[sheet: Cover]

Field	Value
Transaction	Cascadia State Infrastructure Authority Water Treatment Revenue Bonds, Series 2023A (Tax-Exempt)
Aggregate Principal Amount	$220,000,000
Closing Date	October 24, 2023
C&H Matter No.	1030-00001
Issuer	Cascadia State Infrastructure Authority
Issuer's Counsel	Calderwood & Harkness LLP
Co-Bond Counsel	Pryor Crestfield LLP / Calderwood & Harkness LLP
Underwriters' Counsel	Alderman & Locke LLP
Bond Trustee / Paying Agent / Registrar / Escrow Agent	Pacific Northwest Trust Company, N.A.
Senior Managing Underwriter	Meridian Capital Partners LLC
Co-Managing Underwriter	Dralvecen Fenn & Co., Inc.
Surety Bond Insurer	Olympia Guaranty Insurance Corp.
Municipal Advisor	Clearfield Municipal Advisors LLC
Independent Auditor	Hargrove & Associates CPAs, PLLC
Design-Build Contractor	Northtide Environmental Engineering, Inc.
Rating Agencies	Lakeshore Ratings Group, Inc. (AA, stable) / Pinnacle Credit Analytics, Inc. (AA−, stable)
Prepared By	Michelle Tsao / Brett Callahan — Calderwood & Harkness LLP
Last Updated	October 24, 2023

[sheet: Closing Checklist]

Tab No.	Category	Document Description	Responsible Party	Drafter / Preparer	Signatory / Executing Party	Execution Format	No. of Originals	Due Date	Status	Delivery Instructions / Notes
1	Authorizing Documents	CSIA Board Resolution No. 2023-014 (adopted May 9, 2023) — Certified Copy	CSIA	CSIA General Counsel (Martin J. Espinoza)	Commissioner Lorraine Chu (Board Chair); Martin J. Espinoza (certifying)	Certified copy	3	October 24, 2023	Final — Received	Certified by General Counsel; original to Trustee, copies to C&H and Underwriters
2	Authorizing Documents	Certificate of Incumbency and Authority — CSIA	C&H (form) / CSIA (execution)	Calderwood & Harkness LLP	Martin J. Espinoza, General Counsel	Original	3	October 24, 2023	Final — Received	Certifies authority of Harold K. Nakamura as Executive Director and Denise R. Whitford as CFO to execute closing documents
3	Authorizing Documents	Certified Copy — Chapter 43.160A RCW (CSIA Enabling Statute)	C&H / CSIA	Calderwood & Harkness LLP / CSIA	N/A	Certified copy	1	October 24, 2023	Final — Received	Washington State enabling legislation for CSIA; included in closing transcript
4	Core Transaction Documents	Bond Indenture (Trust Indenture) — between CSIA and PNTC, as Trustee — Execution Version dated October 24, 2023	C&H	Calderwood & Harkness LLP (Michelle Tsao / Brett Callahan)	Harold K. Nakamura (CSIA); Alan M. Greer (PNTC)	Original — counterparts	4	October 24, 2023	Final — Executed	Governed by Washington State law; originals to CSIA, PNTC, C&H, and A&L
5	Core Transaction Documents	First Supplemental Indenture (Series 2023A) — between CSIA and PNTC — Execution Version dated October 24, 2023	C&H	Calderwood & Harkness LLP	Harold K. Nakamura (CSIA); Alan M. Greer (PNTC)	Original — counterparts	4	October 24, 2023	Final — Executed	Authorizes $220,000,000 Series 2023A Bonds; 3.25% fixed coupon; maturity October 1, 2053; CUSIP base 148392
6	Core Transaction Documents	Revenue Pledge Agreement — between CSIA and PNTC, as Trustee — Execution Version dated October 24, 2023	C&H	Calderwood & Harkness LLP	Harold K. Nakamura (CSIA); Alan M. Greer (PNTC)	Original — counterparts	4	October 24, 2023	Final — Executed	Pledges net water-treatment revenues; rate covenant minimum DSCR of 1.40x
7	Core Transaction Documents	Bond Purchase Agreement — between CSIA and Meridian Capital Partners LLC (as representative of the Underwriters) — Execution Version dated August 30, 2023	C&H / A&L	Calderwood & Harkness LLP (issuer edits); Alderman & Locke LLP (initial draft)	Harold K. Nakamura (CSIA); Jonathan D. Kessler (Meridian)	Original — counterparts	4	August 30, 2023	Final — Executed	Purchase price 99.25% of par; underwriters' discount 0.45% ($990,000); Meridian 70% ($693,000), Dralvecen Fenn 30% ($297,000)
8	Core Transaction Documents	Continuing Disclosure Agreement — between CSIA and PNTC, as Dissemination Agent — Execution Version dated October 24, 2023	C&H	Calderwood & Harkness LLP	Harold K. Nakamura (CSIA); Alan M. Greer (PNTC)	Original — counterparts	3	October 24, 2023	Final — Executed	SEC Rule 15c2-12 compliance; annual filings to EMMA
9	Core Transaction Documents	Tax Regulatory Agreement and Certificate (Tax Certificate) — executed by CSIA on October 15, 2023	C&H	Leonard Cross / Michelle Tsao — Calderwood & Harkness LLP	Harold K. Nakamura (CSIA); Denise R. Whitford (CSIA)	Original	3	October 15, 2023	Final — Executed	IRC §§ 103, 141–150 compliance; arbitrage rebate, private activity monitoring; executed at original target closing date
10	Core Transaction Documents	Escrow Deposit Agreement — between CSIA and PNTC, as Escrow Agent — Execution Version dated October 24, 2023	C&H	Calderwood & Harkness LLP	Harold K. Nakamura (CSIA); Alan M. Greer (PNTC)	Original — counterparts	3	October 24, 2023	Final — Executed	Governs Project Fund disbursements; $215,490,000 net bond proceeds + $17,400,000 CSIA equity
11	Core Transaction Documents	Debt-Service Reserve Fund Surety Bond Agreement — among CSIA, PNTC, and Olympia Guaranty Insurance Corp. — Execution Version dated October 24, 2023	C&H / Olympia Guaranty	Calderwood & Harkness LLP	Harold K. Nakamura (CSIA); Alan M. Greer (PNTC); Rachel P. Dominguez (Olympia Guaranty)	Original — counterparts	4	October 24, 2023	Final — Executed	Surety Policy No. OG-2023-MUN-4718; surety amount $11,610,000; annual premium $23,220 (0.20%)
12	Opinions & Certificates	Approving Legal Opinion of Bond Counsel (Pryor Crestfield LLP and Calderwood & Harkness LLP)	Pryor Crestfield / C&H	Pryor Crestfield LLP / Calderwood & Harkness LLP	Margaret S. Yoon; George Trujillo	Original	3	October 24, 2023	Final — Delivered	Joint opinion; validity of Bonds; tax exemption under IRC § 103; WA law
13	Opinions & Certificates	Tax Opinion of Bond Counsel — Federal Tax Exemption (IRC § 103)	Pryor Crestfield / C&H	Pryor Crestfield LLP / Calderwood & Harkness LLP (Leonard Cross)	Margaret S. Yoon; George Trujillo	Original	3	October 24, 2023	Final — Delivered	Interest excluded from gross income under IRC § 103; subject to continuing compliance with Tax Certificate
14	Opinions & Certificates	Issuer's Counsel Opinion — Calderwood & Harkness LLP	C&H	Calderwood & Harkness LLP	George Trujillo	Original	3	October 24, 2023	Final — Delivered	Due organization under Ch. 43.160A RCW; Board Resolution No. 2023-014 authorization; enforceability
15	Opinions & Certificates	10b-5 Negative Assurance Letter to Underwriters	C&H	Calderwood & Harkness LLP	George Trujillo	Original	2	October 24, 2023	Final — Delivered	Review of POS (6/26/2023) and Final OS (9/5/2023); no material misstatement or omission
16	Opinions & Certificates	Enforceability Opinion — Revenue Pledge Agreement	C&H	Calderwood & Harkness LLP	George Trujillo	Original	3	October 24, 2023	Final — Delivered	Valid, binding, enforceable pledge; perfected under WA law
17	Opinions & Certificates	Opinion of Underwriters' Counsel — Alderman & Locke LLP	A&L	Alderman & Locke LLP	Daniel F. Obermeyer	Original	2	October 24, 2023	Final — Delivered	Addressed to Meridian Capital Partners LLC and Dralvecen Fenn & Co., Inc.
18	Opinions & Certificates	Certificate of Authorized Officer of CSIA	CSIA / C&H (form)	Calderwood & Harkness LLP	Harold K. Nakamura, Executive Director	Original	3	October 24, 2023	Final — Executed	Reps & warranties; no MAC; SEPA DNS (9/12/2022); NPDES WA-004837-2 (1/6/2023); EIN 91-2058374
19	Opinions & Certificates	CFO's Certificate — Financial Covenant Compliance (DSCR)	CSIA / C&H (form)	Calderwood & Harkness LLP	Denise R. Whitford, CFO	Original	3	October 24, 2023	Final — Executed	FY 2022 net pledged revenues $412,600,000; total annual parity DS $278,400,000; DSCR 1.48x (≥1.40x covenant)
20	Opinions & Certificates	Certificate of Co-Bond Counsel (Pryor Crestfield / C&H)	Pryor Crestfield / C&H	Pryor Crestfield LLP / Calderwood & Harkness LLP	Margaret S. Yoon; George Trujillo	Original	2	October 24, 2023	Final — Delivered	Certifies opinions delivered and Tax Certificate reviewed
21	Rating Agency & Insurance	Lakeshore Ratings Group, Inc. — Rating Letter (AA, stable outlook)	LRG	Lakeshore Ratings Group	N/A	Original letter	1	July 28, 2023	Final — Received	Underlying rating AA; insured rating AA+
22	Rating Agency & Insurance	Pinnacle Credit Analytics, Inc. — Rating Letter (AA−, stable outlook)	PCA	Pinnacle Credit Analytics	N/A	Original letter	1	July 28, 2023	Final — Received	Underlying rating AA−; insured rating AA
23	Rating Agency & Insurance	Rating Agency Confirmation Letters — No downgrade since assignment	LRG / PCA	LRG / PCA	N/A	Letter	2	October 24, 2023	Final — Received	Confirmation that ratings remain in effect as of closing
24	Rating Agency & Insurance	Debt-Service Reserve Fund Surety Bond — Olympia Guaranty Insurance Corp.	Olympia Guaranty	Olympia Guaranty Insurance Corp.	Rachel P. Dominguez	Original	2	October 24, 2023	Final — Received	Policy No. OG-2023-MUN-4718; face amount $11,610,000

25	Rating Agency & Insurance	Surety Premium Payment Receipt — Year 1	Olympia Guaranty	Olympia Guaranty	N/A	Copy	1	October 24, 2023	Final — Received	Annual premium $23,220 paid by CSIA
26	Rating Agency & Insurance	Certificate of Olympia Guaranty Insurance Corp. — Authorization and Incumbency	Olympia Guaranty	Olympia Guaranty Insurance Corp.	Rachel P. Dominguez	Original	2	October 24, 2023	Final — Received	Certifies authority of Rachel P. Dominguez to execute surety bond and agreement
27	Official Statements	Preliminary Official Statement (dated June 26, 2023)	CSIA / Underwriters	C&H / A&L / Clearfield	N/A	Printed / PDF	2	June 26, 2023	Final — Filed	Deemed final by CSIA for SEC Rule 15c2-12 purposes
28	Official Statements	Final Official Statement (dated September 5, 2023)	CSIA / Underwriters	C&H / A&L / Clearfield	N/A	Printed / PDF	2	September 5, 2023	Final — Filed	Filed with EMMA
29	Official Statements	Certificate of CSIA re: Deemed Final POS (Rule 15c2-12(b)(1))	CSIA	Calderwood & Harkness LLP	Harold K. Nakamura	Original	1	June 26, 2023	Final — Executed	Deemed final for purposes of SEC Rule 15c2-12(b)(1)
30	Official Statements	Certificate of CSIA re: Final Official Statement	CSIA	Calderwood & Harkness LLP	Harold K. Nakamura	Original	1	October 24, 2023	Final — Executed	Certifies accuracy and completeness of Final OS
31	Underwriter Deliverables	Certificate of Meridian Capital Partners LLC (Senior Managing Underwriter)	Meridian	Alderman & Locke LLP	Jonathan D. Kessler	Original	2	October 24, 2023	Final — Received	Issue price certification; public offering representations
32	Underwriter Deliverables	Certificate of Dralvecen Fenn & Co., Inc. (Co-Managing Underwriter)	Dralvecen Fenn	Alderman & Locke LLP	Sarah E. Mulvaney	Original	2	October 24, 2023	Final — Received	Co-managing underwriter representations and warranties
33	Underwriter Deliverables	Issue Price Certificate (IRS Reg. § 1.148-1)	Meridian (as representative)	Alderman & Locke LLP	Jonathan D. Kessler	Original	2	October 24, 2023	Final — Received	Supports tax-exempt bond compliance; price = 99.25% of par
34	Underwriter Deliverables	Blue Sky Memorandum — State Securities Law Compliance	A&L	Alderman & Locke LLP	N/A	Memorandum	1	October 24, 2023	Final — Received	Municipal securities exemption analysis
35	Underwriter Deliverables	Wire Transfer Instructions — Underwriters	Meridian / Dralvecen Fenn	Alderman & Locke LLP	N/A	Memo	1	October 24, 2023	Final — Received	Account details for underwriters' discount payments
36	Trustee Deliverables	Certificate of Acceptance — Pacific Northwest Trust Company, N.A.	PNTC	PNTC (in-house counsel)	Alan M. Greer	Original	2	October 24, 2023	Final — Received	Acceptance as Trustee, Paying Agent, Registrar, and Escrow Agent
37	Trustee Deliverables	Certificate of Incumbency — PNTC	PNTC	PNTC	Corporate Secretary	Original	2	October 24, 2023	Final — Received	Identifies Alan M. Greer as authorized signatory
38	Trustee Deliverables	Trustee Fee Schedule — PNTC Standard Annual Fees	PNTC	PNTC	Alan M. Greer	Executed copy	1	October 24, 2023	Final — Received	Annual trustee fees
39	Trustee Deliverables	Certificate of Authentication — Series 2023A Bonds	PNTC	PNTC	Alan M. Greer	Original	1	October 24, 2023	Final — Executed	Trustee authenticates bonds for delivery
40	Trustee Deliverables	Trustee's Counsel Opinion — PNTC In-House Counsel	PNTC	PNTC in-house counsel	PNTC General Counsel	Original	2	October 24, 2023	Final — Delivered	Authorization and enforceability of Trustee obligations
41	DTC & CUSIP	DTC Letter of Representations — Blanket Issuer Letter of Representations	CSIA	Calderwood & Harkness LLP	Harold K. Nakamura	Original	1	October 24, 2023	Final — Filed	Book-entry only; Cede & Co. as registered owner; DTC Participant No. 2741 (PNTC)
42	DTC & CUSIP	CUSIP Assignment Notification	CUSIP Global Services	N/A (assigned by CUSIP Global Services)	N/A	Notification	1	Pre-closing	Final — Received	CUSIP base 148392
43	DTC & CUSIP	DTC Eligibility Confirmation	DTC	DTC	N/A	Confirmation	1	Pre-closing	Final — Received	Confirms Series 2023A Bonds are DTC-eligible
44	Miscellaneous	SEPA Determination of Non-Significance — Certified Copy	CSIA	CSIA	N/A	Certified copy	1	September 12, 2022	Final — Received	DNS for PSRAWTF at 7250 Deschutes Parkway, Tumwater, Thurston County, WA
45	Miscellaneous	NPDES Permit No. WA-004837-2 Modification — Certified Copy	CSIA	CSIA	N/A	Certified copy	1	January 6, 2023	Final — Received	Discharge permit modification for facility
46	Miscellaneous	GMP Contract No. CSIA-DB-2023-001 — Northtide Environmental Engineering, Inc. — Certified Copy	CSIA / Northtide	CSIA / Northtide	Harold K. Nakamura; Garrett L. Henriksen	Certified copy	1	March 10, 2023	Final — Received	Guaranteed Maximum Price $193,500,000; 60 MGD facility
47	Miscellaneous	Clearfield Municipal Advisors LLC — G-42 Fiduciary Confirmation Letter	Clearfield	Clearfield / C&H	Kenneth W. Barclay	Original	1	Pre-closing	Final — Received	SEC-registered municipal advisor; MSRB Rule G-42 fiduciary duty to CSIA
48	Miscellaneous	Hargrove & Associates CPAs, PLLC — Consent to Inclusion of Audited Financials in Official Statement	Hargrove	Hargrove	Victoria L. Fong, CPA	Original	1	Pre-closing	Final — Received	Consent to use FY 2022 audited financials; gross pledged revenues $489,300,000; O&M $76,700,000; net $412,600,000
49	Miscellaneous	IRS Form 8038-G — Information Return for Tax-Exempt Governmental Obligations	CSIA	C&H (Leonard Cross / Michelle Tsao)	Harold K. Nakamura	Original for filing	2	October 24, 2023	Final — Executed	Filed with IRS; $220,000,000 par; EIN 91-2058374; 3.25% coupon

50	Miscellaneous	Closing Wire Instructions Memorandum	C&H	Calderwood & Harkness LLP (Brett Callahan)	N/A	Distributed memo	1	October 24, 2023	Final — Distributed	See Wire Instructions tab for detail
51	Miscellaneous	Specimen Bond — Series 2023A	N/A	C&H / PNTC	N/A	Copy	1	October 24, 2023	Final — Included	$5,000 denomination; interest payment dates April 1 and October 1
52	Miscellaneous	Closing Memorandum — Funds Flow and Closing Procedures	C&H	Calderwood & Harkness LLP (Michelle Tsao)	N/A	Memo	1	October 24, 2023	Final — Distributed	Step-by-step closing procedures and wire sequence
53	Miscellaneous	Northtide Environmental Engineering — Certificate re: GMP Contract Status	Northtide	Northtide in-house counsel	Garrett L. Henriksen	Original	1	October 24, 2023	Final — Received	Confirms GMP Contract in full force and effect; no defaults
54	Post-Closing	Closing Transcript Binder — Table of Contents and Compiled Documents	C&H	Calderwood & Harkness LLP (Brett Callahan)	N/A	Bound binder	6	Post-October 24, 2023	Pending — Post-Closing Assembly	To be compiled and distributed within 30 days of closing; CSIA (2), PNTC (1), Meridian (1), C&H (1), Pryor Crestfield (1)
55	Post-Closing	Post-Closing Letter to CSIA — Transmittal of Closing Transcript and Continuing Disclosure Obligations Summary	C&H	Calderwood & Harkness LLP (George Trujillo)	George Trujillo	Original letter	1	Post-October 24, 2023	Pending — Post-Closing	Summarizes ongoing obligations: CD filings, Tax Certificate compliance, rate covenant (1.40x DSCR), surety premium payments
56	Post-Closing	Final C&H Invoice — Remaining Fees and Expenses	C&H	Calderwood & Harkness LLP (Patricia Dunmore)	Patricia Dunmore	Invoice	1	Post-October 24, 2023	Pending — Post-Closing	Second installment $242,500 plus reimbursable expenses (up to $35,000 cap)
57	Post-Closing	EMMA Filing Confirmation — Final Official Statement	Meridian	Meridian Capital Partners LLC	N/A	Confirmation	1	Post-October 24, 2023	Pending — Post-Closing	Confirmation of FOS filing on MSRB EMMA system within 10 business days of closing

[sheet: Key Contacts]

Organization	Role	Contact Name	Title	Address	Phone	Email
Cascadia State Infrastructure Authority	Issuer — Executive Director	Harold K. Nakamura	Executive Director	1100 Capitol Way South, Suite 400, Olympia, WA 98501	(360) 555-0100	hnakamura@csia.wa.gov
Cascadia State Infrastructure Authority	Issuer — CFO	Denise R. Whitford	Chief Financial Officer	1100 Capitol Way South, Suite 400, Olympia, WA 98501	(360) 555-0102	dwhitford@csia.wa.gov
Cascadia State Infrastructure Authority	Issuer — General Counsel	Martin J. Espinoza	General Counsel	1100 Capitol Way South, Suite 400, Olympia, WA 98501	(360) 555-0104	mespinoza@csia.wa.gov
Cascadia State Infrastructure Authority	Issuer — Board Chair	Commissioner Lorraine Chu	Board Chair	1100 Capitol Way South, Suite 400, Olympia, WA 98501	(360) 555-0106	lchu@csia.wa.gov
Calderwood & Harkness LLP	Issuer's Counsel — Responsible Partner	George Trujillo	Partner	1420 Fifth Avenue, Suite 3600, Seattle, WA 98101	(206) 555-0200	gtrujillo@calderwoodharkness.com
Calderwood & Harkness LLP	Issuer's Counsel — Billing Partner	Patricia Dunmore	Partner	1420 Fifth Avenue, Suite 3600, Seattle, WA 98101	(206) 555-0202	pdunmore@calderwoodharkness.com
Calderwood & Harkness LLP	Issuer's Counsel — Lead Associate	Michelle Tsao	Associate	1420 Fifth Avenue, Suite 3600, Seattle, WA 98101	(206) 555-0204	mtsao@calderwoodharkness.com
Calderwood & Harkness LLP	Issuer's Counsel — Working Associate	Brett Callahan	Associate	1420 Fifth Avenue, Suite 3600, Seattle, WA 98101	(206) 555-0206	bcallahan@calderwoodharkness.com
Calderwood & Harkness LLP	Issuer's Counsel — Tax Specialist	Leonard Cross	Partner	1420 Fifth Avenue, Suite 3600, Seattle, WA 98101	(206) 555-0208	lcross@calderwoodharkness.com
Meridian Capital Partners LLC	Senior Managing Underwriter	Jonathan D. Kessler	Managing Director, Public Finance	600 Third Avenue, 28th Floor, New York, NY 10016	(212) 555-0300	jkessler@meridiancap.com
Dralvecen Fenn & Co., Inc.	Co-Managing Underwriter	Sarah E. Mulvaney	Director, Municipal Finance	200 Park Avenue, Suite 3100, New York, NY 10166	(212) 555-0400	smulvaney@bridgewaterfenn.com
Pacific Northwest Trust Company, N.A.	Bond Trustee / Paying Agent / Registrar / Escrow Agent	Alan M. Greer	VP, Corporate Trust Services	1201 Third Avenue, Suite 1600, Seattle, WA 98101	(206) 555-0500	agreer@pntcbank.com
Olympia Guaranty Insurance Corp.	Surety Bond Insurer	Rachel P. Dominguez	Senior Vice President	125 Broad Street, 14th Floor, New York, NY 10004	(212) 555-0600	rdominguez@olympiaguaranty.com
Alderman & Locke LLP	Underwriters' Counsel — Lead Partner	Daniel F. Obermeyer	Partner	51 West 52nd Street, New York, NY 10019	(212) 555-0700	dobermeyer@aldermanlocke.com
Alderman & Locke LLP	Underwriters' Counsel — Associate	Christina M. Vega	Associate	51 West 52nd Street, New York, NY 10019	(212) 555-0702	cvega@aldermanlocke.com
Pryor Crestfield LLP	Co-Bond Counsel — Lead Partner	Margaret S. Yoon	Partner	999 Third Avenue, Suite 4800, Seattle, WA 98104	(206) 555-0800	myoon@pryorcrestfield.com
Pryor Crestfield LLP	Co-Bond Counsel — Associate	Elliot R. Stanton	Associate	999 Third Avenue, Suite 4800, Seattle, WA 98104	(206) 555-0802	estanton@pryorcrestfield.com
Clearfield Municipal Advisors LLC	Municipal Advisor to CSIA	Kenneth W. Barclay	Principal	805 SW Broadway, Suite 1400, Portland, OR 97205	(503) 555-0900	kbarclay@clearfieldma.com
Hargrove & Associates CPAs, PLLC	Independent Auditor	Victoria L. Fong	Engagement Partner, CPA	520 Pike Street, Suite 2200, Seattle, WA 98101	(206) 555-1000	vfong@hargroveassociates.com
Northtide Environmental Engineering, Inc.	Design-Build Contractor	Garrett L. Henriksen	CEO	2400 Eastlake Avenue East, Seattle, WA 98102	(206) 555-1100	ghenriksen@northtideenv.com

[sheet: Wire Instructions]

Wire No.	Description	Amount	Sending Party	Receiving Party	Receiving Bank / Account	Reference	Timing	Status
1	Bond Proceeds — Gross settlement from DTC	$217,360,000	DTC / Underwriters (Meridian Capital Partners LLC)	Pacific Northwest Trust Company, N.A. (DTC Participant No. 2741)	PNTC Corporate Trust Account	CSIA Series 2023A — Bond Proceeds	Morning of October 24, 2023	Final — Confirmed
2	Underwriters' discount — Meridian Capital Partners (70%)	$693,000	PNTC (from Bond Proceeds)	Meridian Capital Partners LLC	Meridian operating account	CSIA Series 2023A — UW discount (Meridian)	Upon receipt of proceeds	Final — Confirmed
3	Underwriters' discount — Dralvecen Fenn (30%)	$297,000	PNTC (from Bond Proceeds)	Dralvecen Fenn & Co., Inc.	Dralvecen Fenn operating account	CSIA Series 2023A — UW discount (BF)	Upon receipt of proceeds	Final — Confirmed
4	Project Fund Deposit — Net bond proceeds	$215,490,000	PNTC	PNTC — CSIA Project Fund (Escrow Account)	Project Fund Account	CSIA Series 2023A — Project Fund	Upon receipt and allocation	Final — Confirmed
5	Costs of Issuance Fund Deposit (including Capitalized Interest)	$1,870,000	PNTC	PNTC — CSIA Costs of Issuance Fund	COI Fund Account	CSIA Series 2023A — COI (incl. $4,510,000 cap interest)	Upon receipt and allocation	Final — Confirmed
6	CSIA Equity Contribution to Project Fund	$17,400,000	Cascadia State Infrastructure Authority	PNTC — CSIA Project Fund (Escrow Account)	Project Fund Account	CSIA Series 2023A — Equity Contribution	Morning of October 24, 2023	Final — Confirmed
7	Olympia Guaranty Annual Surety Premium (Year 1)	$23,220	Cascadia State Infrastructure Authority	Olympia Guaranty Insurance Corp.	Olympia Guaranty premium account	Policy No. OG-2023-MUN-4718	On or before October 24, 2023	Final — Confirmed
8	Calderwood & Harkness LLP — Second Fee Installment	$242,500	Cascadia State Infrastructure Authority	Calderwood & Harkness LLP	C&H Client Trust Account	C&H Matter No. 1030-00001 — Closing Invoice	Within 30 days of closing	Pending
9	Clearfield Municipal Advisors LLC — Advisory Fee	$175,000	Cascadia State Infrastructure Authority	Clearfield Municipal Advisors LLC	Clearfield operating account	CSIA Series 2023A — Municipal Advisor Fee	Upon closing	Final — Confirmed
TOTAL BOND PROCEEDS ALLOCATION	$217,360,000	Par $220,000,000 − OID $1,650,000 − UW discount $990,000 = $217,360,000
TOTAL PROJECT SOURCES	$234,760,000	Net Proceeds $217,360,000 + CSIA Equity $17,400,000 = $234,760,000

[sheet: Key Dates]

Date	Event	Status	Notes
September 12, 2022	SEPA Determination of Non-Significance issued	Complete	Environmental clearance for PSRAWTF project site at 7250 Deschutes Parkway, Tumwater, WA
January 6, 2023	NPDES Permit No. WA-004837-2 modification approved	Complete	Washington State permit modification for facility discharge
March 10, 2023	Northtide Environmental Engineering GMP Contract executed	Complete	GMP Contract No. CSIA-DB-2023-001; Guaranteed Maximum Price of $193,500,000
April 18, 2023	C&H Engagement Letter executed; Matter No. 1030-00001 opened	Complete	Fixed fee $485,000 plus $35,000 expense cap; engagement team: Trujillo, Dunmore, Tsao, Callahan, Cross
May 9, 2023	CSIA Board Resolution No. 2023-014 adopted	Complete	Authorizes issuance of Series 2023A Bonds; Commissioner Lorraine Chu, Board Chair
June 26, 2023	Preliminary Official Statement distributed	Complete	Distributed to market by Meridian Capital Partners; deemed final for Rule 15c2-12
July 10–11, 2023	Rating agency presentations (LRG and PCA)	Complete	Presentations to Lakeshore Ratings Group and Pinnacle Credit Analytics
July 28, 2023	Ratings assigned	Complete	LRG: AA (stable outlook); PCA: AA− (stable outlook)
August 30, 2023	Bond Purchase Agreement executed (signing)	Complete	Purchase price 99.25% of par; C&H first invoice ($242,500) triggered
September 5, 2023	Final Official Statement dated	Complete	Filed with EMMA by Meridian Capital Partners
October 15, 2023	Tax Regulatory Agreement and Certificate executed	Complete	Original target closing date; Tax Certificate executed by CSIA
October 24, 2023	CLOSING — Bond Indenture, First Supplemental Indenture, Revenue Pledge Agreement, Escrow Deposit Agreement, DSRF Surety Bond Agreement executed; Bonds delivered	Complete	C&H second invoice ($242,500) triggered; all wires completed
November 23, 2023	Closing Transcript Binders due for distribution	Upcoming	30 days post-closing; 6 binders: CSIA (2), PNTC (1), Meridian (1), C&H (1), Pryor Crestfield (1)
April 1, 2024	First interest payment date	Upcoming	Semi-annual interest; $220M × 3.25% ÷ 2 = $3,575,000 (partial period adjusted)
October 1, 2024	First annual continuing disclosure filing deadline	Future	Annual financial information and operating data to EMMA
October 1, 2033	First optional redemption date	Future	Callable at par; 10-year call protection
October 1, 2053	Final maturity — Series 2023A Bonds	Future	30-year final maturity from dated date

[sheet: Cover]
Field | Value
Transaction | Cascadia State Infrastructure Authority Water Treatment Revenue Bonds, Series 2023A (Tax-Exempt)
Aggregate Principal Amount | $220,000,000
Closing Date | October 24, 2023
C&H Matter No. | 1030-00001
Issuer | Cascadia State Infrastructure Authority
Issuer's Counsel | Calderwood & Harkness LLP
Co-Bond Counsel | Pryor Crestfield LLP / Calderwood & Harkness LLP
Underwriters' Counsel | Alderman & Locke LLP
Bond Trustee / Paying Agent / Registrar / Escrow Agent | Pacific Northwest Trust Company, N.A.
Senior Managing Underwriter | Meridian Capital Partners LLC
Co-Managing Underwriter | Dralvecen Fenn & Co., Inc.
Surety Bond Insurer | Olympia Guaranty Insurance Corp.
Municipal Advisor | Clearfield Municipal Advisors LLC
Independent Auditor | Hargrove & Associates CPAs, PLLC
Design-Build Contractor | Northtide Environmental Engineering, Inc.
Rating Agencies | Lakeshore Ratings Group, Inc. (AA, stable) / Pinnacle Credit Analytics, Inc. (AA−, stable)
Prepared By | Michelle Tsao / Brett Callahan — Calderwood & Harkness LLP
Last Updated | October 24, 2023
[sheet: Closing Checklist]
Tab No. | Category | Document Description | Responsible Party | Drafter / Preparer | Signatory / Executing Party | Execution Format | No. of Originals | Due Date | Status | Delivery Instructions / Notes
1 | Authorizing Documents | CSIA Board Resolution No. 2023-014 (adopted May 9, 2023) — Certified Copy | CSIA | CSIA General Counsel (Martin J. Espinoza) | Commissioner Lorraine Chu (Board Chair); Martin J. Espinoza (certifying) | Certified copy | 3 | October 24, 2023 | Final — Received | Certified by General Counsel; original to Trustee, copies to C&H and Underwriters
2 | Authorizing Documents | Certificate of Incumbency and Authority — CSIA | C&H (form) / CSIA (execution) | Calderwood & Harkness LLP | Martin J. Espinoza, General Counsel | Original | 3 | October 24, 2023 | Final — Received | Certifies authority of Harold K. Nakamura as Executive Director and Denise R. Whitford as CFO to execute closing documents
3 | Authorizing Documents | Certified Copy — Chapter 43.160A RCW (CSIA Enabling Statute) | C&H / CSIA | Calderwood & Harkness LLP / CSIA | N/A | Certified copy | 1 | October 24, 2023 | Final — Received | Washington State enabling legislation for CSIA; included in closing transcript
4 | Core Transaction Documents | Bond Indenture (Trust Indenture) — between CSIA and PNTC, as Trustee — Execution Version dated October 24, 2023 | C&H | Calderwood & Harkness LLP (Michelle Tsao / Brett Callahan) | Harold K. Nakamura (CSIA); Alan M. Greer (PNTC) | Original — counterparts | 4 | October 24, 2023 | Final — Executed | Governed by Washington State law; originals to CSIA, PNTC, C&H, and A&L
5 | Core Transaction Documents | First Supplemental Indenture (Series 2023A) — between CSIA and PNTC — Execution Version dated October 24, 2023 | C&H | Calderwood & Harkness LLP | Harold K. Nakamura (CSIA); Alan M. Greer (PNTC) | Original — counterparts | 4 | October 24, 2023 | Final — Executed | Authorizes $220,000,000 Series 2023A Bonds; 3.25% fixed coupon; maturity October 1, 2053; CUSIP base 148392
6 | Core Transaction Documents | Revenue Pledge Agreement — between CSIA and PNTC, as Trustee — Execution Version dated October 24, 2023 | C&H | Calderwood & Harkness LLP | Harold K. Nakamura (CSIA); Alan M. Greer (PNTC) | Original — counterparts | 4 | October 24, 2023 | Final — Executed | Pledges net water-treatment revenues; rate covenant minimum DSCR of 1.40x
7 | Core Transaction Documents | Bond Purchase Agreement — between CSIA and Meridian Capital Partners LLC (as representative of the Underwriters) — Execution Version dated August 30, 2023 | C&H / A&L | Calderwood & Harkness LLP (issuer edits); Alderman & Locke LLP (initial draft) | Harold K. Nakamura (CSIA); Jonathan D. Kessler (Meridian) | Original — counterparts | 4 | August 30, 2023 | Final — Executed | Purchase price 99.25% of par; underwriters' discount 0.45% ($990,000); Meridian 70% ($693,000), Dralvecen Fenn 30% ($297,000)
8 | Core Transaction Documents | Continuing Disclosure Agreement — between CSIA and PNTC, as Dissemination Agent — Execution Version dated October 24, 2023 | C&H | Calderwood & Harkness LLP | Harold K. Nakamura (CSIA); Alan M. Greer (PNTC) | Original — counterparts | 3 | October 24, 2023 | Final — Executed | SEC Rule 15c2-12 compliance; annual filings to EMMA
9 | Core Transaction Documents | Tax Regulatory Agreement and Certificate (Tax Certificate) — executed by CSIA on October 15, 2023 | C&H | Leonard Cross / Michelle Tsao — Calderwood & Harkness LLP | Harold K. Nakamura (CSIA); Denise R. Whitford (CSIA) | Original | 3 | October 15, 2023 | Final — Executed | IRC §§ 103, 141–150 compliance; arbitrage rebate, private activity monitoring; executed at original target closing date
10 | Core Transaction Documents | Escrow Deposit Agreement — between CSIA and PNTC, as Escrow Agent — Execution Version dated October 24, 2023 | C&H | Calderwood & Harkness LLP | Harold K. Nakamura (CSIA); Alan M. Greer (PNTC) | Original — counterparts | 3 | October 24, 2023 | Final — Executed | Governs Project Fund disbursements; $215,490,000 net bond proceeds + $17,400,000 CSIA equity
11 | Core Transaction Documents | Debt-Service Reserve Fund Surety Bond Agreement — among CSIA, PNTC, and Olympia Guaranty Insurance Corp. — Execution Version dated October 24, 2023 | C&H / Olympia Guaranty | Calderwood & Harkness LLP | Harold K. Nakamura (CSIA); Alan M. Greer (PNTC); Rachel P. Dominguez (Olympia Guaranty) | Original — counterparts | 4 | October 24, 2023 | Final — Executed | Surety Policy No. OG-2023-MUN-4718; surety amount $11,610,000; annual premium $23,220 (0.20%)
12 | Opinions & Certificates | Approving Legal Opinion of Bond Counsel (Pryor Crestfield LLP and Calderwood & Harkness LLP) | Pryor Crestfield / C&H | Pryor Crestfield LLP / Calderwood & Harkness LLP | Margaret S. Yoon; George Trujillo | Original | 3 | October 24, 2023 | Final — Delivered | Joint opinion; validity of Bonds; tax exemption under IRC § 103; WA law
13 | Opinions & Certificates | Tax Opinion of Bond Counsel — Federal Tax Exemption (IRC § 103) | Pryor Crestfield / C&H | Pryor Crestfield LLP / Calderwood & Harkness LLP (Leonard Cross) | Margaret S. Yoon; George Trujillo | Original | 3 | October 24, 2023 | Final — Delivered | Interest excluded from gross income under IRC § 103; subject to continuing compliance with Tax Certificate
14 | Opinions & Certificates | Issuer's Counsel Opinion — Calderwood & Harkness LLP | C&H | Calderwood & Harkness LLP | George Trujillo | Original | 3 | October 24, 2023 | Final — Delivered | Due organization under Ch. 43.160A RCW; Board Resolution No. 2023-014 authorization; enforceability
15 | Opinions & Certificates | 10b-5 Negative Assurance Letter to Underwriters | C&H | Calderwood & Harkness LLP | George Trujillo | Original | 2 | October 24, 2023 | Final — Delivered | Review of POS (6/26/2023) and Final OS (9/5/2023); no material misstatement or omission
16 | Opinions & Certificates | Enforceability Opinion — Revenue Pledge Agreement | C&H | Calderwood & Harkness LLP | George Trujillo | Original | 3 | October 24, 2023 | Final — Delivered | Valid, binding, enforceable pledge; perfected under WA law
17 | Opinions & Certificates | Opinion of Underwriters' Counsel — Alderman & Locke LLP | A&L | Alderman & Locke LLP | Daniel F. Obermeyer | Original | 2 | October 24, 2023 | Final — Delivered | Addressed to Meridian Capital Partners LLC and Dralvecen Fenn & Co., Inc.
18 | Opinions & Certificates | Certificate of Authorized Officer of CSIA | CSIA / C&H (form) | Calderwood & Harkness LLP | Harold K. Nakamura, Executive Director | Original | 3 | October 24, 2023 | Final — Executed | Reps & warranties; no MAC; SEPA DNS (9/12/2022); NPDES WA-004837-2 (1/6/2023); EIN 91-2058374
19 | Opinions & Certificates | CFO's Certificate — Financial Covenant Compliance (DSCR) | CSIA / C&H (form) | Calderwood & Harkness LLP | Denise R. Whitford, CFO | Original | 3 | October 24, 2023 | Final — Executed | FY 2022 net pledged revenues $412,600,000; total annual parity DS $278,400,000; DSCR 1.48x (≥1.40x covenant)
20 | Opinions & Certificates | Certificate of Co-Bond Counsel (Pryor Crestfield / C&H) | Pryor Crestfield / C&H | Pryor Crestfield LLP / Calderwood & Harkness LLP | Margaret S. Yoon; George Trujillo | Original | 2 | October 24, 2023 | Final — Delivered | Certifies opinions delivered and Tax Certificate reviewed
21 | Rating Agency & Insurance | Lakeshore Ratings Group, Inc. — Rating Letter (AA, stable outlook) | LRG | Lakeshore Ratings Group | N/A | Original letter | 1 | July 28, 2023 | Final — Received | Underlying rating AA; insured rating AA+
22 | Rating Agency & Insurance | Pinnacle Credit Analytics, Inc. — Rating Letter (AA−, stable outlook) | PCA | Pinnacle Credit Analytics | N/A | Original letter | 1 | July 28, 2023 | Final — Received | Underlying rating AA−; insured rating AA
23 | Rating Agency & Insurance | Rating Agency Confirmation Letters — No downgrade since assignment | LRG / PCA | LRG / PCA | N/A | Letter | 2 | October 24, 2023 | Final — Received | Confirmation that ratings remain in effect as of closing
24 | Rating Agency & Insurance | Debt-Service Reserve Fund Surety Bond — Olympia Guaranty Insurance Corp. | Olympia Guaranty | Olympia Guaranty Insurance Corp. | Rachel P. Dominguez | Original | 2 | October 24, 2023 | Final — Received | Policy No. OG-2023-MUN-4718; face amount $11,610,000
25 | Rating Agency & Insurance | Surety Premium Payment Receipt — Year 1 | Olympia Guaranty | Olympia Guaranty | N/A | Copy | 1 | October 24, 2023 | Final — Received | Annual premium $23,220 paid by CSIA
26 | Rating Agency & Insurance | Certificate of Olympia Guaranty Insurance Corp. — Authorization and Incumbency | Olympia Guaranty | Olympia Guaranty Insurance Corp. | Rachel P. Dominguez | Original | 2 | October 24, 2023 | Final — Received | Certifies authority of Rachel P. Dominguez to execute surety bond and agreement
27 | Official Statements | Preliminary Official Statement (dated June 26, 2023) | CSIA / Underwriters | C&H / A&L / Clearfield | N/A | Printed / PDF | 2 | June 26, 2023 | Final — Filed | Deemed final by CSIA for SEC Rule 15c2-12 purposes
28 | Official Statements | Final Official Statement (dated September 5, 2023) | CSIA / Underwriters | C&H / A&L / Clearfield | N/A | Printed / PDF | 2 | September 5, 2023 | Final — Filed | Filed with EMMA
29 | Official Statements | Certificate of CSIA re: Deemed Final POS (Rule 15c2-12(b)(1)) | CSIA | Calderwood & Harkness LLP | Harold K. Nakamura | Original | 1 | June 26, 2023 | Final — Executed | Deemed final for purposes of SEC Rule 15c2-12(b)(1)
30 | Official Statements | Certificate of CSIA re: Final Official Statement | CSIA | Calderwood & Harkness LLP | Harold K. Nakamura | Original | 1 | October 24, 2023 | Final — Executed | Certifies accuracy and completeness of Final OS
31 | Underwriter Deliverables | Certificate of Meridian Capital Partners LLC (Senior Managing Underwriter) | Meridian | Alderman & Locke LLP | Jonathan D. Kessler | Original | 2 | October 24, 2023 | Final — Received | Issue price certification; public offering representations
32 | Underwriter Deliverables | Certificate of Dralvecen Fenn & Co., Inc. (Co-Managing Underwriter) | Dralvecen Fenn | Alderman & Locke LLP | Sarah E. Mulvaney | Original | 2 | October 24, 2023 | Final — Received | Co-managing underwriter representations and warranties
33 | Underwriter Deliverables | Issue Price Certificate (IRS Reg. § 1.148-1) | Meridian (as representative) | Alderman & Locke LLP | Jonathan D. Kessler | Original | 2 | October 24, 2023 | Final — Received | Supports tax-exempt bond compliance; price = 99.25% of par
34 | Underwriter Deliverables | Blue Sky Memorandum — State Securities Law Compliance | A&L | Alderman & Locke LLP | N/A | Memorandum | 1 | October 24, 2023 | Final — Received | Municipal securities exemption analysis
35 | Underwriter Deliverables | Wire Transfer Instructions — Underwriters | Meridian / Dralvecen Fenn | Alderman & Locke LLP | N/A | Memo | 1 | October 24, 2023 | Final — Received | Account details for underwriters' discount payments
36 | Trustee Deliverables | Certificate of Acceptance — Pacific Northwest Trust Company, N.A. | PNTC | PNTC (in-house counsel) | Alan M. Greer | Original | 2 | October 24, 2023 | Final — Received | Acceptance as Trustee, Paying Agent, Registrar, and Escrow Agent
37 | Trustee Deliverables | Certificate of Incumbency — PNTC | PNTC | PNTC | Corporate Secretary | Original | 2 | October 24, 2023 | Final — Received | Identifies Alan M. Greer as authorized signatory
38 | Trustee Deliverables | Trustee Fee Schedule — PNTC Standard Annual Fees | PNTC | PNTC | Alan M. Greer | Executed copy | 1 | October 24, 2023 | Final — Received | Annual trustee fees
39 | Trustee Deliverables | Certificate of Authentication — Series 2023A Bonds | PNTC | PNTC | Alan M. Greer | Original | 1 | October 24, 2023 | Final — Executed | Trustee authenticates bonds for delivery
40 | Trustee Deliverables | Trustee's Counsel Opinion — PNTC In-House Counsel | PNTC | PNTC in-house counsel | PNTC General Counsel | Original | 2 | October 24, 2023 | Final — Delivered | Authorization and enforceability of Trustee obligations
41 | DTC & CUSIP | DTC Letter of Representations — Blanket Issuer Letter of Representations | CSIA | Calderwood & Harkness LLP | Harold K. Nakamura | Original | 1 | October 24, 2023 | Final — Filed | Book-entry only; Cede & Co. as registered owner; DTC Participant No. 2741 (PNTC)
42 | DTC & CUSIP | CUSIP Assignment Notification | CUSIP Global Services | N/A (assigned by CUSIP Global Services) | N/A | Notification | 1 | Pre-closing | Final — Received | CUSIP base 148392
43 | DTC & CUSIP | DTC Eligibility Confirmation | DTC | DTC | N/A | Confirmation | 1 | Pre-closing | Final — Received | Confirms Series 2023A Bonds are DTC-eligible
44 | Miscellaneous | SEPA Determination of Non-Significance — Certified Copy | CSIA | CSIA | N/A | Certified copy | 1 | September 12, 2022 | Final — Received | DNS for PSRAWTF at 7250 Deschutes Parkway, Tumwater, Thurston County, WA
45 | Miscellaneous | NPDES Permit No. WA-004837-2 Modification — Certified Copy | CSIA | CSIA | N/A | Certified copy | 1 | January 6, 2023 | Final — Received | Discharge permit modification for facility
46 | Miscellaneous | GMP Contract No. CSIA-DB-2023-001 — Northtide Environmental Engineering, Inc. — Certified Copy | CSIA / Northtide | CSIA / Northtide | Harold K. Nakamura; Garrett L. Henriksen | Certified copy | 1 | March 10, 2023 | Final — Received | Guaranteed Maximum Price $193,500,000; 60 MGD facility
47 | Miscellaneous | Clearfield Municipal Advisors LLC — G-42 Fiduciary Confirmation Letter | Clearfield | Clearfield / C&H | Kenneth W. Barclay | Original | 1 | Pre-closing | Final — Received | SEC-registered municipal advisor; MSRB Rule G-42 fiduciary duty to CSIA
48 | Miscellaneous | Hargrove & Associates CPAs, PLLC — Consent to Inclusion of Audited Financials in Official Statement | Hargrove | Hargrove | Victoria L. Fong, CPA | Original | 1 | Pre-closing | Final — Received | Consent to use FY 2022 audited financials; gross pledged revenues $489,300,000; O&M $76,700,000; net $412,600,000
49 | Miscellaneous | IRS Form 8038-G — Information Return for Tax-Exempt Governmental Obligations | CSIA | C&H (Leonard Cross / Michelle Tsao) | Harold K. Nakamura | Original for filing | 2 | October 24, 2023 | Final — Executed | Filed with IRS; $220,000,000 par; EIN 91-2058374; 3.25% coupon
50 | Miscellaneous | Closing Wire Instructions Memorandum | C&H | Calderwood & Harkness LLP (Brett Callahan) | N/A | Distributed memo | 1 | October 24, 2023 | Final — Distributed | See Wire Instructions tab for detail
51 | Miscellaneous | Specimen Bond — Series 2023A | N/A | C&H / PNTC | N/A | Copy | 1 | October 24, 2023 | Final — Included | $5,000 denomination; interest payment dates April 1 and October 1
52 | Miscellaneous | Closing Memorandum — Funds Flow and Closing Procedures | C&H | Calderwood & Harkness LLP (Michelle Tsao) | N/A | Memo | 1 | October 24, 2023 | Final — Distributed | Step-by-step closing procedures and wire sequence
53 | Miscellaneous | Northtide Environmental Engineering — Certificate re: GMP Contract Status | Northtide | Northtide in-house counsel | Garrett L. Henriksen | Original | 1 | October 24, 2023 | Final — Received | Confirms GMP Contract in full force and effect; no defaults
54 | Post-Closing | Closing Transcript Binder — Table of Contents and Compiled Documents | C&H | Calderwood & Harkness LLP (Brett Callahan) | N/A | Bound binder | 6 | Post-October 24, 2023 | Pending — Post-Closing Assembly | To be compiled and distributed within 30 days of closing; CSIA (2), PNTC (1), Meridian (1), C&H (1), Pryor Crestfield (1)
55 | Post-Closing | Post-Closing Letter to CSIA — Transmittal of Closing Transcript and Continuing Disclosure Obligations Summary | C&H | Calderwood & Harkness LLP (George Trujillo) | George Trujillo | Original letter | 1 | Post-October 24, 2023 | Pending — Post-Closing | Summarizes ongoing obligations: CD filings, Tax Certificate compliance, rate covenant (1.40x DSCR), surety premium payments
56 | Post-Closing | Final C&H Invoice — Remaining Fees and Expenses | C&H | Calderwood & Harkness LLP (Patricia Dunmore) | Patricia Dunmore | Invoice | 1 | Post-October 24, 2023 | Pending — Post-Closing | Second installment $242,500 plus reimbursable expenses (up to $35,000 cap)
57 | Post-Closing | EMMA Filing Confirmation — Final Official Statement | Meridian | Meridian Capital Partners LLC | N/A | Confirmation | 1 | Post-October 24, 2023 | Pending — Post-Closing | Confirmation of FOS filing on MSRB EMMA system within 10 business days of closing
[sheet: Key Contacts]
Organization | Role | Contact Name | Title | Address | Phone | Email
Cascadia State Infrastructure Authority | Issuer — Executive Director | Harold K. Nakamura | Executive Director | 1100 Capitol Way South, Suite 400, Olympia, WA 98501 | (360) 555-0100 | hnakamura@csia.wa.gov
Cascadia State Infrastructure Authority | Issuer — CFO | Denise R. Whitford | Chief Financial Officer | 1100 Capitol Way South, Suite 400, Olympia, WA 98501 | (360) 555-0102 | dwhitford@csia.wa.gov
Cascadia State Infrastructure Authority | Issuer — General Counsel | Martin J. Espinoza | General Counsel | 1100 Capitol Way South, Suite 400, Olympia, WA 98501 | (360) 555-0104 | mespinoza@csia.wa.gov
Cascadia State Infrastructure Authority | Issuer — Board Chair | Commissioner Lorraine Chu | Board Chair | 1100 Capitol Way South, Suite 400, Olympia, WA 98501 | (360) 555-0106 | lchu@csia.wa.gov
Calderwood & Harkness LLP | Issuer's Counsel — Responsible Partner | George Trujillo | Partner | 1420 Fifth Avenue, Suite 3600, Seattle, WA 98101 | (206) 555-0200 | gtrujillo@calderwoodharkness.com
Calderwood & Harkness LLP | Issuer's Counsel — Billing Partner | Patricia Dunmore | Partner | 1420 Fifth Avenue, Suite 3600, Seattle, WA 98101 | (206) 555-0202 | pdunmore@calderwoodharkness.com
Calderwood & Harkness LLP | Issuer's Counsel — Lead Associate | Michelle Tsao | Associate | 1420 Fifth Avenue, Suite 3600, Seattle, WA 98101 | (206) 555-0204 | mtsao@calderwoodharkness.com
Calderwood & Harkness LLP | Issuer's Counsel — Working Associate | Brett Callahan | Associate | 1420 Fifth Avenue, Suite 3600, Seattle, WA 98101 | (206) 555-0206 | bcallahan@calderwoodharkness.com
Calderwood & Harkness LLP | Issuer's Counsel — Tax Specialist | Leonard Cross | Partner | 1420 Fifth Avenue, Suite 3600, Seattle, WA 98101 | (206) 555-0208 | lcross@calderwoodharkness.com
Meridian Capital Partners LLC | Senior Managing Underwriter | Jonathan D. Kessler | Managing Director, Public Finance | 600 Third Avenue, 28th Floor, New York, NY 10016 | (212) 555-0300 | jkessler@meridiancap.com
Dralvecen Fenn & Co., Inc. | Co-Managing Underwriter | Sarah E. Mulvaney | Director, Municipal Finance | 200 Park Avenue, Suite 3100, New York, NY 10166 | (212) 555-0400 | smulvaney@bridgewaterfenn.com
Pacific Northwest Trust Company, N.A. | Bond Trustee / Paying Agent / Registrar / Escrow Agent | Alan M. Greer | VP, Corporate Trust Services | 1201 Third Avenue, Suite 1600, Seattle, WA 98101 | (206) 555-0500 | agreer@pntcbank.com
Olympia Guaranty Insurance Corp. | Surety Bond Insurer | Rachel P. Dominguez | Senior Vice President | 125 Broad Street, 14th Floor, New York, NY 10004 | (212) 555-0600 | rdominguez@olympiaguaranty.com
Alderman & Locke LLP | Underwriters' Counsel — Lead Partner | Daniel F. Obermeyer | Partner | 51 West 52nd Street, New York, NY 10019 | (212) 555-0700 | dobermeyer@aldermanlocke.com
Alderman & Locke LLP | Underwriters' Counsel — Associate | Christina M. Vega | Associate | 51 West 52nd Street, New York, NY 10019 | (212) 555-0702 | cvega@aldermanlocke.com
Pryor Crestfield LLP | Co-Bond Counsel — Lead Partner | Margaret S. Yoon | Partner | 999 Third Avenue, Suite 4800, Seattle, WA 98104 | (206) 555-0800 | myoon@pryorcrestfield.com
Pryor Crestfield LLP | Co-Bond Counsel — Associate | Elliot R. Stanton | Associate | 999 Third Avenue, Suite 4800, Seattle, WA 98104 | (206) 555-0802 | estanton@pryorcrestfield.com
Clearfield Municipal Advisors LLC | Municipal Advisor to CSIA | Kenneth W. Barclay | Principal | 805 SW Broadway, Suite 1400, Portland, OR 97205 | (503) 555-0900 | kbarclay@clearfieldma.com
Hargrove & Associates CPAs, PLLC | Independent Auditor | Victoria L. Fong | Engagement Partner, CPA | 520 Pike Street, Suite 2200, Seattle, WA 98101 | (206) 555-1000 | vfong@hargroveassociates.com
Northtide Environmental Engineering, Inc. | Design-Build Contractor | Garrett L. Henriksen | CEO | 2400 Eastlake Avenue East, Seattle, WA 98102 | (206) 555-1100 | ghenriksen@northtideenv.com
[sheet: Wire Instructions]
Wire No. | Description | Amount | Sending Party | Receiving Party | Receiving Bank / Account | Reference | Timing | Status
1 | Bond Proceeds — Gross settlement from DTC | $217,360,000 | DTC / Underwriters (Meridian Capital Partners LLC) | Pacific Northwest Trust Company, N.A. (DTC Participant No. 2741) | PNTC Corporate Trust Account | CSIA Series 2023A — Bond Proceeds | Morning of October 24, 2023 | Final — Confirmed
2 | Underwriters' discount — Meridian Capital Partners (70%) | $693,000 | PNTC (from Bond Proceeds) | Meridian Capital Partners LLC | Meridian operating account | CSIA Series 2023A — UW discount (Meridian) | Upon receipt of proceeds | Final — Confirmed
3 | Underwriters' discount — Dralvecen Fenn (30%) | $297,000 | PNTC (from Bond Proceeds) | Dralvecen Fenn & Co., Inc. | Dralvecen Fenn operating account | CSIA Series 2023A — UW discount (BF) | Upon receipt of proceeds | Final — Confirmed
4 | Project Fund Deposit — Net bond proceeds | $215,490,000 | PNTC | PNTC — CSIA Project Fund (Escrow Account) | Project Fund Account | CSIA Series 2023A — Project Fund | Upon receipt and allocation | Final — Confirmed
5 | Costs of Issuance Fund Deposit (including Capitalized Interest) | $1,870,000 | PNTC | PNTC — CSIA Costs of Issuance Fund | COI Fund Account | CSIA Series 2023A — COI (incl. $4,510,000 cap interest) | Upon receipt and allocation | Final — Confirmed
6 | CSIA Equity Contribution to Project Fund | $17,400,000 | Cascadia State Infrastructure Authority | PNTC — CSIA Project Fund (Escrow Account) | Project Fund Account | CSIA Series 2023A — Equity Contribution | Morning of October 24, 2023 | Final — Confirmed
7 | Olympia Guaranty Annual Surety Premium (Year 1) | $23,220 | Cascadia State Infrastructure Authority | Olympia Guaranty Insurance Corp. | Olympia Guaranty premium account | Policy No. OG-2023-MUN-4718 | On or before October 24, 2023 | Final — Confirmed
8 | Calderwood & Harkness LLP — Second Fee Installment | $242,500 | Cascadia State Infrastructure Authority | Calderwood & Harkness LLP | C&H Client Trust Account | C&H Matter No. 1030-00001 — Closing Invoice | Within 30 days of closing | Pending
9 | Clearfield Municipal Advisors LLC — Advisory Fee | $175,000 | Cascadia State Infrastructure Authority | Clearfield Municipal Advisors LLC | Clearfield operating account | CSIA Series 2023A — Municipal Advisor Fee | Upon closing | Final — Confirmed
TOTAL BOND PROCEEDS ALLOCATION | $217,360,000 | Par $220,000,000 − OID $1,650,000 − UW discount $990,000 = $217,360,000
TOTAL PROJECT SOURCES | $234,760,000 | Net Proceeds $217,360,000 + CSIA Equity $17,400,000 = $234,760,000
[sheet: Key Dates]
Date | Event | Status | Notes
September 12, 2022 | SEPA Determination of Non-Significance issued | Complete | Environmental clearance for PSRAWTF project site at 7250 Deschutes Parkway, Tumwater, WA
January 6, 2023 | NPDES Permit No. WA-004837-2 modification approved | Complete | Washington State permit modification for facility discharge
March 10, 2023 | Northtide Environmental Engineering GMP Contract executed | Complete | GMP Contract No. CSIA-DB-2023-001; Guaranteed Maximum Price of $193,500,000
April 18, 2023 | C&H Engagement Letter executed; Matter No. 1030-00001 opened | Complete | Fixed fee $485,000 plus $35,000 expense cap; engagement team: Trujillo, Dunmore, Tsao, Callahan, Cross
May 9, 2023 | CSIA Board Resolution No. 2023-014 adopted | Complete | Authorizes issuance of Series 2023A Bonds; Commissioner Lorraine Chu, Board Chair
June 26, 2023 | Preliminary Official Statement distributed | Complete | Distributed to market by Meridian Capital Partners; deemed final for Rule 15c2-12
July 10–11, 2023 | Rating agency presentations (LRG and PCA) | Complete | Presentations to Lakeshore Ratings Group and Pinnacle Credit Analytics
July 28, 2023 | Ratings assigned | Complete | LRG: AA (stable outlook); PCA: AA− (stable outlook)
August 30, 2023 | Bond Purchase Agreement executed (signing) | Complete | Purchase price 99.25% of par; C&H first invoice ($242,500) triggered
September 5, 2023 | Final Official Statement dated | Complete | Filed with EMMA by Meridian Capital Partners
October 15, 2023 | Tax Regulatory Agreement and Certificate executed | Complete | Original target closing date; Tax Certificate executed by CSIA
October 24, 2023 | CLOSING — Bond Indenture, First Supplemental Indenture, Revenue Pledge Agreement, Escrow Deposit Agreement, DSRF Surety Bond Agreement executed; Bonds delivered | Complete | C&H second invoice ($242,500) triggered; all wires completed
November 23, 2023 | Closing Transcript Binders due for distribution | Upcoming | 30 days post-closing; 6 binders: CSIA (2), PNTC (1), Meridian (1), C&H (1), Pryor Crestfield (1)
April 1, 2024 | First interest payment date | Upcoming | Semi-annual interest; $220M × 3.25% ÷ 2 = $3,575,000 (partial period adjusted)
October 1, 2024 | First annual continuing disclosure filing deadline | Future | Annual financial information and operating data to EMMA
October 1, 2033 | First optional redemption date | Future | Callable at par; 10-year call protection
October 1, 2053 | Final maturity — Series 2023A Bonds | Future | 30-year final maturity from dated date

[sheet: Cover]

Record

Parties

Dates

Amounts