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<br />ANNEX 1 <br />TERM SHEET <br />FIXED RATE <br /> <br />Borrower: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Ave <br />Sunny Isles Beach, Florida 33160 <br /> <br />Bank: <br /> <br />Sun Trust Bank <br /> <br />Contact: <br /> <br />Steve Leth <br />Senior Vice President <br />Sun Trust Bank <br />8699 NW 36 Street <br />Government Division - 2nd Floor <br />Doral, FI 33166 <br /> <br />Steve.leth@suntrust.com <br />Phone: 305-597-6601 <br /> <br />Facility Type: <br /> <br />Bank Qualified Loan in the form of a tax-exempt bond (the <br />"Bond) issued by the Borrower. The Bond must be a "qualified <br />tax exempt obligation" under Section 265(b) (3) of the Internal <br />Revenue Code. <br /> <br />Purpose <br /> <br />The proceeds from the Revenue Bond Series 2011 will be used <br />to refund certain Florida Municipal Loan Council Revenue Bond <br />Series 2001-A in the approximate amount of $7,700,000.00 <br />which was originally used to finance the construction of the <br />administrative buildings of the City, purchase land and build <br />parks as well as provide new financing in an approximate <br />amount of $2,300,000.00 for a park. <br /> <br />Amount: <br /> <br />Up to $10,000,000.00 <br /> <br />Terms: <br /> <br />Interest shall be payable semi-annually on November 1 and May <br />1 of each year commencing May 1, 2012. <br /> <br />Principal payments shall be due annually on November 1, <br />commencing November 1, 2012 <br /> <br />Payments: <br /> <br />Combined Principal and Interest payments shall be level. <br />Amortization schedule for rate option A <br /> <br />Security: <br /> <br />The Series 2011 Bond and the interest thereon will be payable <br />from and be secured by a lien upon and pledge of covenant to <br />budget and appropriate from all legally available Non-Ad <br />Valorem Revenues and by a half cent State sales tax of the <br />Issuer in amounts sufficient to repay the principal and interest of <br />the loan . <br />