Camarillo City Council
March 26, 2025

Irvine | Oakland | San Francisco | Washington | Hawaii
www.fieldman.com

PROPOSAL FOR MUNICIPAL FINANCIAL

ADVISORY SERVICES

CITY OF CAMARILLO &

CAMARILLO SANITARY

DISTRICT

FIELDMAN, ROLAPP & ASSOCIATES, INC.
19900 MacArthur Boulevard, Suite 1100
Irvine, CA 92612
Contacts: Robert Porr: [email protected]
Direct Line: 949-660-7323
Mobile: 949-751-8445
Lora Nichols: [email protected]
Direct Line: 949-660-7312
Mobile: 949-892-8617

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Table of Contents

1. Cover Letter .................................................................................................................. 2

2. Executive Summary .................................................................................................... 3

3. Statement of Qualifications ...................................................................................... 4

4. Scope of Work ............................................................................................................. 8

5. Cost Proposal ............................................................................................................... 13

6. Disclosure Letter ......................................................................................................... 14

7. Litigation (Past, Current, Pending within last 5 years) .......................................... 14

8. Signed Offer - Valid 120 days ................................................................................... 15 APPENDIX A: Standard Proposal Regulatory Disclaimers & Disclosures APPENDIX B: Utility Practice Transactions
APPENDIX C: Project Team Resumes
APPENDIX D: Summary of Work Product for References APPENDIX E: Summary of Similar Work conducted for Public Agencies APPENDIX F: Proof of Insurance
APPENDIX G: WIFIA Loan Experiences
APPENDIX H: Disclosure Letter
Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Section 1: Cover Letter
A Request for Proposal transmittal letter introducing the Consultant and/or Firm and the individual who will be the primary contact person.

Proposal for Municipal Financial Advisory Services
Fieldman, Rolapp & Associates, Inc. (“ Firm” or “Fieldman”) is pleased to submit this response to the Request for Proposal (“RFP”) for Municipal Financial Advisory Services to the City of Camarillo (“Camarillo” or the “City”) and the Camarillo Sanitary District (“CSD” or “District”) .

The City is seeking to engage a municipal advisor to create a financial plan to fund the capital improvement program (the “CIP”) identified in the Wastewater Master Plan . Fieldman is an independent municipal advisory firm registered with the SEC and MSRB that has more than fifty-eight ( 58) years of experience advising California issuers with their capital funding solutions.

Fieldman’s key professional staff will be comprised of Utility Practice Sector Head, Robert Porr, J.D., Executive Vice President and Lora Nichols, Vice President. Each are experienced advisors in advanced analytics, financial modeling, debt structuring, and transaction execution. Mr. Porr and Ms. Nichols will be further supported by Denisa Marc, Associate. Robert and Lora have designed multiple long-range financial models and plans and either secured funding or are in the process of securing funds for those clients. Since June 2019, the Utility sector team has advised clients on approximately $ 5 billion of debt, including government -sponsored loans such as Water Infrastructure Finance and Innovation Act (“WIFIA”) Loans and State Water Resources Control Board (“SWRCB”) SRF Loans.

Our service to the City will focus on implementing the following approach:

Providing rigorous quantitative analysis of the District’s financial situation, financing strategies and options, and then providing clear, concise advice.

Developing sophisticated, yet functional financial models using multiple funding sources to fund the CIP. Our models analyze and provide quantitative outputs which highlight and compare the financial benefits and drawbacks of alternative capital funding methods and strategies.

Robert and Lora serve “as an extension of staff”, and many clients lean heavily upon us to fulfill broad scopes of service.

The Fieldman team is well experienced in matters important to the City and we are confident that our unparalleled depth of knowledge and experience will provide the City with extraordinary service.

Appendix A contains our Standard Proposal Regulatory Disclaimers & Disclosures.

Primary Contact Person and Title: Robert A. Porr, Executive Vice President Address: Located at 19900 MacArthur Blvd # 1100, Irvine, CA 92612 Phone Number: Office (949) 660-7323, Mobile (949) 751-8445 Email: [email protected]
Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Section 2: Executive Summary
Fieldman is among California's most active financial advisors in water/wastewater transactions in terms of transaction volume. At the core of our firm lie the following guiding principles:
✓ Experience: A top financial advisor in California by number of financings and principal amount and has been in business since 1966.
✓ Integrity: We pride ourselves on our conservative financial advice that includes innovative solutions and strategies.
✓ Service: Our goal is to provide uncommon advice that will enable the City and the District to achieve its objectives.

Fieldman is the right advisor for the City:

Robert and Lora have recent relevant experience in matters important to the City:
we advise on long range financial planning, policy development, and issuance of long-term debt including the drafting and submittal of Letters of Interest and Applications for the WIFIA program.

The City seeks a municipal financial advisor to provide strategic financial planning, analysis, and guidance to enable the City and the District (subsidiary district of the City) to create a financial plan that:
✓ Compares different financing options to identify an optimal structure which achieves the highest possible credit ratings and lowest cost of capital without taking unnecessary risk;
✓ Establishes a roadmap for implementing the financial plan; Fieldman will dedicate its two most experienced Utility advisors whose sole purpose will be to enable the City to achieve its goals. To do so , we will employ a holistic view of the District’s financial position, capital needs , strategic objectives and reinvestment opportunities to establish a financial plan and determine a clear and concise roadmap of implementation. As part of the financial plan we will identify what viable steps could be taken to complete the plan and mitigate any risk to the City that might prevent success.

According to Refinitiv statistics , since June of
2019 through August of 2024 , Fieldman has
advised on the issuance of approximately $3
billion of Utility debt. In addition to our
experience with traditional debt, Fieldman
has advised clients on approximately $1.5
billion of WIFIA Loans and approximately
$406 million of SRF Loans since 2017.

Our goal is to provide the City with services
and advice resulting in financial planning that
adds to your success. Recently, Mr. Robert
Porr and Ms. Lora Nichols have successfully
advised, or are in the process of advising,
multiple clients in connection with long-range
plans for funding capital improvements which are further discussed in Section 3.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Section 3: Statement of Qualifications
a) Background information including specific qualifications and experience in providing similar services to government/public sector entities.

Fieldman is a full service, independent registered municipal advisor focused on California public finance. Fieldman started in business in 1966, was incorporated in California during 1974, and has successfully served California municipalities for over fifty -eight (58) years. The firm maintains its primary office in Irvine, where the City’s primary advisory team is situated.

The number of transactions we have completed, and the diversity of our clients, has provided our team with a unique understanding of the business side of the municipal utility industry. It is this understanding combined with our financial acumen that permits us to implement sophisticated financial solutions wrapped within practical approaches.

Refer to Appendix B for a list of transactions that have been completed by the Utility practice since June of 2019.

MEMBER ROLE/RESPONSIBILITY EXPERIENCE AND SKILLS
Robert Porr
Executive Vice
President
Engagement Manager
✓ Engages with Staff to identify objectives
and priorities
✓ Directs Fieldman’s efforts to achieve
clients’ objectives
✓ Reviews all work product prior to
distribution to Client
✓ Oversees quality control review with non-
team technical advisor
✓ Creates presentations for Elected Officials
and Staff
✓ Delivers presentations or supports Staff in
presenting to Elected Officials
✓ Designs credits rating strategy
✓ Prices publicly sold debt
Qualifications
✓ Twenty-two (22) years of
experience with Fieldman
specializing in California
water/wastewater clients
✓ Eight (8) years as an investment
banker
✓ Responsible for approximately
$16 billion in debt as an advisor
and banker
✓ Extensive experience with
creating financial plans and
experienced with all forms of
municipal debt
✓ Holds CIPMA designation and
Series 50 and 54 Certifications
✓ Member of the New York Bar
Lora Nichols
Vice President
Project Manager
✓ Designs architecture of financial models
✓ Oversees creation of models and inputs
✓ Assists with quality control
✓ Available as a resource for City/District
Staff and Board presentations
✓ Serves as backup engagement manager
✓ Supports creation of presentations and
delivers presentations to Elected Officials,
as needed
✓ Daily communicator with District Staff
Qualifications
✓ Specializes in Utility sector
finance since joining Fieldman in
2014, and completed $7.2
million debt financing in her
career
✓ Extensive experience designing
and creating financial models
✓ Experience in water/wastewater
credit analysis and all forms of
municipal debt
✓ Holds Series 50 Certifications
Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
See Appendix C for Resumes of the project team assigned to the City.

Our mission is to educate and support clients, so that informed decisions can be made. We achieve our mission by providing clear, concise recommendations supported by quantitative analysis, teamed with practical business sense. Each of the below resources allow us to gather and analyze data for use in debt pricing, spread negotiations , and forecasting economic conditions. With access to Bloomberg and TM3, we have at our disposal the latest pricing information in the fixed income markets. This information gives us the ability to actively monitor our client’s debt portfolio, estimate interest rates (which we utilize in pricing scenarios and in preparing for competitive and negotiat ed sales), and to monitor refunding opportunities.
b) Describe your organizational structure and explain how your organization qualifies to be responsive to the requirements of this Request for Proposal.

We have a staff of twenty -one (21) full-time employees, of which fourteen (14) are qualified municipal advisor representatives (those who have passed the Series 50 exam) and seven (7) who have passed the Series 54 exam (Principals Exam) , including Mr. Porr. Through our Denisa Marc
Associate
Technical Support
✓ Responsible for research, data gathering,
preparation of Excel based models and
charts required for presentations.
✓ Assists with technical and quantitative
analysis.
✓ Assists with document review, rating
presentations, and pricing tasks.
✓ Assists with RFQs for other service
providers.

Qualifications
✓ Joined Fieldman in 2023
✓ Focus on Utility Clients
✓ Experience in financial modeling
✓ Conducts market and credit
research
✓ Holds Master’s Degree in
Econometrics and Quantitative
Economics
✓ Taking Series 50 Exam in
December 2024
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Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
Employee Stock Ownership Program
(ESOP), our employees, as beneficial
owners of the firm, participate in an
ownership culture. Every employee
has a strong interest in being efficient
and providing responsive service to
each client on each assignment.

Fieldman is separated into multiple
business sectors, (such as cities,
transportation and utilities) and
advisors provide services to clients
within a sector. Thus, clients work
with a team of consultants that have
specific expertise within a sector
resulting in unparalleled advice and
quick turnaround times. Our philosophy is to allow Practice Sector Heads to engage with clients to reach a mutually beneficial arrangement with minimal input from executive management. Also, Practice Sector Heads report directly to Fieldman’s CEO and, therefore, in rare situations where approval is needed, Mr. Porr can receive approval with minimal delay.

Members of the Utility Practice will take the lead in working with City Staff. As we have for other clients, Robert will assist his team with the initial architecture of any financial model, but will delegate creation to Lora and Denisa. Robert will participate in discussions with the City and his team to develop refinements or solutions to input from the City. To ensure quality control of our work product, Robert and a technical team member from Fieldman’s Transportation Practice will periodically review models for functionality, accuracy of the inputs and verification of assumptions.
c) References: Provide a list of at least three (3) clients for whom you have provided similar services within the last (5) years, comparable to that described within this Request for Proposal.

Indicate client organization name, contact person, and phone number.

The Utility Practice prides itself on maintaining long-term relationships with numerous clients, some for which we have advised for more than thirty-five (35) years and many others for sixteen (16) years or more. Please refer to Appendix D for a detailed summary of the work products provided to the below references:

SILICON VALLEY CLEAN WATER
1400 Radio Rd, Redwood City, CA 94065
Matt Anderson, Assistant Manager / Chief Financial Officer (650) 832-6261 [email protected]

UNION SANITARY DISTRICT
5072 Benson Rd, Union City, CA 94587
Mark Carlson, CFO/Business Services Manager, (510) 477-7510 [email protected]

SANTA CLARITA VALLEY WATER AGENCY
27234 Bouquet Canyon Road, Santa Clarita, CA 91350
Rochelle Patterson, Chief Financial & Administrative Officer, (661) 513-1239; [email protected]
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Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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d) Provide three (3) examples of similar work conducted for other public agencies.

Please refer to Appendix E for a detailed summary of the work products provided to the following agencies:
e) Provide proof of financial stability enabling the firm to be capable of meeting the requirements of this Request for Proposal.

Fieldman has maintained its financial sustainability and viability during periods of economic expansion and contraction over the past 58 years. Critical components of financial stability are diversity among our client base and work-product. Our business is divided into multiple practices, utilities, schools, transportation, cities, counties, healthcare, etc., thus, we are not dependent upon revenues from a single sector of clients. Additionally, our services are not limited to debt issuance; non-transactional work provides significant annual revenue irrespective of interest rates, or the status of local or national economic conditions. Lastly, strategic entrances into other regions and sectors have further increased revenue reliability and stability.

As proof of our financial stability, our financial condition has been improved over the past 5 years as demonstrated by our expanding balance sheet. Assets have grown by approximately

42.18%, while liabilities have declined by approximately 33.18%, resulting in an increase in stockholders equity of approximately 56.86%. Additionally, Fieldman has added to reserves and has current assets of approximately $5.3 million as of November 21, 2024.

Currently, there are no financial conditions and no existing conditions, such as bankruptcy, litigation, planned office closures, impending mergers, etc., that will impede Fieldman’s ability to meet the requirements of your Request for Proposal.
f) Proof of insurance. See Exhibit C in the attached Professional Services Agreement “Attachment A”:

Please refer to Appendix F for our Proof of Insurance.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Section 4: Scope of Work
A discussion of your Firm’s methodologies used and/or approaches taken to successfully accomplish the duties and responsibilities stated in the RFP’s Scope of Work section.

The Fieldman Utility Practice is committed to California water, wastewater and public power.

We achieve our mission by providing clear, concise recommendations supported by quantitative analysis teamed with practical business sense. We have prepared a sequential order of activities surrounding the tasks important to the City. Below we have captured the financial steps taken to complete a long-range financial plan review.

Phase 1: Data Collection
The initial phase includes performing an extensive review of the District’s overall financial status. Before making recommendations, we want to fully comprehend the District’s objectives and risk tolerance. By doing so, we can best judge what financial strategies and products would maximize resources and generate the strongest financial results while avoiding unnecessary risk. We will review and analyze:

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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a. Historical financial results and
recent ACFR.
d. The City’s / District’s financial policies and
Urban Water Management Plan.
b. The current year adopted budget
(capital and operations) and
amendments, if any.
e. Fund balances and investments along with
expected expenses to determine liquidity
levels and amounts available to meet capital
expenditures, if any.c. The District’s CIP and WWMP and relevant sections of the City’s
General Plan.

Phase 2: Analysis
The second phase of our engagement will be to design and create a financial model that forecasts revenues, expenses and capital expenditures over an extended period. The time period will differ depending on each client’s capital program; however, we generally recommend a forecast period of ten (10) years.

The financial model will be an aggregation of the revenues, operational expenses, and capital expenditures of the District to produce a customary revenue -supported cash flow with key credit criteria, such as days cash and debt service coverage as outputs. We also believe that there should be a separation between potential pay-go capital projects and those projects that will require debt to fully fund. This analysis permits us to advise the District in connection with (a) debt capacity , (b) revenue requirements, (c) potential sources of capital funding, ( d) possible credit rating outcomes, and (e) timing for the execution of debt. Generally, the model will also provide guidance on the timing and level of potential revenue increases in addition to determining the District’s debt capacity . Fieldman will additionally compare the financial results of the model to the City’s peers.

Historic financial results demonstrated coverage of over 3.8x in the last five fiscal years and reserves equal to about 4.5 years of liquidity. While cash levels are budgeted to be lower in FY 2025, the District estimates having over two (2) years of working capital on hand which should be sufficient to maintain its rating , pending review of the upcoming capital improvement needs. Large increases in operation and maintenance expenses over the last two years and lower capital improvement fees have resulted in debt service coverage of 1.5x. Prolonged financial results at this level is likely to put downward pressure on the rating. A goal will be to develop a financial plan that maintains liquidity at or slightly below the current level but enhances debt service coverage.

The models we create are very specific
and are developed to compare the
costs of different funding options to
fund our clients’ capital improvement
programs. Each model is designed
and constructed from scratch to tailor
the model specifically for each client’s
needs. Every mo del provides a
framework for clients to determine the
appropriate mix of funding resources,
Issue debt or
use cash
Issue
traditional
tax-exempt
debt or
government
loans
Issue fixed-
rate debt or
variable rate
debt
Issue interim
or long-term
debt
Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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such as grants, cash, government-sponsored debt and traditional debt, as well as the form of debt and its structure and tenor.

We recognize that the District’s debt capacity is limited based upon its now outdated additional debt test that permits additional senior lien debt only if net revenues equal 125% of maximum debt service. Thus, careful consideration will be given to the future amortization of debt to align with available revenues and debt service payments. The District may have a number of strategies to overcome
the impact of the outdated
additional debt test: (a)
refund the Series 2015
Bonds with bonds using
an additional debt test
based upon annual debt
service rather than
maximum annual debt
service; (b) if a refunding is
economically unattractive
a second option would be
to close the senior lien and
issue new debt on a new
parity lien; or (c) issue and
structure new debt along with rate increases, if necessary, to meet the existing additional debt test. Above, we have outlined a strategy to reduce the maximum annual debt service for the District by combining federal loans with typical public debt financing to wrap around the District’s existing 2015 bonds for Phase 1 ($24 million solids Stream WRP Upgrades) and Phase 2 ($111 million Construction of Treatment Plant). While the municipal market and treasury rates have continued to increase, it will be important to consider all options in the financial plan and development, including the opportunity to use grants and cash to fund portions of the WRP.

Phase 3 and 4: Plan Development and Deliverables
A deeply embedded philosophy we follow is to address each assignment from a global perspective. With each considered action there may be good and less favorable consequences. We willingly undertake the analysis to identify risks and quantify financial impacts. We will identify mitigation strategies, or alternatives , and compare the costs and benefits of each viable alternative. We then spend time with Staff to lay out and explain the various alternatives, always with the view of how objectives can be achieved without or with minimal acceptable risks. Further, our consultants are comfortable recommending taking no action where risks are significant and mitigation strategies or alternatives are ineffective.

To finalize the development of the financial plan, Fieldman will:
(i) Prepare a written document detailing the LRFP including types of funding sources, timing of debt issuance(s) and expected funding costs to complete the CIP. (ii) Create, or revise as necessary, debt management and reserve policies that provide a practical approach to supporting the implementation of the LRFP. $0
$1
$2
$3
$4
$5
$6
$7
$8
$9
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
2052
2054
2056
2058
2060
2062
2064
2066
Millions
2015 Bonds $24 Million Bond (Phase 1)
49% WIFIA (Phase 2) 51% Bonds (Phase 2)
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City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Phase 5: Implementing the Funding Strategy
Upon the completion of the LRFP and at the direction of the City, Fieldman has the expertise to implement the funding strategy through the following steps:
• Identify the different funding resources to be pursued, for example SRF, WIFIA, tax - exempt bonds, and cash. The financial model will tell us the timing and amount for each funding mechanism and when to start each component of the funding plan.

In many cases, after appropriate analysis and consultation with Staff, we recommend a hybrid approach of using existing cash, future free-cash flow and debt to fund large, ongoing capital programs. We have highlighted the process for issuing tax -exempt debt, SRF Loans, WIFIA Loans below.

WIFIA Loans
Since 2018, the Fieldman Utility practice sector has advised on nine (9) new money WIFIA Loans totaling over $1 billion, two (2) WIFIA Master Agreements totaling approximately $555 million; completed two rate re -sets (refundings) in the amount of $353 million and an amendment of an existing loan in the amount of $218 million. The Fieldman Utility practice is currently advising on four (4) additional WIFIA Loans / Master Agreements. Current 30-year treasury yields, a benchmark for the WIFIA Loan, have continued to increase so it is important for the City to weigh the cost of the program against some of its other non-quantitative benefits (i.e. sculpted terms, flexibility repayment, prepayment at any time , and ability to re -set the interest rate on the loan and re-amortize principal once after execution).

See Appendix G for a listing of our WIFIA experiences.

State Water Resource Control Board SRF Loans
We recognize that SRF Loans are in great demand and loan amounts may be limited for Issuers looking for capital borrowing in the future. Additionally, timing to close is unpredictable, so depending on the outcome of the LRFP analysis we may suggest that the City file an application with the State to begin the financial, environmental and legal review. If the City is accepted into the program, we can provide credit analysis to the SWRCB team and make recommendations on the terms and conditions of the loan. Our experience tells us that SWRCB is generally unwilling to change most of the terms and conditions of the loan agreement ; for example SWRCB will want a senior lien position and an additional debt test based upon maximum annual debt service as shown. The SWRCB will also want a rate covenant based upon maximum annual debt service.

Tax-exempt Municipal Securities
The District’s 2 015 Bonds can be prepaid without premium on or after June 1, 2025. The District will be able to refund its 2015 Bonds debt as early as March 2025. While the current market does not look to be economic to refinance the outstanding debt, it will be important to continue to monitor this refunding opportunity. The District may be able to consolidate future transactions to finance portions of the WWMP in addition to a refunding of the 2015 Bonds.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Should the City require debt financing, including a refinancing of existing debt, Fieldman’s selected team has the expertise to provide Staff with unwavering support and advice on any municipal financing structure. A typical financing timeline spans approximately four (4) months from the initial kick-off conference call to the bond closing date. Below is a high-level overview schedule for a debt transaction.

If the
City/District
decide to
pursue tax-
exempt
financing,
Fieldman can
assume primary
responsibility
for assisting the
City/District in
coordinating
the planning
and execution
of each debt
issue relating to
the CIP.

The overall coordination of the financing shall be to minimize the costs of the transaction coincident with maximizing the District's financing flexibility and capital market access.

Fieldman's proposed debt issuance services are referenced above. • Develop the Financing Schedule
• Monitor the Transaction Process
• Review the Official Statement, both Preliminary and Final • Procure and Coordinate Additional Service Providers
• Provide Financial Advice to the District Related to Financing Documents • Compute Sizing and Design Structure of the Debt Issue • Plan and Schedule Rating District Presentation
• Conduct Credit Enhancement Procurement and Evaluation • Conduct Market Analysis and Evaluate Timing of Market Entry • Recommend Award of Debt Issuance
• Provide Pre-Closing and Closing Assistance
• Calculate Additional Debt Test Compliance
• Rating Agency Surveillances

Months 1 to 4: Develop Legal and Financing Documents; and Plan of Finance Develop Financing Strategy
Draft and Review Resolutions
and Legal Documents
Draft and Review Preliminary
Official Statement
Review / Finalize Plan of
Financing and Cashflows
Monitor Market Conditions
and Refunding Opportunities
Months 2 to 3: Develop Credit Rating Strategy and
Approve Financing
Draft Credit Rating
Presentation
Prepare Staff for Meeting with
Rating Agency(s)
Receive Rating
Prepare Staff Memo and/or
Presentation for Board
Meeting to Approve Financing
Receive Board Approval
Month 4: Bond Sale
Sell Bonds
Finalize all Documents
including the Final Official
Statement and Related Legal
Documents
Close Financing/Deliver Bond
Proceeds to City/District
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City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Section 5: Cost Proposal
This section shall define the fee schedule /pricing information for the project. Pricing shall remain firm for the length of the initial Agreement term. Thereafter, any proposed pricing adjustments for follow -on renewal periods will require a contract amendment and shall be submitted to the City r epresentative in writing at least ninety (90) days prior to the new Agreement term. City reserves the right to negotiate any pricing adjustment.

Fieldman proposes to be compensated on an hourly rates basis for non-transactional work.

The table below reflects our proposed rates for such services.

Hourly Compensation will be billed monthly and are due thirty (30) days from the invoice date.

Expenses will be billed separately and will cover, among other things, travel, lodging, subsistence, overnight courier, computer, and fax transmission charges.

Personnel Hourly Rate
Executive Officer ....................................................... $425.00 Principal ..................................................................... $415.00 Executive / Senior Vice President ............................ $405.00 Vice President ............................................................ $345.00 Assistant Vice President ........................................... $320.00 Senior Associate ........................................................ $290.00 Associate .................................................................... $255.00 Analyst ........................................................................ $140.00 Administrative Assistant ........................................... $105.00 The fees listed above shall increase each January 1st beginning January 1, 2026, by three percent (3.00%) (“Annual Inflation Adjustment”).

Fieldman estimates its services for the long-range financial plan to be $60,000.

Services related to the implementation of the financial plan pertaining to traditional debt issuance transactions are contingent on the closing of the issuance and will be compensated on a fixed fee basis, as described in the table below:

Transaction Size Fees
$1 to $40,000,000 $55,000
$40,000,001 to $80,000,000 $60,000
$80,000,001 to $100,000,000 $65,000
$100,000,001 to $120,000,000 $70,000
$120,000,001 and above to be negotiated
For transactions that include multiple series of bonds the full transaction fee will not be charged for each additional series of bonds sold or included in a transaction. For any series in excess of one, a fee of not to exceed twenty thousand dollars ($20,000) per each additional series will be added to the transaction fee above.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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The fees listed above shall increase each January 1st beginning January 1, 2026, by the Annual Inflation Adjustment.

In connection with any governmental loan ( i.e., WIFIA, USDA, California SRF Loans, etc.), our fees are non-contingent based on time and materials. We would welcome the opportunity to discuss our fees and our services and work with Staff to negotiate a mutually agreeable fee structure.

We would welcome the opportunity to discuss our fees and our services and work with Staff to negotiate a mutually agreeable fee structure.

Section 6: Disclosure Letter
A letter, signed under penalty of perjury regarding disclosure of financial interests of City officials or employees with the Firm.

Please refer to Appendix H for our Disclosure Letter.

Section 7: Litigation (Past, Current, Pending within last 5 years) Firms are required to list past, current, or pending litigation resulting from professional services rendered over the past five years. If a court or an arbitrator rendered a decision, state the results.

At present, there are no financial conditions and no existing conditions, such as bankruptcy, litigation, planned office closures, impending merger, etc., that will impede Fieldman’s ability to complete the Scope of Work.

In 2023, the U.S. Securities and Exchange Commission (the “SEC”) accepted offers of settlement from Fieldman and a principal (the “Settlement”). Neither the firm nor the principal admitted or denied the findings described in the Settlement. For more information about the Settlement, please review the Regulatory Action Disclosure included in Fieldman’s Form MA and Form MA-I for the principal (which is cross -referenced in Form MA). There are no other legal or disciplinary events material to the Client’s eval uation of Fieldman or the integrity of Fieldman’s management or advisory personnel disclosed, or that should be disclosed, on any Form MA or Form MA-I, with the SEC. There has been no other material change or addition to the legal or disciplinary event disclosures on any Form MA or MA-I filed with the SEC.

Fieldman’s most recent Form MA and each most recent Form MA -I filed with the SEC are available on the SEC’s EDGAR system at http://www.sec.gov/cgi-bin/browse- edgar?action=getcompany&CIK=0001612429
Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
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Section 8: Signed Offer – Valid 120 Days
The signature of an authorized individual to bind the Firm. The proposal must be a firm offer good for a 120-day period.

Our proposal shall remain valid for a period of not less than one hundred twenty (120) calendar days from the date of submittal, which is November 22, 2024.

Thank you for your consideration. It will be a privilege to be your municipal advisor and we commit to not only providing true value to the City, but we pledge our undivided attention to your success.

FIELDMAN, ROLAPP & ASSOCIATES, INC.
____________________________________ _________________________ Robert A. Porr, Lora Nichols,
Executive Vice President Vice President
[email protected] [email protected]
(949) 660-7323 Direct (949) 660-7300 Direct
(949) 751-8445 Mobile (949) 892-8617 Mobile
Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX A:

Standard Proposal Regulatory Disclaimers & Disclosures
Fieldman is a SEC-registered Municipal Advisor. When formally engaged by public District clients, we undertake a fiduciary duty with respect to advice provided on financial matters.

PROPOSAL DOES NOT CONSTITUTE “ADVICE” OR MUNICIPAL ADVISORY

RELATIONSHIP
These materials are delivered to you for the purpose of obtaining an engagement as your municipal advisor, and we wish to clarify the nature of our relationship. We are providing the information contained in these materials for informational purposes only.

The information provided in these materials does not create or imply any fiduciary relationship and is being provided solely for the purpose of marketing our services to you as a prospective client of Fieldman. The information provided to you is not to be construed as “advice” within the meaning of Section 15B of the Securities and Exchange Act of 1934, or relied upon by you as advice in determining a course of action in connection with any current or prospective undertakings relative to any municipal se curities issuance or municipal financial product. Any information contained in these materials has been prepared without taking into account your circumstances, financial or otherwise, and is not intended to replace or supplement any advice you may have al ready received internally or externally from any other professional.

Potential for Limitation of Advisory Scope Disclosure
At the explicit direction of the District, our scope of services may be limited to the implementation of a pre-determined financial transaction or strategy. In such instances, a complete review of all feasible and suitable financial alternatives will not b e undertaken as part of our engagement. We would otherwise operate under a fiduciary duty to consider all feasible and suitable alternatives to accomplish a given objective.

Potential Conflict of Interest Disclosure
Compensation contingent on the completion of a financing or project is customary for municipal financial advisors. To the extent that our compensation for the proposed engagement is contingent on successful completion of any transactions, a potential conflict of interest exists as we would have a potential incentive to recommend the completion of a transaction that might not be optimal for the District. However, as noted earlier, Fieldman undertakes a fiduci ary duty in advising public agencies regardless of compensation structure.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX B:

Utility Practice Transactions
[Remainder of Page Intentionally Left Blank]
Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Orange County Water
District
Revenue Certificates of
Participation (Interim
Obligations), Series
2019A
6/27/2019 $135,000,000 Certificates of Participation
COP Negotiated
Orange County Water
District
Revenue Certificates of
Participation
(Refunding
Obligations) Series
2019B
6/27/2019 $6,505,000 Certificates of Participation
COP Negotiated
Silicon Valley Clean Water WIFIA Loan 7/11/2019 $218,000,000 Revenue Obligation Competitive Stockton East Water
District
2019 Installment
Purchase Agreement
(Private Placement)
7/17/2019 $38,527,000 Revenue Bonds RB Placement Agent
Silicon Valley Clean Water Wastewater Revenue
Notes, Series 2019A 7/30/2019 $209,300,000 Revenue Bonds RB Competitive Rancho California Water
District Financing
Authority
Tax-Exempt Fixed Rate
Refunding Revenue
Bonds, Series of
2019A
9/17/2019 $118,090,000 Revenue Bonds RB Negotiated
Marina Coast Water
District
Enterprise Revenue
Certificates of
Participation, Series
2019
12/3/2019 $17,725,000 Certificates of Participation
COP Negotiated
Orange County Water
District
Refunding Revenue
Bonds, Series 2019C 12/3/2019 $99,065,000 Revenue Bonds RB Negotiated Orange County Water
District
Refunding Revenue
Bonds, Series 2019D 12/3/2019 $59,135,000 Revenue Bonds RB Negotiated Delano-Earlimart
Irrigation District
Refunding Revenue
Bonds, Series 2019A 12/4/2019 $14,970,000 Revenue Bonds RB Negotiated Monte Vista Water District
Revenue Certificates of
Participation, Series
2020A
1/22/2020 $14,110,000 Certificates of Participation
COP Negotiated
Monte Vista Water District
Refunding Revenue
Certificates of
Participation, Series
2020B (Federally
Taxable)
1/22/2020 $8,385,000 Certificates of Participation
COP Negotiated

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Union Sanitary District
Financing Authority
Revenue Bonds, Series
2020A 2/12/2020 $64,160,000 Revenue Bonds RB Negotiated Terra Bella Irrigation
District
2020 Installment
Purchase Agreement 2/13/2020 $3,073,652 Private Placement Placement Agent Lindmore Irrigation
District
2020 Installment
Purchase Agreement 3/30/2020 $3,454,963 Private Placement Placement Agent Carpinteria Valley Water
District
Refunding Revenue
Bonds, Series 2020A 4/6/2020 $17,915,000 Revenue Bonds RB Negotiated Carpinteria Valley Water
District
Refunding Revenue
Bonds, Taxable Series
2020B
4/6/2020 $3,720,000 Revenue Bonds RB Negotiated
Carpinteria Valley Water
District
Revenue Certificates of
Participation, Series
2020C
4/6/2020 $1,510,000 Certificates of Participation
COP Negotiated
Lindsay-Strathmore
Irrigation District
2020 Installment
Purchase Agreement 5/11/2020 $4,736,200 Private Placement Placement Agent Mesa Water District
2020 Revenue
Certificates of
Participation
5/27/2020 $55,985,000 Certificates of Participation
COP Negotiated
San Luis Unit /Westlands
Water District Financing
Authority
Revenue Bonds
(Westlands Water
District), Series 2020A
(Federally Taxable)
6/4/2020 $197,990,000 Revenue Bonds RB Negotiated
San Luis Unit/Westlands
Water District Financing
Authority
Subordinate Revenue
Bonds (Westlands
Water District), Series
2020B (Federally
Taxable)
6/4/2020 $27,375,000 Revenue Bonds RB Negotiated

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method El Dorado Irrigation
District
Refunding Revenue
Bonds, Series 2020C 6/15/2020 $129,020,000 Revenue Bonds RB Negotiated El Dorado Irrigation
District
Revenue Certificates of
Participation, Series
2020A
6/15/2020 $61,080,000 Certificates of Participation
COP Negotiated
El Dorado Irrigation
District
Refunding Revenue
Bonds, Series 2020B 6/15/2020 $5,600,000 Revenue Bonds RB Negotiated Upper Santa Clara Valley
Joint Powers Authority
Revenue Bonds,
Taxable Series 2020B 7/15/2020 $172,635,000 Revenue Bonds RB Negotiated Upper Santa Clara Valley
Joint Powers Authority
Revenue Bonds, Series
2020A 7/15/2020 $78,440,000 Revenue Bonds RB Negotiated El Dorado Irrigation
District
Refunding Revenue
Bonds, Taxable Series
2020D
7/28/2020 $81,075,000 Revenue Bonds RB Negotiated
Orange County Water
District
Refinanced WIFIA
Loan 8/6/2020 $135,000,000 Revenue Obligation NA
Orange County Water
District
State Revolving Fund
Loan 8/6/2020 $181,207,420 Revenue Obligation NA
Lower Tule River
Irrigation District
Refunding Revenue
Bonds, Series 2020A 8/26/2020 $13,810,000 Revenue Bonds RB Negotiated Montecito Water District Refunding Revenue
Bonds, Series 2020A 8/31/2020 $11,390,000 Revenue Bonds RB Negotiated

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method East Valley Water District Refunding Revenue
Bonds, Series 2020A 9/2/2020 $16,885,000 Revenue Bonds RB Negotiated East Valley Water District
Refunding Revenue
Bonds, Series 2020B
(Federally Taxable)
9/2/2020 $13,615,000 Revenue Bonds RB Negotiated
Tulare Irrigation District 2020 Private
Placement Refunding 9/3/2020 $5,150,000 Private Placement Placement Agent Porterville Irrigation
District
2020 Installment
Purchase Agreement 9/28/2020 $4,413,430 Private Placement Placement Agent Shafter-Wasco Irrigation
District
Refunding Revenue
Bonds, Series 2020A 10/7/2020 $9,410,000 Revenue Bonds RB Negotiated South Coast Water
District
Revenue Bonds, Series
2020A 10/15/2020 $32,845,000 Revenue Bonds RB Negotiated County of Missoula
Fairgrounds District
Special Assessment
Revenue Bonds, Series
2020
11/12/2020 $12,485,000 Revenue Bonds RB Negotiated
Silicon Valley Clean Water Refinanced WIFIA
Loan 11/17/2020 $218,000,000 Revenue Obligation Competitive Nevada Irrigation District
Joint Powers Authority
Revenue Bonds, Series
2020A 12/7/2020 $15,015,000 Revenue Bonds RB Negotiated Lindmore Irrigation
District
2021 Capital Funding
(Installment Purchase
Agreement
12/15/2020 $8,000,000 Private Placement Placement Agent

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Rancho California Water
District Financing
Authority
Taxable Fixed Rate
Refunding Revenue
Bonds, Series of
2021A
1/6/2021 $46,395,000 Revenue Bonds RB Negotiated
San Luis & Delta-Mendota
Water Authority
Revenue Bonds
(OM&R Project), Series
2021A
1/6/2021 $8,020,000 Revenue Bonds RB Negotiated
West Stanislaus Irrigation
District
Refunding Revenue
Bonds Series 2021B 1/14/2021 $24,795,000 Revenue Bonds RB Negotiated West Stanislaus Irrigation
District
Refunding Revenue
Bonds, Series 2021A 1/14/2021 $2,455,000 Revenue Bonds RB Negotiated San Luis & Delta-Mendota
Water Authority
Refunding Revenue
Bonds (DHCCP
Development Project),
Series 2021B
1/26/2021 $32,725,000 Revenue Bonds RB Negotiated
San Luis Unit/ San Luis
Water District Financing
Authority
Revenue Bonds (San
Luis Water District),
Series 2021A
1/28/2021 $22,545,000 Revenue Bonds RB Negotiated
Silicon Valley Clean Water
Wastewater Refunding
Revenue Bonds, Series
2021A (Taxable)
3/2/2021 $137,010,000 Revenue Bonds RB Competitive
Silicon Valley Clean Water
Wastewater Refunding
Revenue Bonds, Series
2021B (Tax-Exempt)
3/2/2021 $6,825,000 Revenue Bonds RB Competitive
Amador Water Agency
Installment Purchase
Agreement (Pioneer
Water System
Rehabilitation Project -
$1,937,000 USDA
Loan)
3/12/2021 $1,937,000 USDA Loan NA
Amador Water Agency
Installment Purchase
Agreement (Pioneer
Water System
Rehabilitation Project -
$3,014,000 USDA
Loan)
3/12/2021 $3,014,000 USDA Loan NA

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Cucamonga Valley Water
District Financing
Authority
Water Revenue
Refunding Bonds,
Series 2021A
(Federally Taxable)
4 /13/2021 $33,785,000 Revenue Bonds RB Negotiated
Cucamonga Valley Water
District Financing
Authority
Water Revenue
Refunding Bonds,
Series 2021B
4 /13/2021 $21,085,000 Revenue Bonds RB Negotiated
Orange County Water
District
Adjustable Rate
Revenue Certificates of
Participation, Series
2003A
5/7/2021 $129,815,000 Certificates of Participation
COP Negotiated
Silicon Valley Clean Water State Revolving Fund
Loan 5/11/2021 $51,631,579 Revenue Obligation Competitive Elsinore Valley Municipal
Water District
Refunding Water
Revenue Bonds, Series
2021A
6/8/2021 $31,625,000 Revenue Bonds RB Negotiated
Silicon Valley Clean Water State Revolving Fund
Loan 7/11/2021 $57,763,158 Revenue Obligation Competitive Silicon Valley Clean Water State Revolving Fund
Loan 7/11/2021 $59,605,263 Revenue Obligation Competitive Panoche Financing
Authority
Revenue Bonds
(Panoche Water
District), Series 2021A
7/28/2021 $8,610,000 Revenue Bonds RB Negotiated
Panoche Financing
Authority
Revenue Bonds
(Panoche Water
District), Series 2021B
(Taxable)
7/28/2021 $8,545,000 Revenue Bonds RB Negotiated
Union Sanitary District
Financing Authority
Revenue Bonds, Series
2021A 8/4/2021 $99,505,000 Revenue Bonds RB Negotiated

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Livermore-Amador Valley
Water Management
Agency
2021 Sewer Revenue
Refunding Bonds 8/11/2021 $54,790,000 Revenue Bonds RB Negotiated Vallecitos Water District
Revenue Certificates of
Participation, Series
2021A
8 /12/2021 $25,550,000 Certificates of Participation
COP Negotiated
Orange County Water
District WIFIA Loan 8/18/2021 $130,647,383 Revenue Obligation NA Silicon Valley Clean Water WIFIA Loan 8/26/2021 $73,400,000 Revenue Obligation NA Silicon Valley Clean Water WIFIA Loan 8/27/2021 $68,900,000 Revenue Obligation NA Silicon Valley Clean Water
Series 2021B
Wastewater Revenue
Notes Issuance (WWTP
Funding)
9/14/2021 $73,840,000 Revenue Notes (WIFIA Project) Competitive Silicon Valley Clean Water
Series 2021A
Wastewater Revenue
Notes (RESCU
Funding)
9/14/2021 $68,900,000 Revenue Notes (WIFIA Project) Competitive Orange County Water
District
Series 2021A Revenue
Certificates of
Participation (WIFIA
Project)
10/27/2021 $94,420,000 Certificates of Participation
COP (WIFIA Project) Negotiated
Union Sanitary District WIFIA Loan 12/22/2021 $249,660,876 Revenue Obligation NA Yucaipa Valley Water
District Financing
Authority
Revenue Bonds, Series
2022A 2/9/2022 $34,685,000 Revenue Bonds RB Negotiated

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Yucaipa Valley Water
District Financing
Authority
Refunding Revenue
Bonds, Series 2022B
(Taxable)
2/9/2022 $25,400,000 Revenue Bonds RB Negotiated
Trabuco Canyon Water
District
2022 Tax-exempt
Financing 2/15/2022 $10,000,000 Revenue Obligation Placement Agent Sacramento Suburban
Water District
Refunding Revenue
Bonds, Series 2022A 3/7/2022 $34,725,000 Revenue Bonds RB Negotiated Sacramento Suburban
Water District
Refunding Revenue
Bonds, Series 2022B
(Taxable)
3/7/2022 $6,585,000 Revenue Bonds RB Negotiated
Union Sanitary District State Revolving Fund
Loan 3/22/2022 $33,435,000 Revenue Obligation Negotiated El Dorado Irrigation
District
Refunding Revenue
Bonds, Taxable Series
2022A
4/26/2022 $71,515,000 Revenue Bonds RB Negotiated
Yorba Linda Water
District
Revenue Bonds, Series
2022A 7/20/2022 $32,310,000 Revenue Bonds RB Negotiated Helix Water District WIFIA Loan 8/30/2022 $19,000,000 Revenue Obligation NA Upper Santa Ana River
JPA (Yucaipa Valley Water
District)
WIFIA Loan 2/15/2023 $81,411,193 Revenue Obligation NA
Upper Santa Ana River
JPA (San Bernardino
Valley Municipal Water
District)
Interim Notes (San
Bernardino Valley
Municipal Water
District) Series 2023A
6/7/2023 $46,910,000 Revenue Obligation Negotiated

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Upper Santa Ana River
Watershed Infrastructure
Financing Authority
Refunding Revenue
Bonds (San
Bernardino Valley
Municipal Water
District) Series 2023B
6/7/2023 $5,615,000 Revenue Bonds RB Negotiated
Upper Santa Ana River
JPA (San Bernardino
Valley Municipal Water
District)
WIFIA Loan 6/7/2023 $69,818,796 Revenue Obligation NA
Upper Santa Clara Valley
Joint Powers Authority
(Santa Clarita Valley
Water Agency)
Revenue Bonds, Series
2023A 8/1/2023 $62,645,000 Revenue Bonds RB Negotiated
Goleta Water District Refunding Revenue
Bonds, Series 2023A 12/6/2023 $30,430,000 Revenue Bonds RB Negotiated Vallejo Flood &
Wastewater District
Wastewater Revenue
Refunding Bonds,
Series 2024A
1/24/2024 $18,825,000 Revenue Bonds RB Competitive
South Coast Water
District
State Revolving Fund
Loan 5/1/2024 $5,600,000 Revenue Bonds RB NA
Yucaipa Valley Water
District Financing
Authority
Interim Notes, Series
2024A 6/11/2024 $81,410,000 Revenue Notes (WIFIA Project) Negotiated Yucaipa Valley Water
District Financing
Authority
Revenue Bonds, Series
2024B 6/11/2024 $5,795,000 Revenue Bonds RB Negotiated
Trabuco Canyon Water
District
2024 Installment
Purchase Agreement 6/18/2024 $20,508,000 Revenue Bonds RB Placement Agent Monte Vista Water District
Revenue Certificates of
Participation, Series
2024A
7/9/2024 $23,890,000 Revenue COPs Competitive

Fieldman, Rolapp & Associates, Inc.

Transactions completed by Utility Practice
June of 2019 - October of 2024
Agency Description Sale Date Total Par Type of Financing Sale Method Marina Coast Water
District
Enterprise Revenue
Certificates of
Participation, Series
2024A
8/14/2024 $19,310,000 Revenue COPs Competitive
Amador Water Agency
Revenue Certificates of
Participation, Series
2024A
10/9/2024 $20,445,000 Revenue COPs Negotiated
TRANSACTIONS: 94 TOTAL PAR: $4,911,874,913

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX C:

Project Team Resumes
ROBERT A. PORR
Executive Vice President

ENGAGEMENT MANAGER
Mr. Robert A. Porr , returned to the firm in May 2005 after spending eight (8) years as a public finance investment banker. Since re -joining the firm, he has focused on serving the firm’s utility clients. He has been the lead advisor to Azusa Light & Water, Cucamonga Valley Water District, East Valley Water District, El Dorado Irrigation District, Elsinore Valley Municipal Water District, Merced Irrigation District, Mesa Water District, Nevada Irrigation District, Olivenhain Municipal Water District, Orange County Water District, Panoche Water District, Rancho California Water District, San Luis Water District, San Luis Delta - Mendota Water Authority, Santa Clarita Valley Water Agency (formerly Castaic Lake Wate r Agency), Silicon Valley Clean Water, South Coast Water District, Union Sanitary District, Western Municipal Water District, Yorba Linda Water District, among others.

Since the inception of the Water Infrastructure Finance and Innovation Act (“WIFIA”) program, Mr. Porr has advised on approximately $1.4 billion in WIFIA Loans.

Mr. Porr completed more than $18 billion in water revenue financings during his career; approximately $1 .2 billion has been in connection with variable -rate bonds. He has structured commercial paper programs for Santa Clarita Valley Water District (formerly Castaic Lake Water District) and assisted the finance team for Riverside County Transportation Commission with its CP Program; he also structured a credit facility for Merced Irrigation District. Mr. Porr has structured and completed approximately $400 million of GO Bonds for water district clients in his career.

His experience as an investment banker includes working with numerous local agencies in connection with the issuance of more than $1.2 billion in debt. Mr. Porr has assisted issuers with the structure and sale of many forms of debt including general obligation, special tax, assessment, revenue and lease backed debt. He structured nearly $100 million of complex tax -backed refunding debt for the County of Riverside and developed a novel lease revenue bond structure for the Alaska Industrial Development and Export Authority.

Mr. Porr worked as a finance/marketing representative for Lockheed Martin Finance Corporation. During his time with LMFC, Mr. Porr worked on developing financing structures to support turnkey delivery programs for communication satellites, aircraft , and proprietary Contact
19900 MacArthur Blvd.
#1100
Irvine, CA 92612
949.660.7323 direct
949.751.8445 cell
[email protected]
Experience
22 Years at Fieldman
8 Years as an Investment
Banker
~2 Years at Lockheed-
Martin Finance Corp.

Education
B.A. from Pace
University in New York,
NY
Juris Doctorate from
New York Law School
Professional
Designations &
Licenses
Admitted to State of
New York Bar
Series 50 (Municipal
Advisor Representative)
Series 54 (Municipal
Advisor Principal)
CIPMA designation.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
technology products. Mr. Porr was involved in projects for the People’s Republic of China, valued at approximately $1 billion, and for a consortium of Asian telephony entities valued at nearly $500 million.

LORA NICHOLS
Vice President

PROJECT MANAGER/LEAD QUANTITATIVE ADVISOR
Ms. Lora Nichols, joined Fieldman in March 2014. Since joining the Firm, Ms. Nichols has been active in the firm’s Utility sector assisting water, wastewater and public power clients. She has worked on a variety of transactions, including short-term obligations and long-term bonds and government -sponsored loans. She has worked with many of our large utility clients, inc luding but not limited to Santa Clarita Valley Water Agency, (formerly Castaic Lake Water Agency), Silicon Valley Clean Water, Orange County W ater District, Rancho California Water District, El Dorado Irrigation District, Westlands Water District, Union Sanitary District, Cucamonga Valley Water District, Merced Irrigation District, Nevada Irrigation District, Marina Coast Water District, and Mesa Water District. Lora creates financial models and analysis conducts credit analysis, prepares credit presentations and analyzes funding and structuring alternatives.

Since the inception of the WIFIA Program, she has worked on numerous WIFIA Loans and is currently working on five (5) WIFIA Loans.

She has assisted clients with the evaluation of solar projects and P3 projects and has completed nearly $ 7.2 billion in Utility revenue financings during her career.

Her mathematics and analytics background provides the essential skill sets when preparing quantitative analyses to support transaction structures, strategic planning , and researching relevant market conditions and events. She has assisted clients in structuring short-term financings and lines of credit to support large capital projects. She manages the technical aspects, transaction flow and implementation , and development of financing strategies and credit analysis.

Ms. Nichols advises clients on non -transactional based financial advisory services including financial modeling and long-term financial planning to support funding strategies for infrastructure projects and policy review.

Contact
19900 MacArthur Blvd.
#1100
Irvine, CA 92612
949.660.7312 direct
949.892.8617 cell
[email protected]
Experience
10 Years at Fieldman
Education
Bachelor of Science
degree in Mathematics
from Bucknell University
Professional
Designations &
Licenses
Series 50 (Municipal
Advisor Representative)

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024

DENISA MARC
Associate

QUANTITATIVE & TECHNICAL SUPPORT
Ms. Denisa Marc, Associate, works from our Irvine office and will conduct market research and analysis; input data into financial models and review certain documentation to support Robert and Lora. Ms. Marc has worked with the Utility Practice on long -range financial models, credit presentations, debt structures, market research, and provided a wi de range of services in support of the Fieldman team on recent financial analyses and bond issuances. In May 2024, Ms. Marc graduated top of her class and earned a Master’s degree in Econometrics and Quantitative Economics from California State University, Fullerton. Her thesis work focused on predicting changes in treasury yields based on Fed statement language using Machine Learning and was awarded with the prestigious “Giles T. Brown Thesis Excellence Award”. Currently, Ms.

Marc is not a Registered Municipal Advisor Representative; however, she is expected to sit for the Series 50 Exam early in December 2024. _______________
Contact_
19900 MacArthur Blvd.
#1100
Irvine, CA 92612
949.660.7305 direct
949.344.3803 cell
[email protected]

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX D:

Summary of Work Product for References
Silicon Valley Clean Water
Silicon Valley Clean Water (“SVCW” or “Authority”) is a joint powers authority that provides wastewater treatment for four (4) local agencies in California’s Silicon Valley. Silicon Valley Clean Water (Aa2/AA) tasked Fieldman in 2014/15 to create a long-range financial model and plan to complete the funding of its nearly $1 billion capital improvement program. Shortly after we delivered our work products, SVCW decided to install Fieldman as its sole municipal advisor to execute the finance plan.

Project Highlight
In 2018, using the LRFP model, we identified a multi -year finance plan that would generate low-cost financing options for SVCW’s capital needs. This financing plan included SRF Loans, tax-exempt municipal bonds , and the execution of multiple WIFIA Loans. The Authority completed a WIFIA Loan in 2019 for $218,000,000 to finance its Regional Environmental Sewer Conveyance Upgrade (“RESCU”) program at an interest rate of 2.40%. The WIFIA Loan repayments were allocated to the Authority’s four (4) member agencies based on the capital allocation percentages from the Joint Powers Agreement. SVCW subsequently issued short - term Notes to finance the construction of RESCU using low tax -exempt interest rates, further reducing the cost to the member agencies. One year later, the Authority was able to re-set the WIFIA Loan interest rate based on prevailing market conditions to 1.41%. In 2021, we assisted SVCW with an additional issuance of short -term Notes to finance portions of its capital program. Robert Porr and Lora Nichols were lead advisors for these assignments.

Below are brief descriptions of our municipal advisory services provided since 2014:

SILICON VALLEY CLEAN WATER
1400 Radio Rd, Redwood City, CA 94065
Matt Anderson, Assistant Manager / Chief Financial Officer (650) 832-6261 [email protected]
o 2014: Financial model comparing financial outcomes of interim and long-term funding.
o 2015: Completion of long-range financial model and plan. o 2018: Competitive sale of ~$140 million of 2018 Revenue Bonds, providing $148 million in project funding.
o 2019: Execution of $218 million WIFIA Loan.
o 2019: Competitive sale of $209.3 million of Revenue Notes to fund interest until maturity and finance the 2019 WIFIA Project.
o 2020: Execution of interest rate re-set of 2019 WIFIA Loan with $218 million 2020 WIFIA Loan.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
o 2021: Series 2021 Taxable and Tax-Exempt Revenue
Refunding Bonds.
o 2021: Execution of three (3) separate State Revolving Fund Loans aggregating $169 million with the State Water
Resources Control Board.
o 2021: Execution of $68 million and $73 million 2021 WIFIA Loans.
o 2021: Competitive sale of two (2) series of revenue notes to fund construction of 2021 WIFIA Projects.
o Ongoing: WIFIA Loan reporting, policy review, and long- range financial modeling.

Union Sanitary District
Union Sanitary District is located in the Tri -City Area and provides wastewater collection treatment and disposal services to portions of Alameda County. The District established the Enhanced Treatment and Site Upgrade (“ETSU”) program that required more than $500 million in capital funding over a seven (7) year construction period with multiple project phases.

Project Highlight
In addition to assisting the District with its first municipal debt issuance to acquire capital funding and refinance all outstanding SRF Loans in 2020, Fieldman worked with Staff on its WIFIA Loan submission and loan closing in 2021. Simultaneously with the WIFIA Loan closing, the District was able to capitalize on the historically low interest rate environment to complete a long-term municipal debt financing that was used as a match funding source for the WIFIA project. The District closed on its $249 million WIFIA Loan at an interest rate of 1.93%. We are currently working with the District on the next phase of the finance plan including the issuance of Interim Financing to fund capital costs of the ETSU project.

Below are brief descriptions of our municipal advisory services provided since 2020:

UNION SANITARY DISTRICT
5072 Benson Rd, Union City, CA 94587
Mark Carlson, CFO/Business Services Manager, (510) 477-7510 [email protected]
o 2020: Issuance of $64,160,000 to fund acquisition of
capital projects and refinance all outstanding SRF Loans. o 2021: Issuance of $99,505,000 to fund acquisition of
capital projects.
o 2021: Closing of WIFIA Loan Agreement.
o Ongoing: WIFIA reporting requirements and preparation for upcoming Note issuance to fund projects related to the WIFIA Loan.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
Santa Clarita Valley Water Agency
Located in the northwestern portion of Los Angeles County, the Agency was formed to unify and modernize water resources management within Santa Clarita Valley. Fieldman assisted the Agency in designing its LRFP while Staff took the lead in inputting revenues and expenses and capital needs. In addition to financial model assistance, Fieldman provided municipal advisory services to the Agency since 2008 including bond transactions, policy review and governmental loan negotiations.

Project Highlight
In 2023, following the expenditure of all remaining proceeds from the Agency’s outstanding debt, the long -range financial model determined that additional capital financing would be needed to complete the capital program. The Agency has approximately $750 million i n capital needs over the ensuing ten -year period and Fieldman was tasked with creating a financial plan at the lowest optimal cost for the Agency and its rate payers. It was determined that the Agency was a great candidate for the WIFIA Master Agreement Program which would provide funding for up to 49% of its capital needs. The Agency was also in discussions with the SWRCB to provide principal forgiveness and grants for the consolidation of small disadvantaged systems in addition to a $10 million zero perce nt interest loan from the SRF Loan program. Due to the large amount of capital needs, Fieldman recommended the Agency pursue additional funding in the tax -exempt public market while the WIFIA Loan Agreement was being negotiated. The Agency executed long -term debt to finance $75 million of capital projects over a fifteen-year period to reduce the total interest cost to rate payers and wrap the debt around the Agency’s existing debt profile and projected future WIFIA Loan. Following an extensive review of the WIFIA Loan program costs and market condition changes, the finance team recommended the Agency rescind its WIFIA Application and pursue commercial paper as interim financing with an alternative long -term take-out financing. For these projects, both Robert Porr and Lora Nichols were fully engaged on the assignment.

Below are brief descriptions of our municipal advisory services provided since 2008:

SANTA CLARITA VALLEY WATER AGENCY
27234 Bouquet Canyon Road, Santa Clarita, CA 91350
Rochelle Patterson, Chief Financial & Administrative Officer, (661) 513-1239; [email protected]
o 2008: Sale of $39.3 million Adjustable -Rate Refunding COPs, Series 2008A.
o 2010: Reserve Fund Policy development and issuance of $70.5 million Series 2010A Refunding Revenue COPs and a retail bond transaction sale of $14.4 million for Series 2010B. o 2011: Sale of $52.9 million Refunding Revenue Bonds, Series 2011A for its retail division.
o 2012: Thirty (30) year financial forecast for acquisition of Valencia Water Company.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
o 2014: Sale of $16.7 million Refunding Revenue Bonds, Series 2014A.
o 2015: Sale of $64 million Revenue Bonds, Series 2015A. o 2016: Sale of $56.4 million Revenue Bonds, Series 2016A. o 2017: Sale of retail system $50.7 million Refunding Revenue Bonds, Series 2017A.
o 2018: Sale of $26.7 million Revenues Bonds, Taxable Series 2018A for the Valencia Water Division acquisition and long - range financial planning and financial model to forecast 10 - year CIP and project cash flow for each member division. o 2020: Consolidation of debt profile through refundings of wholesale and retail systems through the sale of approximately $252 million of Revenue Bonds, Series 2020A and Taxable Series 2020B.
o 2022: Submittal of Letter of Interest to the WIFIA Program and review of SWRCB SRF Loan applications to provide partial funding for $757 million capital improvement program.
o 2023: Sale of $62.6 million 2023A Revenue Bonds and
continued engagement with the WIFIA Loan Application for a Master Agreement program, prior to rescinding Application in 2024.
o 2024: Closed a $120 million commercial paper program that will fund portions of the Agency’s ten (10) year capital improvement program for the next four (4) years (replaced the WIFIA Loan program).

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX E:

Summary of Similar Work Conducted for Public Agencies
Monterey County Water Resources Agency
Located in the Monterey County, the Agency was organized as a division of the Public Works Department of the County of Monterey and provides services related to the control of flood and storm waters, conservation, protection of water quality, reclamation of water and exchange of water. Fieldman was hired in 2023 to assist the Agency with designing its LRFP model and funding strategy.

Project Highlight
The Agency has fourteen (14) distinct funds that each have separate operations and sources of revenues, including assessments and property taxes. Fieldman created a LRFP model comprising each fund and used the financial model to determine available revenues and potential capital financing needed to complete its capital improvement program over the next ten (10) years. Significant projects include improvements to the Nacimiento and San Antonio Dams (the “Dams”) and a tunnel project linking the two (2) Dams that is under consideration.

For the capital costs unrelated to the Dams, our understanding of the projects and structure of the Agency lead us to suggest that any form of debt funding can be secured by and payable from benefit assessments levied on land within a zone or multiple zones receiving benefits from the specific capital project. In connection with the Dams, we recommended the Agency to pursue available federal and state grants, including the application to either the WIFIA Loan Program administered by the EPA, or the Corps Water Infrastructure Financing Program administered by the United States Army Corps of Engineers. Robert Porr, Lora Nichols , and Denisa Marc were fully engaged on the assignment.

Below is the contact information for the General Manager of the Agency:

MONTEREY COUNTY WATER RESOURCES AGENCY
1441 Schilling Place, North Bld., Salinas, CA 93901
Ara Azhderian, General Manager (831) 682-8530
[email protected]
South Coast Water District
Located in Laguna Beach , South Coast Water District (“SCWD”) was founded to provide potable water, recycled water, and wastewater services to approximately 40,000 residents, 1,000 business, and 2 million visitors per year in South Orange County. Fieldman was hired as the District’s Municipal Advisor in 2013.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
Project Highlight
South Coast Water District has been reviewing the feasibility of the Doheny Ocean Desalination Plant Project (“Plant”) over the past ten (10) years. This project will create a new, local, drought- proof water supply that will provide emergency water supplies should imported water deliveries be distributed. As SCWD completed the permitting, easements, received conditional approval from the Califor nia Coastal Commission and awarded a Progressive design build operating and maintenance contract, Staff hired a fi nance team to develop the funding strategy for the $170 million plant construction and other -related project activities.

Over the past few years, Fieldman developed a funding framework for SCWD and its project participants to acquire the necessary funding to start construction in 2026. The funding plan includes a short -term interim financing tool (commercial paper) that will fund the Plant construction and take -out financings from possible SWRCB SRF Loan funding, WIFIA Loan, grants, and long -term debt finan cing. The Plant will have up to 5 million gallons per day drinking water supply with the potential for long -term regional benefits of up to 15 million gallons per day.

Below is the contact information for the General Manager of the District and a brief description of our municipal advisory services provided since 2014:

SOUTH COAST WATER DISTRICT
31592 West Street, Laguna Beach, CA 92651
Rick Shintaku, General Manager (949) 289-0014
[email protected]
o 2014 - 2015: Assist ed the District with S&P and Fitch rating agency updates and surveillance reviews.
o 2016: Completed a negotiated sale of approximately $13 million to advance refund outstanding debt generating over 8% NPV savings.
o 2019: Negotiated sale in the amount of $41.6 million to refinance outstanding debt and issue $25 million in capital funding.
o 2019: Assisted the District with a $54 million Letter of Interest application to the EPA WIFIA Loan program resulting in an invitation to submit an application. Currently assisting staff with completing an application for submission in 2022.
o 2019: Assisted the District in acquiring a credit agreement for the interim funding of ongoing construction projects while waiting for reimbursement from the SWRCB to avoid
unnecessary draws on reserves.
o 2020: Assisted Staff with the financial model analysis of the District’s desalination project.
o 2020: Negotiated sale in the amount of $32.8 million to fund $35 million in capital needs.
o 2021: Assisted Staff with replacing the outstanding credit agreement upon its final maturity to continue funding eligible Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
project costs under the existing SWRCB Agreement through construction.
o Ongoing: Financial assistance with funding options and strategies for its Doheny Desalination Plant project and submittal of WIFIA Loan Application.

Upper Santa Ana River Watershed Infrastructure Financing Authority Fieldman was the Municipal Advisor to the Upper Santa Ana River Watershed Infrastructure Financing Authority (“JPA”) for its multiple WIFIA Loans executed with the
Environmental Protection Agency (“EPA”). The JPA was
created by five (5) Southern California water agencies to address the capital funding needs of the region by
providing a financing vehicle for projects that would
improve water reliability and provide sustainable water in the future, even during droughts, for the almost $1 million people residi ng in the San Bernardino and Riverside
Counties.

The WIFIA program allows its borrowers to combine multiple projects under one (1) loan or to bundle multiple projects over a span of five (5) years using a “ Master Agreement” as the umbrella contract. San Bernardino Valley Municipal Water District (“Valley District”) and Yucaipa Valley Water District (“Yucaipa”), member agencies of the JPA, used the JPA to pursue its regional projects that supported water treatment, w ater quality and stormwater recharge for the residents. Both Valley District and Yucaipa ch ose to pursue a Master Agreement with the EPA to fund the first of many WIFIA Loans.

Project Highlight
Valley District serves its community by importing water into the service area through participation in the State Water Project and groundwater storage. Fieldman created a LRFP for Valley District to fund its own capital plan, but also its ability to fund its pro-rata share of two (2) regional projects: Sites Reservoir and the Delta Conveyance Project. Valley District is a State Water Contractor and is a member of the JPA to construct the aforementioned projects. The model is designed to compare alternative funding sources: annual free -cash flow, reserves, participation in the JPA’s debt, or issue its own debt; the model also can be used to blend the aforementioned resources in varying percentages to fund the District’s share of the respective projects. Due to the timing of the projects, Valley District has taken no formal decision on the funding of its share of the regional projects.

In June of 2023, Valley District received a $70 million WIFIA Loan at 3.88% under a $93 million Master Agreement to begin funding a program of projects using existing funding sources as the required 51% match. The WIFIA Loan program is anticipated to provi de a subsidized investment for up to $300 million in project costs for Valley District. Valley District is proceeding with two (2) projects in its first WIFIA Loan, and expects to enter into a second WIFIA Loan for up $25 million in the future to finance an additional six (6) capital projects. The next WIFIA Loan is expected to fund two projects that will expand the existing stormwater capture basins and

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
construct a new regional recycled water pipeline. We advised Valley District with its loan negotiations with EPA and completed an interim obligation in the amount of $52.5 million that provided construction moneys for its WIFIA Loan projects and refinanced outstanding debt.

Both Robert Porr and Lora Nichols were fully engaged in this assignment.

Below is contact information for the General Manager of the Valley District and brief descriptions of our municipal advisory services provided since 2011:

SAN BERNARDINO MUNICIPAL WATER DISTRICT
380 East Vanderbilt Way, San Bernardino, CA 92408
Heather Dyer, General Manager (909) 387-9256
[email protected]
o 2011: Issuance of $8,565,000 to fund acquisition of capital projects.
o 2022: Creation of Long-Range Financial Plan model.
o 2023: Closing of WIFIA Master Agreement and first WIFIA Loan Agreement with the Upper Santa Ana River
Watershed Infrastructure Financing Authority.
o 2023: Issuance of $46,910,000 in Interim Obligations to fund the WIFIA Loan projects and $5,615,000 in Refunding Revenue Bond to refinance the outstanding 2011 Bonds.
o Ongoing: WIFIA reporting requirements and Continuing
Disclosure Annual Reports.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX F:

Proof of Insurance
[Remainder of Page Intentionally Left Blank]
24ZF

CERTIFICATE OF LIABILITY INSURANCE

DATE (MM/DD/YYYY)
11/11/2024
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endors ement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

PRODUCER

AON RISK SERVICES SOUTH INC
3550 LENOX ROAD NORTHEAST
SUITE 1700
ATLANTA GA 30326

CONTACT
NAME: Aon Risk Services, Inc of Florida
PHONE
(A/C, No, Ext): 833-506-1544
FAX
(A/C, No):

EMAIL
ADDRESS: [email protected]
INSURER(S) AFFORDING COVERAGE NAIC #
INSURER A : ACE American Insurance Company 22667

INSURED
TriNet Group, Inc. L/C/F Fieldman, Rolapp & Associates, Inc. 1 Park Place, Suite 600
Dublin, CA 94568-7983
INSURER B :

INSURER C :

INSURER D :

INSURER E :

INSURER F :

COVERAGES CERTIFICATE NUMBER: 15837036 REVISION NUMBER:

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NA MED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

INSR

LTR TYPE OF INSURANCE ADDL
INSR
SUBR

WVD POLICY NUMBER POLICY EFF
(MM/DD/YYYY)

POLICY EXP
(MM/DD/YYYY) LIMITS
COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $

CLAIMS-MADE OCCUR

DAMAGE TO RENTED
PREMISES (Ea occurrence) $
MED EXP (Any one person) $
PERSONAL & ADV INJURY $
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $
POLICY PROJECT LOC PRODUCTS - COMP/OP AGG $
OTHER $

AUTOMOBILE LIABILITY

COMBINED SINGLE LIMIT
(Ea accident) $
ANY AUTO BODILY INJURY (Per person) $
OWNED

AUTOS ONLY

SCHEDULED
AUTOS BODILY INJURY (Per accident) $
HIRED

AUTOS ONLY

NON-OWNED

AUTOS ONLY

PROPERTY DAMAGE
(Per accident) $
$
UMBRELLA LIAB OCCUR EACH OCCURRENCE $
EXCESS LIAB CLAIMS-MADE AGGREGATE $
DEC RETENTION $
A

WORKERS COMPENSATION
Y / N
N

AND EMPLOYERS' LIABILITY

ANY PROPRIETOR/PARTNER/EXECUTIVE
OFFICER/MEMBER EXCLUDED?
(Mandatory in NH)
If yes, describe under
DESCRIPTION OF OPERATIONS below
N / A WLR_C57852604 07/16/2024 07/01/2025
X PER

STATUTE
OTH-
ER
E.L. EACH ACCIDENT $ 2,000,000
E.L. DISEASE - EA EMPLOYEE $ 2,000,000
E.L. DISEASE - POLICY LIMIT $ 2,000,000
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) Workers Compensation coverage is limited to worksite employees of Fieldman, Rolapp & Associates, Inc. through a co-employment agreement with TriNet HR III, Inc..

CERTIFICATE HOLDER CANCELLATION
Fieldman, Rolapp & Associates, Inc.
19900 MacArthur Blvd
Ste 1100
Irvine, CA 92612

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

AUTHORIZED REPRESENTATIVE
© 1988-2015 ACORD CORPORATION. All rights reserved.

ACORD 25 (2016/03) The ACORD name and logo are registered marks of ACORD

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

INSURER(S) AFFORDING COVERAGE
INSURER F :

INSURER E :

INSURER D :

INSURER C :

INSURER B :

INSURER A :

NAIC #
NAME:

CONTACT
(A/C, No):

FAX
E-MAIL
ADDRESS:

PRODUCER
(A/C, No, Ext):

PHONE

INSURED
REVISION NUMBER:CERTIFICATE NUMBER:COVERAGES
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.

If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

OTHER:
(Per accident)
(Ea accident)
$
$
N / A
SUBR
WVD
ADDL
INSD

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. $ $
$
$PROPERTY DAMAGE
BODILY INJURY (Per accident)
BODILY INJURY (Per person)

COMBINED SINGLE LIMIT

AUTOS ONLY

AUTOSAUTOS ONLY

NON-OWNED

SCHEDULEDOWNED

ANY AUTO

AUTOMOBILE LIABILITY
Y / N

WORKERS COMPENSATION

AND EMPLOYERS' LIABILITY
OFFICER/MEMBER EXCLUDED?
(Mandatory in NH)
DESCRIPTION OF OPERATIONS below
If yes, describe under

ANY PROPRIETOR/PARTNER/EXECUTIVE
$
$
$
E.L. DISEASE - POLICY LIMIT
E.L. DISEASE - EA EMPLOYEE
E.L. EACH ACCIDENT
ER
OTH-

STATUTE
PER

LIMITS(MM/DD/YYYY)

POLICY EXP
(MM/DD/YYYY)

POLICY EFF

POLICY NUMBERTYPE OF INSURANCELTR
INSR
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

EXCESS LIAB
UMBRELLA LIAB $EACH OCCURRENCE
$AGGREGATE
$
OCCUR

CLAIMS-MADE
DED RETENTION $
$PRODUCTS - COMP/OP AGG
$GENERAL AGGREGATE
$PERSONAL & ADV INJURY
$MED EXP (Any one person)
$EACH OCCURRENCE

DAMAGE TO RENTED
$PREMISES (Ea occurrence)

COMMERCIAL GENERAL LIABILITY

CLAIMS-MADE OCCUR
GEN'L AGGREGATE LIMIT APPLIES PER:

POLICY PRO-

JECT LOC

CERTIFICATE OF LIABILITY INSURANCE

DATE (MM/DD/YYYY)

CANCELLATION

AUTHORIZED REPRESENTATIVE
ACORD 25 (2016/03)
© 1988-2015 ACORD CORPORATION. All rights reserved.

CERTIFICATE HOLDER
The ACORD name and logo are registered marks of ACORD
HIRED

AUTOS ONLY
8/16/2024
Burnham WGB Insurance Solutions
CA Insurance License 0F69771
15901 Red Hill Avenue
Tustin CA 92780
Brittany Andrakowicz
714-505-7000
714-573-1770
[email protected]
Hanover Insurance Company
22292
FIELD-8
Lloyd's of London
15642
Fieldman, Rolapp & Associates, Inc.

DBA: Applied Best Practices
19900 MacArthur Blvd #1100
Irvine CA 92612-22
1706043856
A
X
1,000,000
X
1,000,000
100,000
Included
2,000,000
X
Y
Y
OH3A578667
4/1/2024
4/1/2025
2,000,000
A
1,000,000
X
X
Y
Y
OH3A578667
4/1/2024
4/1/2025
A
X
X
3,000,000
OH3A578667
4/1/2024
4/1/2025
3,000,000
B
Professional Liability
SUAWS20579-2409
8/19/2024
8/19/2025
Occurrence/Agg
Retention
2,000,000
250,000
Certificate holder is named as additional insured on the General Liability per attached 391-1006 0816 as required by written contract subject to the terms and conditions of the policy.

Waiver of Subrogation applies to the General Liability per attached 391-1003 0816 Primary and Non-Contributory applies on the General Liability per attached 391-1003 08 16 Umbrella Liability Schedule of Underlying: General Liability & Auto Liability PROOF OF COVERAGE ONLY.

PROOF OF COVERAGE

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX G:

WIFIA Loan Experiences
Below is a listing of our WIFIA experience for completed and expected transactions; expected transactions have all passed the Letter of Interest stage and are in various stages of the Application. Robert and Lora served as the advisors to all the clients listed below.

CLIENT WIFIA LOAN

CLOSING

INTEREST

RATE PRINCIPAL INTERIM

FUNDING
WIFIA

STRUCTURE
Orange County Water District 2018 3.06% $135,000,000 $135,000,000 Single Loan Silicon Valley Clean Water 2019 2.40% $218,000,000 $209,300,000 Single Loan Orange County Water District (rate re-set) 2021 1.04% $135,000,000 ---- Single Loan Silicon Valley Clean Water (rate re-set) 2021 1.41% $218,000,000 ---- Single Loan Orange County Water District 2021 1.84% $130,647,383 $94,420,000 Single Loan Silicon Valley Clean Water 2021 1.94% $68,904,163 $68,900,000 Single Loan Silicon Valley Clean Water 2022 1.93% $73,840,436 $73,840,000 Single Loan Union Sanitary District 2021 1.90% $249,660,876 Contemplated* Single Loan Helix Water District 2022 3.47% $18,972,800 ---- Single Loan Yucaipa Valley Water District 2023 3.85% $81,411,193 $81,410,000 Master Agreement San Bernardino Valley MWD 2023 3.88% $69,816,796 $46,925,000 Master Agreement Rancho California Water District TBD $100,000,000 Contemplated Single Loan South Coast Water District 2025 $100,000,000 Contemplated Single Loan Amador Water Agency 2025 $45,000,000 Contemplated Single Loan Monte Vista Water District 2025 $45,000,000 Contemplated Single Loan * Client sold ~$100 million of 30 year bonds at ~2.25%, approximately 4 months before Loan Closing.

Proposal for Financial Advisory Services
City of Camarillo & Camarillo Sanitary District
November 22, 2024
APPENDIX H:

Disclosure Letter
[Remainder of Page Intentionally Left Blank]
Irvine │ Oakland │ San Francisco │ Washington│ Hawaii
www.fieldman.com
November 22, 2024
To: City of Camarillo & Camarillo Sanitary District
R
e: Fieldman Disclosure of Financial Interest Letter
I
n connection with the City of Camarillo and Camarillo Sanitary District Request for Proposals for Water Reclamation Plant Financial Plan, this letter serves as our disclosure of financial interests of City officials or employees with the Firm.

At the present time, Fieldman has determined, after exercising reasonable diligence, that it has no known financial interest with City Officials or employees.

A. Other than the compensation described in this Proposal, we have no other financia l
i
nterest, direct or indirect, that would interfere with or impair in any matter or degree the performance of our obligations. During our work on the Services, we do not intend to knowingly acquire or obtain any such interest, direct or indirect. If any such interest is
acquired or obtained, we will immediately advise the City.

B. W
e have not provided or received any gift, meals, entertainment, political or charitable contribution or consideration to any officer, employee or agent of the City to either obtain the Agreement or any assignment from the City, including the Services. Neither our firm, nor its officers or employees will provide any such gift or consideration to any officer, employee or agent of the City to influence decisions with regard the Services or our obligations under the Agreement.

U
nder penalty of perjury, the below officer of Fieldman has made the above statements.

Sincerely,
FIELDMAN, ROLAPP & ASSOCIATES, INC.

R
obert A. Porr, Executive Vice President
Direct: (949) 660-7323
rporr@fieldman.com