Micro-Muni Refund Software - $1,500
MICRO-MUNI Ò REFUND is a software package specifically designed to assist bond underwriters and financial consultants in analyzing "Advanced Refunding" transactions. MICRO-MUNI Ò REFUND is compatible with our MICRO-MUNI Ò DEBT structuring package. The following summarizes some of the features offered by MICRO-MUNI Ò REFUND:

Summary Information

• Escrow Portfolio Structuring
• Advanced Refunding Escrows
• Restricted Yielding Escrows (SLGS)
• Escrow Yield Verifications
• Transferred Proceeds Calculations
• Optimization of Escrow Securities (Treasuries)
  

Sample Reports

• Escrow Cash Balancing
• Cost of Escrow Securities
• Candidates Debt Service
• Unrestricted Securities D/S
• Rolling Zero Percent SLGS
• Individual Securities D/S

View ALL Reports

• MICRO-MUNI Ò REFUND operates on microcomputers, under a DOS environment, and utilizes the initial 640K area of conventional memory (540K of free space is recommended). All the MICRO-MUNI Ò REFUND program files can be copied directly to your hard disk and utilize approximately 2 million bytes of storage space.

• MICRO-MUNI Ò REFUND is a command driven system, often with several options available under one command. For example the INPUT command provides a menu of input screens. Data entry screens simplify input and provide immediate validation of data entry items (e.g. valid maturity dates).

• All dates are processed and saved in your data files as four (4) digit years, two (2) digit months, and two (2) digit days (e.g. the year 1/15/2001 is saved as 20010115). MICRO-MUNI Ò REFUND will accept valid input years well into the next millenium (years up to the year 3000 if your are still around).

• Data entry screens simplify input or changes to escrow cash requirements and escrow securities, as well as providing immediate validation of data entry items (e.g. valid dates).

• Multiple bond issues (created via MICRO-MUNI Ò DEBT) can be consolidated via one command to establish the escrow defeasance requirements.
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  Up to 512 escrow cash requirement dates and amounts can be specified for defeasance purposes. Irregular requirement dates are allow to accommodate consolidated bond issues or a construction draw schedule.

• Multiple security types can be used to defease the escrow cash requirements, such as State and Local Government Series (SLGS), Treasuries, Zero Coupon Securities, and NOTES.

• Federal Reserve SLGS rates can be entered and saved input data screens. Additionally, SLGS rates, previously downloaded from the Treasury Department, can be loaded directly into MICRO-MUNI Ò REFUND. Escrow SLGS rates can be automatically determined (and interpolated) for any set of escrow cash requirements, based on the delivery date entered (for the purchase date of the SLGS).

• Several escrow solutions are available to establish the cost of the escrow. The SOLVE command provides several options: 1) ESCROW (for a back filled escrow solution), 2) TARGET (to target a par amount of SLGS to acquire for a restricted yielding escrow), 3) BUDGET (to spend, but not exceed, a budget amount on the cost of the escrow), and 4) VERIFY (for verification of existing escrows).

• An Escrow OPTIMIZATION command performs sophisticated linear programming techniques to determine the optimal minimum costing escrow based on a user defined portfolio of available securities.

• Escrow solutions (except VERIFY) solve for the amount of each security needed for the escrow, based on the escrow cash requirements. Solutions can be forced to consider other securities that must be purchased for the escrow.

• Securities Interest can be calculated using various day count basis (Actual/Actual, Actual/360 and 30/360). State and Local Government Series (SLGS) are calculated according to Federal Reserve regulations.
  
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  Accrued Interest for each security is automatically calculated based on day count basis entered (Actual/Actual, Actual/360 and 30/360).

• Escrow cash balances can be reinvested in zero percent SLGS (rolling zeros reinvestment to disbursement) to optimize the efficiency of the escrow receipts and disbursements.

• Present value calculations (discounted cash flows) can be obtained for several cash flows, e.g. calculations of yield on escrow candidate receipts, or adjusted candidate receipts which includes the effect of rolling zeros.

• Transferred Proceeds calculations using the April 1989 Arbitrage regulations, including Transferred Proceeds CAP, and Reserve Fund Transfers.

• Various standard reports are available for reviewing the cost associated with each escrow security, the cash receipts from the portfolio of securities, escrow cash balances, the impact of reinvesting escrow cash balances in zero percent SLGS (rolling zeros) and several transferred proceeds calculations reports.