HomeMy WebLinkAbout20123610.tiff RESOLUTION
RE: WAIVER OF 50-DAY REVIEW PERIOD REGARDING BOND REFUNDING BY BEEBE
DRAW FARMS METROPOLITAN DISTRICT NO. 1
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, on May 14, 1986, Weld County (the "County") approved a Service Plan
(the "District No. 1 Service Plan") allowing for the establishment of Beebe Draw Farms
Metropolitan District No. 1 ("District No. 1"), and
WHEREAS, District No. 1 issued its General Obligations Bonds, Series 1998 in the
aggregate principal amount of $2,000,000 (the "1998 Bonds"), payable from ad valorem
property taxes, and
WHEREAS, the 1998 Bonds are presently outstanding in the aggregate principal
amount of$990,000, and
WHEREAS, the County approved a Consolidated Service Plan in May, 1999
("Consolidated Service Plan" and collectively with the District No. 1 Service Plan, the "Service
Plan") to effectuate the organization of Beebe Draw Farms Metropolitan District No. 2 ("District
No. 2" and, together with District No. 1 the "Districts"), and
WHEREAS, the Board of County Commissioners approved an Amended and Restated
Consolidated Service Plan for the Districts on March 16, 2011 (the "Amended and Restated
Service Plan"), which includes the requirement that the Districts enter into an Authority
Establishment Agreement which Agreement was executed and is effective as of April 12, 2011,
(the "AEA"), and
WHEREAS, District No. 1 has the opportunity to issue Bonds that will refund the 1998
Bonds at a lower interest rate without extending the amortization schedule of the 1998 Bonds
("2012 Refunding Bonds") and is required by the Service Plan and the AEA to provide its Bond
Issuance Plan concerning the 2012 Refunding Bonds to the Board of County Commissioners
(the "2012 Refunding Bond Issuance Plan") for review, and
WHEREAS, District No. 1 has submitted the 2012 Refunding Bond Issuance Plan to the
Board of County Commissioners for review and District No. 1, District No. 2, and the Authority
have requested the Board of County Commissioners waive the opportunity to continue its
review in the remaining days of the 50-day review period to said 2012 Refunding Bond Issuance
Plan and consent to the issuance of the 2012 Refunding Bonds so that the 2012 Refunding
Bonds may be issued in 2012, and
WHEREAS, the Board of County Commissioners has completed its review of the 2012
Refunding Bond Issuance Plan submitted by District No. 1 and has determined it is in the best
interests of its constituents to waive the opportunity to continue its review in the remaining days
of the 50-day review period and consent to the issuance of the 2012 Refunding Bonds so that
the 2012 Refunding Bonds may be issued in 2012.
et. 0A C4 SD0001
�2-Il 2012-3610
RE: WAIVER OF 50-DAY REVIEW PERIOD REGARDING BOND REFUNDING BY BEEBE
DRAW FARMS METROPOLITAN DISTRICT NO. 1
PAGE 2
NOW THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County that the Board of County Commissioners has completed its review of the 2012
Refunding Bond Issuance Plan, attached hereto and incorporated herein, and therefore waives
the remainder of the 50-day review period provided for in the Service Plan and the AEA as it
relates to the 2012 Refunding Bond Issuance Plan and consents to the issuance of the 2012
Refunding Bonds.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 17th day of December, A.D., 2012.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY LORADO
i
ATTEST: 9^nla.�, -. � �', 1,1
,� S� C
Sean P. ay, Chair
Weld County Clerk to the Board
4#tz /'N
illiamF. Garcia, Pro-Tem
I
Deputy CI rk to the Bo-j �y /�.�6 L� [ /Lille:" -L A
te14a
ar a Kkmeyer er
AS TO FOR r-, icf ♦ C L�
�� _� a'David E. Long
County Attorney "'r'� w fd n ,Qen
■ougla- Rademac er
Date of signature: 1a\\-1\Wa,
SD0001
2012-3610
BEEBE DRAW FARMS AUTHORITY
BEEBE DRAW FARMS BEEBE DRAW FARMS
METROPOLITAN DISTRICT NO. 1 METROPOLITAN DISTRICT NO.2
December 3, 2012
VIA EMAIL AND U.S. MAIL
Weld County Board of County Commissioners
1150 O Street
P.O. Box 758
Greeley, CO 80632
Re: Beebe Draw Farms Authority, Beebe Draw Farms Metropolitan District No.1,and Beebe
Draw Farms Metropolitan District No. 2; Request for waiver of Bond Issuance Plan
50-Day Objection Period
Dear Board of County Commissioners:
Beebe Draw Farms Authority (the"Authority) is a separate legal entity established pursuant to a
Beebe Draw Farms Establishment Agreement dated effective April 12, 2011 (the"AEA"),
entered into between Beebe Draw Metropolitan District No. 1 ("District No. 1") and Beebe
Draw Metropolitan District No. 2 ("District No.2"and together with District No. 1, the
"Districts"). The AEA also provides for the financing, constructing, operation and maintenance
of Public Improvements (as defined therein). The Districts are duly and regularly created,
established, organized, and existing metropolitan districts, existing as such under and pursuant to
the constitution and the laws of the State of Colorado, and operate pursuant to that certain
Amended and Restated Consolidated Service Plan (the"Service Plan") approved by the Board of
County Commissioners (the"BOCC") of Weld County, Colorado on March 16, 2011.
In furtherance of the AEA, District No. 1 and the Authority entered into a District No. 1 Pledge
Agreement, dated June 14,2011 (the "District No. 1 Pledge Agreement"),pursuant to which
District No. 1 is required to impose ad valorem property taxes and pay the proceeds thereof to
the Authority to fund certain costs of the Public Improvements. Prior to the execution of the
District No. 1 Pledge Agreement, District No. 1 issued its General Obligation Bonds, Series 1998
in the aggregate principal amount of$2,000,000 (the"1998 Bonds"),payable from ad valorem
property taxes without limitation as to rate, and the District No. 1 Pledge Agreement recognized
that the obligations of District No. 1 thereunder were expressly subordinate to its obligations
with respect to the 1998 Bonds.
The 1998 Bonds are presently outstanding in the aggregate principal amount of$990,000.
District No. 1 has been presented with a term sheet dated November 12,2012 (the"Term
Sheet"),by Wells Fargo Bank,N.A. ("Wells Fargo"), pursuant to which Wells Fargo has offered
to purchase District No. 1's outstanding 1998 Bonds in an aggregate amount of up to $1,100,000
for the purpose of refunding at a lower interest rate the outstanding 1998 bonds and paying
(00248433.Docx v:2 J
Weld County Board of County Commissioners
Board of Weld County Commissioners
December 3, 2012
Page 2
costs of issuance (the"2012 Bonds"). The Wells Fargo Term Sheet is attached hereto as
Attachment A. The 2012 Bonds are secured by District No. l's covenant to impose ad valorem
property taxes without limitation as to rate and are anticipated to bear interest at a fixed interest
rate of 2.28%.
The placement agent has prepared preliminary numbers demonstrating the anticipated use of
proceeds of the bonds, the repayment of the proposed 2012 Bonds, and the net present value
savings are compared to the debt service on the outstanding 1998 Bonds, based on an assumed
interest rate(the"Preliminary Financing Plan"). The Preliminary Financing Plan projects the
net savings to be 6.62% (approximately $65,500). A copy of the Preliminary Financing Plan is
attached hereto as Attachment B.
The Service Plan and the AEA require the County be provided with a proposed financing plan
together with an opinion of nationally recognized bond counsel that the proposed debt issuance
will comply with the Service Plan and the AEA(the"Bond Issuance Plan"). Thereafter,the
County may object in writing to the Bond Issuance Plan County within fifty days (50) of receipt
of the Bond Issuance Plan if it determines the issuance would not be in compliance with the
Service Plan and/or the AEA ("50-day Objection Period").
So as not to lose the opportunity to refinance at the 2.28% interest rate, District No. 1 desires to
close on its issuance of the 2012 Bonds on December 19,2012. The issuance of the 2012 Bonds
was discussed in a public, duly noticed meeting on November 11,2013, at which time no
objections were made. As such, the Boards of Directors of the Authority and the Districts,
having been fully apprised of the 2012 Bond issuance,respectfully request the Board of County
Commissioners waive the 50-dav Objection Period as it applies to the 2012 Bonds and consent to
District No. 1 closing on the refunding of the bonds at the 2.28%interest rate.
Sincerely,
Beebe Draw Farms Authority Beebe Draw Farms Metropolitan District No. 1
"e• vsailet.o / �iL✓ta..w�r� 0 /
MaryAnn M. McGeady, r Norman F. Kron,
Attorney for Beebe Draw Farms Authority Attorney for Beebe Draw arms etropolitan District
No. I
Beebe Draw Farms Metropolitan District No.2
lev.o._ tl tti w/�7%.1.� A�
MaryAnn M. McGeady,
Attorney for Beebe Draw Farms Metropolitan District
No. 2
(00248433.DOCX v:2}
Attachment A
[November 12,2012 Wells Fargo Term Sheet]
{00248433.DOCX v:2}
Summary of Proposed Terms and Conditions
BORROWER: Beebe Draw Farms Metropolitan District No. I (the"District").
LENDER: Wells Fargo Bank,N.A.("Wells"or the"Bank").
FACILITY AMOUNT: Up to $1,100,000 direct purchase, tax-exempt 2012 General Obligation
Refunding Bonds(the`Bonds").
PURPOSE: The Bonds will be used to refund the District's Series 1998 Bonds and to
include cost of issuance.
SECURITY: Secured by an unlimited mill levy of the issuing District.
INTEREST RATE: The Bonds will bear interest at a fixed rate equal to 2.28%, as of the date
of this term sheet. The rate is subject to change based on the Bank's cost
of funds which should correlate with the U.S. Treasury rate. The Bank
anticipates locking the rate from credit commitment, projected to be on
or about December 10i°, until close which is projected to take place on
December 191°.
AMORTIZATION
&MATURITY: Interest will be payable April 1st and October 1",starting April 1st,2013
and maturing on October 1",2018.
DEBT SERVICE
RESERVE FUND: Waived.
CLOSING FEE: $5,000 payable at closing.
OTHER FEES: Usual and customary for this type of fmancing, including amendment
fees,termination fees,and attorney's fees.
PREPAYMENT: Borrower shall pay to the Lender a prepayment fee equal to(i)3%of the
amount prepaid if payment is received in the first year, (ii) 2% of the
amount prepaid if payment is received in the second year,and(iii) 1%of
the amount prepaid if payment is received in the third year. There shall
be no prepayment fee for amounts prepaid after the third year.
BANKING
RELATIONSHIP: All accounts of the District shall be maintained with Wells Fargo.
REPORTING
REQUIRMENTS: Usual and customary,including but not limited to:
1) Annual Audited Financial Statements.
2) Annual Budget.
Beebe Draw Farms Metropolitan District No.I Page 2 Wells Fargo Bank,N.A,
FINANCIAL
COVENANTS: Usual and customary,including but not limited to:
1)Minimum liquidity of$50,000,measured annually using the District's
annual audit,starting FY13.
DEFAULT RATE: Wells Fargo Prime Rate plus 4.00%.
CONDITIONS
PRECEDENT
TO CLOSING: Usual and customary for transactions of this nature including but not
limited to:
1) Approval of Bank's senior credit management
2) No material adverse change in the business, assets, operations,
condition (financial or otherwise) or prospects of the Obligor, nor in
the facts and information regarding such entities as represented to date
prior to Closing.
3) This borrowing/lease is subject to the Borrower/Lessee being
qualified as a governmental entity or"political subdivision"within the
meaning of Section 103(a) of the Internal Revenue Code of 1986 as
amended. Borrower/Lessee agrees to cooperate with Lender/Lessor in
providing evidence as deemed necessary or desirable by the
Lender/Lessor to substantiate Borrower's/Lessee's and this
transaction's tax-exempt status.
4) It is assumed that the transaction will be "bank-qualified" under
Section 265(b)(3)of the Internal Revenue Code.
5) Bond Counsel opinion,paid for by the Borrower.
6) Other conditions deemed appropriate.
BANK DOCUMENTS: Subject to the negotiation, execution and delivery of a Bond Resolution
&Sale Certificate and other documents,which will contain conditions to
borrowings,representations and warranties, covenants,events of default,
indemnification and other customary provisions, including without
limitation those indicated within.
REPRESENTATIONS&
WARRANTIES: Usual and customary for transactions of this type, to include without
limitation: (i) no declaration of bankruptcy within the past 7 years; (ii)
loan documents not violating laws or existing agreements or requiring
governmental, regulatory or other approvals; (iii) no material litigation;
(iv) compliance with other laws and regulations; (v) no adverse
agreements, existing defaults or non-permitted liens; (vi) financial
statements true and correct.
EVENTS OF DEFAULT: Usual and customary for this type of financing to include,but not limited
to the following:
(a) Default in the punctual payment of principal and interest;
(b) The District shall fail to observe or perform in any material way
any covenant,condition,agreement,or provision;
Beebe Draw Farms Metropolitan District No.I Page 3 Wells Fargo Bank,N.A.
(c) Any representation or warranty made by the District proves to
have been untrue or incomplete in any material respect;
(d) The District files a petition under the federal bankruptcy laws;
(e) The District's auditor fails or refuses to deliver an unqualified
opinion with respect to the financial statements of the District;
(f) Any judgment or court order for the payment of money
exceeding any applicable insurance coverage by more than
$100,000 in the aggregate is rendered against the District and the
District fails to vacate, bond, stay, contest, pay, or satisfy such
judgment or court order for sixty(60)days;
(g) The Indenture is determined to be invalid in any material respect
FEES,EXPENSES AND
INDEMNIFICATION: The District shall have no obligation for bank related expenses,including
fees of bank counsel, incurred in connection with the transaction unless
the Bank delivers a rate lock equal to or less than the rate included herein
no later than December 10tk.
Whether or not the Bond Resolution is executed,the District will(a)pay
all fees and expenses relating to preparation of the Bank documents,
including fees of Bank counsel and (b) indemnify the Bank and its
respective directors, officers and employees against all claims asserted
and losses, liabilities and expenses incurred in connection with the
transaction.
PROPOSED BANK
COUNSEL: The Bank would like to engage Kline Alvarado Veio, P.C., to represent
the Bank. Kline Alvarado Veio,P.C.'s fee will be capped at$10,000.
CONFIDENTIALITY: This Term Sheet is confidential and proprietary, and terms herein may
not be disclosed without our prior written consent, except to your
professional advisors in connection with this Financing who agree to be
bound by such confidentiality requirements, or as may be required by
law.
Notwithstanding anything herein to the contrary, any party hereto may
disclose to any and all persons, without limitation of any kind the tax
treatment or tax structure of this transaction. Furthermore,the parties to
this transaction may disclose, as required by federal or state laws, any
information as required to comply with such federal or state laws.
This expression of interest is not intended to be, and should not be construed as, a commitment to enter
into a direct purchase of bonds, nor should it be construed as an attempt to establish all of the terms and
conditions relating to such an accommodation. It is intended only to be indicative of certain terms and
conditions around which credit approval may be sought, and if approved, how the operative documents
might be structured, and not to preclude negotiations within the general scope of these terms and
conditions. The execution versions of agreements containing final terms and conditions,if any,would be
subject to approval by Borrower and Bank.
As these materials include information related to a bank-purchased bond transaction("Direct Purchase"),
please be advised that Direct Purchase is a product offering of Wells Fargo Bank, N.A. or a subsidiary
Beebe Draw Farms Metropolitan District No.1 Page 4 Wells Fargo Bank,N.A.
thereof("Purchaser")as purchaser/investor.Wells Fargo Securities will not participate in any manner in
any Direct Purchase transaction between you and Purchaser, and Wells Fargo employees involved with a
Direct Purchase transaction are not acting on behalf of or as representatives of Wells Fargo Securities.
Information contained in this document regarding Direct Purchase is for discussion purposes only in
anticipation of engaging in arm's length commercial transactions with you in which Purchaser would be
acting solely as a principal to purchase securities from you or a conduit issuer, and not as a municipal
advisor,financial advisor or fiduciary to you or any other person or entity regardless of whether Purchaser
or an affiliate has or is currently acting as such on a separate transaction. Additionally, Purchaser, as
purchaser / investor, has financial and other interests that differ from your interests. In its capacity as
purchaser/investor, Purchaser's sole role would be to purchase securities from you(or the issuer in the
case of a conduit transaction). Purchaser will not have any duty or liability to any person or entity in
connection with the information provided herein. The information provided is not intended to be and
should not be construed as"advice"within the meaning of Section 15B of the Securities Exchange Act of
1934.
AGREED AND ACCEPTED.
Authorized signor of Bee Draw Farms Metropolitan District No. 1 Date
Name and Title
Beebe Draw Farms Metropolitan District No.1 Page 5 Wells Fargo Bank,NA.
Attachment B
[Preliminary Financing Plan]
{00248433,DOCX v:2}
® DA.Diedson B CO.
SOURCES AND USES OF FUNDS
BEBEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(BO)
Pay&Cancel Refunding of Sides 1998
Accelerated Debt Service,2018 MaturIy
[Preliminary—for discussion only]
Dated Date 12/1912012
Delivery Date 1 2/1 912 012
Sources:
Bond Proceeds:
Par Amount 1,090,000.00
1,090,000.00
Uses:
Refunding Escrow Deposits:
Cash Deposit 1.004.638.00
Delivery Date Expenses:
Bank Closing Fee 5,000.00
Placement Agent 25.000.00
Bond Counsel 20,000.00
Bank Counsel 10,000.00
Placement Agent Counsel 5,000.00
District Counsel 5,000.00
Contingency 15 382.00
85,362.00
1,090,000.00
Nov 12,2012 1234 pm Prepared by DA.Davidson&Co Quantitative Group-MK (Bebee Draw MD NI 12.DNOV1212-12TFR98D.12TFR96O) Page 1
D.A.DavidsonB Co.
SAVINGS
BESEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(BO)
Pay&Cancel Refunding of Series 1998
Accelerated Debt Service,2018 Maturity
[Preliminary—for discussion only)
Present Value
Prior Refunding Annual to 1211912012
Date Debt Service Debt Service Savings Savings @ 2.2805193%
04/01/2013 33,780.00 7,041.40 26,738.60 26,567.36
10/01/2013 173,780.00 197,426.00 -23,646.00 3,092.60 -23,229.88
04/01/2014 29,300.00 10,317.00 18,983.00 18,438.54
10/01/2014 179,300.00 195,317.00 -16,017.00 2,968.00 -15,382.21
04/01/2015 24,500.00 8,208.00 16,292.00 15,469.91
10/01/2015 184,500.00 198,208.00 -13,708.00 2,584.00 -12,809.55
04/01/2016 18,900.00 6,042.00 12,858.00 11,935.45
10/01/2016 188,900.00 201,042.00 -12,142.00 716.00 -11,143.75
04/01/2017 12,950.00 3,819.00 9,131.00 8,285.82
10/01/2017 192,950.00 198,819.00 -5,869.00 3,282.00 -5,265.71
04/01/2018 6,650.00 1,596.00 5,054.00 4,483.37
10/0112018 196,650.00 141,596.00 55,054.00 60,108.00 48,287.41
1,242,160.00 1,169,431.40 72,728.60 72,728.60 65,578.93
Savings Summary
PV of savings from cash flow 65,576.93
Net PV Savings 65,576.93
Nov 12,2012 12:34 pm Prepared by D A.Davidson&Co Quantitative Group-MK (Babes Draw MD#1 12:DNOV1212-12TFR98D,12TFR98D) Page 2
DA.Daidrona Co.
SUMMARY OF REFUNDING RESULTS
BEBEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(BQ)
Pay&Cancel Refunding of Series 1888
Accelerated Debt Service,2018 Maturity
[Preliminary—for discussion only]
Dated Date 12/192012
Delivery Date 12/19/2012
Arbitrage yield 2.280519%
Escrow yield
Bond Par Amount 1,090,000.00
True Interest Cost 2.280519%
Net interest Cost 2.280000%
MI-in TIC 5.017099%
Average Coupon 2.280000%
Average Life 3.196
Weighted Average Maturity 3.196
Par amount of refunded bonds 990.000.00
Average coupon of refunded bonds 6.933937%
Average life of refunded bonds 3.460
Remaining weighted average maturity of refunded bonds 3.460
PV of prior debt to 12119/2012 @ 2.280519% 1,155,576.93
Net PV Savings 65,576.93
Percentage savings of refunded bonds 6.623932%
Nov 12,2012 12:94 pm Prepared by DA.Davidson&Co Quantitative Group-MK (Babes Draw MD 41 12:DNOV1212-12TFR98D,12TFRe8D) Page 3
D.A.Daindson&Co.
BOND DEBT SERVICE
BEBEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(BO)
Pay&Cancel Refunding of Serlee 1998
Accelerated Debt Service,2018 Maturity
[Preliminary—for discussion only]
Dated Date 12/19/2012
Delivery Dale 12/19/2012
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
04/01/2013 7,041.40 7,041.40
10/01/2013 185,000 2.280% 12,426.00 197,428.00 204,467.40
04/01/2014 10,317.00 10,317.00
10/01/2014 185,000 2.280% 10,317.00 195,317.00 205,634,00
04/01/2015 8,208.00 8,208.00
10/01/2015 190,000 2.280% 8,208.00 198,208.00 206,416.00
04/01/2018 6,042.00 6,042.00
10/01/2016 195,000 2.280% 6,042.00 201,042.00 207,084.00
04/01/2017 3,819.00 3,819.00
10/01/2017 195,000 2.260% 3,819.00 198,819.00 202,638.00
04/01/2018 1,596.00 1,596.00
10/01/2018 140,000 2.280% 1,598.00 141,596.00 143,192.00
1,090,000 79,431.40 1,169,431.40 1,169,431.40
Nov 12,2012 12:34 pm Prepared by DA.Davidson a Co Quantitative Group—MK (Bebee Draw MD#1 12:DNOV1212-12TFR98D,12TFR98D) Page 4
D.A.Davidson&Co.
BOND SUMMARY STATISTICS
BEBEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(8O)
Pay&Cancel Refunding of Series 1998
Accelerated Debt Service,2018 Maturity
(Preliminary—for discussion only]
Dated Date 12/19/2012
Delivery Date 12/19/2012
First Coupon 04/01/2013
Last Maturity 10/01/2018
Arbitrage Yield 2.280519%
True Interest Cost(TIC) 2.280519%
Net Interest Cost(NIC) 2.280000%
All-In TIC 5.017099%
Average Coupon 2.280000%
Average Life(years) 3.196
Duration of Issue(years) 3.071
Par Amount 1,090,000.00
Bond Proceeds 1,090,000.00
Total Interest 79,431.40
Net Interest 79,431.40
Bond Years from Dated Date 3,483,833.33
Bond Years from Delivery Date 3,483,833.33
Total Debt Service 1,169,431.40
Maximum Annual Debt Service 207,084.00
Average Annual Debt Service 202,207 16
Underwriters Fees(per$1000)
Average Takedown
Other Fee
Total Underwriters Discount
Bid Price 100.000000
Par Average Average PV oft bp
Bond Component Value Price Coupon Ufa change
TFL Term due 2018 1,090,000.00 100.000 2.280% 3.196 588.60
1,090,000.00 3.196 588.60
All-In Arbitrage
TIC TIC Yield
Par Value 1,090,000.00 1,090,000.00 1,090,000.00
+Accrued Interest
+Premium(Discount)
-Underwriters Discount
-Cost of Issuance Expense
-Other Amounts -85,382.00
Target Value 1,090,000.00 1,004,638.00 1,090,000.00
Target Date 12/19/2012 12/19/2012 12/19/2012
Yield 2.280519% 5.017099% 2.280519%
Nov 12.2012 12:34 pm Prepared by D.A.Davidson&Co Quantitative Group-Mk (Bebee Draw MD#1 12:DNOV1212.12TFR98D,12TFRD8D) Page 5
III.DA.Daddson 9 Co.
SUMMARY OF BONDS REFUNDED
BEBEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(BO)
Pay&Cancel Refunding of Series 1998
Accelerated Debt Service,2018 Maturity
[Preliminary--for discussion only]
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Series 1998 G.O.Bonds(callable 10/1/06),98:
TERM14 10/0112013 6.400% 140,000.00 12/19/2012 100.000
10101/2014 8.400% 150,000.00 12/19/2012 100.000
TERM18 10/01/2015 7.000% 160,000.00 12/19/2012 100.000
10/01/2018 7.000% 170,000.00 12/19/2012 100.000
10/01/2017 7.000% 180,000.00 12/19/2012 100.000
10/0112018 7.000% 190,000.00 12/1912012 100.000
990.000.00
Nov 12,2012 12:34 pm Prepared by D.A Davidson 8 Co Quantitative Group-MK (Babes Draw MD#1 12'.DNOV1212.12TFR98D,12TFR98D) Page 6
®D.A.Daidton s Cu.
ESCROW REQUIREMENTS
BEBEE DRAW METROPOLITAN DISTRICT No.1
TAX-FREE LOAN REFUNDING ISSUE,SERIES 2012(BO)
Pay&Cancel Refunding of Santee 1995
Accelerated Debt Service,2015 Maturity
[Preliminary—for discussion only]
Dated Date 12/19/2012
Delivery Date 12/19/2012
Period Principal
Ending Interest Redeemed Total
12/19/2012 14,638.00 990,000.00 1,004,638.00
14,638.00 990,000.00 1,004,638.00
Nov 12,2012 12'34 pm Prepared by D A Davidson a Co Quantitative Group-MK (Babas Draw MD 11 12DN0V1212-12TFR980.12TFR980) Page 7
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