FULL AGENDA PACKET_2021-05-18 - Laserfiche WebLink

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Since 2010, bofA has served as a co -manager on $1.S billion of pension obligation financings. Recently, we were a co -manager for the County of Riverside's $720 million 2020 POBs and the City of Torrance's $3S0 million 2020 pension financing (which utilized a Lease Revenue Bond structure). We also are co -manager on the City of Huntington Beach's pending $363 million POB offering that is expected to price next week. Furthermore, throughout the careers of each banking team member, we have worked on a broad range of municipal pension bond financings in California and elsewhere as summarized on the prior page. Our extensive and recent experience provides us with valuable insights into investors' and rating agencies' thoughts regarding pension financings, which will enable us to best serve the City — especially with respect to timing, credit and structuring strategies. In Appendix A we include all of BofA's senior managed and co - managed experience with California pension -related financings dating back to 2010. c . i_ „ln im r. Igo,•. r,. t .. _ _. e..y ern„�.. �.,o rz:,ao« rrr .. 7.,:tua f ... ec.2ca nvh - ary Pao I,mc10�J h4" w1 7CDLA Inn;.... . r •rr rr :r rrr .r rrr t o> I RFEPS` 0 B n Ba m: / p+I+. npxyJld �o¢�>t Y015 r,PeJY015 II. Q dpSrflpran of rhp SOP Ot the ftrm:s gnveramenmf Sror f and rfip flfm'5 PxppripnCP w,rh gnvPrnmPntt)/ nypnri2i of a Sllllllor SVP, fInMrP, 0qn SrnpP. L rnphosts should be pluced on o<signment< undertaken within the pasr twee (J) years and on engnnemenrs underruken by rho personnel proposed to be ossianed to this ayreernent. Municipal Banking and Markets Group. BofA Securities' Municipal Banking and Markets group ("MBAM") is a fully integrated division that includes public finance investment banking, sales, trading, underwriting as well as commercial bank products and services offered Lhrough BANA. This single, coordinated business unit wish approximately 370 personnel provides our municipal clients with a central platform for their capital raising, credit and treasury needs. This integrated platform facilitates streamlined coverage for the City led by public finance bankers who coordinate the delivery of both capital markets and bank/on-balance sheet products. We believe this is a distinguishing factor and one that separates BofA from its peers. Large, High Profile California Taxable General Fund Financing Experience. BofA, and the personnel assigned to the City's coverage team, boasts a strong history with structuring taxable general fund financings for a multitude of local agencies, being the roo-ranked underwriter of national taxable lease revenue bond ("LRB") and certificates of participation ("COP") financinas since 2010 with 53.3 billion in senior managed our. Notably, in the COVID-19 era, BofA led important LRB financings for the City of San Jose ($147 million 2020B LRBs), the City of Los Angeles ($165.6 million 2020B LRBs), and the City of San Diego ($60.7 million 2020 LRBs). These offerings were senior managed Holly Vocal and Jeff Bower, the primary and secondary contacts assigned to the City. Furthermore, we are a leading underwriter of pension obligation financings as detailed further in Question 4. ill NOOIB Ogd [pp(Otl iRiGrT)aIIJO r f lhp l)1I111 ftiY n"df P[aOfla,y. P,njP, I me"M"IptS h) hp atilfgol d lO the 2rle]O)PnlPnl Primary Contact. Holly Vocal, a Managing Director in our San Francisco office, with more than 17 years of public finance experience will serve as the primary contact for the City's offering. As lead banker on recent POB financings for the cities of Azusa, r Holly vocal r Gardena and Downey, in addition to large taxable general fund financings for the Managing Director City of San Jose, Holly is well versed on the key credit considerations for California (415) 91I-7327 general fund obligations as well as the specifics of structuring and marketing holly.vocalio)bofa.com California POBs. Secondary Contact. Jeff Bower, a Managing Director in our Los Angeles office will Jeffrey Bower leverage his 30+years of public finance experience to serve as co -lead banker for the Managing Director City and provide senior oversight and direction to the team. Jeff's POB financing (213) 345-9580 experience includes transactions for the cities of Long Beach, Gardena and Ieffroy. Bower( bofa. corn Manhattan Beach as well as the counties of Sacramento, San Bernardino, San Diego and Sonoma. Council 23 — 101 5/18/2021 Paget BofASECURITIES ��