Special Obligation Refunding and Improvement Revenue Note Series 2020A

$15,128,990
CITY OF CAPE CORAL, FLORIDA

SPECIAL OBLIGATION REFUNDING AND IMPROVEMENT REVENUE
NOTE, SERIES 2020A
List of Closing Documents

June 5, 2020
1. Certified copy of Ordinance No. 36-20 enacted on June 1, 2020, authorizing the
issuance of the Series 2020A Note.
2. Certified copy of Resolution No. 97-20, adopted on April 20, 2020, authorizing
the reimbursement of certain capital expenditures.
3. Certified copy of Resolution No. 125-20, adopted on June 1, 2020, approving the
Loan Agreement with JPMorgan Chase Bank, N.A. and authorizing the issuance
of the Series 2020A Note.
4. Rate Lock Letter Agreement, dated as of June 2, 2020, between the City and
JPMorgan Chase Bank, N.A.
5. Loan Agreement, dated as of June 5, 2020, between the City and JPMorgan Chase
Bank, N.A.
6. Request for Proposals.
7. Proposal of JPMorgan Chase Bank, N.A.
8. JPMorgan Chase Bank, N.A. Disclosure Letter and Truth-in-Bonding Statement.
9. Incumbency Certificate.
10. Signature Certificate.
11. General Certificate of the City.
12. Certificate as to Arbitrage and Certain Other Tax Matters.
13. Certificate as to Specimen Note.
14. Certificate of Delivery and Payment.
15. Cross Receipt.
16. Conditional Notice of Prepayment.
17. Payoff Letter of IBERIABANK.
18. Information Return to Internal Revenue Service.
19. Advance Notice of Bond Sale.
20. Division of Bond Finance Information Form.
21. Approving Opinion of Nabors, Giblin & Nickerson, P.A., Note Counsel.
1
22. Reliance Opinion of Nabors, Giblin & Nickerson, P.A., Note Counsel.
23. Opinion of Dolores D. Menendez, Esq., City Attorney.
24. Final Numbers.
25. Anti-Corruption Certificate.
26. Closing Memorandum.
2
EXHIBIT A
JPMorgan Chase Bank, N.A. Proposal
[SEE TAB 7]
EXHIBIT B
Form of Loan Agreement
[SEE TAB 5]
EXHIBIT C
Form of Rate Lock Agreement
[SEE TAB 4]
RATE LOCK LETTER AGREEMENT
June 2, 2020
City of Cape Coral, Florida

1015 Cultural Park Blvd.
Cape Coral, FL 33990
Defined Terms:
Rate Lock Date: June 2, 2020
Rate Lock Funding Date: June 5, 2020
Rate Lock Breakage Date: Date on which the rate lock is broken on or before the Rate Lock
Funding date.
Rate Lock Amount: $15,128,990
Annual Interest Rate(%): 1.51 %
Designated Tenor: 10 years
This letter is to confirm that, pursuant to your request, JPMorgan Chase Bank, N.A. (the "Bank") has
reserved for the City of Cape Coral, Florida ("City") $15,128,990 in fixed rate funds effective on the
Rate Lock Date, in anticipation of the City's financing need on or before Rate Lock Funding Date.
The interest rate for the 10 year period (the "Designated Tenor") of the above-described financing
will be at an annual rate equal to 1.51 %.
In order to lock the interest rate for this transaction, the City agrees that if for any reason, the full Rate
Lock Amount is not funded in accordance with the terms of the financing documents by the Rate
Lock Funding Date, then the City shall pay a Reinvestment Premium to the Bank within 5 business
days of the Bank's written request, as further described below.
I. A Reinvestment Premium shall be due and payable if (i) exceeds (ii) where (i) equals total
scheduled interest payments due on the Rate Lock Amount calculated at the Swap Rate (defined
below) on the Rate Lock Date plus O basis points, and (ii) equals the total scheduled interest
payments due on the Rate Lock Amount calculated at the Swap Rate on the Rate Lock Breakage
Date. For purposes of calculating the Reinvestment Premium, "Swap Rate" means the USO 1100
ICE Swap Rate that appears on Reuters page "ICESWAP 1" or any successor page established by
Reuters (the "Service") at approximately 11: 15 a.m., New York City time on the applicable date
for the Designated Tenor or the following alternatives, as applicable: (i) If the Service does not
publish a USO 1100 ICE Swap Rate on either the Rate Lock Date or the Rate Lock Breakage
Date, the most recent USO ICE Swap Rate published by the Service as of the Rate Lock Date or
Rate Lock Breakage Date, as applicable, will be utilized; (ii) if the Service no longer publishes
a USO 1100 ICE Swap Rate, the USO ICE Swap Rate published by the Service at different times
on that date may be utilized; (iii) if the Service no longer publishes any USO ICE Swap Rates,
the Bank may utilize other sources for determining the value of the USO ICE Swap Rates or may,
in lieu of the USO ICE Swap Rates, utilize other US dollar interest rate swap rates obtained from
Confidential
other sources that it determines, in its sole discretion, provide current market-based information
as to mid-price US dollar interest rate swap rates; or (iv) if there is no Swap Rate for the
Designated Tenor, the applicable Swap Rate will be based upon the linear interpolation between
the Swap Rates reported by the Service (or alternative sources) for the closest tenors above and
below the Designated Tenor. The Bank's determination of the interpolated rate shall be deemed
conclusive.
II. If (ii) above is equal to or greater than (i) above, then no Reinvestment Premium is due.
III. The Reinvestment Premium payable to the Bank shall be equal to the net present value of the
difference in scheduled interest payments of (i) above less (ii) above for each scheduled interest
period, discounted at the applicable Swap Rate as of the Rate Lock Breakage Date, as determined
above.
If the City is in agreement with the above, please indicate such acceptance by providing signatures as
set forth below, and returning this letter to my attention.
JPMorgan is delighted to be of assistance in this matter and looks forward to working with you to
complete this transaction.
Yours truly,
JPMORGAN CHASE BANK, N.A.
By: _ _ _ _ _ _ _ _ _ __ _ __
Name: John McAuley
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Agreed to and accepted by:
CITY OF CAPE CORAL, FLORIDA Date: June 2, 2020
By:cM;La
Name: Christopher Phillips
Its: Acting Financial Services Director
J.P.Morgan 2
Bid Sheet
City of Cape Coral

This proposal is intended only as an outline of certain indicative terms of the facility described herein (the “Facility”) and does
not purport to be an all-inclusive summary of the terms, conditions, and other provisions that would be contained in definitive
documentation for the Facility. Credit approval has been obtained for this transaction. The designation of a “Bid Expiration
Date” below is provided for purposes of establishing a date by which this proposal will be deemed to have been withdrawn,
unless the bid is awarded to the Purchaser and closing occurs by the dates and times set forth below, or as otherwise
extended, as provided below.
Purchaser: JPMorgan Chase Bank, N.A.
Interest Rate: 1.50% Fixed Rate (Non-Callable)

1.71% Fixed Rate (Callable on or after 3 years from closing)
This rate is indicative only and subject to market fluctuation. If awarded the bid, Purchaser
will then determine the Fixed Rate, subject to Issuer’s execution of a rate lock letter
satisfactory to Purchaser.
Other interest rate options including optional redemption provisions are available at the
request of the Borrower.
Interest Rate Terms: (1) Interest will begin on the date of funding.
(2) Interest will be calculated on a 30-day month and a 360-day year.
(3) For the non-callable option, any prepayment is subject to payment of a make-whole
breakage fee. For callable option, the Facility may be prepaid on or after the call date
without penalty. Prepayment on any other date is subject to payment of a make-whole
breakage fee.
Facility Amount: $15,154,000
Purpose of Facility: Fund two fire stations in the amount of $8,500,000 and to refinance the City’s Series 2018
Special Obligation loan.
Source of Repayment: Covenant to Budget and Appropriate from legally available non-ad valorem
revenues amounts sufficient to pay principal and interest on the Facility. The Facility
will be on parity with all other debt payable from a Covenant to Budget and
Appropriate, subject to the Anti-Dilution test as currently defined in the Resolution.
Facility Maturity/
Tender Date: July 1, 2030
Amortization/
Payment Terms: Quarterly principal and interest, with the first payment on July 1, 2020 based on the
amortization scheduled as provided in the RFP.
Tax Gross-Up: If the interest payable on the Note becomes taxable due to actions, inactions, errors,
or omissions on the part of the Issuer, the interest rate will increase from the effective
date of such taxability to a taxable equivalent rate. The Purchaser will not require any
adjustment to the Interest Rate for (i) changes to the regulatory environment or
required regulatory capital, or (ii) changes to the Purchaser’s marginal corporate tax
rate or (iii) changes due to a decline in the Issuer’s public bond rating.
Sale / Assignment: The Borrower will agree that the Purchaser may without limitation (i) at any time sell,
assign, pledge or transfer all or a portion of the Bond, or one or more interests in all
or any part of the Purchaser’s rights and obligations under the Facility to one or more
assignees and/or participants which may include affiliates of the Purchaser; and (ii) at
the Purchaser’s option, disclose information and share fees with such assignees
and/or participants.
Bid Sheet
Bank Counsel: Purchaser intends to engage the following as bank counsel. Fees of bank counsel
will be at Issuer expense and are estimated at $8,500.
Mark-David Adams
Locke Lord LLP
mark.adams@lockelord.com
561-820-0281
Funding: The Facility will be fully funded at closing.
No Advisory or
Fiduciary Role: Issuer acknowledges and agrees that (i) the transaction contemplated herein is an
arm’s length commercial transaction between Issuer and Purchaser and its affiliates,
(ii) in connection with such transaction, the Purchaser and its affiliates are acting
solely as a principal and not as a fiduciary or agent of the Issuer, nor as an advisor
to the Issuer, including, without limitation, a “Municipal Advisor” as such term is
defined in Section 15B of the Securities and Exchange Act of 1934, as amended,
and in related rules (17 CFR Parts 200, 240, 249) and that the transaction would be
within the Purchaser exemption in such rules, (iv) Purchaser and its affiliates have
not provided any advice or assumed any advisory or fiduciary responsibility in favor
of the Issuer with respect to the transaction contemplated hereby and the
discussions, undertakings and procedures leading thereto (whether or not
Purchaser, or any affiliate of Purchaser, has provided or is currently providing other
services, including advisory services, to the Issuer on other matters), (v) Bank and
its affiliates have financial and other interests that differ from those of the Issuer, and
(vi) Issuer has consulted with its own financial, legal, accounting, tax and other
advisors, as applicable, to the extent it deems appropriate.
Conditions:
1) Purchaser will require a single term Facility and will purchase the debt instrument (“Note”) at 100% of Par as
indicated in the RFP.
2) Physical presentment of the Note will not be required for payment of any principal or interest on the Facility.
3) Any changes in the amortization schedule or amounts are subject to Purchaser approval and must be communicated
prior to bid award. A material change in the aggregate principal amount of the Facility, plus or minus, will constitute
a re-pricing event and the interest rate will be adjusted.
4) The Purchaser shall be the sole noteholder. THIS IS AN ALL OR NOTHING PROPOSAL.
5) Purchaser’s bid is subject to approval of the documentation in the Purchaser’s reasonable discretion and that of its
counsel.
6) Purchaser will take physical delivery of the Note at closing.
7) The Facility shall not be rated by any rating agency, shall not be initially registered to participate in DTC, shall not
contain a CUSIP number and shall not be marketed during any period in which the Facility is held by the Purchaser
or an affiliate of the Purchaser pursuant to any Official Statement, Offering Memorandum, or any other disclosure
documentation.
8) The Facility will be tax-exempt and an opinion from counsel stating that the notes are exempt from Federal and State
taxation shall be delivered to Purchaser. Opinion must be addressed to Purchaser or separate reliance letter issued
to Purchaser.
9) Issuer will covenant to provide Purchaser, if such information is not otherwise publicly available through the
Electronic Municipal Market Access website of the Municipal Securities Rulemaking Board, the audited annual
financial statements of the Issuer within 180 days of its fiscal‐year end.
10) No material adverse change in the condition (financial or otherwise), operations, performance or properties of the
Issuer from the date of this letter shall have occurred, and (b) Purchaser has not become aware of any
circumstances affecting the Issuer or the transactions contemplated hereby which are materially and adversely
inconsistent with information provided to Purchaser prior to the date hereof.
Bid Sheet
Disclosure of Final Facility Documentation:
As a best practice to maintain transparency, and in order to comply with any mandatory disclosure requirements relative
to the transaction under applicable law, including 17 CFR 240.15-c-12, final Facility documentation may be posted by the
Issuer on a national public note market repository provided that certain information be redacted by the Issuer as directed
by the Purchaser, to the extent consistent with applicable law. Items that should be redacted include signatures/names,
account numbers, wire transfer and payment instructions and any other data that could be construed as sensitive
information.
Respectfully submitted,
______________________________ ___________________________
John McAuley Jackie Young
Managing Director, Industry Executive Executive Director, Credit Risk
813-483-8253 407-236-5382
John.t.mcauley@jpmorgan.com Jackie.young@jpmorgan.com
8

DISCLOSURE LETTER
AND
TRUTH-IN-BONDING STATEMENT
June 5, 2020
Mayor and City Council of the

Mayor and Councilmembers:
In connection with the purchase of the $15,128,990 principal amount of the City
of Cape Coral, Florida Special Obligation Refunding and Improvement Revenue Note,
Series 2020A (the "Series 2020A Note") authorized to be issued by Resolution
No. 125-20 of the City of Cape Coral, Florida (the "Issuer") adopted on June 1, 2020 (the
"Resolution") and Ordinance No. 36-20 of the Issuer enacted on June 1, 2020 and issued
pursuant to the Loan Agreement dated as of June 5, 2020 (the "Agreement") between the
Issuer and the undersigned purchaser of the Series 2020A Note (the "Original
Purchaser"), the Original Purchaser hereby acknowledges and represents that (1) the
Original Purchaser is familiar with the Issuer as it relates to the Series 2020A Note; (2)
the Original Purchaser has been furnished certain business and financial information
about the Issuer; (3) the Issuer has made available to the Original Purchaser the
opportunity to obtain additional information and to evaluate the merits and risks of an
investment in the Series 2020A Note; and (4) the Original Purchaser has had the
opportunity to ask questions of and receive answers from representatives of the Issuer
concerning the terms and conditions of the offering and the information supplied to the
Original Purchaser.
The Original Purchaser acknowledges and represents that it has been advised that
the Series 2020A Note has not been registered under the Securities Act of 1933, as
amended, in reliance upon the exemption contained in Section 3(a)(2) thereof, and that
the Issuer is not presently registered under Section 12 of the Securities and Exchange Act
of 1934, as amended. The Original Purchaser, therefore, realizes that if and when the
Original Purchaser wishes to resell the Series 2020A Note, there may not be available
current business and financial information about the Issuer. Further, no trading market
now exists for the Series 2020A Note. Accordingly, the Original Purchaser understands
that it may need to bear the risks of this investment for an indefinite time, since any sale
prior to the maturity of the Series 2020A Note may not be possible or may be at a price
below that which the Original Purchaser is paying for the Series 2020A Note.
The Original Purchaser has conducted its own investigation to the extent it deemed
necessary. The Original Purchaser has been offered an opportunity to have made
available to it any and all such information it might request from the Issuer. On this
basis, it is agreed by acknowledgment of this letter that the Original Purchaser hereto is
not relying on any other party or person to undertake the furnishing or verification of
information relating to this transaction.
The Original Purchaser acknowledges that the Series 2020A Note is being
purchased as part of a private placement of the Series 2020A Note negotiated directly
between the Issuer and the Original Purchaser. Accordingly, no disclosure document has
been prepared in connection with the issuance of the Series 2020A Note and the Original
Purchaser hereby acknowledges that it has made its own independent examination of all
facts and circumstances surrounding the Series 2020A Note and the financing and that no
reliance has been placed on any findings by the Issuer in the Resolution or the Agreement
as to the ability of the Issuer to meet its payment obligations so as to meet debt service on
the Series 2020A Note or any other representations by anyone other than the Issuer,
except for audited financial reports prepared by the Issuer's auditors. The Original
Purchaser intends to book and hold the Series 2020A Note as a loan in its loan
portfolio. To the extent the word “Note” is used in any way to reference the debt
instrument, the Original Purchaser acknowledges that the word “Note” is for convenience
only and not intended to indicate that the instrument is a security within the meaning of
the Securities Act of 1933.
The Series 2020A Note is being acquired by the Original Purchaser for its own
account and not with a present view toward resale or distribution; provided, however, that
the Original Purchaser reserves the right to sell, transfer or redistribute the Series 2020A
Note, but agrees that any such sale, transfer or distribution by the Original Purchaser shall
be to a person: (a) that is an affiliate of the Original Purchaser which is also a qualified
institutional buyer or an accredited investor; (b) that is a trust or other custodial
arrangement established by the Original Purchaser or one of its affiliates, the owners of
any beneficial interest in which are limited to qualified institutional buyers or accredited
investors; or (c) that executes a letter substantially in the form of this letter. In the event
that the Original Purchaser disposes of its interest in the Series 2020A Note in the future,
the Original Purchaser understands that it has the responsibility for complying with the
applicable federal and state securities laws, applicable Treasury Regulations and all rules
and regulations promulgated pursuant thereto.
The Original Purchaser further acknowledges and represents that (1) it is the only
initial purchaser of the Series 2020A Note, (2) it has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and risks of the
Series 2020A Note, (3) it is not purchasing the Series 2020A Note for more than one
2
account or with a view to distributing the Series 2020A Note, (4) the Series 2020A Note
is issued in a single denomination equal to its outstanding aggregate principal amount and
may not be transferred except in whole, and (5) it is an "accredited investor" as such term
is defined in the Securities Act of 1933, as amended, and the Regulations thereunder.
The Original Purchaser acknowledges that the representations contained in this paragraph
are being made in order to meet one of the exceptions to the continuing disclosure
requirements set forth in Rule 15c2-12 promulgated under the Securities Exchange Act of
1934.
Pursuant to the provisions of Section 218.385, Florida Statutes, as amended, the

Original Purchaser is providing the following information with respect to the purchase of
the Series 2020A Note. The Original Purchaser represents to you as follows:
(a) The nature and estimated amounts of expenses to be incurred by the

Original Purchaser in connection with the issuance and sale of the Series
2020A Note are:
$8,500 to Locke Lord LLP (to be paid by the Issuer).
(b) There are no "finders," as defined in Section 218.386, Florida Statutes, as

amended, in connection with the issuance of the Series 2020A Note.
(c) No discount or fee is expected to be realized by the Original Purchaser in

connection with the issuance of the Series 2020A Note.
(d) No management fee will be charged by the Original Purchaser in

connection with the issuance of the Series 2020A Note.
(e) Except as set forth in (a) above, no other fee, bonus or other compensation
will be paid by the Original Purchaser in connection with the issuance of
the Series 2020A Note to any person not regularly employed or retained by
the Original Purchaser (including a "finder" as defined in Section 218.386,
Florida Statutes).
(f) The name and address of the Original Purchaser is:

450 South Orange Avenue, Suite 1000
Orlando, Florida 32801
(g) Based on representations made by the Issuer, the Series 2020A Note being
purchased by the Original Purchaser will be issued for the purpose of (i)
financing costs of the acquisition, construction and equipping of two fire
station facilities, (ii) refunding all of the Issuer's Outstanding Special
Obligation Revenue Note, Series 2018 and (iii) paying costs of issuance of
3
the Series 2020A Note. The Series 2020A Note is expected to be repaid
over a period of approximately 9.92 years. At an interest rate of 1.51%,
total interest paid over the life of the Series 2020A Note will be
$1,086,477.43. The expected source of repayment for the Series 2020A
Note is the Non-Ad Valorem Revenues (as defined in the Agreement) of
the Issuer budgeted and appropriated in accordance with the Loan
Agreement. Making the foregoing assumptions, issuing the Series 2020A
Note will result in approximately $1,609,920 (average annual debt service)
of such Non-Ad Valorem Revenues of the Issuer being expended to pay
debt service on the Series 2020A Note each year.
Very truly yours,
By:________________________________
Jackie Young, Authorized Officer
4
the interest on the Series 2020A Note is excluded from gross income for federal income
tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other
federal income tax advice that it may give to the Issuer from time to time relating to the
Series 2020A Note; provided, however, that the Purchaser (a) makes no representation as
to the legal sufficiency of the representations of fact set forth herein and (b) makes no
representation as to any conclusions of law made by Note Counsel.
JPMORGAN CHASE BANK, N.A., as

Purchaser
By:
Jackie Young, Authorized Officer
Dated: June 5, 2020
C-2
DOMESTIC WIRE:
USPS MAIL: OVERNIGHT EXPRESS MAIL:
200 W Congress St
PO Box 53207 285 W Esplanade Ave, 3rd Floor
Lafayette LA 70501
Lafayette LA 70505-3207 Kenner LA 70065
ABA: 265270413
May 26, 2020
CITY OF CAPE CORAL

1015 CULTURAL PARK BLVD
CAPE CORAL FL 33990
Your Loan # 5300391638 payoff amount is $6,614,635.60 as of 06/05/2020.
As of today, the breakdown below reflects the amount(s) due for the loan. Please note the per diem
for this loan is $557.38436. If the payoff is future dated, it does not include any fees that may be
assessed between the dates.
If you have any questions regarding this payoff, please contact Customer Service at 1-800-682-3231.
Current Balance $6,578,963.00

Accrued Interest $35,672.60
Escrow in Payoff $0.00
Escrow Interest Withholding $0.00
Late Charges $0.00
Prepayment Penalty $0.00
Other Charges $0.00
Total Amount Due $6,614,635.60
Thank you for banking with us. If we may be of further assistance, you can call the number provided
above or contact your lending officer.
Sincerely,
Jill Thirion
Notice Of Sale Printed On: 5/21/2020 3:52:18PM
Bond issue name: City of Cape Coral, Florida Special Obligation Refunding and Improvement Revenue Note, Series 2020A
Sale date: 06/05/2020
Closing date: 06/05/2020
Submitted by: mgarner@ngn-tampa.com
Submission date: 05/21/2020

City of Cape Coral, Florida Special Obligation Refunding and Improvement Revenue Note, Series
2020A
Submit Date: 6/8/2020 Printed On: 6/8/2020 11:07:55AM
Issuer
Name of Governmental Unit:
Mailing Address of Governmental Unit or its Manager:

1015 Cultural Park Blvd.
Address 2:
[blank]
City: State: Zip Code:

Cape Coral FL 33990
Counties in which governmental unit has jurisdiction:
Lee
Type of Issuer:
City
Is the Issuer a Community Development District?
No
Bond Information
Bond Issue Detail(s):
Name of Bond Issue Amount Issued Interest Calculation Yield
City of Cape Coral, Florida Special Obligation Refunding $15,128,990.00 Arbitrage Yield 1.5129
and Improvement Revenue Note, Series 2020A
Amount Authorized:
$16,000,000.00
Dated Date:
06/05/2020
Sale Date:
06/05/2020
Delivery Date:
06/05/2020
Legal Authority For Issuance:
Ch. 166, F.S.
Type Of Issue:
Special Obligation
Is this a Private Activity Bond?
No
Specific Revenue(s) Pledged:
Primary: Annual Appropriation
Secondary: None
Purpose(s) of the Issue:
Primary: Refunding
Secondary: Public Safety
Is this a Refunding Issue?
Yes
Page 1 of 5
2020A
Bond Refunding Issue Detail(s):
Name of Refunding Issue Dated Date Original Par Value Par Value Refunded
City of Cape Coral, Florida Special Obligation Revenue Note, 05/11/2018 $7,912,705.00 $6,578,963.00
Series 2018
Refunded Debt has been:

Retired
Did the Refunding Issue contain New Money?
Yes
Approximately what percentage of proceeds is new money?
56.40%
Type of sale:
Negotiated Private Placement
Insurance/Enhancements:
No Credit Enhancement
Rating(s):
Moody's: NR
S & P: NR
Fitch: NR
Other: [blank]
Debt Service schedule provided by:
Email
Optional Redemption Provisions provided by:
Email
Participants
Provide the name and address of the Senior Managing Underwriter or Sole Purchaser.
Underwriter:
Mailing Address of Underwriter:
100 North Tampa Street
Address 2:
[blank]
Tampa FL 33602
Co-Underwriter:
None
Provide the names and addresses of any attorneys who advised the unit of local government with respect to the bond
issue.
Bond Counsel:
Nabors, Giblin & Nickerson, P.A.
Page 2 of 5
2020A
Mailing Address of Bond Counsel:

2502 N. Rocky Point Dr.
Address 2:
Suite 1060
City: State: Postal Code:

Tampa FL 33607
Co-Bond Counsel:
None
Provide the names and addresses of any financial consultant who advised the unit of local government with respect to
the bond issue.
Financial Advisor/Consultant:
RBC Capital Markets, LLC
Mailing Address of Financial Advisor/Consultant:
100 2nd Avenue South
Address 2:
Suite 800

St. Petersburg FL 33701
Co-Financial Advisor/Consultant:
None
Paying Agent:
[blank]
Registrar:
[blank]
Fees
Has any fee, bonus, or gratuity been paid by any underwriter or financial consultant, in connection with the bond
issue, to any person not regularly employed or engaged by such underwriter or consultant?
Fees Paid:
Company Name Fee Paid Service provided or function served
[blank]
Have any other fees been paid by the unit of local government with respect to the bond issue, including any fee paid
to attorneys of financial consultants?
Total Bond Counsel Fees Paid:

$21,411.24
Total Financial Advisor Fees Paid:

$15,616.09
Other Fees Paid:
Company Name Fee Paid Service Provided or Function Served

Locke Lord LLP $8,500.00 Bank Counsel
Page 3 of 5
2020A
Filing of this form has been authorized by the official of the issuer identified below:
Name:
Christopher Phillips, CGFM
Title:
Governmental Officer primarily responsible for coordinating issuance of the bonds
Fees charged by Underwriter:
Management Fee (per thousand par value):
$0.00
OR
Private Placement Fee:

$0.00
Underwriter's expected gross spread (per thousand par value):
$0.00
Respondent
For additional information, the Division of Bond Finance should contact:
Name:
Steven E. Miller
Title:
Bond Counsel
Phone:
813-281-2222
Company:
Nabors, Giblin & Nickerson, P.
Mailing Address of Respondent:

2502 N. Rocky Point Dr.
Address 2:
Suite 1060

Tampa FL 33607
Page 4 of 5
2020A
Information relating to party completing this form (if different from above):
Name:
[blank]
Title:
[blank]
Phone:
[blank]
Company:
[blank]
Mailing Address:
[blank]
Address 2:
[blank]

[blank] [blank] [blank]
Continuing Disclosure
Is the issuer required to provide continuing disclosure information in accordance with SEC Rule 15C2-12?
No
Page 5 of 5
iCITYOF
:)1 CITY OF CAPE COR~
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June 5, 2020
Mayor and City Council

of the City of Cape Coral
Cape Coral, Florida
JPMorgan Chase Banlc, N.A.

Tampa, Florida
Re: $15,128,990 City of Cape Coral, Florida Special Obligation

Refunding and Improvement Revenue Note, Series 2020A
Ladies and Gentlemen:
I am the City Attorney for the City of Cape Coral, Florida (the "City") and have
served in such capacity in connection with the issuance and sale by the City of its Special
Obligation Refunding and Improvement Revenue Note, Series 2020A (the " ote"). All
capitalized tenns not otherwise defined herein shall have the meanings ascribed thereto in
the Loan Agreement between the City and JPMorgan Chase Bank, N.A., dated as of June
5, 2020 (the "Agreement").
I have examined, among other things, the Act, the Ordinance, the Resolution, the
Agreement and the proceedings of the City with respect to the authorization and issuance
of the Agreement and the Note, and certificates and other documents relating to the City,
the Note, the Ordinance, the Resolution and the Agreement, and have made such other
examination of applicable Florida law as I have deemed necessary in giving this opinion.
Based upon the foregoing, I am of the opinion that:
(A) the City is a duly existing municipal corporation of the State of Florida (the
"State") and had and has good right and lawful authority under the Constitution and laws
of the State to enact the Ordinance and adopt the Resolution, to execute and deliver the
Agreement and to authorize and issue the ote; the Resolution and the Ordinance have
been duly adopted and enacted, respectively, by the City, are in full force and effect and,
together with the ote, constitute the valid, legal and binding obligations of the City
enforceable in accordance with its respective tenns;
POST OFFICE BOX 150027 TELEPHONE (239) 574-0408

CAPE CORAL, FLORIDA 33915-0027 FAX (239) 574-0404
Mayor and City Council of the June 5, 2020
City of Cape Coral
Page 2
(B) the Agreement has been duly authorized, executed and delivered by the
City and, assuming the due authorization, execution and delivery of the Agreement by
JPMorgan Chase Bank, N.A., constitutes a legal, valid and binding agreement of the City
enforceable in accordance with its terms;
(C) as of the date hereof, the City has duly performed all obligations to be
performed by it pursuant to the Ordinance, the Resolution and the Agreement;
(D) the City has the power and authority under the laws of the State of Florida
to covenant to budget and appropriate the Non-Ad Valorem Revenues to pay the Note
and interest thereon in accordance with the terms of the Resolution and the Agreement;
(E) the enactment of the Ordinance, the adoption of the Resolution and the
execution and delivery of the Agreement and the Note, and compliance with the
provisions thereof, will not conflict with or constitute a material breach of or default
under any existing law, administrative regulation, court decree, resolution or agreement
to which the City is subject;
(F) no litigation or other proceedings are pending or, to the best of my

knowledge, threatened in any court or other tribunal of competent jurisdiction, State or
Federal, in any way (1) restraining or enjoining or seeking to restrain or enjoin the
issuance, sale or delivery of the Note, or (2) questioning or affecting the validity or
enforceability of any provisions of the Note, the Ordinance, the Resolution, the
Agreement, or the covenant of the City to budget and appropriate Non Ad-Valorem
Revenues as provided in the Resolution; or (3) questioning or affecting the validity of any
of the proceedings for the authorization, sale, execution, registration, issuance or delivery
of the Note and the security therefor; or (4) questioning or affecting (a) the organization
or existence of the City or the Council or the title to office of the officers thereof, or (b)
the power or authority of the City to receive Non-Ad Valorem Revenues; or (5) which
could materially adversely affect the operations of the City or the financial condition of
the City;
(G) all approvals, consents, authorizations and orders of any governmental

authority or agency having jurisdiction in any matter which would constitute a condition
precedent to the performance by the City of its obligations under the Ordinance, the
Resolution, the Agreement, the Note and the other documents relating to the Note have
been obtained and are in full force and effect.
All of the above opinions as to enforceability of the legal obligations of the City
may be subject to and limited by bankruptcy, insolvency, reorganization, moratorium and
Mayor and City Council of the June 5, 2020
City of Cape Coral
Page3
similar laws, in each case relating to or affecting the enforcement of creditors rights
generally, and other general principles of equity.
The letter is addressed to you and is not to be used, circulated, quoted or otherwise
referred to for any other purpose without, in each case, my express written consent.
Very truly yours,
0~~
Dolores D. ~~
City Attorney
TABLE OF CONTENTS
City of Cape Coral

Special Obligation Refunding and Improvement Revenue Note, Series 2020A
Report Page

Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . 2
Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . 6
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Savings By Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Cost of Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Refunding of Series 2018

Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . 17
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Special Obligation Improvement Revenue Note

Jun 1, 2020 10:28 am

SOURCES AND USES OF FUNDS
City of Cape Coral

Dated Date 06/05/2020

Delivery Date 06/05/2020
Special
Obligation
Refunding of Improvement
Sources: Series 2018 Revenue Note Total
Bond Proceeds:
Par Amount 6,600,790.00 8,528,200.00 15,128,990.00
Other Sources of Funds:

Accrued Interest 35,672.60 35,672.60
6,636,462.60 8,528,200.00 15,164,662.60
Special
Obligation
Uses: Series 2018 Revenue Note Total
Project Fund Deposits:

Fire Stations 8,500,000.00 8,500,000.00
Refunding Escrow Deposits:

Cash Deposit 6,614,635.60 6,614,635.60
Delivery Date Expenses:

Cost of Issuance 21,827.00 28,200.00 50,027.00
6,636,462.60 8,528,200.00 15,164,662.60
Jun 1, 2020 10:28 am Page 1

BOND SUMMARY STATISTICS
City of Cape Coral


First Coupon 07/01/2020
Last Maturity 07/01/2030
Arbitrage Yield 1.512882%

True Interest Cost (TIC) 1.512882%
Net Interest Cost (NIC) 1.510000%
All-In TIC 1.586350%
Average Coupon 1.510000%
Average Life (years) 4.756

Duration of Issue (years) 4.546
Par Amount 15,128,990.00

Bond Proceeds 15,128,990.00
Total Interest 1,086,477.43
Net Interest 1,086,477.43
Total Debt Service 16,215,467.43
Maximum Annual Debt Service 1,800,575.15
Average Annual Debt Service 1,609,919.55
Underwriter's Fees (per $1000)

Average Takedown
Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bp

Bond Component Value Price Coupon Life change
Bond Component 15,128,990.00 100.000 1.510% 4.756 6,798.14
15,128,990.00 4.756 6,798.14
All-In Arbitrage
TIC TIC Yield
Par Value 15,128,990.00 15,128,990.00 15,128,990.00

+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount
- Cost of Issuance Expense -50,027.00
- Other Amounts
Target Value 15,128,990.00 15,078,963.00 15,128,990.00
Target Date 06/05/2020 06/05/2020 06/05/2020

Yield 1.512882% 1.586350% 1.512882%
Jun 1, 2020 10:28 am Page 2

BOND PRICING
City of Cape Coral

Maturity
Bond Component Date Amount Rate Yield Price
Bond Component:
07/01/2020 186,010 1.510% 1.510% 100.000
10/01/2020 395,976 1.510% 1.510% 100.000
01/01/2021 395,975 1.510% 1.510% 100.000
04/01/2021 395,975 1.510% 1.510% 100.000
07/01/2021 395,979 1.510% 1.510% 100.000
10/01/2021 401,990 1.510% 1.510% 100.000
01/01/2022 401,988 1.510% 1.510% 100.000
04/01/2022 401,988 1.510% 1.510% 100.000
07/01/2022 401,991 1.510% 1.510% 100.000
10/01/2022 408,094 1.510% 1.510% 100.000
01/01/2023 408,093 1.510% 1.510% 100.000
04/01/2023 408,093 1.510% 1.510% 100.000
07/01/2023 408,096 1.510% 1.510% 100.000
10/01/2023 414,290 1.510% 1.510% 100.000
01/01/2024 414,290 1.510% 1.510% 100.000
04/01/2024 414,290 1.510% 1.510% 100.000
07/01/2024 414,294 1.510% 1.510% 100.000
10/01/2024 420,583 1.510% 1.510% 100.000
01/01/2025 420,582 1.510% 1.510% 100.000
04/01/2025 420,582 1.510% 1.510% 100.000
07/01/2025 420,584 1.510% 1.510% 100.000
10/01/2025 426,969 1.510% 1.510% 100.000
01/01/2026 426,969 1.510% 1.510% 100.000
04/01/2026 426,969 1.510% 1.510% 100.000
07/01/2026 426,972 1.510% 1.510% 100.000
10/01/2026 433,453 1.510% 1.510% 100.000
01/01/2027 433,452 1.510% 1.510% 100.000
04/01/2027 433,452 1.510% 1.510% 100.000
07/01/2027 433,457 1.510% 1.510% 100.000
10/01/2027 435,461 1.510% 1.510% 100.000
01/01/2028 435,460 1.510% 1.510% 100.000
04/01/2028 435,462 1.510% 1.510% 100.000
07/01/2028 221,185 1.510% 1.510% 100.000
10/01/2028 224,543 1.510% 1.510% 100.000
01/01/2029 224,543 1.510% 1.510% 100.000
04/01/2029 224,543 1.510% 1.510% 100.000
07/01/2029 224,544 1.510% 1.510% 100.000
10/01/2029 227,954 1.510% 1.510% 100.000
01/01/2030 227,953 1.510% 1.510% 100.000
04/01/2030 227,953 1.510% 1.510% 100.000
07/01/2030 227,953 1.510% 1.510% 100.000
15,128,990
Jun 1, 2020 10:28 am Page 3

BOND PRICING
City of Cape Coral


Par Amount 15,128,990.00

Original Issue Discount
Production 15,128,990.00 100.000000%

Underwriter's Discount
Purchase Price 15,128,990.00 100.000000%

Accrued Interest
Net Proceeds 15,128,990.00
Jun 1, 2020 10:28 am Page 4

BOND DEBT SERVICE
City of Cape Coral


Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
07/01/2020 186,010 1.510% 16,499.01 202,509.01

10/01/2020 395,976 1.510% 56,409.75 452,385.75 654,894.76
01/01/2021 395,975 1.510% 54,914.94 450,889.94
04/01/2021 395,975 1.510% 53,420.13 449,395.13
07/01/2021 395,979 1.510% 51,925.33 447,904.33
10/01/2021 401,990 1.510% 50,430.50 452,420.50 1,800,609.90
01/01/2022 401,988 1.510% 48,912.99 450,900.99
04/01/2022 401,988 1.510% 47,395.49 449,383.49
07/01/2022 401,991 1.510% 45,877.98 447,868.98
10/01/2022 408,094 1.510% 44,360.48 452,454.48 1,800,607.94
01/01/2023 408,093 1.510% 42,819.91 450,912.91
04/01/2023 408,093 1.510% 41,279.37 449,372.37
07/01/2023 408,096 1.510% 39,738.82 447,834.82
10/01/2023 414,290 1.510% 38,198.25 452,488.25 1,800,608.35
01/01/2024 414,290 1.510% 36,634.30 450,924.30
04/01/2024 414,290 1.510% 35,070.37 449,360.37
07/01/2024 414,294 1.510% 33,506.42 447,800.42
10/01/2024 420,583 1.510% 31,942.46 452,525.46 1,800,610.55
01/01/2025 420,582 1.510% 30,354.76 450,936.76
04/01/2025 420,582 1.510% 28,767.06 449,349.06
07/01/2025 420,584 1.510% 27,179.36 447,763.36
10/01/2025 426,969 1.510% 25,591.66 452,560.66 1,800,609.84
01/01/2026 426,969 1.510% 23,979.85 450,948.85
04/01/2026 426,969 1.510% 22,368.05 449,337.05
07/01/2026 426,972 1.510% 20,756.23 447,728.23
10/01/2026 433,453 1.510% 19,144.42 452,597.42 1,800,611.55
01/01/2027 433,452 1.510% 17,508.13 450,960.13
04/01/2027 433,452 1.510% 15,871.85 449,323.85
07/01/2027 433,457 1.510% 14,235.56 447,692.56
10/01/2027 435,461 1.510% 12,599.26 448,060.26 1,796,036.80
01/01/2028 435,460 1.510% 10,955.40 446,415.40
04/01/2028 435,462 1.510% 9,311.54 444,773.54
07/01/2028 221,185 1.510% 7,667.67 228,852.67
10/01/2028 224,543 1.510% 6,832.70 231,375.70 1,351,417.31
01/01/2029 224,543 1.510% 5,985.05 230,528.05
04/01/2029 224,543 1.510% 5,137.40 229,680.40
07/01/2029 224,544 1.510% 4,289.75 228,833.75
10/01/2029 227,954 1.510% 3,442.09 231,396.09 920,438.29
01/01/2030 227,953 1.510% 2,581.57 230,534.57
04/01/2030 227,953 1.510% 1,721.05 229,674.05
07/01/2030 227,953 1.510% 860.52 228,813.52
10/01/2030 689,022.14
15,128,990 1,086,477.43 16,215,467.43 16,215,467.43
Jun 1, 2020 10:28 am Page 5

SUMMARY OF REFUNDING RESULTS
City of Cape Coral


Arbitrage yield 1.512882%
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount 6,600,790.00

True Interest Cost 1.512888%
Net Interest Cost 1.510000%
Average Life 4.025
Par amount of refunded bonds 6,578,963.00

Average coupon of refunded bonds 3.050000%
Average life of refunded bonds 4.109
PV of prior debt to 06/05/2020 @ 1.512888% 7,013,710.79

Net PV Savings 377,248.19
Percentage savings of refunded bonds 5.734159%
Percentage savings of refunding bonds 5.715198%
Jun 1, 2020 10:28 am Page 6

SAVINGS
City of Cape Coral

Present Value
Prior Prior Prior Refunding to 06/05/2020
Date Debt Service Receipts Net Cash Flow Debt Service Savings @ 1.5128880%
10/01/2020 464,946.08 35,672.60 429,273.48 414,362.32 14,911.16 14,813.60

10/01/2021 929,890.74 929,890.74 880,173.75 49,716.99 49,015.53
10/01/2022 929,890.50 929,890.50 880,172.78 49,717.72 48,283.06
10/01/2023 929,892.46 929,892.46 880,173.45 49,719.01 47,562.07
10/01/2024 929,890.65 929,890.65 880,173.01 49,717.64 46,849.34
10/01/2025 929,892.40 929,892.40 880,174.63 49,717.77 46,148.69
10/01/2026 929,891.30 929,891.30 880,175.44 49,715.86 45,456.65
10/01/2027 929,891.36 929,891.36 875,598.57 54,292.79 48,875.41
10/01/2028 464,946.27 464,946.27 430,980.69 33,965.58 30,243.84
7,439,131.76 35,672.60 7,403,459.16 7,001,984.64 401,474.52 377,248.19
Savings Summary
PV of savings from cash flow 377,248.19
Jun 1, 2020 10:28 am Page 7

SAVINGS BY MATURITY
City of Cape Coral

Adjusted
Maturity Interest Par Adjusted Savings
Bond Date Rate Amount Savings Percent
REF2018, Special Obligation Revenue Note, Series 2018, 2018:

BOND 07/01/2020 3.050% 182,308.00 -403.32 -0.221%
10/01/2020 3.050% 183,699.00 297.34 0.162%
01/01/2021 3.050% 185,099.00 1,006.06 0.544%
04/01/2021 3.050% 186,511.00 1,722.94 0.924%
07/01/2021 3.050% 187,932.00 2,447.97 1.303%
10/01/2021 3.050% 189,365.00 3,181.38 1.680%
01/01/2022 3.050% 190,809.00 3,923.12 2.056%
04/01/2022 3.050% 192,265.00 4,673.33 2.431%
07/01/2022 3.050% 193,730.00 5,431.96 2.804%
10/01/2022 3.050% 195,207.00 6,199.28 3.176%
01/01/2023 3.050% 196,697.00 6,975.25 3.546%
04/01/2023 3.050% 198,196.00 7,758.87 3.915%
07/01/2023 3.050% 199,707.00 8,552.40 4.282%
10/01/2023 3.050% 201,230.00 9,354.90 4.649%
01/01/2024 3.050% 202,764.00 10,165.19 5.013%
04/01/2024 3.050% 204,310.00 10,985.61 5.377%
07/01/2024 3.050% 205,868.00 11,815.18 5.739%
10/01/2024 3.050% 207,438.00 12,653.00 6.100%
01/01/2025 3.050% 209,020.00 13,501.04 6.459%
04/01/2025 3.050% 210,613.00 14,357.46 6.817%
07/01/2025 3.050% 212,220.00 15,224.45 7.174%
10/01/2025 3.050% 213,838.00 16,099.94 7.529%
01/01/2026 3.050% 215,468.00 16,984.99 7.883%
04/01/2026 3.050% 217,111.00 17,880.78 8.236%
07/01/2026 3.050% 218,767.00 18,785.43 8.587%
10/01/2026 3.050% 220,434.00 19,699.85 8.937%
01/01/2027 3.050% 222,115.00 20,625.30 9.286%
04/01/2027 3.050% 223,809.00 21,559.80 9.633%
07/01/2027 3.050% 225,516.00 22,504.49 9.979%
10/01/2027 3.050% 227,235.00 23,459.38 10.324%
01/01/2028 3.050% 228,968.00 24,424.63 10.667%
04/01/2028 3.050% 230,714.00 25,400.21 11.009%
6,578,963.00 377,248.19
Calculated Using Remaining Maturities
Jun 1, 2020 10:28 am Page 8

COST OF ISSUANCE
City of Cape Coral

Cost of Issuance $/1000 Amount
Contingency 0.06608 999.67

Bond Counsel Fee 1.41525 21,411.24
Bond Counsel Expenses 0.23134 3,500.00
Financial Advisor Fee 1.03220 15,616.09
Bank Counsel's Fee 0.56184 8,500.00
3.30670 50,027.00
Jun 1, 2020 10:28 am Page 9

FORM 8038 STATISTICS
City of Cape Coral


Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Bond Component:
07/01/2020 186,010.00 1.510% 100.000 186,010.00 186,010.00
10/01/2020 395,976.00 1.510% 100.000 395,976.00 395,976.00
01/01/2021 395,975.00 1.510% 100.000 395,975.00 395,975.00
04/01/2021 395,975.00 1.510% 100.000 395,975.00 395,975.00
07/01/2021 395,979.00 1.510% 100.000 395,979.00 395,979.00
10/01/2021 401,990.00 1.510% 100.000 401,990.00 401,990.00
01/01/2022 401,988.00 1.510% 100.000 401,988.00 401,988.00
04/01/2022 401,988.00 1.510% 100.000 401,988.00 401,988.00
07/01/2022 401,991.00 1.510% 100.000 401,991.00 401,991.00
10/01/2022 408,094.00 1.510% 100.000 408,094.00 408,094.00
01/01/2023 408,093.00 1.510% 100.000 408,093.00 408,093.00
04/01/2023 408,093.00 1.510% 100.000 408,093.00 408,093.00
07/01/2023 408,096.00 1.510% 100.000 408,096.00 408,096.00
10/01/2023 414,290.00 1.510% 100.000 414,290.00 414,290.00
01/01/2024 414,290.00 1.510% 100.000 414,290.00 414,290.00
04/01/2024 414,290.00 1.510% 100.000 414,290.00 414,290.00
07/01/2024 414,294.00 1.510% 100.000 414,294.00 414,294.00
10/01/2024 420,583.00 1.510% 100.000 420,583.00 420,583.00
01/01/2025 420,582.00 1.510% 100.000 420,582.00 420,582.00
04/01/2025 420,582.00 1.510% 100.000 420,582.00 420,582.00
07/01/2025 420,584.00 1.510% 100.000 420,584.00 420,584.00
10/01/2025 426,969.00 1.510% 100.000 426,969.00 426,969.00
01/01/2026 426,969.00 1.510% 100.000 426,969.00 426,969.00
04/01/2026 426,969.00 1.510% 100.000 426,969.00 426,969.00
07/01/2026 426,972.00 1.510% 100.000 426,972.00 426,972.00
10/01/2026 433,453.00 1.510% 100.000 433,453.00 433,453.00
01/01/2027 433,452.00 1.510% 100.000 433,452.00 433,452.00
04/01/2027 433,452.00 1.510% 100.000 433,452.00 433,452.00
07/01/2027 433,457.00 1.510% 100.000 433,457.00 433,457.00
10/01/2027 435,461.00 1.510% 100.000 435,461.00 435,461.00
01/01/2028 435,460.00 1.510% 100.000 435,460.00 435,460.00
04/01/2028 435,462.00 1.510% 100.000 435,462.00 435,462.00
07/01/2028 221,185.00 1.510% 100.000 221,185.00 221,185.00
10/01/2028 224,543.00 1.510% 100.000 224,543.00 224,543.00
01/01/2029 224,543.00 1.510% 100.000 224,543.00 224,543.00
04/01/2029 224,543.00 1.510% 100.000 224,543.00 224,543.00
07/01/2029 224,544.00 1.510% 100.000 224,544.00 224,544.00
10/01/2029 227,954.00 1.510% 100.000 227,954.00 227,954.00
01/01/2030 227,953.00 1.510% 100.000 227,953.00 227,953.00
04/01/2030 227,953.00 1.510% 100.000 227,953.00 227,953.00
07/01/2030 227,953.00 1.510% 100.000 227,953.00 227,953.00
15,128,990.00 15,128,990.00 15,128,990.00
Jun 1, 2020 10:28 am Page 10

City of Cape Coral

Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 07/01/2030 1.510% 227,953.00 227,953.00

Entire Issue 15,128,990.00 15,128,990.00 4.7559 1.5129%
Proceeds used for accrued interest 0.00

Proceeds used for bond issuance costs (including underwriters' discount) 50,027.00
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00
Proceeds used to refund prior tax-exempt bonds 6,614,635.60
Proceeds used to refund prior taxable bonds 0.00
Remaining WAM of prior tax-exempt bonds (years) 4.1090
Remaining WAM of prior taxable bonds (years) 0.0000
Last call date of refunded tax-exempt bonds 06/05/2020
2011 Form 8038 Statistics
Proceeds used to currently refund prior issues 6,614,635.60

Proceeds used to advance refund prior issues 0.00
Remaining weighted average maturity of the bonds to be currently refunded 4.1090
Remaining weighted average maturity of the bonds to be advance refunded 0.0000
Jun 1, 2020 10:28 am Page 11

City of Cape Coral

Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Special Obligation Revenue Note, Series 2018:

BOND 07/01/2020 182,308.00 3.050% 100.000 182,308.00
BOND 10/01/2020 183,699.00 3.050% 100.000 183,699.00
BOND 01/01/2021 185,099.00 3.050% 100.000 185,099.00
BOND 04/01/2021 186,511.00 3.050% 100.000 186,511.00
BOND 07/01/2021 187,932.00 3.050% 100.000 187,932.00
BOND 10/01/2021 189,365.00 3.050% 100.000 189,365.00
BOND 01/01/2022 190,809.00 3.050% 100.000 190,809.00
BOND 04/01/2022 192,265.00 3.050% 100.000 192,265.00
BOND 07/01/2022 193,730.00 3.050% 100.000 193,730.00
BOND 10/01/2022 195,207.00 3.050% 100.000 195,207.00
BOND 01/01/2023 196,697.00 3.050% 100.000 196,697.00
BOND 04/01/2023 198,196.00 3.050% 100.000 198,196.00
BOND 07/01/2023 199,707.00 3.050% 100.000 199,707.00
BOND 10/01/2023 201,230.00 3.050% 100.000 201,230.00
BOND 01/01/2024 202,764.00 3.050% 100.000 202,764.00
BOND 04/01/2024 204,310.00 3.050% 100.000 204,310.00
BOND 07/01/2024 205,868.00 3.050% 100.000 205,868.00
BOND 10/01/2024 207,438.00 3.050% 100.000 207,438.00
BOND 01/01/2025 209,020.00 3.050% 100.000 209,020.00
BOND 04/01/2025 210,613.00 3.050% 100.000 210,613.00
BOND 07/01/2025 212,220.00 3.050% 100.000 212,220.00
BOND 10/01/2025 213,838.00 3.050% 100.000 213,838.00
BOND 01/01/2026 215,468.00 3.050% 100.000 215,468.00
BOND 04/01/2026 217,111.00 3.050% 100.000 217,111.00
BOND 07/01/2026 218,767.00 3.050% 100.000 218,767.00
BOND 10/01/2026 220,434.00 3.050% 100.000 220,434.00
BOND 01/01/2027 222,115.00 3.050% 100.000 222,115.00
BOND 04/01/2027 223,809.00 3.050% 100.000 223,809.00
BOND 07/01/2027 225,516.00 3.050% 100.000 225,516.00
BOND 10/01/2027 227,235.00 3.050% 100.000 227,235.00
BOND 01/01/2028 228,968.00 3.050% 100.000 228,968.00
BOND 04/01/2028 230,714.00 3.050% 100.000 230,714.00
6,578,963.00 6,578,963.00
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
Special Obligation Revenue Note, Series 2018 06/05/2020 05/11/2018 4.1090

All Refunded Issues 06/05/2020 4.1090
Jun 1, 2020 10:28 am Page 12

City of Cape Coral


Sources:
Bond Proceeds:
Par Amount 6,600,790.00

Accrued Interest 35,672.60
6,636,462.60
Uses:

Cash Deposit 6,614,635.60

Cost of Issuance 21,827.00
6,636,462.60
Jun 1, 2020 10:28 am Page 13

City of Cape Coral



Average Life 4.025


Jun 1, 2020 10:28 am Page 14

SAVINGS
City of Cape Coral

Present Value
Prior Prior Prior Refunding Annual to 06/05/2020 Annual PV
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 1.5128880% Savings
06/05/2020 35,672.60 -35,672.60 -35,672.60 -35,672.60

07/01/2020 232,472.59 232,472.59 193,208.53 39,264.06 39,221.34
10/01/2020 232,473.49 232,473.49 221,153.79 11,319.70 14,911.16 11,264.86 14,813.60
01/01/2021 232,472.79 232,472.79 220,410.35 12,062.44 11,958.85
04/01/2021 232,473.41 232,473.41 219,666.91 12,806.50 12,648.77
07/01/2021 232,472.26 232,472.26 218,925.47 13,546.79 13,329.63
10/01/2021 232,472.28 232,472.28 221,171.02 11,301.26 49,716.99 11,078.27 49,015.53
01/01/2022 232,472.37 232,472.37 220,415.29 12,057.08 11,774.73
04/01/2022 232,473.46 232,473.46 219,660.56 12,812.90 12,465.79
07/01/2022 232,472.43 232,472.43 218,908.83 13,563.60 13,146.52
10/01/2022 232,472.24 232,472.24 221,188.10 11,284.14 49,717.72 10,896.02 48,283.06
01/01/2023 232,473.79 232,473.79 220,421.90 12,051.89 11,593.60
04/01/2023 232,472.98 232,472.98 219,655.71 12,817.27 12,283.50
07/01/2023 232,472.73 232,472.73 218,890.52 13,582.21 12,967.63
10/01/2023 232,472.96 232,472.96 221,205.32 11,267.64 49,719.01 10,717.34 47,562.07
01/01/2024 232,472.59 232,472.59 220,427.49 12,045.10 11,413.74
04/01/2024 232,472.51 232,472.51 219,649.67 12,822.84 12,105.01
07/01/2024 232,472.65 232,472.65 218,872.84 13,599.81 12,790.20
10/01/2024 232,472.90 232,472.90 221,223.01 11,249.89 49,717.64 10,540.38 46,849.34
01/01/2025 232,473.19 232,473.19 220,433.37 12,039.82 11,238.07
04/01/2025 232,472.41 232,472.41 219,643.73 12,828.68 11,929.37
07/01/2025 232,473.49 232,473.49 218,856.09 13,617.40 12,615.17
10/01/2025 232,473.31 232,473.31 221,241.44 11,231.87 49,717.77 10,366.08 46,148.69
01/01/2026 232,472.79 232,472.79 220,439.81 12,032.98 11,063.67
04/01/2026 232,472.85 232,472.85 219,638.18 12,834.67 11,756.40
07/01/2026 232,473.38 232,473.38 218,837.54 13,635.84 12,443.29
10/01/2026 232,472.28 232,472.28 221,259.91 11,212.37 49,715.86 10,193.29 45,456.65
01/01/2027 232,472.47 232,472.47 220,445.10 12,027.37 10,893.09
04/01/2027 232,472.85 232,472.85 219,631.30 12,841.55 11,586.75
07/01/2027 232,473.30 232,473.30 218,819.49 13,653.81 12,273.30
Jun 1, 2020 10:28 am Page 15

SAVINGS
City of Cape Coral

Present Value
10/01/2027 232,472.74 232,472.74 216,702.68 15,770.06 54,292.79 14,122.27 48,875.41

01/01/2028 232,473.08 232,473.08 215,893.79 16,579.29 14,791.11
04/01/2028 232,473.19 232,473.19 215,086.90 17,386.29 15,452.73
10/01/2028 33,965.58 30,243.84
7,439,131.76 35,672.60 7,403,459.16 7,001,984.64 401,474.52 401,474.52 377,248.19 377,248.19
Savings Summary
Jun 1, 2020 10:28 am Page 16

SUMMARY OF BONDS REFUNDED
City of Cape Coral

Maturity Interest Par Call Call

Bond Date Rate Amount Date Price
Special Obligation Revenue Note, Series 2018, BOND:

07/01/2020 3.050% 182,308.00 06/05/2020 100.000
10/01/2020 3.050% 183,699.00 06/05/2020 100.000
01/01/2021 3.050% 185,099.00 06/05/2020 100.000
04/01/2021 3.050% 186,511.00 06/05/2020 100.000
07/01/2021 3.050% 187,932.00 06/05/2020 100.000
10/01/2021 3.050% 189,365.00 06/05/2020 100.000
01/01/2022 3.050% 190,809.00 06/05/2020 100.000
04/01/2022 3.050% 192,265.00 06/05/2020 100.000
07/01/2022 3.050% 193,730.00 06/05/2020 100.000
10/01/2022 3.050% 195,207.00 06/05/2020 100.000
01/01/2023 3.050% 196,697.00 06/05/2020 100.000
04/01/2023 3.050% 198,196.00 06/05/2020 100.000
07/01/2023 3.050% 199,707.00 06/05/2020 100.000
10/01/2023 3.050% 201,230.00 06/05/2020 100.000
01/01/2024 3.050% 202,764.00 06/05/2020 100.000
04/01/2024 3.050% 204,310.00 06/05/2020 100.000
07/01/2024 3.050% 205,868.00 06/05/2020 100.000
10/01/2024 3.050% 207,438.00 06/05/2020 100.000
01/01/2025 3.050% 209,020.00 06/05/2020 100.000
04/01/2025 3.050% 210,613.00 06/05/2020 100.000
07/01/2025 3.050% 212,220.00 06/05/2020 100.000
10/01/2025 3.050% 213,838.00 06/05/2020 100.000
01/01/2026 3.050% 215,468.00 06/05/2020 100.000
04/01/2026 3.050% 217,111.00 06/05/2020 100.000
07/01/2026 3.050% 218,767.00 06/05/2020 100.000
10/01/2026 3.050% 220,434.00 06/05/2020 100.000
01/01/2027 3.050% 222,115.00 06/05/2020 100.000
04/01/2027 3.050% 223,809.00 06/05/2020 100.000
07/01/2027 3.050% 225,516.00 06/05/2020 100.000
10/01/2027 3.050% 227,235.00 06/05/2020 100.000
01/01/2028 3.050% 228,968.00 06/05/2020 100.000
04/01/2028 3.050% 230,714.00 06/05/2020 100.000
6,578,963.00
Jun 1, 2020 10:28 am Page 17

PRIOR BOND DEBT SERVICE
City of Cape Coral

Period Annual
07/01/2020 182,308 3.050% 50,164.59 232,472.59

10/01/2020 183,699 3.050% 48,774.49 232,473.49 464,946.08
01/01/2021 185,099 3.050% 47,373.79 232,472.79
04/01/2021 186,511 3.050% 45,962.41 232,473.41
07/01/2021 187,932 3.050% 44,540.26 232,472.26
10/01/2021 189,365 3.050% 43,107.28 232,472.28 929,890.74
01/01/2022 190,809 3.050% 41,663.37 232,472.37
04/01/2022 192,265 3.050% 40,208.46 232,473.46
07/01/2022 193,730 3.050% 38,742.43 232,472.43
10/01/2022 195,207 3.050% 37,265.24 232,472.24 929,890.50
01/01/2023 196,697 3.050% 35,776.79 232,473.79
04/01/2023 198,196 3.050% 34,276.98 232,472.98
07/01/2023 199,707 3.050% 32,765.73 232,472.73
10/01/2023 201,230 3.050% 31,242.96 232,472.96 929,892.46
01/01/2024 202,764 3.050% 29,708.59 232,472.59
04/01/2024 204,310 3.050% 28,162.51 232,472.51
07/01/2024 205,868 3.050% 26,604.65 232,472.65
10/01/2024 207,438 3.050% 25,034.90 232,472.90 929,890.65
01/01/2025 209,020 3.050% 23,453.19 232,473.19
04/01/2025 210,613 3.050% 21,859.41 232,472.41
07/01/2025 212,220 3.050% 20,253.49 232,473.49
10/01/2025 213,838 3.050% 18,635.31 232,473.31 929,892.40
01/01/2026 215,468 3.050% 17,004.79 232,472.79
04/01/2026 217,111 3.050% 15,361.85 232,472.85
07/01/2026 218,767 3.050% 13,706.38 232,473.38
10/01/2026 220,434 3.050% 12,038.28 232,472.28 929,891.30
01/01/2027 222,115 3.050% 10,357.47 232,472.47
04/01/2027 223,809 3.050% 8,663.85 232,472.85
07/01/2027 225,516 3.050% 6,957.30 232,473.30
10/01/2027 227,235 3.050% 5,237.74 232,472.74 929,891.36
01/01/2028 228,968 3.050% 3,505.08 232,473.08
04/01/2028 230,714 3.050% 1,759.19 232,473.19
10/01/2028 464,946.27
6,578,963 860,168.76 7,439,131.76 7,439,131.76
Jun 1, 2020 10:28 am Page 18

City of Cape Coral




Par Amount 6,600,790.00

Total Interest 401,194.64
Net Interest 401,194.64
Maximum Annual Debt Service 880,156.97
Average Annual Debt Service 895,140.08

Average Takedown
Other Fee

Bond Component 6,600,790.00 100.000 1.510% 4.025 2,525.74
6,600,790.00 4.025 2,525.74
All-In Arbitrage
TIC TIC Yield
Par Value 6,600,790.00 6,600,790.00 6,600,790.00

+ Accrued Interest
- Other Amounts
Target Value 6,600,790.00 6,578,963.00 6,600,790.00
Target Date 06/05/2020 06/05/2020 06/05/2020

Yield 1.512888% 1.599077% 1.512882%
Jun 1, 2020 10:28 am Page 19

BOND DEBT SERVICE
City of Cape Coral


Period Annual
07/01/2020 186,010 1.510% 7,198.53 193,208.53

10/01/2020 196,938 1.510% 24,215.79 221,153.79 414,362.32
01/01/2021 196,938 1.510% 23,472.35 220,410.35
04/01/2021 196,938 1.510% 22,728.91 219,666.91
07/01/2021 196,940 1.510% 21,985.47 218,925.47
10/01/2021 199,929 1.510% 21,242.02 221,171.02 880,173.75
01/01/2022 199,928 1.510% 20,487.29 220,415.29
04/01/2022 199,928 1.510% 19,732.56 219,660.56
07/01/2022 199,931 1.510% 18,977.83 218,908.83
10/01/2022 202,965 1.510% 18,223.10 221,188.10 880,172.78
01/01/2023 202,965 1.510% 17,456.90 220,421.90
04/01/2023 202,965 1.510% 16,690.71 219,655.71
07/01/2023 202,966 1.510% 15,924.52 218,890.52
10/01/2023 206,047 1.510% 15,158.32 221,205.32 880,173.45
01/01/2024 206,047 1.510% 14,380.49 220,427.49
04/01/2024 206,047 1.510% 13,602.67 219,649.67
07/01/2024 206,048 1.510% 12,824.84 218,872.84
10/01/2024 209,176 1.510% 12,047.01 221,223.01 880,173.01
01/01/2025 209,176 1.510% 11,257.37 220,433.37
04/01/2025 209,176 1.510% 10,467.73 219,643.73
07/01/2025 209,178 1.510% 9,678.09 218,856.09
10/01/2025 212,353 1.510% 8,888.44 221,241.44 880,174.63
01/01/2026 212,353 1.510% 8,086.81 220,439.81
04/01/2026 212,353 1.510% 7,285.18 219,638.18
07/01/2026 212,354 1.510% 6,483.54 218,837.54
10/01/2026 215,578 1.510% 5,681.91 221,259.91 880,175.44
01/01/2027 215,577 1.510% 4,868.10 220,445.10
04/01/2027 215,577 1.510% 4,054.30 219,631.30
07/01/2027 215,579 1.510% 3,240.49 218,819.49
10/01/2027 214,276 1.510% 2,426.68 216,702.68 875,598.57
01/01/2028 214,276 1.510% 1,617.79 215,893.79
04/01/2028 214,278 1.510% 808.90 215,086.90
10/01/2028 430,980.69
6,600,790 401,194.64 7,001,984.64 7,001,984.64
Jun 1, 2020 10:28 am Page 20

City of Cape Coral


Sources:
Bond Proceeds:
Par Amount 8,528,200.00
8,528,200.00
Uses:

Fire Stations 8,500,000.00

8,528,200.00
Jun 1, 2020 10:28 am Page 21

City of Cape Coral




Par Amount 8,528,200.00


Average Takedown
Other Fee

Bond Component 8,528,200.00 100.000 1.510% 5.322 4,272.39
8,528,200.00 5.322 4,272.39
All-In Arbitrage
TIC TIC Yield
Par Value 8,528,200.00 8,528,200.00 8,528,200.00

+ Accrued Interest
- Other Amounts
Target Value 8,528,200.00 8,500,000.00 8,528,200.00
Target Date 06/05/2020 06/05/2020 06/05/2020

Yield 1.512879% 1.578810% 1.512882%
Jun 1, 2020 10:28 am Page 22

BOND DEBT SERVICE
City of Cape Coral


Period Annual
07/01/2020 9,300.48 9,300.48

10/01/2020 199,038 1.510% 32,193.96 231,231.96 240,532.44
01/01/2021 199,037 1.510% 31,442.59 230,479.59
04/01/2021 199,037 1.510% 30,691.22 229,728.22
07/01/2021 199,039 1.510% 29,939.86 228,978.86
10/01/2021 202,061 1.510% 29,188.48 231,249.48 920,436.15
01/01/2022 202,060 1.510% 28,425.70 230,485.70
04/01/2022 202,060 1.510% 27,662.93 229,722.93
07/01/2022 202,060 1.510% 26,900.15 228,960.15
10/01/2022 205,129 1.510% 26,137.38 231,266.38 920,435.16
01/01/2023 205,128 1.510% 25,363.01 230,491.01
04/01/2023 205,128 1.510% 24,588.66 229,716.66
07/01/2023 205,130 1.510% 23,814.30 228,944.30
10/01/2023 208,243 1.510% 23,039.93 231,282.93 920,434.90
01/01/2024 208,243 1.510% 22,253.81 230,496.81
04/01/2024 208,243 1.510% 21,467.70 229,710.70
07/01/2024 208,246 1.510% 20,681.58 228,927.58
10/01/2024 211,407 1.510% 19,895.45 231,302.45 920,437.54
01/01/2025 211,406 1.510% 19,097.39 230,503.39
04/01/2025 211,406 1.510% 18,299.33 229,705.33
07/01/2025 211,406 1.510% 17,501.27 228,907.27
10/01/2025 214,616 1.510% 16,703.22 231,319.22 920,435.21
01/01/2026 214,616 1.510% 15,893.04 230,509.04
04/01/2026 214,616 1.510% 15,082.87 229,698.87
07/01/2026 214,618 1.510% 14,272.69 228,890.69
10/01/2026 217,875 1.510% 13,462.51 231,337.51 920,436.11
01/01/2027 217,875 1.510% 12,640.03 230,515.03
04/01/2027 217,875 1.510% 11,817.55 229,692.55
07/01/2027 217,878 1.510% 10,995.07 228,873.07
10/01/2027 221,185 1.510% 10,172.58 231,357.58 920,438.23
01/01/2028 221,184 1.510% 9,337.61 230,521.61
04/01/2028 221,184 1.510% 8,502.64 229,686.64
07/01/2028 221,185 1.510% 7,667.67 228,852.67
10/01/2028 224,543 1.510% 6,832.70 231,375.70 920,436.62
01/01/2029 224,543 1.510% 5,985.05 230,528.05
04/01/2029 224,543 1.510% 5,137.40 229,680.40
07/01/2029 224,544 1.510% 4,289.75 228,833.75
10/01/2029 227,954 1.510% 3,442.09 231,396.09 920,438.29
01/01/2030 227,953 1.510% 2,581.57 230,534.57
04/01/2030 227,953 1.510% 1,721.05 229,674.05
07/01/2030 227,953 1.510% 860.52 228,813.52
10/01/2030 689,022.14
8,528,200 685,282.79 9,213,482.79 9,213,482.79
Jun 1, 2020 10:28 am Page 23

TABLE OF CONTENTS
City of Cape Coral

Report Page

Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Savings By Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Cost of Issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . 17
Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Jun 1, 2020 10:28 am

City of Cape Coral


Special
Obligation
Sources: Series 2018 Revenue Note Total
Bond Proceeds:
Par Amount 6,600,790.00 8,528,200.00 15,128,990.00

Accrued Interest 35,672.60 35,672.60
6,636,462.60 8,528,200.00 15,164,662.60
Special
Obligation
Uses: Series 2018 Revenue Note Total

Fire Stations 8,500,000.00 8,500,000.00

Cash Deposit 6,614,635.60 6,614,635.60

Cost of Issuance 21,827.00 28,200.00 50,027.00
6,636,462.60 8,528,200.00 15,164,662.60
Jun 1, 2020 10:28 am Page 1

City of Cape Coral




Par Amount 15,128,990.00

Total Interest 1,086,477.43
Net Interest 1,086,477.43
Maximum Annual Debt Service 1,800,575.15
Average Annual Debt Service 1,609,919.55

Average Takedown
Other Fee

Bond Component 15,128,990.00 100.000 1.510% 4.756 6,798.14
15,128,990.00 4.756 6,798.14
All-In Arbitrage
TIC TIC Yield
Par Value 15,128,990.00 15,128,990.00 15,128,990.00

+ Accrued Interest
- Other Amounts
Target Value 15,128,990.00 15,078,963.00 15,128,990.00
Target Date 06/05/2020 06/05/2020 06/05/2020

Yield 1.512882% 1.586350% 1.512882%
Jun 1, 2020 10:28 am Page 2

BOND PRICING
City of Cape Coral

Maturity
Bond Component Date Amount Rate Yield Price
Bond Component:
07/01/2020 186,010 1.510% 1.510% 100.000
10/01/2020 395,976 1.510% 1.510% 100.000
01/01/2021 395,975 1.510% 1.510% 100.000
04/01/2021 395,975 1.510% 1.510% 100.000
07/01/2021 395,979 1.510% 1.510% 100.000
10/01/2021 401,990 1.510% 1.510% 100.000
01/01/2022 401,988 1.510% 1.510% 100.000
04/01/2022 401,988 1.510% 1.510% 100.000
07/01/2022 401,991 1.510% 1.510% 100.000
10/01/2022 408,094 1.510% 1.510% 100.000
01/01/2023 408,093 1.510% 1.510% 100.000
04/01/2023 408,093 1.510% 1.510% 100.000
07/01/2023 408,096 1.510% 1.510% 100.000
10/01/2023 414,290 1.510% 1.510% 100.000
01/01/2024 414,290 1.510% 1.510% 100.000
04/01/2024 414,290 1.510% 1.510% 100.000
07/01/2024 414,294 1.510% 1.510% 100.000
10/01/2024 420,583 1.510% 1.510% 100.000
01/01/2025 420,582 1.510% 1.510% 100.000
04/01/2025 420,582 1.510% 1.510% 100.000
07/01/2025 420,584 1.510% 1.510% 100.000
10/01/2025 426,969 1.510% 1.510% 100.000
01/01/2026 426,969 1.510% 1.510% 100.000
04/01/2026 426,969 1.510% 1.510% 100.000
07/01/2026 426,972 1.510% 1.510% 100.000
10/01/2026 433,453 1.510% 1.510% 100.000
01/01/2027 433,452 1.510% 1.510% 100.000
04/01/2027 433,452 1.510% 1.510% 100.000
07/01/2027 433,457 1.510% 1.510% 100.000
10/01/2027 435,461 1.510% 1.510% 100.000
01/01/2028 435,460 1.510% 1.510% 100.000
04/01/2028 435,462 1.510% 1.510% 100.000
07/01/2028 221,185 1.510% 1.510% 100.000
10/01/2028 224,543 1.510% 1.510% 100.000
01/01/2029 224,543 1.510% 1.510% 100.000
04/01/2029 224,543 1.510% 1.510% 100.000
07/01/2029 224,544 1.510% 1.510% 100.000
10/01/2029 227,954 1.510% 1.510% 100.000
01/01/2030 227,953 1.510% 1.510% 100.000
04/01/2030 227,953 1.510% 1.510% 100.000
07/01/2030 227,953 1.510% 1.510% 100.000
15,128,990
Jun 1, 2020 10:28 am Page 3

BOND PRICING
City of Cape Coral


Par Amount 15,128,990.00

Original Issue Discount
Production 15,128,990.00 100.000000%

Underwriter's Discount
Purchase Price 15,128,990.00 100.000000%

Accrued Interest
Net Proceeds 15,128,990.00
Jun 1, 2020 10:28 am Page 4

BOND DEBT SERVICE
City of Cape Coral


Period Annual
07/01/2020 186,010 1.510% 16,499.01 202,509.01

10/01/2020 395,976 1.510% 56,409.75 452,385.75 654,894.76
01/01/2021 395,975 1.510% 54,914.94 450,889.94
04/01/2021 395,975 1.510% 53,420.13 449,395.13
07/01/2021 395,979 1.510% 51,925.33 447,904.33
10/01/2021 401,990 1.510% 50,430.50 452,420.50 1,800,609.90
01/01/2022 401,988 1.510% 48,912.99 450,900.99
04/01/2022 401,988 1.510% 47,395.49 449,383.49
07/01/2022 401,991 1.510% 45,877.98 447,868.98
10/01/2022 408,094 1.510% 44,360.48 452,454.48 1,800,607.94
01/01/2023 408,093 1.510% 42,819.91 450,912.91
04/01/2023 408,093 1.510% 41,279.37 449,372.37
07/01/2023 408,096 1.510% 39,738.82 447,834.82
10/01/2023 414,290 1.510% 38,198.25 452,488.25 1,800,608.35
01/01/2024 414,290 1.510% 36,634.30 450,924.30
04/01/2024 414,290 1.510% 35,070.37 449,360.37
07/01/2024 414,294 1.510% 33,506.42 447,800.42
10/01/2024 420,583 1.510% 31,942.46 452,525.46 1,800,610.55
01/01/2025 420,582 1.510% 30,354.76 450,936.76
04/01/2025 420,582 1.510% 28,767.06 449,349.06
07/01/2025 420,584 1.510% 27,179.36 447,763.36
10/01/2025 426,969 1.510% 25,591.66 452,560.66 1,800,609.84
01/01/2026 426,969 1.510% 23,979.85 450,948.85
04/01/2026 426,969 1.510% 22,368.05 449,337.05
07/01/2026 426,972 1.510% 20,756.23 447,728.23
10/01/2026 433,453 1.510% 19,144.42 452,597.42 1,800,611.55
01/01/2027 433,452 1.510% 17,508.13 450,960.13
04/01/2027 433,452 1.510% 15,871.85 449,323.85
07/01/2027 433,457 1.510% 14,235.56 447,692.56
10/01/2027 435,461 1.510% 12,599.26 448,060.26 1,796,036.80
01/01/2028 435,460 1.510% 10,955.40 446,415.40
04/01/2028 435,462 1.510% 9,311.54 444,773.54
07/01/2028 221,185 1.510% 7,667.67 228,852.67
10/01/2028 224,543 1.510% 6,832.70 231,375.70 1,351,417.31
01/01/2029 224,543 1.510% 5,985.05 230,528.05
04/01/2029 224,543 1.510% 5,137.40 229,680.40
07/01/2029 224,544 1.510% 4,289.75 228,833.75
10/01/2029 227,954 1.510% 3,442.09 231,396.09 920,438.29
01/01/2030 227,953 1.510% 2,581.57 230,534.57
04/01/2030 227,953 1.510% 1,721.05 229,674.05
07/01/2030 227,953 1.510% 860.52 228,813.52
10/01/2030 689,022.14
15,128,990 1,086,477.43 16,215,467.43 16,215,467.43
Jun 1, 2020 10:28 am Page 5

City of Cape Coral



Average Life 4.025


Jun 1, 2020 10:28 am Page 6

SAVINGS
City of Cape Coral

Present Value
Prior Prior Prior Refunding to 06/05/2020
Date Debt Service Receipts Net Cash Flow Debt Service Savings @ 1.5128880%
10/01/2020 464,946.08 35,672.60 429,273.48 414,362.32 14,911.16 14,813.60

10/01/2021 929,890.74 929,890.74 880,173.75 49,716.99 49,015.53
10/01/2022 929,890.50 929,890.50 880,172.78 49,717.72 48,283.06
10/01/2023 929,892.46 929,892.46 880,173.45 49,719.01 47,562.07
10/01/2024 929,890.65 929,890.65 880,173.01 49,717.64 46,849.34
10/01/2025 929,892.40 929,892.40 880,174.63 49,717.77 46,148.69
10/01/2026 929,891.30 929,891.30 880,175.44 49,715.86 45,456.65
10/01/2027 929,891.36 929,891.36 875,598.57 54,292.79 48,875.41
10/01/2028 464,946.27 464,946.27 430,980.69 33,965.58 30,243.84
7,439,131.76 35,672.60 7,403,459.16 7,001,984.64 401,474.52 377,248.19
Savings Summary
Jun 1, 2020 10:28 am Page 7

SAVINGS BY MATURITY
City of Cape Coral

Adjusted
Maturity Interest Par Adjusted Savings
Bond Date Rate Amount Savings Percent
REF2018, Special Obligation Revenue Note, Series 2018, 2018:

BOND 07/01/2020 3.050% 182,308.00 -403.32 -0.221%
10/01/2020 3.050% 183,699.00 297.34 0.162%
01/01/2021 3.050% 185,099.00 1,006.06 0.544%
04/01/2021 3.050% 186,511.00 1,722.94 0.924%
07/01/2021 3.050% 187,932.00 2,447.97 1.303%
10/01/2021 3.050% 189,365.00 3,181.38 1.680%
01/01/2022 3.050% 190,809.00 3,923.12 2.056%
04/01/2022 3.050% 192,265.00 4,673.33 2.431%
07/01/2022 3.050% 193,730.00 5,431.96 2.804%
10/01/2022 3.050% 195,207.00 6,199.28 3.176%
01/01/2023 3.050% 196,697.00 6,975.25 3.546%
04/01/2023 3.050% 198,196.00 7,758.87 3.915%
07/01/2023 3.050% 199,707.00 8,552.40 4.282%
10/01/2023 3.050% 201,230.00 9,354.90 4.649%
01/01/2024 3.050% 202,764.00 10,165.19 5.013%
04/01/2024 3.050% 204,310.00 10,985.61 5.377%
07/01/2024 3.050% 205,868.00 11,815.18 5.739%
10/01/2024 3.050% 207,438.00 12,653.00 6.100%
01/01/2025 3.050% 209,020.00 13,501.04 6.459%
04/01/2025 3.050% 210,613.00 14,357.46 6.817%
07/01/2025 3.050% 212,220.00 15,224.45 7.174%
10/01/2025 3.050% 213,838.00 16,099.94 7.529%
01/01/2026 3.050% 215,468.00 16,984.99 7.883%
04/01/2026 3.050% 217,111.00 17,880.78 8.236%
07/01/2026 3.050% 218,767.00 18,785.43 8.587%
10/01/2026 3.050% 220,434.00 19,699.85 8.937%
01/01/2027 3.050% 222,115.00 20,625.30 9.286%
04/01/2027 3.050% 223,809.00 21,559.80 9.633%
07/01/2027 3.050% 225,516.00 22,504.49 9.979%
10/01/2027 3.050% 227,235.00 23,459.38 10.324%
01/01/2028 3.050% 228,968.00 24,424.63 10.667%
04/01/2028 3.050% 230,714.00 25,400.21 11.009%
6,578,963.00 377,248.19
Calculated Using Remaining Maturities
Jun 1, 2020 10:28 am Page 8

COST OF ISSUANCE
City of Cape Coral

Cost of Issuance $/1000 Amount
Contingency 0.06608 999.67

Bond Counsel Fee 1.41525 21,411.24
Bond Counsel Expenses 0.23134 3,500.00
Financial Advisor Fee 1.03220 15,616.09
Bank Counsel's Fee 0.56184 8,500.00
3.30670 50,027.00
Jun 1, 2020 10:28 am Page 9

City of Cape Coral


Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity
Bond Component:
07/01/2020 186,010.00 1.510% 100.000 186,010.00 186,010.00
10/01/2020 395,976.00 1.510% 100.000 395,976.00 395,976.00
01/01/2021 395,975.00 1.510% 100.000 395,975.00 395,975.00
04/01/2021 395,975.00 1.510% 100.000 395,975.00 395,975.00
07/01/2021 395,979.00 1.510% 100.000 395,979.00 395,979.00
10/01/2021 401,990.00 1.510% 100.000 401,990.00 401,990.00
01/01/2022 401,988.00 1.510% 100.000 401,988.00 401,988.00
04/01/2022 401,988.00 1.510% 100.000 401,988.00 401,988.00
07/01/2022 401,991.00 1.510% 100.000 401,991.00 401,991.00
10/01/2022 408,094.00 1.510% 100.000 408,094.00 408,094.00
01/01/2023 408,093.00 1.510% 100.000 408,093.00 408,093.00
04/01/2023 408,093.00 1.510% 100.000 408,093.00 408,093.00
07/01/2023 408,096.00 1.510% 100.000 408,096.00 408,096.00
10/01/2023 414,290.00 1.510% 100.000 414,290.00 414,290.00
01/01/2024 414,290.00 1.510% 100.000 414,290.00 414,290.00
04/01/2024 414,290.00 1.510% 100.000 414,290.00 414,290.00
07/01/2024 414,294.00 1.510% 100.000 414,294.00 414,294.00
10/01/2024 420,583.00 1.510% 100.000 420,583.00 420,583.00
01/01/2025 420,582.00 1.510% 100.000 420,582.00 420,582.00
04/01/2025 420,582.00 1.510% 100.000 420,582.00 420,582.00
07/01/2025 420,584.00 1.510% 100.000 420,584.00 420,584.00
10/01/2025 426,969.00 1.510% 100.000 426,969.00 426,969.00
01/01/2026 426,969.00 1.510% 100.000 426,969.00 426,969.00
04/01/2026 426,969.00 1.510% 100.000 426,969.00 426,969.00
07/01/2026 426,972.00 1.510% 100.000 426,972.00 426,972.00
10/01/2026 433,453.00 1.510% 100.000 433,453.00 433,453.00
01/01/2027 433,452.00 1.510% 100.000 433,452.00 433,452.00
04/01/2027 433,452.00 1.510% 100.000 433,452.00 433,452.00
07/01/2027 433,457.00 1.510% 100.000 433,457.00 433,457.00
10/01/2027 435,461.00 1.510% 100.000 435,461.00 435,461.00
01/01/2028 435,460.00 1.510% 100.000 435,460.00 435,460.00
04/01/2028 435,462.00 1.510% 100.000 435,462.00 435,462.00
07/01/2028 221,185.00 1.510% 100.000 221,185.00 221,185.00
10/01/2028 224,543.00 1.510% 100.000 224,543.00 224,543.00
01/01/2029 224,543.00 1.510% 100.000 224,543.00 224,543.00
04/01/2029 224,543.00 1.510% 100.000 224,543.00 224,543.00
07/01/2029 224,544.00 1.510% 100.000 224,544.00 224,544.00
10/01/2029 227,954.00 1.510% 100.000 227,954.00 227,954.00
01/01/2030 227,953.00 1.510% 100.000 227,953.00 227,953.00
04/01/2030 227,953.00 1.510% 100.000 227,953.00 227,953.00
07/01/2030 227,953.00 1.510% 100.000 227,953.00 227,953.00
15,128,990.00 15,128,990.00 15,128,990.00
Jun 1, 2020 10:28 am Page 10

City of Cape Coral

Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 07/01/2030 1.510% 227,953.00 227,953.00

Entire Issue 15,128,990.00 15,128,990.00 4.7559 1.5129%
Proceeds used for accrued interest 0.00

Proceeds used for bond issuance costs (including underwriters' discount) 50,027.00
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00
Proceeds used to refund prior tax-exempt bonds 6,614,635.60
Proceeds used to refund prior taxable bonds 0.00
Remaining WAM of prior tax-exempt bonds (years) 4.1090
Remaining WAM of prior taxable bonds (years) 0.0000
Last call date of refunded tax-exempt bonds 06/05/2020
2011 Form 8038 Statistics
Proceeds used to currently refund prior issues 6,614,635.60

Proceeds used to advance refund prior issues 0.00
Remaining weighted average maturity of the bonds to be currently refunded 4.1090
Remaining weighted average maturity of the bonds to be advance refunded 0.0000
Jun 1, 2020 10:28 am Page 11

City of Cape Coral

Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
Special Obligation Revenue Note, Series 2018:

BOND 07/01/2020 182,308.00 3.050% 100.000 182,308.00
BOND 10/01/2020 183,699.00 3.050% 100.000 183,699.00
BOND 01/01/2021 185,099.00 3.050% 100.000 185,099.00
BOND 04/01/2021 186,511.00 3.050% 100.000 186,511.00
BOND 07/01/2021 187,932.00 3.050% 100.000 187,932.00
BOND 10/01/2021 189,365.00 3.050% 100.000 189,365.00
BOND 01/01/2022 190,809.00 3.050% 100.000 190,809.00
BOND 04/01/2022 192,265.00 3.050% 100.000 192,265.00
BOND 07/01/2022 193,730.00 3.050% 100.000 193,730.00
BOND 10/01/2022 195,207.00 3.050% 100.000 195,207.00
BOND 01/01/2023 196,697.00 3.050% 100.000 196,697.00
BOND 04/01/2023 198,196.00 3.050% 100.000 198,196.00
BOND 07/01/2023 199,707.00 3.050% 100.000 199,707.00
BOND 10/01/2023 201,230.00 3.050% 100.000 201,230.00
BOND 01/01/2024 202,764.00 3.050% 100.000 202,764.00
BOND 04/01/2024 204,310.00 3.050% 100.000 204,310.00
BOND 07/01/2024 205,868.00 3.050% 100.000 205,868.00
BOND 10/01/2024 207,438.00 3.050% 100.000 207,438.00
BOND 01/01/2025 209,020.00 3.050% 100.000 209,020.00
BOND 04/01/2025 210,613.00 3.050% 100.000 210,613.00
BOND 07/01/2025 212,220.00 3.050% 100.000 212,220.00
BOND 10/01/2025 213,838.00 3.050% 100.000 213,838.00
BOND 01/01/2026 215,468.00 3.050% 100.000 215,468.00
BOND 04/01/2026 217,111.00 3.050% 100.000 217,111.00
BOND 07/01/2026 218,767.00 3.050% 100.000 218,767.00
BOND 10/01/2026 220,434.00 3.050% 100.000 220,434.00
BOND 01/01/2027 222,115.00 3.050% 100.000 222,115.00
BOND 04/01/2027 223,809.00 3.050% 100.000 223,809.00
BOND 07/01/2027 225,516.00 3.050% 100.000 225,516.00
BOND 10/01/2027 227,235.00 3.050% 100.000 227,235.00
BOND 01/01/2028 228,968.00 3.050% 100.000 228,968.00
BOND 04/01/2028 230,714.00 3.050% 100.000 230,714.00
6,578,963.00 6,578,963.00
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
Special Obligation Revenue Note, Series 2018 06/05/2020 05/11/2018 4.1090

All Refunded Issues 06/05/2020 4.1090
Jun 1, 2020 10:28 am Page 12

City of Cape Coral


Sources:
Bond Proceeds:
Par Amount 6,600,790.00

Accrued Interest 35,672.60
6,636,462.60
Uses:

Cash Deposit 6,614,635.60

6,636,462.60
Jun 1, 2020 10:28 am Page 13

City of Cape Coral



Average Life 4.025


Jun 1, 2020 10:28 am Page 14

SAVINGS
City of Cape Coral

Present Value
06/05/2020 35,672.60 -35,672.60 -35,672.60 -35,672.60

07/01/2020 232,472.59 232,472.59 193,208.53 39,264.06 39,221.34
10/01/2020 232,473.49 232,473.49 221,153.79 11,319.70 14,911.16 11,264.86 14,813.60
01/01/2021 232,472.79 232,472.79 220,410.35 12,062.44 11,958.85
04/01/2021 232,473.41 232,473.41 219,666.91 12,806.50 12,648.77
07/01/2021 232,472.26 232,472.26 218,925.47 13,546.79 13,329.63
10/01/2021 232,472.28 232,472.28 221,171.02 11,301.26 49,716.99 11,078.27 49,015.53
01/01/2022 232,472.37 232,472.37 220,415.29 12,057.08 11,774.73
04/01/2022 232,473.46 232,473.46 219,660.56 12,812.90 12,465.79
07/01/2022 232,472.43 232,472.43 218,908.83 13,563.60 13,146.52
10/01/2022 232,472.24 232,472.24 221,188.10 11,284.14 49,717.72 10,896.02 48,283.06
01/01/2023 232,473.79 232,473.79 220,421.90 12,051.89 11,593.60
04/01/2023 232,472.98 232,472.98 219,655.71 12,817.27 12,283.50
07/01/2023 232,472.73 232,472.73 218,890.52 13,582.21 12,967.63
10/01/2023 232,472.96 232,472.96 221,205.32 11,267.64 49,719.01 10,717.34 47,562.07
01/01/2024 232,472.59 232,472.59 220,427.49 12,045.10 11,413.74
04/01/2024 232,472.51 232,472.51 219,649.67 12,822.84 12,105.01
07/01/2024 232,472.65 232,472.65 218,872.84 13,599.81 12,790.20
10/01/2024 232,472.90 232,472.90 221,223.01 11,249.89 49,717.64 10,540.38 46,849.34
01/01/2025 232,473.19 232,473.19 220,433.37 12,039.82 11,238.07
04/01/2025 232,472.41 232,472.41 219,643.73 12,828.68 11,929.37
07/01/2025 232,473.49 232,473.49 218,856.09 13,617.40 12,615.17
10/01/2025 232,473.31 232,473.31 221,241.44 11,231.87 49,717.77 10,366.08 46,148.69
01/01/2026 232,472.79 232,472.79 220,439.81 12,032.98 11,063.67
04/01/2026 232,472.85 232,472.85 219,638.18 12,834.67 11,756.40
07/01/2026 232,473.38 232,473.38 218,837.54 13,635.84 12,443.29
10/01/2026 232,472.28 232,472.28 221,259.91 11,212.37 49,715.86 10,193.29 45,456.65
01/01/2027 232,472.47 232,472.47 220,445.10 12,027.37 10,893.09
04/01/2027 232,472.85 232,472.85 219,631.30 12,841.55 11,586.75
07/01/2027 232,473.30 232,473.30 218,819.49 13,653.81 12,273.30
Jun 1, 2020 10:28 am Page 15

SAVINGS
City of Cape Coral

Present Value
10/01/2027 232,472.74 232,472.74 216,702.68 15,770.06 54,292.79 14,122.27 48,875.41

01/01/2028 232,473.08 232,473.08 215,893.79 16,579.29 14,791.11
04/01/2028 232,473.19 232,473.19 215,086.90 17,386.29 15,452.73
10/01/2028 33,965.58 30,243.84
7,439,131.76 35,672.60 7,403,459.16 7,001,984.64 401,474.52 401,474.52 377,248.19 377,248.19
Savings Summary
Jun 1, 2020 10:28 am Page 16

SUMMARY OF BONDS REFUNDED
City of Cape Coral

Maturity Interest Par Call Call

Bond Date Rate Amount Date Price
Special Obligation Revenue Note, Series 2018, BOND:

07/01/2020 3.050% 182,308.00 06/05/2020 100.000
10/01/2020 3.050% 183,699.00 06/05/2020 100.000
01/01/2021 3.050% 185,099.00 06/05/2020 100.000
04/01/2021 3.050% 186,511.00 06/05/2020 100.000
07/01/2021 3.050% 187,932.00 06/05/2020 100.000
10/01/2021 3.050% 189,365.00 06/05/2020 100.000
01/01/2022 3.050% 190,809.00 06/05/2020 100.000
04/01/2022 3.050% 192,265.00 06/05/2020 100.000
07/01/2022 3.050% 193,730.00 06/05/2020 100.000
10/01/2022 3.050% 195,207.00 06/05/2020 100.000
01/01/2023 3.050% 196,697.00 06/05/2020 100.000
04/01/2023 3.050% 198,196.00 06/05/2020 100.000
07/01/2023 3.050% 199,707.00 06/05/2020 100.000
10/01/2023 3.050% 201,230.00 06/05/2020 100.000
01/01/2024 3.050% 202,764.00 06/05/2020 100.000
04/01/2024 3.050% 204,310.00 06/05/2020 100.000
07/01/2024 3.050% 205,868.00 06/05/2020 100.000
10/01/2024 3.050% 207,438.00 06/05/2020 100.000
01/01/2025 3.050% 209,020.00 06/05/2020 100.000
04/01/2025 3.050% 210,613.00 06/05/2020 100.000
07/01/2025 3.050% 212,220.00 06/05/2020 100.000
10/01/2025 3.050% 213,838.00 06/05/2020 100.000
01/01/2026 3.050% 215,468.00 06/05/2020 100.000
04/01/2026 3.050% 217,111.00 06/05/2020 100.000
07/01/2026 3.050% 218,767.00 06/05/2020 100.000
10/01/2026 3.050% 220,434.00 06/05/2020 100.000
01/01/2027 3.050% 222,115.00 06/05/2020 100.000
04/01/2027 3.050% 223,809.00 06/05/2020 100.000
07/01/2027 3.050% 225,516.00 06/05/2020 100.000
10/01/2027 3.050% 227,235.00 06/05/2020 100.000
01/01/2028 3.050% 228,968.00 06/05/2020 100.000
04/01/2028 3.050% 230,714.00 06/05/2020 100.000
6,578,963.00
Jun 1, 2020 10:28 am Page 17

PRIOR BOND DEBT SERVICE
City of Cape Coral

Period Annual
07/01/2020 182,308 3.050% 50,164.59 232,472.59

10/01/2020 183,699 3.050% 48,774.49 232,473.49 464,946.08
01/01/2021 185,099 3.050% 47,373.79 232,472.79
04/01/2021 186,511 3.050% 45,962.41 232,473.41
07/01/2021 187,932 3.050% 44,540.26 232,472.26
10/01/2021 189,365 3.050% 43,107.28 232,472.28 929,890.74
01/01/2022 190,809 3.050% 41,663.37 232,472.37
04/01/2022 192,265 3.050% 40,208.46 232,473.46
07/01/2022 193,730 3.050% 38,742.43 232,472.43
10/01/2022 195,207 3.050% 37,265.24 232,472.24 929,890.50
01/01/2023 196,697 3.050% 35,776.79 232,473.79
04/01/2023 198,196 3.050% 34,276.98 232,472.98
07/01/2023 199,707 3.050% 32,765.73 232,472.73
10/01/2023 201,230 3.050% 31,242.96 232,472.96 929,892.46
01/01/2024 202,764 3.050% 29,708.59 232,472.59
04/01/2024 204,310 3.050% 28,162.51 232,472.51
07/01/2024 205,868 3.050% 26,604.65 232,472.65
10/01/2024 207,438 3.050% 25,034.90 232,472.90 929,890.65
01/01/2025 209,020 3.050% 23,453.19 232,473.19
04/01/2025 210,613 3.050% 21,859.41 232,472.41
07/01/2025 212,220 3.050% 20,253.49 232,473.49
10/01/2025 213,838 3.050% 18,635.31 232,473.31 929,892.40
01/01/2026 215,468 3.050% 17,004.79 232,472.79
04/01/2026 217,111 3.050% 15,361.85 232,472.85
07/01/2026 218,767 3.050% 13,706.38 232,473.38
10/01/2026 220,434 3.050% 12,038.28 232,472.28 929,891.30
01/01/2027 222,115 3.050% 10,357.47 232,472.47
04/01/2027 223,809 3.050% 8,663.85 232,472.85
07/01/2027 225,516 3.050% 6,957.30 232,473.30
10/01/2027 227,235 3.050% 5,237.74 232,472.74 929,891.36
01/01/2028 228,968 3.050% 3,505.08 232,473.08
04/01/2028 230,714 3.050% 1,759.19 232,473.19
10/01/2028 464,946.27
6,578,963 860,168.76 7,439,131.76 7,439,131.76
Jun 1, 2020 10:28 am Page 18

City of Cape Coral




Par Amount 6,600,790.00


Average Takedown
Other Fee

Bond Component 6,600,790.00 100.000 1.510% 4.025 2,525.74
6,600,790.00 4.025 2,525.74
All-In Arbitrage
TIC TIC Yield
Par Value 6,600,790.00 6,600,790.00 6,600,790.00

+ Accrued Interest
- Other Amounts
Target Value 6,600,790.00 6,578,963.00 6,600,790.00
Target Date 06/05/2020 06/05/2020 06/05/2020

Yield 1.512888% 1.599077% 1.512882%
Jun 1, 2020 10:28 am Page 19

BOND DEBT SERVICE
City of Cape Coral


Period Annual
07/01/2020 186,010 1.510% 7,198.53 193,208.53

10/01/2020 196,938 1.510% 24,215.79 221,153.79 414,362.32
01/01/2021 196,938 1.510% 23,472.35 220,410.35
04/01/2021 196,938 1.510% 22,728.91 219,666.91
07/01/2021 196,940 1.510% 21,985.47 218,925.47
10/01/2021 199,929 1.510% 21,242.02 221,171.02 880,173.75
01/01/2022 199,928 1.510% 20,487.29 220,415.29
04/01/2022 199,928 1.510% 19,732.56 219,660.56
07/01/2022 199,931 1.510% 18,977.83 218,908.83
10/01/2022 202,965 1.510% 18,223.10 221,188.10 880,172.78
01/01/2023 202,965 1.510% 17,456.90 220,421.90
04/01/2023 202,965 1.510% 16,690.71 219,655.71
07/01/2023 202,966 1.510% 15,924.52 218,890.52
10/01/2023 206,047 1.510% 15,158.32 221,205.32 880,173.45
01/01/2024 206,047 1.510% 14,380.49 220,427.49
04/01/2024 206,047 1.510% 13,602.67 219,649.67
07/01/2024 206,048 1.510% 12,824.84 218,872.84
10/01/2024 209,176 1.510% 12,047.01 221,223.01 880,173.01
01/01/2025 209,176 1.510% 11,257.37 220,433.37
04/01/2025 209,176 1.510% 10,467.73 219,643.73
07/01/2025 209,178 1.510% 9,678.09 218,856.09
10/01/2025 212,353 1.510% 8,888.44 221,241.44 880,174.63
01/01/2026 212,353 1.510% 8,086.81 220,439.81
04/01/2026 212,353 1.510% 7,285.18 219,638.18
07/01/2026 212,354 1.510% 6,483.54 218,837.54
10/01/2026 215,578 1.510% 5,681.91 221,259.91 880,175.44
01/01/2027 215,577 1.510% 4,868.10 220,445.10
04/01/2027 215,577 1.510% 4,054.30 219,631.30
07/01/2027 215,579 1.510% 3,240.49 218,819.49
10/01/2027 214,276 1.510% 2,426.68 216,702.68 875,598.57
01/01/2028 214,276 1.510% 1,617.79 215,893.79
04/01/2028 214,278 1.510% 808.90 215,086.90
10/01/2028 430,980.69
6,600,790 401,194.64 7,001,984.64 7,001,984.64
Jun 1, 2020 10:28 am Page 20

City of Cape Coral


Sources:
Bond Proceeds:
Par Amount 8,528,200.00
8,528,200.00
Uses:

Fire Stations 8,500,000.00

8,528,200.00
Jun 1, 2020 10:28 am Page 21

City of Cape Coral




Par Amount 8,528,200.00


Average Takedown
Other Fee

Bond Component 8,528,200.00 100.000 1.510% 5.322 4,272.39
8,528,200.00 5.322 4,272.39
All-In Arbitrage
TIC TIC Yield
Par Value 8,528,200.00 8,528,200.00 8,528,200.00

+ Accrued Interest
- Other Amounts
Target Value 8,528,200.00 8,500,000.00 8,528,200.00
Target Date 06/05/2020 06/05/2020 06/05/2020

Yield 1.512879% 1.578810% 1.512882%
Jun 1, 2020 10:28 am Page 22

BOND DEBT SERVICE
City of Cape Coral


Period Annual
07/01/2020 9,300.48 9,300.48

10/01/2020 199,038 1.510% 32,193.96 231,231.96 240,532.44
01/01/2021 199,037 1.510% 31,442.59 230,479.59
04/01/2021 199,037 1.510% 30,691.22 229,728.22
07/01/2021 199,039 1.510% 29,939.86 228,978.86
10/01/2021 202,061 1.510% 29,188.48 231,249.48 920,436.15
01/01/2022 202,060 1.510% 28,425.70 230,485.70
04/01/2022 202,060 1.510% 27,662.93 229,722.93
07/01/2022 202,060 1.510% 26,900.15 228,960.15
10/01/2022 205,129 1.510% 26,137.38 231,266.38 920,435.16
01/01/2023 205,128 1.510% 25,363.01 230,491.01
04/01/2023 205,128 1.510% 24,588.66 229,716.66
07/01/2023 205,130 1.510% 23,814.30 228,944.30
10/01/2023 208,243 1.510% 23,039.93 231,282.93 920,434.90
01/01/2024 208,243 1.510% 22,253.81 230,496.81
04/01/2024 208,243 1.510% 21,467.70 229,710.70
07/01/2024 208,246 1.510% 20,681.58 228,927.58
10/01/2024 211,407 1.510% 19,895.45 231,302.45 920,437.54
01/01/2025 211,406 1.510% 19,097.39 230,503.39
04/01/2025 211,406 1.510% 18,299.33 229,705.33
07/01/2025 211,406 1.510% 17,501.27 228,907.27
10/01/2025 214,616 1.510% 16,703.22 231,319.22 920,435.21
01/01/2026 214,616 1.510% 15,893.04 230,509.04
04/01/2026 214,616 1.510% 15,082.87 229,698.87
07/01/2026 214,618 1.510% 14,272.69 228,890.69
10/01/2026 217,875 1.510% 13,462.51 231,337.51 920,436.11
01/01/2027 217,875 1.510% 12,640.03 230,515.03
04/01/2027 217,875 1.510% 11,817.55 229,692.55
07/01/2027 217,878 1.510% 10,995.07 228,873.07
10/01/2027 221,185 1.510% 10,172.58 231,357.58 920,438.23
01/01/2028 221,184 1.510% 9,337.61 230,521.61
04/01/2028 221,184 1.510% 8,502.64 229,686.64
07/01/2028 221,185 1.510% 7,667.67 228,852.67
10/01/2028 224,543 1.510% 6,832.70 231,375.70 920,436.62
01/01/2029 224,543 1.510% 5,985.05 230,528.05
04/01/2029 224,543 1.510% 5,137.40 229,680.40
07/01/2029 224,544 1.510% 4,289.75 228,833.75
10/01/2029 227,954 1.510% 3,442.09 231,396.09 920,438.29
01/01/2030 227,953 1.510% 2,581.57 230,534.57
04/01/2030 227,953 1.510% 1,721.05 229,674.05
07/01/2030 227,953 1.510% 860.52 228,813.52
10/01/2030 689,022.14
8,528,200 685,282.79 9,213,482.79 9,213,482.79
Jun 1, 2020 10:28 am Page 23

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$15,128,990

CITY OF CAPE CORAL, FLORIDA

List of Closing Documents

JPMorgan Chase Bank, N.A. Proposal

Form of Loan Agreement

Form of Rate Lock Agreement

City of Cape Coral, Florida

Rate Lock Date: June 2, 2020

Rate Lock Funding Date: June 5, 2020

Rate Lock Amount: $15,128,990

Annual Interest Rate(%): 1.51 %

Designated Tenor: 10 years

JPMORGAN CHASE BANK, N.A.

Name: John McAuley

Agreed to and accepted by:

CITY OF CAPE CORAL, FLORIDA Date: June 2, 2020

Its: Acting Financial Services Director

City of Cape Coral

Purchaser: JPMorgan Chase Bank, N.A.

Interest Rate: 1.50% Fixed Rate (Non-Callable)

Facility Amount: $15,154,000

Funding: The Facility will be fully funded at closing.

Disclosure of Final Facility Documentation:

JPMORGAN CHASE BANK, N.A.

Mayor and City Council of the

Mayor and Councilmembers:

Pursuant to the provisions of Section 218.385, Florida Statutes, as amended, the

(a) The nature and estimated amounts of expenses to be incurred by the

$8,500 to Locke Lord LLP (to be paid by the Issuer).

(b) There are no "finders," as defined in Section 218.386, Florida Statutes, as

(c) No discount or fee is expected to be realized by the Original Purchaser in

(d) No management fee will be charged by the Original Purchaser in

(f) The name and address of the Original Purchaser is:

JPMorgan Chase Bank, N.A.

Very truly yours,

JPMORGAN CHASE BANK, N.A.

JPMORGAN CHASE BANK, N.A., as

Dated: June 5, 2020

May 26, 2020

CITY OF CAPE CORAL

Your Loan # 5300391638 payoff amount is $6,614,635.60 as of 06/05/2020.

Current Balance $6,578,963.00

Total Amount Due $6,614,635.60

Sale date: 06/05/2020

Closing date: 06/05/2020

Submitted by: mgarner@ngn-tampa.com

Submission date: 05/21/2020

Mailing Address of Governmental Unit or its Manager:

City: State: Zip Code:

Name of Bond Issue Amount Issued Interest Calculation Yield

Bond Refunding Issue Detail(s):

Refunded Debt has been:

Mailing Address of Bond Counsel:

City: State: Postal Code:

City: State: Zip Code:

Company Name Fee Paid Service provided or function served

Total Bond Counsel Fees Paid:

Total Financial Advisor Fees Paid: