55B - RESO - WARNER ASSESSMENT DISTRICT

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Of the 205 assessable parcels, _ parcels were paid in full during the 30 -day cash payment period provided in the Act, leaving _ parcels with unpaid assessments securing the Bonds. The cash payments received, totaling $ , together with proceeds of the Bonds, and the City's contribution, will be used by the City to finance the improvements. See "THE IMPROVEMENT PROJECT" herein. The parcels with unpaid assessments in the Assessment District have a Fiscal Year 2015 -16 County assessed land value of $ , with the value of improvements (buildings) being $ resulting in a total assessed value of $ . See "THE ASSESSMENT DISTRICT" herein. A complete listing of the land values and the associated burden for all assessable parcels is set forth in APPENDIX G — "UNPAID FINAL ASSESSMENT ROLL AND VALUE -TO -LIEN RATIOS." Description of the Bonds Maturity Dates. The Bonds will mature on September 2 in the years and in the principal amounts set forth on the inside cover page of this Official Statement. Payment Dates. The Bonds will be dated their date of delivery. Interest on the Bonds accrues from their dated date at the rates set forth on the inside cover page of this Official Statement, and is payable semiannually on each March 2 and September 2, commencing March 2, 2017 (each, an "Interest Payment Date "). The principal amount of the Bonds is payable at maturity or at earlier redemption upon surrender of the applicable Bond for payment. Registration. The Bonds will be issued in fully registered form only, registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ( "DTC "), and will be available to actual purchasers of the Bonds (the "Beneficial Owners ") in authorized denominations, under the book -entry only system maintained by DTC, only through brokers and dealers who are or act through DTC Participants as described herein. Beneficial Owners will not be entitled to receive physical delivery of the Bonds. See "THE BONDS — Book -Entry System" and APPENDIX E `BOOK -ENTRY ONLY SYSTEM" herein. Denominations. The Bonds will be issued and beneficial ownership interests may be purchased by Beneficial Owners in denominations of $5,000 or any integral multiple thereof. Redemption! The Bonds are subject to redemption prior to maturity. See "THE BONDS Redemption of the Bonds" herein. Assessed Values and Value -to -Lien Ratios The aggregate assessed value of the parcels in the Assessment District, with unpaid assessments, as shown on the Orange County (the "County ") Assessor's roll for Fiscal Year 2015 -16 is $ . The ratio of the assessed value of such parcels to the total amount of the unpaid assessments and direct and overlapping debt secured by ad valorem taxes, special taxes and assessments on such parcels is approximately to 1. See "THE ASSESSMENT DISTRICT — Estimated Value -to -Lien Ratios" herein. A complete listing of the land values and the associated burden for all assessable parcels is set forth in APPENDIX G — "UNPAID FINAL ASSESSMENT ROLL AND VALUE -TO -LIEN RATIOS" herein. Tax Exemption In the opinion of Best Best & Krieger LLP ( "Bond Counsel"), under existing statutes, regulations, rulings and judicial decisions and assuming compliance with certain covenants and provisions of the Internal Revenue Code of 1986, as amended (the "Code "), interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Code, although it may be includable in the calculation for * Preliminary, subject to change. 55B -73