Town of Davie, Florida

Town of Davie, Florida

Request for Proposals to Provide Underwriting Services for the Town’s Tax-Exempt Special Obligation Bonds, Series 2021 RBC Capital Markets, LLC Julie Santamaria, Director 100 2nd Avenue South, Suite 800 St. Petersburg, FL 33701 Tax ID No.: 41-1416330 Tel: (727) 895-8871 June 18, 2021

Strictly Private and Confidential

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Contents Page Cover Letter Underwriter Services Questions 1. Firm’s Introduction (Limit 2 Pages) 2

2. Experience (Limit 3 Pages) 4

3. Underwriting Capabilities (Limit 3 Pages) 8

4. Plan of Finance – Bond Issue Scenario (Limit 3 pages) 10

5. Additional Information (Limit 2 pages) 13

Appendices:

A. Professional Resumes B. Deal List C. Detailed Numbers D. Required Forms Disclaimer

RBC Capital Markets, LLC (RBC CM), seeks to serve as an underwriter on a future transaction and not as a financial advisor or municipal advisor. The information provided is for discussion purposes only in anticipation of being engaged to serve as an underwriter. The primary role of an underwriter is to purchase securities with a view to distribution in an arm’s-length commercial transaction with the issuer. The underwriter has financial and other interests that differ from those of the Issuer. RBC CM is not recommending an action to you as the municipal entity or obligated person. RBC CM is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to you with respect to the information and material contained in this communication. RBC CM is acting for its own interests. You should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.

June 18, 2021 Mr. William Ackerman, CPA Budget & Finance Director 6591 Orange Drive Davie, FL 33314 Dear Bill: RBC Capital Markets, LLC (“RBCCM”) is pleased to submit our proposal to serve as senior managing underwriter to the Town of Davie on the issuance of its Tax-Exempt Non-Ad Valorem Revenue Bonds, Series 2021. RBCCM’s recent and historical knowledge of the Town’s credit strengths, debt profile and investors provides us with unparalleled local experience and national resources as senior managing underwriter to Davie. Commitment to the Town of Davie and Broward County. Since 1985, RBCCM has served as senior manager and co-manager for the Town of Davie on 6 financings totaling $332 million. We most recently served as sole manager on the Town’s $47 million Taxable Water and Sewer Revenue Refunding Bonds in 2020 and served as senior manager on the Town’s previous four water and sewer financings totaling $144 million. RBCCM has consistently supported the Town’s bonds and investors in the secondary market, executing 822 secondary market trades for the Town’s investors totaling $230 million since April 1, 2010. We have continually provided the Town with refunding updates and actively monitoring refundings for Davie. RBC Capital Markets’ Tax Credit Equity Group has made a significant investment in Davie in low income housing tax credits, investing $12.3 million in 100 homes, which also contributed to job creation. RBCCM has served Broward County issuers for over 50 years and employs over 100 professionals in Florida, including our RBC Wealth Management office in Ft. Lauderdale which markets municipal bonds to local retail and business investors. Since 1968, RBCCM has been involved in 327 bond issues totaling over $12 billion for Broward County issuers, including over $3.2 billion as senior manager. In addition to our recent underwriting experience with Davie, RBCCM recently served as Senior Manager on the City of Hollywood’s $30 million Series 2020 Water and Sewer Refunding Revenue Bonds, and Sole Manager on Oakland Park’s $26 million Series 2020 General Obligation Bonds and $11 million Series 2019 Water and Sewer Refunding Revenue Bonds, and senior manager on Broward County’s Port Everglades $491 million Series 2019ABCD Bonds. RBC Capital Markets’ Tax Credit Equity Group has invested $21.2 million in low income housing tax credits in Broward County in 193 homes, which also contributed to job creation in the County. RBCCM is One of the Leading Firms in Florida. From 2015 to 2020, RBCCM ranked as the #3 senior manager in Florida by number of negotiated transactions and #5 by dollar amount (Source: Thomson Reuters). We rank the highest by number of negotiated transactions for firms active in Florida general governmental finance during this period, illustrating that we underwrite more transactions similar in size and credit to Davie’s than any other firm. Our commitment to Florida municipal finance dates back to 1962 with the founding of William R. Hough & Co. as a Florida based regional brokerage firm. Following RBCCM’s acquisition of William R. Hough & Co. in 2004, we have further expanded our Florida presence, opening new wealth management offices, adding personnel and increasing our investment in low income housing tax credit programs. RBCCM’s Tax Credit Equity Group

RBC Capital Markets 100 2nd Avenue South, Suite 800

St. Petersburg, FL 33701 Telephone: (727) 895-8871

Broward County Office and Community Investments

RBC Tax Credit Equity Group InvestmentRBC Wealth Management

Ft. Lauderdale

Deerfield Beach

Davie

2015-2020 Florida Senior Manager Rankings by Issues

Underwriter# of

Issues RankMkt.

Share (%)Amount

($mil) FMSbonds 301 1 21.3 $2,795MBS Capital Market 201 2 14.2 2,063RBC Capital Markets 134 3 9.5 4,894BofA Securities 120 4 8.5 13,467Citi 114 5 8.1 9,523J.P. Morgan 86 6 6.1 10,360Raymond James 76 7 5.4 4,243Truist 72 8 5.1 1,633Morgan Stanley 56 9 4.0 8,598Stifel Nicolaus 50 10 3.5 1,457Industry Total 1,414 - 100.0 $77,193Thomson Reuters 1/1/2015-12/31/2020. Negotiated: True Economics to Book R

has invested over $392 million in 5,970 homes through low income housing tax credits and new market tax credits in Florida. Top Four Senior Manager of Municipal Bonds. RBCCM is one of the largest and most active firms in the municipal market, and has ranked in the top five municipal senior managers nationally each year since 2012. RBCCM ranked as the #4 senior manager of negotiated bonds nationally by par amount in 2018, 2019 and 2020. Our dedication to superior client service and innovation is demonstrated by our growing market share an increasingly demanding and competitive marketplace. In 2020, RBCCM senior managed $27.9 billion in 625 negotiated transactions. We have transformed our municipal group from a regional, middle market platform to incorporating a very successful large issuer and specialized sector practice. Financial Strength & Stability. With a strong capital base and consistent financial performance, RBC is one of the highest rated firms in the municipal industry and Florida market (Aa2/AA-/AA). RBC has a market capitalization of $149 billion as of June 11, 2021, which ranks as the one of the largest financial institutions in North America. This financial strength benefits the Town in our demonstrated willingness and ability to commit capital to support our client’s bond pricings and provide liquidity to the Town’s investors in the secondary market. Marketing and Distribution. RBCCM has one of the largest institutional sales force in the industry, with 65 fixed income sales, trading, and underwriting employees and a retail sales force comprised of over 1,900 financial consultants with $313 billion in assets under administration. This significant commitment expands our investor coverage, helping our clients achieve optimal pricing results through retail, and Tier I, II, and III investor market demand. RBC Wealth Management has 71 Florida based financial advisors who serve over 40,000 clients with over $24 billion in assets under management. RBCCM will utilize our Florida offices in Fort Lauderdale, Miami, Boca Raton, Palm Beach Gardens, Naples, St. Petersburg, Sarasota, and Stuart to implement a customized marketing and distribution strategy for the Town. RBCCM is in the market more frequently than almost all of the other top negotiated underwriters, which provides us with a unique understanding of the market on any given day regarding specific investor preferences. Experienced Financing Team. Julie Santamaria, Director in St. Petersburg, Florida with 27 years of experience, will serve as the primary contact for the Town and Matt Sansbury, Director in St. Petersburg with 19 years of investment banking experience, will provide support as needed. Tom Berger, Director, with over 30 of quantitative experience, and Tom Banerjee, Director, with 12 years of quantitative experience, will lead RBCCM’s financial modeling and quantitative efforts to achieve the most optimal and cost-effective structure for the Town. Andrew Devenbeck, Associate, in St. Petersburg, will provide analytical support. Jaime Durando, Managing Director/Head of Municipal Underwriting, with over 30 years of underwriting experience will provide underwriting and pricing services. Karl Hummel, Managing Director, Head of Municipal Institutional Sales, with over 25 years of experience, will oversee the marketing of the Town’s bonds. The Town of Davie continues to be a top priority for this experienced team of professionals. Thank you for the opportunity to again present our credentials to the Town. Please contact us if you have any questions or need additional information. Sincerely, RBC Capital Markets, LLC

Julie Santamaria, Director Tel: (727) 895-8871 [email protected]

2020 National Senior Manager Rankings

UnderwriterAmount

($mil) RankMkt.

Share (%)# of

Issues BofA Securities $46,564 1 13.0 327Citi 37,999 2 10.6 274J.P. Morgan 31,458 3 8.8 263RBC Capital Markets 27,976 4 7.8 625Morgan Stanley 25,047 5 7.0 204Wells Fargo 18,692 6 5.2 182Goldman Sachs 18,007 7 5.0 112Stifel Nicolaus 17,857 8 5.0 877Piper Sandler 17,457 9 4.9 646Jefferies 16,883 10 4.7 92Industry Total $358,319 - 100.0 7,482Thomson Reuters 1/1/2020-12/31/2020. Negotiated: True Economics to Book Runner

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1. Firm’s Introduction (Limit 3 Pages)

RBC Capital Markets (“RBCCM”), an indirect wholly-owned broker-dealer subsidiary of RBC, is one of the top full-service investment banks and broker-dealers in the world with 7,800 professionals operating from 71 offices in 15 countries. Headquartered in New York, RBCCM provides a full range of investment banking, sales and trading, research and related products and services to governments, corporations, and institutional clients globally. We are consistently ranked among the 10 largest and most significant investment banks globally. Our parent company, RBC, is a global financial services company and a leading provider of financial products and services. In operation since 1869, RBC and its subsidiaries serve over 17 million governmental, corporate, and individual clients with over 85,000 employees in 36 countries. RBC has a market capitalization of $149 billion as of June 11, 2021, which ranks as the one of the largest financial institutions in North America. With a strong capital base and consistent financial performance, RBC is one of the highest rated firms operating in the municipal industry with our ratings of Aa2/AA-/AA. RBCCM Municipal Finance Group. RBCCM is one of the leading municipal finance organizations in the U.S., and we are also a local investment bank with deep Florida roots that has been providing municipal finance services to Florida issuers since 1962. RBCCM’s Municipal Finance group is one of the largest in the Country with over 330 professionals, consisting of 265 investment banking staff and 65 municipal sales professionals, traders, and underwriters in 27 public finance offices in 17 states, including 1 in Florida. RBCCM is A Leading Firm in Florida. From 2015 to 2020, RBCCM ranked as the #3 senior manager in Florida by number of negotiated transactions (128) and #5 by dollar amount ($4.8 billion) (Source: Thomson Reuters). Our commitment to Florida municipal finance dates back to 1962 with the founding of William R. Hough & Co. as a Florida based regional brokerage firm. Following RBCCM’s acquisition of William R. Hough & Co. in 2004, we have further expanded our Florida presence, opening new wealth management offices, adding personnel and increasing our investment in low income housing tax credit programs. RBCCM’s Community Investment Group has invested over $392 million in 5,970 homes across 40 properties through Low Income Housing Tax Credits and New Market Tax Credits in Florida.

Global Footprint

VancouverCalgary

San Francisco

Los AngelesDenver

Houston

Minneapolis

Chicago

TorontoMontreal

Atlanta

Boston

New York

London

Paris

Lausanne

Madrid

Mumbai

Beijing

Singapore

Sydney

Hong Kong

Tokyo

Trading Hub / Coverage OfficeCoverage Office

U.S. CanadaU.K. & Europe Asia Australia Caribbean

RBCCM 3,359 2,736 1,342 209 157 40

RBC 13,274 60,953 5,323 1,526 335 3,311

Employees by Geographic Region

National Municipal Finance Platform

Canada

Seattle

Sacramento

Houston

San Francisco

Los Angeles

Phoenix

Denver

Albuquerque

Dallas

San Antonio

Minneapolis

Chicago

Cincinnati

New Albany

Cleveland

Charlotte

St. Petersburg

Baltimore

Boston

W. Conshohocken

Albany

New York

Lancaster

Scranton

Pittsburgh

Managed from New York, RBC Municipal Finance maintains a strong regional presence

2020 National Senior Manager Rankings

UnderwriterAmount

($mil) RankMkt.

Share (%)# of

Issues BofA Securities $46,564 1 13.0 327Citi 37,999 2 10.6 274J.P. Morgan 31,458 3 8.8 263RBC Capital Markets 27,976 4 7.8 625Morgan Stanley 25,047 5 7.0 204Wells Fargo 18,692 6 5.2 182Goldman Sachs 18,007 7 5.0 112Stifel Nicolaus 17,857 8 5.0 877Piper Sandler 17,457 9 4.9 646Jefferies 16,883 10 4.7 92Industry Total $358,319 - 100.0 7,482Thomson Reuters 1/1/2020-12/31/2020. Negotiated: True Economics to Book Runner

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Capital Strength. RBCCM has total regulatory capital of $9.2 billion and excess net capital of $2.6 billion, and our parent entity, RBC, has over $63 billion in total regulatory capital. RBCCM's maximum municipal underwriting capacity is $37.4 billion as of March 31, 2021.

Experienced Financing Team. Julie Santamaria, Director in St. Petersburg, Florida with 27 years of experience, will serve as the primary contact for the Town and Matthew Sansbury, Director in St. Petersburg with 19 years of investment banking experience, will provide support as needed. Tom Berger, Director, with over 30 of quantitative experience, and Tom Banerjee, Director, with 12 years of quantitative experience, will lead RBCCM’s financial modeling and quantitative efforts to achieve the most optimal and cost-effective structure for the Town. Andrew Devenbeck, Associate, in St. Petersburg, will provide analytical support. Jaime Durando, Managing Director/Head of Municipal Underwriting, with over 30 years of underwriting experience will provide underwriting and pricing services. Karl Hummel, Managing Director, Head of Municipal Institutional Sales, with over 25 years of experience, will oversee the marketing of the Town’s bonds. RBCCM’s banking team will be led out of our St. Petersburg, Florida office and our underwriting and marketing team will be led from our New York headquarters. The Town of Davie will continue to be a top priority for this experienced team of professionals. Resumes for our team are included as Appendix A.

Function Team MemberYears Exp. Phone & E-mail Primary Role

Julie Santamaria, DirectorSt. Petersburg, FL 27 Office: (727) 895-8871

[email protected] Lead Project Manager

Matthew Sansbury, DirectorSt. Petersburg, FL 19 Office: (727) 895-8894

[email protected] Co-Project ManagerStructuring & Analytical

Tom Berger, DirectorNew York, NY 32 Office: (212) 618-5635

[email protected] Quantitative Analysis

Tom Banerjee, DirectorNew York, NY 12 Office: (212) 618-2655

[email protected] Quantitative Analysis

Andrew Devenbeck, AssociateSt. Petersburg, FL 4 Office: (727) 502-3622

[email protected] Transaction SupportStructuring & Analytical

Jaime Durando, Managing DirectorNew York, NY 35 Office: (212) 618-5628

[email protected] Lead Underwriter

Karl Hummel, Managing DirectorNew York, NY 27 Office: (212) 618-5610

[email protected] Institutional Sales

Structuring & Analytical Team

Underwriting & Sales

Primary Investment Banking Team

Recent Florida Transactions

$490,670,000

Broward County, Florida

Senior ManagerSeptember 2019

Port Facilities Revenue and Refunding Revenue

Bonds

$26,000,000

City of Oakland Park, Florida

General Obligation Bonds

Sole ManagerJune 2020

$47,650,000

Town of Davie, Florida

Sole ManagerJune 2020

Taxable Water and Sewer Revenue Bonds

$30,425,000

Hollywood, Florida

Senior ManagerOctober 2020

Water and Sewer Refunding Revenue

Bonds

$11,335,000

Ocoee, Florida

Sole ManagerOctober 2020

Capital Improvement Revenue Bonds

$12,935,000

Town of Cutler Bay,Florida



$225,000,000*

Central Florida Expressway

AuthoritySenior Lien Revenue

Bonds

Senior ManagerPending

$250,000,000*

Miami-Dade County, Florida

Senior ManagerPending

Water and SewerSystem Subordinate

Revenue Bonds

* Preliminary, subject to change

$67,410,000

School Board of Pasco County

Refunding Certificates of Participation

Co-Senior ManagerMay 2021

Moody's S&P Fitch Moody's S&P FitchRBC Aa2 AA- AA Aa2 AA- AAWells Fargo Aa2 A+ AA- A2 BBB+ A+J.P. Morgan Aa2 A+ AA A2 A- AA-Bank of America Aa2 A+ AA A2 A- AA-Citi Aa3 A+ A+ A3 BBB+ AGoldman Sachs A1 A+ A+ A2 BBB+ AMorgan Stanley Aa3 A+ A+ A1 BBB+ ABarclays A1 A A+ Baa2 BBB ARaymond James Baa1 BBB+ NR Baa1 BBB+ NRJefferies Baa3 BBB BBB Baa3 BBB BBB

Operating Company Ratings Holding Company RatingsLong-Term Credit RatingsCapital Position: RBC Capital Markets

03/31/2021Total Regulatory Capital 9,163,544Total Equity Capital 6,913,544Net Capital 2,991,247Uncommitted (Excess Net) Capital 2,616,438Underwriting Capacity 37,377,686Capital Position: Royal Bank of Canada

10/31/2020Total Regulatory Capital 63,750,187Total Equity Capital 65,130,611Tier 1 Capital 55,550,968Figures in US $000s

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2. Experience (Limit 4 Pages) Revenue Bond Experience. Since January 1, 2018, RBCCM has senior managed 868 negotiated national revenue bond transactions totaling over $51 billion, ranking 3rd by number of issues and 6th by amount. Over that same time frame, RBCCM served as senior manager on 65 negotiated Florida revenue bond transactions totaling $2.4 billion. In October 2020, we served as sole manager on Cutler Bay’s $13 million Series 2020 Capital Improvement Revenue Bonds and Ocoee’s $11.3 million Series 2020 Capital Improvement Revenue Bonds, and as senior manager on Hollywood’s $30 million Water and Sewer Refunding Bonds. RBCCM also recently served as sole manager for Oviedo’s $29 million Water and Sewer Revenue Bonds and Venice’s $18 million Water and Sewer Refunding Bonds. We are currently serving as senior manager on a $250 million Miami-Dade County Water and Sewer Bonds and $225 million Central Florida Expressway Revenue Bonds. RBCCM’s senior managed revenue bond experience from 2018 to 2021 year-to-date on a negotiated and completive basis is provided in the adjacent table. Since 2018, RBCCM has served as senior manager on 868 transactions totaling over $59 billion (full economics to bookrunner). Non-Ad Valorem Expertise. RBCCM brings a wealth of knowledge on Florida non-ad valorem revenue bond financings to the Town. Since 2010, RBCCM has served as senior or co-manager on 71 negotiated Florida non-ad valorem revenue bond transactions totaling over $3.3 billion. We most recently priced Ocoee’s $12 million Capital Improvement Revenue Bonds in October 2020, secured by a group of pledged revenues of Half-Cent Sales Tax, Communications Services Tax and Public Service Tax, and Culter Bay’s $13 million Capital Improvement Revenue Bonds in October 2020, secured by a covenant to budget and approprate from legally available non-ad valorem revenues (CBA). RBCCM’s Florida non-ad valorem structuring and pricing experience provides us with the optimal market and rating insights for the Town.

Following is the requested list of RBCCM’s negotiated senior and co-senior managed Florida revenue bond experience since January 1, 2018.

Recent RBCCM Non-Ad Valorem Florida Transactions

$41,545,000

Escambia County, Florida

Capital Improvement Refunding Revenue

Bonds

Senior ManagerNovember 2018

$38,300,000

Okaloosa County, Florida

Sole ManagerAugust 2019

Sales Tax Refundingand Improvement Revenue Bonds

$16,405,000

City of Lauderhill, Florida

Sole ManagerJuly 2019

Half-Cent Sales Tax Revenue Bonds

$11,335,000

Ocoee, Florida



$12,935,000

Town of Cutler Bay,Florida



$38,840,000

Martin County, Florida

Half-Cent Sales Tax Revenue Bonds

Senior ManagerMay 2019

$57,360,000

City of Riviera Beach, Florida

Public Improvement Revenue Bonds

Senior ManagerAugust 2015

$78,060,000

Escambia County, Florida

Sales Tax Revenue Bonds

Senior ManagerJune 2017

$12,160,000

City of Mount Dora, Florida


Senior ManagerNovember 2018

RBCCM Senior Managed Revenue Bond Experience1

Negotiated Competitive

Year# of

IssuesAmount ($mils)

# of Issues

Amount ($mils)

2018 204 $14,684.1 4 $116.12019 257 16,960.1 3 728.02020 279 18,750.0 1 4.4

2021YTD 128 8,641.7 - - Total 868 $59,035.9 8 $848.5

1 Full Economics to Bookrunner

RBCCM's Negotiated Florida Senior Managed Revenue Bond Experience

Sale DateAmount

($mm) IssuerAll-In TIC

Underlying Ratings

Gross Spread Lead Banker Underwriter

Pending $225.0 Central Florida Expressway Au Tom Carlson Jaime DurandoPending 250.0 Miami-Dade Co Tom Carlson Jaime Durando05/26/21 67.4 Pasco Co School Board 4.29% A1/NR/NR 2.853 Julie Santamaria Jaime Durando06/14/21 19.3 Hillsborough Co Housing Fin Auth NR/NR/NR Helen Feinberg Dave Grad05/20/21 25.4 Miami-Dade Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad05/20/21 8.0 Pinellas Co Housing Fin Auth Aaa/NR/NR Helen Feinberg Dave Grad05/20/21 8.8 Pinellas Co Housing Fin Auth Aaa/NR/NR Helen Feinberg Dave Grad04/15/21 8.0 Brevard Co Housing Finance Auth NR/AA+/NR Helen Feinberg Dave Grad04/07/21 548.2 Central Florida Expressway Au 1.98% A1/A+/A+ 3.158 Tom Carlson Jaime Durando01/15/21 43.0 Miami-Dade Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad01/12/21 24.0 Florida Housing Finance Corp NR/AA+/NR Helen Feinberg Dave Grad

Underwriter# of

Issues RankMkt.

Share (%)Amount

($mil) Stifel Nicolaus 1,314 1 11.7 $28,473BofA Securities 941 2 8.4 108,826RBC Capital Markets 868 3 7.7 51,334Citi 720 4 6.4 91,700J.P. Morgan 650 5 5.8 72,480Piper Sandler 635 6 5.7 15,586Raymond James 581 7 5.2 22,987Wells Fargo 501 8 4.5 39,562Morgan Stanley 491 9 4.4 60,484D A Davidson 453 10 4.0 5,882Industry Total 11,220 - 100.0 $732,790Thomson Reuters 1/1/2018-6/11/2021. Negotiated: True Economics to Book Runner

2018-2021YTD Revenue Bond Senior ManagerRankings by Issues

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Sale DateAmount


Underlying Ratings


12/09/20 17.8 Venice City-Florida 2.39% Aa2/AA/AA 4.979 Julie Santamaria Pete Druhot11/13/20 28.4 Oviedo City-Florida 2.33% Aa3/AA/NR 3.716 Julie Santamaria Pete Druhot10/22/20 13.0 Town of Cutler Bay 3.18% Aa3/NR/NR 4.436 Julie Santamaria Pete Druhot10/16/20 11.3 Ocoee City-Florida 2.78% NR/AA/AA+ 5.467 Julie Santamaria Pete Druhot10/15/20 30.4 Hollywood City-Florida 2.09% Aa2/NR/AA 3.804 Julie Santamaria Pete Druhot10/08/20 15.2 Miami-Dade Co Housing Fin Auth NR/NR/NR Helen Feinberg Dave Grad09/23/20 21.6 Pinellas Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad09/11/20 8.0 Orange Co Housing Finance Auth Aaa/NR/NR Helen Feinberg Dave Grad09/11/20 12.2 Orange Co Housing Finance Auth Aaa/NR/NR Helen Feinberg Dave Grad08/19/20 0.5 Florida Development Fin Corp NR/NR/NR Helen Feinberg Dave Grad08/19/20 14.0 Florida Development Fin Corp NR/NR/NR Helen Feinberg Dave Grad07/29/20 25.0 Florida Housing Finance Corp Aaa/NR/NR Helen Feinberg Dave Grad07/27/20 42.4 Orange Co Housing Finance Auth NR/AA+/NR Helen Feinberg Dave Grad07/21/20 71.5 Pasco Co School Board 4.71% A1/NR/NR 3.000 Julie Santamaria Jaime Durando06/30/20 21.5 Jacksonville Housing Fin Auth (JHFA) NR/NR/NR Helen Feinberg Dave Grad06/26/20 13.0 Miami-Dade Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad06/09/20 47.7 Davie Town-Florida 2.86% A1/AA/NR 3.478 Julie Santamaria Pete Druhot05/28/20 15.2 Florida Housing Finance Corp Aaa/NR/NR Helen Feinberg Dave Grad04/28/20 32.0 Miami-Dade Co Housing Fin Auth NR/NR/NR Helen Feinberg Dave Grad04/17/20 11.8 Leon Co Housing Finance Auth Aaa/NR/NR Helen Feinberg Dave Grad03/31/20 15.3 Florida Housing Finance Corp Aaa/NR/NR Helen Feinberg Dave Grad01/10/20 14.0 Florida Housing Finance Corp NR/AA+/NR Helen Feinberg Dave Grad12/13/19 6.5 Escambia Co Housing Finance Auth NR/AA+/NR Helen Feinberg Dave Grad11/14/19 26.5 Florida Housing Finance Corp NR/NR/NR Helen Feinberg Dave Grad11/14/19 38.2 Florida Housing Finance Corp NR/NR/NR Helen Feinberg Dave Grad11/08/19 570.9 Central Florida Expressway Au A1/A+/A+ Tom Carlson Jaime Durando10/31/19 6.5 Escambia Co Housing Finance Auth Aaa/NR/NR Helen Feinberg Dave Grad10/31/19 14.0 Escambia Co Housing Finance Auth Aaa/NR/NR Helen Feinberg Dave Grad10/25/19 40.0 Florida Housing Finance Corp NR/AA+/NR Helen Feinberg Dave Grad10/17/19 14.5 Broward Co Housing Finance Auth NR/AA+/NR Helen Feinberg Dave Grad10/02/19 10.7 Oakland Park City-Florida 2.73% NR/AA/NR 4.162 Julie Santamaria Pete Druhot09/26/19 15.8 Jacksonville Housing Fin Auth (JHFA) NR/NR/NR Helen Feinberg Dave Grad09/17/19 11.0 Florida Housing Finance Corp NR/AA+/NR 6.360 Helen Feinberg Dave Grad09/11/19 20.2 Broward Co-Florida 1.82% A2/A-/NR 3.070 Tom Carlson Jaime Durando09/11/19 40.6 Broward Co-Florida 1.57% A1/A/NR 3.150 Tom Carlson Jaime Durando09/11/19 101.2 Broward Co-Florida 3.60% A1/A/NR 4.120 Tom Carlson Jaime Durando09/11/19 328.7 Broward Co-Florida 3.23% A1/A/NR 3.990 Tom Carlson Jaime Durando08/21/19 7.3 Pinellas Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad08/21/19 9.8 Pinellas Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad08/16/19 38.3 Okaloosa Co-Florida 2.90% NR/AA/AA 3.367 Julie Santamaria Pete Druhot08/14/19 22.0 Broward Co Housing Finance Auth NR/AA+/NR 5.110 Helen Feinberg Dave Grad07/24/19 6.0 Lauderhill City-Florida 3.20% NR/A+/NR 4.970 Julie Santamaria Pete Druhot07/24/19 10.4 Lauderhill City-Florida 3.24% NR/A+/NR 4.720 Julie Santamaria Pete Druhot07/16/19 10.8 Miami-Dade Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad06/21/19 2.2 Florida Housing Finance Corp NR/AA+/NR Helen Feinberg Dave Grad06/21/19 16.2 Florida Housing Finance Corp NR/AA+/NR Helen Feinberg Dave Grad06/19/19 15.0 Pinellas Co Housing Fin Auth Aaa/NR/NR Helen Feinberg Dave Grad05/23/19 8.2 Jacksonville Housing Fin Auth (JHFA) NR/NR/NR Helen Feinberg Dave Grad05/14/19 1.9 Escambia Co Housing Finance Auth NR/NR/NR Helen Feinberg Dave Grad05/14/19 2.5 Escambia Co Housing Finance Auth NR/NR/NR Helen Feinberg Dave Grad05/14/19 11.3 Escambia Co Housing Finance Auth NR/NR/NR Helen Feinberg Dave Grad05/08/19 38.8 Martin Co-Florida 2.80% NR/AA/NR 2.300 Julie Santamaria Pete Druhot03/28/19 15.0 Escambia Co Housing Finance Auth Aaa/NR/NR Helen Feinberg Dave Grad03/22/19 26.0 Orange Co Housing Finance Auth NR/AA+/NR 4.900 Helen Feinberg Dave Grad02/21/19 9.2 Florida Housing Finance Corp NR/AA+/NR Helen Feinberg Dave Grad12/20/18 22.0 Jacksonville Housing Fin Auth (JHFA) NR/AA+/NR Helen Feinberg Dave Grad11/23/18 14.0 Miami-Dade Co Housing Fin Auth NR/AA+/NR Helen Feinberg Dave Grad

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Town of Davie $47,650,000 Taxable Water and Sewer Refunding Revenue Bonds, Series 2020

On June 9, 2020, RBCCM served as Sole Manager on Davie’s $47,650,000 Taxable Water and Sewer Refunding Revenue Bonds, which advance refunded the Series 2011 Bonds. RBCCM has served as senior managing underwriter to Davie on 6 transcations toaling over $332 million since 1985. The Town had been inactive in the public market for a few years and the credit approach to

the rating agencies and investors was critical to the transaction, as the Town’s Water and Sewer System lost its top customer less than a year prior to the pricing. RBCCM assisted the Town early in the process in crafting a detailed plan to educate rating agencies and investors on the customer base and System’s revenue stream. Because of the delay in pricing from the original timing in March due to the market shutdown from COVID, RBCCM reviewed the possibilty of a tax-exempt forward delivery bond providing a lower cost of funds than taxable as we became closer to the call date with each passing month. When the market returned in May, pricing comparisons from our taxable and tax-exempt underwriting desks indicated that continuing with a taxable structure would provide the most savings. We determined that the use of bond insurance would be cost-effective for the Town’s bonds. During the week leading up to pricing, the 10-year and 30-year UST yields increased by 25 and 22 bps, respectively. At the beginning of the pricing week of June 8, yields began to rally and become more favorable. RBCCM’s desk generated over $439 million of orders from 37 institutional investors, and this strong investor demand enabled us to reduce spreads by 5-15 basis points in certain maturities. The refunding achieved an All-In True Interest Cost of 2.86% and net present value savings for the Town of $7.7 million, which is 17% of bonds refunded. City of Ocoee $11,335,000 City of Ocoee, Florida Capital Improvement Revenue Bonds, Series 2020

On October 15, 2020, RBC Capital Markets served as Sole Manager on Ocoee’s $11,335,000 Capital Improvement Revenue Bonds, which will finance the remaining improvements for the City Hall relocation. The Bonds are secured by a pledge of half-cent sales tax revenues, community services tax revenues, and public service tax revenues. The City’s strong historical debt service coverage and

security pledge allowed them to be rated “AA” and “AA+” by S&P and Fitch, respectively. Supply for the short week totaled over $16 billion as issuers were coming to market in advance of the week of the election and any subsequent volatility. Since the start of October, the 10-year and 30-year MMD yields increased by 8 and 11 bps, respectively. At the beginning of the pricing week, yields remained flat and became more favorable for the City. The City’s $11 million transaction was structured with 4% coupons throughout all maturities and provided level debt service through the final maturity of 2046. RBCCM’s desk generated over $17 million of orders from 6 institutional investors. Due to strong investor demand in certain maturities, we were able to reduce spreads by 1 basis point. The new money bonds achieved an All-In True Interest Cost of 2.78%. Town of Cutler Bay $12,935,000 Capital Improvement Revenue Bonds, Series 2020

On October 22, 2020, RBCCM served as Sole Manager on Cutler Bay’s $13 million Capital Improvement Revenue Bonds, which was the Town’s first public offering. The Bonds will finance land purchases for parks and other capital improvements. RBCCM worked with the Town and its

financial advisor to create a plan of finance that wrapped around all general governmental debt and reduced aggregate annual debt service even with the new issue. We worked with team extensively on the new CBA disclosure, providing numerous examples of similar transactions throughout the state to create financial tables and


Sale DateAmount


Underlying Ratings


11/16/18 221.0 Central Florida Expressway Au A1/A+/A+ 3.300 Tom Carlson Jaime Durando11/16/18 41.5 Escambia Co-Florida 3.47% Aa3/AA/NR 2.870 Julie Santamaria Pete Druhot11/15/18 12.2 Mount Dora City-Florida 4.17% NR/AA-/AA- Julie Santamaria Pete Druhot10/24/18 81.6 Jacksonville Housing Fin Auth (JHFA) NR/NR/NR Helen Feinberg Dave Grad10/18/18 20.0 Orange Co Housing Finance Auth Aaa/NR/NR 7.170 Helen Feinberg Dave Grad08/16/18 28.0 Florida Housing Finance Corp NR/AA+/NR 4.820 Helen Feinberg Dave Grad06/27/18 12.5 Jacksonville Housing Fin Auth (JHFA) NR/AA+/NR 6.030 Helen Feinberg Dave Grad06/01/18 6.6 Escambia Co Housing Finance Auth NR/AA+/NR Helen Feinberg Dave Grad02/23/18 3.5 Westside Community Dev Dt NR/NR/NR 20.000 Julie Santamaria Dave Grad02/21/18 14.0 Florida Housing Finance Corp NR/AA+/NR 5.800 Helen Feinberg Dave Grad01/22/18 12.0 Florida Housing Finance Corp NR/NR/NR Helen Feinberg Dave Grad

$3,693.8

7

revenue language for this first time CBA issuer. The Town’s CBA bonds obtained an Aa3 rating from Moody’s, eliminating the need for bond insurance. The transaction entered the market during a period of volatile Treasury yields due to tension surrounding additional stimulus and a robust municipal supply of $19 billion as issuers were recommended to price and close prior to the election. The transaction had challenges attracting investor demand on the front end of the structure due to very small maturities but ultimately garnered $17.3 million of orders, primarily for the intermediate maturities, in a market with significant competing supply. With 43% of the bonds unsold, RBCCM proposed structural and spread changes which achieved an All-In TIC of 3.19%, which was only 2 basis points higher than that at preliminary pricing. This very recent, relevant experience with a new CBA credit provides excellent structuring and market insight for the Town of Davie’s non-ad valorem transaction. City of Hollywood $30,425,000 Water and Sewer Refunding Revenue Bonds, Series 2020

On October 14, 2020, RBCCM served as Senior Manager on Hollywood’s $30,425,000 Water and Sewer Refunding Revenue Bonds, which current refunded the Series 2010 BABs. RBCCM has served as senior managing underwriter to Hollywood on 9 transcations

toaling over $530 million since 1969. The City’s water and sewer credit had been inactive in the public market for 6 years and the rating agency approach was critical to the transaction. Moody’s affirmed the rating at Aa2 and Fitch upgraded the rating one notch to AA. Pricing occurred during the holiday-shortened week with the bond markets closed on Monday, October 12th. The City’s $30 million transaction was structured to achieve moderate upfront savings in years 2021-2023 and level annual savings through 2038. RBCCM’s desk generated over $167 million of orders from 22 institutional investors for $30 million in bonds, which was 5.5x oversubscribed. Due to strong investor demand in certain maturities, we were able to reduce spreads by 2-6 basis points. The refunding achieved an All-In True Interest Cost of 2.09% and net present value savings for the City of $10.7 million, which is 26% of bonds refunded.

8

3. Underwriting Capabilities (Limit 3 Pages) National Marketing and Distribution Capabilities. RBCCM has a large institutional distribution platform which accesses the entire range of national and regional institutional investors. RBCCM provides complete coverage of Tier I institutional investors and mid-sized money managers, investment advisors, corporations, insurance companies and other regional institutions (Tiers II and III). Our distribution platform includes municipal sales and trading in our New York headquarters and hubs in Boston, Philadelphia, Nashville, Chicago, Minneapolis, Dallas, and San Francisco. Our resources include: 65 salespeople, traders and underwriters ready to aggressively

price bonds in the primary market and support our clients’ transactions in the secondary market;

A team of municipal salespeople that actively cover over 800 institutional investors; and,

An extended salesforce of 35 institutional middle market professionals, who are extremely valuable in diversifying the overall buyer base and reducing concentration to any individual investor sector.

RBCCM underwrites more transactions than most other firms, which makes us especially qualified to maintain relationships with small- to mid-sized Tier II and III regional institutions. RBCCM’s marketing approach is to put all institutions (Tier I, II, and III) in competition with each other. We strategically avoid allowing a large buyer to dictate early reads on the scale and final pricing levels, ensuring that the issuer controls the pricing process, not the other way around. The benefit of our comprehensive distribution network is accentuated during the recent volatile markets. Retail Distribution Capabilities. RBCCM’s retail distribution capabilities are comprised of two pillars: 1) RBC Wealth Management platform and over 1,900 Financial Advisors

in over 200 offices nationwide across 40 states, including 71 RBC Wealth Management employees in eight Florida branches

2) Professional Retail investors, which are Tier 1 institutional accounts of RBCCM

As the bond market has become more sophisticated, many municipal retail investors rely on asset managers. RBCCM leverages our RBC Wealth Management system to drive traditional retail interest and supplement the strong demand from professional retail, which consists of investment advisors, money managers, bank trust departments, and separately managed accounts (SMAs). RBC Wealth Management has 8 Florida retail brokerage offices with 71 Financial Advisors in Fort Lauderdale, Miami, Boca Raton, Palm Beach Gardens, Naples, St. Petersburg, Sarasota, and Stuart. Our Florida team manages over 40,000 Florida retail accounts with over $24 billion in assets under management, including $3.3 billion of municipal securities. Town’s Specific Marketing Strategy Overview. RBCCM’s marketing approach will reach a diverse audience of prospective buyers and take advantage of our Firm’s robust distribution capabilities to again achieve optimal pricing for the Town. RBCCM’s marketing strategy takes a three-pronged approach that creates investor demand through: 1) Investor Education: Targeted investor outreach through one-on-one calls to supplement marketing for both

institutional and retail segments; 2) Targeted Institutional Investor Outreach: Identification of an institutional investor audience specific to the

Town’s credit; and

Florida Distribution Network

RBC Wealth ManagementRBC Public Finance

RBCCM Sales, Trading & Underwriting ProfessionalsInstitutional National FloridaInstitutional Sales 44 - Trading & Underwriting 21 -

Retail National FloridaMunicipal Retail Traders 9 - Total Accounts 847,572 40,092 Total AUM $374 billion $24.2 billionMuni Account Assets $29.9 billion $3.3 billionMuni Assets as % of Total 8.0% 13.5%Number of Branches 215 8 Financial Advisors 1,962 71

Private Client Group BranchFixed Income and TradingFixed Income Investment Banking

9

3) Broadening the Interested Investor Universe: Marketing to all investor types across the yield curve with a focus on SMAs and professional retail.

RBCCM will implement a program based on these three goals to reach the widest range of investors, achieving a low cost of funds for the Town. As one of the most active underwriting firms, RBCCM has frequent contact with investors, which translates to a more experienced sales, trading and underwriting team in targeting an optimal mix of buyers. We leverage our position to engage a broad universe of investors and ensure accurate pricing. RBCCM has demonstrated our ability to broaden the Town’s investor base many times over the years, most recently generating over $439 million in orders from 37 institutional investors for the Town’s Series 2020 Water and Sewer Refunding Revenue Bonds, which enabled us to reduce spreads by 5-15 basis points in certain maturities. The adjacent chart provides the anticipated buyers for the Town’s Bonds. Targeted Institutional Investor Outreach. Below is greater detail on RBCCM’s approach to broadening the universe of investors that will ultimately place orders for the Town’s financing. We will again utilize our customized bondholder analysis for our salesforce’s outreach to target particular investors for the Town’s Bonds, analyzing: A. Current top holders of South Florida CBA Debt. The current holders of South Florida covenant to budget

and appropriate (CBA) debt will be targeted investors, as they have the best understanding of and most comfort with the CBA security, South Florida credit strengths and challenges, and regional economy, resulting in efficient internal credit approvals.

B. Current top holders of Florida CBA Debt. These credits are similar to the Town’s upcoming financing, and these potential buyers have comfort with the CBA mechanism and Florida economy.

C. Current top holders of National CBA Debt. This segment of potential buyers is comfortable with CBA credits, which will help with their internal approvals, and may require education on the Town, the South Florida region, and the Florida economy.

The below lists of the top 10 publicly reporting bondholders in South Florida, Florida and National CBA bonds illustrate a portion of our targeted investors for Davie’s non-ad valorem bond issue.

In addition to the targeted investor outreach previously detailed, other possible investors are the current holders of the Town’s tax-exempt water and sewer credit. These investors are familiar with the Town and resident wealth levels as well as the geographical proximity in the Miami-Fort Lauderdale-West Palm Beach, FL MSA. One-on-One Investor Calls. RBCCM recommends that the Town make time slots available for one-on-one investor calls when requested by investors one week in advance of pricing, and then again within two days prior to pricing based on investor feedback and questions during the pre-marketing period. The credit teams of institutional investors appreciate interacting directly with the management of the issuers in which they invest. In addition to the

Rank InvestorPar Amt($000s)

% of Total Investor

Par Amt($000s)

% of Total Investor

Par Amt($000s)

% of Total

1 Vanguard $230,270 36.5% Vanguard $430,565 35.6% Vanguard $4,975,867 28.6%2 J.P. Morgan 34,155 5.4% Nuveen 66,255 5.5% Fidelity 3,620,859 20.8%3 Nuveen 32,615 5.2% BlackRock Advisors 47,635 3.9% Charles Schwab 1,335,233 7.7%4 BlackRock Advisors 29,605 4.7% Fidelity 34,925 2.9% J.P. Morgan 1,082,645 6.2%5 Fidelity 27,370 4.3% J.P. Morgan 34,685 2.9% Federated 569,518 3.3%6 Invesco 23,295 3.7% Neuberger Berman 34,640 2.9% BlackRock Advisors 477,174 2.7%7 Northern Trust 22,920 3.6% Mercury Insurance 32,890 2.7% Wells Capital 404,430 2.3%8 Mercury Insurance 17,315 2.7% NEAM 31,210 2.6% Northern Trust 327,140 1.9%9 Genworth 15,585 2.5% Eaton Vance 28,285 2.3% Victory Capital 253,675 1.5%

10 Conning Asset Mgmt 12,750 2.0% Cincinnati Financial 25,260 2.1% Nuveen 245,755 1.4%Top 10 Total $445,880 70.6% Top 10 Total $766,350 63.4% Top 10 Total $13,292,296 76.3%Overall Total $631,146 Overall Total $1,208,473 Overall Total $17,410,983

South Florida CBA

Top Publicly Reporting CBA Bondholders

Florida CBA Debt National CBA Debt

Anticipated Buyers for Town’s Bonds

Bond Funds30%

SMA/ Money

Mangers25%

Insurance Companies

10%

Arb/TOB/ Relative

Value Accounts

30%

High Net Worth

Individual Retail 5%

10

accounts identified as part of our market analysis, RBCCM would also seek one-on-one calls with Goldman Sachs Asset Management, Alliance Bernstein, State Farm, Travelers, Susquehanna, Wells Capital, Lord Abbott, Charles Schwab, and Cap. Re for the Town’s Bonds. Demand by Investor Segment. In historically low interest rate environments, it is difficult to attract traditional, individual retail customers. While institutional accounts can be targeted more easily with 4% or 5% coupon premium bonds, retail customers still tend to have a difficult time paying a premium. However, RBCCM has extensive examples of our ability to distribute Bonds to retail customers and we anticipate that between 10% and 30% of the Bonds would be classified as retail orders, including professional retail. Below are the likely purchasers for the Town’s Bonds based on investor segment and maturity. Professional retail (asset managers and investment advisors) have grown significantly in importance through 15 years, and should be targeted through outreach and approval of retail orders over $1 million. True individual retail due to the general downward trend in rates and difference in new issue takedowns compared to secondary sales. While institutions typically buy a greater volume of bonds, support from retail investors maintains a healthy competition that leads to lower yields. Individual investors tend to be less yield-sensitive than institutional investors.

Capital Base and Commitment to Underwrite. As a senior manager, RBCCM routinely takes down the majority of unsold balances to support a transaction, ensure an orderly secondary market, comply with issue-price regulations, and provide comfort to investors who have received allotments. RBCCM’s excess net capital of $2.6 billion corresponds to a maximum underwriting capacity for a single bond issuance of $37 billion as of March 31, 2021. RBC’s excess net capital is available to underwrite bonds in any market environment, which provides confidence to investors that RBCCM will stand behind their clients. Following are select examples of our commitment of capital to underwrite unsold bonds, with Florida issuers highlighted.

Term / Maturity (Year)1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Money Market Funds Active 13 months and in. Main buyers of sealed-bid maturities.

Corporate Cash Managers

Target is 2 years and in; sometimes out to 5 years. Need high-quality paper with higher yield than agency debt.

Short-Duration Bond Funds

Target is 5 year and in. Can buy 3-5% coupons. Are less constrained by deal size than long-end funds.

Municipalities Inside of 5 years. Need high quality credits. Can buy 2-5% coupons depending on maturity.

Professional Retail Target 2-15 years. Need the income and coupon protection of a 5% structure.

Individual Retail Barbell participation: Out to 10 years and in 15-20 years. Not sizable on their own but will accept lower coupons.

Intermediate Bond Funds

Target 5-20 years. Often need 5% coupons. Can play in middle-market deals when new-issue volume is light.

Bank Trust Departments

Target out to 10 years, although inside 7 years is often the sweet spot. Prefer par-ish bonds.

Insurance Companies

12 to 30 years; More dollar price sensitive than bond funds. Often will accept 4-handle coupons.

Bank Portfolios Buy from 20-30 years. Focus on high-grade AA names, and are major buyers of long 4% coupons. Can also take 5% coupons.

Long-Term Bond Funds

Max yield buyers, focusing on 20-30+ years. More focused on liquidity and deal size than short/intermediate funds. Minimum 5% coupon.

Relative-Value Buyers

Target 15-30 years. Can buy 3%, 4%, 5% and higher coupons. Most focused on yield and retail arbitrage opportunities.

Buyer Category Commentary

Capital Position: RBC Capital Markets03/31/2021

Total Regulatory Capital 9,163,544Total Equity Capital 6,913,544Net Capital 2,991,247Uncommitted (Excess Net) Capital 2,616,438Underwriting Capacity 37,377,686Capital Position: Royal Bank of Canada

10/31/2020Total Regulatory Capital 63,750,187Total Equity Capital 65,130,611Tier 1 Capital 55,550,968Figures in US $000s

Select RBCCM Capital Commitments ($000)

Sale DateIssue Par

($) IssuerAmount

Underwritten ($)% of Issue

03/03/2021 $48,750 Whittier UHSD Series A 20,785 43%02/17/2021 90,000 Durango School District 9-R 2021 Gen Ob Bonds 24,705 27%10/22/2020 12,935 Town of Cutler Bay Capital Improvement Rev 2020 5,595 43%10/22/2020 121,177 Goose Creek CISD 2020 Taxable GORB 22,580 19%09/30/2020 93,650 Missouri Health & Ed Fac Auth (St. Luke's) 2020 20,645 22%09/29/2020 80,000 Illinois Hsg Dev Auth Rev 2020B 16,430 21%08/19/2020 20,000 PFA (WI) The Peddie School Project (NJ) Taxable 10,100 51%06/17/2020 21,835 Rio Grande City CISD 6,510 30%11/21/2019 11,655 Alameda-Contra Costra Transit District TX Ref COPS 7,010 60%10/02/2019 10,700 City of Oakland Park, FL Water and Sewer 10,400 97%09/10/2019 490,670 Broward County Port Facilities, FL 2019ABC&D 125,000 25%

11

4. Plan of Finance (Limit 3 Pages) Municipal Market Backdrop. Global markets were the most volatile in 2020 since the great recession over a decade ago. The spread of COVID rattled fixed income and equity markets and contributed to severe spikes in interest rates. After the COVID-related market turmoil in March and early April 2020, market demand returned and tax-exempt interest rates have remained near new historical lows over the past 12 months. However, fiscal policies have brought about growing concerns of inflation as large amounts of stimulus continues to be injected into the economy and tax hikes are expected. As shown in the adjacent graph, while taxable interest rates have largely continued an upward trend since lows in August 2020, the tax-exempt market has been much more stable. The 10-year tax-exempt Municipal Market Data Index (MMD) has increased 31 basis points since August, while the 10-year Treasury has increased 99 basis points since that time. Despite this increase, rates are still very near the new historical lows established in the second half of 2020. Municipal fund flows have been strong in 2021, with fund inflows totaling over $32.5 billion and fourteen consecutive weeks of inflows totaling $18 billion since March 10th. There continues to be an imbalance of municipal supply and demand, and the cash flowing into the market chasing bonds is driving down the tax-exempt MMD and spreads to MMD. A. Proposed Underwriter’s Spread. RBCCM’s proposed fees and expenses to serve as senior managing underwriter are provided in the table below. Expenses may vary depending on the final structure, par amount, and underwriting team. Our fees assume 70% liability to RBCCM. We would be pleased to discuss our proposed fees with the Town and its financial advisor.

Underwriter’s Counsel. Below are two firms and respective lead attorneys to potentially serve as Underwriter’s Counsel. We would be happy to discuss these and other options with the Town.

Mark Raymond Law Greenberg Traurig, P.A. Mark Raymond, Esq. Bruce Giles-Klien, Esq. 4360 Northlake Blvd., Suite 204 333 S.E. 2nd Avenue Palm Beach Gardens, Florida 33418 Miami, FL 33131 Tel: (561) 775-8440 Tel: (305) 579-0573 E-mail: [email protected] E-mail: [email protected]

B. All-In TIC. The tax-exempt bond summary results for the Town’s proposed Series 2021 Non-Ad Valorem Revenue Bonds based on rates as of June 14, 2021 and an Aa2 rating are detailed below. RBCCM has extensive experience with Florida CBA credits as they have been popular in capturing a broad base of available revenues to pay debt service over the past several years. Alternative Couponing. While the standard couponing convention has been 5% coupons, our desk has seen a significant increase in sub-5% coupon structures as investors continue to seek incremental yield. RBCCM has provided alternative couponing structures which result in a lower All-Inclusive True Interest Cost for the Town. Based on 5.00% coupons, the All-Inclusive TIC is 2.96%, but using a combination of 4.00-5.00% coupons reduces the All-In TIC to 2.66%, and a mix of 3.00-5.00% coupons further reduces the All-In TIC to 2.37%.

Gross Spread Breakdown of Underwriter's Expenses Takedowns by MaturityPer

$1,000 $ AmountPer

$1,000 $ Amount Years TakedownManagement Fee $0.00 $0.00 Underwriter's Counsel $0.44 $15,000 2022 - 2025 2.00Average Takedown 3.12 105,985 DTC 0.02 800 2026 - 2031 2.50Expenses 0.65 22,065 CUSIP 0.02 769 2032 - 2041 3.00Total $3.78 $128,050 IPREO 0.10 3,554 2042-2051 3.50

Dayloan 0.03 942Miscellaneous 0.03 1,000Total Expenses $0.65 $22,065

Interest Rate Movements - 10-Year MMD and UST

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%10Yr MMD10Yr UST

12

While lower coupon structures reduce the likelihood that the Town will be able to refinance in the future for debt service savings, they provide the lowest yield to maturity if the bonds are not refunded. With rates at historically low levels, tax-exempt issuers have considered lower coupon structures, including the use of 4% and 3% coupons, as an enhancement to the tax-exempt yields over the more commonplace 5% coupon. The downside to the use of 4% (or lower) coupons is less premium and optionality in future years, as a lower coupon requires a higher spread to MMD. Despite the higher spread, the yield to maturity is lower than higher premium bonds and could help the Town achieve a lower all-inclusive cost of funds. Investor demand for lower coupons generally exists for mid to longer maturities in the current market as illustrated in the below interest rate scales. Given our strong retail distribution network and relationships with Florida investors, the use of lower coupons on specific maturities could encourage retail participation. We can also explore bifurcating maturities, for example, selling bonds with 3.00% and 5.00% coupons in the same maturity to create bonds attractive to retail and institutional buyers. Such alternatives would be based on market conditions at the time of pricing. C. Interest Rate Scale. RBCCM’s proposed coupons and spreads to MMD based on market close on June 14, 2021, and an Aa2 rating by Moody’s are provided in the table below. In addition to the alternative couponing, we have also provided a scale based on an 8 year call. We will again work with the Town and its Financial Advisor to evaluate the optimal couponing and call structure for the Town based on market conditions as we move closer to pricing.

Example Series 2021 Bond Summary Statistics5.00%

Coupons4.00% and 5.00%


CouponsPar Amount $33,920,000 $36,305,000 $39,110,000All-In True Interest Cost 2.96% 2.66% 2.37%Arbitrage Yield 1.56% 1.67% 1.83%Project Fund $43,500,000 $43,500,000 $43,500,000Average Life (Years) 19.00 18.49 17.97Maximum Annual D/S $2,210,250 $2,125,000 $2,046,100Total Debt Service $66,151,006 $63,599,217 $61,224,137

Debt ServiceDate 5% Coupons 4-5% Coupons 3-5% Coupons

10/01/2022 $2,129,756 $2,041,617 $1,968,93710/01/2023 2,206,250 2,123,250 2,044,100 10/01/2024 2,209,500 2,122,000 2,042,600 10/01/2025 2,206,250 2,124,250 2,044,350 10/01/2026 2,206,750 2,124,750 2,044,100 10/01/2027 2,205,750 2,123,500 2,041,850 10/01/2028 2,208,250 2,120,500 2,042,600 10/01/2029 2,209,000 2,120,750 2,046,100 10/01/2030 2,208,000 2,124,000 2,042,100 10/01/2031 2,210,250 2,120,000 2,045,850 10/01/2032 2,205,500 2,124,000 2,041,850 10/01/2033 2,209,000 2,120,200 2,042,950 10/01/2034 2,205,250 2,125,000 2,043,000 10/01/2035 2,209,500 2,123,000 2,042,000 10/01/2036 2,206,250 2,124,400 2,044,950 10/01/2037 2,205,750 2,124,000 2,041,700 10/01/2038 2,207,750 2,121,800 2,042,400 10/01/2039 2,207,000 2,122,800 2,041,900 10/01/2040 2,208,500 2,121,800 2,045,200 10/01/2041 2,207,000 2,123,800 2,042,150 10/01/2042 2,207,500 2,123,600 2,042,900 10/01/2043 2,209,750 2,121,200 2,042,300 10/01/2044 2,208,500 2,121,600 2,045,350 10/01/2045 2,208,750 2,124,600 2,041,900 10/01/2046 2,210,250 2,125,000 2,042,100 10/01/2047 2,207,750 2,122,800 2,045,800 10/01/2048 2,206,250 2,123,000 2,042,850 10/01/2049 2,205,500 2,120,400 2,043,400 10/01/2050 2,205,250 2,120,000 2,042,300 10/01/2051 2,210,250 2,121,600 2,044,550

Total $66,151,006 $63,599,217 $61,224,137

Projected Pricing and Call Alternatives1

Non-Ad Valorem Revenue Bond Interest Rate Scales10-Year Call 8-Year Call

5.00% Coupons4.00% and 5.00%


Coupons 5.00% CouponsOct Int. Coupon Spread Yield Spread Yield Spread Yield Spread Yield

Year MMD (%) (bps) (%) (bps) (%) (bps) (%) (bps) (%)2022 0.06 5.00 12 0.18 0.18 0.18 0.182023 0.10 5.00 15 0.25 0.25 0.25 0.252024 0.19 5.00 18 0.37 0.37 0.37 0.372025 0.31 5.00 20 0.51 0.51 0.51 0.512026 0.42 5.00 22 0.64 0.64 0.64 0.642027 0.55 5.00 24 0.79 0.79 0.79 0.792028 0.66 5.00 26 0.92 0.92 0.92 0.922029 0.76 5.00 28 1.04 1.04 1.04 1.042030 0.85 5.00 30 1.15 1.15 1.15 15 1.002031 0.90 5.00 32 1.22 1.22 1.22 18 1.082032 0.93 5.00 34 1.27 40 1.33 55 1.48 20 1.132033 0.96 5.00 36 1.32 45 1.41 60 1.56 22 1.182034 0.99 5.00 38 1.37 50 1.49 65 1.64 25 1.242035 1.01 5.00 40 1.41 52 1.53 70 1.71 25 1.262036 1.04 5.00 40 1.44 55 1.59 72 1.76 25 1.292037 1.07 5.00 40 1.47 55 1.62 75 1.82 25 1.322038 1.10 5.00 40 1.50 55 1.65 78 1.88 25 1.352039 1.13 5.00 40 1.53 55 1.68 80 1.93 25 1.382040 1.17 5.00 40 1.57 55 1.72 80 1.97 25 1.422041 1.20 5.00 40 1.60 55 1.75 80 2.00 25 1.452046 1.34 5.00 40 1.74 55 1.89 80 2.14 25 1.592051 1.39 5.00 40 1.79 55 1.94 80 2.19 25 1.64

1Rates as of June 14, 202

13

D. Fixed Spread Price Proposal. Please see our response to the above item A. Proposed Underwriter’s Spread. Refinancing Opportunity. With interest rates near historic lows, RBCCM has updated our refunding analysis for the Town’s Series 2012 Water and Sewer Bonds as a taxable advance refunding and tax-exempt current forward refunding. A taxable advance refunding generates approximately $1.3 million of net present value savings, which is 4.99% of bonds refunded, and a tax-exempt forward refunding generates $1.7 million of net present value savings, which is 6.65% of bonds refunded. The annual savings are approximately $82,000 for a taxable refunding and $108,000 for tax-exempt forward refunding. We also believe that the Town may be able to refinance its SRF loan in conjunction with the Series 2012 refunding. We will continue to monitor these opportunities to achieve refunding savings for the Town. Refunding Summary Statistics - Series 2012 WS Bonds

Refunding TypeTaxable Advance

Refunding

Tax-Exempt Forward

RefundingRefunding Par $27,585,000 $20,820,000Refunded Par $26,335,000 $26,335,000All-In True Interest Cost 2.78% 2.88%Arbitrage Yield 2.69% 1.80%Negative Arbitrage $696,693 $113,469Refunding Efficiency 65.36% 93.92%Total Savings $1,715,757 $2,127,831Net Present Value Savings ($) $1,314,382 $1,751,386Net Present Value Savings (%) 4.99% 6.65%Approximate Annual Savings ($) $82,000 $108,000

Annual Savings

Maturity

Taxable Advance

Refunding

Tax-Exempt Forward

Refunding2022 83,647$ (35,163)$ 2023 79,019 107,806 2024 78,735 107,800 2025 83,501 108,300 2026 83,642 108,850 2027 83,008 109,500 2028 82,389 110,250 2029 82,195 106,850 2030 82,035 109,750 2031 81,788 108,800 2032 81,584 109,250 2033 79,427 109,113 2034 82,263 105,463 2035 80,090 108,638 2036 83,157 108,475 2037 82,850 107,300 2038 80,015 108,025 2039 81,258 105,800 2040 81,435 105,875 2041 80,450 108,475 2042 83,270 108,675 Total 1,715,757$ 2,127,831$

14

5. Additional Information (Limit 2 Pages) Davie Non-Ad Valorem Rating Analysis. RBCCM uses a research-based approach to identify factors considered critical by the rating agencies, as well as credit strengths and challenges unique to the Town of Davie and other Florida issuers, such as COVID, the tourism industry, sea level rise and hurricane risk. In the adjacent table are CBA ratings for select members of the Town’s peer group in the south Florida region and CBA ratings for a few other Florida cities. The CBA ratings for these peer group members are rated between the high single A category and AA. The Town does not have any public non-ad valorem revenue bonds outstanding and thus no rating. We will work with the Town to weigh which credit will obtain the highest rating and generate the most demand from investors. We have provided our preliminary views of Moody’s and S&P’s General Governmental scorecards based on the Town’s FY 2020 CAFR to illustrate the individual metrics. RBCCM’s anticipated ratings for the Town’s Non-Ad Valorem Revenue Bonds based on our interpretation are Aa2 for Moody’s and AA to AA+ range for S&P. While we believe that the Town only needs one rating for the transaction, it may wish to consider a CBA rating from S&P, as S&P revised its methodology in February 2018 to rate an issuer’s non-ad valorem debt at the same level as their view of an unlimited-tax general obligation bond rating (Source: S&P’s February 23, 2018 Ratings Direct Publication). The Town’s Water and Sewer ratings of AA by S&P and A1 by Moody’s may also be indicative of a higher non-ad valorem rating by S&P. While Davie’s Fitch ratings are no longer outstanding, Davie previously had a Limited GO rating of A- and an Unlimited GO rating of AA- from Fitch in 2011 (Source: Fitch’s December 14, 2011 rating report). We believe that such Fitch ratings would be higher if assigned today based on the Town’s improved financial position and economy. Davie’s tax base has recovered nicely since 2009 with FY22 values being the highest in history. The Town’s taxable assessed values have experienced a compounded annual growth rate of 6.30% from 2014 to 2021. Davie is uniquely positioned in Broward County with its growing tax base and above average resident wealth levels, combined with a strong financial position. The full value per capita is very healthy at approximately $149,000 and well above the national median. Davie’s CRA is performing exceptionally well, accounting for 43% of net new construction in FY21. The Town’s economic growth will continue, also driven by the new HCA hospital, buildout of Academical Village, Sierra Ranches by Lennar, other residential and mixed use projects such as Zona Village, on Davie Road, and the Bridge 595 industrial project. The Town has been very fiscally proactive, as evidenced by its resolution to maintain an emergency reserve equal to 25% of the General Fund budget, which is $36.6 million for the proposed FY22 budget. The Town is projecting to meet this target as of September 30, 2021, fully replenishing reserves to offset hurricane expenditures and freeing up its $1 million reserve contribution for other uses. The funding for the Town’s fire and Police pensions is projected to be over the 80% target at the end of FY21. The Town’s General Fund Five-Year Financial Forecast is also unique in Florida and a very strong management indicator for the rating agencies, and will be an excellent tool for the Town’s rating agency presentation.

Town of Davie, FL General Obligation - Moody's Rating MethodologyRating Aaa Aa A

Rationale Value 1 2 3Economy/Tax Base 30%Tax Base Size (Full Value) $15,699.4 billion 10% Full Value Per Capita $149,441 10% Wealth (median family income) 116% of US median 10% Subtotal 0.50 0.10 0.40 0.00

Finances 30%Fund Balance (% of revenues) 36.3% 10% Fund Balance Trend (5-year change) 28.7% 5% Cash Balance (% of revenues) 75.3% 10% Cash Balance Trend (5-year change) 19.2% 5% Subtotal 0.35 0.25 0.10 0.00

Management 20%

Institutional Framework Strong legal ability to match resources with spending 10%

Operating History (5-yr. Avg. Revs/Exps) 1.02x 10% Subtotal 0.40 0.00 0.40 0.00

Debt/Pensions 20%Debt to Full Value 0.21% 5% Debt to Revenue 0.20x 5% Moody's ANPL (3-year avg) to Full Value 1.64% 5% Moody's ANPL (3-year avg) to Revenue 1.63x 5% Subtotal 0.35 0.10 0.10 0.15

Total * 1.60 0.45 1.00 0.15Calculated Total * Aa1

Notch FactorsNon-Ad Valorem Revenue PledgeNotch Adjusted Non-Ad Valorem Rating * Aa2*Estimate based on RBCCM's interpretation of Moody's Rating Methodology for General Obligation Bonds based on its report titled U.S. Local Government General Obligation Debt (12/16/16). Actual Moody's ana may differ.

Town's Peer Rating Group - CBAMoody's S&P Fitch

Deerfield Beach - AA AA-Delray Beach Aa3 - -Hollywood A1 - A+Lauderhill - A+ -Pembroke Pines - AA -Pompano Beach Aa3 AA- -Sunrise Aa3 - AA-

OthersCape Coral Aa3 AA -Cutler Bay Aa3 - -Fort Myers A1 AA A+Lakeland Aa3 - AA-

Town of Davie Growth

Year Population%

ChangeTAV

($mm)%

Change2014 95,499 n/a 6,828 n/a2015 96,908 1.48% 7,317 7.16%2016 99,440 2.61% 7,750 5.93%2017 100,683 1.25% 8,385 8.19%2018 103,165 2.47% 9,082 8.31%2019 104,249 1.05% 9,669 6.46%2020 105,054 0.77% 10,297 6.49%2021 n/a n/a 10,825 5.13%2022 n/a n/a 11,131 2.83%

Source: FY 2020 CAFR and Proposed 2022 Budget

15

While the Town anticipated a net loss of $3.2 million in FY 2021 largely due to COVID impacts, the increase in taxable assessed values and grant and contribution funding offset declines in intergovernmental and program revenues, and the Town ended FY 2020 with a higher change in governmental net position than in FY 2019. The Town has an excellent story to tell the rating agencies on its resilience and commitment to financial responsibility in the face of the pandemic. In its December 7, 2020 Annual Comment, Moody’s noted that Davie’s credit position is very good and its Aa1 GO rating is higher than the median rating of Aa3 for US cities, citing its robust financial position, extensive tax base, strong wealth and income profile, low debt burden and moderate pension liability. Fort Myers $32,675,000 Tax-Exempt & $13,220,000 Taxable Capital Impr Rev Bonds, Series 2018AB

The Series 2018 Bonds are secured by a covenant to budget and appropriate from legally available non-ad valorem revenues and proceeds were used to

finance $37 million of capital projects and refund Series 2007 Bonds. The Series 2007 bonds had a previous security structure from many years ago that included a pledge of specific non-ad valorem revenues. More recently, RBCCM worked with the City to issue capital improvement bonds with a CBA, which simplified the structure. The City’s capital improvement bonds with the CBA also had higher ratings than the security on the Series 2007 Bonds. RBCCM recommended that the City issue a combined new money and refunding with a CBA, which resulted in S&P upgrading the credit two notches to “AA”, providing a significant pricing benefit to the City. In addition, RBCCM worked with the City to evaluate various structuring alternatives, taking into consideration the cost of financing of alternative couponing and call dates, and the City’s overall debt service profile. b. Statement of Assurance. RBCCM is not currently the subject of any matter asserting a violation of any statutes or regulatory rules which the Firm reasonably believes would impact the Firm’s operations as it pertains the services contemplated by the Request for Proposal. c. Litigation. RBCCM is an indirect, wholly-owned subsidiary of Royal Bank of Canada, a large global institution subject to many different legal and regulatory requirements in the United States, Canada and other jurisdictions. Our response to this question is limited to matters involving the Municipal Markets business of RBCCM, the broker-dealer through which we conduct our municipal underwriting and financial advisory activities. From time to time, RBCCM is a defendant or respondent in various litigations and arbitrations that arise in the ordinary course of business. RBCCM complies fully with its regulators in all litigations and arbitrations and in all settlements RBCCM reaches. The Financial Industry Regulatory Authority ("FINRA"), in furtherance of its responsibilities as the securities industry's self-regulatory organization pursuant to Section 15A(i) of the Securities Exchange Act of 1934, maintains a public database on registered broker-dealers and their associated persons known as BrokerCheck (http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/). The information made available through BrokerCheck is derived from the Central Registration Depository (CRD®), the securities industry online registration and licensing database. Information in CRD is obtained through forms that broker-dealers, their associated persons and regulators complete as part of the securities industry registration and licensing process, and to comply with comprehensive disclosure obligations imposed by FINRA and other regulators. RBCCM generally does not disclose litigations, arbitrations, or settlements except as required through CRD, and RBCCM makes no representations as to the existence or non-existence of any such litigations, arbitrations, or settlements beyond what is available through CRD. To the extent material to the financial results of Royal Bank of Canada, any litigation, arbitration, or settlement involving RBCCM also is disclosed in Royal Bank of Canada's financial statements, which may be obtained by visiting www.rbc.com/investorrelations/

Rating 1 2Rationale Value 0.5 to 1.5 1.5 to 2.5

Government Framework 10%Predictability Very Strong Predictability 2.5% Revenue and Expenditure Balance Strong Revenue and Expenditure Balance 2.5%

Transparency and AccountabilityState statutes or other provisions require

annual financial statements that comply with GAAP

2.5%

System Support Strong System Support from the state 2.5% Subtotal 0.15 0.05 0.10

Financial Management 20%

FMA FMA score of Good and none of the factors in scores 4 or 5 are present 20%

Subtotal 0.40 0.00 0.40

Economy 30%EBI as % of U.S. level 114% 15% TMV per Capita $150,253 15% Subtotal 0.60 0.00 0.60

Financial Measures 30%Budgetary Flexibility 92.06% 10% Budgetary Performance 10% Liquidity 10% Subtotal 0.40 0.20 0.20

Debt and Contingent Liabilities 10%Net Direct Debt as % of Gov Funds Rev 39.23% 5%

Total Gov Funds DS as % of Total Gov Funds Exp 4.75% 5%

Subtotal 0.15 0.05 0.10

Total 1.70 0.30 1.40Calculated Total AA/AA+

Davie, FL S&P Methodology & Assumptions, FY 2020 CAFR

Source: S&P U.S. Local Governments General Obligation Ratings (September 12, 2013). RBCCM's interpretation of S&P rating criteria. Actual S& rating may differ.

http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/

http://www.rbc.com/investorrelations/

Professional Resumes

Appendix A

A - 1 | T O W N O F D AV I E , F L O R I D A

Investment Banking Team

Name Title Location Years of Experience Years at RBCCM

Julie Santamaria Director St. Petersburg 27 27

Julie will lead RBCCM’s work with the Town of Davie. Julie Santamaria has been with RBC Capital Markets for 27 years and has been involved in financings for cities, counties, and other governmental entities throughout Florida totaling over $10 billion. Ms. Santamaria recently served as sole manager on Davie’s $47 million Taxable Water and Sewer Revenue Refunding Bonds in June 2020, Cutler Bay’s $13 million Series 2020 Capital Improvement Revenue Bonds and Ocoee’s $11.3 million Series 2020 Capital Improvement Revenue Bonds, and as senior manager on Hollywood’s $30 million Water and Sewer Refunding Bonds. Ms. Santamaria is currently engaged as sole manager for Oviedo’s $29 million Water and Sewer Revenue Bonds and Venice’s $18 million Water and Sewer Refunding Bonds. Ms. Santamaria’s recent experience with Florida governments includes:

• Davie • Hollywood • Oakland Park • Tamarac • Lauderhill • Miami Beach • Cutler Bay

• Venice • Homestead • Cape Coral • Fort Myers • Leesburg • Mount Dora • Tampa

• Ocoee • Sarasota County • Hillsborough County • Lee County • Hernando County • Polk County • E. Central Reg WW Treatment Dist (Palm Beach Co)

Ms. Santamaria has participated in numerous project financings utilizing covenant to budget and appropriate, general governmental pledged revenues, special taxes, tax increment revenues, fire assessments and enterprise funds. Julie Santamaria has extensive experience with enterprise funds such as utilities, having worked with clients on 5-year utility capital improvement plans, rate study design, special assessment methodology, water and sewer revenue bonds, and assessment revenue bonds.

Ms. Santamaria earned a BS from the University of Florida and an MBA from Stetson University, and her education includes study at Harvard University and Oxford University (England). Ms. Santamaria is a FINRA Registered General Securities Representative (Series 7), a Municipal Securities Principal (Series 53) and Municipal Advisor Representative (Series 50). She is has been a member of the MSRB’s Professional Qualifications Committee, which develops the tests for the licensing of municipal professionals, for 13 years. Ms. Santamaria is a Board Member and Assistant Treasurer for the National Women in Public Finance and a founding member of the Florida Women in Public Finance.

Matthew Sansbury Director St. Petersburg 19 19

Matthew Sansbury joined RBCCM in April 2021 with over 19 years of public finance experience, providing investment banking services to municipal issuers across Florida. Prior to joining RBCCM, Mr. Sansbury worked with such reputable firms as Hilltop Securities, Stifel Nicolaus and Raymond James. Mr. Sansbury has worked on over 250 financings within the State valued at a total par amount in excess of $32 billion. Mr. Sansbury’s financing experience includes the entire gamut of municipal credits including, but not limited to, bonds backed by an issuer’s covenant to budget and appropriate from all legally available non-ad valorem revenues (CB&A), ad valorem taxes, water and sewer system revenues, electric system revenues, stormwater system revenues, solid waste system revenues, parking revenues, gas taxes, sales taxes, guaranteed entitlement revenues, tourist development taxes, tax increment revenues and special assessments.

Throughout his career, Mr. Sansbury has worked with over 90 Florida issuers, consisting mostly of cities, counties and K-12 school districts. Mr. Sansbury has provided financing services to numerous cities across the State including, but not limited to, Cocoa, Daytona Beach, Eustis, Key Biscayne, Lauderhill, Leesburg, Madeira Beach, Naples, Ocoee, Orlando, Riviera Beach, St. Pete Beach, Tamarac and Tequesta.

Mr. Sansbury received a B.S. in Business Administration from the Warrington College of Business at the University of Florida and a M.B.A. from the University of South Florida. Mr. Sansbury is a registered securities representative, currently holding Series 7, 50, 53, 63 and 79 licenses.

Tom Berger Director New York 33 28


Mr. Berger has over 30 years investment banking experience having worked at RBC Capital Markets and its predecessor firms for the last 28 years. He is the head of the Department’s Quantitative Analysis Group and manager of its analyst program. Mr. Berger has particular expertise in cashflow analysis, refunding alternatives, derivative products, and investment strategies. He has worked with State agencies, counties and cities as well as a variety of revenue bond issuers. Previously, Mr. Berger worked in the Municipal Finance Departments at Artemis Capital Group, a women-owned firm acquired by RBC, and Goldman Sachs. Additionally, he worked in the Financial Strategies Group at Merrill Lynch. Mr. Berger is a registered securities representative, currently holding Series 7, 53, 63 and 65 licenses. He received his B.S. from the Sloan School of Management, M.I.T and his M.B.A. from the Kellogg Graduate School of Management, Northwestern University.

Tom Banerjee Director New York 12 12

Mr. Banerjee has over 12 years’ experience developing and executing debt financings for a wide range of public sector borrowers. He has personally structured and developed debt products for over $11 billion in sole and senior managed transactions. Additionally, he was also a part of the financial advisory team for the North Texas Tollway Authority and the Ohio Housing Finance Agency and has provided quantitative and analytic solutions for these issuers in over $6 billion of financings over the past 12 years.

More recently, Mr. Banerjee has been involved in prepaid gas financings utilizing a variable rate gas discount structure totaling nearly $3.5 billion that benefits major U.S. public power agencies, gas utilities, school districts and counties. He played a leading role in these complex transactions, developing analytic models for the issuer and rating agencies, and coordinating transaction execution. Additionally, Mr. Banerjee has worked on a variety of transactions for government issuers related to utilities, higher education, transportation and general obligation debt. Mr. Banerjee has also participated in housing finance transactions in a financial advisory capacity. His responsibilities have included structuring taxable arbitrage transactions, developing mortgage analytics and deal structuring software related to underwriting new transactions and analyzing existing issues for cash flow sufficiency and yield compliance.

Mr. Banerjee is a registered securities representative, holding Series 7 and Series 63 licenses. Mr. Banerjee holds a B.E in Computer Engineering from Stevens Institute of Technology (2006) and a Master’s of Science in Finance and Economics from Stanford University (2008).

Andrew Devenbeck Associate St. Petersburg 4 4

Mr. Devenbeck joined RBCCM in 2017 following an internship in the Municipal Finance Program with the firm. He provides research, structuring, and execution support to the investment banking team. Andrew primarily covers Florida issuers and has worked for clients that include the Town of Davie, City of Hollywood, City of Lauderhill, City of Oakland Park, City of Venice, City of Mount Dora, Broward County, Miami-Dade County, Polk County, Hernando County, Escambia County, Okaloosa County, Hillsborough County Aviation Authority, Central Florida Expressway Authority, and Sarasota County. Mr. Devenbeck graduated from the University of Florida with a B.S. in Accounting and an M.S. in Finance. He is currently registered with the Financial Industry Regulatory Authority, Inc. (FINRA) with Series 7, 50, 52, 63, and 79 securities licenses.

Municipal Underwriting, Sales and Trading

Name Title Location Years of Experience Years at RBCCM

Jaime Durando Managing Director New York 37 14

Jaime Durando is a Managing Director and Head of Municipal Syndication for RBC Capital Markets. His primary responsibilities include RBCCM’s underwriting engagements for major transactions nationally. Mr. Durando has over 30 years of experience in municipal underwriting and trading, having directed senior managed transactions in excess of $100 billion in municipal debt during his career. Prior to joining RBC Capital Markets in 2006, Mr. Durando spent his career at Wachovia Bank and its predecessor organizations where he was a Managing Director and Manager of Municipal Trading and Underwriting.

Mr. Durando graduated from the University of Delaware in 1980 with a BS-Finance degree and Seton Hall University in 1984 with an MBA-Finance. Mr. Durando currently holds Series 7, 63, and 53 securities licenses.

Glenn McGowan Director New York 13 7


Glenn McGowan is a member of the RBC underwriting practice based in New York. Mr. McGowan has over 13 years’ experience leading tax-exempt and/or taxable offerings in the general government, transportation, airport, infrastructure, public power, higher education, corporate-related, and housing sectors of the municipal market. Mr. McGowan's experience as a lead manager includes large issuers as well as middle-market clients.

Since joining RBC, Mr. McGowan has led numerous transactions for municipal issuers across the country. Prior to joining RBC, Mr. McGowan served as the senior municipal underwriter at TD Securities. Prior to TD, Mr. McGowan was a taxable and tax-exempt municipal underwriter at Goldman Sachs, where he played a key role in leading many of the largest Build America Bond and Qualified School Construction Bond offerings that came to market. Mr. McGowan holds FINRA Series 7, 63, and 79 licenses. Mr. McGowan graduated magna cum laude from the College of the Holy Cross in Worcester, MA, with a B.A. in economics-accounting.

Karl Hummel Managing Director New York 25 12

Prior to joining RBC in September of 2008, Karl was an Executive VP at UBS and Senior Institutional Salesperson at UBS and Goldman Sachs. Karl has primary coverage responsibility for some of the firm’s key institutional account relationships on the municipal side. In addition to maintaining his position as an institutional salesperson, he assumed the responsibilities of Manager, Institutional Sales at RBC Capital Markets in May 2010. Karl holds a Finance degree from the University of California at Berkeley. He also holds the following certifications: Series 7, 24, 53 and 63.

RBCCM’s Deal List since January 1, 2018

Appendix B

RBCCM Florida Underwriting Experience since 2018

Sale DatePar Amount

($mm) Issuer Issue DescriptionRole of RBCCM Series

01/22/2018 $12.0 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2017 Series G

02/14/2018 104.0 Palm Beach Co School Board Certificates of Participation Co-Manager Series 2018 B

02/21/2018 14.0 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2018 Series B

02/23/2018 3.5 Westside Community Dev Dt Special Assessment Revenue Bonds Sole Series 2018

06/01/2018 6.6 Escambia Co Housing Finance Auth Multi-Family Housing Rev Bonds Sole Series 2018

06/26/2018 18.0 Tamarac City-Florida Capital Improvement Rev Bonds Co-Manager Series 2018

06/27/2018 12.5 Jacksonville Housing Fin Auth (JHFA) Multi-Family Housing Rev Bonds Sole Series 2018

07/12/2018 140.7 Davie Town-Florida Educational Fac Rev & Ref Bonds Co-Manager Series 2018

07/25/2018 125.0 Florida Housing Finance Corp Homeowner Mortgage Rev Bonds Co-Manager 2018 Series 1

08/16/2018 28.0 Florida Housing Finance Corp Multi-Family Housing Rev Bonds Sole 2018 Series F

08/16/2018 4.2 Miami-Dade Co-Florida Aviation Revenue Refunding Bonds Co-Manager Series 2018 B

08/16/2018 19.7 Miami-Dade Co-Florida Aviation Revenue Refunding Bonds Co-Manager Series 2018 A

08/16/2018 766.8 Miami-Dade Co-Florida Aviation Revenue Refunding Bonds Co-Manager Series 2018 C

08/28/2018 20.0 St Lucie Co SD TANs Sole Series 2018

09/26/2018 82.5 Pinellas Co SD TANs Sole Series 2018

10/18/2018 20.0 Orange Co Housing Finance Auth Homeowner Revenue Bonds Senior Series 2018 A

10/23/2018 160.9 Hillsborough Co Aviation Auth Revenue Bonds Co-Manager 2018 Series F

10/23/2018 242.6 Hillsborough Co Aviation Auth Subordinate & Revenue Bonds Co-Manager 2018 Series A & E

10/24/2018 81.6 Jacksonville Housing Fin Auth (JHFA) Multi-Family Housing Rev Bonds Sole Series 2018 A & B

11/15/2018 12.2 Mount Dora City-Florida Capital Improvement Revenue Bonds Senior Series 2018


11/16/2018 41.5 Escambia Co-Florida Capital Improvement Ref Bonds Senior Series 2018

11/16/2018 221.0 Central Florida Expressway Au Senior Lien Revenue Bonds Senior Series 2018

11/23/2018 14.0 Miami-Dade Co Housing Fin Auth Multi-Family Housing Rev Bonds Sole Series 2018


01/16/2019 233.3 Miami-Dade Co-Florida Water & Sewer System Rev Bonds Co-Manager Series 2019

02/21/2019 9.2 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole Series 2019 A

03/22/2019 26.0 Orange Co Housing Finance Auth Multi-Family Housing Rev Bonds Sole 2019 Series A

03/28/2019 15.0 Escambia Co Housing Finance Auth Single Family Mortgage Rev Bonds Sole 2019 Series A

03/28/2019 38.7 Sarasota Co-Florida Utility System Revenue Ref Bonds Co-Manager Series 2019 A

04/16/2019 247.0 Martin Co Health Facs Authority Hospital Revenue Bonds Co-Manager Series 2019 A

05/08/2019 38.8 Martin Co-Florida Half-Cent Sales Tax Revenue Bonds Senior Series 2019

05/10/2019 212.7 Miami-Dade Co-Florida Aviation Revenue Ref Bonds Co-Manager Series 2019 B

05/10/2019 282.2 Miami-Dade Co-Florida Aviation Revenue Bonds Co-Manager Series 2019 A

05/14/2019 1.9 Escambia Co Housing Finance Auth Multi-Family Housing Rev Notes Sole Series 2019 B-2

05/14/2019 2.5 Escambia Co Housing Finance Auth Multi-Family Housing Rev Notes Sole Series 2019 B-1

05/14/2019 11.3 Escambia Co Housing Finance Auth Multi-Family Housing Rev Notes Sole Series 2019 A


06/19/2019 15.0 Pinellas Co Housing Fin Auth Single Family Housing Rev Bonds Senior 2019 Series A

06/21/2019 2.2 Florida Housing Finance Corp Multi-Family Housing Rev Bonds Sole 2019 Series D-1

06/21/2019 16.2 Florida Housing Finance Corp Multi-Family Housing Rev Bonds Sole 2019 Series D-2


07/24/2019 6.0 Lauderhill City-Florida Half-Cent Sales Tax Rev Bonds Sole Series 2019 B

07/24/2019 10.4 Lauderhill City-Florida Half-Cent Sales Tax Rev Bonds Sole Series 2019 A


08/13/2019 15.0 Indian River Co SD TANs Sole Series 2019

08/14/2019 22.0 Broward Co Housing Finance Auth Multi-Family Housing Rev Bonds Senior 2019 Series B

08/16/2019 38.3 Okaloosa Co-Florida Sales Tax Ref & Imp Revenue Bonds Sole Series 2019

08/21/2019 7.3 Pinellas Co Housing Fin Auth Multi-Family Housing Rev Bonds Sole Series 2019 B

08/21/2019 9.8 Pinellas Co Housing Fin Auth Multi-Family TE Mtg Backed Bonds Sole Series 2019 A

08/23/2019 27.1 Miami-Dade Co-Florida Aviation Revenue Refunding Bonds Co-Manager Series 2019 C & D

08/23/2019 360.5 Miami-Dade Co-Florida Aviation Revenue Refunding Bonds Co-Manager Series 2019 E

09/11/2019 20.2 Broward Co-Florida Sub Port Facilities Ref Rev Bonds Senior Series 2019 D

09/11/2019 40.6 Broward Co-Florida Port Facilities Ref Rev Bonds Senior Series 2019 C

09/11/2019 101.2 Broward Co-Florida Port Facilities Revenue Bonds Senior Series 2019 A


Sale DatePar Amount


09/11/2019 328.7 Broward Co-Florida Port Facilities Revenue Bonds Senior Series 2019 B

09/17/2019 11.0 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2019 Series G

09/20/2019 1,135.4 Greater Orlando Aviation Auth Airport Facilities Revenue Bonds Co-Manager Series 2019 A


10/02/2019 10.7 Oakland Park City-Florida Water & Sewer Revenue Bonds Sole Series 2019

10/17/2019 14.5 Broward Co Housing Finance Auth Multi-Family Housing Rev Bonds Senior 2019 Series C

10/22/2019 84.1 St Johns Co School Board Certificates of Participation Co-Manager Series 2019 A

10/24/2019 548.1 Miami-Dade Co-Florida Water & Sewer Sys Rev Ref Bonds Co-Manager Series 2019 C

10/24/2019 663.9 Miami-Dade Co-Florida Water & Sewer System Rev Bonds Co-Manager Series 2019 B

10/25/2019 40.0 Florida Housing Finance Corp Multi-Family Housing Bonds Sole 2019 Series J

10/31/2019 6.5 Escambia Co Housing Finance Auth Single Family Mortgage Rev Bonds Sole 2019 Series C

10/31/2019 14.0 Escambia Co Housing Finance Auth Single Family Mortgage Rev Bonds Sole 2019 Series B

11/08/2019 570.9 Central Florida Expressway Au Senior Lien Revenue Bonds Senior Series 2019 A & B

11/14/2019 26.5 Florida Housing Finance Corp Multi-Family Mtg Hsg Rev Note Sole 2019 Series O

11/14/2019 38.2 Florida Housing Finance Corp Multi-Family Housing Rev Note Sole 2019 Series N

12/13/2019 6.5 Escambia Co Housing Finance Auth Multi-Family Housing Rev Bonds Sole Series 2019

01/10/2020 14.0 Florida Housing Finance Corp Multi-Family Housing Rev Bonds Sole 2020 Series A

03/05/2020 103.4 Clay Co-Florida Sales Surtax Revenue Bonds Co-Manager Series 2020

03/31/2020 15.3 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2020 Series F

04/17/2020 11.8 Leon Co Housing Finance Auth Multi-Family Housing Rev Bonds Sole Series 2020


05/01/2020 26.7 Citrus Co-Florida Capital Imp Rev & Ref Bonds Co-Manager Series 2020

05/06/2020 103.8 Palm Beach Co School Board Certificates of Participation Co-Manager Series 2020 A

05/14/2020 56.7 Hillsborough Co School Board Ref Certificates of Participation Co-Manager Series 2020 A

05/14/2020 76.5 Hillsborough Co School Board Ref Certificates of Participation Co-Manager Series 2020 B

05/28/2020 15.2 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2020 Series G

06/02/2020 26.0 Oakland Park City-Florida General Obligation Bonds Sole Series 2020

06/09/2020 47.7 Davie Town-Florida Water & Sewer Revenue Ref Bonds Sole Series 2020



06/30/2020 21.5 Jacksonville Housing Fin Auth (JHFA) Multi-Family Housing Rev Bonds Sole Series 2020 A & B

07/09/2020 26.6 Jacksonville Electric Authority (JEA) Water & Sewer Sys Sub Rev Bonds Co-Manager 2020 Series A

07/09/2020 104.0 Jacksonville Electric Authority (JEA) Water & Sewer System Rev Bonds Co-Manager 2020 Series A

07/10/2020 221.7 Jacksonville Electric Authority (JEA) Electric System & Sub Rev Bonds Co-Manager 2020&Series 3 2020 A

07/21/2020 71.5 Pasco Co School Board Ref Certificates of Participation Sole Series 2020 B

07/27/2020 42.4 Orange Co Housing Finance Auth Multi-Family Housing Rev Bonds Sole 2020 Series B

07/29/2020 25.0 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2020 Series I

08/18/2020 105.5 Jacksonville City-Florida Special Revenue & Ref Bonds Co-Manager Series 2020 C

08/18/2020 139.3 Jacksonville City-Florida Special Revenue & Ref Bonds Co-Manager Series 2020 A & B

08/19/2020 0.5 Florida Development Fin Corp Educational Facs Rev Bonds Sole Series 2020 B

08/19/2020 14.0 Florida Development Fin Corp Educational Facs Rev Bonds Sole Series 2020 A

09/11/2020 8.0 Orange Co Housing Finance Auth Homeowner Revenue Bonds Senior Series 2020 A

09/11/2020 12.2 Orange Co Housing Finance Auth Homeowner Revenue Bonds Senior Series 2020 B

09/22/2020 125.0 Florida Housing Finance Corp Homeowner Mtg Rev Bonds Co-Manager 2020 Series 2

09/23/2020 21.6 Pinellas Co Housing Fin Auth Multi-Family Housing Rev Bonds Sole Series 2020

09/24/2020 475.0 Miami-Dade Co SD TANs Senior Series 2020

09/30/2020 45.0 St Johns Co School Board Certificates of Participation Co-Manager Series 2020 A


10/15/2020 30.4 Hollywood City-Florida Water and Sewer Ref Revenue Bonds Senior Series 2020

10/15/2020 35.4 Jacksonville Transportation Auth Sr Ln Local Opt Gas Tax Rev Bonds Co-Manager Series 2020

10/16/2020 11.3 Ocoee City-Florida Capital Improvement Rev Bonds Sole Series 2020

10/16/2020 100.8 Hillsborough Co Ind Dev Auth Hospital Revenue Bonds Co-Manager Series 2020 B

10/16/2020 438.3 Hillsborough Co Ind Dev Auth Hospital Revenue Bonds Co-Manager Series 2020 A

10/22/2020 12.9 Cutler Bay-Florida Capital Improvement Rev Bonds Sole Series 2020

10/27/2020 85.0 Pinellas Co SD TANs Sole Series 2020


Sale DatePar Amount


10/29/2020 11.8 Florida Housing Finance Corp Multi-Family Mortgage Rev Notes Sole 2020 Series N

11/13/2020 28.4 Oviedo City-Florida Utility Refunding & Revenue Bonds Senior Series 2020 A


12/03/2020 44.7 Sarasota Co-Florida Utility System Rev Ref Bonds Co-Manager Series 2020 B

12/03/2020 61.3 Sarasota Co-Florida Utility System Revenue Bonds Co-Manager Series 2020 A

12/09/2020 17.8 Venice City-Florida Utility System Ref Rev Bonds Sole Series 2020

12/10/2020 253.3 Miami-Dade Co-Florida Sub Special Obligaition Ref Bonds Co-Manager Series 2021 A & B

12/10/2020 253.3 Miami-Dade Co-Florida Sub Special Obligaition Ref Bonds Co-Manager Series 2021 A & B

12/14/2020 22.5 Florida Housing Finance Corp Multi-Family Mortgage Rev Note Sole 2020 Series O

12/18/2020 12.0 Hillsborough Co Housing Fin Auth Multi-Family Housing Rev Note Sole Series 2020 A & B

01/12/2021 24.0 Florida Housing Finance Corp Multi-Family Mortgage Rev Bonds Sole 2020 Series A

01/15/2021 43.0 Miami-Dade Co Housing Fin Auth Multi-Family Housing Rev Bonds Sole Seires 2021

01/21/2021 59.8 Pinellas Co School Board Certificates of Participation Co-Manager Series 2021 A

02/10/2021 64.0 Collier Co Housing Finance Auth Multi-Family Mortgage Rev Bonds Sole Series 2021


02/18/2021 74.1 Pasco Co-Florida 2nd Local Option Fuel Ref Bonds Co-Manager Series 2021

02/24/2021 38.0 St Lucie Co Housing Fin Auth Multi-Family Housing Rev Bonds Sole Seires 2021

02/26/2021 3.3 Florida Housing Finance Corp Mortgage Revenue Notes Sole 2021 Series C-1&C-2

02/26/2021 21.4 Florida Housing Finance Corp Mortgage Revenue Notes Sole Series B-1 & B-2

03/26/2021 35.8 Hillsborough Co Housing Fin Auth Multi-Family Housing Rev Notes Sole Series 2021

04/07/2021 548.2 Central Florida Expressway Au Sr Lien Refunding Rev Bonds Senior Series 2021

04/15/2021 8.0 Brevard Co Housing Finance Auth Multi-Family Mortgage Rev Bonds Sole Series 2021


05/20/2021 8.0 Pinellas Co Housing Fin Auth Single Family Housing Rev Bonds Senior 2021 Series A

05/20/2021 8.8 Pinellas Co Housing Fin Auth Single Family Housing Rev Bonds Senior 2021 Series B

05/27/2021 67.4 Pasco Co School Board Ref Certificates of Participation Co-Manager Series 2021 A

06/14/2021 19.3 Hillsborough Co Housing Fin Auth Multi-Family Housing Rev Bonds Sole Series 2021

$12,600.9

Detailed Numbers

Appendix C

Jun 16, 2021 11:39 am Prepared by RBC Capital Markets

TABLE OF CONTENTS

Town of Davie, FloridaSpecial Obligation Bonds, Series 2021

5% Coupons

Report Page

Sources and Uses of Funds ............................ 1

Bond Summary Statistics ............................. 2

Bond Pricing .................................. 3

Bond Debt Service ................................ 4

Jun 16, 2021 11:39 am Prepared by RBC Capital Markets Page 1

SOURCES AND USES OF FUNDS


5% Coupons

Dated Date 10/14/2021Delivery Date 10/14/2021

Sources:

Bond Proceeds:Par Amount 33,920,000.00Premium 9,911,956.65

43,831,956.65

Uses:

Project Fund Deposits:Town Hall 34,000,000.00Davie Wetlands Park 9,500,000.00

43,500,000.00

Delivery Date Expenses:Cost of Issuance 200,000.00Underwriter's Discount 128,052.24

328,052.24

Other Uses of Funds:Contingency 3,904.41

43,831,956.65


BOND SUMMARY STATISTICS


5% Coupons

Dated Date 10/14/2021Delivery Date 10/14/2021First Coupon 04/01/2022Last Maturity 10/01/2051

Arbitrage Yield 1.563396%True Interest Cost (TIC) 2.926448%Net Interest Cost (NIC) 3.482222%All-In TIC 2.961771%Average Coupon 5.000000%

Average Life (years) 19.004Weighted Average Maturity (years) 19.131Duration of Issue (years) 13.189

Par Amount 33,920,000.00Bond Proceeds 43,831,956.65Total Interest 32,231,005.56Net Interest 22,447,101.15Total Debt Service 66,151,005.56Maximum Annual Debt Service 2,210,250.00Average Annual Debt Service 2,207,690.92

Underwriter's Fees (per $1000) Average Takedown 3.124631 Other Fee 0.650494

Total Underwriter's Discount 3.775125

Bid Price 128.844058

Par Average Average PV of 1 bpBond Component Value Price Coupon Life change

Bond Component 16,870,000.00 129.035 5.000% 12.071 15,568.50Term Bond due 2046 7,495,000.00 129.703 5.000% 23.062 7,944.70Term Bond due 2051 9,555,000.00 129.174 5.000% 28.062 10,128.30

33,920,000.00 19.004 33,641.50

All-In ArbitrageTIC TIC Yield

Par Value 33,920,000.00 33,920,000.00 33,920,000.00 + Accrued Interest + Premium (Discount) 9,911,956.65 9,911,956.65 9,911,956.65 - Underwriter's Discount -128,052.24 -128,052.24 - Cost of Issuance Expense -200,000.00 - Other Amounts

Target Value 43,703,904.41 43,503,904.41 43,831,956.65

Target Date 10/14/2021 10/14/2021 10/14/2021Yield 2.926448% 2.961771% 1.563396%


BOND PRICING


5% Coupons

Maturity Yield to PremiumBond Component Date Amount Rate Yield Price Maturity (-Discount) Takedown

Bond Component:10/01/2022 495,000 5.000% 0.180% 104.639 22,963.05 2.00010/01/2023 535,000 5.000% 0.250% 109.299 49,749.65 2.00010/01/2024 565,000 5.000% 0.370% 113.635 77,037.75 2.00010/01/2025 590,000 5.000% 0.510% 117.596 103,816.40 2.00010/01/2026 620,000 5.000% 0.640% 121.268 131,861.60 2.50010/01/2027 650,000 5.000% 0.790% 124.478 159,107.00 2.50010/01/2028 685,000 5.000% 0.920% 127.460 188,101.00 2.50010/01/2029 720,000 5.000% 1.040% 130.190 217,368.00 2.50010/01/2030 755,000 5.000% 1.150% 132.702 246,900.10 2.50010/01/2031 795,000 5.000% 1.220% 135.362 281,127.90 2.50010/01/2032 830,000 5.000% 1.270% 134.805 C 1.538% 288,881.50 3.00010/01/2033 875,000 5.000% 1.320% 134.251 C 1.804% 299,696.25 3.00010/01/2034 915,000 5.000% 1.370% 133.700 C 2.030% 308,355.00 3.00010/01/2035 965,000 5.000% 1.410% 133.261 C 2.217% 320,968.65 3.00010/01/2036 1,010,000 5.000% 1.440% 132.933 C 2.372% 332,623.30 3.00010/01/2037 1,060,000 5.000% 1.470% 132.606 C 2.509% 345,623.60 3.00010/01/2038 1,115,000 5.000% 1.500% 132.279 C 2.629% 359,910.85 3.00010/01/2039 1,170,000 5.000% 1.530% 131.954 C 2.736% 373,861.80 3.00010/01/2040 1,230,000 5.000% 1.570% 131.522 C 2.839% 387,720.60 3.00010/01/2041 1,290,000 5.000% 1.600% 131.199 C 2.926% 402,467.10 3.000

16,870,000 4,898,141.10

Term Bond due 2046:10/01/2042 1,355,000 5.000% 1.740% 129.703 C 3.253% 402,475.65 3.50010/01/2043 1,425,000 5.000% 1.740% 129.703 C 3.253% 423,267.75 3.50010/01/2044 1,495,000 5.000% 1.740% 129.703 C 3.253% 444,059.85 3.50010/01/2045 1,570,000 5.000% 1.740% 129.703 C 3.253% 466,337.10 3.50010/01/2046 1,650,000 5.000% 1.740% 129.703 C 3.253% 490,099.50 3.500

7,495,000 2,226,239.85


9,555,000 2,787,575.70

33,920,000 9,911,956.65

Dated Date 10/14/2021Delivery Date 10/14/2021First Coupon 04/01/2022

Par Amount 33,920,000.00Premium 9,911,956.65

Production 43,831,956.65 129.221570%Underwriter's Discount -128,052.24 -0.377513%

Purchase Price 43,703,904.41 128.844058%Accrued Interest

Net Proceeds 43,703,904.41


BOND DEBT SERVICE


5% Coupons


Period AnnualEnding Principal Coupon Interest Debt Service Debt Service

04/01/2022 786,755.56 786,755.5610/01/2022 495,000 5.000% 848,000.00 1,343,000.00 2,129,755.5604/01/2023 835,625.00 835,625.0010/01/2023 535,000 5.000% 835,625.00 1,370,625.00 2,206,250.0004/01/2024 822,250.00 822,250.0010/01/2024 565,000 5.000% 822,250.00 1,387,250.00 2,209,500.0004/01/2025 808,125.00 808,125.0010/01/2025 590,000 5.000% 808,125.00 1,398,125.00 2,206,250.0004/01/2026 793,375.00 793,375.0010/01/2026 620,000 5.000% 793,375.00 1,413,375.00 2,206,750.0004/01/2027 777,875.00 777,875.0010/01/2027 650,000 5.000% 777,875.00 1,427,875.00 2,205,750.0004/01/2028 761,625.00 761,625.0010/01/2028 685,000 5.000% 761,625.00 1,446,625.00 2,208,250.0004/01/2029 744,500.00 744,500.0010/01/2029 720,000 5.000% 744,500.00 1,464,500.00 2,209,000.0004/01/2030 726,500.00 726,500.0010/01/2030 755,000 5.000% 726,500.00 1,481,500.00 2,208,000.0004/01/2031 707,625.00 707,625.0010/01/2031 795,000 5.000% 707,625.00 1,502,625.00 2,210,250.0004/01/2032 687,750.00 687,750.0010/01/2032 830,000 5.000% 687,750.00 1,517,750.00 2,205,500.0004/01/2033 667,000.00 667,000.0010/01/2033 875,000 5.000% 667,000.00 1,542,000.00 2,209,000.0004/01/2034 645,125.00 645,125.0010/01/2034 915,000 5.000% 645,125.00 1,560,125.00 2,205,250.0004/01/2035 622,250.00 622,250.0010/01/2035 965,000 5.000% 622,250.00 1,587,250.00 2,209,500.0004/01/2036 598,125.00 598,125.0010/01/2036 1,010,000 5.000% 598,125.00 1,608,125.00 2,206,250.0004/01/2037 572,875.00 572,875.0010/01/2037 1,060,000 5.000% 572,875.00 1,632,875.00 2,205,750.0004/01/2038 546,375.00 546,375.0010/01/2038 1,115,000 5.000% 546,375.00 1,661,375.00 2,207,750.0004/01/2039 518,500.00 518,500.0010/01/2039 1,170,000 5.000% 518,500.00 1,688,500.00 2,207,000.0004/01/2040 489,250.00 489,250.0010/01/2040 1,230,000 5.000% 489,250.00 1,719,250.00 2,208,500.0004/01/2041 458,500.00 458,500.0010/01/2041 1,290,000 5.000% 458,500.00 1,748,500.00 2,207,000.0004/01/2042 426,250.00 426,250.0010/01/2042 1,355,000 5.000% 426,250.00 1,781,250.00 2,207,500.0004/01/2043 392,375.00 392,375.0010/01/2043 1,425,000 5.000% 392,375.00 1,817,375.00 2,209,750.0004/01/2044 356,750.00 356,750.0010/01/2044 1,495,000 5.000% 356,750.00 1,851,750.00 2,208,500.0004/01/2045 319,375.00 319,375.0010/01/2045 1,570,000 5.000% 319,375.00 1,889,375.00 2,208,750.0004/01/2046 280,125.00 280,125.0010/01/2046 1,650,000 5.000% 280,125.00 1,930,125.00 2,210,250.0004/01/2047 238,875.00 238,875.0010/01/2047 1,730,000 5.000% 238,875.00 1,968,875.00 2,207,750.0004/01/2048 195,625.00 195,625.0010/01/2048 1,815,000 5.000% 195,625.00 2,010,625.00 2,206,250.0004/01/2049 150,250.00 150,250.0010/01/2049 1,905,000 5.000% 150,250.00 2,055,250.00 2,205,500.0004/01/2050 102,625.00 102,625.0010/01/2050 2,000,000 5.000% 102,625.00 2,102,625.00 2,205,250.0004/01/2051 52,625.00 52,625.0010/01/2051 2,105,000 5.000% 52,625.00 2,157,625.00 2,210,250.00

33,920,000 32,231,005.56 66,151,005.56 66,151,005.56


BOND DEBT SERVICE


5% Coupons


PeriodEnding Principal Coupon Interest Debt Service

10/01/2022 495,000 5.000% 1,634,755.56 2,129,755.5610/01/2023 535,000 5.000% 1,671,250.00 2,206,250.0010/01/2024 565,000 5.000% 1,644,500.00 2,209,500.0010/01/2025 590,000 5.000% 1,616,250.00 2,206,250.0010/01/2026 620,000 5.000% 1,586,750.00 2,206,750.0010/01/2027 650,000 5.000% 1,555,750.00 2,205,750.0010/01/2028 685,000 5.000% 1,523,250.00 2,208,250.0010/01/2029 720,000 5.000% 1,489,000.00 2,209,000.0010/01/2030 755,000 5.000% 1,453,000.00 2,208,000.0010/01/2031 795,000 5.000% 1,415,250.00 2,210,250.0010/01/2032 830,000 5.000% 1,375,500.00 2,205,500.0010/01/2033 875,000 5.000% 1,334,000.00 2,209,000.0010/01/2034 915,000 5.000% 1,290,250.00 2,205,250.0010/01/2035 965,000 5.000% 1,244,500.00 2,209,500.0010/01/2036 1,010,000 5.000% 1,196,250.00 2,206,250.0010/01/2037 1,060,000 5.000% 1,145,750.00 2,205,750.0010/01/2038 1,115,000 5.000% 1,092,750.00 2,207,750.0010/01/2039 1,170,000 5.000% 1,037,000.00 2,207,000.0010/01/2040 1,230,000 5.000% 978,500.00 2,208,500.0010/01/2041 1,290,000 5.000% 917,000.00 2,207,000.0010/01/2042 1,355,000 5.000% 852,500.00 2,207,500.0010/01/2043 1,425,000 5.000% 784,750.00 2,209,750.0010/01/2044 1,495,000 5.000% 713,500.00 2,208,500.0010/01/2045 1,570,000 5.000% 638,750.00 2,208,750.0010/01/2046 1,650,000 5.000% 560,250.00 2,210,250.0010/01/2047 1,730,000 5.000% 477,750.00 2,207,750.0010/01/2048 1,815,000 5.000% 391,250.00 2,206,250.0010/01/2049 1,905,000 5.000% 300,500.00 2,205,500.0010/01/2050 2,000,000 5.000% 205,250.00 2,205,250.0010/01/2051 2,105,000 5.000% 105,250.00 2,210,250.00

33,920,000 32,231,005.56 66,151,005.56


TABLE OF CONTENTS


4-5% Coupons

Report Page



Bond Pricing .................................. 3





4-5% Coupons


Sources:


43,835,366.70

Uses:


43,500,000.00


334,894.37

Other Uses of Funds:Contingency 472.33

43,835,366.70




4-5% Coupons










36,305,000.00 18.493 34,054.20



Target Value 43,700,472.33 43,500,472.33 43,835,366.70



BOND PRICING


4-5% Coupons


Bond Component:10/01/2022 570,000 5.000% 0.180% 104.639 26,442.30 2.00010/01/2023 625,000 5.000% 0.250% 109.299 58,118.75 2.00010/01/2024 655,000 5.000% 0.370% 113.635 89,309.25 2.00010/01/2025 690,000 5.000% 0.510% 117.596 121,412.40 2.00010/01/2026 725,000 5.000% 0.640% 121.268 154,193.00 2.50010/01/2027 760,000 5.000% 0.790% 124.478 186,032.80 2.50010/01/2028 795,000 5.000% 0.920% 127.460 218,307.00 2.50010/01/2029 835,000 5.000% 1.040% 130.190 252,086.50 2.50010/01/2030 880,000 5.000% 1.150% 132.702 287,777.60 2.50010/01/2031 920,000 5.000% 1.220% 135.362 325,330.40 2.50010/01/2032 970,000 4.000% 1.330% 124.838 C 1.530% 240,928.60 3.00010/01/2033 1,005,000 4.000% 1.410% 123.996 C 1.766% 241,159.80 3.00010/01/2034 1,050,000 4.000% 1.490% 123.161 C 1.967% 243,190.50 3.00010/01/2035 1,090,000 4.000% 1.530% 122.745 C 2.111% 247,920.50 3.00010/01/2036 1,135,000 4.000% 1.590% 122.125 C 2.250% 251,118.75 3.00010/01/2037 1,180,000 4.000% 1.620% 121.817 C 2.353% 257,440.60 3.00010/01/2038 1,225,000 4.000% 1.650% 121.509 C 2.444% 263,485.25 3.00010/01/2039 1,275,000 4.000% 1.680% 121.202 C 2.525% 270,325.50 3.00010/01/2040 1,325,000 4.000% 1.720% 120.795 C 2.604% 275,533.75 3.00010/01/2041 1,380,000 4.000% 1.750% 120.490 C 2.669% 282,762.00 3.000

19,090,000 4,292,875.25


7,770,000 1,482,516.00


9,445,000 1,754,975.45

36,305,000 7,530,366.70







BOND DEBT SERVICE


4-5% Coupons



04/01/2022 708,242.36 708,242.3610/01/2022 570,000 5.000% 763,375.00 1,333,375.00 2,041,617.3604/01/2023 749,125.00 749,125.0010/01/2023 625,000 5.000% 749,125.00 1,374,125.00 2,123,250.0004/01/2024 733,500.00 733,500.0010/01/2024 655,000 5.000% 733,500.00 1,388,500.00 2,122,000.0004/01/2025 717,125.00 717,125.0010/01/2025 690,000 5.000% 717,125.00 1,407,125.00 2,124,250.0004/01/2026 699,875.00 699,875.0010/01/2026 725,000 5.000% 699,875.00 1,424,875.00 2,124,750.0004/01/2027 681,750.00 681,750.0010/01/2027 760,000 5.000% 681,750.00 1,441,750.00 2,123,500.0004/01/2028 662,750.00 662,750.0010/01/2028 795,000 5.000% 662,750.00 1,457,750.00 2,120,500.0004/01/2029 642,875.00 642,875.0010/01/2029 835,000 5.000% 642,875.00 1,477,875.00 2,120,750.0004/01/2030 622,000.00 622,000.0010/01/2030 880,000 5.000% 622,000.00 1,502,000.00 2,124,000.0004/01/2031 600,000.00 600,000.0010/01/2031 920,000 5.000% 600,000.00 1,520,000.00 2,120,000.0004/01/2032 577,000.00 577,000.0010/01/2032 970,000 4.000% 577,000.00 1,547,000.00 2,124,000.0004/01/2033 557,600.00 557,600.0010/01/2033 1,005,000 4.000% 557,600.00 1,562,600.00 2,120,200.0004/01/2034 537,500.00 537,500.0010/01/2034 1,050,000 4.000% 537,500.00 1,587,500.00 2,125,000.0004/01/2035 516,500.00 516,500.0010/01/2035 1,090,000 4.000% 516,500.00 1,606,500.00 2,123,000.0004/01/2036 494,700.00 494,700.0010/01/2036 1,135,000 4.000% 494,700.00 1,629,700.00 2,124,400.0004/01/2037 472,000.00 472,000.0010/01/2037 1,180,000 4.000% 472,000.00 1,652,000.00 2,124,000.0004/01/2038 448,400.00 448,400.0010/01/2038 1,225,000 4.000% 448,400.00 1,673,400.00 2,121,800.0004/01/2039 423,900.00 423,900.0010/01/2039 1,275,000 4.000% 423,900.00 1,698,900.00 2,122,800.0004/01/2040 398,400.00 398,400.0010/01/2040 1,325,000 4.000% 398,400.00 1,723,400.00 2,121,800.0004/01/2041 371,900.00 371,900.0010/01/2041 1,380,000 4.000% 371,900.00 1,751,900.00 2,123,800.0004/01/2042 344,300.00 344,300.0010/01/2042 1,435,000 4.000% 344,300.00 1,779,300.00 2,123,600.0004/01/2043 315,600.00 315,600.0010/01/2043 1,490,000 4.000% 315,600.00 1,805,600.00 2,121,200.0004/01/2044 285,800.00 285,800.0010/01/2044 1,550,000 4.000% 285,800.00 1,835,800.00 2,121,600.0004/01/2045 254,800.00 254,800.0010/01/2045 1,615,000 4.000% 254,800.00 1,869,800.00 2,124,600.0004/01/2046 222,500.00 222,500.0010/01/2046 1,680,000 4.000% 222,500.00 1,902,500.00 2,125,000.0004/01/2047 188,900.00 188,900.0010/01/2047 1,745,000 4.000% 188,900.00 1,933,900.00 2,122,800.0004/01/2048 154,000.00 154,000.0010/01/2048 1,815,000 4.000% 154,000.00 1,969,000.00 2,123,000.0004/01/2049 117,700.00 117,700.0010/01/2049 1,885,000 4.000% 117,700.00 2,002,700.00 2,120,400.0004/01/2050 80,000.00 80,000.0010/01/2050 1,960,000 4.000% 80,000.00 2,040,000.00 2,120,000.0004/01/2051 40,800.00 40,800.0010/01/2051 2,040,000 4.000% 40,800.00 2,080,800.00 2,121,600.00

36,305,000 27,294,217.36 63,599,217.36 63,599,217.36


BOND DEBT SERVICE


4-5% Coupons



10/01/2022 570,000 5.000% 1,471,617.36 2,041,617.3610/01/2023 625,000 5.000% 1,498,250.00 2,123,250.0010/01/2024 655,000 5.000% 1,467,000.00 2,122,000.0010/01/2025 690,000 5.000% 1,434,250.00 2,124,250.0010/01/2026 725,000 5.000% 1,399,750.00 2,124,750.0010/01/2027 760,000 5.000% 1,363,500.00 2,123,500.0010/01/2028 795,000 5.000% 1,325,500.00 2,120,500.0010/01/2029 835,000 5.000% 1,285,750.00 2,120,750.0010/01/2030 880,000 5.000% 1,244,000.00 2,124,000.0010/01/2031 920,000 5.000% 1,200,000.00 2,120,000.0010/01/2032 970,000 4.000% 1,154,000.00 2,124,000.0010/01/2033 1,005,000 4.000% 1,115,200.00 2,120,200.0010/01/2034 1,050,000 4.000% 1,075,000.00 2,125,000.0010/01/2035 1,090,000 4.000% 1,033,000.00 2,123,000.0010/01/2036 1,135,000 4.000% 989,400.00 2,124,400.0010/01/2037 1,180,000 4.000% 944,000.00 2,124,000.0010/01/2038 1,225,000 4.000% 896,800.00 2,121,800.0010/01/2039 1,275,000 4.000% 847,800.00 2,122,800.0010/01/2040 1,325,000 4.000% 796,800.00 2,121,800.0010/01/2041 1,380,000 4.000% 743,800.00 2,123,800.0010/01/2042 1,435,000 4.000% 688,600.00 2,123,600.0010/01/2043 1,490,000 4.000% 631,200.00 2,121,200.0010/01/2044 1,550,000 4.000% 571,600.00 2,121,600.0010/01/2045 1,615,000 4.000% 509,600.00 2,124,600.0010/01/2046 1,680,000 4.000% 445,000.00 2,125,000.0010/01/2047 1,745,000 4.000% 377,800.00 2,122,800.0010/01/2048 1,815,000 4.000% 308,000.00 2,123,000.0010/01/2049 1,885,000 4.000% 235,400.00 2,120,400.0010/01/2050 1,960,000 4.000% 160,000.00 2,120,000.0010/01/2051 2,040,000 4.000% 81,600.00 2,121,600.00

36,305,000 27,294,217.36 63,599,217.36


TABLE OF CONTENTS


3-5% Coupons

Report Page



Bond Pricing .................................. 3





3-5% Coupons


Sources:


43,843,170.60

Uses:


43,500,000.00


342,930.14

Other Uses of Funds:Contingency 240.46

43,843,170.60




3-5% Coupons










39,110,000.00 17.974 34,374.10



Target Value 43,700,240.46 43,500,240.46 43,843,170.60



BOND PRICING


3-5% Coupons


Bond Component:10/01/2022 670,000 5.000% 0.180% 104.639 31,081.30 2.00010/01/2023 730,000 5.000% 0.250% 109.299 67,882.70 2.00010/01/2024 765,000 5.000% 0.370% 113.635 104,307.75 2.00010/01/2025 805,000 5.000% 0.510% 117.596 141,647.80 2.00010/01/2026 845,000 5.000% 0.640% 121.268 179,714.60 2.50010/01/2027 885,000 5.000% 0.790% 124.478 216,630.30 2.50010/01/2028 930,000 5.000% 0.920% 127.460 255,378.00 2.50010/01/2029 980,000 5.000% 1.040% 130.190 295,862.00 2.50010/01/2030 1,025,000 5.000% 1.150% 132.702 335,195.50 2.50010/01/2031 1,080,000 5.000% 1.220% 135.362 381,909.60 2.50010/01/2032 1,130,000 3.000% 1.480% 114.032 C 1.600% 158,561.60 3.00010/01/2033 1,165,000 3.000% 1.560% 113.240 C 1.767% 154,246.00 3.00010/01/2034 1,200,000 3.000% 1.640% 112.454 C 1.911% 149,448.00 3.00010/01/2035 1,235,000 3.000% 1.710% 111.771 C 2.028% 145,371.85 3.00010/01/2036 1,275,000 3.000% 1.760% 111.286 C 2.116% 143,896.50 3.00010/01/2037 1,310,000 3.000% 1.820% 110.708 C 2.201% 140,274.80 3.00010/01/2038 1,350,000 3.000% 1.880% 110.132 C 2.277% 136,782.00 3.00010/01/2039 1,390,000 3.000% 1.930% 109.656 C 2.339% 134,218.40 3.00010/01/2040 1,435,000 3.000% 1.970% 109.276 C 2.389% 133,110.60 3.00010/01/2041 1,475,000 3.000% 2.000% 108.992 C 2.429% 132,632.00 3.000

21,680,000 3,438,151.30


8,070,000 619,695.30


9,360,000 675,324.00

39,110,000 4,733,170.60







BOND DEBT SERVICE


3-5% Coupons



04/01/2022 625,136.67 625,136.6710/01/2022 670,000 5.000% 673,800.00 1,343,800.00 1,968,936.6704/01/2023 657,050.00 657,050.0010/01/2023 730,000 5.000% 657,050.00 1,387,050.00 2,044,100.0004/01/2024 638,800.00 638,800.0010/01/2024 765,000 5.000% 638,800.00 1,403,800.00 2,042,600.0004/01/2025 619,675.00 619,675.0010/01/2025 805,000 5.000% 619,675.00 1,424,675.00 2,044,350.0004/01/2026 599,550.00 599,550.0010/01/2026 845,000 5.000% 599,550.00 1,444,550.00 2,044,100.0004/01/2027 578,425.00 578,425.0010/01/2027 885,000 5.000% 578,425.00 1,463,425.00 2,041,850.0004/01/2028 556,300.00 556,300.0010/01/2028 930,000 5.000% 556,300.00 1,486,300.00 2,042,600.0004/01/2029 533,050.00 533,050.0010/01/2029 980,000 5.000% 533,050.00 1,513,050.00 2,046,100.0004/01/2030 508,550.00 508,550.0010/01/2030 1,025,000 5.000% 508,550.00 1,533,550.00 2,042,100.0004/01/2031 482,925.00 482,925.0010/01/2031 1,080,000 5.000% 482,925.00 1,562,925.00 2,045,850.0004/01/2032 455,925.00 455,925.0010/01/2032 1,130,000 3.000% 455,925.00 1,585,925.00 2,041,850.0004/01/2033 438,975.00 438,975.0010/01/2033 1,165,000 3.000% 438,975.00 1,603,975.00 2,042,950.0004/01/2034 421,500.00 421,500.0010/01/2034 1,200,000 3.000% 421,500.00 1,621,500.00 2,043,000.0004/01/2035 403,500.00 403,500.0010/01/2035 1,235,000 3.000% 403,500.00 1,638,500.00 2,042,000.0004/01/2036 384,975.00 384,975.0010/01/2036 1,275,000 3.000% 384,975.00 1,659,975.00 2,044,950.0004/01/2037 365,850.00 365,850.0010/01/2037 1,310,000 3.000% 365,850.00 1,675,850.00 2,041,700.0004/01/2038 346,200.00 346,200.0010/01/2038 1,350,000 3.000% 346,200.00 1,696,200.00 2,042,400.0004/01/2039 325,950.00 325,950.0010/01/2039 1,390,000 3.000% 325,950.00 1,715,950.00 2,041,900.0004/01/2040 305,100.00 305,100.0010/01/2040 1,435,000 3.000% 305,100.00 1,740,100.00 2,045,200.0004/01/2041 283,575.00 283,575.0010/01/2041 1,475,000 3.000% 283,575.00 1,758,575.00 2,042,150.0004/01/2042 261,450.00 261,450.0010/01/2042 1,520,000 3.000% 261,450.00 1,781,450.00 2,042,900.0004/01/2043 238,650.00 238,650.0010/01/2043 1,565,000 3.000% 238,650.00 1,803,650.00 2,042,300.0004/01/2044 215,175.00 215,175.0010/01/2044 1,615,000 3.000% 215,175.00 1,830,175.00 2,045,350.0004/01/2045 190,950.00 190,950.0010/01/2045 1,660,000 3.000% 190,950.00 1,850,950.00 2,041,900.0004/01/2046 166,050.00 166,050.0010/01/2046 1,710,000 3.000% 166,050.00 1,876,050.00 2,042,100.0004/01/2047 140,400.00 140,400.0010/01/2047 1,765,000 3.000% 140,400.00 1,905,400.00 2,045,800.0004/01/2048 113,925.00 113,925.0010/01/2048 1,815,000 3.000% 113,925.00 1,928,925.00 2,042,850.0004/01/2049 86,700.00 86,700.0010/01/2049 1,870,000 3.000% 86,700.00 1,956,700.00 2,043,400.0004/01/2050 58,650.00 58,650.0010/01/2050 1,925,000 3.000% 58,650.00 1,983,650.00 2,042,300.0004/01/2051 29,775.00 29,775.0010/01/2051 1,985,000 3.000% 29,775.00 2,014,775.00 2,044,550.00

39,110,000 22,114,136.67 61,224,136.67 61,224,136.67


BOND DEBT SERVICE


3-5% Coupons



10/01/2022 670,000 5.000% 1,298,936.67 1,968,936.6710/01/2023 730,000 5.000% 1,314,100.00 2,044,100.0010/01/2024 765,000 5.000% 1,277,600.00 2,042,600.0010/01/2025 805,000 5.000% 1,239,350.00 2,044,350.0010/01/2026 845,000 5.000% 1,199,100.00 2,044,100.0010/01/2027 885,000 5.000% 1,156,850.00 2,041,850.0010/01/2028 930,000 5.000% 1,112,600.00 2,042,600.0010/01/2029 980,000 5.000% 1,066,100.00 2,046,100.0010/01/2030 1,025,000 5.000% 1,017,100.00 2,042,100.0010/01/2031 1,080,000 5.000% 965,850.00 2,045,850.0010/01/2032 1,130,000 3.000% 911,850.00 2,041,850.0010/01/2033 1,165,000 3.000% 877,950.00 2,042,950.0010/01/2034 1,200,000 3.000% 843,000.00 2,043,000.0010/01/2035 1,235,000 3.000% 807,000.00 2,042,000.0010/01/2036 1,275,000 3.000% 769,950.00 2,044,950.0010/01/2037 1,310,000 3.000% 731,700.00 2,041,700.0010/01/2038 1,350,000 3.000% 692,400.00 2,042,400.0010/01/2039 1,390,000 3.000% 651,900.00 2,041,900.0010/01/2040 1,435,000 3.000% 610,200.00 2,045,200.0010/01/2041 1,475,000 3.000% 567,150.00 2,042,150.0010/01/2042 1,520,000 3.000% 522,900.00 2,042,900.0010/01/2043 1,565,000 3.000% 477,300.00 2,042,300.0010/01/2044 1,615,000 3.000% 430,350.00 2,045,350.0010/01/2045 1,660,000 3.000% 381,900.00 2,041,900.0010/01/2046 1,710,000 3.000% 332,100.00 2,042,100.0010/01/2047 1,765,000 3.000% 280,800.00 2,045,800.0010/01/2048 1,815,000 3.000% 227,850.00 2,042,850.0010/01/2049 1,870,000 3.000% 173,400.00 2,043,400.0010/01/2050 1,925,000 3.000% 117,300.00 2,042,300.0010/01/2051 1,985,000 3.000% 59,550.00 2,044,550.00

39,110,000 22,114,136.67 61,224,136.67

Required Forms

Appendix D

RFP# RM-21-65

40

SECTION5.0 REQUIRED FORMS

SIGNATURE PAGE

A submittal shall be considered an offer on the part of the proposer. Failure to sign this form is grounds for immediate disqualification. By signing this document, you are affirming:

• That you have read and understood the terms, conditions, and informationincluded within this solicitation.

• That all the information provided above is true and accurate.

• That the business associated with this solicitation has not been debarred,convicted of a public entity crime, and does not have a conflict of interestin any manner as described herein.

• That you have the proper authority to sign this document and the ability tobind this business entity to the terms and conditions herein.

Authorized Signatory: ________________________

Print Name: ______________________ Julie Santamaria

RFP# RM-21-65

41

AFFIDAVIT OF ELIGIBILITY FOR LOCAL VENDOR PREFERENCE (Davie Code of Ordinances Sec. 2-329)

**Complete the boxes below as applicable:**

1. ___ My Business is located within the Town of Davie.

Legal Name of Firm:

Taxpayer ID No.: Physical Address: SHALL NOT BE A P.O. BOX OR RESIDENCE

Phone Number:

Email Address:

Has the business name changed since it was opened in Davie? Yes___ No___

If yes, provide the previous business name:

Date your business was established in Town of Davie:

Business License Number: Date Issued:

The business employs __________ (insert a number) full time employees.

2. ___ My Business is located within Broward County.

Legal Name of Firm:

Taxpayer ID No.: Physical Address: SHALL NOT BE A P.O. BOX OR RESIDENCE

Phone Number:

Email Address:

Has the business name changed since it was opened in Broward County? Yes___ No___

If yes, provide the previous business name:

Date your business was established in Broward County:

Business License Number: Date Issued:

The business employs __________ (insert a number) full time employees.

____ I have attached copies of applicable Business Tax Receipt(s) (REQUIRED).

The undersigned states that the forgoing statements are true and correct. The undersigned also acknowledges that any person, firm, corporation or entity intentionally submitting false information to the Town in an attempt to qualify for local preference shall be prohibited from bidding on Town of Davie products and services for a period of one (1) year.

Authorized Signatory: ________________________ Print Name: ______________________ Julie Santamaria

XRBC Capital Markets, LLC (also d/b/a RBC Wealth Management) formerly known as RBC Capital Markets Corporation

41-1416330

500 East Broward Blvd., Ste 2200, Fort Lauderdale, FL 33394

954-766-7224

[email protected]

X

24

010357D 05/01/1996

05/01/1996

**Please see below

X

**2/4/97-2/24/98: Interra Clearing Services, Inc.; 2/5/98-11/1/01: Dain Rauscher Inc.; 11/1/01-2/28/08: RBC Dain Rauscher Inc.; 2/29/08-10/31/10: RBC Capital Markets Corp.; 11/1/10-Present: RBC Capital Markets, LLC

BROWARD COUNTY LOCAL BUSINESS TAX RECEIPT

115 S. Andrews Ave., Rm. A-100, Ft. Lauderdale, FL 33301-1895 – 954-831-4000 VALID OCTOBER 1, THROUGH SEPTEMBER 30,

DBA: Receipt #: Business Name: Business Type: Owner Name: Business Opened: Business Location: State/County/Cert/Reg: Exemption Code: Business Phone: Rooms Seats Employees Machines Professionals

For Vending Business Only Number of Machines: Vending Type:

Tax Amount Transfer Fee NSF Fee Penalty Prior Years Collection Cost Total Paid

THIS RECEIPT MUST BE POSTED CONSPICUOUSLY IN YOUR PLACE OF BUSINESS

THIS BECOMES A TAX RECEIPT

WHEN VALIDATED

Mailing Address:

This tax is levied for the privilege of doing business within Broward County and is non-regulatory in nature. You must meet all County and/or Municipality planning and zoning requirements. This Business Tax Receipt must be transferred when the business is sold, business name has changed or you have moved the business location. This receipt does not indicate that the business is legal or that it is in compliance with State or local laws and regulations.

-

BROWARD COUNTY LOCAL BUSINESS TAX RECEIPT 115 S. Andrews Ave., Rm. A-100, Ft. Lauderdale, FL 33301-1895 – 954-831-4000

VALID OCTOBER 1, THROUGH SEPTEMBER 30,

DBA: Receipt #: Business Name: Business Type: Owner Name: Business Opened: Business Location: State/County/Cert/Reg: Exemption Code: Business Phone: Rooms Seats Employees Machines Professionals

Signature For Vending Business Only Number of Machines: Vending Type:

Tax Amount Transfer Fee NSF Fee Penalty Prior Years Collection Cost Total Paid

0.00

0.00

Paid

Paid

123.75

123.75

010357D

010357D

ALL OTHERS (SECURITIES)

ALL OTHERS (SECURITIES)

Receipt #

Receipt #

369-240

369-240

954-458-4900

954-458-4900

0.00

0.00

123.75

123.75



RBC CAPITAL MARKETS CORP


11.25

11.25

05/01/1996

05/01/1996

J B HANAUER & CO

J B HANAUER & CO

WWW-20-00002724

WWW-20-00002724

2020

2020

2020

112.50

112.50

0.00

0.00


FT LAUDERDALE

FT LAUDERDALE

10/21/2020

10/21/2020

500 EAST BROWARD BLVD STE 2200

500 EAST BROWARD BLVD STE 2200

2021

2021

2021

500 EAST BROWARD BLVD STE2200FORT LAUDERDALE, FL 33394

0.00

0.00

RFP# RM-21-65

42

CLIENT REFERENCE FORM

Provide a minimum of three (3) client references from recent similar transactions.

1) Name of Client Entity: _____________________________________________

Address: _________________________________________________________

City/State/Zip: _____________________________________________________

Contact: __________________________________________________________

Title: _____________________________________________________________

Email Address: _____________________________________________________

Telephone: ________________________________________________________

Scope of Work: _____________________________________________________

Description of Services Provided: _______________________________________

__________________________________________________________________

2) Name of Client Entity: ______________________________________________

Address: __________________________________________________________

City/State/Zip: ______________________________________________________

Contact: __________________________________________________________

Title: _____________________________________________________________

Email Address: _____________________________________________________

Telephone: ________________________________________________________

Scope of Work: _____________________________________________________


__________________________________________________________________

3) Name of Client Entity: ______________________________________________

Address: __________________________________________________________

City/State/Zip: ______________________________________________________

Contact: __________________________________________________________

Title: _____________________________________________________________

Email Address: _____________________________________________________

Telephone: ________________________________________________________

Scope of Work: _____________________________________________________


___________________________________________________________

City of Hollywood, Florida

2600 Hollywood Blvd., City Hall Room 119

Hollywood, Florida 33020

David KellerFinance Director

954-921-3231

[email protected]

Combined utilities revenue bonds, water and sewerref rev bonds, general obligation bonds, and redevelopment rev bonds

Since 1969, RBCCM served as underwriter/FA on 11 deals totaling $589mm

City of Oakland Park, Florida3650 N.E. 12th Avenue

Combined utilities rev bonds, GO bonds, and water

sewer rev bonds

Since 1970, RBCCM served as senior/sole underwriter on 7 deals totaling $67mm

Oakland Park, Florida 33334

Andrew Thompson, CGFOFinance Director

954-630-4203

[email protected]

City of Lauderhill, Florida

5581 W. Oakland Park Blvd.

Lauderhill, Florida 33319Kenny Hobbs, Jr.

Assistant City Manager/Finance

[email protected]

954-730-3033Since 1998, RBCCM served as underwriter on 8 deals totaling $104mm

Half-cent sales tax bonds, water and sewer rev bonds,

certificates of participation, and GO ref bonds

RFP# RM-21-65

43

REQUIRED PROPOSER/BIDDER QUESTIONNAIRE

Name of Firm: ________________________ Date: ________________________

Primary Contact Person for this RFP: __________________________________________________

Primary Contact Person Email Address: ________________________________________________

Primary Contact Person Phone Number: ________________________________________________

1. How many years has your firm been in business under its present business name?: ______________

2. Under what other former name(s) has your firm operated?: __________________________________

___________________________________________________________________________________

3. Have any similar agreements held by proposer for a similar project to the proposed project ever been

canceled? Circle one: No Yes If yes, please explain: _________________________________

___________________________________________________________________________________

___________________________________________________________________________________

4. Has the proposer or any principals of the firm failed to qualify as a responsible proposer, refused to enter

into a contract after an award has been made, failed to complete a contract during the past five (5) years,

or been declared to be in default in any contract in the last five (5) years? Circle one: No Yes

If yes, please explain: __________________________________________________________________

___________________________________________________________________________________

___________________________________________________________________________________

5. Has the proposer or any principals of the firm ever been declared bankrupt or reorganized under Chapter

11 or put into receivership? Circle one: No Yes

If yes, please explain and give date, court jurisdiction, action taken, and any other explanation deemed

necessary: __________________________________________________________________________

___________________________________________________________________________________

6. Litigation/Judgements/Settlements/Debarments/Suspensions – Submit information on any pending

litigation and any judgements and settlements of court cases relative to providing the services requested

herein that have occurred within the last three (3) years. Also indicate if your firm has been debarred or

suspended from bidding or proposing on a procurement project by any government entity during the last

five (5) years. ________________________________________________________________________

___________________________________________________________________________________

RBC Capital Markets, LLC June 16, 2021

Julie Santamaria

[email protected]

727-895-8871

12/19/1981 in Minnesota

12/29/1981 to 12/03/1992 IFG Information Services, Inc.;

12/4/1992 to 2/3/1997 Regional Operations Group, Inc.; 2/4/1997 to 2/24/1998 Interra Clearing Services, Inc.;11/5/1998 to 11/1/2001 Dain Rauscher, Inc.; 11/1/2008 RBC Dain Rauscher, Inc.; 2/29/2008 to 10/31/2010 RBC Capital Markets Corp.; 11/1/2010 to Present RBC Capital Markets, LLC

The firm does not track instances in which a

financing failed to close. During the preceding 5 years, the Firm has not been the subject of any litigation

based on allegations from an issuer client that a financing failed to close on a specific closing date.

____

____

Please refer to additional info section of the RFP response Section B and C.

RFP# RM-21-65

44

LOBBYING INTEREST FORM

Please selection one option:

_______ My company is not interested in lobbying either staff or elected officials on any subject associated with this solicitation.

_______ My company is interested in lobbying either staff or elected officials on matters associated with this solicitation.

Authorized Signatory: ________________________ Print Name: ______________________

X

Julie Santamaria

RFP# RM-21-65

45

SOURCE OF INFORMATION SURVEY

How did you find out about this solicitation? Check all that apply:

1. www.davie-fl.gov

2. www.demandstar.com

3. The Sun-Sentinel

5. Referral/word-of-mouth Specify Source: _____________________

6. Search Engine/Internet search

7. E-mail Specify Source: ______________________

8. Banner or Link on another website

9. Flyer, newsletter, direct mail Specify Source: ______________________

10. Other, Specify Source: ______________________

Please note: This survey form is used for internal Procurement purposes only.

X

X

VENDOR INFORMATION

Is this a form being filled out as a new application or an update to an existing application? New Application Updating Application Vendor Name: (Business Name Registered With The State OR Full Name If An Individual)

Mailing Address:

Remit to Address (If Different from Mailing Address):

Contact Name:

Telephone:

Fax Number:

Federal Tax ID Number:

Company Email Address:

Business Website (If Applicable):

Emergency Contact InformationPlease enter information the Town can use to contact you for disaster or emergency services below

Name Contact Information

Have you been awarded any government contracts recently or in the past? If yes, please list the contract #’s, the agency, the service provided , and if it is still active.

Products & Services

In the space provided below please indicate any product or services that your firm provides

Ownership Disclosure

1. If the contract or business transaction is with a company, the full legal nameand business address shall be provided for each officer and director and eachstockholder who directly or indirectly holds five percent (5%) or more of thecorporation’s stock. If the contract or business transaction is with a trust, the fullname and address shall be provided for each trustee and each beneficiary. Allsuch names and address are as follows (Post Office addresses are not acceptable):

Full Legal Name Address Ownership %

2. The full legal names and business addresses of any other individual (other thansubcontractors, materialmen, suppliers, laborers, and lenders) who have, or willhave, any legal, equitable, or beneficial interest in the contract or businesstransaction with the Town are as follows (Post Office addresses are notacceptable):

Full Legal Name Address

3. The officers of the Corporation are as follows:

Name Address

President:

Vice President:

Secretary:

Treasurer:

Registered Agent:

TOWN OF DAVIE CERTIFICATION PURSUANT TO FLORIDA STATUTE § 287.135

_________________________ does not: Company Name

1. Participate in a boycott of Israel; and

2. Is not on the Scrutinized Companies that Boycott Israel list; and

3. Is not on the Scrutinized Companies with Activities in Sudan List; and

4. Is not on the Scrutinized Companies with Activities in the Iran Petroleum Energy SectorList; and

5. Has not engaged in business operations in Cuba or Syria.

Affirm:

TOWN OF DAVIE CERTIFICATION REGARDING DEBARMENT

Certification Regarding Debarment, Suspension And Other Responsibility Matters TO BE COMPLETED BY PROSPECTIVE VENDOR

A. The prospective Vendor certifies that it and its principals (subcontractors and suppliers):

1. Are not presently debarred, suspended, proposed for debarment, declared ineligible,or involuntarily excluded by any Federal, State, County, City or Town or othergovernment agency;

2. Have not within a three (3) year period preceding this bid proposal been convicted ofor had a civil judgment entered against it for commission of fraud or a criminal offensein connection with obtaining, attempting to obtain, or performing a public (Federal,State, City or Town of other local agency) transaction or contract; violation of Federalor State antitrust statutes or commission of embezzlement, theft, forgery, bribery,falsification or destruction of records, making false statements, or receiving stolenproperty;

3. Are not presently indicted for or otherwise criminally or civilly charged by agovernment entity (Federal, State or local) within commission of any of the offensesenumerated in paragraph (A)(2) of this certification; and

4. Have not within a three (3) year period preceding this bid proposal had one or morepublic contracts (Federal, State, City or Town or other agency) terminated for causeor default.

B. Where the prospective Vendor is unable to certify to any of the statements in thiscertification, an authorized signatory to this proposal shall complete, sign and attach adetailed explanation.

Affirm:

Vendor or Contractor Conflict of Interest Disclosure Statement

What Defines A Conflict Of Interest According To The Town:

A. An officer, director, employee, agent, or other consultant of the Town or a member of theimmediate family or household of the aforesaid has directly or indirectly received or beenpromised any form of benefit, payment or compensation, whether tangible or intangible, inconnection with a grant of the Agreement with the Town or its Departments.

B. There are undisclosed persons or entities interested with the Contractor in the Agreement.The Agreement is entered into by the Contractor with a connection with another entity orperson making a proposal for the same purpose, and possibly with collusion, fraud or conflict ofinterest. Elected or appointed officer(s) or official(s), director(s), employee(s), agent(s) or otherconsultant(s) of the Town, or of the State of Florida (including elected and appointed membersof the legislative and executive branches of government), or member of the immediate family orhousehold of any of the aforesaid:

1.) Is interested on behalf of or through the Contractor directly or indirectly in any manner whatsoever in the execution or the performance of the Agreement, or in the services, supplies or work, to which the Agreement relates or in any portion of the revenues; or

2.) Is an employee, agent, advisor, or consultant to the Contractor or to the best of the Contractor’s knowledge, any subcontractor or supplier to the Contractor.

DISCLOSURE OF CONFLICT OF INTEREST

VENDOR SHALL DISCLOSE BELOW, TO THE BEST OF HIS OR HER KNOWLEDGE, ANY TOWN OF DAVIE OFFICER OR EMPLOYEE, OR ANY RELATIVE OF ANY SUCH OFFICER OR EMPLOYEE AS DEFINED ABOVE AND IN SECTION 112.3135, FLORIDA STATUTES, WHO IS AN OFFICER, PARTNER, DIRECTOR OR PROPRIETOR OF, OR HAS A MATERIAL INTEREST IN THE VENDOR’S BUSINESS OR ITS PARENT COMPANY, ANY SUBSIDIARY, OR AFFILIATED COMPANY, WHETHER SUCH TOWN OFFICIAL OR EMPLOYEE IS IN A POSITION TO INFLUENCE THIS PROCUREMENT OR NOT.

Name: Relationship:

Authorized Signature Date

By signing this document you are affirming that you have read and understood the terms, conditions, and information above. That all the information provided above is true and accurate. That the business associated with this application has not been debarred and does not have a conflict of interest in any manner as described above. That you have the proper authority to sign this document.

Name & Title, Typed or Printed

Please indicate below if there is a Conflict Of Interest. (Please select one option)

YES NO

If you indicated yes above please list the names and relationships of those who you believe would lead to a conflict of interest in the space provided below

State of FloridaDepartment of State

I certify from the records of this office that RBC CAPITAL MARKETS, LLC isa Minnesota limited liability company authorized to transact business in theState of Florida, qualified on November 4, 2010.

The document number of this limited liability company is M10000004906.

I further certify that said limited liability company has paid all fees due thisoffice through December 31, 2021, that its most recent annual report was filedon April 12, 2021, and that its status is active.

I further certify that said limited liability company has not filed a Certificate ofWithdrawal.

Given under my hand and theGreat Seal of the State of Floridaat Tallahassee, the Capital, thisthe Twentieth day of April, 2021

Tracking Number: 2197701676CU

To authenticate this certificate,visit the following site,enter this number, and thenfollow the instructions displayed.

https://services.sunbiz.org/Filings/CertificateOfStatus/CertificateAuthentication

https://services.sunbiz.org/Filings/CertificateOfStatus/CertificateAuthentication

2.1 INSURANCE TYPES The Contractor shall maintain and carry in full force during the Term the insurance required herein. Upon Town’s notification, the Contractor shall furnish to the Procurement Management Division, Certificates of Insurance that indicate that insurance coverage has been obtained which meets the requirements as outlined below: 1. Commercial General Liability Insurance on a comprehensive basis in an amount not less than $1,000,000 per

occurrence for bodily injury and property damage, Products & Completed Operations with minimum limit of $1,000,000, Personal and Advertising Injury with minimum limit of $1,000,000. Town of Davie must be shown as an additional insured with respect to this coverage. The mailing address of Town of Davie 6591 Orange Drive Davie, Florida 33314, as the certificate holder, must appear on the certificate of insurance. When applicable, the Davie Community Redevelopment Agency must be shown as an additional insured with respect to this coverage. The mailing address to the Davie Community Redevelopment Agency is 6591 Orange Drive Davie, Florida 33314.

2. Automobile Liability Insurance covering all owned, non-owned, and hired vehicles used in connection with the

Services, in an amount not less than $1,000,000 per person and $1,000,000 per occurrence. Town of Davie must be shown as an additional insured with respect to this coverage. The mailing address of Town of Davie 6591 Orange Drive, Davie, Florida 33314, as the certificate holder, must appear on the certificate of insurance. When applicable, the Davie Community Redevelopment Agency must be shown as an additional insured with respect to this coverage. The mailing address to the Davie Community Redevelopment Agency is 6591 Orange Drive Davie, Florida 33314.

3. Worker's Compensation Insurance for all employees of the Contractor as required by Florida Statute 440. Must

include Employers’ Liability with a minimum limit of $100,000 each accident, Disease each employee minimum limit of $100,000, Disease policy limit of $500,000. Should the Contractor be exempt from this Statute, the Contractor and each employee shall hold the Town harmless from any injury incurred during performance of the Contract. The exempt contractor shall also submit a written statement detailing the number of employees and that they are not required to carry Worker’s Compensation insurance, and do not anticipate hiring any additional employees during the term of this contract or a copy of a Certificate of Exemption.

2.2 INSURANCE COVERAGE

The insurance coverage required shall include those classifications, as listed in standard liability insurance manuals, which most nearly reflect the operation of the Contractor. All insurance policies required above shall be issued by companies authorized to do business under the laws of the State of Florida with the following qualifications: A. The company must be rated no less than "A-" as to management, and no less than "Class VII" as to financial

strength, according to the latest edition of Best's Insurance Guide published by A.M. Best Company, Oldwick, New Jersey, or its equivalent, subject to the approval of the Town’s Risk Management Division.

B. Certificates of Insurance must indicate that for any cancellation of coverage before the expiration date,

the issuing insurance carrier will mail thirty (30) day written advance notice to the certificate holder and any additional insureds. In addition, the Contractor hereby agrees not to modify the insurance coverage without to provide thirty (30) days written advance notice to the Town of any cancellation or material change to the insurance required for this Contract.

NOTE: TOWN OF DAVIE CONTRACT NUMBER AND TITLE MUST APPEAR ON EACH CERTIFICATE OF INSURANCE.

C. Compliance with the foregoing requirements shall not relieve the Contractor of this liability and obligation under

this section or under any other section in the Agreement. D. Award of this Contract is contingent upon the receipt of the insurance documents, as required, within fifteen (15)

calendar days after Town notification to Contractor to comply before the award is made. If the insurance certificate is received within the specified time frame but not in the manner prescribed in the Agreement, the Contractor shall be verbally notified of such deficiency and shall have an additional five (5) calendar days to submit a corrected certificate to the Town. If the Contractor fails to submit the required insurance documents in the manner prescribed in the Agreement within twenty (20) calendar days after Town notification to comply, the Contractor shall be in default of the contractual terms and conditions and award of the Contract will be rescinded, unless such time frame for submission has been extended by the Town.

Commented [EE(1]: Only the applicable coverages from the contract are included in this assessment.

Commented [EE(2]: RBC is not privy to how its coverage is underwritten and thereby cannot warrant this statement.

Commented [EE(3]: Only the First Named Insured shall receive notice of cancellation. RBC shall promptly provide the Town of Davie any notice that it may receive.

E. The Contractor shall be responsible for assuring that the insurance certificates required in conjunction with this

Section remain in force for the duration of the contractual period of the Contract, including any and all option years or extension periods that may be granted by the Town. If insurance certificates are scheduled to expire during the contractual period, the Contractor shall be responsible for submitting new or renewed insurance certificates to the Town at a minimum of thirty (30) calendar days in advance of such expiration. In the event that expired certificates are not replaced with new or renewed certificates which cover the contractual period, the Town shall suspend the Contract until such time as the new or renewed certificates are received by the Town in the manner prescribed herein; provided, however, that this suspended period does not exceed thirty (30) calendar days. Thereafter, the Town may, at its sole discretion, terminate this contract.

Commented [EE(4]: RBC cannot warrant that it will have its insurance program renewed 30 days prior to its expiration.

Town of Davie, Florida

Documents

Transcript of Town of Davie, Florida