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City of Santa Ana Proposal for Financial Advisory and Dissemination Agent Services August 8,2025 of scale,the refunding utilized a pooled issuance through the Oceanside Public Financing Authority. The Morro Hills CFD is part of the Arrowood Community Development Plan, located on the northeastern edge of the City, which includes approximately 538 gross acres, divided into 11 residential villages,a golf course,and small"Village Center" commercial area. The prior bond issues included publicly sold and privately placed loans, which were subject to optional redemption without penalty. UFI worked with the underwriter to develop a credit strategy to highlight the District's strong value-to-lien, low delinquencies, strong local economy and consistent growth in assessed values, resulting in a very strong"A+" underlying rating from 5&P. Despite volatile market conditions in November 2024 around the time of the presidential election,we were able to obtain competitive bond insurance bids and achieve a successful result that met the City's objectives.With the final pricing scale,the City achieved an all-in-true interest cost of 3.63%and net present value savings of 3.07%. Property owners are expected to save about$340 annually on average as a result of the refunding through the remaining term of the bonds. City of Encinitas f UFI was engaged by the City of Encinitas in 2024 via a competitive RFP process and currently provides both municipal advisory and post-issuance compliance services. For our first assignment,we served as municipal advisor on a $5.69 million lease revenue bond financing. Proceeds of the bonds, were used to reimburse the City for the purchase of a 1.43-acre site located at the northeast corner of Coast Highway 101 and La Costa Avenue. A significant portion of the property contains environmental constraint areas including wetland vegetation and bluffs. These sensitive areas are considered protected environmental resources under the City's General Plan and Municipal Code and will be placed in an open space easement upon any future development of the two parcels. UFI coordinated all aspects of the financing process and worked quickly to meet the City's timeline for completion. We coordinated with City staff to present the financing plan to the City Council at two meetings in March and April 2024. UFI also led the credit rating process,which resulted in affirmation of the City's top-notch "AAA"issuer rating and "AA+" appropriations rating. The bonds priced on April 24, 2024, and received strong investor demand, with $7.2 million in total orders(1,3x oversubscribed)across 19 unique accounts. Based on the strong order period, the underwriter reduced spreads on several maturities,resulting in a final TIC of 4,02%. City of Lake Elsinore - Since 2014, UFI has provided Municipal Advisory Services to the City of Lake Elsinore on dozens of land secured financings, lease revenue bonds, tax allocation bonds, and private placements. Beyond transactional support, we have also acted as a strategic partner to the City — providing non-financing services such as long-term financial forecasting, pension and ©PEB studies, ` Enhanced Infrastructure Financing District (EIFD) formation, Affordable Housing/AB 341 analysis, and broader economic development initiatives. In 2022,UFI served as the municipal advisor on the City's issuance of$23.7 million of lease revenue bonds to finance construction costs of a new City Hall,which will further enhance the City's historic downtown and house City Council chambers, administrative office space, multi-purpose and retail space, and outdoor amenities with connection to the existing City Hall building. UFI worked with the City to explore various funding options and ultimately it was decided that issuing lease revenue bonds was the optimal method of financing, Because of inflationary fears as well as expected increases in interest rates,the City accelerated the financing. UFI worked expeditiously to put together a financing schedule and coordinate next steps.On 6/1,S&P upgraded the City's lease revenue bonds to "A+"from "A" as a result of the City's consistent economic growth and strong reserve levels.The lease revenue bonds closed in June 2022 at a favorable true interest cost of 4.57%.The timing of the transaction proved to be advantageous to the City,as yields rose by as much as 150 basis points across the curve in the following months. 9U 8