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HomeMy WebLinkAboutD-2100-12 $195,000,000 CRC Refinance Fees/List of Payees/Payment Schedule • C H.J.Umbaugh&Associates • 3 !I Certified Public Accountants.LLP a't ^ 8365 Keystone Crossing Suite 300 ta." Indianapolis,IN 46240.2687' :✓ tm. aA` Phone'317-465-1500 Fax:317-465-1550 - www.umbaugh.com Its all about experience. December 27, 2012 • • Members of the City of Carmel Ms. Diana Cordray, Clerk-Treasurer Redevelopment Authority and Members of the City of Carmel Redevelopment Commission Common Council City of Carmel - City of Carmel City Hall - City Hall One Civic Square One Civic Square Carmel, IN 46032 Carmel, IN 46032 Re: City of Carmel (Indiana) Redevelopment Authority $115,900,000 Lease Rental Revenue Multipurpose Bonds, Series 2012A $69,245,000 Lease Rental Revenue Multipurpose Bonds, Series 20I2B (Taxable) Dear Ladies and Gentlemen: The purpose of this letter is to provide financial information that will be useful to administrative personnel, City officials, the Bond purchasers, The Huntington National Bank (the "Trustee"), attorneys, and others following the sale of the City of Carmel (Indiana) Redevelopment Authority(the "Authority") $115,900,000 of Lease Rental Revenue Multipurpose Bonds, Series 2012A (the "2012A. Bonds") and $69,245,000 Lease Rental Revenue Multipurpose Bonds, Series 2012B (Taxable) (the "2012B Bonds" and together with the 2012A Bonds, the "Bonds"). This letter should serve as a resource regarding the closing of the Bonds, the distribution of the Bond proceeds and the repayment of the Bonds. The Bonds are being issued to finance the acquisition by the Authority from the City of Cannel, Indiana(the"City") a portion of the existing Keystone Avenue between 116th Street and U.S. 31 (the "Leased Premises"). The City will use the land sale proceeds primarily to refund certain outstanding obligations of the Carmel Redevelopment District, including termination fees; to finance the construction of parking facilities for the Nash building (the "Nash Parking Project"); and to purchase a debt service reserve surety from Assured Guaranty Municipal Corp. The Leased Premises will be leased by the Authority to the Carmel Redevelopment Commission. Bond Sale Results and Rating The Bonds were priced on December 11, 2012 through a negotiated sale underwritten by: Oppenheimer & Co. Inc. (Senior Manager), and Co-Managers William Blair & Company and Mesirow Financial. City Securities Corporation participated in the Selling Group. The Purchaser offered a net interest cost of$91,531,309.69 and a true interest rate of 3.24% for the combined 2012A and 2012B (Taxable) Bonds. Members of the City of Carmel Redevelopment Authority et al December 27,2012 Page 2 Bond Sale Results and Rating(Cont'd) The 2012 Bonds were issued while the municipal bond interest rates were at a historical low point, and, in fact, just as the market was beginning to soften due to oversupply. By the end of the week, the bond index had risen approximately 17 basis points. The long-.teen fixed interest rates on the 2012 Bonds will provide approximately $75 million of gross savings ($55 million net present value savings) to the City. Standard & Poor's Corporation (S&P) has assigned a rating of "AA+/Stable Outlook" to the Bonds. Assured Guaranty Municipal Corp. (AGM), the provider of the surety reserve, currently has a rating of"AA=/Stable Outlook"by S&P and "Aa3" by Moody's. For a premium of$789,328.34, AGM is providing a surety reserve for the 2012 Bonds in the amount of$13,155,472.26. Delivery of the Bonds The Bond closing is to be held on December 27, 2012. Since the Bonds are dated the date of delivery, there will be no accrued interest owed by the Purchaser at dosing. The amount of Bond proceeds to be received is as follows: Series 2012A Series 2012B Total Par amount of Bonds $115,900,000.00 $69,245,000.00 $185,145,000.00 Plus: Reoffering Premium 7,211,399.90 7,211,399.90 Less: Underwriter Discount (1,159,000.00) (692,450.00) (1,851,450.00) Net Proceeds to be received by wire transfer to Trustee $12L 253 399 90 $6$ 552 550 QQ $J 0 544 9.20 The above-described Bond proceeds in the net amount of$190,504,949.90 should be deposited by wire transfer at closing by the Purchaser as follows: Name of Bank: Huntington National Bank Columbus, Ohio ABA#: 044 000 024 CR HNB TRUST WIRE 01891662889 Attn: Corporate Trust—Kim Wilson Fur Ref: City of Cannel Refunding Members of the City of Carmel Redevelopment Authority et al December 27, 2012 Page 3 Distribution of the Bond Proceeds On the day of closing, the Trustee will deposit the net Bond proceeds of$190,504,949.90 into the following accounts within the Project Fund: Project Fund: 2012A Bond Issuance Expense Account $1,189,800.74 2012A Acquisition Account 120,762,599.16 2012E Bond Issuance Expense Account 795,266.01 2012B Acquisition Account 67,757,283.99 Total Distribution of Bond Proceeds $190,504,949.90 Funds in the 2012A and B Bond Issuance Accounts will be used by the Trustee to pay bond issuance costs. The issuance costs listed in the Disbursement request will be approved prior to closing and may be paid by wire on the day of closing. Additional payment requests will be approved by the Authority and submitted to the Trustee for payment using a disbursement request pursuant to Section 3,01(d) or Section 3.01(e)of the Trust Indenture. The 2012A Bond Issuance Expense Account will contain $494,116.26 of funds to pay the premium for the 2012 Debt Service Reserve Fund Credit Facility and the 2012B Bond Issuance Expense Account will provide $295,212.08 of funds to pay the premium for the 2012 Debt Service Reserve Fund Credit Facility. These funds should be immediately wired by the Trustee to Assured Guaranty Municipal Corp. using the following wire instructions: Name of Bank: The Bank of New York Account Name: Assured Guaranty Municipal Corp. ABA#: 021-000-018 Account#: 8900297263 Policy#: 215400-S Funds in the 2012A and B Acquisition Accounts will be used to acquire the Leased Premises from the City. Members of the City of Carmel Redevelopment Authority et al December 27, 2012 Page 4 Distribution of the Sale Proceeds From the purchase price received by the City, the City will transfer and deposit such funds as follows: Series 2012A Series 2012B Acquisition Funds $120,762,599.16 $67,757,283.99 Funds released from prior accounts* 3,702,765.10 261,886.83 Total Sources of Funds $124,465,364.26 $68,019,170.82 2010A Escrow Account** $53,135,997.55 2010B Escrow Account** $3,708,023.01 2008 Escrow Account** 15,958,919.01 2012 Escrow Account*** 2,000,000.00 Contractual Obligations*** 71,329,366.71 46,352,228.80 Total Uses of Funds $124,465,364.26 $68,019,170.82 * Currently held at Wells Fargo Bank, N. A. ** To be held at Wells Fargo Bank,N.A. ***To be held at The Huntington National Bank On the day of closing, from the portion of the purchase price paid from the 2012A Acquisition Account, on behalf of the City, the Trustee will transfer $49,433,232.45 to Wells Fargo Bank, N.A. (the "COPs Escrow Agent") (using the wiring instructions below) to be deposited into the 2010A Escrow Account established at Wells Fargo. The COPs Escrow Agent will make an internal transfer of$3,702,765.10 from fiords remaining in the 2010A COPs accounts (totaling $53,135,997.55) into the 2010A Escrow Account for the advance refunding of Cannel Redevelopment District Certificates of Participation, Series 2010A (the "2010A COPs") on their call date of January 15, 2018. The COPs Escrow Agent will use the funds in the 2010A Escrow Account to purchase State and Local Government Series Securities (SLGS) maturing on the dates and in amounts sufficient to pay-off the 2010A COPs on January 15, 2018 plus the prepayment price. Members of the City of Carmel Redevelopment Authority et al December 27, 2012 Page 5 Distribution of the Sale Proceeds (cont'd.) On the day of closing, from the portion of the purchase price paid from the 2012B Acquisition Account, on behalf of the City, the Trustee will transfer $3,451,931.10 to the COPs Escrow Agent (using the wiring instructions below) to be deposited into the 2010B Escrow Account established at Wells Fargo. The COPs Escrow Agent will make an internal transfer of $256,091.91 from funds remaining in the 2010B COPs Accounts (totaling $3,708,023.01) for the advance refunding of the Carmel Redevelopment District Certificates of Participation, Series 2010B (the"2010B COPs") on their call date of January 15, 2018. The COPs Escrow Agent will use the funds in the 2010B Escrow Account to purchase SLGS maturing on the dates and in amounts sufficient to pay-off the 2010B COPs on January 15, 2018 plus the prepayment price. On the day of closing, from the portion of the purchase price paid from the 2012B Acquisition Account, on behalf of the City, the Trustee will transfer $15,953,124.09 to Wells Fargo Bank (the "2008 Escrow Agent")(using the wiring instructions below) to be deposited into the 2008 Escrow Account established at Wells Fargo. The City will wire transfer $5,794.92 of funds currently on hand (totaling $15,958,919.01) to the 2008 Escrow Account held by the 2008 Escrow Agent for the advance refunding of the Cannel Redevelopment District Taxable Tax Increment Revenue Bonds of 2008 (the "2008 Bonds") on their call date of July 15, 2016. The 2008 Escrow Agent will use the funds in the 2008 Escrow Account to purchase SLGS maturing on the dates and in amounts sufficient to pay-off the 2010E COPs on January 15; 2018 plus the prepayment price. Name of Bank: Wells Fargo Bank,N.A. F/F/C: Account Name: City of Cannel Redevelopment District ABA #: 121000248 Account#: 1038377 BNF: Corporate Trust Clearing Attn: Gail Klewin, 312-845-9717 On the day of closing, from the portion of the purchase price paid from the 2012A Acquisition Account, on behalf of the City, the Trustee will transfer $71,329,366.71 into the Tax-Exempt Contractual Obligations Escrow Account ("the 2012A Escrow Account") and, from the portion of the purchase price paid from the 2012B Acquisition Account, the Trustee will transfer $46,352,228.80 into the Taxable Contractual Obligations Escrow Account (the "2012B Escrow Account") established with Huntington Bank (the "Contractual Obligations Escrow Agent") to be used for the prepay and refund the Contractual Obligations. Appendix A (attached to this letter) provides a listing of Contractual Obligations, pay-off amounts and wiring information. On the day of closing, the Trustee will immediately wire $2,887,800 from the 2012B Escrow Account to Regions Bank to pay the SWAP penalties on the three Regions Installment Contracts (in addition to the contract pay-off amounts). Refer also to Appendix A. Members of the City of Carmel Redevelopment Authority et al December 27, 2012 Page 6 Distribution of the Sale Proceeds (cont'd.) Lastly, a Project Escrow Agreement was entered into among the City Board of Public Works, the Commission and The Huntington National Bank (the "2012 Escrow Agent") regarding the proceeds for the Nash Parking Project. On the day of closing, from the portion of the purchase . price paid from the 2012E Acquisition Account, on behalf of the City, the Trustee will transfer $2,000,000 (the "New Project Proceeds") into the 2012 Escrow Account established and held by the 2012 Escrow Agent (Huntington Bank) to be disbursed in accordance with the Project Agreement. The New Project Proceeds will be used to finance the construction of parking facilities for the Nash Building; a three-story mixed use building to be constructed in the Carmel City Center. Bond Amortization Schedule The attached amortization schedule shows the debt service requirements, both principal and interest, on a semiannual and budget year basis. The Bonds are dated December 27, 2012. The 2012A Bonds mature over a period of approximately 25 years and 2 months with the final Bonds • due February 1, 2038. Principal and interest will be payable semiannually on each February 1 and August 1, with interest commencing on February 1, 2013 and principal commencing on February 1, 2025. The 2012B Bonds mature over a period of approximately 12 years and 2 months with the final Bonds due February 1, 2035. Principal and interest will be payable semiannually on each February 1 and August 1, with interest commencing on August 1, 2013 and principal commencing on February 1, 2014. Lease Rental Schedule The attached schedule of Lease Rental payments is based upon the final amortization schedule of the Bonds and is included in the Addendum to the Lease. Each Lease Rental amount is to be reduced to an amount equal to the sum of principal and interest due in each six month period ending January 15 or July 15, rounded upward to the next $1,000 plus $5,000 for payment of fiscal agency charges. The Lease Rentals will be payable semiannually on January 15 and July 15 of each year, commencing on July 15, 2013. Redemption Provisions Optional Redemption. The 2012A Bonds maturing on or after February 1, 2023 are subject to redemption prior to maturity on or after August 1, 2022, in whole or in part, on any date as selected by the Authority, at a redemption price equal to the principal amount of each 2012A Bond to be redeemed, plus accrued interest to the redemption date, and without any redemption premium. • • Members of the City of Carmel Redevelopment Authority et al December 27,2012 Page 7 Redemption Provisions(cont'd.) The 2012B Bonds are not subject to redemption prior to maturity. If less than all of the 2012A Bonds shall be called for redemption, the principal amount and maturity of the particular 2012A Bonds to be redeemed shall be selected by the Authority. Unless the Authority directs the particular 2012A Bonds be redeemed, the Trustee shall select the particular 2012A Bonds to be redeemed by lot within a maturity in such manner as the Trustee may determine. Mandatory Sinking Fund Redemption. The 2012A Bonds (or any portions thereof in integral multiples of$5,000 each) (the "2012A Term Bonds") are also subject to mandatory sinking fund redemption prior to their maturity date at a redemption price equal to the principal amount of such 2012A Tenn Bonds, plus accrued interest on the dates as shown on the attached amortization schedule. Book-Entry-Only System The Bonds will be issued and held in book-entry fonn on the books of the central depository system, the Depository Trust Company ("DTC"), New York, New York. The Bonds will be registered in the name of Cede & Co. (DTC's partnership nominee). Principal and interest will be disbursed on behalf of the Authority by The Huntington Bank and paid directly to DTC so long as DTC or its nominee is the registered owner of the Bonds, as further described in the Trust Indenture. Bond Repayment The Bonds are payable solely from the Lease Rentals. The Lease Rentals are payable from a special benefits tax (an ad valorem property tax) ("Special Benefits Tax") levied on all taxable property within the geographical boundaries of the City of Cannel Redevelopment District (the "District"). The boundaries of the District are coterminous with the boundaries of the City. However, the Commission has reserved the right and reasonably expects, but is not required, to pay the Lease Rentals from Tax Increment revenues collected from several allocation areas in the District (the "TIF Revenues") or other legally available revenues of the Commission (altogether, the"CRC Revenues"). Additional detail on the TIF Revenues and other CRC Revenues will be described in a special purpose TIF Report dated December 27, 2012 prepared by Umbaugh for the Commission and City officials. Members of the City of Cannel Redevelopment Authority et al December 27, 2012 Page 8 Post issuance Compliance—Continuing Disclosure The Continuing Disclosure Undertaking Agreement requires that audits and certain financial information be provided to the Municipal Securities Rulemaking Board's Electronic Municipal Market Access System on a regular basis, as well as notification of any `reportable events" relating to the Refunding Bonds. We will plan to assist you in meeting these requirements as we do for the other outstanding Cannel bonds. Post Issuance Compliance—Arbitrage Rebate Services The 2012A Bonds are subject to Internal Revenue Code Section 148 covering calculations and reporting of arbitrage rebate. Since the interest on.the 2012B Bonds is federally taxable, Internal Revenue Code Section 148 covering calculations and reporting of arbitrage rebate does not apply. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * We wish to congratulate you all on the excellent bond sale results and the accomplishment of numerous goals related to the financial restructuring of the CRC obligations. We take satisfaction in having the opportunity to be. part of this important endeavor and extend our appreciation to all those who were instrumental in completion of this refinancing. Very truly yours, UMBAUGH • DRAFT • Loren M. Matthes LMM/hla Enclosures cc: Honorable James C. Brainard, Mayor Mr. Douglas C. Haney, City Attorney Mr. Michael Lee, Assistant Finance Director, Cannel Redevelopment Commission Mr. Les Olds, Finance Director, Carmel Redevelopment Commission Ms. Cindy Sheeks, City Executive Finance Manager Ms. Katie Aeschliman, BMO Harris Bank Mr. Bradley J. Bingham, Barnes &Thornburg LLP,Bond Counsel Mr. Jason Boyewsky, The National Bank of Indianapolis Continued on next page Members of the City of Carmel Redevelopment Authority et al December 27, 2012 Page 9 cc: Ms. Stephanie Cain,Assured Guaranty Mr. Bruce D. Donaldson, Barnes &Thornburg LLP, Bond Counsel Ms. Karen Fritsche, Fifth Third Bank Mr. Brad Grabow, Lake City Bank Mr. Karl Haas, Wallack Somers & Hass, Cannel Redevelopment Commission Attorney Mr. Rick Halter, Mercantile Bank Mr. Bill Kennedy, Marine Bank/C1BM Bank Ms. Gail Klewin, Wells Fargo Bank, N.A. Mr. Todd Krzyskowski, Mesirow Financial, Inc. Mr. Ralph McGinley, Oppenheimer Mr. Peter Raphael, William Blair& Company Ms. Marie Rowe, Fowler State Bank Mr. Eric Schmook, Regions Bank Mr. Jim Schultz,The Huntington National Bank Ms. Janet Shetterly, Community Bank Ms. Katie Smith, Regions Bank Mr. Neal Steinbart, Barnes & Thornburg LLP, Bond Counsel Mr. James Towne, Oppenheimer Mr. Peter Tremblay, Assured Guaranty Mr. Jerimi Ulloin, Hall, Render, Killian, Heath & Lyman, P.C., Underwriter Counsel Ms. Karen Unger, Star Financial Bank Ms. Kimberlee F. Wilson, The Huntington National Bank • • CITY OF CARMEL(INDIANA)REDEVELOPMENT AUTHORITY AMORTIZATION OF$115,900,000 PRINCIPAL AMOUNT OF LEASE RENTAL REVENUE MULTIPURPOSE BONDS,SERIES 2012A 2012,\Bonds dated December 27,2012 Bond Payment Principal Interest Total Budget Year Date Outstanding Principal Rate(%) Interest Debt Service Debt Service 08/01113 $ 15.900.000 $2,611,145.52 $2611.145.52 02/01/14 15.900.000 2.19629063 2.196,290.63 $4,807.43615 08/01/14 15900000 2,196,290.63 2,196,290,63 02/01/15 15.900,000 2,196,290,63 2,196290.63 4.392.581.26 08/01/15 15.900,000 2,196,290.63 2.196,29063 02/01/16 i 15,900000 2,196.290,63 2.196,290.63 4,392,581 26 • 08/01/16 15,900.000 - 2.196,290.63 2.196.290.63 02/01/17 15,900000 2.196.290,63 2.196,290,63 4.392,581.26 08/01/17 15.900.000 2.196290,63 2.196.290,63 02/01/18 15.900,000 2,196.290,63 2,196,290,63 4,392,581 26 08/01/18 15,900.000 2.196.290.63 2,196,290,63 02/01/19 15.900,000 2.196.290,63 2,196,290.63 4,392,581.26 08/01/19 15,900,000 2.196.290.63 2.196,290.63 02/0120 15,900,000 2,196,290.63 2,196,29063 4.392,581.26 08/01/20 15,900000 2.196,290,63 2,196.290.63 02/01/21 15.900,000 2,196,290,63 2,196.29063 4,392,581 26 08/01/21 15,900000 2,196,290.63 2,196,290.63 02/01/22 15.900,000 2,196290.63 2,196.290,63 4,392,581,26 .08/01/22 15.900.000 2,196290.63 2,196.290.63 02/0123 15,900,000 2.196,290,63 2.196,290.63 4,392,581.26 08/0123 15,900,000 2,196,29063 2,196.29063 02/0124 15,900.000 2,196;290.63 2,196,290.63 4,392,581,26 0810124 15.900,000 2,196290.63 2,19629063 02/01/25 15,900000 $1645,000 (1) 2.625 2,196,290,63 3.841,290,63 6,037.581 26 08/01/25 14255,000 4,145.000 (I) 2.625 2;174,70000 6,319.700.00 02/01/26 10,110,000 4,200.000 (I) 2,625 2,120,296,88 6.320,296,88 12,639,996,88 08/01/26 05,910000 4,405,000 (I) 2625 2,065,171,88 8470.17188 02/01/27 01.50$,000 4,465000 (2) 3,750 2,007,35625 6.472,356.25 12,942,528.13 08/01/27 97,040000 1,505,000 (2) 31750 1.923,637,50 6,428,637,50 02/01/28 92,535,000 4,590,000 (2) 3.750 • .839.168.75 6.929,168.75 12,85706.25 08/01/28 87.945,000 4,635,000 (2) 3.750 .753,106,25 6,388,106,25 02/01/29 83,310,000 4,725000 (3) 4.000 ,666,200,00 6,3911200.00 12,779,306,25 08/0129 78.585.000 3,655000 (3) 4,000 .571,700,00 $,226700,00 02/01/30 74.930,000 3.725000 (3) 4,000 ,498600,00 5,223.60000 10,450,300,00 08101/30 71,205,000 3,240.000 (3) 4,000 ,424,100.00 4,664,100.00 02/01/31 67965,000 3,305,000 (4) 4,000 359.30000 .4669300,00 9,328,40000 08/01/31 64.660,000 3.370,000 (4) 4,000 ,293,200.00 4,663,20000 02/01/32 61,290,000 3.435,000 (4) 4.000 .225.800.00 4660,800,00 9,324,00200 08/01/32 57,855,000 3,405.000 (4) 4,000 .157.10000 4.562,100,00 02/01/33 ' 54,450.000 3.470.000 (4) 9,000 .089,00000 4,559,00000 9,121.100.00 08/01/33 ' 50.980.000 4,050,000 (4) 4,000 019.600.00 5,069,600.00 02/01/34 46.930,000 4.135,000 (5) 4.000 938,600,00 5,073,60000 10.143200.00 08/01/34 42,795,000 7.180.000 (5) 4,000 . 855,90000 5,035.90000 02/01/35 38.615.000 4265.000 (5) 4,000 772.300.00 5.037,300,00 10,073200.00 08/01/35 34350,000 5.445000 (5) 4.000 687,000,00 6.132.000,00 02/01/36 28,905,000 5.555000 (6) 9.000 578,10000' 6.133.100,00 12,265,100.00 08/01/36 23.350,000 5,665.000 (6) 4,000 467,00000 6.132,000.00 02/01/37 17.685000 5.780,000 (6) 4.000 353.70000 6,133,70000 12,265.700,00 08/01/37 11.905,000 5,895.000 (6) 4.000 238,100.00 6.133,100.00 02/01/38 6,010,000 6,010.000 (6) 4.000 120.200,00 6.130,200,00 12,263.300,00 Totals 5115,900.000 $8$324.767.52 $201.224,76752 $201,224.767,52 • (I)$14.395.000 of Term Bonds due August 1.2026. (2)SI 8.195,000 of'Term Bonds due August 1,2028 (3)$15.345.000 of Term Bonds due August I.2030. (4)$21,035.000 of Term Bonds due August I.2033. (5)$18.025.000 of Tom Bonds due August I,2035. (6)528,905 000 of Term Bonds due February 1,2038. (Subject to/Ire comments in the attached Idler • dated December I I,2012 of Umbaugh) CITY OF CARAIEL(INDIANA)REDEVELOPMENT AUTHORITY AMORTIZATION OF 569,245,000 PRINCIPAL AMOUNT OF • LEASE RENTAL REVENUE MULTIPURPOSE BONDS,SERIES 201211(TAMABLE) 20120 Bonds dated December 27,2012 Bond Payment Principal Interest Total Budget Year Dale Outstanding Principal Rate OM Interest Debt Service Debt Service 08/01/13 569,245,000 $813.26221 $813.262.21 02/01/14 69,245,000 $1000000 0.608 . 684.052,33 1.684.052.33 $2497.31454 08/01/14 68,245,000 1.735.000 0.691 681.01233 2416,01233 02/01/15 66.510,000 1.745,000 0.768 675.017,90 2,420.017,90 4,836,03023 08/01/15 64.765.000 2.110,000 ' 0.813 668,31710 2,778,317.10 02/01/16' 62,655.000 2.120.000 0,857 659.739.95 2,779.739.95 5,558.057.05 08/01/16 60,535.000 2.680,000 0,990 650,655.75 3.330,655,75 02/01/17 57.855,000 2.695,000 188 637,389.75 3,332.389,75 6.663,045 50 08/01/17 55,160.000 2,805,000 2.38 621381.45 3.426.381.45 02/01/18 52,355.000 2,820.000 .288 604,018.50 3,424,018.50 6,850,399,95 ' 08/01/18 49,535,000 3,075,000 .338 585,857,70 3,660,857.70 02/01/19 46,460,000 3,095.000 .768 565,285,95 3,660,285,95 7,321.14365 08/01/19 43,365,000 3.310.000 .818 537.926,15 3,847.926.15 02/01/20 40.055.000 3340,000 .990 507.83825 ' 3847,838.25 7,695.764,40 08/01/20 36.715,000 3,525,000 2,040 474.605,25 3,999.605.25 02/01/21 33,190,000 3,560,000 2.400 438.650,25 3.998,650,25 7998,255.50 08/01/21 29,630,000 3,775,000 2.430 395.930,25. 4,170,930,25 02/01/22 25,855,000 3.825.000 2.500 350,064,00 4.175.064,00 8,345,994,25 08/01/22 22,030,000 4,080,000 2.530 302,251,50 4.382.251,50 02/0123 17.950.000 4,130,000 2,650 250,639.50 4,380,639,50 8,762,891.00 08101/23 13,820.000 3,850,000 2,680 . 195,917,00 4,045.917,00 02/01/24 9.970,000 3,900,000 2,850 144,327,00 4.044.327.00 8,090,244.00 , 08/01/24 6,070.000 3.830,000 2,880 88,752,00 3,918,752,00 02/01/25 2,240,000 2.240,000 3.000 33600.00 2,273,600,00 6,192352,00 'Folals $69,245,000 $11,566,492.07 $80.811.492.07 $80.811,492.07 (Subject to the comments in the attached letter dated December 11.2012 of Umbaugh) CITY OF CARI11 EL(INDIANA)REDEVELOPMENT AUTHORITY LEASE RENTAL PAYMENTS Bond Lease Debt Service Lease Rentals Payment Payment 20128 Bonds Budget Year Budget Year _ Date Date 2012A Bonds (Taxable) Total Total Total Total (1) (2) 08/01/13 07/15/13 52.611,145,52 $813262,21 $3124,407.73 $3,430000 02/01/14 01/15/14 2,196290,63 1.684.052.33 3880342.96 $7304,750,69 3,886,000 57.316.000 08/01/14 07/15/14 2,196,290.63 2.416.012.33 4.612.302.96 4,618.000 02/01/15 01/15/15 2,196.290.63 2,420,017,90 . 4616308.53 9.228611,49 4,622.000 9.240.000 08/01/15 07/15/15 2.196,290.63 2.778,317,10 4.974,60733 4.980,000 02/01/16 01/15/16 2,196.290,63 2,779.739.95 4,976.030,58 9,950.638 31 4.982,000 9,962.000 08/01/16 07/15/16 2.196.290.63 3,330,655,75 5,526.946.38 5,532,000 02/01/17 01/15/17 2.196.290.63 3,332,389.75 5.528,680 38 11.055.626.76 5,534000 11.066.000 08/01/17 - 07/15/17 2,196,290.63 3,426,381,45 5,622672,08 5.628,000 02/01/18 01/15/18 2.196,290.63 3,424,018,50 5:620,309.13 11,242.981.21 5,626,000 11,254.000 08/01/18 07/15/18 2.196,290.63 3.660.857,70 5.857,148.33 5,863,000 02/01/19 01/15/19 2,196.290,63 3,660285,95 5,856.576.58 11.713724,91 5,862,000 .11,725,000 08/01/19 07/15/19 2.196,290.63 3847,926,15 6,044216.78 6,050,00D 02/01/20 01/15/20 2,196,290.63 3,847,838.25 6,044.128.88 12.088,345.66 6,050,000 12.100.000 08/0120 07/15/20 2,196,290.63 3999,605,25 6,195.895.88 6,201.000 02/01/21 01/15/21 2.196,290.63 3,998,65025 6,194.940,88 12390.836,76 6,200,000 12.401,000 08/01/21 07/15/21 2.196,290,63 4.17093025 6,367,220.88 6,373,000 02/01/22 01/15/22 2.196.290.63 4.175,064,00 6,371,354,63 12.738.575.51 6.377,000 12,750,000 08/01/22 07/15/22 2,196,29063 4,382,251.50 . 6;578,542.13 6.584.000 02/01/23 01/15/23 -2,196,29063 4380639,50 6.576,930.13 13.155,47226 6582,000 13166,000 08/01/23 07/15/23 2.196,290,63 4.045,917.00 6242,207,63 6,248000 02/0124 01/15/24 2,196,290,63 4,044,32700 6,240,617,63 : 12.482.825,26 6246000 12.494.000 08/01/24 07/15/24 2.196,290.63 3.918,752.00 6,115042.63 6,121.000 02/01/25 01/15/25 3.84 1290.63 2,27360000 6.114.890.63 12.229.933,26 6,120,000 12.241000 08/0125 07/15/25 6,319.700.00 6,319,700.00 6,325.000 • 02/01/26 01/1526 6,320,296,88 6,320,296.88 12.639,996.88 ' 6326,000 12,651,000 08/01/26 07/15/26 6.470.171.88 6,470,171 88 6,470000 02/01/27 01/15/27 6,472,35625 6,472.356.25 12.942.528.13 6,478,000 12.954,000 08/01/27 07/15/27 6428.63750 6.428,63750 6.434.000 02/01/28 01/1528 6.429,168,75 6,429,16875 12,857,806.25 6.435.000 12.869,000 08/01/28 07/15/28 6,388,10625 6,388.106,25 6.394000 02/01/29 01/15/29 6,391,20000 6,39120000 12.779,30625 6,397,000 12.791.000 08/01/29 07/1529 5.226,700.00 5.226.700.00 5,232,000 02/01/30 01/15/30 5,223,60000 5223,600,00 10,450.300,00 5,229,000 10,461000 08/01/30 07/15/30 4,664,10000 ' 4,664,100.00 4.670.000 02/01/31 01/15/31 4.664,30000 4664300,00 9328,400,00 4.670,000 9,340,000 08/01/31 07/15/31 4,663,200,00 4,663,200,00 4669 000 02/01/32 01/15/32 4.660;80000 4.660.800,00 9.324.000,00 4666,000 9335.000 08/01/32 07/15/32 4,562,100 00 4562,100,00 4,568.000 02/01/33 01/15/33 4.559000,00 4,559.000.00 9.121.100.00 4564,000 9.132.000 08/01/33 07/15/33 5.069.600,00 5,069.60000 5,075,000 02/01/34 01/15/34 5.073,60000 5.077600.00 10.143,200 00 5.079,000 10.154.000 08/01/34 07/15/34 5,035,90000 5.035,900,00 5,041.000 02/01/35 01/15/35 5,037,300,00 5.037,300.00 10,073,200.00 5,0-13.000 10,084.000 08/01/35 07/15/35 6.132,00000 6,132,000.00 6,137.000 02/01/36 01/15/36 6,13310000 6,133,100.00 12.265.100.00 6,139,000 12,276.000 08/01/36, 07/15/36 613200900 6,132000.00 6,137,000 02/01137 01/15(37 6.133.70000 6,133.700,00 12.265.70000 6.139.000 12,276.000 08/01/37 07/15/37 6,133.100.00 6.133.100.00 6.139.000 02101/38 01/15/38 6.130,200.00 6.130.200,00 12.263.300.00 6,136,000 12,275,000 • Totals $201.224.76752 580,811,492,07 5282.036.25959 $282,036,259.59 $282313.000 5282.313.000 (1)See page B-I I (2)See page 8-12. Note:The Lease Rental is reduced to an mnow0 equal to the semiannual principal and interest payment due in each six?milli period ending January 15 or July 15 rounded up to the next$1,000.plus$5,000 for the payment of fiscal agency fees, (Subject to the comments in the attached Ictler dated December I I.2012 or Umhaugh) ' • Iy,E i'w.,."f, ';.,.ss v i`' .u'.� v.rl"�a?,:5d3.st�'i fi ;a '�i � 1 s.lffiy N.+&:.m3:�Ss'� 'A `.'r+h`..??� :s .�Ei, dpi'` CARMEL REDEVELOPMENT AUTHORITY Lease Rental Revenue Multipurpose Bonds, Series 2012A and 2012B I ' Pricing Summary Part 1 of 2 II Maturity Type of'Bond Coupon Yield Maturity Value Price Dollar Price 02/01/2014 Serial Coupon 0608% 0.608% SI,000,000.00 100.000% 51,000,000,00 08/01/2014 Serial Coupon 0.691% 0.691% 1,735,000.00 100.000% 1,735,000.00 02/01/2015 Serial Coupon 0.768% 0.768% 1345,000.00 100.000% 1,745,000.00 08/01/2015 Serial Coupon 0.813% 0.813% 2,110,000.00 100,000% 2,110,000.00 02/01/2016 Serial Coupon 0.857% 0.857% 2,120,000.00 100.000% 2,120,000.00 08/01/2016 Serial Coupon 0.990% 0.990% 2,680,000.00 100.000% 2,680,000.00 02/01/2017 Serial Coupon 1,188% 1.188% 2,695,000.00 100.000% 2,695,000.00 08/01/2017 Serial Coupon 1.238% 1.238% 2,805,000.00 100.000% 2,805,000.00 02/01/2018 Serial Coupon 1.288% 1.288% 2,820,000.00 100.000% 2,820,000.00 F 08/01/2018 Serial Coupon 1.338% 1.338% 3,075,000.00 100.000% 3,075,000.00 02/01/2019 Serial Coupon 1.768% 1.768% 3,095,000.00 100.000% 3,095,000.00 08/01/2019 Serial Coupon 1.818% 1.818% 3,310,000.00 100000% 3,310,000.00 02/01/2020 Serial Coupon 1.990% 1.990% 3,340,000.00 100.000% 3,340,000.00 08/01/2020 Serial Coupon 2.040% 2.040% 3,525,000.00 100.000% 3,525,000.00 02/012021 Serial Coupon 2.400% 2.400% 3,560,000.00 100.000% 3,560,000.00 08/01/2021 Serial Coupon 2.430% 2.430% 3,775,000.00 100,000% 3,775,000.00 02/01/2022 Serial Coupon 2.500% 2.500% 3,825,000.00 100.000% 3,825,000.00 08/01/2022 ' Serial Coupon 2.530% 2.530% 4,080,000.00 100.000% 4,080,000.00 02/01/2023 Serial Coupon 2.650% 2.650% 4,130,000.00 100.000% 4,130,000.00 08/01/2023 Serial Coupon 2.680% 2.680% 3,850,000.00 100.000% 3,850,000.00 02/01/2024 Serial Coupon 2.850% 2.850% 3,900,000.00 100.000% 3,900,000.00 08/01/2024 Serial Coupon 2.880% 2.880% 3.830,000.00 100,000% 3,830,000.00 02/012025. Serial Coupon 3.000% 3.000% 2,240,000.00 100.000% 2,240,000.00 ,. 08/01/2026 Term I Coupon 2,625% 2.850% 14,395,000.00 97.477% 14,031,814.15 08/01/2028 Tenn 2 Coupon 3.750% 2.850% 18,195,000.00 107.506% c 19,560,716,70 08/01/2030 Tenn 3 Coupon . 4.000% 2.840% 15,345,000.00 109.680% c 16,830,396.00 08/01/2033 Tenn 4 Coupon 4.000% 3.020% 21,035,000.00 108.107% c 22,740,307.45 08/01/2035 Tenn 5 Coupon 4.000% 3.160% 18,025,000.00 106.903% c 19,269,265.75 02/01/2038 Tenn 6Coupon 4.000% 3.250% 28,905,000.00 106.137% c 30,678,899.85 Total $185,145,000.00 $192,356,399.90 r 1 I + r 7!2 Pr u , "�gr, . +v TFt ^saf=er"Sr ,z '.#tly'Z't zF P`v rti "-;E "TiiAg ! i y .c r i , e, r'� "\ S °'G M1�fC ' "CSt'C' ,l'A` •1:::0 a .. . U111 bi3Ug�4 " s r a k d� fiu 7 ;ii, s '• .., S+� yarn .r .fi ar tl 1 11�g y�4. 8 �� SY \ x, uj�i ]4 .r_,... .� i. t.A..+ ..:'�;..=,x.it. .t art+a..�:rK.3 Kk^84fFRir..r' s,.�, �c.... �i. �`' �: r �, ..,...emu., - «t , � _ .. • • CARMEL REDEVELOPMENT AUTHORITY Lease Rental Revenue Multipurpose Bonds, Series 2012A and 2012B Pricing Summary Part 2 oft Bid Information Par Amount of Bonds $185,145,000.00 • Reoffering Premium or(Discount) 7,211,399.90 Gross Production $192,356,399.90 • Total Underwriter's Discount (1.000%) - $(1,851,450.00) Bid(102.89570) - 190,504,949.90 Total Purchase Price- - $190,504,949.90 Bond Year Dollars $2,722,550.92 Average Life 14.705 Years Average Coupon __. 3.5588410% Net Interest Cost(NIC) 3.3619687% True Interest Cost(TIC) 3.2403983% • • • • F; G w vrp r{ x`-`ij' + ✓' ,-"aex, ♦ ar��y::e at ��3� �{{ 9¢y@.; .x 4, la'{ x wv sti +3 .,yf ♦ d5"y t uKrf s u " e.4 .1"" � r .Pt €L. wrs'.t��,M1a«,5 rw a $3sse:Itm , �a6YdG1'Stbk..�r..f}Su.` ^L. 2. Kam..` cr � .! .aY a, a G+..� N .,rrx.�.`a .'t.,�. CARMEL REDEVELOPMENT AUTHORITY Lease Rental Revenue Multipurpose Bonds, Series 2012A Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 08/01/2026 Term I Coupon 2.625% 2.850% $14,395,000,00 97.477% $14,031,814.15 08/01/2028 Term 2 Coupon 3.750% 2.850% 18,195,000,00 107.506% c 19,560,71670 08/01/2030 Term 3 Coupon 4.000% 2.840% 15,345,000,00 109.680% c 16,830,396.00 08/01/2033 Term 4 Coupon 4.000% 3.020% 21,035,000.00 108.107% c 22,740,307.45 08/01/2035 Term 5 Coupon 4.000% 3.160% 18,025,000.00 106.903% c 19,269,265.7$ 02/01/2038 Term Coupon 4.000% 1250% 28,905,000.00 106.137% c 30,678,899.85 Total $115,900,000.00 $123,111,399.90 Bid Information Par Amount of Bonds .$115,900,000.00 Reoffering Premium or(Discount) 7,211,399.90 Gross Production $123,111,399.90 Total Underwriter's Discount (1000%) _�. $(1,159,000.00) Bid(105.222%) _ 121,952,399.90 Total Purchase Price $121,952,399.90 Bond Year Dollars _ $2,214,283.61 Average Life 19.105 Years Average Coupon 3.8533803% Net Interest Cost(NIC) 3.5800458% 'fire Interest Cost(TIC) 3.4581178% 0:777—; ',� `' kC. V" `�.323"f r" ,,k,w* t-i°Cr t 6 any W34 4T` " ' Fl Ir FBi`"`k 1 .".') �v . .� .. �2iti ve,.. e>es rH...L..,, s.Ps...'.e+x Y. � �ts w ��x...ndlfk�l:...� n .., ... « ..r .��,..,e. CARMEL REDEVELOPMENT AUTHORITY Lease Rental Revenue Multipurpose Bonds, Series 2012B Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price Dollar Price 02/012014 Serial Coupon 0.608% 0.608% $1,000,000.00 100.000% $1,000,000.00 08/01/2014 Serial Coupon 0.691% 0.691% 1,735,000.00 100.000% 1,735,000.00 02/01/2015 Serial Coupon 0.768% 0.768% 1,745,000.00 100.000% 1,745,000.00 08/01/2015 Serial Coupon 0.813% 0.813% 2,110,000.00 100.000% 2,110,000.00 02/01/2016 Serial Coupon 0.857% 0.857% 2,120,000.00 100.000% 2,120,000.00 08/01/2016 Serial Coupon 0.990% 0.990% 2,680,000.00 100.000% 2,680,000.00 02/01/2017 Serial Coupon 1.188% 1.188% 2,695,000.00 • 100.000% 2,695,000.00 08/01/2017 Serial Coupon 1.238% 1.238% 2,805,000.00 100.000% 2,805,000.00 02/012018 Serial Coupon 1.288% 1.288% 2,820,000.00 100.000% 2,820,000.00 08/01/2018 Serial Coupon 1.338% 1.338% - 3,075,000.00 100.000% 3,075,000.00 02/01/2019 Serial Coupon 1.768% 1.768% . 3,095,000.00 100.000% 3,095,000.00 08/01/2019 Serial Coupon 1.818% 1.818% 3,310,000.00 100.000% 3,310,000.00 02/01/2020 Serial Coupon 1.990% 1.990% 3,340,000.00 100.000% 3,340,000.00 08/01/2020 Serial Coupon 2.040% 2.040% 3,525,000.00 100.000% 3,525,000.00 02/01/2021 Serial Coupon 2.400% 2.400% ' 3,560,000.00 100.000% 3,560,000.00 08/01/2021 Serial Coupon 2.430% 2.430% 3,775,000.00 100.000% 3,775,000.00 02/01/2022 Serial Coupon 2.500% 2.500% 3,825,000.00 100.000% 3,825,000.00 08/01/2022 Serial Coupon 2.530% 2.530% 4,080,000.00 100.000% 4,080,000.00 02/01/2023 Serial Coupon 2,650% 2.650% 4,130,000.00 100.000% 4,130,000.00 08/01/2023 Serial Coupon 2.680% 2.680% 3,850,000.00 100.000% 3,850,000.00 02/01/2024 Serial Coupon 2.850% 2.850% 3,900,000.00 100.000% 3,900,000.00 08/012024 Serial Coupon 2.880% 2.880% 3,830,000.00 100.000% 3,830,000.00 02/01/2025 Serial Coupon 3.000% 3.000% 2,240,000.00 100.000% 2,240,000.00 Total $69,245,000.00 $69,245,000.00 Bid Information Par Amount of Bonds $69,245,000.00 Gross Production $69,245,000.00 Total Underwriter's Discount (1.000%) _ $(692,450.00) Bid(99.000%) . 68,552,550.00 • Total Purchase Price - $68,552,550.00 Bond Year Dollars . _ $508,267.31 Average Life 7.340 Years Average Coupon _ 2.2756711% Net Interest Cost(NIC) 2.4119084% Time interest Cost(TIC) •_ 2.4088269% 111�38U��1 - 4 x,�" - i • • ^+nM' yY�sxv r+ s.-s'rr •' ."' .Rs �a , ,r - v-x3 s}^ '4v'- •i' • V qg q .uAva F.4 ?t. $ L iy f3ly r f� af3 N tk..° 4 S W K T" �i� J F" A". 3r.?�i�`, ;l +M byla'St 4'4 a.,�an .t� �`=.'�.`."' .5 'iP� ` .� 2A5 2J �ii a rT.. ...r:.;Y$ a4:� F -:�.'".n' _.. E_ vat _i-'" CARMEL REDEVELOPMENT AUTHORITY Lease Rental Revenue Multipurpose Bonds, Series 2012A Proof Of Bond Yield @ 3.0715149% Date Cashflow PV Factor Present Value Cumulative PV 12/27/2012 1.0000000x 08/01/2013 52,611,145.52 0.9820435x $2,564,256.51 $2,564,258.51 02/01/2014 2,196,290.63 0.9671898x 2,124,229.94 4,688,488.44 08/01/2014 2,196,290.63 0.9525608x 2,092,100.35 6,780,588.79 02/01/2015 2,196,290.63 0 9381530 2,060,456.73 8,841,045.52 08(01/2015 2,196,290.63 0,9239632x 2,029,291.73 10,870,337.25 02/01/2016 2,196,290.63 0,9099880x 1,998,598.11 12,868,935.36 08/01/2016 2,196,290.63 0.8962242x (,968,368.74 14,837,304.10 02/01/2017 2,196,290.63 0,8826685x 1,938,596.60 16,775,900.70 08/01/2017 2,196,290.63 0,8693179x 1,909,274.77 18,685,175.47 02/01/2018 2,196,290.63 0.8561692x 1,880,396.44 20,565,571.91 08/01/2018 2,196,290.63 0.8432194x 1,851,954.91 22,417,526.82 02/01/2019 2,196,290.63 0.8304655x 1,823,943.56 24,241,470.37 08/01/2019 2,196,290.63 0.8179045x 1,796,355.89 26,037,826.26 02/01/2020 2,196,290.63 0.8055334x 1,769,185.49 27,807,011.75 08/01/2020 2,196,290.63 0.7933495x 1,742,426.05 29,549,437.80 02/01/2021 2,196,290.63 0.7813499x 1,716,071.36 31,265,509.16 06/0112021 2,196,290.63 0.7695317x 1,690,115.28 32,955,624.44 02/01/2022 2,196,290.63 0.7578923x 1,664,551.81 34,620,176.25 08/01/2022 103,701,290.63 0.7464290x 77,405,648.97 112,025,825.22 02/01/2023 188,934.38 0.7351390x 138,893.04 112,164,718.25 08/012023 - 188,934.38 0.7240198x 136,792.24 112,301,510.49 02/01/2024 188,934.38 0,7130688x 134,723.22 112,436,233.71 08/01/2024 188 934.38 0.7022835x 132,685.49 112,568,919.20 021012025 1,833,934.38 0.6916612x 1,268,461.30 113,837,380.50 08/01/2025 4,312,343.75 0,68!!997x 2,937,567.06 116,774,947.56 2,893,535.96 119,668,483.51 02/01/2026 4,312,940.63 0,6708963x 08/01/2026 4,462,815.63 06607488x 2,948,800.12 122,617,283.63 Total $159,327,148.77 - $122,617,283.63 Derivation Of Target Amount Par Amount of Bonds $1 15,900,000.00 Reoffering Premium or(Discount) 7,211,399.90 Other Credit Enhancement Fees (494,116.261 Original Issue Proceeds $122,617,283.64 I F�" B 7+ 'i"2ca:e - -^ILt,{5�_.�5 + �D�(i ,S a-Y •«ax 3`. is -ry r "-`e CT'+ (}I 0 ` '.R a u . ' r AM - -.Cs::u. ' „3S '�#?q(., S :.`"i1 ,f rti- , h dL + ii��" .1'., "s r �' , r :{:,_ 1 I �11ihaua�h1 K xa a w r i X14 ,1' 'iiess P +j, y ..az rnvY�.. �'e�+'l�es � . .,7.'i>C. .�' .aa» sa e..m. en....,a_.,a`is CITY OF CARMEL(INDIANA)REDEVELOPMENT AUTHORITY PROOF OF PRESENT AND FUTURE VALUE SAYINGS(2008 BONDS) Present Value Date 27-Dec-12 Discount rate(@,bond yield) 1.078429% Refunding Payment Date Portion of 2008 Refunding Outstanding Refunding Annual Present Bonds Bonds Debt Service Bonds Difference Savings Value 01/15/13 02/01/13 $670,498.75 $670,498.75 $670,498.75 $670,138.28 07/15/13 08/01/13 668,621.25 $97,443.59 571,177.66 567,855.17 01/15/14 02/01/14 666,580.00 901,961.90 (235,381.90) 335,795.76 (232,312.46) 07/15/14 08/01/14 669,375.00 1,509,469.10 (840,094.10). (825,495.75) 01/15/15 02/01/15 666,842.50 1,514,528.45 (847,685.95) (1,687,780.05) (828,492.36) 07/15/15 08/01/15 669,146.25 1,808,998.85 (1,139,852.60) (1,108,174.61) 01/15/16 02/01/16 666,122.50 1,801,925.75 (1,135,803.25) (2,275,655.85) (1,098,315.82) 07/15/16 08/01/16 667,935.00 2,264,469.85 (1,596,534.85) (1,535,684.37) 01/15/17 02/01/17 669,420.00 2,263,530.35 (1,594,110.35) (3,190,645.20) (1,525,127.42) 07/15/17 08/01/17 669,700.00 2,340,343.55 (1,670,643.55) (1,589,790.95) 01/15/18 02/01/18 669,620.00 2,336,044.65 (1,666,424.65) (3,337,068.20) (1,577,270.63) 07/15/18 08/01/18 669,180.00 166,103.85 503,076.15 474,000.00 01/15/19 02/01/19 668,380.00 668,380.00 1,171,456.15 626,273.52 07/15/19 08/01/19 667,220.00 667,220.00 621,833.59 01/15/20 02/01/20 665,700.00 665,700.00 1,332,920.00 617,089.55 07/15/20 08/01/20 668,820.00 668,820.00 616,656.62 01/15/21 02/01/21 666,400.00 666,400.00 1,335,220.00 611,130.06 07/15/21 08/01/21 668,620.00 668,620.00 609,877.39 01/15/22 02/01/22 665,300.00 665,300.00 1,333,920.00 603,594.41 07/15/22 08/01/22 666,287.50 666,287.50 601,248.30 01/15/23 02/01/23 666,721.88 666,721.88 1,333,009.38 598,413,55 07/15/23 08/01/23 - 666,603.13 666,603.13 595,098.11 01/15/24 02/01/24 665,931.25 665,931.25 1,332,534.38 591,309.87 • 07/15/24 08/01/24 669,706.25 669,706.25 591,472.56 01/15/25 02/01/25 667,743.75 667,743.75 1,337,450.00 586,576.41 07/15/25 08/01/25 670,228.13 670,228.13 585,601.16 01/15/26 02/01/26 666,975.00 666,975.00 1,337,203.13 579,633.32 07/15/26 08/01/26 667,085.00 667,085.00 576,619.70 01/15/27 02/01/27 666,415.00 666,415.00 1,333,500.00 572,951.13 07/15/27 08/01/27 669,965.00 669,965.00 572,914.01 01/15/28 02/01/28 667,540.00 . 667,540.00 1,337,505.00 567,778.75 07/15/28 08/01/28 669,335.00 669,335.00 - 566,252.18 01/15/29 02/01/29 670,155.00 670,155.00 1,339,490.00 563,905.23 Sub-totals $22,044,173.14 $17,004,819.89 5,039,353.25 5,039,353.25 3,847,558.50 Less 2008 funds on hand (5,794.92) (5,794.92) (5,794.92) Plus additional proceeds 3,957.91 3,957.91 3,957.91 Net savings $5,037,516.24 $5,037,516.24 $3,845,721.49 (Subject to the comments in the attached letter dated December 11,2012 of Umbaugh) CITY OF CARMEL(INDIANA)REDEVELOPMENT AUTHORITY PROOF OF PRESENT AND FUTURE VALUE SAVINGS(2010A COPS) Present Value Date 27-Dec-12 Discount rate((D bond yield) 2.850367% Refunding . • Portion of Payment Outstanding Refunding Annual Present Date Debt Service Bonds . Difference Savjnes Value 01/15/13 $1,489,950,00 $1,489,950.00 $1,489,950.00 $1487,843.03 02/01/13 - • 07/15/13 1,489,950.00 1,489,950,00 1,466,936.49 08/01/13 $995,088.85 (995,088.85) (978,487:28) 01/15/14 2,124,950.00 2,124,950.00 2,062,730.69 02/01/14 836,990.63 (836,990.63) 1,782,820.52 (811,461,87) 07/15/14 1,465,343.75 1,465,343.75 1,402,450.46 08/01/14 836,990.63 (836,990.63) (800,059,55) 01/15/15 2,150,343,75 2,150,343,75 2,029,131.07 02/01/15 836,990.63 (836,990,63) 1,941,706,24 (788,817,45) 07/15/15 1,438,800.00 1,438,800,00 1,338,618.54 08/01/15 836,990,63 (836,990.63) (777,733,33) 01/15/16 2,178,80000 2,178,800.00 1,998,609.60 02/01/16 836,990,63 (836,990.63) 1943,618,74 (766,804.95) 07/15/16 1,410,125.00 1,410,125.00 1,275,329.52 08/01/16 836,990.63 (836,990.63) (756,030,13) 01/15/17 2,205,125.00 2,205,125,00 1,966,311,01 • 02/01/17 836,990.63 (836,990,63) 1,941,268.74 (745,406.72) 07/15/17 • 1379318.75 1379,318,75 1,212,65660 08/01/17 836,990,63 (836,990,63) (734,932.58) 01/15/18 2,239,318.75 2,239,318.75 1,941,079,44 • 02/01/18 836,990.63 (836,990,63) 1,944,656,24 (724,605.62) 07/15/18 1345,993.75 1,345,993,75 1,150,335.79 08/01/18 836,990,63 (836,990.63) (714,423.76) • 01/15/19 2,270,993.75 2,270,993 75 1,913,602:49 02/01/19 836,990,63 (836,990.63) 1,943,006,24 (704,384.99) 07/15/19 1,310,150.00 1,310,150.00 1,088,456,32 08/01/19 836,990.63 (836,990.63) (694,487.27) 01/15/20 2,305,150.00 2,305,150.00 1188,17991 02/01/20 836,990.63 (836,990,63) 1,941,318.74 (684,728.63)' 07/15/20 1,271,593.75 1,271,593,75 1026,944.01 08/01/20 836,990,63 (836,990.63) (675,107.11) 01/15/21 2,346,593.75 2,346,593.75 - 1,868 488,75 02/01/21 836,990,63 ' (836,990.63) 1,944,206,24 (665,620,79) 07/15/21 1,229,937.50 1,229,937:50 965;583,46 08/01/21 836,99063 (836,990.63) (656,267,77) 01/15/22 2,384,937.50 2,384,937,50 1,846,026.68 02/01/22 836,990,63 (836,990.63) 1,940,893,74 (647,046.17) 07/15/22 1,185,18125 1,185,181.25 904,482.03 08/01/22 836,990.63 - (836,990,63) (637,954.16) 01/15/23 2,430,181.25 .2,430,181,25 1,828,555.02 02/01/23 836990.63 (836,990.63) 1,941,38124 (628,989.90) 07/15/23 1,136,937,50 1,136,937,50 843,451,58 08/01/23 836,990,63 , (836,990.63) (620,151.60) 01/15/24 2,481937.50 2,481,937.50 1,815,384,41 • • 02/01/24 836,990.63 (836,990,63) 1,944,893.74 (611,437.49) 07/15/24 1 084,818,75 1,084,81835 782,328,48 08/01/24 836,990,63 (836,99063) (602,845,83) 01/15/25 2,529,818.75 2,529,818,75 1,798,76970 02/01/25 2,481,990,63 (2,481,990.63) 295,656,24 (1762,544,13) 07/15/25 1,028,825,00 1,028,825.00 721 243.42 08/01/25 4,960,40000 (4,960,400.00) (3,473,04378) 01/15/26 2,588,825 00 2,588,825.00 1,789,358,02 02/01/26 4,960,996.88 (4,960,996.88) (6,303,746.88) (3,424,658.02) Sub-totals to carry forward $48,503,900,00 $31,812,270.22 $16,691,629.78 $16,691,629.78 $15,324,851.64 (Continued on next page) (Subject to the comments in the attached letter dated December II,2012 of Umbaugh) • CITY OF CARMEL(INDIANA)REDEVELOPMENT AUTHORITY PROOF OF PRESENT AND FUTURE VALUE SAVINGS(2010A COPs) Present Value Date 27-Dec-12 Discount rate(Q bond yield) 2.850367% Refunding • Portion of Payment Outstanding Refunding Annual Present • Date Debt Service Bonds Difference Savings Value Sub-totals carried forward $48,503,900.00 $31,812,270.22 $16,691,629.78 $16,691,629.78 $15,324,851.64 07/15/26 968,375.00 968,375.00 659,921,56 ' 08/01/26 5,110,871.88 (5,110,871.88) (3,478,543.57) 01/15/27 2,648,375.00 2,648,375.00 1379,436.21 02/01/27 5,113,056.25 (5,113,056.25) (6,607,178.13) (3431,130.38) 07/15/27 903,275.00 903,275.00 598,380,09 08/01/27 - 5,069,337.50 (5,069,337.50) (3,353,992.25) 01/15/28 - 2,713,275.00 2,713,275.00 1,772,169.07 02/01/28 5,069,868.75 (5,069,868.75) (6,522,656.25) (3,307,209.92) 07/15/28 833,137.50 833,137.50 536,515.43 • 08/01/28 5,028,806.25 (5,028,806.25) (3,234,328.64) 01/15/29 2,783,137.50 2,783,137,50 1,767,072,62 • 02/01/29' 5,031,900.00 (5,031,900.00) (6,444,431.25) (3,190,843.04) 07/15/29 757,575,00 757,575.00 474,24151 08/01/29 3,867,400.00 (3,867,400.00) (2,413946,74) 01/15/30 2,857,575.00 2,857,575.00 1,763704,27 02/01/30 3,864,300.00 (3,864,300.00) (4,116,550,00) (2,382059.85) 07/15/30 676,20000 676,200,00 411,488.30 08/01/30 3,304,800.00 (3,304,800,00) (2,008,543.37) ' 01/15/31 2,94120000 2,941,200,00 1,764,660.16 02/01/31 - 312,600.00 - 07/15/31 585,600.00 585,600.00 346,411.09 08/01/31 - - 01/15/32 3,030,600.00 3030,600.00 1,767,55744 02/01/32 - 3,616200.00 - 07/15/32 487,800.00 . 487,800.00 280,505.20 08/01/32 .- 01/15/33 3,127,80000 3,127,800.00 1,773,341.13 02/01/33 - 3 615,600.00 - 07/15/33 382,200,00 382,200.00 213,647.69 08/01/33 - - 01/15/34 3,237,200.00 3,237,200,00 1,784,149.48 02/01/34 - 3619,400.00 07/15/34 268,000.00 268,000.00 145,629.95 08/01/34 01/15/35 6,968,000.00 6,968,000.00 3,733,174.08 02/01/35 - 7,236,000,00 - Sub-totals $84,673,225.00 $73,272,610.85 11,400,614.15 11,400,614.15 10,092,259.16 Less 2010A funds on hand (3,701,888.37) (3,701,888,37) (3,701888,37) Plus additional proceeds 685.91 685.91 685.91 Net savings ' $7,699,411.69 $7,699,411.69 $6,391,056.70 • (Subject to the comments in the attached letter dated December I1,2012 of Umbaugh) • CITY OF CARMEL(INDIANA)REDEVELOPMENT AUTHORITY PROOF OF PRESENT AND FUTURE VALUE SAVINGS(201DB COPS) Present Value Date 27-Dec-12 Discount rate(4)bond yield) 2.8503671$ Refunding ' . Portion of Payment - Outstanding Refunding Annual Present Date Debt Service Bonds Difference Savines Value 01/t5(13 $116,087.50 $116,087.50 8116,087.50 $115,923.34 02/01/13 - - 07/15/13 116,087.50 116,087,50 114,294.43 08/01/13 $23,470.45 (23,470.45) (23,078,88) 01/15/14 151 087.50 151,087.50 146,663.60 02/01/14 89,741,50 (89,741.50) 153,963.05 (87,004.33) 07/15/14 114,468.75 114,468.75 109,555.69 08/01/14 209,528.70 (209,528.70) (200,283,53) 01/15/15 154,468.75 154,468,75 145,761,50 02/01/15 283,872.25 (283,872.25) (224,463.45) (267,533.92) 07/15/15 112,618,75 112 618.75 104,777,28 08/01/15 287,854.65 (287,854,65) (267,475.10) 01/15/16 • 152,618,75 152,618.75 139,996.92 02/01/16 346,757.10 (346,757.10) (369,374,25) (317,679,85) 07/15/16 110,768.75 110,768,75 100,180.24 08/01/16 350,343,05 (350,343,05) (316,455.04) . 01/15/17 155,768_,75 155768.75 ' . 138,899.07 02/01/17 453,684,80 (453,684.80) (537490,35) (404,042,39) 07/15/17 ' 108,687.50 108,687,50 95,554.86 . 08/01/17 456,071,20 (456,071,20) (400,460,38) 01/15/18 158,687.50 158,687,50 137,553,01 02/01/18 473,316,65 (473,316.65) (662,012,85) (409,763,13) 07/15/18 106,375.00 106,375,00 90,911.99 08/01/18 490,322,05 (490,322,05) (418,520,49) 01/15/19 161,375,00 161,375.00 135,979,06 02/01/19 237,077,40 (237,077.40) (459,64945) (199,516.88) • 07/15/19 103,831.25 103,831 25 86,261.71 • 08/01/19 - - 0I/15/20 ' 163,831.25 163,831,25 134,196,42 02/01/20 - 267,662,50 07/1520 101 056.25 101 056,25 81 613,42 08/01/20 -01/15/21 166,056,25 166,056,25 132 223,24 02/01/21 - 267,112,50 - 07/1521 98,050.00 98,050,00 76,975,83 08/01/21 - • - 01/15/22 168,050,00 168050,00 130,076,69 02/01122 - 266,100.00 - 07/1522 94,812,50 94,812,50 72,357,04 ' 08/01/22 -01/15/23 174,812,50 174,812.5 0 131,53 5,16 02/01/23 - 269,625.00 07/15/23 91,112,50 91,112.50 67,592,97 06/01/23 -01/15/24 176,112.50 176,112.50 128,815.45 02/01/24 - 267,225,00 - 07/15/24 87,181.25 87,181,25 62,871,68 08/01/24 - - 01/I5/25 177,181.25 177,181.25 125,980.67 02/01/25 - 264,362,50 - 07/15/25 83,018,75 8301875 58,199:14 08/01/25 -01/15/26 183,018_75 183 018,75 126,499,89 02/01/26 - 266,037,50 - Sub-totals to carry forward $3,587,225.00 $3,702,039.80 ($114,814,80) ($114,814,80) ($320,563.62) (Continued on next page) (Subject to the comments in the attached letter dated December 1 1,2012 of Umbaugh) CITY OF CARMEL(INDIANA)REDEVELOPMENT AUTHORITY • PROOF OF PRESENT AND FUTURE VALUE SAVINGS(2010B COPSI Present Value Date - 27-Dec-12 ' Discount rate(Qa bond yield) 1850367% Refunding Portion of Payment Outstanding Refunding Annual Present Dale Debt Service Bonds • Difference Savings Value Sub-totals carried forward $3,587,225.00 $3,702,039.80 ($114,814.80) ($114,814,80) ($320,563.62) 07/1526 78,393.75 78,39175 53,423.24 08/01/26 - -131/15127 188,393.75 188,393.75 126,581 27 02/01/27 - 266,787.50 - 07/15/27 • 73,306.25 - 73,306.25 - 48,562,18 08/01/27 01/15/28 193,306.25 193,306,25 126,257,51 02/01/28 - 266,612.50 - 07/15/28 67,756.25 67,756.25 43,632,98 08/01/28 - - • 01/15/29 197,756,25 197,756,25 125,559.61 02/01/29 - 265,512.50 - - 07/1529 61,743.75 61,743.75 38,651.55 08/01/29 - - 01/15/30 206,743.75 206,743.75 127,602.89 02/01/30 - 268,487,50 - 07/15/30 55,037.50 55,037.50 33,492.00 08/01/30 - - - 01/15/31 210,037.50 210037,50 126,018,23 02/01/31 - 265,075.00 - 07/15/31 47;868.75 47,868,75 28,31671 08/01/31 - - • 01/15/32 217,868,75 217,868,75 127,069.07 02/01/32 - 265,737.50 - 07/15/32 40,006.25 40,006,25 23,005.25 08/01/32 - - 01/15/33 225,006.25 225,006,25 127,569,81 02/01/331 - 265,012.50 - 07/15/33 31,450.00 31,450,00 17,580.38 08/01/33 -01/15/34 236,450.00 236,450.00 130,316,99 02/01/34 - 267,900.00 -07/15/34 21,968.75 21968,75 11,937.72 08/01/34 - - 01/15/35 496,968,75 496,968.75 266,255.84 02/01/35 - 518,937,50 - Sub-totals $6,237,287.50 $3,702,039.80 2,535,247;70 2,535,247.70 1,261,269.61 Less 201013 funds on hand (255,978,64) (255,978.64) (255,978.64) Plus additional proceeds 4,921.35 4,921.35 4,921.35 Net savings $2284,190,41 $2,284,190,41 $1,010,212.32 • • (Subject to the comments in the attached letter' dated December I I,2012 ofUmbaugh) DI p 6 6 a F g5la$ _ F a E 8 F S 2 8 ES z z N z z Ur i 3° i § 1 o No e o s 4. f5 10 Id a o o Y u E p 14.6 il 8® gcci a $®® •2 ® tAi ® ¥ 5®S LL III € Ise ;; ® �a il °3& x$o a 3 $C r Yore n is Ft. 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Hall Render kd A73 'fj3 ABA# 071-000-288 TAU X,,.1.1('" `J'. Account#: 279-808-0 rtb, `1 Account Name: Hall,Render,Killian,Heath 8 Lyman,P.C.Funding Account S� ".rY iTtg Invoice#: 238850 ,�6i1x r irl Inquiries: hrcollect©hallrender.cam,317-4293650 Local Counsel 55.870.13 - 3337987 -Tr' -T..jBB25000 Bank: The National Bank of Indianapolis Wallack Somers&Haas,P.C. (sl , f 107 North Pennsylvania Street,Suite 700• �{ Indianapolis,IN 46204 } �"l Oie%m, Ain ABA* 074006874 2 � v;li Account ft 1164292 �' 41 ld t 11 Account Name: 317-231-9000 Somers&Fleas Escrow Account b o n yu •� In aeries: 317-231-9000 • Bond Counsel . %.2,0:2300,0019.005 Bank: Firth Third Bank Barnes&Thomburg LLP S� e 71eS 4 Indianapolis,IN Two Wires r'I y�(,I;;S(B� iF ABA# 042000314 Use same wiring Instructions with respective"Invoice 4:" , y}96 Account#: 7653510706 ) p40.1b 4. '�ti, SWIFT Code: FTBCUS3C Vitt VI Inquiries: wireconfirmationsl bllaw,com 187,798.75 1 1 y{ 3 � Invoice 4: 1542134 11220125rt1 t,.,,. �tj Invoice* 1542136 Financial Advisor 318,243.77 190,136,23 g- T,"508,38000; Bank Key Bank,N.A. 4(': . . , ; H.J.Umbaugh d Assodales ���8'yyy � �- ABA#: 041001039 A eSa:tik Account 4: 1215504838 k y(J Invoice 4: 130948 tile$y�� !/y Inquhees: 317-465-1500 Trustee Acceptance Fee 938.99 561.01 F••:-,eT: 1.500,001 Mall check to: The Huntington National Bank Trustee Annual Fee 1,095.49 654.51 7^ctk x'.1;750,003 Kim Wilson-Corporate Trust Subtotal 2,034.48 1,215.52 ° '.T�>,"?;•,3,250,00g 45 North Pennsylvania Street l., 'yf 'r'j INHP22 ...]:1-$.t;e e Wi Indianapofs,IN 46204 .altis 'tilt. ',g Ref: Invoice#A06665-12/27/2012.0001 S&P RES 15,64090 9,350,10 tKJ2500000j Bent Bank of America ' �+61 •Wl n._. 0^-� S&P Rating 32,34093 22,659.07::' �SS,OOD.00 San Frandsen.CA , Subtotal 47,990.83 32,009171 80,000.004 Account Name: Standard and Poor's Have not received invoice for rTf °1&Vat Account#: 12630.-02500 $55,000 portion of fee 4 .O.•.1] f'`1-�/y Invoice* 10305464 (Rating Evaluation Service)and 10312445(Rating) + Y inquiries: Graham Sugarman,1-800.767-1896 Fat#6 CUSIP-Oppenheimer 535.85 320,15^;',e� ' 856.00/ Mail check to: Oppenheimer&Co,Inc, DTC-Oppenheimer . 313.00 - 187.00 ,2<3,m:4:x 500.00 Attn: Jim Towne Subtotal 848.85 ' 507.15 F4y.ry%h-�.'ry 1.350.000j 50 South 8th Street,Suite 1300 h t&t: pe. Minneapolis,MN 55402 C.L.Coonrod&Company 18 804.29 11,234.71 f 4 'k,30,039,00 Bank: The National Bank of Indianapolis 1.Y.•++,,r y,- ,.44'' -1+y`° ABA P. 074006874 LSr p$A ]]i Account 4: 1457480 YAllW4, + ' Invoice#: Bondel2 +s}5rr�,? 4k Inquiries: 317-844-4605 Escrow Agent Fee 3,250.00 7,750.00 I ",{471 000.00O, Bank Wells Fargo Bank,NA, Wells Fargo Bank,N.A r{�('`tf rs{S AB ft #: 1000031565 Will not be paid at closing due r'4/ 104 i Invoice#. tbd to no invoice being received. ',H.,- . 'f1(I 9414. F/F/C:Account Name; tbd i 116.6 t�Iy, Attre Gail Klev/n,312-845-9717 OS Printing Costs 1.749.36 1,045 IS f , :712:794:521 Bank Bank of America,Ann Arbor,Ml ImageMaster i p. '1'YY°�"g-.4.4.,,4' ABA rk 072000805 554 1l.Ysyw_ Account 4: 375008638277 F teiWtylawt.'a*''}- !ftJ6f;} Account Name: ImageMaster LLC IL ga r Inquiries. Tom 3Arbanas,734-821-2523 Miscellaneous - 5,884.36 28,784.53 F$ ,934,668,691 Title Company/Closing Costs - 50.000.00(+ice?�,��3350,0000� .,yip yiM -q f W 87S Grand Total 81,189,800.74 $795,266.01 ;`�1.BBS,OBB,75i •