HomeMy WebLinkAboutFY23-24 Public Finance (Financial Advising), Fieldman Rolapp & AssociatesFISCAL YEAR 2023-24
ANNUAL STATEMENT OF
QUALIFICATIONS
PUBLIC FINANCE ADVISING SERVICES
FIELDMAN ROLAPP
June 30, 2023
HELDMAN I ROLAPP
& ASSoclATEs
[�D(oEM(t 11i T(Gft I1V 151P.+r1
June 30, 2023
Via email: Crvstallene.Pacheco@Hawai'icountv.clov
Deanna Sako
County of Hawai'i
25 Aupuni Street, Suite 2103,
Hilo, HI 96720
Re: Statement of Qualifications for Public Finance Bond Advising 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. Fieldman, Rolapp & Associates, Inc. ("Fieldman")
is built on three core principals of Experience, Integrity, and Service, as detailed below:
✓ Experience: We have been in business since 1966 doing just one thing - providing
municipal advisory services to government entities. Over the past five years, Fieldman
has advised on 592 transactions with an aggregate par amount of nearly $21 billion.
Integrity: We pride ourselves on the quality of our service, our long client relationships
and the confidence public agencies have in our abilities and integrity.
Service: We plan ahead. We believe 80% of what our clients need is predictable. We
plan and perform this work in advance so we can focus on the 20% unexpected, time
sensitive and detailed work that can be tailored to our clients quickly.
Fieldman is a full service, western region independent municipal financial advisor that has in
depth experience in all areas of public finance. The firm specializes in land -based, general
obligation, utility, lease revenue and transportation financings. Fieldman has local presence
as members of our firm have provided advice and are currently serving as municipal advisors
to the County of Hawai'i. We greatly enjoy working with the County and value the relationship
we have built and we look forward to strengthening that in the future. 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,
FIELDMAN, RO �PP&SOCIATES, INC.
4410
Adam S. Bauer, CEO and President
(949) 660-7303 direct, (949) 295-5735 cell
abauer@fieldman.com
_4 �_,�dmOL
Chelsea Redmon, Assistant Vice President
(949) 660-7306 direct,
credmon@fieldman.com
Anna V. Sarabian, Ph.D., CIPMA, Principal
(949) 660-7308 direct, (949) 274-0625 cell
asarabian@fieldman.com
Mindy Kays, Associate
(808) 342-6165 direct,
mks@fieldman.com
19900 MacArthur Blvd., Suite 1100 • Irvine, CA 92612 6 phone: 949.660.7300 ♦ fax: 949.474.8773 • www.fiieldman.com
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I F
June 30, 2023
TABLE OF C O NTENTS
"Section 1 - Fieldman, Rolapp & Associates, Inc......................................................................1
FirmOverview .................................. ....... .....................................................................
Services We Provide .................... . .... .... .... ........................................................2
Resources............................................. .. .... ................................................... .3
Section2 - Firm Facts .......... ....... ........ ............. ............ .............. ............................. ...... ...........4
"Section 3 Project Team Gus lifi cation s ............ ..............................................................5
Resumes.................................................................. ................. ........... .................... ..... ...,5
Section 4 - Recent Projects & CIicnt References ............ .. ...........................................8
Demonstrated Experience ......................................... . „ ...................................... 12
Section5... ..... .......................................................................... ... ................................... 18
00250311
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I
June 30, 2023
SECTION 1 - FIELDMAN, ROLAPP & ASSOCIATES, INC.
The name of the firm or person, contact information including email address, the principal place
of business, and location of all of its offices.
Firm Overview
Fieldman, Rolapp & Associates, Inc. ("Fieldman" or the "Firm") is a western region full service,
independent registered municipal advisor focused on providing financial advisory services to
public agencies and non-profit organizations for over 57 years, 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.
Fieldman 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 underwriter or broker/dealer. 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.
Over the past five years Fieldman has advised its public agency clients on 592 transactions
with an aggregate par amount of bonds of nearly $21 billion. We have advised on virtually
every type of financing done in the municipal bond marketplace for issuers of every size and
level of complexity. For every one of these clients we have been able to apply our vast
experience, knowledgeable staff and resources to maximize bond proceeds and savings and
minimize costs.
With over a dozen active client engagements in the general government sector at any given
time, Fieldman's constant exposure and extensive experience keeps us up-to-date with all
issues clients are facing, including legislative pressures, financial market fluctuations, and
weakened economic environments. With our comprehensive understanding of the challenges
faced by each client, we can provide tailored and creative solutions. For any client, our
approach is founded in fundamental credit analysis and financial prudence. By concentrating
on a client's global strategy, Fieldman provides practical and cost-effective advice in every
aspect of policy, capital and financial processes. At the same time, our approach is based on
HELDMAN ROLAPP
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII -
.tune 30, 2023
making sure we educate both staff and elected officials, provide relevant information to
enhance decision making and provide the context for those decisions.
We view the most cost-effective financing as achieving the following goals:
✓ Maintaining or enhancing the current credit ratings
✓ Minimizing the number of debt transactions
✓ Achieving the lowest borrowing costs
✓ Limiting the County's transaction costs
✓ Achieving the County's objectives without unnecessary delay
Services We Provide
Fieldman concentrates its consulting activities in the following areas:
✓ Capital planning, management, and policy development
o Familiarizing ourselves with basic decisions about the scope, cost and approach
to financing the client's needs.
o Creating financial plans for any tenor of capital needs, that allow our clients to
successfully and economically fund those capital needs.
o Designing financial models that use alternative funding sources and clearly
present financial outcomes to allow clients to make fully informed decisions.
o Tailoring client -specific debt management and reserve policies necessary to
form a strong financial foundation.
✓ Capital finance transaction management
o Assisting our clients with all aspects of the debt issuance.
Advising clients on the general feasibility of financing a project, the nature and
manner of the debt issue, the size of the issue required to accomplish the client's
funding requirements and the general state of the credit markets.
0 Defining objectives for the financing, the determination of a process for sale,
and aiding in the selection of other service providers.
Establishing credit rating objectives and then developing strategies to ensure
capital market access at the lowest cost possible.
o Timely executing the financing plans by aggressively managing the capital
funding process.
o Assisting with the marketing and sale of the debt issue and the closing process.
V Secondary market disclosure services
Working with public agencies on their post -issuance continuing disclosure
requirements set forth by the Securities and Exchange Commission ("SEC") and
California Debt and Investment Advisory Commission ("CDIAC"), conducted
exclusively by employees of Fieldman under our tradename Applied Best
Practices (ABP).
o Real-time monitoring of credit ratings (utilizing the Bloomberg Terminal).
FIELDMAN ROLAPP
E
Statement of Qualifications, Financial Advisory Services ,
COUNTY OF HAWAI'I
June 30, 2023
Resources
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 ability to apply those resources to provide our clients with sophisticated analysis
and service involving the most complex financing structures enable us to produce meaningful
results.
Our mission is to provide our clients with 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 apply those resources to produce tangible results. An
overview of some of our resources is listed below:
* Bloomberg. We can monitor and analyze 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 County's team are proficient in the use
of this software and Fieldman runs all of its analyses "in-house."
News. Fieldman monitors the pulse of the economy by maintaining subscriptions to
other news services such as The Bond Buyer and The Wall Street Journal.
All of the above resources are indispensable to Fieldman's ability to provide our clients with
the highest level of service. 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. Due to this, we 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 (which we utilize in pricing scenarios
and in preparing for competitive and negotiated sales) and to monitor refunding
opportunities.
We believe we can continue to utilize our resources and vast experience and continue to
provide the incomparable service to the County.
FIELDMAN ROLAPP Page 3
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I -
June 30, 2023
SECTION 2 FIRM FACTS
The age of the firm and its average number of employees over the past five years.
The Firm has been in business over 57 years, tracing its roots to William L. Fieldman &
Associates, which was first incorporated in 1966. The current Firm was incorporated in 1974
and has a staff of 17 employees (all 13 registered municipal advisor representatives with Series
50 certifications). The Firm has averaged approximately 16 employees over the last five years,
not including those individuals participating in the Firm's summer intern program.
ORGANIZATIONAL CHART
FIELIDMAN ROLAPP & ASSOCIATES, INC.
AD" S. BAUER
PresidaWCEO
V. SARABIAM
Pnn�ipal
• CHEiSEA REDI&ON
ASiiS[a71t VIGB Pre9dellt
MEINDA KAYS
e
CYNTHIA OLIVARES
A:. r-n .x•saart
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 on every assignment. The Firm is led by the primary
shareholders and the Board of Directors of the Firm. They are:
✓ Adam Bauer, CEO/President; based in Irvine and has over 20 years public finance
experience
✓ Dr. Anna V, Sarabian, Principal; based in Irvine and has over 20 years public finance
experience
✓ James V. Fabian, Principal; based in San Francisco and has over 36 years public finance
experience
FIELDMAN ROLAPP Page 4
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Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I = {
June 30, 2023
SECTION 3 - PROJECT TEAM QUALIFICATIONS
The education, training, and qualifications of the individual, or if a firm, its key employees
Our mission is to provide sound, unbiased, and creative consulting services to public agencies
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. At the center of this style
of consulting is the belief that any client, but particularly 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.
Resumes
Co -Engagement Mr. Adam Bauer, Chief Executive Officer/President, joined the firm in
Manager September 2004 and is an expert in both General Obligation Bond and
Land Secured Financings. Mr. Bauer has been involved with a variety of
public agencies assisting them with their debt transactions and policy
development.
Furthermore, Mr. Bauer has specific expertise in public financings for
school districts. Mr. 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, Mr. Bauer acted as a
Financial Advisor, Special Tax Consultant and Community Facilities
ADAM S. BAUER District Administrator.
IRVINE OFFICE Mr. Bauer is an active participant in organizations associated within his
949.660.7303 direct field. He has been an annual speaker for USC Rossier School of Education
949.295.5735 cell and frequent speaker and writer on issues related to school districts for
abauer@fieldman.com the California Debt and Investment Advisory Commission ("CDIAC"). Mr.
Bauer is the former Co -Chair of the Finance Strand of the Planning
Committee for the California's Coalition for Adequate School Housing
("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 received his Bachelor of Science in Business
PIELDMAN RO APP 5
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAII IR
June 30, 2023
Administration with a concentration in Finance from San Francisco State
University,
Mr. Bauer is a registered municipal advisor principal (Series 54) and
municipal advisor representative (Series 50).
Co -Engagement Ms. Anna V. Sarabian, Ph.D., Principal, joined the firm in July 2003. Before
Manager joining the firm, Ms. Sarabian served as a management analyst, investment
banking analyst, and teaching and research assistant. Ms. Sarabian has
focused on serving a wide variety of municipal clients in the firm's city,
county and utility sectors. She has completed transactions with, or is
currently engaged by, the City and County of San Francisco, Riverside
County, Riverside County Transportation Commission, Eastern Municipal
Water District, County of Kauai, County of Hawai'i, Los Angeles County,
Orange County, the cities of Folsom, Irvine, Lodi, Los Angeles, Murrieta,
ANNA V. SARASIAN Placerville, Rialto, Sacramento, and San Francisco, among others.
IRVINEOFFICE Since joining the firm, Dr. Sarabian has completed several hundred
949.660.7308 direct financing engagements, including a variety of fixed and variable rate
949.274.0625 cell negotiated or competitive transactions, such as tax allocation bonds,
asarabian@fieldman.com certificates of participation, lease revenue 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 Master 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, Ms. Sarabian
holds the CIPMA designation as a Certified Independent Professional
Municipal Advisor from the National Association of Municipal Advisors
(NAMA). She is the outgoing 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
CSMFO annual conferences.
Dr. Sarabian is a registered municipal advisor principal (Series 54) and
municipal advisor representative (Series 50) and holds the designation as
a Certified Independent Professional Municipal Advisor (CIPMA).
FIELDMAN ROLAPP 6
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I r
June 30, 2023
Lead Technical Ms. Chelsea L. Redmon, Assistant Vice President, joined the firm in August
Consultant of 2016. Since joining the firm, Ms. Redmon has been dedicated to the
firm's city, county 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, Ms. 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.
CHELSEA REDMON Prior to joining the firm, Ms. Redmon taught an Econometrics lab at
California State University, Long Beach and was an Economics Instructor
IRVINE OFFICE for Golden West College, Huntington Beach. Ms. Redmon graduated
949.660.7306 direct Summa Cum Laude from the California State University, Long Beach, with
credmon@fieldman.com her Master of Arts degree in Economics and a Bachelor of Arts degree in
Political Science, with a concentration in Law, Politics and Policy. In 2017,
her paper, "Economic Freedom and Corruption: New Cross -Country
Panel Data Evidence" was published in The Journal of Private Enterprise.
Ms. Redmon is a registered municipal advisor representative (Series 50)
and holds the CIPMA designation.
Consultant Support Ms. Melinda Kays, Associate, joined the firm in May 2021. Since joining
the firm, Ms. Kays has been assisting with the firm's City and County clients
providing technical and quantitative analysis. Before joining the firm, Ms.
Kays worked as a Payroll Specialist and an Accounting Assistant in
Honolulu, HI.
Ms. Kays received her Bachelor of Arts degrees in Economics and in
Anthropology, both from the University of Washington.
MELINDA KAYS Ms. Kays is a registered municipal advisor representative and holds the
Series 50 license.
HAWAN OFFICE
808,342.6165 d rect
mkays@fie:dman_com
Resumes of Others - To the extent that other Fieldman personnel are needed to assist the
County, additional resumes will be provided to supplement the foregoing information.
FIELDMAN ROLAPP
Page 7
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I _ -'
June 30, 2023
SECTION 4 - RECENT PROJECTS & CLIENT REFERENCES
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.
The assignments highlighted below demonstrate our experience assisting Counties and other
agencies with projects which have been, are, or will be facing them in the immediate future.
COUNTY OF KAUXI
4444 Rice Street Lihue, HI 96766
Reiko Matsuyama*, Director of Finance
(808) 241-4200, rmatsuyama@Kaua'i.gov
In 2006, Fieldman initiated financial advisory activities for the County of Kaua'i 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. With the assistance of its financing team, the County
formed CFD No. 2008-1 (Kukui'ula Development Project) in 2008 with a $120 million bond
authorization. This was the first CFD formation in the State of Hawaii. Fieldman guided and
educated the County through the CFD formation process, this included providing
educational workshops for staff and council members and advising on the implementation
of the County's CFD formation and bond issuance law, similar to the model used in
California.
In 2012, 2019 and 2022, we assisted with the structuring and successful issuance of the first
three series of parity bonds for the CFD with par amounts totaling over $63 million. We
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 financings.
In 2020, Fieldman served as a pricing consultant on the County's $28.56 million General
Obligation Bonds issued as both tax-exempt and taxable series.
In 2022, Fieldman assisted the County with soliciting and evaluating proposals for paying
agent and trustee services to replace the existing providers. We participated in all stages of
the selection process, including interviews with the finalists and final award.
Adam Bauer, Anna Sarabian, Chelsea Redmon and Melinda Kays have been providing
services to the County.
*Please note, most of the work we have undertaken on the islands have been in conjunction
with Brian Hirai, McCorriston Miller Mukai Mackinnon LLP. We believe Mr. Hirai would be
good resource to provide feedback on our expertise, work ethic, cooperativeness, and
general assessment of our firm. Mr. Hirai can be reached at 808-529-7404 or
hirai@m4law.com.
FIELDMAN ROLAPP 8
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I
June 30, 2023
COUNTY OF RIVERSIDE
4080 Lemon Street, 4th Floor, Riverside, CA 92501
VA B Don Kent, County Finance Director
NUMOOF (951) 955-1110, drkentOrivco.or
We have served as primary municipal advisor to Riverside County since 2010 and during that
time we have advised the County on General Fund -backed securities, tax and revenue
anticipation notes ("TRANs"), land -secured financings, Teeter, and pensions. In addition, we
have provided input on the County's financial policies, provided ad hoc financial advice and
evaluation of various proposals.
General Fund -backed financings. We advised the County on significant lease financings for
assets such as: the County Administrative Complex (2012), the Monroe Park Building in Indio
(2011), the Public Defender/Probation Building (2013), the Riverside County Information
Technology Center (2013), the Historic Courthouse (2013), the East County Detention
Facility (2015), and the Southwest Animal Shelter, Public Health Lab (2017), and the
Technology Refunding Projects (2019). In 2021, we were the co -municipal advisor on the
$499.8 million Lease Revenue Refunding Bonds (comprised of tax-exempt and taxable
portions) that refunded seven separate series and terminated the County's swap.
TRANs. We have also advised the County on its issuance of TRANs each year since 2010,
totaling over $4 billion. Most recently, we served as municipal advisor on its FY 2023-24
TRAN issue with a principal amount of $360 million.
Land -secured financings. We have served as the sole advisor on all of its land -secured
financings. To date, more than two dozen CFDs and ADs have been formed. Since 2017,
we have served the County on new money financings and refinancings of bonds for CFD
Nos. 89-1, 89-4, 05-8 and 07-02 totaling over $132 million in par amount. We additionally
aided in the review of a potential new Enhanced Infrastructure Financing District ("EIFD").
Teeter. In 2008, we served the County in connection with its issue of Commercial Paper
Teeter Program Notes. After unanticipated delinquencies soared throughout the County,
we helped structure an additional series of bond anticipation notes secured by the General
Fund to fund additionai capacity of the Teeter program beyond the size of the letter of credit.
The County has been issuing Teeter Notes every year ever since and we will be providing
advice on the FY 2022-23 Teeter Notes to be issued in October 2022. We also currently aide
the County with the ongoing management of the Teeter program.
Pension. Fieldman Rolapp served the County's Pension Advisory Review Committee
("PARC") on the planning and implementation of a resolution of the County's Unfunded
Actuarial Accrued Liability to CaIPERS. 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.
Anna Sarabian, Adam Bauer, Chelsea Redmon, and Melinda Kays have been providing
services to the County.
FIELDMAN ROLAPP
Page f
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I -—�
June 30, 2023
COUNTY OF LOS ANGELES
4IM0,500W. Temple St. Los Angeles, CA, 90012
John Wong, Treasurer and Tax Collector Finance Analyst
(213) 974-6802, Jwong@ttc.lacounty.gov
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 assisted the County with the formation and financing of their Valencia
Project which consists 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 non-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. The first series of special tax bonds sold at the end of June,
2022 in a par amount of $52.84 million. We are currently working on an annexation into
Improvement Area 2 of the Valencia CFD and expect to commence activities related to the
second bond issue for the CFD later this year.
Anna Sarabian and Chelsea Redmon have been providing services to the County.
.n CITY AND COUNTY OF SAN FRANCISCO
1 Dr. Carlton B. Good lett PI., #336, San Francisco, CA 94102
Anna Van Degna, Finance Director of Public Finance
(415) 554-5956, Anna.Vandegna@sfgov.org
Fieldman has participated in the city's municipal advisory pool since 2011 and over the last
five years have served as the sole municipal advisor on over $931 million in General
Obligation bonds financings. These engagements include: the $135.765 million in General
Obligation bonds for transportation projects issued in September 2020; $468 million tax-
exempt and taxable General Obligation bonds in six series issued in August 2021 for various
improvements including health and recovery, transportation and road improvements,
earthquake safety and emergency response; $327.3 million General Obligation refunding
bonds issued in May 2022 that refunded five series of bonds; and $238.585 million General
Obligation bonds in three series issued in April 2023 for various improvements including
health and recovery, earthquake safety and affordable housing.
We are also currently serving as the sole Independent Registered Municipal Advisor ("IRMA")
to the City and County of San Francisco, Office of Community Investment and Infrastructure
("OCII"). Our services included an analysis of the outstanding TAB and CFD debt, potential
refunding/payoff scenarios and scenarios of future debt issuances and we are currently
assisting in the refunding of the outstanding 2005 and 2013 series of bonds for CFD No. 6.
Anna Sarabian and Chelsea Redmon have been providing services to the City and
HELDMAN ROLAPP a g t. 10
Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I
June 30, 2023
CITY OF SACRAMENTO
SACRAMI=NTO 915 1 Street, 3rd Floor, Sacramento, CA 95814
Brian Wong, Debt Manager
(916) 808-5811, bwong@cityofsacramento.org
In 2019, Fieldman was hired by the City of Sacramento to serve as the City's IRMA for as -
needed projects and bond financings. In 2020, we assisted the City prepare for S&P's
surveillance review of the City's issuer credit rating and helped the City craft its story
effectively, ultimately resulting 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 Water Revenue Refunding Bonds, Series
2020 (Federally Taxable) financing to be sold concurrently with their Wastewater Revenue
Refunding Bonds, Series 2020 (Federally Taxable). The bonds advance refunded a portion
of the City's outstanding 2013 bonds that had an optional call date in 2023. The bonds were
sold via negotiated sale by a 4-firm underwriting syndicate team. Due to the market volatility
at the onset of the pandemic and dislocation in municipal bond interest rates, we advised
the City to put the wastewater system refunding bonds on a day-to-day pricing schedule,
and priced this in June of 2020 when the required minimum net present value savings
threshold was met.
Since 2021, we have completed financings for their Greenbriar, Delta Shores, and Railyards
CFDs and are currently advising on second Greenbriar and Delta Shores CFD financings and
a partial tender for their outstanding water revenue refunding bonds.
In addition to transactional services, we also provide assistance with non -transaction services
including modeling, General Fund debt feasibility analyses, review of housing proposals and
the development of a comprehensive long-range financial plan for the Department of
Utilities.
Anna Sarabian and Chelsea Redmon have been providing services to the City.
DESERT COMMUNITY COLLEGE DISTRICT
COLLFGI. 43-500 Monterey Ave, Palm Desert, CA 92260
.YDF_SF_RT John Ramont, Vice President, Admin Services
(760) 776-7452, iramont@collegeofthedesert.edu
Fieldman has served Desert Community College District ("COD") since 2015 and has
assisted with the issuance of numerous general obligation refunding and new money
transactions. One of Fieldman's earliest engagements was assisting the COD in approving a
$577,860,000 Measure CC bond authorization with a $19.50tax rate projection in November
2016. In 2017, COD also had a significant amount of Capital Appreciation Bond ("CAB") debt
outstanding that was callable with tax-exempt rates. Even though the CAB debt was callable,
refinancing the debt with Current Interest Bonds ("CIBs") would result in a large amount of
negative savings (additional taxes) in the earlier years because of the prior CAB deferred
interest. Fieldman recommended an approach to refinance the CABs with CIBS and
apportion the additional taxes to the COD's newly -approved Measure CC tax rate. By doing
this, the CAB refinancing would be able to be completed while keeping its overall tax rate
promise in line with projections given to voters. The results of the 2017 CAB refinancing
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Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I
June 30, 2023
provided over $205 million in taxpayer savings through 2046 and achieved an outstanding
54.77% net present value savings amount.
Most recently, Fieldman has assisted COD with new money transactions over the past two
years and has also been able to combine them with taxable refinancing transactions on a
concurrent basis. This has resulted in significant cost efficiencies and reduction of staff time.
On its most recent issuance, COD indicated a desire to issue a portion of its next phase of
Measure CC Bonds for private use. Fieldman reviewed the use of proceeds with Bond
Counsel and given that treasury rates were neartheir all-time historical lows, determined that
a taxable issuance would be the most cost-effective approach for COD. While COD's
Measure CC tax rate capacity was temporarily reduced by the amount of negative savings
from the 2017 Refunding transaction, the District has thus far successfully issued $220 million
of its authorization with the next issuance scheduled for 2023.
Adam Bauer has been providing services to the School District.
Demonstrated Experience
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 and assignments 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.
Highlighted below is our relevant experience regarding certain financing types, as well as our
experience with general municipal advisory projects.
Hawai'i Experience
Fieldman has provided municipal advisory
services to the Counties of Kaua'i and
Hawaii over the last few years and this
experience is invaluable to the services that
we provide as it allows us to possess a
strong understanding of the economic,
demographic and financial conditions of
the region. This intimate knowledge of the
local area and experience is particularly
important for land -secured and value
capture financing methods.
2 CFD Formations a:�zgp
4 CFD Bond Sales
3 GO Bond Sales
(Pricing Consultant)
In 2020, we served as pricing consultant for the County of HawaiTs $77.135 million General
Obligation bonds, issued as 4 separate series. 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 to adjust the pricing spreads,
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Statement of Qualifications, Financial Advisory Services
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June 30, 2023
resulting in large oversubscriptions that allowed the underwriter to make further yield
reductions. We also just completed serving as pricing consultant for the County's $99 million
2023 General Obligation Bonds this June. The initial plan was to issue the bonds over a 3-day
pricing period, starting with a retail -only order period. However, as the bonds experienced
strong retail demand, due in large part to the County's recent S&P credit rating upgrade to
"AA+", Fieldman remained flexible and the pricing was accelerated, resulting in over $275
million in orders and 2.8x oversubscribed, which Fieldman leveraged with the underwriters to
lower yields. In 2021, we assisted the County of Hawaii with the formation of the Kaloko
Heights Project Community Facilities District ("CFD"), comprised of 391 acres planned for
development of 521 single-family homes and 620 additional units. The bonds for this CFD
were sold in March 2023 in a par amount of $13.055 million. In addition, we recently assisted
the County with calculating the arbitrage yield and weighted average maturity for the Hawaii
Papaikou Transit Replacement Project USDA Loan.
Similarly, since 2006, Fieldman has assisted the County of Kauai with CFD formations, pricing
consulting and financing services. In 2008, Fieldman helped form the master planned
community of Kukui'ula, the first CFD formation in the State of Hawaii. 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. Over the next few years we assisted with three financings of parity
special tax bonds for the CFD. In 2012, we assisted with the issuance of the first series of bonds
in the par amount of $11.875 million, in 2019 we assisted with the $20.32 million second
issuance and in 2022 we helped complete the $30.81 million third issuance. Additionally, in
2020 we served as a pricing consultant on the County of KauaTs $28.56 million General
Obligation bonds issued as tax-exempt and taxable series. In 2022, we also assisted the
County with the selection of a new paying agent and trustee.
Land -Secured Expertise
Fieldman is the undisputed leader and has comprehensive knowledge in
land -secured financing in California. According to Refinitiv, our firm acted
as the financial advisor on over 40% of the par amount of California CFDs
since 2013, more than the next seven competitors combined, and no
other financial advisor in California has the CFD experience of Fieldman.
Our extensive experience with land -secured transactions means we have
encountered, reasoned and addressed issues that many advisors have
Land -secured not. We have found in our experience that each land -secured transaction
Financings we undertake is unique and has its own particular set of challenges and
considerations. Since 2018, Fieldman has served as municipal advisor on
170 land -secured financings totaling approximately $2.5 billion in par amount.
We have served similar prominent public agencies like Los Angeles County (for Valencia) the
cities of Los Angeles (for Ponte Vista) and Irvine (for Great Park) in significant land -secured
financings to provide much needed infrastructure. Recently, for the City of Irvine we
completed a $446.7 million new money issuance for three underlying improvement areas in
the Great Park CFD, finessing the structure so as to maximize the issuance and are currently
working on another issuance for another improvement area. For the City of Sacramento we
completed financings for the Greenbriar, Delta Shores and the Railyards CFDs last year and
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June 30, 2023
are currently advising them on a second Greenbriar CFD financing, a Delta Shores CFD
financing, and the CFD for the Aggie Square project. Furthermore, we have been the City of
Folsom's financial advisor on all land -secured district formations, change proceedings and
bond financings since 2014. In addition, we currently serve as the municipal advisor to Eastern
Municipal Water District ("EMWD") and Jurupa Community Services District ("JCSD"), who are
the two largest issuers of land -secured debt in California, and have assisted them with 38
issues, totaling nearly $220 million in bonds sold since 2018. We are currently assisting JCSD
in a pooled refunding of four series of CFDs and despite the recent market volatility we are
expecting meaningful savings that will be passed on to the homeowners. We have also served
as an advisor to Orange County on its land -secured financing program since 1986, most
recently advising on two refundings, a CFD formation and new money financing just this year.
The refundings totaled $70.79 million and resulted in over $12.8 million in net present value
savings to the property owners within the Ladera Ranch CFDs. We also completed the
formation of the Village of Reinda Phase 26 CFD, which is anticipated to include 514 residential
dwelling units along with park, recreational, and other uses, and are currently working on the
bond sale forth is CFD.
Other recently completed special tax bond transactions include those for the Cities of Dublin,
Elk Grove, Encinitas, Los Angeles, Moreno Valley, Perris, Rialto, San Clemente, San Diego, San
Marcos, Stockton, and Temecula. There is no other firm with the experience and expertise
possessed by Fieldman.
Certificates of Participation/Lease Experience
Fieldman has extensive experience in the issuance of General Fund -backed
financings, serving as municipal advisor on 78 financings totaling
approximately $1.6 billion in par amount since 2018. Additionally, we are
very familiar with the complexity associated with certificates of
participation/lease revenue bonds, from finding appropriate pledged
assets, to forming/amending public financing authorities, and to
COP/tease formulating and analyzing the most cost-effective financing structures.
Financings We have served as the municipal advisor on multiple General Fund -backed
transactions that finance public facilities. We recently were engaged by the
City of Indio for the issuance of the city's estimated $130 million Lease Revenue Bonds which
will fund the construction of a new city hall and public safety building, and currently refund for
savings the city's outstanding 2012 Lease Revenue Bonds. Last year, we helped the City of
Lodi to issue $28.25 million in Lease Revenue Bonds, $12.6 million of which went to refunding
prior bonds and the remaining $15.6 million funded a new animal shelter and parks and
playground improvements. The City of Costa Mesa desired to finance their Lions Park project,
which included the construction of a library and neighborhood community center, and
Fieldman was able to successfully develop a credit strategy that demonstrated to the credit
rating agencies the strength of the local economy and the City received a one notch update
from AA to AA+ for the $29.7 million Lease Revenue Bonds. For the City of Moreno Valley, we
assisted with the refunding of their 2015 and 2016 Lease Revenue Bonds in 2021 and achieved
over 15% net present value savings.
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COUNTY OF HAWAI'I --_
June 30, 2023
Other recently completed lease revenue bond and certificates of participation transactions
include assisting the Cities of Barstow, Brea, Cathedral City, Concord, Diamond Bar, Dublin,
Elk Grove, Encinitas, and Mission Viejo.
General Obligation Experience
Fieldman has significant experience with the issuance of General Obligation
("GO") bonds sold via both negotiated and competitive sales. This sector
plays a key role in the Firm's practice with 190 GO financings totaling
approximately $8.3 billion in par amount since 2018. Recent relevant
experience includes financings for the City of Oakland, the City and County
of San Francisco, the East Bay Regional Park District and the Hayward Area
GOB Recreation and Park District. In February 2022 we also assisted the East may
Regional Park District with over $63 million in GO bonds comprised of new
Financings money Green Bonds and refunding bonds. For the Green Bonds, we
provided research to the District on the benefits, such as diversifying the
investor base, and worked with the District to obtain a second party opinion on the alignment
of their framework with the Green Bond Principles.
Other recently completed GO bond transactions include those for the following school
districts: Arvin, Bakersfield, Del Mar, Desert Sands, Fallbrook, Fowler, Garden Grove, Hemet,
La Canada, Montebello, Moreno Valley, Orange, Panama -Buena Vista, Perris, Riverside, San
Jacinto, Santa Ana, and Yosemite
In addition to GO transaction experience, Fieldman has extensive experience in reviewing and
modeling GO bond authorizations, taking into account the timing of capital needs, projected
tax rates and other key variables such as future assessed valuation growth. To ensure that tax
rate estimates are accurate, Fieldman provides custom financial models with detailed
calculations of projected tax rates. Before initiating any potential GO transaction, Fieldman
conducts a detailed examination of our client's assessed valuation and performs a thorough
tax rate analysis. Our GO debt planning model and tax rate analysis are developed using a
conservative approach to ensure that the financial plan remains feasible throughout the bond
program. This approach helps to ensure that the financing program remains viable and can
deliver our clients' goals over the long term.
Our scope of services extends far beyond that of a transactional financial advisor. This involves
creating an entire Plan of Finance for the District including (i) assessed value and credit rating
review, (ii) review of all long-term outstanding debt and tax rate analysis and (iii) exploration of
needs for future facilities and financing plan(s). After we have explored all financing options
and reviewed them with district staff, we then execute our plan of finance.
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June 30, 2023
Tax Increment Experience
4 Since 2018, Fieldman has assisted with the issuance of 14 tax allocation
bond ("TAB") financings totaling more than $311 million par. Recently, we
have been successful in getting an expedited Department of Finance
("DOF") approval for a number of our clients, being able to reduce the
typical 65-day review period to as low as 27 days for the City of Cathedral
I
City in 2020. Given the complexity of these financings, our experience in
Tax Allocation this area demonstrates our ability to structure any type of financing. We
Financings also currently serve as the Independent Registered Municipal Advisor
9 ("IRMA") to the City of Sacramento and recently assisted the city with the
formation of the Aggie Square Enhanced Infrastructure Financing District ("EIFD"). The tax
increment revenues that will be generated from the Aggie Square EIFD will fund infrastructure
and parking related improvements and affordable housing projects. The first bond financing,
is expected to be a CFD bond issue with tax increment revenues covering the debt service so
no special tax will need to be levied
We are also currently serving as the sole IRMA to the City and County of San Francisco, Office
of Commun;ty Investment and Infrastructure ("OCII"). OCII has an extensive tax increment
financing program with 19 TABs currently outstanding. OCII is one of two agencies in the State
allowed to issue new money TABs and Fieldman is advising OCII on the issuance of
approximately $800 million in future new money financings as well as potential future
refundings.
Utility Experience
Fieldman is one of the most active advisors of California utility enterprise
systems for cities and water/wastewater agencies. Since January 1, 2018, we
i have provided municipal advisory services and assisted with the issuance of
108 enterprise revenue bond financings amounting to more than $4.8
billion in par size. Some of the recently completed transactions include
assisting with the City of Placerville $15.2 million 2022 wastewater revenue
Revenue Bond refunding bonds, Truckee Donner Public Utility District's $14.825 million
Financings water system and $6.47 million sewer system COPS, City of Discovery Bay
$28.51 million water and wastewater revenue bonds, City of Poway $12.9
million 2021 water revenue bonds, City of Folsom $9.1 million 2021 water revenue refunding
bonds, City of Garden Grove $23.2 2020 million water revenue bonds, City of Brea $17.7
million 2020 water revenue refunding bonds, City of Beverly Hills 2020 $30.5 million and $25.6
million water revenue bonds, and City of Sacramento 2020 $27.9 million wastewater revenue
refunding bonds and $188.3 million water revenue refunding bonds.
Since 2018, the Fieldman utility practice sector has advised on eight new money Water
Infrastructure Finance and Innovation Act ("WIFIA") Loans totaling over $1 billion, two WIFIA
Master Agreements totaling approximately $555 million; completed two rate re -sets
(refundings) in the amount of $353 million and an amendment of an existing loan in the amount
of $218 million. The Fieldman utility practice is currently advising on three additional WIFIA
Loans / Master Agreements. Over that same time period we have assisted clients to close on
approximately $350 million of State Water Resource Control Board's SRF Loans.
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Statement of Qualifications, Financial Advisory Services
COUNTY OF HAWAI'I
June 30, 2023
Transportation Experience
Fieldman has a long history of providing municipal advisory services to transportation and
other public agencies. Our list of transportation clients include:
✓ Los Angeles County Metropolitan Transportation Authority ("LACMTA") (sales tax)
✓ Riverside County Transportation Commission ("RCTC") (sales tax; toll bonds; TIFIA;
financial modeling for SR-91 and 1-15 Express Lanes)
✓ San Bernardino County Transportation Authority ("SBCTA") (toll - TIFIA)
✓ San Mateo County Transportation Authority ("SMCTA") (sales tax; managed lanes
modeling and toll revenue repayment of sales tax loan)
✓ Santa Barbara County Association of Governments ("SBCAG") (sales tax - TIFIA)
✓ Santa Clara Valley Transportation Authority ("SCVTA") (toll - bonds)
✓ Minnesota Department of Transportation ("MnDOT") (permit revenue - TIFIA)
✓ City of Bakersfield (sales tax - TIFIA)
We were retained by the Federal Highway Administration ("FHWA") to serve as Build America
Bureau's independent financial advisor with respect to four TIFIA loans from 2019 to 2021 for
the Hampton Roads Transportation Accountability Commission (HRTAC) and are currently
working on the fifth. We have also assisted the Bureau with the Santa Barbara County
Association of Governments 2022 TIFIA Loan (Sales Tax) Project, and the Minnesota
Department of Transportation 2022 TIFIA Loan (Commercial Vehicle Permit Revenue) Project.
We have advised these clients on a variety of financing structures, including sales tax revenue
bonds, express lane toll revenue bonds, TIFIA Loans backed by sales tax, toll revenue and
vehicle fee revenue, and pay-as-you-go financings. On these financing matters, we have
helped to assemble the financing teams, negotiated financing terms, developed and
coordinated presentations to stakeholders (governing bodies, rating agencies, bond insurers,
investors and FHWA). Additionally, we have developed dozens of separate educational
presentations directed to rating agencies, bond investors and the general public for
transportation financings for these public agencies, as well as developed and updated
comprehensive financial plans involving multiple revenue sources.
Advance Financial Modeling Skills and Experience
The team assigned to the County has extensive experience with complex financial modeling
using Excel and has advanced skills in the use of DBC. We have staffed the County team with
senior advisors who personally will perform the financial modeling. We believe this is unique
as other firms may assign the financial modeling to their junior team members with the senior
advisors reviewing their work. This process may work fine for non-complex financial models
but for complex models, having senior advisors perform the analyses ensures that the financial
models are optimally and efficiently structured for all projects. This also allows for faster
turnaround times for deliverables and other requests made by the County.
A good example of this is our recent work with the City and County of San Francisco for the
competitive sale of six general obligation bond series sold concurrently totaling $468.38
million as tax-exempt and taxable series. In addition, the financings were issued under three
election authorizations adding complexity to the financial model that also had to take into
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June 30, 2023
account tax rate constraints, IRS premium constraints and other financing parameters.
Fieldman was solely responsible for the creation of all financial models and cashflows with no
underwriter involvement or input in the financial analyses. Additionally, Fieldman was able to
quickly provide to the city iterations of cashflows that allowed the city to meet certain internal
deadlines. Our ability to turn around the cashflows quickly was due to our team's extensive
financial modeling experience and our ability to efficiently program the cashflows utilizing
advanced formulas and techniques in both DBC and Excel.
Another good example is our recent and ongoing engagement with the City of Sacramento.
For background, the city's debt management policy requires a feasibility analysis performed
by an independent financial advisory firm prior to the issuance of General Fund supported
debt to finance capital projects. In 2021 and 2022, Fieldman provided detailed reviews of the
city's debt affordability and potential issuance of $67 million to $100 million in general fund
backed debt to support homelessness projects in the city. As part of our review, Fieldman
created a dynamic custom financial model in Excel incorporating the city's detailed budget
data and multi -year projections, as well as a dynamic bond model. Our analysis also
incorporated potential impacts to the city's outstanding credit ratings with the issuance of
additional debt.
SECTION 5
Any promotional or descriptive literature which the individual or firm desires to submit
We greatly enjoy working with the County and value the relationship we have built and we look
forward to strengthening that in the future. To demonstrate our commitment to the public
finance industry, please refer to our website for public finance materials and financing
presentations: www,fieldman.com.
As further evidence of our dedication and leading expertise in land secured financings,
Fieldman is the founder of the Committee on Assessments, Special Taxes & Other Financing
Facilities ("CASTOFF"). CASTOFF is an ad hoc organization whose members are all
professionals working in the private sector specializing in the fields of law, public finance
advising, real estate, investment banking, tax policy and consulting, engineering and special
tax consulting, real estate appraising and other related professional disciplines with a focus on
land secured financings. CASTOFF's goal is to promote the development and implementation
of sound business, policy and financing practices in this field. Fieldman hosts and moderates
CASTOFF's annual conference with the most recent meeting held on February 10, 2023 in San
Francisco. Other matters of interest can be found at www.CASTOFFonline.org.
In addition, in 2020 we started a series of public finance conversations with industry
professionals and online video library of public finance fundamentals which includes
introductory videos that span a variety of public finance topics. Fieldman additionally provides
a bi-monthly Municipal Market Update email to our clients providing the latest relevant market
information. Our market update information and accompanying video summarizing the slides
can be found on our website at http://www.fieldman.com/news/. All of our videos are also
available on our YouTube channel found here:
https://www.youtube.com/channel/UCG4sV3iRwELQNOFqcJYIT-ci.
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