HomeMy WebLinkAboutBond Logistix, LLC - 2003-01-2141
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CITY OF HUNTINGTON BEACH'`
INTER OFFICE COMMUVICATION 20 jFED —[a
OFFICE OF THE CITY TREASURER
TO: Connie Brockway, City Clerk
FROM: Shari L. Freidenrich, City Treasurer
Cc: Clay Martin, Administrative Services Direct
(no attachments)
DATE: February 4, 2003
SUBJECT: Professional Services Contract with Bond Logistix
Attached is the original signed Professional Service Contract between the City of Huntington
Beach and Bond Logistix, LLC, for arbitrage rebate compliance services.
This contract does not exceed $50,000 and is on the professional services list of contracts for
arbitrage in non -departmental and therefore, does not require Council action.
If you have any questions, please contact me at x5200.
SLF:jg
G:%joyce\Shan% nemos\Bond Logistix Contract
PROFESSIONAL SERVICES CONTRACT BETWEEN
THE CITY OF HUNTINGTON BEACH AND
.-BOND _LOGISTIX, LLC
FOR
ARBITRAGE REBATE COMPLIANCE SERVICES
i�
THIS AGREEMENT ("Agreement") is made and entered into this _ day of
1An V ae v 200 3 by and between the City of Huntington Beach, a municipal
corporation of the State of California, hereinafter referred to as "CITY, and
BOND LOGISTIXI_L_LC _ ,a California corporation
hereinafter referred to as "CONSULTANT."
WHEREAS, CITY desires to engage the services of a consultant to
-provide arbitrage rebate compliance services ;and
Pursuant to documentation on file in the office of the City Clerk, the provisions of
the Huntington Beach Municipal Code, Chapter 3.03, relating to procurement of
professional service contracts have been complied with; and
CONSULTANT has been selected to perform these services,
NOW, THEREFORE, it is agreed by CITY and CONSULTANT as follows:
I. SCOPE OF SERVICES
CONSULTANT shall provide all services as described in Exhibit "A,"
which is attached hereto and incorporated into this Agreement by this reference. These
services shall sometimes hereinafter be referred to as the "PROJECT."
CONSULTANT hereby designates Darlene Blaney who shall
represent it and be its sole contact and agent in all consultations with CITY during the
performance of this Agreement.
Agree/forms/profsery 10/ 15/01-A j
2. CITY STAFF ASSISTANCE
CITY shall assign a staff coordinator to work directly with CONSULTANT
in the performance of this Agreement.
3. TERM, TIME OF PERFORMANCE
Time is of the essence of this Agreement. The services of CONSULTANT
are to commence as soon as practicable after the execution of this Agreement by CITY (the
"Commencement Date"). This Agreement shall expire on January 21, 2006, unless
sooner terminated as provided herein. All tasks specified in Exhibit "A" shall be
completed no later than three (3) years from the Commencement Date of this
Agreement. These times may be extended with the written permission of CITY. The time
for performance of the tasks identified in Exhibit "A" are generally to be shown in
Exhibit "A." This schedule may be amended to benefit the PROJECT if mutually agreed
to in writing by CITY and CONSULTANT.
4. COMPENSATION
In consideration of the performance of the services described herein, CITY
agrees to pay CONSULTANT on a time and materials basis at the rates specified in
Exhibit "B," a fee, including all costs and expenses, not to exceed
Fifty Thousand Dollars ($ 50, 000. 00 )
5. EXTRA WORK
In the event CITY requires additional services not included in Exhibit "A"
or changes in the scope of services described in Exhibit "A," CONSULTANT will
undertake such work only after receiving written authorization from CITY. Additional
agreeformslprofsery 10/ 15101 2
compensation for such extra work shall be allowed only if the prior written approval of
CITY is obtained.
6. METHOD OF PAYMENT
CONSULTANT shall be paid pursuant to the terms of Exhibit "B," which
is attached hereto and incorporated by reference into this Agreement.
7. DISPOSITION OF PLANS, ESTIMATES AND OTHER DOCUMENTS
CONSULTANT agrees that title to all materials prepared hereunder,
including, without limitation, all original drawings, designs, reports, both field and office
notices, calculations, computer code, language, data or programs, maps, memoranda,
letters and other documents, shall belong to CITY, and CONSULTANT shall turn these
materials over to CITY upon expiration or • termination of this Agreement or upon
PROJECT completion, whichever shall occur first. These materials may be used by CITY
as it sees fit.
8. HOLD HARMLESS
CONSULTANT hereby agrees to protect, defend, indemnify and hold
harmless CITY, its officers, elected or appointed officials, employees, agents and
volunteers from and against any and all claims, damages, losses, expenses, judgments,
demands and defense costs (including, without limitation, costs and fees of litigation of
every nature or liability of any kind or nature) arising out of or in connection with
CONSULTANT's (or CONSULTANT's subcontractors, if any) negligent performance of
this Agreement or its failure to comply with any of its obligations contained in this
Agreement by CONSULTANT, its officers, agents or employees except such loss or
damage which was caused by the sole negligence or willful misconduct of CITY.
agreelformslprofsm 10115101-A 3
CONSULTANT will conduct all defense at its sole cost and expense and CITY shall
approve selection of CONSULTANT's counsel. This indemnity shall apply to all claims
and liability regardless of whether any insurance policies are applicable. The policy limits
do not act as limitation upon the amount of indemnification to be provided by
CONSULTANT.
9. PROFESSIONAL LIABILITY INSURANCE
CONSULTANT shall obtain and furnish to CITY a professional liability
insurance policy covering the work performed by it hereunder. This policy shall provide
coverage for CONSULTANT's professional liability in an amount not less than One
Million Dollars ($1,000,000.00) per occurrence and in the aggregate. The above -
mentioned insurance shall not contain a self -insured retention, "deductible" or any other
similar form of limitation on the required coverage except with the express written consent
of CITY. A claims -made policy shall be acceptable if the policy further provides that:
A. The policy retroactive date coincides with or precedes the initiation
of the scope of work (including subsequent policies purchased as
renewals or replacements).
B. CONSULTANT shall notify CITY of circumstances or incidents
that might give rise to future claims.
CONSULTANT will make every effort to maintain similar insurance during
the required extended period of coverage following PROJECT completion. If insurance is
terminated for any reason, CONSULTANT agrees to purchase an extended reporting
provision of at least two (2) years to report claims arising from work performed in
connection with this Agreement.
agree/forms/profsery 10/15/01-A 4
10. CERTIFICATE OF INSURANCE
Prior to commencing performance of the work hereunder, CONSULTANT
shall furnish to CITY a certificate of insurance subject to approval of the City Attorney
evidencing the foregoing insurance coverage as required by this Agreement; the certificate
shall:
A. provide the name and policy number of each carrier and policy;
B. shall state that the policy is currently in force; and
C. shall promise that such policy shall not be suspended, voided or
canceled by either party, reduced in. coverage or in limits except
after thirty (30) days' prior written notice; however, ten (10) days'
prior written notice in the event of cancellation for nonpayment of
premium.
CONSULTANT shall maintain the foregoing insurance coverage in force
until the work under this Agreement is fully completed and accepted by CITY.
The requirement for carrying the foregoing insurance coverage shall not
derogate from CONSULTANT's defense, hold harmless and indemnification obligations as
set forth in this Agreement. CITY or its representative shall at all times have the right to
demand the original or a copy of the policy of insurance. CONSULTANT shall pay, in a
prompt and timely manner, the premiums on the insurance hereinabove required.
11. INDEPENDENT CONTRACTOR
CONSULTANT is, and shall be, acting at all times in the performance of
this Agreement as an independent contractor herein and not as an employee of CITY.
CONSULTANT shall secure at its own cost and expense, and be responsible for any and
agree/forms/profsery 10,151101-A 5
all payment of all taxes, social security, state disability insurance compensation,
unemployment compensation and other payroll deductions for CONSULTANT and its
officers, agents and employees and all business licenses, if any, in connection with the
PROJECT and/or the services to be performed hereunder.
12. TERMINATION OF AGREEMENT
All work required hereunder shall be performed in a good and workmanlike
manner. CITY may terminate CONSULTANT's services hereunder at any time with or
without cause, and whether or not the PROJECT is fully complete. Any termination of this
Agreement by CITY shall be made in writing, notice of which shall be delivered to
CONSULTANT as provided herein. In the event of termination, all finished and
unfinished documents, exhibits, report, and evidence shall, at the option of CITY, become
its property and shall be promptly delivered to it by CONSULTANT.
13. ASSIGNMENT AND DELEGATION
This Agreement is a personal service contract and the work hereunder shall
not be assigned, delegated or subcontracted by CONSULTANT to any other person or
entity without the prior express written consent of CITY. If an assignment, delegation or
subcontract is approved, all approved assignees, delegates and subconsultants must satisfy
the insurance requirements as set forth in Sections 9 and 10 hereinabove.
14. COPYRIGHTS/PATENTS
CITY shall own all rights to any patent or copyright on any work, item or
material produced as a result of this Agreement.
agree/forms, profsen° 10/ 15iOl -A 6
15. CITY EMPLOYEES AND OFFICIALS
CONSULTANT shall employ no CITY official nor any regular CITY
employee in the work performed pursuant to this Agreement. No officer or employee of
CITY shall have any financial interest in this Agreement in violation of the applicable
provisions of the California Government Code.
16. NOTICES
Any notices, certificates, or other communications hereunder shall be given
either by personal delivery to CONSULTANT's agent (as designated in Section 1
hereinabove) or to CITY as the situation shall warrant, or by enclosing the same in a sealed
envelope, postage prepaid, and depositing the same in the United States Postal Service, to
the addresses specified below. CITY and CONSULTANT may designate different
addresses to which subsequent notices, certificates or other communications will be sent by
notifying the other party via personal delivery, a reputable overnight carrier or U. S.
certified mail -return receipt requested:
TO CITY:
City of Huntington Beach
ATTNT: City Treasurer
2000 Main Street
Huntington Beach, CA 92648
17. CONSENT
TO CONSULTANT:
Darlene Blaney, Vice President
Bond ;, stix,. LLC
777 South Figueroa Street
Suite 3200
Los Angeles, CA 90017
When CITY's consent/approval is required under this Agreement, its
consent/approval for one transaction or event shall not be deemed to be a consent/approval
to any subsequent occurrence of the same or any other transaction or event.
agree/forms1profsery10/15101-A 7
18. MODIFICATION
No waiver or modification of any language in this Agreement shall be valid
unless in writing and duly executed by both parties.
19. SECTION HEADINGS
The titles, captions, section, paragraph and subject headings, and descriptive
phrases at the beginning of the various sections in this Agreement are merely descriptive
and are included solely for convenience of reference only and are not representative of
matters included or excluded from such provisions, and do not interpret, define, limit or
describe, or construe the intent of the parties or affect the construction or interpretation of
any provision of this Agreement.
20. INTERPRETATION OF THIS AGREEMENT
The language of all parts of this Agreement shall in all cases be construed
as a whole, according to its fair meaning, and not strictly for or against any of the parties.
If any provision of this Agreement is held by an arbitrator or court of competent
jurisdiction to be unenforceable, void, illegal or invalid, such holding shall not invalidate
or affect the remaining covenants and provisions of this Agreement. No covenant or
provision shall be deemed dependent upon any other unless so expressly provided here.
As used in this Agreement, the masculine or neuter gender and singular or plural number
shall be deemed to include the other whenever the context so indicates or requires.
Nothing contained herein shall be construed so as to require the commission of any act
contrary to law, and wherever there is any conflict between any provision contained herein
and any present or future statute, law, ordinance or regulation contrary to which the parties
have no right to contract, then the latter shall prevail, and the provision of this Agreement
agreelforms1profserv10r'15101-A 8
which is hereby affected shall be curtailed and limited only to the extent necessary to bring
it within the requirements of the law.
21. DUPLICATE ORIGINAL
The original of this Agreement and one or more copies hereto have been
prepared and signed in counterparts as duplicate originals, each of which so executed shall,
irrespective of the date of its execution and delivery, be deemed an original. Each
duplicate original shall be deemed an original instrument as against any party who has
signed it.
22. IMMIGRATION
CONSULTANT shall be responsible for full compliance with the
immigration and naturalization laws of the United States and shall, in particular, comply
with the provisions of the United States Code regarding employment verification.
23. LEGAL SERVICES SUBCONTRACTING PROHIBITED
CONSULTANT and CITY agree that CITY is not liable for payment of any
subcontractor work involving legal services, and that such legal services are expressly
outside the scope of services contemplated hereunder. CONSULTANT understands that
pursuant to Huntington Beach City Charter Section 309, the City Attorney is the exclusive
legal counsel for CITY; and CITY shall not be liable for payment of any legal services
expenses incurred by CONSULTANT.
24, ATTORNEY'S FEES
In the event suit is brought by either party to construe, interpret and/or
enforce the terms and/or provisions of this Agreement or to secure the performance hereof,
agreelforms/profsery 10.115.10 1-A 9
each party shall bear its own attorney's fees, such that the prevailing party shall not be
entitled to recover its attorney's fees from the non -prevailing party.
25. SURVIVAL
Terms and conditions of this Agreement, which by their sense and context
survive the expiration or termination of this Agreement, shall so survive.
26. GOVERNING LAW
This Agreement shall be governed and construed in accordance with the
laws of the State of California.
27. ENTIRETY
The parties acknowledge and agree that they are entering into this
Agreement freely and voluntarily following extensive arm's length negotiation, and that
each has had the opportunity to consult with legal counsel prior to executing this
Agreement. The parties also acknowledge -and agree that no representations, inducements,
promises, agreements or warranties, oral or otherwise, have been made by that party or
anyone acting on that party's behalf, which are not embodied in this Agreement, and that
that party has not executed this Agreement in reliance on any representation, inducement,
promise, agreement, warranty, fact or circumstance not expressly set forth in this
Agreement. This Agreement, and the attached exhibits, contain the entire agreement
between the parties respecting the subject matter of this Agreement, and supersede all prior
understandings and agreements whether oral or in writing between the parties respecting
the subject matter hereof.
agree/forms/profsery 10/15/01-A 10
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by and through their authorized offices the day, month and year first above
written.
CONSULTANT,
BOND LOGTSTTX, LLC
By:
pnm name
ITS: (ckx4e-mm-E+eirmenjPresident!Vice-Prey dent
AND
By: /Al
4EE SMITE
print name
ITS: (circle one)-
Seefeteaj Tr e9nrer
CITY OF HUNTINGTON BEACH,
a municipal corporation of the State of California
U ty Treasurer
(Pursuant To HBMC §3.03.100)
APPROVED AS TO FORM:
0� — "Z� J�Z� City A mey l- �3
weelforms/profserr 10.;151:01-A I I
City Administrator
(only for contracts over $50, 000.00)
su '' INSURANCE AND INDEMNIFICATION WAIVER
e MODIFICATION REQUEST
A
1. Requested by: City Treasurer
2. Date: January 17, 2003
3. Name of contra ctor/perm ittee: Arbitrage Rebate Compliance Services
4. Description of work to be performed: provide arbitrage rebate compliance services
5. Value and length of contract: jtgM2&jffi 3 years iN Tr= 4 S o, o O'
6. Waiver/modification request: Waiver of Cancellation Clause
7. Reason for request and why it should be granted: Insurance provider refuses to comply
with requirement
S. Identify the risks to the City in approving this waiver/modification: minimal
I ' L3 _ 03
nt Head Signature Date:
APPROVALS
Approvals must be obtained in the order listed on this form. Two approvals are required
for a request to be. granted. Approval from the City Administrator's Office is only required if
Risk Management and the City,Attorney's Office disagree.
1. R'sk Management
Approved ElDenied Z�
Signature Date
2. City Attorney's Office iI
�CApproved ❑ DeniedU� 31
Signature Date
3. City Administrator's Office
❑ Approved ❑ Denied
Signature Date
If approved, the completed-waiver/modification request is to be submitted to the -
City Attorney's Office along with the -contract for approval. -Once:the contract has -been -approved,
:this form is to be filed with the Risk 'Management Division of Administrative Services
DocumenQ 1/17/032:28 PM
MARSH CERTIFICATE OF INSURANCE: CERT'F'CA7E"AMBER '
;. SEA-000625703-01
PRODUCER THIS CERTIFICATE IS ISSUED A5 A MATTER OF INFORMATION ONLY AND CONFERS
MARSH RISK & INSURANCE SERVICES NO RIGHTS UPON THE CERTIFICATE HOLDER OTHER THAN THOSE PROVIDED IN THE
P.O- BOX 193880 POLICY. THIS CERTIFICATE DOES NOT AMEND. EXTEND OR ALTER THE COVERAGE
SAN FRANCISCO, CA 94119-3880 AFFORDED BY THE POLICIES DESCRIBED HEREIN.
CALIFORNIA LICENSE NO. 0437153 COMPANIES AFFORDING COVERAGE
I
Attn: RICK COWAN COMPANY
19025—E80-03 A FEDERAL INSURANCE CO
INSURED COMPANY
BOND LOGISTIX, LLC B
FUND SERVICES ADVISORS, INC.
777 SOUTH FIGUEROA STREET- SUITE 3200 COMPANY
LOS ANGELES. CA 90017 C
COMPANY
D
COVERAGESas5edes and replacean seNiousl Issued certificate far-ttia.pOG_cy.periOd :.
THIS IS TO CERTIFY THAT POLICIES OF INSURANCE DESCRIBED HEREIN HAVE BEEN ISSUED TO THE INSURED NAMED HEREIN FOR THE POLICY PERIOD INDICATED.
NOTWITHSTANDING ANY REQUIREMENT. TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO W-IICH THE CERTIFICATE MAY BE ISSUED OR MAY
PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUB..ECT TO ALA THE TERMS, CONDITIONS AND EXCLUSIONS OF SJCH POLICIES. AGGREGATE
LIMITS SHOWN MAY HAVE BEEN R,OUCED BY PAID CLAIMS.
CO
TYPE OF INSURANCE POLICY NUMBER
POLICY EFFECTIVE POLICY EXPIRATION
I
LIMITS
LTR
DATE )MMIDDIYY) DATE (MMIDDIYY)
GENERAL LIABILITY GENERAL AGGREGATE i
COMMERCIAL GENERAL LIABILITY PRODUC-5-COMP:OP AGG . $
- CLAIMS MADE ❑ OCCUR,PERSONAL & ADV INJJRY IS
OWNER'S S CONTRACTOR'5 PROT I EACH OCCURRENCE S
FIRE DAMAGE (Any Bne Ere) Is
I ME EXP (Ary ore perauql $
AUTOMOBILE LIABILITY
COMBINED SINGLE LIMIT S
ANY AUTO
ALL OWNED AUTOS BODILY INJURY $
(Per perwn)
SCHEDULED AUTOS -
HIRED AUTOS BODILY INJURY $
(Per accident)
NON-OWNEDAUTOS
PROPERTY DAMAGE j
I I
I GARAGE LIABILITY
I�
AUTO ONLY• EA ACCIDENT . S
I ANY AUTO
, OTHER THAN AUTO ONLY:
I
EACH ACCIDENT $
AGGREGATE $
EXCESS LIABILITY EACH OCCURRENCE is
UMBRELLA FORM AGGREGATE Is
OTHER THAN UMBRELLA FORM • $
WORKERS COMPENSATION AND WC STATU• H-
: .- -
EMPLOYERS' LIABILITY TORY LIMITS ER - -
ELEACHAC !DENT $
= THE PROPRIETOR! INCL EL DISEASE -POLICY LIMIT S
PARTNERS/EXECUTNE
OFFICERS ARE: EXCL EL DISEASE -EACH EMPLOYEE S
A ;INVESTMENT
OTHER I I
I
COMPANY 70232288 10/29102 10/29/03 ILIMIT OFLIABILITY $5,000,000
PROFESSIONAL LIABILITY i
_APMYfpD AS . FORM
DESCRIPTION OF OPERATIONSILOCATIONSIVEHICLESISPECIAL ITEMS CUy Au_.
r �'`''m�T
REF: EVIDENCE OF PROFESSIONAL LIABILITY INSURANCE
qlxA i
FFuv'm
By Leonie
CERTIFICATE, HOLDER.' -' - '
CANCELLATION
- :_ter_.,.,—:.:.:--- ' - .....L_..._�_
_ ..:.,..:....._:._.. _. ....__. -- --•-_. -___. .-._,.�.:.__•-__.-
SHOULD ANY OF THE POLICIES DESCRIBED HEREIN BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF.
TF-E INSURER AFFORDRG COVERAGE WILL ENDEAVOR TO MA-L _0 DAYS WRITTEN NOTICE TO THE
CITY OF HUNTINGTON BEACH
ATTN: SHARI L. FREIDENRICH, CITY TREASURER
CERTIF CATS HOLDER NAMED -IERE N Bull" FA LURE TO MA:_ SUCH NOTICE SHAL, IMPOSE NO DEL GAT ON C_R
2000 MAIN STREET
L AB . Y OF ANY KIND UPON THE NSL.RER AFFORD NG COVFAAGE. TS ArLNTS OR REPRESEN-AT VES, OR -HP
P.O. BOX 190
HUNTINGTON BEACH, CA 92648
ISSUER OF Ti S CERTIF:CATE.
MARSH USA INC.
DY: Richard E. Cowan -S .i- (. •,. �'[ _.{.: ,.�; Fs
MM1(31021 ' :: . ° VALID A5 OF:. 12/02i02
TI
�u PROFESSIONAL SERVICE CONTRACTS
ALM f o PURCHASING CERTIFICATION
1. Requested by: Shari Freidenrich
2. Date: January 13, 2003
3. Name of consultant: Bond Logistix) "L
4. Description of work to be performed: Bond Arbitrage calculations
S. Amount of the contract: � , �rr�
N^r_ 4 S0100�:)
6. Are sufficient funds available to fund this contract?' ® Yes, ❑ No
7. Company number and object code where funds are budgeted: �U{ S VI�G1i
—� y ,o 1 y 010 1�
8. Is this contract generally described on the list of professional service contracts
approved by the City Council'? ® Yes, ❑ No
9. Is this contract within $25,000 or 25% (whichever is less) of the amount stated on
the list of professional service contracts approved by the City Council?'
® Yes, ❑ No
10. Were (at least) informal written proposals requested of three consultants?
® Yes, ❑ No
11. Attach list of consultants from whom proposals were requested (including a
contact telephone number).
12. Attach proposed scope of work. akagd
13. Attach proposed payment schedule. AA
XRCH ZRDAMADRIL,
Purchasing/Central Services
' If the answer to any these questions is "No," the contract will require approval from the City Council.
Qacument4 1/1412003 1:55 PM
BOND LOGISTIV,
.,. INSIGHT, INNOVATION. INTEGRATION..
AIL
PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIANCE SERVICES
TO THE CITY OF HvimwTON BEACH
` &McesrnBEPRovIDED
BLXMaintainsadatabase monitoring systemwhereby
all relevant information about a particular bond issue,
including notifications of upcoming rebate calculations
and rebate payment dates, is easily recalled. This
enables us to provide timely reporting to all BLX clients.
For example, BLXprovides timely reporting on 55 bond
issues for Miami- Dade County and on 58 issues for the
New Jersey Educational Facilities Authority. In both
cases, all issues must be updated concurrently and
delivered within 3o days of the specified computation
date.
We have read carefully and fullyunderstand the "Ser-
vicesto be Provided" asset forth in Section II of the
RFP. In orderto provide clarity to our response we have
restated each of the requirements from Section II.
i. Verify that the issue is subject to the Rebate
Requirement: Working closelywith members of
Orrick's Public Finance Tax Group, BLXconsultants will
review each issue's closing documents (i. e. Tax Certifi -
eate, Official Statement, etc.) to determine that the
issue is subject to the rebate requirements set forth in
Section 148 of the Internal Revenue Code. Additionally,
we will determine whether portions of the issue qualify
for any exceptions to the rebate requirements, such as
the Eighteen Month and Two -Year Expenditure
Exceptions, or are subj ect to additional yield restric-
tions.
St. Calculate the bond yield: All arbitrage rebate
analyses BLXprovides include a verification of the bond
yield forarbitrage purposes. Yield is calculated in
accordance with applicable regulations taking into
account any provisions for optional or early redemption
and the application of any qualified guarantee fees.
3, Identify, and separately account for, all'Gross
Proceeds': Identifying and allocating the gross
proceeds of an issue can be complicated by refundings,
pooled financings, commingled investments of bond
Proceeds and other City monies, and cases where
replacement proceeds of the bonds, as defined by the
Treasury Regulations, may or may not exist. Our system
of checks and balances ensures that all of the gross
Proceeds allocable to a specific bond issue are taken
into account in the calculation of arbitrage rebate
liability.
Page 7
4. Calculate the issue's excess investment earnings
(cumulative rebate liability), taking into account any
proceeds that are or have become subject to the yield
restriction requirements: Even though the City does not
owe a rebate payment on a particular issue, the City may
owe ayield reduction payment on yield restricted monies
that have accumulated excess earnings since they first
became yield restricted. In Exhibit Bwe have provided an
example of an analysis that required a calculation of excess
earnings on yield restricted proceeds.
5. Deliver appropriate documentation required to
support calculations: When reviewing arbitrage rebate
analyses performed by competing firms, it is not always
easy to identify the schedules where commingled funds,
transferred proceeds or other such analyses were
performed. BLXcreates separate schedules for these
analyses when they occur and can modify its spreadsheets
to reflect the information that makes it most clear to the
reader how the information from these schedules ties
backto other schedules in the report.
6. Provide an executive summary identifying the
methodology employed, major assumptions, conclu-
sions, and any recommendations for changes in City,
record keeping and investment policy: Eventhe
simplest analysis can present one-off circumstances that
would make it difficult for an auditor or IRS agent to
reconstruct the analysis retrospectively should the need
arise. The need to document such circumstances is even
more important duringthe course of complex calculations
or calculations that affect two or more individual bond
issues. This is why all BLXanalyses include appropriate
documentation and footnotes, as necessary, which
thoroughly explain the calculation methodology and
linkage to the applicable Treasury Regulations. We urge
the City to compare the "readability" of BLX's analyses
versus those of our competitors.
q. Assist the City as necessary in the event of an IRS
inquiry: BI.Xwill provide assistance as necessarywith an
IRS auditor inquiry into bond issues for which BLXhas
been engaged to perform arbitrage rebate consulting
services. BLX,having interfaced with the IRS onnumer-
ous successful rebate refund requests has accumulated a
wealth of experiencewith and information about the
procedures and methods of IRS field agents. Having
reviewed in excess of one hundred BLX analyses, the IRS
is familiarwith the format and methodologies of BLX
reports.
n BOND N D L 0 G I S T I X PROPOSAL TO PROVIDE ARBITRAGE REEATE COMPLIANCE SERVICES
J INTEGRATIONTo THE CITYOF HumvGToN BEACH
INSIGHT. INNOVATION. .
8. Consult with City staff as necessary regarding
arbitrage —related matters: BLX consultants are
available on afall - time basis to City personnel.
Additionally, BLX will provide an annual half - day
training session, free of additional charges.
q. Provide assistance and consultation as neces-
saryto retain records and documentation at least
sixyears after the issue's final maturity: While
some of our competitors have been bought and sold
and seenthe exodus of top level personnel overthe
pastyear, BLXhas made investments designed to
further establish it as a leader in tax exempt finance.
Additionally, as awholly owned subsidiary of Orrick,
the City should be comfortable that BLXwill be able to
perform this service requirement.
1o. Provide a legal opinion that arbitrage calcula-
tion results are consistent with the Rebate Re-
quirements or an explanation as to why such
opinion is unnecessary: All BLX analyses are
delivered with an Orrick legal opinion that verifies that
the computations were performed in accordance with
the appropriate regulations.
11. Perform annually all annual arbitrage rebate
calculations: With its extensive analytical resources
and access to Orrick's legal resources, BLX can easily
perform this service component.
1%. Perform all anniversary arbitrage rebate
calculations: As stated above, BLX's extensive
analytical resources and access to Orrick's legal
resources, will enable BLX to easily perform this
service component.
13. Provide the City six (6) copies of the calcula-
tion reports: BLXwill deliver 6 (six) copies of all
reports delivered to the City.
14. Prepare all filings required by the Internal
Revenue Services necessary for the payments of
arbitrage rebates or refunds: As part of its customary
services, BLXwill prepare all such documents for the
City.
1S• Coordinate between the Bond Trustees and the
City so all necessary information is provided to the
C0ntractorwithminimal Citystafftime: Bond
O Logistix customarily works directly with Trustees to
obtain the required investment records in order to
alleviate as much of the burden on its clients as
possible. In fact, BLX has created the administrative
position of Workflow coordinator specificallyto ensure that
client resources are not unnecessarily burdened and that
BLX's expert analytical resources are able to focus on the
analytical versus the administrative tasks associated with
completing an arbitrage rebate analysis.
Additional or advisable tasks:
BLXwill identify any beneficial processes or reports and
communicate them to the City in Memo format. In many
instances these tasks take the f orm of investment strate-
gies identified in the course of performing arbitrage
rebate analyses. Since BLXworks with the City in the
capacity of investment advisor, we believe, and have
evidence from other engagements, that integrating our
arbitrage rebate and investment advisory services enables
us to identify and execute additional beneficial strategies.
BLX currently performs integrated arbitrage rebate and
investment advisory services forthe City of LosAngeles.
Please contact Natalie Brill at (!0) -485 -4491 for infor-
mation about the integrated services BLX provides the City
of LosAngeles.
6. REQUIRED DOCUMENTATION & REPORT DELIVERY
For the vast majority of bond issues, the City personnel can
expect their involvement to be limited to gathering (or
identifying an alternative source for) the documents listed
on the followingpage. As InvestmentAdvisorto the
City, BI X is already in possession of most of the
documents required to perform the necessary calcula-
tions.
It is important for us to convey to the City that the City can
expect to spend very little time transitioning prior work to
BLX. As investment consultant on many of the City's bond
issues, we are familiarwith the City's debt program and
are already in possession of most of the required docu-
ments.
BLXcurrently completes between Zoo and 25o rebate
analyses with accompanying legal opinions every month.
Once current data has been provided, the average time
requirement is twelve to eighteen hours of professional
time spread over a two (2) to ten 6 o) work day period. BLX
has adequate additional capacity to meet such a time
schedule for the City's engagement, and can commit
comfortably to turnaround times of fifteen (15) working
days or less on standard analyses and seven (7) days on
urgentwork.
Page 8
e
,� 13
__1
P1111 TO PRovw ARBITRAGE REBATE COMPLIANCE SERVICES
J BOND LIIGISTIX;..
i IN S-GnT- II,MOvAT101.. IM TiG lAT-6..
TO THE Cnyo.FHUNTINGTONBE4CH
Additional areas in which 13LXcan he of assistance are
listed (below). Please see exhibit Afor arep resenta-
tive sample of transactions forwhich BLX hasp er-
formed such ancillary advisory services.
• arbitrage reba re compliance
♦ complex cash flowmodeling
• continuingdisclosurereporting
♦ defeasanceanalyses
♦ economic life calculations
♦ escrow structuring and restructuring
♦ flow of funds monitoringservices
♦ investmentpolicyreview
♦ IRS refund recluests
♦ privareuseanalyses
♦ troubled transaction workouts
9. FW25crtsnvLR
When comparing the fees listed below to those of other
firms, the City should keep in mind that BLX does not
attach additional fees for the legal consultation provided
by Orrick's expert tax counsel in the preparation of rebate
analyses. Other firms, lacking this resource might require
billing the City hourly for such resources in the event that
any of the complexities mentioned may arise with regards
to a specific analysis. making their proposed cost appear
artificially low. On the other hand, a firm that forgoes
enlisting the services of expert tax counsel in order to
avoid charging the City for such services runs the very real
risk of causing the City to make unnecessary rebate
Payments to the IRS, or causing the City to be out of
compliance with the applicable Treasury regulations.
Please see Exhibit B hereto fora fee estimate, by
Individual bond issue.
Uzcumam (perissue engaged)
Engagement Fee #Mro
(for new issues only, nor charged for outstanding
bond issues of the City as of the date of this proposal)
AN&PSAt (per re port)
Report Fee 41,650
I% onstrucrion/otherproceeds outstanding)
Report Fee $1,R50
L(LrtOErve
fund proceeds and/orproceeds
sa refundingescro w only)
Additioaal Fees (per report as appropriate)
Yield Restriction Analysis +$Soo
Commingled Funds Analysis +$Soo
Transferred Proceeds Analysis +$Soo
Variable Rate Issue +$Soo
Periods in Excess of t2 Months +4500
(perAdditional year of fraction thereoD
Annual half -day
arbitrage rebate training session No charge
Follow up consultation visits with the City Nocharge
Evaluatingvarious elections To be negotiated
and applications separately
1 o. Teairs oP EmGAcrt wT
The City is requesting a proposal to cover threeyears
plus two optional oneyear Wensiona.
The fees outlined herein will be held firm for the initial
and any, subsequent extended contract periods. The fees
listed above will apply to any prospective issues of the City
added to the engagement during the initial and any
extended contract periods.
21. Auet,tvrNo Gw mnoNs
There exists the distinct possibility that the federal
government may amend the rebate regulations in the
future with the result being that prior rebate liabilities
may require recalculation. In the event that this occurs, we
will, at no charge, review prior rebate calculations to
determine if a recalculation is necessary and/or advisable.
After this initial review, we will discuss our findings with
the City and jointly determine the best course of action
and the appropriate fee, if any. To the extent the recalcula-
tion work constitutes a minor adjustment to our prior
calculation, we do not expect to charge morethan a nominal
fee. Conversely, if the recalculation work is substantial, we
will provide the City with a competitive proposal to
perform such recalculations.
We do not expect fees associated with any recalculation
work to be anygreater than our current "calculation" fees
and competitive with the general market for arbitrage
rebate calculation services.
Page 10
®B0NoL0GISTIX1tr
�tif�CxT_ :Mx0��1.O x, ,yxIG��T�OM
proposal to Provide
Arbitrage Rabata Compliance Services to the
City of Huntington Beach
Summary of Annual Fees
Estimated
Engagement
Annual
Additional Total Annual
PAR Amount
Description
Series
Fee
Report Fee '
Fees Fees
$1.853,904
Resevoir Hill Assessment District Bond
1989
No Charge
1,250
1,250
$2,155,0p0
Community Facilities District Bonds
1990-1
No Charge
1,250
1,250
$33.495,000
Public Finance Authority Lease Revenue Bond
1992
No Charge
1,250
1,260
56,070,ODO
Public Finance Authority Certificate of Participation Bond
1997
No Charge
1,850
1,650
S IO. S,O00
Redevelopment Agency Tex Allocation Bond
1999
No Charge
1,250
1,250
$31.360,000
Public Finance Authority Lease Revenue Bond
2000A
No Charge
1,650
1.650
$31,095,000
Public Finance Authority Lease Revenue Bond
2001A
No Charge
1.250
1.250
$31.095,000
Public Finance Authority Lease Revenue Bond
20016
No Charge
1.250
1,250
$16,000.000
Community Facilities District Bonds
2001-1
No Charge
1,850
500, 2,150
Total $12,950
h Assumes al: calculations have been updated as of their most recent bane year.
2Additioml fees vnfl ba Charged aC=d.ng t0 actual tatca. We have tried to estimate add'lional fees a0.'Mng to aSSUrnptienS, as WROted.
311 this issue and the 2001A issue are a single issue for tax purposes, the City w[t enty be charged a single S1,250 report fee for both Series-
' Proceeds in the Capitalized Interest Rind dedicated Lo L-Merest payments dunng the feat year the bands are outstanding quality for the Bona Fide Debt Service Exemption.
of the Treasury Regulations. Tors fund is oommmglecl, nhareby. Commingled funds tees will not be charged for calculations Performed subaegdent to the first
annual calculation performed on the bonds
BOND LOGISILLC
INSIGHT. INNOVATION. INTEGRATION.
Proposal to Provide
Arbitrage Rebate Compliance Services to the
City of Huntington Beach
September 20, 2002
777 South Figueroa Street, Suite 3200
Los Angeles, CA 90017
Tel: (866) DIAL-BLX
Fax: (213) 612-2499
www.bondlogistix.com
•
777 South Figueroa 51reet. Suite 320D
B0 N D 1. O G 1 S T I X LI_C Los Angeles. CA 90317
NSIGt-T. rINOVAT ON. NT=GRAT ON. P-one 213 6 2 220-5 Fax 213 c"[ 2-99
-W.:)or�.03 stir CCM
September 20, 2002
Mr. Hank Reveles
Senior Accountant
• City of Huntington Beach
2000 Main Street, P.O. Box 190
Huntington Beach, CA 92648
Re: Arbitrage Rebate Compliance Services
. Request For Proposal
Dear Mr. Reveles:
On behalf of Bond Logistix LLC ("BLX"), I am pleased to present this proposal to provide arbitrage
rebate compliance services to the City of Huntington Beach (the "City"). As Investment Advisor to the
City on many of its outstanding bond issues, BLX is already familiar with the City's bond program and is
already in possession of most of the documents required to perform the necessary calculations.
BLX prides itself on delivering timely analyses to its clients, generally within 30 days of the scheduled
computation date of the bonds, so that our rebate analyses can be used in their budgeting and project
planning processes. We take the time to demonstrate to our clients how retrospective rebate calculations
and prospective rebate models are excellent tools to monitor and formulate investment strategies for bond
proceeds. Especially in today's challenging interest rate environment, we believe that our strong
analytical and regulatory skill sets will enable the City to minimize rebate payments, while maximizing
retainable earnings on invested bond proceeds. We also believe the City will benefit from the vicinity of
our offices and resources to those of the City's staff should we need to get together to discuss the
proposed calculations or any other arbitrage related matters.
• A few examples of how BLX has added value as the City's investment advisor are as follows:
1) In 1999 BLX structured reserve investments for the City's 1992 Revenue Bonds and 1993
COPS. In both cases an investment product was recommended that would survive a refunding.
Due to the transferred proceeds requirements of the Treasury Regulations, and due to the fact that
interest rates were above long run averages, BLX correctly surmised that the City's reatinable
• earnings would be increased when interest rates converged again on their long run average and
the bond issues were refunded.
2) When the $31,360,000 Lease Revenue Bonds, 2001 Series A bonds were issued, BLX
constructed prospective arbitrage rebate models for a short list of appropriate investment prodcuts
for the Improvement Fund. These alternatives were bid out individually and the results were
inserted back into the arbitrage models so that the City could make an objective decision about
the best approach, based on the resulting arbitrage positions.
3) For the City's 1999 Tax Allocation Refunding Bond's Reserve Fund, BLX recognized the
opportunity to sell the security held in the Reserve Fund to realize captial gains and reduce the
issue's negative arbitrage status.
DOCSLA1:429250.1
416V-A VD AS LOS A N G E L E S NEW YORK 5 A N FRANCISCO
I:
B'0N0L0GISTIX�c
•'IC . IN"LGawl �
. The examples above demonstrate some of the benefits of the integration of arbitrage rebate and
investment advisory skill sets. As the City's arbitrage consulting firm, we believe the increased in-depth
knowledge we would gain about the City's debt program would enable us to make with even better
investment recommendations as we monitored the bond issue all the way form original issuance to final
redemption.
If fortunate enough to be selected, BLX is committed to providing personalized services designed to
exceed the City's expectations for quality, timeliness, and value. In addition to delivering industry
leading technical services, it is our explicit goal to deliver industry leading client services.
I hope that you find the information contained herein to be both informative and responsive to the City's
needs. Should you have any additional informational needs with respect to our qualifications, please
contact the undersigned any time at the number provided below. Thank you for your consideration and
for this opportunity to present our qualifications.
Very truly yours,
Erik B. Din .IIll,�� �
Director of u ' ess Development
(213) 612- 04 P ne
(213) 612-249
edingwall@bondlogstix.com
-2-
DOCSLA l :429250.1
41612-1 ED3
PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIANCE SERVICES
TO THE CITY OFHuwmhGTONBEACH B o N o L o c I s T 1 X <<c
HSiG�T_iNNO—T.ON IMT(GRaTiom
•
FABLE OF CONTENTS
kiwi
on ent
1.
Firm Experience
1
2.
Methodology
3
3.
Key Personnel
4
g.
References
6
•
5.
Services to be Provided
7
6.
Required Documentation & Report Delivery
8
7.
Orrick's Legal Expertise
y
•
B.
Additional Advisory Services
g
g.
Fee Schedule
10
1 o.
Terms of Engagement
10
i1.
Amending Calculations
10
u
i
F:
Attachments
Exhibit A - Sample Analyses
Exhibit B - Estimate of Fees by Individual Bond Issue
Page i
I PRnPn.CAT. Tn PRnVTT)F ARRTTRA(:F RFRATR I ,nAfPT.TAATrF. PRVTCRS
i. RRA(ExPERTElvcE
Originally known as Orrick, Herrington & Sutcliffe's
("Orrick") Financial Services Group ("FSG") and later
formed as a wholly -owned subsidiary of Orrick, Bond
Logistix LLC ("BLX') was established in March of ig8g
to undertake the mathematical, financial, and other
technical aspects of arbitrage rebate compliance. BLX
currently numbers 32 finance professionals and 13
support staff in four offices nationwide (see Table i).
BLX's consultants have an average of 4 years of experi-
ence in arbitrage compliance and public finance
(senior BLX staff average over 9 years experience) .
BLX's technical, financial and regulatory expertise is
evidenced by the fact that BLX is often asked to assist
investment banking, financial advisory, consulting,
and law firms with complex structurings and problem -
solving, especially as they relate to correctly applying
federal tax law requirements. This level of technical
proficiency far surpasses that required for most
arbitrage rebate analyses, but enables BLX to handle
complex analyses when necessary and to provide
issuers with a higher degree of comfort that all analyses
are accurate.
BLX consultants work closely with members of Orrick's
Public Finance Tax Group (the "Io3 Group") in Orrick's
LosAngeles, NewYork, and San Francisco offices.
Founded in 1863, Orrick is an internationally promi-
nent law firm engaged in the general practices of
corporate, municipal, and commercial law. Orrickhas
maintained a substantial practice in the area of public
finance for over 90 years. One of relatively few law
firms with a national reputation for expertise in public
finance matters, Orrick has been ranked first nation-
ally as Bond and Special Tax Counsel for ten of the last
twelveyears. Orrick's Public Finance Tax Group
consists of 12 partners and associates and is generally
considered the largest and most experienced group of
its kind. All BLX analyses are accompanied by an Orrick
Table .l: Staffing
by Office
Office
Consultants
Admin. Staff
Total
legal opinion that attests calculations have been performed
in accordance with applicable tax laws.
As Table 2 and Chart #1 (below) illustrate, BLX's arbitrage
rebate practice represents the full spectrum of issue types
and technical complexities. The breadth of our experience
enables us to recognize immediately debt and investment
structures or circumstances that are otherwise foreign to
firms with a narrower practice focus. We are thereby able
to spend less time figuring out the issue's structure and
more time optimizing the analysis of any given bond issue.
g; Overall
Category
City Issuers
RebateTable
# of Issues
21
,
Par Amount
(Billions)
i
California City Issuers
1, 01
33.
Overall Practice
9,572
rl .oi
Fixed Rate
,8 0
329.35
Variable Rate
9 2
46.6i
Refund' Issues
i, 3
148.43
Zimningled Funds
2,
176.45
Chart #1
Market Segment Mix: # issues per segment
■ General Infrastructure
■ Education
r
❑ Housing
®utilities
875 0industrial Economic Dev.
■ Health Care
■ General Transportation
OperationalApproach: Part of the reasonBLXhas
become the nation's largest arbitrage rebate compliance
services firm lies in its distinct operational structure. As
demonstrated in tabular form (nextpage), BLX has
strategically deployed its resources such that each resource
is dedicated to performing the component of a particular
rebate calculation that makes that resource most efficient.
Thereby, BLX's professionals spend less time on informa-
tion collection and data entry and more time examining the
details of a particular analysis to uncover the approach that
produces the best result forthe client. The ultimate result,
we believe, is that our professionals gain a much greater
exposure to a widervariety of scenarios and outcomes than
finance professionals at any level of seniority working for
competingfirms.
Page
U
L
Cw SQNI}LOGISTIXL�� PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPL14NCE SERIWES
„, GMT. ,„„o..T ON ,„T,GI,T 0„ TO THE CITY OF HUNTINGTONBEACH
B[U;pdwin Saapen •
Ba; • •
•
COr..Lun,
BEY, Sr l:Gai�l:i: ti
•
V.,.q ra Ce:nw-1
1�iraa,rg 6:renor
Bard x::arrey
TeehnicalApproach: Many firms use some form of
"canned" or commercial software program to perform
rebate calculations. At BLX, we prefer the flexibility of
using proprietary spreadsheet -based templates for
producing rebate and yield compliance calculations.
For complex and/or customized analyses. arbitrage
providers usinga pre -designed software program are
limited to the methodologies built into their "canned"
program. It is our experience that often times the best
answer is produced from a methodology that is rarely
used due to the additional amount of required work.
Service Approach: BLX'sexpert technical and
regulatory resources notwithstanding. BLXhas
corisistendy endeavored to"raise the bar" with respect
to providing industry leading client services. Because
of the extreme complexity of many of the engagements
BLX manager, and due to BLX's continuous involvement
in individual transactions from issuance to redemp-
tion, BLX clients often request that we perform
collateral advisory and consulting services in connec-
tionwith their transactions. These requests continue
to increase infrequency as the public finance industry
trends towards greater sophistication and greater
accountabilirvof issue rs to the i r constituents. Unlike
most firms offering rebate services, BLX recognized
this trend early and has responded by integrating,
alongwrith its customary arbitrage consulting solutions,
vertical services solutions like escrow verification
services, investment structuring and procurement
services, and portfolio managementservices.
BLXhas identified many instances where issuers were
incurring negative arbitrage on invested bond
proceeds during time periods where either positive
arbitrage or significantly "less negative" arbitrage
poaitionswere easily achievable. Sinceforegone
arbitrage earnings are a dollar for dollar
opportunity cost to the issuer. BLX resolved to
help issuers reduce or eliminate negative
arbitrage. Concurrently. BLX recognized that
finance professionals generally involved in the
process of making recommendations to
issuers about appropriate investments for
bond proceeds often lacked the arbitrage
rebate modellingskills necessary to delivertax
optimized investment solutions. Thereby,
Orrickdecided to spin-off BLXas awholly
owned subsidiary in September2000. Unlike the parent,
thesubsidiarywas able to obtain the SEC registration
necessary to become a bona -fide registered investment
advisoryfirm.
In toot. BLX further demonstrated its resolve through its
purchase of Fund Services Advisors (7SA"), a firm
dedicated to investment advisory services targeted
specifically to municipal issuers. The fundamental
concept behind BLX's position is that investment
strategies traditionally have been formulated and executed
without regard to how the Treasury Regulations "skew" the
intentions of those strategies (see Graphic #i, nexrpage).
In contrast, BLXuses its knowledge of theTreasury
Regulations to design and subsequently test the superior-
ity of one investment strategy versus one or more alterna-
tives (Graphic %2, next page). Investment strategies are
also executed according to the appropriate Treasury
Regulations in order to avoid further "skewing" of the
intended results and to ensure that security transactions
are executed within the so-called "safe harbor" guidelines
set forth by Treasury.
Since the spin-off. BLX's investment advisory services
have been well accepted across the broad spectrum of
clients that BIX serves -especially since the interest rate
environment has become more challenging and issuer
revenues have dropped. Intuitively, complex engage-
ments are likely to produce the greatest variation in the
results computed bycompeting arbitrage rebate andfor
investment advisory firms. It is in these complex sce-
narios, we believe, that the combined efforts of BLXand
Orrick deliver value beyond the value competing firms are
capable of producing.
As required in the RFP, please refer to Exhibit for BLX's
sample analyses.
0
i Page 2
i
PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIANCE SERVICES
BOND T L O G I S F I X 1 TO THE CITY OF HunullvGTON BEACH
�.f GHi- inn G++i.0 �.- ie,iE3++".Gn, i -
Graphic #1
LI:SEe1ClEa tn.Es=w
slEYcpy M.a.NW &nne7i=aatiunr. �Pn+QtiK
�v
l1ml lnaein t
MG:a�ls<1e�c _
Milyatt
Gtal!EI - �Aiva�Rehs_ -
am
T reasury. Regulations
Historiul:y arharage -e'.tate nptiMzaion strategies and imestctel:5
slralcgits for lax excmpt bond proceeds hate been fornnC.ed
independends or each otha
Graphic x2
�:.. •v.. Treasury Regulations-- ti
_ IF.N=11inu �.iV' IIjO Rihlb t0�pg1[mE T..
.lm.p AWY.., k '1+a 6inby F wzi
IBEos vaxtr
spin
tL'il:+e•
ccal(.l -
��-
BLX ises i:s expert regalatery and technical resources to formulae
investment srategies fo- tax exempt Sond proceeds Thal incvgnra:e
the effects of the Treasry Regulations or. those svategies
.. METHODOLOGY
Working in concertwith Orrick's Tax Group, BLX
consultants have developed industry standards for the
propertechnical application of the arbitrage rebate
regulations. BLXis thereby able to address circum-
stances that may require methodological discre-
tion, or an entirely novel approach, with the
confidence that its ultimate approach will be
verified by the nation's leading tax lawyers.
Specific complexities that may require discretion and
or customized analyses include. but are not limited to,
those briefly described below:
Commingled Funds: Commingled funds arise when
gross proceeds of a bond issue that are subject to the
rebate requirements are commingled with any other
types) of monies (includ ing gross proceeds that are
eligible for an exception). An"allocation analysis"
must be undertaken to allocate (legally and to the
optimal economic effect) investments to the various
Types of monies. Various consistently applied method-
ologies are allowed by the regulations including but not
limited to ratable and direct trace allocations of earnings to
securities. as well as expenditure methodologies like FIFO
(first in first out). Which methodologies are finally applied
will be determined by the parameters of the bond issue.
Transferred Proceeds: Due to numerous potential com-
plexities. transferred proceeds analyses can give rise to
differing, often incorrect, methodological approaches
among arbitrage consulting firms. Transferred proceeds
arise in connection with refunding and refunded bonds and
can significantly complicate the process of identifying the
gross proceeds of a particular bond issue. Transferred
proceeds can involve multiple bond issues originally subject
to different versions of the applicable Treasury regulations.
Being able to flesh out the intricacies and differences
between successive versions of the regulations in order to
know when to make beneficial elections requires a level of
legal and technical expertise that no other firm offering
similar services is able to offer. BLXhasunmatched
experience in these matters, having performed such
analyses for virtually every issuer type and tax-exempt debt
instrument. As in the case of commingled funds, poorly
prepared transferred proceeds analyses can accrue signifi-
cant unnecessary monetary costs to the issuer or cause
unnecessary scrutiny from investors and regulators due to
noncompliance with the Treasury regulations. Transferred
proceeds analyses are among the m ost demand ing in the
public finance industry, and it should not be assumed that all
rebate consultants are competent to perform them.
ilarkervs. Presen t Value of Securities: In addition toa
flexible allocation methodology, the Regulations allow several
methods of valuing securities held as of a computation date.
transferred proceeds date, or other applicable allocation
date. Since rebate analysis is based on the non -purpose
payments and receipts through computation and trans -
ferred proceeds dates, securities held as of such dates must
be valued to represent a receipt or disposition of principal
and accrued interest. The Regulations allow such valuations
to be determined based on (i) marketvalue. 60 present
(accreted) value or (iii) plain par (i. e., a security purchased
with a de minimis amount of original issue discount or
premium), and the choice can have tremendous impact on
the bottom line rebate liability. BLXevaluates the merits of
these three valuation methods on a case -by -case basis, and
apprises the client of the advantages and consequences
associated with each.
Page 3
., PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIANCE SERVICES
IN IG T. N. ` Y
INSIGHT. 1 INNOVATION. INTEGRATION. TO THE CITY OF HUNTINGTON BEACH
— k
m
3. KEYPERSONNEL
The core team that BLX will assignto service the City
consists of BI-X's most experienced and appropriately
skilled professionals. Secondary team members are
available as necessary. All core team members will be
available on a full time basis. Glenn R. Casterline will
serve as Project Manager and will address the City day-
to- day concerns and/or needs. Resumesforthe
remaining BLX professionals are available upon request.
GLENN R. CASTERLINE - ASSOCIATE DIRECTOR
Mr. Casterline serves as anAssociate Director of BLX
and is primarily responsible for coordinating workflow
between all of BLX's offices, managing consultant staff in
Los Angeles, and overseeing many of BLX's largest
engagements.
Mr. Casterline joined BLX's predecessor organization,
the Financial Services Group (FSG) at Orrick,
Herrington & Sutcliffe (Orrick) in 1992. Since 1992 Mr.
Casterline has attained extensive experience and strong
analytical skills primarily focused on arbitrage rebate and
yield restriction compliance services, bond proceeds
investment strategies, and client relations. He has
personally completed over 1,2oo arbitrage rebate
analyses and is the project manager for many of Bond
Logistix's largest clients, includingthe City of Los
Angeles (CA), Orange County (CA), Riverside County
(CA), the City of Long Beach (CA), the City of Irvine
(CA), and the City of Austin (TX). In his capacity as
project manager for these issuers, Mr. Casterline has
developed an extensive track record of building strong
working relationships with issuer staffs and, as a result,
has encountered practically all issuer debt, investment,
and accounting practices.
Mr. Casterline is a graduate of California State University,
Fullerton where he received a BA in Business Adminis -
tration— Finance.
Mr. Casterline is a registered investment advisor
representative, holding a NASD Series 65 license
JEFFREY S. SMITH - MANAGING DIRECTOR
Mr. Smith serves as a Managing Director of BLX and is a
member of BLX's management committee. His main
responsibilities include managing the Los Angeles
office, strategic business planning, and project develop -
GlennR.Casterline
Associate Director
Project Manager
Los Angeles
Jeffr S.Smith
Managing Director
Report Review
Los Angeles
Erik B. Dingwall
Director of Business
Development
Client Satisfaction
Los Angeles
A. Darlene Blaney
Investment Consultant
Consultant
Los Angeles
Larry D.Sobel
Tax Partner, Orrick
LegalAxialysis
I Los Angeles_
Nanc Kummer
Senior Consultant
Report Review
Los tiles
Michelle Chung
Consultant
Report Production
LosAngeles
Marcia Quiroz
Consultant
Report Production
LosAngeles
Mr. Smith joined BLX's predecessor organization, the
Financial Services Group (FSG) at Orrick, Herrington &
Sutcliffe (Orrick) in 1993 afterworking on the investment
desk and in the debt management department at the
County of Sacramento. Consequent to his relocation to
NewYork in 1994 to promote the formation of FSG's east
coast practice, FSG established itself as the leading
provider of post -issuance compliance services in the
region under his direction. Mr. Smith relocated to Los
Angeles in 1998 to focus on expanding FSG's core practice
and modernizing its operations to present standards.
Mr. Smith's practice includes providing investment
structuring, cash flow modeling, defeasance and escrow
structuring and restructuring, refund claim, economic or
average useful life calculation, arbitrage rebate, float and
FPA structuring and bidding, private use calculation,
verification, and arbitrage rebate services. He specializes
in the public power and utility, transportation, state
revolving fund, and student loan practice areas. Mr. Smith
has lectured at various conferences such as the National
Association of Bond Lawyer's Tax Seminar and California
Municipal Treasurer's Associationworkshops.
Mr. Smith received a Bachelor of Science degree in
Business Administration with a concentration in Finance
from the California State University, Sacramento. Mr.
Smith is a registered investment advisor representative,
holding NASD Series 65license.
ERIK B. DINGWALL - DIRECTOR OF BUSINESS
DEVELOPMENT
As the Director of Business Development, Mr. Dingwall is
responsible for the formulation and execution of BLX's
marketing strategy.
Mr. Dingwall joined BLX's predecessor organization, the
ment. Financial Services Group (FSG) of Orrick, Herrington &
Sutcliffe (Orrick) in fall,1998. Subsequent to completing
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B 0 N D L O G I S T I X r_c PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIfwa SERVICES
�s,G.- N101ATIG1. -«...ID, TO THE CITYOFHUNTINGTONBEAm
FSG's in house training program. Mr. Dingwall
performed numerous arbitrage rebate analyses,
including complex variable rate, transferred proceeds
and commingled fundsanalyses. During his tenure at
BLX M r. Dingwall has developed metrics and reports
designed to assess the efficacy of BLX's business
development efforts. In the fall of 2000, Mr. Dingwall
managed internal projects and engagementswith
outside consultants that resulted in the eventual
naming, visual identity, and strategic positioning of
the newly formed BLX.
Mr. Dingwall is a member of the California Municipal
Treasurer's Association.
{r. Dingwall is a graduate of the University of Califor-
nia at San Diego where he received a B.S. in Bioengi-
neering. In 1998 Mr. Dingwall received a Master's of
Business Administration. with emphases in Finance
and Marketing, from the University of Southern
California, graduating with honors.
Mr. Dingwall is a registered investment advisor
representative, holdingal\ASD Series 65license
A. DARLENE BLANEY - INVESTMENT CONSULTANT
Darlene Blaney has over 25Years of investment
managementand fixed income experience including
sevenyears at Fund Services Advisors. Mg. Blaney's
principal responsibilities at BLX include working
closelywith ourchents in identifyinginvestment
objectives and opportunities, actively participating in
formulating investment recommendations, and
ensuring that our clients receive the firm's highest
level of commitment and services. Prior to joining
BLX. Ms. Blaney advised clients on investment
guidelines and portfolio trading strategies while
serving asa Vice President at Bankers Trust Company.
In addition, Ms. Blaney has worked as Fixed Income
Trader forThe Capital Group. Inc. where she analyzed
investment strategies and evaluated portfolio risk
factors.
She currently maintains memberships in the Califor-
nia Society of Municipal Finance Officers, the Califor-
nia Municipal Treasurers Association, and the
Maryland Public Finance Off icersAssociation, Nis.
Blaney holds a Bachelor of Science in Business
Administration from the University of Maryland. She
holds NASD Series ^, 63, and 65 licenses.
LARRY D. SOBEL - ORRIci, TAX PARTNER
Larry D. Sobel is a partner in Orrick's Tax, Employee
Benefits and Personal Estates Department and a member
of the firm's Public Finance Tax Group. He heads the tax
practice forOrrick's Los Angeles office, and has partner
oversight responsibility for BLX. Mr. Sobel has over 1B
years of experience in federal tax laws and regulations
relating to all types of tax-exempt financings, particularly
public power and utility financing issues. As both bond
and underwriters counsel he has been responsible for
structuring and analyzing the tax aspects of many tax-
exempt financings in California. His experience includes
financings for private companies, both through govern-
mental issuers and as direct offerings. Also, as one of the
primary tax attorneys forOrrick's arbitrage rebate
practice, M r. Sobel has provided legal advice and opinions
for literallythousandsof bond issuers, including many of
the nation's largest (e.g. State of California, WPPSS,
MEAG, City of LosAngeles. etc.).
Mr. Sobel has given numerous lectures on a variety of tax-
exempt financing issues for such organizations asthe
Government Finance Off icersAssociation, the practicing
Law Institute, and the National Coalition of Redevelop-
ment Agencies; topics he has addressed include "Tax -
Exempt Financing: AftertheTax ReformAct" and
"Redevelopment Financing in the Future." He also serves
as a faculty member and lecturer for the Bond Attorneys'
Workshop of the National Association of Bond Lawyers.
He is a member of the Committee on Tax -Exempt
Financing for the American BarAssociation*s Section on
Taxation. He is also a member of the National Association
of Bond Lawyers.
Mr. Sobel earned a J.D. cumlaudein 1976 fromthe
Universityof Pennsylvania IawSchool. He received a B.S.
from Drexel University in Pennsylvania.
NIANCY KUMMER - SENIOR CONSULTANT
Ms. Kummer is responsible for the production of broad-
spectrum quantitative analytics includingbond proceeds
placement diagnostic, arbitrage rebate optimization and
overpayment recovery. bond sizing, yield restriction
compliance, and cash flow sufficiency verification.
Since joiningthe group in 1999, Ms. Kummer has been
providingpremium quality post -issuance services to
entities such as the City of LosAngeles, the City of Irvine,
the Ciryof Seattle, the LosAngeles County Metropolitan
0
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i PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIANCE SERmES
BONDLOGISTIX._.
.461G- n 0O -.Or_..'LGR.1.0Y TO THE ChyOFHUNTINCTONBEACH -
Transportation Authority, and the New York Metro-
politan Transportation Authority. Herextensive
exposure to tax issues, coupled with outstanding
technical and analytical skills. affords her the flexibility
to tackle the most complex post- issuance analyses.
M& Kummer graduated magna cum laudefrom the
University of California at Los Angeles with a Bachelor
of Arts degree in Business Economics and Accounting.
An Outsta nd ing Se niorAward nominee, Ms. Kummer
received formal Alumni commendation for her pro-
active student body and academic contributions. Ms.
Kummer is a registered investment advisor represen-
tative. holding a NASD Series 65 license.
MICHELLE CHUNG - CONSULTANT
Ms. Chungwas graduated from the University of
California at Irvine with a Bachelor of Arts degree in
Economics. At Irvine. Ms. Chunggarnered both Magna
Cum Laude and Phi Beta Kappa honors in recognition
of her outstanding academic achievement. Priorto
joining BLX. Ms. Chung further developed her
excellent analytical skills as an analyst in the Secondary
Marketing Department of the FirstAlliance Mortgage
Company. While at FirstAlliance Ms. Chung's respon-
sibilities included the monitoring of securitization
pools and the preparation of reports that assisted
management in making strategic assessments of
secondary marketingand other finance related
activities. Ms. Chung's strong academic and work
experience makes her avaluable additional to BLX. Ms.
Chung's current focus is on the production of arbitrage
rebate analyses.
businesses and met with several companies within San
Bernardino County, in an effort to provide them with
information that could best assist them in their interna-
tional growth initiatives. Her focus at BLX is performing
rebate compliance analysis.
Ms. Quiroz is registered investment advisor representa-
tive, holding NASD Series 7 and 65licenses.
¢. Rlwmt mFs
We hope the City has the time to contact at least a few of the
references below. These references have worked with
competing firms and should be able to give the City an
idea of the additional value that BLX is able to bring to an
arbitrage rebate consulting engagement relative to those
firms.
City of LosAngeles
Office of the City Administrative Office
20o North Main Street. Room i5oo
LosAngeles, CA 9ooi2
Ms.AlmaGibson, Administrative Analyst
(:0)485-3588
City of Oceanside
3oo North Coast Highway
Oceanside, CA 92054
Ms. Michele Lund, Assistant Treasury Manager
(76o)435-3549
Ciiyof Santa Barbara
P.O. Box 1990
Santa Barbara, CA 931o2-i990
Mr. Bob Peirson, Finance Director
(8o5)564-5335
Ms. Chung isa registered investment advisor repre- Orange County. CA
sentative, holdinga NASD Series 65license. County Administrative office
to Civic Center Plaza
MARCIA QUIROZ - CONSULTANT Santa Ana. CA 92701
Ms. Quirozjoined BLX injanuary 2000. She graduated Mr. Tom Beckett, Public Finance Manager
from California State University. San Bernardino with a (714) 834-5969
Bachelor's of Art in Bus inessAdministrationwith a
concentration in Finance and a Bachelor's of Science in City of Irvine
BusinessAdministration with a concentration in 10 Civic Center Plaza
International Business. Before joining BLX, she P.O. Box 19575
worked as an intern with the United States Department Irvine, CA 92713-9575
of Commerce as an assistant to the International Mr.AndyDo,
Business Consultants division. Ms. Quiroz provided (949)724-6o32
detailed marketing analysis to small and midsize
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B U M p L D 6 1 S T I X __._ ! Pflopo L TD PROVIDE ARBITRAGE REBATE COMPLIANCE SERVICES
INSIGST. INNOVATION- INI[G,N.ON- I TO THE CITY OFHUNTINGTONBFACH
5. Sanvress na BE PROWDE.D
BLX Mdintainsa database monitoring system whereby
all relevant information about a particular bond issue.
includirignotifications of upcoming rebate calculations
and rebate payment dates, is easily recalled. This
enables us to provide timely reporting to all BLX clients.
For example, BLX provides timely reporting on 55 bond
issues for M iami- Dade County and on 58 issues for the
New Jersey Educational Facilities Authority. In both
cases, all issues must be updated concurrently and
delivered within 3o days of the specified computation
date.
We have read carefully and fully understand the "Ser-
vices to be Provided" asset forth in Section 11 of the
RFP. In ordcr to provide clarity to our response we have
restated each of the requirements from Section 1I.
t. Verify that the issue is subject to the Rebate
Requirement: Working closely with members of
0rrick's Public Fi nance Tax Group. BLXconsultaniswill
review each issue's closing documents (i. e. Tax Certifi-
cate, Official Statement. etc.) to determine that the
issue is subject to the rebate requirements set forth in
Section 148 of the Internal Revenue Code. Additionally,
we will determine whether portions of the issue qualify
for any exceptions to the rebate requirements, such as
the Eighteen Month and Two -Year Expenditure
Exceptions, or are subject to additionalyield restric-
tions,
s. Calculate the bond yield: All arbitrage rebate
analyses BLX provides include a verif ication of the bond
yield forarbitrage purposes. Yield is calculated in
accordancewith applicable regulations takinginto
account any provisions foroptional orearly redemption
and the application of any qualified guarantee fees.
3. Identify, and separately account for, all "Gross
Proceeds": Identifying and allocating the gross
proceeds of an issue can be complicated by refundings.
pooled financings, commingled investments of bond
proceeds and other City monies, and caseswhere
replacement proceeds of the bonds, as defined by the
Treasury Regulations, may or may not exist. Our system
of cheeks and balances ensures that all of the gross
proceeds allocable to a specific bond issue are taken
into account in the calculation of arbitrage rebate
liability.
4. Calculate the issue's excess investment earnings
(cumulative rebate liability), taking into account any
proceeds that are or have become subject to the yield
restriction requirements, Even though the City does not
owe a rebate payment on a particular issue, the City may
owe ayield reduction payment on yield restricted monies
that have accumulated excess earnings since they first
became yield restricted. In Exhibit Bwe have provided an
example of an analysis that required a calculation of excess
earnings onyield restricted proceeds.
S. Deliver appropriate documentation required to
support calculations: When reviewing arbitrage rebate
analyses performed by competing firms, it is not always
easy to identify the schedules where commingled funds,
transferred proceeds or other such analyses were
performed. BLXcreates separate schedules for these
analyses when they occur and can modify its spreadsheets
to reflect the information that makes it most clear to the
readerhow the information from these schedules ties
backto other schedules in the report.
G. Provide an executive summary identifying the
methodology employed, major assumptions, conclu-
sions, and any recommendations for changes in City
record keeping and investment policy: Eventhe
simplest analysis can present one-off circumstances that
would make it difficult for an auditor or IRS agent to
reconstruct the analysis retrospectivelyshould the need
arise. The need to document such circumstances is even
more important duringthe course of complex calculations
or calculations that affect two or more individual bond
issues. This iswhyall BLXanalyses include appropriate
documentation and footnotes, as necessary, which
thoroughly explain the calculation methodology and
linkage to the applicable Treasury Regulations. We urge
the City to compare the"readability" of BLX's analyses
versus those of our competitors.
Z. Assist the City as necessary in the event of an IRS
inquiry: BLXwill provide assistance as necessary with an
IRS auditor inquiry into bond issues forwhich BLX has
been engaged to perform arbitrage rebate consulting
services. BLX having interfaced with the IRS onnumer-
ous successful rebate refund requests has accumulated a
wealth of experience with and information about the
procedures and methods of IRS field agents. Having
reviewed in excess of one hundred BLX analyses, the IRS
is familiar with the format and methodologies of BLX
reports.
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B 0 N D L 0 G I S T 1 X ac PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLIANCE SERVICES *>
INSICIT_ INNOVATION, ,„TiG..To,,. TO THE CITY OF HUNTINCTON BEACH
8. Consult with City staff as necessary regarding
arbitrage —related matters: BL.Xconsultants are
available on afull-time basis to City personnel.
Additionally, BLXwill provide an annual half -day
training session, free of additional charges.
g. Provide assistance and consultation as neces-
sary to retain records and documentation at least
sixyears after the issue's final maturity: While
some of our competitors have been bought and sold
and seen the exodus of top level personnel over the
pastyear, BLXhas made investments designed to
further establish it as a leader in tax exempt finance.
Additionally, as awhollyowned subsidiary of Orrick,
the City should be comfortable that BLXwill be able to
perform this service requirement.
io. Provide a legal opinion that arbitrage calcula-
tion results are consistent withthe Rebate Re-
quirements or an explanation as to why such
opinionisunnecessary: All BLXanalyses are
delivered with an Orrick legal opinion that verifies that
the co mputations were performed in accordance with
the appropriate regulations.
i t. Perform annually all annual arbitrage rebate
calculations: With its exte nsive a na lyti cal resources
and access to 0rrick's legal resources, BLX can easily
perform this service component.
ta. Perform all anniversary arbitrage rebate
calculations: As stated above. BLX's extensive
analytical resources and access to Orrick's legal
resources. will enable BLXto easilvperformthis
service component.
13. Provide the City six (6) copies of the calcula-
tion reports: BLXwill deliver 6 (six) copies of all
reports delivered to the City.
14. Prepare all filings required by the Internal
Revenue Services necessary for the payments of
arbitrage rebates or refunds: As part of its customary
services, BLXwill prepare all such documents for the
City.
15. Coordinate between the Bond Trustees and the
City so all necessary information is provided to the
Contractorwith minimal City staff time: Bond
Logistix customarily works directly with Trustees to
obtain the required investment records in order to
alleviate as much of the burden on its clients as
possible. In fact, BLX has created the administrative
position of Workflow coordinator specifically to ensure that
client resources are not unnecessarily burdened and that
BLX's expert analytical resources are ahle to focus on the
analytical versus the administrative tasks associated with
completing an arbitrage rebate analysis.
Additional or advisable tasks:
BLXwill identify any beneficial processes or reports and
communicate them to the City in Memo format. In many
instances these tasks take the form of investment strate-
gies identified in the course of performing arbitrage
rebate analyses. Since BLX works with the City in the
capacity of investment advisor, we believe, and have
evidence from other engagements, that integrating our
arbitrage rebate and investment advisory services enables
us to identify and execute additional beneficial strategies.
BLXcurrently performs integrated arbitrage rebate and
investment advisory services for the City of LosAngeles.
Please contact Natalie Brill at (213)-485-4491 for infor-
mation about the integrated services BLX provides the City
of Los Angeles.
G. REQuimwDocummTATTQN&JIMRTDEUVaY
For the vast majority of bond issues, the City personnel can
expect their involvement to be limited to gathering (or
identifyingan alternative source for) the documents listed
o n the followi ng page. As Investment Advisor to the
City. BLX is already in possession of most of the
documents required to perform the necessary calcula-
tions.
It is important for us to convey to the City that the City can
expect to spend very little time trans itioning prior work to
BLX. As investment consultant on many of the City's bond
issues, we are familiar with the City's debt program and
are already in possession of most of the required docu-
ments.
BLXcurrently completes between Zoo and 25o rebate
analyses with accompanying legal opinions every month.
Once current data has been provided, the average time
requirement is twelve to eighteen hours of professional
time spread over two (2) to ten (ro) work day period. BLX
has adequate additional capacity to meet such a time
schedule for the City's engagement, and can commit
comfortably to turnaround times of fifteen 65) working
days or less on standard analyses and seven (7) days on
urgent work.
Page 8
<*> BONDLOGISTIX
N40,A'IGn. IX'[GR�T10n.
PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPuwa SERVICES
TO THE CITY OF Hu 7'INGTON BEACH
• official statement;
♦ taxcertificate;
♦ trustagreement (if applicable),
• priorrebate calculations and associated docu-
ments filed with the IRS;
♦ occasionally, portions of other closing docu-
ments cross -referenced by the tax certificate.
Given tha t these other documents are often very
large and that we seldom require the entire
document, itusuallyproves worthwhile to pro-
vide initially only the tax certificate and to allow
us to determine whether other documents, or
portions thereof, are needed;
♦ forvariable rate bonds, documents describing
the terms of any credit facilities (such as the
Letter of Credit and related Reimbursement
Agreement) and a schedule of fees and ex-
penses incurred in connection with obtaining
and maintainingsu ch credit facilities;
with regards to pooled bond proceeds, we typi-
cailyrequire: 6) a rate historyfor thepool, (2)
a brief description ofhowpool earnings are cal-
culated and distributed, and (3) a deposit/
withdrawal schedule (specific as to date and
amount) for each bond issue the proceeds of
which were invested in the commingledpool.
7. ORMU S Levu EXPERTISE
Orrick's Public Finance Tax Group is nationally
recognized for the depth and breadth of its expertise
in tax matters related to public finance. The great
diversity of Orrick's public finance practice (both
geographically and in types of issues) has exposed the
Public Finance Tax Group to almost every legal issue that
has arisen concerning the tax aspects of municipal
bonds.
The Public Finance Tax Group plays an essential role in
BLX's arbitrage rebate compliance practice. Because
compliance with Federal arbitrage regulations (and
general tax law) requires ongoing legal interpretation
of both applicable regulations and relevant bond
documents, the Public Finance Tax Group works closely
with BLX in our arbitrage compliance practice. BLX
applies the regulations on a transaction by transaction
basis. thereby identifying complexities and dealing
with them according to applicable law instead of tryingto
fit circumstances unique to a transaction into a general
methodology.
In our experience, the ability to carefully sort through the
different rules contained in several previous versions of
the regulations and guide the issuer to make proper and
beneficial elections as permitted by these regulations can
reduce rebate liabilities by tens or even hundreds of
thousands of dollars. The rebate areas in which we feel
legal analysis is advantageous, or even required, include:
• availability of transition rule or exception relief
♦ elections into (or out of) certain regulations
♦ treatment ofpooled investments
♦ rebate on refunding and refunded issues
• Transferred proceeds analyses
• variable rateyield computations
• treatment ofyield restricted funds
While firms lacking legal resources may be able to arrive at
a compliant result with regard to the above complexities,
they are unable to reviewa complete universe of allocation
methodologies because they do not have expert tax counsel,
available to BLX through its relationship to Orrick, to give
them guidance as to what constitutes a legally meaningful
interpretation of the relevant arbitrage regulations. Many
firms lack any professional certification, and are thus
unable to give an opinion that holds them accountable to
any prescribed set of professional standards, exposing the
City to additional liabilities forwhich it has limited. if any,
recourse.
Finally, in light of the IRS's recently increased enforce-
ment efforts specifically in the arbitrage rebate area, we
strongly believe that BLX's depth of financial expertise
combined with Orrick's legal expertise provides issuers
with the highest level of comfort available. We are confi-
dent that BLX's direct experience with the IRS and its
audit agents on arbitrage -related matters greatly Burp ass
that of any other firm.
8. ADDITfoNALAvwsoRYSERVICEs
Because of its large pool of administrative and financial
resources, and because of its unique operational approach,
BLXhas available capacity to add new City bond issues to
the proposed engagement should BLX he retained by the
Citv.
! Page 9
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PROPOSAL TO PROVIDE ARBITRAGE REBATE COMPLUNCE SERVICES
{v` B Q N p L D G f S T I X .�:. TO THE CITY OF HUNTINGTON BEACH
IMIIGxT. IMx O+.TIOx, .F TIGRATIOx.
Additional areas in which BLXcan be of assistance are
listed(below). Please see exhibit A for a representa-
tive sample of transactions for which BLX has per-
formed such ancillary advisory services.
♦ arbitrage rebate compliance
♦ complex cashflowmodeling
• continuingdisclosurereporting
• defeasance analyses
♦ economiclife calculations
♦ escrow structuring and restructuring
♦ flowoffundsmonitoringservices
♦ investmentpolicyreview
♦ IRS refund requests
♦ private use analyses
♦ troubled transaction trorkouts
g. FEESCUDULE
When comparing the fees listed below to those of other
firms, the City should keep in mind that BLX does not
attach additional fees for the legal consultation provided
by Orrick's expert tax counsel in the preparation of rebate
analyses. Other firms, lacking this resource might require
billing the City hourly for such resources in the event that
any of the complexities mentioned may arise with regards
to a specific analysis, making their proposed cost appear
artificially low. Onthe otherhand, a firm that forgoes
enlisting the services of expert tax counsel in order to
avoid charging the City for such services runs the very real
risk of causing the City to make unnecessary rebate
payments to the IRS. or causing the City to be out of
compliance with the applicable Treasury regulations.
Please see Pahibit B hereto fora fee estimate, by
individual bond issue.
One Time Fee (per issue engaged)
Engagement Fee $250
(for new issues only, not charged for outstanding
bond issues of the City as of the date of this proposal)
Base Fees (per report)
Report Fee #t.,65o
. (construction/otherproceeds outstanding)
ReportFee $1,250
(reserve fund proceeds and/orproceeds
in a refunding escrow only)
(per report as appropriate)
Yield Restriction Analysis
+$SSoo
Commingled Funds Analysis
+4500
Transferred Proceeds Analysis
4500
Variable Rate Issue
+4500
Periods in Excess of t2 Months
4Soo
(perAdditional year of fraction thereof)
Qptiow Servieea
Annual half -day-
arbitrage rebate training session
No charge
Follow up consultation visits with the City
No charge
Evaluating various elections
Tobenegoriated
and applications
separately
JO. 7RRM50J1E1VGAGfUWT
The City is requesting a proposal to cover three years
plus two optionw one year extensions.
The fees outlined herein will be held firm for the initial
and any subsequent extended contract periods. The fees
listed above will apply to any prospective issues of the City
added to the engagement during the initial and any
extended contract periods.
1. AuENDmc CA=AnoNs
There exists the distinct possibility that the federal
government may amend the rebate regulations in the
future with the result being that prior rebate liabilities
may require recalculation. In the event that this occurs, we
will, at no charge, review prior rebate calculations to
determine if a recalculation is necessary and/or advisable.
After this initial review, we will discuss our findings with
the City and jointly determine the best course of action
and the appropriate fee, if any. To the extent the recalcula-
tionwork constitutes a minor adjustment to ourprior
calculation, we do not expect to charge more than a nominal
fee. Conversely, if the recalculation work is substantial, we
will provide the City with a competitive proposal to
perform such recalculations.
We do not expect fees associated with any recalculation
work to be any greater than our current "calculation" fees
and competitive with the general market for arbitrage
rebate calculation services.
0
1 Page i o
Exhibit A
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BOND LaGISTIXuc
INSIGHT. INNOVATION. INTEGRATION.
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Interim Arbitrage Rebate and
Yield Restriction Analyses
July 6, 2001
ovation
0
$69,085,000
City of Anytown
Limited Obligation Improvement Bonds
(4nytown Assessment District No. 1)
Series Z
Interim Arbitrage Rebate and Yield Restriction Analyses
July 6, 2001
Page
TABLE OF CONTENTS
TAB
0 1 Transmittal Letter
Opinion by Orrick, Herrington & Sutcliffe LLP
3
Notes and Assumptions
4
The Bonds
Schedule A - Summary of Arbitrage Rebate and Yield Restriction Analyses
Schedule B - Sources & Uses of Funds
Schedule C - Annual Debt Service & Production
Schedule D - Semi -Annual Debt Service
Schedule E - Arbitrage Yield Calculation
5
Rebate Computations
Schedule F - Prior Rebate Liability
1. Net Nonpurpose Investments Cash Flow
Schedule G - Acquisition Fund
1. Remaining Balance Analyses
2. Net Nonpurpose Investments Cash Flow
3. Yield Restriction Analysis Cash Flow
4. Commingled Fund Adjustment Analysis
Schedule H - Reserve Account
1. Remaining Balance Analyses
2. Net Nonpurpose Investments Cash Flow
3. Commingled Fund Adjustment Analysis
Schedule I - Escrow Fund
1. Remaining Balance Analyses
2. Net Nonpurpose Investments Cash Flow
3. Yield Restriction Analysis Cash Flow
4. Escrow Valuation
5. Commingled Fund Adjustment Analysis
b
Appendix A - Transferred Proceeds Ratio Analysis
Appendix B - Transferred Proceeds Ratio Analysis
7
Exhibit A - Bond Year Selection
Exhibit B - IRS Form 8038-T
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BOND IDGISTILUc
I%fIGMT. INNOVATIOM. INTLGRATION.
July 6, 2001
The City of Anytown
100 Main Street
Anytown, USA 00000
Re: $69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Rebate and Yield Restriction Liabilities Analyses
Computation Period: March 7, 1996 through March 1.2001
Ladies and Gentlemen:
777 South Figueroa Street, Suite 3200
Los Angeles. CA 90017
Phone 213 612 2200 Fax 213 612 2499
ww w.bond l ogisti x-com
This report (the "Report"), which is being delivered to you pursuant to our engagement letter,
consists of computations and the assumptions on which such computations are based with respect to the
rebate and yield restriction liabilities of The City of Anytown (the "Issuer") in connection with the
above -captioned issue (the "Bonds") for the above -referenced period (the "Interim Computation Period").
The computations herein are based on an analysis of existing laws, regulations, and rulings. The
Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend, or
interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate
and yield restriction liabilities described in the Report may be subject to adjustment under such future
pronouncements.
The scope of our engagement was limited to preparing the Report based on information supplied
to us. In particular, this Report is largely based on information as set forth in the prior arbitrage rebate
report dated March 30, 1998 prepared by PriorConsultant, Inc. (the "Prior Report"), which we have relied
upon without independent confirmation, verification, or investigation of the information set forth therein.
Except as specifically noted herein, we have not recalculated or reconfirmed any calculations,
assumptions, or tax analyses as set forth in such Prior Report, nor have we consulted with the Issuer or
bond counsel or examined source documents or materials with respect to the matters or information set
forth in the Prior Report. As such, the scope of our engagement was limited to making the calculations
of rebate and yield restriction liabilities from the last computation date as set forth in the Prior Report,
September 30, 1997 (the "Prior Computation Date"). Among other matters, we relied upon information
regarding the cumulative rebate liability as set forth in the Prior Report, and the value of nonpurpose
investments as of the Prior Computation Date were relied upon as fact. Consequently, the only
investments treated as being subject to the rebate and yield restriction requirements with respect to the
Bonds were those valued (by treating such investments as nonpurpose receipts) on the Prior Computation
Date as set forth in the Prior Report. Unless specifically addressed herein, no other proceeds or amounts
were treated as gross proceeds of the Bonds by consequence of transferred proceeds or replacement
proceeds since the Prior Computation Date as set forth in the Prior Report.
DALLAS LOS ANGELES NEW YORK SAN FRANCISCO
A
B0NDL061STIX..
The City ofAnytown
July 6, 2001
Page 2
With your permission, we have relied entirely on information provided to us without independent
verification, and we express no opinion as to the completeness, accuracy, or suitability of such
information for purposes of calculating rebate and yield restriction liabilities with respect to the Bonds.
We have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or
any other aspect of the Bond program. We are under no obligation to consider any information obtained
by us pursuant to this engagement for any purpose other than determining such rebate and yield
restriction liabilities. Also, we have no obligation to update this opinion or the Report delivered herewith
because of any events occurring, changes in existing laws, regulations, or rulings or interpretations
thereof, or data or information received, subsequent to the date hereof.
For the Interim Computation Period March 7, 1996 through March 1, 2001:
Allowable Yield on Investments: 5.011622%
Rebate Payment Due: S1,414,646.72
Yield Reduction Payment Due: S290,282.73
Total Payment Due: 51.704.929.45
As set forth on Schedule A hereof, the amount to be paid to the United States on or before
April 30, 2001 (60 days after March 1, 2001, the end of the fifth Bond Year) is equal to S1,704,929.45.
This amount is equal to ninety percent (90%) of the Yield Restriction and Cumulative Rebate Liabilities
(reduced by any applicable computation date credits). This amount must be remitted with completed IRS
Forms 8038-T, partially completed forms of which are attached hereto as Exhibit B. Additionally, 100%
of the Yield Restriction and Cumulative Rebate Liabilities (reduced by any applicable computation date
credits) is required to be rebated to the United States no later than 60 days after September 1, 2001, the
final redemption date of the Bonds.
This Report is not to be used, circulated, quoted, referred to, or relied upon by any other person
without our express written permission.
Very truly yours,
Bond Logistix LLC
0
ORRICK
July 6, 2001
The City of Anytown
100 Main Street
Anytown, USA 00000
Re: $69,085,000
City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Ladies and Gentlemen:
ORRICK, NERRINGTON & SUTCLIFFE Li►
777 SOUTN FIGUEROA STREET
SUIL6.3200
LOS ANGELES, CA 90017.5855
tel 213.629.2020
fax 213-612.2499
WWW.ORRICK.COM
This opinion is being delivered to you pursuant to our engagement letter and accompanies a
0 report (the "Report") consisting of computations and the assumptions on which such computations are
based with respect to the rebate and yield restriction liabilities of the City of Anytown (the "Issuer") in
connection with the above -captioned issue (the 'Bonds") for the above -referenced period (the "Interim
Computation Period").
The opinion expressed herein is based on an analysis of existing laws, regulations, and rulings.
The Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend,
or interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate
and yield restriction liabilities described in the Report and in this opinion may be subject to adjustment
under such future pronouncements.
The scope of our engagement was limited to preparing the Report, based on information supplied
to us by you. In particular, this Report is largely based on information as set forth in the prior arbitrage
rebate report dated March 30, 1998 prepared by PriorConsultant, Inc. (the "Prior Report'), which we
have relied upon without independent confirmation, verification, or investigation of the information set
forth therein. Except as specifically noted herein, we have not recalculated or reconfirmed any
calculations, assumptions, or tax analyses as set forth in such Prior Report, nor have we consulted with
the Issuer or bond counsel or examined source documents or materials with respect to the matters or
information set forth in the Prior Report. As such, the scope of our engagement was limited to making
the calculations of rebate and yield restriction liabilities from the last computation date as set forth in the
Prior Report, September 30, 1997 (the "Prior Computation Date"). Among other matters, we relied upon
information regarding the cumulative rebate liability as set forth in the Prior Report, and the value of
nonpurpose investments as of the Prior Computation Date were relied upon as fact. Consequently, the
only investments treated as being subject to the rebate and yield restriction requirements with respect to
• the Bonds were those valued (by treating such investments as nonpurpose receipts) on the Prior
Computation Date as set forth in the Prior Report. Unless specifically addressed herein, no other
proceeds or amounts were treated as gross proceeds of the Bonds by consequence of transferred proceeds
or replacement proceeds since the Prior Computation Date as set forth in the Prior Report.
40
F
L
U
L
•
El
Ee
ORRICK
The City of Anytown
July 6, 2001
Page 2
With your permission, we have relied entirely on information provided by you without
independent verification, and we express no opinion as to the completeness, accuracy, or suitability of
such information for purposes of calculating rebate and yield restriction liabilities with respect to the
Bonds. We have undertaken no responsibility to audit or review the tax-exempt status of interest on the
Bonds or any other aspect of the Bond program. No opinion is expressed on any matter other than rebate
and yield restriction liabilities to the extent set forth below, and we are under no obligation to consider
any information obtained by us pursuant to this engagement for any purpose other than determining such
rebate and yield restriction liabilities. Also, we have no obligation to update this opinion or the Report
delivered herewith because of any events occurring, changes in existing laws, regulations, or rulings or
interpretations thereof, or data or information received, subsequent to the date hereof.
Based on and subject to the foregoing, in our opinion, the computations shown in the Report are
mathematically accurate, were performed in accordance with applicable federal law and regulations, and
reflect the following:
For the Interim Computation Period March 7, 1996 through March 1, 2001:
Allowable Yield on Investments: 5.011622 %
Rebate Payment Due: $1,414,646.72
Yield Reduction Payment Due: S290,282.73
Total Payment Due: yt 7t1e. 4.9?9 4545
As set forth on Schedule A hereof, the amount to be paid to the United States on or before
April 30, 2001 (60 days after March 1, 2001, the end of the fifth Bond Year) is equal to S1,704,929.45.
This amount is equal to ninety percent (90%) of the Yield Restriction and Cumulative Rebate Liabilities
(reduced by any applicable computation date credits). This amount must be remitted with completed IRS
Forms 8038-T, partially completed forms of which are attached hereto as Exhibit B. Additionally, 100%
of the Yield Restriction and Cumulative Rebate Liabilities (reduced by any applicable computation date
credits) is required to be rebated to the United States no later than 60 days after September 1, 2001, the
final redemption date of the Bonds.
This opinion is not to be used, circulated, quoted, referred to, or relied upon by any other person
without our express written permission.
Very truly yours,
ORRICK, HERRINGTON & SUTCLIFFE LLP
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown AssessmentDistrict Na .1)
Series Z
Interim Arbitrage Rebate and Yield Restriction Analyses
July 6, 2001
Page 3
NOTES AND ASSUMPTIONS
The Dated Date of the Bonds is February 1, 1996.
2. The Issue Date of the Bonds is March 7, 1996.
3. The Interim Computation Period is March 7, 1996 to March 1, 2001.
4. Consistent with Section 13.2.(e) of the Tax Compliance Certificate, the Bonds constitute one
issue for federal taxation purposes and are not treated as part of any other issue of governmental
obligations.
The Issuer elected to treat March 1, 1997 as the end of the first Bond Year with respect to the
Bonds for purposes of determining installment computation dates. Subsequent Bond Years end
on each successive March l until no Bonds remain outstanding (see Exhibit A hereof).
6. Computations of yield are based on a 360-day year and semiannual compounding.
7. For debt service, yield, and investment cash flow purposes, all payments and receipts with
respect to the Bonds and proceeds thereof are accurately set forth in the schedules contained in
Tab Sections 3 and 4 hereof. We are not aware of any hedging arrangement (such as an interest
rate swap) that would affect the yield on the Bonds. For purposes of determining yield on the
Bonds, the issue price is based on the offering prices and yields of the Bonds as set forth in the
Official Statement.
The purchase price of each investment is at fair market value, exclusive of brokerage
commissions, administrative expenses, or similar expenses and is representative of an arm's
length transaction which did not reduce the rebate amount required to be paid to the United
States.
9. The Bonds are not "refunding" bonds. The Bonds are "refunded" bonds, which were advance
refunded by the Issuer's Special Tax Lease Revenue Bonds (Anytown Police Department),
Refunding Series 1999E (the "Refunding Bonds") and, therefore, give rise to transferred
proceeds to the Refunding Bonds pursuant to Treasury Regulations Section 1.148-9(b).
Accordingly, proceeds of the Bonds cease to be treated as proceeds of the Bonds and instead are
treated as proceeds of the Refunding Bonds as proceeds of the Refunding Bonds are used to
discharge principal of the Bonds. The extent to which such transfers occur is set forth on
Appendix B hereof.
10. The only funds and accounts established relating to the Bonds are the Bond (including the
Interest and Principal Accounts therein) and Reserve Accounts, and the Acquisition and Rebate
Funds. In addition, the Escrow Fund established in connection with the Refunding Bonds
contained gross proceeds of the Bonds.
41
$69,085,000
The City ofAnytown
Limited Obligation Improvement Bonds
(Anytown Assessment —District No. 1)
Series Z
Interim Arbitrage Rebate and Yield Restriction Analyses
July 6, 2001
Page 4
11. The Bond Accounts constitute a bona fide debt service fund and are not taken into account in
determining Cumulative Rebate Liability pursuant to Section 148(f)(4)(A)(ii) of the Internal
Revenue Code.
12. Through the Interim Computation Period, the Rebate Fund did not contain gross proceeds of the
Bonds.
13. We have endeavored to distinguish between proceeds of the Bonds subject to the rebate
requirement and other monies which have been commingled in the Reserve Account and the
Acquisition and Escrow Funds. The "uncomntingling" in the Acquisition Fund was based on an
allocation of Bond proceeds to expenditures first. The "uncomminglings" in the Reserve
Account and Escrow Fund were based on a pro -rats allocation of proceeds to investments and
expenditures.
14. The applicable computation date credits were treated as nonpurpose payments in the Prior Rebate
Liability Fund cash flow. See Schedule F hereof.
15. Consistent with Section 11.3 of the Tax Compliance Certificate, we have treated the fee paid for
bond insurance as a payment for a "qualified guarantee" within the meaning of Treasury
Regulations Section 1.148-4(f).
16. The Bonds are eligible for the "18-month exception" under Section 1.I48-7(d)(1)(i) of the
Treasury Regulations if gross proceeds of the Bonds are expended for the governmental purpose
of the issue within eighteen months of the Issue Date. The Issuer has not met the requirements of
the 18-month exception, and therefore, all gross proceeds of the Bonds are subject to the rebate
requirements from the Issue Date.
17, Proceeds of the Bonds invested in the Acquisition Fund beyond the three year temporary period
after the Issue Date may not be invested at a yield that is materially higher than the yield on the
Bonds. The yield on investments allocable to the Bonds that are held beyond the end of such
temporary period may be determined by taking into account yield reduction payments paid to the
United States as provided in Treasury Regulations Section 1.148-5(c). As set forth in Schedule
A hereof, the yield on investments allocated to the proceeds of the Bonds on or after
March 7, 1999 is materially higher than the yield on the Bonds and, accordingly, a yield
reduction payment is required to be made no later than 60 days after March 1, 2001 (the end of
the first installment period).
$69,085,000
The City of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule A - Summary of Arbitrage Rebate and Yield Restriction Analyses
Issue Date: March 7, 1996
Rebate Computation Date: March 1, 2001
Summary of Arbitrage Rebate Analysis
Fund Computation Internal
Reference Fund Current Date Gross Rate of Excess
Number Description Fund Status Valuation Earnings Return Earnings
1 Prior Rebate Liability Inactive NIA NIA N/A $698,353.58
2 Acquisition Fund (#274) Active $7,140,923.83 $8,260,019.76 5.792434% $1,222,479.69
3 Reserve Account (#94622553) Active $16,134,658.30 $998,936.51 4.914706% ($23,034.96)
4 Escrow Fund Active $5,752,343.55 $541,644.27 4.981178% ($3.432.25)
Totals: $29,027,925.69 $9,800.600.54 $1,894,366.06
Summary - Rebate
Arbitrage Yield:
5.011622%
Return on Investments:
5.632586%
Excess %:
0.620963%
Actual Gross Earnings:
9,800,600.54
Allowable Gross Earnings:
7,906,234.49
Excess Earnings:
1,894,366.06
Less Yield Restriction Liability:
322.536.37
Cumulative Rebate Liability:
1,571,829.69
Rebate Payment Due:
$1,414,646.72
Summary of Yield Restriction Analysis
Fund Computation Internal
Reference Fund Current Date Gross Rate of Excess
Number Description Fund Status Valuation Earnings Return Earnings
2 Acquisition Fund (#274) Active $7,140,923.83 $3,388,247.53 5.652444% $326,081.39
4 Escrow Fund Active $5,752,343.55 $541,644.27 4.981178% ($3.545.02)
Totals: $12,893,267.38 $3,929,891,81 $322,536.37
Summary -Yield Restriction
Arbitrage Yield: 3
5.136622%
Return on Investments:
5.550881%
Excess %:
0.414259%
Actual Gross Earnings:
3,929,891.81
Allowable Gross Earnings:
3,607,355.44
Yield Restriction Liability:
322 536.37
Yield Reduction Payment Due.
$290,282.73
' Represents the internal rate of return of the nonpurpose investments held since the Prior Computation Date.
2 See Notes and Assumptions #17.
a Pursuant to Treasury Regulations Section 1.148-2(d), for yield restriction purposes, the Arbitrage Yield is adjusted upwards by 0.00125 for construction proceeds
and 0.00001 for investments in a refunding escrow to account for materially higher investments.
anytown Page 5
Schedule B - Sources & Uses of Funds
Sources of Funds
Par Amount
+ Original Issue Premium
- Original Issue Discount
Net Production
Accrued Interest
Total Sources:
Uses of Funds '
Cost of Issuance
Acquisition Fund
Reserve Account
Bond Accounts
Bond Insurance
Underwriters' Discount
Total Uses:
As set forth in the Prior Report.
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Bond Prior Bond Other
Proceeds Proceeds Sources Totals
69,085,000.00
922,324.30
0.00
70,007,324.30 70,007,324.30
373,779.25 373,779.25
70,381,103.55 LU LN 70,381,103.55
200,000.00
200,000.00
62,472,207.50
62,472,207.50
6,412,792.50
6,412,792.50
373,779.25
373,779.25
183,000.00
183,000.00
739,324.30
739,324.30
jI�]Ed�3 R GI<1F�I���E�I�j
anytown Page 6
2M 70,381,103.55
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. !)
Series Z
Schedule C - Annual Debt Service & Production
Period
Par
Debt
Ending
Coupon
Amount
Yield
Price
Interest
Service
Production
09/01/96
2,180,378.96
2,180,378.96
09/01197
8.000%
2,675,000
3.600%
106.299
3,737,792.50
6,412,792.50
2,843,498.25
09/01/98
8.000%
2,820,000
4.000%
109.365
3,523,792.50
6,343,792.50
3,084,093.00
09/01/99
8.000%
2,975,000
4.100%
112.539
3,298,192.50
6,273,192.50
3,348,035.25
09/01/00
8.000%
3,135.000
4.300%
114.940
3,060,192.50
6,195,192.50
3,603,369.00
09/01/01
4.250%
3,305,000
4.250%
100.000
2,809.392.50
6,114,392.50
3,305,000.00
09/01/02
4.300%
3,480,000
4.350%
99.719
2.668,930.00
6,148,930.00
3,470,221.20
09/01/03
4.400%
3,630.000
4.450%
99.683
2.519,290.00
6,149,290.00
3,618,492.90
09/01/04
4.500%
3,785.000
4.550%
99.650
2,359,570.00
6,144,570.00
3,771,752.50
09/01/05
4.600%
3,955,000
4.700%
99.241
2,189,245.00
6,144,245.00
3,924,981.55
09/01/06
4.800%
4,135,000
4.850%
99.591
2,007,315.00
6.142,315.00
4,118,087.85
09/01/07
5.000%
4,330,000
5.000%
100.000
1,808,835.00
6,138,835.00
4,330,000.00
09101108
5.000%
4,535,000
5.050%
99.540
1,592,335.00
6,127,335.00
4,514,139.00
09/01/09
5.000%
4,755,000
5.100%
99.032
1,365,585.00
6,120,585.00
4,708,971.60
09/01/10
5.100%
4,995,000
5.200%
98.990
1,127,835.00
6,122,835.00
4.944,550.50
09/01111
5.250%
5,250,000
5.300%
99.475
873,090.00
6,123,090.00
5,222,437.50
09/01/12
5.250%
5,520,000
5.350%
98.912
597,465.00
6,117,465.00
5,459,942.40
09/01113
5.300%
5,805,000
5.400%
98.876
307,665.00
6,112,665.00
5,739,751.80
anytown Page 7
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule D - Semi -Annual Debt Service
Principal Debt
Date Coupon Amount Interest Service
09/01/96
2,180,378.96
2,180,378.96
03101/97
1,868,896.25
1,868,896.25
09/01/97
8.000%
2,675,000
1,868,896.25
4,543,896.25
03/01/98
1,761,896.25
1,761,896.25
09/01/98
8.000%
2,820,000
1,761,896.25
4,581,896.25
03/01/99
1,649,096.25
1,649,096.25
09/01/99
8.000%
2,975,000
1,649,096.25
4,624,096.25
03/01/00
1,530,096.25
1,530,096.25
09/01/00
8.000%
3,135,000
1,530,096.25
4,665,096.25
03/01101
1,404,696.25
1,404,696.25
09/01/01
4.250%
3,305,000
1,404,696.25
4,709,696.25
03/01/02
1,334,465.00
1,334,465.00
09/01/02
4.300%
3,480,000
1,334,465.00
4,814,465.00
03/01103
1,259,646.00
1,259,645.00
09/01103
4.400%
3,630,000
1,259,645.00
4,889,645.00
03/01/04
1,179,785.00
1,179,785.00
09/01104
4.500%
3,785,000
1,179,785.00
4,964,785.00
03/01 /05
1,094,622.50
1,094,622.50
09/01105
4.600%
3,955,000
1,094,622.50
5,049,622.50
03101/06
1,003,657.50
1,003,657.50
09101/06
4.800%
4,135,000
1,003,657.50
5,138,657.50
03/01/07
904,417.50
904,417.50
09/01/07
5.000%
4,330,000
904,417.50
5,234,417.50
03/01/08
796,167.50
796,167.50
09/01/08
5.000%
4,535,000
796,167.50
5,331,167.50
03/01/09
682,792.50
682,792.50
09/01/09
5.000%
4,755,000
682,792.50
5,437,792.50
03/01/10
563,917.50
663,917.50
09/01/10
5.100%
4,995,000
563,917.50
5,558,917.50
03/01/11
436,545.00
436,545.00
09/01/11
5.250%
5,250,000
436,545.00
5,686,545.00
03/01/12
298,732.50
298,732.50
09/01/12
5.250%
5,520,000
298,732.50
5,818,732.50
03/01/13
153,832.50
153,832.50
09/01/13
5.300%
5,B05,000
153,832.50
5,968,832.50
69,085,000 38,026,901,46 107,111,901.46
anytown Page 8
Schedule E - Arbitrage Yield Calculation
Total Discount Present
Issue Factor @ Value as of
Date Payments 5.011622% 03/07/96
09/01/96
2,180,378.96
0.97635959
2,128,833.90
03/01/97
1,868,896.25
0.95249194
1,780,108.61
09/01/97
4,543,896.25
0.92920775
4,222,223.60
03/01/98
1,761,896.25
0.90649275
1,597,146.18
09/01/98
4,581,896.25
0.88433304
4,051,922.22
03/01/99
1,649,096.25
0.86271503
1,422,700.11
09/01/99
4,624,096.25
0.84162548
3,891,757.23
03/01/00
1,530,096.25
0.82105148
1,256,287.79
09/01/00
4,665,096.25
0.80098042
3,736,650.77
03/01/01
1,404,696.25
0.78140002
1,097,629.67
09101/01
4,709,696.25
0.76229826
3,590,193.26
03/01/02
1,334,465.00
0.74366346
992,392.86
09/01/02
4,814,465.00
0.72548419
3,492,818.26
03/01/03
1,259,645.00
0.70774933
891,512.91
09101/03
4,889,645.00
0.69044801
3,376,045.66
03/01/04
1,179,785.00
0.67356963
794,667.34
09/01104
4,964,785.00
0.65710384
3.262,379.31
03/01/05
1,094,622.50
0.64104058
701,697.44
09/01/05
5,049,622.50
0.62536999
3,157,882.36
03/01/06
1,003,657.50
0.61008247
612,313.85
09/01/06
5,138,657.50
0.59516867
3,058,367.95
03/01/07
904,417.50
0.58061944
525,122.38
09/01/07
5,234,417.50
0.56642588
2,964,909.54
03/01/08
796,167.50
0.55257929
439,945.67
09/01/08
5.331,167.50
0.53907118
2,873,878.76
03/01/09
682,792.50
0.52589329
359,075.99
09/01/09
5,437,792.50
0.51303754
2,789,791.66
03/01/10
563,917.50
0.50049605
282,238.48
09/01110
5,558,917.50
0.48826115
2,714,203.44
03/01/11
436,545.00
0.47632533
207,937.44
09/01/11
5,686,545.00
0.46468130
2,642,431.11
03/01/12
298,732.50
0.45332191
135,421.99
09/01/12
5,818,732.50
0.44224020
2,573,277.44
03/01/13
153,832.50
0.43142940
66,367.86
09/01/13
5,958,832.50
0.42088287
2,507,970.50
107,111,901,46 70,198,103.55
anytown Page 9
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Issue Price Calculation
+ Par Amount of Issue
69,085.000.00
+ Accrued Interest
373,779.25
+/_ Original Issue Prem/(Disc
922,324.30
issue Price:
70,381,103.55
- Qualified Guarantee
(183,000.00)
Adjusted Issue Price:
70,198.103.55
Present Value Result:
70,198,103.55
Variance:
0.00
[Arbitrage Yield.
5.011622%
$69,085,000
The City ofAnytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule F - Prior Rebate Liability Fund 1
Net Nonpurpose Investments Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow
Muni -Days/
Computation
Date
Rebate Calculations
FV Factor @ FV As Of
5.011622% 03101101
09/01/96
Offset CompDate Cr
1,000.00
1,620
1.24950035
1,249.50
03/01/97
CompDate Credit
(1,000.00)
1,440
121895562
(1,218.96)
09/01/97
Offset CompDate Cr
1,000.00
1,260
1.18915758
1,189.16
09/30/97
Prior Rebate Liab'
592,227.07
1,231
1.18442538
701,448.78
03/01/98
CompDate Credit
(1,000.00)
1,080
1.16008796
(1,160.09)
03/01/99
CompDate Credit
(1,000.00)
720
1.10406323
(1,104.06)
03/01/00
CompDate Credit
(1,000.00)
360
1.05074413
(1,050.74)
03/01/01
CompDate Credit
(1,000.00)
0
1.00000000
(1,000.00)
03/01/01
Balance
0.00
0
1.00000000
0.00
Earnings:
NIA
Excess Earnings:
698,353.58
As set forth in the Prior Report (excluding Reserve Fund liability).
anytown Page 10
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G1 - Acquisition Fund (#274) Fund 2
Remaining Balance Analyses
Summary- Fund 2
Gross Earnings: $8,260,019.76
Internal Rate of Return: 5.792434%
Excess Earnings: $1,222,479.69
Security Par Maturity Settlement Settlement Accreted Accrued Value As Of
Type Amount Coupon Date Date Price Yield Price Interest 377/99
City Pool 52,524,174.97 NIA N/A NIA N/A VAR 100.000 53,937.51 52,578,112.48
Value as of March 7, 1999: 52,578,112.48
Computation
Security Par Maturity Settlement Settlement Accreted Accrued Date
Type Amount Coupon Date Date Price Yield Price Interest Value 1
City Pool 7,089,427.34 NIA N/A N/A N/A VAR 100.000 51,496.49 7,140,923.83
Value as of March 1, 2001: 7,140,923.83
See Schedule G4 - Commingled Fund Adjustment Analysis.
anylown Page 11
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G2 - Acquisition Fund (#274) Fund 2
Net Nonpurpose Investments Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow 1
Muni -Days/
Computation
Date
Rebate Calculations
FV Factor @ FV As Of
5.011622% 03/01/01
IRR Calculations
FV Factor @ FV As Of
5.792434% 03101/01
09/30/97
Balance
(62.232,380.27)
1,231
1.18442538
(73,709,610.94)
1.21562095
(75,650,985.24)
09/30/97
Accrued Interest
(1,523,369.19)
1,231
1.18442538
(1,804,317.14)
1.21562095
(1,851,839.50)
09/30/97
Uninvested Cash
1,523,369.19
1,231
1.18442538
1,804,317.14
1.21562095
1,851,839.50
10/10/97
NPR-w/d
397.50
1,221
1.18279796
470.16
1.21369432
482.44
10/15/97
Invested Cash
(323,904.60)
1,216
1.18198509
(382,850.41)
1.21273215
(392,809.52)
10/15/97
NPR-w/d
397,685.01
1,216
1.18198509
470,057.75
1.21273215
482,285.40
10/16/97
NPR-w/d
139,935.15
1.215
1.18182259
165,378.52
1.21253981
169,676.94
10/21/97
NPR-w/d
1,480.86
1,210
1.18101038
1,748.91
1.21157856
1,794.18
10127/97
NPR-w/d
451,993.00
1,204
1.18003648
533,368.23
1.21042606
547,104.11
10/28/97
NPR-w/d
668.45
1,203
1.17987424
788.69
1.21023408
808.98
10/30/97
NPR-w/d
249.80
1.201
1.17954983
294.65
1.20985022
302.22
10/31/97
Uninvested Cash
313,027.26
1,201
1.17954983
369,231.25
1.20985022
378,716.10
11/04/97
NPR-w/d
38,145.33
1,197
1.17890127
44,969.58
1.20908286
46.120.86
11/06/97
NPR-w/d
4,321.43
1,195
1.17857713
5,093.14
1.20869937
5,223,31
11/06/97
NPR-w/d
82.35
1,195
1.17857713
97.06
1.20869937
99.54
11/06/97
NPR-w/d
38,591.20
1,195
1.17857713
45,482.71
1.20869937
46.645.16
11/06/97
NPR-w/d
11,068.89
1,195
1.17857713
13,045.54
1.20869937
13,378.96
11106/97
NPR-w/d
62,317.60
1,195
1.17857713
73,446.10
1.20869937
75,323.24
11/06/97
NPR-w/d
14,326.82
1,195
1.17857713
16,885.26
1.20869937
17,316.82
11107/97
NPR-w/d
508,801.05
1,194
1.17841509
599,578.84
1.20850766
614,889.97
11114/97
NPR-w/d
77,044.95
1,187
1.17728144
90,703.59
1.20716660
93,006.09
11114/97
Invested Cash
(316,385.25)
1,187
1.17728144
(372,474.48)
1.20716660
(381,929.71)
11/30/97
Uninvested Cash
299,185.18
1,171
1.17469434
351,451.14
1.20410689
360,250.94
12/02/97
NPR-w/d
38,693.60
1,169
1.17437136
45,440.66
1.20372497
46,576.45
12/02/97
NPR-w/d
11,096.02
1,169
1.17437136
13,030.85
1.20372497
13,356.56
12/02/97
NPR-w/d
62,317.60
1,169
1.17437136
73,184.00
1.20372497
75,013.25
12/02/97
NPR-w/d
14,326.82
1,169
1.17437136
16,825.01
1.20372497
17,245.55
12/02/97
NPR-w/d
300,826.45
1169
1.17437136
353.281.97
1.20372497
362,112.31
12/04/97
NPR-w/d
292,507.93
1,167
1.17404846
343,418.48
1.20334317
351,987.42
12/15/97
Invested Cash
(299,505.77)
1,156
1.17227410
(351,102.86)
1.20124545
(359,779.94)
12/16/97
NPR-w/d
4,363.79
1,155
1.17211293
5,114.85
1.20105493
5,241.15
12/16/97
NPR-w/d
83.16
1,155
1.17211293
97.47
1.20105493
99.88
12/19/97
NPR-w/d
68,648.50
1,152
1.17162955
80,430.61
1.20048355
82,411.40
12/30/97
NPR-w/d
11,096.02
1,141
1.16985885
12,980.78
1.19839082
13,297.37
12/30/97
NPR-w/d
42,204.25
1,141
1.16985885
49,373.02
1.19839082
50,577.19
12130/97
NPR-w/d
61,709.20
1,141
1.16985885
72,191.05
1.19839082
73,951.74
12/30/97
NPR-w/d
14,185.08
1,141
1.16985885
16,594.54
1.19839082
16,999.27
12/31/97
NPR-w/d
291,322.29
1,141
1.16985885
340,805.96
1.19839082
349,117.96
12/31/97
Uninvested Cash
300,738.20
1,141
1.16985885
351,821.24
1.19839082
360,401.90
01/15/98
Invested Cash
(331,258.70)
1,126
1.16744857
(386,727.49)
1.19554296
(396,034.01)
01/16/98
NPR-w/d
6.990.00
1,125
1.16728806
8,159.34
1.19535335
8,355.52
01/23/98
NPR-w/d
69,351.00
1,118
1.16616511
80,874.72
1.19402688
82.806.96
01/27/98
NPR-w/d
85,939.00
1,114
1.16552392
100,163.96
1.19326956
102,548.39
01/28198
NPR-w/d
11,240.63
1,113
1.16536367
13,099.42
1.19308030
13,410.97
01/28/98
NPR-w/d
120,000.00
1.113
1.16536367
139,843.64
1.19308030
143,169.64
01/31/98
Uninvested Cash
300,475.00
1,111
1.16504325
350,066.37
1.19270188
358,377.10
02/05/98
NPR-w/d
67,139.60
1,106
1.16424258
78,166.78
1.19175635
80,014.04
02/05/98
NPR-w/d
19,118.80
1,106
1.16424258
22,258.92
1.19175635
22,784.95
02/05/98
NPR-w/d
93,718.80
1,106
1.16424258
109,111.42
1.19175635
111,689.98
02/05/98
NPR-w/d
21,545.94
1,106
1.16424258
25,084.70
1.19175635
25,677.51
02/06198
NPR-w/d
9,800.00
1,105
1.16408251
11,408.01
1.19156734
11,677.36
02/08/98
NPR-w/d
302.16
1,103
1.16376244
351.64
1,19118940
359.93
02/11/98
NPR-w/d
2,978.00
1,100
1.16328251
3,464.26
1.19062271
3,545.67
02/13/98
Invested Cash
(292,379.27)
1,098
1.16296266
(340,026.17)
1.19024507
(348,002.98)
02/17198
NPR-w/d
48,600.86
1.094
1.16232322
56,489.91
1.18949015
57,810.24
02/20/98
NPR-w/d
400.00
1,091
1.16184387
464.74
1.18892427
475.57
02120/98
NPR-w/d
69,606.00
1.091
1.16184387
80,755.12
1.18892427
82,637.37
02/24/98
NPR-w/d
8,657.61
1,087
1.16120505
10,053.26
1.18817018
10,286.71
02/24/98
NPR-w/d
164.98
1,087
1.16120505
191.58
1.18817018
196.02
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 12
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G2 - Acquisition Fund (#274) Fund 2I
Net Nonpurpose Investments Cash Flow
Net I Rebate Calculations IRR Calculations
Nonpurpose Muni -Days/
Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of
Date Description Cash Flow' Date 5.011622% 03101101 5.792434% 03/01/01
02/24/98
NPR-w/d
315,052.35
1,087
1.16120505
365,840.38
1.18817018
374,335.81
02/26/98
NPR-w/d
11,240.63
1,085
1.16088578
13,049.09
1.18779332
13,351.55
02/28/98
Uninvested Cash
272,259.50
1,081
1.16024748
315,888.40
1.18703995
323,182.91
03/05/98
NPR-w1d
16,326.64
1,076
1.15945011
18,929.92
1.18609891
19,365.01
03/05/98
NPR-w/d
62,919.20
1,076
1.15945011
72,951.67
1.18609891
74.628.39
03105/98
NPR-w1d
14,465.22
1,076
1.15945011
16,771.70
1.18609891
17,157.18
03111/98
NPR-w/d
1.065.21
1,070
1.15849398
1,234.04
1.18497065
1,262.24
03112/98
NPR-w/d
686.31
1,069
1.15833471
794.98
1.18478271
813.13
03/13/98
Invested Cash
(325,553.21)
1,068
1.15817545
(377,047.74)
1.18459480
(385,648.64)
03/17/98
NPR-w/d
4,299.35
1,064
1.15753865
4,976.66
1.18384346
5,089.76
03/23/98
NPR-w/d
57,384.32
1,058
1.15658410
66,369.79
1.18271735
67,869A3
03/24/98
NPR-w/d
18,081.93
1,057
1.15642508
20,910.40
1.18252977
21,382.42
03/24/98
NPR-w/d
813.33
1,057
1.15642508
940.56
1.18252977
961.79
03/24/9B
NPR-w/d
447.82
1,057
1.15642508
517.87
1A8252977
529.56
03/27/98
NPR-wld
11,240.63
1,054
1.15594817
12,993.59
1.18196720
13,286.06
03/30198
NPR-w/d
138.47
1,051
1.15547145
160.00
1.18140490
163.59
03/31/98
NPR-w/d
352.64
1,051
1.15547145
407.47
1.18140490
416.61
03/31198
Uninvested Cash
292,229.45
1,051
1.15547145
337,662.79
1.18140490
345,241.31
04/01/98
NPR-w/d
48,063.41
1,050
1.15531259
55,528.26
1.18121753
56,773.34
04/01/98
NPR-w/d
11,175.42
1,050
1.15531259
12,911.10
1.18121753
13.200.60
04/01/98
NPR-w/d
63,656.80
1,050
1.15531259
73,543.50
1.18121753
75,192.53
04/01/98
NPR-wld
14,634.92
1,050
1.15531259
16,907.91
1.18121753
17,287.02
04/02/9B
NPR-w/d
427,946.00
1,049
1.15515375
494,343.43
1.18103018
505,417.14
04107/98
NPR-w1d
5,418.05
1,044
1.15435988
6,254.38
1.18009391
6,393.81
04/07198
NPR-wld
1,582.91
1,044
1.15435988
1,827.25
1.18009391
1,867.98
04/14/98
NPR-w/d
104,401.00
1,037
1.15324937
120,400.39
1.17878437
123,066.27
0411519E
Invested Cash
(312,509.46)
1,036
1.15309081
(360,351.79)
1.17859741
(368,322.85)
04/17/98
NPR-w/d
2,712.00
1,034
1.15277377
3,126.32
1.17822359
3,195.34
04/29/98
NPR-w1d
11,240.63
1,022
1.15087331
12,936.54
1.17598311
13,218.79
04/30/98
NPR-w/d
291.57
1,021
1.15071508
335.51
1.17579660
342.83
04/30/98
NPR-w1d
15,300.36
1,021
1.15071508
17,606.36
1.17579660
17,990.11
04/30/98
NPR-w/d
43,968.00
1,021
1.15071508
50,594.64
1.17579660
51,697.42
04/30/98
NPR-w/d
11,828.41
1,021
1.15071508
13,611.13
1.17579660
13,907.80
04/30/98
NPR-w/d
63,656.80
1,021
1.15071508
73,250.84
1.17579660
74,847.45
04/30/98
NPR-w/d
14,634.72
1,021
1.15071508
16,840.39
1.17579660
17,207.45
04/30/98
NPR-w/d
71,036.00
1,021
1.15071508
81,742.20
1.17579660
83,523.89
04130/98
Uninvested Cash
334,916.11
1,021
1.15071508
385,393.02
1.17579660
393,793.23
05/05/98
NPR-w/d
3,911.94
1,016
1.14992426
4,498.43
1.17486447
4,596.00
05/15/98
Invested Cash
(312,022.26)
1,006
1.14834424
(358,308.96)
1.17300244
(366,002.87)
05/20/98
NPR-w/d
66,724.00
1,001
1.14755505
76,569.46
1,17207253
78,205.37
05/27/98
NPR-w/d
18,966.37
994
1.14645109
21.744.02
1.17077190
22,205.29
05128/98
NPR-w/d
10,425.57
993
1.14629347
11,950.76
1.17058621
12,204.03
05128/98
NPR-w/d
198.68
993
1.14629347
227.75
1.17058621
232.57
05/28/98
NPR-w/d
2,656.00
993
1.14629347
3,044.56
1.17058621
3,109.08
05131/98
Uninvested Cash
289,681.29
991
1.14597829
331,968.47
1.17021492
338,989.37
06/01/98
NPR-w/d
55,055.40
990
1.14582074
63,083.62
1.17002932
64,416A3
06103/98
NPR-w/d
1,440.00
988
1.14550569
1,649.53
1.16965821
1,684.31
06106/98
NPR-w/d
280,349.00
983
1.14471844
320,920.67
1.16873095
327,652.55
06/12/98
NPR-w/d
44,055.20
979
1.14408904
50,403.07
1.16798968
51,456.02
06/12/98
NPR-w/d
11,851.52
979
1.14408904
13,559.19
1.16798968
13,842.45
06/12/98
NPR-w/d
60,197.20
979
1.14408904
68,870.96
1.16798968
70,309.71
06/12/98
NPR-w/d
13,839.33
979
1.14408904
15,833.43
1.16798968
16,164.19
06/15/98
NPR-w/d
405.00
976
1.14361721
463.16
1.16743403
472.81
06/17/98
NPR-w/d
169.01
974
1.14330277
193.23
1.16706374
197.25
06/23198
Invested Cash
(191,947.29)
968
1.14235996
(219,272.90)
1.16595359
(223,801.63)
06123198
NPR-w/d
113,159.38
968
1.14235996
129,268.74
1.16595359
131,938.59
0612519E
NPR-w/d
63,978.40
966
1.14204586
73,066.27
1.16558377
74,572.18
06125/98
NPR-w/d
14,708.64
966
1.14204586
16,797.94
1.16558377
17,144.15
06/25/98
NPR-w/d
44,055.20
966
1.14204586
50,313.06
1.16558377
51,350.03
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 13
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule G2 - Acquisition Fund (#274) Fund 21
Net Nonpurpose Investments Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow t
Muni -Days/
Computation
Date
Rebate Calculations
FV Factor @ FV As Of
5.011622% 03/01/01
IRR Calculations
FV Factor @ FV As Of
5.792434% 03/01/01
06125/98
NPR-w/d
11,851.52
966
1.14204586
13,534.98
1.16558377
13,813.94
06/30/98
Reimb
(54,716.00)
961
1.14126100
(62,445.24)
1.16465974
(63,725.52)
06/30/98
Uninvested Cash
280,816.98
961
1.14126100
320,485.47
1.16465974
327,056.23
07/09/98
NPR-w/d
4,148.04
952
1.13984960
4,728.14
1.16299834
4,824.16
07/09/98
NPR-w/d
5,148.00
952
1.13984960
5.867.95
1.16299834
5,987.12
07/09/98
NPR-w/d
1,421.00
952
1.13984960
1,619.73
1.16299834
1.652.62
07113/98
NPR-w/d
7,085.00
948
1.13922288
8,071.39
1.16226069
8,234.62
07/15/98
Invested Cash
(434,151.18)
946
1.13890964
(494,458.97)
1.16189205
(504,436.81)
07/22/98
NPR-w/d
66,843.00
939
1.13781400
76,054.90
1.16060271
77,578.17
07/23/98
NPR-w/d
15,419.32
938
1.13765756
17,541.91
1.16041864
17,892.87
07/23/98
NPR-w/d
22,392.44
938
1.13765756
25,474.93
1.16041864
25,984.60
07/24/98
NPR-w/d
854,173.00
937
1.13750115
971,622.77
1.16023459
991,041.06
07/27/98
NPR-w/d
2,205.00
934
1.13703204
2,507.16
1.15968263
2,557.10
07/28198
NPR-w/d
11,240.63
933
1.13687572
12,779.20
1.15949870
13,033.50
07/29/98
NPR-w/d
245,582.14
932
1.13671941
279,157.99
1.15931480
284,707.01
07/30198
NPR-w/d
214.24
931
1.13656313
243.50
1.15913093
248.33
07/30198
NPR-w/d
11,242.55
931
1.13656313
12,777.87
1.15913093
13,031.59
07/31198
Uninvested Cash
287,142.95
931
1.13656313
326,356.09
1.15913093
332,836.27
08/03/98
NPR-w/d
325.19
928
1.13609440
369.45
1.15857950
376.76
08/04/98
NPR-w/d
6,292.83
927
1.13593821
7,148.27
1,15839574
7,289.59
08/13/98
NPR-w1d
18,900.00
918
1.13453339
21,442.68
1.15674327
21,862.45
08/14198
NPR-w/d
2,682.50
917
1.13437741
3,042.97
1.15655981
3,102.47
08/15/98
Invested Cash
(381.985.12)
916
1.13422145
(433,255.72)
1.15637638
(441,718.57)
08/17/98
NPR-w1d
5,898.59
914
1.13390959
6,688.47
1.15600960
6,818.83
08/20/98
NPR-w/d
49,918.63
911
1.13344196
56,579.87
1.15545965
57,678.96
08/21/98
NPR-wld
961.81
910
1.13328613
1,090.01
1.15527639
1,111.16
08/27198
NPR-w/d
11,240.63
904
1.13235158
12,728.35
1.15417745
12,973.68
08/28198
NPR-w/d
10,057.06
903
1.13219589
11,386.56
1.15399439
11,605.79
08/31/98
Uninvested Cash
283,089.95
901
1.13188459
320,425.16
1.15362837
326,580.60
09/01/98
NPR-w/d
265.87
900
1.13172897
300.89
1.15344540
306.67
09/02/98
NPR-w/d
714,511.00
899
1.13157337
808,521.62
1.15326246
824,018.72
09/09/98
NPR-w/d
142.578.00
892
1.13048479
161,182.26
1.15198270
164,247.39
09/09/98
NPR-w/d
32,778.63
892
1.13048479
37,055.74
1.15198270
37,760.41
09/09198
NPR-w/d
105,509.90
892
1.13048479
119,277.34
1.15198270
121,545.58
09/09/98
NPR-w/d
27,543.11
892
1.13048479
31,137.07
1.15198270
31,729.19
09/15/98
NPR-w/d
49,072.15
886
1.12955255
55.429.57
1.15088689
56,476.49
09/15198
Invested Cash
(308,167.30)
886
1.12955255
(348,091.15)
1.15088689
(354,665.70)
09/21/98
NPR-w1d
14.40
880
1.12862108
16.25
1.14979213
16.56
09/22/98
NPR-w/d
10,924.61
879
1.12846591
12,328.05
1.14960977
12,559.04
09/23/98
NPR-w/d
210,775.50
878
1.12831076
237,820.26
1.14942743
242,271.14
09/24/98
NPR-w/d
23,807.10
877
1.12815563
26.858.11
1.14924513
27,360.19
09/28198
NPR-w/d
44,123.42
873
1.12753533
49,750.72
1.14851621
50.676.46
09/29/98
NPR-w/d
66,662.48
872
1.12738031
75,153.97
1.14833406
76,550.80
09/29/98
NPR-w1d
45,401.76
872
1.12738031
51,185.05
1.14833406
52,136.39
09/29/98
NPR-w/d
4,423.83
872
1.12738031
4,987.34
1.14833406
5,080.03
09/29/98
NPR-wld
6,514.44
872
1.12738031
7,344.25
1.14833406
7,480.75
09/30/98
Uninvested Cash
272,537.46
871
1.12722531
307.211.12
1.14815193
312.914.41
10/14/98
NPR-w/d
4,831.00
857
1.12505756
5,435.15
1.14560516
5,534.42
10115/98
Invested Cash
(251,536.62)
856
1.12490287
(282,954.15)
1.14542346
(288,115.83)
10115/98
NPR-w/d
174,202.39
856
1.12490287
195,960.77
1.14542346
199,535.50
10/19198
NPR-w/d
57,803.00
852
1,12428436
64,987.01
1.14469697
66,166.92
10/20/98
NPR-w/d
2,002.29
851
1.12412979
2,250.83
1.14451542
2.291.65
10/20/98
NPR-w/d
105,07126
851
1.12412979
118,113.73
1.14451542
120,255.68
10/20/98
NPR-w/d
50.00
851
1.12412979
56.21
1.14451542
57.23
10/23198
NPR-w/d
17,072.37
848
1.12366619
19,183.65
1.14397094
19,530.30
10/26198
NPR-w/d
24.08
845
1.12320279
27.05
1.14342671
27.53
10/27/98
NPR-w/d
11.240.63
$44
1.12304837
12,623.77
1.14324536
12,850.80
10/28/98
NPR-w/d
47,050.24
843
1.12289396
52,832.43
1.14306404
53,781.44
10/28/98
NPR-w/d
10,045.20
843
1.12289396
11,279.69
1.14306404
11,482.31
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 14
$69,085,000
The City of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G2 - Acquisition Fund (#274) Fund ?
Net Nonpurpose Investments Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow'
Muni -Days/
Computation
Date
Rebate Calculations
FV Factor @ FV As Of
5.011622% 03/01/01
IRR Calculations
FV Factor @ FV As Of
5.792434% 03101/01
10128/98
NPR-w1d
67.118.40
843
1.12289396
75,366.85
1.14306404
76,720.63
10128/98
NPR-w/d
12,593.54
843
1.12289396
14,141.21
1.14306404
14.395.22
10/29/98
NPR-w/d
3,834.12
842
1.12273958
4,304.72
1.14288275
4,381.95
10/29/98
NPR-w/d
73.06
842
1.12273958
82.03
1.14288275
83.50
10/31/98
Uninvested Cash
287,612.10
841
1.12258522
322,869.09
1.14270148
328,654.77
11104/98
NPR-w/d
725.95
837
1.12196798
814A9
1.14197672
829.02
11105/98
NPR-w/d
137,217.00
836
1.12181373
153,931.91
1.14179560
156,673.77
11106/98
NPR-w/d
507.53
835
1.12165949
569.28
1.14161450
579.40
11109/98
NPR-w/d
168.65
832
1.12119692
189.09
1.14107140
192.44
11/10/98
NPR-w/d
11.50
831
1.12104277
:2.89
1.14089043
13.12
11110/98
NPR-w/d
603.64
831
1.12104277
676.71
1.14089043
688.69
11110/98
NPR-w/d
93.80
831
1.12104277
105.15
1.14089043
107.02
11/12/98
NPR-w/d
13,920.00
829
1.12073453
15,600.62
1.14052856
15,876.16
11/13/98
NPR-w/d
6,037.53
828
1.12058044
6,765.54
1.14034767
6.884.88
11/16/98
Invested Cash
(242,754.28)
825
1.12011831
(271,913.52)
1.13980517
(276,692.59)
11/18/98
NPR-w/d
61,211.32
823
1.11981033
68,545.07
1.13944364
69,746.85
11/23/98
NPR-w/d
107,504.00
818
1.11904075
120,301.36
1.13854034
122,397.64
11/24/98
NPR-w/d
20.82
817
1.11888689
23.30
1.13835976
23.70
11125/98
NPR-w/d
49,469.50
816
1.11873306
55,343.17
1.13817922
56,305.16
11/25/98
NPR-w/d
10.045.20
816
1.11873306
11,237.90
1.13817922
11,433.24
11/25/98
NPR-w1d
67,261.60
816
1.11873306
75,247.78
1.13817922
76,555.76
11/25/98
NPR-w/d
12,620.82
816
1.11873306
14,119.33
1.13817922
14,364.76
11/25198
NPR-w/d
11,801.14
816
1.11873306
13,202.33
1.13817922
13,431.81
11/25198
NPR-w/d
224.89
816
1.11873306
251.59
1.13817922
255.97
11/25/98
NPR-w/d
5,942.00
816
1.11B73306
6,647.51
1.13817922
6,763.06
11/30198
NPR-w/d
12,189.66
811
1.11796422
13,627.60
1.13727691
13,863.02
11/30/98
Uninvested Cash
263,940.34
811
1.11796422
295,075.86
1.13727691
300,173.26
12/01/98
NPR-w/d
9,272.21
810
1.11781051
10,364.57
1.13709654
10,543.40
12102/98
NPR-w/d
6,123.60
809
1.11765683
6,844.08
1.13691619
6,962.02
12103/98
NPR-w/d
1,791,337.11
808
1.11750317
2,001,824.89
1.13673588
2,036,277.16
12107/98
NPR-w/d
2,314.55
8D4
1.11688873
2,585.09
1.13601489
2.629.36
12/07/98
NPR-w/d
44.11
804
1.11688873
49.27
1.13601489
50.11
12/07/98
NPR-w/d
993.74
804
1.11688873
1,109.90
1.13601489
1,128.90
12/08/98
NPR-w/d
96,638.26
803
1.11673517
107,919.34
1,13583472
109,765.09
12/10198
NPR-w/d
71.01
801
1.11642812
79.28
1.13547445
80.63
12/11/98
NPR-w/d
3,073.82
BOD
1.11627462
3,431.23
1.13529436
3,489.69
12/15/98
NPR-w/d
599,381.44
796
1.11566086
668,706.41
1.13457429
680,042.77
12/15198
Invested Cash
(266,782.82)
796
1.11566086
(297,639.15)
1.13457429
(302,684.92)
12/16198
NPR-w/d
7,013.13
795
1.11550747
7,823.20
1.13439435
7,955.66
12/16198
NPR-w/d
11,244.81
795
1.11550747
12,543.67
1.13439435
12,756.05
12/16198
NPR-w1d
347.93
795
1.11550747
3B8.12
1.13439435
394.69
12/16198
NPR-w1d
3,271.93
795
1.11550747
3,649.86
1.13439435
3,711.66
12/17/98
NPR-w/d
9,526.08
794
1.11535410
10,624.95
1.13421443
10,804.62
12121198
NPR-w/d
1,212.73
790
1.11474084
1,351.88
1.13349504
1,374.62
12/22/98
NPR-w/d
47,227.84
789
1.11458758
52,639.56
1.13331527
53,524.03
12/22/98
NPR-w/d
10,083.12
789
1.11458758
11,238.52
1.13331527
11,427.35
12/22/98
NPR-w/d
67,404.80
789
1.11458758
75,128.55
1.13331527
76,390.89
12/22/98
NPR-w/d
12,648.10
789
1.11458758
14,097.42
1.13331527
14,334.28
12/22/98
NPR-w/d
386,539.58
789
1.11458758
430,83222
1.13331527
438,071.21
12/23/98
NPR-w/d
5,628.28
788
1.11443434
6,272.35
1.13313552
6,377.60
12/28/98
NPR-w/d
8,364.07
783
1.11366845
9,314.80
1.13223722
9,470.11
12/30/98
NPR-w/d
156.75
781
1.11336224
174.52
1.13187810
177.42
12/31/98
Uninvested Cash
260,292.53
781
1.11336224
289,799.87
1.13187810
294,619.41
01/06199
NPR-w/d
11,240.63
775
1.11244413
12,504.57
1.13080141
12.710.92
01/07199
NPR-w/d
59,439.24
774
1.11229118
66,113.74
1.13062206
67,203.32
01/12199
NPR-w/d
965,339.60
769
1.11152676
1,073,000.80
1.12972575
1,090,569.00
01/13/99
NPR-w/d
50,996.25
768
1.11137394
56,675.90
1.12954657
57,602.64
01114/99
NPR-w/d
6,483.57
767
1.11122114
7,204.68
1.12936742
7,322.33
01115/99
NPR-w/d
45,778.22
766
1.11106837
50,862.73
1.12918830
51,692.23
'See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 15
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule G2 - Acquisition Fund (#274) Fund 21
Net Nonpuraose Investments Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow t
Muni -Days/
Computation
Date
Rebate Calculations
FV Factor @ FV As Of
5.011622% 03/01/01
IRR Calculations
FV Factor @ FV As Of
5.792434% 03101/01
01/20/99
NPR-w/d
98.66
761
1.11030479
109.54
1.12829313
111.32
01/20/99
Invested Cash
(255,934.86)
761
1.11030479
(284,165.71)
1.12829313
(288,769.55)
01121/99
NPR-w/d
73,389.86
760
1.11015214
81,473.91
1.12811418
82,792.14
01/22/99
NPR-w/d
1,506.29
759
1.10999951
1,671.98
1.12793526
1,699.00
01/25/99
NPR-w/d
525.50
756
1.10954174
583.06
1.12739866
592.45
01/27/99
NPR-w/d
2,370.68
754
1.10923667
2,629.65
1.12704107
2.671.85
01128/99
NPR-w/d
28,363.34
753
1.10908416
31,457.33
1.12686232
31,961.58
01/31/99
Uninvested Cash
253,049.85
751
1.10877921
2B0,576.41
1.12650491
285,061.90
02/02/99
NPR-w/d
1,224.68
749
1.10847435
1,357.53
1.12614760
1,379.17
02/03/99
NPR-w/d
1,220.2)
748
1.10832195
1,352.37
1.12596899
1,373.91
02104/99
NPR-w/d
149,618.45
747
1.10816957
165.802.61
1.12579041
168,439.02
02/05/99
NPR-w/d
85,409.31
746
1.10801721
94,634.99
1.12561186
96,137.73
02/11/99
NPR-w/d
72,565.92
740
1.10710350
80,337.98
1.12454113
81,603.36
02/11/99
NPR-wld
15,492.84
740
1.10710350
17,152.18
1.12454113
17,422.34
02111/99
NPR-w/d
104,239.20
740
1.10710350
115,403.58
1.12454113
117,221.27
02/11/99
NPR-w/d
19,558.20
740
1.10710350
21,652.95
1.12454113
21,994.00
02/11/99
NPR-w/d
3,285.85
740
1.10710350
3,637.78
1.12454113
3,695.07
02/12/99
NPR-w/d
10,754.40
739
1.10695129
11,904.60
1.12436278
12,091.85
02/16/99
NPR-w/d
31,247.45
735
1.10634265
34,570.39
1.12364964
35,111.19
02/16/99
Invested Cash
(248,056.66)
735
1.10634265
(274,435.66)
1.12364964
(278,728.77)
02117/99
NPR-w/d
709.65
734
1.10619054
785.01
1.12347143
797.27
02118/99
NPR-w/d
4,965.02
733
1.10603845
5,491.50
1.12329324
5,577.17
02/19/99
NPR-w/d
294,399.01
732
1.10588639
325,571.86
1.12311509
330,643.97
02/19/99
NPR-w/d
28.89
732
1.10588639
31.95
1.12311509
32.45
02/22/99
NPR-w/d
619.24
729
1.10543032
684.53
1.12258078
695.15
02/25/99
NPR-w/d
840.00
726
1.10497443
928.18
1.12204674
942.52
02/28/99
Uninvested Cash
226,840.56
721
1.10421505
250,480.75
1.12115722
254,323.93
03/02/99
NPR-w/d
40A67.80
719
1.10391144
44,672.87
1.12080161
45,356.38
03/04/99
NPR-w/d
6,606.54
717
1.10360791
7,291.03
1.12044612
7,402.27
03/05/99
NPR-w/d
164.54
716
1.10345618
181.56
1.12026841
184.33
03/09/99
NPR-w/d
26,998.67
712
1.10284946
29,775.47
1.11955787
30,226.57
03/10/99
NPR-w/d
1,027,195.36
711
1.10269784
1,132,686.10
1.11938031
1,149,822.26
03/12/99
NPR-w/d
444.17
709
1.10239465
489.65
1.11902526
497.04
03/15/99
Invested Cash
(248,786.23)
706
1.10194001
(274,147.50)
1.11849291
(278,265.63)
03/16/99
NPR-w/d
510.04
705
1.10178851
561.96
1.11831551
570.39
03117/99
NPR-w/d
9,666.73
704
1.10163703
10,649.23
1.11813815
10,808.74
03117/99
NPR-w/d
184.21
704
1.10163703
202.93
1.11813815
205.97
03117/99
NPR-w/d
87,728.24
704
1.10163703
96,644.68
1.11813815
98,092.29
03/17/99
NPR-w/d
1,671.79
704
1.10163703
1,841.71
1.11813815
1,869.29
03118/99
NPR-w/d
69,748.80
703
1.10148557
76,827.30
1.11796081
77,976.42
03118/99
NPR-w/d
13,087.60
703
1.10148557
14,415.80
1.11796081
14,631A2
03118/99
NPR-w/d
45,019.68
703
1.10148557
49,588.53
1.11796081
50,330.24
03/18/99
NPR-w1d
9,611.71
703
1.10148557
10,587.16
1.11796081
10,745.52
03120/99
NPR-w/d
62.25
701
1.10118271
68.55
1.11760621
69.57
03/23/99
NPR-w/d
2,681.11
698
1.10072858
2,951.17
1.11707453
2,995.00
03/29/99
NPR-w/d
267.307.33
692
1.09982088
293,990.18
1.11601193
298,318.17
03/31/99
Uninvested Cash
235,809.23
691
1.09966967
259,312.26
1.11583493
263,124.17
04/02/99
NPR-w/d
14,842.70
689
1.09936731
16,317.58
1.11548101
16,556.75
04/05/99
NPR-w/d
452.24
686
1.09891393
496.97
1.11495034
504.23
04/07/99
NPR-w/d
542,404.86
684
1.09861178
595,892.37
1.11459670
604,562.67
04/09199
NPR-w/d
63,198.78
682
1.09830971
69,411.83
1.11424317
70,418.81
04/12/99
NPR-w/d
4,692.95
679
1.09785676
5,152.19
1.11371309
5,226.60
04/12/99
NPR-w/d
89.43
679
1.09785676
98.18
1.11371309
99.60
04/13199
NPR-wid
11,079.13
678
1.09770582
12,161.63
1.11353645
12,337.02
04/14199
NPR-w/d
64,550.41
677
1.09755490
70,847.62
1.11335984
71,867.83
04/15199
NPR-w/d
294,864.62
676
1.09740400
323,586.61
1.11318326
328,238.36
04/15/99
Invested Cash
(255,276.23)
676
1.09740400
(280,141.15)
1.11318326
(284,169.22)
04/19/99
NPR-w/d
1,871.64
672
1.09680061
2,052.82
1.11247721
2,082.16
04/21/99
NPR-w/d
2,676.43
670
1.09649904
2,934.70
1.11212436
2,976.52
'See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 16
E
$69,085,000
The City of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. ?)
Series Z
Schedule G2 - Acqulsition Fund (#274) Fund 2
Net Nonpurpose Investments Cash Flow
Net
Rebate Calculations
IRR Calculations
Nonpurpose
Muni -Days/
investments
Computation
FV Factor a
FV As O1
FV Factor C
FV As Of
Data
Description
Cash Flow 1
Data
5.011622%
03101/01
5.7924U%
03101/01
04122199
NPR-w1d
5,540.44
669
1.09634829
6,074.25
1.11194797
6.180.68
04/23199
NPR-wld
218,997.56
668
1.09619755
240,064.59
1.11177162
243,475.27
04!27199
NPR-w1d
253.69
664
1.09559483
277.84
1.11106647
281.87
04/27/99
NPR-w1d
36.963.03
664
1.09559483
40,497.16
1.11106647
41,069.05
04/28199
NPR-w1d
721.68
663
1.09544420
790.56
1.11089025
801.71
04/29,99
NPR-w1d
5,742.82
662
1.09529359
6.290.07
1.11071406
6,378.63
.
04130/99
NPR-wid
601.44
661
1.09514300
658.66
1.11053790
667.92
04/30/99
Uninvested Cash
226,681.58
661
1.09514300
24B.248.75
1.11053790
251.738.49
05103/99
NPR-w1d
885.00
858
1.09469136
968.80
1.11000958
982.36
- 05/03/99
NPR-w1d
695.00
658
1.09469136
760.81
1.11000958
771.46
05103/99
NPR-wId
395.34
658
1.09469136
432.78
1.11000958
438.83
05104/99
NPR-w1d
43,000.48
657
1.09454085
47,055.78
1.10983353
47.723.37
05104/99
NPR w1d
9,372.76
657
1.09454085
10,258.87
1.10983353
10.402.20
05104/99
NPR-w1d
69,748.80
657
1.09454085
76.342.91
1.10983353
77.408.56
05104/99
NPR-w1d
13.087.60
657
1.09454085
14.324.91
1.10983353
14,525.06
.
05/04/99
NPR-wld
334.56
657
1.09454085
366.19
1.10983353
371.31
05/06199
NPR-w1d
15.488.07
655
1.09423991
16.947.66
1,10948151
17.183.73
05/06199
NPR-w/d
295.15
055
1.09423991
322.96
1.10948151
327.46
05/07199
NPRwv1d
735.00
654
1.09408946
804.16
1.10930554
815.34
05/10199
NPR-wld
510.51
651
1.09363826
558,31
1.10877781
566.04
05/10199
NPR-w1d
464.40
651
1.09363826
507.89
1.10877781
514.92
05/10199
NPR-wld
901.43
651
1.09363826
985.54
1.10877781
999.49
05/10199
NPR-w1d
188,655.52
651
1.09363826
206,211.53
1.10877781
209.066.18
.
05/12/99
NPR-wld
649.50
649
1.09333756
710.12
1.10942613
719.02
05114199
NPR-w1d
151.44
647
1.09303694
165.53
1.10807456
167.81
05/14199
Invested Cash
(242.938.56)
647
1.09303694
(265.540.82)
1.10807456
(269.194.04)
05/17199
NPR-w1d
750.17
644
1.09258617
819.63
1.10754741
830.85
05/18/99
NPR-wld
223.07
643
1.09243595
243.69
1.10737176
247.02
05/16/99
NPR w1d
3,910.94
643
1.09243595
4.272.45
1,10737176
4.330.86
05119!99
NPR-wId
342,767.10
642
1.09228575
374.399.62
1.10719612
379.510.40
05/21199
NPR-w1d
58,060.38
640
1.09198543
63.401.09
1.10684494
64.263.84
05/24/99
NPR-wld
26.11
637
1.09153509
28.50
1.10631838
28.89
.
05/28199
NPR-w1d
18,900.00
633
1.09093492
20.618.67
1.10661669
20.896.16
05/31/99
Uninvested Cash
223,368.70
631
1.09063497
243,613.71
1.10526601
246.881.83
06/02199
NPR-w1d
2,965.04
629
1.09033509
3.232.89
1.10491544
3,276.12
06/07199
NPR-w1d
3.091.67
624
1.08958577
3.368.64
1.10403951
3.413.33
06/09199
NPR-w1d
283,258.05
622
1.08928610
308,549.08
1.10368933
312,628.89
06/11/99
NPR wld
727.95
620
1.08898667
792.73
1.10333926
003.18
06/15/99
Invested Cash
(179.663.71)
616
1.08838791
(195.632.93)
1.10263946
(198.093.27)
06/16199
NPR-w1d
598.692.89
615
1.08823827
651.520.52
1.10246458
660.037.71
06121/99
NPR-w1d
111.551.10
610
1.0874:039
88,686.04
1.10159059
89.835.92
06/21199
NPR-w1d
17.411.17
610
1.08749039
18,934.48
1.10159059
19.179.98
06/21199
NPR-w1d
129,795.20
610
1.08749039
141.151.03
1.10159059
142.981.17
06/21199
NPR-w1d
24.326.88
610
1.08749039
26,455.25
1.10159059
26.798.26
06/21/99
NPR.w1d
945.00
610
1.08749039
1,027.68
1.10159059
1.041.00
06/22/99
NPR w1d
15.30
609
1.08734087
16.64
1.10141587
16.85
06/23199
NPR-w1d
951.45
608
1.08719138
1,034.41
1.10124119
1,047.78
06/24/99
NPR-w!d
379,349.59
607
1.08704190
412.368.90
1.10106653
417,689.14
06/24199
NPR-w1d
131.25
007
1.08704190
142.67
1.10106653
144.51
06/30/99
NPR-w1d
54.716.00
601
1.08614549
59,429.54
1.10001915
60.188.65
06/30/99
Uninvested Cash
217,380.20
601
1.08614549
236.106-53
1.10001915
239.122.39
07/08199
NPR wld
14,013.13
595
1.08524981
15,207.75
1.09897277
15,400.05
07/07199
NPR-wld
142.70
594
1.08510061
154.84
1.09879B47
156.80
07108!99
NPR-w1d
301,925.29
593
1.68495142
327.574.27
1.09B62420
331,702.43
07/10/99
NPR-w1d
21.020.26
591
1.08465311
22,799.69
1.09827574
23,088.04
07/10199
NPR-w1d
400.58
591
1.08465311
434.49
1.09827574
439.95
07/10/99
NPR-w1d
0.93
691
1.08465311
1.01
1.00827574
1.02
07/14199
NPR-w1d
55,786.75
587
1.08405673
60.476.00
1.09757915
61,230.37
.
07/14/99
NPR.w1d
11.910.47
587
1.08405673
12.911.63
1.09757915
13.072-68
See SChadVle G4 - Commingled Fund Adjustment Analysis.
anytown
Pape 17
•
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule G2 - Acquisition Fund (#274) Fund 21
Net Nonpurpose Investments Cash Flow
Net I Rebate Calculations IRR Calculations
Nonpurpose Muni -Days/
Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of
Date Description Cash Flow' Date 5.011622% 03101101 5.792434% 03101101
07114/99
NPR-w1d
90,856.64
587
1.08405673
98,493.75
1.09757915
99,722.35
07/14/99
NPR-w/d
17,028.82
587
1.08405673
18,460.21
1.09757915
18,690.48
07115/99
NPR-w/d
82,143.00
586
1.08390769
89,035.43
1.09740507
90,144.14
07115/99
Invested Cash
(325,391.66)
586
1.08390769
(352,694.52)
1.09740507
(357,086A5)
07/20/99
NPR-w/d
272.14
581
1.08316278
294.77
1.09653509
298.41
07/21/99
NPR-w/d
59,834.92
580
1.08301386
64,802.05
1.09636118
65,600.68
07/26/99
NPR-w/d
16.34
575
1.08226956
17.68
1.09549203
17.90
07/27/99
NPR-w/d
49.06
574
1.08212076
53.09
1.09531828
53.74
07/31/99
Uninvested Cash
226,954.14
571
1.08167449
245,490.51
1.09479720
248,468.76
08/02/99
NPR-w/d
53.59
569
1.08137708
57.95
1.09444995
58.65
08/04199
NPR-w/d
165.38
567
1.08107975
178.79
1.09410282
180.94
08/05199
NPR-w/d
6,718.00
566
1.08093112
7,261.70
1.09392929
7,349.02
08/10199
NPR-w/d
305,480.00
561
1.08018825
329,975.91
1.09306207
333,908.60
08/11/99
NPR-w/d
1,610.00
560
1.08003974
1,738.86
1.09288870
1,759.55
08/12/99
NPR-w1d
222.00
559
1.07989125
239.74
1.09271537
242.58
08/13199
NPR-w/d
68,883.33
558
1.07974278
74,376.28
1.09254206
75,257.94
08/13199
Invested Cash
(313,374.68)
558
1.07974278
(338,364.05)
1.09254206
(342,375.02)
08/17/99
NPR-w1d
775.00
654
1.07914910
836.34
1.09184911
846.18
08/19/99
NPR-w1d
671.25
552
1.078B5239
724.18
1.09150280
732.67
08/20199
NPR-w/d
92,132.46
551
1.07870406
99,383.66
1.09132968
100,546.89
08/20199
NPR-w/d
14,583.37
551
1.07870406
15,731.14
1.09132968
15,915.26
08/23/99
NPR-w/d
48.59
548
1.07825920
52.39
1.09081050
53.00
08/23/99
NPR-w/d
287.90
548
1.07825920
310.43
1.09081050
314.04
08/23/99
NPR-w1d
15,107.75
548
1.07825920
16,290.07
1.09081050
16,479.69
08/23199
NPR-w1d
23.76
548
1.07825920
25.62
1.09081050
25.92
08/25/99
NPR-w/d
18,900.00
546
1.07796272
20,373.50
1,09046452
20,609.78
08/31/99
NPR-w1d
92,132.46
541
1.07722190
99,247.10
1.08960004
100,387.53
08/31199
NPR-wld
100.00
541
1.07722190
107.72
1.08960004
108.96
08/31199
Uninvested Cash
219,054.80
541
1.07722190
235.970.63
1.08960004
238,682.12
09/08/99
NPR-w/d
20,459.73
533
1.07603764
22,015.44
1.08821830
22,264.65
09/08199
NPR-w/d
404.01
533
1.07603764
434.73
1.08821830
439.65
09/09/99
NPR-w1d
3,771.57
532
1.07588970
4,057.79
1.08804571
4,103.64
09/10199
NPR-w/d
332,328.88
531
1.07574178
357,500.06
1.08787314
361,531.66
09/15199
NPR-w1d
1,130.25
526
1.07500248
1,215.02
1.08701072
1,228.59
09/15/99
Invested Cash
(249,936.91)
526
1.07500248
(268,682.80)
1.08701072
(271,684.10)
09/21199
NPR-w1d
189,000.00
620
1.07411600
203,007.92
1.08597671
205,249.60
09/23/99
NPR-w/d
697.96
518
1.07382066
749.48
1.08563226
757.73
09/28/99
NPR-w1d
162,298.19
513
1.07308268
174,159.38
1.08477162
176,056.47
09130199
Uninvested Cash
214,809.48
511
1.07278764
230,444.96
1.08442755
232,945.32
10/05/99
NPR-wld
168.20
506
1.07205037
180.32
1.08356786
182.26
10/12199
NPR-w1d
2,750.25
499
1.07101905
2,945.57
1.08236544
2,976.78
10/12/99
NPR-w1d
273,032.00
499
1.07101905
292,422.47
1.08236544
295,520.40
10/14/99
NPR-w/d
649,50
497
1.07072456
695.44
1.08202213
702.77
10/15/99
NPR-w1d
1,417,685.00
496
1.07057735
1,517,741.46
1.08185052
1,533,723.26
10/15/99
Invested Cash
(222,889.22)
496
1.07057735
(238,620.15)
1.08185052
(241,132.82)
10/22/99
NPR-w/d
175.26
489
1.06954745
187.45
1.08065000
189.39
10/26/99
NPR-w/d
147,892.64
485
1.06695937
158,091.12
1.07996459
159,718.71
10/29/99
NPR-w1d
372.08
482
1.06861853
397.57
1.07945082
401.64
10131/99
Uninvested Cash
212,430.19
481
1.06837163
226,954.39
1.07927962
229,271.58
11/01/99
NPR-w/d
157,194.30
480
1.06822474
167,918.84
1.07910844
169,629.70
11/02/99
NPR-w/d
42,359.91
479
1.06807787
45,243.68
1.07893729
45,703.69
11/02/99
NPR w/d
52,881.93
479
1.06807787
56,482.02
1.07893729
57,056.29
11/03/99
NPR-w/d
15,745.80
478
1.06793103
16,815A3
1.07876617
16,986.04
11/15/99
NPR-w/d
70,026.45
466
1.06617044
74,660.13
1.07671482
75,398.52
11/15/99
Invested Cash
(212.486.27)
466
1.06617044
(226,546.59)
1.07671482
(228,787.12)
11/17/99
NPR-w/d
151.20
464
1.06587729
161.16
1.07637331
162.75
11/17/99
NPR-w1d
151.20
464
1.06587729
161.16
1.07637331
162.75
11/17/99
NPR-w/d
300,109.00
464
1.06587729
319,879.37
1.07637331
323,029.32
11/23199
NPR-w/d
652,815.00
458
1.06499833
695,246.89
1.07534942
702,004.23
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 18
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
icheduie G2 - Acquisition Fund (#274)
Net Nonpurpose Investments Cash Flow
Fund 2I
Net
Rebate Calculations
IRR Calculations
Nonpurpose
Muni -Days/
Investments
Computation
FV Factor @
FV As Of
FV Factor @
FV As Of
Date
Description
Cash Flow
Date
5.011622%
03/01/01
5.7924341/6
03101101
11/24/99
NPR-w1d
15.74
457
1.06485191
16.76
1.07517887
16.92
11/30/99
NPR-w/d
253.76
451
1.06397379
269.99
1.07415612
272.58
11130/99
Uninvested Cash
204,041.93
451
1.06397379
217,095.27
1.07415612
219,172.89
12102/99
NPR-w/d
18,900.00
449
1.06368125
20,103.58
1.07381542
20,295.11
12/06/99
NPR-w/d
25,087.50
445
1.06309640
26,670.43
1.07313434
26,922.26
12/07/99
NPR-w/d
195,117.06
444
1.06295024
207,399.73
1.07296414
209,353.61
12/10/99
NPR-w/d
270,541.00
441
1.06251187
287,453.03
1.07246370
290,142.70
12115/99
NPR-w1d
12,100.00
436
1.06178167
12,847.56
1.07160350
12,966.40
12/15/99
Invested Cash
(188,898,41)
436
1.06178167
(200,568.87)
1.07160350
(202,424.20)
12/17/99
NPR-w1d
267,172.64
4°4
1.06148973
283,601.01
1.07126361
286,212.33
12/17199
NPR-w/d
2,320.05
434
1.06148973
2,462.71
1.07126361
2,485.39
12/17/99
NPR-w/d
960.00
434
1.06148973
1,019.03
1.07126361
1,028AI
12/17/99
NPR-w/d
1,052.15
434
1.06148973
1,116.85
1.07126361
1,127.13
12/17/99
NPR-w1d
614,250.00
434
1.06148973
652,020.07
1.07126361
658,023.67
12/22/99
NPR-w/d
15.42
429
1.06076022
16.36
1.07041435
16.51
12/28199
NPR-w/d
1,956,805.77
423
1.05988548
2,073,990.03
1.06939613
2,092,600.53
12/29/99
NPR-w/d
3,546.07
422
1.05973976
3,757.91
1.06922653
3,791.55
12/31/99
Uninvested Cash
202,432.61
421
1,05959406
214,496.39
1.06905694
216,411.98
01/10100
NPR-w/d
2,428,257.05
411
1.05813816
2,569,431.45
1.06736260
2,591,830.77
01/13/00
NPR-w/d
76,745.24
408
1.05770178
81,173.58
1.06685482
81,876.03
01/14/00
Invested Cash
(182,551.47)
407
1.05755636
(193,058.47)
1.06668562
(194,725.03)
01/18/00
NPR-w/d
38,013.50
403
1.05697488
40,179.31
1.06600906
40,522.74
01/19/00
NPR-w/d
46,750.50
402
1.05682956
49,407.31
1.06583999
49,828.55
01/24/00
NPR-w/d
15.25
397
1.05610326
16.11
1.06499504
16.24
01/25100
NPR-w/d
18,945.11
396
1.05595806
20,005.24
1.06482613
20,173.25
01/31/00
Uninvested Cash
185,276.99
391
1.05523236
195,510.27
1.06398197
197.131.37
02/01/00
NPR-w/d
20,907.53
390
1.05508728
22,059.27
1.06381322
22,241.71
02/04/00
NPR-w1d
231,224.65
387
1.05465216
243,861.58
1.06330713
245,862.82
02/07/00
NPR-w/d
100.00
384
1.05421722
105.42
1.06280129
106.28
02/08/00
NPR-w/d
81,482.12
383
1.05407228
85,888.04
1.06263272
86,585.57
02/08/00
NPR-w/d
259,182.69
383
1.05407228
273,197.29
1.06263272
275,416,01
02/14/00
NPR-w1d
4,698,394.24
377
1.05320305
4,948,363.15
1.06162191
4,987,918.26
02/15100
NPR-w/d
1,531.56
376
1.05305825
1,612.82
1.06145353
1,625.68
02/15/00
Invested Cash
(258,341.01)
376
1.05305825
(272,048.13)
1.06145353
(274,216.98)
02/17/00
NPR-w/d
314,402.00
374
1.05276871
330,992.59
1.06111686
333,617.26
02/29/00
NPR-wld
66,538.92
361
1.05088862
69,924.99
1.05893110
70,460.13
02/29/00
Uninvested Cash
163,437.13
361
1.05088862
171,754.21
1.05893110
173,068.65
03/07100
NPR-w1d
2,123,347.66
354
1.04987765
2,229,255.25
1.05775601
2,245,983.76
03/09/00
NPR-w/d
730.00
352
1.04958898
766.20
1.05742052
771.92
03/09100
NPR-w/d
67.00
352
1.04958898
70.32
1.05742052
70.85
03/09/00
NPR-w/d
293,847.00
352
1.04958898
308,418.57
1.05742052
310,719.85
03/15100
Invested Cash
(208,944.69)
346
1.04872345
(219,125.20)
1.05641466
(220.732,24)
03/17/00
NPR-wld
121,596.53
344
1.04843510
127,486.07
1.05607958
128,415.61
03/22/00
NPR-w1d
3,263,853.51
339
1.04771457
3,419,586.88
1.05524237
3,444,156.50
03/24/00
NPR-w1d
671,585.58
337
1.04742650
703,436.53
1.05490766
708,460.78
03/29/00
NPR-w1d
1,986.12
332
1.04670666
2,078.89
1.05407138
2,093.51
03/30/00
NPR-w1d
71,047.74
331
1.04656275
74.355.92
1.05390420
74,877.51
03/31/00
NPR-w/d
13,736.26
331
1.04656275
14,375.86
1.05390420
14,476.70
03/31/00
NPR-w/d
3,291.74
331
1.04656275
3,445.01
1.05390420
3,469.18
03/31100
NPR-w/d
100.00
331
1.04656275
104.66
1.05390420
105.39
03/31/00
NPR-w/d
78.89
331
1.04656275
82.56
1.05390420
83.14
03/31/00
Uninvested Cash
145,046.51
331
1.04656275
151,800.27
1.05390420
152,865.12
04/05/00
NPR-w1d
13,644.35
326
1.04584351
14,269.85
1.05306870
14,368.44
04107/00
NPR-w1d
98,394.40
324
1.04555595
102,876.85
1.05273469
103,583.20
04111/00
NPR-w/d
5,168,577.22
320
1.04498106
5,401,065.32
1.05206699
5.437,689.46
04112/00
NPR-w/d
16,777.26
319
1.04483739
17,529.51
1.05190013
17,648.00
04/15/00
Invested Cash
(181,919.18)
316
1.04440650
(189,997.57)
1.05139970
(191.269.77)
04/24/00
NPR-w/d
40.33
307
1.04311488
42.07
1.04989986
42.34
04/27/00
NPR-w/d
3,622.00
304
1.04268470
3,776.60
1.04940039
3,800.93
'See Schedule G4 -Commingled Fund Adjustment Analysis.
anytown Page 19
•
n
$69,085, 000
The City of Anytown
Umlted Obligation Improvement Bonds
(Anytown Assessment District No. !)
Series Z
Schedule G2 - Acquisition Fund (#274)
Fund 2
Net NonpuMose Investments Cash Flow
Nat
Rebate Calculations
IRR Calculations
Nonpurposs
Muni -Days!
Investments
Computation
FV Factor ®
FV As Of
FV Factor ®
FV As of .
Date
Description
Cash Flow
Date
5.011622%
03101101
5.792434%
03101/01
04/27100
NPR-w1d
90,678.56
3D4
1.04265470
94,549.15
1.D4940039
95.156.12
04/30/00
Uninvested Cash
113,219.78
301
1.04225469
118.003.84
1.D4890116
118.766.36
05/01100
NPR-w1d
1,899.36
300
1.04211139
1,979.34
1.04873480
1,991.92
05/09100
NPR-w1d
53.549,72
292
1.04096573
55.743.42
1.04740489
56,088.24
05/12/00
NPR-wid
48,662.60
289
1.04053844
50.635.10
1.04690660
50,945.09
05/15/00
Invested Ceah
(168.389.05)
286
1.04010732
(175.142.69)
1.04640856
(176,203.75)
.
05/16/00
NPR-w1d
81.21
285
1.03996432
84.46
1.04624259
84.97
05/19100
NPR-wid
1,866.662.38
282
1.03953543
1,940.461.68
1.D4574486
1.052.052.59
05/24/00
NPR-wid
430.00
277
1.03882102
446.69
1.04491584
449.31
05/24100
NPR-w1d
3,300.44
277
1.03882102
3,428.57
1.D4491584
3.448.68
05/24100
NPR-wld
7,213.90
277
1.03882102
7,493.96
1.D"91584
7.537.92
05124100
NPR-wld
450,113.00
277
1.03582102
467,586.84
1.04491584
470.330.20
05131/00
Uninvested Cash
105,336.86
271
1.03796437
109.335.90
1.04392188
109,963.45
06/02/00
NPR-wld
18,900.00
269
1.03767897
19.612.13
1.04359076
19.723.87
06/06100
NPR-w1d
77.54
265
1.03710842
80.42
1.04292686
80.87
06/07100
NPR-w1d
1.160,416.65
264
1.03696583
1.203.312.42
1.04276345
1.210.040.07
06/,09/00
NPR w/d
64.000.00
262
1.03668072
55,980.76
1.04243270
56.291.37
06/13/00
NPR-wid
1,227.55
258
1.03611071
1,271.88
1.04177153
1.278.83
06/14/00
NPR-wld
29.317.00
257
1.03596626
30,371.48
1.04160630
30.536.77
06/15/00
Invested Cash
(162.247.15)
256
1.03582583
(168.059.79)
1.04144110
(158,970.85)
06/20100
NPR-wld
580.81
251
1.03511396
601.20
1.04D61549
604 A0
06/23100
NPR-Wd
166.97
248
1.03468708
172.70
1.04012044
173.61
06126/00
NPR-w1d
23,100.00
245
1.03426037
23,891.41
1.03952562
24.015.35
06/27/00
NPR-w1d
960,542.15
244
1.03411817
993.314.09
1.03946073
998,445.84
06/30/00
Uninvested Cosh
90,588.84
241
1.03369170
93.640.93
1.03896623
94.118.75
07106/00
NPR-w1d
590.74
235
1.03283928
610.14
1.03797792
613.18
07/10/00
NPR-w1d
2.168,361.69
231
1A3227139
2.238,337.74
1.03731958
2.249.284.03
07112/00
NPR-w1d
19,343.50
229
1.03198756
19.962.25
1.03699056
20.059.03
07114100
Invested Cash
(178.969.53)
227
1.03170381
(184.043.65)
1.03666165
(185,530.85)
07/31100
Uninvested Chsh
79.563.03
211
1.02943662
81.905.09
1.03403410
82.270.88
08101/00
NPR-wld
1,344.37
210
1.02929509
1,383.75
1.03387010
1.389.90
08107/00
NPR-w1d
2,768.591.92
204
1.02844630
2.847.346.10
1.03288665
2.859.641.62
•
08108.00
NPR-w1d
1.680.32
203
1.02830490
1,727.88
1.03272283
1.735.30
08/09100
NPR-w1d
270.00
202
1.02816352
277.60
1.03255904
278.79
08110100
NPR-wfd
72,647.93
201
1.02802216
74,683-68
1.03239527
75,001.38
08115/00
NPR-w1d
172.37
196
1.02731556
177.08
1.03157683
177.81
08115100
Invested Cash
(160,936.04)
196
1,02731566
(165.332.11)
1.03157683
(166.017.89)
08116100
NPR-w1d
307.00
195
1.02717442
315.34
1.03141322
316.64
08118100
NPR-w1d
788.14
193
1.02689199
809.33
1.03108607
812.64
08/21/00
NPR-wld
107,506.81
190
1.02646850
110,352.36
1.03059555
110.796.04
08!22100
NPR-w1d
200.00
189
1.02632737
205.27
1.03043210
206.09
08!22100
NPR-w1d
416.76
189
1.02632737
427.73
1.03043210
429.44
08/23100
NPR-w1d
2,474.31
188
1.02618626
2.539.10
1.03026867
2,549.20
08/24100
NPR wid
1,345.09
187
1.02604516
1.380.12
1.03010527
1.385.58
08/29100
NPR-w1d
522.79
182
1.02534003
536.04
1.02928864
536.10
08/31100
NPR-wld
200.00
181
1.02519906
205.04
1.02912539
205.83
08/31/00
Uninvested Cash
66,625.32
181
1.02519906
68,304.22
1.02912539
68,565.81
09/08/00
NPR-wld
1,651.06
173
1.02407200
1,690.80
1.02782034
1,696.99
09/16/00
Invested C84h
(138.214,74)
188
1.02308883
(141.405.68)
1.02667978
(141,902.28)
.
09/19/00
NPR-w1d
336.137.90
162
t.02252430
343.709.17
1.02602860
344,887.10
09/22/00
NPR-wld
541.25
159
1.02210261
553.21
1.02554049
555.07
09/26/00
NPR-w1d
590.74
155
1.02154062
603.46
1.02489003
605.44
09/27/00
NPR-wld
15.64
154
1.02140017
15.97
1.02472748
16.03
09/30100
Uninvested Cash
62,806.35
151
1.02097895
64.123.96
1.02423998
64.328.77
10/03/00
NPR-w/d
439.57
148
1.02055789
448.61
1.02375272
450.01
10/03/00
NPR.w1d
740.56
148
1.02056789
755.78
1.02375272
758.15
10/04100
NPR-wld
2.288.89
147
1.02041758
2,335.62
1.02359035
2.342.89
10110/00
NPR-w1d
166.108.83
141
1.01957610
169,360.59
1.02261667
169.865.66
•
10/11100
NPR-w1d
590.74
140
1.01943593
602.22
1.02245448
604.00
See Schedule G4 - Commingled Fund Adjustment Anatys:s.
anytown
Page 20
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. !)
Series Z
Schedule G2 - Acquisition Fund (#274) Fund 2
Net Nonpurpose Investments Cash Flow
Net I Rebate Calculations IRR Calculations
Nonpurpose Muni -Days/
Investments Computation FV Factor @ FV As Of FV Factor FV As Of
Date Description Cash Flow' Date 5.011622% 03101101 5.792434% 03/01101
10113/00
Invested Cash
(111,180.33)
138
1.01915563
(113,310.06)
1.02213018
(113,640.77)
10/16/00
NPR-w/d
53.04
135
1.01873532
54.03
1.02164392
54.19
10/17100
NPR-w/d
23,100.00
134
1.01859526
23,529.55
1.02148189
23,596.23
10/18100
NPR-w/d
82,691.60
133
1.01945522
84,217.69
1.02131988
84,454.57
10/24/00
NPR-w/d
2,335,543.27
127
1.01761536
2,376,684.71
1.02034836
2,383,067.75
10/25/00
NPR-w/d
970,036.92
126
1.01747545
986,988.76
1.02018653
989,618.60
10/27/00
NPR-w/d
112.07
124
1.01719569
114.00
1.01986295
114.30
10/30/00
NPR-w/d
211.33
121
1.01677620
214.88
1.01937777
215.43
10/31/00
NPR-w/d
1,979.62
121
1.01677620
2,012.83
1.01937777
2,017.98
10/31/00
Uninvested Cash
59,391.47
121
1.01677620
60,387.83
1.01937777
6U,542.34
11/01/00
NPR-w/d
91,091.51
120
1.01663641
92,606.95
1.01921609
92,841.93
11/02/00
NPR-w1d
15.64
119
1.01649663
15.90
1.01905444
15.94
11/03/00
NPR-w/d
105.56
118
1.01635688
107.29
1.01889282
107.55
11/06/00
NPR-w/d
844.20
115
1.01593773
857.65
1.01840810
859.74
11/08/00
NPR-w/d
797.94
113
1.01565839
810.43
1.01808508
812.37
11/09/00
NPR-w/d
319.20
112
1.01551875
324.15
1.01792361
324.92
11/13/00
NPR-w/d
150.00
108
1.01496039
152.24
1.01727798
152.59
11/14/00
NPR-w/d
1,394.48
107
1.01482084
1,415.15
1.01711664
1,418.35
11114/00
NPP - Dep
0.00
107
1.01482084
0.00
1.01711664
0.00
11/15/00
NPR-w/d
164,054.56
106
1.01468132
166,463.10
1.01695532
166.836.16
11/15/00
Invested Cash
(91,557.53)
106
1.01468132
(92,901.72)
1.01695532
(93,109.92)
11/16/00
NPR-w/d
1,143.67
105
1.01454181
1,160.30
1.01679403
1,162.88
11/28/00
NPR-w/d
16.15
93
1.01286925
16.36
1.01486053
16.39
11/30/00
NPR-w/d
100.00
91
1.01269075
101.26
1.01453863
101.45
11/30/00
Uninvested Cash
45,330.99
91
1.01259075
45,901.74
1.01453863
45,990.04
12/01/00
NPR-w1d
96.35
90
1.01245154
97.55
1.01437773
97.74
12/07/00
NPR-w/d
962.49
84
1.01161663
973.67
1.01341281
975.40
12111/00
NPR-w/d
66,104.22
80
1.01106041
66,835.36
1.01277005
66,948.37
12115/00
Invested Cash
(64,611.96)
76
1.01050450
(65,290.67)
1.01212769
(65,395.55)
12118100
NPR-w/d
627.88
73
1.01008776
634.21
1.01164619
635.19
12/27/00
NPR-w/d
2,392.74
64
1.00883858
2,413.89
1.01020306
2,417.15
12131/00
Uninvested Cash
46,170.66
61
1.00842254
46,659.53
1.00972247
46,619.55
01102/01
NPR-w/d
146,665.34
59
1.00814527
147,859.97
1.00940221
148,044.32
01/04/01
NPR-w/d
1,143.75
57
1.00786807
1,152.75
1.00908205
1,154.14
01/05/01
NPR-w/d
173.98
56
1.00772950
175.32
1.00892200
175.53
01/12/01
NPR-w/d
100.00
49
1.00676006
100.68
1.00780241
100.78
01/12/01
NPR-w/d
1,080.18
49
1.00676006
1,087.48
1.00780241
1,088.61
01/12/01
NPR-w/d
83,412.49
49
1.00676006
83,976.36
1.00780241
84,063.31
01/12/01
Invested Cash
(57,923.02)
49
1,00676006
(58,314.58)
1.00780241
(58,374.96)
01122/01
NPR-w/d
14.97
39
1.00537675
15.05
1.00620516
15.06
01/26/01
NPR-w/d
809.27
35
1.00482396
813.17
1.00556696
813.78
01/31/01
Uninvested Cash
44,931.77
31
1.00427148
45,123.70
1.00492917
45,153.25
02/05/01
NPR-w/d
100.96
26
1.00358130
101.32
1.00413250
101.38
02/06/01
NPR-w/d
47,656.91
25
1.00344332
47,821.01
1.00397325
47,846.26
02112/01
NPR-w/d
1,444.20
19
1.00261584
1,447.98
1.00301823
1,448.56
02/13/01
NPR-w/d
53,846.26
18
1.00247800
53,979.69
1.00285915
54,000.21
02114/01
NPR-w/d
486.78
17
1.00234017
487.92
1.00270009
488.09
02/15/01
NPR-w/d
108.00
16
1.00220236
108.24
1.00254106
108.27
02/15/01
Invested Cash
(76,618.95)
16
1.00220236
(76,787.69)
1.00254106
(76,813.64)
02/16/01
NPR-w/d
9,146.12
15
1.00206457
9,165.00
1.00238206
9.167.91
02/20/01
NPR-w/d
16,478.00
11
1.00151360
16,502.94
1.00174629
16,506.78
02/21/01
NPR-w/d
200.00
10
1.00137591
200.28
1.00158741
200.32
02/21/01
NPR-w/d
1,074.84
10
1.00137591
1,076.32
1.00158741
1,076.55
02/21/01
NPR-w/d
2,338.78
10
1.00137591
2.342.00
1.00158741
2,342.49
02/27101
NPR-w/d
1,565,696.20
4
1.00055014
1,566,557.55
1.00063466
1,566,689.89
02/28101
NPR-w/d
277.89
1
1.00013751
277.93
1.00015863
277.93
03/01/01
Balance Z
7,140,923.83
0
1.00000000
7,140,923.83
1.00000000
7,140,923.83
Earnings: 8,260,019.76 Excess Earnings: 1.222.479.69 L92
'See Schedule G4 -Commingled Fund Adjustment Analysis.
'See Schedule G1 -Remaining Balance Analyses.
anylown Page 21
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule G3 - Acquisition Fund (#274) Fund 2I
Yield Restriction Analysis Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow'
Muni -Days/
Computation
Date
Yield Restriction Calculations
FV Factor @ FV As Of
5.136622% 03101/01
IRR Calculations
FV Factor @ FV As Of
5.652444% 03101/01
03/07/99
Balance'
(52,578,112.48)
714
1.10582324
(58,142,098.60)
1.11689425
(58,724,191.74)
03109/99
NPR-w/d
26,998.67
712
1.10551170
29,847.35
1.11654844
30,145.32
03110/99
NPR-w/d
1,027,195.36
711
1.10535596
1,135,416.52
1.11637557
1.146,735.81
03112/99
NPR-w/d
444.17
709
1.10504456
490.83
1.11602992
495.71
03115/99
Invested Cash
(248,786.23)
706
1.10457761
(274,803.69)
1.11551164
(277,523.93)
03/16/99
NPR-w/d
510.04
705
1.10442201
563.30
1.11533893
568.87
03/17/99
NPR-w/d
9,666.73
704
1.10426642
10,674.65
1.11516625
10,780.01
03117/99
NPR-w/d
184.21
704
1.10426642
203.42
1.11516625
205.42
03/17/99
NPR-w/d
87,728.24
704
1.10426642
96.875.35
1.11516625
97,831.57
03117/99
NPR-w/d
1,671.79
704
1.10426642
1,846.10
1.11516625
1,864.32
03/18/99
NPR-w/d
69,748.80
703
1.10411086
77,010.41
1.11499360
77,769.47
03/18/99
NPR-w/d
13,087.60
703
1.10411086
14,450.16
1.11499360
14,592.59
03/18/99
NPR-w/d
45,019.68
703
1.10411086
49,706.72
1.11499360
50,196.66
03118/99
NPR-w/d
9,611.71
703
1.10411086
10,612.39
1.11499360
10,717.00
03/20/99
NPR-w/d
62.25
701
1.10379981
68.71
1.11464838
69.39
03/23/99
NPR-w/d
2,681.11
698
1.10333339
2,958.16
1.11413074
2,987.11
03129/99
NPR-w/d
267,307.33
692
1.10240114
294,679.91
1.11309618
297,538.77
03131/99
Uninvested Cash
235,809.23
691
1.10224584
259,919.74
1.11292385
262,437.71
04102/99
NPR-w/d
14,842.70
689
1.10193531
16,355.70
1.11257927
16,513.68
04105/99
NPR-w/d
452.24
686
1.10146968
498.13
1.11206259
502.92
04/07/99
NPR-w/d
542,404.86
684
1.10115937
597,274.19
1.11171827
603,001.39
04/09/99
NPR-w/d
63,198.78
682
1.10084914
69,572.32
1.11137406
70,237A8
04/12/99
NPR-w/d
4,692.95
679
1.10038397
5,164.05
1.11085794
5,213.20
04/12/99
NPR-w/d
89.43
679
1.10038397
98.41
1.11085794
99.34
04/13/99
NPR-w/d
11,079.13
678
1.10022896
12,189.58
1.11068596
12,305.43
04/14/99
NPR-w/d
64,550.41
677
1.10007397
71,010.23
1.11051400
71,684.13
04/15199
NPR-w/d
294,864.62
676
1.09991900
324,327.20
1.11034207
327,400.59
04/15199
Invested Cash
(255,276.23)
676
1.09991900
(280,783.17)
1.11034207
(283.443.93)
04/19/99
NPR-w/d
1,871.64
672
1.09929933
2,057.49
1.10965460
2,076.87
04/21/99
NPR-w/d
2,676.43
670
1.09898963
2,941.37
1.10931103
2,968.99
04/22199
NPR-w/d
5,540.44
669
1.09883482
6,088.03
1.10913928
6,145.12
04/23/99
NPR-w1d
218,997.56
668
1.09868002
240,608.24
1.10896756
242,861.19
04/27199
NPR-w/d
253.69
664
1.09806105
278.57
1.10828095
281.16
04127/99
NPR-w/d
36,963.63
664
1.09806105
40,588.32
1.10828095
40,966.09
04/28/99
NPR-w/d
721.68
663
1.09790637
792.34
1.10810936
799.70
04/29199
NPR-w/d
5,742.82
662
1.09775170
6,304.19
1.10793780
6,362.69
04/30/99
NPR-w/d
601.44
661
1.09759706
660.14
1.10776627
666.25
04/30/99
Uninvested Cash
226,681.58
661
1.09759706
248,805.04
1.10776627
251,110.21
05/03199
NPR-w/d
885.00
658
1.09713326
970.96
1.10725183
979.92
05/03199
NPR-w1d
695.00
658
1.09713326
762.51
1.10725183
769.54
05/03199
NPR-w/d
395.34
658
1.09713326
433.74
1.10725183
437.74
05/04199
NPR-w1d
43,000.48
657
1.09697871
47.170.61
1.10708040
47,604.99
05/04199
NPR-w/d
9,372.76
657
1.09697871
10,281.72
1.10708040
10,376.40
05104199
NPR-w/d
69,748.80
657
1.09697871
76.512.95
1.10708040
77,217.53
05/04/99
NPR-w/d
13,087.60
657
1.09697871
14,356.82
1.10708040
14,489.03
05/04/99
NPR-w/d
334.56
657
1.09697871
367.01
1.10708040
370.38
05/06/99
NPR-wid
15,488.07
655
1.09666966
16,985.30
1.10673762
17,141.23
05/06199
NPR-w/d
295.15
655
1.09666966
323.68
1.10673762
326.65
05/07199
NPR-w/d
735.00
654
1.09651517
805.94
1.10656628
813.33
05/10/99
NPR-w/d
510.51
651
1.09605183
559.55
1.10605239
564.65
05/10199
NPR-w/d
464.40
651
1.09605183
509.01
1.10605239
513.65
05/10/99
NPR-w/d
901.43
651
1.09605183
988.01
1.10605239
997.03
05/10/99
NPR-w/d
188,555.52
651
1.09605183
206,666.62
1.10605239
208,552.28
05/12199
NPR-w/d
649.50
649
1.09574304
711.69
1.10570993
718.16
05/14199
NPR-w/d
151.44
647
1.09543434
165.89
1.10536758
167.40
05/14/99
Invested Cash
(242,938.56)
647
1.09543434
(266,123.25)
1.10536758
(268,536.41)
05/17/99
NPR-w/d
760.17
644
1.09497146
821.41
1.10485425
828.83
05118/99
NPR-w/d
223.07
643
1.09481721
244.22
1.10468320
246.42
05/18/99
NPR-w/d
3,910.94
643
1.09481721
4,281.76
1.10468320
4,320.35
' See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 22
$69,085,000
The City ofAnytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G3 - Acquisition Fund (#274) Fund 2
Yield Restriction Analysis Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow'
Muni -Days/
Computation
Date
Yield Restriction Calculations
FV Factor @ FV As Of
5.136622% 03/01101
IRR Calculations
FV Factor @ FV As Of
5.6524"% 03/01/01
05/19/99
NPR-wld
342,767.10
642
1.09466298
375,214.45
1.10451217
378,590.43
05/21/99
NPR-w/d
58,060.38
640
1.09435458
63,538.64
1.10417019
64,108.54
05/24/99
NPR-w/d
26.11
637
1.09389216
28.56
1.10365742
28.82
05/28/99
NPR-w/d
18,900.00
633
1.09327589
20,662.91
1.10297409
20,846.21
05131/99
Uninvested Cash
223,368.70
631
1.09296788
244,134.81
1.10263259
246,293.60
06/02/99
NPR-w/d
2,965.04
629
1.09265997
3,239.78
1.10229119
3,268.34
06107/99
NPR-w/d
3,091.67
624
1.09189056
3,375.77
1.10143816
3,405.28
06/09/99
NPR-w/d
283,258.05
622
1.09158294
309,199.66
1.10109713
311,894.62
06/11/99
NPR-w/d
727.95
620
1.09127542
794.39
1.10075620
801.30
06/15/99
Invested Cash
(179,653.71)
616
1.09066062
(195,941.23)
1.10007467
(197,632.50)
06/16199
NPR-w/d
598,692.89
615
1.09050698
652,878.78
1.09990436
658,504.92
06/21/99
NPR-w/d
81,551.10
610
1.08973908
88,869.42
1.09905317
89,629.00
06/21/99
NPR-w/d
17,411.17
610
1.08973908
18,973.63
1.09905317
19,135.80
06/21/99
NPR-w/d
129,795.20
610
1.08973908
141,442.90
1.09905317
142,651.83
06/21/99
NPR-wld
24,326.88
610
1.08973908
26,509.95
1.09905317
26,736.53
06/21/99
NPR-wld
945.00
610
1.08973908
1,029.80
1.09905317
1,038.61
06/22/99
NPR-w1d
15.30
609
1.08958557
16.67
1.09888301
16.81
06/23/99
NPR-w/d
951.45
608
1.08943208
1,036.54
1.09871288
1,045.37
06124/99
NPR-w/d
379,349.59
607
1.08927861
413,217.39
1.09854278
416,731.75
06/24/99
NPR-w1d
131.25
607
1.08927861
142.97
1.09854278
144.18
06/30/99
NPR-w/d
54,716.00
601
1.08835823
59,550.61
1.09752270
60,052.05
06/30/99
Uninvested Cash
217,380.20
601
1.08835823
236,587.54
1.09752270
238.579.71
07/06/99
NPR-w/d
14.013.13
595
1.08743864
15,238A2
1.09650356
15,365.45
07107199
NPR-w/d
142.70
594
1.08728545
155.16
1.09633380
156.45
07/08/99
NPR-w/d
301,925.29
593
1.08713228
328,232.73
1.09616406
330,959.65
07/10199
NPR-w/d
21,020.26
591
1.08682601
22,845.37
1.09582467
23,034.52
07/10/99
NPR-w/d
400.58
591
1.08682601
435.36
1.09582467
438.97
07/10/99
NPR-w/d
0.93
591
1.08682601
1.01
1.09582467
1.02
07/14/99
NPR-w/d
55,786.75
587
1.08621372
60,596.33
1.09514619
61,094.65
07/14199
NPR-w/d
11,910.47
587
1.08621372
12,937.32
1.09514619
13,043.71
07/14/99
NPR-w/d
90,856.64
587
1.08621372
98,689.73
1.09514619
99,501.30
07/14/99
NPR-w/d
17,028.82
587
1.08621372
18,496.94
1.09514619
18,649.05
07/15/99
NPR-w/d
82,143.00
586
1.08606070
89,212.28
1.09497664
89,944.67
07/15/99
Invested Cash
(325,391.66)
586
1.08606070
(353,395.09)
1.09497664
(356,29626)
07/20/99
NPR-w/d
272.14
581
1.08529594
295.35
1.09412927
297.76
07121/99
NPR-w/d
59,834.92
580
1.08514305
64,929.45
1.09395987
65,457.00
07126/99
NPR-w/d
16.34
575
1.08437893
17.72
1.09311328
17.86
07127/99
NPR-w/d
49.06
574
1.08422617
53.19
1.09294404
53.62
07131/99
Uninvested Cash
226,954.14
571
1.08376802
245,965.64
1.09243649
247,932.98
08/02/99
NPR-w/d
53.59
569
1.08346270
58.06
1.09209824
58.53
08/04/99
NPR-w/d
165.38
567
1.08315746
179.13
1.09176011
180.56
08/05/99
NPR-w/d
6,718.00
566
1.08300487
7,275.63
1.09159108
7,333.31
08/10/99
NPR-w/d
305,480.00
561
1.08224226
330,603.37
1.09074633
333,201.19
08/11/99
NPR-w/d
1,610.00
560
1.08208980
1,742.16
1.09057745
1,755.83
08/12/99
NPR-w/d
222.00
559
1.08193736
240.19
1.09040861
242.07
08/13199
NPR-w/d
68,883.33
558
1.08178495
74,516.95
1.09023979
75,099.35
08113/99
Invested Cash
(313,374.68)
558
1.08178495
(339,004.01)
1.09023979
(341,653.54)
08/17/99
NPR-w/d
775.00
554
1.08117550
837.91
1.08956477
844.41
08/19/99
NPR-w/d
671.25
552
1.08087091
725.53
1.08922742
731.14
08/20/99
NPR-w/d
92,132.46
551
1.08071864
99,569.27
1.08905878
100,337.66
08120/99
NPR-w1d
14,583.37
551
1.08071864
15.760.52
1.08905878
15,882.15
08/23/99
NPR-w/d
48.59
548
1.08026198
52.49
1.08855303
52.89
08/23/99
NPR-w/d
287.90
548
1.08026198
311.01
1.08855303
313.39
08/23/99
NPR-wld
15,107.75
548
1.08026198
16,320.33
1.08855303
16,445.59
08/23/99
NPR-wld
23.76
548
1.08026198
25.67
1.08855303
25.86
08125/99
NPR-w/d
18,900.00
546
1.07995764
20,411.20
1.08821599
20,567.28
08/31/99
NPR-w1d
92,132.46
541
1.07919717
99,429.09
1.08737385
100,182.43
08/31/99
NPR-w/d
100.00
541
1.07919717
107.92
1.08737385
108.74
08131/99
Uninvested Cash
219,054.80
541
1.07919717
236,403.32
1.08737385
238,194.46
09108/99
NPR-w/d
20,459.73
533
1.07798154
22,055.21
1.08602778
22,219.84
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 23
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G3 - Acquisition Fund (#274) Fund 2
Yield Restriction Analysis Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow'
Muni-Daysi
Computation
Date
Yield Restriction Calculations
FV Factor @ FV As Of
5.136622% 03/01/01
IRR Calculations
FV Factor @ FV As Of
5.652444% 03101101
09/08/99
NPR-w/d
404.01
533
1.07798154
435.52
1.08602778
438.77
09109/99
NPR-w/d
3,771.57
532
1.07782968
4,065.11
1.08585964
4,095.40
09/10/99
NPR-w/d
332,328.88
531
1.07767784
358,143.47
1.08569152
360.806.65
09/15/99
NPR-w/d
1,130.25
526
1.07691898
1,217.19
1.08485133
1,226.15
09/15/99
Invested Cash
(249,936.91)
526
1.07691898
(269,161.80)
1.08485133
(271,144.39)
09/21/99
NPR-w/d
189,000.00
520
1.07600905
203.365.71
1.08384397
204,846.51
09/23/99
NPR-w/d
697.96
518
1.07570591
750.80
1.08350838
756.25
09/28/99
NPR-w/d
162,298.19
513
1.07494844
174,462.19
1.08266989
175,715.36
09130/99
Uninvested Cash
214,809.48
511
1.07464560
230,844.07
1.08233467
232,495.75
10/05/99
NPR-w/d
168.20
506
1.07388887
180.63
1.08149708
181.91
10/12/99
NPR-w/d
2,750.25
499
1.07283035
2,950.55
1.08032554
2,971.17
10/12/99
NPR-w/d
273,032.00
499
1.07283035
292,917.02
1.08032554
294,963.44
10/14/99
NPR-w/d
649.50
497
1.07252811
696.61
1.07999105
701.45
10/15/99
NPR-w/d
1,417,685.00
496
1.07237702
1,520,292.81
1.07982384
1,530,850.07
10/15/99
Invested Cash
(222,889.22)
496
1.07237702
(239,021.28)
1.07982384
(240,681.10)
10122/99
NPR-w/d
175.26
489
1.07131998
187.76
1.07865412
189.04
10/26/99
NPR-w/d
147,892.54
485
1.07071643
158,350.97
1.07798628
159,426.13
10/29199
NPR-w/d
372.08
482
1.07026399
398.22
1.07748566
400.91
10/31/99
Uninvested Cash
212,430.19
481
1.07011322
227,324.36
1.07731884
228,855.05
11/01/99
NPR-w/d
157,194.30
480
1.06996247
168,192.00
1.07715205
169,322.16
11/02/99
NPR-w/d
42,359.91
479
1.06981175
45,317.13
1.07698528
45,621.00
11/02/99
NPR-w/d
52,881.93
479
1.06981175
56,573.71
1.07698528
56,953.06
11/03/99
NPR-w/d
15,745.80
478
1.06966104
16,842.67
1.07681854
16,955.37
11/15/99
NPR-w/d
70,026.45
466
1.06785421
74,778.04
1.07481966
75,265.80
11/15/99
Invested Cash
(212,486.27)
466
1.06785421
(226,904.36)
1.07481966
(228.384.42)
11/17/99
NPR-w/d
15120
464
1.06755337
161A1
1.07448687
162A6
11/17/99
NPR-w/d
151.20
464
1.06755337
161.41
1.07448687
162.46
11/17/99
NPR-w/d
300,109.00
464
1.06755337
320,382.37
1.07448687
322,463.18
11/23/99
NPR-w/d
652,815.00
458
1.06665135
696,326.00
1.07348913
700,789.80
11/24/99
NPR-w/d
15.74
457
1.06650109
16.79
1.07332293
16.89
11/30/99
NPR-w/d
253.76
451
1.06559996
270.41
1.07232626
272.11
11/30/99
Uninvested Cash
204,041.93
451
1.06559996
217,427.08
1.07232626
218,799.53
12/02/99
NPR-w/d
18,900.00
449
1.06529976
20.134.17
1.07199425
20,260.69
12/06/99
NPR-w/d
25,087.50
445
1.06469960
26,710.65
1.07133053
26,877.00
12/07/99
NPR-w/d
195,117.06
444
1.06454961
207,711.79
1.07116466
209,002.50
12/10/99
NPR-w/d
270,541.00
441
1.06409978
287,882.62
1.07066722
289,659.38
12/15/99
NPR-w1d
12,100.00
436
1.06335047
12,866.54
1.06983866
12,945.05
12/15/99
Invested Cash
(188,898.41)
436
1.06335047
(200,865.21)
1.06983866
(202,090.82)
12/17199
NPR-w/d
267.172.64
434
1.06306090
284,018.12
1.06950741
285,743.12
12/17/99
NPR-w/d
2,320.05
434
1.06305090
2.466.33
1.06950741
2,481.31
12/17/99
NPR-w/d
960.00
434
1.06305090
1,020.53
1.06950741
1,026.73
12/17/99
NPR-w/d
1,052.15
434
1.06305090
1,118.49
1.06950741
1,125.28
12/17/99
NPR-w/d
614,250.00
434
1.06305090
652,979.02
1.06950741
656,944.93
12122/99
NPR-w/d
15.42
429
1.06230234
16.38
1.06867975
16.48
12/28/99
NPR-w/d
1,956,805.77
423
1.06140476
2,076,962.96
1.06768740
2,089,256.87
12/29/99
NPR-w/d
3,546.07
422
1.06125524
3,763.29
1.06752210
3,785.51
12/31/99
Uninvested Cash
202,432.61
421
1.06110574
214,802.40
1.06735682
216,067.82
01/10/00
NPR-w/d
2,428,257.05
411
1.05961188
2,573,010.01
1.06570546
2,587,806.81
01/13/00
NPR-wid
76,745.24
408
1.05916413
81,285.81
1.06521055
81,749.84
01/14/00
Invested Cash
(182,551.47)
407
1.05901492
(193,324.73)
1.06504564
(194,425.64)
01/18/00
NPR-w/d
38,01350
403
1.05841830
40,234.18
1.06438622
40,461.05
01/19/00
NPR-w/d
46,750.50
402
1.05826920
49,474.61
1.06422143
49,752.88
01/24/00
NPR-w/d
15.25
397
1.05752401
16.13
1.06339785
16.22
01/25/00
NPR-w/d
18,945.11
396
1.05737503
20,032.09
1.06323322
20,143.07
01/31/00
Uninvested Cash
185,276.99
391
1.05663046
195,769.31
1.06241041
196,840.20
02/01/00
NPR-w/d
20,907.53
390
1.05648161
22,088.42
1.06224592
22,208.94
02104/00
NPR-w/d
231,224.65
387
1.05603519
244,181.37
1.06175262
245,503.38
02/07/00
NPR-w1d
100.00
3S4
1.05558895
105.56
1.06125955
106.13
02/08/00
NPR-w/d
81,482.12
383
1.05544025
85,999.51
1.06109524
86,46029
02/08/00
NPR-w1d
259,182.69
383
1.05544025
273,551.84
1.06109524
275,017.52
'See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 24
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
schedule G3 - Acquisition Fund (#274) Fund 2
Yield Restriction Analysis Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow
Muni -Days/
Computation
Date
Yield Restriction Calculations
FV Factor @ FV As Of
5.136622% 03/01101
IRR Calculations
FV Factor @ FV As Of
5.652444% 03/01101
02/14/00
NPR-w/d
4,698,394.24
377
1.05454847
4,954,684.45
1.06010993
4,980,814.41
02/15/00
NPR-w/d
1,531.56
376
1.05439991
1,614.88
1.05994580
1,623.37
02/15/00
Invested Cash
(258,341.01)
376
1.05439991
(272,394.74)
1.05994580
(273,827.47)
02/17/00
NPR-w1d
314,402.00
374
1.05410286
331,412.05
1.05961762
333,145.90
02/29/00
NPR-w/d
66,538.92
361
1.05217407
70,010.53
1.05748692
70,364.04
02/29100
Uninvested Cash
163,437.13
361
1.05217407
171,964.30
1.05748692
172,832.62
03/07/00
NPR-w/d
2,123,347.66
354
1.05113695
2,231,929.18
1.05634139
2,242,980.02
03/09/00
NPR-w/d
730.00
352
1.05084082
767.11
1.05601433
770.89
03/09100
NPR-w/d
67.00
352
1.05084082
70.41
1.05601433
70.75
03/09/00
NPR-w/d
293,847.00
352
1.05084082
3C8,786.42
1.05601433
310,306.64
03/15100
Invested Cash
(208,944.69)
346
1.04995292
(219,382.09)
1.05503374
(220,443.70)
03/17/00
NPR-w/d
121,596.53
3"
1.04965712
127,634.66
1.05470708
128,248.72
03/22100
NPR-w/d
3,263,853.51
339
1.04891799
3,423.514.68
1.05389087
3,439,745.40
03/24100
NPR-w/d
671.585.58
337
1.04862249
704,239.74
1.05356456
707,558.77
03/29/00
NPR-w/d
1,986.12
332
1.04788408
2,081.22
1.05274923
2,090.89
03/30/00
NPR-w/d
71,047.74
331
1.04773647
74,439.31
1.05258624
74,783.87
03/31/00
NPR-wld
13,736.26
331
1.04773647
14,391.98
1.05258624
14,458.60
03/31/00
NPR-wld
3,291.74
331
1.04773647
3,448.88
1,05258624
3,464.84
03/31100
NPR-w1d
100.00
331
1.04773647
104.77
1.05258624
105.26
03/31/00
NPR-wld
78.89
331
1.04773647
82.66
1.05258624
83.04
03/31/00
Uninvested Cash
145,046.51
331
1.04773647
151,970.52
1.05258624
152,673.96
04/05/00
NPR-w/d
13,644.35
326
1.04699869
14,285.62
1.05177168
14,350.74
04/07/00
NPR-w/d
98,394.40
324
1.04670372
102,989.70
1.05144603
103,456.40
04111/00
NPR-w1d
5,168,577.22
320
1.04611404
5,406,921.19
1.05079503
5,431,115.24
04112/00
NPR-w/d
16,777.26
319
1.04596667
17,548.45
1.05063234
17,626.73
04/15100
Invested Cash
(181,919.18)
316
1.04552469
(190,200.99)
1.05014443
(191,041.41)
04/24/00
NPR-w1d
40.33
307
1.04419986
42.11
1.04868206
42.29
04/27/00
NPR-w/d
3,622.00
304
1.04375863
3,780.49
1.04819506
3,796.56
04/27/00
NPR-w/d
90,678.56
304
1.04375863
94,646.53
1.04819506
95,048.82
04/30/00
Uninvested Cash
113,219.78
301
1.04331758
118,124.19
1.04770828
118,621.30
05/01/00
NPR-w/d
1,899.36
300
1.04317061
1,981.36
1.04754607
1,989.67
05/09/00
NPR-w1d
53,549.72
292
1.04199555
55,798.57
1.04624931
56,026.36
05/12/00
NPR-w/d
48,662.50
289
1.04155525
50,684.68
1.04576343
50,889A6
05/15/00
Invested Cash
(168,389.05)
286
1.04111513
(175,312.39)
1.04527778
(176,013.34)
05/16/00
NPR-w1d
81.21
285
1.04096847
84.54
1.04511595
84.87
05/19/00
NPR-w1d
1,866,662.38
282
1.04052860
1,942,315.59
1.04463060
1,949,972.65
05/24100
NPR-w/d
430.00
277
1.03979589
447.11
1.04382219
448.84
05/24100
NPR-w/d
3,300.44
277
1.03979589
3,431.78
1.04382219
3,445.07
05/24100
NPR-w/d
7,213.90
277
1.03979589
7,600.98
1.04382219
7,530.03
05/24/00
NPR-w/d
450,113.00
277
1.03979589
468,025.65
1.04382219
469,837.94
05/31/00
Uninvested Cash
105,336.86
271
1.03891733
109,436.28
1.04285293
109,850.85
06/02/00
NPR-w/d
18.900.00
269
1.03862464
19,630.01
1.04253004
19,703.82
06/06/00
NPR-w/d
77.54
265
1.03803951
80.49
1.04188456
80.79
06107/00
NPR-w/d
1,160,416.65
264
1.03789328
1,204,388.64
1.04172325
1,208,833.00
06109/00
NPR-w/d
54,000.00
262
1.03760088
56,030.45
1.04140071
56,235.64
06113/00
NPR-w/d
1,227.55
258
1.03701633
1,272.99
1.04075593
1,277.58
06/14/00
NPR-w/d
29,317.00
257
1.03687024
30,397.92
1.04059480
30,507.12
06/15/00
Invested Cash
(162,247.15)
256
1.03672417
(168,205.64)
1.04043369
(168,807.40)
06/20/00
NPR-w/d
580.81
251
1.03599415
601.72
1.03962853
603.83
06/23/00
NPR-w/d
166.91
248
1.03555638
172.84
1.03914573
173.44
06/26/00
NPR-wld
23,100.00
245
1.03511880
23,911.24
1.03866315
23,993.12
06/27/00
NPR-wld
960,542.15
244
1.03497298
994,135.17
1.03850235
997,525.28
06/30100
Uninvested Cash
90,588.84
241
1.03453564
93,717.39
1.03802007
94,033.04
07106/00
NPR-w/d
590.74
235
1.03366152
610.63
1.03705619
612.63
07110/00
NPR-w/d
2,168,361.69
231
1.03307919
2,240,089.34
1.03641410
2,247,320.63
07112/00
NPR-w1d
19,343.50
229
1.03278814
19,977.74
1.03609320
20,041.67
07114/00
Invested Cash
(178,969.53)
227
1.03249718
(184,785.54)
1.03577241
(185,371.70)
07/31/00
Uninvested Cash
79,563.03
211
1.03017243
81,963.64
1.03320961
82,205.28
08/01/00
NPR-w/d
1,344.37
210
1.03002731
1,384.74
1.03304965
1,388.80
08/07/00
NPR-w/d
2,768,591.92
204
1.02915700
2,949,315.75
1.03209038
2,857,437.09
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 25
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G3 - Acquisition Fund (#274) Fund 2
Yield Restriction Analysis Cash Flow
Date
Description
Net
Nonpurpose
Investments
Cash Flow t
Muni -Days/
Computation
Date
Yield Restriction Calculations
FV Factor @ FV As Of
5.136622% 03/01/01
IRR Calculations
FV Factor @ FV As Of
5.652444% 03/01/01
08/08/00
NPR-w1d
1,680.32
203
1.02901202
1,729.07
1.03193059
1,733.97
08109/00
NPR-w1d
270.00
202
1.02886706
277.79
1.03177082
278.58
08/10/00
NPR-w/d
72,647.93
201
1.02872212
74,734.53
1.03161108
74,944.41
08/15/00
NPR-w/d
172.37
196
1.02799773
177.20
1.03081275
177.68
08115/00
Invested Cash
(160,936.04)
196
1.02799773
(165,441.88)
1.03081275
(165,894.92)
08/16/00
NPR-w1d
307.00
195
1.02785291
315.55
1.03065315
316.41
08118/00
NPR-w/d
788.14
193
1.02756334
809.86
1.03033404
812.05
08/21100
NPR-w/d
107,506.81
190
1.02712914
110,423.38
1.02985556
110,716.49
08/22/00
NPR-w/d
200.00
189
1.02698444
205.40
1.02969611
205.94
08/22/00
NPR-w/d
410.76
189
1.02698444
428.01
1.02969611
429.14
D8/23100
NPR-w/d
2,474.31
188
1.02683977
2,540.72
1.02953669
2,547.39
08/24/00
NPR-w/d
1,345.09
187
1.02669512
1,381.00
1.02937730
1,384.61
08/29/00
NPR-w/d
522.79
182
1.02597215
536.37
1.02858069
537.73
08/31100
NPR-w/d
200.00
181
1.02582762
205.17
1.02842144
205.68
08/31/00
Uninvested Cash
66,625.32
181
1.02582762
68,346.10
1.02842144
68,518.91
09/08100
NPR-w/d
1,651.06
173
1.02467211
1,691.80
1.02714835
1,695.88
09/15/00
Invested Cash
(138,214.74)
166
1.02366209
(141,485.19)
1.02603569
(141,813.26)
09/19/00
NPR-w/d
336,137.90
162
1.02308539
343,897.78
1.02540042
344,675.94
09/22/00
NPR-w/d
541.25
159
1.02265308
553.51
1.02492423
554.74
09/26/00
NPR-w/d
590.74
155
1.02207695
603.78
1.02428965
605.09
09/27/00
NPR-w/d
15.64
154
1.02193296
15.98
1.02413107
16.02
09/30/00
Uninvested Cash
62,806.35
151
1.02150114
64,156.75
1.02365547
64,292.06
10/03/00
NPR-w/d
439.57
148
1.02106950
448.83
1.02318009
449.76
10/03/00
NPR-w/d
740.56
148
1.02106950
756.16
1.02318009
757.73
10/04/00
NPR-w/d
2,288.89
147
1.02092565
2,336.79
1.02302167
2,341.58
10110/00
NPR-w/d
166,108.83
141
1.02006304
169,441.48
1.02207172
169,775.14
10/11/00
NPR-w/d
590.74
140
1.01991934
602.51
1.02191348
603.69
10/13/00
Invested Cash
(111,180.33)
138
1.01963200
(113.363.03)
1.02159708
(113,581.50)
10/16/00
NPR-w/d
53.04
135
1.01920115
54.06
1.02112265
54.16
10/17100
NPR-w/d
23,100.00
134
1.01905757
23,540.23
1.02096456
23,584.28
10/18/00
NPR-w/d
82,691.60
133
1.01891401
84,255.63
1.02080649
84,412.12
10124/00
NPR-w/d
2,335,543.27
127
1.01805309
2,377,707.05
1.01985859
2,381,923.87
10125/00
NPR-w/d
970,036.92
126
1.01790968
987,409.97
1.01970070
989,147.32
10/27/00
NPR-w/d
112.07
124
1.01762291
114.04
1.01938498
114.24
10/30/00
NPR-w/d
211.33
121
1.01719290
214.96
1.01891158
215.33
10/31/00
NPR-w/d
1,979.62
121
1.01719290
2.013.66
1.01891158
2,017.06
10/31/00
Uninvested Cash
59,391.47
121
1.01719290
60.412.58
1.01891158
60,514.65
11/01/00
NPR-w/d
91,091.51
120
1.01704961
92,644.58
1.01875383
92,799.82
11/02/00
NPR-w/d
15.64
119
1.01690633
15.90
1.01859610
15.93
11/03/00
NPR-w/d
105.56
118
1.01676308
107.33
1.01843840
107.51
11/06/00
NPR-w/d
844.20
115
1.01633344
857.99
1.01796544
859.37
11108/00
NPR-w/d
797.94
113
1.01604711
810.74
1.01765026
812.02
11109/00
NPR-w/d
319.20
112
1.01590398
324.28
1.01749270
324.78
11/13/00
NPR-w/d
150.00
108
1.01533165
152.30
1.01686273
152.53
11114/00
NPR-w/d
1,394.48
107
1.01518861
1,415.66
1.01670529
1,417.78
11114/00
NPP - Dep
0.00
107
1.01518861
0.00
1.01670529
0.00
11/15/00
NPR-w/d
164,054.56
106
1.01504560
166,522.86
1.01654788
166,769.32
11/15/00
Invested Cash
(91,557.53)
106
1.01504560
(92,935.07)
1.01654788
(93,072.62)
11/16/00
NPR-w/d
1,143.67
105
1.01490261
1,160.71
1.01639050
1,162.42
11/2B/00
NPR-w/d
16.15
93
1.01318828
16.36
1.01450378
16.38
11130/00
NPR-w/d
100.00
91
1.01290284
101.29
1.01418967
101.42
11/30/00
Uninvested Cash
45,330.99
91
1.01290284
45,915.89
1.01418967
45,974.22
12/01/00
NPR-w/d
96.35
90
1.01276015
97.58
1.01403265
97.70
12/07/00
NPR-w/d
962.49
84
1.01190443
973.95
1.01309105
975.09
12/11/00
NPR-w/d
66,104.22
80
1.01133435
66,853.47
1.01246380
66,928.13
12/15/00
Invested Cash
(64,611.96)
76
1.01076459
(65,307.48)
1.01183693
(65,376.76)
12/18/00
NPR-w/d
627.88
73
1.01033749
634.37
1.01136704
635.02
12/27/00
NPR-w1d
2,392.74
64
1.00905725
2,414.41
1.00995867
2,416.57
12/31100
Uninvested Cash
46,170.66
61
1.00863086
46,569.15
1.00948965
46,608.80
01/02101
NPR-w/d
146,665.34
59
1.00834671
147,889,51
1.00917709
148,011.30
See Schedule G4 - Commingled Fund Adjustment Analysis.
anytown Page 26
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G3 - Acquisition Fund (#274) Fund 2
Yield Restriction Analysis Cash Flow
Net
Yield Restriction Calculations
IRR Calculations
Nonpurpose
Muni -Days/
Investments
Computation
FV Factor @
FV As Of
FV Factor @
FV As Of
Date
Description
Cash Flow
Date
5.136622%
03101/01
5.652444%
03/01101
01/04101
NPR-w/d
1,143.75
57
1.00806263
1,152.97
1.00886463
1,153.89
01/05101
NPR-w/d
173.98
56
1.00792062
175.36
1.00870843
175.50
01/12/01
NPR-w/d
100.00
49
1.00692712
100.69
1.00761574
100.76
01/12/01
NPR-w/d
1,080.18
49
1.00692712
1,087.66
1.00761574
1,088.41
01/12/01
NPR-w/d
83,412.49
49
1.00692712
83,990.30
1.00761574
84,047.74
01/12/01
Invested Cash
(57,923.02)
49
1.00692712
(58,324.26)
1.00761574
(58,364.15)
01/22/01
NPR-w/d
14.97
39
1.00550954
15.05
1.00605682
15.06
01/26101
NPR-w/d
809.27
35
1.00494306
813.27
1.00543392
813.67
01/31/01
Uninvested Cash
44,931.77
31
1.00437691
45,128.43
1.00481141
45,147.96
02/05101
NPR-w/d
100.96
26
1.00366966
101.33
1.00403381
101.37
02/06/01
NPR-w/d
47,656.91
25
1.00352827
47,825.06
1.00387836
47,841.74
02/12/01
NPR-w/d
1,444.20
19
1.00268035
1,448.07
1.00294619
1,44BA5
02/13101
NPR-w/d
53,846.26
18
1.00253910
53,982.98
1.00279091
53,996.54
02/14101
NPR-w/d
486.78
17
1.00239787
487.95
1.00263565
488.06
02/15101
NPR-w/d
108.00
16
1.00225666
108.24
1.00248042
108.27
02/15/01
Invested Cash
(76,618.95)
16
1.00225666
(76,791.85)
1.00248042
(76,808.99)
02/16101
NPR-w/d
9,146.12
15
1.00211547
9,165.47
1.00232522
9,167.39
02/20/01
NPR-w/d
16,478.00
11
1.00155091
16,503.56
1.00170463
16,506.09
02/21101
NPR-w/d
200.00
10
1.00140982
200.28
1.00154954
200.31
02/21/01
NPR-w/d
1,074.84
10
1.00140982
1,076.36
1.00154954
1,076.51
02121/01
NPR-w/d
2,338.78
10
1.00140982
2,342.08
1.00154954
2,342.40
02/27/01
NPR-w/d
1,565.696.20
4
1.00056369
1,566,578.77
1.00061953
1,566,666.20
02/28/01
NPR-w/d
277.89
1
1.00014089
277.93
1.00015485
277.93
03101/01
Balance 2
7,140,923.83
0
1.00000000
7,140,923.83
1.00000000
7,140,923.83
Earnings: 3,388,247.53 Excess Earnings: 326,081.39 Q,QQ
See Schedule G4 - Commingled Fund Adjustment Analysis.
'See Schedule G1 - Remaining Balance Analyses.
anytown Page 27
• • • • 0 • • ! • 0
r.: 4-?,A5,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. f)
Series Z
Schedule G4 - Acquisition Fund (#274) Fund 2
Commingled Fund Adjustment Analysts
Total I Subject to Rebate I Not Subject to Rebate
Cash Total Cash Average Cash Average
Date Description Flow Balance Flow Balance Dollar Days Balance Flow Balance Dollar Days Balance
09/30/97
Balance
64.923,640.87 '
64,923,640.87
62.232.380.27 '
62.232,380.27
020
2.691,260.60
2.691,260.60
09130/97
A,cauedhiterest
1.523,369.19
66,447,010.06
1.523.362.19
63,755,749A6
0.00
2,691,260.60
09/30197
Uninvested Cash
(1,523,369.19)
64,923,640.81
(1.523,369.19)
62.232.380.27
0.00
2.691,260.60
10/10197
NPR-w/d
(397.50)
64,923,243.37
(397.50)
62,231,982-77
622,323.802.70
2.691.260.60
10115197
Invested Cash
323,904.60
65.247.147.97
323.904.60
62.555.887.37
311,159,913.85
2,691.260.60
10115/97
NPRw ld
(397.685.01)
64.849.462.96
(397.685.01)
62.158.202.35
0.00
2,691,260.60
10/16/97
NPR-wid
(139,935.15)
64.709.527.81
(139.93515)
62,018.267.21
62.158.202.36
2.691.260.60
10121/97
NPP4)ep
63028
64,710,158.09
62,018,267.21
310.091.336.05
63028
2.691.890.88
10121/97
NPR -aid
(1,480.86)
64,708.677.23
(1,48086)
62,016.786.35
0.00
2,691.890.88
10/23/97
NPP-Dep
104.00
64.708.701.23
62.016.786.35
124.033,572.70
104.00
2,691.994.88
10/27/97
NPR-wdd
(451.993.00)
64,256.788.23
(451.993 00)
61.564.793.35
245.067,145.40
2.691.994.88
10128/97
NPR-w/d
(668.45)
64,256.119.78
(668.45)
61.564,124.90
61.564.793.35
2,691."Cli8
MOM?
NPR+wid
(249.80)
64255,869.98
(249 80)
61.563.875.10
123.128.249.80
2,6131.994.88
10131/97
Interest
326.601.36
64.582,471.34
313.027.26
61.876.902.36
61.563.875.10 62.067,448.11
13,574.10
2,705.568.98
1=1197
Uninvested Cash
(326,601.36)
64255.869.98
(313.027 26)
61,563,075.10
0.00
(13.574.19)
2.691.994.88
111D4i97
NPR-wid
138.145.33)
64.217.724.65
(38.145.33)
61,525,729.77
246,255.500.40
2,691.994.68
11106/97
NPRiwid
(4,321.43)
64.213,403 22
(4,321.43)
61.521,400.34
123.051,459.54
2,691,994.88
11/06/97
NPR-wid
(82.35)
64.213.320.87
(82.35)
61.521.325-99
O.OD
2,691.994.88
11/06/97
NPR-wid
938.591.20)
64,174,729.67
(38.591.20)
61.482.734-79
0.00
2,691.994.88
111U6197
NPR-wfd
(11.068.89)
64,163.660.78
(11,068.89)
61.471.665.90
0.00
2,691,994.68
11106197
NPR-w1d
(62.317.60)
64.101.343.18
(62,317.60)
61,409.348.30
0.00
2.691.994.88
WNW
NPR•w/d
(14.326.82)
64,087.016.36
(14,326.82)
61,395.021.48
0.00
2.691.994.88
11/07197
NPR-w/d
(508,801.05)
63.578.215 31
(508,801.05)
60,885.220.43
61.395,021.48
2,691.994.88
11114197
NPR-w1d
(77.044.95)
63,501.170.36
(77.044 95)
60.809.175.48
426,203.543.01
2,691,994.88
1 V14197
Invested Cash
316.385.25
63,817.555.61
316.385.25
61,125.560.73
0.00
2.691.994.08
11/30/97
Interest
312,353.15
64.129.908.79
299.185.18
61.424.745.91
978.008.971.68 61.163.516.54
13.168.00
2,705,162.88
11130197
Uninvested Cash
(312,353.18)
63.817.555.61
(299.18518)
61.125.560.73
0.00
(13,168.00)
2.691,994.88
12 O2197
NPR-w/d
(38.693.60)
63.778,862.01
(38.693.60)
61.086.867.13
122,251,121.46
2,691,994.88
12102197
NPR-wid
(11,0%.02)
63.767,765.99
(11.096 02)
61,075.771.11
0.00
2,691.994.88
12/02/97
NPR-w/d
(62,317.60)
63,705.448.39
(62.317.60)
61,013.453.51
0.00
2.691.994.88
12tD2197
NPR -void
(14.326.02)
63.691,121.57
(14.326.82)
60,999.126.69
0.00
2.691.994.88
12102197
NPR-wid
(300.826.45)
63.390.295.12
(300.826 45)
60,698.300.24
0.00
2.691.994.88
12104i97
NPR-wid
(292,507.93)
63.097,787.19
(292.507.93)
60.405,792.31
121.396,600.48
2,691,994.88
12/15/97
Invested Cash
299,5D5.77
63.397,292.96
299,505.77
60.705.298.08
664,463,715.41
2,691,994.88
12116/97
NPR-wid
(4,363.79)
63.392.929.17
(4,353.791
60.700,934.29
60.705,298.08
2,691,994.88
12JI6197
NPR-wid
(03.16)
63.392,846.01
(83.16)
60.700,651.13
0.00
2.691.994.88
12/19/97
NPR-wid
(68.648.50)
63.324.197.51
(68.W.50)
60.632,202.63
182.102,553.39
2,691,994.88
As set forth in the statements provided by the Issuer.
As set lath in the Prior Report (emduding acrnred Interest).
Page 28
0.00
0.00
0.00
26,912,606.DD
13,456.303.OD
0.00
2.691.260.60
13.456.303.00
0.60
5.383.781.16
10.767,979.52
2,691,994.'!
5,383,989.76
2,691,994.88
0.00
10,767,979.52
5,383,989.76
0.00
0.0
0.00
0.00
Oki
2.691.994.88
18.943.964.16
0.00
43,071,918,09
0.00
5,383,989.75
O.tid
0.00
0.00
oxc-
5,383,969.76
29,611.943.68
2.691.994.88
ODD
8.075.954.64
2,691.490.75
2,691 %4.88
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule G4 - Acquisition Fund (9274) Fund 21
Commingled Fund Adiustment Analysis
Total Subject to Rebate I Not Subject to Rebate
Cash Total Cash Average Cash Average
Date Description Flow Balance Flow Balance Dollar Days Balance Flow Balance Dollar Days Balance
12130197
NPR-w1d
(11,09G.02)
63,313.101.49
(11.09602)
60,621.106.61
666.954.228.93
2,691,994.88
29,611.943-68
12/30/97
NPR-w1d
(42.204 25)
63.270.897.24
(42.204.25)
60.578,902.36
0.00
2.691,994.8E
0.00
12/30/97
NPR-wid
(61,7D9.20)
63.209.188.04
(61.709 20)
60.517.193.16
0.00
2.691,994.88
0.00
12/30197
NPR-w1d
(14,185.OE)
63,195.002.96
(14.185D8)
60,503,008.08
0.00
2,691.994.88
0.00
12/31/97
NPR-w1d
(291.322.29)
62,903.680.67
(291.322 29)
60.211.685.79
60.503.008.08
2,691,994.88
2,691,994-08
12/31/97
Interest
314,099-29
63.217.779.96
300,738.20
60,512,423.99
0.00
60.592,791.16 13,361.09
2,705.355.97
0.00
12id1197
Uninvested Cash
(314.099.29)
62,903,680.67
(300.73820)
60.211.685.79
0.00
(13,361.09)
2,691.994.68
0.00
01/15/98
Invested Cash
331,25B.70
63.234.939.37
331,258.70
60.542.944.49
903.175.286.85
2.691,994.88
40.379.92320
01116/98
NPR-w1d
16.990 00)
63.227,949.37
(6.990.00)
60,535,954.49
60.542.944.49
2,691.994.90
2,691,994.8E
01/23198
NPR-wid
(69,351.00)
63.158.598.37
(69.35100)
60.466.603.49
423,751.681.43
2.691.994.88
18,543,964.16
0127198
NPR-wid
(85,939.00)
63,072.659.37
(B5.93900)
60,380.664A9
241.866.413.96
2,691,994.88
10.767.979.52
0128198
NPR-w1d
(11.240.63)
63.061418.74
(11.24063)
60.369.423.86
60.380.664.49
2.691.994.88
2.691.994.88
0128198
NPR-wid
(120.000.00)
62,941,418.74
(120.000.00)
60.249.423.86
0.00
2,691,994.8E
0.60
0113I98
Interest
313,880.86
63255,299.60
300,475.00
60,549.898.86
180.748.271.58
60.337.589.12 13,405.66
2.705.400.74
8.075.984.64
01/31/98
Uninvested Cash
(313,1380.66)
62.941.418.74
(300.475.00)
60.249.423.86
0.00
(13,405.86)
2.691.994.88
0.00
02105/98
NPR-wld
467,139.60)
62,874.279.14
(67.139.50)
60.182284.26
301,247.119.30
2,691,994.8E
13.459.974-40
02105(98
NPR-wid
(19.118.80)
62,855.160.34
(19.118.80)
60.163.165.46
0.00
2.691.994.88
D.00
02105198
NPR-wid
193.718.80)
62.761.441.54
(93,718.80)
60.069.446.66
0.00
2.691.994.88
0.00
(00519a
NPR-w1d
121.545.94)
62,739,895.60
(21.545.94)
60.047,9D0.72
0.00
2.691.994.88
0.00
02106198
NPR-wld
(9,BD0.00)
62,730,095.60
(9,E00.0D)
60,038,100.72
60,047,9D0.72
2.691.994.88
2.691.994.8E
021D8198
NPR-wid
(302.16)
62.729,793.44
(302.16)
60.037.798.56
120.076,201.44
2.691.994.88
5,383,98916
0211198
NPR -rid
(2.978.00)
62.726.815.44
(2.978.00)
60,034.820.56
180,113.395.68
2,691,994.88
B,D75,984.64
02113198
Invested Cash
294.116.62
63.020.932.06
292.379.27
60.327,199.83
120,069.641.12
1,737.35
2.693.732.23
5,383.989-16
02117/98
NPR-w1d
(48,600.86)
62,972.331.20
(48,600.86)
60.276.598.97
241,308,799.31
2.693,732.23
10,774.928.03
0220/98
NPR-wdd
(4D0.00)
62.971.931.20
(400.00)
60.278,198.97
180,935,796.91
2.693.732.23
8.081.196.69
02120/98
NPR-w/d
(69,506 00)
62,902.425.20
(69.506.00)
60.208.692.97
0.00
2.693.732.23
0.00
0224198
NPR-w1d
(8,657.61)
62,893.767.59
(8,657.61)
60.200.035.36
240,834,771.87
2.693,732.23
10.774.92893
02124198
NPR -rid
(164.98)
62.893.602.61
1164.98)
60.199.870.38
0.00
2,693.732.23
0.00
02r24198
NPR.wid
(315.052 35)
62.578.550.26
(315.052.35)
59,884,818.03
0.00
2.693.732.23
0.00
0212619E
NPR-w1d
(11.240.63)
62.567,309.63
(11.24063)
59.873.577.40
119,769.636.06
2.693.732.23
5.357.464.46
0228198
Interest
284,449-69
62.851,759.32
272,269 50
60.145,836.90
119,747.154.8D
60.144,657,76 12.190.19
2,705,922.42
5.357.464.45
0228198
Uninvested Cash
(284,449 69)
62.567.309.63
(272259.50)
59.873,577.40
0.00
(12.190.19)
2,693,732.23
0.0D
03/05198
NPR-wld
(16.326.64)
62.550,982-99
(16,326.64)
59.857.250.76
299.367.806.99
2.693,732.23
13.468.661.16
0310519E
NPRavld
(62.919.20)
62,48E.D63.79
(62,919 20)
59,794.331.56
0.00
2.693.732.23
0.00
03/05198
NPR -rid
(14.465.22)
62.473,598.57
(1446522)
59.779.866.34
0.00
2,693.732.23
O.OD
0311119E
NPR-w1d
(1,06521)
62,472.533.36
(1,06521)
59.778,801.13
350.679,198.03
2,693.73223
16,162.393.39
03/12/98
NPR-w/d
(686.31)
62.471.847.05
(686.31)
59.778.114.82
59,778.801.13
2,693,732 23
2,693,732.23
03/13/98
Invested Cash
339,705.74
62.811.552.79
325,553.21
60.103.668.03
59,778.114.82
60.003,577.14 14.152.53
2.707.884.76
2.693,732.23
03/17/98
NPP-Dep
123.70
62.811.676.49
60,103.66B.03
240.414,672.12
123.70
2.708.008.46
10.831,539.04
03117/98
NPR w/d
(4.299.35)
62.807,377.14
(4,299.35)
60,099,368.6E
0.00
2.708.008.46
0.D0
03/20/98
NPP•DOp
164,OD4.30
62.971.381.44
60.099.368.60
180,298,106.D4
164,004.30
2.872,012.76
8,124,025.,n
03/23/98
NPR-w1d
(57.384.32)
62.913.997.12
(57.384.32)
60.041.984.36
180,298,106.04
2,672,012.76
8,616.038.28
03/24/98
NPR wld
(18,081.93)
62.895.915.19
(18.081.93)
60.023.902.43
60,041,984.36
2,872.012.76
2.872.012.76
Page 29
2.691,994.88
2.691.994.88
2.692.925.60
2.693.732.23
le G4 - Acquisition Fund (#274)
Paled Fund Ae ustmentAnallrsts
.069,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Fund 2
Total Subject to Rebate I Not Subject to Rebate
Cash Total Cash Average Cash Average
Date Description Flow Balance Flow Balance Dollar Days Balance Flow Balance Dollar Dais _ Balance
03/24/98
NPRavld
(813.33)
62.895,101.86
4813 33)
60.023.089.10
0.00
2,872,012.76
040
03/24/98
NPR-wld
(447 82)
62.894,654.04
4447.82)
60.022,641.28
0.00
2.872,012.76
0.60
03127/98
NPR-w1d
(11.240.63)
62,883.413.41
(11.740.63)
60,011,40D.65
180.067.923.84
2,872.012.76
8,516,038.28
03/30/98
NPR-w1d
(138.47)
62.883.274.94
1138 47)
60.011.262.18
180,034.201.95
2.872.012.76
8,616.038.28
03/31198
NPR-w/d
(352.64)
62.862,922.30
(352 64)
60.010,909.54
60,011,262.18
2,872,012.76
2.872,012.76
03/31198
Interest
305,892.04
63.188.814.34
292.229.45
60,303,138.99
0.00
60.054,792.03 13.662.59
2.885.675.35
0.00
03/31/98
Uninvested Cash
(305,892-04)
62.802,922.30
(292.229.45)
60.010,909.54
0.00
(13.662.59)
2,872,012.76
0.00
04/01/98
NPR-w1d
(48,063 41)
62,834,858.89
(48.063 41)
59.962,846.13
60,010,909.54
2.872,012.76
2.872.012.2.6
04/01/98
NPR-w1d
(11,175.42)
62.823,683.47
(11.175.42)
59,951,670.71
0.00
2,872.012-76
0.t;0
04101/98
NPR-w1d
(63.656.80)
62.760.026.67
(63.656.80)
59,988,013.91
0.00
2,872,012-76
0.00
04101198
NPR-wld
(14,634.92)
62.745,391.75
(14,634 921
59.873,378.99
0.00
2.872,012.76
0.00
04/02/98
NPR-w/d
(427,946.00)
62.317,445.75
(427.946.00)
59.445.432.99
59.873,378.99
2,872,012.76
2,672,012.76
04/07/98
NPR-%vId
(5,418.05)
62.312.027.70
(5,418.05)
59,440,014,94
297.227.164.95
2.872,012.76
14,360,063.80
04/07/98
NPR-wld
(1,582.431)
62.310,444.79
(1.582.91)
59.438,432.03
0.00
2,872,012.76
0.10,0
04/14/98
NPR-%r1d
(104.401.00)
62,206,D43.79
(104.401.00)
59,334.031.03
416,069.024.22
2,872.012.76
20,104,089.31
D4115198
Invested Cash
326,291-96
62.532.335.75
312,509.46
59,646.540.50
59,334,031.03
59.808.508.04 13,792.50
2,885.795.25
2,672.012.16
04117/98
NPR-w/d
(2,712.00)
62,529,623.75
(2.712.00)
59,643,828.50
119,293,080-99
2,885.795.25
5,771,590.61
04/29/98
NPR wld
(11,24D.63)
62,51B,383.12
(11.240.63)
59,632.507.87
715,725,941.95
2,885,795-25
34.629.543.05
04130198
NPR-w/d
(291.57)
62,518,091.55
(291.57)
59,632,296.30
59,632,587.87
2,885.795.25
2.885.795.25
04130/98
NPR-w/d
(15,3DD.36)
62,502.791.19
(15,300.36)
59.616.995.94
0.00
2.885,795.25
0.00
04/30198
NPR-w/d
(43,96B.D0)
62,458,823.19
(43,968.00)
59.573.027.94
0.0D
2,885,795.25
0.00
04130/98
NPR-w/d
(11.828.41)
62,446,994.78
(11,828.41)
59.561.199.53
0.00
2.885,795.25
0.00
04130/98
NPR-w/d
(63.656.80)
62.383.337.98
(63,696.90)
59.497,542.73
0.00
2,885,795.25
0.00
04f30/98
NPR w!d
(14.634.72)
62,368.703.26
(14.634.72)
59,482,908.07
0.00
2,885,795.25
D.00
04/30/98
NPR-wld
(71,036.00)
62.297.667.26
(71.03600)
59,411,872.01
0.00
2,885.795.25
0.00
0413MB
Interest
351,101.37
62.648.768.63
334,916.11
59.746,788.12
0.00
59.572.203-98 16.185.26
2,901,98D.51
0.00
04r30198
Uninvested Cash
(351,101 37)
62,297,667.26
(334.916.11)
59,411.872.01
0.00
(16,105.26)
2,885.795.25
0.00
05105/98
NPR-wld
(3,911.94)
62.293.755.32
(3.91194)
59,407,960.07
297,059,360.03
2,885,795.25
14,428.976.27
05/15198
Invested Cash
325,899.50
62.619.654.82
312,022.26
59.719,982.32
594,079,600.66
13,877.24
2,899.672.50
28,857.952.54
05/20/98
NPR w/d
(66.724.00)
62.552.930.02
(66.724 00)
59.653,258.32
298.599,911-60
2,899,672.50
14,498,362.5b
05/27/98
NPR-w/d
(18.96637)
62.533,964.45
(18,966.37)
59.634.291.95
417,572,808.24
2,899,672.50
20,297.707.50
05128/98
NPR-w/d
(10.425.57)
62.523.538.88
(10.425.57)
59,623.866.38
59,634,291.95
2,899,672.50
2.899,672.50
05/28/98
NPR-wid
(198.68)
62,523.340.20
(198.68)
59.623.667.70
0.00
2.899.612.50
0.00
05128/90
NPR-w/d
(2.656.00)
62.520.684.20
(2.656 00)
59.621,011.70
0.00
2.899.672.50
0.00
0513119E
Interest
303,755.94
62,824,440.14
289,681-29
59,910.693.00
178.863.035.10
59.542,M.05 14.074.65
2,913.747.14
8.699.017.50
05/31/98
Uninvested Cash
1303,755.94)
62,520,684.20
(289.681 29)
59.621.011.70
0.00
(14.074.65)
2,899.672.50
0.00
06101/98
NPR-wld
(55,055.4D)
62.465,628.80
(55.05540)
59.565,956.30
59.621.011.70
2,899.672.50
2,899,672.5;3
06/03/98
NPR-w/d
(1,440.D0)
62,464.100.80
(1.44000)
59.564,516.30
119.131.912.60
2.899.672.50
5.799.345.00
06/08/98
NPR-w1d
(280,349.00)
62.183.839.80
(280.34900)
59.284.167.30
297.822,581.50
2,899,672.50
14,498,362.50
06/12/98
NPR-w/d
(44,055.20)
62.139,704.60
(44.055.20)
59.240,112.10
237,136,669.20
2.899.672.50
11,598,690.00
06/12/98
NPR-w1d
(11.851.52)
62.127.933.08
(11.05152)
59.228.260.58
0.00
2,899.672.50
0.00
06/12/98
NPRrWd
(60.197 20)
62.067,735.88
(60.197.20)
59,168,063.38
0.00
2.899,672.50
0.00
M12198
NPR-w1d
(13,839.33)
62.053,896.55
(13.839.33)
59.154.224.05
0.00
2.899,672.50
0.00
anytown Page 30
2,808,205.82
2.837.208.97
2,878,904.01
2,892.957.70
• • • • s • • • • • s
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G4 - Acquisition Fund (#274) Fund 2
Commingled Fund Adjustment Ana"Is;
Total
Subject to Rebate
Not Subject to Rebate
I
Cash
Total
Cash
Average Cash
Average
Date
Description
Flow
Balance
Flow
Balance
Dollar Days
Balance Flow
Balance
Dollar D.As
Balance
06115/98
NPR-w1d
(405 00)
62.053 491.55
(405.D0)
59.153.819.05
177,462,672.15
2,899.672.50
1
8,699,017.F9
06/17/98
NPRwwfd
(169.01)
62,053.322.54
(16901)
59,153,650.04
118,307.638.10
2,899.672.50
5.799.345.00
06123198
Invested Cash
200.921.39
62.254243.93
191.947.29
59.345,597.33
354.921.900.24
8,914.10
2,9138.646.60
17,398,035.W
06123198
NPR-w1d
(113.159-381
62.141.084 55
(113.159.38)
59.232.437.95
0.00
2.908.646.60
0.00
06/24/98
NPP-Dep
154.57
62,141,239.12
59.232.437.95
59.232.437.95
154-57
2,9D8,501.17
2,908.646.60
06/25/93
NPR-wld
(63.978.40)
62,077,260.72
(63,978.40)
59,168,459.55
59.232.437.95
2,908,801.17
2,908.801.17
D6125/98
NPRwwld
(14.70864)
62.062,552.08
(14,708.64)
59.153,750.91
0.00
2.900,801.17
0.00
06/25198
NPRwWd
(44,055 20)
62.018.496.88
(44.055.20)
59.109.695.71
0.00
2.908.801.17
0.00
06125198
NPRww1d
(11,851.52)
62,006,645.36
(11.851.52)
59,097,844.19
0.00
2,9D8,801.17
0.00
06/30/98
Reimb
54,716.00
62,061,361.36
54.716.00
59.152.560-19
295.489.220.95
2,91M,801.17
14,544,005.85
OW -Ma
Interest
294.563.49
62.355.924.85
280,816.98
59,433.377.17
0.00
59.278,616.08 13,746.51
2.922.547.68
0.00
2.901.797.37
OW0198
Uninvested Cash
(294.563 49)
62.061.361.36
(280.816.98)
59.152.560.19
000
(13.746.51)
2,9W.501.17
0.00
07/09/98
NPR-w1d
(4,14804)
62.057.213.32
(4,148.04)
59,148,412.15
532,313,041.71
2.908.801.17
26.179,210.53
071D9198
NPR-w1d
(5.148.00)
62,052,065.32
(5.148.00)
59,143.264.15
0.00
2,908.801.17
0.00
07109/98
NPRwWd
(1.421.00)
62.050.644.32
(1.421.00)
59,141,843.15
0.00
2,908.801.17
0.00
07113198
NPRwWd
(7,085.00)
62,D43,559.32
(7,085.00)
59,134,758.15
236.567,372.60
2,908.801.17
11.635.204.68
07115/98
Invested Cash
453,847.86
62,497.407.18
434.151.18
59,568.909.33
118.269.516.30
19,696.68
2.928.497.85
5,817,602. 4
O7122198
NPRwwid
(66,843 00)
62.430.564.18
(66.843 00)
59,502.066.33
416,g82,365.33
2,928,497.85
20.499,484.93
07/23198
NPR-wid
(15.41932)
62.415.144.86
(15,419321
543.486.647.01
59.502.066.33
2,928.497.85
2.928.497.85
07123AS
NPR-wdd
(22.392.44)
62.392.752.42
(22.392.44)
59,464254.57
0.00
2,928.497-85
0.470
07/24/98
NPR-wid
(854.173 DD)
61.538,579 42
(854,173.00)
58.610,081.57
59A64,254.57
2.928.497.85
2.928,497.85
07/27/98
NPR-wid
(2.205 DO)
61.536,374 42
(2,205.00)
58.607,876.57
175,830,244.72
2.928.497.85
8.785,493.54
07/28/98
NPRwwld
(11.240.63)
61.525.133.79
(11.240.63)
58.596,635.94
58.607.876.57
2,928.497.05
2,928,497.85
07129198
NPRwvld
(245.582.14)
61.279.551.65
(245.582.14)
58.351.053.80
58,5%.635.94
2,928.497.85
2,928,497.95
07/30198
NPRwvld
1214 24)
61.279.337.41
(214.24)
58.350.839.56
58.351.053.80
2.928.497.85
2,928,497.85
07130M
NPR-wld
(11.24255)
61.268,094.86
(11.242.55)
55.339,597.01
0.00
2.928.497.85
O.Db
07131/98
Interest
301,318.96
61.569,413.02
287,142.95
58.626.739.96
68.339.597.01
59.125.291.13 14,176.01
2.942.673.86
2,928.497.85
2.918.95720
07131198
Uninvested Cash
(301.31896)
61.268.094.86
(287.142.95)
58.339.597-01
0.00
(14,176.01)
2,928.497.85
0.00
08/03/98
NPP-Dep
590.25
61.268.685.11
58.339,597.01
175.018.791.04
59025
2.929.088.10
8.765,493.54
08/03198
NPRww1d
(325.19)
61.268.359.92
(325.19)
58.339271.82
0.OD
2,929,088.10
0.00
08/04/98
NPRwwld
(6.292.83)
61.262.067.09
(6.292.83)
58,332,978.99
58,339271.82
2,929,080.10
2,929,088.17
=13198
NPRwwld
(18.9m.00)
61.243.167.09
(18,900.00)
58,314,078.99
524.996,810.94
2.929R88.10
26.361.792.87
08/14198
NPRwwld
(2.682.50)
61,240.484.59
(2,682.50)
58.311,396.49
58,314,078.99
2,929,OW.10
2,929,D88.10
08/15198
Invested Cash
400,194.03
61.640.678.62
381,985.12
58.693,381.61
58,311.396.49
18,208.91
2,947,297.01
2,929,088.14
08/17198
NPR-w1d
(5.898.59)
61,634.780.03
(5,898.59)
50.687.483.02
117.386.763.23
2.947.297.01
5.894,594.01
00/20198
NPR•wld
(49.918.63)
61.584,B61.40
(49.918.63)
58,637,564.39
176,062A49.07
2.947.297.01
8.641.891.02
oar21198
NPR-w1d
(961.81)
61,583.899.59
(96181)
58.636,602.58
58.637.564.39
2.947.297.01
2.947.297.01
08/27198
NPRww1d
(11.24063)
61,572.650.96
(11.240.63)
58.625.361.95
351.819.615.51
2.947.297.01
17.683,792.03
08/28198
NPR-wAd
(10.05705)
61,562.601.90
(10,057.06)
58.615.304.89
58.625.361.95
2.947.297.01
2.947,297.01
0813i198
Interest
297,310.55
61.859.912.45
283,089.95
58,898.394.85
175.845,914.68
58,495.419.94 14220.60
2,961.5 J 7.60
8,841,891.02
2.938.429.12
06131/98
Uninvested Cash
(297,310.55)
61.562,601.90
(283.089.95)
58.615.304.89
0.00
(14.220.60)
2.947.297.01
0.00
09/01/98
NPRwr1d
(26587)
61,562,336.03
(265.87)
58,615.039.02
58,615,3D4.89
2,947,297.01
2.947,297.01
09/02/98
NPRwv1d
(714,511.00)
60,847.825.03
(714,511.00)
57.900.526.02
5B,615,039.02
2.947,297.01
2.947,297.01
anytown Page 31
•
• • i • • • • • • •
Schedule G4 - Acquisition Fund (#274)
Commingled Fund Adjustment Analysis
$69,085,000
The City of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. ?)
Series Z
Fund 2
Total
Subject to Rebate
Not Subject to Rebate
Cash
Total
Cash
Average Cash
Average
Date
Description
Flow
Balance
Flow
Balance
Dollar Days
Balance Flow
Balance
Dollar Dais
Balance
09/09198
NPR-w/d
(142.57B 00)
60,705.247.03
(142,578.00)
57.757.950.02
405,303,696 17
2.947,297.01
A
20.631.079.114
09109198
NPR-w1d
(32.77B.63)
60,672,468.40
(32,778.63)
57.725.171.39
0.00
2,947297.01
0LD
0910919E
NPR•w1d
(105,509.9D)
60,566,958.50
(105.509.90)
57.619.661.49
0.00
2.947,297.01
0.00
09109198
NPR-w/d
(27.543.111
60,539,415.39
(27.543.11)
57,592.118.38
0.00
2,947297.01
0.00
D9110/9B
NPP-Dep
58.08
60.539,473.47
57,592,118.38
57.592,118.38
50.08
2.947,355.09
2,947.297.01
09/15/9B
NMw/d
(49.072.15)
60.490.401.32
(49.072.15)
57.543.046.23
287.960,591.92
2.947.355.09
14,736.775.43
09/15/98
Invested Cash
323.110.83
60,813.512.15
308.167.30
57.851.213.53
0.00
14.943.53
2.962,298.62
0.00
D9121198
NPP-Dep
1.151.34
60.814,663.49
57.851.213.53
347.107281.16
1,151.34
2.963,449.96
17,773,791.72
0921198
NPR-w/d
(14 40)
60,814.649.09
(14 40)
57.851.199.13
000
2.963.449.96
0.00
09122/98
NPR-wld
(10.924.61)
60,803.72448
(10.924.61)
57.840274.52
57.851.199.13
2,963,449.96
2,963.449.96
0923198
NPR-w1d
(210.775.50)
60,592.948.911
(210.77550)
57.629.499.02
57,840.274.52
2.963.449.96
2.953.449.06
0924198
NPR-w/d
(23.807.10)
60,569,141.88
(23.807.10)
57.605.691.92
57.629,499.02
2,963.449.96
2.963,449.96
09128/98
NPR-w/d
(44.123 42)
60,525.018 46
(44.123.42)
57,561.568.50
230,422.767.6E
2.963,449.96
11.353.799.84
0929198
NPR-w/d
166.662.48)
60,458,355.98
(66.662.48)
57.494,906.02
57,561,56B.50
2,963,449.96
2,963.449.96
O929198
NPR-w/d
(45.401.76)
60.412.954.22
(45.401.76)
57.449,504.26
0.00
2.963.449-95
ORD
0929198
NPR�w/d
(4,423.83)
60.408,530.39
(4,423.83)
57,445,080.43
0.00
2,963.449.96
0.00
O929198
NPR wld
(6,514.44)
60.402.015.95
(6,514.44)
57,438,565.99
0.00
2,963.449.96
0.00
09130/98
Interest
286,472.04
60.688.487.99
272.537.46
57.711,103.45
57,438.565.99
57,797.930.21 13.934.58
2.977,384.54
2.963.449.96
2,955,152.89
09130M
Uninvested Cash
(286.472.04)
60,4D2,015.95
(272.537.46)
57.438,565.99
0.00
(13.934.58)
2,963,449-96
0.00
10114/98
NPR-w/d
(4.831.001
60,397,154.95
(4,831.00)
57.433,734.99
604,139,923.85
2.963,449.96
41,488,299.45
10115/98
Invested Cash
263,815.38
60,661,000.33
251,536.52
57.685.271.51
57.433,734.99
12.278.86
2,975.728.82
2.963,449.96
10/15198
NMw/d
(174,202.39)
60,486.797.94
(174.202.39)
57,511.069.12
0.00
2.975,728.82
0.00
10119/98
NPWw1d
(57,803.D0)
6OA28.994.94
(57,803.00)
57,453,266.12
230,044,276.47
2,975,72B.82
11.902,915.29
1020198
NPR- wid
(2.002 29)
60.426,992.65
(2,002.29)
57.451.263.83
57,453266.12
2.975.723.82
2,975,725.82
1020/98
NPR-w/d
(105,071.26)
60.321.921.39
(105.071.26)
57,346,192.57
0.00
2.975,728.82
0.00
1020198
NPR w/d
(50.00)
60,321,871.39
(50 DO)
57,346.142.57
0.00
2,975,728.82
0.00
1023/95
NPP-DeP
161.877.30
60,483.748.69
57.346,142.57
172,038.427.70
161,577.30
3.137,608.12
8,927.188.47
102319E
NPR-w/d
(17,072.37)
60.466,676.32
(17.07237)
57,329.070.20
0.00
3.137,606.12
0.00
1026198
NPR-w/d
(24.08)
60.466.652.24
(24 08)
57.329,046.12
171.987,210.59
3,137,606.12
9.412.818.37
1027198
NPR�wld
111.240.63)
60,455.411.61
(11.240.63)
57,317.805.49
57.329.046.12
3,137,606.12
3.137,608.12
102819E
NPR-w/d
(47.D50.24)
60,408.361.37
(47.050.24)
57.270,75525
57,317,805.49
3,137.606.12
3,137,6D6.12
102819E
NPR-w/d
(10,045.20)
60.398.316.17
(10.04520)
57,260.710.05
0.00
3,137,606.12
0.00
1028M
NPR-wld
167,11B.40)
60.331.197.77
(67.11B40)
57.193.591.65
ODD
3.137.606.12
0.00
102819E
NPR-w/d
(12.593.54)
60,318.604.23
(12.5433.54)
57,180.998.11
0.00
3,137.606.12
0.00
1029/98
NPR-w/d
(3,834.12)
60,314.770.11
(3,83412)
57,177,163.99
57,180,998.11
3.137.606.12
3.137,606.12
1029198
NPR-w/d
(73.06)
60,314,697.D5
(7306)
57.177.090.93
0.00
3,131,606.12
0.00
10/31195
Interest
302.703.05
60,617.400.10
287.612.10
57.464.703.02
114,354,181.B5
57.396.092.62 15,090.95
3,152,697.08
6.275.212.25
3.011,562.23
10/31/98
Uninvested Cash
1302.703.05)
60.314.697.05
(287.61210)
57.177.090.93
0.00
(15,D90.95)
3.137,606.12
0.00
11/04/98
NPR-w/d
(725.95)
60.313.971.10
(725.95)
57,176.364.98
228,708.363.71
3,137,606.12
12.550,424.49
11105/98
NPR-w1d
(137,217.00)
60.176,754.10
(137.217 00)
57,039.147,9E
57.176.364.98
3.137,606.12
3.137.605.12
11106/98
NPR-w/d
(507.53)
60.176.246.57
(507.53)
57.038.640.45
57,039.147.98
3.137,6D6.12
3,137,606.12
11109198
NPR-wid
(168.65)
60.176,077.92
(168.65)
57,038.471.80
171.115.921.34
3,137,606.12
9,412,818.37
11110198
NPR-w/d
(11.50)
60.176,066.42
(11.50)
57.038.460.30
57,038.471.B0
3.137.606.12
3.137,606.12
apybm- Page 32
• • • • • • • • • • •
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 11)
series Z
Schedule G4 - Acquisition Fund (#274) Fund 2
Commingled Fund Adjustment Analysis
Total r subject to Rebate i Not subltece to Rebate
Cash Total Cash Average Cash Average
Date Description Flow Balance Flow Balance Dollar Days Balance Flow Balance Dollar days Balance
11/10/98
NPR-wid
(603.64)
60.175.462.78
(603.CA)
57,037.856.66
0.00
3,137.606.12
0.00
11/10/98
NPR-Wd
(93.80)
60.175.368.98
(93 80)
57,037,762-86
0.00
3,137,606.12
O.DO
11112/98
NPR-wid
(13.920.00)
60.161.448.98
(13.920.00)
57.023,842.86
114.075.525.71
3.137.606.12
6.275.212-25
11113198
NPR-w/d
(6,037.53)
60.155,411.45
(6,037.53)
57.017.805.33
57.023,842.86
3.137.606.12
3,137.606.12
11116/98
Investod Cash
254.607.42
60 410.09B 87
242.75420
57,260.559.61
171.053.415.98
11.933.14
3.149.539.26
9.412,818.37
11/18198
NPR-w1d
(61.211.32)
60.348,087.55
(61.211.32)
57.199,348.29
114.521.119.22
3.149.539.26
6.299.078.52
11123/98
NPR-w1d
(107.504.00)
60.241.383.55
(107.504.00)
57.091.044.29
285.996.741.46
3,149.539.26
15,747.696.29
1124198
NPR /d
(20.82)
60.241.362.73
(26.82)
57.091,823.47
57.091.844.29
3.149.539.26
3.149.539.26
t125198
NPR-wM
(49.469.50)
60.191.893.23
(49.469.50)
57,042,353.97
57.091.823.47
3.149.539.26
3.149.539.26
1125198
NPRawld
(10.045.20)
60.181.848.03
110.045.20)
57,032.308.77
0.00
3.149.539.26
0.00
1125198
NPR-wid
(67.261.60)
60.114,586.43
(67.261.60)
56,965,047.17
0.00
3.149.639.26
ODD
IW5/98
NPR-wM
112.620.62)
60,101.965.61
(12.620.82)
56.952.426.35
0.00
3,149,539.26
0.00
1125198
NPR /d
(11.801.14)
60.090,164.47
(11.801 14)
56,940.625.21
0.00
3,149,539.26
0.00
1125198
NPR w1d
(224.89)
60.089.939.50
(224.89)
56.940.400.32
0.00
3.149,539.26
0.00
1125198
NPR-w/d
(5.942.00)
60.083.997.50
(5,942.00)
56.934.458.32
0.00
3,149,53926
0.00
11/30198
NPR-w/d
112.189.66)
60.071.807.92
(12,189 661
56.922.268.66
284.672291.61
3.149,539.26
15.747.696.29
11/30198
lydenesl
278,472.78
60.350.280.70
253,940.34
57.186.209.01
0.00 57,086,829.15
14,532.44
3.164.071.69
0.00 3.143.174.92
11130198
Uninvested Cash
(278.472.78)
60.074,807.92
(263,940 34)
56.922,268.66
0.00
(14.532.44)
3,149,539-26
0.00
12101/98
NPR-w/d
(9.272.21)
60,062.535.71
(9,272.21)
56,912,9%.45
56.922.268.66
3.149,639.26
3.149.539.26
12102198
NPR-w/d
(6,123.60)
0,056.412.11
(6,123.60)
56,906,872.B5
56,912,9%.45
3.149.539.26
3.149.539.26
12/03/98
NPRiwd
(1,791,337.11)
58.265.075.00
(1,791,337.14)
55.115.535.74
56.906.872.85
3.149.539.26
3,149.539.26
12/07198
NPR-w/d
12.314.55)
58.262,760.45
(2,314.55)
55,113221.19
220.462,142.96
3,149.539.26
12,598,157.04
12107/98
NPR-wid
(44.11)
58,262.716.34
(4411)
55,113.177.08
0.00
3,149.53926
O.OD
12107198
NPR-w/d
(993.74)
58,261.722.60
(993.74)
55.112.183.34
0.00
3.149.53926
0.00
12108MO
NPRawld
(95.63826)
58,165,084.34
(96,638.26)
55,015,545.08
55,112,183.34
3.149,539.26
3,149,539.26
12110198
NPR id
(71.01)
58.165,013.33
(71.01)
55.015.474.07
110,031.090.16
3.149,539.26
6,299,078.52
12111198
NPRavld
(3,073.82)
58.161.939.51
(3.073 82)
55,012,400.25
55,015.474.07
3.149.539.26
3,149.539.26
12115/98
NPRawld
(599.381.44)
57.562,558.07
(599.3B1.44)
54.413,018.81
220,049.601.00
3,149,539.26
12.598,157.04
12/15/98
invested Cash
280.039.34
57.542.597.41
266.782.82
54.679.801.63
0.00
13256.52
3.162,795.78
0.00
12116/98
NPR-w/d
(7,013.13)
57.835.584 28
(7.013.43)
54.672,788.50
54.679.801.63
3,162,M.7B
3.162.795.78
121IW98
NPR-w/d
(11,244.81)
57.824,33941
(11.244.81)
54.661,543.69
0.00
3,162,795.78
0.00
12116/98
NPR-r1d
(347.93)
57.823.991.54
(347.931
54,661,195.76
0.00
3.162.795.78
ODD
12116/98
NPR-w/d
(3.271.93)
57.820.719.61
(3271.93)
54.657.923.83
0.00
3.162.795.78
0.00
12117/98
NPR-w/d
(9.526.08)
57.811.193 53
(9,526.OB)
54.648.397.75
54.657.923.83
3.162,795.78
3.162.795.78
1221/98
NPR-w1d
(1.212.73)
57,809.98080
(1,212.73)
54.647.185.02
218,593.590.99
3,162,795.78
12.651.183.13
122219E
NPR•w/d
(47.227.84)
57.762.752.96
(47.227.84)
54.599.957.10
54,647,185.02
3,162.795.78
3.162,795.76
1222198
NPR-wid
(10.083.12)
57,752.669.84
(10.083.12)
54,589,874.06
000
3.162.795.78
0.00
1222198
NPR-w/d
(67.404 80)
57.685.265.04
(67.404.80)
54,522.469.26
0.00
3,162.795.78
0.6
1222198
NPR-w1d
(12.648.10)
57.672,616.94
(12.648.10)
54,509.821.16
000
3.162.795.78
000
1222198
NPR-w/d
(386.539.58)
57.286.077.36
(386,539.58)
54,123281.58
0.00
3,162.795.78
0.00
1223198
NPR-wid
15.628.28)
57.280.449.00
(5,628.28)
54.117,653.30
54.123,281.58
3.162,795.78
3.162.795.78
1228/98
NPR-w/d
(8.364.07)
57.272.085.01
(8.364.07)
54.109,289.23
270.588.266.48
3.162,795.76
15,813,978.92
12/30/98
NPR-w/d
(156.75)
57.271.920.26
(156.75)
54.109,132.48
108,218.578.45
3,162.795.78
6.325,591-57
anytuwn Pago 33
•
• • i • • • • • •
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. f)
Series Z
Schedule G4 - Acquisition Fund (#274) Fund 2
Commingled Fund Adjustmont Analysis
Date
Destdptlon
Total
Cash
. _ Flow
Total
Balance
Cash
Flow
Subject to Rebate
Balance Dollar Days
Average Cash
Balance Flow
Not Subject to Rebate
Balance Dollar Days
Average
Balance
1213MO
interest
275.265.25
57,547,193.51
260,292.53
54,369,425.00
54,109,132.4E
54,871,948.06 14,972.72
3.177.768.51
3.162.795.78
3,156,381.34
12M/98
Uninvested Cash
(275.265 25)
57,271,928.26
(260,292 53)
54,109,132.48
0.00
(14.972.72)
3,162,795.78
0.00
01/06/99
NPR-wid
(11.240.63)
57,260,687.63
(11,24D.63)
54.097.891.85
324,654,794.86
3.162.795.78
18.976.774.70
01107M
NPR-wdd
(59.439.24)
57,201,248.39
(59.439 24)
54,038,452.61
54.097.891.85
3,162,795.78
3,162,795.18
01112/99
NFJq-wJd
(965.339.60)
56,235,998.79
(965.339 60)
53,073,113.01
270,192,263.03
3,162,795.78
15,813,978.92
01113M
NPR-wid
(50,9%.25)
56,184,912.54
(50.996.25)
53,022,116.76
53.073.113.01
3.162.795.78
3,162,795.78
01/14/99
NPR-Wd
(6,483.57)
56,178,42B.97
(6.483.57)
53,015,633.19
53,022,116.76
3,162,795.78
3,162,795.78
01/15/99
NPR-wid
(45.778.22)
56.132.650.75
(45,778.22)
52.969.854.97
53,015,633.19
3,162,795.78
3.162.795-75
01/20/99
NPR wld
(9B.66)
56.132.552.09
(98.66)
52,969,756.31
264,849,274.83
3,152,795.78
15.813,978 92
o1r2Di99
Invested Cash
268,e55.82
56.401.407.91
255.934-86
53225.691.17
0.00
12.920.96
3.175.716.74
0.00
01/21199
NPR-v/d
(73,389.86)
56,328,018.05
(73.389.86)
53,i52,301.31
53,226,691.17
3.175.716.74
3,175,716.74
01/22199
NPR -rid
(1,506 29)
56.326.511.76
(1.506.29)
53,150,795.02
53,152,301.31
3.175.716.74
3,175,716.14
0112-%W
NPR-v1d
(525.50)
56.325.986.26
(52550)
53,150,269.52
159,452,385.06
3,175,716.74
9,527,150.22
01/27/99
NPR-w/d
(2,370.60)
56.323.615.58
(2.370.68)
53,147,898.84
106.3DD,539.04
3.175.716.74
6,351,433.48
01128/99
NPR-wM
(28,363.34)
56,295.25224
126.363.34)
53,119,535.50
53,147,898.84
3,175,716.74
3.175.716.74
01131419
Intel e5l
268.039.91
56.563.292.15
253,049.85
53.372.505.35
159,358,606.50
53,469.11321 14,99D.06
3.190.706.80
9,527,15022
3,167,380.64
01131/99
Uninvested Cash
(268,039.91)
56,295,252.24
(253,D49.85)
53.119.535-50
0.00
(14,990.06)
3,175,716.74
0.00
02/02M
NPR-wid
(1.224.68)
56.294.027.56
(1,224.68)
53.118.310.112
106.239.071.00
3,175,716.74
6,351,433.49
02103/99
NPR-w/d
(1,220.20)
56.292.807.36
(1,220.20)
53.117.090.62
53.118,310-82
3.175.716.74
3,175,716.74
02104199
NPR-WM
(149.618.45)
56.143.188-91
(149,618.45)
52.967.472.17
53,117,D90.62
3.175.716.74
3.175.716.74
02i05199
NPR-wMd
(85,409.31)
56,057,779.60
(85.409.31)
52.852,D62.86
52.967.472.17
3,175,716.74
3,175,716.74
02111/99
NPR-wdd
(72,565.92)
55,985,213.68
(72,565.92)
52,809,496.94
317,292,377.17
3,175,716.74
19,054,300.43
02111199
NPR, -Id
(15,492.84)
55,969,720.84
(15,492.84)
52,794,004.10
0.00
3,175,716.74
0.00
02111199
NPR-w/d
(104,239.20)
55,865,481.64
(104.239.20)
52,689,764.90
0.00
3.175.716.74
0.00
OM1199
NPR -rid
(19,558.20)
55,645,923.44
(19.558.20)
52.670.206.70
0.00
3.175.716.74
D.00
02/11199
NPR-vid
(3,285.85)
55,842,637.59
(3,285.85)
52,666,920.85
0.00
3,175,716.74
0.00
02/12/99
NPR-wld
(10,754.40)
55.831,883.1%
(10,754.40)
52,656,166A5
52.666.920.85
3.175.716.74
3,175,716.74
02116M
NPR-wid
(31,247.45)
55.8D0,635.74
(31.247.45)
52,624,919.00
210.624.665.81
3,175,716.74
12.702.566.95
02116M
Invested Cash
260.903.23
56.061.438.91
248,056-66
52,872,975.66
0.00
12,746.57
3,188,463.31
O-GO
02117199
NPR-wld
(7D9.65)
56,D60,729.32
(709.65)
52,872,266.01
52.872.975.66
3.188.463.31
3,188,463.31
02118M
NPR-wid
14.965.02)
56,D55.764.30
(4.965.02)
52,867,300.99
52,872�M.01
3.188.463.31
3.188.463.31
02/19199
NPR -rid
1294.399.01)
55.761.365.29
(294.399.01)
52,572,901.98
52,867,3DO.99
3,188,463.31
3.155.463-31
02/19199
NPR-wid
(28.89)
55,761,336.40
(28 89)
52,572,873.09
0.00
3,18BA63.31
0.00
0222199
NPR-wld
(51924)
55.760.717.16
(619.24)
52,572,253.85
157,718,619.27
3.188.463.31
9,565,389.93
021251"
NPR�wid
(B40.00)
55,759,877.16
(84D.00)
52.571.413.85
157,716,761.55
3.188.463.31
9,565,389.921
02/28199
Interest
240,513.27
56,000,390.43
226,840.56
52.798.254.40
157,714241.55
52.778.145.48 13.672.71
3.202.13603
9.565.389.93
3,181,179.56
02/28199
Uninvested Cash
(240.513.27)
55,759,877.16
(226.940.56)
52,571,413.85
0.00
(13.612.71)
3.188.463.31
0.00
031021"
NPR-wid
(40.467.80)
55,719409.36
(40,467.80)
52,530,946.05
105,142,827.70
3,188,463.31
6,376,926.62
03104199
NPR.w/d
(6.5W.54)
55,712,802.82
(6,606.54)
52.524.339.51
105.061.892.10
3.188.463.31
6,376,926.62
03105i99
NPR wid
(164.54)
55,712,638.28
(164.54)
52.524.174.97
52.524.339.51
3,198,463.31
3,188,463.31
03M9i99
NPR w/d
(26,998.67)
55.685.639.61
(26.998.67)
52.497.176.30
210.096.699.87
3.188.463.31
12.753.85325
03/10/99
NPR-w/d
(1,027,195.36)
54,658,444.25
(1,027,195.36)
51.469.980.94
52.497.176.30
3,188,463.31
3,18B,463.31
03/11/99
NPP-0ep
4,5D0.00
54,662,944.25
51,469,980.94
51AO9,980.94
4,500.00
3.192.963.31
3,188,463.31
Page 34
•
G4 - Acquisition Fund (9274)
ad Fund Adiustment Anaivsls
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Fund 2
Total Subject to Rebate I Nor Subject to Rebate
Cash Total Cash Average Cash Average
Date Description Flow Balance Flow Balance Dollar Days Balance w Flow Balance Dollar Dan Balance
03/12/99
NPR-w1d
(444.17)
54,662,500.08
(44417)
51.469,536.71
51469,980.94
3,192.963.31
3,192.96311
03/15/99
Invested Gash
261.862.43
54.924.362.51
248.786.23
51.718.322.99
154.408.610.31
13.076.20
3.206.039 52
9,578.889.93
03/16/99
NPR-wld
(510.04)
54,923,852.47
(510.04)
51.717.812.95
51.718.322.99
3.206.039.52
3,206,039.62
03/17/99
NPR w1d
(9,666.73)
54.914,185.74
(9.666.73)
51.708,146.22
51,717.812.95
3,206.D39.52
3,206.039.52
03/17199
NPR-wid
(184.21)
54.914,001.53
(18-121)
51,707.962.01
000
3,206.039.52
0.00
03/17/99
NPR-w1d
(87.728.24)
54.826,273.29
(87.72824)
51,62D.233.77
0.00
3.206.039.52
0.00
03i17/99
NPR-wid
(1,671.79)
54.d24,601.50
(1,671.79)
51,61B,561.98
0.00
3.206,039.52
0.00
03118/99
NPR -rid
(69.748.80)
54.754,852.70
(69.748 80)
51,548,813.18
51.618,561.98
3,206.039.52
3,206.039.52
03118/99
NPR-w/d
(13,087 60)
54.741.765.10
(13.087 60)
51.535.725.58
0.00
3.206.039.52
0.00
03i18i99
NPR-wid
(45.019.60)
54,696,745.42
(45 ON 68)
51.490.705.90
0.00
3.206,039.52
0.00
03118199
NPRwid
(9,611.71)
54,687.133-71
(961171)
51.481,094.19
0.00
3.206,039.52
0.00
03/19/99
NPP-Dep
3,400.OD
54.690,533.71
51.481,094.19
51,481.094.19
3.400.00
3,209.439.52
3,2D6,039.52
03/20199
NPR-w1d
(62 25J
54.690.471.46
(62 25)
51.481.031.94
51,481,094.19
3.209,439.52
3,2D9,439.52
03/22199
NPP-Dep
1.900.00
54,692.371.46
51.481.031.94
102,962.063.89
1,900.00
3,211.339.52
6.418.879.03
03/23/99
NPR-w/d
(2.681.11)
54,689.690.35
(2.681.111
51.478.350.93
51.481.031.94
3.211.339.52
3,211.339.52
0323199
NPP-Dep
5.942.00
54.695.632.35
51.478.350-83
0.00
5,942-00
3.217.281.52
0.60
0329199
NPRiald
(267,307.33)
54.428.325-02
(267.307.33)
51.211.043.50
308.870.105.00
3,217,281.52
19.303.689.10
0313If99
Interest
250.377.04
54,678.702.86
235.809.23
51.446.852.73
102,422.087.01 51,820,118.77
14,568.61
3,231.850.13
6.434,563.03
03131M
Uninvested Cash
(250.377.84)
54.428.325.02
1235.80923)
51,211.043.50
0.00
(14.568.61)
3.217.281.52
0.00
04/02/99
NPR-wld
(14.842.70)
54.413,482.32
114,842 7D)
51,196.2DD.80
102.422.087.01
3,217,281.52
6.434,563.03
041051"
NPR-wld
(452.24)
54.413.030.08
(452 24)
51.195.748.56
153,588.602.41
3,217,281.52
9.651.844.55
04/07/99
NPR-w1d
(542,4D4.86)
53,870,625.22
4542404 86)
50,653,343.70
102,391,497.13
3.217.281.52
6,434.563.03
04/09199
NPR-w1d
(63.198.78)
53,BD7,426.44
(63,198.7B)
50.590.144.92
101,306,687.41
3.217.281.52
6,434.563.03
04112M
NPR-w/d
(4,692.95)
53.802.733.49
(4.692.95)
50,595451.97
151.770.434.77
3,217.281.52
9,651.844.65
D4112M
NPR-wtd
(89.43)
53.802,644.06
(89.43)
50.585.362.54
000
3,217.281.52
0.0
04113199
NPR-w/d
(11,079.13)
53,791.564.93
411.07913)
50.574.283.41
50,585.362.54
3.217.281.52
3217.281.52
04114199
NPR-w/d
(64,550.41)
53.727.014.52
(64.550.41)
50,509.733-00
50,574,283.41
3,217.281.52
3,217.281.62
04115/99
NPP-Dep
6,600.00
53.733.614.52
50,509,733.00
50,509.733.00
6,600.00
3,223.881.52
3217,281.52
G4115199
NPR-w1d
(294,664.62)
53.438.749.90
(294,864.62)
50.214,86B.38
0.00
3.223,881.52
0.k
04115M
Invested Cash
269,331.62
53.708.081.52
255.276.23
50.470.144.61
0.00
14,055.39
3.237.936.91
0.60
04119199
NPR-w1d
(1,871.64)
53,706.209.88
(1.871.64)
5D,468.272.97
201,880.578.44
3.237,936.91
12,951,747.64
042IP39
NPR-w1d
(2.676.43)
53.703.533.45
(2.67643)
50.465.596.54
100.936,545.94
3.237.936.91
6,475.873.82
04122I99
NPR-w/d
(5.540.44)
53.697.993.01
(5,540.44)
50,460.056.10
50,465.596.54
3,237.936.91
3,237.936.61
D423199
NPR-w1d
(218.997.56)
53.478,995.45
(218.997-56)
50.241.055.54
50.460.056.10
3,237.936.91
3,237.936.91
0427199
NPR-w1d
(253.69)
53.478.741.76
(253 69)
50,240,804.85
200,964,234.16
3.237.936.91
12,951.747.64
0427I99
NPR-wid
(36.963.63)
53,441,778.13
(36,963 63)
50.203.841.22
000
3,237,936.91
0.00
0428199
NPR-wid
(721.68)
53.441.056.45
(72168)
50.203.119.54
50,203.841.22
3.237.936.91
1237,936.91
0429199
NPR -lid
(5,742 82)
53.435,313.63
(5,742.82)
50,197.376.72
50,203.119.54
3,237.936.91
3.237.936.91
04130M9
NPR-wid
(601.44)
53.434.712.19
(601.44)
50,196,775.28
50,197.376.72
3,237.936.91
3,237,936.91
041301"
Interest
241.136.48
53.675,848.67
226.681,58
50 423,456.86
0.00 50,615.334.55
14.454.90
3,252.391.81
0.09
04130199
Uninvested Cash
(241.136.48)
53.434.712.19
422.6.681.58)
50,196.775.28
0.00
(14,454.90)
3,237,936.91
0.6D
05103,99
NPR -rid
(885.00)
53,433,827.19
(085 00)
50,195.890.28
150,59D.325.84
3,237.936.91
9,713.810.73
051D3i99
NPR-w/d
(695.00)
53.433,132.19
(695.00)
50.195.195.28
0.00
3,237,936.91
D-OD
snytown
Page 35
3,201.516.71
3.221,609.21
•
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G4 - Acquisition Fund (#274) Fund 2
Commingled Fund Adjustment Analysis
Total I - - - Subject to Rebate I Nat Subject to Rebate
Cash Total Cash Average Cash Average
Date _Description Flow Balance Flow Balance Dollar Days Balance Flow Balance Dollar Dajrs Balance
05/03/99
NPRirid
(395 34)
53.432,736.85
(395 34)
50.194,799.94
0.00
3.237.936.91
0.00
05104/99
NPR-wid
(43,000.48)
53,369.736.37
(43,000.48)
50,151,799.46
50,194.799.94
3.237.936.91
3,237.93691
05/04199
NPR-wid
(9,372.76)
53,380,363-61
(9,372.76)
50.142,426.70
0.00
3.237.936.91
0.00
05104/99
NPR,rid
(69.748 80)
53.310.614.81
(69.748 80)
50,072,677.9D
0.00
3.237.936.91
0.00
051D4199
NPR-wid
(13,087.60)
53,297,527.21
(13.087 60)
50.059,590.30
000
3.237.936.91
D.00
05/04199
NPR -rid
(334.56)
53.297.192.65
(334.56)
50.059,255.74
0.00
3.237.936.91
0.00
05/05/99
NPP-0ep
900.00
53.298.092.65
5D.059,255.74
50.059,255.74
900.00
3.238.836.91
3,237,936.91
05IM99
NPR-wid
(15488.07)
53,282.604.58
(15.488.07)
50.043.767.67
50.059,255.74
3.238.836.91
3.238.836.91
05105M
NPR-wid
(295.15)
53.282.309.43
(295.15)
50.043.472.52
0.00
3,238.836.91
0.00
05/07/99
NPR+wid
(735.00)
53,281,574.43
(735.D0)
50,042.737.52
50.043.472.52
3,238.836.91
3.238,836.91
05110/99
NPR-jd
(510.51)
53.281,063.92
(51051)
50.042,227.01
150.128,212.56
3,238.836.91
9,716,510.73
05110i99
NM*/d
(464.40)
53,280,599.52
(464 40)
50,041,762.61
0.00
3,238,836.91
0.00
05110/99
NPR jd
(901.43)
53.279.698.09
(901.43)
SD,D40,861.18
0.00
3.238.936.91
0.00
05110M9
NPR-wid
(188.555.52)
53.091,142.57
(188.555.52)
49.852,305.66
0.00
3.238.836.91
0.00
05112/99
NPR -rid
(649.50)
53.090.493.07
(649.50)
49.851.656.16
99,704,611.32
3.238.836.91
6.471.673.02
05(14199
NPR-wId
(161.44)
53.090,341.63
(151.44)
49,851,SD4.72
99,703.312.32
3.238.836.91
6,477.673.82
05114M
Invesled Cash
256.913.04
53,347,254.67
242.938.56
50.094 443.28
0.00
13,974.48
3,252.811.39
0.00
05117/99
NPR+wid
(750.17)
53,346,504.50
(750.17)
50,093.693.11
150.283.329.85
3.252,611.39
9.758.434.16
05118199
NPR-wId
(223.07)
53.346,281.43
(223.07)
50.093,470.04
50.093.693.11
3,252.811.39
3.252.811.39
051IM9
NPR-wid
(3,910.94)
53.342,370.49
(3.910.94)
50.089,559.10
0.00
3,252,811.39
0.0
05/19199
NPR-wld
(342.767.10)
52.999.603.39
(342.767.10)
49,746,792.00
50.089.559.10
3.252,811.39
3,252,811-19
05/21199
NPRiwid
(58.050.38)
52.941.543.01
(58.060.38)
49.688.731.62
99,493.584.01
3,252,811.39
6.505,622.77
05/24/99
NPR-wid
(25.11)
52.941,516.90
(26.11)
49,688.705.51
149.066,194.87
3.252.811.39
9.758.434.16
05/28/99
NPR-wid
(18,9m.00)
52,922,616.90
(18,900.00)
49.669.805.51
198.754,822.06
3.252.811.39
13,011,245.54
05t31199
tnterett
237,896.93
53.160.513.83
223.368.70
49.893.174.21
149.009,416.54 49.912.059.53
14.528.23
3,267,339.62
9,758.434.16
0551/99
Umnveste(l Cash
(237.896.93)
52,922,616.90
4223.368 70)
49,669.805.51
0.00
(14.528.23)
3.252.811.39
0.00
06102199
NPR-wid
(2,965.04)
5$919,651.66
(2.965.04)
49,666.840.47
99,339.611.03
3.252.811.39
6,505,622.77
06/07199
NPR-wid
(3291.67)
52,916.560.19
(3.09167)
49.663.748.80
248.334.202.37
3,252.811.39
16.264.056.93
06109/99
NPR1wld
(283,258 05)
52,633.302.14
(283.258 05)
49.380.490.75
99.327 497.61
3,252,811.39
6,505.622.77
061111"
NPR-wid
(727.95)
52,632.574.19
(727.95)
49,379,762.80
98,760.901.51
3.252.811.39
6,505,622.77
06115199
!masted Gash
190,266.20
52.822.940.39
179,653.71
49,559,416.51
197,519.051.22
10,612.49
3,263,423.88
13,011.245.54
06116M
NPR-*jd
(598.692.89)
52.224.147.50
(598.692.89)
48,960.723.62
49.559,416.51
3,263,423.88
3.263,423.88
05/17199
NPP-Dep
69.45
52.224.216.95
48,960.723.62
48.960,723.62
69.45
3,263.493.33
3.263,423.88
06/21199
NPR-wid
(81.551.10)
52.142,665.85
(81551.10)
48,879.172.52
195.842,894.50
3.263,493.33
13,053,973.30
06121/99
NPR-wld
(17.411.17)
52.125,254.68
(17411.17)
48,861,761.35
0.00
3,263.493.33
0.00
0621199
NPR-wid
(129.79520)
51,995,459.48
(129.795.20)
48,731.966.15
0.00
3,263.493.33
0.00
D6121199
NPR-wld
(24,32688)
51.971.132.60
(24.32588)
48,707.639.27
0.00
3.263.493.33
0.00
06121199
NPR-wid
(945.00)
51,970,187.60
(945.00)
48,706.694.27
0.00
3.253 493.33
0.00
D622199
NPRiwid
(15.30)
51.970.172.30
(15 30)
48.706.678.97
48.706,694.27
3.263,493.33
3,263.493.33
D5123199
NPR-wid
(951.45)
51.969220.85
(95145)
48.705.727.52
48.706,678.97
3.263,493.33
3,263,493.33
D6124199
NPR -rid
(379.349.59)
51.589.87126
(379.349.59)
48,326,377.93
48.705.727.52
3.263.493.33
3,263,493.33
D624199
NPR-w►d
(131.25)
51.589,740.01
(13125)
48.326,246.68
0.00
3.263493.33
0.05
W30199
NPR,rid
(54.716 DO)
51.535.024.01
154.716 00)
48,271,530.68
209.957.480.11
3.263.493.33
19.580.959.96
Page 36
3246.365.17
$69, 085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G4 - Acquisition Fund (#274) Fund 2
Commingled Fund Adjustment Analysis
Date
Description
Total
Cash
Flow
I
Total
Balance
Cash
Flow
Subject to Rebate
Balance Dollar Days
I
Average Cash
Balance Flow
Not Subject to Rebate
Balance Dollar Days
Average
Balance
06130/99
Interest
231.797.93
51.766,821.94
217,380.20
48.488.91089
0.00
49,124.031.98 14.417.73
3,277,911.05
0.00
3,258,147.73
06130M
Uninvested Cash
(231,797 93)
51,535,024.01
1217,380.20)
48,271.530.68
0.00
(14,417.73)
3,263,493.33
0.00
07/06199
NPR•wld
(14.013 13)
51,521,010.88
114.013.13)
48,257.517.55
289.629.154.11
3,263,493.33
19.580.959.95
07107M
NPR-v1d
(142.70)
51.520,860.18
(142.70)
48.257.374.85
48,257,517.55
3,263,493.33
3,263,493.33
07/08199
NPR-w/d
1301,925.29)
51,218.942.89
(301.925.29)
47,955,449.56
48.257.374.85
3.253,493.33
3.263.493.33
07/10199
NPR-wid
121.020.26)
51.197.922.63
(21,02D.26)
47,934,429.30
95,910.899.13
3.263.493.33
6,526.986.65
07/10199
NPR♦v1d
(400.58)
51.197.522.05
(400.58)
47,934,028.72
0.00
3.263,493.33
O.Go
07/10/99
NPR.wld
(0.93)
51.197.521.12
(0.93)
47,934,027.79
0.00
3,263A93.33
0.00
07114M
NPR w1d
(55,786.75)
51,141.734.37
(55.786.75)
47,878,241.04
191.736.111.18
3.263,493.33
13,053,973.10
07114199
NPR-w1d
(11,910.47)
51,129.823.90
(11.910.47)
47,866,330.57
0.00
3,263,493.33
O,OO
07114M
NPR-w1d
(90.856.64)
51.038.96726
(90,856.64)
47,775.473.93
0.00
3,263.493.33
0.00
07114M
NPRav1d
(17,028.82)
51.021.938.44
(17.028.82)
47.758,445.11
0.00
3.263.493.33
O.CO
07/15199
NPR-wNd
(82.143.00)
50,939,795,44
(87.143.00)
47.676,302.11
47.758.445.11
3,263.493.33
3,263,493.33
07115M
Invested Cash
344.910.39
51,284,705.83
325.391.66
48,001,693.77
0.00
19.518.73
3.283.012.05
O-LIO
07r2OM
NPP43ep
146.25
51,284,852.08
48,001.693.77
240,008.468.85
14625
3,283.158.31
16.415.060.29
07/20/99
NPR-wld
(272.14)
51.264,57994
(272.14)
48,001.421.63
0.00
3,283,158.31
0.00
07/21/99
NPR-wid
(59.834.92)
51.224,745.02
(59,834.92)
47.941.586.71
48,001.421.63
3,283,158.31
3.283,158.31
07r26199
NPR-w1d
(1634)
51224.728.68
(16.34)
47,941.570.37
239.707.933.56
3,283,158.31
16.415.791.54
07127M
NPR-w/d
(49.D6)
51.224.679.62
(49.06)
47.941.521.31
47.941.570.37
3,283,158.31
3,283,158?1
07131/99
Interest
242.422.37
51,467,1D1.99
226,954.14
48.169.475.45
191.766.065-24
48,031,451.99 15.468.23
3.298,626.54
13,132,63324
3.273.619.41
07/31M
Uninvested Cash
(242.422.37)
51.224.679.62
(226,954.14)
47.941.521.31
0.00
(15.468.23)
3Z83,158.31
0.00
08102/99
NPP-Dep
440.40
51.225.120.02
47,941.521.31
95.883,042.62
440.40
3,M.598.71
6,566,3 1 6.C2
OWN99
NPR-w1d
153.59)
51.225.066.43
(53.59)
47.941.467.72
0.00
3.283,598.71
ORD
08/04199
NPR-wid
(165.38)
51,224.901.05
(165.38)
47.941.302.34
95,882.935.44
3.283,598.71
6.567,197.42
081OSM
NPR-wfd
(6.718.00)
51.218.193.05
(6,718.00)
47.934.584.34
47.941.302.34
3.283,598.71
3,283.596.71
OW0199
NPR-wid
(305,480.00)
50,912.703.05
(305,480 00)
47.629.104.34
239.672.921.71
3,263,598.71
16,417,993.84
OW1199
NPR-wid
(1,610.00)
50,911.093.05
(1,610.00)
47.627.494.34
47,629.104.34
3,283,598.71
3,283,598.71
08112M
NPR-wId
(222.00)
50,910.871.05
(222.00)
47.627.272.34
47.627.494.34
3.283,598.71
3,283,598.71
08113/99
NPR -rid
(68.883.33)
50,841.987.72
(68.883 33)
47,558.389.01
47.627,272.34
3.293.598.71
3.283,598.11
08113/99
Invested Cash
332.904.91
51.174.892.63
313.374.68
47.871.763.69
0.00
19.530.23
3.303,128.94
0.00
O6i17M
NPR-wid
(775.00)
51.174.117.63
1775.00)
47.870.988.69
191.487.054.76
3,303,128.94
13.212,515.76
08118199
NPP-Dep
69.00
51,174.186.63
47,870,988.69
47,870.988.69
69.00
3,303.197.94
3.303.128.94
08118/99
NPP-Dep
42.76
51.174,229.39
47,870.988.69
0.00
42.76
3.303.240.70
0.00
08119/99
NPR-wid
(671.25)
51,173.558.14
(571.25)
47.870.317.44
47,870.988.69
3,303,240.70
3,303,240.70
0812D199
NPR-wld
(92.132.46)
51,081.425.68
(92.132.46)
47.778.184.98
47,870.317.44
3,303.240.70
3,303,240.70
08120/99
NPR w1d
(14.583.37)
51,066.842.31
(14.583.37)
47,763,6D1.61
0.00
3,303,240.70
0.06
08/23M
NPR�wid
(48.59)
51,066,793.72
(48.59)
47.763.553.02
143,290,804.83
3,303,240.70
9,909,722.10
0&23199
NPR-w1d
(287 9D)
51,066,505.82
(287 90)
47,763.265.12
Goo
3.303,240.70
O.Ob
08i23199
NPR-wid
(15.107.75)
51,051.398.07
(15,107.75)
47.748.157.37
0.00
3,303.240.70
0.65
08/23/99
NPR.wld
(23.76)
51.051,374.31
(23.76)
47.748,133.61
0.00
3.303,240.70
D.05
08125i99
NPR-wid
(18,9m.00)
51,032.474.31
(18,900.00)
47,729,233.61
95.496.267.22
3,303,240.70
6,606,481.40
08/31/99
NPR-w1d
(92,13246)
50,940.341.85
(92.13246)
47,637.101.15
286,375,401.66
3,303,240.70
19.819,444.25
08131199
NPR-wid
(100.00)
50,940,241.85
(100.00)
47.637.001.15
0.00
3,303.240.70
0.00
Page 37
• • • 0 i • • • • •
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule G4 - Acquisition Fund (#274) Fund z
Commingled Fund Adjustment Analysis
Total
Subject to Rebate
��
Not Subject to Rebate
Cash
Total
Cash
Average
Cash
Average
Date
Description
Flow
Balance
Flow
Balance
Dollar Days
Italance
Flow
Balance
Dollar Da-►s Balance
0W31199
Interest
234,147.33
51.174.389.10
219,054.W
47,856,055.95
0.00
47,823,416.01
15.092.53
3.318.333.23
0 @0 3,294,957.30
08131i99
Uninvested Cash
(234.147.33)
50,940,241.85
(219,05-1 80)
47,637,001.15
0.00
(15,092.53)
3,303,240.70
o.W
MIME)
NPR-wid
(20.459.73)
50.919.782.12
(20.459 73)
47,616,541.42
381.096.009.20
3,303,240.70
26,425,925.60
09/08/99
NPR-r1d
(404.01)
50.919.378.11
(4U4 01)
47,616,137.41
0.00
3.303.240.70
0.60
09/09/99
NPR-wM
(3,771.57)
50.915.606.54
(3,771.57)
47,612,365.84
47,616,137.41
3,303,240.70
3,303,240.70
anytown
Page 38
$69,085,000
The City of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule H1 - Reserve Account (#94622553) Fund m3I
Reainina Balance Analvses
Summa - Fund 3
Gross Earnings: $998,936.51
Internal Rate of Return: 4.914706%
Excess Eamin s: $23,034.96
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 1015198
First American MM 10,833,035.50 NIA N/A NIA NIA VAR N/A 6,566.80 10,839,602.30
Value as of October 5, 1998: 10,839,602.30
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 11/13/98
First American MM 9,228,263.50 NIA N/A N/A NIA VAR NIA 14,696.01 9,242,959.51
Value as of November 13, 1998: 9,242,959.51
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 4114/99
First American MM 9,392,840.49 NIA N/A N/A N/A VAR N/A 15,524.28 9,408,364.77
Value as of April 14, 1999: 9,408,364.77
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 911/99
First American MM 16,360,872.94 N/A N/A N/A N/A VAR N/A 2,013.30 16,362,886.24
Value as of September 1, 1999: 16,362,886.24
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 911100
First American MM 15,686,364.80 N/A N/A NIA N/A VAR NIA 2,535.96 15,688,900.76
Value as of September 1, 2000: 15,688,900.76
Computation
Security Par Maturity Settlement Settlement Accreted Accrued Date
Type Amount Coupon Date Date Price Yield Price Interest Value
First American MM 16,132,498.63 N/A N/A N/A N/A VAR N/A 2,159.67 16,134,658.30
Value as of March 1, 2001: 16,134,658.30
anytown Page 39
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule H2 - Reserve Account (#94622553)
Net Nonpurpose Investments Cash Flow
Fund 3
Net
Rebate Calculations
IRR Calculations
Nonpurposs
Muni -Days/
Investments
Computation
FV Factor Q
FV As Of
FV Factor a
FV As of
Date
Description
Cash Flow
Date
5.011622%
03/01/01
4.914706%
03/01/01
03/07/96
Deposit
(6,412,792.50)
1,794
1.27975426
(8,206.798.53)
1.27373733
(8,168,213.21)
03/07/96
Series P Bd Prods
(4,351.241.73)
1,794
1.27975426
(5,568.520.15)
127373733
(5,54$339.03)
04/01/96
W/D
132.21
1.770
1.27553815
168.64
1.26962109
167.86
04/02/96
W/D
794.02
1,769
1.27536278
1,012.66
1.26944987
1,007.97
05/01196
W/o
1,326.06
1,740
1.27028754
1,684.48
1.26449448
1.676.80
06/03/96
W/o
1,375.91
1,708
1.26471071
1,740.13
1.25904892
1.732.34
07/01/96
W/D
1.336.56
1,680
1.25985107
1.683.87
1.25430329
1,676.45
08/01/96
W/D
357.82
1,650
1.25466503
448.94
1.24923854
447.00
10/29/96
Transfer
115,772.2D
1,562
1.23957549
143,508.38
123449960
142,920.73
10/29196
W/D
173,658.30
1.562
1.23957549
215,262.57
1.23449960
214.381.10
04/02/97
Transfer
31.650.19
1.409
1.21377102
38,416.08
1.2D928674
38,274.16
04/02/97
W/D
47.475.30
1.409
1.21377102
57,624.14
120928674
57,41125
08/18/97
Transfer
162.464.35
1,273
1.19128504
193.541.35
1.18730793
192,89521
08/19/97
Transfer
243.696.53
1,272
1.19112125
290.272.12
1,18714781
289,303.80
03/18/98
WID
109.336.20
1,063
1.15737950
126.543.48
1.15415211
126,190.61
03120/98
WID
164,004.30
1,061
1.15706127
189,763.02
1.15384093
189,234.86
08/14198
Tm to Acq Fd
107,91820
917
1.13437741
122.419.97
1.13164810
122,125.43
08/17/98
W/o
161,877.30
914
1.13390959
183.554.22
1.13119032
183,114.03
10/05/98
Balance'
10,839,602.30
866
1.12645D63
12,210.276.89
1.12389096
12,182,531.02
Earnings:
1,398,743.52
Excess Earnings:
2,60226
34.538.37
% Allocable:
59.576% s
% Allocable:
59.576% 2
59.576% _
Adjusted Earnings:
833,316.93
Adjusted Excess Earnings:
1,550.33
20,576.61
10/05/98
Balance
(10.839,602.30)
866 1.12645063
(12,210276.89)
1.12389D96
(12.182,531.02)
10/05/98
Dep 98C Bd Prods
(2,689,500.DO)
866 1.12645063
(3,029,588.98)
1.12389096
(3,022.704.73)
10/05/98
Tm to 98C Escrow Fd
4,330,500.DO
866 1.12645063
4,878,094.47
1.12389096
4,867,009.79
11/13/98
Balance'
9,242,959.51
828 1.120580"
10,357,479.67
1.11814572
10,334,975.60
Earnings:
44,357.21
Excess Earnings:
(4,291.73)
(3,250.35)
% ABocable:
70.204%
% Allocable:
70204% z
70.204% s
Adjusted Earnings:
31,140.66
Adjusted Excess Earnings:
(3,012.98)
(2,281.89)
11/13/98
Balance
(9,242,959.51)
828 1.12058044
(10.357,479.67)
1.11814572
(10.334,975.60)
04/14/99
Balance
9,408,364.77
677 1.09755490
10.326,196.85
1.09560471
10,307.848.72
Earnings:
165,40526
Excess Earnings:
(31,282.82)
(27,126.88)
% Allocable:
70266% _
% Allocable:
70266%
70266% =
Adjusted Earnings:
116,223.36
Adjusted Excess Earnings:
(21,981.13)
(19,060.93)
04/14/99
Balance
(9,408,364.77)
677 1.09755490
(10,326.196.85)
1.09560471
(10,307.848.72)
D4/14/99
Dep Ref Bd Prods
(13,101.102,50)
677 1.09755490
(14,379.179.24)
1.09560471
(14.353.629.56)
04114/99
Trn to 99D Escrow Fd
6,412,792.50
677 1.09755490
7,038.391.83
1.09560471
7,025,885,64
09/01/99
Balance'
16,362,886.24
540 t07707380
17,624.036.00
1.07554700
17,599,053.26
Earnings:
266,211.47
Excess Earnings:
(42,94827)
(36,539.37)
% Allocable:
1.231% _
% Allocable:
1231% s
1.231% s
Adjusted Earnings:
3,275.78
Adjusted Excess Earnings:
(528.49)
(449.62)
09101/99
Balance
(16.362,886.24)
540 1.07707380
(17.624.036.00)
1.07554700
(17,599,053.26)
06/29/00
NPR -w/d
364,782.96
242 1.03383384
377,124.97
1.03317682
376.885.30
06/29/00
NPR-w/d
1,155.146.04
242 1.03383384
1,194.229.07
1.03317682
1,193,470.11
09/01/00
Balance'
15,688,900.76
180 1.02505811
16,082.034.99
1.02457353
16,074.432.43
Earnings:
$45,943.53
Excess Earnings:
29,353.03
45.734.69
% Allocable:
1.179% ,
% Allocable:
1.179% =
1.179% s
Adjusted Earnings:
9,970.69
Adjusted Excess Earnings:
345.97
539.05
09/01/00
Balance'
(15,688.900.76)
ISO 1.02505811
(16,082,034.99)
1.02457353
(16,074.432.43)
03/01/01
Balance'
16.134.658.30
0 1.00000000
16,134,658.30
1.00000000
16,134,658.30
Earnings:
445,757.54
Excess Earnings:
$7,623.31
60,225.87
% Allocable.
1.124% °
% Allocable:
1.124% 2
1.124%
Adjusted Earnings:
51009.06
Adjusted Excess Earnings:
591.34
676.77
Total Adjusted Earnings:
998,936.51
Total Adjusted Excess Earnings:
(23.034.961
ro_961
'See Schedule H t -Remaining balance Analyses.
2 See Schedule H3 - Commingled Fund Adjustment Analysis.
anytown Page 40
Schedule H3 - Reserve Account (ti94622553)
Comminofed Fund Adiustment AnaWs
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 11)
Series Z
Fund 3
Series P
1"8 C
Refunding
% Allocable
% Allocable
% Allocable
Bond
Bond
Bond
Bond
to Series P
% Allocable
to 1996C
to Refunding
Dale
Description
Proceeds
Proceeds
Proceeds
Proceeds
Totals
Bonds
to Bonds
Bonds
Bonds
03/07196
Deposit
4.351.241.73
6.412.792.50
0.00
0.00
10.764,034.23
40.424%
59.576%
OLD^
0.000%
10105198
Beg. Balance `
4,381.789.29
6.457.813.01
0.00
0.00
10.939,602-30
40.424%
59.576%
0.0D0%
0.00D%
Dep 98C Bd Prods
2,689,500.00
Tm to 98C Escrow Fd
(4.330,500.00)
End. Balance
51.289.29
6,457,813 01
2.689.500.00
0.00
9.198,602.30
0.558%
70204%
29.238%
0.000%
11113198
Beg. Balance
51,536.61
6.488.953.68
2.702,469.22
0.00
9.242.959.51
0.558%
70.204%
29.235%
0.000%
Transfer=
(43.634.60)
43,634.60
Retirement of Bond'
17.902.01)
5.607.75
2.214.26
End. Balance
0.00
6,494,641.43
2,748.318.08
0.00
9.242.959.51
0.000%
70.266%
29.734%
0.000%
04/14199
Beg. Balance `
0.00
6,610.864.79
2.797.499.98
021)
9,408,364.77
0.0D0%
70.266%
29.734%
0.000%
Dep Ref Bd Prods
13.101.102.50
Tnr to 99E Escrow Fd
(6.412.792..50)
End. Bafallce
0.00
198.07229
2.797.499.98
13,101.102.50
16.095.674.77
0.000%
1231%
17.379%
81.390%
D91D7199
Beg. Balance'
0.00
201,348.07
2.843,765.84
13.317.772.32
16,362,886.24
0.000%
1.231%
17,379%
81,390%
Transfer 4
(8.487.31)
8,487.31
End. Balance
0.00
192.860.76
2.843,765.84
13,326.259.64
16.362.88624
0.D00%
1-179%
17.379%
81.442%
09101/00
Beg. Balance'
0.00
190,170.76
2.804,101.28
13,140,386.27
16.134,658.30
0.D00%
1.179%
17.379%
81.442%
Transfer 4
(8,861.88)
8.861.88
End. Balance
0.00
181,308.88
2,804.101.28
13,149,248.15
16,134.658.30
0.000%
1-124%
17.379%
81.497%
See Sdmduie H t - Remaining Balance Analyses.
r See Appendix A - Trmrstaved Proceeds Ratio Analysis (Series P).
r ABoration based an odgnal issued pnncpd: Original POncipat % AAlloca
Bands 69.085.000 00 71.979%
Series 199BC Bonds 26.895.000.00 28.021%
70191 98,980,000.00 100.000%
See Appendix B - Transferred Proceeds Raft Analysis tSerios 2).
anylown
Page 41
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
(Schedule 11 - Escrow Fund Fund 4I
Remainin_a Balance Analyses
Summa - Fund 4
Gross Earnings: $541,644.27
Internal Rate of Return: 4.981178%
Excess Earnings: $3,432.25
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 911/99 ,
Escrow Securities 6,070,805.38 N/A 09/01/01 04/14/99 N/A 4.981% N/A N/A 6,070,805.38
Value as of September 1,1999: 6,070,805.38
Value
Security Par Maturity Settlement Settlement Accreted Accrued As Of
Type Amount Coupon Date Date Price Yield Price Interest 911100,
Escrow Securities 5,762,585.09 N/A 09/01/01 04/14/99 NIA 4.981% N/A N/A 5,752,585.09
Value as of September 1, 2000: 5.752.585.09
Computation
Security Par Maturity Settlement Settlement Accreted Accrued Date
Type Amount Coupon Date Date Price Yield Price Interest Value I
Escrow Securities 5,752,343.55 N/A 09/01/01 N/A N/A 4.981% N/A NIA 5,752,343.55
Value as of March 1, 2001: 5,752,343.55
See Schedule 14 - Escrow Valuation.
anytown Page 42
$69,085,000
The City of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule 12 - Escrow Fund
Net Nonpurpose Investments Cash Flow
Fund 4
Net
Rebate Calculations
IRR Calculations
Nonpurpose
Muni -Days/
Investments
Computation
FV Factor @
FV As Of
FV Factor @
FV As Of
Date Description
Cash Flow
Date
5.011622%
03101/01
4.981178%
03MI/01
04/14/99 Trn fr Reserve Fund
(6,412,792.50)
677
1.09755490
(7,038,391.83)
1.09694202
(7,034,461.56)
04/14/99 Uninvested Cash
0.50
677
1.09755490
0.55
1.09694202
0.55
09/01/99 Escrow Receipt'
463,190.51
540
1.07707380
498,890.36
1.07659404
498,668.14
09/01/99 Balance 2
6,070,805.38
540
1.07707380
6,538,705.40
1.07659404
6,535,792.87
Earnings:
121,203.89
Excess Earnings:
(795.52)
0.00
% Allocable:
100.000% a
% Allocable:
100.000% a
100.000% ,
Adjusted Earnings:
121,203.89
Adjusted Excess Earnings:
(795.52)
0.00
09101/99
Balance 2
(6,070,805.38)
540 1.07707380
(6,538,705.40)
1.07659404
(6,535,7.92.87)
03101/00
Escrow Receipt'
153,268.37
360 1.05074413
161,045.84
1.05043209
160,998.01
09101/00
Escrow Receipt'
467,298.03
180 1.02505811
479,007.64
1.02490589
478,936.50
09/01/00
Balance 2
5,752,585.09
180 1.02505811
5,896,734.01
1.02490589
5,895,858.35
Earnings:
302,346.10
Excess Earnings:
(1,917.92)
0.00
% Allocable:
95.785%
% Allocable:
95.785°% a
95.785% a
Adjusted Earnings:
289,601.48
Adjusted Excess Earnings:
(1,837.07)
0.00
09/01100
Balance 2
(5,752,585.09)
180 1.02505811
(5,896.734.01)
1.02490589
(5,895,858.35)
03/01/01
Escrow Receipt'
143,514.80
0 1.00000000
143,514.80
1.00000000
143,514.80
03/01/01
Balance 2
5,752,343.55
0 1.00000000
5,752,343.55
1.00000000
5,752,343.55
Earnings:
143,273.26
Excess Earnings:
(875.66)
0.00
°% Allocable:
91.321 % 3
•% Allocable:
91.321 °% 3
91.321 •% 3
Adjusted Earnings:
130,838.90
Adjusted Excess Earnings:
(799.66)
0.00
Total Adjusted Earnings:
541,644.27
Total Adjusted Excess Earnings:
(3,432,251
Lo
'See Schedule 14 - Escrow Valuation.
2 See Schedule 11 - Remaining Balance Analyses.
3 See Schedule 15 - Commingled Fund Adjustment Analysis.
anytown Page 43
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule 13 - Escrow Fund Fund 4
Yield Restriction Analysis Cash Flow
Net
Yield Restriction Calculations
IRR Calculations
Nonpurpose
Muni -Days/
Investments
Computation
FV Factor Q
FV As Of
FV Factor @
FV As Of
Date
Description
Cash Flow
Date
5.012622%
03101/01
4.981178%
03/01/01
04/14/99
Tm fr Reserve Fund
(6,412,792.50)
677
1.09757504
(7,038,520.96)
1.09694202
(7,034,461.56)
04/14/99
Uninvested Cash
0.50
677
1.09757504
0.55
1.09694202
0.55
09/01/99
Escrow Receipt'
463,190.51
640
1.07708956
498,897.66
1.07659404
498,668.14
09/01/99
Balance Y
6,070,805.38
540
1.07708956
6,538,801.08
1.07659404
6,535,792.87
Earnings:
121,203.89
Excess Earnings:
(821.66)
0.00
% Allocable:
100.000°% 3
•% Allocable:
100.000% 3
100.000% 3
Adjusted Earnings:
121,203.89
Adjusted Excess Earnings.
(821.66)
0.00
09/01199
Balance 2
(6,070,805.38)
540 1.07708956
(6,538,801.08)
1.07659404
(6,535,792.87)
03/01/00
Escrow Receipt'
153,268.37
360 1.05075438
161,047.41
1.05043209
160,998.01
09/01/00
Escrow Receipt'
467.298.03
180 1.02506311
479.009.97
1.02490589
478,936.50
09/01/00
Balance 2
5,752,585.09
180 1.02506311
5,896,762.77
1.02490589
5,895,858.35
Earnings:
302,346.10
Excess Earnings:
(1,980.93)
0.00
% Allocable:
95.785°%
% Allocable:
95.785°% 3
95.785% 3
Adjusted Earnings:
269,601.48
Adjusted Excess Earnings:
(1,897.43)
0.00
09/01/00
Balance I
(5,752,585.09)
180 1.02506311
(5,896,762.77)
1.02490589
(5,895,858.35)
03/01/01
Escrow Receipt'
143,514.80
0 1.00000000
143,514.80
1.00000000
143,514.80
03/01/01
Balance 2
5,752,343.55
0 1.00000000
5,752,343.55
1.00000000
5,752,343.55
Earnings:
143,273.26
Excess Earnings:
(904.42)
0.00
% Allocable:
91.321 % 3
% Allocable:
91.321 °%
91.321 %
Adjusted Earnings:
130,838.90
Adjusted Excess Earnings:
(825.93)
0.00
Total Adjusted Earnings:
541,644.27
Total Adjusted Excess Earnings:
(3,545,021
jI m
' See Schedule 14 - Escrow Valuation.
s See Schedule 11 - Remaining Balance Analyses.
3 See Schedule 15 - Commingled Fund Adjustment Analysis.
anytown Page 44
•
0
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Schedule 14 - Escrow Fund Fund 4
Escrow Valuation
Settlement Date:
"IM99
Computation Date:
03101/01
Arbitrage Yield:
5.011622%
Escrow Yield:
4.9811789E
Escrow Purchase Price:
6,412,792.00
Value of Escrow an April 14, 1999:
6,412,792.00
Varlance:
0.00
Value of Escrow on March 1, 2001:
6,070,805.38
Value As Of
Value As Of
Value As Of
Value An Of
Escrow
Settlement Date
Transfer Date
Transfer Date
Computation Date
Date
Receipts
W14190
00101199
09101/00
03101101
09/01/09
463.190.51
454.598.45
03/01/00
153.268.37
146.769.85
149, 543.85
09101100
467,298.03
436.610.59
444,B62.68
. 03/01101
143.514.80
130,831.71
133,304.47
140,027.30
09/01,01
5,895,610.80
5.243.981AD
5.343.094.39
5.612.557.79
5.752.343.55
7,122,882.51
6.412.792,00
6,070,805.38
5.752.385.09
5,752,343.55
11
As set forth In the Vernficabon Repon prepared 6y Caueey Demgen d Moore Inc., dated Apnl 14, 1099.
anytwm
Page 45
$69,085,000
The City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 9)
series Z
Schedule 15 - Escrow Fund Fund Al
Comminaled Fund Adlustmant Analysis
Refunding
% Allocable
Bond
Bond
% Allocable
to Refunding
Date Description
Proceeds
Proceeds
Totals
to Bonds
Bonds
09101199 Beg. Balance
6,070,805.38
0.00
6,070,805.38
100.000%
0.000%
Transfer'
(255.899.25)
255.899.25
End. Balance
5,814,906.13
255.899.25
6,070,805.38
95.785%
4.215%
• 09101100 Beg. Balance
5.509.868.24
242.475.31
5,752,343.55
95.785%
4.215%
Transfer'
(256.757.54)
256,757.64
End. Balance
5.253.110.70
499,232.85
5,752,343.55
91.321%
6.679%
s
n
See AppenOx B - Translerred Proceeds Ratio AnaWs (Sexes 2).
anytown
Page 4$
r1
u
0 $69,085,01)0
the City of Anytown
Limited Obligation Improvement Bonds
(Anytown Assessment District No. 1)
series Z
Appendix A -Transferred Proceeds Ratio Analysis (Series P)
Series nsferr o §edps 1998C.
Series P Principal Amount Refunded by 1998C Bonds: 23.795.715.75
Series P Principal Amount Outstanding on Refunding Rate: 28 105=.00
[Qger,efing Rule Factor. 0-647
Series P
Series P
Principal
Total
Principal
Outstanding
Series P % Redeemed
Redeemed
and Redeemed Adjusted Cumulative
• Principal With 1998C
With 1998C
With 1998C Transfer Operating Transfer Transfer
Date Outstanding Proceeds
Proceeds
Proceeds Ratio Rule Ratio Ratio
F,
U,
11113198 28.105.000.00 84.667% 23.795.715.75 23.795.715.75 100.000% 0.847 94.667% 54.667%
anytown
28,105,000.00
Page 47
• $69,085,000
The Cify of Anytown
Limited Obligation improvement Bonds
(Anytown Assessment District No. 1)
Series Z
Is
Appendix B - Transferred Proceeds Ratio Analysis (Series Z)
Series Z iransferano to series 199a
Senes Z Principal Amount Refunded by 1999E Bonds: 57,294,559.60
. Senes Z Principal Amount Outstanding on Refunding pate: 63.590 000.00
OperaUng Rule Factor. 0.901
Series Z
Series Z
Principal
Total
Principal
Outstanding
Series Z % Redeemed
Redeemed
and Redeemed Adjusted Cumulative
Principal With 1999E
With 1999E
With 9999E Transfer Operating Transfer Transfer
. Date Outstanding Proceeds
Proceeds
Proceeds Ratio Rule Ratio Ratio
0
09101199 63,590,000.00 89.983% 2,676,997.53 57.220.259.80 4.678% 0.901 4.215% 4.215%
09101/00 60,615,000.00 90.405% 2,834,207.29 54,799,194.63 5.172% 0.901 4.660% 8.657%
09/01101 57,480,000.00 79.371% 45,622,651.28 45,622,651.28 100.000% 0.901 90.100% 90.100%
1999E %Allocable to %Allocable to
Total Bond Bond Bond 1999E Bond
Date Receipts Proceeds Proceeds Proceeds Proceeds
09/01199 4.624.095.15 463.190.51 4.160.904.65 10.017% 89.983%
09101!00 4,665,096.09 447,600.28 4,217,495.81 9.595% 90.405%
09;01t01 26,105,519.55 5,385,216.58 20.720.302.97 20.629% 79.371%
anytown
Page 48
Bond Year Selection
•
With respect to the $69,085,000, City of Aytown, Limited Obligation Improvement
Bonds (Anytown Assessment District No.1) Series Z aggregate principal amount of the City of
Anytown (the "Bonds"), executed and delivered on March 7, 1996 by the City of Anytown (the
"Issuer"), the Issuer hereby selects March 1, 1997 as the end of the first Bond and as the first
Calculation Date for the above -referenced Bonds.
Dated:
•
•
U
•
•
City of Anytown
31
Name:
Title:
49
•
•
•
L
BON DLosISTIXuc
INSIGHT. INNOVATION. INTEGRATION.
INSTRUCTIONS FOR FILING IRS 8038-T FORM
Attached is a partially completed IRS 8038-T Form which must be remitted with any payment to the IRS
for yield reduction payment, arbitrage rebate payment or penalty in lieu of arbitrage rebate payments. To
file, please follow the steps as described below.
(1) Please complete the form, including certain information from bond closing documents
and the signature of an authorized representative.
(2) Prepare one check to the Internal Revenue Service summing the amount(s) shown on
Line Item(s) 12 (for Yield Reduction Payment) 16, 19 and 20 (for Arbitrage Rebate
Payment), and 24 and 25 (for Penalty in Lieu of Arbitrage Rebate Payment).
(3) If you are required to pay an additional amount identified on Line 20 (interest of
underpayment), you are required to submit a "Late Payment Explanation". Such
explanation has not been provided.
(4) Send the check, the original IRS Form 8038-T, the "Payment Cover Letter", and the
"Late Payment Explanation" (if applicable) to the Internal Revenue Service via certified
mail at the following address:
Internal Revenue Service Center
Ogden, UT 84201
In addition, in the lower left hand comer of the envelope, please write:
MAILSTOP 6264
FORM 8038-T
Please note, a copy of the report is not required to be sent to the IRS.
This must be postmarked no later than April 30, 2001
Please maintain copies of all documents for your records. Should you have any questions, please call
your Bond Logistix representative.
N
Form 8038-T Arbitrage Rebate and
(Rev. June 1999) Penalty in Lieu of Arbitrage Rebate
Depanment or the Treasury Op Under Sections 143{g)(3) and 1 8M
Internal Revenue seance and Sections 103(e)(6)(D) and 103A(i)(4) of the Intemal Revenue Code of 1954
OMB No. 1545.1219
-Ctwek box'if'Amanded'Retum
1
Issuer's name
2
Issuer's employer Identification number
The City of Anytown
01 0000001
3
Number and street (or P.O- box no. if mail is not delivered to Street address)
Room/suite
4
Report number
100 Main Street
AN 2001.01
5
City, town. or post office, state. and ZIP code
9
Date of issue
Anytown, USA 00000
March 7, 1996
7
Name of issue
9
CUSIP number
Limited Obligation Improvement Bonds, Series Z
100001US2
9
Name and title of officer or legal representative whom the IRS may call for more information
10
Telephone number of officer or legal representative
John Doe - Chief Financial Officer
I
{ 555 ) 555-5555
11
S ............69,ra00.
Type of issue ► _!mprovement Bonds ............ Issue price 0-485
an
.
12
Amount of yield reduction payment instructions) . . . . . . . . . . . . . . . . .
► i3
290,282.73
13
If Form 8038, Form 8038-G, or Form 8038-GC was not filed for this issue, check box . . . . . . .
. . . .
. . . ► ❑
14
Date of the most recently riled (previous) Form 8038-T for this issue: (Month/DayNear) ......................
1 ........... I ...........
15
Is this the final Form 8038-T for this issue?
. 10- ❑
Yes ► 0 No
•
Arbitrage Rebate ► Check box if this Part applies ®—,__ —
16
_
Amount of rebate being paid with this form . . . . . . . . . .
► Is
1,414,646.72
17
Period to which payment relates ► From: (Month/DayNear) ....March - / I. I 96 To: (MonthlDay/Yeari
-March
1 Al..18
Amount of rebate previously paid with respect to this issue . . . . . . . . . . . . . . .
IN-S
0.00
19
Penalty for failure to pay arbitrage rebate on time (attach statement) . . . . . . . . . . . .
► Is
0.00
20
Interest on underpayment of arbitrage rebate (see instructions) .
► Is
0.00
I'MaNI—Penalty
in Lieu of Arbitrage Rebate ► Check box if this Part applies ❑
21
Check the appropriate box ► 6 months ❑ 12 months ❑ 18 months ❑ 24 months ❑
Other ❑
If 'Other," give the number of months since sate of issue ►...................
•
22
Available construction proceeds ► S.......................................... Unspent ► S
23
If you elected to terminate the election to pay penalty in lieu of arbitrage rebate,
check one of the following (see instructions): ► A El ❑ Date election was terminated ►
.............................
24
Penalty in lieu of rebate ► S ....................... or upon termination No S ....................... Total
► S
25
Penalty for failure to pay on time (attach statement) . . . . . . . . . . . . . . . . .
► S
26
Interest on underpayment of penalty in lieu of rebate or upon termination (see instructions) ,
► s
EIPr-tinns by the Issuar (snap inctrurtinncl
i
Please check the "Yes" or -No" box for each question.
Yes
No
A. Elections made under the 1992 regulations
27 Did you elect to apply the rules under section 148 to determine if the bond complies with section 103(c)(6)(D) of the
1954 Code? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 Did you elect to treat the last day of the bond year on a variable yield issue as the computation date? . , . . .
29 Did you elect to treat a transitioned variable yield issue as a fixed yield issue? . . . . . . . . . . .
30 Did you elect to treat a variable yield bond that is not a tender bond as a Fixed yield bond after it convened to a fixed rate?
31 Did you elect to continue treating an issue as a variable yield issue after all the bonds in the issue converted to a fixed rate?
32 Did you elect to recompute the yield on a transitioned fixed yield issue? . . . . . . . . . . . . .
B. Elections made under the 1993 regulations
33 Did you identify a hedge? . . . . . . . . . . . . . . . . . . . . . . . . . . .
34 Did you elect to use an actual facts analysis? . . . . . . . . . . . . . . . . . . . . .
35 Did you elect to exclude earnings on a reasonably required reserve or replacement fund from the definition of available
construction proceeds? . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36 Did you elect to treat the different purposes of a multipurpose issue as separate issues for purposes of the 2-year exception?
37 Did you elect to treat each loan of a pooled financing issue as a separate issue for purposes of applying the spending exception?
38 Did you apply certain provisions of section 1.148-11(b) before the effective date? . . . . . . . . . .
39 Did you a pply certain provisions of section I.148.11A(1 before the effective date?
27
✓
28
✓
29
✓
30
✓
31
we
32
✓
33
✓
34
✓
35
✓
36
✓
37
✓
38
✓
39
✓
Please
Sign
Here
Under penalties of perjury. I declare that I have examined tnis return, and accompanying schedules and statements, and to the best of my knowledge
and belief. they are true. correct, and complete.
10. - - - - -
--- - -�
'
ffi
Signature of officer Date Type or print name and title
For Paperwork Reduction Act Notice, see page 6.
Cat. No. 11545Y
Form 8038-T (Rev. 6-99)
•
i
form 8038-T (Rev. 6-99) page 2
General Instructions
Note: Use a separate Form 8038-T for
each .issue.
Section references are to the Internal
Revenue Code of 1986 unless otherwise
noted.
Note: For the 1992 regulations, see T.D.
8418, 1992-1 C.B. 29. For the 7 993
regulations, see T.D. 8476, 1993-2 C.B.
13 and T.D. 8538. 1994-1 C.B. 26. In
general, the 7993 regulations apply to
bonds sold after July 7, 7997.
Purpose of Form
Under section 148(fj, interest on a
state or local bond is not tax exempt
unless the issuer of the bond rebates to
the United States arbitrage profits
earned from investing proceeds of the
bond in higher yielding nonpurpose
investments.
Use Form 8038-T to pay:
• Yield reduction payments,
• The arbitrage rebate to the United
Statesr or
• A penalty for failing to pay on time the
arbitrage rebate to the United States, or
• A penalty:
1. In lieu of rebating arbitrage to the
United States,
2. To terminate the election to pay a
penalty in lieu of rebating arbitrage, or
3. For failing to pay either penalty on
time.
Qualified mortgage bonds and
qualified veterans' mortgage bonds.
Section 143(g)(3) and section 103A(i)(4)
of the 1954 Code provide the arbitrage
rebate rules for qualified mortgage
bonds and qualified veterans' mortgage
bonds issued after August 15, 1986.
Under these special rules, issuers may
pay the rebate either to mortgagors, or if
an election is made before issuance of
the bond, to the United States. Use this
form only if you have elected to pay the
rebate to the United States.
Industrial development bonds.
Obligations that are part of an issue of
industrial development bonds issued
before 1986 (other than housing
obligations described in section
103(b)(4)(A) of the 1954 Code or section
11(b) of the Housing Act of 1937) are
subject to the rebate requirements of
section 103(c)(6)(D) of the 1954 Code.
However, see line 27 and the related
instructions.
Arbitrage Rebate
Computation of arbitrage rebate. The
amount of the rebatable.arbitrage W
1. The excess of the amount earned
on all nonpurpose investments over the
amount which would have been earned
if the nonpurpose investments were
invested at a rate equal to the bond
yield, plus
2. Any income attributable to the
excess described in 1.
For rules on computing the arbitrage
rebate for bonds subject to section
148(f), see the regulations under section
148. The 1993 regulations, as amended,
are generally effective for bonds sold
after July 7, 1997. Generally, an issuer
may apply these regulations to bonds
that are outstanding on July 8, 1997,
and to which certain prior regulations
apply. Moreover, the 1997 amendments
to the 1993 regulations, redesignating
the temporary rules as sections
1.148-1A through 1.148-6A and
1.148-9A through 1.148-11A, together
with the applicable provisions of the
original 1993 regulations, continue to
apply to bonds issued before July 8,
1997. The 18-month spending exception
to the rebate requirement cannot be
applied to any bond sold before July 1,
1993.
For rules on computing the arbitrage
rebate for bonds subject to section
143(g)(3) or section 103A(i)(4) of the
1954 Code. see Temporary Regulations
section 6a.103-2(i)(4). For rules on
computing the arbitrage rebate for
bonds subject to section 103(c)(6)(D) of
the 1954 Code, see Temporary
Regulations section 1.103-15AT, T.D.
8005, 1985-1 C.B. 39, if the issuer has
not applied the later regulations. Also,
see line 27 and its instructions as well
as the 1992 and 1993 regulations.
Exceptions. There is no rebate
requirement under section 148(f) if the
exception for temporary investments
under section 148(f)(4)(B) applies or the
exception for governmental units issuing
$5 million or less of bonds under section
148(f)(4)(D) applies.
Note: The exception under section
148(0(4)(0) is modified by section 223 of
the taxpayer Relief Act of 1997. After
1997, a governmental issuer may issue
up to $70 million in bonds per calendar
year (aggregate face amount of bonds
other than private activity bonds), if no
more than $5 million is used to finance
expenditures other than public school
capital expenditures.
Also, the rebate requirement does not
apply to "available construction
proceeds" of a construction issue if
certain spending requirements are met;
or if those spending requirements are
not met, an election is made to pay a
penalty 'in'lieu of arbitrage rebate. See
section 148(f)(4)(C).
The arbitrage rebate exception for a
construction issue only applies to
"available construction proceeds." Other
proceeds of a construction issue do not
qualify for this exception.
Further, the rebate requirement
generally does not apply to bond
proceeds that are invested in certain
tax-exempt bonds, certain tax-exempt
mutual funds, or certain demand deposit
securities purchased directly from the
United States Treasury,
Failure To Pay Arbitrage Rebate
on Time
Failure to pay the proper amount of
arbitrage rebate on time may cause the
bond to be treated as not being, and as
never having been, tax exempt.
Under the regulations effective prior
to July 1, 1993. Generally, if the failure
is an innocent failure, the failure will be
treated as not having occurred if the
issuer pays a correction amount to the
United States. Detailed rules relating to
innocent failures, the correction amount
and the time to pay the correction
amount are contained in Regulations
section 1.148-1(c) (1992 regulations).
Even if the failure is not innocent or
not so treated, the failure will be treated
as not having occurred if the failure is
not due to willful neglect and the issuer
pays a correction amount and a penalty
to the United States. Detailed rules
relating to willful neglect, the correction
amount, and the penalty and interest are
contained in Regulations section
1.148-1(c) (1992 regulations).
Under the regulations effective after
July 7, 1997. If the failure is not due to
willful neglect, the failure will be treated
as not having occurred if, in addition to
payment of the proper arbitrage rebate
amount, the issuer pays a penalty and
interest to the United States. Detailed
rules relating to the penalty and interest
are contained in Regulations section
1.148-3(h).
Penalty in Lieu of Arbitrage
Rebate
In the case of a construction issue, an
exception from the rebate requirement is
provided under section 148(f)(4)(C) for
the available construction proceeds of
the issue if certain spending
requirements are met. Since this
exception only applies to available
construction proceeds, other proceeds
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0
•
Form 8038-T (Rev. 6.99)
of a construction issue do not qualify for
this exception. Thus, rebatable arbitrage
may be owed for proceeds other than
available construction -proceeds'even if
this exception is satisfied for the
available construction proceeds. The
issuer may have elected to pay a
penalty in lieu of rebating arbitrage for
the available construction proceeds if
the spending requirements of section
148(f)(4)(C) are not satisfied. The penalty,
if any, is payable for each applicable
6-month period after the date the bonds
are issued. Detailed rules concerning
these provisions are contained in
Regulations section 1.148-7.
A "construction issue" is an issue of
tax-exempt bonds that meets both of
the following conditions:
1. At least 75% of the available
construction proceeds of such issue are
to be used for construction expenditures
for property to be owned by a
governmental unit or a 501(c)(3)
organization, and
2. All bonds that are part of such
issue are qualified 501(c)(3) bonds,
bonds that are not private activity
bonds, or private activity bonds issued
to finance property to be owned by a
governmental unit or a 501(c)(3)
organization.
Generally, the "available construction
proceeds" means the amount equal to
the issue price of the construction issue:
1. Increased by earnings on the issue
price, earnings on amounts in any
reasonably required reserve or
replacement fund not funded from the
issue, and earnings on all of the
foregoing earnings, and
2. Reduced by the amount of the
issue price in any reasonably required
reserve or replacement fund and the
issuance costs financed by the issue.
See section 148(f)(4)(C)(vi).
The penalty in lieu of arbitrage rebate
is equal to 11/2% of the amount of the
available construction proceeds that do
not meet certain spending requirements.
See section 148(0(4)(C) and Regulations
section 1.148-7 for the rules for
construction proceeds, available
construction proceeds, and spending
requirements needed to compute the
penalty in lieu of arbitrage rebate.
Penalty for the Termination of
Election To Pay a Penalty in Lieu
of Arbitrage Rebate
You may terminate the election to pay a
penalty in lieu of arbitrage rebate by
paying a 3% penalty_ Generally, compute
the penalty for the termination election
under section 148(0(4)(C)(viii) with
reference to the end of the initial
temporary period. See section 148(c)
and Regulations section 1.148-2(e) for
definitions of a temporary period.
Compute the amount of the penalty for
the termination election under section
148(f)(4)(C)[m)-ovith reference, to The date
of the election. See section
1148(f)(4)(C)(viii) and (ix) for the rules for
terminating an election to pay a penalty
in lieu of rebate.
Failure To Pay Timely the Penalty
in Lieu of Arbitrage Rebate or the
Termination Penalty
Failure to pay the proper amount of
penalty and interest on time (after an
appropriate election either to pay
penalty in lieu of arbitrage rebate or to
pay a termination penalty) may cause
the bond (or any refunding bond with
respect thereto) to be treated as not
being, and as never having been, tax
exempt. In general, the rules discussed
in Failure To Pay Arbitrage Rebate on
Time, on page 2, also apply to these
penalties. See Regulations section
1.148-6(n) (1992 regulations) and
1.148-3(h) (1993 regulations).
Who Must File
Yield Reduction Payments
Issuers of tax-exempt bonds must file
Form 8038-T to pay any yield reduction
payments in accordance with
Regulations section 1,148-5(c).
Arbitrage Rebate
Issuers of tax-exempt bonds must file
Form 8038-T to pay the arbitrage rebate
to the United States under section
143(g)(3), section 148(f), or the
corresponding provisions of the 1954
Code. Payments may be made by a
person acting for the issuer for bonds
subject to section 103(c)(6)(D) of the
1954 Code.
Penalties
Issuers must also use Form B038-T to
pay the penalty:
1. For failing to pay the arbitrage
rebate on time,
2. In lieu of arbitrage rebate,
3. To terminate the election to pay a
penalty in lieu of arbitrage rebate, or
4. For failing to pay a penalty on time.
When To File
Yield Reduction Payments
File Form 8038-T when paying yield
reduction payments to the United States
in accordance with Regulations section
1.148-5(c). In general, an amount is paid
under Regulations section 1.148-5(c) if it
is paid to the United States at the same
time and in the same manner as rebate
amounts are required to be paid. A yield
reduction overpayment may also be
Page 3
recovered. See Regulations section
1.148-3() and Rev. Proc. 92-83 cited in
Recovery of Overpayment on page 4.
Arbitrage Rebate
File Form 8038-T when paying the
arbitrage rebate to the United States.
Under section 148(f), the installments are
due 60 days after the end of every 5th
bond year during the term of the issue.
The final installment is due 60 days after
the date the last bond of the issue is
discharged.
Under Regulations section 1.148-1(b)
(1992 regulations), each installment must
be in an amount that equals at least 90
percent of the rebatable arbitrage as of
the computation date (i.e., the end of
the 5-year period). In addition, under
Regulations section 1,148-1(b) (1992
regulations), the final installment must
include all of the rebatable arbitrage as
of the fast computation date, plus any
income attributable to the rebatable
arbitrage.
Under Regulations section 1.148-3(n,
each installment must be in an amount
that, when added to the future value as
of the computation date (i.e., the end of
the 5-year period) of previous rebate
payments made for the issue, equals at
least 90 percent of the rebatable
arbitrage as of the computation date. In
addition, under Regulations section
1.148-3A the final installment must
include an amount that, when added to
the future value of previous rebate
payments made for the issue, equals
100 percent of the rebate amount as of
that date. See Regulations sections
1.148-3(f)(3) and 1.148-3(c) for detailed
rules determining future value for these
purposes.
Special rules. For a tax and revenue
anticipation bond, you need not make
the last installment of arbitrage rebate
until at least 8 months after the bond
issue date. See also section 143(g)(3)
and section 103A(i)(4) of the 1954 Code
for rules concerning qualified mortgage
bonds and qualified veterans' mortgage
bonds. See Temporary Regulations
section 1.103-15AT(e) (1992 regulations)
for rules concerning industrial
development bonds.
Penalties
Under section 148(f)(4)(C), the payment
of a penalty in lieu of arbitrage rebate
must be made no later than 90 days
after the end of each 6-month period
relating to the penalty.
Payment of the 3% penalty to
terminate the penalty in lieu of arbitrage
rebate must be made to the United
States no later than 90 days after (a) the
end of the initial temporary period if the
termination election was made under
`i
L
Form 8038•T (Rev. 6-99) Page 4
section 148(f)(4)(C)(viii), or (b) the date of
the termination election if it was made
under section 148(f)(4)(C)(ix).
See the instructions for line 25 for
paying a penalty for failure to pay on
time either of the penalties described in
the immediately two preceding
paragraphs.
See the instructions for line 19 for
paying a penalty for failing to pay the
arbitrage rebate to the United States on
time.
Recovery of Overpayment
In general, an issuer may recover an
overpayment of rebate for an issue of
tax-exempt bonds by establishing to the
Internal Revenue Service that the
overpayment occurred. An overpayment
is the excess of the amount paid to the
United States for an issue under section
148 over the sum of the rebate amount
for the issue as of the most recent
computation date and all amounts that
are otherwise required to be paid under
section 148 as of the date the recovery
is requested.
An overpayment may be recovered
only to the extent that a recovery on the
date that it is first requested would not
result in an additional rebate amount if
that date were treated as a computation
date.
Except for overpayments of penalty in
lieu of rebate under section
148(f)(4)(C)(vii) and Regulations section
1.148-7(k), an overpayment of less than
$5.000 may not be recovered before the
final computation date. See Regulations
section 1.14B-3(i). The format and
procedure for requesting recovery of
amounts paid under rebate provisions is
provided in Section 4, Rev. Proc. 92-83,
1992-2 C.B.487.
Where To File
File Form 8038-T with the Internal
Revenue Service Center, Ogden, UT
84201.
Signature
Form 6038-T must be signed by an
authorized representative of the issuer.
Also type or print the name and title of
the person signing Form 8038-T.
Specific Instructions
Part 1—Reporting Authority
Amended Return. If you are fling an
amended Form 8038-T, check the
amended return box. Complete Part I
and only those parts of Form 8038-T
you are amending. Use the same report
number (line 4) that was used in the
original report.
Line 1. Enter the name of the
governmental entity that issued the
bonds, not the name of the entity
receiving the benefit of the financing.
Line 4. Enter the report number from
Form 8038, Information Return for
Tax -Exempt Private Activity Bond Issues,
Form 8038-G, Information Return for
Tax -Exempt Governmental Obligations,
or Form 8038-GC, Information Return
for Small Tax -Exempt Governmental
Bond Issues, Leases and Installment
Sales, on which you first reported this
issue.
Note: !f you did not file a Form 8038,
8038-G, or 8038-GC, leave this tine
blank and check the box on line 13.
Line 6. Enter the date of issue. This is
generally the first date on which there is
a physical exchange of the bonds for
the purchase price.
Line 7. Enter the name of the issue. If
there is no name, please provide other
identification of the issue.
Line 8. Enter the CUSIP (Committee on
Uniform Securities Identification
Procedures) number of the bond with
the latest maturity. If the issue does not
have a CUSIP number, enter "None."
Line 11. Enter the type of issue as was
checked for this issue on Form 8038 or
Form 8038-G. For bonds previously
reported on Form 8038-GC, enter "Small
Governmental Bond." Also enter the
total issue price that was listed on Form
8038, 8038-G, or 8038-GC filed for this
issue.
Line 12. If a yield reduction payment is
made to the United States in
accordance with Regulations section
1,148-5(c), in general, to determine the
yield on an investment to which the
payment applies, any amount paid,
including a rebate amount, is treated as
a payment for that investment that
reduces its yield.
Line 14. Enter the date of the most
recently filed (previous) Form 8038-T for
this issue.
Line 15. In case of a rebate of arbitrage,
check the box marked "Yes" only if the
issue has been discharged (redeemed,
called, etc.). In the case of the payment
of a penalty in lieu of arbitrage rebate,
check the box marked "Yes" only if the
spending provisions of section
148(f)(4)(C) have been fully complied
with or if a termination penalty payment
is made with this form. In all other
cases, check the box marked "No."
Parts II and III --In General
Complete Part II, Arbitrage Rebate, if
you are paying arbitrage rebate, and
complete Part III if you are paying a
penalty in lieu of arbitrage rebate. Under
limited circumstances, you may be
rebating arbitrage and paying a penalty
in lieu of rebating arbitrage.
Check the box for each part being
completed. if you check the box marked
"Penalty in Lieu of Arbitrage Rebate,"
you are stating that the issuer timely
made an election under section
148(f)(4)(C)(viQ. See also section
148(f)(4)(C)(xv).
Part Ili —Arbitrage Rebate
Line 16. Attach a check or money order
for this amount made payable to the
"United States Treasury."
Lane 17. Enter the period of time relating
to this rebate payment. For any
installment other than the final
installment, the period of time should
reflect the bond years selected.
Line 16. Enter the total of all previous
rebate payments made with respect to
this issue.
Line 19. If the issuer failed to make the
appropriate arbitrage rebate payment
with Form 8038-T, see Failure To Pay
Arbitrage Rebate on Time on page 2.
Compute the penalty for failure to pay
on time and enter the total on line 19.
In addition, whichever is applicable,
attach a statement to this Form 8038-T
explaining why there was (1) an innocent
failure or (2) no willful neglect in the
issuer's failure to pay the arbitrage
rebate due. Submit the statement
relating to an innocent failure according
to the format and procedure of Section
4, Rev. Proc. 90-11, 1990-1 C.B. 469.
Submit the statement relating to why
there was no willful neglect according to
the format and procedure of Section 3,
Rev. Proc. 88-10, 1988-1 C.B. 635.
Line 20. If the issuer failed to make the
appropriate rebate payment with Form
803B-T see Failure To Pay Arbitrage
Rebate on Time on page 2. Compute
the interest on the underpayment of
arbitrage rebate and enter the total on
line 20.
Part III —Penalty in Lieu of
Arbitrage Rebate
Line 21. The expenditure requirements
for available construction proceeds
change at the end of each 6-month
period following the date the bonds are
issued. Check the appropriate box for
the number of months between the date
that the bonds were issued and the end
of the reporting period for which this
Form 8038-T is being filed. If the period
is over 24 months (2 years), or is other
than that given for the labeled boxes,
check the box marked "Other" and give
the number of months since the date of
issue.
Note: File a separate return for each
different time period associated with a
checked box.
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111
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F,
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Form 8039-T (Rev. 6.99) Page 5
Line 22. Indicate the available
construction proceeds and the unspent
available construction proceeds as of
the -end of the 6-month petiot for which
this Form 8038-T is filed.
Line 23. Check box A if:
1. The election to terminate the 1
penalty in lieu of arbitrage rebate was
made not later than 90 days after the
earlier of the end of the initial temporary
period or the date the construction is
substantially completed.
2. The issuer pays with this Form
8038-T an amount equal to 3% of the
available construction proceeds of the
issue that have not been spent for the
governmental purpose of the issue as of
the close of the initial temporary period
multiplied by the number of years
(including fractions thereof) in the initial
temporary period,
3. The amount of the available
construction proceeds of the issue that
is not spent for the governmental
purpose of the issue as of the close of
the initial temporary period is invested at
a yield not exceeding the yield on the
issue or which is invested in any tax-
exempt bond which is not investment
property, and
4. The amount of the available
construction proceeds of the issue that
is not spent for the governmental
purposes of the issue as of the earliest
date on which bonds may be redeemed
is used to redeem bonds on that date.
Check box B. if:
1. The election to terminate the 1112%
penalty in lieu of arbitrage rebate was
made before the end of the initial
temporary period, and not later than 90
days after the date the construction was
substantially completed,
2. The construction financed by the
construction issue has been
substantially completed before the end
of the initial temporary period,
3. The issuer has identified on its
records an amount of available
construction proceeds that will not be
spent for the governmental purposes of
the issue, and
4. The issuer pays with this Form
8038-T an amount equal to 3% of the
available construction proceeds of the
issue that have not been spent for the
governmental purpose of the issue as of
the close of the temporary period
(shortened as if the temporary period
ended as of the date the election was
made), multiplied by the number of
years (including fractions thereof) in the
initial temporary period.
Enter the date on which the issuer
made the election to terminate the 11h%
penalty in lieu of arbitrage rebate.
Line 24. Indicate the amount of penalty
being paid. If the payment is for a
penalty in lieu of arbitrage rebate or if
the payment is for a termination penalty,
enter the dollar amount. If the payment
represents payments for both, enter the
total of the penalty payments.
Line 25. If the issuer failed to make the
appropriate penalty payment with Form
8038-T, see Failure To Pay Timely the
Penalty in Lieu of Arbitrage Rebate or
the Termination Penalty on page 3.
Compute the penalty for failure to pay
on time and enter the total on line 25.
In addition, whichever is applicable,
attach a statement to this Form 8038-T
explaining why there was (1) an innocent
failure or (2) no willful neglect in the
issuer's failure to pay the penalty due.
Submit the statement relating to an
innocent failure according to the format
and procedure of Section 4, Rev. Proc.
90-11. Submit the statement relating to
why there was no willful neglect
according to the format and procedure
of Section 3, Rev. Proc. 88-10. Both of
these Rev. Procs. are fully cited in the
instructions for line 19.
Line 26. If the issuer failed to make the
appropriate penalty payment with Form
8038-T, see Failure To Pay Timely the
Penalty in Lieu of Arbitrage Rebate or
the Termination Penalty on page 3.
Compute the interest on the
underpayment of the penalty in lieu of
arbitrage rebate, or penalty upon
termination, and enter the total on
line 26.
Part IV --Elections by the Issuer
This part applies only if the bonds are
subject to the requirements of the
regulations under section 148.
For rules relating to elections, see
Regulations section 1.148-8(h) (1992
regulations) and 1.148-1(d). See the
instructions for lines 38 and 39 on
applying the 1993 regulations
retroactively.
A. Elections made under the 1992
regulations
Line 27. This election applies to a bond
to which section 103(c)(6)(D) of the 1954
Code applies. You may elect to apply
the rules under the regulations for
section 148 to determine if the bond
complies with section 103(c)(6)(D) of the
1954 Code.
Line 28. You may elect to treat the last
day of any bond year on a variable yield
issue as a computation date. If you
make this election, the yield on the issue
may be computed for periods shorter
than 5 years. This election is revocable
under certain conditions. See
Regulations section 1.148-3(b)(2)(ii)(B).
Line 29. You may elect to treat any
variable yield issue sold on or before
May 15, 1989. and issued on or before
June 14, 1989, as a fixed yield issue. If
you make this election, the yield on the
issue is computed over the term of the
issue rather than period -by -period. See
Regulations section 1.148-3(b)(1)(10.
Line 30. If you make this election, a
variable yield bond that is not a tender
bond is treated as a fixed yield bond
after the close of business on the first
day the bond would be a fixed yield
bond if issued immediately after the
close of business on that day. See
Regulations section 1.148-3(b)(3)(i).
Line 31. If you make this election, a
variable yield issue that has been
converted to a fixed yield issue will
continue to be treated as a variable yield
issue. See Regulations section
1.148-3(b)(3)(ii).
Line 32. You may elect to recompute the
yield on certain fixed yield issues sold
on or before May 15, 1989, and issued
on or before June 14. 1989. Otherwise,
you must use the yield computed as of
the issue date for such purposes. See
Regulations section 1.148-3(c)(5).
B. Elections made under the 1993
regulations
Line 33. Regulations section
1.1484(h)(2)(viii) permits an issuer of
tax-exempt bonds to identify a hedge for
the hedge to be included in yield
calculations that are necessary to
compute arbitrage profits. Under
Regulations section 1.148-4(h)(5),
hedges can be entered into prior to the
issuance of the tax-exempt bonds.
Line 34. Regulations section
1.14B-7(0(2) permits an issuer to use an
"actual facts" analysis for a construction
issue under Regulations sections
1.148-7(e) through (m) rather than an
analysis based on reasonable
expectations. This election does not
apply for purposes of determining
whether an issue is a construction issue
under Regulations section 1.148-7(f)(1) if
the election for the 11h% penalty in lieu
of arbitrage rebate is made under
Regulations section 1.148-7.
Line 35. Regulations section 1.148-7(1)(2)
permits an issuer to elect to exclude
earnings on a reasonably required
reserve or replacement fund from the
definition of available construction
proceeds. Earnings on any reasonably
required reserve or replacement fund are
available construction proceeds only to
the extent that those earnings accrue
before the earlier of the date
construction is substantially completed
or the date that is 2 years after the issue
date. If the election is made, the rebate
requirement applies to the excluded
amounts from the issue date.
•
•
0
Form 8038•T (Rev. 6.99) Page 6
Line 36. Regulations section 1.148-70)
permits an issuer to elect to treat the
different purposes of a multipurpose
sirsae-as•two,,,and'only two -septum
issues for purposes of the 2-year
exception if certain conditions are
present. See Regulations section
1.148-70)(1) for the rules describing the
conditions that must be present.
Line 37. Regulations section
1.148-7(b)(6) permits an issuer of a
pooled financing issue to apply the
spending exceptions separately to each
conduit loan. Detailed rules relating to
this election are contained in
Regulations section 1.148-7(b)(6).
Line 38. Regulations section 1,148-11(b)
permits issuers to apply certain
provisions of the regulation before the
effective date. Regulations section
1.148.11 permits an issuer retroactively
to apply the 1993 regulations in whole —
but not in part —to issues that were
outstanding before July 8. 1997, and
that are subject to section 148(f) or
sections 103(c)(6) or 1034) of the
Internal Revenue Code of 1954.
The issuer also has the option to apply
individual provisions of Regulations
sections 1.148-1 through 1.148.11 to
bonds issued before July 1, 1993. The
18-month spending exception to the
rebate requirement cannot be
retroactively applied before July 1, 1993.
Regulations section 1.148-11 also
contains several specific application
transition rules.
Thus, if a bond was issued after July
7, 1997, check the "No" box. If a bond
was issued before July 8. 1997. and the
issaerhas electively applied the finalized
1993 regulations, check the "Yes" box.
All other filers should check the "No"
box.
Line 39. Regulations section 1.148-11
permits issuers to apply certain
amendments to Regulations sections
1.148-1 through 1.148-11 and
Regulations sections 1.148-1A through
1.148-6A and 1.148-9A through
1.148-11A before the effective date of
the 1993 regulations.
Thus, check the "No" box unless:
1. A bond was issued before June 6,
1994, and before July 8, 1997, the
issuer electively applied the above
regulations (for example, on a previously
filed Form 8038-T), and
2. The issuer intends to continue with
that elective application while filing this
Form 8038-T.
Paperwork Reduction Act Notice
We ask for the information on this form
to carry out the Internal Revenue laws of
the United States. You are required to
give us the information. We need it to
ensure that you are complying with
these laws and to allow us to collect the
right amount of arbitrage rebate, yield
reduction payments, and penalties.
PI
You are not required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records
relating to a form or its instructions must
be retained as long as their contents
may become material in the
administration of any Internal Revenue
law. Generally, tax returns and return
information are confidential, as required
by section 6103.
The time needed to complete and file
this form will vary depending on
individual circumstances. The estimated
average time is:
Recordkeeping 12 hr., 12 min.
Learning about the
law or the form . . . . 6 hr., 34 min.
Preparing, copying,
assembling, and sending
the form to the IRS. . . 7 hr., 2 min.
If you have comments concerning the
accuracy of these time estimates or
suggestions for making this form
simpler, we would be happy to hear from
you. You can write to the Tax Forms
Committee, Western Area Distribution
Center, Rancho Cordova, CA
95743-0001. DO NOT send the form to
this address. Instead, see Where To File
on page 4.
•
•
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BOND LOGISTIXLLc
INSIGHT. INNOVATION. INTEGRATION.
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
August 22, 2001
ovation
0
$13S,000,000
City ofAnytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series .1999.A
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
August 22, 2001
Page i
TABLE OF CONTENTS
TAB
1 Transmittal Letter
2 Opinion by Orrick, Herrington & Sutcliffe LLP
3 Notes and Assumptions
4 The Bonds
Schedule A - Summary of Rebate Analysis
Schedule B - Sources & Uses of Funds
Schedule C - Series 1999A Bonds Value Analysis
Schedule D - Arbitrage Yield Calculation
1. Yield Period 1
2. Yield Period 2
5 Rebate Computations
Schedule E - Series 1999A Construction Account
1. Remaining Balance Analyses
2. Net Nonpurpose Investments Cash Flow (Yield Period 1)
•
3. Net Nonpurpose Investments Cash Flow (Yield Period 2)
4. Commingled Fund Adjustment Analysis
Schedule F - Series 1999 and 1999B Construction Account
1. Remaining Balance Analysis
2. Net Nonpurpose Investments Cash Flow (Yield Period 1)
3. Investment Earnings Analysis
6 Appendix A - 2019 Term Bond Valuation
1. Semi -Annual Debt Service
2. Yield Calculation
3. Debt Service Calculation
. 7 Appendix B - Fixed Rate Analysis
8 Appendix C - Transferred Proceeds Ratio Analysis
9 Appendix D - Series 1999A Valuation Method
J B0NDL0GISTIXLLc
lk$,GNT. IMMOVATIOM. IMIIGAATIOM.
A
L
B 0 N o L o 6 1 S T I X LLc
•
IN51GHT. INNOVATION. INTLGRATION-
August 22, 2001
City of Anytown
123 Main Street
Anytown, CA 90000
777 South Figueroa Street. Suite 3200
Lot Angeles. CA 90017
Re: S135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
Computation Period: July _28 1999 through Sel2tember 30, 2000
Ladies and Gentlemen:
Phone 213 612 2200 Fax 213 612 2499
www bondloptit.tom
This report (the "Report"), which is being delivered to you pursuant to our engagement letter,
consists of computations and the assumptions on which such computations are based with respect to the
rebate liability of the City of Anytown (the "Issuer") in connection with the above -captioned issue (the
"Bonds") for the above -referenced period (the "Interim Computation Period").
The computations herein are based on an analysis of existing laws, regulations, and rulings. The
Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend, or
interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate
liability described in the Report may be subject to adjustment under such future pronouncements.
The scope of our engagement was limited to preparing the Report based on information supplied
to us. In accordance with our engagement letter (which is incorporated herein by reference), our
engagement did not include determination of whether there were prohibited payments or imputed
receipts, or an audit or review of the investments acquired with gross proceeds or the payment of debt
service on the Bonds. With your permission, we have relied entirely on the information provided to us
without independent verification, and we express no opinion as to the completeness, accuracy, or
suitability of such information for purposes of calculating rebate liability with respect to the Bonds. We
have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or any
other aspect of the Bond program. We are under no obligation to consider any information obtained by
us pursuant to this engagement for any purpose other than determining such rebate liability. Also, we
have no obligation to update this Report delivered herewith because of any events occurring, changes in
existing laws, regulations, or rulings or interpretations thereof, or data or information received,
subsequent to the date hereof.
DALLAS L 0 5 A N G E L E S NEW YORK SAN FRANCISCO
BnND La0ISTIX,, City ofAnytown
.,,�....o....e, .�,.M1....e, August 22, 2001
Page 2
For the Interim Computation Period July 28, 1999 through September 30, 2000:
Allowable Yield on Investments:
Yield Period 1 6.342612%
Yield Period 2 5.465198%
Cumulative Rebate Liability: K
Ninety percent (90%) of the Cumulative Rebate Liability (reduced by any applicable
computation date credits) is required to be rebated to the United States no later than 60 days after
June 15, 2004 (the end of the fifth Bond Year). Such Cumulative Rebate Liability is subject to change,
however, pursuant to computations undertaken up to and including June 15, 2004. Additionally, should
the Bonds be retired prior to June 15, 2004, 100% of the Cumulative Rebate Liability (reduced by any
applicable computation date credits) as of such retirement date will become due and payable within 60
days.
This Report is not to be used, circulated, quoted, referred to, or relied upon by any other person
without our express written permission.
Very truly yours,
Bond Logistix LLC
•
F:
0
LJ
0 R R I C K
August 22, 2001
City of Anytown
123 Main Street
Anytown, CA 90000
Re: S135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
ORRICK, HERRINGTON R SUTCLIFFE ►LP
777 SOUTH FIGUEROA STREET
SUITE 3200
LOS ANGELES, CA 90017-5855
tef.23,6214200
for 213.612.2499
WWW.ORRICK.COAA
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
Computation Period: July 28, 1999 through September 30, 2000
Ladies and Gentlemen:
This opinion is being delivered to you pursuant to our engagement to provide certain legal
services and accompanies a report (the "Report") prepared on the date hereof by Bond Logistix LLC
("BLX") consisting of computations and the assumptions on which such computations are based with
respect to the rebate liability of the City of Anytown (the "Issuer") in connection with the above -
captioned issue (the 'Bonds") for the above -referenced period (the "Interim Computation Period").
The opinion expressed herein is based on an analysis of existing laws, regulations, and rulings.
The Department of the Treasury ("Treasury") may publish additional regulations and supplement, amend,
or interpret such laws, regulations, and rulings from time to time, with the result that the amount of rebate
liability described in the Report and in this opinion may be subject to adjustment under such future
pronouncements.
The scope of our engagement was limited to preparing this opinion, based on information
supplied to us by you, BLX, and AnyBank Trust National Association (the "Trustee"). In accordance
with our engagement letter (which is incorporated herein by reference), our engagement did not include
work performed by prior counsel, independent determination of which funds were subject to or exempt
from rebate, determination of whether there were prohibited payments or imputed receipts, or an audit or
review of the investments acquired with gross proceeds or the payment of debt service on the Bonds.
With your permission, we have relied entirely on information provided by you, BLX, and the Trustee
without independent verification, and we express no opinion as to the completeness, accuracy, or
suitability of such information for purposes of calculating rebate liability with respect to the Bonds. We
have undertaken no responsibility to audit or review the tax-exempt status of interest on the Bonds or any
other aspect of the Bond program. No opinion is expressed on any matter other than rebate liability to
the extent set forth below, and we are under no obligation to consider any information obtained by us
pursuant to this engagement for any purpose other than determining such rebate liability. Also, we have
no obligation to update this opinion delivered herewith because of any events occurring, changes in
existing laws, regulations, or rulings or interpretations thereof, or data or information received,
subsequent to the date hereof.
L
0 City of Any o town
-0.-R .R 1-C K August 22, 2001
Page 2
Based on and subject to the foregoing, in our opinion, the computations shown in the Report
were performed in accordance with applicable federal law and regulations and reflect the following:
For the Interim Computation Period July 28, 1999 through September 30, 2000:
Allowable Yield on Investments:
Yield Period 1 6.342612%
Yield Period 2 5.465198%
Cumulative Rebate Liability:�Q+QQ
This opinion is not to be used, circulated, quoted, referred to, or relied upon by any other person
without our express written permission.
Very truly yours,
ORRICK, HERRII\GTOI` & SUTCLIFFE LLP
$135,000,000
City ofAnytown
Subordinate Lien Revenue Bonds, Series 1999
Project Sand,.Series49994
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
August 22, 2001
Page I
NoTEs AND AssumPTIONS
The Dated Date of the Bonds is June 15, 1999.
2. The Issue Date of the Bonds is July 28, 1999.
3. The Interim Computation Period is July 28, 1999 to September 30, 2000.
4. Consistent with Section I.2. of the Certificate as to Tax Exemption and further discussion with
Bond Counsel, the Subordinate Lien Revenue Bonds, Series 1999 (the "Series 1999 Bonds"), the
Project Bonds, Series 1999A (the "Series 1999A Bonds"), and the Project Bonds, Series 1999B
(the "Series 1999B Bonds"), collectively constitute one issue for federal taxation purposes and
are not treated as part of any other issue of governmental obligations.
5. Absent an affirmative selection to the contrary, the end of the first Bond Year with respect to the
Bonds for purposes of determining installment computation dates is June 15, 2000. Subsequent
Bond Years end on each successive June 15 until no Bonds remain outstanding. Prior to the fifth
anniversary of the Issue Date, the Issuer may select as the end of the first Bond Year any other
date after the Issue Date and not later than the first anniversary of the Issue Date. No such
selection has yet been made.
Computations of yield are based on a 360-day year and semiannual compounding.
7. For debt service, yield, and investment cash flow purposes, all payments and receipts with
respect to the -Bonds and proceeds thereof are accurately set forth in the schedules contained in
Tab Sections 3 and 4 hereof. We are not aware of any hedging arrangement (such as an interest
rate swap) that would affect the yield on the Bonds. For purposes of determining yield on the
Bonds, the issue price is based on the offering prices and yields of the Bonds as set forth in the
Official Statement. On September 15, 1999 the Issuer issued its Subordinate Lien Revenue
Refunding Bonds, Series 1999 (the "Refunding Bonds"), providing for the immediate redemption
of the Series 1999 Bonds and Series 1999B Bonds. Pursuant to Treasury Regulations Section
1.148-4(d), such refinancing results in converting the Bonds from a variable yield issue to a fixed
yield issue as of September 15, 1999, the redemption date of the Series 1999 and Series 1999B
Bonds and the issue date of the Refunding Bonds. Therefore, for the purposes of this Report, the
first yield period was treated as having ended on September 15, 1999 ("Yield Period 111) and the
second yield period will begin on September 15, 1999 and end on June 15, 2004 ("Yield Period
2"), the end of the fifth Bond Year.
8. The purchase price of each investment is at fair market value, exclusive of brokerage
commissions, administrative expenses, or similar expenses and is representative of an arm's
length transaction which did not reduce the rebate amount required to be paid to the United
States. We are not aware of any broker fees paid by any parry with respect to any investment
• contracts acquired with gross proceeds.
J B0NDL0GISTIXLLc
NS,GHT_ Iw NOVATION. IMT(GIAT&ON.
L
S135, 000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
ProiectBonds, Series.I999A
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
August 11,1001
Page 1
9. The Bonds are not, in whole or in part, "refunding" bonds. The Bonds are "refunded" bonds,
which were partially refunded by the Refunding Bonds and, therefore, give rise to transferred
proceeds to the Refunding Bonds pursuant to Treasury Regulations Section 1.148-9(b).
Accordingly, proceeds of the Bonds cease to be treated as proceeds of the Bonds and instead are
treated as proceeds of the Refunding Bonds as proceeds of the Refunding Bonds are used to
discharge principal of the Bonds. The extent to which such transfers occur is set fortis on
Appendix C hereof.
10. The only funds and accounts established relating to the Bonds are the Venue Project (including
the Tax, Debt Service, Debt Service Reserve (also believed to be referred to as the Reserve Fund
Account in Section F.I. of the Certificate as to Tax Exemption), and Construction Accounts
therein), 1999 Construction, Tax, and Bond Funds. In addition, the Issuer established the Series
1999A Construction Account and the Series 1999 and 1999B Construction Account.
11. The Debt Service Account and the Bond Fund, along with the portions of the Tax Account and
Tax Fund that make transfers to the Debt Service Account and Bond Fund respectively,
collectively constitute a bona fide debt service fund, and are not taken into account in
determining Cumulative Rebate Liability for a Bond Year if aggregate earnings on these funds
and accounts do not exceed S100,000 in that Bond Year. Through the Yield Period 1, these
funds have not had aggregate earnings of S100,000 or more and, therefore, were not taken into
account in determining rebatable arbitrage. Additionally, for the Yield Period 2, pursuant to
Section 148(f)(4)(A)(ii) of the Internal Revenue Code, the Debt Service Account and the Bond
Fund, along with the portions of the Tax Account and Tax Fund that make transfers to the Debt
Service Account and Bond Fund respectively, collectively remained a bona fide debt service
fund and were not taken into account in determining Cumulative Rebate Liability.
12. Through the Interim Computation Period, the portions of the Tax Account and Tax Fund that
make transfers to the Debt Service Account and Bond Fund respectively, the Construction
Account, and the 1999 Construction Fund did not contain gross proceeds of the Bonds.
13. We have endeavored to distinguish between proceeds of the Bonds subject to the rebate
requirement and other monies which have been commingled in the Series 1999A Construction
Account. This "uncommingling" was based on a allocation of Bond proceeds to expenditures
first. Treasury may publish regulations and other guidance which will apply to the Bonds with
the result that the method of allocating gross proceeds to investments and expenditures may be
subject to adjustment under such future pronouncements.
14. Consistent with Section H of the Certificate as to Tax Exemption, we have treated the fees paid
for the bond insurance and surety bond as payments for a "qualified guarantee" within the
meaning of Treasury Regulations Section 1.1484(f).
15. The Issuer has not been able to identify unequivocally the receipt of interest payments in the
• Series 1999 and 1999B Construction Account for the period July 28, 1999 through
B0NUL0GISTIXtic
�Ni,GmT. ,NnOv*TIGN. -NILGRATfON.
E
S135,000,000
City ofAnytown
Subordinate Lien Revenue Bonds, Series 1999
_Pr4iect.Bonds, Series 1999A
Project Bonds, Series 1999B
Interim Arbitrage Rebate Analysis
August 22, 2001
Page 3
February 29, 2000. For the purposes of this Report, we have approximated such interest
payments utilizing the monthly investment rates provided by the Issuer. See Schedule F4 hereof.
1 b. A portion of the Bonds qualify may as "construction bonds" under Section 148(f)(4)(C) of the
Internal Revenue Code (the "Code"). The Issuer did not elect to pay the penalty in lieu of rebate
as described in Section 148(f)(4)(C)(vii) of the Code. On the two-year anniversary of the Issue
Date, a separate analysis will be required to determine if the Issuer has complied with the
requirements of the "Two -Year Expenditure Exception" described in Section 148(0(4)(C) of the
Code. If this analysis determines that the Issuer has met the requirements of the Two -Year
Expenditure Exception, then no Cumulative Rebate Liability will be due with respect to that
portion of the Bonds which qualifies for such exception, although Cumulative Rebate Liability
with respect to the portion of the Bonds not qualifying for such exception will need to be
determined. If the Issuer fails to comply with any of the requirements of the Two -Year
Expenditure Exception, then all gross proceeds of the Bonds will be subject to the rebate
requirements from the Issue Date.
17. The Bonds are eligible for the "18-month exception" under Section 1.148-7(d)(1)(i) of the
Treasury Regulations if gross proceeds of the Bonds are expended for the governmental purpose
of the issue within eighteen months of the Issue Date. On the date eighteen months after the
Issue Date, a separate analysis will be required to determine if the Issuer has complied with the
requirements of the 18-month exception. If this analysis determines that the Issuer has met the
requirements of the 18-month exception, then no Cumulative Rebate Liability will be due with
respect to that portion of the Bonds which qualifies for such exception, although Cumulative
Rebate Liability with respect to the portion of the Bonds not qualifying for such exception will
need to be determined. If the Issuer fails to comply with any of the requirements of the 18-month
exception, then all gross proceeds of the Bonds will be subject to the rebate requirement from the
Issue Date.
18. The applicable computation date credit was treated as a nonpurpose payment in the Summary of
Rebate Analysis. See Schedule A hereof.
BOND LOG ISTIXLLc
INS&GMT. tNNOYATIOM. INTLG&ATION.
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Schedule A - Summary of Rebate Analysis
Issue Date: July 28, 1999
Rebate Computation Date: September 30, 2000
Fund Computation Internal
Reference Fund Current Date Gross Rate of Excess
Number Description Fund Status Valuation Earnings Return Earnings
1 Series 1999A Construction Account ( Yield Period 1) N/A N/A $159,039.02 5.119695% N/A
1A Series 1999A Construction Account (Yield Period 2) Active $24,228.012.30 $1,276,825.40 5.119695% ($127,111.95)
2 Series 1999 and 19998 Construction Account (Yield Period 1) N/A N/A $679,458.55 5.394053% ($126,055.78)
Totals: S24.228.012.30 S2.115.322.98 (S253.167.721
Arbitrage Rebate Summary
Arbitrage Yield (Yield Period 1):
Arbitrage Yield (Yield Period 2):
Return on Investments:
6.342612%
5.465198%
5.379363%
Actual Gross Earnings:
Allowable Gross Earnings:
2,115,322.98
2,369,509.08
Computation Date Credit (6/15/2000):
(1,018.38)
Cumulative Rebate Liability:
E254,186.10
Page 1
Is
IMP
49
L
Schedule B - Sources & Uses of Funds
Sources of Funds
Par Amount
* Original Issue Premium
- Original Issue Discount
Net Production
Accrued Interest
Total Sources:
Uses of Funds '
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
Band Prior Bond Other
Proceeds Proceeds Sources Total
135,000,000.00
0.00
(399.885.35)
134,600,114.65 134,600,114.65
158,556-63 158.558-63
134.T'�8.87_S_7$ Lu L92 1HIZAB-113ou
Series 1999A Construction Account
Senes 1999 and 1999E Contraction Account
Underwriters' Discount
Deposit to Debt Service Fund
Costs of Issuance'
Series 1999 Bonds Insurance Premium
Series 1999A Bonds insurance and Surety Band
Series 1999B Boncs insurance Premium
Total Uses:
23,979,000.00
23.979.000.00
109,967,000.00
109,967,000.00
142.500.00
142.500.00
158.556.53
158,556.53
93.206.10
93.205.10
25,500.00
25,500.00
365,409.65
385.409.55
7,500-00
7.500.00
As not form in the investment records provided by the Issuer.
For the purposes of preparing this Raport, we have treated this amount as being expanded on the Issue Date.
' As eet forth in the IRS Form 803" provided by the Issuer.
Page 2
$13O,M,0OO
City ofAnytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 19998
Schedule C - Series 1999A Bonds Value Analysis puns 1
As of September 15, 1909
Issue Data: 071211M
Call Data: o9t16199
Present Value Yield: 5.629814%
Plain Per Bonds Present Value (09116199): 19,242,981.25
2019 Term Bonds Present Value (09115A91: 5,819,691.82
Total Present Value JOQM6199 : 25.058.633.07
Plain Per Bonds'
2012 Term Bonds (Present Value) 1a
Interest
Value As Of
Value As Of
Value As Of Total Value As Of
.
Accrued As Of
Computation Dale
Debt Bervlcs
Issue Onto
Call Date
Call Onto
Dale
Coupon
.- Principal
9115199
09115199
Requirement
07r18199
09115/99
09115199
11:15199
131 A68--75
129.317.15
130257.47
130.257.87
Gs :SOC
157.702.50
150,032.13
162.030.09
152.030.09
11 n 5100
157,762-50
146.799.99
147,857.90
147,887.90
05115101
157,782.50
142.780.98
143,819.65
143.619.65
11 r 5101
157.762.50
130.972.00
132,89224
139.58214
051t5102
157.762.50
135.070.04
136.052.62
130.052.62
11115r02
157,762.50
131,372.17
132.327.95
132.327.85
.
OS19,103
157.762.50
127,775.54
128.7D5Qs
128,705.05
lit 15103
4.500%
43D.000.00
4.837.50
434.837.50
137.702.50
124,277.37
125.181-43
560,016.93
05115/04
157.752-50
120,874.97
121.754-28
121.754.28
11115104
4.600%
455,000.00
5,232.56
460.232.50
157.762.50
117.565.72
118.420-06
570.653.48
05115,'05
157.762.50
114,347.07
115,178.90
115.178.20
11115105
4.700%
480.000.00
5,640.00
485.640.00
157.762.50
111.216.64
112.025.59
527.665.59
0511506
167.762.50
1D8,171.72
108.958.52
106,958.82
11r5:•O6
4.800%
505.000.00
6,060.00
511,060.00
157.762.50
105.210.25
1D5,975.61
617.03561
05l15:'07
157.762.50
102,329.88
103.07417
103.074.27
11n5107
4.900%
530,000.00
6.492-60
535.402.50
157.762.60
99,526.33
100.262.30
635.744.55
MOWN
157.762.50
96,803.50
97.567.71
97.507.71
.
III 5w
5.000%
560.000.00
7.000-00
567.000.00
157.762.50
94.153.27
94.838-19
661.938.19
0515109
157.762.50
91,575.59
92,241.?7
92.741.77
11/15/09
5 000%
590.000 00
7,375.00
597.375.00
157.702.80
89.068.49
99,716 42
667.091.42
05115/10
157 762.50
06,630-02
07,260,21
87,260.21
11/15110
5.05D%
520,000.00
7.827.50
627.827.50
t57.762.50
04.258.31
54.871.25
712.600.75
05115111
157.762.50
81.931.53
82.547.89
82.547.69
11n911
5.100%
655.000.00
8.35125
663.351.25
157--702.50
79707.91
80.287.75
743.639.00
05115112
157.762.50
77,525.71
78,089.80
70.080.68
IV15112
5-150%
690.000-00
8.893.75
698,983.75
157.762.60
75.403-25
75,9508
774.835.53
C505113
157.762.50
73.335-91
73-672.41
73.872.41
11115f13
157,762.50
71.331.07
71.849.98
71.940-98
.
C5115114
157,762.50
60.379-21
69.882.91
69.682-91
11,1, 1M4
157.762.50
67.478.81
57.969.90
67.960-60
051,15:15
157762.50
05.831-42
06.108.86
68.10886
1 V15°15
157,762-50
63.834-59
64.298.96
64.206.96
C5r5"16
157.762.50
62.086-97
82A38.82
62.538-02
11n5116
157,762.50
60.387.18
60.626.47
60.828-47
CS'15/17
157,762.50
58.733.94
59.161.20
50.101.20
11/15117
157,762.50
57,125.95
57.541.$2
57.541.52
OSa15116
157.762.50
55,561.99
55.966.18
55.965-18
1 V 1511 a
t 57.762.50
54.040 84
54 433.97
54 433-97
C511S19
157.762.50
52.561-34
52.943.70
52.04370
.
11/15119
5-250%
6.010.000.06
6.167.762.50
1.998,640.37
2,03,179-111
2.013.179-61
O5,•15 20
11115120
5.5m%
1,050.000.00
14.437.50
1,064,437.50
1.064A37-50
05/15121
11115121
5.500%
1.110,006.00
15.262.50
1.125.262.50
1,123.262.50
05115/22
11115l22
5.500%
1,170.000.00
18.087.50
1,166,067.50
1,166.087,50
05il5123
11115/23
5.500%
1,230,000.00
16.912.50
1.240.912.50
1,246.912.50
05, 5124
.
1Vt5124
05115125
5.500%
1,300,000.00
17.875.00
1.317.575.00
1,317,676.00
11115M
6.500%
1,370.000.00
18.837.50
1,388.837.50
1,388.837.50
OS15126
1111526
5.500%
1 "0.000.00
19,600.00
1,450.600.00
1.459.600.00
Q5f1SF27
1111W27
5.500%
1,520.000.00
20.900.00
1,540,900.00
1.540.90000
051=8
I M 5120
5-500%
1.600.000.00
22,00000
1.822.000.00
1,622A00.00
05115/29
11/15/29
5.500%
1.695.000.00
23168.75
1.708.168.15
1.708.16075
•
"1251.25
i .9a9_a9
19,jlj 011.26
12,451,268.76
6.m.661.02
11.815.1111511.112
25,058-633.07
See Aooe d.x 0 - Son- 1009A 6enm VXUWc uedlod
' See Appendix A3
- 2019 Tom
Send Va4,NtW
Pepe 3
Schedule D1 - Arbitrage Yield Calculation
Yield Period 1
Qualified Total Present Value Present Value
Par Guarantee Debt Factor @ as of
Date Interest Amount Fees Service 6.342612% 7128199
07/28/99
7,500.00 7,500.00
1.00000000
7,500.00
07/28/99
25,500.00 25,500.00
1.00000000
25,500.00
09/15/99 174,958.24 25,000,000.00
25,174,958.24 '
0,99188110
24,970,565.17
09/15/99 594,858.03 85,000,000.00
85,594,858.03 '
0.99188110
84,899,921.58
09/15/99 25,058,633.07
25,058,633.07 `
0.99188110
24,855,184.43
769,816.27 135,058,833.07 33,000.00 135,861,449.34
' Provided by the Issuer.
2 See Schedule C - Series 1999A Bonds Value Analysis.
134,758,671.18
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Issue Price Calculation
+ Par Amount of Issue
+ Accrued Interest
+/- Original Issue Prem/(Disc)
135,000,000.00
158,556.53
(399.885.35)
Issue Pricer
13 758 671.18
Present Value Result:
Variance:
134,758,671.18
0.00
Arbitrage Yield.
6.342612%
Page 4
Schedule D2 - Arbitrage Yield Calculation
Yield Period 2
Total Discount Present
Issue Factor @ Value as of
Date Payments' 5.465198% 09/15199
11/15/99
553,104.17
0.99105382
548,156.00
05/15/00
663,725.00
0.96469264
640,290.63
11/15/00
663.725.00
0.93903265
623,259.45
05/15/01
663.725.00
0.91405519
606,681.28
11/15/01
663,725.00
0.88974211
590,544.08
05/15/02
663,725.00
0.86607573
574,836.11
11/15/02
663,725.00
0.84303886
559,545.97
05/15/03
663,725.00
0.82061475
544,662.53
11/15/03
1,093.725.00
0.79878711
873,653.43
05/15/04
654,050.00
0.77754005
508,550.07
11/15/04
1,109,050.00
0.75685816
839,393.54
05/15/05
643,585.00
0.73672638
474,146.05
11/15/05
1,123.585.00
0.71713009
805,756.62
05115/06
632,305.00
0.69805505
441,383.70
11/15/06
1,137.305.00
0.67948738
772,784.40
05115/07
620.185.00
0.66141360
410,198.80
11115/07
1,150.185.00
0.64382057
740,512.76
05115/08
607,200.00
0.62669550
380,529.51
11115/08
1,167,200.00
0.61002594
712,022.27
05/15/09
593,200.00
0.59379977
352,242.02
11/15/09
1,183,200.00
0.57800521
683,895.76
05/15/10
578.450.00
0.56263077
325,453.77
11/15/10
1,198,450.00
0.54766527
656,349.44
05/15/11
562,795.00
0.53309785
300,024.80
11/15/11
1,217,795.00
0.51891790
631,935.63
05/15/12
546,092.50
0.50511513
275,839.58
11/15/12
1,236,092.50
0.49167950
607,761.35
05/15/13
528,325.00
0.47860125
252.857.01
11/15/13
1,258,325.00
0.46587087
586.216.96
05/15/14
509,162.50
0.45347910
230,894.55
11/15/14
1,279,162.50
0.44141695
564,644.01
05/15/15
488,950.00
0.42967564
210,089.90
11/15/15
1,298,950.00
0.41824664
543,281.47
05/15/16
467,687.50
0.40712163
190.405.70
11/15/16
1,322,687.50
0.39629255
524,171.20
05/15/17
445,243.75
0.38575151
171.753.45
11/15117
1,345,243.75
0.37549085
505,126.72
05/15/18
421,618.75
0.36550312
154,102.97
11/15/18
1,366,618.75
0.35578105
486,217.05
05/15119
396,812.50
0.34631758
137,423.14
11/15/19
1,396,812.50
0.33710583
470,873.63
05/15/20
370,562.50
0.32813910
121,596.05
11/15/20
1,420,562.50
0.31941088
453.743.12
05/15/21
341,687.50
0.31091483
106,235.71
11/15121
1,451,687.50
0.30264476
439,345.62
05/15/22
311,162.50
0.29459467
91,666.81
11/15/22
1.481,162.50
0.28675871
424,736.24
05/15/23
278,987.50
0.27913117
77,874.11
11/15/23
1,508.987.50
0.27170652
410,001.75
05/15/24
245,162.50
0.26447936
64,840.42
11/15/24
1,545,162.50
0.25744444
397,793.49
05/15/25
209,412.50
0.25059664
52.478.07
11/15/25
1,579,412.50
0.24393098
385,267.64
05/15/26
171,737.50
0.23744263
40,777.80
11/15126
1,611,737.50
0.23112686
372,515.83
05/15/27
132,137.50
0.22497908
29.728.17
11/15/27
1.652,137.50
0.21899483
361,809.58
05/15/28
90,337.50
0.21316976
19.257.22
11/15/28
1,690,337.50
0.20749963
350.744.40
05/15/29
46,337.50
0.20198031
9,359.26
11/15/29
1,731.337.50
0.19660781
340,394A8
See Appendix 8 - Fixed Rate Analysis.
Page 5
$135,000,000
City of Anytown
Subordinate Uen Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bond , Series 19WS
Issue Price Calculation
Issue Price:
25,058,633.07
Present Value Result:
25,058,633.07
Variance:
0.001
lArbitragre Yield:
5.465198X
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Schedule E1 - Series 1999A Construction Account Fund 1
Remaining Balance Analyses
summary- Fund 1
Gross Earnings (Yield Period 1): $159,039.02
Gross Earnings (Yield Period 2): $1,276,825.40
Internal Rate of Return: 5.119695%
Excess Earnings: $127,111.95
Security
Par
Maturity Settlement Settlement
Accreted
Accrued
Value as of
Type
Amount Coupon
Date Date Price
Yield Price
Interest
03/01199
City Pool
24,088,967.46 N/A
N/A N/A N/A
Var 100.000
49.071.56
24,138,039.02
Value as of September 15, 1999: 24.138.039.02
Computation
Security Par Maturity Settlement Settlement Accreted Accrued Date
Type Amount Coupon Date Date Price Yield Price Interest Value
City Pool 24,121,041.63 NIA N/A N/A N/A Var 100.000 106,970.67 24 228 012.30
Value as of September 30, 2000: 24,228,012.30
Page 6
$135,000,000
_ City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
Schedule E2 - Series 1999A Construction Account ( Yield Period 1) Fund 1
Net Nonpurpose Investments Cash Flow
Net Rebate Calculations iRR Calculations
Nonpurpose Muni -Days/
Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of
Date Description Cash Flow Date (9115/99) 6.342612% 09/15/99 5.119695%09130/00
07/28/99 Deposit (23,979,000.00) 47 1.00818536 (24,175,276.76) 1.00662176 (24,137,783.07)
09/15/99 Balance Z 24,138,039.02 0 1.00000000 24,138,039.02 1.00000000 24,138,039.02
Earnings: 159,039.02 Excess Earnings: (37,237.73)
% Allocable: 100.000% 3 % Allocable: 100.000% 3
Adjusted Earnings: 159,039.02 Adjusted Excess Earnings: (37,237,731
' Represents the internal rate of return for the period 07/28/99 through 09/30100.
Y See Schedule El -Remaining Balance Analyses.
3 See Appendix C - Transferred Proceeds Ratio Analysis.
Page 7
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
Schedule E3 - Series 1999A Construction Account (Yield Period 2) Fund 1A
Net Nonpurpose Investments Cash Flow
Net Rebate Calculations IRR Calculations
Nonpurpose Muni -Days/
Investments Computation FV Factor @ FV As Of FV Factor @ FV As Of
Date Description Cash Flow Date 5.465198% 09/30/00 5.119695% , 09/30/00
09/15/99
Balance'
(24,138,039.02)
375
1.05777242
(25.532,551.92)
1.05407014
(25,443,186.24)
09/15/99
Period 1 Liab a
(37,237.73)
375
1.05777242
(39,389.04)
09/22/99
WID
10,819.60
368
1.05666401
11.432.68
1.05303453
11,393.41
09/30/99
WID
63.75
360
1.05539869
67.28
1.05185223
67.06
09/30/99
WID
33,741.64
360
1.05539869
35,610.88
1.05195223
35,491.22
10/01/99
W/D
1.342.76
359
1.05524063
1,416.93
1.05170453
1,412.19
10/01/99
W/D
1.361.48
359
1.05524063
1,436.69
1.05170453
1,431.87
10/01199
W/D
453.83
359
1.05524063
478.90
1.05170453
477.30
10/05/99
W/D
836.19
355
1.05460863
881.85
1.05111396
878.93
10106/99
W/D
63.17
354
1.05445068
66.61
1.05096637
66.39
10/08/99
W/D
395.34
352
1.05413487
416.74
1..05067125
`15.37
11/05/99
W/D
1,184.12
325
1.04988067
1,243.18
1.04669523
1,239.41
11/05/99
W/D
296.40
325
1.04988067
311.18
1.04669523
310.24
11/09/99
WID
690.88
321
1.04925188
724.91
1.04610747
722.73
11/15/99
WID
37.11
315
1.04830940
38.90
1.04522645
38.79
12/01/99
WID
821.21
299
1.04580026
858.82
1.04288069
856.42
12/09/99
WID
60,827.53
291
1.04454794
63,537.27
1.04170978
63,364.63
12/09/99
WID
81,699.56
291
1.04454794
85,339.11
1.04170978
85,107.23
12/09/99
W/D
22,991.61
291
1.04454794
24,015.84
1.04170978
23.950.58
12/09/99
WID
62,931.25
291
1.04454794
65,734.71
1.04170978
65,556.10
12/11/99
WID
624.77
289
1.04423510
652.41
1.04141726
650.65
01/04/00
WID
647.34
266
1,04064410
673.65
1.03805916
671.98
01/12/00
W/D
621.08
258
1.03939796
645.55
1.03689367
643.99
02107/00
W/D
517.72
233
1.03551337
536.11
1.03325994
534.94
02/10/00
W/D
1,035.29
230
1.03504820
1,071.58
1.03282474
1,069.27
03/01/00
W/D
2.115.38
209
1.03179782
2,182.64
1.02978353
2,178.38
03/05/00
W/D
1.082.93
205
1.03117986
1,116.70
1.02920527
1,114.56
03/27/00
W/D
305.258.31
183
1.02778769
313.740.73
1.02603062
313,204.37
04/01/00
WID
458.50
179
1.02717213
470.96
1.02545446
470.17
04/02/00
W/D
653.54
178
1.02701830
671.20
1.02531048
670.08
04/05/00
W/D
1.305.94
175
1.02655694
1,340.62
1.02487863
1,338.43
04/15/00
WID
781.78
165
1.02502058
801.34
1.02344047
800.11
05/05/00
W/D
1,458.87
145
1.02195475
1,490.90
1.02057019
1.486.88
05/13/00
WID
471.91
137
1.02073098
481.69
1.01942433
481.08
05/15/00
WID
1,725.61
135
1.02042527
1,760.86
1.01913807
1.758.63
05/22/00
WID
32.10
128
1.01935600
32.72
1.01813678
32.68
06/07/00
W/D
993.30
113
1.01706848
1,010.25
1.01599447
1,009.19
06/10/00
W/D
469.22
110
1.01661159
477.01
1.01556656
476.52
06/19/00
W/D
122.307.29
101
1.01524216
124,171.52
1.01428388
124,054.31
06/20/00
W/D
330,789.95
100
1.01509011
335,781.61
1.01414146
335,467.80
07/10/00
W/D
1,355.12
80
1.01205398
1.371.45
1.01129726
1,370.43
07/12/00
W/o
399.04
78
1.01175087
403.73
1.01101328
403.43
07/13/00
W/D
70.01
77
1.01159935
70.82
1.01087132
70.77
07/21/00
W/D
30,495.82
69
1.01038798
30,812.61
1.00973635
30,792.74
08/01/00
W/D
833.96
59
1.00887582
841.36
1.00831943
840.90
08/03/00
W/D
86,796.02
57
1,00857366
87,540.18
1.00803629
87.493.54
08/08/00
W/D
943.82
52
1.00781865
951.20
1.00732877
950.74
08/10/00
WID
1,253.80
50
1.00751680
1,263.22
1.00704591
1.262.63
08/31/00
WID
6.457.56
30
1.00450333
6,486.64
1.00422161
6,484.82
09/01/00
WID
1,882.51
29
1.00435289
1,890.70
1.00408060
1.890.19
09/09100
WID
781.97
21
1.00315020
784.43
1.00295326
784.28
09/15/00
WID
1,048.60
15
1.00224913
1.050.96
1.00210858
1,050.81
09/17/00
WID
625.64
13
1.00194896
626.86
1.00182718
626.78
09/30/00
Balance'
24,228,012.30
0
1.00000000
24,228,012.30
1.00000000
24,228,012.30
Earnings: 1,276,82SAO Excess Earnings: (127,111.95) (0.00)
% Allocable: 100.000%, % Allocable: 100.000% 4 100.000%
Adjusted Earnings: 1,276,825.40 Adjusted Excess Earnings: (127,111,951 111=1
' Represents the internal rate of return for the period 07/28/99 through 09/30/00.
' See Schedule E1 - Remaining Balance Analyses.
'See Schedule E2 for Fund excess earnings during Yield Period 1.
4 See Appendix C - Transferred Proceeds Ratio Analysis.
Page 8
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Schedule E4 - Series 1999A Construction Account Fund 1
Commingled Fund Adjustment
Subject to Rebate
Not Subject to Rebate
Total
Total
Cash
Average
Cash
Average
Date Description
Cash Flow
Balance
Flow
Balance
Balance
Flow
Balance
Balance
07/28/99
Deposit
23,979,000.00
23,979,000.00
23,979,000.00
23,979,000.00
0.00
0.00
0.00
07/31/99
Interest MM
12,465.28
23,991.465.28
12,465.28
23,991,465.28
23,979,000.00
0.00
0.00
08131/99
Interest MM
97,502.18
24,088,967.46
97,502.18
24,088,967A6
23,991,46528
0.00
0.00
09122/99
W/D
(10,819.60)
24,078,147.86
(10,819.60)
24,078,147.86
24,088,967.46
0.00
0.00
09/30/99
WID
(63.75)
24,078,084.11
(63.75)
24,078,084.11
24,086,08223
0.00
0.00
09/30/99
W/D
(33,741.64)
24,044,342.47
(33,741.64)
24,044,342.47
24,086,082.23
0.00
0.00
09/30/99
Reimb
300,000.00
24,344,342.47
24,044,342.47
24,086,082.23
300,000.00
300,000.00
0.00
09/30/99
Interest MM
101,648.24
24,445,990.71
101,648.24
24,145.990.71
24,086,082.23
300,000.00
0.00
09/30/99
Repo Interest
1,899.07
24,447,889.78
1,899.07
24.147,889.78
24,145,990.71
300,000.00
300,000.00
10/01/99
W/D
(1,342.76)
24,446,547.02
(1,342.76)
24,146,547.02
24,147,E89.78
300.000.00
300,000.00
10/01/99
W/D
(1,361.48)
24,445,185.54
(1,361.48)
24,145,185.54
24,147,889.78
300.000.00
300,000.00
10/01/99
W/D
(453.83)
24,444,731.71
(453.83)
24,144,731.71
24,147,889.78
300,000.00
300,000.00
10/05/99
WID
(836.19)
24,443,895.52
(836.19)
24,143,895.52
24,145,363.32
300,000.00
300,000.00
10/06/99
W/D
(63.17)
24,443,832.35
(63.17)
24.143,832.35
24,145,118.69
300,000.00
300,000.00
10/08/99
W/D
(395.34)
24,443,437.01
(395.34)
24,143,437.01
24,144,797.11
300,000.00
300,000.00
10/31/99
Interest MM
93,668.59
24,537,105.60
92,518.99
24,235,956.00
24,143,788.00
1,149.60
301,149.60
300,000.00
11/05/99
W/D
(1,184.12)
24,535,921.48
(1,184.12)
24,234,771.88
24,235,956.00
301,149.60
301,149.60
11/05/99
WID
(296.40)
24,535,625.08
(296.40)
24,234,475.48
24,235,956.00
301,149.60
301,149.60
11/09199
WID
(690.88)
24,534,934.20
(690.88)
24,233,784.60
24,235,297.99
301,149.60
301,149.60
11/15/99
W/D
(37.11)
24,534,897.09
(37.11)
24,233,747.49
24,234,692.63
301,149.60
301,149.60
11/30/99
Interest MM
95,498.94
24,630,396.03
94,326.78
24,328,074.27
24,234,220.06
1,172.16
302,321.76
301,149.60
12/01/99
W/D
(821.21)
24,629,574.82
(821.21)
24,327,253.06
24,328,074.27
302,321.76
302,321.76
12/09/99
W/D
(60,827.53)
24,568,747.29
(60,827.53)
24,266,425.53
24,327,344.30
302,321.76
302,321.76
12/09/99
W/o
(81.699.56)
24,487,047.73
(81,699.56)
24,184,725.97
24,327,344.30
302,321.76
302,321.76
12/09/99
W/D
(22.991.61)
24,464,056.12
(22,991.61)
24,161,734.36
24,327,344.30
302,321.76
302,321.76
12/09/99
Reversal
254.15
24,464,310.27
254.15
24,161,988.51
24,327,344.30
302,321.76
302,321.76
12/09/99
W/D
(62,931.25)
24,401,379.02
(62,931.25)
24,099,057.26
24,327,344.30
302,321.76
302,321.76
12/11/99
WID
(624.77)
24,400,754.25
(624.77)
24,098,432.49
24,285,837.57
302,321.76
302,321.76
12/31/99
Interest MM
99,645.96
24,500,400.21
98,414.72
24,196,847.20
24,164,931.06
1,231.24
303,553.01
302,321.76
01/04/00
W/D
(647.34)
24,499,752.87
(647.34)
24,196,199.86
24,196,847.20
303,553.01
303,553.01
01/12/00
W/D
(621.08)
24,499,131.79
(621.08)
24,195,578.78
24,196,415.64
303,553.01
303,553.01
01/31/00
Interest MM
98,087.24
24,597,219.03
96,871.92
24,292,450.70
24,195,902.73
1,215.32
304,768.33
303,553.01
02/07/00
WID
(517.72)
24,596,701.31
(517.72)
24,291,932.98
24,292,450.70
304,768.33
304,768.33
02/10/00
W/D
(1,035.29)
24,595,666.02
(1,035.29)
24,290,897.69
24,292,295.39
304,768.33
304,768.33
02/29/00
Interest MM
98,879.00
24,694,545.02
97,653.80
24,388,551.49
24,291,379.66
1,225.20
305,993.53
304,768.33
03/01/00
W/D
(2,115,38)
24,692,429.64
(2,115.38)
24,386,436.11
24,388,551.49
305,993.53
305,993.53
03/05/00
WID
(1,082.93)
24.691,346.71
(1,082.93)
24,385,353.18
24,386,859.19
305.993.53
305,993.53
03/27/00
W/D
(305.258.31)
24,386,088.40
(305,258.31)
24,080,094.87
24,385,632.07
305,993.53
305,993.53
03/31/00
Interest MM
107,548.38
24,493,636.78
106,213.44
24,186,308.32
24,346,207.92
1,334.94
307,328.46
305,993.53
04/01/00
W/D
(458.50)
24,493,178.28
(458.50)
24,185,849.82
24,186,308.32
307,328.46
307,328.46
04/02/00
W/D
(653.54)
24,492,524.74
(653.54)
24,185,196.28
24,186,079.07
307,328.46
307,328.46
04/05/00
WID
(1,305.94)
24,491,218.80
(1,305.94)
24,183,890.34
24,185,549.39
307,328.46
307,328.46
04/15/00
W/D
(781.78)
24,490,437.02
(781.78)
24,183,108.56
24,184,443.36
307,328.46
307,328.46
04/30/00
Interest MM
107,243.70
24,597,680.72
105,897.94
24,289,006.50
24,183,775.96
1.345.76
308,674.22
307,328.46
05/05/00
W/D
(1,458.87)
24,596,221.85
(1,458.87)
24,287,547.63
24,289,006.50
308,67422
308,674.22
05/13/00
W/D
(471.91)
24,595,749.94
(471.91)
24,287,075.72
24,288,108.74
308,67422
308,674.22
05/15/00
W/O
(1,725.61)
24,594,024.33
(1,725.61)
24,285,350.11
24,287,971.00
308,674.22
308,674.22
05/22/00
W/D
(32.10)
24,593,99223
(32.10)
24,285,318.01
24,287,137.08
308,674.22
308,674.22
05/31/00
Interest MM
107,859.42
24,701,851.65
106,505.77
24,391,823.78
24,286,608.96
1,353.65
310,027.87
308,67422
06/01/00
Reversal
6,726.63
24.707,578.28
5,726.63
24,397,550.41
24,391,823.78
310,027.87
310,027.87
06/07/00
W/D
(993.30)
24,706,584.98
(993.30)
24,396,557.11
24,396,732.32
310,027.87
310,027.87
06/10/00
W/O
(469.22)
24,706.115.76
(469.22)
24,396,087.89
24,396,679.76
310.027.87
310,027.87
06/19/00
WID
(122,307.29)
24,583,808.47
(122,307.29)
24,273,780.60
24,396,399.40
310,027.87
310,027.87
06/20/00
W/D
(330,789.95)
24,253,018.52
(330,789.95)
23,942,990.65
24,390,268.46
310,027.87
310,027.87
06/30/00
Interest MM
105,257.48
24,358.276.00
103,928.31
24,046,918.96
24,241,175.86
1.329.17
311,357.04
310,027.87
07/10/00
W/D
(1,355.12)
24,356,920.88
(1,355.12)
24,045,563.84
24,046,918.96
311,357.04
311,357.04
07/12/00
W/D
(399.04)
24,356,521.84
(399.04)
24,045,164.80
24,046,693.11
311,357.04
311,357.04
07/13/00
W/D
(70.01)
24,356,451.83
(70.01)
24,045,094.79
24,046,575.54
311,357.04
311.357.04
07/21/00
WID
(30,495.82)
24,325,956.01
(30,495.82)
24,014,598.97
24,046,011.45
311,357.04
311,357.04
07/31/00
Interest MM
101,863.06
24,427,819.07
100,560.42
24,115,159.39
24,035,878.39
1,302.64
312,659.68
311,357.04
08/01/00
W/D
(833.96)
24,426,985.11
(833.96)
24,114,325.43
24,115,159.39
312,659.68
312.659.68
08103/00
WID
(86.796.02)
24,340,189.09
(86,796.02)
24,027,529.41
24,114,603.41
312.659.68
312,659.68
08/08/00
W/D
(943.82)
24,339,245.27
(943.82)
24,026,585.59
24,060.182.16
312,659.68
312,659.68
Page 9
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Schedule E4 - Series 1999A Construction Account Fund 1
Commingled Fund Adjustment
Date Description
Total
Cash Flow
Total
Balance
Subject to Rebate
Cash
Flow Balance
Average
Balance
Not Subject to Rebate
Cash Average
Flow Balance Balance
08/10/00
W/D
(1,253.80)
24,337,991.47
(1,253.80)
24,025,331.79
24,053,462.84
312,659.68
312,659.68
08/31/00
W/D
(6,457.56)
24,331,533.91
(6,457.56)
24,018,874.23
24,034,406.32
312,659.68
312,659.68
09/01/00
W/D
(1,882.61)
24,329,651.40
(1,882.51)
24,016,991.72
24,033,920.94
312.659.68
312,659.68
09/01/00
Reversal
2,983.31
24,332,634.71
2,983.31
24,019,975.03
24,033,920.94
312,659.68
312,659.68
08/31/00
Interest MM
104,869.53
24,437,504.24
103,522.82
24,123,497.84
24,034,370.81
1,346.71
314,006.40
312,659.68
09109/00
W/D
(781,97)
24,436,722.27
(781.97)
24,122,715.87
24,123,497.84
314,006.40
314,006.40
09/15/00
WID
(1,048.60)
24,435,673.67
(1,048.60)
24,121,667.27
24,123,185.05
314,006.40
314,006.40
09/17/00
W/D
(625.64)
24,435,048.03
(625.64)
24,121,041.63
24,123,006.49
314,006.40
314,006.40
09/30/00
Interest MM
108,363.14
24,543,411.17
106,970.67
24,228,012.30
24,122,155.05
1,392.47
315,398.87
314,006.40
Page 10
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
Schedule F1 - Series 1999 and 1999B Construction Account Fund 2
Remaining Balance Analysis
Summary- Fund 2(Yield Period 1
Gross Earnings: $679,458.55
Internal Rate of Return: 5.394053%
Excess Earnings: $126,055.78
Security Par Maturity Settlement Settlement Accreted Accrued Value as of
Type Amount Coupon Date Date Price Yield Price Interest 1 03/01/99
City Pool 97,356,654.92 NIA NIA N/A NIA VAR 100.000 679,458.55 98,036,113.47
See Schedule F3 - Investment Earnings
Value as of September 15, 1999: 98,036,113.47
Page 11
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
PmJoci Bonds, Series 1999A
Project Bonds, Series 1999B
Schedule F2 - Series 1999 and 19998 Construction Account (Period 1) Fund 2
Net Nonpurposs investments Cash now
Net
Rebate Calculations
IRR Calculations
Nonpurpeae
Muni-Dayal
Investments
13slsnce
FV Factor Q
FV As Of
FV Factor ®
FV As Of
Date
Description
Cash Flow'
Date
6.342612%
02130100
8.304053% t
- 09130100
07/2Mg
Deposit
(84,974,500.00)
422
1.07594025
(91.427.484.71)
1.06438019
(90,445,174.43)
07128/99
Deposit
(24,992,500.00)
422
1.07594025
(26.890,436.68)
1.06438019
(26.601,521.89)
07/28/99
W1D
12.436.744.92
422
1.07594025
13.381.194.43
1.05438019
13.237.424.92
08101/99
W1D
699.60
419
1.07538054
967.41
1.06390819
967.09
08103!99
W1D
55,791,70
417
1.07500756
59,976.50
1.06359364
59.339.70
08/07199
W/o
1.174.32
413
1.07426199
1.261.53
1.06296482
1.248.26
08112199
W1D
2.318.29
408
1.07333075
2,488.29
1.06217931
2.462.44
08125/99
W1D
14,431.46
395
1.07091331
15,454.84
1.06013971
15.299.36
09/01199
W1D
6.072.92
389
1.06079940
6.498.81
1.05919968
6.432.43
09/03/90
W1D
120.674.58
387
IM942836
129,052.82
1.05888852
127.780.69
09/06/99
W/D
1,780.08
384
1.06887203
1,902.68
1.05041695
1,084.07
09/13/99
Reimb
(33.74184)
377
1.06757507
(36,021.73)
1.05732211
(35.675.78)
09114199
W/o
4,198.85
376
1,09738991
401.81
1.051165110
4A38-88
09115/99
Balance
98.036.113.47
375
1.08720479
104.624.610.24
1.05700951
103.825.104.27
.
Earnings:
672,458.55
Excess Earnings:
(126,055.78)
0.00
% Allocable:
100.000% 4
% Allocable:
100.000%'
100,000%
Adjusted Earnings:
AZMU ai,ei
Adjusted Excess Earnings:
1126.055.781
JIM
E
Sea Schedule F3 - Investment Eemings Aneysia.
Represents the internal rate of return for the penod 07/26199 througn 09WOO.
'See Schedule Ft • Remaining Balance Analysis.
' See Appendix C - Transferred Proceeds Ratio A OO&.
Page 12
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
(Schedule F3 - Series 1999 and 1999E Construction Account Fund 2
Investment Earninas Anaivsis
Cash
Interest
Accrued
Date
Description
Flow
Balance
Rate
Interest
Days
07/28/99
Deposit
84,974,500.00
84,974,500.00
5.03%
0.00
0.00
07/28/99
Deposit
24,992,500.00
109,967,000.00
5.03%
0.00
0.00
07/28/99
W/D
(12,436,744.92)
97,530,255.08
5.03%
0.00
0.00
08/01/99
W/D
(899.60)
97,529,355.48
5.49%
40,881.43
3.00
08103/99
W/D
(55,791.70)
97,473,563.78
5.49%
29,746.45
2.00
08/07/99
W/D
(1,174.32)
97,472,389.46
5.49%
59.458.87
4.00
08/12/99
W/D
(2,318.29)
97,470,071.17
5.49°%
74,322.70
5.00
08/25/99
W/D
(14.431,46)
97,455,639.71
5.49%
193,234.42
13.00
09/01/99
W/D
(6,072.92)
97,449,566.79
5.48%
89,171.91
6.00
09/03/99
W/D
(120,674.58)
97,328,892.21
5.48%
29,667.98
2.00
09/06/99
W/D
(1,780.08)
97,327,112.13
5.48%
44,446.86
3.00
09/13/99
Reimb
33,741.64
97,360,853.77
5.48%
103,70745
7.00
09/14/99
W/D
(4,198.85)
97,356,654.92
5.48%
14,820.49
1.00
Balance as of 9/15199: 97,356,654.92 679,458.55
Page 13
$135, 000,000
City of Anytown
Subordinate lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
`Project'Bonds,'Sedes 1999S
Appendix Al - 2019 Term Bond Valuation
Semi -Annual Debt Service
Principal Debt
Date Coupon Amount Interest Service
11/15/99
131,468.75
131,468.75
05115100
15T,762.50
157,762.50
11115100
157,762.50
157.762.50
05115/01
157.162.50
157,762.50
11 /15/01
157.762.50
157,762.60
05115/02
157.762.50
157,762.50
11115/02
157.762.50
157,762.50
05/15/03
157,762.50
157.762.50
11 /15103
157,162.50
157,762.50
05115/04
157,762.50
157,762.50
11115/04
157.762.50
157,762.50
05/15/05
157.162.50
157,762.50
11/15105
157.762.50
157.762.50
05115106
157,762.50
157,762.50
11115106
157,762.50
157,762.50
05115107
167.782.50
157,762.50
11115/07
157.762.50
157,762.50
G5115108
157,762.50
157,762.50
11/15/08
157,762.50
157.762.50
05115!09
157.762.50
157,762.50
11/15/09
157.762.50
167.762.50
05115110
157,782.50
157.762.50
11115/10
157.762.50
157.762.50
05115/11
157,762.50
157,762.50
11115/11
157,762.50
157,762.50
05/15/12
157,762.50
157,762.50
11/15/12
157,702.50
157,762.50
05/16113
157,762.50
157.762.50
11/15/13
157,762.50
157,762.50
05/15114
157.762.50
157.762.50
1111514
157,762.50
157.762.50
05/15115
157.762.50
157,762.50
11115/15
157,762.50
157.762.50
0511516
157,762.50
157.762.50
11/15116
157,762.50
157.762.50
05n 5117
157.762.50
157,762.50
11115117
167,762.50
157.762.50
05115oll
157,762.50
157,762.50
11 /15118
157,762.50
157.762.50
05115n9
157.762.60
157.762.50
11115119 5.250% 6,010.000
157,762.50
6,167,762.50
See Appendix e - Fixed Rate Analysis.
Represents the product of the Guaranis@ % multiplied by the local fixed rate debt service.
Pape 14
Total Qualified Guarantee: 418.409.55
Senss 1999E Bonds Portion:
7,500.00
Sense 1999 Bonds Portion:
25.500.00
Series 1999A Bonds Portion:
385.409.55
Fixed Rate Debt Service: '
52.649.279.17
Guarantee %;
0.73203196%
Guarantee on Term Bds:
91.152.39
Appendix A2 - 2019 Term Bond Valuation
Yield Calculation
Total Discount Present
Issue Factor @ Value as of
Date Payments' 5.629614% 07128/99
11/15199
131,468.75
0.98363410
129,317.15
05/15/00
157,762.50
0.95670471
150,932.13
11/15/00
157,762.50
0.93051258
146,799.99
05/15/01
157,762.50
0.90503752
142,780.98
11/15/01
157,762.50
0.88025991
138,872.00
05/15102
157,762.50
0.85616064
135,070.04
11/15/02
157,762.50
0.83272115
131,372.17
05/15103
157,762.50
0.80992337
127,775.54
11/15/03
157,762.50
0.78774973
124,277.37
05/15/04
157,762.50
0.76618316
120,874.97
11/15/04
157,762.50
0.74520702
117,565.72
05/15/05
157,762.50
0.72480515
114,347.07
11/15/05
157,762.50
0.70496184
111,216.54
05/15106
157,762.50
0.68566178
108,171.72
11/15/06
157,762.50
0.66689011
105,210.25
05/15/07
157,762.50
0.64863237
102,329.86
11/15/07
157,762.50
0.63087447
99,528.33
05/15/08
157,762.50
0.61360274
96,803.50
11/15108
157,762,50
0.59680386
94,153.27
05/15/09
157,762.50
0.58046489
91.575.59
11/15/09
157,762.50
0.56457325
89,068.49
05/15/10
157,762.50
0.54911667
86,630.02
11/15/10
157,762.50
0.53408326
84,258.31
05115/11
157,762.50
0.51946143
81,951.53
11/15111
157,762.50
0.50523990
79,707.91
05/15112
157,762.50
0.49140772
77,525.71
11/15/12
157,762.50
0.47795423
75,403.25
05/15/13
157,762.50
0.46486906
73,338.91
11/15/13
157,762.50
0.45214214
71,331.07
05/15/14
157,762.50
0.43976364
69,378.21
11/15/14
157,762.50
0.42772403
67,478.81
05/15/15
157,762.50
0.41601404
65,631.42
11/15115
157,762.50
0.40462464
63,834.59
05/15/16
157,762.50
0.39354705
62,086.97
11/15/16
157,762.50
0.38277274
60,387.18
05/15117
157,762.50
0.37229340
58,733.94
11/15/17
157,762.50
0.36210095
57,125.95
05/15/18
157,762.50
0.35218755
55,561.99
11/15118
157,762.50
0.34254556
54,040.84
05/15119
157,762.50
0.33316754
52,561.34
11/15119
6,167,762.50
0.32404626
1,998,640.37
See Appendix At- 2019 Tern Bond Valuation.
Page 15
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999B
Issue Price Calculation.
+ Par Amount of Issue
6,010,000.00
+Accrued Interest
37,687.71
+/- Original Issue Prem/(Disc)
182.884.30
- Issue Price: - - - -
5,864,803.41
- Qualified Guarantee
(91,152.39)
Adjusted Issue Price:
5,773,651.012
Present Value Result
5,773,651.02
Variance:
0.00
2019 Term Bond Yield:
5.6296 %
E
Appendix A3 - 2019 Term Bond Valuation
Debt Service Calculation
Issue Date: 07128/99
Computation Date: 0911"0
2019 Term Bond Yield: ` 5.629614%
Value of Debt Service on September 15,1999: 5,815,651.82
10 Total Value As Of Value As Of
Issue
Issue Date
balance date
Date
Payment =
07128/00
09115/99
11 / 15/99
131,468.76
129.317.16
130.257.87
05/15100
157,762.50
150,932.13
152.030.09
11,15100
157.762.50
146.799.99
147,867.90
05/15/01
157,762.60
142.780.98
143, 819.65
.
11/151,01
157,762.50
138.872.00
139.882.24
05!15102
157,762.60
135.070,04
136,052.62
11115102
157,762.50
131, 372.17
132, 327.85
0 5! 1510 3
157,762.60
127,775,54
128,705.05
11115! 03
157.762.50
124, 277.37
125.181.43
05/15104
157,762.60
120,874.97
121,754.28
11115104
157, 762.50
117,565.72
110,420.96
05! 15105
157,762.50
114,347.07
115.178.90
11115!05
157.762.50
111,216.54
112.025.59
05115!06
157, 762.50
108,171.72
108.958.62
11/15/06
157,762.50
105,210.25
105,075.61
05115107
157, 762.50
102,329.86
103.074.27
11/15107
157,762.50
99,528.33
100.262.36
0515108
157,762.50
96,803-50
97.507-71
11/15!08
157.762.50
94,153.27
94,838.19
051,15:09
157,762.50
91,575.59
92.241.77
11115!09
157,762.50
89,068.49
89,716.42
i
05/15110
157,762.50
86,630.02
87.260.21
11/15,10
157,762.50
84,258.31
84.871.25
05,15,111
157,762.50
81,951-53
82.547.69
11115•!11
157,762.50
79,707.91
80.287.75
05115,12
157,762.50
77,525.71
78.089.68
111151!2
157,762.60
75,403-25
75.951.78
05115:13
157,762.50
73,336.91
73.872.41
1111503
157,762.50
71,331.07
71.849.98
05/15114
157,762.50
69,378.21
69.882-91
'
11115114
157.762.50
67.478.81
67.969.69
0515115
157,762.50
65,631.42
66.108.86
11115115
157,762.50
63,834.59
64.298.96
05,15116
157,762.50
62,086.97
62.538.62
11115116
157,762.50
60,367.18
60.828.47
05115117
157,762.50
58,733.94
59.161.20
11115117
157,762.50
57,125.95
57,641.52
05115/18
157,762.50
55,561.99
55,966.18
11115118
157.762.50
64,040.84
54.433.97
05/15119
157,762.50
52,561.34
52,943.70
11/15119
6,167,762.50
1,998,640.37
2,013,179.61
12,451,968.75 5,773,051.02 5.B15.851.82
See Appendix A2 - 2010 Term Bonds Valuation, Semi -Annual pebt Service.
See Appendix A -2019 Term Bond Valuelion, Yield Calculation.
Papa 18
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
49
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 1999E
Appendix B - Fixed Rate Analysis
Semi -Annual Aeht Service
Principal Debt
Date Coupon Amount Interest Service
11/15199
553,104.17
553,104.17
05/15100
663,725.00
663.725.00
11/15100
663,725.00
863,725.OD
05115/01
663,725.OD
663,725.DD
11/15101
663,725.00
663.725.00
05115M2
663,725.00
663.725.00
11/15/02
663,725.00
683,725.00
05/15/03
663,725.OD
663,725.00
11115/03
4.500%
430,000
663,725.00
1,093,725.D0
051151D4
MA.050.00
654.050.00
11/15104
4.600%
455,000
654,050.00
1,109,050.00
05/15/05
643,585.00
643,585.00
11/15/05
4.700%
460.000
643,585.00
1,123,585.00
05/15106
632,305.00
632.306.00
11v15106
4.600%
506,000
632305.04
1,137,345.00
05/15/07
620,185.00
620.185.00
11/15/07
4.900%
530,000
620,185.00
1,150,185.00
05/15108
607,200.00
607.200.00
111156,08
5.000%
560.000
607,200.00
1,167,200.00
05/15/09
593,200.00
593,200.00
11/15109
5.000%
590,000
593.200.00
1.183.200-00
05/15110
578,450.00
578.450.00
11115110
5.050%
620,000
578,450.00
1.198.450.00
05/15111
562.795.00
562,795.00
11/15/11
5.100%
655,000
562,795.00
1,217,795.00
05115/12
546,092.60
548,092.50
11115112
5.150%
690.000
546.092.50
1,236,092.60
05/15113
528,325.00
528.325.00
11115/13
5.250%
730,000
528,325.00
1,258,325.00
05!15114
609.162.50
509.162.50
11115114
5.250%
770,000
509,162.50
1,279,162.50
05115/15
488,950.00
488,950.00
11115/15
5.250%
810.000
488.950.00
1,298,950.D0
05115/16
467,687.50
467.687.50
11115/16
5.250%
855,000
467.687.50
1322,687.50
05/15/17
445,243.75
445.243.75
11/15/17
5.250%
900.000
445,243.15
1,345,243.75
05/15118
421.618.76
421.618.75
11/15/,18
5.250%
945,000
421.618.76
1.368.818.75
05115/19
396,812.50
396.812.50
11/15/19
5.250%
1.000.000
396.812.50
1.396.812.50
05115/20
370.562.50
370,562.50
11115,"20
5.5w%
1,050.0w
370.562.50
1,420,562.50
M15121
341,687.50
341.687.50
11115/21
5.500%
1.110,000
341,687.60
1.451.687.50
05/15/22
311,162.50
311.192.50
11/15/22
5.500%
1.170.000
311,162.50
1.481.162.50
05/15/23
276,987.50
278,987.50
11115/23
5.500%
1,230,000
278.987.50
1,508,987.60
05115/24
245,162.50
245,162.50
11/15/24
5.500%
1,300,000
245,162.50
1,545,162.50
0511525
200.412.50
209,412.50
11115/25
5.500%
1,370,000
209,412.50
1.579.412.50
05115126
171,T37.50
1T1,737.50
11115126
5.500%
1.440,000
171,737.50
1.611.737.50
05,15127
132,137.50
132,137.50
11115/27
5.500%
1,520.000
132.137.50
1,652,137.50
M15/28
90,337.60
90.337.50
1111528
5.500%
1.600,000
90.337.50
1,690,337.50
0511529
46,337.50
46.337.60
11115..29
5.500%
1.685,000
46.337.50
1.731.337.50
Page 17
r
Appendix C
Transferred proceeds Ratio Ana sls
Series 1999 and 1999B Bonds:
$135,000,000
City ofAnytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1099A
Project Bonds, Series 1999E
• Principal Amount Refunded by Refunding Bonds:
107,569,000.00
Principal Amount Refunded by Equity Contribution:
2,431,000.00
Total Principal Amount Refunded:
110,000,000.00
Bond Principal Amount Outstanding on Refunding Date: t
110.000.000.00
Operarina Rule Factor
100.0w%
Principal
Amount
Refunded Principal
Adjusted
Cumulative
py Rafunding Amount Transfer
Operating
Transfer
Transfer %Allocable
Date Bonds Outstanding Ratio
Rule
Ratio
Ratio to Bonds
9115.199 110,000,000.00 110,000,00D.00 100.000%
100.000%
100.000%
100,000% 0.000%
11D 000,000.00
110
•
For purposes of 4erermining the operating rule factor, we have assumed the Bone pdnrlpat amount outstanding
On the Refunding Data is equivalent to the value of the refunded Bonds ($110,000.000). Upon review by a tax
lawyer, such methodology was approved in lieu of representing the total value of the Bonds (ti135.000.000).
Page is
$135,000,000
City of Anytown
Subordinate Lien Revenue Bonds, Series 1999
Project Bonds, Series 1999A
Project Bonds, Series 19998
Appendix D - Series 1999A Valuation Method
Maturity Valuation
Date PrincipalCoupon' Yield' Price Method
11/15/99
11/15/00
11/15/01
11/15102
11/15103
430,000.00
4.500%
4.500%
100.000
Plain Par
11/15/04
455,000.00
4.600%
4.600%
100.000
Plain Par
11/15105
480,000.00
4.700%
4.700%
100.000
Plain Par
11/15/06
505,000.00
4.800%
4.800%
100.000
Plain Par
11/15/07
530,000.00
4.900%
4.900%
100.000
Plain Par
11/15/08
560,000.00
5.000%
5.000%
100.000
Plain Par
11/15/09
590,000.00
5.000%
5.050%
99.594
Plain Par
11/15/10
620,000.00
5.050%
5.150%
99.143
Plain Par
11/15/11
655,000.00
5.100%
5.200%
99.091
Plain Par
11/15/12
690,000.00
5.150%
5.250%
99.043
Plain Par
11/15/13
730,000.00
5.250%
5.500%
96.957
Present Value
11/15114
770,000.00
5.250%
5.500%
96.957
Present Value
11/15115
810,000.00
5,250%
5.500%
96.957
Present Value
11/15/16
855,000.00
5.250%
5.500%
96.957
Present Value
11/15/17
900,000.00
5.250%
5.500%
96.957
Present Value
11/15/18
945,000.00
5.250%
5.500%
96.957
Present Value
11/15/19
1,000,000.00
5.250%
5.500%
96.957
Present Value
11115120
1,050,000.00
5.500%
5.600%
98.540
Plain Par
11/15121
1,110,000.00
5.500%
5.600%
98.540
Plain Par
11/15122
1,170,000.00
5.500%
5.600%
98.540
Plain Par
11/15/23
1,230,000.00
5.500%
6.600%
98.540
Plain Par
11/15124
1,300,000.00
5.500%
5.600%
98.540
Plain Par
11/15/25
1,370,000.00
5.500%
5.600%
98.540
Plain Par
11/15/26
1,440,000.00
5.500%
5.600%
98.540
Plain Par
11/15/27
1,520.000.00
5.500%
5.600%
98.540
Plain Par
11/15/28
1,600,000.00
5.500%
5.600%
98.540
Plain Par
11/15/29
1,685,000.00
5.500%
5.600%
98.540
Plain Par
25,000,000.00
As set forth in the Series 199A Bonds Official Statement.
Page 19
Exhibit B
/-
kl J j BOND LOG�STIX,,;
•. / INSIGHT. INNOVATION. INTEGRATION.
Proposal to Provide
Arbitrage Rebate Compliance Services to the
City of Huntington Beach
Summary of Annual Fees
Estimated
Engagement
Annual
Additional Total Annual
PAR Amount
Description
Series
Fee
Report Fee '
Fees Fees
$1,653,904
Resevoir Hill Assessment District Bond
1989
No Charge
1,250
1,250
$2,155,000
Community Facilities District Bonds
1990-1
No Charge
1,250
1,250
$33,495,000
Public Finance Authority Lease Revenue Bond
1992
No Charge
1,250
1,250
$8,070,000
Public Finance Authority Certificate of Participation Bond
1997
No Charge
1,650
1,650
$10,835,000
Redevelopment Agency Tax Allocation Bond
1999
No Charge
1,250
1,250
$31,360,000
Public Finance Authority Lease Revenue Bond
2000A
No Charge
1,650
1,650
$31,095,000
Public Finance Authority Lease Revenue Bond
2001A
No Charge
1,250
1,250
$31,095,000
Public Finance Authority Lease Revenue Bond
2001 B
No Charge
1,250 a
1,250
$16,000,000
Community Facilities District Bonds
2001-1
No Charge
1,650
500, 2,150
Total $12,950
'Assumes all calculations have been updated as of their most recent bond year.
2Additional fees will be charged according to actual facts. We have tried to estimate additional fees according to assumptions, as footnoted.
' If this issue and the 2001A issue are a single issue for tax purposes, the City will only be charged a single $1,250 report fee for both Series.
<Proceeds in the Capitalized Interest Fund dedicated to Interest payments during the first year the bonds are outstanding qualify for the Bona Fide Debt Service Exemption.
of the Treasury Regulations. This fund is commingled, thereby. Commingled funds fees will not be charged for calculations performed subsequent to the first
annual calculation performed on the bonds.
EXHIBIT B
n, PROPOSAL TO PROVIDE ARBITRAGE REBATE CbmamNCE SERVICES
V BOND LOG ISTIVIK
INSIGHT. ,„„oVAT,o„. ,„T[GRATIO„. TO THE CITYOFHUNTINGTON BEACH
Additional areas in which BLXcan be of assistance are
listed (below). Please see exhibit Afor a representa-
tive sample of transactions forwhich BLXhas per-
formed such ancillary advisory services.
♦ arbitrage rebate compliance
♦ complexcashflowmodeling
♦ continuingdisclosure reporting
♦ defeasanceanalyses
♦ economiclife calculations
♦ escrow structuring and restructuring
♦ flow offunds monitoringservices
♦ investmentpolicyreview
♦ IRS refund requests
♦ private use analyses
♦ troubled transaction workouts
9. FEESmEDULE
When comparing the fees listed below to those of other
firms, the City should keep in mind that BLX does not
attach additional fees for the legal consultation provided
by Orrick's expert tax counsel in the preparation of rebate
analyses. Other firms, lacking this resource might require
billing the City hourly for such resources in the event that
any of the complexities mentioned may arise with regards
to a specific analysis, making their proposed cost appear
artificially low. On the other hand, a firm that forgoes
enlisting the services of expert tax counsel in order to
avoid charging the City for such services runs the very real
risk of causing the City to make unnecessary rebate
payments to the IRS, or causing the City to be out of
compliance with the applicable Treasury regulations.
Please see Exhibit B hereto for a fee estimate, by
individual bond issue.
One Time Fee (per issue engaged)
Engagement Fee $250
(for newissues only, not charged for outstanding
bond issues of the City as of the date of this proposal)
Base Fees (per report)
Report Fee $2.650
(construction other proceeds outstanding)
ReportFee #2,250
(reserve fund proceeds and/or proceeds
in a refunding escrow only)
Page i o
Additional Fees (per report as appropriate)
Yield Restriction Analysis +$500
Commingled Funds Analysis +$500
Transferred Proceeds Analysis +$500
Variable Rate Issue +$500
Periods in Excess of 12 Months +$500
(perAdditional year of fraction thereof)
QDtional Services
Annual half -day
arbitrage rebate training session No charge
Follow up consultation visits with the City No charge
Evaluating various elections To be negotiated
and applications separately
Io. TERMSoFENGAGEMENT
The Citpis requesting aproposal to cover three years
plus two optional one year extensions.
The fees outlined herein will be held firm for the initial
and any subsequent extended contract periods. The fees
listed above will apply to any prospective issues of the City
added to the engagement during the initial and any
extended contract periods.
22. AMENmyc CAwum7lom
There exists the distinct possibility that the federal
government may amend the rebate regulations in the
future with the result beingthat prior rebate liabilities
may require recalculation. In the event that this occurs, we
will, at no charge, review prior rebate calculations to
determine if a recalculation is necessary and/or advisable.
After this initial review, we will discuss our findings with
the City and jointly determine the best course of action
and the appropriate fee, if any. To the extent the recalcula-
tion work constitutes a minor adjustment to our prior
calculation, we do not expect to charge more than a nominal
fee. Conversely, if the recalculation work is substantial, we
will provide the Citywith a competitive proposal to
perform such recalculations.
We do not expect fees associated with any recalculation
workto be anygreaterthan our current "calculation" fees
and competitive with the general market for arbitrage
rebate calculation services.