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RAMIREL
<br />Experience with large cities (population greater than 250,000): Since 2010, Ramirez & Co. has
<br />underwritten 285 issues totaling $86.2 billion for cities with a population greater than 250,000 (26
<br />individual cities are listed below). Appendix C includes a comprehensive list.
<br />Atlanta, GA Colorado Springs, CO Indianapolis, IN NY, NY Santa Ana, CA
<br />Austin, TX Corpus Christi, TX Jacksonville, FL Orlando, FL Yonkers, NY
<br />Buffalo, NY Dallas, TX Kansas City, MO Philadelphia, PA
<br />Charlotte, NC Denver, CO Los Angeles, CA Pittsburgh, PA
<br />Chicago, IL El Paso, TX Memphis, TN San Antonio, TX
<br />Cleveland, OH Houston, TX New Orleans, LA San Francisco, CA
<br />Most important experience: the City of Santa Ana: Our team successfully underwrote the City's last two
<br />refinancings. Each transaction had significant challenges that required a banking effort above and beyond
<br />the traditional underwriting assignment and our team delivered better than expected results.
<br />$72,310,000, Successor Agency (City of Santa Ana), Tax Allocation Refunding Bonds, Series
<br />2018A & B (Taxable) Ramirez & Co. Role: Senior Manager
<br />Identified an opportunity others missed, delivered a two notch rating upgrade and greater savings: In
<br />2014 the City engaged a competitor firm to refund redevelopment bonds but the refinancing was
<br />"shelved" when savings fell below minimum threshold levels. In 2018, Ramirez & Co. informed the City
<br />that adding refunding candidates, excluded from the RFP, would substantially increase savings. Based on
<br />our analysis, the City engaged Ramirez & Co. to move forward with the improved refunding structure. We
<br />worked with staff to successfully secure a two notch rating upgrade, from 'A+' to 'AA,' and reduced the
<br />City's issuance cost by $545,000 (the higher rating eliminated the need for bond insurance). The final
<br />structure generated $3.6 million of cash flow savings to the City's general fund in the first year and $14.6
<br />million of savings to other public agencies. Savings were critical to sustain the City's FY19/FY20 budgets.
<br />$44,650,000, City of Santa Ana, Gas Tax Refunding Bonds, Series 2019
<br />Ramirez & Co. Role: Senior Manager
<br />Marshaled statewide strategy to solve complex policy problem, delivered rating upgrade and better
<br />than expected savings: In 2007, the City issued its 20007 Gas Tax Bonds to fund street improvements.
<br />Subsequently, the State Controller's Office ("SCO") restricted the use of this financing structure. Due to
<br />concerns of a possible audit from the SCO's office, the City decided not refinance the 2007 Gas Tax Bonds.
<br />Ramirez & Co. coordinated a statewide strategy to allow the City to refinance its 2007 Gas Tax Bonds. To
<br />minimize the SCO audit risk, we engaged cities across three counties to secure pre -approval from the SCO
<br />to refinance the Gas Tax Bonds issued by the City and the cities of Coachella and Oxnard. Our team also
<br />secured a three notch rating upgrade, from 'A-' to 'AA-', which reduced issuance cost by $170,000 and
<br />increased cash flow savings by $1.2 million. Through an aggressive marketing campaign, Ramirez & Co.
<br />generated strong investor demand producing higher savings than all prior estimates. Moreover, Ramirez
<br />& Co. put its capital at risk by underwriting $1.3 million of unsold bonds to preserve low interest rates.
<br />These efforts resulted in $18.8 million in cash flow savings and $11.2 million or 20.18% in NPV savings.
<br />iii. Name and contact information of the primary and secondary Project Managers to be assigned to the engagement..
<br />Raul Amezcua
<br />Senior Managing Director
<br />(213) 605-5120
<br />raul.amezcua@ramirezco.com
<br />i'
<br />Michael Mejia
<br />Senior Vice President
<br />(510) 364-1423
<br />michael.mejia@ramirezco.com
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