T OWN OF DAVIE, FLORIDA

Town of Davie, Florida Davie, of Town

RESPONSE TO REQUEST FOR PROPOSALS TAX-EXEMPT SPECIAL OBLIGATION BONDS, SERIES 2021

COVENANT TO BUDGET AND APPROPRIATE (LEGALLY AVAILABLE NON-AD VALOREM)

RFP NO. RM-21-65

DUE DATE: JUNE 18, 2021 @ 2:00 PM

Raymond James & Associates, Inc. 807 W. Morse Boulevard, Suite 200 Winter Park, FL 32789

CLIENT COMPANY June 18, 2021

Brian K. O’ Connor, C.P.M. Procurement Manager Town of Davie – Procurement Division 6591 Orange Drive Davie, FL 33314

Dear Mr. O’ Connor:

On behalf of Raymond James & Associates, Inc. (“Raymond James” or the “Firm”), we are pleased to submit our response to the Town of Davie’s (the “Town”) Request for Proposals for Underwriter Services (“RFP”) to serve as an underwriter for the Town’s proposed Tax-Exempt Special Obligation Bonds, Series 2021, Covenant to Budget and Appropriate (Legally available Non-Ad Valorem). Raymond James proposes to provide the Town with the public finance expertise, distribution capabilities and capital strength of a national firm and the market knowledge and agility of a regional firm. Raymond James fully understands the requirements set forth in the Town’s RFP and we believe that the following points not only summarize our capabilities, but also provide a solid foundation and justification for our selection by the Town as Senior Manager for its upcoming transactions.

 UNMATCHED FLORIDA PRESENCE AND LOCAL COMMITMENT: This is our home, not a place where we come to do deals. Raymond James is proud to be the only major firm founded and headquartered in Florida. The Firm currently maintains 469 offices in Florida – including our global headquarters in St. Petersburg, Florida. Our 1,109 Florida retail advisors manage over 360,000 client accounts for Floridians totaling approximately $104.1 billion. Raymond James has proven its local commitment in that we have 13 retail offices (Coconut Creek (2), Coral Springs (2), Fort Lauderdale (4), Hollywood, Pompano Beach, and Weston (3)) with 69 advisors in Broward County, which maintain 15,399 accounts with assets under management of approximately $5.1 billion. Raymond James has the ability to not only reach local retail investors through our established retail network, but also to utilize our strong community presence and deep local knowledge to ensure retail investors are fully educated on the Town’s financings.

 EXTENSIVE FLORIDA AND RELEVANT PUBLIC FINANCE EXPERIENCE: Since 2018, Raymond James has underwritten 95 Florida negotiated bond issues totaling approximately $8.7 billion. Raymond James has senior managed 38 issues totaling approximately $2.4 billion in Florida over this same time period, in addition to executing billions in municipal trading volume from our St. Petersburg headquarters annually. Our role as senior manager for issuers throughout Florida, including Broward County, Miami-Dade County, Town of Golden Beach, City of Miami Beach, Sarasota County, City of Port St. Lucie, City of Sarasota, City of Bradenton, City of Venice, City of Fort Myers, City of Palm Bay, City of Lake Worth Beach, Manatee County and Charlotte County, to name a few, demonstrates our ability to develop customized financing plans and underwrite a variety of municipal financings and structures throughout Florida.

 DEDICATED, EXPERIENCE AND LOCAL PERSONNEL: The team of professionals assigned to the Town has extensive public finance experience serving issuers in Florida. The financing team’s skill in developing innovative financing structures, marketing programs, rating and insurer presentations and overall deal management is the product of this experience. Raymond James’ financing team for the Town will be led by Mr. Jon Eichelberger who has 31 years of municipal experience with Florida local governments and is located in our Winter Park office and Mr. Rick Patterson who has 34 years of experience and is located in our St. Petersburg office. Raymond James’ team approach allows us to provide superior service and complementary skills to each financing, ensuring that the Town has constant access to experienced senior banking, underwriting and technical professionals.

 COMPREHENSIVE DISTRIBUTION NETWORK: Raymond James develops a customized marketing plan for each distinct financing revolving around our ability to directly access all tiers of possible investors on a local, statewide, and national basis. Our marketing strategy is supported by Raymond James' national fixed income distribution network with retail and institutional sales offices throughout the U.S. that serve over 3.5 million customer accounts. With over 3,200 branch offices and nearly 8,300 financial advisors, we have one of the largest retail distribution networks in the country by number of locations and registered representatives. Our municipal institutional sales and trading force is among the largest in the nation, and these professionals have well established relationships with all the major institutional investors and bond funds. In addition, they cover many smaller and regional investors often overlooked by other firms. Access to these second and third tier investors is a competitive advantage of our Firm that will allow us to maximize the distribution and pricing efficiency of the Town’s bond issues.

 FINANCIAL STABILITY AND SERVICE FIRST CULTURE: Unlike many firms that have suffered instability, Raymond James, because of our conservative nature and service first culture, has continued to prosper even in turbulent markets. Raymond James reported record annual net revenue of $7.99 billion for the fiscal year ended 2020. Our dedication to always putting clients first allowed us to finish the fiscal year with our 133nd consecutive quarter of profitability. This corporate culture combined with our strong capital position gives us maximum flexibility to aggressively price bonds and support the Town in volatile markets.

With over 6,400 employees and a 2020 payroll of $962 million in Florida, serving issuers in the State like the Town is important to us and we assure you that by selecting Raymond James, you will receive the highest level of professional service and performance. Raymond James represents the only firm that offers the combination of the highest level of direct and comparable financing experience, extensive local, statewide and national retail distribution capabilities and demonstrated commitment to and support of the Town, our Florida clients and the local region. Please do not hesitate to contact us if you have any questions about our proposal or credentials. All signed forms can be found at the end of this proposal.

Respectfully submitted,

RAYMOND JAMES & ASSOCIATES, INC.

Jon Eichelberger Rick Patterson Frank Leto Managing Director, Public Finance Managing Director, Public Finance Vice President, Public Finance 807 W. Morse Boulevard, Suite 200 880 Carillon Parkway 880 Carillon Parkway Winter Park, FL 32789 St. Petersburg, Florida 33716 St. Petersburg, Florida 33716 407-644-3173 (Direct) 727-567-1191 (Direct) 727-567-2260 (Direct) [email protected] [email protected] [email protected]

CLIENT COMPANY TABLE OF CONTENTS

Page

Cover Letter

1. Firm Introduction ...... 1 2. Experience ...... 4 3. Underwriting Capabilities ...... 8 4. Plan of Finance...... 12 5. Additional Information ...... 15

Appendix A: Resumes Town of Davie, Florida Davie, of Town Appendix B: National Negotiated Senior Managed Revenue Bond Transactions Appendix C: Financing Schedules

1. Firm Introduction

General Information. Raymond James Financial, Inc. (“RJF”), founded 59 years ago in 1962, is a

diversified holding company that provides financial services to individuals, corporations and municipalities through its subsidiary companies. The Firm is proud to be the only major financial services firm founded and headquartered in Florida, with our global headquarters in St. Petersburg. Since its modest beginnings, Raymond James has grown into one of the largest financial services firms in the United States, achieving its ranking as a Fortune 500 company in July 2016. A public company since 1983, the Firm is listed on the New York Stock Exchange under the symbol “RJF”, with a current market capitalization of approximately $17.7 billion, making it the most valuable publicly traded company in the , and was added to the S&P 500 Index in 2017. The Firm currently has over 20,100 employees worldwide, including 6,423 in Florida. The Firm achieved record annual net revenues of $7.99 billion for fiscal year 2020. Because of our conservative business practices, Raymond James remained profitable throughout the economic downturn and is proud to report 133 consecutive quarters of profitability dating back to 1987. In 2020, Raymond James was named to the FORTUNE 500 list for the fifth year in a row. The firm currently manages approximately $1.09 trillion in client assets. The subsidiaries of Raymond James include Raymond James & Associates, Inc., whose services include retail,

Town of Davie, Florida Davie, of Town institutional equity and fixed income sales, , trading activities, and operations and administration, as well as two investment firm subsidiaries, Raymond James Financial Services, Inc. and Raymond James Ltd. In addition, Raymond James , N.A., a wholly-owned subsidiary of RJF offers a comprehensive array of personal and commercial banking services as well as municipal depository products and lending through Raymond James Capital Funding. This allows the Firm to provide a full range of comprehensive financial services.

National Public Finance. At Raymond James, Public Finance represents a core business, which is thriving at a national level. Raymond James organized its Public Finance department in 1986. Over the past 30+ years, Raymond James has proven its commitment to the public finance arena by providing comprehensive underwriting services on hundreds of billions of dollars of municipal bond offerings nationwide. Raymond James has continued the significant and consistent growth of the practice as many of our competitors have downsized or closed their public finance operations altogether. With the acquisition of Morgan Keegan in 2012, Raymond James added significant personnel and resources to its public finance efforts nationwide, reaching 171 public finance professionals in 36 locations today, providing the optimal combination of national resources with a regional client focus. Members of the Public Finance staff possess a wide range of experience in non-ad valorem revenue, priority lien, special tax, water & sewer utility, public power, aviation, primary and secondary education, higher education, healthcare, housing, tax increment, lease appropriation, short term and other specialized financing techniques for tax-exempt and taxable issues. There have been no significant changes in organizational structure, ownership or

management either firm-wide or within Fixed Income/Public Finance during the past five years.

Florida Public Finance. Unlike other public finance Raymond James Florida Presence investment banking firms working throughout the State, Raymond James is headquartered in Florida and therefore provides an unmatched commitment to local Florida issuers. This is our home and Raymond James has always focused on maintaining a strong Florida Public Finance practice. Our Public Finance group in Florida consists of 16 individuals, including senior bankers, analytical bankers and support staff, who dedicate the majority, if not all, of their time to providing public finance services to municipal clients throughout the State, like the Town. This group is supported by our national technical, analytical and underwriting resources. The firm’s Public Finance platform enjoys a powerful distribution network and the largest underwriting desk in the Southeast located in St. Petersburg, Florida. In addition to our large Public Finance and underwriting presence in Florida, Raymond James also has a large presence in Broward County with

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69 advisors in 13 retail offices (Coconut Creek (2), Coral Springs (2), Fort Lauderdale (4), Hollywood, Pompano Beach, and Weston (3)), which maintain 15,399 accounts with assets under management of approximately $5.1 billion.

Institutional Sales Force. Raymond James Raymond James National Distribution Network has one of the largest institutional sales forces in the nation with 183 institutional salespeople located throughout the country including 18 in Florida who focus on tax-exempt and taxable transactions. Our institutional sales force will focus on large (Tier 1), mid-sized (Tier 2), and small (Tier 3) investors that are defined as accounts with greater than $1 billion managed, greater than $500 million but less than $1 billion managed, and less than $500 million managed, respectively. Town of Davie, Florida Davie, of Town Similar to other full service firms, Raymond James enjoys strong relationships with large institutional investors. Within our 183 member institutional sales force are 21 senior professionals, known as the Dedicated Municipal Group, who sell municipal products to top-tier institutional buyers nationwide. Raymond James’ Dedicated Municipal Group is one of the largest sales groups calling on Tier 1 accounts. In total, Raymond James has 29 fixed income sales locations, including five in Florida, and six underwriting desks across the nation.

Capital Position. RJF’s total and equity capital base as of September 30, 2020, is approximately $7.1 billion, which represents equity to our shareholders. Net capital is more than $1.2 billion and excess net capital is over $1.1 billion, allowing us to underwrite approximately $17.0 billion in municipal bonds at any one time per SEC regulations. Our capital position allows us to utilize our financial strength to support deals in volatile markets and optimize the pricing of deals in stable markets. Unlike most other securities firms, when we commit to an underwriting, or portions of underwritings, we rarely have the need to borrow funds. Raymond James’ capital base is in line with our operations and we have never overleveraged our Firm. The table to the right displays the growth in capital levels since 2010. Raymond James’ success is based on deploying its capital efficiently instead of assuming undue leverage and risk. We are a conservative firm that believes in service first, and we are focused on meeting our client’s financing objectives of executing successful transactions at the lowest cost.

Raymond James Financing Team. Our primary banking and underwriting team is composed of seasoned veterans who collectively represent more than 100 years of municipal finance experience and knowledge. The work for this engagement will be primarily handled from the Winter Park and St. Petersburg offices headed by Jon Eichelberger and Rick Patterson, who will serve as the Firm’s lead bankers and day-to day contacts for the Town. Messrs. Eichelberger and Patterson bring 31 and 34 years, respectively, of municipal finance experience, serving the entire gamut of issuers on a variety of financings and credits for Florida local governments. Mr. Eichelberger has served as lead banker on more than $20 billion of municipal bond and swap transactions in Florida and the Southeast over his career. Mr. Patterson has served as Senior Managing Underwriter or Financial Advisor for over $25 billion in financings for Florida clients. Banking and analytical support will be provided by Frank Leto. Mr. Leto joined the

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Firm in 2014 and provides in-depth quantitative and credit analysis for all types of public finance transactions. Ryan Aravind will provide additional analytical and technical support. Pricing, market and investor communication will be led by Jock Wright, who is the Firm’s dedicated Florida underwriter and brings 30 years of underwriting

experience to the team. At the time of sale, the Town and the financing team will have the choice of pricing and

underwriting the transaction from any of the Firm’s six underwriting desks including New York and St. Petersburg.

The banking group will be supported by a team of underwriters and specialists with a wide range of experience and expertise. Provided herein is an overview of the members of the team assigned to the Town. Please refer to Appendix A for full team resumes.

Underwriting & Distribution Investment Banking Technical & Analytical Support

Jock Wright Jon Eichelberger Frank Leto Managing Director Managing Director Vice President New York, NY Winter Park, FL St. Petersburg, FL Lead Florida Underwriter Primary Banking Coverage Banking & Analytical Support

Rhonda Sentochnik Rick Patterson Ryan Aravind Town of Davie, Florida Davie, of Town Senior Vice President Managing Director Analyst New York, NY St. Petersburg, FL St. Petersburg, FL Florida Underwriter Primary Banking Coverage Banking & Analytical Support

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2. Experience

As a Florida-based securities firm, Raymond James is a leader in underwriting Florida bonds, including developing unmatched experience and expertise in structuring, marketing and pricing revenue bond transactions throughout

the State. Since 2018, Raymond James has acted as Senior Manager on 610 revenue bond issues nationally totaling over $25.7 billion which include 38 negotiated senior managed transactions in Florida with a total par amount of over $2.4 billion. We have included a summary of our experience and Florida negotiated offering deal list below. Also included below are case studies for our recent senior managed financing for the City of Lake Worth Beach, Citrus County, and City of Fort Myers. Raymond James does not maintain a national database for All-In True Interest Cost (“All-In TIC”) or gross spread by deal, but we would be happy to provide this information for specific deals on request. We have provided below the All-In TIC, gross spread and other requested statistics by deal for all Florida negotiated revenue transactions since 2018. Please refer to Appendix B for all our national senior managed revenue bond deals since 2018.

Raymond James National Senior Managed Revenue Bond Underwriting Experience (2018-2021 YTD) National Florida Negotiated Competitive Negotiated Competitive

Town of Davie, Florida Davie, of Town Year # of Deals Par ($ mils) # of Deals Par ($ mils) # of Deals Par ($ mils) # of Deals Par ($ mils) 2018 127 $6,848.86 18 $520.89 5 165.23 1 $164.01 2019 164 $6,292.33 14 $151.59 12 1,134.33 2 $63.88 2020 175 $8,070.40 27 $437.79 18 893.83 0 $0.00 2021 78 $2,798.79 7 $109.55 3 221.27 0 $0.00 Total 544 $24,492.97 66 $1,219.82 38 $2,414.65 3 $227.89

Raymond James Florida Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD) Gross Spread Support/ Role Issuer Date Par (mils) All-in-TIC (%) M S F ($/bond) Lead Quant UW Senior Heritage Bay Comm Dev Dt 04/11/18 $19.870 3.71 NR A- NR 10.01 JE/RP FL JW Senior Monroe Co School Board 05/03/18 $31.260 3.62 Aa3 NR NR 3.88 RP/JE FL JW Senior Fort Myers City-Florida 10/11/18 $32.675 3.83 A1 AA A+ 3.63 RP/JE FL JW Senior Fort Myers City-Florida 10/11/18 $13.220 4.79 A1 A A+ 4.07 RP/JE FL JW Senior Pasco Co School Board 10/23/18 $68.200 4.05 A1 NR NR 3.13 RP/JE FL JW Senior Miami-Dade Co-Florida 05/10/19 $282.180 3.90 NR AA- A 4.96 JE/RP FL JW Senior Miami-Dade Co-Florida 05/10/19 $212.745 3.34 NR AA- A 4.05 JE/RP FL JW Senior Polk Co SD 05/21/19 $160.025 2.30 Aa3 NR NR 2.86 RP/JE FL JW Senior Osceola Co-Florida 06/26/19 $11.595 3.48 NR A+ NR 5.19 JE/RP FL JW Senior Florida Governmental Util Auth 06/28/19 $44.655 2.84 A1 NR NR 3.95 JE/RP FL JW Senior Fort Myers City-Florida 08/27/19 $113.740 3.09 Aa3 A+ A+ 3.95 RP/JE FL JW Senior Florida Municipal Loan Council 09/19/19 $8.600 3.35 NR A+ A+ 5.84 JE/RP FL JW Senior Manatee Co-Florida 09/20/19 $57.250 3.05 Aa1 NR AA+ 3.08 RP/JE FL JW Senior Florida Govt Util Auth (FGUA) 10/03/19 $90.050 2.68 A1 NR NR 3.71 JE/RP FL JW Senior Florida Higher Ed Facs Fin Auth 10/16/19 $98.315 3.39 NR BBB- NR 6.89 JE/RP FL JW Senior Palm Bay City-Florida 12/05/19 $51.670 3.31 NR A+ AA+ 2.46 JE/RP FL JW Senior Hernando Co School Board 12/17/19 $3.500 3.11 A1 NR NR 9.99 RP/JE FL JW Senior Clearwater City-Florida 01/09/20 $20.430 1.75 Aa2 AA+ NR 3.47 RP/JE FL JW Senior Port St Lucie City-Florida 01/23/20 $30.145 2.46 Aa3 NR NR 2.69 RP/JE FL JW Senior Citrus Co-Florida 05/01/20 $26.680 2.71 NR AA- AA- 3.65 JE/RP FL JW Senior Sarasota Co-Florida 05/07/20 $18.785 2.68 NR AA+ AA+ 3.06 JE/RP FL JW Senior Bay Co School Board 05/15/20 $46.575 2.85 Aa3 NR NR 3.42 RP/JE FL JW Senior Alachua Co School Board 05/19/20 $92.675 1.55 Aa3 A+ NR 2.29 RP/JE FL JW Senior Tampa City-Florida 05/21/20 $57.050 3.74 NR A- A- 2.12 RP/JE FL JW Senior Tampa City-Florida 05/21/20 $81.320 3.97 NR A- A- 2.12 RP/JE FL JW Senior Pasco Co School Board 06/16/20 $75.550 2.41 A1 NR NR 3.08 RP/JE FL JW Senior Lee Co School Board 06/17/20 $45.760 1.01 Aa3 NR AA- 2.71 RP/JE FL JW Senior Florida Housing Finance Corp 06/23/20 $100.000 2.19 Aaa NR NR 7.41 Senior Lake Worth Beach City-Florida 08/06/20 $8.985 1.48 A2 AA- NR 4.56 JE/RP FL JW Senior Lake Worth Beach City-Florida 08/06/20 $16.800 2.74 A2 AA- NR 4.56 JE/RP FL JW Senior Escambia Co School Board 08/19/20 $37.675 0.81 Aa3 NR AA- 2.86 RP/JE FL JW Senior Panama City Beach-Florida 09/15/20 $35.110 3.18 NR A NR 2.60 JE/RP FL JW Senior Peace River-Manasota Reg Wtr Sup Auth 10/07/20 $52.055 2.35 Aa3 NR A+ 3.05 RP/JE FL JW Senior Florida Higher Ed Facs Fin Auth 10/21/20 $26.175 2.87 A2 NR NR 2.11 JE/RP FL JW Senior Florida Higher Ed Facs Fin Auth 10/21/20 $122.060 3.30 A2 NR NR 2.11 JE/RP FL JW Senior Pinellas Co School Board 01/21/21 $59.780 1.60 Aa3 NR A+ 2.99 RP/JE FL JW Senior Deltona City-Florida 02/11/21 $98.690 2.55 NR A+ A+ 3.37 JE/RP FL JW Senior Volusia Co School Board 05/18/21 $62.800 1.09 Aa3 NR NR 2.92 RP/JE FL JW Total 38 $2,414.65

Source: SDC, Thomson Reuters Note: Below is a legend of the following individuals that are responsible for each transaction. RP – Rick Patterson; JE – Jon Eichelberger; FL – Frank Leto; JW – Jock Wright

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City of Lake Worth Beach, Florida $8,985,000 Non-Ad Valorem Revenue Bonds, Series 2020A

16,800,000 Non-Ad Valorem Revenue Bonds, Taxable Series 2020B

Sale Date: 8/6/2020

The Series 2020A Bonds were issued to finance various capital improvement projects throughout the City and proceeds from the Taxable Series 2020B (together the “Series 2020 A&B Bonds”) were used to reimburse prior expenditures made for capital improvement projects, capitalize interest and provide working capital. The Series 2020 A&B Bonds are secured by a covenant to budget and appropriate non-ad valorem revenues which was a new credit for the City. Prior to kicking off the Series 2020 A&B deal, Raymond James worked with Bond Counsel and the Financial Advisor (“FA”) to determine the composition of non-ad valorem revenues legally available to be pledged as and to create the anti-dilution test. Raymond James also worked with the City and FA to create the rating agency presentation and procure bond bids. In addition, Raymond James evaluated various structuring alternatives, taking into consideration the cost of financing, alternative call dates, and the City’s overall debt service profile. Ultimately, the City received underlying ratings of “A2/AA-” from Moody’s and S&P which was

Town of Davie, Florida Davie, of Town a very favorable outcome given the uncertainty surrounding COVID-19 and the duration of the associated economic contraction. Build America Mutual provided an aggressive insurance bid of 24.8 basis points which assisted our marketing efforts.

As Senior Manager, Raymond James identified, tracked and updated the City on market conditions on an ongoing basis leading up to pricing. On the day of pricing, Raymond James engaged in an aggressive marketing effort in a volatile market. At the end of the order period, individual maturities for the Series 2020A Bonds were over- subscribed up to 2.2 times with only two maturities having unsold balances, and up to 6.0 times for the Series 2020B Taxable Bonds with no unsold balances. In total, the City received over $96.2 million in orders (3.7 times over-subscribed) for both the Series 2020 A&B Bonds. For the Series 2020A Bonds, the transaction generated $13.1 million in institutional orders and $250,000 in retail orders, with the balance of orders underwritten by Raymond James ($515,000 or equivalent to 5.7% of par). For the Series 2020B Bonds, the transaction generated $82.2 million in institutional orders and $100,000 in retail orders. Overall, the City was able to lock in a combined all-in true interest cost on the Series 2020 A&B Bonds of 2.43% with a final maturity of 20 years and an average life of 9.9 years.

Case Study: Citrus County, Florida $26,680,000 Capital Improvement Revenue and Refunding Bonds, Series 2020 Sale Date: 5/1/2020

In May 2020, Raymond James served as Senior Manager for Citrus County’s $26.68 million Capital Improvement Revenue and Refunding Bonds, Series 2020. The County is located in the west central part of Florida’s Gulf Coast covering 584 square miles, and has an estimated population of 147,744 (2019). The County is located approximately 70 miles north of Tampa and 60 miles west of Orlando. While it is not necessarily known as a tourist destination, it is a popular area for eco-tourism and outdoor related activities for in-state residents. The County has a stable year- around population anchored by a large number of retirees and is not reliant on high visitor volume or volatile hotel and sales tax revenues. The market conditions in the weeks prior to the County’s pricing could be characterized as extremely volatile. As reported cases of COVID-19 began to steadily increase across the nation, investors exited high risk assets for the safety of U.S. Treasury Bonds (“UST”) and municipal securities. The flight to safety led to a significant rally in the “AAA” Municipal Market Data (“MMD”) index which is the tax-exempt benchmark for municipal bonds. On March 9, 2020, MMD in years 5-30 reached historical lows with the 10-year and 20-year MMD yields declining to 0.78% and 1.19%, respectively. As COVID-19 continued to spread, many states began to enact social distancing measures to contain the spread of the virus which sparked investor concerns on the impact to local government general fund balances from the declines in sale and use tax revenues with particular focus on the narrower and more volatile tax revenues. Beginning on March 10th and ending March 20th, municipal markets began a swift and dramatic sell-off which saw single day MMD increases of up to 50 basis points (“bps”) on the long-end of the curve (March 12th) and up to 45 and 40 bps in years 10 and 20, respectively, which occurred on

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March 20th. Overall, MMD in years 10 and 20 increased by approximately 200 bps from 0.78% and 1.19% on March 9th to 2.79% and 3.18% on March 20th. On March 24th, the municipal market began an impressive rally which resulted in single day MMD yield declines of up th to 65 bps (March 25 ) followed by days of

extreme volatility as primary market issues

were put on hold and secondary market trades became the only proxy.

The sell-off was widely acknowledged to be a liquidity crisis versus the fundamental crisis witnessed during the 2007-2008 Financial Crisis. Through various lending and bond purchase facilities the Federal Reserve provided the markets with stability and improved investor confidence but a couple key side effects of the municipal sell off remained.

Town of Davie, Florida Davie, of Town In order for deals to clear the primary market or to liquidate secondary market positions, credit spreads had to materially widen and municipal securities were viewed as a high risk asset as opposed to their traditional view as a safe haven asset. As credit spreads widened and yields increased, the historical correlation between UST and municipal securities decoupled resulting in a 10-year MMD/UST ratio of well over 350%, which typically ranges from 75%-90% in normal market conditions. Municipal securities rated in the “AA” category or better were in high demand but the price discovery process was a challenge due to limited primary market activity.

The Series 2020 Capital Improvement Bonds were issued to advance refund the County’s Capital Improvement Revenue Bonds, Series 2010B (Build America Bonds – Direct Subsidy), finance road and other transportation capital improvement projects, and pay costs of issuance. The bonds were initially going to be offered on a competitive basis, but due to deteriorating market conditions the County’s financial advisor decided a negotiated offering would benefit the County. Raymond James was named as senior manager following a request for proposals for underwriters. The Series 2020 Bonds are secured by a covenant to budget and appropriate non-ad valorem revenues and rated “AA-” from S&P and Fitch with stable outlooks.

As described above, the market was extremely volatile in the weeks leading up to the County’s pricing. There had not been any other Florida transactions in the market since mid-March, making price discovery a challenge. Even though the banking team felt the County would not be as adversely affected by the pandemic fueled recession as other tourist dependent areas of Florida, the rating agencies and investors expressed concern over Florida credits due to the material percentage of the State’s GDP derived from tourism. Adding to the challenge was the fact that the majority of our underwriting and institutional sales force were working remotely rather than on their respective trading desks, and communication was limited. The Series 2020 Bonds were originally set to price on April 28th but due to limited demand the deal was pulled. The banking team decided a new strategy with enhanced communication to the sales force was required and worked with the municipal research analysts to produce a detailed internal credit report to educate investors. As a Florida based firm, the ability to sell Florida paper even in extremely challenging markets is a must and the head of institutional sales ensured all eyes were on the transaction. The decision was made to continue the marketing process and be able to react when market tone firmed. The financial advisor, who had been closely monitoring the market, and the County agreed with the strategy and were flexible on timing. After a couple of successful days of marketing, the decision was made to price on Friday, May 1st, a nontraditional pricing day.

At the end of the order period, individual maturities were oversubscribed from 1.5 to 8.0 times for the Series 2020 Bonds. In total, the County received over $103.98 million in orders (3.9 times over-subscribed) for the Series 2020 Bonds. The transaction generated $101.78 million in institutional orders from 13 different accounts and $2.2 million in retail orders. As a result of the successful pricing, yields were lowered by 1-6 bps across the maturity spectrum. Overall, the County was able to lock in an All-In True Interest Cost on the Series 2020 Bonds of 2.71% and realize total net present value savings of approximately $1.5 million or 9.91% of the refunded Series 2010B Bonds par amount.

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City of Fort Myers, Florida $32,675,000 Capital Improvement and Refunding Revenue Bonds, Series 2018A

$13,220,000 Taxable Capital Improvement Revenue Bonds, Series 2018B

Sale Date: 10/11/2018

Raymond James has a long-term relationship with the City of Fort Myers, acting as Senior Manager on the vast majority of the City’s fixed rate bond transactions since 2004. The Series 2018 Bonds are secured by a covenant to budget and appropriate non-ad valorem revenues and proceeds were used to finance approximately $37 million of capital projects and refund the City’s remaining Series 2007 Bonds for savings. Prior to kicking off the Series 2018 deal, Raymond James thoroughly reviewed the City’s debt portfolio and found that the Series 2007 Bonds had a first lien pledge on non-ad valorem revenues and were currently refundable. The remainder of the City’s capital improvement bonds were secured by a covenant to budget and appropriate non-ad valorem revenues which resulted in a rating difference between what would otherwise be parity bonds. City staff indicated that simplifying the security pledge would be preferred as long the bonds continued to show present value savings. As a result of simplifying the lien status, S&P upgraded the credit two notches to “AA” which resulted in a Town of Davie, Florida Davie, of Town significant pricing benefit to the City. In addition, Raymond James worked with the City and its Financial Advisor to evaluate various structuring alternatives, taking into consideration the cost of financing, alternative call dates, and the City’s overall debt service profile.

As Senior Manager, Raymond James identified, tracked and updated the City on market conditions and the refunding opportunity on an ongoing basis leading up to pricing. On the day of pricing, Raymond James engaged in an aggressive marketing effort in a volatile market. At the end of the order period, individual maturities were subscribed up to 3.54 times for the Series 2018A Bonds with only one maturity having an unsold balance and 1.0– 3.0 times for the Series 2018B (Taxable). In total, the City received over $93.55 million in orders (2.04 times over- subscribed) for both the Series 2018 A&B Bonds. For the Series 2018A Bonds, the transaction generated $53.4 million in institutional orders and $6.29 million in retail orders, with the balance of orders as stock ($115,000). For the Series 2018B Bonds, the transaction generated $33.56 million in institutional orders and $265,000 in retail orders. Overall, the City was able to lock in an all-in true interest cost on the Series 2018 Bonds of 4.22% and realize net present value savings of approximately $513,000 or 3.82% of the refunded par amount.

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3. Underwriting Capabilities

Throughout the body of this RFP response, we discuss Raymond James’ experience in selling governmental

transactions, both in Florida and nationally, as well as our firm’s financial strength and wide ranging distribution network. These are very important factors for any successful sale, but when it comes to selling a specific transaction, we believe two factors separate firms:

1. Ability to understand and communicate the entity’s credit fundamentals to relevant parties 2. Combined knowledge of the Issuer’s credit fundamentals with the Underwriting desk’s and sales force’s understanding of active market participants in the sector

Each municipal issuer is unique. The transfer of knowledge from the Banking team to the sales force is integral to a successful pricing. The Banking team’s fundamental understanding of the issuer is also the catalyst to a time efficient transaction. Meaning, if there is already a solid underlying knowledge of the security pledge, then the required time to review the offering documents, rating agency presentation and due diligence responses will be dramatically reduced. The Town is not in the market often and we believe it should select a firm who is prepared to tell its story.

Town of Davie, Florida Davie, of Town Raymond James’ Unique Distribution Platform. Our distribution model is different. Many firms focus on the large institutional investors that buy large blocks of bonds that assist the underwriter in easily completing a transaction. The Raymond James platform does not look to these investors first. Instead, our sales process builds on demand from the smaller and middle market investors who rarely see large, highly-rated transactions in the primary market. By broadening investor demand and developing pricing momentum, this strategy allows the Town to capture full value for its bonds and widely market the debt to investors in order to reduce capital costs. Additionally, a meaningful middle market order book may stimulate demand from the larger institutions in recognition that an active secondary market exists for the bonds.

In considering the best avenue available for selling bonds in the near future, the Town will benefit the most from determining which firm will produce a value-added sales effort. As a consistent top 10 ranked investment bank with a national presence and a complete fixed income distribution platform, Raymond James can deliver execution via an experienced and proven distribution model. Raymond James’ strength is our extensive distribution network covering mid-sized and small accounts, which other larger firms tend to overlook. Our distribution platform is rounded out by our vast retail network.

Distribution Model. Adding Raymond James to the underwriting team gives the Town two advantages: increased middle markets participation and retail depth. Middle market investors tend to invest only in credits that they are familiar with, have easy access to the issuer’s bonds and a liquid market they can tap into for the bonds. Our finance team will educate our middle market investors on the quality of the Town’s bonds. Selection of Raymond James to the underwriting team will include focus on the Town’s traditional buyer base, but may also place more emphasis on middle market investors which the Town can use as an edge to create pricing leverage on financings. Furthermore, our institutional investor base is supported by an extensive retail distribution system both within the State of Florida and nationwide. These investors can help support a transaction even in the most difficult markets.

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Institutional Sales. The Raymond James institutional fixed Nationally Florida income sales and trading desk is one of the largest and most Institutional Sales Employees 181 18 experienced groups in the industry. Raymond James has Sales 162 16 Dedicated Municipal Group 19 2 345 institutional sales, trading and underwriting

professionals located in 29 offices (five in Florida) Total Trading Employees 192 45 Trading (Retail, Muni, SBA, Gov't, CD, Corp, MBS) 136 42 nationwide including a 19 member Dedicated Municipal Municipal Trading Employees (detail below) 66 25 Group (“DMG”) that sells only municipal bonds, both tax- Muni Underwriters 16 3 exempt and taxable, to institutional buyers. We have six Muni Institutional 10 4 underwriting desks nationally located in New York, Chicago, Muni Retail 36 17 Memphis, Dallas, Atlanta and the largest underwriting Muni Other 4 1 Sales Support 56 3 desk in the Southeast located in St. Petersburg, Florida. Municipal Research Analysts 3 - This municipal institutional sales and trading force is among the largest in the nation, while the DMG is also one of the Fixed Income Institutional Sales Locations Adams, TN Chicago, IL Louisville, KY San Francisco, CA largest assembled muni specific sales teams amongst all Atlanta, GA Cottonwood Heights, UT Memphis, TN Santa Rosa Beach, FL firms nationwide. These professionals have well established Austin, TX Dallas, TX Naples, FL St. Petersburg, FL Baton Rouge, LA Denver, CO Nashville, TN Wellesley, MA relationships with the major institutional investors and Bethesda, MD Houston, TX New York, NY Wilmington, NC

Town of Davie, Florida Davie, of Town bond funds. In addition, they cover many smaller and Birmingham, AL Knoxville, TN Pensacola, FL regional investors often overlooked by other firms. Access Boca Raton, FL Laguna Niguel, CA Richmond, VA Boston, MA Little Rock, AR San Antonio, TX to these second and third tier investors is a competitive advantage of our Firm that will allow us to maximize the distribution and pricing efficiency of the Town’s bond issue. Due to our ongoing experience with Florida general governmental transactions, Raymond James has developed a strong knowledge base and understanding of the types of buyers that will participate in these transactions and their specific requirements and preferences.

Retail Network. Raymond James’ institutional sales effort Raymond James Retail Distribution Network is supported by our Retail Brokers. Our Retail Brokers Retail Financial Retail Retail Assets include approximately 8,700 financial advisors serving 3.5 Locations Advisors Accounts million client accounts in 3,200 locations throughout the Broward County 13 69 15,399 $5.1 billion U.S. with total client assets under administration of over Florida 321 1,109 360,642 $104.1 billion $1.0 trillion. Of the approximate 8,700 retail sales National 3,248 8,743 3,501,619 $1.1 trillion professionals employed by Raymond James throughout the nation, more of our retail sales are located in our home state of Florida than in any other state. In the State, we have 1,109 retail sales representatives, all of whom can have access to Town’s bonds. Raymond James’ Florida retail presence consists of 360,642 accounts with approximately $104.1 billion in assets under management. Our banking team will make a concerted effort to educate our local sales professionals to ensure they are well informed of the Town’s upcoming transaction.

Marketing Strategy. Raymond James’ marketing plan involves our ability to directly access all tiers of possible investors on a local, statewide, and national basis through a targeted educational and outreach effort. Raymond James recommends a three-pronged approach supported by (1) retail, (2) major institutional, and (3) secondary institutional investors, with special emphasis placed on marketing to local and statewide retail investors. The ultimate objective of our proposed marketing plan is to enhance local retail demand for the bonds while maximizing interest from a broad group of institutional investors, thus reducing the overall borrowing cost of the financing and achieving the most favorable bond terms for the Town. Provided below is our recommended marketing approach for the Town’s bond issuance.  Evaluate Structuring Alternatives & Focus Marketing Efforts Accordingly.  Design a pricing structure that maximizes retail interest in the retail preferred maturities.  Bifurcate maturities to structure par and/or discount bonds that attract retail investors.  Evaluate the use of serial and term bond structures to generate diverse investor interest.  Educate Local Sales Force and Entire Retail and Institutional Network.  Utilize our retail network throughout Florida, and specifically Broward County, to market the financing. Reach out to retail investors through visits to our local offices, flyers passed out by these retail brokers, local advertisements, broker and investor conference calls, investor seminars and personal calls and meetings that will provide an overall discussion of the financing, project(s) and the projected pricing levels.

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 Prepare a sales point memorandum that summarizes key features of each offering, including credit fundamentals, anticipated structure, and timing.  Utilize a Retail Order Priority to Reward Local and Statewide Investors.

 Raymond James recommends the following priority of orders for retail investors: (1) Broward County Retail

Orders; (2) Florida Retail Orders; (3) National Retail Orders.  Target Traditional Investors in Covenant to Budget and Appropriate (CB&A) Bonds  The underwriting team needs to be Rank National (CB&A Holders) Par ($mils) Rank Florida (CB&A Holders) Par ($mils) 1 The Vanguard Group $25,911.9 1 The Vanguard Group $1,153.1 aware of who is currently active in 2 Nuveen Asset Management LLC $16,197.9 2 Fidelity Management & Research Co. $806.7 the market. For example, Vanguard, 3 Franklin Advisers, Inc $7,650.9 3 Nuveen Asset Management LLC $558.9 4 Fidelity Management & Research Co. $6,803.6 4 Capital Research & Management $323.5 Nuveen Asset Management, 5 Capital Research & Management $6,252.8 5 AllianceBernstein LP $287.0 6 BlackRock Investment Management $5,779.8 6 Asset Management $277.1 Franklin Advisers, Fidelity, Capital 7 T Rowe Price Associates Inc $4,940.0 7 BlackRock Investment Management $271.1 8 Goldman Sachs Asset Management (Ne $4,516.3 8 T Rowe Price Associates Inc $269.9 Group, Blackrock, T Rowe Price 9 MFS Investment Management $4,448.9 9 MFS Investment Management $246.6 Associates, and Goldman Sachs are 10 AllianceBernstein LP $4,339.8 10 Franklin Advisers, Inc $213.5 11 Invesco Advisers, Inc (San Diego) $3,837.4 11 MacKay Shields LLC $202.0 all aggressive buyers of CB&A bonds 12 BlackRock Financial Management, Inc $3,690.9 12 Thornburg Investment Management Inc $186.8 13 MacKay Shields LLC $3,556.6 13 JP Morgan Asset Management $153.6 at both the national level and in 14 OppenheimerFunds Inc (Rochester) $3,555.7 14 Lord, Abbett & Co LLC $136.9 Florida, but are not currently Town 15 Lord, Abbett & Co LLC $3,411.8 15 BlackRock Financial Management, Inc $119.6 Town of Davie, Florida Davie, of Town 16 JP Morgan Asset Management $3,089.8 16 Invesco Advisers, Inc (San Diego) $118.7 investors. These investors could be 17 PIMCO (US) $2,715.5 17 USAA Investment Management Company $115.4 18 Wells Capital Management Inc $2,352.0 18 PIMCO (US) $108.5 prime targets for the Town since 19 Eaton Vance Management $2,165.4 19 USAA Asset Management Company $107.9 they are consistently active in the 20 Guggenheim Investments $2,113.5 20 Delphi Capital Management Inc $101.6 sector, and would be first-rate Represents top holders Nationally and in Florida additions to the investor base. Direct outreach to these accounts may generate orders.  Post the POS Early.  Allowing sufficient time for pre-marketing and market transparency by posting the POS early is an important part of the premarketing process.

 We recommend releasing the POS 5-7 days in advance of pricing and preferably no later than Wednesday afternoon or Thursday morning. Credit analysts for most institutional funds, , trusts and insurers typically conduct their due diligence for the next week’s deals beginning on either Thursday or Friday. Recommendations to the portfolio manager are often made the following Monday. We prefer disseminating information to market early allowing sufficient time for investors to understand the credit and security pledge.

 Provide Flexibility in Pricing Dates Based on Current Market Conditions.  The Town should be prepared to price within a window of time rather than on a certain date based on economic releases, supply/demand factors and market volatility. Raymond James will provide the Town with market updates on a regular basis throughout the financing process. The Town will want to time its pricing as effectively as possible in order to receive the most investor interest at the most attractive levels possible.

Likely Purchasers. With an assumed rating of “Aa2” from Moody’s, we anticipate wide interest in the Town’s bonds. Given the size of the issue, there will be significant demand from institutional buyers, who will purchase the majority of the bonds. However, the “A” and “AA” categories are very popular right now for all tiers of buyers, so we expect to see retail interest in the bonds as well. This will include separately managed accounts buying for individuals. Based upon the rating, and recent experience selling bonds with a similar rating and size, we expect the breakdown as shown the chart to the right. We have broken out the likely purchasers between Retail Investors, Money Managers/SMA, Bond Funds, Insurance, and Arbs.

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Ranking. Nationally, Raymond James has underwritten 2,626 transactions totaling US Municipal Long-Term Negotiated Rankings 2020 Year-End over $242 billion in principal amount, serving as Senior Manager on $44.5 billion Full to Book (Equal if Joint) since 2018, resulting in our consistent position as a top 10 underwriter Manager Rank Par (000s) Deals 1 $ 17,931 769

nationwide based on par and top 5 based on number of issues. In 2020, our public Piper Sandler & Co 2 $ 17,796 553

finance team senior managed 435 negotiated bond issues totaling over $15.5 RBC Capital Markets 3 $ 27,677 535

DA Davidson & Co 4 $ 5,292 471 billion in par amount resulting in our ranking as #5 underwriter by number of deals. Raymond James 5 $ 15,542 435 Robert W & Co 6 $ 5,032 319 Over that same timeframe, Raymond James was the #5 ranked negotiated BofA Securities 7 $ 47,568 225 underwriter in Florida based on par amount with Citi 8 $ 37,197 189 Florida Long-Term Negotiated Rankings 21 senior managed negotiated issues totaling JP Morgan 9 $ 31,860 183 2020 Year-End 10 $ 18,892 150 Full to Book (Equal if Joint) over $1.0 billion in par amount. Source Bloomberg Manager Rank Par (000s) Deals JP Morgan 1 $2,693.6 16 BofA Securities 2 $2,620.6 20 Raymond James is an active market maker in the primary and secondary bond 3 $1,971.3 12 markets. Frequent market access, combined with our strong sales, trading, Citi 4 $1,115.9 9 Raymond James 5 $1,036.3 21 underwriting, and other banking, provides the Town with a wealth of information. Wells Fargo 6 $719.8 2 We discuss market conditions, credit considerations and deal specifics with FMSbonds 7 $498.8 61 RBC Capital Markets 8 $486.0 22 investors and investment firms every day which positions us to provide the Town Truist Financial 9 $395.0 9 Town of Davie, Florida Davie, of Town with accurate bond market reads, structures that investors are interested in, real- Ziegler 10 $335.6 11 Source: SDC, Thomson Reuters time trading data, and economic research.

Consistent Transaction Flow. Raymond James is a top-10 underwriter of municipal bonds nationally by par and we are also among the top five Public Finance firms by number of deals, averaging 52 senior managed transactions a month – as shown in the chart to the right. These pricings encompass bonds and notes across the yield curve with varying tax status. We bring personnel from multiple underwriting desks in St. Petersburg, Chicago, Dallas, Atlanta, Memphis, New York and San Francisco with 247 municipal fixed income underwriters, traders and institutional sales professionals that place bonds, which gives us an information edge over competing firms. We also maintain a daily inventory of fixed income securities that is typically around $216 million. Holding and moving this volume of bonds is at the heart of our municipal business.

Capital Position. RJF’s total and equity capital base as of March 31, 2021 is approximately $7.6 billion, which represents equity to our shareholders. Net capital is approximately than $1.6 billion and excess net capital is over $1.5 billion, allowing us to underwrite approximately $22.7 billion in municipal bonds at any one time per SEC regulations. Our capital position allows us to utilize our financial strength to support deals in volatile markets and optimize the pricing of deals in stable markets. Unlike most other securities firms, when we commit to an underwriting, or portions of underwritings, we rarely have the need to borrow funds. Raymond James’ capital base is in line with our operations and we have never overleveraged our Firm. The table to the right displays the growth in capital levels since 2012. Raymond James’ success is based on deploying its capital efficiently instead of assuming undue leverage and risk. We are a conservative firm that believes in service first, and we are focused on meeting our client’s financing objectives of executing successful transactions at the lowest cost.

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4. Plan of Finance

Pricing Scale. The Tax-Exempt Special Obligation Bonds, Series Tax-Exempt Special Obligation Bonds, Series 2021 Proposed Indicative Premium Scales (Level Debt Service)

2021 will carry a term of 30 years and will price most efficiently

As of June 14, 2021 as premium bonds with a 10-year optional redemption. Raymond Maturity MMD Par Coupon Spread YTC James’ estimated coupons, spreads and yields for a proposed tax- 2022 0.06 $ 660,000 4.00 0.05 0.11 2023 0.10 685,000 4.00 0.08 0.18 exempt issuance are detailed in the table to the right. These price 2024 0.19 710,000 4.00 0.10 0.29 views assume the Town would receive a rating of “Aa2” from 2025 0.31 740,000 4.00 0.12 0.43 Moody’s, market rates as of June 14, 2021 and a 10-year par call. 2026 0.42 770,000 4.00 0.15 0.57 2027 0.55 805,000 5.00 0.17 0.72 Raymond James’ couponing structure and redemption provisions 2028 0.66 850,000 5.00 0.19 0.85 are flexible based on the Town’s objectives, prevailing market 2029 0.76 890,000 5.00 0.21 0.97 2030 0.85 940,000 5.00 0.23 1.08 conditions at the time of pricing, and other factors as detailed in 2031 0.90 985,000 5.00 0.25 1.15 our marketing plan. Raymond James would be confident 2032 0.93 1,030,000 4.00 0.30 1.23 2033 0.96 1,075,000 4.00 0.35 1.31 marketing the bonds with bifurcated maturities where 2034 0.99 1,115,000 4.00 0.35 1.34 appropriate, incorporating a mix of coupons favored by either 2035 1.01 1,160,000 4.00 0.35 1.36 retail or institutional investors in order to broaden the potential 2036 1.04 1,210,000 4.00 0.35 1.39 2037 1.07 1,255,000 3.00 0.60 1.67

Town of Davie, Florida Davie, of Town investor base, increase demand, and lower the overall borrowing 2038 1.10 1,290,000 3.00 0.60 1.70 cost. We have included summary statistics below based on the 2039 1.13 1,330,000 3.00 0.60 1.73 2040 1.17 1,370,000 3.00 0.60 1.77 pricing scale. Please refer to Appendix C for detailed debt service 2041 1.20 1,410,000 3.00 0.60 1.80 schedules. 2046 1.34 7,735,000 3.00 0.60 1.94 Underwriting Spread. For the Series 2021 Bonds, Raymond 2051 1.39 9,220,000 4.00 0.35 1.74 James proposes a flat takedown of $1.95 per bond regardless of Total Par: $37,235,000 maturity or structure. Raymond James would have approximately Project Fund: $43,500,000 Arbitrage Yield: 1.58% $0.59 per bond in additional underwriter’s expenses associated All-In True Interest Cost: 2.42% with the transaction including underwriter’s counsel which Total Debt Service: $61,670,998 assumes the proposed firm will not be responsible for preparing Max Annual Debt Service: $2,037,000 the offering documents and its responsibility will be limited to preparing the Bond Total Gross Underwriting Spread Purchase Agreement and coordinating the Due Diligence call on behalf of the $/bond $ underwriters. Our fees are based upon the proposed structure in the RFP and Average Takedown $1.95 $72,608.25 could change if the size, rating, or amortization of the bond structure changes U/W Expenses 0.59 21,788.19 Total $2.54 $94,396.44 significantly. We have provided detailed underwriter’s expenses in the table to the right. Travel expenses, if any, would be billed separately and are not included in Underwriting Expenses Detail the fees shown. Raymond James proposes using Expense $/bond $ U/WCounsel $0.40 $15,000.00 Mark Raymond as underwriter’s counsel. As Ipreo Expense 0.10 3,852.19 discussed above, the Underwriter’s Counsel flat DTC Charges 0.02 800.00 fee of $15,000 assumes the proposed firm will be CUSIP 0.03 1,136.00 not responsible for preparing the offering Miscellaneous 0.03 1,000.00 documents and its responsibility will be limited to Total $0.59 $21,788.19 preparing the Bond Purchase Agreement and coordinating the Due Diligence call on behalf of the underwriter(s). We would be happy to consider other qualified firms based on feedback from the Town or its Financial Advisor.

Credit Rating Assessment & Strategy. The Town’s Special Obligation Bonds will be secured by a pledge of the Town’s covenant to budget and appropriate non-ad valorem revenues (“CB&A of NAV revenues”). The Town’s CB&A of NAV revenues also serve as a back-up security pledge for the privately placed Series 2013 A&B Community Redevelopment Agency Bonds outstanding in the amount of $8.6 million (2020 CAFR). While Moody’s does not rate the Town’s appropriation debt, it does maintain a General Obligation (“GO”) rating of “Aa1”. Moody’s last published report on the Town was in December 2020 wherein it confirmed its GO rating. Based on our experience with Florida appropriation credits, we anticipate Moody’s will rate the Town a notch below its GO rating which would result in a rating of “Aa2”. In regards to how many credit ratings the Town should pursue and how this would impact pricing, our underwriters always say “two ratings are better than one, even if the ratings are split.” Some institutional investors require a minimum of two ratings in order to purchase bonds. As mentioned above, the Town already has one rating in place from Moody’s which affirmed the Town’s ratings in December 2020. While we are comfortable marketing the bonds with a sole Moody’s rating of “Aa2”, given the size and duration of the

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Town’s expected bond issue, we would recommend that the Town consider obtaining a second rating from S&P, especially if it plans to issue additional debt in the future.

The Town’s many credit strengths include very strong

measures for the local economy and tax base, conservative debt levels and very strong General Fund and available cash balances. The Town’s main credit “negative” is its moderate contingency liability position mainly derived from its pension liablity; however, this catergory is in line with a subfactor scoring of “Aa”,so it is difficult to classify this as a credit negative. Investors will typically look for the higher of the Moody’s or S&P rating when beginning their credit analysis with the Fitch rating used as a secondary, but reliable and valued indicator of credit strength. Additionally, Moody’s and S&P are more transparent in their rating methodology/criteria and weighted scoring

Town of Davie, Florida Davie, of Town than Fitch which also supports our decision to use only Moody’s and S&P. The S&P approach for debt secured by a CB&A NAV revenues is a two-pronged approach. As shown in the graphic above, S&P reviews the strength of the issuer’s general obligation pledge and then establishes a link between its General Obligation (“GO”) pledge and its non-ad valorem pledge. In their GO methodology, S&P outlined the analytical framework for establishing the local GO rating (ordered by weight): Economic Fundamentals (30%), Financial Measures (30% - Liquidity, Budgetary Performance & Budgetary Flexibility), Management (20%), Institutional Framework (10%), and Debt/Contingent Liabilities (10%). Moody’s calculates a variety of ratios to evaluate the financial and credit strength of rated institutions over time. Although, the basis for the quantitative component of Moody’s analysis is data provided in the issuer’s audited financial statement, Moody’s typically makes a standard set of adjustments in line with their rating methodology. Moody’s approach to rating Non-Ad Valorem bonds incorporates a scoring grid (“Scorecard”) based on key factors and sub‐factors considered in the GO rating committee process and then incorporates adjustment for the appropriation risk. The key GO factors and specific weights for each are: (1) Economy/Tax Base (30%); Finances (30%); Management (20%), and; Debt/Pensions (20%). In the following section, we briefly review the Town’s credit profile beginning with the economic characteristics which carries a 30% weight in the methodology for both agencies.

Local Economy. The Town of Davie, with a population of approximately 104,399 (2019 U.S. Census Bureau estimate), is located within the large and economically diverse Miami- Fort Lauderdale-Pompano Beach Metropolitan Statistical Area (the “MSA”) with a population of 6.1 million – the largest in Florida and 7th largest in the U.S. From 2017 to 2019, the Town and MSA’s populations grew by 2.8% and 1.2% percent, respectively. As of April 2021, Broward County and MSA had unemployment rates of 5.3% and 5.9%, respectively, compared to the Florida and National unemployment rates of 4.8% and 6.1% over the same timeframe. The MSA’s real (inflation-adjusted) gross domestic product (“GDP”) was approximately $327.1 billion in 2019, which increased 1.7% from the previous year and is in line with the U.S. real GDP growth rate of 2.0% over the same period. The Town’s Median Family Income and Per Capita Income in 2019 were $83,533 and $36,717, respectively, representing 108.1% and 107.7% of the national median. The largest Non-Farm payroll sectors of the MSA are Trade, Transportation & Utilities (22.3%), Professional & Business Services (17.3%), Healthcare/Educational Services (15.6%), Government (11.8%) and Leisure & Hospitality (10.8%), which combined represent 77.8% of total payrolls. The Town’s top five employers are Nova Southeastern, Broward College, Broward

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County Schools, Publix and the Town. In total, the top ten employers represent only 1.23% of the total employment within the Town which, when combined with the diversity of the Non-Farm payrolls discussed on the previous page, will be considered a credit positive. The information listed above was sourced from the most recent data from the

U.S. Census Bureau, Bureau of Economic Analysis and Bureau of Labor Statistics.

In summary, the Town participates in a very broad and diverse MSA that experienced a sharp and a temporary (12- 15 months) economic contraction visible through local unemployment rates, similar to the rest of the U.S. The Town’s income levels are well above the national medians and has a very strong full value per capita of over $151,000. We view the Town and MSA’s economic fundamentals as “very strong” despite the contraction, with population growth, revenue generation and GDP growth supportive of the aggregate debt profile. Below we build upon the local economic analysis discussed above by discussing the detailed aspects of the Town’s financial position and which classifications have been impacted the most.

Tax Base & Financial Position. The Town has a large tax base with over $15.7 billion in estimated full market value (2020 CAFR)

Town of Davie, Florida Davie, of Town equal to a full value per capita of $151,196. Property full values have eclipsed the 2009 previous full value high of $13.9 billion and have increased at a compound annual growth rate (“CAGR”) of 5.9% since reaching a low of $9.94 billion in FY 2013. The graph to the right depicts the Town’s estimated full value, tax assessed value and average collection rates since 2011. Over the 10-year period the Town had an average collection rate of 95.6% which is in line with other Florida municipalities. The increase in full values and tax assessed values have contributed to the growth in Governmental Fund (“GF”) revenues. Since 2016 GF revenues have increased from $118.2 million to $155.4 million equivalent to a CAGR of 5.7%. The growth in GF revenues outpaced the increase in GF expenditures from $106.4 million to $137.9 million or 3.8% annually. The General Fund balance increased steadily from $56.8 million in 2016 to $96.8 million in 2020 equivalent to 80.9% of FY 2020 General Fund expenses. The Town has ample General Fund liquidity in the form of cash and cash equivalents which totaled $102.4 million in FY 2020 representing 68.4% of revenues and 85.7% of expenses. Based on data in the 2020 CAFR, the Town has approximately $440.6 million in total pension liabilities and a net pension liability of $64.1 million. The unfunded liability represented 0.4x of Total GF Revenues and 0.6% of total Taxable Assessed Value, both of which are considered low to moderate. In 2020 the Management and General Employee Pension Plan was 95% funded and in aggregate the funding percentage of all three pensions was over 85%. Rating agencies and investors prefer to see the funded percentage well above 70% and preferably in the range of 80%-90% or higher. We believe the rating agencies will view the Town’s financial position as “very strong” based on its large tax base, healthy GF balance, ample liquidity and location in a very large and diverse economic hub. In the next section we discuss the Town’s historical non-ad valorem revenues and offer a summary of our credit assessment.

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5. Additional Information

Non-Ad Valorem Revenues. The rating

agencies will review the level and trend of the Town’s NAV revenues although it is not included as part of their official methodology/criteria. From 2016-2020, NAV revenues grew steadily at a CAGR of 5.7%. The top four sources of NAV revenues in FY 2020, which include Intergovernmental Revenues, Fire Assessments, Charges for Services and Franchise Fees, represented 68.5% of total NAV revenues. The Town’s NAV revenues increased by 1.0% from FY 2019 to 2020 despite the negative economic effects of COVID-19. The Town’s NAV revenues are clearly resilient and more than sufficient to meet its debt service

Town of Davie, Florida Davie, of Town requirements and comply with an anti-dilution test (“ADT”) which is standard for publically offered CB&A bonds.

The Town’s CB&A of NAV revenues also serve as a back-up Proposed Town of Davie CB&A Anti-Dilution Test security pledge for the privately placed Series 2013 A&B FY2020 Community Redevelopment Agency Bonds. Since the Series Non-Ad Valorem Revenues $97,272,100 2021 Bonds will be a new credit, the Town will need to General Fund Revenues $149,741,811 establish an ADT covenant to provide sufficient protection to Aggregate MADS $3,759,651 bondholders. The ADT can be calculated in many ways but Test 1: MADS ≥ 1.5x NAV Revenues 25.9x most often we see CB&A bonds restricted by an ADT Test 2: MADS < 20% of General Fund Revs 2.51% requiring that NAV revenues are sufficient to achieve 1.5x maximum annual debt service (“MADS”) coverage on all outstanding appropriation debt. Additionally, some Florida municipalities also utilize a second ADT such as requiring that projected MADS on the outstanding appropriation debt will not exceed 20% of the aggregate of General Fund revenues excluding proceeds from any debt issuance. As illustrated in the table above, the outstanding debt service on the Series 2013 A&B and the proposed Series 2021 Bonds does not trigger any of the proposed ADT parameters we outlined above. While there will be some portion of the NAV revenues that cannot be pledged to the Series 2021 Bonds, for example fuel tax revenues are often restricted to transportation related projects, we believe the Town’s base NAV revenues will be more than sufficient to achieve the parameters listed above.

Credit Assessment Summary. A final item to note is the relationship between the Town’s non-ad valorem pledge and its senior most long-term rating also referred to as the GO or Issuer Credit Rating (“ICR”). Because of the historical correlation between an issuer’s credit strength and the strength of its CB&A NAV revenue pledge, the rating will typically be within two notches of its GO rating, with most being one notch below the entity’s GO rating. In the Town’s case, Moody’s GO ratings is already very strong at “Aa1”. Despite the fact that Moody’s recently reviewed the Town’s GO credit (December 2020), which was based off FY 2019 financials, we believe the Town has a reasonable chance to be upgraded to an “Aaa” GO rating based on 2020 financials and our Moody’s Scorecard analysis which would positively impact the credit rating on the Series 2021 Bonds by one notch to “Aa1”. S&P does not currently have an ICR rating on the Town. Based on our independent assessment detailed above and the proposed Series 2021 new money issuance, we believe the Town’s Special Obligation Bonds will be rated “Aa2” by Moody’s (with a reasonable chance of an “Aa1” rating) and “AA” by S&P which would be an extremely positive outcome.

Refunding Considerations – 2012 Water & Sewer Revenue Bonds. The Town issued its Series 2012 Bonds for the purpose of financing a portion of the cost of capital improvements to the Town’s Water and Sewer System. As shown in the table on the following page, the Series 2012 Bonds are subject to optional redemption at par on October 1, 2022. The Series 2012 Bonds would potentially benefit from the currently proposed legislation which would reinstate a single tax-exempt advance refunding for tax-exempt issues, since these Bonds were originally a new money issue. Based on current market conditions, if the proposed legislation is successful the Town could advance refund the Series 2012 Bonds with tax-exempt bonds and realize present value (“PV”) savings of

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approximately $3.7 million (discounted at the arbitrage yield) which represents 13.89% of the refunded par amount. This equates to average annual savings of approximately $206,000. Also shown in the table is a tax- exempt forward and future current refunding of the Series 2012 Bonds. Based on current market conditions, a tax-

exempt forward refunding of the 2012 Bonds would produce PV savings of approximately $2.9 million (discounted

at the arbitrage yield) which represents 11.17% of the refunded par amount. This equates to average annual savings

of approximately $177,000. Compared to the taxable advance refunding, a tax-exempt forward refunding of the Series 2012 Bonds results in $1.1 million of additional PV savings assuming no change in current tax-exempt rates. Lastly, a tax-exempt current refunding of the 2012 Bonds would produce PV savings of approximately $4.1 million (discounted at the arbitrage yield) which represents 15.43% of the refunded par amount assuming no change in current interest rate market conditions between now and June 2022. This equates to average annual savings of approximately $234,000. For purposes of each analysis contained in this memo, we have utilized taxable and tax- exempt interest rates reflective of June 14, 2021 market conditions, a matched maturity refunding, $8 per bond for Costs of Issuance and Underwriter’s Discount, and the use of State and Local Government Series (“SLGS”) securities and cash in the refunding escrow for the forward delivery refunding scenario. The table below, summarize the savings and includes the PV impact that a 25 bps increase or decrease in rates will have on PV savings.

Town of Davie, Florida Davie, of Town

Regulatory and Litigation Information. Raymond James is not presently in violation of any statutes or regulatory rules that will impact the Firm’s operations. Additionally, to the best of our knowledge, neither Raymond James nor any of its associates are subject of any ongoing law enforcement investigation. In the normal course of business, Raymond James is subject to routine regulatory investigations. Raymond James cooperates fully with all regulatory requests. For a discussion of resolved disciplinary matters involving Raymond James we direct your attention to the Form BD (https://files.brokercheck.finra.org/firm/firm_705.pdf), copies of which will be provided upon request.

For a discussion of material regulatory investigations and litigation, please refer to Raymond James’ website at URL: https://raymondjames.com/publicfinance/rfp_pass_login.asp with the password of PublicFinance.

16

Town of Davie, Florida Davie, of Town Appendix A

Resumes

17

Day-to-Day Banking Contacts

Jon Eichelberger, Managing Director - Mr. Eichelberger JON EICHELBERGER has been with Raymond James for eighteen years and is Managing Director Public Finance located in our Winter Park, Florida Public Finance Office. Mr. Eichelberger has 31 years experience in the Municipal Finance Industry. Prior to joining Raymond James, he D 407.644.3173 807 West Morse Blvd., Suite 200 spent nine years with JPMorgan Chase. Mr. Eichelberger C 407.493.5699 Winter Park, FL 32789 F 407.644.8567 [email protected] has experience working with a variety of issuers

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC throughout Florida including: Broward County, Miami- Dade County Brevard County, Escambia County, Lake County, Seminole County, Orange County, Hillsborough County, City of Orlando, OUC, GOAA, City of Jacksonville, City of Winter Park, City of Maitland, Orange County, Central Florida Expressway Authority, KUA, FMPA, JEA, the City of Fort Myers, Pasco County, Polk County, City of Tampa, GRU and Goodwill Industries of Central Florida. He has worked on both cash market and synthetic refunding programs for numerous Florida issuers and has extensive experience with various debt products such as interest rate swaps, auction rate Town of Davie, Florida Davie, of Town securities and multi modal bonds. Additionally, Mr. Eichelberger spent four years with Lehman Brothers as a member of the Quantitative Support Group. Mr. Eichelberger received his M.S. from Carnegie Mellon University and currently holds his Series 7, 50, 52, 53, 63, 79 and 99 securities licenses.

RICK PATTERSON Rick Patterson, Managing Director - Mr. Patterson joined Managing Director Raymond James’ Public Finance Department in July 2012 Public Finance and has 34 years of municipal finance experience. Prior to joining Raymond James, Mr. Patterson served as Managing Director with a major Wall Street investment bank, and D 727.567.1191 880 Carillon Parkway, Tower 3, 3rd Floor C 813.390.2211 St. Petersburg, FL 33716 also as a Senior Managing Consultant at a national public F 727.567.8315 [email protected] financial advisory firm. Mr. Patterson has served as senior Raymond James & Associates, Inc., member New York Stock Exchange/SIPC managing banker and financial advisor for over $25 billion in financings for Florida clients. Mr. Patterson’s extensive public finance experience includes a number of Florida governmental issuers, including the City of Tampa, City of Clearwater, City of Port St. Lucie, City of Fort Myers, Tampa Bay Water, Peace River / Manasota Regional Water Supply Authority, Florida Governmental Utility Authority, Port Tampa Bay, Lake County, Manatee County, Marion County, Miami-Dade County, Osceola County, Sarasota County, the City of Sarasota, the State of Florida, Citizens Property Insurance Corporation, and the Florida Hurricane Catastrophe Fund. Mr. Patterson has served as senior managing banker and financial advisor for over $7 billion in financings for Florida School Districts including the School Districts of Broward, Collier, Escambia, Flagler, Hernando, Hillsborough, Lake, Lee, Leon, Manatee, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Santa Rosa, Seminole, and Volusia County. Mr. Patterson’s background also includes extensive experience with credit and financial products, and he has assisted issuers with the evaluation and execution of interest rate swaps and other balance sheet products for nearly $10 billion in transactions for a number of Southeast issuers, including the School Districts of Broward, Orange, Palm Beach, Pasco, Polk and Volusia County. Mr. Patterson received the degree of Bachelor of Arts in Zoology from the University of Tennessee, Knoxville in December 1981. He also received the degree of Master of Business Administration with a concentration in Business Finance and Investments from the University of Memphis in May 1987. Mr. Patterson currently holds his Series 7, 50, 52, 53 and 63 securities licenses.

18

Analytical and Banking Support

Frank Leto, Vice President - Mr. Leto joined Raymond FRANK LETO

Vice President James in 2014. He provides banking coverage and in-depth

Public Finance quantitative analysis for all types of public finance transactions and works out of the Raymond James global headquarters in St. Petersburg, Florida. Mr. Leto provides D 727.567.2260 880 Carillon Parkway, Tower 3, 3rd Floor C 813.924.0092 St. Petersburg, FL 33716 a broad range of analyses including credit analysis, [email protected] refunding alternatives, optional redemption analysis,

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC cost/benefit analysis of credit enhancement, new money structuring, financial engineering, interest rate swap valuations and coordinating the bond sale with legal counsel and banking/underwriting personnel. Mr. Leto has served as part of the banking or financial advisory team for over $7.6 billion in financings for Florida clients. He has experience working with various municipalities and governmental entities throughout Florida such as the City of Fort Myers, City of Fort Myers City of Jacksonville, Greater Orlando Aviation Authority, Florida Governmental Utility Authority, City of Orlando, Orlando Utilities Commission, Osceola County and Miami- Town of Davie, Florida Davie, of Town Dade County (MIA). Prior to joining Public Finance, Mr. Leto served on the Supervisory Controls team in corporate compliance and specialized in data analysis. Prior to joining Raymond James, Mr. Leto worked as a Financial Specialist in the state of Florida’s banking regulatory division with in the Office of Financial Regulation. A graduate of the University of South Florida, he earned a Bachelor of Science degree in Finance and currently holds his Series 7, 24, 50, 52 and 66 securities licenses.

Ryan Aravind, Analyst - Mr. Aravind joined Raymond RYAN ARAVIND Analyst James in June 2019. He provides analytical support for the Public Finance Florida Public Finance Group. Prior to joining the Florida Public Finance Group in January 2021, Mr. Aravind was part of the Accelerated Development Program at Raymond D 727.567.6184 880 Carillon Parkway, Tower 3, 3rd Floor James and rotated through various departments at C 908.458.3972 St. Petersburg, FL 33716 [email protected] Raymond James which included Supervision, Anti-Money

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC Laundering & Compliance. Mr. Aravind graduated from Bryant University where he earned his Bachelor of Science degree in Business Administration. He currently holds his Series 7 securities license.

Underwriting Team

James A. “Jock” Wright, Managing Director ‐ Mr. Wright JOCK WRIGHT Managing Director is a Managing Director and senior municipal underwriter Municipal Underwriting located in New York City. He joined Raymond James in 2006 after 10 years State Street in Boston. With 30 years of municipal fixed income industry experience, Mr. Wright D 212.909.4047 535 Madison Ave., 10th Floor C 212.574.1271 New York, NY 10022 serves as one of the Firm’s primary underwriters of tax‐ F 212.906.3718 [email protected] exempt debt with particular expertise and knowledge of

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC Florida credits in addition to the Airport, Higher Education and Health Care sectors. His primary focus is Florida and the East Coast although he has worked with issuers all over the country and has extensive relationships throughout the municipal finance industry. He holds a BS in Finance from Babson College and maintains the following FINRA licenses: Series 7, 53 and 63. Some of his larger clients have included the Miami‐Dade Seaport Authority, Miami International Airport, Denver International Airport, Greater Orlando Aviation Board, Boston’s Logan Airport, The State of Connecticut, NY Water Authority, Virginia Resource Authority, Birmingham Convention Center, Ft. Lauderdale Airport, New York State Dormitory Authority, Miami‐Dade Seaport Authority, Miami International Airport, Trinity Health (ND), Mt. Sinai Medical of Miami, Eastern Maine Medical Center and Georgia Board of Regents. Additionally, he has worked on numerous Florida utility

19

system transaction for the FGUA, City of Clearwater, City of Fort Myers, Orlando Utilities Commission, Jacksonville Electric Authority and the City of Port St. Lucie to name a few.

Rhonda Sentochnik, Director ‐ Ms. Sentochnik specializes

in municipal underwriting and support with a focus on larger issuers in the Northeast, New York, and New Jersey, and has supported underwritings on transactions for issuers of all sizes and credit qualities, including multiple transactions for New York City Municipal Water Finance Authority, DASNY, Metropolitan Transportation Authority and a number of other New York State issuers. Rhonda previously worked as a Vice President in Municipal Underwriting at Goldman Sachs from 1986 to 2008 where she supported the underwriting desk. Ms. Sentochnik graduated from Pace University in New York with a BBA in Marketing and from Dowling College in New York with an MA in Secondary Education.

Town of Davie, Florida Davie, of Town

20

Town of Davie, Florida Davie, of Town Appendix B

Senior Managed Negotiated National Revenue Bond Transactions

21

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Monmouth Co Improvement Auth NJ 01/11/18 $ 21.01 Aaa AAA AAA 4.94 McAllen Development Corp TX 01/12/18 $ 5.12 NR AAA NR 7.03

Lafayette Parish School Board LA 01/18/18 $ 65.00 NR AA NR 6.50 Heflin Waterworks & Sewer Bd AL 01/18/18 $ 2.13 NR NR NR 8.45 Northeast Morgan Co Water Auth AL 01/30/18 $ 5.77 NR A+ NR 9.00 Waleska Downtown Dev Authority GA 02/01/18 $ 29.19 NR NR NR 10.00 Blount Co Board of Education AL 02/08/18 $ 14.25 NR A+ NR 6.00 Bexar Co Health Facs Dev Corp TX 02/13/18 $ 28.54 NR BBB NR 7.50

Los Angeles Co (Torrance) USD CA 02/15/18 $ 9.64 NR A+ NR Troy University AL 02/15/18 $ 25.00 A1 A+ NR 5.64

Amarillo City-Texas TX 02/20/18 $ 38.84 NR A+ NR

Tennessee Hsg Dev Agcy (THDA) TN 02/27/18 $ 99.90 Aa1 AA+ NR Syracuse Industrial Dev Agency NY 03/02/18 $ 67.27 Aa2 AA AA 5.89

Southwest Mississippi Reg Med Ctr MS 03/06/18 $ 13.27 NR NR NR

Southwest Mississippi Reg Med Ctr MS 03/06/18 $ 5.31 NR NR NR California Municipal Fin Auth CA 03/08/18 $ 21.64 NR AA- NR 3.70 Town of Davie, Florida Davie, of Town Winchester City-Tennessee TN 03/08/18 $ 7.83 NR NR NR 5.34 West Wise Special Utility Dt TX 03/08/18 $ 2.80 NR NR NR 10.10 San Rafael Joint Powers Fin Auth CA 03/14/18 $ 45.49 NR AA NR 2.96

Mississippi Development Bank MS 03/15/18 $ 6.00 NR AA- NR Modesto City-California CA 03/20/18 $ 11.34 NR AA NR 4.39

Kern Co (Wasco) USD CA 03/21/18 $ 22.00 NR A NR

Shasta Co (Redding) SD CA 03/22/18 $ 3.07 NR NR NR

Mississippi Development Bank MS 03/22/18 $ 14.68 Aa2 NR NR

Tarrant Board of Education AL 03/22/18 $ 4.18 NR NR NR

Brent Utilities Board AL 03/22/18 $ 3.57 NR NR NR San Luis Obispo Public Fin Auth CA 04/04/18 $ 16.91 NR AA NR 4.00 Jasper Water Works and Swr Board AL 04/04/18 $ 9.99 NR A+ NR 5.75 Jasper Water Works and Swr Board AL 04/04/18 $ 0.63 NR A+ NR 5.75 San Luis Obispo Co Fin Auth CA 04/05/18 $ 27.05 NR A+ A+ 5.00

Rhode Island Infrastructure Bank RI 04/10/18 $ 17.72 NR AAA AAA Heritage Bay Comm Dev Dt FL 04/11/18 $ 19.87 3.71 NR A- NR 10.00 Pennsylvania St Pub Sch Bldg Auth PA 04/11/18 $ 20.00 A3 NR NR 4.52

Terrebonne Parish-Louisiana LA 04/26/18 $ 15.17 NR NR NR

Terrebonne Parish-Louisiana LA 04/26/18 $ 35.68 NR NR NR

Terrebonne Parish-Louisiana LA 04/26/18 $ 40.43 NR NR NR Hot Springs City-Arkansas AR 05/01/18 $ 20.18 NR NR NR 6.50 Phoenix Industrial Dev Auth AZ 05/02/18 $ 95.45 Baa3 NR NR 5.49 Phoenix Industrial Dev Auth AZ 05/02/18 $ 8.91 Baa3 NR NR 0.51 Palo Alto City-California CA 05/03/18 $ 8.97 NR AA+ NR 5.06 Monroe Co School Board FL 05/03/18 $ 31.26 3.62 Aa3 NR NR 3.88

Lexington Town-South Carolina SC 05/08/18 $ 10.41 Aa3 AA NR

San Leandro Redev Successor Agcy CA 05/08/18 $ 2.22 NR AA - NR

San Leandro Redev Successor Agcy CA 05/08/18 $ 16.85 NR AA- NR

Jefferson Public Building Auth GA 05/10/18 $ 10.56 NR NR NR

NYS Dorm Authority NY 05/10/18 $ 560.20 Aa3 NR AA-

NYS Dorm Authority NY 05/10/18 $ 25.03 Aa1 NR AA -

Marietta Development Authority GA 05/11/18 $ 10.69 NR NR NR

Louisiana Gov Env Facs & Comm Dev Auth LA 05/16/18 $ 47.41 NR NR NR

Hudson Co Improvement Auth NJ 05/17/18 $ 3.93 NR NR NR

Hudson Co Improvement Auth NJ 05/17/18 $ 7.47 NR NR NR

Logan Muni Util Auth NJ 05/22/18 $ 5.00 NR NR NR

Bleckley-Dodge Joint Dev Auth GA 05/23/18 $ 48.51 NR A+ NR

Regents of the Univ of California CA 05/23/18 $ 736.22 Aa3 AA- AA-

Regents of the Univ of California CA 05/23/18 $ 95.08 Aa3 AA- AA-

Americus-Sumter Payroll Dev Auth GA 05/25/18 $ 20.96 A1 NR NR

Americus-Sumter Payroll Dev Auth GA 05/25/18 $ 12.79 A1 NR NR

Tulare Co-California CA 05/31/18 $ 251.22 A1 AA- NR

Wisconsin Public Finance Auth WI 06/06/18 $ 0.34 NR BBB- NR

Wisconsin Public Finance Auth WI 06/06/18 $ 25.02 NR BBB- NR

Monterey Co Financing Auth CA 06/06/18 $ 22.89 NR AA- NR

22

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Syracuse Industrial Dev Agency NY 06/07/18 $ 38.50 Aa2 AA AA Cartersville City-Georgia GA 06/07/18 $ 57.31 Aa3 AA- NR 6.75

NYC Municipal Water Fin Auth NY 06/13/18 $ 373.60 Aa1 AA+ AA+

Sutter Co (Live Oak) USD CA 06/14/18 $ 2.96 NR A NR

Barnesville-Lamar Cos Ind Dev Au GA 06/14/18 $ 25.19 A1 NR NR

San Luis Obispo-California CA 06/14/18 $ 10.10 NR AA- NR

Mississippi Development Bank MS 06/19/18 $ 22.50 A2 NR NR

Oklahoma Dev Finance Auth OK 06/26/18 $ 3.42 A1 NR NR

West Virginia Housing Dev Fund WV 06/27/18 $ 25.00 Aaa AAA NR

Tuolumne Co-California CA 06/28/18 $ 4.90 NR AA NR

NYS Dorm Authority NY 06/28/18 $ 340.39 Aa2 AA- NR

Monmouth Co Improvement Auth NJ 07/10/18 $ 69.65 Aaa AAA AAA

West Rankin Utility Auth MS 07/11/18 $ 63.79 NR NR NR

West Rankin Utility Auth MS 07/11/18 $ 71.21 NR NR NR Birmingham-Jefferson Civ Ctr Au AL 07/18/18 $ 48.81 Aa2 AA NR 2.56 Birmingham-Jefferson Civ Ctr Au AL 07/18/18 $ 17.81 A3 AA - NR 2.56 Town of Davie, Florida Davie, of Town Lafayette Parish School Board LA 07/18/18 $ 27.77 NR AA NR 6.50 Birmingham-Jefferson Civ Ctr Au AL 07/18/18 $ 123.87 Aa3 AA- NR 2.56 Birmingham-Jefferson Civ Ctr Au AL 07/18/18 $ 70.51 A1 A+ NR 2.56

Birmingham-Jefferson Civ Ctr Au AL 07/18/18 $ 9.06 A1 A+ NR

La Paz Co Industrial Dev Auth AZ 08/01/18 $ 33.37 NR BBB NR

La Paz Co Industrial Dev Auth AZ 08/01/18 $ 0.96 NR BBB NR

Memphis & Shelby Cos Airp Auth TN 08/21/18 $ 119.28 NR A A

Bangham Utility Dt TN 08/22/18 $ 1.80 NR AA NR

Burlington Co Bridge Commission NJ 08/23/18 $ 27.02 Aa1 NR NR Virginia Housing Dev Auth (VHDA) VA 09/12/18 $ 3.33 Aa1 AA+ NR 0.28 Virginia Housing Dev Auth (VHDA) VA 09/12/18 $ 71.07 Aa1 AA+ NR 5.97

Maine Governmental Facs Auth (MGFA) ME 09/13/18 $ 50.51 Aa3 AA - NR Louisiana Housing Corporation (LHC) LA 09/18/18 $ 11.19 Aaa NR NR 3.29 Louisiana Housing Corporation (LHC) LA 09/18/18 $ 16.00 Aaa NR NR 4.71 Mississippi Home Corporation MS 09/20/18 $ 39.17 Aaa NR NR 8.22 Temple City-Texas TX 09/20/18 $ 23.57 NR BB+ NR 12.56 Washburn University of Topeka KS 09/25/18 $ 10.16 A1 NR NR 4.32 New Orleans Aviation Board LA 09/25/18 $ 109.04 Baa2 BBB+ NR 3.88 Tennessee Hsg Dev Agcy (THDA) TN 10/03/18 $ 225.00 Aa1 AA+ NR 5.90 Fort Myers City-Florida FL 10/11/18 $ 32.68 3.83 A1 AA A+ 3.63 Fort Myers City-Florida FL 10/11/18 $ 13.22 4.79 A1 AA A+ 4.07 Vermont Housing Finance Agency VT 10/11/18 $ 5.10 Aa2 NR AA 0.89 Vermont Housing Finance Agency VT 10/11/18 $ 32.00 Aa2 NR AA 5.57 Vermont Housing Finance Agency VT 10/11/18 $ 4.00 Aa2 NR AA 0.70

Tarrant Board of Education AL 10/11/18 $ 2.22 NR A - NR

Connecticut CT 10/17/18 $ 850.11 NR AA A+ Pasco Co School Board FL 10/23/18 $ 68.20 4.05 A1 NR A+ 3.13 Henry Co Industrial Dev Auth VA 10/24/18 $ 60.62 A1 A+ A+ 3.15

Ohio OH 10/30/18 $ 163.00 Aa2 AA AA

Ohio OH 10/30/18 $ 7.00 Aa2 AA AA Virginia Resources Auth (VRA) VA 10/30/18 $ 6.90 Aaa AAA NR 3.33 Virginia Resources Auth (VRA) VA 10/30/18 $ 72.96 Aaa AAA NR 3.35

Ohio OH 10/31/18 $ 51.29 Aa2 AA AA

Monterey Regional Waste Mgmt Au CA 11/07/18 $ 11.56 NR AA - NR

Monterey Regional Waste Mgmt Au CA 11/07/18 $ 11.42 NR AA- NR Talladega Co BOE AL 11/07/18 $ 0.66 NR A+ NR 0.62 Talladega Co BOE AL 11/07/18 $ 9.63 NR A+ NR 9.13 El Paso City-Texas TX 11/13/18 $ 26.67 NR AA+ AA+ 6.59 Santa Barbara Co-California CA 11/14/18 $ 8.13 A1 AA NR 0.21 Santa Barbara Co-California CA 11/14/18 $ 129.87 A1 AA NR 3.36 Santa Barbara Co-California CA 11/14/18 $ 11.00 A1 AA NR 0.28

Louisiana Gov Env Facs & Comm Dev Auth LA 11/15/18 $ 16.86 NR NR NR

Rhode Island Hlth & Ed Bldg Corp RI 11/28/18 $ 19.80 Aa3 A+ NR

Illinois Finance Authority IL 11/29/18 $ 14.55 Aa2 NR NR

Lynchburg Economic Dev Auth VA 11/29/18 $ 12.30 NR BBB+ NR

23

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Mississippi Development Bank MS 11/29/18 $ 15.00 NR AA- NR Farmville Industrial Dev Auth VA 12/13/18 $ 120.91 NR BBB- NR 9.06

Farmville Industrial Dev Auth VA 12/13/18 $ 7.52 NR BBB - NR 9.06

Monmouth Co Improvement Auth NJ 12/13/18 $ 47.27 Aaa AAA AAA Mississippi Development Bank MS 12/20/18 $ 15.00 NR AA- NR 12.50 Cherokee Co Board of Education AL 01/08/19 $ 15.06 A1 NR NR 8.50

Nevada Co Finance Authority CA 01/23/19 $ 17.06 NR AA NR

Stevenson Utilities Board AL 01/23/19 $ 3.00 NR BBB- NR Sustainable Energy Utility Inc DE 01/29/19 $ 18.65 NR AA+ NR 3.72

NE Alabama Wtr Swr & Fire Prot Dt AL 01/31/19 $ 6.41 NR A+ NR

Wisconsin Public Finance Auth WI 02/13/19 $ 28.59 Baa3 NR NR

Chatham Co Recreation Authority GA 02/14/19 $ 3.41 Aa3 NR NR

West Virginia Housing Dev Fund WV 02/20/19 $ 35.00 Aaa AAA NR

Mississippi Development Bank MS 02/21/19 $ 29.85 Aa3 NR NR

Carrollton Payroll Dev Auth GA 02/28/19 $ 34.37 A1 NR NR

Perry Public Facilities Authority GA 03/05/19 $ 7.71 Aa3 NR NR Town of Davie, Florida Davie, of Town De Kalb Co Board of Education AL 03/12/19 $ 7.49 NR A+ NR

Lafayette Parish School Board LA 03/13/19 $ 25.00 NR AA+ NR

Indiana Finance Authority IN 03/14/19 $ 13.54 Aa2 AA+ AA+

Cumberland Co Imp Auth NJ 03/20/19 $ 4.97 NR AA- NR

Rome Recreation Facs Auth GA 03/25/19 $ 6.22 Aa2 NR NR Syracuse Industrial Dev Agency NY 03/27/19 $ 65.44 Aa2A2 NRAA NR 5.92

Bloomfield Twp-New Jersey NJ 03/28/19 $ 11.83 Aa2 NR NR

Cornelia Urban Redevelopment Agcy GA 04/02/19 $ 11.33 Baa2 NR NR

Cornelia Urban Redevelopment Agcy GA 04/02/19 $ 11.33 Baa2 NR NR

Texas State Affordable Hsg Corp TX 04/03/19 $ 40.00 Aa1 NR NR Bibb Co Development Authority GA 04/04/19 $ 18.34 NR A+ NR 3.45 Bibb Co Development Authority GA 04/04/19 $ 18.34 NR A+ NR 3.45 Lubbock City-Texas TX 04/04/19 $ 16.73 NR AA - AA - 5.36

Kilgore Economic Development Corp TX 04/09/19 $ 4.37 NR A+ NR

Little Lake Fire Protection Dt CA 05/02/19 $ 7.20 NR A+ NR

Maryland Stadium Authority MD 05/07/19 $ 20.60 Aa2 AA+ AA+

Maryland Stadium Authority MD 05/07/19 $ 34.41 Aa2 AA+ AA+

Georgia Priv College & Univ Auth GA 05/09/19 $ 33.84 NR A A+ Miami-Dade Co-Florida FL 05/10/19 $ 282.18 3.90 NR AA- A 4.96 Miami-Dade Co-Florida FL 05/10/19 $ 212.75 3.34 NR AA - A 4.05

Snellville Downtown Dev Auth GA 05/14/19 $ 4.02 Aa2 NR NR

Amarillo Economic Dev Corp TX 05/21/19 $ 27.68 NR AA- NR Polk Co SD FL 05/21/19 $ 160.03 2.30 Aa3 NR NR 2.86

Louisiana Gov Env Facs & Comm Dev Auth LA 05/21/19 $ 0.50 Ba2 NR NR

Louisiana Gov Env Facs & Comm Dev Auth LA 05/21/19 $ 25.79 Ba2 NR NR UAB Medicine Finance Authority AL 05/22/19 $ 103.39 Aa3 AA- NR 3.62

Monmouth Co Improvement Auth NJ 05/23/19 $ 6.58 Aaa AAA AAA

Santa Barbara Co (Santa Maria-Bonita) SD CA 05/29/19 $ 11.80 A2 NR NR

Norfolk Airport Authority VA 06/04/19 $ 54.44 A3 A NR Rhode Island Hlth & Ed Bldg Corp RI 06/04/19 $ 20.00 NR NR NR 4.42 Greater Texoma Utility Authority TX 06/05/19 $ 11.25 NR A+ NR 6.25 Illinois Finance Authority IL 06/05/19 $ 51.99 NR AA+ NR 6.00

Rome Building Auth GA 06/10/19 $ 21.49 Aa2 NR NR

Kentucky Rural Water Fin Corp KY 06/12/19 $ 12.50 NR NR NR

Vermont Housing Finance Agency VT 06/12/19 $ 19.50 Aa2 NR AA

Rhode Island Infrastructure Bank RI 06/12/19 $ 31.60 NR AAA AAA

Rhode Island Infrastructure Bank RI 06/12/19 $ 10.21 NR AAA AAA

Stamford City-Connecticut CT 06/12/19 $ 15.70 NR AA+ AA+ Providence Public Buildings Auth RI 06/13/19 $ 10.00 NR NR NR 6.41 Parker Sewer & Fire Subdistrict SC 06/18/19 $ 8.13 Aa3 AA- NR

Columbia-Kentucky KY 06/19/19 $ 14.88 NR BBB- NR

Indiana Finance Authority IN 06/19/19 $ 33.61 A3 NR NR

Mississippi Development Bank MS 06/19/19 $ 15.00 Aa2 NR NR

South Bayside Waste Mgmt Auth CA 06/26/19 $ 31.86 A1 A+ NR

South Bayside Waste Mgmt Auth CA 06/26/19 $ 16.92 A1 A+ NR

24

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Osceola Co-Florida FL 06/26/19 $ 11.60 3.48 NR A+ NR 5.19

NYC Municipal Water Fin Auth NY 06/26/19 $ 459.60 Aa1 AA+ AA+

Ross Valley Public Fin Auth CA 06/27/19 $ 11.12 NR AA NR

Ross Valley Public Fin Auth CA 06/27/19 $ 20.34 NR AA NR

Trinity River Authority TX 06/27/19 $ 19.78 NR AA- NR

Newbern-Tennessee TN 06/27/19 $ 2.66 NR AA- NR Florida Governmental Util Auth FL 06/28/19 $ 44.66 2.84 A1 NR NR 3.95

Beaumont City-California CA 07/17/19 $ 10.29 NR NR NR

Illinois Finance Authority IL 07/23/19 $ 55.50 NR AA+ NR

Monmouth Co Improvement Auth NJ 07/24/19 $ 48.37 Aaa AAA AAA Beverly Hills Public Fin Auth CA 07/24/19 $ 22.67 NR AA+ NR 3.26 Beverly Hills Public Fin Auth CA 07/24/19 $ 18.18 NR AA+ NR 2.64 Beverly Hills Public Fin Auth CA 07/24/19 $ 3.73 NR AA+ NR 2.54

Univ of Arkansas Bd of Trustees AR 07/24/19 $ 59.66 Aa2 NR NR

Pearland City-Texas TX 07/25/19 $ 34.59 Aa3 NR AA-

Douglas Water Auth AL 07/25/19 $ 0.57 NR A- NR Town of Davie, Florida Davie, of Town Douglas Water Auth AL 07/25/19 $ 9.32 NR A- NR

Shawnee City-Kansas KS 07/31/19 $ 20.45 Aa2 NR NR

Caldwell Co-Texas TX 08/01/19 $ 3.53 NR NR NR

Valdosta & Lowndes Co Hosp Auth GA 08/09/19 $ 42.62 Aa2 AA- NR

Valdosta & Lowndes Co Hosp Auth GA 08/09/19 $ 96.86 Aa2 AA- NR

Salina City-Kansas KS 08/14/19 $ 10.33 Aa3 NR NR Fort Myers City-Florida FL 08/27/19 $ 113.74 3.09 Aa3 A+ A+ 3.95

San Jacinto River Authority TX 08/28/19 $ 23.40 NR AA- NR Tennessee Hsg Dev Agcy (THDA) TN 09/04/19 $ 60.50 Aa1 AA+ NR 2.42 Tennessee Hsg Dev Agcy (THDA) TN 09/04/19 $ 89.50 Aa1 AA+ NR 3.58

Mississippi Home Corporation MS 09/10/19 $ 65.29 Aaa NR NR

Jefferson Parish Sales Tax Dt LA 09/11/19 $ 280.00 A1 A+ NR

Sinclair Water Authority GA 09/12/19 $ 11.03 NR NR NR

Novato Redevelopment Agency CA 09/12/19 $ 17.50 NR AA - NR

Novato Redevelopment Agency CA 09/12/19 $ 17.34 NR AA- NR Greensburg Pub Safety Fac Bldg Cp IN 09/16/19 $ 0.75 NR A NR Ventura Co (Rio) ESD CA 09/17/19 $ 25.35 NR A- NR

Fayetteville Public Facs Auth NC 09/19/19 $ 7.89 Aa2 NR NR

Fayetteville Public Facs Auth NC 09/19/19 $ 27.09 Aa2 NR NR Florida Municipal Loan Council FL 09/19/19 $ 8.60 3.35 NR A+ NR 5.84 Manatee Co-Florida FL 09/20/19 $ 57.25 3.05 Aa1 NR AA+ 3.08

Louisiana Gov Env Fac & CDA (LCDA) LA 09/25/19 $ 23.50 NR NR NR Univ of Mississippi Ed Bldg Corp MS 09/25/19 $ 73.35 Aa2 NR AA 5.65 Univ of Mississippi Ed Bldg Corp MS 09/25/19 $ 3.39 Aa2 NR AA 3.59

West Virginia Housing Dev Fund WV 09/26/19 $ 30.00 Aaa AAA NR

Tucson Industrial Dev Auth AZ 09/27/19 $ 7.74 A3 NR NR

Tucson Industrial Dev Auth AZ 09/27/19 $ 2.84 A3 NR NR Florida Govt Util Auth (FGUA) FL 10/03/19 $ 90.05 2.68 A1 NR NR 3.71

Central Oklahoma Trans & Parking Auth OK 10/08/19 $ 13.81 Aa2 AA+ NR

Southern Wells School Bldg Corp IN 10/10/19 $ 3.93 NR A+ NR Florida Higher Ed Facs Fin Auth FL 10/16/19 $ 98.32 3.39 BBB - NR 6.89

Hilton Head Island Town-South Carolina SC 10/16/19 $ 16.52 Aa2NR AA AA+

Monmouth Co Improvement Auth NJ 10/17/19 $ 14.31 Aaa AAA AAA

The Evesham Muni Utilities Auth NJ 10/17/19 $ 16.23 Aa3 NR NR

Centreville Water Wks & Sewer Bd AL 10/17/19 $ 3.05 NR A NR

Hudson Co Improvement Auth NJ 10/22/19 $ 26.29 NR AA NR

Maine Hlth & Hghr Ed Facs Auth ME 10/22/19 $ 36.42 A1 NR AA

Essex Co Improvement Authority NJ 10/23/19 $ 70.72 Aaa NR NR

Oneonta Board of Education AL 10/24/19 $ 7.91 NR A+ NR

Virginia Resources Auth (VRA) VA 10/29/19 $ 193.52 Aaa AAA NR

Monmouth Co Improvement Auth NJ 10/30/19 $ 23.56 NR NR NR

Denton Co Fresh Wtr Supply Dt #7 TX 10/30/19 $ 8.14 A2 NR NR

Maryland Stadium Authority MD 10/31/19 $ 20.92 Aa2 AA+ AA+

2004 Plainfield Comm HS Bldg Corp IN 11/06/19 $ 31.83 NR AA- NR

Western Illinois Eco Dev Auth IL 11/06/19 $ 18.22 NR AA NR

25

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

El Dorado UHSD CA 11/06/19 $ 2.66 NR A+ NR

Yolo Co Pub Acgy Fin Auth CA 11/06/19 $ 12.38 NR AA- NR

Essex Co Improvement Authority NJ 11/07/19 $ 10.75 Aaa NR NR

Lynwood Public Financing Auth CA 11/07/19 $ 8.47 NR A- NR

Lynwood Public Financing Auth CA 11/07/19 $ 13.96 NR A - NR

West New York Town-New Jersey NJ 11/07/19 $ 5.52 NR A+ NR

Kentucky Rural Water Fin Corp KY 11/13/19 $ 105.00 NR NR NR

Maine Hlth & Hghr Ed Facs Auth ME 11/13/19 $ 42.35 A1 NR AA North Houston Dev Corp TX 11/13/19 $ 29.61 NR A NR Startex-Jackson Water Dt SC 11/13/19 $ 7.03 Aa3 AA - NR

Longview City-Texas TX 11/13/19 $ 4.18 NR AA NR

Mississippi Development Bank MS 11/14/19 $ 5.40 A2 NR NR

Vermont Hsg Fin Agcy (VHFA) VT 11/15/19 $ 4.16 Aa3 NR NR

Vermont Hsg Fin Agcy (VHFA) VT 11/15/19 $ 9.27 Aa3 NR NR

Valdosta-Lowndes Co Ind Dev Auth GA 11/19/19 $ 17.40 Aa2 NR NR California Health Facs Fin Auth CA 11/19/19 $ 500.00 Aa3 AA- AA- 5.15 Town of Davie, Florida Davie, of Town RNR School Fin Au CFD #92-1 CA 11/19/19 $ 11.36 NR A NR

Oxnard Financing Authority CA 11/20/19 $ 27.62 NR A- NR

Terrebonne Par Consol Waterworks Dt #1 LA 11/20/19 $ 14.32 NR AA- NR

Columbia City-South Carolina SC 11/20/19 $ 143.86 Aa1 AA+ NR

Columbia City-South Carolina SC 11/20/19 $ 6.88 Aa1 AA+ NR Athens Housing Authority GA 11/21/19 $ 62.95 Aa2 NR NR 3.50

Western Virginia Reg Jail Auth VA 11/21/19 $ 24.64 Aa2 NR NR

New Hampshire Muni Bond Bank NH 11/22/19 $ 75.83 NR AA+ NR

Big Lake City-Texas TX 12/03/19 $ 5.45 NR A+ NR

Plaquemines Parish-Louisiana LA 12/04/19 $ 14.50 NR A NR

Munster School Building Corp IN 12/05/19 $ 5.84 NR NR NR

Louisiana St Univ & Agri & Mech Coll LA 12/05/19 $ 72.36 A2 NR A+

Indiana Finance Authority IN 12/05/19 $ 44.30 Aa2 AA+ AA+ Arkansas Development Fin Auth AR 12/05/19 $ 86.39 NR A NR 6.50

Rhode Island Infrastructure Bank RI 12/05/19 $ 6.49 NR AAA AAA

Rhode Island Infrastructure Bank RI 12/05/19 $ 39.81 NR AAA AAA Palm Bay City-Florida FL 12/05/19 $ 51.67 3.31 NR A+ AA+ 2.46

South Gate Utility Authority CA 12/05/19 $ 7.99 NR AA - NRA

South Gate Utility Authority CA 12/05/19 $ 23.35 NR AA- NR

Monmouth Co Improvement Auth NJ 12/06/19 $ 128.98 Aaa AAA AAA

Paulding Co Industrial Bldg Auth GA 12/10/19 $ 5.53 Aa1 NR NR

Clarion Co Industrial Dev Auth PA 12/10/19 $ 16.61 A1 NR NR

Clarion Co Industrial Dev Auth PA 12/10/19 $ 0.19 A1 NR NR

Lemon Grove Successor Comm Dev Agy CA 12/10/19 $ 3.81 NR BBB+ NR

Lemon Grove Successor Comm Dev Agy CA 12/10/19 $ 11.70 NR BBB+ NR

Great Neck North Water Auth NY 12/10/19 $ 19.80 NR AA+ NR

Chino Public Financing Auth CA 12/11/19 $ 7.26 NR NR NR Hernando Co School Board FL 12/17/19 $ 3.50 3.11 A1 NR NR 9.99

Sunnyvale Town-Texas TX 12/17/19 $ 5.72 NR AA NR

Maine Governmental Facs Auth (MGFA) ME 12/17/19 $ 171.00 Aa3 AA- NR

Hammond Multi-School Bldg Corp IN 12/19/19 $ 4.75 NR NR NR Clearwater City-Florida FL 01/09/20 $ 20.43 1.75 Aa2 AA+ NR 3.47 Illinois Finance Authority IL 01/15/20 $ 60.76 NR AA+ NR 5.95

Johnson Co-Indiana IN 01/15/20 $ 25.00 NR NR NR Novato City CFD #2002-1 CA 01/22/20 $ 6.06 NR NR NR 9.15 Minnesota Rural Water Fin Auth MN 01/23/20 $ 32.50 NR NR NR 4.00

Glynn-Brunswick Mem Hosp Auth GA 01/23/20 $ 35.72 Baa1 BBB+ NR Port St Lucie City-Florida FL 01/23/20 $ 30.15 2.46 Aa3 NR NR 2.69

Heard Co Public Facilities Auth GA 01/28/20 $ 17.40 A1 NR NR Cullman City BOE AL 01/28/20 $ 11.32 Aa3 NR NR 9.00

Bakersfield City-California CA 01/30/20 $ 10.53 NR AA NR Portland City-Texas TX 02/04/20 $ 4.78 NR AA- NR 6.14

NYC Municipal Water Fin Auth NY 02/06/20 $ 47.04 Aa1 AA+ AA+

NYC Municipal Water Fin Auth NY 02/06/20 $ 481.25 Aa1 AA+ AA+

St Mary Parish-Louisiana LA 02/11/20 $ 1.50 NR A NR

26

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

St Mary Parish-Louisiana LA 02/11/20 $ 3.96 NR A NR

Riverside Co Public Fin Authority CA 02/12/20 $ 13.71 NR A NR

San Luis Obispo Co Fin Auth CA 02/20/20 $ 20.38 NR AA+ NR

Mississippi Development Bank MS 02/20/20 $ 24.00 NR AA - NR

Riverside City-California CA 02/20/20 $ 2.08 NR NR NR

Riverside City-California CA 02/20/20 $ 0.37 NR NR NR

Gainesville & Hall Co Dev Auth GA 02/21/20 $ 1.83 Aa2 NR NR

Gainesville & Hall Co Dev Auth GA 02/21/20 $ 3.17 Aa2 NR NR

Syracuse Industrial Dev Agency NY 02/25/20 $ 80.53 Aa2 AA NR

University of South Alabama AL 02/25/20 $ 37.01 A1 A+ NR

Vallejo City-California CA 02/25/20 $ 16.75 NR A+ NR

Vallejo City-California CA 02/25/20 $ 20.08 NR A+ NR

Flint Hospital Building Auth MI 03/03/20 $ 45.83 Ba1 NR BBB-

Chino City-California CA 03/04/20 $ 9.26 NR NR NR Providence Public Buildings Auth RI 03/11/20 $ 95.00 NR NR NR 3.08

So Ripley Comm Mult Sch Bldg Corp IN 03/27/20 $ 4.25 NR NR NR Town of Davie, Florida Davie, of Town Lynwood Public Utility Auth CA 04/02/20 $ 20.00 NR A+ NR Virginia Housing Dev Auth (VHDA) VA 04/02/20 $ 200.00 Aa1 AA+ NR San Antonio River Authority TX 04/21/20 $ 21.89 NR AA- NR

Sustainable Energy Utility Inc DE 04/30/20 $ 52.99 Aa2 NR NR Citrus Co-Florida FL 05/01/20 $ 26.68 2.71 NR AA- AA- 3.65

Los Angeles Housing Authority CA 05/01/20 $ 31.17 NR A NR Mesquite City-Texas TX 05/04/20 $ 19.43 Aa2 AA NR 6.13 Tennessee Hsg Dev Agcy (THDA) TN 05/06/20 $ 108.50 Aa1 AA+ NR 5.71 Sarasota Co-Florida FL 05/07/20 $ 18.79 2.68 NR AA+ AA+ 3.06

Dallas Co Park Cities MUD TX 05/13/20 $ 17.76 NR AA NR

Wilmington City-North Carolina NC 05/14/20 $ 34.75 Aa1 AA+ AA+ Bay Co School Board FL 05/15/20 $ 46.58 2.85 Aa3 NR NR 3.42

Paoli Comm School Bldg Corp IN 05/15/20 $ 5.55 NR AA+ NR Alachua Co School Board FL 05/19/20 $ 92.68 1.55 Aa3NR AAA+ NR 2.29

Woodruff-Roebuck Water Dt SC 05/19/20 $ 8.21 A1 A+ NR

Louisiana Gov Env Fac & CDA (LCDA) LA 05/21/20 $ 49.15 A3 NR NR

Memphis Hlth Ed & Hsg Facs Bd TN 05/21/20 $ 15.00 Aaa NR NR Tampa City-Florida FL 05/21/20 $ 57.05 3.74 NR A- A- 2.12 Tampa City-Florida FL 05/21/20 $ 81.32 3.97 NR A- A- 2.12

West Hollywood Public Fin Auth CA 05/28/20 $ 14.35 NR AA+ AA+

West Hollywood Public Fin Auth CA 05/28/20 $ 65.79 NR AA+ AA+

Hot Springs City-Arkansas AR 06/02/20 $ 18.62 NR A NR

Hot Springs City-Arkansas AR 06/02/20 $ 38.05 NR A NR

Rhode Island Hlth & Ed Bldg Corp RI 06/02/20 $ 57.45 Aa2 NR AAA

Chino City-California CA 06/04/20 $ 18.62 NR NR NR

West Virginia Housing Dev Fund WV 06/04/20 $ 30.00 Aaa AAA NR

Franklin Co Board of Education AL 06/09/20 $ 6.51 NR A+ NR

Farmville Industrial Dev Auth VA 06/11/20 $ 13.10 NR BBB- NR

Farmville Industrial Dev Auth VA 06/11/20 $ 121.63 NR BBB- NR

NYS Dorm Authority NY 06/11/20 $ 31.50 NR NR NR Hot Springs City-Arkansas AR 06/16/20 $ 100.45 NR A NR Pasco Co School Board FL 06/16/20 $ 75.55 2.41 A1 NR NR 3.08

San Bernardino (Oro Grande) ESD CA 06/16/20 $ 29.13 NR BBB+ NR

Greater New Haven Water PC Au CT 06/17/20 $ 32.00 NR AA+ NR Lee Co School Board FL 06/17/20 $ 45.76 1.01 Aa3 NR AA- 2.71

Pine Hill Borough Muni Utils Au NJ 06/17/20 $ 4.78 NR AA- NR

El Monte Public Fin Auth CA 06/18/20 $ 21.00 NR A NR Florida Housing Finance Corp FL 06/23/20 $ 100.00 2.19 Aaa NR NR 7.41

Brick Twp Muni Util Auth NJ 06/24/20 $ 1.55 Aa2 NR NR Brick Twp Muni Util Auth NJ 06/24/20 $ 11.77 Aa2 NR NR Crawford Comm School Bldg Corp IN 06/24/20 $ 4.68 NR AA+ NR

Monmouth Co Improvement Auth NJ 06/24/20 $ 72.27 NR NR NR

Passaic Co Improvement Auth NJ 06/25/20 $ 17.01 Aa1 NR NR

New Boston City-Texas TX 06/30/20 $ 4.09 NR A- NR

Orange Co Public Finance Auth CA 06/30/20 $ 29.93 NR AA- NR

27

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Calexico Financing Authority CA 07/16/20 $ 38.97 NR A- NR

East Montgomery Co Improvement Dt TX 07/20/20 $ 7.93 NR AA - NR

North Texas Municipal Water Dt TX 07/21/20 $ 94.76 Aa2 AAA NR

Orange Co (Huntington Beach) CSD CA 07/21/20 $ 12.13 Aa3 NR NR

Beverly Hills Public Fin Auth CA 07/22/20 $ 25.62 NR AAA NR

Beverly Hills Public Fin Auth CA 07/22/20 $ 30.47 NR AAA NR

Paoli Comm School Bldg Corp IN 07/24/20 $ 1.13 NR AA+ NR

Mississippi Home Corporation MS 07/28/20 $ 48.52 Aaa NR NR

Mississippi Development Bank MS 07/29/20 $ 15.15 Aa3 NR NR

Carroll City Co Hospital Auth GA 07/30/20 $ 40.34 Aa2 AA NR

Alabama Highway Corp AL 08/04/20 $ 118.46 Aa2 NR AA+

Georgia Assoc Co Comm (Accg) GA 08/04/20 $ 17.00 Aa1 NR NR

Perry Public Facilities Authority GA 08/04/20 $ 4.01 Aa3 NR NR Lake Worth Beach City-Florida FL 08/06/20 $ 8.99 1.48 A2 AA- NR 4.56 Lake Worth Beach City-Florida FL 08/06/20 $ 16.80 2.74 A2 AA- NR 4.56 Escambia Co School Board FL 08/19/20 $ 37.68 0.81 Aa3 NR AA- 2.86 Town of Davie, Florida Davie, of Town Coosa Valley Water Supply Dt Inc AL 08/20/20 $ 22.28 NR AA- NR

Opelika Utilities Board AL 08/26/20 $ 10.73 A1 A NR

Opelika Utilities Board AL 08/26/20 $ 15.77 A1 A NR

Terrebonne Levee Conserve Dt LA 08/26/20 $ 17.75 NR A+ NR

Terrebonne Levee Conserve Dt LA 08/26/20 $ 85.85 NR A+ NR

Hastings Campus Hsg Auth CA 08/27/20 $ 27.61 NR NR NR

Hastings Campus Hsg Auth CA 08/27/20 $ 333.11 NR NR NR Alaska Housing Finance Corp AK 09/01/20 $ 96.67 Aa2 AA+ NR Memphis & Shelby Cos Airp Auth TN 09/01/20 $ 24.23 A2 NR A Memphis & Shelby Cos Airp Auth TN 09/01/20 $ 72.25 A2 NR A

Lake Central Multi Dt Sch Bldg Corp IN 09/02/20 $ 127.51 NR AA+ NR

Memphis City-Tennessee TN 09/04/20 $ 29.00 Aa2 A+ NR

Memphis City-Tennessee TN 09/04/20 $ 279.00 Aa2 A+ NR

Cobb Co Development Auth GA 09/09/20 $ 2.34 A1 NR NR

Cobb Co Development Auth GA 09/09/20 $ 26.57 A1 NR NR

Arkansas Development Fin Auth AR 09/10/20 $ 14.62 NR A NR Grady Co Lake Authority GA 09/15/20 $ 8.94 A1 NR NR Panama City Beach-Florida FL 09/15/20 $ 35.11 3.18 NR A NR 2.60

Scottsboro Wtrwks Swr & Gas Board AL 09/15/20 $ 2.72 NR A+ NR

Scottsboro Wtrwks Swr & Gas Board AL 09/15/20 $ 15.95 NR A+ NR

Mississippi Development Bank MS 09/16/20 $ 20.00 NR AA- NR

Lafayette Parish School Board LA 09/17/20 $ 31.93 NR AA+ NR

Beverly Hills Public Fin Auth CA 09/22/20 $ 57.85 NR AA+ NR

Lake Central Multi Dt Sch Bldg Corp IN 09/22/20 $ 6.17 NR A NR

Tamalpais Comm Svcs Dt CA 09/22/20 $ 16.43 NR AA NR

Carmel-By-the-Sea Public Imp Au CA 09/23/20 $ 3.90 NR AA+ NR

Eastern Municipal Water Dt CA 09/24/20 $ 3.59 NR NR NR

NYC Municipal Water Fin Auth NY 09/24/20 $ 650.00 Aa1 AA+ AA+

Virginia Housing Dev Auth (VHDA) VA 09/24/20 $ 4.00 Aa1 AA+ NR

Virginia Housing Dev Auth (VHDA) VA 09/24/20 $ 19.05 Aa1 AA+ NR

Virginia Housing Dev Auth (VHDA) VA 09/25/20 $ 175.00 Aa1 AA+ NR

El Dorado UHSD CA 09/29/20 $ 7.83 NR A+ NR

Lawrence Co Board of Education AL 09/29/20 $ 12.20 NR A- NR

Trinity River Authority TX 09/29/20 $ 104.65 NR AAA AA+

Mississippi Med Ctr Ed Bldg Corp MS 09/30/20 $ 158.13 Aa2 NR AA

Hudson Co Improvement Auth NJ 10/01/20 $ 342.24 NR AA NR

Georgia Housing Finance Authority GA 10/06/20 $ 110.85 NR AAA NR

Beaumont City-Texas TX 10/07/20 $ 6.71 A1 A+ NR

Beaumont City-Texas TX 10/07/20 $ 6.71 A1 A+ NR

Beaumont City-Texas TX 10/07/20 $ 18.59 A1 A+ NR

Beaumont City-Texas TX 10/07/20 $ 18.59 A1 A+ NR Peace River-Manasota Reg Wtr Supply Au FL 10/07/20 $ 52.06 2.35 Aa3 AA AA 3.05

Canadian River Muni Water Auth TX 10/08/20 $ 44.10 Aa3 NR AA

Santa Clarita Public Fin Auth CA 10/08/20 $ 3.63 NR AA+ NR

Santa Clarita Public Fin Auth CA 10/08/20 $ 10.65 NR AA+ NR

28

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Florence Board of Education AL 10/13/20 $ 4.67 Aa3 NR NR

Florence Board of Education AL 10/13/20 $ 5.08 Aa3 NR NR

Greenwood City-Arkansas AR 10/14/20 $ 7.18 NR BBB+ NR

Yolo Co (Woodland) JUSD CA 10/14/20 $ 5.63 NR A NR

West Virginia Housing Dev Fund WV 10/16/20 $ 44.96 Aaa AAA NR

Bordentown Sewerage Authority NJ 10/21/20 $ 6.52 NR BBB NR Florida Higher Ed Facs Fin Auth FL 10/21/20 $ 26.18 2.87 A2 NR NR 2.11 Florida Higher Ed Facs Fin Auth FL 10/21/20 $ 122.06 3.30 A2 NR NR 2.11

Sugar Hill Downtown Dev Auth GA 10/21/20 $ 21.56 NR AA+ NR

Maine Hlth & Hghr Ed Facs Auth ME 10/22/20 $ 13.11 A1 NR AA

Monmouth Co Improvement Auth NJ 10/22/20 $ 22.19 NR NR NR

Terrebonne Parish-Louisiana LA 10/22/20 $ 6.04 NR AA- NR

Terrebonne Parish-Louisiana LA 10/22/20 $ 27.35 NR AA- NR

Guadalupe-Blanco River (GBRA) TX 10/23/20 $ 55.54 NR AA+ NR

Upper Mohawk Valley Reg Wtr Fin Auth NY 10/23/20 $ 10.96 Aa3 A+ NR Upper Mohawk Valley Reg Wtr Fin Auth NY 10/23/20 $ 14.92 Aa3 A+ NR Town of Davie, Florida Davie, of Town California Health Facs Fin Auth CA 10/27/20 $ 450.00 Aa3 AA- AA-

Virginia Resources Auth (VRA) VA 10/27/20 $ 80.91 Aaa AAA NR

Killeen City-Texas TX 10/29/20 $ 20.03 NR AA NR

Killeen City-Texas TX 10/29/20 $ 22.78 NR AA NR

Kentucky Rural Water Fin Corp KY 11/10/20 $ 65.00 NR NR NR

Los Angeles Co (Santa Monica-Malibu) USD CA 11/17/20 $ 25.72 Aa1 NR NR

Stamford City-Connecticut CT 11/18/20 $ 39.62 NR AA+ AA+

Lubbock City-Texas TX 11/19/20 $ 22.14 NR AA - AA -

Lubbock City-Texas TX 11/19/20 $ 27.22 NR AA- AA-

Pinal Co Industrial Dev Auth AZ 11/19/20 $ 0.24 NR BBB NR

Pinal Co Industrial Dev Auth AZ 11/19/20 $ 15.49 NR BBB NR

New Hope Cultural Ed Facs Fin Corp TX 11/24/20 $ 1.10 Ba2 NR NR

New Hope Cultural Ed Facs Fin Corp TX 11/24/20 $ 34.98 Ba2 NR NR

Arkansas Development Fin Auth AR 12/02/20 $ 85.81 NR AA- NR

Monmouth Co Improvement Auth NJ 12/02/20 $ 48.66 Aaa AAA AAA

Cape May Co Bridge Commission NJ 12/03/20 $ 9.71 Aa1 NR NR

Eastern Municipal Water Dt CA 12/03/20 $ 3.68 NR NR NR

Lowndes Co Pub Facs Authority GA 12/07/20 $ 7.42 Aa1 NR NR

Lynwood Public Financing Auth CA 12/10/20 $ 13.50 NR A- NR

Lauderdale Co Board of Education AL 12/16/20 $ 1.97 NR A+ NR

Lauderdale Co Board of Education AL 12/16/20 $ 8.41 NR A+ NR

Jasper Water Works and Swr Board AL 12/17/20 $ 0.99 NR A+ NR

Jasper Water Works and Swr Board AL 12/17/20 $ 4.50 NR A+ NR

Cathedral City Successor Redev Agy CA 01/06/21 $ 5.91 NR BBB+ NR

Cathedral City Successor Redev Agy CA 01/06/21 $ 45.04 NR BBB+ NR

Maryland Hlth & Hghr Ed Facs Au MD 01/14/21 $ 126.38 NR BBB - NR

Lubbock City-Texas TX 01/19/21 $ 9.63 NR AA- AA-

Minnesota Rural Water Fin Auth MN 01/20/21 $ 20.00 NR NR NR

Maine Governmental Facs Auth (MGFA) ME 01/21/21 $ 12.79 Aa3 AA- NR

Maine Governmental Facs Auth (MGFA) ME 01/21/21 $ 37.36 Aa3 AA- NR Pinellas Co School Board FL 01/21/21 $ 59.78 1.60 Aa3 NR A+ 2.99

Syracuse Industrial Dev Agency NY 01/21/21 $ 26.44 Aa3 AA NR

Newberry City-South Carolina SC 01/26/21 $ 0.34 A3 A- NR

Newberry City-South Carolina SC 01/26/21 $ 9.29 A3 A- NR

Nashville-Davidson Co Metro Govt TN 01/27/21 $ 147.51 NR AA AA+

Orange Co (Westminster) SD CA 01/27/21 $ 17.71 A1 NR NR

Richmond Comm Redev Successor Agy CA 01/27/21 $ 2.67 NR A- NR Richmond Comm Redev Successor Agy CA 01/27/21 $ 15.07 NR A - NR Moulton City-Alabama AL 01/28/21 $ 0.78 NR BBB+ NR

Moulton City-Alabama AL 01/28/21 $ 7.29 NR BBB+ NR

McAllen Development Corp TX 02/01/21 $ 4.40 NR AAA NR

Henry Co Water and Sewer Auth GA 02/04/21 $ 22.83 Aa2 NR NR

Parker Sewer & Fire Subdistrict SC 02/10/21 $ 8.14 Aa3 AA- NR Deltona City-Florida FL 02/11/21 $ 98.69 2.55 NR A+ A+ 3.37

Los Angeles Housing Authority CA 02/11/21 $ 11.22 NR A+ NR

29

Raymond James National Negotiated Senior Managed Revenue Bond Deals (2018-2021 YTD)

All-in- TIC Gross Spread Issuer State Date Par (mils) (%) Moody's S&P Fitch ($/bond)

Temple City-Texas TX 02/11/21 $ 68.15 NR AA NR 5.59

Washington Co Pub Facs Auth GA 02/11/21 $ 10.90 Aa3 NR NR

Co Square Redevelopment Corp SC 02/17/21 $ 34.56 Aa1 AA+ AA+

Powder Springs Downtown Dev Au GA 02/23/21 $ 3.67 Aa2 NR NR

Powder Springs Downtown Dev Au GA 02/23/21 $ 5.56 Aa2 NR NR

University of South Alabama AL 02/25/21 $ 40.56 A1 A+ NR

Ventura Co (Oxnard) UHSD CA 02/25/21 $ 49.10 NR NR NR

Columbia City-South Carolina SC 03/03/21 $ 116.60 Aa1 AA+ NR

Rappahannock Reg Jail Auth VA 03/03/21 $ 27.86 Aa2 NR NR

Siskiyou Co (Weed) UESD CA 03/03/21 $ 3.57 A3 NR NR

Huntsville Public Building Auth AL 03/04/21 $ 37.00 NR AA+ NR

Louisiana Gov Env Fac & CDA (LCDA) LA 03/04/21 $ 29.00 NR NR NR

Jones Co-Mississippi MS 03/09/21 $ 2.41 NR A+ NR

Chino Public Financing Auth CA 03/10/21 $ 43.77 NR NR NR

Louisiana Housing Corporation (LHC) LA 03/10/21 $ 7.54 Aaa NR NR

Louisiana Housing Corporation (LHC) LA 03/10/21 $ 40.00 Aaa NR NR Town of Davie, Florida Davie, of Town Independent Cities Lease Fin Au CA 03/11/21 $ 37.12 NR NR NR

South Georgia Govt Svc Auth GA 03/17/21 $ 5.94 Aa1 NR NR

Memphis & Shelby Cos Airp Auth TN 03/18/21 $ 33.46 A2 NR A

Memphis & Shelby Cos Airp Auth TN 03/18/21 $ 137.59 A2 NR A

Providence Redevelopment Agency RI 03/18/21 $ 25.00 NR BBB NR

Tennessee Hsg Dev Agcy (THDA) TN 03/23/21 $ 149.99 Aa1 AA+ NR

Gloucester Co Improvement Auth NJ 03/24/21 $ 24.50 NR NR NR

Commerce City Pub Facs Auth GA 03/25/21 $ 4.64 NR AA+ NR

Vermont Hsg Fin Agcy (VHFA) VT 03/25/21 $ 10.49 Aa3 NR NR

St Clair Co Board of Education AL 03/30/21 $ 10.29 A1 NR NR

St Clair Co Board of Education AL 03/30/21 $ 20.68 A1 NR NR

St Gabriel City-Louisiana LA 03/31/21 $ 6.51 NR A- NR

Washburn University of Topeka KS 04/07/21 $ 6.81 A1 NR NR

Washburn University of Topeka KS 04/07/21 $ 14.04 A1 NR NR

Virginia Housing Dev Auth (VHDA) VA 04/08/21 $ 101.62 Aa1 AA+ NR

Georgia Priv College & Univ Auth GA 04/14/21 $ 20.19 NR A- A

Scott Co 1998 School Bldg Corp IN 04/15/21 $ 19.68 NR AA+ NR

Shelby Co Hlth Ed & Hsg Facs Bd TN 04/15/21 $ 18.92 A2 A+ NR

Ventura Co (Rio) ESD CA 04/20/21 $ 19.57 NR A- NR

Milan School Building Corp IN 04/21/21 $ 7.85 NR AA+ NR

Griffith Public School Imp Bldg Corp IN 04/22/21 $ 12.25 NR AA+ NR

Lake Co (Upper Lake) UHSD CA 04/28/21 $ 3.93 NR A NR

Carroll Co-Georgia GA 05/04/21 $ 40.00 Aa2 AA NR

Maine Hlth & Hghr Ed Facs Auth ME 05/05/21 $ 86.07 NR NR NR

Maine Hlth & Hghr Ed Facs Auth ME 05/05/21 $ 156.87 NR NR NR

Eastern Municipal Water Dt CA 05/06/21 $ 2.10 NR NR NR

Rhode Island Hlth & Ed Bldg Corp RI 05/11/21 $ 100.69 Aa3 NR NR

Diamond Bar Public Fin Auth CA 05/12/21 $ 6.74 NR AA+ NR

Morris Co Improvement Authority NJ 05/13/21 $ 5.20 Aaa NR NR

NYS Dorm Authority NY 05/13/21 $ 335.23 A1 NR AA-

Snellville Downtown Dev Auth GA 05/13/21 $ 9.27 Aa2 NR NR

Snellville Downtown Dev Auth GA 05/13/21 $ 9.30 Aa2 NR NR Perry Public Facilities Authority GA 05/18/21 $ 4.03 Aa3 NR NR Portland City-Texas TX 05/18/21 $ 3.57 NR AA- NR

Simpsonville-South Carolina SC 05/18/21 $ 14.16 A1 A+ NR Volusia Co School Board FL 05/18/21 $ 62.80 1.09 Aa3 NR NR 2.92

West Virginia Housing Dev Fund WV 05/18/21 $ 30.00 Aaa AAA NR

Simpsonville Muni Facs Corp SC 05/19/21 $ 11.30 Aa2 AA- NR

Hammond Multi-School Bldg Corp IN 05/26/21 $ 11.15 NR AA+ NR

Colorado River Muni Wtr (CRMWD) TX 05/27/21 $ 9.86 NR AA - NR Total 544 $ 24,011.18 Source: SDC, Thomson Reuters Note: Table above displays our most updated figures. Information such as All-in-TIC and Gross Spread are not all readily available for each of the following transactions above through Thomson Reuters. Florida Transactions are noted in bold type.

30

Town of Davie, Florida Davie, of Town Appendix C

Financing Schedules

31

TABLE OF CONTENTS

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

Report Page

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

Bond Summary Statistics.2......

Bond Pricing ...... 3

Bond Debt Service ...... 4

Aggregate Debt Service.5......

Underwriter's Discount.6......

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) SOURCES AND USES OF FUNDS

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

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

Sources:

Bond Proceeds: Par Amount 37,235,000.00 Premium 6,563,412.75

43,798,412.75

Uses:

Project Fund Deposits: Project Fund 43,500,000.00

Delivery Date Expenses: Cost of Issuance 200,000.00 Underwriter's Discount 94,396.44 294,396.44

Other Uses of Funds: Additional Proceeds 4,016.31

43,798,412.75

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) Page 1 BOND SUMMARY STATISTICS

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

Dated Date 10/14/2021 Delivery Date 10/14/2021 Last Maturity 10/01/2051

Arbitrage Yield 1.583198% True Interest Cost (TIC) 2.388192% Net Interest Cost (NIC) 2.656284% All‐In TIC 2.422309% Average Coupon 3.612680%

Average Life (years) 18.166 Weighted Average Maturity (years) 18.067 Duration of Issue (years) 13.618

Par Amount 37,235,000.00 Bond Proceeds 43,798,412.75 Total Interest 24,435,998.33 Net Interest 17,966,982.02 Total Debt Service 61,670,998.33 Maximum Annual Debt Service 2,037,000.00 Average Annual Debt Service 2,058,177.38

Underwriter's Fees (per $1000) Average Takedown 1.950000 Other Fee 0.585153

Total Underwriter's Discount 2.535153

Bid Price 117.373483

Average Par Average Average Maturity PV of 1 bp Bond Component Value Price Coupon Life Date Duration change

Serial Maturities 20,280,000.00 119.356 3.650% 11.822 08/09/2033 9.802 17,552.10 Term Bond 2046 7,735,000.00 109.561 3.000% 23.024 10/22/2044 17.100 7,348.25 Term Bond 2051 9,220,000.00 120.591 4.000% 28.044 10/29/2049 18.143 9,312.20

37,235,000.00 18.166 34,212.55

All‐In Arbitrage TIC TIC Yield

Par Value 37,235,000.00 37,235,000.00 37,235,000.00 + Accrued Interest + Premium (Discount) 6,563,412.75 6,563,412.75 6,563,412.75 ‐ Underwriter's Discount ‐94,396.44 ‐94,396.44 ‐ Cost of Issuance Expense ‐200,000.00 ‐ Other Amounts

Target Value 43,704,016.31 43,504,016.31 43,798,412.75

Target Date 10/14/2021 10/14/2021 10/14/2021 Yield 2.388192% 2.422309% 1.583198%

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) Page 2 BOND PRICING

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

Maturity Yield to Call Call Bond Component Date Amount Rate Yield Price Maturity Date Price

Serial Maturities: 10/01/2022 660,000 4.000% 0.110% 103.746 10/01/2023 685,000 4.000% 0.180% 107.485 10/01/2024 710,000 4.000% 0.290% 110.940 10/01/2025 740,000 4.000% 0.430% 114.016 10/01/2026 770,000 4.000% 0.570% 116.763 10/01/2027 805,000 5.000% 0.720% 124.940 10/01/2028 850,000 5.000% 0.850% 128.003 10/01/2029 890,000 5.000% 0.970% 130.813 10/01/2030 940,000 5.000% 1.080% 133.404 10/01/2031 985,000 5.000% 1.150% 136.146 10/01/2032 1,030,000 4.000% 1.230% 125.900 C 1.438% 10/01/2031 100.000 10/01/2033 1,075,000 4.000% 1.310% 125.050 C 1.680% 10/01/2031 100.000 10/01/2034 1,115,000 4.000% 1.340% 124.732 C 1.846% 10/01/2031 100.000 10/01/2035 1,160,000 4.000% 1.360% 124.522 C 1.981% 10/01/2031 100.000 10/01/2036 1,210,000 4.000% 1.390% 124.206 C 2.106% 10/01/2031 100.000 10/01/2037 1,255,000 3.000% 1.670% 112.161 C 2.099% 10/01/2031 100.000 10/01/2038 1,290,000 3.000% 1.700% 111.868 C 2.161% 10/01/2031 100.000 10/01/2039 1,330,000 3.000% 1.730% 111.577 C 2.215% 10/01/2031 100.000 10/01/2040 1,370,000 3.000% 1.770% 111.190 C 2.270% 10/01/2031 100.000 10/01/2041 1,410,000 3.000% 1.800% 110.900 C 2.315% 10/01/2031 100.000 20,280,000

Term Bond 2046: 10/01/2042 1,455,000 3.000% 1.940% 109.561 C 2.484% 10/01/2031 100.000 10/01/2043 1,500,000 3.000% 1.940% 109.561 C 2.484% 10/01/2031 100.000 10/01/2044 1,545,000 3.000% 1.940% 109.561 C 2.484% 10/01/2031 100.000 10/01/2045 1,595,000 3.000% 1.940% 109.561 C 2.484% 10/01/2031 100.000 10/01/2046 1,640,000 3.000% 1.940% 109.561 C 2.484% 10/01/2031 100.000 7,735,000

Term Bond 2051: 10/01/2047 1,700,000 4.000% 1.740% 120.591 C 2.959% 10/01/2031 100.000 10/01/2048 1,770,000 4.000% 1.740% 120.591 C 2.959% 10/01/2031 100.000 10/01/2049 1,840,000 4.000% 1.740% 120.591 C 2.959% 10/01/2031 100.000 10/01/2050 1,915,000 4.000% 1.740% 120.591 C 2.959% 10/01/2031 100.000 10/01/2051 1,995,000 4.000% 1.740% 120.591 C 2.959% 10/01/2031 100.000 9,220,000

37,235,000

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

Par Amount 37,235,000.00 Premium 6,563,412.75

Production 43,798,412.75 117.626998% Underwriter's Discount ‐94,396.44 ‐0.253515%

Purchase Price 43,704,016.31 117.373483% Accrued Interest

Net Proceeds 43,704,016.31

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) Page 3 BOND DEBT SERVICE

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

Period Ending Principal Coupon Interest Debt Service

09/30/2022 644,898.33 644,898.33 09/30/2023 660,000 4.000% 1,377,000.00 2,037,000.00 09/30/2024 685,000 4.000% 1,350,100.00 2,035,100.00 09/30/2025 710,000 4.000% 1,322,200.00 2,032,200.00 09/30/2026 740,000 4.000% 1,293,200.00 2,033,200.00 09/30/2027 770,000 4.000% 1,263,000.00 2,033,000.00 09/30/2028 805,000 5.000% 1,227,475.00 2,032,475.00 09/30/2029 850,000 5.000% 1,186,100.00 2,036,100.00 09/30/2030 890,000 5.000% 1,142,600.00 2,032,600.00 09/30/2031 940,000 5.000% 1,096,850.00 2,036,850.00 09/30/2032 985,000 5.000% 1,048,725.00 2,033,725.00 09/30/2033 1,030,000 4.000% 1,003,500.00 2,033,500.00 09/30/2034 1,075,000 4.000% 961,400.00 2,036,400.00 09/30/2035 1,115,000 4.000% 917,600.00 2,032,600.00 09/30/2036 1,160,000 4.000% 872,100.00 2,032,100.00 09/30/2037 1,210,000 4.000% 824,700.00 2,034,700.00 09/30/2038 1,255,000 3.000% 781,675.00 2,036,675.00 09/30/2039 1,290,000 3.000% 743,500.00 2,033,500.00 09/30/2040 1,330,000 3.000% 704,200.00 2,034,200.00 09/30/2041 1,370,000 3.000% 663,700.00 2,033,700.00 09/30/2042 1,410,000 3.000% 622,000.00 2,032,000.00 09/30/2043 1,455,000 3.000% 579,025.00 2,034,025.00 09/30/2044 1,500,000 3.000% 534,700.00 2,034,700.00 09/30/2045 1,545,000 3.000% 489,025.00 2,034,025.00 09/30/2046 1,595,000 3.000% 441,925.00 2,036,925.00 09/30/2047 1,640,000 3.000% 393,400.00 2,033,400.00 09/30/2048 1,700,000 4.000% 334,800.00 2,034,800.00 09/30/2049 1,770,000 4.000% 265,400.00 2,035,400.00 09/30/2050 1,840,000 4.000% 193,200.00 2,033,200.00 09/30/2051 1,915,000 4.000% 118,100.00 2,033,100.00 09/30/2052 1,995,000 4.000% 39,900.00 2,034,900.00

37,235,000 24,435,998.33 61,670,998.33

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) Page 4 AGGREGATE DEBT SERVICE

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

Special Obligation Period Bonds, Series Aggregate Ending 2021 Other D/S Debt Service

09/30/2022 644,898.33 1,721,882 2,366,780.33 09/30/2023 2,037,000.00 1,713,701 3,750,701.00 09/30/2024 2,035,100.00 1,705,364 3,740,464.00 09/30/2025 2,032,200.00 1,696,724 3,728,924.00 09/30/2026 2,033,200.00 845,076 2,878,276.00 09/30/2027 2,033,000.00 2,033,000.00 09/30/2028 2,032,475.00 2,032,475.00 09/30/2029 2,036,100.00 2,036,100.00 09/30/2030 2,032,600.00 2,032,600.00 09/30/2031 2,036,850.00 2,036,850.00 09/30/2032 2,033,725.00 2,033,725.00 09/30/2033 2,033,500.00 2,033,500.00 09/30/2034 2,036,400.00 2,036,400.00 09/30/2035 2,032,600.00 2,032,600.00 09/30/2036 2,032,100.00 2,032,100.00 09/30/2037 2,034,700.00 2,034,700.00 09/30/2038 2,036,675.00 2,036,675.00 09/30/2039 2,033,500.00 2,033,500.00 09/30/2040 2,034,200.00 2,034,200.00 09/30/2041 2,033,700.00 2,033,700.00 09/30/2042 2,032,000.00 2,032,000.00 09/30/2043 2,034,025.00 2,034,025.00 09/30/2044 2,034,700.00 2,034,700.00 09/30/2045 2,034,025.00 2,034,025.00 09/30/2046 2,036,925.00 2,036,925.00 09/30/2047 2,033,400.00 2,033,400.00 09/30/2048 2,034,800.00 2,034,800.00 09/30/2049 2,035,400.00 2,035,400.00 09/30/2050 2,033,200.00 2,033,200.00 09/30/2051 2,033,100.00 2,033,100.00 09/30/2052 2,034,900.00 2,034,900.00

61,670,998.33 7,682,747 69,353,745.33

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) Page 5 UNDERWRITER'S DISCOUNT

Town of Davie, Florida Special Obligation Bonds, Series 2021 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Preliminary, Subject to Change Level Debt Service

Underwriter's Discount $/1000 Amount

Average Takedown 1.95000 72,608.25 Underwriter's Counsel 0.40285 15,000.00 Ipreo (Gameday) 0.10346 3,852.19 DTC 0.02149 800.00 CUSIP 0.03051 1,136.00 Miscellaneous 0.02686 1,000.00

2.53515 94,396.44

(Finance 8.600 Town of Davie, Florida:RFP‐2021_L) Page 6

DISCLAIMER

The information contained herein is solely intended to facilitate discussion of potentially applicable financing

applications and is not intended to be a specific buy/sell recommendation, nor is it an official confirmation of terms. Any terms discussed herein are preliminary until confirmed in a definitive written agreement. While

we believe that the outlined financial structure or marketing strategy is the best approach under the current market conditions, the market conditions at the time any proposed transaction is structured or sold may be different, which may require a different approach. The analysis or information presented herein is based upon hypothetical projections and/or past performance that have certain limitations. No representation is made that it is accurate or complete or that any results indicated will be achieved. In no way is past performance indicative of future results. Changes to any prices, levels, or assumptions contained herein may have a material impact on results. Any estimates or assumptions contained herein represent our best judgment as of the date indicated and are subject to change without notice. Examples are merely representative and are not meant to be all-inclusive.

Town of Davie, Florida Davie, of Town Raymond James shall have no liability, contingent or otherwise, to the recipient hereof or to any third party, or any responsibility whatsoever, for the accuracy, correctness, timeliness, reliability or completeness of the data or formulae provided herein or for the performance of or any other aspect of the materials, structures and strategies presented herein. Raymond James is neither acting as your financial advisor nor Municipal Advisor (as defined in Section 15B of the Exchange Act of 1934, as amended), and expressly disclaims any fiduciary duty to you in connection with the subject matter of this Proposal. Municipal Securities Rulemaking Town (“MSRB”) Rule G-17 requires that we make the following disclosure to you at the earliest stages of our relationship, as underwriter, with respect to an issue of municipal securities: the underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with the issuer and it has financial and other interests that differ from those of the issuer. Raymond James does not provide accounting, tax or legal advice; however, you should be aware that any proposed transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and/or legal counsel. Raymond James and affiliates, and officers, directors and employees thereof, including individuals who may be involved in the preparation or presentation of this material, may from time to time have positions in, and buy or sell, the securities, derivatives (including options) or other financial products of entities mentioned herein. In addition, Raymond James or affiliates thereof may have served as an underwriter or placement agent with respect to a public or private offering of securities by one or more of the entities referenced herein. This Proposal is not a binding commitment, obligation, or undertaking of Raymond James. No obligation or liability with respect to any issuance or purchase of any Bonds or other securities described herein shall exist, nor shall any representations be deemed made, nor any reliance on any communications regarding the subject matter hereof be reasonable or justified unless and until (1) all necessary Raymond James, rating agency or other third party approvals, as applicable, shall have been obtained, including, without limitation, any required Raymond James senior management and credit committee approvals, (2) all of the terms and conditions of the documents pertaining to the subject transaction are agreed to by the parties thereto as evidenced by the execution and delivery of all such documents by all such parties, and (3) all conditions hereafter established by Raymond James for closing of the transaction have been satisfied in our sole discretion. Until execution and delivery of all such definitive agreements, all parties shall have the absolute right to amend this Proposal and/or terminate all negotiations for any reason without liability therefor.

32

Raymond James & Associates, Inc. SEC CIK #0000724743

SEC.report (https://sec.report) › / CIK (https://sec.report/CIK) › / Raymond James & Associates, Inc. (https://sec.report/CIK/0000724743)

Raymond James & Associates, Inc. is a broker-dealer regulated by the U.S. Security and Exchange Commission and incorporated in the state of Florida. For financial reporting, their fiscal year ends on September 30th. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Raymond James & Associates, Inc..

Company Details

Reporting File Number 008-10999

Regulated Entity Type Broker - Dealer RAYMOND JAMES & ASSOCIATES, INC. (/AdviserInfo/Firms/705) CRD #705 (/AdviserInfo/Firms/705) RAYMOND JAMES & ASSOCIATES, INC.

State of Incorporation FLORIDA

Fiscal Year End 09-30

Date of Edgar Filing Update 2021-03-24

Business Address 880 CARILLON PARKWAY ST. PETERSBURG FL 33716

Business Phone 727-567-8946

Mailing Address 880 CARILLON PARKWAY ST. PETERSBURG FL 33716

LEI U4ONQX15J3RO8XCKE979(https://lei.re RAYMOND JAMES & ASSOCIATES, INC. port/LEI/U4ONQX15J3RO8XCKE979)

–Documents Email Notifications (/CIK/0000724743.rss)

Form Title Date

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000013/) 2021-05-05 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000014/) 2021-05-05 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000015/) 2021-05-05 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000016/) 2021-05-05 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000017/) 2021-05-05 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-21-000018/) 2021-05-05 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-21-000019/) 2021-05-05 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000012/) 2021-05-04 16:00:20

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000011/) 2021-04-14 00:00:00

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-21-000009/) 2021-03-25 10:42:55

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000008/) 2021-03-23 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000003/) 2021-02-08 00:00:00

MA-I Municipal Advisor Registration Application (/Document/0000724743-21-000002/) 2021-02-05 17:55:55

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-21-000001/) 2021-01-11 00:00:00 MA-A Annual Municipal Advisor Registration Update (/Document/0000724743-20-000042/) 2020-12-30 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000037/) 2020-11-13 00:00:00

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000036/) 2020-10-22 00:00:00

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000034/) 2020-09-18 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000031/) 2020-09-08 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000032/) 2020-09-08 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000029/) 2020-09-03 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000022/) 2020-08-12 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000023/) 2020-08-12 00:00:00

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000024/) 2020-08-12 00:00:00

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000018/) 2020-04-16 09:05:11

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000014/) 2020-04-08 16:55:10

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000013/) 2020-04-08 16:54:39

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000015/) 2020-04-08 16:54:26

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000016/) 2020-04-08 16:54:10

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000012/) 2020-03-06 17:04:27

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000003/) 2020-02-07 15:06:41

MA-I Municipal Advisor Registration Application (/Document/0000724743-20-000006/) 2020-02-07 14:33:03

MA-I Municipal Advisor Registration Application (/Document/0000724743-20-000005/) 2020-02-07 13:23:15

MA-A Annual Municipal Advisor Registration Update (/Document/0000724743-19-000046/) 2020-01-21 07:50:47

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-20-000001/) 2020-01-06 15:01:57

X-17A-5 Annual Report (/Document/9999999997-19-007964/) 2019-12-26 17:57:51

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000044/) 2019-12-16 09:03:50

FOCUSN Annual Audit Report (/Document/9999999997-19-007837/) 2019-12-11 14:32:49

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000043/) 2019-12-10 11:31:29

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000035/) 2019-11-15 08:14:34

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000034/) 2019-11-05 10:00:17

MA/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000033/) 2019-10-30 16:11:57

MA-I Municipal Advisor Registration Application (/Document/0000724743-19-000030/) 2019-09-19 11:04:37

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000024/) 2019-08-13 14:59:24

MA-I Municipal Advisor Registration Application (/Document/0000724743-19-000023/) 2019-08-01 17:02:48

MA-I Municipal Advisor Registration Application (/Document/0000724743-19-000021/) 2019-07-16 16:17:34

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000020/) 2019-07-09 22:20:14

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000012/) 2019-05-08 10:41:20

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000013/) 2019-05-08 10:41:11

MA-I/A Municipal Advisor Registration Application [Amended] (/Document/0000724743-19-000009/) 2019-03-26 12:33:08

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Company Details

Company Names & Stock Symbols

RAYMOND JAMES & ASSOCIATES, INC.

Latest USPTO Trademark Filings (https://uspto.report/company/Raymond-James-Associates-Inc) Mark Image Trademark Application Date Registration | Serial

(https://uspto.report/TM/86735914) 4991688 86735914 ANALYST CURRENT FAVORITES(https://uspto.report/TM/86735914) 2015-08-25

(https://uspto.report/TM/86735180) 5223826 86735180 RAYMOND JAMES CEFR DOMESTIC EQUITY INDEX(https://uspto.report/TM/867 35180) 2015-08-24

(https://uspto.report/TM/86338790) 4847127 86338790 RAYMOND JAMES SB-1 EQUITY INDEX(https://uspto.report/TM/86338790) 2014-07-16

(https://uspto.report/TM/77726806) 3718230 77726806 CLIENT INTEREST PROGRAM(https://uspto.report/TM/77726806) 2009-05-01

(https://uspto.report/TM/77550483) 3646224 77550483 ANALYSTS' BEST PICKS(https://uspto.report/TM/77550483) 2008-08-19

"ELITE INVESTMENT ACCOUNT"(https://uspto.report/TM/7829 2940897 78297714 ELITE INVESTMENT ACCOUNT(https://uspto.report/TM/78297714) 2003-09-09 7714)

(https://uspto.report/TM/76477343) 2949042 76477343 CIP(https://uspto.report/TM/76477343) 2002-12-20

(https://uspto.report/TM/ 2926637 76460839 ADVISOR'S RESOURCE(https://uspto.report/TM/76460839) 2002-10-22 76460839)

(https://uspto.re DIRECT TRANSFER TO BENEFICIARIES SERVICE(https://uspto.report/TM/76443 port/TM/764431 136) 2002-08-23 3 6) 2880476 76443136

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Raymond James Tax Credit Fund 45 L.L.C. of FLORIDA (/CIK/0001781447) 0001781447 (/CIK/0001781447)

RAYMOND JAMES (USA) LTD. of UNKNOWN (/CIK/0000858523) 0000858523 (/CIK/0000858523)

RAYMOND JAMES CALIFORNIA HOUSING OPPORTUNITIES FUND VIII L.L.C. of 0001775117 (/CIK/0001775117) FLORIDA (/CIK/0001775117)

RAYMOND JAMES INSURANCE GROUP, INC. of FLORIDA (/CIK/0001174927) 0001174927 (/CIK/0001174927)

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RAYMOND JAMES TAX CREDIT FUND 43 L.L.C. of FLORIDA (/CIK/0001741069) 0001741069 (/CIK/0001741069)

Raymond James California Housing Opportunities Fund VI L.L.C. of FLORIDA 0001726223 (/CIK/0001726223) (/CIK/0001726223)

RAYMOND JAMES FINANCIAL INC of FLORIDA (/CIK/0000720005) 0000720005 (/CIK/0000720005)

Raymond James Tax Credit Fund 44 L.L.C. of FLORIDA (/CIK/0001702472) 0001702472 (/CIK/0001702472)

Raymond James New York Housing Opportunities Fund III L.L.C. of NEW YORK 0001692322 (/CIK/0001692322) (/CIK/0001692322)

Raymond James Florida Housing Opportunities Fund II L.L.C. of FLORIDA 0001690743 (/CIK/0001690743) (/CIK/0001690743)

Raymond James Tax Credit Fund 42 L.L.C. of FLORIDA (/CIK/0001685965) 0001685965 (/CIK/0001685965)

RAYMOND JAMES CALIFORNIA HOUSING OPPORTUNITIES FUND V L.L.C. of 0001661337 (/CIK/0001661337) FLORIDA (/CIK/0001661337)

Raymond James Tax Credit Fund 41 L.L.C. of FLORIDA (/CIK/0001651512) 0001651512 (/CIK/0001651512) Raymond James New York Upstate Housing Opportunities Fund I L.L.C. of NEW 0001636663 (/CIK/0001636663) YORK (/CIK/0001636663)

RAYMOND JAMES ALABAMA HOUSING OPPORTUNITIES FUND I L.L.C. of 0001628321 (/CIK/0001628321) FLORIDA (/CIK/0001628321)

RAYMOND JAMES CALIFORNIA HOUSING OPPORTUNITIES FUND IV L.L.C. of 0001628300 (/CIK/0001628300) FLORIDA (/CIK/0001628300)

RAYMOND JAMES NEW YORK HOUSING OPPORTUNITIES FUND II L.L.C. of 0001618208 (/CIK/0001618208) NEW YORK (/CIK/0001618208)

RAYMOND JAMES FLORIDA HOUSING OPPORTUNITIES FUND I L.L.C. of 0001605843 (/CIK/0001605843) FLORIDA (/CIK/0001605843)

RAYMOND JAMES CALIFORNIA HOUSING OPPORTUNITIES FUND III L.L.C. of 0001594615 (/CIK/0001594615) FLORIDA (/CIK/0001594615)

RAYMOND JAMES CALIFORNIA HOUSING OPPORTUNITIES FUND II L.L.C. of 0001587244 (/CIK/0001587244) FLORIDA (/CIK/0001587244)

 conduct a search (/CIK/Search/Raymond+James) for additional similar companies

© 2021 SEC.report | Contact (https://sec.report/contact.php) | (https://www.reddit.com/search/?q=site%3Asec.report) | (https://twitter.com/EdgarInsider) Data is automatically aggregated and provided “as is” without any representations or warranties, express or implied. SEC.report is not affiliated with the U.S. S.E.C. or EDGAR System. Disclosure & Privacy Policy (https://sec.report/privacy_policy.php) SEC CFR Title 17 of the Code of Federal Regulations. (https://ecfr.io/Title-17/) Raymond James Financial Services, Inc. SEC CIK #0000052021

SEC.report (https://sec.report) › / CIK (https://sec.report/CIK) › / Raymond James Financial Services, Inc. (https://sec.report/CIK/0000052021)

Raymond James Financial Services, Inc. is a broker-dealer regulated by the U.S. Security and Exchange Commission and incorporated in the state of Florida. For financial reporting, their fiscal year ends on 55th. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8- K, 10K, Annual Reports) filed by Raymond James Financial Services, Inc..

Company Details

Reporting File Number 008-17983

Regulated Entity Type Broker - Dealer

State of Incorporation FLORIDA

Fiscal Year End 55-55

Date of Edgar Filing Update 2020-09-29

Business Address 880 CARILLON PARKWAY ST. PETERSBURG FL 33716

Business Phone 727-567-8946

Mailing Address 880 CARILLON PARKWAY ST. PETERSBURG FL 33716

–Documents Email Notifications (/CIK/0000052021.rss)

Form Title Date

FOCUSN Annual Audit Report (/Document/9999999997-21-000748/) 2021-02-18 11:23:22

X-17A-5 Annual Report (/Document/9999999997-19-007994/) 2019-12-27 09:34:24

FOCUSN Annual Audit Report (/Document/9999999997-19-007839/) 2019-12-11 14:35:34

FOCUSN Annual Audit Report (/Document/9999999997-18-009220/) 2018-11-30 13:42:20

X-17A-5 Annual Report (/Document/9999999997-18-009194/) 2018-11-30 12:23:27

FOCUSN Annual Audit Report (/Document/9999999997-17-010087/) 2017-11-28 14:46:12

X-17A-5 Annual Report (/Document/9999999997-17-010068/) 2017-11-28 12:43:01

FOCUSN Annual Audit Report (/Document/9999999997-16-027149/) 2016-11-29 11:45:06

X-17A-5 Annual Report (/Document/9999999997-16-027101/) 2016-11-29 09:01:03

FOCUSN Annual Audit Report (/Document/9999999997-15-015184/) 2015-12-02 14:18:59

X-17A-5 Annual Report (/Document/9999999997-15-015057/) 2015-12-02 10:42:18

FOCUSN Annual Audit Report (/Document/9999999997-14-015524/) 2014-12-03 09:42:03

X-17A-5 Annual Report (/Document/9999999997-14-015523/) 2014-12-03 09:40:29

FOCUSN Annual Audit Report (/Document/9999999997-13-017462/) 2013-12-18 13:52:28

X-17A-5 Annual Report (/Document/9999999997-13-017448/) 2013-12-18 12:50:24

FOCUSN Annual Audit Report (/Document/9999999997-12-015010/) 2012-12-04 14:14:53

X-17A-5 Annual Report (/Document/9999999997-12-014989/) 2012-12-04 13:22:45

FOCUSN/A FOCUSN Filing (Amendment) [Amended] (/Document/9999999997-12-001205/) 2012-02-23 14:29:10 X-17A-5 Annual Report (/Document/9999999997-12-000479/) 2012-01-28 11:34:07

FOCUSN Annual Audit Report (/Document/9999999997-12-000308/) 2012-01-23 15:22:25

FOCUSN/A FOCUSN Filing (Amendment) [Amended] (/Document/9999999997-11-000638/) 2011-01-30 15:48:34

FOCUSN Annual Audit Report (/Document/9999999997-11-000415/) 2011-01-24 12:17:32

X-17A-5 Annual Report (/Document/9999999997-11-000321/) 2011-01-19 14:21:29

FOCUSN Annual Audit Report (/Document/9999999997-10-000176/) 2010-01-08 08:56:56

X-17A-5 Annual Report (/Document/9999999997-09-027431/) 2009-12-17 10:41:58

FOCUSN Annual Audit Report (/Document/9999999997-09-005622/) 2009-03-05 09:21:45

X-17A-5 Annual Report (/Document/9999999997-08-047667/) 2008-12-10 09:00:27

FOCUSN Annual Audit Report (/Document/9999999997-08-014149/) 2008-03-21 18:48:46

X-17A-5 Annual Report (/Document/9999999997-08-002814/) 2008-01-17 11:45:07

X-17A-5/A X-17A-5/A Filing [Amended] (/Document/9999999997-07-004812/) 2007-01-31 14:55:52

FOCUSN/A FOCUSN Filing (Amendment) [Amended] (/Document/9999999997-07-004797/) 2007-01-31 12:38:48

X-17A-5 Annual Report (/Document/9999999997-06-047962/) 2006-12-06 17:50:20

FOCUSN Annual Audit Report (/Document/9999999997-06-047513/) 2006-12-01 16:34:00

FOCUSN Annual Audit Report (/Document/9999999997-05-050669/) 2005-12-29 13:45:26

X-17A-5 Annual Report (/Document/9999999997-05-050655/) 2005-12-29 12:56:46

X-17A-5 Annual Report (/Document/9999999997-04-045401/) 2004-12-03 09:25:34

FOCUSN Annual Audit Report (/Document/9999999997-04-004445/) 2004-02-06 18:18:40

X-17A-5 Annual Report (/Document/9999999997-04-000284/) 2004-01-05 11:19:19

X-17A-5 Annual Report (/Document/9999999997-03-005240/) 2003-02-21 08:38:36

0-50 of 38 Results

Latest USPTO Trademark Filings (https://uspto.report/company/Raymond-James-Financial-Services-Inc)

Mark Image Trademark Application Date Registration | Serial

(https://uspto.report/TM/77768862) 77768862 PROFESSIONAL PARTNERS PROGRAM(https://uspto.report/TM/77768862) 2009-06-26

(https://uspto.report/TM/78355570) 78355570 IM&R(https://uspto.report/TM/78355570) 2004-01-22

(https://uspto.r THE CHARITABLE PARTNERS PROGRAM(https://uspto.report/TM/76463991) eport/TM/7646 2002-11-04

3991) 2926641 76463991

(https://uspto.report/TM/76228796) 76228796 INDEPENDENT ADVISORS(https://uspto.report/TM/76228796) 2001-03-22

(https://uspto.report/TM/7622 76228797 RAYMOND JAMES INDEPENDENT ADVISORS(https://uspto.report/TM/76228797) 8797) 2001-03-22

(https://uspto.repo 2541668 76073435 INDEPENDENCE WITHOUT COMPROMISE(https://uspto.report/TM/76073435) rt/TM/76073435) 2000-06-20

(https://uspto.repor 2398533 75580833 RAYMOND JAMES FINANCIAL SERVICES(https://uspto.report/TM/75580833) t/TM/75580833) 1998-11-02

"IMPAC"(https://uspto.report/TM/74478191) 1959588 74478191 IMPAC(https://uspto.report/TM/74478191) 1994-01-10

Related SEC Filings - Raymond James Financial  (/CIK/Search/Raymond+James+Financial) RAYMOND JAMES FINANCIAL SERVICES, INC. of FLORIDA 0000052021 (/CIK/0000052021)

RAYMOND JAMES FINANCIAL INC of FLORIDA (/CIK/0000720005) 0000720005 (/CIK/0000720005)

Raymond James Financial Services Advisors, Inc. of FLORIDA (/CIK/0001462284) 0001462284 (/CIK/0001462284)

Start Download View PDF- Forms

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© 2021 SEC.report | Contact (https://sec.report/contact.php) | (https://www.reddit.com/search/?q=site%3Asec.report) | (https://twitter.com/EdgarInsider) Data is automatically aggregated and provided “as is” without any representations or warranties, express or implied. SEC.report is not affiliated with the U.S. S.E.C. or EDGAR System. Disclosure & Privacy Policy (https://sec.report/privacy_policy.php) SEC CFR Title 17 of the Code of Federal Regulations. (https://ecfr.io/Title-17/) RAYMOND JAMES & ASSOCIATES, INC. Show Fewer  (ALEX. BROWN,ASSET MANAGEMENT SERVICES,INSTITUTIONAL FIDUCIARY SOLUTIONS,INVESTMENT ADVISORY SERVICES,PUBLIC FINANCE INVESTMENT STRATEGIES GROUP,RAYMOND JAMES & ASSOCIATES, INC.,RAYMOND JAMES CONSULTING SERVICES,STRATEGIC INVESTMENT MANAGEMENT SERVICES)

CRD#: 705/SEC#: 801-10418,8- 10999 MAIN ADDRESS 880 CARILLON PARKWAY Brokerage Firm Regulated by ST. PETERSBURG, FL 33716 UNITED B FINRA (Florida district office) STATES Relationship Summary

IA Investment Adviser Firm   Visit SEC

202 Approved Corporation SEC  08/31/1962  Company Type  10 Self-Regulatory Disclosures Orgs  SEC Registration Status U.S. States & 53 Territories

 Disclosures 

202 Total Disclosures

Regulatory Event 131 Arbitration 71

For details of these disclosures refer to the Detailed Report.

 General Information

Main Office 880 CARILLON PARKWAY Established in Florida since 02/19/1969 Location ST. PETERSBURG, FL 33716 UNITED STATES

Type Corporation Mailing Address 880 CARILLON PARKWAY ST. PETERSBURG, FL 33716 UNITED STATES Fiscal Year End September Phone 727-567-1000

Direct Owners and Executive Officers

Name Position

RAYMOND JAMES FINANCIAL, INC. HOLDING COMPANY

ARIYAN, GERALD HAIG (CRD#:2326282) PRESIDENT, ALEX. BROWN DIVISION

BARKO, SHAWN JOSEPH (CRD#:2690394) CHIEF COMPLIANCE OFFICER BUNN, JAMES EDWARD (CRD#:3130320) DIRECTOR

CAMPAGNOLI, VINCENT JOHN (CRD#:1421076) CHIEF INFORMATION OFFICER

CURTIS, SCOTT (CRD#:1707935) DIRECTOR

ELWYN, TASHTEGO SPRING (CRD#:2319098) PRESIDENT - CHIEF EXECUTIVE OFFICER DIRECTOR

DIRECTOR; PRESIDENT, ASSET MANAGEMENT FRULAND, ERIK MILLS (CRD#:2179942) SERVICES DIVISION

HELAL, TAREK (CRD#:4240999) DIRECTOR

JENSON, KIM RACHELLE (CRD#:2155447) CHIEF OPERATING OFFICER

MARTIN, PHILIP ROGER (CRD#:2613565) RIA CHIEF COMPLIANCE OFFICER

OLLIA, MARSHALL FARROKH (CRD#:3195972) PRINCIPAL FINANCIAL OFFICER / FINOP

SANTELLI, JONATHAN (CRD#:6306997) GENERAL COUNSEL / SECRETARY

SHOUKRY, PAUL MARONE (CRD#:5804809) DIRECTOR; TREASURER

SICKLING, JAMES PHILIP (CRD#:1240810) DIRECTOR

EXECUTIVE VICE PRESIDENT, DIRECTOR, PRINCIPAL TREMAINE, THOMAS ROBERT (CRD#:1524109) OPERATIONS OFFICER AND COO

 Licenses

Other Registrations 53 U.S. States and Territories Federal B Alabama B Nebraska  SEC

B Alaska B Nevada Self-Regulatory Organizations

 FINRA B Arizona B New Hampshire

 And 9 others. See Detailed Report.

B Arkansas B New Jersey

B California B New Mexico

B Colorado B New York

B Connecticut B North Carolina

B Delaware B North Dakota

B District of Columbia B Ohio B Florida B Oklahoma

B Georgia B Oregon

B Hawaii B Pennsylvania

B Idaho B Puerto Rico

B Illinois B Rhode Island

B Indiana B South Carolina

B Iowa B South Dakota

B Kansas B Tennessee

B Kentucky B Texas

B Louisiana B Utah

B Maine B Vermont

B Maryland B Virgin Islands

B Massachusetts B Virginia

B Michigan B Washington

B Minnesota B West Virginia

B Mississippi B Wisconsin

B Missouri B Wyoming

B Montana

This firm conducts 23 types of business

This firm is affiliated with financial and investment institutions

This firm does not have referral or financial arrangements with other brokers or dealers Additional Information

The content of this summary, and the available detailed report, is governed by FINRA Rule 8312, and is primarily based on information filed on uniform registration forms. Rule 8312, amendments to the rule and notices related to U.S. Securities and Exchange Commission approval orders, can be viewed here.

State regulators are governed by their public records laws (not FINRA Rule 8312), and may provide information not in BrokerCheck, including information no longer required to be reported or updated on uniform registration forms due, for example, to its age or final disposition. You may contact your state regulator to request this additional information.

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B Broker A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.

IA Investment Adviser An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services. It is common for a financial professional to act as both a broker and an investment adviser. Because of this, we include investment advisers on BrokerCheck, and provide links to the SEC's Investment Adviser Public Disclosure (IAPD) website so you can research further.

PR Previously Registered A Previously Registered broker or brokerage firm is not currently licensed to act as a broker (buying and selling securities on behalf of customers) or as an investment adviser (providing advice about securities to clients). They may still be able to offer other investment-related services if properly licensed to do so. Click here to learn more.

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