Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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z z Ln U_ O i' $106,335,000, City of Monterey Park, Taxable Pension Obligation Bonds, Series 2021 Ramirez & Co. Role: Senior Manager ■ Relevance to Santa Ana: Ramirez & Co. successfully introduced Monterey Pork's General Fund rating to S&P similar to the process that the City of Santa Ana will require. The City's economic and demographic profile is very similar to the City of Santa Ana and our team helped them achieve a better credit rating than anticipated. ■ Ramirez & Co. introduced the City's general fund credit to S&P for the first time (no prior general fund rating). Our banking team successfully articulated the City's regional importance and pending economic development, achieving an 'AA' rating despite below average wealth levels. ■ Ramirez & Co. achieved lower rates than all prior POBs, including those with higher credit ratings. $17,590,000, City of Coachella, Taxable Pension Obligation Bonds, Series 2020 Ramirez & Co. Role: Senior Manager Relevance to Santa Ana: Ramirez & Co. guided the City through the rating process in the middle of the COVID-19 shutdown. Despite below average wealth levels and falling revenues our team successfully achieved better than expected rating results. ■ Ramirez & Co. successfully guided the City to secure a 'AA-' (stable) rating, despite falling revenues from COVID-19, and helped develop a bond structure that maximized cash flow savings. ■ On the pricing day, our aggressive marketing helped secure the lowest spreads of any 'AA-' rated California POB in the history of the muni bond market. ` $121,865,000, City of Hawthorne, 2019 Taxable Pension Obligation Bonds Ramirez & Co. Role: Sole Manager ■ Relevance to Santa Ana: Largest California POB of 2019 at a time when few investors had approved POB credits and the product was very challenging to sell. ■ Ramirez & Co. sole managed the largest financing in the history of the City. ■ POBs funded 100% of the City's outstanding CalPERS UAL and were structured with 30-year level debt service to provide long-term pension cost management. ■ Aggressive marketing efforts maximized investor demand and secured orders from buyers that had never purchased California POBs prior to the sale (Wells Capital Management, among others). $54,085,000, City of Baldwin Park, 2019 Taxable Pension Obligation Bonds Ramirez & Co. Role: Sole Manager Relevance to Santa Ana: Ramirez & Co.'s ability to generate strong demand and better than expected pricing in a challenging market environment. ■ With a very aggressive pricing scale, we generated $73.4 million in orders (1.4x oversubscribed). The transaction was priced in a very challenging market and was successful due to a focused marketing effort and Ramirez & Co.'s willingness to underwrite unsold bonds. $16,310,000, City of Brawley, Taxable Pension Obligation Bond, Series 2017 Ramirez & Co. Role: Sole Manager ■ Relevance to Santa Ana: Evidence that Ramirez & Co. was one of the first underwriters of POBs. ■ POBs refinanced the City's existing CalPERS obligation and shortened the overall final maturity from 25 years to 15 years. One of the first California POBs to be structured with a 10-year par call.