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Home My WebLink About1995 09 29 - Verification ReportINDIAN RIVER COUNTY, FLORIDA VERIFICATION REPORT 29, 1995 r McGLADREY&PULLEN, LLP Certified Public Accountants and Consultants September 29, 1995 Indian River County 1840 25th Street Vero Beach, Florida Bryant, Miller and Olive, P.A. 201 South Monroe Street Suite 500 Tallahassee, Florida Municipal Bond Investors Assurance Corporation 113 King Street Armonk, New York William R. Hough & Co. 100 Second Avenue South Suite 800 St. Petersburg, Florida Pursuant to the request of William R. Hough & Co. ("Hough") on behalf of Indian River County, Florida (the "Issuer"), we have performed certain procedures, as discussed below, in connection with the proposed defeasance of the outstanding $5,000,000 City of Sebastian, Florida Utilities System Revenue Bonds, Series 1993, dated December 1, 1993 (the "1993 Bonds"). The procedures were performed to assist the addressees of this report in evaluating the mathematical accuracy of certain schedules prepared by Hough. These schedules indicate that: • there will be sufficient funds available in the escrow account to pay the remaining debt service payments (the 'Escrow Requirements") related to the 1993 Bonds, assuming the 1993 Bonds will be redeemed on their originally scheduled maturity dates and • the yield on those United States Treasury Notes, Treasury STRIPS and Resolution Funding Corporation STRIPS to be purchased with 1993 Bond proceeds (the "1995 Securities"), assuming the future reinvestment in certain 0.00 percent United States Treasury Securities—State and Local Government Series (the "SLGS"), is less than the yield on the 1993 Bonds. Indian River County, Florida Bryant, Miller and Olive, P.A. Municipal Bond Investors Assurance Corporation William R. Hough & Co. September 29, 1995 Page 2 The procedures we performed are summarized below. We independently calculated the future cash receipts from the 1995 Securities (Exhibit A-1), compared the future cash receipts to Hough's schedules, and found the future cash receipts to be in agreement. 2. We independently calculated the Escrow Requirements related to the 1993 Bonds using information from the Official Statement for the 1993 Bonds, compared the Escrow Requirements to Hough's schedules, and found the Escrow Requirements to be in agreement. Using the results of our independent calculations described in procedure Nos. 1 and 2 above and using an assumed beginning cash deposit of $122.43 to the escrow account on September 29, 1995, we prepared an escrow account cash flow schedule (attached hereto as Exhibit A). The resulting cash flow schedule indicates that there will be sufficient funds available in the escrow account to pay the Escrow Requirements on a timely basis. 4. We compared pertinent terms (i.e., the principal amounts, interest rates, maturity dates, and purchase prices) of the 1995 Securities to be acquired on September 29, 1995, as summarized on Exhibit A-1, to the purchase confirmation notices provided by Hough; we found the terms to be in agreement. We compared pertinent terms of the 1993 Bonds (i.e., debt service payment dates, annual maturity amounts, and interest rates), as summarized on Exhibit B, to the Official Statement for the 1993 Bonds provided by Hough; we found the terms to be in agreement. We independently calculated the yield on the 1995 Securities (assuming the future reinvestment in 0.00 percent SLGS), and the yield on the 1993 Bonds, assuming settlement dates set forth below. The term "yield," as used herein, means that yield which, when used in computing the present value of all payments of principal and interest on an obligation compounded semiannually using a 30/360 - day year basis, produces an amount equal to: in the case of the 1995 Securities, the purchase price of such securities; and, in the case of the 1993 Bonds, the issue price to the public minus a bond insurance premium as represented by Hough. The results of our yield calculations, which are listed below, were compared to the yield calculations provided by Hough; we found the yields to be in agreement. Settlement Date Yield Exhibit Yield on 1995 Securities 09/29/95 5.48995121% A-1 Yield on 1993 Bonds 12/16/93 5.49247800% B Indian River County, Florida Bryant, Miller and Olive, P.A. Municipal Bond Investors Assurance Corporation William R. Hough & Co. September 29, 1995 Page 3 Based on our calculations, it is our opinion that those schedules provided by Hough, when compared to those schedules prepared by us (attached hereto as Exhibits), are arithmetically accurate and reflect, based on the assumptions set forth herein, that: there will be sufficient funds available in the escrow account to pay the Escrow Requirements related to the 1993 Bonds, and the yield on the 1995 Securities, assuming the future reinvestment in 0.00 percent SLGS, is less than the yield on the 1993 Bonds. The results of our independent calculations of the proposed transactions are summarized in the accompanying exhibits. The original computations, along with related characteristics and assumptions contained herein, were provided by Hough on behalf of the Issuer. We relied solely on this information and assumptions and limited our work to performing those procedures set forth above. This report is issued solely for the information of, and assistance to, the addressees of this report and is not to be quoted or referred to in any document, except for the Official Statement and required closing transaction documents, without our prior written consent. Under the terms of our engagement, we have no obligation to update this report because of events or transactions occurring subsequent to the date of this report. / «"Z' Minneapolis, Minnesota September 29, 1995 09719 SZ'T££`££Z — ZO/10/0I 9L'£V8`££Z — 00'000`££Z ZO/ST/80 9L'£V8 SZ'T££`8Ti — ZO/10/170 00'SLI`611 — 00'000`611 ZO/ST/ZO 00'9LI SZ'iV9`0£Z — TO/TO/Oi SZ'9TS`0£Z — 00'000`0£Z 10/91/80 0918 9Z'TV9`OZi — TO/10/170 OS'LSV`IZT — 00'000`TZT IO/ST/ZO OS'LSV SZ'IVL`LZZ — 00/10/01 9L'861`8ZZ — 00'000`8ZZ 00/91/80 9L'861 SZ'TVL`ZZi — 00/10/40 00'OV6`ZZT — SZ'9S0`ZZI 00/i£/£0 9L'£88 9Z'T69`VZZ — 66/I0/OT 00'SLS`SZZ — 8£'17179`VZZ 66/0£/60 Z9'0£6 SZ'169`VZT — 66/I0/170 L8'TZ9`SZI — £9'SL8`VZi 66/I£/£0 VZ'917L SZ'iVS`9ZZ — 86/10/OT 6V'L8Z`LZZ — 88'16L`9ZZ 86/0£/60 T9'9617 SZ'iVS`9Zi — 86/10/VO 98'9£0`LZI — 88'95V`9ZI 86/T£/£0 86'6L9 9Z'T68`ZOZ — L6110101 £Z'TLV`£OZ — 88'96Z`£OZ L6/0£/60 S£'VLT 9Z'T68`LZi — LOOM 09'S90`8Zi — 9Z'I£9`LZT L6/1£/£0 V£'V£V SZ M'SLI — 96/TO/Oi 699Li`6LT — 9L'8LZ`8LT 96/0£/60 £8'968 9Z'TVL`8ZT — 96/1040 80'8£9`6ZT — 9Z'99L`8ZI 96/1£/£0 Z8'TLS 9Z'TVL`8ZT — 96/TO/OT LO'£I9`6Zi — V9'06V`6ZI 96/0£/60 £V'ZZT $ — $ — $ S66T `6Z IaquIOUbS UO 1[sodap gsvO aaueleg $1!q. 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MOD HHARI AMQAII Edo Z aBEd vjjaIl4Xd EXIBBIT A Page 3 of 3 INDLIN RIVER COUNTY, FLORIDA ESCROW ACCOUNT CASH FLAW (CONTINUED) 04/01/12 Remaining Total Cash Escrow Receipts Requirements From 1995 Related to Securities 1993 Bonds Cash Date (Exhibit A-1) (Exhibit B) Balance 04/01/11 87,300.00 87,333.75 43.75 10/01/11 262,300.00 262,333.75 10.00 04/01/12 82,600.00 82,608.75 1.25 10/01/12 267,700.00 267,608.75 92.50 04/01/13 77,600.00 77,613.75 78.75 10/01/13 272,600.00 272,613.75 65.00 04/01/14 72,300.00 72,348.75 16.25 10/01/14 277,400.00 277,348.75 67.50 04/01/15 66,700.00 66,762.50 5.00 10/01/15 286,800.00 286,762.50 42.50 04/01/16 60,800.00 60,767.50 75.00 10/01/16 290,700.00 290,767.50 7.50 04/01/17 54,500.00 54,500.00 7.50 10/01/17 294,500.00 294,500.00 7.50 04/01/18 48,000.00 47,960.00 47.50 10/01/18 303,000.00 302,960.00 87.50 04/01/19 41,000.00 41,01125 76.25 10/01/19 311,000.00 311,011.25 65.00 04/01/20 33,600.00 33,653.75 11.25 10/01/20 318,700.00 318,653.75 57.50 04/01/21 25,900.00 25,887.50 70.00 10/01/21 325,900.00 325,887.50 82.50 04/01/22 17,700.00 17,712.50 70.00 10/01/22 332,700.00 332,712.50 57.50 04/01/23 9,100.00 9,128.75 28.75 10/01/23 344,100.00 344,128.75 0.00 $ 9.900.288.82 $ 9.900.411.25 INDIAN RIVER COUNTY, FLORIDA CASH RECEIPTS FROM AND YIELD ON 1995 EA7HBff'A-1 Page I of 4 Total Cash on September 29, Receipts 1995 Using a Receipt purchase Interest Reinvestment From 1995 Yield of Date Type Price Rate Principal Interest in0%SLGS Securities 5.48995121% 09/30/95 T—Notes $ 90,711.39 3.87.5 % $ 89,000 $ 40,490.64 $ — $ 129,490.64 $ 129,471.16 03/31/96 T—Notes 94,408.94 7.750 90,000 38,766.26 — 128,766.26 125,288.39 09/30/96 T—Notes 148,657.42 6.500 143,000 35,278.76 — 178,278.76 168,854.67 03/31/97 T—Notes 101,778.91 6.875 97,000 30,631.26 — 127,631.26 117,637.18 09/30/97 T—Notes 179,516.43 5.500 176,000 27,296.88 — 203,296.88 182,399.23 03/31/98 T—Notes 104,634.92 5.125 104,000 22,456.88 — 126,456.88 110,410.10 09/30/98 T—Notes 204,874.16 4.750 207,000 19,791.88 — 226,791.88 192,751.87 03/31/99 T—Nates 112,647.09 5.875 110,000 14,875.63 — 124,875.63 103,281.58 09/30/99 T—Notes 228,165.67 7.125 213,000 11,644.38 — 224,644.38 180,861.23 03/31/00 T—Notes 125,493.84 6.875 118,000 4,056.25 — 122,056.25 95,627.77 08/15/00 STRIPS 169,593.24 0.000 228,000 — — 228,000.00 175,066.77 02/15/01 STRIPS 87,222.8.5 0.000 121,000 — — 121,000.00 90,426.07 08/15/01 STRIPS 160,369.80 0.000 230,000 — — 230,000.00 167,292.14 02/15/02 STRIPS 80,516.59 0.000 119,000 — — 119,000.00 84,243.05 08/15/02 STRIPS 152,489.18 0.000 233,000 — — 233,000.00 160,539.69 02/15/03 STRIPS 73,350.28 0.000 116,000 — — 116,000.00 77,790.02 08/15/03 STRIPS 144,113.40 0.000 236,000 — — 236,000.00 154,034.26 02/15/04 STRIPS 66,659.83 0.000 113,000 — — 113,000.00 71,783.26 08/15/04 STRIPS 135,579.08 0.000 238,000 — — 238,000.00 147,150.28 ML4,N RIVER COUNTY, FLORIDA CASH RECEIPTS FROM AND YIELD ON 1995 SECURITIES (CONTINUED) E)aHBITA-1 Page 2 of 4 Total Cash on September 29, Receipts 1995 Using a Receipt Purchase Interest Reinvestment From 1995 Yield of Date Type Price Rate Principal Interest in0%SLGS Securities 5.48995121% 02/15/05 STRIPS 60,486.80 0.000 110,000 — — 110,000.00 66,193.63 08/15/05 STRIPS 128,118.01 0.000 241,000 — — 241,000.00 141,149.71 02/15/06 STRIPS 54,870.67 0.000 107,000 — — 107,000.00 60,993.86 08/15/06 STRIPS 119,918.26 0.000 242,000 — — 242,000.00 134,263.24 02/15/07 STRIPS 49,678.72 0.000 104,000 — — 104,000.00 56,158.37 08/15/07 STRIPS 114,746.67 0.000 249,000 — — 249,000.00 130,863.92 02/15/08 STRIPS 44,444.00 0.000 100,000 — — 100,000.00 51,151.69 08/15/08 STRIPS 107,691.55 0.000 251,000 — — 251,000.00 124,960.60 02/15/09 STRIPS 39,600.00 0.000 96,000 — — 96,000.00 46,516.82 08/15/09 STRIPS 101,888.00 0.000 256,000 — — 256,000.00 120,730.82 02/15/10 STRIPS 35,371.24 0.000 92,000 — — 92,000.00 42,228.48 08/15/10 STRIPS 96,879.74 0.000 262,000 — — 262,000.00 117,046.46 10/15/10 REFOORP 1,632,953.56 0.000 4,564,000 — (4,564,500) (500.00) (221.36) 04/01/11 — — — — — 87,300 87,300.00 37,696.86 10/01/11 — — — — — 262,300 262,300.00 110,237.32 04/01/12 — — — — — 82,600 82,600.00 33,787.01 10/01/12 — — — — — 267,700 267,700.00 106,575.54 04/01/13 — — — — — 77,600 77,600.00 30,068.40 10/01/13 — — — — — 272,600 272,600.00 102,804.90 E)a-HBIT A-1 Page 3 of 4 MIAN RIVER COUNTY, FLORIDA CASH RECEIPTS FROM AND YIELD ON 1995 SECURITIES (CONTINUED) Present Value Total Cash on September 29, Receipts 1995 Using a Receipt Purchase Interest Reinvestment From 1995 Yield of Date Tyne Price Rate Principal Interest in0%SIBS Securities 5.48995121% 04/01/14 — — — — — 72,300 72,300.00 26,537.85 10/01/14 — — — — — 277,400 277,400.00 99,099.90 04/01/15 — — — — — 66,700 66,700.00 23,191.67 10/01/15 — — — — — 286,800 286,800.00 97,056.53 04/01/16 — — — — — 60,800 60,800.00 20,025.74 10/01/16 — — — — — 290,700 290,700.00 93,190.03 04/01/17 — — — — — 54,500 54,500.00 17,004.36 10/01/17 — — — — — 294,500 294,500.00 89,431.09 04/01/18 — — — — — 48,000 48,000.00 14,186.78 10/01/18 — — — — — 303,000 303,000.00 87,161.49 04/01/19 — — — — — 41,000 41,000.00 11,479.03 10/01/19 — — — — — 311,000 311,000.00 84,746.40 04/01/20 — — — — — 33,600 33,600.00 8,911.27 10/01/20 — — — — — 318,700 318,700.00 82,266.25 04/01/21 — — — — — 25,900 25,900.00 6,506.97 10/01/21 — — — — — 325,900 32.5,900.00 79,689.82 04/01/22 — — — — — 17,700 17,700.00 4,212.41 10/01/22 — — — — — 332,700 332,700.00 77,063.74 INDIAN RIVER COUNTY, FLORIDA CASH RECEIPTS FROM AND YIELD ON 1995 SECURITIES (CONTINUED) EA7UBffA—I Page 4 of 4 Total Cash on September 29, The sum of the present value of future cash receipts from the 1995 Securities, on September 29, 1995 using a yield of 5.48995121 percent, is equal to the purchase price of the 1995 Securities; therefore, the yield on the 1995 Securities is equal to 5.48995121 percent. Receipts 1995 Using a Receipt Purchase Interest Reinvestment From 1995 Yield of Date Type Price Rate Principal Interest in 0%SLGS Securities 5.48995121% 04/01/23 — — — — — 9,100 9,100.00 2,051.52 10/01/23 — — — — — 344,100 344,100.00 75,502.40 $ 5,047.430.24 $ 9.65.5,000 $ 245 288.82 $ 9,900,288.82 $ 5,047,430.24 Purchase or ice of 1995 Securities $ 5,047.430.24 The sum of the present value of future cash receipts from the 1995 Securities, on September 29, 1995 using a yield of 5.48995121 percent, is equal to the purchase price of the 1995 Securities; therefore, the yield on the 1995 Securities is equal to 5.48995121 percent. EXHIBIT B Page 1 of 3 INDIAN RIVER COUNTY, FLORIDA YIELD ON 1993 BONDS Debt Present Value on Service December 16, 1993 Payment Interest Total Debt Using a Yield of Date Principal Rate Yield Interest Service 5.49247800%o 04/01/94 $ — — % — % $ 85,82750 $ 85,82750 $ 84,481.77 10/01/94 — — — 128,741.25 128,741.25 123,335.56 04/01/95 — — — 128,741.25 128,741.25 120,039.01 10/01/95 — — — 128,741.25 128,741.25 116,83056 04/01/96 — — — 128,741.25 128,741.25 113,707.87 10/01/96 50,000 3.40 3.40 128,741.25 178,741.25 153,649.68 04/01/97 — — — 127,891.25 127,891.25 106,999.51 10/01/97 75,000 3.60 3.60 127,891.25 202,891.25 165,210.76 04/01/98 — — — 126,541.25 126,541.25 100,286.20 10/01/98 100,000 3.70 3.75 126,541.25 226,541.25 174,739.23 04/01/99 — — — 124,691.25 124,691.25 93,608.05 10/01/99 100,000 3.90 4.00 124,691.25 224,691.25 164,171.37 04/01/00 — — — 122,741.25 122,741.25 87,284.25 10/01/00 105,000 4.00 4.10 122,741.25 227,741.25 157,623.55 04/01/01 — — — 120,641.25 120,641.25 81,266.08 10/01/01 110,000 4.20 4.25 120,641.25 230,641.25 151,21139 04/01/02 — — — 118,331.25 118,331.25 75,505.93 10/01/02 115,000 4.30 4.40 118,331.25 233,331.25 144,906.74 04/01/03 — — — 115,858.75 115,858.75 70,029.10 10/01/03 120,000 4.45 4.55 115,858.75 235,858.75 138,750.89 04/01/04 — — — 113,188.75 113,188.75 64,806.88 10/01/04 125,000 4.60 4.70 113,188.75 238,188.75 132,731.25 04/01/05 — — — 110,313.75 110,313.75 59,82954 10/01/05 130,000 4.75 4.85 110,313.75 240,313.75 126,852.40 04/01/06 — — — 107,226.25 107,226.25 55,087.78 10/01/06 135,000 4.90 5.00 107,226.25 242,226.25 121,118.20 04/01/07 — — — 103,918.75 103,918.75 50,572.70 10/01/07 145,000 5.00 5.10 103,918.75 248,918.75 117,900.04 EXHIBIT B Page 2 of 3 IC • • " .1-9JO ONNUO • I q• Debt — — — 41,011.25 41,011.25 10,417.00 10/01/19 270,000 5.45 (b) 41,011.25 Present Value on Service 04/01/20 — — — 33,653.75 33,653.75 8,097.32 10/01/20 December 16, 1993 Payment 74,621.00 Interest — — — 25,88750 25,88750 Total Debt Using a Yield of Date Principal Rate Yield Interest Service 5.49247800% 04/01/08 — — — 100,293.75 100,293.75 46,23430 10/01/08 150,000 5.40 (a) 100,293.75 250,293.75 112,298.63 04/01/09 — — — 96,243.75 96,243.75 42,027.26 10/01/09 160,000 5.40 (a) 96,243.75 256,243.75 108,90451 04/01/10 — — — 91,923.75 91,923.75 38,023.70 10/01/10 170,000 5.40 (a) 91,923.75 261,923.75 105,44734 04/01/11 — — — 87,333.75 87,333.75 34,219.76 10/01/11 175,000 5.40 (a) 87,333.75 262,333.75 100,042.15 04/01/12 — — — 82,608.75 82,608.75 30,661.19 10/01/12 185,000 5.40 (a) 82,608.75 267,608.75 96,671.24 04/01/13 — — — 77,613.75 77,613.75 27,287.88 10/01/13 195,000 5.40 (a) 77,613.75 272,613.75 93,285.23 04/01/14 — — — 72,348.75 72,348.75 24,095.18 10/01/14 205,000 5.45 (b) 72,348.75 277,348.75 89,899.96 04/01/15 — — — 66,762.50 66,762.50 21,062.02 10/01/15 220,000 5.45 (b) 66,762.50 286,762.50 88,048.86 04/01/16 — — — 60,767.50 60,767.50 18,159.62 10/01/16 230,000 5.45 (b) 60,767.50 290,767.50 84,569.82 04/01/17 — — — 54,500.00 54,500.00 15,427.66 10/01/17 240,000 5.45 (b) 54,500.00 294,500.00 81,137.75 04/01/18 — — — 47,960.00 47,960.00 12,860.29 10/01/18 255,000 5.45 (b) 47,960.00 302,960.00 79,066.24 04/01/19 — — — 41,011.25 41,011.25 10,417.00 10/01/19 270,000 5.45 (b) 41,011.25 311,011.25 76,886.49 04/01/20 — — — 33,653.75 33,653.75 8,097.32 10/01/20 285,000 5.45 (b) 33,653.75 318,653.75 74,621.00 04/01/21 — — — 25,88750 25,88750 5,900.19 10/01/21 300,000 5.45 (b) 25,88750 325,88750 72,289.94 EXHIBIT B Page 3 of 3 INDIAN RIVER COUNTY, FLORIDA YIELD ON 1993 BONDS (CONTINUED) Debt Present Value on Service December 16, 1993 Payment Interest Total Debt Using a Yield of Date Principal Rate Yield Interest Service 5.49247800% 04/01/22 — — — 17,71250 17,71250 3,824.05 10/01/22 315,000 5.45 (b) 17,71250 332,71250 69,911.31 04/01/23 — — — 9,128.75 9,128.75 1,866.91 10/01/23 335,000 5.45 (b) 9,128.75 344,128.75 68,496.35 $ 5,000,000 $ 5,243,721.25 $ 10,243,721.25 $ 4,894,277.44 Issue price of 1993 Bonds for yield calculation purposes: Principal amount of 1993 Bonds Plus accrued interest Less original issue discount Less bond insurance oremium (a) This Term Bond was originally priced at 100.0001o. (b) This Term Bond was originally priced at 100.0001o. 5,000,000.00 10,728.44 $ 4,894,277.44 The sum of the present value of debt service payments to be made on the 1993 Bonds, on December 16, 1993 using a yield of 5.49247800 percent, is equal to the issue price of the 1993 Bonds for yield calculation purposes; therefore, the yield on the 1993 Bonds is equal to 5.49247800 percent.