Reso 2010-1538-1 - Laserfiche WebLink

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. March 24, 2010 . TO: City of Sunny Isles Beach, Florida I I . I I RE: $15,000,000 City of Sunny Isles Beach, Florida Capital Improvement Revenue Bonds, Series 2010 Ladies and Gentlemen: . I I The undersigned (the "Purchaser") has agreed to purchase from the City of Sunny Isles Beach, Florida (the "City"), the Bonds referenced above (the "Bonds"). The Bonds are being sold directly to the Purchaser. . I The purpose ofthis letter is to furnish, pursuant to the provisions of Subsections (2), (3) and (6) of Section 218.385, Florida Statutes, as amended, certain information with respect to the purchase and sale of Bonds, as follows: (a) There is no managing underwriter for the Bonds. (b) There are no "finders," as defined in Section 218.386, Florida Statutes, as amended, with respect to the Bonds. . (c) There is no underwriting spread with respect to the Bonds. (d) No management fee will be charged by the Purchaser. A loan fee in the amount of $2,500 will be charged by the Purchaser. . (e) No fee, bonus or other compensation will be paid by the Purchaser in connection with the Bonds to any person not regularly employed or retained by it, other than a fee of $7,500 to Adorno & Y oss LLP, as Counsel to the Bank. . (f) The name and address of the Purchaser is SunTrust Bank, 777 Brickell Avenue, 4th Floor, Miami, Florida 33131. (g) The City is proposing to issue $15,000,000 of Bonds for the purpose of financing a portion of the costs of development of City property for City parks, financing architectural, engineering, environmental, legal and other planning costs related thereto, and paying costs of issuance ofthe Bonds. The Bonds are expected to be repaid over fifteen (15) years. At an interest rate of 4.20% on the Bonds, total interest paid over the life of Bonds will be $5,427,404. The source ofrepayment or security for the Bonds is expected to be a covenant to budget and appropriate from legally available Non-Ad . . {MI886558_2} .