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RAMIRE2
<br />UAL
<br />Amort
<br />Balance
<br />Savings
<br />Avg. Ann
<br />Ranking
<br />Base
<br />Reason
<br />Year
<br />Ramp
<br />Period
<br />6/30/2021
<br />PV ($)
<br />PV (%)
<br />Cash Flow
<br />Savings
<br />PV
<br />CIF
<br />n.
<br />(Gain)/Loss
<br />2015
<br />100%
<br />26
<br />32,611,483
<br />16,250,386
<br />49.8%
<br />23,709,074
<br />911,887
<br />3
<br />7
<br />0.
<br />Assump Change
<br />2016
<br />80%
<br />17
<br />16,268,114
<br />5,887,188
<br />36.2%
<br />7,267,246
<br />427,485
<br />23
<br />17
<br />P.
<br />(Gain)/Loss
<br />2016
<br />80%
<br />27
<br />37,941,296
<br />19,751,548
<br />52.1%
<br />29,328,504
<br />1,086,241
<br />1
<br />6
<br />q.
<br />Assump Change
<br />2017
<br />60%
<br />18
<br />13,723,657
<br />5,328,054
<br />38.8%
<br />6,711,977
<br />372,888
<br />21
<br />18
<br />r.
<br />(Gain)/Loss
<br />2017
<br />60%
<br />28
<br />(21,124,364)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />s.
<br />Method Change
<br />2018
<br />40%
<br />19
<br />6,357,217
<br />2,660,981
<br />41.9%
<br />3,434,492
<br />180,763
<br />17
<br />26
<br />t.
<br />Assump Change
<br />2018
<br />40%
<br />19
<br />30,754,017
<br />12,880,343
<br />41.9%
<br />16,623,473
<br />874,920
<br />15
<br />13
<br />U.
<br />(Gain)/Loss
<br />2018
<br />40%
<br />29
<br />(12,919,487)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />v.
<br />AL SIG INC
<br />2019
<br />None
<br />20
<br />145,398
<br />52,214
<br />35.9%
<br />66,233
<br />3,312
<br />25
<br />33
<br />W.
<br />(Gain)/Loss
<br />2019
<br />None
<br />20
<br />3,048,449
<br />1,202,280
<br />39.4%
<br />1,577,908
<br />78,895
<br />20
<br />31
<br />X.
<br />(Gain)/Loss
<br />2019
<br />20%**
<br />20
<br />3,822,184
<br />1,735,387
<br />45.4%
<br />2,333,055
<br />116,653
<br />10
<br />30
<br />Y.
<br />Fresh Start
<br />2005
<br />None
<br />16
<br />(2,854,990)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />z.
<br />Benefit Change
<br />2006
<br />None
<br />6
<br />1,718,764
<br />293,127
<br />17%
<br />305,933
<br />50,989
<br />34
<br />32
<br />aa.
<br />Assump Change
<br />2009
<br />None
<br />10
<br />14,943,657
<br />3,870,796
<br />26%
<br />4,288,783
<br />428,878
<br />31
<br />24
<br />ab.
<br />Sp (Gain)/Loss
<br />2009
<br />None
<br />20
<br />31,977,596
<br />13,716,228
<br />43%
<br />18,206,019
<br />910,301
<br />13
<br />30
<br />ac.
<br />Sp(Gain)/Loss
<br />2010
<br />None
<br />21
<br />(11,794,554)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />ad.
<br />Assump Change
<br />2011
<br />None
<br />12
<br />16,001,458
<br />4,753,065
<br />30%
<br />5,447,402
<br />453,950
<br />29
<br />22
<br />ae.
<br />Sp (Gain)/Loss
<br />2011
<br />None
<br />22
<br />(4,374,826)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />af.
<br />Pymt (Gain)/Loss
<br />2012
<br />None
<br />23
<br />8,240,551
<br />3,926,172
<br />48%
<br />5,499,297
<br />239,100
<br />6
<br />21
<br />ag.
<br />(Gain)/Loss
<br />2012
<br />None
<br />23
<br />74,450,415
<br />35,485,171
<br />48%
<br />49,716,864
<br />2,161,603
<br />5
<br />3
<br />ah.
<br />(Gain)/Loss
<br />2013
<br />100%
<br />24
<br />140,663,232
<br />65,565,678
<br />47%
<br />92,321,103
<br />3,846,713
<br />8
<br />1
<br />al.
<br />Assump Change
<br />2014
<br />100%
<br />15
<br />53,834,472
<br />17,324,402
<br />32%
<br />20,598,573
<br />1,373,238
<br />26
<br />9
<br />aj.
<br />(Gain)/Loss
<br />2014
<br />100%
<br />25
<br />(84,294,374)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />ak.
<br />(Gain)/Loss
<br />2015
<br />100%
<br />26
<br />59,710,283
<br />29,752,401
<br />50%
<br />43,402,881
<br />1,669,342
<br />4
<br />4
<br />al.
<br />Assump Change
<br />2016
<br />80%
<br />17
<br />19,877,718
<br />7,193,291
<br />36%
<br />8,880,592
<br />522,388
<br />24
<br />15
<br />am.
<br />(Gain)/Loss
<br />2016
<br />80%
<br />27
<br />50,404,089
<br />26,236,343
<br />52%
<br />38,955,563
<br />1,442,799
<br />2
<br />5
<br />an.
<br />Assump Change
<br />2017
<br />60%
<br />18
<br />22,905,190
<br />8,892,503
<br />39%
<br />11,202,422
<br />622,357
<br />20
<br />14
<br />ao.
<br />(Gain)/Loss
<br />2017
<br />60%
<br />28
<br />(32,653,354)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />ap.
<br />Method Change
<br />2018
<br />40%
<br />19
<br />5,325,258
<br />2,227,626
<br />42%
<br />2,875,010
<br />151,316
<br />18
<br />27
<br />aq.
<br />Assump Change
<br />2018
<br />40%
<br />19
<br />38,800,765
<br />16,249,631
<br />42%
<br />20,969,967
<br />1,103,682
<br />16
<br />8
<br />ar.
<br />(Gain)/Loss
<br />2018
<br />40%
<br />29
<br />(1,474,209)
<br />-
<br />-
<br />-
<br />-
<br />-
<br />-
<br />as.
<br />(Gain)/Loss
<br />2019
<br />None
<br />20
<br />5,185,187
<br />2,047,661
<br />39%
<br />2,685,965
<br />134,298
<br />19
<br />29
<br />at.
<br />(Gain)/Loss
<br />2019
<br />20%
<br />20
<br />4,463,871
<br />2,026,470
<br />45%
<br />2,725,042
<br />136,252
<br />11
<br />28
<br />Optimal POB Size and Bases. Based on the City's current credit profile, the priority at the moment is to
<br />maximize cash flow savings and minimize interest cost (particularly in the "front-end" of the amortization
<br />structure). To accomplish this goal, and also best meet the City's needs, we prioritize UAL bases with the
<br />highest cash flow savings that have fully amortized (i.e. no additional "Ramp -Up"). An example of this is
<br />that our model replaced UAL base "am" (ranked 5) in favor of bases "aa and ab" (ranked 24 and 10).
<br />Similarly, our model replaced UAL base "p" (ranked 6) in favor of bases "d and e" (ranked 16 and 12). The
<br />results of our optimized model recommend a UAL payoff amount of $627 million or approximately
<br />88.4% of the City's outstanding CalPERS UAL.
<br />Ramirez & Co. Recommended POB Structure (Detailed Cash Flow Savings Provided in Appendix H)
<br />Q $80
<br />z .o $70
<br />Q 2 $60
<br />Q $50
<br />1— 1 $40
<br />Z $30
<br />Q $
<br />to 20
<br />$10
<br />LL
<br />0 $0
<br />H
<br />U
<br />N V to 00 O N V W 00 O N V to 00 O
<br />N N N N m m rn ro M V V V V V M
<br />O O O O O O O O O O O O O O O
<br />N N N N N N N N N N N N N N N
<br />Safety Misc 88.4% POBs Current UAL
<br />Total Sources $629,845,000
<br />UAL Payoff Amount $627,866,312
<br />Costs of Issuance $1,978,688
<br />���
<br />POB Debt Service $863,288,000
<br />Cash Flow Savings $275,403,941
<br />PV Savings ($) $221,316,986
<br />PV Savings (%) 35.25%
<br />All -in TIC 2.89%
<br />TIC 2.88%
<br />11
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