Attachment C - Municipal Advisor Report — Victorville City Council, February 4, 2025

Attachment C

1 SAVINGS MEMORANDUM
TO: S
outhern California Logistics Airport Authority
F
ROM: Urban Futures, Inc.

Wing-See Fox, Managing Director
D
ATE: January 6, 2025
RE: I
ndependent Municipal Advisor’s Report: Debt Service Savings Analysis for the Southern California Logistics Airport Authority Tax Allocation Refunding Bonds, Series 2025A _____________________________________________________________________________________ B
ackground
The Victor Valley Economic Development Authority (“VVEDA”) is a joint exercise of powers authority formed by the County of San Bernardino, City of Hesperia, City of Victorville, City of Adelanto, and Town of Apple Valley (the “VVEDA Members”) . VVEDA was authorized by Health and Safety Code Section 33492.40 to exercise the powers of a redevelopment agency with respect to the VVEDA Project Area (which includes the former George Air Force Base, now referred to as the Southern California Logistics Airport (the “Airport”), and land immediately adjacent to the Airport or in proximity thereto located within the jurisdictional boundaries of the VVEDA Members). VVEDA is also authorized to issue refunding tax allocation bonds and other indebtedness for economic savings within the parameters set forth in Section 34177.5(a)(1) of the California Health and Safety Code (the “Savings Parameters”).

Th
e Southern California Logistics Airport Authority (“SCLAA”) is a joint powers authority authorized to exercise its powers, including the power to issue bonds and incur other indebtedness for any of its corporate purposes. In accordance with the terms of the VVEDA JPA, VVEDA delegated its decision - making authority with respect to the Airport to SCLAA, including the authority to issue bonds secured by tax increment revenues to finance and refinance redevelopment activities at the Airport.

U
rban Futures, Inc., has been retained by SCLAA to serve as its independent municipal advisor to determine compliance with the Savings Parameters for purposes of the incurrence by SCLAA of its Tax Allocation Refunding Bonds, Series 2025A (the “2025 Bonds”). SCLAA will issue the 2025 Bonds to refund the following obligations of SCLAA with respect to the Southern California Logistics Airport Project: (i) Tax Allocation Parity Bonds , Series 2005A (the “2005 A Bonds”); (ii) Housing Set -Aside Revenue Bond s, Refunding Series 2006 (the “2006 Housing Set -Aside Bonds”); (iii) Tax Allocation Revenue Parity Bonds, Refunding Series 2006 (the “2006 Parity Bonds”); (iv) Subordinate Tax Allocation Revenue Bonds, Series 2007 (the “2007 Subordinate Bonds”); and (v) Subordinate Tax Allocation Revenue Bonds, Series 2008 A (the “2008A Subordinate Bonds”) (collectively, the “Refunded Bonds”).

SC
LAA has selected Raymond James & Associates, Inc., (the “Underwriter”) to structure and negotiate the refunding of the Refunded Bonds. The financing goal is to maximize economic savings by reducing total debt service, and t he savings generated from this refunding are anticipated to result in higher future property tax distributions to the taxing entities . This report may be used in presentations to the SCLAA Commission, the Victorville City Council, the VVEDA Commission, and the Countywide Oversight Board, but actual savings will be final only after the pricing of the 2025 Bonds. 2 Plan of Refunding
Based on market conditions as of January 6, 2025 , the Underwriter estimates that the refunding of the Refunded Bonds will achieve combined debt service savings of approximately $ 24.1 million and Net Present Value savings of approximately $ 6.7 million, or 6.78% of refunded par . The Underwriter’s estimates include the following key assumptions:

(i) the following SCLAA prior bonds (the “Senior Bonds”) that have make -whole calls will remain outstanding and will have a senior lien on Pledged Tax Revenues:

a. Tax Allocation Revenue Parity Bonds, Taxable Series 2006 (the “2006 Taxable Parity Bonds”)
b. Tax Allocation Revenue Parity Bonds, Taxable Forward Series 2006 (the “2006 Taxable Forward Bonds”)
c. Taxable Subordinate Tax Allocation Revenue Bonds, Series 2006 (the “2006 Taxable Subordinate Bonds”)
d. Taxable Housing Set -Aside Revenue Parity Bonds, Series 2007 (the “2007 Taxable Housing Set-Aside Bonds”
e. Subordinate Tax Allocation Revenue Bonds Series 2008A Capital Appreciation Bonds (the “2008A Subordinate CABS”)

(ii) a public market negotiated sale of the 2025 Bonds

(iii) an underlying rating of “BBB“ is assigned by S&P to the 2025 Bonds

(iv) bond insurance and reserve fund surety policy

(v) 2025 Bonds are structured to achieve proportional savings by refunded series

SCLAA may select an alternative structure for the 202 5 Bonds and other assumptions may be adjusted, which would change the refunding results.

Refunding Results
The table on the next page shows the estimated sources and uses for the 2025 Bonds.

3 Sources and Uses

Dated Date 06/17/2025
Delivery Date 06/17/2025

Refunding of

Refunding of
Refunding of
2006 Sr
Refunding of
2007 Sub
Refunding of
2008 Sub
Sources: 2005A 2006 Housing Non-Housing Non-Housing Non-Housing Total Bond Proceeds:

Par Amount 7,415,000.00

10,120,000.00

36,780,000.00

27,710,000.00

4,395,000.00

86,420,000.00
Premium 346,898.25 832,415.65 3,018,551.40 2,272,979.40 362,234.65 6,833,079.35 7,761,898.25 10,952,415.65 39,798,551.40 29,982,979.40 4,757,234.65 93,253,079.35 Other Sources of Funds:

Prior Reserve Fund 1,797,890.00

945,975.00

4,483,117.00

2,824,473.00

10,051,455.00
9,559,788.25 11,898,390.65 44,281,668.40 32,807,452.40 4,757,234.65 103,304,534.35

Refunding of

Refunding of
2006 Sr

Refunding of
2007 Sub

Refunding of
2008 Sub

Uses: 2005A 2006 Housing Non-Housing Non-Housing Non-Housing Total Refunding Escrow Deposits:

Cash Deposit 0.26

0.62 0.86

0.69 0.99

3.42 SLGS Purchases 9,265,583.00 11,497,838.00 42,820,908.00 31,709,828.00 4,584,676.00 99,878,833.00 9,265,583.26 11,497,838.62 42,820,908.86 31,709,828.69 4,584,676.99 99,878,836.42 Delivery Date Expenses:

Cost of Issuance

30,030.66

40,985.88

148,958.57

112,225.18

17,799.71

350,000.00
Underwriter's Discount 29,518.29 40,286.60 146,417.11 110,310.44 17,496.02 344,028.46 Bond Insurance @ 1.70% 189,676.46 258,870.64 940,836.18 708,824.65 112,424.56 2,210,632.49 Surety Reserve @ 6.00% 44,490.00 60,720.00 220,680.00 166,260.00 26,370.00 518,520.00 293,715.41 400,863.12 1,456,891.86 1,097,620.27 174,090.29 3,423,180.95 Other Uses of Funds:

Additional Proceeds 489.58

-311.09

3,867.68

3.44 -1,532.63

2,516.98
9,559,788.25 11,898,390.65 44,281,668.40 32,807,452.40 4,757,234.65 103,304,534.35

The tables below show estimated Net P resent Value and Cash Flow savings results assuming market conditions as of January 6, 2025. Additional information can be found in the attached Refunding Analysis.

Net Present Value Savings

PV of savings from cash flow 16,796,323.95
Less: Prior funds on hand -10,051,455.00
Plus: Refunding funds on hand 2,516.98
Net PV Savings 6,747,385.93
4 Cash Flow Savings

Present Value
Prior Refunding Annual to 06/17/2025
Date Debt Service Debt Service Savings Savings @ 4.1669632% 12/01/2025 6,876,545.00 6,873,455.55 3,089.45 3,031.95 06/01/2026 2,494,685.00 2,037,875.00 456,810.00 439,157.90 06/30/2026 459,899.45
12/01/2026 6,989,685.00 5,832,875.00 1,156,810.00 1,089,410.75 06/01/2027 2,386,960.00 1,943,000.00 443,960.00 409,560.43 06/30/2027 1,600,770.00
12/01/2027 7,081,960.00 5,903,000.00 1,178,960.00 1,065,412.40 06/01/2028 2,274,395.00 1,844,000.00 430,395.00 381,004.78 06/30/2028 1,609,355.00
12/01/2028 7,194,395.00 6,004,000.00 1,190,395.00 1,032,283.11 06/01/2029 2,154,435.00 1,740,000.00 414,435.00 352,053.51 06/30/2029 1,604,830.00
12/01/2029 7,324,435.00 6,120,000.00 1,204,435.00 1,002,259.43 06/01/2030 2,028,267.50 1,630,500.00 397,767.50 324,243.00 06/30/2030 1,602,202.50
12/01/2030 7,448,267.50 6,230,500.00 1,217,767.50 972,411.79 06/01/2031 1,895,892.50 1,515,500.00 380,392.50 297,551.61 06/30/2031 1,598,160.00
12/01/2031 5,790,892.50 4,955,500.00 835,392.50 640,125.99 06/01/2032 1,797,210.00 1,429,500.00 367,710.00 276,010.02 06/30/2032 1,203,102.50
12/01/2032 5,882,210.00 5,024,500.00 857,710.00 630,673.26 06/01/2033 1,687,395.00 1,339,625.00 347,770.00 250,495.88 06/30/2033 1,205,480.00
12/01/2033 5,997,395.00 5,124,625.00 872,770.00 615,818.60 06/01/2034 1,571,305.00 1,245,000.00 326,305.00 225,538.79 06/30/2034 1,199,075.00
12/01/2034 6,116,305.00 5,220,000.00 896,305.00 606,873.07 06/01/2035 1,448,850.00 1,145,625.00 303,225.00 201,118.30 06/30/2035 1,199,530.00
12/01/2035 6,233,850.00 5,305,625.00 928,225.00 603,093.10 06/01/2036 1,319,882.50 1,041,625.00 278,257.50 177,101.61 06/30/2036 1,206,482.50
12/01/2036 6,359,882.50 5,406,625.00 953,257.50 594,333.74 06/01/2037 1,183,975.00 932,500.00 251,475.00 153,588.78 06/30/2037 1,204,732.50
12/01/2037 6,488,975.00 5,502,500.00 986,475.00 590,194.68 06/01/2038 1,040,882.50 818,250.00 222,632.50 130,479.50 06/30/2038 1,209,107.50
12/01/2038 6,645,882.50 5,638,250.00 1,007,632.50 578,496.09 06/01/2039 889,518.75 697,750.00 191,768.75 107,850.12 06/30/2039 1,199,401.25
12/01/2039 6,789,518.75 5,747,750.00 1,041,768.75 573,929.62 06/01/2040 730,165.00 571,500.00 158,665.00 85,627.44
06/30/2040 1,200,433.75
12/01/2040 6,950,165.00 5,876,500.00 1,073,665.00 567,603.63 06/01/2041 562,070.00 438,875.00 123,195.00 63,799.02
06/30/2041 1,196,860.00
12/01/2041 7,127,070.00 6,008,875.00 1,118,195.00 567,261.05 06/01/2042 384,583.75 299,625.00 84,958.75 42,219.98
06/30/2042 1,203,153.75
12/01/2042 7,294,583.75 6,139,625.00 1,154,958.75 562,238.97 06/01/2043 197,686.25 153,625.00 44,061.25 21,011.44
06/30/2043 1,199,020.00
12/01/2043 7,502,686.25 6,298,625.00 1,204,061.25 562,460.60 06/30/2044 1,204,061.25
154,142,862.50 130,037,205.55 24,105,656.95 24,105,656.95 16,796,323.95

Proposed Refunding Complies With State Law
Based on the 2025 Bonds’ proposed structure and the estimated debt service savings according to numbers prepared by the Underwriter, Urban Futures, Inc., concludes that the 2025 Bonds comply with 5 the Savings Parameters and other requirements of State Law as described below.

A. Total debt service (principal and interest) on the refunding bonds is less than total debt service on the refunded bonds (sec. 3 4177.5(a)(1)(A)): Section 34177.5(a)(1)(A) requires that the total interest cost to maturity on the refunding bonds or other indebtedness plus the principal amount of the refunding bonds or other indebtedness shall not exceed the total remaining interest cost to maturity on the bonds or other indebtedness to be refunded plus the remaining principal of the bonds or other indebtedness to be refunded. The refunding generates an estimated total debt service savings of approximately $24.1 million calculated as follows: (i) total debt service on the Refunded Bonds , minus (ii) total debt service on the 2025 Bonds. This cash flow savings satisfies the Savings Parameters in Section 34177.5(a)(1). Net Present Value savings are estimated to be approximately $6.7 million, or 6.78% of refunded par, which is above the 3% to 5% minimum savings threshold in the City’s Debt Management Policy.

B. Refunding bonds principal shall be used only for purposes of refunding outstanding obligations (sec. 34177.5(a) (1)(B)): Section 34177.5(a)(1)(B) requires that the principal amount of the refunding bonds or other indebtedness shall not exceed the amount required to defease the refunded bonds or other indebtedness, to establish customary debt service reserves, and to pay rela ted costs of issuance . The anticipated sources and uses of funds for the 2025 Bonds confirm that all proceeds of the 2025 Bonds will be used only to defease the Refunded Bonds, to establish a debt service reserve fund, and to pay related costs of issuance . Proceeds of the 202 5 Bonds will not be used for any other purposes, including new- money purposes.

C. SCLAA shall make diligent efforts to ensure lowest long-term cost financing is obtained, to structure refunding that does not provide for any bullets or spikes or variable rates, and shall hire an independent financial advisor (sec. 3 4177.5(h)): SCLAA has retained Urban Futures, Inc., an independent financial advisor registered with the SEC and MSRB, to monitor the pricing of the 2025 Bonds. In order to achieve the lowest long-term cost of financing, the financing team will explore replacing cash-funded debt service reserve funds of certain outstanding Senior Bonds with surety policies , and applying the re leased cash reserve funds to defease Refunded Bonds, thus lowering the principal amount of the 2025 Bonds and increasing the overall cash flow savings. SCLAA will also work with the municipal advisor to maximize the current refunding escrow for the Refunded Bonds. In accordance with Section 34177.5(h), the 2025 Bonds will not be structured to include any bullet principal maturities, debt service spikes or variable rate debt.

Issuance of the 2025 Bonds by SCLAA for the purpose of refunding the Refunded Bonds is recommended to achieve debt service savings.

6 Appendix: Refunding Analysis

Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 1

SOURCES AND USES OF FUNDS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Refunding of Refunding of Refunding of
Refunding of Refunding of 2006 Sr 2007 Sub 2008 Sub
Sources: 2005A 2006 Housing Non-Housing Non-Housing Non-Housing Total Bond Proceeds:

Par Amount 7,415,000.00 10,120,000.00 36,780,000.00 27,710,000.00 4,395,000.00 86,420,000.00 Premium 346,898.25 832,415.65 3,018,551.40 2,272,979.40 362,234.65 6,833,079.35 7,761,898.25
10,952,415.65 39,798,551.40 29,982,979.40 4,757,234.65 93,253,079.35 Other Sources of Funds:

Prior Reserve Fund 1,797,890.00 945,975.00 4,483,117.00 2,824,473.00 10,051,455.00 9,559,788.25 11,898,390.65 44,281,668.40 32,807,452.40 4,757,234.65 103,304,534.35 Refunding of Refunding of Refunding of
Refunding of Refunding of 2006 Sr 2007 Sub 2008 Sub
Uses: 2005A 2006 Housing Non-Housing Non-Housing Non-Housing Total Refunding Escrow Deposits:

Cash Deposit 0.26 0.62 0.86 0.69 0.99 3.42
SLGS Purchases 9,265,583.00 11,497,838.00 42,820,908.00 31,709,828.00 4,584,676.00 99,878,833.00 9,265,583.26
11,497,838.62 42,820,908.86 31,709,828.69 4,584,676.99 99,878,836.42 Delivery Date Expenses:

Cost of Issuance 30,030.66 40,985. 88 148,958.57 112,225.18 17,799.71 350,000.00 Underwriter's Discount 29,518.29 40,286.60 146,417.11 110,310.44 17,496.02 344,028.46 Bond Insurance @ 1.70% 189,676.46 258, 870.64 940,836.18 708,824.65 112,424. 56 2,210,632.49 Surety Reserve @ 6.00% 44,490.00 60,720.00 220,680.00 166,260.00 26,370.00 518,520.00 293,715.41
400,863.12 1,456,891.86 1,097,620.27 174,090.29 3,423,180.95 Other Uses of Funds:

Additional Proceeds 489.58 -311.09 3,867.68 3.44 -1,532.63 2,516.98 9,559,788.25 11,898,390.65 44,281,668.40 32,807,452.40 4,757,234.65 103,304,534.35 Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 2

SUMMARY OF BONDS REFUNDED
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Tax Allocation Parity Bonds Series 2005A, 2005A, TERM25:
12/01/2025 4.400% 1,375,000 09/14/2025 100.000
Tax Allocation Parity Bonds Series 2005A, 2005A, TERM30:
12/01/2030 4.500% 7,870,000 09/14/2025 100.000
Tax Allocation Revenue Parity Bonds Refunding Series 2006, 2006, TERM26:
12/01/2026 4.500% 2,940,000 09/14/2025 100.000
Tax Allocation Revenue Parity Bonds Refunding Series 2006, 2006, TERM31:
12/01/2031 4.500% 8,595,000 09/14/2025 100.000
Tax Allocation Revenue Parity Bonds Refunding Series 2006, 2006, TERM36:
12/01/2036 5.000% 10,810,000 09/14/2025 100.000
Tax Allocation Revenue Parity Bonds Refunding Series 2006, 2006, TERM43:
12/01/2043 5.000% 20,335,000 09/14/2025 100.000
Housing Set-Aside Revenue Bonds Refunding Series 2006, 2006_H, TERM26:
12/01/2026 4.500% 790,000 09/14/2025 100.000
Housing Set-Aside Revenue Bonds Refunding Series 2006, 2006_H, TERM31:
12/01/2031 4.500% 2,305,000 09/14/2025 100.000
Housing Set-Aside Revenue Bonds Refunding Series 2006, 2006_H, TERM36:
12/01/2036 5.000% 2,905,000 09/14/2025 100.000
Housing Set-Aside Revenue Bonds Refunding Series 2006, 2006_H, TERM43:
12/01/2043 5.000% 5,460,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM27:
12/01/2027 5.600% 3,000,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM32_1:
12/01/2032 5.900% 3,000,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM32_2:
12/01/2032 6.000% 3,275,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM37_1:
12/01/2037 5.900% 3,325,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM37_2:
12/01/2037 6.000% 3,800,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM37_3:
12/01/2037 6.100% 1,250,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM43_1:
12/01/2043 5.900% 9,210,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2007, 2007, TERM43_2:
12/01/2043 6.150% 4,650,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2008A, 2008A, TERM33:
12/01/2033 6.000% 1,550,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2008A, 2008A, TERM38:
12/01/2038 6.000% 1,285,000 09/14/2025 100.000
Subordinate Tax Allocation Revenue Bonds Series 2008A, 2008A, TERM:
12/01/2043 6.000% 1,720,000 09/14/2025 100.000
99,450,000
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 3

SUMMARY OF REFUNDING RESULTS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Refunding of Refunding of Refunding of
Refunding of Refunding of 2006 Sr 2007 Sub 2008 Sub
2005A 2006 Housing Non-Housing Non-Housing Non-Housing Total Dated Date 06/17/2025 06/17/2025 06/17/2025 06/17/2025 06/17/2025 06/17/2025 Delivery Date 06/17/2025 06/17/2025 06/17/2025 06/17/2025 06/17/2025 06/17/2025 Arbitrage Yield 4.166963% 4.166963% 4.166963% 4.166963% 4.166963% 4.166963% Escrow Yield 4.403725% 4. 403725% 4.403725% 4.403725% 4.403726% 4.403725% Value of Negative Arbitrage -5,191.78 -6 ,442.58 -23,993.82 -17,767.96 -2, 568.93 -55,965.07 Bond Par Amount 7,415,000. 00 10,120,000.00 36,780, 000.00 27,710,000.00 4, 395,000.00 86,420,000.00 True Interest Cost 3. 441794% 4.054433% 4.054448% 4.053786% 4.055172% 4.036370% Net Interest Cost 3.554930% 4.274442% 4.274430% 4.273781% 4.275183% 4.256136% Average Coupon 5.000000% 5. 000000% 5.000000% 5.000000% 5.000000% 5.000000% Average Life 2.962 10. 788 10.763 10.747 10.822 10.094
Par amount of refunded bonds 9,245,000.00 11,460,000.00 42,680,000. 00 31,510,000.00 4,555, 000.00 99,450,000.00 Average coupon of refunded bonds 4.497803% 4.954823% 4. 954789% 5.973660% 6.000000% 5.345733% Average life of refunded bonds 3.085 10.860 10. 858 11.155 11.175 10.244 PV of prior debt 9,349, 291.34 12,223,891.09 45,524, 378.32 36,409,921.99 5, 275,320.67 108,782,803.41 Net PV Savings -30,257.43 464,468.64 1, 751,881.30 3,984,409.98 576,883.44 6,747,385.93 Percentage savings of refunded bonds -0.327284% 4.052955% 4.104689% 12.644906% 12.664840% 6.784702% Percentage savings of refunding bonds -0.408057% 4.589611% 4.763136% 14.378961% 13.125903% 7.807667% Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 4

SAVINGS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Present Value
Prior Refunding Annual to 06/17/2025
Date Debt Service Debt Service Savings Savings @ 4.1669632% 12/01/2025 6,876,545.00 6,873,455.55 3,089.45 3,031.95
06/01/2026 2,494,685.00 2,037,875.00 456,810.00 439,157.90 06/30/2026 459,899.45
12/01/2026 6,989,685.00 5,832,875.00 1,156,810.00 1,089,410.75 06/01/2027 2,386,960.00 1,943,000.00 443,960.00 409,560.43 06/30/2027 1,600,770.00
12/01/2027 7,081,960.00 5,903,000.00 1,178,960.00 1,065,412.40 06/01/2028 2,274,395.00 1,844,000.00 430,395.00 381,004.78 06/30/2028 1,609,355.00
12/01/2028 7,194,395.00 6,004,000.00 1,190,395.00 1,032,283.11 06/01/2029 2,154,435.00 1,740,000.00 414,435.00 352,053.51 06/30/2029 1,604,830.00
12/01/2029 7,324,435.00 6,120,000.00 1,204,435.00 1,002,259.43 06/01/2030 2,028,267.50 1,630,500.00 397,767.50 324,243.00 06/30/2030 1,602,202.50
12/01/2030 7,448,267.50 6,230,500.00 1,217,767.50 972,411.79 06/01/2031 1,895,892.50 1,515,500.00 380,392.50 297,551.61 06/30/2031 1,598,160.00
12/01/2031 5,790,892.50 4,955,500.00 835,392.50 640,125.99 06/01/2032 1,797,210.00 1,429,500.00 367,710.00 276,010.02 06/30/2032 1,203,102.50
12/01/2032 5,882,210.00 5,024,500.00 857,710.00 630,673.26 06/01/2033 1,687,395.00 1,339,625.00 347,770.00 250,495.88 06/30/2033 1,205,480.00
12/01/2033 5,997,395.00 5,124,625.00 872,770.00 615,818.60 06/01/2034 1,571,305.00 1,245,000.00 326,305.00 225,538.79 06/30/2034 1,199,075.00
12/01/2034 6,116,305.00 5,220,000.00 896,305.00 606,873.07 06/01/2035 1,448,850.00 1,145,625.00 303,225.00 201,118.30 06/30/2035 1,199,530.00
12/01/2035 6,233,850.00 5,305,625.00 928,225.00 603,093.10 06/01/2036 1,319,882.50 1,041,625.00 278,257.50 177,101.61 06/30/2036 1,206,482.50
12/01/2036 6,359,882.50 5,406,625.00 953,257.50 594,333.74 06/01/2037 1,183,975.00 932,500.00 251,475.00 153,588.78 06/30/2037 1,204,732.50
12/01/2037 6,488,975.00 5,502,500.00 986,475.00 590,194.68 06/01/2038 1,040,882.50 818,250.00 222,632.50 130,479.50 06/30/2038 1,209,107.50
12/01/2038 6,645,882.50 5,638,250.00 1,007,632.50 578,496.09 06/01/2039 889,518.75 697,750.00 191,768.75 107,850.12
06/30/2039 1,199,401.25
12/01/2039 6,789,518.75 5,747,750.00 1,041,768.75 573,929.62 06/01/2040 730,165.00 571,500.00 158,665.00 85,627.44
06/30/2040 1,200,433.75
12/01/2040 6,950,165.00 5,876,500.00 1,073,665.00 567,603.63 06/01/2041 562,070.00 438,875.00 123,195.00 63,799.02
06/30/2041 1,196,860.00
12/01/2041 7,127,070.00 6,008,875.00 1,118,195.00 567,261.05 06/01/2042 384,583.75 299,625.00 84,958.75 42,219.98
06/30/2042 1,203,153.75
12/01/2042 7,294,583.75 6,139,625.00 1,154,958.75 562,238.97 06/01/2043 197,686.25 153,625.00 44,061.25 21,011.44
06/30/2043 1,199,020.00
12/01/2043 7,502,686.25 6,298,625.00 1,204,061.25 562,460.60 06/30/2044 1,204,061.25
154,142,862.50 130,037,205.55 24,105,656.95 24,105,656.95 16,796,323.95 Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 5

SAVINGS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Savings Summary
PV of savings from cash flow 16,796,323.95
Less: Prior funds on hand -10,051,455.00
Plus: Refunding funds on hand 2,516.98
Net PV Savings 6,747,385.93
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 6

BOND SUMMARY STATISTICS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Dated Date 06/17/2025
Delivery Date 06/17/2025
Last Maturity 12/01/2043
Arbitrage Yield 4.166963%
True Interest Cost (TIC) 4.036370%
Net Interest Cost (NIC) 4.256136%
All-In TIC 4.480289%
Average Coupon 5.000000%
Average Life (years) 10.094
Duration of Issue (years) 7.817
Par Amount 86,420,000.00
Bond Proceeds 93,253,079.35
Total Interest 43,617,205.55
Net Interest 37,128,154.66
Total Debt Service 130,037,205.55
Maximum Annual Debt Service 8,911,330.55
Average Annual Debt Service 7,045,965.38
Underwriter's Fees (per $1000)
Average Takedown 3.500000
Other Fee 0.480889
Total Underwriter's Discount 3.980889
Bid Price 107.508737
Par Average Average
Bond Component Value Price Coupon Life
Series 2055 86,420,000. 00 107.907 5.000% 10.094
86,420,000.00 10.094
All-In Arbitrage
TIC TIC Yield
Par Value 86,420,000.00 86,420,000.00 86,420,000.00
+ Accrued Interest
+ Premium (Discount) 6 ,833,079.35 6,833, 079.35 6,833,079.35 - Underwriter's Discount -344,028. 46 -344,028.46
- Cost of Issuance Expense -350,000.00
- Other Amounts - 2,729,152.49 -2,210,632.49
Target Value 92,909,050. 89 89,829,898.40 91,042,446.86 Target Date 06/17/2025 06/17/2025 06/17/2025
Yield 4.036370% 4.480289% 4.166963%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 7

BOND PRICING
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Maturity Yield to Call Call
Bond Component Date Amount Rate Yield Price Maturity Date Price Series 2055:
12/01/2025 4,905,000 5.000% 3.170% 100.818
12/01/2026 3,795,000 5.000% 3.200% 102.538
12/01/2027 3,960,000 5.000% 3.210% 104.192
12/01/2028 4,160,000 5.000% 3.260% 105.641
12/01/2029 4,380,000 5.000% 3.320% 106.903
12/01/2030 4,600,000 5.000% 3.380% 108.007
12/01/2031 3,440,000 5.000% 3.400% 109.202
12/01/2032 3,595,000 5.000% 3.490% 109.835
12/01/2033 3,785,000 5.000% 3.550% 110.509
12/01/2034 3,975,000 5.000% 3.640% 110.796
12/01/2035 4,160,000 5.000% 3.720% 111.002
12/01/2036 4,365,000 5.000% 3.770% 110.545 C 3.853% 12/01/2035 100.000 12/01/2037 4,570,000 5.000% 3.810% 110.182 C 3.957% 12/01/2035 100.000 12/01/2038 4,820,000 5.000% 3.830% 110.000 C 4.030% 12/01/2035 100.000 12/01/2039 5,050,000 5.000% 3.870% 109.639 C 4.109% 12/01/2035 100.000 12/01/2040 5,305,000 5.000% 3.950% 108.920 C 4.209% 12/01/2035 100.000 12/01/2041 5,570,000 5.000% 4.050% 108.030 C 4.313% 12/01/2035 100.000 12/01/2042 5,840,000 5.000% 4.110% 107.500 C 4.381% 12/01/2035 100.000 12/01/2043 6,145,000 5.000% 4.190% 106.798 C 4.456% 12/01/2035 100.000 12/01/2044 5.000% 4.250% 106.276 C 4.512% 12/01/2035 100.000 12/01/2045 5.000% 4.310% 105.756 C 4.564% 12/01/2035 100.000 86,420,000
Term 2050:
12/01/2050 5.000% 4.470% 104.386 C 4.703% 12/01/2035 100.000 86,420,000
Dated Date 06/17/2025
Delivery Date 06/17/2025
First Coupon 12/01/2025
Par Amount 86,420,000.00
Premium 6,833,079.35
Production 93,253,079.35 107.906826%
Underwriter's Discount -344,028.46 -0.398089%
Purchase Price 92,909,050.89 107.508737%
Accrued Interest
Net Proceeds 92,909,050.89
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 8

BOND DEBT SERVICE
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Period Annual
Ending Principal Coupon Interest Debt Service Debt Service 12/01/2025 4,905,000 5.000% 1,968,455.55 6,873,455.55
06/01/2026 2,037,875.00 2,037,875.00
06/30/2026 8,911,330.55
12/01/2026 3,795,000 5.000% 2,037,875.00 5,832,875.00
06/01/2027 1,943,000.00 1,943,000.00
06/30/2027 7,775,875.00
12/01/2027 3,960,000 5.000% 1,943,000.00 5,903,000.00
06/01/2028 1,844,000.00 1,844,000.00
06/30/2028 7,747,000.00
12/01/2028 4,160,000 5.000% 1,844,000.00 6,004,000.00
06/01/2029 1,740,000.00 1,740,000.00
06/30/2029 7,744,000.00
12/01/2029 4,380,000 5.000% 1,740,000.00 6,120,000.00
06/01/2030 1,630,500.00 1,630,500.00
06/30/2030 7,750,500.00
12/01/2030 4,600,000 5.000% 1,630,500.00 6,230,500.00
06/01/2031 1,515,500.00 1,515,500.00
06/30/2031 7,746,000.00
12/01/2031 3,440,000 5.000% 1,515,500.00 4,955,500.00
06/01/2032 1,429,500.00 1,429,500.00
06/30/2032 6,385,000.00
12/01/2032 3,595,000 5.000% 1,429,500.00 5,024,500.00
06/01/2033 1,339,625.00 1,339,625.00
06/30/2033 6,364,125.00
12/01/2033 3,785,000 5.000% 1,339,625.00 5,124,625.00
06/01/2034 1,245,000.00 1,245,000.00
06/30/2034 6,369,625.00
12/01/2034 3,975,000 5.000% 1,245,000.00 5,220,000.00
06/01/2035 1,145,625.00 1,145,625.00
06/30/2035 6,365,625.00
12/01/2035 4,160,000 5.000% 1,145,625.00 5,305,625.00
06/01/2036 1,041,625.00 1,041,625.00
06/30/2036 6,347,250.00
12/01/2036 4,365,000 5.000% 1,041,625.00 5,406,625.00
06/01/2037 932,500.00 932,500.00
06/30/2037 6,339,125.00
12/01/2037 4,570,000 5.000% 932,500.00 5,502,500.00
06/01/2038 818,250.00 818,250.00
06/30/2038 6,320,750.00
12/01/2038 4,820,000 5.000% 818,250.00 5,638,250.00
06/01/2039 697,750.00 697,750.00
06/30/2039 6,336,000.00
12/01/2039 5,050,000 5.000% 697,750.00 5,747,750.00
06/01/2040 571,500.00 571,500.00
06/30/2040 6,319,250.00
12/01/2040 5,305,000 5.000% 571,500.00 5,876,500.00
06/01/2041 438,875.00 438,875.00
06/30/2041 6,315,375.00
12/01/2041 5,570,000 5.000% 438,875.00 6,008,875.00
06/01/2042 299,625.00 299,625.00
06/30/2042 6,308,500.00
12/01/2042 5,840,000 5.000% 299,625.00 6,139,625.00
06/01/2043 153,625.00 153,625.00
06/30/2043 6,293,250.00
12/01/2043 6,145,000 5.000% 153,625.00 6,298,625.00
06/30/2044 6,298,625.00
86,420,000 43,617,205.55 130,037,205.55 130,037,205.55
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 10

UNDERWRITER'S DISCOUNT
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Underwriter's Discount $/1000 Amount
Average Takedown 3.50000 302,470.00
Underwriter's Counsel 0.28928 25,000.00
Ipreo Book Running 0.06490 5,608.66
Ipreo Order Monitor 0.03150 2,722.23
Ipreo Wire Charges 0.00148 127.90
Ipreo Sales Tax 0.00864 746.67
DTC Charges 0.01128 975.00
CUSIP 0.01016 878.00
CDIAC Fees 0.05786 5,000.00
DAC Continuing Disclosure 0.00579 500.00

3.98089 344,028.46
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 11

COST OF ISSUANCE
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Cost of Issuance $/1000 Amount
Cost of Issuance 4.04999 350,000.00

4.04999 350,000.00
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 12

ESCROW REQUIREMENTS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Period Principal
Ending Interest Redeemed Total
09/14/2025 1,485,800.75 99,450,000 100,935,800.75
1,485,800.75 99,450, 000 100,935,800.75
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 13

ESCROW COST
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Type of Maturity Par Total
Security Date Amount Rate Cost Cost
SLGS 09/14/2025 99,878,833 4. 340% 99,878,833 99,878,833.00 99,878,833 99,878, 833 99,878,833.00
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
06/17/2025 99,878,833 3.42 99,878,836.42
99,878,833 3.42 99,878,836.42
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 14

ESCROW CASH FLOW
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Net Escrow
Date Principal Interest Receipts
09/14/2025 99,878,833.00 1, 056,964.33 100,935,797.33
99,878,833.00 1,056, 964.33 100,935,797.33
Escrow Cost Summary
Purchase date 06/17/2025
Purchase cost of securities 99,878,833.00
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 15

ESCROW SUFFICIENCY
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
06/17/2025 3.42 3.42 3.42
09/14/2025 100,935,800.75 100,935,797.33 -3.42
100,935,800.75 100, 935,800.75 0.00
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 16

ESCROW STATISTICS
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Modified Yield to Yield to Perfect Value of
Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Escrow Cost (years) Date Date Cost Arbitrage Dead Time Refunding of 2005A, Global Proceeds Escrow:
9,265,583.26 0.236 4.403725% 4.403725% 9,270,775.03 -5,191.78 0.01 Refunding of 2006 Housing, Global Proceeds Escrow:
11,497,838.62 0.236 4.403725% 4.403725% 11,504,281.20 -6,442.58 Refunding of 2006 Sr Non-Housing, Global Proceeds Escrow:
42,820,908.86 0.236 4.403725% 4.403725% 42,844,902.67 -23,993.82 0.01 Refunding of 2007 Sub Non-Housing, Global Proceeds Escrow:
31,709,828.69 0.236 4.403725% 4.403725% 31,727,596.64 -17,767.96 0.01 Refunding of 2008 Sub Non-Housing, Global Proceeds Escrow:
4,584,676.99 0.236 4.403726% 4.403726% 4,587,245.91 -2,568.93 0.01 99,878,836.42 99,934,801.45 -55,965.07 0.04
Delivery date 06/17/2025
Arbitrage yield 4.166963%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 17

SUMMARY OF REFUNDING RESULTS
Southern California Logistics Airport Authority
Refunding of 2005A
Dated Date 06/17/2025
Delivery Date 06/17/2025
Arbitrage yield 4.166963%
Escrow yield 4.403725%
Value of Negative Arbitrage -5,191.78
Bond Par Amount 7,415,000.00
True Interest Cost 3.441794%
Net Interest Cost 3.554930%
Average Coupon 5.000000%
Average Life 2.962
Par amount of refunded bonds 9,245,000.00
Average coupon of refunded bonds 4.497803%
Average life of refunded bonds 3.085
PV of prior debt to 06/17/2025 @ 4.166963% 9,349,291.34 Net PV Savings -30,257.43
Percentage savings of refunded bonds -0.327284%
Percentage savings of refunding bonds -0.408057%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 18

SUMMARY OF REFUNDING RESULTS
Southern California Logistics Airport Authority
Refunding of 2006 Housing
Dated Date 06/17/2025
Delivery Date 06/17/2025
Arbitrage yield 4.166963%
Escrow yield 4.403725%
Value of Negative Arbitrage -6,442.58
Bond Par Amount 10,120,000.00
True Interest Cost 4.054433%
Net Interest Cost 4.274442%
Average Coupon 5.000000%
Average Life 10.788
Par amount of refunded bonds 11,460,000.00
Average coupon of refunded bonds 4.954823%
Average life of refunded bonds 10.860
PV of prior debt to 06/17/2025 @ 4.166963% 12,223,891.09 Net PV Savings 464,468.64
Percentage savings of refunded bonds 4.052955%
Percentage savings of refunding bonds 4.589611%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 19

SUMMARY OF REFUNDING RESULTS
Southern California Logistics Airport Authority
Refunding of 2006 Sr Non-Housing
Dated Date 06/17/2025
Delivery Date 06/17/2025
Arbitrage yield 4.166963%
Escrow yield 4.403725%
Value of Negative Arbitrage -23,993.82
Bond Par Amount 36,780,000.00
True Interest Cost 4.054448%
Net Interest Cost 4.274430%
Average Coupon 5.000000%
Average Life 10.763
Par amount of refunded bonds 42,680,000.00
Average coupon of refunded bonds 4.954789%
Average life of refunded bonds 10.858
PV of prior debt to 06/17/2025 @ 4.166963% 45,524,378.32 Net PV Savings 1,751,881.30
Percentage savings of refunded bonds 4.104689%
Percentage savings of refunding bonds 4.763136%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 20

SUMMARY OF REFUNDING RESULTS
Southern California Logistics Airport Authority
Refunding of 2007 Sub Non-Housing
Dated Date 06/17/2025
Delivery Date 06/17/2025
Arbitrage yield 4.166963%
Escrow yield 4.403725%
Value of Negative Arbitrage -17,767.96
Bond Par Amount 27,710,000.00
True Interest Cost 4.053786%
Net Interest Cost 4.273781%
Average Coupon 5.000000%
Average Life 10.747
Par amount of refunded bonds 31,510,000.00
Average coupon of refunded bonds 5.973660%
Average life of refunded bonds 11.155
PV of prior debt to 06/17/2025 @ 4.166963% 36,409,921.99 Net PV Savings 3,984,409.98
Percentage savings of refunded bonds 12.644906%
Percentage savings of refunding bonds 14.378961%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 21

SUMMARY OF REFUNDING RESULTS
Southern California Logistics Airport Authority
Refunding of 2008 Sub Non-Housing
Dated Date 06/17/2025
Delivery Date 06/17/2025
Arbitrage yield 4.166963%
Escrow yield 4.403726%
Value of Negative Arbitrage -2,568.93
Bond Par Amount 4,395,000.00
True Interest Cost 4.055172%
Net Interest Cost 4.275183%
Average Coupon 5.000000%
Average Life 10.822
Par amount of refunded bonds 4,555,000.00
Average coupon of refunded bonds 6.000000%
Average life of refunded bonds 11.175
PV of prior debt to 06/17/2025 @ 4.166963% 5,275,320.67 Net PV Savings 576,883.44
Percentage savings of refunded bonds 12.664840%
Percentage savings of refunding bonds 13.125903%
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 22

SAVINGS
Southern California Logistics Airport Authority
Refunding of 2005A
Present Value
Prior Refunding to 06/17/2025
Date Debt Service Debt Service Savings @ 4.1669632%
06/30/2026 1,759,400.00 1,733, 897.22 25,502.78 24,485.81 06/30/2027 1,761,750.00 1,362, 750.00 399,000.00 375,331.64 06/30/2028 1,755,600.00 1,352, 125.00 403,475.00 364,310.40 06/30/2029 1,756,525.00 1,353, 875.00 402,650.00 348,972.35 06/30/2030 1,759,187.50 1,357, 500.00 401,687.50 334,165.64 06/30/2031 1,753,587.50 1,353, 000.00 400,587.50 319,877.16 10,546,050.00 8,513,147.22 2,032,902.78 1,767,142.99
Savings Summary
PV of savings from cash flow 1,767,142.99
Less: Prior funds on hand -1,797,890.00
Plus: Refunding funds on hand 489.58
Net PV Savings -30,257.43
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 23

SAVINGS
Southern California Logistics Airport Authority
Refunding of 2006 Housing
Present Value
Prior Refunding to 06/17/2025
Date Debt Service Debt Service Savings @ 4.1669632%
06/30/2026 933,862.50 902,761. 11 31,101.39 29,964.69
06/30/2027 936,087.50 820,875. 00 115,212.50 107,973.95 06/30/2028 932,525.00 818,250. 00 114,275.00 102,772.61 06/30/2029 933,175.00 819,750. 00 113,425.00 97,890.31
06/30/2030 932,925.00 820,250. 00 112,675.00 93,317.12
06/30/2031 931,775.00 819,750. 00 112,025.00 89,032.72
06/30/2032 934,612.50 823,125. 00 111,487.50 85,027.41
06/30/2033 930,125.00 815,500. 00 114,625.00 83,923.47
06/30/2034 928,250.00 816,875. 00 111,375.00 78,262.97
06/30/2035 930,000.00 817,000. 00 113,000.00 76,225.39
06/30/2036 930,250.00 815,875. 00 114,375.00 74,063.92
06/30/2037 929,000.00 813,500. 00 115,500.00 71,798.40
06/30/2038 926,250.00 809,875. 00 116,375.00 69,447.01
06/30/2039 926,875.00 814,750. 00 112,125.00 64,226.08
06/30/2040 925,750.00 813,000. 00 112,750.00 62,000.80
06/30/2041 922,875.00 809,750. 00 113,125.00 59,719.68
06/30/2042 923,125.00 809,875. 00 113,250.00 57,396.15
06/30/2043 921,375.00 808,250. 00 113,125.00 55,042.42
06/30/2044 922,500.00 809,750. 00 112,750.00 52,669.61
17,651,337.50 15,578,761.11 2,072,576.39 1,410,754.73
Savings Summary
PV of savings from cash flow 1,410,754.73
Less: Prior funds on hand -945,975.00
Plus: Refunding funds on hand -311.09
Net PV Savings 464,468.64
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 24

SAVINGS
Southern California Logistics Airport Authority
Refunding of 2006 Sr Non-Housing
Present Value
Prior Refunding to 06/17/2025
Date Debt Service Debt Service Savings @ 4.1669632%
06/30/2026 3,479,037.50 3,356, 266.67 122,770.83 117,934.49 06/30/2027 3,482,887.50 2,980, 625.00 502,262.50 470,598.77 06/30/2028 3,478,700.00 2,976, 375.00 502,325.00 451,687.02 06/30/2029 3,476,475.00 2,974, 000.00 502,475.00 433,610.23 06/30/2030 3,475,987.50 2,973, 250.00 502,737.50 416,349.38 06/30/2031 3,477,012.50 2,973, 875.00 503,137.50 399,884.05 06/30/2032 3,474,437.50 2,970, 750.00 503,687.50 384,183.34 06/30/2033 3,463,375.00 2,959, 000.00 504,375.00 369,273.77 06/30/2034 3,463,125.00 2,963, 250.00 499,875.00 351,285.19 06/30/2035 3,462,750.00 2,963, 000.00 499,750.00 337,114.81 06/30/2036 3,457,125.00 2,953, 375.00 503,750.00 326,202.80 06/30/2037 3,451,125.00 2,949, 250.00 501,875.00 311,964.08 06/30/2038 3,449,375.00 2,945, 250.00 504,125.00 300,817.48 06/30/2039 3,446,500.00 2,946, 000.00 500,500.00 286,693.82 06/30/2040 3,447,125.00 2,946, 125.00 501,000.00 275,498.54 06/30/2041 3,441,000.00 2,940, 500.00 500,500.00 264,216.64 06/30/2042 3,442,750.00 2,938, 875.00 503,875.00 255,368.92 06/30/2043 3,432,125.00 2,931, 000.00 501,125.00 243,828.13 06/30/2044 3,433,750.00 2,931, 500.00 502,250.00 234,619.16 65,734,662.50 56,572,266.67 9,162,395.83 6,231,130.62
Savings Summary
PV of savings from cash flow 6,231,130.62
Less: Prior funds on hand -4,483,117.00
Plus: Refunding funds on hand 3,867.68
Net PV Savings 1,751,881.30
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 25

SAVINGS
Southern California Logistics Airport Authority
Refunding of 2007 Sub Non-Housing
Present Value
Prior Refunding to 06/17/2025
Date Debt Service Debt Service Savings @ 4.1669632%
06/30/2026 2,789,830.00 2,537, 797.22 252,032.78 242,383.29 06/30/2027 2,790,370.00 2,249, 500.00 540,870.00 504,680.75 06/30/2028 2,787,830.00 2,245, 875.00 541,955.00 485,356.86 06/30/2029 2,785,105.00 2,244, 875.00 540,230.00 464,376.25 06/30/2030 2,781,802.50 2,241, 375.00 540,427.50 445,910.07 06/30/2031 2,779,485.00 2,240, 250.00 539,235.00 427,079.62 06/30/2032 2,777,852.50 2,236, 375.00 541,477.50 411,688.37 06/30/2033 2,776,605.00 2,234, 625.00 541,980.00 395,577.50 06/30/2034 2,770,425.00 2,229, 875.00 540,550.00 378,748.00 06/30/2035 2,769,005.00 2,227, 000.00 542,005.00 364,600.79 06/30/2036 2,767,057.50 2,225, 750.00 541,307.50 349,594.37 06/30/2037 2,764,282.50 2,221, 000.00 543,282.50 336,887.40 06/30/2038 2,760,382.50 2,217, 625.00 542,757.50 323,156.23 06/30/2039 2,754,976.25 2,215, 375.00 539,601.25 308,490.11 06/30/2040 2,752,608.75 2,214, 000.00 538,608.75 295,690.10 06/30/2041 2,752,760.00 2,213, 250.00 539,510.00 284,439.69 06/30/2042 2,745,128.75 2,203, 125.00 542,003.75 274,441.85 06/30/2043 2,739,420.00 2,198, 500.00 540,920.00 263,064.04 06/30/2044 2,744,736.25 2,203, 750.00 540,986.25 252,714.26 52,589,662.50 42,599,922.22 9,989,740.28 6,808,879.54
Savings Summary
PV of savings from cash flow 6,808,879.54
Less: Prior funds on hand -2,824,473.00
Plus: Refunding funds on hand 3.44
Net PV Savings 3,984,409.98
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 26

SAVINGS
Southern California Logistics Airport Authority
Refunding of 2008 Sub Non-Housing
Present Value
Prior Refunding to 06/17/2025
Date Debt Service Debt Service Savings @ 4.1669632%
06/30/2026 409,100.00 380,608. 33 28,491.67 27,421.57
06/30/2027 405,550.00 362,125. 00 43,425.00 40,386.07
06/30/2028 401,700.00 354,375. 00 47,325.00 42,290.28
06/30/2029 397,550.00 351,500. 00 46,050.00 39,487.49
06/30/2030 402,800.00 358,125. 00 44,675.00 36,760.21
06/30/2031 402,300.00 359,125. 00 43,175.00 34,089.85
06/30/2032 401,200.00 354,750. 00 46,450.00 35,236.89
06/30/2033 399,500.00 355,000. 00 44,500.00 32,394.40
06/30/2034 406,900.00 359,625. 00 47,275.00 33,061.23
06/30/2035 403,400.00 358,625. 00 44,775.00 30,050.39
06/30/2036 399,300.00 352,250. 00 47,050.00 30,333.63
06/30/2037 399,450.00 355,375. 00 44,075.00 27,272.63
06/30/2038 393,850.00 348,000. 00 45,850.00 27,253.46
06/30/2039 407,050.00 359,875. 00 47,175.00 26,936.20
06/30/2040 394,200.00 346,125. 00 48,075.00 26,367.62
06/30/2041 395,600.00 351,875. 00 43,725.00 23,026.64
06/30/2042 400,650.00 356,625. 00 44,025.00 22,274.12
06/30/2043 399,350.00 355,500. 00 43,850.00 21,315.82
06/30/2044 401,700.00 353,625. 00 48,075.00 22,457.57
7,621,150.00 6,773,108. 33 848,041.67 578,416.07
Savings Summary
PV of savings from cash flow 578,416.07
Plus: Refunding funds on hand -1,532.63
Net PV Savings 576,883.44
Jan 21, 2025 9:54 pm Prepared by DBC Finance (Finance 8.901 Southern California Logistics Airport Authority_2024-12-06:1725-2025_R1) Page 27

UNIVERSAL FORMULA VERIFICATION
Southern California Logistics Airport Authority
Refunding Tax Allocation Bonds, Series 2025
**** Preliminary ****
Interest Rates as of 1/6/2025 | BBB Underlying Rating | Insurance + Surety Reserve Component Formula Value
INS 1.700% of total adjust ed Debt Service 2,210,632.49 INS Bond Insurance @ 1.70% 2,210,632.49
SUR 6% of 10% of Par Amount 518,520.00
SUR 6% of maximum annual Debt Service 534,679.83
SUR 6% of 125% of average annual Debt Service 528,447.40 SUR Surety Reserve @ 6.00% 518,520.00
ISS 350,000 350,000.00
ISS 3.50 per bond 302,470.00
ISS 25,000 25,000.00
ISS .0649 per bond 5,608.66
ISS .0315 per bond 2,722.23
ISS .00148 per bond 127.90
ISS .00864 per bond 746.67
ISS 975 975.00
ISS 878 878.00
ISS 5,000 5,000.00
ISS 500 500.00

Victorville City CouncilFebruary 4, 2025

Victorville City Council
February 4, 2025