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HomeMy WebLinkAboutFY26-27 Attorney: Bond Counsel - Orrick, Herrington & Sutcliffe LLPDEPAnTM:NT OF FINANCE, DATZ fEC'D:,'J 1 2 2026 Fi 1., C orrick,. Statement of Qualifications and Expression of Interest in Providing Bond Counsel, Public Financing Law, and Related Services for the: Department of Finance, County of Hawaii June 30, 2026 RFP CONTACT: John Y.Wang Partner T 415-773-5993 E jwang anorrick.com STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII June 30, 2026 C.) Via Email o r r i c k Orrick,Herrington&Sutcliffe LLP 405 Howard Street Ms. Diane Nakagawa San Francisco,CA 95814-4497 Director of Finance County of Hawaii 415)773-5700 25 Aupuni Street, Suite 2103 Hilo, Hawaii 96720 crvstallene.pachecota7hawaiicountv.gov Re: Statement of Qualifications and Expression of Interest in Providing Bond Counsel, Public Financing Law and Related Services for the Department of Finance, 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 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. 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 ORRICK,HERRINGTON&SUTCLIFFE LLP 1 STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII 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:jwanqaorrick.com Orrick has 27 offices globally. In the United States we have offices in Austin, Boston, Charlotte, Chicago, Houston, Los Angeles, Miami, 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 offices in Brussels, Dusseldorf, 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 1,390 attorneys practicing at Orrick. Firmwide, we employ more than 2,400 people. Over the past five years, Orrick has averaged 1,345 attorneys and 997 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/#ur1=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. Below is a narrative description of the background of the lead members of the County of Hawaii team. John Wang John 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, he 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 Attachment A since 2004.) John 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. ORRICK,HERRINGTON&SUTCLIFFE LLP 2 STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII He has been recognized as a leading lawyer by multiple organizations, including as a Chambers USA, Band 2 attorney for California Public Finance, and as one of California's top 50 development lawyers by The Daily Journal. 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. Roger L. Davis Roger is the former Chair of Orrick's Public Finance department and led that practice at Orrick for more than 30 years. Over the course of his career, he has been principally responsible as lead bond counsel, disclosure counsel or underwriters' counsel for more than 1,000 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 workouts, etc.). In addition, Roger 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. He co-authored articles for the National Law Journal about: (1)the effect of the SEC's continuing disclosure rules on state and local governments and (2)the 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 Roger 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 more than two decades, Hawaii has been one of Roger's principal areas of concentration. Since 1988, he has worked on more than 275 bond transactions involving Hawaii State or County issuers and aggregating $36 billion, comprising more than half of all bond financing in Hawaii during that period. 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 Board of Water Supply of the City and County of Honolulu (including a pending WIFIA loan),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, water revenue bonds and wastewater revenue bonds for the City and County of Honolulu and an EB5 Loan Agreement for the University of Hawaii. 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 Project, Mid-Pacific Institute, Hawaii Pacific University, Chaminade University, Montessori of Maui and Island Pacific Academy). 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 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, 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 ORRICK,HERRINGTON&SUTCLIFFE LLP 3 STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII regarding the validity of lease financing, and general advice on lease financing, including preparation of a standard form of financing lease rider, 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 and Development Corporation,the City and County of Honolulu and the County of Kauai). 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 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 him to prepare CFD legislation for Hawaii. Roger 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. Swaps and Other Hedges (including explicit and embedded swaps, caps, floors, options, swaptions, and other hedges, both primary and secondary markets; Roger 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. Troubled Transactions (as co-head of Orrick's Troubled Transactions Group), including IRS audits, SEC investigations, defaults, workouts and the like, including IRS audits for the State of Hawaii, the City and County of Honolulu and the University of Hawaii. A list of Hawaii transactions is attached hereto as Attachment A. At the end of Attachment A is also a list of some of the non-transactional Hawaii matters on which Roger has worked during the same period. Information about non-Hawaii transactions and matters is available upon request. 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. Charles C. Cardall Charles ("Chas") is a tax partner in the San Francisco office and also a member of the Public Finance Practice Group. He was chair of Orrick's Tax Practice Group from 2015 to 2022. ORRICK,HERRINGTON&SUTCLIFFE LLP 4 STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII Chas has been part of Orrick's Hawaii team for a number of years. He has been the principal tax lawyer on many of the financings listed in Attachment A for which Orrick was bond 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. Chas is one of the best and most experienced of these, having specialized in the tax aspects of public finance at Orrick for more than 30 years. He reviews and provides tax advice on a large number of bond issues every 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 Chas in particular, are experienced in virtually every tax issue that may arise in the types of transactions that may be undertaken by the State of Hawaii and are constantly up to date on every new development, including IRS concerns and attitudes about these types of financing. Education: University of California at Berkeley (B.A., with High Honors); Hastings College of Law, University of California (J.D.). 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 Attached hereto as Attachments B &C are national bond counsel rankings for the last ten years and the first quarter of 2026, illustrating the scope of Orrick's public finance resources and experience that John, Roger, Chas, and the rest of our Hawaii team can bring to the County of Hawaii. ORRICK,HERRINGTON&SUTCLIFFE LLP 5 STATEMENT OF QUALIFICATIONS 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 issuers is attached hereto as Attachment A. At the end of Attachment A is also a list of non-transactional Hawaii matters on which we have worked. Clients. Following are three 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) 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. Any promotional or descriptive literature which the individual or firm desires to submit Public Finance Practice. Orrick has maintained a substantial practice in the 2025 National area of public finance for more than 100 years. Orrick has been ranked the Bond Counsel Ranking No. 1 bond counsel law firm and No. 1 disclosure counsel law firm in the # $65.97 bncountryforthelasttwentyyearsbasedontotalvolumeoffinancingsforwhich we serve as bond counsel and disclosure counsel. In 2025, our team served 11.6%Market Shore as bond counsel on 415 transactions aggregating more than $65.97 billion principal amount of bonds representing a national market share of 11.6%). 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 Attachments B &C are national bond counsel rankings for the last ten years and the first quarter of 2026. 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 44 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 ORRICK,HERRINGTON&SUTCLIFFE LLP 6 STATEMENT OF QUALIFICATIONS TO THE COUNTY OF HAWAII 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 County 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: Arbitrage rebate Asset securitization (delinquent taxes, federal and state grants, parking fines, leases, tobacco settlement revenues, consumer transition charges) Continuing disclosure Credit enhancements Derivative products/swaps General obligation bonds Healthcare financing Higher education, student loan and other nonprofit corporation financing Industrial development, pollution control and solid waste financing Land-secured financings (including assessment and community facilities districts) Leasing and certificates of participation Pension obligation bonds and other post-employment benefit bonds Post-issuance compliance Public power financing Public/private partnerships (P3) Redevelopment agency financing Revenue bonds (including enterprise and lease revenue bonds) School financing Single-family and multifamily housing Tax, revenue and grant anticipation notes Transportation financing Tribal finance Water and wastewater financing 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. ORRICK,HERRINGTON&SUTCLIFFE LLP 7 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 ATTACHMENT A Orrick's Experience as Bond, Disclosure and Underwriter's Counsel in the State of Hawaii since 1988 as of June 2026) Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions) 9 9 025 Honolulu City&Co-Hawaii Wastewater System Rev Bonds I Snr Series 2025E 216.94 , L 7/28/2025 Honolulu City&Co-Hawaii General Obligation Bonds i Series 2025G 37.96 7/16/2025 Honolulu City&Co-Hawaii General Obligation Bonds Series 2025A&B 93.45 7/16/2025 Honolulu City&Co-Hawaii General Obligation Bonds Series 2025C 9.92 7/16/2025 Honolulu City&Co-Hawaii General Obligation Bonds Series 2025D&E&F 592.75 4/14/2025 Hawaii Co-Hawaii General Obligation Bonds Series 2025 142.14 12/4/2024 I Hawaii General Obligation Bonds 2024 Series GN 750.00 9/11/2024 Honolulu City&Co-Hawaii Wastewater System Rev Bonds i Sr Series 2025A 190.91 9/11/2024 Honolulu City&Co-Hawaii Wastewater System Rev Bonds I Jr Series 2025A 66.53 9/11/2024 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Sr Series 2024A 287.20 9/11/2024 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Sr&Jr Ser 2024A&B 80.92 7/9/2024 Honolulu Cj&Co-Hawaii General Obligation Bonds Series 2024A,B,C 144.53 7/9/2024 Honolulu City&Co-Hawaii I General Obligation Bonds Series 2024D 25.12 6/13/2024 Hawaii Dept of Budget& Finance Special Purpose Ref Rev Bonds Series 2024 35.73 3/12/2024 Honolulu Water Supply Board Water System Rev Bonds Series 2024A 72.82 11/1/2023 Hawaii Dept of Budget&Finance Spec Purpose Revenue Bonds Series 2023C 203.99 9/12/2023 Honolulu City&Co-Hawaii Water System Revenue Bonds Sr Series 2023 189.79 8/8/2023 Honolulu City&Co-Hawaii General Obligation Bonds Series 2023A&B 100.46 8/8/2023 Honolulu City&Co-Hawaii General Obligation Bonds Series 2023C&D 170.57 j 3/8/2023 Honolulu Water Supply Board Water System Rev Bonds Series 2023 17.43 7/19/2022 Honolulu City&Co-Hawaii General Obligation Bonds Series 2022B 97.46 5/11/2022 Honolulu City&Co-Hawaii Wastewater System Rev Bonds Sr Series 2022 A 241.36 3/8/2022 Honolulu Water Supply Board Y Water System Revenue Bonds Series 2022A 82.70 3/8/2022 - Honolulu Water Supply Board Water System Revenue Bonds 1 Series 2022B 52.56 7/21/2021 Honolulu City&Co-Hawaii General Obligation Bonds I Series 2021 C 20.06 7/21/2021 Honolulu City&Co-Hawaii General Obligation Bonds Series 2022 A 147.02 7/21/2021 Honolulu City&Co Hawaii General Obligation Bonds Series 2021 A&B 202.90 7/21/2021 Honolulu City&Co-Hawaii General Obligation Bonds Series 2021 D&E 372.70 3/23/2021 Kauai Co-Hawaii General Oblation Bonds Series 2021 B 21.01 3/9/2021 Honolulu Water Supply Board Water System Revenue Bonds Series 2021 A 50.02 3/9/2021 Honolulu Water Supply Board Water System Revenue Bonds Series 2021 B 43.52 12/15/2020 Honolulu City&Co-Hawaii Wastewater System Rev Bonds Sr Series 2020 A 273.67 10/21/2020 Hawaii General Obligation Bonds Series GA of 2020 147.56 10/21/2020 Hawaii General Oblgation Bonds Series GB&GC of 2020 1,000.00 9/9/2020 Maui Co-Hawaii General Oblgation Bonds Series 2020 74.42 7/22/2020 Honolulu City&Co-Hawaii General Obligation Bonds Series 2020 E 41.16 7/22/2020 Honolulu City&Co-Hawaii General Obligation Bonds Series 2020 F 67.01 7/22/2020 Honolulu City&Co Hawaii General Obligation Bonds Series 2020 C&D 2238.17 i 3/11/2020 Honolulu Water Supply Board Water System Revenue Bonds Series 2020 A 59.11 3/11/2020 Honolulu Water Supply Board Water System Revenue Bonds Series 2020 B 7.53 2/13/2020 Hawaii Dew of Budget&Finance Special Purpose Revenue Bonds Series 2020 9.52 ORRICK,HERRINGTON&SUTCLIFFE LLP A-1 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions 2/12/2020 Honolulu City&Co-Hawaii l General Obligation Bonds Series 2020 A 295.23 10/23/2019 Honolulu City&Co-Hawaii Wstwtr Sys Revenue Bonds SrSer2019A,B&JrSerA 414.11 10/23/2019 Honolulu City&Co-Hawaii Wstwtr Sys Revenue Bonds SrSer2019C&JrSerB 82.81 8/7/2019 Honolulu City&Co-Hawaii General Obligation Bonds Series 2019 C D&G 265.36 8/7/2019 Honolulu City&Co-Hawaii General Obligation Bonds Series 2019 H 2.00 8/7/2019 Honolulu City&Co-Hawaii General Obligation Bonds Series 2019 I&J 97.95 8/7/2019 Honolulu City&Co-Hawaii General Obligation Bonds Series 2019E 175.55 8/7/2019 Honolulu City&Co-Hawaii General Obligation Bonds Series 2019 F 8.10 5/15/2019 Hawaii Dept of Budget&Finance Special Purpose Revenue Refunding Bonds Series 2019 48.08 1/23/2019 Honolulu City&Co-Hawaii General Obligation Bonds _ Series 2019 A&B 250.03 8/15/2018 Honolulu City&Co-Hawaii General Obligation Bonds Series 2018 A&B 278.69 1 8/15/2018 Honolulu City&Co-Hawaii General Obligation Bonds Series 2018 E&F 184.53 8/15/2018 Honolulu City&Co-Hawaii General Oblation Bonds Series 2018 C&D 5.26 3/7/2018 Hawaii Dept of Budget&Finance Special Purpose Revenue Ref Bonds Series 2018 33.92_ 1/24/2018 Honolulu City Co-Hawaii Wastewater System Revenue Bonds Jr Series 2018 A 41.91 1/24/2018 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Sr&Jr Ser 18 A&B 282.84 10/18/2017 Kauai Co-Hawaii General Obligation Bonds Series 2017 24.02 9%6/2017 Honolulu City&Co Hawaii General Obligation Bonds Series 2017 H 350.00 • 8/16/2017 Honolulu City&Co-Hawaii General Obligation Bonds Series 2017 ABD&E 389.39 8/16/2017 Honolulu City&Co-Hawaii General Obligation Bonds Series 2017 F 3.73 8/16/2017 Honolulu City&Co-Hawaii General Obligation Bonds Series 2017 G 20.06 8/16/2017 Honolulu City&Co-Hawaii 1 General Obligation Bonds Series 2017 C 3.50 7/25/2017 _Hawaii Dept of Hawaiian Home Certificates of Participation _ 2017 Series A 15.13 7/25/2017 Hawaii Dept of Hawaiian Home Revenue Bonds Series 2017 30.94 6/20/2017 Hawaii Co-Hawaii GO&Refunding Bonds 2017 Series A B C D 139.21 6/20/2017 Hawaii Co-Hawaii GO Refunding Bonds 2017 Series E 0.69 5/10/2017 Hawaii General Obligation Bonds 2017 Series FO&FP i 45.00 1 5/10/2017 Hawaii GO Refunding Bonds 2017 Series FL 5.40 5/10/2017 Hawaii General Obligation Bonds 2017 Series FK 575.00 5/10/2017 Hawaii GO Refunding Bonds 2017 Series FN 229.36 10/5/2016 Honolulu City&Co-Hawaii General Oblation Bonds Series 2016 D 143.82 10/5/2016 Honolulu City&Co-Hawaii General Obligation Bonds Series 2016 A B C 234.99 8/17/2016 _Honolulu City&Co-Hawaii _ Wastewater System Rev Ref Bonds Sr Ser 2016 C&Jr 43.91 8/17/2016 Honolulu City&Co-Hawaii Wastewater Sys Rev& Ref Bonds Sr Ser 2016 A&B 404.25 3/31/2016 -Hawaii GO Refunding Bonds 2016 Series FF 119.73 3/31/2016 - Hawaii GO Refunding Bonds 2016 Series FE 219.69 3/31/2016 Hawaii GO Refunding Bonds 2016 Series FD 5.30 3/15/2016 Hawaii General Obligation Bonds 2016 Series FB 500.00 3/15/2016 Hawaii General Obligation Bonds Series 2016 FC 25.00 2/3/2016 Hawaii Co-Hawaii General Obligation Bonds 2016 Ser A B C D E 225.73 i 2/3/2016 Hawaii Co-Hawaii General Obligation Bonds 2016 Series F 10.04 12/3/2015 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2015 A 20.26 12/3/2015 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2015 B 2.34 9/10/2015 Univ of Hawaii Board of Regents University Revenue Bonds _ Series 2015 E 67.40 9/10/2015 Univ of Hawaii Board of Regents University Revenue Bonds Series 2015 A C&D 51.88 9/10/2015 Univ of Hawaii Board of Regents Univers!Revenue Bonds Series 2015 B 47.01 7/22/2015 , Honolulu City&Co-Hawaii Wastewater System Rev Bonds Jr&Sr Ser 2015 A,B 578.49 ORRICK,HERRINGTON&SUTCLIFFE LLP A-2 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions) 7/22/2015 Honolulu City&Co-Hawaii I Wastewater System Revenue Bonds Jr&Sr Ser 2015 B,C 1120.45 3/17/2015 Honolulu City&Co-Hawaii General Obligation Bonds Series 2015 E 22.06 3/17/2015 Honolulu City&Co-Hawaii General Obligation Bonds dries 2015 A-D 866.58 2/27/2015 Hawaii Housing Fin&Dev Corp Multi-Family Housing Rev Bonds Series 2015 A 10.75 12/18/2014 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2015 32.55 11/20/2014 Honolulu Water Supply Board Water System Revenue Bonds Series 2014 B 43.33 11/20/2014 Honolulu Water Supply Board Water System Revenue Bonds Series 2014 A 101.66 11/13/2014 Hawaii GO&Refunding Bonds Ser EO&EP of 2014 784.02 11/13/2014 Hawaii GO&Refunding Bonds Ser EQ-ES of 2014 218.88 11/13/2014 Hawaii GO Refunding Bonds l 2014 Series ER 5.88 10/13/2013 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2013C 50.00 9/10/2013 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2013 A&B 158.98 7/18/2013 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2013 42.19 1/30/2013 Hawaii Co-Hawaii General Obligation Bonds Series 2013 A-C 98.83 11/15/2012 Hawaii 1 General Obligation Bonds 2012 Series EG 26.00 11/15/2012 Hawaii GO&Refunding Bonds Series 2012 EE&EF 840.99 10/25/2012 Honolulu City&Co-Hawaii General Obligation Bonds Series 2012 D-G 334.55 10/25/2012 Honolulu Cittr&Co-Hawaii General Obligation Bonds Series 2012 A&B 545.79 10/25/2012 rHonolulu City&Co-Hawaii General Obligation Bonds 1 Series 2012 C 32.15 9/27/2012 Hawaii Health Systems Corp Revenue Bonds Series 2012 A 8.10 9/27/2012 Hawaii Health Systems Corp Revenue Bonds Series 2012 B 0.90 9/20/2012 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Senior Ser 2012 A&B 265.61 6/13/2012 Kauai Co-Hawaii General Obligation Bonds I Series 2012 A 26.16 6/13/2012 Kauai Co-Hawaii General Obligation Bonds I Series 2012 B 8.22 3/14/2012 Honolulu Water Supply Board Water System Revenue Bonds Series 2012 A 85.20 2/9/2012 Univ of Hawaii Board of Regents University Revenue Bonds Series 2012 A(R) 8.58 10/13/2011 Honolulu City&Co-Hawaii Wastewater System Rev Bonds Sen Series 2011 A 169.19 7/13/2011 Honolulu City&Co-Hawaii General Obligation Bonds Series 2011 A&B 304.35 6/21/2011 Kauai Co-Hawaii t General Obligation Bonds Series 2011 A 26.11 4/14/2011 State of Hawaii Equipment Lease Purchase Agreement N/A 25.51 12/2/2010 Honolulu City&Co-Hawaii General Obligation Bonds Series 2010 A 1151.10 12/2/2010 Honolulu City Co-Hawaii General Obligation Bonds Series 2010 B 196.67 10/26/2010 Honolulu City&Co-Hawaii i Wastewater System Revenue Bonds I Jr Series 2010 A 100.76 10/26/2010 Honolulu City&Co-Hawaii 1 Wastewater Sys Revenue Bonds Sr Subser 2010 A 25.80 City y10/26/2010 Honolulu &Co-Hawaii Wastewater Sys Revenue Bonds Sr Subser 2010 B 178.64 9/21/2010 Univ of Hawaii Board of Regents University Revenue Bonds Series 2010 A&B-1 238.80 9/21/2010 Univ of Hawaii Board of Regents University Revenue Bonds Series 2010 A&B-2 53.93 7/13/2010 Hawaii Co-Hawaii General Obligation Bonds 2010 Series A 35.33 7/13/2010 Hawaii Co-Hawaii General Obligation Bonds 2010 Series B 24.68 7/8/2010 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2010 B 61.21 5/26/2010 Hawaii Dept of Budget&Finance T Special Purpose Revenue Bonds Series 2010 A 101.94 3/2/2010 Kauai Co-Hawaii General Obligation Bonds Series 2010 A 12.17 3/2/2010 Kauai Co-Hawaii General Obligation Bonds Series 2010 A 107.84 11/10/2009 Hawaii GO Refunding Bonds Ser 09 DT DU DV DW 293.68 11/3/2009 i Honolulu Cit4i&Co-Hawaii General Obligation Bonds Series 2009 D&F 191.45 11/3/2009 Honolulu City&Co-Hawaii General Obligation Bonds Series 2009 E 50.42 10/15/2009 Hawaii Certificates of Participation 2009 Series A 41.12 ORRICK,HERRINGTON&SUTCLIFFE LLP A-3 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions 10/15/2009 Hawaii General Obligation Bonds Series DS of 2009 32.00 9/15/2009 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Senior Series 2009 A 78.08 9/15/2009 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Series 2009 C 29.43 9/15/2009 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Junior Series 2009 A 127.05 9/15/2009 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Series 2009 B 40.78 4/7/2009 Honolulu City&Co-Hawaii General Obligation Bonds Series 2009 A&C 342.73 4/7/2009 Honolulu City&Co-Hawaii General Obligation Bonds Series 2009 B 33.98 4/1/2009 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2009 A 88.88 3/31/2009 Univ of Hawaii Board of Regents University Revenue Bonds Series 2009 A 100.00 3/18/2009 _ Hawaii Dept of Hawaiian Home Revenue Bonds Series 2009 42.50 11/25/2008 Hawaii Co-Hawaii General Obligation Bonds 2008 Series A 50.00 4/24/2008 Hawaii Dept of Budget&Finance I Special Purpose Revenue Bonds Series 2004E 50.00 4/22/2008 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Junior Series 2008 A 112.44 11/14/2007 Honolulu City&Co-Hawaii General Obligation Bonds Series 2007 A 268.63 11/14/2007 Honolulu City&Co-Hawaii General Obligation Bonds Series 2007 B 152.84 10/23/2007 Hawaii Dept of Budget& Finance Special Purpose Revenue Bonds Series 2007 20.00 8/8/2007 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Sr Series 2007 B 9.33 7/24/2007 Honolulu City&Co-Hawaii Wastewater System Revenue Bonds Sr Series 2007 A 162.57 2/21/2007 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2007 5.71 1 9/28/2006 Univ of Hawaii Board of Regents University Refunding Bonds Series 2006 A 133.81 8/22/2006 Honolulu City&Co-Hawaii Wastewater System Rev Bonds Series 2006 A-C 340.76 6/21/2006 Honolulu Water Su ply Board i Water System Revenue Bonds Series 2006 B 48.61 6/6/2006 Honolulu Water Supply Board Water System Revenue Bonds Series 2006 A 165.20 3/14/2006 Hawaii Dept of Budget& Finance Special Purpose Revenue Bonds Series 2006 10.00 3/14/2006 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2006 15.00 11/2/2005 Honolulu City&Co-Hawaii General Obligation Bonds Series 2005 E&F _ 396.17 10/27/2005 Kauai Co-Hawaii General Obligation Bonds Series 2005 A 50.23 7/19/2005 ' Honolulu City&Co-Hawaii Wastewater System Rev Bonds Sr Series 2005 A&B 152.82 6/27/2005 Hawaii Dept of Budget& Finance Special Purpose Revenue Bonds Series 2005B 28.60 6/2/2005 Hawaii Hsg and Comm Dev Corp Single Family Mtg Pur Rev Bonds 2005 Series A 8.84 6/2/2005 _ Hawaii Hsg and Comm Dev Corp Single Family Mtg Pur Rev Bonds 2005 Series B 66.32 5/25/2005 Hawaii GO&GO Refunding Bonds 2005 Series DF,DG&DH 966.31 5/19/2005 Honolulu City&Co-Hawaii General Obligation Bonds Series 2005 A-D 371.77 3/21/2005 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2005 A 128.31 1/6/2005 Maui Co-Hawaii General Obligation Bonds Series 2005A,B,C 59.30 I 5/25/2004 7 Hawaii Dept of Budget&Finance Var Rte Special Purpose Rev Bonds Series 2004 17.28 4/28/2004 Hawaii General Obligation Bonds Series of 2004 DD 225.00 4/1/2004 Honolulu City&Co-Hawaii General Obligation Bonds Series 2004 A, B&C 321.62 3/2/2004 Maui Co-Hawaii General Obligation Bonds 2004 Series A&B 23.11 1/14/2004 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2004 B 50.00 12/12/2003 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 2004 A 30.00 1 12/12/2003 Hawaii Pacific Health Special Purpose Revenue Bonds Series 2004 30.00 12/10/2003 Hawaii Dept of Budget&Finance Special Purpose Rev Ref Bonds Series 2003 C 135.00 12/10/2003 Hawaii Dept of Budget& Finance Special Purpose Rev Ref Bonds Series 2003A&B 79.30 5/1/2003 _ Honolulu City&Co-Hawaii Wastewater System Rev Bonds Series 2003 Al &A2 109.20 5/1/2003 Honolulu City&Co-Hawaii Wastewater System Rev Bonds Series 2003 B1 & B2 109.20 3/26/2003 Maui Co-Hawaii General Obligation Bonds Series 2003 A-D 41.13 ORRICK,HERRINGTON&SUTCLIFFE LLP A-4 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions) 1/22/2003 Hawaii Dept of Budget&Finance ' Special Purpose Rev Bonds Ser 2003 B 1-2 C&D 69.25 1/16/2003 I Hawaii Dept of Budget&Finance S ecial Purpose Rev Bonds Series 2003 A 72.75 9/26/2002 Honolulu City&Co-Hawaii Var Rte Demand Multi-Family Bonds Series 2002 55.00 5/10/2002 Maui Co-Hawaii General Obligation Bonds 2002 Series A 25.00 3/27/2002 State of Hawaii Harbor System Revenue Bonds Series A 2002(Non-AMT),24.42 Series B 2002(AMT) 3/1/2002 Hawaii Hsg and Comm Dev Corp Single Family Mortgage Rev Bonds 2002 Series B 1.81 3/1/2002 Hawaii Hsg and Comm Dev Corp Single Fami y_Mortgage Rev Bonds 2002 Series A 34.97 2/27/2002 Honolulu Water Supply Board i Water System Rev Bonds Series 2002 A&B 54.40 2/25/2002 Honolulu City&Co-Hawaii Mortgage Rev Refunding Bonds Series 2002 A 9.86 2/25/2002 Honolulu City&Co-Hawaii Mortgage Rev Refunding Bonds Series 2002 B 0.37 2/14/2002 Hawaii General Obligation Bonds Series CX 250.00 2/14/2002 Hawaii General Obligation Bonds Series CY 319.29 12/5/2001 University of Hawaii University Revenue Bonds Ref Ser 2001B 18.67 11/28/2001 Honolulu City&Co-Hawaii General Obligation Bonds Series 2001 C 250.00 10/18/2001 Maui Co-Hawaii GO Refunding Bonds Series 2001B&C 29.88 10/10/2001 Hawaii Highway Revenue Bonds Series 2001 70.00 8/8/2001 Hawaii General Obligation Ref Bonds 2001 Series CW 156.75 8/8/2001 Hawaii General Obligation Bonds 2001 Series CV 300.00 7/11/2001 Honolulu-Hawaii Wastewater Sys Rev Bonds Sr Series 2001 136.02 5/17/2001 Honolulu Water Supply Board Water System Revenue Bonds Series 2001 166.60 5/17/2001 Maui Co-Hawaii General Obligation Bonds 2001 Series A 23.49 2/27/2001 Honolulu City&Co-Hawaii General Obligation Bonds Series 2001 A&B 150.00 12/18/2000 Hawaii Hsg and Comm Dev Corp Multi-Family Housing Rev Bonds Series 2000 27.41 11/30/2000 Hawaii i Certificates of Participation Series 2000 A 23.14 : 10/11/2000 Hawaii General Obligation Bonds Series 2000 CU 150.00 6/5/2000 HawaiiHsg and Comm Dev Corp Single Family Mtg Purch Rev Bonds 2000 Series A 106.79 6/5/2000 Hawaii Hsg and Comm Dev Corp - Single Family Mtg Purch Rev Bonds 2000 Series B 1.98 5/23/2000 Honolulu City&Co-Hawaii I General Obligation Bonds Series 2000 A&B 150.00 5/9/2000 Maui Co-Hawaii General Obligation Bonds 2000 Series A 14.44 3/30/2000 Hawaii Harbor System Revenue Bonds Series A of 2000 79.41 1/5/2000 Kauai Co-Hawaii General Obligation Bonds Series 2000A 24.69 1/5/2000 Kauai Co-Hawaii General Obligation Bonds Series 2000E 2.82 9/16/1999 Hawaii General Obligation Bonds 1999 Series CT 300.00 5/5/1999 Maui Co-Hawaii General Obligation Bonds 1999 Series A 11.60 3/25/1999 Honolulu City&Co-Hawaii General Obligation Bonds Series 1999A 12.00 3/25/1999 Honolulu City&Co-Hawaii General Obligation Bonds Series 1999D 45.82 3/25/1999 Honolulu City&Co-Hawaii General Obligation Bonds Series 1999B 88.00 3/25/1999 Honolulu City&Co-Hawaii General Obligation Bonds Series 1999C 349.22 12/9/1998 Hawaii Dept of Budget&Finance i Special Purpose Revenue Bonds 1998 Series A 38.85 12/9/1998 Honolulu City&Co-Hawaii Wastewater Sys Revenue Bonds Junior Series 1998 264.15 12/9/1998 Honolulu Water Waster Dev Auth I Wastewater System Revenue Bonds Senior Series 1998 55.30 11/11/1998 Hawaii Certificates of Participation 1998 Series A 54.85 10/21/1998 Honolulu City&Co-Hawaii General Obligation Bonds 43.70 7/21/1998 Maui Co-Hawaii General Obligation Bonds 1998 Series C 11.76 6/22/1998 1 Hawaii Dept of Budget&Finance Var Rte Special Purp Rev Bonds 1998 Series A 69.10 6/12/1998 Hawaii Housing Fin&Dev Corp Single Family Mortgage Rev Bonds 1998 Series B 11.09 _ ORRICK,HERRINGTON&SUTCLIFFE LLP A-5 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions) 6/12/1998 Hawaii Housing Fin&Dev Corp _ Single Family Mortgage Rev Bonds 1998 Series A&C _ 152.98 6/10/1998 Hawaii Dept of Budget&Finance _ Special Purpose Revenue Bonds 1998 Series B 50.00 4/21/1998 Maui Co-Hawaii General Obligation Bonds 1998 Series A 39.29 4/21/1998 Maui Co-Hawaii General Obligation Bonds 1998 Series B 4.26 3/26/1998 Hawaii Dept of Budget&Finance Special Purpose Rev Bonds Series 1998 29.51 10/30/1997 Honolulu City&Co-Hawaii General Obligation Bonds Series A-C 257.61 10/7/1997 Hawaii I General Obligation Bonds Series CP&CQ 278.82 7/25/1997 Hawaii Housing Fin& Dev Corp 1 Singie Family Mtg Purch Rev Bds 1997 Series B 45.40 7/25/1997 Hawaii Housing Fin&Dev Corp Single Family Mtg Purch Rev Bds 1997 Series A 116.53 6/25/1997 Maui Co-Hawaii General Obligation Bonds 1997 Series A 17.75 9/26/1996 I Hawaii Highway Revenue Bonds Series 1996 55.00 9/19/1996 Honolulu-Hawaii General Obligation Bonds Series 1996A 100.00 7/18/1996 Hawaii Dept of Budget&Finance 1 Revenue Bonds 1998 Series A 69.10 6/27/1996 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds 1996 Series A 118.50 6/12/1996 Maui Co-Hawaii General Obligation Bonds Series 1996A 14.50 3/20/1996 Hawaii General Obligation Bonds Series 1996 CL 100.00 11/16/1995 Hawaii Housing Fin&Dev Corp I Affordable Rent Hsg Prog Bds 1995 Series A 7.02 9/27/1995 Hawaii Housing Fin&Dev Corp Var Rte Multifam Housing Rev Bds 1995 Series A 4.35lt10/10/1995 Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 1995 10.80 i 9/22/1995 Hawaii General Obligation Bonds 1995 Series CK 100.00 I 9/1/1995 TMRC West Inc Taxable Var Rte Dem Bonds Series 1995 16.30 6/8/1995 Maui Co-Hawaii GO Bonds 1995 Series A Tr.29 1/20/1995 Hawaii i, General Obligation Bonds i 1995 Series CJ 268.00 9/19/1994 Kauai Co-Hawaii Refunding&Water Bonds Series 1994 A&B 12.51 5/18/1994 Honolulu City&Co-Hawaii General Obligation Bonds Series 1994 B 94.00 3/29/1994 Honolulu City&Co-Hawaii _ _ General Obligation Bonds Series 1994 A 150.00 2/24/1994 Hawaii Housing Fin& Dev Corp Single-Fam Mtg Purch Rev Bds 1994 Series B 87.29 1994 Hawaii Housing Fin& Dev Corp Single-Fam Mtg Purch Rev Bds 1994 Series A 184.38/224/ 12/16/1993 ' Maui Co-Hawaii 1 General Obligation Bonds 1993 Ser F&G 55.48 10/28/1993 _Hawaii Dept of Budget&Finance Special Purpose Revenue Bonds Series 1993 100.00 10/22/1993 Hawaii i GO Refunding Bonds 93 Ser CH/1 566.92 10/20/1993 Honolulu City&Co-Hawaii Commercial Paper BANs 63.50 . 9/16/1993 Honolulu City&Co-Hawaii General Obligation Bonds Series 1993 C 28.00 8/15/1993 Hawaii Highway Revenue Bonds Series 1993 75.00 7/16/1993 Hawaii GO Refunding Bonds Series CF&CG 179.24 7/7/1993 Hawaii Housing Fin &Dev Corp Rental Housing System Rev Bonds Series 1993 A 14.18 5/25/1993 ^_Hawaii General Obligation Bonds Series CE 130.25 4/22/1993 Maui Co-Hawaii Refunding Bonds 1993 Ser B-E 104.28 3/25/1993 Honolulu City&Co-Hawaii Refunding&Improvement Bonds Series 1993B 519.54 3/25/1993 Honolulu City&Co-Hawaii Refunding& Improvement Bonds Series 1993B 91.80 2/22/1993 Hawaii Refunding Bonds 1993 Ser CC/CD 472.80 2/18/1993 Hawaii Dept of Budget& Finance Special Purpose Bonds Series 1993 106.24 I 1/27/1993 Maui Co-Hawaii Improvement Bonds Series 1993 A 22.80 1/8/1993 Hawaii GO Refunding Bonds Series CA-CB 197.85 12/14/1992 Hawaii Dept of Budget&Finance Special Purpose Bonds Series 1992 T 60.00 12/9/1992 Honolulu City&Co-Hawaii Water Bonds Series 1992 38.43 12/9/1992 Honolulu City&Co-Hawaii Water Bonds 1993 Series A i 150.00 , ORRICK,HERRINGTON&SUTCLIFFE LLP A-6 ATTACHMENT A-ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Issue Date Issuer(Full Name)Issue Description Series of Issue Par Amount USD Millions) 10/1/1992 Hawaii General Obligation Bonds Series BZ 200.00 10/1/1992 Hawaii General Obligation Bonds Series BY 120.00 9/3/1992 Maui Co-Hawaii GO Refunding Bonds 1992 Series A 5.71 7/30/1992 University of Hawaii University System Rev Bonds Series G 16.14 5/28/1992 Hawaii Harbor Rev Bonds Series 1992 19.45 5/20/1992 Honolulu City&Co-Hawaii I GO Refunding Bonds 1992 Series One 52.69 3/3/1992 Honolulu City&Co-Hawaii General Obligation Bonds 1992 Series A 100.00 2/28/1992 Hawaii Dept of Budget& Finance S ecial Purp Mtg Rev Ref Bds j Series 1992 16.23 2/21/1992 Hawaii GO Refunding Bonds Series BW-BX 130.69 12/17/1991 Hawaii Dept of Budget&Finance Adj Cony Ext Sec Spec Purp Bonds Series 1991 25.00 11/8/1991 Hawaii Refunding Bonds 1991 Ser BU-BV 192.18 10/10/1991 Hawaii Dept of Hawaiian Home f Revenue Bonds I Series 1991 18.00 7/31/1991 Honolulu City&Co-Hawaii General Obligation Bonds 1991 Series A 100.00 7/15/1991 Honolulu City&Co-Hawaii Mtg Revenue Ref Bonds Series 1992 A 10.68 7/15/1991 Honolulu City&Co-Hawaii Mortgage Revenue Bonds Ser 1991A&B 11.30 3/20/1991 Hawaii Dept of Budget&Finance Special Purp Rev Bds Series 1991 71.40 2/14/1991 Hawaii General Obligation Bonds Series BT 250.00 12/12/1990 Hawaii Dept of Budget&Finance Special Purp Rev Bds Series 1990C 55.00 11/29/1990 Hawaii Harbor Revenue Bonds I Series of 1990 57.89 9/13/1990 State of Hawaii General Obligation Bonds Series BS 150.00 9/5/1990 Hawaii Housing Fin& Dev Corp Single Family Mortgage Rev Bonds _ 1990 Series A 50.00 8/29/1990 Kauai Co-Hawaii GO Public Improvement Bonds Series 1990 16.44 8/29/1990 Honolulu Cy&Co-Hawaii General Obligation Bonds Series 1990 17.81 7/17/1990 Hawaii Dept of Budget& Finance Special Purp Rev Bds Series 1990C 55.00 7/11/1990 Hawaii Housing Fin&Dev Corp Rental Housing Sys Rev Bonds 1990 Series A&B 69.20 6/28/1990 Honolulu City&Co-Hawaii Var Rte Dmd Multi-Fam Hsg Rev Bds 1990 Series A 9.40 6/19/1990 Hawaii General Obligation Bonds Series BS 150.00 6/7/1990 Hawaii i General Obligation Bonds Ser of 1990 BR 100.00 2/22/1990 Honolulu City&Co-Hawaii General Obligation Bonds 1990 Series B 60.96 11/28/1989 Hawaii General Obligation Bonds Series BQ 80.01 11/17/1989 Honolulu City&Co-Hawaii Wkly Var Rte Multi-Fam Hsg Bds 22.50 10/13/1989 Hawaii Housing Authority Single Family Mortgage Rev Bonds 1989 Series A 120.15 9/27/1989 Hawaii Housing Fin&Dev Corp Rental Housing Rev Bonds Series 1989 A 16.50 8/1/1989 Hawaii General Obligation Bonds Series BO 74.73 8/1/1989 Hawaii General Obligation Bonds Series BP 47.36 6/28 1989 Honolulu City&Co-Hawaii Gen Oblig Ref Bonds 1990 Series A 69.88 12/116/1988 Honolulu City&Co-Hawaii Var Rte Multi-Family Hsg Rv Bds 1988 Series B 10.50 12/13/1988 Honolulu City&Co-Hawaii Adj Rte Multi Fam Hsg Rev Bds 1988 Series A 8.00 11/21/1988 Hawaii General Oblgation Bonds 1988 Series BL 65.00 9/28/1988 Hawaii Dept of Budget& Finance Special Purpose Revenue Bonds Series 1988 17.50 3/17/1988 Hawaii Dept of Budget&Finance Flt Rte Wkly Dem Rev Bonds Series 1988 15.00j ORRICK,HERRINGTON&SUTCLIFFE LLP A-7 ATTACHMENT A—ORRICK'S EXPERIENCE IN HAWAII SINCE 1988 Additional Work with Hawaii 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 State of Hawaii in connection with rate covenant default by Wahiawa General Hospital. 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. Work 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). Led 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. 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. ORRICK,HERRINGTON&SUTCLIFFE LLP A-8 ATTACHMENT B: NATIONAL BOND COUNSEL RANKINGS FOR THE PAST 10 YEARS Attachment B: National Bond Counsel Rankings for the Past Ten Years Bond Counsel Par Amount Rank Market Number Equal to Each Counsel USD Millions) Share of Issues Sector:Sale Date 2016-01-01-2026-05-31 Orrick Herrington&Sutcliffe LLP(CA,DC,NY,OR,TX,WA) 514,442.85 1 11.57 4,498 Kutak Rock LLP(AZ,CO,DC,GA,NE) 229,911.45 2 5.17 4,919 Norton Rose Fulbright 210,857.13 3 4.74 3,027 Hawkins Delafield&Wood LLP(CA,CT,DC,NJ,NY,OR,MI,NC)201,910.78 4 4.54 2,964 McCall Parkhurst& Horton LLP(TX) 188,445.79 5 4.24 4,006 Stradling Yocca Carlson& Rauth(CA,NV,CO,WA) 118,690.03 6 2.67 1,926 Nixon Peabody LLP(NY,CA,MA,DC) 113,003.31 7 2.54 870 Chapman and Cutler LLP(IL,CA,UT) 109,172.53 8 2.46 3,276 Gilmore& Bell PC(IL,KS,MO,NE,UT) 99,184.45 9 2.23 4,264 Squire Patton Boggs(US)LLP 95,312.22 10 2.14 1,429 Bracewell LLP 86,214.18 11 1.94 1,309 Bryant Rabbino LLP(NY) 84,476.93 12 1.90 318 Greenberg Traurig LLP(FL,NY,AZ,PA,DC,IL,GA)77,640.87 13 1.75 1,327 Butler Snow LLP(MS) 73,955.52 14 1.66 1,173 Ballard Spahr LLP(PA,CO,UT,MD,NJ,DC,DE,AZ,NV,CA,GA,NY) $70,703.33 15 1.59 998 Troutman Pepper Locke LLP 61,956.27 16 1.39 1,936 Mintz Levin Cohn Ferris Glovsky& Popeo PC(MA) 60,380.74 17 1.36 338 Foster Garvey PC(WA, OR, NY) 54,102.82 18 1.22 631 Dinsmore&Shohl LLP(OH, PA) 51,620.21 19 1.16 1,914 Jones Hall(CA) 48,954.36 20 1.10 1,893 Ice Miller(IN,IL,DC) 47,845.42 21 1.08 2,130 Hunton Andrews Kurth LLP 42,947.60 22 0.97 811 Quarles& Brady LLP(WI) 41,481.56 23 0.93 3,439 Dorsey&Whitney LLP(MN,MT) 39,980.13 24 0.90 2,307 Katten Muchin Rosenman LLP(DC, IL,NY) 39,198.74 25 0.88 327 Subtotal with Bond Counsel 4,432,706.02 99.72 100,954 Subtotal without Bond Counsel 12,385.07 0.28 715 Industry total 4,445,091.09 100.00 101,669 ORRICK,HERRINGTON&SUTCLIFFE LLP B-1 ATTACHMENT C: NATIONAL BOND COUNSEL RANKINGS FOR Q1 OF 2026 Attachment C: National Bond Counsel Rankings for Q1 of 2026 Bond Counsel Par Amount Rank Market Number Full to Each Counsel USD Millions) Share of Issues Sector:Sale Date 2026-01-01-2026-03-31 Orrick Herrington&Sutcliffe LLP(CA,DC,NY,OR,TX,WA) 18,461.17 1 14.32 90 Hawkins Delafield&Wood LLP(CA,CT,DC,NJ,NY,OR,MI,NC) 7,512.17 2 5.83 60 Bryant Rabbino LLP(NY) 7,106.92 3 5.51 9 Kutak Rock LLP(AZ,CO,DC,GA,NE) 6,572.80 4 5.10 132 Norton Rose Fuibright 6,350.75 5 4.92 47 McCall Parkhurst&Horton LLP(TX)5,323.07 6 4.13 64 Butler Snow LLP(MS) 5,123.23 7 3.97 26 Stradling Yocca Carlson&Rauth(CA,NV,CO,WA)4,476.65 8 3.47 48 Nixon Peabody LLP(NY,CA,MA,DC)4,424.93 9 3.43 14 Hardwick Law Firm LLC(MO)4,098.60 10 3.18 10 Gilmore&Bell PC(IL,KS,MO,NE,UT) 4,073.19 11 3.16 79 Squire Patton Boggs(US) LLP 3,935.94 12 3.05 27 Bracewell LLP 3,720.22 13 2.88 19 Chapman and Cutler LLP(IL,CA,UT)3,524.60 14 2.73 94 Greenberg Traurig LLP(FL,NY,AZ,PA,DC,IL,GA) 3,167.17 15 2.46 39 Mintz Levin Cohn Ferris Glovsky&Popeo PC(MA) 2,749.25 16 2.13 14 Taft Stettinius&Hollister LLP(OH) 2,535.46 17 1.97 31 Eckert Seamans Cherin&Mellot LLC(PA) 2,027.30 18 1.57 12 McKennon Shelton&Henn LLP(MD) 1,910.30 19 1.48 14 Cox Stokes&Lantz(PA) 1,749.93 20 1.36 3 Gosfield Law LLC 1,749.93 20 1.36 3 Bass Berry&Sims PLC(TN) 1,738.26 22 1.35 25 Miller Canfield(MI) 1,671.32 23 1.30 45 Foster Garvey PC(WA, OR, NY) 1,648.63 24 1.28 12 Cozen O'Connor(NJ,PA) 1,594.62 25 1.24 7 Subtotal with Bond Counsel 127,735.88 99.05 1,829 Subtotal without Bond Counsel 1,225.23 0.95 40 Industry total 128,961.11 100.00 1,869 ORRICK,HERRINGTON&SUTCLIFFE LLP C-1