10-29-1997 Commitee MeetingDOWNTOWN DEVELOPMENT REVIEW COMMITTEE MEETING
OCTOBER 29, 1997
Present: Mayor A. Max Bacon, Chairman
Jim Pitts
Doug Stoner
Harold Smith
Steve Hebda
Robin Broyles
Gordon Mortin
Mayor Bacon called the meeting to order.
• Review of CVS Pharmacy Plans
Steve Shupert
Willouise Spivey
Howard Smith
Steve Harper
Jordan Prosser
Claudia Edgar
Jack Jackson
A review of the CVS plans proposed for the corner of Concord Road and Atlanta Road
was conducted.
Doug Stoner made a motion that the site plans for the proposed CVS Pharmacy be
approved subject to the below listed stipulations. Jim Pitts seconded the motion.
Motion was approved unanimously.
Stipulations:
1. Add brick on front columns.
2. Install Georgia Power shoebox light fixtures in parking lot.
3. Install acorn -top lights along both rights -of -way. The City of Smyrna will
assume lease for acorn lights.
4. Crosswalks at driveways to stamped concrete with the pattern as brick pavers
and dyed to match pavers.
5. Add brick pavers at front door - similar to pattern in sidewalk,
6. Will work with Robin Broyles to move the proposed sidewalk back as far as
possible from the roadways.
7. Monument signs to be maximum eight feet (8') tall with a maximum 32 square
feet of copy area. The monument sign shall be indirectly lit.
8. Developer will try to reduce the size of the wall signage or enhance it. They
will resubmit design to Robin Broyles for review.
There being no further business, the meeting adjourned.
r
KNOX, WALL & COMPANY
Pricing Book Relating to the Issuance of:
Downtown Smyrna Development Authority (Georgia)
Revenue Bonds
Series 1997
Presented: October 29, 1997
a
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GA)
REVENUE BONDS (PHASE II), SERIES 1994
.....................
Debt Service Schedule
Date
Principal
Coupon Interest
Period Total
Fiscal Total
--------
2/
--------------
1/98
----------
--------------
240,802.50
--------------
240,802.50
--------------
240,802.50
8/
1/98
240,802.50
240,802.50
2/
1/99
240,802.50
240,802.50
481,605.00
8/
1/99
240,802.50
240,802.50
2/
1/ 0
240,802.50
240,802.50
481,605.00
8/
1/ 0
240,802.50
240,802.50
2/
1/ 1
240,802.50
240,802.50
481,605.00
8/
1/ 1
240,802.50
240,802.50
2/
1/ 2
240,802.50
240,802.50
481,605.00
8/
1/ 2
240,802.50
240,802.50
2/
1/ 3
240,802.50
240,802.50
481,605.00
8/
1/ 3
240,802.50
240,802.50
2/
1/ 4
240,802.50
240,802.50
481,605.00
8/
1/ 4
240,802.50
240,802.50
2/
1/ 5
240,802.50
240,802.50
481,605.00
8/
1/ 5
240,802.50
240,802.50
2/
1/ 6
65,000.00
6.700000 240,802.50
305,802.50
546,605.00
8/
1/ 6
238,625.00
238,625.00
2/
1/ 7
70,000.00
6.700000 238,625.00
308,625.00
547,250.00
8/
1/ 7
236,280.00
236,280.00,
2/
1/ 8
80,006.00
6.700000 236,280.00
316,280.00
552,560.00
8/
1/ 8
233,600.00
233,600.00
2/
1/ 9
80,000.00
6.700000 233,600.00
313,600.00
547,200.00
18/
1/ 9
230,920.00
230,920.00
2/
1/10
85,000.00
6.700000. 230,920.00
315,920.00
546,840.00
8/
1/10
228,072.50
228,072.50
2/
1/11
100,000.00
6.700000 228,072.50
328,072.50
556,145.00
8/
1/11
224,722.50
224,722.50
2/
1/12
105,000.00
6.700000 224,722.50
329,722.50
554,445.00
8/
1/12
221,205.00
221,205.00
2/
1/13
110,000.00
6.700000 221,205.00
331,205.00
552,410.00
8/
1/13
217,520.00
217,520.00
2/
1/14
120,000.00
6.700000 217,520.00
337,520.00
555,040.00
8/
1/14
213,500.00
213,500.00
2/
1/15
135,000.00
6.700000 213,500.00
348,500.00
562,000.00
8/
1/15
208,977.50
208,977.50
.2/
1/16
145,000.00
6.70000�08,977.50
353,977.50
562,955.00
8/ 1/16
2/ 1/17
8/ 1/17
2/ 1/18
8/ 1/18
2/ 1/19
8/ 1/19
2/ 1/20
04,120.00 204,120.00
204,120.00 1,669,120.00 1,873,240.00
155,775.00 155,775.00
155,775.00 1,720,775.00 1,876,550.00
103,347.50 103,347.50
103,347.50 1,773,347.50 1,876,695.00
47,402.50 47,402.50
47,402.50 1,462,402.50 1,509,805.00
---------------------------- --------------
7,210,000.00 9,621,777.50 16,831,777.50
ACCRUED 171,237.33 171,237.33
7,210,000.00 9,450,540.17 16,660,540.17
Dated 8/ 1/97 with Delivery of 12/ 9/97
Bond Years 144,035.000
Average Coupon 6.680166 1/
Average Life 19.977115
N I C k 80166 Using 00.0000000
T I C 6.67871: % From D ivery Date
Report prepared Knox, Wall
Micro -Muni Debt Date: 10-29-1997 0 11:01:15 Filename: SMYRNAD Key: 1994PART2
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GA)
REVENUE BONDS (PHASE II), SERIES 1994
Debt Service Schedule
Date Principal Coupon Interest Period Total Fiscal Total
2/ 1/98 240,802.50 240,802.50 240,802.50
8/ 1/98 240,802.50 240,802.50
2/ 1/99 240,802.50 240,802.50 481,605.00
8/ 1/99 240,802.50 240,802.50
2/ 1/ 0 240,802.50 240,802.50 481,605.00
8/ 1/ 0 240,802.50 240,802.50
2/ 1/ 1 240,802.50 240,802.50 481,605.00
8/ 1/ 1 240,802.50 240,802.50
2/ l/ 2 240,802.50 240,802.50 481,605.00
8/ 1/ 2 240,802.50 240,802.50
2/ 1/ 3 240,802.50 240,802.50 481,605.00
8/ 1/ 3 240,802.50 240,802.50
2/ 1/ 4 240,802.50 240,802.50 481,605.00
8/ 1/ 4 240,802.50 240,802.50
2/ 1/ 5 7,354,200.00 240,802.50 7,595,002.50 7,835,805.00
-------------- -------------- --------------
7,354,200.00 3,612,037.50 10,966,237.50
ACCRUED 160,535.00 160,535.00
7,354,200.00 3,451,502.50 10,805,702.50
____________ ______________ ...........
Dated 8/ 1/97 with Delivery of 12/ 1/97
Bond Years 144,035.000
Average Coupon 2.507750
Average Life .7.500000
N I C t 2.507750 t Using 100.0000000
T I C 8 6.546629 t From Delivery Date
Report prepared by: Knox, Wall & Company
Micro -Muni Debt Date: 10-29-1997 a 11:06:14 Filename: SMYRNAD Key: CBD-1994PART2
PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER , 1997
NSW ISSUE
RATINGS
Moody's:
Standard & Poor's:
See "MISCELLANEOUS - Ratings" herein.
In the opinion of Bond Counsel, under existing law and subject to conditions hereinafter described, Interest on the Series 1997 Bonds (a) will not be
included in gross income for federal income tax purposes, (b) will not be an item of tax preference for purposes of the alternative minimum tax Imposed on
individuals and corporations; provided, however, with respect to corporations (as defined for federal income tax purposes), such interest is taken into account
in determining adjusted current earnings for the purpose of computing the federal alternative minimum tax on corporations, and (c) will be exempt from present
State of Georgia income taxation. Furthermore, in the opinion of the Bond Counsel, the Series 1997Bonds are "qualified tax-exempt obligations "for purposes
of financial institutions deducting interest expense allocable to interest on the Series 1997 Bonds, subject to the limitations and conditions described herein.
The opinion contains greater detail, and is subject to exceptions, as noted in "LEGAL MATTERS - Opinion of Bond Counsel" herein.
$89555,000*
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GEORGIA)
Revenue Refunding and Improvement Bonds, Series 1997
Dated: October 1, 1997 Due: February 1, as shown below
These Revenue Refunding and Improvement Bonds, Series 1997 (the "Series 1997 Bonds") are being issued by the Downtown Smyrna Development
Authority (the "Issuer") for the purpose of refunding a portion of the Issuer's Revenue Bonds, Series 1994, and to finance the costs of acquiring, constructing,
furnishing, and equipping a new fire station to be leased by the Issuer to the City of Smyrna (the "City"). See "PLAN OF FINANCING" herein.
The Series 1997 Bonds are special limited obli�atidns of the Issuer payable solely from rental payments made by the City to the Issuer pursuant to a
Fourth Amended and Restated Lease Contract (the Contract"), dated as of September 1, 1989, between the Issuer and the City: The City's obligation to
make rental payments to the Issuer sufficient in time and amount to enable the Issuer to pay the principal of, premium, if any, and interest on the Series 1997
Bonds is absolute and unconditional and will not expire so long as any of the Series 1997 Bonds remain outstanding and unpaid. Under the Contract, the
City has agreed to levy an annual tax on all taxable property located within the corporate limits of the City, at such rates, without limitation, as may be
necessary to make the rental payments required by the Contract. See "SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 1997 BONDS"
herein.
Interest on the Series 1997 Bonds is payable semiannually on February 1 and August 1 of each year, commencing on February 1, 1998 (for four months).
All Series 1997 Bonds bear interest from October 1, 1997. See "INTRODUCTION - Description of the Series 1997 Bonds" herein.
The Series 1997 Bonds are subject to mandatory and optional redemption prior to maturity as described herein. See "THE SERIES 1997 BONDS
- Redemption" herein.
Payment of the principal of and interest on the Series 1997 Bonds when due will be insured by a municipal bond insurance policy to be issued
simultaneously with the delivery of the Series 1997 Bonds by
[INSERT LOGO]
MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, AND PRICES OR YIELDS
$1,455,000* Serial Bonds
Principal
Interest Price
Principal Interest Price
Maturity
Amount*
Rate or Yield Maturity
Amount* Rate or Yield
1998
$90,000
2006
$]25,000
1999
45,000
2007
130,000
2000
45,000
2008
140,000
2001
45,000
2009
140,000
2002
50,000
2010
150,000
2003
50,000
2011
165,000
2004
55,000
2012
170,000
2005
55,000
$795,000*
% Term Bonds due February 1, 2016*, Priced at
% to Yield %
$6,305,000* —%
Term Bonds due February 1, 2020*, Priced at
% to Yield °h
(Plus accrued interest from October 1, 1997)
THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE.
INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO MAKING AN INFORMED
INVESTMENT DECISION.
The Series 1997 Bonds are offered when, as, and if issued by the Issuer and accepted by the Underwriter, subject to prior sale and to withdrawal or
modification of the offer without notice, and are subject to the approving opinion of Sutherland, Asbill & Brennan, L.L.P., Atlanta, Georgia, Bond Counsel.
Certain legal matters will be passed on for the Issuer and the City by their counsel, Cochran, Camp & Snipes, Smyrna, Georgia, and for the Underwriter
by its counsel, Kilpatrick Stockton LLP, Atlanta, Georgia. The Series 1997 Bonds in definitive form are expected to be delivered through The Depository
Trust Company in New York, New York on or about ,1997.
KNOX, WALL
Division of Morgan Keegan & Company, Inc.
Dated: ,1997
*Preliminary; su ]ect to change.
°.`•" Assurance Corporation
xL 113 King Street
�'� Armonk, NY 10504
A 914 273 4545
City of Smyrna
1306 Bank Street
Smyrna, Georgia
Im
30081
$7,615, ,,Uowntc
Bon , Series 1994
( "Obligations")
EXHIBIT B
TAX CERTIFICATE `�
�d
1 � '
i Smvrn Development Authority, Georgia, Revenue
Ladies d Gentlemen:
In co on with the issuance of the above -referenced obligations (the "Obligations" ),
Municipal Bond Investors Assurance Corporation (the "Insurer") is issuing a financial
guaranty insurance policy (the "Policy") securing the payment of principal and interest on the
Obligations.
This is to advise you that:
1. The Policy is an unconditional obligation of the Insurer to pay scheduled payments
of principal and interest on the Obligations in the event of a fail o so by the City of
Smyrna (the "Issuer");�
2 The insurance premium in the unt of $35,000 rep is the charge for a
transfer of credit risk and was determined ' arm's length ne ons and is required to be
paid as a condition to the issuance of the Po '
3. No portion of such premium represents an indirect payment of costs related to the
issuance of the Obligations other than the transfer of credit risk;
4. The Insurer does not reasonably expect that it will be called upofi to make any
payment under the Policy; and
5. To the extent the Insurer is called upon to make any payment under the Policy, the
Insurer reasonably expects to pursue all available legal remedies to secure reimbursement for
such payment.
Dated: December 21,1994
MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION
Assistant Secretary
October 22, 1997
Mr. Howard Smith
City of Smyrna
1306 Bank Street
P.O. Box 1226
Smyrna, GA 30081
Dear
aiirk
Moody's Investors Service
99 Church Street
New York, New York 10007
Maria Matesanz
Senior Vice President,
CRU - Public Finance Group
Tel. 212.553.7241
Fax. • 212.553.3790
j
�el�`
Ze ish to inform you that on October 20, 1997, Moody's Rating Committee assigned
a Aa3 ng o the Downtown Smyrna Development Authority (City of Smyrna Lease) Revenue
Bonds, Seri 1997.
\, �oody's will monitor this rating and reserves the right, in its sole discretion, to revise
or withdraw this rating at any time in the future.
The rating, as well as any revisions or withdrawals thereof, will be publicly
disseminated by. Moody's through normal print and electronic media and in response to oral
requests .to Moody's ratings rdesk.
Enclosed are a Perspective article on Moody's newly. expanded rating scale for public
finance issues and a copy of the Municipal Credit Research report.
Should you have any questions regarding the above, please do not hesitate to contact
me or the analyst assigned to this transaction, Sean O'Brien at (212) 553-4954.
Sincerely,
encs.
cc: Mr. Ed Wall
Knox, Wall Company
3340 Peachtree Rd., N.E. .
Atlanta, GA 30326.,.
i
Ratings Services Steven J. Murphy
25 Broadway Director
New York NY 10004-1064 Public Finance Ratings
Tel 212 208-1806
t Reference No.: 937788
Standard Poor's
A Division of TheMcGraw•HillCompanies
October 20, -1997
Honorable A. Max Bacon
Chairman
Downtown Smyrna Development Authority
1306 Bank Street
P.O. Box 1226
Smyrna, GA 30081
Re: $8,555,000 Downtown Smyrna Development Authority, Georgia, Revell lie Refunding and
Improvement Bonds, Series 1997, dated: October 1,1997, due: February 1, 1998-2020
Dear Mr. Bacon:
Pursuant to your request for a Standard & Poor's ("S&P") rating on the above debt obliga ' ' s, we
have reviewed the information furnished to us and, subject to the terms and conditions the ,
MEMORANDUM OF AGREEMENT on the reverse side hereof, have assigned a rating f `AA-' to
the obligations. S&P views the outlook for this rating over the intermediate to longer t as s e.
In order to maintain ongoing rating surveillance on the obligations, we must receive annual audits ` '
and budgets and for project revenue bonds; progress reports, at least quarterly, to be sent to: .
Standard & Poor's Ratings Services, Secondary Markets'
25 Broadway - Drop Box No. 1, New York, NY 10004-1064
S&P relies on the issuer and its counsel, accountants and other experts for the accuracy and
completeness of the information submitted in connection witli the ratirg _In addition, it`should be.:° "
understood that the rating is not a "market " rating nor a recommendation to buy, hold or sell these -
securities. Please note that the rating, as is the case with all of S&P's municipal ratings, does not
address the likelihood that interest payable on the Bonds may be deemed or declared includable in
the gross income of Bondholders by the relevant authorities at anytime.
In the event that you decide to include this rating in an Official Statement; prospectus or other`
offering literature, we request that you include S&P's definition of the rating together with a
statement that the rating may be changed, suspended or withdrawn as a result of changes in, or
unavailability of, information.
We are pleased to have been of service to you. Our bill for the analytical work performed will be
sent to you in due course. If you have any questions, please contact us.
Very truly yours,
ea
cc: Mr. Edmund J. Wall
Mr. Howard Smith
Mr. Kenneth B. Pollock
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GA)
REVENUE REFUNDING BONDS, SERIES 1997
RATED AA-/Aa3
.........................
Sources and Uses of Funds
Delivery Date: 12/ 9/97
Sources of Funds
PAR AMOUNT OF BONDS ................... $8,215,000.00
+PREMIUM /-DISCOUNT ................... $323,254.10
BOND PROCEEDS ........................................... 8,538,254.10
ACCRUED INTEREST ........................................ 46,881.97
SINKING FUND ACCRUALS (8/1 -- 12/9)..................... 171,237.33
-------------------
$8,756,373.40
Uses of Funds
DEPOSIT TO 1994 ESCROW ..................................
8,133,682.23
UNDERWRITER'S DISCOUNT ..................( 0.650000t)...
53,397.50
BOND COUNSEL ............................( 0.200000%)...
16,430.00
UNDERWRITER'S COUNSEL ....................................
17,500.00
LEGAL OUT-OF-POCKET .....................................
1,000.00
RATING FEES (MOODY'S AND S+P)...........................
20,000.00
PRINTING OF POS/OS/BONDS................................
5,000.00
VALIDATION, DTC, CUSIP..................................
981.70_
PAYING AGENT ............................................
500.00
ESCROW AGENT ............................................
1,500.00
.ESCROW VERIFICATION .....................................
2,000.00
AUDITOR
a
LOCAL COUNSEL
DEPOSIT TO CONSTRUCTION FUND ............................
45000000
ACCRUED INTEREST ........................................
'16:881:97
CONTINGENCY .............................................
7,500.00
------$8,756,373.40
Report prepared by: Knox, Wall & Company
Micro -Muni Sizing Date: 10-29-1997 0 15:23:39 Filename:
SMYRNAD Key: 1997
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY
(GA)
REVENUE REFUNDING
BONDS, SERIES 1997
RATED AA-/Aa3
......................
Bond Production Report
......................
Dated
11/ 1/1997
Delivery
12/ 9/1997
Gross
Date
Principal
Bond Type B/Y
Coupon
Yield $Price
Priced to Call
Production
-------- --------------
2/ 1/98
120,000.00
-----------------
Standard 30
-------
3.7000
---------------
3.7000 100.000
-------------------
--------------
120,000.00
2/ 1/99
30,000.00
Standard 68
4.0000
4.0000 100.000
30,000.00
2/ 1/ 0
35,000.00
Standard 146
4.1000
4.1000 100.000
35,000.00
2/ 1/ 1
35,000.00
Standard 260
4.2000
4.2000 100.000
35,000.00
2/ 1/ 2
35,000.00
Standard 409
4.2500
4.2500 100.000
35,000.00
2/ 1/ 3
40,000.00
Standard 619
4.3500
4.3500 100.000
40,000.00
2/ 1/ 4
40,000.00
Standard 869
4.4000
4.4000 100.000
40,000.00
2/ 1/ 5
40,000.00
Standard 1159
4.5000
4.5000 100.000
40,000.00
2/ 1/ 6
110,000.00
Standard 2066
4.5500
4.5500 100.000
110,000.00
2/ 1/ 7
115,000.00
Standard 3130
4.6500
4.6500 100.000
115,000.00
2/ 1/ 8
125,000.00
Standard 4411
4.7000
4.7000 100.000
125,000.00
2/ 1/ 9
125,000.00
Standard 5818
4.8000
4.8000 100.000
125,000.00
2/ 1/10
130,000.00
Standard 7410
4.9000
4.9000 100.000
130,000.00
2/ 1/11
.145,000.00
Standard 9331
5.0000
5.0000 100.000
"�C
145,000.00
2/ 1/12
150,000.00
Standard 11469
5.0500
5.0500 100.000
150,000.00
2/ 1/13
155,000.00
Standard 13833
5.1000
5.1000 10
155,000.00
2/ 1/14
170,000.00
Standard 16595
5.1500
5.1823 99.643
169,393.10
99.643
VA
184,339.55
2/ 1/16
195,000.00
Standard 23345
1.1500
5.1800
^�.��Q ��
194,303.85
2/ 1/17
1,515,000.00
Standard 52509
5.6000
5.1671 105.216
C
1,594,022.40
2/ 1/18
1,605,000.00
Standard 85010
5.6000
5.179 105.216
1,688,716.80
2/ 1/19
1,695,000.00
Standard 121029.
5.6000
5.190 105.216
1,783,411.20
2/ 1/20
1,420,000.00
Standard 152624
5.6000
5.2001 105.216
1,494,067.20
8,215,000.00
8,538,254.10
Par Amount
81215 000 0
Production
323,254.10
Gross Production
8,538,254.10
103.9349251
Bond Insurance
0.00
0.0000000
Underwriters Discount
0.00
0.0000000
Bid
8,538,254.10
103.9349251
Accrued
46,881.97
Net to Issuer
8,585,136.07
Gross interest Cost
8,400,691.25
-Net Premium
323,254.10
Net Interest Cost
8,077,437.15
N I C
5.2923855
Using
103.9349251
T I C t
5.1487599
From Delivery Date
Arbitrage Yield
5.1487599
Bond Years
152,623.750
Average Coupon
5.504183
Average Life
18.578667
Report prepared by: Knox, Wall & Company
Micro -Muni
Sizing Date: 10-29-1997 a 15:23:57
Filename: SMYRNAD Key: 1997
t
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GA)
REVENUE REFUNDING BONDS, SERIES 1997
RATED AA:/Aa3'
Savings
Report
V
S
-
- - - - - -
- Proposed Debt Service - -
- - - - - -
Prior
W
Cumulative
Date
Principal
Coupon
Interest
Total
Debt Service
Savings
Savings
--------
2/
--------------
1/98
120,000.00
---------- --------------
3.700000
--------------
111,036.25
--------------
231,036.25
----=---------
240,802.50
--------------
56,648.22
-114,589.11
8/
1/98
219,852.50
2/
1/99
30,000.00
4.000000
219,852.50
469,705.00
481,605.00
11,900.00 ,
-102,689.11
8/
1/99
219,252.50
2/
1/ 0
35,000.00
4.100000
219,252.50
473,505.00
481,605.00
8,100.00
-94,589.11
8/
1/ 0
218,535.00
2/
l/ 1
35,000.00
4.200000
218,535.00
472,070.00
481,605.00
9,535.00
-85,054.11
- 8/
1/ 1
217,800.00
2/
1/ 2
35,000.00
4.250000
217,800.00
470,600.00
481,605.00
11,005.00
-74,049.11
8/
1/ 2
217,056.25
2/
1/ 3
40,000.00
4.350000
217,056.25
474,112.50
481,605.00
7,492.50
=66;556.61
8/
1/ 3
216,186.25
2/
1/ 4
40,000.00
4.400000
216,186.25
472,372.50
481,605.00
9,232.50
-57,324.11
8/
1/ 4
215,306.25
2/
1/ 5
40,000.00
4.500000
215,306.25
470,612.50
481,605.00
10,992.50
-46,331.61
8/
1/ 5
214,406.25
2/
1/ 6
110,000.00
4.550000
214,406.25
538,812.50
546,605.00
7,792.50
-38,539.11
8/
1/ 6
211,903.75
_
2/
1/ 7
115,000.00
4.650000
211,903.75
538,807.50
547,250.00
8,442.50
-30,096.61
8/
1/ 7
209,230.00.
2/
1/ 8
125,000.00
4.700000
209,230.00
543,466.00
552,560.'00 ':
9,100.00
-20,996.61
8/
1/ 8
206,292.50
2/
l/ 9
125,000.00
4.800000
206,292.50
537,585.00
547,200.00,
9,615.00
-11,381.61
8/
1/ 9
203,292.50
2/
1/10
130,000.00
4.900000
203,292.50
536,585.00
546,840:00
10,255.00
-1,126.61
8/
1/10
200,107.50
2/
1/11
145,000.00
5.000000
200,107.50
545,215.00
556,145.00
10,930.00
9,803.39
8/
1/11
196,482.50
2/
1/12
150,000.00
5.050000
196,482.50
542,965.00
554,445.00
11,480.00
21,283.39
8/
1/12
192,695.00
2/
1/13
155,000.00
5.100000
192,695.00..
540,390.00
552,410.00
12,020.00
33,303.39
8/
1/13
188,742.50
2/
1/14
170,000.00
5.150000
188,742.50
547,485.00
555,040.00
7,555.00
40,858.39
8/
1/14
184,365.00
2/
1/15
185,000.00
5.150000
184,365.00
553,730.00
562,000.00
8,270.00
49,128.39
8/
1/15
179,601.25
2/
1/16
195,000.00
5.150000
179,601.25
554,202.50
562,955.00
8,752.50
57,880.89
8/
1/16
174,580.00
2/
1/17
1,515,000.00
5.600000
174,580.00
1,864,160.00
1,873,240.00
9,080.00
66,960.89
8/
1/17
132,160.00'
_ 2/
1/18
1,605,000.00
5.600000
132,160.00
1,869,320.00
1,876,550.00
7,230.00
74,196.89
8/
1/18
87,220.00
2/
1/19
1,695,000.00
5.600000
87,220.00
1,869,440.00
1,876,695.00
7,255.00
81,445.89 .
_ 8/
1/19
39,760.00
2/
1/20
1,420,000.00
5.600000
39,760.00
1,499,520.00
1,509,805.00
10,285.00
91,730.89
--------------
8,215,000.00
--------------
8,400,691.25
--------------
16,615,691.25
--------------
16,831,777.50
--------------
91,730.89
ACCRUED
46,881.97
46,881.97
..............
8,215,000.00
..............
8,353,809.28
16,568,809.28
....... =_==...
16,831,777.50
..............
.__..:.._.....
91,730.89
Dated
11/
1/97 with Delivery
of 12/ 9/97
Bond Years
152,623.750
Average
Coupon
5.504183
Average
Life
18.578667
N I
C %
5.292385
% Using 103.9349251
T I
C $
5.148760
From Delivery Date\
Arbitrage
Yield
5.148760
%
N 0
T E
Cumulative
Savings are
Net of the
Initial Transfer Amount of
171,237.33
N 0
T E
Savings on
2/ 1/98 Include Accrued
Interest of
46,881.97
Net
Present Value Savings at: 5.1488% Equals
14,941.79 or
0.1819% of
Par of the Current
Issue
or
0.2072% of
Par of the Prior
Issue
N 0
T E :
Present Value
Savings
are Net of
the Initial Transfer Amount
of 171,237.33
Report prepared by: Knox, Wall & Company
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GA)
REVENUE BONDS (PHASE II), SERIES 1994
------------------------------
Candidates Debt Service Report
..............................
• Delivery Date: 12/ 9/97.
Total
Price of
Cost of Accrued
Total Cost
Date
Principal
Coupon Interest
Revenue
Securities
Securities Interest
of Securities
----------
2/
1/98
----------------------------
182,600.00
--------------
58,155.73
-------------- --------------
240,755.73
--------------
100.000000
--------------
182,600.00
--------------
182,600.00
8/
1/98
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
2/
1/99
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
8/
1/99
42,700.00
198,160.27
240,860.27
100.000000
42,700.00
- 42,700.00
2/
1/ 0
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
8/
1/ 0
42,700.00
198,160.27
240,860.27
100.000000
42,700.00
42,700.00
1/ 1
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
1/ 1
42,700.00
198,160.27
240,860.27
100.000000
42,700.00
42,700.00
1/ 2
42,600.00
198,160.27
240i760.27
100.000000
42,600.00
42,600.00
1/ 2
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
1/ 3
42,700.00
198,160.27
240,860.27
100.000000
42,700.00
42,700.00
8/
1/ 3
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
2/
1/ 4
42,700.00
198,160.27
240,860.27
100.000000
42,700.00
42,700.00
8/
1/ 4
42,600.00
198,160.27
240,760.27
100.000000
42,600.00
42,600.00
2/
1/ 5
7,396,800.00
5.358000 198,160.27
7,594,960.27
100.000000
7,396,800.00
7,396,800.00
--------------
8,133,700.00
..............
--------------
2,832,399.51
..............
--------------
10,966,099.51
..............
-------------- --------------
8,133,700.00
.............. ..............
--------------
8,133,700.00
....... ._.....
----------- SUMMARY INFORMATION --- --------
Escrow Candidates .........................
Weighted Bond Years
54,961.564
Weighted Average Life
6.757265
Debt Service (Principal +
Interest):
Bond Years
65,705.156
Average Life
5.991662
Yield
5.1486823555 t
Adjusted Yield
5.1486823555 %
Yield Limitation
Adjusted Yield
Yield Tolerance
5.1489871000
5.1486823555
-------------
0.0003047445 �
Report prepared by: Knox, Wall & Company
Micro -Muni Refund Date: 10-29-1997 0 14:09:22
Filename: SMYRNAD Key: CBD-1994PART2
DOWNTOWN SMYRNA DEVELOPMENT AUTHORITY (GA)
a REVENUE BONDS (PHASE II), SERIES 1994
............................
Escrow Cash Balancing Report
............................
Delivery Date: 12/ 9/97
Escrow Candidate Purchase Total Cash
Date Requirement . Receipts Receipts Receipts Balance
---------- ---------------------------- ---------------------------- --------------
12/ 9/97 137.99
2/ 1/98 240,802.50 240,755.73 240,755.73 91.22
8/ 1/98 240,802.50 240,760.27 240,760.27 48.99
2/ 1/99 240,802.50 240,760.27 240,760.27 6.76
8/ 1/99 240,802.50 240,860.27 240,860.27 64.53
2/ 1/ 0 240,802.50 240,760.27 240,760.27 22.30
8/ 1/ 0 240,802.50 240,860.27 240,860.27 80.07
2/ 1/ 1 240,802.50 240,760.27 ,240,760.27 37.84
8/ 1/ 1 240,802.50 240,860.27 240,860.27 95.61
2/ 1/ 2 240,802.50 240,760.27 240,760.27 53.38
8/ 1/ 2 240,802.50 240,760.27 240,760.27 11.15
2/ 1/ 3 240,802.50 240,860.27 240,860.27 68.92
8/ 1/ 3 240,802.50 240,760.27 240,760.27 26.69
2/ 1/ 4 240,802.50 240,866.27 240,860.27 84.46
8/ 1/ 4 240,802.50 240,760.27 240,760.27 42.23
2/ 1/ 5 7,595,002.50 7,594,960.27 7,594,960.27
------------------------------------------ --------------
10,966,237.50 10,966,099.51 10,966,099.51
.............. .............. .............. ..............
Report prepared by: Knox, Wall & Company
Micro -Muni Refund Date: 10-29-1997 @ 14:08:58 Filename: SMYRNAD Key: CBD-1994PART2
INTEREST RATE AND YIELD COMPARISON
ISSUER/ISSUE
Downtown Smyrna Dev. Auth.
Revenue Bonds
Series 1997
Downtown Marietta Dev. Auth.
(Cobb County)
Series 1997
Americus -Sumter Cty Hospital
Series 1997
Applied Municipal Network
Generic Aa/AA Insured Scale
TAX STATUS
Bank Qualified
Bank Qualified
Non -Bank Qualified
Non -Bank Qualified
TYPE OF SALE:
Negotiated
Negotiated
Negotiated
Negotiated/Competitive
DATE
10/29/97
10/28/97
10/29/97
10/28/97
SIZE
$8,215,000
$6,040,000
$20,525,000
N/A
UNDERWRITER
Knox Wall
South Trust
SunTrust Capital Markets, Inc.
N/A
RATING/INSURER
Aa/AA-
MBIA
Aaa/AAA
Aaa/AAA
MBIA
Aa/AA
Yield
(Under/Over
Yield
(Under/Over
Yield
(Under/Over
Yield
(Under/Over
1996
-
-
-
1997
-
-
1998
3.70
3.50
0.20
3.75
0.05
1999
4.00
3.85
0.15
3.95
0.05
1
3.95
0.05
2000
4.10
4.00
0.10
4.10
0.00
4.05
0.05
2001
4.20
4.10
0.10
4.20
0.00
4.15
0.05
2002
4.25
4.15
0.10
4.30
0.05
4.25
0.00
2003
4.35
4.25
0.10
4.35
0.00
4.35
0.00
2004
4.40
4.35
0.05
4.45
0.05
4.45
0.05
2005
4.50
4.45
0.05
4.55
0.05
4.55
0.05
2006
4.55
4.50
0.05
4.65
0.10
4.60
0.05
2007
4.65
4.55
0.10
4.75
0.10
4.65
0.00
2008
4.70
4.65
0.05
4.80
0.10
4.75
0.05
2009
4.80
4.75
0.05
4.90
0.10
4.85
0.05
2010
4.90
4.85
0.05
5.00
0.10
4.95
0.05
2011
5.00
4.95
0.05
-
5.05
0.05
2012
5.05
5.05
0.00
5.10
0.05
2013
5.10
5.10
0.00
5.15
0.05
2014
5.15
5.35
5.20
2015
5.15
5.25
2016
5.1
5.18
0.00
5.28
0.10
2017
5.18
5.28
2018
5.20
5.38
5.30
2019
5.20
5.30
2020
5.20
1
5.33
0.13
By: Knox Wall Division of Morgan Keegan & Co., Inc.
October 29, 1997
--FE IVIU111 :lptil
PTO 1 larket
ii®i Data
C .
i .,
TkiT:titi!-0CJ '.i.N{iJ%A.:•:X..::.•.LL.W
On Tuesday, Treasuries offset two days of incredible volatility in yield where
levels'had rallied as much as 29bps in short notes and 21bps in bonds. Munis at
their strongest levels of this morning had under -performed Treasuries by 6-8bps
this week and were threatening to push their percentage relationships to
Treasuries to new highs. But, as Treasuries fell, we saw reluctance of
muni longs to totally capitulate. The end result shows our generic AAA scale
still up about 3-5bps on the week. we have to admit, this 6.302S level on the
Tsy bond is rather pivotal. It has held to this point leaving participants'
hopeful that prices can grind higher tomorrow. But, if there is another selling
assault on the bond with a slid break above 6.30%, 6.380,/6.400, on the bond will
>e the next targets in mind and you will see the scales easily slip 5bps. In
:he mean time, underwriters are bringing deals that are not necessarily coming
Lt any great concession to the market. This seem apparent on the (Baal) NYC
teal where spreads of +45/+50bps to today's AAA adjustments >{Z= seems to
be in keeping with the typical +10bp spreads seen off of NY state appropriated
paper. Last week (Baal) City U's came at +35/+40bp spreads.
E^sletc?srgi1 J d<' a c ` 3tTl l 9 .. nacre 02
"AAA"
PRE RE
INSURED
"AA"
"A"
"BAA"
HOS ELEC HSG
1
1998
3.70
3.80
3.80
3.75
3.85
4.05
3.90 3.90 4.00
2
1999
3.85
3.95
4.00
3.95
4.10
4.20
3
2000
3.95
4.05
4.10
4.05
4.20
4.35
4
2001
4.05
4.15
4.20
4.15
4.30
4.45
5
2002
4.15
4.25
4.30
4.25
4.40
4.60
4.50 4.45 4.55
6
2003
4.25
4.35
4.40
4.35
4.50
4.70
7
2004
4.35
4.40
4.50
4.45
4.60
4.80
8
2005
4.45
4.60
4.55
4.70
4.90
9
2006
4.50
4.65
4.60
4.75
5.00 _
10
2007
4.55
4.70
4.65
4.80
5.05
5.00 5.00 5.05
11
2008
4.65
4.80
4.75
.4.90
5.15
12
2009
4.75
4.90
4.85
5.00
5.25
13
2010
4.85
5.00
4.95
5.10
5.35
14
2011
4.95
5.10
5.05
5.20
5.40 .
15
2012
5.00
5.15
5.10
5.25
5.45
16
2013
5.05
5.20
5.15
5.30
5.50
17
2014
5.10
5.25
5.20
5.35
5.55
18
2015
5.15
5.28
5.25
5.38
5.60
19
2016
5.18
5.30
5.28
5.40
5.63
20
2017
5.18
5.30
5.28
5.40
5.65
5.53 5.50 5.60
21
2018
5.20
5.33
5.30
5.43
5.65
22
2019
5.20
5.33
5.30
5.43
5.65
23
2020
5.23
5.35
5.33
5.45
5.68
24
2021
5.23
5.35
5.33
5.45
5.68
25
2022
5.23
5.35
5.33
5.45
5.68
26
2023
5.23
5.35
5.33
5.45
5.68
27
2024
5.23
5.35
5.33
5.45
5.68
28
2025
5.25
5.38
5.35
5.50
5.70
29
2026
5.25
5.38
5.35
5.50
5.70
30
2027
5.25
5.38
5.35
5.50
5.70
5.60 5.58 5.70
Bloomberg -all
rights reserved. Frankfurt:69-920410
Hong Kong:2-521-3000
London:171-330-7500 New York: 212-318-2000
Princeton:609-279-3000
Singapore:226-3000
Sydney:2-9777-8600
Tokyo:3-3201-8900 Sao Paulo:11-3048-4500
G261-377-14 29-Oct-97 8:00:04
OCT-28-97 TUE 12:26 SOUTHTRUST SECURITIES FAX NO. 8535627 P.01
9S 5C 13
10-28-1997 DOWNTOWN MARIETTA DEV AU GA
9:30 AM REF REV S1997
South Trust Securities
Int From: 10/ 1/1997 First Coup: 1/ 1/1998 Del Date: 11/13/1997
Pal'
GAS
gQi
1st Call Dt
Call
Maturity Amount
Owl,l Bond-Yrs.Coupon
Yield Price PTC? or PTC Date
Price
01/01/98
66516i
166,250
4.500
3.500
100.125.
01/(11/99
635ALJ
793,750
4.500
3.850
100.709 - y�
1-7 01/00
6554C5
1,473,750
4.500
4.000
101.008
0 '01/01
140140
455,000
4.500
4.100
101.160
1 01/02
145145
616,250
4.500
4.150
101.312
01/01/03-
-1591to
787,500
4.500
4.250
101.137
01/01/04
160.
1,000,000
4.500
4.350
100.795
01/01/05
16530
1,196,250
4.500
4.450
100.297
01/01/06
17530
1,443,750
4.500
4.500'100.000
01/01/07
18011�
1,665,000
4.500
4.550
99.624
01/01/08
185
1,896,250
4.600
4.650
99,594
01/01/09
200100
2,250,000
4.700
4.750
99.566
01/01/10
205y0i
2,511,250
.4.800
4.850:
99.539
01/01/11
2151(
2,848,750
4.900
--4.950
.99.515
01/01/12
22524�
3,206,250
5.000
5.050
99.493
01/01/13
-240o
31660,000
5.000
5.100
98.948
01/01/14
2500
4,062,500
5.000
5.150:.98.363
01/01/15
260Z63r
4,485,000.
5.000
5.150
98'.299
01/01/16
275Z,60
5,018,750
5.000
5.180
97.893
01/01/17
2902fio
5,582,500
5.000
5.180,
97.824
01/01/18 , 305 1$0 6,176,250 5.006
01/01/19 3203U6,800,000 -5_000
-------
--
TOTAL 6;040 �58,095,000 4.879
/ $`
Par Amount = $
Gross Prod = $
Bid = $
Spread = $
Accrued Int= $
Acc :Int/Day= $
Value .05% = $
$Total
6,040,000.00
6,014,611.90
5,979,600.00
35,011.90
33,213.25
790.79
20,083.50
Per $1000
Par Value
995.79657
990. 00
.79�
5.4989
0.1309
3.3251
5.200 97.515
=-5,200 97.447
4.959 O \ \<J%
So ��
Per $100 0
Par. Valu
.s-
.5797
9.0000
0.5797
0.5499
0.0131
0.3325
Avg :Life = 9 Years, 7 Months, 13 Days or 9.6184 Years
***x*****Xkx NIC CALCULATION ********************** BID SUMMARY ***********
s Total Bond Years:
58,095.00
x Gress Interest Cost:
$ 2,834,556.25
*
Dollar Bid = $ 5,979,600.00
* Less Premium:
$ 0.00
*
Discount
= $
60,400.00
* or Plus Discount:
$ 60,400.00
*
X
* Net. Interest Cost: $
2,994,956.25
*
NIC% =
4.983142
*$1 of Spread = 0.0104
TO ITIC
x
TIC% =
5.006482
tv�Dated Date
*.01 of NIC= 0.9618 to
Spread(Per 1000)
*
TIC% =
5.009932
to Delivery
Oct-29-97 09:47A ASSET PRESERVATION 404 364-2089 P.01
10/29/97 89:49:29 Via Fax -> 484 364 2%9 HER 6tWDS
10/29/97 10:33 'a404 724 3709 STCY • Page 001
' ' IZ 002
SUNTRUST CAPITAL MARKETS, INC. LEE EGAN
SCALS SHEET `OFFICIAL. PRICING' Ph: (404) 588-8152
Fax (404) 724-3709
Amount: $20,525 Issuer. AMERICUS-SUMTER CO, GA
Purpose/Obligator: HOSPITAL AUTWRITY
�Ratin s : A2alNR Dated: 10/01/97 Maturity: 12/01 Firza Cpn: 12101/97
Insurance : AMBAC Orders until 1:00 Exl3. Del: 11/19/97
DatoMme of Sale: Wednesday - 10/29t97 NEGOTIATED -