Prepared by Oppenheimer & Co. Inc. Page 1
SOURCES AND USES OF FUNDS
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Dated Date 05/07/2026
Delivery Date 05/07/2026
Sources:
Bond Proceeds:
Par Amount 3,330,000.00
Net Premium 40,591.95
3,370,591.95
Other Sources of Funds:
Contribution from City 474,580.00
Contribution for General Benefit 474,580.00
Property Owner Prepayment 738,997.18
1,688,157.18
5,058,749.13
Uses:
Project Fund Deposits:
Construction Costs 4,359,669.36
Project Incidental Expenses 213,055.00
4,572,724.36
Other Fund Deposits:
Cash Funded Reserve 199,800.00
Capitalized Interest Fund 53,187.50
252,987.50
Delivery Date Expenses:
Cost of Issuance 185,000.00
Underwriter's Discount 44,122.50
229,122.50
Other Uses of Funds:
Additional Proceeds 3,914.77
5,058,749.13
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
-1.325% Underwriter's Discount
Attachment 6
178
Prepared by Oppenheimer & Co. Inc. Page 2
COST OF ISSUANCE
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Cost of Issuance $/1000 Amount
City Staff/Administrative 10.51051 35,000.00
Bond Counsel 10.51051 35,000.00
Disclosure Counsel 11.26126 37,500.00
Municipal Advisor 11.86186 39,500.00
Assessment District Admin 3.00300 10,000.00
Fiscal Agent 0.90090 3,000.00
Fiscal Agent's Counsel 1.80180 6,000.00
Printer 0.75075 2,500.00
CalMuni Report 0.29880 995.00
Contingency 4.65616 15,505.00
55.55556 185,000.00
179
Prepared by Oppenheimer & Co. Inc. Page 3
BOND SUMMARY STATISTICS
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Dated Date 05/07/2026
Delivery Date 05/07/2026
First Coupon 09/02/2026
Last Maturity 09/02/2051
Arbitrage Yield 4.879054%
True Interest Cost (TIC) 5.011045%
Net Interest Cost (NIC) 5.006720%
All-In TIC 5.578193%
Average Coupon 5.000000%
Average Life (years) 15.777
Weighted Average Maturity (years) 15.555
Duration of Issue (years) 10.493
Par Amount 3,330,000.00
Bond Proceeds 3,370,591.95
Total Interest 2,626,937.50
Net Interest 2,630,468.05
Total Debt Service 5,956,937.50
Maximum Annual Debt Service 238,000.00
Average Annual Debt Service 235,271.26
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 13.250000
Total Underwriter's Discount 13.250000
Bid Price 99.893977
Par Average Average
Bond Component Value Price Coupon Life
Serial Bonds 885,000.00 105.833 5.000% 6.240
2041 Term Bond 625,000.00 103.583 5.000% 13.399
2046 Term Bond 795,000.00 99.236 5.000% 18.414
2050 Term Bond 1,025,000.00 97.332 5.000% 23.417
3,330,000.00 15.777
All-In Arbitrage
TIC TIC Yield
Par Value 3,330,000.00 3,330,000.00 3,330,000.00
+ Accrued Interest
+ Premium (Discount) 40,591.95 40,591.95 40,591.95
- Underwriter's Discount -44,122.50 -44,122.50
- Cost of Issuance Expense -185,000.00
- Other Amounts
Target Value 3,326,469.45 3,141,469.45 3,370,591.95
Target Date 05/07/2026 05/07/2026 05/07/2026
Yield 5.011045% 5.578193% 4.879054%
180
Prepared by Oppenheimer & Co. Inc. Page 4
BOND DEBT SERVICE
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Period
Ending Principal Coupon Interest Debt Service
09/02/2026 53,187.50 53,187.50
09/02/2027 70,000 5.000% 166,500.00 236,500.00
09/02/2028 75,000 5.000% 163,000.00 238,000.00
09/02/2029 75,000 5.000% 159,250.00 234,250.00
09/02/2030 80,000 5.000% 155,500.00 235,500.00
09/02/2031 85,000 5.000% 151,500.00 236,500.00
09/02/2032 90,000 5.000% 147,250.00 237,250.00
09/02/2033 95,000 5.000% 142,750.00 237,750.00
09/02/2034 100,000 5.000% 138,000.00 238,000.00
09/02/2035 105,000 5.000% 133,000.00 238,000.00
09/02/2036 110,000 5.000% 127,750.00 237,750.00
09/02/2037 115,000 5.000% 122,250.00 237,250.00
09/02/2038 120,000 5.000% 116,500.00 236,500.00
09/02/2039 125,000 5.000% 110,500.00 235,500.00
09/02/2040 130,000 5.000% 104,250.00 234,250.00
09/02/2041 135,000 5.000% 97,750.00 232,750.00
09/02/2042 145,000 5.000% 91,000.00 236,000.00
09/02/2043 150,000 5.000% 83,750.00 233,750.00
09/02/2044 160,000 5.000% 76,250.00 236,250.00
09/02/2045 165,000 5.000% 68,250.00 233,250.00
09/02/2046 175,000 5.000% 60,000.00 235,000.00
09/02/2047 185,000 5.000% 51,250.00 236,250.00
09/02/2048 195,000 5.000% 42,000.00 237,000.00
09/02/2049 205,000 5.000% 32,250.00 237,250.00
09/02/2050 215,000 5.000% 22,000.00 237,000.00
09/02/2051 225,000 5.000% 11,250.00 236,250.00
3,330,000 2,626,937.50 5,956,937.50
181
Prepared by Oppenheimer & Co. Inc. Page 5
BOND DEBT SERVICE
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service 09/02/2026 53,187.50 53,187.50 53,187.50
03/02/2027 83,250.00 83,250.00
09/02/2027 70,000 5.000% 83,250.00 153,250.00 236,500.00 03/02/2028 81,500.00 81,500.00
09/02/2028 75,000 5.000% 81,500.00 156,500.00 238,000.00 03/02/2029 79,625.00 79,625.00
09/02/2029 75,000 5.000% 79,625.00 154,625.00 234,250.00 03/02/2030 77,750.00 77,750.00
09/02/2030 80,000 5.000% 77,750.00 157,750.00 235,500.00 03/02/2031 75,750.00 75,750.00
09/02/2031 85,000 5.000% 75,750.00 160,750.00 236,500.00 03/02/2032 73,625.00 73,625.00
09/02/2032 90,000 5.000% 73,625.00 163,625.00 237,250.00 03/02/2033 71,375.00 71,375.00
09/02/2033 95,000 5.000% 71,375.00 166,375.00 237,750.00 03/02/2034 69,000.00 69,000.00
09/02/2034 100,000 5.000% 69,000.00 169,000.00 238,000.00 03/02/2035 66,500.00 66,500.00
09/02/2035 105,000 5.000% 66,500.00 171,500.00 238,000.00 03/02/2036 63,875.00 63,875.00
09/02/2036 110,000 5.000% 63,875.00 173,875.00 237,750.00 03/02/2037 61,125.00 61,125.00
09/02/2037 115,000 5.000% 61,125.00 176,125.00 237,250.00 03/02/2038 58,250.00 58,250.00
09/02/2038 120,000 5.000% 58,250.00 178,250.00 236,500.00 03/02/2039 55,250.00 55,250.00
09/02/2039 125,000 5.000% 55,250.00 180,250.00 235,500.00 03/02/2040 52,125.00 52,125.00
09/02/2040 130,000 5.000% 52,125.00 182,125.00 234,250.00 03/02/2041 48,875.00 48,875.00
09/02/2041 135,000 5.000% 48,875.00 183,875.00 232,750.00 03/02/2042 45,500.00 45,500.00
09/02/2042 145,000 5.000% 45,500.00 190,500.00 236,000.00 03/02/2043 41,875.00 41,875.00
09/02/2043 150,000 5.000% 41,875.00 191,875.00 233,750.00 03/02/2044 38,125.00 38,125.00
09/02/2044 160,000 5.000% 38,125.00 198,125.00 236,250.00 03/02/2045 34,125.00 34,125.00
09/02/2045 165,000 5.000% 34,125.00 199,125.00 233,250.00 03/02/2046 30,000.00 30,000.00
09/02/2046 175,000 5.000% 30,000.00 205,000.00 235,000.00 03/02/2047 25,625.00 25,625.00
09/02/2047 185,000 5.000% 25,625.00 210,625.00 236,250.00 03/02/2048 21,000.00 21,000.00
09/02/2048 195,000 5.000% 21,000.00 216,000.00 237,000.00 03/02/2049 16,125.00 16,125.00
09/02/2049 205,000 5.000% 16,125.00 221,125.00 237,250.00 03/02/2050 11,000.00 11,000.00
09/02/2050 215,000 5.000% 11,000.00 226,000.00 237,000.00 03/02/2051 5,625.00 5,625.00
09/02/2051 225,000 5.000% 5,625.00 230,625.00 236,250.00 3,330,000 2,626,937.50 5,956,937.50 5,956,937.50
182
Prepared by Oppenheimer & Co. Inc. Page 6
NET DEBT SERVICE
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Total Cash Funded Capitalized Net Annual
Date Principal Coupon Interest Debt Service Reserve Interest Fund Debt Service Net D/S 09/02/2026 53,187.50 53,187.50 53,187.50
03/02/2027 83,250.00 83,250.00 83,250
09/02/2027 70,000 5.000% 83,250.00 153,250.00 153,250 236,500 03/02/2028 81,500.00 81,500.00 81,500
09/02/2028 75,000 5.000% 81,500.00 156,500.00 156,500 238,000 03/02/2029 79,625.00 79,625.00 79,625
09/02/2029 75,000 5.000% 79,625.00 154,625.00 154,625 234,250 03/02/2030 77,750.00 77,750.00 77,750
09/02/2030 80,000 5.000% 77,750.00 157,750.00 157,750 235,500 03/02/2031 75,750.00 75,750.00 75,750
09/02/2031 85,000 5.000% 75,750.00 160,750.00 160,750 236,500 03/02/2032 73,625.00 73,625.00 73,625
09/02/2032 90,000 5.000% 73,625.00 163,625.00 163,625 237,250 03/02/2033 71,375.00 71,375.00 71,375
09/02/2033 95,000 5.000% 71,375.00 166,375.00 166,375 237,750 03/02/2034 69,000.00 69,000.00 69,000
09/02/2034 100,000 5.000% 69,000.00 169,000.00 169,000 238,000 03/02/2035 66,500.00 66,500.00 66,500
09/02/2035 105,000 5.000% 66,500.00 171,500.00 171,500 238,000 03/02/2036 63,875.00 63,875.00 63,875
09/02/2036 110,000 5.000% 63,875.00 173,875.00 173,875 237,750 03/02/2037 61,125.00 61,125.00 61,125
09/02/2037 115,000 5.000% 61,125.00 176,125.00 176,125 237,250 03/02/2038 58,250.00 58,250.00 58,250
09/02/2038 120,000 5.000% 58,250.00 178,250.00 178,250 236,500 03/02/2039 55,250.00 55,250.00 55,250
09/02/2039 125,000 5.000% 55,250.00 180,250.00 180,250 235,500 03/02/2040 52,125.00 52,125.00 52,125
09/02/2040 130,000 5.000% 52,125.00 182,125.00 182,125 234,250 03/02/2041 48,875.00 48,875.00 48,875
09/02/2041 135,000 5.000% 48,875.00 183,875.00 183,875 232,750 03/02/2042 45,500.00 45,500.00 45,500
09/02/2042 145,000 5.000% 45,500.00 190,500.00 190,500 236,000 03/02/2043 41,875.00 41,875.00 41,875
09/02/2043 150,000 5.000% 41,875.00 191,875.00 191,875 233,750 03/02/2044 38,125.00 38,125.00 38,125
09/02/2044 160,000 5.000% 38,125.00 198,125.00 198,125 236,250 03/02/2045 34,125.00 34,125.00 34,125
09/02/2045 165,000 5.000% 34,125.00 199,125.00 199,125 233,250 03/02/2046 30,000.00 30,000.00 30,000
09/02/2046 175,000 5.000% 30,000.00 205,000.00 205,000 235,000 03/02/2047 25,625.00 25,625.00 25,625
09/02/2047 185,000 5.000% 25,625.00 210,625.00 210,625 236,250 03/02/2048 21,000.00 21,000.00 21,000
09/02/2048 195,000 5.000% 21,000.00 216,000.00 216,000 237,000 03/02/2049 16,125.00 16,125.00 16,125
09/02/2049 205,000 5.000% 16,125.00 221,125.00 221,125 237,250 03/02/2050 11,000.00 11,000.00 11,000
09/02/2050 215,000 5.000% 11,000.00 226,000.00 226,000 237,000 03/02/2051 5,625.00 5,625.00 5,625
09/02/2051 225,000 5.000% 5,625.00 230,625.00 199,800 30,825 36,450 3,330,000 2,626,937.50 5,956,937.50 199,800 53,187.50 5,703,950 5,703,950 183
Prepared by Oppenheimer & Co. Inc. Page 7
BOND PRICING
City of Laguna Beach
UAD No. 2023-1 (Fairview-La Brea) Limited Obligation Bonds, Series 2026 25bps of Market Buffer
Maturity Yield to Call Call Premium
Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Serial Bonds:
09/02/2027 70,000 5.000% 3.000% 102.564 1,794.80
09/02/2028 75,000 5.000% 3.080% 104.261 3,195.75
09/02/2029 75,000 5.000% 3.250% 105.460 4,095.00
09/02/2030 80,000 5.000% 3.430% 106.248 4,998.40
09/02/2031 85,000 5.000% 3.610% 106.667 5,666.95
09/02/2032 90,000 5.000% 3.830% 106.506 5,855.40
09/02/2033 95,000 5.000% 3.930% 106.743 6,405.85
09/02/2034 100,000 5.000% 4.060% 106.574 6,574.00
09/02/2035 105,000 5.000% 4.180% 106.269 6,582.45
09/02/2036 110,000 5.000% 4.290% 105.864 6,450.40
885,000 51,619.00
2041 Term Bond:
09/02/2037 115,000 5.000% 4.560% 103.583 C 4.669% 09/02/2036 100.000 4,120.45 09/02/2038 120,000 5.000% 4.560% 103.583 C 4.669% 09/02/2036 100.000 4,299.60 09/02/2039 125,000 5.000% 4.560% 103.583 C 4.669% 09/02/2036 100.000 4,478.75 09/02/2040 130,000 5.000% 4.560% 103.583 C 4.669% 09/02/2036 100.000 4,657.90 09/02/2041 135,000 5.000% 4.560% 103.583 C 4.669% 09/02/2036 100.000 4,837.05 625,000 22,393.75
2046 Term Bond:
09/02/2042 145,000 5.000% 5.060% 99.236 -1,107.80
09/02/2043 150,000 5.000% 5.060% 99.236 -1,146.00
09/02/2044 160,000 5.000% 5.060% 99.236 -1,222.40
09/02/2045 165,000 5.000% 5.060% 99.236 -1,260.60
09/02/2046 175,000 5.000% 5.060% 99.236 -1,337.00
795,000 -6,073.80
2050 Term Bond:
09/02/2047 185,000 5.000% 5.190% 97.332 -4,935.80
09/02/2048 195,000 5.000% 5.190% 97.332 -5,202.60
09/02/2049 205,000 5.000% 5.190% 97.332 -5,469.40
09/02/2050 215,000 5.000% 5.190% 97.332 -5,736.20
09/02/2051 225,000 5.000% 5.190% 97.332 -6,003.00
1,025,000 -27,347.00
3,330,000 40,591.95
Dated Date 05/07/2026
Delivery Date 05/07/2026
First Coupon 09/02/2026
Par Amount 3,330,000.00
Premium 40,591.95
Production 3,370,591.95 101.218977%
Underwriter's Discount -44,122.50 -1.325000%
Purchase Price 3,326,469.45 99.893977%
Accrued Interest
Net Proceeds 3,326,469.45
184