HomeMy WebLinkAbout2000-01-18; City Council; 15578; Contract Approval For Municipal Golf Course531 ,A -A q- $0 5
CITY OF CARLSBAD - AGENDA BILL cy /
AH - T’TLE:
’
MTG. 01/18/00 APPROVE FIELDMAN, ROLAPP AND ASSOCIATES
DEPT. m AS FINANCIAL ADVISOR
FOR THE MUNICIPAL GOLF COURSE
RECOMMENDED ACTION:
Adopt Resolution No. d200d - 23, authorizing the Mayor to execute a contract with Fieldman,
Rolapp and Associates to provide financial advisory services to the City in the financing of the
Carlsbad Municipal Golf Course.
ITEM EXPLANATION:
On October 22, 1996, the City Council appointed Fieldman, Rolapp and Associates to act as the
advisor on the financing plan for the Carlsbad Municipal Golf Course, an 18 hole municipal golf
course. The project was put on hold before the financing plan could be developed due to
environmental considerations pending the completion of the City’s Habitat Management Plan. The
plan is now complete and has been submitted to the appropriate agencies for review. In anticipation of its approval, staff is once again assembling the team necessary to provide the financing plan for
I the project.
A financial advisor is an independent consultant who can review the proposed financing structure to
help assure that any bond issue is structured in a way that is advantageous to the City as well as fair
to the bond buyer. They will assist City staff in evaluating the financing options and structure of the
debt issue, and in coordinating the marketing and sale of the debt.
The original contract with Fieldman, Rolapp and Associates expired in October 1999; thus, a new
’ contract is necessary. Staff is recommending that we continue to use Fieldman Rolapp as the
financial advisors for the golf course debt issue. They were initially selected after soliciting proposals
~ from three well-established financial advisors. They are familiar with the project due to their previous
work, and have kept up-to-date on its progress over the last several years.
The new contract is essentially the same as the original one with the exception of an increase in the
hourly rates. The work will be done in two phases. The first phase is the structuring of the debt issue.
The not-to-exceed fees for these services is $12,500 (the same as in the original contract) and will be
paid as work is completed. The second phase of work is the marketing and sale of the debt. An
additional fee of between $20,000 and $30,000 based on the size of the bond issue will be paid when,
and if, the bonds are issued.
FISCAL IMPACT:
Total costs for the financial advisory services are estimated at $32,500 to $42,500 if the debt is
issued. The costs for phase one ($12,500) will be paid from the Golf Course Enterprise fund. There
is approximately $750,000 available in the fund.
’ The additional phase two costs will be paid from the proceeds of the debt issue. It is anticipated that
the debt issue will be repaid from greens fees and other revenues from the golf course once it is
operating. A full update on the golf course will be forthcoming in the next few months when more
information is available.
Page 2 of Agenda Bill # ,a; 578
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EXHIBITS:
1. Resolution No. &W * fP authorizing the Mayor to execute a contract with Fieldman, Rolapp
and Associates to provide financial advisory services to the City in the financing of the Carlsbad
Municipal Golf Course.
2. Professional Services Agreement between the City of Carlsbad and Fieldman, Rolapp &
Associates.
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RESOLUTION NO. 2000-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHORIZING THE
MAYOR TO EXECUTE A CONTRACT WITH
FIELDMAN, ROLAPP AND ASSOCIATES TO PROVIDE
FINANCIAL ADVISORY SERVICES TO THE CITY IN THE FINANCING OF THE CARLSBAD MUNICIPAL
GOLF COURSE
WHEREAS, the City of Carlsbad has been diligently pursuing the
construction of a municipal golf course to serve the recreational needs of the
citizens of Carlsbad; and
WHEREAS, the City of Carlsbad may elect to issue debt to
provide the financial resources necessary to fund the construction of a municipal
golf course and may need to seek the advice of a financial consulting firm with
experience in golf course funding; and
WHEREAS, on October 22, 1996, the City Council appointed
Fieldman, Rolapp and Associates to act as the advisor on the financing plan for
a municipal golf course; and
WHEREAS, Fieldman Rolapp was selected after reviewing
proposals from three different firms based on their experience in this area; and
WHEREAS, the project was on hold for several years due to
environmental issues and the contract with Fieldman Rolapp has expired; and
WHEREAS, staff recommends reentering into a contract with
Fieldman and Rolapp due to their familiarity with the project and their experience
in the field.
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad, Califomla, as follows:
1. That the above recitations are true and correct.
2. That the Mayor is hereby authorized to execute the agreement
with the firm of Fieldman Rolapp and Associates for financial advisory services
on the Carlsbad municipal golf course.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Carlsbad City Council held on the 18th day of January ,2000, by the
following vote, to wit:
Ayes: Council Members Lewis, Hall, Finnila, Nygaard and Kulchin
Noes: None
Absent: None
Al-TEST:
(SEAL)
LORRAINE M. WOOD, City Clerk
CITY OF CARLSBAD AGREEMENT WITH
FIELDMAN, ROLAPP & ASSOCIATES
THIS AGREEMENT is made and entered into as of the 22nd day of
February, 2000 , %?%!%I, by and between the CITY OF CARLSBAD, a municipal
corporation, hereinafter referred to as “City”, and FIELDMAN, ROLAPP &
ASSOCIATES, a corporation, hereinafter referred to as “Contractor.”
RECITALS
City requires the services of a financial advisor to provide the necessary services
to the City in anticipation of issuing debt to finance the construction of a municipal golf
course; and Contractor possesses the necessary skills and qualifications to provide the
services required by the City;
NOW, THEREFORE, in consideration of these recitals and the mutual covenants
contained herein, City and Contractor agree as follows:
1. CONTRACTOR’S OBLIGATIONS
The contractor shall assist the City in the analysis of various funding options,
financing structures and evaluation of the fiscal impacts of the proposed golf course
project, as described in Pages 9 through 12, of the attached proposal dated December
17, 1999 (Attachment A).
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2. CITY OBLIGATIONS
The City shall provide the contractor with the required staff time and resources
and information necessary to allow the contractor to perform his function under this
agreement.
3. PROGRESS AND COMPLETION ’
The work under this contract will begin within ten (10) days after receipt of
notification to proceed by the City and be completed within the schedule required to
bring an issue to market when required to finance the construction of the Municipal Golf
Course as determined by the Finance Director. Extensions of time may be granted if
requested by the Contractor and agreed to in writing by the Finance Director . The
Finance Director will give allowance for documented and substantiated unforeseeable
and unavoidable delays not caused by a lack of foresight on the part of the Contractor,
or delays caused by City inaction or other agencies’ lack of timely action.
4. FEES TO BE PAID TO CONTRACTOR
The total fee payable for the services to be performed shall be as described on
Page 8 of the attached proposal dated December 17,1999. No other compensation for
services will be allowed except those items covered by supplemental agreements per
Paragraph 8, “Changes in Work.” The City reserves the right to withhold a ten percent
(10%) retention until the project has been accepted by the City.
Incremental payments, if applicable, should be made as outlined in attached
Exhibit “A.”
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5. DURATION OF CONTRACT
This agreement shall extend for a period of two years from date thereof. The
contract may be extended by the City Manager for one additional one (1) year periods
or parts thereof, based upon a review of satisfactory performance and the City’s needs.
The parties shall prepare extensions in writing indicating effective date and length of the
extended contract.
6. PAYMENT OF FEES
Payment of approved items on the invoice shall be mailed to the Contractor
within 30 days of receipt of the invoice.
7. CHANGES IN WORK
If, in the course of the contract, changes seem merited by the Contractor or the
City, and informal consultations with the other party indicate that a change in the
conditions of the contract is warranted, the Contractor or the City may request a change
in contract. Such changes shall be processed by the City in the following manner: A
letter outlining the required changes shall be forwarded to the City by Contractor to
inform them of the proposed changes along with a statement of estimated changes in
charges or time schedule. A Standard Amendment to Agreement shall be prepared by
the City and approved by the City according to the procedures described in Carlsbad
Municipal Code Section 3.28.172. Such Amendment to Agreement shall not render
ineffective or invalidate unaffected portions of the agreement.
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a. COVENANTS AGAINST CONTINGENT FEES
The Contractor warrants that their firm has not employed or retained any
company or person, other than a bona fide employee working for the Contractor, to
solicit or secure this agreement, and that Contractor has not paid or agreed to pay any
company or person, other than a bona fide employee, any fee, commission,
percentage, brokerage fee, gift, or any other consideration contingent upon, or resulting
from, the award or making of this agreement. For breach or violation of this warranty,
the City shall have the right to annul this agreement without liability, or, in its discretion,
to deduct from the agreement price or consideration, or otherwise recover, the full
amount of such fee, commission, percentage, brokerage fees, gift, or contingent fee.
9. NONDISCRIMINATION CLAUSE
The Contractor shall comply with the state and federal laws regarding
nondiscrimination.
IO. TERMINATION OF CONTRACT
In the event of the Contractor’s failure to prosecute, deliver, or perform the work
as provided for in this contract, the City Manager may terminate this contract for
nonperformance by notifying the Contractor by certified mail of the termination of the
Contractor. The Contractor, thereupon, has five (5) working days to deliver said
documents owned by the City and all work in progress to the Finance Director, The
Finance Director shall make a determination of fact based upon the documents
delivered to City of the percentage of work which the Contractor has performed which is
usable and of worth to the City in having the contract completed. Based upon that
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rev. 2/26/99
finding as reported to the City Manager, the Manager shall determine the ftnal payment
of the contract.
This agreement may be terminated by either party upon tendering thirty (30)
days written notice to the other party. In the event of such suspension or termination,
upon request of the City, the Contractor shall assemble the work product and put same
in order for proper filing and closing and deliver said product to City. In the event of
termination, the Contractor shall be paid for work performed to the termination date;
however, the total shall not exceed the lump sum fee payable under paragraph 4. The
City Manager shall make the final determination as to the portions of tasks completed
and the compensation to be made.
11. CLAIMS AND LAWSUITS
The Contractor agrees that any contract claim submitted to the City must be
asserted as part of the contract process as set forth in this agreement and not in
anticipation of litigation or in conjunction with litigation. The Contractor acknowledges
that if a false claim is submitted to the City, it may be considered fraud and the
Contractor may be subject to criminal prosecution. The Contractor acknowledges that
California Government Code sections 12650 et sea., the False Claims Act, provides for
civil penalties where a person knowingly submits a false claim to a public entity. These
provisions include false claims made with deliberate ignorance of the false information
or in reckless disregard of the truth or falsity of information. If the City of Carlsbad seeks
to recover penalties pursuant to the False Claims Act, it is entitled to recover its
litigation costs, including attorney’s fees. The Contractor acknowledges that the filing of
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a false claim may subject the Contractor to an administrative debarment proceeding
wherein the Contractor may be prevented to act as a Contractor on any public work or
improvement for a period of up to five years. The Contractor acknowledges debarment
by another jurisdiction is grounds for the City of Carlsbad to disqualify the Contractor
from the selection process . +Tnitial)
The provisions of Carlsbad Municipal Code sections 3.32.025, 3.32.026,
3.32.027 and 3.32.028 pertaining to false claims are incorporated herein by reference.
Initial)
12. JURISDICTION
The Contractor agrees and hereby stipulates that the proper venue and
jurisdiction for resolution of any disputes between the parties arising out of this
agreement is San Diego County, California.
13. STATUS OF THE CONTRACTOR
The Contractor shall perform the services provided for herein in Contractor’s own
way as an independent Contractor and in pursuit of Contractor’s independent calling,
and not as an employee of the City. Contractor shall be under control of the City only
as to the result to be accomplished, but shall consult with the City as provided for in the
request for proposal. The persons used by the Contractor to provide services under this
agreement shall not be considered employees of the City for any purposes whatsoever.
The Contractor is an independent Contractor of the City. The payment made to
the Contractor pursuant to the contract shall be the full and complete compensation to
which the Contractor is entitled. The City shall not make any federal or state tax
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withholdings on behalf of the Contractor or its employees or, subcontractors. The City
shall not be required to pay any workers’ compensation insurance or unemployment
contributions on behalf of the Contractor or its employees or subcontractors. The
Contractor agrees to indemnify the City within 30 days for any tax, retirement
contribution, social security, overtime payment, unemployment payment or workers’
compensation payment which the City may be’ required to make on behalf of the
Contractor or any employee or subcontractor of the Contractor for work done under this
agreement or such indemnification amount may be deducted by the City from any
balance owing to the Contractor.
The Contractor shall be aware of the requirements of the Immigration Reform
and Control Act of 1986 and shall comply with those requirements, including, but not
limited to, verifying the eligibility for employment of all agents, employees,
subcontractors and Consultants that are included in this agreement.
14. CONFORMITY TO LEGAL REQUIREMENTS
The Contractor shall cause all drawings and specifications to conform to all
applicable requirements of law: federal, state and local. Contractor shall provide all
necessary supporting documents, to be filed with any agencies whose approval is
necessary.
The City will provide copies of the approved plans to any other agencies.
15. OWNERSHIP OF DOCUMENTS
All plans, studies, sketches, drawings, reports, and specifications as herein
required are the property of the City, whether the work for which they are made be
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executed or not. In the event this contract is terminated, all documents, plans,
specifications, drawings, reports, .and studies shall be delivered forthwith to the City.
Contractor shall have the right to make one (1) copy of the plans for its records.
16. REPRODUCTION RIGHTS
The Contractor agrees that all copyrights which arise from creation .of the work
pursuant to this contract shall be vested in City and hereby agrees to relinquish all
claims to such copyrights in favor of City.
17. HOLD HARMLESS AGREEMENT
Contractor agrees to indemnify and hold harmless the City of Carlsbad and its
officers, officials, employees and volunteers from and against all claims, damages,
losses and expenses including attorneys fees arising out of the performance of the
work described herein caused by any willful misconduct, or negligent act, or omission of
the contractor, any subcontractor, anyone directly or indirectly employed by any of them
or anyone for whose acts any of them may be liable.
18. ASSIGNMENT OF CONTRACT
The Contractor shall not assign this contract or any part thereof or any monies
due thereunder without the prior written consent of the City.
19. SUBCONTRACTING
If the Contractor shall subcontract any of the work to be performed under this
contract by the Contractor, Contractor shall be fully responsible to the City for the acts
and omissions of Contractor’s subcontractor and of the persons either directly or
indirectly employed by the subcontractor, as Contractor is for the acts and omissions of
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persons directly employed by Contractor. Nothing contained in this contract shall
create any contractual relationship between any subcontractor of Contractor and the
City. The Contractor shall bind every subcontractor and every subcontractor of a
subcontractor by the terms of this contract applicable to Contractor’s work unless
specifically noted to the contrary in the subcontract in question approved in writing by
the City.
20. PROHIBITED INTEREST
No official of the City who is authorized in such capacity on behalf of the City to
negotiate, make, accept, or approve, or take part in negotiating, making, accepting, or
approving of this agreement, shall become directly or indirectly interested personally in
this contract or in any part thereof. No officer or employee of the City who is authorized
in such capacity and on behalf of the City to exercise any executive, supervisory, or
similar functions in connection with the performance of this contract shall become
directly or indirectly interested personally in this contract or any part thereof.
21. VERBAL AGREEMENT OR CONVERSATION
No verbal agreement or conversation with any officer, agent, or employee of the
City, either before, during or after the execution of this contract, shall affect or modify
any of the terms or obligations herein contained nor entitle the Contractor to any
additional payment whatsoever under the terms of this contract.
22. SUCCESSORS OR ASSIGNS
Subject to the provisions of Paragraph 18, “Hold Harmless Agreement,” all
terms, conditions, and provisions hereof shall inure to and shall bind each of the parties
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h’ereto, and each of their respective heirs, executors, administrators, successors, and
assigns.
23. EFFECTIVE DATE
This agreement shall be effective on and from the day and year first written
above.
24. CONFLICT OF INTEREST
The City has determined, using the guidelines of the Political Reform Act and the
City’s conflict of interest code, that the Contractor will not be required to file a conflict of
interest statement as a requirement of this agreement. However, Contractor hereby
acknowledges that Contractor has the legal responsibility for complying with the
Political Reform Act and nothing in this agreement releases Contractor from this
responsibility.
25. INSURANCE
The Contractor shall obtain and maintain for the duration of the contract and any
and all amendments insurance against claims for injuries to persons or damage to
property which may arise out of or in connection with performance of the work
hereunder by the Contractor, his agents, representatives, employees or subcontractors.
Said insurance shall be obtained from an insurance carrier admitted and authorized to
do business in the State of California. The insurance carrier is required to have a
current Best’s Key Rating of not less than “A-Y and shall meet the City’s policy for
insurance as stated in Resolution No. 91-403.
A. Coveraaes and Limits.
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Contractor shall maintain the types of coverages and minimum limits
indicated herein, unless a lower amount is approved by the City Attorney or City
Manager:
1. Comprehensive General Liability Insurance. $1 ,OOO,OOO combined
single-limit per occurrence for bodily injury, personal injury and property damage. If the
submitted policies contain aggregate limits, general aggregate limits shall apply
separately to the work under this contract or the general aggregate shall be twice the
required per occurrence limit.
2. Automobile Liability (if the use of an automobile is involved for
Contractor’s work for the City). $1 ,OOO,OOO combined single-limit per accident for bodily
injury and property damage.
3. Workers’ Compensation and Employer’s Liability. Workers’
Compensation limits as required by the Labor Code of the State of California and
Employers Liability limits of $1 ,OOO,OOO per accident for bodily injury.
4. Professional Liability. Errors and omissions liability appropriate to
the contractor’s profession with limits of not less than $1 ,OOO,OOO per claim. Coverage
shall be maintained for a period of five years following the date of completion of the
work.
B. Additional Provisions.
Contractor shall ensure that the policies of insurance required under this
agreement contain, or are endorsed to contain, the following provisions.
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1. The City shall be named as an additiocal insured on all policies
excluding Workers’ Compensation and Professional Liability.
2. The Contractor shall furnish certificates of insurance to the City
before commencement of work.
3. The Contractor shall obtain occurrence coverage, excluding
Professional Liability which shall be written as claims-made coverage.
4. This insurance shall be in force during the life of the agreement and
any extension thereof and shall not be canceled without 30 days prior written notice to
the City sent by certified. mail.
5. If the Contractor fails to maintain any of the insurance coverages
required herein, then the City will have the option to declare the Contractor in breach, or
may purchase replacement insurance or pay the premiums that are due on existing
policies in order that the required coverages may be maintained. The Contractor is
responsible for any payments made by the City to obtain or maintain such insurance
and the City may collect the same from the Contractor or deduct the amount paid from
any sums due the Contractor under this agreement.
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26. RESPONSIBLE PARTIES
The name of the persons who are authorized to give written notices or to receive
written notice on behalf of the City and on behalf of the Contractor in connection
with the foregoing are as follows:
For City: Title Finance Director
Name Lisa Hildabrand
Address 1635 Faraday Avenue
Carlsbad, CA 92008-7314
For Contractor: Title President
Name Lawrence G. Rolapp
Address 2100 Main Street, Suite 210
Irvine, CA 92614-6266
27. BUSINESS LICENSE
Contractor shall obtain and maintain a City of Carlsbad Business License for the
duration of the contract.
28. ENTIRE AGREEMENT
This agreement, together with any other written document referred to or
contemplated herein, embody the entire agreement and understanding between the
parties relating to the. subject matter hereof. Neither this agreement nor any provision
hereof may be amended, modified, waived or discharged except by an instrument in
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writing executed by the party against which enforcement of such amendment, waiver or
discharge is sought.
Executed by Contractor this /sf day of
CONTRACTOR:,
FIELDMAN, ROLAPP & ASSOCIATES
CITY OF CARLSBAD, a municipal
corporation of the State of California
By: By:
LAWRENCE G. ROLAPP, P&sident
By: ATTEST:
THOMAS M. DEMARS Secretary
KAREN R. KUNDTZ, Assistant City Cler 1
(Proper notarial acknowledgment of execution by Contractor must be attachew y.w-J!pL.&
Chairman, president or vice-president and secretary, assistant secretary, CFO
b 1 Ii&J or
assistant treasurer must sign for corporations. Otherwise, the corporation must attach a
resolution certified by the secretary or assistant secretary under corporate seal
empowering the officer(s) signing to bind the corporation.)
APPROVED AS TO FORM:
RONALD R. BALL, City Attorney
BY: &kk?zhkti- widZ2-W
A&s&& City Attorney
‘WY
rev. 2/26/99
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State of
County of 6-e
2jhwzj On before me, 3d,Jc Let *Lj q ti;L, ;>dl*c.
bate Name and Title of Officer (e.g.. ‘he Doe, Nola
personally appeared L&w r &AC~ &iZ,/&q) &J 3-3
Name(s) of Signer(s)
&personally known to me
[? proved to me on the basis of satisfactory evidence
4 D-umElt Commkskn#lll7~ ?;f "lataryRwc-~ f
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to be the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that h&she/they
executed the same in hi&her/their authorized capacity(ies),
and that by hi&her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.
- ,
WITNESsy hand and official seal.
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer’s Name:
C Individual
0 Corporate Officer
Title(s):
q Partner - q Limited 3 General
0 Attorney-in-Fact
0 Trustee
0 Guardian or Conservator
0 Other:
Signer Is Representing:
Top of thumb here
Signer’s Name:
0 Individual
Cl Corporate Officer
Title(s):
q Partner - 0 Limited II! General
0 Attorney-in-Fact
0 Trustee
3 Guardian or Conservator
c! Other:
Signer Is Representing:
Top of thumb here
8 1996 National Notary Association * 6236 Remmet Ave., PO. Box 7164 * Canoga Park, CA 91309.7184 Prod. No. 5907 Reorder: Call Toll-Free l-600-876-6627
PROPOSAL TO PRO?TDE
FINANCIAL ADVTSORY SERVTCES
TO THE
CITY OF CARLSBAD
Presented by:
Fieldman, Rolapp & Associates
INDEPENDENT FINANCIAL ADVISORS TO LOCAL GOVERNMENT
Revised December 17,1999
CITY OF CARLSBAD PROPOSAL
FOR FINANCIAL ADVISORY SERVICES
TABLE OF CONTENTS
PAGE
COVER LETTER .............................................................................................. i
QUALIFICATIONS ........................................................................................... 1
EXPERIENCE .................................................................................................... 2
PERSONNEL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
FEES ................................................................................................................... 8
SCOPE OF WORK/SERVICES ........................................................................ 9
APPENDIX A - Current Financing List
,
a 13
PRINCIPALS
WILLIAM 1. FIELDMAN I, / I/ I,
LAWRENCE G. ROLAPP
THOMAS C. IOHNSEN
THOMAS M. DEMARS
TIMOTHY J. SCHAEFER
SOUTHERN CALIFORNIA OFFICE
2100 MAIN STREET
SUITE 210
IRVINE, CA 92614-6266
FAX 949 ‘474 -8773
NORTHERN CALIFORNIA OFFICE
925’933’6096
FAX925.933’6098
NEVADA OFFICE
775.828.2151
FAX 775*828*2141
CHARTER MEMBER
NATIONAL ASSOCIATION
OF INDEPENDENT PUBLIC
FINANCE ADVISORS
Fieldman, Fblapp & Associates
INDEPENDENT FINANCIAL ADVISORS TO GOVERNMENT
December 17, 1999
Ms. Lisa Hildabrand
Finance Director
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
Dear Lisa:
On behalf of Fieldman, Rolapp & Associates (“FRA”), it is my pleasure to submit this
proposal to serve as financial advisor to the City of Carlsbad (the “City”). This document
readdresses and provides the materials listed in the original Request for Proposal and
outlines our capabilities to act as financial advisor to the City. This proposal also updates
FRA’s experience as financial advisor to cities and other agencies in financing similar
facilities and utilizing similar t5nancing vehicles as those contemplated by the City.
FRA can provide experienced and thoughtful guidance to the City in the following critical
areas :
1.
2.
3.
4.
Evaluation of financing options -- FR4 will evaluate the pros and cons of
various financing options for the City project. Our extensive experience in
California public finance will enable us to recommend the most suitable financing
vehicle and efficiently process necessary debt financings.
Project Coordination -- FRA will coordinate and manage the financing team
throughout the debt issuance process. We will make sure the debt issuance
process is synchronized with the City’s goals, timetable and needs.
debt Structuring and Marketing -- FRA will tailor borrowing structures to
minimize costs to the City, protect the City’s general fund, lower costs of issuance,
and maintain future flexibility. We will also make a proactive effort to market the
City’s debt to underwriters and institutional investors.
Rating and Investor Relations -- FRA has extensive experience with municipal
bond rating agencies/municipal bond insurance firms and detailed knowledge of
bond market expectations. We will maintain or enhance the City’s excellent credit
profile with the rating agencies and increase the appetite of potential investors.
propi99icarkbad
-.
5. Presentations to Policy Makers and Public -- FRA will ensure that the City Council and
City residents have a full understanding of the project financing and its full implication to
the City.
To serve the City, we have established a FRA team that includes individuals experienced in fee and
revenue based financings, tax allocation bonds, refundings and the use of tax exempt bonds for golf
course financings.
FRA is one of California’s most active financial advisory firms. Since 1994 we have served as
financial advisor on 155 financings for California cities or redevelopment agencies with total
proceeds over $2 billion. In that time, FRA has also advised on 36 Certificates of Participation
(“COP”) or’ Revenue Bonds transactions backed by various revenue sources. Currently, FRA is
advising two cities on methods to finance municipally owned golf courses using tax exempt bonds.
Our work on numerous city and redevelopment agency financings, our experience in fee and
revenue backed bond and COP transactions, our perspective on state of the art golf course finance
techniques, uniquely qualifies us to serve as financial advisor to the City of Carlsbad.
We look forward to the opportunity of serving again, as the City’s financial advisor. If you have
any questions regarding the proposal, please don’t hesitate to give me a call.
Sincerely yours,
FIELDMAN, ROLAPP & ASSOCIATES
Thomas M. DeMars, CIPFA
Principal
TMD/jpl
prop\99\caflsbad
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CITY OF CARLSBAD
QUALIFICATIONS
Fieichnan, Rolapp & Associates is a California-based financial advisor. The firm maintains its
primary office in b-vine where it currently employs sixteen people.
Fiehiman, Rolapp & Associates is an independent municipal financial advisory firm that has
served California public agencies since 1966. As an independent financial advisor, the firm’s
primary responsibility is to serve the best interests of its clients, i.e., California municipalities.
Although Fieldman, Rolapp & Associates interacts daily with the underwriting community and
actively monitors financial markets, the firm does not underwrite bonds OF have a rerationship,
direct OF otherwise, with any municipal bond underwriter OF broker/dealer and therefore has
none of the confricts of interest of an underwriter attempting to provide financial advisory
services.
In all areas of public finance, Fieldman, Rolapp & Associates has, since inception, maintained
complete independence and autonomy with respect to vested financial interests or conflicts of
interest in providing municipal financial consulting services to our clients. We are not now, nor
have we ever provided underwriting or investment banking services. We feel that the ability to
profit from a bond sale sways a financial advisor’s judgment with respect to structuring and issuing
debt. Furthermore, we formally represent public entities only. We do not accept advisory roles
representing developers or other private enterprises. Additionally, we have no formal relationship
with any particular investment banking/underwriting firm, but maintain good and cooperative
relationships with every major underwriting and bond counsel firm operating in California. We are
one of the founding members of the National Association of Independent Public Financial
Advisors. This organization has established a code of ethics and an education, training, testing and
certification program for its professionals (CIPFA designation).
Fieldman, Rolapp & Associates maintains continuous contact with financial markets through our
on-line access to real time financial news and municipal and treasury market data via the
Munifacts Plus Network. Our personnel have the experience and expertise in utilizing this
information to recognize trends in financial markets, to assist our clients in planning negotiated and
competitive bond sales, and to ensure that the couponing, reoffering yields, takedown and
underwriting spreads are appropriate for current market conditions.
Because of our independence and allegiance to our clients, Fieldman, Rolapp & Associates can
best serve the interests of each client by ensuring that the technical components of any financing
are consistent with the requirements of the client and that the price at which any securities are sold
is reasonable and competitive.
FIELDMAN, ROLMP & ASSOCIATES 1
23
CITY OF CAFCLSBAD
EXPERIENCE
Fielclman, Rolapp & Associates has assisted a wide range of public agencies in structuring
certificates of participation, tax allocation, revenue, Mello-Roos, assessment, general obligation,
industrial development and mortgage revenue bonds. A more detailed description of our
capabilities in utilizing these financing methods is provided on the following pages.
We are one of the founding members of the National Association of Independent Public Financial
Advisors. This organization has established a code of ethics and an education, training, testing and
certification program for its professionals (CIPFA designation).
It is noteworthy that Fieldman, Rolapp & Associates is the clear leader in volume of financing
among California independent financial advisors. However, it is also important to note the
diversity of transactions that comprise our total figures. We have financed projects using every
method of issuance available and have considerable experience with each of these methods. This
complementary depth and breadth of experience is shown by the following illustrations. Our
clients can be confident that because of this diversity and volume, Fieldman, Rolapp & Associates
is equipped to recommend the most suitable financing option and to execute the transaction
effectively.
The table below summarizes Fieldman, Rolapp & Associates’ experience with respect to different
financing methods over the past five years (1994 - 1999).
Certificates of Participation
Gcncral Obligation
Assessment District
CFD - Mcllo-Roos
Rejrenue
Tas Allocation
Other
TOTAL
36
21
90
53
33
26
23
292 S.392.472.793
$ 625.870.000
289.850.000
1.073.196.00 1
1.242.224,918
1.154.555.000
456.837.530
549.939.344
It is also important to note that all of this experience is from serving as financial advisor on
California public finance transactions. We are specialists in performing f3nancings that are
affected by the unique constraints of the State’s environment. Our experience also demonstrates
proven skill in structuring transactions that are simultaneously attractive to the bond market while
also being protective of our issuing client.
FIELDMAN, ROLAPP & ASSOCIATES 2
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CITY OF CARLSBAD
Serving California Cities has always been a focus for Fieldman, Rolapp & Associates. ’
Approximately one-quarter of our firm’s experience since 1994 is concentrated in City work, when
measured both by number of issues and dollar proceeds financed.
CITY FI.NkNCINGS
1995 11 77,107,702
1996 16 ’ 99,926,085
1997 12 156,925,259
1998 25 480,585,337
1999 28 257.895.909
TOTAL 106 %1,279,031,888
Rating Agency Experience
Our expertise also benefits our clients during the phase when the rating agencies actually perform
their analyses. Our experience has made us responsive to the advice and suggestions contained in
the initial feedback from a rating analyst. We know how to make the kind of subtle alterations in a
financing’s structure that can determine the fate of a rating effort, while staying true to the client’s
best interest and constraints. We can counsel the City about the threshold coverage ratios required
for credit ratings and can provide a cost/benefit analysis that weighs the cost of increased revenue
pledges against the benefits of a higher rating.
This process is both art and science. Only a firm with experience in rating agency relations can
most effectively combine subjective and objective factors to secure ratings and/or other credit
enhancement. Fieldman, Rolapp has proven ability to complete iinancings that save clients money
by issuing insured or rated debt when insurance and ratings are beneficial. With respect to ratings
and bond insurance, the following chart illustrates our ability to secure investment grade ratings
and credit enhancement for our City and RDA clients:
/ City FinEtg;9E%; Rating /
$296,036,596
$11,770,000~ $96,994,943
ICIAAA BAA OA ¤B~~BB mNot Rated 1
FIELDMAN. ROLAPP & ASOCIATES 3
CITY OF CARLSBAD
Fee and Revenue Backed Financings
FRA has amassed considerable experience in structuring fee and revenue backed financings, acting
as financial advisor on approximately 79 California COP and Revenue bond issues since 1994.
These issues have been backed by a variety of revenues. We have incorporated a number of
innovations when strncturing these financings, including master resolutions and synthetic refunding
structures. Because of the sheer number of revenue backed COPS and revenue bonds which we
have structured, we have gamed extensive experience with municipal bond rating agencies and
insurance companies as well as a detailed knowledge of investor expectations. As a result,
approximately 45% of $1.3 billion proceeds have been backed by municipal bond insurance, with
most of the remainin g proceeds receiving high investment grade ratings.
Current Golf Course Financings
FRA is currently representing two different municipal clients planning to finance and construct
municipal golf courses by accessing the public debt market. FRA has also been involved, as
fmancial advisor, on seven other recent projects where golf courses have been constructed. A
listing and description of our current golf course projects follows:
City of Oxnard The firm has been engaged to provide financial advisory services for the
expansion of the City’s current municipal golf course from 18 to 36 holes.
City of San Clemente. The firm is acting as tInancia1 advisor to analyze the feasibility of golf
course improvements and the associated fee and revenue adjustments required to support the
proposed improvements.
Previous Golf Course Financings
County of El Dorado. El Dorado Hills Project. This developer driven project consists of an
approximate 3,347 acre master planned community consisting of 13 distinct residential villages,
two 18 hole golf courses and commercial areas located approximately 30 miles east of
Sacramento. Currently, plans call for 5,394 detached dwelling units on approximately 1,980
acres, two 18 hole golf courses on approximately 400 acres, natural open space covering 836
acres, commercial land uses of 4 1 acres, four school sites, two parks covering 18 acres and a 27
acre Community Center.
City of Encinitas. FRA acted as financial advisor on the financing of an 18 hole, 6,750-yard
golf course to be owned by the City of Encinitas. The golf course was constructed in
conjunction with the Encinitas Ranch Project and is significant over performing all pro-forma
projections. Tax-exempt golf course revenue bonds are the primary finance candidate. Recently,
a feasibility study and golf course land appraisal were completed. Determining how to best
structure this financing was especially challenging since the structure must not only fit city needs
and bond market requirements, but is also governed by a complex development agreement and
mandate not to pledge any resources of Encinitas to the golf course.
City of Madera. $5,435,000 Lease Revenue Bonds were issued by the Madera Public Financing
Authority to finance the development, acquisition and construction of a municipal golf course in
the City of Madera. The City is leasing the golf course from the Authority.
FIELDMAN, ROLAPP & ASSOCIATES 4
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CITY OF CARLSBAD
County of Orange. Irviue/Newport Coast. This Ii-vine Company project consists of
approximately 3,800 acres and provides for the financing of backbone infrastructure necessary
for development within the project area. The approved development plan for the project provides
for up to 2,600 dwelling units, 2,150 hotel rooms and two 18-hole golf courses (Pelican Hill
Ocean Course and Dunes Course).
County of Orange. Other projects that included golf courses where the firm acted as financial
advisor. Coto De Caza Golf Course in Coto De Caza, Dove Canyon Country Club in Dove
Canyon.
County of Riverside. In early 1995, FRA was retained by the County of Riverside to assist in
the potential financing of a 45-hole signature golf course complex. We represented the County
in negotiations with a group of landowners who had approached the County regarding the
transaction. After protracted negotiations, FRA prepared, on the County’s behalf, a term sheet
outlining the structure and conditions the County needed to undertake the transaction. The
landowners are currently attempting to obtain private fiuancing but have asked if the County
would consider acquisition of the complex once it is built and operating.
County of Riverside. California Oaks Project. This developer driven project involved the
issuance of three different series of bonds over a period of four years. The California Oaks
project calls for approximately 10,000 residential units as well as 135 acres of various
commercial, industrial and office complexes and the Colony Country Club in Murrieta, CA.
County of Riverside. Other projects that included golf courses where the firm acted as financial
advisor. Menifee Lakes Country Club in Menifee, Redhawk Golf Course in Temecula.
FIELDMAN, ROMP & ASSOCIATES
CITY OF CARLSBAD
PERSONNEL
Responsibility
Thomas M. DeMars, CIPFA, Principal of Fieldman, Rolapp & Associates will serve as lead
contact person and have primary responsibility for the golf course project.
Thomas G. Johnsen, CIPFA, Principal of Fieldman, Rolapp & Associates will serve as co-project
manager and will provide valuable insight to the project based on his lead role as financial advisor
to the City of Encinitas for the Encinitas Ranch Project.
Charles E. Turner, CIPFA, Assistant Vice President of Fieldman, Rolapp & Associates will work
with Mr. DeMars on the golf course project. Mr. Turner’s role will include drafting and reviewing
documents, preparing numerical analyses, reviewing feasibility studies, and working with rating
agencies and municipal bond insurance companies where applicable.
Resumes
Mr. Thomas M. DeMars, CIPFA, a Principal of Fieldmaq Rolapp & Associates has been
with the firm since 1988. Prior to his association with Fieldman, Rolapp & Associates he worked
for a regional investment banking firm specializing in municipal finance. Mr. DeMars has a broad
range of experience with regard to land secured financings including, policy development, the
review and evaluation of special tax formulas, the structuring of complex debt issues, and debt
administration and management. He has also worked with numerous cities on lease revenue and
Certificates of Participation financings.
Mr. DeMars holds a Bachelor of Science degree and a Masters in Business Administration
(Finance) from California State University. He is a Certified Independent Public Finance Advisor
(CIPFA) acknowledged by the National Association of Independent Public Finance Advisors
(NAIPFA). He is also associated with the California Society of Municipal Finance Officers,
California Municipal Treasurers Association and the League of-California Cities. He has prepared
materials and served as a speaker for the University of California Extension Workshop entitled
“Administration of Mello-Roos and Assessment Lien, Taxes and Bonds.”
Mr. Thomas G. Johnsen, CIPFA, a Principal of Fieldman, Rolapp & Associates, has
extensive experience in public finance and community planning. He is experienced in both
developing financial plans for capital improvement projects and in implementing those plans. Mr.
Johnsen’s experience in implementing financing plans includes utiliziug tax allocation bond,
revenue bond, certificates of participation, special assessment, Mello-Roos and general obligation
bond financing.
Prior to joining Fieldman, Rolapp & Associates, Mr. Johnsen initiated the public finance group at
a regional California-based securities firm; prior to that he was an investment banker at another
securities firm. Mr. Johnsen has also been a private sector and public sector planner having
responsibility for regional and community planning activities. In addition, from 1982 to 1985, Mr.
Johnsen was Director of Administrative Services for Douglas County, Nevada.
Mr. Johnsen has a Bachelor of Science degree in Economics and a Master of Science in Regional
Resource Planning from Colorado State University.
FIELDMAN,ROLAPP&ASSOCUTES 6 ad
CITY OF CARLSBAD
Mr. Charles E. Turner, CIPFA, Assistant Vice President of Fieldman, Rolapp & Associates,
joined the firm in 1996 after serving the Port of Los Angeles as a Financial Assistant. At the Port,
Mr. Turner worked with the Director of Finance and Chief Financial Officer in various debt
offerings and financial programs. Before leaving the Port, Mr. Turner was involved with the
financial projections of the Alameda Corridor Transportation Authority (ACTA); the issuance of
both revenue and private placement bonds; and, the structuring of the Harbor Capital Improvement
Program.
As an Assistant Vice President at Fieldman, Rolapp & Associates, Mr. Turner has assisted several
cities in the issuance of tax-exempt debt including: the City of Irvine, the City of Camarillo, the
City of Orange, the City of San Clemente, the City of Capitola, the City of Antioch, and the City
of San Marcos. Mr. Turner has served on dozens of CFD financings and district formations.
Mr. Turner received his Bachelor of Science degree in Finance from California State University,
Long Beach and is in the process of earning a Chartered Financial Analyst (CFA) designation
.
FIELDMAN, ROLAPP & ASSOCIATES 7
d’r
FEES
For all services to be rendered in a sale of Debt hereunder, the City will pay us a fee based upon
the following schedule. The services provided for Phase I, as outlined in the City’s RFP, will be
billed on an hourly basis not-to-exceed $12500.00. Phase II services, as outlined in the City’s
RFP, will be based on the following schedule, with a 25% credit of Phase I services applied to the
Phase II fee, in the event of a successful bond sale. .
PAR VALUE OF THE BONDS m
$ -o- to $ 2,999, 999 $ 23,500
$ 3,000,000 to $ 11,999,999 $ 27,000
$12,000,000 to $ 19,999, 999 $ 34,000
$20,000,000 to $29,999,999 !§ 41,000
$30,000,000 to $39, 999, 999 $ 45,500
Over $40,000,000 To be negotiated
The City will reimburse us for usual and customary out-of-pocket expenses, including, but not
limited to, the cost of printing the Official Statement, costs of financial advertising and costs
incurred in connection with travel if such travel is necessary in the furtherance of the Project and is
authorized by the City. In addition, if it is possible to obtain a rating on any debt and/or if
municipal bond insurance or other credit enhancement is available, the City agrees to pay for the
costs of such rating and insurance unless it is determined that the cost of insurance shall be borne
by the underwriter at the bidder’s option in a competitive sale.
Payment
Fees for Phase I services are billable at our then current hourly rates due and payable monthly,
within 30 days of billing. Fees for Phase II services resulting in the sale of debt are payable at the
closing.
j
Principals of the Firm/Senior Officers $195 Per Hour *
Vice Presidents $150 Per Hour
Assistant Vice Presidents $130 Per Hour
Associate/Senior Associate $115 Per Hour
Administrative Assistant/Other $75 Per Hour
i Secretarial Staff $35 Per Hour
* The rate of the Managing Principal will be $245.00 per hour.
Fieldman, Rolapp & Associates would have no conflicts of interest in performing any financial
advisory services to the City.
FIELDMAN, ROLAPP & ASSOCIATES 8 30
CITY OF CARLSBAD
SCOPE OF WORK/SERVICES
l Fieldman, Rolapp & Associates will analyze the financing impact of project costs, cash flow
projections and green fee implications for the financing. We will present the City with debt
service schedules of various terms and under different interest rate and rating assumptions so
that projected debt service can be compared with expected revenues. Reinvestment rates on the
construction fund, the construction fund drawdown schedule, the level of capitalized interest
and interest earnings thereon, along with reinvestment rates of the reserve funds will all impact
projections of available cash flow. Where appropriate, we will explore the possibility of
“sculpting” debt service to more closely match projected revenues.
In addition, we will explore other cost saving possibilities that would include the evaluation of
variable versus fixed rate debt, coverage ratios to minimize financing costs, exploration of
revenue sources other than the general fund that could be pledged to enhance the credit quality
of the financing, explore the possibility of utilizing other assets of the City (i.e. library, city
hall, police station, etc.) to enhance the credit quality of the financing. Evaluate the potential
of a letter of credit and determine if the financing would be eligible for bank qualified status.
Fieldman, Rolapp & Associates will objectively analyze the advantages and disadvantages of
proposed financing alternatives for each of the City’s projects for cash flow benefit, net present
value cost or savings, total interest cost, administrative cost, impact on City residents and risk
to the City’s general fund.
l Outlined below are the current and proposed rules regarding management contracts to be
eligible for the tax-exempt financing. This is definitely an area that needs close examination
with staff, the financial advisor and bond counsel before a final structuring of the financing can
be determined.
The City’s ability to employ an independent party to manage and operate facilities financed
with the proceeds of tax-exempt obligations is somewhat limited. Unlimited use by a private
party pursuant to a management contract gives rise to a private business use and may result in
the bonds being declared “Private Activity Bonds.” The interest paid with respect to Private
Activity Bonds issued to finance a golf course will not qualify for tax-exemption. Therefore,
the City must work within the IRS Regulations in structuring the management contract.
The Regulations provide guidelines under which a non-governmental person’s use of a bond-
financed facility pursuant to a management contract would not be treated as a private business
use. These guidelines are:
1. The term of the management contract (including renewal options exercisable by
the manager) does not exceed five years;
2. At least 50% of the compensation to any manager other than a governmental unit
is on a periodic, fixed-fee basis, and no amount of compensation is based on a
share of net profits (compensation may be based on a share of gross revenues (or
adjusted gross revenues) or a percentage of expenses from a facility, but not both);
3. The governmental unit owning the facility may terminate the contract (without
penalty) at the end of any 3-year period; and
E"IELDMAN,ROLA~P&ASSOCIATES 9
CITY OF thRL.SBAD
4. The manager must not have any role or relationship with the governmental unit
that, in effect, substantially limits the governmental unit’s ability to exercise its
rights under the management contract. Specifically, not more than 20% of the
voting power of the governing body of the governmental unit may be vested in the
manager and its directors, officers, shareholders and employees. Not more than
20% of the voting power of the governing body of the manager may be vested in
the governmental unit and its directors, officers, shareholders and employees. In
addition, the overlapping board members must not include the chief executive
officers of the manager and the governmental unit.
Qn December 29, 1994, the Internal Revenue Service (“IRS”) released Notice of Proposed
Rulemaking (FI-72-88) containing proposed regulations (the “Regulations”) which provide
guidance with respect to Private Activity Bonds. In particular, the Regulations liberalize and
clarify the rules with respect to management contracts.
The Regulations adopt all of the current rules (described above) and modify them as follows.
The Regulations expand the categories of qualified management contracts (i.e., management
contracts which will not jeopardize the tax-exempt status of municipal obligations) to include:
(a) contracts with terms not exceeding the lesser of 15 years or 50% of the useful life of the
managed property if all the compensation is based on a periodic fixed fee; and (b) contracts
with terms not exceeding the lesser of 10 years or 80% of the useful life of the managed
property if at least 80% of the compensation is based on a periodic fixed fee.
The Regulations are proposed to apply to bonds issued on or after the date that is 60 days after
the adoption of final Regulations. Although the IRS has indicated that it had hopes to finalize
the Regulations by the end of 1995, the IRS has been inundated with written and oral
comments to the Regulations, and consideration of the numerous proposed revisions to the
Regulations has delayed their release in final form. There is no way to predict how the
management contract rules may be modified when they appear in the final Regulations.
l Fieldman, Rolapp & Associates will evaluate legal approaches permitting various financing
structures and propose innovative financing methods to the City. Our recommendations will
protect the City’s interests while maintaining its flexibility and minimizing financing costs.
Our recommendations will ensure the highest possible credit rating and market acceptance of
the City’s offerings while avoiding onerous or inflexible bond covenants. We will recommend
the optimal financing vehicle for a given project, coverage ratios for any revenue supported
debt, appropriate levels of debt service reserve funds, the method of sale, the method of
purchasing municipal bond insurance, and reserve fund surety bonds. We will also recommend
redemption provisions, including the length of call protection and redemption premiums while
discussing the pros and cons of differing periods of call protection (i.e. refunding opportunities
versus marketability of the current issue). Other structuring options might include the use of
variable rate debt, interest rate swaps, distinctive call features and other techniques to
maximize construction fund proceeds.
l Fieldman, Rolapp & Associates will (i) provide the credit community with project plans,
feasibility analyses, rate studies, CIP details, CEQA documents, financial statements and other
required information; (ii) plan and coordinate site tours if necessary to “personalize” the
projects and the staff in the eyes and minds of credit analysts; (iii) initiate and orchestrate
cooperative dialogue with rating agencies and insurance companies, refining and adjusting
elements of the issue to raise their level of comfort; and (iv) maintain ongoing communication
FIELDMAN,ROLAPP&ASSOCIATES 10
CiTY OF CARLSBAD
with the credit community by using informative mailers and updates to sustain and strengthen
ratings and to keep insurance premium bids at highly cost-effective levels. This includes
correspondence between issues.
Fieldman, Rolapp & Associates will assist the City in coordinating and organizing information
meetings in any locations deemed desirable by the City and its financing team. We will also
assist in formulating the City’s presentation strategies and with the preparation of presentation
materials. We will then represent the City at the information meetings.
Fieldman, Rolapp & Associates will work to educate the City Council through presentations at
council meetings and workshops in either public or closed door sessions to ensure the full
understanding of any financing and its implications to the City.
As part of our normal role, Fieldman, Rolapp & Associates will assist in the selection of
professionals, including trustee and others, to comprise a synchronized, competent financing
team capable of completing a successful transaction with minimal costs. We will prepare
requests for proposals that procure thoughtful, relevant responses from firms and individuals
recognized in the industry. We will help evaluate the responses in matrix comparisons that
separate the candidates and the true cost of their services.
Fieldman, Rolapp & Associates will assist in preparing an official statement which includes a
description of the securities, the project and pertinent financial and economic data in
accordance with current disclosure requirements (including new requirements on secondary
market disclosure). We will assist the city in ascertainmg material facts and circumstances
regarding the project.
After the official statement and notice of sale is prepared, we w-ill mail the document to a
comprehensive list of prospective underwriters and institutional investors. Before the sale of
the bonds, we will contact underwriters and institutional investors in order to inform and
educate them regarding the City’s issue.
Prior to the competitive sale, we will inform the City of market data relevant to the issue
including visible supply, current placement ratios, interest rates on comparable issues, and the
upcoming calendar of economic news releases and planned negotiated and competitive sales.
We can guide the City in avoiding sale dates that coincide with either market volatility or
uncertainty in anticipation of or reaction to events such as a Federal Open Market Committee
Meeting or inflation figure reports. Similarly, we would avoid attempts to sell bonds on the
day large issuers may be saturating the market with new debt issues that jeopardize demand for
the City’s issue.
Fieldman, Rolapp & Associates will represent the City at the bid opening for a public sale and
analyze the bids, identify the most favorable bid, and make a recommendation as to award the
bid. We will also assist the City in the closing of the financing, so as to ensure consistency
among all bond documents both for their proper and complete memorializing of the transaction
as the City envisions, and for the City’s protection. We will review documents for their
accuracy insofar as their terms perfectly match, and we will independently verify the debt
service schedule, arbitrage yield, underwriters spread, bond production reports, true interest
cost calculations and other information.
FIELDMAN, ROLAPP & ASSOCIATES II
CITY OF t.bLSBAD
l After the bid is awarded, we will prepare a complete numerical analysis showing gross and net
debt service, sources and uses of funds, gross production, true interest cost, bond yield
arbitrage yield and other summary statistics.
The Internal Revenue Code and the Treasury Regulations provide for exceptions to the rebate
requirement that may ultimately provide cost savings to the City. We would explore the
possibility of utilizing these exceptions with bond counsel and city staff for the City’s benefit.
An example would be the “six-month and two-year expenditure exception” where the issuer
spends all the gross proceeds from the bond issue for the governmental purpose within six
months of the date the bonds are issued. The issue will also qualify for the two year
expenditure exception if the issuer expects to use at least 10% of the net proceeds within six
months of the date of issue, 45% within ‘one year, 75% within eighteen months and 100%
within two years. Other areas to be monitored are; what is defined and included as “gross
proceeds “, “original proceeds “, “discount proceeds” and “reserve or replacement funds,”
l We will provide the City guidance with respect to the investment of bond proceeds pending
expenditure. Investment options may include the Local Agency Investment Fund, investment
agreements, or the purchase of U.S. Government or Agency securities or other instruments
authorized by the City’s Statement of Investment Policy. We will assist the City in examining
these options within the context of liquidity, safety of principal, flexibility of withdrawals, and
yield. Different investment vehicles may be appropriate depending on funds invested (i.e.
construction fund, reserve fund or capitalized interest fund) and market conditions. We will
present reinvestment rates as well as the pros and cons of the various investment vehicles for
each fund. If an investment agreement is the chosen vehicle, we will make recommendations as
to its terms and conditions to ensure maximum safety and flexibility to the City.
l As part of other services included in a bond sale conducted by Fieldman, Rolapp & Associates,
we would (i) provide preparation of the offering document with an eye for the new secondary
market disclosure requirements for which the City will be responsible on all of its debt
financings; (ii) use our familiarity with industry underwriters to compile a mailing list that is
comprehensive and targeted toward candidates known to bid aggressively on the type of issue
contemplated: (iii) extend the role of merely circulating the preliminary official statement and
notice of sale to a proactive effort that stimulates bidding by making follow up phone calls to
recipients of the package, providing supplementary information and answering questions; (iv)
if circumstances warrant a larger possible contingent of prospective bidders, consider the use
of electronic Parity bidding; and (v) identify broad economic conditions that suggest possible
attractive market windows on the horizon, including supply of and demand for debt such as the
City’s, and time the final events of the financing schedule to access that window.
l We welcome the opportunity to participate in and provide critical input to an evaluation
process. In fact, we would hope to be a part of a refinement and improvement process as this
is a normal course of our business. This is especially reflected in our debt advisory roles for a
number of California issuers where we have assisted counties and other agencies to establish
and continuously improve land secured and other debt issuance processes; create parameters
against which to evaluate upcoming and completed projects; and consistently educate all
interested parties in the fine points and emerging industry trends in municipal debt issuance.
FIELDMAN, ROMP & ASSOCIATES 12
t&-Y OF CARLSBAD
APPENDIX A
Current Financing List
35
Fieldman, Rolapp & Associates
Financings 1994 to Present
No. 99-1 (Otay Ranch Spa One- Portions of Village One, Village
Five and Village One West)
1999 Special Tax Bonds
1999 Revenue Bonds
brona, City of Assessment District No. 96-1
(Mountain Gate West) Limited
Obligation Improvement Bonds
1999 Series A (Benefit Zones 5,
8and9)
Infktructure
an Clemente, City of Community Facilities District
No. 99-l. 1999 Special Tax
Bonds
%5,755,000 CFD various
Infktructure
Nov99 NR
an Gabriel County Water
kstrict (CSDA)
Certiftcates of Participation
(California Special Districts
Finance Program) 1999 Series
JJ
37,575,ooo COP Water Nov99 A
ancho California Water
ktrict
Community Facilities District
No. 99-1 Improvement Area A
Special Tax Bonds. Series A of 1999
$5,625.000 CFD Water Nov99 NR
ancho California Water
listrict
Community Facilities District
No. 99-l Improvement Area B
Special Tax Bonds, Series A of
1999 .
$4.475,000 CFD Water Nov99 NR
hnge,County of Community Facilities District
No. 99-l (Ladera Ranch) Series
A of 1999 Special Tax Bonds
$22.620.000 CFD various oct99 NR
InfrastruCtUre
outh Orange County Public 1999 Reassessment Revenue %23,835.000 Marks Roos Various act 99 A4A FSA
inancing Authority Bonds Iti~CtUre
lurrieta Valley Unified C-unity Facilities District $4.940.000 CFD Education oct99 NR
chool District No. 90-l. 1999 Special Tax Bonds
lko, City of General Obligation Airport Improvement Bonds. Series 1999A
$2.905.000 Go firport oct99 AAA FGIC improvement
-I-
Fieldman, Rolapp & Associates
Financings 1994 to Present
DESCRIPTION FINANCING
hmarillo community kvelopment Commission
lig Bear Lake, City of
hn Clemente, City of
Tax Allocation Bonds
(Camarillo Corridor Project)
1999 Private Placement Project
Underground Utility
Assessment District No. 99-1,
Liited Obligation
Improvement Bonds
%1,260,000 Lease
S1,150,000 1915
Fire Station
Street, Highway,
Bridge
sept 99 N/A
sept 99 NR
hnge, County of h-vine Coast Assessment District No. 88-l; Bond
Conversion #7
%9,737,611 1915 various Aug 99 NR Illfkastructure
ktcho Cucamonga
!edevelopment Agency
11 Dorado, County of
1999 Tax Allocation Relktclmg
Bonds
Community Facilities District
No. 1992-1 (El Dorado Hills
Development) Series 1992
Special Tax Bonds
$54,945,000 Tax Allocation Various
Jnbstructure
S43,650,000 CFD various
Inhstmcture
Aug 99 AAA FSA
Aug 99 NR
louth Orange County Public Special Tax Revenue Bonds %2,335,000 Marks Roos Various Aug 99 AAA FSA
ksttcing Authority 1999 Series B (Phase III) W-1 Idastructure
wine, City of Assessment District No. 87-8 %6,865,000 1915 various July 99 NR
Limited Obligation Itiastructure
Improvement Bonds. Croup
One
knar~ City of
aguna Beach City of
Reassessment District No. 85-5-
R (Mandalay Bay)
Limited Obligation
Improvement Bonds Underground Utility
Assessment District No. 95-1
%3.54S.O00 1915
$2,792.937 1915
various
Infktructure
various
Illhsbucture
July 99 NR
July 99 NR
kncho Cucamonga Public
‘hncing Authority
Remnding Revenue Bonds,
Series 1999 - A Senior Lien
Bonds
$14.260.000 Revenue various July 99 AAA MBIA
hlfktructure
:ancho Cucamonga Public
‘hancing Authority
Refimding Revenue Bonds,
Series 1999 ~ B Subordinate Lien Bonds
%6,200,000 Revenue various
Infmtructure
July 99 NR
!iverside County Public
‘inancing Authority
Reassessment Revenue Bonds
Ranch0 Villages ProjectlAD
No. 159 1999 Series A (Senior
Lien Bonds)
$38,985,000 Marks Roos Various
(1915 and 1984 Inhstmcture
A4
July 99 AAA AMBAC
Yverside County Public
‘inancing Authority Reassessment Revenue Bonds
Ranch0 Villages Project/AD
No. 159 1999 Series B (Junior
Lien Bonds)
S28,805.000 Marks Roos Various
(1915 and 1984 Infrastructure
Ad)
July 99 NR
-2-
33
.
Fieldman, Rolapp & Associates
Financings 1994 to Present
PRINCIPAL TYPE OF
FINANCING
PURPOSE OF
PROJFKT DESCRIPTION
Chula Vista, City of
San Clemente, City of Assessment District No. 85-1
Limited Obligation Refunding
Improvement Bonds. Series
orthwest lrvine) Limited
tion Improvement Bonds,
Riverside County Public
Financing Authority
(Air Force Village West)
Certificates of Participation
al Obligation RefUndin ends Series 1999
Coachella Valley Water (Improvement District No. 58)
General Obligation Refunding
Bonds. Series 1999
July 99 AAA AMBAC %22,580,000 CFD Infrastructure
~various
Itlfiastrllctllre
July July 99 99 NR NR
July 99 July 99 AAA AAA FSA FSA
July July 99 99 NR NR
June June 99 99 NR NR
June June 99 99 NR NR
June June 99 99 NR NR
June June 99 99 NR NR
June June 99 99 BBB- BBB-
June 99 June 99 AAA AAA AMBAC AMBAC
June June 99 99 A A
June 99 June 99 AAA AAA FGIC FGIC
June 99 June 99 A.&4 A.&4 FGIC FGIC
June 99 June 99 AAA AAA FGIC FGIC
various Irlhtructure
$7,935,000 1984
t
$14,875,000 1915
various
lnfktructure
Street, Highway,
Bridge
%15,650,00 1915 Street, Highway,
Bridge
S2.005 1915 Street, Highway, Bridge
$5,550,000 1915 I $62.790.000 COP
Street, Highway,
Bridge
Housing and Healtl
Care
$X,245,000 Revenue
Tax Allocation
$640 00 SewerlWastewater
SewerWastewater
Treatment
%7,560,000 GO
$10,470,000 Go
$6,865.000 Go
SeweriWastewater
Treatment
SewerAVaskwater
Treatment
-3-
Fieldman, Rolapp & Associates
Financings 1994 to Present
rovement Bonds
Del Mar, City of Reassessment District No. 99-1
(Seawall) Limited Obligation
Refunding Bonds (Bank
Qualified)
Laguna Beach City of Assessment District No. 84-1
Limited Obligation Refunding
Improvement Bonds, Series
1999
%2,820,000 1984 various
hlfiaaucture
May 99 NR
Corona Public Financing Revenue Bonds 1999 Series A %25,755,000 Revenue Bonds Various May 99 AAA FSA Authority (Superior Lien Bonds) Infhstmcture
Corona Public Financing Revenue Bonds 1999 Series B $10,255.000 Revenue Bonds Various May 99 NR
Authority (Subordinate Lien Bonds) Infhstmcture
Ahso Water Management Lease Revenue Refunding S4,1750,000 Revenue Bonds SewerAVastewater May 99 AA
Agency Bonds. Series 1999 Treatment
[Nine Unified School District Community Facilities District %21,985,000 CFD Education May 99 AAA AMBAC
No. 86-l Special Tax Bonds.
Series 1999
South County Regional
Wastewater Authority
Revenue Bonds (Regional
Wastewater Facilities Project)
Gilroy Refunding Series 1999A
%38,2 15.000 Revenue Bonds Sewer/Wastewater May 99 AAA MBIA
Del Mar, City of General Obligation Bonds.
Series 1999 (Wildfire
Protection Project) (Bank
Qualified)
%1,950.000 GG Water Apr 99 AA
San Luis Obispo, County of North Mesa Assessment District S2.796.93 I 1915 Street, Highway Apr 99 NR
Limited Obligation
Improvement Bonds
Sparka, City of General Obligation (Limited %1.500.000 Medium-Term Park Development
Tax) Marina Park Note. Series General
1999 Obligation
Apr99 NR
Vi* City of Mobile Home Park Revenue
Bonds (Vista Manor Mobile
Home Park Project) Series
1999A
$5.965,000 Revenue Bonds Housing Mar 99 NR
Vista, City of Mobile Home Park Subordinate
Revenue Bonds (Vista Manor
Mobile Home Park Project)
Series 1999B
MOO,000 Revenue Bonds Housing Mar 99 NR
Riverside, County of [Economic Development
&F-CY)
Mobile Home Park Revenue
Bonds, Series 1999A
$6.0 15,000 Revenue Bonds Housing Mar 99 NR
-4-
-39
Fieldman, Rolapp & Associates
Financings 1994 to Present
Facilities District No. 1, S
Riverside, County of Community Facilities District
No. 84-2 (Lake Hills), Series
1999 Special Tax Refunding
Bonds
$4,635,000 CFD’ various
Illfkhuctu~
Feb 99 BBB-
Riverside, County of Reassessment District No.
l56R-99 (Ynez Road) Limited
Obligation Refunding Bonds
$1,675,000 1984 various
Infmtructure
Feb 99 NR
Irvine Public Facilities and
Irhstructure Authority
Laguna Beach, City of
Gilroy Public Facilities
Financing Authority
Irvine, City of
Assessment Revenue Bonds,
Series A
Assessment District No. 95-5
Los Robles
1999 Authority Refimdii
Revenue Bonds
Assessment District No. 87-8
Limited Obligation
Improvement Bonds. Adjustable
Rate Series
%66,240,000 Mark Roos Various
1915 Act Bonds lnf&tlucture
$375,872 1915 various
hG%structure
%8,090,000 Marks Roos Various
1984 Act Bonds Infrastructure
%74,700,000 1915 various
hfhstructure
Feb 99
Feb 99
Jan 99
Jan 99
AAA AMBAC
NR
NR
AA
Capitola Financing Authority 1998 Reassessment Revenue S4,070.000 Marks Roos Various Dee 98 NR 1984 Act Inhstructure
Reassessment
Bonds
Both Canyon Public Community Facilities District %45.000,000 CFD various Lkc 98 NR
Facilities Financing Authority No. 98-l Special Tax Bonds, h&structure
Series 1998
Jurupa Community Services Community Facilities District $39.695.000 CFD various Dee 98 AAA FSA
District No. 1. 1998 Special Tax Bonds lnhstructure
Antiock City of Public 1998 Reassessment Revenue 648.320,OOO Marks Roos Various Dee 98 AAA AMBAC
Financing Authority Bond Series A 1984 Act lnhsbucture
Reassessment
Bonds
Antioch City of Public
Financing Authority
1998 Reassessment Revenue
Bond, Subordinated Series B
$44,875,000 Marks Roos Various
1984 Act h&structure
Reassessment
Bonds
Dee 98 NR
Windsor, Town of
(Redevelopment Agency)
Windsor Redevelopment Project
1998 Tax Allocation Bonds
(Bank Qualified)
%4,480,000 Tax Allocation Various
hdktructure
Dee 98 AAA MBIA
-5-
Pieldman, Rolapp & Associates
Financings 1994 to Present
AGENCY PROJECT NAME
DESCRIPTION
PURPOSE OF pRoJE~ PRINCIPAL TYPE OF
FINANCING
School District Public
Financing Authority
Special Tax Revenue Bonds, 1998 Series A Bonds
Dee 98 $13,705,000 Revenue AAA FSA
_Development 1 Dee 98 / NR / Sparks, City of General Obligation (Limited
Tax) Marina Park Note, Series
1998
SS,OOO,OOO Medium-Term
General
Obligation
I State of California, Public Lease Revenue Refunding
Works Board Bonds, 1998 Series C
$32,630,000
I
Revenue various
h&tstructure INov98/ A I I Ranch0 California Water Adjustable Rate Revenue Bond
District Financing Authority Series 1998A
$46,000,000 Revenue
Corona, City of C-unity Facilities District
No. 97-2 (Eagle Glen) 1998
Special Tax Bonds
$19,505,000 CFD
$21,705 COP Water 1 Nov98 / AAA 1 MBIA Walnut Valley Water District Refunding Certificates of
Participation (BadilloKirand
Transmission Main and
Terminal Storage Project)
Series 1998
Redevelopment Ott 98 Fountain Valley Agency for
Community Development
1998 Tax Allocation Refundin
Bonds (Industrial Area
Redevelopment Project)
AA4 MBIA
S26.629.212 1915 --I- $6,095,000 1915
Street, Highway. Bridge Aug 98 NR Orange, County of Limited Obligation
Improvement Bonds, 1998
Series A hvine Coast AD No.
88-l
Ventura County Public Local Agency Revenue Bonds,
Financing Authority 1998 Series A
various
h&rstructure
Aug 98 NR
various Infrastructure / Aug98 1 NR 1 San Marcos Public Financing Rebinding Revenue Bonds,
Authority Sties 1998
$33,560,000 Revenue
CFD Water: Street,
Highway, Bridge:
various
lnt&tructure:
Flood Control
Aug 98 Riverside, County of CFD No. 89-5 (Rancon
Business Center) Special Tax
Refunding Bonds, Series 1998
AAA AMBAC
%7,330.000 COP
t-
$3,130,337 1915
Library Aug 98 AAA AMBAC
various
Infrastructure
Aug 98 NR
-6.
41
c.
Fieldman, Rolapp & Associates
Financings 1994 to Present
AGENCY PROJECT NAME
DESCRIPTION
PURPOSE OF
PROJECT’
( DATTF ( RATING ( INSURERS 1 PRINCIPAL TYPE OF
FINANCING
various
btf+astntcture
1 July98 1 BBB- 1 LOC $7,180.000 CFD Val Verde Unified School Special Tax Revenue Bonds,
District Financing Authority 1998 Series A (Senior Lien)
various
lnfktmcture 1 Ju1y98 1 NR 1
Val Verde Unified School Special Tax Revenue Bonds.
District Financing Authority 1998 Series B(Jumor Lien)
$27,725.000 CFD
$2,945,000 I 1915 Sonoma Valley County
Sanitation District
Liited Obligation
Improvement Bonds. Eighth
Street East Sewer Assessment
District
South Orange County Public Special Tax Revenue Bonds,
Financing Authority 1998 Series B
Wastewater
Sanitary District
July 98 NR
various ~-cture 1 July98 1 AAA 1 AMBAC 1 S29,O 10,000 CFD
Marks-Roes
Land Acquisition 1 July98 1 NR 1 Bell Public Financing
Authority
Taxable Refunding Notes,
Series 1998
%4,500,000 TRAN
hvine, City of Assessment District No. 94-13
(Oak Creek) Limited
Obligation linprovement Bonds, Croup One
%13,975,000 1915 various various
Inftastructure Inftastructure
July 98 July 98 NR NR
various various
htfmsbucture htfmsbucture
July 98 July 98 NR NR
Streets Highway, Streets Highway,
Bridge Bridge
July 98 July 98 NR NR
Streets, Highway, Streets, Highway, Bridge Bridge
July 98 July 98 NR NR
Irvine, City of ~Assessment District No. 97-16
l(Northwest kvine) Liited
‘Obligation Improvement Bonds,
Croup Two
99,555,000 1915
En&&as, City of Community Facilities District
No. I (En&has Ranch Public
Improvements) 1998 Special
Tax Bonds. Series A
$39,590,000 CFD
%3,000,000 CFD C-unity Facilities District
No. 1 (Encinitas Ranch Public
~ Improvements) 1998 Special
iTax Bonds. Series B
Encinitas, City of
$l21l 10.000 CFD Winchester Hills Financing C-unity Facilities District
Authority (City of Temecula) No. 98-l (Winchester Hills)
Special Tax Bonds, 1998 Series A
various various
Inhstructure Inhstructure
July 98 July 98 NR NR
various various
lt&sstructure ltiastructure
July 98 July 98 NR NR
various various
l&tstntcture ltiastructbre
various
Infktructure
various
htfiastructure
July 98 July 98 NR NR
July 98 NR 1 July98 1 NR / 1
Winchester Hills Financing
Authority (City of Temecula)
Orange, City of
Irvine, City of
$145.000 CFD
$7,045.000 1984
%11.915.000 1915
Community Facilities District
No. 98-l (Winchester Hills)
Special Tax Bonds. 1998 Series
B
Limited Obligation Refunding
Improvement Bonds AD No.
86-l (East Orange) Series 1998
AD No. 95-12, Limited
obligation Improvement Bonds,
~Fixed Rate Bonds. Croup Three
%2,735,000 1984 various
lnbstructure
July 98 NR
-7-
42
-
Eieldman, Rolapp & Associates
Financings 1994 to Present
AGENCY PROJECTNAME I PRINCIPAL.
DESCRIPTION
P;E-~F.w. ( D~IF ( RATING ( INSURERS
Airport Authority of Washoe
County
South Grange County Public
Financing Authority
Vista. City of, Community
Development Commission
Vista. City of. C-unity
Development Commission
California Statewide
C-unities Development
Authority
PFC Revenue (Tax-Exempt)
Note, Series 1998 ’
Special Tax Revenue Bonds,
Series A
1998 Tax Allocations Bonds,
Series B
33,351,OOO Short Term Airport
Note
$25,855.000 Marks-Roos Various
hdixstmcture
$8,935,000 Tax Allocation Redevelopment
June 98
June 98
June 98
NR
AAA AMBAC
AAA MBIA
1998 Tax Allocations Bonds, Series A
%5.645,000 Tax Allocation Redevelopment June 98 AA4 MBIA
Revenue Refunding Bonds S179,3201000 Revenue Bond Health Care June 98 AAA AMBAC
(Sherman Oaks Project) Series
1998A Bonds I I I
California Statewide Revenue Refunding Bonds
Communities Development
Authority
(Sherman oaks hoject) Series 1
1998B Bonds
S3,OOO,Ow/ Revenue Bond /HINiiare / June 98 / AAA / AMBAC
Gtay Water District
San Juan Capistrano, City of
June 98
June 98
AMBAC
FGIC
San Juan Capistrano
Community Redevelopment
Agency
San Juan Capistrano Central
Redevelopment Project 1998
Tax Allocation Refunding
Bonds
$X,3 15,000 Tax Allocation Various
ln6astt-ucture
June 98 AAA FSA
Temecula, City of CFD No. 88-12 (Ynez
Corridor) Special Tax
Refunding Bonds, 1998 Series
A
%18.690,000 CFD various June 98 NR
In&structure .
Big Bear Lake. City of 1998 Refunding COPS (Civic
Center Project)
1 .$5.300,000~ COP P,cCkx 1 June 98 AAA FSA
h-vine, City of AD. No. 97-17 Limited
I
Eligz; hn&vEyt Bonds,l S95~ooo~ooo~ 1915 Fzcture
June 98 AA LGC
I I I I Apr98 AAA AMBAC
I I I I I I I
State of California. Public Department of Corrections $102.700.000 Revenue Bonds Various
Works Department Refunding Bonds. 1998 Series B / /I*astructure
/
Apr 98 AAA MBIA
State of California. Public
Works Department I
Department ofCorrections.
I
%I 15.380.000 Revenue Bonds
Emergency Beds, 1998 Series A I I
Various
Infbsstructure
Orange, County of CFD No. 86-2 (Ranch0 Santa
Margarita). Series A of 1998
Special Tax Bonds
S10,975,000 CFD various
hfmstructure
Apr98 NR
Bell Public Financing
Authority F%%Taxable Pension Revenue / $1.800.000 Revenue Bonds Pension Revenue I lBonbs ( Apr98 I AAA I MBIA
-8-
-
Fieldman, Rolapp & Associates
Financings 1994 to Present
DESCRIPTION FINANCING
Mobile Home Park Revenue Mobile Home Park
vine, City of Mobile Home Park Revenue
Bonds
Mobile Home Park
kange, City of Refunding Certificates of
Participation (Police
Headquarters Facility Project)
1998 Sties A
112,215,0t?iO COP Police
Headquarters
Apr98 AAA FSA
ladera, County of Certificates of Participation
(Valley Children’s Hospital
Project) Series 1998
!$60,715,000 COP Health Care
(Hospital)
Apr98 AAA MBIA
‘allecitos Water District Water Revenue Certificates of
Participation (Twin Oaks
Reservoir Project)
%24,865,000 COP Water Mar 98 AA LGC
lell. City of
‘ypress, City of
1998 Certiticates of
Participation
Limited Obligation
Improvement Bonds: Cypress
Business & Professional Center
Assessment District
%3,020,000
32,160,OOO
COP
1915
various
Infrastructure
various
I&wtructure
Feb 98
Feb 98
A4A MBIA
NR
I
astern Municipal Water
hstrict
‘orona, City of
Water & Sewer Retimding
COPS. Series 1998.4
CFD No. 90-I (South Corona)
ofthe City of Corona Special
Tax Retimding Bonds. 1998 Series A
%39,655,000
$62.845.000
COP
CFD
Water
various
infrastructure
Jan 98 AAA FGIC
Jan 98 AA-4 MBIA
onoma County Public 1997 Authority Revenue Bonds %9.800:000 1915 various Dee 97 NR inancing Authority Inbastnicture
tlivenhain Municipal Water Water Revenue Certificates of 550.000.000 COP Water Dec97 AAA FGIC
iistrict Participation (1997 Capital
Projects and Refunding)
aguna Beacb, City of Underground Utility AD No.
95-2, Limited Obligation
Improvement Bonds
6714.514 1915 Underground Utilities Dee 97 NR
ncinitas, City of 1997 Retimding Certificates of
Participation Series A (Civic
Center Project)
$7.550.000 COP Civic Center Nov 97 AAA MBIA
tate of California, Public
v’orks Board
Lease Revenue Refunding
Bonds. Dept of Corrections.
1997 Series A
$8.930.000 Lease Jail/Detention Nov 97 AAA AMBAC
-9-
Celdman, Rolapp & Associates
Financings 1994 to Present
PRINCIPAL DATE OF
SALE
RATING AGENCY PROJECT NAME
DESCRIPTION
Lease Revenue Refunding
Bonds, Dept of Veterans
Affairs, 1997 Series A
Lease Revenue Refunding
Bonds, Dept of Corrections,
1997 Series B Corc~an
Lease Revenue Refunding
Bonds, Dept of Corrections, 1997 Series C
Lease Revenue Refunding
Bonds, UC Regents, 1997
Series C
1997 Refunding COPS,
improvement District 71
191311915 Act Limited
Dbligation Improvement Bonds
San Vicente Sewer Project
Refunding
CFD No. 3 (Cascades Business
Park & Golf Course)
4D No. 97-16 (Northwest
hvine) Limited Obligation
[mprovement Bonds. Adjustable
Rate Series
4D No. 97-16 (Northwest
irvine) Limited Obligation
Improvement Bonds. Group
he
4D No. 94-13 (Oak Creek)
Limited Obligation
improvement Bonds. Adjustabl
Rate Series
Tax Allocation Bonds. Series
1997
Limited Obligation
[mprovement Bonds 1997
Series A h-vine Coast AD 88-l
4D No. 96-1 1997 Series A
:Benetit Zones 3 & 4)
4D No. 96-1 1997 Series B
:Benetit Zones 6 & 7)
INSURERS
$9,380,000 Lease
I I
Veterans Homes Nov 97 AMBAC
Nov 97 AMBAC $18,960,000 Lease Jail/Detention
$41,970:000 Lease Jail/Detention
$158,405,000 Lease Education
$15,445,000 COP Flood Control
%454,753 191311915 Water
State of California, Public
Works Board
Nov 97 AMBAC State of California, Public
Works Board
AMBAC State of Califbrnia, public
Coachella Valley Water
Nov 97
AMBAC (DIN/O
NR Coachella Valley Water
District
S690,OOOl COP l;~S.~ewater NR Ramona Municipal Water
District
Los Angeles, City of
f
h-vine. City of
$11,750,000 CFD various
Infrastructure
%60.000.000 1915 various
htf+astructure
Sept 97
Sept 97
NR
a3/VMIG-1
Sept 97 NR Irvine, City of $3.695,000 various
Infrastructure
Irvine, City of 561.600.000 1915 various
h&structure
%26,000.000 Tax Allocation Various
Ifiastructure
Aug 97
.aYVMIG-I
AA :apital Assets
Grange County
~
Corona, City of
Corona. City of
$3,590.419 1915 various
hhstructure
S685.000 1915 Streets, Highway.
Bridge
$1.605.000 1915 Streets, Highway,
Bridge
Aug 97 NR
Aug 97 NR
Aug 97 NR
-lO-
Eieldman, Rolapp & Associates
Financings 1994 to Present
DESCRIPTION FINANCING
IrlfiastNcture
City of hvine, Industrial Variable Rate Demand IDB $4,400,000 IDB Industrial July 97 AA-IF- 1 + Union Bank of
Development Authority Bonds (Sabritec) Development California
City of hvine AD. No. 95-12 (Northwood 5) X4,295$00 1915 various July 97 NR
Croup Two lt&structure
City of Laguna Beach Underground Utility AD. No. 51,505,781 1915 Underground July 97 NR
94-3 Utility
Ohvenhain Municipal Water AD. No. 96-1 (OMWD Water %22,530,000 1915 Water July 97 AA.4 MBIA
District Storage Project)
North Lake Tahoe Public $4.170,000 Revenue Bond Solid Waste AA.4 MBIA
Financing Authority
httegrated Waste Management July 97
Revenue Bonds. 1997 Series A Management
Marks Roes
Eastern Municipal Water
District
orange: county of
Water & Sewer Rev Ref COPS.
Series 1997A
CFD 87-4 Series A of 1997
Special Tax Bonds
$21,835.000 COP
$10.815.000 CFD
Retimding
various
lnhtructure:
School Facilities
June 97
June 97
AAA MBIA
AAA MBIA
Orange Redevelopment
Agency
Tustin Street Redevelopment
Project, 1997 Tax Allocation
Bonds. Series A
$3.280.000 Tax Allocation Redevelopment June 97 AA4 MBIA
Orange Redevelopment
4wCY
Tustin Street Redevelopment
Project. 1997 Taxable Tax
Allocation Bonds, Series B
$6.500.000 Tax Allocation Redevelopment June 97 AAA MBIA
Camarillo. City of (Industrial Landers Corporation Project $6.000.000 IDB Industrial May 97 NR
Development Authority) Development Bond
Orange, City of (Industrial Control Air Conditioning $5.000.000 IDB Industrial May 97 AA+
Development Authority) Project Development Bond
San Juan Capistrano, RDA 1997 Subordinated Taxable $1.800,000 Tax Allocation Housing May 97 AA.4 MBIA
Tax Allocation Bonds
(Housing)
Laguna Beach City of Underground Utility AD 94-7 S534.964 1915 Act Undergrounding May 97 NR
Utility
hviie Unified School District CFD No 86-l. Special Tax %74,320.000 CFD various May 97 NR
Bonds, Series 1997 htfktructure
Riverside. County of CFD 87-5 Series A $12.025.000 CFD WaterlWastewater April 97 NR
Riverside, County of CFD 87-5 Series B Sl.080.000 CFD WateriWastewater April 97 NR
-ll-
4
Fieldman, Rolapp & Associates
Financings 1994 to Present
Valley Center Municipal
Orange, County of
AD 96-1 (Lower Moosa
Murrieta County Water Mark Roos Special Tax Bond
Rebinding Series A
Padre Dam Municipal Water 1996 Water Reclamation Phase
Single Family Mortgage
Variable Rate Multl
Housing Revenue Bonds
(Hacienda de Camarillo
Encinitas Ranch Golf
PURPOSEOF
PROJECT
RATING 1 INSURERS
various
tnhstructure
I Dec96 I NR I
various ~cture / Dec96 1 AA4 / FSA
Water and AAA FSA
Water and Nov 96 AA.4 FSA
SewerlWastewater
Treatment
Water I Nov96 I AAA I AMBAC
Housing
Housing
Housing
Water
Nov96 Aaa
Nov96 A
Nov96 Aaa
Nov96 AA4 AMBAC
Water 1 NOVN 1 AM 1 AMBAC
Fire Station I oct96 I BBB- I
Housing Ott 96 AAAIA-I+
Housing Ott 96 AAA MBIA
Water Sept96 NR
Golf Course
I sePtg6 I NR I
Fieldman, Rolapp & Associates
Financings 1994 to Present
PROJECT NAME
DESCRIPTION
PRINCIPAL DATE OF
SALE
RATING INSURERS AGENCY
AD 95-l 2 Conversion /Croup
One Bonds
S2,545,0001 1915 jVarioustire Aug 96 NR
AD 94-l Limited Obligation
Improvement Bonds
52,4093661 1915 lEzUGountig Aug 96 NR Laguna Beach City of
Aug 96 NR AD 96-l Limited Obligation
Improvement Bonds, 1996
Series A
%1,624,200 various
Inhstructure
City of Corona
AD 95-1 Limited Obligation
Bonds
1.929.9431 1915 IStreets, Highway Aug 96 City of San Clemente
Requeza St/Bracero Road AD
93-l
1 p1,356,4OOI 1915 I~~busre City of Encinitas
City of Santa Clarita
City of Camarillo
Ranch0 California Water
District
July 96 NR
July 96 NR
July 96 NR
June-96 AA.4 CFD 88-3 Refunding %7,480.000 CFD Water I Flood
Control / various
lnhstructure i
Education
AMBAC
NR Livingston City of
East Valley Water District
Redevelopment Agency of the
City of Sparks, NV
Irvine, City of
Sewer Loan Refinancing
Refirnding Certificates of
Participation Series 1996
$2.210.344 Private Sewer I Wastewater
Placement Treatment
$8.140.000 COP Water
Tax Allocation Bond
Anticipation Notes. Series 1996
S8,150.000 Tax Allocation Parking
Assessment District 95-12.
Northwood 5 (Fixed Rates)
S5.110:000 1915 various
htfrastructure
May-96
May-96
Apr-96
Feb 96
AMBAC
NR
NR
Assessment District 95- 12.
Northwood 5 (Variable Rates)
S27.6OO.OOOl 1915 /V&usure Feb 96 Al Irvine, City of
Ranch0 California Water
District Financing Authority
Jan-96 AA 1996 Wastewater Restructuring Revenue Bond Sewer I Wastewater
Treatment
Assessment District 95-l
(Centex), Limited Obligation
Improvement Bonds. 1996
Series A
$855.000 1915 Various
I&astructure
Special Tax Revenue Bonds.
1995 Series A
$16.265.000 Marks-Roes School Facilities
CFD Refinancing
NR
AAA
A
Jan-96
Jan-96 Saddleback Valley Unified
School District Public
Financing Authority
Riverside County Flood
Control & Water Conservation
FSA
Dee-95 1995 Negotiable Promissory
Notes
/ $2.675.000~ Notes l/l_d Control
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r’ieldman, Rolapp & Associates
Financings 1994 to Present
PURPOSE OF
PROJECT
RATING 1 INSURERS AGENCY
Corona. City of
PROJECT NAME
DESCRIPTION
1995 General Obligation
Refunding Bonds
PRINCIPAL TYPE OF
FINANCING
%7,225,000 Go Library 1 Dee-95 1 AAA 1 FGIC
I Encinitas, City of
I
Encinitas Ranch Public
Improvements
$23,000,000 CFD
I
various infktmcture
Daz-95 NR
Riverside County Public
Financing Authority
1995 Series A Senior Lien
Special Tax Revenue Bonds
S33,765,000~ Mark$$os various
Lllfktmcture
1 Nov-95 1 AAA MBIA
Riverside County Public
Financing Authority
1995 Series B Junior Lien
Special Tax Revenue Bonds
55;611,0001 M%;oos various
Lllfksmcture
1 Nov-95 1 NR
Bell C-unity Housing
Authority
P9,500,0001 Revenue Bond
Revenue Bond Bell C-unity Housing
Authority
1995 Subordinated Revenue
Bonds. Mobile Home Park
Acquisition Project
Carlsbad, City of La Costa Downs, Assessment
District No. 92-O 1
1 SR14,2991 1911 various
h&structure
act-95 NR
Downtown sep-95 AAA AMBAC
hprovements
Water Aug-95 AA.4 FGIC
I Sparks, City of 1995 Short Term General
I
$10,000,000
I
General
Obligation Bonds Obligation
Ranch0 California Water Refunding Revenue Bonds.
District Series of 1995
$46,585,000 Revenue Bond
Madera, County of Valley Children’s Hospital. Certificates of Participation
Series 1995
$155.000.000 COP Health Care Aug-95 AA.4 MBIA
Cambria Community Services Water and Wastewater Revenue $3.470.000 Revenue Bond
District Refunding Bonds. 1995 Series
A
Ontario, City of Assessment District No. 106.
Limited Obligation Bonds
S5.254,437 1915
$3 1.990 Tax Allocation Housing,
Remnding
Redevelopment
Jul-95 AAA
Housing Jul-95 AAA
Housing, Jul-95 AA.4
C-unity Redevelopment Compton Redevelopment
Agency ofthe City of Compton Project Refunding Tax
Allocation Bonds. Series 1995
A
C-unity Redevelopment Compton Redevelopment
Agency of the City of Compton Project Retirnding Tax
Allocation Bonds. Series 1995
(Illy
$10.137 Tax Allocation C-unity Redevelopment Compton Redevelopment
Agency ofthe City of Compton Project Retirnding Tax
Allocation Capital
Appreciation Bonds. Series 1995c
$16.620 Tax Allocation Housing
I Ju1-95 I BBB I
C-unity Redevelopment Compton Redevelopment
Agency of the City of Compton Project Retimding Tax
Allocation Bonds. Series 1995-
1
- 14.
-.
r’ieldman, Rolapp & Associates
Financings 1994 to Present
PRINCIPAL TYPE OF
FINANCING
PURPOSE OF
PROJECT
DATE OF
SALE
RATING INSURERS
NR
NR
NR
NR
AAA FGIC
NR
NR
Ati Cap Guaranty
NR
A+
DESCRIPTION
Eastern Municipal Water 1995 General Obligation
Improvement Bonds.
Assessment District 94-l 5
Walnut Valley Water District Retimding COPS. Series 1995
Elsinore Valley Municipal Canyon Lake Treatment
Water District Rehabilitation
Laguna Beach, City of Diamond Crestview Assessment
District 94-05
Ontario Redevelopment
Financing Authority
1995 Revenue Refunding
Bonds, Series A
Ontario Redevelopment
Financing Authority
Corona, City of
1995 Revenue Refunding
Bonds, Series B
Multi-family Housing Revenue
Bonds. Series A
$1,675,0Ol General
Obligation
Jul-95 Water. Sewer,
Wastewater
Treatment 1 I
$7:620,000 General
Obligation
Jul-95 Water, Sewer,
Wastewater
Treatment I
Jul-95 $1,320,000 General
Obligation
$620.000 General
Obligation
$950,000 General
Obligation
Water, Sewer,
Wastewater
Treatment
Water? Sewer,
Wastewater
Treatment
Jul-95
Water, Sewer,
Waatewater
Treatment
Jul-95
S5,115 Taxable
Refunding Notes
Land Purchase Jul-95
$5 13.07 1915 Underground
Utilities
Jul-95
Water
lnhstructure
Jul-95
Jun-95
Reclaimed Water Mar-95
$2.780.000 1915
T $12.465.744 1915
$3.475.000 COP
$9.850.000 COP Dam Mar-95
$1.015.15 1911 Sewer &
Wastewater
Treatment
Mar-95
.‘:“” lntmstructure Feb-95
lnfmstructure Feb-95 $6.880.000 Marks-Roes
AD and CFD
$7.045.000 Housing
Mortgage
Revenue
- 15-
50
fl’ieldman, Rolapp & Associates
Financings 1994 to Present
AGENCY
I
PROJECT NAME PRINCIPAL TYPE OF PURPOSE OF DATE OF DESCRIPTION FINANCING PROJECT SALE
corona, city of Multi-family Housing Revenue Bonds, Series B %6,995,000 Housing Mortgage
Revenue
Housing Jan-95
Corona, City of, Industrial
Development Authority
Industrial Development Bonds,
Series 1994
$4,000,000 IDB Expansion of
Manufacturing
Facility
Dee-94
Rio Linda Water District 1994 Water System $4,990;000 COP Water Dee-94
Improvement Project
Cambria C-unity Services 1994 Wastewater Treatment %2,340,000 COP Sewer, Wastewater Nov-94
District System Upgrade Project Treatment
Newport-Mesa Unified School Capita1 Improvements Project, %5,340,000 COP Education, Nov-94
District 1994 Certiticates of Administration
Participation Building
Riverside, County of Reassessment District $2,290,000 1915 Streets Nov-94
Remnding No. 150-R
(Monterey Avenue) Limited
Obligation Refunding Bonds
Windsor Joint Powers
Financing Authority
East Valley Water District
Lease Revenue Bonds 1994C, Walter Eagan Center
Treatment Plant Project Series
1994
S6,555,000 Marks-Roes Civic Center, Jail: COP Recreation
$7.650.000 COP Water
Nov-94
Nov-94
El Dorado, County of Community Facilities District
No. 1992-l. El Dorado Hills $14.660,000 CFD Streets, Water Reclamation Intbtructure
Nov-94
Corona, City of 1994 Water System
Improvements
$5.900.000 COP Water act-94
Baldy Mesa Water District Water System Improvement
Project
$2.880.000 COP Water act-94
Madera, County of 1994 Tax Revenue Allocation
Bonds
1 S3.400.000/ TRAN ICash Flow / Sep-94
El Dorado Hills Commumty Wild Oak Park Assessment
Services District District / Sl,O82.6751 1915 lopenSpace I sep-94
Lake Arrowhead Community Deer Lodge Park Assessment $1.488.787 1915 Water Aug-94
Services District District
South Grange County Public Special Tax Revenue Bonds, S239.340.000 Marks-Roes Roads Aug-94
Financing Authority 1994 Series C CFD
Irvine, City of Assessment District 94-l 5. %32,700.000 1915 InI&tructure Aug-94
Limited Obligation
Improvement Bonds
Madera, County of Stunner Hill Assessment
District I
$496.700
I
1915 Water Aug-94
RATING
Letter of
Credit
A+
NR
BBB+
A
NR
A-
AA.4
MIGI
NR
NR
AAA
MIG2
NR
I INSURERS
Bank of
AMBAC
MBIA
AMBAC
FGIC
- l6-
-_ -.
f;ieldman, Rolapp & Associates
Financings 1994 to Present 0
PROJECT NAME PURPOSE OF
Riverside, County of
Somma, County of 1994 Public Works %8,035.000 COP LandSll, Recycling Aug-94 A+
Improvements Program & Transfer Station
Sonoma, County of 1994 Series A Heavy %1,111~000 Lease Heavy Equipment Jul-94 NR
Equipment Maintenance & Animal Shelter
Facility Refmancing Project
Sonoma, County of 1994 Series B, Healdsburg . $1,192,000 Lease Transfer Station Jul-94 NR
Transfer Station Refinancing
Project
It-vine, City of 1994 Taxable Notes $62,455,000 TRAN Cash Flow Jul-94 NR
Madera, County of Community Facilities District %1,805,000 CFD Iand Purchase Jul-94 NR
94-1, C-unity College
Santa Margarita Water District Dana Point Authority Revenue $55,415.000 Marks-Roes Water Jul-94 AA.4 MBIA
Bonds, Series A Go
Special Revenue
Santa Margarita Water District Dana Point Authority 1994 $132,870.000 Marks-Roes Water Jul-94 AA4 MBIA
General Obligation Bond Go
Rehutding. Series B
Bell Community Taxable Retimding Notes, $6,000.000 Tax Allocation Redevelopment Jul-94 NR
Redevelopment Agency Series 1994
Bell Community 1994 Subordinated Tax $4.800.000 Tax Allocation Redevelopment Jul-94 NR
Redevelopment Agency Allocation Refunding Bonds
Bell C-unity 1994 Tax Allocation Refunding $19,100.000 Tax Allocation Redevelopment Jul-94 AAA Cap Guaranta
Redevelopment Agency Bonds
Windsor Joint Powers Wastewater Revenue Rekmding S3.2 10.000 Revenue Bonds Wastewater Jul-94 AAA AMBAC
Financing Authority Bonds, Series l994A
San Bernardino County 1994 Public Improvement $12.050.000 Marks-Roos InIktructure Jun-94 NR
Financing Authority Refunding Revenue Bonds. 1915
Series A
San Bernardino County 1994 Public Improvement $lO,490,000 Marks-Roos Infrastructure Jun-94 NR.
Financing Authority Refunding Revenue Bonds. 1915
Series B
Windsor. Town of Windsor Redevelopment $4,600.000 Tax Allocation Various Jun-94 BBB Redevelopment Agency Project. 1994 Tax Allocation h&structure Bonds
Newport Mesa Unified School 1994 Taxable Tax Revenue 546.960.000 Taxable Cash Flow Jun-94 Al
District Allocation Bonds TRANS
Riverside, County of Assessment District 16 I. Series %7,219.123 1915 Highway Jun-94 NR
C, Winchester Properties
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Eieldman, Rolapp & Associates
Financings 1994 to Present .
PROJECT NAME
DESCRIPTION
PRINCIPAL I AGENCY RATING INSURERS DATE OF
SALE
May-94
Services District
La Quinta Redevelopment
1994 General Obligation
Retimdmg Bonds I
$3,905,000 Remnding Facilities
Go
FGIC AAA
Tax Allocation Refunding
I
Redevelopment Bonds, Series 1994, Project
Area No. 1
May-94 AA.4 MBIA
h-vine Unified School District
Orange, County of
1994 Taxable Notes I $54,575,000 I Taxable Notes Cash Flow I May-94
May-94 NR Newport Ridge Assessment
District. No. 92-1, Series B
P7~515.0001 1915 ILandPurchase
Assessment District No. 1993-l 1 1915 1 Water May-94 NR Mammoth County Water
District
Community Facilities District
88-2 Special Tax Bonds
I .$2,920,0001 CFD 1 Water Wastewater May-94 NR Ranch0 Cucamonga, City of
1994 Taxable Notes $42,180,000
I
Taxable Notes Cash Flow
I May-94 A+ Orange County Board of
Education
May-94 Baa Canyon Lake, City of
Grange County, North
C-unity College District
Sonoma, County of
Corona, City of
Redevelopment Agency
Trabuco Canyon Public
Financing Authority
A+ May-94
A+ 1994 Honor Farm Detention Facility Refinancing $3.715.000
I
COP Jail Apr-94
AA.4 FGIC Redevelopment Project Area
I
$47,050.000 Tax Allocation
I I
Redevelopment
“A”. 1994 Tax Allocation Remnding Bonds. Series A
Apr-94
‘4‘4‘4 FSA Special Tax Ret&ding Revenue $48,500.000 Marks-Roes Water
Bonds. 1994 Senior Lien Series I
Mar-94
A I CFD I
Special Tax Rebinding Revenue %13:460.000 Marks-Roes Water
Bonds. 1994 Junior Lien Series CFD
B
Mar-94 NR Trabuco Canyon Public
Financing Authority
112.080;oU0~ Matrkkpos 1 Water Mar-94 AA4 FSA Trabuco Canyon Public
Financing Authority
C-unity Facilities District
93-3 Special Tax Bonds,
Foothill Marketplace
1 S4.825.OOOl CFD II_y_/1_ Mar-94 NR Rancho Cucamonga, City of
Bakersfield, City of
t
Bakersfield. City of
Bakersfield. City of
A Public Financing Authority
Revenue Bonds. Series 1994 A
$36.415:000 Marks-Roos Retimding Various
Revenue Bonds Sewer & Street
Improvements
Public Financing Authority S22.285.000 Marks-Roos Water & Sewer
Revenue Bonds. Series 1994 B 1915
Public Financing Authority %2.325,000 Marks-Roes Various
Revenue Bonds. Series 1994 C 1915
Feb-94
NR Feb-94
Feb94 NR
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r’ieldman, Rolapp & Associates
Financings 1994 to Present
AGENCY PROJECT NAME
DESCRIPTION
PRINCIPAL ~;zOsrcz D~T-w RATING I INSURERS
h-vine, City of Lease-Leaseback Agreement
with the It-vine public Facilities
and Inf&t~cture Authority
%5,480,000 COP Road Bridge Feb94 A+
Madera County Public
Financing Authority
Local Agency Refunding and
Revenue Bonds, Series A
I Madera County Public Financing Authority Local Agency Subordinate Refimclmg Bonds, Series B I S2,300,0001 Mark$$os IRoads I Feb94 I NR I
h-vine, City of Limited Obligation Refunding Improvement Bonds, Assessment District No. 89-10
/ $l7,178,808I 1915 /Infmstmcture / Jan-94 1 AAA 1 MBIA
Ii-vine. City of Limited Obligation Refunding
Improvement Bonds,
Assessment District No. 80-2
31466,417 Infrastructure Jan-94 AA4 MBIA
Ii-vine, City of Limited Obligation Refunding
Improvement Bonds,
Assessment District No. 83-3
15,771,3711 1915 /h__V1_ / Jan-94 / AAA / MBIA
I Sonoma County Water Agency Refunding i pricing I I %4,495,000 I Water Revenue I Infrastructure Jan-94 AA.4 FGIC
Cucamonga County Water
District
1994 Water Facilities Project %14,665,000 COP Water Facilities Jan-94 AA.4 FGIC
Ranchho Cucamonga Rancho Redevelopment project
Redevelopment Authority 1994 Tax Allocation Remnding $64.460.000 Tax Allocation Redevelopment Jan-94 .4&l MBIA
.
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