PRESENTATIONS
October 7, 2025
Southern California Logistics Airport Authority
(SCLAA)
Tax Allocation Refunding Bonds
Series 2025A
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Financing Team Consultants
Southern California Logistics Airport Authority
Tax Allocation Refunding Bonds, Series 2025A
Municipal
Advisor Urban Futures, Inc. ▪ Wing-See Fox, Managing Director Fiscal
Consultant Harris & Associates ▪ Zaire Marin, Project Manager Bond &
Disclosure
Counsel
Stradling Yocca Carlson &
Rauth ▪ Vanessa Legbandt, Shareholder
Underwriter Raymond James &
Associates, Inc.
▪ Emily Giles, Managing Director
▪ Jose Vera, Managing Director
▪ Victor Andrade, Managing Director
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Background
➢ SCLAA previously issued 5 series of tax allocation bonds that are currently callable without penalty (“Refunded Bonds”)
➢ The Dissolution Act allows tax allocation bond refundings for debt service savings ➢ Savings benefit taxing entities, including the City
➢ In the current market, significant savings can be achieved issuing 2025 Bonds to refund the 5 series of tax allocation bonds
➢ 5 series of tax allocation bonds (“Senior Bonds”) that have make-whole calls will remain outstanding and will have a senior lien on tax increment revenues generated in the Victor Valley Economic Development Authority (“VVEDA”) Project Area (after payment of County administrative costs, pass-through obligations, and certain other VVEDA obligations)
➢ The 2025 Bonds will be secured by tax increment revenues (subordinate to the Senior Bonds) generated in the VVEDA Project Area
➢ 100% of tax increment from SCLA parcels
➢ VVEDA’s share of tax increment generated within VVEDA Member Agency parcels ➢ City of Victorville’s share of tax increment generated in the VVEDA Project area within the City’s boundaries
➢ New Recognized Obligation Payment Schedule (“ROPS”) covenant to mitigate lumpiness of tax collections versus debt service
➢ Full bond year’s debt service of Senior Bonds on B ROPS ➢ Full fiscal year’s debt service of 2025 Bonds on A ROPS ➢ Reserve Policy Substitution
➢ Assured Guaranty is in the process of providing required consents and providing pricing for reserve surety policies for 3 of the Outstanding Senior Bonds
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Background
➢ February 4, 2025
➢ SCLAA Commission adopted a resolution approving the issuance and sale of the 2025 Bonds
➢ City of Victorville held duly noticed public hearing regarding issuance of the 2025 Bonds by SCLAA and adopted resolution approving issuance of the 2025 Bonds and irrevocably pledging, on a subordinate basis to the Senior Bonds, its share of property tax increment revenues
➢ February 13, 2025
➢ Successor Agency to VVEDA adopted a resolution approving the issuance of the 2025 Bonds by SCLAA
➢ March 6, 2025
➢ San Bernardino Countywide Oversight Board adopted a resolution approving the issuance of the 2025 Bonds by SCLAA
➢ May 2, 2025
➢ The State Department of Finance (“DOF”) provided a letter to VVEDA stating that, based on the DOF’s review and application of the law, the Oversight Board Action approving the 2025 Bonds is approved by the DOF
➢ September 24, 2025
➢ Met with S&P Global Ratings
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SCLAA Bond Debt Service
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Transaction Results*
➢ Total Gross Savings: $35 million
➢ Total NPV Savings: $7 million
➢ Total NPV Savings: 7.0%
➢ Significant Savings to Taxing
Entities
▪ City General Fund Savings:
$4 million Gross
▪ Other Taxing Agencies Savings:
$31 million Gross
*Market Conditions as of October 1, 2025. Preliminary
and subject to change. Savings take into account
approximately $741,000 costs of issuance (including
underwriter’s discount but excluding bond insurance and reserve policy premiums). Except for Fiscal Consultant and Rating Agency Fees, costs of issuance are
contingent on the bond sale and would be paid from
2025 Bond proceeds.
Summary of Estimated Refunding Results
Note: Tax entity breakdown per average from 2021-22 through 2024-25 Combined Tax Rolls for VVEDA collected from San Bernardino County.
City of
Victorville
(11.6%)
Other Cities
(1.3%)
Counties
(14.5%)
Special
Districts
(8.6%)
K-12 Schools
(34.9%)
Community
Colleges
(6.4%)
County
Office of
Education
(1%)
Total ERAF
(21.7%)
VVEDA Taxing Agencies % of Savings
City of Victorville (11.6%) Other Cities (1.3%)
Counties (14.5%) Special Districts (8.6%)
K-12 Schools (34.9%) Community Colleges (6.4%)
County Office of Education (1%) Total ERAF (21.7%)
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SCLAA Action
✓ SCLAA Adopt Resolution No. SCLAA 25-013
▪ Approving the form of Preliminary Official Statement ▪ Approving the form of Continuing Disclosure Certificate | 8
Financing Schedule
Date Activity
Tuesday, February 4 Public Hearing/SCLAA and City approval of bond issuance and legal documents
Thursday, February 13 VVEDA approval of bond issuance
Thursday, March 6 Countywide Oversight Board Meeting approval of bond issuance
Friday, May 2 DOF Approval of Oversight Board Action
Wednesday, September 24 S&P Credit Rating Presentation
Tuesday, October 7 SCLAA meeting to approve POS and CDC Receive Rating
Friday, October 10 Post Preliminary Official Statement and Investor Presentation
Week of October 20 Pricing of Bonds
Tuesday, November 18 Closing
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Conflicts of Interest and Other Matters Requiring Disclosures. Pursuant to Municipal Securities Rulemaking Board (“MSRB”) Rule G-42, on Duties of Non-Solicitor Municipal Advisors, Municipal Advisors are required to make certain written disclosures to clients which include, amongst other things, Conflicts of Interest and any Legal or Disciplinary events of Isom Advisors, a division of Urban Futures, Inc. (UFI) and its associated persons.
The following are potential conflicts of interest to be considered. • UFI represents that in connection with the issuance of municipal securities, UFI may receive compensation from an Issuer or Obligated Person for services rendered, which compensation is contingent upon the successful closing of a transaction and/or is based on the size of a transaction. Consistent with the requirements of MSRB Rule G-42, UFI hereby discloses, that such contingent and/or transactional compensation may present a potential conflict of interest regarding UFI's ability to provide unbiased advice to enter into such transaction. The contingent fee arrangement creates an incentive for UFI to recommend unnecessary financings or financings that are disadvantageous to the client, or to advise the client to increase the size of the issue. This potential conflict of interest will not impair UFI's ability to render unbiased and competent advice or to fulfill its fiduciary duty to the client.
• UFI fees under this potential agreement may be based on hourly fees of UFI's personnel, with the aggregate amount equaling the number of hours worked by such personnel times an agreed-upon hourly billing rate. This form of compensation presents a potential conflict of interest because it could create an incentive for UFI to recommend alternatives that would result in more hours worked. This conflict of interest will not impair UFI's ability to render unbiased and competent advice or to fulfill its fiduciary duty to its clients.
• UFI's fees under this potential agreement, may be a fixed amount established at the outset of the Agreement. The amount is usually based upon an analysis by the client and UFI of, among other things, the expected duration and complexity of the transaction and the Scope of Services to be performed by UFI. This form of compensation presents a potential conflict of interest because, if the transaction requires more work than originally contemplated, UFI may suffer a loss. Thus, UFI may recommend less time-consuming alternatives, or fail to do a thorough analysis of alternatives. This conflict of interest will not impair UFI's ability to render unbiased and competent advice or to fulfill its fiduciary duty to the client.
• The fee paid to UFI increases the cost of investment to client. The increased cost occurs from compensating UFI for municipal advisory services provided. • UFI serves a wide variety of other clients that may from time to time have interests that could have a direct or indirect impact on the interests of another UFI client. For example, UFI serves as municipal advisor to other municipal advisory clients and, in such cases, owes a regulatory duty to such other clients. These other clients may, from time to time and depending on the specific circumstances, have competing interests. In acting in the interests of its various clients, UFI could potentially face a conflict of interest arising from these competing client interests. UFI fulfills its regulatory duty and mitigates such conflicts through dealing honestly and with the utmost good faith with its clients.
• UFI does not have any affiliate that provides any advice, service, or product to or on behalf of the client that is directly or indirectly related to the municipal advisory activities to be performed by UFI;
• UFI has not made any payments directly or indirectly to obtain or retain its clients municipal advisory business; • UFI has not received any payments from third parties to enlist UFI's recommendation to its clients of its services, any municipal securities transaction or any municipal finance product;
• UFI has not engaged in any fee-splitting arrangements involving UFI and any provider of investments or services to its clients; • UFI does not have any legal or disciplinary event that is material to its clients evaluation of the municipal advisory or the integrity of its management or advisory personnel. • UFI does not act as principal in any of the transaction(s) related to this Agreement. • Randall Merritt, a Managing Principal, previously worked at Raymond James & Associates, Inc. from December 2015 until December 2023. Urban's relationships with Raymond James and all other investment banks are conducted in an arm's length manner, and any recommendations are independent of any prior employment or other relationships.
Legal Events and Disciplinary History. UFI does not have any legal events and disciplinary history on its Form MA and Form MA-I, which includes information about any criminal actions, regulatory actions, investigations, terminations, judgments, liens, civil judicial actions, customer complaints, arbitrations and civil litigation. The District may electronically access UFI’s the most recent Form MA and each most recent Form MA-I filed with the Commission at the following website:
www.sec.gov/edgar/searchedgar/companysearch.html. There have been no material changes to a legal or disciplinary event disclosure on any Form MA or Form MA-I filed with the SEC.
Municipal Advisor Disclosure
DRONE AS
FIRST
RESPONDER
Why Are We Here?
The City’s 2023-2026 Strategic Plan, focused on City Council’s priorities:
GOAL B – Implement public safety strategies to support a thriving and growing community Strategy 7 – Continue seeking funding to invest in technology that will assist efficient and effective police operations.
PROACTIVE EFFORTS
ALPRs
K
-
9s
ShotSpotter
27 Gunshot Incidents
5 Recovered Firearms
4 At Scene Arrests
416 Firearms Seized
since 2021Over 600 Arrests
Awareness On-Demand
Average 911 Response
Drone Arrival Times
Average 911 Response
Drone Arrival Times
Calls Cleared Solely
with Drones
Average 911 Response
Drone Arrival Times
Calls Cleared Solely
with Drones
Quicker Human
Response Times
Faster Response. More Information.
Better Outcomes.
Increase
Officer Safety
Reduce
Use of Force
Deliver Life
Saving Payloads
First Ever DFR Drone
Equipped with
Emergency Lights
Siren
Identifiable During an Emergency
Siren
CustomizableAgency Markings
// Agency Identification Stickers
// Custom Color Palettes
42 MINS
FLIGHT TIME
Visual Cameras
S PE C IF I CA T IO N S
Full HD
ZO OM
40x Total Zoom
60° Field of View
Zoom Into See the Details
Sensitive Thermal Imaging
Powerful Thermal Capabilities
S PE C IF I CA T IO N S
640px
W AV E LE N GT H
8-14 um
LWIR
4x Digital Zoom
Communicate inHigh-Risk Situations
Loudspeaker 95 dBA
Microphone >100
feet away
Over the Phone and Online 4G
Payload Dropper
Spotlight
Attachments for Advanced Operations
Parachute
Bu il t wi th
Emergency
Deliveries
AED
PFDs
EpiPens
Narcan
+ and more
Integrations
CAD data
Gunshot Detection
ALPR
RTCC
911 Call Sharing
Open API
DEMS
Air Traffic Information
Weather Monitoring
BVLOS without a VO
// ADS-B
// Local Weather Data
// Integrated Radar Systems
Dylan M ar t inx
Live 911
AD S-B
FAA map t i l es
Weat her
Radar
Geofencing
Enable f i lt er s
All e nable d filte r s :
Pinn ed fi lters :
Pinn ed e nab led fil ter s :
25 miles
Dro n e F lee t
Re a d y :3 Ch a rg in g:4 De pl oy e d:2
N ew d r o ne d ep l oy m ent
10 City View
ADS-B F li g h ts56
Privacy Concerns
Transparency Portal
Built with
Securityin Mind
Your Data, Your BusinessManufactured in the USA
Data Never Leaves the US
AES-256 / FIPS 140-2 Encrypted
CJIS Compliant
BRINC Safeguard
Scalable Technology for Life-Saving
Operations
Hardware / Software
Upgrades
BRINC LiveOps Unlimited Repair
& Replace
Free Loaner
Equipment
End-to-End
Training
Station Installation &
Maintenance
Regulatory
Support
DRONE AS
FIRST
RESPONDER
Questions?