Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 1 SOURCES AND USES OF FUNDS
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1 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 1 Sources: SOURCES AND USES OF FUNDS Bond Proceeds: Par Amount 39,035, Other Sources of Funds: DSRF Release 721, Excess Customer Facility Charge Revenues (MNAA) 10,000, Series 2010 Bond Fund Interest 1,247, ,969, ,004, Uses: Refunding Escrow Deposits: Cash Deposit 0.31 SLGS Purchases 50,841, ,841, Delivery Date Expenses: Estimated Cost of Issuance 162, Other Uses of Funds: Additional Proceeds ,004, Notes: OMS Assumptions: to be included Level Aggregate Debt Service (Unrefunded Series Series 2018 Refunding)
2 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 2 BOND SUMMARY STATISTICS Dated Date 05/31/2018 Delivery Date 05/31/2018 Last Maturity 07/01/2028 Arbitrage Yield % True Interest Cost (TIC) % Net Interest Cost (NIC) % All-In TIC % Average Coupon % Average Life (years) Duration of Issue (years) Par Amount 39,035, Bond Proceeds 39,035, Total Interest 8,750, Net Interest 8,750, Total Debt Service 47,785, Maximum Annual Debt Service 5,412, Average Annual Debt Service 4,737, Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Par Average Average Bond Component Value Price Coupon Life Bond Component 39,035, % ,035, All-In Arbitrage TIC TIC Yield Par Value 39,035, ,035, ,035, Accrued Interest + Premium (Discount) - Underwriter's Discount - Estimated Cost of Issuance Expense -162, Other Amounts Target Value 39,035, ,872, ,035, Target Date 05/31/ /31/ /31/2018 Yield % % %
3 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 3 BOND PRICING Maturity Bond Component Date Amount Rate Yield Price Bond Component: 07/01/ , % 3.430% /01/ , % 3.430% /01/2021 4,130, % 3.430% /01/2022 4,275, % 3.430% /01/2023 4,420, % 3.430% /01/2024 4,570, % 3.430% /01/2025 4,730, % 3.430% /01/2026 4,890, % 3.430% /01/2027 5,060, % 3.430% /01/2028 5,230, % 3.430% /01/ % 3.430% ,035,000 Dated Date 05/31/2018 Delivery Date 05/31/2018 First Coupon 01/01/2019 Par Amount 39,035, Original Issue Discount Production 39,035, % Underwriter's Discount Purchase Price 39,035, % Accrued Interest Net Proceeds 39,035,000.00
4 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 4 ESTIMATED COST OF ISSUANCE Estimated Cost of Issuance $/1000 Amount PFM , Bond Counsel , Issuer's Counsel , Verification Agent , Escrow Agent/Trustee , Structured Products Group (OMS) , Bank Counsel , ,535.00
5 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 5 SUMMARY OF REFUNDING RESULTS Dated Date 05/31/2018 Delivery Date 05/31/2018 Arbitrage yield % Escrow yield % Value of Negative Arbitrage 1,073, Bond Par Amount 39,035, True Interest Cost % Net Interest Cost % Average Coupon % Average Life Par amount of refunded bonds 45,680, Average coupon of refunded bonds % Average life of refunded bonds PV of prior debt to % 57,202, Net PV Savings 6,199, Percentage savings of refunded bonds % Percentage savings of refunding bonds %
6 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 6 SAVINGS Present Value Prior Prior Prior Refunding to 05/31/2018 Date Debt Service Receipts Net Cash Flow Debt Service % 07/01/2018 1,497, ,247, , , , /01/2019 2,994, ,994, ,249, , , /01/2020 2,994, ,994, ,246, , , /01/2021 6,169, ,169, ,409, , , /01/2022 6,175, ,175, ,412, , , /01/2023 6,185, ,185, ,411, , , /01/2024 6,192, ,192, ,409, , , /01/2025 6,212, ,212, ,412, , , /01/2026 6,222, ,222, ,410, , , /01/2027 6,232, ,232, ,412, , , /01/2028 6,241, ,241, ,409, , , /01/ ,689, ,689, ,689, ,081, ,806, ,247, ,559, ,785, ,774, ,920, Savings Summary PV of savings from cash flow 16,920, Less: Prior funds on hand -10,721, Plus: Refunding funds on hand Net PV Savings 6,199,135.72
7 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 7 BOND DEBT SERVICE Period Ending Principal Coupon Interest Debt Service 07/01/ , % 1,454, ,249, /01/ , % 1,311, ,246, /01/2021 4,130, % 1,279, ,409, /01/2022 4,275, % 1,137, ,412, /01/2023 4,420, % 991, ,411, /01/2024 4,570, % 839, ,409, /01/2025 4,730, % 682, ,412, /01/2026 4,890, % 520, ,410, /01/2027 5,060, % 352, ,412, /01/2028 5,230, % 179, ,409, ,035,000 8,750, ,785,147.71
8 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 8 BOND DEBT SERVICE Period Annual Ending Principal Coupon Interest Debt Service Debt Service 01/01/ , , /01/ , % 669, ,464, ,249, /01/ , , /01/ , % 655, ,590, ,246, /01/ , , /01/2021 4,130, % 639, ,769, ,409, /01/ , , /01/2022 4,275, % 568, ,843, ,412, /01/ , , /01/2023 4,420, % 495, ,915, ,411, /01/ , , /01/2024 4,570, % 419, ,989, ,409, /01/ , , /01/2025 4,730, % 341, ,071, ,412, /01/ , , /01/2026 4,890, % 260, ,150, ,410, /01/ , , /01/2027 5,060, % 176, ,236, ,412, /01/ , , /01/2028 5,230, % 89, ,319, ,409, ,035,000 8,750, ,785, ,785,147.71
9 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 9 AGGREGATE DEBT SERVICE CONRAC CONRAC Refunding: Refunding: Structure 3 Structure 3 SunTrust SunTrust Direct Direct Placement Placement Unrefunded Unrefunded Period Proposal Proposal Bonds Bonds Aggregate Aggregate Aggregate Ending Principal Interest Principal Interest Principal Interest Debt Service 07/01/2018 2,695, , ,695, , ,923, /01/ ,000 1,454, ,840, , ,635,000 1,773, ,408, /01/ ,000 1,311, ,000, , ,935,000 1,477, ,412, /01/2021 4,130,000 1,279, ,130,000 1,279, ,409, /01/2022 4,275,000 1,137, ,275,000 1,137, ,412, /01/2023 4,420, , ,420, , ,411, /01/2024 4,570, , ,570, , ,409, /01/2025 4,730, , ,730, , ,412, /01/2026 4,890, , ,890, , ,410, /01/2027 5,060, , ,060, , ,412, /01/2028 5,230, , ,230, , ,409, ,035,000 8,750, ,535, , ,570,000 9,464, ,034,129.99
10 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 10 SUMMARY OF BONDS REFUNDED Maturity Interest Par Call Call Bond Date Rate Amount Date Price MNAA Special Facility Revenue Bonds (MPC CONRAC LLC Project) Series 2010, 2010CONR: SERIAL 07/01/ % 3,175, /01/ /01/ % 3,365, /01/ /01/ % 3,575, /01/ /01/ % 3,800, /01/ TERM /01/ % 31,765, /01/ ,680,000.00
11 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 11 PRIOR BOND DEBT SERVICE Period Ending Principal Coupon Interest Debt Service 07/01/2018 1,497, ,497, /01/2019 2,994, ,994, /01/2020 2,994, ,994, /01/2021 3,175, % 2,994, ,169, /01/2022 3,365, % 2,810, ,175, /01/2023 3,575, % 2,610, ,185, /01/2024 3,800, % 2,392, ,192, /01/2025 4,055, % 2,157, ,212, /01/2026 4,340, % 1,882, ,222, /01/2027 4,645, % 1,587, ,232, /01/2028 4,970, % 1,271, ,241, /01/ ,755, % 934, ,689, ,680,000 26,126, ,806,840.20
12 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 12 UNREFUNDED BOND DEBT SERVICE Period Ending Principal Coupon Interest Debt Service 07/01/2018 2,695, % 228, ,923, /01/2019 2,840, % 319, ,159, /01/2020 3,000, % 166, ,166, ,535, , ,248,982.28
13 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 13 ESCROW DESCRIPTIONS Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate May 31, 2018: SLGS Certificate 07/01/ /01/2018 1,398, % 1.660% SLGS Certificate 01/01/ /01/ , % 1.960% SLGS Note 07/01/ /01/ , % 2.100% SLGS Note 01/01/ /01/ , % 2.220% SLGS Note 07/01/ /01/ ,636, % 2.320% 50,841,240 SLGS Summary SLGS Rates File 10APR18 Total Certificates of Indebtedness 2,323, Total Notes 48,517, Total original SLGS 50,841,240.00
14 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 14 ESCROW COST Type of Maturity Par Total Security Date Amount Rate Cost SLGS 07/01/2018 1,398, % 1,398, SLGS 01/01/ , % 925, SLGS 07/01/ , % 935, SLGS 01/01/ , % 945, SLGS 07/01/ ,636, % 46,636, ,841,240 50,841, Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 05/31/ ,841, ,841, % 50,841, ,841,240.31
15 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 15 ESCROW CASH FLOW Present Value Net Escrow to 05/31/2018 Date Principal Interest % 07/01/2018 1,398, , ,497, ,494, /01/ , , ,497, ,476, /01/ , , ,497, ,460, /01/ , , ,497, ,443, /01/ ,636, , ,177, ,966, ,841, ,323, ,165, ,841, Escrow Cost Summary Purchase date 05/31/2018 Purchase cost of securities 50,841, Target for yield calculation 50,841,240.00
16 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 16 ESCROW SUFFICIENCY Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 05/31/ /01/2018 1,497, ,497, /01/2019 1,497, ,497, /01/2019 1,497, ,497, /01/2020 1,497, ,497, /01/ ,177, ,177, ,165, ,165,
17 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 17 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 Global Proceeds Escrow: 50,841, % % 49,767, ,073, ,841, ,767, ,073, Delivery date 05/31/2018 Arbitrage yield %
18 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 18 FORM 8038 STATISTICS Dated Date 05/31/2018 Delivery Date 05/31/2018 Redemption Bond Component Date Principal Coupon Price Issue Price at Maturity Bond Component: 07/01/ , % , , /01/ , % , , /01/2021 4,130, % ,130, ,130, /01/2022 4,275, % ,275, ,275, /01/2023 4,420, % ,420, ,420, /01/2024 4,570, % ,570, ,570, /01/2025 4,730, % ,730, ,730, /01/2026 4,890, % ,890, ,890, /01/2027 5,060, % ,060, ,060, /01/2028 5,230, % ,230, ,230, /01/ % ,035, ,035, ,035, Stated Weighted Maturity Interest Issue Redemption Average Date Rate Price at Maturity Maturity Yield Final Maturity 07/01/ % Entire Issue 39,035, ,035, % Proceeds used for accrued interest 0.00 Proceeds used for bond issuance costs (including underwriters' discount) 162, Proceeds used for credit enhancement 0.00 Proceeds allocated to reasonably required reserve or replacement fund 0.00 Proceeds used to currently refund prior issues 0.00 Proceeds used to advance refund prior issues 50,841, Remaining weighted average maturity of the bonds to be currently refunded Remaining weighted average maturity of the bonds to be advance refunded
19 Apr 18, :12 pm Prepared by PFM Financial Advisors LLC (Finance MNAA:SCENARIO-SUNDP3,SUNDP3) Page 19 FORM 8038 STATISTICS Refunded Bonds Bond Component Date Principal Coupon Price Issue Price MNAA Special Facility Revenue Bonds (MPC CONRAC LLC Project) Series 2010: SERIAL 07/01/2021 3,175, % ,175, SERIAL 07/01/2022 3,365, % ,365, SERIAL 07/01/2023 3,575, % ,575, SERIAL 07/01/2024 3,800, % ,800, TERM /01/2025 4,055, % ,055, TERM /01/2026 4,340, % ,340, TERM /01/2027 4,645, % ,645, TERM /01/2028 4,970, % ,970, TERM /01/ ,755, % ,755, ,680, ,680, Remaining Last Weighted Call Issue Average Date Date Maturity MNAA Special Facility Revenue Bonds (MPC CONRAC LLC Project) Series /01/ /11/ All Refunded Issues 07/01/
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