Prepared by Oppenheimer & Co. Inc. Page 1
SOURCES AND USES OF FUNDS
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Dated Date 01/27/2026
Delivery Date 01/27/2026
Sources:
Bond Proceeds:
Par Amount 3,890,000.00
Premium 165,573.30
4,055,573.30
Other Sources of Funds:
Contribution from City 707,536.00
Contribution for General Benefit 707,536.00
Property Owner Prepayment 1,110,052.85
2,525,124.85
6,580,698.15
Uses:
Project Fund Deposits:
Construction Costs 5,808,679.11
Project Incidental Expenses 184,160.00
5,992,839.11
Other Fund Deposits:
Cash Funded Reserve 233,400.00
Capitalized Interest Fund 116,159.72
349,559.72
Delivery Date Expenses:
Cost of Issuance 188,347.20
Underwriter's Discount 48,625.00
236,972.20
Other Uses of Funds:
Additional Proceeds 1,327.12
6,580,698.15
Notes:
-Reserve Fund Sized on 6% of Par Amount
-7-Year Call at 103%, Declines to Par in Year 10
-Capitalized Interest Covers First Interest Pmt
-1.25% Underwriter's Discount
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Prepared by Oppenheimer & Co. Inc. Page 2
COST OF ISSUANCE
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Cost of Issuance $/1000 Amount
City Staff/Administrative 10.28278 40,000.00
Bond Counsel 8.99743 35,000.00
Disclosure Counsel 9.64010 37,500.00
Municipal Advisor 10.92545 42,500.00
Assessment District Admin 2.57069 10,000.00
Fiscal Agent 1.28535 5,000.00
Fiscal Agent's Counsel 1.79949 7,000.00
Printer 1.28535 5,000.00
Contingency 1.63167 6,347.20
48.41830 188,347.20
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Prepared by Oppenheimer & Co. Inc. Page 3
BOND SUMMARY STATISTICS
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Dated Date 01/27/2026
Delivery Date 01/27/2026
First Coupon 09/02/2026
Last Maturity 09/02/2050
Arbitrage Yield 4.403633%
True Interest Cost (TIC) 4.708291%
Net Interest Cost (NIC) 4.804641%
All-In TIC 5.183441%
Average Coupon 5.000000%
Average Life (years) 15.389
Weighted Average Maturity (years) 15.277
Duration of Issue (years) 10.492
Par Amount 3,890,000.00
Bond Proceeds 4,055,573.30
Total Interest 2,993,159.72
Net Interest 2,876,211.42
Total Debt Service 6,883,159.72
Maximum Annual Debt Service 285,000.00
Average Annual Debt Service 279,834.84
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 12.500000
Total Underwriter's Discount 12.500000
Bid Price 103.006383
Par Average Average
Bond Component Value Price Coupon Life
Serial Bonds 960,000.00 107.063 5.000% 5.925
2040 Term Bond 755,000.00 105.614 5.000% 12.697
2045 Term Bond 955,000.00 103.071 5.000% 17.691
2050 Term Bond 1,220,000.00 102.136 5.000% 22.700
3,890,000.00 15.389
All-In Arbitrage
TIC TIC Yield
Par Value 3,890,000.00 3,890,000.00 3,890,000.00
+ Accrued Interest
+ Premium (Discount) 165,573.30 165,573.30 165,573.30
- Underwriter's Discount -48,625.00 -48,625.00
- Cost of Issuance Expense -188,347.20
- Other Amounts
Target Value 4,006,948.30 3,818,601.10 4,055,573.30
Target Date 01/27/2026 01/27/2026 01/27/2026
Yield 4.708291% 5.183441% 4.403633%
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Prepared by Oppenheimer & Co. Inc. Page 4
BOND DEBT SERVICE
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Period
Ending Principal Coupon Interest Debt Service
09/02/2026 116,159.72 116,159.72
09/02/2027 90,000 5.000% 194,500.00 284,500.00
09/02/2028 90,000 5.000% 190,000.00 280,000.00
09/02/2029 95,000 5.000% 185,500.00 280,500.00
09/02/2030 100,000 5.000% 180,750.00 280,750.00
09/02/2031 105,000 5.000% 175,750.00 280,750.00
09/02/2032 110,000 5.000% 170,500.00 280,500.00
09/02/2033 115,000 5.000% 165,000.00 280,000.00
09/02/2034 125,000 5.000% 159,250.00 284,250.00
09/02/2035 130,000 5.000% 153,000.00 283,000.00
09/02/2036 135,000 5.000% 146,500.00 281,500.00
09/02/2037 145,000 5.000% 139,750.00 284,750.00
09/02/2038 150,000 5.000% 132,500.00 282,500.00
09/02/2039 160,000 5.000% 125,000.00 285,000.00
09/02/2040 165,000 5.000% 117,000.00 282,000.00
09/02/2041 175,000 5.000% 108,750.00 283,750.00
09/02/2042 180,000 5.000% 100,000.00 280,000.00
09/02/2043 190,000 5.000% 91,000.00 281,000.00
09/02/2044 200,000 5.000% 81,500.00 281,500.00
09/02/2045 210,000 5.000% 71,500.00 281,500.00
09/02/2046 220,000 5.000% 61,000.00 281,000.00
09/02/2047 230,000 5.000% 50,000.00 280,000.00
09/02/2048 245,000 5.000% 38,500.00 283,500.00
09/02/2049 255,000 5.000% 26,250.00 281,250.00
09/02/2050 270,000 5.000% 13,500.00 283,500.00
3,890,000 2,993,159.72 6,883,159.72
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Prepared by Oppenheimer & Co. Inc. Page 5
BOND DEBT SERVICE
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Period Annual
Ending Principal Coupon Interest Debt Service Debt Service 09/02/2026 116,159.72 116,159.72 116,159.72
03/02/2027 97,250.00 97,250.00
09/02/2027 90,000 5.000% 97,250.00 187,250.00 284,500.00 03/02/2028 95,000.00 95,000.00
09/02/2028 90,000 5.000% 95,000.00 185,000.00 280,000.00 03/02/2029 92,750.00 92,750.00
09/02/2029 95,000 5.000% 92,750.00 187,750.00 280,500.00 03/02/2030 90,375.00 90,375.00
09/02/2030 100,000 5.000% 90,375.00 190,375.00 280,750.00 03/02/2031 87,875.00 87,875.00
09/02/2031 105,000 5.000% 87,875.00 192,875.00 280,750.00 03/02/2032 85,250.00 85,250.00
09/02/2032 110,000 5.000% 85,250.00 195,250.00 280,500.00 03/02/2033 82,500.00 82,500.00
09/02/2033 115,000 5.000% 82,500.00 197,500.00 280,000.00 03/02/2034 79,625.00 79,625.00
09/02/2034 125,000 5.000% 79,625.00 204,625.00 284,250.00 03/02/2035 76,500.00 76,500.00
09/02/2035 130,000 5.000% 76,500.00 206,500.00 283,000.00 03/02/2036 73,250.00 73,250.00
09/02/2036 135,000 5.000% 73,250.00 208,250.00 281,500.00 03/02/2037 69,875.00 69,875.00
09/02/2037 145,000 5.000% 69,875.00 214,875.00 284,750.00 03/02/2038 66,250.00 66,250.00
09/02/2038 150,000 5.000% 66,250.00 216,250.00 282,500.00 03/02/2039 62,500.00 62,500.00
09/02/2039 160,000 5.000% 62,500.00 222,500.00 285,000.00 03/02/2040 58,500.00 58,500.00
09/02/2040 165,000 5.000% 58,500.00 223,500.00 282,000.00 03/02/2041 54,375.00 54,375.00
09/02/2041 175,000 5.000% 54,375.00 229,375.00 283,750.00 03/02/2042 50,000.00 50,000.00
09/02/2042 180,000 5.000% 50,000.00 230,000.00 280,000.00 03/02/2043 45,500.00 45,500.00
09/02/2043 190,000 5.000% 45,500.00 235,500.00 281,000.00 03/02/2044 40,750.00 40,750.00
09/02/2044 200,000 5.000% 40,750.00 240,750.00 281,500.00 03/02/2045 35,750.00 35,750.00
09/02/2045 210,000 5.000% 35,750.00 245,750.00 281,500.00 03/02/2046 30,500.00 30,500.00
09/02/2046 220,000 5.000% 30,500.00 250,500.00 281,000.00 03/02/2047 25,000.00 25,000.00
09/02/2047 230,000 5.000% 25,000.00 255,000.00 280,000.00 03/02/2048 19,250.00 19,250.00
09/02/2048 245,000 5.000% 19,250.00 264,250.00 283,500.00 03/02/2049 13,125.00 13,125.00
09/02/2049 255,000 5.000% 13,125.00 268,125.00 281,250.00 03/02/2050 6,750.00 6,750.00
09/02/2050 270,000 5.000% 6,750.00 276,750.00 283,500.00 3,890,000 2,993,159.72 6,883,159.72 6,883,159.72
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Prepared by Oppenheimer & Co. Inc. Page 6
NET DEBT SERVICE
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Total Cash Funded Capitalized Net Annual
Date Principal Coupon Interest Debt Service Reserve Interest Fund Debt Service Net D/S 09/02/2026 116,159.72 116,159.72 116,159.72
03/02/2027 97,250.00 97,250.00 97,250
09/02/2027 90,000 5.000% 97,250.00 187,250.00 187,250 284,500 03/02/2028 95,000.00 95,000.00 95,000
09/02/2028 90,000 5.000% 95,000.00 185,000.00 185,000 280,000 03/02/2029 92,750.00 92,750.00 92,750
09/02/2029 95,000 5.000% 92,750.00 187,750.00 187,750 280,500 03/02/2030 90,375.00 90,375.00 90,375
09/02/2030 100,000 5.000% 90,375.00 190,375.00 190,375 280,750 03/02/2031 87,875.00 87,875.00 87,875
09/02/2031 105,000 5.000% 87,875.00 192,875.00 192,875 280,750 03/02/2032 85,250.00 85,250.00 85,250
09/02/2032 110,000 5.000% 85,250.00 195,250.00 195,250 280,500 03/02/2033 82,500.00 82,500.00 82,500
09/02/2033 115,000 5.000% 82,500.00 197,500.00 197,500 280,000 03/02/2034 79,625.00 79,625.00 79,625
09/02/2034 125,000 5.000% 79,625.00 204,625.00 204,625 284,250 03/02/2035 76,500.00 76,500.00 76,500
09/02/2035 130,000 5.000% 76,500.00 206,500.00 206,500 283,000 03/02/2036 73,250.00 73,250.00 73,250
09/02/2036 135,000 5.000% 73,250.00 208,250.00 208,250 281,500 03/02/2037 69,875.00 69,875.00 69,875
09/02/2037 145,000 5.000% 69,875.00 214,875.00 214,875 284,750 03/02/2038 66,250.00 66,250.00 66,250
09/02/2038 150,000 5.000% 66,250.00 216,250.00 216,250 282,500 03/02/2039 62,500.00 62,500.00 62,500
09/02/2039 160,000 5.000% 62,500.00 222,500.00 222,500 285,000 03/02/2040 58,500.00 58,500.00 58,500
09/02/2040 165,000 5.000% 58,500.00 223,500.00 223,500 282,000 03/02/2041 54,375.00 54,375.00 54,375
09/02/2041 175,000 5.000% 54,375.00 229,375.00 229,375 283,750 03/02/2042 50,000.00 50,000.00 50,000
09/02/2042 180,000 5.000% 50,000.00 230,000.00 230,000 280,000 03/02/2043 45,500.00 45,500.00 45,500
09/02/2043 190,000 5.000% 45,500.00 235,500.00 235,500 281,000 03/02/2044 40,750.00 40,750.00 40,750
09/02/2044 200,000 5.000% 40,750.00 240,750.00 240,750 281,500 03/02/2045 35,750.00 35,750.00 35,750
09/02/2045 210,000 5.000% 35,750.00 245,750.00 245,750 281,500 03/02/2046 30,500.00 30,500.00 30,500
09/02/2046 220,000 5.000% 30,500.00 250,500.00 250,500 281,000 03/02/2047 25,000.00 25,000.00 25,000
09/02/2047 230,000 5.000% 25,000.00 255,000.00 255,000 280,000 03/02/2048 19,250.00 19,250.00 19,250
09/02/2048 245,000 5.000% 19,250.00 264,250.00 264,250 283,500 03/02/2049 13,125.00 13,125.00 13,125
09/02/2049 255,000 5.000% 13,125.00 268,125.00 268,125 281,250 03/02/2050 6,750.00 6,750.00 6,750
09/02/2050 270,000 5.000% 6,750.00 276,750.00 233,400 43,350 50,100 3,890,000 2,993,159.72 6,883,159.72 233,400 116,159.72 6,533,600 6,533,600 169
Prepared by Oppenheimer & Co. Inc. Page 7
BOND PRICING
City of Laguna Beach
UAD No. 2021-1 (West Street) Limited Obligation Bonds, Series 2026 Maturity Yield to Call Call Premium
Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Serial Bonds:
09/02/2027 90,000 5.000% 3.120% 102.904 2,613.60
09/02/2028 90,000 5.000% 3.260% 104.296 3,866.40
09/02/2029 95,000 5.000% 3.000% 106.768 6,429.60
09/02/2030 100,000 5.000% 3.460% 106.490 6,490.00
09/02/2031 105,000 5.000% 3.550% 107.298 7,662.90
09/02/2032 110,000 5.000% 3.650% 107.848 8,632.80
09/02/2033 115,000 5.000% 3.730% 108.331 9,580.65
09/02/2034 125,000 5.000% 3.780% 108.880 11,100.00
09/02/2035 130,000 5.000% 3.880% 108.788 C 3.893% 09/02/2032 103.000 11,424.40 960,000 67,800.35
2040 Term Bond:
09/02/2036 135,000 5.000% 4.280% 105.614 C 4.472% 09/02/2035 100.000 7,578.90 09/02/2037 145,000 5.000% 4.280% 105.614 C 4.472% 09/02/2035 100.000 8,140.30 09/02/2038 150,000 5.000% 4.280% 105.614 C 4.472% 09/02/2035 100.000 8,421.00 09/02/2039 160,000 5.000% 4.280% 105.614 C 4.472% 09/02/2035 100.000 8,982.40 09/02/2040 165,000 5.000% 4.280% 105.614 C 4.472% 09/02/2035 100.000 9,263.10 755,000 42,385.70
2045 Term Bond:
09/02/2041 175,000 5.000% 4.600% 103.071 C 4.757% 09/02/2035 100.000 5,374.25 09/02/2042 180,000 5.000% 4.600% 103.071 C 4.757% 09/02/2035 100.000 5,527.80 09/02/2043 190,000 5.000% 4.600% 103.071 C 4.757% 09/02/2035 100.000 5,834.90 09/02/2044 200,000 5.000% 4.600% 103.071 C 4.757% 09/02/2035 100.000 6,142.00 09/02/2045 210,000 5.000% 4.600% 103.071 C 4.757% 09/02/2035 100.000 6,449.10 955,000 29,328.05
2050 Term Bond:
09/02/2046 220,000 5.000% 4.720% 102.136 C 4.850% 09/02/2035 100.000 4,699.20 09/02/2047 230,000 5.000% 4.720% 102.136 C 4.850% 09/02/2035 100.000 4,912.80 09/02/2048 245,000 5.000% 4.720% 102.136 C 4.850% 09/02/2035 100.000 5,233.20 09/02/2049 255,000 5.000% 4.720% 102.136 C 4.850% 09/02/2035 100.000 5,446.80 09/02/2050 270,000 5.000% 4.720% 102.136 C 4.850% 09/02/2035 100.000 5,767.20 1,220,000 26,059.20
3,890,000 165,573.30
Dated Date 01/27/2026
Delivery Date 01/27/2026
First Coupon 09/02/2026
Par Amount 3,890,000.00
Premium 165,573.30
Production 4,055,573.30 104.256383%
Underwriter's Discount -48,625.00 -1.250000%
Purchase Price 4,006,948.30 103.006383%
Accrued Interest
Net Proceeds 4,006,948.30
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