Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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Component $/Bond $ Amount Component $/Bond $ Amount Average Takedown $1.750 $1,174,250.00 Underwriter's Counsel $0.037 $25,000.00 Management Fee - - i-Deal Expenses Z 0.100 67,178.92 Expenses 0.141 94,578.92 Out of Pocket s 0.001 500.00 Total Gross Spread $1.891 $1,268,828.92 DTC Service Fees 0.001 800.00 (1) Assumes paramount of $671 million. C U S I P Charge 0.002 1,100.00 (2) Assumes 2 syndicate members; includes use of i-Deal Gameday order monitor. Total Expenses $0.141 $94,578.92 (3) We would request expense reimbursement for rating agency presentation, investor meetings and/or pricing at locations other than in the City. Underwriters' Counsel. BofA Kevin Hale Craig Scully Arto Becker would recommend the Orrick Herrington & Sutcliffe Katten Muchin Rosenman Hawkins Delafield & Wood individuals listed to the (213) 612-2356 (212) 940-8557 (213) 236-9070 right. Each carries decades' khale@orrick.com craig.scully@katten.com abecker@hawkins.com worth of public finance experience and has a strong working relationship with our proposed banking team having served as underwriters' counsel on previous taxable POB sales that we have senior managed. Please reference Appendix G for executed copies of the requested certificates. Contractor shall provide three (3) references from public agency customers for which actuarial work similar to services specified in this RFP have been performed, including contact names and telephone numbers, and types of services your firm has provided. Use Attachment A — References. Below are three additional references for which our team has senior managed taxable California financings. S.ANJOSF Nikolai Sklaroff SAID Lakshmi Kommi Clay Schoen Deputy Debt Director DIEGO Debt Director Director of Finance (408) 535-7832 (619) 236-6928 (619) 441-1668 nikolai.sklaroff@sanjoseca.gov Ikommi@sandiego.gov cschoen@cityofelcajon.us $355.620 million $60.745 million $147.210 million Lease Revenue Bonds, Lease Revenue Bonds, Pension Obligation Bonds, Series 2020A (Taxable) Series 2020A (Taxable) Series 2021A (Taxable) Primary: Holly Vocal Primary: Jeffrey Bower Primary: Jeffrey Bower Secondary: Jeffrey Bower Secondary: Holly Vocal Secondary: Geoffrey Sauers Capacity10. Financial Proposer may be requested to submit its most recent audited financial statement, evidencing Proposer's financial capacity to fully perform the required services, including provision of equipment and personnel expenses over a ninety (90) day period. Bank of America's audited financial statements may be found at:.http://investor.bankofamerica.com/ 11. Insurance The selected Proposer shall provide the required evidence of insurance coverage as set forth in the standard agreement within ten (10) business days after receipt of Notice of Intent to Award. Contractor must maintain, for the duration of its contract, insurance coverages as required by the City. We have provided evidence of sufficient insurance coverage under Appendix D. ProposerQuestionnaire Within the past 36 months, has your firm and/or any of its principals been the subject of any investigation relating to the municipal securities industry by the SEC, FINRA, NYSE, or any other State or Federal organization that oversees, regulates, licenses or is otherwise responsible for the municipal securities industry? Please reference our response to Question 3 xiii above. Within the past 36 months, has your firm and/or any of its principals been involved in any litigation, arbitration, disciplinary or other actions arising from the firm's underwriting, management or handling of municipal securities? Please reference our response to Question 3 xiii above. Does there exist any relationship between your firm and any other non-affiliated firm(s) or individuals involving any compensation arrangement that may be associated with your possible engagement to assist with the City's proposed debt issue? Please reference our response to Question 3 ix above. 1 Page 14 BofA SECURITIES ��