Barstow City Council
June 3, 2025

Hypothetical Financial Analysis Using the same sizing constraints as Goleta and current market conditions, the City could generate $14.4 million for eligible street/traffic improvements Case Study Pricing: February 25, 2025 Leveraged share of Santa BarbaraCounty Measure A, which sunsets in 2040 Financing team worked extensively with county transportation authority (SBCAG) to approve pledge of local share to bonds Bonds sized such that projected revenues($2.1 million) provided no less than 150% coverage of annual debt service, with no growth Pledge to the bonds was subordinate to Measure A revenues to a TIFIA loan from the U.S. DOT S&P rated the Bonds and insurance and surety policies were provided by Assured Guaranty Provided $16.2 million for priority crib wall repair, multipurpose paths, and road repair Barstow Sample Bond Sizing Dated Date 11/01/25 First Maturity 06/01/26 Final Maturity 06/01/40 Par Amount $13,785,000 Revenue Constraint 1,956,807 Average Annual Debt Service 1,338,844 True Interest Cost 3.94% Deposit to Project Fund 14,420,111 1. Preliminary and subject to change. 2. Analysis assumes current market conditions and similarcredits. 3. Stifel neither guarantees such results nor commits to underwrite at these levels. 4. Cost of issuance estimates for discussion purposes. 5. Assumptions about rating underlying) and provision/costof insurance are based on actual results for City of Goleta. 6. Revenue constraint is actual Measure I receipts for FY 2024. Page 1