HomeMy WebLinkAboutOrrick
Statement of Qualifications and Expression of Interest in
Providing Bond Counsel, Public Financing Law, and Related
Services for the:
County of Hawaii
June 30, 2025
RFP CONTACT:
John Y. Wang
Partner
T 415-773-5993
E jwang@orrick.com
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 1
June 30, 2025
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, CA 95814-4497
+1 415 773 5700
Via Email
Ms. Diane Nakagawa
Director of Finance
County of Hawaii
25 Aupuni Street
Suite 2103
Hilo, Hawaii 96720
crystallene.pacheco@hawaiicounty.gov
Ms. Renee Schoen
Corporation Counsel
County of Hawaii
101 Aupuni Street
Suite 325
Hilo, Hawaii 96720
corpcounsel@hawaiicounty.gov
Re: Statement of Qualifications and Expression of Interest in Providing Bond Counsel, Public Financing
Law and Related Services for the County of Hawaii
The undersigned attorney, John Y. Wang, and the law firm of which he is a partner, Orrick, Herrington &
Sutcliffe LLP, are very interested in providing legal services for the County of Hawaii (the “County”), its
departments and agencies in any matters pertaining to:
• Bond Counsel;
• Public Financing Law;
• Disclosure Counsel;
• Tax Counsel;
• Continuing Disclosure Counsel;
• Lease Financing;
• Community Facilities Districts;
• Multifamily Rental Housing Finance
• Investment Agreements; Swaps;
• Arbitrage Rebate Compliance;
• Other Post-Issuance Compliance;
• IRS or SEC Audits/Inquiries/Rulings;
• Public Private Partnerships; and
• any other matter related to public finance.
Pursuant to the Notice to Providers of Professional Services (HRS 103D-304) the following statement of
qualifications and expression of interest is submitted for your evaluation.
The information requested (in the order specified) in the Notice to Providers of Professional Services is
set forth below.
Please feel free to call me at 415-773-5993 if you have any questions, or would like any additional
information, about any of the following.
Respectfully submitted,
John Y. Wang, Partner
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 2
1. The name of the firm or person, contact information including email address, the principal
place of business, and location of all of its offices
John Y. Wang
Partner
Orrick, Herrington & Sutcliffe LLP
The Orrick Building
405 Howard Street
San Francisco, CA 94105
Tel: 415.773.5993
Fax: 415.773.5759
Email: jwang@orrick.com
In addition to San Francisco, Orrick has more than 26 offices globally. In the United States we have 15
offices, including in Austin, Boston, Chicago, Houston, Los Angeles, New York, Orange County, Portland,
Sacramento, San Francisco, Santa Monica, Seattle, Silicon Valley, Washington D.C. and Wheeling (Global
Operations and Innovation Center). In Europe we have 8 offices, including in Brussels, Düsseldorf, Geneva,
London, Milan, Munich, Paris and Rome. We also have offices in Asia, including in Beijing, Singapore and
Tokyo. Our wholly owned subsidiary, BLX, has offices in Los Angeles, Dallas, New York, and Phoenix.
2. The age of the firm and its average number of employees over the past five years
Orrick, Herrington & Sutcliffe LLP traces its history to 1863. At present there are over 1,300 attorneys
practicing at Orrick. Firmwide, we employ more than 2,600 people in our 26+ offices. Over the past five
years, Orrick has averaged 1,328 attorneys and 986 non-attorneys.
3. The education, training, and qualifications of the individual, or if a firm, its key employees in
accordance with HRS 103D-304 and/or the professional and scientific occupation series
contained in the United States Office of Personnel Management’s Qualifications Standards
Handbook
(https://www.opm.gov/policy-data-oversight/classification-qualifications/general-schedule-
qualification-standards/#url=GS-PROF);
John Wang would be the lead attorney, assisted primarily by Roger Davis with Chas Cardall handling tax
issues, with regard to all financing matters for the County of Hawaii. They would be assisted by the other
members of Orrick’s Hawaii team and other members of Orrick's public finance department as required by
the demands of any particular financing. Resumes of the attorneys most likely to be involved are included
as Exhibit A. Below is a narrative description of the background of the lead members of the County of
Hawaii team.
John Wang
Mr. Wang is a partner in Orrick’s Public Finance department and leader of Orrick’s global Finance Business
Unit. He joined Orrick from Hawkins, Delafield & Wood in 2003 and became part of Orrick’s Hawaii team in
2004. Since then, Mr. Wang has worked with a variety of different Hawaii issuers either as bond counsel or
underwriter’s counsel, including matters for the City and County of Honolulu, the State of Hawaii, the
University of Hawaii, the County of Hawaii and the County of Kauai (consisting of most of the issues listed
in Exhibit B since 2004.)
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 3
Mr. Wang has broad experience serving as bond counsel, disclosure counsel and underwriter's counsel,
focusing on a variety of types of transactions, including municipal general obligations bonds, municipal
water and wastewater financings, solid-waste, waste-to-energy, higher education financing, pollution
control, industrial development financing, public power financing, municipal lease financings,
redevelopment financings and conduit financing for nonprofit 501(c)(3) borrowers.
Roger L. Davis
Mr. Davis is the former Chairman of Orrick’s Public Finance Department and led that practice at Orrick for
more than 30 years. Over the course of his career, Mr. Davis has been principally responsible as lead bond
counsel, disclosure counsel or underwriters’ counsel for over one thousand transactions of almost every
conceivable type and has participated in many others, and has handled a great many non-transactional
public finance matters (e.g., legislation, IRS rulings and audits, SEC no action letters and investigations,
test litigation, investment agreements, interest rate swaps, escrow restructurings, default work-outs, etc.).
In addition, Mr. Davis has written (and, on occasion, helped lobby) a substantial amount of the bond related
legislation enacted in California and some bond related legislation for other states, including Hawaii. Mr.
Davis co-authored articles for the National Law Journal about: (1) the effect on state and local governments
of the SEC’s continuing disclosure rules and (2) liability of municipal issuers in the event their bonds are
determined by the IRS to be taxable. Clients and other participants have reported that they particularly
value Mr. Davis for the breadth of his experience and ability to apply it in finding or creating solutions and
otherwise improving the structure and terms of the matters in which he is involved.
For over two decades, Hawaii has been one of Mr. Davis’s principal areas of concentration. Since 1988, he
has worked on more than 260 bond transactions involving Hawaii State or County issuers. For example,
General Obligation Bonds (including issues for the State of Hawaii, the City and County of Honolulu, the
County of Maui, the County of Kauai and the County of Hawaii).
Revenue Bonds (for transportation including Hawaii Harbor Revenue Bonds and Hawaii Highway Revenue
Bonds, revenue bonds for the Department of Hawaiian Home Lands, the University of Hawaii and Hawaii
Health Systems Corporation, bonds backed by excise, sales or transient accommodations taxes, including
legislation and test litigation for Hawaii Convention Center Bonds (Convention Center Authority v. Anzai),
water revenue bonds and wastewater revenue bonds for the City and County of Honolulu and an EB5 Loan
Agreement for the University of Hawaii).
Special improvement district (a.k.a., assessment) and community facilities district (a.k.a., Mello-Roos)
bonds, the type of bonds authorized to be issued under Hawaii Revised Statutes Section 46-80.1. Community
facilities districts ("CFDs") have their origin in Hawaii in a speech given by Roger Davis on infrastructure finance
sponsored by the Hawaii Island Economic Development Board. He devoted only a few minutes at the end of
his speech to CFDs, which were available in California and a few other states but not in Hawaii. After the
speech, several people asked Mr. Davis to prepare CFD legislation for Hawaii. Mr. Davis drafted what is now
Section 46-80.1 H.R.S. He lobbied for it with the State legislature for several years until it became law. He gave
a number of presentations at meetings of county finance officers and others explaining Section 46-80.1 and
CFD financing. He drafted the model ordinance implementing the authority provided by Section 46-80.1, on
which the ordinances adopted by the County of Hawaii, the City and County of Honolulu, and the County of
Kauai were based.
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 4
Lease financing (including certificates of participation in financing leases, such as the lease agreement for the
State Telecommunications System for the Hawaii State Government, IFB No. F-95-022-OHMKL (the first lease
financing for Hawaii), the certificates of participation “COPs” financing for the State Office Building in Kapolei
(Hawaii’s first COPs financing), the COPs financing of No. 1 Capitol District State Office Building, the refunding
of these two COPs financings in 2009, the State’s safety equipment lease purchase agreement in 2010, an
EB5 Loan Agreement for the University of Hawaii (2012), advice on H.B. No. 3389 (Act 119, Chapter 37D
Hawaii Revised Statutes) authorizing lease financings, co-counsel (with the Attorney General) on the petition
to the Hawaii Supreme Court regarding the validity of lease financing (In re Anzai, 85 Haw. 1, 936 P.2d 637
(1997), and general advice on lease financing, including preparation of a standard form of financing lease rider,
to be attached to all vendor leases, for the State of Hawaii and for the County of Kauai and the County of Maui).
Housing Bonds (including issues for the Hawaii Public Housing Authority (and its predecessors), Hawaii
Housing Finance & Development Corporation, the City and County of Honolulu and the County of Kauai).
Conduit Bonds (for hospitals, investor-owned utilities and private schools and colleges, including special
purpose revenue bonds for The Queen’s Health Systems, Hawaii Pacific Health, Kapiolani Health Care
System, Wahiawa General Hospital, G.N. Wilcox Memorial Hospital, Kaiser Permanente, Kahala Nui, Hawaiian
Electric Company, Citizens Utility, Wailuku River Hydroelectric, Mid-Pacific Institute, Hawaii Pacific University,
Chaminade University, Montessori of Maui and Island Pacific Academy).
Swaps and other hedges (including explicit and embedded swaps, caps, floors, options, swaptions, and other
hedges, both primary and secondary markets; Mr. Davis helped draft Acts 38 and 39 enacted in 2003 amending
Section 47-7(b) and Section 49-4(c), H.R.S., to authorize Hawaii counties to enter into interest rate swaps and
other hedge contracts). He also co-authored the booklet on Interest Rate Swaps: Application to Tax-Exempt
Financing.
Investment Agreements (including forward purchase and reserve put agreements), including for the City and
County of Honolulu, the Board of Water Supply of the City and County of Honolulu and the County of Maui.
Disclosure Compliance (as co-head of Orrick’s disclosure group), including SEC Rule 15c2-12 continuing
disclosure for the City and County of Honolulu and the County of Maui.
Rebate and other Post-Issuance Tax Compliance (as one of the partners responsible for supervising
Orrick’s wholly owned subsidiary, BLX Group LLC), including for the State of Hawaii, the City and County of
Honolulu, the Board of Water Supply of the City and County of Honolulu, and the County of Maui.
Audits, Investigations and Workouts (as co-head of Orrick’s Troubled Transactions Group), including IRS
audits, SEC investigations, defaults, workouts and the like, including several IRS audits for the State of Hawaii
and the City and County of Honolulu.
A list of transactions is attached hereto as Exhibit B. At the end of Exhibit B is also a list of non-transactional
Hawaii matters on which Mr. Davis has worked during that period.
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 5
Charles C. Cardall
Mr. Cardall, the former Chair of Orrick’s Tax group, has been part of Orrick’s Hawaii team for a number of
years and has been the principal tax lawyer on many of the financings listed in Exhibit B for which Orrick
was bond counsel or special tax counsel.
The tax aspects of municipal bonds are a very complex and arcane subject in which only a handful of tax
lawyers around the country can claim true expertise. One of the best and most experienced of these is
Chas Cardall, who has specialized in the tax aspects of public finance at Orrick for more than 20 years and
reviews and provides tax advice on more than 100 bond issues a year and handles a number of IRS audits
of the tax status of bonds each year, including for the State of Hawaii and the City and County of Honolulu.
In an era of increasing IRS audits, and corresponding increased exposure of issuers of tax-exempt bonds
to IRS audits and related consequences, the importance of prudent and experienced tax advice cannot be
overstated. Because Orrick has the largest and most diverse municipal bond practice in the country, its tax
lawyers, and Mr. Cardall in particular, are experienced in virtually every tax issue that may arise in the types
of transactions that may be undertaken by the County of Hawaii, and constantly up-to-date on every new
development, including IRS concerns and attitudes about these types of financings.
Hawaii Experience
We believe that in recent years Orrick and its Hawaii team have been involved in a greater number and diversity
of bond issues in Hawaii than any other firm. This has included, as bond counsel, almost every issue for the
City and County of Honolulu and for the Board of Water Supply of the City and County of Honolulu since at
least 2001 (as well as providing advice on potential homeless, street lighting and multifamily housing programs)
and every issue for the County of Maui from the fall of 1992 to the beginning of 2005 (with new engagement
starting 2020), and, as bond counsel or underwriter’s counsel, most issues by the County of Kauai since the
early 1990s and, as underwriter’s counsel, all or most recent issues by the County of Hawaii since 2008
(excluding those sold by competitive sale), as well as many issues, usually as bond counsel but occasionally
as underwriter’s counsel, for the State of Hawaii and for every State department or agency that issues tax-
exempt bonds (except Airports), and for Department of Hawaiian Homelands, the University of Hawaii and
Hawaii Health Systems Corporation. In addition to bond issues, such experience has included lease financing,
IRS ruling requests, arbitrage rebate compliance, periodic review of private use, investment contracts,
continuing disclosure, IRS audits and VCAPs, solid waste and waste-to-energy matters, transit matters
(HART), preparation of or advice on legislative statutes and ordinances, test litigation, seminars and workshops.
As a result, we are thoroughly familiar with all legal, practice, procedural, disclosure and other matters
pertaining to bond financing in Hawaii. This includes relevant portions of the State Constitution, particularly
Article VII, Sections 12 and 13 (and the related history and case law), Hawaii Revised Statutes Chapter 46
(pertaining to county powers), including Sections 46-15.1 and 46-15.2 (housing), Section 46-19.1 (solid
waste/H Power), Section 46-80.1 (which we wrote, authorizing community facilities districts), Chapter 47
(pertaining to general obligation bonds), Chapter 47D (pertaining to lease financing), Chapter 49 (pertaining to
revenue bonds), Sections 47-7 and 49-4 (relating to interest rate swaps and other hedges), other relevant
statutes, as well as the particular practices and procedures followed when issuing bonds.
National Rankings
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 6
Attached hereto as Exhibit C are national bond counsel rankings for the last ten years and the first quarter of
2025, illustrating the scope of Orrick’s public finance resources and experience that Mr. Wang, Mr. Davis, and
the other Orrick attorneys profiled here can bring to the County of Hawaii.
4. A list of recent projects and the names of up to five clients who may be contacted, including at
least two for whom services were rendered during the preceding year
Recent Projects. A list of transactions for Hawaii state and county issuers is attached hereto as Exhibit B. At
the end of Exhibit B is also a list of non-transactional Hawaii matters on which we have worked during that
period. Because a list of all transactions for which our firm served as bond counsel during just the last five years
would include several thousand transactions, we have not included such a list here, but one can be supplied
upon request.
Clients. Following are five clients for whom we have rendered service during the preceding year:
(1) Andrew Kawano
Director
City and County of Honolulu
Department of Budget and Fiscal Services
530 South King Street, Room 208
Honolulu HI 96813
Phone: (808) 768-3901
(2) Kristopher Lum Kee
Assistant Waterworks Controller
Honolulu Board of Water Supply
630 South Beretania Street
Honolulu HI 96843
Phone: (808) 748-5131
(3) Luis Salaveria
Director of Finance
Department of Budget of Finance
State of Hawaii
No. 1 Capitol District Building
250 South Hotel Street, Room 302
Honolulu, Hawaii 96813
Phone: (808)586-1518
(4) Lynn Y. Wakatsuki
Deputy Corporation Counsel
City and County of Honolulu
530 South King Street, Room 110
Honolulu HI 96813
Phone: (808) 768-5140
(5) Deanna Sako
Managing Director
County of Hawai′i
Department of Finance
25 Aupuni Street, Suite 2103 – Finance
Hilo, HI 96720-4245
Phone: (808) 961-8517
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 7
5. Any promotional or descriptive literature which the individual or firm desires to submit
Public Finance Practice. Orrick has maintained a substantial practice in the area
of public finance for more than 100 years. Orrick has been ranked the number
one bond counsel law firm and number one disclosure counsel law firm in the
country for the last twenty years based on total volume of financings for which
it serves as bond counsel and disclosure counsel. In 2024, our team served as bond
counsel on 610 transactions aggregating more than $59.73 billion principal amount of bonds (representing
a national market share of 11.4%). What is relevant to us about these rankings is not that Orrick may be
the oldest, largest, highest-ranked or even most experienced bond counsel firm but that so many
governmental clients have put their trust in the Orrick team over the years.
Attached hereto as Exhibit C, are national bond counsel rankings for the last ten years and the first quarter
of 2025. In addition to serving as bond counsel and underwriter's counsel, Orrick also acts as issuer
counsel, special tax counsel, trustee's counsel, company counsel, credit provider counsel, swap/derivative
provider counsel and lender counsel in connection with the issuance of tax-exempt bonds, as well as
providing post-issuance services in connection with arbitrage rebate, continuing disclosure, IRS audits,
SEC investigations, defaults, bankruptcies and other workouts. We have served as bond or other counsel
for issues in 43 of the 50 states and several territories.
Our 75+ public finance and public finance tax attorneys are located in Austin, Houston, Los Angeles, New
York, Orange County, Portland, Sacramento, San Francisco, Seattle and Washington, D.C. Members of
our Hawaii team are all located in San Francisco. The quality of our attorneys, the depth of resources, the
diversity of practice and the unmatched level of tax and disclosure expertise are considered to be particular
strengths of our public finance department. As the leader of Orrick’s Finance Business Unit, John Wang
can assure the Office of Hawaiian Affairs of priority access to the full resources of the public finance
department and the firm, including every office and practice unit.
Department Practice Groups. The public finance department at Orrick is loosely organized into the following
practice area groups:
• General obligation bonds
• Land-secured financings (including assessment and community facilities districts)
• Revenue bonds (including enterprise and lease revenue bonds)
• Tax, revenue and grant anticipation notes
• Leasing and certificates of participation
• Redevelopment agency financing
• School financing
• Higher education, student loan and other nonprofit corporation financing
• Public power financing
• Public/private partnerships (P3)
• Tribal finance
• Water and wastewater financing
• Transportation financing
• Single-family and multifamily housing
• Healthcare financing
• Industrial development, pollution control and solid waste financing
• Pension obligation bonds and other post-employment benefit bonds
STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP 8
• Derivative products/swaps
• Asset securitization (delinquent taxes, federal and state grants, parking fines, leases, tobacco
settlement revenues, consumer transition charges)
• Credit enhancements
• Arbitrage rebate
• Continuing disclosure
• Post-issuance compliance
The purpose of these groups is to focus and enhance expertise, efficiency, consistency, quality and
responsiveness to clients. Each group can field several teams of attorneys with broad experience in its
practice area, familiarity with all of the financing options that may be considered, knowledge of the most
recent developments in state law, federal tax law and financing techniques, and sufficient resources to meet
any rigorous financing schedule.
We would be pleased to supply additional information about our public finance department and its practice
specialties upon request.
Respectfully submitted,
______________________________
John Y. Wang
EXHIBIT A – ATTORNEY RESUMES
ORRICK, HERRINGTON & SUTCLIFFE LLP A-1
EXHIBIT A
HAWAII TEAM RESUMES
John Wang
Partner (415) 773-5993
Born Ridgewood, New Jersey; admitted to bar, California. Education: University of California, Los Angeles,
(B.S. Applied Mathematics); Southwestern University School of Law (J.D.). Southwestern Journal of Law
and Trade in the Americas, Editor-in-Chief. Mr. Wang is currently the leader of the firm’s global Finance
Business Unit. Mr. Wang has broad experience serving as bond counsel, disclosure counsel and
underwriter's counsel, focusing on a variety of types of transactions, including municipal general obligation
and lease financings, municipal water and wastewater financings, private activity financings and conduit
financings for nonprofit 501(c)(3) borrowers, including most of the issues listed in Exhibit B for the past
nine years.
Roger L. Davis
Partner (415) 773-5758
Born New Orleans, Louisiana, admitted to bar, California. Education: Tulane University (B.A.); University of
California at Los Angeles (M.A., Ph.D.); Harvard Law School (J.D., Magna Cum Laude). Member, Harvard
Law Review. Director, American College of Bond Counsel. Director, California Public Securities
Association. Member, Legal Advisory Committee to the Securities Industry and Financial Markets
Association. Member, Technical Advisory Committee, California Debt and Investment Advisory
Commission. Member, Municipal Fiscal Advisory Committee to the Mayor of San Francisco. Member, Bay
Area Council, Transportation Committee. Member, National Association of Bond Lawyers, Committee on
Professional Responsibility and Committee on Securities Law and Disclosure. Mr. Davis was the Chairman
of the firm's Public Finance Department for more than 30 years. He has served as bond counsel,
underwriter's counsel and bank counsel with respect to virtually every type of obligation issued by public
entities, in addition to speaking on panels, writing articles about public finance and drafting legislation which
facilitates borrowing by public entities for a wide variety of projects and programs. Mr. Davis is generally in
charge of Orrick's Hawaii bond practice and has worked on practically all of the issues listed in Exhibit B.
Charles Christopher Cardall
Tax Partner (415) 773-5449
Born Pomona, California; admitted to bar, California. Education: University of California at Berkeley (B.A.),
with High Honors; Hastings College of Law, University of California (J.D.). Mr. Cardall specializes in
municipal finance, nonprofit corporation and general corporate tax matters. His tax-exempt financing
experience includes general obligation, private activity, health care, revenue, cash flow, lease, special tax,
certificates of participation and pooled financings, and he has extensive experience with refinancings and
arbitrage and rebate matters. Mr. Cardall is Chair of Orrick’s Tax Group and is a regular panelist on various
federal tax topics for the National Association of Bond Lawyers, the Practicing Law Institute, and the
California Debt Investment Advisory Commission. Mr. Cardall is co-chair of Orrick's public finance tax group
and regularly works with its Hawaii team, including on most of the issues listed in Exhibit B.
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-1
EXHIBIT B
ORRICK EXPERIENCE AS BOND COUNSEL
OR UNDERWRITER’S COUNSEL
IN THE STATE OF HAWAII SINCE 1988
(as of June 30, 2025)
Name of Bond Issue Amount Date of
Issuance
Hawaii County, Hawaii
General Obligation Bonds $142,140,000 4/14/2025
Hawaii
General Obligation Bonds $750,000,000 12/4/2024
City and County of Honolulu
Wastewater System Revenue Bonds $190,910,000 9/11/2024
City and County of Honolulu
Wastewater System Revenue Bonds $66,530,000 9/11/2024
City and County of Honolulu
Wastewater System Revenue Bonds $287,200,000 9/11/2024
City and County of Honolulu
Wastewater System Revenue Bonds $80,920,000 9/11/2024
City and County of Honolulu
General Obligation Bonds, Series 2024 $144,530,000 7/9/2024
City and County of Honolulu
General Obligation Bonds, Series 2024 $25,120,000 7/9/2024
Hawaii Dept of Budget & Finance
Special Purpose Ref Rev Bonds $35,730,000 6/13/2024
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2024 A
$72,820,000 3/12/2024
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Bonds
Series 2023 C
$203,990,000 11/1/2023
City and County of Honolulu
Wastewater System Revenue Bonds (First Bond Resolution) Senior
Series 2023
$189,790,000 9/12/2023
City and County of Honolulu
General Obligation Bonds, Series 2023 A, B, C and D $100,460,000 8/8/2023
County of Hawaii
General Obligation Bonds
Series 2023
$170,570,000 8/8/2023
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2023
$17,425,000 3/23/2023
City and County of Honolulu
General Obligation Bonds, Series 2022 A, B, C, & D $244,475,000 7/19/2022
City and County of Honolulu
Wastewater System Revenue Bonds (First Bond Resolution) Senior
Series 2022 A (Green Bonds)
$241,355,000 5/25/2022
Board of Water Supply of the City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2022 A
$241,355,000 5/11/2022
Office of Hawaiian Affairs
Tax-Exempt Loan Agreement $6,939,168 3/15/2022
Board of Water Supply of the City and County of Honolulu
Series 2022 B $52,560,000 3/8/2022
Board of Water Supply of the City and County of Honolulu
Series 2022 A $82,700,000 3/8/2022
City and County of Honolulu
General Obligation Bonds, Series 2021 A & B $202,900,000 7/21/2021
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-2
Name of Bond Issue Amount Date of
Issuance
City and County of Honolulu
General Obligation Bonds, Series 2021 C $20,055,000 7/21/2021
City and County of Honolulu
General Obligation Bonds, Series 2021 D & E $372,700,000 7/21/2021
City and County of Honolulu
General Obligation Bonds, Series 2022 A $147,020,000 7/21/2021
County of Kauai
General Obligation Bonds, Series 2021 A and 2021 B $28,560,000 5/4/2021
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2021 A (Tax-Exempt) and Series 2021 B (Taxable) $93,535,000.00 3/25/2021
City and County of Honolulu
Wastewater System Revenue Bonds (First Bond Resolution) Senior
Series 2020 A (Taxable) $273,670,000 12/29/2020
Department of Budget & Finance of the State of Hawaii
General Obligation Bonds
Series GA, GB and GC* $1,147,555,000 10/21/2020
County of Maui
General Obligation Bonds, Series 2020 $74,420,000 09/09/2020
City and County of Honolulu
General Obligation Bonds
Series 2020, C, D, E and F
$346,335,000 7/22/2020
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2020 A (Tax-Exempt) and Series 2020 B (Taxable)
$106, 635,00 3/11/2020
City and County of Honolulu General Obligation Bonds
(Honolulu Rail Transit Project)
Series 2020 A and Series 2020 B
$295,225,000 2/12/2020
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Bonds (Hawaii Mid-Pacific Institute)
Series 2020*
$9,520,000 2/13/2020
City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2019 A, B and C
Junior Series 2019 A and B
$469,910,000 10/23/2019
City and County of Honolulu General Obligation Bonds
Series 2019C, D, E, F, G, H, I and J $548,945 8/7/2019
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Refunding Bonds
(Hawaii Pacific Medical Group), Series 2019*
$48,079,910 5/15/2019
City and County of Honolulu General Obligation Bonds
Series 2019A (Tax-Exempt) and Series 2019B (Tax-Exempt) $250,025,000 1/31/2019
City and County of Honolulu
General Obligation Bonds
Series 2018 A and B and Series 2018 C, D, E and F (Taxable)
$468,470,000 8/15/2018
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Refunding Bonds
(Hawaii Pacific University), Series 2018*
$33,915,000 3/15/2018
City and County of Honolulu
Wastewater System Revenue Bonds
Junior Series 2018 A and B and Senior Series 2018 A and B
$324,745,000 2/13/2018
County of Kauai
General Obligation Bonds
Series 2017
$24,015,000 10/18/2017
City and County of Honolulu
General Obligation Bonds
Series 2017 H
$350,000,000 9/6/2017
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-3
Name of Bond Issue Amount Date of
Issuance
City and County of Honolulu
General Obligation Bonds
Series 2017 A, B, C, D, E (Cross-Over Refunding Bonds), F
(Taxable Cross-Over Refunding Bonds), and G (Green Bonds)
$416,670,000 8/16/2017
Department of Hawaiian Homelands
Certificates of Participation 2017 Series A $15,125,000 7/25/2017
Department of Hawaiian Homelands
Revenue Bonds 2017 Series E $30,940,000 7/25/2017
Hawaii County
General Obligation Bonds
2017 Series A, B, C, D, and E
$139,895,000 7/6/2017
State of Hawaii
General Obligation Bonds, Series 2017 FK, Series 2017FL, Series
2017 FM, Series 2017 FN and Series 2017 FO*
$854,755,000 5/24/2017
Hawaii Housing Finance and Development Corporation
Multifamily Housing Revenue Construction Note
(Waipahu Tower Project) Series 2017A-1 and 2017A-2
$11,500,000 4/21/2017
City and County of Honolulu General Obligation Bonds
Series 2016 A, B, C and D $378,805,000 10/26/2016
City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2016 A, B and C
$418,550,000 9/8/2016
City and County of Honolulu
Wastewater System Revenue Bonds
Junior Series 2016 A
$29,605,000 9/8/2016
Hawaii Housing Finance and Development Corporation
Multifamily Housing Revenue Bonds
(Kamana Elderly Apartments)
Subordinate Series 2016-S
$5,314,000 8/4/2016
Hawaii Housing Finance and Development Corporation
Multifamily Note
(Kamana Elderly Apartments)
$2,836,000 8/4/2016
Board of Regents of the University of Hawaii
University Revenue Bonds, Series 2015 E
(Forward Delivery)
$67,400,000 4/20/2016
State of Hawaii
General Obligation Bonds, Series 2016 FB, Series 2016 FC, Series
2016 FD, Series 2016 FE and Series 2016 FF*
$869,720,000 4/14/2016
Hawaii County General Obligation Bonds, 2016 Series A, B, C, D, E
and F $235,765,000 2/18/2016
City and County of Honolulu
Commercial Paper $450,000,000 12/23/2015
Department of Budget & Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Chaminade University of Honolulu, Series 2015 A and B)*
$22,255,000 12/3/2015
Board of Regents of the University of Hawaii
University Revenue Bonds Series 2015 A, B, C and D $166,285,000 9/10/2015
City and County of Honolulu
Wastewater System Revenue Bonds
Senior Series 2015 A, B and C and
Junior Series 2015 A and B
$698,930,000 7/22/2015
Hawaii Housing Finance and Development Corporation Multifamily
Housing Revenue Bonds, (Kalani Gardens), Series 2015 A $10,750,000 3/13/2015
City and County of Honolulu
General Obligation Bonds
Series 2015 A, B, C, D and E
$888,635,000 4/2/2015
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-4
Name of Bond Issue Amount Date of
Issuance
Hawaii Housing Finance and Development Corporation
Multifamily Housing Revenue Bonds
(Kalani Gardens) Series 2015A
$10,750,000 3/13/2015
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawaii Pacific University Project) Series 2015*
$32,545,000 1/22/2014
Board of Water Supply of the City and County of Honolulu Water
System Revenue Bonds, Series 2014A and 2014 B $144,985,000 12/9/2014
State of Hawaii
Taxable General Obligation Refunding Bonds of 2014 Series ER
and ES*
$199,760,000 11/25/2014
State of Hawaii
Taxable General Obligation Bonds of 2014 Series EO, EP and EQ* $809,015 11/25/2014
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2013C*
$50,000,000 10/13/2013
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2013 A & B*
$158,980,000 10/13/2013
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai`i Pacific University Project)
Series 2013A*
$42,190,000 7/30/2013
County of Hawaii General Obligation Bonds
2013 Series A, 2013 Series B and 2013 Series C $98,825,000 1/30/2013
State of Hawaii General Obligation Bonds of 2012, Series EE,
General Obligation Refunding Bonds of 2012, Series EF and
Taxable General Obligation Bonds of 2012, Series EG*
$866,990,000 12/4/2012
City and County of Honolulu, Hawaii
General Obligation Bonds, Series 2012A, Series 2012B,
Series 2012C, Series 2012D (Taxable), Series 2012E (Taxable)
Series 2012F (Taxable) and Series 2012G (Taxable)
$912,480,000 12/4/2012
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2012
$265,610,000 10/4/2012
Hawaii Health Systems Corporation (Maui Regional Health Care
System) Revenue Bonds, 2012 Series A (USDA Guaranteed) and
2012 Series B
$9,001,000 9/27/2012
County of Kauai
General Obligation Bonds, Series 2012A (Non-AMT)
and Series 2012 B (AMT)
$34,375,000 6/13//2012
City and County of Honolulu
General Obligation Commercial Paper $100,000,000 5/14/2012
University of Hawaii EB5 Loan Agreement $18,000,000 5/14/2012
Board of Water Supply of the City and County of Honolulu Water
System Revenue Bonds, Series 2012A $85,195,000 3/14/2012
Board of Regents of the University of Hawaii University Revenue
Bonds, Series 2012 A (R) $8,575,000 2/9/2012
City and County of Honolulu Wastewater System Revenue Bonds
(First Bond Resolution) Senior Series 2011A $169,189,999 10/13/2011
City and County of Honolulu
General Obligation Bonds, Series 2011A and Series 2011B $304,345,000 8/4/2011
County of Kauai
General Obligation Refunding Bonds, Series 2011A $26,110,000 7/7/2011
State of Hawaii Equipment Lease Purchase Agreement* $25,511,611 4/14/2011
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-5
Name of Bond Issue Amount Date of
Issuance
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds (Hawaii Pacific Health Obligated
Group), Series 2004B (Letter of Credit Substitution and
Remarketing) $50,000,000 4/14/2011
City and County of Honolulu, Hawaii General Obligation Bonds,
Series 2010A Build America Bonds (Taxable) and Series 2010B $347,770,000 12/15/2010
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution), Senior Series 2010
Subseries 2010A and Subseries 2010B Build America Bonds
(Taxable) $204,435,000 11/9/2010
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution), Junior Series 2010A $100,755,000 11/9/2010
Board of Regents of the University of Hawaii University Revenue
Bonds,
Series 2010A-1 (Build America Bonds), Series 2010A-2, Series
2010B-1
(Build America Bonds) and Series 2010B-2 $292,730,000 10/7/2010
County of Hawaii, Hawaii
General Obligation Bonds
2010 Series A and 2010 Series B $60,000,000 7/13/2010
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2010B* $61,210,000 7/21/2010
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2010A $101,940,000 6/4/2010
City and County of Honolulu, Hawaii,
General Obligation Commercial Paper Notes, Issue A $215,000,000 5/19/2010
City and County of Honolulu
Wastewater System Revenue Bonds
(USDA Bond Resolution) Series 2010 $2,750,000 3/25/2010
County of Kauai
Taxable General Obligation Bonds, Series 2010A $120,000,000 3/2/2010
State of Hawaii Taxable General Obligation Refunding Bonds of
2009, Series DT, Series DU, Series DV and Series DW* $293,680,000 11/10/2009
State of Hawaii Taxable General Obligation Bonds of 2009
(Qualified School Construction Bonds), Series DS
(Tax Credit Bonds) $32,000,000 11/5/2009
City and County of Honolulu, Hawaii
General Obligation Bonds,
Series 2009D, Series 2009E Build America Bonds (Taxable) and
Series 2009F $241,860,000 11/3/2009
State of Hawaii
Certificates of Participation
(State Office Buildings)
2009 Series A* $41,120,000 10/15/2009
City and County of Honolulu Wastewater System Revenue Bonds
(First Bond Resolution) Senior Series 2009A, 2009B, and 2009C $148,285,000 9/15/2009
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution), Junior Series 2009A $127,045,000 9/15/2009
City and County of Honolulu
General Obligation Bonds
Series 2007B $152,840,000 4/6/2009
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-6
Name of Bond Issue Amount Date of
Issuance
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2009A* $88,875,000 4/1/2009
City and County of Honolulu
General Obligation Bonds,
Series 2009A, Series 2009 B and Series 2009 C $376,710,000 4/28/2009
University of Hawaii
Board of Regents
University Revenue Bonds
Series 2009A $100,000.00 3/31/2009
State of Hawaii
Department of Hawaiian Homelands
Revenue Bonds
Series 2009A* $42,500,000 3/18/2009
Hawaii County
General Obligation Bonds
Series 2008A $50,000,000 11/25/2008
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution)
Junior Series 2008A $112,440,000 5/14/2008
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2004B* $50,000,000 4/24/2008
Hawaii Health Systems Corporation
(Maui Regional System)
Master Indenture Revenue Bond No. 1 $11,000,000 4/10/2008
City and County of Honolulu
General Obligation Bonds
Series 2007A $268,630,000 11/14/2007
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Island Pacific Academy Project)
Series 2007* $20,000,000 10/23/2007
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2007B $9,325,000 8/8/2007
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2007A $162,565,000 7/24/2007
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Montessori of Maui Project)
Series 2007* $5,7100,000 2/21/2007
Board of Regents of the University of Hawaii
University Revenue Bonds, Series 2006A $100,000,000 11/29/06
Board of Regents of the University of Hawaii
University Bonds, Refunding Series 2006A $133,810,000 9/28/2006
City and County of Honolulu
Wastewater Revenue Bonds
(First Bond Resolution)
Senior Series 2006A, 2006B and 2006C $340,760,000 8/22/2006
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-7
Name of Bond Issue Amount Date of
Issuance
City and County of Honolulu
Wastewater Revenue Bonds
(Second Bond Resolution)
Junior Series 2003 A-1 and 2003 B-1 $86,700,000 8/22/2006
Board of Water Supply of the City and County of Honolulu
Water System Revenue Bonds
Series 2006A and Series 2006B $213,805,000 6/21/2006
Department of Budget and Finance of the State of Hawaii, Special
Purpose Revenue Bonds
(Mid-Pacific Institute Project)
Series 2006* $15,000,000 3/14/2006
Department of Budget and Finance of the State of Hawaii, Special
Purpose Revenue Bonds
(Chaminade University Project)
Series 2006* $10,000,000 3/14/2006
City and County of Honolulu
General Obligation Bonds
Series 2005E and 2005F $396,165,000 11/02/2005
County of Kauai
General Obligation Bonds Series 2005A $50,230,000 10/2720/05
City and County of Honolulu
Wastewater System Revenue Bonds
(First Bond Resolution)
Senior Series 2005A and Series 2005B $152,815,000 8/10/2005
Department of Budget and Finance of the State of Hawaii, Special
Purpose Revenue Bonds
(Hawai’i Pacific Health Project)
Series 2005B* $28,600,000 6/27/2005
State of Hawaii
(Housing and Community Development Corporation of Hawai’i)
Single Family Mortgage Purchase Revenue Bonds
Series 2005A and Series 2005B* $75,155,000 6/23/2005
State of Hawaii
General Obligation Bonds Series 2005DF, General Obligation
Refunding Bonds Series 2005DG, and General Obligation
Refunding Bonds Series 2005DH* $966,310,000 6/15/2005
City and County of Honolulu
General Obligation Bonds
Series 2005A, Series 2005B, Series 2005C, Series 2005D $371,770,000 5/26/2005
Department of Budget and Finance of the State of Hawaii, Special
Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2005A* $128,305,000 4/7/2005
County of Maui General Obligation Bonds,
2005 Series A, 2005 Series B and 2005 Series C $59,300,000 1/26/2005
Department of Budget and Finance of the State of Hawaii
Variable Rate Special Purpose Revenue Bonds
(North Hawai’i Community Hospital)
Series 2004* $17,280,000 5/2520/04
State of Hawaii General Obligation Bonds of 2004, Series DD* $225,000,000 5/13/2004
City and County of Honolulu, Hawaii General Obligation Bonds,
Series 2004A, Series 2004B and Series 2004C $321,620,000 4/14/2004
County of Maui General Obligation Bonds,
2004 Series A and 2004 Series B $231,100,000 3/17/2004
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2004B* $50,000,000 1/14/2004
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-8
Name of Bond Issue Amount Date of
Issuance
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds
(Hawai’i Pacific Health Obligated Group)
Series 2004A $30,000,000 1/14/2004
Department of Budget and Finance of the State of Hawaii
Special Purpose Revenue Bonds (The Queen’s Health Systems),
2003 Series A, 2003 Series B, and 2003 Series C* $114,300,000 12/11/2003
City and County of Honolulu, Hawaii General Obligation Bonds,
Series 2003A $250,000,000 8/8/2003
County of Maui
General Obligation Bonds,
2003 Series A, B, C, and D $41,125,000 06/3/2003
City and County of Honolulu
Wastewater System Revenue Bonds
(Second Bond Resolution) Junior Series
2003 A1 and 2003 A2, Series 2003 B1 and 2003B2
(Auction Rate Certificates) $218,400,000 05/08/2003
State of Hawaii
Department of Budget & Finance
Special Purpose Revenue Bonds
(Kahala Nui Project) Series 2003A, Series 2003 B-2, Series 2003C
and Series 2003D* $142,000,000 01/23/2003
City and County of Honolulu
Multifamily Housing Revenue Bonds
Series 2002 (Moanala Hillside Apartments Project) $55,000,000 10/01/2002
County of Maui General Obligation Bonds, 2002 Series B and
Series C $26,250,000 09/10/2002
University of Hawaii
University Revenue Bonds, Series 2002A
(Health and Wellness Center Project) $150,000,000 06/27/2002
County of Maui General Obligation Bonds, 2002 Series A $25,000,000 5/23/2002
State of Hawaii Harbor System Revenue Bonds Series A of 2002
(Non-AMT) and Series B of 2002 (AMT)* $24,420,000 03/27/2002
Housing and Community Development Corporation of Hawaii (State
of Hawaii) Single Family Mortgage Purchase Revenue Bonds
Series A (AMT) and Series B (Non-AMT) $36,775,000 03/01/2002
Board of Water Supply City and County of Honolulu Water System
Revenue Bonds (Auction Rate Certificates), Series 2002A and
2002B $54,400,000 02/28/2002
City and County of Honolulu Mortgage Revenue Refunding Bonds,
Series 2002A (FHA Insured Mortgage Loan – Smith-Beretania
Apartments Section 8 Assisted Project) $9,860,000 02/25/2002
City and County of Honolulu Taxable Mortgage Revenue Refunding
Bonds, Series 2002B (FHA Insured Mortgage Loan – Smith-
Beretania Apartments Section 8 Assisted Project) $365,000 02/25/2002
State of Hawaii General Obligation Bonds of 2002, Series CX* $250,000,000 02/13/2002
State of Hawaii General Obligation Refunding Bonds of 2002,
Series CY* $319,290,000 02/13/2002
Board of Regents, University of Hawaii University Revenue Bonds
Refunding Series 2001B $18,665,000 12/1920/01
City and County of Honolulu General Obligation Bonds, Series
2001C $250,000,000 11/28/2001
County of Maui, Hawaii General Obligation Bonds $29,880,000 10/18/2001
State of Hawaii, Highway Revenue Bonds Series 2001* $70,000,000 10/10/2001
State of Hawaii General Obligation Bonds of 2001, Series CV* $300,000,000 08/08/2001
State of Hawaii General Obligation Refunding Bonds of 2001,
Series CW*
$156,750,000 08/08/2001
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-9
Name of Bond Issue Amount Date of
Issuance
City and County of Honolulu Wastewater System Revenue Bonds
(First Bond Resolution) Senior Series 2001
$136,020,000 07/10/2001
County of Kauai, State of Hawaii,
General Obligation Bonds, Series 2001A
$43,360,000 06/13/2001
County of Maui General Obligation Bonds 2001 Series A $23,485,000 06/05/2001
Board of Water Supply City and County of Honolulu Water System
Revenue Bonds, Series 2001
$66,600,000 05/31/2001
City and County of Honolulu General Obligation Bonds Series
2001A and Series 2001B
$150,000,000 02/27/2001
Housing and Community Development Corporation of Hawaii
Multifamily Housing Revenue Bonds (GNMA Collateralized—Sunset
Villas) Series 2000
$27,408,000 12/18/2000
State of Hawaii Certificates of Participation (No. 1 Capitol District
State Office Building) 2000 Series A*
$23,140,000 11/30/2000
State of Hawaii General Obligation Bonds of 2000, Series CU* $150,000,000 10/11/2000
Hawaii Housing and Community Development Corporation, Single
Family Mortgage Purchase Revenue Bonds, Series A
$1,900,000 06/05/2000
Hawaii Housing and Community Development Corporation, Single
Family Mortgage Purchase Revenue Bonds, Series B
$106,785,000 06/05/2000
City and County of Honolulu, Hawaii
General Obligation Bonds, Series 2000 A and
Series 2000 B
$150,000,000 05/24/2000
County of Maui, Hawaii
General Obligation Bonds, 2000 Series A
$14,400,000 05/23/2000
State of Hawaii, Harbor System Revenue Bonds Series A of 2000* $79,405,000 04/11/2000
County of Kauai, Hawaii
General Obligation Bonds, Series 2000A
$24,685,000 01/19/2000
County of Kauai, Hawaii
General Obligation Bonds, Series 2000B (Taxable)
$2,820,000 01/19/2000
State of Hawaii, General Obligation Bonds of 1999, Series CT* $300,000,000 09/29/1999
County of Maui, Hawaii
General Obligation Bonds, 1999 Series A
$11,600,000 05/19/1999
City and County of Honolulu, Hawaii
General Obligation Bond, Series 1999D
$45,820,000 10/03/1999
City and County of Honolulu, Hawaii
General Obligation Bonds, Series 1999A, B, C
$449,215,000 04/14/1999
Department of Budget and Finance
of the State of Hawaii
Kaiser Permanente Revenue Bonds, 1998 Series A*
$38,845,000 12/29/1998
City and County of Honolulu, Wastewater System Revenue Bonds,
Senior Series 1998
$55,300,000 12/09/1998
City and County of Honolulu, Wastewater System Revenue Bonds,
Junior Series 1998
$264,152,890 12/09/1998
State of Hawaii Certificates of Participation
(Kapolei State Office Building) 1998 Series A*
$54,850,000 11/19/1998
City and County of Honolulu, Hawaii
General Obligation Bonds
Tax Exempt Commercial Paper Series
$43,700,000 10/21/1998
County of Maui, Hawaii General Obligation Bonds,
1998 Series C
$11,760,000 08/11/1998
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (The Queen’s Health Systems),
1998 Series A*
$69,100,000 07/01/1998
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (The Queen’s Health Systems), 1998
Series B*
$50,000,000 06/25/1998
Hawaii Housing Finance and Development Corporation Single
Family Mortgage Purchase Revenue Bonds 1998 Series A, B, C
$164,060,000 06/12/1998
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-10
Name of Bond Issue Amount Date of
Issuance
County of Maui, Hawaii General Obligation Bonds,
1998 Series B
$4,255,000 05/06/1998
County of Maui, Hawaii General Obligation Bonds, |
1998 Series A
$39,285,000 05/06/1998
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (Wilcox Memorial Hospital Projects),
Series 1998*
$29,510,000 03/26/1998
City and County of Honolulu, Hawaii General Obligation Bonds,
Series 1997 A, B and C
$257,605,000 10/23/1997
State of Hawaii, General Obligation Bonds of 1997, Series CP* $200,000,000 10/07/1997
State of Hawaii, General Obligation Refunding Bonds of 1997,
Series CQ*
$78,815,000 10/07/1997
Hawaii Housing Finance and Development Corporation Single
Family Mortgage Purchase Revenue Bonds 1997 Series A
$45,400,000 07/25/1997
Hawaii Housing Finance and Development Corporation Single
Family Mortgage Purchase Revenue Bonds 1997 Series B
$116,530,000 07/25/1997
Hawaii Finance and Development Corporation (State of Hawaii),
Single Family Mortgage Revenue Bonds of 1997
$161,930,000 08/12/1997
County of Maui, Hawaii General Obligation Bonds of 1997, Series A $17,750,000 06/25/1997
State of Hawaii, Highway Revenue Bonds Series 1996* $55,000,000 10/16/1996
City and County of Honolulu, Hawaii General Obligation Bonds,
Series 1996A
$100,000,000 10/02/1996
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (The Queen's Health Systems), 1996
Series A*
$118,500,000 07/18/1996
Department of Budget and Finance of the State of Hawaii Revenue
Bonds
$69,100,000 07/18/1996
County of Maui, Hawaii General Obligation Bonds,
1996 Series A
$14,500,000 06/27/1996
State of Hawaii, General Obligation Bonds of 1996, Series CL* $100,000,000 03/20/1996
Hawaii Housing Finance and Development Corporation Affordable
Rent Housing Program Bonds
$7,020,000 11/16/1995
Department of Budget and Finance of the State of Hawaii Kaiser
Permanente Special Purpose Revenue Bonds, 1995 Series A*
$10,800,000 10/11/1995
Hawaii Housing Finance and Development Corporation Variable
Rate Multifamily Housing Revenue Bonds (Nani Maunaloa) 1995
Series A
$4,350,000 09/27/1995
MRC West, LLC Taxable Variable Rate Demand Revenue Bonds,
Series 1995 (St. Francis Medical Center)
$16,300,000 08/23/1995
County of Maui, Hawaii General Obligation Bonds,
1995 Series A
$17,285,000 06/28/1995
State of Hawaii, General Obligation Bonds of 1995, Series CJ* $268,000,000 01/31/1995
County of Kauai, Hawaii General Obligation Refunding Bonds,
Series 1994A, Water Bonds, Series 1994B
$12,505,000 09/25/1994
City and County of Honolulu, Hawaii General Obligation Bonds
Series 1994B
$94,000,000 05/18/1994
City and County of Honolulu, Hawaii General Obligation Bonds
Series 1994A
$150,000,000 03/29/1994
Housing Finance and Development Corporation (State of Hawaii)
Single Family Mortgage Purchase Revenue Bonds, 1994 Series A
(AMT) and 1994 Series B (Non-AMT)
$271,665,000 02/24/1994
County of Maui, Hawaii General Obligation Bonds 1993 Refunding
Series F and 1993 Series G
$55,480,000 01/13/1994
County of Maui, Hawaii General Obligation Bonds, Series 1993 $55,480,000 12/16/1993
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (Hawaiian Electric Company, Inc. and
Subsidiaries Projects) Series 1993*
$100,000,000 11/17/1993
State of Hawaii General Obligation Bonds of 1993, Series CH* $250,000,000 11/10/1993
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-11
Name of Bond Issue Amount Date of
Issuance
State of Hawaii General Obligation Bonds of 1993, Series CI* $316,915,000 11/10/1993
City and County of Honolulu, Hawaii General Obligation Bond
Anticipation Notes Tax Exempt Commercial Paper Series
$63,500,000 10/26/1993
State of Hawaii Highway Revenue Bonds Series 1993* $75,000,000 09/02/1993
City and County of Honolulu, Hawaii General Obligation Bonds
Series 1993C
$28,000,000 09/29/1993
State of Hawaii General Obligation Refunding Bonds of 1993,
Series CF*
$157,735,000 07/16/1993
State of Hawaii General Obligation Refunding Bonds of 1993,
Series CG*
$21,500,000 07/16/1993
Housing Finance and Development Corporation (State of Hawaii)
Rental Housing System Revenue Bonds 1993 Series A
$14,175,000 07/01/1993
County of Maui, Hawaii General Obligation Refunding Bonds 1993
Series B, 1993 Series C, 1993 Series D, 1993 Series E
$104,275,000 05/12/1993
City and County of Honolulu, Hawaii General Obligation Bonds,
Refunding and Improvement Series, 1993B
$611,335,000 04/15/1993
State of Hawaii General Obligation Refunding Bonds of 1993,
Series CC*
$334,860,000 03/11/1993
State of Hawaii General Obligation Refunding Bonds of 1993,
Series CD*
$137,935,000 03/11/1993
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (Kapiolani Health Care System Obligated
Group), Series 1993*
$106,235,000 02/18/1993
County of Maui, Hawaii General Obligation Bonds,
1993 Series A
$22,800,000 02/11/1993
State of Hawaii General Obligation Bonds of 1993, Series CA* $90,000,000 02/4/1993
State of Hawaii General Obligation Bonds of 1993, Series CB* $107,845,000 02/04/1993
City and County of Honolulu, Hawaii General Obligation Bonds,
1993 Series A
$150,000,000 01/06/1993
Department of Budget & Finance of the State of Hawaii Special
Purpose Revenue Bonds (Hawaiian Electric Company, Inc. and
Subsidiaries Projects) Series 1992*
$60,000,000 12/22/1992
City and County of Honolulu, Hawaii General Obligation Water
Bonds, Series 1992
$38,425,000 12/30/1992
State of Hawaii General Obligation Bonds of 1992, Taxable Series
BY*
$120,000,000 10/14/1992
State of Hawaii General Obligation Bonds of 1992, Series BZ* $200,000,000 10/14/1992
County of Maui, Hawaii General Obligation Refunding Bonds, 1992
Series A
$5,710,000 09/22/1992
Board of Regents, University of Hawaii University System Revenue
Bonds, Series G
$16,135,000 08/18/1992
County of Kauai, State of Hawaii General Obligation Refunding
Bonds, 1992 Series A
$1,105,000 08/20/1992
County of Kauai, State of Hawaii General Obligation Refunding
Bonds, 1992 Series B
$4,830,000 08/20/1992
County of Kauai, State of Hawaii General Obligation Refunding
Bonds, 1992 Series C
$15,290,000 08/20/1992
State of Hawaii Harbor Revenue Bonds Series of 1992* $19,450,000 06/24/1992
City and County of Honolulu, Hawaii General Obligation Refunding
Bonds 1992 Series One
$52,690,000 06/09/1992
City and County of Honolulu Mortgage Revenue Refunding Bonds,
Series 1992 (FHA Insured Mortgage Loan – Smith Beretania
Apartments Section 8 Assisted Project)
$10,680,000 05/15/1992
County of Kauai, State of Hawaii Rental Housing Revenue Bonds
(Paanau Project) Series 1992
$4,200,000 04/08/1992
City and County of Honolulu, Hawaii General Obligation Bonds,
1992 Series A
$100,000,000 03/18/1992
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-12
Name of Bond Issue Amount Date of
Issuance
Department of Budget and Finance of the State of Hawaii Special
Purpose Mortgage Revenue Bonds (Wahiawa General Hospital
Project), Refunding Series 1992*
$16,225,000 03/04/1992
State of Hawaii, General Obligation Bonds of 1992, Series BW* $100,000,000 03/18/1992
State of Hawaii, General Obligation Bonds of 1992, Series BX* $100,000,000 03/18/1992
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds Wailuku River Hydroelectric Project,
Series 1992
$25,000,000 12/18/1991
Housing Finance and Development Corporation (State of Hawaii)
Single Family Mortgage Purchase Revenue Bonds, Series A & B
$119,520,000 12/11/1991
Department of Hawaiian Home Lands, State of Hawaii, Revenue
Bonds, Series 1991*
$18,000,000 10/24/1991
City and County of Honolulu, Hawaii General Obligation Bonds,
1991 Series A*
$100,000,000 08/14/1991
City and County of Honolulu, Hawaii Taxable Mortgage Revenue
Bonds, Series 1991B (FHA Insured Mortgage Loan C Smith-
Beretania Apartments Section 8 Assisted Project)
$615,000 07/22/1991
City and County of Honolulu, Hawaii Taxable Mortgage Revenue
Bonds, Series 1991 A (FHA Insured Mortgage Loan --
Smith-Beretania Apartments Section 8 Assisted Project)
$10,680,000 07/22/1991
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds Kapiolani Health Care System Obligated
Group (Pali Momi Medical Center Project) Series 1991*
$71,400,000 03/20/1991
State of Hawaii General Obligation Bonds of 1991 Series BT $250,000,000 02/26/1991
Department of Budget & Finance of the State of Hawaii Special
Purpose Revenue Bonds (Hawaiian Electric Company Inc. and
Subsidiaries Projects) Series 1990C*
$55,000,000 12/12/1990
State of Hawaii Harbor Revenue Bonds Series of 1990* $57,890,000 11/15/1990
Housing Finance and Development Corporation State of Hawaii
Single Family Mortgage Purchase Revenue Bonds,
1990 Series A
$50,000,000 09/27/1990
County of Kauai, State of Hawaii General Obligation Public
Improvement Bonds, Series 1990
$16,440,000 09/13/1990
State of Hawaii General Obligation Bonds of 1990 Series BS* $150,000,000 09/13/1990
City and County of Honolulu, Hawaii General Obligation Bonds
West Loch Issue (August 1990 Series)
$17,805,000 08/29/1990
City and County of Honolulu, Hawaii General Obligation Bonds
West Loch Issue (August 1990 Series)
$60,960,000 08/29/1990
Housing Finance and Development Corporation (State of Hawaii)
Rental Housing System Revenue Bonds, 1990 Series A and 1990
Series B
$69,200,000 07/19/1990
Department of Budget and Finance (State of Hawaii) Special
Purpose Revenue Bonds (Hawaii Electric Company, Inc. and
Subsidiaries Projects) Series 1990C*
$55,000,000 07/17/1990
City and County of Honolulu, Hawaii General Obligation Refunding
Bonds 1990 Series A
$169,880,000 7/2/1990
City and County of Honolulu, Hawaii Variable Rate Demand
Multifamily Housing Revenue Bonds (Iolani Regent Project) 1990
Series A
$9,400,000 06/28/1990
City and County of Honolulu, Hawaii General Obligation Bonds,
1990 Series C and General Obligation Water Bonds, Series 1990
$99,000,000 06/19/1990
State of Hawaii General Obligation Bonds of 1989, Series BR* $100,000,000 06/19/1990
State of Hawaii General Obligation Bonds of 1990, Series BS* $150,000,000 06/19/1990
State of Hawaii General Obligation Bonds of 1989, Series BQ* $80,005,159 11/28/1989
City and County of Honolulu, Hawaii Variable Rate Demand
Multifamily Housing Revenue Bonds (Halekua Garden Projects)
1989 Series A
$22,500,000 11/16/1989
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-13
Name of Bond Issue Amount Date of
Issuance
Housing Finance and Development Corporation (State of Hawaii)
Single Family Mortgage Purchase Revenue Bonds 1989 Series A
$120,145,000 10/31/1989
Housing Finance and Development Corporation (State of Hawaii)
Rental Housing System Revenue Bonds 1989 Series A (Honokowai
Project)
$16,500,000 10/05/1989
State of Hawaii General Obligation Refunding Bonds of 1989,
Series BO*
$74,730,000 08/01/1989
State of Hawaii General Obligation Refunding Bonds of 1989,
Series BP*
$47,355,000 08/01/1989
City and County of Honolulu, Hawaii General Obligation Bonds,
West Loch Issue (June 1989 Series)
$43,360,000 06/28/1989
City and County of Honolulu, Hawaii General Obligation Bond
Anticipation Notes, 1989 H-Power Series
$108,800,000 03/31/1989
City and County of Honolulu, Hawaii Variable Rate Demand
Multi-family Housing Revenue Bonds (Royal Kunia Gardens I
Project) 1988 Series B
$10,500,000 12/16/1988
City and County of Honolulu, Hawaii Variable Rate Demand
Multi-family Housing Revenue Bonds (Cambridge Park Project)
1988, Series A
$8,000,000 12/14/1988
State of Hawaii General Obligation Bonds of 1988, Series BL* $65,000,954 12/06/1988
State of Hawaii General Obligation Bonds of 1988, Series BM $45,000,000 12/06/1988
Department of Budget and Finance of the State of Hawaii Special
Purpose Revenue Bonds (Kapiolani Medical Center for Women and
Children Project), Series 1988*
$17,500,000 10/20/1988
Department of Budget and Finance of the State of Hawaii, Special
Purpose Revenue Bonds (G.N. Wilcox Memorial Hospital Project)
Floating Rate Weekly Demand Series 1988*
$15,000,000 03/17/1988
Total $1,065,207,974.00
*Transactions for which Orrick worked under special Deputy Contract with the State
Other Than Bond Issues
Orrick has recently worked with the City and County of Honolulu in connection with the extension of two
credit facilities relating to its $450 million commercial paper program.
Advice to the State of Hawaii in connection with rate covenant default by Wahiawa General Hospital.
Assistance in implementing lease financing in Hawaii, including serving as co-counsel with the
Department of the Attorney General on the petition of the Director of Budget and Finance to the Hawaii
Supreme Court regarding the validity of lease financings undertaken pursuant to Chapter 37D Hawaii
Revised Statutes (which Mr. Davis helped in drafting), and providing advice on various equipment leases,
including preparation of a standard form of financing lease rider, for the State of Hawaii and for the
County of Kauai and County of Maui.
Prepared State of Hawaii Lease Agreement for Hybrid Telephone System (the State’s first “Municipal
Lease” financing) in June 1992 and again in September 1994.
Representing Department of Budget and Finance before Hawaii Supreme Court in test litigation regarding
bonds for the Hawaii Convention Center (pursuant to legislation Mr. Davis helped draft).
Advice to the University of Hawaii on uses of bond proceeds, change in use of bond-financed facilities,
post-issuance tax compliance, legislation and other related matters.
Representing City and County of Honolulu in IRS audits of certain general obligation bonds, including a
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-14
voluntary compliance program (VCAP) settlement with respect to the City and County of Honolulu general
obligation commercial paper issue.
Representing the City and County of Honolulu in connection with proposed sale of carbon credits.
Representing the City and County of Honolulu in connection with an RFP for solid waste and waste-to-
energy proposals.
Providing a range of post-issuance compliance services (rebate, continuing disclosure, private use
review, etc.) for the City and County of Honolulu.
Advice to the City and County of Honolulu in connection with tender for replacing the City’s street lights.
Rebate compliance services for the State of Hawaii and its various departments, and for a number of
private hospitals, schools and colleges that have borrowed through State special purpose revenue bonds.
Advice to the City and County of Honolulu on a wide range of public finance-related matters (including
commercial paper, transit, tax increment financings (TIFs), community facilities district (CFD) financings,
housing for homeless, other post-employment benefits (OPEB) financings, sale of bond-financed public
housing projects, and questions raised by several proposed uses of general obligation bond proceeds).
Worked on at least eight pending community facilities districts in several counties (only one of which is
currently active).
Engaged by Kauai County to help prepare community facilities district ordinance.
Drafting legislation permitting counties to enter into interest rate swaps and other hedges (Acts 38 and 39
enacted in 2003, amending Section 47-7(b) and Section 49-4(c), H.R.S.).
Providing continuing disclosure services for the City and County of Honolulu and the County of Maui.
Providing arbitrage rebate computation/opinion services for a number of Hawaii bond issues (including
some not listed above).
Lead workshop on continuing disclosure organized by State of Hawaii Department of the Attorney
General and Department of Budget and Finance for all state agency issuers and borrowers of the
proceeds of tax-exempt bonds issued by state agencies (1995).
Drafted legislation to establish a new community facilities district/special tax method of financing
infrastructure by counties (H.B. No. 1509 enacted in 1992 as Section 46-80.1, H.R.S.).
Drafted model ordinance for adoption by counties in implementing H.B. No. 1509; worked with each
county on their respective ordinances (adopted by the County of Hawaii, 1994, and City and County of
Honolulu, 1996).
Drafted statute (H.B. No. 955 enacted in 1991) to implement a statewide water pollution control revolving
fund loan to counties (i.e., SRF) program.
Engaged by Maui County to update improvement district ordinance.
Advised in updating City and County of Honolulu improvement district ordinance and in preparing its
community facilities district ordinance.
Submitted on behalf of Maui County a claim to the IRS for refund of penalties paid in lieu of rebate in
connection with certain revenue bonds issued by the Department of Water Supply of the County.
EXHIBIT B – EXPERIENCE IN THE STATE OF HAWAII
ORRICK, HERRINGTON & SUTCLIFFE LLP B-15
Analyzed financing options, tax issues, proposed legislation and other public finance matters for
Department of Budget and Finance and a variety of other Hawaii state and local officials.
Speaker on infrastructure finance and other public finance topics at conferences sponsored by Hawaii
Island Economic Development Board, County of Hawaii and Office of State Planning (1988 and 1989)
and Hawaii Public Finance Officers Association (1990, 1992 and 1993).
As bond counsel for the County of Kauai, offered to assist the County after Hurricane Iniki by providing
free bond counsel services to the County for one year on any financing related to recovering from the
effects of the hurricane.
EXHIBIT C – NATIONAL BOND COUNSEL RANKINGS
ORRICK, HERRINGTON & SUTCLIFFE LLP C-1
EXHIBIT C – BOND COUNSEL RANKINGS FOR THE PAST 10 YEARS
EXHIBIT C – NATIONAL BOND COUNSEL RANKINGS
ORRICK, HERRINGTON & SUTCLIFFE LLP C-2
EXHIBIT C – BOND COUNSEL RANKINGS
Q1 2025