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COUNTY OF LEWIS, NYSUMMARY OF REFUNDING RESULTS
Dated/Delivery 11/17/2015
Refunding Par Amount 8,165,000
Bond Arbitrage Yield 3.033444%
Escrow Yield 0.515924%
Refunded Bonds Par Amount 7,815,000
Average Coupon of Refunded Bonds 4.245407%
Net PV Savings 417,268.57
Percentage of PV Savings 5.339329%
Aggregate Budgetary Savings 577,643.53
Annual Budgetary Savings (Dec 31)
Fiscal Year 2016 25,043.54
Fiscal Year 2017 24,612.50
Fiscal Year 2018 24,462.50
Fiscal Year 2019 27,856.25
Fiscal Year 2020 24,162.50
Fiscal Year 2021 28,287.50
Fiscal Year 2022 27,287.50
Fiscal Year 2023 26,850.00
Fiscal Year 2024 27,000.00
Fiscal Year 2025 27,731.25
Fiscal Year 2026 25,581.25
Fiscal Year 2027 25,256.25
Fiscal Year 2028 23,887.50
Fiscal Year 2029 26,343.75
Fiscal Year 2030 28,006.25
Fiscal Year 2031 28,862.50
Fiscal Year 2032 24,487.50
Fiscal Year 2033 25,165.62 Fiscal Year 2034 25,821.87
Fiscal Year 2035 26,456.25
Fiscal Year 2036 27,075.00
Fiscal Year 2037 27,406.25
ROOSEVELT & CROSS
*SLGS and Market Rates as of COB of 08/10/15*
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)
Insured A+ Underl in ; BQ; Cal lable
8/11/2015
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008
TABLE OF CONTENTS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Report Page
Sources and Uses of Funds ........................... 1
Summary of Refunding Results ......................... 2
Savings ................................... 3
Bond Pricing ................................. 5
Bond Debt Service ............................... 6
Escrow Requirements ............................. 8
Escrow Descriptions .............................. 9
Escrow Statistics ............................... 10
Escrow Sufficiency ............................... 11
Proof of Arbitrage Yield ............................. 12
Summary of Bonds Refunded .......................... 14
Prior Bond Debt Service ............................ 15
Bond Summary Statistics ............................ 17
Aggregate Debt Service ............................ 18
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SOURCES AND USES OF FUNDS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Dated Date 11/17/2015Delivery Date 11/17/2015
Sources:
Bond Proceeds:Par Amount 8,165,000.00Net Premium 225,558.20
8,390,558.20
Uses:
Refunding Escrow Deposits:Cash Deposit 0.31SLGS Purchases 8,248,569.00
8,248,569.31
Delivery Date Expenses:Cost of Issuance 80,000.00Underwriter's Discount 38,212.20Insurance Premium (20 bps) 22,959.59
141,171.79
Other Uses of Funds: Additional Proceeds 817.10
8,390,558.20
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SUMMARY OF REFUNDING RESULTS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Dated Date 11/17/2015Delivery Date 11/17/2015
Arbitrage yield 3.033444%Escrow yield 0.515924%
Bond Par Amount 8,165,000.00True Interest Cost 3.100165%Net Interest Cost 3.136223%
All-In TIC 3.196833% Average Coupon 3.318161% Average Life 12.611
Par amount of refunded bonds 7,815,000.00 Average coupon of refunded bonds 4.245407%
Average life of refunded bonds 13.089
PV of prior debt to 11/17/2015 @ 3.027119% 8,807,009.67Net PV Savings 417,268.57Percentage savings of refunded bonds 5.339329%
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SAVINGS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Present Value
Prior Refunding Annual to 11/17/2015Date Debt Service Debt Service Savings Savings @ 3.0271189%
05/15/2016 165,350.00 177,362.71 -12,012.71 -11,835.5811/15/2016 165,350.00 128,293.75 37,056.25 35,965.4812/31/2016 25,043.5405/15/2017 165,350.00 178,293.75 -12,943.75 -12,375.4311/15/2017 165,350.00 127,793.75 37,556.25 35,371.9112/31/2017 24,612.5005/15/2018 445,350.00 457,793.75 -12,443.75 -11,545.2511/15/2018 159,750.00 122,843.75 36,906.25 33,730.9112/31/2018 24,462.5005/15/2019 449,750.00 457,843.75 -8,093.75 -7,287.0911/15/2019 153,768.75 117,818.75 35,950.00 31,884.4512/31/2019 27,856.2505/15/2020 453,768.75 462,818.75 -9,050.00 -7,906.8711/15/2020 147,581.25 114,368.75 33,212.50 28,584.69
12/31/2020 24,162.5005/15/2021 457,581.25 459,368.75 -1,787.50 -1,515.4911/15/2021 140,993.75 110,918.75 30,075.00 25,118.2512/31/2021 28,287.5005/15/2022 460,993.75 460,918.75 75.00 61.7111/15/2022 134,193.75 106,981.25 27,212.50 22,054.8512/31/2022 27,287.5005/15/2023 464,193.75 461,981.25 2,212.50 1,766.4211/15/2023 127,181.25 102,543.75 24,637.50 19,376.9012/31/2023 26,850.0005/15/2024 467,181.25 462,543.75 4,637.50 3,592.9211/15/2024 119,956.25 97,593.75 22,362.50 17,067.1012/31/2024 27,000.0005/15/2025 474,956.25 467,593.75 7,362.50 5,535.2911/15/2025 112,412.50 92,043.75 20,368.75 15,085.3612/31/2025 27,731.25
05/15/2026 477,412.50 472,043.75 5,368.75 3,916.8811/15/2026 104,656.25 84,443.75 20,212.50 14,526.5812/31/2026 25,581.2505/15/2027 479,656.25 474,443.75 5,212.50 3,690.3311/15/2027 96,687.50 76,643.75 20,043.75 13,978.9412/31/2027 25,256.2505/15/2028 486,687.50 481,643.75 5,043.75 3,465.1711/15/2028 88,400.00 69,556.25 18,843.75 12,753.0612/31/2028 23,887.5005/15/2029 493,400.00 484,556.25 8,843.75 5,896.0311/15/2029 79,793.75 62,293.75 17,500.00 11,493.0912/31/2029 26,343.7505/15/2030 494,793.75 482,293.75 12,500.00 8,086.9511/15/2030 70,975.00 55,468.75 15,506.25 9,882.2912/31/2030 28,006.2505/15/2031 500,975.00 485,468.75 15,506.25 9,734.9511/15/2031 61,837.50 48,481.25 13,356.25 8,260.14
12/31/2031 28,862.5005/15/2032 506,837.50 493,481.25 13,356.25 8,136.9811/15/2032 52,381.25 41,250.00 11,131.25 6,680.3412/31/2032 24,487.5005/15/2033 512,381.25 496,250.00 16,131.25 9,536.7111/15/2033 42,606.25 33,571.88 9,034.37 5,261.4412/31/2033 25,165.6205/15/2034 517,606.25 498,571.88 19,034.37 10,919.9611/15/2034 32,512.50 25,725.00 6,787.50 3,835.9112/31/2034 25,821.8705/15/2035 527,512.50 505,725.00 21,787.50 12,129.4711/15/2035 21,993.75 17,325.00 4,668.75 2,560.4212/31/2035 26,456.2505/15/2036 531,993.75 507,325.00 24,668.75 13,327.03
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SAVINGS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Present Value
Prior Refunding Annual to 11/17/2015Date Debt Service Debt Service Savings Savings @ 3.0271189%
11/15/2036 11,156.25 8,750.00 2,406.25 1,280.5712/31/2036 27,075.0005/15/2037 536,156.25 508,750.00 27,406.25 14,367.7112/31/2037 27,406.25
12,159,425.00 11,581,781.47 577,643.53 577,643.53 416,451.47
Savings Summary
PV of savings from cash flow 416,451.47Plus: Refunding funds on hand 817.10
Net PV Savings 417,268.57
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 5
BOND PRICING
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Maturity Yield to Call Call
Bond Component Date Amount Rate Yield Price Maturity Date Price
Uninsured Serial Bonds:05/15/2016 50,000 2.000% 0.600% 100.69005/15/2017 50,000 2.000% 0.950% 101.554
100,000
Insured Serial Bonds:05/15/2018 330,000 3.000% 1.050% 104.78805/15/2019 335,000 3.000% 1.200% 106.14105/15/2020 345,000 2.000% 1.450% 102.38405/15/2021 345,000 2.000% 1.650% 101.83105/15/2022 350,000 2.250% 1.850% 102.43705/15/2023 355,000 2.500% 2.000% 103.46305/15/2024 360,000 2.750% 2.150% 104.63505/15/2025 370,000 3.000% 2.300% 105.93905/15/2026 380,000 4.000% 2.500% 112.607 C 2.618% 05/15/2025 100.000
05/15/2027 390,000 4.000% 2.700% 110.823 C 2.887% 05/15/2025 100.00005/15/2028 405,000 3.500% 2.900% 104.948 C 3.022% 05/15/2025 100.00005/15/2029 415,000 3.500% 3.000% 104.104 C 3.125% 05/15/2025 100.00005/15/2030 420,000 3.250% 3.100% 101.225 C 3.144% 05/15/2025 100.00005/15/2031 430,000 3.250% 3.200% 100.406 C 3.217% 05/15/2025 100.00005/15/2032 445,000 3.250% 3.300% 99.36705/15/2033 455,000 3.375% 3.400% 99.67205/15/2034 465,000 3.375% 3.450% 98.98005/15/2035 480,000 3.500% 3.500% 100.00005/15/2036 490,000 3.500% 3.550% 99.27605/15/2037 500,000 3.500% 3.600% 98.512
8,065,000
8,165,000
Dated Date 11/17/2015Delivery Date 11/17/2015First Coupon 05/15/2016
Par Amount 8,165,000.00Premium 225,558.20
Production 8,390,558.20 102.762501%Underwriter's Discount -38,212.20 -0.468000%
Purchase Price 8,352,346.00 102.294501% Accrued Interest
Net Proceeds 8,352,346.00
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BOND DEBT SERVICE
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
05/15/2016 50,000 2.000% 127,362.71 177,362.7111/15/2016 128,293.75 128,293.7512/31/2016 305,656.4605/15/2017 50,000 2.000% 128,293.75 178,293.7511/15/2017 127,793.75 127,793.7512/31/2017 306,087.5005/15/2018 330,000 3.000% 127,793.75 457,793.7511/15/2018 122,843.75 122,843.7512/31/2018 580,637.5005/15/2019 335,000 3.000% 122,843.75 457,843.7511/15/2019 117,818.75 117,818.7512/31/2019 575,662.5005/15/2020 345,000 2.000% 117,818.75 462,818.7511/15/2020 114,368.75 114,368.7512/31/2020 577,187.50
05/15/2021 345,000 2.000% 114,368.75 459,368.7511/15/2021 110,918.75 110,918.7512/31/2021 570,287.5005/15/2022 350,000 2.250% 110,918.75 460,918.7511/15/2022 106,981.25 106,981.2512/31/2022 567,900.0005/15/2023 355,000 2.500% 106,981.25 461,981.2511/15/2023 102,543.75 102,543.7512/31/2023 564,525.0005/15/2024 360,000 2.750% 102,543.75 462,543.7511/15/2024 97,593.75 97,593.7512/31/2024 560,137.5005/15/2025 370,000 3.000% 97,593.75 467,593.7511/15/2025 92,043.75 92,043.7512/31/2025 559,637.5005/15/2026 380,000 4.000% 92,043.75 472,043.75
11/15/2026 84,443.75 84,443.7512/31/2026 556,487.5005/15/2027 390,000 4.000% 84,443.75 474,443.7511/15/2027 76,643.75 76,643.7512/31/2027 551,087.5005/15/2028 405,000 3.500% 76,643.75 481,643.7511/15/2028 69,556.25 69,556.2512/31/2028 551,200.0005/15/2029 415,000 3.500% 69,556.25 484,556.2511/15/2029 62,293.75 62,293.7512/31/2029 546,850.0005/15/2030 420,000 3.250% 62,293.75 482,293.7511/15/2030 55,468.75 55,468.7512/31/2030 537,762.5005/15/2031 430,000 3.250% 55,468.75 485,468.7511/15/2031 48,481.25 48,481.2512/31/2031 533,950.00
05/15/2032 445,000 3.250% 48,481.25 493,481.2511/15/2032 41,250.00 41,250.0012/31/2032 534,731.2505/15/2033 455,000 3.375% 41,250.00 496,250.0011/15/2033 33,571.88 33,571.8812/31/2033 529,821.8805/15/2034 465,000 3.375% 33,571.88 498,571.8811/15/2034 25,725.00 25,725.0012/31/2034 524,296.8805/15/2035 480,000 3.500% 25,725.00 505,725.0011/15/2035 17,325.00 17,325.0012/31/2035 523,050.0005/15/2036 490,000 3.500% 17,325.00 507,325.00
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BOND DEBT SERVICE
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
11/15/2036 8,750.00 8,750.0012/31/2036 516,075.0005/15/2037 500,000 3.500% 8,750.00 508,750.0012/31/2037 508,750.00
8,165,000 3,416,781.47 11,581,781.47 11,581,781.47
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ESCROW REQUIREMENTS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Period PrincipalEnding Interest Redeemed Total
05/15/2016 165,350.00 165,350.0011/15/2016 165,350.00 165,350.0005/15/2017 165,350.00 7,815,000.00 7,980,350.00
496,050.00 7,815,000.00 8,311,050.00
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ESCROW DESCRIPTIONS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Type of Type of Maturity First Int Par MaxSecurity SLGS Date Pmt Date Amount Rate Rate
Nov 17, 2015:SLGS Certificate 05/15/2016 05/15/2016 144,761 0.170% 0.170%SLGS Certificate 11/15/2016 11/15/2016 144,154 0.350% 0.350%SLGS Note 05/15/2017 05/15/2016 7,959,654 0.520% 0.520%
8,248,569
SLGS Summary
SLGS Rates File 10AUG15
Total Certificates of Indebtedness 288,915.00Total Notes 7,959,654.00
Total original SLGS 8,248,569.00
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ESCROW STATISTICS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time
Global Proceeds Escrow:8,248,569.31 1.461 0.515924% 0.515924% 7,952,629.26 295,940.03 0.02
8,248,569.31 7,952,629.26 295,940.03 0.02
Delivery date 11/17/2015 Arbitrage yield 3.033444%
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ESCROW SUFFICIENCY
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Escrow Net Escrow Excess ExcessDate Requirement Receipts Receipts Balance
11/17/2015 0.31 0.31 0.3105/15/2016 165,350.00 165,349.71 -0.29 0.0211/15/2016 165,350.00 165,350.88 0.88 0.9005/15/2017 7,980,350.00 7,980,349.10 -0.90
8,311,050.00 8,311,050.00 0.00
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PROOF OF ARBITRAGE YIELD
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Present Value
to 11/17/2015Date Debt Service @ 3.0334440124%
05/15/2016 177,362.71 174,742.0311/15/2016 128,293.75 124,509.6405/15/2017 178,293.75 170,449.6111/15/2017 127,793.75 120,346.0705/15/2018 457,793.75 424,672.9211/15/2018 122,843.75 112,253.5805/15/2019 457,843.75 412,122.9811/15/2019 117,818.75 104,468.7405/15/2020 462,818.75 404,245.6111/15/2020 114,368.75 98,402.0505/15/2021 459,368.75 389,332.4911/15/2021 110,918.75 92,603.3205/15/2022 460,918.75 379,060.3811/15/2022 106,981.25 86,667.07
05/15/2023 461,981.25 368,666.1011/15/2023 102,543.75 80,608.4305/15/2024 462,543.75 358,167.7711/15/2024 97,593.75 74,442.0105/15/2025 2,057,593.75 1,546,030.8011/15/2025 62,293.75 46,106.8405/15/2026 62,293.75 45,417.9811/15/2026 62,293.75 44,739.4105/15/2027 62,293.75 44,070.9711/15/2027 62,293.75 43,412.5305/15/2028 62,293.75 42,763.9211/15/2028 62,293.75 42,125.0005/15/2029 62,293.75 41,495.6211/15/2029 62,293.75 40,875.6505/15/2030 482,293.75 311,741.2611/15/2030 55,468.75 35,317.78
05/15/2031 485,468.75 304,487.0011/15/2031 48,481.25 29,953.2305/15/2032 493,481.25 300,332.9411/15/2032 41,250.00 24,729.6905/15/2033 496,250.00 293,060.7511/15/2033 33,571.88 19,529.6805/15/2034 498,571.88 285,699.6711/15/2034 25,725.00 14,521.1105/15/2035 505,725.00 281,203.8211/15/2035 17,325.00 9,489.4805/15/2036 507,325.00 273,727.1511/15/2036 8,750.00 4,650.5305/15/2037 508,750.00 266,355.01
11,434,756.47 8,367,598.61
Proceeds Summary
Delivery date 11/17/2015Par Value 8,165,000.00Premium (Discount) 225,558.20 Arbitrage expenses -22,959.59
Target for yield calculation 8,367,598.61
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PROOF OF ARBITRAGE YIELD
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Assumed Call/Computation Dates for Premium Bonds
Net PresentValue (NPV)
Bond Maturity Call Call to 11/17/2015Component Date Rate Yield Date Price @ 3.0334440124%
INS 05/15/2026 4.000% 2.500% 05/15/2025 100.000 -17,802.68INS 05/15/2027 4.000% 2.700% 05/15/2025 100.000 -11,313.57INS 05/15/2028 3.500% 2.900% 05/15/2025 100.000 -4,552.00INS 05/15/2029 3.500% 3.000% 05/15/2025 100.000 -1,161.80
Rejected Call/Computation Dates for Premium Bonds
Net PresentValue (NPV)
Bond Maturity Call Call to 11/17/2015 IncreaseComponent Date Rate Yield Date Price @ 3.0334440124% to NPV
INS 05/15/2026 4.000% 2.500% -15,104.48 2,698.20INS 05/15/2027 4.000% 2.700% -5,857.28 5,456.29INS 05/15/2028 3.500% 2.900% -509.96 4,042.04INS 05/15/2029 3.500% 3.000% 4,279.59 5,441.39
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 14
SUMMARY OF BONDS REFUNDED
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Maturity Interest Par Call CallBond Date Rate Amount Date Price
General Obligation Serial Bonds, 2008, 2008:SERIAL 05/15/2018 4.000% 280,000.00 05/15/2017 100.000
05/15/2019 4.125% 290,000.00 05/15/2017 100.00005/15/2020 4.125% 300,000.00 05/15/2017 100.00005/15/2021 4.250% 310,000.00 05/15/2017 100.00005/15/2022 4.250% 320,000.00 05/15/2017 100.00005/15/2023 4.250% 330,000.00 05/15/2017 100.00005/15/2024 4.250% 340,000.00 05/15/2017 100.00005/15/2025 4.250% 355,000.00 05/15/2017 100.00005/15/2026 4.250% 365,000.00 05/15/2017 100.00005/15/2027 4.250% 375,000.00 05/15/2017 100.00005/15/2028 4.250% 390,000.00 05/15/2017 100.000
05/15/2029 4.250% 405,000.00 05/15/2017 100.00005/15/2030 4.250% 415,000.00 05/15/2017 100.00005/15/2031 4.250% 430,000.00 05/15/2017 100.00005/15/2032 4.250% 445,000.00 05/15/2017 100.00005/15/2033 4.250% 460,000.00 05/15/2017 100.00005/15/2034 4.250% 475,000.00 05/15/2017 100.00005/15/2035 4.250% 495,000.00 05/15/2017 100.00005/15/2036 4.250% 510,000.00 05/15/2017 100.00005/15/2037 4.250% 525,000.00 05/15/2017 100.000
7,815,000.00
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 15
PRIOR BOND DEBT SERVICE
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
05/15/2016 165,350.00 165,350.0011/15/2016 165,350.00 165,350.0012/31/2016 330,700.0005/15/2017 165,350.00 165,350.0011/15/2017 165,350.00 165,350.0012/31/2017 330,700.0005/15/2018 280,000 4.000% 165,350.00 445,350.0011/15/2018 159,750.00 159,750.0012/31/2018 605,100.0005/15/2019 290,000 4.125% 159,750.00 449,750.0011/15/2019 153,768.75 153,768.7512/31/2019 603,518.7505/15/2020 300,000 4.125% 153,768.75 453,768.7511/15/2020 147,581.25 147,581.2512/31/2020 601,350.00
05/15/2021 310,000 4.250% 147,581.25 457,581.2511/15/2021 140,993.75 140,993.7512/31/2021 598,575.0005/15/2022 320,000 4.250% 140,993.75 460,993.7511/15/2022 134,193.75 134,193.7512/31/2022 595,187.5005/15/2023 330,000 4.250% 134,193.75 464,193.7511/15/2023 127,181.25 127,181.2512/31/2023 591,375.0005/15/2024 340,000 4.250% 127,181.25 467,181.2511/15/2024 119,956.25 119,956.2512/31/2024 587,137.5005/15/2025 355,000 4.250% 119,956.25 474,956.2511/15/2025 112,412.50 112,412.5012/31/2025 587,368.7505/15/2026 365,000 4.250% 112,412.50 477,412.50
11/15/2026 104,656.25 104,656.2512/31/2026 582,068.7505/15/2027 375,000 4.250% 104,656.25 479,656.2511/15/2027 96,687.50 96,687.5012/31/2027 576,343.7505/15/2028 390,000 4.250% 96,687.50 486,687.5011/15/2028 88,400.00 88,400.0012/31/2028 575,087.5005/15/2029 405,000 4.250% 88,400.00 493,400.0011/15/2029 79,793.75 79,793.7512/31/2029 573,193.7505/15/2030 415,000 4.250% 79,793.75 494,793.7511/15/2030 70,975.00 70,975.0012/31/2030 565,768.7505/15/2031 430,000 4.250% 70,975.00 500,975.0011/15/2031 61,837.50 61,837.5012/31/2031 562,812.50
05/15/2032 445,000 4.250% 61,837.50 506,837.5011/15/2032 52,381.25 52,381.2512/31/2032 559,218.7505/15/2033 460,000 4.250% 52,381.25 512,381.2511/15/2033 42,606.25 42,606.2512/31/2033 554,987.5005/15/2034 475,000 4.250% 42,606.25 517,606.2511/15/2034 32,512.50 32,512.5012/31/2034 550,118.7505/15/2035 495,000 4.250% 32,512.50 527,512.5011/15/2035 21,993.75 21,993.7512/31/2035 549,506.2505/15/2036 510,000 4.250% 21,993.75 531,993.75
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 16
PRIOR BOND DEBT SERVICE
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
11/15/2036 11,156.25 11,156.2512/31/2036 543,150.0005/15/2037 525,000 4.250% 11,156.25 536,156.2512/31/2037 536,156.25
7,815,000 4,344,425.00 12,159,425.00 12,159,425.00
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 NyL:LEWIS-R_2008,R_2008) Page 17
BOND SUMMARY STATISTICS
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Dated Date 11/17/2015Delivery Date 11/17/2015Last Maturity 05/15/2037
Arbitrage Yield 3.033444%True Interest Cost (TIC) 3.100165%Net Interest Cost (NIC) 3.136223%
All-In TIC 3.196833% Average Coupon 3.318161%
Average Life (years) 12.611Weighted Average Maturity (years) 12.494Duration of Issue (years) 10.158
Par Amount 8,165,000.00
Bond Proceeds 8,390,558.20Total Interest 3,416,781.47Net Interest 3,229,435.47Total Debt Service 11,581,781.47Maximum Annual Debt Service 580,637.50
Average Annual Debt Service 538,826.74
Underwriter's Fees (per $1000) Average Takedown Other Fee 4.680000
Total Underwriter's Discount 4.680000
Bid Price 102.294501
Par Average AverageBond Component Value Price Coupon Life
Uninsured Serial Bonds 100,000.00 101.122 2.000% 0.994Insured Serial Bonds 8,065,000.00 102.783 3.319% 12.755
8,165,000.00 12.611
All-In ArbitrageTIC TIC Yield
Par Value 8,165,000.00 8,165,000.00 8,165,000.00 + Accrued Interest + Premium (Discount) 225,558.20 225,558.20 225,558.20 - Underwriter's Discount -38,212.20 -38,212.20 - Cost of Issuance Expense -80,000.00 - Other Amounts -22,959.59 -22,959.59 -22,959.59
Target Value 8,329,386.41 8,249,386.41 8,367,598.61
Target Date 11/17/2015 11/17/2015 11/17/2015Yield 3.100165% 3.196833% 3.033444%
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance
AGGREGATE DEBT SERVICE
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Refunding
2008 GO Refunding 2008 Unrefunded UnrefundedBonds GO Bonds Bonds Bonds Aggregate Aggregate A
Date Principal Interest Principal Interest Principal Interest Deb
05/15/2016 50,000 127,362.71 265,000 10,700 315,000 138,062.71 4511/15/2016 128,293.75 5,400 133,693.75 1312/31/2016 05/15/2017 50,000 128,293.75 270,000 5,400 320,000 133,693.75 4511/15/2017 127,793.75 127,793.75 1212/31/2017 05/15/2018 330,000 127,793.75 330,000 127,793.75 4511/15/2018 122,843.75 122,843.75 1212/31/2018 05/15/2019 335,000 122,843.75 335,000 122,843.75 4511/15/2019 117,818.75 117,818.75 1112/31/2019 05/15/2020 345,000 117,818.75 345,000 117,818.75 4611/15/2020 114,368.75 114,368.75 1112/31/2020 05/15/2021 345,000 114,368.75 345,000 114,368.75 4511/15/2021 110,918.75 110,918.75 1112/31/2021 05/15/2022 350,000 110,918.75 350,000 110,918.75 4611/15/2022 106,981.25 106,981.25 1012/31/2022 05/15/2023 355,000 106,981.25 355,000 106,981.25 4611/15/2023 102,543.75 102,543.75 1012/31/2023 05/15/2024 360,000 102,543.75 360,000 102,543.75 4611/15/2024 97,593.75 97,593.75 912/31/2024 05/15/2025 370,000 97,593.75 370,000 97,593.75 4611/15/2025 92,043.75 92,043.75 9
12/31/2025 05/15/2026 380,000 92,043.75 380,000 92,043.75 4711/15/2026 84,443.75 84,443.75 812/31/2026 05/15/2027 390,000 84,443.75 390,000 84,443.75 4711/15/2027 76,643.75 76,643.75 712/31/2027 05/15/2028 405,000 76,643.75 405,000 76,643.75 4811/15/2028 69,556.25 69,556.25 612/31/2028 05/15/2029 415,000 69,556.25 415,000 69,556.25 4811/15/2029 62,293.75 62,293.75 612/31/2029
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Aug 11, 2015 10:31 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance
AGGREGATE DEBT SERVICE
County of Lewis, New YorkRefunding 2008 GO Bonds
REFUNDING 05/15/08 GO BONDS (05/15/18-05/15/37)Insured (A+ Underlying); BQ; Callable
------------------*SLGS and Market Rates as of COB of 08/10/15*
Refunding
2008 GO Refunding 2008 Unrefunded UnrefundedBonds GO Bonds Bonds Bonds Aggregate Aggregate A
Date Principal Interest Principal Interest Principal Interest Deb
05/15/2030 420,000 62,293.75 420,000 62,293.75 4811/15/2030 55,468.75 55,468.75 512/31/2030 05/15/2031 430,000 55,468.75 430,000 55,468.75 4811/15/2031 48,481.25 48,481.25 412/31/2031 05/15/2032 445,000 48,481.25 445,000 48,481.25 4911/15/2032 41,250.00 41,250.00 412/31/2032 05/15/2033 455,000 41,250.00 455,000 41,250.00 4911/15/2033 33,571.88 33,571.88 312/31/2033 05/15/2034 465,000 33,571.88 465,000 33,571.88 4911/15/2034 25,725.00 25,725.00 212/31/2034 05/15/2035 480,000 25,725.00 480,000 25,725.00 5011/15/2035 17,325.00 17,325.00 112/31/2035 05/15/2036 490,000 17,325.00 490,000 17,325.00 5011/15/2036 8,750.00 8,750.00 12/31/2036 05/15/2037 500,000 8,750.00 500,000 8,750.00 5012/31/2037
8,165,000 3,416,781.47 535,000 21,500 8,700,000 3,438,281.47 12,13
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Aug 11, 2015 9:43 am Prepared by Roosevelt & Cross, Incorporated (Z) (Finance 7.012 ) Page 1
EIC
Present Valueto 11/17/2015
Date Cashflow @ 3.0271188745%
05/15/2016 177,362.71 174,747.4111/15/2016 128,293.75 124,517.3505/15/2017 178,293.75 170,465.48
11/15/2017 127,793.75 120,361.0305/15/2018 457,793.75 424,738.9311/15/2018 122,843.75 112,274.5205/15/2019 457,843.75 412,212.7211/15/2019 117,818.75 104,494.7505/15/2020 462,818.75 404,358.8311/15/2020 114,368.75 98,432.6805/15/2021 459,368.75 389,465.7911/15/2021 110,918.75 92,637.9205/15/2022 460,918.75 379,213.8011/15/2022 106,981.25 86,704.8505/15/2023 461,981.25 368,838.2911/15/2023 102,543.75 80,648.5905/15/2024 462,543.75 358,357.3811/15/2024 97,593.75 74,483.74
05/15/2025 467,593.75 351,547.5911/15/2025 92,043.75 68,168.8005/15/2026 472,043.75 344,389.2311/15/2026 84,443.75 60,689.1105/15/2027 474,443.75 335,895.3011/15/2027 76,643.75 53,452.9805/15/2028 481,643.75 330,900.1911/15/2028 69,556.25 47,074.2305/15/2029 484,556.25 323,048.0911/15/2029 62,293.75 40,911.3105/15/2030 482,293.75 312,022.9211/15/2030 55,468.75 35,350.8005/15/2031 485,468.75 304,781.1011/15/2031 48,481.25 29,983.1005/15/2032 493,481.25 300,641.75
11/15/2032 41,250.00 24,755.8905/15/2033 496,250.00 293,380.3711/15/2033 33,571.88 19,551.5905/15/2034 498,571.88 286,029.0911/15/2034 25,725.00 14,538.3005/15/2035 505,725.00 281,545.5911/15/2035 17,325.00 9,501.3105/15/2036 507,325.00 274,076.9211/15/2036 8,750.00 4,656.6105/15/2037 508,750.00 266,711.97
11,581,781.47 8,390,558.20
Summary
Valuation date 11/17/2015 Amount 8,390,558.20
Target for yield calculation 8,390,558.20
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