HomeMy WebLinkAboutFY21-22- FIELDMAN ROLAPP & ASSOCIATES-41lip
f_ t :s
FIELDMAN I ROLAPP
_ & ASSOCIATES
.xPEO EHCE SNSEGUITY t SERVICE
FISCAL YEAR 2021-22
ANNUAL STATEMENT OF QUALIFICATI
PUBLIC FINANCE ADVISING SERVICI
July 12, 2021
COUNTY OF HAWAII
MIENT OF FINANCE
DATE me-cl- UL 1 2 2021
RGW.—
�t
c'- ,
19900 AlacArthur Blvd., Suitc 1 100 • Irvine, CA 92612 0 phone: 949.6611.7300 • fas. 949 474.8773 • %N-u-e,ficldman.com
EIELDMAN ROLAPP
krPl AIF!!:! I'Ii EL HI �r � S: 1vI�E
Jul), 12, 2021
Via email: C tA-.tallene.Ilaclicco tr han-aLou un'- o�
Deanna Sako
County of Hawaii
25 Aupuni Street, Stute 2103,
Hilo, HI 96`20
Re: Statement of Qualifications for Public Finance Bond Ad -,-]sing Services
Dear Ms. Sako:
In order to keep our information current and to remain on the County's approved vendor list, enclosed
please find our updated Statement of Qualifications for Public Finance Bond Advising Services for the
County of Hawaii.
Ftcldman, Rolapp & Associates, Inc. is a full service, western region independent municipal financial advisor
that has local presence and experience in all areas of public finance. The firm specializes in land based
,'community facilities districts and special assessment districts), general obligation bonds, water and
wastewater, school districts, lease revenue and transportation financings. Members of our firm have provided
advice and are currently serving as financial advisors to the Count), of Hawaii. Given our experience and our
business practice areas, we believe that we can provide value added services to the County.
Please let us know if additional information is needed, and we look forward to the opportunity to assist you in
any way we can.
Sincerely,
FIELDAI.IN, ROL IPP & ASSOCIATES, INC.
Adam S. Bauer, CEO and President
(9.49) 660-7303 direct, (9.49) 295-5735 cell
dlJaltCt'll�l lC1dI11:kIl.CF xFii
lnna V. Sarabian, Ph -D., CIP , Principal
(949) 660-1308 direct, (9 49) 2774-0625 cell
a<aral i;iti rP,ficiclui;:n.com
19900 MacArthur Blvd, Suttc l l00 • [ruin, Ck 92012 • phonc: 949AA0.73M • fix. 949.474 8773 0 www.ficldrnan.com
Stateoent o f Qmab fica6ons, Fionmc-Lal Advisory Smnice$
COUNTY OFHAW6.II
July 12,2021
1`
^AB�� [ll� ~.�.r`/�
.,NLT�NTS
Section 1 — Pieldmmo Ru1a,p & Associates, Inc ............. ....... __'--'.......................................................
1
Firm Overview ...... ........... --'—.............................................................................. .................................
1
ServicesWe Provide .................................. ----_'—'---.................................................................. '--3
Section2—Firm Fam................................................................................. ........................................................... 4
Socuc,n 3—Prqect Team ................. ............................ ...... _.... __................................. 4
Section 4—Recent Projects $*[6e*:References ....................... '—_---_'—......................... '............... 6
DemomtrommdExperience ......... ............................................................ ...... --- ............................... I L
Section5 ................................................... '—'—'—_--...... --- -...................................... .............. '---'—t4
[\n)Nl. A
0025O}n
OthCK PCrfinEnt IDf4DoXa60n
Statement of Qualifications, Financial advisory Services
COUNTY OF HAWAll -x`
July 12, 2021
Sr.(: rio 1 - FI i:,I ,1) N [.1 , Rol, \PP & ASSOCIAT] `Is, INC.
The name of the firm or person, ciontat information including email address, the Pfindpal plat' of business, and location of all of
its ojcrs.
F_rm 0%-crv1CX -
Fieldman, Rolapp & Associates, Inc. {"Fieldman" or the "Firm') is a western region full sen -ice, independent
registered municipal advisor focused on providing financial advisor' services to public agencies and non-
profit organizations, with 100',, of our firm's business focused on public sector financial services. We began
business in 1966, have been incorporated in California since 1974, and have a long history- of successful
service to municipalities across the United States.
l-'ieldman is an independent advisor and as a fiduciary, we guard our clients' short-term and long term
interests. Although the firm interacts daily with the underwriting community and actively monitors Financial
markets, the firm does not underwrite bonds or have a relationship, direct or otherwise, with any municipal
bond undenvriter or broker/dealer. The firm represents public entities and non-profit organizations only.
We do not accept engagements representing developers or other private, for profit enterprises.
Because of our independence and exclusive focus on public sector clients, Fieldman understands the unique
requirements of the public sector, and is well-positioned, both in experience and in temperament, to
consistently deliver high quality-, responsive services which are compatible with the environment in which
those agencies operate.
Fieldman concentrates its consulting activities in three primas- areas: capital finance transaction management,
the planning, management and policy development required to support the capital formation process, and
continuing disclosure services. By concentrating on the client's overall needs, the firm is equipped to provide
topical, useful consulting services to its clients on all aspects of the capital process.
The Firm maintains its primary office at 19900 MacArthur Blvd., Suite 1100, Irvine, California 92612. The
headquarters office is staffed with professional, technical, and administrative support personnel. We also
maintain representative offices in San Francisco, Oakland, Washington and Hawaii.
We have a sraff of 17 full-time employees (13 qualified municipal advisor representatives who have
successfully passed the Series 50 exam) and through our Employee Stock Ownership Program (ESOP), our
employees, as beneficial owners of the Firm, participate in an ownership culture. Each of us has a strong
interest in being efficient and providing responsive service to each client on each and every assignment. The
Firm is led by our three partners: Adam Bauer, CEO/President with 20+ years of experience in municipal
finance, Dr. Anna V. Sarabian, Principal with 20+ years of experience in municipal finance and James V.
Fabian, Principal with 36+ years of experience in municipal finance. Contact information for the proposed
finance team is found in Section 3 herein.
Over the past fire years Fieldman has advised its public agency clients on 645transactions with an aggregate
par amount of bonds of nearly x+25 billion'. We have advised on virtually every type of financing done in the
municipal bond marketplace for issuers of even- size and level of complexity. For every one of these clients
These statistics are based on a database of recently completed transactions maintained by Fieldman, Rolapp &
_-Associates, Inc.
PAGEFIELDMAN i ROLAPP 1
Fr^E�E tiCF i'�'F4�i�'� �• SEHYLE
Statement of Qualifications, Financial Advisory Ser -ices
COUNTY OF HANVAII
July 12, 2021
we have been able to apply our vast experience, knowledgeable staff and resources to maximize bond
proceeds and savings and minimize costs. The majority of the firm's activities have been in the areas of land
based (community facilities district (CFD)/special assessment district (AD)), general obligation, lease revenue
and water/wastewater and transportation financings; however, the firm has expertise in all areas of public
finance.
Services We do
As a full service, independent financial advisor, we are active in municipal finance with the numerous
transactions and assignments we are engaged in allowing us to be in the market on average at least twice every
week pricing an issue for our clients. Thus, we have a good pulse on the market. Our technical capabilities, in
terms of the level of resources and technical staff, make a huge difference in the breadth of the services we
provide. Having the necessary resources and having the capability to apply those resources to provide our
clients with sophisticated analysis and service involving the most complex financing structures enable us to
produce tangible results.
Our mission is to provide our clients a level of resources and expertise equal to those of the Wall Street
investment banking firms, but also to present our analysis in a clear, concise manner so our clients can make
informed decisions. The first step is having the resources; the next step is having the capability to apple those
resources to produce tangible results. An overview of some of our resources is listed below:
✓ Bloomberg. We can monitor and anal)-ze real-time financial market data movements. This same
system is used by all major investment banking firms. The indispensable timeliness and breadth of
the data available through this resource justify its high cost, which is prohibitive for smaller firms.
✓ TM3. Our subscription access to the Thomson Reuters Municipal Market Monitor (TM3) provides
comprehensive coverage of the municipal cash, derivatives and U.S. Treasury markets.
✓ DBC. DBC Finance (DBC) offers the most sophisticated sizing and structuring software package
that will permit us to analyze and structure any bond or loan structure for the County. The
personnel assigned to the Counn•'s team are proficient in the use of this software and Fieldman runs
all of its analyses "in-house."
Each of these resources allows us to gather and analyze data for use in debt pricing, spread negotiations and
forecasting economic conditions. We constantly monitor market conditions and trends and when the time is
right, have on several occasions advised clients to accelerate their pricing to take advantage of favorable
market conditions and lock in attractive interest rates. With access to Bloomberg and TM3, we have access to
the latest pricing information in the fixed income markets. This information gives us the ability to actively
monitor our client's debt portfolio, estimate interest rates twhich we utilize in pricing scenarios and in
preparing for competitive and negotiated sales) and to monitor refunding opportunities.
The Firm has three practice sectors: (1) general financial consulting, primarily fiscal management, capital
planning and policy development; (2) financing and transaction management; and, (3) through our affiliated
entity, Applied Best Practices LLC, disclosure advice and services relating to existing and future bond issues.
CAPITAL PLANNING, MANAGEMENT AND POLICY DEVELOPMENT
The planning, management and development of the capital structure often is the least visible, but is clearly the
most important undertaking in the management of the balance sheet of public sector clients. This is where
the basic decisions are made about the scope, cost and approach to financing the client's needs. The firm
assists clients with the development of clear, thoughtful plans for the implementation of the capital plan.
Creation of such plans is critical to delivering cost-effective capital to the client's project. The firm is
PAC. F.
FIELDMAN ! OLAPP
etnEn�En�E ir.
Statement of Qualifications, Financial Adi isory Services
COUNTY OF HAWAII
July 12, 2021 8
experienced in the development of cash flow models, financing plans, strategic planning and privatization
all elements of effective capital planning.
CAPITAL FINANCE TRANSACTION MANAGEMENT
The firm assists clients with all aspects of the debt issuance or borrowing process. For example, we advise
clients on the general feasibility of financing a project, the nature and manner of the debt issue to be
structured and sold, the size of the issue required to accomplish the client's funding requirements and the
general state of the credit markets.
We assist the client with defining objectives for the financing, the determination of a process for sale, the
selection of other service providers and the establishment of a timetable for the financing process.
.k key aspect of the project management serrice we provide is project scheduling- We view ourselves as an
extension of the Administration/ staff of local government and we usually act as the coordinator of all aspects
of the financing process. Initially, our focus might be presenting to the C=ouncil in a study- session to allow
the Council members to better understand how the financing tool they are considering operates.
If the project is a CFD, for example, after completion of a study session, we would normally- work with the
Administration/staff to develop an internal process to govern how a developers' request to form CFDs might
be handled. Assuming the County implements screening procedures to handle CFD applications from
landowners, we would then develop a project schedule to guide the formation and financing process.
Whether the proposed financing is a CFD or another form of public financing, we usually- assist the client
with the proper structuring of the credit vehicle. T17iis requires a thorough evaluation of the political,
regulator and financial constraints that the client faces. Structuring alternatives and experience range from
bank loans or private placements to the most sophisticated of fixed income issues sold on an advertised or
negotiated basis
Once the objectives are defined and the best structure is selected, we assist the client with the marketing, sale
and closing of the debt issue. This part of the process requires a thorough understanding of the criteria and
requirements of the credit rating agencies, credit enhancement providers and the underwriting community.
The firm handle4 both competitive and negotiated sales of debt. In competitive sale situations, the firm
assists with the diiseminatton of information to bidders and the calculation and acceptance of the bids
received. In negotiated sales, the firm advises its clients on the terms of the sale offered by the negotiating
underwriter and assists with the negotiation of prices that are compatible with the client's needs.
Finally-, the firm assists its clients with the closing process. This entails the calculation of the various flows of
money to be paid and received at closing. A detailed summary- of the transaction is presented to the client at
closing. The firm is always available to assist the client with anv aspect of the issue after the closing.
CONTINUING DISCLOS[-RE
As a firm that has been in business since 1966, we recognized early on the need to be out in front of
regulatory- changes. In response to increased disclosure requirements impacting our city and county clients we
created a subsidiary called Applied Best Practice to provide comprehensive disclosure services to make sure
initial and continuing disclosure requirements were understood, procedures were developed to provide the
required information and the timeline requirements were documented and a calendar was created to track the
requirements.
HELDMAN ROLAPP PAGE3
.� k A.4&1(1% kti
E['Ea EN CE IN. ECS I tZE RVICE
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII "
July 12, 2021
Si;lci'IOi\ 2 - Fl lt�\1 FF-1C:'l:4
The age of the fain and its average number of employees over the part fine years.
The firm traces its roots to \Xraam L. Fieldman & Associates which was fust incorporated in 1966. The
current firm was incorporated in 1974 and currently has 18 full time employees. The firm has averaged
approximately 16 employees over the last five years, not including those individuals participating in the firm's
active summer intern program.
Sl?C K)\ 3 — PRO.) l'C 1'11.1\I ()U.11.lulr;
The education, training, and qualifications of the individual, or if a firm, its key employees
The firm is owned by its employees, all of whom are active in the business on a day-to-day basis. The major
shareholders/ Principals of the firm are:
• Adam S. Bauer • James V. Fabian • Anna V. Sarabian
Our mission is to provide sound, unbiased, and creative consulting services to local governments such as the
County. Our experience has proven to us that this mission is best accomplished through interaction with our
client at multiple levels and by assigning professional staff with a variety- of talents. By being aware of a
bigger picture, and by assigning professionals at several levels, we have found that our client derives more
value from the consulting process and the realization that value offers a very high degree of client satisfaction.
This "matrix" style of consulting is patterned after the style of law, engineering, and general consulting firms
more than it is after the style of Wall Street brokerage firms where the focus is entirely transaction based- At
its center is the belief that any client, but particularh a client of the size of the County, really needs talented
consultants that are skilled far beyond the execution of the transaction. Such consultants should have a solid
background in government, finance, securities sales, trading, underwriting, and the political environment in
which the client operates.
In order to fulfill this larger set of expectations, we propose to assign the team described below, each of
whom will assume different duties and responsibilities. Using a team approach assures the County that
several individuals will be familiar with the County's needs and requirements. This approach offers superior
service, better turnaround times and more efficient use of the County's staff time. To the extent that
specialty expertise is required, due to the nature of a specific assignment, other qualified personal of the firm
will be available to the County.
lte,umes
Co -Engagement Mr. Adam Bauer, Chief Executive Officer/ President, joined the firm in September
Manager 2004 and is the head of the firm's school district practice. Mr. Bauer has been involved
with a variety of public agencies throughout the State of California assisting them with
their debt transactions and policy development.
Furthermore, Nfr. Bauer has specific expertise in public financings for school districts.
Air. Bauer has developed capital facilities funding plans that incorporate General
Obligation Bonds, Lease Financings, Special Tax Bonds and State funding. Prior to
joining the firm, kir. Bauer acted as a Financial Advisor, Special Tax Consultant and
Community Facilities District Administrator.
FIFLDMAN 1 ROLAPP PAGE'4
A A"4A)'I kl'Fti
6r"E-E"E ---Ec-"i ,. sip"CE
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
Jul)' 12, 2021
Air. Bauer is an active participant in organizations associated within his field. He has
been an annual speaker for USC Rossier School of Education and frequent speaker and
writer on issues related to school districts for the California Debt Investment Advisory
;# Committee ("CDIAC"). NIr. Bauer is the former Co -Chair of the Finance Strand of the
Planning Committee for the California's Coalition for Adequate School Housing
r (CASH), is a member of the California School Board Association ,CSBA), the
Association of California School Administrators (ACSA), the California Association of
School Business Officials (CASBO) and the Committee on Assessments Special Taxes
and other Financing Facilities (CASTOFF). Mr. Bauer also has been asked to speak
ADAM S. BAUfat about school district finance at the California Association of Latino Superintendents and
9.19.6611_-303 direct Administrators ('CALS 1"). In addition, Mr. Bauer is a registered investment advisor
919.295.5^35 cell 'Series 65). Nir_ Bauer received his Bachelor of Science in Business Administration with
a,�aucnir tteldenan.coin a concentration in Finance from San Francisco State University-- hlr. Bauer has passed
the NISRB's Municipal Advisor Representative Qualification Examination ',Series 50).
Co- Engagelnent
Ms. Anna V. Sarabian, Ph.D., Principal, joined the firm in July 2003. Before joining
Rlanager
the firm, Nis. Sarabian served as a management analt .st, investment banking analyst, and
teaching and research assistant, Nis. Sarabian has focused on serving a wide variety of
municipal clients in the Firm's city, county and utility client sectors. She has completed
transactions with, or is currently engaged by, the City and Count} of San Francisco,
'-
Riverside County, Riverside Count}- Transportation Commission, Eastern Nlunicipal
x
Water District, Count} -of Kauai, County of Hawaii, Los Angeles County, Orange
County, the cities of Los Angelc,, Oakland, Sacramento, Alilpitas, Monterey, Costa A[esa,
Aliso Vtejo, Dana Point, Santa Ana, Tustin, Mission Viejo, Diamond Bar, and Lake
Forest, among others. During the last three years, Nis. Sarabian has completed more than
68 financings totaling nearly $4.0 billion.
ANNA V. SARA( IAN
CIPFA
Since joining the firm, Dr. Sarabian has completed several hundred financing
949.6611.-7308 dtrcct
engagements, including a variety of fixed and variable rate negotiated or competitive
c1-19'74062icell
transactions, such as tax allocation bonds, certificates of participation, lease revenue
;t�ne;thiannttciclon:ui.r„���
bonds, water and wastewater revenue bonds, sales tax revenue bonds, toll revenue
bonds, commercial paper, general obligation bonds, interest rate swap agreements, and
special district formations and financings. Recently, she has completed projects involving
a wide range of municipal advisory services, including post -redevelopment tax allocation
bond financings, solar feasibility analysis, debt, reserve and budget policy development,
capital improvement plans and long range financial plans, parking fund financial analysis,
TIFIA loans, debt structuring cash flow utilization and refinancing opportunities, credit
analysis, and ad hoc financial analysis.
Dr. Sarabian received her blaster of Business Administration (concentration in Finance)
from the University of California -Riverside and her Ph.D. in Economics from the Center
for Economic Research and Graduate Education (CERGE), Prague, the Czech Republic.
Her paper, "The default of special district financing: Evidence from California” was
published in 2015 in the Journal of Housing Economics. Dr. Sarabian holds the CIPMA
designation as a Certified Independent Professional Municipal Advisor from the
National Association of N[unicipal Advisors (NAhIA). She currently is the co -president
of the Women in Public Finance, Los Angeles chapter and is a frequent speaker at the
CDIAC's Debt Essentials seminar series and has participated in speaker panels at the
CSNIFO annual conferences. Dr. Sarabian is a registered municipal advisor principal
(Series 54) and municipal advisor representative (Series 50).
FIELDMAN ROLAPP Pt�c1: 5
.A .kkNa'A %I I '
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
July 12, 2021
Lead Technical Ms. Chelsea L. Redmon, Assistant Vice President, joined the firm in August of 2016.
Consultant Since joining the firm, leis. Redmon has been dedicated to both the firm's city, counny
and special district clients. She has worked on a variety of transactions, which include,
but are not limited to, tax allocation, lease revenue, general obligation and special tax
_ bonds. In addition to these transactional services, leis. Redmon also utilizes her
extensive background in economics and data analytics to create financial forecasts,
develop debt capacity models, evaluate market conditions, and assist in drafting debt and
continuing disclosure policies.
Prior to joining the firm, Nis. Redmon taught an Econometrics lab at California State
CHELSEA REDNION University, Long Beach and was an Economics Instructor for Golden West College,
949.66R-300 direct Huntington Beach. Itis. Redmon is a registered municipal advisor representative and
crednum c},ticldman.cum holds the Series 50 license and the CIPNIA designation. Nis. Redmon graduated Summa
Cum Laude from the California State i.'niversity, Long Beach, with her piaster of Arts
degree in Economics and a Bachelor of Arts degree in Political Science, with a
concentration in Law, Politics and Police.
Consultant Support Ms. Melinda Kays, Associate, joined the firm in May 2021. Since joining the firm, Nis.
Kays has been assisting with the firm's City and Counry clients. Before joining the firm,
Nis. Kays worked as a Payroll Specialist and an Accounting Assistant in Honolulu, HI.
Nis. Kays received her Bachelor of Arts degrees in Economics and in Anthropology,
both from the University of Washington. She is a registered municipal advisor
representative and holds the Series 50 license.
MELINDA KAYS
808.342.6165 direct
mk;i\ �((F-ficldrnan.Lom
Resumes of Others - To the extent that other Fieldman personnel are needed to assist the Count%,
additional resumes will be provided to supplement the foregoing information.
S1:CTI ON 4 — Rl'(A AT PR091•:C TS & C 1,11-:\'1' Rl:l'I�:It1:\c1:s
-1 list of recent projects and the names of tip to five clients who may be contaded, in, at least two for wham setvices were
rendered during the prnrdingyear.
Fieldman, Rolapp & Associates, Inc. is one of the most active financial advisors in the western United States,
assisting governmental agencies in all areas of public finance, including the policy planning and the
implementation of community facilities districts. The assignments highlighted below demonstrate our
experience assisting Counties with projects which have been, are, or will be facing them in the immediate
future_
FIELDMAN ' ROLAPP PAGE
kAR0R 1Jt1'F4
FYPEi ECCE tn'ECP I, t SFQ.ICE
Statement of Qualifications, Financial Adirisory Services
COUNTY OF HAWAII
Jule 12, 2021
COUNTY OF KAUAI
4144 Mice Street Lihui, HI 96766
Reiko Matsuyama, Dim -tor of Frnancr (808) 241-4200
ri�tat 5ur:una �tr`kau�i.c•o�
In 2006, Fieldman initiated financial advisor' activities for the County of Kauai,
Hawaii, related to the formation and financing for the master planned community
of Kukui ula. The project is a 1,010 acres luxury resort community entitled for 1,500
residential units, 94,000 sq. ft. of commercial and an 18 -hole golf course. This was
the first CFD formation in the State of Hawaii.
With the assistance of its financing team, the County enacted a CFD formation and
bond issuance law, similar to the model used in California, and formed CFD No.
2008-1 (Kukui'ula Development Projects in 2008 with a $120 million bond
authorization. Fieldman guided and educated the County through the CFD
formation process, including providing educational workshops for staff and council
members, advised on the implementation of the County's CFD formation and bond
issuance law. In 2012 we assisted with the issuance of the first series of bonds for
the CFD in the paramount of $11.875 million. In 2019, we advised the County on
the structuring and successful issuance of a second, parity, series of bonds for the
CFD totaling $20.32 million in par size. \\°e provided County staff and Council
with educational workshops, advised on the selection of an appraiser and an
underwriter, and ensured the County's policies were adhered to, while meeting the
planning objectives for the new financing. This year, we served as a pricing
consultant on the County's $28.56 million General Obligation Bonds issued as tax-
exempt and taxable series.
Adam Bauer and Anna Sarabian have been providing sen'ices to the County-.
FIELDMAN ROLAPP PALL. 17
& AL,%AX'k1 E5
4a-Iil ENCE 14'ECP-Ty 3 5E5v :E
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
July 12, 2021
9=xIE
COUNTY OF RIVERSIDE
4080 Lemon Street, 4Eh Floor, Riverside, CA 92501
Don Kent, Coniq Finance Dimelor, (951) 955-1110
drkentgiriN co.oug
We have sen -ed as primary municipal advisor to Riverside County since 2010. We
have advised the County- on numerous significant general fund backed lease
financings for assets such as; the Monroe Park Building in Indio (2011), the County
Administrative Complex (2012), the Public Defender/Probation Building (2013),
the Historic Courthouse (2013), the Riverside County Information Technology
Center (2014), the East County Detention Facility (2015), Lease Revenue Bond
refunding (2016} and the Southwest Animal Shelter and Public Health Lab .1201,;,
and the Technology Refunding Projects (2019). In 2019, the completed an advance
refunding on a taxable basis to ease restrictions on private business use of the
County's Public Defender Probation Building and the Countv's Technology
Solutions Center Projects. The refunding resulted in net present value savings of
more than $685,000 or 6.14': o, and gross savings of nearly $1.28 million.
We have also advised the County on its issuance of TRANS each year since 2010,
totaling over $2.6 billion in notes issued. We served the County most recently as
financial advisor on its FY 2021-22 TRAN issue with a principal amount of $340
million, We have also sen -ed as the County's sole advisor with regard to land.
secured (CFD and AD) financings. Since 201,, we have served the County on
financings and refinancings of bonds for CFD Nos. 89 1, 89-4, 05-8, and 0- .2 to
fund critical transportation projects. Most recently we assisted with the $2-.22
million third series of parity bonds for CFD 0'' 2. In addition, we are currentli-
assisting the County with the extension of the letter of credit supporting one of the
County's outstanding lease revenue bonds.
DAC Guidance. A principal of Fieldman, Rolapp & Associates, Inc. sits on the
County's Debt Advisory- Committee and continues to serve as the financial advisor
to the Committee. Members of our firm also provided input to County staff in the
formulation of the County's general Debt Policies and also provided feedback to
the Economic Development Agency through the DAC in their debt guidelines. In
the course of our engagement, we have assisted the County with the creation r 1989)
and periodic revision of its land secured financing policies, the first such policies in
the State of California. As a result of the County's leadership, these policies became
the benchmark for other public agencies and are now required by California statute.
In addition, over the past few years, we have sened as the primary financial advisor
to the County for general fund and special tax financings, as well as providing ad
hoc financial advice and evaluation of various proposals the County- receives in its
general course of business.
Land Secured Financings. For more than twenty-five years we have provided
financial advisory services to the County in connection with all of its land -secured
debt programs. To date, more than two dozen community facilities and assessment
districts have been formed. During the late 1990's and early 2000's the County
FIELDMAN I ROLAPP P%6L 18
ERPEi. ENCE 11N -ECP f'• I. $EA.
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
Jule 12, 2021
identified critical transportation facilities that needed to be constructed to service
the rapidly growing number of residents moving to the County. In conjunction
with assessing new fees on new development the County amended its land secured
goals and polices such that it would form financing districts that would assist in
getting its transportation facilities sooner. In order to get the County identified
facilities sooner the County encouraged large financing districts that would include
all the developments that would benefit from the new road infrastructure. The
entire financing district would secure the bonds when issued. In order to encourage
developers who were in the early stages of development to voluntarily include their
property in the financing district the County agreed to form smaller financing
districts that would finance public improvement that the developer wanted
financed. By taking such an approach the County has been able to finance large
road improvements in advance of development with a relatively low assessment
while allowing a developer to issue bonds for other improvements closer to their
completion of their development.
During the 1990's and 2000's, when some of the land secured financings struggled,
members of our firm worked hand in hand with County staff to create financing
workouts and restructurings to put these projects back on sound financial footings.
Pension Financial Plan. Fieldman Rolapp served the County's Pension Advisory
Review Committee on the planning and implementation of a resolution of Che
County's Unfunded Actuarial Accrued Liability to CaIPGRS. We worked with the
PARC for more than six months on a major two part analysis of the actuarial
reports for the Miscellaneous and Safety plans and the analysis of potential
restructuring actions with CalPERS. Ultimately, the County opted for a "fresh
start" re -amortization of unfunded liabilities in its Miscellaneous Plan prior to the
issuance of any pension obligation bonds. A major portion of our work was the
development of an analytical and policy basis for the treatment of unfunded
liabilities in the future. We produced a Part I analysis as a review of the options
available for the County in the short run. That work was followed by a Part II
analysis, developed jointly with the County's consulting actuary, which analyzed the
potential for refinancing all or a significant portion of the County's unfunded
liability.
Teeter and Traditional Financings. In 2008, the County engaged Fieldman
Rolapp R associates, Inc. to assist with its 5100 million Capital Facilities
Improvement Program, restructure several of its variable rate transactions and an
ongoing Teeter Financing. Much of this work was accomplished amidst the
backdrop of the national liquidity crisis and involved times of financial stress on the
County, as well as exposure to variable rate and derivative risk. Our work was
focused on resolving the most pressing of those financial problems.
In 2008, we served the County in connection with its issue of Commercial Paper
Teeter Program Notes. Those Notes were fully backed by a letter of credit and
marketed on a variable rate basis. XX'hile the County planned in advance for a rise in
delinquencies when it secured a $200 million letter of credit to back a Commercial
Paper Program it could not have anticipated the substantial rise in delinquencies
throughout the County in 2008. Mhile the County positioned itself well with the
letter of credit, we structured an additional series of bond anticipation notes, Series
HELDMAN ROLAPP PAGE: 1 9
E anE P:EN CE �n"EG n�iv ! y£Rvo�S
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
July 12, 2021
FIELDMAN ROLAPP
A AS"'FATFS
E'PE n,EYCE 1147ECn+'�S SCQVICE
PAGE C 10
C, secured solely by the general fund to fund additional capacity of the Teeter
program beyond the size of the letter of credit. The County has been issuing Teeter
Notes every year ever since. We are currently providing advice on the FY 2021 22
Teeter Notes to be issued in October 2021.
Anna Sarabian, Adam Bauer and Chelsea Redmon have been providing services to
the County,
COUNTY OF LOS ANGELES
Of EQ)
500 W. Temple St. Los Angeles, CA, 90012
Er�
John Wong, Tiraynrer and Ta -v Collector Finance Anal rt (213) 9', 4-6802
y lel
h f
_Ikon * fit ttc.lacount, gQ
Fieldman has served Los Angeles County since 2003. We have advised the County
on a wide range of topics, spanning from a financial model for their Renewable
Energy Improvements Program to Recovery Zone Facility Bonds to analyses of
lease and potential purchase of real estate. Additionally, we have assisted with the
issuances of lease revenue bonds in 2005, 2006 and 2011, totaling almost $770
million in par amount. Most notably, we are currently assisting the County with the
formation of their Valencia Project. which is planned to consist of a CFD structure
with multiple Improvement Areas including approximately' 25,000 dwelling units
and approximately 13 million square feet of commercial, industrial, and other none
residential uses. It will include a broad range of housing types, from apartments to
single-family attached and detached homes of all sizes as well as affordable housing
and approximately 10,000 acres of protected open space and a multitude of public
facilities.
Anna Sarabian and Chelsea Redmon have been providing services to the County
CITY OF SACRAMENTO
915 I Street, 3rd Floor, Sacramento, CA 95814
SACRAM FNTO
Brian Wong, Debt tllanager, (91 G) 808-5811
bwong@cityofsacramento.org
Through an RFP process in 2019, Fieldman was hired bt• the City of Sacramento to
serve as the city's Independent Registered Municipal Advisor ("IRAIA") for as.
needed projects and bond financings. In February 2020, we advised and took the
lead in preparing a credit presentation book for Standard & Poor's ("S&P")
surveillance review of the city's issuer credit rating. We assisted the city prepare for
the meeting with the rating analysts and helped the city craft its story effectively.
Our efforts resulted in an upgrade of both the city's issuer credit rating and the
rating on the city's outstanding lease revenue bonds from S&P. Immediately after
the city's issuer credit review process, the city kicked off its $188.39 million Water
Revenue Refunding Bonds, Series 2020 (Federally Taxable) financing. The bonds
advance refunded a portion of the city's outstanding 2013 Water Revenue Bonds
that had an optional call date in 2023. The principal and interest payments due on
the bonds will be repaid by net revenues of the city's water enterprise system. The
bonds were sold during the height of the pandernic via negotiated sale b • a 4 -firm
FIELDMAN ROLAPP
A AS"'FATFS
E'PE n,EYCE 1147ECn+'�S SCQVICE
PAGE C 10
mcrr
Statement of Qualifications, Financial Ad-6sory Sen ices
COUNTY OF HAV All
July 12, 2021
Dcmot7,,trarCd I ",slx rience.
We are consistently one of the most active financial advisors by volume and number of bond issues in
California and are accustomed to both high volume and advising large /sophisticated issuers. The number of
transactions we have completed and the diversity- of our clients has provided our consultants with a unique
understanding of the business side of the municipal industries. It is this understanding which permits us to
approach challenges with practicality which, when added to our financial expertise, yields unparalleled advice
for our clients.
FIELDMAN I ROLAPP PAGE f 11
E ��E� E,_E N:EM71 L SE -CE
underwriting syndicate team. Concurrently- with the water system refunding bonds,
the city began its refunding transaction for the city's Wastewater Revenue
Refunding Bonds, Series 2020 (Federally- Taxable) that had a financing urneline
parallel to the water system refunding bonds. Due to the recent market volatility and
dislocation in municipal bond interest rates, we advised the City to put the
wastewater sy4tem refunding bonds on a day-to-day pricing schedule, with the
expectation that the pricing will be executed when the required rrunnmum net
present Value savings threshold is met. We monitored the market and advised the
City on optimal entry. The refunding closed successfully on July 1, 2020, locking in
gross savings of over $4.8 million, or $2., million of net present value sa-%-vigs
'10.8N). In February 2021 we worked on the negotiated sale of $43.4714[ Special
Tax Bonds for the Greenbriar CFD. With tangible evidence provided by Fieldman
and discussions with the underwriter, Fieldman was successful in negotiating a more
aggressive Ciower interest cost) structure before the bond order period was opened.
As detailed earlier in the proposal, Fieldman also drafted a general fund stress test
model for the city. In addition, we are currently tasked with assisting the City's
Department of Utilities and developing a Long -Range Financial Plan for the water,
wastewater and storm drain systems.
Anna �arabian and Chelsea Redmon have been providing services to the City.
p
IRVINE UNIFIED SCHOOL DISTRICT
Business R Fiscal Services
5050 Barranea Parkway, Irvine, CA 92604-4652
John Fogarty, 11sfistanl Supeti tend.--nt of Business Sem es/CF0, (9 l9) 936-5035
ir�luifot>;trt>�Cl�n�;ci.nr
Since 1986 we have served as financial advisor to the Irvine Unified School District.
We have served as financial advisor for more than $560,000,000 in CFD bonds.
More recently we served as financial advisor on the issuance of $95 million in
special tax bonds for CFD No. 09-1 Series A Bonds, which priced in April 2020, the
S6.4 million special tax refunding bonds for CFD 06-1 (Portola Springs) that priced
in Mai- 2020, and the $45 million general obligation bonds in March 2021
Adam Bauer has been providing services to the School District.
Dcmot7,,trarCd I ",slx rience.
We are consistently one of the most active financial advisors by volume and number of bond issues in
California and are accustomed to both high volume and advising large /sophisticated issuers. The number of
transactions we have completed and the diversity- of our clients has provided our consultants with a unique
understanding of the business side of the municipal industries. It is this understanding which permits us to
approach challenges with practicality which, when added to our financial expertise, yields unparalleled advice
for our clients.
FIELDMAN I ROLAPP PAGE f 11
E ��E� E,_E N:EM71 L SE -CE
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
Jul} 12, 2021
Land -Secured Experience
Fieldman, Rolapp & Associates, Inc. has
consistently been the leading financial
advisor assisting governments in numerous
states with implementation of community
facilities districts since the California statute
was enacted in 1982. As demonstrated in the
adjacent chart, we are the undisputed leader
in land secured financings. Our extensive
experience with land secured transactions
means we have encountered, reasoned and
addressed issues that many advisors have
not. We have adrised on virtually every- type
of land secured transaction done in the
municipal bond marketplace for issuers of
ever}- size and level of complexity.
sfihnm &MM a INN=
Fal'UH, , ,
11 1
„
I
M W
W.I
agencies like the cities of Los Angeles (for
9AFW9W&1%=QW
M
Ir LL
LILI
F*LftnRda;p&As_uKalaa
233
1
33.3
51026
CaspeaM tn" L L LC
a
Lu
W-1
CL A0bMLMW1="
I
•
LP ;.
$KJ
L71wFa ihx
E="& mm T
M
u
M.11
FWr&asem aLLC
a
1
u
$d.f
E23FICNOB
9
1
SIL
11M
Cd R8
=
4
l!
3iik'
K"SmuC
Y
f
1.11
=J
QAt=aR=W$asAiW
8
!
U
"A
MM%swa Cb
L'
M
M
LlMJ
MWMW 0= Adan
M
u
M
M'
QWM=b RtaOSEM s
L'
L'
L'
LLL'
rer.srx:lh Loa
u
u
u
L&I
\Ve have served similar prominent public
Apgar
I
M W
W.I
agencies like the cities of Los Angeles (for
9AFW9W&1%=QW
M
Ir LL
LILI
Ponte Vista, and Irvine (for Great Park) in
%MmL*w dt9P ma 1z
I
IP L1
*M
significant land -secured financings to provide
L' 3
infrastructure for redevelopment. For the
I
•
LP ;.
N
=L
City of Sacramento we completed a financing
E="& mm T
M
LP :
Wu
for the Greenbriar CFD earlier this year and
4
2r A
Lei
are currently advisingthem on the EIFD and
r me
4
'V a
M.
CFD for Aggte Sqare. For Los Angeles
Wdpbq �1Z
4
2Le A
County-, we are also assisting with the
M pm pm s)Ad1hy&W
I
:P A
ILI
development of a CFD with multiple
OdWk E6iVi WOp
I
=t A
W
Improvement Areas for the Valencia Project,
'ru=MM A..,
I
%P .4!il
which is slated to consist of approximately
ndutrygni
10
- toxo
17,0523
25,000 dwelling units and approximately 13
boudmuff
million square feet of commercial, industrial,
and other non-residential uses. In addition, we currently serve as the municipal advisor to Eastern Municipal
Water District and Jurupa Community Services
District, who are the two largest issuers of land secured debt
in California, and have assisted them with 24 issues, totaling nearly $91 million
in bonds sold since 2018. At
present, we also are working with the County of Hawaii on the formation of the
Kaloko Heights CFD.
Lease Revenues Bonds/Certificates of Participation (COPS) Experience
Fieldman has extensive experience in the issuance of General Fund backed financings. Additionally, we are
very familiar with the complexity associated with COPS/Lease Revenues Bonds, from finding appropriate
pledged assets, to forming/amending public financing authorities, and to formulating and analyzing the most
cost-effective financing structures. Since 2018, we have provided financial advisory services and assisted with
the issuance of 4, General Fund lease revenue bonds, lease purchase financings, and COPS amounting to
more than $930 million in par size. In 2019, we assisted the City of Aliso Viejo analyze and compare the
available funding options for the rehabilitation and adaptive reuse of the Aliso Viejo Ranch. Fieldman
conducted a comprehensive review of multiple funding scenarios, including an analysis of each scenario's
FIELDMAN f ROLAPP PAGE 12
32 ASSC�CIA i'1;ti
EhE 14NCE. Ill-ECPI ry : SERVICE
Statement of Qualifications, Financial Advisory Senices
COUNTY OF HAWAII x
July 12, 2021
foregone earnings and net benefit. As a result, Fieldman assisted with the issuance of $12.25 million in COPs
to fund a portion of the Aliso Viejo Ranch Project. Other recently completed lease revenue bond
transactions we have assisted with include issuances for the cities of Beverly Hills, Concord, Diamond Bar, La
Habra, Milpitas, Rancho Cucamonga, and 'Thousand Oaks.
Water and Wastewater Experience
Our predecessor firm, William L. Fieldman & Associates was formed in 1966 as an outgrowth of Bill
Fieldman's activities in the 1950's in the water industry. Mr. Fieldman was instrumental in establishing special
districts to serve water and provide wastewater services to areas not served by the larger governmental
agencies. Fieldman, Rolapp & Associates, Inc. has continued its commitment to this industry, having
expanded its consulting; practice to become the major financial advisor to the water industry in California.
The firm still serves many of the same clients that Bill Fieldman had relationships with 40-50 years ago and
currently has over three dozen active water/wastewater/water recycling projects for water agencies or water
departments. Over the last five years Fieldman has completed over 70 utility, financings for our California
utility clients. The combined par amount for these transactions exceeds $2.7 billion. For all our utilit)- clients,
our approach is to provide advice on key financial structuring matters; matters for which we have real-world
experience. This begins with a thorough analysis of the client's options to achieve the lowest cost of capital
without undue risk. Our approach views each of our consulting activities as an integral component of a global
strategy. Our advice addre4ses every aspect of a client's financial status. By concentrating on a client's global
strategy, the Firm provides practical and cost-effective advice in every aspect of the capital process As the
most active transactional advisor to California water agencies (based on the number of transactions
completed), Fieldman has been able to guide our clients through numerous changes in the municipal bond
market over our 55 -year lustory. Some of the recently completed utility transactions include the $110.53
million of solid waste revenue bonds for the City of Los Angeles, 527.97 million of wastewater revenue bonds
and $188.39 mullion of water revenue bonds for the City of Sacramento and $23.22 million of water revenue
bonds for the City of Garden Grove.
Tax -Increment Experience
Fieldman his extensive experience in the issuance of Tax Allocation Bond ("TAB") financings. Fieldman has
completed 14 tax allocation financings since 2018 totaling more than $311 million. Mr. Fabian heads the
Firm's cit) and redevelopment finance practice and along with Ms. Sarabian has led the majority of
Fieldman's TAB financings and post -dissolution refundings. Given the complexity of these financings, our
experience in this area demonstrates our ability to structure any type of financing.
General Obligation Bonds Experience
Fieldman has significant experience with the issuance of General Obligation (GO) bonds sold via both
negotiated and competitive sales, Since January 2016, Fieldman has served as municipal advisor on 193 GO
financings totaling over $8.16 billion in par amount. As a sole municipal advisor, Fieldman leads each
financing, coordinating the key steps in meeting the timing objectives for our issuer clients. Fieldman has a
long history of assisting public agencies with establishing finance plans to fund needed infrastructure through
the issuance of GO bonds. Such plans include bond issuance finance plans and establishing tax rates to fund
the needed infrastructure. Also, Fieldman has provided consultant services in regards to pricing GO bond
issues. In 2020, we served as pricing consultant for the County's $77.135 million general obligation bonds,
issued as 4 separate series Over the three-day pricing period, several adjustments to coupons and yields were
made. Due to a large amount of supply in the market, the pricing team had to be flexible to capture the
attention of investors when they had so many options. As a result of the very heavy supply, the team agreed
Rxcr
FIELDMAN I ROLAPP 13
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII
July 12, 2021
to adjust the pricing spreads, resulting in large oversubscriptions that allowed the underwriter to make further
yield reductions.
Financial Modeling Experience
Fieldman has comprehensive experience and expertise in providing our clients with dynamic models that can
be used to frame policy decisions. Our proposed team of advisors has extensive analytical skills and financial
modeling experience. We prepare many financial models and forecasts for our clients to use as a tool to help
develop long-term strategic plans or determine the best course of action for a specific project, and we can do
the same for the County.
Recently, we worked hands-on with a client to develop an interactive model to forecast revenues and
expenditures, monitor reserve balances and highlight key performance indicators. The model also
incorporated the client's full cost of annual pension payments over a five-year period. The client has
implemented it as a financial tool to analyze the impact of various possible overlapping scenarios and the
model serves as a benchmark of many specific financing decisions and reserve goals. It used the model to
successfully engage the public and garner support for a new sales tax measure which successfully passed.
More recently, we updated our model to show revenues and expenditures per individual accounts. This
allows more minute manipulation and forecasting and has been used by the client in its budget development.
Further, Fieldman serves as the Cite of Sacramento's independent registered municipal advisor, and we
developed a comprehensive budgeting model to allow Cite city to stress test the affordability of future debt to
fund affordable housing and projects for the homeless. We provided a feasibility analysis of the city's
General Fund to afford potential bonds and to review the impact that a new long-term bond issue would
have on the city's General Fund budget and projections over a forecast period of 10 years, and the potential
effects on the city's current overall General Fund credit ratings. Our analysis factored in the city's debt
policy, budgets and audits, rating agency reports, and outstanding debt. After a thorough review, Fieldman
recommended the city not move forward with the proposed debt issuance at this time.
Other areas of practice- As noted in other parts of this SOQ, the firm is a full service municipal financial
advisory firm. As such the firm has consulted on small financings ;under $100,000) and has acted as lead
financial advisor on very large transactions (as large as an $8 billion competitive sale for the California State
Treasurer). The consultant staff at Fieldman, Rolapp & Associates, Inc. has worked on about every
imaginable type of public financing from short term borrowings to long term debt, variable interest rate
programs with fixed rate conversion provisions, interest rate swaps, forward purchase agreements, etc.
Sl
Any promotional or descriptive literature wbicb the individual or firm desires to submit.
Please see Exhibit A.
. FIELDMAN � ROLAPP PACE 1 14
4 ,3NSM(A vas
FRI+E9 F�rCE r"[CPiw! Ze.- E
Statement of Qualifications, Financial Advisory Semites
r
COI NTY OF HAWAII
Jul}- 12, 2021
1:1i {lli11 A
To demonstrate our commitment to the public finance industry, please refer to our website for public finance
materials and financing presentations: w%v%%.tieldman.coin. Other matters of interest can be found at
In addition, in 2020 we started a series of public finance conversations with industry professionals and
recording and providing to our clients regular municipal market updates. Additionally, we are building our
online video library of public finance fundamentals which includes introductory videos that span a variety of
public finance topics. The Municipal Market Update is distributed the first and third Monday of each month.
We have prepared the Market Update in two formats. The first is a several page summary and the second is a
video recording with some additional detail. For the several page summan•, we send that summary to all of
our clients, while the video recordings are available on our website at hum X111
of our videos are also available on our YouTube channel found here:
h��l)>://N%'Nc\r.ruutarb( con/channcllL-(.0 4�1'.iilZ«I:I.{)\III (1clYi g.
= FIELDMAN I ROLAPP EtIlI13I`I' A
£rP`cvEI:CE I�.'ECf i•� a SEllvl[E