55B - RESO - WARNER ASSESSMENT DISTRICT

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Repeal Provision appears to be constitutional in concept, it fails when applied to a tax or assessment securing outstanding debt obligations because the Repeal Provision (1) is an unconstitutional impairment of contract under Article 1, Section 10 of the United States Constitution (the California Constitution has a similar prohibition), and (2) is unenforceable as applied to special taxes and assessments securing bonds after the expiration of the statutory limitations regarding protest and challenge contained in the Improvement Bond Act of 1915 (under which the Bonds were issued). IY is the City's reasoned belief that invoking the Repeal Provision in a judicial proceeding to limit or repeal the assessment in this instance would not be successful. See "SPECIAL RISK FACTORS — Right to Vote on Taxes Act" herein. Of the 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. Development in the Assessment District [TO COME] County Assessed Valuations The total assessed value of the parcels in the Assessment District with unpaid assessments securing the Bonds is $ Based on the share of the lien representing the $ * principal amount of Bonds, the overall value -to -lien ratio for Fiscal Year 2015 -16 is approximately to lk. Table 2 shows value to lien ratios for the Bonds as a percentage of the share of Bond lien by ratio category. Following the enactment of Proposition 13 (Article XIIIA of the California Constitution), County assessed values shown on the assessment roll reflect 1975 values as increased by a maximum 2% per annum, unless a parcel has changed ownership or experienced new construction, in which case the assessed valuation will more closely approximate current market value. To the extent that the base years of improved parcels in the Assessment District indicate 1975 values, the County assessed values are expected to be substantially less than actual market values. . Preliminary, subject to change. 22 55B -92