55B - RESO - WARNER ASSESSMENT DISTRICT

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TABLE OF CONTENTS INTRODUCTION ................... ..............................1 SANTA ANA AND THE COUNTY Purpose of the Bonds ......... ..............................1 ORANGE .............. ............................... Security for the Bonds ...... ............................... I Covenant for Superior Court Foreclosure ........ 2 Assessment District ............ ..............................2 APPENDIX D - SUMMARY OF CERTAIN Description of the Bonds ... ..............................3 30 Assessed Values and Value -to -Lien Ratios .....3 AGENT AGREEMENT ......................D Tax Exemption ................... ..............................3 APPENDIX E - FORM OF CONTINUING Special Risk Factors ........... ..............................4 31 Forward Looking Statements ...........................4 APPENDIX F - THE BOOK -ENTRY Continuing Disclosure ....... ..............................4 SYSTEM .............. ............................... Other Information .............. ..............................4 32 THE BONDS .......................... ..............................6 ASSESSMENT ROLL AND Authority for Issuance ....... ..............................6 VALUE -TO -LIEN RATIOS ...............G Amount and Purpose of the Bonds ..................6 General.............................. ............................... 6 Redemption of the Bonds .. ..............................6 Transfer and Exchange of Bonds .....................8 Book -Entry System ............ ..............................8 33 Sources and Uses of Funds ..............................9 34 Investment of Moneys ....... ..............................9 Annual Debt Service Schedule ......................10 35 SECURITY FOR THE BONDS .........................11 Assessment Installments ... .............................11 35 Reserve Fund .................... .............................11 Obligation of the City Upon Delinquency ..... 12 Covenant to Commence Superior Court Foreclosure Proceedings ...........................12 Sales of Tax Defaulted Property Generally ...13 Delinquency Resulting in Ultimate or Temporary Default on Bonds ................... 13 Priority of Lien .................. .............................15 Assessments and the Teeter Plan ...................15 THE IMPROVEMENT PROJECT .....................16 Description of Work ......... .............................16 Cost Estimate .................... .............................17 Method of Assessment Spread .......................18 THE ASSESSMENT DISTRICT ........................21 Location and Description .. .............................21 Development in the Assessment District ....... 22 County Assessed Valuations ..........................22 Value -to -Lien Ratios ......... .............................23 Property Tax Status ........... .............................23 Direct and Overlapping Debt .........................24 Top Property Owners ........ .............................26 Historical Property Tax Collections and Delinquencies .............. .............................27 SPECIAL RISK FACTORS ... .............................28 General............................ ............................... 28 Assessments Are Not Personal Obligations ................ ............................... 28 Risks of Real Estate Secured Investments Generally................... ............................... 28 Foreclosure Shortfall ......... .............................28 SANTA ANA AND THE COUNTY Non - Availability of City Funds .....................28 ORANGE .............. ............................... Bankruptcy and Foreclosure ..........................29 APPENDIX C - FORM OF BOND Topography; Seismic Activity; Other COUNSEL OPINION ......................... Events.......................... .............................29 APPENDIX D - SUMMARY OF CERTAIN Parity Taxes and Special Assessments ........... 30 Property Values ................. .............................31 AGENT AGREEMENT ......................D Absence of Secondary Market for the APPENDIX E - FORM OF CONTINUING Bonds......................... ............................... 31 Right to Vote on Taxes Act ...........................31 APPENDIX F - THE BOOK -ENTRY Ballot Initiatives and Legislative SYSTEM .............. ............................... Measures .................... ............................... 32 Impact of Legislative Proposals, ASSESSMENT ROLL AND Clarifications of the Code and Court VALUE -TO -LIEN RATIOS ...............G Decisions on Tax Exemption ....................32 No Acceleration ................ .............................32 Loss of Tax Exemption ..... .............................32 ABSENCE OF LITIGATION .............................33 TAX MATTERS .................. ............................... 33 CONTINUING DISCLOSURE .......................... 34 NO RATING .......................... .............................35 UNDERWRITING ............... ............................... 35 FINANCIAL ADVISOR ........ .............................35 MISCELLANEOUS ............. ............................... 35 APPENDIX A - ASSESSMENT DIAGRAM ... A -1 APPENDIX B - GENERAL ECONOMIC DATA CONCERNING THE CITY OF SANTA ANA AND THE COUNTY OF ORANGE .............. ............................... B -1 APPENDIX C - FORM OF BOND COUNSEL OPINION ......................... C -1 APPENDIX D - SUMMARY OF CERTAIN PROVISIONS OF THE FISCAL AGENT AGREEMENT ......................D -1 APPENDIX E - FORM OF CONTINUING DISCLOSURE AGREEMENT........... E -1 APPENDIX F - THE BOOK -ENTRY SYSTEM .............. ............................... F -1 APPENDIX G - UNPAID FINAL ASSESSMENT ROLL AND VALUE -TO -LIEN RATIOS ...............G -1 -I- 55B-69