1. Public Resources Advisory Group
City of Cocoa Beach
Cocoa Beach Community Redevelopment Agency
Florida Municipal Loan Council Series 2017B
June 8, 2016

2. Resolution Summary CRA Resolution City Resolution
Legal authority for CRA to enter into loan agreement
CRA pledges TIF revenues
Not to exceed amount $4,700,000
Mature no later than 10/1/2032
Approve form of Loan Agreement, Bond Purchase Contract, Continuing Disclosure Agreement, and Interlocal Agreement
City Resolution
Authorizes CRA to enter into loan and interlocal agreement
City agrees to covenant and appropriate non-ad valorem revenues in the event pledged CRA TIF revenues are insufficient
Approve form of Interlocal Agreement

3. Sources and Uses of Funds
City of
Cocoa Beach
Bond Proceeds:
Par Amount
$4,600,000.00
Net Premium/OID
63,655.95
4,663,655.95
$4,663,655.95
Uses:
Project Fund Deposits:
New Money
$4,500,000.00
Delivery Date Expenses:
Cost of Issuance
88,873.27
Underwriter's Discount
27,600.00
Bond Insurance (65 bps)
38,966.17
Surety Premium (2%)
8,216.51
160,144.18

4. Maximum Annual Debt Service
Debt Service Schedule
Maximum Annual Debt Service

5. Covenants CRA covenants to: City covenants to:
Pledge TIF revenues for payment of debt service
Only issue additional debt secured by TIF revenues if they exceed Maximum Annual Debt Service by 1.50x
City covenants to:
Appropriate legally available non-ad valorem revenues to pay debt service in the event CRA TIF revenues are insufficient
Only issue additional debt secured by legally available non-ad valorem revenues if they exceed Maximum Annual Debt Service by 2.0x

6. Anti-Dilution Test Anti-Dilution Test
Legally available Non-Ad Valorem Revenues must cover projected maximum annual debt service by at least 2.0x.
Projected maximum annual debt service requirements will not exceed 20% of Governmental Fund Revenues, exclusive of ad valorem revenues restricted to payment of debt and any debt proceeds
Maximum annual debt service means the lesser of the actual maximum annual debt service on all debt or 15% of the original par amount of the debt, secured by Borrower’s Non-Ad Valorem Revenues
Anti-Dilution test must be met at loan closing and upon issuance of any other debt secured by Non-Ad Valorem Revenues

7. DRAFT Anti-Dilution Test Revenues FY2015 FY2016 Average
Total Governmental Funds (A)
20,450,586
22,555,626
21,503,106
Less: Ad Valorem Revenues
(7,102,087)
(7,657,945)
(7,380,016)
Less: Restricted Funds
(808,799)
(633,475)
(721,137)
Available Non-Ad Valorem Revenues
12,539,700
14,264,206
13,401,953
Transfers from Enterprise Funds
810,270
1,643,333
1,226,802
Adjusted Non-Ad Valorem Revenues (B)
13,349,970
15,907,539
14,628,755
Expenditures
Essential Expenditures
General Government
4,032,592
3,975,646
4,004,119
Public Safety
9,252,083
8,593,542
8,922,813
Physical Environment
1,441,963
1,468,270
1,455,117
Total Essential Expenditures
14,726,638
14,037,458
14,382,048
Less: Ad-Valorem Revenues Available to
pay Essential Expenditures
Adjusted Essential Expenditures to Non Ad Valorem Revenues (C)
7,624,551
6,379,513
7,002,032
Net Non-Ad Valorem Revenues available for Debt Service (D) = B-C
5,725,419
9,528,026
7,626,723
Test 1 - Adjusted Net Non-Ad Valorem Revenues covers Proforma Non-Ad Valorem MADS by 2.0x
Adjusted Net Non-Ad Valorem Revenues available for Debt Service (G)
Proforma Maximum Annual Non-Ad Valorem Debt Service (H) (1)
681,874
Coverage (G / H)
11.18
Test 2 - Proforma MADS does not exceed 20% of Net Total Governmental Fund Revenues
Net Total Governmental Fund Revenues (I) = A-F
Proforma Maximum Annual Debt Service (J)
Percentage (I / J)
3.17%
DRAFT

8. Next Steps
Finalize documentation
Pricing and sale of bonds
Closing

9. What is FMLC? Florida Municipal Loan Council
Created by an interlocal agreement on December 1, 1998
Governed by a board of directors which consists of not less than one or more than seven elected public officials, each of which shall be appointed by the President of the Florida League of Cities, Inc.
Issues bonds to provide loans to municipal borrowers
Borrowers are only responsible for their individual payments

10. FMLC Advantages Provides Efficiencies Ongoing Services
Reduce Costs of Issuance
Reduce administrative burden
Simplify process
Negotiate better terms using economies of scale
Ongoing Services
Continuing Disclosure Requirements, including submission of annual reports to the MSRB
Arbitrage rebate calculations/analysis
Monthly Account Statements
Investment Management
Internal Reporting

11. FMLC Pool Exposure (by Borrower)
Member Name
Original
Issue
Outstanding Balance
(9/30/16)
Original Issue
City of Belle Isle
2016
935,000
City of Valparaiso
2,405,000
City of Haines City
2005B
755,000
Gadsden County
2006A
1,080,000
2007A
5,195,000
Town of Bay Harbor Islands
3,085,000
City of Hallandale Beach
9,350,000
Town of Eatonville
850,000
City of Hialeah
2005A
5,895,000
Town of Lake Park
3,660,000
City of Indian Shores
1,195,000
Town of Melbourne Beach
1,190,000
City of North Miami
2,265,000
Town of Oakland
1,845,000
City of Parkland
2005D
1,125,000
Town of Southwest Ranches
2001A
3,345,000
City of Port Richey
3,055,000
Village of Palmetto Bay
290,000
City of St. Augustine Beach
2016ABCD
6,420,000
TOTAL Outstanding Balance (9/30/16):
$53,940,000