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City of Santa Ana
<br />Pension Obligation Bonds
<br />Scenario 1 - Base Case
<br />Amounts in $000s
<br />Fiscal Year
<br />Prior UAL
<br />Unrefunded UAL
<br />Debt Service
<br />Savings
<br />PV Savings
<br />2022
<br />30,102.970
<br />(20,101.875)
<br />10,001.095
<br />10,228.354
<br />2023
<br />32,859.777
<br />(8,714.823)
<br />(14,142.800)
<br />10,002.154
<br />9,262.533
<br />2024
<br />34,658.621
<br />(8,921.068)
<br />(15,732.778)
<br />10,004.776
<br />8,698.245
<br />2025
<br />36,539.766
<br />(9,145.142)
<br />(14,781.688)
<br />12,612.936
<br />10,169.264
<br />2026
<br />37,618.460
<br />(9,396.634)
<br />(13,610.640)
<br />14,611.186
<br />10,958.434
<br />2027
<br />38,626.535
<br />(9,655.041)
<br />(12,494.502)
<br />16,476.993
<br />11,510.435
<br />2028
<br />39,277.376
<br />(9,535.597)
<br />(11,732.798)
<br />18,008.981
<br />11,734.926
<br />2029
<br />40,331.072
<br />(9,797.826)
<br />(16,168.976)
<br />14,364.270
<br />8,839.896
<br />2030
<br />41,413.745
<br />(10,067.266)
<br />(15,148.366)
<br />16,198.113
<br />9,281.639
<br />2031
<br />42,526.191
<br />(542.386)
<br />(23,876.016)
<br />18,107.789
<br />9,809.426
<br />2032
<br />41,252.450
<br />(0.000)
<br />(28,274.913)
<br />12,977.537
<br />6,705.450
<br />2033
<br />40,901.314
<br />(28,783.166)
<br />12,118.149
<br />5,878.395
<br />2034
<br />38,136.543
<br />(31,242.173)
<br />6,894.370
<br />3,279.448
<br />2035
<br />37,098.073
<br />(32,322.108)
<br />4,775.965
<br />2,229.297
<br />2036
<br />35,366.637
<br />(33,847.220)
<br />1,519.417
<br />881.809
<br />2037
<br />32,304.070
<br />(32,299.443)
<br />4.627
<br />279.624
<br />2038
<br />31,097.606
<br />(31,095.759)
<br />1.847
<br />254.231
<br />2039
<br />29,411.205
<br />(29,408.322)
<br />2.883
<br />227.983
<br />2040
<br />28,205.137
<br />(28,203.269)
<br />1.868
<br />208.544
<br />2041
<br />27,607.244
<br />(27,605.767)
<br />1.477
<br />192.682
<br />2042
<br />19,934.922
<br />(19,931.419)
<br />3.503
<br />130.985
<br />2043
<br />20,532.663
<br />(20,530.707)
<br />1.956
<br />128.232
<br />2044
<br />18,731.244
<br />(18,726.201)
<br />5.043
<br />112.658
<br />2045
<br />4,558.752
<br />-
<br />4,558.752
<br />931.800
<br />2046
<br />1,158.317
<br />1,158.317
<br />221.279
<br />2047
<br />104.981
<br />-
<br />104.981
<br />18.744
<br />2048
<br />-
<br />-
<br />-
<br />2049
<br />-
<br />-
<br />2050
<br />2051
<br />-
<br />Cash On Hand 3.646 3.646
<br />Total 780,355.670 (75,775.783) (520,060.903) 184,522.630 122,177.961
<br />BofA Securities - Preliminary Analysis 3/10/2021 Page 11 of 18
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