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HomeMy WebLinkAbout03-2 Official StatementNEW ISSUE BOOK-ENTRY ONLY SYSTEM NO RATING In the opinion aE Oai<k, Hemingeon & Su¢liffe LLP Bond Counsel, based upon an analysis of existing laws, regulations, mlings, and court decisions and assuming (among other things) compliance with ceaain covenants, interest on [he Bonds is ezduded from gross income Eor kderal tax purposes and is exempt from State of California persona( income taxes. In the opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the Eedetal individual and corporate alternative minimum [axes, although Bond Counsel observes that such interest is included in adjusted torrent earnings in calmlating federal corporate alternative mitumum taxable income. Bond Counsel expresses no opinion regarding any other tax consequences caused by the ownership or disposition oij of the accrual of receipt of interest on, the Bonds. See "TAX MATTERS" X3,045,000 CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 03-2 (BUENA VISTA RANCH/BELSERA II/MONTARA II/OLIVE PARK II} LIMITED OBLIGATION IMPROVEMENT BONDS Dated: Date of Delivery Due: September 2, as shown below The Bonds described herein (the "Bonds") are special, limited ohligation bands being issued by the Cicy of Bakersfield, California (che "City'), to finance the acquisition ofcertain public improvements specially beneficing properties located within the boundazies of the City's Assessment District No. 03-2 (Buena Vista Aanch(Belsera [11Montata I1JOllve Pack lI) ([he "Assessment District'). The Assessmem District was formed and the acquisition of the improvements will be undertaken as authorized under the provisions of the Municipal Improvement Ace of 1913 (Division 12 of the California Sweets and Highways Code) and Se<[ion 13.08.070 of the Municipal Cade of the City. The Bonds are being issued pursuant to the provisions of ehe Improvement Hand Act of 1915 (Division 10 of the California Sweets and Highways Code) (the "1415 Act"'). - - - The Bonds ace issuable only as fully registered Bonds in the denomination of $5,000 each or any integral multiple thereof. Principal, interest at mamtity or upon earlier redemption, as applicable, and premimn, if any, with respect to the Bonds will 6e payable upon presentation arid surrender thereof at the corporate gust office of Lr.S. Bank National Association, St. Pau(, Minnesota, the paying agent, registrar, and transfer agent for the Bonds (the "Paying Agent"). Interest on the Bands (ocher than the final payment of interest, which is payable upon suctender of the Honds) will be payable from their date of delivery, commencing Match 2, 200k, and eheceafeer semiannually on September 2 and March 2 (each an "Interes[ Payment Daee'") in each yeu by check of ehe Paying Agent mailed on each Interest Payment Date m dte persons In whose name such Bonds am registered ac the close of business on the Efeeenrh day of che calendar mone6 immediately prior m an Intetes[ Payment Date {o{ in the case of an owner of at least $1,000,000 in principal amount of the Bonds who so requests in writing prior ro the close of business on the fifteenth day of the month immediately preceding such Interest Payment Date, by wire transfer). The Bonds will be issued initially in book-entry only form through the book-entry system of The Depository Trust Company, New Yotk, New Yotk. See "BOOK-ENTRY ONLY SYSTEM." The Bonds are subje¢ to redemption on any Interest Payment Dare in advance of maemiey ac the option of the City upon giving at least thi¢y (30) days prior notice and upon payment of the principal of and interest accrued thereon m the date of redemption, plus any applicable redemption premium, as more fully described herein. Fuaher development of parcels within the Assessment Diserieq transfers of property ownership, and other similar <ircutns[ances could result in prepayment of all or part of the assessments. Such prepayment would tesuh in redemption of a portion of the Honds prior to theft stated maturities. Under the provisions of ehe 1915 Ace, installments of principal and interest sufficient to mete annual debt service requirements with respect to the Bands shall be included on the regular Kem County tax bills sent m owners of propeay against which there are unpaid assessments. The portion of the anneal installments Eot the payment of principal of end inrerest on che Bonds is ro be paid in[o the Redemption Fund, ro 6e held by the Finance Direccoy and will 6e used to pay debt service on the Bonds as it becomes due. To provide funds (or payment of the Bonds and the interest thereon ns a result of any delinquent assessment installments, the City will establish a Special Reserve Fund and deposit therein Bond proceeds in the original amount of $258,120. Additionallg ehe City has covenanted [hat, under certain circumstances, by no lacer than October 1 in any year, it will file an action in superior court to foreclose the Tien on each delinquent assessment, as mote pateiculatly described herein. IF A DELINQUENCY OCCURS IN THE PAYMENT OF ANY ASSESSMENT INSTALLMENT, THE CITY WILL HAVE A DUTY ONLY TO TRANSFER INTO THE REDEMPTION FUND THE AMOUNT OP THE DELINQUENCY OUT OF THE SPECIAL RESERVE FUND. THIS DUTY OF THE CI1Y 1S CONTINUING DURING THE PERIOD OF DELINQUENCY, ONLY TO THE EXTGNT OF FUDIDS AVAILABLE FROM THE SPECIAL RESERVE FUND, UNTIL REINSTATEMENT, REDEMPTION, OR SALE OF THE DELINQUENT PROPERTY. "[HERE IS NO ASSURANCE THAT SUFFICIF,NT FUNDS WILL BE AVAILABLE FROM THE SPECIAL RESERVE FUND FOR THIS PURPOSE. THUS, IF, DURING THE PERIOD OF DELINQUENCY, THERE ARE INSUFFICIENT AVAILABLE FUNDS A DELAY MAY OCCUR IN PAYMEN'CS TO THE OWNERS OE THE BONDS. IN ACCORDANCE WITH SECTION 5769(6) OP THL• 1915 ACT, TAE CCTV HAS DETERMINED THAT IT WILL NOT OBLIGATL• ITSELF TO ADVANCE FUNDS FROM ITS TREASURY TO CL12E ANY DEFICIENCY IN THE REDEMPTION FUND. This covet page contains <ettain information Eor quick reference only. It is not a summary of the issue. Invesrors mast read che entire Official Sta[emem to obtain information essemial to the making of an informed investment decision. MATURITY SCHEDULE (See Inside Covet Pnge) THE BONDS ARE NOT SECURED BY THE GENERAL TAXING PO W ER OF TH6 CITY, THE COUNTY OF ICaRN (THE "COUNTY"), THE STATE OF CALIFORNIA (THE "STATE"), OR ANY OITiER POLITICAL SUBDIVISION OF THE STATE, AND NEITHER THE CITE NOR'THE COUNTY, NOR THE STATE, NOR ANY OTHER YOZITICAL SUBDIVISION OF THE STATE HAS PLEDGED ITS FULL FAITH AND CREDIT FOR THE PAYMENT OF THE BONDS, The Bonds are being offered when, as, and if issued by the City and received by the Underwritey subject to prior sale and to the approval of validity by Orrick, Herrington & Sutcliffe LLP, San Francisco, California, Hond Counsel, and ehe approval of cettain maerers for the City by the City Atmmey of the City of Bakersfield. Certain other legal matters will be passed on by Pillsbury Winthrop LLP, Los Angeles, California, as disclosure counsel to the City. It is expected that the Bonds in definitive form will be available for delivery in New York, New York, on or above October 15, 2003. UBS Financial Services Inc. Dared: September 30, 2003 I r MATURITY SCHEDULE ', $3,045,000 Serial Bonds ~'~, Base Hase ''. Maturity Principal Interest CUSIP No. Maturity Prncipal Imerest CUSIP No. (September 2} Amount Rate Pnce 057510(1) (Sepcember 2) Amount Rate P[ice 057510(1) 2005 110,000 1.900% 100.00% WD7 2015 160,000 5.100% 100.00% WPO ~. 2006 115,000 2.500 100.00 WES 2016 165,000 5-200 100.00 WQ8 2007 115>000 2.800 100.00 WP2 2017 175,000 5300 100.00 WR6 2008 120,000 3.150 100.00 WGO 2018 185,000 5.400 100.00 WS4 2009 125,000 3550 100.00 WH8 2019 195,000 5.500 100.00 WT2 I, 2010 125,000 4.000 100.00 WJ4 2020 205,000 5.600 100.00 WU9 2011 130,000 4.300 100.00 WKl 2021 215,000 5.650 100.00 WV7 2012 140,000 4.600 100.00 WL9 2022 230,D00 5.700 100.00 WW5 2013 145,000 4.800 100.00 WM7 2023 240,000 5.750 100.00 WX3 ii 2014 150,000 4.950 100.00 WN5 (1} Copyright 2003, American Bankers Association. CUSIP data herein is provided by Standard & Poor's CUSIP Setvice Bateau, x division of The McGraw- Hill Companies, Inc This daea is not ineended eo create a database and does noe serve in any way as a subscitute for the CUSIP services. No dealer, broker, salesperson or other person has been authorized by the City or the Underwriter to give any information or to make any representations other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. This Official Statement is not to be construed to be a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly described herein, are intended solely as such and aze not to be construed as representations of fact. The information set forth herein bas been obtained from the City and other sources which aze believed to be reliable, but it is not. guaranteed as to accuracy or completeness, and it is not to be construed as a representation by the City. The information and expressions of opinion herein aze subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder will,. under any circumstances, create any _. implication that there has been no change in the affairs of the City or the Assessment District since the date hereof. ... The Underwriter has provided the following sentence for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as -part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IN RELIANCE UPON AN EXEMPTION CONTAINED IN SUCH ACT. TT-IE BONllS HAVE NOT BEEN REGISTERED OR QUALIFIED T INDER THE SECURITIES LAW S OF ANY STATE. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAIN'T'AIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN TFIE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY 'T'IME. AREA MAP o-s ~t Paoirc Ooean The City of Bakersfield, California, ffie county seat of the County of -{ern, is located at the sowhem end of California's San Joaquin Valley. Bakersfield is approximately 110 miles north of Los Angeles and 290 miles south of San Francisco. i-3 ~, ~„ Q las Angc#es b Nevada Mexieo CITY OF Mavor and Citv Council Harvey L. Hall, Mayor Irma Cazson, Councilmember First Ward Susan NL Benham, Councilmember Second Ward Mike Maggazd, Councilmember Third Ward David R Couch, Vice Mayor, Councihnember Fourth Ward Harold Hanson, Councihnember Fifth Ward Jacquie Sullivan, Councihnember Sixth Ward Mark C. Salvaggiq Councilmember Seventh Ward Ci StafT Alan Tandy, City Manager Bart J. Thiltgen, City Attorney Pamela A. McCarthy, City Clerk Raul M. Rojas, Public Works Director Gregory J. IClimko, Finance Duector BOND COUNSEL t?rrick, Herrington & Sutcliffe LLP San Francisco, California ASSESSMENT ENGINEER Wilson & Associates Fresno, California PAYING AGENT, REGISTRAR, AND TRANSFER AGENT U.S. Bank National Association ', Los Angeles, California PROPERTY APPRAISER Lauver & Associates Bakersfield, California DISCLOSURE COUNSEL Pillsbury Winthrop LLP Los Angeles, Califotia [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS Page INTRODUCTORY STATEMENT .......................................................... .....................................................................1 The Bonds .......................................................................................... ....................................................................1 The Assessment District ..................................................................... .................................................................... I Property Ownership!Developers ......................................................... .................................................................... l Improvements ..................................................................................... ....................................................................2 Assessments ........................................................................................ ....................................................................2 Appraisal ............................................................................................ ....................................................................2 Security for the Bonds ........................................................................ ....................................................................3 Reserve Fund ...................................................................................... ....................................................................3 Foreclosure ......................................................................................... .................................................................... 3 Assessment Delinquencies ................................................................. ....................................................................3 Book-Entry Only System ................................................................... ....................................................................4 Continuing Disclosure ........................................................................ .........................:..........................................4 Forward-Looking Statements ........................................ ..................... - ,,,,, q ............................................................... Miscellaneous ..................................................................................... ....................................................................4 SOURCES AND USES OF FUNDS ......................................................... ....................................................................4 THE BONDS ............................................................................................. ....................................................................5 Purpose of the Bonds .......................................................................... ....................................................................5 Authority for Issuance ........................................................................ ....................................................................5 General ............................................................................................... .................................................................... 6 Transfer and Exchange of Bonds ........................................................ ....................................................................6 Bonds Mutilated, Destroyed, or Lost .................................................. ....................................................................6 Redemption ........................................................................................ ....................................................................7 Effect of Redemption; Defeasance ..................................................... ....................................................................7 Refunding Bonds ................................................................................ ....................................................................7 Disposition of Surplus from the Improvement Fund .......................... ....................................................................8 Investment of Bond Proceeds ............................................................. ....................................................................8 Security for the Bonds ........................................................................ ....................................................................8 Special Reserve Fund ......................................................................... ....................................................................9 Redemption Fund Deficiencies .......................................................... ..................................................................10 Covenant to Commence Superior Court Foreclosure ......................... ..................................................................10 Priority of Lien ..................................................................................: .................................................................. l l Tax Covenants .................................................................................... .........:........................................................11 Debt Service Schedule ........................................................................ ..................................................................12 BOOK-ENTRY ONLY SYSTEM ............................................................ ..................................................................12 TFIE ASSESSMENT DISTRICT AND THE IMPROVEMENTS ........... ..................................................................14 General ................................................................................................ .................................................................14 Description of the Community Areas and the Improvements ............. .................................................................15 Estimated Improvement Costs ............................................................. .................................................................17 Method of Assessment Spread ............................................................ .................................................................19 OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT......20 Ownership of Property in the Assessment District .............................. .................................................................20 Centex Homes ..................................................................................... .................................................................20 Olive Park Land Company .................................................................. ...................................... ..... ......................21 Development and Financing Plans ...................................................... .................................................................22 Assessment Rol1 .................................................................................. .................................................................25 Utilities ................................................................................................ ................................................................. 25 Flood and Earthquake Zones ............................................................... .................................................................25 Zoning ................................................................................................. ...............................~-:::............................25 Tax Delinquencies ............................................................................... ................................................................:25 Environmental Review ........................................................................ .................................................................26 Appraised Value-to-Lien Ratio ........................................................... .................................................................26 Direct and Overlapping Debt .......................................................................................... ......................................27 SPECIAL RISK FACTORS .................................................................................................. ......................................29 General ........................................................................................................................... ...................................... 29 Risks of Real Estate Secured Investments Generally ....................................:................ ...................................... 29 Availability of Funds to Pay Delinquent Assessment Installments ................................ ......................................29 hazardous Substances .................................................................................................... ......................................30 Endangered and Threatened Species .............................................................................. ......................................30 Factors Which May Affect Land Devetopment .............................................................. ......................................30 Private Improvements; Increased Debt ........................................................................... ......................................31 Subordinate Debt; Payments by FDIC and other Federal Agencies ............................... ......................................31 Property Values .............................................................................................................. ......................................32 Concentration of Ownership ........................................................................................... ......................................32 Tax Delinquencies .......................................................................................................... ......................................33 Limited Obligation ofthe City Upon Delinquency ........................................................ ......................................33 Bankruptcy and Foreclosure ........................................................................................... ......................................33 - Economic, Political, Social and Environmental CondiGons ...................................:....... ......................................34 Articles XIIIIA and XiIIB of the California Constitution ................................................ ......................................34 Articles XIIIC and XI® of the California Constitution ............................::::.:.::.........: ............:..:..:...................36 Future Initiatives ............................................................................................................. ......................................37 Covenant m Commence Superior Court Foreclosure ..................................................... ......................................37 Price Realized Upon Foreclosure ................................................................................... ......................................37 Priority of Lien ............................................................................................................... ......................................38 Refunding Bonds ............................................................................................................ ......................................39 Absence of Mazket for Bonds ......................................................................................... ......................................39 Loss of Tax Exemption .................................................................................................. ......................................39 ENFORCEABILITY OF REMEDIES .................................................................................. ......................................39 ABSENCE OF MATERIAL LFfIGATION .......................................................................... ......................................39 CERTAIIV INFORMATION CONCERNING THE CITY ................................................... ......................................39 TAX MATTERS ................................................................................................................... ......................................40 '~ APPROVAL OF LEGALITY ............................................................................:................... .....................................40 i 1N'DERWRITING ................................................................................................................. ..................................... 40 NO RATING .......................................................................................................................... ~I .....................................41 I CON'i'INLJINGDISCLOSURE .............................................................................................. .....................................41 MISCELLANEOUS ............................................................................................................... .....................................41 APPENDIX A - CH'Y OF BAKERSFIELD ECONOMIC, FINANCIAL, AND DEMOGRAPHIC INFORMATION .............................................................................................A-1 APPENDIX B -APPRAISAL ...................................................................................................................................B-1 APPENDIX C -FORM OF OPINION OF BOND COUNSEL ................................................................................C-1 APPENDIX D -ASSESSMENT DIAGRAM ...........................................................................................................D-I APPENDLY E -ASSESSMENT ROLL AND VALUE-TO-LIEN DATA ............................................................... E-I APPENDIX F -CONTINUING DISCLOSURE CERTIFICATES .......................................................................... F-1 OFFICIAL STATEMENT $3,045,000 CITY OF BAKERSFIELD ASSESSMENT DISTRICT N0.43-2 (BUENA VISTA RANCH/BELSERA II/MONTARA II/OLIVE PARK II) LElIITED OBLIGATION IMPROVEMENT BONDS IN'PRODUCTORY STATEMENT THIS INTRODUCTORY STATEMENT IS SUBJECT IN ALL RESPECTS TO THE MORE COMPLETE INFORMATION IN THIS OFFICIAL STATEMENT, INCLUDING THE COVER PAGE AND APPENDICES HERETO, AND THE OFFERING OF THE BONDS TO POTENTIAL, INVESTORS IS MADE ONLY EY MEANS OF TILE ENTIRE OFFICIAL STATEMENT. The Bonds The purpose of this Official Statement, which includes the cover page and the appendices hereto, is to set forth certain information concerning the issuance and sale by the City of Bakersfield, California (the "City"}, of $3,045,000 in principal amount of its City of Bakersfield, Assessment District No. 03-2 (Buena Vista Ranch/Belsera IIJMontara II/Olive Pazk II), Limited Obligation Improvement Bonds {the "Bonds"), for Assessment District No. 03- 2 (Buena Vista RanchBelsera IIlNlontaza II/Olive Park II) (the "Assessment District"). The Bonds aze issued pursuant to the Improvement Bond Act of 1915, being Division 10 of the California Streets and Highways Code (the "1915 Act"}, the Charter and Municipal Code of the City, and Resolution No. 162-03, adopted by the City Council of the City {the "City Council") on September 10, 2003 (the `Bond Resolution-'). The Assessment District The Assessment District was formed and the assessments have been levied in accordance with the Municipal Improvement Act of 1913, being Division 12 of the California Streets and Highways Code (the "1913 Act") and Section 13.08.010 of the Municipal Code of the City. Proceedings for the formafion of the Assessment District were commenced by the City Council pursuant to a property owner petition filed by Centex Homes, a Nevada general partnership ("Centex Homes"), as the owner at the date of the filing thereof of more than 60% of the assessable land within the Assessment District. After such petition vvas accepted by the City, Olive Park Land Company, a California corporation ("Olive Park Land Company"), requested that the property comprising the Olive Park II Area be joined in the Assessment District proceedings. See "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT." The Assessment District is comprised of four separate Community Areas in northwest and southwest Bakersfield that are identified as (i) the Buena Vista Ranch Area, (ii) the Belsera II Area, (iii) the Montaza II Area, and (iv) the OFive Park II Area (collectively, the "Community Areas"). The Assessment District boundaries are shown on the assessment diagram, a copy of which is attached hereto as APPENDIX D. For a further description of the Assessment District and the Community Areas, see "'1'I3E ASSESSMENT DISTRICT AND THE IMPROVEMENTS -General." Property Ownership/Developers Centex Homes presently owns approximately 84.20% of the assessed property in the Assessment District (less the six homes in the Buena Vista Ranch Area that have been sold to homebuyers as of the date of this Official Statement) and is developing the Buena Vista Ranch Area, the Belsera II Area, and the Montana II Area, which Community Areas will beaz approximately 82.46% of the total assessment lien. No tats were sold prior to the recording of the notice of assessment. Olive Park Land Company owns approximately 13:11% of the assessed property in the Assessment District and is developing the Olive Park II Area. The remaining 2.69% of the assessed property in the Assessment District is also located in the Olive Park II Area and is owned by various merchant builders who purchased their lots from Olive Park Land Company for purposes of constructing homes thereon. The Olive Park B Area will bear approximately 17.54% of the total assessment lien. The property within the Assessment District is involved in various stages of the land development process. See "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT" for a description of the planned development of the respective Community Areas. Improvements The scope of the separate improvement systems to be financed pursuant to the Assessment District proceedings (collectively, the "Improvements") are generally described as (i) the acquisition of certain public infrastructure improvements for each of the four Community Areas, which improvements will be owned by the City and operated and maintained by the City and (ii) the payment of certain incidental costs and expenses related to the acquisition of the Improvements, the Assessment District proceedings, and the Bond issuance, including the establishment pf a Special Reserve Fund for the Bonds and the funding of capitalized interest, if any, on the Bonds. For a further description of the Community Areas and the Improvements, see "THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS -Description of the Community Areas and the Improvements." The Improvements are proposed to be financed by the City in accordance with the terms and conditions of Acquisition and Disclosure Agreement No. 03-107, effective May 14, 2003, between the City and Centex Homes, and Acquisition and Disclosure Agreement No. 03-107A, effective May 14, 2003, between the City and Olive Pazk Land Company (collectively, the "Acquisifion Agreements"}, and, upon their completion, are proposed to be acquired by the City using funds provided through the Assessment District proceedings. Assessments The land within each of the four respective Community Areas in the Assessment District specially benefited by the hnprovements has been assessed to pay the estimated cost of the hmprovements and certain financing costs related thereto. See "THE ASSESSMENT DISTRICT AND THE IlvtPROVEMENTS -Estimated Improvement Costs." The City Council, pursuant to Resolution No. 162-03, adopted on September 10, 2003, confirmed the amount of assessments remaining unpaid for the Assessment District in the aggregate amount of $3,155,000. The Bonds are secured by the assessments as hereinafter described under the heading "Tf~ BONDS - Security for the Bonds." Appraisal An appraisal dated for valuation as of August 10, 2003 (the "AppnisaP'), of the property within the Assessment District that is subject to the lien of the assessments has been prepared for the City by Lauver & Associates, Bakersfield, California (the "Appraiser"). The assumptions and limitations regarding the appraised valuations are set forth in the Appraisal, which is attached hereto as APPENDIX B. Certain considerations relating to the Appraisal aze discussed under the heading "SPECIAL RI5K FACTORS." See also "OWNERSHIP AND DEVELOPMENT OF THE ASSESSMENT DISTRICT -Appraised Value to Lien Ratio." The complete Appraisal is on file with the City. The City makes no representations as to the accuracy or completeness of the Appraisal. See APPENDIX E for a listing of the ratio of the appraised value of each assessed parcel to the amount of the assessment lien against such parcel. Appendix E reflects data as of August 29, 2003, the date the notice of assessment for the Assessment District assessments was recorded in the Official Records of the County. The appraised values of the Assessment District property reflected in the Appraisal have been determined assuming, among other things, the completion of the Bond-financed Improvements. See "Tf~ ASSESSMENT DISTRICT t1ND THE IMPROVEMENTS -Description of the Community Areas and the Improvements" and "OWNERSHIP t1ND PLANNED FINANCING AND DEVELOPMENT OF TFIE ASSESSMENT DISTRICT" for descriptions of the plans of Centex Homes and Olive Pazk Land Company for the development of the property within the Assessment District. Security for the Bonds The Bonds are issued upon and secured by the unpaid assessments and, together with interest thereon, constitute a trust fund for the redemption and payment of the principal of the Bonds and the interest thereon. All the Bonds aze secured by the moneys in the Redemption Fund created pursuant to the Assessment District proceedings and by the unpaid assessments levied to provide for payment of said acquisition of the Improvements, and, including principal and interest, are payable exclusively out of the Redemption Fund. The unpaid assessments represent fixed liens on the pazcels of land assessed under the proceedings. They do not, however, consfitute the personal indebtedness of the owners of said parcels. Under the provisions of the 1915 Act, assessment installments sufficient to meet annual debt service on the Bonds are to be collected on the regular Kem County tax bills sent to owners of property within the Assessment District against which there are unpaid assessments. These annual installments are to be paid into the Redemption Fund, which will be held by the Finance Director and used to pay Bond principal and interest as they become due. The installments billed against each parcel of property each yeaz represent a pro rata share of the total principal and interest coming due that year, based on the percentage which the unpaid assessment against that property bears to the total of unpaid assessments within the Assessment District. The Bonds are not secured by the general taring power of the City, the County of Kern (the "County"), the State of California (the "State"), or any other political subdivision of the State, and neither the City, nor the County, nor the State, nor any other political subdivision of the State has pledged its full faith and credit for the payment of the Bonds. Reserve Fund The City will establish a Special Reserve Fund (the "Special Reserve Fund") in the amount of $258,120 from Bond proceeds, which amount will be transferred to the Redemption Fund in the event of delinquencies in the payment of the assessment installments to the extent of such delinquencies. The Special Reserve Fund will be maintained, from assessment installment payments and from proceeds of redemption or sale of parcels with assessment delinquencies, in an amount equal to the least of (i) ] 0% of the proceeds of the Bonds, {ii) the maximum annual debt service on the Bonds, or {iii) 125% of the average annual debt service on the Bonds, less any amounts transferred to the Redemption Fund when assessments are paid following the issuance of the Bonds, as determined from time to time (the "Reserve Requirement"). See "TTIE BONDS -Special Reserve Fund." Foreelosnre The City has covenanted that it will, no later than October 1 in any yeaz, file an action in the Superior Court of the County to foreclose the lien an each delinquent assessment if (i} the sum of uncrued assessment delinquencies for the preceding fiscal year exceeds S°lo of the assessment installments posted to the tax roll for that fiscal yeaz and (ii) the amount in the Special Reserve Fund is less than the Reserve Requirement. See "TIC BONDS -Covenant to Commeuce Superior Court Foreclosure" and "SPECIAL RISK FACTORS -Covenant to Commence Superior Court Foreelosnre.° Assessment Delinquencies If a delinquency occurs in the payment of any assessment installment, the City has a duty to transfer into the Redemption Fund the amount of the delinquency out of the Special Reserve Fund. This duty of the Ciry is continuous during the period of delinquency, until reinstatement, redemption, or sale of the delinquent property. There is no assurance that funds will be available for such purpose and if, during the period of delinquency, there aze insufficient moneys in the Special Reserve Fund, a delay may occur in payments to the owners of the Bonds. As authorized by the 1915 Act, the City has elected not to obligate itself to advance available funds from its treasury to cure any deficiency which may occur in the Redemption Fund by reason of the failure of a property owner to pay an assessment installment when due. If there are additional delinquencies after depletion of funds in the Special Reserve Fund, the City is not obligated to transfer into the Redemption Fund the amount of such delinquencies out of any other available moneys of the City. Book-Entry Only System The Bonds will be initially issued and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"). Payment of principal of and interest on the Bonds to the Beneficial Owners (as defined below) will be made in accordance with the procedures of DTC, described below. See "BOOK-ENTRY ONLY SYSTEM." Continuing Disclosure The City, Centex Homes, and Olive Pazk Land Company have each covenanted in its respective Continuing Disclosure Certificate for the benefit of Bondholders to provide an annual or semi-annual report, as applicable, containing certain financial information and operating data relating to the Assessment District and the property in the Assessment District and to provide notices of the occurrence of certain enumerated events, if material. The form of such Continuing Disclosure Certificate is attached hereto as "APPENDIX F - CON'1'IN[JING DISCLOSURE CERTIFICATES." These covenants have been made in order to assist the Uraterwriter in complying with Securities and Exchange Commission Rule 15c2-12(b)(5}, as it may be amended from time to time. See "CONTINIJ'ING DISCLOSURE." Forward-Looking Statements This Official Statement contains statements relating to future results that aze "forwazd-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When used in this Official Statement, the words "estimate," "forecast," "intend," "expect" and similaz expressions identify forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Any forecast is subject to such uncertainties. Inevitably, some assumptions used to develop the forecasts will not be realized and unanticipated events and circumstances may occur. Therefore, there are likely to be differences between forecasts and actual results, and those differences may be material. See also "SPECIAL RISK FACTORS" herein. Miscellaneous Set forth herein are brief descriptions of the Bonds, the Assessment District, the Improvements, the City, the Bond Resolution, Centex Homes, Olive Park Land Company, and certain other matters. Such descriptions and the discussions and information contained herein do not purport to be comprehensive or definitive. All references in this Official Statement to documents, the Bonds, and the Assessment District proceedings are qualified in their entirety by references to such documents and the City's resolutions setting forth the terms and descriptions thereof. Copies of the Bond Resolution and other documents described in this Official Statement may be obtained from the City. The City's address for such purpose is: City of Bakersfield, 1501 Truxtun Avenue, Bakersfield, California 93301; Attention: Finance Duector; telephone number (661) 326-3030. SOURCES AND USES OF FUNDS The proceeds of the sale of the Bonds will be deposited with the Finance Director in trust pursuant to the terms of the Bond Resolution in the amounts set forth below. The moneys in the Improvement Fund established for the Bonds will be used to acquire or otherwise finance the Improvements and to pay certain costs associated with the issuance and delivery of the Bonds. A portion of the net proceeds of the Bonds will be deposited in the Special Reserve Fund. Capitalized interest on the Bonds from their dated date to September 2, 2004, will be deposited into the Redemption Fund. The estimated sources and uses of funds for the Bonds are summarized as follows: Sources of Funds Principal Amount of Bonds $3,045,000.00 Total $ .045.000.00 Uses of i+tinds Improvement Fund $2,621,062.101'} Special Reserve Fund 258,120.00 Redemption Fund 127,755.40 lzy Underwriter's Discount 38.062.50 Total $ .045.000.00 (1) Includes costs of issuance of approximately $240,000. - (2) Represents capitalized interest on the Bonds from their dated date to September 2, 2004. THE BONDS Purpose of the Bonds Proceeds from the sale of the Bonds will be used to finance the Improvements, which are comprised of (i) the acquisition and/or construction of certain public improvements within the four Community Areas and (ii) the payment of incidental costs, including but not limited to costs of issuance, as described in the section herein entitled "THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS -Description of the Community Areas and the Improvements." Authority far Issuance The Assessment District proceedings aze being conducted pursuant to the 1913 Act, Section 13.08.070 of the Municipal Code of the City, and a Resolution of Intention No. 1300, adopted by the City Council of the City on May 14, 2003. The Bonds, which represent the unpaid assessments levied against privately owned property in the Assessment District, are issued pursuant to the provisions of the 1915 Act and the Bond Resolution approving the issuance of the Bonds under the 1915 Act and the terms thereof. Tn the proceedings being used by the City for the Assessment District, all costs either are estimated or aze ascertained prior to the wnstmction or acquisition of the improvements, right-of--way, or property involved. Under such proceedings, the assessments aze then levied, cash collections are made, and bonds aze sold to represent unpaid assessments. The money obtained from cash collections and band proceeds is used by the City in payment for the improvements so be acquired, for the property or rights-of--way (if any) to be acquired, and for incidental expenses and expenses of the Bond issue. Centex Homes and Olive Pazk Land Company each waived the cash collecfion period and no such cash collections were made. Assessment district proceedings can be initiated by either a petition or by the City Council without a petition. A petition filed with the City Council and signed by Centex Homes, the owner of more than 60% of the assessable land within the Assessment District at the time of such filing, initiated the proceedings for the Assessment District. The property owner petition was accepted by resolution of the City Council adopted on March 26, 2003. After such petition was accepted by the City, Olive Pazk Land Company requested that the praperty comprising the Olive Park II Area be joined in the Assessment District proceedings. After the proceedings were initiated, Wilson & Associates, Fresno, California (the "Assessment Engineer"), prepared a written report, which contains, among other things, the list of improvement costs and the amount of the assessments to be levied against the pazcels in the Assessment Disirict. The assessments were levied 5 on the basis of the special benefit to be derived by such parcels from the Improvements. (See "THE ASSESSMENT DISTRICT AND TIIE 1MPRflVEMENTS -Method of Assessment Spread.") The Assessment Engineer's written report was filed with the City Clerk on June 27, 2003, and was approved by the City Council in preliminary farm on July 9, 2003. The Assessment Engineer's written report in final form was filed with the City Clerk on August 15, 2003. The public hearing required by law was held on August 27, 2003. The property owners in the Assessment District had the right to protest the levy of the proposed assessments in writing prior to or at the commencement of the hearing and to be heard at the hearing. No such pmtests were made. In accordance with Article XIl7D of the State Consfitution, the property owners were also requested to submit ballots, weighted according to the proportional financial obligation of the affected property, in favor of or opposition to the assessment. All ballots submitted by property owners were in favor of the assessment. See "SPECIAL RISK FACTORS -Articles XIIIC and XII>D of the California Consfitution." Upon, conclusion of the hearing, the City Council tabulated the ballots and adopted its resolution confimring the assessments and ordering the acquisition of improvements. The assessments confirmed by the City were based an the improvement costs listed in the Assessment Engineer's final written report (the `Engineer's Report"). After confirmation, the assessments became liens against the assessed pazcels by recordation of a notice of assessment. The property owners in the Assessment District waived-published and mailed notice of the opportunity to pay all or a portion of the assessments in cash within thirty (30) days of the recording of the assessments, which recording was made in the Office of the Superintendent of Streets on August 28, 2003, and in the Office of the County Recordor on August 29, 2003. No cash payments were made by the property owners. General The Bonds will be issued in fully registered form, without coupons, in the denomination of $5,000 each or in any integral multiple thereof. The Bonds will be dated the date of delivery, and will bear interest at the rates per annum, will mature on the dates (each a "Principal Payment Date"), and will mature in the amounts set forth on the front cover pages of this Official Statement. Interest on the Bonds is payable on Mazch 2, 2004, and thereafter semiannually an September 2 and March 2 (each an "Interest Payment Date"). Principal, interest at maturity or upon earlier redempfion, if applicable, and premium, if any, with respect to the Bonds will be payable at the corporate trust office of U.S. Bank National Association, as paying agent, registraz, and transfer agent (the "Paying Agent"), in St. Paul, Minnesota, upon presentation and surrender of the Bonds. Interest (other than at maturity or upon earlier redemption) on the Bonds will be payable by check of the Paying Agent mailed on each Interest Payment Date to the owners of record at the addresses shown on the registrafion books maintained by the Paying Agent for such purposes (the "Registration Books"} as of the fifteenth day of the month immediately prior to an Interest Payment Date (or, in the case of an owner of at least $1,000,000 in principal amount of the Bonds who so requests in writing prior to the close of business on the fifteenth day of the month immediately preceding such Interest Payment Date, by wire transfer). Transfer and Exchange of Bonds Any Bond may be transferred or exchanged upon surrender of such Bond for cancellation, accompanied by delivery of a written instrument of transfer or authorization for exchange, duly executed in a form approved by the Paying Agent. The Paying Agent shall not be obligated to make any transfer or exchange of any Bond during the period commencing with the fifteenth day of the month immediately preceding each Interest Payment Date and ending on such Interest Payment Date. The City may require the Bond Owner requesting such transfer or exchange to pay any tax or other governmental charge required to be paid with respect to such transfer or exchange. Bonds Mutilated, Destroyed, or Lost If any Bond becomes mutilated, the City, at the expense of the Owner of such Bond, will execute, and the Paying Agent will authenticate and deliver, a new Bond in exchange and substitution-for the Bond so mutilated, but only upon surrender by the owner of the Bond so mutilated. Every mutilated Bond so surrendered will be canceled. If any Bond becomes lost or destroyed, evidence of such loss or destruction may be submitted to the City and, if such evidence is approved by the City and indemnity satisfactory to the City is given, the City, at the expense of the Owner, will execute, and the Paying Agent will authenticate and deliver, a new Bond in lieu of and in replacement for the Band so lost or destroyed. The owner must pay all costs of issuance of the new Bond. Redemption Optional Redemption and Prepayment of Bonds. Any Bond or portion thereof in the amount of $5,000 or any integral thereof outstanding may be called for redemprion prior to maturity on any Interest Payment Date upon payment of the principal, plus accrued interest to the date of redemption, together with a redemption premium (calculated as a percentage of the par value of Bonds being redeemed) as set forth in the following table: Redemption Dates (March 2 and September 2) Redemption Premium Nfarch 2, 2004 through September 2, 2013 3.0% Match 2, 2014 and September 2, 2014 2A% March 2, 2015 and September 2, 2015 1.0% March 2, 2016 and thereafter 0.0% No interest will accrue on a Bond beyond the Interest Payment Date on which said Bond is called for redemption. Notice of redemption must be given to the registered owner of the Band by registered or certified mail or by personal service at least thirty (30) days prior to the redemption date, as provided in the 1915 Act. In accordance with the 1915 Act, the Finance Director will select Bonds for redemption in such a way that the ratio of outstanding Bonds to issued Bonds will be approximately the same in each annual series insofar as possible. Within each annual series, Bonds shall be selected for redemption by lot. Further development of the pazcels in the Assessment District, a transfer of property ownership, and other similar circumstances could result in prepayment of all or part of the assessments. Such prepayment would result in redemption of a portion of the Bonds prior do their stated maturities. Effect of Redemption; Defeasance From and after the date fixed for redemption pursuant to the Bond Resolution, if funds available for the payment of the principal of and interest (and redemption premium, if any} on the Bonds or portion of Bonds so called for redemption have been duly provided, then Bonds or portion of Bonds so called for redemption will become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price or interest) such Bonds or portions of Bonds shall be defeased and shall cease to be entitled to any benefit or security under the Bond Resolution (other than the right to receive payment of the redemption price and interest) and shall cease to bear interest. Receipt of notice of redemption 12y the owner of a Bond shall not be a wndition precedent to redemption and failure by the owner of a Bond to actually receive such notice of redemption shall not affect the validity of the proceedings for the redemption of such Bond or the cessation of interest. Refunding Bonds Pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Division 11.5 of the California Streets and Highways Code), the City may issue refunding bonds for the purpose of redeeming the Bonds. The City may issue and sell refunding bonds without giving nofice to and conducting a hearing for the owners of property in the Assessment District, or giving notice to the owners of the Bonds, if the City Council finds that: (A) Each estimated annual installment of principal and interest on the reassessment to secure the refunding bonds is less than the corresponding annual installment of principal and interest on the portion of the original .assessment being superseded and supplanted by the same percentage for all subdivisions of land within the Assessment District. Any amount added to the annual instalhnents on the reassessment due to a delinquency in payment on the original assessment need not be considered in this calculation; {B} The number of years to maturity of all refunding bonds is not more than the number of yeazs to the last maturity of the Bonds; and (C) The principal amount of the reassessment on each subdivision of land within the Assessment District is less than the unpaid principal amount of the portion of the original assessment being superseded and supplanted by the same percentage for each subdivision of land within the Assessment District. Any amount added to a reassessment because of a delmquency in payment on the original assessment need not be considered in this calculation. Upon issuing refunding bonds, the City Council could require that the Bonds be exchanged for refunding bonds on any basis which the City Council determines is for the City's benefit, if the Bondowners consent to the exchange. As an alternative to exchanging the refunding bonds for the Bands, the City could sell the refunding bonds and use the proceeds to pay the principal of and interest and redemption premium, if any, on the Bonds as they became due, or advance the maturity of the Bonds and pay the principal of and interest and redemption pretnium thereon. _ .. . Disposition of Surplus from the Improvement Fund The amount of any surplus remaining in the Improvement Fund after complefion of the acquisition of the Improvements and payment of all claims shall be applied as a credit to the assessments or to call Bonds, all as provided in the 1913 Act. Investment of Bond Proceeds Moneys held in the Improvement, Redemption, and Special Reserve Funds created pursuant to the Bond Resolution shall be invested by the Finance Director in accordance with generally applicable City investment policies, subject to State law and federal tax regulations governing the investment of tax-exempt bond proceeds. Investment income on moneys in the Redemption Fund shall be retained therein. Proceeds of the investment of amounts in the Improvement Fund and the Special Reserve Fund will be deposited into an Investment Earnings Fund, to be established and maintained by the Finance Director. Moneys in the Investment Earnings Fund will be rebated, to the extent required by Lrw, to the federal government. To the extent that moneys in the Investment Earnings Fund are not required for rebate to the federal government, as determined by the Finance Director as of June 34 of each yeaz, such moneys shall be transferred to the Special Reserve Fund until the balance therein is equal to the Reserve Requirement. The remaining balance, if any, in the Investment Earnings Fund will be transferred, first, to the Improvement Fund until the Improvements are completed and such fund is closed and, thereafter, to the Redemption Fund to be used, in the discretion of the Finance Duector, as a credit upon the annual installments of assessments or for the advance retirement of Bonds. Secur'iy for the Bonds The Bonds aze issued upon and secured by the unpaid assessmems against the property in the Assessment District, together with interest thereon, and said unpaid assessments, together with interest thereon, constitute a trust fund for the redemption and payment of the principal of the Bonds and the interest thereon. The Bonds are further secured by the moneys in the Redemption Fund and the Special Reserve Fund created pursuant to the Assessment District proceedings. Principal of and interest and redemption premiums, if any, on the Bonds aze payable exclusively out of the Redemption Fund The assessments and each installment thereof and any interest and penalties thereon constitute a lien against the parcels of land on which the assessments aze levied until the same are gaid. Such lien is subordinate to all fixed special assessment liens previously imposed upon the same property, but has priority over all existing and future private liens and over all fixed special assessment liens that may thereafter be created against the properly. Such lien is co-equal to and independent of the lien for general property taxes and special taxes, including, widtout limitation, special taxes created pursuant to the "Mello-Roos Community Facilities Act of 1982" {being Chapter 2.5, Part I, Division 2, Title 5 of the Government Code of the State of California} {the "Mello-Roos Act"), whenever created against the property. Upon the issuance of the Bonds, none of the property in the Assessment District will be subject to any other special assessment lien created under the 1913 Act. The property within the Belsera II Area, the Montana II Area, and the Olive Pazk II Area, however, is subject to an existing special tax lien created by Community Facilities District No. 92-1 of the It.NR School Financing Authority ("RNR CFD No. 92-1"} pursuant m the Mello-Roos Act. The amount of special taxes, if any, to which property within RNR CFD No. 92-1 is subject varies based upon the zoning, the entitlements, and the type and level of development of such property. See "THE BONDS -Priority of Lien," The Bonds are nat secured by the general taxing power of the City, the County, the State, or any other political subdivision of the State, and neither the City, nor the County, nor the State, nor any other political subdivision of the State has pledged its full faith and credit for the payment thereof. Although the unpaid assessments constitute fixed liens on the parcels assessed, they do not constitute the personal indebtedness of the owners of said pazcels. Furthermore, there can be no assurance as to the ability or the willingness of such owners to pay the unpaid assessments. In addition, there can be no asswance that the present owners will continue to own all or any of said pazcels. The unpaid assessments will be collected in annual installments, together with interest on the declining balance, on the County tax roll on which general taxes on real property aze collected, and are payable and become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do said general taxes. Notwithstanding the City's covenant to commence foreclosure proceedings in connection with delinquent assessments, the property upon which the assessments were levied is subject to the same provisions for sale and redemption as are properties for nonpayment of general taxes. The annual assessment installments arc to be paid into the Redemption Fund, which wilt be held by the Finance Director and used to pay the principal of and interest on the Bonds as they become due. The installments billed against all of the pazcels of property in the Assessment District subject to the assessments will be equal m the total principal and interest coming due on all of the Bonds that year, plus, with respect to each parcel in the Assessment District, an additional amount to cover the administrative charges of the City. Special Reserve Fnnd Out of the proceeds of the sale of the Bonds, the City Council will set aside into a Special Reserve Fund the amount of $258,120. The Special Reserve Fund will be maintained, from assessment installment payments and from proceeds of redemption or sale of parcels with assessment delinquencies, in an amount equal to the least of (i) 10% of the proceeds of the Bonds, (ii) the maximum annual debt service on the Bonds, or (iii) 125% of the average annual debt service on the Bonds, less any amounts transferred to the Redemption Fund when assessments are paid following the issuance of the Bonds, as determined from time to time (the "Reserve Requirement"). The Special Reserve Fund will constitute a trust fund for the benefit of the owners of the Bonds. The Special Reserve Fund will be maintained, used, transferred, reimbursed, and liquidated as follows: (a) Whenever there are insufficient funds in the Redemption Fund to pay the next maturing installment of principal of or interest on the Bonds, an amount necessary to make up such deficiency will be transferred from the Special Reserve Fund, to the extent of available funds, to the Redemption Fund. The amounts so advanced will be reimbursed from the proceeds of redemption or sate of the parcel for which payment of delinquent installments of the assessments and interest thereon has been made from the Special Reserve Fund. In the event that the Special Reserve Fund is completely depleted from such advances prior to reimbursement from resales of property or delinquency redemptions, payments to the owners of the Bonds will be dependent upon reimbursement of the Special Reserve Fund. (b) If any assessment or any portion thereof is prepaid prior to the final maturity of the Bonds, the amount of principal of the assessment to be prepaid will be reduced by an amount which is in the same ratio to We original amount of the Special Reserve Fund as the original amount of the prepaid assessment bears to the total original amount of unpaid assessments originally securing the Bonds. The reduction in the amount of principal prepaid shall be compensated for by a transfer of like amount from the Special Reserve Fund to the Redemption Fund. (c) All proceeds from the investment of moneys in the Special Reserve Fund will be deposited into an Investment Earnings Fund, to be established and maintained by the Finance Director. Moneys in the Investment Eazniugs Fund will be rebated, to the extent required by law, to the federal government To the extent that moneys in the Investment Earnings Fund are not required for rebate to the federal government, as determined by the Finance Director as of June 30 of each yeaz, such moneys shall be transferred to the Special Reserve Fund until the balance therein is equal to, as of the date of calculation, the Reserve Requirement. Amounts in the Special Reserve Fund can never exceed the Reserve Requvement. See "THE BONDS -Investment of Bond Proceeds." (d) When the balance in the Special Reserve Fund is sufficient to retire all Bonds then outstanding (whether by advance retirement or otherwise}, the amount of the Special Reserve Fund will be transferred to the Redemption Fund, and the remaining installments of principal and interest not yet due from the assessed property owners will be canceled without payment, and the Special Reserve Fund will be liquidated upon the retirement of the Bonds. {e) In the event that the balance in Che Special Reserve Fund at the time'of liquidation exceeds the amount necessary to retire all Bonds then outstanding, the excess will be paid to the owners of the assessed parcels in the Assessment District provided, however, that, if the excess is less than $1,000, such excess may be transferred by the Finance Director to the General Fund of the City. The need to make advances from the Special Reserve Fund may result in its total depletion prior to reimbursement from resales of property or delinquency redemptions. In that event, there could be a default in payments to owners of the Bonds, the curing of which would be dependent upon reimbursement of the Special Reserve Fund. Redemption Fund Deficiencies Tf there are not sufficient funds in the Special Reserve Fund to fully cover a Redemption Fund deficiency and the City Council determines that there is a deficiency in the Redemption Fund to pay the principal of and interest on the Bands such that there will be an ultimate loss accruing to the owners of the Bonds, the City will pay to the owners of the Bonds a proportionate share of the principal and interest due on the Bonds based on the percentage that the amount on deposit in the Redemption Fund is of the total amount of the unpaid principal of the Bonds and the interest thereon. Thereafter, as moneys representing payments of the assessments are periodically deposited into the Redemption Fund, similaz proportionate payments will be made to the owners of the Bonds, all in accordance with the procedures set forth in the 1415 Act. If there are not sufficient funds in the Special Reserve Fund to fully cover a Redemption Fund deficiency and it is determined by the Finance Director that there will not be an ultimate loss to the owners of the Bonds, the Finance Drector is required to direct the Paying Agent to pay matured Bonds as presented and pay interest on the Bonds when due as long as there are available funds in the Redemprion Fund, in the following order of priority: (1) all matured interest payments shall be made before the principal of any Bonds is paid; (2) interest on Bonds of eazlier maturity shall be paid before interest on Bonds of later maturity; (3} within a single maturity, interest on lower-numbered Bonds shall be paid before interest on higher-numbered Bonds; and {4) the principal of Bonds shall be paid in the order in which the Bonds are presented for payment. This procedure could result in some matured Bonds not being redeemed and interest on the Bonds not being fully paid on the due dates. Such matured Bonds would not be fully redeemed and such delayed interest would not be paid until funds aze available from a foreclosure sale of the properiy having the delinquent assessment installments. Covenant to Commence Superior Court Foreclosure The 1415 Act provides that in the event any assessment or installment thereof or any interest thereon is not paid when due, the City may order the ins6mtion of a court action to foreclose the lien of the unpaid assessment. In such an action, the real property subject to the unpaid assessment may be sold at judicial foreclosure sale. This to forecloswe sale procedwe is not mandatory. However, in the Bond Resolution, the City has covenanted with the Bondowners that, in the event any assessment or installment thereof, including any interest thereon, is not paid when due, the City will, no later than October 1 in any year, file an action in the Superior Court of the County to foreclose the lien on each delinquent assessment if (i) the sum of uncwed assessment delinquencies for the preceding fiscal yeaz exceeds 5% of the assessment installments posted to the tax roll for that fiscal year, and (ii) the amount in the Special Reserve Fund is less than the Reserve Requirement. In the event such Superior Court forecloswe or forecloswes are necessary, there may be a delay in payments to Bondowners pending prosecution of the forecloswe proceedings and receipt by the City of the proceeds of the foreclosure sale. It is also possible that no bid for the pwchase of the applicable property would be received at the forecloswe sale. See "SPECIAL RISK FACTORS - Covenant to Commence Superior Cowt Forecloswe." Priority of Lien Each assessment {and any reassessment) and each installment thereof, and any interest and penalties thereon, constitutes a lien against the parcel of land on which it was imposed until the same is paid. Such a lien is subordinate to all fixed special assessment liens previously imposed upon. the same property, but has priority over all private liens and over all fixed special assessment liens that may thereafter be created against the property. Such a lien is co-equal to and independent of the lien for general property taxes and special taxes, including, without 1unitation, special taxes created pwsuant to the Mello-Roos Act, whenever created against the property. Following the issuance of the Bonds, none of the property in the Assessment District will be subject to any other special assessment lien created under the 1913 Act. The property within the Belsera II Area, the Montara II Area, and the Olive Park II Area, however, is subject to an existing special tax lien created by RNR CFD No. 92-1 pwsuant to the Mello-Roos Act. The amount of special taxes, if any, to which property within RNR CFD No. 92-I is subject varies based upon the zoning, the entitlements, and the type and level of development of such property. For fiscal year ending June 30, 2004, the property within the Belsera II Area, the Montara II Area, and the Olive Park II Area is subject to the following RNR CFD No. 92-1 special taxes: No special taxes are collected from property for which no final tract map has been recorded. (Final tract maps have been recorded for all property within the Assessment District.} Upon recordation of a fmal tract map and if no building permit has been issued for a subdivision lot prior to March 1 of the prior fiscal year, an annual special tax, which is currently $121.89 (which may be increased by 2% each fiscal yeaz) per subdivision lot acre of subject property, is payable. Upon the issuance of a residential building permit for a lot or parcel prior to Mwch 1 of the prior fiscal year, aone-time special tax payment, which is currently $1.25 (which may be increased each fiscal year based upon the percentage change in the designated construction cost index} per building square foot, is payable, and such parcel is subject to an annual special tax, which is currently $477.87 {which may be increased by 2% each fiscal year) per unit. In the alternative, at the time of issuance of such residential building permit, the owner of such parcel may prepay a specified amount, in which case the one-Time special tax payment and the annual special tax described above will not be levied on such parcel. The prepayment amount is currently $8,639.52 {which may be increased each fiscal year based upon the percentage change in a designated construction cost index). Centex Homes and Olive Pazk Land Company have each indicated that it does not intend to pay the specified prepayment amount of the special tax for any parcel within the Belsera II Area, the Montara II Area, or the Olive Park II Area. Thus, the annual special tax will be payable by all property owners within the Belsera II Area, the Montara II Area, and the Olive Park II Area after the parcels therein are developed. Each assessment (and any reassessment) and each installment thereof, and any interest and penalties thereon, constitutes a lien against the parcel of land on which it was imposed until the same is paid. Such a lien is subordinate to all fixed special assessment liens previously imposed upon the same property, but has priority over all private liens and over alt fixed special assessment liens that may thereafter be created against the property. Such a lien is co-equal to and independent of the lien for general property taxes and special taxes, including, without limitation, special taxes created pursuant to the Mello-Roos Act, whenever created against the property. Tax Covenants Pursuant to the Bond Resolution, the City has covenanted that it will not make any use of the proceeds of the Bonds which would cause the Bonds to became "arbitrage bonds" subject to Federal income taxation pursuant to the provisions of Section 148(a} of the Internal Revenue Code of 1986, as amended {the "Code"), or to become II "Federally-guazanteed obligations" pursuant to the provisions of Section 149(b} of the Code, or to become "private activity bonds" pmsuant to the provisions of Section 141(a) of the Code. To that end, the City will comply with all applicable requirements of the Code and all regulations of the United States Department of Treasury issued thereunder to the extent such requirements aze, at the time, applicable and in effect. Debt Service Schedule Set forth below is the debt service schedule for the Bonds. Annual Bond Debt Service Period Ending Principal Total Bond (Sentember 21 Maturine Interest Debt Service 2004 $ 127,755.40 til $ 127,755.40 ~'~ 2005 $ 110,000.00 145,085.00 255,085.00 2006 115,000.00 142,995.00 257,995.00 2007 115,000.00 140120,00 255,120.00 2008 120,000.00 136,900.00 __, , .., 256,900.00 2009 125,000.00 133,120.00 258,120.00 2010 125,000.00 128,682.50 253,682.50 2011 130,000.00 123,682.50 253,682.50 2012 140,000.00 118,092.50 258,092.50 2013 145,000.00 111,652.50 256,652.50 2014 150,000.00 104,692.50 254,692.50 2015 160,000.00 97,26ZS0 257,267.50 2016 165,000.00 89,107.50 254,107.50 2017 175,000.00 80,527.50 255,527.50 2018 185,000.00 71,252.50 256,252.50 2019 195,000.00 61,262.50 256,262.50 2020 205,000.00 SO,S37.50 255,531.50 2021 215,000.00 39,057.50 254,057.50 2022 230,000.00 26,910.00 256,910.00 2023 240 000.00 13.800.00 253.800.00 Totals 3.045.000.00 $1.942.500.40 $4.987.500.40 (1) Interest due on September 2, 2004, to be paid from Bond proceeds representing capitalized interest and deposited in Redemption Fund upon the issuance of the Bonds. Som~ce: UBS Financial Services Inc. .BOOK-ENTRY ONLY SYSTEM The Bonds will be initially delivered in the form of one fully registered Bond for each of the maturities of the Bonds, registered in the name of Cede & Co., as nominee of DTC, as registered owner of all the Bonds. The following description of DTC and its book-entry system has been provided by DTC and has not been verified for accuracy or completeness by the City, and the City shall have no liability in respect thereof. The City shall have no responsibility or liability for any aspects of the records maintained by DTC relating to or payments made on account of beneficial ownership, or for maintaining, supervising, or reviewing any records maintained by DTC relating to beneficial ownership, of interests in the Bonds. DTC is a limited purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federai Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities that its participants (the "Participants") deposit with DTC. DTC also facilitates the settlement among Participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book- entry changes in Participants' accounts, thereby eliminating the need for physical movement of securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies, clearing corporations 12 and certain other organizations. DTC is owned by a number of its Direct Participants and by the New York Stock Exchange, Inc., the American Stock Exchange, Inc., and the National Associafion of Securities Dealers, Inc. Access to the DTC system is also available to others such as securities brokers and dealers, banks, and tmst companies that clear through or maintain a custodial relationship with a Drect Participant, either directly or indirectly {"Indirect Participants"). The rules applicable to DTC and its Participants are on file with the Securifies and Exchange Commission. Purchases of the Bonds under the DTC system must be made by or through Drect Participants, which will receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of thetr holdings, from the Drect or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Bonds except in the event that use of the book-entry system for the Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or such other name as requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the idenfity of the Drect Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Drect Participants, by Direct Participants to Indrect Participants, and by Duect Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as maybe in effect from time to time. Beneficial Owners of the Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redempkions and defaults. Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners or in the alternative, Beneficial Qwners may wish to provide their names and addresses to the registraz and request that copies of notices be provided dvectly to them. REDEMPTION NOTICES SHALL BE SENT BY THE PAYING AGENT TO DTC. 1F LESS THAN ALL OF THE BONDS ARE BEING REDEEMED, DTC'S PRACTICE IS TO DETERMIlVE BY LOT THE AMOUNT OF THE INTEREST OF EACH DIItECT PARTICD?ANT IN SUCH ISSUE TO BE REDEEMED. Neither DTC nor Cede & Co. (nor such other DTC nominee) will wnsent or vote with respect to the Bonds. Under•its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Principal and interest payments with respect the Bonds will be made to Cede & Co. or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the City or the Paying Agent, on the payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in Beazer form or registered in "street name," and will be the responsibility of such Participant and not of DTC {or its nominee), the Paying Agent, or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC} is the responsibility of the City or the Paying Agent, disbursement of such payments to Direct Partcipahts shall be the responsibility of DTC, and disbursement of such payments to Beneficial Owners is the responsibIlity of Direct and Indirect Participants. 13 DTC may discontinue providing its services with respect to the Bonds at any time by giving reasonable notice to the City w the Paying Agent. Under such circumstances, in the event that a successor securities depository is not obtained, Bond certificates aze required to be printed and delivered in accordance with the terms of the Bond Resolution. THE INFORMATION IN THIS SECTION CONCERNING DTC AND DTC'S BOOK-ENTRY SYSTEM FIAS BEEN OBTAINED FROM SOURCES TFIAT TTIE CITY BELIEVES TO BE RELIABLE, BUT IT TAKES NO RESPONSIBILITY FOR THE ACCURACY TT~REOF. THE CITY CANNOT AND DOES NOT GIVE ANY ASSURANCES `I'IIAT DTC WILL DISTRIBUTE PAYMENTS TO DTC PARTICII'ANTS OR THAT PARTICII'ANTS OR OTHERS WII,L DIS'T'RIBUTE PAYMENTS WI'I'II RESPECT TO 'TFIE BONDS RECEIVED BY DTC OR TTS NOMINEES AS THE REGISTERED OWNER, t1NY REDEMP'T'ION NOTICES, OR OTHER NOTICES TO THE BENEFICIAL OWNERS, OR THAT TTY WILL DO SO ON A TIMELY BASIS, OR THAT DTC WILL SERVE AND ACT IN THE MANNER DESCRIBED IN THIS OFFICIAL STATEMENT. THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS The information under this heading is taken primarily from the Ertginaer's Report for the Assessment District prepared by Wilson & Associates, Fresno, California, which Engineer's Report is on file with the City, arul from information provided by Centex Homes and Olive Park Land Company. General The Assessment District was formed in accordance with the 1913 Act and Section 13.08.070 of the Municipal Code of the City. Proceedings for the formation of the Assessment District were commenced by the City Council pwsuant to properly owner petition filed by Centex Homes, who, at the time the petition was filed, was the owner of aver 60% of the assessable land within the Assessment District. The petition was accepted by an approving resolution of the City Council, adapted on March 26, 2003, and the petition is on file with the City Clerk of the City, After such petition was accepted by the City, Olive Pazk Land Company requested that the property comprising the Olive Park II Area be joined in the Assessment District proceedings. The Assessment District is comprised of fow separate Community Areas in northwest and southwest Bakersfield generally described as (i) the Buena Vista Ranch Area, containing approximately 147.20 acres and generally bounded by Buena Vista Road on the west, Harris Road on the north, Mountain Vista Drive on the east, and Panama Lane on the south, also identified as Tract No. 6104 ("Tract 6104"), (ii) the Belsera II Area, containing approximately 13.60 acres and generally located one quarter mile south of Olive Drive, between Old Farm Road and Allen Road, also identified as Tract No. 5831 Unit No. 3 ("Tract 5831-3"}, (iii} the Montaza II Area, containing approximately 16.00 acres and generally located at the southeast comer of the Snow Road and Old Farm Road intersecfion, also identified as Tract No. 5829 Unit No. 4 ("Tract 5829-4"), and (iv) the Ohve Pazk II Area, containing approximately 30.50 acres and generally located east of Old Farm Road and one-quarter mile north of Reina Road, also identified as Tract No. 6117 Unit One ("Tract 6117-1"). The fow Community Areas aze located within a rectangular section of northwest and southwest Bakersfield that has anorth-to-south dimension of about nine miles as measwed from the north end of the Montaza II Area to the south end of the Buena Vista Ranch Area and awest-to-east dimension of about one and three-quarters miles as measured fmrn the westerly boundary of the Belsera II Area to the easterly boundary of the Buena Vista Ranch Area. Each of the fow Community Areas is involved in various stages of the land development entitlement and/or site development process. See "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT." The Assessment District boundaries are shown on the assessment diagram, consisting of seven (7} sheets, entitled "ASSESSMENT DIAGRAM OF CITY OF BAKF.RSFIELD ASSESSMENT DISTRICT NO. 03-2 (BUENA VISTA RANCHlBELSERA II/MONTARA II/OLIVE PARK II}, COtili~1'I'Y OF KERN, STATE OF CALIFORNIA," a copy of which is attached hereto as APPENDIX D. 14 The Improvements to be financed pursuant to the Assessment District proceedings aze generally described as (i) the acquisition of certain public infrastmcture improvements for each of the four Community Areas, which improvements will be awned by the City and operated and maintained by the City and (ii) the payment of certain incidental costs and expenses related to the acquisition of the Improvements, the Assessment District proceedings, and the Bond issuance, including the establishment of a Special Reserve Fund for the Bonds. The Improvements described above are proposed to be financed by the City in accordance with the terms and conditions of the respective Acquisition Agreements. The Acquisition Agreements set forth the respecfive procedures by which the Improvements are to be constructed and instafled by Centex Homes and Olive Park Land Company, as applicable, and, upon their completion, acquired by the City using funds provided through the Assessment District proceedings. The scope of the Improvements includes the acquisition by the City of off-site and/or on-site (in-tract} subdivision improvements and the payment of incidental costs that either aze already required or are expected by Centex Homes addtor Olive Pazk Land Company to be required to be installed as conditions of final subdivision or site plan approvals, as applicable, within the four Community Areas. Each of the four Community Areas is a separate assessment area within the Assessment District. The costs financed by the Assessment District for the acquisition of the respective Improvements located within or adjacent to each of the four Community Areas have been allocated only to the pazcels that are located within the Communiiy Area to be served by those Improvements. Bond proceeds aze not expected to be used for the acquisition of land, easements, orrights-of--way. Description of the Community Areas and the Improvements The information under this subheading has been provided by the Engineer's Report and by Centex Homes and Olive Pazk Land Company, as applicable, and has not been verified for accuracy ar completeness by the City; the City shall have no liability with respect thereto. The current development plans for the respective Community Areas within the Assessment District are subject to change. Furthermore, the current plans are subject, in large part, to the financial resources and construction and marketing capabitifies and efforts of Centex Homes, Olive Park Land Company, and the builders or other persons to whom the parcels within the Assessment District are sold. There can be no assurance that such development will occur as described herein, or that it wilt occur at all. Buena Vista Ranch Area The Buena Vista Ranch Area boundaries encompass an approximately 147.20-acre block of land comprised of Tract 6104. Centex Haines, the ownerlsubdivider of the property within the Buena Vista Ranch Area, plans to subdivide the Buena Vista Ranch Area into 48? R-I lots (as defined in the section entitled "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT -Zoning"), a storm drain sump lot, and two park site parcels. Accordingly, all of the Improvements for the Buena Vista Ranch Area are related to the development of that subdivision and aze generally described as improvements in and along Buena Vista Road, Panama Lane, and Harris Road that aze required to be constructed, or are expected by Centex Homes to be required to be constructed, as wnditions of approval for that subdivision. The general location and extent of the planned Improvements in Buena Vista Road include completion of the northbound half of the street (easterly half of the street) to its full design width along the frontage of Tract 6104, complete with grading, paving, curb, gutter, sidewalk, median, street lighting, conduits and utility trenching for street lights, subdivision block wall, and comer sign monuments. The general location and extent of the planned Improvements in Panama Lane include completion of the westbound half of the street {northerly half of the street) to its full design width along the frontage of Tract 6104, complete with grading, paving, curb, gutter, sidewalk, median, street lighting, conduits and utility trenching for street lights, landscape conduits, subdivision block wall, and corner sign monuments. The general location and extent of the planned Improvements in Hams Road include completion of the eastbound half of the street (southerly half of the street) to its full design width along the frontage of Tract 6104, complete with grading, pacing, curb, gutter, sidewalk, street lighting, conduits and utility trenching for street lights, subdivision block wall, and comer sign monuments. Also included in the scope of the Buena Vista Ranch Area Improvements aze Centex Homes' incidental costs for design engineering, construction staking, soils and materials analysis and testing, plan check 15 fees, construction inspection fees, and general contractor supervision and overhead, all as itemized in the Engineer's Report. Belsera IlArea The Belsera II Area boundaries encompass an approximately 13.60-acre block of land comprised of Tract 5831-3. Centex Homes, the owner/subdivider of the property within the Belsem II Area, plans to subdivide the Belsera II Area into SS R-1 lots. Accordingly, all of the ]mprovements for the Belsera II Area aze improvements related to the development of that subdivision and are generally described as in-traction-site street improvements that aze required to be constructed, or aze expected by Centex Homes to be required to be constructed, as conditions for approval of that subdivision. The general location and extent of the planned in-traction-site hnprovements include paving, curb, gutter, sidewallc, and driveway approaches. Not included in the scope of the Belsera II Area Improvements are Centex Homes' incidental costs for design engineering, construction staking, soils and materials analysis and Testing, plan check fees, construction inspection fees, and general contractor supervision and overhead, all as itemized in the Engineer's Report. Moatara ILArea The Montana II Area boundaries encompass an approximately 16.00-acre block of land comprised of Tract 5829-4. Centex Homes, the ownerlsubdivider of the properly within the Montaza II Area, plans to subdivide the Montana II Area into 41 R-1 lots. Accordingly, all of the Improvements for the Montaza II Area are improvements related to the development of that subdivision and aze generally described as in-tractron-site street improvements that are required to be constructed, or aze expected by Centex Homes to be required to be constructed, as conditions for approval of that subdivision. The general location and extent of the planned in-tract/on-site Improvements include paving, curb, gutter, sidewalk, and driveway approaches. Also included in the scope of the Montana II Area Improvements aze Centex Homes' incidental costs for design engineering, plan check fees, and construction inspection fees, all as itemized in the Engineer's Report. O&ve Park II Area The Olive Park II Area boundaries encompass an approximately 30.50-acre block of land comprised of Tract 6117-I. Olive Pazk Land Company, the owner/subdivider of the property within the Olive Park II Area, plans to subdivide the Olive Pazk II Area into 83 R-1 lots. Accordingly, all of the Improvements for the Olive Park II Area aze improvements related to the development of that subdivision and aze generally described as improvements in and along Old Farm Road, in-traction-site street improvements, and in-tractton-site storm drain improvements that aze required to be constructed, or aze expected by Olive Park Land Company to be required to be constructed, as conditons for approval of that subdivision. The geneml location and extent of the planned Improvements in Old Farm Road include completion of the northbound half of the street(easterly half of the street) to its full design width along the Tract 6117-1 frontage (from Reina Road to the northerly boundary of Tract 6117-1), complete with aggregate base, paving, curb, cutter, and multi-purpose bike tmillsidewalk. The general location and extent of the planned in-traction-site street Improvements include aggregate base, paving, curb, gutter, sidewalk, cross gutters, and driveway approaches. The general location and extent of the planned in-traction-site storm drain Improvements include 18-, 24-, and 30-inch diameter storm drain pipes, manholes, catch basins, an outlet shucture, storm drain sump excavation, and block wall around the storm drain sump. Not included in the scope of the Olive Pazk II Area Improvements aze Olive Pazk Land Company's incidental costs for design engineering, construction staking, soils and materials analysis and testing, plan check fees, construction inspection fees, and general contractor supervision and overhead, all as itemized in the Engineer's Report. [Remainder of Page Intentionally Left Blank] °" t6 Estimated Improvement Costs Set forth below are the confirmed assessment amounts with regard to the estimated costs of the Improvements, as described in the Engineer's Report. A copy of the Engineer's Report is on file with the City. ENGINEER'S STATEMENT OF TOTAL ASSESSMENT City of Bakersfield Assessment District No. 43-2 (Buena Vista Ranch/Belsera IIlMontara IIlOlive Park II) CONFIItMED ACTIVI'T'Y DESCRiP1TON ASSESSMENT 1. BUENA VISTA RANCH AREA DYIPROVEMENT COST A. IMPROVEMENTS - $1,191,058.00 B. INCIDENTALS _ , ... 443.560.00 C. TOTAL BUENA VISTA RANCH AREA IMPROVEMENT COST $1,634,618.00 2. BELSERA II AREA DYIPROVEMENT COST A. IMPROVEMENTS $177,486.00 B. INCIDENTALS 0.00 C. TOTAL BELSERA II AREA IMPROVEMENT COST $177,486.00 3. MONTARA II AREA I4ff'ROVEMENT CO5T A. IMPROVEMENTS $136,040.00 B. INCIDENTALS 14,541.00 C. TOTAL MONTARA II AREA IMPROVEMENT COST $150,581.00 4. OLIVE PARK II AREA IMPROVEMENT COST A. IMPROVEMENTS $417,420.25 B. INCIDENTALS 0.00 C. TOTAL OLIVE PARK II AREA IlMPROVEMENT COST $417,420.25 5. TOTAL COST OF IMPROVEMENTS AND INCIDENTALS A. IMPROVEMENTS $1,922,004.25 B. INCIDENTALS 458 101 00 C. TOTAL COST OF IMEROVEMENT5 AND INCIDENTALS $2,380,105.25 6. ESTIMATED ASSESS117ENT DISTRICT PROCEEDING COST AND EXPENSE A. BUENAVISTARANCHAREA $163,226.81 B. BELSERAIIAREA 17,723.08 C. MONTARA II AREA 15,036.45 D. OLIVE PARK II AREA 41,682A2 E. TOTAL ESTIMATED ASSESSMENT DISTRICT PROCEEDINGS COSTS $237,668.36 AND EXPENSE (INCLUDING ISSUANCE COST AND RESERVE} 7. SUBTOTAL CO5T TO ASSESSMENT A. BUENAVISTARANCHAREA $1,797,844.81 B. BELSERA II AREA 195,209.08 C. MONTARA II AREA 165,617.45 D. OLIVE PARKDAREA ---~ 459.102.27 E. SUBTOTAL COST TO ASSESSMENT $2,617,773.61 i7 CONFIIID/ED ACTIVITY DESCRIPTION ASSESSMENT S. BOND DISCOUNT', CAPTTALIZED INTEREST, AND BOND RESERVE EIINII A. BUENA VISTA RANCH AREA $368,958.44 B. BELSERA II AREA 40,061.32 C. MONTARA II AREA 33,988.45 D. OLIVEPARKIIAREA 9421g•18 E. TOTAL BOND DISCOiJN'I', CAPT'IALIZED INTEREST, AND BOND RESERVE FIINII $537,226.39 4. TOTAL AMOUNT ASSESSED A. BUBNAVISTARANCHAREA $2,166,803.25 B. BELSERA II AREA 231,270.40 C. MONTARA II AREA - 199,605.90 D. OLIVE PARK IIAREA -- ~ ~ 553.320.45 E. TOTAL AMOUNT ASSESSED $3,155,000.00 Source: Engineer's Report prepazed by Wilson & Associates. [Remainder of Page Intentionally Left Blank] 18 Method of Assessment Spread Section 10204 of the 1413 Act requires that the assessments must be levied in proportion to the esfimated benefit that the subject properties receive from the works of improvement. The statute does not provide the specific method or formula that should be used in any particular special assessment district proceeding. That responsibility rests initially with the Assessment Engineer, who is retained by the City for the purpose of making an independent analysis of the facts and recommendations about the apportionment of the assessment obligation. For the proceedings with respect to the Assessment District, the City has retained Wilson & Associates, Fresno, California, to serve as the Assessment Engineer. The 1913 Act provides that the Assessment Engineer makes his recommendations as to the cost and method of apportionment of the assessments in the Engineer's Report, which is then considered at the public hearing on the Assessment District. Final authority and action with respect to the levy of the assessments rests with the City Council after hearing all testimony and evidence presented at the public hearing. Upon the conclusion of the public hearing, the City Council must take final action in det ;n;ng the proportionality of the benefits received by the properties assessed. The financed costs will be spread to the assessed parcels in the Assessment District in the manner set forth in Municipal Code Section 13.08.070 -Benefit Spread, which was added to the City's Municipal Code on Apri15, 1495, by City Council adoption of Ordinance No. 3643. The parcel assessment shares for City assessment districts are to be allocated or spread in accordance with the 1913 Act, which requires that the financed cost in a special assessment proceeding be allocated among the benefited parcels of land in proportion to the estimated benefit each parcel can be expected to receive from the work and improvement covered by the assessment. Municipal Code Section 13A8.070 authorizes the "reallocation" to alternate properties of assessments initially allocated to pazcels in proportion to their estimated benefit (i.e., initial allocation made in accordance with the 1913 Act cost/benefit requirement}, when such reallocation is so requested by the owner of all property to be assessed and upon the written consent of the owner of the property to which assessments are reallocated and approval thereof by the City Council. The Assessment District individual parcel assessment amounts shown on APPENDIX E have been calculated or spread among the assessed pazcels pursuant to Municipal Code Sectiun 13.08.070. The alternate method used by the Assessment Engineer to reallocate the benefit based assessment shares initially allocated by the Assessment Engineer to each assessed parcel has been provided by Centex Homes and Olive Pazk Land Company. The Assessment Engineer has determined that the spreading of the assessments in accordance with the alternate method conforms with the requirements of Municipal Code Section 13.08.070. To the extent that any assessments are reapportioned after the Bonds have been issued, the City will approve the same only if the security for the Bonds is not reduced or impaired. Spread of theAssessment District Costs to Benefited Parcels In accordance with Municipal Code Section 13.08.070, Centex Homes and Olive Pazk Land Company have submitted a proposed alternate method and rate of assessment. Further, Centex Homes and Olive Park Land Company have each stated that, as of the date of the approval of the alternate method and rate of assessment, it is the owner of all the property proposed to be reallocated a shaze of the assessment and that it consents to the reallocation. The Assessment Engineer's estimates of the costs of the Improvements is presented above under the heading "THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS -Estimated Improvement Costs." The altetnate method {the "Reallocation Spread Method"} is described as follows: The total improvement acquisition cost within each of the four Community Areas is spread among the developed and undeveloped parcels within each azea in direct proportion to parcel acreage and to each planned or existing R-1 lot within those developed and undeveloped pazcels as an equal per R-1 lot cost shaze. There are no exceptions in any Community Area to the equal cost share per acre and equal cost per existing or phoned R-1 lot Aeallocatib'n Spread Method. 19 OWNF.RSHII' AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT Ownership of Property in the Assessment District Centex Homes presently owns approximately 84.20% of the assessed property in the Assessment District (less the six homes in the Buena Vista Ranch Area that have been sold to homebuyers as of the date of this Official Statement} and is developing the Buena Vista Ranch Area, the Belsera II Area, and the Montaza II Area, which Community Areas will beaz approximately 82.46% of the total assessment lien. No lots were sold prior to the recording of the notice of assessment. Olive Pazk Land Company currently owns approximately 13.11% of the assessed property in the Assessment District and is developing the Olive Park II Area. The remaining 2.69% of the assessed property in the Assessment District is also located in the Olive Park II Area and is owned by various merchant builders who purchased their lots from Olive Pazk Land Company for purposes of constructing homes thereon. The Olive Park II Area will bear approximately 17.54% of the total assessment lien. Neither Centex Homes, nor Olive Park Land Company, nor any other owner of properly within the Assessment District (each, a "Property Owner"), will. be personally liable for payments of the assessments to --~- be applied to pay the principal of and interest on the Bonds. In addition, there is no assurance that Centex Homes, Olive Park Land Company, or any other Property Owner wRi be able to pay the assessment installments or that Centex Homes, Olive Park Land Company, or any other Property Owner will pay Bach installments even if it is Snancially able to do so. Furthermore, except to the extent expressly set forth herein, no representation is made that Centex Homes, Olive Park Land Company, or any other Property Owner will have moneys available to complete or improve the development of the land within the Assessment District (other than the Improvements) in the manner described herein. Accordingly, no Property Owner's Snancial statements are included in this OfScial Statement. Centex Homes The information under this subheading has been provided by Centex Haines and has not been verzfled for accuracy or completeness by the Clry and the Ctry shall have no liability In respect thereof. Centex Homes is a Nevada general partnership, the managing general partner of which is Centex Real Estate Corporation, a Nevada corporation ("Centex Real Estate Corporation"). Centex Homes was fomred to purchase real estate and develop and constnzct improvements thereon. The parent corporation of Centex Homes and Centex Real Estate Corporation is Centex Corporation, a Nevada corporation ("Centex Corporation"). Centex Homes is the primary home building operation of Centex Corporation and it or its related entities have built and sold homes in more than 480 neighborhoods in 25 states since its formation. Centex Homes has had a presence in the Central Valley for more than a decade. Most recently, Centex Homes has constructed the following residential developments in the Bakersfield area: Northwoods. A 37-lot single-family development located in the Riverlakes azea of the City. Sales for homes in the Northwoods development began in Apri12002. The homes in this development range in size from 2,000 square feet to 3,600 square feet, with prices ranging from $180,000 to $275,000. • Narthshare. A 114-lot single-family residential development located in the northwest area of the Ciry. Sales for the Northshore development began in June 1993 and were completed in 1996. Homes in this development range in size from 1,100 squaze feet to 1,500 square feet and were sold at prices ranging from $85,000 to $105,000. • Eagle Ridge. A 266-lot single-family residential development located in the northwest area of the City. Sales for the Eagle Ridge development began in July 1993 and were completed in 1999. Homes in this development range in size from 1,500 squaze feet to 2,500 square feet and were sold at prices ranging from $105,000 to $160,000. 20 Centex Corporation is a Fortune 500 company traded on the New York Stock Exchange and the London Stock Exchange under the symbol "CTX." Centex Corporation employs more than 15,000 people located in more than 1,000 offices and conshuction job sites in the United States and the United Kingdom. Zn its 2002 fiscal year (ended March 31, 2002}, Centex Corporation's neC earnings were $382 million. Subsidiaries of Centex Corporation are involved in home building, manufactured home production, building supplies, home services, financial and title insurance services, contracting and construction services, construction products and real estate investment. Olive Park Land Company The information under this subheading has been provided by Olive Park Land Company and has not been verified for accuracy or completeness by the City and the City shall have no Iiabtllty in respect thereof. Olive Pazk Land Company is a California corporation. James Bryan Batey and Ben E. Batey are the president and vice president, respectively, of Olive Park Land Company, and each owns 50% of the outstanding stock thereof. Olive- Park Land Company was formed to purchase real estate and develop and construct improvements thereon. James Bryan Batey has more than 20 yeazs of experience in the real estate industry. Mr. Batey has held California real estate broker add/or salesman licenses for more than 10 yeazs and is licensed by the State of California as a general building contractor. Mr. Batey is the president of Rosedale Builders, Inc., which is an active builder of custom and semi custom homes in the Bakersfield market. Mr. Batey has also been the managing partner for entities that have constructed residential subdivisions in and around the City. ', Ben E. Batey, James Bryan Batey's father, has more than 30 years of experience in the real estate industry. Mr. Ben Batey has held California real estate broker and/or salesman licenses for more than 30 yeazs and is licensed by the State of California as a general buIlding contractor. Mr. Ben Batey is the president of Batey Development, Inc., which is an active builder of custom and semi-custom homes in the Bakersfield mazket. Mr. Ben Batey has also been developer andtor partner iu several residential subdivisions in and around the City. Representative subdivisions in which James Bryan Batey and Ben E. Batey have participated include the following: Olive Park -Phase I. A 110-lot single-family development located at the corner of Olive Drive • and Jewetta Avenue in the City. Approximately 80% of the prepared residential lots have been sold to merchant builders at prices ranging from $40,000 to $6Q,000. • Verdugo Lane and Hageman Road An 80-lot single-family development located at the corner of Verdugo Lane and Hageman Road in Bakersfield. All of the lots have been sold and improved with homes ranging in size from 2,000 to 4,000 square feet. The lots were sold to merchant builders at prices ranging from $35,000 to $50,000. • Verdugo Lane and Noreiga Road A 36-lot single-family residential development located at the comer of Verdugo Lane and Noreiga Road in the City of Bakersfield All of the prepared residential lots have been sold to merchant builders or improved with homes and sold to final customers. Lots ranged in prices from $40,000 to $60,000. • Hageman Raad and Renfro Road A 100-lot single-family residential development, part of a lazger development known as Westdale North, located at the comer of Hageman Road and Renfro Road in the unincorporated area of Greater Bakersfield. Approximately 50°l0 of the prepazed lots were sold to merchant builders and approximately 50% of the prepared lots were improved with single-family homes by Batey affiliates. All of the lots have been sold and all of the homes aze occupied by homeowners. The development is comprised of custom and semi-custom homes ranging in size from 2,000 to 4,000 square feet. • Jenkins Road and Hageman Raad A 110-lot single-family residential development, part of a lazger development known as Westdale North, located at the corner of Jenkins Road and Hageman Road in the unincorporated area of Greater Bakersfield. All of the lots have been sold and all of zi the homes are occupied by homeowners. Batey affiliates built approximately 45% of the homes in this project; approximately 55% of the homes were built by merchant builders. The project includes estate-size lots ranging from 10,900 to 19,000 square feet, containing homes ranging in size from 2,200 to 4,000 square feet. Development and Financing Plans The current development plans of Centex Homes and Olive Park Land Company for the development of the property within the Assessment District are subject to change. Furthermore, the current development plans envisioned for the Assessment District are snbjeM, in large part, to the financial resources and construction and markering capabilities and efforts of Centea Homes and Olive Park Land Company, and the merchant builders and outer persons to whom the parcels within the Assessment District maybe sold. Tkere can be no assarance that such development will occur as described herein, or that it will occur at all. The information under this seMion has been provided by Centea Homes and Olive Park Land Company, and has not been verified for accuracy or completeness by the City; the City shall have no liability in respect thereof __ The Centex Haines Development Plan Centex Homes is the developer of the Buena Vista Ranch Area, the Belsera II Area, and the Montaza II Area. Centex Homes plans to develop these Community Areas as follows: The Buena Vista Ranch Area. The Buena Vista Ranch Area project will be developed in eight phases. The total Buena Vista Ranch development is expected to consist of 487 single family homes on 487 R-1 lots. The Buena Vista project consists of two distinct neighborhoods, Hidden Oaks, which consists of 293 R-1 lots, and Greystone, which consists of 194 R-1 lots. Construction of model homes in the Hidden Oaks and Greystone neighborhoods has commenced, and the models were opened in August 2003. Construction of homes in both the Hidden Oaks and Oreystone neighborhoods began in Aprit 2003. Centex Homes began accepting deposits from prospective buyers for homes in the Buena Vista Ranch Area in March 2003. As of the date of this Official Statement, sales contracts were signed and escrows were opened for forty-two (42) homes in the Hidden Oaks neighborhood (five of which have closed escrow) and for forty-two (42) homes in the Greystone neighborhood (one of which has closed escrow). Centex Homes estimates that the homes in the Buena Vista Ranch Area will close escrow at a rate of approximately 16 per month. Homes in the Greystone neighborhood will range in size from 1,642 to 3,013 squaze feet and prices are expected to range from $174,990 to $249,990. Homes in the Hidden Oaks neighborhood will range in size from 1,432 to 2,842 square feet and prices are expected to range from $147,490 to $205,990. The Belsem II Area. The Belsera II Area project will be developed as the final phase of a four-phase develoRment, three phases of which are located adjacent to but outside the Assessment District. The Belsera II Area project will contain 55 single-family homes on 55 R-1 lots, and the total Belsera development will consist of 250 single-family homes on 250 R-1 lots. Construction of the first two phases of the total Belsera development (consisting of 68 homes and 53 homes, respectively) has been completed. Construction of all the homes in the third phase of the total Belsera development (consisting of 73 homes) has commenced; 37 such homes have been completed and 36 such homes aze still under construction. Construction of the 55 homes constituting the Belsera II Area project began in March 2003 and is expected to be completed by mid-2005. I Sales of completed homes in the total Belsera development commenced in May 2003 and have been projected by Centex Homes to close escrow at the rate of six homes per month. As of August 31, 2003, 156 homes have been sold in the total Belsera development. As of August 31, 2003, sales contracts have been signed and escrows have been opened for seventeen (17) homes in the Belsera II Area. No homes have been completed in the Belsera II Area and therefore no escrows have closed. Homes in the Belsera II Area will range in size firm 1,439 to 1,871 square feet and are expected to range in price from $154,000 to $182,000. zz The Montaza II Area. The Montaza II Area project will be developed as the final phase of a four-phase development, the fast three phases of which aze located adjacent to but outside the Assessment District. The Montaza II Area project will consist of 41 single-family homes on 41 R-1 lots, and the total Montara development will consist of 275 single-family homes an 275 R-1 lots. Construction of the first phase of the total Montaza development {consisting of 92 homes} is completed, with the exception of six reserved lots adjacent to the model homes. Conshuction of the second phase of the total Montaza development (consisting of 84 homes)rs completed. Construction of all of the homes in the third phase of the total Montara development (consisting of 57 homes) has commenced; 26 such homes have been completed and 31 such homes aze currently under construction. Construction of the Montaza II Area project (consisting of 41 homes) commenced in April 2003 and is expected to be completed in mid-2005. Sales of completed homes in the total Montana development commenced in May 2003 and have been projected by Centex Homes to close escrow at the rate of six homes per month. As of August 1, 2003, 189 homes have been sold in the total Montana development. As of August 31, 2003, sales contracts have been signed and escrows have been opened for seventeen (17) homes in the Montaza II Area. No homes have been completed in the Montaza II Area and therefore no escrows have closed. Homes in the Montaza II Area will range in size from 1,965 _ to 2,510 square feet and aze expected to range in price from $192,000 to $234,000. The Olive Park Land Company Development Plan Olive Pazk Land Company is the developer of the Olive Pazk II Area. Olive Pazk Land Company plans to develop the Olive Pazk II Area as follows: The Olive Park II Area encompasses approximately 30.50 acres and has been approved for subdivision into 83 R-1 lots. Olive Pazk Land Company plans to develop the Olive Park II Area as a single family subdivision, which is expected to include 83 buildable R-1 lots, plus one non-buildable lot set aside as a storm drain sump. Finished R-1 lots are expected to range in size from approxnmately 10,000 to approximately 20,000 squaze feet. Olive Park Land Company plans to sell the completed lots to merchant builders. As of [he date of this Official Statement, Olive Pazk Land Company has sold a total of 141ots to merchant builders and has opened escrows to sell an additional 351ots, which escrows aze scheduled to close between October 15, 2003, and November 15, 2003. The merchant builders are expected to build single family residences on the property within the Olive Park II Area. Construction of the homes commenced in September 2003 and the homes aze expected to range in size from approximately 2,000 to 3,000 squaze feet and to range in price from approximately $250,000 to $400,000. As of August 15, 2003, rough grading of the R-1 lots has been completed, the storm sump has been excavated and the storm drain system has been installed, the sanitary sewer has been installed and is being compacted, and the curbs and guuers are being staked and are scheduled for installation. Olive Pazk Land Company expects all of the Improvements in the Olive Park II Area that are to be fmanced with Bond proceeds to be completed by the end of 2003. The Centex Homes Financing Plan All Improvements within the Community Areas being developed by Centex Homes not financed with proceeds from the sale of the Bonds will be financed as described below. Centex Homes financed the purchase of the land in the Buena Vista Ranch Area, the Belsera II Area, and the Montaza II Area with available cash, and plans to finance the development of completed homes in said Community Areas with available cash. No loans or lines of credit will be used for the financing of the development of such Community Areas. The following information has been provided by Centex Homes regarding the estimated costs to develop the Buena Vista Ranch Area and the actual costs incurred in connection with the Buena Vista Ranch Area through August 15, 2003: -~-~ 23 Total Costs Incurred Phase Total Estimated Cost as of August 15.2003 1 $1,762,553 $1,490,000 2 1,192,090 800,000 3 1,470,582 170,000 4 520,609 370,000 5 1,019,946 445,000 b 1,131,451 148,000 ? 819,522 71,000 8 1,596,382 150,000 Totals $9,513,135 $4,144,000 Centex Homes has estimated the costs to develop the Montaza II Area project to be $789,600, and has reported that the actual costs incurred for such project through August 15, 2003, total $43Q,000. Centex Homes has estimated the costs to develop the Belsera II Area project to be $825,000, and has reported that the actual costs incurred for such project through August 15, 2003, total $675,000. Centex Homes has represented to the City that the available cash described above, when added to the Bond proceeds expected to be made available to Centex Homes following the issuance of Bonds, will be sufficient to pay the total estimated cost of its planned developments in the Buena Vista Ranch Area, the Belsera II Area, and the Montana II Area. Notwithstanding available potential sources of financing, Centex Homes is under no obligation to apply suoh sources to the wmpletion of infrastructure or the construction of homes within the Buena Vista Ranch Area, the Belsera II Area, or the Montana II Area. The Olive Park Zand Company Financing Plan All Improvements within the Olive Park II Area being developed by Olive Park Land Company not financed with proceeds from the sale of the Bonds will be fmanced through a combination of cash assets and credit agreements. Olive Pazk Land Company has estimated the total budget for ]and acquisition and construction of improvements in the Olive Park II Area to be $3,320,000. As of August 1, 2003, Olive Pazk Land Company has expended approximately $830,000 on land acquisition and approximately $770,000 on construction, leaving approximately $1,720,000 in remaining construction costs. The officers and shareholders of Olive Park Land Company have agreed to extend credit to Olive Pazk Land Company in the amount of $3,000,000 to complete the planned development. 1n addition, James Bryan Batey maintains a credit agreement with Wells Fargo Bank {the "JB Batey Credit Ageement"), pursuant to which Wells Fazgo Bank provides a revolving credit line of $1,000,000. Under the JB Batey Credit Agreement, James Bryan Batey is required to pay interest to Wells Fazgo Bank on outstanding balances at a rate per annum that is adjusted based on Wells Fazgo Baok's prime rate. As of July 15, 2003, the total outstanding borrowed balance under the JB Batey Credit Agreement was $0. James Bryan Batey also maintains deposit accounts at Wells Fargo Bank, as well as at Citizens Business Bank and Merrill Lynch. Ben E. Batey (through Batey Development, Inc.) also maintains a credit agreement with Wells Fargo Bask (the "Batey Development Credit Agreement"), pursuant to which Wells Fargo Bank provides an unsecured revolving credit line of up to $2,000,000. Under the Batey Development Credit Agreement, Ben E. Batey is required to pay interest to Wells Fazgo Bank on outstanding balances at a rate per annum that is adjusted based on Wells Fazgo Bank's prime mte. As of July 15, 2003, the total outstanding borrowed amount under the Batey Development Credit Agreement was $0. Ben E. Batey also maintains banking relationships with Salomon Smith Barney and A.G. Edwazds. Olive Park Land Company has represented to the City that the available cash and credit described above, when added to the Bond proceeds expected to be made available to Olive Pazk Land Company following the issuance of Bonds, will be sufficient to pay the total estimated cost of its planned development in the Olive Pazk II Area. Notwithstanding available potential sources of fmancing, Olive Park Land Company is under no obligation to 2a - - -- apply such sources to the completion of infrastructure or the development of residential lots within the Olive Pazk II Area Assessment Roll Set forth in APPENDIX E is the assessment roll, including appraised value-to-lien information, for the parcels of property within the Assessment DisMet that aze subject to the lien of the assessments as of August 29, 2003, the date the notice of assessment for the Assessment District assessments was recorded in the Official Records of the County. The assessment roll shows the amount of the total estimated cost of the proposed Improvement acquisition, construction, and incidental cost that is assessed upon each of the lots and parcels within the Assessment District based upon the alternate method and rate of assessment perniltted under Section 13.08.070 of the Municipal Code of the City. See "THE ASSESSMENT DISTRICT AND TFIE IMPROVEMENTS -Method of Assessment Spread" above. The assessment numbers that appeaz on the assessment roll correspond to the assessment numbers shown on the assessment diagram, attached hereto as APPENDIX D. Utilities All utilities, including gas, water, electricity, sewer, storm drains, and telephone service are br will be installed in the streets within the Assessment District and will wnnect to existing facilities in the surrounding streets. Natural gas service is provided by Pacific Gas & Electric; water, sewer, and stone sewers aze provided by the City; electricity service is provided by Pacific Gas & Electric; and telephone service is provided by Pacific Bell. See "THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS -Description of the Community Areas and the Improvements" and "SPECIAL RISK FACTORS -Factors Which May Affect Land Development " i Flood and Earthquake Zones According to the Federal Emergency Management Agency Federal Insurance Administration map panels 060077-OIOOOB, 060075-10158, and 060075-IOOSB, each dated September 29, 1986 (the "FEMA Maps"), all of the Community Areas are situated within a mapped Zone C area. Zone C denotes an area of minimal flooding. Consequently, no flood insurance is required for any land within the Assessment Distict. According to Special Publication #42 of the California Division of Mines and Geology, Revised Edifion, ~ 1994, entitled "Fault-Rupture Hazazd Zones in California," the Assessment District is not located within any Special Studies Zone, as defined in the Alquist-Priolo Special Studies Zone Act. Zoning According to the Planning Deparpnent of the City, the parcels within the Community Areas are zoned as R- 1. An R-I zoning designation allows single-family residential land uses, with a minimum tat size of 6,000 squaze feet for each dwelling unit (referred to herein as "R-1 lots"). Tax De6nquen'cies The City reports that, based upon the records of the office of the Kern County Tax Collector, there aze no delinquent taxes or penalties owed against the pazcels in the Assessment District. Olive Pazk Land Company has reported that it has never been late on making assessment payments in other assessment districts, defaulted on any bond issue, or lost any property to foreclosure as a result of not paying assessments. Centex Homes has represented that, for the period from July 1, 1996 to the present, it has never failed to make assessment payments in other assessment or other special districts within California, defaulted on any bond issue within California, or lost any properly to foreclosure as a result of not paying taxes or assessments. Investors should be awaze that, prior to July 1, 1996, various corporate activifies, including the acquisition of an existing company in federal bankruptcy proceedings, make it difficult for Centex Homes to represent that in one or more of its projects or the projects of an affiliate landowner, either Centex Homes or its affiliate landowner, or both, have never been delinquent in the payment of ad valorem property taxes, special assessments or special taxes, and hone never lost property to foreclosure as a result of not paying taxes or assessments. However, as of the 25 date of this Official Statement, Centex Homes has represented, and upon the issuance of the Bonds Centex Homes will represent, that neither it nor any related landowner is currently delinquent in the payment of special assessments or taxes on any of its property within California. Environmental Review Pursuant to the Charter and Municipal Code of the City, the formation of an assessment district is exempt from compliance with the California Environmental Quality Act ("CEQA"). Accordingly, a Notice of Bxemption from CEQA was filed by the City with the Kem County Clerk for the Assessment District proceedings on June 13, 2003. The City reports that separate environmental review proceedings will be conducted for the improvement projects proposed to be financed by the District as part of the CEQA compliance associated with the land use entitlement and subdivision approval process within each Community Area. Appraised Value-to-Lien Ratio An appraisal dated as of August 10, 2003 (the "Appraisal"), of the property within each of the four Community Areas in the Assessment Disirict that is subject to the lien of the assessments has been prepazed for the City by Launer & Associates, Bakersfield, California (the "Appraiser"). -- ~ " The Appraisal, subject to the various limitations and assumptions set forth therein, provides an estimate of the market value (designated in the Appraisal as the "Bulls Value of Recorded Lots and Land" and defined herein as the "Bulk Value") of each pazcel of property within the Assessment District. Because final maps have been recorded for all parcels within the Assessment District, the Appraiser determined Bulk Value by discounting the Aggregate Finished Lot Value When Complete (as defined below} of each parcel based on the portion of the Completion Costs (as defined below) not yet incurred by the applicable Developer. The "Aggregate Finished Lot Value When Complete" is described in the Appraisal as the value of each pazcel assuming the completion of the Improvements and taking into account the value added by existing improvements, a recorded subdivision map, and the "Completion Costs," which aze defined herein as the costs associated with the Developer-funded improvements necessary to develop such pazcel as a finished lot available for improving with new housing units. The Completion Costs were presumed by the Appraiser to include direct and induect costs for each lot, taxes during constmction, costs associated with school bonds, profits, commissions, administrafive and miscellaneous expenses, and the time value of money. Based on the Appraisal, the rafio of the aggregate Bulk Value of the Assessment District property to the aggregate assessment lien is A.19:1. The following table sets forth the Bulls Value of the Assessment District property and the applicable value-to-lien ratios. For a discussion of liens encumbering the Assessment District properly other than the assessments, see "Duect and Overlapping Debt" below and "THE BONDS -Priority of Lien" herein. [Remainder of Page Intentionally Left Blank] 26 Direct and Overlapping Debt The following table details the dtrect aztd overlapping debt cturently encumbering property within the Assessment District: CITY OF BAKERSFIELD ASSESSMENT DISTRICT N0.03-2 (BUENA VLSTA RANCH/BELSERA II/MONTARA D/OLIVE PARK Il) Direct and Overlapping Debt 2003-04 Local Secured Assessed Valuation: $4,446,936 DDtECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: %Applicable Debt 7!1!02 Kem Community College District School Facilities Improvement District No. 1 0.010% $ 7,519 Kem County Union High School District 0.016 10,588 Norris School District 0.102 4,561 City of Bakersfield 0.036 1,440 Kem County Water Agency, LD. No. 4 ~ - 0.006 197 Kern Delta Water District - -- ~ 0.641 15,929 Kern Community College District Assessment District 0.012 1,244 City of Bakersfield Assessment District No. 03-Z 100.000 = (1) TOTAL GROSS DIltECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $41,478 Less: City of Bakersfield water bonds 1 440 TOTAL NET DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $40,038 OVERLAPPING GENERAL FUND OBLIGATION DEBT Kem County General Fund Obligations OA10% $ 9,952 Kem County Pension Obligations 0.010 50,404 Kem County Board of Education Certificates of Participation 0.010 9,820 Kem Community College District Certificates of Participation 0.009 4,212 Kem County Union High School District General Fund Obligations 0.016 15,264 City of Bakersfield Certificates of Participation 0.036 12 812 TOTAL OVERLAPPING GENERAL FUND OBLIGATION DEBT $102,524 GROSS COMBINED TOTAL DEBT $144,002 (2) NET COMBINED TOTAL DEBT $142,562 (1) Exctudes 1915 Act bonds to be sold (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and tax allocafion bonds, and non- bonded capital lease obligations. Ratios to 2003-04 Assessed Valuaton: DvectDebt .............._............................................................................ ... -% Total Gross~irect and Overlapping Tax and Assessment Debt ............. ... 0.93°l0 Total Net Direct and Overlapping Tax and Assessment Debt ................. ... 0.90°l0 Gross Combined Total Debt ................................................................... ... 324°10 Net Combined Total Debt ....................................._................................ ... 3.21°l0 State school bttildint=. aid repayable as of 6/30/03: $0 i Source: California Municipal 5tatisdcs, Inc. 27 APPRAISED VALUES AND VALUE-TO-LIEN RATIOS CITY OF BAKERSFIELD ASSESSMENT DISTRICT N0.03-2 {BUENA VISTA RANCH/BELSERA II/MONTARA II/OLIVE PARK II) '~, ' Net (Z) Asseaweot Valuo-to-Lien . Assessment No. Property Owner Aves BnOC Value Lien Ratio Buena Vista Rauch-Tract 6104 (Greystme) 1-59 (residentiat lots} Centex Homes 17.72 $1,252,990 $298,634 4.20 '~. 60fi2 (Immdseape lots) Centex Homes NJA 0 0 N/A 63-12b (residwtial lots} Cenex Homes 18.89 1,359,175 373,942 4.20 127-128 pandscape lots) Centex HOmes NJA 0 0 N/A 129-199 {resideutiat lots) Centex Homes 20.06 1,107,835 359,3'73 420 200 paudscapelot) Centex Homes N/A 0 D N/A ' 201 {park lot} Cemez Homes N!A 0 0 N/A 202 (park ]at) Centex Homes N/A 0 0 N/A Tamis 56.67 $d,120,OW $981,949 4.20 Boeva V~sfa Ranek=Tract 6304 (Hidden Oaks) 203.232 (residential lots) Centex Homes 7.04 $ 439,137 $ 121,316 3.55 233 (landscape lot) Cemex Homes N/A 0 0 N!A ' 234294 (residentiat lots} Centex Homes 14.07 '- - 874,611 246,676 3.55 295-296 (landscape lots) Centex Homes N/A 0 0 N(A 297-379 (residential lots) Centex Homes 18.95 1,190,044' ' " 335,641 3.55 ' 380-441 (residential ]ore) Cenex Homes 13.44 888,949 250,720 3.55 • 442 (landscape lot) Centaz HOmes N/A 0 0 N/A 443-099 {residential lots) Cenex Homes 14.36 817,259 230,501 3,55 500-502 (18ndsoape lots) Centex Homes N/A 0 0 N/A 503 (stormdrain sump lot) Centex Homes N/A 0 0 NIA Totals 6838 $4,201,000 $1,184,884 3.55 Totals for Buena Vista Rauch Area 125.05 58,321,gq $2,166,803 3.84 Belsera IIArea-Tract 5831-3 504558 (residenhatlots) Centex HOmes 13.28 $1,16b,000 $235,270 4.96 Tafals 13.28 $1,166,000 $235,270 4.96 Momm~ II Area - Tract 58294 559571 & 573-600 {residential lots) Centex Homes 12.92 $949,000 $199,606 4.71 572 (stomm drain sump lot} Centex Homes NfA 0 0 N/A 601 (voter will site lot) Cenex Homes NtA 0 0 N/A Totals 12.92 $940,000 $199,6!16 4.71 ', OOve ParkIIArea-Tract 6117-1 Olive Pmk Lead 602fi61 &663-685 (residenial lots) Company Olive Park Land 6b2 (smrmdrain sump tot) Company Totals 28.38 $2,190,000 $553,320 5.04 NtA 0 0 N/A 28.38 $2,790,000 $553,320 5.04 Assessment District Totalsvi 179.63 $13,217,000 $3,153,000 4.19 (1) Totals may not add due to rounding. (2) `27et Acres" represent the acres within the Assessment Iistrict being assessed, and do not inetude off-site streets, storm drain sumps, water well sites, or park sites. Source: Appraisal (provided, however, that the Engineer's Report served as rite source for Net Acres data). The assumptions and limitations regazding the appraised valuafions are set forth in the Appraisal, a copy of which is attached hereto as APPENDIX B. See APPENDIX E for additional information regazding the appraised value of each assessed parcel and the ratio of such value to the amount of the assessment lien against such parcel. The City makes no representations as to the accuracy or completeness of the Appraisal Certain considerations relating to the Appraisal are discussed under the heading "SPECIAL RISK FACTORS." NO REPRESENTATIONS ARE MADE REGARDING THE APPRAISED VALUATIONS QUOTED IN APPENDIX E, AND PROSPECTIVE PURCHASERS ARE CAUTIONED NOT TO RELY ON THE VALUATIONS IN DETERMINING WHETHER OR NOT THE BONDS DESCRIBED HEREIN ARE A SUITABLE INVESTMENT. PROSPECTIVE PURCHASERS OF THE BONDS SHOULD NOT ASSUME THAT TIC PROPERTY WITHIII THE ASSESSMENT DISTRICT COULD BE SOLD FOR THE VALUATION AMOiJN'I' AT A FORECLOSURE SALE FOR DELINQUENT ASSESSMENTS. 28 SPECIAL RISK FACTORS General Under the provisions of the 1915 Act, assessment installments, from which funds for the payment of annual installments of principal and interest with respect to the Bonds aze derived, will be billed to properties against which there aze unpaid assessments on the regular property tax bills sent to owners of such properties. Such assessment installments aze due and payable, and bear the same penalties and interest for non-payment, as do regular property tax installments. Therefore, the unwillingness or inability of a property owner to pay regular property tax bills as evidenced by property tax delinquencies will likely indicate an unwillingness or inability to make regular property tax payments and assessment installment payments in the future. In order to pay debt service on the Bonds, it is necessary that unpaid installments of assessments on land within the Assessment District are paid in a timely manner. Should the installments not be paid on time, the City has established a Special Reserve Fund in the initial amount of $258,120, which will thereafter be maintained, from assessment installment payments and from proceeds of redemption or sale of parcels with assessment delinquencies, in the amount of the Reserve Requirement, to cover delinquencies in the payment of assessments. The assessments are secured by a lien on the parcels of land and the City can institute foreclosure proceedings to sell land in the Assessment 1istrict with delinquent installments for the amount of such delinquent installments in order to obtain funds to pay debt service on the Bonds. Failure by owners of the parcels to pay installments of assessments when due, depletion of the Special Reserve Fund, or the inability of the City to sell pazcels which have been subject to foreclosure proceedings for amounts sufficient to cover the delinquent installments of assessments levied against such pazcels may result in the inability of the City to make full ar punctual payments of debt service on the Bonds, and Bondowners would therefore be adversely affected. The Sonds are not secared by the general taxing power of the City, the County, the State, or any other political subdivision of the State, and neither the City, nor the County, nor the State, nor any other political subdivision of the State has pledged its fall faith and credit for the payment thereof. Unpaid assessments do not constitute a personal indebtedness of the owners of the lots and pazcels 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 fmancially able to do so. Risks of Real Estate Secured Investments Generally Owners of the Bonds will be subject to the risks generally incident to an investment secured by real estate, including, without limitation, (i} adverse changes in local market conditions, such as changes in the market value of real property in and in the vicinity of the Assessment District, the supply of or demand for competifive properties in such area, and the market value of residential property or buildings andlor sites in the event of sale or foreclosure; (ii) changes inTeal estate tax rate and other operating expenses, governmental rules {including, without limitation, zoning laws and laws relating to endangered species and hazazdous materials) and fiscal policies; and (iii) natural disasters (including, without limitaton, earthquakes and floods), which may result in uninsured losses. Availability of Funds to Pay Delinquent Assessment Installments The City will establish a Special Reserve Fund out of Bond proceeds in the amount of $258,120, which will thereafter be maintained, from assessment installment payments and from proceeds of redemption or sale of pazcels with assessment delinquencies, in the amount of the Reserve Requirement. As discussed herein under the heading "'fFIE BONDS -Special Reserve Fund," if a delinquency occurs in the payment of any assessment installment, the City has a duty to transfer to the Redemption Fund the amount of the delinquency out of the Special Reserve Fund. This duty of the City is continuing during the period of delinquency, until reinstatement, redemption, or sale of the delinquent property. There is no assurance that the balance in the Special Reserve Fund will always be adequate to 29 pay all delinquent installments and if, during the period of delinquency, there are insufficient funds in the Special Reserve Fund to pay all delinquent installments, a delay may occur in payments to the owners of the Bonds. Hazardous Substances Although governmental taxes, assessments, and chazges are a common claim against the value of an assessed parcel, other less wmmon claims may be relevant. One of the most serious in terms of the potential reduction in the value that may be realized to pay the unpaid assessments is a claim with regazd to hazardous substances. In general, the owners and operators of pazcels within the Assessment District may be required by law to remedy conditions of the pazcels related to the releases or threatened releases of hazardous substances. The federal Comprehensive Environmental Response, Compensafion, and Liability Act of 1980, sometimes referred to as "CERCLA" or the "Superfund Act," is the most well-known and widely applicable of these laws, but California laws with regazd to hazardous substances are also stringent and similar. Under many of these laws, the owner (or operator} is obligated to remedy a hazardous substances condition of a property whether or not the owner (or operator} has anything to do with creating or handling the hazardous substance. The effect, therefore, should any parcel within the Assessment District be affected by a hazazdous substance, would be to reduce the mazketability and value of the parcel by the costs of remedying the condition, because the owner (or operator} is obligated to remedy the condition. Further, such liabilities may arise not simply from the existence of a hazazdous substance but from the method of handling or disposing of it. All of these possibilities could significantly affect the financial and legal ability of a property owner to develop the affected parcel or other parcels, as well as the value of the property that is realizable upon a delinquency and foreclosure. The appraised values set forth in the Appraisal do not, unless expressly noted, take into account the possible reduction in mazketability and value of any of the parcels by reason of the possible liability of the owner (or operator} for the remedy of a hazazdous substance condition of the pazcel. Centex Homes and Olive Park Land Company have each represented to the City that it is not aware of any current liability with respect to any of its parcels within the Assessment District. Further, it is possible that liabilities may arise in the future with respect to any of the pazcels within the Assessment District resulting from the existence, currently, on the parcel of a substance presently classified as hazardous but which has not been released or the release of which is not presently threatened, or may arise in the fuhue resulting from the existence, currently, on the pazcel of a substance not presently classified as hazardous but which may in the future be so classified. Such liabilities may arise not simply from the existence of a hazardous substance but from the method of handling or disposing of it. All of these possibilities could significantly affect the value of an assessed pazcel that is realizable upon a delinquency of an unpaid assessment. See "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT -Environmental Review." Endangered and Threatened Species No threatened or endangered species (or their respective habitats) have been identified in any of the Community Areas. If; however, any threatened or endangered species {or their respective habitats) were to be discoveled on a parcel within the Assessment District prior to or during development, the ability of the then-current landowner to develop the affected parcel could be severely limited. In such an event, the then-current landowner's willingness or ability to pay assessment installments could be adversely affected. Factors Which May AfTect Land Development There is no assurance that the amount to be financed by the assessments will be sufficient to pay for the entire cost of the Improvements. Centex Homes and Olive Pazk Land Company will each be obligated to pay all of its respective costs in excess of the amount financed by the assessments. See "THE ASSESSMENT DISTRICT AND `fFIE IMPROVEMENTS -Description of the Community Areas and the Improvements." Future development in the Assessment District may be affected by changes in the general economic conditions, fluctuations in the real estate market, and other factors. In addition, development may be subject to future federal, state, and local regulations. Approval may be required from various agencies from time to time in 30 connecfion with the layout and design of any proposed development in the Assessment District, the nature and extent of public improvements, land use, zoning, and other matters. Although no such delays are anticipated, failure to meet any such future regulations or obtain any such approvals in a timely manner could delay or adversely affect any proposed development in the Assessment District. The development of property within the Assessment District could be adversely affected if lawsuits or other actions were commenced to restrict or prevent further development within the Assessment District. Private Improvements; Increased Debt The development of the property within the Assessment District depends upon both public and private improvement of land within the Assessment District. The cost of additional private improvements within the Assessment District, together with public improvements financed with any additional property secured financing, will increase the public and private debt for which the land within the Assessment District is the security. Any additional public improvements for which the property owners or their properties might be obligated could reduce the ability or willingness of the property owners within the Assessment District to pay the annual assessment installments levied against their property. See "SPECIAL., RISK -Priority of Lien." In addition to the assessments being levied to finance the construction and acquisition of the hnptovements, the City intends to include as a part of such levy an annual assessment upon each pazcel of land in the Assessment District to cover all administrarive costs of the City with respect to the Assessment District. These additional administrative assessment amounts could reduce the ability or willingness of the property owners within the Assessment District to pay the annual assessment installments levied against their property. Subordinate Debt; Payments by FDIC and other Federal Agencies Centex Homes and Olive Pazk Land Company have each reported that none of its respecfive property within the Assessment District currently serves as security for any loan. Portions of such property may in the future secure loans. Any such loan is subordinate to the lien of the assessments. However, in the event that any of the financial institutions making any loan that is secured by real property within the Assessment District is taken over by the Federal Deposit Insurance Corporation ("FDIC") or if a lien is imposed on the property by the Drug Enforcement Agency, the Internal Revenue Service, or other similaz federal governmental agency, and, prior thereto or thereafter, the loan or loans go into default, the ability of the City to collect interest and penalties specified by state law and to foreclose the lien of a delinquent unpaid assessment may be limited. Sgecifically, with respect to the FDIC, on June 4, 1991, the FDIC issued a Statement of Policy Regarding the Payment of State and Local Property Taxes (the "1991 Policy Statement"). The 1991 Policy Statement was revised and superseded by new Policy Statement effective January 9, 1497 (the "Policy Statement"). The Policy Statement provides that real property owned by the FDIC is subject to state and local real property taxes only if those taxes are assessed according to the property's value, and that the FDIC is immune from real property taxes assessed on any basis other than property value. According to the Policy Statement, the FDIC will pay its property tax obligations when they became due and payable and will pay claims for delinquent property taxes as promptly as is consistent with sound business practice and the orderly administration of the institution's affairs, unless abandonment of the FDIC's interest in the property is appropriate. The FDIC will pay claims for interest on delinquent property taxes owed at the rate provided under state law, to the extent the interest payment obligation is secured by a valid lien. The FDIC will not pay any amounts in the nature of fines or penalties and will not pay nor recognize liens for such amounts. If any property taxes (including interest) on FDIC owned property are secured by a valid lien {in effect before the property became owned by the FDIC), the FDIC will pay those claims The Policy Statement further provides that no property of the FDIC is subject to levy, attachment, garnishment, foreclosure or sale without the FDIC's consent. In addition, the FDIC will not permit a lien or security interest held by the FDIC to be eliminated by foreclosure without the FDIC's consent. The Policy Statement is uncleaz as to whether the FDIC considers assessments such as those levied by the City to be "real property taxes" which they intend to pay. However, the Policy Statement-states that the FDIC generally will not pay non-ad valorem taxes, including special assessments, on property in which it has a fee interest unless the amount of tax is fixed at the time that the FDIC acquires its fee interest in the property, nor will it recognize the validity of any lien to the extent it purports to secure the payment of any such amounts. 31 T7ie City is unable to predict what effect the application of the Policy Statement would have in the event of a delinquency on a pazcel within the Assessment District in which the FDIC has or obtains an interest, although prohibiting the lien of the FDIC to be foreclosed at a judicial foreclosure sale would reduce or eliminate the persons willing to purchase a pazcel at a foreclosure sale. Owners of the Bonds should assume that the City will be unable to foreclose on any pazcel owned by the FDIC. Such an outcome could cause a draw on the Special Reserve Fund and perhaps, ultimately, a default in payment on the Bonds. Based on the secured tax roll as of June 30, 2003, the FDIC does not presently own any property within the Assessment District. The City expresses no view concerning the likelihood that the risks described above will materialize while the Bonds are outstanding. Property Values Reference is made to APPENDIX B, which contains excerpts from the Appraisal summarizing the Appraiser's opinion with respect to the value of the property that is subject to the lien of the assessments and the assumptions made by the Appraiser in comiection therewith. Reference is also made to "OWNERSHII' AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMEN'1'DISTRICT -Appraised Value-to-Lien Ratio" for a summary of the value of the property within each of the four respective Community Areas in the Assessment District that is subject to the lien of the assessments and the ratio of the appraised value of such property to the total amount of the assessment liens on such property that secure the Bonds. See also APPENDDC E for a listing of the ratio of the appraised value of each assessed parcel to the amount of the assessment lien against such pazcel. No assurance can be given that this appraised value to lien ratio will not decline should subsequent liens be placed on property within the Assessment District. Further, there is no assurance that in the event of a foreclosure sale for a delinquent assessment installment, any bid will be received for any such property within the Assessment District or that any bid received or resale price will be sufficient to pay such delinquent installments (plus costs and penalties}. The 1915 Act provides that a parcel be sold for the delinquent installment{s} amount {plus costs and penalties} and not the entire outstanding assessment. The Appraiser has made various assumptions in order to derive the aggregate valuation estimate of the property within the Assessment District to be assessed. See APPENDD{ B for an explanafion of methodology and a statement of contingent and limiting conditions and assumptions used by the Appraiser to derive the aggregate value of the property. Although these contingent and limiting conditions and assumptions were considered reasonable by the Appraiser based on information available to the Appraiser, neither the Appraiser nor the City can give any assurance that any parcel will be developed in accordance with the uses that the Appraiser has projected. Concentration of Ownership Over ninety-seven percent (97%) of the property within the Assessment District is presently owned by Centex Homes or Olive Pazk Land Company, and such property is subject to almost all of the lien of the unpaid assessments. No lots were sold prior to the recording of the notice of assessment. Centex Homes does not intend to sell any lots to merchant builders, but, as of the date of this Official Statement, has closed escrow on six homes. Moreover, although Olive Pazk Land Company has indicated its intention to sell lots to merchant builders, and Las already sold fourteen {14} lots to merchant builders, with an additional thirty-five {35} lots in escrow, there can be no assurance that it will be completely successful in so doing. Thus, there is no assurance of any degree of diversification of ownership of the assessed properly. Also, unless and until such ownership is further diversified, the inability or refusal of Centex Homes or Olive Park Land Company to pay its respective assessment installments when due could result in the rapid total depletion of the Special Reserve Fund prior to reimbursement thereof from foreclosure proceedings. Under such circumstances, there would be insufficient moneys with which to pay principal of and/or interest on the Bonds. Failure of any future property owners to pay installments of assessments when due could also result in a default in payment of the principal of and interest on the Bonds prior to the resales of foreclosed property or delinquency redemptions. In that event, there could be a default in payments of the principal of and interest on the Bonds. 32 Tax Delinquencies Assessment installments, from which funds necessary for the payment of annual installments of principal of and interest on the Bonds aze to be derived, will be billed to each property against which there is an unpaid assessment on the regular property tax bills sent to the owner of such property. Such installments aze due and payable, and bear the same penalties and interest for non-payment, as do regular property tax installments. Under certain circumstances, assessment installment payments on pazcels of property in Kem County can be made separately from regular property tax payments for such parcels. Property tax payments will not be accepted, however, unless the assessment installments for such parcels have also been paid. Therefore, the unwillingness or inability of a property Darner to pay regulaz property tax bills, as evidenced by property tax delinquencies, will likely indicate an unwillingness or inability to make regulaz property tax payments and assessment installment payments in the future. A failure of property owners to pay installments of assessments when due could result in a default in payments of the principal of and interest on the Bonds. The City reports that, based upon the records of the office of the Kern County Tax Collector, none of the parcels in the respective Community Areas within the Assessment District shows delinquencies in the payment of fiscal yeaz 2000-O1, 2001-2002, or 2002-03 property tax installments. Limited Obligation of the City Upon Delinquency If a delinquency occurs in the payment of any assessment installment, the City has a duty only to transfer into the Redemption Fund the amount of the delinquency out of the Special Reserve Fund and to undertake, under certain circumstances, judicial foreclosure proceedings to recover such delinquencies. This duty of the City is continuing during the period of delinquency, until reinstatement, redemption, or sale of the delinquent property. There is no assurance that funds will be available for this purpose and ~ during the period of delinquency, there are insufficient funds in the Special Reserve Fund, a delay may occur in payments to the owners of the Bonds. If there are additional delinquencies after exhaustion of funds in the Special Reserve Fund, the City is not obligated to transfer into the applicable Redemption Fund the amount of such delinquency out of any other available moneys of the City. THE CITY'S LEGAL RESPONSIBILITIES W'I'I'II RESPECT TO SUCH DELINQUENT INSTALLIvIEN'1'S ARE LIMITED TO ADVANCING THE AMOUNT THEREOF SOLELY FROM ANY AVAILABLE MONEYS IN THE SPECIAL RESERVE Ft7ND AND TO UNDERTAKING, i7NDER CERTAIN CIRCUMSTANCES, NDICIAL FORECLOSURE PROCEEDINGS TO RECOVER SUCH DELINQUENCIES. THIS DUTY OF THE CITY TO ADVANCE FUNDS IS CONTINUING DURING THE PERIOD OF DELINQUENCY ONLY TO THE EXTENT OF FUNDS AVAILABLE FROM THE SPECIAL RESERVE FUND UNTIL. REINSTATEMENT, REDEMPTION, OR SALE OF THE DELINQUENT PROPERTY. IN ACCORDANCE WITH SECTION 8769(b) OF THE 1915 ACT, THE CITY HAS DETERbfINED THAT IT WILL NOT ADVANCE FUNDS FROM ITS TREASURY TO CURE ANY DEFICIENCY IN THE REDEMPTION FUND. Bankruptcy and Foreclosure The payment of assessment installments and the ability of the City to foreclose on the lien of a delinquent unpaid assessment, as discussed below in the section entitled "SPECIAL RISK FACTORS -Covenant to Commence Superior Court Foreclosure," may be limited by banlmtptcy, insolvency, or other laws generally affecting creditors' rights or by the laws of the State of California relating to judicial foreclosure. The various legal opinions to be delivered concurrently with the delivery of the Bonds will be qualified, as to the enforceability of the various legal instruments, by reference to baukrnptcg insolvency, reorganization, arrangement, moratorium, and other similar laws affecting the rights of creditors generally, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases, and to the limitations on legal remedies in the State. -- 33 On July 30, 1992, the United States Court of Appeals for the Ninth Circuit issued its opinion in a bankruptcy case entitled In re Glaspdy Marine Industries. In that case, the wort held that ad valorem property taxes levied by Snohomish County in the State of Washington after the date that the progeny owner filed a petition for bankruptcy were not entitled to priority over a secured creditor with a prior lien on the property. The court upheld the priority of unpaid taxes imposed after the Sling of the bankruptcy petition as "administrative expenses" of the bankruptcy estate, payable after all secured creditors. As a result, the secured creditor was able to foreclose on the property and retain all of the proceeds of the sale except the amount of the pre-petition taxes. According to the court's ruling, as administradve expenses, post-petition taxes would have to be paid, assuming that the debtor has sufficient assets to do so. In certain circumstances, payment of such administrative expenses may be allowed to be deferred. Once the property is transferred out of the bankruptcy estate {through foreclosure or otherwise) it would at that time become subject to current ad valorem taxes. Glasply is controlling precedent on bankruptcy courts in the State of California. Pursuant to statute, the lien date for general ad valorem property taxes levied in the State of California is the January 1 preceding the fiscal year for which the taxes aze levied Therefore, under Glasply, a banlmtptcy petifion filing would prevent the lien for general ad valorem property taxes levied in subsequent fiscal years from attaching so long as the property was a part of Ute estate in bankroptcy. Under current law, the lien of an assessment, unlike the lien for general ad valorem property taxes, attaches upon recordation of the notice of assessment. The notice of assessment for the Assessment District assessments was recorded in the Official Records of the County on August 29, 2003. Thus, before applying Glasply to a bankruptcy situation involving assessments rather than general ad valorem property taxes, a court would need to consider the differences in the statutory provisions for creation of the applicable assessment lien. If a court were tc apply Glasply to eliminate the priority as a secured claim of the assessment lien with respect to post petition levies of the assessments as against property owners within the Assessment District who file for bankruptcy, collections of the assessments from such property owners wind be reduced It should also be noted that on October 22, 1994, Congress enacted 11 U.S.C. Section 362(b)(18), which added a new exception to the automatic stay for ad valorem property taxes imposed by a political subdivision alter the filing of a bankruptcy petition. Pursuant to this new provision of law, in the event of a bankruptcy petition filed on or after October 22, 1994, the lien for ad valorem taxes in subsequent fiscal years will attach even if the property is part of the bankruptcy estate. Bondowners should be aware that the potential effect of I1 U.S.C. Section 362(b)(18) on the Assessment District assessments depends upon whether a wort were to determine that the assessments should be treated like ad valorem taxes for this purpose. Whether or not bankruptcy proceedings were to cause the assessment liens to become extinguished, bankruptcy of a property owner in all likelihood would result in a delay in prosecuting superior court foreclosure proceedings. Such a delay would increase the likelihood of a delay or default in payment of the principal of and interest on the Bonds, and the possibility that delinquent assessment installments might not be paid in full. Economic, Poetical, Social and Environmental Conditions -Prospective investors aze encouraged to evaluate current and prospective economic, political, social, and envtronmental conditions as part of an informed investment decision. Changes in economic, political, social, or environmental conditions on a local, state, federal and/or international level may adversely affect investment risk generally. Such changes may also adversely affect the value of property within the Assessment District and/or the willingness or ability of the owners of land within the Assessment District to pay their assessments. Such conditional changes may include (but aze not limited to) fluctuations in business production, consumer prices, or financial mazkets, unemployment rates, technological advancements, shortages or surpluses in natural resources or energy supplies, changes in law, social unrest, fluctuations in the crime rate, political wnflict, acts of waz or terrorism, environmental damage, and natural disasters. Articles XIIiA and I'III$ of the California Constitution C}n June 6, 1978, California voters approved an amendment to the California Constitution, commonly known as Proposition 13 (the Jarvis(Gann Initiative) which added Article XIIIA to the California Constitution. The 34 effect of Article XIIIA is to limit ad valorem taxes on real property. On November 7, 1978, California voters approved Proposition 8, which made certain clarifications to Article XIIIA. Article XIIIA of the California Constitution limits the amount of ad valorem taxes on real property to 1% of "full cash value" as determined by the county assessor. Article XIIIA defines "full cash value" to mean `Yhe county assessor's valuation of real property as shown on the 1975-76 tax bill under `full cash value' or, thereafrer, the appraised value of real groperty when pwchased, newly constructed, or a change in ownership has occurred after the 1975 assessment" The "full cash value" is subject to annual adjustment to reflect increases, not to exceed 2% per yeaz, or decreases in the consumer price index or comparable local data, w to reflect reductions in property value caused by damage, destruction or other factors. Article XIIIA exempts ftom the 1°/a tax limitation any taxes to repay indebtedness approved by ffie voters prior to July 1, 1978, and allows local governments to raise their property tax rates above the constitutionally mandated 1 % ceiling_for the purpose of paying off certain new general obligation debt issued for the acquisition or improvement of real property and approved by two-thirds of the votes cast by the qualified electorate. Article XIIiA requires a vote of two-thirds of the qualified electorate to impose special taxes on real property, while otherwise generally precluding the imposition of any additional ad valorem, sales or transaction tax on real property. In addition, Article XIIIA requires the approval of two-thirds of all members of the Statz Legislahue to change any State laws resulting in increased tax revenues. Enactment of Article X1IIA has reduced the amount of general property tax revenues received by the City. This reduction in such revenues makes it less likely that the City will have surplus funds, other than the Special Reserve Fund, with which to advance funds to make any payments or to cwe any deficiency in the Redemption Fund, should the City, in the exercise of its discretion, choose to do so. If there aze additional delinquencies after exhaustion of funds in the Special Reserve Fund, the City has no obligation to transfer into the Redemption Fund the amount of any such delinquencies out of any surplus moneys of the City. On July 2, 1979, the Fifth District Court of Appeal rendered a 3-0 decision in the case of Commri of Fresno v. Malmstrom (94 Cal. App. 3d 1974} that determined that special assessments are not subject to the limitations of Article XIQA (Proposition 13). The Court held the one percent tax limitation imposed by California Constitution Article X'IIiA on ad valorem taxes does not apply to special assessments levied pwsuant to the Improvement Act of 1911 (Streets and Highways Code, Section 5000 et seq., the relevant portions of which aze incorporated in the 1915 Act) and the 1913 Act. The Court further held that because special assessments pwsuant to such acts are not within the definition of "special taxes" in Article XiIIA, the Constitutor does not require the levy of assessments and the issuance of bonds to be approved by atwo-thirds vote of the qualified electors in an assessment district. On September 12, 1979, the California Supreme Court refused to heaz an agpeal of the lower court's decision. At the November 6, 1979, general election, Proposition 4 (the Gams Initiative) was approved by the voters of California. Such proposition added Article XIIIB to the California Constitution. Article XIIIB of the California Constitution limits the annual appropriations of the State and of any city, county, school-district, authority or other political subdivision of the State to the level of appropriations of the particular governmental entity for the prior fiscal year, as adjusted for changes in the cost of living, population and services rendered by the governmental entity. The "base yeaz" for establishing such appropriation limit is the fiscal yeaz 1978-79 and the limit is to be adjusted annually to reflect changes in population, consumer prices and certain increases in the cost of services provided by these public agencies. Appropriations subject to Article XLIIB generally include the proceeds of taxes levied by the State or other entity of local government, exclusive of certain State subventions, refunds of taxes, benefit payments from retirement, unemployment inswance and disability inswance funds. "Proceeds of taxes" include, but are not limited to, all tax revenues and the proceeds to an entity of government from {i) regulatory licenses, user ohazges, and user fees (but only to the extent such proceeds exceed the cost of providing the service or regulation}, and (ii) the investment of tax revenues. Article XIIIB includes a requirement that if an enfity's revenuestin any yeaz exceed the amounts permitted to be spent, the excess would have to be allocated to fund schools or be returned by revising tax rates or fee schedules over the subsequent two years. 35 On December 17, 1980, the Third District Court of Appeal rendered a 3-0 decision in the case Countv of Placer v. Corin (113 Cal. App. 3d 443) that determined that special assessments are not subject to the limitation of Article XIIIB (Proposition 4). The Court held that the definition of "proceeds of taxes" imposed by California Constitution Article XIIIB does not apply to special assessments and improvement bonds issued pursuant to the 1915 Act and the 1413 Act. The decision of the Court was not appealed. The enachnent of Article XIIIA of the California Constitution (Proposition 13) and subsequent legislative enactments effectively repeal dte oWerwise mandatory duty on the part of the City, under the 1915 Act, to levy and collect a special tax {in an amount necessary to meet delinquencies, but not to exceed ten cents on each $100 of assessable property within the City in any one year) if other funds aze not available to cover delinquencies. In early 1990, the U.S. Supreme Court struck down as a violation of equal protection certain property tax assessment practices in West Virginia, which had resulted in vastly different assessments of similaz properties. Since Article XIIiA provides that property may only be reassessed up to 2°l0, per yeaz, except upon change of ownership or new construction, recent purchasers may pay substantially higher property taxes than long-time owners of comparable property in a community. The Supreme Court in the West Virginia case expressly declined to comment in anyway on the constitutionality of Article XIIiA. __ . _ _ Based on this decision, however, property owners in California brought three suits challenging the acquisition value assessment provisions of Article XiBA. Two cases involve residential property and one case involves commercial properly, fit all three cases, State trial and appellate courts have upheld the constitutionality of Article XIIIA's assessment rules and concluded that the West Virginia case did not apply to California's laws. On June 3, 1991, the U.S. Supreme Court agreed to hear the appeal in the challenge relating to commercial property, but the plaintiff subsequently decided to drop the case. On October 7, 1991, the U.S. Supreme Court granted the plaintiff s petition for a writ of certiorari and agreed to hear the Nordlineer v. Lvnch case. On June 18, 1992, the U.S. Supreme Court affirmed the Nordlinger decision {112 U.S. 2326} of the California Court of Appeal, Second Appellate District, which previously held that Article XIIIA does not violate the U.S. Constitution. The City cannot predict whether any other pending or future challenges to the State's present system of property tax assessment will be successful, when the ultimate resolution of any challenge will occur, or the ultimate effect any decision regazding the State's present system of property tax assessment will have on the City's revenues or on the State's financial obligations to local governments. Articles XIIIC and XIIO} of the California Constitution Proposition 218, a state ballot initiative known as the "Right to Vote on Taxes Act," was approved by California voters on November 5, 1996. Proposition 218 added Articles XIBC and Xi>ID to the State Consttution, and, with the exception of certain provisions, Articles XIIIC and XI>ID became effective on November 6, 1996. - Article XII1D, entitled "Assessment and Property Related Fee Refarnr," contains several new provisions making it generally more difficult for local agencies to levy and maintain "assessments" for municipal services and programs. Article XIIID requires that, beginning July 1, 1997, the proceedings for the levy of any assessment by the City under the 1913 Act (including, if applicable, any increase in such assessment or any supplemental assessment under the 1913 Act) must be conducted in conformity with the provisions of Section 4 of Article XI1ID. "Assessment" is defined to mean any levy or charge upon real property for a special benefit conferred upon the real property. Article X~ additionally provides that in levying "assessments" a local government must separate the "general benefits" from the "special benefits" conferred on a parcel and may not impose on any pazcel an assessment which exceeds the "reasonable cost of the proportional special benefit conferred on that parcel." Article Xi>ID also contains various notice requirements and a public hearing requirement and prohibits the imposition of an assessment if ballots submitted by property owners, weighted according to the proportional financial obligation of the affected property, in opposition to the assessment exceed the ballots submitted in°favor of the assessment. The City believes that it has complied with all provisions of Article X)JID applicable to the Assessment District proceedings described herein. All ballots submitted by property owners were in favor of the assessment. 36 Article XHIC, entitled "Voter Approval for Local Tax Levies," provides, in Section 3 thereof, that the initiative power shall "not be prohibited or otherwise limited in matters reducing or repealing any ... assessment" of the City. Thus, Article XIIIC removes limitations on the initiative power in matters of, among other things, assessments. Consequently, the voters of the City could, by futwe initiafive, repeal, reduce, or prohibit the futwe imposition or increase of any assessment. "Assessment," is not defined in Article XIIIC and it is not clear whether the definition of that term in Article XITID (which is generally property-related as described above) would be applied to Article XIlIC. No asswance can be given that the voters of the City will not, in the futwe, approve initiatives that repeal, reduce, or prohibit the future imposition or increase of any assessments. In the case of the unpaid assessments that are pledged as security for payment of the Bonds, the 1915 Act provides a mandatory, statutory duty of the City and the Kern County Auditor to post installments on account of the unpaid assessments to the Kem County property tax roll each yeaz while any of the Bonds aze outstanding in aggregate amounts equal to the principal of and interest on the Bonds coming due in the succeeding calendaz yeaz. Although the provisigps of Article XIIIC have not been interpreted by the courts, the City believes that the initiative power cannot be used to reduce or repeal the unpaid assessments that aze pledged as security for payment of the Bonds or to otherwise interfere with the mandatory, statutory duty of the City and the Kern County Auditor with respect to the unpaid assessments that are pledged as security for payment of the Bonds. The interpretation and application of Proposition 218 will ultimately be detennined by the worts with respect to a number of the matters discussed above, and it is not possible at this time to predict with certainty the outcome of such determinafion. Future Initiatives Articles XIIIA, XIIIB, XIIIC, and X» of the Constitution were each adopted as measwes that qualified for the ballot pwsuant to California's initiative process. From time to time other initiative measures could be adopted, which may affect the ability of the City to levy and maintain assessments. Covenant to Commence Superior Court Foreclosure The 1915 Act provides that in the event any assessment or installment thereof or any interest thereon is not paid when due, the City may order the institution of a court action to foreclose the lien of assessment. In such an action, the real property subject to the unpaid assessment may be sold at judicial forecloswe sale. This forecloswe sale procedwe is not mandatory. However, in the Bond Resolution, the City has covenanted that, in the event any assessment or installment thereof, including any interest thereon, is not paid when due, the City will, no later than October 1 in any year, file an action in the Superior Court of Kern County to foreclose the lien on each delinquent assessment if (i} the sum of uncwed assessment delinquencies for the preceding fiscal year exceeds 5% of the assessment installments posted to the tax roll for that fiscal yeaz and (ii) the amount in the Special Reserve Fund is less than the Reserve Requirement. In the event such Superior Court forecloswe or forecloswes are necessary, there may be a delay in paymwts to the owners of the Bonds, pending prosecution of the foreclosure proceedings and receipt by the City of the proceeds of the forecloswe sale. It is also possible that no bid for the pwchase of the applicable property would be received at the forecloswe sale. Prior to July 1, 1983, the right of redemption from forecloswe sales was limited to a period of one year from the date of sale. Under legislation effective July 1, 1983, the statutory right of redemption from such forecloswe sales has been repealed However, a period of 140 days must elapse after a wort adjudges and decrees a lien against the lot or pazcel of land covered by an assessment or reassessment before the sale of such pazcel can be given. Furthermore, if the pwchaser at the sale is the judgment creditor, i.e., the City, an action may be commenced by the delinquent property owner within ninety (90) days after the date of sale to set aside such sale. Price Realized Upon Foreclosure The 1915 Act provides that, under certain circumstances, property may be sold upon forecloswe at less than the Minimum Price or without a Minimum Price upon petition by the City. "Minimum Price" as used in this section is the amount equal to the delinquent installnents of principal and interest on the assessment or 37 reassessment, together with all interest, penalties, costs, fees, charges and other amounts more fully detailed in the 1915 Act. The court may authorize a sale at less than the Minimum Price if the court determines, based on the evidence introduced at the required hearing, any of the following: A) Sale at the lesser Minimum Price or without a Minimum Price will not result in an ultimate loss to the owners of the Bonds. B) Owners of 75% ar more of the outstanding Bonds, by principal amount, haue consented to such petition by the City and the sale will not result in an ultimate loss to the non-consenting Bondowners. C) Owners of 75% or more of the outstanding Bonds, by principal amount, have consented to the petition and all of the following apply: l) By reason of determination pursuant to the 1915 Act, the City is not obligated to advance funds to cure a deficiency {the City made such a detemtination not to be obligated with respect to the Bonds). 2) No bids equal to or greater than the Minimum Price haue been received at the foreclosure sale. 3) No funds remain in the Special Reserve Fund. 4} The City has reasonably determined that a reassessment and refunding proceeding is not practicable, or has in good faith endeavored to accomplish a reassessment and refunding and has not been successful, or has completed a reassessment and refunding arrangement which will, to the maximum extent feasible, minimize the ultimate loss to the Bondowners. 5) No other remedy acceptable to owners of 75% or more of the outstanding Bonds, by principal amount, is reasonably available. The assessment or reassessment lien upon property sold pursuant to this procedure at a lesser price than the Minimum Price shall be reduced by the difference between the Minimum Price and the sale price. In addition, the court shall permit participafion by the Bondowners in its considemfion of the petition as necessary to its determinations. hnplementation of the above-described Minimum Price provision by the court upon foreclosure could result in nonpayment of amounts due to Bondowners who are not in agreement with the 75% of such Bondovvners required to approve the sale at less than the Minimum Price. Reference should be made to the 1915 Act for a complete presentation of this provision. Priority of Lien Each assessment (and any reassessment) and each installment thereof, and any interest and penalties thereon, constitutes a lien against the parcel of land on which it was imposed until the same is paid. Such a lien is subordinate to all fixed special assessment liens previously imposed upon the carne property, but has priority over all private liens and over all fixed special assessment liens which may thereafter be created against the property. Such a lien is co-equal to and independent of the lien for general property taxes and special taxes, including, without limitation, special taxes created pursuant to the Mello-Roos Act, whenever created against the property. Upon the issuance of the Bonds, none of the property in the Assessment District will be subject to any other special assessment lien created under the 1913 Act. The property within the Belsera II Area, the Montara II Area, and the Olive Park II Area, however, is subject to an existing special tax lien created by RNR CFD No. 92-1 pursuant to the Mello-Roos Act. See "TI IE BONDS -Priority of Lien." 38 Refunding Bands Pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Division 11.5 of the California Streets and Highways Code), the City may issue refunding bonds for the purpose of redeeming the Bonds. After the making of certain required findings by the City Council, the City may issue and sell refunding bonds without giving notice to and conducting a hearing for the owners of property in the assessment district, or giving notice to the owners of the Bonds. See "THE BONDS -Refunding Bonds." Upon issuing refunding bonds, the City Council could require that the Bonds be exchanged for refunding bonds on any basis which the City Council determines is for the City's bene&t, if the Bondowners consent to the exchange. As an alternative to exchanging the refunding bonds for the Bonds, the City could sell the refunding bonds and use the proceeds to pay the principal of and interest and redemption premium, if any, on the Bonds as they become due, or advance the maturity of the Bonds and pay the principal of and interest and redemption premium thereon. Absence of Market foz Bonds No application has been made for a rating for the Bonds, and it is not known whether a mting for the Bonds could be secured either now or in the future. There can be no assurance that there will ever be a secondary mazket for purchase or sale of the Bonds, and from time to time there may be no marker for them, depending upon prevailing market conditions and the financial condition or market position of fums who may make the secondary mazket. Loss of Tax Exemption As discussed under the heading "TAX MATTERS," interest on the Bonds could cease to be excluded from Boss income for purposes of federal income taxation, retroactive to the date the Bonds were issued, as a result of future acts or omissions of the City. ENFORCEABILITY OF REMEDIES The remedies available to the Paying Agent, the City, or the owners of the Bonds upon any nonpayment of assessment installments are in many respects dependent upon judicial actions, which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including specifically Title 11 of the United States Code (the federal bankmrptcy code) and relevant banking and insurance law, the remedies provided in the 1915 Act and the 1913 Act may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Bonds will be qualified as to the enforceability of the various legal instruments by limitations imposed by bankruptcy, reorganization, insolvency, or other similar laws affecting the rights of creditors generally, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases, and to the limitations on legal remedies in the State of California. ABSENCE OF MATERIAL LITIGATION No litigation is pending concerning the validity of the Bonds or the Bond Resolution, and an opinion of the City Attorney to that effect will be furnished to the purchaser at the time of the original delivery of the Bonds. The City is not aware of any litigation pending or threatened questioning the political existence of the City or contesting the City's ability to pay interest on the Bonds. There aze a number of lawsuits and claims pending against the City. In the opinion of the City Attorney, the aggregate amount of liability that the City might incur as a result of adverse decisions in such cases would be covered under the City's insurance policies or self-insurance program. CERTAIN INFORMATION CONCERNING'I'HE C1T'Y Certain. general information concerning the City is included in APPENDD: A hereto. TTY GENERAL FUND OF TTIE CITY IS NOT LIABLE FOR THE PAYMENT OF TFIE BONDS OR THE INTEREST THEREON, AND THE TAXING POWER OF T'fiE CITY IS NOT PLEDGED FOR'I'IIE"PAYMENT OF THE BONDS OR THE IN'1'EREST'1'IiF.REON. 39 TAX MATTERS In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings, and court decisions, interest on the Bonds is excluded from gross income for federal income tax purposes and is exempt from State of California personal income taxes. Bond Counsel is also of the opinion that interest on the Bonds is not a specific preference item for purposes of the federal individual and corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings in calculating federal corporate alternative minimum taxable income. A complete copy of the opinion of Bond counsel is set forth in APPENDIX C hereto. T7te Internal Revenue Code of 1986 (the "Code"} imposes various restrictions, conditions, and requirements relating to Ure exclusion from gross income for federal income tax purposes of interest on obligations such as the Bonds. The City has covenanted to comply with certain restrictions designed to assure that interest on the Bonds wil],not be included in federal gross income. Failure to comply with these covenants may result in interest on the Bonds being included in federal gross income, possibly from the date of issuance of the Bonds. The opinion of Bond Counsel assumes compliance with these covenants. Bond Counsel has not undertaken to determine (or to inform any person} whether any actions taken (or not taken) or events occurring (or not occurring) after the date of issuance of the Bonds may adversely affect the tax status of the interest on fire Bands. Certain requirements and procedmes contained or referred to in the Bond Resolution, the tax certificate to be executed by the City at closing, and other relevant documents may be changed and certain actions (including, without limitation, defeasance of the Bonds) may be taken or omitted under the circumstances and subject to the terms and conditions set forth in such documents. Bond Counsel expresses no opinion as to any Bonds or the interest thereon if any such change occurs or actions are taken or omitted upon the advice or approval of bond counsel other than Orrick, Herrington & Sutcliffe LLP. However, without limiting the generality of the foregoing, the City has covenanted in the Bond Resolution that, prior to making any change to or taking or omitting to take any action with respect to any of the agreements, requirements, or procedures contained or referred to in the Bond Resoluton, the tax certificate, or other relevant documents pertaiuing to the Bonds, the Cily will do either of the following: (i) obtain a subsequent opinion of Orrick, Herrington & Sutcliffe LLP that such change, acfion, or omission will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds; or (ii) obtain an opinion of alternative nationally recognized bond counsel to the effect originally delivered by Bond Counsel that, notwithstanding such change, action, or omission, interest on the Bonds is excluded from gross income for federal income tax purposes. Although Band Counsel will render an opinion that interest on the Bonds is excluded from gross income for federal income tax purposes and is exempt from California personal income taxes, the ownership or disposition of, or the accrual or receipt of interest on, the Bonds may otherwise affect a Bondholder's federal tax liability. T1te nature and extent of these other tax consequences will depend upon the particulaz tax status of the Bondholder or the Bondholder's other items of income or deduction. Bond Counsel expresses no opinion regarding any such other tax consequences. APPROVAL OF LEGALITY The validity of the Bonds and certain other legal matters are subject to the approving opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel. A complete copy of the proposed form of bond counsel opinion is contained in APPENDIX C hereto and is printed on the Bonds. Bond wunsel undertakes no responsibility for the accuracy, completeness, or fairness of this Official Statement. Certain matters will be passed upon for the City by the City Attorney of the City of Bakersfield. Certain other matters will be passed upon by PIllsbury Winthrop LLP, Los Angeles, California, as disclosure counsel to the City, by Hewitt & O'Neil, LLP, Irvine, California, as counsel to Centex Homes, and by Armche, Clark & Potter, Bakersfield, California, as counsel to Olive Pazk Land Company. UNDERVVRiTING Pursuant to a Bond Purchase Contract between the City and the Underwriter, the Bonds are being purchased by the Underwriter at a purchase price equal to the principal amount of Bonds being issued less an Underwriter's discount of $38,Ob2.50. The Bond Purchase Contract provides that the Underwriter will purchase all ao of the Bonds if any are purchased, the obligation to make such purchase, if made, being subject to certain terms and conditions set forth in the Bond Purchase Contract, the approval of certain legal matters by counsel, and certain other conditions. The Underwriter may offer and sell Bonds to certain dealers and others at a price other than the offering price. The offering price may be changed from time to time by the Underwriter. NO RATING The City has not made and does not contemplate making application to any rating agency for the assignment of a rating to the Bonds.. CONTIN[JING DISCLOSURE The City, Centex Homes, and Olive Park Land Company have each covenanted for the benefit of Bondholders to provide an annual or semi-annual report, as applicable, contapipg certain fmancial information and operating data relating to the Assessment District and the property in the Assessment District by not later than nine months after the end of the City's fiscal yeaz (i.e., currently not later than April 1 of each yeaz), commencing with the report for the 2402-03 fiscal year, and to provide notces of the occurrence of certain enumerated events, if material. The specific nature of the information to be contained in each annual or semi-annual report, as applicable, or each notice of material events, if any, is set forth in the respective Continuing Disclosure Certificate, the forms of which are attached hereto as "APPENDIX F -CONTINUING DISCLOSURE CERTIFICATES." These covenants have been made in order to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(6)(5), as amended (the "Rule"). Each of the City, Centex Homes, and Olive Park Land Company has represented that it has never failed to comply with any previous undertaking to provide annual or semi-annual reports, as applicable, and notices of material events. MISCELLANEOUS The foregoing summaries or descriptions of provisions of the Bonds, the Bond Resolution, and all references to other materials not purporting to be quoted in full are only brief outlines of some of the provisions thereof and do not purport to summarize or describe all of the provisions thereof, and reference is made to said documents for full and complete statements of their provisions. The appendices hereto aze a part of this Official Statement. Any statements in this Official Statement involving matters of opinion, whether or not expressly so stated, aze intended as such and not as representations of fact. The Official Statement is not to be construed as a contract or agreement between the City and the purchasers or owners of any of the Bonds. The execution and delivery of this.Official Statement has been duly authorized by the City. CITY OF BAKERSFIELD By: /s/ Greecrv J. Klimko Gregory J. Klimko Finance Director ai of the Bonds if any axe purchased, The obligation to make such purchase, if made, being subject to certain terms and conditions set forth iu the Bond Purchase Contract, the approval of certain legal matters by counsel, and certain other conditions. The Underwriter may offer and sell Bonds to certain dealers and others at a price other than the offering price. The offering price maybe changed from time to time by the Underwriter. NO RATING The City has not made and does not contemplate making application to any rating agency for the assignment of a raking to the Bonds. CONTINUING DISCLOSURE The City, Centex Homes, and Olive Park Land Company have each covenanted for the benefit of Bondholders to provide an annual or semi-annual report, as applicable, containing certain financial information and operating data relating to the Assessment District and the property in the Assessment District by not later than nine months after [he end of the City's fiscal year (i.e., currently not later than April 1 of each year), commencing with the report for the 2002-03 fiscal year, and to provide notices of the occurrence of certain enumerated events, if material. The specific nature of the information to be contained in each annual or semi-annual report, as applicable, or each notice of material evenCS, if any, is set forth in the respective Continuing Disclosure Certificate, Che forms of which are attached hereto as "APPENDIX F -CONTINUING DISCLOSURE CERTIFICATES." These covenants have been made in order to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(b)(5), as amended (the "Rule"). Each of the City, Centex Homes, and Olive Pazk Land Company has represented that it has never failed to comply with any previous undertaking to provide annual or semi-annual reports, as applicable, and notices of material events. MISCELLANEOUS The foregoing summaries or descriptions of provisions of the Bonds, the Bond Resolution, and all references to other materials not purporting to be quoted in full are only brief outlines of some of the provisions thereof and do not purport to summarize or describe all of the provisions thereof, and reference is made to said documents for full and complete statements of their provisions. The appendices hereto are a part of this Official Statement. Any statements in this OfficiaLStatement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. The Official Statement is nat to be construed as a contract or agreement between the City and the purchasers or owners of any of the Bonds. The execution and delivery of this Official Statement has been duly authorized by the City. CITY OF BAKERSFIELD By: ~r gory J li mance ire o 4l [THIS PAGE INTENTIONALLY LEFT BLANK] APPENDIX A CITY OF BAKE135FIELD ECONOMIC, FINANCLAI, AND DEMOG1tAPffiC INFORMATION General The City is located at the southern end of the San Joaquin Valley, approximately 110 miles north of Los Angeles and 290 miles south of San Francisco. The City includes over 116 squaze miles of land and an additional 76 squaze miles of land area is located within the City's sphere of influence. The City is a regional center for industry, government, transportation, retail trade, medical services and oil field operations. Major, manufachuing activities include iron and steel fabrication, plastic foam products, food products, petroleum refining and textiles. Bakersfield is one of the leading convention centers of the state and is the commercial hub of Kern County {the "County"). As the County seat, it is the locafion of many county, state, and federal offices. The metropolitan area has expanded considerably beyond the City limits. As of July 1, 2002, the estimated population of the County was 742,$73 and the estimated population of the City was 266,784, according to the United States Census Bureau and the City's Finance Deparnment, respectively. The urban community of Greater Bakersfield embraces a population in excess of 421,700, over half of the County's total population. The Bakersfield Standard Metropolitan Stafistica] Area {SMSA) includes all of Kem County, as defined by the State Department of Employment Development. City Government The City was incorporated on 7anuary 11, 1898, under the general laws of the State of California (the "State"). The City is a charter city with a counciUmanager form of government. The City Council is comprised of seven council members, elected by ward on a staggered basis for a term of four years. The mayor is duectly elected for afour-year term. The council appoints the City Attorney and the City Manager, who also serves as the Executive Director of the Bakersfield Redevelopment Agency (the "Agency"}. There aze approximately 1,335 permanent City employees, including 75 persons in management and 176 persons in supervisory positions. Fire protection is provided by 176 firemen and officers, manning 12 smtions. The police depaznnent has 319 patrolmen and officers. Tax Levies and Delinquencies; Assessed Valuation of Taxable Property The Kern County Tax Collector collects ad valorem property tax levies representing taxes levied for each fiscal yeaz on taxable real and personal properly which is situated in the County as of the preceding March 1. Unsecured taxes aze assessed and payable on March 1 and become delinquent August 31, in the next fiscal year. Accordingly, unsecured taxes aze levied at the rate applicable to the fiscal year preceding the one in which they are paid. One half of the secured tax levy is due November 1 and becomes delinquent December 10; the second installment is due Febmary 1 and becomes delinquent April 10. A ten percent penalty is added to any late installment. On June 30, delinquent properties aze sold to the State. Property owners may redeem property upon payment of delinquent taxes and penalties. Tax-defaulted properties are subject to a redemption penalty of one and one-half percent (1-1t2%) of the tax dne, charged from July 1 following the date on which the property became tax-defaulted to the date of redemption, plus a penalty for every subsequent tax year (i.e., July 1 through June 30} in which the property remains tax-defaulted, at a rate of one and one-half percent (1-U2%} of the tax due for each such tax year. Properties may fie redeemed under an installment plan by paying current taxes, plus 20% of delinquent taxes each yeaz for five yeazs, with interest accruing at one and one-half percent (1-1(2%) per month on the unpaid balance. if no payments have been made on A-1 delinquent taxes at the end of five fiscal years, the property is deeded to the State. Such properties may thereafter be conveyed to the County Tax Collector as provided by law. The table below summarizes the City's property tax levies, the current amounts delinquent, and total collections for fiscal years 1992-93 through 2001-02. Table A-1 City of Bakersfield Properly Tax Levies and Delinquencies to Fiscal Years 1992-93 through 2001-02 Fiscal Total Total Tax Percent of Levy Percent of Current Year Tax Lew Collections (rl Collected Taxes Collected 1992-93131 $17,061,432 $17,213,879 96.8% 100.9% 1993-94131 15,835,374 15,796,355 97.1 99.8 1994-95 16,349,776 16,239,085 _ 96.7 99.3 1995-96 16,856,805 16,975,278 96.4 100.7 1996-97 17,175,495 17,464,195 97:5 101:7 1497-98 17,289,200 17,430,3b5 97.4 100.8 1498-99 17,864,445 2Q,488,683141 111.7 114.7 1999-00 18,554,717 19,123,448 99.5 103.1 2000-01 19,093,149 18,199,9261j) 92.9 45.3 2001-02 20,121,528 20,675,415 99,4 102.8 (1}Excludes redevelopment tax increment revenues. {2} Includes prior years' delinquent collections, escapes, penalties and interest. (3) The City experienced permanent decreases in property tax revenues of approximately 10% in fiscal yeaz 1992- 93 and approximately 9°lo in fiscal year 1993-94, due to shifts of revenues to the State Educational Revenue Augmentation Fund (ERAF), which resulted in a total decrease of approximately 19% for those two fiscal yeas. (4} Includes $2,379,090 one time tax distribution firm the sale of the Ells Hills Federal Oil Reserve. (5} Includes $1,340,000 ono-time decrease from a supplemental tax adjustment, which the City was required to rebate with respear to Elk Hills Federal Qil Reserve. Somee: City Comprehensive Annual Financial Report for Fiscal Yeaz Ended June 30, 2002. The table below summarizes the assessed valuations in the City for fiscal yeazs 1992-93 through 2001-02. Table A-2 City of Bakersfield Assessed Value of Taxable Property (FSscal Years 1992-93 through 2001-42} Percent Total Assessed Increase Fiscal Year Secured Unsecured U~ Value ecrease 1992-93 $6,859,352,515 $372,474,286 $12,514,236 $7,244,341,037 5.86% 1993-94 7,243,641,529 342,279,574 13,306,584 7,599,233,687 4.90 1994-95 7,662,423,762 342,662,118 14,097,810 8,019,183,690 5.53 1995-96 8,068,506,294 356,616,991 13,232,785 8,438,356,070 5.23 1496-97 8,213,247,086 350,499,835 13,971,013 8,577,717,934 1.65 1997-98 8,407,516,746 374,446,012 15,497,196 8,797,459,954 2.56 1998-94 8,628,532,571 453,535,838 17,719,409 9,099,787,818 3.44 1999-00 9,268,459,616 423,862,659 19,424,138 9,711,746,413 6.72 2000-O1 9,809,567,800 432,049,903 14,039,560 10,260,657,263 5.65 2001-02 10,111,103,449 462,192,054 18,851,231 10,592;146,734 3.23 Source: City Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2002 A-2 The table below shows the assessed valuations of the principal taxpayers in the City as of June 30, 2002. Table A-3 City of Bakersfield Assessed Valuation of Principal Taxpayers (June 3Q, 2002) 2001-02 Assessed Taxnaver (1} Tvae of Business Bakersfield Mall LLC Shopping Center Castle & Cooke Dev. Co. Real Estate Development Ice Cream Partners, USA Manufacturing State Fatm Insurance Bear Mountain Limited Cogeneration AEW Cazeage Commercial Sun Easton Corporation Commercial Dayton Hudson Corporation Retail Sales Texaco Exploration & Prod., Inc. Oil Exploration Wal Mart Stores, Inc. Retail Sales Total taxable assessed valve often (10) largest taxpayers Total taxable assessed value of other taxpayers Total taxable assessed value of a ll taxpayers Valuation $ 113,649,671 92,367,104 62,752,151 57,276,775 37,312,000 30,110,058 28,158,077 27,993,515 --- 27,363,468 24.469.904 $ 501,452,723 10,277,353,868 510.778.806.r+91 Pereontage of Total Assessed Valuation 1.05% 0.86 os8 0.53 0.35 0.28 0.26 0.26 0.25 0.23 d.65 95_35 100,00% (1) Related parties grouped together on the original source document (County's list of assessed valuations) aze included in the total assessed valuation amount for each taxpayer cited. Unitary and operating nonunitary aze excluded as valuation by pazcel is no longer available. Source: City Comprehensive Annual Financial Report for Fiscal Yeaz Ended June 3Q, 2002, citing HDL Coren & Cone and Kem County Assessor 2001!02 Combined Tax Rolls. Demographic Statistics The following table sets forth various demographic data regazding the City, including population, estimated median household income, elementary school enrollment, and estimated unemployment rate, from fiscal yeaz 1992- 93 through 2001-02. Table A-4 City of Bakersfield Demographic Statistics (I+'scal Years 1992-93 through 2001-02} Estimated Median Elementary Estimated Household School Unemployment Fiscal Year Poaulation Income Enrollment Rate 1492-93 192,351 $34,420 26,505 14.8% 1993-44 141,469 35,885 26,312 13.5 1994-95 207,472 37,449 26,350 12.8 1995-96 212,715 31,852 26,903 12.4 1996-97 214,554 31,888 27,126 11.4 1997-98 221,689 33,339 27,310 109 1998-99 230,771 33,754 27,668 11A 1999-00 237,222 34,343 27,783 12-5 2000.01 254,368 37,573 28,099 10.4 20Q1-02 257,914 35,153 28,267 __ 11.2 Sources: City Comprehensive Annual Financial Report for Fiscal Yeaz Ended June 3Q, 2002 A-3 Employment The County's total labor force, the number of persons who work or are available for work, is estimated to be 299,100 for 2002, an increase of 2.43% over the preceding year. The number of employed workers in the labor force is estimated to be 264,000 for the same date. The following table sets forth information regarding the size of the labor force, employment and unemployment rates for the County, the State, and the United States for the calendaz yeazs 1997 through 2002. Table A-5 Employment -Averages Calendar Years 1997 - 2002 1997 1998 1999 2000 2001 2002 Kern County Labor Force {OOOs) 279.9 280.3 280.7 287.2 292.0 299.1 Employment(OOOs) 245.7 246.4 248.8 254.7 260.9 264.0 Unemployment Rate 12.2% 12.1% 11.4% 11.3% 10.7% 11.7% State of Ca6farnia Labor Force(OOOs) 15,947.3 16,336.5 16,596.5 17,090.8 17,182.9 17,404.6 Employment (OOOs} 14,942.5 15,367.5 15,731.7 16,245.6 16,260.1 16,241.8 Unemployment Rate 6.3% 5.9% 5.2% 4.9% 5.4% 6.7% United States Labor Force{OQOs} 13b,297(1) 137,673 (1) 139,368(1) 142,583 (1} 143,734 144,863 Employment(OOOs) 129,558(1) 131,463 (1) 133,488(1} 136,891 (1) 136,933 136,485 ', Unemployment Rate 4.9% 4.5% 4.2% 4.0% 4.7% 5.8% (1) Not strictly comparable with data for prior yeazs. Source: Califontia Employment Development Department and U.S. Department of Labor Bureau of Labor Statistics. A-4 The following table sets forth the top twenty-five employers in the City as of January 1, 2002. Table A-6 CITY OF BAKERSFIELD Principal Employers (As of Janaary 1, 2002) FIRM PRODUCT/SERVICE EMPLOYEES County of Kem Government 1,415 Giumana Fans Agriculture 4,200 Wm. Bolthouse Farms, Inc. Agriculture 2,000 Bakersfield Memorial Hospital Medical Caze 1,400 City of Bakersfield Government 1,300 Mercy Hospital Medical Care 1,200 _ ARB, Tnc. Cottstntction 1,200 Kern Medical Center Medical Care 1,200 State Farm Insurance Insurance -- - 1,045 Sun World, Ina Agriculture 1,025 Chevron Texaco Oil & Gas Production ~- ~ ~ 1,000 San Joaquin Hospital Medical Care 880 Andrews Distribution Distribution 800 Seventh Standard Ranch Co. Apiculture 800 Pazamount Farms Agriculture 800 Sun Pacific Shippers Sates Distribution 775 California State University Bakersfield Education 640 Aera Energy LLC OIl & Gas Production 600 Kaiser Permanente Medical Caze 500 Frito-Lay Food Production 410 Bakersfield College Education 450 Western Oilfields Supply Industrial Supply 450 Nestle Ice Cream Co. LLC Food Production 430 Bakersfield Californian Newspaper 380 Pacific Gas & Electric Utility 380 Source: City of Bakersfield, citing the Kem County Boazd of Trade A-5 Building Activity 93. The following table summarizes the City's total annual building permit Valuations since Fiscal Year 1992- Table A-7 CITY OF BAKERSFIELD Property Value, Construction, and Bank Deposits Fiscal Years 1992-93 through 2001-02 ($OOOs) Commercial Residential Other Totat Construction Construction Construction Construction Fiscal Number of Number of Number of Bank Yeaz Units Value Units Value Value Units Value Deoosits 1992-93 38 $37,785 2,022 $187,998 $39,612 2,060 $265,395 $1,874,146 1993-94 30 70,472 1,58] 154,577 28,533 1,611 253,582 1,646,679 1994-95 39 65,891 1,571 150,429 37,167 ._1,61-0 , 253,487 - 1,563,075 1995-96 50 26,287 1,909 179,127 41,962 1,959 247,376 1,678,075 1996-97 102 42,352 1,352 132,785 40,459 1,454 215,596 2,310,008 1997-98 147 49,241 1,483 197,773 67,281 2,130 314,295 2,438,004 1998-99 213 78,199 2,088 223,576 36,958 2,130 338,733 2,464,202 1999-00 140 51,251 1,890 218,656 34,438 2,030 304,245 2,454,280 2000-O1 123 38,113 2,012 261,522 48,067 2,135 34'7,702 2,730,107 2001-02 143 70,874 2,445 311,639 57,983 2,588 440,496 Not available Sources: Federal Deposit Insurance Corporation and City Building Department Commercial Activity Consumer spending in calendaz year 2001 resulted in approximately $3,744,392 in taxable sales in the City, which is approximately 7.05% above calendar year 2000. The following table sets forth information regazding taxable sales in the City for calendaz yeazs 1997 through 2001. Table A-S CITY OF BAKERSFIELD Taxable Retail Sales 1997 - 2001 ($OOOs) 1997 1998 1999 2000 2001 Apparel stores $ 91,688 $ 93,522 $ 47,207 $ 109,847 $ 117,059 General merchandise stores 493,002 522,425 564,971 598,519 633,892 Food stores 147,011 148,581 162,505 176,986 181,300 Eating and drinking places 234,777 250,628 266,476 287,815 309,643 Home furnishings and appliances 95,554 102,108 113,435 123,510 126,841 Building materials and farm imphnts. 153,880 184,458 217,197 244,146 256,506 Automobile dealers and auto supplies 473,099 531,261 623,868 716,804 845,904 Service stations 168,082 157,046 179,011 209,649 187,497 Other retail stores 301.125 318.548 342,586 372,930 384,538 Total Retail Outlets 2,158,218 2,308,577 2,567,256 2,840,206 3,043,180 All Other Outlets 562,859 588.811 629.476 657.574 701,212 Total All Outlets $2,721,077 $2,897,388 $3,196,732 $3,497,780 $3,744,392 Source: California State Board of Equalization A-6 There are three major shopping centers in the City. Major department stores with local outlets include Robinsons-May, Macy's, Mervyns, J.C. Penney, and Seazs. The retail base includes two Wal-Marts, two Tazgets, one K-Mart, iwo Home Depots, a Lowe's Home Improvement Store, and a Costco. The number of sales permits issued and the valuation of taxable transactions for the yeazs 1997 through 2001 is presented in the following table. Table A-9 CITY OF BAKF,RSFiELD Num ber of Permits and Valuation of Taxable Transactions 1997-2001 ($OOOs) Retail Stores Total All Outlets Year No. of Permits Taxable Transactions No. of Permits Taxable Transactions 1997 2,722 $2,158,218 5,773 $2,721,077 1998 2,838 2,308,577 5,864 - 2,897,388 1999 2,955 2,567,256 5,887 3,196,732 2000 3,163 2,840,206 5,961 3,497,780 2001 3,422 3,043,180 6,213 3,744,392 Source: State of California, Board of Equalization Transportation Well-developed surface and air transportation facilities are available to City residents and business funs. Main lines of both the Union Pacific and the Burlington Northern Santa Fe railroads traverse the azea. Amtrak service is available. State Highway 99, the main north-south artery serving the most populous communities along the east side of the Central Valley, runs through the center of the City. State Highway 58 provides east-west linkage between Interstate 5, 20 miles west, and Interstate 15 at Barstow, to the east, Highway 178, heading northeast, is the major route along the Kern River Valley. Highway 65, to the north, provides access to communities east of Highway 99 and to Sequoia National Pazk. Interurban motor transportation is made available by Orange Belt Stages, Greyhound, and Trailways. Golden Empire Transit provides local bus transportation. Meadows Field (Kern County Airport) adjoins the City to the north. Regularly scheduled passenger and air cazgo service is available as well as charter service and general aviation services. The main runway is 11,000 feet in length. Utilities Electricity throughout the Ciiy is supplied by Pacific Gas and Electric Company. This company, along with Southern California Gas Company, also supplies natural gas. Telephone service is by Pacific Bell. Fifteen private water companies serve the City. Sewer service is provided by the City. Education Public education in the City through the secondary grades is provided by a number of elementary school districts, including the Bakersfield City School District and Kem High School District. There' are also a number of private schools, nursery schools, and pre-schools within the City. A-7 - - -- The City lies within Kem Community College District, which administers Bakersfield College. This two year institution is located on a 150-acre site in northeast Bakersfield. Vocational and technical courses aze offered as well as academic courses designed to equip the student for transfer to a four-year college or university in the third year. Bakersfield College attracts about half the local high school graduating class each year. California State University, Bakersfield opened in 1470. It is one of the newest campuses in the State University system, receiving its university status in 1988. It is an a 375-acre site located in the western portion of the City. Majors offered include anthropology, art, earth sciences, philosophy, mathematics, political science, business and teaching. A graduate program offers the master's degree in a number of fields. The newest campus in the University of California system , UC Merced, is scheduled to open in 2004. UC Merced will serve the entire San Joaquin Valley, with the main campus located in the City of Merced and satellite centers located in the City (which satellite center has already opened) and the Cifies of Fresno and Modesto. Financial Services Statewide banking systems serving the City include Sank of America, Washington Mutual Bank, Sanwa Bank California, Union Bank, and Wells Fazgo Bank. Their services are supplemented by local and regional banks, and various savings and loan associations. Community Facilities The City has six general hospitals with a total bed capacity of 1,075. The City is a primary medical center of a region larger than some states. Mercy Hospital and Greater Bakersfield Memorial Hospital aze among the largest employers in the City. Kem Medical Center, administered by the County, is affiliated with UCLA Medical Center of Los Angeles. The daily "Bakersfield Californian" and two weekly newspapers provide regional news coverage. Bakersfield has twenty radio stations, four television statons and three cable TV companies. The City has 47 public pazks, covering a total of 395 acres. The Bakersfield Centennial Garden and Convention Center contains a 3,250-seat concert hall, a 9,000-seat arena, four meeting halls, and six conference rooms. Memorial Stadium hosts more National AAU track meets than any other city in the country. County-owned golf courses and five private comses offer yeaz-round golf, and tennis is played throughout the yeaz at the Bakersfield 13acquet Club. Cultural advantages of the City include a community theater, the Bakersfield Symphony orchestra, a community concert group, and Cunningham Art Gallery. Bakersfield College and California State University, Bakersfield, sponsor plays, concerts,.lectures, and special events throughout the yeaz. A-8 APPENDIX B APPRAISAL s-i [THIS PAGE INTENTIONALLY LEFT BLANK] OF Assessment District 03-2 LOCATED AT: Various Locations in Southwest and Northwest Bakersfield, California Identified as the Buena Vista Ranch Area, Belsera II Area, Montara ]I Area and the Olive Park II Area AS OF: August 10, 2003 PREPARED FOR: City of Bakersfield Finance Department 1501 Truxtun Avenue Bakersfield, CA 93301 PREPARED BY: Lauver & Associates PO Box 564 Bakersfield, California 93301 __. (661) 399-0819 Launer & Associates Real Estate Appraisal Servlees PO Bax 564 Bakersfield, California 93342 (661) 399-0819 FAX (661) 399-9828 August 27, 2003 City of Bakersfield Finance Department 1501 Trttxtun Avenue Bakersfield, California 93301 _. ATTN: Gregory Klirnko, Finance Director RE; Assessment District 03-2 Buena Vista Ranch, Belsera II, Montara II and Olive Park II Areas Gentlemen, The value estimates presented in the appraisal of the above assignment are based upon the assumption that the described real estate has recorded maps in place on the date of value, August 10, 2003. My research indicates all maps cited have recorded. This was the only assumption of the report and the values reported have not changed since the date of value. If you should have any further questions, please do not hesitate to call. Sincerely, l /~~f Michael Launer, MAI Federal ID# 77-0274111 Certified General Appraiser State of California Certificate No. AG 002049 .S, v~ C lG ~ O •~ '~ O w ..N.. y G" '^ ~ 'Qi ~ p j a R ~ (i O n o s 6 ~. y a ~;, ~, p~ o X60 °' ~ m?'1 6 i °5~ da ~ $ti~ ~e„ R h ~ o a °- a~~ c. m v o~ ~o .yo o `~v.o m 9 N ~ ~ Vl 6 y y~ ~ O ~ ~ 6 ~ ~ ,$ ~' ~ L LO ~ N ~ N LY 5 R n ° $ .5 $ '° ~ '° .o ~ .2~ o a b n~ D ,,o, oR n~ o V c 'SG o .~ v 6 3 N R w3aR. g SyF. N pg R { ~~ O $q V v '~ $ m C ~ ~+ .'~1 J C a~i O '~ O m O O .~ Q p w v I'' p ~ N.. CC ~ V A 5 ~~ R v m~ ~~ 6 W O O.y U`n Ca0 y «^.1~ y W °.o. a'~ R~ m a.'~w .5 yd ~ROO A,b mho t'~5 v~ a~ ~Ca ~ °c .g~ ~ rob =6 ww a^5 m $ W ~ v.5 m o aq ~S ~ ~~y ~~yy~,,o ,650o v~ ;o y°'L u~ W ~ ~ w T ~ ~ 6.n ¢ O Q aL 'O R W ~ G d~ W G~ O~ ~ G a O R $ Q w~c~' d.~ O~ 'n~ y m m" a'3~ y R u ~ o Q ~ p w ~ x •5 w 5 y '~~e °' ate```. J ~ amc~i~ O ~oaa ~ v ~„_. 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C4 o ~O ° N 5 :~ V Pti s V ~ v . c J ° 4 a ~ Q 5 E w ~' ~ W .S ~ 3 r ~ ° ~ 7 5 `a4 U 0. m ~' S ~O ~ .Ni O O N O v cV w C ."-i .~ ~ d L 4 w v. q a0i ~: ~ W . 5 . . _ -- ° ~ s ~ g ~ m ~ .. ~ s e ' w a o v .5 ~ c w ~ a a 5 U v ~ v o .5 ~ ~ m v -3c 'd e ~ ~ e c ~ o o' > t o d c v ~ 'rt r ~ 'o ~ o s ~' i .c ''- e 0 c ~ ~ ~ ~ 3 5 ,~' °' w ~ m c ~' ° > s v ~ m N~ o . . ,~ C 06 y~ Q O' ~ M 'Y N ~ J ° ~ ~ fie' ~ ~ &' a ~ $ o .5 ~' .~ °~ c o N N v V O 5 i d , e0 O ti ~ .~ ry .5 ~^ q o ° a a ° v ~ ~ 5 ~ °' ~ ~ ~ 5 ~ ~ n O v O ~ N . w ? a m C ~. °,~' p 2~ 5 w ~ v n. d pp u v ~ 5 ' E m ~ e'"i v v .ts "' o ° ~ 8 ~ 'a H 09 y d $$ G m A ~ m o m wq ~ ca ~ .5 .5 :~ m a m ra m ~ ~ ~ ~ a ~ o ~ ~ g ' ~ Y E a A ~, a ~ ~ a , ~ ~ ~ o b ~ ~ m ~ o ~, o '~ ~ ~ ~ ~ ~ " ~ ° c v ~ ~ g ~'o v v 8 5 v 5 c Q Q d m .'> % E ~ 'S 3 ~, a ¢ ~ ~ a s ~ h E E m E ¢ a > 0 E 0 a u 5 v .°a S C 0 v O 9 h w 0 O Assessment District 03-2 Prepar etl By Michael Le MAI -;:.l bwiatlM vwesoMwre- vxnumvWemm: . uner , Bmsera 11 Troct 5871 Uni[ S Number of Unfts: 55 Scenario: As is P eriods: Duarted Pariotl 3 periotl 4 Cash Fbws Be innin . - Au -200 5 Nov-200 7 FeM200 4 Ma -2004 Pr tTOtak ', . .. # #o of. -.. o nt. Invmto Sale Prke Saks Sak Price Sales ',Sale Price Saks Sak Prins Sales TotalSales $alds Und 3 Residential lets $4[,000 t5 $41,000 15 $41,OOD 15 $4tp00 t0 $2,255,000 55 '~-. reciat ion-> ~ Revenues $615,000 i6 $675,000 16 5676,000 16 5410,000 70 S2,2Sb,000 68 . fx ns~.: PeriadY Perlatl2 -PeAOd7 'Perlotl4 Dlrect COnssuaion Costs $68,190 $68,190 $65,790 $45,46D $250,030 Indrect Casts $21,525 $21,525 $21,525 714,350 $78,925 MarketinglCOmntissions 8.0% $48,200 $49,200 $49,200 -532,800 $780,400 Developers Profit 12.0% $73,800 $73,800 $73,800 $49,20D $270,600 Canon 1D.0% $61,500 $61,500 $Gt,500 $41,OOD $225 500 Total Ex ensea - `N t I 5274,218 5274,218 ' 5274,216 3162 810 , 57,005,466 : a ncome -,.5740,756. -5740,788., .,..5740,756 rS227p80.- '51;249;648 Annual Disnount Rak: 12.00% -Di u 0.9]08] - 0.94260 0.91574 0.88849 seo nietl Value ;770,869 - 5321;227 Sbi1,867 .-'5201,865- 51,168,804 Net Present Value 51,166,804. R°untletl Si 166000 N ~ G~ 'a ° ~ ~c ~ N ~ T C ~ O ~ ~ ~ '~ p ~ ,p ~ G ° ~ q 0a ¢ G Op H ~ W ~U u ~ ° °' .S 3 v d ,2 y N Ul ~ P' ', y .~ b F y '.' y N Q 'O N N .~ W .L'+ H ~ 9 ,~ ~ o U ~ ~ 5 c m w ~ ° ° '~ . ~ .c m v 3 $ o ~ ~ c ~' ~ F _ :' w o ~ o ai ~ w. o ~ ffi ~ ~ . y o d .S ~ v ~ W .. ~ .~ y ~ m V C d G a m ~ .~ D N_ 3 w ' ~ 'F . .. T ,. , ~ ~ p, q O ~ ~'' ~ o ~ :S 6 O Y ~ ~ py Ei p , y~ t j ^ ~ } ~ rd;. m ~ y d ¢ w y v O a L ~ ~ v ' ° w d O "" R 9 J ° O O v 9 R x W ° R C N ll ~ Q ~ d 'd w N .,. 6. N 1 ~ ~ w O ~.' , ~ '.t Jt>O wSJ ~ ~ "' p V C V O y C- O S N d .C ° .. tLtl h ,q ~ .., ,D U m O y y ~ m ~ ° $ ~ ~ ° ~ ~ G J b A R a_ i s F W ~ ° . R A .5 .° ~ ~ ti S g o G O a p m s ~ E ~ Q o O V 3 v w ~ ,s b W O ~ ~ G &' w ~ U ~' ~J' n = U cve .. F~ ~ O~ R ~ ~ `a '° ~ 'S ~i A ~ ~ ~ ~ ~ 6 °o v -°° j p ~ ~ ~ ~ p .5 ~ V b Q ° ~ ° ~ ~ w D v 0 ~ ~ '°3 N 'a to ~ b ~ - a (i N m ~ O 1°., U , y ~^ . '~ w W 8 p. C a 3 ~ 3 o ° y ° '~ g W ? ~ , ~ ' ~ ~ ~ Q ° ~ S r . ' r• 4 O t C W .a a 00 .S is ,~ .~ 3' Yom. m Q ° ~ ° " ' 3 . ~ v Q v J' ' ~ ° ~ -° v J .° " ~ ~ , u Q v m ~~ v > ~ m ~~ '~ '~ o pp d y o ° ' o c m ~ ~ `aj 7 u ~ o ~$ a i ~ at .c, c " r ~ .. q Q "a ~ = cyn ~ G F .~ ~a I a rj s z A ~ v W ps ate. Q o ~ ~ d b ~ . ~ ~ ~ E 2 ~ ~ ~ n v ~ C~ o. b ~ T ~ ' r N O ~ ~+ .,,i ~' N yy~ ~ OU w L~' ~ ~ ~ ~ ~ ° ~ ~ A , ~ w ~ o V ., ~ o ~ ~ O ~ : a A " ~ 5 5 ~ w 5 ,. .5 a 6 w m a U q 5 ] ~e ~ ° S7 m v v A d ¢ N o p O h p °u' y r ,~ Q W O W ~ C I L4 W ~ o C N .. w ti 5 xa $ ;a F w ~ c a v ~'' v p ~ W O ~ O ~' O , ~ ~ ~ O r: G ' ° ~ ~ 4 . .cl o Fc o .kc °- w E ~ ~ n °' ~ m m 5 ~ w ~'-~ ~ a N V ~ 'O w0 m ~ O 'O ? ~ 'C td s ~ e ~ ~ ~ ~ ~ m ~ N s ~ ' ° a ,Q N .O p $ a ~ S ~ ~ o 5 ~ O w 5 ~ . ~ ~ v ~; 3 ~ ~ ~ T b ~ ~ ~ $ v w ~ ~ '= 5 ~ ~~ .5 ~-- - a c ~ m m ~ c ~ v O m q m P c m ~ ~ ~ . ^ a ~ ° o" ~ ~ ~ ,~ ~ c '~ o '~ v C ~ b C ~3 .p g ~ 4 ~ U ~ 9 W ~ T y~y L ~ ;o^ '~+ Pi } M 5 i N '3 y ~ 9 ° ~ ' V " '~ v ~ m .5 ~ O 3 a .5 ,.°, ~ PawMtiy ueSUA~nm-xwx.eMN,ewm Assessment District OS-2 Preparetl By: Michael Leuner, MAI Belasra 11 Tractb831 Unit3 Number of Unhs: 55 Scenario: As Com etc Periods: Quarted Period $ Periotl 4 Cash Flows Be lnnin Au -200 1 Nov-200 3 Feb-2W4 Ma -200 4 Pro' et TO bis :'Invent Sat Price o Sales Sale Price #o Sales Sat Prins Salsa .Sale Price Sales Tobl Sales o Sales Unit3 Resitlen0al lots 541,000 15 $41,000 t5 $41,000 15 841.000 t0 82,255,000 55 redet ion -> Revenues $616,600 16 f616,000 ib $616,066 16 5410,000 10 52,265,000 56 'ES ns¢e Perbdl Peflod.2 Period3 - Pedad4 Marketing/COmmis9ons 8.0% Developer's Prafil 12.0% Conlin nc 10.0% $d9,200 $73,800 $61,500 $49,200 $73,800 $61 500 $49,200 573,800 $61,500 $32,800 $99,200 ~ $41,000 $180,400 ""' $270,600 $225,500 Tobl Ex ensas 686,500 5164,600 $184,600 $123,000 S676b00 " Netlnwme 5430,600 r ':5430,500 $430,600 -: S2fl7,000 .`51,578,500 Annual Discount Rate: 10.00% 0.87561 0.95161 0.92880 0.90595 - Oiacounbtl Value $420,000 - ;009;766 5199,762 Y260,008 -.- 51;A88,626-. Net Present Value Rounded S1A89,626 E1,d90,000 M d 5 a u A O u a rn U 0 N H .wC F a h h R F 0 N v~" 0 II, T C v 0 33 .`o ~, ~ .o a a; c~ a 5 u c .~ ° ~ 5 ~ T ~ u o ~ c ~ ~ ~ o ~ ~ ° Pi ~ > ° '~ o ~ ~ F°, ~d °° ° m ~'' $ m v no v ~~ ~ '~ o '~ o ~ m y '~ o a .~ '~ ~ $ h ,c, a 3 ~ a a ~ ~, ,~ .C o .~ C CO O W °• ~ T d w S t~ d ~ ~ m ~' v L' '~ br ¢ L t'ai ? 'y ° W .3 6 y `J V w ~ t~ ~ v ~ ~ ~ s .b ~ .5 °i ~ m o €c ~ m g ~ ~$ 3 a 8 &&g A ° a ~ ~ '~ o '~ ~ 'tl ~' .~a ° Q ~o S ,~ ~ O ~ u e y ,srb ~~ o U y d~ ~ .n e rn K ~ 3 m u~ G 'o ~~ M 5 ° O ~ d O O R '~ ~ .~ P° G$ ~' ~° d~ .5 5~ 3~ o '~ ~' S ;2 w v m 3 d~ ~~~~~~ 'n b:~~~god~~~~~ d ~9 •~ a .~ s m '3 o W w ~ '4 ~ v4' U ~ ° ~e .~ ~i '°q v uTfi a ~i p. ~p• G G.' o CA O t~ y y o .c o L: ~ V ~ ~i p, S'. '$ O E'i ~ ~ ~^ w 4 N+y L^J 'S C O ~ ~~.. Q ~ o~ O ~m ax P. 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G O ao C U 'S 3 r 9 O J a E E O ~ O ° k j w m ~ ° ' g c ~d a F .e. 0 3 0 5 c , , ~ ~x ~ ~ ' m a ,n a ,~ a a ° a ~ ~ C3 .N_. y a y ? h 8 E 3 ~" b ~ D ~ a " ° `~ ° ~ _ a a D ~ ~ ^ B O G ,G' G a T m In O O O O O OD L R .~ aT 6. O O :p ~ r m } ~ M h N y . ] O i w F o 0 0 $ ~ ~ ~ °° x Ob ~ y c y V b N G ~ .y ~ ~ ~ ~ a v 9 A' s 3 E 5 ~ '~ . oo ~ X ~ ° " a ~ o ~ o ~ 3 '~ .o ' O ~'S' 6 j t 00 .9 d T ~ ~ p a . . L ~ y ' ~ ~ SS ~ ll ~ ~ ~ y~ ~ a o ~~ ~ ~ d ,° ~ R m A 3 E `o" m Yi ~ z ~ a S a c '' .5 O ~ atl O ~ d ~ O ~ 8 'E p ~' C- 3 m O O ~ ~" Y 9 ~ 8 .~ V V ~ O ~ ~ N m ~ ~ 8 t 'S ~ ~ " No "~ ~ E S w° o e c 0. 1 ' o . . v C ~ D m D + G p " F v `C ~ B t6 S o m Y '~ zL 9 rJ' ~ o -o ~ v ° D w 0' .a °~ ~ a ~ ~ v S `a~ ~ e ~o v o p m a ~ °c ~~ o y 3 ~ ~n O O o m O Ja 5 vy s ~ y v D 3 ~ v "g ~ a D O ~ 5 ~ H O r y, ~ V v }q'. y N O 'O Cp '$ W c B .~ a O 6 N ~ a V~ ttl 0. .oa ~ 'S ~~ ~ 4J ~ 0.' D O ~ .. 'O O ~ O 0 0 ° ~ m ~ m q ~ ~ ~ 5 D .a 9 C y ~ ~ bmDi ~v '~ "~~ ~'~ ~ L'~ m't e wE Go U tia fro. 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L` y x ~ p V a 5 d ~ ° '~ ~ > a c `~ o ~>, ~ o ~ > ~ ~ .5 m ~ ~ N p b ~ yy y ty p qs p ~ ~ ? p r5 .^J ~ ~ Y F'~ S N N 'r5 U di ~ w M Assessment District 03 2 Pr r tl e M ch I la M ' Poue2Ety Vyue SaMaee- wnw, rtv,p,emm __ Assessment District 09 2 Pr retl 8 M'chael La M vo+:e,.eer au:smwc- :.w..momem - epa y. i uner, AI Montana II Traet5829 Un04 Number of Unite: bt Scenario: As Is Periods: Cuatletl Periotl 3 Cash Flows innin AU -2003 Nov-2001 Fab-200; -Pro'eM Tokls of :. #of. of p: Imrenfd Sale Price Saks Sale Price Sales Sale Erica Saks - Total Saks Sales Urnt4 RasidenSal Lots $44p00 t5 $94,000 t5 $44,000 71 $1,804,000 41 et5ae0n-> Revenues 5660,000 75 E660,000 t6 5484,000 t1 51804,000 41 Ex ses Parlotl 1 Periotl 2 - ~ Pariotl S Direct Constnxtion Costs $74,790 $74,790 $54.846 $204 426 Indirect DOSts $23,825 $23,625 $17,325 , $64,575 Markeiing/COmmissions 8.0% §52,800 $52,800 $38,720 $144 320 Developer's ProSt 72.0% §79,200 $79,200 $58,080 , $216,480 Conan 10.0% $66,000 $68,000 $48400 $180 400 Tokl Ex nsas N I $296 16 ' 5296,416 5217,371 , ;810,207 .. at nsome .:.;$5&7,688 $582,586":. 526§,828 <;893,798 Annual Dkcount Rafe: 12.00% 0.97087 0.94280 0.97514 '-0isommktl VaBre 5362,898 5542714' 3244,001 '$958,712 Nei Present Value 5938,712 RourMed $840 000 ~: - epa a y: , ae uner, AI Monks it Traet 6829 Unitd Number of Unfk: 41 Scenario: As Cam fete PeYOtls~ Quarters Pariotl3 Cash Flows lie innin Au -2003 Nov-2003 Feb-2004 `P ct TOkk #o of inven Sale Prce Sales Sale Prke Bales Sale Prlee Sales 'Total Saks Sales Unit 4 Resitlen0al Lots $44,000 15 $44,000 15 $44,000 11 $1,804,000 41 eti on--> Revenues ;660,000 16 5880,000 1b ;4$4,000 11 ;7,804,000 47 '...Ex nsea Periotll - -Perlod2 P¢r{qt; MarkeSnyCommissions 8.0% $52,800 $52,800 $38,720 _-'" $144,320 Developers Profit 12.0% $79,200 $79,200 $58,080 $216,480 Conlin ex 70.0% $66,000 566,000 $48,400 $180,400 Tobl Eft nsas : 3198,000 ' " 5798,000 514b,200 3641,200 ; :.; Netlneome : 5462,000-. .3462.000 ;::;238.800 :.37,282,800 Annual Dkcount Rafe: 70.00% 0.97561 0.95787 0.92860 DiseaUntetl Value 5480,722 5428,738 '5374,609 S1,P06,078 Net Present Value Sl,206;079 ' Rountlatl ;7 206000 i I 3_ ~ i k ` j s ~ 1 C l 3. ~- 9 - 52 ~ '"'~~" 3 w Y t . vz ~ . _ y z' ~ -. ~ ' ~ is 1 ~ i d o ~ 4 ~ a _,:. ~ i ~. p z w g ) ~ I ' o ~ ~~ j ~'c. ... ... _._ ~ ~ x ...M- m , .: , r N ~~ I ~ ( ~ ~ µ Y i ...._. ~ Qf R a _ l/( r ~ ~ Y ~ `, 3 n rtla 3 _ y, ~i ~ t _ l ~ t ,sue ~'r~ " ~ ~z~ ~ z f ,~~ . d} U ~ ` , ~~ N~ ~~ ~ j ~ v ~a p `9 oD C~' vi ~ = ~ N ..v. 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N b Asxamnent uarckt 0.42 pmwretl ev: NUaneel lawtr,MA Olive Pero tact 811}UnC One Numlwot Un3s: 83 Scenario: Aa Com ¢Ie Perials: Ouen¢,I Penh 3 Pttiatl 4 PerIW 5 PoriW 8 ~o GsM1 Flwrs A 208] Nov-2003 ie?2004 hls 3088 qu .20M Nov~2008 Tgaie _ AN M ~ ~In Sale Pace Sales Sale Pnw Sales 3ab Price 3aka $alB prim Saks Sob Saks ---Saleflue Saes TW19aks Sekz t rest6fl Unt One FrvMed $TO,W] t5 $}O,pW 15 $lp,OYJ 1E $100.U i5 glO,O.A 15 $}p.0.M 8 $5,8ID,OW 63 ede 6m-> Revewes 51.058008 1E b1,05g000 13 St 098,000 tb 31,030,000 15 310W,p00 is 5560,000 8 55810000 83 Ea Ponorli penatl2 pena23- Perbd4 V¢vlo0b PMaN6 Merke6r~gr0om~reaeiana 0.0% 584,000 $Bd,000 384,po0 3BO.W0 ...564.000 $84,000 Bd64 000 OevtlxR'a Profit 120% $126.000 SI36,000 $120.000 8126,000 $128.000 361200 , $69)00 cw5n 1oaa s1as.9pp sto5,apo Stps,pop stpsopp Stos.pop Ss6.m0 ss6t app Tob1 Ex nws SJf5 W0 fJ15,000 3115,000 3316,W0 ;31s,W0 - f168.000 , 51,TN OOp Natkcwne STd6,aoo 3)35000 - iTM.000 3125.000 ..3)35.000 3392000 -fe:O6T,600 Mnual Oiacwrrt Rate: ip.00 OBl56t 0.%101 082560 690585 086385 0.66230 Diecvmletl Value .STiT fl 6BB 684 3802021 lBBS T3 093 :SJ38 33')52 )08 Net preynt Valm SJ,}ss,T08 R(NMSCd NT53,000 Asmsun¢~rt OlsUkt OJ-3 PrtwrM Oy MideN lmnx MN give Park b¢q 61IT Untt One NumM O1 NnR5: 03 Smnena AS la Poriods: 0uarten penod3 Pariod8 periotlb Perb08 CaeN Flaxs A 21101 Non2p01 FeF2004 Ma-2008 A -2004 Nov-2000 eG Tdak Sale flim Sales Sale Pace Sales Sak Pr' Saks Sak PrY 8aka yk Ris< Stlee 9k Rix Salea TWI $akc Sakz mc[611J Urvt line FirgglM $T000] ib $}O,pW 15 $10,W3 15 $10,0]0 15 $}0,030 15 $lO,OW 9 $5,8f000V BJ ecaEm a Reverwc 31.050,000 13 31050,000 t5 31,050000 t5 SI 030,000 15 Sf,p5p 000 15 $SbO 000 0 55,010,000 03 Ex noes Penodt Paidd3 Penotl3 perpp4 -PpiMS PerkAb Onee[COnstrixtim Omb $136,603 $135 Bpi g1J39W $tJ6000 St36,0M Si2,980 $153%0 IeMr¢ci GSb 5482W 80.12W .W.200 %3,2fM $p3$W $23.090 32]9,040 MarkctingCOmneavane 8.0% $89.000 $84.003 504.OJ0 fl4,W0 $94.WJ 549800 $869 000 Developa'a Profit 12.ab $128,000 $128,000 $126,080 $126,000 $28,000 ffi],200 . .~9}200 cwe n 100% Stps,ppp Stos.po6 51ps.Opb 31o:,99p 51as.opo u6ppp $$91.W0 Tofal Ea nsee K%000 3995,000 3405,000 }3% 0 5385,000 3284,000 ]38000 33 NM IMdme 3555.000 3355000 3555000 SM3000 5565,000 5298,000' , 5&0>Y pW Annul Oiacamu Me: 12A0% 69100] 0.99260 081514 000899 0.86261 083)48 O'mm~nSetl Valve 5329 '.'f52Y ftt 53W 806 3399110 Nle )3b. 324} 96 i 109633. xat Prexmvak9e z,)69b3a -. . 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C4 G. P`.6.aF w a~ g w ~n°C'J U~[ii 0.0.Wi m JNFaEhJLL .1~5~+ r°v°i inmm°m W~2.6w~ Q.c °z q~ 0 H 0 x a t~ F S e„ z w m [THIS PAGE INTENTIONALLY LEFT BLANK] APPENDIX C FORM OF OPINION OF BOND COUNSEL Closing Date, 2003 City Council _ City of Bakersfield 1501 Truxtun Avenue Bakersfield, CA 93301 City of Bakersfield Assessment District No. 03-2 (Buena Vista Ranch/Belsera IUMontaza IUOlive Pazk Il) Limited Obligation Improvement Bonds .._ ._ (Final Opinion) Ladies and Gentlemen: We have acted as bond counsel in wnnection with the issuance by the City of Bakersfield (the "Issuer") of $3,045,000 aggregate principal amount of the City of Bakersfield Assessment District No. 03-2 (Buena Vista RanchBelsera II1Montaza lUOlive Park II) Limited Obligation Improvement Bonds {the "Bands") pursuant to the provisions of the Municipal hngrovement Act of 1913 and the Improvement Bond Act of 1915 and Resolution No. 162-03, adopted by the City Council on September 10, 2003 (the "Resolution"}. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Resolution. In such connection, we have reviewed the Resolution, the Tax Certificate of the Issuer dated the date hereof (the "Tax Certificate") an opinion of counsel to the Issuer, certifications of the Issuer and others and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein. Certain agreements, requirements and procedures contained or referred to in the Resolution, the Tax Certificate and other relevant documents may be changed and certain actions(includrttg, without limitation, defeasance of the Bonds) may be taken or omitted under the circumstances and subject to the terms and conditions set forth in such documents. No opinion is expressed herein as to any Bond or the interest thereon if any such change occurs or action is taken or omitted upon the advice or approval of counsel other than ourselves. The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not duectly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof. We have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or events do occur. Our engagement with respect to the Bonds has concluded witg their issuance, and we disclaim any obligafion to update this opinion. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the Issuer. We have not undertaken to verify independently, and have assumed, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinion, referred to in the second pazagraph hereof. Furthermore, we have assumed compliance with all covenants and agreements contained in the Resolution and the Tax Certificate, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Bonds to be included in gross income for federal income tax purposes. In addition, we call attenfion to the fact that the rights and obligations under the Bonds, the Resolution and the Tax Certificate may be subject to bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other similaz laws relating to or affecting creditors' rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against dries in the State of California. Gt We express no opinion on the plans, specifications, maps and other engineering details of the proceedings, or upon the validity of the individual sepazate assessments securing the Bonds which validity depends, in addition to the legal steps required, upon the accuracy of certain of the engineering details. Finally, we undertake no responsibility for the accuracy, completeness or fairness of the Official Statement or other offering material relating to the Bonds and express no opinion with respect thereto. Based on and subject to the foregoing and in reliance thereon, as of the date hereof, we aze of the following opinions: 1. The Bonds wns6tute valid and binding special assessment obligations of the Issuer, payable solely from and secured by the unpaid assessments and certain funds held under the Resolution. 2. The Resolufion has been duly adopted and constitutes a valid and binding obligation of the Issuer. 3. Interest on fhe Bonds is excluded from gross income for federal inwme tax purposes under Section 143 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. 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The Bonds aze being issued pursuant to a resolution authorizing issuance of the Bands, being Resolufion No. 162-03 (the "Resolution"}, adopted by the City Council of the City on September IQ 2003. The City covenants and agrees as follows: - - - Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the City for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participating Underwriter in complying with Securities and Exchange Commission Rule ISc2-12(bx5), as amended. Section 2. Defmitions. In addition to the definitions set forth above and in the Resolution, which apply to any capitalized term used in this Disclosure Certificate, unless otherwise defined in this section, the following capitalized terms shall have the following meanings: "fumual Report" shall mean any Annual Report provided by the City pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Beneficial Owner" shall mean any person who has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories, or other intermediaries). "Dissemination Agent" shall mean the City, or any successor Dissemination Agent designated in writing by the City and which has filed with the City a written acceptance of such designation. "Fiscal Year" shall mean the 12-month period beginning on July 1 and ending on the next following June 30, unless and until changed by the City. "Holder" shall mean either the registered owner of any Bond, or, if the Bonds aze registered in the name of DTC or another recognized depository, any Beneficial Owner or applicable participant in its depository system. "Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. `National Repository" shall mean any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. The current National Repositories aze listed on the Securities and Exchange Commission website at httpalwwwsec;.govlinfolmunicipaUnrmsir.htm. Bonds. "Official Statement" shall mean the fmal Official Statement, dated September 30, 2003, pertaining to the "Participatng Underwriter" shall mean UBS Financial Services Inc., and any other'6figinal underwriters of the Bonds required to comply with the Rule in connection with offering of the Bands. F-1 "Repository" shall mean each National Repository and each State Repository. "Role" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "State Repository" shall mean any public or private repository or entity designated by the State of California as a state repository far the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Disclosure Certificate, there is no State Repository. Section 3. Provision of Annual Reports. (a} The City shall, or shall cause the Dissemination Agent to, not later than nine (9) months after the end of the City's Fiscal Year (i.e., currently not later than April 1 of each year), commencing with the report for the 2002-03 Fiscal Year, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as sepazate documents comprising a package, and may include by reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the City may be submitted sepazately from the balance of the Annual Report, and later than the date required above for the fling of the Annual Report if not available by that date. If the City's Fiscal Year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). (b} Not later than fifteen (I S) Business Days prior to the date required in subsection (a), the City shall provide the Annual Report to the Dissemination Agent (if other than the City}. If the City is unable to provide to each Repository an Annual Report by the date required in subsection (a), the City shall send to each Repository a notice in substantially the form attached hereto as Exhibit A. (c) The Dissemination Agent shall: (i) determine each year, prior to the date for providing the Annual Report, the name and address of each Repository, and file the Annual Report with each Repository, and (ii) if the Dissemination Agent is other than the City, file a report with the City certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided and listing all the Repositories to which it was provided. Section 4. Content of Annual Reports. The City's Annual Report shall contain or incorporate by reference the following: (a) The audited financial statements of the City for the prior Fiscal Yeaz, prepazed in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standazds Boazd. If the City's audited financial statements aze not available by the time the Annual 3Leport is required to be filed pursuant to Section 3(a}, the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. Notwithstanding the foregoing, each Annual Report or other filing containing the City's financial statements may include the following or other similaz statement: THE FOLLOWING FINANCIAL STATEMENTS ARE PROVIDED SOLELY TO COMPLY WITH THE SECURITIES AND EXCHANGE COMMISSION STAFF'S INTERPRETATION OF RULE 15c2-12. NO FUNDS OR ASSETS OF THE CITY OF BAKERSFiELD (OTHER THAN 1T~ ASSESSMENTS LEVIED IN THE ASSESSMENT DISTRICT) ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS, AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAII,ABLE FUNDS FROM THE CITY TREASURY TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL F-2 CONDITION OF THE CITY IN EVALUATING WIIETHER TO BUY, HOLD, OR SELL THE BONDS. (b) The following information with respect to the City for the Fiscal Year to which the Annual Report relates, which information may be provided by its inclusion in the audited financial statements of the City for the prior Fiscal Year described in subsection (a) above: (i) The principal amount of Bonds outstanding, including principal amounts and years of maturity of Bonds, if any, called for redemption in advance of maturity. {ii) The balances as of the end of such Fiscal Year in each of the following funds established pursuant to the Resolution: (A) the Improvement Fund; (B) the Redemption Fund; and {C) the Reserve Fund. (iii}._ .Identification of each pazcel for which any installment of the unpaid assessment is delinquent, together with the fallowing information respecting each such parcel: (A) the amount delinquent (exclusive of late chazges and monthly penalties for reinstatement}; (B) the date {December 10 or April 10) of the first delinquency; (C) in the event a foreclosure complaint has been filed respecting such delinquent parcel and such complaint has not yet been dismissed, the date on which the complaint was filed in the-Kern County Superior Court; and (D) in the event a foreclosure sale has occurred respecting such delinquent parcel, a summary of the results of such foreclosure sale. (iv} A current statement of the status of completion or progress toward completion of the public improvements described in the Official Statement under the subheading "THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS -Description of the Community Areas and the Improvements." {v) A current statement of the land-secured public financing information snmmaz~ized in the Official Statement under the subheading "THE BONDS -Priority of Lien." (vi) A current statement of the parcel information set forth in Columns 5 through 9, inclusive, of APPENDIX E to the Official Statement, for both existing and future parcels. (c) In addition to any of the information expressly required to be provided under pazagraphs (a) and (b) of this Section, the City shall provide such further information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they aze made, not misleading. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the City or related public entities, which have been submitted to each of the Repositories or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The City shall cleazly identify each such other documnnt so included by reference. Section 5. Renorting of Significant Events. (a} Pursuant to the provisions of this Section 5, the City shall give, or cause to be given, notice of the occurrence of any of the following events (each, a "Listed Event") with resgect to the Bonds, if material: {i) principal and interest payment delinquencies; {ii) non-payment related defaults; {iii} modifications to rights of Bond Holders; (iv) optional, contingent, or unscheduled Bond calls; '°" (v) defeasances; F-3 (vi} rating changes; (vii) adverse tax opinions or events adversely affecting thetax-exempt status of the Bonds; {viii) unscheduled draws on the debt service reserves reflecting financial difficulties; (ix) unscheduled draws on credit enhancements reflecting financial difficulties; (x) substitution of credit or liquidity providers, or their failure to perform; or {xi) release, substitution, or sale of property securing repayment of the Bonds. {b) Whenever the City obtains knowledge of the occurrence of a Listed Event, the City shall as soon as possible determine if such event would be material under applicable Federal securities law. {c} If the City determines that knowledge of the occuaence.of a Listed Event would be material under applicable Federat securites law, the City shall promptly fife a notice of such occurrence with either (i} the Municipal Securities Rulemaking Board and the State Repository or (ii) the Repositories. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(iv) and (v) need. not be given under this subsection any eazlier than the notice (if any) of the underlying event is given to Holders of affected Bonds pursuant to the Resolution. Section 6. Termination of Reportine Oblisation. The City's obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption, or payment in frill of all of the Bonds. If such temrination occurs prior to the final maturity of the Bonds, the City shall give notice of such termination in the same manner as for a Listed Event under Section 5(c). Section 7. Dissemination Agent. The City may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may dischazge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. Section 8. Amendment: Waiver. Notwithstanding any other provision of this Disclosure Certificate, the City may amend this Disclosme Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: {a) if dre amendment or waiver relates to the provisions of Section 3(a), 4, or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the Bonds, or type of business conducted; (b) the undertakings herein, as proposed to be amended or waived, would, in the opinion of nationally recognized 1Sond counsel, have complied with the requirements of the Rule at the time of the primary offering of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in cvcumstances; and {c) the proposed amendment or waiver either (i) is approved by Holders of the Bonds in the manner provided in the Resolution for amendments to the Resolution with the consent of Holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Holders or Beneficial Owners of the Bonds. If the annual fmancial information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto containing the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or financial information being provided. F-4 In the event of any amendment or waiver of a provision of this Disclosure Agreement, the City shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanafion of the reason for the amendment or waiver and its impact on the type (or, in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the City. If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the annual financial information for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the acwunting principles and the impact of the change in the accounting principles on the presentation of the financial information, m order to provide information to investors to enable them to evaluate the ability of the City to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. A notice of the change in the accounting principles shall be sent to the Repositories in the same utanner as for a Listed Event under Section 5(c). Section 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the City from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the City chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosme Certificate, the City shall have no obligation under this Disclosure Certificate to update such infomration or include it in any future Annual Report or notice of occurrence of a Listed Event. Section 14. Default. In the event of a failure of the City to comply with any provision of this Disclosure Certificate any Holder or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Resolution, and the sole remedy under this Disclosure Certificate iu the event of any failure of the Ciiy to comply with this Disclosure Certificate shall be an action to compel performance. Section 11. Duties, Immunities, and Liabilities of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the City agrees to indemnify and save the Dissemination Agent, its officers, directors, employees, and agents, hamiless against any losses, expenses, and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent's negligence or willful misconduct. The obligations of the City under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. Secfion 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the City, the Dissemination Agent, the Participating Underwriter, and Holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. Date: [Closing Date] CTTY OF BAI~RSFIELD By: Finance Duector "' F-5 EJ~BTT A NOTICE OF FAIZURE TO FII.E ANNUAL REPORT Name of Issuer: City of Bakersfield, California Name of Bond Issue: Assessment District No. 03-2 (Buena Vista Ranch/Belsera II1Montara II/Olive Park II) Limited Obligation Improvement Bonds Date of Issuance: [Closing Date] NOTICE IS HEREBY GIVEN that the City of Bakersfield, California (the "City), has not provided an Annual Report with.respect to the above-named Bonds as required Section 4(a} of the Continuing Disclosure Certificate executed by the City on [Closing Date]. The City anticipates that the Annual Report will be filed by Dated: _.._ ... CITY OF BAKERSFiELD By: Finance Director F-6 CITY OF BAKERSFIELD ASSESSMENT DISTRICT N0.03-2 (BUENA VISTA RANCHlBELSERA II/MONTARA HlOLTVE PARK II} LIMITED OBLIGATION IMPROVEMENT BONDS DEVELOPER'S CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by [DEVELOPER], a (the "Developer"), in connection with the issuance by the City of Bakersfield (the "City") of $3,045,000 in aggregate principal amount of the above-referenced bonds (the "Bonds") for Assessment District No. 03-2 (Buena Vista Ranch{Belsera B/Montaza II/Olive Park II) (the "Assessment District"). The Bonds aze being issued pursuant to a resolution authorizing issuance of the Bonds, being Resolution No. 162-03 (the "Resolution"), adopted by the City Council of the City on September 10, 2003. The Developer covenants and agrees as follows: SECTION I. Purpose of the Disclosure Certificate. - This Disclosure Certificate is being executed and delivered by the Developer for the benefit of the City, UBS Financial Services Inc., as the underwriter of the Bonds (the "Underwriter"), and the Holders and Beneficial Owners (each as defined below) of the Bonds in order to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(b)(5), as amended. SECTION 2. Defmitions. In addition to the definitions set forth above and in the Resolution, which apply to any capitalized term used in this Disclosure Certificate, unless otherwise defined in this section, the following capitalized terms shall have the following meanings: "Affiliate" of another Person shall mean (a} a Person dtrecfly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of such other Person, (b) any Person 5% or more of whose outstanding voting securities aze directly or indirectly owned, conirolled, or held with power to vote by such other Person, or (c) any Person duectly or indrectly controlling, controlled by, or under common control with, such other Person. For purposes hereof, "control" means the power to exercise a controlling influence over the management or policies of a Person, unless such power is solely the result of an official position with such Person. "Assumption Agreement" means an agreement or certificate by a Successor Developer, containing terms substantially similaz to this Disclosure Certificate, whereby such Successor Developer shall agree to provide Semi- Annual Reports and notices of Listed Events with respect to the property in the Assessment District owned by such Successor Developer and its Affdiates, if any. "Beneficial Owner" shall mean any person who has the power, directly or indrectly, to vote or consent with respect to, or to dispose of ownership of, any Bond or Bonds, including persons holding Bonds through nominees, depositories, or other intermediaries. "Development Plan" shall mean the specific improvements the Developer intends to make, or cause to be made, in order for the Community Area to reach the Planned Development Stage, the time frame in which such improvements aze intended to be made, and the estimated costs of such improvements. The Developer's Development Plan, as of the date hereof, is described in the Official Statement under the heading "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF TIIE ASSESSMENT DISTRICT." "Disclosure Period" shall mean the six-month period beginning on 7uly 1 or January 1 and ending on the next following June 30 or December 31, as applicable. F-7 "Disclosure Representative" shall mean the president, the managing member, any vice-president, or the chief financial officer of the Developer or his or her designee, or such other officer, employee, or agent as the Developer shall designate in writing to the Dissemination Agent and the City from time to time. "Dissemination Agent" shall mean the City, or any successor Dissemination Agent designated in writing by the City and which has filed with the City a written acceptance of such designation. "Event of Bankruptcy" shall mean, with respect to a Person, that such Person files a petition or institutes a proceeding under any act or acts, state or federal, dealing with or relating to the subject or subjects of bankruptcy or insolvency, or under any amendment of such act or acts, either as a bankrupt or as an insolvent, or as a debtor, or in any similar capacity, wherein or whereby such Person asks, seeks, or prays to be adjudicated a bankrupt, or is to be discharged from any or all of such Person's debts or obligations, or offers to such Person's creditors to effect a composition or extension of time to pay such Person's debts or obligations, or asks, seeks, or prays for reorgaruzafion or to effect a plan of reorganization, or for a readjustment of such Person's debts, or for any other similar relief, or if any such perifion or any such proceedings of the same or similar kind or chazacter is filed or instituted or taken against such Person, or if a receiver of the business, property, or assets of such Person is appointed by any court, or if such Person makes a general assignment for the benefit of such Person's creditors. "Financing Plan" shall mean the method by which Developer intends to finance its Development Plan, including specific sources of funding for such Development Plan. The Developer's Financing Plan, as of the date hereof, is described in the Official Statement under the heading "OWNERSHIP AND PLt1NNF.D FINANCING AND DEVELOPMENT OF TFIE ASSESSMENT DISTRICT." "Financial Statements" shall mean the fail] financial statements, special purpose financial statements, project operating statements, or other reports reflecting the financial position of the Developer's pazent company or, if such financial statements are prepazed separately for the Developer, reflecting the financial position of the Developer; provided that, if such financial statements or reports aze otherwise prepared as audited financial statements or reports, then "Financial Statements" means such audited financial statements or reports. The Financial Statements for the Developer or its parent company shall consist of a balance sheet, an income statement, and a statement of cash flows, all prepared in accordance with generally accepted accounting principles. "Holders" shall mean either the registered owners of the Bonds, or, if the Bonds are registered in the name of The Depository Trust Company or another recognized depository, any Beneficial Owner or applicable participant in its depository system. "Listed Event" shall have the meaning given to such term in Section 5 of this Disclosure Certificate. "National Repository" shall mean any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. The current National Repositories are listed on the Securities and Exchange Commission website at http:ttwww.sec.gov/infolmunicipaVnrmsir.htm. "Official Statement" shall mean the final Official Statement dated September 30, 2403, pertaining to the Bonds. "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a limited liability company, a trust, any unincorporated organization, or a government or a political subdivision thereof. "Planned Development Stage" shall mean, with respect to any property in the Assessment District owned by the Developer or its Affiliates, if any, the stage of development to which the Developer intends to develop such properly, as described in the Official Statement, which is the stage at which backbone infiastructure is in place for the applicable Community Area, and the Developer has completed construction andtor development as described in the Official Statement under the subheadings "OWNERSHIl' AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT," °~' "Repository" shall mean each National Repository and each State Repository. F-$ "Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "Semi-Annual Report" shall mean any Semi-Annual Report provided by the Developer pwsuant to, and as described in, Sections 3 and 4 of this Discloswe Certificate. "State Repository" shall mean any public or private repository or entity designated by the State of California as a state repository for the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Discloswe Certificate, there is no State Repository. "Successor Developer" shall mean any property owner, other than the Developer or its Affiliates, which pwchases property in the Assessment District for the purpose of developing the property and not merely as anend- user. SECTION 3. Provision of Semi-Annual Reports (a} So long as the Developer is obligated hereunder and said obligation has not been terminated pwsuant to Section 6 of this Discloswe Certificate, the Developer shall provide, or shall' cause the Dissemination Agent to provide, not later than three (3) months after the end of each Discloswe Period {i.e., not later than September 30 or March 31 of each year, as applicable}, commencing with the report for the Discloswe Period ending December 31, 2003, to each Repository aSemi-Annual Report relating to the immediately preceding Discloswe Period which is consistent widt the requirements of Secton 4 of this Discloswe Certificate. The Semi- ', Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Certificate; provided, however, that if audited Financial Statements aze required to be provided, such audited Financial Statements may be submitted separately from the balance of the Semi-Annual Report, and later than the date required above for the filing of the Semi-Annual Report, if not available by that date. (b} So long as the Developer is obligated hereunder and said obligation has not been terminated pwsuant to Section 6 of this Discloswe Certificate, not later than fifteen (15}business days prior to the date required in subsection (a) hereof, the Developer shall provide the Semi-Annual Report to the Dissemination Agent. If the Developer is unable to provide, or cause to be provided, to each Repository anSemi-Annual Report by the date required in subsection (a} hereof, the Dissemination Agent shall, first, confirm that the Developer's obligation hereunder has not been terminated pwsuant to Section 6 of this Discloswe Certificate, and, if the Developer is still obligated hereunder, the Dissemination Agent shall send to each Repository a notice in substantially the form attached hereto as Exhibit A. (c} The Dissemination Agent shall: (i} detemrine each yeaz, prior to the date for providing the Semi-Annual Report, the name and address of each Repository, and file the Semi-Annual Report with each Repository, and (ii) following the filing of the Semi-Annual Report with each Repository, file a certificate with the City and the Developer certifying that the Semi-Annual Report has been filed with each Repository pwsuant to this Discloswe Certificate, stating the date on which the Semi-Annual Report was filed. and listing each Repository (byname and address) with which it was filed. SECTION 4. Content of Semi-Annual Reports. So Long as the Developer is obligated hereunder and said obligation has not been terminated pursuant to Section 6 of this Discloswe Certificate, the Developer shall provide anSemi-Annual Report for the preceding Discloswe Period with respect to property within the Assessment District owned by the Developer or its Affiliates, if any, which Semi-Annual Report shall contain w incorporate by reference the following: "' F-9 (a} The Developer shall provide a general description of progress made in the Development Plan, and any significant changes in the Development Plan, Financing Plan, or zoning during the prior Disclosure Period. The Developer shall track actual absorption relative to projected absorption according to the framework described in the Official Statement under the heading "OWNERSHIP AND PLANNED FINANCING AND DEVELOPMENT OF THE ASSESSMENT DISTRICT." The Developer shall identify any material deviations in actual versus expected sale prices, and identify zoning changes, if any. The Developer shall also include information concerning the recordation of final maps, if applicable, and information concerning the sale or transfer of property to Persons that aze not Affiliates of the Developer. The Developer shall describe any significant changes in the Financing plan for its development project including, without limitation, changes in status of the Developer's credit line (or the credit line of any Affiliates of the Developer that own property within dre Assessment District}, if applicable. The Developer shall describe (i} any change in the legal structure of the Developer or of any of its Affiliates that own property within the Assessment District; (ii) any previously undisclosed amendments to the land use entitlements or environmental conditions or other governmental conditions that aze necessary to complete its Development Plan; or (iii) any previously undisclosed legislafive, administrative, mjudicial challenges to the Development Plan, if known. - - - (d} Each fiscal year, one Semi-Annual Report shall make reference to the quarterly and annual financial. statements of the Developer, on file with the Securities and Exchange Commission (if applicable). All such references shall contain the following caveat: The quarterly and annual reports of the Developer aze referred to for informational purposes only. In the event of a failure to pay any installment of assessments, and after depletion of the Reserve Fund, the real property in the Assessment District is the sole security for the Bonds. The obligation of the Developer to pay the unpaid assessment installments does not constitute a personal indebtedness of the Developer for which the funds or assets (other than the property in the Assessment District) of the Developer may be required, by operation of law or otherwise, to be used to pay debt service on the Bonds. It should not be inferred from the reference to the quarterly and annual reports of the Developer that the funds or assets (other than the property in the Assessment District) are available to cure any delinquencies in the payment of assessments. (e} To the extent that Financial Statements are prepared separately for the Developer, Financial Statements prepazed in accordance with generally accepted accounting principles, as in effect from time to time, shall be provided. To the extent that audited Financial Statements are prepared separately for the Developer, if audited Financial Statements are required to be provided and such audited Financial Statements are not available by the time the applicable Semi-Annual Report is required to be provided pursuant to Section 2(a) of this Disclosure Certificate, the applicable Semi-Annual Report shall contain unaudited Financial Statements, and the audited Financial Statements shall be filed in the same manner as the applicable Semi-Annual Report when they become available. Such Financial Statements shall be for the most recently ended fiscal year for the entity covered thereby. To the extent that audited Financial Statements of the Developer are prepared, the Developer shall include such audited Fimartcial Statements in the applicable Semi-Annual Report. To the extent that the provisions of this subsection (e} become applicable, the provisions of subsection (d} above shall cease to be applicable. All such audited Financial Statements of the Developer, if any, shall contain the following caveat: The audited financial statements of the Developer are included for informational purposes only. In the event of a failure to pay any installment of assessments, and after depletion of the Reserve Fund, the real property in the Assessment District is the sole security for the Bonds. The obligation of the Developer to pay the unpaid assessment installments does not constitute a personal htdebtedness of the Developer for which the funds or assets (otlter than the property in the Assessment District} of the Developer may be required, by operation of law or otherwise, to be used to pay debt service on the Bonds. It should not be inferred from audited financial statements of tite Developer that the funds or assets (other than the property in the Assessment District) are available to cure any delinquencies in the payment of assessments. F-10 (fj In addition to any of the information expressly required to be provided under this Section, the Developer shall provide such further information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they are made, not misleading. Any or all of the items listed above may be included by specific reference to other documents that have been submitted to each of the Repositories or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The Developer shall clearly identify each such other document so included by reference. SECTION 5. Developer's Renort of Listed Events. (a) So long as the Developer is obligated hereunder and said obligation has not been temunated pursuant to Section 6 of this Disclosure Certificate, pursuant to the provisions of this Section 5, the Developer shall promptly give, or cause to be given notice of the occurrence of any of the following events {each, a "Listed Event") with respect to Developer and any of its Affiliates that own property within the Assessment District: (i} Any conveyance by the Developer or any of its Affiliates to a Successor Developer or its Affiliates, if any, of property that, when aggregated with all other property in the Assessment District then-owned by such Successor Developer and its Affiliates, if any, is subject to the lien of greater than twenty percent (20%) of the annual assessment securing payment of the Bonds. (ii} Any failure of the Developer or any of its Affiliates to pay when due general property taxes, special taxes, or assessments with respect to its property within the Assessment District. (iii} Any termination of a line of credit or loan, any termination of, or uncured material default under, any line of credit or loan, or any other loss of a source of funds that could have a material adverse affect on the Developer's most recently disclosed Financing Plan or Development Plan, if any, or on the ability of the Developer or any of its Affiliates to pay assessment installments with respect to the Assessment District when due. (iv) The occurrence of an Event of Bankruptcy with respect to the Developer or any of its Affiliates that could have a material adverse affect on the Developer's most recently disclosed Financing Plan or Development Plan, if any, or on the ability of the Developer or any of its Affiliates to pay assessment installments with respect to the Assessment District when due. (v} Any significant amendments to land use entitlements for the Developer's or its Affiliates' property in the Assessment District, if material. (vi} Any previously undisclosed governmentally-imposed preconditions to commencement or continuation of development on the Developer's or its Affiliates' property in the Assessment District, if material. {vii} Any previously undisclosed legislative, administrative, or judicial chatlenges to development on the Developer's or its Affiliates' property in the Assessment District, if material. (viii} Any changes, if material, in the alignment, design, or likeli7rood of completion of significant public improvements, including major thoroughfazes, sewers, water conveyance systems, and similaz facilities. {ix} The assumption of any obligations by a Successor Developer pursuant to Section 6 of this Disclosure Certificate. (b} Whenever the Developer obtains knowledge of the occurrence of a Listed Event, the Developer shall promptly notify the Dissemination Agent in writing. Such notice shall instruct the DlSSemination Agent to report the occurrence pursuant to subsection (c) below. F-11 {c} If the Dissemination Agent has been instructed by the Developer to report the occurrence of a Listed Event, the Dissemination Agent shall file a notice of such occurrence with either {i) the Municipal Securities Rulemaking Board and each State Repository or (ii) the Repositories, with a copy to the Participating Underwriter. SECTION 6. Terntination of Developer's Reoortine Oblieation. The Developer's continuing obligation to provide an Semi-Annual Report and notices of material Listed Events will terminate upon the earlier of (1) the legal defeasance, prior redemption, or payment in full of all of the Bonds, ar {2} the date upon which the Developer and its Affiliates, if any, cease to own property in the Assessment District that, when aggregated with all other properly in the Assessment District then-owned by the Developer and its Affdiates, if any, is subject to the lien of greater than twenty percent (20%) of the annual assessment securing payment of the Bonds, or (3) when the Developer's Community Area has reached the Planned Development Stage. If the Developer conveys to a Successor Developer property in the Assessment District prior to the time at which such property reaches the Planned Development Stage, and such property conveyed, when aggregated with all other property in the Assessment District then-owned by such Successor Developer and its Affiliates, if any, is subject to the lien of greater than twenty percent (20%} of the annual assessment securing payment of the Bonds, then the Developer shall require a Successor Developer to enter into an Assumption Agreement, but only to the extent and upon the terms, if any, required by the Rule. _. _ . SECTION 7. Dissemination Agent. The City may, from time to time, appoint or engage a Dissemination Agent to assist the Developer in carrying out its obligations under this Disclosure Certificate, and the City may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. SECTION 8. Amendment: Waiver. Notwithstanding any other provision of this Disclosure Certificate, the Developer may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the City agrees is writing and the following conditious are satisfied: (a) if the amendment or waiver relates to the provisions of Section 3(a), 4, or 5, it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the Bonds, or type of business conducted; {b} the undertakings herein, as proposed to be amended or waived, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the primary offering of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and {c) the proposed amendment or waiver either (i) is approved by Holders of the Bonds in the manner provided in the Resolution for amendments to the Resolution with the consent of Holders, or (ii) does not, in the opinion ofnationally recognized bond counsel, materiallynnpair the interests of the Holders or Beneficial Owners of [he Bands, If dte annual financial information or operating data to be provided in the Semi-Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto containing the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or fmancial information being provided In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Developer shall describe such amendment in the next Semi-Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type {or, in the case of a change of accounting principles, on the presentation) of fmancial information or operating data being presented'by the Developer. If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the annual financial information for the yeaz in which the change is made shall present a comparison F-12 between the financial statements ar informafion prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information, in order to provide information to investors to'enable them to evaluate the ability of the Developer to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. A nofice of the change in the accounting principles shall be sent to the Repositories in the same manner as for a Listed Event under Section 5. SECTION 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the Developer from disseminating any other information using the means of dissemination set forth in this Disclosure Certificate or any other means of communication or including any odrer information in any Semi-Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Developer chooses to include any informationrn any Semi-Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the Developer shall have no obligation under this Disclosure Certificate to update such information or include it in any future Semi-Annual Report or notice of occurrence of a Listed Event. -- - SECTION 10. Default. In the event of a failure of the Developer to comply with any provision of this Disclosure Certificate, the Underwriter, the City, or any Holder or Beneficial Owner of outstanding Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Developer to comply with its obligations under this Disclosure Certificate. A default under this Disclosure Agreement shall not be deemed to be an event of default under the Resolution, and the sole remedy under this Disclosure Certificate in the event of any failure of the Developer to comply with this Disclosure Certificate shall be an action to compel performance. SECTION Il. Duties. immunities and Liabilities of Dissemination Atent. The Dissemination Agent shall have only such dufies as aze specifically set forth in this Disclosure Certificate, and the Developer agrees to indemnify and save the City, the Dissemination Agent, and their respective officers, directors, employees, and agents, harmless against any losses, expenses, and liabilites which either or both of them may incur azising out of or in the exercise or performance of the Developer's powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the City's or the Dissemination Agent's negligence ar willful misconduct. The obligations of the Developer under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. F-13 SECTION 12. Beneficiaries. This Disclosure Certificate shall be binding upon the Developer and shall inure solely to the benefit of the Developer, the Dissemination Agent, the Underwriter, the City, and the Holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. Date: [Closing Date] [DEVELOPER], a By: _ Title: F-14 E~IfBIT A NOTICE TO REPOSITORIES OF FAILiJRE TO FILE SEMI-ANNUAL REPORT Name of Developer: [DEVELOPER] Name of Bond Issue: CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT N0.03-2 {BUENA VISTA RAN"CHBELSERA II/MONTt1RA II/OLIVE PARK II) LIMI'T'ED OBLIGATION IMPROVEMENT BONDS Date of Issuance: [Closing Date] NOTICE IS FIEREBY GIVEN that [DEVELOPER], a {the "Developer"), has not provided an Semi-Annual Report with respect to the above-named Bonds as required by Section 3 of the Developer's Continuing Disclosure Certificate, dated (Closing Date]. The Developer anticipates that the Semi- Armual Report will be filed by Date: By: THE CITY OF BAKERSFIELD, as Dissemination Agent, on behalf of [DEVELOPER], a Finance Director F-15 [THIS PAGE INTENTIONALLY LEFT BLANK]