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Mark Galvin Senior Vice President Mark.galvin@firstsw.com 450 S. Orange Avenue Suite 460

Mark Galvin Senior Vice President Mark.galvin@firstsw.com 450 S. Orange Avenue Suite 460 Orlando, FL 32801 407.426.9611 407.426.7835 Fax. October 30, 2012. CITY OF PALM COAST, FLORIDA. Utility System Workshop Preliminary Financing Plan. Table of Contents.

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Mark Galvin Senior Vice President Mark.galvin@firstsw.com 450 S. Orange Avenue Suite 460

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  1. Mark Galvin Senior Vice President Mark.galvin@firstsw.com 450 S. Orange Avenue Suite 460 Orlando, FL 32801 407.426.9611 407.426.7835 Fax October 30, 2012 CITY OF PALM COAST, FLORIDA Utility System Workshop Preliminary Financing Plan

  2. Table of Contents Overview of City’s Utility System DebtTab 1 Refunding of Series 2003 Bonds Tab 2

  3. Tab 1 Overview of the City’s Utility System Debt

  4. Debt Profile – Utility System Revenue Debt

  5. Aggregate Utility System Revenue Debt

  6. Debt Profile – Utility System Debt

  7. Tab 2 Refunding of Series 2003 Bonds

  8. Summary of Refunding Results (Series 2003 Bonds) • Notes • Analysis is preliminary and subject to change. • -Estimated cost of issuance of $630 & $6 per bond for UW discount • -Uninsured A1/A/A+ market rates as of EOD 10/17/2012 • Assumes no transfer of existing DSRF or funding of a DSRF for Series 2012 issue

  9. Refunding Considerations • City current Utility System 5 Year Capital Plan has identified over $78.4 million in capital improvements including $21 million in immediate funding needs. • With interest rates at historical lows and with impending refunding of the Series 2003 provides the City incorporate both financings into one reducing issuance costs. • Opportunity to free up / release $6,240,000 from Series 2003 Debt Service Reserve to fund a portion of the $21 million in projects with the $15 million balance coming from bond proceeds. • Opportunity to update bond covenants to provide future financing flexibility.

  10. Summary of Financing – Proposed Financing Structure

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