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<br /> <br />City of Martinsville, Virginia <br />Potential General Obligation Refunding of Series 1999 GO <br />2005 <br /> <br />Refunding Summary <br /> <br />Dated 08/31/2005 I Delivered 08/31/2005 <br /> <br />Sources Of Funds <br />Par Amount of Bonds <br /> <br />$2,745,000.00 <br /> <br />Total Sources <br /> <br />$2,745,000.00 <br /> <br />Uses Of Funds <br />Deposit to Net Cash Escrow Fund <br />Costs of Issuance <br />Rounding Amount <br /> <br />2.711.576.22 <br />30,000.00 <br />3,423.78 <br /> <br />Total Uses <br /> <br />$2,745,000.00 <br /> <br />Flow of Funds Detail <br /> <br />State and Local_GovefTlment Series(~LGS) rates for <br />Date of OMP Candidates <br /> <br />7/27/2005 <br /> <br />Net Cash Escrow Fund Solution Method <br /> <br />Net Funded <br />$2.7_11,57622 <br />375,153.78 <br />$3,086,73000 <br /> <br />-------- -- <br />Total Cost of Investments <br />--- --- --.---- <br />1l1te~est Earnings @3,-650% <br />Total Draws <br /> <br />Issues Refunded And Call Dates <br /> <br />Series 1999 <br /> <br />7/15/2009 <br /> <br />PV Analysis Summary (Net to Net) <br /> <br />Net~V:~ashtl~~Savi.l1~Is@_3.:.650%(TJC)___ ___~_ __ __~_______ <br />Contingency Of_R()ul1ding Am~unt......_ __________ __ _____ ____ ___ _________ _____ <br />Net Present Value Benefit <br /> <br />68,008,g <br />__ _ 3,4237_8_ <br />$71,431.90 <br />----....----.--- <br /> <br />l\Iet!,Y_Benefit / $2.54Q.Q(j()_ Refund(:dl't-inci!,al_______. <br />Ne~J'V Bel1"fit/ $2,745.0(j() ({e!unding_l)rir1~al <br /> <br />2.812% <br />2.602% <br /> <br />Bond Statistics <br /> <br />1\~erage}:.ife__ <br />A v-,,~~.c...c>lJpon____ ___ . <br /> <br />9.436 Years <br />----~._,,~_...- <br />3.6500000% <br /> <br />~(:!lnte!"st C()st.!/'oJ1C) ____ <br />Bond.~ie,,! for Arlli.~el'lJfJJose~_ <br />Tru_e Interest Cos.tJ'["lc:) <br />AlIlnc1usive Cost{A.IC) <br /> <br />3.6500000% <br />------- <br />3.6503921 % <br />----- --------- <br />3.6503921 % <br />"--------.- <br />3.7915272% <br />-- ----- <br /> <br />2005 Refunding Series '99 I SINGLE PURPOSE I 7/27/2005 I 6:27 PM <br /> <br />. Davenport & Company LLC <br />Public Finance <br />