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<br />- <br /> <br />$20,000,000.00 <br />CITY OF SUNNY ISLES BEACH, FLORIDA <br />PROMISSORY NOTE <br /> <br />DISCLOSURE STATEMENT OF BANK OF AMERICA. N.A. <br /> <br />June 8, 2009 <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />Ladies and Gentlemen: <br /> <br />In connection with the purchase of the $20,000,000.00 aggregate principal amount City of Sunny <br />Isles Beach, Florida (the "City"), Promissory Note, dated June 8, 2009 (the "Note"), Bank of <br />America, N,A. (the "Bank") represents as follows: <br /> <br />(a) The nature and estimated amounts of expenses to be incurred by the Bank in connection <br />with the issuance and sale of the Note is -0-. <br /> <br />(b) There were no "finders," as defined in Section 218.386, Florida Statutes, as amended, <br />in connection with the issuance of the Note. <br /> <br />(c) No management fee will be charged by the Bank. <br /> <br />(d) No fee, bonus or other compensation will be paid by the Bank in connection with the <br />issuance of the Note to any person not regularly employed or retained by the Bank. <br /> <br />( e) The name and address of the Bank is: <br /> <br />Bank of America, N.A. <br />9000 Southside Blvd, <br />Bldg. 100 <br />Jacksonville, FL 32256 <br /> <br />(f) The City is proposing to issue not exceeding $20,000,000.00 of debt for the purpose of <br />paying for the acquisition, construction and equipping of real and personal property to be <br />owned by the City as may be authorized by the City Commission from time to. This debt <br />is expected to be repaid over a period of approximately 20 years. At an interest rate of <br />4.03% per annum, total interest paid over the life of the debt is expected to be <br />$9,453,429.42. The source of repayment or security for the Note is certain non ad valorem <br />revenues of the City. Authorizing this debt will result in $29,453,429.42 of revenues of <br />the City not being available for other uses by the City. <br /> <br />BANK OF AMERICA, N.A. <br /> <br />By:ca~a1Jrk <br /> <br />Senior Vice President <br />