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BLXO
<br />July 2, 2014
<br />City of Santa Ana
<br />20 Civic Center Plaza
<br />Santa Ana, CA 92701
<br />Re: Arbitraee Rebate Compliance Services
<br />Ladies and Gentlemen:
<br />On behalf of BLX Group LLC ( "BLX "), formerly known as Bond Logistix LLC, a wholly -owned subsidiary
<br />of Orrick, Herrington & Sutcliffe LLP ("Orrick"), I am pleased to submit this proposal to provide arbitrage
<br />rebate compliance services to City of Santa Ana. As evidenced below, the number and scope of our
<br />engagements, coupled with unmatched technical and regulatory expertise, provides a strong argument for BLX
<br />being the nation's premier provider of arbitrage rebate, yield restriction and related post- issuance compliance
<br />services.
<br />Highlights of our qualifications include
<br />♦ Technical and Financial Proficiency: BLX numbers 48 finance professionals with senior BLX consultants
<br />averaging over 20 years of experience in arbitrage compliance and public finance. In contrast to those that
<br />view arbitrage compliance as an after - the -fact data entry or accounting function, BLX professionals
<br />thoroughly understand the legal, economic, and technical aspects of debt offerings and investment
<br />instruments. This expertise allows us to accommodate even the most unusual and complex circumstances and
<br />to apply beneficial analytical alternatives when available. BLX consultants are recruited from strong
<br />educational and occupational backgrounds and undergo rigorous financial, technical, and regulatory training
<br />by nationally recognized experts in these fields.
<br />♦ Tax Regulatory Expertise: Accurately interpreting and applying federal tax laws, rules, and regulations to
<br />arbitrage rebate and most other aspects of municipal borrowings is essential both for avoiding outright errors
<br />and for maximizing "retainable" earnings in what is essentially an after tax investment environment. Orrick,
<br />has been providing quality legal services to municipal issuers, underwriters, and trustees for close to one
<br />hundred (100) years and has been ranked first nationally as bond counsel for most of the last decade. BLX
<br />delivers an Orrick legal opinion with each completed BLX arbitrage report which attests that the analysis
<br />was prepared in accordance with applicable federal tax laws, rules, and regulations.
<br />♦ Relevant Experience: BLX has provided arbitrage compliance services for over 20,000 bond issues since its
<br />origination as Orrick's Financial Services Group in 1989 including preparing over 65,000 comprehensive
<br />analyses since inception. This level of direct and related experience in addition to Orrick's overall public
<br />finance resources, means that (1) BLX seldom encounters circumstances, documents, or investment records
<br />with which we need any substantial help from the Issuer or its counsel or consultants, and (2) BLX is able to
<br />address non - arbitrage opportunities and problems with favorable results.
<br />♦ Depth of Resources: Supplementing Orrick's tax and BLX's technical resources are the firm's overall
<br />commitments to public finance and outstanding client service. Orrick is a nationally prominent law firm
<br />engaged in the practice of corporate, municipal, and commercial law. Founded in 1863, Orrick presently has
<br />more than 1,100 attorneys and 700 other employees in Los Angeles, Orange County, San Francisco,
<br />Sacramento, Silicon Valley, Pacific Northwest, New York, Washington D.C., Hong Kong, Taipei, Tokyo,
<br />Moscow, London, Paris, Milan, and Rome. Orrick's tax, validity, and other legal opinions are accepted
<br />throughout the country.
<br />/BLX Group 777 S Figueroa Street, Suite 3200 Los Angeles, CA 90017 /ph. 213- 612 -2200 f. 213 - 612 - 2499 /blxgroup.com
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