Sources & Uses 1. Pricing Summary 2. Debt Service Schedule 3. Derivation Of Form 8038 Yield Statistics 6. Proof of D/S for Arbitrage Purposes 7
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1 Table of Contents Report Sources & Uses 1 Pricing Summary 2 Debt Service Schedule 3 Derivation Of Form 8038 Yield Statistics 6 Proof of D/S for Arbitrage Purposes 7 Proof Of Bond % 8 Derivation Of Net Interest Cost 9 Public Finance
2 Sources & Uses Dated 03/22/2018 Delivered 03/22/2018 Sources Of Funds Par Amount of Bonds $48,536, Reoffering Premium 842, Total Sources $49,378, Uses Of Funds Total Underwriter's Discount (1.491%) 723, Gross Bond Insurance Premium ( 16.0 bp) 119, Deposit to Project Construction Fund 48,536, Total Uses $49,378, Public Finance Page 1
3 Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price YTM Call Date Call Price Dollar Price 09/01/2019 Serial Coupon 3.000% 1.700% 2,526, % ,572, /01/2020 Serial Coupon 3.000% 1.850% 1,370, % ,407, /01/2021 Serial Coupon 3.000% 2.000% 1,405, % ,451, /01/2022 Serial Coupon 3.000% 2.200% 1,450, % ,498, /01/2023 Serial Coupon 3.000% 2.350% 1,495, % ,544, /01/2024 Serial Coupon 3.000% 2.450% 1,540, % ,590, /01/2025 Serial Coupon 3.000% 2.600% 1,585, % ,627, /01/2026 Serial Coupon 3.000% 2.750% 1,635, % c 2.776% 09/01/ % 1,662, /01/2027 Serial Coupon 3.000% 2.900% 1,685, % c 2.919% 09/01/ % 1,696, /01/2028 Serial Coupon 3.000% 3.000% 1,735, % c 3.000% 09/01/ % 1,735, /01/2029 Serial Coupon 3.000% 3.100% 1,795, % ,777, /01/2030 Serial Coupon 3.125% 3.200% 1,850, % ,835, /01/2031 Serial Coupon 3.250% 3.300% 1,915, % ,904, /01/2032 Serial Coupon 3.250% 3.400% 1,990, % ,956, /01/2033 Serial Coupon 3.500% 3.500% 2,065, % c 3.500% 09/01/ % 2,065, /01/2034 Serial Coupon 4.000% 3.500% 2,150, % c 3.734% 09/01/ % 2,219, /01/2035 Serial Coupon 4.000% 3.540% 2,235, % c 3.765% 09/01/ % 2,301, /01/2036 Serial Coupon 4.000% 3.570% 2,325, % c 3.789% 09/01/ % 2,389, /01/2037 Serial Coupon 4.000% 3.600% 2,420, % c 3.810% 09/01/ % 2,482, /01/2038 Serial Coupon 4.000% 3.620% 2,520, % c 3.826% 09/01/ % 2,581, /01/2039 Serial Coupon 4.000% 3.640% 2,625, % c 3.840% 09/01/ % 2,686, /01/2040 Serial Coupon 4.000% 3.660% 2,740, % c 3.853% 09/01/ % 2,800, /01/2041 Serial Coupon 4.000% 3.680% 2,740, % c 3.865% 09/01/ % 2,796, /01/2042 Serial Coupon 4.000% 3.690% 2,740, % c 3.873% 09/01/ % 2,794, Total $48,536, $49,378, Bid Information Par Amount of Bonds $48,536, Reoffering Premium or (Discount) 842, Gross Production $49,378, Total Underwriter's Discount (1.491%) $(723,701.03) Bond Insurance Premium paid by Underwriter (119,000.00) Bid ( %) 48,536, Total Purchase Price $48,536, Bond Year Dollars $690, Average Life Years Average Coupon % Net Interest Cost (NIC) % True Interest Cost (TIC) % Public Finance Page 2
4 Debt Service Schedule Part 1 of 3 Date Principal Coupon Interest Total P+I Fiscal Total 03/22/ /01/ , , /01/ , , /30/ ,604, /01/2019 2,526, % 851, ,377, /01/ , , /30/ ,191, /01/2020 1,370, % 813, ,183, /01/ , , /30/ ,977, /01/2021 1,405, % 793, ,198, /01/ , , /30/ ,970, /01/2022 1,450, % 772, ,222, /01/ , , /30/ ,972, /01/2023 1,495, % 750, ,245, /01/ , , /30/ ,973, /01/2024 1,540, % 728, ,268, /01/ , , /30/ ,972, /01/2025 1,585, % 704, ,289, /01/ , , /30/ ,971, /01/2026 1,635, % 681, ,316, /01/ , , /30/ ,972, /01/2027 1,685, % 656, ,341, /01/ , , /30/ ,972, /01/2028 1,735, % 631, ,366, /01/ , , /30/ ,971, /01/2029 1,795, % 605, ,400, /01/ , , /30/ ,978, /01/2030 1,850, % 578, ,428, /01/ , , /30/ ,977, /01/2031 1,915, % 549, ,464, /01/ , , /30/ ,982, /01/2032 1,990, % 518, ,508, Public Finance Page 3
5 Debt Service Schedule Part 2 of 3 Date Principal Coupon Interest Total P+I Fiscal Total 03/01/ , , /30/ ,994, /01/2033 2,065, % 486, ,551, /01/ , , /30/ ,000, /01/2034 2,150, % 449, ,599, /01/ , , /30/ ,006, /01/2035 2,235, % 406, ,641, /01/ , , /30/ ,004, /01/2036 2,325, % 362, ,687, /01/ , , /30/ ,002, /01/2037 2,420, % 315, ,735, /01/ , , /30/ ,003, /01/2038 2,520, % 267, ,787, /01/ , , /30/ ,004, /01/2039 2,625, % 216, ,841, /01/ , , /30/ ,006, /01/2040 2,740, % 164, ,904, /01/ , , /30/ ,014, /01/2041 2,740, % 109, ,849, /01/ , , /30/ ,904, /01/2042 2,740, % 54, ,794, /30/ ,794, Total $48,536, $25,690, $74,226, Public Finance Page 4
6 Debt Service Schedule Part 3 of 3 Yield Statistics Bond Year Dollars $690, Average Life Years Average Coupon % Net Interest Cost (NIC) % True Interest Cost (TIC) % Bond Yield for Arbitrage Purposes % All Inclusive Cost (AIC) % IRS Form 8038 Net Interest Cost % Weighted Average Maturity Years Public Finance Page 5
7 Derivation Of Form 8038 Yield Statistics Maturity Issuance Value Coupon Price Issuance Price Exponent Bond Years 03/22/ /01/2019 2,526, % % 2,572, x 3,708, /01/2020 1,370, % % 1,407, x 3,436, /01/2021 1,405, % % 1,451, x 4,995, /01/2022 1,450, % % 1,498, x 6,657, /01/2023 1,495, % % 1,544, x 8,403, /01/2024 1,540, % % 1,590, x 10,243, /01/2025 1,585, % % 1,627, x 12,112, /01/2026 1,635, % % 1,662, x 14,032, /01/2027 1,685, % % 1,696, x 16,014, /01/2028 1,735, % % 1,735, x 18,116, /01/2029 1,795, % % 1,777, x 20,340, /01/2030 1,850, % % 1,835, x 22,840, /01/2031 1,915, % % 1,904, x 25,601, /01/2032 1,990, % % 1,956, x 28,249, /01/2033 2,065, % % 2,065, x 31,887, /01/2034 2,150, % % 2,219, x 36,498, /01/2035 2,235, % % 2,301, x 40,145, /01/2036 2,325, % % 2,389, x 44,071, /01/2037 2,420, % % 2,482, x 48,266, /01/2038 2,520, % % 2,581, x 52,778, /01/2039 2,625, % % 2,686, x 57,593, /01/2040 2,740, % % 2,800, x 62,839, /01/2041 2,740, % % 2,796, x 65,555, /01/2042 2,740, % % 2,794, x 68,308, Total $48,536, $49,378, $702,699, Description of Bonds Final Maturity Date 9/01/2042 Issue price of entire issue 49,378, Stated Redemption at Maturity 48,536, Weighted Average Maturity = Bond Years/Issue Price Years Bond Yield for Arbitrage Purposes % Uses of Proceeds of Issue Proceeds used for accrued interest - Proceeds used for bond issuance costs (including underwriters' discount) 723, Proceeds used for credit enhancement (119,000.00) Proceeds allocated to reasonably required reserve or replacement fund - Public Finance Page 6
8 Proof of D/S for Arbitrage Purposes Date Principal Interest Total 03/22/ /01/ , , /01/ , , /01/2019 2,526, , ,377, /01/ , , /01/2020 1,370, , ,183, /01/ , , /01/2021 1,405, , ,198, /01/ , , /01/2022 1,450, , ,222, /01/ , , /01/2023 1,495, , ,245, /01/ , , /01/2024 1,540, , ,268, /01/ , , /01/ ,080, , ,784, /01/ , , /01/2026 1,635, , ,866, /01/ , , /01/2027 1,685, , ,891, /01/ , , /01/2028 1,735, , ,916, /01/ , , /01/2029 1,795, , ,950, /01/ , , /01/2030 1,850, , ,978, /01/ , , /01/2031 1,915, , ,014, /01/ , , /01/2032 1,990, , ,058, /01/ , , /01/2033 2,065, , ,101, Total $48,536, $13,796, $62,332, Public Finance Page 7
9 Proof Of Bond % Date Cashflow PV Factor Present Value Cumulative PV 03/22/ x /01/ , x 741, , /01/ , x 825, ,567, /01/2019 3,377, x 3,222, ,789, /01/ , x 763, ,553, /01/2020 2,183, x 2,016, ,569, /01/ , x 720, ,289, /01/2021 2,198, x 1,964, ,253, /01/ , x 678, ,932, /01/2022 2,222, x 1,921, ,854, /01/ , x 638, ,492, /01/2023 2,245, x 1,879, ,371, /01/ , x 599, ,971, /01/2024 2,268, x 1,836, ,807, /01/ , x 561, ,369, /01/ ,784, x 19,427, ,797, /01/ , x 178, ,975, /01/2026 1,866, x 1,415, ,391, /01/ , x 154, ,545, /01/2027 1,891, x 1,388, ,934, /01/ , x 131, ,065, /01/2028 1,916, x 1,361, ,427, /01/ , x 108, ,535, /01/2029 1,950, x 1,341, ,876, /01/ , x 86, ,963, /01/2030 1,978, x 1,316, ,280, /01/ , x 65, ,345, /01/2031 2,014, x 1,297, ,643, /01/ , x 43, ,686, /01/2032 2,058, x 1,283, ,969, /01/ , x 22, ,992, /01/2033 2,101, x 1,267, ,259, Total $62,332, $49,259, Derivation Of Target Amount Par Amount of Bonds $48,536, Reoffering Premium or (Discount) 842, Bond Insurance Premium... ( 16.0 bp) (119,000.00) Original Issue Proceeds $49,259, Public Finance Page 8
10 Derivation Of Net Interest Cost Maturity Issuance Value Price Issuance PRICE Exponent Bond Years 03/22/ /01/2019 2,526, % 2,572, x 3,641, /01/2020 1,370, % 1,407, x 3,345, /01/2021 1,405, % 1,451, x 4,835, /01/2022 1,450, % 1,498, x 6,440, /01/2023 1,495, % 1,544, x 8,135, /01/2024 1,540, % 1,590, x 9,920, /01/2025 1,585, % 1,627, x 11,795, /01/2026 1,635, % 1,662, x 13,802, /01/2027 1,685, % 1,696, x 15,909, /01/2028 1,735, % 1,735, x 18,116, /01/2029 1,795, % 1,777, x 20,537, /01/2030 1,850, % 1,835, x 23,017, /01/2031 1,915, % 1,904, x 25,740, /01/2032 1,990, % 1,956, x 28,738, /01/2033 2,065, % 2,065, x 31,887, /01/2034 2,150, % 2,219, x 35,349, /01/2035 2,235, % 2,301, x 38,982, /01/2036 2,325, % 2,389, x 42,876, /01/2037 2,420, % 2,482, x 47,048, /01/2038 2,520, % 2,581, x 51,513, /01/2039 2,625, % 2,686, x 56,284, /01/2040 2,740, % 2,800, x 61,490, /01/2041 2,740, % 2,796, x 64,230, /01/2042 2,740, % 2,794, x 66,970, Total $48,536, $49,378, $690,607, Average Life = Bond Years/Issue Par Years Total Interest from Debt Service 25,690, Reoffering (Premium) or Discount (842,701.03) Total Underwriter's Discount (1.491%) $723, Bond Insurance Premium... ( 16.0 bp) 119, Total Interest 25,690, NIC = Interest / (Par * Average Life) % Public Finance Page 9
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