HomeMy WebLinkAboutFY21-22-ORRICK, HERRINGTON & SUTCLIFFE LLP-54,58,72Mitchell D. Roth
Mayor
Elizabeth A. Strance
Corporation Counsel
Laureen L. Martin
Assistant Corporation
Counsel
COUNTY OF HAWAII
OFFICE OF THE CORPORATION COUNSEL
101 Aupuni Street, Suite 325 • Hilo, Hawai'i 96720 • Phone (808) 961-8251 • Fax (808) 961-8622
July 20, 2021
Via Electronic Mail only
Roger L. Davis, Esq.
John Y. Wang, Esq.
Orrick, Herrington & Sutcliffe LLP
The Orrick Building
405 Howard Street
San Francisco, CA 94105
rogerdavis(d-)orrick.com
jwang(a)-orrick.com
Dear Mr. Davis and Mr. Wang:
Re: Fiscal Year 2021-22 Professional Services: Statement of Qualifications (SOQs)
Thank you for submitting your firm's Statement(s) of Qualifications for providing
professional services to the Office of the Corporation Counsel, County of Hawai'i.
Based upon the information provided, the Department's review committee has
determined that your firm is qualified to perform services for the following category(ies):
50) Attorney/Law (Civil Rights Defense)
51) Attorney/Law (General Personal Injury Defense)
52) Attorney/Law (Criminal Defense of County Employees)
53) Attorney/Law (General defense in civil matters, including administrative
proceedings)
x 54) Attorney/Law (Federal and State Tax)
55) Attorney/Law (Worker's Compensation)
56) Attorney/Law (Constitutional)
57) Attorney/Law (Public Sector Employment)
0 58) Attorney/Law (Public Financing)
59) Attorney/Law (Drafting of Legislation and Administrative Rules)
60) Attorney/Law (Real Estate)
61) Attorney/Law (Land Use, Planning)
62) Attorney/Law (Class Actions)
Hawaii County is an Equal Opportunity Employer and Provider
Roger L. Davis, Esq.
John Y. Wang, Esq.
July 20, 2021
Page 2 of 2
63) Attorney/Law (Procurement)
64) Attorney/Law (Enforcement of Federal, State and County Law)
65) Attorney/Law (Condemnation)
66) Attorney/Law (Construction Litigation)
67) Attorney/Law (Bankruptcy)
68) Attorney/Law (Commercial Transactions)
69) Attorney/Law (Collections)
70) Attorney/Law (Fair Labor Standards Act and other laws related to
compensation)
71) Attorney/Law (Environmental)
x 72) Attorney/Law (Regulatory)
If you are qualified for a category, your firm will remain on the Department's List of
Qualified Providers of Professional Services until June 30, 2022. For your information,
this list may be utilized by any County agency during this time period.
When the need for professional services arises, a selection committee will review the
qualifications of firms on the list in the appropriate category. Professional services
procurements that equal or exceed $5,000.00 are posted on the County's website within
seven (7) days of the contract award.
Thank you for your interest in providing professional services to the County of Hawai'i. If
you have any questions or concerns, please contact Amy Bautista at (808) 961-8251 or
corpcounsel(a).hawaiicounty.gov.
Respectfully,
J Yoshimoto
Deputy Corporation Counsel /
Chair, 2021-22 Professional Services
Statement of Qualifications (SOQs) Review Committee
bcc: County of Hawaii, Procurement with enclosure
Hawaii County is an Equal Opportunity Employer and Provider
Statement of Qualifications and Expression of Interest in
Providing Bond Counsel, Public Financing Law and Related
Services for the:
COUNTY OF HAWAII
June 15, 2021
RFP CONTACTS:
Roger L. Davis
Partner
T 415-773-5758
E rogerdavis@orrick.com
John Y. Wang
Partner
T 415-773-5993
E jwang@orrick.com
PROPOSAL TO THE COUNTY OF HAWAII
June 15, 2021
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, CA 95814-4497
+1 415 773 5700
Via Email
Ms. Deanna Sako
Director of Finance
County of Hawaii
25 Aupuni Street
Suite 2103
Hilo, Hawaii 96720
Crystallene.Pacheco@hawaiicounty.gov
Ms. Elizabeth A. Strance
Corporation Counsel
County of Hawaii
101 Aupuni Street
Suite 325
Hilo, Hawaii 96720
corpcounsel@hawaiicounty.gov
Re: Statement of Qualifications and Expression of Interest in
Providing Bond Counsel, Public Financing Law and Related
Services for the County of Hawaii
The undersigned attorneys, Roger L. Davis and John Y. Wang and the law firm of which they are
partners, Orrick, Herrington & Sutcliffe LLP, are very interested in providing legal services for the County
of Hawaii (the “County”), its departments and agencies in any matters pertaining to:
Bond Counsel;
Public Financing Law;
Disclosure Counsel;
Tax Counsel;
Continuing Disclosure Counsel;
Lease Financing;
Community Facilities Districts;
Multifamily Rental Housing Finance
Investment Agreements;
Swaps;
Arbitrage Rebate Compliance;
Other Post-Issuance Compliance;
IRS or SEC Audits/Inquiries/Rulings;
Public Private Partnerships; and
any other matter related to public finance.
Pursuant to the Notice to Providers of Professional Services (HRS 103D-304) the following statement of
qualifications and expression of interest is submitted for your evaluation.
The information requested (in the order specified) in the Notice to Providers of Professional Services is
set forth below:
PROPOSAL TO THE COUNTY OF HAWAII
2
1. The name of the firm or person, contact information, including email address, the principal
place of business, and location of all of its offices:
Roger L. Davis John Y. Wang
Partner Partner
Orrick, Herrington & Sutcliffe LLP Orrick, Herrington & Sutcliffe LLP
The Orrick Building The Orrick Building
405 Howard Street 405 Howard Street
San Francisco, CA 94105 San Francisco, CA 94105
Tel: 415.773.5758 Tel: 415.773.5993
Fax: 415.773.5759 Fax: 415.773-5759
Email: rogerdavis@orrick.com Email: jwang@orrick.com
In addition to San Francisco, Orrick, Herrington & Sutcliffe LLP also has offices in Boston, Austin, Houston,
Los Angeles/Orange County, New York, Portland, Sacramento, Santa Monica, Silicon Valley, Seattle,
Washington, D.C., Beijing, Berlin, Brussels, Dusseldorf, Hong Kong, Shanghai, London, Milan, Munich,
Paris, Rome, Taipei and Tokyo. Orrick’s subsidiary, BLX Group (“BLX”) also has offices in Dallas, Los
Angeles, New York, Phoenix, and Tampa.
2. The age of the firm and its average number of employees over the past five years:
Orrick, Herrington & Sutcliffe LLP traces its history to 1863. The number of attorneys practicing at Orrick
has steadily increased each year and is now over 1,300. Firm-wide, we employ more than 2,900 people in
our 26 offices. Over the past five years, Orrick has averaged 1,355 attorneys and 1,108 non-attorneys..
3. The education, training, and qualifications of the individual, or if a firm, its key employees
in accordance with HRS 103D-304 and/or the professional and scientific occupation series
contained in the United States Office of Personnel Management's Qualifications Standards
Handbook
Roger Davis would be the lead attorney, assisted primarily by John Wang with Chas Cardall handling tax
issues, with regard to all financing matters for the County of Hawaii. They would be assisted by the other
members of Orrick’s Hawaii team and other members of Orrick's public finance department as required by
the demands of any particular financing. Resumes of the attorneys most likely to be involved are included
as Exhibit A. Below is a narrative description of the background of the lead members of the County of
Hawaii team.
Roger L. Davis
Mr. Davis is the former Chairman of Orrick’s Public Finance Department led that practice at Orrick for more
than 30 years. Over the course of his career, Mr. Davis has been principally responsible as lead bond
counsel, disclosure counsel or underwriters’ counsel for over one thousand transactions of almost every
conceivable type and has participated in many others, and has handled a great many non-transactional
public finance matters (e.g., legislation, IRS rulings and audits, SEC no action letters and investigations,
test litigation, investment agreements, interest rate swaps, escrow restructurings, default work-outs, etc.).
In addition, Mr. Davis has written (and, on occasion, helped lobby) a substantial amount of the bond related
legislation enacted in California and some bond related legislation for other states, including Hawaii. Mr.
Davis co-authored articles for the National Law Journal about: (1) the effect on state and local governments
PROPOSAL TO THE COUNTY OF HAWAII
3
of the SEC’s continuing disclosure rules and (2) liability of municipal issuers in the event their bonds are
determined by the IRS to be taxable. Clients and other participants have reported that they particularly
value Mr. Davis for the breadth of his experience and ability to apply it in finding or creating solutions and
otherwise improving the structure and terms of the matters in which he is involved.
For over two decades, Hawaii has been one of Mr. Davis’s principal areas of concentration. Since 1988,
he has worked on more than 250 bond transactions involving Hawaii State or County issuers. For example,
General Obligation Bonds (including issues for the State of Hawaii, the City and County of Honolulu, the
County of Maui, the County of Kauai and the County of Hawaii).
Revenue Bonds (for transportation including Hawaii Harbor Revenue Bonds and Hawaii Highway Revenue
Bonds, revenue bonds for the Department of Hawaiian Home Lands, the University of Hawaii and Hawaii
Health Systems Corporation, bonds backed by excise, sales or transient accommodations taxes, including
legislation and test litigation for Hawaii Convention Center Bonds (Convention Center Authority v. Anzai),
water revenue bonds and wastewater revenue bonds for the City and County of Honolulu and an EB5 Loan
Agreement for the University of Hawaii).
Special improvement district (a.k.a., assessment) and community facilities district (a.k.a., Mello-Roos)
bonds, the type of bonds authorized to be issued under Hawaii Revised Statutes Section 46-80.1. Community
facilities districts ("CFDs") have their origin in Hawaii in a speech given by Roger Davis on infrastructure finance
sponsored by the Hawaii Island Economic Development Board. He devoted only a few minutes at the end of
his speech to CFDs, which were available in California and a few other states but not in Hawaii. After the
speech, several people asked Mr. Davis to prepare CFD legislation for Hawaii. Mr. Davis drafted what is now
Section 46-80.1 H.R.S. He lobbied for it with the State legislature for several years until it became law. He
gave a number of presentations at meetings of county finance officers and others explaining Section 46-80.1
and CFD financing. He drafted the model ordinance implementing the authority provided by Section 46-80.1,
on which the ordinances adopted by the County of Hawaii, the City and County of Honolulu, and the County of
Kauai were based.
Lease financing (including certificates of participation in financing leases, such as the lease agreement for the
State Telecommunications System for the Hawaii State Government, IFB No. F-95-022-OHMKL (the first lease
financing for Hawaii), the certificates of participation “COPs” financing for the State Office Building in Kapolei
(Hawaii’s first COPs financing), the COPs financing of No. 1 Capitol District State Office Building, the refunding
of these two COPs financings in 2009, the State’s safety equipment lease purchase agreement in 2010, an
EB5 Loan Agreement for the University of Hawaii (2012), advice on H.B. No. 3389 (Act 119, Chapter 37D
Hawaii Revised Statutes) authorizing lease financings, co-counsel (with the Attorney General) on the petition
to the Hawaii Supreme Court regarding the validity of lease financing (In re Anzai, 85 Haw. 1, 936 P.2d 637
(1997), and general advice on lease financing, including preparation of a standard form of financing lease rider,
to be attached to all vendor leases, for the State of Hawaii and for the County of Kauai and the County of Maui).
Housing Bonds (including issues for the Hawaii Public Housing Authority (and its predecessors), Hawaii
Housing Finance & Development Corporation, the City and County of Honolulu and the County of Kauai).
Conduit Bonds (for hospitals, investor-owned utilities and private schools and colleges, including special
purpose revenue bonds for The Queen’s Health Systems, Hawaii Pacific Health, Kapiolani Health Care
System, Wahiawa General Hospital, G.N. Wilcox Memorial Hospital, Kaiser Permanente, Kahala Nui, Hawaiian
PROPOSAL TO THE COUNTY OF HAWAII
4
Electric Company, Citizens Utility, Wailuku River Hydroelectric, Mid-Pacific Institute, Hawaii Pacific University,
Chaminade University, Montessori of Maui and Island Pacific Academy).
Swaps and other hedges (including explicit and embedded swaps, caps, floors, options, swaptions, and other
hedges, both primary and secondary markets; Mr. Davis helped draft Acts 38 and 39 enacted in 2003 amending
Section 47-7(b) and Section 49-4(c), H.R.S., to authorize Hawaii counties to enter into interest rate swaps and
other hedge contracts). He also co-authored the booklet on Interest Rate Swaps: Application to Tax-Exempt
Financing.
Investment Agreements (including forward purchase and reserve put agreements), including for the City and
County of Honolulu, the Board of Water Supply of the City and County of Honolulu and the County of Maui.
Disclosure Compliance (as co-head of Orrick’s disclosure group), including SEC Rule 15c2-12 continuing
disclosure for the City and County of Honolulu and the County of Maui.
Rebate and other Post-Issuance Tax Compliance (as one of the partners responsible for supervising
Orrick’s wholly-owned subsidiary, BLX Group LLC), including for the State of Hawaii, the City and County of
Honolulu, the Board of Water Supply of the City and County of Honolulu, and the County of Maui.
Audits, Investigations and Workouts (as co-head of Orrick’s Troubled Transactions Group), including IRS
audits, SEC investigations, defaults, work-outs and the like, including several IRS audits for the State of Hawaii
and the City and County of Honolulu.
A list of transactions is attached hereto as Exhibit B. At the end of Exhibit B is also a list of non-
transactional Hawaii matters on which Mr. Davis has worked during that period.
John Wang
Mr. Wang joined Orrick from Hawkins, Delafield & Wood in 2003 and became part of Orrick’s Hawaii team
in 2004. Since then, Mr. Wang has worked with a variety of different Hawaii issuers either as bond counsel
or underwriter’s counsel, including matters for the City and County of Honolulu, the State of Hawaii, the
University of Hawaii, the County of Hawaii and the County of Kauai (consisting of most of the issues listed
in Exhibit B since 2004.)
Mr. Wang, a partner in the Public Finance Department, has broad experience serving as bond counsel,
disclosure counsel and underwriter's counsel, focusing on a variety of types of transactions, including
municipal general obligations bonds, municipal water and wastewater financings, solid-waste, waste-to-
energy, higher education financing, pollution control, industrial development financing, public power
financing, municipal lease financings, redevelopment financings and conduit financing for nonprofit
501(c)(3) borrowers.
Charles C. Cardall
Mr. Cardall, Chair of Orrick’s Tax group, has been part of Orrick’s Hawaii team for a number of years and
has been the principal tax lawyer on many of the financings listed in Exhibit B for which Orrick was bond
counsel or special tax counsel.
The tax aspects of municipal bonds is a very complex and arcane subject in which only a handful of tax
lawyers around the country can claim true expertise. One of the best and most experienced of these is
PROPOSAL TO THE COUNTY OF HAWAII
5
Chas Cardall, who has specialized in the tax aspects of public finance at Orrick for 20 years and reviews
and provides tax advice on more than 100 bond issues a year and handles a number of IRS audits of the
tax status of bonds each year, including for the State of Hawaii and the City and County of Honolulu. In an
era of increasing IRS audits, and corresponding increased exposure of issuers of tax exempt bonds to IRS
audits and related consequences, the importance of prudent and experienced tax advice cannot be
overstated. Because Orrick has the largest and most diverse municipal bond practice in the country, its tax
lawyers, and Mr. Cardall in particular, are experienced in virtually every tax issue that may arise in the types
of transactions that may be undertaken by the County of Hawaii, and constantly up-to-date on every new
development, including IRS concerns and attitudes about these types of financing.
Hawaii Experience
We believe that in recent years Orrick and its Hawaii team have been involved in a greater number and diversity
of bond issues in Hawaii than any other firm. This has included, as bond counsel, every issue for the City and
County of Honolulu and for the Board of Water Supply of the City and County of Honolulu since at least 2001
(as well as providing advice on potential homeless, street lighting and multifamily housing programs) and every
issue for the County of Maui from the fall of 1992 to the beginning of 2005 (with new engagement starting
2020), and, as bond counsel or underwriter’s counsel, most issues by the County of Kauai since the early
1990s and, as underwriter’s counsel, all or most recent issues by the County of Hawaii since 2008 (excluding
those sold by competitive sale), as well as many issues, usually as bond counsel but occasionally as
underwriter’s counsel, for the State of Hawaii and for every State department or agency that issues tax-exempt
bonds (except Airports), and for Department of Hawaiian Homelands, the University of Hawaii and Hawaii
Health Systems Corporation. In addition to bond issues, such experience has included lease financing, IRS
ruling requests, arbitrage rebate compliance, periodic review of private use, investment contracts, continuing
disclosure, IRS audits and VCAPs, solid waste and waste-to-energy matters, transit matters (HART),
preparation of or advice on legislative statutes and ordinances, test litigation, seminars and workshops. As a
result, we are thoroughly familiar with all legal, practice, procedural, disclosure and other matters pertaining to
bond financing in Hawaii. This includes relevant portions of the State Constitution, particularly Article VII,
Sections 12 and 13 (and the related history and case law), Hawaii Revised Statutes Chapter 46 (pertaining to
county powers), including Sections 46-15.1 and 46-15.2 (housing), Section 46-19.1 (solid waste/H Power),
Section 46-80.1 (which we wrote, authorizing community facilities districts), Chapter 47 (pertaining to general
obligation bonds), Chapter 47D (pertaining to lease financing), Chapter 49 (pertaining to revenue bonds),
Sections 47-7 and 49-4 (relating to interest rate swaps and other hedges), other relevant statutes, as well as
the particular practices and procedures followed when issuing bonds.
4. A list of recent projects and the names of up to five clients who may be contacted, including
at least two for whom services were rendered during the preceding year:
Recent Projects. A list of transactions for Hawaii state and county issuers is attached hereto as Exhibit B.
At the end of Exhibit B is also a list of non-transactional Hawaii matters on which we have worked during that
period. Because a list of all transactions for which our firm served as bond counsel during just the last five
years would include several thousand transactions, we have not included such a list here, but one can be
supplied upon request.
PROPOSAL TO THE COUNTY OF HAWAII
6
Clients. Following are five clients for whom we have rendered service during the preceding year:
(1) Andrew Kawano
Director
City and County of Honolulu
Department of Budget and Fiscal Services
530 South King Street, Room 208
Honolulu HI 96813
Phone: 808-768-3901
(2) Kristopher Lum Kee
Acting Chief Of Treasury
City and County of Honolulu
530 South King Street,
Room 115
Honolulu HI 96813
Phone: (808) 768-3985
(3) Kalbert Young
Vice President of Budget & Finance
University of Hawaii
Bachman Hall
2444 Dole Street, #201
Honolulu, Hawaii 96822
Phone: (808) 956-1976
(4) Lynn Y. Wakatsuki
Deputy Corporation Counsel
City and County of Honolulu
530 South King Street, Room 110
Honolulu HI 96813
Phone: (808) 768-5140
(5) Deanna Sako
Deputy Director of Finance
Department of Finance
25 Aupuni Street, Suite 2103 – Finance
Hilo, HI 96720-4245
Phone: (808) 961-8517
5. Any promotional or descriptive literature which the firm desires to submit:
Public Finance Practice. Orrick has maintained a substantial
practice in the area of public finance for over a hundred years. Orrick
has been ranked first in the country as bond counsel and also as
disclosure counsel for most of the last two decades. Nationally, during
2020, Orrick served as bond counsel for 531 issues aggregating $56.2
billion (representing a national market share of 12.5%) and served as disclosure counsel on 137
transactions aggregating nearly $31.6 billion (representing a national market share of 20.3%).
Attached hereto as Exhibit C, are national bond counsel rankings for the last ten years and the first
quarter of 2021. In addition to serving as bond counsel and underwriter's counsel, Orrick also acts
as issuer counsel, special tax counsel, trustee's counsel, company counsel, credit provider counsel,
PROPOSAL TO THE COUNTY OF HAWAII
7
swap/derivative provider counsel and lender counsel in connection with the issuance of tax-exempt
bonds, as well as providing post-issuance services in connection with arbitrage rebate, continuing
disclosure, IRS audits, SEC investigations, defaults, bankruptcies and other workouts. We have
served as bond or other counsel for issues in 44 of the 50 states and several territories.
What is relevant is not so much that we are the oldest, largest or even the most experienced bond
counsel firm, but that enough governmental clients have put their trust in us, and have done so
repeatedly, to enable us to achieve and maintain the status reflected above.
More than 100 public finance and public finance tax attorneys are located in Austin, Houston, Los
Angeles, New York, Orange County, Portland, Sacramento, San Francisco, Seattle and Washington,
DC. Members of our Hawaii team are all located in San Francisco. The quality of our attorneys, the
depth of resources, the diversity of practice and the unmatched level of tax and disclosure expertise
are considered to be particular strengths of our public finance department. As the former chair of the
department, Roger Davis can assure the County of Hawaii of priority access to the full resources of
the department and the firm, including every office and practice unit.
Department Practice Groups. The public finance department at Orrick is loosely organized into
the following practice area groups:
general obligation bonds
land-secured financings (including assessment and community facilities districts)
revenue bonds (including enterprise and lease revenue bonds)
tax, revenue and grant anticipation notes
leasing and certificates of participation
water and wastewater financing
single family and multifamily housing
redevelopment agency financing
school financing
higher education, student loan and other non-profit corporation financing
public power financing
transportation financing
health care financing
industrial development, pollution control and solid waste financing
pension and other post-employment benefit (OPEB) financing
derivative products/swaps
asset securitization (delinquent taxes, federal and state grants, parking fines, tobacco
settlement revenues, consumer transition charges)
credit enhancements
arbitrage rebate
continuing disclosure
troubled transactions
The purpose of these groups is to focus and enhance expertise, efficiency, consistency, quality and
responsiveness to clients. Each group can field several teams of attorneys with broad experience in its
practice area, familiarity with all of the financing options that may be considered, knowledge of the most
recent developments in state law, federal tax law and financing techniques, and sufficient resources to meet
any rigorous financing schedule.
Mr. Davis and Mr. Wang are each members of the General Obligation Bond Group. Since 2019, the
attorneys in this Group have worked on more than 1,000 general obligation bonds issues totaling more than
PROPOSAL TO THE COUNTY OF HAWAII
8
$78 billion for states, counties, cities and other entities in California, Florida, Hawaii, Illinois, Louisiana,
Mississippi, Nevada, New York, Oregon and Texas. They are also members of the Revenue Bond Group,
which over the same period worked on more than 11,00 revenue bond issues of virtually every conceivable
type, throughout the United States and its territories aggregating more than $131 billion. In addition, Mr.
Davis is a member of our Lease and Certificates of Participation Finance Group which over the same period
handled 75 transactions totaling more than $ 5 billion. Mr. Davis is also a member of Orrick’s Community
Facilities District/Assessment Financing Group, which has worked on nearly 80 financings for cities,
counties, joint powers authorities, and other special districts. These financings have aggregated more than
$9 million since 2019.
We would be pleased to supply additional information about our public finance department and its practice
specialties upon request.
We believe that the following special features distinguish Orrick's public finance practice:
more experience specifically with Hawaii county bond matters than any other bond counsel firm,
currently and for the past 20 years
more experience with Hawaii public finance generally than any other firm and with every type of
bond financing that Hawaii County may consider
a consistent team of attorneys who continuously work together on Hawaii matters
particular expertise in the tax aspects of public finance
particular expertise in securities laws matters, including Rule 15c2-12 continuing disclosure
ranked number one bond counsel nationally for the past 20 years, preeminent national reputation
and universal acceptance of our opinions by the bond market
commitment to thorough, high quality, innovative, solution-oriented client service and not just
"doing deals"
emphasis on outstanding service, responsiveness, cost effectiveness, and
attention to the needs of our client to ensure that financings work as intended and that our client's
interests are served and protected.
We are very interested in the opportunity to provide legal services for the County of Hawaii as bond counsel,
in public financing law and on any related matters and we hope that the foregoing is sufficient to
demonstrate our qualifications. We believe that we can offer the best combination of experience,
reputation, reliability, continuity, responsiveness and results. Please let us know if you have any questions
or if we can provide any additional information.
Respectfully submitted,
_____________________________ ______________________________
Roger L. Davis John. Y. Wang
EXHIBIT A – ATTORNEY RESUMES
EXHIBIT A
HAWAII TEAM RESUMES
Roger L. Davis
Partner (415) 773-5758
Born New Orleans, Louisiana, admitted to bar, California. Education: Tulane University (B.A.); University
of California at Los Angeles (M.A., Ph.D.); Harvard Law School (J.D., Magna Cum Laude). Member,
Harvard Law Review. Director, American College of Bond Counsel. Director, California Public Securities
Association. Member, Legal Advisory Committee to the Securities Industry and Financial Markets
Association. Member, Technical Advisory Committee, California Debt and Investment Advisory
Commission. Member, Municipal Fiscal Advisory Committee to the Mayor of San Francisco. Member, Bay
Area Council, Transportation Committee. Member, National Association of Bond Lawyers, Committee on
Professional Responsibility and Committee on Securities Law and Disclosure. Mr. Davis was the Chairman
of the firm's Public Finance Department for more than 30 years. He has served as bond counsel,
underwriter's counsel and bank counsel with respect to virtually every type of obligation issued by public
entities, in addition to speaking on panels, writing articles about public finance and drafting legislation which
facilitates borrowing by public entities for a wide variety of projects and programs. Mr. Davis is generally in
charge of Orrick's Hawaii bond practice and has worked on practically all of the issues listed in Exhibit B.
John Wang
Partner (415) 773-5993
Born Ridgewood, New Jersey; admitted to bar, California. Education: University of California, Los Angeles,
(B.S. Applied Mathematics); Southwestern University School of Law (J.D.). Southwestern Journal of Law
and Trade in the Americas, Editor-in-Chief. Mr. Wang has broad experience serving as bond counsel,
disclosure counsel and underwriter's counsel, focusing on a variety of types of transactions, including
municipal general obligation and lease financings, municipal water and wastewater financings, private
activity financings and conduit financings for nonprofit 501(c)(3) borrowers, including most of the issues
listed in Exhibit B for the past nine years.
Charles Christopher Cardall
Tax Partner (415) 773-5449
Born Pomona, California; admitted to bar, California. Education: University of California at Berkeley (B.A.),
with High Honors; Hastings College of Law, University of California (J.D.). Mr. Cardall specializes in
municipal finance, nonprofit corporation and general corporate tax matters. His tax-exempt financing
experience includes general obligation, private activity, health care, revenue, cash flow, lease, special tax,
certificates of participation and pooled financings, and he has extensive experience with refinancings and
arbitrage and rebate matters. Mr. Cardall is Chair of Orrick’s Tax Group and is a regular panelist on various
federal tax topics for the National Association of Bond Lawyers, the Practicing Law Institute, and the
California Debt Investment Advisory Commission. Mr. Cardall is co-chair of Orrick's public finance tax
group and regularly works with its Hawaii team, including on most of the issues listed in Exhibit B.
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK EXPERIENCE AS BOND COUNSEL
OR UNDERWRITER’S COUNSEL
IN THE STATE OF HAWAII SINCE 1988
(as of June 14, 2021)
Name of Bond Issue Amount Date of Issuance
City and County of Honolulu
General Obligation Bonds, Series 2021 $TBD Fall 2021
County of Kauai
General Obligation Bonds, Series 2021A and 2021B $28,560,000 5/4/2021 a
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2021A (Tax-Exempt) and Series 2021B (Taxable) $93,535,000.00 3/25/2021
City and County of Honolulu
Wastewater System Revenue Bonds (First Bond Resolution) Senior Series 2020A
(Taxable) $273,670,000 12/29/2020
Department of Budget & Finance of the State of Hawaii
General Obligation Bonds
Series GA, GB and GC $1,147,555,000 10/21/2020
County of Maui
General Obligation Bonds, Series 2020 $74,420,000 09/09/2020
City and County of Honolulu
General Obligation Bonds
Series 2020, C, D, E and F
$346,335,000 7/22/2020
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2020A (Tax-Exempt) and Series 2020B (Taxable)
$106, 635,00 3/11/2020
City and County of Honolulu General Obligation Bonds
(Honolulu Rail Transit Project) Series 2020A and Series 2020B $295,225,000 2/12/2020
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Bonds (Hawaii Mid-Pacific Institute) Series 2020 $9,520,000 2/13/2020
City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2019A,B and C
Junior Series 2019A and B
$469,910,000 10/23/2019
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
City and County of Honolulu General Obligation Bonds
Series 2019C, D, E, F, G, H, I and J $548,945 8/7/2019
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Refunding Bonds
(Hawaii Pacific Medical Group), Series 2019
$48,079,910 5/15/2019
City and County of Honolulu General Obligation Bonds
Series 2019A (Tax-Exempt) and Series 2019B (Tax-Exempt) $250,025,000 1/31/2019
City and County of Honolulu
General Obligation Bonds
Series 2018 A and B and Series 2018 C, D, E and F (Taxable)
$468,470,000 8/15/2018
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Refunding Bonds
(Hawaii Pacific University), Series 2018
$33,915,000 3/15/2018
City and County of Honolulu
Wastewater System Revenue Bonds
Junior Series 2018 A and B and Senior Series 2018 A and B
$324,745,000 2/13/2018
County of Kauai
General Obligation Bonds
Series 2017
$24,015,000 10/18/2017
City and County of Honolulu
General Obligation Bonds
Series 2017 H
$350,000,000 9/6/2017
City and County of Honolulu
General Obligation Bonds
Series 2017 A, B, C, D, E (Cross-Over Refunding Bonds), F (Taxable Cross-Over
Refunding Bonds), and G (Green Bonds)
$416,670,000 8/16/2017
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
Department of Hawaiian Homelands
Certificates of Participation 2017 Series A $15,125,000 7/25/2017
Department of Hawaiian Homelands
Revenue Bonds 2017 Series E $30,940,000 7/25/2017
Hawaii County
General Obligation Bonds
2017 Series A, B, C, D, and E
$139,895,000 7/6/2017
State of Hawaii
General Obligation Bonds, Series 2017 FK, Series 2017FL, Series 2017 FM,
Series 2017 FN and Series 2017 FO
$854,755,000 5/24/2017
Hawaii Housing Finance and Development Corporation
Multifamily Housing Revenue Construction Note
(Waipahu Tower Project) Series 2017A-1 and 2017A-2
$11,500,000 4/21/2017
City and County of Honolulu General Obligation Bonds
Series 2016 A, B, C and D $378,805,000 10/26/2016
City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2016 A, B and C
$418,550,000 9/8/2016
City and County of Honolulu
Wastewater System Revenue Bonds
Junior Series 2016 A
$29,605,000 9/8/2016
Hawaii Housing Finance and Development Corporation
Multifamily Housing Revenue Bonds
(Kamana Elderly Apartments)
Subordinate Series 2016-S
$5,314,000 8/4/2016
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
Hawaii Housing Finance and Development Corporation
Multifamily Note
(Kamana Elderly Apartments)
$2,836,000 8/4/2016
Board of Regents of the University of Hawaii
University Revenue Bonds, Series 2015 E
(Forward Delivery)
$67,400,000 4/20/2016
State of Hawaii
General Obligation Bonds, Series 2016 FB, Series 2016 FC, Series 2016 FD,
Series 2016 FE and Series 2016 FF
$869,720,000 4/14/2016
Hawaii County General Obligation Bonds, 2016 Series A, B, C, D, E and F $235,765,000 2/18/2016
City and County of Honolulu
Commercial Paper $450,000,000 12/23/2015
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Chaminade University of Honolulu, Series 2015 A and B)
$22,255,000 12/3/2015
Board of Regents of the University of Hawaii
University Revenue Bonds Series 2015 A, B, C and D
$166,285,000 9/10/2015
City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2015 A, B and C and
Junior Series 2015 A and B
$698,930,000 7/22/2015
Hawaii Housing Finance and Development Corporation Multifamily Housing Revenue Bonds, (Kalani Gardens), Series 2015 A
$10,750,000 3/13/2015
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
City and County of Honolulu
General Obligation Bonds
Series 2015 A, B, C, D and E
$888,635,000 4/2/2015
Hawaii Housing Finance and Development Corporation
Multifamily Housing Revenue Bonds
(Kalani Gardens) Series 2015A
$10,750,000 3/13/2015
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawaii Pacific University Project) Series 2015
$32,545,000 1/22/2014
Board of Water Supply of the City and County of Honolulu Water System Revenue
Bonds, Series 2014A and 2014 B $144,985,000 12/9/2014
State of Hawaii
Taxable General Obligation Refunding Bonds of 2014 Series ER and ES $199,760,000 11/25/2014
State of Hawaii
Taxable General Obligation Bonds of 2014 Series EO, EP and EQ $809,015 11/25/2014
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2013C
$50,000,000 10/13/2013
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2013 A & B
$158,980,000 10/13/2013
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai`i Pacific University Project)
Series 2013A
$42,190,000 7/30/2013
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
County of Hawaii General Obligation Bonds
2013 Series A, 2013 Series B and 2013 Series C $98,825,000 1/30/2013
State of Hawaii General Obligation Bonds of 2012, Series EE,
General Obligation Refunding Bonds of 2012, Series EF and
Taxable General Obligation Bonds of 2012, Series EG
$866,990,000 12/4/2012
City and County of Honolulu, Hawaii
General Obligation Bonds, Series 2012A, Series 2012B,
Series 2012C, Series 2012D (Taxable), Series 2012E (Taxable)
Series 2012F (Taxable) and Series 2012G (Taxable)
$912,480,000 12/4/2012
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2012
$265,610,000 10/4/2012
Hawaii Health Systems Corporation (Maui Regional Health Care System) Revenue
Bonds, 2012 Series A (USDA Guaranteed) and 2012 Series B $9,001,000 9/27/ 2012
County of Kauai
General Obligation Bonds, Series 2012A (Non-AMT)
and Series 2012 B (AMT)
$34,375,000 6/13//2012
City and County of Honolulu
General Obligation Commercial Paper $100,000,000 5/14/2012
University of Hawaii EB5 Loan Agreement $18,000,000 5/14/2012
Board of Water Supply of the City and County of Honolulu Water System Revenue
Bonds, Series 2012A $85,195,000 3/14/2012
Board of Regents of the University of Hawaii University Revenue Bonds, Series
2012 A (R ) $8,575,000 2/9/2012
City and County of Honolulu Wastewater System Revenue Bonds (First Bond
Resolution) Senior Series 2011A $169,189,999 10/13/2011
City and County of Honolulu
General Obligation Bonds, Series 2011A and Series 2011B $304,345,000 8/4/2011
County of Kauai
General Obligation Refunding Bonds, Series 2011A $26,110,000 7/7/2011
State of Hawaii Equipment Lease Purchase Agreement $25,511,611 4/14/2011
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds (Hawaii Pacific Health Obligated Group), Series
2004B (Letter of Credit Substitution and Remarketing) $50,000,000 4/14/2011
City and County of Honolulu, Hawaii General Obligation Bonds, Series 2010A Build America Bonds (Taxable) and Series 2010B $347,770,000 12/15/2010
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution), Senior Series 2010
Subseries 2010A and Subseries 2010B Build America Bonds (Taxable) $204,435,000 11/9/2010
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution), Junior Series 2010A $100,755,000 11/9/2010
Board of Regents of the University of Hawaii University Revenue Bonds,
Series 2010A-1 (Build America Bonds), Series 2010A-2, Series 2010B-1
(Build America Bonds) and Series 2010B-2 $292,730,000 10/7/2010
County of Hawaii, Hawaii
General Obligation Bonds
2010 Series A and 2010 Series B $60,000,000 7/13/2010
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2010B $61,210,000 7/21/2010
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2010A $101,940,000 6/4/2010
City and County of Honolulu, Hawaii,
General Obligation Commercial Paper Notes, Issue A $215,000,000 5/19/2010
City and County of Honolulu
Wastewater System Revenue Bonds
(USDA Bond Resolution) Series 2010 $2,750,000 3/25/2010
County of Kauai
Taxable General Obligation Bonds, Series 2010A $120,000,000 3/2/2010
State of Hawaii Taxable General Obligation Refunding Bonds of 2009, Series DT,
Series DU, Series DV and Series DW $293,680,000 11/10/2009
State of Hawaii Taxable General Obligation Bonds of 2009
(Qualified School Construction Bonds), Series DS (Tax Credit Bonds) $32,000,000 11/5/2009
City and County of Honolulu, Hawaii
General Obligation Bonds,
Series 2009D, Series 2009E Build America Bonds (Taxable) and Series 2009F $241,860,000 11/3/2009
State of Hawaii
Certificates of Participation
(State Office Buildings)
2009 Series A $41,120,000 10/15/2009
City and County of Honolulu Wastewater System Revenue Bonds (First Bond
Resolution) Senior Series 2009A, 2009B, and 2009C $148,285,000 9/15/2009
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution), Junior Series 2009A $127,045,000 9/15/2009
City and County of Honolulu
General Obligation Bonds
Series 2007B $152,840,000 4/6/2009
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2009A $88,875,000 4/1/2009
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
City and County of Honolulu
General Obligation Bonds,
Series 2009A , Series 2009 B and Series 2009 C $376,710,000 4/28/2009
University of Hawaii
Board of Regents
University Revenue Bonds
Series 2009A $100,000.00 3/31/2009
State of Hawaii
Department of Hawaiian Homelands
Revenue Bonds
Series 2009A
$42,500,000 3/18/2009
Hawaii County
General Obligation Bonds
Series 2008A $50,000,000 11/25/2008
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution)
Junior Series 2008A
$112,440,000 5/14/2008
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2004B $50,000,000 4/24/2008
Hawaii Health Systems Corporation
(Maui Regional System)
Master Indenture Revenue Bond No. 1
$11,000,000 4/10/2008
City and County of Honolulu
General Obligation Bonds
Series 2007A
$268,630,000 11/14/2007
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Island Pacific Academy Project)
Series 2007 $20,000,000 10/23/2007
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2007B $9,325,000 8/8/2007
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2007A $162,565,000 7/24/2007
Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds
(Montessori of Maui Project)
Series 2007 $5,7100,000 2/21/2007
Board of Regents of the University of Hawaii
University Revenue Bonds, Series 2006A $100,000,000 11/29/06
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
Board of Regents of the University of Hawaii
University Bonds, Refunding Series 2006A $133,810,000 9/28/2006
City and County of Honolulu
Wastewater Revenue Bonds
(First Bond Resolution)
Senior Series 2006A, 2006B and 2006C $340,760,000 8/22/2006
City and County of Honolulu
Wastewater Revenue Bonds
(Second Bond Resolution)
Junior Series 2003 A-1 and 2003 B-1 $86,700,000 8/22/2006
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2006A and Series 2006B $213,805,000 6/21/2006
Department of Budget and Finance of the State of Hawaii, Special Purpose
Revenue Bonds
(Mid-Pacific Institute Project)
Series 2006 $15,000,000 3/14/2006
Department of Budget and Finance of the State of Hawaii, Special Purpose Revenue Bonds
(Chaminade University Project)
Series 2006 $10,000,000 3/14/2006
City and County of Honolulu
General Obligation Bonds
Series 2005E and 2005F $396,165,000 11/02/2005
County of Kauai
General Obligation Bonds Series 2005A $50,230,000 10/2720/05
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2005A and Series 2005B $152,815,000 8/10/2005
Department of Budget and Finance of the State of Hawaii, Special Purpose
Revenue Bonds
(Hawai’i Pacific Health Project)
Series 2005B $28,600,000 6/27/2005
State of Hawaii
(Housing and Community Development Corporation of Hawai’i)
Single Family Mortgage Purchase Revenue Bonds
Series 2005A and Series 2005B $75,155,000 6/23/2005
State of Hawaii
General Obligation Bonds Series 2005DF , General Obligation Refunding Bonds
Series 2005DG, and General Obligation Refunding Bonds Series 2005DH $966,310,000 6/15/2005
City and County of Honolulu
General Obligation Bonds
Series 2005A, Series 2005B, Series 2005C, Series 2005D $371,770,000 5/26/2005
Department of Budget and Finance of the State of Hawaii, Special Purpose
Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2005A $128,305,000 4/7/2005
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
County of Maui General Obligation Bonds,
2005 Series A, 2005 Series B and 2005 Series C $59,300,000 1/26/2005
Department of Budget and Finance of the State of Hawaii
Variable Rate Special Purpose Revenue Bonds
(North Hawai’i Community Hospital)
Series 2004 $17,280,000 5/2520/04
State of Hawaii General Obligation Bonds of 2004, Series DD $225,000,000 5/13/2004
City and County of Honolulu, Hawaii General Obligation Bonds, Series 2004A,
Series 2004B and Series 2004C $321,620,000 4/14/2004
County of Maui General Obligation Bonds,
2004 Series A and 2004 Series B $231,100,000 3/17/2004
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds (Hawai’i Pacific Health Obligated Group)
Series 2004B $50,000,000 1/14/2004
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2004A $30,000,000 1/14/2004
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds (The Queen’s Health Systems), 2003 Series A,
2003 Series B, and 2003 Series C $114,300,000 12/11/2003
City and County of Honolulu, Hawaii General Obligation Bonds, Series 2003A $250,000,000 8/8/2003
County of Maui
General Obligation Bonds,
2003 Series A, B, C, and D $41,125,000 06/3/2003
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution) Junior Series
2003 A1 and 2003 A2, Series 2003 B1 and 2003B2
(Auction Rate Certificates) $218,400,000 05/08/2003
State of Hawaii
Department of Budget & Finance Special Purpose Revenue Bonds
(Kahala Nui Project) Series 2003A, Series 2003 B-2, Series 2003C and Series
2003D $142,000,000 01/23/2003
City and County of Honolulu
Multifamily Housing Revenue Bonds
Series 2002 (Moanala Hillside Apartments Project) $55,000,000 10/01/2002
County of Maui General Obligation Bonds, 2002 Series B and Series C $26,250,000 09/10/2002
University of Hawaii
University Revenue Bonds, Series 2002A
(Health and Wellness Center Project) $150,000,000 06/27/2002
County of Maui General Obligation Bonds, 2002 Series A $25,000,000 5/23/2002
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
State of Hawaii Harbor System Revenue Bonds Series A of 2002 (Non-AMT) and
Series B of 2002 (AMT) $24,420,000 03/27/2002
Housing and Community Development Corporation of Hawaii (State of Hawaii)
Single Family Mortgage Purchase Revenue Bonds Series A (AMT) and Series B
(Non-AMT) $36,775,000 03/01/2002
Board of Water Supply City and County of Honolulu Water System Revenue Bonds
(Auction Rate Certificates), Series 2002A and 2002B $54,400,000 02/28/2002
City and County of Honolulu Mortgage Revenue Refunding Bonds, Series 2002A
(FHA Insured Mortgage Loan – Smith-Beretania Apartments Section 8 Assisted
Project) $9,860,000 02/25/2002
City and County of Honolulu Taxable Mortgage Revenue Refunding Bonds, Series
2002B (FHA Insured Mortgage Loan – Smith-Beretania Apartments Section 8
Assisted Project) $365,000 02/25/2002
State of Hawaii General Obligation Bonds of 2002, Series CX $250,000,000 02/13/2002
State of Hawaii General Obligation Refunding Bonds of 2002, Series CY $319,290,000 02/13/2002
Board of Regents, University of Hawaii University Revenue Bonds Refunding
Series 2001B $18,665,000 12/1920/01
City and County of Honolulu General Obligation Bonds, Series 2001C $250,000,000 11/28/2001
County of Maui, Hawaii General Obligation Bonds $29,880,000 10/18/2001
State of Hawaii, Highway Revenue Bonds Series 2001 $70,000,000 10/10/2001
State of Hawaii General Obligation Bonds of 2001, Series CV $300,000,000 08/08/2001
State of Hawaii General Obligation Refunding Bonds of 2001, Series CW $156,750,000 08/08/2001
City and County of Honolulu Wastewater System Revenue Bonds (First Bond
Resolution) Senior Series 2001 $136,020,000 07/10/2001
County of Kauai, State of Hawaii,
General Obligation Bonds, Series 2001A
$43,360,000 06/13/2001
County of Maui General Obligation Bonds 2001 Series A $23,485,000 06/05/2001
Board of Water Supply City and County of Honolulu Water System Revenue Bonds,
Series 2001 $66,600,000 05/31/2001
City and County of Honolulu General Obligation Bonds Series 2001A and Series
2001B
$150,000,000 02/27/2001
Housing and Community Development Corporation of Hawaii Multifamily Housing
Revenue Bonds (GNMA Collateralized—Sunset Villas) Series 2000
$27,408,000 12/18/2000
State of Hawaii Certificates of Participation (No. 1 Capitol District State Office
Building) 2000 Series A
$23,140,000 11/30/2000
State of Hawaii General Obligation Bonds of 2000, Series CU $150,000,000 10/11/2000
Hawaii Housing and Community Development Corporation, Single Family Mortgage
Purchase Revenue Bonds, Series A
$1,900,000 06/05/2000
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
Hawaii Housing and Community Development Corporation, Single Family Mortgage
Purchase Revenue Bonds, Series B
$106,785,000 06/05/2000
City and County of Honolulu, Hawaii
General Obligation Bonds, Series 2000 A and
Series 2000 B
$150,000,000 05/24/2000
County of Maui, Hawaii
General Obligation Bonds, 2000 Series A
$14,400,000 05/23/2000
State of Hawaii, Harbor System Revenue Bonds Series A of 2000 $79,405,000 04/11/2000
County of Kauai, Hawaii
General Obligation Bonds, Series 2000A
$24,685,000 01/19/2000
County of Kauai, Hawaii
General Obligation Bonds, Series 2000B (Taxable)
$2,820,000 01/19/2000
State of Hawaii, General Obligation Bonds of 1999, Series CT $300,000,000 09/29/1999
County of Maui, Hawaii
General Obligation Bonds, 1999 Series A
$11,600,000 05/19/1999
City and County of Honolulu, Hawaii
General Obligation Bond, Series 1999D
$45,820,000 10/03/1999
City and County of Honolulu, Hawaii
General Obligation Bonds, Series 1999A, B, C $449,215,000 04/14/1999
Department of Budget and Finance
of the State of Hawaii
Kaiser Permanente Revenue Bonds, 1998 Series A
$38,845,000 12/29/1998
City and County of Honolulu, Wastewater System Revenue Bonds, Senior Series
1998
$55,300,000 12/09/1998
City and County of Honolulu, Wastewater System Revenue Bonds, Junior Series
1998
$264,152,890 12/09/1998
State of Hawaii Certificates of Participation
(Kapolei State Office Building) 1998 Series A
$54,850,000 11/19/1998
City and County of Honolulu, Hawaii
General Obligation Bonds
Tax Exempt Commercial Paper Series
$43,700,000 10/21/1998
County of Maui, Hawaii General Obligation Bonds,
1998 Series C
$11,760,000 08/11/1998
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (The Queen’s Health Systems),
1998 Series A
$69,100,000 07/01/1998
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (The Queen’s Health Systems), 1998 Series B
$50,000,000 06/25/1998
Hawaii Housing Finance and Development Corporation Single Family Mortgage
Purchase Revenue Bonds 1998 Series A, B, C
$164,060,000 06/12/1998
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
County of Maui, Hawaii General Obligation Bonds,
1998 Series B
$4,255,000 05/06/1998
County of Maui, Hawaii General Obligation Bonds, |
1998 Series A $39,285,000 05/06/1998
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (Wilcox Memorial Hospital Projects), Series 1998
$29,510,000 03/26/1998
City and County of Honolulu, Hawaii General Obligation Bonds, Series 1997 A, B
and C
$257,605,000 10/23/1997
State of Hawaii, General Obligation Bonds of 1997, Series CP $200,000,000 10/07/1997
State of Hawaii, General Obligation Refunding Bonds of 1997, Series CQ $78,815,000 10/07/1997
Hawaii Housing Finance and Development Corporation Single Family Mortgage
Purchase Revenue Bonds 1997 Series A
$45,400,000 07/25/1997
Hawaii Housing Finance and Development Corporation Single Family Mortgage
Purchase Revenue Bonds 1997 Series B
$116,530,000 07/25/1997
Hawaii Finance and Development Corporation (State of Hawaii), Single Family
Mortgage Revenue Bonds of 1997
$161,930,000 08/12/1997
County of Maui, Hawaii General Obligation Bonds of 1997, Series A $17,750,000 06/25/1997
State of Hawaii, Highway Revenue Bonds Series 1996 $55,000,000 10/16/1996
City and County of Honolulu, Hawaii General Obligation Bonds, Series 1996A $100,000,000 10/02/1996
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (The Queen's Health Systems), 1996 Series A
$118,500,000 07/18/1996
Department of Budget and Finance of the State of Hawaii Revenue Bonds $69,100,000 07/18/1996
County of Maui, Hawaii General Obligation Bonds,
1996 Series A
$14,500,000 06/27/1996
State of Hawaii, General Obligation Bonds of 1996, Series CL $100,000,000 03/20/1996
Hawaii Housing Finance and Development Corporation Affordable Rent Housing
Program Bonds
$7,020,000 11/16/1995
Department of Budget and Finance of the State of Hawaii Kaiser Permanente
Special Purpose Revenue Bonds, 1995 Series A $10,800,000 10/11/1995
Hawaii Housing Finance and Development Corporation Variable Rate Multifamily
Housing Revenue Bonds (Nani Maunaloa) 1995 Series A
$4,350,000 09/27/1995
MRC West, LLC Taxable Variable Rate Demand Revenue Bonds, Series 1995 (St.
Francis Medical Center)
$16,300,000 08/23/1995
County of Maui, Hawaii General Obligation Bonds,
1995 Series A
$17,285,000 06/28/1995
State of Hawaii, General Obligation Bonds of 1995, Series CJ $268,000,000 01/31/1995
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
County of Kauai, Hawaii General Obligation Refunding Bonds, Series 1994A, Water
Bonds, Series 1994B
$12,505,000 09/25/1994
City and County of Honolulu, Hawaii General Obligation Bonds Series 1994B $94,000,000 05/18/1994
City and County of Honolulu, Hawaii General Obligation Bonds Series 1994A $150,000,000 03/29/1994
Housing Finance and Development Corporation (State of Hawaii) Single Family
Mortgage Purchase Revenue Bonds, 1994 Series A (AMT) and 1994 Series B
(Non-AMT)
$271,665,000 02/24/1994
County of Maui, Hawaii General Obligation Bonds 1993 Refunding Series F and
1993 Series G
$55,480,000 01/13/1994
County of Maui, Hawaii General Obligation Bonds, Series 1993 $55,480,000 12/16/1993
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (Hawaiian Electric Company, Inc. and Subsidiaries Projects)
Series 1993
$100,000,000 11/17/1993
State of Hawaii General Obligation Bonds of 1993, Series CH $250,000,000 11/10/1993
State of Hawaii General Obligation Bonds of 1993, Series CI $316,915,000 11/10/1993
City and County of Honolulu, Hawaii General Obligation Bond Anticipation Notes
Tax Exempt Commercial Paper Series
$63,500,000 10/26/1993
State of Hawaii Highway Revenue Bonds Series 1993 $75,000,000 09/02/1993
City and County of Honolulu, Hawaii General Obligation Bonds Series 1993C $28,000,000 09/29/1993
State of Hawaii General Obligation Refunding Bonds of 1993, Series CF $157,735,000 07/16/1993
State of Hawaii General Obligation Refunding Bonds of 1993, Series CG $21,500,000 07/16/1993
Housing Finance and Development Corporation (State of Hawaii) Rental Housing
System Revenue Bonds 1993 Series A
$14,175,000 07/01/1993
County of Maui, Hawaii General Obligation Refunding Bonds 1993 Series B, 1993
Series C, 1993 Series D, 1993 Series E
$104,275,000 05/12/1993
City and County of Honolulu, Hawaii General Obligation Bonds, Refunding and
Improvement Series, 1993B
$611,335,000 04/15/1993
State of Hawaii General Obligation Refunding Bonds of 1993, Series CC $334,860,000 03/11/1993
State of Hawaii General Obligation Refunding Bonds of 1993, Series CD $137,935,000 03/11/1993
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (Kapiolani Health Care System Obligated Group), Series 1993
$106,235,000 02/18/1993
County of Maui, Hawaii General Obligation Bonds,
1993 Series A
$22,800,000 02/11/1993
State of Hawaii General Obligation Bonds of 1993, Series CA $90,000,000 02/4/1993
State of Hawaii General Obligation Bonds of 1993, Series CB $107,845,000 02/04/1993
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
City and County of Honolulu, Hawaii General Obligation Bonds, 1993 Series A $150,000,000 01/06/1993
Department of Budget & Finance of the State of Hawaii Special Purpose Revenue
Bonds (Hawaiian Electric Company, Inc. and Subsidiaries Projects) Series 1992
$60,000,000 12/22/1992
City and County of Honolulu, Hawaii General Obligation Water Bonds, Series 1992 $38,425,000 12/30/1992
State of Hawaii General Obligation Bonds of 1992, Taxable Series BY $120,000,000 10/14/1992
State of Hawaii General Obligation Bonds of 1992, Series BZ $200,000,000 10/14/1992
County of Maui, Hawaii General Obligation Refunding Bonds, 1992 Series A $5,710,000 09/22/1992
Board of Regents, University of Hawaii University System Revenue Bonds, Series
G
$16,135,000 08/18/1992
County of Kauai, State of Hawaii General Obligation Refunding Bonds, 1992 Series
A
$1,105,000 08/20/1992
County of Kauai, State of Hawaii General Obligation Refunding Bonds, 1992 Series
B
$4,830,000 08/20/1992
County of Kauai, State of Hawaii General Obligation Refunding Bonds, 1992 Series
C
$15,290,000 08/20/1992
State of Hawaii Harbor Revenue Bonds Series of 1992 $19,450,000 06/24/1992
City and County of Honolulu, Hawaii General Obligation Refunding Bonds 1992
Series One
$52,690,000 06/09/1992
City and County of Honolulu Mortgage Revenue Refunding Bonds, Series 1992
(FHA Insured Mortgage Loan – Smith Beretania Apartments Section 8 Assisted
Project)
$10,680,000 05/15/1992
County of Kauai, State of Hawaii Rental Housing Revenue Bonds (Paanau Project)
Series 1992
$4,200,000 04/08/1992
City and County of Honolulu, Hawaii General Obligation Bonds, 1992 Series A $100,000,000 03/18/1992
Department of Budget and Finance of the State of Hawaii Special Purpose
Mortgage Revenue Bonds (Wahiawa General Hospital Project), Refunding Series
1992
$16,225,000 03/04/1992
State of Hawaii, General Obligation Bonds of 1992, Series BW $100,000,000 03/18/1992
State of Hawaii, General Obligation Bonds of 1992, Series BX $100,000,000 03/18/1992
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds Wailuku River Hydroelectric Project, Series 1992
$25,000,000 12/18/1991
Housing Finance and Development Corporation (State of Hawaii) Single Family
Mortgage Purchase Revenue Bonds, Series A & B
$119,520,000 12/11/1991
Department of Hawaiian Home Lands, State of Hawaii, Revenue Bonds, Series
1991
$18,000,000 10/24/1991
City and County of Honolulu, Hawaii General Obligation Bonds, 1991 Series A $100,000,000 08/14/1991
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
City and County of Honolulu, Hawaii Taxable Mortgage Revenue Bonds, Series
1991B (FHA Insured Mortgage Loan C Smith- Beretania Apartments Section 8
Assisted Project)
$615,000 07/22/1991
City and County of Honolulu, Hawaii Taxable Mortgage Revenue Bonds, Series
1991 A (FHA Insured Mortgage Loan -- Smith-Beretania Apartments Section 8
Assisted Project)
$10,680,000 07/22/1991
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds Kapiolani Health Care System Obligated Group (Pali Momi Medical
Center Project) Series 1991
$71,400,000 03/20/1991
State of Hawaii General Obligation Bonds of 1991 Series BT $250,000,000 02/26/1991
Department of Budget & Finance of the State of Hawaii Special Purpose Revenue
Bonds (Hawaiian Electric Company Inc. and Subsidiaries Projects) Series 1990C
$55,000,000 12/12/1990
State of Hawaii Harbor Revenue Bonds Series of 1990 $57,890,000 11/15/1990
Housing Finance and Development Corporation State of Hawaii Single Family
Mortgage Purchase Revenue Bonds,
1990 Series A
$50,000,000 09/27/1990
County of Kauai, State of Hawaii General Obligation Public Improvement Bonds,
Series 1990
$16,440,000 09/13/1990
State of Hawaii General Obligation Bonds of 1990 Series BS $150,000,000 09/13/1990
City and County of Honolulu, Hawaii General Obligation Bonds West Loch Issue
(August 1990 Series)
$17,805,000 08/29/1990
City and County of Honolulu, Hawaii General Obligation Bonds West Loch Issue
(August 1990 Series)
$60,960,000 08/29/1990
Housing Finance and Development Corporation (State of Hawaii) Rental Housing
System Revenue Bonds, 1990 Series A and 1990 Series B
$69,200,000 07/19/1990
Department of Budget and Finance (State of Hawaii) Special Purpose Revenue
Bonds (Hawaii Electric Company, Inc. and Subsidiaries Projects) Series 1990C
$55,000,000 07/17/1990
City and County of Honolulu, Hawaii General Obligation Refunding Bonds 1990
Series A
$169,880,000 7/2/1990
City and County of Honolulu, Hawaii Variable Rate Demand Multifamily Housing
Revenue Bonds (Iolani Regent Project) 1990 Series A
$9,400,000 06/28/1990
City and County of Honolulu, Hawaii General Obligation Bonds, 1990 Series C and
General Obligation Water Bonds, Series 1990
$99,000,000 06/19/1990
State of Hawaii General Obligation Bonds of 1989, Series BR $100,000,000 06/19/1990
State of Hawaii General Obligation Bonds of 1990, Series BS $150,000,000 06/19/1990
State of Hawaii General Obligation Bonds of 1989, Series BQ $80,005,159 11/28/1989
City and County of Honolulu, Hawaii Variable Rate Demand Multifamily Housing
Revenue Bonds (Halekua Garden Projects) 1989 Series A
$22,500,000 11/16/1989
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
Housing Finance and Development Corporation (State of Hawaii) Single Family
Mortgage Purchase Revenue Bonds 1989 Series A
$120,145,000 10/31/1989
Housing Finance and Development Corporation (State of Hawaii) Rental Housing
System Revenue Bonds 1989 Series A (Honokowai Project) $16,500,000 10/05/1989
State of Hawaii General Obligation Refunding Bonds of 1989, Series BO $74,730,000 08/0119/89
State of Hawaii General Obligation Refunding Bonds of 1989, Series BP $47,355,000 08/01/1989
City and County of Honolulu, Hawaii General Obligation Bonds, West Loch Issue
(June 1989 Series)
$43,360,000 06/28/1989
City and County of Honolulu, Hawaii General Obligation Bond Anticipation Notes,
1989 H-Power Series
$108,800,000 03/31/1989
City and County of Honolulu, Hawaii Variable Rate Demand Multi-family Housing
Revenue Bonds (Royal Kunia Gardens I Project) 1988 Series B
$10,500,000 12/16/1988
City and County of Honolulu, Hawaii Variable Rate Demand Multi-family Housing
Revenue Bonds (Cambridge Park Project) 1988, Series A
$8,000,000 12/14/1988
State of Hawaii General Obligation Bonds of 1988, Series BL $65,000,954 12/06/1988
State of Hawaii General Obligation Bonds of 1988, Series BM $45,000,000 12/06/1988
Department of Budget and Finance of the State of Hawaii Special Purpose
Revenue Bonds (Kapiolani Medical Center for Women and Children Project), Series
1988
$17,500,000 10/20/1988
Department of Budget and Finance of the State of Hawaii, Special Purpose
Revenue Bonds (G.N. Wilcox Memorial Hospital Project) Floating Rate Weekly
Demand Series 1988
$15,000,000 03/17/1988
Total $32,757,797,483.00
EXHIBIT C – NATIONAL BOND COUNSEL RANKINGS
EXHIBIT C – NATIONAL BOND COUNSEL RANKINGS