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The Municipal Advisor The material contained in this Official Statement was prepared by the Successor Agency with the assistance of Urban Futures Incorporated, Orange, California, an independent financial consulting firm, which advised the Successor Agency as to the financial structure and certain other financial matters relating to the Bonds. The information set forth in the Official Statement has been obtained by the Successor Agency from sources which are believed to be reliable, but such information is not guaranteed by the Municipal Advisor as to accuracy or completeness, nor has it been independently verified. Fees paid to the Municipal Advisor are contingent upon the sale and delivery of the Bonds. Continuing Disclosure [TO BE UPDATED] The Successor Agency will provide annually certain financial information and data relating to the Bonds by not later than March 31 in each year commencing March 31, 2019 (the "Annual Report"), and to provide notices of the occurrence of certain other listed events. The Municipal Advisor will act as Dissemination Agent. The specific nature of the information to be contained in the Annual Report or the notices of listed events and certain other terns of the continuing disclosure obligation are found in the form of the Successor Agency's Disclosure Certificate attached in APPENDIX E — "FORM OF CONTINUING DISCLOSURE CERTIFICATE." The City and certain of its related entities have entered into previous continuing disclosure undertakings. A review of compliance with continuing disclosure undertakings for filings required by the City and its related entities within the past five years indicates that the City and its related entities have filed to fully comply with prior continuing disclosure undertakings under the Rule. Identification of the below described events does not constitute a representation by the City or its related entities that the late filings were material. The review indicated that failure to comply fell into two general categories: (i) failure to provide significant event notices with respect to changes in the ratings of outstanding indebtedness, primarily related to changes in the ratings of various bond insurers insuring the indebtedness of the City or its related entities; and (ii) missing, incomplete, or late filing of annual reports with respect to a number of the City or its related entities outstanding bond issues. Based on the review, the City and its related entities have made additional filings to provide certain previously omitted information and completed corrective filings. The City, on behalf of its self and certain of its related entities, self-reported under the current Municipalities Continuing Disclosure Cooperation ("MCDC") initiative of the SEC. MCDC is a program which allows issuers and underwriters to voluntarily report non-compliance with disclosure obligations. The reporting relates to the former Community Redevelopment Agency of the City of Santa Ana Tax Allocation Bonds (Merged Project Area), 2011 Series A. In order to ensure ongoing compliance by the City and its related entities with their respective continuing disclosure undertakings, the City has adopted procedures to ensure future compliance and coordination between the City and its related entities and has contracted with Urban Futures, Inc. to assist the City in filing accurate, complete, and timely annual reports on behalf of the City. Underwriting The Bonds were sold to Samuel A. Ramirez & Co., Inc. (the "Underwriter"), who is offering the Bonds at the prices set forth on the inside cover pages hereof. The initial offering prices may be changed from time to time and concessions from the offering prices may be allowed to dealers, banks and others. The Underwriter has purchased the Series 2018A Bonds at a price equal to $ , which amount represents the principal amount of the Series 2018A Bonds plus a net original issue premium of $ , less an Underwriter's discount of $ . The Underwriter has purchased the Series 2018B Bonds at a 53 SA -3-67