April 11, 2019 - Davie, FL

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

April 11, 2019 Attn: Brian K. O’Connor Purchasing Manager Town of Davie Budget and Finance / Purchasing Division 6591 Orange Drive Davie, FL 33314

Dear Mr. O’Connor:

Bank of America Merrill Lynch (“BofAML”) is pleased to submit our response to the Request for Proposals to provide underwriting services to the Town of Davie, Florida (the “Town”). We have summarized below a few of the many reasons why we believe we are eminently qualified to serve as senior managing underwriter on the proposed Water and Sewer Refunding Revenue Bonds, Series 2019 financing. If not selected as senior managing underwriter, we would welcome the opportunity to serve as a co-managing underwriter.

Leadership Position in Municipal Finance. In addition to completing over $126.7 billion in financings nationally since 2017 for a #1 ranking and a 15.7% market share, BofAML has one of the largest municipal bond marketing and distribution networks and is also a leading underwriter of Florida municipal debt, as well as water and sewer financings nationally, providing us extensive recent and relevant experience structuring, marketing and pricing comparable debt.

BofAML’S UNDERWRITING LEADERSHIP SINCE 2017 ($BN)

National Overall Florida Overall Water and Sewer

Source: Thomson Reuters, from 1/1/17-4/5/19; excludes short-term, private placement, & preliminary transactions; true economics to bookrunner.

Commitment and Coverage of Davie. BofAML and its affiliates have a history of being supportive to the Town, as is evident in our banking coverage and the balance sheet we have previously committed to the Town. In addition to serving as co-manager on the Series 2010, Series 2011, and Series 2012 Water and Sewer financings, BofAML, via BANA also extended our balance sheet via the direct purchase of the $10 million General Obligation Bonds, Series 1998 and the financing of vendor leases. Lastly, in the graph below, we highlight select market updates, Build America Bond refunding news and other relevant information we have provided to the Town over the past year and a half.

10-YEAR MMD & BofAML’s UPDATES SINCE NOVEMBER 2017

Each dot represents a touchpoint to the Town of Davie from BofAML

National and Florida Distribution Strengths. If BofAML is selected as Senior Manager, the Town will have access to one of the industry's most extensive retail distribution networks with 17,518 retail brokers across the firm, including 1,244 retail brokers staffed in 66 Florida offices (of which six are located within Broward County). In fact, due to the importance of our Florida retail operation, the head of BofAML’s Municipal Retail Sales and Marketing manages our entire national retail distribution and marketing efforts from our Tampa, Florida office. Our institutional distribution network consists of 23 institutional sales offices across the nation with 381 sales professionals - including 24 dedicated municipal sales specialists - offering investment products and services to more than 5,200 institutional accounts. In addition, we have four public finance offices throughout the State of Florida.

Willingness and Ability to Commit Capital. While many firms can manage pricings in stable markets, we believe a firm’s ability and willingness to commit capital is often a critical factor in the success of a financing during challenging market conditions. BofAML has a long-standing practice of actively using capital, where appropriate, to support our municipal issuer clients under all market conditions. We believe that committing capital at pricing and throughout the life of a bond issue can be one of the most important factors in the successful execution of any bond offering. In the volatile bond markets of recent years, it’s not just about having capital but being willing to use it, when appropriate. As further evidence of BofAML’s proven ability to commit capital on behalf of our clients, we have been the #1 competitive municipal underwriter for each of the past 27 consecutive years.

Extensive Local Presence. Bank of America has a large and long-standing presence in Florida. Our Broward County presence also includes over 1,000 employees staffed at 68 Bank of America, N.A. (“BANA”) banking centers located throughout the County. Since 2014, the Bank of America Charitable Foundation provided over $4.3 million in grants and matching gifts on behalf of employees for Broward County organizations and our local employees have donated over $1 million and volunteered for more than 40,000 hours. BofAML continues to be a steadfast sponsor and corporate partner of various organizations in Florida, including Habitat for Humanity, Junior Achievement, United Way, Boys and Girls Club, Broward Education Foundation, Rebuilding Together Broward and Crisis Housing Solutions, among many others.

Knowledgeable Finance Team. BofAML’s financing team assigned to the Town’s bond offering includes a number of investment bankers, credit strategists and underwriters who are very familiar with local and Florida credits, as well as other relevant issuers nationwide. Amanda Schlang, a Vice President and Broward County native, and Coleman Cordell, a Managing Director and Head of BofAML’s Florida Public Finance group, have approximately 45 years of combined experience covering South Florida issuer and will be fully available to the Town throughout the course of the transaction. They will be further supported by Doug Draper, a Senior Florida Public Finance Banker, who brings over 19 years of experience with issuers – including water and sewer – throughout Florida and the Southeast. These individuals are authorized to make representations on behalf of BofAML and all have significant recent experience with a number of Florida and local issuers.

Thank you for the opportunity to present our proposal to serve as bookrunning manager to the Town. In selecting BofAML as bookrunning manager, the Town can rest assured that the combination of our professionals, balance sheet and distribution resources provides BofAML with the ability to effectively service the Town in all market environments. Please do not hesitate to contact us if you have any questions or desire any additional information.

Sincerely,

Amanda Schlang, Vice President Coleman W. Cordell, Managing Director Phone: (646) 743-1353 Phone: (321) 527-7816 [email protected] [email protected]

BofAML IS NOT YOUR MUNICIPAL ADVISOR OR FIDUCIARY. Bank of America Merrill Lynch (“BofAML”) is providing the information contained herein for discussion purposes only either as an underwriter or in anticipation of being engaged to serve as an underwriter. By providing the information contained herein pursuant to the responses to requests for proposals or qualifications exemption provided under SEC Rule 15Ba1-1(d)(3)(iv) and the participation by an independent registered municipal advisor exemption provided under SEC Rule 15Ba1-1(d)(3)(vi), BofAML is not acting as your “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended (the “Act”), and does not owe a fiduciary duty to you pursuant to the Act with respect to the information and material contained in this communication. BofAML is either serving as an underwriter or is seeking to serve as an underwriter on a future transaction and not as a financial advisor or municipal advisor. The primary role of BofAML, as an underwriter, is to purchase securities with a view to distribution in an arm’s-length commercial transaction between you and BofAML and BofAML has financial and other interests that differ from yours. BofAML is acting for its own interests. You should discuss any information and material contained in this communication with any and all of your own internal or external municipal and/or financial, legal, accounting, tax and other advisors and experts, as applicable, to the extent you deem appropriate before acting on this information or material.

Table of Contents Question Page

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5.

Firm’s Introduction ....................................................................................................................................... 1

Experience .................................................................................................................................................... 3

Underwriting Capabilities ............................................................................................................................. 6

Plan of Finance – Bond Issue Scenario ......................................................................................................... 9

Additional Information ................................................................................................................................ 11

Appendix

A.

B.

C.

D.

E.

Team Resumes

Water and Sewer Revenue Bond Deal List

Financing Numbers

Required Forms

Risk Disclosures

Confidential Notice to Recipient

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., which are both registered broker dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates. Any League Tables referenced within these materials have been prepared using data sourced from external third party providers as outlined in the relevant footnotes where applicable. For persons wishing to request further information regarding these third party providers and the criteria and methodology used to prepare a league table please contact your usual Bank of America Merrill Lynch representative/Relationship Manager.

Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. The BAC Group prohibits employees from, directly or indirectly, offering a favorable research rating or specific price target, or offering to change a rating or price target to a subject company as consideration or inducement for the receipt of business or for compensation and the BAC Group prohibits research analysts from being directly compensated for involvement in investment banking transactions. The views expressed herein are the views solely of Global Corporate and Investment Banking, and no inference should be made that the views expressed represent the view of the firm’s research department. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States.

We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or any nonpublic commercial or financial information (except to the extent any such information relates to the tax structure or tax treatment)) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply.

Firm’s Introduction (Limit 2 Pages)

a. Provide a brief overview of the Firm including ownership, size, and capital position as of the most recent fiscal year. Include the location of the office responsible for providing the underwriting services and the public finance professionals’ offices.

Firm Overview. For more than 200 years, Bank of America Corporation ("Bank of America" or “BAC”) has focused on serving the financial needs of our customers and clients. Today, Bank of America provides a full range of banking, investment management and other financial and risk management products and services to three groups of customers – people, companies and institutional clients.

Bank of America Merrill Lynch (“BofAML” or the “Firm”) is the brand name for the global institutional business of the broker-dealer Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and the commercial bank, Bank of America, N.A. (“BANA”). MLPF&S was incorporated in Delaware in 1958 and has been a municipal broker-dealer for approximately 60 years.

Municipal Banking and Markets Group. Headquartered in New York City, BofAML’s Municipal Banking and Markets group (“MBAM”) is a fully integrated division that includes Public Finance Investment Banking, Sales, Trading, Underwriting, Municipal Credit Products, Commercial Bank Credit Products and Client Management for governmental clients. This single, coordinated business unit provides our municipal clients with a central platform for their capital raising, credit and treasury needs. Integrated client focus facilitates optimized product solutions, and streamlined coverage is led by public finance bankers who coordinate the delivery of both capital markets and bank/on-balance sheet products. With all municipal business lines reporting to the same leadership, our public finance banking team is able to provide the Town with broad access to market information, facilitate quick responses to changing market conditions, and assist the Town in achieving their financing objectives in the context of current investor demand. This consolidated business model has led to our #1 ranking as underwriter of municipal bonds for each of the last seven consecutive years, and continues for 2019 year-to-date.

Capital Position. BofAML is one of the best capitalized broker-dealers in the municipal securities industry. Our substantial capital base enables us to price bonds appropriately, maintain liquidity in the secondary market and, if appropriate, underwrite unsold balances – even under the most adverse market conditions. To the right, we provide a summary of our capital position for the most recent quarter. As a practical matter, BofAML’s strong capital base, sizable excess net capital and established commitment to our Florida clients would enable us to underwrite any bond transaction currently contemplated by the Town.

Principal Locations and Florida Presence. BofAML’s Municipal Banking and Markets group is comprised of 364 professionals, including 129 public finance bankers in 17 offices across the nation. All underwriting services for the Town will be performed out of our New York City office, where we maintain a desk with 10 professionals dedicated to the underwriting of fixed and variable rate municipal securities. We have provided below a listing of the respective office locations from which the investment banking and underwriting services will be performed.

AMANDA SCHLANG COLEMAN CORDELL DOUG DRAPER CATHERINE CREWS Florida Public Finance

Lead Banker Head of Florida Public Finance

Senior Oversight Florida Public Finance Banker

Additional Oversight Lead Fixed Rate

Underwriter

One Bryant Park, 12th Floor New York, NY 10036

250 South Park Avenue, Suite 400 Winter Park, FL 32789

101 E. Kennedy Blvd., Suite 200 Tampa, FL 33602

One Bryant Park, 9th Floor New York, NY 10036

As set forth in Bank of America Corporation’s 2015 Resolution Plan submitted to the Federal Reserve and the Federal Deposit Insurance Corporation on July 1, 2015, Bank of America Corporation is undertaking certain initiatives to enhance its resolvability, through the realignment of certain of its subsidiaries and businesses. As part of these initiatives, Bank of America Corporation proposes to separate its U.S. institutional and retail broker-dealer businesses currently conducted by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) into two legal entities. Specifically, it is contemplated that retail clients will remain with MLPF&S and institutional clients will be transitioned to a new registered broker-dealer, BofA Securities, Inc. which is expected to occur on May 13, 2019. Bank of America Corporation expects BofA Securities Inc. to continue to offer the same services MLPF&S currently provides to its institutional and municipal clients. We wish to inform you that to the extent certain of the underwriting services that are contemplated by this response will be performed on or after the time of this transition, such underwriting services will be performed by BofA Securities, Inc. when such transition occurs. A copy of the Public Executive Summary of Bank of America Corporation’s Resolution Plan dated July 1, 2015 may be found at the following website: https://www.federalreserve.gov/bankinforeg/resolution-plans/boa-1g-20150701.pdf

CAPITAL POSITION

12/31/18 Total Capital (1) $221.3 billion

Equity Capital (1) 167.3 billion

Net Capital (2) 13.4 billion

Excess Net Capital (2) 11.3 billion (1) Reflects Bank of America Corporation. (2) Reflects Merrill Lynch, Pierce, Fenner & Smith Incorporated.

https://www.federalreserve.gov/bankinforeg/resolution-plans/boa-1g-20150701.pdf

b. Identify the primary individual(s) that will provide underwriting and investment banking services to the Town. Include individuals who will serve as the senior syndicate underwriter. Include a resume for each individual and the location of these professionals.

BofAML provides a wide spectrum of client services to the Town by bringing together the full complement of our firm’s resources at the onset of the financing engagement. To help accomplish this, BofAML has assigned a team of talented and experienced professionals to serve the Town. The core investment banking team below stands ready to assist the Town’s staff in meeting its financing goals and objectives. The key strengths of the team include: i) extensive relevant and recent senior managed water and sewer financing experience; ii) leadership in marketing and pricing municipal securities; and iii) Florida banking coverage, as well as a number of credit strategists familiar with similar water and sewer credits nationwide. We highlight below some of the key benefits of BofAML’s Town coverage team. The chart below depicts both the structure and the areas of specialty and responsibility for the proposed team members.

Experienced Florida bankers, including Amanda Schlang, who has spent her entire career covering Florida issuers and recently served as lead transaction and quantitative banker for Sarasota County’s $38 million Utility System Build America Bonds refunding, Coleman Cordell, the Head of BofAML’s Florida Public Finance Group, who brings over 35 years of experience with Florida-based issuers and Doug Draper, Senior Florida Public Finance Banker, who brings over 19 years of experience with issuers – including water and sewer – throughout Florida and the Southeast. Tom Cai, an Associate, will provide quantitative and banking support.

Dedicated credit strategists led by Brad Gewehr and Sandy Brinkert, who have extensive experience with developing rating agency and investor presentations for municipal issuers, and will serve as a conduit for communication with investors.

Michael Jentis, the Head of Institutional Sales, and Kevin Wenk, the Head of Retail Sales, will lend their expertise during the underwriting, marketing and distribution phases of the Town’s financings. Lee Rudolph, our Florida retail marketing specialist, will have primary responsibility for ensuring the Town’s bonds are successfully marketed to Florida retail investors by coordinating the sales efforts of our retail brokerage offices.

#1 Ranked Underwriting professionals will include Dave Andersen, Catherine Crews Buell, Brendan Troy and Robert Holmes our fixed rate bond underwriters, who are part of the underwriting syndicate that has achieved a #1 competitive ranking for 27 consecutive years.

BofAML’s CORE BANKING TEAM & SPECIALTY MEMBERS

Name Role Title Office Location

Primary Banking Coverage Team

Amanda Schlang Florida Public Finance Banker, Primary Contact Vice President New York, NY

Coleman Cordell Head of Florida Public Finance; Senior Oversight Managing Director Winter Park, FL

Doug Draper Senior Florida Public Finance Banker, Additional Oversight Director Tampa, FL

Tom Cai Transaction Support and Quantitative Banker Associate New York, NY

Credit and Rating Agency Strategists

Sandy Brinkert Rating Agency and Investor Relations Strategist Managing Director New York, NY

Brad Gewehr Rating Agency and Investor Relations Strategist Director New York, NY

Underwriting

Dave Andersen Head of Municipal Underwriting and Trading Managing Director New York, NY

Catherine Crews Lead Negotiated Fixed Rate Underwriter Managing Director New York, NY

Brendan Troy Lead Negotiated Fixed and Variable Rate Underwriter Managing Director New York, NY

Robert Holmes Lead Negotiated Fixed Rate Underwriter Director New York, NY

Retail and Institutional Sales and Marketing

Michael Jentis Head of Institutional Sales Managing Director New York, NY

Kevin Wenk Head of Retail Sales & Marketing Director Tampa, FL

Lee Rudolph Florida Retail Marketing Specialist Vice President Tampa, FL

Catherine Crews Buell, a Managing Director and Lead Negotiated Fixed Rate Underwriter, will serve as the lead senior syndicate underwriter. Catherine has extensive experience with water and sewer financings and Florida financings, including the Cities of Jacksonville and Miramar, Sarasota County, Tampa Bay Water and Pasco County, among many others. Additionally, as the #1 competitive underwriting desk for each of the past 27 year and someone who is pricing multiple deals almost daily, Catherine will leverage this comprehensive market knowledge to help the Town achieve its financing objectives.

Please refer to Appendix A for brief resumes for each of the financing team members.

Experience (Limit 3 Pages)

a. Provide a listing of the senior managed Water and Sewer Revenue Bonds since January 1, 2017 and identify the role of each individual responsible for the transaction while employed at the Firm submitting the proposal. Highlight any refundings of Build America Bonds issues in Florida. The listing should include: 1. Issuer 2. Date of issue 3. Par amount 4. All-in-TIC 5. Underlying ratings 6. The Underwriters’ gross takedown breakdown including management fee and expenses.

Market Leading Platform Credentials. BofAML is a market leader in all types of financings relevant to the Town – municipal bonds generally, Florida offerings, and water and sewer transactions. Since 2017, our firm ranks as the #1 underwriter in senior managed volume nationally overall, for water and sewer financings, as well as for Florida municipal financings, providing us crucial experience structuring, negotiating ratings for, marketing and pricing relevant credits. As requested, we have provided our full list of our experience with similar transactions as Appendix B herein.




Provided below are select case tombstones and case studies of recent and relevant water and sewer transactions.

Sarasota County, Florida (the “County”) $38,725,000 Utility System Revenue Refunding Bonds, Series 2019A

Sale Date: March 27, 2019 Issue: $38,725,000 Utility System Revenue Refunding Bonds, Series 2019A Purpose: Advance refund all of the outstanding Series 2010 (Federally-Taxable – Build

America Bonds – Direct Subsidy) Security: Pledged net system revenues and impact fees Ratings: AA+ by each S&P and Fitch Savings: $6.7 MM NPV savings (14% of par refunded)

The Series 2019A Bonds were issued to advance refund on a tax-exempt basis the outstanding Series 2010 (Build America Bonds). After the passage of tax reform and the elimination of tax-exempt advance refundings, BofAML worked with nationally recognized tax counsel to evaluate the ability to use tax-exempt bonds to advance refund federally-taxable direct subsidy bonds (Build America Bonds). This innovative idea allowed the County to take a proactive approach to managing risk associated with the sequestration and refund high cost debt for present value savings.

Leading to pricing, both the Municipal Market and US Treasuries rallied with worries over global growth slowdown, a positive for the County’s pricing. After a discussion of the syndicate’s price views with the financing team, BofAML proposed opening up the order period at spreads of 10-20 bps across the curve for the Series 2019A issue. Due to the County’s strong credit fundamentals and a robust marketing effort, the transaction garnered considerable interest among investors, producing over $178.1 million of priority orders, representing a subscription level of 4.6x at original pricing levels. The oversubscription allowed BofAML to re‐price the transaction tighter in the longer maturities by as much as 6 basis points.

Results. The successful refunding produced gross savings of approximately $13.6 million and net present value savings of over $6.7 million, or 14.4% of the refunded par amount.

City of Port St. Lucie, Florida $8,305,000 Utility System Refunding Revenue Bonds, Series 2018

On May 3, 2018, BofAML sole managed the City of Port St. Lucie, Florida’s $8,305,000 Utility System Refunding Revenue Bonds, Series 2018. Proceeds will be used to current refund and defease the City’s Utility System Refunding Revenue Bonds, Series 2009. The City posted the Preliminary Official Statement a week prior to pricing, after

receiving an upgrade from S&P to AA- from A+. Fitch rated the Bonds A+. Prior to pricing, the market remained volatile. However, on the day of pricing the market tone turned positive after the Fed signaled it will allow inflation to run slightly above its target, a less hawkish tone than some investors expected. The combination of the City’s strong credit and favorable market conditions led to a successful order period, generating nearly $21.5 million in orders and allowing BofAML to tighten spreads by two to three basis points in various maturities across the curve. Moreover, to maintain pricing levels, BofAML committed to underwrite the unsold balance of nearly $1 million at the time of the verbal award. The strong pricing effort allowed the City to secure over $1.1 million in present value savings, or approximately 12.1% of the refunded par.

City of Miramar, Florida $32,315,000 Utility System Refunding Revenue Bonds, Series 2017

In October 2017, Bank of America Merrill Lynch served as senior managing underwriter for the City of Miramar, Florida’s $32,315,000 Utility System Refunding Revenue Bonds, Series 2017, which current refunded the City’s outstanding Series 2007 Bonds for annual debt service savings. Moody’s and S&P assigned the Series 2017 Bonds

with initial ratings of Aa2 and AAA, citing the City’s sustained strong liquidity position along with well-managed financial operations. The bonds were also structured without a debt service reserve fund, which had no impact on investor interest. BofAML worked closely with the City and the financing team to ensure the timely release of the Preliminary Official Statement, providing investor’s adequate time to familiarize themselves with the City’s utility credit. Despite deteriorating market conditions on the day of pricing, with the 10-year Treasury trading five basis points higher than the prior day, the transaction generated nearly $170 million of investor orders, resulting in an oversubscription of over 5.2x on an aggregate basis. Given the strong and diverse investor demand, BofAML was able to reduce yields by 3 to 7 basis points throughout the maturity structure. This increased the present value savings by over $253,000 and lowered the true interest cost by 6 basis points. As a result, the City was able to achieve present value savings of approximately $6.6 million (17% of refunded par) and true interest cost of 2.9%. After re-pricing approximately $30 million in orders dropped out of the book, confirming the re-pricing strategy and leaving a total of $133 million of orders. The final spreads to MMD ranged between 0 and 18 basis points, among the lowest of a Florida Aa2/AAA rated utility credit.

City of Clearwater, Florida $69,270,000 Water and Sewer Revenue Refunding Bonds, Series 2017

On January 26, 2017, Bank of America Merrill Lynch senior managed a $69,270,000 Water and Sewer refunding transaction for the City of Clearwater, Florida. The proceeds will be used to advance refund the

Series 2009A Bonds for debt service savings. BofAML worked extensively with the City and the financing team to update the offering documents, creating additional disclosure for investors. BofAML also led the rating agency and investor outreach, helping craft a comprehensive rating agency presentation and assisting the City in conveying its credit story in clear and comprehensive manner. This effort help achieve an upgrade by both Moody’s and S&P from Aa3/AA- to Aa2/AA, respectively. The week leading up to pricing was defined by a choppy municipal market as Treasury yields increased and municipal supply was elevated. During the pricing, investor demand focused on certain parts of the yield curve. Amidst this difficult market backdrop and spotty investor demand, BofAML re-priced and re-couponed several maturities. In fact, lower coupons were used in five maturities to broaden the investor base and increase the overall savings for the transaction – on a yield-to-maturity basis; the callable lower coupon bonds saved the City from 11 to 24 basis points. As a result, the City received approximately $60 million in orders from 19 different institutional investors and an additional $6 million of orders from retail investors. To support the pricing and maintain the integrity of the yield curve, BofAML committed to underwrite over $13 million bonds in maturities that were not fully subscribed. As a result of appropriate pricing and a capital commitment from BofAML, the City realized over $6.3 million in present value savings, or 9.4% of refunded bonds.

b. The selection of underwriter’s counsel shall be at the discretion of the senior managing underwriter. The Town requests that each candidate for senior managing underwriter identify Firms which it would consider for this role. The Town expects the Firms being considered to be listed in the Bond Buyer’s Municipal Marketplace Directory (the “Red Book”) and the current National Association of Bond Lawyers directory. It is assumed that the Firms being considered will accept the compensation level specified in the expense portion of your Firm’s fixed price spread proposal.

BofAML has established an excellent working relationship with all of the major bond law firms in the State of Florida. If selected as senior managing underwriter, BofAML recommends a local firm, Moskowitz Mandell Salim & Simowitz, PA, to serve as underwriter’s counsel. BofAML is committed to selecting an underwriter’s counsel that is complimentary to the Town’s team, is value-added and enhances the financing’s overall success. Selection would be made only after consultation with the Town.

Moskowitz Mandell Salim & Simowitz, PA

Mr. William G. Salim, Jr. 800 Corporate Drive, Suite 500 Fort Lauderdale, Florida 33334

Phone: (954) 491-2000 [email protected]

Underwriting Capabilities (Limit 3 Pages)

a. Describe your Firm's distribution capabilities. Specify your National and Florida Rankings and distribution capabilities including sales professionals, location and number of offices and financial consultants who will market the bonds.

To demonstrate our market leadership in the relevant areas, below we provide our firm’s rankings since 2017.




BofAML Distribution Capabilities. As a proven and experienced senior manager, BofAML has the ability to access buyers in each of the retail market, middle and institutional markets. We believe no other firm has consistently demonstrated the ability to effectively balance local retail participation goals with the critical institutional presence necessary to price and distribute municipal bonds in any market environment. Furthermore, our well-recognized institutional sales force is in contact with the major buyers in all the key institutional investor categories. With BofAML as senior manager, the Town will have access to the full resources of our distribution system, described herein, to work towards achieving the Town’s pricing goals. Unlike a number of our competitors that rely on joint ventures, third party agreements or electronic clearing houses to reach retail investors, our retail operations which are wholly-owned by Bank of America, provide an extremely strong distribution channel for the bonds we underwrite.

BofAML’s DISTRIBUTION NETWORK HIGHLIGHTS

Institutional National Retail Florida Retail Broward County

381 institutional sales reps 24 muni institutional sales reps

23 offices nationwide

691 retail offices 17,518 retail brokers

$2.6 trillion client balances

66 retail offices 1,244 retail brokers

2 retail marketing specialists

6 retail office 116 retail brokers

68 financial centers

Traditional Retail Network. BofAML has one of the industry’s largest and most extensive wholly-owned retail distribution networks, comprised of 691 domestic branch offices supported by 17,518 retail brokers. Our retail brokers oversee more than 7 million retail accounts nationwide with combined client balances of more than $2.6 trillion. Within Florida, we have 66 offices staffed with 1,244 retail brokers, which includes the 116 retail brokers located six local Broward County brokerage offices. Furthermore, based on the importance of municipal bonds to our overall retail network, we have 15 marketing professionals located across the country in offices in New York City, Los Angeles, Boston, San Francisco and Tampa, dedicated solely to the distribution of new issue and secondary market municipal bonds to our retail brokers nationwide. Specifically in Florida, our Tampa desk is responsible for marketing new issues – in conjunction with our underwriting desk – as well as coordinating the ultimate placement of bonds within BofAML’s Florida distribution network.

BofAML’S RETAIL PARTICIPATION ON SELECT RECENT SENIOR MANAGED FLORIDA FINANCINGS

Issuer Sale Date Total Par BofAML Retail Orders % of Par Sarasota County, FL 04/18/18 $22,965,000 $57,950,000 252% City of Jacksonville, FL 08/22/17 144,320,000 14,685,000 10% City of Cape Coral, FL 01/12/17 62,595,000 57,380,000 92% School Board of Seminole County, FL 11/01/16 50,555,000 12,115,000 24% Miami-Dade County, FL 08/03/16 744,375,000 414,358,000 56%

Professional Retail. With the emergence and growth of trust departments, exchange traded funds, and separately managed accounts, individuals now have more options when it comes to investing in municipal bonds. In fact, professional retail investors now control more than $350 billion in assets and function like institutional investors. While our approach is to first allocate bonds to traditional retail investors, we actively cover and sell large quantities of bonds to the full universe of professional retail accounts.

Institutional. BofAML has one of the largest institutional sales forces dedicated to municipal bonds on Wall Street, with 381 institutional sales representatives located in New York and select regional offices who sell a myriad of investment products and services to over 394,000 institutional accounts nationwide. Our institutional sales force includes 24 salespeople who are exclusively dedicated to selling municipal securities located in both New York and Boston, which allows them to coordinate and effectively cover our more than 5,200 of municipal institutional accounts. BofAML’s institutional salespeople have relationships with most of the 300 major funds, trust departments, property and casualty insurers, and corporate investors that are active

buyers of municipal bonds. BofAML has long-standing relationships with some of the top institutional holders of municipal bonds nationally and it is these relationships that can be leveraged to broaden the distribution of the Town’s bonds. With our considerable sales network and large capital position, we believe BofAML’s marketing power is unmatched in the industry.

b. Identify likely purchasers of the bonds and the general percentage or breakdown by group (e.g. retail, institutional).

Having senior-managed the most recent Florida utility system BABs refunding for Sarasota County in late-March 2019, our financing team knows which investors placed significant orders and allotments and have an established appetite for similar credit. It is this insight that we will utilize for the Town’s upcoming financing, as well as our firsthand market experience as the #1 overall municipal underwriter for the past seven years and #1 competitive underwriter for the past 27. Since the Town’s last offering, separately managed accounts (“SMAs”), or professional retail, have continued to grow. Over the past five years, SMA holdings of tax-exempt bonds have grown by an average of more than 11% annually. Our BofAML Global Research data shows that since 2015, SMAs have been investing further out the curve in search of more yield, as evidenced by the distribution below to the left.

ESTIMATED MERRILL LYNCH SMA MATURITY DISTRIBUTION

Source: BofAML Global Research; BAC data.

EXPECTED INVESTOR PARTICIPATION

Likely Purchasers. In the chart above to the right, we provide a breakdown of the expected investor base for the Town’s proposed financing. As shown, we would expect approximately 35% of the transaction to be sold to retail investors (both traditional and professional investors such as trusts), and another 50% of the transaction to be bought by bond funds and investment advisors, with the remaining portion to be primarily allocated to insurance companies.

Targeted Investor Base and Pre-Sale Marketing Approach. Increased volatility and changing investor dynamics have ushered in a new era in the municipal market place – one that does not allow underwriters to rely on the old ways of selling and pricing bonds. As investor buying patterns ebb and flow based on news, macroeconomic trends, and other changes in the market, it’s crucial to be able to catalogue those patterns and use them to anticipate investors’ needs in similar markets going forward. While underwriters love to claim that pricing a transaction is “an art, not a science”, identifying potential investors has in fact become more methodical and scientific. As the number one underwriter of municipal bonds in each of the last seven years, we believe we have clearly honed that science. Our investor targeting and marketing approach is driven by a number of tools which include our proprietary trading data, an extensive distribution system, a dedicated team of retail marketing specialists and 17,000+ retail financial advisors and finally, our position as the industry’s top underwriter which generates more recent and relevant data than the vast majority of our competitors.

We begin to identify potential investors by conducting tailored searches of publicly available sources including Bloomberg and Ipreo, as well as our proprietary trading and underwriting data. From these searches we can identify investors that:

have upcoming rollovers and as such will be looking to reinvest their cash, currently own your credit or have bought your bonds in previous primary offerings, have recently traded your credit or credits like yours in the secondary market – such as other water and sewer

credits, combined utilities, Florida, or similarly rated bonds, and are buying coupon and call structures similar to your offering.

Just as important, through these searches we can also identify the larger investors that do not own your credit. We can then aggregate all of this information with the list of investors who have viewed the electronic roadshow (if applicable), and create a list of high value target investors which is used to arm our salesforce.

Critical in identifying pockets of retail interest is our proprietary municipal bond electronic platform, Merrill Lynch Markets (MLM) which allows us to market a deal internally and examine at what points along the curve indicative orders are being placed. MLM displays an extensive number of bond offerings from our internal secondary market inventory as well as external offerings, while BofAML’s retail brokers have the ability to create certain search parameters for their various clients. Our ability to access the search parameters in conjunction with the retail client purchasing data and historical buying patterns provided by our retail marketing specialists is another factor that helps gauge potential retail investor demand on a transaction.

Intrinsic to our ability to successfully price bonds is finding new buyers. While our proprietary trading and underwriting data is extremely helpful, the intangible tools like market knowledge and recent deal flow cannot be overlooked. One thing that differentiates BofAML from our competitors is our centralized underwriting desk which allows for a seamless exchange of information between competitive and negotiated underwriting. As a result of our prowess in the competitive space, we believe we have a unique advantage in that we are able to routinely buy a competitive deal, evaluate the order flow and investor structuring preferences and then apply that real-time information to the negotiated transactions we have in the market.

BofAML knows the investor bases that will ultimately drive a successful financing for the Town. By consistently pricing and underwriting more bonds than any other broker/dealer, we know who the interested buyers are at any given time (and, importantly, who has cash to invest) and what structures or credits will ultimately incentivize particular investors to participate on a given financing. Marketing is about relationships and the dynamics at play in the market at the time of the bond offering.

The Venn diagram to the right displays the top reported holders of the Town’s bonds and top holders of Florida municipal bonds. There are a number of overlapping holders, which create a good starting point to target anchor orders for the Town’s offering as well as targets that don’t currently hold the Town’s bonds.

While identifying potential investors will be important, a large part of BofAML’s marketing strategy involves assisting institutions and retail investors in their review of the credit and making it easier for investors to get bonds, all of which increases the likelihood of their participation. Below are some of the strategies we employ: New Issue Calendar: Approximately two weeks ahead of

pricing, the deal will be placed on our internal new issue calendar, which is posted on our new issue portal for our institutional sales professionals and retail investors to see upcoming offerings.

Salesforce Outreach: Once the POS and investor presentation have been posted, we will engage our entire salesforce (including our retail brokers) through a national sales call to ensure that our salespeople understand the unique characteristics of the Town.

Internal Sales Call: BofAML will typically have an internal call with our sales team the week prior to pricing in order to explain the details of the transaction so they can be as knowledgeable as possible, ensure the sales team has all the information available and/or desired and provide the sales team the opportunity to ask the banking team and our credit analysts any specific questions prior to the pricing of the bonds.

c. Please provide details of your Firm’s total capital and maximum underwriting capability as of your Firm’s latest fiscal year end or most recent information on the latest quarterly filing with the Securities Exchange Commission.

BofAML is one of the best capitalized broker-dealers in the municipal securities industry. To the right, we provide a summary of our capital position for the most recent quarter. Under current financial conditions, BofAML would be allowed to underwrite, as sole book-running senior manager, several multiples of the Town’s anticipated financing. At this level of capitalization, we believe the relevant basis for comparison is a firm’s demonstrated willingness to commit capital rather than its ability to do so. Since 2014, in at least 406 transactions representing $88.8 billion of par, BofAML took down $9.5 billion of unsold bonds for its own accounts or over 10% of the supported transactions on average. All decisions regarding our use of capital to underwrite bonds are made directly by our municipal syndicate. In the over 25-year tenure of our senior management team, there has been no example of a senior managed transaction where we were limited in our ability to underwrite. In addition to our commitment to use capital as appropriate on senior managed transactions, our Firm has a long-standing history of success as the #1-ranked competitive underwriter for the last 27 consecutive years. In the competitive market our underwriters must put their capital behind each transaction they purchase, which clearly demonstrates our ability and willingness to commit capital, where appropriate. We believe there is no clearer indicator of a firm’s pricing proficiency for an issuer than winning competitive bids more often and/or in greater volume than other firms. Having an underwriter with a long-standing history of successful pricing performance we feel is even more important in today’s volatile market post tax-reform since it will be imperative to establish the appropriate credit spreads, both in the primary and the secondary market

TOP INSTITUTIONAL HOLDERS ANALYSIS

CAPITAL POSITION

12/31/18 Total Capital (1) $221.3 billion

Equity Capital (1) 167.3 billion

Net Capital (2) 13.4 billion

Excess Net Capital (2) 11.3 billion (3) Reflects Bank of America Corporation. (4) Reflects Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Plan of Finance – Bond Issue Scenario (Limit 3 Pages)

a. For this fixed rate transaction provide a breakdown of the gross spread proposed, including management fee, average takedown and expenses. Please specify in actual dollars, the costs which you expect to incur for underwriters’ counsel fees and provide a budget for all other elements of underwriting expenses. Assume that the proposed bonds will be fixed rate obligations and issued in book-entry form.

b. Provide the All-in-TIC. Interest rate scales should be written based on a current market as of April 10, 2019. Assume that the Town’s cost of issuance (bond counsel, disclosure counsel financial advisor, printing, rating agency fees, etc.) is $200,000.00. Your “fees”, along with yields in the competitive market, will be used to establish a pricing index that will be important to the Town in considering scales proposed at the actual time of sale. Your interest rate scales should reflect levels which your Firm would, if necessary, be prepared to price and underwrite the bonds, with closing on August 27, 2019.

c. Include an Interest Rate Scale with spreads to MMD as of April 10, 2019. Principal shall be payable annually, commencing on October 1, 2021, and interest shall be payable semi-annually, on each April 1 and October 1, commencing on October 1, 2019 on a 30/360-day count basis, with a final maturity of October 1, 2040. The structure is assumed to be level savings with a 10-year par call, and will not extend the maturities of refunded bonds. Assume the Escrow will be net funded with SLGS or Open Market Securities. Assume the bonds are A1 by Moody’s.

d. Provide the Net Present Value of Savings in percentage and dollars.

e. Provide the fixed price spread proposal expressed in dollars per thousand.

Series 2019 Financing

Background. The Town issued its Water and Sewer Revenue Bonds, Series 2010 (Federally-Taxable Build America Bonds – Direct Subsidy) (“2010 BABs”) in the original par amount of $46,245,000 with a first call date of October 1, 2020. In December 2017, the BofAML team proposed using tax-exempt bonds to advance refund the outstanding 2010 BABs. While the passage of tax reform eliminated the ability to issue tax-exempt bonds to advance refund outstanding debt, initial indication from the Internal Revenue Service left open the possibility of using tax-exempt bonds to advance refund outstanding Build America Bonds. Over the past year, BofAML provided at least seven updates to the Town of notable developments (including actual transactions executed in the public market) around this financing idea.

Refunding Result. Water and Sewer Refunding – We suggest the Town utilize a straight-forward refunding of the Water and Sewer Revenue Bonds, Series 2010 (Federally Taxable – Build America Bonds – Direct Subsidy) to generate level savings. Given the strong underlying ratings and sound credit fundamentals, we do not see any need to consider any structuring alternatives. A summary of such refunding economics is provided to the right. Please see Appendix C for complete financing numbers.

BofAML is committed to working with the Town, its Financial Advisor and Bond Counsel to achieve the optimal financing structure, including a highly competitive underwriter’s discount, appropriate interest rates and a bond structure that is tailored to meet the Town’s long-term objectives. Moreover, we note that since the interest paid on the bonds is the largest component of the all-in true interest cost, we believe it is extremely important that the Town take into consideration distribution capabilities and the ability to commit capital when reviewing underwriting spreads proposed by firms. While many firms are willing to offer competitive underwriting fees, if the transaction is not priced correctly, the net cost impact to the Town can eliminate any benefit that may have been gained through a low underwriting spread. In fact, the Town could end up paying more if the bonds are not marketed by a firm that will appropriately price and distribute its bonds. The additional cost would not be seen as an ‘expense’ or ‘fee’ line item, but would be paid to investors over time through higher interest rates on the bonds. As such, it is important for the Town to engage a firm like BofAML that: i) provides comprehensive financing solutions, ii) understands the marketing efforts necessary in today’s environment, iii) has the required distribution capabilities to access both retail and institutional buyers, and iv) has an evidenced history of achieving appropriate pricing results. The requested pricing information for Series 2019 Bonds is provided below.

PROPOSED GROSS SPREAD (1) BREAKDOWN OF PROPOSED EXPENSES (1)

Component $/Bond $ Amount Component Basis $/Bond $ Amount

Average Takedown $1.750 $75,250.00 i-Deal Bookrunning $/Bond $0.067 $2,893.24

Management Fee - - i-Deal Wire Charges(2) Fixed $ 0.002 81.66

Expenses 0.504 21,671.39 i-Deal Order Monitor $/Bond 0.033 1,404.49

Total Gross Spread $2.254 $96,921.39 CUSIP Charge Fixed $ 0.023 992.00

DTC Service Fees Fixed $ 0.019 800.00

TAKEDOWNS BY MATURITY Out-of-Pocket Expenses(3) Fixed $ 0.012 500.00

Maturity $/Bond Underwriter’s Counsel Fixed $ 0.349 15,000.00

All Maturities $1.750 Total Expenses $0.504 $21,671.39

1) Based on estimated par amount of $43,000,000, proposed takedown assumes sole managed transaction.

2) Assumes sole managed. 3) BofAML will only bill for actual out-of-pocket expenses.

WATER AND SEWER REFUNDING BONDS Proposed Tax-Exempt Refunding of Series 2010 Bonds

Par Amount $43,220,000

All-in TIC 3.069%

Average Life (Years) 13.0

Gross Savings $6,286,954

PV Savings ($) $4,736,494

PV Savings (%) 10.2%

Negative Arbitrage $148,345

Escrow Efficiency 97% Note: Results assume 8/27/19 delivery date, interest rates as of 4/10/19; does not reflect potential impact to DSRF, if any; preliminary, subject to change; assumes current reduced subsidy through final maturity.

Interest Rate Outlook. Since the beginning of the year, tax-exempt interest rates have dropped as much as 40 basis points across the yield curve. Market technicals have remained strong as we continue to see investor inflows outpacing new issue supply – creating a market in which investors have a significant amount of cash to put to work. As a result, BofAML Research believes municipal rates will remain low for the next several months. On the Federal Reserve front, BofAML Research adjusted our interest rate forecast last month and now believe there will be one Fed rate increase in December 2019 and no rate increases in 2020. This is a more conservative outlook than our previous projections and one that projects slower growth in the economy and a changing of Fed voting members that will reflect a more dove-ish tone.

BANK OF AMERICA MERRILL LYNCH FORECAST STREET MEDIANS FORECAST

Metric 2019Q2 2019Q3 2019Q4 Metric 2019Q2 2019Q3 2019Q4

Fed Fund Rate(1) 2.50% 2.50% 2.75% Fed Fund Rate(1) 2.50% 2.55% 2.60%

3-Month LIBOR 2.55% 2.65% 2.85% 3-Month LIBOR 2.70% 2.79% 2.86% 2YR T-Note 2.50% 2.55% 2.60% 2YR T-Note 2.64% 2.74% 2.80% 10YR T-Note 2.80% 2.90% 3.00% 10YR T-Note 2.82% 2.91% 2.96% 30YR T-Bond 3.10% 3.20% 3.30% 30YR T-Bond 3.17% 3.24% 3.29%

Source: BofAML Global Research as of 3/29/19; (1) Fed Fund Target Rate – Upper Bound. Source: Bloomberg as of 3/29/19; (1) Fed Fund Target Rate – Upper Bound.

Indicative Pricing Levels. In the table below, we provide indicative tax-exempt pricing levels for the Town as of April 10, 2019, assuming uninsured a Moody’s rating of A1. These levels are primarily based on our knowledge of the market derived from our daily trading of municipal bonds and the pricing of recent/relevant transactions to the Town’s proposed financing, including the Sarasota County Utility System refunding on March 27, 2019. These levels represent what would be our recommended premarketing scale if the Town were pricing its offering today. Additionally, as of April 10th, it represents the levels that we would be willing to consider underwriting at should a portion of any of these maturities go unsold after the order period.

The scale below includes lower coupons beginning in 2035 through 2040, as we demonstrated in recent transactions, there is demand from investors for lower coupon structures. In many cases, lower coupons could provide the Town with a lower yield-to-maturity than a corresponding 5.00% premium bond structure for the callable maturities. While lower coupons typically require a higher stated yield than traditional 5% premium coupon bonds, on a yield to maturity (“YTM”) basis they can provide a benefit to the Town. This is due to the “yield kick” experienced by higher coupon callable premium bonds (representing the yield on the bonds if held to maturity, rather than to the first call date). With this comes the reduced potential for refinancing savings in the future, however – well in advance of pricing, we would expect to have a conversation with the Town and Dunlap & Associates about the appetite for such a structure and the economics when we are closer to the pricing.

INDICATIVE TAX-EXEMPT INTEREST RATE SCALE

Year Maturity MMD Coupon Spread to MMD Yield 1 2020 1.53% 5.00% 5 bps 1.58% 2 2021 1.55% 5.00% 8 bps 1.63% 3 2022 1.57% 5.00% 12 bps 1.69% 4 2023 1.61% 5.00% 15 bps 1.76% 5 2024 1.67% 5.00% 18 bps 1.85% 6 2025 1.71% 5.00% 20 bps 1.91% 7 2026 1.74% 5.00% 22 bps 1.96% 8 2027 1.78% 5.00% 25 bps 2.03% 9 2028 1.84% 5.00% 28 bps 2.12%

10 2029 1.92% 5.00% 30 bps 2.22% 11 2030 2.01% 5.00% 33 bps 2.34% 12 2031 2.09% 5.00% 35 bps 2.44% 13 2032 2.15% 5.00% 35 bps 2.50% 14 2033 2.21% 5.00% 35 bps 2.56% 15 2034 2.26% 5.00% 35 bps 2.61% 16 2035 2.31% 3.00% 85 bps 3.16% 17 2036 2.36% 3.00% 85 bps 3.21% 18 2037 2.41% 4.00% 72 bps 3.13% 19 2038 2.45% 4.00% 72 bps 3.17% 20 2039 2.49% 4.00% 72 bps 3.21% 21 2040 2.53% 4.00% 72 bps 3.25%

Note: Preliminary, subject to change. Rates as of 4/10/19. Assumes credit ratings of A1.

Additional Information (Limit 2 Pages)

a. Provide any additional information you feel will be helpful to the Town in evaluating your qualifications to serve as underwriter on the Town’s financing.

Commitment and Coverage of Davie. BofAML and its affiliates have a history of being supportive to the Town, as is evident in our banking coverage and the balance sheet we have previously committed to the Town. In addition to serving as co-manager on the Series 2010, Series 2011, and Series 2012 Water and Sewer financings, BofAML, via BANA also extended our balance sheet via the direct purchase of the $10 million General Obligation Bonds, Series 1998 and the financing of vendor leases. Lastly, in the graph below, we highlight select market updates, Build America Bond refunding news and other relevant information we have provided to the Town over the past year and a half.

10-YEAR MMD & BofAML’s UPDATES SINCE NOVEMBER 2017

Extensive Build America Bonds Refunding Experience. Since the passage of tax reform and the elimination of tax-exempt advance refundings, BofAML worked with nationally recognized tax counsel to evaluate the ability to use tax-exempt bonds to advance refund federally-taxable direct subsidy bonds (Build America Bonds). This innovative idea allowed issuers to take a proactive approach to managing risk associated with the sequestration and refund high cost debt for present value savings. BofAML completed one of the first public market negotiated tax-exempt advance refunding of Build America Bonds when we served as senior manager for the Regents of the University of California’s $2.1 billion financing. Additionally, the Town’s BofAML financing team has senior managed two Build America Bond refundings for Florida issuers, including the Florida Atlantic University Finance Corporations $90.6 million Series 2019A refunding and, most recently, Sarasota County’s $38.7 million Series 2019A Utility System refunding (expected to close on April 23, 2019). We look forward to the opportunity to leverage our extensive underwriting experience, market knowledge and, more importantly, our Build America Bond refunding experience to help the Town achieve its financing objectives.

Senior Managing Underwriter Qualifications. BofAML has a rich and distinguished history in the public finance sector, ranking as the #1 senior manager of all municipal issues from 2014 to 2019 year-to-date. With this experience, BofAML is well-versed in executing transactions across nearly every industry, issuer type and security type. Furthermore, BofAML enjoys the distinction of being one of the top senior managing underwriters of municipal bonds in the state of Florida for from 2016 to 2019 year-to-date, which clearly demonstrates our ability to structure, market and distribute Florida issues to investors. Our experience on these transactions demonstrates BofAML’s commitment to our municipal clients through capital commitment, dedicated marketing strategies, and pricing optimization strategies. As senior manager, we would draw on this experience to help the Town achieve its financing goals.

BofAML assumes an extensive role, ranging from detailed quantitative structuring and analyses to document development and review, to the marketing and underwriting of the bonds. BofAML has continually offered the appropriate capital management strategy to support its clients. In addition, BofAML has played an active role in preparing clients for presentations to the rating agencies and bond insurers. We have assisted several Florida issuers in presenting their key strengths to the rating agencies. For example, BofAML worked extensively with the City of Deerfield Beach and its financial advisor to craft a comprehensive rating agency presentation. We helped lead the rating agency and investor outreach and assisted the City in conveying its credit story in clear and comprehensive manner, these efforts led to an upgrade by S&P from “AA-” to “AA,” and an affirmation from Fitch of their “AA” rating. We have also worked with a variety of Florida issuers to help with their issuance of similar credits to the proposed financing of the Town. In all cases, BofAML, acting as either senior or co-manager, invests a significant amount of time becoming familiar with every aspect of the issuer and its debt structure.

Rating Agency Specialists. As mentioned previously, BofAML maintains a dedicated Credit Strategy and Investor Relations Group to help issuers craft compelling rating agency presentations and engage with investors. Sandy Brinkert, Director, has over 30 years of experience in the municipal finance industry, including acting as a credit enhancer at commercial banks and bond insurers, sell side research and investment banking. She will be engaged with the banking team in providing key input related to the rating process and likely rating agency reaction to proposed structuring suggestions. Brad Gewehr, a Director based in New York, will work jointly with Ms. Brinkert to assist with credit and rating agency strategies. Mr. Gewehr

Each dot represents a touchpoint to the Town of Davie from BofAML

spent many years at Moody's as a Managing Director where he supervised a staff of analysts responsible for assigning and maintaining ratings on municipal tax-backed, SRF, utility revenue, and lease credits in 26 states. Sandy and Brad serve as a conduit for information with investors, offering valuable feedback regarding current buyer preferences and facilitating one-on-one investor meetings and conference calls to discuss specific questions. Their ongoing dialogue with investors plays a crucial role in expanding the investor base for our issuer clients. With respect to the Town, their in-depth knowledge of mid-tier institutional investors could help the Town generate incremental demand for its bonds.

Local Presence. BofAML not only has a vested interest in its municipal issuer clients, but also the communities for which they serve. BofAML actively supports charities and non-profit organizations within Broward County, and our philanthropic investments are key demonstrations of our efforts to build thriving communities in support of our purpose to make people’s financial lives better. As a Firm, we believe strong local communities are vital to healthy local economies, which are vital to sustainable growth. Some of the organizations that BofAML supports through grants in Broward County are the Women in Distress of Broward County, Habitat for Humanity, Junior Achievement, United Way, Boys and Girls Club, Broward Education Foundation, Rebuilding Together Broward and Crisis Housing Solutions, among many others. Since 2014, the Bank of America Charitable Foundation provided over $4.3 million in grants and matching gifts on behalf of employees for Broward County organizations. Not only our firm is dedicated to the future of Broward County, but our employees are as well. Our employee volunteers are passionate about improving the communities where we live and work, and as evidence of this, our more than 1,000 Broward County based employees, located in over 68 offices throughout Broward County, recorded over 40 thousand volunteer hours since 2014 for local organizations. In the Town of Davie alone, Bank of America Corporation maintains 3 banking centers employing 26 associates. Many firms tout their commitment to local communities, but we believe that our track record speaks for itself.

b. Provide a statement of assurance that your Firm is not presently in violation of any statutes or regulatory rules that might impact your Firm’s operations.

To the best of our knowledge and belief, the Public Finance employees in the Public Finance Investment Banking Group who would work on this transaction are not aware of any outstanding violation of any statutes or regulatory rules that might impact the operations of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”).

c. Provide information on the nature and magnitude of any litigation in which your Firm has been a party during the past three (3) years. Also, include information on any pending litigation as well.

In the ordinary course of business, Merrill Lynch, Pierce, Fenner & Smith Incorporated is subject to regulatory examinations, information gathering requests, inquiries, and investigations (“Regulatory Matters”) by various federal or state securities regulatory agencies and attorneys general, other local, state, and federal agencies, and self-regulatory organizations (collectively, “Regulators”); and is routinely a defendant in or party to many pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants (“Legal Matters”), which may be based on alleged violations of securities, environmental, employment, and other laws. In connection with formal and informal Regulatory Matters, MLPF&S receives numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of its regulated activities, and in some cases regulatory action has been taken against MLPF&S. MLPF&S believes that it has cooperated fully with the Regulators in all such inquiries to date and intends to continue to cooperate fully with the Regulators in all such inquiries involving MLPF&S in the future. MLPF&S’s ultimate parent is Bank of America Corporation (“BAC”). BAC makes all required disclosures in its Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are updated in its Reports on Form 8-K, all of which are filed with the Securities and Exchange Commission (“Regulatory Filings”). Merrill Lynch & Co., Inc. (the “Corporation”), the former parent of MLPF&S, also made such disclosures until it was merged into BAC on October 1, 2013. MLPF&S makes all required disclosures in its Form BD and ADV Filings (“Form BD and ADV Filings”) with the Financial Industry Regulatory Authority (“FINRA”). Those Regulatory Filings and Form BD and ADV Filings include disclosures of Regulatory Matters and Legal Matters as required by federal law and applicable regulations, and are publicly available. BAC cannot confirm or deny the existence of any other, non-public Regulatory Matters conducted by any Regulator or Legal Matters unless required to do so by law. The Regulatory Filings are publicly available on the SEC’s website at www.sec.gov. The Form BD Filings are publicly available on the FINRA BrokerCheck system at https://brokercheck.finra.org/. The Form ADV filings are publicly available on the SEC’s Investment Adviser Search website at: https://www.adviserinfo.sec.gov/IAPD/default.aspx. Regulatory Filings that include information relating to Regulatory Matters or Legal Matters involving the municipal markets business of MLPF&S since January 1, 2013 can be accessed as follows and are incorporated herein by reference: the Corporation’s Quarterly Report on Form 10-Q filed on May 10, 2013 (page 76); and this can be found at http://phx.corporate-ir.net/phoenix.zhtml?c=93516&p=IROL-sec [Word Document Version] and BAC’s Quarterly Report on Form 10-Q filed on May 7, 2013 (page 201); and this can be found at http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-sec [Word Document Version]. The Form BD and ADV Filings also include information relating to Regulatory Matters involving the municipal markets business of MLPF&S. Please let us know if you need any additional information.

Appendix A

Team Resumes

CORE INVESTMENT BANKING COVERAGE Contact Background Amanda Schlang Vice President One Bryant Park, 12th Floor New York, NY 10036 646-743-1353 [email protected]

Role: Florida Regional Banker, Lead Banker

Relevant Experience: Ms. Schlang has nine years of public finance experience at BofAML, providing lead banking, quantitative analysis and transaction support for a diverse client base. Since joining BofAML, Ms. Schlang has assisted on a variety of debt financings such as sales tax, covenant to budget, non-ad valorem, aviation, transportation, water and sewer utility transactions, special obligation, lease revenue, GO bonds, and revenue bonds, among others. She has served as the lead day-to-day banker on a variety of senior managed transactions for Florida issuers including the Counties of Sarasota, Miami-Dade, Lee, Polk and Pasco, the Cities of Deerfield Beach, Miramar, Hollywood, Cape Coral, Clearwater, Marco Island, Port St Lucie, Jacksonville, Tallahassee and Orlando; and Reedy Creek Improvement District, among many others.

Background/Education: B.S.B.A (Finance) - University of Florida; FINRA Series 7 and 63 licensed.

Coleman Cordell Managing Director 250 S Park Ave, Suite 400 Winter Park, FL 32789 321-527-7816 [email protected]

Role: Head of Florida Public Finance, Senior Oversight

Relevant Experience: Mr. Cordell joined Bank of America Merrill Lynch in June 2008, and is currently in charge of the public finance effort in the state of Florida. Prior to joining BofAML, Mr. Cordell was the manager of the Southeast Region for UBS Investment Bank. During his 36 year career in public finance, Mr. Cordell has senior-managed virtually every type of financing. These transactions include public power, combined utility, special obligation, non-ad valorem, water and sewer, certificates of participation, general obligation, CRA, transportation, solid waste, stormwater, infrastructure, resource recovery, gas tax, sales tax, assessment and insurance related transactions, among many others. This considerable experience has gained Mr. Cordell the reputation as being one of the most senior investment bankers in the Southeast. Mr. Cordell has been responsible for the issuance of over $60 billion in municipal financings. This experience includes transactions for Reedy Creek Improvement District; the Utility Board of the City of Key West, Sarasota County, Polk County, Pasco County, Tampa Bay Water; the state of Florida; Tallahassee, Tampa, and GOAA among many others. Additionally, Mr. Cordell has served as financial advisor to issuers such as Tampa Bay Water, GRU and FGUA. Mr. Cordell brings a wealth of knowledge of Florida public finance to the team.

Background/Education: B.S.B.A. & M.B.A. - University of Florida; FINRA Series 7, 53 and 63 licensed.

Doug Draper Director 101 E. Kennedy Blvd, 2nd Floor Tampa, FL 33602 813-495-7443 [email protected]

Role: Senior Florida Public Finance Banker

Relevant Experience: Mr. Draper joined BofAML in April 2017. Previously, he worked in a similar role at RBC Capital Markets. He has served as an investment banker and commercial banker on a wide variety of municipal financings and commercial transactions over the past 19 years, primarily in Florida. He has served as an investment banker on over $8 billion of financings for state and local governments, including non-ad valorem, water and/or sewer expansions and acquisitions, expansions for port authorities, convention centers, revolving loan funds, transportation corridors (including road and bridge programs), special assessment and land-secured projects, resource recovery/solid waste, pension obligations and other general governmental projects. He is a Florida Blue Key alum and was a recipient of the William E. Davis Family Fellowship Award and the Outstanding Master of Accounting Systems Student of the Year for 1999-2000 Award. Mr. Draper is a CPA (inactive status).

Background/Education: M.A and B.A. (with Honors in Accounting) - University of Florida; FINRA Series 7, 52, 53, 63 and 79 licensed.

CORE INVESTMENT BANKING COVERAGE Contact Background

Tom Cai Associate One Bryant Park, 12th Floor New York, NY 10036 646-743-1380 [email protected]

Role: Banking Support & Quantitative Banker

Relevant Experience: Mr. Cai is a new addition to our Public Finance Group, joining Bank of America Merrill Lynch’s dedicated Southeast Region team in 2017. Mr. Cai is responsible for covering a variety of issuers in the Southeast, including issuers throughout the State of Florida. Since joining BofAML, Mr. Cai has assisted on a variety of debt financings such as non-ad valorem, transportation, utility, special obligation, lease revenue, and sales tax, among others. Before joining BofAML, Mr. Cai served ten years in the United States Army.

Background/Education: B.S. (Economics) - United States Military Academy, M.A. (Economics) - University of Hawaii; FINRA Series 7, 52, and 63 licensed.

MUNICIPAL UNDERWRITERS

Contact Background

Dave Andersen Managing Director One Bryant Park, 9th Floor New York, NY 10036 212-449-5081 [email protected]

Role: Head of Municipal Markets Trading and Underwriting

Relevant Experience: Mr. Andersen is responsible for all of BofAML’s Municipal Markets Departments’ trading and underwriting. He has over 30 years of experience in underwriting, and trading of competitive and negotiated issues for BofAML’s Municipal Markets Desk. Throughout his career, Dave has distinguished himself as among the best underwriters in the municipal industry. This is evidenced by the Firm’s record of 27 consecutive years as the industry’s #1 underwriter of competitive bond issues. Moreover, as the head of the underwriting desk, Dave oversees every negotiated financing executed by BofAML.

Background/Education: B.S. - New York University; FINRA Series 7, 53 and 63 licensed.

Catherine Crews Managing Director One Bryant Park, 9th Floor New York, NY 10036 212-449-5081 [email protected]

Role: Fixed Rate Underwriter

Relevant Experience: Ms. Crews is a member of the underwriting desk and has 15 years of experience in in the municipal business. Prior to joining the underwriting desk in 2005, Ms. Crews was a financial analyst in the Health Care and Higher Education Group, where she provided quantitative and analytical analysis. Ms. Crews served as the lead underwriter for many of our Florida municipal clients, including the City of Jacksonville, Sarasota County, Duval County Schools, Tampa Bay Water, FSUFA, Reedy Creek, and Pasco County, among others.

Background/Education: B.A. - Bucknell University; FINRA Series 7 and 63 licensed.

Brendan Troy Managing Director One Bryant Park, 9th Floor New York, NY 10036 212-449-5081 [email protected]

Role: Fixed Rate Underwriter

Relevant Experience: Mr. Troy has nearly 20 years of experience in the underwriting of both fixed rate and variable rate securities. Mr. Troy has served on the underwriting team for issuers including the Florida Municipal Power Authority, Energy Northwest, Santee Cooper, the Minnesota Municipal Power Agency, Jacksonville Electric Authority, Municipal Electric Authority of Georgia, CPS Energy, Sarasota County, the City of Miami Beach, Miami-Dade County, Reedy Creek Improvement District, the City of Pembroke Pines, Tampa Bay Water, City of Orlando, and State of Florida among many others.

Background/Education: B.A. - Vanderbilt University, M.B.A - NYU; FINRA Series 7, 53 and 63 licensed.

MUNICIPAL UNDERWRITERS

Contact Background

Robert Holmes Director One Bryant Park, 9th Floor New York, NY 10036 212-449-5081 [email protected]

Role: Lead Fixed Rate Underwriter

Relevant Experience: Mr. Holmes is a member of the fixed rate underwriting desk and has a total of 13 years of experience in the municipal market. Most recently, he was responsible for municipal secondary trading. He also previously worked on the short-term desk, underwriting and remarketing all municipal commercial paper products and variable rate demand notes, and was a member of the Municipal Capital Markets Group, where he structured and marketed derivative products. Before joining BofAML, Mr. Holmes served for nine years as an aviator in the United States Navy. Mr. Holmes has passed all three levels of the Chartered Financial Analyst exams.

Background/Education: M.S. - Boston University; B.A. - United State Naval Academy; FINRA Series 7, 53 and 63 licensed.

SALES & MARKETING SPECIALISTS

Contact Background

Michael Jentis Managing Director One Bryant Park, 9th Floor New York, NY 10036 212-449-8300 [email protected]

Role: Head of Municipal Institutional Sales & Marketing

Relevant Experience: Mr. Jentis has over 30 years of public finance experience at BofAML and is currently head of our institutional municipal sales operation in New York. His accounts include the nationally based major bond funds and arbitrage accounts. Prior to his current position, he spent nearly four years in investment banking, one year in derivatives and the last 20 years in sales.

Background/Education: B.A. - Syracuse University; M.B.A. - UCLA; FINRA Series 7, 9, 10 and 63 licensed.

Kevin Wenk Director 1819 Main Street Sarasota, FL 34236 212-449-6800 [email protected]

Role: Head of Municipal Retail Sales & Marketing

Relevant Experience: Mr. Wenk started his career in municipal finance sales at Merrill Lynch 1996 and has been in muni sales ever since. He began his career as a sales assistant, and then became a short-term salesperson, and later a long-term salesperson. In a few years he worked his way up to leading all municipal short-term sales. In 2013 he started working in long-term sales again (while still leading short-term sales), and in 2014 he created and managed a muni middle markets sales team. In 2015 he transitioned to his current role as the Head of BofAML’s Municipal Retail Marketing efforts.

Background/Education: B.A. – Bucknell University M.B.A. – NYU; FINRA Series 7, 53 and 63 licensed.

Lee Rudolph Vice President 200 Central Ave St. Petersburg, FL 33701 727-824-7336 [email protected]

Role: Florida Retail Marketing Specialist

Relevant Experience: Mr. Rudolph has nearly 30 years of experience (all with BofAML) in the securities industry, specializing in Florida municipal bonds. Lee is responsible for providing high net worth retail clients with expertise and market opportunity ideas for help in managing their municipal bond portfolios. Located in St. Petersburg, he works closely with our Florida bankers and trading professionals to market Florida bonds to retail clients and wealth advisors.

Background/Education: B.A. - Auburn University; FINRA Series 7, 53 and 63 licensed.

CREDIT & RATING AGENCY SPECIALISTS

Contact Background

Sandra Brinkert, CFA Director One Bryant Park, 12th Floor New York, NY 10036 646-743-1312 [email protected]

Role: Senior Credit Strategist

Relevant Experience: Ms. Brinkert specializes in municipal credit strategies and also participates in the investor relations strategies for all of our municipal clients. Sandy has over 30 years of experience in municipal bonds including acting as a credit enhancer at commercial banks and bond insurers, sell side research and investment banking. Her clients have included issuers from most sectors of the market including public power issuers, cities, states, school districts, hospitals, utilities, transportation, sports facilities, project financings and public private partnerships. Sandy has recently worked with public power entities including the Marquette Board of Light and Power, Public Power Generation Agency and Municipal Energy Agency of Nebraska. Prior to joining Bank of America Merrill Lynch in 2008, she was manager of public finance underwriting at ACA Capital, an underwriter in project finance at Ambac and an investment banker, credit research analyst and commercial banker at JP Morgan.

Background/Education: M.B.A - University of Chicago, B.A. - Northwestern University. Chartered Financial Analyst. FINRA Series 7, 16, 53 and 63 licensed.

Bradley Gewehr Director One Bryant Park, 12th Floor New York, NY 10036 646-743-1336 [email protected]

Role: Senior Credit Specialist

Relevant Experience: Mr. Gewehr specializes in advising issuer clients on credit structure, rating strategies, and investor relations. He has nearly 30 years of experience in municipal finance, including roles as a rating agency credit analyst, investment banker, and director of municipal research. Prior to joining BofAML in May 2010, Brad was an investment banker and head of the municipal credit strategy group for UBS Securities, assisting issuer clients in the rating process and the structuring of new credits and well as leading transactions involving pension funding, tobacco settlement, and special assessment credits. Brad was a Managing Director in the Public Finance Group of Moody’s Investors Service, supervising ratings on municipal tax-backed, utility revenue, and lease credits in 26 states, including Florida.

Background/Background: M.B.A. - New York University; B.A. - Amherst College. Member of the Society of Municipal Analysts & National Federation of Municipal Analysts. FINRA Series 7, 16, 24, 53, & 63 licensed.

Appendix B

Water and Sewer Revenue Bond Deal List

BofAML's SENIOR MANAGED WATER AND SEWER REVENUE BOND EXPERIENCE SINCE 2017

Issuer Sale Date

Par ($MM)

TIC (%) Moody's S&P Fitch

Gross Spread ($/bond) BofAML Banker

Illinois Finance Authority 04/03/19 77.1 2.196 Aa1 AAA NR

Anne Arundel Co-Maryland 04/02/19 450.0 2.435 NR AAA AAA

Sarasota Co-Florida 03/28/19 $38.7 3.409 NR AA+ AA+ 2.54 Lead: CC, DD; Quantitative: AS, TC

Texas Water Development Board 03/13/19 221.0 NR AAA AAA 3.37

Montgomery Co MUD #119 03/04/19 10.2 Baa1 NR NR

NYC Municipal Water Fin Auth 02/27/19 302.5 Aa1 AA+ AA+ 0.87

Oregon Business Development Comm 02/27/19 138.2 A1 A+ NR 1.80

Charleston City-South Carolina 01/09/19 130.0 Aaa AAA NR 2.11

San Diego Public Facs Fin Auth 12/12/18 243.2 Aa3 NR AA- 1.39

Fort Bend Co MUD #50 12/06/18 10.0 A3 NR NR

San Antonio City-Texas 12/04/18 130.2 Aa1 AA AA+

So California Metro Water Dt 11/28/18 137.5 NR AAA AA+

Fort Bend Co MUD #128 11/27/18 11.5 A1 NR NR

Los Angeles Dept of Wtr & Power 11/15/18 426.3 Aa2 AA+ AA

Los Angeles City-California 11/08/18 65.0 NR NR AAA 0.41

Riverside City-California 10/30/18 153.7 A1 AA- NR 2.23

Indiana Finance Authority 10/11/18 153.2 Aaa AAA AAA

Missouri Env Imp & Energy Res Au 10/04/18 31.6 Aaa NR AAA

St Petersburg City-Florida 09/11/18 205.1 3.711 Aa2 NR AA 3.08

Snoqualmie City-Washington 09/06/18 30.7 3.602 NR AA NR

Fort Smith City-Arkansas 08/28/18 130.7 NR A NR 4.31

Wisconsin 08/15/18 92.1 NR AAA AAA 4.14

Johnson Co-Kansas 07/25/18 232.8 3.296 Aaa AAA AAA 2.59

Lancaster City-Pennsylvania 07/24/18 113.3 3.879 NR NR NR 3.85

Suffolk Co Water Authority 07/17/18 100.0 3.564 NR AAA AAA

Houston City-Texas 07/11/18 249.1 Aa2 NR AA 2.02

Morgantown City-West Virginia 06/21/18 44.3 A1 A+ NR 4.29

Connecticut 06/06/18 85.0 A1 A A+ 0.83

Phoenix City Civic Imp Corp 05/22/18 84.3 Aa2 AAA NR 2.82

Phoenix City Civic Imp Corp 05/22/18 133.3 Aa2 AA+ NR 3.89

Boulder City-Colorado 05/15/18 38.3 3.089 Aa1 AAA NR 3.57

Massachusetts Water Resources Au 05/09/18 21.9 Aa1 AA+ AA+



Cucamonga Vlly Wtr Dt Fin Au 05/03/18 9.7 NR AA AA 0.33

Cucamonga Vlly Wtr Dt Fin Au 05/03/18 63.7 NR AA AA 2.15


Issuer Sale Date

Par ($MM)



Port St Lucie City-Florida 05/03/18 8.3 NR AA- A+ 6.80 Lead: CC, DD; Quantitative: AS, TC

Huntsville City-Texas 05/01/18 45.8 3.536 NR AA- AA 8.94

Howard Co-Maryland 04/04/18 38.2 3.426 Aaa AAA AAA

Oklahoma Water Resources Bd 03/14/18 80.1 Aaa AAA AAA 3.95

Baltimore Co-Maryland 03/01/18 225.0 3.547 Aaa AAA AAA

California Infrstr & Eco Dev Bank 02/22/18 449.2 Aaa AAA AAA 2.54

Winchester City-Kentucky 02/01/18 13.0 3.53 NR A NR 13.52

Honolulu City & Co-Hawaii 01/24/18 41.9 Aa3 NR AA- 3.73

Honolulu City & Co-Hawaii 01/24/18 282.8 Aa2 NR AA 4.36

Hampton Roads Sanitation Dt 01/23/18 63.2 3.575 NR AA AA 2.13

Pennsylvania Infras Inv Auth 01/11/18 50.0 1.949 NR AAA AAA 0.62

Pittsburgh Water & Sewer Auth 12/22/17 218.8 A2 A NR 2.69

North Texas Municipal Water Dt 12/07/17 19.5 Aa2 AAA NR

Hampton Roads Sanitation Dt 12/05/17 83.5 NR AA AA 2.74

Iowa Finance Authority 11/29/17 347.5 Aaa AAA AAA 3.35

Pittsburgh Water & Sewer Auth 11/28/17 159.8 A2 A NR 3.71

Rancho Calif Wtr Dt Fin Auth 11/16/17 2.4 2.409 NR AAA AAA 2.95

Rancho Calif Wtr Dt Fin Auth 11/16/17 38.7 2.505 NR AAA AAA 2.95

Clear Lake Water Authority 11/09/17 13.8 Aa3 NR NR

Miramar City-Florida 10/19/17 32.3 Aa2 AAA NR 2.98 Lead: CC, DD; Quantitative: AS, TC

Augusta City-Georgia 10/17/17 94.9 2.221 A1 A+ NR

Nevada 10/17/17 6.2 2.682 Aa2 AAA AA+ 9.72

Travis Co MUD #4 10/17/17 17.2 NR NR NR

Indiana Finance Authority 10/11/17 145.5 Aaa AAA AAA 3.61

Charleston City-South Carolina 10/05/17 40.6 Aaa AAA NR 4.12

King Co-Washington 10/02/17 154.6 2.553 Aaa AAA NR

Cleveland City-Ohio 09/27/17 43.1 Aa2 AA NR 4.51

Northeast Ohio Regional Sewer Dt 09/20/17 241.6 Aa1 AA+ NR 4.40

Illinois Finance Authority 08/29/17 560.0 NR AAA AAA 3.86

Cleveland City-Ohio 08/24/17 15.8 Aa1 AA+ NR 4.90

Cleveland City-Ohio 08/24/17 54.7 Aa1 AA+ NR 4.28

Moorestown Twp-New Jersey 08/15/17 15.4 2.85 Aaa NR NR

Ohio Water Development Authority 08/10/17 250.0 Aaa AAA NR 3.61

Louisville-Jefferson Co Metro Swr Dt 08/08/17 175.0 3.357 Aa3 AA NR 6.11

Contra Costa Water Dt 08/02/17 31.8 NR AA+ AA 1.63

Greensboro City-North Carolina 07/27/17 26.0 Aa1 AAA AAA 3.75


Issuer Sale Date

Par ($MM)



Greensboro City-North Carolina 07/27/17 64.7 Aa1 AAA AAA 4.27

Santa Rosa Reg Resources Auth 07/27/17 24.0 NR AA+ AA 2.74

Santa Rosa Reg Resources Auth 07/27/17 31.2 NR AA+ AA 2.74

Williamson Co MUD # 15 07/27/17 9.0 NR NR NR

Fort Bend Co MUD #134B 07/20/17 8.1 Baa3 NR NR

Brazoria Co MUD #28 06/29/17 25.9 A3 NR NR 25.50

NYC Municipal Water Fin Auth 06/27/17 162.4 3.581 Aa1 AA+ AA+ 2.93

Frisco City-Texas 06/15/17 14.5 2.847 Aa1 AA+ NR

Arlington City-Texas 06/13/17 40.3 2.71 Aa2 AAA AAA

Cincinnati City-Ohio 06/13/17 75.6 2.873 Aaa AAA NR 3.19

Fillmore City-California 06/13/17 34.4 A3 BBB+ NR 3.97

Sacramento City-California 06/08/17 52.6 NR AA AA- 3.76

Harris Co MUD #165 06/01/17 31.0 A2 NR NR 7.23

Harris Co MUD #49 06/01/17 11.1 NR BBB+ NR

Petaluma City-California 06/01/17 23.4 3.139 NR AA NR 8.11

Fort Worth City-Texas 05/23/17 111.6 3.338 Aa1 AA+ AA

Harris Co MUD #321 05/16/17 9.2 NR NR NR

Denver City Co Bd of Wtr Comm 05/11/17 41.8 Aaa AAA AAA 2.12

Denver City Co Bd of Wtr Comm 05/11/17 142.7 Aaa AAA AAA 2.30

Scottsdale Muni Property Corp 05/09/17 39.1 2.967 Aa1 AAA AAA

Eastern Municipal Water Dt Fin Auth 05/04/17 102.5 NR AA+ AA+ 2.04

Mesa City-Arizona 05/03/17 123.9 Aa2 AA- NR 8.86

Dearborn City-Michigan 04/26/17 10.7 3.373 Aa3 NR NR 6.11

Evansville City-Indiana 04/26/17 21.9 NR A+ NR 14.12

Minneapolis-St Paul Metro Council 04/26/17 105.0 2.866 Aaa AAA NR 3.71

Los Angeles Dept of Wtr & Power 04/26/17 530.3 Aa2 AA+ AA 2.27

Georgetown City-Texas 04/25/17 27.9 2.923 NR AA NR

Ralls Co Pub Water Supply Dt #1 04/19/17 11.2 3.463 NR A- NR

NYS Environmental Facs Corp 04/06/17 336.3 Aaa AAA AAA 3.61

Massachusetts Clean Water Trust 04/05/17 96.3 Aaa AAA AAA 2.57

Massachusetts Clean Water Trust 04/05/17 207.4 Aaa AAA AAA 2.86

North Texas Municipal Water Dt 03/23/17 74.9 3.664 Aa2 AAA NR

NYS Environmental Facs Corp 03/22/17 588.7 Aaa AAA AAA 3.58

Pasadena City-California 03/13/17 15.4 3.25 NR AA+ AA+ 1.73

Clark Co-Nevada 03/01/17 321.6 3.421 Aa1 AA+ NR 5.30

Mesa City-Arizona 03/01/17 75.4 Aa2 AA- NR 1.58


Issuer Sale Date

Par ($MM)



California Infrstr & Eco Dev Bank 02/28/17 450.0 Aaa AAA AAA 2.40

Fairfax Co Water Authority 02/08/17 201.6 3.307 Aaa AAA AAA 2.06

Clearwater City-Florida 01/27/17 69.3 Aa2 AA NR 3.51 Lead: AS; Supervisor: CC

Dowdell Public Utility Dt 01/19/17 13.3 A3 NR NR

Orange Co Water Dt 01/11/17 25.3 3.859 NR AAA AAA 0.25

Orange Co Water Dt 01/11/17 89.7 3.389 NR AAA AAA 0.90

Source: Thomson Reuters; sale date from 1/1/17-3/29/19; deals for Florida BABs refunding shaded blue, other Florida transactions highlighted in gray; includes negotiated and competitive transactions; excludes short-term, private placement, and preliminary transactions; note that some requested information is not readily available via Thomson Reuters, will gladly research the relevant items upon request from the Town; for issues with multiple ratings, ratings shown represent first line item provided by Thomson Reuters.

CC - Coleman Cordell; AS - Amanda Schlang; DD - Doug Draper; TC - Tom Cai

Appendix C

Financing Numbers

Apr 10, 2019 5:01 pm Prepared by Bank of America Merrill Lynch

TABLE OF CONTENTS

TOWN OF DAVIE, FLORIDAWater and Sewer Revenue Bonds

‐‐‐Proposed Advance Refunding of Series 2010 BABs

Report Page

Sources and Uses of Funds .............................. 1

Bond Summary Statistics .............................. 2

Summary of Refunding Results ............................ 3

Bond Pricing ................................... 4

Savings ..................................... 5

Savings By Maturity ................................ 6

Bond Debt Service ................................. 7

Summary of Bonds Refunded ............................ 8

Prior Bond Debt Service ............................... 9

Underwriter's Discount ............................... 10

Cost of Issuance .................................. 11

Escrow Requirements ............................... 12

Escrow Statistics .................................. 13

Escrow Sufficiency ................................. 14

Escrow Descriptions ................................ 15

Form 8038 Statistics ................................ 16

Proof of Arbitrage Yield ............................... 18

Disclaimer .................................... 20

Apr 10, 2019 5:01 pm Prepared by Bank of America Merrill Lynch Page 1

SOURCES AND USES OF FUNDS



Dated Date 08/27/2019Delivery Date 08/27/2019

Sources:

Bond Proceeds:Par Amount 43,220,000.00Net Premium 5,841,391.55

49,061,391.55

Other Sources of Funds:Debt Service Fund 838,284.09

49,899,675.64

Uses:

Refunding Escrow Deposits:Cash Deposit 0.04SLGS Purchases 49,602,059.00

49,602,059.04

Delivery Date Expenses:Cost of Issuance 200,000.00Underwriter's Discount 97,328.38

297,328.38

Other Uses of Funds:Additional Proceeds 288.22

49,899,675.64

Notes: Preliminary, subject to change. Does not reflect potential impact to DSRF, if any. Assumes loss of current reduced subsidy immediately upon closing.


BOND SUMMARY STATISTICS



Dated Date 08/27/2019Delivery Date 08/27/2019First Coupon 10/01/2019Last Maturity 10/01/2040

Arbitrage Yield 2.693717%True Interest Cost (TIC) 3.028177%Net Interest Cost (NIC) 3.258862%All‐In TIC 3.069517%Average Coupon 4.278132%

Average Life (years) 13.039Duration of Issue (years) 10.059

Par Amount 43,220,000.00Bond Proceeds 49,061,391.55Total Interest 24,109,281.39Net Interest 18,365,218.22Total Debt Service 67,329,281.39Maximum Annual Debt Service 3,287,450.00Average Annual Debt Service 3,191,801.59

Underwriter's Fees (per $1000) Average Takedown 1.750000 Other Fee 0.501929

Total Underwriter's Discount 2.251929

Bid Price 113.290290

Par Average Average PV of 1 bpBond Component Value Price Coupon Life change

Serial Bond 43,220,000.00 113.515 4.278% 13.039 38,202.00

43,220,000.00 13.039 38,202.00

All‐In ArbitrageTIC TIC Yield

Par Value 43,220,000.00 43,220,000.00 43,220,000.00 + Accrued Interest ‐ ‐ ‐ + Premium (Discount) 5,841,391.55 5,841,391.55 5,841,391.55 ‐ Underwriter's Discount ‐97,328.38 ‐97,328.38 ‐ Cost of Issuance Expense ‐200,000.00 ‐ Other Amounts ‐ ‐ ‐

Target Value 48,964,063.17 48,764,063.17 49,061,391.55

Target Date 08/27/2019 08/27/2019 08/27/2019Yield 3.028177% 3.069517% 2.693717%



SUMMARY OF REFUNDING RESULTS



Dated Date 08/27/2019Delivery Date 08/27/2019Arbitrage yield 2.693717%Escrow yield 2.404242%Value of Negative Arbitrage 148,345.38

Bond Par Amount 43,220,000.00True Interest Cost 3.028177%Net Interest Cost 3.258862%All‐In TIC 3.069517%Average Coupon 4.278132%Average Life 13.039Weighted Average Maturity 12.833

Par amount of refunded bonds 46,245,000.00Average coupon of refunded bonds 6.765444%Average life of refunded bonds 12.982Remaining weighted average maturity of refunded bonds 12.982

PV of prior debt to 08/27/2019 @ 2.693717% 67,376,607.49Net PV Savings 4,736,493.89Percentage savings of refunded bonds 10.242175%Percentage savings of refunding bonds 10.959033%



BOND PRICING



Maturity Yield to Call Call PremiumBond Component Date Amount Rate Yield Price Maturity Date Price (‐Discount) Takedown

Serial Bond:10/01/2021 1,350,000 5.000% 1.630% 106.909 ‐ ‐ ‐ 93,271.50 1.75010/01/2022 1,415,000 5.000% 1.690% 109.936 ‐ ‐ ‐ 140,594.40 1.75010/01/2023 1,485,000 5.000% 1.760% 112.743 ‐ ‐ ‐ 189,233.55 1.75010/01/2024 1,555,000 5.000% 1.850% 115.245 ‐ ‐ ‐ 237,059.75 1.75010/01/2025 1,635,000 5.000% 1.910% 117.695 ‐ ‐ ‐ 289,313.25 1.75010/01/2026 1,715,000 5.000% 1.960% 120.041 ‐ ‐ ‐ 343,703.15 1.75010/01/2027 1,790,000 5.000% 2.030% 122.064 ‐ ‐ ‐ 394,945.60 1.75010/01/2028 1,880,000 5.000% 2.120% 123.706 ‐ ‐ ‐ 445,672.80 1.75010/01/2029 1,970,000 5.000% 2.220% 125.014 ‐ ‐ ‐ 492,775.80 1.75010/01/2030 2,065,000 5.000% 2.340% 123.790 C 2.527% 10/01/2029 100.000 491,263.50 1.75010/01/2031 2,170,000 5.000% 2.440% 122.780 C 2.770% 10/01/2029 100.000 494,326.00 1.75010/01/2032 2,270,000 5.000% 2.500% 122.179 C 2.946% 10/01/2029 100.000 503,463.30 1.75010/01/2033 2,380,000 5.000% 2.560% 121.582 C 3.098% 10/01/2029 100.000 513,651.60 1.75010/01/2034 2,495,000 5.000% 2.610% 121.086 C 3.224% 10/01/2029 100.000 526,095.70 1.75010/01/2035 2,615,000 3.000% 3.160% 97.991 ‐ ‐ ‐ ‐52,535.35 1.75010/01/2036 2,695,000 3.000% 3.210% 97.251 ‐ ‐ ‐ ‐74,085.55 1.75010/01/2037 2,770,000 4.000% 3.130% 107.478 C 3.441% 10/01/2029 100.000 207,140.60 1.75010/01/2038 2,875,000 4.000% 3.170% 107.119 C 3.486% 10/01/2029 100.000 204,671.25 1.75010/01/2039 2,990,000 4.000% 3.210% 106.763 C 3.527% 10/01/2029 100.000 202,213.70 1.75010/01/2040 3,100,000 4.000% 3.250% 106.407 C 3.565% 10/01/2029 100.000 198,617.00 1.750

43,220,000 5,841,391.55

Dated Date 08/27/2019Delivery Date 08/27/2019First Coupon 10/01/2019

Par Amount 43,220,000.00Premium 5,841,391.55

Production 49,061,391.55 113.515483%Underwriter's Discount ‐97,328.38 ‐0.225193%

Purchase Price 48,964,063.17 113.290290%Accrued Interest ‐

Net Proceeds 48,964,063.17



SAVINGS



Present ValuePrior Prior Prior Prior Refunding to 08/27/2019

Date Debt Service Adjustments Receipts Net Cash Flow Debt Service Savings @ 2.6937168%

10/01/2019 1,538,634.70 ‐415,332.21 838,284.09 285,018.40 182,981.39 102,037.01 99,663.7410/01/2020 3,077,269.40 ‐1,010,267.54 ‐ 2,067,001.86 1,937,450.00 129,551.86 126,660.2810/01/2021 4,602,269.40 ‐1,010,267.54 ‐ 3,592,001.86 3,287,450.00 304,551.86 288,778.5510/01/2022 4,569,823.90 ‐979,917.68 ‐ 3,589,906.22 3,284,950.00 304,956.22 281,559.7810/01/2023 4,533,741.20 ‐948,373.74 ‐ 3,585,367.46 3,284,200.00 301,167.46 270,767.7610/01/2024 4,499,021.30 ‐915,635.70 ‐ 3,583,385.60 3,279,950.00 303,435.60 265,640.6110/01/2025 4,465,361.10 ‐881,604.04 ‐ 3,583,757.06 3,282,200.00 301,557.06 257,077.6010/01/2026 4,427,457.50 ‐846,179.30 ‐ 3,581,278.20 3,280,450.00 300,828.20 249,738.8910/01/2027 4,380,376.00 ‐806,099.94 ‐ 3,574,276.06 3,269,700.00 304,576.06 246,183.4810/01/2028 4,338,345.26 ‐764,395.74 ‐ 3,573,949.52 3,270,200.00 303,749.52 239,057.6310/01/2029 4,290,705.36 ‐720,850.06 ‐ 3,569,855.30 3,266,200.00 303,655.30 232,699.1910/01/2030 4,242,456.30 ‐675,462.90 ‐ 3,566,993.40 3,262,700.00 304,293.40 227,057.7510/01/2031 4,193,268.16 ‐628,125.94 ‐ 3,565,142.22 3,264,450.00 300,692.22 218,488.4710/01/2032 4,137,110.96 ‐576,859.52 ‐ 3,560,251.44 3,255,950.00 304,301.44 215,279.3610/01/2033 4,079,104.76 ‐523,344.60 ‐ 3,555,760.16 3,252,450.00 303,310.16 208,934.1010/01/2034 4,018,907.10 ‐467,468.70 ‐ 3,551,438.40 3,248,450.00 302,988.40 203,223.8910/01/2035 3,956,175.56 ‐409,119.44 ‐ 3,547,056.12 3,243,700.00 303,356.12 198,120.8110/01/2036 3,895,567.66 ‐348,184.36 ‐ 3,547,383.30 3,245,250.00 302,133.30 191,918.9410/01/2037 3,826,398.50 ‐284,438.62 ‐ 3,541,959.88 3,239,400.00 302,559.88 186,908.9310/01/2038 3,753,668.10 ‐217,882.24 ‐ 3,535,785.86 3,233,600.00 302,185.86 181,647.1510/01/2039 3,682,034.00 ‐148,402.76 ‐ 3,533,631.24 3,233,600.00 300,031.24 175,485.8610/01/2040 3,600,811.30 ‐75,775.34 ‐ 3,525,035.96 3,224,000.00 301,035.96 171,312.91

88,108,507.52 ‐13,653,987.91 838,284.09 73,616,235.52 67,329,281.39 6,286,954.13 4,736,205.67

Savings Summary

PV of savings from cash flow 4,736,205.67Plus: Refunding funds on hand 288.22

Net PV Savings 4,736,493.89



SAVINGS BY MATURITY



AdjustedMaturity Interest Par Adjusted Savings

Bond Date Rate Amount Savings Percent

Water and Sewer Revenue Bonds, Series 2010 (BABs), 2010:TERM25 10/01/2021 6.062% 1,525,000.00 ‐13,579.80 ‐0.890%

10/01/2022 6.062% 1,585,000.00 20,887.82 1.318%10/01/2023 6.062% 1,645,000.00 53,723.62 3.266%10/01/2024 6.062% 1,710,000.00 86,542.17 5.061%10/01/2025 6.062% 1,780,000.00 120,668.39 6.779%

TERM30 10/01/2026 6.599% 1,850,000.00 188,352.76 10.181%10/01/2027 6.599% 1,925,000.00 227,851.60 11.836%10/01/2028 6.599% 2,010,000.00 263,870.88 13.128%10/01/2029 6.599% 2,095,000.00 295,550.92 14.107%10/01/2030 6.599% 2,185,000.00 275,096.17 12.590%

TERM40 10/01/2031 6.849% 2,280,000.00 291,198.97 12.772%10/01/2032 6.849% 2,380,000.00 284,904.73 11.971%10/01/2033 6.849% 2,485,000.00 277,507.95 11.167%10/01/2034 6.849% 2,595,000.00 271,091.69 10.447%10/01/2035 6.849% 2,710,000.00 356,718.11 13.163%10/01/2036 6.849% 2,835,000.00 381,490.07 13.456%10/01/2037 6.849% 2,960,000.00 314,725.89 10.633%10/01/2038 6.849% 3,090,000.00 330,457.40 10.694%10/01/2039 6.849% 3,230,000.00 346,623.70 10.731%10/01/2040 6.849% 3,370,000.00 362,810.85 10.766%

46,245,000.00 4,736,493.89

Notes: Preliminary, subject to change. Does not reflect potential impact to DSRF, if any. Assumes loss of current reduced subsidy immediately upon closing. Calculated Using Remaining Maturities


BOND DEBT SERVICE




PeriodEnding Principal Coupon Interest Debt Service

10/01/2019 ‐ ‐ 182,981.39 182,981.3910/01/2020 ‐ ‐ 1,937,450.00 1,937,450.0010/01/2021 1,350,000 5.000% 1,937,450.00 3,287,450.0010/01/2022 1,415,000 5.000% 1,869,950.00 3,284,950.0010/01/2023 1,485,000 5.000% 1,799,200.00 3,284,200.0010/01/2024 1,555,000 5.000% 1,724,950.00 3,279,950.0010/01/2025 1,635,000 5.000% 1,647,200.00 3,282,200.0010/01/2026 1,715,000 5.000% 1,565,450.00 3,280,450.0010/01/2027 1,790,000 5.000% 1,479,700.00 3,269,700.0010/01/2028 1,880,000 5.000% 1,390,200.00 3,270,200.0010/01/2029 1,970,000 5.000% 1,296,200.00 3,266,200.0010/01/2030 2,065,000 5.000% 1,197,700.00 3,262,700.0010/01/2031 2,170,000 5.000% 1,094,450.00 3,264,450.0010/01/2032 2,270,000 5.000% 985,950.00 3,255,950.0010/01/2033 2,380,000 5.000% 872,450.00 3,252,450.0010/01/2034 2,495,000 5.000% 753,450.00 3,248,450.0010/01/2035 2,615,000 3.000% 628,700.00 3,243,700.0010/01/2036 2,695,000 3.000% 550,250.00 3,245,250.0010/01/2037 2,770,000 4.000% 469,400.00 3,239,400.0010/01/2038 2,875,000 4.000% 358,600.00 3,233,600.0010/01/2039 2,990,000 4.000% 243,600.00 3,233,600.0010/01/2040 3,100,000 4.000% 124,000.00 3,224,000.00

43,220,000 24,109,281.39 67,329,281.39



SUMMARY OF BONDS REFUNDED



Maturity Interest Par Call CallBond Date CUSIP Rate Amount Date Price

Water and Sewer Revenue Bonds, Series 2010 (BABs), 2010:Term Bond 2025, TERM25 10/01/2021 238676DM9 6.062% 1,525,000.00 10/01/2020 100.000

10/01/2022 238676DM9 6.062% 1,585,000.00 10/01/2020 100.00010/01/2023 238676DM9 6.062% 1,645,000.00 10/01/2020 100.00010/01/2024 238676DM9 6.062% 1,710,000.00 10/01/2020 100.00010/01/2025 238676DM9 6.062% 1,780,000.00 10/01/2020 100.000

Term Bond 2030, TERM30 10/01/2026 238676DN7 6.599% 1,850,000.00 10/01/2020 100.00010/01/2027 238676DN7 6.599% 1,925,000.00 10/01/2020 100.00010/01/2028 238676DN7 6.599% 2,010,000.00 10/01/2020 100.00010/01/2029 238676DN7 6.599% 2,095,000.00 10/01/2020 100.00010/01/2030 238676DN7 6.599% 2,185,000.00 10/01/2020 100.000

Term Bond 2040, TERM40 10/01/2031 238676DP2 6.849% 2,280,000.00 10/01/2020 100.00010/01/2032 238676DP2 6.849% 2,380,000.00 10/01/2020 100.00010/01/2033 238676DP2 6.849% 2,485,000.00 10/01/2020 100.00010/01/2034 238676DP2 6.849% 2,595,000.00 10/01/2020 100.00010/01/2035 238676DP2 6.849% 2,710,000.00 10/01/2020 100.00010/01/2036 238676DP2 6.849% 2,835,000.00 10/01/2020 100.00010/01/2037 238676DP2 6.849% 2,960,000.00 10/01/2020 100.00010/01/2038 238676DP2 6.849% 3,090,000.00 10/01/2020 100.00010/01/2039 238676DP2 6.849% 3,230,000.00 10/01/2020 100.00010/01/2040 238676DP2 6.849% 3,370,000.00 10/01/2020 100.000

46,245,000.00



PRIOR BOND DEBT SERVICE




Water and Sewer Revenue Bonds, Series 2010 (BABs) (2010)

Present ValuePeriod Annual to 08/27/2019Ending Principal Coupon Interest Debt Service Debt Service @ 2.6937168%

08/27/2019 ‐ ‐ ‐ ‐ ‐ ‐10/01/2019 ‐ ‐ 1,538,634.70 1,538,634.70 1,538,634.70 1,534,751.3504/01/2020 ‐ ‐ 1,538,634.70 1,538,634.70 ‐ 1,514,355.1310/01/2020 ‐ ‐ 1,538,634.70 1,538,634.70 3,077,269.40 1,494,229.9704/01/2021 ‐ ‐ 1,538,634.70 1,538,634.70 ‐ 1,474,372.2610/01/2021 1,525,000 6.062% 1,538,634.70 3,063,634.70 4,602,269.40 2,896,665.3004/01/2022 ‐ ‐ 1,492,411.95 1,492,411.95 ‐ 1,392,322.2510/01/2022 1,585,000 6.062% 1,492,411.95 3,077,411.95 4,569,823.90 2,832,868.3404/01/2023 ‐ ‐ 1,444,370.60 1,444,370.60 ‐ 1,311,925.2910/01/2023 1,645,000 6.062% 1,444,370.60 3,089,370.60 4,533,741.20 2,768,791.0604/01/2024 ‐ ‐ 1,394,510.65 1,394,510.65 ‐ 1,233,194.9010/01/2024 1,710,000 6.062% 1,394,510.65 3,104,510.65 4,499,021.30 2,708,898.5804/01/2025 ‐ ‐ 1,342,680.55 1,342,680.55 ‐ 1,156,011.0910/01/2025 1,780,000 6.062% 1,342,680.55 3,122,680.55 4,465,361.10 2,652,812.5804/01/2026 ‐ ‐ 1,288,728.75 1,288,728.75 ‐ 1,080,264.8310/01/2026 1,850,000 6.599% 1,288,728.75 3,138,728.75 4,427,457.50 2,596,044.9904/01/2027 ‐ ‐ 1,227,688.00 1,227,688.00 ‐ 1,001,927.1610/01/2027 1,925,000 6.599% 1,227,688.00 3,152,688.00 4,380,376.00 2,538,743.6004/01/2028 ‐ ‐ 1,164,172.63 1,164,172.63 ‐ 925,006.8310/01/2028 2,010,000 6.599% 1,164,172.63 3,174,172.63 4,338,345.26 2,488,558.2404/01/2029 ‐ ‐ 1,097,852.68 1,097,852.68 ‐ 849,280.2810/01/2029 2,095,000 6.599% 1,097,852.68 3,192,852.68 4,290,705.36 2,437,112.4304/01/2030 ‐ ‐ 1,028,728.15 1,028,728.15 ‐ 774,795.3710/01/2030 2,185,000 6.599% 1,028,728.15 3,213,728.15 4,242,456.30 2,388,279.9904/01/2031 ‐ ‐ 956,634.08 956,634.08 ‐ 701,474.1310/01/2031 2,280,000 6.849% 956,634.08 3,236,634.08 4,193,268.16 2,341,796.3404/01/2032 ‐ ‐ 878,555.48 878,555.48 ‐ 627,212.0910/01/2032 2,380,000 6.849% 878,555.48 3,258,555.48 4,137,110.96 2,295,408.8904/01/2033 ‐ ‐ 797,052.38 797,052.38 ‐ 554,002.2310/01/2033 2,485,000 6.849% 797,052.38 3,282,052.38 4,079,104.76 2,250,918.9904/01/2034 ‐ ‐ 711,953.55 711,953.55 ‐ 481,787.7210/01/2034 2,595,000 6.849% 711,953.55 3,306,953.55 4,018,907.10 2,208,115.9304/01/2035 ‐ ‐ 623,087.78 623,087.78 ‐ 410,518.4910/01/2035 2,710,000 6.849% 623,087.78 3,333,087.78 3,956,175.56 2,166,805.5804/01/2036 ‐ ‐ 530,283.83 530,283.83 ‐ 340,150.6410/01/2036 2,835,000 6.849% 530,283.83 3,365,283.83 3,895,567.66 2,129,974.0404/01/2037 ‐ ‐ 433,199.25 433,199.25 ‐ 270,539.0910/01/2037 2,960,000 6.849% 433,199.25 3,393,199.25 3,826,398.50 2,090,939.1404/01/2038 ‐ ‐ 331,834.05 331,834.05 ‐ 201,763.5410/01/2038 3,090,000 6.849% 331,834.05 3,421,834.05 3,753,668.10 2,052,912.2804/01/2039 ‐ ‐ 226,017.00 226,017.00 ‐ 133,795.7310/01/2039 3,230,000 6.849% 226,017.00 3,456,017.00 3,682,034.00 2,018,676.5504/01/2040 ‐ ‐ 115,405.65 115,405.65 ‐ 66,513.1710/01/2040 3,370,000 6.849% 115,405.65 3,485,405.65 3,600,811.30 1,982,091.12

46,245,000 41,863,507.52 88,108,507.52 88,108,507.52 67,376,607.49



UNDERWRITER'S DISCOUNT



Underwriter's Discount $/1000 Amount

Average Takedown 1.75000 75,635.00i‐Deal Bookrunning 0.06728 2,908.05i‐Deal Wire Charges 0.00189 81.66i‐Deal Order Monitor 0.03266 1,411.67CUSIP Charge and Disclosure Fee 0.02295 992.00DTC Service Fees 0.01851 800.00Out of Pocket Expenses 0.01157 500.00Underwriter's Counsel 0.34706 15,000.00

2.25193 97,328.38



COST OF ISSUANCE



Cost of Issuance $/1000 Amount

COI 4.62749 200,000.00

4.62749 200,000.00



ESCROW REQUIREMENTS



Period PrincipalEnding Interest Redeemed Total

10/01/2019 1,538,634.70 ‐ 1,538,634.7004/01/2020 1,538,634.70 ‐ 1,538,634.7010/01/2020 1,538,634.70 46,245,000.00 47,783,634.70

4,615,904.10 46,245,000.00 50,860,904.10



ESCROW STATISTICS



Modified Yield to Yield to Perfect Value ofTotal Duration PV of 1 bp Receipt Disbursement Escrow Negative Cost of

Escrow Escrow Cost (years) change Date Date Cost Arbitrage Dead Time

DSF 838,284.09 0.093 7.82 2.452321% 2.452321% 838,095.42 188.67 ‐BP 48,763,774.95 1.052 5,129.33 2.404242% 2.404242% 48,615,618.22 148,156.71 0.02

49,602,059.04 5,137.15 49,453,713.64 148,345.38 0.02

Delivery date 08/27/2019Arbitrage yield 2.693717%Composite Modified Duration 1.036



ESCROW SUFFICIENCY



Escrow Net Escrow Excess ExcessDate Requirement Receipts Receipts Balance

08/27/2019 ‐ 0.04 0.04 0.0410/01/2019 1,538,634.70 1,538,635.63 0.93 0.9704/01/2020 1,538,634.70 1,538,634.07 ‐0.63 0.3410/01/2020 47,783,634.70 47,783,634.36 ‐0.34 ‐

50,860,904.10 50,860,904.10 0.00



ESCROW DESCRIPTIONS



Type of Type of Maturity First Int Par Max TotalSecurity SLGS Date Pmt Date Amount Rate Rate Cost

Aug 27, 2019:SLGS Certificate 10/01/2019 10/01/2019 1,426,980 2.410% 2.410% 1,426,980.00SLGS Certificate 04/01/2020 04/01/2020 958,049 2.450% 2.450% 958,049.00SLGS Note 10/01/2020 10/01/2019 47,217,030 2.400% 2.400% 47,217,030.00

49,602,059 49,602,059.00

SLGS Summary

SLGS Rates File 10APR19Total Certificates of Indebtedness 2,385,029.00Total Notes 47,217,030.00

Total original SLGS 49,602,059.00



FORM 8038 STATISTICS




RedemptionBond Component Date Principal Coupon Price Issue Price at Maturity

Serial Bond:10/01/2021 1,350,000.00 5.000% 106.909 1,443,271.50 1,350,000.0010/01/2022 1,415,000.00 5.000% 109.936 1,555,594.40 1,415,000.0010/01/2023 1,485,000.00 5.000% 112.743 1,674,233.55 1,485,000.0010/01/2024 1,555,000.00 5.000% 115.245 1,792,059.75 1,555,000.0010/01/2025 1,635,000.00 5.000% 117.695 1,924,313.25 1,635,000.0010/01/2026 1,715,000.00 5.000% 120.041 2,058,703.15 1,715,000.0010/01/2027 1,790,000.00 5.000% 122.064 2,184,945.60 1,790,000.0010/01/2028 1,880,000.00 5.000% 123.706 2,325,672.80 1,880,000.0010/01/2029 1,970,000.00 5.000% 125.014 2,462,775.80 1,970,000.0010/01/2030 2,065,000.00 5.000% 123.790 2,556,263.50 2,065,000.0010/01/2031 2,170,000.00 5.000% 122.780 2,664,326.00 2,170,000.0010/01/2032 2,270,000.00 5.000% 122.179 2,773,463.30 2,270,000.0010/01/2033 2,380,000.00 5.000% 121.582 2,893,651.60 2,380,000.0010/01/2034 2,495,000.00 5.000% 121.086 3,021,095.70 2,495,000.0010/01/2035 2,615,000.00 3.000% 97.991 2,562,464.65 2,615,000.0010/01/2036 2,695,000.00 3.000% 97.251 2,620,914.45 2,695,000.0010/01/2037 2,770,000.00 4.000% 107.478 2,977,140.60 2,770,000.0010/01/2038 2,875,000.00 4.000% 107.119 3,079,671.25 2,875,000.0010/01/2039 2,990,000.00 4.000% 106.763 3,192,213.70 2,990,000.0010/01/2040 3,100,000.00 4.000% 106.407 3,298,617.00 3,100,000.00

43,220,000.00 49,061,391.55 43,220,000.00

Stated WeightedMaturity Interest Issue Redemption AverageDate Rate Price at Maturity Maturity Yield

Final Maturity 10/01/2040 4.000% 3,298,617.00 3,100,000.00 ‐ ‐Entire Issue ‐ ‐ 49,061,391.55 43,220,000.00 12.8326 2.6937%

Proceeds used for accrued interest 0.00Proceeds used for bond issuance costs (including underwriters' discount) 297,328.38Proceeds used for credit enhancement 0.00Proceeds allocated to reasonably required reserve or replacement fund 0.00Proceeds used to refund prior tax‐exempt bonds 48,763,774.95Proceeds used to refund prior taxable bonds 0.00Remaining WAM of prior tax‐exempt bonds (years) 12.9817Remaining WAM of prior taxable bonds (years) 0.0000Last call date of refunded tax‐exempt bonds 10/01/2020

2011 Form 8038 Statistics

Proceeds used to currently refund prior issues 0.00Proceeds used to advance refund prior issues 48,763,774.95Remaining weighted average maturity of the bonds to be currently refunded 0.0000Remaining weighted average maturity of the bonds to be advance refunded 12.9817



FORM 8038 STATISTICS



Refunded Bonds

BondComponent Date Principal Coupon Price Issue Price

Water and Sewer Revenue Bonds, Series 2010 (BABs):TERM25 10/01/2021 1,525,000.00 6.062% 100.000 1,525,000.00TERM25 10/01/2022 1,585,000.00 6.062% 100.000 1,585,000.00TERM25 10/01/2023 1,645,000.00 6.062% 100.000 1,645,000.00TERM25 10/01/2024 1,710,000.00 6.062% 100.000 1,710,000.00TERM25 10/01/2025 1,780,000.00 6.062% 100.000 1,780,000.00TERM30 10/01/2026 1,850,000.00 6.599% 100.000 1,850,000.00TERM30 10/01/2027 1,925,000.00 6.599% 100.000 1,925,000.00TERM30 10/01/2028 2,010,000.00 6.599% 100.000 2,010,000.00TERM30 10/01/2029 2,095,000.00 6.599% 100.000 2,095,000.00TERM30 10/01/2030 2,185,000.00 6.599% 100.000 2,185,000.00TERM40 10/01/2031 2,280,000.00 6.849% 100.000 2,280,000.00TERM40 10/01/2032 2,380,000.00 6.849% 100.000 2,380,000.00TERM40 10/01/2033 2,485,000.00 6.849% 100.000 2,485,000.00TERM40 10/01/2034 2,595,000.00 6.849% 100.000 2,595,000.00TERM40 10/01/2035 2,710,000.00 6.849% 100.000 2,710,000.00TERM40 10/01/2036 2,835,000.00 6.849% 100.000 2,835,000.00TERM40 10/01/2037 2,960,000.00 6.849% 100.000 2,960,000.00TERM40 10/01/2038 3,090,000.00 6.849% 100.000 3,090,000.00TERM40 10/01/2039 3,230,000.00 6.849% 100.000 3,230,000.00TERM40 10/01/2040 3,370,000.00 6.849% 100.000 3,370,000.00

46,245,000.00 46,245,000.00

RemainingLast WeightedCall Issue AverageDate Date Maturity

Water and Sewer Revenue Bonds, Series 2010 (BABs) 10/01/2020 08/11/2010 12.9817All Refunded Issues 10/01/2020 ‐ 12.9817



PROOF OF ARBITRAGE YIELD



Present ValuePV to 08/27/2019

Date Debt Service Factor @ 2.6937168321%

10/01/2019 182,981.39 0.997476105 182,519.5604/01/2020 968,725.00 0.984220054 953,438.5710/01/2020 968,725.00 0.971140171 940,767.7604/01/2021 968,725.00 0.958234114 928,265.3410/01/2021 2,318,725.00 0.945499574 2,192,353.5004/01/2022 934,975.00 0.932934270 872,270.2210/01/2022 2,349,975.00 0.920535954 2,163,236.4804/01/2023 899,600.00 0.908302406 817,108.8410/01/2023 2,384,600.00 0.896231438 2,137,153.4904/01/2024 862,475.00 0.884320888 762,704.6610/01/2024 2,417,475.00 0.872568624 2,109,412.8304/01/2025 823,600.00 0.860972542 709,096.9910/01/2025 2,458,600.00 0.849530569 2,088,655.8604/01/2026 782,725.00 0.838240654 656,111.9210/01/2026 2,497,725.00 0.827100777 2,065,870.2904/01/2027 739,850.00 0.816108945 603,798.2010/01/2027 2,529,850.00 0.805263190 2,037,195.0804/01/2028 695,100.00 0.794561571 552,299.7510/01/2028 2,575,100.00 0.784002172 2,018,883.9904/01/2029 648,100.00 0.773583103 501,359.2110/01/2029 25,733,100.00 0.763302499 19,642,139.5304/01/2030 79,650.00 0.753158520 59,989.0810/01/2030 79,650.00 0.743149350 59,191.8504/01/2031 79,650.00 0.733273198 58,405.2110/01/2031 79,650.00 0.723528297 57,629.0304/01/2032 79,650.00 0.713912901 56,863.1610/01/2032 79,650.00 0.704425289 56,107.4704/01/2033 79,650.00 0.695063764 55,361.8310/01/2033 79,650.00 0.685826651 54,626.0904/01/2034 79,650.00 0.676712294 53,900.1310/01/2034 79,650.00 0.667719064 53,183.8204/01/2035 79,650.00 0.658845350 52,477.0310/01/2035 2,694,650.00 0.650089564 1,751,763.8404/01/2036 40,425.00 0.641450138 25,930.6210/01/2036 2,735,425.00 0.632925528 1,731,320.31

61,087,381.39 49,061,391.55

Proceeds Summary

Delivery date 08/27/2019Par Value 43,220,000.00Premium (Discount) 5,841,391.55

Target for yield calculation 49,061,391.55


PROOF OF ARBITRAGE YIELD



Assumed Call/Computation Dates for Premium Bonds

Bond Maturity Call Call Yield ToComponent Date Rate Yield Date Price Call/Maturity

SERIAL 10/01/2030 5.000% 2.340% 10/01/2029 100.000 2.3404575%SERIAL 10/01/2031 5.000% 2.440% 10/01/2029 100.000 2.4405235%SERIAL 10/01/2032 5.000% 2.500% 10/01/2029 100.000 2.5005336%SERIAL 10/01/2033 5.000% 2.560% 10/01/2029 100.000 2.5604930%SERIAL 10/01/2034 5.000% 2.610% 10/01/2029 100.000 2.6105757%SERIAL 10/01/2037 4.000% 3.130% 10/01/2029 100.000 3.1305315%SERIAL 10/01/2038 4.000% 3.170% 10/01/2029 100.000 3.1706426%SERIAL 10/01/2039 4.000% 3.210% 10/01/2029 100.000 3.2105747%SERIAL 10/01/2040 4.000% 3.250% 10/01/2029 100.000 3.2506636%

Rejected Call/Computation Dates for Premium Bonds

Bond Maturity Call Call Yield To IncreaseComponent Date Rate Yield Date Price Call/Maturity to Yield

SERIAL 10/01/2030 5.000% 2.340% ‐ ‐ 2.5277825% 0.1873250%SERIAL 10/01/2031 5.000% 2.440% ‐ ‐ 2.7706787% 0.3301551%SERIAL 10/01/2032 5.000% 2.500% ‐ ‐ 2.9464827% 0.4459491%SERIAL 10/01/2033 5.000% 2.560% ‐ ‐ 3.0987233% 0.5382303%SERIAL 10/01/2034 5.000% 2.610% ‐ ‐ 3.2248349% 0.6142592%SERIAL 10/01/2037 4.000% 3.130% ‐ ‐ 3.4415353% 0.3110038%SERIAL 10/01/2038 4.000% 3.170% ‐ ‐ 3.4864654% 0.3158228%SERIAL 10/01/2039 4.000% 3.210% ‐ ‐ 3.5275272% 0.3169525%SERIAL 10/01/2040 4.000% 3.250% ‐ ‐ 3.5654723% 0.3148087%



DISCLAIMER



BofAML IS NOT YOUR MUNICIPAL ADVISOR OR FIDUCIARY. Bank of America Merrill Lynch ('BofAML') is providing the information contained herein for discussion purposes only either as an underwriter or in anticipation of being engaged to serve as an underwriter. By providing the information contained herein pursuant to the participation by an independent registered municipal advisor exemption provided under SEC Rule 15Ba1‐1(d)(3)(vi), BofAML is not acting as your 'municipal advisor' within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended (the 'Act'), and does not owe a fiduciary duty to you pursuant to the Act with respect to the information and material contained in this communication. BofAML is either serving as an underwriter or is seeking to serve as an underwriter on a future transaction and not as a financial advisor or municipal advisor. The primary role of BofAML, as an underwriter, is to purchase securities with a view to distribution in an arm's‐length commercial transaction between you and BofAML and BofAML has financial and other interests that differ from yours. BofAML is acting for its own interests. You should discuss any information and material contained in this communication with any and all of your own internal or external municipal and/or financial, legal, accounting, tax and other advisors and experts, as applicable, to the extent you deem appropriate before acting on this information or material.

This material has been prepared by the Public Finance Group and is not a research report and is not a product of the fixed income research department of BofAML. This material is for information purposes only, is intended solely for your use, and may not be reproduced, disseminated, quoted or referred to in whole or in part, without our written consent. This material does not constitute an offer or solicitation to sell or purchase any securities and is not a commitment by BofAML or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. The calculations contained herein are based upon assumptions and information that either you or your advisors provided to BofAML or which BofAML deems in its sole discretion to be appropriate. BofAML makes no representation or warranty as to the accuracy or completeness of this material or these calculations and any and all liability to you or any third parties relating to this material or the calculations is expressly disclaimed. The material and calculations made available to you may not be similar to the information generated by BofAML's or its affiliates proprietary models or valuations that are used for its own purposes or to the models or valuations available from other sources including from other dealers. BofAML assumes no obligation to update or otherwise revise these materials. Values generated by the data or calculations may not reflect actual prices or values that can be obtained in the market at that time and the calculations should not be relied upon for any tax, accounting, legal or other purpose.


Appendix D

Required Forms

State of FloridaDepartment of State

I certify from the records of this office that MERRILL LYNCH, PIERCE,FENNER & SMITH INCORPORATED is a Delaware corporation authorized totransact business in the State of Florida, qualified on January 2, 1959.

The document number of this corporation is 813294.

I further certify that said corporation has paid all fees due this office throughDecember 31, 2018, that its most recent annual report/uniform business reportwas filed on April 19, 2018, and that its status is active.

I further certify that said corporation has not filed a Certificate of Withdrawal.

Given under my hand and theGreat Seal of the State of Floridaat Tallahassee, the Capital, thisthe First day of March, 2019

Tracking Number: 6752104679CU

To authenticate this certificate,visit the following site,enter this number, and thenfollow the instructions displayed.

https://services.sunbiz.org/Filings/CertificateOfStatus/CertificateAuthentication

https://services.sunbiz.org/Filings/CertificateOfStatus/CertificateAuthentication

Drug Free Workplace and Alcohol Policy

Bank of America strives to provide a safe, productive environment for its associates and customers. This includes a safe workplace, free of the problems associated with use and abuse of illegal drugs and unauthorized use of alcohol. Substance abuse subjects the company to unacceptable risks of workplace accidents, errors or other failures that would undermine the company’s ability to operate effectively and efficiently. Therefore, to maintain a drug-free workplace, the presence or use of illegal drugs or unauthorized alcohol use on company premises is not tolerated. Bank of America strives to raise awareness about the dangers of substance abuse, to prevent any adverse consequences associated with substance abuse and to provide resources for treatment of abuse. Associates with substance abuse problems, including alcohol, are encouraged to seek assistance before it affects their performance or the performance of others.

Basic Policy

The use or possession (including, for the purposes of this policy, the sale, purchase, transfer, transport, manufacture, distribution or dispensation) of illegal drugs by anyone on work time, on company premises, at work sites where associates may be assigned, while conducting company business or in a company vehicle is strictly prohibited. Illegal drug includes any

substance that is not legally obtainable, any substance that may be legally available but has been illegally obtained or any substance that is being used in a manner or for a purpose other than as prescribed.

Also prohibited is the use or possession of illegal drugs on nonworking time if use or possession could:

Affect an associate’s safety on the job or ability to perform his or her job Interfere with job performance or safety of others Affect the reputation of the company with the general public or threaten its integrity

Associates who engage in any prohibited conduct or who otherwise violate this policy (or are reasonably suspected of violating this policy) are subject to disciplinary action up to and including termination, in accordance with applicable law.

The company also does not allow unauthorized use of alcoholic beverages on company premises. Use of alcoholic beverages on company premises may be approved by the appropriate level officer only for entertainment of clients or special business-related events. However, when approved alcohol is consumed, an associate must still behave in a professional manner and maintain conduct appropriate for the workplace.

The company may take disciplinary action up to and including termination, in accordance with applicable law in any of the following situations:

If the use of any substance, including alcohol, affects or could affect an associate’s job performance or safety, or is reasonably suspected of doing so, including while driving a company vehicle or while driving on company business, and/or

If the use of any substance, including alcohol, interferes or could interfere with the job performance or safety of others, or is reasonably suspected of doing so

Also, when physician-prescribed drugs adversely affect an associate’s job performance or safety, or the job performance or safety of others, it may be in the best interest of the associate, co-workers or the company that time off or other job arrangements be made, if possible. The company reserves the right to take any action deemed necessary to protect the safety and well-being of company associates, customers and others, in accordance with applicable law.

Associate assistance

The Employee Assistance Program (EAP) is designed to help associates who have personal problems that may affect their well-being and job performance. EAP provides confidential, short-term counseling for any personal issue, including marital or family conflict, stress or coping with grief after the loss of someone close. For more information, an associate or eligible family member may contact the EAP by calling 1.877.444.1012. Also refer to EAP & LifeCare for more information.

Testing and inspections

As part of the company’s commitment to provide a drug-free workplace, job applicants and associates may be subject to drug and alcohol testing, as well as inspections, searches and other actions deemed necessary to prevent the use of illegal drugs, misuse of legal substances or the unauthorized use of alcohol. Drug and alcohol testing will be conducted using scientifically valid methods and procedures permitted by applicable state and federal laws. Failure to cooperate with the company’s policy and/or its drug and alcohol testing program is grounds for disciplinary action up to and including termination or, in the case of job applicants, ineligibility for hire.

Notification of convictions

An associate must report any conviction of a drug-related offense to management no later than five days after the conviction. Failure to notify your management may result in disciplinary action up to and including termination.

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� Á � � ¼½ Å � � Ê � Ã Â »2,000,000*

RGD3001365-01

: ; < = > ? @ A B C < @ D

ATL-004824916-07

X

N/A

150 North College Street

E F G H I J K L M N O P Q R

Charlotte, NC 28202

N

1

2,000,000

2,000,000

N/A

X

07/23/2018

N/A

08/01/2018

Evidence of Insurance

X

Mail Code: NC1-028-16-01

One Bank of America Center

Bank of America Corporation and any and

150 North College Street

A

055943-A.-I.-18-19

required by written contract.

Excluded

2,000,000*

22322

Excluded

CA Non Resident No. OB22889

Marsh USA Inc.

100 North Tryon Street, Suite 3600

Attn: [email protected]; Fax 704-374-8500

and any and all subsidiaries Bank of America Corporation

One Bank of America Center Mail Code: NC1-028-16-01

Charlotte, NC 28255-0001

*This coverage applies only if

all subsidiaries

Charlotte, NC 28255-0001

08/01/2019

Greenwich Insurance Company

S T U V W X Y X Z [ Y Y \ ] Y X ^ _ ` a S T U V W b c d a c b e f g h g c i a i a h j k l a i a e d c i m k g n S T U V Wo [ Y Y \ S T U V W T U V p U V S _ q U r s S f f i j h ` l k i a k a i t a e s

u v w x y z z w u w { | y } ~ � � y ~ � x � { ~ � w x y x � v � z � } � u { y � { ~ z � { ~ � �� { ~ � | � � � � ~ � � { ~ � u w u } � �S W W q _ q U r S � V � � S V � �� y � � | � � � � x u { � � ~ w z �} { � � �� ¡ � � � � ¢ £ ¤ � � � � £ � � � � ¥ ¢ � � �� ¦ ¦ � � § � ¨ � � � § � ©

ªª« ¬ ® ¯ ° ± ± ²

-------------------------------------------------

The certificate holder is an additional insured under General Liability as their interest may appear, but only if required by written contract with the named insured.

The General Liability limit shall not exceed the amount stated in the contract between Bank of America Corporation and the certificate holder.

« ² ® ± ³ ´ ³ µ ± ² ° ´ ¶ ³ · ³ ¯ ³ ± ¸ ¹ º » ¼ ® º µ ²½ ¾ ¾ ¿ À Á

Marsh USA Inc. and any and all subsidiaries Bank of America Corporation

One Bank of America Center

Mail Code: NC1-028-16-01

Charlotte, NC 28255-0001 150 North College Streetª ¾

1.53 INSURANCE REQUIREMENTS The Contractor shall maintain and carry in full force during the Term the insurance required herein. Upon Town’s notification, the Contractor shall furnish to the Procurement Management Division, Certificates of Insurance that indicate that insurance coverage has been obtained which meets the requirements as outlined below: Bank of America reserves the right to obtain all insurance required under this contract through a program of self-insurance. Bank of America cannot guarantee that the requested insurance is maintained throughout the life of the contract, but intends to continue to purchase as long as it is commercially available and economically attractive. Bank of America will furnish Certificate of Insurance prior to contract and at renewal. 1. Worker's Compensation Insurance for all employees of the Contractor as required by Florida Statute 440. Should the Contractor be exempt from this Statute, the Contractor and each employee shall hold the Town harmless from any injury incurred during performance of the Contract. The exempt contractor shall also submit a written statement detailing the number of employees and that they are not required to carry Worker’s Compensation insurance, and do not anticipate hiring any additional employees during the term of this contract or a copy of a Certificate of Exemption. Bank of America maintains Workers’ Compensation coverage in compliance with all statutory requirements. 2. General Liability Insurance on a comprehensive basis in an amount not less than $1,000,000 per occurrence for bodily injury and property damage. Town of Davie must be shown as an additional insured with respect to this coverage. The mailing address of Town of Davie 6591 Orange Drive Davie, Florida 33314, as the certificate holder, must appear on the certificate of insurance. When applicable, the Davie Community Redevelopment Agency must be shown as an additional insured with respect to this coverage. The mailing address to the Davie Community Redevelopment Agency is 4700 Davie Road, Suite D, Davie, FL 33314. Bank of America maintains Commercial General Liability coverage (including Bodily Injury & Property Damage, Personal & Advertising Injury, Products & Completed Operations, and Contractual Liability) with limits of $2,000,000 per occurrence/$2,000,000 aggregate. Bank of America’s General Liability and Auto Liability include a blanket additional insured provision for any entity required by contract or agreement to be an additional insured. Due to the size of Bank of America, we cannot provide individual additional insured endorsements or riders. The Certificate of Insurance will evidence the Town of Davie as additional insured as required by written contract. 3. Automobile Liability Insurance covering all owned, non-owned, and hired vehicles used in connection with the Services, in an amount not less than $1,000,000 per person and $1,000,000 per occurrence. Town of Davie must be shown as an additional insured with respect to this coverage. The mailing address of Town of Davie 6591 Orange Drive, Davie, Florida 33314, as the certificate holder, must appear on the certificate of insurance. When applicable, the Davie Community Redevelopment Agency must be shown as an additional insured with respect to this coverage. The mailing address to the Davie Community Redevelopment Agency is 4700 Davie Road, Suite D, Davie, FL 33314. Bank of America maintains Automobile Liability insurance with a limit of $2,000,000 per accident. Bank of America’s General Liability and Auto Liability include a blanket additional insured provision for any entity required by contract or agreement to be an additional insured. Due to the size of Bank of America, we cannot provide individual additional insured endorsements or riders. The Certificate of Insurance will evidence the Town of Davie as additional insured as required by written contract. The insurance coverage required shall include those classifications, as listed in standard liability insurance manuals, which most nearly reflect the operation of the Contractor. All insurance policies required above shall be issued by companies authorized to do business under the laws of the State of Florida with the following qualifications: The company must be rated no less than "B" as to management, and no less than "Class V" as to financial strength, according to the latest edition of Best's Insurance Guide published by A.M. Best Company, Oldwick, New Jersey, or its equivalent, subject to the approval of the Town’s Risk Management Division.

Certificates of Insurance must indicate that for any cancellation of coverage before the expiration date, the issuing insurance carrier will endeavor to mail thirty (30) day written advance notice to the certificate holder. In addition, the Contractor hereby agrees not to modify the insurance coverage without thirty (30) days written advance notice to the Town. NOTE: TOWN OF DAVIE CONTRACT NUMBER AND TITLE MUST APPEAR ON EACH CERTIFICATE OF INSURANCE. All of Bank of America’s insurers have an A.M. Best rating of A- Class VII or better. Bank of America will endeavor to provide thirty (30) days written notice upon termination or modification of coverage. Failure to provide such notice shall impose no obligation or liability of any kind upon Bank of America, its agents or representatives. Compliance with the foregoing requirements shall not relieve the Contractor of this liability and obligation under this section or under any other section in the Agreement. Award of this Contract is contingent upon the receipt of the insurance documents, as required, within fifteen (15) calendar days after Town notification to Contractor to comply before the award is made. If the insurance certificate is received within the specified time frame but not in the manner prescribed in the Agreement, the Contractor shall be verbally notified of such deficiency and shall have an additional five (5) calendar days to submit a corrected certificate to the Town. If the Contractor fails to submit the required insurance documents in the manner prescribed in the Agreement within twenty (20) calendar days after Town notification to comply, the Contractor shall be in default of the contractual terms and conditions and award of the Contract will be rescinded, unless such time frame for submission has been extended by the Town. Bank of America will furnish certificates of insurance evidencing the coverage referenced herein. Bank of America will furnish Certificate of Insurance prior to contract and at renewal. The Contractor shall be responsible for assuring that the insurance certificates required in conjunction with this Section remain in force for the duration of the contractual period of the Contract, including any and all option years or extension periods that may be granted by the Town. If insurance certificates are scheduled to expire during the contractual period, the Contractor shall be responsible for submitting new or renewed insurance certificates to the Town at a minimum of thirty (30) calendar days in advance of such expiration. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the Town shall suspend the Contract until such time as the new or renewed certificates are received by the Town in the manner prescribed herein; provided, however, that this suspended period does not exceed thirty (30) calendar days. Thereafter, the Town may, at its sole discretion, terminate this contract. Bank of America’s insurance policies are written annually, thus eliminating the need to obtain an extended reporting provision to include run-off coverage or retroactive dates. Although it is Bank of America’s intent to renew all coverages as required in this contract, the Bank reserves the right to self-insure any lines of coverage. Bank of America will endeavor to provide thirty (30) days written notice upon termination or modification of coverage. Failure to provide such notice shall impose no obligation or liability of any kind upon Bank of America, its agents or representatives.

Appendix E

Risk Disclosures

Risk Disclosures Pursuant to MSRB Rule G-17 You should consult with your financial and/or municipal, legal, accounting, tax and other advisors, as applicable; to the extent you deem appropriate concerning such risks.

FIXED RATE BONDS

Material Risk Consideration

Description of Risk Potential Consequences

Issuer Default Risk Possibility that the Issuer defaults under the authorizing documents

• Range of available remedies may be brought against Issuer (e.g., forcing Issuer to raise taxes or rates)

• Credit ratings negatively impacted

• Access to capital markets impaired

• Possibility of receivership or bankruptcy for certain issuers

Redemption Risk The ability to redeem the bonds prior to maturity may be limited

• Inability to refinance at lower interest rates

Refinancing Risk Possibility that the bonds cannot be refinanced

• Inability to refinance at lower interest rates

Reinvestment Risk Possibility that the Issuer may be unable to invest unspent proceeds at or near the interest rate on the bonds

• Negative arbitrage resulting in a higher cost of funds

Tax Compliance Risk

For tax-exempt bonds, possibility that failure to comply with tax- related covenants results in the bonds becoming taxable obligations

• Increase in debt service costs retroactively to date of issuance

• Possible mandatory redemption of bonds affected

• Risk of IRS audit

• Difficulty in refinancing the bonds

• Access to tax-exempt market impacted

• Difficulty in issuing future tax-exempt debt

April 11, 2019 - Davie, FL

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Transcript of April 11, 2019 - Davie, FL