Ord 2010-063-1 - Laserfiche WebLink

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Page 2 Principal Principal Maturities Redemption Redemption Series Issued Dated Refunded Refunded Date Price 2001 8 -15 -12 to Certs. $8,025,000 August 15, 2001 $4,600,000 8 -15 -20 8 -15 -11 100% 2002 8 -15 -13 to Certs. $1,800,000 September 15, 2002 $1,120,000 8 -15 -22 8 -15 -12 100% 2003 8 -15 -13 to Certs. $10,005,000 November 1, 2003 $7,450,000 8 -15 -23 8 -15 -12 100% 2003 8 -15 -13 to Bonds $5,130,000 November 1, 2003 $3,510,000 8 -15 -23 8 -15 -12 100% VERIFICATION OF ESCROW ACCOUNT CASH FLOW SUFFICIENCY The Financial Advisor provided us with schedules (Appendix I) summarizing future escrow account cash receipts and disbursements. These schedules indicate that there will be sufficient cash available in the escrow account to pay the principal and interest on the Refunded Obligations assuming the 2001 Certificates will be redeemed on August 15, 2011 at 100 percent of par plus accrued interest and the 2002 Certificates, the 2003 Certificates, and the 2003 Bonds will be redeemed on August 15, 2012 at 100 percent of par plus accrued interest. The attached Exhibit A (Schedule of Sources and Uses of Funds) was compiled based upon information provided by the Financial Advisor. As part of our engagement to recalculate the schedules attached as Appendix I we prepared schedules attached hereto as Exhibits B through B -5 independently calculating future escrow account cash receipts and disbursements and compared the information used in our calculations to the information listed below contained in applicable pages of the following documents: • Subscription confirmation, dated November 9, 2010, and Schedule of U.S. Treasury Securities provided by the Financial Advisor used to acquire certain United States Treasury Securities - State and Local Government Series (the "SLGS ") insofar as the SLGS are described as to the principal amounts, interest rates, maturity dates, issuance date and first interest payment date; and • Ordinances and Notices of Redemption /Defeasance for the Refunded Obligations provided by McCall, Parkhurst & Horton L.L.P. insofar as the Refunded Obligations are described as to the maturity and interest payment dates, principal amounts, interest rates and optional redemption dates and price. In addition, we compared the interest rates for each maturity of the SLGS, as shown on the Schedule of U.S. Treasury Securities, with the maximum allowable interest rates shown on the Department of Treasury, Bureau of Public Debt, SLGS Table for use on November 9, 2010 and found that the interest rates were equal to the maximum allowable interest rates for each maturity.