non-Callable 4.652%per annum 3.80%per annum
July 1,2036 July 1,2027* 4.982%per annum 4.07%per annum
July 1, 2036 July 1, 2032* 4.725%per annum 3.86%per annum
*The Note is callable at par on(or after)the Optional Redemption Date.
The Bond would initially bear interest to the Bond Maturity Date at a per annum taxable fixed
rate of interest set forth below, based on the option selected by the Issuer prior to closing.
With receipt of Bond Counsel's tax-exempt opinion,the Bond would convert to the tax-exempt
fixed rate per annum set forth below on July 1,2026. In the event the Bond is unable to convert
from taxable to tax-exempt at the Interest Rate Conversion Date,the Bond would maintain its
taxable fixed interest rate.
Bond Payments/
Amortization: Interest would be payable semi-annually each January 1 and July 1, commencing on July 1,
2023.
Principal would be payable annually each July 1, commencing on July 1, 2024 based on the
following amortization schedule:
Principal Payment Date Amount Principal Payment Date Amount
July 1,2024 $5,000 July 1,2031 $5,880,000
July 1,2025 $10,000 July 1,2032 $6,080,000
July 1,2026 $10,000 July 1,2033 $6,295,000
July 1,2027 $410,000 July 1,2034 $6,525,000
July 1,2028 $425,000 July 1,2035 $6,755,000
July 1,2029 $5,475,000 July 1,2036 $6,995,000
July 1,2030 $5,675,000 Total $50,540,000
The Purchaser acknowledges that there may be adjustments to the amortization schedule
above. The finalization of the amortization schedule would be a condition precedent to the
Purchaser's acceptance of any written rate lock letter agreement.
Prepayment/Breakage: The Bond may be prepaid in whole or in part, without premium or penalty, on any Optional
Redemption Date as defined above,if such option is selected by the Issuer prior to closing. Any
prepayment on any date other than those provided for above is subject to breakage costs
payable by the Issuer.
Default Rate: Upon an Event of Default, interest would then be computed at the Default Rate,which would
be defined as the then-applicable fixed interest rate+400 basis points.
OTHER FACILITY TERMS AND PROVISIONS
Drawdown: The proceeds of the Facility would be fully drawn on the date of issuance.
Required Documents: The terms of the Facility would be evidenced by definitive agreements, instruments and
documents (collectively, the "Facility Documents") that are usual and customary for a direct
J P.Morgan 3 0
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Confidential
purchase bond transaction. The Facility Documents would include, but not be limited to, the
terms and conditions outlined herein as well as representations and warranties, covenants,
conditions precedent, events of default, remedies, compliance with anti-corruption and
sanctions laws, and would otherwise be satisfactory in form and substance to the Purchaser
and its counsel. The Facility Documents to be prepared by Bond Counsel or Issuer's Counsel,
as appropriate.
The fixed interest rate on the Bond will initially be taxable and may be converted to tax-exempt
at the Interest Rate Conversion Date,as defined previously,upon the Purchaser's receipt of an
opinion from Bond Counsel stating that the Bond is exempt from Federal and State taxation.
Such opinion must be addressed to the Purchaser or separate reliance letter issued to the
Purchaser. In the event the Bond is unable to convert from taxable to tax-exempt at the
Interest Rate Conversion Date,the Bond would maintain its taxable fixed interest rate.
Conditions Precedent: Usual and customary representations and warranties and other conditions prior to the
issuance of the bond for like situated issuers and for the type and term of the Facility,including
absence of default,absence of material litigation and absence of material adverse change from
the Issuer's financial conditions and operations as reflected in the financial statements of the
Issuer as of September 30, 2021.
Additional conditions precedent would include delivery of acceptable Facility Documents and
legal opinions, including an opinion of bond counsel as to the validity and enforceability of the
obligations of the Issuer under the Facility Documents and,after the Interest Rate Conversion
Date, that interest payable on the Facility is exempt from federal and State of Florida income
taxation.
Financial Covenants: The Purchaser would require the System's existing Rate Covenant and Additional Bonds Test
as outlined in the Bond Resolution.
Reporting Covenants: The Issuer would provide the following items in an electronic format acceptable to the
Purchaser:
1. Audited,comprehensive financial statements within 240 days of the fiscal year end.
2. Additional information as reasonably requested by the Purchaser.
Tax Gross-Up: If the interest payable on the Bond becomes taxable for any reason after the conversion of the
to a tax-exempt rate on the Interest Rate Conversion Date, the interest rate would increase
from the effective date of such taxability to the taxable equivalent rate.
The Purchaser would not require any adjustment to the Interest Rate for (i) changes to the
regulatory environment or required regulatory capital, or (ii) changes to the Purchaser's
marginal corporate tax rate or(iii)changes due to a decline in the Issuer's public bond rating.
Sale/Assignment: The Issuer would agree that the Purchaser may without limitation (i) at any time sell, assign,
pledge or transfer all or a portion of the bond,or one or more interests in all or any part of the
Purchaser's rights and obligations under the bond to one or more assignees and/or participants
which may include affiliates of the Purchaser; and (ii) at the Purchaser's option, disclose
information and share fees with such assignees and/or participants.
Waiver of Jury Trial: The Issuer and the Purchaser will waive,to the fullest extent permitted by applicable law, any
right to have a jury participate in resolving any dispute in any way related to this Term Sheet,
any related documentation,or the transactions contemplated hereby or thereby.
Governing Law: All aspects of the Facility including this Term Sheet and any Facility Documents would be
governed by the laws of the State of Florida.
J.P Moro an
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Municipal Advisor
Disclosure: The Issuer acknowledges and agrees that (i) the transaction contemplated herein is an arm's
length commercial transaction between the Issuer and the Purchaser and its affiliates, (ii) in
connection with such transaction,the Purchaser and its affiliates are acting solely as a principal
and not as an advisor including, without limitation, a "Municipal Advisor" as such term is
defined in Section 15B of the Securities and Exchange Act of 1934,as amended,and the related
final rules(the"Municipal Advisor Rules"),agent or a fiduciary of the Issuer, (iii)the Purchaser
and its affiliates are relying on the bank exemption in the Municipal Advisor Rules, (iv) the
Purchaser and its affiliates have not provided any advice or assumed any advisory or fiduciary
responsibility in favor of the Issuer with respect to the transaction contemplated hereby and
the discussions, undertakings and procedures leading thereto (whether or not the Purchaser,
or any affiliate of the Purchaser, has provided other services or advised, or is currently
providing other services or advising the Issuer on other matters), (v) the Purchaser and its
affiliates have financial and other interests that differ from those of the Issuer, and (vi) the
Issuer has consulted with its own financial, legal, accounting, tax and other advisors, as
applicable,to the extent it deemed appropriate.
Expenses: The Issuer would pay or reimburse the Purchaser for all its out-of-pocket costs and expenses
and reasonable attorneys' fees where not prohibited by applicable law and incurred in
connection with (i) the development, preparation and execution of the Facility, and (ii) in
connection with the enforcement or preservation of any rights under any agreement, any
amendment,supplement,or modification thereto,and any other loan documents both before
and after judgment.
Information Sharing: The Issuer would agree that the Purchaser may provide any information or knowledge the
Purchaser may have about the Issuer or about any matter relating to the Facility Documents
or the Facility described in this Term Sheet to JPMorgan Chase&Co.,or any of its subsidiaries
or affiliates or their successors, or to any one or more purchasers or potential purchasers of
the bond,or participants or assignees of the bond or the Facility described in this Term Sheet.
EMMA and Rating
Agency Disclosure: Purchaser acknowledges that information about the Facility may be posted on the MSRB's
EMMA website as may be required under MSRB rules, may be referenced in "new event
notice" requirements under SEC rules, or otherwise disclosed pursuant to best practices in
order to maintain transparency with Issuer's existing creditors and rating agencies. Such
information, inclusive of the bond indenture, may be posted and/or disclosed, subject to
redaction,as requested by Purchaser,including,without limitation,signatures/names,account
numbers, wire transfer and payment instructions and any other data that could be construed
as sensitive information, to the extent that such redactions would not violate any disclosure
obligations under applicable MSRB and SEC rules.
Know Your Customer: All "Know Your Customer" requirements will be met.
Loan Closing Statement: Issuer to provide a loan closing statement, signed by an authorized signer, that provides all
disbursement instructions including wire details,if applicable.
Confidentiality: This Term Sheet is for the Issuer's confidential review and may not be disclosed by it to any
other person other than its employees, attorneys, board members and financial advisors (but
not other commercial lenders), and then only in connection with the transactions being
discussed and on a confidential basis,except where disclosure is required by law,or where the
Purchaser consents to the proposed disclosure.
J P.Morgan
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Bank Contacts: Ralph Hildevert Anthony"Jay" Robinson
Executive Director Vice President, Credit Risk
1450 Brickell Avenue, 15th Floor 450 S.Orange Avenue,Suite 1000
Miami, Florida 33131 Orlando, FL 32801
Work(305)579-9320 Work(407)236-5472
ralph.hildevert@jpmorgan.com jay.robinson@jpmorgan.com
If you have any questions regarding the above indicative terms, please do not hesitate to contact either of us.
Yours sincerely,
JPMORGAN CHASE BANK, N.A.
By: c>�r$ By: cat n
Ralph Hildevert 3
Anthony Jay Robinson
Executive Director Vice President, Credit Risk
J.P.Morgan
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Form of Rate Lock Letter Agreement
December 13, 2022
Collier County Water-Sewer District (Florida)
Collier County Government Complex
3301 East Tamiami Trail, Building F
Naples, Florida 34112
Dear Members of the Board of County Commissioners,
acting as the Ex-Officio Governing Board of the Collier County Water-Sewer District:
Defined Terms:
Rate Lock Date: December 13, 2022
Rate Lock Funding Date: January 17, 2023
Rate Lock Breakage Date: Date on which the rate lock is broken on or before the Rate Lock Funding
date.
Rate Lock Amount: $
Annual Interest Rate (%): % (Taxable Rate); % (Tax-Exempt Rate)
Designated Tenor: Approximately 13.46 years (final maturity of July 1, 2036)
This letter is to confirm that, pursuant to your request,JPMorgan Chase Bank, N.A. (the "Bank") has reserved
for the Collier County Water-Sewer District ("District") $ _ in fixed rate funds effective
on the Rate Lock Date, in anticipation of the District's financing need on or before Rate Lock Funding Date.
The interest rates for the year period (the "Designated Tenor") of the above-described financing will be at an
annual rate equal to % (Taxable Rate)through the anticipated exchange date of April 3, 2026 and at an
annual rate equal to % (Tax-Exempt Rate)from the anticipated exchange date through July 1, 2036,
all based on the following principal amortization schedule:
Payment Date Principal
7/1/2024
7/1/2025
7/1/2026
7/1/2027
7/1/2028
7/1/2029
7/1/2030
7/1/2031
7/1/2032
7/1/2033
7/1/2034
7/1/2035
7/1/2036
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Nothing in this letter shall evidence the commitment of the Bank to engage in the proposed transaction.
However, in order to lock the interest rate for this transaction, District agrees that, if for any reason, the full
Rate Lock Amount is not funded in accordance with the terms of the financing documents by the Rate Lock
Funding Date, then District shall pay, solely from the net revenues of the District's water and sewer utility
system, a Reinvestment Premium to the Bank within 5 business days of the Bank's written request, as further
described below.
I. A Reinvestment Premium shall be due and payable if (i) exceeds (ii) where (i) equals total scheduled
interest payments due on the Rate Lock Amount calculated at the Swap Rate (defined below) for the
Designated Tenor on the Rate Lock Date plus basis points,and (ii)equals the total scheduled interest
payments due on the Rate Lock Amount calculated at the Swap Rate for the Designated Tenor on the
Rate Lock Breakage Date. For purposes of calculating the Reinvestment Premium, "Swap Rate" means,
for a specified date and maturity, the most recently available rate as of that date for a U.S. Dollar SOFR
interest rate swap (annual payments of fixed rate versus compounded daily SOFR) of that maturity (the
"U.S. Dollar SOFR ICE Swap Rate") as listed in USD Rates SOFR 1100 Report as administered by ICE
Benchmark Administration Limited (IBA) at or about 11:15 a.m., New York City, New York time, and
published by Bloomberg Professional Services (the "Service")or other information vendors acceptable to
the Bank or the following alternatives, as applicable: (a) if the Service does not publish a USD Rates SOFR
1100 Report on either the Rate Lock Date or the Rate Lock Breakage Date, the most recent U.S. Dollar
SOFR ICE Swap Rate published by the Service or administered by the IBA as of the Rate Lock Date or Rate
Lock Breakage Date, as applicable shall be utilized, unless such U.S. Dollar SOFR ICE Swap Rate was
published more than two business days prior to either the Rate Lock Date or the Rate Lock Breakage
Date, as applicable, in which event, the Bank may, notwithstanding any other considerations, calculate
the Swap Rate using either alternative (b) or (c); (b) if the Service no longer publishes a USD Rates SOFR
1100 Report, if the IBA no longer administers a USD Rates SOFR 1100 Report, or if the most recent U.S.
Dollar SOFR ICE Swap Rate was published more than two business days prior to either the Rate Lock Date
or the Rate Lock Breakage Date, as applicable, the Bank may utilize other sources for determining the
value of the U.S. Dollar SOFR ICE Swap Rate or may, in lieu of the U.S. Dollar SOFR ICE Swap Rate, utilize
other U.S. dollar interest rate swap rates obtained from other sources that it determines, in its sole
discretion, provide current market-based information as to mid-price U.S. dollar interest rate swap rates;
or(c) if there is no Swap Rate for the Designated Tenor,the applicable Swap Rate will be based upon the
linear interpolation between the Swap Rates reported by the Service, administered by the IBA, or
otherwise made available by alternative sources for the closest tenors above and below the Designated
Tenor.The Bank's determination of the interpolated rate shall be deemed conclusive.
II. If(ii) above is equal to or greater than (i) above,then no Reinvestment Premium is due.
III. The Reinvestment Premium payable to the Bank shall be equal to the present value of the difference in
scheduled interest payments of(i) above less (ii) above for each scheduled interest period, discounted at
the applicable Swap Rate as of the Rate Lock Breakage Date, as determined above.
If the District is in agreement with the above, please indicate such acceptance by providing signatures as set
forth below and returning this letter to my attention.
JPMorgan is delighted to be of assistance in this matter and looks forward to working with you to complete
this transaction.
J.P.Morgan
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Yours truly,
JPMORGAN CHASE BANK, N.A.
By:
Name:
Its:
J.P.Morgan 3
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Agreed to and accepted by:
COLLIER COUNTY WATER-SEWER DISTRICT
Date: December 14, 2022
By:
Name:
Its: Chairman, Board of County Commissioners,
acting as the Ex-Officio Governing Board of the Collier County Water-Sewer District
J P.Morgan 4
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