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HomeMy WebLinkAboutPackets - Council Packets (1529) AGENDA ORO VALLEY TOWN COUNCIL AND ORO VALLEY MUNICIPAL PROPERTY CORPORATION (MPC) BOARD OF DIRECTORS STUDY SESSION APRIL 5TH, 1999 ORO VALLEY TOWN COUNCIL CHAMBERS ROOM 11,000 N. LA CANADA DRIVE STUDY SESSION -AT OR AFTER 6:00 P.M. CALL TO ORDER ROLL CALL 1. OVERVIEW OF MUNICIPAL PROPERTY CORPORATION (MPC) STATUTE AUTHORITY AND HISTORY (30 Minutes) 2. REVIEW OF MUNICIPAL PROPERTY CORPORATION (MPC) ACTIVITIES REGARDING UPCOMING TOWN PROJECTS (30 Minutes) A. ORO VALLEY WATER IMPROVEMENT DISTRICT#1 PROJECT B. NEW DEVELOPMENT SERVICES BUILDING 3. DISCUSSION WITH MUNICIPAL PROPERTY CORPORATION BOARD OF DIRECTORS (15 Minutes) ADJOURNMENT The Town of Oro Valley complies with the Americans with Disabilities Act (ADA). If any person with a disability needs any type of accommodation, please notify Kathryn Cuvelier, Town Clerk, at 297-2591. POSTED: 4/2/99 4:30 p.m. rg TOWN OF ORO VALLEY COUNCIL COMMUNICATION MEETING DATE: April 5, 1999 TO: HONORABLE MAYOR & COUNCIL FROM: David L. Andrews, Finance Director SUBJECT: Overview of Municipal Property Corporation(MPC) Debt Financing and Review of Proposed Issuance of Approximately $4,435,000 of MPC Municipal Facilities Revenue Bonds, Series 1999 SUMMARY: In a memorandum from the Town Manager dated March 11, 1999, it was indicated to the Mayor and Council that staff intends to bring a financing recommendation for the Oro Valley Water Improvement District (OVWID) and the new community development building before the Council on May 5. A copy of that memorandum is included with this communication. However, since the majority of the Council has not had the opportunity to deal with MPC financing, staff believes that it would be timely and appropriate to review the subject prior to the proposed May 5 meeting. Representatives from the Town's bond counsel and financial advisors, along with staff are present this evening to review and discuss the issue of MPC financing with specific regard to the proposed bond issuance. ATTACHMENTS: 1. Town Manager's Memorandum dated March 11, 1999 2. "Why Arizona Cities & Towns Use A Municipal Property Corporation" Outline 3. Draft Financing Estimates SUGGESTED MOTION: N/A oz David L. Andrews Finance Director aitei ' ' 4 Chuck Swe-t Town Manager MEMORANDUM TO: Mayor and Council cl")7 FROM: Chuck Sweet, Town Manager DATE: March 11, 1999 SUBJ: OVWID Financing Calendar Based on the recommendation of the Oro Valley Water Improvement District Task Force and Town Council action, a letter was sent to the Metropolitan Domestic Water Improvement District (MDWID) establishing mutual consent to terminate the operating agreement between the two entities, effective July 1, 1999. Since that time, the Town has been taking the action necessary to ensure a smooth transition for the Oro Valley water customers from OVWID to the Town's water utility system. Attached you will find a financing calendar prepared by our financial advisors, Peacock, Hislop, Staley & Given, outlining critical dates over the next four months. It is the Financing Team's plan to bring a financing recommendation before the Council on May 5. Council action on that evening would authorize the team to proceed with the sale of approximately $4.4M in Municipal Property Corporation Revenue Bonds. It is important to note that the $4.4M figure includes approximately $1.5M for construction of the new community development building that was approved by the Council at your January 20, 1999 Regular Session. Consolidation of the new building with the OVWID bond issue will allow for a lower interest rate for financing the building and save the Town on costs of issuance such as bond ratings, attorney fees and printing costs. Please give me a call should you have any questions. CC: /bavid Andrews, Finance Director Mark Reader, PHS&G David Hook, Water Utility Director Scott Ruby, Gust Rosenfeld Tobin Sidles, Town Attorney Mark Stratton, MDWID TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE REFUNDING AND NEW MONEY BONDS, SERIES 1999 FINANCING CALENDAR Marc::.. 1999- 1999 May .. 1999 Junes:- 1999 ElEIENIMINg EIMEICIONAB •S M T W T F S 1 2 3 4 5 6 1 2 3 1 1 2 3 4 5 7 8 9 10 11 12 13 4 5 607 8 9 10 2 3 405 6 7 8 6 7 8 9 10 11 12 14 15 16 1Q 18 19 20 11 12 13 14 15 16 17 9 10 11 12 13 14 15 13 14 15 16 17 18 19 21 22 23 24 25 26 27 18 19 20 21 22 23 24 16 17 18 19 20 21 22 20 21 22 23 0 25 26 28 29 30 31 25 26 27 28 29 30 23 24 25 26 27 28 29 27 28 29 30 30 31 Responsible.- Date Event Party Feb/Mar Town begins to draft the Settlement IGA by and between the Town and OV,MDWID Metropolitan Domestic Water Improvement District("MDWID"). Feb/Mar Town completes a list of assets to be acquired or transferred from MDWID. OV,MDWID March Town completes engineering and construction plans which will allow the customers OV to be connected to the Town's Water System prior to closing the Series 1999 Financing. March 17' Town Council appoints new MPC Board Member. OV Week of Submit draft copies of all legal documents(Ground Lease, Lease Purchase Agreement, GR March 22"° Depository Escrow Trust Agreement,Trust Agreement,Continuing Disclosure Agree- ment and Bond Resolution(s))to the financing team for review and comments. April 1" Town delivers draft Settlement IGA to MDWID. OV April 5th Complete first draft of the Preliminary Official Statement("POS") and distribute to ALL PARTIES the Financing Team for review and comment. April t Town Council adopts Reimbursement Resolution. OV,GR April 12th Initial POS comments due from the Town and Financing Team. ALL PARTIES, MDWID Board of Directors approves Settlement IGA. MDWID April 15th Due Diligence meeting / conference call to thoroughly review the draft POS. ALL PARTIES April 26`h Information due to the Town Clerk for inclusion into Council and MPC ALL PARTIES Board Packets. May 5`h Meeting with MPC Board of Directors at 4:00 p.m.and with Town Council at 7:00 p.m. OV,PHS&G to review Financing Plan Recommendation. Town Council and MPC Board adopt GR Resolutions authorizing Staff and the Financing Team to proceed with the sale of bonds. May 10th Settlement IGA due to the Town Clerk for inclusion into Council Packets. ALL PARTIES Week of Distribute draft POS,Legal Documents,Resolutions and bond structuring numbers to PHS&G,OV May 10th Standard&Poor's("S&P")and the municipal bond insurance companies. May 19'h Town Council approves Settlement IGA. OV Week of Secure final bond underlying credit rating from S&P and municipal bond insurance OV,PHS&G May 24th bid quotations. Distribute POS to prospective investors. Week of Market bonds through negotiation with PHS&G. OV,PHS&G June 7th June 24th Close issue. Deposit proceeds with Trustee. ALL PARTIES July 7h Council approves Resolution for dissolution of Improvement District. OV,GR Financing Team: OV: Town of Oro Valley,Arizona-Issuer GR: Gust Rosenfeld-Bond Counsel PHS&G: Peacock,Hislop,Staley&Given,Inc.-Underwriter C&C: Chapman&Cutter-Underwriter's Counsel Prepared by: PEACOCK,HISLOP,STALEY&GIVEN,INC.-March 10, 1999 TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS,SERIES 1999 Financing Team Distribution List Issuer Underwriter Town of Oro Valley,Arizona Peacock,Hislop,Staley&Given,Inc. 11000 North La Canada Drive 100 Concord Place Oro Valley,AZ 85737 2999 North 44th Street Phoenix,Arizona 85018 Chuck Sweet,Town Manager (520)297-2591 ovmgr@primenet.com Mark Reader (602)952-6842 pa9.--1 D vid Andrews,Finance Director (520)297-2591 mreader@phsg.com oifln@primenet.com Grant Hamill (602)952-6850 Fax (520)297-0428 ghamill@,phsg.com @P gcom• Tobin Sidles,City Attorney (520)297-5222 Bryan Lundberg (602)952-6887 legal 1 @primenet.com blundberg@phsg.com Fax (520)297-3927 Scott Blair (602)808-8519 sblair@phsg.com David Hook,Water Utility Director (520)297-5225 Sue Gibbs (602)952-6846 Oro Valley Water Utility sgibbs@phsg.com 1565 East Rancho Vistoso Blvd.,Suite A Fax (602)952-0220 Oro Valley,AZ 85737 ovwater@primenet.com Fax (520) 825-4621 Bond Counsel Underwriter's Counsel Gust Rosenfeld P.L.C. Chapman and Cutler 201 North Central Avenue One Renaissance Square Suite 3300 Two North Central Avenue, Suite 1100 Phoenix,AZ 85073-3300 Phoenix,AZ 85004-2383 Scott Ruby (602)257-7432 Bill DeHaan (602)256-4088 swruby@gustlaw.com dehaan@chapman.com Fred Rosenfeld (602)257-7413 Fax (602)256-4099 rosenfeld@gustlaw.com Fax (602)340-1538 Rating A,rzency Standard&Poor's Corporation Trustee,Rejistrar&Payine Agent One Market Steuart Tower,Fifteenth Floor [to be determined] San Francisco,CA 94105 Robert Sakai (415)371-5015 robert_sakai@mcgraw-hill.com Fax (415)371-5090 Prepared by: PEACOCK,HISLOP,STALEY&GIVEN,INC. 3/10/99 TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS,SERIES 1999 Financing Team Distribution List Insurer Verification Agent [to be determined] [to be determined] Prepared by: PEACOCK,HISLOP,STALEY&GIVEN,INC. 3/10/99 WHY ARIZONA CITIES AND TOWNS USE A MUNICIPAL PROPERTY CORPORATION 1. Street & Highway User Revenue Bonds, General Obligation Bonds and Water Revenue Bonds, require elections. 2. General Obligation Bonds create "debts", which means they are paid back with property taxes. 3. The Arizona Supreme Court held in 1963 that a pledge of"excise taxes" does not create a debt. 4. "Questions on Bond Issues" also require and election per the Arizona Constitution. 5. Our Supreme Court has held that the constitutional provision does not apply to excise tax pledges. 6. There are no statutory provisions which allow cities and towns to issue bonds secured only by excise taxes. 7. There are statutory provisions which allow cities and towns to enter into lease transactions. 8. However, our Supreme Court has held that, unless the lease is secured with excise taxes or other special enterprise fund moneys, a lease cannot extend beyond the current fiscal year. 9. The IRS Regulations permit MPC's to be designated to act "for and on behalf' of municipalities such as cities and towns. 10. Arizona law permits non-profit corporations to issue bonds. Where the non-profit corporation is so designated the IRS treats the non-profit corporation's bonds as bonds issued by the municipality, this the MPC Bonds will be tax exempt bonds. 11. Approximately 70% of Arizona Cities and Towns who issue debt, utilize the MPC financing alternative. �n►i..��.. �•d I i‘►`.. oYJG�JGYJGGI�J i'IU blb CJ.J/y MUNICIPAL PROPERTY CORPORATION ("MPC") Legal Structure Flowchart Bond Holders Bo $ Repaymndent fonds (1) Contractor with 'C bond proceeds, 4411- constructs project. Buildings or Facilities Leases property $ (Buildings or Facilities) 11 Rent City or Town (1)Arizona Law treats the Construction Contract as tjie Town's Contract. As a result,public bids, surety bonds and progress payment rules set by state law applies. 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M TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS, SERIES 1999 COMBINED REFUNDING AND IMPROVEMENT BONDS Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 1/ 1/ 0 80,000.00 3.450000 112,901.25 192,901.25 7/ 1/ 0 85,000.00 3.450000 95,392.50 180,392.50 373,293.75 1/ 1/ 1 120,000.00 3.550000 93,926.25 213,926.25 7/ 1/ 1 125,000.00 3.550000 91,796.25 216,796.25 430,722.50 1/ 1/ 2 125,000.00 3.750000 89,577.50 214,577.50 7/ 1/ 2 135,000.00 3.750000 87,233.75 222,233.75 436,811.25 1/ 1/ 3 130,000.00 3.850000 84,702.50 214,702.50 7/ 1/ 3 135,000.00 3.850000 82,200.00 217,200.00 431,902.50 1/ 1/ 4 135,000.00 3.950000 79,601.25 214,601.25 7/ 1/ 4 145,000.00 3.950000 76,935.00 221,935.00 436,536.25 1/ 1/ 5 135,000.00 4.100000 74,071.25 209,071.25 7/ 1/ 5 155,000.00 4.100000 71,303.75 226,303.75 435,375.00 1/ 1/ 6 150,000.00 4.200000 68,126.25 218,126.25 7/ 1/ 6 155,000.00 4.200000 64,976.25 219,976.25 438,102.50 1/ 1/ 7 150,000.00 4.300000 61,721.25 211,721.25 7/ 1/ 7 160,000.00 4.300000 58,496.25 218,496.25 430,217.50 1/ 1/ 8 160,000.00 4.350000 55,056.25 215,056.25 7/ 1/ 8 165,000.00 4.350000 51,576.25 216,576.25 431,632.50 1/ 1/ 9 165,000.00 4.400000 47,987.50 212,987.50 7/ 1/ 9 175,000.00 4.400000 44,357.50 219,357.50 432,345.00 1/ 1/10 85,000.00 4.550000 40,507.50 125,507.50 7/ 1/10 85,000.00 4.550000 38,573.75 123,573.75 249,081.25 1/ 1/11 85,000.00 4.650000 36,640.00 121,640.00 7/ 1/11 90,000.00 4.650000 34,663.75 124,663.75 246,303.75 1/ 1/12 90,000.00 4.750000 32,571.25 122,571.25 7/ 1/12 95,000.00 4.750000 30,433.75 125,433.75 248,005.00 1/ 1/13 35,000.00 4.850000 28,177.50 63,177.50 7/ 1/13 55,000.00 4.850000 27,328.75 82,328.75 145,506.25 1/ 1/14 75,000.00 4.900000 25,995.00 100,995.00 7/ 1/14 75,000.00 4.900000 24,157.50 99,157.50 200,152.50 1/ 1/15 75,000.00 5.000000 22,320.00 97,320.00 7/ 1/15 80,000.00 5.000000 20,445.00 100,445.00 197,765.00 1/ 1/16 85,000.00 5.050000 18,445.00 103,445.00 7/ 1/16 85,000.00 5.050000 16,298.75 101,298.75 204,743.75" 1/ 1/17 85,000.00 5.100000 14,152.50 99,152.50 7/ 1/17 90,000.00 5.100000 11,985.00 101,985.00 201,137.50 1/ 1/18 90,000.00 5.100000 9,690.00 99,690.00 7/ 1/18 95,000.00 5.100000 7,395.00 102,395.00 202,085.00 1/ 1/19 95,000.00 5.100000 4,972.50 99,972.50 7/ 1/19 100,000.00 5.100000 2,550.00 102,550.00 202,522.50 4,435,000.00 1,939,241.25 6,374,241.25 . ACCRUED 4,435,000.00 1,939,241.25 6,374,241.25 Dated 6/ 1/99 with Delivery of 6/ 1/99 Bond Years 41,689.583 Average Coupon 4.651621 Average Life 9.400132 N I C % 4.712780 % Using 99.4250965 T I C % 4.640363 % From Delivery Date Bond Insurance: 0.400000 % of (Total Debt Service Only) 25,496.97 Consolidation List Name: COM Note: This Issue .is a Consolidation of the Following Issues: OROVLY,99BLDG OROVLY,99REF OROVLY,99WTR PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 4 13:23:23 Filename: OROVLY Key: 99COM TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS, SERIES 1999 COMBINED REFUNDING AND IMPROVEMENT BONDS Maximum Allowable Arbitrage Yield DELIVERY DATE: 6/ 1/99 Par 4,435,000.00 Bond Insurance ( 0.400000 %) -25,496.97 % of Total D/S Any Other Cost of Issuance expenses -10,952.56 Arbitrage Yield Tarcet Value 4,398,550.47 Arbitrage Yield 4.72098215 I PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 ® 13:23:27 Filename: OROVLY Key: 99COM Bonds for Development Services Building Only TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS, SERIES 1999 DEVELOPMENT SERVICES BUILDING PORTION =sasa=s=_asaasaa=a=aa Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 1/ 1/ 0 65,000.00 3.450000 35,797.71 100,797.71 7/ 1/ 0 65,000.00 3.450000 29,562.50 94,562.50 195,360.21 1/ 1/ 1 65,000.00 3.550000 28,441.25 93,441.25 7/ 1/ 1 65,000.00 3.550000 27,287.50 92,287.50 185,728.75 1/ 1/ 2 70,000.00 3.750000 26,133.75 96,133.75 7/ 1/ 2 70,000.00 3.750000 24,821.25 94,821.25 190,955.00 1/ 1/ 3 70,000.00 3.850000 23,508.75 93,508.75 7/ 1/ 3 70,000.00 3.850000 22,161.25 92,161.25 185,670.00 1/ 1/ 4 75,000.00 3.950000 20,813.75 95,813.75 7/ 1/ 4 75,000.00 3.950000 19,332.50 94,332.50 190,146.25 1/ 1/ 5 75,000.00 4.100000 17,851.25 92,851.25 7/ 1/ 5 80,000.00 4.100000 16,313.75 96,313.75 189,165.00 1/ 1/ 6 80,000.00 4.200000 14,673.75 94,673.75 7/ 1/ 6 80,000.00 4.200000 12,993.75 92,993.75 187,667.50 1/ 1/ 7 80,000.00 4.300000 11,313.75 91,313.75 7/ 1/ 7 85,000.00 4.300000 9,593.75 94,593.75 185,907.50 1/ 1/ 8 85,000.00 4.350000 7,766.25 92,766.25 7/ 1/ 8 90,000.00 4.350000 5,917.50 95,917.50 188,683.75 1/ 1/ 9 90,000.00 4.400000 3,960,.00 93,960.00 7/ 1/ 9 90,000.00 4.400000 1,980.00 91,980.00 185,940.00 1,525,000.00 360,223.96 1,885,223.96 ACCRUED 1,525,000.00 360,223.96 1,885,223.96 .. =_=3__s_s_a___ ___=a s= Dated 6/ 1/99 with Delivery of 6/ 1/99 Bond Years 8,614.583 Average Coupon 4.181560 Average Life 5.648907 N I C % 4.269096 % Using 99.5055148 T I C % 4.169791 % From Delivery Date Bond Insurance: 0.400000 % of (Total Debt Service Only) a 7,540.90 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 5 13:22:54 Filename: OROVLY Key: 99BLDG Bonds for Water System Improvements Only TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS, SERIES 1999 WATER SYSTEM IMPROVEMENTS ONLY Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 1/ 1/ 0 15,000.00 3.450000 31,565.63 46,565.63 7/ 1/ 0 20,000.00 3.450000 26,797.50 46,797.50 93,363.13 1/ 1/ 1 20,000.00 3.550000 26,452.50 46,452.50 7/ 1/ 1 20,000.00 3.550000 26,097.50 46,097.50 92,550.00 1/ 1/ 2 20,000.00 3.750000 25,742.50 45,742.50 7/ 1/ 2 20,000.00 3.750000 25,367.50 45,367.50 91,110.00 1/ 1/ 3 20,000.00 3.850000 24,992.50 44,992.50 7/ 1/ 3 20,000.00 3.850000 24,607.50 44,607.50 89,600.00 1/ 1/ 4 20,000.00 3.950000 24,222.50 44,222.50 7/ 1/ 4 25,000.00 3.950000 23,827.50 48,827.50 93,050.00 1/ 1/ 5 20,000.00 4.100000 23,333.75 43,333.75 7/ 1/ 5 25,000.00 4.100000 22,923.75 47,923.75 91,257.50 1/ 1/ 6 25,000.00 4.200000 22,411.25 47,411.25 7/ 1/ 6 25,000.00 4.200000 21,886.25 46,886.25 94,297.50 1/ 1/ 7 25,000.00 4.300000 21,361.25 46,361.25 7/ 1/ 7 25,000.00 4.300000 20,823.75 45,823.75 92,185.00 1/ 1/ 8 25,000.00 4.350000 20,286.25 45,286.25 7/ 1/ 8 25,000.00 4.350000 19,742.50 44,742.50 90,028.75 1/ 1/ 9 25,000.00 4.400000 19,198.,75 44,198.75 7/ 1/ 9 30,000.00 4.400000 18,648.75 48,648.75 92,847.50 1/ 1/10 30,000.00 4.550000 17,988.75 47,988.75 7/ 1/10 30,000.00 4.550000 17,306.25 47,306.25 95,295.00 1/ 1/11 30,000.00 4.650000 16,623.75 46,623.75 7/ 1/11 30,000.00 4.650000 15,926.25 45,926.25 92,550.00 1/ 1/12 30,000.00 4.750000 15,228.75 45,228.75 7/ 1/12 35,000.00 4.750000 14,516.25 49,516.25 94,745.00 1/ 1/13 35,000.00 4.850000 13,685.00 48,685.00 7/ 1/13 35,000.00 4.850000 12,836.25 47,836.25 96,521.25 1/ 1/14 35,000.00 4.900000 11,987.50 46,987.50 7/ 1/14 35,000.00 4.900000 11,130.00 46,130.00 93,117.50 1/ 1/15 35,000.00 5.000000 10,272.50 45,272.50 7/ 1/15 35,000.00 5.000000 9,397.50 44,397.50 89,670.00 1/ 1/16 40,000.00 5.050000 8,522.50 48,522.50 7/ 1/16 40,000.00 5.050000 7,512.50 47,512.50 96,035.00 1/ 1/17 40,000.00 5.100000 6,502.50 46,502.50 7/ 1/17 40,000.00 5.100000 5,482.50 45,482.50 91,985.00 1/ 1/18 40,000.00 5.100000 4,462.50 44,462.50 7/ 1/18 45,000.00 5.100000 3,442.50 48,442.50 92,905.00 1/ 1/19 45,000.00 5.100000 2,295.00 47,295.00 7/ 1/19 45,000.00 5.100000 1,147.50 46,147.50 93,442.50 1,180,000.00 676,555.63 1,856,555.63 ACCRUED 1,180,000.00 676,555.63 1,856,555.63 a====.=.s==3a. =.=.=...===..= ====...=...=== Dated 6/ 1/99 with Delivery of 6/ 1/99 Bond Years 14,040.833 Average Coupon 4.818486 Average Life 11.899011 N I C % 4.871376 % Using 99.3706593 T I C % 4.783617 % From Delivery Date Bond Insurance: 0.400000 % of (Total Debt Service Only) 7,426.22 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 5 13:22:38 . Filename: OROVLY Key: 99WTR Refunding Bonds Only TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS, SERIES 1999 REFUNDING PORTION - REFUNDS SRS 92 BONDS AND TUCSON AGRMT Savings Report Proposed Debt Service Prior Cumulative Date Principal Coupon Interest Total Debt Service Savings Savings 7/ 1/99 1/ 1/ 0 3.450000 45,537.92 7/ 1/ 0 3.450000 39,032.50 84,570.42 156,736.25 72,165.83 -34,070.08 1/ 1/ 1 35,000.00 3.550000 39,032.50 7/ 1/ 1 40,000.00 3.550000 38,411.25 152,443.75 153,986.26 1,542.51 -32,527.57 1/ 1/ 2 35,000.00 3.750000 37,701.25 7/ 1/ 2 45,000.00 3.750000 37,045.00 154,746.25 156,005.01 1,258.76 -31,268.82 1/ 1/ 3 40,000.00 3.850000 36,201.25 7/ 1/ 3 45,000.00 3.850000 35,431.25 156,632.50 157,653.75 1,021.25 -30,247.57 1/ 1/ 4 40,000.00 3.950000 34,565.00 7/ 1/ 4 45,000.00 3.950000 33,775.00 153,340.00 154,083.75 743.74 -29,503.82 1/ 1/ 5 40,000.00 4.100000 32,886.25 7/ 1/ 5 50,000.00 4.100000 32,066.25 154,952.50 155,301.25 348.75 -29,155.07 1/ 1/ 6 45,000.00 4.200000 31,041.25 7/ 1/ 6 50,000.00 4.200000 30,096.25 156,137.50 156,148.75 11.24 -29,143.83 1/ 1/ 7 45,000.00 4.300000 29,046.25 7/ 1/ 7 50,000.00 4.300000 28,078.75 152,125.00 156,634.98 4,509.98 -24,633.85 1/ 1/ 8 50,000.00 4.350000 27,003.75 7/ 1/ 8 50,000.00 4.350000 25,916.25 152,920.00 156,771.24 3,851.23 -20,782.61 1/ 1/ 9 50,000.00 4.400000 24,828.75 7/ 1/ 9 55,000.00 4.400000 23,728.75 153,557.50 156,552.48 2,994.98 -17,787.64 1/ 1/10 55,000.00 4.550000 22,518.75 7/ 1/10 55,000.00 4.550000 21,267.50 153,786.25 155,984.98 2,198.73 -15,588.91 1/ 1/11 55,000.00 4.650000 20,016.25 7/ 1/11 60,000.00 4.650000 18,737.50 153,753.75 155,088.09 1,334.34 -14,254.57 1/ 1/12 60,000.00 4.750000 17,342.50 7/ 1/12 60,000.00 4.750000 15,917.50 153,260.00 153,872.48 612.48 -13,642.10 1/ 1/13 4.850000 14,492.50 7/ 1/13 20,000.00 4.850000 14,492.50 48,985.00 50,684.98 1,699.98 -11,942.12 1/ 1/14 40,000.00 4.900000 14,007.50 7/ 1/14 40,000.00 4.900000 13,027.50 107,035.00 110,831.17 3,796.17 -8,145.95 1/ 1/15 40,000.00 5.000000 12,047.50 7/ 1/15 45,000.00 5.000000 11,047.50 108,095.00 110,831.17 2,736.17 -5,409.79 1/ 1/16 45,000.00 5.050000 9,922.50 7/ 1/16 45,000.00 5.050000 8,786.25 108,708.75 110,831.17 2,122.42 -3,287.37 1/ 1/17 45,000.00 5.100000 7,650.00 7/ 1/17 50,000.00 5.100000 6,502.50 109,152.50 110,831.17 1,678.67 -1,608.70 1/ 1/18 50,000.00 5.100000 5,227.50 7/ 1/18 50,000.00 5.100000 3,952.50 109,180.00 110,831.18 1,651.18 42.48 1/ 1/19 50,000.00 5.100000 2,677.50 7/ 1/19 55,000.00 5.100000 1,402.50 109,080.00 110,831.18 1,751.18 1,793.66 1,730,000.00 902,461.67 2,632,461.67 2,740,491.24 1,793.66 ACCRUED 1,730,000.00 902,461.67 2,632,461.67 2,740,491.24 1,793.66 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 @ 13:21:14 Filename: OROVLY Key: 99REF TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL FACILITIES REVENUE BONDS, SERIES 1999 REFUNDING PORTION - REFUNDS SRS 92 BONDS AND TUCSON AGRMT ss:s:ss=aEaass Savings Report Dated 6/ 1/99 with Delivery of 6/ 1/99 Bond Years 19,034.167 Average Coupon 4.741272 Average Life 11.002408 N I C % 4.796593 % Using 99.3913382 T I C % 4.701734 % From Delivery Date Bond Insurance: 0.400000 % of (Total Debt Service Only) 10,529.85 N 0 T E : Cumulative Savings are Net of the Initial Transfer Amount of 106,235.91 Net Present Value Savings at: 4.7209% Equals 8,970.99 or 0.5186% of Par of the Current Issue or 0.5270% of Par of the Prior Issue N 0 T E : Present Value Savings are Net of the Initial Transfer Amount of 106,235.91 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 ® 13:21:14 Filename: OROVLY Key: 99REF Estimated Cost of Refunding Escrow TOWN OF ORO VALLEY WATER IMPROVEMENT DISTRICT SPECIAL ASSESSMENT AND WATER REVENUE BONDS, SERIES 1992 ==ssa=a=a=a3======aax=aaasxaxasaa3=-as=sss=-Sass=sa3ax=.as Present Value of Prior Issue Discounted at Arbitrage Yield =:== from 6/ 1/99 Present Value Present Value Date Debt Service Factor ® 4.72098215% 1/ 1/2000 78,700.63 0.97314804 76,587.36 7/ 1/2000 27,350.63 0.95070669 26,002.42 1/ 1/2001 77,350.63 0.92878286 71,841.93 7/ 1/2001 25,950.63 0.90736460 23,546.68 1/ 1/2002 80,950.63 0.88644025 71,757.89 7/ 1/2002 24,369.38 0.86599844 21,103.84 1/ 1/2003 811,569.38 0.84602802 686,610.43 Total 1,126,241.88 977,450.56 Calculations based on 2 Compoundings/Year on a 30/360 Year Basis PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-31-1999 ® 13:26:31 Filename: OROVLY Key: CBD-92WTR Refunded Debt Service to the Escrow TOWN OF ORO VALLEY WATER IMPROVEMENT DISTRICT SPECIAL ASSESSMENT AND WATER REVENUE BONDS, SERIES 1992 ____________________________ Debt Service and Call Report Original Original Original Principal Call Interest Debt Service Date Principal Coupon Interest Debt Service To Escrow Premium To Escrow To Escrow 1/ 1/ 0 50,000.00 5.400000 28,700.63 78,700.63 50,000.00 28,700.63 78,700.63 7/ 1/ 0 27,350.63 27,350.63 27,350.63 27,350.63 1/ 1/ 1 50,000.00 5.600000 27,350.63 77,350.63 50,000.00 27,350.63 77,350.63 7/ 1/ 1 25,950.63 25,950.63 25,950.63 25,950.63 1/ 1/ 2 55,000.00 5.750000 25,950.63 80,950.63 55,000.00 25,950.63 80,950.63 7/ 1/ 2 24,369.38 24,369.38 24,369.38 24,369.38 1/ 1/ 3 60,000.00 5.900000 24,369.38 84,369.38 780,000.00 7,200.00 24,369.38 811,569.38 7/ 1/ 3 22,599.38 22,599.38 1/ 1/ 4 60,000.00 6.000000 22,599.38 82,599.38 7/ 1/ 4 20,799.38 20,799.38 1/ 1/ 5 65,000.00 6.100000 20,799.38 85,799.38 7/ 1/ 5 18,816.88 18,816.88 1/ 1/ 6 70,000.00 6.200000 18,816.88 88,816.88 7/ 1/ 6 16,646.88 16,646.88 1/ 1/ 7 75,000.00 6.250000 16,646.88 91,646.88 7/ 1/ 7 14,303.13 14,303.13 1/ 1/ 8 80,000.00 6.300000 14,303.13 94,303.13 7/ 1/ 8 11,783.13 11,783.13 1/ 1/ 9 85,000.00 6.350000 11,783.13 96,783.13 7/ 1/ 9 9,084.38 9,084.38 1/ 1/10 90,000.00 6.375000 9,084.38 99,084.38 7/ 1/10 6,215.63 6,215.63 1/ 1/11 95,000.00 6.375000 6,215.63 101,215.63 7/ 1/11 3,187.50 3,187.50 1/ 1/12 100,000.00 6.375000 3,187.50 103,187.50 935,000.00 430,914.38 1,365,914.38 935,000.00 7,200.00 184,041.91 1,126,241.91 Dated 7/ 1/99 with Delivery of 7/ 1/99 Bond Years 6,867.500 Average Coupon 6.274691 Average Life 7.344920 =s s s a=a a s==a==a Calls Performed .............=== First Last Call Call Maturity Maturity Principal Call Call No. Date Called Called Called Price Premium 1) 1/ 1/ 3 1/ 1/ 4 1/ 1/12 720,000.00 101.000 7,200.00 720,000.00 7,200.00 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-03-1999 ® 07:22:33 Filename: OROVLY Key: 92WTR TUCSON SETTLEMENT AGREEMENT TOWN OF ORO VALLEY PORTION s=aa=saa=a=xssaa====s3= • Debt Service and Call Report _========s=ssa=3a=a=___===s= Original Original Original Principal Call Interest Debt Service Date Principal Coupon Interest Debt Service To Escrow Premium To Escrow To Escrow 7/ 1/99 767,368.49 16,946.06 784,314.55 8/ 1/99 5,007.23 5.300000 20,335.27 25,342.50 2/ 1/ 0 5,139.92 5.300000 20,202.58 25,342.50 8/ 1/ 0 5,276.13 5.300000 20,066.37 25,342.50 2/ 1/ 1 5,415.95 5.300000 19,926.56 25,342.51 8/ 1/ 1 5,559.47 5.300000 19,783.03 25,342.50 2/ 1/ 2 5,706.80 5.300000 19,635.71 25,342.51 8/ 1/ 2 5,858.03 5.300000 19,484.48 25,342.51 2/ 1/ 3 6,013.26 5.300000 19,329.24 25,342.50 8/ 1/ 3 6,172.61 5.300000 19,169.89 25,342.50 2/ 1/ 4 6,336.19 5.300000 19,006.31 25,342.50 8/ 1/ 4 6,504.10 5.300000 18,838.40 25,342.50 2/ 1/ 5 6,676.46 5.300000 18,666.04 25,342.50 8/ 1/ 5 6,853.38 5.300000 18,489.12 25,342.50 2/ 1/ 6 7,035.00 5.300000 18,307.50 25,342.50 8/ 1/ 6 7,221.42 5.300000 18,121.07 25,342.49 2/ 1/ 7 7,412.79 5.300000 17,929.70 25,342.49 8/ 1/ 7 7,609.23 5.300000 17,733.26 25,342.49 2/ 1/ 8 7,810.88 5.300000 17,531.62 25,342.50 8/ 1/ 8 8,017.86 5.300000 17,324.63 25,342.49 2/ 1/ 9 8,230.34 5.300000 17,112.15 25,342.49 8/ 1/ 9 8,448.44 5.300000 16,894.05 25,342.49 2/ 1/10 8,672.33 5.300000 16,670.16 25,342.49 8/ 1/10 8,902.13 5.300000 16,440.35 25,342.48 2/ 1/11 9,138.05 5.300000 16,204.44 25,342.49 8/ 1/11 9,380.21 5.300000 15,962.28 25,342.49 2/ 1/12 9,628.78 5.300000 15,713.71 25,342.49 8/ 1/12 9,883.95 5.300000 15,458.54 25,342.49 2/ 1/13 10,145.87 5.300000 15,196.62 25,342.49 8/ 1/13 40,487.84 5.300000 14,927.75 55,415.59 2/ 1/14 41,560.76 5.300000 13,854.82 55,415.58 8/ 1/14 42,662.12 5.300000 12,753.46 55,415.58 2/ 1/15 43,792.67 5.300000 11,622.92 55,415.59 8/ 1/15 44,953.18 5.300000 10,462.41 55,415.59 2/ 1/16 46,144.43 5.300000 9,271.15 55,415.58 8/ 1/16 47,367.26 5.300000 8,048.33 55,415.59 2/ 1/17 48,622.49 5.300000 6,793.10 55,415.59 8/ 1/17 49,910.99 5.300000 5,504.60 55,415.59 2/ 1/18 51,233.63 5.300000 4,181.96 55,415.59 8/ 1/18 52,591.32 5.300000 2,824.27 55,415.59 2/ 1/19 53,984.99 5.300000 1,430.60 55,415.59 767,368.49 607,208.38 1,374,576.87 767,368.49 16,946.06 784,314.55 Dated 2/ 1/99 with Delivery of 2/ 1/99 Bond Years 11,456.764 Average Coupon 5.299999 Average Life 14.929938 =sss======saxa3 Calls Performed First Last Call Call Maturity Maturity Principal Call Call No. Date Called Called Called Price Premium 1) 7/ 1/99 8/ 1/99 2/ 1/19 767,368.49 100.000 0.00 767,368.49 0.00 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-03-1999 5 07:23:18 Filename: OROVLY Key: TUCSON Refunded Debt Service to Maturity ORO VALLEY MUNICIPAL PROPERTY CORPORATION COMBINED DEBT SERVICE TO BE REFUNDED DEBT SERVICE TO MATURITY Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 8/ 1/99 5,007.23 20,335.27 25,342.50 1/ 1/ 0 50,000.00 28,700.63 78,700.63 2/ 1/ 0 5,139.92 20,202.58 25,342.50 7/ 1/ 0 27,350.63 27,350.63 156,736.25 8/ 1/ 0 5,276.13 20,066.37 25,342.50 1/ 1/ 1 50,000.00 27,350.63 77,350.63 2/ 1/ 1 5,415.95 19,926.56 25,342.51 7/ 1/ 1 25,950.63 25,950.63 153,986.26 8/ 1/ 1 5,559.47 19,783.03 25,342.50 1/ 1/ 2 55,000.00 25,950.63 80,950.63 2/ 1/ 2 5,706.80 19,635.71 25,342.51 7/ 1/ 2 24,369.38 24,369.38 156,005.01 8/ 1/ 2 5,858.03 19,484.48 25,342.51 1/ 1/ 3 60,000.00 24,369.38 84,369.38 2/ 1/ 3 6,013.26 19,329.24 25,342.50 7/ 1/ 3 22,599.38 22,599.38 157,653.75 8/ 1/ 3 6,172.61 19,169.89 25,342.50 1/ 1/ 4 60,000.00 22,599.38 82,599.38 2/ 1/ 4 6,336.19 19,006.31 25,342.50 7/ 1/ 4 20,799.38 20,799.38 154,083.75 8/ 1/ 4 6,504.10 18,838.40 25,342.50 1/ 1/ 5 65,000.00 20,799.38 85,799.38 2/ 1/ 5 6,676.46 18,666.04 25,342.50 7/ 1/ 5 18,816.88 18,816.88 155,301.25 8/ 1/ 5 6,853.38 18,489.12 25,342.50 1/ 1/ 6 70,000.00 18,816.88 88,816.88 2/ 1/ 6 7,035.00 18,307.50 25,342.50 7/ 1/ 6 16,646.88 16,646.88 156,148.75 8/ 1/ 6 7,221.42 18,121.07 25,342.49 1/ 1/ 7 75,000.00 16,646.88 91,646.88 2/ 1/ 7 7,412.79 17,929.70 25,342.49 7/ 1/ 7 14,303.13 14,303.13 156,634.98 8/ 1/ 7 7,609.23 17,733.26 25,342.49 1/ 1/ 8 80,000.00 14,303.13 94,303.13 2/ 1/ 8 7,810.88 17,531.62 25,342.50 7/ 1/ 8 11,783.13 11,783.13 156,771.24 8/ 1/ 8 8,017.86 17,324.63 25,342.49 1/ 1/ 9 85,000.00 11,783.13 96,783.13 2/ 1/ 9 8,230.34 17,112.15 25,342.49 7/ 1/ 9 9,084.38 9,084.38 156,552.48 8/ 1/ 9 8,448.44 16,894.05 25,342.49 1/ 1/10 90,000.00 9,084.38 99,084.38 2/ 1/10 8,672.33 16,670.16 25,342.49 7/ 1/10 6,215.63 6,215.63 155,984.98 8/ 1/10 8,902.13 16,440.35 25,342.48 1/ 1/11 95,000.00 6,215.63 101,215.63 2/ 1/11 9,138.05 16,204.44 25,342.49 7/ 1/11 3,187.50 3,187.50 155,088.09 8/ 1/11 9,380.21 15,962.28 25,342.49 1/ 1/12 100,000.00 3,187.50 103,187.50 2/ 1/12 9,628.78 15,713.71 25,342.49 153,872.48 8/ 1/12 9,883.95 15,458.54 25,342.49 2/ 1/13 10,145.87 15,196.62 25,342.49 50,684.98 8/ 1/13 40,487.84 14,927.75 55,415.59 2/ 1/14 41,560.76 13,854.82 55,415.58 110,831.17 8/ 1/14 42,662.12 12,753.46 55,415.58 2/ 1/15 43,792.67 11,622.92 55,415.59 110,831.17 8/ 1/15 44,953.18 10,462.41 55,415.59 2/ 1/16 46,144.43 9,271.15 55,415.58 110,831.17 8/ 1/16 47,367.26 8,048.33 55,415.59 2/ 1/17 48,622.49 6,793.10 55,415.59 110,831.17 8/ 1/17 49,910.99 5,504.60 55,415.59 2/ 1/18 51,233.63 4,181.96 55,415.59 110,831.18 8/ 1/18 52,591.32 2,824.27 55,415.59 2/ 1/19 53,984.99 1,430.60 55,415.59 110,831.18 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-03-1999 ® 07:22:18 Filename: OROVLY Key: COMMAT ORO VALLEY MUNICIPAL PROPERTY CORPORATION COMBINED DEBT SERVICE TO BE REFUNDED DEBT SERVICE TO MATURITY Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 1,702,368.49 1,038,122.75 2,740,491.24 ACCRUED 16,946.06 16,946.06 1,702,368.49 1,021,176.69 2,723,545.18 ==.==========. Dated 7/ 1/99 with Delivery of 7/ 1/99 Bond Years 18,004.527 Average Coupon 5.765898 Average Life 10.576163 N I C % 5.765898 % Using 100.0000000 T I C % 5.706470 % From Delivery Date Consolidation List Name: COM Note: This Issue is a Consolidation of the Following Issues: OROVLY,99NEW-2 OROVLY,99REF-2 PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-03-1999 @ 07:22:18 Filename: OROVLY Key: COMMAT TOWN OF ORO VALLEY WATER IMPROVEMENT DISTRICT SPECIAL ASSESSMENT AND WATER REVENUE BONDS, SERIES 1992 Debt Service Schedule a=a=a.a33za===a3s==== Date Principal Coupon Interest Period Total Fiscal Total 1/ 1/ 0 50,000.00 5.400000 28,700.63 78,700.63 7/ 1/ 0 27,350.63 27,350.63 106,051.25 1/ 1/ 1 50,000.00 5.600000 27,350.63 77,350.63 7/ 1/ 1 25,950.63 25,950.63 103,301.25 1/ 1/ 2 55,000.00 5.750000 25,950.63 80,950.63 7/ 1/ 2 24,369.38 24,369.38 105,320.00 1/ 1/ 3 60,000.00 5.900000 24,369.38 84,369.38 7/ 1/ 3 22,599.38 22,599.38 106,968.75 1/ 1/ 4 60,000.00 6.000000 22,599.38 82,599.38 7/ 1/ 4 20,799.38 20,799.38 103,398.75 1/ 1/ 5 65,000.00 6.100000 20,799.38 85,799.38 7/ 1/ 5 18,816.88 18,816.88 104,616.25 1/ 1/ 6 70,000.00 6.200000 18,816.88 88,816.88 7/ 1/ 6 16,646.88 16,646.88 105,463.75 1/ 1/ 7 75,000.00 6.250000 16,646.88 91,646.88 7/ 1/ 7 14,303.13 14,303.13 105,950.00 1/ 1/ 8 80,000.00 6.300000 14,303.13 94,303.13 7/ 1/ 8 11,783.13 11,783.13 106,086.25 1/ 1/ 9 85,000.00 6.350000 11,783.13 96,783.13 7/ 1/ 9 9,084.38 9,084.38 105,867.50 1/ 1/10 90,000.00 6.375000 9,084.38 99,084.38 7/ 1/10 6,215.63 6,215.63 105,300.00 1/ 1/11 95,000.00 6.375000 6,215.63 101,215.63 7/ 1/11 3,187.50 3,187.50 104,403.13 1/ 1/12 100,000.00 6.375000 3,187.50 103,187.50 7/ 1/12 103,187.50 935,000.00 430,914.38 1,365,914.38 ACCRUED 935,000.00 430,914.38 1,365,914.38 Dated 7/ 1/99 with Delivery of 7/ 1/99 Bond Years 6,867.500 Average Coupon 6.274691 Average Life 7.344920 NICI 6.274691 % Using 100.0000000 T I C % 6.261546 % From Delivery Date PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-03-1999 ® 07:22:30 Filename: OROVLY Key: 92WTR TUCSON SETTLEMENT AGREEMENT TOWN OF ORO VALLEY PORTION Debt Service Schedule Date Principal Coupon Interest Period Total Fiscal Total 8/ 1/99 5,007.23 5.300000 20,335.27 25,342.50 2/ 1/ 0 5,139.92 5.300000 20,202.58 25,342.50 50,685.00 8/ 1/ 0 5,276.13 5.300000 20,066.37 25,342.50 2/ 1/ 1 5,415.95 5.300000 19,926.56 25,342.51 50,685.01 8/ 1/ 1 5,559.47 5.300000 19,783.03 25,342.50 2/ 1/ 2 5,706.80 5.300000 19,635.71 25,342.51 50,685.01 8/ 1/ 2 5,858.03 5.300000 19,484.48 25,342.51 2/ 1/ 3 6,013.26 5.300000 19,329.24 25,342.50 50,685.00 8/ 1/ 3 6,172.61 5.300000 19,169.89 25,342.50 2/ 1/ 4 6,336.19 5.300000 19,006.31 25,342.50 50,685.00 8/ 1/ 4 6,504.10 5.300000 18,838.40 25,342.50 2/ 1/ 5 6,676.46 5.300000 18,666.04 25,342.50 50,685.00 8/ 1/ 5 6,853.38 5.300000 18,489.12 25,342.50 2/ 1/ 6 7,035.00 5.300000 18,307.50 25,342.50 50,685:00 8/ 1/ 6 7,221.42 5.300000 18,121.07 25,342.49 2/ 1/ 7 7,412.79 5.300000 17,929.70 25,342.49 50,684.98 8/ 1/ 7 7,609.23 5.300000 17,733.26 25,342.49 2/ 1/ 8 7,810.88 5.300000 17,531.62 25,342.50 50,684.99 8/ 1/ 8 8,017.86 5.300000 17,324.63 25,342.49 2/ 1/ 9 8,230.34 5.300000 17,1121.15 25,342.49 50,684.98 8/ 1/ 9 8,448.44 5.300000 16,894.05 25,342.49 2/ 1/10 8,672.33 5.300000 16,670.16 25,342.49 50,684.98 8/ 1/10 8,902.13 5.300000 16,440.35 25,342.48 2/ 1/11 9,138.05 5.300000 16,204.44 25,342.49 50,684.97 8/ 1/11 9,380.21 5.300000 15,962.28 25,342.49 2/ 1/12 9,628.78 5.300000 15,713.71 25,342.49 50,684.98 8/ 1/12 9,883.95 5.300000 15,458.54 25,342.49 2/ 1/13 10,145.87 5.300000 15,196.62 25,342.49 50,684.98 8/ 1/13 40,487.84 5.300000 14,927.75 55,415.59 2/ 1/14 41,560.76 5.300000 13,854.82 55,415.58 110,831.17 8/ 1/14 42,662.12 5.300000 12,753.46 55,415.58 2/ 1/15 43,792.67 5.300000 11,622.92 55,415.59 110,831.17 8/ 1/15 44,953.18 5.300000 10,462.41 55,415.59 2/ 1/16 46,144.43 5.300000 9,271.15 55,415.58 110,831.17 8/ 1/16 47,367.26 5.300000 8,048.33 55,415.59 2/ 1/17 48,622.49 5.300000 6,793.10 55,415.59 110,831.17 8/ 1/17 49,910.99 5.300000 5,504.60 55,415.59 2/ 1/18 51,233.63 5.300000 4,181.96 55,415.59 110,831.18 8/ 1/18 52,591.32 5.300000 2,824.27 55,415.59 2/ 1/19 53,984.99 5.300000 1,430.60 55,415.59 110,831.18 767,368.49 607,208.38 1,374,576.87 ACCRUED 767,368.49 607,208.38 1,374,576.87 ..======.-... =__==x=ssa=___ ....========.. Dated 2/ 1/99 with Delivery of 2/ 1/99 Bond Years 11,456.764 Average Coupon 5.299999 Average Life 14.929938 N I C % 5.299999 % Using 100.0000000 T I C % 5.300000 3c From Delivery Date PREPARED BY: PEACOCK, HISLOP, STALEY & GIVEN, INC. Micro-Muni Debt Date: 03-03-1999 ® 07:23:06 Filename: OROVLY Key: TUCSON