Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC
TABLE OF CONTENTS
City Santa Clara Final Numbers
2026 GO Bond Financing
Report Page
2026 GO Bond Financing
Sources and Uses of Funds . ............................1 Bond Summary Statistics . .............................2 Bond Maturity Table ................................ 4
Net Debt Service ................................. 5
Net Debt Service Breakdown . ...........................6 Capitalized Interest Fund . .............................7 Bond Debt Service Breakdown . ...........................9 Universal Bond Solution . .............................1 0 Aggregate Debt Service . .............................1 1 Bond Pricing ................................... 12
Underwriter's Discount . ..............................1 4 Cost of Issuance .................................. 15
Series 2026A
Net Debt Service ................................. 16
Capitalized Interest Fund . .............................1 8 Formula Verification ................................ 19 Series 2026B
Net Debt Service ................................. 20
Capitalized Interest Fund . .............................2 2 Formula Verification ................................ 23 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 1
SOURCES AND USES OF FUNDS
City Santa Clara Final Numbers
2026 GO Bond Financing
Dated Date 02/24/2026
Delivery Date 02/24/2026
Sources: Series 2026A Series 2026B Total
Bond Proceeds:
Par Amount 71,645,000.00 25,480,000.00 97,125,000.00
Net Premium/OID 4,702, 378.60 678,241.20 5,380,619.80
76,347,378.60 26,158, 241.20 102,505,619.80
Uses: Series 2026A Series 2026B Total
Project Fund Deposits:
Project Fund 71,284,500. 00 25,350,000.00 96,634,500.00 Other Fund Deposits:
Capitalized Interest A 4,702,378.60 4,702,378.60
Capitalized Interest B 678,241.20 678,241.20
4,702,378.60 678,241.20 5,380,619.80
Delivery Date Expenses:
Cost of Issuance 314,315.93 111,784.07 426,100.00
Underwriter's Discount 44,301.33 17, 836.00 62,137.33
358,617.26 129,620.07 488,237.33
Other Uses of Funds:
Additional Proceeds 1,882.74 379.93 2,262.67
76,347,378.60 26,158, 241.20 102,505,619.80
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 2
BOND SUMMARY STATISTICS
City Santa Clara Final Numbers
2026 GO Bond Financing
Series 2026A Series 2026B Aggregate
Dated Date 02/24/2026 02/24/2026 02/24/2026
Delivery Date 02/24/2026 02/24/2026 02/24/2026
First Coupon 08/01/2026 08/01/2026 08/01/2026
Last Maturity 08/01/2055 08/01/2027 08/01/2055
Arbitrage Yield 3.713675% 3.713675% 3.713675%
True Interest Cost (TIC) 3.813676% 1.749582% 3.766234%
Net Interest Cost (NIC) 3.966581% 1.792921% 3.930469%
All-In TIC 3.850043% 2.288990% 3.814060%
Average Coupon 4.348745% 5.000000% 4.359565%
Average Life (years) 17.013 0.808 12.762
Weighted Average Maturity (years) 16.551 0.816 12.536
Duration of Issue (years) 11.581 0.803 8.898
Par Amount 71,645,000.00 25,480,000.00 97,125,000.00
Bond Proceeds 76,347,378. 60 26,158,241.20 102,505,619.80 Total Interest 53,005,555. 60 1,029,605.56 54,035,161.16 Net Interest 48,347,478. 33 369,200.36 48,716,678.69
Total Debt Service 124, 650,555.60 26,509,605. 56 151,160,161.16 Maximum Annual Debt Service 10,439,912.50 16,555, 605.56 20,393,912.50 Average Annual Debt Service 4,234,613.57 18,459, 299.81 5,135,194.68 Underwriter's Fees (per $1000)
Average Takedown
Other Fee 0.618345 0.700000 0.639767
Total Underwriter's Discount 0.618345 0.700000 0.639767 Bid Price 106.501608 102.591857 105.475915
Par Average Average PV of 1 bp
Bond Component Value Price Coupon Life change
Series A 69,245,000.00 107.861 4.52837564% 8.107 37,575.65 Term Bond 1 8,000,000. 00 100.000 4.12500000% 20.463 11,280.00 Term Bond 2 12,310,000. 00 100.000 4.25000000% 23.988 18,957.40 Term Bond 3 7,570,000. 00 99.167 4.25000000% 28.947 12,490.50 97,125,000.00 12.762 80,303.55
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 3
BOND SUMMARY STATISTICS
City Santa Clara Final Numbers
2026 GO Bond Financing
All-In Arbitrage
TIC TIC Yield
Par Value 97,125,000.00 97,125,000.00 97,125,000.00
+ Accrued Interest
+ Premium (Discount) 5 ,380,619.80 5,380, 619.80 5,380,619.80 - Underwriter's Discount -62,137.33 -62,137.33
- Cost of Issuance Expense -426,100.00
- Other Amounts
Target Value 102,443,482. 47 102,017,382.47 102,505,619.80 Target Date 02/24/2026 02/24/2026 02/24/2026
Yield 3.766234% 3.814060% 3.713675%
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 4
BOND MATURITY TABLE
City Santa Clara Final Numbers
2026 GO Bond Financing
Maturity
Date Series 2026A Series 2026B Total
08/01/2026 16,000,000 16,000,000
08/01/2027 7,200,000 9,480,000 16,680,000
08/01/2028 1,150,000 1,150,000
08/01/2029 1,205,000 1,205,000
08/01/2030 1,265,000 1,265,000
08/01/2031 1,330,000 1,330,000
08/01/2032 1,395,000 1,395,000
08/01/2033 1,465,000 1,465,000
08/01/2034 1,540,000 1,540,000
08/01/2035 1,615,000 1,615,000
08/01/2036 1,695,000 1,695,000
08/01/2037 1,780,000 1,780,000
08/01/2038 1,870,000 1,870,000
08/01/2039 1,965,000 1,965,000
08/01/2040 2,060,000 2,060,000
08/01/2041 2,165,000 2,165,000
08/01/2042 2,275,000 2,275,000
08/01/2043 2,365,000 2,365,000
08/01/2044 2,460,000 2,460,000
08/01/2045 2,560,000 2,560,000
08/01/2046 2,665,000 2,665,000
08/01/2047 2,775,000 2,775,000
08/01/2048 2,890,000 2,890,000
08/01/2049 3,010,000 3,010,000
08/01/2050 3,140,000 3,140,000
08/01/2051 3,270,000 3,270,000
08/01/2052 3,410,000 3,410,000
08/01/2053 3,555,000 3,555,000
08/01/2054 3,705,000 3,705,000
08/01/2055 3,865,000 3,865,000
71,645,000 25,480,000 97,125,000
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 5
NET DEBT SERVICE
City Santa Clara Final Numbers
2026 GO Bond Financing
Period Total Capitalized Capitalized Net Annual
Ending Principal Interest Debt Service Interest A Interest B Debt Service Net D/S 08/01/2026 16,000,000 1,968,567.40 17,968,567.40 -1,412,961.84 -555,605.56 16,000,000.00 16,000,000.00 02/01/2027 1,856,956.25 1,856,956.25 -1,619,956.25 -136,101.37 100,898.63 08/01/2027 16,680,000 1,856,956.25 18,536,956.25 -1,619,956.25 16,917,000.00 17,017,898.63 02/01/2028 1,439,956.25 1,439,956.25 -225,846.93 1,214,109.32 08/01/2028 1,150,000 1,439,956.25 2,589,956.25 2,589,956.25 3,804,065.57 02/01/2029 1,411,206.25 1,411,206.25 1,411,206.25
08/01/2029 1,205,000 1,411,206.25 2,616,206.25 2,616,206.25 4,027,412.50 02/01/2030 1,381,081.25 1,381,081.25 1,381,081.25
08/01/2030 1,265,000 1,381,081.25 2,646,081.25 2,646,081.25 4,027,162.50 02/01/2031 1,349,456.25 1,349,456.25 1,349,456.25
08/01/2031 1,330,000 1,349,456.25 2,679,456.25 2,679,456.25 4,028,912.50 02/01/2032 1,316,206.25 1,316,206.25 1,316,206.25
08/01/2032 1,395,000 1,316,206.25 2,711,206.25 2,711,206.25 4,027,412.50 02/01/2033 1,281,331.25 1,281,331.25 1,281,331.25
08/01/2033 1,465,000 1,281,331.25 2,746,331.25 2,746,331.25 4,027,662.50 02/01/2034 1,244,706.25 1,244,706.25 1,244,706.25
08/01/2034 1,540,000 1,244,706.25 2,784,706.25 2,784,706.25 4,029,412.50 02/01/2035 1,206,206.25 1,206,206.25 1,206,206.25
08/01/2035 1,615,000 1,206,206.25 2,821,206.25 2,821,206.25 4,027,412.50 02/01/2036 1,165,831.25 1,165,831.25 1,165,831.25
08/01/2036 1,695,000 1,165,831.25 2,860,831.25 2,860,831.25 4,026,662.50 02/01/2037 1,123,456.25 1,123,456.25 1,123,456.25
08/01/2037 1,780,000 1,123,456.25 2,903,456.25 2,903,456.25 4,026,912.50 02/01/2038 1,078,956.25 1,078,956.25 1,078,956.25
08/01/2038 1,870,000 1,078,956.25 2,948,956.25 2,948,956.25 4,027,912.50 02/01/2039 1,032,206.25 1,032,206.25 1,032,206.25
08/01/2039 1,965,000 1,032,206.25 2,997,206.25 2,997,206.25 4,029,412.50 02/01/2040 983,081.25 983,081.25 983,081.25
08/01/2040 2,060,000 983,081.25 3,043,081.25 3,043,081.25 4,026,162.50 02/01/2041 931,581.25 931,581.25 931,581.25
08/01/2041 2,165,000 931,581.25 3,096,581.25 3,096,581.25 4,028,162.50 02/01/2042 877,456.25 877,456.25 877,456.25
08/01/2042 2,275,000 877,456.25 3,152,456.25 3,152,456.25 4,029,912.50 02/01/2043 831,956.25 831,956.25 831,956.25
08/01/2043 2,365,000 831,956.25 3,196,956.25 3,196,956.25 4,028,912.50 02/01/2044 784,656.25 784,656.25 784,656.25
08/01/2044 2,460,000 784,656.25 3,244,656.25 3,244,656.25 4,029,312.50 02/01/2045 735,456.25 735,456.25 735,456.25
08/01/2045 2,560,000 735,456.25 3,295,456.25 3,295,456.25 4,030,912.50 02/01/2046 682,656.25 682,656.25 682,656.25
08/01/2046 2,665,000 682,656.25 3,347,656.25 3,347,656.25 4,030,312.50 02/01/2047 627,690.63 627,690.63 627,690.63
08/01/2047 2,775,000 627,690.63 3,402,690.63 3,402,690.63 4,030,381.26 02/01/2048 570,456.25 570,456.25 570,456.25
08/01/2048 2,890,000 570,456.25 3,460,456.25 3,460,456.25 4,030,912.50 02/01/2049 509,043.75 509,043.75 509,043.75
08/01/2049 3,010,000 509,043.75 3,519,043.75 3,519,043.75 4,028,087.50 02/01/2050 445,081.25 445,081.25 445,081.25
08/01/2050 3,140,000 445,081.25 3,585,081.25 3,585,081.25 4,030,162.50 02/01/2051 378,356.25 378,356.25 378,356.25
08/01/2051 3,270,000 378,356.25 3,648,356.25 3,648,356.25 4,026,712.50 02/01/2052 308,868.75 308,868.75 308,868.75
08/01/2052 3,410,000 308,868.75 3,718,868.75 3,718,868.75 4,027,737.50 02/01/2053 236,406.25 236,406.25 236,406.25
08/01/2053 3,555,000 236,406.25 3,791,406.25 3,791,406.25 4,027,812.50 02/01/2054 160,862.50 160,862.50 160,862.50
08/01/2054 3,705,000 160,862.50 3,865,862.50 3,865,862.50 4,026,725.00 02/01/2055 82,131.25 82,131.25 82,131.25
08/01/2055 3,865,000 82,131.25 3,947,131.25 3,947,131.25 4,029,262.50 97,125,000 54,035,161.16 151,160,161.16 -4,878,721.27 -691,706.93 145,589,732.96 145,589,732.96 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 6
NET DEBT SERVICE BREAKDOWN
City Santa Clara Final Numbers
2026 GO Bond Financing
Period Annual
Ending Series 2026A Series 2026B Total Total
08/01/2026 16,000,000.00 16,000,000.00 16,000,000.00
02/01/2027 100,898.63 100,898.63
08/01/2027 7,200,000.00 9,717,000.00 16,917,000.00 17,017,898.63 02/01/2028 1,214,109.32 1,214,109.32
08/01/2028 2,589,956.25 2,589,956.25 3,804,065.57
02/01/2029 1,411,206.25 1,411,206.25
08/01/2029 2,616,206.25 2,616,206.25 4,027,412.50
02/01/2030 1,381,081.25 1,381,081.25
08/01/2030 2,646,081.25 2,646,081.25 4,027,162.50
02/01/2031 1,349,456.25 1,349,456.25
08/01/2031 2,679,456.25 2,679,456.25 4,028,912.50
02/01/2032 1,316,206.25 1,316,206.25
08/01/2032 2,711,206.25 2,711,206.25 4,027,412.50
02/01/2033 1,281,331.25 1,281,331.25
08/01/2033 2,746,331.25 2,746,331.25 4,027,662.50
02/01/2034 1,244,706.25 1,244,706.25
08/01/2034 2,784,706.25 2,784,706.25 4,029,412.50
02/01/2035 1,206,206.25 1,206,206.25
08/01/2035 2,821,206.25 2,821,206.25 4,027,412.50
02/01/2036 1,165,831.25 1,165,831.25
08/01/2036 2,860,831.25 2,860,831.25 4,026,662.50
02/01/2037 1,123,456.25 1,123,456.25
08/01/2037 2,903,456.25 2,903,456.25 4,026,912.50
02/01/2038 1,078,956.25 1,078,956.25
08/01/2038 2,948,956.25 2,948,956.25 4,027,912.50
02/01/2039 1,032,206.25 1,032,206.25
08/01/2039 2,997,206.25 2,997,206.25 4,029,412.50
02/01/2040 983,081.25 983,081.25
08/01/2040 3,043,081.25 3,043,081.25 4,026,162.50
02/01/2041 931,581.25 931,581.25
08/01/2041 3,096,581.25 3,096,581.25 4,028,162.50
02/01/2042 877,456.25 877,456.25
08/01/2042 3,152,456.25 3,152,456.25 4,029,912.50
02/01/2043 831,956.25 831,956.25
08/01/2043 3,196,956.25 3,196,956.25 4,028,912.50
02/01/2044 784,656.25 784,656.25
08/01/2044 3,244,656.25 3,244,656.25 4,029,312.50
02/01/2045 735,456.25 735,456.25
08/01/2045 3,295,456.25 3,295,456.25 4,030,912.50
02/01/2046 682,656.25 682,656.25
08/01/2046 3,347,656.25 3,347,656.25 4,030,312.50
02/01/2047 627,690.63 627,690.63
08/01/2047 3,402,690.63 3,402,690.63 4,030,381.26
02/01/2048 570,456.25 570,456.25
08/01/2048 3,460,456.25 3,460,456.25 4,030,912.50
02/01/2049 509,043.75 509,043.75
08/01/2049 3,519,043.75 3,519,043.75 4,028,087.50
02/01/2050 445,081.25 445,081.25
08/01/2050 3,585,081.25 3,585,081.25 4,030,162.50
02/01/2051 378,356.25 378,356.25
08/01/2051 3,648,356.25 3,648,356.25 4,026,712.50
02/01/2052 308,868.75 308,868.75
08/01/2052 3,718,868.75 3,718,868.75 4,027,737.50
02/01/2053 236,406.25 236,406.25
08/01/2053 3,791,406.25 3,791,406.25 4,027,812.50
02/01/2054 160,862.50 160,862.50
08/01/2054 3,865,862.50 3,865,862.50 4,026,725.00
02/01/2055 82,131.25 82,131.25
08/01/2055 3,947,131.25 3,947,131.25 4,029,262.50
119,771,834.33 25,817,898.63 145,589,732.96 145,589,732.96 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 7
CAPITALIZED INTEREST FUND
City Santa Clara Final Numbers
2026 GO Bond Financing
Capitalized Interest A (CAPIA)
Interest Scheduled
Date Deposit @ 3.7136748% Principal Draws Balance
02/24/2026 4,702,378. 60 4,702,378.60
08/01/2026 76,158.54 1,336,803. 30 1,412,961.84 3,365,575.30 02/01/2027 62,493.26 1,557,462. 99 1,619,956.25 1,808,112.31 08/01/2027 33,573.71 1,586,382. 54 1,619,956.25 221,729.77 02/01/2028 4,117.16 221,729.77 225,846.93
4,702,378.60 176,342.67 4, 702,378.60 4,878,721.27
Yield To Receipt Date: 3.7155943%
Arbitrage Yield: 3.7136748%
Value of Positive Arbitrage: 88.30
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 8
CAPITALIZED INTEREST FUND
City Santa Clara Final Numbers
2026 GO Bond Financing
Capitalized Interest B (CAPIB)
Interest Scheduled
Date Deposit @ 3.7136748% Principal Draws Balance
02/24/2026 678,241.20 678,241.20
08/01/2026 10,984.62 544,620. 94 555,605.56 133,620.26
02/01/2027 2,481.11 133,620.26 136,101.37
678,241.20 13,465.73 678,241.20 691,706.93
Yield To Receipt Date: 3.7172614%
Arbitrage Yield: 3.7136748%
Value of Positive Arbitrage: 12.73
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 9
BOND DEBT SERVICE BREAKDOWN
City Santa Clara Final Numbers
2026 GO Bond Financing
Period
Ending Series 2026A Series 2026B Total
08/01/2026 1,412,961.84 16, 555,605.56 17,968,567.40
08/01/2027 10,439,912.50 9, 954,000.00 20,393,912.50
08/01/2028 4,029,912. 50 4,029,912.50
08/01/2029 4,027,412. 50 4,027,412.50
08/01/2030 4,027,162. 50 4,027,162.50
08/01/2031 4,028,912. 50 4,028,912.50
08/01/2032 4,027,412. 50 4,027,412.50
08/01/2033 4,027,662. 50 4,027,662.50
08/01/2034 4,029,412. 50 4,029,412.50
08/01/2035 4,027,412. 50 4,027,412.50
08/01/2036 4,026,662. 50 4,026,662.50
08/01/2037 4,026,912. 50 4,026,912.50
08/01/2038 4,027,912. 50 4,027,912.50
08/01/2039 4,029,412. 50 4,029,412.50
08/01/2040 4,026,162. 50 4,026,162.50
08/01/2041 4,028,162. 50 4,028,162.50
08/01/2042 4,029,912. 50 4,029,912.50
08/01/2043 4,028,912. 50 4,028,912.50
08/01/2044 4,029,312. 50 4,029,312.50
08/01/2045 4,030,912. 50 4,030,912.50
08/01/2046 4,030,312. 50 4,030,312.50
08/01/2047 4,030,381. 26 4,030,381.26
08/01/2048 4,030,912. 50 4,030,912.50
08/01/2049 4,028,087. 50 4,028,087.50
08/01/2050 4,030,162. 50 4,030,162.50
08/01/2051 4,026,712. 50 4,026,712.50
08/01/2052 4,027,737. 50 4,027,737.50
08/01/2053 4,027,812. 50 4,027,812.50
08/01/2054 4,026,725. 00 4,026,725.00
08/01/2055 4,029,262. 50 4,029,262.50
124,650,555.60 26,509, 605.56 151,160,161.16
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 10
UNIVERSAL BOND SOLUTION
City Santa Clara Final Numbers
2026 GO Bond Financing
Universal Bond Solution Component
Period Proposed Proposed Total Adj Revenue Unused Debt Service Ending Principal Debt Service Debt Se rvice Constraints Revenues Coverage 08/01/2026 16,000,000 17,968, 567 17,968,567 16,525,000 -1,443,567 91.97% 08/01/2027 16,680,000 20,393, 913 20,393,913 19,906,250 -487,663 97.61% 08/01/2028 1,150,000 4,029,913 4, 029,913 7,209,000 3,179,088 178.89% 08/01/2029 1,205,000 4,027,413 4, 027,413 7,159,000 3,131,588 177.76% 08/01/2030 1,265,000 4,027,163 4, 027,163 7,919,000 3,891,838 196.64% 08/01/2031 1,330,000 4,028,913 4, 028,913 8,233,500 4,204,588 204.36% 08/01/2032 1,395,000 4,027,413 4, 027,413 8,562,750 4,535,338 212.61% 08/01/2033 1,465,000 4,027,663 4, 027,663 8,565,000 4,537,338 212.65% 08/01/2034 1,540,000 4,029,413 4, 029,413 8,565,500 4,536,088 212.57% 08/01/2035 1,615,000 4,027,413 4, 027,413 8,564,000 4,536,588 212.64% 08/01/2036 1,695,000 4,026,663 4, 026,663 8,560,250 4,533,588 212.59% 08/01/2037 1,780,000 4,026,913 4, 026,913 8,564,000 4,537,088 212.67% 08/01/2038 1,870,000 4,027,913 4, 027,913 8,564,500 4,536,588 212.63% 08/01/2039 1,965,000 4,029,413 4, 029,413 8,561,500 4,532,088 212.48% 08/01/2040 2,060,000 4,026,163 4, 026,163 8,559,750 4,533,588 212.60% 08/01/2041 2,165,000 4,028,163 4, 028,163 8,563,750 4,535,588 212.60% 08/01/2042 2,275,000 4,029,913 4, 029,913 8,562,750 4,532,838 212.48% 08/01/2043 2,365,000 4,028,913 4, 028,913 8,561,500 4,532,588 212.50% 08/01/2044 2,460,000 4,029,313 4, 029,313 8,559,500 4,530,188 212.43% 08/01/2045 2,560,000 4,030,913 4, 030,913 8,561,250 4,530,338 212.39% 08/01/2046 2,665,000 4,030,313 4, 030,313 8,566,000 4,535,688 212.54% 08/01/2047 2,775,000 4,030,381 4, 030,381 8,563,000 4,532,619 212.46% 08/01/2048 2,890,000 4,030,913 4, 030,913 8,562,000 4,531,088 212.41% 08/01/2049 3,010,000 4,028,088 4, 028,088 8,562,250 4,534,163 212.56% 08/01/2050 3,140,000 4,030,163 4, 030,163 8,563,000 4,532,838 212.47% 08/01/2051 3,270,000 4,026,713 4, 026,713 8,563,500 4,536,788 212.67% 08/01/2052 3,410,000 4,027,738 4, 027,738 8,563,000 4,535,263 212.60% 08/01/2053 3,555,000 4,027,813 4, 027,813 8,560,750 4,532,938 212.54% 08/01/2054 3,705,000 4,026,725 4, 026,725 8,561,000 4,534,275 212.60% 08/01/2055 3,865,000 4,029,263 4, 029,263 8,562,750 4,533,488 212.51% 97,125,000 151,160,161 151,160, 161 272,455,000 121,294,839 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 11
AGGREGATE DEBT SERVICE
City Santa Clara Final Numbers
2026 GO Bond Financing
Period Aggregate
Ending Series 2026A Series 2026B Debt Service
08/01/2026 1,412,961.84 16, 555,605.56 17,968,567.40
08/01/2027 10,439,912.50 9, 954,000.00 20,393,912.50
08/01/2028 4,029,912. 50 4,029,912.50
08/01/2029 4,027,412. 50 4,027,412.50
08/01/2030 4,027,162. 50 4,027,162.50
08/01/2031 4,028,912. 50 4,028,912.50
08/01/2032 4,027,412. 50 4,027,412.50
08/01/2033 4,027,662. 50 4,027,662.50
08/01/2034 4,029,412. 50 4,029,412.50
08/01/2035 4,027,412. 50 4,027,412.50
08/01/2036 4,026,662. 50 4,026,662.50
08/01/2037 4,026,912. 50 4,026,912.50
08/01/2038 4,027,912. 50 4,027,912.50
08/01/2039 4,029,412. 50 4,029,412.50
08/01/2040 4,026,162. 50 4,026,162.50
08/01/2041 4,028,162. 50 4,028,162.50
08/01/2042 4,029,912. 50 4,029,912.50
08/01/2043 4,028,912. 50 4,028,912.50
08/01/2044 4,029,312. 50 4,029,312.50
08/01/2045 4,030,912. 50 4,030,912.50
08/01/2046 4,030,312. 50 4,030,312.50
08/01/2047 4,030,381. 26 4,030,381.26
08/01/2048 4,030,912. 50 4,030,912.50
08/01/2049 4,028,087. 50 4,028,087.50
08/01/2050 4,030,162. 50 4,030,162.50
08/01/2051 4,026,712. 50 4,026,712.50
08/01/2052 4,027,737. 50 4,027,737.50
08/01/2053 4,027,812. 50 4,027,812.50
08/01/2054 4,026,725. 00 4,026,725.00
08/01/2055 4,029,262. 50 4,029,262.50
124,650,555.60 26,509, 605.56 151,160,161.16
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 12
BOND PRICING
City Santa Clara Final Numbers
2026 GO Bond Financing
Maturity Yield to Call Call Premium
Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Series 2026A, Series A:
08/01/2027 7,200,000 5.000% 1.710% 104.646 334,512.00
08/01/2028 1,150,000 5.000% 1.700% 107.841 90,171.50
08/01/2029 1,205,000 5.000% 1.710% 110.932 131,730.60
08/01/2030 1,265,000 5.000% 1.740% 113.858 175,303.70
08/01/2031 1,330,000 5.000% 1.790% 116.556 220,194.80
08/01/2032 1,395,000 5.000% 1.890% 118.762 261,729.90
08/01/2033 1,465,000 5.000% 1.940% 121.093 309,012.45
08/01/2034 1,540,000 5.000% 2.030% 122.919 352,952.60
08/01/2035 1,615,000 5.000% 2.150% 124.221 391,169.15
08/01/2036 1,695,000 5.000% 2.250% 123.260 C 2.459% 08/01/2035 100.000 394,257.00 08/01/2037 1,780,000 5.000% 2.380% 122.024 C 2.743% 08/01/2035 100.000 392,027.20 08/01/2038 1,870,000 5.000% 2.510% 120.803 C 2.985% 08/01/2035 100.000 389,016.10 08/01/2039 1,965,000 5.000% 2.680% 119.228 C 3.225% 08/01/2035 100.000 377,830.20 08/01/2040 2,060,000 5.000% 2.800% 118.130 C 3.400% 08/01/2035 100.000 373,478.00 08/01/2041 2,165,000 5.000% 2.940% 116.865 C 3.569% 08/01/2035 100.000 365,127.25 08/01/2042 2,275,000 4.000% 3.430% 104.560 C 3.629% 08/01/2035 100.000 103,740.00 08/01/2043 2,365,000 4.000% 3.580% 103.336 C 3.738% 08/01/2035 100.000 78,896.40 08/01/2044 2,460,000 4.000% 3.730% 102.129 C 3.838% 08/01/2035 100.000 52,373.40 08/01/2052 3,410,000 4.250% 4.270% 99.682 -10,843.80
08/01/2053 3,555,000 4.250% 4.280% 99.515 -17,241.75
43,765,000
4,765,436.70
Series 2026A, Term Bond 1:
08/01/2045 2,560,000 4.125% 4.125% 100.000
08/01/2046 2,665,000 4.125% 4.125% 100.000
08/01/2047 2,775,000 4.125% 4.125% 100.000
8,000,000
Series 2026A, Term Bond 2:
08/01/2048 2,890,000 4.250% 4.250% 100.000
08/01/2049 3,010,000 4.250% 4.250% 100.000
08/01/2050 3,140,000 4.250% 4.250% 100.000
08/01/2051 3,270,000 4.250% 4.250% 100.000
12,310,000
Series 2026A, Term Bond 3:
08/01/2054 3,705,000 4.250% 4.300% 99.167 -30,862.65
08/01/2055 3,865,000 4.250% 4.300% 99.167 -32,195.45
7,570,000 -63,058.10
Series 2026B, Series B:
08/01/2026 16,000,000 5.000% 1.660% 101.443 230,880.00
08/01/2027 9,480,000 5.000% 1.660% 104.719 447,361.20
08/01/2028 5.000% 1.630% 108.015
08/01/2029 5.000% 1.660% 111.109
08/01/2030 5.000% 1.710% 113.996
08/01/2031 5.000% 1.780% 116.612
08/01/2032 5.000% 1.870% 118.895
08/01/2033 5.000% 1.930% 121.170
08/01/2034 5.000% 2.040% 122.832
08/01/2035 5.000% 2.180% 123.932
08/01/2036 5.000% 2.340% 122.403 C 2.542% 08/01/2035 100.000 08/01/2037 5.000% 2.470% 121.177 C 2.820% 08/01/2035 100.000 08/01/2038 5.000% 2.610% 119.873 C 3.066% 08/01/2035 100.000 08/01/2039 5.000% 2.820% 117.949 C 3.332% 08/01/2035 100.000 08/01/2040 5.000% 3.060% 115.794 C 3.588% 08/01/2035 100.000 08/01/2041 5.000% 3.260% 114.033 C 3.791% 08/01/2035 100.000 08/01/2042 5.000% 3.430% 112.562 C 3.953% 08/01/2035 100.000 08/01/2043 5.000% 3.580% 111.283 C 4.089% 08/01/2035 100.000 08/01/2044 5.000% 3.760% 109.771 C 4.231% 08/01/2035 100.000 08/01/2045 5.000% 3.880% 108.776 C 4.327% 08/01/2035 100.000 25,480,000
678,241.20
97,125,000 5,380,619.80
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 13
BOND PRICING
City Santa Clara Final Numbers
2026 GO Bond Financing
Dated Date 02/24/2026
Delivery Date 02/24/2026
First Coupon 08/01/2026
Par Amount 97,125,000.00
Premium 5,380,619.80
Production 102,505,619.80 105.539892%
Underwriter's Discount -62,137.33 -0.063977%
Purchase Price 102,443,482.47 105.475915%
Accrued Interest
Net Proceeds 102,443,482.47
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 14
UNDERWRITER'S DISCOUNT
City Santa Clara Final Numbers
2026 GO Bond Financing
Underwriter's Discount $/1000 Amount
Underwriter's Discount A Takedown 0.45613 44,301.33
Underwriter's Discount B 0.18364 17,836.00
0.63977 62,137.33
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 15
COST OF ISSUANCE
City Santa Clara Final Numbers
2026 GO Bond Financing
Series 2026A Series 2026B Total
COI A 314,315.93 111,784.07 426,100.00
314,315.93 111,784.07 426,100.00
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 16
NET DEBT SERVICE
City Santa Clara Final Numbers
Series 2026A
Period Total Capitalized Net
Ending Principal Interest Debt Service Interest A Debt Service 08/01/2026 1,412,961. 84 1,412,961.84 -1,412,961.84
08/01/2027 7,200,000 3, 239,912.50 10,439,912.50 -3,239,912.50 7,200,000.00 08/01/2028 1,150,000 2, 879,912.50 4,029,912.50 -225,846.93 3,804,065.57 08/01/2029 1,205,000 2,822,412. 50 4,027,412.50 4,027,412.50 08/01/2030 1,265,000 2,762,162. 50 4,027,162.50 4,027,162.50 08/01/2031 1,330,000 2,698,912. 50 4,028,912.50 4,028,912.50 08/01/2032 1,395,000 2,632,412. 50 4,027,412.50 4,027,412.50 08/01/2033 1,465,000 2,562,662. 50 4,027,662.50 4,027,662.50 08/01/2034 1,540,000 2,489,412. 50 4,029,412.50 4,029,412.50 08/01/2035 1,615,000 2,412,412. 50 4,027,412.50 4,027,412.50 08/01/2036 1,695,000 2,331,662. 50 4,026,662.50 4,026,662.50 08/01/2037 1,780,000 2,246,912. 50 4,026,912.50 4,026,912.50 08/01/2038 1,870,000 2,157,912. 50 4,027,912.50 4,027,912.50 08/01/2039 1,965,000 2,064,412. 50 4,029,412.50 4,029,412.50 08/01/2040 2,060,000 1,966,162. 50 4,026,162.50 4,026,162.50 08/01/2041 2,165,000 1,863,162. 50 4,028,162.50 4,028,162.50 08/01/2042 2,275,000 1,754,912. 50 4,029,912.50 4,029,912.50 08/01/2043 2,365,000 1,663,912. 50 4,028,912.50 4,028,912.50 08/01/2044 2,460,000 1,569,312. 50 4,029,312.50 4,029,312.50 08/01/2045 2,560,000 1,470,912. 50 4,030,912.50 4,030,912.50 08/01/2046 2,665,000 1,365,312. 50 4,030,312.50 4,030,312.50 08/01/2047 2,775,000 1,255,381. 26 4,030,381.26 4,030,381.26 08/01/2048 2,890,000 1,140,912. 50 4,030,912.50 4,030,912.50 08/01/2049 3,010,000 1,018,087. 50 4,028,087.50 4,028,087.50 08/01/2050 3,140,000 890,162.50 4,030,162.50 4,030,162.50 08/01/2051 3,270,000 756,712.50 4,026,712.50 4,026,712.50 08/01/2052 3,410,000 617,737.50 4,027,737.50 4,027,737.50 08/01/2053 3,555,000 472,812.50 4,027,812.50 4,027,812.50 08/01/2054 3,705,000 321,725.00 4,026,725.00 4,026,725.00 08/01/2055 3,865,000 164,262.50 4,029,262.50 4,029,262.50 71,645,000 53,005,555.60 124,650,555.60 -4,878,721.27 119,771,834.33 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 17
NET DEBT SERVICE
City Santa Clara Final Numbers
Series 2026A
Period Total Capitalized Net Annual
Ending Principal Interest Debt Service Interest A Debt Service Net D/S 08/01/2026 1,412,961.84 1,412,961.84 -1,412,961.84
02/01/2027 1,619,956.25 1,619,956.25 -1,619,956.25
08/01/2027 7,200,000 1,619,956.25 8,819,956.25 -1,619,956.25 7,200,000.00 7,200,000.00 02/01/2028 1,439,956.25 1,439,956.25 -225,846.93 1,214,109.32 08/01/2028 1,150,000 1,439,956.25 2,589,956.25 2,589,956.25 3,804,065.57 02/01/2029 1,411,206.25 1,411,206.25 1,411,206.25
08/01/2029 1,205,000 1,411,206.25 2,616,206.25 2,616,206.25 4,027,412.50 02/01/2030 1,381,081.25 1,381,081.25 1,381,081.25
08/01/2030 1,265,000 1,381,081.25 2,646,081.25 2,646,081.25 4,027,162.50 02/01/2031 1,349,456.25 1,349,456.25 1,349,456.25
08/01/2031 1,330,000 1,349,456.25 2,679,456.25 2,679,456.25 4,028,912.50 02/01/2032 1,316,206.25 1,316,206.25 1,316,206.25
08/01/2032 1,395,000 1,316,206.25 2,711,206.25 2,711,206.25 4,027,412.50 02/01/2033 1,281,331.25 1,281,331.25 1,281,331.25
08/01/2033 1,465,000 1,281,331.25 2,746,331.25 2,746,331.25 4,027,662.50 02/01/2034 1,244,706.25 1,244,706.25 1,244,706.25
08/01/2034 1,540,000 1,244,706.25 2,784,706.25 2,784,706.25 4,029,412.50 02/01/2035 1,206,206.25 1,206,206.25 1,206,206.25
08/01/2035 1,615,000 1,206,206.25 2,821,206.25 2,821,206.25 4,027,412.50 02/01/2036 1,165,831.25 1,165,831.25 1,165,831.25
08/01/2036 1,695,000 1,165,831.25 2,860,831.25 2,860,831.25 4,026,662.50 02/01/2037 1,123,456.25 1,123,456.25 1,123,456.25
08/01/2037 1,780,000 1,123,456.25 2,903,456.25 2,903,456.25 4,026,912.50 02/01/2038 1,078,956.25 1,078,956.25 1,078,956.25
08/01/2038 1,870,000 1,078,956.25 2,948,956.25 2,948,956.25 4,027,912.50 02/01/2039 1,032,206.25 1,032,206.25 1,032,206.25
08/01/2039 1,965,000 1,032,206.25 2,997,206.25 2,997,206.25 4,029,412.50 02/01/2040 983,081.25 983,081.25 983,081.25
08/01/2040 2,060,000 983,081.25 3,043,081.25 3,043,081.25 4,026,162.50 02/01/2041 931,581.25 931,581.25 931,581.25
08/01/2041 2,165,000 931,581.25 3,096,581.25 3,096,581.25 4,028,162.50 02/01/2042 877,456.25 877,456.25 877,456.25
08/01/2042 2,275,000 877,456.25 3,152,456.25 3,152,456.25 4,029,912.50 02/01/2043 831,956.25 831,956.25 831,956.25
08/01/2043 2,365,000 831,956.25 3,196,956.25 3,196,956.25 4,028,912.50 02/01/2044 784,656.25 784,656.25 784,656.25
08/01/2044 2,460,000 784,656.25 3,244,656.25 3,244,656.25 4,029,312.50 02/01/2045 735,456.25 735,456.25 735,456.25
08/01/2045 2,560,000 735,456.25 3,295,456.25 3,295,456.25 4,030,912.50 02/01/2046 682,656.25 682,656.25 682,656.25
08/01/2046 2,665,000 682,656.25 3,347,656.25 3,347,656.25 4,030,312.50 02/01/2047 627,690.63 627,690.63 627,690.63
08/01/2047 2,775,000 627,690.63 3,402,690.63 3,402,690.63 4,030,381.26 02/01/2048 570,456.25 570,456.25 570,456.25
08/01/2048 2,890,000 570,456.25 3,460,456.25 3,460,456.25 4,030,912.50 02/01/2049 509,043.75 509,043.75 509,043.75
08/01/2049 3,010,000 509,043.75 3,519,043.75 3,519,043.75 4,028,087.50 02/01/2050 445,081.25 445,081.25 445,081.25
08/01/2050 3,140,000 445,081.25 3,585,081.25 3,585,081.25 4,030,162.50 02/01/2051 378,356.25 378,356.25 378,356.25
08/01/2051 3,270,000 378,356.25 3,648,356.25 3,648,356.25 4,026,712.50 02/01/2052 308,868.75 308,868.75 308,868.75
08/01/2052 3,410,000 308,868.75 3,718,868.75 3,718,868.75 4,027,737.50 02/01/2053 236,406.25 236,406.25 236,406.25
08/01/2053 3,555,000 236,406.25 3,791,406.25 3,791,406.25 4,027,812.50 02/01/2054 160,862.50 160,862.50 160,862.50
08/01/2054 3,705,000 160,862.50 3,865,862.50 3,865,862.50 4,026,725.00 02/01/2055 82,131.25 82,131.25 82,131.25
08/01/2055 3,865,000 82,131.25 3,947,131.25 3,947,131.25 4,029,262.50 71,645,000 53,005,555.60 124,650,555.60 -4,878,721.27 119,771,834.33 119,771,834.33 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 18
CAPITALIZED INTEREST FUND
City Santa Clara Final Numbers
Series 2026A
Capitalized Interest A (CAPIA)
Interest Scheduled
Date Deposit @ 3.7136748% Principal Draws Balance
08/01/2026 4,702,378.60 76, 158.54 1,336,803.30 1, 412,961.84 3,365,575.30 02/01/2027 62,493.26 1,557,462. 99 1,619,956.25 1,808,112.31 08/01/2027 33,573.71 1,586,382. 54 1,619,956.25 221,729.77 02/01/2028 4,117.16 221,729.77 225,846.93
4,702,378.60 176,342.67 4, 702,378.60 4,878,721.27
Yield To Receipt Date: 3.7155943%
Arbitrage Yield: 3.7136748%
Value of Positive Arbitrage: 88.30
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 19
FORMULA VERIFICATION
City Santa Clara Final Numbers
Series 2026A
Series 2026A
Component Formula Vector
CAPIA Bond Interest starti ng 2/1/2026 through 8/1/2027 V1 CAPIA 2/1/2028 Premium V2
CAPIA 2/1/2028 - total Draws of CAPIA through 1/31/2028 V3 CAPIA 2/1/2028 + total Earnings of CAPIA V4
CAPIA Capitalized Interest A V5
Date V1 V2 V3 V4 V5
08/01/2026 1,412,961. 84 1,412,961.84
02/01/2027 1,619,956. 25 1,619,956.25
08/01/2027 1,619,956. 25 1,619,956.25
02/01/2028 4,702,378.60 -4,652,874.34 176,342.67 225,846.93 4,652,874.34 4,702,378.60 -4,652,874.34 176,342.67 4,878,721.27 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 20
NET DEBT SERVICE
City Santa Clara Final Numbers
Series 2026B
Period Total Capitalized Net
Ending Principal Interest Debt Service Interest B Debt Service 08/01/2026 16,000,000 555, 605.56 16,555,605.56 -555,605.56 16,000,000.00 08/01/2027 9,480,000 474, 000.00 9,954,000.00 -136,101.37 9,817,898.63 25,480,000 1,029,605.56 26,509,605.56 -691,706.93 25,817,898.63 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 21
NET DEBT SERVICE
City Santa Clara Final Numbers
Series 2026B
Period Total Capitalized Net Annual
Ending Principal Interest Debt Service Interest B Debt Service Net D/S 08/01/2026 16,000,000 555, 605.56 16,555,605.56 -555,605.56 16,000,000.00 16,000,000.00 02/01/2027 237,000.00 237,000.00 -136,101.37 100,898.63 08/01/2027 9,480,000 237, 000.00 9,717,000.00 9, 717,000.00 9,817,898.63 25,480,000 1,029,605.56 26,509,605.56 -691,706.93 25,817,898.63 25,817,898.63 Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 22
CAPITALIZED INTEREST FUND
City Santa Clara Final Numbers
Series 2026B
Capitalized Interest B (CAPIB)
Interest Scheduled
Date Deposit @ 3.7136748% Principal Draws Balance
08/01/2026 678,241.20 10,984.62 544,620.94 555,605.56 133,620.26 02/01/2027 2,481.11 133,620.26 136,101.37
678,241.20 13,465.73 678,241.20 691,706.93
Yield To Receipt Date: 3.7172614%
Arbitrage Yield: 3.7136748%
Value of Positive Arbitrage: 12.73
Feb 10, 2026 11:34 am Prepared by PFM Financial Advisors LLC Page 23
FORMULA VERIFICATION
City Santa Clara Final Numbers
Series 2026B
Series 2026B (501c3)
Component Formula Vector
CAPIB Bond Interest starti ng 8/1/2025 through 8/1/2026 V1 CAPIB 2/1/2027 Premium V2
CAPIB 2/1/2027 - total Draws of CAPIB through 1/31/2027 V3 CAPIB 2/1/2027 + total Earnings of CAPIB V4
CAPIB Capitalized Interest B V5
Date V1 V2 V3 V4 V5
08/01/2026 555,605.56 555,605.56
02/01/2027 678,241.20 -555,605.56 13,465.73 136,101.37
555,605.56 678,241.20 -555,605.56 13,465.73 691,706.93