Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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STIFEL CITY OF SANTA ANA Proposal to Provide Underwriting Services TABLE OF CONTENTS 1. Cover Letter 2. Agreement Statement........................................................................... 3. Firm and Team Experience.................................................................... 4. Pension Obligation Bond Experience.................................................... 5. Distribution Capabilities........................................................................ 6. Structuring Ideas and Marketing Plan for Proposed Debt Issuance...... 7. Cost Proposal......................................................................................... 8. Certifications......................................................................................... 9. References............................................................................................. ....................................................................... 1 ....................................................................... 1 ....................................................................... 5 ....................................................................... 7 ....................................................................... 8 ..................................................................... 15 ..................................................................... 15 ..................................................................... 15 Appendix A —Certifications (Attachments) and Stifel Non -Discrimination Policies Appendix B — POB Experience Since 2010 AppendixC —Team Resumes Appendix D — Most Significant Engagements Since 2016 Appendix E — Sources and Uses of Funds Appendix F — Proposer Questionnaire ************************************************************************************************************************* RFP EXEMPTION DISCLOSURE: As outlined in the SEC's Municipal Advisor Rule, Stifel, Nicolaus & Company, Incorporated ("Stifel") is providing the attached material and all information and advice contained therein in response to a request for proposals or request for qualifications (the "RFP") by a municipal issuer or obligated person with respect to a specific issue of municipal securities. Stifel has not acted, and will not act, as your municipal advisor with respect to the issuance of the municipal securities that is the subject to the RFP. Stifel is providing information and is declaring to the proposed municipal issuer and any obligated person that it has done so within the regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financial advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an underwriter, is to purchase securities for resale to investors in an arm's- length commercial transaction. Serving in the role of underwriter, Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its' own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate. These materials have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that such an offer will be provided in the future. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel as you deem appropriate. City of Santa Ana I Proposal to Provide Underwriting Services