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City of Santa Ana <br />Pension Obligation Bonds <br />Scenario 1 - Base Case <br />Amounts in $000s <br />Miscellaneous Safety <br />Total <br />Sources: <br />Par Amount <br />359,405.000 <br />359,405.000 <br />Premium / (Discount) <br />- (0.000) <br />(0.000) <br />Other Sources <br />- <br />- <br />Total Sources <br />- 359,405.000 <br />359,405.000 <br />Uses: <br />FY22 UAL Prepayment <br />29,101.640 <br />29,101.640 <br />POB Deposit <br />328,682.392 <br />328,682.392 <br />Capitalized Interest <br />- - <br />- <br />Underwriter's Discount <br />- 808.661 <br />808.661 <br />Costs of Issuance <br />- 808.661 <br />808.661 <br />Additional Proceeds <br />- 3.646 <br />3.646 <br />Total Uses <br />- 359,405.000 <br />359,405.000 <br />Average Life <br />14.8 years <br />14.8 years <br />TIC <br />3.009% <br />3.009% <br />All -in TIC <br />3.028% <br />3.028% <br />Bond Structure <br />Dated Date <br />7/15/2021 <br />First Payment <br />6/1/2022 <br />First Maturity <br />6/1/2022 <br />Final Maturity <br />6/1/2044 <br />Capitalized Interest Until <br />Bond Components <br />Structure <br />Par Amount <br />Coupon <br />Price <br />Final Maturity <br />Avg. Life <br />Serials <br />176,600.000 <br />2.545% <br />100.000 <br />6/1/2036 <br />10.5 years <br />Term Bond 1 <br />182,805.000 <br />3.260% <br />100.000 <br />6/1/2044 <br />19.1 years <br />Term Bond 2 <br />- <br />100.000 <br />1/0/1900 <br />Total <br />359,405.000 <br />3.013% <br />100.000 <br />6/1/2044 <br />14.8 years <br />BofA Securities - Preliminary Analysis 3/10/2021 Page 3 of 18 <br />