City of Barstow
San Bernardino County,
California
November 4, 2025
Transportation Sales Tax
Sample Bond Sizing
1. Preliminary and subject to change.
2. Analysis assumes current market conditions and similar credits.
3. Stifel neither guarantees such results nor commits to underwrite at these levels.
4. Cost of issuance and underwriter’s discount are estimates for discussion purposes.
5. Assumes an ‘A+’ underlying rating.
6. Provision/cost of insurance are estimates for discussion purposes.
7. Revenue constraint is actual Measure I receipts for FY 2024.
8. Interest rates as of 10/28/2025
Barstow Sample Bond Sizing
Scenario 1 2 3
2025 Measure I Revenue $1,806,119 $1,806,119 $1,806,119 Debt Service Constraint 750,000 1,000,000 1,204,080
Coverage Ratio 2.41 1.81 1.50x
Surplus Measure I 1,056,119 806,119 602,040
Dated Date 3/1/2026 3/1/2026 3/1/2026
First Maturity 6/1/2026 6/1/2026 6/1/2026
Final Maturity 6/1/2040 6/1/2040 6/1/2040
Par Amount 8,040,000 10,740,000 12,930,000
True Interest Cost 3.38% 3.38% 3.38%
Deposit to Project Fund 8,564,218 11,548,892 13,970,865
Purpose Beg Balance Annual Pymnt Remaining Bal Fund Source 2021 Lease
Revenue Bonds
Refinance
SBCERA UAL
$ 10,214,472.00 $ 669,787.00 $ 6,631,411.00 103
2022 Pension
Oblig Bonds
Refinance UAL $ 27,805,504.00 $1,966,390.00 $ 21,850,003.00 100 - 92% 102 - 1.3%
103 - .04%
605/650 - 5.8%
Holman Capital
Equip (combined)
Refurbish Engine,
Mechanic Lift,
additional fire
equip, New Type 1
Engine.
$ 2,797,014.00 $ 467,203.00 $ 2,044,600.00 102
Fire Advance
Interfund Loan
w/General Fund
Operating Costs $ 5,817,392.00 $ 500,000.00 $ 3,317,392.00 103 TOTAL $46,634,384.00 $3,603,380.00 $33,843,406.00
DEBT SERVICE 2026
3 100 – General Fund 102 – Measure Q 103 – Measure Q Fire 605 – Wastewater 650 – Solid Waste
UFI Disclosure
§ Conflicts of Interest and Other Matters Requiring Disclosures. Pursuant to Municipal Securities Rulemaking Board (“MSRB”) Rule G-42, on Duties of NonSolicitor Municipal Advisors, Municipal Advisors are required to make certain written disclosures to clients which include, amongst other things, Conflicts of Interest and any Legal or Disciplinary events of Urban Futures, Inc. (UFI) and its associated persons. § The following are potential conflicts of interest to be considered. — UFI represents that in connection with the issuance of municipal securities, UFI may receive compensation from an Issuer or Obligated Person for services rendered, which compensation is contingent upon the successful closing of a transaction and/or is based on the size of a transaction. Consistent with the requirements of MSRB Rule G-42, UFI hereby discloses, that such contingent and/or transactional compensation may present a potential conflict of interest regarding UFI’s ability to provide unbiased advice to enter into such transaction. The contingent fee arrangement creates an incentive for UFI to recommend unnecessary financings or financings that are disadvantageous to the City, or to advise City to increase the size of the issue. This potential conflict of interest will not impair UFI’s ability to render unbiased and competent advice or to fulfill its fiduciary duty to the City. — UFI’s fees under this agreement may be based on hourly fees of UFI’s personnel, with the aggregate amount equaling the number of hours worked by such personnel times an agreed-upon hourly billing rate. This form of compensation presents a potential conflict of interest because it could create an incentive for UFI to recommend alternatives that would result in more hours worked. This conflict of interest will not impair UFI’s ability to render unbiased and competent advice or to fulfill its fiduciary duty to the City.
— UFI’s fees under this agreement, may be a fixed amount established at the outset of the Agreement. The amount is usually based upon an analysis by City and UFI of, among other things, the expected duration and complexity of the transaction and the Scope of Services to be performed by UFI. This form of compensation presents a potential conflict of interest because, if the transaction requires more work than originally contemplated, UFI may suffer a loss. Thus, UFI may recommend less time-consuming alternatives, or fail to do a thorough analysis of alternatives. This conflict of interest will not impair UFI’s ability to render unbiased and competent advice or to fulfill its fiduciary duty to the City. — The fee paid to UFI increases the cost of investment to the City. The increased cost occurs from compensating UFI for municipal advisory services provided. — UFI serves a wide variety of other clients that may from time to time have interests that could have a direct or indirect impact on the interests of another UFI client. For example, UFI serves as municipal advisor to other municipal advisory clients and, in such cases, owes a regulatory duty to such other clients just as it does to the City. These other clients may, from time to time and depending on the specific circumstances, have competing interests. In acting in the interests of its various clients, UFI could potentially face a conflict of interest arising from these competing client interests. UFI fulfills its regulatory duty and mitigates such conflicts through dealing honestly and with the utmost good faith with the City. — UFI does not have any affiliate that provides any advice, service, or product to or on behalf of the client that is directly or indirectly related to the municipal advisory activities to be performed by UFI;
— UFI has not made any payments directly or indirectly to obtain or retain the City’s municipal advisory business; — UFI has not received any payments from third parties to enlist UFI’s recommendation to the City of its services, any municipal securities transaction or any municipal finance product;
— UFI has not engaged in any fee-splitting arrangements involving UFI and any provider of investments or services to the City; — UFI does not have any legal or disciplinary event that is material to the City’s evaluation of the municipal advisory or the integrity of its management or advisory personnel.
— UFI does not act as principal in any of the transaction(s) related to this Agreement. — Randall Merritt, a Managing Principal, previously worked at Raymond James & Associates, Inc. from December 2015 until December 2023. UFI's relationships with Raymond James and all other investment banks are conducted in an arm's length manner, and any recommendations are independent of any prior employment or other relationships.
— Gabrielle Dawson, an Associate previously worked at Morgan Stanley from June 2022 until December 2023. UFI's relationships with Morgan Stanley and all other investment banks are conducted in an arm's length manner, and any recommendations are independent of any prior employment or other relationships. § Legal Events and Disciplinary History. UFI does not have any legal events and disciplinary history on its Form MA and Form MA-I, which includes information about any criminal actions, regulatory actions, investigations, terminations, judgments, liens, civil judicial actions, customer complaints, arbitrations and civil litigation. The District may electronically access UFI’s the most recent Form MA and each most recent Form MA-I filed with the Commission at the following website: www.sec.gov/edgar/searchedgar/companysearch.html. There have been no material changes to a legal or disciplinary event disclosure on any Form MA or Form MA-I filed with the SEC.