Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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Since 2010, BofA has served as a co -manager on $1.5 billion of pension obligation financings. Recently, we were a co -manager for the County of Riverside's $720 million 2020 POBs and the City of Torrance's $350 million 2020 pension financing (which utilized a Lease Revenue Bond structure). We also are co -manager on the City of Huntington Beach's pending $363 million POB offering that is expected to price next week. Furthermore, throughout the careers of each banking team member, we have worked on a broad range of municipal pension bond financings in California and elsewhere as summarized on the prior page. Our extensive and recent experience provides us with valuable insights into investors' and rating agencies' thoughts regarding pension financings, which will enable us to best serve the City — especially with respect to timing, credit and structuring strategies. In Appendix A we include all of BofA's senior managed and co - managed experience with California pension -related financings dating back to 2010. 13 gKDFA Cityof Downey, CA Y: City of El Cajon, CA Y 1 City of Gardena, CA Y City of Azusa, CA Y City of Riverside. CA Muskegon county, MI Kansas Development Eina ri c e Authority City of Pasadena, CA 111 1 111 1 •1 111 E E 111 111 1 111 11 :1 111 .1 111 Taxable Pension Taxable Pension Taxable Pension Taxable Pension Taxab le Pension 0Aat!-Bonds, Limited Tax GO Pension Revenue Bonds (State of Taxah le Pension Obligation Bonds, Obligation Bonds, Obligation Bonds, Obligation Bonds, 2020 SeriesA Oh ligation Bonds, Kansas—KPERS). Ob ligation Ref Bonds, Series 2021 Series 2021A Series 2020 Series 2020 Series 2018 Series 2015H(Taxahle) Series 2015 BofA SECURITIES _�/ BOfA SECURITIES _�/ BofA SECURITIES_�� BOfA SECURITIES_�� BRfA SECURITIES '// B e rA SECURITIES`5/ Il SECU RI TI ES "// BefASE[u RITES February 2021 January 2021 November 2020 July 2020 June 2020 ❑ecemher2018 August2015 A ri I2015 ii. A description of the size of the firm's governmental staff and the firm's experience with governmental agencies of a similar size, nature, and scope. Emphasis should be placed on assignments undertaken within the past three (3) years and on engagements undertaken by the personnel proposed to be assigned to this agreement. Municipal Banking and Markets Group. BofA Securities' Municipal Banking and Markets group ("MBAM") is a fully integrated division that includes public finance investment banking, sales, trading, underwriting as well as commercial bank products and services offered through BANA. This single, coordinated business unit with approximately 370 personnel provides our municipal clients with a central platform for their capital raising, credit and treasury needs. This integrated platform facilitates streamlined coverage for the City led by public finance bankers who coordinate the delivery of both capital markets and bank/on-balance sheet products. We believe this is a distinguishing factor and one that separates BofA from its peers. Large, High Profile California Taxable General Fund Financing Experience. BofA, and the personnel assigned to the City's coverage team, boasts a strong history with structuring taxable general fund financings for a multitude of local agencies, being the top -ranked underwriter of national taxable lease revenue bond ("LRB") and certificates of participation ("COP") financings since 2010 with $3.3 billion in senior managed par. Notably, in the COVID-19 era, BofA led important LRB financings for the City of San Jose ($147 million 2020E LRBs), the City of Los Angeles ($165.6 million 2020B LRBs), and the City of San Diego ($60.7 million 2020 LRBs). These offerings were senior managed Holly Vocal and Jeff Bower, the primary and secondary contacts assigned to the City. Furthermore, we are a leading underwriter of pension obligation financings as detailed further in Question 4. iii. Name and contact information of the primary and secondary Project Managers to be assigned to the engagement. Primary Contact. Holly Vocal, a Managing Director in our San Francisco office, with Project more than 17 years of public finance experience will serve as the primary contact for Contact Information the City's offering. As lead banker on recent POB financings for the cities of Azusa, Holly Vocal Gardena and Downey, in addition to large taxable general fund financings for the Managing Director City of San Jose, Holly is well versed on the key credit considerations for California (415) 913-2327 general fund obligations as well as the specifics of structuring and marketing hollv.vocal@bofa.com California POBs. Secondary Contact. Jeff Bower, a Managing Director in our Los Angeles office will Jeffrey Bower leverage his 30+years of public finance experience to serve as co -lead banker for the Managing Director City and provide senior oversight and direction to the team. Jeff's POB financing (213) 345-9580 experience includes transactions for the cities of Long Beach, Gardena and ieffrev.Bower@bofa.com Manhattan Beach as well as the counties of Sacramento, San Bernardino, San Diego and Sonoma. Page 2 BofA SECURITIES 1