1993.03.30_TC_Minutes_Workshopr
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t, , • • ~ TOWN OF HIGHLAND BEACH, FLORIDA
Minutes of Meeting of Town Commission
WORKSHOP MEETING
Tuesday, March 30, 1993 1:30 .m.
Mayor Arlin Voress called the Workshop Meeting of the Highland
Beach Town Commission to order in the Commission Chambers at Town
Hall at 1:30 p.m. Others in attendance were Vice Mayor Bill Paul,
Commissioners Arthur Eypel, John F. Rand, and David Augenstein.
Also present were Town Attorney Thomas E. Sliney, Town Manager
Mary Ann Mariano, Town Clerk Anne M. Kowals, and members of the
general public.
ADDITIONS, DELETIONS OR ACCEPTANCE OF AGENDA
The Agenda, amended by moving the item listed under Commissioner
Rand's Town Commission Report (discussion re Bond refinancing) to
a position following Public Comments and Requests, was accepted,
without objection, as amended.
93.1 PUBLIC COMMENTS AND REQUESTS
Mr. Victor Hadeed of 3201 South Ocean Boulevard advised the Focus
• Group was scheduled to meet on Friday, April 02, 1993 at Town Hall
at 9:30 a.m.; everyone is invited to attend the Focus Group
Meeting.
Ms. Marlis Sudbay of 3201 South Ocean Boulevard noted the March of
Dimes Mini-walk in Highland Beach is set for Saturday, April 03.
Everyone is urged to come out to raise funds for this worthy
cause.
Mayor Voress noted Ms. Jan Sheller of 3407 South Ocean Boulevard
is Chairing the Highland Beach Mini-walk; participants are asked
to gather at 8:30 a.m. at Town Hall for registration/photos with
the walk commencing at 9:30 a.m.
Vice Mayor Paul commented help is needed if the Town is to retain
the March of Dimes trophy it has won the last two years. The Vice
Mayor, noting our two serious opponents are the City of Boca Raton
and Florida Atlantic University, .urged the people in the t.v.
audience to come out and join in this fund raising event.
Discussion re Bond refinancing
At this point, the item under Commissioner John F. Rand's report,
moved to a forward position during acceptance of the Agenda, was
addressed.
Town Commisson Workshop Meeting Minutes
+- 1nlax~h 30, 1993
Page 2 of 8
Commissioner Rand, noting he has been discussing the possibility
of refinancing the Town's General Obligation Bonds, Series 1979,
that presently has an outstanding principal of $1,280,000. with an
interest rate of 7-1/2~ per annum payable semi-annually until the
July O1, 2004 maturity date, suggested the Town Commission give
serious consideration to this matter. The Commissioner further
noted the Financial Advisory Board, having reviewed the Town's
General Obligation Bonds, Series 1979, submitted a memorandum
recommending the Town Commission accept the proposal of Stifel,
Nicolaus & Co., Inc., dated March 11, 1993, (a copy of which is
attached to and made a part of these minutes) regarding said
refinancing utilizing the Level Savings Case.
Mr. Kevin McCarty, representative of Stifel, Nicolaus & Co., Inc.,
introduced his associate, Mr. Peter Czajkowski, who explained the
sense of timing and what refunding might entail. Mr. Czajkowski
noted documents would be sent to rating agencies and bond insurers
to make sure the bonds have the highest possible credit ratings
and, therefore, the lowest possible costs. When the documents are
complete and when the rating is in place, an offering document
would be distributed to the public and bonds would be priced. At
that time, Stifel, Nicolaus & Co., Inc., would come before the
Town Commission with a bond purchase agreement for consideration
• which would authorize the sale of the bonds. Shortly thereafter,
there would be a closing at which time the old bonds would be
escrowed to their first call date.
Responding to an inquiry, Mr. Czajkowski stated the bond insurer
does not give a rebate when you refund; what they do is charge you
less than their normal rate for the new issue.
Mr. Czajkowski noted, in today's market, they estimated the
interest rates would range from 2.75 for one year bonds up to 5.25
for the 11-year maturity; these would be tax free bonds, the
interest rate is being reduced by over 2~. Mr. Czajkowski further
noted they would be more than pleased to set up a mechanism where-
by residents would be able to contact a broker and get priority
on purchasing the new bonds; Stifel, Nicolaus & Co., Inc., would
run a pre-order period for Town residents.
The time period for completion of this transaction is estimated to
be between 45 to 60 days from the time it is authorized to start
to the time it is actually closed. Mr. Czajkowski advised the
bonds should be sold in approximately 4 weeks, it takes another
week to complete the documentation; they should be able to set the
interest rates and bring a bond purchase agreement before the Town
Commission in approximately one month.
Town Commission Workshop Meeting Minutes
March 30, 1993
t Page 3 of 8
Following substantial discussion
responded to F.A.B. Chairman Bro.
requested Commissioner Rand, who
06, 1993 Regular Meeting, inform
Town Commission should consider;
this issue will be placed on the
during which Mr.
aner's questions,
will be unavaila:
the Members what
and, if there is
Consent Agenda.
Czajkowski
Mayor Voress
ble for the April
he thinks the
a consensus,
Commissioner Rand advised he would like to recommend that the Town
Commission, at its next Regular Meeting, direct the Town Manager
and her Staff to take the necessary steps to finalize this refi-
nancing (i.e. contact our Town Attorney; Stifel, Nicolaus; and
other related parties) to review all the aspects thereof to deter-
mine whether or not this referendum requires a new voter
referendum and to have a resolution prepared to cover this event.
The Staff should also be directed to contact any other private or
governmental organization that may be necessary to achieve this
purpose. And, if there is a favorable consensus of the Commis-
sion, this matter should be placed on the Consent Agenda.
Responding to Commissioner Augenstein's inquiry, Mr. Czajkowski
noted the old bonds have bond insurance; the new bonds would also
have bond insurance making them AAA Obligations. There is a cost
for this--a one time fee at closing. If the Town was unable to
collect sufficient tax levies to be able to make debt service
• payments, the bond insurer would be obligated to make those
payments.
Following substantial discussion, it was the consensus to support
Commissioner Rand's request to place this issue on the Consent
Agenda for the April 06, 1993 Regular Town Commission Meeting.
93.2 BOARDS AND COMMITTEES
Mayor Voress, noting the vacancy on the Code Enforcement Board
created by the resignation of David Augenstein who was elected to
the Town Commission, suggested Members consider identifying some
one to fill that vacancy at the April 06, 1993 Regular Meeting.
93.3 PROPOSED ORDINANCES AND RESOLUTIONS
None.
MISCELLANEOUS - ITEMS LEFT OVER
Status of Building Development in Town
Commissioners received and reviewed the "Status of Building Devel-
opment in Town" a report submitted by the Building Department.
Town Commission Workshop Meeting Minutes
March 30, 1993
• Page 4 of 8
Minutes for approval at A ril 1993 Regular Meeting
Three sets of Town Commission Meeting Minutes were reviewed and
moved to the Regular Meeting Agenda for further discussion and
possible consideration.
REPORTS - TOWN COMMISSION
Vice Mayor Bill Paul
Vice Mayor Paul, noting Highland Beach has won the March of Dimes
Walk-a-thon Trophy the last two years, reported the Town could
lose the trophy this year as we have two serious opponents--the
City of Boca Raton and Florida Atlantic University. The Vice
Mayor urged the t.v. audience to check for information on the
Walk-a-thon in their buildings or call Town Hall for information;
he requested everyone come out and participate in this fund rais-
ing event. Vice Mayor Paul stated the Highland Beach Walk-a-thou
is scheduled for Saturday, April 03, at 9:30 a.m.; however, all
participants will assemble at Town Hall at 8:30 a.m. for photos
and registration purposes.
Commissioner Arthur Eypel
• Commissioner Eypel, noting this is the first Workshop Meeting
since the election, thanked all for giving him the opportunity to
continue the work initiated two years ago. The Commissioner,
noting he looks forward to working with the new Commissioner,
extended a warm welcome to David Augenstein who was elected to
office on March 09, 1993.
Commissioner Eypel noted he is very excited about the possibility
of closing the books on some issues that have been before the
Commission for some time; he looks forward to the next year where
he sees a lot of things done in Town (a lot of new things coming
to the front); the Fire/Rescue issue is exciting; the CCCL is
still before us (we have been successful to this point) and we
need to continue with that issue vigorously. Regarding hurricane
preparedness, changes have been implemented and we look forward to
improving that program.
When Commissioner Eypel questioned the matter of 'new white
benches' for the bike path, the Town Manager advised same will be
considered when we find a place for the 'recycled bench units'
that are presently in use.
Commissioner Eypel emphasized the importance of residents taking
part in the March of Dimes Walk-a-thon on Saturday morning.
•
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Town Commission Workshop Meeting Minutes
March 30, 1993
Page 5 of 8
Commissioner John F. Rand
Commissioner Rand noted part of his report was presented during
discussion of the bond refinancing issue.
When Commissioner Rand questioned a letter submitted to the Town
from State Attorney Krischer, he was advised the State Attorney
will attend our April Workshop Meeting to explain the Community
Based Prosecution Program being considered for Palm Beach County.
Commissioner Rand, alluding to a memo from the Town Clerk regard-
ing files of elected officials, was advised by the Town Attorney
any communication to any elected Town official or anyone related
to Town Administration that passes through the Town is a public
record. As a practical matter, when anyone leaves office in Town,
that person should caucus with the Town Clerk regarding records to
make sure the Town has a copy of everything; the Town must have a
record of every document.
Town Manager Mariano noted she thinks the problem with the State
or archives seems to be when elected officials work on special
projects where they receive correspondence at home. The Town
Manager suggested the Town Attorney get a legal opinion regarding
the possible use of a statement/affidavit to be signed by any
member leaving office declaring that member is not retaining any
original documents. Town Attorney Sliney stated he would work
with the Town Manager and Town Clerk to see what sensible approach
to this problem can be implemented.
Commissioner David Augenstein
Commissioner Augenstein, as the newest member of the Town Commis-
sion, extended thanks to the Town Manager and Town Attorney for
the many hours they spent with him to explain the various issues
that were to come before the Town Commission.
Alluding to the advertised Public Hearing/Special Meeting held on
March 29, 1993, Commissioner Augenstein complemented his fellow
Commissioners and Mayor on their professionalism noting he looks
forward to their relationship including their common desire to
preserve the quality of life enjoyed by all residents of Highland
Beach.
•
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Town Commission Workshop Meeting Minutes
March 30, 1993
Page 6 o f $
Mayor Arlin Voress
Mayor Voress, under his report, assigned special areas of interest
to each Commission Member: Public Safety - Vice Mayor Paul;
Finance - Commissioner Rand; Beaches & Shores - Commissioner
Eypel; Building - Commissioner Augenstein.
With regard to Beaches & Shores, Commissioner Eypel advised Ms.
Jane Rayner of Seagate Condominium accepted the Alternate Repre-
sentative appointment on the Palm Beach Countywide Beaches &
Shores Council. A resolution memorializing said appointment will
be submitted for consideration at the April 06, 1993 Regular
Meeting.
The Mayor noted support for the Highland Beach Walk-a-thon is
important if the Town is to retain the trophy.
Mayor Voress advised he represents the Town of Highland Beach at
the Municipal League and was requested to submit himself as a
candidate for District 4 as a representative on the League's Board
of Directors. Mayor Voress attended the Municipal League Meeting
in Hypoluxo Town Hall on Wednesday (March 24) where it was noted ,
an effort has been made in both Houses to do something about the
Homestead Exemption (the matter died); another issue regarded
properties placed on tax rolls during the year being allowed
partial assessment (nothing happened with this matter).
Mayor Voress acknowledged receipt of a letter from the Florida
Department of Environmental Regulation regarding our application
for a permit to get sand from the Intracoastal Waterway for the
pipeline. The Town's permit application is complete and has been
reviewed; it is anticipated the permit will be forthcoming within
the next two months.
The Mayor, noting the Special Meeting of the Town Commission on
March 29, regarding the Drexel matter which has been in litigation
for twenty years, stated both parties agreed to settlement. The
Commission will slowly get rid of all law suits.
Mayor Voress, alluding to discussion regarding new Fire/Rescue
Services for the Town, advised a letter was submitted to the Palm
Beach County Board of County Commissioners requesting the Town be
allowed to opt out of the current Fire/Rescue Service Contract on
10/01/93 so the Town would be free to enter into a contract with
the City of Delray Beach for Fire/Rescue Services; said contract
will require the Town purchase a new fire engine and rescue
Town Commission Workshop Meeting Minutes
March 30, 1993
Page 7 of 8
vehicle that will operate from our fire station and provide better
response time. The Town Manager is presently working on exciting
news regarding ambulance service for the Town.
REPORTS - TOWN ATTORNEY
Town Attorney Sliney reported we are closing the books on some
matters (i.e. Drexel Settlement Agreement). Regarding Fire/Rescue
Service, the Town is proceeding with Delray Beach to replace the
County service.
The Town Attorney reported on legislative issues of interest to
the Town (i.e Attorney/Client relationship when working on liti-
gation, proposed certification for Building Officials).
REPORTS - TOWN MANAGER
Town Manager Mariano reported one of the best aspects of the
Drexel Settlement is there was no money out of the Town's budget
required for settling this matter.
Agenda Report Form re amendment to Chapter 6, Section 6-246
• The Commission received the Agenda Report Form submitted by the
Town Manager regarding amendment to Chapter 6, Section 6-246. At
the conclusion of the discussion it was noted Commissioner Rand's
suggested amendments will be incorporated in the proposed ordi-
nance which will be available for first reading at the April 06,
1993 Regular Town Commission Meeting.
Town Manager Mariano informed the Town Commission a proposed ordi-
nance to make the Sewer and Water Billing Procedures consistent
will be submitted for first reading at the next Regular Meeting.
Town Manager Mariano advised the NPDE5 has certain requirements
that must be followed regarding enforcement procedures. In that
regard, an ordinance will be prepared for first reading at the
April 06, 1993 Regular Meeting of the Town Commission.
The Town Manager noted she will request assistance from the Finan-
cial Advisory Board regarding certain financial aspects relating
to the Fire/Rescue Service Contract (i.e. purchase of fire engine
and rescue vehicle).
n
Town Commission Workshop Meeting Minutes
March 30, 1993
Page 8 of 8
At this point, Palm Beach County Sheriff's
Commission Chambers to place the Mayor and
arrest with regard to the American Cancer
Raiser. Mayor Voress turned the Workshop
Mayor Paul.
ADJOURNMENT
Deputies entered the
Town Manager under
Jail and Bail Fund
Meeting over to Vice
There being no further business to come before the Commission at
this time, upon proper MOTION by COMMISSIONER AUGENSTEIN/COMMIS-
SIONER EYPEL, Vice Mayor Paul adjourned the Workshop Meeting at
2:35 p.m.
APPROVED : ~~~~..~~~ ~.~- ~
Arlin Voress, M r
Bi 1 aul, Vice Mayor
~ y
Arthur Eype Commissior~r
~~~~~~ ~
~'
. Ran Comm'ssioner
r
David Augens ein Commissioner
Revised Refunding Analysis
TOWN OF
HIGHLAND BEACH
:~1ARCH 11, 1993
Sti fel, Nicolaus ~~ Co»zpa.n~, Incorporated
- ~ -
SERIES 1979
CURRENT DEBT SERVICE
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Town of Yighland Beach, Florida
General Obligation Bonds, Series 1979
Current Debt Service to Maturity
Period
Ending
---------- Principal
------------ Coupon
---------- Interest
---- Total Annual
7/1/93
40,000
7.50% --------
48,000 ------------
88,000 ------------
88,000
1/1/94 46,500 46,500
7/1/94 40,000 7.50% 46,500 86,500 133,000
1/1/95 45,000 45,000
7/1/95 40,000 7.50% 45,000 85,000 130,000
1/1/96 43,500 43,500
7/1/96 40,000 7.50% 43,500 83,500 127,000
1/1/97 42,000 42,000
7/1/97 50,000 7.50% 42,000 92,000 134,000
1/1/98 40,125 40,125
7/1/98 125,000 7.50% 40,125 165,125 205,250
1/1/99 35,438 35,438
7/1/99 135,000 7.50% 35,438 170,438 205,875
1/1/00 30,375 30,375
7/1/00 140,000 7.50% 30,375 170,375 200,750
1/1/O1 25,125 25,125
7/1/01 150,000 7.50% 25,125 175,125 200,250
1/1/02 19,500 19,500
7/1/02 160,000 7.50% 19,500 179,500 199,000
1/1/03 13,500 13,500
7/1/03 175,000 7.50% 13,500 188,500 202,000
1/1/04 6,938 6,938
7/1/04
-------- 185,000
------------ 7.50%
---------- 6,938
------------ 191,938
--- 198,875
1,280,000
744,000 ---------
2,024,000 ------------
Callable 7/01/90 @ 1/4% per year to maturity (not of exceed 3%)
a
•
COST OF REDEMPTION
• JULY 1, 1993
i
Town of Highland Beach, Florida
General Obligation Bonds
Refunded Debt Service to Call
Maturity
Premium Cost of
Defeasance @
Date Principal % Premium
--------- Interest Total
--- 3.00%
7/1/93
40,000
0.00%
0 -------------------
48,000 88,000 ------------
87
568
7/1/94 40,000 0.25% 100 40,100 ,
39
903
7/1/95 40,000 0.50% 200 40,200 ,
40
002
7/1/96 40,000 0.75% 300 40,300 ,
40
102
7/1/97 50,000 1.00% 500 50,500 ,
50
252
7/1/98 125,000 1.25% 1,562 126,563 ,
125
941
7/1/99 135,000 1.50% 2,025 137,025 ,
136
352
7/1/00 140,000 1.75% 2,450 142,450 ,
141
750
7/1/01
7/1/02 150,000
160,000 2.00%
2.25% 3,000
3
600 153,000 ,
152,248
7/1/03
175,000
2.50% ,
4,375 163,600
179,375 162,796
178
493
7/1/04
-~------ 185,000
----------- 2.75%
---------- 5,087
---
-----
- 190,088
------ ,
189,153
1,280,000 2
3,200 ----------------
48,000 1,351,200 ------------
1,344,560
•
FRONT LOADED SAVINGS CASE
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Town of Highland Beach, Florida
General Obligation Bonds
Front Loaded Savings Case
Sources and Uses Statement
SOURCES
Bond Proceeds 1,335,000
Payments Due on Refunded Bonds 88,000
--------------
1,423,000
USES
Cost of Defeasance to Call 1,344,560
Bond Insurance 17,500
Underwriter's Discount 2.00$ 26,700
Cost of Issuance
Legal 12,500
Rating Agencies 12,500
Trustee/Escrow Agent 3,500
Printing 2,500
Miscellaneous 3,240
--------------
1,423,000
3
•
Town of Highland Beach, Florida
General Obligation Refunding Bonds
Front Loaded Savings Case
Dated and Closed: June 1, 1993
Debt Service to Maturity
Period
Ending
------------ Principal
------------ Coupon
----------- Interest
---------- Total Annual
1/1/94 -----
37,374 -------------
37,374 ------------
7/1/94 0 2.75% 32,035 32,035 69,409
1/1/95 32,035 32,035
7/1/95 2-5,000 3.500 32,035 57,035 89,070
1/1/96 31,598 .31,598
7/1/96 65,000 4.00% 31,598 96,598 128,195
1/1/97 30,298 30,298
7/1/97 75,000 4.25% 30,298 105,298 135,595
1/1/98 28,704 28,704
7/1/98 150,000 4.50$ 28,704 178,704 207,408
1/1/99 25,329 25,329
7/1/99 155,000 4.65$ 25,329 180,329 205,658
•
1/1/00 21,725 21,725
7/1/00 155,000 4.75$ 21,725 176,725 198,450
1/1/O1 18,044 18,044
7/1/01 165,000 4.90$ 18,044 183,044 201,088
1/1/02 14,001 14,001
7/1/02 170,000 S.OOo 14,0.01 184,001 198,003
1/1/03 9,751 9,751
7/1/03 185,000 5.15$ 9,751 194,751 204,503
1/1/04 4,988 4,988
7/1/04
----------- 190,000
------------ 5.25$
---------- 4,988
--------------- 194,988:
--- 199,975
1,335,000
502 352 ----------- ------------
1,837,352
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-- - --
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Town of Highland Beach, Florida
General Obligation Bonds
Front Loaded Savings Case
Savings Analysis
Total * Annual
Period Current Proposed Proposed P.nnual
Ending
---------- Debt Service
-------------- Debt Service
---------------- Debt Service
---------------- Savings
----------- Savings
7/1/93
0 --
0 -----------
0
1/1/94 46,500 37,374 9,126
7/1/94 86,500 32,035 69,409 54,465 63,591
1/1/95 -45,000 32,035 12,965
7/1/95 85,000 57,035 89,070 27,965 40,930
1/1/96 43,500 31,598 11,903
7/1/96 83,500 96,598 128,195 (13,098) (1,195)
1/1/97 42,000 30,298 11,703
7/1/97 92,000 105,298 135,595 (13,298) (1,595)
1/1/98 40,125 28,704 11 421
7/1/98 165,125 178,704 207,408 (13,579) (2,158)
1/1/99 35,438 25,329 10,109
/1/99 170,438 180,3'29 205,658 (9,891) 218
1/1/00 30,375 21,725 8,650
7/1/00 170,375 176,725 198,450 (6,350) 2,300
1/1/O1 25,125 18,044 7 081
7/1/01 175,125 183,044 201,088 (7,919) (838)
1/1/02 19,500 14,001 5 499
7/1/02 179,500 184,001 198,003 (4,501) 998
1/1/03 13,500 9,751 3,749
7/1/03 188,500 194,751 204,503 (6,251) (2,502)
1/1/04 6,938 4,988 1 950
/1/04 191,938 194,988 199,975 (3,050) (1,100)
1,936,000 1,837,352 1,837,352 98,648
Net Present Value Savings @ Bond Yield
94,661
__________Savings as a ~ of Net Bonds Refunded 7.63%
Net of Town Contribution to Sources of Funds
e
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LEVEL SAVINGS CASE
F
~ ~
Town of Highland Beach, Florida
General Obligation Bonds
Level Savings Case
Sources and Uses Statement
SOURCES
Bond Proceeds 1,335,000
Payments Due on Refunded Bonds 88,000
--------------
1,423,000
--------------
--------------
USES
Cost of Defeasance to Call 1,344,560
Bond Insurance 17,500
• Underwriter's Discount 2.00$ 26,700
Cost of Issuance
Legal 12,500
Rating Agencies 12,500
Trustee/Escrow Agent 3,500
Printing 2,500
Miscellaneous 3,240
--------------
1,423,000
6
~ s -
Town of Highland Beach, Florida
General Obligation Refunding Bonds
Level Savings Case
Dated and Closed: June 1, 1993
Debt Service to Maturity
Period
Ending Principal Coupon Interest Total Annual
----------------------------------------------------
1/1/94 36,568 36,568
7/1/94 50,000 2.75% 31,344 81,344 117,911
1/1/95 30,656 30,656
7/1/95 55,000
~ 3.50% 30,656 85,656 116,313
1/1/96 29,694 29,694
7/1/96 60,000 4.00$ 29,694 89,694 119,388
1/1/97 28,494 28,494
7/1/97 65,000 4.25% 28,494 93,494 121
988
1/1/98 27,113 27,113 ,
7/1/98 140,000 4.50% 27,113 167,113 194
225
1/1/99 23,963 23,963 ,
7/1/99 145,000 4.65% 23,963 168,963 192
925
1/1/00
• 20,591 20,591 ,
7/1/00
1/1/O1 150,000 4.75% 20,591 170,591 191,183
7/1/01
155,000
4.90% 17,029
17,029 17,029
172,029
189
058
1/1/02 13,231 13,231 ,
7/1/02
1/1/03 160,000 5.00% 13,231 173,231 186,463
7/1/03
175,000
5.15% 9,231
9,231 9,231
184,231
193
463
_1/1/04
7/1/04
180,000
5.25%
--- 4,725
4,725
---------- .4,725
184,725 ,
189,450
1,335,000 ---
477,364 ------------- ------------
1,812,364
7
Town of Highland Beach, Florida
General Obligation Bonds
Level Savings Case
Savings Analysis
Total * Annual
Period Current Proposed Proposed Annual
_rEnding__ Debt Service Debt Service
---------------- Debt Service
---------------- Savings
------- Savings
7/1/93
0 ------
0 -----------
0
1/1/94 46,500 36,568 9 932
7/1/94 86,500 81,344 117,911 5,156 15,089
1/1/95 45,000 30,656 14,344
7/1/95 85,000 85,656 116,313 (656) 13
688
1/1/96 43,500 29,694 13,806 ,
7/1/96 83,500 89,694 119,388 (6,194) 7
613
1/1/97 42,000 28,494 13 506 ,
7/1/97 92,000 93,494 121,988 (1,494) 12
013
1/1/98 40,125 27,113 13,013 ,
7/1/98 165,125 167,113 194,225 (1,988) 11
025
1/1/99 35,438 23,963 11 475 ,
7/1/99
~l/1/00 170,438
30
375 168,963
20 192,925 1,475 12,950
7/1/00 ,
170,375 ,591
170,591
191,183 9,784
(216)
9
568
1/1/O1 25,125 17,029 8
096 ,
7/1/01
1/1/02 175,125
19
500 172,029
13 189,058 ,
3,096 11,193
7/1/02 ,
179,500 ,231
173,231
186,463 6,269
6,269
538
12
1/1/03 13,500 9,231 4
269 ,
7/1/03
1/1/04 188,500
6
938 184,231
4 193,463 ,
4,269 8,538
7/1/04 ,
191,938 ,725
184,725
189,450 .2,213
7,213
9,425
1,936,000 1,812,364 1,812,364 123 636
Net Present Value Savings @ Bond Yield 95,718
Savings as a ~ of Net Bonds Refunded 7.72
* Net of Town Contribution to Sources of Funds
g
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EXTENDED DEBT SERVICE CASE
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Town of Highland Beach, Florida
General Obligation Bonds
Extended Debt Service Case
Sources and Uses Statement
SOURCES
Bond Proceeds 1,340,000
Payments Due on Refunded Bonds 88,000
--------------
.. 1,428,000
--------------
--------------
USES
Cost of Defeasance to Call 1,344,560
Bond Insurance 25,000
• Underwriter's Discount 2.00$ 26,800
Cost of Issuance
Legal 12,500
Rating Agencies 12,500
Trustee/Escrow Agent 3,500
Printing 2 500
Miscellaneous X640
--------------
1,428,000
9
.~
Town of~ H~egtlland Beach, Florida
G ral Obligation Refunding Bonds
Ended Debt Service Case
Dated and Closed: June 1, 1993
Debt Service to Maturity
Period
Ending
------------ Principal
------------ Coupon
----------- Interest
------
-- Total
--
- Annual
1/1/94 -------
40,189 -
---------
40,189 ------------
7/1/94 35,000 2.75% 34,448 69,448 109,636
1/1/95 33,966 33,965
7/1/95 45,000 3.50$ 33,966 78,966 112,933
1/1/96 33,179 33,179
7/1/96 45,000 4.00$ 33,179 78,179 111,358
1/1/97 32,279 32,279
7/1/97 45,000 4.25% 32,279 77,279 109,558
1/1/98 31,323 31,323
7/1/98 :50,000 4.50% 31,323 81,323 112,645
1/1/99 30,198 30,198
7/1/99 50,000 4.65% 30,198 80,198 110,395
1/1/00 29,035 29,035
7/1/00 55,000 4.75% 29,035 84,035 113,070
1/1/O1 27,729 27,729
7/1/O1 55,000 4.90% 27,729 82,729 110,458
1/1/02 26,381 26,381
7/1/02 60,000 5.00$ 26,381 86,381 112,763
• 1/1/03 24,881 24,881
7/1/03 60,000 5.15% 24,881 84,881 109,763
1/1/04 23,336 23,336
7/1/04 65,000 5.25$ 23,336 88,336 111,673
1/1/05 21,630 21,630
7/1/05 70,000 5.40$ 21,630 91,630 113,260
1/1/06 19,740 19,740
7/1/06 75,000 5.60$ 19,740 94,740 114,480
1/1/07 17,640 17,640
7/1/07 75,000 5.60$ 17,640 92,64.0 110,280
1/1/08 15,540 15,540
7/1/08 80,000 5.60% 15,540 95,540 111,080
1/1/09 13,300 13,300
7/1/09 85,000 5.60$ 13,300 98,300 111,600
1/1/10 10,920 10,920
7/1/10 90,000 5.60$ 10,920 100,920 111,840
1/1/11 8,400 8,400
7/1/11 95,000 5.60% 8,400 103,400 111
800
1/1/12 5,740 5,740 ,
7/1/12 100,000 5.60$ 5,740 105,740 111
480
1/1/13 2,940 2,940 ,
_____7/1/13 105,000
--- 5.60$
---------- 2,940
--------------- 107,940
-- 110,880
1,340,000
890,949 ------------ ------------
2,230,949
10
y f
Town o.: iieigi"~land Beach, Florida
G eral Obligation Bonds
ended Debt Service Case
Savlnas A nalysis
Total * Annual
Period Current Proposed Proposed Annual
Ending
--------- Debt Service De
------------------ bt Service
-------------- Debt Service
--------------- Savings
------------- Savings
7/1/93
0
0 -----------
0
1/1/94 46,500 40,189 6,311
7/1/94 86,500 69,448 109,636 17,053 23,364
1/1/95 45,000 33,966 11,034
7/1/95 85,000 78,966 112,933 6,034 17,068
1/1/96 43,500 33,179 10,321
7/1/96 83,500 78,179 111,358 5,321 15,643
1/1/97 42,000 32,279 9,721
7/1/97 92,000 77,279 109,558 14,721 24,443
1/1/98 40,125 31,323 8,803
7/1/98 165,125 81,323 112,645 83,803 92,605
1/1/99 35,438 30,198 5,240
7/1/99 170,438 80,198 1.10,395 90,240 95,480
1/1/00 30,375 29,035 1,340
7/1/00 170,375 84,035 113,070 86,340 87,680
1/1/O1 25,125 27,729 (2,604)
7/1/01 175,125 82,729 110,458 92,396 89,793
1/1/02 19,500 26x381 (6,881)
7/1/02 179,500 86,381 112,763 93,119 86,238
•1/1/03 13,500 24,881 (11,381)
7/1/03 188,500 84,881 109,763 103,619 92,238
1/1/04 6,938 23,336 (16,399)
7/1/04 191,938 88,336 111,673 103,601 87,203
1/1/05 21,630
(21,630)
7/1/05 91,630 113,260 (91,630) (113,260
1/1/06 19,740
(19,740)
7/1/06
1/1/07 94,740 114,480 (94,740) (114,480
17,640
(17,640)
7/1/07
1/1/08 92,640 110,280 -(92,640) (110,280
7/1/08 15,540
(15,540)
1/1/09 95,540 111,080 (95,540) (111,080
7/1/09 13,300
98,300
111,600
(13,300)
(98,300)
600
(111
1/1/10 10,920
(10
920) ,
7/1/10
1/1/11 100,920 111,840 ,
(100,920) (111,840
7/1/11 8,400
103,400
111,800 (8,400)
(103
400)
(111
800
1/1/12 5,740 ,
(5
740) ,
7/1/12
1/1/13 105,740 111,480 ,
(105,740) (111,480
7/1/13
-- 2,940
107,940
-------------
110,880
-------- (2,940)
(107,940)
(110,880
1,936,000
2,230,949 --------
2,230,949 ------------- ----------
(294
949
Net Present Value
Savings a
~ Savings @ Bond Yield ,
57,847
______ s a
of
____________
---------
--- Net Bonds Ref
---------- unded
---
* Net of Town Contribution
---
-------------
to Sources of __________
-------------
------ ---
Funds ______
__
---------
.~-
11