TABLE OF CONTENTS. Douglas County School District, Number RE Tax Exempt General Obligation Refunding Bonds (Refunding of 2004B Bonds)
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1 May 12, :18 am Prepared by Stifel, Nicolaus & Company TABLE OF CONTENTS Report Page Sources and Uses of Funds 1 Bond Pricing 2 Bond Debt Service 3 Bond Summary Statistics 4 Summary of Refunding Results 5 Savings 6 Summary of Bonds Refunded 7 Unrefunded Bond Debt Service 8 Escrow Statistics 9
2 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 1 SOURCES AND USES OF FUNDS Sources: Bond Proceeds: Par Amount 38,155,00000 Premium 5,548, ,703,77570 Uses: Refunding Escrow Deposits: Cash Deposit 048 SLGS Purchases 43,430, ,430,09148 Delivery Date Expenses: Cost of Issuance 125,00000 Underwriter's Discount 143, ,08125 Other Uses of Funds: Additional Proceeds 5, ,703,77570
3 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 2 BOND PRICING Maturity Bond Component Date Amount Rate Yield Price Serial Bond: 12/15/ , % 0200% /15/ ,230, % 0950% /15/ ,890, % 1300% /15/ ,445, % 1650% ,155,000 First Coupon 12/15/2014 Par Amount 38,155,00000 Premium 5,548,77570 Production 43,703, % Underwriter's Discount (143,08125) ( %) Purchase Price 43,560, % Accrued Interest Net Proceeds 43,560,69445
4 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 3 BOND DEBT SERVICE Period Ending Principal Coupon Interest Debt Service 12/15/ , % 467, ,057, /15/2015 1,878, ,878, /15/2016 1,878, ,878, /15/ ,230, % 1,878, ,108, /15/ ,890, % 1,116, ,006, /15/ ,445, % 572, ,017, ,155,000 7,791, ,946,01236
5 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 4 BOND SUMMARY STATISTICS First Coupon 12/15/2014 Last Maturity 12/15/2019 Arbitrage Yield % True Interest Cost (TIC) % Net Interest Cost (NIC) % All In TIC % Average Coupon % Average Life (years) 4086 Weighted Average Maturity (years) 4105 Duration of Issue (years) 3779 Par Amount 38,155,00000 Bond Proceeds 43,703,77570 Total Interest 7,791,01236 Net Interest 2,385,31791 Bond Years from Dated Date 155,907,76389 Bond Years from Delivery Date 155,907,76389 Total Debt Service 45,946,01236 Maximum Annual Debt Service 17,108,25000 Average Annual Debt Service 8,756,25434 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Serial Bond 38,155, % , ,155, ,38525 All In Arbitrage TIC TIC Yield Par Value 38,155, ,155, ,155, Accrued Interest + Premium (Discount) 5,548, ,548, ,548,77570 Underwriter's Discount (143,08125) (143,08125) Cost of Issuance Expense (125,00000) Other Amounts Target Value 43,560, ,435, ,703,77570 Target Date 09/16/ /16/ /16/2014 Yield % % %
6 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 5 SUMMARY OF REFUNDING RESULTS Arbitrage yield % Escrow yield % Value of Negative Arbitrage 137,22495 Bond Par Amount 38,155,00000 True Interest Cost % Net Interest Cost % Average Coupon % Average Life 4086 Weighted Average Maturity 4105 Par amount of refunded bonds 42,375,00000 Average coupon of refunded bonds % Average life of refunded bonds 4162 Remaining weighted average maturity of refunded bonds 4157 PV of prior debt to % 49,189,36045 Net PV Savings 5,491,18772 Percentage savings of refunded bonds % Percentage savings of refunding bonds %
7 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 6 SAVINGS Present Value Prior Refunding to 09/16/2014 Date Debt Service Debt Service % 12/15/2014 1,059, ,057, , , /15/2015 2,118, ,878, , , /15/2016 2,118, ,878, , , /15/ ,873, ,108, ,765, ,692, /15/ ,771, ,006, ,764, ,668, /15/ ,786, ,017, ,769, ,651, ,728, ,946, ,782, ,485,58475 Savings Summary PV of savings from cash flow 5,485,58475 Plus: Refunding funds on hand 5,60297 Net PV Savings 5,491,18772
8 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 7 SUMMARY OF BONDS REFUNDED Maturity Interest Par Call Call Bond Date Rate Amount Date Price General Obligation Refunding Bonds, Series 2004B: CSERIAL 12/15/ % 16,755, /15/ /15/ % 12,490, /15/ /15/ % 13,130, /15/ ,375,00000
9 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 8 UNREFUNDED BOND DEBT SERVICE Period Debt Ending Principal Coupon Interest Service 12/15/ ,360, % 1,508,000 19,868,000 12/15/ ,395, % 2,098,000 21,493,000 12/15/ ,565, % 1,128,250 23,693,250 60,320,000 4,734,250 65,054,250
10 May 12, :18 am Prepared by Stifel, Nicolaus & Company Page 9 ESCROW STATISTICS Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time 43,430, % % 43,292, , ,430, ,292, , Delivery date 09/16/2014 Arbitrage yield %
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