Lewis County Board of Legislators Agenda Sept. 1, 2015

COUNTY OF LEWIS, NY
SUMMARY OF REFUNDING RESULTS

Insured (A+ Underlying); BQ; Callable
*SLGS and Market Rates as of COB of 08/10/15*
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)
Dated/Delivery
11/17/2015
Refunding Par Amount
8,165,000
Bond Arbitrage Yield
3.033444%
Escrow Yield
0.515924%
Refunded Bonds Par Amount
7,815,000
Average Coupon of Refunded Bonds
4.245407%
Net PV Savings
417,268.57
Percentage of PV Savings
5.339329%
Aggregate Budgetary Savings
577,643.53
Annual Budgetary Savings (Dec 31)

Fiscal Year 2016
25,043.54
Fiscal Year 2017
24,612.50
Fiscal Year 2018
24,462.50
Fiscal Year 2019
27,856.25
Fiscal Year 2020
24,162.50
Fiscal Year 2021
28,287.50
Fiscal Year 2022
27,287.50
Fiscal Year 2023
26,850.00
Fiscal Year 2024
27,000.00
Fiscal Year 2025
27,731.25
Fiscal Year 2026
25,581.25
Fiscal Year 2027
25,256.25
Fiscal Year 2028
23,887.50
Fiscal Year 2029
26,343.75
Fiscal Year 2030
28,006.25
Fiscal Year 2031
28,862.50
Fiscal Year 2032
24,487.50
Fiscal Year 2033
25,165.62
Fiscal Year 2034
25,821.87
Fiscal Year 2035
26,456.25
Fiscal Year 2036
27,075.00
Fiscal Year 2037
27,406.25
ROOSEVELT & CROSS
8/11/2015
TABLE OF CONTENTS
County of Lewis, New York
Refunding 2008 GO Bonds
-----------------*SLGS and Market Rates as of COB of 08/10/15*
Report
Page
Sources and Uses of Funds
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary of Refunding Results

Savings
. . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bond Pricing
Bond Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Escrow Requirements
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Escrow Statistics
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Escrow Sufficiency
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Escrow Descriptions
Proof of Arbitrage Yield
Summary of Bonds Refunded
. . . . . . . . . . . . . . . . . . . . . . . . . .
14
Prior Bond Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Bond Summary Statistics
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Aggregate Debt Service
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z)
(Finance 7.012 NyL:LEWIS-R_2008,R_2008)
SOURCES AND USES OF FUNDS

Dated Date
Delivery Date
11/17/2015
11/17/2015
Sources:
Bond Proceeds:
Par Amount
Net Premium
8,165,000.00
225,558.20
8,390,558.20
Uses:
Refunding Escrow Deposits:
Cash Deposit
SLGS Purchases
Delivery Date Expenses:

Cost of Issuance
Underwriter's Discount
Insurance Premium (20 bps)
Other Uses of Funds:

Additional Proceeds
0.31
8,248,569.00
8,248,569.31
80,000.00
38,212.20
22,959.59
141,171.79
817.10
8,390,558.20
(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 1
SUMMARY OF REFUNDING RESULTS

Dated Date
Delivery Date
Arbitrage yield
Escrow yield
11/17/2015
11/17/2015
3.033444%
0.515924%
Bond Par Amount

True Interest Cost
Net Interest Cost
All-In TIC
Average Coupon
Average Life
8,165,000.00
3.100165%
3.136223%
3.196833%
3.318161%
12.611
Par amount of refunded bonds

Average coupon of refunded bonds
Average life of refunded bonds
7,815,000.00
4.245407%
13.089
PV of prior debt to 11/17/2015 @ 3.027119%

Net PV Savings
Percentage savings of refunded bonds
8,807,009.67
417,268.57
5.339329%
SAVINGS
Date
05/15/2016
11/15/2016
12/31/2016
05/15/2017
11/15/2017
12/31/2017
05/15/2018
11/15/2018
12/31/2018
05/15/2019
11/15/2019
12/31/2019
05/15/2020
11/15/2020
12/31/2020
05/15/2021
11/15/2021
12/31/2021
05/15/2022
11/15/2022
12/31/2022
05/15/2023
11/15/2023
12/31/2023
05/15/2024
11/15/2024
12/31/2024
05/15/2025
11/15/2025
12/31/2025
05/15/2026
11/15/2026
12/31/2026
05/15/2027
11/15/2027
12/31/2027
05/15/2028
11/15/2028
12/31/2028
05/15/2029
11/15/2029
12/31/2029
05/15/2030
11/15/2030
12/31/2030
05/15/2031
11/15/2031
12/31/2031
05/15/2032
11/15/2032
12/31/2032
05/15/2033
11/15/2033
12/31/2033
05/15/2034
11/15/2034
12/31/2034
05/15/2035
11/15/2035
12/31/2035
05/15/2036
Prior
Debt Service
Refunding
Debt Service
Savings
165,350.00
165,350.00
177,362.71
128,293.75
-12,012.71
37,056.25
165,350.00
165,350.00
178,293.75
127,793.75
-12,943.75
37,556.25
445,350.00
159,750.00
457,793.75
122,843.75
-12,443.75
36,906.25
449,750.00
153,768.75
457,843.75
117,818.75
-8,093.75
35,950.00
453,768.75
147,581.25
462,818.75
114,368.75
-9,050.00
33,212.50
457,581.25
140,993.75
459,368.75
110,918.75
-1,787.50
30,075.00
460,993.75
134,193.75
460,918.75
106,981.25
75.00
27,212.50
464,193.75
127,181.25
461,981.25
102,543.75
2,212.50
24,637.50
467,181.25
119,956.25
462,543.75
97,593.75
4,637.50
22,362.50
474,956.25
112,412.50
467,593.75
92,043.75
7,362.50
20,368.75
477,412.50
104,656.25
472,043.75
84,443.75
5,368.75
20,212.50
479,656.25
96,687.50
474,443.75
76,643.75
5,212.50
20,043.75
486,687.50
88,400.00
481,643.75
69,556.25
5,043.75
18,843.75
493,400.00
79,793.75
484,556.25
62,293.75
8,843.75
17,500.00
494,793.75
70,975.00
482,293.75
55,468.75
12,500.00
15,506.25
500,975.00
61,837.50
485,468.75
48,481.25
15,506.25
13,356.25
506,837.50
52,381.25
493,481.25
41,250.00
13,356.25
11,131.25
512,381.25
42,606.25
496,250.00
33,571.88
16,131.25
9,034.37
517,606.25
32,512.50
498,571.88
25,725.00
19,034.37
6,787.50
527,512.50
21,993.75
505,725.00
17,325.00
21,787.50
4,668.75
531,993.75
507,325.00
24,668.75
Annual
Savings
Present Value
to 11/17/2015
@ 3.0271189%
-11,835.58
35,965.48
25,043.54
-12,375.43
35,371.91
24,612.50
-11,545.25
33,730.91
24,462.50
-7,287.09
31,884.45
27,856.25
-7,906.87
28,584.69
24,162.50
-1,515.49
25,118.25
28,287.50
61.71
22,054.85
27,287.50
1,766.42
19,376.90
26,850.00
3,592.92
17,067.10
27,000.00
5,535.29
15,085.36
27,731.25
3,916.88
14,526.58
25,581.25
3,690.33
13,978.94
25,256.25
3,465.17
12,753.06
23,887.50
5,896.03
11,493.09
26,343.75
8,086.95
9,882.29
28,006.25
9,734.95
8,260.14
28,862.50
8,136.98
6,680.34
24,487.50
9,536.71
5,261.44
25,165.62
10,919.96
3,835.91
25,821.87
12,129.47
2,560.42
26,456.25
13,327.03
SAVINGS
Date
11/15/2036
12/31/2036
05/15/2037
12/31/2037
Prior
Debt Service
Refunding
Debt Service
Savings
11,156.25
8,750.00
2,406.25
Annual
Savings
Present Value
to 11/17/2015
@ 3.0271189%
1,280.57
27,075.00
536,156.25
508,750.00
27,406.25
14,367.71
27,406.25
12,159,425.00
11,581,781.47
577,643.53
577,643.53
416,451.47
Savings Summary
PV of savings from cash flow
Plus: Refunding funds on hand
416,451.47
817.10
Net PV Savings
417,268.57
BOND PRICING
Bond Component
Maturity
Date
Amount
Rate
Yield
Price
05/15/2016
05/15/2017
50,000
50,000
100,000
2.000%
2.000%
0.600%
0.950%
100.690
101.554
05/15/2018
05/15/2019
05/15/2020
05/15/2021
05/15/2022
05/15/2023
05/15/2024
05/15/2025
05/15/2026
05/15/2027
05/15/2028
05/15/2029
05/15/2030
05/15/2031
05/15/2032
05/15/2033
05/15/2034
05/15/2035
05/15/2036
05/15/2037
330,000
335,000
345,000
345,000
350,000
355,000
360,000
370,000
380,000
390,000
405,000
415,000
420,000
430,000
445,000
455,000
465,000
480,000
490,000
500,000
8,065,000
3.000%
3.000%
2.000%
2.000%
2.250%
2.500%
2.750%
3.000%
4.000%
4.000%
3.500%
3.500%
3.250%
3.250%
3.250%
3.375%
3.375%
3.500%
3.500%
3.500%
1.050%
1.200%
1.450%
1.650%
1.850%
2.000%
2.150%
2.300%
2.500%
2.700%
2.900%
3.000%
3.100%
3.200%
3.300%
3.400%
3.450%
3.500%
3.550%
3.600%
104.788
106.141
102.384
101.831
102.437
103.463
104.635
105.939
112.607
110.823
104.948
104.104
101.225
100.406
99.367
99.672
98.980
100.000
99.276
98.512
Yield to
Maturity
Call
Date
2.618%
2.887%
3.022%
3.125%
3.144%
3.217%
05/15/2025
05/15/2025
05/15/2025
05/15/2025
05/15/2025
05/15/2025
Call
Price
Uninsured Serial Bonds:
Insured Serial Bonds:
C
C
C
C
C
C
100.000
100.000
100.000
100.000
100.000
100.000
8,165,000
Dated Date
Delivery Date
First Coupon
11/17/2015
11/17/2015
05/15/2016
Par Amount
Premium
8,165,000.00
225,558.20
Production
Underwriter's Discount
8,390,558.20
-38,212.20
102.762501%
-0.468000%
Purchase Price
Accrued Interest
8,352,346.00
102.294501%
Net Proceeds
8,352,346.00
BOND DEBT SERVICE

Period
Ending
05/15/2016
11/15/2016
12/31/2016
05/15/2017
11/15/2017
12/31/2017
05/15/2018
11/15/2018
12/31/2018
05/15/2019
11/15/2019
12/31/2019
05/15/2020
11/15/2020
12/31/2020
05/15/2021
11/15/2021
12/31/2021
05/15/2022
11/15/2022
12/31/2022
05/15/2023
11/15/2023
12/31/2023
05/15/2024
11/15/2024
12/31/2024
05/15/2025
11/15/2025
12/31/2025
05/15/2026
11/15/2026
12/31/2026
05/15/2027
11/15/2027
12/31/2027
05/15/2028
11/15/2028
12/31/2028
05/15/2029
11/15/2029
12/31/2029
05/15/2030
11/15/2030
12/31/2030
05/15/2031
11/15/2031
12/31/2031
05/15/2032
11/15/2032
12/31/2032
05/15/2033
11/15/2033
12/31/2033
05/15/2034
11/15/2034
12/31/2034
05/15/2035
11/15/2035
12/31/2035
05/15/2036
Principal
Coupon
Interest
Debt Service
50,000
2.000%
127,362.71
128,293.75
177,362.71
128,293.75
50,000
2.000%
128,293.75
127,793.75
178,293.75
127,793.75
330,000
3.000%
127,793.75
122,843.75
457,793.75
122,843.75
335,000
3.000%
122,843.75
117,818.75
457,843.75
117,818.75
345,000
2.000%
117,818.75
114,368.75
462,818.75
114,368.75
345,000
2.000%
114,368.75
110,918.75
459,368.75
110,918.75
350,000
2.250%
110,918.75
106,981.25
460,918.75
106,981.25
355,000
2.500%
106,981.25
102,543.75
461,981.25
102,543.75
360,000
2.750%
102,543.75
97,593.75
462,543.75
97,593.75
370,000
3.000%
97,593.75
92,043.75
467,593.75
92,043.75
380,000
4.000%
92,043.75
84,443.75
472,043.75
84,443.75
390,000
4.000%
84,443.75
76,643.75
474,443.75
76,643.75
405,000
3.500%
76,643.75
69,556.25
481,643.75
69,556.25
415,000
3.500%
69,556.25
62,293.75
484,556.25
62,293.75
420,000
3.250%
62,293.75
55,468.75
482,293.75
55,468.75
430,000
3.250%
55,468.75
48,481.25
485,468.75
48,481.25
445,000
3.250%
48,481.25
41,250.00
493,481.25
41,250.00
455,000
3.375%
41,250.00
33,571.88
496,250.00
33,571.88
465,000
3.375%
33,571.88
25,725.00
498,571.88
25,725.00
480,000
3.500%
25,725.00
17,325.00
505,725.00
17,325.00
490,000
3.500%
17,325.00
507,325.00
Annual
Debt Service
305,656.46
306,087.50
580,637.50
575,662.50
577,187.50
570,287.50
567,900.00
564,525.00
560,137.50
559,637.50
556,487.50
551,087.50
551,200.00
546,850.00
537,762.50
533,950.00
534,731.25
529,821.88
524,296.88
523,050.00
BOND DEBT SERVICE

Period
Ending
11/15/2036
12/31/2036
05/15/2037
12/31/2037
Principal
Coupon
Interest
Debt Service
8,750.00
8,750.00
8,750.00
508,750.00
Annual
Debt Service
516,075.00
500,000
3.500%
508,750.00
8,165,000
3,416,781.47
11,581,781.47
11,581,781.47
ESCROW REQUIREMENTS
Period
Ending
05/15/2016
11/15/2016
05/15/2017
Principal
Redeemed
Total
165,350.00
165,350.00
165,350.00
7,815,000.00
165,350.00
165,350.00
7,980,350.00
496,050.00
7,815,000.00
8,311,050.00
Interest
ESCROW DESCRIPTIONS
Type of
Security
Nov 17, 2015:
SLGS
SLGS
SLGS
Type of
SLGS
Certificate
Certificate
Note
Maturity
Date
First Int
Pmt Date
05/15/2016
11/15/2016
05/15/2017
05/15/2016
11/15/2016
05/15/2016
Par
Amount
Rate
Max
Rate
144,761
144,154
7,959,654
0.170%
0.350%
0.520%
0.170%
0.350%
0.520%
8,248,569
SLGS Summary
SLGS Rates File

Total Certificates of Indebtedness
Total Notes
10AUG15
288,915.00
7,959,654.00
Total original SLGS
8,248,569.00
ESCROW STATISTICS
Total
Escrow Cost
Global Proceeds Escrow:
8,248,569.31
Modified
Duration
(years)
Yield to
Receipt
Date
Yield to
Disbursement
Date
Perfect
Escrow
Cost
Value of
Negative
Arbitrage
Cost of
Dead Time
1.461
0.515924%
0.515924%
7,952,629.26
295,940.03
0.02
7,952,629.26
295,940.03
0.02
8,248,569.31
Delivery date
Arbitrage yield
11/17/2015
3.033444%
ESCROW SUFFICIENCY
Date
Escrow
Requirement
Net Escrow
Receipts
Excess
Receipts
Excess
Balance
11/17/2015
05/15/2016
11/15/2016
05/15/2017
165,350.00
165,350.00
7,980,350.00
0.31
165,349.71
165,350.88
7,980,349.10
0.31
-0.29
0.88
-0.90
0.31
0.02
0.90
8,311,050.00
8,311,050.00
0.00
PROOF OF ARBITRAGE YIELD

Date
Debt Service
Present Value
to 11/17/2015
@ 3.0334440124%
05/15/2016
11/15/2016
05/15/2017
11/15/2017
05/15/2018
11/15/2018
05/15/2019
11/15/2019
05/15/2020
11/15/2020
05/15/2021
11/15/2021
05/15/2022
11/15/2022
05/15/2023
11/15/2023
05/15/2024
11/15/2024
05/15/2025
11/15/2025
05/15/2026
11/15/2026
05/15/2027
11/15/2027
05/15/2028
11/15/2028
05/15/2029
11/15/2029
05/15/2030
11/15/2030
05/15/2031
11/15/2031
05/15/2032
11/15/2032
05/15/2033
11/15/2033
05/15/2034
11/15/2034
05/15/2035
11/15/2035
05/15/2036
11/15/2036
05/15/2037
177,362.71
128,293.75
178,293.75
127,793.75
457,793.75
122,843.75
457,843.75
117,818.75
462,818.75
114,368.75
459,368.75
110,918.75
460,918.75
106,981.25
461,981.25
102,543.75
462,543.75
97,593.75
2,057,593.75
62,293.75
62,293.75
62,293.75
62,293.75
62,293.75
62,293.75
62,293.75
62,293.75
62,293.75
482,293.75
55,468.75
485,468.75
48,481.25
493,481.25
41,250.00
496,250.00
33,571.88
498,571.88
25,725.00
505,725.00
17,325.00
507,325.00
8,750.00
508,750.00
174,742.03
124,509.64
170,449.61
120,346.07
424,672.92
112,253.58
412,122.98
104,468.74
404,245.61
98,402.05
389,332.49
92,603.32
379,060.38
86,667.07
368,666.10
80,608.43
358,167.77
74,442.01
1,546,030.80
46,106.84
45,417.98
44,739.41
44,070.97
43,412.53
42,763.92
42,125.00
41,495.62
40,875.65
311,741.26
35,317.78
304,487.00
29,953.23
300,332.94
24,729.69
293,060.75
19,529.68
285,699.67
14,521.11
281,203.82
9,489.48
273,727.15
4,650.53
266,355.01
11,434,756.47
8,367,598.61
Proceeds Summary
Delivery date
Par Value
Premium (Discount)
Arbitrage expenses
11/17/2015
8,165,000.00
225,558.20
-22,959.59
Target for yield calculation
8,367,598.61
PROOF OF ARBITRAGE YIELD

Assumed Call/Computation Dates for Premium Bonds
Bond
Component
INS
INS
INS
INS
Maturity
Date
05/15/2026
05/15/2027
05/15/2028
05/15/2029
Rate
Yield
4.000%
4.000%
3.500%
3.500%
2.500%
2.700%
2.900%
3.000%
Call
Date
05/15/2025
05/15/2025
05/15/2025
05/15/2025
Call
Price
Net Present
Value (NPV)
to 11/17/2015
@ 3.0334440124%
100.000
100.000
100.000
100.000
-17,802.68
-11,313.57
-4,552.00
-1,161.80
Rejected Call/Computation Dates for Premium Bonds
Bond
Component
INS
INS
INS
INS
Maturity
Date
05/15/2026
05/15/2027
05/15/2028
05/15/2029
Rate
Yield
4.000%
4.000%
3.500%
3.500%
2.500%
2.700%
2.900%
3.000%
Call
Date
Call
Price
Net Present
Value (NPV)
to 11/17/2015
@ 3.0334440124%
Increase
to NPV
-15,104.48
-5,857.28
-509.96
4,279.59
2,698.20
5,456.29
4,042.04
5,441.39
SUMMARY OF BONDS REFUNDED

Interest
Rate
Par
Amount
General Obligation Serial Bonds, 2008, 2008:

SERIAL
05/15/2018
4.000%
05/15/2019
4.125%
05/15/2020
4.125%
05/15/2021
4.250%
05/15/2022
4.250%
05/15/2023
4.250%
05/15/2024
4.250%
05/15/2025
4.250%
05/15/2026
4.250%
05/15/2027
4.250%
05/15/2028
4.250%
05/15/2029
4.250%
05/15/2030
4.250%
05/15/2031
4.250%
05/15/2032
4.250%
05/15/2033
4.250%
05/15/2034
4.250%
05/15/2035
4.250%
05/15/2036
4.250%
05/15/2037
4.250%
280,000.00
290,000.00
300,000.00
310,000.00
320,000.00
330,000.00
340,000.00
355,000.00
365,000.00
375,000.00
390,000.00
405,000.00
415,000.00
430,000.00
445,000.00
460,000.00
475,000.00
495,000.00
510,000.00
525,000.00
Bond
Maturity
Date
Call
Date
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
05/15/2017
Call
Price
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
7,815,000.00
PRIOR BOND DEBT SERVICE

Period
Ending
05/15/2016
11/15/2016
12/31/2016
05/15/2017
11/15/2017
12/31/2017
05/15/2018
11/15/2018
12/31/2018
05/15/2019
11/15/2019
12/31/2019
05/15/2020
11/15/2020
12/31/2020
05/15/2021
11/15/2021
12/31/2021
05/15/2022
11/15/2022
12/31/2022
05/15/2023
11/15/2023
12/31/2023
05/15/2024
11/15/2024
12/31/2024
05/15/2025
11/15/2025
12/31/2025
05/15/2026
11/15/2026
12/31/2026
05/15/2027
11/15/2027
12/31/2027
05/15/2028
11/15/2028
12/31/2028
05/15/2029
11/15/2029
12/31/2029
05/15/2030
11/15/2030
12/31/2030
05/15/2031
11/15/2031
12/31/2031
05/15/2032
11/15/2032
12/31/2032
05/15/2033
11/15/2033
12/31/2033
05/15/2034
11/15/2034
12/31/2034
05/15/2035
11/15/2035
12/31/2035
05/15/2036
Principal
Coupon
Interest
Debt Service
165,350.00
165,350.00
165,350.00
165,350.00
165,350.00
165,350.00
165,350.00
165,350.00
Annual
Debt Service
330,700.00
330,700.00
280,000
4.000%
165,350.00
159,750.00
445,350.00
159,750.00
290,000
4.125%
159,750.00
153,768.75
449,750.00
153,768.75
300,000
4.125%
153,768.75
147,581.25
453,768.75
147,581.25
310,000
4.250%
147,581.25
140,993.75
457,581.25
140,993.75
320,000
4.250%
140,993.75
134,193.75
460,993.75
134,193.75
330,000
4.250%
134,193.75
127,181.25
464,193.75
127,181.25
340,000
4.250%
127,181.25
119,956.25
467,181.25
119,956.25
355,000
4.250%
119,956.25
112,412.50
474,956.25
112,412.50
365,000
4.250%
112,412.50
104,656.25
477,412.50
104,656.25
375,000
4.250%
104,656.25
96,687.50
479,656.25
96,687.50
390,000
4.250%
96,687.50
88,400.00
486,687.50
88,400.00
405,000
4.250%
88,400.00
79,793.75
493,400.00
79,793.75
415,000
4.250%
79,793.75
70,975.00
494,793.75
70,975.00
430,000
4.250%
70,975.00
61,837.50
500,975.00
61,837.50
445,000
4.250%
61,837.50
52,381.25
506,837.50
52,381.25
460,000
4.250%
52,381.25
42,606.25
512,381.25
42,606.25
475,000
4.250%
42,606.25
32,512.50
517,606.25
32,512.50
495,000
4.250%
32,512.50
21,993.75
527,512.50
21,993.75
510,000
4.250%
21,993.75
531,993.75
605,100.00
603,518.75
601,350.00
598,575.00
595,187.50
591,375.00
587,137.50
587,368.75
582,068.75
576,343.75
575,087.50
573,193.75
565,768.75
562,812.50
559,218.75
554,987.50
550,118.75
549,506.25
PRIOR BOND DEBT SERVICE

Period
Ending
11/15/2036
12/31/2036
05/15/2037
12/31/2037
Principal
Coupon
Interest
Debt Service
11,156.25
11,156.25
11,156.25
536,156.25
Annual
Debt Service
543,150.00
525,000
4.250%
536,156.25
7,815,000
4,344,425.00
12,159,425.00
12,159,425.00
BOND SUMMARY STATISTICS

Dated Date
Delivery Date
Last Maturity
11/17/2015
11/17/2015
05/15/2037
Arbitrage Yield
True Interest Cost (TIC)
Net Interest Cost (NIC)
All-In TIC
Average Coupon
3.033444%
3.100165%
3.136223%
3.196833%
3.318161%
Average Life (years)

Weighted Average Maturity (years)
Duration of Issue (years)
12.611
12.494
10.158
Par Amount
Bond Proceeds
Total Interest
Net Interest
Total Debt Service
Maximum Annual Debt Service
Average Annual Debt Service
8,165,000.00
8,390,558.20
3,416,781.47
3,229,435.47
11,581,781.47
580,637.50
538,826.74
Underwriter's Fees (per $1000)

Average Takedown
Other Fee
4.680000
Total Underwriter's Discount
4.680000
Bid Price
Bond Component
Uninsured Serial Bonds
Insured Serial Bonds
102.294501
Par
Value
Price
Average
Coupon
Average
Life
100,000.00
8,065,000.00
101.122
102.783
2.000%
3.319%
0.994
12.755
8,165,000.00
12.611
TIC
All-In
TIC
Arbitrage
Yield
Par Value
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense
- Other Amounts
8,165,000.00
8,165,000.00
8,165,000.00
225,558.20
-38,212.20
225,558.20
-22,959.59
225,558.20
-38,212.20
-80,000.00
-22,959.59
Target Value
8,329,386.41
8,249,386.41
8,367,598.61
11/17/2015
3.100165%
11/17/2015
3.196833%
11/17/2015
3.033444%
Target Date
Yield
-22,959.59
AGGREGATE DEBT SERVICE

Date
05/15/2016
11/15/2016
12/31/2016
05/15/2017
11/15/2017
12/31/2017
05/15/2018
11/15/2018
12/31/2018
05/15/2019
11/15/2019
12/31/2019
05/15/2020
11/15/2020
12/31/2020
05/15/2021
11/15/2021
12/31/2021
05/15/2022
11/15/2022
12/31/2022
05/15/2023
11/15/2023
12/31/2023
05/15/2024
11/15/2024
12/31/2024
05/15/2025
11/15/2025
12/31/2025
05/15/2026
11/15/2026
12/31/2026
05/15/2027
11/15/2027
12/31/2027
05/15/2028
11/15/2028
12/31/2028
05/15/2029
11/15/2029
12/31/2029
Refunding
2008 GO
Bonds
Principal
Refunding 2008
GO Bonds
Interest
Unrefunded
Bonds
Principal
Unrefunded
Bonds
Interest
50,000
127,362.71
128,293.75
265,000
50,000
128,293.75
127,793.75
270,000
330,000
Aggregate
Principal
Aggregate
Interest
Aggregate
Debt Service
10,700
5,400
315,000
138,062.71
133,693.75
453,062.71
133,693.75
5,400
320,000
133,693.75
127,793.75
453,693.75
127,793.75
127,793.75
122,843.75
330,000
127,793.75
122,843.75
457,793.75
122,843.75
335,000
122,843.75
117,818.75
335,000
122,843.75
117,818.75
457,843.75
117,818.75
345,000
117,818.75
114,368.75
345,000
117,818.75
114,368.75
462,818.75
114,368.75
345,000
114,368.75
110,918.75
345,000
114,368.75
110,918.75
459,368.75
110,918.75
350,000
110,918.75
106,981.25
350,000
110,918.75
106,981.25
460,918.75
106,981.25
355,000
106,981.25
102,543.75
355,000
106,981.25
102,543.75
461,981.25
102,543.75
360,000
102,543.75
97,593.75
360,000
102,543.75
97,593.75
462,543.75
97,593.75
370,000
97,593.75
92,043.75
370,000
97,593.75
92,043.75
467,593.75
92,043.75
380,000
92,043.75
84,443.75
380,000
92,043.75
84,443.75
472,043.75
84,443.75
390,000
84,443.75
76,643.75
390,000
84,443.75
76,643.75
474,443.75
76,643.75
405,000
76,643.75
69,556.25
405,000
76,643.75
69,556.25
481,643.75
69,556.25
415,000
69,556.25
62,293.75
415,000
69,556.25
62,293.75
484,556.25
62,293.75
Annual
Aggregate D/S
586,756.46
581,487.50
580,637.50
575,662.50
577,187.50
570,287.50
567,900.00
564,525.00
560,137.50
559,637.50
556,487.50
551,087.50
551,200.00
546,850.00
AGGREGATE DEBT SERVICE

Date
05/15/2030
11/15/2030
12/31/2030
05/15/2031
11/15/2031
12/31/2031
05/15/2032
11/15/2032
12/31/2032
05/15/2033
11/15/2033
12/31/2033
05/15/2034
11/15/2034
12/31/2034
05/15/2035
11/15/2035
12/31/2035
05/15/2036
11/15/2036
12/31/2036
05/15/2037
12/31/2037
Refunding
2008 GO
Bonds
Principal
Refunding 2008
GO Bonds
Interest
Unrefunded
Bonds
Principal
Unrefunded
Bonds
Interest
Aggregate
Principal
Aggregate
Interest
Aggregate
Debt Service
420,000
62,293.75
55,468.75
420,000
62,293.75
55,468.75
482,293.75
55,468.75
430,000
55,468.75
48,481.25
430,000
55,468.75
48,481.25
485,468.75
48,481.25
445,000
48,481.25
41,250.00
445,000
48,481.25
41,250.00
493,481.25
41,250.00
455,000
41,250.00
33,571.88
455,000
41,250.00
33,571.88
496,250.00
33,571.88
465,000
33,571.88
25,725.00
465,000
33,571.88
25,725.00
498,571.88
25,725.00
480,000
25,725.00
17,325.00
480,000
25,725.00
17,325.00
505,725.00
17,325.00
490,000
17,325.00
8,750.00
490,000
17,325.00
8,750.00
507,325.00
8,750.00
500,000
8,750.00
500,000
8,750.00
508,750.00
Annual
Aggregate D/S
537,762.50
533,950.00
534,731.25
529,821.88
524,296.88
523,050.00
516,075.00
508,750.00
8,165,000
3,416,781.47
535,000
21,500
8,700,000
3,438,281.47
12,138,281.47
12,138,281.47
EIC
Date
05/15/2016
11/15/2016
05/15/2017
11/15/2017
05/15/2018
11/15/2018
05/15/2019
11/15/2019
05/15/2020
11/15/2020
05/15/2021
11/15/2021
05/15/2022
11/15/2022
05/15/2023
11/15/2023
05/15/2024
11/15/2024
05/15/2025
11/15/2025
05/15/2026
11/15/2026
05/15/2027
11/15/2027
05/15/2028
11/15/2028
05/15/2029
11/15/2029
05/15/2030
11/15/2030
05/15/2031
11/15/2031
05/15/2032
11/15/2032
05/15/2033
11/15/2033
05/15/2034
11/15/2034
05/15/2035
11/15/2035
05/15/2036
11/15/2036
05/15/2037
Cashflow
Present Value
to 11/17/2015
@ 3.0271188745%
177,362.71
128,293.75
178,293.75
127,793.75
457,793.75
122,843.75
457,843.75
117,818.75
462,818.75
114,368.75
459,368.75
110,918.75
460,918.75
106,981.25
461,981.25
102,543.75
462,543.75
97,593.75
467,593.75
92,043.75
472,043.75
84,443.75
474,443.75
76,643.75
481,643.75
69,556.25
484,556.25
62,293.75
482,293.75
55,468.75
485,468.75
48,481.25
493,481.25
41,250.00
496,250.00
33,571.88
498,571.88
25,725.00
505,725.00
17,325.00
507,325.00
8,750.00
508,750.00
174,747.41
124,517.35
170,465.48
120,361.03
424,738.93
112,274.52
412,212.72
104,494.75
404,358.83
98,432.68
389,465.79
92,637.92
379,213.80
86,704.85
368,838.29
80,648.59
358,357.38
74,483.74
351,547.59
68,168.80
344,389.23
60,689.11
335,895.30
53,452.98
330,900.19
47,074.23
323,048.09
40,911.31
312,022.92
35,350.80
304,781.10
29,983.10
300,641.75
24,755.89
293,380.37
19,551.59
286,029.09
14,538.30
281,545.59
9,501.31
274,076.92
4,656.61
266,711.97
11,581,781.47
8,390,558.20
Summary
Valuation date
Amount
11/17/2015
8,390,558.20
Target for yield calculation
8,390,558.20
(Finance 7.012 ) Page 1

Lewis County Board of Legislators Agenda Sept. 1, 2015

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Lewis County Board of Legislators Agenda Sept. 1, 2015

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COUNTY OF LEWIS, NY

SUMMARY OF REFUNDING RESULTS

Refunding Par Amount

Bond Arbitrage Yield

Refunded Bonds Par Amount

Average Coupon of Refunded Bonds

Aggregate Budgetary Savings

Annual Budgetary Savings (Dec 31)

Fiscal Year 2017

Fiscal Year 2018

Fiscal Year 2019

Fiscal Year 2020

Fiscal Year 2021

Fiscal Year 2022

Fiscal Year 2023

Fiscal Year 2024

Fiscal Year 2025

Fiscal Year 2026

Fiscal Year 2027

Fiscal Year 2028

Fiscal Year 2029

Fiscal Year 2030

Fiscal Year 2031

Fiscal Year 2032

Fiscal Year 2033

Fiscal Year 2034

Fiscal Year 2035

Fiscal Year 2036

Fiscal Year 2037

ROOSEVELT & CROSS

Sources and Uses of Funds

Summary of Refunding Results

Bond Debt Service

Proof of Arbitrage Yield

Summary of Bonds Refunded

Prior Bond Debt Service

Bond Summary Statistics

Aggregate Debt Service

(Finance 7.012 NyL:LEWIS-R_2008,R_2008)

SOURCES AND USES OF FUNDS

Delivery Date Expenses:

Other Uses of Funds:

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 1

SUMMARY OF REFUNDING RESULTS

Bond Par Amount

Par amount of refunded bonds

PV of prior debt to 11/17/2015 @ 3.027119%

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 2

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 3

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 4

Uninsured Serial Bonds:

Insured Serial Bonds:

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 5

BOND DEBT SERVICE

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 6

BOND DEBT SERVICE

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 7

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 8

SLGS Rates File

Total original SLGS

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 9

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 10

(Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 11

PROOF OF ARBITRAGE YIELD