Release 2015 Newsletters

March 2015 newsletter (v. 16.05)

Sample Reports

• Arbitrage Report Package

• Sizing Report Package

• Refunding Report Package

• Bifurcated Report Package

Sample Screens

Mun-Ease graphs

Completed arbitrage 8038 tax forms.

Refunding Results multi-tab #1 window

Refunding Results multi-tab #2 window

Refunding Results multi-tab #3 window

Refunding Results multi-tab #4 window

• • Customize our reports.

Bond Directory - Internet Add-On Module.

Bond production report in our Internet Add-On Module.

Release 2012 Newsletters

September 2014 newsletter (v. 15.90)

March 2014 newsletter (v. 15.75)

July 2013 newsletter (v.15.50)

October 2012 newsletter (v.15.00)

 

Release 2010

 

Internet Add-on ModuleClick here to view a demonstration of our internet add-on module.

 



Overview Of Pricing

The modules of Mun-Ease can be purchased individually or as a package. The complete package of Mun-Ease costs $7,450. Note that you save over $2,600 if you purchase the complete Mun-Ease package. The 4-user Enterprise version of Mun-Ease is priced at $14,900.

 

To view a detailed list of features, click on the module name

Module (click on each module to view features) New User Price *

Yearly Maint. & Support Fee **

Base Module $750 $250
Arbitrage Module $1,750 $350
Sizing Module $1,750 $350
Refunding Module $1,750 $350
Calculator Module $250 $50
Graphics Module $395 $100
Stand-alone Reporting Module $1,750 $350
Allocations Module $1,750 $350
Other important features    
Complete Mun-Ease package $7,450 $990
Enterprise version (4 user license) $14,900 $1,950
Internet Add-On Module $1,995 $750

* New customers get the first year of maintenance and support for free.

** Customers who are current with their maintenance and support receive the 2015 release free-of-charge.

Maintenance & Support Agreement in PDF Format

Maintenance & Support Agreement

 

 

   

Base Module ($750)

Overview

Maintains a database of bond issues.  Performs true interest and net interest cost calculations.  Generates debt service schedules for individual bond issues. 

Features & Capabilities

In a competitive sale, allows issuers to simultaneously view and evaluate competing bids from underwriters.

Mun-Ease provides flexible report options whenever you generate a debt service schedule for a bond that contain one or more maturities that have been called. Generate a debt service schedule through the call date, defeasance date, maturity date (ignoring any calls), or up to (but not including) the defeasance date. 

Credit enhancements can be entered in either lump-sum amounts or periodic disbursements.  Lump-sum credit enhancements can be computed either based on gross debt service or debt service net of accrued and capitalized interest.  Letter of credit (LOC) fees can be entered on non-coupon dates.

Handles current interest bonds, zero coupon bonds (CABs), convertible CABs, premium CABS, term bonds with mandatory redemption features, and bonds with irregular coupon payments.

Flexible interest calculation options:  (a) every 7 days, 14 days, 28 days, 35 days, monthly, quarterly, semiannual, annual coupon payments, (b) SIA or MSRB standards for odd coupon periods, (c) simple or compound interest, and  (c) 4/3 or 7/6 rounding/truncation rules for price/yield calculations.  Computes interest on an actual/actual, 30/360, actual/360, or actual/365 day basis. Reoffering prices are computed based on the lower of yield-to-call or yield-to-maturity.  Can perform the yield-to-worst calculation when there are cascading call options.

Provides an  interface to load bond issues from an Excel spreadsheet. 

Maintains an unlimited number of miscellaneous costs associated with a bond issue.  Also maintains a lookup table of standard descriptions and codes to define the issuer, type of bond issue, paying agent, underwriter, bond counsel, etc.

Includes a "PIM-like" calendar/event-scheduling manager that allows the user to view bond-related events in a daily, weekly, monthly or yearly calendar mode. 

The debt database table can include bank notes and leases.  Handles the wide variety of interest payment/calculation options that accompany these instruments.

Performs calculations for variable rate bonds.  Maintains periodic resets (usually weekly) to calculate variable rate debt service payment   Contains a variable rate debt simulator which allows you to project future debt service payments based an interest rate scenario that you define. 

 Continuing disclosure  features - Place bond documents (official statements, bond transcripts/authorizations, budgets, and financial statements) on your Mun-Ease database and link those documents to your bond issues.

Generate mailing labels for individuals associated with debt issuance process.  

Automated E-Mail Alerts- Create form letters within Mun-Ease with mnemonic tags within text.  Mun-Ease replaces the tags with the results of your calculations. Automatically sends e-mails to list of e-mail recipients selected by the user whenever an important event is triggered on the database.

Calculations

True interest cost (TIC), all-inclusive TIC, net interest cost (NIC), reoffering prices/yields, total bond years and average bond years, and takedowns/average takedowns. TIC can be computed from dated or delivery date.

Reports

Reports for fixed rate bonds

(0) Bid Summary Report - The bid summary report is a one-page summary of bids received by underwriters. It is generated through the TIC costs/options tab of the file|fixed rate bonds|TIC/bids menu option.

(1a) TIC Verification Report for Fixed Rate Bond Issue -. Report #1a verifies that the discounted debt service of a bond issue equals the true interest cost target. The discount factor used for this calculation can be one of three TICs: the regular TIC, the all-in TIC, or the dated date TIC.

(2b) Detailed Debt Service Requirements Sorted By Period - This report displays the interest and principal payment for each maturity in a range of coupon periods selected by you. The report can be used to verify the aggregate a bond issue's interest and principal payments in a coupon period. This report is generated through the TIC costs/options tab of the file|fixed rate bonds|TIC/bids menu option.

(2c) Detailed Debt Service Requirements Sorted By Coupon Date - This report contains the same information as report #2b but is in a larger font and a different format. This report is generated through the TIC costs/options tab of the file|fixed rate bonds|TIC/bids menu option.

(3b,c) Detailed Debt Service Requirements Sorted By Series - This report displays each coupon and principal payment sorted by series. Mun-Ease allows you to generate the report for a range of series selected by you. This report is generated through the TIC costs/options tab of the file|fixed rate bonds|TIC/bids menu option.

(70a) Pricing Summary Report - Displays reoffering prices and yields for each maturity in the bond issue. If the bond issue contains yield-to-call maturities, the report displays the price and call date from which the yield was calculated (see page 33).
75 Bond Production Report - This report displays the attributes of the individual maturities within a bond issue and displays summary information to verify the NIC calculation.

(24c) "Plain Vanilla" Debt Service Schedule - Produces a debt service schedule for a fixed rate bond issue. Also displays the amount of outstanding indebtedness as of each coupon payment date.

(24e) Yearly Debt Service Summarized by Fiscal Year - Displays a debt service schedule summarized by fiscal year. Mun-Ease displays a separate column for interest payments that occur in the first half of the fiscal year and a second column for occurring in latter half of the fiscal year.

(25,c,d) List of Bond Issues - Report #25 lists the bond issues on your database by bond ID. Report #25c lists these bond issues by issue type code, while report #25d lists these bond issues by dated date. The page footer for report #25 displays a weighted-average TIC for the bonds that have been included in the report.

(26) Report of Takedowns & Underwriter Costs - This report computes takedowns, average takedown per bond issue, and computes costs of issuance in a negotiated bond sale. It is generated through the file|fixed rate bonds|takedowns menu option.

(43a) Report of Investors - Displays a list of investors and the amount of their purchases. This report is generated through the file|investors menu option.

(83) Miscellaneous Issuance Costs Report - Displays individual cost items that are included in the Other TIC Costs summary field.

(90b) Recalculate Interest & Fees - This report is generated when the user recalculates interest on a note or variable rate bond. It provides a summary of the newly calculated interest and/or fees.

Reports for variable rate bonds / notes

(1e) TIC Verification Report for a Variable Rate Issue - Report #1e verifies the TIC calculation for a variable rate bond issue.

(1j) Variable Rate Transactions Report - This report lists the variable rate payments for a bond issue and is generated through the file|variable rate bonds| edit/add/delete menu option.

(1k) Debt Service Schedule For a Note with Summary Fees - Report #1k displays the debt service schedule of a note or variable rate bond. Individual fees for each payment are totaled and displayed in a summary column.

(1L) Debt Service Schedule For a Note with Detailed Fees - Report #1k displays the debt service schedule of a note or variable rate bond in a landscape format. Individual fees are displayed in separate columns.

(94) Periodic Resets Report For Variable Rate Loans - Provides a history of the effective interest rate calculations derived from the monthly average of periodic resets.

Reports Generated from the Setup Option

(39a) SLGS Rates Report - Displays rates for SLGS for the SLGS ID defined in the SLGS combo box. This report is generated through the setup|SLGS menu option.

(40a) Rate Table Report - Displays coupon rate scales for a Rate Table ID defined in the Rate Table combo box. This report is generated through the setup|coupon rates menu option.

(42a) Report of Name Lookup Codes & Descriptions - Lists codes and descriptions in the Name Lookup table for issuer, issue type, paying agent, etc. This report is generated through the setup|name lookups menu option.

 

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Arbitrage Module ($1,750)

Overview

Calculates the arbitrage yield limit for fixed and variable rate bond issues.   Performs future-value rebate calculations and alternative 18-month and 24-month spenddown penalty calculations.  Generates completed 8038  tax forms. 

Features & Capabilities

Handles the special rules for calculating the arbitrage yield limit (AYL) when a bond issue contains yield-to-call bonds and there are multiple call scenarios or when a bond contains deep-discount term maturities. Provides two calculation options for variable rate bonds: 5-year calculation or a separate calculation for each bond year.

Includes complete text of arbitrage regulations in the online help (sections 103, 141-150).  Also includes court decisions, letter rulings, technical /field service advice memoranda, and revenue rulings/procedures.  The regulations are referenced and cross-referenced by topic to allow for quick and easy access.

Generates completed 8038, 8038B, 8038G, 8038GC, 8038R, and 8038T tax forms.  Results from your rebate calculations are automatically inserted into the forms. 

Provides options to perform rebate calculations by (a) future-valuing purpose expenditures and unspent proceeds and netting them against original proceeds or (b) future-valuing individual investments.  Ability to perform rebate calculations for individual funds within a bond issue.

Ability to mark an investment to its market value.  Mun-Ease can automatically split the cash flows into two separate investments as of the market-value date (this feature is especially useful when bond proceeds have been commingled).    

Provides a customizable spreadsheet-like mode of data entry.  Maintains a database table of nonpurpose investments and purpose expenditures.

Provides an option to discount investment receipts that fall beyond rebate calculation date by the Internal Rate of Return (IRR) for the investment portfolio or the IRR of the individual investment.

Provides features to compute rebate and the value of unspent proceeds when bond proceeds have been commingled with other issues.  Also provides numerous features to assist in data entry and the reconciliation process. 

Rebate calculations can be performed on a 30/360, actual/360, or actual/actual basis with a 7-day, 14-day, 28-day, 35-day, monthly, quarterly, semiannual, or annual compounding. 

Arbitrage what-if calculations - Allows the user to maintain a portfolio of investments.  Automatically downloads investment outlays and receipts of interest and principal to a rebate transaction file.  Uniquely identifies all rebate transactions by Group ID.  Mun-Ease can structure an optimal portfolio of securities to meet a user-defined draw schedule. 

Applies de-minimus and reasonable retainage rules when computing spenddown penalties. 

Provides features for the entry of computation credits and prior rebate payments.  Entry of these items will reduce the future-value rebate amount while not impacting the internal rate of return computed by Mun-Ease. 

Calculates yield-reduction payments when the issuer is not compliant with temporary period yield restriction rules.  

 Provides a separate utilities menu for frequently needed computations.  Provides an interface to load data from an Excel spreadsheet.

Calculations

Future-value rebate amount, 18-month spenddown penalty, 24-month spenddown penalty, yield-reduction payments, IRR of investment portfolio, arbitrage yield limit, arbitrage NIC.

Reports

(1f) Arbitrage Yield Limit Verification Report for a Variable Rate Issue - Report #1f verifies the arbitrage yield limit calculation for a variable rate bond issue.

(1h) Arbitrage Yield Limit Verification Report for a Fixed Rate Issue - Report #1h verifies the arbitrage yield limit calculation for a fixed rate bond issue.

(70a) Pricing Summary Report - Displays reoffering prices and yields for each maturity in the bond issue. If the bond issue contains yield-to-call maturities, the report displays the price and call date from which the yield was calculated.

(75) Bond Production Report - Displays the original issue premium/discount for each series within the bond issue. Also provides the summary totals needed to verify the arbitrage NIC calculation.

(57a) Yield-to-Call Tests Report - Provides information to determine whether specific maturities in a bond issue are subject to the yield-to-call provisions of the Internal Revenue Code.

(57b) Sinking Fund Adjustments Report for Deep-Discount Term Bonds - Determines whether the term bonds in a bond issue will need to be valued at their "present-value" amount as determined by the IRS regulations. Calculates the sinking fund adjustments for the deep-discount term bonds.

(9c,d) Present Value Reports - Verifies the internal rate of return calculations used during the rebate calculations. Report #9d displays the present value for calculations done via nonpurpose investments. Report 9c displays the present value for calculations done via purpose expenditures. Reports 9c and d can also be generated through the arbitrage|rebate transactions|IRR calculations menu option.

(10a) Nonpurpose Investments Rebate Future Value Report - This report provides verification of the excess earnings calculation (the amount to be rebated to the federal government). Using the arbitrage yield limit, Mun-Ease calculates the future value of investments to the future value date.

(11,b) Rebate Unspent Proceeds Report - This report computes a running balance of unspent bond proceeds by displaying in chronological order, bond proceeds, purpose obligations, non-purpose obligations, interest earnings, and debt service payments. Report 11b is similar to 11 except that it displays totals by date.

(15a) Future-Value Purpose Expenditures Report - The report future-values your purpose expenditures and unspent proceeds and nets this total against the future-valued original gross proceeds. The future-value factor is the arbitrage yield limit.

(16a,b) Spenddown/Penalty Reports - Verifies the 18-month or 24-month spenddown penalty calculation. Report #16a calculates the rebate penalty based on the spenddown schedule of net proceeds. Report #16b displays a summary of the calculations and the reasonable retainage and de minimus rates calculations for the spenddown penalty if the calculations were performed on the last calculation period.

(22) Rebate Calculation Summary Report - Provides a summary of the rebate calculations.

(79) Arbitrage Yield Reduction Payment Report - This report calculates the yield reduction payment when the issuer is not compliant with the temporary period yield restriction rules.
79b Future Value & Yield Reduction Report - This report displays a side-by-side comparison of a bond issue's future value rebate liability and the yield reduction payment calculation.

(27,b) Rebate Transaction Reports - The rebate transaction reports shows the total deposits, withdrawals, and interest earnings for nonpurpose investments and positive and negative transactions for purpose expenditures. Report 27 is sorted by group ID while Report 27b is sorted by fund and Group ID.

(27c) Rebate Transactions With Running Totals by Group ID - This report is similar to report #27 except that it includes an additional column that displays running amount totals by group ID.

(27d) Rebate Transactions With Running Totals by Rebate Type - This report is similar to report #27 except that it includes an additional column that displays running amount totals by rebate type (purpose or nonpurpose).

(29a) Investments Portfolio Report - This report lists the investments purchased for a bond issue.

(30b) Investments/Expenditures Verification Report - Report 30b verifies that the investment receipts adqueately cover planned expenditures.

(62) Commingled Bond Proceeds Calculation of Unspent Proceeds Report - Displays information with regard to the calculation of unspent proceeds when bond proceeds have been commingled with proceeds of other issues.

(63a) Arbitrage Utilities Future Value/Present Value Report - Displays the results of a future-value/present-value calculation that you performed from the arbitrage|utilities menu option.

(91) Allowable Debt Service Reserve Report - Provides the supporting information for the calculation of the allowable debt service reserve fund.

(105,b) 18-Month Spenddown Tests Report - This report performs calculations to determine whether a bond issue is in compliance with the 18-month spenddown exception. The report displays the calculations for each six-month period during the 18-month test. Report 105 is a detail report and report 105b is a summary report. (Note: This volume of documentation only provides a report sample of reports 106 and 106b. The format of report #105 is exactly the same as report #106).

(106,b) 24-Month Spenddown Tests Report - This report performs calculations to determine whether a bond issue is in compliance with the 24-month spenddown exception. The report displays the calculations for each six-month period during the 24-month test. Report 106 is a detail report and report 106b is a summary report.

Tax Forms (8038, 8038G, 8038T, 8038R, 8038GC) - Mun-Ease can optionally generate a completed 8038 tax form whenever it performs an arbitrage calculation.

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Sizing Module ($1,750)

Overview

Sizes a new-moneybond issue and computes costs of issuance and reserves. Structures debt service according to one of 18 user-defined options. Can size bank notes and other debt instruments commonly issued by finance companies.

Features & Capabilities

Structuring Options - (a) Level debt service where the size of the bond issue is computed to encompass construction costs and costs of issuance and reserves.  (b) Level debt service where the user inputs the desired size of the bond issue.  (c) Level debt service where the user inputs a desired debt service payment. (d) Increasing/decreasing debt service where the user defines a yearly percentage factor and Mun-Ease structures the bond issue accordingly.  (e) A debt service schedule modeled after a user-defined revenue stream.  This feature can also be used to wrap debt service around pre-existing combined debt service. (f) Level principal. 

Yield-to-call & deep-discount term maturities - Mun-Ease correctly computes the arbitrage yield limit and reoffering yields when the user sizes a bond issue that contains yield-to-call maturities (both for single and multiple call scenarios) or deep-discount term bonds.

Flow-of-funds feature: Allows the user to choose how interest disbursements from restricted funds are to be handled: (a) applied against debt service payments, or (b) applied against draws in a construction fund.

Construction draws - Mun-Ease can size a bond issue to cover up to 30 separate draw schedules.  Each draw schedule can be gross or net-funded and can have its own construction yield.  Draw schedules can be modeled after a normal curve or chi-square distribution.

Cost of issuance - Underwriter expenses are expressed as a  percentage of principal.  Credit enhancements are expressed as a percentage of gross debt service or debt service net of accrued and capitalized interest.  Credit enhancements can be computed for specific maturities.   Allows the user to enter an unlimited number of miscellaneous cost items.

User-defined sources/uses - Mun-Ease provides up to six user-defined sources and uses of funds. 

Coupon rate schedules and open market investments can be imported directly from the Wall Street Journal web site. 

Debt service reserve (DSR) fund - The size of the DSR fund can be computed according to 1 of 5 rules including the lesser of 10% of stated principal, maximum annual debt service or 125% of average annual debt service.   A bond surety fee can be computed based on the size of a simulated debt service reserve.  

Capitalized interest fund - Mun-Ease can size a bond issue to pay interest and/or principal on the bond issue for a user-defined time period and can "net fund" the amount.  The capitalized interest can be a non-coupon date.

Maturities within the bond issue can be current interest bonds, zero coupon CABS, or any combination.  Mun-Ease allows the user to price the bonds at par, or to enter reoffering prices or yields. 

Inputs to a sizing calculation can be saved to a profile that allows the user to perform sizing calculations with minimal data entry.  Coupon rates are stored in a rate table for easy access and lookup.

Best-fit modeling ability  - This feature is useful when a debt service is modeled after a user-defined revenue stream.  Mun-Ease determines where to place zero-coupon CABS so that debt service exactly matches the revenue stream.  

"Assumption Analyzer" routines - Mun-Ease analyzes your input assumptions and can automatically resize a bond issue if it determines that input variables are invalid.   

Calculations

True interest cost, all-inclusive TIC, net interest cost, arbitrage yield limit, original issue and underwriter discounts, credit enhancements, reoffering prices/yields, debt service reserve fund, bond surety fees,  and capitalized interest.

Reports

(41) Construction Draws Report - This report displays construction draws (revenue flows) for a user-defined capital project.

(72) Sizing Construction Draws For Multi-Projects Report - This report displays, for each draw schedule included in a sizing analysis, the initial deposit to the construction fund and subsequent draws. If you have chosen the "net funding" option, interest earned in the construction fund is applied to the draws, otherwise the interest is applied to the coupon payments.

(74) Bell Curve Draw Schedule - Displays a construction draw schedule that has been modeled after a normal curve or chi-square distribution (skewed curve).

(14) Sizing Debt Service Report - This report displays debt service requirements over the life of the bond issue. It also displays balances of the debt service reserve and capitalized interest funds over the life of the issue.

(14b) The Yearly Debt Service Report - Displays yearly debt service for a newly sized bond issue. Unlike Report #14, the yearly debt service schedule can almost always be displayed on a single page.

(17c) Summary of Calculations - Provides a one-page summary of the calculations resulting from the sizing process.

(18) Sizing Sources and Uses of Funds Report - This report displays the sources and uses of bond proceeds based on the sizing parameters input by you.

(56) Comparative Yield Report - Provides information to verify the TIC, All-In TIC, and the Arbitrage Yield Limit Calculations. This report cannot be generated if the newly sized bond issue contains yield-to-call maturities or deep-discount term bonds.

(70a) Pricing Summary Report - Displays reoffering prices and yields for each maturity in the bond issue. If the bond issue contains yield-to-call maturities, the report displays the price and call date from which the yield was calculated.

(72a) Sizing Construction Draws For Multi-Projects Report - The report displays, for each draw schedule included in a sizing analysis, the initial deposit to the construction fund and subsequent draws. If you have chosen the "net funding" option, interest earned in the construction fund is applied to the draws, otherwise the interest is applied to the coupon payments.

(73) Interest Rate Probabilities Based on Statistical Projections - This report is used to assess probabilities of different interest rate scenarios. Probabilities can be calculated based on a normal curve or a chi-square distribution.

(83) Miscellaneous Issuance Costs Report - Displays individual cost items that are included in the Other TIC Costs summary field.

(17a,b) Summary of Inputs / Calculations - Provide a two-page summary of the input parameters and sizing calculations.

(19a,b,c) Sizing Fund Balance Reports - These reports display balances of the debt service reserve, capitalized interest, and contingency funds over the life of the bond issue. The information displayed in the report is based on the sizing parameters input by you.

(75) Bond Production Report - This report displays the attributes of the individual maturities within a bond issue and displays summary information to verify the NIC calculation.

(1j) Variable Rate Transactions Report - This report lists the variable rate payments for a bond issue and is generated through the file|variable rate bonds| edit/add/delete menu option.

(1k) Debt Service Schedule For a Note with Summary Fees - Report #1k displays the debt service schedule of a note or variable rate bond. Individual fees for each payment are totaled and displayed in a summary column.

(1L) Debt Service Schedule For a Note with Detailed Fees - Report #1k displays the debt service schedule of a note or variable rate bond in a landscape format. Individual fees are displayed in separate columns.

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Refunding Module  ($1,750)

Overview

Determines the cost-effectiveness of a current, advance, or crossover refunding.  Structures refunding issue's debt service payments according to one of ten user-defined options.  Creates an optimal escrow portfolio of open-market or SLGS securities or a combination of both.  Calculates transferred proceeds.  Ability to scan a database for refunding candidates based on present-value savings. 

Features & Capabilities

Structuring Options - (a) Level savings,  (b) upfront savings, (c) backloaded savings, (d) increasing or decreasing savings using a user-defined yearly percent of increase or decrease. 

Handles current, advance, and crossover refundings.  Structures an escrow portfolio of open market or SLGS securities needed for defeasance of refunded bonds. Handles multiple escrows. 

Partial or complete refundings - Up to 30 bond issues can be refunded at one time.  An interest-only defeasance can also be performed.  Refunded bonds can be called on non-anniversary coupon dates.  

Ability to determine the cost-effectiveness of a swap transaction.

Ability to scan your database of bond issues looking for refunding candidates.  Refunding candidates are ranked by present-value savings.

Computes transferred proceeds (note: this feature requires that the user purchase both the arbitrage and refunding modules).

Coupon rate schedules can be imported directly from the Bloomberg web site and SLGS rates can be imported directly from the Treasury web site.

User-defined sources/uses - Mun-Ease provides up to six user-defined sources and uses of funds.  The user has the option whether sources/uses will be included in the savings calculation.

Maturities within the bond issue can be current interest bonds, zero coupon CABS, or any combination.  The arbitrage yield limit and reoffering prices/yields are correctly computed when the issue is sized with yield-to-call or deep-discount term maturities.

Cost of issuance - Underwriter expenses are expressed as a percentage of principal.  Credit enhancements are expressed as a percentage of gross debt service, or debt service net of accrued and capitalized interest.  Credit enhancements can be computed for specific maturities.  Allows the user to enter an unlimited number of miscellaneous cost items.

Debt service reserve (DSR) fund - The size of the DSR fund can be computed according to 1 of 5 rules including the lesser of 10% of stated principal, maximum annual debt service or 125% of average annual debt service.   A bond surety fee can be computed based on the size of a simulated debt service reserve.

Calculations

Gross & discounted savings, refunding savings as a percentage of  refunded/refunding bonds, escrow IRR from date of disbursement and receipt, blended escrow yields, true interest cost, net interest cost, arbitrage yield limit, original issue and underwriter discounts, credit enhancements, reoffering prices/yields and debt service reserve fund, transferred proceeds penalty.  

Reports

(6b) Refunding Yearly Savings Report - This report provides a summary of yearly savings that result from a refunding. Because savings are shown only on a yearly basis, the report can usually be on a single page.

(20a,b,c) Refunding Summary Reports - These reports (20a, b) display the refunding parameters input by you and a summary of the refunding results. Report 20c is summary of calculations used for presentation purposes.

(21) Refunding Sources & Uses of Funds - This report displays the sources and uses of refunding bond proceeds.

(29) SLGS/Open Markets Portfolio Report - This report lists the SLGS investments purchased for refunding escrow.

(30,b) SLGS/Open Markets Escrow Verification Report - Report 30 verifies that the investment receipts from either a SLGS or open market escrow cover the debt service requirements of the refunded bonds.

(30c) SLGS/Open Markets Wrap-Around Escrow Verification Report - Report 30 verifies that the investment receipts from either a restricted SLGS or open market escrow PLUS the investment receipts of an unrestricted or outside open market escrow cover the debt service requirements of the refunded bonds.

(70a) Pricing Summary Report - Displays reoffering prices and yields for each maturity in the bond issue. If the bond issue contains yield-to-call maturities, the report displays the price and call date from which the yield was calculated.

(83) Miscellaneous Issuance Costs Report - Displays individual cost items that are included in the Other TIC Costs summary field.

(98) Summary of Refunded Bonds - This report is generated as part of a refunding analysis. It displays the coupon rates and call attributes of each maturity of the bond issues to be refunded.

(6) Refunding Verification Report - This report provides a cost/benefit analysis of calling one or more bond issues and refunding them with a new issue. The analysis discounts the difference in debt service between the old and new issue to determine if the refunding is cost-effective.

(8a,b) Escrow Yield Reports - These reports display by period, the interest and principal payments associated with the refunded bond issues, and the interest earned on proceeds deposited in an escrow account. The proceeds in the escrow account earn interest at a rate defined by the user-input restricted yield. Report #8a displays the escrow yield for advance refunding. Report #8b displays the crossover yield for crossover refunding.

(9c,d) Present Value Reports - Verifies the internal rate of return calculations used during the rebate calculations. Report #9d displays the present value for calculations done via nonpurpose investments. Report 9c displays the present value for calculations done via purpose expenditures. Reports 9c and 9d can also be generated through the arbitrage|rebate transactions|IRR calculations menu option.

(27) Escrow Transaction Report - Displays rebate transactions sorted by investment ID. The escrow transaction report shows the total deposits, withdrawals, and interest earnings for each investment.

(28) Refunding Savings Report - This report displays refunding savings by fiscal year on a gross and present value basis. The report is for bond issues.

(28b) Refunding Savings (Notes) - This report displays refunding savings by fiscal year on a gross and present value basis. The report is similar to report #28 except that it is designed notes and variable rate bonds.

(56) Comparative Yield Report - Provides information to verify the TIC, All-In TIC, and the Arbitrage Yield Limit Calculations.

(75) Bond Production Report - This report displays the attributes of the individual maturities within a bond issue and displays summary information to verify the NIC calculation.

(80) GASB 34 Refunding Excess Indebtedness Amortization Report - This report amortizes on a straight-line basis the excess indebtedness the results from a refunding.

(54a) Transferred Proceeds Penalty Report - Report 54a is produced when you request Mun-Ease to calculate the transferred proceeds penalty. It allows you to verify the amount of unspent proceeds from the refunded bonds that are subject to penalty.

(54b) Investment Transfers to Refunding Issue - Displays a schedule of when the unspent proceeds of the refunded bond issue are to transfer to refunding issue. The schedule assumes that the unspent proceeds are in investments that have future cash flows that fall beyond each transfer (call) date. Once transferred, the investments become subject to the arbitrage yield limit of the refunding issue.

(54c) Investment Transfers to Refunding Issue (Summary) - Displays a schedule of when the unspent proceeds of the refunded bond issue are to transfer to refunding issue. The schedule assumes that the unspent proceeds are invested in money market instruments and can be liquidated and moved to an account associated with the refunding issue. Once transferred, the investments become subject to the arbitrage yield limit of the refunding issue.

(55a,c) Refunding Candidates - Reports 55a and 55c are produced when you request Mun-Ease to scan your database for refunding candidates. Mun-Ease ranks refunding candidates by present-value savings. Report 55a is sorted by bond issue and 55c is sorted by present-value savings.

(73) Interest Rate Probabilities Based on Statistical Projections - This report is used to assess probabilities of different interest rate scenarios. Probabilities can be calculated based on a normal curve or a chi-square distribution.

(78,b,c) Swaps Analysis Report - This report compares a fixed-rate bond issue's debt service against one or more variable rate scenarios. The user assigns probabilities to each variable rate scenario. Mun-Ease sums the present-value of each of the variable rate scenario weighted by it probability and compares it to the present-value of the fixed rate bond issue to determine the feasibility of a swap transaction.

(11c,d) SLGS/Open Markets Escrow Verification Report - Mun-Ease allows you to regenerate the refunding escrow verification report while viewing the investment cash flows (Refunding | Open Market Investments | Create/edit/delete menu option). When you press the cash flows report button Mun-Ease will automatically detect whether the escrow is a single-yield or bifurcated escrow and will generate the appropriate escrow verification report (either report 11c or 11d). This feature allows you to incorporate adjustments made to the escrow analysis outside of the original refunding. Reports 11c and 11d are similar to reports 30 and 30c respectively.

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Graphics Module ($395)

Overview

Allows the user to graph bond calculations. Graphs can be customized in virtually any way.  Users can change the color, text, font, or type of graph (line, bar 3-d bar, pie, scatter, etc.).  Graphs can be rotated along any axis in a 3-dimensional plane.  Users can export a graph as an OLE object or a bitmap to a spreadsheet or word processing package.

Features

  • Graph of debt service of individual bond issue.
  • Comparison of a rate scale too a bond's coupon rates and reoffering yields.
  • Combined debt service by date graph.
  • Stacked bar chart of combined debt service by type of issue.
  • Combined indebtedness graph.
  • New issue impact graph.
  • Millage impact graph (individual or combined basis).
  • Refunding savings / indebtedness graph.
  • Refunding Escrow graph.
  • Escrow securities graph.
  • Debt service coverage / capacity graph.
  • Normal curve of interest rate probabilities.
  • Construction draws graph.
  • Comparative yields graph.

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Calculator Module ($250)

Overview

Provides bond, financial, and calendar calculators.  The bond calculator provides all the features of a Monroe bond calculator.   The financial calculator performs all of the calculations of an HP or TI financial calculator.  The calendar calculator computes day counts on a 30/360 or actual day basis. 

Features

Performs price/yield calculations on a wide variety of instruments including municipal bonds, T-bonds, T-notes, T-bills, strips, SLGS, corporates, agency securities, repos, bankers' acceptances, commercial paper, and many other debt instruments.

Handles odd coupon periods.  Performs calculations on a 30/360, actual/365, or actual/360 day basis.  Conforms to MSRB or SIA calculation standards.  Provides 7/6 or 4/3 truncation/rounding options.

Calculates prices, yield-to-maturities, yield-to-call, current yield, and accrued interest. 

Provides an interface to the arbitrage/rebate module that allows the user to download the initial outlay for the investment and the periodic receipt of interest and principal.

When used in conjunction with the arbitrage module, the calculator module can assess the impact of a financial transaction on the issuer's arbitrage liability.  After the results are displayed, Mun-Ease allows the user to go forward with the transaction or back it out. 

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Stand-alone Reporting Module ($1,750)

Overview

Provides over 25  reports to help with day-to-day management of debt.  Generates schedules for year-end CAAFR and/or annual long-term debt report. Generates debt service schedules and amortization reports that are compliant with GASB 34.

Features

Provides numerous report selection and sorting capabilities.  Users can select bond issues to be included in reports by any combination of 16 lookup codes.

Provides user-defined control totals.  Reports can show totals by bond issue and/or totals on a daily, monthly, semi-annual, or annual basis.  Totals can be displayed on a calendar or fiscal year basis.  Fiscal years can be defined at run-time. 

The premium/discount amortization report can be run on a straight-line or effective interest basis.

Reports can be saved in a spreadsheet, HTML, comma-delimited, or text format.

All reports can also be customized and tailored to user requirements through Crystal Reports.  Fonts can be changed, columns added or deleted, and sorting and selection criteria can be altered. (Note: Modifications require the purchase of the full-featured version of Crystal Reports. Crystal Reports can be independently purchased from SAP.)

Reports

(4a) Payout of Combined Debt - This report displays the amount and percentage of the current outstanding debt that will be paid back in each future fiscal year.

(4b) Combined Debt Service Report - This report displays a summary of combined debt service by fiscal year for bond issues selected by your. Mun-Ease displays a separate column for interest payments that occur in the first half of the fiscal year and a second column for occurring in latter half of the fiscal year.

(4c) Combined Debt Service Report on Cash Basis - This report displays combined debt service and outstanding debt on a cash basis for selected bond issues on your database. In addition to report selection criteria, you can also define the level of detail and summarization options through input parameters.

(44) Combined Debt Service by Paying Agent - Provides a report of combined debt service sorted by paying agent .

(44c) Remaining Debt Service by Bond ID - Displays remaining debt service as of a user-specified date for all or selected bond issues on the database. The report is sorted by Bond ID.

(50,c) Combined Debt Service by Issue Type Code Report - Displays the combined debt service for a group of bonds selected by you sorted by the type of issue. Report 50c is sorted by date and issue type code while Report 50 is sorted by issue type code and date.

(76) Combined Debt Service on an Accrual Basis Report For GASB 34 - This report displays combined debt service on an accrual basis.

(24d) Debt Service Coverage Report - Displays the amount and percentage of debt service of an individual bond issue covered by an organization's revenues.

(69) Combined Debt Service Capacity Report - Compares by date the combined debt service to a capacity or revenue constraint

(5) New Issue Impact Report - This report highlights the change in your debt service due to a new issue. In addition to report selection criteria, you can also define the level of detail and summarization options through input parameters.

(7) Combined Indebtedness Report - Displays the outstanding indebtedness for a group of bond issues selected by you. If the date chosen is between coupon payment dates, the report will accrue interest from the last coupon payment date. For zero coupon bonds, the report also displays the amount of accreted interest since the date of issue. In addition to report selection criteria, you can also define the level of detail and summarization options through input parameters.

(7a) Combined Indebtedness Report - This report is similar to report #7 except that it includes an additional column that shows the outstanding debt and accreted interest as each bond issue's last coupon anniversary date.

(45) Monthly Put-Asides For Debt Service - Displays a report showing the daily amount of cash that must be put aside to pay the next debt service payment.

(53) Miscellaneous Costs Report - Generates a report of various expenses associated with a bond issue and the payees to whom the issuer paid those expenses.

(68) Rebate Payments by Bond ID - Provides a historical record of the rebate payments made for all (or selected) bond issues on the database.

(82,b) Refunding History Report - This report displays all (or selected) called maturities and the bond Id that refunded them.

(95) Available to Call Report - Lists maturities on the database that have early call options and have not yet been called.

(97) Outstanding Debt by Interest Rate - This report provides a report of outstanding debt summarized by coupon rate. Mun-Ease allows you to select the bond issues to be included in the report.

(23) Amortization of Issuance Costs (By Year) - Amortizes all or a portion of issuance costs over the life of the bond issue on an effective interest basis. The custom amortization factor is computed based on the amount of issuance costs to be amortized.

(84,b) GASB 34 Amortization of Original Issue Premium/Discount Report - - Displays the amortization of the original issue discount/premium according to GASB 34 guidelines. GASB 34 requires that the amortization be done on a maturity-by-maturity basis.

(92) Premium/Discount Amortization Report - Provides the details to support the straight-line amortization of miscellaneous issuance costs of bond issue. Note that the OID/OIP is amortized separately and is documented through reports 84 and #84b.

(46) Millage Impact Report - Single Bond Issue - Shows the impact of a bond issue's debt service on property tax rates.

(47) Combined Millage Impact Report - Shows the impact of a group of bond issues on property tax rates.

(47c) Millage Shortfall Report - Shows revenue shortfalls given a desired millage rate.

(89b,c) Debt Service Matching Report / Swaps Accounting Report - Matches the debt service payments of the master bond issue against the debt service receipts of loans within the pool. For swaps, this report displays the difference between the synthetic fixed rate debt service and the variable rate debt service.

(103) List of Maturing Bonds - This report provides a list of bonds maturing during a time period defined by the user.

(104) Report of Early Call Scenarios - This report lists all of the early call scenarios for a group of bonds selected by the user. Data for the report is derived from the Callops database table. The Callops database table tracks bonds that have multiple call scenarios (e. g., callable at 102 in 10 years, at 101.5 in 12, years, and at par in 15 years).

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Allocations Module ($1,750)

Overview

The Allocations module allows an issuer to implement a charge-back system for multi-purpose bond issues or pooled financings.  Allocations can be performed on a maturity-by-maturity basis or as percentage of gross debt service. Performs private use tests (both 5% and 10% tests) for multi-purpose bond issues. 

Features

Allows the user to prorate debt service on either a cash or accrual basis (accrual basis reporting is important for enterprise funds).

The allocation coding block is 40-characters long and can be hierarchically structured with up to four breaks.

The allocation hierarchy can be determined at runtime.  Report totals reflect the defined hierarchy.

Unlimited number of allocations.

Reporting

Reports for Bonds Allocated on a Maturity-by-Maturity Basis

(31b) The Project Allocation Variance Report - This report is in bond ID sequence. It sums the project allocations for each maturity and displays the variance between the total allocations and amount of principal for the related maturity.

(32c) Single Year Allocations By Month Report - Bond Issue Subtotals - Mun-Ease displays the monthly allocations either on a cash or accrual basis (maturity-by-maturity basis) Based on a month and year that you input.

(33d) Single Year Allocations By Month Report - Project Number Subtotals - This report is the same as report #32 except that it provides project number subtotals. When you request this report, Mun-Ease provides an option to generate a general ledger interface.

(34d) Single Year Debt Service By Date/Paying Agent - Displays and summarizes allocated debt service by bond issue, paying agent and date.

(34e) Single Year Debt Service By Date/Paying Agent - Displays and summarizes allocated debt service by bond issue, paying agent and date. Debt service is summarized up through the first two levels in the allocation hierarchy.

(35c) Project Allocations By Paying Agent Report - Displays allocated debt service by paying agent and date. This report is similar to report 34d except that there are no bond issue subtotals.

(36c,e) Project Allocations Indebtedness Report - Displays by bond issue, the outstanding indebtedness and the related yearly allocations (maturity-by-maturity basis). The report is generated on a cash basis.

(36f) Single Year Indebtedness & Debt Service - This report is similar to report #36c except that interest is shown in two columns denoting whether the interest payment was received in the first or second half of the fiscal year.

(36g) Outstanding Debt by Allocation (with details by bond issue) - Displays outstanding debt by the bond issue and allocation coding block. Provides subtotals by allocation coding block.

(36h) Outstanding Debt by Allocation (totals by allocation) - Displays outstanding debt by allocation coding block.

(36i) Outstanding Debt by Allocation (totals displayed through allocation hierarchy) - Displays outstanding debt by allocation coding block. Provides subtotals through each segment in the allocation hierarchy.

(36j) Single Year Indebtedness & Debt Service - Displays by bond issue, the outstanding indebtedness and the related yearly allocations (gross debt service basis). The report is generated on a cash basis.

(64) Multi-Year Allocations Debt Service Report - Displays the debt service allocations for a range of dates specified by you (maturity-by-maturity allocations).

(64a) Multi-Year Allocation Debt Service (Summary) - Displays multi-year allocated debt service sorted by allocation coding block and fiscal year. Provides totals by fiscal year.

(64c) Multi-Year Allocation Debt Service (Bond ID Subtotals) - Displays multi-year allocated debt service sorted by allocation coding block, bond issue and fiscal year. Provides totals by bond issue and fiscal year.

(64d) Combined Debt Service Allocated on a Cash Basis - Displays multi-year allocated debt service sorted by allocation coding block and fiscal year. Provides totals by fiscal year for each allocation coding block.

(64e) Multi-Year Allocation Debt Service (Summary) - Display a summary of multi-year allocated debt service. Debt service is summarized to the highest level in the allocation hierarchy. Displays date and monthly totals.

(64f) Multi-Year Allocation Debt Service - Display a summary of multi-year allocated debt service. Debt service is summarized to the highest level in the allocation hierarchy.

(66) Allocations Refunding Candidates Report - Lists the maturity-by-maturity allocations that the issuer has marked for refunding. The report is used in situations where refunding a complete maturity would cause the issuer to be in violation of the private-use rules. Instead, the issuer marks only those allocations to be refunded that would enable continued compliance with the private-use rules.

(81) Allocations Refunding Non-Candidates Report - This report displays allocations that are not refunding candidates due to private-use restrictions.

(101a) Scheduled Debt Service for Fiscal Years - This is the first half of a report that provides a horizontal summary of debt service obligations in the next 20 years.

(101b) Scheduled Debt Service for Fiscal Years - This is the second half of a report that provides a horizontal summary of debt service obligations in the next 20 years.

(102) Computation of Issue Price by Purpose for the 8038 Tax Forms - This report facilitates the calculation of the issuance price by governmental purpose. This calculation can be used to complete section II in the 8038 and 8038G reports.

Reports for the Gross Debt Service Method of Allocation

(36c,e) Project Allocations Indebtedness Report - Displays by bond issue, the outstanding indebtedness and the related yearly allocations (maturity-by-maturity basis). The report is generated on a cash basis.

(48) Allocations Variance Report (gross debt service) - Provides a detailed listing of allocations by bond issue so that you can determine that 100% of a bond issue's debt service has been allocated.

(49) Maturity Schedule - Displays a report of current and future debt service obligations and the actual debt service payments made on those obligations. This report was developed for a state government that monitors debt service payments made by agencies within the state.

(51,b) Transfer Schedule - Displays a yearly schedule of cash transfers that are to be made to debt service fund. This report was developed for a state government that monitors transfer payments made by agencies to the global debt service fund maintained at the state level.

(52) Gross Debt Service Project Allocations by Paying Agent Report - Displays gross debt debt service allocations by paying agent.

(61) Gross Debt Service Multi-Year Debt Service Allocations Report - Displays the debt service allocations for range of dates specified by you (gross debt service allocations).

(67) Allocated Remaining Debt Service Report - Displays the remaining debt service by gross-debt service allocation.

(77) Allocated Debt Service Combined on an Accrual Basis Report For GASB 34 - This report displays the combined debt service by allocation on an accrual basis.

Reports for Private Activity Bonds

(65,b) Private Use Tests Report - Displays information to determine whether a private-activity bond issue is in compliance with the 5% and 10% private use tests.

Reports for Tracking the Authorization, Issuance, and Cancellation of Bonds

(58) Status of Bonds Authorized, Issued, and Cancelled - Displays the amounts originally authorized for projects, the amount of bonds issued to fund the projects, and cash balances available for bond funding.

(58a) Status of Bonds Authorized, Issued, Cancelled (with allocation subtotals) - Displays the amounts originally authorized for projects, the amount of bonds issued and currently outstanding to fund the projects, and cash balances available for bond funding. Data is subtotaled to the highest level in the allocation hierarchy.

(58b) Details of Bonds Authorized & Issued - Displays the amounts originally authorized for projects, the amount of bonds issued to fund the projects, and cash balances available for bond funding. Data is subtotaled to the highest level in the allocation hierarchy.

(59b) Net Available Allocations by Bond ID - Displays in bond ID order, the project amounts allocated to a bond issue, the amounts already spent on the bond issue, and amounts available to be spent.

(60) Net Available Allocations by Allocation Coding Block - Displays in bond ID order, the project amounts allocated to a bond issue, the amounts already spent on the bond issue, and amounts available to be spent.

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The Complete Windows Mun-Ease Package ($7,450)

Save over $1,800 when you purchase the complete Mun-Ease package.  The Mun-Ease software allows users to traverse effortlessly between modules. 

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Enterprise Version ($14,900)

The Enterprise version allows users to concurrently access your Mun-Ease database of bond issues, rebate transactions, and investments.  Provides record-lockout and deadlock controls.  Supports four users, additional users can be added as needed. Users can choose between SQL Server database or the Borland Database Engine. 

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Internet Add-On Module ($1,995)

Allows an issuer to place his Mun-Ease database on a web server so that others can obtain information through a web browser.  Includes capabilities to help an issuer with continuing disclosure.  Includes reports of individual and combined debt service, bond production, combined indebtedness, allocated debt service, and a summary of a bond statistics.  Issuers can place disclosure documents on the Mun-Ease web database and link those documents to individual bonds.  We also have a "search by cusip" function. 

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Other Features

Maintenance & customer support - We provide free interim updates and telephone support to current Mun-Ease users.  These interim updates include new features, tax law changes, and enhancements requested by users.  Usually the updates occur 2-3 times a year.

 Security - Mun-Ease allows the site's security administrator to assign access profiles individual users.

Relational, multi-user database with SQL capabilities. Users can choose between the SQL Server and the Borland Data Engine. Database tables can be loaded directly into Excel or Access. 

Flexible reporting - All reports can be customized and tailored to user requirements through Crystal Reports.  Fonts can be changed, columns added or deleted, and sorting and selection criteria can be altered.  Reports can be exported to a spreadsheet or can be e-mailed to other users.  

Formal classes - Prescient Software offers formal, hands-on Mun-Ease classes throughout the country several times a year. 

Outside interfaces - Mun-Ease features flexible interfaces that allow you to load bond issues, investments, SLGS rates, and coupon rate scales from outside sources.  Internet support -Through our web site (users can e-mail us when they have a question or problem.  Interim updates can be downloaded from our web site.  We also provide information about classes, user group meetings, and tips for using Mun-Ease.  

Extensive documentation - Three-volume user guide with over 1,200 pages of instructions, examples, tutorials, and an extensive discussion of tax regulations, financial theory and concepts.

30-day money back guarantee - Backed by the expertise and reputation of Prescient Software. Prescient Software has been in business since 1988.  

 

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