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RESOLUTION 87-18767 RESOLUTION NO. 87-18767 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, WITH REGARD TO, I. THE ISSUANCE IN AN AGGREGATE PRIN— CIPAL AMOUNT NOT TO EXCEED $3,000,000 CITY OF MIAMI BEACH, FLORIDA, GENERAL OBLIGATION BONDS, SERIES 1987 (THE "OCEAN DRIVE BONDS" ) PURSUANT TO CHAPTER 166, FLORIDA STATUTES, AS AMENDED, AND OTHER APPLICABLE LAW, PAYA— BLE ALL OR IN PART FROM SPECIAL ASSESSMENTS AGAINST ABUTTING PROPERTY BENEFITTED THEREBY; COVENANTING TO LEVY SUCH SPECIAL ASSESSMENTS; PROVIDING FOR THE LEVY OF TAXES FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE OCEAN DRIVE BONDS; PROVIDING FOR THE PLEDGE OF THE FULL FAITH AND CREDIT AND TAXING POWER OF THE CITY OF MIAMI BEACH AS SECURITY FOR THE OCEAN DRIVE BONDS; PROVID— ING FOR THE APPLICATION OF THE PROCEEDS OF THE OCEAN DRIVE BONDS; AMENDING AND RESTAT— ING RESOLUTION NO. 86-18692 OF THE CITY COMMISSION OF MIAMI BEACH, FLORIDA WITH REGARD TO THE ISSUANCE IN AN AGGREGATE PRIN— CIPAL AMOUNT NOT TO EXCEED $39,885,000 CITY OF MIAMI BEACH, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986A, TO PROVIDE FOR THE CON— CURRENT ISSUANCE BY NEGOTIATED SALE OF THE OCEAN DRIVE BONDS; RENAMING THE BONDS AUTHORIZED BY RESOLUTION NO. 86-18692 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $39,885,000 CITY OF MIAMI BEACH, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986A PREVIOUSLY REFERRED TO AS THE "1986A BONDS" (HEREINAFTER REFERRED TO AS THE "REFUNDING BONDS" ) OND) e ) ( THE OC rN DRIVE RIbE BONDS AND T H T REFUNDING BONDS WILL BE REFERRED TO IN THIS 1986A RESOLUTION, AS AMENDED (HEREINAFTER, THE "1987 RESOLUTION" ) , COLLECTIVELY AS THE "1987 BONDS" ) ; FINDING THAT A NEGOTIATED SALE OF THE OCEAN DRIVE BONDS IS IN THE BEST INTERESTS OF THE CITY; APPROVING CHANGES TO THE PREVIOUSLY APPROVED FORM OF BOND AND FORMS OF BOND PURCHASE CONTRACT AND THE FINANCING PLAN ATTACHED THERETO, PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL STATEMENT, ESCROW DEPOSIT AGREEMENT AND ARBITRAGE REBATE AGREEMENT AS ARE NECESSARY TO INCOR— PORATE THE ISSUANCE OF THE OCEAN DRIVE BONDS WITHIN THE ISSUANCE OF THE 1987 BONDS, INCLUDING AMENDING THE AGGREGATE PRINCIPAL AMOUNT TO NOT TO EXCEED $42,885,000; AUTHOR— IZING THE CREATION OF SUCH OTHER FUNDS AND ACCOUNTS AS ARE NECESSARY TO IMPLEMENT THE FINANCING OF THE OCEAN DRIVE PROJECT; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF THE 1987 BONDS; FIXING OTHER DETAILS OF THE 1987 BONDS; AUTHORIZING OTHER REQUIRED ACTION AND PROVIDING FOR AN EFFECTIVE DATE; II. REAF— FIRMING AND READOPTING RESOLUTION 86-18489 OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF CITY OF MIAMI BEACH, FLORIDA, GENERAL OBLI— GATION REFUNDING BONDS, SERIES 1986 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $65,000,000 TO FINANCE THE REFUNDING OF VARIOUS OUTSTANDING CITY OF MIAMI BEACH, FLORIDA, GENERAL OBLIGATION BONDS; PROVIDING FOR THE TERMS AND PAYMENT OF THE SERIES 1986 BONDS; MAKING CERTAIN COVENANTS AND AGREE— MENTS IN CONNECTION THEREWITH; AUTHORIZING VALIDATION AND PROVIDING AN EFFECTIVE DATE; AND III . REAFFIRMING AND READOPTING RESOLU- TION NO. 86-18514 AUTHORIZING THE NEGOTIATED SALE OF NOT EXCEEDING $65,000,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986, OF THE CITY OF MIAMI BEACH, FLORIDA, AND ESTA- BLISHING THE MAXIMUM MATURITIES AND INTEREST RATES ON THE SAID BONDS; FINDING THAT A NEGOTIATED SALE OF THE BONDS IS IN THE BEST INTEREST OF THE CITY; APPROVING THE FORM AND THE EXECUTION OF A PURCHASE CONTRACT TO EFFECT THE NEGOTIATED SALE OF SUCH BONDS; APPROVING THE FORM OF THE PRELIMINARY OFFI- CIAL STATEMENT AND OFFICIAL STATEMENT; AUTHORIZING THE APPOINTMENT OF THE ESCROW AGENT, BOND REGISTRAR AND PAYING AGENT; AUTHORIZING OTHER REQUIRED ACTIONS, INCLU- DING OBTAINING MUNICIPAL BOND INSURANCE; DESIGNATING THE AUTHORIZED OFFICERS OF THE CITY; AND PROVIDING FOR AN EFFECTIVE DATE; AND FURTHER PROVIDING FOR THE ISSUANCE OF THE SERIES 1986A BONDS; APPROVING THE FINAN- CING PLAN FOR THE BONDS; APPROVING THE FORM AND EXECUTION OF A PURCHASE CONTRACT TO EFFECT THE NEGOTIATED SALE OF SUCH 1986A BONDS; APPROVING THE FORM OF THE PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL STATEMENT; APPROVING THE FORM OF THE ESCROW DEPOSIT AGREEMENT; APPROVING THE FORM OF THE ARBI- TRAGE REBATE AGREEMENT; AUTHORIZING THE APPOINTMENT OF THE ESCROW AGENT; AUTHORIZING OTHER REQUIRED ACTIONS, AND PROVIDING FOR AN EFFECTIVE DATE; WHEREAS, the City Commission ( the "Commission" ) of the City of Miami Beach, Florida ( the "City" ) , has heretofore authorized by Resolution No. 86-18489 on June 18 , 1986 , ( the "Authorizing Resolution" ) , the issuance of not in excess of $65 , 000 , 000 General Obligation Refunding Bonds , Series 1986 ( the "Bonds" ) for the purpose of advance refunding its $24 , 000 , 000 City of Miami Beach, Florida Public Improvement Bonds ( Series 1983 ) , its $22 , 000 , 000 City of Miami Beach, Florida, General Obligation Bonds (Theater of Performing Arts Project ) Series 1984 and its $9 ,800 , 000 City of Miami Beach, Florida, General Obligation Bonds ( South Pointe Redevelopment Project ) Series 1984 ( collectively, the "Prior Bonds" ) ; and WHEREAS, the Commission has heretofore authorized by Reso- lution No. 86-18514 on July 23 , 1986 , ( the "Negotiated Sale Reso- lution" ) ( the Authorizing Resolution and the Negotiated Sale Resolution will be referred to herein collectively as the "Reso- lutions" ) , the negotiated sale of the Bonds ; established the maximum maturities and interest rate on the Bonds ; found that a negotiated sale was in the best interest of the City ; approved the form of and the execution of a purchase contract ; approved the form of the Preliminary Official Statement and Official Statement ; authorized the appointment of the Bond Registrar and Paying Agent ; authorized other required actions , including obtaining municipal bond insurance; and designated the authorized officers of the City; WHEREAS, the City has heretofore, under this provision of the Resolutions , issued its $25 , 115 , 000 City of Miami Beach, Florida General Obligation Refunding Bonds , Series 1986 ; WHEREAS, the Commission has heretofore authorized by Reso- lution No. 86-18692 on December 4 , 1986 , ( the "1986A Resolution" ) the issuance not in excess of $39,885 , 000 General Obligation - 2 - Refunding Bonds, Series 1986A ( the "Refunding Bonds" ) for the purpose of advance refunding the outstanding portion of the Prior Bonds ( the "Outstanding Prior Bonds" ) ; reaffirmed and readopted the Resolutions ; approved the financing plan for the Refunding Bonds; approved the form and execution of a purchase contract to effect the negotiated sale of the Refunding Bonds ; approved the forms of the Preliminary Official Statement and Official State- ment, the Escrow Deposit Agreement and the Arbitrage Rebate Agreement ; authorized the appointment of the Escrow Agent ; autho- rized other required actions; and provided for an effective date; WHEREAS, pursuant to Resolution No . 86-18529 duly adopted by the Commission on July 23 , 1986 ( the "Election Resolution" ) , a special election was held on November 4 , 1986 , wherein a majority of the qualified voters in the City voted favorably in response to the following question: "Shall the City issue general obligation bonds , payable all or in part from special assessments against abutting property benefited thereby, in an amount not to exceed $3 , 000 , 000 , bearing interest at rate( s ) to be determined at the time of sale , not exceeding the maximum legal rate, for the purpose of street , sidewalk improvements , including widening thereof , on Ocean Drive from 5th to 15th Streets , 15th Street from Ocean Drive to Collins Avenue, and Lummus Park improve- ments?" ( the "Ocean Drive Project" ) ; WHEREAS, on November 19 , 1986 the Commission duly adopted Resolution No. 86-18674 entitled "A RESOLUTION ADOPTING THE CER- TIFICATION OF THE METROPOLITAN DADE COUNTY CANVASSING BOARD AS TO THE RESULTS OF THE CITY OF MIAMI BEACH SPECIAL ELECTION HELD ON NOVEMBER 4 , 1986 ; DECLARING RESULTS THEREOF" ; WHEREAS, in order for the Commission to effectuate the desires of the residents of the City, it is necessary and appro- priate for the Commission to fix the form, details and the pro- vide for the payment of the principal and interest on the Ocean Drive Bonds and the Refunding Bonds ; WHEREAS the Commission now deems it to be in the best inter- est of the City to issue the Ocean Drive Bonds concurrently with the Refunding Bonds in one or more series of bonds ; NOW, THEREFORE, BE IT RESOLVED by the City Commission of Miami Beach, Florida as follows : SECTION 1 . This Resolution is adopted pursuant to Chapter 166, Florida Statutes , and other applicable provisions of law. The Resolutions and the 1986A Resolution are hereby restated and readopted, as amended hereby ( this Resolution and the 1986A Reso- lution, as amended hereby, will be referred to hereinafter as the "1987 Resolution" ) . All references to the 1986A Resolution shall mean the 1987 Resolution. All references to the 1986A Bonds in this 1987 Resolution shall include both the Refunding Bonds and the Ocean Drive Bonds ( the "1987 Bonds" ) . SECTION 2 . There are hereby authorized to be issued General Obligation Ocean Drive Bonds , Series 1987 ( the "Ocean Drive Bonds" ) in the aggregate principal amount not to exceed $3 ,000 , 000 , heretofore approved by a majority vote of qualified electors voting at an election held in the City for the purpose of financing the costs of the Ocean Drive Project , payable all or in part from special assessments against abutting property bene- fitted thereby in an amount not to exceed $3 , 000 , 000 , bearing interest at rate ( s ) not to exceed the maximum legal rate ( s ) . SECTION 3 . It is hereby determined that the maximum aggregate principal amount of the Refunding Bonds equal to $39,885 , 000 does not exceed the limitation imposed by Section 132.35 , Florida Statutes . All provisions with regard to the 1987 Bonds and the issuance thereof shall be as set forth in the - 3 - Financing Plan attached hereto as Exhibit A and in the Reso- lutions and this 1987 Resolution; except that the Ocean Drive Bonds shall not be subject to the requirements of Sections 132 . 33 - 132 . 47, Florida Statutes . The Ocean Drive Bonds and the Refunding Bonds will be issued concurrently as one or more series of bonds as provided in the Financing Plan attached hereto as Exhibit A, which Financing Plan is hereby approved. SECTION 4 . There is hereby authorized the creation of such funds and accounts , including but not limited to a Construction Fund and a Sinking Fund for the Ocean Drive Bonds , as shall be necessary to implement the financing of the Ocean Drive Pro- ject . The proceeds received upon the sale of the Ocean Drive Bonds (except an amount equal to accrued interest , which shall be deposited in the Sinking Fund and used to pay such interest ) shall be deposited into the Construction Fund for the Ocean Drive Project and used solely to pay the cost of issuance of the Ocean Drive Bonds and the cost of acquisition and construction of the Ocean Drive Project . Pending their authorized use, such proceeds may be invested in any investment which is permitted by the Reso- lutions and by Chapter 166 , Florida Statutes, as amended; pro- vided however , that such investments shall mature, or be subject to redemption by the holder thereof at the option of the holder , not later than the date or dates on which such proceeds will be needed for the purposes set forth herein and in the Resolu- tions . Any income received upon such investments shall be applied to the Construction Fund and used for the construction of the Ocean Drive Project . After the completion of the improve- ments , any remaining balance of the proceeds of the Ocean Drive Bonds , or investment earnings thereon, shall be deposited into the Sinking Fund to be administered by the City and used solely to pay principal and interest on the Ocean Drive Bonds as the same becomes due. SECTION 5 . The Finance Director of the City is hereby directed to apply the proceeds of the Ocean Drive Bonds as set forth above and to hold such funds separate and apart from all other funds and accounts to be applied solely as provided herein. Moneys on deposit in the Construction Fund shall be applied to the costs of construction of the Ocean Drive Project , upon proper requisition therefor . Any requisition for such moneys shall be in form and substance and shall be upon the terms and conditions as shall be satisfactory to the Finance Director . SECTION 6 . The City covenants to expeditiously take all actions necessary to assess , levy and collect special assessments in the same manner and at the same time as other City taxes are assessed, levied and collected, in such amount as shall be required by subsequent resolution or resolutions of the Commis- sion, against abutting property benefited by the Ocean Drive Project ( the "Special Assessments" ) and to pledge the Special Assessments so collected to pay all or part of the costs of the Ocean Drive Project . Until such Special Assessments are assessed, levied and collected by the City, there shall be levied an annual special tax without limit as to rate or amount upon all taxable property within the City, sufficient in amount to pay the principal and interest on the Ocean Drive Bonds as the same becomes due and payable . The proceeds of such taxes shall be paid into the Ocean Drive Improvement Bond Fund and together with any moneys available in the Sinking Fund, shall be used for no other purpose than payment of the principal of and interest on the Ocean Drive Bonds ; provided however , that the amount of such annual tax levy may be reduced by any amount then contained in such fund or in the Sinking Fund and by the amount of Special Assessments as and when actually collected. SECTION 7 . In addition to those special taxes levied for their discharge and such other sources as may be provided for their payment or pledged as security therefor , the full faith and - 4 - credit and taxing powers of the City are pledged for payment of the principal and interest on the Ocean Drive Bonds . The holders of the Ocean Drive Bonds shall have no responsibility for the use of the proceeds of said Ocean Drive Bonds , and the use thereof by the City shall in no way affect the rights of such holders . The City shall be irrevocably obligated to continue to levy and collect the taxes provided herein and to pay the principal of and interest on the Ocean Drive Bonds notwithstanding any failure of the City to use and apply the proceeds thereof in the manner provided herein. SECTION 8 . There are hereby authorized any changes, inser- tions or omissions as shall be approved by the Mayor or Vice Mayor to the previously approved form of bond, forms of Bond Purchase Contract and the financing plan attached thereto, Pre- liminary Official Statement and Official Statement, Escrow Depo- sit Agreement and Arbitrage Rebate Agreement (whose signature thereon shall be conclusive evidence of such approval ) as are necessary to incorporate the issuance of the Ocean Drive Bonds within the issuance of the 1987 Bonds ; and the Finance Director is hereby directed to certify, on or before the issuance and delivery of the 1987 Bonds , that the total indebtedness of the City, including the 1987 Bonds , does not exceed any constitu- tional or statutory limitation; and further to certify with res- pect to the Refunding Bonds as to such matters as are required by Sections 132 . 33 - 132 . 47 , Florida Statutes , for the issuance of the 1987 Bonds . SECTION 9 . The City hereby finds , ascertains , determines and declares that a negotiated sale of the 1987 Bonds is in the best interest of the City and is necessary on the basis of the following reasons , as to which specific findings are hereby made : the complex character of the issuance of the 1987 Bonds requires lengthy and detailed structuring which could be unreasonably restricted by the lack of flexibility of bidders at competitive sale; and prevailing market conditions have resulted in rapidly changing and broadly varying interest rates , the negative effects of which on the issuance of the 1987 Bonds will be minimized by a negotiated sale. SECTION 10 . The City covenants not to take or cause or per- mit to be taken, or fail to take or fail to cause or permit to be taken, any action which would result in the interest payable on the 1987 Bonds being taxable as income to the holders thereof under either the laws of the United States or the State of Florida, except as to taxes imposed by Chapter 220 , Florida Statutes , on interest , income or profits on debt obligations owned by corporations , as defined in said Chapter 220 . The City also certifies and further covenants with the purchasers and registered owners of the 1987 Bonds from time to time outstanding that , so long as any of the 1987 Bonds remain outstanding, moneys on deposit in any fund or account in connection with the 1987 Bonds, whether or not such moneys were derived from the proceeds of the sale of the 1987 Bonds or from any other sources , will not be used in a manner which will cause such 1987 Bonds to be "arbi- trage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986 , as amended ( the "Code" ) and any regulations promulgated or proposed thereunder . The Mayor and the City Manager of the City (who are officers charged, along with others , with the responsibility for the issu- ance of such 1987 Bonds) shall execute on the behalf of the City an arbitrage certificate for the purpose of assuring the pur- chasers of the 1987 Bonds that the 1987 Bonds herein authorized are not "arbitrage bonds" within the meaning of Section 148 of the Code and regulations proposed or promulgated thereunder . Such certificate shall constitute a certificate and representa- tion of the City and no investment shall be made of the proceeds of the 1987 Bonds in violation of the expectations expressed in said arbitrage certificate. - 5 - SECTION 11 . The City hereby reaffirms and ratifies the appointment of Southeast Bank , N.A. , Miami , Florida, as Escrow Agent , Trustee, Paying Agent and Registrar for the 1987 Bonds . SECTION 12 . All resolutions , or parts of resolutions or other proceedings in conflict herewith shall be and are repealed insofar as such conflicts exist . SECTION 13 . This 1987 Resolution shall take effect imme- diately upon its adoption in the manner provided by law. PASSED AND ADOPTED this 18th day of February, 1987 . CITY OF MIAMI BEACH, FLORIDA ( SEAL) ' Il&Lm.}7 May r ATTEST: /t6t4:NL )21 rd-fr? City Clerk APPROVED AS TO FORM p-L-City Attorney - 6 - 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) SOURCES AND USES OF FUNDS DELIVERY DATE: 3/17/87 SOURCES PAR AMOUNT OF BONDS $37,270,000.00 +PREMIUM /-DISCOUNT $0.00 BOND PROCEEDS 37,270,000.00 ACCRUED INTEREST 93,861.11 $37,363,861.11 USES OF FUNDS DEPOSIT TO ESCROW: SLGS PURCHASES 36,255,700.00 ESCROW BEGINNING CASH BALANCE 34.31 UNDERWRITERS DISCOUNT + COST OF ISSUANCE( 2.000000%) 745,400.00 BOND INSURANCE ( 0.450000%)... 268,178.27 ACCRUED INTEREST 93,861.11 CONTINGENCY 687.42 $37,363,861.11 RUNDATE: 02-19-1987 a 15:41:14 FILENAME: MIAMI KEY: PIBPOIREFUND02I 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) SAVINGS REPORT PROPOSED DEBT SERVICE PRIOR CUMULATIVE DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS 9/ 1/87 1,020,000.00 3.500000 1,055,937.50 2,075,937.50 2,127,337.50 51,400.00 51,400.00 3/ 1/88 1,038,087.50 9/ 1/88 1,320,000.00 4.000000 1,038,087.50 3,396,175.00 3,450,487.50 54,312.50 105,712.50 3/ 1/89 1,011,687.50 9/ 1/89 1,400,000.00 4.250000 1,011,687.50 3,423,375.00 3,482,237.50 58,862.50 164,575.00 3/ 1/90 981,937.50 9/ 1/90 1,465,000.00 4.500000 981,937.50 3,428,875.00 3,485,000.00 56,125.00 220,700.00 3/ 1/91 948,975.00 9/ 1/91 1,560,000.00 4.750000 948,975.00 3,457,950.00 3,516,162.50 58,212.50 278,912.50 3/ 1/92 911,925.00 9/ 1/92 1,625,000.00 5.000000 911,925.00 3,448,850.00 3,502,900.00 54,050.00 332,962.50 3/ 1/93 871,300.00 9/ 1/93 1,740,000.00 5.150000 871,300.00 3,482,600.00 3,543,037.50 60,437.50 393,400.00 3/ 1/94 826,495.00 9/ 1/94 1,860,000.00 5.300000 826,495.00 3,512,990.00 3,571,687.50 58,697.50 452,097.50 3/ 1/95 777,205.00 9/ 1/95 1,950,000.00 5.500000 777,205.00 3,504,410.00 3,558,850.00 54,440.00 506,537.50 3/ 1/96 723,580.00 9/ 1/96 2,090,000.00 5.700000 723,580.00 3,537,160.00 3,591,937.50 54,777.50 561,315.00 3/ 1/97 664,015.00 9/ 1/97 2,235,000.00 5.850000 664,015.00 3,563,030.00 3,615,912.50 52,882.50 614,197.50 3/ 1/98 598,641.25 9/ 1/98 2,340,000.00 6.000000 598,641.25 3,537,282.50 3,595,112.50 57,830.00 672,027.50 3/ 1/99 528,441.25 .9/ 1/99 2,565,000.00 6.150000 528,441.25 3,621,882.50 3,676,637.50 54,755.00 726,782.50 3/ 1/ 0 449,567.50 9/ 1/ 0 6,235,000.00 6.300000 449,567.50 7,134,135.00 3,686,750.00 -3,447,385.00 -2,720,602.50 3/ 1/ 1 253,165.00 9/ 1/ 1 4,895,000.00 6.400000 253,165.00 5,401,330.00 3,709,762.50 -1,691,567.50 -4,412,170.00 3/ 1/ 2 96,525.00 9/ 1/ 2 2,970,000.00 6.500000 96,525.00 3,163,050.00 3,773,200.00 610,150.00 -3,802,020.00 3/ 1/ 3 9/ 1/ 3 3,786,925.00 3,786,925.00 -15,095.00 3/ 1/ 4 9/ 1/ 4 1,068,187.50 1,068,187.50 1,053,092.50 3/ 1/ 5 9/ 1/ 5 1,140,562.50 1,140,562.50 2,193,655.00 37,270,000.00 22,419,032.50 59,689,032.50 61,882,687.50 2,193,655.00 ACCRUED 93,861.11 93,861.11 93,861.11 37,270,000.00 22,325,171.39 59,595,171.39 61,882,687.50 2,287,516.11 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) SAVINGS REPORT DATED 3/ 1/87 WITH DELIVERY OF 3/17/87 BOND YEARS 372,390.000 AVERAGE COUPON 6.020 AVERAGE LIFE 9.992 N I C % 6.221197 % USING 97.9928044 T I C % 6.258612 % USING 97.9928044 From Delivery Date BOND INSURANCE: ... 0.450000 % OF (TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 268,178.27 NET PRESENT VALUE SAVINGS AT : 6.1000% EQUALS 819,413.37 OR 2.1986% OF PAR 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) SAVINGS REPORT PROPOSED DEBT SERVICE PRIOR CUMULATIVE DATE PRINCIPAL COUPON INTEREST TOTAL D/S SAVINGS SAVINGS 9/ 1/87 1,020,000.00 3.500000 1,055,937.50 2,075,937.50 2,127,337.50 51,400.00 51,400.00 3/ 1/88 1,038,087.50 9/ 1/88 1,320,000.00 4.000000 1,038,087.50 3,396,175.00 3,450,487.50 54,312.50 105,712.50 3/ 1/89 1,011,687.50 9/ 1/89 1,400,000.00 4.250000 1,011,687.50 3,423,375.00 3,482,237.50 58,862.50 164,575.00 3/ 1/90 981,937.50 9/ 1/90 1,465,000.00 4.500000 981,937.50 3,428,875.00 3,485,000.00 56,125.00 220,700.00 3/ 1/91 948,975.00 9/ 1/91 1,560,000.00 4.750000 948,975.00 3,457,950.00 3,516,162.50 58,212.50 278,912.50 3/ 1/92 911,925.00 9/ 1/92 1,625,000.00 5.000000 911,925.00 3,448,850.00 3,502,900.00 54,050.00 332,962.50 3/ 1/93 871,300.00 9/ 1/93 1,740,000.00 5.150000 871,300.00 3,482,600.00 3,543,037.50 60,437.50 393,400.00 3/ 1/94 826,495.00 9/ 1/94 1,860,000.00 5.300000 826,495.00 3,512,990.00 3,571,687.50 58,697.50 452,097.50 3/ 1/95 777,205.00 9/ 1/95 1,950,000.00 5.500000 777,205.00 3,504,410.00 3,558,850.00 54,440.00 506,537.50 3/ 1/96 723,580.00 9/ 1/96 2,090,000.00 5.700000 723,580.00 3,537,160.00 3,591,937.50 54,777.50 561,315.00 3/ 1/97 664,015.00 9/ 1/97 2,235,000.00 5.850000 664,015.00 3,563,030.00 3,615,912.50 52,882.50 614,197.50 3/ 1/98 598,641.25 9/ 1/98 2,340,000.00 6.000000 598,641.25 3,537,282.50 3,595,112.50 57,830.00 672,027.50 :3/ 1/99 528,441.25 9/ 1/99 2,565,000.00 6.150000 528,441.25 3,621,882.50 3,676,637.50 54,755.00 726,782.50 3/ 1/ 0 449,567.50 9/ 1/ 0 6,235,000.00 6.300000 449,567.50 7,134,135.00 3,686,750.00 -3,447,385.00 -2,720,602.50 3/ 1/ 1 253,165.00 9/ 1/ 1 4,895,000.00 6.400000 253,165.00 5,401,330.00 3,709,762.50 -1,691,567.50 -4,412,170.00 3/ 1/ 2 96,525.00 9/ 1/ 2 2,970,000.00 6.500000 96,525.00 3,163,050.00 3,773,200.00 610,150.00 -3,802,020.00 3/ 1/ 3 9/ 1/ 3 3,786,925.00 3,786,925.00 -15,095.00 3/ 1/ 4 9/ 1/ 4 1,068,187.50 1,068,187.50 1,053,092.50 3/ 1/ 5 9/ 1/ 5 1,140,562.50 1,140,562.50 2,193,655.00 37,270,000.00 22,419,032.50 59,689,032.50 61,882,687.50 2,193,655.00 ACCRUED 93,861.11 93,861.11 93,861.11 37,270,000.00 22,325,171.39 59,595,171.39 61,882,687.50 2,287,516.11 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) SAVINGS REPORT DATED 3/ 1/87 WITH DELIVERY OF 3/17/87 BOND YEARS 372,390.000 AVERAGE COUPON 6.020 AVERAGE LIFE 9.992 N I C % 6.221197 % USING 97.9928044 T I C % 6.258612 % USING 97.9928044 From Delivery Date BOND INSURANCE: ... 0.450000 % OF (TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 268,178.27 NET PRESENT VALUE SAVINGS AT : 6.7500% EQUALS 750,864.32 OR 2.0147% OF PAR 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) DEBT SERVICE SCHEDULE DELIVERY DATE: 3/17/87 DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 9/ 1/87 1,020,000.00 3.500000 1,055,937.50 2,075,937.50 2,075,937.50 3/ 1/88 1,038,087.50 1,038,087.50 9/ 1/88 1,320,000.00 4.000000 1,038,087.50 2,358,087.50 3,396,175.00 3/ 1/89 1,011,687.50 1,011,687.50 9/ 1/89 1,400,000.00 4.250000 1,011,687.50 2,411,687.50 3,423,375.00 3/ 1/90 981,937.50 981,937.50 9/ 1/90 1,465,000.00 4.500000 981,937.50 2,446,937.50 3,428,875.00 3/ 1/91 948,975.00 948,975.00 9/ 1/91 1,560,000.00 4.750000 948,975.00 2,508,975.00 3,457,950.00 3/ 1/92 911,925.00 911,925.00 9/ 1/92 1,625,000.00 5.000000 911,925.00 2,536,925.00 3,448,850.00 3/ 1/93 871,300.00 871,300.00 9/ 1/93 1,740,000.00 5.150000 871,300.00 2,611,300.00 3,482,600.00 3/ 1/94 826,495.00 826,495.00 9/ 1/94 1,860,000.00 5.300000 826,495.00 2,686,495.00 3,512,990.00 3/ 1/95 777,205.00 777,205.00 9/ 1/95 1,950,000.00 5.500000 777,205.00 2,727,205.00 3,504,410.00 3/ 1/96 723,580.00 723,580.00 9/ 1/96 2,090,000.00 5.700000 723,580.00 2,813,580.00 3,537,160.00 3/ 1/97 664,015.00 664,015.00 9/ 1/97 2,235,000.00 5.850000 664,015.00 2,899,015.00 3,563,030.00 3/ 1/98 598,641.25 598,641.25 9/ 1/98 2,340,000.00 6.000000 598,641.25 2,938,641.25 3,537,282.50 3/ 1/99 528,441.25 528,441.25 9/ 1/99 2,565,000.00 6.150000 528,441.25 3,093,441.25 3,621,882.50 3/ 1/ 0 449,567.50 449,567.50 9/ 1/ 0 6,235,000.00 6.300000 449,567.50 6,684,567.50 7,134,135.00 3/ 1/ 1 253,165.00 253,165.00 9/ 1/ 1 4,895,000.00 6.400000 253,165.00 5,148,165.00 5,401,330.00 3/ 1/ 2 96,525.00 96,525.00 9/ 1/ 2 2,970,000.00 6.500000 96,525.00 3,066,525.00 3,163,050.00 37,270,000.00 22,419,032.50 59,689,032.50 ACCRUED 93,861.11 93,861.11 37,270,000.00 22,325,171.39 59,595,171.39 DATED 3/ 1/87 WITH DELIVERY OF 3/17/87 BOND YEARS 372,390.000 AVERAGE COUPON 6.020 AVERAGE LIFE 9.992 N I C % 6.221197 % USING 97.9928044 T I C % 6.258612 % USING 97.9928044 From Delivery Date BOND INSURANCE: ... 0.450000 % OF (TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 268,178.27 RUNDATE: 02-19-1987 a 15:28:29 FILENAME: MIAMI KEY: PIBPOIREFUND02I 1987 CITY OF MIAMI BEACH GENERAL OBLIGATION REFUNDING BONDS REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED); LEGAL REFUNDING YIELD DELIVERY DATE: 3/17/87 Par 37,270,000.00 Accrued Interest 93,861.11 Underwriters Discount ( 0.000000 %) 0.00 Original Issue (+Premium/-Discount) 0.00 Bond Insurance ( 0.450000 %) -268,178.27 % of (Total D/S -Accrued - 0.00 Cap. Interest) All Other Cost of Issuance expenses 0.00 NON recoverable portion of Cost of Issuance expenses 0.00 Gross Yield Target Value 37,095,682.84 GROSS YIELD 6.07449004 % MAXIMUM REFUNDING YIELD 6.07858384 % 6.07858384 % = 6.07449004 % + ... (25,000 * 6.07449004 %) ••. 37,270,000.00 93,861.11 0.00 0.00 268,178.27 Par +Accrued -Underwriter +Prem/-Disc -Allowable Exp RUNDATE: 02-19-1987 bl 15:27:04 FILENAME: MIAMI KEY: PIBPOIREFUND02I CITY OF MIAMI BEACH REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) ESCROW CASH BALANCING REPORT DELIVERY DATE: 3/ 1/87 ESCRO W CANDIDATE PURCHASE T OTAL CASH DATE REQUIREMENT RECEIPTS RECEIPTS RECEIPTS BALANCE 3/ 1/87 34.31 9/ 1/87 2,127,337.50 2,127,337.27 2,127,337.27 34.08 3/ 1/88 1,305,243.75 1,305,237.27 1,305,237.27 27.60 9/ 1/88 2,145,243.75 2,145,237.27 2,145,237.27 21.12 3/ 1/89 1,271,118.75 1,271,137.27 1,271,137.27 39.64 9/ 1/89 2,211,118.75 2,211,137.27 2,211,137.27 58.16 3/ 1/90 1,232,500.00 1,232,537.27 1,232,537.27 95.43 9/ 1/90 2,252,500.00 2,252,437.27 2,252,437.27 32.70 3/ 1/91 1,190,581.25 1,190,637.27 1,190,637.27 88.72 9/ 1/91 2,325,581.25 2,325,537.27 2,325,537.27 44.74 3/ 1/92 1,143,950.00 1,143,937.27 1,143,937.27 32.01 9/ 1/92 2,358,950.00 2,358,937.27 2,358,937.27 19.28 3/ 1/93 1,094,018.75 1,094,012.06 1,094,012.06 12.59 9/ 1/93 19,891,018.75 19,891,075.49 19,891,075.49 69.33 3/ 1/94 332,968.75 332,907.39 332,907.39 7.97 9/ 1/94 732,968.75 733,025.20 733,025.20 64.42 3/ 1/95 316,718.75 316,654.34 316,654.34 0.01 9/ 1/95 7,856,718.75 7,856,718.74 7,856,718.74 49,788,537.50 49,788,503.19 49,788,503.19 RUNDATE: 02-19-1987 a 15:38:46 FILENAME: MIAMI KEY: PIBPOICALL CITY OF MIAMI BEACH REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) COST OF CANDIDATES FOR ESCROW PORTFOLIO DELIVERY DATE: 3/ 1/87 MATURITY PAR ACCRUED TYPE DATE COUPON AMOUNT PRICE TOTAL COST INTEREST COST SLGS 9/ 1/87 0.000000 1,169,800 100.000000 1,169,800.00 SLGS 3/ 1/88 0.000000 347,700 100.000000 347 700.00 0.00 1,169,800.00 SLGS 9/ 1/88 0.000000 1,187,700 100.000000 1 187 700. 0.00 347,700.00 SLGS 3/ 1/89 0.000000 313,600 100.000000 � � 00 0.00 1,187,700.00 313,600.00 0.00 313,600.00 SLGS 9/ 1/89 0.000000 1,253,600 100.000000 1,253,600.00 0.00 1,253,600.00 SLGS 3/ 1/90 0.000000 275,000 100.000000 275,000.00 SLGS 9/ 1/90 0.000000 1,294,900 100.000000 1 294 900.0 0.00 275,000.00 SLGS 3/ 1/91 0.000000 233,100 100.000000 � � 0 0.00 1,294,900.00 233,100.00 0.00 233,100.00 SLGS 9/ 1/91 0.000000 1,368,000 100.000000 1,368,000.00 SLGS 3/ 1/92 0.000000 186,400 100.000000 186 400.00 0.00 1,368,000.00 0.00 186,400.00 SLGS 9/ 1/92 1.602000 1,401,400 100.000000 1,401,400.00 SLGS 3/ 1/93 6.820000 147,700 100.000000 147 700.00 0.00 1,401,400.00 SLGS 9/ 1/93 6.900000 18,949,800 100.000000 18 949 800. 0 0.00 147,700.00 SLGS 3/ 1/94 6.970000 45,400 100.000000 � � 0 0.00 18,949,800.00 45,400.00 0.00 45,400.00 SLGS 9/ 1/94 7.010000 447,100 100.000000 447,100.00 0.00 447,100.00 SLGS 3/ 1/95 7.050000 46,400 100.000000 46,400.00 SLGS 9/ 1/95 7.080000 7,588,100 100.000000 7,588,100.00 p'00 46,400.00 0.00 7,588,100.00 SUBTOTAL 36,255,700 36,255,700.00 0.00 36,255,700.00 BEGINNING CASH 34.31 COST OF SECURITIES 36,255,700.00 TOTAL COST OF ESCROW 36,255,734.31 RUNDATE: 02-19-1987 0 15:39:00 FILENAME: MIAMI KEY: PIBPOICALL CITY OF MIAMI BEACH REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED) CANDIDATES DEBT SERVICE REPORT DELIVERY DATE: 3/ 1/87 TOTAL PRICE COST ACCRUED TOTAL COST DATE PRINCIPAL COUPON INTEREST REVENUE OF SECURITIES OF SECURITIES INTEREST OF SECURITIES 9/ 1/87 1,169,800.00 957,537.27 2,127,337.27 100.000000 1,169,800.00 1,169,800.00 3/ 1/88 347,700.00 957,537.27 1,305,237.27 100.000000 347,700.00 347,700.00 9/ 1/88 1,187,700.00 957,537.27 2,145,237.27 100.000000 1,187,700.00 1,187,700.00 3/ 1/89 313,600.00 957,537.27 1,271,137.27 100.000000 313,600.00 313,600.00 9/ 1/89 1,253,600.00 957,537.27 2,211,137.27 100.000000 1,253,600.00 1,253,600.00 3/ 1/90 275,000.00 957,537.27 1,232,537.27 100.000000 275,000.00 275,000.00 9/ 1/90 1,294,900.00 957,537.27 2,252,437.27 100.000000 1,294,900.00 1,294,900.00 3/ 1/91 233,100.00 957,537.27 1,190,637.27 100.000000 233,100.00 233,100.00 9/ 1/91 1,368,000.00 957,537.27 2,325,537.27 100.000000 1,368,000.00 1,368,000.00 3/ 1/92 186,400.00 957,537.27 1,143,937.27 100.000000 186,400.00 186,400.00 9/ 1/92 1,401,400.00 1.602000 957,537.27 2,358,937.27 100.000000 1,401,400.00 1,401,400.00 3/ 1/93 147,700.00 6.820000 946,312.06 1,094,012.06 100.000000 147,700.00 147,700.00 9/ 1/93 18,949,800.00 6.900000 941,275.49 19,891,075.49 100.000000 18,949,800.00 18,949,800.00 3/ 1/94 45,400.00 6.970000 287,507.39 332,907.39 100.000000 45,400.00 45,400.00 9/ 1/94 447,100.00 7.010000 285,925.20 733,025.20 100.000000 447,100.00 447,100.00 3/ 1/95 46,400.00 7.050000 270,254.34 316,654.34 100.000000 46,400.00 46,400.00 9/ 1/95 7,588,100.00 7.080000 268,618.74 7,856,718.74 100.000000 7,588,100.00 7,588,100.00 36,255,700.00 13,532,803.19 49,788,503.19 36,255,700.00 36,255,700.00 RUNDATE: 02-19-1987 a1 15:39:18 FILENAME: MIAMI KEY: PIBPOICALL CITY OF MIAMI BEACH REFUNDING OF 1983 PUBLIC IMP. BONDS & 1985 S. POINTE BONDS AMBAC INSURED SCALE ("AAA" RATED); PROOF OF ESCROW YIELD PV DATE: 3/ 1/1987 WITH 2 COMPOUNDINGS / 360 DAY YEAR PV RESULTS: PV TOTAL = 36,255,700.00 PV RATE = 6.0744339103 CASH - FLOW SUBTOTAL = 49,788,503.19 DATE AMOUNT RATE PV FACTOR PV AMOUNT 9/ 1/1987 2,127,337.27 6.0744339 0.97052311 2,064,629.98 3/ 1/1988 1,305,237.27 6.0744339 0.94191510 1,229,422.70 9/ 1/1988 2,145,237.27 6.0744339 0.91415037 1,961,069.45 3/ 1/1989 1,271,137.27 6.0744339 0.88720406 1,127,758.15 9/ 1/1989 2,211,137.27 6.0744339 0.86105204 1,903,904.26 3/ 1/1990 1,232,537.27 6.0744339 0.83567090 1,029,995.53 9/ 1/1990 2,252,437.27 6.0744339 0.81103792 1,826,812.04 3/ 1/1991 1,190,637.27 6.0744339 0.78713104 937,187.56 9/ 1/1991 2,325,537.27 6.0744339 0.76392887 1,776,545.05 3/ 1/1992 1,143,937.27 6.0744339 0.74141062 848,127.24 9/ 1/1992 2,358,937.27 6.0744339 0.71955614 1,697,387.79 3/ 1/1993 1,094,012.06 6.0744339 0.69834586 763,998.79 9/ 1/1993 19,891,075.49 6.0744339 0.67776079 13,481,391.09 3/ 1/1994 332,907.39 6.0744339 0.65778251 218,980.66 9/ 1/1994 733,025.20 6.0744339 0.63839313 467,958.25 3/ 1/1995 316,654.34 6.0744339 0.61957528 196,191.20 9/ 1/1995 7,856,718.74 6.0744339 0.60131213 4,724,340.26 SUBTOTAL 49,788,503.19 36,255,700.00 RUNDATE: 02-19-1987 a 15:39:51 FILENAME: MIAMI KEY: PIBPOICALL CITY OF MIAMI BEACH NEW MONEY BONDS SERIES 1987 AMBAC INSURED SCALE ("AAA" RATED); LEVEL PRINCIPAL AMORT. SOURCES AND USES OF FUNDS DELIVERY DATE: 3/17/87 SOURCES PAR AMOUNT OF BONDS $3,000,000.00 +PREMIUM /-DISCOUNT $0.00 BOND PROCEEDS 3,000,000.00 ACCRUED INTEREST 7,231.11 $3,007,231.11 USES OF FUNDS UNDERWRITERS DISCOUNT + COST OF ISSUANCE( 2.000000%) 60,000.00 NET CONSTRUCTION FUND AMOUNT 2,919,000.00 BOND INSURANCE ( 0.450000%)... 20,138.93 ACCRUED INTEREST 7,231.11 CONTINGENCY 861.07 $3,007,231.11 RUNDATE: 02-19-1987 a 16:04:48 FILENAME: MIAMI KEY: NEWMONEYINS CITY OF MIAMI BEACH NEW MONEY BONDS SERIES 1987 AMBAC INSURED SCALE ("AAA" RATED); LEVEL PRINCIPAL AMORT. DEBT SERVICE SCHEDULE DELIVERY DATE: 3/17/87 DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 9/ 1/87 81,350.00 81,350.00 81,350.00 3/ 1/88 81,350.00 81,350.00 9/ 1/88 200,000.00 4.000000 81,350.00 281,350.00 362,700.00 3/ 1/89 77,350.00 77,350.00 9/ 1/89 200,000.00 4.250000 77,350.00 277,350.00 354,700.00 3/ 1/90 73,100.00 73,100.00 9/ 1/90 200,000.00 4.500000 73,100.00 273,100.00 346,200.00 3/ 1/91 68,600.00 68,600.00 9/ 1/91 200,000.00 4.750000 68,600.00 268,600.00 337,200.00 3/ 1/92 63,850.00 63,850.00 9/ 1/92 200,000.00 5.000000 63,850.00 263,850.00 327,700.00 3/ 1/93 58,850.00 58,850.00 9/ 1/93 200,000.00 5.150000 58,850.00 258,850.00 317,700.00 3/ 1/94 53,700.00 53,700.00 9/ 1/94 200,000.00 5.300000 53,700.00 253,700.00 307,400.00 3/ 1/95 48,400.00 48,400.00 9/ 1/95 200,000.00 5.500000 48,400.00 248,400.00 296,800.00 3/ 1/96 42,900.00 42,900.00 9/ 1/96 200,000.00 5.700000 42,900.00 242,900.00 285,800.00 3/ 1/97 37,200.00 37,200.00 9/ 1/97 200,000.00 5.850000 37,200.00 237,200.00 274,400.00 3/ 1/98 31,350.00 31,350.00 9/ 1/98 200,000.00 6.000000 31,350.00 231,350.00 262,700.00 3/ 1/99 25,350.00 25,350.00 9/ 1/99 200,000.00 6.150000 25,350.00 225,350.00 250,700.00 3/ 1/ 0 19,200.00 19,200.00 9/ 1/ 0 200,000.00 6.300000 19,200.00 219,200.00 238,400.00 3/ 1/ 1 12,900.00 12,900.00 9/ 1/ 1 200,000.00 6.400000 12,900.00 212,900.00 225,800.00 3/ 1/ 2 6,500.00 6,500.00 9/ 1/ 2 200,000.00 6.500000 6,500.00 206,500.00 213,000.00 3,000,000.00 1,482,550.00 4,482,550.00 ACCRUED 7,231.11 7,231.11 3,000,000.00 1,475,318.89 4,475,318.89 DATED 3/ 1/87 WITH DELIVERY OF 3/17/87 BOND YEARS 25,500.000 AVERAGE COUPON 5.814 AVERAGE LIFE 8.500 N I C % 6.050005 % USING 97.9932870 T I C % 6.075029 % USING 97.9932870 From Delivery Date BOND INSURANCE: ... 0.450000 % OF (TOTAL DEBT SERVICE - ACCRUED - CAP. INT.) = 20,138.93 RUNDATE: 02-19-1987 a 16:05:02 FILENAME: MIAMI KEY: NEWMONEYINS CITY OF MIAMI BEACH SERIES 1987 REFUNDING AND NEW MONEY BONDS AMBAC INSURED SCALE ("AAA" RATED) DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 9/ 1/87 1,020,000.00 3.500000 1,137,287.50 2,157,287.50 2,157,287.50 3/ 1/88 1,119,437.50 1,119,437.50 9/ 1/88 1,520,000.00 4.000000 1,119,437.50 2,639,437.50 3,758,875.00 3/ 1/89 1,089,037.50 1,089,037.50 9/ 1/89 1,600,000.00 4.250000 1,089,037.50 2,689,037.50 3,778,075.00 3/ 1/90 1,055,037.50 1,055,037.50 9/ 1/90 1,665,000.00 4.500000 1,055,037.50 2,720,037.50 3,775,075.00 3/ 1/91 1,017,575.00 1,017,575.00 9/ 1/91 1,760,000.00 4.750000 1,017,575.00 2,777,575.00 3,795,150.00 3/ 1/92 975,775.00 975,775.00 9/ 1/92 1,825,000.00 5.000000 975,775.00 2,800,775.00 3,776,550.00 3/ 1/93 930,150.00 930,150.00 9/ 1/93 1,940,000.00 5.150000 930,150.00 2,870,150.00 3,800,300.00 3/ 1/94 880,195.00 880,195.00 9/ 1/94 2,060,000.00 5.300000 880,195.00 2,940,195.00 3,820,390.00 3/ 1/95 825,605.00 825,605.00 9/ 1/95 2,150,000.00 5.500000 825,605.00 2,975,605.00 3,801,210.00 3/ 1/96 766,480.00 766,480.00 9/ 1/96 2,290,000.00 5.700000 766,480.00 3,056,480.00 3,822,960.00 3/ 1/97 701,215.00 701,215.00 9/ 1/97 2,435,000.00 5.850000 701,215.00 3,136,215.00 3,837,430.00 3/ 1/98 629,991.25 629,991.25 9/ 1/98 2,540,000.00 6.000000 629,991.25 3,169,991.25 3,799,982.50 3/ 1/99 553,791.25 553,791.25 9/ 1/99 2,765,000.00 6.150000 553,791.25 3,318,791.25 3,872,582.50 3/ 1/ 0 468,767.50 468,767.50 9/ 1/ 0 6,435,000.00 6.300000 468,767.50 6,903,767.50 7,372,535.00 3/ 1/ 1 266,065.00 266,065.00 9/ 1/ 1 5,095,000.00 6.400000 266,065.00 5,361,065.00 5,627,130.00 3/ 1/ 2 103,025.00 103,025.00 9/ 1/ 2 3,170,000.00 6.500000 103,025.00 3,273,025.00 3,376,050.00 40,270,000.00 23,901,582.50 64,171,582.50 ACCRUED 101,092.22 101,092.22 40,270,000.00 23,800,490.28 64,070,490.28 DATED 3/ 1/87 WITH DELIVERY OF 3/17/87 BOND YEARS 397,890.000 AVERAGE COUPON 6.007 AVERAGE LIFE 9.881 N I C % 6.210225 % USING 97.9928404 T I C % 6.246430 % USING 97.9928404 From Delivery Date ORIGINAL RESOLUTION NO® 87-18767 (Authorizing the issuance in an aggregate principal amount not to exceed $3,000,000 City of Miami Beach, Fla. General Obligation Bonds, Series 1987 (Ocean Drive Bonds)