55B - RESO - WARNER ASSESSMENT DISTRICT

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certain taxes. In the further opinion of Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, interest on the Bonds is exempt from State of California (the "State ") personal income tax. See "TAX MATTERS" herein. Special Risk Factors Unpaid assessments do not constitute a personal indebtedness of the owners of the parcels within the Assessment District. There is no assurance the owners will be able to pay the Assessment Installments or that they will pay such installments even though financially able to do so. Because the City has not obligated itself to advance funds to pay Bond debt service in the event of delinquent Assessment Installments, failure by owners of the parcels to pay Assessment Installments when due, depletion of the Reserve Fund, or the inability of the City to sell parcels which have been subject to foreclosure proceedings for amounts sufficient to cover the delinquent Assessment Installments levied against such parcels may result in the inability of the City to make full or punctual payments of debt service on the Bonds, and Owners of the Bonds would therefore be adversely affected. See "SPECIAL RISK FACTORS" herein. Forward Looking Statements Certain statements included or incorporated by reference in this Official Statement constitute "forward - looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as "plan," "expect," "estimate," "project," "budget" or other similar words. Such forward - looking statements include, but are not limited to, certain statements contained in the information under the caption "THE ASSESSMENT DISTRICT" herein. THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD - LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD- LOOKING STATEMENTS. THE CITY DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THE FORWARD - LOOKING STATEMENTS SET FORTH IN THIS OFFICIAL STATEMENT. Continuing Disclosure The City will covenant for the benefit of the Owners and Beneficial Owners to make available certain financial and operating data relating to the Bonds, the Assessment District and the City and to provide notices of the occurrence of certain enumerated events in compliance with Rule 15c2- 12(b)(5) adopted by the Securities and Exchange Commission. The specific nature of information to be made available and the enumerated events are summarized under the caption "CONTINUING DISCLOSURE" and set forth in APPENDIX E — "FORM OF CONTINUING DISCLOSURE AGREEMENT" herein. Other Information This Official Statement speaks only as of its date, and the information contained herein is subject to change. The summaries and references to documents, statutes, reports and other instruments referred to herein do not purport to be complete, comprehensive or definitive, and each such summary and reference is qualified in its entirety by reference to each document, statute, report or instrument. Copies of documents referred to herein and information concerning the Bonds are available from the City, 20 Civic Center Plaza, Santa Ana, California 92701. The City may impose a charge for copying, mailing and handling. 55B -74