Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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z z Ln LL O i' RAMIREL iv. Indicate level of commitment of each of the assigned key personnel and how you will ensure the accessibility of key personnel to the City during this engagement. Commitment of Key Personnel. The two recent financings Ramirez & Co. completed for the City in 2018 and 2019 were not in response to an RFP. Both were generated by our banking team combing through the City's CAFR, doing extensive analyses and thinking 'outside the box' to solve problems. Few, if any, firms responding to this RFP have dedicated the time, resources or paid attention to the City like Ramirez & Co. Importantly, in October of 2019 Ramirez & Co. was the first to present POB data to the City. Our team has presented subsequent POB analyses in November 2019, February 2020, March 2020 and June 2020. In the height of the COVID-19 shutdown, our team developed the Ramirez Cash Flow Protection Program to help preserve liquidity. Importantly, we have provided a weekly market update since 2020. Accessibility of Key Personnel. Raul Amezcua (213-605-5120) and Michael Mejia (510-364-1423) are available 24 hours a day, seven days a week. Additionally, Raul Amezcua, a resident of Orange County, and Michael Mejia live minutes away from the City. We make our firm commitment that no other transaction will take priority over this assignment. We will not plan vacation or time off until this financing is completed. And, we will be present at every single working group call/meeting and council presentation. v. Resumes for the professional staff assigned to the engagement. Include a brief biography of each person specifically addressing experience relevant to the City's proposed financing. A discussion of educational background and relevant experience of the Partner, Supervisor(s) and Staff which will be assigned to this engagement as well as their assigned responsibilities under the proposal shall be included. Most Experienced California POB Team. Ramirez & Co.'s proposed team is the most experienced POB financing team in California. No other firm has successfully completed more POB transactions in California in the last three years (note: we use three years as a benchmark because all deals prior to 2017 included a make -whole call option which severely restricted long-term flexibility). The table below lists the individuals who will work on the City's POB financing. Resumes with contact information are provided in Appendix D. Raul Amezcua Senior Managing Director Michael Mejia Senior Vice President Fernando Guerra Managing Director Tiffany Lee Vice President Esther Feliz Analyst Arthur Chan Managing Director Patty McGrorry Managing Director John Young Managing Director Peter Block Managing Director 30+years Lead Banker and Project Manager 15+years Day -to -Day Banking 31+years Project Support 4+years Banking Support 1+year Analytical Support 33+years Quantitative Support 19+years Lead Underwriter 45+years Co -Lead Underwriter 20+ years Credit Specialist/Former S&P Analyst vi. A description of the Proposer's experience in providing similar services to those requested in this RFP. Ramirez & Co. has senior managed 26% of all POBs issued by California cities since. Since the statewide shut -down in March 2020, Ramirez & Co. has underwritten 26% of all California POBs issued by cities (5 of 19 deals total). It is important to note that all POBs senior managed by Ramirez & Co. have been responsibly structured by including a 10-year par call. We have included a list of all California City POBs issued since 2017 in Appendix E. We also include case studies for five California POBs in Appendix E. POB experience in California is more important than experience in other states because understanding and telling the City's credit story — to both S&P and investors - is critical to the success of the transaction. 4