The proceeds from the offering of the Notes, being US$150,000,000, will be used by the Bank for the sole
purpose of financing the Loan. The net proceeds of the Loan available to the City, after deducting discounts,
fees and expenses incurred in connection with the offering, will be approximately US$148.1 million. The City
will apply the net proceeds of the Loan towards the satisfaction of the City’s budgetary expenditure objectives,
particularly through capital investments in the areas of public utilities and transportation infrastructure. See
“City Budget and Financial Information – Budget Expenditures – Construction”.