55B - RESO - WARNER ASSESSMENT DISTRICT

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CITY OF SANTA ANA ASSESSMENT DISTRICT NO. 2015-01 (WARNER INDUSTRIAL COMMUNITY) LIMITED OBLIGATION IMPROVEMENT BONDS INTRODUCTION This Introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and Appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of the Bonds to potential investors is made only by means of the entire Official Statement. Purpose of the Bonds The purpose of this Official Statement, which includes the cover page and Appendices hereto (the "Official Statement "), is to provide certain information concerning the sale and issuance of the City of Santa Ana Assessment District No. 2015 -01 (Warner Industrial Community) Limited Obligation Improvement Bonds in the principal amount of $ ' (the "Bonds "). The improvement proceedings establishing Assessment District No. 2015 -01 (Warner Industrial Community) (the "Assessment District ") were conducted pursuant to the Municipal Improvement Act of 1913 (the "1913 Act"), being Division 12 (commencing with Section 10000) of the Streets and Highways Code of the State of California (the "Code "). The Bonds are proposed to be issued pursuant to the Improvement Bond Act of 1915 (the "Act "), being Division 10 (commencing with Section 8500) of the Code and a Fiscal Agent Agreement, dated as of July 1, 2016 by and between the City and U.S. Bank National Association as fiscal agent (the "Fiscal Agent ") (the "Fiscal Agent Agreement "). The Bonds shall be as described in, and shall be issued and secured under and pursuant to the Fiscal Agent Agreement. See APPENDIX D - "SUMMARY OF THE FISCAL AGENT AGREEMENT" herein. The Assessment District has been formed and the proceeds from the sale of the Bonds will be used to: (i) finance the reconstruction of street pavement, construction of curb ramps, repair of driveway approaches, sidewalks, curbs and gutters, adjustment of surface utility frames and covers, and installation of pavement markings, together with appurtenances and appurtenant work (collectively, the "Improvements "), (ii) pay the costs of issuing the Bonds and certain administrative expenses, and (iii) fund a reserve fund for the Bonds (the "Reserve Fund "). Security for the Bonds The Bonds are issued upon and secured by the unpaid assessments, together with interest thereon, which will be collected as herein described for the redemption and payment of the principal of and premium, if any, on the Bonds and the interest thereon. All the Bonds are additionally secured by the moneys in the redemption fund created under the Fiscal Agent Agreement (the "Redemption Fund ") and the Reserve Fund. Principal of and interest on the Bonds are payable out of the Redemption Fund. The unpaid assessments represent fixed liens on the lots and parcels assessed. They do not, however, constitute a personal indebtedness of the respective owners of said lots and parcels. See "SECURITY FOR THE BONDS - General" herein. Under the provisions of the Act, installments of principal and interest sufficient to meet annual debt service on the Bonds (the "Assessment Installments ") are to be included on the regular county tax bills sent to owners of property against which there are unpaid assessments. These Assessment Installments are to be transferred by the City Treasurer (the "Treasurer ") to the Fiscal Agent. The Assessment Installments billed against each property represent that property's pro rata share of the total principal of and interest on the Bonds " Preliminary, subject to change. 55B -71