https://sleepyhollow.localarchives.org/files/original/1f2ec132d360f558da7cac866f130cc3.pdf e4e81eea4e0c03775073faa477ef453c PDF Text Text ~ Meeting Date: 08/23/2016 Resolution: 08/120-A/2016 REFUNDING BOND RESOLUTION OF THE VILLAGE OF SLEEPY HOLLOW, COUNTY OF WESTCHESTER, STATE OF NEW YORK, ADOPTED AUGUST 23, 2016, AUTHORIZING THE REFUNDING OF ALL OR A PORTION OF CERTAIN OUTSTANDING SERIAL BONDS OF SAID VILLAGE, STATING THE PLAN OF REFUNDING, AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $3,335,000 REFUNDING SERIAL BONDS OF THE VILLAGE, AND MAKING CERTAIN OTHER DETERMINATIONS ALL RELATIVE THERETO. WHEREAS, the Village of Sleepy Hollow, located in Westchester County, State of New York (the "Village") previously issued $5,326,070 principal amount of Public Improvement Serial Bonds, Series 2007A (the "Refunded Bonds") pursuant to a certificate of determination of the Village Treasurer of the Village (sometimes referred to herein as the "Chief Fiscal Officer"), dated August 15, 2007, which Refunded Bonds are dated August 15, 2007 and matured or mature in annual installments on August 15 in each of the years 2008 to 2024, inclusive, as follows: ~ $216,070 in the year 2008, $225,000 in the year 2009, $235,000 in the year 2010, $245,000 in the year 2011, $255,000 in the year 2012, $270,000 in the year 2013, $280,000 in the year 2014, $295,000 in the year 2016, $305,000 in the year 2016, $320,000 in the year 2017, $335,000 in the year 2018, $350,000 in the year 2019, $365,000 in the year 2020, $380,000 in the year 2021, $400,000 in the year 2022, $415,000 in the year 2023, $435,000 in the year 2024; and WHEREAS, the Refunded Bonds were authorized pursuant to a serial bond resolutions duly adopted by the Board of Trustees of the Village for the objects or purposes described therein and as set forth in Exhibit A attached hereto and delegated to the Chief Fiscal Officer the power to prescribe the terms, form and contents of and to sell and deliver such serial bonds of the Village; and WHEREAS, $3,000,000 aggregate principal amount of the Refunded Bonds currently remain outstanding and unredeemed as of the date hereof; and �t-\ WHEREAS, it is hereby detennined to be in the public interest of the Village to refund all or a portion of the said outstanding $3,000,000 aggregate principal amount Refunded Bonds maturing in 2017 and thereafter by the issuance of the refunding bonds authorized herein pursuant to Section 90.10 of the Local Finance Law; and WHEREAS, such refunding will only be undertaken if it results in present value savings in debt service as required by Section 90.10 of the Local Finance Law; NOW THEREFORE, THE BOARD OF TRUSTEES OF THE VILLAGE OF SLEEPY HOLLOW, NEW YORK, HEREBY RESOLVES (by the favorable vote of two-thirds of all the members of said Board of Trustees), AS FOLLOWS: ~ Section 1. For the purpose of refunding the outstanding principal balance of the Refunded Bonds as more fully set forth in the Refunding Financial Plan (hereinafter defined), including providing moneys which, together with the interest earned from the investment of certain of the proceeds of the refunding bonds herein authorized shall be sufficient to pay: (i) the principal amount of the Refunded Bonds; (ii) the aggregate amount of the unmatured interest payable on the Refunded Bonds to and including the date on which any series of the Refunded Bonds which are callable are to be redeemed prior to their respective maturities in accordance with the Refunding Financial Plan (as hereinafter defined) attached hereto as Exhibit B and made a part of this resolution; (iii) the costs and expenses incidental to the issuance of the refunding bonds hereinafter authorized, including without limitation, the development of the Refunding Financial Plan, costs and expenses of executing and performing the tenns and conditions of the Escrow Contract (as hereinafter defined), and any securities supply contract, the premium with respect to any bond insurance policy or policies acquired with respect to the Refunding Bonds (as defined below), discount or compensation of underwriters, fees of bond counsel and financial advisors, rating agency fees, printing and service agency fees and expenses, and fees and charges of the Escrow Holder (as hereafter described); and (iv) the redemption premium, if any, to be paid on any series of the Refunded Bonds which are to be called prior to their respective maturities; there are hereby authorized to be issued in one or more series not exceeding $3,335,000 aggregate principal amount of refunding serial bonds of the Village pursuant to the provisions of Section 90.10 of the Local Finance Law (the "Refunding Bonds"), it being anticipated that the amount of Refunding Bonds actually to be issued will be approximately $2,780,000 as provided in Section 4 hereof. The proposed principal amounts and dates of maturity of such Refunding Bonds are set forth in the Refunding Financial Plan attached hereto. Section 2. It is hereby detennined pursuant to Section 90.10 that: (a) the maximum amount of the Refunding Bonds authorized to be issued pursuant to this resolution does not exceed the limitation imposed by subdivision 1 of paragraph (b) of Section 90.10 of the Local Finance Law with respect to each series of the Refunded Bonds; (b) the maximum period of probable usefulness pennitted by law at the time of the issuance of the Refunded Bonds for the objects or purposes for which the Refunded Bonds were issued is as shown in Exhibit A attached hereto; �r-"\ (c) the last installment of the Refunding Bonds will mature not later than expiration of the maximum period of probable usefulness of the objects or purposes for which the Refunded Bonds were issued, or in the alternative, the weighted average remaining period of probable usefulness of the objects or purposes (or classes of objects or purposes) financed with the Refunded Bonds, in accordance with the provisions of Section 90.10(c)(1) of the Local Finance Law; (d) the estimated present value of the total debt service savings anticipated as a result of the issuance of the Refunding Bonds, computed in accordance with subparagraph (a) of subdivision 2 of paragraph b of Section 90.10 of the Local Finance Law is as shown in the Refunding Financial Plan described in Section 4 hereof, subject to changes in market interest rates; Section 3. (a) The Village Treasurer is hereby authorized and directed to enter into an escrow contract (the "Escrow Contract") with a bank or trust company located and authorized to do business in the State of New York as the Village Treasurer shall designate (the "Escrow Holder") for the purpose of having the Escrow Holder act, in connection with the Refunding Bonds, as the escrow holder to perform the services described in Section 90.10 of the Local Finance Law. In addition, the Escrow Contract may include a forward supply or purchase contract or agreement as part thereof or as a separate agreement for the provision of acquiring obligations of the United States of America or unconditionally guaranteed by the United States of America or other obligations or instruments qualified under Section 90.10 of the Local Finance Law or may be necessary for the completion of the Refunding Financial Plan. The Escrow Contract shall contain such terms and conditions as shall be necessary or required, including terms and conditions required for the completion of the Refunding Financial Plan, including provisions for the Escrow Holder, without further authorization or direction from the Board of Trustees of the Village, except as otherwise provided therein, including, without limitation, (i) to make all required payments of principal, interest and any redemption premiums to appropriate paying agents with respect to the Refunded Bonds, (ii) to pay costs and expenses incidental to the issuance of the Refunding Bonds, including the development of the Refunding Financial Plan, and of executing and performing the terms and conditions of the Escrow Contract by the Escrow Holder, (iii) at the appropriate time or times, to cause to be given on behalf of the Village in the manner provided by law the notice of redemption authorized to be given pursuant to Section 7 hereof, and (iv) to invest the moneys held by the Escrow Holder pursuant to the terms of the Escrow Contract and consistent with the provisions of the Refunding Financial Plan. The Escrow Contract shall be irrevocable and shall constitute a covenant with the owners of the Refunding Bonds. (b) The proceeds, inclusive of any premium, from the sale of the Refunding Bonds, immediately upon receipt, shall be placed in escrow by the Village with the Escrow Holder pursuant to the terms of the Escrow Contract. All moneys held by the Escrow Holder shall be invested only in direct obligations of the United States of America, in obligations the principal of and interest on which are unconditionally guaranteed by the United States of America or in obligations or instruments qualified under Section 90.10 of the Local Finance Law, which obligations or instruments shall mature or be subject to redemption at the option of the Escrow Holder not later than the respective dates when such moneys will be required to make payments in accordance with the Escrow Contract and the Refunding Financial Plan. Any such moneys remaining in the custody of the Escrow Holder after the performance in full of the Escrow Contract by the Escrow Holder shall be returned to the Village and shall be applied by the Village Treasurer to the payment of the �~ principal of or interest on the Refunding Bonds then outstanding, to the payment of any amounts required to be paid to the United States of America in connection with the refunding of the Refunding Bonds or to the payment of or reimbursement for the costs of issuance or other administrative costs incurred in connection with the issuance of the Refunding Bonds. In connection with the investment of moneys held by the Escrow Holder under the Escrow Contract, the Village Treasurer is authorized to execute on behalf of the Village any forward purchase or supply contract for the purchase or supply of the securities described in this subsection (b) at a date subsequent to the delivery of the Refunding Bonds, as is needed to accomplish the purposes of the Refunding Financial Plan. Section 4. The fmancial plan for the refunding authorized by this resolution (the "Refunding Financial Plan"), showing the sources and amounts of all moneys required to accomplish such refunding, the estimated present value of the total debt service savings and the basis for the computation of the aforesaid estimated present value of total debt service savings, is set forth in Exhibit B attached hereto and made a part hereof. The Refunding Financial Plan has been prepared based upon the assumption that the Refunding Bonds will be issued in the aggregate principal amount of $2,780,000 and will mature, be of such tenns, and bear such interest as set forth in the Refunding Financial Plan. The Board of Trustees of the Village recognizes that the principal amount of the Refunding Bonds, the series, maturities, tenns, interest rate or rates borne by the Refunding Bonds, the provisions for redemption thereof prior to maturity and whether or not all of the Refunding Bonds will be insured, and the resulting present value savings are likely to vary from such assumptions and that the Refunding Financial Plan will likely vary from that attached hereto as Exhibit B. The Village Treasurer is hereby authorized and directed to detennine the principal amount of the Refunding Bonds to be issued, the series and designation or designations thereof, the time or times of the sale thereof, the maturities and tenns thereof, the provisions relating to the redemption of the Refunding Bonds prior to maturity, if any, the rate or rates of interest to be borne thereby, whether or not the Refunding Bonds will be insured in whole or in part or uninsured, and to prepare, or cause to be provided, a final Refunding Financial Plan, all in accordance herewith, and all powers in connection therewith may be exercised by the Village Treasurer; provided, that the tenns of the Refunding Bonds to be issued, including the rate or rates of interest borne thereby, shall comply with the requirements of Section 90.10 of the Local Finance Law. The Village Treasurer shall file a copy of a certificate detennining the details of the Refunding Bonds and the final Refunding Financial Plan with the Village Clerk within ten (10) days after the delivery of the Refunding Bonds, as herein provided. Section 5. The faith and credit of the Village are hereby irrevocably pledged to the payment of the principal of and interest on the Refunding Bonds as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient to pay the principal of and interest on the Refunding Bonds becoming due and payable in such year. To the extent that the same are not paid from other sources, there shall be annually levied on all the taxable real property in the Village a tax sufficient to pay the principal of and interest on the Refunding Bonds as the same become due and payable, subject to applicable statutory limitations imposed by Chapter 97 of the Laws of 20 11 of the State. Section 6. Proceeds from the sale of the Refunding Bonds, including any accrued interest and, together with interest earned thereon, which shall be required for the payment of the principal �~ of and interest on the Refunded Bonds, including any redemption or call premiums, in accordance with the Refunding Financial Plan, shall be irrevocably committed and pledged to such purpose and the owners of the Refunded Bonds shall have a lien upon such moneys and the investments thereof held by the Escrow Holder. The pledge and lien provided by this resolution shall become valid and binding upon the issuance of the Refunding Bonds and the moneys and investments held by the Escrow Holder shall immediately be subject thereto without any further act. Such pledge and lien shall be valid and binding against all parties having claims of any kind in tort, contract, equity, at law or otherwise against the Village irrespective of whether such parties have notice thereof. Neither this resolution, the Escrow Contract, nor any other instrument relating to such pledge and lien, needs to be filed or recorded. Section 7. In accordance with the terms of the Refunded Bonds and the provisions of Section 53.00 and of paragraph (h) of Section 90.10 of the Local Finance Law, the Village hereby elects to call in and redeem each Refunded Bond, which the Village Treasurer shall determine to be refunded at the earliest call date available. The sum to be paid therefor on such redemption date shall be the par value thereof plus the redemption premium, if any, and the accrued interest to such redemption date. The Escrow Holder is hereby authorized and directed to cause notice of such call for redemption to be given in the name of the Village in the manner and within the times provided in the issuance proceedings for the Refunded Bonds. Such notice of redemption shall be in substantially the form attached to the Escrow Contract. Upon the issuance of the Refunding Bonds, the election to call in and redeem the Refunded Bonds and the direction to the Escrow Holder to cause notice thereof to be given as provided in this paragraph shall become irrevocable, provided that this paragraph may be amended from time to time as may be necessary in order to comply with the notice requirements of paragraph (a) of Section 53.00 of the Local Finance Law, or any successor law thereto. It is hereby determined that with respect to the series of Refunded Bonds to be called in and redeemed as provided in this Section 7, it is to the financial advantage of the Village not to charge, impose and collect or receive from registered owners of the Refunded Bonds mailing, shipping, insurance or other similar charges in connection with such redemption or calls. Accordingly, pursuant to paragraph (c) of Section 70.00 of the Local Finance Law, no such charges shall be so charged, collected or received by the Chief Fiscal Officer, as fiscal agent. Section 8. The Refunding Bonds shall be sold at a public sale using a notice of sale, or at the election of the Village Treasurer, at a private sale by negotiation, in either case to a purchaser (the "Purchaser") for a purchase price to be determined by the Village Treasurer, plus accrued interest from the date of the delivery of and payment for the Refunding Bonds, subject to the approval of the terms and conditions of such sale by the State Comptroller as may be required by subdivision 2 of paragraph f of Section 90.10 of the Local Finance Law. If sold at a public sale, the Village Treasurer is hereby authorized to conduct such public sale in accordance with the provisions of the Local Finance Law and all other applicable statutes and regulations, and to make all final decisions with respect to or arising out of such public sale. After the Refunding Bonds have been duly executed, they shall be delivered by the Village Treasurer to the Purchaser in accordance with the notice of sale or a purchase contract between the Village and the Purchaser, which shall be in form and substance satisfactory to the Village Treasurer. ~ Section 9. The Board of Trustees of the Village hereby appoints the law firm of The Law Offices of Jeffrey E. Storch, of New York, New York, as bond counsel in connection with the �~ issuance and sale of the Refunding Bonds. The Board of Trustees of the Village hereby appoints the firm of Capital Markets Advisors, LLC of Hopewell Junction, New York, as financial advisor in connection with the issuance and sale of the Bonds. The Board of Trustees of the Village is hereby authorized to appoint an Escrow Holder, as that term is referred to herein, at a future date. Section 10. Each of the Refunding Bonds authorized by this resolution shall contain the recital of validity prescribed by Section 52.00 of the Local Finance Law and the Refunding Bonds shall be general obligations of the Village, payable as to both principal and interest by a general tax upon all the taxable real property within the Village, subject to applicable statutory limitations imposed by Chapter 97 of the Laws of 20 11 of the State. Section 11. The Village Treasurer, pursuant to Sections 50.00, 90.00, 90.10 and 168.00 of the Local Finance Law, and all other officers, employees and agents of the Village are hereby authorized and directed for and on behalf of the Village to execute and deliver all certificates and other documents, perform all acts and do all things required or contemplated to be executed, performed or done by this resolution or any document or agreement approved hereby, including to correct or amend the documents and certificates authorized to complete the transactions contemplated by this resolution. Section 12. All other matters pertaining to the terms, issuance and sale of the Refunding Bonds consistent with the provisions of Section 90.10 of the Local Finance Law shall be determined by the Village Treasurer and the powers in connection therewith not otherwise heretofore delegated thereto are hereby delegated to the Village Treasurer. Section 13. The Village Treasurer is further authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the Refunding Bonds as excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code") and, if applicable, to designate the Refunding Bonds authorized by this resolution as "qualified tax-exempt obligations" in accordance with Section 265 of the Code. Section 14. For the benefit of the holders and beneficial owners from time to time of the obligations, the Village agrees, in accordance with and as an obligated person with respect to the obligations under, Rule 15c2-12 promulgated by the Securities Exchange Commission pursuant to the Securities Exchange Act of 1934 (the "Rule"), to provide or cause to be provided such financial information and operating data, financial statements and notices, in such manner, as may be required for purposes of the Rule. In order to describe and specify certain terms of the Village's continuing disclosure agreement for that purpose, and thereby to implement that agreement, including provisions for enforcement, amendment and termination, the Village Treasurer is authorized and directed to sign and deliver, in the name and on behalf of the Village, the commitment authorized by subsection 6(c) of the Rule (the "Commitment"), to be placed on file with the Village Clerk, which shall constitute the continuing disclosure agreement made by the Village for the benefit of holders and beneficial owners of the obligations in accordance with the Rule, with any changes or amendments that are not inconsistent with this resolution and not substantially adverse to the Village and that are approved by the Village Treasurer on behalf of the Village, all of which shall be conclusively evidenced by the signing of the Commitment or �~ ~ amendments thereto. The agreement formed collectively by this paragraph and the Commitment, shall be the Village's continuing disclosure agreement for purposes of the Rule, and its performance shall be subject to the availability of funds and their annual appropriation to meet the costs the Village would be required to incur to perform thereunder. The Village Treasurer of the Village is further authorized and directed to establish procedures in order to ensure compliance by the Village with its continuing disclosure agreement, including the timely provision of information and notices. Prior to making any filing in accordance with the agreement or providing notice of the occurrence of any material event, the Village Treasurer of the Village shall consult with, as appropriate, the Village Attorney and bond counselor other qualified independent special counsel to the Village. The Village Treasurer of the Village, acting in the name and on behalf of the Village, shall be entitled to rely upon any legal advice provided by such Village Attorney or bond counselor other qualified independent special counsel in determining whether a filing should be made. Section 15. When this refunding bond resolution takes effect, the Village Clerk shall cause the same, or a summary thereof, to be published together with a notice in substantially the form prescribed by Section 81.00 of the Local Finance Law in The Journal News, a newspaper having a general circulation in the Village. The validity of the Refunding Bonds authorized by this bond resolution may be contested only if such obligations are authorized for an object or purpose, or class of object or purpose, for which the Village is not authorized to expend money, or the provisions of law which should have been complied with as of the date of publication of this bond resolution, or such summary thereof, were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty (20) days after the date of such publication, or if such obligations are authorized in violation of the provisions of the Constitution of the State of New York. Section 16. In the absence or unavailability of the Village Treasurer, the Deputy Village Treasurer is hereby specifically authorized to exercise the powers delegated to the Village Treasurer. Section 17. The Village hereby determines that the issuance of the Refunding Bonds is a Type II action that will not have a significant effect on the environment and, therefore, no other determination or procedures under the State Environmental Quality Review Act ("SEQR") are required. Section 18. This bond resolution shall take effect immediately upon its adoption by the Board of Trustees of the Village. Moved: Trustee Scaglione Seconded: Trustee Gebler Vote: Unanimous �EXHIBIT A DESCRIPTION OF CAPITAL IMPROVEMENTS FINANCED WITH THE PROCEEDS OF THE REFUNDED BONDS $5,326,070 Public Improvement Serial Bonds, Series 2007A Object or Purpose Machinery and Apparatus Police Equipment Fire-Fighting Equipment Ambulance Acquisition Street Reconstruction Park Improvements Water System Improvements Sewer System Improvements Parking Improvements Fire Truck Senior Center Planning Improvements Storm Drain Improvements Recodification of Laws Various 5-year projects Various 10-year projects Various 15-year projects Various 20-year projects Period of Probable Usefulness 15 years 5 years 20 years 10 years 15 years 15 years 40 years 40 years 10 years 20 years 25 years 5 years 40 years 3 years 5 years 10 years 15 years 20 years �EXIDBITB REFUNDING FINANCIAL PLAN ~. �Village of Sleepy Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 2016 Prevailing 'A' Rates plus 25 bps - 08.02.1 6 Refunding Summary Part 1 of 2 Dated 10115120161 Delivered 1011512016 Sources Of Funds Par Amount of Bonds Rco fTcring Premium $2,780,000.00 395,371.75 Total Sources 53, 175,371.75 Uses Of Funds TOlal Underwriters Discount (0.750%) Costs of Issuance Deposit to Net Cash Escrow Fun d Rounding A mount Tolal Uses 20,850 .00 70,000 .00 3.0 77. 104 .69 7.4 17.06 53 ,175,371.75 Flow of Funds Detail State and Local Government Series (S LGS) rales for Dale orOMP Cand idates Net Cash Escrow Fund Solution Method Total Cost of Investments Interest Earnings @ 0.418% Total Draws 71271201 6 Net Funded $3,077, I 04 .69 6,386 .98 53 ,083 ,49 1. 67 Issues Refunded And Call Dates 2007 Bonds 4115120 17 PV Analysis Summary (Net to Net) Net PV Cash fl ow Savings @ i .6 14%(AIC) Contingency or Rounding Amount Net Present Value Bcnclit Net py Benefit I $3 ,000,000 Refunded Principal Net PV Benefit I S2 ,780,000 Refunding Prin cipal 17 1, 199.39 7,41 7.06 $ 178,6 16.45 5.954% 6.425% 2016 Potential Refunding I 2007 Bonds I 8/2120 16 I 11:29 AM Capital Markets Advisors, LLC Independent Financial Advisors Page 1 �Village of Sleepy Hollow Westchester County, New York $2,780,000 Refundin g Serial Bonds, Series 2016 Prevailing 'A' Rates plus 25 bps - 08.02.16 Refunding Summary Part 2 of 2 Dated 10115/20161 Delivered 10115/2016 Bond Statistics Average Life _ Average Coupon Net Interest Cost (N IC) Bond Y ield for Arb itrage Purposes True Interest Cost (TIC) All Inclus ive Cost (A IC) 4.600 Years 4.8664624% 1.9374602% 1.6 138523 % 1.7702838% 1.6 138523 % 20 16 Potential Refunding I 2007 Bonds I a12/20t6 I 11 :29 AM Capital Markets Advisors, LLC Independent Financial Advisors Page 2 �Village of Slee y Hollow Westchester County, New York $2,780,000 Refunding Seri al Bonds, Series 20 16 Prevai ling 'A' Rates plus 25 bps - 08.02.16 Debt Service Schedule Date 02115120 17 081 15120 17 021 15120 18 081 15120 18 02115120 19 081 15120 19 021 1512020 0811512020 021 1512021 081 151202 1 0211512022 081 1512022 Principal Coupon 290.000.00 4.000% 305.000.00 4.000% 320.000.00 4.000% 335.000.00 5.000% 350.000.00 5.000% 375.000.00 5.000% 390.000.00 5.000% 4 15.000.00 5.000% 5.000% 0211512023 0811512023 021 1512024 081 1512024 0211512025 Tolul $2,780,000.00 Interest Total P+I 43.283.33 64.925.00 59. 125.00 59. 125.00 53.025.00 53.025.00 46.625.00 46.625.00 38.250.00 38.250.00 29.500.00 29.500.00 20.125.00 20. 125.00 10,375.00 10.375.00 43.283.33 354.925.00 59. 125.00 364.125.00 53.025.00 373.025.00 46.625.00 381.625.00 38.250.00 388.250.00 29.500.00 404 .500.00 20.125.00 4 10.1 25.00 10.375.00 425.375.00 $622,258.33 $3,402,258.33 Yield Statistics Bond Ycar Dollars Average Life Average Coupon Net Interest Cost (N IC) Tnlc Interest Cost (T IC) Bond Yield for Arbitrage Purposes All Incl usive Cost (Ale) 5 12.786.67 4.600 Years 4.8664624% 1.9374602% 1.7702838% 1.6 138523% 1.6138523% IRS Form 8038 Net 1r1lcrCSI Cost Weighted Average Maturity 1.5102337 % 4.73 1 Years 20 16 Potential Refunding I 2007 Bonds I 812120 16 I 11:29 AM - Capital Markets Advisors, LLC Independent Financial Advisors Page 3 �Village of Sleepy Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 20 16 Prevailing 'A' Rates plus 25 bps - 08.02.16 Debt Service Comparison Date Total P+I Net New DIS Old Net DIS Savings 05/31/20 17 05/31/2018 05/3 1/20 19 05/3 1/2025 43.283.33 4 14.050.00 4 17. 150.00 4 19.650.00 419.875.00 4 17.750.00 424.625.00 420.500.00 425.375.00 43.283.33 414.050.00 4 17. 150.00 4 19.650.00 4 19.875.00 4 17.750.00 424.625.00 420.500.00 425.375.00 62.618.75 437 .237.50 437.537.50 438.837 .50 439.537.50 439.400.00 443.3 12.50 441.503. 13 443.97 1.88 19.335.42 23.187.50 20.387.50 19. 187.50 19.662.50 21.650.00 18.687.50 21.003.13 18.596.88 Total $3,402,258.33 $3,402,258.33 $3,583,956.26 $181 ,697.93 0513 112020 05/3 11202 1 05/3 1/2022 05/3 112023 05/3 112024 PV Anal ysis Summary (Net to Net) Gross PV Debt Service Savings 171. 199.39 Net PV Cashnow Savings @ 1.6 14%(A 1C) 17 1. 199.39 Contingency or Rounding A mount Net Present Value Benefit Net PV Benefi t ! $),000.000 Refunded Princ ipa l Net PV Benefit ! 52.780.000 Refund ing Principal 7.4 17.06 5 178.6 16.45 5.954 % 6.425 % Refun ding Bond Informati on Refunding Dated Dale Refunding Delivery Dale 10/ 15/20 16 10/ 15/20 16 2016 Potential Refunding I 2007 Bonds I 8J 2120 16 I 11 :29 AM Capital Markets Advisors, LLC Independent Financial Advisors Page 4 �Village of Sleepy Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 2016 Prevai ling 'A' Rates plus 25 bps - 08.02.16 Pricing Summary Type of Bond Maturity 08/1 5/20 17 08/ 15120 18 08/ 15120 19 08/ 15/2020 08/ 151202 1 08/ 1512022 08/1 512023 08/ 15/2024 Seri al Coupon Serial Coupon Serial Coupon Serial Coupon Serial Coupon Serial Coupon Seria l Coupon Seria l Coupon Coupon Yield Maturity Value Price Dollar Price 4.000% 4.000% 4 .000% 5.000% 5.000% 5.000% 5.000% 5.000% 0.890% 0.980% 1. 090% 1.290% 1.450% 1.640% 1.790% 1.960% 290.000.00 305.000.00 320.000.00 335.000.00 350.000.00 375.000.00 390.000.00 4 15.000.00 102.575 % 105.473 % 108.096% 11 3.83 1% 116.5 11 % 118.6 17% 120.558% 12 1.974% 297.467 .50 32 1.692.65 345.907.20 38 1.333. 85 407.788.50 444.813.75 470. 176.20 506. 192. 10 Total $2,780,000.00 $3, 175,37 1.75 Bid Information Par Amount of Bonds Rcoffc ring Premium or (Discount) Gross Production Total Underwriter's Discount (0.750%) Bid (1 13.472%) Total Purchase Price $2.780.000.00 395.37 1.75 $3. 175.371.75 5(20.850.00) 3. 154.52 1.75 $3. 154.521.75 Bond Ycar Dollars Average Life A \lcragc Coupon 5 12.786.67 4 .600 Years 4.8664624% Net Interest Cost (N IC) True Interest Cost (TIC) 1.9374602% 1.7702838% 20 16 Potential Refunding I 2007 Bonds I 81212016 I 11:29 AM - Capital Markets Advisors, LLC Independent Financial Advisors Page 5 �Village of Slee y Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 20 16 Prevai ling 'A' Rates plus 25 bps - 08.02.16 Proof Of Bond Yield @ 1.6138523 % Cashflow PV Factor Present Value Cumulative PV 081151202 1 0211512022 08115/2022 021 1512023 0811512023 021 15/2024 08/ 1512024 43.283.33 354.925.00 59. 125.00 364. 125.00 53.025.00 373.025.00 46.625.00 38 1.625.00 38.250.00 388.250.00 29.500.00 404.500.00 20. 125.00 410. 125 .00 10.375.00 425.375.00 1.0000000, 0.9946564, 0.9866945, 0.9787963, 0.9709614, 0.963 1892x 0.9554792x 0.9478309x 0.9402438x 0.9327 175, 0.9252514, 0.9 I 78450x 0.9 I 04980x 0.9032098x 0.8959799x 0.8888078x 0.8816932, 43.052.04 350,202.55 57.87 1.33 353.551.32 51.073. 11 356.4 17.62 44.192 .6 1 358.820.54 35.676.44 359.228.84 27.076.43 368.296.44 18. 177. 10 367.463.74 9.22 1.38 375.050.25 43.052 .04 393.254.59 45 1.1 25.93 804.677.25 855.750.35 1.212. 167 .97 1.256.360.59 1.615. 18 1.1 3 1.650.857.57 2.010.086.41 2.037. 162.84 2.405.459.28 2.423.636.38 2.79 1. 100.11 2.800.32 1.50 3. 175.37 1. 75 Total S3,402,258.33 Date 10/ 15/20 16 021 15120 17 08115120 17 0211512018 08115/2018 02115/2019 08115/2019 0211512020 081 1512020 021151202 1 $3, 175,37 1.75 Derivation Of Target Amount Par Amount of Bonds Rcoffcring Premium or (D iscount) S2 .780.OOO.00 395.37 1.75 Original Issue ProcCf.:ds S3. 175.37 1.75 2016 Potential Rofunding I 2007 Bonds I 812120 16 I 11 :29 AM ~ Capital Markets Advisors, LLC Independent Financial AdvIsors Page 6 �Village of Sleepy Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 20 16 Prevai ling 'A' Rates plus 25 bps - 08.02.16 Escrow Fund Cashflow Date Principal 10/15/2 0 16 02/ 15120 17 04115/20 17 62.545.00 3.0 14.559.00 Total $3,077,104.00 Rate 0.350% 0.420% Interest Receipts Disbursements 73.76 6.313.22 0.69 62.618.76 3.020.872.2 2 62.618.75 3.020.872.92 $6,386.98 $3,083,491.67 $3,083,491.67 Cash Balance 0.69 0.70 Investment Parameters Invcstment Model [PV. GIC, or Sccurit ies] Default investment yield target Cash Deposit Cost of In vestmen ts Purchased with Bond Proceeds Tota l COSI o f In vestments 0.69 3.077. 104.00 $3.077. 104.69 Target Cost of In vestments at bond yield Actua l positive or (negative) arbitrage $3.058.975.97 ( 18. 128.72) Yield to Receipt Yield for Arbitr:lgc Purposes State and Loca l Government Serics (SLGS) rates for - Securities Bond Yield 0.4 179625% 1.61 38523% 7127/20 16 2016 Po.ential Refun ding I 2007 Bonds I 812/2016 I 11 :29 AM Capital Markets Advisors, LLC Independent Financial Advisors Page 7 �Village of Slee y Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 2016 Prevai ling 'A' Rates plus 25 bps - 08.02. 16 Escrow Summary Cost Maturity Type Escrow 021 15120 17 SLGS·CI 0411512017 SLGS·CI Subtota l Coupon Yield $ Price 0.350% 0.420% 0. 350% 0.420% 100.0000000% 100.0000000% Total Par Amount Principal 62.545 3.0 14.559 $3,077, 104 $3.077. 104 62.545 .00 3.0 14.559.00 $3,077, 104.00 S3,077, I04 .00 Cost +Accrued Interest = Total Cost 62.545.00 3.0 14.559.00 S3,077, 104.00 $3,077, 104.00 Escrow Cash Deposit Cost of Investments Pun:hasl.'(j with Bond Proceeds TOlal Cost of Investments Oclivery Dale 0.69 3.07 7. 104.00 $3 .077. 104.69 10115120 16 20 16 Polenlial Rclund ing I 2007 Bonds 1 812120 16 1 l' :29AM - Capital Markets Advisors, LLC Independent Financial Advisors Page 8 �Village of Sleepy Hollow Westchester Cowlty, New York $2,780,000 Refunding Serial Bonds, Series 2016 Prevailing 'A' Rates plus 25 bps - 08.02.16 Primary Purpose Fund Proof Of Yield @ 0.4179625% Date Cashflow PV Factor Present Va lue Cumulative PV 10115/20 16 02/ 15/20 17 04/ 15120 17 62.6 18.76 3,020.872.22 I.OOOOOOOx 0.9986092x 0.9979 145x 62 .531.67 3.0 14.572.33 62.53 1.67 3.077. 104.00 Total $3,083,490.98 $3,077, 104.00 Composition Of Initial Deposit COSI of Investments Purchased with Bond Procl-cds 3.077. 104 .00 Adjusted Cost of Investments 3.077. 104.00 20 16 POlcntial Re funding I 2007 Bonds I 812120 16 I 11:29 AM ,- Capital Markets Advisors, LLC Independent Financial AdVISors Page 9 �Village of Sleepy Hollow Westchester County, New York $2,780,000 Refunding Serial Bonds, Series 20 16 Prevailing 'A' Rates plus 2S bps - 08.02.1 6 Summary Of Bonds Refunded Issue Duted 8/ 15/2007 2007 2007 2007 2007 2007 2007 2007 Bonds Bonds Bonds Bonds Bonds Bonds Bonds 2()()7 Bonds Maturity Type 01 Bond Coupon Maturity Value Call Date Call Price 5.000% 4.000% 4.000% 4.000% 4.125% 4. 125% 4. 125% 4. 125% 320.000 335.000 350.000 365.000 380.000 400.000 4 15.000 435.000 04115/20 17 04115120 17 04115120 17 04115120 17 04115120 17 0411512017 04/1512017 04/ 15120 17 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% I Delivered 8/ 15/2007 08115/20 17 08115120 18 08115120 19 0811512020 081151202 1 0811512022 08/1512023 08/1512024 Serial Serial Serial Coupon Coupon Coupon Seri al Coupon Seri al Coupon Coupon Serial Seri al Seri al Coupon Coupon Subtotal Tot:t1 $3,000,000 $3,000.000 2016 Potential Refunding I 2007 Bonds I 8J 212016 I 11:29 AM - Capital Markets Advisors, LLC Independent Financial Advisors Page 10 �Village of Sleepy Hollow Westchester County, New York $5,326,070 Public Lmprovement Serial Bonds, Series 2007 A Debt Service To Maturity And To Call Date 02/ 15/20 17 04/15/20 17 08/ 15/20 17 02/ 15/20 18 08/ 15/20 18 02/ 15/20 19 08/ 15/20 19 02115/2020 08/ 1512020 02/151202 1 08/ 1512021 02115/2022 08/ 1512022 Refunded Bonds Refunded Interest DIS To Call 3.000.000.00 62.6 18.75 20.872.92 62.6 18.75 3.020.872.92 Principal Coupon 320 .000.00 5.000% 335.000.00 4.000% 350.000.00 4.000% 365.000.00 4.000% 380.000.00 4. 125 % 400.000.00 4. 125 % 4 15.000.00 4. 125% 435.000.00 4. 125% 021 1512023 08/ 15/2023 02115/2024 08/ 15/2024 Tot~I J $3,000,000.00 $83,49 1.67 $3,083,491.67 $3,000,000.00 Interest Refunded DIS 62 .618.75 62.6 18.75 62.6 18.75 54 .618.75 54 .618.75 47.9 18.75 47.9 18.75 40.9 18.75 40.9 18.75 33.6 18.75 33.6 18.75 25.78 1.25 25.78 1. 25 17.53 1. 25 17.53 1. 25 8.97 1.88 8.97 1.88 382 .618.75 54.6 18.75 389.6 18.75 47.9 18.75 397.9 18.75 40.918.75 405.9 18.75 33.6 18.75 4 13.6 18.75 25.78 1.25 425.78 1.25 $583,956.26 $3,583,956.26 17 ,53 1.25 432.53 1.25 8.971.88 44 3.971.88 Yield Statistics Base dale for Avg. Life & Avg. Coupon Calculation Average Life Average Coupon Weighted Average Maturi ty (Par Basis) 10/ 15/20 16 4.562 Years 4. 1146024% 4.562 Years Refunding Bond Information Refundin g Dated Date Refu nding Del ivery Dale - 1011 5/20 16 10/ 15120 16 2007 Bonds 1 SINGLE PURPOSE I 812/2016 I 11:29AM Capital Markets Advisors, LLC Independent Financial Advisors Page 11 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Board of Trustees Meeting Minutes & Resolutions-2016 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource MINS_TRUST_2016-08-23_RES-120A Subject The topic of the resource Board of Trustees Minutes-2016 Date A point or period of time associated with an event in the lifecycle of the resource 2016 Rights Information about rights held in and over the resource Village of Sleepy Hollow All Rights Reserved. Type The nature or genre of the resource Text