In the event that the Commission, the MSRB or other regulatory authority shall approve or require Annual Financial Information Disclosure or Reportable Events Disclosure to be made to a central post office, governmental agency or similar entity other than EMMA or in lieu of EMMA, CCCFA shall, if required, make such dissemination to such central post office, governmental agency or similar entity without the necessity of amending this Agreement.
8. Termination of Undertaking. The Undertaking of CCCFA shall be terminated hereunder if CCCFA no longer has any legal liability for any obligation on or relating to repayment of the Bonds under the Indenture. CCCFA shall give notice to EMMA in a timely manner if this Section is applicable.
9. Dissemination Agent. CCCFA may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Agreement, and may discharge any such Dissemination Agent with or without appointing a successor Dissemination Agent.
10. Additional Information. Nothing in this Agreement shall be deemed to prevent CCCFA from disseminating any other information, using the means of dissemination set forth in this Agreement or any other means of communication, or including any other information in any Annual Financial Information Disclosure or notice of occurrence of a Reportable Event, in addition to that which is required by this Agreement. If CCCFA chooses to include any information from any document or notice of occurrence of a Reportable Event in addition to that which is specifically required by this Agreement, CCCFA shall have no obligation under this Agreement to update such information or include it in any future disclosure or Item 6
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notice of occurrence of a Reportable Event. If the name of CCCFA is changed, CCCFA shall disseminate such information to EMMA.
11. Beneficiaries. This Agreement has been executed in order to assist the Participating Underwriter in complying with the Rule; however, this Agreement shall inure solely to the benefit of CCCFA, the Dissemination Agent, if any, and the beneficial owners of the Bonds, and shall create no rights in any other person or entity.
12. Recordkeeping. CCCFA shall maintain records of all Annual Financial Information Disclosure and Reportable Events Disclosure, including the content of such disclosure, the names of the entities with whom such disclosure was filed and the date of filing such disclosure.
13. Assignment. CCCFA shall not transfer its obligations under the Indenture unless the transferee agrees to assume all obligations of CCCFA under this Agreement or to execute an Undertaking under the Rule.
14. Governing Law. This Agreement shall be governed by the laws of the State of California.
CALIFORNIA COMMUNITY CHOICE FINANCING
AUTHORITY
By _________________________________________
Its
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EXHIBIT I
ANNUAL FINANCIAL INFORMATION AND TIMING AND AUDITED
FINANCIAL STATEMENTS
“Annual Financial Information” means financial information and operating data with respect to the Clean Energy Project, including:
(a) with respect to the Project Participant updated information under the headings “Customers – General,” “Customers – Customer Opt-Out Rate and Customer Retention,” “Service Rates – Current and Historical Rate Information,” “Sources of Energy – Energy Purchases,” “Financial Information – Results of Operations,” “Financial Information – Assets, Liabilities, Deferred Inflows or Resources and Net Position” and “Financial Information – Other Liquidity Sources” set forth Appendix A to the Official Statement; (b) the quantities of Energy from the Clean Energy Project sold by CCCFA, whether to the Project Participant or others; and
(c) such other information and data as CCCFA may deem necessary in order to comply with the requirements of the Rule.
“Audited Financial Statements” means the audited financial statements of CCCFA and the Project Participant, in each case for the most recent fiscal year (commencing with the fiscal year ended December 31, 2025 for CCCFA, and commencing with the fiscal year ended September 30, 2025 for the Project Participant), in each case prepared in accordance with generally accepted accounting principles as promulgated to comply with governmental entities from time to time (or such other accounting principles as may be applicable to CCCFA and the Project Participant, as the case may be, in the future pursuant to applicable law).
All or a portion of the Annual Financial Information and the Audited Financial Statements set forth above may be included by reference to other documents which have been submitted to EMMA or filed with the Commission. If the information included by reference is contained in a final official statement, the final official statement must be available on EMMA. The final official statement need not be available from the Commission. CCCFA shall clearly identify each such item of information included by reference.
Annual Financial Information with respect to the Project Participant will be submitted to EMMA by 200 days after end of the Project Participant’s fiscal year, commencing with its fiscal year ending September 30, 2025.
Annual Financial Information with respect to CCCFA (i.e., the information described in clauses (b) and (c) of the definition of Annual Financial Information) will be submitted to EMMA by 200 days after end of CCCFA’s fiscal year, commencing with its Fiscal Year ending December 31, 2025.
Audited Financial Statements as described above should be filed at the same times as the Annual Financial Information for the Project Participant and CCCFA. If Audited Financial Statements are not available when such Annual Financial Information is filed, unaudited financial statements shall be included.
Audited Financial Statements will be submitted to EMMA no later than 30 days after availability to CCCFA.
If any change is made to the Annual Financial Information as permitted by Section 4 of the Agreement, CCCFA will disseminate a notice of such change as required by Section 4.
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Exhibit II
Events with respect to theBonds
forWhich Reportable Events Disclosure Is Required
1. Principal and interest payment delinquencies
2. Non-payment related defaults, if material
3. Unscheduled draws on debt service reserves reflecting financial difficulties
4. Unscheduled draws on credit enhancements reflecting financial difficulties
5. Substitution of credit or liquidity providers, or their failure to perform
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security
7. Modifications to the rights of security holders, if material
8. Bond calls, if material, and tender offers
9. Defeasances
10. Release, substitution or sale of property securing repayment of the securities, if material
11. Rating changes
12. Bankruptcy, insolvency, receivership or similar event of CCCFA*
13. The consummation of a merger, consolidation, or acquisition involving CCCFA or the sale of all or substantially all of the assets of CCCFA, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material
14. Appointment of a successor or additional trustee or the change of name of a trustee, if material This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person.
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Appendix D-II – Page 2
15. Incurrence of a Financial Obligation of CCCFA, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of CCCFA, any of which affect security holders, if material
16. Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of CCCFA, any of which reflect financial difficulties
17. The receipt by CCCFA of a Monthly Ledger Report that includes a credit to any Non-Private Business Sales Ledger or any Private Business Sales Ledger that has not been reversed within twelve months of the date of such credit
18. The receipt by CCCFA of a Monthly Ledger Report that shows that a Ledger Event has occurred Item 6
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APPENDIX E
FORM OF OPINION OF BOND COUNSEL
November 3, 2025
California Community Choice Financing Authority
San Rafael, California
Re: California Community Choice Financing Authority
Clean Energy Project Revenue Bonds, Series 2025F (Green Bonds) (Term Rate) Ladies and Gentlemen:
We have acted as bond counsel to California Community Choice Financing Authority (the “Issuer”) in connection with the issuance of $844,495,000 aggregate principal amount of California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Series 2025F (Term Rate) (the “Bonds”), issued pursuant to a Trust Indenture, dated as of November 1, 2025 (the “Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The Indenture provides that the Bonds are issued for the purpose of financing the Cost of Acquisition of the Clean Energy Project. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.
The Issuer is authorized under the Joint Exercise of Powers Act (the “Act”) constituting Chapter 5 of Division 7 of Title 1 (commencing with Section 6500) of the California Government Code, as amended or supplemented from time to time, to issue the Bonds to finance the Cost of Acquisition of the Clean Energy Project.
In such connection, we have reviewed the Indenture, the Prepaid Energy Sales Agreement, the Power Supply Contract, the Commodity Swaps, the Seller Swaps (as defined in the Prepaid Energy Sales Agreement), the Tax Agreement, opinions of counsel to the Issuer and the Trustee, certificates of the Issuer, the Trustee and others, and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein.
We have examined such proceedings, documents, statutes and decisions, as we consider necessary as the basis for this opinion, including, inter alia, the Act and an executed and authenticated Bond. We assume that all other Bonds have been similarly executed and authenticated. We also assume that all documents, records, certifications and other instruments examined by us are genuine (including the signatures thereon), accurate and complete and we have not undertaken, by independent investigation, to verify the factual matters set forth in any such documents, records, certifications or other instruments.
The rights and obligations under the Bonds, the Indenture, the Prepaid Energy Sales Agreement, the Power Supply Contract, the Commodity Swaps, the Seller Swaps, the Tax Agreement and their enforceability may be subject to bankruptcy, insolvency, receivership, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against public entities in the State of California. We express no opinion with respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute or having the effect of a penalty), right of set-off, arbitration, judicial reference, choice of law, choice of forum, choice of venue, non-exclusivity of remedies, waiver or severability provisions contained in the foregoing documents, nor do we express any opinion with respect to the state or quality of title to or interest in any of the assets described in or as subject to the lien of the Indenture or the accuracy or Item 6
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sufficiency of the description contained therein of, or the remedies available to enforce liens on, any such assets.
Our services did not include financial or other non-legal advice.
Based on and subject to the foregoing, and in reliance thereon, as of the date hereof, we are of the following opinions:
1. The Bonds constitute the valid and binding limited obligations of the Issuer.
2. The Indenture has been duly executed and delivered by, and constitutes the valid and binding obligation of, the Issuer. The Indenture creates a valid pledge, to secure the payment of the principal of and interest on the Bonds, of the Trust Estate, subject to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth in the Indenture, and a valid pledge of the Commodity Swap Payment Fund and the amounts and investments on deposit therein in favor of the Commodity Swap Counterparty.
3. Interest on the Bonds is excludable from gross income for purposes of federal income tax under existing laws as enacted and construed on the date of initial delivery of the Bonds, assuming the accuracy of the certifications of the Issuer and continuing compliance by the Issuer with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”). Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals; however, such interest is taken into account in determining the adjusted financial statement income of applicable corporations, as provided in the Code, for purposes of computing the alternative minimum tax imposed on such corporations. We express no opinion regarding other federal tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds.
4. Under existing laws as enacted and construed on the date of initial delivery of the Bonds, interest on the Bonds is exempt from State of California personal income taxes. We express no opinion regarding any other state or local tax consequences arising with respect to the ownership, sale or disposition of, or the amount, accrual or receipt of interest on, the Bonds, including, but not limited to, whether the interest on the Bonds is exempt from taxation under the laws of any jurisdiction other than the State of California.
In rendering the opinion set forth in paragraph 3, we have assumed compliance with all covenants and agreements contained in the Indenture, the Prepaid Energy Sales Agreement, the Power Supply Contract, the Tax Agreement, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Bonds to be included in gross income for federal income tax purposes.
Our engagement as bond counsel imposed no duty on us (a) to undertake any investigation as to either: (i) the adequacy of the security for the Bonds, (ii) the business or financial condition of the Issuer, and (iii) the veracity of any representations or certification made by the Issuer on which we have relied, or (b) to prepare, file or monitor the filing of continuation statements. We assume no obligation to file continuation statements under the Uniform Commercial Code of any jurisdiction, or to advise you to do so.
Our opinions represent our legal judgment based upon our review of the law and the facts that we deem relevant to render such opinion and are not a guarantee of a result. This opinion letter is given solely for the benefit of the addressee and its successors and assigns. This opinion letter is not intended to be employed in any transaction other than the one described above and is being delivered to the addressee with the understanding that it may not be published, quoted, relied on or referred to by, and copies may not be delivered or made available to, in whole in or part, any other person or entity (other than the addressee’s counsel or any applicable rating agency) or used for any other purpose without the express prior written consent of this firm in each instance.
We render this opinion as of the date hereof on the basis of federal law and the laws of the State of California as enacted and construed on the date hereof. We express no opinion as to any matter not set forth in the numbered paragraphs herein, including, without limitation, the accuracy or completeness of the preliminary or final official Item 6
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statement or other documents prepared or statements made in connection with the offering and sale of the Bonds, and make no representation that we have independently verified the contents thereof.
Sincerely yours,
BALLARD SPAHR LLP
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APPENDIX F
FORM OF SECOND PARTY OPINION REGARDING GREEN BOND DESIGNATION Item 6
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kestrelesg.com | [email protected]
Second Party Opinion
Issuer: California Community Choice Financing Authority Issue Description: Clean Energy Project Revenue Bonds Series, 2025F (Green Bonds) (Term Rate) Project: Clean Energy Project
Green Standard: ICMA Green Bond Principles
Green Category: Renewable Energy
Keywords: Renewable energy, carbon-free, community choice aggregator, decarbonizing, net zero aligned, greenhouse gas emissions reduction, nuclear, solar, wind energy, battery storage, Silicon Valley, California
Par: $844,495,000
Evaluation Date: August 13, 2025
GREEN BONDS DESIGNATION
Kestrel, an Approved Verifier accredited by the Climate Bonds Initiative, conducted an independent external review of the Clean Energy Project Revenue Bonds, Series 2025F (Green Bonds) (Term Rate) (“Bonds”) to evaluate conformance with the Green Bond Principles (June 2025 with June 2022 Appendix 1) established by the International Capital Market Association. Our team for this engagement included analysts with experience in sustainability and environmental science.
This Second Party Opinion reflects our review of the uses and allocation of proceeds, oversight, and conformance of the Bonds with the Green Bond Principles. In addition, the Bonds were benchmarked using Kestrel Sustainability Intelligence™. In our opinion, the Bonds are impactful, net zero aligned, conform with the four core components of the Green Bond Principles, and qualify for Green Bonds designation.
ABOUT THE ISSUER
California Community Choice Financing Authority (“CCCFA”) is a joint powers authority established in 2021 comprising community choice aggregators in California, including its founding members: Silicon Valley Clean Energy, Clean Power Alliance of Southern California, Ava Community Energy Authority, Marin Clean Energy, and Central Coast Community Energy.1 CCCFA was incorporated and organized for a variety of purposes, including to issue tax-advantaged bonds to finance prepayments for electricity. This innovative strategy can help community choice aggregators remain cost-competitive with other utilities. 1 CCCFA has six associate member agencies.
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ABOUT THE BORROWER
Silicon Valley Clean Energy (“SVCE”), a joint powers authority, is a community choice aggregator (“CCA”) and the beneficiary of the Bonds issued by CCCFA. Community choice aggregators are locally controlled not-for-profit energy providers. The primary purpose of a CCA is to provide communities with more clean energy options, meet regional climate action goals, ensure local accountability and transparency, and spur economic development. As of 2025, 10 states have authorized community choice aggregators.2 SVCE was formed in March 2016 with the purpose of reducing dependence on fossil fuels and investing in local communities. SVCE serves over 280,000 accounts representing approximately 700,000 residents and businesses in 13 communities in Santa Clara County. Electricity acquired by SVCE is delivered through transmission and distribution infrastructure managed by Pacific Gas and Electric (“PG&E”).
As of 2025, SVCE has an adopted target to achieve 100% renewable energy by 2035. SVCE is on track to meet this target and exceed state renewable requirements.3 To advance this goal, SVCE has supported development of new, large-scale renewable energy generation projects since 2016 and maintains a 100% carbon-free resource portfolio. All new energy procurement is from renewable or carbon-free resources.
Customers of SVCE may choose from two clean electricity options4:
GreenStart: 50% renewable and up to 100% carbon-free5
GreenPrime: 100% renewable energy
In addition to providing carbon-free energy, SVCE administers community programs to advance decarbonization of buildings and transportation. Through the Decarbonization Strategy & Programs Roadmap (2018), SVCE set a target for its communities to reduce greenhouse gas emissions 50% by 2030.
The Roadmap provides overarching focus areas to support community emissions reduction, including power supply, the built environment, mobility, energy efficiency and grid integration. SVCE subsequently completed the Electric Vehicle Infrastructure Joint Action Plan, Building Decarbonization Joint Action Plan, and Virtual Power Plant Options Analysis.6 The 2024 Strategic Plan affirms SVCE’s commitment to support decarbonization through local investments that are scalable and accessible to all.7 A selection of programs is described below.
Multi-Family Housing Energy Retrofits and EV Chargers: Funding is available for electrification of appliances and installation of electric vehicle (“EV”) charging stations in multi-family properties.
These programs provide incentives and grants for energy retrofits. Certain low-income and disadvantaged household projects are eligible for no-cost direct installation. As of 2024, SVCE has assisted 32 multi-family properties with installation of EV chargers. 2 “Community Choice Aggregation,” US Environmental Protection Agency, accessed July 28, 2025, https://www.epa.gov/green-power-markets/community-choice-aggregation. 3 “Impact Report,” Silicon Valley Clean Energy, December 2023, https://svcleanenergy.org/plans-policies-reports/#flipbook-df_39835/1/. 4 SVCE also offers GreenPrime Direct, an option for customers with customized contracts and generation supplies. 5 Resource mix for GreenStart as of 2025. “It’s all about choice,” Silicon Valley Clean Energy, accessed August 12, 2025, https://svcleanenergy.org/plans.
6 “Plans & Reports,” Silicon Valley Clean Energy, accessed July 30, 2025, https://svcleanenergy.org/plans-policies-reports/#decarbonization-plans. 7 “Strategic Plan,” Silicon Valley Clean Energy, October 2024, https://svcleanenergy.org/plans-policies-reports/#flipbook-df_42278/1/.
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• GreenStart
• GreenPrime
Kestrel | Second Party Opinion 3
Home Rebates: Rebates are available for electrification of appliances, including replacement of gas hot water heaters, furnaces, electric resistance heaters and cooktops. As of 2024, 1,020 heat pump water heaters, 1,089 heat pump heating and cooling systems and 60 induction cooktops have been installed.
Customized Rates: SVCE offers discounts on electricity used during off-peak hours. Customers choose from multiple rate options, including plans with higher discounts for households with heat pumps or electric vehicles and plans for customers who can use their EVs to provide load shifting capacity.8
Contractor Training: SVCE provides incentives for contractors to complete training on energy efficiency and electrification retrofits and provides additional incentives for each fully electrified appliance installed. Almost 300 contractors have been trained as of 2024.
Permit Modernization and Reach Codes 2.0: SVCE assists member agencies as they improve permitting processes for electrification projects and upgrade building codes to support all-electric construction.
Community Energy Resilience: This program provides grants to improve resilience of high-risk communities to reduce impacts from power outages caused by storms, wildfires, natural disasters, or other events. Completed projects include solar and battery storage projects at Milpitas Community & Senior Center and Sunnyvale City Hall and backup battery systems at 14 traffic lights in Saratoga.
These programs support SVCE’s mission while strengthening regional resilience, reducing emissions, and expanding equitable access to clean energy, electric vehicles, and electrified buildings.
ALIGNMENT TO GREEN STANDARDS9
Use of Proceeds
The Bonds finance prepayment of electricity derived from renewable and carbon-free energy sources for the benefit of SVCE. The prepayment will provide electricity to SVCE for 30 years from a suite of clean energy facilities and projects, referred to as the “Clean Energy Project.” Proceeds will also finance capitalized interest, fund a deposit to bond reserves, and pay costs of issuance. The prepayment is an eligible project as defined by the Green Bond Principles in the project category of Renewable Energy.
The Clean Energy Project
The Bonds finance procurement of a 30-year supply of clean electricity for SVCE at competitive prices.
Immediately following sale of the Bonds, SVCE will assign power from the carbon-free Palo Verde nuclear facility through an initial purchase agreement (Table 1). After this initial short-term prepay period, SVCE will 8 “Residential Electricity Rates: E-ELEC,” Silicon Valley Clean Energy, accessed August 12, 2025, https://svcleanenergy.org/residential-rates/#E-ELEC; “Hourly Flex Pricing Pilot,” Silicon Valley Clean Energy, accessed August 12, 2025, https://svcleanenergy.org/hourly-flex-pricing.
9 Green Bonds are any type of debt instrument where the proceeds will be exclusively applied to finance or refinance eligible Green Projects which are aligned with the four core components of ICMA Green Bond Principles.
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The
Green Bond
Principles
Kestrel | Second Party Opinion 4
assign long-term power purchase agreements (“PPA”) to this transaction from contracts that include wind, solar, and solar with battery storage.
The transaction structure allows SVCE to use tax-exempt debt to prepay renewable energy contracts at a cost-saving discount and expand affordable access to clean energy for customers. Details of the financing structure are discussed in the Official Statement.
Table 1. Initial Clean Energy Project Power Purchase Agreements Project Name Fuel Source Location Greenhouse Gas
Emissions Intensity
(MTCO2e/MWh)
Term (Years)
Palo Verde Nuclear Maricopa County, AZ 0 2
SVCE has committed to achieving a 100% renewable portfolio by 2035 and the proceeds of the Bonds will be allocated in alignment with this commitment. In the event that PPAs are not available to be assigned to the Clean Energy Project prepayment in the future, SVCE will likely continue to purchase power under their existing procurement arrangement outside of the prepayment transaction. In this situation, SVCE may continue to receive the benefit of the discount from the prepayment under contractual remediation provisions. Details of alternative assignment are discussed in the Official Statement.
The PPAs include a backup plan in the event of a failure to deliver energy, which involves supplying equivalent replacement power or power from California’s electric grid. California has a renewables portfolio standard and a healthy mix of renewable power in the grid, but it is not 100% renewable.
Net Zero Alignment
Bonds are net zero aligned if financed activities advance goals to reach net zero greenhouse gas emissions by at least 2050. The Clean Energy Project financed by the Bonds advances the net-zero transition by increasing availability of carbon-free and renewable energy. The Bonds enable decarbonization of the electric sector and align with SVCE’s trajectory to exceed statewide renewable portfolio standard targets for 60% renewables by 2030 and 100% carbon-free by 2045.
Reliability and Resilience
The Bonds and SVCE’s community programs improve resilience of the power grid to transitional and physical climate risks, ensuring reliable operations while advancing statewide renewable energy goals.
Adding renewables to the grid can cause supply-demand imbalances and grid flexibility and storage solutions are required to ensure resilience. SVCE meets this need through acquisition of significant battery storage resources and active evaluation and implementation of virtual power plant solutions. In addition, a Community Resilience Program, led by SVCE, helps high-risk communities reduce impacts from outages caused by storms, wildfires, natural disasters or other events. Examples of community resilience projects include installation of solar and battery storage for emergency backup power on a senior and community center in the City of Milpitas and a fire station in Santa Clara County.
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Process for Project Evaluation and Selection
Silicon Valley Clean Energy
SVCE is committed to providing cost-effective carbon-free energy to its customers and meeting greenhouse gas emission reduction and reliability objectives. The Bonds drive progress toward this commitment and advance the ambitious SVCE goal to achieve 100% renewable resources by 2035.
SVCE has an adopted integrated resource plan (“IRP”) that is the primary planning document for long-term priorities and strategies. As required by state law, the IRP must be certified by the California Public Utilities Commission every two years. The IRP includes information about how SVCE will meet statewide requirements for reducing greenhouse gas emissions within the power sector while ensuring grid reliability and competitive rates.
In addition to meeting core requirements for reliability and affordability, SVCE uses its PPA Project Selection Policy to evaluate prospective resources. Factors evaluated include contribution to SVCE’s mission and decarbonization targets, local workforce development, diversity of resources, project location, environmental stewardship, and community engagement.
California Community Choice Financing Authority
As a conduit issuer, CCCFA is authorized through the California Joint Exercise of Powers Act to issue bonds that finance eligible Clean Energy Projects. CCCFA holds the rights over financing and refinancing of the energy prepayment through tax-advantaged bonds. Although CCCFA is not responsible for selecting or negotiating PPAs for specific members, CCCFA is obligated to confirm, and has confirmed eligibility of financed activities in accordance with its authorized activities as a joint powers authority.
Management of Proceeds
Proceeds from the Bonds will be solely allocated to finance prepayment for renewable and carbon-free energy, pay capitalized interest, and pay costs of issuance. Upon closing, CCCFA will immediately acquire a 30-year supply of clean electricity through the energy supplier, Energy Prepay IX, LLC, for the sole benefit of SVCE. While proceeds delivered to Energy Prepay IX, LLC may be comingled with other funds before payment for renewable and carbon-free energy, the total amount must be used exclusively over the terms of the contracts to acquire a supply of eligible clean energy. In Kestrel’s view, this management of proceeds through a third party retains alignment with market standards and enables the expansion of renewable energy contracts. Ultimately, this transaction structure enables acquisition of renewable electricity and is an exemplary, cost-saving model for electric utilities to follow.
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Reporting
In California, community choice aggregators (“CCAs”) such as SVCE are considered Electric Load-Serving Entities and are therefore subject to Power Source Disclosures, renewable portfolio standards, and reliability standards set forth by the California Public Utilities Commission and the California Energy Commission (“CEC”). Reporting is described below.
Reporting Type Description
Power Source
Disclosures
Power Source Disclosure is managed by the California Energy Commission and CCAs are required to report energy sources used for retail sales. Pursuant to this, SVCE provides a Power Source Disclosure that details all energy procurement activities, including the power purchase agreements.
Greenhouse gas emissions are calculated based on the CEC template and are reflected on the Power Content Label. These disclosures are made available on the CEC website: energy.ca.gov/programs-and-topics/programs/power-source-disclosure.
Renewable Portfolio
Standard
As required by the California Energy Commission, CCAs submit annual reports that describe progress toward meeting the California Renewable Portfolio Standard including annual and long-term renewable energy contracting requirements.10
Integrated Resource
Plan
SVCE regularly submits an Integrated Resource Plan to the California Public Utilities Commission.11 The Plan provides a roadmap for meeting statewide requirements for greenhouse gas emission reduction within the electric sector.
Board Updates
Periodic updates on community programs and progress towards renewable energy goals are provided to the SVCE Board of Directors. Updates are available on the Meetings & Agendas website: svcleanenergy.org/meetings.
In connection with the Bonds, Kestrel will provide at least one post-issuance report with updates on the Clean Energy Project including greenhouse gas emissions intensity of PPAs, and confirming continued alignment with the Green Bond Principles.
CCCFA will also submit continuing financial disclosures to the Municipal Securities Rulemaking Board (“MSRB”) as long as the Bonds are outstanding, as well as reports in the event of material developments.
This reporting will be done annually on the Electronic Municipal Market Access (“EMMA”) system operated by the MSRB.
10 “Renewables Portfolio Standard – Verification and Compliance,” California Energy Commission, accessed July 30, 2025, https://www.energy.ca.gov/programs-and-topics/programs/renewables-portfolio-standard/renewables-portfolio-standard. 11 “Integrated Resource Plan and Long Term Procurement Plan (IRP-LTPP),” California Public Utilities Commission, accessed July 30, 2025, https://www.cpuc.ca.gov/irp/.
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ALIGNMENT WITH UN SDGs
The Bonds support and advance the vision of the United Nations Sustainable Development Goals (“UN SDGs”), including:
Affordable and Clean Energy (Targets 7.1, 7.2)
Clean and renewable electricity for SVCE customers through prepayment of renewable energy Industry, Innovation and Infrastructure (Targets 9.1, 9.4) Expanded clean energy production and reduced greenhouse gas emissions Sustainable Cities and Communities (Target 11.6)
Increased use of renewable energy which contributes to improved air quality Climate Action (Target 13.2)
Renewable energy alternatives to avoid greenhouse gas emissions Full text of the Targets for these Goals is on the United Nations website: un.org/sustainabledevelopment
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SUSTAINABLE
DEVELOPMENT
GOALS
Kestrel | Second Party Opinion 8
BENCHMARKING: KESTREL SUSTAINABILITY INTELLIGENCE™
Project Information
Subsector Community Choice Aggregator
Sector Electric Utility
Project Status N/A
Sustainability Benchmarks
Composite Score 5.00 out of 5.00
Rank * Top 1%
*Compared to all bonds scored in the electric utility sector (n = 416). To learn more about benchmarking with Kestrel Sustainability Intelligence, including additional data fields not shown here, visit kestrelesg.com.
Sustainability Scores (out of 5) Weight in Composite Score Calculation Environmental 5.00 55%
Social 5.00 25%
Transparency 5.00 20%
Score Rationale
Environmental Renewable Energy 34%
Social Equitable Access to Essential Services 29%
Safe & Healthy Communities 17%
Transparency Disclose Activities, Impacts & Risks 20%
Climate Risk Strategies
Resilience Programs Battery storage resources and virtual power plant programs Renewable Energy Yes
This bond was evaluated on 7/30/2025 and reference data for benchmarking was accessed on 6/12/2025. Kestrel Sustainability Scores are fixed for a minimum period of one year from the date of our Opinion. During this period, scores will not be changed.
Afterward, scores may be updated, including when Kestrel prepares a Post-Issuance Report.
CONCLUSION
Based on our independent external review, the Bonds are impactful, net zero aligned, conform, in all material respects, with the Green Bond Principles (2025) and are in complete alignment with the Renewable Energy project category. Based on benchmarking with Kestrel Sustainability Intelligence, the Bonds are in the top 1% of assets in the electric utility sector, a reflection of best practices for sustainability. SVCE is a 100% carbon-free CCA and the Clean Energy Project is uniquely positioned to preserve and improve access to clean and renewable energy to communities in Santa Clara County. © 2025 Kestrel 360, Inc.
Reproduction, repackaging, transmittal, dissemination, or redistribution of this content in whole or in part is prohibited without the express written approval of Kestrel 360, Inc. and is protected by copyright law.
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Project Information
Subsector
Sector
Project Status
Sustainability Benchmarks 1
Composite Score
Rank* Top 1%
Sustainability Scores (out of 5) Weight in Composite Score Calculation Environmental
Social
Transparency
Environmental
Social
Transparency
nate Risk Strategies
Resilience Programs
Renewable Energy
Kestrel | Second Party Opinion 9
About
Kestrel Sustainability Intelligence™ for municipal markets helps set the market standard for sustainable finance. We do this through verification and our comprehensive Sustainability Analysis and Scores.
Kestrel is a leading provider of external reviews for green, social and sustainability bond transactions. We evaluate transactions in public and private markets for conformance with international green and social bond standards. kestrelesg.com | [email protected]
For more information, contact:
Monica Reid, Chief Executive Officer
[email protected]
+1 541-399-6806
Verification Team
April Strid, MS - Head of Research and Lead Verifier
Matt Michel, PhD - Senior Sustainability Analyst
Monica Reid - CEO
Disclaimer
This Opinion aims to explain how and why the discussed financing meets the ICMA Green Bond Principles based on the information that was provided by SVCE or CCCFA or made publicly available by SVCE or CCCFA and relied upon by Kestrel only during the time of this engagement (July – August 2025), and only for purposes of providing this Opinion.
We have relied on information obtained from sources believed to be reliable, and assumed the information to be accurate and complete. However, Kestrel can make no warranty, express or implied, nor can we guarantee the accuracy, comprehensive nature, merchantability, or fitness for a particular purpose of the information we were provided or obtained.
By providing this Opinion, Kestrel is neither addressing nor certifying the credit risk, liquidity risk, market value risk or price volatility of the projects financed by the Green Bonds. It was beyond Kestrel’s scope of work to review for regulatory compliance, and no surveys or site visits were conducted by us. Furthermore, we are not responsible for surveillance, monitoring, or implementation of the project, or use of proceeds.
The Opinion delivered by Kestrel is for informational purposes only, is current as of the Evaluation Date, and does not address financial performance of the Green Bonds or the effectiveness of allocation of its proceeds. This Opinion does not make any assessment of the creditworthiness of SVCE or CCCFA, nor its ability to pay principal and interest when due. This Opinion does not address the suitability of a Bond as an investment, and contains no offer, solicitation, endorsement of the Bonds nor any recommendation to buy, sell or hold the Bonds. Kestrel accepts no liability for direct, indirect, special, punitive, consequential or any other damages (including lost profits), for any consequences when third parties use this Opinion either to make investment decisions or to undertake any other business transactions.
This Opinion may not be altered without the written consent of Kestrel. Kestrel reserves the right to revoke or withdraw this Opinion at any time. Kestrel certifies that there is no affiliation, involvement, financial or non-financial interest in SVCE or CCCFA or the projects discussed. We are 100% independent. Language in the offering disclosure supersedes any language included in this Second Party Opinion.
Use of the United Nations Sustainable Development Goal (SDG) logo and icons does not imply United Nations endorsement of the products, services, or bond-financed activities. The logo and icons are not being used for promotion or financial gain. Rather, use of the logo and icons is primarily illustrative, to communicate SDG-related activities.
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Appendix G – Page 1
APPENDIX G
BOOK-ENTRY SYSTEM
The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Bonds. The Bonds will be issued as fully registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered bond certificate will be issued for each maturity of the Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. If, however, the aggregate principal amount of any maturity of the Bonds exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount and an additional certificate will be issued with respect to any remaining principal amount of such maturity.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com
Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records.
Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners.
Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested Item 6
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by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership.
DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of the notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity of the Bonds are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to CCCFA of securities as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts such Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).
Redemption proceeds and payments of principal and interest on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from CCCFA or the Trustee on the payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, CCCFA or the Trustee, subject to any statutory or regulatory requirements as may be in effect from time to time.
Payment of redemption proceeds and principal and interest to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of CCCFA or the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to CCCFA or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered.
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CCCFA may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Bond certificates are required to be printed and delivered to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that CCCFA believes to be reliable, but CCCFA takes no responsibility for the accuracy thereof.
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Appendix H – Page 1
APPENDIX H
REDEMPTION PRICE OF THE BONDS
The following table sets forth the Redemption Price of the Bonds (being the Amortized Value of the Series 2025F Bonds, but excluding accrued interest), upon an extraordinary mandatory redemption following an early termination of the Prepaid Energy Sales Agreement, as of the redemption dates shown below during the Initial Interest Rate Period.
REDEMPTION
DATE
REDEMPTION
PRICE
REDEMPTION
DATE
REDEMPTION
PRICE
REDEMPTION
DATE
REDEMPTION
PRICE
1/1/2026 $927,551,083.25 9/1/2028 $901,793,985.75 5/1/2031 $873,537,183.05 2/1/2026 926,774,147.85 10/1/2028 900,957,935.70 6/1/2031 872,582,903.70 3/1/2026 926,014,102.35 11/1/2028 900,138,775.55 7/1/2031 871,637,069.30 4/1/2026 925,254,056.85 12/1/2028 899,268,945.70 8/1/2031 870,699,679.85 5/1/2026 924,502,456.30 1/1/2029 898,399,115.85 9/1/2031 869,770,735.35 6/1/2026 923,700,186.05 2/1/2029 897,537,730.95 10/1/2031 868,850,235.80 7/1/2026 922,906,360.75 3/1/2029 896,684,791.00 11/1/2031 867,929,736.25 8/1/2026 922,112,535.45 4/1/2029 895,840,296.00 12/1/2031 866,958,567.00 9/1/2026 921,335,600.05 5/1/2029 895,004,245.95 1/1/2032 865,995,842.70 10/1/2026 920,567,109.60 6/1/2029 894,117,526.20 2/1/2032 865,041,563.35 11/1/2026 919,798,619.15 7/1/2029 893,230,806.45 3/1/2032 864,095,728.95 12/1/2026 918,979,459.00 8/1/2029 892,360,976.60 4/1/2032 863,158,339.50 1/1/2027 918,168,743.80 9/1/2029 891,491,146.75 5/1/2032 862,229,395.00 2/1/2027 917,374,918.50 10/1/2029 890,629,761.85 6/1/2032 861,241,335.85 3/1/2027 916,581,093.20 11/1/2029 889,776,821.90 7/1/2032 860,261,721.65 4/1/2027 915,795,712.85 12/1/2029 888,873,212.25 8/1/2032 859,290,552.40 5/1/2027 915,010,332.50 1/1/2030 887,978,047.55 9/1/2032 858,319,383.15 6/1/2027 914,182,727.40 2/1/2030 887,082,882.85 10/1/2032 857,365,103.80 7/1/2027 913,355,122.30 3/1/2030 886,204,608.05 11/1/2032 856,419,269.40 8/1/2027 912,544,407.10 4/1/2030 885,326,333.25 12/1/2032 855,414,320.35 9/1/2027 911,733,691.90 5/1/2030 884,464,948.35 1/1/2033 854,417,816.25 10/1/2027 910,931,421.65 6/1/2030 883,536,003.85 2/1/2033 853,429,757.10 11/1/2027 910,146,041.30 7/1/2030 882,623,949.25 3/1/2033 852,450,142.90 12/1/2027 909,293,101.35 8/1/2030 881,720,339.60 4/1/2033 851,470,528.70 1/1/2028 908,457,051.30 9/1/2030 880,825,174.90 5/1/2033 850,507,804.40 2/1/2028 907,629,446.20 10/1/2030 879,930,010.20 6/1/2033 849,469,075.55 3/1/2028 906,810,286.05 11/1/2030 879,051,735.40 7/1/2033 848,438,791.65 4/1/2028 905,991,125.90 12/1/2030 878,114,345.95 8/1/2033 847,433,842.60 5/1/2028 905,188,855.65 1/1/2031 877,176,956.50 9/1/2033 846,437,338.50 6/1/2028 904,327,470.75 2/1/2031 876,256,456.95 10/1/2033 845,457,724.30 7/1/2028 903,474,530.80 3/1/2031 875,344,402.35 11/1/2033 844,495,000.00 8/1/2028 902,630,035.80 4/1/2031 874,440,792.70
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Appendix I – Page 1
APPENDIX I
SCHEDULE OF TERMINATION PAYMENTS
The Termination Payment for any Early Termination Payment Date will be the amount set forth below in the column corresponding to the month in which the Early Termination Date occurs. In the event that the Early Termination Date occurs on other than the last day of a month, the Early Termination Payment will be increased by an amount equal to the product of (a) the Monthly Projected Quantity for such Month, minus the quantity of Energy delivered in such Month prior to the effectiveness of such Early Termination Date, multiplied by (b) the result of (i) the applicable Fixed Price (as defined in the CCCFA Commodity Swap), minus (ii) the Specified Discount then in effect. The Early Termination Payment Date is the last Business Day of the Month following the Month of Early Termination.
MONTH OF
EARLY
TERMINATION
TERMINATION
PAYMENT
MONTH OF
EARLY
TERMINATION
TERMINATION
PAYMENT
MONTH OF
EARLY
TERMINATION
TERMINATION
PAYMENT
Nov-2025 $894,867,497.81 Jul-2028 $883,571,778.02 Mar-2031 $864,868,041.26 Dec-2025 897,609,291.58 Aug-2028 882,965,549.34 Apr-2031 864,249,677.07 Jan-2026 897,213,154.28 Sep-2028 882,482,304.36 May-2031 863,533,664.04 Feb-2026 897,067,225.47 Oct-2028 881,842,295.87 Jun-2031 862,932,189.76 Mar-2026 896,622,855.47 Nov-2028 881,303,960.61 Jul-2031 862,233,066.62 Apr-2026 896,227,229.59 Dec-2028 880,672,397.08 Aug-2031 861,542,388.44 May-2026 895,736,312.49 Jan-2029 880,110,278.50 Sep-2031 860,957,804.06 Jun-2026 895,349,131.56 Feb-2029 879,813,886.26 Oct-2031 860,216,456.17 Jul-2026 894,875,104.37 Mar-2029 879,212,078.16 Nov-2031 859,585,226.46 Aug-2026 894,409,522.12 Apr-2029 878,661,273.57 Dec-2031 858,860,768.48 Sep-2026 894,047,676.04 May-2029 878,004,375.19 Jan-2032 858,205,755.45 Oct-2026 893,531,424.10 Jun-2029 877,470,460.51 Feb-2032 857,710,374.96 Nov-2026 893,123,030.92 Jul-2029 876,830,452.02 Mar-2032 857,015,672.41 Dec-2026 892,632,113.83 Aug-2029 876,198,888.49 Apr-2032 856,363,528.42 Jan-2027 892,202,196.74 Sep-2029 875,681,863.71 May-2032 855,613,735.59 Feb-2027 892,030,933.07 Oct-2029 875,008,075.42 Jun-2032 854,978,481.51 Mar-2027 891,552,783.27 Nov-2029 874,444,405.31 Jul-2032 854,237,133.62 Apr-2027 891,131,822.54 Dec-2029 873,779,061.98 Aug-2032 853,512,675.64 May-2027 890,607,125.64 Jan-2030 873,191,608.55 Sep-2032 852,902,756.41 Jun-2027 890,203,054.81 Feb-2030 872,861,436.51 Oct-2032 852,127,628.72 Jul-2027 889,695,247.82 Mar-2030 872,234,293.56 Nov-2032 851,462,619.21 Aug-2027 889,195,885.77 Apr-2030 871,641,264.22 Dec-2032 850,704,381.43 Sep-2027 888,817,149.79 May-2030 870,959,030.99 Jan-2033 850,015,588.60 Oct-2027 888,267,118.05 Jun-2030 870,391,336.51 Feb-2033 849,584,077.16 Nov-2027 887,833,390.02 Jul-2030 869,725,993.17 Mar-2033 848,855,594.81 Dec-2027 887,308,693.13 Aug-2030 869,060,649.84 Apr-2033 848,152,781.12 Jan-2028 886,780,354.35 Sep-2030 868,518,290.21 May-2033 847,352,318.59 Feb-2028 886,403,203.16 Oct-2030 867,810,722.12 Jun-2033 846,683,284.71 Mar-2028 885,835,174.86 Nov-2030 867,204,827.26 Jul-2033 845,916,601.97 Apr-2028 885,309,705.12 Dec-2030 866,514,149.08 Aug-2033 845,166,809.14 May-2028 884,686,586.54 Jan-2031 865,892,915.85 Sep-2033 844,496,062.461 Jun-2028 884,178,006.71 Feb-2031 865,537,408.96
__________________________________
1. This amount would also be payable if an Early Termination Payment Date occurs in October 2033 due to a Failed Remarketing.
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APPENDIX J
CANADIAN IMPERIAL BANK OF COMMERCE AND ITS NEW YORK BRANCH Canadian Imperial Bank of Commerce, a banking corporation duly incorporated and existing under the Bank Act (Canada), is one of the leading financial services groups in Canada and has global operations, operating offices in countries and regions worldwide including Canada, the United States, Europe, Asia, Australia, the Caribbean and Latin America through its subsidiaries, branches and other banking offices (hereinafter, CIBC and its consolidated subsidiaries are collectively referred to as “CIBC”). CIBC’s clients include individuals, corporations, financial institutions and governmental agencies. CIBC’s business consists of four main business units — (1) Canadian Personal and Business Banking, (2) Canadian Commercial Banking and Wealth Management, (3) U.S. Commercial Banking and Wealth Management and (4) Capital Markets.
CIBC is subject to the informational requirements of the Securities Exchange Act of 1934 and, in accordance therewith, CIBC files with the Securities and Exchange Commission (the “SEC”) annual reports on Form 40-F and furnishes to the SEC reports on Form 6-K. For further information concerning CIBC, see such filings CIBC makes with the SEC from time to time via the Electronic Data, Gathering, Analysis and Retrieval (EDGAR ) system, which are available on the SEC’s website (www.sec.gov).
None of the information on the SEC’s website and in the documents referred to above is incorporated by reference in this Official Statement.
As of the date of this Official Statement, the deposit/counterparty rating of CIBC is “AA” (Stable) by Fitch Ratings, “Aa2” (Stable) by Moody’s Investors Service and “A+” (Stable) by S&P Global Ratings.
The delivery of this Official Statement does not imply that there has been no change in the affairs of CIBC since the date hereof or that the information contained or referred to herein is correct as at any time subsequent to its date.
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH
Canadian Imperial Bank of Commerce’s New York Branch is an uninsured branch of CIBC, duly licensed by the New York State Department of Financial Services to operate under the laws of the State of New York.
Under no circumstance is CIBC obligated to pay any amounts owed in respect of the Bonds.
Neither CIBC nor its New York Branch takes any responsibility for the information set forth in this Official Statement other than the information set forth in this APPENDIX J — “CANADIAN IMPERIAL BANK OF COMMERCE AND ITS NEW YORK BRANCH”.
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CCC
I California Community Choice
FAA7 Financing Authority
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CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY •Clean Energy Project Revenue Bonds, Series 2025F (Green Bonds) (Term Rate)