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City of Santa Ana
<br /> Proposal for Financial Advisory and Dissemination Agent Services August 8, 2025
<br /> bonds, private placements, and water revenue bonds.This deep level of activity provides us with up-to-date insight
<br /> into market trends, challenges, and opportunities,which we believe significantly enhances the services we offer to
<br /> our clients.
<br /> In addition to our core financing services, UFI offers clients integrated support for post-issuance compliance, long-
<br /> term financial forecasting,fiscal sustainability planning,and pension liability strategies.Cities that engage us across
<br /> multiple service areas benefit from the continuity,efficiency,and holistic understanding we bring by working closely
<br /> with their full financial picture in mind.
<br /> Over the next 24 to 36 months,we understand the City may evaluate the feasibility of issuing or refunding debt for
<br /> a variety of purposes, including water and sewer capital projects, street improvements, pension obligation bonds,
<br /> and assessment district financings.UFI has deep experience in each of these areas,and we have outlined our relevant
<br /> expertise below to demonstrate how we are well positioned to support the City in these potential efforts,
<br /> General Fund Financings
<br /> Since 2020, the firm has closed 130 California financings secured by general fund revenues. Our general fund
<br /> financing experience has included various structures, including real property lease transactions, pension obligation
<br /> bonds, certificates of participation, equipment leases, new money transactions and refundings for cities, special
<br /> districts and school districts throughout the State. The team assigned has completed a number of recent general
<br /> fund lease engagements for the Cities of Ontario, Lake Elsinore, Encinitas, and Orange and recently completed an
<br /> inaugural lease transaction for the City of Eastvale.
<br /> Water and Wastewater Financings
<br /> The assigned team has broad experience assisting issuers across California with water and wastewater-related
<br /> financings, as well as strategic advisory assignments. Recent relevant engagements include water and sewer
<br /> financings for the Cities of Ontario, Beaumont, and Covina, along with transactions for Diablo Water District,
<br /> Rowland Water District,Walnut Valley Water District,and the Water Replenishment District of Southern California.
<br /> Additionally,Michael Busch brings valuable industry perspective as a founding board member of the California Utility
<br /> Executive Management Association (CUEMA), an organization dedicated to supporting General Managers in the
<br /> water sector.
<br /> Land Secured Financings
<br /> We offer deep and specialized experience in land-secured financing. In the past five years, UFI has closed more than
<br /> $440 million in land secured bonds, ranking us as the third most active firm in California. Our experience spans a
<br /> wide variety of developer types for CFDs,as well as assessment district financings. Notably,we have completed four
<br /> utility undergrounding assessment district financings for the City of Newport Beach since 2020. In addition,we take
<br /> an active role in monitoring outstanding bonds and keeping our clients apprised of possible refunding opportunities.
<br /> For example,we recently completed multiple pooled CFD refundings for the Cities of Beaumont,Oceanside and Lake
<br /> Elsinore.
<br /> Our Experience with the City
<br /> We are honored to have served as the City of Santa Ana's municipal advisor for the past 12 years,providing strategic
<br /> analysis, advising on more than $600 million in transactions, and assisting the City with post-issuance compliance
<br /> since 2015. Our transaction work with the City during this time has spanned various credits, including pension
<br /> obligation bonds,water refunding bonds,tax allocation bonds, as well as a refunding of the City's gas tax bonds,as
<br /> summarized in the table below. In connection with the gas tax bond refinancing, UFI led a successful process that
<br /> resulted in the State Controller's Office approval of the refunding,a significant procedural milestone.Most recently,
<br /> UFI was engaged by the City to evaluate the feasibility of a $40 million financing to support a new entertainment
<br /> facility proposed by the MainPlace Mall developer. The project is part of a major redesign and renovation of the
<br /> MainPlace property,which is expected to provide a long-term revenue stream to the City while delivering a much-
<br /> needed regional entertainment venue.
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