Page 1 REGULAR MEETING September 1, 2015 The meeting was ...
COUNTY OF LEWIS, NY SUMMARY OF REFUNDING RESULTS Insured (A+ Underlying); BQ; Callable *SLGS and Market Rates as of COB of 08/10/15* REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Dated/Delivery
11/17/2015
Refunding Par Amount
8,165,000
Bond Arbitrage Yield
3.033444%
Escrow Yield
0.515924%
Refunded Bonds Par Amount
7,815,000
Average Coupon of Refunded Bonds
4.245407%
Net PV Savings
417,268.57
Percentage of PV Savings
5.339329%
Aggregate Budgetary Savings
577,643.53
Annual Budgetary Savings (Dec 31) Fiscal Year 2016
25,043.54
Fiscal Year 2017
24,612.50
Fiscal Year 2018
24,462.50
Fiscal Year 2019
27,856.25
Fiscal Year 2020
24,162.50
Fiscal Year 2021
28,287.50
Fiscal Year 2022
27,287.50
Fiscal Year 2023
26,850.00
Fiscal Year 2024
27,000.00
Fiscal Year 2025
27,731.25
Fiscal Year 2026
25,581.25
Fiscal Year 2027
25,256.25
Fiscal Year 2028
23,887.50
Fiscal Year 2029
26,343.75
Fiscal Year 2030
28,006.25
Fiscal Year 2031
28,862.50
Fiscal Year 2032
24,487.50
Fiscal Year 2033
25,165.62
Fiscal Year 2034
25,821.87
Fiscal Year 2035
26,456.25
Fiscal Year 2036
27,075.00
Fiscal Year 2037
27,406.25
ROOSEVELT & CROSS
8/11/2015
TABLE OF CONTENTS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Report
Page
Sources and Uses of Funds
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary of Refunding Results Savings
1
. . . . . . . . . . . . . . . . . . . . . . . . .
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Bond Pricing
Bond Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Escrow Requirements
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Escrow Statistics
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Escrow Sufficiency
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Escrow Descriptions
Proof of Arbitrage Yield
Summary of Bonds Refunded
. . . . . . . . . . . . . . . . . . . . . . . . . .
14
Prior Bond Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Bond Summary Statistics
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Aggregate Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008)
SOURCES AND USES OF FUNDS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Dated Date Delivery Date
11/17/2015 11/17/2015
Sources: Bond Proceeds: Par Amount Net Premium
8,165,000.00 225,558.20 8,390,558.20
Uses: Refunding Escrow Deposits: Cash Deposit SLGS Purchases
Delivery Date Expenses: Cost of Issuance Underwriter's Discount Insurance Premium (20 bps)
Other Uses of Funds: Additional Proceeds
0.31 8,248,569.00 8,248,569.31
80,000.00 38,212.20 22,959.59 141,171.79
817.10 8,390,558.20
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 1
SUMMARY OF REFUNDING RESULTS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Dated Date Delivery Date Arbitrage yield Escrow yield
11/17/2015 11/17/2015 3.033444% 0.515924%
Bond Par Amount True Interest Cost Net Interest Cost All-In TIC Average Coupon Average Life
8,165,000.00 3.100165% 3.136223% 3.196833% 3.318161% 12.611
Par amount of refunded bonds Average coupon of refunded bonds Average life of refunded bonds
7,815,000.00 4.245407% 13.089
PV of prior debt to 11/17/2015 @ 3.027119% Net PV Savings Percentage savings of refunded bonds
8,807,009.67 417,268.57 5.339329%
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 2
SAVINGS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036
Prior Debt Service
Refunding Debt Service
Savings
165,350.00 165,350.00
177,362.71 128,293.75
-12,012.71 37,056.25
165,350.00 165,350.00
178,293.75 127,793.75
-12,943.75 37,556.25
445,350.00 159,750.00
457,793.75 122,843.75
-12,443.75 36,906.25
449,750.00 153,768.75
457,843.75 117,818.75
-8,093.75 35,950.00
453,768.75 147,581.25
462,818.75 114,368.75
-9,050.00 33,212.50
457,581.25 140,993.75
459,368.75 110,918.75
-1,787.50 30,075.00
460,993.75 134,193.75
460,918.75 106,981.25
75.00 27,212.50
464,193.75 127,181.25
461,981.25 102,543.75
2,212.50 24,637.50
467,181.25 119,956.25
462,543.75 97,593.75
4,637.50 22,362.50
474,956.25 112,412.50
467,593.75 92,043.75
7,362.50 20,368.75
477,412.50 104,656.25
472,043.75 84,443.75
5,368.75 20,212.50
479,656.25 96,687.50
474,443.75 76,643.75
5,212.50 20,043.75
486,687.50 88,400.00
481,643.75 69,556.25
5,043.75 18,843.75
493,400.00 79,793.75
484,556.25 62,293.75
8,843.75 17,500.00
494,793.75 70,975.00
482,293.75 55,468.75
12,500.00 15,506.25
500,975.00 61,837.50
485,468.75 48,481.25
15,506.25 13,356.25
506,837.50 52,381.25
493,481.25 41,250.00
13,356.25 11,131.25
512,381.25 42,606.25
496,250.00 33,571.88
16,131.25 9,034.37
517,606.25 32,512.50
498,571.88 25,725.00
19,034.37 6,787.50
527,512.50 21,993.75
505,725.00 17,325.00
21,787.50 4,668.75
531,993.75
507,325.00
24,668.75
Annual Savings
Present Value to 11/17/2015 @ 3.0271189% -11,835.58 35,965.48
25,043.54 -12,375.43 35,371.91 24,612.50 -11,545.25 33,730.91 24,462.50 -7,287.09 31,884.45 27,856.25 -7,906.87 28,584.69 24,162.50 -1,515.49 25,118.25 28,287.50 61.71 22,054.85 27,287.50 1,766.42 19,376.90 26,850.00 3,592.92 17,067.10 27,000.00 5,535.29 15,085.36 27,731.25 3,916.88 14,526.58 25,581.25 3,690.33 13,978.94 25,256.25 3,465.17 12,753.06 23,887.50 5,896.03 11,493.09 26,343.75 8,086.95 9,882.29 28,006.25 9,734.95 8,260.14 28,862.50 8,136.98 6,680.34 24,487.50 9,536.71 5,261.44 25,165.62 10,919.96 3,835.91 25,821.87 12,129.47 2,560.42 26,456.25
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
13,327.03
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 3
SAVINGS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Prior Debt Service
Refunding Debt Service
Savings
11,156.25
8,750.00
2,406.25
Annual Savings
Present Value to 11/17/2015 @ 3.0271189% 1,280.57
27,075.00 536,156.25
508,750.00
27,406.25
14,367.71 27,406.25
12,159,425.00
11,581,781.47
577,643.53
577,643.53
416,451.47
Savings Summary PV of savings from cash flow Plus: Refunding funds on hand
416,451.47 817.10
Net PV Savings
417,268.57
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 4
BOND PRICING County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Bond Component
Maturity Date
Amount
Rate
Yield
Price
05/15/2016 05/15/2017
50,000 50,000 100,000
2.000% 2.000%
0.600% 0.950%
100.690 101.554
05/15/2018 05/15/2019 05/15/2020 05/15/2021 05/15/2022 05/15/2023 05/15/2024 05/15/2025 05/15/2026 05/15/2027 05/15/2028 05/15/2029 05/15/2030 05/15/2031 05/15/2032 05/15/2033 05/15/2034 05/15/2035 05/15/2036 05/15/2037
330,000 335,000 345,000 345,000 350,000 355,000 360,000 370,000 380,000 390,000 405,000 415,000 420,000 430,000 445,000 455,000 465,000 480,000 490,000 500,000 8,065,000
3.000% 3.000% 2.000% 2.000% 2.250% 2.500% 2.750% 3.000% 4.000% 4.000% 3.500% 3.500% 3.250% 3.250% 3.250% 3.375% 3.375% 3.500% 3.500% 3.500%
1.050% 1.200% 1.450% 1.650% 1.850% 2.000% 2.150% 2.300% 2.500% 2.700% 2.900% 3.000% 3.100% 3.200% 3.300% 3.400% 3.450% 3.500% 3.550% 3.600%
104.788 106.141 102.384 101.831 102.437 103.463 104.635 105.939 112.607 110.823 104.948 104.104 101.225 100.406 99.367 99.672 98.980 100.000 99.276 98.512
Yield to Maturity
Call Date
2.618% 2.887% 3.022% 3.125% 3.144% 3.217%
05/15/2025 05/15/2025 05/15/2025 05/15/2025 05/15/2025 05/15/2025
Call Price
Uninsured Serial Bonds:
Insured Serial Bonds:
C C C C C C
100.000 100.000 100.000 100.000 100.000 100.000
8,165,000
Dated Date Delivery Date First Coupon
11/17/2015 11/17/2015 05/15/2016
Par Amount Premium
8,165,000.00 225,558.20
Production Underwriter's Discount
8,390,558.20 -38,212.20
102.762501% -0.468000%
Purchase Price Accrued Interest
8,352,346.00
102.294501%
Net Proceeds
8,352,346.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 5
BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036
Principal
Coupon
Interest
Debt Service
50,000
2.000%
127,362.71 128,293.75
177,362.71 128,293.75
50,000
2.000%
128,293.75 127,793.75
178,293.75 127,793.75
330,000
3.000%
127,793.75 122,843.75
457,793.75 122,843.75
335,000
3.000%
122,843.75 117,818.75
457,843.75 117,818.75
345,000
2.000%
117,818.75 114,368.75
462,818.75 114,368.75
345,000
2.000%
114,368.75 110,918.75
459,368.75 110,918.75
350,000
2.250%
110,918.75 106,981.25
460,918.75 106,981.25
355,000
2.500%
106,981.25 102,543.75
461,981.25 102,543.75
360,000
2.750%
102,543.75 97,593.75
462,543.75 97,593.75
370,000
3.000%
97,593.75 92,043.75
467,593.75 92,043.75
380,000
4.000%
92,043.75 84,443.75
472,043.75 84,443.75
390,000
4.000%
84,443.75 76,643.75
474,443.75 76,643.75
405,000
3.500%
76,643.75 69,556.25
481,643.75 69,556.25
415,000
3.500%
69,556.25 62,293.75
484,556.25 62,293.75
420,000
3.250%
62,293.75 55,468.75
482,293.75 55,468.75
430,000
3.250%
55,468.75 48,481.25
485,468.75 48,481.25
445,000
3.250%
48,481.25 41,250.00
493,481.25 41,250.00
455,000
3.375%
41,250.00 33,571.88
496,250.00 33,571.88
465,000
3.375%
33,571.88 25,725.00
498,571.88 25,725.00
480,000
3.500%
25,725.00 17,325.00
505,725.00 17,325.00
490,000
3.500%
17,325.00
507,325.00
Annual Debt Service
305,656.46
306,087.50
580,637.50
575,662.50
577,187.50
570,287.50
567,900.00
564,525.00
560,137.50
559,637.50
556,487.50
551,087.50
551,200.00
546,850.00
537,762.50
533,950.00
534,731.25
529,821.88
524,296.88
523,050.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 6
BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Principal
Coupon
Interest
Debt Service
8,750.00
8,750.00
8,750.00
508,750.00
Annual Debt Service
516,075.00 500,000
3.500%
508,750.00 8,165,000
3,416,781.47
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
11,581,781.47
11,581,781.47
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 7
ESCROW REQUIREMENTS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 05/15/2016 11/15/2016 05/15/2017
Principal Redeemed
Total
165,350.00 165,350.00 165,350.00
7,815,000.00
165,350.00 165,350.00 7,980,350.00
496,050.00
7,815,000.00
8,311,050.00
Interest
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 8
ESCROW DESCRIPTIONS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Type of Security Nov 17, 2015: SLGS SLGS SLGS
Type of SLGS
Certificate Certificate Note
Maturity Date
First Int Pmt Date
05/15/2016 11/15/2016 05/15/2017
05/15/2016 11/15/2016 05/15/2016
Par Amount
Rate
Max Rate
144,761 144,154 7,959,654
0.170% 0.350% 0.520%
0.170% 0.350% 0.520%
8,248,569
SLGS Summary
SLGS Rates File Total Certificates of Indebtedness Total Notes
10AUG15 288,915.00 7,959,654.00
Total original SLGS
8,248,569.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 9
ESCROW STATISTICS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Total Escrow Cost Global Proceeds Escrow: 8,248,569.31
Modified Duration (years)
Yield to Receipt Date
Yield to Disbursement Date
Perfect Escrow Cost
Value of Negative Arbitrage
Cost of Dead Time
1.461
0.515924%
0.515924%
7,952,629.26
295,940.03
0.02
7,952,629.26
295,940.03
0.02
8,248,569.31
Delivery date Arbitrage yield
11/17/2015 3.033444%
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 10
ESCROW SUFFICIENCY County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date
Escrow Requirement
Net Escrow Receipts
Excess Receipts
Excess Balance
11/17/2015 05/15/2016 11/15/2016 05/15/2017
165,350.00 165,350.00 7,980,350.00
0.31 165,349.71 165,350.88 7,980,349.10
0.31 -0.29 0.88 -0.90
0.31 0.02 0.90
8,311,050.00
8,311,050.00
0.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 11
PROOF OF ARBITRAGE YIELD County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date
Debt Service
Present Value to 11/17/2015 @ 3.0334440124%
05/15/2016 11/15/2016 05/15/2017 11/15/2017 05/15/2018 11/15/2018 05/15/2019 11/15/2019 05/15/2020 11/15/2020 05/15/2021 11/15/2021 05/15/2022 11/15/2022 05/15/2023 11/15/2023 05/15/2024 11/15/2024 05/15/2025 11/15/2025 05/15/2026 11/15/2026 05/15/2027 11/15/2027 05/15/2028 11/15/2028 05/15/2029 11/15/2029 05/15/2030 11/15/2030 05/15/2031 11/15/2031 05/15/2032 11/15/2032 05/15/2033 11/15/2033 05/15/2034 11/15/2034 05/15/2035 11/15/2035 05/15/2036 11/15/2036 05/15/2037
177,362.71 128,293.75 178,293.75 127,793.75 457,793.75 122,843.75 457,843.75 117,818.75 462,818.75 114,368.75 459,368.75 110,918.75 460,918.75 106,981.25 461,981.25 102,543.75 462,543.75 97,593.75 2,057,593.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 482,293.75 55,468.75 485,468.75 48,481.25 493,481.25 41,250.00 496,250.00 33,571.88 498,571.88 25,725.00 505,725.00 17,325.00 507,325.00 8,750.00 508,750.00
174,742.03 124,509.64 170,449.61 120,346.07 424,672.92 112,253.58 412,122.98 104,468.74 404,245.61 98,402.05 389,332.49 92,603.32 379,060.38 86,667.07 368,666.10 80,608.43 358,167.77 74,442.01 1,546,030.80 46,106.84 45,417.98 44,739.41 44,070.97 43,412.53 42,763.92 42,125.00 41,495.62 40,875.65 311,741.26 35,317.78 304,487.00 29,953.23 300,332.94 24,729.69 293,060.75 19,529.68 285,699.67 14,521.11 281,203.82 9,489.48 273,727.15 4,650.53 266,355.01
11,434,756.47
8,367,598.61
Proceeds Summary Delivery date Par Value Premium (Discount) Arbitrage expenses
11/17/2015 8,165,000.00 225,558.20 -22,959.59
Target for yield calculation
8,367,598.61
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 12
PROOF OF ARBITRAGE YIELD County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Assumed Call/Computation Dates for Premium Bonds
Bond Component INS INS INS INS
Maturity Date 05/15/2026 05/15/2027 05/15/2028 05/15/2029
Rate
Yield
4.000% 4.000% 3.500% 3.500%
2.500% 2.700% 2.900% 3.000%
Call Date 05/15/2025 05/15/2025 05/15/2025 05/15/2025
Call Price
Net Present Value (NPV) to 11/17/2015 @ 3.0334440124%
100.000 100.000 100.000 100.000
-17,802.68 -11,313.57 -4,552.00 -1,161.80
Rejected Call/Computation Dates for Premium Bonds
Bond Component INS INS INS INS
Maturity Date 05/15/2026 05/15/2027 05/15/2028 05/15/2029
Rate
Yield
4.000% 4.000% 3.500% 3.500%
2.500% 2.700% 2.900% 3.000%
Call Date
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
Call Price
Net Present Value (NPV) to 11/17/2015 @ 3.0334440124%
Increase to NPV
-15,104.48 -5,857.28 -509.96 4,279.59
2,698.20 5,456.29 4,042.04 5,441.39
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 13
SUMMARY OF BONDS REFUNDED County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Interest Rate
Par Amount
General Obligation Serial Bonds, 2008, 2008: SERIAL 05/15/2018 4.000% 05/15/2019 4.125% 05/15/2020 4.125% 05/15/2021 4.250% 05/15/2022 4.250% 05/15/2023 4.250% 05/15/2024 4.250% 05/15/2025 4.250% 05/15/2026 4.250% 05/15/2027 4.250% 05/15/2028 4.250% 05/15/2029 4.250% 05/15/2030 4.250% 05/15/2031 4.250% 05/15/2032 4.250% 05/15/2033 4.250% 05/15/2034 4.250% 05/15/2035 4.250% 05/15/2036 4.250% 05/15/2037 4.250%
280,000.00 290,000.00 300,000.00 310,000.00 320,000.00 330,000.00 340,000.00 355,000.00 365,000.00 375,000.00 390,000.00 405,000.00 415,000.00 430,000.00 445,000.00 460,000.00 475,000.00 495,000.00 510,000.00 525,000.00
Bond
Maturity Date
Call Date
05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017
Call Price
100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
7,815,000.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 14
PRIOR BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036
Principal
Coupon
Interest
Debt Service
165,350.00 165,350.00
165,350.00 165,350.00
165,350.00 165,350.00
165,350.00 165,350.00
Annual Debt Service
330,700.00
330,700.00 280,000
4.000%
165,350.00 159,750.00
445,350.00 159,750.00
290,000
4.125%
159,750.00 153,768.75
449,750.00 153,768.75
300,000
4.125%
153,768.75 147,581.25
453,768.75 147,581.25
310,000
4.250%
147,581.25 140,993.75
457,581.25 140,993.75
320,000
4.250%
140,993.75 134,193.75
460,993.75 134,193.75
330,000
4.250%
134,193.75 127,181.25
464,193.75 127,181.25
340,000
4.250%
127,181.25 119,956.25
467,181.25 119,956.25
355,000
4.250%
119,956.25 112,412.50
474,956.25 112,412.50
365,000
4.250%
112,412.50 104,656.25
477,412.50 104,656.25
375,000
4.250%
104,656.25 96,687.50
479,656.25 96,687.50
390,000
4.250%
96,687.50 88,400.00
486,687.50 88,400.00
405,000
4.250%
88,400.00 79,793.75
493,400.00 79,793.75
415,000
4.250%
79,793.75 70,975.00
494,793.75 70,975.00
430,000
4.250%
70,975.00 61,837.50
500,975.00 61,837.50
445,000
4.250%
61,837.50 52,381.25
506,837.50 52,381.25
460,000
4.250%
52,381.25 42,606.25
512,381.25 42,606.25
475,000
4.250%
42,606.25 32,512.50
517,606.25 32,512.50
495,000
4.250%
32,512.50 21,993.75
527,512.50 21,993.75
510,000
4.250%
21,993.75
531,993.75
605,100.00
603,518.75
601,350.00
598,575.00
595,187.50
591,375.00
587,137.50
587,368.75
582,068.75
576,343.75
575,087.50
573,193.75
565,768.75
562,812.50
559,218.75
554,987.50
550,118.75
549,506.25
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 15
PRIOR BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Principal
Coupon
Interest
Debt Service
11,156.25
11,156.25
11,156.25
536,156.25
Annual Debt Service
543,150.00 525,000
4.250%
536,156.25 7,815,000
4,344,425.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
12,159,425.00
12,159,425.00
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 16
BOND SUMMARY STATISTICS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Dated Date Delivery Date Last Maturity
11/17/2015 11/17/2015 05/15/2037
Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All-In TIC Average Coupon
3.033444% 3.100165% 3.136223% 3.196833% 3.318161%
Average Life (years) Weighted Average Maturity (years) Duration of Issue (years)
12.611 12.494 10.158
Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service
8,165,000.00 8,390,558.20 3,416,781.47 3,229,435.47 11,581,781.47 580,637.50 538,826.74
Underwriter's Fees (per $1000) Average Takedown Other Fee
4.680000
Total Underwriter's Discount
4.680000
Bid Price
Bond Component Uninsured Serial Bonds Insured Serial Bonds
102.294501
Par Value
Price
Average Coupon
Average Life
100,000.00 8,065,000.00
101.122 102.783
2.000% 3.319%
0.994 12.755
8,165,000.00
12.611
TIC
All-In TIC
Arbitrage Yield
Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts
8,165,000.00
8,165,000.00
8,165,000.00
225,558.20 -38,212.20
225,558.20
-22,959.59
225,558.20 -38,212.20 -80,000.00 -22,959.59
Target Value
8,329,386.41
8,249,386.41
8,367,598.61
11/17/2015 3.100165%
11/17/2015 3.196833%
11/17/2015 3.033444%
Target Date Yield
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
-22,959.59
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 17
AGGREGATE DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029
Refunding 2008 GO Bonds Principal
Refunding 2008 GO Bonds Interest
Unrefunded Bonds Principal
Unrefunded Bonds Interest
50,000
127,362.71 128,293.75
265,000
50,000
128,293.75 127,793.75
270,000
330,000
Aggregate Principal
Aggregate Interest
Aggregate Debt Service
10,700 5,400
315,000
138,062.71 133,693.75
453,062.71 133,693.75
5,400
320,000
133,693.75 127,793.75
453,693.75 127,793.75
127,793.75 122,843.75
330,000
127,793.75 122,843.75
457,793.75 122,843.75
335,000
122,843.75 117,818.75
335,000
122,843.75 117,818.75
457,843.75 117,818.75
345,000
117,818.75 114,368.75
345,000
117,818.75 114,368.75
462,818.75 114,368.75
345,000
114,368.75 110,918.75
345,000
114,368.75 110,918.75
459,368.75 110,918.75
350,000
110,918.75 106,981.25
350,000
110,918.75 106,981.25
460,918.75 106,981.25
355,000
106,981.25 102,543.75
355,000
106,981.25 102,543.75
461,981.25 102,543.75
360,000
102,543.75 97,593.75
360,000
102,543.75 97,593.75
462,543.75 97,593.75
370,000
97,593.75 92,043.75
370,000
97,593.75 92,043.75
467,593.75 92,043.75
380,000
92,043.75 84,443.75
380,000
92,043.75 84,443.75
472,043.75 84,443.75
390,000
84,443.75 76,643.75
390,000
84,443.75 76,643.75
474,443.75 76,643.75
405,000
76,643.75 69,556.25
405,000
76,643.75 69,556.25
481,643.75 69,556.25
415,000
69,556.25 62,293.75
415,000
69,556.25 62,293.75
484,556.25 62,293.75
Annual Aggregate D/S
586,756.46
581,487.50
580,637.50
575,662.50
577,187.50
570,287.50
567,900.00
564,525.00
560,137.50
559,637.50
556,487.50
551,087.50
551,200.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
546,850.00
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 18
AGGREGATE DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Refunding 2008 GO Bonds Principal
Refunding 2008 GO Bonds Interest
Unrefunded Bonds Principal
Unrefunded Bonds Interest
Aggregate Principal
Aggregate Interest
Aggregate Debt Service
420,000
62,293.75 55,468.75
420,000
62,293.75 55,468.75
482,293.75 55,468.75
430,000
55,468.75 48,481.25
430,000
55,468.75 48,481.25
485,468.75 48,481.25
445,000
48,481.25 41,250.00
445,000
48,481.25 41,250.00
493,481.25 41,250.00
455,000
41,250.00 33,571.88
455,000
41,250.00 33,571.88
496,250.00 33,571.88
465,000
33,571.88 25,725.00
465,000
33,571.88 25,725.00
498,571.88 25,725.00
480,000
25,725.00 17,325.00
480,000
25,725.00 17,325.00
505,725.00 17,325.00
490,000
17,325.00 8,750.00
490,000
17,325.00 8,750.00
507,325.00 8,750.00
500,000
8,750.00
500,000
8,750.00
508,750.00
Annual Aggregate D/S
537,762.50
533,950.00
534,731.25
529,821.88
524,296.88
523,050.00
516,075.00 508,750.00 8,165,000
3,416,781.47
535,000
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
21,500
8,700,000
3,438,281.47
12,138,281.47
12,138,281.47
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 19
EIC
Date 05/15/2016 11/15/2016 05/15/2017 11/15/2017 05/15/2018 11/15/2018 05/15/2019 11/15/2019 05/15/2020 11/15/2020 05/15/2021 11/15/2021 05/15/2022 11/15/2022 05/15/2023 11/15/2023 05/15/2024 11/15/2024 05/15/2025 11/15/2025 05/15/2026 11/15/2026 05/15/2027 11/15/2027 05/15/2028 11/15/2028 05/15/2029 11/15/2029 05/15/2030 11/15/2030 05/15/2031 11/15/2031 05/15/2032 11/15/2032 05/15/2033 11/15/2033 05/15/2034 11/15/2034 05/15/2035 11/15/2035 05/15/2036 11/15/2036 05/15/2037
Cashflow
Present Value to 11/17/2015 @ 3.0271188745%
177,362.71 128,293.75 178,293.75 127,793.75 457,793.75 122,843.75 457,843.75 117,818.75 462,818.75 114,368.75 459,368.75 110,918.75 460,918.75 106,981.25 461,981.25 102,543.75 462,543.75 97,593.75 467,593.75 92,043.75 472,043.75 84,443.75 474,443.75 76,643.75 481,643.75 69,556.25 484,556.25 62,293.75 482,293.75 55,468.75 485,468.75 48,481.25 493,481.25 41,250.00 496,250.00 33,571.88 498,571.88 25,725.00 505,725.00 17,325.00 507,325.00 8,750.00 508,750.00
174,747.41 124,517.35 170,465.48 120,361.03 424,738.93 112,274.52 412,212.72 104,494.75 404,358.83 98,432.68 389,465.79 92,637.92 379,213.80 86,704.85 368,838.29 80,648.59 358,357.38 74,483.74 351,547.59 68,168.80 344,389.23 60,689.11 335,895.30 53,452.98 330,900.19 47,074.23 323,048.09 40,911.31 312,022.92 35,350.80 304,781.10 29,983.10 300,641.75 24,755.89 293,380.37 19,551.59 286,029.09 14,538.30 281,545.59 9,501.31 274,076.92 4,656.61 266,711.97
11,581,781.47
8,390,558.20
Summary
Valuation date Amount
11/17/2015 8,390,558.20
Target for yield calculation
8,390,558.20
Aug 11, 2015 9:43 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 ) Page 1
11/17/2015
Refunding Par Amount
8,165,000
Bond Arbitrage Yield
3.033444%
Escrow Yield
0.515924%
Refunded Bonds Par Amount
7,815,000
Average Coupon of Refunded Bonds
4.245407%
Net PV Savings
417,268.57
Percentage of PV Savings
5.339329%
Aggregate Budgetary Savings
577,643.53
Annual Budgetary Savings (Dec 31) Fiscal Year 2016
25,043.54
Fiscal Year 2017
24,612.50
Fiscal Year 2018
24,462.50
Fiscal Year 2019
27,856.25
Fiscal Year 2020
24,162.50
Fiscal Year 2021
28,287.50
Fiscal Year 2022
27,287.50
Fiscal Year 2023
26,850.00
Fiscal Year 2024
27,000.00
Fiscal Year 2025
27,731.25
Fiscal Year 2026
25,581.25
Fiscal Year 2027
25,256.25
Fiscal Year 2028
23,887.50
Fiscal Year 2029
26,343.75
Fiscal Year 2030
28,006.25
Fiscal Year 2031
28,862.50
Fiscal Year 2032
24,487.50
Fiscal Year 2033
25,165.62
Fiscal Year 2034
25,821.87
Fiscal Year 2035
26,456.25
Fiscal Year 2036
27,075.00
Fiscal Year 2037
27,406.25
ROOSEVELT & CROSS
8/11/2015
TABLE OF CONTENTS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Report
Page
Sources and Uses of Funds
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary of Refunding Results Savings
1
. . . . . . . . . . . . . . . . . . . . . . . . .
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Bond Pricing
Bond Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Escrow Requirements
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Escrow Statistics
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Escrow Sufficiency
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Escrow Descriptions
Proof of Arbitrage Yield
Summary of Bonds Refunded
. . . . . . . . . . . . . . . . . . . . . . . . . .
14
Prior Bond Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Bond Summary Statistics
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Aggregate Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008)
SOURCES AND USES OF FUNDS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Dated Date Delivery Date
11/17/2015 11/17/2015
Sources: Bond Proceeds: Par Amount Net Premium
8,165,000.00 225,558.20 8,390,558.20
Uses: Refunding Escrow Deposits: Cash Deposit SLGS Purchases
Delivery Date Expenses: Cost of Issuance Underwriter's Discount Insurance Premium (20 bps)
Other Uses of Funds: Additional Proceeds
0.31 8,248,569.00 8,248,569.31
80,000.00 38,212.20 22,959.59 141,171.79
817.10 8,390,558.20
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 1
SUMMARY OF REFUNDING RESULTS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Dated Date Delivery Date Arbitrage yield Escrow yield
11/17/2015 11/17/2015 3.033444% 0.515924%
Bond Par Amount True Interest Cost Net Interest Cost All-In TIC Average Coupon Average Life
8,165,000.00 3.100165% 3.136223% 3.196833% 3.318161% 12.611
Par amount of refunded bonds Average coupon of refunded bonds Average life of refunded bonds
7,815,000.00 4.245407% 13.089
PV of prior debt to 11/17/2015 @ 3.027119% Net PV Savings Percentage savings of refunded bonds
8,807,009.67 417,268.57 5.339329%
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 2
SAVINGS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036
Prior Debt Service
Refunding Debt Service
Savings
165,350.00 165,350.00
177,362.71 128,293.75
-12,012.71 37,056.25
165,350.00 165,350.00
178,293.75 127,793.75
-12,943.75 37,556.25
445,350.00 159,750.00
457,793.75 122,843.75
-12,443.75 36,906.25
449,750.00 153,768.75
457,843.75 117,818.75
-8,093.75 35,950.00
453,768.75 147,581.25
462,818.75 114,368.75
-9,050.00 33,212.50
457,581.25 140,993.75
459,368.75 110,918.75
-1,787.50 30,075.00
460,993.75 134,193.75
460,918.75 106,981.25
75.00 27,212.50
464,193.75 127,181.25
461,981.25 102,543.75
2,212.50 24,637.50
467,181.25 119,956.25
462,543.75 97,593.75
4,637.50 22,362.50
474,956.25 112,412.50
467,593.75 92,043.75
7,362.50 20,368.75
477,412.50 104,656.25
472,043.75 84,443.75
5,368.75 20,212.50
479,656.25 96,687.50
474,443.75 76,643.75
5,212.50 20,043.75
486,687.50 88,400.00
481,643.75 69,556.25
5,043.75 18,843.75
493,400.00 79,793.75
484,556.25 62,293.75
8,843.75 17,500.00
494,793.75 70,975.00
482,293.75 55,468.75
12,500.00 15,506.25
500,975.00 61,837.50
485,468.75 48,481.25
15,506.25 13,356.25
506,837.50 52,381.25
493,481.25 41,250.00
13,356.25 11,131.25
512,381.25 42,606.25
496,250.00 33,571.88
16,131.25 9,034.37
517,606.25 32,512.50
498,571.88 25,725.00
19,034.37 6,787.50
527,512.50 21,993.75
505,725.00 17,325.00
21,787.50 4,668.75
531,993.75
507,325.00
24,668.75
Annual Savings
Present Value to 11/17/2015 @ 3.0271189% -11,835.58 35,965.48
25,043.54 -12,375.43 35,371.91 24,612.50 -11,545.25 33,730.91 24,462.50 -7,287.09 31,884.45 27,856.25 -7,906.87 28,584.69 24,162.50 -1,515.49 25,118.25 28,287.50 61.71 22,054.85 27,287.50 1,766.42 19,376.90 26,850.00 3,592.92 17,067.10 27,000.00 5,535.29 15,085.36 27,731.25 3,916.88 14,526.58 25,581.25 3,690.33 13,978.94 25,256.25 3,465.17 12,753.06 23,887.50 5,896.03 11,493.09 26,343.75 8,086.95 9,882.29 28,006.25 9,734.95 8,260.14 28,862.50 8,136.98 6,680.34 24,487.50 9,536.71 5,261.44 25,165.62 10,919.96 3,835.91 25,821.87 12,129.47 2,560.42 26,456.25
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
13,327.03
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 3
SAVINGS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Prior Debt Service
Refunding Debt Service
Savings
11,156.25
8,750.00
2,406.25
Annual Savings
Present Value to 11/17/2015 @ 3.0271189% 1,280.57
27,075.00 536,156.25
508,750.00
27,406.25
14,367.71 27,406.25
12,159,425.00
11,581,781.47
577,643.53
577,643.53
416,451.47
Savings Summary PV of savings from cash flow Plus: Refunding funds on hand
416,451.47 817.10
Net PV Savings
417,268.57
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 4
BOND PRICING County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Bond Component
Maturity Date
Amount
Rate
Yield
Price
05/15/2016 05/15/2017
50,000 50,000 100,000
2.000% 2.000%
0.600% 0.950%
100.690 101.554
05/15/2018 05/15/2019 05/15/2020 05/15/2021 05/15/2022 05/15/2023 05/15/2024 05/15/2025 05/15/2026 05/15/2027 05/15/2028 05/15/2029 05/15/2030 05/15/2031 05/15/2032 05/15/2033 05/15/2034 05/15/2035 05/15/2036 05/15/2037
330,000 335,000 345,000 345,000 350,000 355,000 360,000 370,000 380,000 390,000 405,000 415,000 420,000 430,000 445,000 455,000 465,000 480,000 490,000 500,000 8,065,000
3.000% 3.000% 2.000% 2.000% 2.250% 2.500% 2.750% 3.000% 4.000% 4.000% 3.500% 3.500% 3.250% 3.250% 3.250% 3.375% 3.375% 3.500% 3.500% 3.500%
1.050% 1.200% 1.450% 1.650% 1.850% 2.000% 2.150% 2.300% 2.500% 2.700% 2.900% 3.000% 3.100% 3.200% 3.300% 3.400% 3.450% 3.500% 3.550% 3.600%
104.788 106.141 102.384 101.831 102.437 103.463 104.635 105.939 112.607 110.823 104.948 104.104 101.225 100.406 99.367 99.672 98.980 100.000 99.276 98.512
Yield to Maturity
Call Date
2.618% 2.887% 3.022% 3.125% 3.144% 3.217%
05/15/2025 05/15/2025 05/15/2025 05/15/2025 05/15/2025 05/15/2025
Call Price
Uninsured Serial Bonds:
Insured Serial Bonds:
C C C C C C
100.000 100.000 100.000 100.000 100.000 100.000
8,165,000
Dated Date Delivery Date First Coupon
11/17/2015 11/17/2015 05/15/2016
Par Amount Premium
8,165,000.00 225,558.20
Production Underwriter's Discount
8,390,558.20 -38,212.20
102.762501% -0.468000%
Purchase Price Accrued Interest
8,352,346.00
102.294501%
Net Proceeds
8,352,346.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 5
BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036
Principal
Coupon
Interest
Debt Service
50,000
2.000%
127,362.71 128,293.75
177,362.71 128,293.75
50,000
2.000%
128,293.75 127,793.75
178,293.75 127,793.75
330,000
3.000%
127,793.75 122,843.75
457,793.75 122,843.75
335,000
3.000%
122,843.75 117,818.75
457,843.75 117,818.75
345,000
2.000%
117,818.75 114,368.75
462,818.75 114,368.75
345,000
2.000%
114,368.75 110,918.75
459,368.75 110,918.75
350,000
2.250%
110,918.75 106,981.25
460,918.75 106,981.25
355,000
2.500%
106,981.25 102,543.75
461,981.25 102,543.75
360,000
2.750%
102,543.75 97,593.75
462,543.75 97,593.75
370,000
3.000%
97,593.75 92,043.75
467,593.75 92,043.75
380,000
4.000%
92,043.75 84,443.75
472,043.75 84,443.75
390,000
4.000%
84,443.75 76,643.75
474,443.75 76,643.75
405,000
3.500%
76,643.75 69,556.25
481,643.75 69,556.25
415,000
3.500%
69,556.25 62,293.75
484,556.25 62,293.75
420,000
3.250%
62,293.75 55,468.75
482,293.75 55,468.75
430,000
3.250%
55,468.75 48,481.25
485,468.75 48,481.25
445,000
3.250%
48,481.25 41,250.00
493,481.25 41,250.00
455,000
3.375%
41,250.00 33,571.88
496,250.00 33,571.88
465,000
3.375%
33,571.88 25,725.00
498,571.88 25,725.00
480,000
3.500%
25,725.00 17,325.00
505,725.00 17,325.00
490,000
3.500%
17,325.00
507,325.00
Annual Debt Service
305,656.46
306,087.50
580,637.50
575,662.50
577,187.50
570,287.50
567,900.00
564,525.00
560,137.50
559,637.50
556,487.50
551,087.50
551,200.00
546,850.00
537,762.50
533,950.00
534,731.25
529,821.88
524,296.88
523,050.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 6
BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Principal
Coupon
Interest
Debt Service
8,750.00
8,750.00
8,750.00
508,750.00
Annual Debt Service
516,075.00 500,000
3.500%
508,750.00 8,165,000
3,416,781.47
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
11,581,781.47
11,581,781.47
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 7
ESCROW REQUIREMENTS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 05/15/2016 11/15/2016 05/15/2017
Principal Redeemed
Total
165,350.00 165,350.00 165,350.00
7,815,000.00
165,350.00 165,350.00 7,980,350.00
496,050.00
7,815,000.00
8,311,050.00
Interest
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 8
ESCROW DESCRIPTIONS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Type of Security Nov 17, 2015: SLGS SLGS SLGS
Type of SLGS
Certificate Certificate Note
Maturity Date
First Int Pmt Date
05/15/2016 11/15/2016 05/15/2017
05/15/2016 11/15/2016 05/15/2016
Par Amount
Rate
Max Rate
144,761 144,154 7,959,654
0.170% 0.350% 0.520%
0.170% 0.350% 0.520%
8,248,569
SLGS Summary
SLGS Rates File Total Certificates of Indebtedness Total Notes
10AUG15 288,915.00 7,959,654.00
Total original SLGS
8,248,569.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 9
ESCROW STATISTICS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Total Escrow Cost Global Proceeds Escrow: 8,248,569.31
Modified Duration (years)
Yield to Receipt Date
Yield to Disbursement Date
Perfect Escrow Cost
Value of Negative Arbitrage
Cost of Dead Time
1.461
0.515924%
0.515924%
7,952,629.26
295,940.03
0.02
7,952,629.26
295,940.03
0.02
8,248,569.31
Delivery date Arbitrage yield
11/17/2015 3.033444%
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 10
ESCROW SUFFICIENCY County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date
Escrow Requirement
Net Escrow Receipts
Excess Receipts
Excess Balance
11/17/2015 05/15/2016 11/15/2016 05/15/2017
165,350.00 165,350.00 7,980,350.00
0.31 165,349.71 165,350.88 7,980,349.10
0.31 -0.29 0.88 -0.90
0.31 0.02 0.90
8,311,050.00
8,311,050.00
0.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 11
PROOF OF ARBITRAGE YIELD County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date
Debt Service
Present Value to 11/17/2015 @ 3.0334440124%
05/15/2016 11/15/2016 05/15/2017 11/15/2017 05/15/2018 11/15/2018 05/15/2019 11/15/2019 05/15/2020 11/15/2020 05/15/2021 11/15/2021 05/15/2022 11/15/2022 05/15/2023 11/15/2023 05/15/2024 11/15/2024 05/15/2025 11/15/2025 05/15/2026 11/15/2026 05/15/2027 11/15/2027 05/15/2028 11/15/2028 05/15/2029 11/15/2029 05/15/2030 11/15/2030 05/15/2031 11/15/2031 05/15/2032 11/15/2032 05/15/2033 11/15/2033 05/15/2034 11/15/2034 05/15/2035 11/15/2035 05/15/2036 11/15/2036 05/15/2037
177,362.71 128,293.75 178,293.75 127,793.75 457,793.75 122,843.75 457,843.75 117,818.75 462,818.75 114,368.75 459,368.75 110,918.75 460,918.75 106,981.25 461,981.25 102,543.75 462,543.75 97,593.75 2,057,593.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 62,293.75 482,293.75 55,468.75 485,468.75 48,481.25 493,481.25 41,250.00 496,250.00 33,571.88 498,571.88 25,725.00 505,725.00 17,325.00 507,325.00 8,750.00 508,750.00
174,742.03 124,509.64 170,449.61 120,346.07 424,672.92 112,253.58 412,122.98 104,468.74 404,245.61 98,402.05 389,332.49 92,603.32 379,060.38 86,667.07 368,666.10 80,608.43 358,167.77 74,442.01 1,546,030.80 46,106.84 45,417.98 44,739.41 44,070.97 43,412.53 42,763.92 42,125.00 41,495.62 40,875.65 311,741.26 35,317.78 304,487.00 29,953.23 300,332.94 24,729.69 293,060.75 19,529.68 285,699.67 14,521.11 281,203.82 9,489.48 273,727.15 4,650.53 266,355.01
11,434,756.47
8,367,598.61
Proceeds Summary Delivery date Par Value Premium (Discount) Arbitrage expenses
11/17/2015 8,165,000.00 225,558.20 -22,959.59
Target for yield calculation
8,367,598.61
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 12
PROOF OF ARBITRAGE YIELD County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Assumed Call/Computation Dates for Premium Bonds
Bond Component INS INS INS INS
Maturity Date 05/15/2026 05/15/2027 05/15/2028 05/15/2029
Rate
Yield
4.000% 4.000% 3.500% 3.500%
2.500% 2.700% 2.900% 3.000%
Call Date 05/15/2025 05/15/2025 05/15/2025 05/15/2025
Call Price
Net Present Value (NPV) to 11/17/2015 @ 3.0334440124%
100.000 100.000 100.000 100.000
-17,802.68 -11,313.57 -4,552.00 -1,161.80
Rejected Call/Computation Dates for Premium Bonds
Bond Component INS INS INS INS
Maturity Date 05/15/2026 05/15/2027 05/15/2028 05/15/2029
Rate
Yield
4.000% 4.000% 3.500% 3.500%
2.500% 2.700% 2.900% 3.000%
Call Date
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
Call Price
Net Present Value (NPV) to 11/17/2015 @ 3.0334440124%
Increase to NPV
-15,104.48 -5,857.28 -509.96 4,279.59
2,698.20 5,456.29 4,042.04 5,441.39
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 13
SUMMARY OF BONDS REFUNDED County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Interest Rate
Par Amount
General Obligation Serial Bonds, 2008, 2008: SERIAL 05/15/2018 4.000% 05/15/2019 4.125% 05/15/2020 4.125% 05/15/2021 4.250% 05/15/2022 4.250% 05/15/2023 4.250% 05/15/2024 4.250% 05/15/2025 4.250% 05/15/2026 4.250% 05/15/2027 4.250% 05/15/2028 4.250% 05/15/2029 4.250% 05/15/2030 4.250% 05/15/2031 4.250% 05/15/2032 4.250% 05/15/2033 4.250% 05/15/2034 4.250% 05/15/2035 4.250% 05/15/2036 4.250% 05/15/2037 4.250%
280,000.00 290,000.00 300,000.00 310,000.00 320,000.00 330,000.00 340,000.00 355,000.00 365,000.00 375,000.00 390,000.00 405,000.00 415,000.00 430,000.00 445,000.00 460,000.00 475,000.00 495,000.00 510,000.00 525,000.00
Bond
Maturity Date
Call Date
05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017 05/15/2017
Call Price
100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
7,815,000.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 14
PRIOR BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036
Principal
Coupon
Interest
Debt Service
165,350.00 165,350.00
165,350.00 165,350.00
165,350.00 165,350.00
165,350.00 165,350.00
Annual Debt Service
330,700.00
330,700.00 280,000
4.000%
165,350.00 159,750.00
445,350.00 159,750.00
290,000
4.125%
159,750.00 153,768.75
449,750.00 153,768.75
300,000
4.125%
153,768.75 147,581.25
453,768.75 147,581.25
310,000
4.250%
147,581.25 140,993.75
457,581.25 140,993.75
320,000
4.250%
140,993.75 134,193.75
460,993.75 134,193.75
330,000
4.250%
134,193.75 127,181.25
464,193.75 127,181.25
340,000
4.250%
127,181.25 119,956.25
467,181.25 119,956.25
355,000
4.250%
119,956.25 112,412.50
474,956.25 112,412.50
365,000
4.250%
112,412.50 104,656.25
477,412.50 104,656.25
375,000
4.250%
104,656.25 96,687.50
479,656.25 96,687.50
390,000
4.250%
96,687.50 88,400.00
486,687.50 88,400.00
405,000
4.250%
88,400.00 79,793.75
493,400.00 79,793.75
415,000
4.250%
79,793.75 70,975.00
494,793.75 70,975.00
430,000
4.250%
70,975.00 61,837.50
500,975.00 61,837.50
445,000
4.250%
61,837.50 52,381.25
506,837.50 52,381.25
460,000
4.250%
52,381.25 42,606.25
512,381.25 42,606.25
475,000
4.250%
42,606.25 32,512.50
517,606.25 32,512.50
495,000
4.250%
32,512.50 21,993.75
527,512.50 21,993.75
510,000
4.250%
21,993.75
531,993.75
605,100.00
603,518.75
601,350.00
598,575.00
595,187.50
591,375.00
587,137.50
587,368.75
582,068.75
576,343.75
575,087.50
573,193.75
565,768.75
562,812.50
559,218.75
554,987.50
550,118.75
549,506.25
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 15
PRIOR BOND DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Period Ending 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Principal
Coupon
Interest
Debt Service
11,156.25
11,156.25
11,156.25
536,156.25
Annual Debt Service
543,150.00 525,000
4.250%
536,156.25 7,815,000
4,344,425.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
12,159,425.00
12,159,425.00
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 16
BOND SUMMARY STATISTICS County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15* Dated Date Delivery Date Last Maturity
11/17/2015 11/17/2015 05/15/2037
Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All-In TIC Average Coupon
3.033444% 3.100165% 3.136223% 3.196833% 3.318161%
Average Life (years) Weighted Average Maturity (years) Duration of Issue (years)
12.611 12.494 10.158
Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service
8,165,000.00 8,390,558.20 3,416,781.47 3,229,435.47 11,581,781.47 580,637.50 538,826.74
Underwriter's Fees (per $1000) Average Takedown Other Fee
4.680000
Total Underwriter's Discount
4.680000
Bid Price
Bond Component Uninsured Serial Bonds Insured Serial Bonds
102.294501
Par Value
Price
Average Coupon
Average Life
100,000.00 8,065,000.00
101.122 102.783
2.000% 3.319%
0.994 12.755
8,165,000.00
12.611
TIC
All-In TIC
Arbitrage Yield
Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts
8,165,000.00
8,165,000.00
8,165,000.00
225,558.20 -38,212.20
225,558.20
-22,959.59
225,558.20 -38,212.20 -80,000.00 -22,959.59
Target Value
8,329,386.41
8,249,386.41
8,367,598.61
11/17/2015 3.100165%
11/17/2015 3.196833%
11/17/2015 3.033444%
Target Date Yield
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
-22,959.59
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 17
AGGREGATE DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 05/15/2016 11/15/2016 12/31/2016 05/15/2017 11/15/2017 12/31/2017 05/15/2018 11/15/2018 12/31/2018 05/15/2019 11/15/2019 12/31/2019 05/15/2020 11/15/2020 12/31/2020 05/15/2021 11/15/2021 12/31/2021 05/15/2022 11/15/2022 12/31/2022 05/15/2023 11/15/2023 12/31/2023 05/15/2024 11/15/2024 12/31/2024 05/15/2025 11/15/2025 12/31/2025 05/15/2026 11/15/2026 12/31/2026 05/15/2027 11/15/2027 12/31/2027 05/15/2028 11/15/2028 12/31/2028 05/15/2029 11/15/2029 12/31/2029
Refunding 2008 GO Bonds Principal
Refunding 2008 GO Bonds Interest
Unrefunded Bonds Principal
Unrefunded Bonds Interest
50,000
127,362.71 128,293.75
265,000
50,000
128,293.75 127,793.75
270,000
330,000
Aggregate Principal
Aggregate Interest
Aggregate Debt Service
10,700 5,400
315,000
138,062.71 133,693.75
453,062.71 133,693.75
5,400
320,000
133,693.75 127,793.75
453,693.75 127,793.75
127,793.75 122,843.75
330,000
127,793.75 122,843.75
457,793.75 122,843.75
335,000
122,843.75 117,818.75
335,000
122,843.75 117,818.75
457,843.75 117,818.75
345,000
117,818.75 114,368.75
345,000
117,818.75 114,368.75
462,818.75 114,368.75
345,000
114,368.75 110,918.75
345,000
114,368.75 110,918.75
459,368.75 110,918.75
350,000
110,918.75 106,981.25
350,000
110,918.75 106,981.25
460,918.75 106,981.25
355,000
106,981.25 102,543.75
355,000
106,981.25 102,543.75
461,981.25 102,543.75
360,000
102,543.75 97,593.75
360,000
102,543.75 97,593.75
462,543.75 97,593.75
370,000
97,593.75 92,043.75
370,000
97,593.75 92,043.75
467,593.75 92,043.75
380,000
92,043.75 84,443.75
380,000
92,043.75 84,443.75
472,043.75 84,443.75
390,000
84,443.75 76,643.75
390,000
84,443.75 76,643.75
474,443.75 76,643.75
405,000
76,643.75 69,556.25
405,000
76,643.75 69,556.25
481,643.75 69,556.25
415,000
69,556.25 62,293.75
415,000
69,556.25 62,293.75
484,556.25 62,293.75
Annual Aggregate D/S
586,756.46
581,487.50
580,637.50
575,662.50
577,187.50
570,287.50
567,900.00
564,525.00
560,137.50
559,637.50
556,487.50
551,087.50
551,200.00
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
546,850.00
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 18
AGGREGATE DEBT SERVICE County of Lewis, New York Refunding 2008 GO Bonds REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37) Insured (A+ Underlying); BQ; Callable -----------------*SLGS and Market Rates as of COB of 08/10/15*
Date 05/15/2030 11/15/2030 12/31/2030 05/15/2031 11/15/2031 12/31/2031 05/15/2032 11/15/2032 12/31/2032 05/15/2033 11/15/2033 12/31/2033 05/15/2034 11/15/2034 12/31/2034 05/15/2035 11/15/2035 12/31/2035 05/15/2036 11/15/2036 12/31/2036 05/15/2037 12/31/2037
Refunding 2008 GO Bonds Principal
Refunding 2008 GO Bonds Interest
Unrefunded Bonds Principal
Unrefunded Bonds Interest
Aggregate Principal
Aggregate Interest
Aggregate Debt Service
420,000
62,293.75 55,468.75
420,000
62,293.75 55,468.75
482,293.75 55,468.75
430,000
55,468.75 48,481.25
430,000
55,468.75 48,481.25
485,468.75 48,481.25
445,000
48,481.25 41,250.00
445,000
48,481.25 41,250.00
493,481.25 41,250.00
455,000
41,250.00 33,571.88
455,000
41,250.00 33,571.88
496,250.00 33,571.88
465,000
33,571.88 25,725.00
465,000
33,571.88 25,725.00
498,571.88 25,725.00
480,000
25,725.00 17,325.00
480,000
25,725.00 17,325.00
505,725.00 17,325.00
490,000
17,325.00 8,750.00
490,000
17,325.00 8,750.00
507,325.00 8,750.00
500,000
8,750.00
500,000
8,750.00
508,750.00
Annual Aggregate D/S
537,762.50
533,950.00
534,731.25
529,821.88
524,296.88
523,050.00
516,075.00 508,750.00 8,165,000
3,416,781.47
535,000
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
21,500
8,700,000
3,438,281.47
12,138,281.47
12,138,281.47
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 19
EIC
Date 05/15/2016 11/15/2016 05/15/2017 11/15/2017 05/15/2018 11/15/2018 05/15/2019 11/15/2019 05/15/2020 11/15/2020 05/15/2021 11/15/2021 05/15/2022 11/15/2022 05/15/2023 11/15/2023 05/15/2024 11/15/2024 05/15/2025 11/15/2025 05/15/2026 11/15/2026 05/15/2027 11/15/2027 05/15/2028 11/15/2028 05/15/2029 11/15/2029 05/15/2030 11/15/2030 05/15/2031 11/15/2031 05/15/2032 11/15/2032 05/15/2033 11/15/2033 05/15/2034 11/15/2034 05/15/2035 11/15/2035 05/15/2036 11/15/2036 05/15/2037
Cashflow
Present Value to 11/17/2015 @ 3.0271188745%
177,362.71 128,293.75 178,293.75 127,793.75 457,793.75 122,843.75 457,843.75 117,818.75 462,818.75 114,368.75 459,368.75 110,918.75 460,918.75 106,981.25 461,981.25 102,543.75 462,543.75 97,593.75 467,593.75 92,043.75 472,043.75 84,443.75 474,443.75 76,643.75 481,643.75 69,556.25 484,556.25 62,293.75 482,293.75 55,468.75 485,468.75 48,481.25 493,481.25 41,250.00 496,250.00 33,571.88 498,571.88 25,725.00 505,725.00 17,325.00 507,325.00 8,750.00 508,750.00
174,747.41 124,517.35 170,465.48 120,361.03 424,738.93 112,274.52 412,212.72 104,494.75 404,358.83 98,432.68 389,465.79 92,637.92 379,213.80 86,704.85 368,838.29 80,648.59 358,357.38 74,483.74 351,547.59 68,168.80 344,389.23 60,689.11 335,895.30 53,452.98 330,900.19 47,074.23 323,048.09 40,911.31 312,022.92 35,350.80 304,781.10 29,983.10 300,641.75 24,755.89 293,380.37 19,551.59 286,029.09 14,538.30 281,545.59 9,501.31 274,076.92 4,656.61 266,711.97
11,581,781.47
8,390,558.20
Summary
Valuation date Amount
11/17/2015 8,390,558.20
Target for yield calculation
8,390,558.20
Aug 11, 2015 9:43 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 ) Page 1
