Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 1
SOURCES AND USES OF FUNDS
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Dated Date 07/15/2022
Delivery Date 07/15/2022
Sources:
Bond Proceeds:
Par Amount 17,620,000.00
Premium 2,191,423.10
19,811,423.10
Other Sources of Funds:
Lease Payment Fund 942,813.06
Debt Service Reserve Fund 1,452,131.26
2,394,944.32
22,206,367.42
Uses:
Refunding Escrow Deposits:
Cash Deposit 0.48
SLGS Purchases 21,699,208.00
21,699,208.48
Delivery Date Expenses:
Cost of Issuance 175,000.00
Underwriter's Discount 132,150.00
Bond Insurance (65 bps) 169,441.51
Surety (2.25%) 29,227.50
505,819.01
Other Uses of Funds:
Additional Proceeds 1,339.93
22,206,367.42
Notes:
1. All Num
bers are Preliminary and Subject to Change.
2. Use of '
A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City
's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter'
s Discount are Estimates for Discussion Purposes.
6. Analy
sis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way
is Stifel recommending any particular investment strategy.
Attachment 2
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 2
SUMMARY OF REFUNDING RESULTS
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Dated Date 07/15/2022
Delivery Date 07/15/2022
Arbitrage yield 2.498301%
Escrow yield 0.243027%
Value of Negative Arbitrage 102,368.46
Bond Par Amount 17,620,000.00
True Interest Cost 2.911048%
Net Interest Cost 3.022357%
All-In TIC 3.006700%
Average Coupon 3.996562%
Average Life 11.997
Par amount of refunded bonds 21,350,000.00
Average coupon of refunded bonds 3.504700%
Average life of refunded bonds 11.400
PV of prior debt to 07/15/2022 @ 2.498301% 23,582,873.15 Net PV Savings 927,203.87
Percentage savings of refunded bonds 4.342875%
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 3
SAVINGS
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Present Value
Prior Prior Prior Refunding to 07/15/2022
Date Debt Service Receipts Net Cash Fl ow Debt Service Savings @ 2.4983007% 10/01/2022 1,090,337.50 942,813.06 147, 524.44 147,524.44 -4,928.85 10/01/2023 1,451,475.00 1,451,475.00 1,29 8,800.00 152,675.00 148,108.04 10/01/2024 1,447,475.00 1,447,475.00 1,29 5,800.00 151,675.00 143,523.56 10/01/2025 1,452,131.26 1,452,131.26 1,29 6,200.00 155,931.26 143,958.63 10/01/2026 1,450,131.26 1,450,131.26 1,29 5,600.00 154,531.26 139,187.63 10/01/2027 1,450,531.26 1,450,531.26 1,29 9,000.00 151,531.26 133,149.46 10/01/2028 1,450,181.26 1,450,181.26 1,29 6,200.00 153,981.26 131,997.28 10/01/2029 1,447,993.76 1,447,993.76 1,29 2,400.00 155,593.76 130,116.96 10/01/2030 1,450,025.00 1,450,025.00 1,29 7,600.00 152,425.00 124,351.13 10/01/2031 1,449,962.50 1,449,962.50 1,29 6,400.00 153,562.50 122,212.34 10/01/2032 1,448,925.00 1,448,925.00 1,29 4,000.00 154,925.00 120,279.37 10/01/2033 1,450,681.26 1,450,681.26 1,29 5,400.00 155,281.26 117,601.19 10/01/2034 1,449,981.26 1,449,981.26 1,29 5,400.00 154,581.26 114,197.15 10/01/2035 1,448,056.26 1,448,056.26 1,29 4,000.00 154,056.26 111,016.19 10/01/2036 1,449,906.26 1,449,906.26 1,29 6,200.00 153,706.26 108,046.31 10/01/2037 1,448,943.76 1,448,943.76 1,29 6,800.00 152,143.76 104,319.02 10/01/2038 1,451,531.26 1,451,531.26 1,29 5,800.00 155,731.26 104,153.73 10/01/2039 1,447,487.50 1,447,487.50 1,29 3,200.00 154,287.50 100,652.04 10/01/2040 1,451,993.76 1,451,993.76 1,29 9,000.00 152,993.76 97,355.50 10/01/2041 1,449,687.50 1,449,687.50 1,29 7,800.00 151,887.50 94,277.19 10/01/2042 1,450,750.00 1,450,750.00 1,29 4,800.00 155,950.00 94,421.31 30,088,187.62 942,813.06 29,145,374.56 26,067,924.44 3,077,450.12 2,377,995.20 Savings Summary
PV of savings from cash flow 2,377,995.20
Less: Prior funds on hand -1,452,131.26
Plus: Refunding funds on hand 1,339.93
Net PV Savings 927,203.87
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 4
BOND SUMMARY STATISTICS
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Dated Date 07/15/2022
Delivery Date 07/15/2022
First Coupon 10/01/2022
Last Maturity 10/01/2042
Arbitrage Yield 2.498301%
True Interest Cost (TIC) 2.911048%
Net Interest Cost (NIC) 3.022357%
All-In TIC 3.006700%
Average Coupon 3.996562%
Average Life (years) 11.997
Duration of Issue (years) 9.589
Par Amount 17,620,000.00
Bond Proceeds 19,811,423.10
Total Interest 8,447,924.44
Net Interest 6,388,651.34
Bond Years from Dated Date 211,379,777.78
Bond Years from Delivery Date 211,379,777.78
Total Debt Service 26,067,924.44
Maximum Annual Debt Service 1,299,000.00
Average Annual Debt Service 1,289,781.86
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 7.500000
Total Underwriter's Discount 7.500000
Bid Price 111.687135
Par Average Average
Bond Component Value Price Coupon Life
Bond Component 11,850,000.00 112.740 3.993% 8.932
Term Bond 2042 5,770,000.00 111.815 4.000% 18.290
17,620,000.00 11.997
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 5
BOND SUMMARY STATISTICS
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
All-In Arbitrage
TIC TIC Yield
Par Value 17,620,000.00 17,620,000.00 17,620,000.00
+ Accrued Interest
+ Premium (Discount) 2,191,423.10 2,191,423.10 2,191,423.10 - Underwriter's Discount -132,150.00 -132,150.00
- Cost of Issuance Expense -175,000.00
- Other Amounts -198,669.01 -198,669.01 -198,669.01
Target Value 19,480,604.09 19,305,604.09 19,612,754.09
Target Date 07/15/2022 07/15/2022 07/15/2022
Yield 2.911048% 3.006700% 2.498301%
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 6
BOND PRICING
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Maturity Yield to Call Call Premium
Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Bond Component:
10/01/2023 600,000 3.000% 1.160% 102.205 13,230.00
10/01/2024 615,000 4.000% 1.340% 105.774 35,510.10
10/01/2025 640,000 4.000% 1.540% 107.676 49,126.40
10/01/2026 665,000 4.000% 1.610% 109.691 64,445.15
10/01/2027 695,000 4.000% 1.790% 110.946 76,074.70
10/01/2028 720,000 4.000% 1.850% 112.558 90,417.60
10/01/2029 745,000 4.000% 1.950% 113.725 102,251.25
10/01/2030 780,000 4.000% 2.010% 114.991 116,929.80
10/01/2031 810,000 4.000% 2.050% 116.289 131,940.90
10/01/2032 840,000 4.000% 2.130% 117.077 143,446.80
10/01/2033 875,000 4.000% 2.240% 115.982 C 2. 368% 10/01/2032 100.000 139,842.50 10/01/2034 910,000 4.000% 2.330% 115.095 C 2. 553% 10/01/2032 100.000 137,364.50 10/01/2035 945,000 4.000% 2.400% 114.410 C 2. 696% 10/01/2032 100.000 136,174.50 10/01/2036 985,000 4.000% 2.450% 113.924 C 2. 805% 10/01/2032 100.000 137,151.40 10/01/2037 1,025,000 4.000% 2.520% 113.248 C 2. 915% 10/01/2032 100.000 135,792.00 11,850,000
1,509,697.60
Term Bond 2042:
10/01/2038 1,065,000 4.000% 2.670% 111.815 C 3. 201% 10/01/2032 100.000 125,829.75 10/01/2039 1,105,000 4.000% 2.670% 111.815 C 3. 201% 10/01/2032 100.000 130,555.75 10/01/2040 1,155,000 4.000% 2.670% 111.815 C 3. 201% 10/01/2032 100.000 136,463.25 10/01/2041 1,200,000 4.000% 2.670% 111.815 C 3. 201% 10/01/2032 100.000 141,780.00 10/01/2042 1,245,000 4.000% 2.670% 111.815 C 3. 201% 10/01/2032 100.000 147,096.75 5,770,000 681,725.50
17,620,000 2,191,423.10
Dated Date 07/15/2022
Delivery Date 07/15/2022
First Coupon 10/01/2022
Par Amount 17,620,000.00
Premium 2,191,423.10
Production 19,811,423.10 112.437135%
Underwriter's Discount -132,150.00 -0.750000%
Purchase Price 19,679,273.10 111.687135%
Accrued Interest
Net Proceeds 19,679,273.10
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 7
BOND PRICING
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 8
BOND DEBT SERVICE
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Period
Ending Principal Coupon Interest Debt Service
10/01/2022 147,524.44 147,524.44
10/01/2023 600,000 3.000% 698,800.00 1,298,800.00
10/01/2024 615,000 4.000% 680,800.00 1,295,800.00
10/01/2025 640,000 4.000% 656,200.00 1,296,200.00
10/01/2026 665,000 4.000% 630,600.00 1,295,600.00
10/01/2027 695,000 4.000% 604,000.00 1,299,000.00
10/01/2028 720,000 4.000% 576,200.00 1,296,200.00
10/01/2029 745,000 4.000% 547,400.00 1,292,400.00
10/01/2030 780,000 4.000% 517,600.00 1,297,600.00
10/01/2031 810,000 4.000% 486,400.00 1,296,400.00
10/01/2032 840,000 4.000% 454,000.00 1,294,000.00
10/01/2033 875,000 4.000% 420,400.00 1,295,400.00
10/01/2034 910,000 4.000% 385,400.00 1,295,400.00
10/01/2035 945,000 4.000% 349,000.00 1,294,000.00
10/01/2036 985,000 4.000% 311,200.00 1,296,200.00
10/01/2037 1,025,000 4.000% 27 1,800.00 1,296,800.00
10/01/2038 1,065,000 4.000% 23 0,800.00 1,295,800.00
10/01/2039 1,105,000 4.000% 18 8,200.00 1,293,200.00
10/01/2040 1,155,000 4.000% 14 4,000.00 1,299,000.00
10/01/2041 1,200,000 4.000% 97,800.00 1,297,800.00
10/01/2042 1,245,000 4.000% 49,800.00 1,294,800.00
17,620,000 8,447,924.44 26,067,924.44
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Compan y (SOB) (Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 9
SUMMARY OF BONDS REFUNDED
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Hesperia Joint Public Finance Authority 2012 Lease Revenue Bonds (Water Rights Acquisition), SERIES12, Bond Component, BOND:
10/01/2022 4.000% 730,000
10/01/2023 2.500% 760,000 10/01/2022 100.000
10/01/2024 2.625% 775,000 10/01/2022 100.000
10/01/2025 2.750% 800,000 10/01/2022 100.000
10/01/2026 3.000% 820,000 10/01/2022 100.000
10/01/2027 3.000% 845,000 10/01/2022 100.000
10/01/2028 3.125% 870,000 10/01/2022 100.000
10/01/2029 3.125% 895,000 10/01/2022 100.000
10/01/2030 3.250% 925,000 10/01/2022 100.000
10/01/2031 3.250% 955,000 10/01/2022 100.000
10/01/2032 3.375% 985,000 10/01/2022 100.000
9,360,000
Hesperia Joint Public Finance Authority 2012 Lease Revenue Bonds (Water Rights Acquisition), SERIES12, Term Bond 2035, TERM35:
10/01/2033 3.500% 1,020,000 10/01/2022 100.000
10/01/2034 3.500% 1,055,000 10/01/2022 100.000
10/01/2035 3.500% 1,090,000 10/01/2022 100.000
3,165,000
Hesperia Joint Public Finance Authority 2012 Lease Revenue Bonds (Water Rights Acquisition), SERIES12, Term Bond 2042, TERM42:
10/01/2036 3.625% 1,130,000 10/01/2022 100.000
10/01/2037 3.625% 1,170,000 10/01/2022 100.000
10/01/2038 3.625% 1,215,000 10/01/2022 100.000
10/01/2039 3.625% 1,255,000 10/01/2022 100.000
10/01/2040 3.625% 1,305,000 10/01/2022 100.000
10/01/2041 3.625% 1,350,000 10/01/2022 100.000
10/01/2042 3.625% 1,400,000 10/01/2022 100.000
8,825,000
21,350,000
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.
Mar 3, 2022 2:19 pm Prepared by Stifel, Nicolaus & Company (SOB)(Finance 8.800 Hesperia LRB ...:030322-REFUND22,REFUND22) Page 10
DISCLAIMER
Hesperia Public Financing Authority
2022 Lease Revenue Refunding Bonds (Water Rights Acquisition) (Current Refunding of the Outstanding 2012 Lease Revenue Bonds) ___________________________________________________________________________ Scale Reflects A (S&P) Underlying Rating as of October 7, 2021 (most recent affirmation) Interest Rates as of March 3, 2022
Stifel, Nicolaus & Company, Incorporated ('Stifel') has prepared the attached materials. Such material consists of factual or general information (as defined in the SEC's Municipal Advisor Rule). Stifel is not hereby providing a municipal entity or obligated person with any advice or making any recommendation as to action concerning the structure, timing or te rms of any issuance of municipal securities or municipal financial products. To the extent that Stifel provides any alternatives, options, calculations or examples in the attached information, such information is not intended to express any view that the municipal entity or obligated person coul d achieve particular results in any municipal securities tra nsaction, and those alternatives, options, calculations or examples do not constitute a recommendation that any municipal issuer or obligated perso n should effect any municipal securities transaction. Stifel is acting in its own interests, is not acting as your municipal advisor and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934, as amended, to the municipal entity or obligated party with respect to the information and materials contained in this communication.
Stifel is providing information and is declaring to the proposed municipal issuer and any obligated person that it has done so within the regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financia l advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an underwriter, is to purchase securities for resale to investors in an arm's- length commercial transaction. Serving in the role of underwriter, Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its' own financial and/or municipal, legal, accounting, ta x and other advisors, as applicable, to the extent it deems appropriate.
These materials have been prepared by Stifel for the client or pot ential client to whom such materials are directly addressed a nd delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that such an offer will be provided in the future. Where indicated, this presentation may contain informati on derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel as you deem appropriate.
Notes:
1. All Numbers are Preliminary and Subject to Change.
2. Use of 'A' rating(S&P) is consistent with the rating of the Outstanding Prior Bonds.
3. Interest Rate Assumptions are Based on Current Market Conditions and Similar Credits.
4. City's Actual Results May Differ, and Stifel makes no Commitment to Underwrite at These Levels.
5. Costs of Issuance and Underwriter's Discount are Estimates for Discussion Purposes.
6. Analysis was Performed with no Changes to the Term or the Structure of the Debt Service from the Currently Outstanding Issue.
7. Escrow has been funded with SLGS but in no way is Stifel recommending any particular investment strategy.