Micromuni Refund

MICRO-MUNI REFUND is a highly flexible software tool designed to assist bond
underwriters and financial consultants in determining a portfolio of securities that will
generate sufficient revenues to defease a set of escrow cash requirements. It is particularly
valuable in determining the securities necessary for advanced refundings of municipal bond

Through MICRO-MUNI REFUND, you establish a set of escrow cash requirements that can
consist of any valid dates and amounts, and you can structure or verify a portfolio of securities
for the escrow. The total portfolio can even be a mix of securities with different day/year
bases, such as Actual/Actual, 30/360, and Actual/360.

You use input screens to enter or modify information about the escrow cash requirements and
the securities. Then you can save the information in data files you can modify or use again.
The total portfolio consists of two types of securities: purchases and candidates.
· Purchases are the securities that will definitely be purchased for the escrow.
· Candidates are the set of securities you are considering buying for the escrow. You can
have MICRO-MUNI REFUND determine the amount of each candidate that will be
required, in addition to the purchases already determined, to satisfy the escrow

Since candidates and purchases are calculated separately, MICRO-MUNI REFUND can even
determine the yield on escrow candidates and/or purchases that is essential for advanced
refundings and restricted yielding escrows.

With MICRO-MUNI REFUND, you can:
· Specify up to 512 escrow cash requirement dates and amounts.
· Specify irregular cash requirement dates This is helpful when defeasing several outstanding
bond issues or when defeasing a construction draw schedule.
· Define securities used to defease cash flow requirements as either escrow candidates
(securities being considered for purchase) or purchases (securities that will definitely be
included in the portfolio).