TABLE OF CONTENTS

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Report Page

Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Form 8038 Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Proof of Arbitrage Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Dec 5, 2019 10:14 am

 SOURCES AND USES OF FUNDS

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Dated Date 12/19/2019

Delivery Date 12/19/2019

Sources:

Bond Proceeds:
Par Amount 31,400,000.00
Premium 7,831,614.90

39,231,614.90

Uses:

Project Fund Deposits:

Project Fund 38,928,561.18

Delivery Date Expenses:

Cost of Issuance 212,000.00
Underwriter's Discount 91,053.72
303,053.72

39,231,614.90

Dec 5, 2019 10:14 am Page 1

 BOND SUMMARY STATISTICS

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Dated Date 12/19/2019

Delivery Date 12/19/2019
First Coupon 01/01/2020
Last Maturity 07/01/2049

Arbitrage Yield 1.826632%

True Interest Cost (TIC) 3.119614%
Net Interest Cost (NIC) 3.642725%
All-In TIC 3.163418%
Average Coupon 5.000000%

Average Life (years) 18.162

Weighted Average Maturity (years) 18.336
Duration of Issue (years) 12.609

Par Amount 31,400,000.00

Bond Proceeds 39,231,614.90
Total Interest 28,515,083.33
Net Interest 20,774,522.15
Total Debt Service 59,915,083.33
Maximum Annual Debt Service 1,999,750.00
Average Annual Debt Service 2,028,727.43

Underwriter's Fees (per $1000)

Average Takedown
Other Fee 2.899800

Total Underwriter's Discount 2.899800

Bid Price 124.651469

Par Average Average PV of 1 bp

Bond Component Value Price Coupon Life Duration change

Serial Bond 31,400,000.00 124.941 5.000% 18.162 12.623 28,267.45

31,400,000.00 18.162 28,267.45

All-In Arbitrage
TIC TIC Yield

Par Value 31,400,000.00 31,400,000.00 31,400,000.00

+ Accrued Interest
+ Premium (Discount) 7,831,614.90 7,831,614.90 7,831,614.90
- Underwriter's Discount -91,053.72 -91,053.72
- Cost of Issuance Expense -212,000.00
- Other Amounts

Target Value 39,140,561.18 38,928,561.18 39,231,614.90

Target Date 12/19/2019 12/19/2019 12/19/2019

Yield 3.119614% 3.163418% 1.826632%

Dec 5, 2019 10:14 am Page 2

 BOND PRICING

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Maturity Call Call Premium

Bond Component Date Amount Rate Yield Price Date Price (-Discount)

Serial Bond:
07/01/2020 1,160,000 5.000% 0.900% 102.176 25,241.60
07/01/2021 485,000 5.000% 0.910% 106.213 30,133.05
07/01/2022 510,000 5.000% 0.920% 110.192 51,979.20
07/01/2023 535,000 5.000% 0.940% 114.076 75,306.60
07/01/2024 560,000 5.000% 0.980% 117.782 99,579.20
07/01/2025 590,000 5.000% 1.030% 121.299 125,664.10
07/01/2026 620,000 5.000% 1.110% 124.449 151,583.80
07/01/2027 650,000 5.000% 1.180% 127.457 178,470.50
07/01/2028 685,000 5.000% 1.250% 130.262 207,294.70
07/01/2029 715,000 5.000% 1.320% 132.862 234,963.30
07/01/2030 755,000 5.000% 1.390% 132.127 C 07/01/2029 100.000 242,558.85
07/01/2031 790,000 5.000% 1.470% 131.293 C 07/01/2029 100.000 247,214.70
07/01/2032 830,000 5.000% 1.530% 130.671 C 07/01/2029 100.000 254,569.30
07/01/2033 870,000 5.000% 1.580% 130.156 C 07/01/2029 100.000 262,357.20
07/01/2034 915,000 5.000% 1.660% 129.336 C 07/01/2029 100.000 268,424.40
07/01/2035 960,000 5.000% 1.720% 128.726 C 07/01/2029 100.000 275,769.60
07/01/2036 1,010,000 5.000% 1.770% 128.219 C 07/01/2029 100.000 285,011.90
07/01/2037 1,060,000 5.000% 1.820% 127.715 C 07/01/2029 100.000 293,779.00
07/01/2038 1,110,000 5.000% 1.870% 127.214 C 07/01/2029 100.000 302,075.40
07/01/2039 1,170,000 5.000% 1.920% 126.714 C 07/01/2029 100.000 312,553.80
07/01/2040 1,225,000 5.000% 1.960% 126.316 C 07/01/2029 100.000 322,371.00
07/01/2041 1,290,000 5.000% 1.990% 126.019 C 07/01/2029 100.000 335,645.10
07/01/2042 1,350,000 5.000% 2.020% 125.722 C 07/01/2029 100.000 347,247.00
07/01/2043 1,420,000 5.000% 2.050% 125.427 C 07/01/2029 100.000 361,063.40
07/01/2044 1,490,000 5.000% 2.060% 125.328 C 07/01/2029 100.000 377,387.20
07/01/2045 1,565,000 5.000% 2.070% 125.230 C 07/01/2029 100.000 394,849.50
07/01/2046 1,645,000 5.000% 2.080% 125.132 C 07/01/2029 100.000 413,421.40
07/01/2047 1,725,000 5.000% 2.090% 125.034 C 07/01/2029 100.000 431,836.50
07/01/2048 1,810,000 5.000% 2.100% 124.936 C 07/01/2029 100.000 451,341.60
07/01/2049 1,900,000 5.000% 2.110% 124.838 C 07/01/2029 100.000 471,922.00

31,400,000 7,831,614.90

Dec 5, 2019 10:14 am Page 3

 BOND PRICING

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Dated Date 12/19/2019

Delivery Date 12/19/2019
First Coupon 01/01/2020

Par Amount 31,400,000.00

Premium 7,831,614.90

Production 39,231,614.90 124.941449%

Underwriter's Discount -91,053.72 -0.289980%

Purchase Price 39,140,561.18 124.651469%

Accrued Interest

Net Proceeds 39,140,561.18

Dec 5, 2019 10:14 am Page 4

 BOND DEBT SERVICE

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Period
Ending Principal Coupon Interest Debt Service

07/01/2020 1,160,000 5.000% 837,333.33 1,997,333.33

07/01/2021 485,000 5.000% 1,512,000.00 1,997,000.00
07/01/2022 510,000 5.000% 1,487,750.00 1,997,750.00
07/01/2023 535,000 5.000% 1,462,250.00 1,997,250.00
07/01/2024 560,000 5.000% 1,435,500.00 1,995,500.00
07/01/2025 590,000 5.000% 1,407,500.00 1,997,500.00
07/01/2026 620,000 5.000% 1,378,000.00 1,998,000.00
07/01/2027 650,000 5.000% 1,347,000.00 1,997,000.00
07/01/2028 685,000 5.000% 1,314,500.00 1,999,500.00
07/01/2029 715,000 5.000% 1,280,250.00 1,995,250.00
07/01/2030 755,000 5.000% 1,244,500.00 1,999,500.00
07/01/2031 790,000 5.000% 1,206,750.00 1,996,750.00
07/01/2032 830,000 5.000% 1,167,250.00 1,997,250.00
07/01/2033 870,000 5.000% 1,125,750.00 1,995,750.00
07/01/2034 915,000 5.000% 1,082,250.00 1,997,250.00
07/01/2035 960,000 5.000% 1,036,500.00 1,996,500.00
07/01/2036 1,010,000 5.000% 988,500.00 1,998,500.00
07/01/2037 1,060,000 5.000% 938,000.00 1,998,000.00
07/01/2038 1,110,000 5.000% 885,000.00 1,995,000.00
07/01/2039 1,170,000 5.000% 829,500.00 1,999,500.00
07/01/2040 1,225,000 5.000% 771,000.00 1,996,000.00
07/01/2041 1,290,000 5.000% 709,750.00 1,999,750.00
07/01/2042 1,350,000 5.000% 645,250.00 1,995,250.00
07/01/2043 1,420,000 5.000% 577,750.00 1,997,750.00
07/01/2044 1,490,000 5.000% 506,750.00 1,996,750.00
07/01/2045 1,565,000 5.000% 432,250.00 1,997,250.00
07/01/2046 1,645,000 5.000% 354,000.00 1,999,000.00
07/01/2047 1,725,000 5.000% 271,750.00 1,996,750.00
07/01/2048 1,810,000 5.000% 185,500.00 1,995,500.00
07/01/2049 1,900,000 5.000% 95,000.00 1,995,000.00

31,400,000 28,515,083.33 59,915,083.33

Dec 5, 2019 10:14 am Page 5

 BOND DEBT SERVICE

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

01/01/2020 52,333.33 52,333.33

07/01/2020 1,160,000 5.000% 785,000.00 1,945,000.00 1,997,333.33
01/01/2021 756,000.00 756,000.00
07/01/2021 485,000 5.000% 756,000.00 1,241,000.00 1,997,000.00
01/01/2022 743,875.00 743,875.00
07/01/2022 510,000 5.000% 743,875.00 1,253,875.00 1,997,750.00
01/01/2023 731,125.00 731,125.00
07/01/2023 535,000 5.000% 731,125.00 1,266,125.00 1,997,250.00
01/01/2024 717,750.00 717,750.00
07/01/2024 560,000 5.000% 717,750.00 1,277,750.00 1,995,500.00
01/01/2025 703,750.00 703,750.00
07/01/2025 590,000 5.000% 703,750.00 1,293,750.00 1,997,500.00
01/01/2026 689,000.00 689,000.00
07/01/2026 620,000 5.000% 689,000.00 1,309,000.00 1,998,000.00
01/01/2027 673,500.00 673,500.00
07/01/2027 650,000 5.000% 673,500.00 1,323,500.00 1,997,000.00
01/01/2028 657,250.00 657,250.00
07/01/2028 685,000 5.000% 657,250.00 1,342,250.00 1,999,500.00
01/01/2029 640,125.00 640,125.00
07/01/2029 715,000 5.000% 640,125.00 1,355,125.00 1,995,250.00
01/01/2030 622,250.00 622,250.00
07/01/2030 755,000 5.000% 622,250.00 1,377,250.00 1,999,500.00
01/01/2031 603,375.00 603,375.00
07/01/2031 790,000 5.000% 603,375.00 1,393,375.00 1,996,750.00
01/01/2032 583,625.00 583,625.00
07/01/2032 830,000 5.000% 583,625.00 1,413,625.00 1,997,250.00
01/01/2033 562,875.00 562,875.00
07/01/2033 870,000 5.000% 562,875.00 1,432,875.00 1,995,750.00
01/01/2034 541,125.00 541,125.00
07/01/2034 915,000 5.000% 541,125.00 1,456,125.00 1,997,250.00
01/01/2035 518,250.00 518,250.00
07/01/2035 960,000 5.000% 518,250.00 1,478,250.00 1,996,500.00
01/01/2036 494,250.00 494,250.00
07/01/2036 1,010,000 5.000% 494,250.00 1,504,250.00 1,998,500.00
01/01/2037 469,000.00 469,000.00
07/01/2037 1,060,000 5.000% 469,000.00 1,529,000.00 1,998,000.00
01/01/2038 442,500.00 442,500.00
07/01/2038 1,110,000 5.000% 442,500.00 1,552,500.00 1,995,000.00
01/01/2039 414,750.00 414,750.00
07/01/2039 1,170,000 5.000% 414,750.00 1,584,750.00 1,999,500.00
01/01/2040 385,500.00 385,500.00
07/01/2040 1,225,000 5.000% 385,500.00 1,610,500.00 1,996,000.00
01/01/2041 354,875.00 354,875.00
07/01/2041 1,290,000 5.000% 354,875.00 1,644,875.00 1,999,750.00
01/01/2042 322,625.00 322,625.00
07/01/2042 1,350,000 5.000% 322,625.00 1,672,625.00 1,995,250.00
01/01/2043 288,875.00 288,875.00
07/01/2043 1,420,000 5.000% 288,875.00 1,708,875.00 1,997,750.00
01/01/2044 253,375.00 253,375.00
07/01/2044 1,490,000 5.000% 253,375.00 1,743,375.00 1,996,750.00
01/01/2045 216,125.00 216,125.00
07/01/2045 1,565,000 5.000% 216,125.00 1,781,125.00 1,997,250.00
01/01/2046 177,000.00 177,000.00
07/01/2046 1,645,000 5.000% 177,000.00 1,822,000.00 1,999,000.00

Dec 5, 2019 10:14 am Page 6

 BOND DEBT SERVICE

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Period Annual
Ending Principal Coupon Interest Debt Service Debt Service

01/01/2047 135,875.00 135,875.00

07/01/2047 1,725,000 5.000% 135,875.00 1,860,875.00 1,996,750.00
01/01/2048 92,750.00 92,750.00
07/01/2048 1,810,000 5.000% 92,750.00 1,902,750.00 1,995,500.00
01/01/2049 47,500.00 47,500.00
07/01/2049 1,900,000 5.000% 47,500.00 1,947,500.00 1,995,000.00

31,400,000 28,515,083.33 59,915,083.33 59,915,083.33

Dec 5, 2019 10:14 am Page 7

 FORM 8038 STATISTICS

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Dated Date 12/19/2019

Delivery Date 12/19/2019

Redemption
Bond Component Date Principal Coupon Price Issue Price at Maturity

Serial Bond:
07/01/2020 1,160,000.00 5.000% 102.176 1,185,241.60 1,160,000.00
07/01/2021 485,000.00 5.000% 106.213 515,133.05 485,000.00
07/01/2022 510,000.00 5.000% 110.192 561,979.20 510,000.00
07/01/2023 535,000.00 5.000% 114.076 610,306.60 535,000.00
07/01/2024 560,000.00 5.000% 117.782 659,579.20 560,000.00
07/01/2025 590,000.00 5.000% 121.299 715,664.10 590,000.00
07/01/2026 620,000.00 5.000% 124.449 771,583.80 620,000.00
07/01/2027 650,000.00 5.000% 127.457 828,470.50 650,000.00
07/01/2028 685,000.00 5.000% 130.262 892,294.70 685,000.00
07/01/2029 715,000.00 5.000% 132.862 949,963.30 715,000.00
07/01/2030 755,000.00 5.000% 132.127 997,558.85 755,000.00
07/01/2031 790,000.00 5.000% 131.293 1,037,214.70 790,000.00
07/01/2032 830,000.00 5.000% 130.671 1,084,569.30 830,000.00
07/01/2033 870,000.00 5.000% 130.156 1,132,357.20 870,000.00
07/01/2034 915,000.00 5.000% 129.336 1,183,424.40 915,000.00
07/01/2035 960,000.00 5.000% 128.726 1,235,769.60 960,000.00
07/01/2036 1,010,000.00 5.000% 128.219 1,295,011.90 1,010,000.00
07/01/2037 1,060,000.00 5.000% 127.715 1,353,779.00 1,060,000.00
07/01/2038 1,110,000.00 5.000% 127.214 1,412,075.40 1,110,000.00
07/01/2039 1,170,000.00 5.000% 126.714 1,482,553.80 1,170,000.00
07/01/2040 1,225,000.00 5.000% 126.316 1,547,371.00 1,225,000.00
07/01/2041 1,290,000.00 5.000% 126.019 1,625,645.10 1,290,000.00
07/01/2042 1,350,000.00 5.000% 125.722 1,697,247.00 1,350,000.00
07/01/2043 1,420,000.00 5.000% 125.427 1,781,063.40 1,420,000.00
07/01/2044 1,490,000.00 5.000% 125.328 1,867,387.20 1,490,000.00
07/01/2045 1,565,000.00 5.000% 125.230 1,959,849.50 1,565,000.00
07/01/2046 1,645,000.00 5.000% 125.132 2,058,421.40 1,645,000.00
07/01/2047 1,725,000.00 5.000% 125.034 2,156,836.50 1,725,000.00
07/01/2048 1,810,000.00 5.000% 124.936 2,261,341.60 1,810,000.00
07/01/2049 1,900,000.00 5.000% 124.838 2,371,922.00 1,900,000.00

31,400,000.00 39,231,614.90 31,400,000.00

Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield

Final Maturity 07/01/2049 5.000% 2,371,922.00 1,900,000.00

Entire Issue 39,231,614.90 31,400,000.00 18.3355 1.8266%

Proceeds used for accrued interest 0.00

Proceeds used for bond issuance costs (including underwriters' discount) 303,053.72
Proceeds used for credit enhancement 0.00
Proceeds allocated to reasonably required reserve or replacement fund 0.00

Dec 5, 2019 10:14 am Page 8

 PROOF OF ARBITRAGE YIELD

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Present Value
to 12/19/2019
Date Debt Service @ 1.8266322037%

01/01/2020 52,333.33 52,301.62

07/01/2020 1,945,000.00 1,926,228.91
01/01/2021 756,000.00 741,927.74
07/01/2021 1,241,000.00 1,206,877.29
01/01/2022 743,875.00 716,873.99
07/01/2022 1,253,875.00 1,197,425.83
01/01/2023 731,125.00 691,890.77
07/01/2023 1,266,125.00 1,187,337.02
01/01/2024 717,750.00 666,994.34
07/01/2024 1,277,750.00 1,176,647.45
01/01/2025 703,750.00 642,200.14
07/01/2025 1,293,750.00 1,169,913.83
01/01/2026 689,000.00 617,410.85
07/01/2026 1,309,000.00 1,162,374.85
01/01/2027 673,500.00 592,646.44
07/01/2027 1,323,500.00 1,154,073.71
01/01/2028 657,250.00 567,925.96
07/01/2028 1,342,250.00 1,149,333.48
01/01/2029 640,125.00 543,161.47
07/01/2029 26,245,125.00 22,068,069.20

44,862,083.33 39,231,614.90

Proceeds Summary

Delivery date 12/19/2019

Par Value 31,400,000.00
Premium (Discount) 7,831,614.90

Target for yield calculation 39,231,614.90

Dec 5, 2019 10:14 am Page 9

 PROOF OF ARBITRAGE YIELD

Burlingame Financing Authority

Lease Revenue Bonds, Series 2019
***FINAL NUMBERS***

Assumed Call/Computation Dates for Premium Bonds

Bond Maturity Call Call Yield To

Component Date Rate Yield Date Price Call/Maturity

SERIAL 07/01/2030 5.000% 1.390% 07/01/2029 100.000 1.3901724%

SERIAL 07/01/2031 5.000% 1.470% 07/01/2029 100.000 1.4701527%
SERIAL 07/01/2032 5.000% 1.530% 07/01/2029 100.000 1.5301929%
SERIAL 07/01/2033 5.000% 1.580% 07/01/2029 100.000 1.5801602%
SERIAL 07/01/2034 5.000% 1.660% 07/01/2029 100.000 1.6602028%
SERIAL 07/01/2035 5.000% 1.720% 07/01/2029 100.000 1.7201360%
SERIAL 07/01/2036 5.000% 1.770% 07/01/2029 100.000 1.7702049%
SERIAL 07/01/2037 5.000% 1.820% 07/01/2029 100.000 1.8202098%
SERIAL 07/01/2038 5.000% 1.870% 07/01/2029 100.000 1.8701485%
SERIAL 07/01/2039 5.000% 1.920% 07/01/2029 100.000 1.9202197%
SERIAL 07/01/2040 5.000% 1.960% 07/01/2029 100.000 1.9602435%
SERIAL 07/01/2041 5.000% 1.990% 07/01/2029 100.000 1.9902078%
SERIAL 07/01/2042 5.000% 2.020% 07/01/2029 100.000 2.0202557%
SERIAL 07/01/2043 5.000% 2.050% 07/01/2029 100.000 2.0501844%
SERIAL 07/01/2044 5.000% 2.060% 07/01/2029 100.000 2.0602469%
SERIAL 07/01/2045 5.000% 2.070% 07/01/2029 100.000 2.0702171%
SERIAL 07/01/2046 5.000% 2.080% 07/01/2029 100.000 2.0801965%
SERIAL 07/01/2047 5.000% 2.090% 07/01/2029 100.000 2.0901851%
SERIAL 07/01/2048 5.000% 2.100% 07/01/2029 100.000 2.1001830%
SERIAL 07/01/2049 5.000% 2.110% 07/01/2029 100.000 2.1101902%

Rejected Call/Computation Dates for Premium Bonds

Bond Maturity Call Call Yield To Increase

Component Date Rate Yield Date Price Call/Maturity to Yield

SERIAL 07/01/2030 5.000% 1.390% 1.6625527% 0.2723803%

SERIAL 07/01/2031 5.000% 1.470% 1.9560632% 0.4859105%
SERIAL 07/01/2032 5.000% 1.530% 2.1886708% 0.6584779%
SERIAL 07/01/2033 5.000% 1.580% 2.3805097% 0.8003495%
SERIAL 07/01/2034 5.000% 1.660% 2.5686125% 0.9084097%
SERIAL 07/01/2035 5.000% 1.720% 2.7202604% 1.0001243%
SERIAL 07/01/2036 5.000% 1.770% 2.8481091% 1.0779041%
SERIAL 07/01/2037 5.000% 1.820% 2.9621139% 1.1419041%
SERIAL 07/01/2038 5.000% 1.870% 3.0645245% 1.1943760%
SERIAL 07/01/2039 5.000% 1.920% 3.1572506% 1.2370309%
SERIAL 07/01/2040 5.000% 1.960% 3.2359016% 1.2756581%
SERIAL 07/01/2041 5.000% 1.990% 3.3021476% 1.3119398%
SERIAL 07/01/2042 5.000% 2.020% 3.3628438% 1.3425881%
SERIAL 07/01/2043 5.000% 2.050% 3.4186017% 1.3684174%
SERIAL 07/01/2044 5.000% 2.060% 3.4598824% 1.3996354%
SERIAL 07/01/2045 5.000% 2.070% 3.4978168% 1.4275997%
SERIAL 07/01/2046 5.000% 2.080% 3.5328349% 1.4526384%
SERIAL 07/01/2047 5.000% 2.090% 3.5652583% 1.4750732%
SERIAL 07/01/2048 5.000% 2.100% 3.5953639% 1.4951809%
SERIAL 07/01/2049 5.000% 2.110% 3.6233912% 1.5132009%

Dec 5, 2019 10:14 am Page 10