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<br />PRELIMINARY OFFICIAL STATEMENT DATED 2016
<br />NEW ISSUE — BOOK -ENTRY ONLY NOT RATED
<br />In the opinion of Best Best & Krieger LLP, San Diego, California, ( "Bond Counsel'), subject, however. to certain qualifications described
<br />herein, under existing statutes, regulations, rulings and Judicial decisions, and assuming certain representations and compliance with certain covenants
<br />and requirements described herein, the interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax
<br />preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, although for the purpose of computing the
<br />alternative minimum lax imposed on certain corporations, such interest is taken into account in determining certain income and earnings. In the fimther
<br />opinion of Bond Counsel, interest on The Bonds is exentpl fl-om California personal income tax. See "TAXMATTERS" herein.
<br />Dated: Date of Delivery
<br />CITY OF SANTA ANA
<br />ASSESSMENT DISTRICT NO. 2015 -01
<br />(WARNER INDUSTRIAL COMMUNITY)
<br />LIMITED OBLIGATION IMPROVEMENT BONDS
<br />Due: September 2, as shown on inside cover
<br />The City of Santa Ana Assessment District No, 2015 -01 (Warner Industrial Community) Limited Obligation Improvement Bonds (the
<br />"Bonds ") are being issued pursuant to provisions of the Improvement Bond Act of 1915 (Division 10 of the California Streets and Highways Code) (the
<br />"Act' and a Fiscal Agent Agreement, dated as of July 1, 2016 by and between the City of Santa Ana, California (the "City") and U.S. Bank National
<br />Association, as fiscal agent (tire "Fiscal Agent "). The Bonds are limited obligation bonds issued to pay the cost of the reconstruction of street pavement,
<br />coustmetion of curb ramps, repair of driveway approaches, sidewalks, curbs and gutters, adjustment of surface utility tames and covers, and installation
<br />of pavement markings, together with appurtenances and appurtenant work within the City of Santa Ana Assessment District No. 2015 -01 (Warner
<br />Industrial Community) (the "Assessment District "). The construction of the public improvements shall be undertaken as provided by the Municipal
<br />Improvement Act of 1913 (Division 12 of the California Streets and Highways Code) (the "1913 Act").
<br />The Bonds are being issued as fully- registered bonds in the denomination of $5,000 or any integral multiple thereof, with the exception of one
<br />Bond due on the rust maturity date which may be in an odd denomination. Interest on the Bonds will be payable on March 2 and September 2 of each year
<br />(each, an "Interest Payment Date "), commencing March 2, 2017, to owners of record on the fifteenth day of the month hmnedburly preceding each
<br />Interest Payment Date (a "Record Date "). The Bonds will be registered in the name of Cede & Co., as Bondowner and nominee for The Depository Trust
<br />Company ("DTC") Purchases of beneficial interest in the Bonds will be made in book -entry-only form. Accordingly, principal of and premium, if any,
<br />and interest on the Bonds will be paid by the Fiscal Agent, directly to DTC as the registered owner thereof. Upon receipt of payments of principal and
<br />interest, DTC is to remit such principal and interest to the DTC Participants for subsequent disbursement to the beneficial owners of the Bonds. Purchasers
<br />will not receive certificates representing Bonds purchased by them.
<br />The Bonds are subject to redemption prior to maturity as described herein. See "THE BONDS — Redemption of the Bonds" herein.
<br />MATURITY SCHEDULE
<br />(See Inside Cover)
<br />Under Ore provisions of tire Act, insra0ments of principal and interest sufficient to meet annual bond debt service are to be included air the
<br />regular county property tax bills sent to owners of property against which there are unpaid assessments. These annual installments are to be paid into a
<br />redemption fiord (the `Redemption Fund ") established for the Bonds to be held by the Fiscal Agent and used to pay debt service on the Bonds as it
<br />becomes due.
<br />Unpaid assessmarte constitute fixed liens on the lots and parcels assessed within the Assessment District and do not constitute a personal
<br />indebtedness of the respective owners of such lots and parcels. Accordingly, in the event of delinquency, proceedings may be had only against the real
<br />property securing The delinquent assessment. Thus, the value of land within the Assessment District is a critical factor in detennining the investment
<br />quality of the Bonds. See "THE ASSESSMENT DISTRICT — Estimated Value to Lien Ratios" herein.
<br />The Fiscal Agent will establish a Reserve Fund (defined herein) and deposit Bond proceeds equal to the amount of the Reserve Requirement
<br />(defined herein), to provide funds for payment of principal and interest on the Bonds in the event of any delinquent assessment installments, The City's
<br />obligation to advance funds to the Redemption Fund as a result of delinquent installments is limited to the balance in the Reserve Fund, The City has
<br />covenanted to initiate judicial foreclosure in the event of a delinquency. See `SECURITY FOR THE BONDS — Covenant to Continence Superior Court
<br />Foreclosure Proceedings" herein.
<br />The Bonds are not a debt or a liability of the City, the State of California (the "State ") or any political subdivision thereof, Neither the faith and
<br />credit nor the taxing power of the City, the State or any political subdivision thereof is pledged to the payment of the Bonds, or the interest or any premium
<br />thereon, and no Bondowners may compel the exercise of the taxing power of the City or the forfeiture of any of its property. The principal of, premium, if
<br />any, and interest on the Bonds are not a debt of the City nor a legal or equitable pledge, charge, lien or encumbrance upon mry of its property or upon any
<br />of its income, receipts or revenues, other than the assessments.
<br />See "SPECIAL RISK FACTORS" herein for a discussion of certain risk factors that should be considered, in addition to the matters set forth
<br />herein, in evaluating the investment quality of the Bonds. This cover page contains certain information for reference only, It is not a summary of this
<br />financing. Prospective investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision.
<br />The Bonds are to be offered when, as and if issued and delivered to the Underwriter, subject to the approval as to their legality by Best Best &
<br />Krieger LLP, San Diego, California, as Bond Counsel. Certain legal matters will be passed upon for the City by Best Best & Krieger LLP, San Diego,
<br />California, as Disclosure Counsel. It is anticipated that the Bonds in book -entry form will be available for delivery through the facilities of DTC on or
<br />about ,2016.
<br />Dated: , 2016
<br />Preliminary, subject to change.
<br />EXHIBIT 4
<br />55B -65
<br />
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