EXPERIENCE

Broward County, Florida's $167 Million Refunding Provides Over $7 Million in Savings

Siebert Brandford Shank & Co., L.L.C. served Broward County as Senior Manager for the successful sale of the Port Facilities Refunding Revenue Bonds, Series 2011A (Non-AMT), 2011B (AMT) and 2011C (Taxable)(collectively “the 2011 Bonds”), totaling $167,260,000, which priced on November 9, 2011. The Series 2011 Bonds were issued to refund and defease all of the County’s Port Facilities Refunding Revenue Bonds, Series 1998B, Port Facilities Revenue Bonds, Series 1998C, and Port Facilities Refunding Revenue Bonds, Series 1989A on a current basis with other legally available funds of the County.

Through careful monitoring of the market and precise timing and structuring of the issue, Siebert Brandford Shank helped the County achieve a true interest cost of 4.27% with net present value savings of $7,158,851 (4.17% of refunded par) and 2012 gross savings of $7,439,394.