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CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: March 9, 1992
SUBJECT: Selection of Underwriters to Assist with the
Dublin Boulevard Extension Assessment District
Report by Phillip S. Molina, Finance Director
EXHIBITS ATTACHED: Proposal submitted by Rauscher Pierce Refsnes,
Inc. (RPR)
RECOMMENDATION: Appoint firm of Rauscher Pierce Refsnes, Inc. , to
be the Underwriters for the Dublin Boulevard
Extension Assessment District.
FINANCIAL STATEMENT: The City will not incur any cost since the
Assessment District .will pay for the fees
associated with the underwriting services
rendered. The Assessment District will -pay
2% of total other costs for underwriting
services.
DESCRIPTION: The City needs to appoint an Underwriter to assist
in the sale of the Dublin Boulevard Extension Assessment District
bonds. The cost associated with the underwriting service will be 2%
of the total other costs of the District, and has been budgeted in the
Engineer's Estimate of cost for the Assessment District.
The most important function of the Underwriter is to purchase the debt
in from the City; however there are a number of other tasks
the Underwriter will perform. These include: 1) assist City Staff in_
determining whether to sell -the bonds through -a negotiated or
competitive bid process; 2) develop both the preliminary statement and
the final official statement for the issue; 3) assist in structuring
the terms ..of. the_ debt__to .attract...the best...investors.-in order to ~
successfully market--,the-.--issue,;-,4) ��°schedir1e-the"sett�lemdr.t"date;'and '5
assist in the delivery of the instruments to the investors.
Requests for Proposals were issued to four underwriting firms:
Rauscher Pierce Refsnes, Inc.
Dean Witter. Reynolds, Inc.
Stone & Youngberg
Sutro & Company
Only two firms submitted proposals within the time frame identified in
the Request for Proposal: Rauscher Pierce Refsnes, Inc. , and Stone &
Youngberg. The firm of Dean Witter Reynolds chose not to bid due to
the small size of the issue and Sutro & Company submitted their
proposal after the time deadline.
Results of all proposals received:
Insured Uninsured
Rauscher Pierce Refsnes, Inc. 2. 0% 2 . 0%
Stone & Youngberg 1.75% 2 .4%
Sutro & Company 2 . 1% 2. 1%
Due to the lack of diversity of owners in the District, it is. unlikely
that the City would be able to obtain insurance for this issue. Stone
& Youngberg stated that since the City already formed the Assessment
District, they would limit their discount to 2% if a change would
require an amendment to the District.
The City has worked with the firm of RPR before on the Certificates of
Participation refinancing for the Civic Center. RPR was responsive to
the needs of City Staff during the refinancing process, and Staff was
very satisfied with the working relationship with this firm.
Based upon information submitted in the proposal, and other reasons
discussed above, Staff recommends that the City Council appoint the
firm of Rauscher Pierce Refsnes, Inc. , to be the Underwriters for the
Dublin Boulevard Extension Assessment District bonds.
COPIES TO: ?
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February 18, 1992
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RAUSCHER PIERCE REFSNES, INC
February 18, 1992
Mr. Phillip S. Molina
Director of Finance-Treasurer
City of Dublin
100 Civic Plaza
Dublin, CA 94568
Re: Proposal to Serve as Underwriter for the Dublin Boulevard Extension Assessment District
Dear Phillip:
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U I am pleased to submit our proposal to serve as the underwriter for the Dublin Boulevard
Extension Assessment District.
After reviewing the financial section from the Engineer's Report, I was interested to see that
our proposed underwriter's discount of two percent (2%) coincides exactly with this report. The
Engineer's.Report includes bond counsel, engineering, bond printing, trustee, legal publications and
miscellaneous-costs-but,-does not-provide..anall owance,.to-print.and-,mail the p r'eliminiiy--'a-n'd'-ffn-al,-,,,- .,
official statement. I would recommend a budget of $10,000 for this purpose. Our fee includes the
preparation of these documents.
J I do still recommend that the City require an initial deposit to the reserve fund of ten percent
instead of the suggested five percent. The property owners generally prefer the smaller initial
deposit, but as the City issues the bonds, we typically recommend the full ten percent which is
approximately one year's debt service. As the total amount in the Engineer's Report cannot be
increased after the report is filed, I would recommend you ask the Engineer of Work to make these
adjustments immediately.
I enclose the overview of our firm, scope of services, marketing capabilities, resumes of
personnel to be assigned, fee proposal and references.
Please call if you have any questions. I look forward to working on this project with you and
the financing team.
Very truly yours,
Virginia L. orler
Managing Director
Cyr VLFUclm
One Market Plaza,1100 Steuart Street Tower • San Francisco,California 94105 • (415)979-0300 • FAX(415)896-0210
Member New York Stock Exchange,Inc.
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City of Dublin
TABLE OF CONTENTS
Section
Overview of Rauscher Pierce Refsnes, Inc. 1
Scope of Services 2
Marketing Capabilities
3
Project Team 4
Proposed Fees 5
References 6
Appendix
U", California Municipal Financing Experience A
Rauscher Pierce Refsnes,Inc.
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City of Dublin
OVERVIEW OF RAUSCHER PIERCE REFSNES INC.
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City of Dublin
1. OVERVIEW OF RAUSCHER PIERCE REFSNES, INC.
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Rauscher Pierce Refsnes, Inc. was founded in 1933 as an underwriter and distributor of
corporate and municipal securities. Today, Rauscher Pierce Refsnes, Inc. is one of the largest regional
investment banking firms in the United States with a complement of 875 employees providing
�`- professional services in all areas of Public, Mortgage, Health Care and Corporate Finance. The total
assets as of December 31, 1991 were over $414,000,000. Rauscher Pierce Refsnes, Inc. maintains its
corporate headquarters in Dallas, Texas with regional headquarters in Phoenix, Arizona.and San
Francisco, California. Rauscher Pierce Refsnes, Inc. has 27 offices located in California, Arizona,
Florida, Oklahoma, Illinois, Colorado, Nevada, New Mexico, New York and Texas. Rauscher Pierce
Refsnes, Inc. is a member of the New York, American, Pacific, Philadelphia and Midwest stock
J exchanges, the Chicago Board of Options Exchange, the National Association of Securities Dealers and
the Securities Industry Association.
M' On January 1, 1982, Rauscher Pierce Refsnes, Inc. became a wholly-owned subsidiary of Inter-
Regional Financial Group, Inc. ('ZFG'), a holding company. Rauscher Pierce Refsnes, Inc. and Dain
Bosworth, a regional investment banking firm headquartered in Minneapolis, Minnesota, are the
principal assets of IFG,which has 70 offices in the North and Southwest regions of the United States.
l^f Rauscher Pierce Refsnes, Inc. has experienced steady growth in the last six years with revenues in 1991
reaching over $130 million and assets totalling approximately $414 million. .Together with the financing
q of IFG's total asset base of over $1.460 billion and its strong capital base, Rauscher Pierce Refsnes,
/ ;. Inca provides its clients one of the strongest securities organizations and distribution systems in the
<. ' +• country.
-PUBLIC FINANCE-
Rauscher Pierce Refsnes, Inc. is distinguished as one of the largest regional investment banking
firms based outside of New York. Within its region, Rauscher Pierce Refsnes, Inc. is a major force
in Public Finance. We bring to our clients the financial muscle of a large investment banking firm
coupled with the local presence, frequent contact and client knowledge of a regional investment
banking firm. Over the past 59 years, Rauscher Pierce Refsnes, Inc. has provided investment banking
services to cities, counties, municipal utility districts, hospital districts, school districts, universities,
state authorities and many other municipal entities throughout the South and West for virtually every
type of financing. Since 1990, the firm has opened public finance offices in Houston and Sarasota and
has expanded its San Antonio office to keep pace with the growth of our public finance clients. The
Public Finance Division of Rauscher Pierce Refsnes, Int.'s Fixed Income Banking Department is
currently comprised of 52 professionals with backgrounds in government, law, finance, health care and
management consulting. The depth of our personnel and their experience in completing complex
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j financing programs for our clients is unsurpassed.
Rauscher Pierce Refsnes, Inc. specializes in the organization and distribution of,fixed income
~' and equity securities for clients located in the South, Southwest and Western United States.
Specifically, Rauscher Pierce Refsnes, Inc. serves its clients as either a Managing Underwriter for the
negotiated sale of municipal securities or as a Financial Advisor to public entities that choose to solicit
competitive bids. In 1991, Rauscher Pierce Refsnes, Inc's public finance group accomplished the
following:
• Ranked 10th nationally as Financial Advisor on over 119 issues totalling over $2.2 billion
• Served as senior manager on 115 negotiated issues totalling $1.3 billion
i • Ranked 7th within.-our region as managing underwriter on 111 issues totalling $1.2 billion
Rauscher Pierce Refsnes,Inc.
City of Dublin
CALIFORNIA FOCUS
Rauscher Pierce Refsnes, Inc. is uniquely structured to offer our California clients services and
benefits not available at the national firms or the small local firms. We are able to furnish our clients
sophisticated products, services and support systems while still providing the high level of personal
attention that leads to financial success and satisfaction.
In order to cope with the challenges brought about by the California state and local statutes,
Rauscher Pierce Refsnes, Inc. has developed and implemented a number of financing techniques and
procedures which have proven beneficial to our clients. Within th!: scope of our services we have
developed the following financing programs:
• Revenue and general obligation bonds
• Current and advance refundings
Health service revenue financings
Assessment and Mello-Roos financings
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• Non-profit corporation financings
• Both fixed and variable rate certificates of participation
• Lease and lease-purchase programs
Asset transfer programs
• Grant, tax and revenue anticipation notes
• Single,and multi-family mortgage revenue financing programs
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In 1991, Rauscher Pierce Refsnes, Inc. served as an underwriter on 34 California competitive.
sale issues totalling over $3.3 billion (full credit to each manger). In addition Rauscher Pierce Refsnes,
Inc. senior managed 16 negotiated issues in California totalling $330.2 million. Since 1985, Rauscher
Pierce Refsnes, Inc. ranks second in California as financial advisor for 62 issues totalling m;vr 543
billion. Rauscher Pierce Refsnes, Inc. currently serves as Financial Advisor to such major CaBfdrdat
municipal issuers as the San Diego Unified School District, the San Diego County Water.kkulhority,
the San Mateo County Transportation Authority, the Alameda Counf)r Transportation-A3at. honty-,;a-w,
the Santa Clara County Traffic Authority.
MARKETING CAPABILITY
Since its inception in 1933, Rauscher Pierce Refsnes, Inc. has been a major un&rarfitcr aiwd
distributor of state and local government obligations for Western and Southwestern issuers.. tw
distribution capabilities are among the strongest in the country in both the iWtitJJt:J*.'naJ and rt.%ii
markets. We provide daily coverage of all of the major institutional buyers of tax-cxempt recur,Jk&_
In addition, we maintain one of the most aggressive and productive retail sales forces in the ifl*-Jitry.,
a resource that is often of vital importance to municipal issuers.
Rauscher Pierce Refsnes,Inc.
City of Dublin
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CALIFORNIA MARKETING CAPABILITY
Selected California negotiated underwritings which Rauscher Pierce Refsnes, Inc. has Senior
Managed include the following financings:
• $700,000,000 California Public Capital Improvements Financing Authority (A Joint
Powers Agency) Pooled Revenue Bonds, Series 1988A-E.
• $200,000,000 California Higher Education Loan Authority, Inc., 1987 Refunding Bonds,
Series B and 1987 Series C.
• $125,000,000 California Higher Education Loan Authority Revenue Bonds, Series
1987A.
• $120,000,000 County of Sacramento 1986/87 Tax and Revenue Anticipation Notes.
• $96,775,000 Irvine Public Facilities and Infrastructure Authority Lease Revenue Bonds,
Series 1985 and 1987, (Capital Improvement Projects).
0 . $75,605,000 Redevelopment Agency, City of West Covina, California, Parking Authority
of the City of West Covina, California 1985, Series A, B, C & D.
• $75,000,000 California Higher Education Loan Authority Revenue Bonds, Series 1988A.
• $52,505,000 Antelope Valley Hospital District, Certificates of Participation, Series 1989.
$50,000,000 California Higher Education Loan Authority Revenue Bonds, Series 1988B.
• $46,265,000 North City West School Facilities Financing
Authority, Community
Facilities District No. 1, Special Tax Bonds, Series 1989.
• $43,665,000 City of Redwood City, 1991 Local Agency Revenue Bonds, Series A& B.
$39,085,000 City of San Bernardino Hospital, Certificates of Participation, Series 1989.
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INSTITUTIONAL SALES DEPARTMENT
Rauscher Pierce Refsnes, Inc.'s powerful institutional distribution capability is one of our key
competitive advantages.
Our 126 underwriting and institutional sales professionals underwrite, trade and sell virtually
171 every' type of investment grade fixed income security. They cover a national account base which
includes bond funds, savings and loans, insurance companies, bank portfolios and trust departments,
corporations, municipalities and high worth individuals.
Rauscher Pierce Refsnes, Inc.'s distribution network, as well as IFG's distribution resources,
includes over 1,100 representatives throughout 20 states in 52 offices. The strength of our distribution
has;prompted national, regional and local firms to rely on us as a syndicate manager to ensure the sales
leadership and market timing requisite for cost-effective financings.. In addition,
• We have 10 institutional sales professionals in San Francisco;
Rauscher Pierce Refsnes,Inc.
City of Dublin
• Our Institutional Sales Department includes a money market
department that trades with corporate accounts which deal primarily in
short-term money market instruments and are large buyers of tax-
exempt notes and bonds;
• To underline our commitment to institutional purchasers, Rauscher
Pierce Refsnes, Inc. sponsors. annual seminars at which various
municipal issuers discuss their capital needs with institutional buyers.
-This commitment effectively facilitates issuer/investor communication,
enhances our relationships with institutions, and provides an excellent
source of municipal finance education.
RETAIL SALES CAPABILITY
Rauscher Pierce Refsnes, Inc. has one of the most productive.retail sales systems for
distributing tax-exempt securities in the West and Southwest. Our retail distribution network
encompasses 19 offices concentrated primarily in seven states and is complemented by our institutional
sales departments which cover a national account base. Our market distribution is accomplished
through several important procedures:
'„.' managed V I Daily conference calls during the week prior to the initial,pricing of a
... negotiated offering between the Public.Finance Division
speciali st assigned to the financing and the entire retail distribution
system to.discuss credit.information and other im Portant aspects of the
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offering-.:--
• Our Municipal Syndicate Department arranges, in major cities, sales
information meetings between key municipal dealers, their retail and
institutional account executives and the issuer. Discussions are held
regarding credit information and other facets of the proposed
financing.
1. Total coordination between our retail distribution system and our Municipal Syndicate
Department enables Rauscher Pierce Refsnes, Inc. to dramatically increase its participation in
negotiated financings, thus resulting in a more complete sales effort.
UNDERWRITING
Rauscher Pierce Refsnes, Inc. is very fortunate to have an Underwriter on site in each of its
San Francisco, Dallas and Houston offices. With an Underwriter close'at hand we can better assist our
clients in securing the most recently obtainable market data, pricing strategies and customer (investor)
preferences resulting in the best available interest cost savings to the issuer. Our underwriting desks
are staffed with senior professionals with a combined experience of over 60 years. On.average, we
manage over 200 new offerings each year, ranging in size from $1 million to $350 million.
TRADING
Buyers are more inclined to buy a new issue of bonds or notes. if they can expect a 'liquid”
secondary market to be maintained in the securities. Rauscher Pierce Refsnes, Inc. believes that the
accurate structuring and pricing of securities-requires.a -broad and intimate knowledge of the tax-
Rauscher Pierce Refsnes,Inc.
City of Dublin
exempt capital markets. Rauscher Pierce Refsnes, Inc. has a nationally recognized tax-exempt trading
capability in the secondary markets for all tax-exempt securities. Rauscher Pierce Refsnes, Inc.'s daily
net inventory position ranges up to $50 million by utilizing trading floors in our San Francisco, Dallas,
and Houston offices.
SHORT-TERM QUALIFICATIONS REMARKETING AGENT
As short-term financing gained acceptance in the municipal market place in the early 1980's,
Rauscher Pierce Refsnes, Inc. recognized the importance of developing new and innovative short-term
financing techniques. In response to this increased demand for short-term financing, Rauscher Pierce
I Refsnes, Inc. established a short-term underwriting and sales department to maintain its strong
distribution system. Rauscher Pierce Refsnes, Inc. is currently acting as Remarketing Agent for over
$2.4 billion in variable rate securities. Some of the issues Rauscher Pierce Refsnes, Inc. serves as
remarketing agent on include:
$81,320,000 Irvine Public Facilities & Infrastructure Lease Revenue Bonds
• $17,000,000 City of Livermore, Variable Rate Demand Certificates of
Participation
$11,200,000 City of South San Francisco, Variable Rate Demand Certificates
of Participation
POST-MARKETING SUPPORT
ie_isne_��, Inc.Rauscher Pierce strongly believes that the responsibilities of an investment banker
do not end with the conclusion of a successful financing.
Both our Municipal Research and Trading groups play a key role in providing post-marketing
support and services to our clients. We maintain active secondary markets for all of our municipal
clients' bonds.
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Rauscher Pierce Refsnes, Inc. will also provide a complete sales analysis to each of our clients
with a detailed evaluation of the state-by-state breakdown of the following types of investors who
purchase bonds or notes:
0. Insurance Companies • Bank Trust Departments
• Commercial Banks •
Investment Advisors
• Bond Funds • 'Corporations
• Dealers • Dealer Banks
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Individuals
In addition, Rauscher Pierce Refsnes, Inc. regularly assists our clients in the review of their
credit ratings, communication with bond counsel on issues which may affect operations or future
financings, and the evaluation of new financing techniques. When such reviews indicate attractive new
financing approaches, advance refundings or other cost saving opportunities, Rauscher Pierce Refsnes,
Inc.,will recommend that specific actions be initiated to accomplish our clients' goals.
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Rauscher Pierce Refsnes,Inc.
City of Dublin
MUNICIPAL RESEARCH GROUP
The Rauscher Pierce Refsnes, Inc. Municipal Research Group consists of eight professionals.
The Group's efforts complement our Public Finance and Sales and Trading efforts, providing analytical
services which are a valuable resource in the structuring and marketing of new issue securities.
Periodic research reports on our clients are prepared and distributed on their behalf to the rating
agencies and throughout the institutional and retail investment community.
COMPUTER SERVICES GROUP
The key to technical support is found in the ability of Rauscher Pierce Refsnes, Inc.
professionals to understand and solve our clients' most challenging technical problems. To enable our
staff to perform at this level, Rauscher Pierce Refsnes, Inc.'s Computer Services Group is continually
developing and implementing sophisticated computer programs to analyze and determine the most
efficient financing plans for our public and corporate clients. These programs are designed to (1)
Fi, evaluate the advantages and disadvantages of alternative financing mechanisms that may be used to
fund a project; (2) permit adjustments in financing plans that may be advisable due to rapidly changing
conditions in the capital markets; (3) improve investment returns; (4) determine optimal debt financing
strategies; and, (5) minimize interest cost.
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City of Dublin
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SCOPE OF SERVICES
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City of Dublin
2. SCOPE OF SERVICES
Pre-Closing Services
Rauscher Pierce Refsnes, Inc. ('RPR') combines vast experience in structuring California tax-
; } exempt bond issues with a comprehensive national marketing capability in institutional and retail
5_:k sales. Our investment banking approach provides the organization and expertise required to carry
out the City's financing needs effectively, which will result in the timely delivery of funds at the lowest
I net interest rates available under current market conditions. The following sets forth a brief outline
1h ' of the scope of services we will provide to the City of Dublin.
Banking and Advisory Services
Overview of Project Feasibility
- Work with staff to define clearly the objectives and constraints for the financings.
- Work with engineers and consultants in the preparation of studies for use in the
--1 official statements and with the insurance companies and rating agencies, if required.
* Selection of Financing Plan
- Define financing options in terms of legal structure, timing of the bond sales, and
financing benefits and risks. Produce cash flows analyses to illustrate options.
_ Review structuring alternatives with Jhe_City..,and.bond counsel based_ on objectives
and constraints. Select most appropriate overall financing structure.
* Assembly of Financing Team
' - In conjunction with the City and bond counsel select any other member of financing
team, as required.
L{ * Development of Legal Documents
} - Work with bond counsel to draft all necessary legal documents for the financing.
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- Design the most favorable terms and covenants with respect to credit strength and
I i financing structure chosen.
1 * Develop Official Statement
.` - Work with members of the financing team to develop a preliminary official statement
L.f that is accurate and complete, and that can serve as the primary marketing document.
- * Premarketing
- Alert institutional and retail brokers to the proposed bond issue so they can identify
prospective purchasers and assess market interest
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- Provide daily market information during the two weeks prior to bond pricing.
Rauscher Pierce Refsnes,Inc.
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'City of Dublin
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Assist in conducting information meetings or tours, as appropriate, for institutional
investors and retail brokers.
Marketing
,F-" - Develop a pricing strategy that meets the yield, cash flow and maturity objectives of
investors while keeping interest cost as low as possible.
. Negotiate the final offering scale and offer the debt for sale through a national public
offering.
Maintain close communication during the marketing process to monitor sales and to
obtain agreement on any needed repricing or restructuring.
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Closing and Continuing-Services
Post-Sale Service
Prepare a pricing book containing most up-to-date information on municipal bond
market including scales for comparable issues, interest rate comparisons and pertinent
market information.
Prepare a reinvestment portfolio for issue proceeds, if requested, that will produce
the highest yield consistent with planned drawdown of funds.
Coordinate with bond counsel, the preparation of final documents required for issue
Provide for timely closing of the financing, delivery of funds, and release of debt
securities.
Post-Closing Services
RPR provides ongoing assistance to our clients in the form of general advice on every issue
we help to originate. Only if a specific task became unusually time consuming (and with prior
agreement to undertake the task from the City ) would we consider requesting a fee to compensate
us for services rendered.
I One of the most important services we can provide is the investment of proceeds received at
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I closing. We have extensive experience in assisting cities and counties in the investment of
construction funds. After taking into consideration the cost of the projects and the anticipated draw
down schedules, we prudently invest the proceeds to correspond with the needs of the projects.
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Recent examples of post-closing services we have provided our clients include preparing a
letter clarifying which bond proceeds are subject to rebate and which are exempt, preparing a written
analysis for a city and its outside auditors regarding the future value savings obtained in a refunding
financing, and preparing a revised cash flow analysis for a construction project that may have an
unanticipated delay. For assessment bond projects, we have consulted with the property owners and
the issuer regarding the correct application of interest earnings form the reserve fund.
RPR would play an active role in maintaining a secondary market for the bonds. As a
dedicated market-maker for your bonds, we would always be available to purchase from our clients.
Rauscher Pierce Refsnes,Inc.
I City of Dublin
- Provide on-going financing advice and consultation, as requested.
- Provide secondary market support for trading of the bonds to ensure liquidity and to
enhance the City's future market access.
- Monitor the project's progress during the temporary construction period.
- Run debt service schedules on potential new financings.
Improve over all efficiency of financings by exploring various financing options to lower
r. the debt service costs of the City. Examples include the following:
• Refunding
f • Replacing cash in debt service reserve fund with a letter of credit or insurance.
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Rauscher Pierce Refsnes,Inc,
City of Dublin
3. MARKETING CAPABILITIES
Rauscher Pierce Refsnes, Inc. ("RPR') will conduct a national public offering of the City of
Dublin issue in both retail and appropriate institutional markets. RPR has a staff of 45 sales
professionals located in the Southwest and California including 10 in our San Francisco office, who
provide the most complete institutional coverage outside Wall Street.
Institutional accounts covered consist of over 1,000 commercial banks in California and the
Southwest together with approximately 25 Trust Departments for major financial institutions*' In
addition, the sales staff has constant communication with all of the major bond funds, investment
7 counselors and top casualty insurance companies. Further contact with the casualty insurance
companies consists of approximately 100 of the smaller second-tier casualty firms.
o Our Institutional Sales Department also services approximately 200 small regional dealers
throughout the country that do not have organized bond departments.
o Our municipal trading desk is comprised of four traders who are in minute-to-minute
contact with all dealers across the country in an effort to maintain active secondary
markets for various municipal issuers. These trading positions vary from $3.0 million to
$10.0 million an any given day.
o To further our commitment to institutional purchasers, our firm sponsors annual seminars
A. in which various municipal issuers meet to discuss their borrowing practices with
institutional buyers. This commitment to the institutions has enhanced our relationships
with them as well as provided an excellent.-source of education regarding municip.41.
finance. -
RPR maintains one of the most aggressive and productive retail sales force in the industry,
an increasingly important advantage to issuers as more and more individual investors enter the tax-
exempt market. We realize that a large number of retail account executives does not necessarily
provide for an excellent distribution system. For this reason, our Municipal Syndicate Department
has continually upgraded its communication system with our 250 retail brokers. This is accomplished
through several important procedures:
o Daily conference call for approximately 7-9 days prior to the initial p ricing of a managed
negotiated offering between the Public Finance Department specialist assigned to the
financing and the entire retail distribution system to discuss credit information and other
important aspects of the bond offering.
o In certain financings, our Municipal Syndicate Department arranges, in major cities, sales
information meetings between key municipal dealers, their retail and institutional account
executives and the issuer. Discussions are held regarding credit information and other
important aspects of the bond offering.
0 Total coordination between our retail distribution system and Municipal Syndicate
Department has enabled our firm to increase its participation on negotiated financings,
thus resulting in a more complete sales effort.
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In conjunction with the marketing of securities, RPR prepares a memorandum which is
distributed internally to the head underwriter and all of our major branch office sales desks. This
enables us to obtain valid indications of interest in an issue prior to the actual sales date.
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Rauscher Pierce Refsnes,Inc.
City of Dublin
Once the issue is marketed, we prepare a pricing book which includes the final debt service
structure and our computer analysis; recent articles on the municipal bond market compiled from The
Bond Buyer and a graph of historic municipal bond interest rates to provide a background
representation of the municipal market; a description of the components of the underwriters discount;
and a comparative summary of other issuers priced in the market at the same or nearly the same
time.
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Rauscher Pierce Refsnes,Inc.
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City of Dublin
PROJECT TEAM
1 �
Rauscher Pierce Refsnes,Inc.
i_i
City of Dublin
4. PROJECT TEAM
i
Rauscher Pierce Refsnes, Inc. ('WR') employs the "team" approach to provide the City of
Dublin access to the full range of investment banking talent available from the firm. Each member
of the following team assigned are located in San Francisco and will be readily accessible and
promptly responsive to the needs of the City. The project director for RPR will be Virginia Horler.
Resumes for each of the professionals listed below are included.
I PUBLIC FINANCE
Personnel to Years of
be Assigned Experience Responsibility
4wi
Virginia L. Horler 20 Project Manager
,-� Senior Vice President
..j and Managing Director
Pamela Becker Babbe 6 Assistant Manager
Associate
Eric Olson 2 Technical Assistant
Financial Analyst
UNDERWRITING, SALES AND TRADING
.Years of - -
i—�' be Assigned Experience Responsibility
Warren E. Gordon 15 Underwriter
Vice President
Steven E. Baker 18
Vice President Western Sales Manager
Lti
' VIRGINIA L. HORLER
Senior Vice President & Managing Director
Mrs. Horler, a Senior Vice President, serves as managing director of the San Francisco Public
Finance Department and is jointly responsible for all city, county, school district, public utility district,
and transportation financings in California. She joined RPR in 1983 after serving as Deputy
Treasurer and Budget Analyst for the City of Richmond, California for 12 years, and after, authoring
the Guide to Public Debt Financing in California in 1982 (revised in 1987). At the Corporation, Mrs.
`-' Horler was responsible for budgeting, cash management and the Corporation's short-term cash flow
and assessment district financing programs.
Since joining RPR, Mrs. Horler has acted as principal investment banker/financial advisor to
the City and County of San Francisco, the counties of Alameda, Orange and Monterey, the cities of
Irvine, Pleasanton, Carlsbad, Brisbane, Dublin, San Mateo, Hercules,Alameda,San Pablo, Redwood
City, Albany, San Diego, Los Gatos, Folsom, Suisun, Belmont, Long Beach, Carson, Palo Alto,
Richmond, Campbell, Fremont, Santa Ana, and San Luis Obispo, the Richmond Unified School
District, the Santa Clara County Traffic Authority, the Alameda County Transportation Authority,
the San Mateo County Transit District, the Monterey Bay Unified Air Pollution Control District, the
Rauscher Pierce Refsnes,Inc.
1-i
City of Dublin
Suisun/Solano Water Authority and the Ramona and Coachella Municipal Water Districts. She
specializes in short-term cash flow, public facility and infrastructure financings.
Mrs. Horler has assisted her clients in the issuance of certificates of participation, lease
revenue bonds, sales tax revenue bonds, water revenue bonds, tax allocation bonds, 1915 Act
Improvement Bonds, Mello-Roos special tax bonds, Marks Roos revenue bonds, refunding bonds,
variable rate and variable mode bonds, and tax and revenue anticipation notes totalling in excess of
$1 billion. She has written articles published in Western City and the California Association for Local
Economic Development Bulletin and has also lectured in the graduate schools at the University of
California and Golden Gate University.
Mrs. Horler received her Bachelor of Arts and Masters of Business Administration with honors
17
from Saint Mary's College and is a member of the California Society of Municipal Finance Officers,
the California Municipal Treasurers Association, the Government Finance Officers Association and
the San Francisco Municipal Forum.
PAMELA BECKER BABBE
Associate
Ms. Babbe joined RPR after working extensively as a consultant involved primarily with the
formation of Community Facilities Districts and Assessment Districts in California, Nevada and
Arizona. She was responsible for the creation of the tax formula for over 50 Mello-Roos community
facilities districts with a total bond authorization of over $1.5 billion.
Since Joining RPR in 1990, Ms. Babbe has acted as investment banker/financial advisor to the
Livermore Placentia and Redwood City, the counties of Oran
_,�i&s.of,NbAny, AqlT9nt. Hercules,
140-
and Nevada, the Placentia-Yorba Linda—Unified School D-is-t-r-ic-t, t an Unified School
District, the Truckee Donner Public Utility District and the Truckee Donner Recreation and Park
7) District. She has assisted her clients in the analysis and issuance of certificates of participation, lease
revenue bonds, Mello-Roos special tax bonds, Marks-Roos revenue bonds, refunding bonds, and
variable rate bonds.
X71
Ms. Babbe received her Bachelor of Arts from the University of Denver and her Masters of
U Business Administration from the University of California at Irvine.
L ERIC J. OLSON
Financial Analyst
Eric Olson joined RPR in July 1991. He is experienced in a wide variety of banking functions,
including spreadsheet modelling, issue structuring, rating agency presentations, investment of bond
proceeds, and refunding analysis. He specializes in quantitative analysis and computer applications.
Prior to joining RPR, Mr. Olson worked in the public sector as an analyst for the New York
City Campaign Finance Board. At that agency, he used extensive statistical and spreadsheet analysis
to study the financing of political campaigns. He holds a Bachelor of Arts degree from the University
of Pennsylvania with a concentration in urban planning and design.
Rauscher Pierce Refsnes,Inc.
City of Dublin
WARREN E. GORDON
Vice President
Mr. Gordon, Vice President, is RPR's California Trader/Underwriter. He has been in the
Municipal Bond industry for 15 years and has worked in New York, San Francisco and Los Angeles.
r; Prior to joining RPR, Mr. Gordon spent 11 years with PaineWebber Inc. managing the Western
Region from Los Angeles from 1981 through 1987. He has also worked for First Interstate Bank and
Sutro & Co. Mr. Gordon has served as Chairman and Board Member of California Public l'
s Securities
Association and is a member of the Municipal Bond Clubs of San Francisco and Los Angeles. He
holds a Bachelor of Science degree from Manhattan College in Riverdale, New York.
STEVEN E. BAKER
Vice President
F Mr. Baker joined RPR in 1985 as the West Coast Manager of Municipal Sales Operations.
! After graduating from the University of California at Santa Barbara with a B.S. Degree in Economics,
Mr. Baker spent eighteen years working for Dean Witter Reynolds Municipals in such capacities as
Municipal Liaison, Municipal Bond Trader, and Vice President of Institutional Sales, Fixed Income.
r j Mr. Baker, along with his sales and underwriting team, handles both institutional and retail
placements of municipal products on the West Coast.
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,_ Rauscher Pierce Refsnes,Inc.
City of Dublin
{
1 PROPOSED FEES
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Rauscher Pierce Refsnes,Inc.
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City of Dublin
5. FEE PROPOSAL
Our proposed fee includes the work described in the scope of services including preparation
of the preliminary and final official statments.
The take down and underwriting components of our fee, fluctuate according to market
conditions. Based on the current market, I propose a total underwriter's discount of two percent
(2%) of the par amount of the bonds.
jThe fee is contingent on the sale of the bonds and will be paid from the proceeds thereon.
Ell
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Rauscher Pierce Refsnes,Inc.
City of Dublin
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REFERENCES
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L
2
(7
I
Rauscher Pierce Refsnes,Inc,
i
City of Dublin
6. REFERENCES
RPR is pleased to provide the following references. We will be happy to provide additional
references upon request.
CITY OF BELMONT
1365 Fifth Avenue
Belmont, Californa 94002
Ms. Sandra C. Salerno
Director of Finance
(415) 595-7435
l
MONTEREY COUNTY
240 Church Street
P.O. Box 1992
Salinas, California 93902
Mr. Lou Solton
{ � . . . . .... .. .- .... ._..._.�_.. _ .. -._ _ .Treasurer
1 CITY OF PLACENTIA
401 East Chapman Avenue
Placentia, California 92670
(. Mr. Robert D'Amato
City Administrator
(714) 993-8117
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Rauscher Pierce Refsnes,Inc.
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City of Dublin —
APPENDIX
L71
L�
Rauscher Pierce Refsnes,Inc.
i
City of Dublin
CALIFORNIA MUNICIPAL FINANCING EXPERIENCE
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Rauscher Pierce Refsnes,Inc.
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i RAUSCHER PIERCE REFSNES,INC.
�. CALIFORNIA MUNICIPAL FINANCING EXPERIENCE*
1984-Present
Total Volume: $11,711,709,434
Issuer Issue $Amount Sale Date RPR Role
Richmond Redevelopment Agency Refunding Tax Allocation Bonds 11,465,000 1/10/92 Sr Mgr
Carlsbad Unified School District Certificates of Participation,Series 1992 4,005,000 1/8/92 Sole Mgr
City of Albany Lease Revenue Bonds,Series 1992 3,370,000 1/802 Sole Mgr
City of South San Francisco Variable Rate Demand Certificates of Participation 11,200,000 11/21/91 Sole Mgr
City of Torrance 1991 Certificates of Participation 5,950,000 11(1/'91 FA
San Diego County Water Authority Water Revenue Certificates of Participation,1991A&B 300,000,000 1115191 FA
California Health Facilities Financing Authority Secured Revenue Bonds,1991 Series 105,000,000 8/27/91 Co-Mgr
r`, City of Torrance 1991 Certificates of Participation(Fire Station Lease) 3,520,000 8/27/91 FA
California Health Facilities Financing Authority Insured Health Facility Revenue Bonds,1991 Series A 9,490,000 8/21/91 Co-Mgr
Rancho Santa Fe School District GO Bonds,Election of 1991,Series of 1991 1,500,000 8/5/91 FA
C} City of Livermore Variable Rate Demand Certificates of Participation 17,000,000 7/31/91 Sole Mgr
Santa Monica-Malibu Unified School District General Obligation Bonds 10,000,000 7/30/91 FA
San Diego Unified School District Certificates of Participation,Series 1991B 57,445,000 7/23/91 FA
City of Redwood City 1991 Local Agency Revenue Bonds,Series A 26,715,000 7/17/91 Sole Mgr
q City of Redwood City 1991 Local Agency Revenue Bonds,Series B 16,950,000 7/17/91 Sole Mgr
County of Orange Refunding Certificates of Participation 33,578,790 7/12/91 Co-Sr Mgr
Franklin-McKinley School District. 1991 General Obligation Bonds,Series C 1,560,000 7/01 FA
fNorth Monterey County Unified School District 1991 Tax and Revenue Anticipation Notes 3,025,000 6/21/91 . Sole Mgr
Atascadero Unified School District Certificates of Participation,Series of 1991 5,625,000 615191 Sole Mgr
San Diego Community College District Refunding Certificates of Participation 17,575,000 615191 Sole Mgr
' City of Watsonville Sewer Revenue Refunding Bonds,Series A 7,600,000 SN/91 Sole Mgr
w,,.. .. Sewer _
City of Watsonville Solid Waste Revenue Bonds ~_ � 3,065,000`•'-5/9)91- -Sole Mgr'°' °
City of Watsonville Water Revenue Refunding Bonds,Series A 7,465,000 5/9/91 Sole Mgr
j — Truckee Donner Public Utility District 1991 C.O.P.Water System Improvement Projects 10,510,000 5/1/91 Sole Mgr
ff City of San Jose 1991 Refunding Certificates of Participation 30,225,000 4/15/91 FA
l?;
City of Burlingame 1991 Certificates of Participation 14,430,000 41INI FA
Fresno Unified School District 1991A Certificates of Participation 22,410,000 3/15/91 Sole Mgr
City of Cupertino 1991 Certificates of Participation 32,970,000 3/14/91 Sole Mgr
City of San Diego 1991 General Obligation Bonds 25,500,000 3/5/91 FA
San Diego Unified School District 1991A Certificates of Participation 20,315,000 1/8/91 FA
County of Nevada Special Tax Bonds,CFD#90-1 9,070,000 12/17/90 FA
San Mateo County Transit District Sales Tax Revenue Bonds 109,280,000 12!11/90 FA
Carlsbad Unified School District Certificates of Participation 9,390,000 11/14/90 Sole Mgr
California Transportation Ventures,Inc. Report-Private Toll Road N/A 10/17/90 FA
North Monterey County Unified School District 1990 Tax and Revenue Anticipation Notes 3,050,000 9/25/90 Sole Mgr
iMadera Unified School District Fixed Interest Rate Short Term Convertible COP's 13,190,000 9/7/90 Sole Mgr
West Covina Public Financing Authority Water Revenue Bonds,Series 1990 6,835,000 9/4/90 Sole Mgr
Franklin-McKinley School District General Obligation Bonds,Series B 3,585,000 7a% FA
City of Redwood City Limited Obligation Improvement Bonds 11,680,000 6/21/90 Co-Mgr
D Sequoia Hospital District Escrow Restructuring 17,781,275 5/24/90 Sole Mgr
Suisun/Solano Water Authority Water Revenue Bonds,Series 1990 8,935,000 5/18/90 FA
City of Redwood City Refunding limited Obligation Improvement Bonds 5,950,000 4/26/90 Co-Mgr
Santa Clara County Traffic Authority Sales Tax Revenue Bonds 274,100,000 4/18/90 FA
City of Los Angeles-Bay Harbor Hospital,Inc. Certificates of Participation 13,100,000 4111/'90 Sole Mgr
City of Irvine Refunding Certificates of Participation 5,455,000 4/10/90 Sole Mgr
City of Cupertino Limited Obligation Improvement Bonds 382,000 4/2/90 Sole Mgr
(� City of Cupertino Certificates of Participation 9,070,000 4/1/90 Sole Mgr
City of Santa Monica General Obligation Bonds 4,500,000 3/27/90 FA
0111, Santa Clara County Traffic Authority Cash Defeasance 147,224,223 3/26/90 FA
Coachella Valley Water District,ID#53 General Obligation Partial Refunding Sewer Bonds 615,000 3/14/90 Sole Mgr
Page 1
I
RAUSCHER PIERCE REFSNES,INC.
CALIFORNIA MUNICIPAL FINANCING EXPERIENCE*
1984-Present
To-tal Volume: $11,711,709,434
Issuer Issue $Amount Sale Date RPR Role
I Coachella Valley Water District,ID#54 General Obligation Partial Refunding Sewer Bonds 2,100,000 3/14/90 Sole Mgr
Coachella Valley Water District,ID#55 General Obligation Partial Refunding Sewer Bonds 2,830,000 3/14/90 Sole Mgr
Coachella Valley Water District,ID#58 General Obligation Partial Refunding Sewer Bonds 3,170,000 3/14/90 Sole Mgr
Ramona Municipal Water District Refunding Certificates of Participation 25,115,000 3(1/90 Sole Mgr
San Diego County Water Authority Financing Study N/A 12/3189 FA
City of San Jose Limited Obligation Improvement Bonds 13,800,000 1211789 Co-Mgr
' Monterey Bay Unified Air Pollution Control District Certificates of Participation 4,305,000 . 1215/89 Sole Mgr
Antelo Valley Hospital District Certificates of Participation 52,505,000 11!3089 Sole Mgr
pe
Riverside County Board of Education Certificates of Participation 5,000,000 11113/89 Sole Mgr
Yolo County Flood and Water Conservation District Certificates of Participation 20,610,000 10/30/89 Co-Mgr
City of San Bernardino Hospital Revenue Refunding Bonds 39,085,000 100/89 Sole Mgr
San Diego Unified School District Certificates of Participation
48,545,000 7/1889 FA
City of Santa Clara Traffic Mitigation Assessment 3,350,000 7/12/89 FA
rCity of Cupertino Certificates of Participation 5,000,000 7/1189 Sole Mgr
, 650,000 7/6/89 Sole M
Jacoby Creek School District General Obligation Bonds Mgr
City of Livermore Refunding Certificates of Participation,Series 1989 4,270,000 6/26/89 Sole Mgr
Incline Village General Improvement District _ Recreation Revenue Refunding Bonds of 1989:_ 2,1201000 6/19/89 Sole Mgr
City and County of San Francisco General Obligation Bonds,Series 1989 A&B 24,000,000 6(1/89 FA
City f Santa Clara Redevelopment Agency Senior Secured Refunding Notes 42,000,000 6/1/89 FA
ry P
North City West School Facilities Financing Auth. Special Tax Bonds,CFD#1 46,265,000 5/10/89 Sole Mgr
Wasco Public Utilities District Refunding Sewer Revenue Bonds _2,510,000_-..4/19/89 Sole Mgr.
_.i Anderson Union High School District' Refrin.ding Certificates df Participation —' M1 " °' � 6,785,000 2128/89 �: Sole Mgr
Franklin-McKinley School District General Obligation School Improvement Bonds 3,585,000 2/2789 FA
County
of Alameda Refunding Certificates of Participation 133,30 ,000 2/2189 FA
01
City of Santa Clara 1989 Refunding Revenue Bonds 41,955,000 2115/89 FA
City of Albany a Lease Revenue Bonds 1,845,000 2/14/89 Sole Mgr
Sequoia Hospital District Refunding Revenue Bonds,Series 1989 21,745,000 1(1789 Sole Mgr
San Mateo County Transit District Financing Study N/A 12/31/88 FA
California Health Facilities Financing Authority Insured Revenue Bonds 3755,000 12122/88 Co-Mgr
Fresno Unified School District Certificates of Participation 8,345,000 12/16/88 Sole Mgr
Sacramento County Regional Sanitation District Certificates of Participation 60,155,000 12/14/88 Co-Mgr
Alameda County Transportation Authority Sales Tax Revenue BANs,Series 1988 50,500,000 121788 FA
Contra Costa Water District Water Revenue Bonds,Series B 35,000,000 12/1/88 FA
Town of Los Gatos,Parking Assessment District 1915 Act limited Obligation Bonds 1,587,956 11/22/88 Sole Mgr
City of Pleasanton Refunding Certificates of Participation 12,780,000 11117/88 Sole Mgr
[:J Sacramento Municipal Utility District Electric Revenue Refunding Bonds,1988 Series W 170,000,000 10/27/88 FA
Sacramento Municipal Utility District Electric Revenue Refunding Bonds,Series V 161,905,000 10/2788 FA
City of Oxnard Certificates of Participaton 11,000,000 9/27/88 Sr Mgr
I City and County of San Francisco GO Pub.School Facil.Improv.Bonds,Series 1988A 35,000,000 8/17/88 Co-FA
lr,
Anderson Union High School District Lease Revenue Bonds 4,420,000 8/15/88 FA
Placer County Water Agency Water Revenue Certificates of Participation 14,385,000 8/2/88 Sole Mgr
LJ� California Higher Education Loan Authority Student Loan Revenue Rate Adj.Mde Bonds,1988B 50,000,000 7/25/88 Sr Mgr
J University of California Housing System Revenue Bonds,Series W 30,530,000 7/21/88 Co-Mgr
Whisman School District General Obligation Bonds 4,200,000 7/11/88 FA
California Public Capital Improv.Financing Auth. Pooled Revenue Bonds,Series C 125,000,000 715/88 Sole Mgr
California Public Capital Improv.Financing Auth. Pooled Revenue Bonds,Series D 75,000,000 7/5/88 Sole Mgr
California Public Capital Improv.Financing Auth. Pooled Revenue Bonds,Series E 100,000,000 7/5/88 Sole Mgr
City of Carlsbad,Hospital Grove Project Refunding Certificates of Participation 8,690,000 6115188 Sole Mgr
! ( California Higher Education Loan Authority Student Loan Revenue Rate Adj.Mde Bonds,1988A 75,000,000 6/10/88 Sr Mgr
County of Sacramento 1988 Tax&Revenue Anticipation Notes 80,000,000 6/188 Sr Mgr
i
Page 2
�1 •f .s
RAUSCHER PIERCE REFSNES,INC.
F."; CALIFORNIA MUNICIPAL FINANCING EXPERIENCE'S
1984-Present
EJTotal Volume: $11,711,709,434
Issuer Issue $Amount Sale Date RPR Role
City of San Jose,Communications Center Certificates of Participation 30,000,000 5/24/88 FA
East Bay Municipal Utilities District Multiple Capital Improvement Bonds 20,000,000 5/11/88 FA
Richmond Unified School District Certificates of Participation 9,800,000 5/9/88 Sole Mgr
( East Bay Municipal Utilities District Wastewater Commercial Paper Notes 95,000,000 4/29/88 FA
County of Napa,Green Island Assessment District 1915 Act Special Assessment Bonds 2,605,714 4!26/88 FA
Oak Park Unified School District 1977 Election,1984 Series General Obligation Bonds 4,100,000 4/26/88 FA
City of Santa Clara Redevelopment Agency Tax Allocation Refunding Bonds 35,800,000 4/14/88 Co-Mgr
City of Bakersfield,Wastewater Treatment Plant Certificates of Participation 23,265,000 4/8/88 Sole Mgr
City of Santa Monica,Redevelopment Agency Tax Allocation Refinancing Bonds,1988B 2,375,000 4/8/88 Sole Mgr
City of Santa Monica,Redevelopment Agency Tax Allocation Refunding Bonds,1988A 6,400,000 4/8/88 Sole Mgr
City of Brisbane Certificates of Participation 4,500,000 4/1/88 Sole Mgr
=-� California Public Capital Improv.Financing Auth. Revenue Bonds,Series 1988A 200,000,000 3/310 Sole Mgr
California Public Capital Improv.Financing Auth. Revenue Bonds,Series 1988B 200,000,000 3/31188 Sole Mgr
(: County of Santa Clara,American Baptist Homes Certificates of Participation 57,880,000 3/25/88 Sole Mgr
County of Monterey,Laguna Seca Assess.Dist. Limited Obligation Improvement Bonds 2,505,065 3/22188 Sole Mgr
Refunding Certificates of Participation 17,230,000 3/9/88 Sole Mgr
City of Dublin g p
Menifee Union School District Certificates of Participation 2,575,000 2/26/88 Sole Mgr
City of Hayward Redevelopment Agency Financing Study N/A 2/15/88 FA .
City of Santa Rosa Wastewater Revenue Bonds,1988A 35,000,000 2/9/88 Co-Mgr
City of Folsom Redevelopment Agency Tax Allocation Bonds,1987 Series A 3,245,000 12/15/87 FA
} County of Orange Certificates of Participation 30,765,000 12/10/87 Sole Mgr
Grossmont Union High School DisMct'"':. '-""'-Tax-&°Revenue-Anticipation•Notes ::_ _. ._ 41400,000 _ .11/23/87: . Sole Mgr.—.,--.
City&County of San Francisco P.U.C. Water Revenue Refunding Bonds,Series of 1987 106,117,011 11/19/87 Co-Mgr
City of Suisun City Certificates of Participation 2,970,000 11/3/87 Sole Mgr
II� Contra Costa Water District Water Revenue Refunding Bonds,Series A 20,075,000 10/15/87 FA
1.3 Sacramento Municipal Utility District Electric Revenue Bonds,Series U 150,000,000 1011/87 FA
Santee Unified School District Certificates of Participation 4,100,000 9/24/87 Sole Mgr
City of Pleasanton Certificates of Participation 7,960,000 9/23/87 Sole Mgr
California Higher Education Loan Authority 1987 Refunding Bonds,Series A,B,C 200,000,000 9/3/87 Co-Mgr
University of California Refunding Certificates of Participation 40,430,000 9/1/87 Co-Mgr
Ramona Unified School District Tax&Revenue Anticipation Notes 1,650,000 8/25187 Sole Mgr
West Covina Redevelopment Agency Refunding Certificates of Participation 12,000,000 8/20/87 Sole Mgr
County of Orange Tax Allocation Bonds,Issue of 1987 20,000,000 8/12/87 Co-Mgr
CIty of Belmont CFD#86-1 Special Tax Bonds 3,615,000 8/11/87 Sole Mgr
SOFAR Management Authority Hydroelectric Certificates of Participation 125,000,000 8/4/87 FA
i Loma Prieta Joint Union School District General Obligation Bonds 200,000 7/8/87 FA
-u City of Carlsbad Tax&Revenue Anticipation Notes 6,555,000 7/1/87 Sole Mgr
County of Sacramento Tax&Revenue Anticipation Notes 80,000,000 6/24/87 Sr Mgr
City of San Jose Special Assessment District Bonds 7,426,789 6/23/87 FA
' County of Fresno Tax and Revenue Anticipation Notes 45,000,000 6/23/87 Co-Mgr
San Jose/Santa Clara Water Fin Authority Refunding Revenue Bonds 84,905,000 6/19/87 Co-Mgr
Fremont Unified School District Refunding Certificates of Participation 11,500,000 6/18/87 Sole Mgr
1'Li,.' City of San Mateo Redevelopment Agency Refunding Certificates of Participation 15,200,000 6/11/87 FA
County of Sacramento 1987 Tax and Revenue Anticipation Notes 80,000,000 6/1187 Co-Mgr
City of Pasadena Certificates of Participation 24,050,000 5/19/87 Sole Mgr
LlCounty of Monterey Refunding Certificates of Participation 14,860,000 5/12/87 Sole Mgr
Panama Union School District School District Bonds,Series A 6,700,000 5/12/87 Co
Irvine Public Facilities Lease Revenue Bonds 6,375,000 4/27/87 Sole Mgr
California Higher Education Loan Authority Rate Adjustable Mode Bonds 125,000,000 3/26/87 Sole Mgr
1L"I► Wasco Public Utility District Loan Anticipation Notes,1987 3,258,000 3/11/87 FA
._ Page 3
RAUSCHER PIERCE REFSNES,INC.
- CALIFORNIA MUNICIPAL FINANCING EXPERIENCE*
1984-Present
Total Volume: $11,711,709,434
LJIssuer Issue $Amount Sale Date RPR Role
University of California Parking System Revenue Bonds,Series A 11,000,000 3/10/87 Co-Mgr
City of Long Beach Redevelopment Agency Tax Allocation Refunding Bonds,1987 Series A 9,000,000 ?127/87 . Sole Mgr
Oak Park Unified School District General Obligation Bonds 2,100,000 ?117/87 FA
Northern California Power Agency Revenue Refunding Bonds 606,555,000 2/3/87 Co-Mgr
Sacramento Municipal Utility District Electric Revenue Bonds,Series S 175,000,000 2/1/87 FA
Sacramento Municipal Utility District Electric Revenue Refunding Bonds,Series R 236,560,000 2/1/87 FA
Grossmont Union High School District Tax&Revenue Anticipation Notes 4,240,000 12/18/86 Sole Mgr
Santee Unified School District Tax&Revenue Anticipation Notes 3,000,000 12111/86 Sole Mgr
Fresno Unified School District Tax&Revenue Anticipation Notes 1,500,000- 10/23/86 Sole Mgr
Kings River Conservation District/Dinkey Creek Hydroelectric Revenue Bonds 450,000,000 10/10/86 Co-FA
�.. Carson Redevelopment Agency Subordinate Tax Allocation Bonds 9,150,000 10/6/86 FA
Modesto Irrigation District Refunding Certificates of Participation 161,500,000 10/1/86 FA/Co-Mgr
City of Santa Monica Certificates of Participation 12,965,000 8/19/86 Sole Mgr
Northern California Power Authority Refunding Hydroelectric Revenue Bonds 356,730,000 . 8113/86 Co-Mgr
Fremont Park Facilities Corporation . Certificates of Participation 12,705,000 8/80 Sole Mgr
City of Ukiah Electric Revenue Bonds 2,890,000 8/6/86 FA
Claremont Unified School District General Obligation Bonds ,1,875,000 8/5/86 FA
ICity of Santa Ana Redevelopment Agency Certificates of Participation 13,990,000 811186 FA
Santa Clara County Traffic Authority limited Tax Bonds 200,000,000 7/22/86 FA
City of Cupertino Certificates of Participation 9,800,000 7/16/86 Sole Mgr
i East Bay Municipal Utility District Water Revenue Bonds,Series D 100,000,000 7/8/86 FA
Northam California Power Authority Refunding Hydroelectric Revenue Bonds 265,090,000 7/3/86 . Co-Mgr
State Public Worts Board of California Energy Efficiency Revenue Bonds 66,455,000 6/30/86 Co-Mgr
�r I San Luis Obispo Capital Improvement Board Capital Improvement/Lease Revenue Bonds 13,970,000 6/75/86 Sole Mgr
Redwood City Public Facility Infrastructure Capital Improvement/Lease Revenue Bonds 16,140,000 6/23/86 Sole Mgr
L' City of Hercules Redevelopment Agency Refunding Certificates of Participation 10,905,000 6119/86 Sole Mgr
Kings River Conservation District Pine Flat Power Revenue Refunding Bonds 14,105,000 6/18/86 FA
Fremont Unified School District General Obligation Bonds 670,000 6/17/86 FA
City of Richmond Tax and Revenue Anticipation Notes 9,000,000 6/10/86 Sole Mgr
County of Fresno Tax and Revenue Anticipation Notes 65,000,000 6/10/86 Co-Mgr
County of Sacramento Tax and Revenue Anticipation Notes 120,000,000 6/10/86 Sr Mgr
.`
City of Ukiah Electric Revenue Refunding Bonds 21,585,000 614186 FA
City of San Diego Refunding Certificates of Participation 63,330,000 5/8/86 FA
Sacramento Municipal Utility District Electric Revenue Bonds 150,000,000 5/1/86 FA
Irvine Public Facilities Authority Lease Revenue Bonds 6,375,000 4/27/86 Sole Mgr
Lj East Bay Municipal Utility District General Obligation Bonds 25,500,000 4/24/86 Co-FA
East Bay Municipal Utility District Wastewater Revenue Refunding Bonds 25,280,000 4/7186 FA
Fremont Unified School District Certificates of Participation 8,225,000 4/3/86 Sole Mgr
East Bay Municipal Utility District Water Revenue Refunding Bonds 150,365,000 4RJ86 FA
j City of San Diego Multi-family Revenue Bonds 20,999,737 12J2?0 Sr Mgr
West Covina Redevelopment Agency Refunding Certificates of Participation 12,000,000 '== Sole Mgr
` 1 City of Redwood City Seaport Centre Improvement Bonds 11,133,530 12/18/85 Sole Mgr
�J Kings River Conaervation District/Dinkey Creek Hydroelectric Revenue Bonds,Series A,B,C 450,000,000 12118/85 FA
City of Milpitas Tax Assessment Revenue Bonds 10,532,000 12117/85 Co-Mgr
f City of San Jose Airport Revenue Bonds,Series 1985 85,960,000 12/17/85 FA
L'-';!i
Los Angeles Community Redevelopment Agency Tax Allocation Bonds 100,000,000 12117/85
West Covina Re&velopment Agency Variable Rate Demand Certificates of Participation 75,605,000 12/17/85 Sr Mgr
I City of Visalia Certificates of Participation 28,400,000 12/16/85 Co-Mgr
Santee Unified School District Tax and Revenue Anticipation Notes 2,000,000 17111/85 Sole Mgr
City of Watsonv&Redevelopment Agency Tax Allocation Bonds 2,175,000 12/10/85 FA
i
:, Page 4
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RAUSCHER PIERCE REFSNES,INC.
�. CALIFORNIA MUNICIPAL FINANCING EXPERIENCE*
1984-Present
Total Volume. $11,711,709,434
Issuer Issue $Amount Sale Date. RPR Role
L,1 California Higher Education Loan Authority Student Loan Revenue Bonds 200,000,000 1215/85 Sole Mgr
County of Alameda Santa Rita Jail Project Variable Rate Demand Certificates of Participation 133,300,000 12/4/85 FA
Grossmont Union High School District Tax and Revenue Anticipation Notes 6,000,000 11/27/85 Sole Mgr
San Diego Unified School District Tax and Revenue Anticipation Notes 36,000,000 1127185 Sole Mgr
Elsinore Union High School District Certificates of Participation 2,195,000 11!22/85 Sole Mgr
Palm Desert Redevelopment Agency Tax Allocation Bonds,Series 1985 441135,000 1121/85 Co-Mgr
City of Hercules,Alfred Nobel Assessment District Assessment District Improvement Bonds 13,694,469 1120185 Sole Mgr
Brea Redevelopment Agency Refunding Tax Allocation Bonds 49,580,000 11/19/85 Co-Mgr
San Diego County Capital Assets Leasing Corp Leasehold Revenue Bonds 25,640,000 11/19/85 CoTA
Richmond Redevelopment Agency Tax Allocation and Refunding Bonds,1985 Series 11,530,000 11/18/85 FA
City of San Jose Redevelopment Agency Tax Allocation Bonds,1985 Series A 90,000,000 11/14/85 Co-Mgr
Irvine Public Facilities 8t Infrastructure Lease Revenue Bonds/Variable Rate 90,400,000 11/14/85 Sole Mgr
Sacramento Municipal Utility District Electric Revenue Refunding Bonds,1985 Series 491,495,000 11/8/85 FA
City of San Pablo Tax and Revenue Anticipation Notes 1,150,000 11/4/85 Sole Mgr
Fresno Unified School District Tax and Revenue Anticipation Notes 11,500,000 1023/85 Sole Mgr
City of Fremont Certificates of Participation 9,940,000 10/17/85 Sole Mgr
Inglewood Redevelopment Agency Tax Allocation Bonds 6,065,000 . 1011185 . - FA...
City of Watsonville Sewer Revenue Bonds 5,000,000 9/10/85 Sole Mgr
Unified School District Certificates of Participation 2,330,000 9/5/85 Sole Mgr
Coachella Valley Untfi
City of Berkeley ...__. . Certificates of Participation 26,650,000 8114/85 Sr Mgr
City P P Ag Y .,....__,w_,.,, 10600000 °7/16/85 Sole M
Ci of Campbell Redevelo menu enc Certificates of Participatton.,, g
„j Visalia Unified School District Education Facility Corporation Bonds 2,?50,000 7/16/85 -Sole Mgr—�"
County of Sacramento - Tax and Revenue Anticipation Notes 50,000,000 621/85 Co-Mgr
County of Sacramento Tax and Revenue Anticipation Notes 50,000,000 621/85 Co-Mgr
County of Fresno Tax and Revenue Anticipation Notes 60,000,000 6/18/85 Co-Mgr
Sacramento Municipal Utility District Electric Revenue Refunding Bonds,1985 Series P 191,345,000 6/13/85 FA
City of Richmond Tax and Revenue Anticipation Notes 9,000,000 6/10/85 Sole Mgr
Redlands Redevelopment Agency Tax Allocation Bonds 14,245,000 5/7185 Co-Mgr
City of Long Beach Marina Revenue Refunding Bonds 38,315,000 4/15/85 Sole Mgr
City of Hercules Redevelopment Agency Certificates of Participation 9,090,000 3/1 1,100,000 2/19/88 5 FA
/ Sole Mgr
Oak Park Unified School District General Obligation Bonds
Bakersfield Public Facilities Corporation Leasehold Mortgage Revenue Bonds 15,010,000 12119/84 FA
Santa Ana Community Redevelopment Agency Tax Allocation Bonds 19,000,000 12!17/84 FA
City of Monrovia Redevelopment Agency Variable Rate Demand Certificates of Participation 10,000,000, 12/15/84 Sole Mgr
Richmond Unified School District Tax and Revenue Anticipation Notes 9,000,000 1211384 Sole Mgr
I, 1 Grossmont Union High School District Tax and Revenue Anticipation Notes 9,500,000 12/11/84 Sole Mgr
San Diego Unified School District Tax and Revenue Anticipation Notes 25,000,000 1214/84 Sole Mgr
City of Richmond Tax and Revenue Anticipation Notes 8,500,000 1121/84 Sole Mgr
City of Monrovia Redevelopment Agency Junior Lien Tax Allocation Bonds,Series 1984 9,170,000 11/14/84 FA
City of Perris Multi-family Housing Revenue 6,400,000 11/1484 Sr Mgr
City of Manteca Sewer Revenue Bonds 3,250,000 10/30/84 Sole Mgr
f San Jose-Santa Clara Water Financing Authority Revenue Bonds,1983 Series B 20,470,000 1024/84 FA
[f i
I Alameda County Union Sanitary District Sewer Revenue Bonds,Series B 6,100,000 10/17/84 FA
City of San Jose Airport Revenue Bonds 24,400,000 10/16/84 Sole Mgr
City of Visalia Sewer Revenue Bonds 6,845,000 10/16/84 Sole Mgr
County of Sacramento Certificates of Participation 62,900,000 10/12/84 FA
California High Education Loan Authority Student Loan Revenue Bonds 125,000,000 10/3/84 Sole Mgr
Vista Unified School District Tax and Revenue Anticipation Notes 3,500,000 10/4184 Sole Mgr
City of San Pablo' Tax and Revenue Anticipation Notes 1,200,000 1011/84 Sole Mgr
City of Alameda Tax and Revenue Anticipation Notes 5,000,000 9/1884 Sole Mgr
::,4 Page 5
i -
RAUSCHER PIERCE REFSNES,INC.
CALIFORNIA MUNICIPAL FINANCING EXPERIENCE*
1984-Present
i Total Volume: $11,711,709,434
Issuer Issue $Amount Sale Date RPR Role
' City of Redwood City Tax and Revenue Anticipation Notes 3,800,000 9/17/84 Sole Mgr
Pico River Redevelopment Agency Tax Allocation Bonds 20,000,000 9/12/84 Co-Mgr
i City of San Jose Refunding Airport Revenue Bonds 24,400,000 9/2184 Sole Mgr
Fresno Unified School District Tax and Revenue Anticipation Notes,Series 1984 12,000,000 8/31/84 Sole Mgr
City of Escondido Multi-Family Housing Revenue Bonds 24,000,000 80/84 Sole Mgr
City of West Covina Certificates of Participation 20,430,000 8/27/84 Sole Mgr
San Diego County Capital Assets Leasing Corp Leasehold Revenue Bonds,1984 Series A 11,825,000 821/84 FA
City of Palo Alto Parking Garage Assessment Bonds 5,430,000 8/1/84 FA
County of Fresno 7 31417o Grant Anticipation Notes,1984 Series 2,825,000 8/1184 FA
Fresno County ID#217 Assessment Bonds 1,508,725 7/17/84 FA
San Mateo Redevelopment Agency Certificates of Participation 8,100,000 7/16/84 FA
City of Suisun Multi-family Housing Revenue 7,750,000 7/10/84 Co-Mgr
Concord Redevelopment Agency Tax Allocation Bonds,Series C 12,750,000 625/84 FA
Rainbow Municipal Water District General Obligation Bonds 3,255,000 521/84 FA
City of Santa Maria Redevelopment Agency Certificates of Participation 39,705,000 5/15/84 FA
Los Angeles County Sanitation District Financial Analysis N/A 517/84 FA
Santa Clara Valley Water District Water Revenue Bonds 33,000,000 4/23/84 FA
Yorba Linda County Water District Water System Improvements 10,000,000 4/17/84 FA
Whisman School District General Obligation Bonds 1,000,000 4112184 FA
Contra Costa County Public Facilities Corporation Refunding Certificates of Participation 6,425,000 4/5/84 Co-Mgr
City of Palm Springs Sewerage Assessment Bonds 5,140,644 321/84 FA
Shasta County Public Facilities Corporation Revenue Bonds 7,000,000 228/84 FA
City of Bakersfield Wastewater Improvements Financial Analysis N/A 2/8184 FA
San Mateo Redevelopment Agency Capital Projects Financing Analysis N/A 2/6/84 FA
City of Hercules Improvement Assessment Dist Water Treatment Plant Improvement Bonds 4,863,506 1/11/84 Sole Mgr
City of San Bruno Waste Master Plan N/A 117/84 FA
'New financings structured wholly or partially by Rauscher Pierce Refsnes,Inc.
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RAUSCHER PIERCE REFSNES, INC:
Onc Market Plaza
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San Francisco, California'94105.`
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