55B - RESO - WARNER ASSESSMENT DISTRICT

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TILE BONDS Authority for Issuance The Bonds are issued pursuant to the provisions of the Act and the Fiscal Agent Agreement. The formation and assessment proceedings for the Assessment ,District were conducted pursuant to the Municipal Improvement Act of 1913 (the "1913 Act"), Article XIIID of the California Constitution and the Proposition 218 Omnibus Implementation Act (Statutes of 1997, Chapter 38). The City Council confirmed a total assessment of $3,033,415 on April 5, 2016, and recorded such confirmed assessment on April 22, 2016. Amount and Purpose of the Bonds The Bonds are being issued in the aggregate principal amount of $ which, together with cash payments on the assessments of $ , and the City's contribution of $ will be used to finance the Improvements, to pay costs of issuing the Bonds, and to fund the Reserve Fund. See the below captioned "Sources and Uses of Funds" and "THE IMPROVEMENT PROJECT" herein. General The Bonds will be issued as fully registered bonds in the denomination of $5,000 or any integral multiple of $5,000. The Bonds will be dated the date of delivery and will bear interest at the rates per annum and will mature, subject to the redemption provisions set forth below, on the dates and in the principal amounts, all as set forth on the cover page hereof. Interest on the Bonds is payable semiannually on March 2 and September 2 of each year, commencing March 2, 2017 (each an "Interest Payment Date ") to the persons in whose names ownership of the Bonds is registered on the Registration Books at the close of business on the immediately preceding Record Date, except as provided in the Fiscal Agent Agreement. Such interest will be paid by check mailed by the Fiscal Agent on such Interest Payment Date, by first class mail, postage prepaid, to such Registered Owners at their respective addresses shown on the Registration Books as of the close of business on the immediately preceding Record Date, except as provided in the Fiscal Agent Agreement. Interest on the Bonds will be calculated on the basis of a 360 -day year composed of twelve 30 -day months. Principal of and premium, if any, on the Bonds will be payable upon presentation and surrender thereof upon maturity or earlier redemption at the principal corporate trust office (the "Trust Office ") of the Fiscal Agent in St. Paul, Minnesota, or such other address as specified by the Fiscal Agent. Principal of and premium, if any, and interest on the Bonds will be paid in lawful money of the United States of America. The Bonds will be issued in book -entry form, initially registered in the name of Cede & Co., New York, New York, as nominee of The Depository Trust Company ( "DTC "), New York, New York. Payment of interest on any Bond registered as of each Record Date in the name of Cede & Co. will be made by wire transfer of same -day funds to the account of Cede & Co. See "THE BONDS Book-Entry System" and APPENDIX E "BOOK -ENTRY ONLY SYSTEM" herein. Redemption of the Bonds Optional Redemption. The Bonds maturing on or after September 2, 20, are subject to redemption prior to their stated maturity dates on September 2, 20 or on any Interest Payment Date thereafter, in full or in part, on a pro rata basis among maturities (and by lot within any one maturity), in integral multiples of $5,000, at the option of the City from moneys derived by the City from any source, at the following redemption prices (expressed as percentages of the principal amount of the Bonds to be redeemed), together with accrued interest thereon to the date of redemption: 55B -76