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SANTA ANA <br />Why Refinance Pension Debt? <br />City's pension cost grows faster than City revenue <br />• Estimated to grow 40% over the next 7 years <br />• City can refinance pension debt at 3-4%, vs. the 7% <br />charged by CaIPERS <br />• Refinancing can help create more predictable level <br />debt payments <br />IF CaIPERS outperforms assumptions consistently <br />over the next 20+ years, the City could pay more with <br />refinancing <br />�VUFI — <br />