NEW ISSUE RATINGS: Standard & Poor’s: “A-” See “RATING”

In the opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel, subject however, to certain qualifications described herein, under existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). In the further opinion of Bond Counsel, interest on the Bonds is not an item of tax preference for purposes of federal alternative minimum taxes imposed on individuals and corporations, although Bond Counsel observes that such interest is included as an adjustment in the calculation of federal corporate alternative minimum taxable income and may therefore affect a corporation’s alternative minimum tax liabilities. In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of California personal income taxation. Bond Counsel expresses no other opinion regarding or concerning any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Bonds. See “LEGAL MATTERS - Tax Exemption.”

$7,840,000 WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY

2013 REFUNDING REVENUE BONDS Dated: Date of Delivery Due: September 1, as shown on inside cover

Authority for Issuance. The bonds captioned above (the “Bonds”) are being issued under Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Bond Law") and an Indenture of Trust dated as of January 1, 2013 (the “Indenture”), by and between the William S. Hart Joint School Financing Authority (the “Authority”) and Zions First National Bank, as trustee (the “Trustee”). The Board of Directors (the “Board”) of the Authority has authorized the issuance of bonds in an aggregate principal amount not to exceed $9,000,000. The Bonds are the only series of bonds to be issued under this authorization. See “THE BONDS – Authority for Issuance.”

Security and Sources of Payment. The Bonds are payable from “Revenues” received under the Indenture, which are generally defined as all amounts derived from one installment purchase agreement and two series of special tax bonds (collectively, the “Local Obligations”), as follows:

CFD No. 90-1. An Amended and Restated Installment Purchase Agreement by and between Community Facilities District No. 90-1 of the William S. Hart Union High School District (“CFD No. 90-1”) and the Authority dated as of January 1, 2013 (the "CFD No. 90-1 Installment Purchase Agreement"),

CFD No. 99-1. Special tax bonds to be issued by Community Facilities District No. 99-1 of the William S. Hart Union High School District (“CFD No. 99-1”) designated as “Community Facilities District No. 99-1 of the William S. Hart Union High School District Series 2013 Special Tax Refunding Bonds” (the "CFD No. 99-1 Special Tax Bonds"), and

CFD No. 2000-1. Special tax bonds to be issued by Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority (“CFD No. 2000-1”) designated as “Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority Series 2013 Special Tax Refunding Bonds” (the "CFD No. 2000-1 Special Tax Bonds").

(CFD No. 90-1, CFD No. 99-1 and CFD No. 2000-1 are collectively referred to in this Official Statement as the “Community Facilities Districts.”) The Bonds are secured by a first pledge of all Revenues, which also include any amounts held in any fund or account established under the Indenture (excluding the Program Fund (and accounts therein) and the Rebate Fund) and interest earnings thereon. See “SECURITY FOR THE BONDS.”

Use of Proceeds. The Bonds are being issued primarily to refund and defease certain revenue bonds previously issued by the Authority in June 2004 captioned “$8,735,000 William S. Hart Joint School Financing Authority 2004 Revenue Bonds” (the “2004 Bonds”) by (i) refinancing the acquisition of certain school facilities in accordance with the CFD No. 90-1 Installment Purchase Agreement, and (ii) purchasing the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax Bonds. Proceeds of the Bonds will also fund a reserve fund for the Bonds and pay the costs of issuing the Bonds and the Local Obligations.

The proceeds of the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax Bonds will be used to contribute toward the refunding and defeasance of the 2004 Bonds, and to finance the acquisition and construction of certain school facilities. See “FINANCING PLAN.”

Bond Terms. Interest on the Bonds is payable on September 1, 2013, and semiannually thereafter on each March 1 and September 1. The Bonds will be issued in denominations of $5,000 or integral multiples of $5,000. The Bonds, when delivered, will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Bonds. See “THE BONDS – General Bond Terms” and “APPENDIX F – DTC and the Book-Entry Only System.”

Redemption. The Bonds are subject to optional redemption, special mandatory redemption from special tax prepayments relating to the Local Obligations, and mandatory sinking fund redemption before maturity. See “THE BONDS - Redemption.”

THE BONDS, THE INTEREST THEREON, AND ANY PREMIUMS PAYABLE ON THE REDEMPTION OF ANY OF THE BONDS, ARE LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM REVENUES AND OTHER ASSETS PLEDGED UNDER THE INDENTURE, AND ARE NOT AN INDEBTEDNESS OF THE WILLIAM S. HART UNION HIGH SCHOOL DISTRICT (THE “SCHOOL DISTRICT”), THE COMMUNITY FACILITIES DISTRICTS, THE SAUGUS/HART SCHOOL FACILITIES FINANCING AUTHORITY (THE “SAUGUS/HART AUTHORITY”), THE STATE OF CALIFORNIA (THE “STATE”) OR ANY OF ITS POLITICAL SUBDIVISIONS, AND NEITHER THE MEMBERS OF THE AUTHORITY, THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICTS, THE SAUGUS/HART AUTHORITY, THE STATE NOR ANY OF ITS POLITICAL SUBDIVISIONS IS LIABLE ON THE BONDS. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICTS, THE SAUGUS/HART AUTHORITY OR THE STATE OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. THE AUTHORITY HAS NO TAXING POWER.

MATURITY SCHEDULE (see inside cover)

This cover page contains certain information for quick reference only. It is not a summary of the issue. Potential investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Investment in the Bonds involves risks which may not be appropriate for some investors. See “BOND OWNERS' RISKS” for a discussion of special risk factors that should be considered in evaluating the investment quality of the Bonds.

The Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel, and subject to certain other conditions. Jones Hall, A Professional Law Corporation, San Francisco, California is acting as disclosure counsel to the Authority. Certain legal matters will be passed on for the Authority by Bowie, Arneson, Wiles & Giannone, special counsel to the Authority, and for the Underwriter by McFarlin & Anderson LLP, Laguna Hills, California. It is anticipated that the Bonds, in book-entry form, will be available for delivery on or about February 13, 2013.

The date of this Official Statement is: January 29, 2013

MATURITY SCHEDULE

$4,930,000 Serial Bonds (Base CUSIP†: 969283)

Maturity Principal Interest

(September 1) Amount Rate Yield Price CUSIP† 2013 $265,000 2.000% 0.650% 100.739% BT6 2014 310,000 2.000 1.000 101.534 BU3 2015 315,000 2.000 1.340 101.648 BV1 2016 325,000 3.000 1.580 104.882 BW9 2017 330,000 3.000 1.860 104.950 BX7 2018 345,000 3.000 2.120 104.584 BY5 2019 350,000 4.000 2.440 109.389 BZ2 2020 365,000 4.000 2.760 108.397 CA6 2021 375,000 5.000 3.010 114.901 CB4 2022 375,000 5.000 3.250 114.267 CC2 2023 395,000 3.250 3.470 98.068 CD0 2024 395,000 3.250 3.550 97.176 CE8 2025 390,000 3.500 3.630 98.697 CF5 2026 395,000 3.500 3.700 97.882 CG3

$2,910,000 5.000% Term Bond due September 1, 2034, Yield: 3.920%, Price: 109.256% C

CUSIP† No. 969283 CK4

C Priced to the optional par redemption date of September 1, 2023. † Copyright 2013, American Bankers Association. CUSIP data herein are provided by Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc., and are provided for convenience of reference only. Neither the Authority, the School District nor the Underwriter assumes any responsibility for the accuracy of these CUSIP data.

GENERAL INFORMATION ABOUT THIS OFFICIAL STATEMENT

No Offering May Be Made Except by this Official Statement. No dealer, broker, salesperson or other

person has been authorized to give any information or to make any representations with respect to the Bonds other than as contained in this Official Statement, and if given or made, such other information or representation must not be relied upon as having been authorized.

No Unlawful Offers or Solicitations. This Official Statement does not constitute an offer to sell or the

solicitation of an offer to buy in any state in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.

Effective Date. This Official Statement speaks only as of its date, and the information and expressions of

opinion contained in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale of the Bonds will, under any circumstances, create any implication that there has been no change in the affairs of the Authority, the Community Facilities Districts, any other parties described in this Official Statement, or in the condition of property within the Community Facilities Districts since the date of this Official Statement.

Use of this Official Statement. 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. This Official Statement is not a contract with the purchasers of the Bonds.

Preparation of this Official Statement. The information contained in this Official Statement has been

obtained from sources that are believed to be reliable, but this information is not guaranteed as to accuracy or completeness.

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.

Document References and Summaries. All references to and summaries of the Indenture of Trust or other

documents contained in this Official Statement are subject to the provisions of those documents and do not purport to be complete statements of those documents.

Stabilization of and Changes to Offering Prices. The Underwriter may overallot or take other steps that

stabilize or maintain the market price of the Bonds at a level above that which might otherwise prevail in the open market. If commenced, the Underwriter may discontinue such market stabilization at any time. The Underwriter may offer and sell the Bonds to certain dealers, dealer banks and banks acting as agent at prices lower than the public offering prices stated on the inside cover page of this Official Statement, and those public offering prices may be changed from time to time by the Underwriter.

Bonds are Exempt from Securities Laws Registration. The issuance and sale of the Bonds have not been

registered under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, in reliance upon exemptions for the issuance and sale of municipal securities provided under Section 3(a)(2) of the Securities Act of 1933 and Section 3(a)(12) of the Securities Exchange Act of 1934.

Estimates and Projections. Certain statements included or incorporated by reference in this Official

Statement constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as “plan,” “expect,” “estimate,” “budget” or other similar words.

THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH

FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE AUTHORITY DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD-LOOKING STATEMENTS IF OR WHEN ITS EXPECTATIONS, OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED OCCUR.

WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY

BOARD OF DIRECTORS

Joseph V. Messina, President

Steven M. Sturgeon, Clerk Paul B. Strickland, Assistant Clerk

Robert N. Jensen, Jr., Member Gloria E. Mercado-Fortine, Member

OFFICERS

Joseph V. Messina, President

Gloria E. Mercado-Fortine, Vice President Robert N. Jensen, Jr., Treasurer

Paul B. Strickland, Secretary

WILLIAM S. HART UNION HIGH SCHOOL DISTRICT ADMINISTRATION

Robert Challinor, Superintendent Susan Hoerber, Chief Financial Officer

BOND COUNSEL

Bowie, Arneson, Wiles & Giannone Newport Beach, California

DISCLOSURE COUNSEL

Jones Hall, A Professional Law Corporation

San Francisco, California

FINANCIAL ADVISOR and SPECIAL TAX CONSULTANT

Dolinka Group, LLC

Irvine, California

VERIFICATION AGENT

Grant Thornton LLP Minneapolis, Minnesota

TRUSTEE/FISCAL AGENT

Zions First National Bank Los Angeles, California

TABLE OF CONTENTS

Page Page

INTRODUCTION 1  FINANCING PLAN 4  

Refunding Plan 4  Other Uses of Proceeds 5  Estimated Sources and Uses of Funds 6  

THE BONDS 8  Authority for Issuance 8  General Bond Terms 8  Debt Service Schedule 9  Redemption 10  No Issuance of Parity Bonds 13  Registration, Transfer and Exchange 13  

SECURITY FOR THE BONDS 14  General 14  Allocation of Revenues 15  Application of Funds and Accounts 16  Reserve Fund 17  

THE LOCAL OBLIGATIONS 19  General 19  CFD No. 90-1 19  CFD No. 99-1 and CFD No. 2000-1 20  Special Taxes as Security for Special Tax

Bonds 23  Covenants of CFD No. 90-1 Relating to the

Levy and Collection of Special Taxes 23  Covenants of CFD No. 99-1 and CFD No.

2000-1 Relating to the Levy and Collection of Special Taxes 25  

Risks Related to Foreclosure 28  Rate and Method of Apportionment of Special

Taxes 29  No Direct Cross-Collateralization Among Local

Obligations 32  Scheduled Debt Service on Local Obligations 32  

THE COMMUNITY FACILITIES DISTRICTS 33  Background and Authority 33  Property Development and Share of Special

Tax Levy 34  Estimated Maximum Special Tax Proceeds

and Debt Service Coverage 36  

Assessed Property Values and Value-to-Burden Ratios 36  

Delinquency History 40  Direct and Overlapping Governmental

Obligations 42  Property Ownership 50  

THE AUTHORITY 51  BOND OWNERS’ RISKS 51  

Limited Obligation to Pay Debt Service 51  Levy and Collection of the Special Taxes 51  Payment of Special Taxes is not a Personal

Obligation of the Property Owners 52  Assessed Valuations 53  Property Values 53  Other Possible Claims Upon the Property

Values 55  Enforcement of Special Taxes on

Governmentally Owned Properties 55  Depletion of Reserve Fund 57  Bankruptcy Delays 57  Disclosure to Future Purchasers 58  No Acceleration 58  Loss of Tax Exemption 58  IRS Audit of Tax-Exempt Bond Issues 58  Impact of Legislative Proposals, Clarifications

of the Code and Court Decisions on Tax Exemption 59  

Voter Initiatives 59  Secondary Market for Bonds 60  

LEGAL MATTERS 61  Legal Opinions 61  Tax Exemption 61  No Litigation 63  

CONTINUING DISCLOSURE 63  RATING 64  UNDERWRITING 64  VERIFICATION OF MATHEMATICAL

ACCURACY 64  PROFESSIONAL FEES 65  

APPENDIX A – General Information About the City of Santa Clarita and the County of Los Angeles APPENDIX B – Assessed Values By Parcel in Each Community Facilities District APPENDIX C – Rate and Method of Apportionment for Each Community Facilities District APPENDIX D – Summary of Indenture of Trust APPENDIX E – Summary of Principal Legal Documents Securing Local Obligations APPENDIX F – DTC and the Book-Entry Only System APPENDIX G – Form of Continuing Disclosure Certificate APPENDIX H – Proposed Form of Opinion of Bond Counsel APPENDIX I – Boundary Maps of the Community Facilities Districts

[THIS PAGE INTENTIONALLY LEFT BLANK]

~ N ORTH

William S. Hart Union High School District (Los Angeles County, California)

Regional Location Map

,---,.-a------t •

Mall bu

Lancaster

LOS ANGELES COUNTY

Sylmar San Fernando

Pasadena .,..... .... _ ..... ~....,,,,,,,... .. ti,~--

[THIS PAGE INTENTIONALLY LEFT BLANK]

OFFICIAL STATEMENT

$7,840,000 WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY

2013 REFUNDING REVENUE BONDS

INTRODUCTION

This Official Statement, including the cover page and attached appendices, is provided to furnish information regarding the bonds captioned above (the “Bonds”) to be issued by the William S. Hart Joint School Financing Authority (the “Authority”).

This introduction is not a summary of this Official Statement. It is only a brief description of and

guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and attached appendices, and the documents summarized or described in this Official Statement. A full review should be made of the entire Official Statement. The offering of the Bonds to potential investors is made only by means of the entire Official Statement.

The Authority. The Authority is a joint exercise of powers authority organized and existing under the laws of the State of California and a Joint Exercise of Powers Agreement dated November 9, 1994 (the “Joint Powers Agreement”), between the William S. Hart Union High School District (the “School District”) and Community Facilities District No. 88-4 of the William S. Hart Union High School District, and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"). See “THE AUTHORITY.”

Authority for Issuance of the Bonds. The Bonds are being issued under Article 4 of Chapter 5

of Division 7 of Title 1 of the Government Code of the State of California (the "Bond Law") and an Indenture of Trust dated as of January 1, 2013 (the “Indenture”), by and between the Authority and Zions First National Bank, as trustee (the “Trustee”), and a resolution of the Board of Directors (the “Board”) of the Authority authorizing the issuance of bonds in an aggregate principal amount not to exceed $9,000,000. The Bonds are the only series of bonds to be issued under this authorization. See “THE BONDS – Authority for Issuance.”

Security and Sources of Payment for the Bonds. The Bonds are payable from “Revenues”

received under the Indenture, which are generally defined as all amounts derived from one installment purchase agreement and two series of special tax bonds (collectively, the “Local Obligations”), as described below. The Bonds are secured by a first pledge of all Revenues, which also include any amounts held in any fund or account established under the Indenture (excluding the Program Fund (and its accounts) and the Rebate Fund) and interest earnings thereon. See “SECURITY FOR THE BONDS.”

2

Local Obligations. The Local Obligations consist of the following:

CFD No. 90-1. An Amended and Restated Installment Purchase Agreement by and between Community Facilities District No. 90-1 of the William S. Hart Union High School District (“CFD No. 90-1”) and the Authority dated as of January 1, 2013 (the "CFD No. 90-1 Installment Purchase Agreement"),

CFD No. 99-1. Special tax bonds to be issued by Community Facilities District No. 99-1

of the William S. Hart Union High School District (“CFD No. 99-1”) designated as “Community Facilities District No. 99-1 of the William S. Hart Union High School District Series 2013 Special Tax Refunding Bonds” (the "CFD No. 99-1 Special Tax Bonds"), and

CFD No. 2000-1. Special tax bonds to be issued by Community Facilities District No.

2000-1 of the Saugus/Hart School Facilities Financing Authority (“CFD No. 2000-1”) designated as “Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority Series 2013 Special Tax Refunding Bonds” (the "CFD No. 2000-1 Special Tax Bonds").

(CFD NO. 90-1, CFD 99-1 and CFD 2000-1 are collectively referred to in this Official Statement

as the “Community Facilities Districts.” The CFD 99-1 Special Tax Bonds and the CFD 2000-1 Special Tax Bonds are collectively referred to in this Official Statement as the “Special Tax Bonds.”)

Purpose of the Bonds. The Bonds are being issued primarily to refund and defease certain

revenue bonds previously issued by the Authority in June 2004 captioned “$8,735,000 William S. Hart Joint School Financing Authority 2004 Revenue Bonds” (the “2004 Bonds”) by (i) refinancing the acquisition of certain school facilities in accordance with the CFD No. 90-1 Installment Purchase Agreement, and (ii) purchasing the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax Bonds.

Proceeds of the Bonds will also fund a reserve fund for the Bonds and pay the costs of issuing

the Bonds and the Local Obligations. The proceeds of the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax

Bonds will be used to contribute toward the refunding and defeasance of the 2004 Bonds, and to finance the acquisition and construction of certain school facilities.

See “FINANCING PLAN.” Security for the Local Obligations. The local obligations are secured as follows:

CFD No. 90-1. Installment payments to be made by CFD No. 90-1 under the CFD No. 90-1 Installment Purchase Agreement (the “Installment Payments”) will be secured and payable solely from “CFD No. 90-1 Net Taxes” (as defined in the CFD No. 90-1 Installment Purchase Agreement) levied on taxable property within CFD No. 90-1. See “THE LOCAL OBLIGATIONS.”

CFD No. 99-1. The CFD No. 99-1 Special Tax Bonds will be issued under a resolution

adopted by the Governing Board of the School District, acting as legislative body of CFD No. 99-1, on December 12, 2012 (the “CFD No. 99-1 Resolution”) and a Fiscal Agent Agreement dated as of January 1, 2013, between CFD No. 99-1 and Zions First National Bank, as fiscal agent (the “CFD No. 99-1 Fiscal Agent Agreement”).

3

The CFD No. 99-1 Special Tax Bonds will be secured and payable solely from “CFD No.

99-1 Net Taxes” (as defined in the CFD No. 99-1 Fiscal Agent Agreement) levied on taxable property within CFD No. 99-1, and amounts in certain funds and accounts held under the CFD No. 99-1 Fiscal Agent Agreement. See “THE LOCAL OBLIGATIONS.”

CFD No. 2000-1. The CFD No. 2000-1 Special Tax Bonds will be issued under a

resolution adopted by the governing board of the Saugus/Hart School Facilities Financing Authority (the “Saugus/Hart Authority”), acting as the legislative body of CFD No. 2000-1, on December 12, 2012 (the “CFD No. 2000-1 Resolution”) and a Fiscal Agent Agreement dated as of January 1, 2013, between CFD No. 2000-1 and Zions First National Bank, as fiscal agent (the “CFD No. 2000-1 Fiscal Agent Agreement”).

The CFD No. 2000-1 Special Tax Bonds will be secured and payable solely from “CFD

No. 2000-1 Net Taxes” (as defined in the CFD No. 2000-1 Fiscal Agent Agreement) levied on taxable property within CFD No. 2000-1, and amounts in certain funds and accounts held under the CFD No. 2000-1 Fiscal Agent Agreement. See “THE LOCAL OBLIGATIONS.” (The CFD No. 90-1 Net Taxes, the CFD No. 99-1 Net Taxes and the CFD No. 2000-1 Net

Taxes are collectively referred to in this Official Statement as the “Special Taxes.”) No Cross-Collateralization Among Local Obligations. The special taxes levied to pay

installment payments to be made under the CFD No. 90-1 Installment Purchase Agreement are not available to pay debt service on the CFD No. 99-1 Special Tax Bonds or the CFD No. 2000-1 Special Tax Bonds. The special taxes levied to pay debt service on the CFD No. 99-1 Special Tax Bonds are not available to pay installment payments to be made under the CFD No. 90-1 Installment Purchase Agreement or debt service on the CFD No. 2000-1 Special Tax Bonds. Similarly, the special taxes levied to pay debt service on the CFD No. 2000-1 Special Tax Bonds are not available to pay installment payments to be made under the CFD No. 90-1 Installment Purchase Agreement or debt service on the CFD No. 99-1 Special Tax Bonds. See “BOND OWNERS' RISKS.”

Redemption. The Bonds are subject to optional redemption, special mandatory redemption

from special tax prepayments relating to Local Obligations, and mandatory sinking fund redemption before maturity. See “THE BONDS - Redemption.”

Limit of Liability; Risk Factors Associated with Purchasing the Bonds. The Bonds are

limited obligations of the Authority payable solely from Revenues and other assets pledged under the Indenture. Investment in the Bonds involves risks that may not be appropriate for some investors. See “BOND OWNERS' RISKS” for a discussion of certain risk factors which should be considered, in addition to the other matters set forth in this Official Statement, in considering the investment quality of the Bonds.

4

FINANCING PLAN

Refunding Plan

General. The Authority issued the 2004 Bonds in June 2004 in the original principal amount of $8,735,000 primarily to finance the acquisition of certain local obligations (collectively, the “Prior Local Obligations”) consisting of

(a) the “CFD No. 90-1 Project” (defined generally as the expansion of Saugus High

School) under an Installment Purchase Agreement dated as of May 1, 2004, by and between CFD No. 90-1 and the Authority (the “Prior CFD No. 90-1 Installment Purchase Agreement”),

(b) special tax bonds issued by CFD No. 99-1 in 2004 designated as “Community

Facilities District No. 99-1 of the William S. Hart Union High School District 2004 Special Tax Bonds” (the "Prior CFD No. 99-1 Special Tax Bonds"), and

(c) special tax bonds issued by CFD No. 2000-1 designated as “Community Facilities

District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority 2004 Special Tax Bonds” (the "Prior CFD No. 2000-1 Special Tax Bonds").

The 2004 Bonds are currently outstanding in the principal amount of $7,205,000.

Refunding Plan. The District will apply a portion of the proceeds of the Bonds to refinance

each of the Prior Local Obligations and thereby provide funds to establish an irrevocable escrow to refund and legally defease the outstanding 2004 Bonds, as follows:

(a) Under the CFD No. 90-1 Installment Purchase Agreement, which amends and

restates the Prior CFD No. 90-1 Installment Purchase Agreement, the Authority will transfer a portion of the proceeds of the Bonds into the Escrow Fund (as described below), and thereby refinance the obligations of CFD No. 90-1 to make installment payments under the Prior CFD No. 90-1 Installment Purchase Agreement.

(b) The Authority will apply a portion of the proceeds of the Bonds to acquire the CFD

No. 99-1 Special Tax Bonds from CFD No. 99-1, which will, in turn, transfer a portion of the purchase price into the Escrow Fund (as described below).

(c) The Authority will apply a portion of the proceeds of the Bonds to acquire the CFD

No. 2000-1 Special Tax Bonds from CFD No. 2000-1, which will, in turn, transfer a portion of the purchase price into the Escrow Fund (as described below). The 2004 Bonds will be refunded, on a current basis, on March 1, 2013 (the “Redemption

Date”), at a redemption price equal to the outstanding principal amount of the 2004 Bonds to be redeemed, plus accrued interest to the redemption date, without premium.

Escrow Fund. On the delivery date of the Bonds, the Authority, CFD No. 99-1 and CFD No.

2000-1 will deliver the funds described above, together with certain funds on hand related to the 2004 Bonds and the Prior Local Obligations, to Zions First National Bank, as escrow agent (the “Escrow Agent”) under an Escrow Agreement dated as of January 1, 2013 (the “Escrow Agreement”). Under the Escrow Agreement, the Escrow Agent will create a fund (the “Escrow Fund”) to hold these funds as security for the redemption of the 2004 Bonds.

5

The Escrow Agent will hold the amounts on deposit in the Escrow Fund in cash, uninvested. These funds will be sufficient to pay the principal of and interest on the 2004 Bonds on the Redemption Date.

The sufficiency of the deposits in the Escrow Fund for those purposes will be verified by Grant

Thornton LLP, Minneapolis, Minnesota. See “VERIFICATION OF MATHEMATICAL ACCURACY” below. Assuming the accuracy of the verification agent’s computations, as a result of the deposit and application of funds in the Escrow Fund, the 2004 Bonds will be defeased as of the date of issuance of the Bonds.

The moneys held in the Escrow Fund are pledged to the payment of the 2004 Bonds and are

not available for the payment of the Bonds.

Other Uses of Proceeds

CFD No. 99-1. Under the CFD No. 99-1 Fiscal Agent Agreement, CFD No. 99-1 will deposit a portion of the purchase price of the CFD No. 99-1 Special Tax Bonds in the Project Fund created thereunder and apply those amounts to pay the costs of additional school facilities for the School District (the “CFD No. 99-1 Project”).

In addition, CFD No. 99-1 will apply a portion of the purchase price of the CFD No. 99-1 Special

Tax Bonds to contribute toward the refunding and defeasance of the 2004 Bonds. CFD No. 2000-1. Under the CFD No. 2000-1 Fiscal Agent Agreement, CFD No. 2000-1 will

deposit a portion of the purchase price of the CFD No. 2000-1 Special Tax Bonds in the Project Fund created thereunder and apply those amounts to pay the costs of additional school facilities for the School District (the “CFD No. 2000-1 Project”).

In addition, CFD No. 2000-1 will apply a portion of the purchase price of the CFD No. 2000-1

Special Tax Bonds to contribute toward the refunding and defeasance of the 2004 Bonds. Other Uses of Proceeds. Under the Indenture, the Authority will apply a portion of the

proceeds of the Bonds to fund a debt service reserve fund for the Bonds and to pay the costs of issuing the Bonds and the Local Obligations.

6

Estimated Sources and Uses of Funds The Bonds. The proceeds from the sale of the Bonds will be applied as follows: SOURCES Principal Amount of Bonds $7,840,000.00 Plus: Net Original Issue Premium 469,927.40 Total Sources $8,309,927.40 USES Deposit to Purchase Account of Program Fund [1] $6,828,913.36 Deposit into Reserve Fund [2] 620,100.00 Deposit into Costs of Issuance Account of Program Fund [3] 247,748.02 Transfer to Escrow Fund [4] 515,166.02 Underwriter’s Discount 98,000.00 Total Uses $8,309,927.40 [1] Represents funds that will be used to acquire the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1

Special Tax Bonds. [2] Equal to the Reserve Requirement with respect to the Bonds as of their date of delivery. Includes amounts

that will be transferred by the Fiscal Agent under the CFD No. 99-1 Fiscal Agent Agreement and the CFD No. 2000-1 Fiscal Agent Agreement representing each respective Community Facilities District’s share of the Reserve Requirement.

[3] Represents funds to pay costs of issuance of the Bonds and the Local Obligations, which include, among other things, printing expenses, Bond Counsel, Disclosure Counsel and Financial Advisor fees, rating agency fees, filing and recording fees, initial fees of the Trustee, Fiscal Agent and Escrow Agent, expenses of its counsel, fees, charges and disbursements of attorneys, special tax consultants, consultants and other professionals, fees and charges for preparation, execution and safekeeping of the Bonds. Includes amounts that will be transferred by the Fiscal Agent under the CFD No. 99-1 Fiscal Agent Agreement and the CFD No. 2000-1 Fiscal Agent Agreement representing each respective Community Facilities District’s share of Costs of Issuance.

[4] Represents funds that will be used to contribute toward the refinancing of the obligations of CFD No. 90-1 to make installment payments under the Prior CFD No. 90-1 Installment Purchase Agreement.

7

CFD No. 99-1. The proceeds received by CFD No. 99-1 from the Authority from the sale of the CFD No. 99-1 Special Tax Bonds will be applied as follows:

SOURCES Principal Amount of CFD No. 99-1 Bonds $1,460,000.00 Plus: Net Original Issue Premium 93,538.60 Plus: Funds Related to Prior Bonds 153,868.24 Less: Allocated Share of Underwriter’s Discount (18,250.00) Total Sources $1,689,156.84 USES Deposit to Project Fund [1] $160,033.98 Deposit to Escrow Fund [2] 1,366,773.13 Transfer to Authority Reserve Fund [3] 115,477.80 Transfer to Authority Costs of Issuance Account [4] 46,871.93 Total Uses $1,689,156.84 [1] Represents funds that will be used to pay the costs of the CFD No. 99-1 Project. [2] Represents funds that will be used to contribute toward the defeasance and refunding of the 2004 Bonds. [3] Represents a proportionate share of the Reserve Fund for the Bonds, which will be transferred to the

Trustee for deposit in the Reserve Fund under the Indenture. [4] Represents a proportionate share of the costs of issuing the Bonds and the CFD No. 99-1 Special Tax

Bonds, which will be transferred to the Trustee for deposit in the Costs of Issuance Account of the Program Fund under the Indenture.

CFD No. 2000-1. The proceeds received by CFD No. 2000-1 from the Authority from the sale of the CFD No. 2000-1 Special Tax Bonds will be applied as follows:

SOURCES Principal Amount of CFD No. 2000-1 Bonds $5,825,000.00 Plus: Net Original Issue Premium 346,158.05 Plus: Funds Related to Prior Bonds 614,510.97 Less: Allocated Share of Underwriter’s Discount (72,812.50) Total Sources $6,712,856.52 USES Deposit to Project Fund [1] $614,086.71 Deposit to Escrow Fund [2] 5,456,398.75 Transfer to Authority Reserve Fund [3] 460,724.81 Transfer to Authority Costs of Issuance Account [4] 181,646.25 Total Uses $6,712,856.52 [1] Represents funds that will be used to pay the costs of the CFD No. 2000-1 Project. [2] Represents funds that will be used to contribute toward the defeasance and refunding of the 2004 Bonds. [3] Represents a proportionate share of the Reserve Fund for the Bonds, which will be transferred to the

Trustee for deposit in the Reserve Fund under the Indenture. [4] Represents a proportionate share of the costs of issuing the Bonds and the CFD No. 2000-1 Special Tax

Bonds, which will be transferred to the Trustee for deposit in the Costs of Issuance Account of the Program Fund under the Indenture.

8

THE BONDS This section generally describes the terms of the Bonds set forth in the Indenture, which is

summarized in more detail in APPENDIX D. Capitalized terms used but not defined in the section are defined in APPENDIX D.

Authority for Issuance

The Bonds are being issued under the Bond Law, the Indenture and Resolution No. JSFA

12/13-35, adopted by the Board on December 12, 2012 (the “Resolution”) authorizing the issuance of bonds in an aggregate principal amount not to exceed $9,000,000. The Bonds are the only series of bonds to be issued under this authorization.

General Bond Terms

Dated Date, Maturity and Authorized Denominations. The Bonds will be dated their date of

delivery and will mature in the amounts and on the dates set forth on the inside cover page of this Official Statement. The Bonds will be issued in fully registered form in denominations of $5,000 each or any integral multiple of $5,000.

Interest. The Bonds will bear interest at the annual rates set forth on the inside cover page of

this Official Statement, payable semiannually on each March 1 and September 1, commencing September 1, 2013 (each, an “Interest Payment Date”). Interest will be calculated on the basis of a 360-day year composed of twelve 30-day months.

DTC and Book-Entry Only System. DTC will act as securities depository for the Bonds. The

Bonds will be issued as fully-registered securities registered initially in the name of Cede & Co. (DTC’s partnership nominee). So long as Cede & Co. is the registered owner of the Bonds, as nominee of DTC, references in this Official Statement to the "Owners" will mean Cede & Co., and will not mean the Beneficial Owners of the Bonds. See APPENDIX F – “DTC and the Book-Entry Only System.”

Payments of Interest and Principal. For so long as DTC is used as depository for the Bonds,

principal of, premium, if any, and interest payments on the Bonds will be made solely to DTC or its nominee, Cede & Co., as registered owner of the Bonds, for distribution to the beneficial owners of the Bonds in accordance with the procedures adopted by DTC. See APPENDIX F.

Interest on the Bonds is payable from the Interest Payment Date next preceding the date of

authentication thereof unless: (i) a Bond is authenticated on or before an Interest Payment Date and after the close of business on the preceding Record Date, in which event it will bear interest from such Interest Payment Date; (ii) a Bond is authenticated on or before the first Record Date, in which event interest thereon will be payable from the Dated Date provided in the form of the Bonds; or (iii) interest on any Bond is in default as of the date of authentication thereof, in which event interest thereon will be payable from the date to which interest has been paid in full, payable on each Interest Payment Date.

Interest will be paid on each Interest Payment Date to the Persons in whose names the

ownership of the Bonds is registered on the Registration Books at the close of business on the immediately preceding Record Date, except as provided below. Interest on any Bond which is not punctually paid or duly provided for on any Interest Payment Date will be payable to the Person in whose name the ownership of such Bond is registered on the Registration Books at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the

9

Trustee, notice of which shall be given to such Owner not less than 15 days prior to such Special Record Date.

Interest will be paid by check of the Trustee mailed by first-class mail, postage prepaid, on each

Interest Payment Date to the Bond Owners at their respective addresses shown on the Registration Books as of the close of business on the preceding Record Date; or by wire transfer within the United States of America made on such Interest Payment Date to any Owner of $1,000,000 or more in an aggregate principal amount of Bonds who have requested such transfer pursuant to written notice filed with the Trustee on or before the preceding Record Date.

The principal of the Bonds will be payable by check or wire transfer in lawful money of the

United States of America upon presentation and surrender thereof at the Principal Office of the Trustee. Payment of principal on any Bond will be made only upon presentation and surrender of such Bond at the Principal Office of the Trustee.

Record Date. Under the Indenture, the Record Date for the Bonds is defined as the 15th day of

the month (whether or not such day is a Business Day) preceding each Interest Payment Date. Debt Service Schedule

The following table presents the annual debt service on the Bonds (including sinking fund

redemptions), assuming there are no optional redemptions.

Year Ending September 1

Principal

Interest

Total Debt Service

2013 $265,000 $171,902.51 $436,902.51 2014 310,000 307,250.00 617,250.00 2015 315,000 301,050.00 616,050.00 2016 325,000 294,750.00 619,750.00 2017 330,000 285,000.00 615,000.00 2018 345,000 275,100.00 620,100.00 2019 350,000 264,750.00 614,750.00 2020 365,000 250,750.00 615,750.00 2021 375,000 236,150.00 611,150.00 2022 375,000 217,400.00 592,400.00 2023 395,000 198,650.00 593,650.00 2024 395,000 185,812.50 580,812.50 2025 390,000 172,975.00 562,975.00 2026 395,000 159,325.00 554,325.00 2027 405,000 145,500.00 550,500.00 2028 425,000 125,250.00 550,250.00 2029 450,000 104,000.00 554,000.00 2030 475,000 81,500.00 556,500.00 2031 455,000 57,750.00 512,750.00 2032 335,000 35,000.00 370,000.00 2033 215,000 18,250.00 233,250.00 2034 150,000 7,500.00 157,500.00

Total: $7,840,000 $3,895,615.01 $11,735,615.01

10

Redemption Optional Redemption. The Bonds maturing on or after September 1, 2024, are subject to

redemption at the option of the Authority, from any source of available sources (other than from early redemption of Local Obligations from prepayment of Special Taxes within a Community Facilities District) from funds deposited into the Redemption Account, and not otherwise allocated, prior to maturity on any Interest Payment Date on and after September 1, 2023, as a whole, or in part from maturities corresponding proportionately to the maturities of the Local Obligations simultaneously redeemed if any redemption of Local Obligations is being accomplished in conjunction with such optional redemption, and otherwise from such maturities as are selected by the Authority, and by lot within a maturity, at a redemption price equal to the principal amount of the Bonds to be redeemed plus accrued interest to the redemption date, without premium.

Prior to consenting to the optional redemption or prepayment of any Local Obligation which it

has purchased, the Authority will (i) advise the Trustee and the Rating Agency(ies) in writing as to which Bonds are to be optionally redeemed with the proceeds to be received with respect to such Local Obligation (which will be determined in the discretion of the Authority so long as the ability to pay debt service on the Bonds will not be adversely impacted), and (ii) deliver to the Trustee a certificate of an Independent Accountant to the effect that the proposed redemption will not adversely impact the availability of Revenues in an amount sufficient to pay debt service on the Bonds, as scheduled.

Special Mandatory Redemption from Prepayments of Special Taxes. The Bonds are

subject to special mandatory redemption prior to maturity from proceeds received by the Authority as a result of redemption or prepayment of Local Obligations caused by a prepayment of Special Taxes. The Bonds are subject to redemption in whole or in part, on any Interest Payment Date, from maturities corresponding proportionately to the maturities of the Local Obligations simultaneously redeemed, at a redemption price equal to the principal amount thereof, plus a premium expressed below as a percentage of the principal amount so redeemed, plus accrued interest to the redemption date as specified below:

Redemption Date

Redemption Premium

Any Interest Payment Date through March 1, 2021 3% September 1, 2021 and March 1, 2022 2 September 1, 2022 and March 1, 2023 1 September 1, 2023 and any Interest Payment Date thereafter 0 Mandatory Sinking Fund Redemption. The Term Bond maturing on September 1, 2034, is

subject to mandatory sinking fund redemption in part by lot, on September 1 in each year commencing September 1, 2027, from Mandatory Sinking Payments made by the Authority into the Principal Account, at a redemption price equal to the principal amount thereof to be redeemed, without premium, plus accrued interest thereon to the date of redemption in the aggregate respective principal amounts; provided, however, that, if a portion but not all of the Term Bond maturing on September 1, 2034, has been redeemed, the total amount of all future Mandatory Sinking Payments will be reduced by the aggregate principal amount of the Term Bond maturing on September 1, 2034, so redeemed and each annual Mandatory Sinking Payment will be reduced as nearly as practicable on a pro rata basis (rounding to the nearest $5,000).

11

Sinking Fund Redemption

Date (September 1) Mandatory

Sinking Payments 2027 $405,000 2028 425,000 2029 450,000 2030 475,000 2031 455,000 2032 335,000 2033 215,000 2034 (maturity) 150,000

In the event of a partial redemption of a Term Bond through optional redemption or special

mandatory redemption from prepayments of special taxes, Mandatory Sinking Payments for the Term Bond set forth above will be proportionately reduced in integral multiples of $5,000 as nearly as possible, pursuant to calculations made by the Trustee and approved by the Authority.

If Bonds are to be redeemed through an optional redemption and mandatory sinking fund

redemption on the same date, or through special mandatory redemption from prepayments of Special Taxes and mandatory sinking fund redemption on the same date, Bonds to be redeemed through mandatory sinking fund redemption will be selected first, with the Bonds to be redeemed either through optional redemption or special mandatory redemption from prepayments of Special Taxes selected thereafter.

Purchase In Lieu of Redemption. In lieu of, or partially in lieu of, any optional redemption or

mandatory sinking fund redemption, monies deposited in the Principal Account or Redemption Account may be used to purchase the Outstanding Bonds that were to be redeemed with such funds in the manner described below. Purchases of Outstanding Bonds may be made by the Authority prior to the selection of Outstanding Bonds for redemption by the Trustee, at public or private sale as and when and at such prices as the Authority may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, and, in the case of funds in the Principal Account or the Redemption Account, the applicable premium to be paid in connection with the proposed redemption. Any accrued interest payable upon the purchase of Outstanding Bonds may be paid from the Interest Account of the Bond Fund for payment of interest on the next following Interest Payment Date.

Selection of Bonds for Redemption. If less than all of the Outstanding Bonds are to be

redeemed, the Bonds to be redeemed will be from such maturities selected by the Authority, as provided in writing to the Trustee. Bonds within a single maturity will be redeemed by lot in any manner that the Trustee deems appropriate. The portion of any such Bond of a denomination of more than $5,000 to be redeemed will be in the principal amount of $5,000 or a multiple thereof, and, in selecting portions of such Bonds for redemption, the Trustee will treat such Bond as representing that number of Bonds of $5,000 denomination which is obtained by dividing the principal amount of such Bond to be redeemed in part by $5,000.

Notice of Redemption. Notice of redemption will be mailed by the Trustee, by first class mail,

postage prepaid, to the respective Owners of any Bonds designated for redemption at their addresses appearing on the Registration Books and to the Securities Depositories and the Information Services, such notice to be mailed not less than 30 days prior to the redemption date, nor more than 60 days prior to the redemption date. Neither the failure of any Bond Owner to receive such notice so mailed nor

12

any defect in the notice so mailed will affect the sufficiency or the validity of the proceedings for redemption of such Bonds or the cessation of accrual of interest on the redemption date.

In addition to the foregoing notice, further notice will be given by the Trustee in the form

described above by first class mail to any Bond Owner whose Bond has been called for redemption but who has failed to tender his Bond for payment by the date which is 60 days after the redemption date, but no defect in any further notice nor any failure to give all or any portion of such further notice will in any manner defeat the effectiveness of a call for redemption.

However, while the Bonds are subject to DTC’s book-entry system, the Trustee will be required

to give notice of redemption only to DTC as provided in the letter of representations executed by the Authority and received and accepted by DTC. DTC and the Participants will have sole responsibility for providing any such notice of redemption to the beneficial owners of the Bonds to be redeemed. Any failure of DTC to notify any Participant, or any failure of Participants to notify the Beneficial Owner of any Bonds to be redeemed, of a notice of redemption or its content or effect will not affect the validity of the notice of redemption, or alter the effect of redemption set forth in the Indenture.

Effect of Redemption. If notice is given as described above, and moneys for the redemption

(including the interest to the applicable date of redemption and including any applicable premium), are set aside in the Redemption Account and the Interest Account or any of the accounts therein, the Bonds will become due and payable on the date of redemption, and, upon presentation and surrender thereof at the Principal Office of the Trustee, said Bonds will be paid at the redemption price thereof, together with interest accrued and unpaid to the date of redemption and premium, if any.

If, on the date of redemption, moneys for the redemption of the Bonds to be redeemed, together

with interest to the date of redemption, are held by the Trustee so as to be available therefor on such date of redemption, and, if notice of redemption thereof is given as described above and not canceled, then, from and after the date of redemption, interest represented by such Bonds will cease to accrue and become payable. All moneys held by or on behalf of the Trustee for the redemption of Bonds will be held in trust for the account of the Owners of the Bonds so to be redeemed without liability for interest thereon.

Contingent Redemption; Rescission of Redemption. Any redemption notice may specify

that redemption of the Bonds designated for redemption on the specified date will be subject to the receipt by the Authority of moneys sufficient to cause such redemption (and will specify the proposed source of such moneys), and neither the Authority nor the Trustee have any liability to the Owners of any Bonds, or any other party, as a result of the Authority’s failure to redeem the Bonds designated for redemption as a result of insufficient moneys therefor.

Additionally, the Authority may rescind any optional redemption of the Bonds, and notice

thereof, for any reason on any date prior to the date fixed for such redemption by causing written notice of the rescission to be given to the Owners of the Bonds so called for redemption. Notice of rescission of redemption will be given in the same manner in which notice of redemption was originally given. The actual receipt by the Owner of any Bond of notice of such rescission will not be a condition precedent to rescission, and failure to receive such notice or any defect in such notice will not affect the validity of the rescission. Neither the Authority nor the Trustee will have any liability to the Owners of any Bonds, or any other party, as a result of the Authority’s decision to rescind a redemption of any Bonds pursuant to the Indenture.

13

No Issuance of Parity Bonds The Authority covenants in the Indenture that it will not create, or permit the creation of, any

pledge, lien, charge or other encumbrance upon the Revenues and other assets pledged or assigned under the Indenture while any of the Bonds are outstanding, except the pledge and assignment created by the Indenture.

Subject to this limitation, the Authority expressly reserves the right to enter into one or more

other indentures for any of its legitimate purposes, including other programs under the Bond Law, and reserves the right to issue other obligations for such purposes.

The foregoing may not be interpreted to prevent a partial or complete refunding of the Bonds, or

to prevent the Authority from consenting to a refunding or prepayment of the Local Obligations, as applicable, provided that the security of the Owners in the Revenues pledged under the Indenture is maintained.

Registration, Transfer and Exchange

The provisions of the Indenture regarding the exchange and transfer of the Bonds apply only

during any period in which the Bonds are not subject to DTC’s book-entry system. See APPENDIX D. While the Bonds are subject to DTC’s book-entry system, their exchange and transfer will be

effected through DTC and the Participants and will be subject to the procedures, rules and requirements established by DTC. See APPENDIX F.

14

SECURITY FOR THE BONDS This section generally describes the security for the Bonds set forth in the Indenture, which is

summarized in more detail in APPENDIX D. Capitalized terms used but not defined in the section are defined in APPENDIX D.

General

Pledge of Revenues and Other Assets. Subject to the provisions of the Indenture, all of the

Revenues, and any other amounts held in any fund or account established pursuant to the Indenture (excluding the Program Fund (and the accounts therein) and the Rebate Fund) are pledged by the Authority to secure the full and timely payment of the principal of and interest and premium, if any, of the Bonds in accordance with their terms and the provisions of the Indenture.

This pledge constitutes a lien on and security interest in such assets and will attach, be

perfected and be valid and binding from and after delivery of the Bonds by the Trustee and the Revenues and other items pledged hereunder will immediately be subject to the lien of such pledge without any physical delivery thereof or further act.

Subject to the provisions of the Indenture, the Authority pledges and assigns to the Trustee, for

the benefit of the Owners of the Bonds, all of the Revenues, all of the moneys and securities in the funds and accounts created thereunder, except the Program Fund (and the accounts therein) and Rebate Fund, as their interests appear and other amounts pledged as described above and all of the right, title and interest of the Authority in the Local Obligations.

The Authority agrees in the Indenture to collect and receive, or cause to be collected and

received by the Trustee, all such Revenues, and Revenues collected or received by the Authority, or collected and received by the Trustee on behalf of the Authority, will be deemed to be held, and to have been collected or received, by the Authority, in trust, and will be paid to the Trustee.

The Trustee also will be entitled to and may take all steps, actions and proceedings reasonably

necessary in its judgment, to enforce, either jointly with the Authority or separately, by itself, all of the rights of the Authority and all of the obligations of any Local Agency with respect to its Local Obligations.

Definition of Revenues. The Indenture defines “Revenues” as follows:

(a) all amounts derived from the Local Obligations; (b) all moneys originally deposited with the Trustee for application for payment of

principal or interest on the Bonds and all moneys held by the Trustee in the funds and accounts established therein for payment of the Bonds (excluding the Program Fund (and the accounts therein), and the Rebate Fund);

(c) funds paid by a Local Agency pursuant to the obligations set out in the authorizing

documents and agreements governing the Local Obligations to replenish draws upon the Reserve Fund caused by non-payment by that Local Agency on its Local Obligations; and

(d) investment income with respect to the funds and accounts established under the

Indenture except for investment earnings on funds held in the Program Fund (and the accounts therein) and the Rebate Fund.

15

Allocation of Revenues

Allocation by Trustee; Flow of Funds. On each Interest Payment Date the Trustee will

transfer Revenues then in the Revenue Fund into the following funds and accounts in the following amounts, in the following order of priority, the requirements of each such account (including the making up of any deficiencies in any such account resulting from lack of Revenues sufficient to make any earlier required deposit) at the time of deposit to be satisfied before any deposit is made to any account subsequent in priority:

(a) Interest Account. The Trustee will deposit in the Interest Account an amount which,

together with the amounts then on deposit therein, is sufficient to cause the aggregate amount on deposit in the Interest Account to equal the amount of interest coming due and payable on the Bonds on such Interest Payment Date and any amount of interest previously due and unpaid.

(b) Principal Account. The Trustee will deposit in the Principal Account, if necessary, an

amount which, together with the amounts then on deposit therein, is sufficient to cause the aggregate amount on deposit in the Principal Account to equal the amount of principal or mandatory sinking payment coming due and payable on the Bonds within the Bond Year and any amount of principal previously due and unpaid.

(c) Reserve Fund. On each Interest Payment Date on which the balance in the Reserve

Fund is less than the Reserve Requirement, the Trustee will transfer from the Revenue Fund an amount sufficient to increase the balance in the Reserve Fund to the Reserve Requirement, with such amounts being credited to the Reserve Account(s) of the Reserve Fund so as to maintain the balances in each Reserve Account as required under the Indenture.

(d) Additional Transfers from School District. If on any Interest Payment Date the

amount on deposit in the Revenue Fund is inadequate to make the transfers described in (a) above as a result of a payment default under the CFD No. 99-1 Special Tax Bonds or the CFD No. 2000-1 Special Tax Bonds, or a payment default under the CFD No. 90-1 Installment Purchase Agreement, the Trustee will immediately notify a representative of the School District of the amount needed to make the required deposits under (a) above. If, following such notice, the Trustee receives additional payments from the Community Facilities District(s) to cure such shortfall, the Trustee will deposit the amount received from a Community Facilities District to the corresponding Reserve Account of the Reserve Fund with any amount in excess of that needed to replenish such Reserve Account being deposited in the Revenue Fund.

(e) Rebate Fund. The Trustee will deposit in the Rebate Fund an amount, if any, to

increase the amount on deposit in the Rebate Fund to the Rebate Requirement as directed in writing by the Authority.

(f) Authority Surplus Account. The Trustee will deposit all remaining amounts to the

Authority Surplus Account to be applied as provided in the Indenture.

16

Application of Funds and Accounts Interest Account of the Bond Fund. Subject to the provisions of the Indenture, all amounts in

the Interest Account will be used and withdrawn by the Trustee solely for the purpose of paying interest on the Bonds as it becomes due and payable or, at the Written Request of the Authority filed with the Trustee, to apply to the payment of accrued interest on any Bonds purchased by the Authority in lieu of redemption under the Indenture.

Any amounts on deposit in the Interest Account on any September 2 which are not required to

pay interest then due and payable on the Bonds will be transferred to the Authority Surplus Account. If the deposit in the Interest Account on any Interest Payment Date or redemption date, after

any transfers from the Reserve Fund, are insufficient for any reason to pay the aggregate amount of interest then coming due and payable on the Outstanding Bonds, the Trustee will apply such amounts of the payment of interest on each of the Outstanding Bonds on a pro rata basis so that an equal percentage of the interest due on each Bond is paid.

Principal Account of the Bond Fund. Subject to the provisions of the Indenture, all amounts

in the Principal Account will be used and withdrawn by the Trustee solely to pay the principal of the Bonds upon the stated maturity thereof or upon any prior redemption of the Bonds with the proceeds of mandatory sinking payments.

Any amounts on deposit in the Principal Account on any September 2 which are not required to

pay the principal amount then due and payable on the Bonds will be transferred to the Authority Surplus Account.

If the amounts on deposit in the Principal Account on any Interest Payment Date or date of

redemption, after any transfers from the Reserve Fund, are insufficient for any reason to pay the aggregate principal amount of, and premium (if any) on, the Outstanding Bonds then coming due and payable (whether at maturity or upon the redemption thereof), the Trustee will apply such amounts in the following order of priority:

(i) first, to the payment of the principal of the Outstanding Bonds which mature by their

terms or are to be redeemed through mandatory sinking fund redemption; and (ii) second, second, to the payment of the principal of any redemption premium (if any)

on the Outstanding Bonds which mature by their terms or are to be redeemed through an optional redemption. Authority Surplus Account. Following the deposits set forth above, moneys remaining in the

Revenue Fund will be deposited by the Trustee into the Authority Surplus Account. Moneys deposited in the Authority Surplus Account will be transferred by the Trustee as follows:

(1) After the “Funding Requirement” has been met, upon receipt of a Written Request of

the Authority to any fund or account designated therein in a specified amount (which may include deposits to replenish the Reserve Fund Accounts to the corresponding Reserve Requirement, provided such transfer will be limited to a proportionate share of such moneys held in the Authority Surplus Account related to the applicable CFD and corresponding Reserve Fund Account, or deposits to the Rebate Fund).

17

(2) After any transfers under (1) above have occurred, and the Funding Requirement has been met, the remaining funds in the Authority Surplus Account will, unless otherwise directed in writing by a Designated Officer of the Authority, be released to the Authority, on behalf of the CFDs, in proportion to the initial par amount, or aggregate principal component, as applicable, of the Local Obligations, and be free and clear of any lien of the Indenture. The Trustee will make such transfers within 5 Business Days after each Principal Payment Date. The amounts released will be used by the Authority or the CFDs in a manner consistent with the respective CFD proceedings and facilities. The “Funding Requirement” is defined in the Indenture, as of any date of calculation, as all

deposits required to be made to the Interest Account, the Principal Account, the Redemption Account and the Reserve Fund for the Bond Year.

Redemption Account of the Bond Fund. The Authority will establish a special account within

the Bond Fund designated as the "Redemption Account", which the Trustee will maintain and hold in trust as a separate and distinct account within such fund. The Trustee shall deposit in the Redemption Account any amounts required or permitted to be applied to the redemption of Bonds under the Indenture.

Subject to the provisions of the Indenture, all amounts deposited in the Redemption Account will

be used and withdrawn by the Trustee solely for the purpose of redeeming the Bonds (other than through mandatory sinking fund redemption) in the manner and upon the terms and conditions specified in the Indenture, at the next succeeding date of redemption for which notice has been given and at the redemption prices then applicable.

Any amounts on deposit in the Redemption Account after the corresponding redemption date

and application of funds to the redemption of Bonds to the maximum amount possible which are insufficient in amount to redeem Bonds designated for redemption will be transferred to the Authority Surplus Account.

Reserve Fund

Reserve Requirement. There will be maintained in the Reserve Fund an amount equal to the

“Reserve Requirement,” which will be allocated among the Reserve Accounts established for each Community Facilities District on a pro rata basis based on the then-outstanding principal amounts of the Special Tax Bonds (in the case of CFD No. 99-1 and CFD No. 2000-1), and on the then-outstanding aggregate principal component of the CFD No. 90-1 Installment Payments (in the case of CFD No. 90-1). The initial Reserve Requirement allocations are as follows:

(i) CFD No. 90-1 Reserve Account: $43,897.39 (ii) CFD No. 99-1 Reserve Account: $115,477.80 (iii) CFD No. 2000-1 Reserve Account: $460,724.81

18

Application of Reserve Fund. Subject to the limitations set forth in the following paragraph, amounts in the Reserve Fund may be applied to pay the principal of, including sinking fund payments, and interest on the Bonds when due if the moneys in the Interest Account and the Principal Account of the Bond Fund are insufficient for these purposes.

In addition, funds held in the Reserve Fund may be applied in connection with an optional

redemption or a special mandatory redemption of Bonds, or a defeasance of the Bonds in whole or in part, or when the balance therein equals the principal and interest due on the Bonds to and including maturity, or in accordance with the provisions set forth below, to pay the principal of and interest due on the Bonds to maturity.

Amounts transferred in connection with a redemption or a defeasance of Bonds will be

transferred to the Redemption Account from the Reserve Account of the Reserve Fund established for the Community Facilities District or Districts which have caused such redemption or defeasance through a redemption of the Local Obligations of such Community Facilities District or Districts, in the case of CFD No. 99-1 or CFD No. 2000-1, or through a prepayment of CFD No. 90-1 Installment Payments, in the case of CFD No. 90-1, in an amount equal to the excess of what the Reserve Requirement will be following an optional redemption, special mandatory redemption from prepayments or partial defeasance of the Bonds. Any amounts in the Reserve Fund in excess of what the Reserve Requirement will be following an optional redemption, special mandatory redemption or partial defeasance of the Bonds will be applied toward the optional redemption, special mandatory redemption or defeasance of Bonds, as applicable.

Priority of Withdrawals from Reserve Accounts. If the amounts in the Interest Account or the

Principal Account of the Bond Fund are insufficient to pay the principal of, including Mandatory Sinking Payments, or interest on the Bonds when due, the Trustee will withdraw from the Reserve Fund for deposit in the Interest Account and the Principal Account, as applicable, moneys necessary for such purposes in the following priority and subject to the following limitations:

(i) If the insufficiency was caused by a delinquency in the payment of a Local Obligation,

the Trustee will transfer up to the amount of the delinquency from the Reserve Account of the Reserve Fund established for the corresponding Community Facilities District to the Interest Account or the Principal Account, as applicable.

(ii) Amounts in a Reserve Account of the Reserve Fund established for a Local

Obligation may be transferred to the Interest Account or Principal Account only to the extent necessary to cure any default in the payment of that Local Obligation, and may not be transferred to cure any default on any other payment of an Installment Payment or any default on any other Special Tax Bond, as applicable. Each Community Facilities District will be responsible to fully replenish draws upon the Reserve

Fund (regardless of the Reserve Fund Accounts(s) drawn upon) caused by default in payment(s) on the corresponding Local Obligation of that Community Facilities District.

Other Transfers from Reserve Fund. See APPENDIX D for a description of other permitted

uses of amounts in the Reserve Fund.

19

THE LOCAL OBLIGATIONS

General Each of the Local Obligations is secured by and payable from the levy of special taxes made by

the related Community Facilities District, as follows:

CFD No. 90-1. Installment payments to be made by CFD No. 90-1 under the CFD No. 90-1 Installment Purchase Agreement will be secured and payable solely from “CFD No. 90-1 Net Taxes” (as defined in the CFD No. 90-1 Installment Purchase Agreement) levied on taxable property within CFD No. 90-1.

CFD No. 99-1. The CFD No. 99-1 Special Tax Bonds will be secured and payable

solely from “CFD No. 99-1 Net Taxes” (as defined in the CFD No. 99-1 Fiscal Agent Agreement) levied on taxable property within CFD No. 99-1, and amounts in certain funds and accounts held under the CFD No. 99-1 Fiscal Agent Agreement.

CFD No. 2000-1. The CFD No. 2000-1 Special Tax Bonds will be secured and payable

solely from “CFD No. 2000-1 Net Taxes” (as defined in the CFD No. 2000-1 Fiscal Agent Agreement) levied on taxable property within CFD No. 2000-1, and amounts in certain funds and accounts held under the CFD No. 2000-1 Fiscal Agent Agreement.

CFD No. 90-1

This section contains only a brief description of the CFD No. 90-1 Installment Purchase

Agreement, which is further described in APPENDIX E. Purchase and Sale of Project. Under the CFD No. 90-1 Installment Purchase Agreement,

CFD No. 90-1 will refinance the purchase of the “Project,” which is generally defined as the expansion of Saugus High School (including the design, acquisition, installation and construction of school facilities, improvements and upgrades).

Pledge of Special Taxes to Secure Installment Payments. Subject only to the provisions of

the CFD No. 90-1 Installment Purchase Agreement permitting the application thereof for the purposes and on the terms and conditions set forth therein, CFD No. 90-1 pledges all “Net Taxes” to the payment of the Installment Payments and the Reserve Payments, and the Net Taxes may not be used for any other purpose while any of the Installment Payments remain unpaid. This pledge constitutes a first lien on the Net Taxes for the payment of the Installment Payments and the Reserve Payments.

“Net Taxes” are defined in the CFD No. 90-1 Installment Purchase Agreement as “Gross Taxes”

(defined as all CFD No. 90-1 Special Taxes and proceeds from the sale of property collected under the foreclosure provisions of the CFD No. 90-1 Installment Purchase Agreement for the delinquency of CFD No. 90-1 Special Taxes) minus “Administrative Expenses” (generally defined as the administrative costs with respect to the calculation and collection of the CFD No. 90-1 Special Taxes and any other costs related to the administration of the CFD No. 90-1 Installment Purchase Agreement).

Installment Payments. Under the CFD No. 90-1 Installment Purchase Agreement, CFD No.

90-1 agrees to duly and punctually pay to the Authority, solely from Net Taxes and from no other sources, the Installment Payments, as provided in the CFD No. 90-1 Installment Purchase Agreement. The Installment Payments will be due and payable on the “Installment Payment Dates,” which are defined as August 15 and February 15 of each year, commencing August 15, 2013.

20

The amount of the Installment Payment payable by CFD No. 90-1 to the Authority on each

Installment Payment Date is set forth in the Installment Purchase Agreement. Each Installment Payment will be paid in lawful money of the United States of America, in

immediately available funds. Reserve Payments. CFD No. 90-1 will maintain or cause to be maintained in the CFD No. 90-1

Account of the Reserve Fund established under the Indenture an amount equal to the Reserve Requirement of the CFD No. 90-1 Reserve Account, or portion thereof. However, any replenishment of the CFD No. 90-1 Account of the Reserve Fund is payable solely from Net Taxes.

On each Installment Payment Date, after having paid the Installment Payment due on such

Installment Payment Date, CFD No. 90-1 will transfer, from Net Taxes, to the Trustee the amount, if any, necessary to cause the amount on deposit in the CFD No. 90-1 Account of the Reserve Fund to be equal to the portion of the Reserve Requirement applicable to CFD No. 90-1.

Obligation Absolute. The obligation of CFD No. 90-1 to make the Installment Payments, the

Reserve Payments and other payments required to be made by it under the CFD No. 90-1 Installment Purchase Agreement, solely from Net Taxes, is absolute and unconditional, and until such time as the Installment Payments, Reserve Payments and such other payments are paid in full, CFD No. 90-1 may not discontinue or suspend any Installment Payments, Reserve Payments or other payments required to be made by it under the CFD No. 90-1 Installment Purchase Agreement when due, whether or not the Project or any part thereof is operating or operable or has been completed, or its use is suspended, interfered with, reduced or curtailed or terminated in whole or in part, and such Installment Payments,

Reserve Payments and other payments are not subject to reduction whether by offset or

otherwise and are not conditional upon the performance or nonperformance by any party of any agreement for any cause whatsoever. CFD No. 99-1 and CFD No. 2000-1

The provisions of the CFD No. 99-1 Fiscal Agent Agreement and the CFD No. 2000-1 Fiscal

Agent Agreement (herein, each a “Fiscal Agent Agreement”) with respect to security and sources of payment for those Community Facilities District’s respective Special Tax Bonds are substantially identical, and will be described together in this section except as otherwise set forth. This section contains only a brief description of those provisions of the CFD No. 99-1 Fiscal Agent Agreement and the CFD No. 2000-1 Fiscal Agent Agreement, which are further described in APPENDIX E. Capitalized terms used but not defined in this section have the meanings given in APPENDIX E.

Pledge of Net Taxes. Under the Act and each Fiscal Agent Agreement, the payment of the

interest on and principal of the Special Tax Bonds of each Community Facilities District will be exclusively paid from the related Net Taxes and amounts held in certain funds and accounts created under the related Fiscal Agent Agreement, specifically including the Special Tax Fund, the Bond Fund and the Redemption Fund (and the accounts and subaccounts of each such fund).

All of the Net Taxes for a Community Facilities District’s Special Tax Bonds will be set aside for

the payment of that Community Facilities District’s Special Tax Bonds, and those Net Taxes and any interest earned on those Net Taxes will constitute a trust fund for the payment of the interest and premium, if any, on and principal of the related Special Tax Bonds.

21

“Net Taxes” are defined in each Fiscal Agent Agreement as the amount of all “Gross Taxes” (defined as the amount of all Special Taxes collected within the respective Community Facilities District and proceeds from the sale of property collected under the foreclosure provisions of each Fiscal Agent Agreement for the delinquency of such Special Taxes) minus the Administrative Expense Requirement (defined as $20,000 for CFD No. 99-1 and $30,000 for CFD No. 2000-1).

So long as any of a Community Facilities District’s Special Tax Bonds or interest thereon are

unpaid, the related Net Taxes and interest thereon may not be used for any other purpose, except as permitted by the related Fiscal Agent Agreement (or any Supplement), and will be held in trust for the benefit of the Authority, as owner of each Community Facilities District’s Special Tax Bonds, and will be applied pursuant to each Fiscal Agent Agreement.

Notwithstanding any provision contained in either Fiscal Agent Agreement to the contrary, Net

Taxes deposited in the Administrative Expense Fund, the Project Fund and the Residual Fund (and the accounts thereof) established in each Fiscal Agent Agreement will no longer be considered to be pledged to that Community Facilities District’s Special Tax Bonds, and the Administrative Expense Fund and the Residual Fund (and the accounts thereof) established under each Fiscal Agent Agreement will not be construed as trust funds held for the benefit of the Authority as owner of the Special Tax Bonds.

If the Fiscal Agent lacks sufficient amounts to make timely payment of principal and interest and

premium, if any, upon redemption, if any, on either Community Facilities District’s Special Tax Bonds when due, such principal of and interest and premium on that Community Facilities District’s Special Tax Bonds will be paid from available amounts held by the Fiscal Agent in the Special Tax Fund (and its accounts) or Bond Fund established for that Community Facilities District’s Special Tax Bonds (except those amounts deposited in the Residual Fund, the Project Fund and Administrative Expense Fund) in accordance with such terms without preference or priority of interest over principal or principal over interest, or of any installment of principal or interest over any other installment of principal or interest, ratably to the aggregate amount of such principal and interest.

Limited Obligation. A Community Facilities District’s Special Tax Bonds and interest thereon is

not payable from the general fund of the issuing Community Facilities District, the School District or the Saugus/Hart Authority.

Except with respect to the CFD No. 99-1 Net Taxes, neither the credit nor the taxing power of

CFD No. 99-1 or the School District is pledged for the payment of the CFD No. 99-1 Special Tax Bonds or interest thereon, and no Owner of the CFD No. 99-1 Special Tax Bonds may compel the exercise of the taxing power by CFD No. 99-1 or the School District or the forfeiture of any of their property.

Except with respect to the CFD No. 2000-1 Net Taxes, neither the credit nor the taxing power of

CFD No. 2000-1 or the Saugus/Hart Authority is pledged for the payment of the CFD No. 2000-1 Special Tax Bonds or interest thereon, and no Owner of the CFD No. 2000-1 Special Tax Bonds may compel the exercise of the taxing power by CFD No. 2000-1 or the Saugus/Hart Authority or the forfeiture of any of their property.

Redemption. Each Community Facilities District’s Special Tax Bonds are subject to

redemption before maturity. See APPENDIX E. Application of Special Taxes and Flow of Funds. Under each Fiscal Agent Agreement, the

Special Taxes and other amounts constituting “Gross Taxes” collected by the related Community Facilities District (exclusive of Prepaid Special Taxes received, which will be deposited into the

22

Prepayment Account of the Special Tax Fund) will be transferred, no later than 10 days after receipt, to the Fiscal Agent, and will be held in trust in the Special Tax Fund for the benefit of each respective Community Facilities District and the Authority, as owner of each Community Facilities District’s Special Tax Bonds (exclusive of the Administrative Expense Requirement), and will be transferred from each Special Tax Fund in the following order of priority:

(a) Administrative Expense Fund. To each Administrative Expense Fund, an amount (if

any) needed to bring the balance to the Administrative Expense Requirement. (b) Interest Account. To the Interest Account of each Bond Fund, an amount such that

the balance in the Interest Account one business day prior to each Interest Payment Date is equal to the installment of interest due on the related Community Facilities District’s Special Tax Bonds on that Interest Payment Date. Moneys in each Interest Account will be used for the payment of interest on each Community Facilities District’s Special Tax Bonds as they become due.

(c) Principal Account. To the Principal Account of each Bond Fund, an amount up to the

amount needed to make the principal payment due on each Community Facilities District’s Special Tax Bonds during the current Bond Year.

(d) Sinking Fund. To the Sinking Fund Redemption Account of the Redemption Fund an

amount up to the amount needed to make the Mandatory Sinking Payments due on the Bonds during the current Bond Year.

(e) Reserve Account. To Authority Bonds Trustee, for deposit into the Reserve Account

of the Authority Reserve Fund related to each Community Facilities District’s Special Tax Bonds, the amount, if any, necessary to replenish that Reserve Account of the Authority Reserve Fund each March 1 and September 1, or such other date as directed by the District, to the applicable reserve requirement.

(f) Additional Administrative Expenses. Provided all the amounts due in the current

Bond Year are funded under (b), (c), (d) and (e) above, to the extent there are additional Administrative Expenses to the Administrative Expense Fund in the amount specified in writing by the Community Facilities District required to bring the balance therein to the amount needed pay such Administrative Expenses.

(g) Any remaining Special Taxes and other amounts constituting Gross Taxes will

remain in each Special Tax Fund subject to the provisions described in (h) below. (h) Any remaining Special Taxes and other amounts constituting Net Taxes, if any, will

remain in each Special Tax Fund until the end of the Bond Year. Any remaining funds in each Special Tax Fund that are not required to cure a delinquency in the payment of principal and interest on the related Community Facilities District’s Special Tax Bonds, to restore the related Reserve Account of the Authority Reserve Fund as described above, or to pay current or pending Administrative Expenses as described above, will, without further action by any party, be transferred by the Fiscal Agent on September 2 of each year to the Residual Fund and will thereupon be free and clear of any lien thereon pursuant to the terms hereof. The Fiscal Agent will promptly confirm the amount of such transfer(s) in writing to the District. Any funds which are required to cure any such delinquency will be retained in the Special Tax Fund and expended or transferred, at the earliest possible date, for such purpose.

23

At the date of the redemption, defeasance or maturity of the last Special Tax Bond, and after all principal and interest then due on any Special Tax Bond of a Community Facilities District has been paid or provided for, all other covenants are complied with and all fees and expenses of the Fiscal Agent have been paid, any moneys then remaining in the related Special Tax Fund will be transferred to the related Community Facilities District by the Fiscal Agent and may be used by the related Community Facilities District for any lawful purpose.

Special Taxes as Security for Special Tax Bonds

Levy and Application of Special Taxes. Each Community Facilities District has the power

and is obligated to cause the levy and collection of the Special Taxes for each Community Facilities District annually while its respective Local Obligations are outstanding, in an amount determined according to the respective Rate and Method of Apportionment of Special Taxes approved and adopted for the related Community Facilities District up to the maximum annual rates permitted by that Community Facilities District's Rate and Method.

The Special Taxes thus levied and collected will be used, together with the other revenues

received and deposited in the Special Tax Fund established for each Community Facilities District, to pay the principal and interest on the Local Obligations issued or entered into by that Community Facilities District, plus other amounts related to those Local Obligations.

Manner of Levy and Collection. The Special Taxes levied for each Community Facilities

District will be collected in the same manner, at the same time and in the same tax billings as ad valorem property taxes are billed and collected by the County Treasurer-Tax Collector.

Risks Related to Special Taxes. Although the Special Taxes will constitute liens on the taxed

parcels of land within the related Community Facilities Districts, they do not constitute a personal indebtedness of the owners of property within the respective Community Facilities Districts, nor can they be accelerated in the event of a delinquency in payment of the Special Taxes in any given year. There is no assurance that the property owners will be financially able to pay the annual Special Taxes or that they will timely pay such taxes even if financially able to do so. See “BOND OWNERS' RISKS.”

Covenants of CFD No. 90-1 Relating to the Levy and Collection of Special Taxes

CFD No. 90-1 will make the following covenants regarding the levy and collection of Special

Taxes securing its payments under the CFD No. 90-1 Installment Purchase Agreement:

Levy and Collection of Special Taxes. Subject to the maximum CFD No. 90-1 Special Tax rates, CFD No. 90-1 will comply with all requirements of the Act so as to assure the timely collection of the CFD No. 90-1 Special Taxes, including without limitation, the enforcement of delinquent CFD No. 90-1 Special Taxes.

On or before each June 1, CFD No. 90-1 will secure from the Trustee the amounts then on

deposit in the various funds and accounts established by the Indenture and held for the benefit of CFD No. 90-1. Upon such confirmation, CFD No. 90-1 will communicate with the Los Angeles County Treasurer-Tax Collector or other appropriate official of the County of Los Angeles to ascertain the relevant parcels on which the CFD No. 90-1 Special Taxes are to be levied, taking into account any parcel splits during the preceding and then current year.

CFD No. 90-1 has retained an Independent Financial Consultant to assist in the levy of the CFD

No. 90-1 Special Taxes each Fiscal Year in accordance with the Special Tax Ordinance, such that the

24

computation of the levy is complete before the final date on which the Los Angeles County Treasurer-Tax Collector will accept the transmission of the CFD No. 90-1 Special Tax amounts for the parcels within CFD No. 90-1 for inclusion on the next secured tax roll. Upon the completion of the computation of the amounts of the levy, and approval by the Legislative Body, CFD No. 90-1 will prepare or cause to be prepared, and will transmit to the Los Angeles County Treasurer-Tax Collector, such data as the Los Angeles County Treasurer-Tax Collector requires to include the levy of the CFD No. 90-1 Special Taxes on the next secured tax roll.

CFD No. 90-1 will fix and levy the amount of CFD No. 90-1 Special Taxes within CFD No. 90-1

required for the payment of the Installment Payments becoming due and payable during the ensuing year, any necessary Reserve Amounts, an amount equal to the Administrative Expenses and any additional amounts necessary for expenses incurred in connection with administration or enforcement of delinquent CFD No. 90-1 Special Taxes.

The CFD No. 90-1 Special Taxes will be payable and collected in the same manner and at the

same time and in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property; provided, the Legislative Body may provide for direct collection of the CFD No. 90-1 Special Taxes in certain circumstances.

In order to determine if there are delinquencies with respect to the payment of the CFD No. 90-1

Special Taxes, no later than February 25 and June 25, CFD No. 90-1 will reconcile or cause to be reconciled the amount of CFD No. 90-1 Special Taxes levied to the amount of CFD No. 90-1 Special Taxes actually received by CFD No. 90-1.

Commencement of Foreclosure Proceedings. Not later than August 1 of each Fiscal Year,

CFD No. 90-1 will compare the amount of Special Taxes theretofore levied in CFD No. 90-1 to the amount of CFD No. 90-1 Special Taxes theretofore received by CFD No. 90-1, and take the following actions under the following circumstances:

(A) Individual Delinquencies. If CFD No. 90-1 determines that

(i) any single parcel is subject to a CFD No. 90-1 Special Tax delinquency in the aggregate amount of $5,000 or more or

(ii) any owner owns one or more parcels subject to a CFD No. 90-1 Special Tax

delinquency in an aggregate amount of $5,000 or more, then CFD No. 90-1 will send or cause to be sent a notice of delinquency (and a demand

for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings will be commenced by CFD No. 90-1 within 120 days of such determination to the extent permissible under applicable law.

(B) Aggregate Delinquencies. If CFD No. 90-1 determines that the total amount of

delinquent CFD No. 90-1 Special Taxes for the prior Fiscal Year for CFD No. 90-1 (including the total of delinquencies under paragraph (a) above) exceeds 5% of the total CFD No. 90-1 Special Taxes due and payable for the prior Fiscal Year, CFD No. 90-1 will notify or cause to be notified property owners who are then delinquent in the payment of CFD No. 90-1 Special Taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and will commence foreclosure proceedings within 120 days of such

25

determination against each parcel of land in CFD No. 90-1 with a CFD No. 90-1 Special Tax delinquency.

(C) Limiting Provision. Notwithstanding the foregoing, however, CFD No. 90-1 will

not be required to order, or take action upon, the commencement of foreclosure proceedings for aggregate delinquencies under subsection (B), above, if such delinquencies, if not remedied, will not result in a draw on the CFD No. 90-1 Reserve Account established under the Indenture such that the CFD No. 90-1 Reserve Account will fall below the applicable Reserve Requirement and no draw has been made on the CFD No. 90-1 Reserve Account, which has not been restored, such that the CFD No. 90-1 Reserve Account will be funded to at least the applicable Reserve Requirement under to the Indenture. Against Encumbrances. CFD No. 90-1 will not encumber, pledge or place any charge or lien

upon any of the Net Taxes or other amounts pledged to the obligations of CFD No. 90-1 under the CFD No. 90-1 Installment Purchase Agreement superior to or on a parity with the pledge and lien created in the CFD No. 90-1 Installment Purchase Agreement, except as otherwise permitted by the CFD No. 90-1 Installment Purchase Agreement.

Modification of Maximum Authorized Special Tax. CFD No. 90-1 will covenant that no

modification of the maximum authorized Special Taxes may be approved by CFD No. 90-1 which would prohibit CFD No. 90-1 from levying the CFD No. 90-1 Special Tax in any Fiscal Year at such a rate as could generate CFD No. 90-1 Special Taxes in each Fiscal Year at least equal to 110% of the Installment Payments due annually under the CFD No. 90-1 Installment Purchase Agreement, plus the Administrative Expenses.

CFD No. 90-1 will further covenant that if an ordinance is adopted by initiative under Section 3

of Article XIIIC of the California Constitution, which purports to reduce or otherwise alter the maximum authorized Special Taxes, it will, to the extent of available funds therefore, commence and pursue legal action seeking to preserve its ability to comply with its covenant described in the preceding paragraph.

Covenants of CFD No. 99-1 and CFD No. 2000-1 Relating to the Levy and Collection of Special Taxes

CFD No. 99-1 and CFD No. 2000-1 will make the following covenants regarding the levy and

collection of special taxes securing its Special Tax Bonds:

Covenant 1. Punctual Payment. Each Community Facilities District will duly and punctually pay, or cause to be paid, the principal and interest with respect to its respective Local Obligation, together with the premium thereon, if any is due, on the date, at the place and in the manner required by that Local Obligation and the document under which that Local Obligation was issued or entered into, to the extent Net Taxes are available therefore.

CFD No. 99-1 and CFD No. 2000-1 will each further covenant that the payments into their

respective Bond Funds and their respective Reserve Accounts of the Authority Reserve Fund will be made, all in strict conformity with the terms of their respective Special Tax Bonds and Fiscal Agent Agreement (and any Supplement), and that each will faithfully observe and perform all of the conditions, covenants and requirements of its respective Fiscal Agent Agreement (and any Supplement) and of its respective Special Tax Bonds issued thereunder, and that time of such payment and performance is of the essence of each Community Facilities District’s contract with the Authority.

26

Covenant 2. Levy and Collection of Special Taxes. Subject to the Maximum Special Tax rates, each Community Facilities District will comply with all requirements of the Act so as to assure the timely collection of its respective Special Taxes, including without limitation, the enforcement of delinquent Special Taxes.

On or before each June 1, the Fiscal Agent will provide a written notice to the Community

Facilities District stating the amounts then on deposit in the various funds and accounts established by the related Fiscal Agent Agreement. The receipt of such notice by the Community Facilities District in no way affects the obligations of the Community Facilities District under the following paragraphs.

Upon receipt of a copy of such notice, each Community Facilities District will communicate with

the Los Angeles County Treasurer-Tax Collector or other appropriate official of the County of Los Angeles to ascertain the relevant parcels on which the Special Taxes are to be levied, taking into account any parcel splits during the preceding and then current year.

Each Community Facilities District has retained an Independent Financial Consultant to assist in

the levy of the Special Taxes each Fiscal Year in accordance with the ordinance under which the related series of Special Taxes were levied, such that the computation of the levy is complete before the final date on which the Los Angeles County Treasurer-Tax Collector will accept the transmission of the Special Tax amounts for the parcels within the Community Facilities District for inclusion on the next secured tax roll.

Upon the completion of the computation of the amounts of the levy, and approval by the

Legislative Body, each Community Facilities District will prepare or cause to be prepared, and will transmit to the Los Angeles County Treasurer-Tax Collector, such data as the Los Angeles County Treasurer-Tax Collector requires to include the levy of the Special Taxes on the next secured tax roll.

Each Community Facilities District will fix and levy the amount of Special Taxes within its

respective boundaries required for the payment of principal of and interest on its respective Local Obligations becoming due and payable during the ensuing year, including any necessary replenishment of the related Reserve Account of the Authority Reserve Fund, plus an amount equal to the Administrative Expense Requirement and any additional amounts necessary for expenses incurred in connection with administration or enforcement of delinquent Special Taxes.

The Special Taxes will be payable and collected in the same manner and at the same time and

in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property; provided, the Legislative Body of each Community Facilities District may provide for direct collection of the Special Taxes in certain circumstances.

In order to determine if there are delinquencies with respect to the payment of the Special

Taxes, no later than February 25 and June 25 every year (each a “reconciliation date”) commencing June 25, 2013, each Community Facilities District will reconcile or cause to be reconciled the amount of Special Taxes theretofore reported by the County as paid and received. No later than 45 days after the reconciliation date, commencing on the first reconciliation date in 2013, each Community Facilities District will send or cause to be sent a notice of delinquency to all property owners reported to be delinquent in the payment of the Special Taxes as of the reconciliation date.

27

Covenant 3. Commence Foreclosure Proceedings. Not later than August 1 of each Fiscal Year, each Community Facilities District will compare the amount of Special Taxes theretofore levied in that Community Facilities District to the amount of Special Taxes theretofore received by that Community Facilities District, and take the following actions under the following circumstances:

(A) Individual Delinquencies. CFD No. 99-1. If CFD No. 99-1 determines that

(i) any single parcel is subject to a Special Tax delinquency in the aggregate amount of $2,000 or more or

(ii) any owner owns one or more parcels subject to a Special Tax delinquency in

an aggregate amount of $2,000 or more,

then CFD No. 99-1 will send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings will be commenced by CFD No. 99-1 within 120 days of such determination to the extent permissible under applicable law, and will thereafter diligently pursue such proceedings.

CFD No. 2000-1. If CFD No. 2000-1 determines that

(i) any single parcel is subject to a Special Tax delinquency in the aggregate amount of $5,000 or more or

(ii) any owner owns one or more parcels subject to a Special Tax delinquency in

an aggregate amount of $5,000 or more,

then CFD No. 2000-1 will send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings will be commenced by CFD No. 2000-1 within 120 days of such determination to the extent permissible under applicable law, and will thereafter diligently pursue such proceedings.

(B) Aggregate Delinquencies. If the Community Facilities District determines that the

total amount of delinquent Special Taxes for the prior Fiscal Year for the entire Community Facilities District (including the total of delinquencies under paragraph (a) above) exceeds 5% of the total Special Taxes due and payable for the prior Fiscal Year, the Community Facilities District will notify or cause to be notified property owners who are then delinquent in the payment of Special Taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and will commence foreclosure proceedings within 120 days of such determination against each parcel of land in the Community Facilities District with a Special Tax delinquency and shall thereafter diligently pursue such proceedings.

(C) Limiting Provision. Notwithstanding the foregoing, however, each Community

Facilities District will not be required to order, or take action upon, the commencement of foreclosure proceedings for aggregate delinquencies under subsection (B), above, if such delinquencies, if not remedied, will not result in a draw on that Community Facilities District’s Reserve Account such that that Reserve Account will fall below the applicable Reserve Requirement and no draw has been made on the respective Reserve Account, which has not

28

been restored, such that the respective Reserve Account shall be funded to at least the applicable Reserve Requirement pursuant to the Indenture.

Covenant 4. Against Encumbrances. Each Community Facilities District will covenant not to

encumber, pledge or place any charge or lien upon any of the respective Net Taxes or other amounts pledged to its respective Local Obligations superior to or on a parity with the pledge and lien created for the benefit of those Local Obligations, except as permitted by each Fiscal Agent Agreement.

Covenant 5. Modification of Maximum Authorized Special Tax. Each Community Facilities

District will covenant that no modification of the maximum authorized Special Taxes will be approved by that Community Facilities District which would prohibit the Community Facilities District from levying the Special Tax in any Fiscal Year at such a rate as could generate Special Taxes in each Fiscal Year at least equal to 110% of Annual Debt Service, plus the Administrative Expenses.

Each Community Facilities District will further covenant that if an ordinance is adopted by

initiative under Section 3 of Article XIIIC of the California Constitution that purports to reduce or otherwise alter the maximum authorized Special Taxes, the Community Facilities District will, to the extent of available funds therefore, commence and pursue reasonable legal actions seeking to preserve its ability to comply with its covenant contained in the preceding paragraph.

Covenant 6. Protection of Security and Rights of Owners. Each Community Facilities

District will preserve and protect the security of its Special Tax Bonds and the rights of the Authority, as owner of the Special Tax Bonds, and will warrant and defend their rights against all claims and demands of all persons. From and after the delivery of any of a Community Facilities District’s Special Tax Bonds, those Special Tax Bonds will be incontestable by that Community Facilities District.

Risks Related to Foreclosure

Sufficiency of Foreclosure Sale Proceeds; Foreclosure Limitations and Delays. No

assurances can be given that the real property subject to a judicial foreclosure sale will be sold or, if sold, that the proceeds of sale will be sufficient to pay any delinquent Special Tax installment. The Act does not require the Community Facilities Districts to purchase or otherwise acquire any lot or parcel of property foreclosed upon if there is no other purchaser at such sale.

Section 53356.6 of the Act requires that property sold pursuant to foreclosure under the Act be

sold for not less than the amount of judgment in the foreclosure action, plus post-judgment interest and authorized costs, unless the consent of the owners of 75% of the outstanding Bonds is obtained. However, under Section 53356.6 of the Act, a Community Facilities District, as judgment creditor, is entitled to purchase any property sold at foreclosure using a “credit bid,” where the Community Facilities District could submit a bid crediting all or part of the amount required to satisfy the judgment for the delinquent amount of the Special Tax. If a Community Facilities District becomes the purchaser under a credit bid, that Community Facilities District must pay the amount of its credit bid into the redemption fund established for the Bonds, but this payment may be made up to 24 months after the date of the foreclosure sale.

Foreclosure by court action is subject to normal litigation delays, the nature and extent of which

are largely dependent on the nature of the defense, if any, put forth by the debtor and the Superior Court calendar. In addition, the ability of a Community Facilities District to foreclose the lien of delinquent unpaid Special Taxes may be limited in certain instances and may require prior consent of the property owner if the property is owned by or in receivership of the Federal Deposit Insurance Corporation (the “FDIC”). See “BOND OWNERS' RISKS.”

29

No Teeter Plan. Because the County has not adopted the “Teeter Plan” (which is the

Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds, as provided for in Section 4701 et seq. of the California Revenue and Taxation Code), collections of Special Taxes will reflect actual delinquencies.

Rate and Method of Apportionment of Special Taxes

This section contains a summary of the Rate and Method of Apportionment of Special Taxes

adopted for each Community Facilities District. This section contains only a brief description of each Rate and Method of Apportionment of Special Taxes, and is qualified by the complete terms of each Rate and Method of Apportionment of Special Taxes, each of which is attached in APPENDIX C to this Official Statement. Capitalized terms used but not defined in this section have the meanings set forth in each Rate and Method of Apportionment of Special Taxes.

CFD No. 90-1.

General. The qualified electors of CFD No. 90-1 approved a Rate and Method of Apportionment of Special Taxes (the "CFD No. 90-1 Rate and Method") which provides the means by which the Board of the School District, acting as legislative body of CFD No. 90-1, may annually levy the Special Taxes within CFD No. 90-1 up to the Maximum Special Tax.

Determination of Special Tax Requirement. The annual amount of Special Taxes to be

collected from Developed Property in CFD No. 90-1 (the “Special Tax Requirement”) is defined as that amount required in any Fiscal Year for:

(1) debt service on all bonds or other indebtedness of CFD No. 90-1, (2) the cost of acquisition or construction of public facilities, (3) all amounts necessary to eliminate any fixed special assessment liens or to

repay or defease any indebtedness secured by any tax, fee, charge, or assessment levied within the area of CFD No. 90-1 or to pay debt service on that indebtedness, including lease/purchase payments or installment/purchase payments in connection with certificates of participation,

(4) costs incurred by CFD No. 90-1 in the annual levy and collection of the

Special Tax, (5) the administration costs of CFD No. 90-1, (6) accumulation of funds for future debt service, (7) costs associated with the release of funds from an escrow account, (8) any amounts required to the extent permitted in the Maximum Special Tax to

replenish any reserve funds, and (9) any other purpose permitted by the Act.

30

Maximum Special Tax. Under the CFD No. 90-1 Rate and Method, the Maximum Special Tax for any given parcel classified as Developed Property is the Assigned Special Tax in that parcel's Initial Fiscal Year. The Maximum Special Tax will be levied on each parcel within CFD No. 90-1 for a period of 30 years from that parcel's Initial Fiscal Year.

Beginning July 1, 1992, and on each July 1 thereafter, the Assigned Special Taxes have

been and will be increased above the amount in effect the previous Fiscal Year by an amount equal to the greater of the annual percentage change in the Consumer Price Index, measured as of the 12-month period ending the January 1 of the preceding Fiscal Year, or 4%; provided, the Assigned Special Tax may not exceed the Maximum Assigned Special Tax set forth in the CFD No. 90-1 Rate and Method, which range from $167 to $585, depending on land use class.

The Assigned Special Tax for Fiscal Year 2012-13 ranges from $207.00 to $439.86 per

unit of developed property, depending on land use class. Method of Apportionment of Special Tax. Each year, the Board of the School District

levies up to 100% of the Maximum Special Tax for each parcel of Developed Property until the amount of the levy equals the Special Tax Requirement. CFD No. 99-1.

General. The qualified electors of CFD No. 99-1 approved a Rate and Method of Apportionment of Special Taxes (the "CFD No. 99-1 Rate and Method") which provides the means by which the Board of the School District, acting as legislative body of CFD No. 99-1, may annually levy the Special Taxes within CFD No. 99-1 up to the Maximum Special Tax.

Determination of Special Tax Requirement. The annual amount of Special Taxes to be

collected from Developed Property in CFD No. 99-1 (the “Minimum Annual Special Tax Requirement”) is defined as that amount required in any Fiscal Year for:

(1) the debt service on all outstanding Bonds, other indebtedness, lease

revenue financing, other periodic costs on all outstanding Bonds, or other indebtedness of CFD No. 99-1 or of the School District for which the Special Taxes have been pledged,

(2) Administrative Expenses of CFD No. 99-1, (3) the costs associated with the release of funds from an escrow account, if

any, and (4) any amount required to establish or replenish any reserve funds

established in association with the Bonds or other indebtedness of CFD No. 99-1, less reserve fund earnings in excess of the reserve fund requirement which are

not allocable to rebatable arbitrage and any capitalized interest.

Maximum Special Tax. Under the CFD No. 99-1 Rate and Method, the Maximum Special Tax that can be levied on Developed Property is the greater of the “Assigned Annual Special Tax” (which ranges from $190.60 to $449.98 per Unit, depending on Building Square Footage and the Zone in which the unit is located) and the “Backup Annual Special Tax” (which ranges from $0.0236 to $0.0771 per square foot of Acreage, depending on the Zone in which

31

the parcel is located and ranges from $250.00 per unit to $13,271.69 per unit (for a parcel of approximately 13 acres); the average Backup Annual Special Tax is $585.50 and the median Backup Annual Special Tax is $424.60).

The Maximum Special Tax that can be levied on Undeveloped Property (if any) ranges

from $1,029.50 to $3,358.27 per acre of Acreage, depending on the Zone in which the parcel is located. There is currently no undeveloped property within CFD No. 99-1.

Method of Apportionment of Special Tax. The Board of the School District levies Annual

Special Taxes each Fiscal Year as follows:

Step One: The Board will levy an Annual Special Tax on each Assessor’s Parcel of Developed Property in an amount equal to the Assigned Annual Special Tax applicable to that Assessor’s Parcel.

Step Two: If the sum of the amounts collected in step one is insufficient to

satisfy the Minimum Annual Special Tax Requirement, then the Board will additionally levy an Annual Special Tax Proportionately on each Assessor’s Parcel of Undeveloped Property up to the Assigned Annual Special Tax applicable to that Assessor’s Parcel to satisfy the Minimum Annual Special Tax Requirement.

Step Three: If the sum of the amounts collected in steps one and two is

insufficient to satisfy the Minimum Annual Special Tax Requirement, then the Board will additionally levy an Annual Special Tax Proportionately on each Assessor’s Parcel of Developed Property up to the Maximum Special Tax applicable to each such Assessor’s Parcel to satisfy the Minimum Annual Special Tax Requirement.

CFD No. 2000-1.

General. The qualified electors of CFD No. 2000-1 approved a Rate and Method of Apportionment of Special Taxes (the "CFD No. 2000-1 Rate and Method") which provides the means by which the Board of the Saugus/Hart Authority, acting as legislative body of CFD No. 2000-1, may annually levy the Special Taxes within CFD No. 2000-1 up to the Maximum Special Tax.

Maximum Special Tax. The CFD No. 2000-1 Rate and Method provides for the levy of

two separate special taxes, the Saugus Special Tax and the Hart Special Tax, corresponding to the two constituent members of the Saugus/Hart Authority. Each Special Tax is levied only on Developed Property. The CFD No. 2000-1 Special Tax Bonds are secured only by the Hart Special Tax.

Hart Special Tax. The Hart Maximum Annual Special Tax for each Assessor’s

Parcel of Developed Property ranges from $871.00 per Unit to $1,169.54 per Unit, depending on Unit type and the initial Fiscal Year the Assessor’s Parcel was first classified as Developed Property. Method of Apportionment of Special Tax. Each year the Saugus/Hart Authority levies

the Hart Maximum Annual Special Tax on each Assessor’s Parcel of Taxable Property.

32

No Direct Cross-Collateralization Among Local Obligations Special Taxes levied by a Community Facilities District may only be applied to pay debt service

on the Local Obligation entered into or issued by that Community Facilities District, as the case may be, and are not cross-pledged or available to pay debt service on any Local Obligation entered into or issued for any other Community Facilities District.

Scheduled Debt Service on Local Obligations

The following table presents the annual debt service on each of the Local Obligations, assuming

there are no prepayments of any Local Obligations, as well as the percentage share each Local Obligation bears in relation to the total.

Local Obligations Debt Service

Fiscal Year (September 1)

CFD 90-1 Installment Payments

Percent of

Total

CFD No. 99-1 Special Taxes

Percent of

Total

CFD No. 2000-1 Special Taxes

Percent of

Total

Total 2013 $50,093 11.47% $73,303 16.78% $313,508 71.76% $436,903 2014 67,550 10.94 104,750 16.97 444,950 72.09 617,250 2015 61,550 9.99 108,850 17.67 445,650 72.34 616,050 2016 65,650 10.59 107,850 17.40 446,250 72.00 619,750 2017 64,150 10.43 106,350 17.29 444,500 72.28 615,000 2018 67,650 10.91 104,850 16.91 447,600 72.18 620,100 2019 61,000 9.92 108,350 17.63 445,400 72.45 614,750 2020 64,000 10.39 106,150 17.24 445,600 72.37 615,750 2021 61,800 10.11 103,950 17.01 445,400 72.88 611,150 2022 39,050 6.59 106,200 17.93 447,150 75.48 592,400 2023 37,300 6.28 108,200 18.23 448,150 75.49 593,650 2024 26,162 4.50 106,087 18.27 448,562 77.23 580,812 2025 10,350 1.84 103,975 18.47 448,650 79.69 562,975 2026 -0- 0.00 106,700 19.25 447,625 80.75 554,325 2027 -0- 0.00 104,250 18.94 446,250 81.06 550,500 2028 -0- 0.00 105,750 19.22 444,500 80.78 550,250 2029 -0- 0.00 107,000 19.31 447,000 80.69 554,000 2030 -0- 0.00 108,000 19.41 448,500 80.59 556,500 2031 -0- 0.00 108,750 21.21 404,000 78.79 512,750 2032 -0- 0.00 104,250 28.18 265,750 71.82 370,000 2033 -0- 0.00 104,750 44.91 128,500 55.09 233,250 2034 -0- 0.00 105,000 66.67 52,500 33.33 157,500 Totals $676,305 5.76% $2,303,315 19.63% $8,755,995 74.61% $11,735,615

33

THE COMMUNITY FACILITIES DISTRICTS

Background and Authority

CFD No. 90-1. This Community Facilities District comprises 173 taxable parcels, all of which are under residential use (representing 172 single-family homes and 1 multi-family apartment complex containing approximately 158 rental units).

CFD No. 90-1 was formed by the School District under Resolution No. 90/91-26, which was

adopted by the Board of the School District on February 26, 1991. The CFD No. 90-1 Special Taxes are levied in accordance with a landowner election held by the qualified landowner voters in CFD No. 90-1 and Ordinance No. 90/91-1, adopted by the Board of the School District on April 30, 1991.

The Board of the School District, acting as legislative body of CFD No. 90-1, authorized CFD

No. 90-1 to execute and deliver the CFD No. 90-1 Installment Purchase Agreement under a resolution adopted on December 12, 2013.

CFD No. 99-1. This Community Facilities District comprises 375 taxable parcels, all of which

are under residential use as single-family detached homes. CFD No. 99-1 was formed by the School District under Resolution No. 99/00-22, which was

adopted by the Board of the School District on September 29, 1999. The CFD No. 99-1 Special Taxes are levied, and the CFD No. 99-1 Special Tax Bonds are being issued, in accordance with a landowner election held by the qualified landowner voters in CFD No. 99-1 and Ordinance No. 99/00-01, adopted by the Board of the School District on October 27, 1999.

The Board of the School District, acting as legislative body of CFD No. 99-1, authorized the

issuance of the CFD No. 99-1 Special Tax Bonds under a resolution adopted on December 12, 2013. CFD No. 2000-1. This Community Facilities District comprises 504 taxable parcels, all of which

are under residential use as single-family detached homes in a neighborhood known as “Haskell Canyon Ranch.”

CFD No. 2000-1 was formed by the Saugus/Hart Authority under Resolution No. 00-02, which

was adopted by the Board of the Saugus/Hart Authority on January 24, 2000. The CFD No. 2000-1 Special Taxes are levied, and the CFD No. 2000-1 Special Tax Bonds are being issued, in accordance with a landowner election held by the qualified landowner voters in CFD No. 2000-1 and Ordinance No. 2000-1, adopted by the Board of the Saugus/Hart Authority on February 8, 2000.

The Board of the Saugus/Hart Authority, acting as legislative body of CFD No. 2000-1,

authorized the issuance of the CFD No. 2000-1 Special Tax Bonds under a resolution adopted on December 12, 2013.

CFD Boundary Maps. The boundary map showing the boundaries of the each Community

Facilities District is attached as APPENDIX I. For general demographic information for the area in and around the Community Facilities Districts see APPENDIX A.

34

Net Taxable Acres. The property in each Community Facilities District currently contains the following net acreage of land that is classified as Taxable Property under each respective Rate and Method.

CFD Approximate Net Acreage

CFD No. 90-1 37.71 CFD No. 99-1 123.31 CFD No. 2000-1 83.97

Property Development and Share of Special Tax Levy

The property in each Community Facilities District is fully built out, primarily with single-family

detatched homes. None of the property is currently classified as undeveloped under the respective Rate and Method for each Community Facilities District.

The following tables set forth the current development status and special tax classification under

the applicable Rate and Method for the property in each Community Facilities District, and each classification’s share of the Fiscal Year 2012-13 Special Tax levy.

Table 1A CFD No. 90-1

Property Classification and Share of Special Tax Levy

Property Classification Density

Number of Units/Acres

Average Annual Special Tax

Rate [1] Total Annual

Special Taxes

Levy as a Percent of

Total William S. Hart Union High School District

Very Low > 1 and < 2 Units per Acre 68 Units $431.38 per Unit $29,333.56 28.90% Low – Medium > 4 and < 8 Units per Acre 104 Units 379.38 per Unit 39,455.68 38.87 High > 24 Units per Acre 158 Units 111.00 per Unit 17,538.00 17.28 Developed Property 330 Units NA 86,327.24 85.06 Undeveloped Property 0.00 Acres 0.00 per Acre 0.00 0.00 William S. Hart Union High School District Subtotal 330 Units NA 86,327.24 85.06

Newhall School District [2]

High > 24 Units per Acre 158 Units 96.00 per Unit 15,168.00 14.94 Developed Property 158 Units NA 15,168.00 14.94 Undeveloped Property 0.00 Acres 0.00 per Acre 0.00 0.00 Newhall School District Subtotal 158 Units NA 15,168.00 14.94

[1] The average annual Special Tax rate is the average of all the Special Tax rates for each Property Classification, therefore they

may not reflect the actual assigned Annual Special Tax rate applicable to each parcel within a given Property Classification. [2] Represents one parcel containing 158 apartment units located within both the William S. Hart Union High School District and

Newhall School District. Source: Dolinka Group, LLC

35

Table 1B

CFD No. 99-1 Property Classification and Share of Special Tax Levy

Unit Type Building Square

Footage Number of Units/Acres

Annual Special Tax Rate

Total Annual Special Taxes

Levy as a Percent of

Total Zone A

Detached > 2,200 61 Units $312.40 per Unit $19,056.40 13.61% Detached 2,000 - 2,200 50 Units 254.40 per Unit 12,720.00 9.09 Detached < 2,000 14 Units 190.60 per Unit 2,668.40 1.91

Developed Property 125 Units NA $34,444.80 24.61% Undeveloped Property 0 Acres 0.00 per Acre 0.00 0.00 Zone A Subtotal 34,444.80 24.61 Zone B

Detached NA 118 Units 449.98 per Unit 53,097.64 37.93

Developed Property 118 Units NA 53,097.64 37.93 Undeveloped Property 0 Acres 0.00 per Acre 0.00 0.00 Zone B Subtotal 53,097.64 37.93 Zone C

Detached > 2,600 66 Units 411.00 per Unit 27,126.00 19.38 Detached 2,300 - 2,600 29 Units 337.04 per Unit 9,774.16 6.98 Detached < 2,300 6 Units 266.00 per Unit 1,596.00 1.14

Developed Property 101 Units NA 38,496.16 27.50 Undeveloped Property 0 Acres 0.00 per Acre 0.00 0.00 Zone C Subtotal 38,496.16 27.50 Zone D

Detached NA 31 Units 449.98 per Unit 13,949.38 9.96

Developed Property 31 Units NA 13,949.38 9.96 Undeveloped Property 0 Acres 0.00 per Acre 0.00 0.00 Zone D Subtotal 13,949.38 9.96 Total 375 Units NA $139,987.98 100.00%

Source: Dolinka Group, LLC

36

Table 1C CFD No. 2000-1

Property Classification and Share of Special Tax Levy

Unit Type Tax

Class Number of Units/Acres

Average Annual Special Tax Rate [1]

Total Annual Special Taxes

Levy as a Percent of Total

Detached Unit 1 504 Units $1,040.15 per Unit $524,235.04 100.00% Developed Property 504 Units NA 524,235.04 100.00 Undeveloped Property 0.00 Acres 0.00 per Acre 0.00 0.00 Total [2] 504 Units NA $524,235.04 100.00%

[1] The average annual Special Tax rate is the average of all the Special Tax rates in each Tax Class, therefore they

may not reflect the actual Special Tax rate for each parcel in a given Tax Class. [2] Totals may not add due to rounding. Source: Dolinka Group, LLC Estimated Maximum Special Tax Proceeds and Debt Service Coverage

Each Rate and Method is designed to produce projected debt service coverage equal to a

minimum of 110% based on Special Tax revenues and debt service on each series of Local Obligations.

For the projected percentage share of each Local Obligation’s contribution toward debt service

on the Bonds, see “THE LOCAL OBLIGATIONS – Scheduled Debt Service on Local Obligations” above.

Assessed Property Values and Value-to-Burden Ratios

No Appraisal. The Authority has not commissioned an appraisal of the property in any of the

Community Facilities Districts. Therefore, all estimated property values shown in this Official Statement are based on the Fiscal Year 2012-13 County Assessor’s roll (which is the last equalized assessor’s roll).

The current market value of the parcels within each Community Facilities District could be

different than the County Assessor’s values shown in this Official Statement. General Information Regarding Assessed Values. Article XIIIA of the California Constitution

(“Proposition 13”) defines “full cash value” to mean “the county assessor's valuation of real property as shown on the 1975-76 bill under 'full cash value', or, thereafter, the appraised value of real property when purchased or newly constructed or when a change in ownership has occurred after the 1975 assessment,” subject to exemptions in certain circumstances of property transfer or reconstruction. The “full cash value” is subject to annual adjustment to reflect increases, not to exceed 2% for any year, or decreases in the consumer price index or comparable local data, or to reflect reductions in property value caused by damage, destruction or other factors.

Because of the general limitation to 2% per year in increases in full cash value of properties that

remain in the same ownership, the county tax roll does not reflect values uniformly proportional to actual market values.

37

In addition, assessed values can be reduced as a result of two basic types of property tax assessment appeals under State law: (a) a base-year assessment appeal, which involves a dispute on the valuation assigned by the assessor immediately subsequent to an instance of a change in ownership or completion of new construction, and (b) a Proposition 8 appeal, which can result (as a result of a property owner’s application) if factors occur causing a decline in the market value of the property to a level below the property’s then-current assessed value.

No assurance can be given that should a parcel with delinquent Special Taxes be foreclosed

and sold for the amount of the delinquency, that any bid will be received for such property, or if a bid is received that such bid will be sufficient to pay such delinquent Special Taxes.

Historical Assessed Valuation. The tables below show a five-year history of secured

assessed values in each Community Facilities District, based on the valuation only of those parcels that were classified as Taxable Property and subject to the levy of Special Taxes during each respective Fiscal Year.

Table 2A

CFD No. 90-1 Secured Assessed Value History

Roll Year Assessed Value

Land Assessed Value

Improvement Assessed Value

Other Assessed Value

Total % Change 2008 $30,014,326 $40,010,997 $62,942 $70,088,265 N/A 2009 25,851,561 38,089,227 79,943 64,020,731 -8.66% 2010 30,670,790 43,387,214 79,943 74,137,947 15.80 2011 30,660,091 44,045,432 79,943 74,785,466 0.87 2012 29,971,251 44,710,965 79,943 74,762,159 -0.03

Source: Dolinka Group, LLC, based on information provided by the County of Los Angeles Assessor's Roll as of January 1st of applicable roll year.

Table 2B

CFD No. 99-1 Secured Assessed Value History

Roll Year Assessed Value

Land Assessed Value

Improvement Assessed Value

Other Assessed Value

Total % Change 2008 $78,040,228 $107,484,625 $0 $185,524,853 N/A 2009 69,576,846 101,192,900 0 170,769,746 -7.95% 2010 67,316,020 100,188,341 0 167,504,361 -1.91 2011 67,324,587 101,067,797 0 168,392,384 0.53 2012 64,623,170 100,693,098 0 165,316,268 -1.83

Source: Dolinka Group, LLC, based on information provided by the County of Los Angeles Assessor's Roll as of January 1st of applicable roll year.

38

Table 2C CFD No. 2000-1

Secured Assessed Value History

Roll Year Assessed Value

Land Assessed Value

Improvement Assessed Value

Other Assessed Value

Total % Change 2008 $102,399,457 $118,087,790 $0 $220,487,247 N/A 2009 88,452,244 108,314,178 0 196,766,422 -10.76% 2010 85,687,770 107,966,787 0 193,654,557 -1.58 2011 85,194,167 109,684,838 0 194,879,005 0.63 2012 80,098,904 107,699,040 0 187,797,944 -3.63

Source: Dolinka Group, LLC, based on information provided by the County of Los Angeles Assessor's Roll as of January 1st of applicable roll year.

Estimated Value-to-Burden Ratios. The table below shows the approximate projected value-

to-burden ratio for the parcels in each Community Facilities District subject to the Special Tax levy, based on the Fiscal Year 2012-13 assessed values reported by the County Assessor and the proposed principal amount of each series of Local Obligations.

No assurance can be given that the amounts shown in these tables will conform to those

ultimately realized in the event of a foreclosure action resulting from delinquency in the payment of Special Taxes.

Table 3

CFD No. 90-1, CFD No. 99-1 and CFD No. 2000-1 Fiscal Year 2012-13 Assessed Values and Value-to-Burden Ratios

District 2013 Special Tax

Bonds

Total Overlapping and Outstanding

Debt [1]

Total Overlapping Debt Plus Local

Obligations

Total Parcels Levied

2012-13 Assessed Valuation Value-to-Lien

CFD No. 90-1 $555,000 $ 596,296 $1,151,296 173 $ 74,762,159 64.94:1 CFD No. 99-1 1,460,000 16,366 1,476,366 375 165,316,268 111.98:1 CFD No. 2000-1 5,825,000 5,927,784 11,752,784 504 187,797,944 15.98:1 Total $7,840,000 $6,540,446 $14,380,446 1,052 $427,876,371 [1] Represents overlapping community facilities district and assessment district bonds. See “–Direct and Overlapping Governmental

Obligations” below. Excludes the overlapping debt applicable to parcels not subject to the Special Tax of CFD Nos. 90-1, 99-1, and 2000-1.

Source: Dolinka Group, LLC; County of Riverside Assessor's Roll dated January 1, 2012.

39

The tables below show the estimated distribution of assessed values in each Community Facilities District by value-to-burden category, based on the Fiscal Year 2012-13 assessed values reported by the County Assessor and the proposed principal amount of each series of Local Obligations.

Table 4A

CFD No. 90-1 Fiscal Year 2012-13 Assessed Values by Value-to-Burden Category

Total Liens

Value-to-Lien Category

Number of Parcels Other Debt [1]

CFD No. 90-1 Installment Payments

2012-13 Assessed Valuation

Combined Value-to-Lien

Fiscal Year 2012-13 Assigned Annual

Special Tax

Percentage Share of Assigned Annual

Special Tax 40:1 and above 112 $237,237.33 $427,935.57 58,176,386 87.46:1 $78,258.42 77.11% 15:1 to 40:1 59 347,286.67 122,854.33 16,473,230 35.04:1 22,466.90 22.14 10:1 to 15:1 0 0.00 0.00 0 NA 0.00 0.00 5:1 to 10:1 2 11,772.13 4,210.10 112,543 7.04:1 769.92 0.76 5:1 and below 0 0.00 0.00 0 NA 0.00 0.00 Total 173 $596,296.13 $555,000.00 $74,762,159 64.94:1 $101,495.24 100.00%

[1] Represents overlapping community facilities district and assessment district bonds. See “–Direct and Overlapping Governmental Obligations”

below. Excludes the overlapping debt applicable to parcels not subject to the Special Tax of CFD No. 90-1. Source: Dolinka Group, LLC; County of Los Angeles Assessor's Roll dated January 1, 2012.

Table 4B CFD No. 99-1

Fiscal Year 2012-13 Assessed Values by Value-to-Burden Category

Total Liens

Value-to-Lien Category

Number of Parcels Other Debt [1]

CFD No. 99-1 2013 Special Tax Bonds

2012-13 Assessed Valuation

Combined Value-to-Lien

Fiscal Year 2012-13 Assigned Annual

Special Tax

Percentage Share of Assigned Annual

Special Tax 40:1 and above 375 $16,365.73 $1,460,000 $165,316,268 111.98:1 $139,987.98 100.00% 39:1 and below 0 0.00 0 0 NA 0.00 0.00 Total 375 $16,365.73 $1,460,000 $165,316,268 111.98:1 $139,987.98 100.00%

[1] Represents overlapping community facilities district and assessment district bonds. See “–Direct and Overlapping Governmental Obligations”

below. Excludes the overlapping debt applicable to parcels not subject to the Special Tax of CFD No. 99-1. Source: Dolinka Group, LLC; County of Los Angeles Assessor's Roll dated January 1, 2012.

40

Table 4C CFD No. 2000-1

Fiscal Year 2012-13 Assessed Values by Value-to-Burden Category

Total Liens

Value-to-Lien Category

Number of Parcels Other Debt [1]

CFD No. 2000-1 2013 Special Tax

Bonds Assessed Valuation

Combined Value-to-Lien

Fiscal Year 2012-13 Assigned Annual

Special Tax

Percentage Share of Assigned Annual

Special Tax 15:1 to 40:1 348 $3,975,932.89 $4,009,445 $141,347,068 17.70:1 $360,839.74 68.83% 10:1 to 15:1 148 1,848,782.73 1,717,799 45,319,892 12.71:1 154,597.52 29.49 5:1 to 10:1 4 50,326.36 49,490 814,378 8.16:1 4,453.96 0.85 5:1 and below 4 52,742.12 48,266 316,606 3.13:1 4,343.82 0.83 Total 504 $5,927,784.11 $5,825,000 $187,797,944 15.98:1 $524,235.04 100.00%

[1] Represents overlapping community facilities district and assessment district bonds. See “–Direct and Overlapping Governmental Obligations”

below. Excludes the overlapping debt applicable to parcels not subject to the Special Tax of CFD No. 2000-1. Source: Dolinka Group, LLC; County of Los Angeles Assessor's Roll dated January 1, 2012.

Delinquency History

CFD No. 90-1. The table below presents the collections and delinquencies in the payment of

the CFD No. 90-1 Special Taxes for Fiscal Years 2006-07 through 2011-12.

Table 5A CFD No. 90-1

Special Tax Collections and Delinquencies Fiscal Years 2006-07 through 2011-12

Subject Fiscal Year ending June 30 October 3, 2012

Fiscal Year

Ending June 30

Parcels Levied

Aggregate Annual

Special Tax

Total Annual Special Taxes

Collected Parcels

Delinquent Amount

Delinquent Delinquency

Rate

Remaining

Parcels Delinquent

Remaining Amount

Delinquent

Remaining Delinquency

Rate 2007 173 $101,495.24 $98,241.20 11 $3,254.04 3.21% 0 $0.00 0.00% 2008 173 101,495.24 98,762.87 8 2,732.37 2.69 0 0.00 0.00 2009 173 101,495.24 98,555.30 10 2,939.94 2.90 0 0.00 0.00 2010 173 101,495.24 100,490.77 4 1,004.47 0.99 0 0.00 0.00 2011 173 101,495.24 101,495.24 0 0.00 0.00 0 0.00 0.00 2012 173 101,495.24 100,703.30 3 791.94 0.78 1 407.58 0.40

Source: Dolinka Group, LLC; County Treasurer-Tax Collector’s Office.

CFD No. 90-1 has taken actions to enforce delinquent Special Taxes in the past (including

sending demand letters to the delinquent property owners and engaging foreclosure counsel). However, to date, CFD No. 90-1 has not filed any Superior Court actions for foreclosure against any parcels with Special Tax delinquencies.

41

CFD No. 99-1. The table below presents the collections and delinquencies in the payment of the CFD No. 99-1 Special Taxes for Fiscal Years 2006-07 through 2011-12.

Table 5B

CFD No. 99-1 Special Tax Collections and Delinquencies

Fiscal Years 2006-07 through 2011-12

Subject Fiscal Year ending June 30 October 3, 2012 Fiscal Year

Ending June 30

Parcels Levied

Aggregate Annual

Special Tax

Total Annual Special Taxes

Collected Parcels

Delinquent Amount

Delinquent Delinquency

Rate

Remaining

Parcels Delinquent

Remaining Amount

Delinquent

Remaining Delinquency

Rate 2007 375 $139,987.98 $133,070.47 24 $6,917.51 4.94% 1 $312.40 0.22% 2008 375 139,987.98 134,315.97 19 5,672.01 4.05 1 312.40 0.22 2009 375 139,987.98 131,394.74 30 8,593.24 6.14 2 503.00 0.36 2010 375 139,987.98 134,664.43 17 5,323.55 3.80 4 1,116.84 0.80 2011 375 139,987.98 138,061.97 6 1,926.01 1.38 2 503.00 0.36 2012 375 139,987.98 135,359.81 16 4,628.17 3.31 8 2,175.66 1.55

Source: Dolinka Group, LLC; County Treasurer-Tax Collector’s Office.

CFD No. 99-1 has taken actions to enforce delinquent Special Taxes in the past (including

sending demand letters to the delinquent property owners and engaging foreclosure counsel). However, to date, CFD No. 99-1 has not filed any Superior Court actions for foreclosure against any parcels with Special Tax delinquencies.

CFD No. 2000-1. The table below presents the collections and delinquencies in the payment of

the CFD No. 2000-1 Special Taxes for Fiscal Years 2006-07 through 2011-12.

Table 5C CFD No. 2000-1

Special Tax Collections and Delinquencies Fiscal Years 2006-07 through 2011-12

Subject Fiscal Year ending June 30 October 3, 2012

Fiscal Year

Ending June 30

Parcels Levied

Aggregate Annual

Special Tax

Total Annual Special Taxes

Collected Parcels

Delinquent Amount

Delinquent Delinquency

Rate

Remaining

Parcels Delinquent

Remaining Amount

Delinquent

Remaining Delinquency

Rate 2007 504 $524,238.14 $500,122.58 31 $24,115.56 4.60% 2 $2,065.98 0.39% 2008 504 524,238.14 481,291.27 50 42,946.87 8.19 4 3,944.54 0.75 2009 504 524,235.04 484,428.26 50 39,806.78 7.59 3 2,749.56 0.52 2010 504 524,235.04 498,386.63 32 25,848.41 4.93 2 1,878.56 0.36 2011 504 524,235.04 514,831.50 10 9,403.54 1.79 6 4,725.38 0.90 2012 504 524,235.04 507,342.71 24 16,892.33 3.22 11 8,116.70 1.55

Source: Dolinka Group, LLC; County Treasurer-Tax Collector’s Office.

CFD No. 2000-1 has taken actions to enforce delinquent Special Taxes in the past (including

sending demand letters to the delinquent property owners and engaging foreclosure counsel). However, to date, CFD No. 2000-1 has not filed any Superior Court actions for foreclosure against any parcels with Special Tax delinquencies.

No Teeter Plan. Collection of the Special Taxes is not subject to the “Alternative Method of

Distribution of Tax Levies and Collections and of Tax Sale Proceeds,” as provided for in Section 4701 et seq. of the California Revenue and Taxation Code (known as the “Teeter Plan”). Accordingly, collections of Special Taxes will reflect actual delinquencies, if any.

42

Potential Consequences of Continuing Special Tax Delinquencies. Sustained and

continuing delinquencies in the payment of the Special Taxes at increased levels could cause a draw on the Reserve Fund established for the Bonds and perhaps, ultimately, a default in the payment on the Bonds. See “BOND OWNERS’ RISKS.”

In such an event, the Authority could receive additional funds for the payment of debt service

through foreclosures sales of delinquent property, but no assurance can be given as to the amount foreclosure sale proceeds or when foreclosure sale proceeds would be received.

Foreclosure actions would include, among other steps, mailing multiple demand letters to the

record owners of the delinquent parcels advising them of the consequences of failing to pay the applicable special taxes and contacting secured lenders to obtain payment. If these efforts were unsuccessful, they would be followed (as needed) by the filing of an action to foreclose in superior court against each parcel that remained delinquent.

Following the issuance of the Bonds, each Community Facilities District will be obligated to

pursue foreclosure actions against delinquent parcels in accordance with the covenant to foreclose contained in the CFD No. 90-1 Installment Purchase Agreement, the CFD No. 99-1 Fiscal Agent Agreement and the CFD No. 2000-1 Fiscal Agent Agreement. See “THE LOCAL OBLIGATIONS.”

Limitations on Increases in Special Tax Levy. If property owners are delinquent in the

payment of Special Taxes, the Community Facilities Districts may not increase Special Tax levies to make up for delinquencies for prior Fiscal Years above the Maximum Special Tax rates specified in each Rate and Method. See “THE LOCAL OBLIGATIONS.” In addition, Section 53321(d) of the Act provides that the special tax levied against any parcel for which an occupancy permit for private residential use has been issued may not be increased as a consequence of delinquency or default by the owner of any other parcel within a community facilities district by more than 10% above the amount that would have been levied in such Fiscal Year had there never been any such delinquencies or defaults. In cases of significant delinquency, these factors may result in shortfalls in Revenues available to pay debt service on the Bonds. See “BOND OWNERS' RISKS.”

Direct and Overlapping Governmental Obligations

Direct and Overlapping Debt Statements. Certain local agencies provide public services and

assess property taxes, assessments, special taxes and other charges on the property in each Community Facilities District. Many of these local agencies have outstanding debt.

The direct and overlapping obligations affecting the property in each Community Facilities

District are shown in the following tables. These tables were prepared by National Tax Data, Inc., doing business in California as

California Tax Data, and are included for general information purposes only. The Authority has not reviewed these reports for completeness or accuracy and makes no representation in connection therewith.

43

TABLE 6A CFD No. 90-1

Detailed Direct and Overlapping Debt (As of October 22, 2012)

I. Assessed Value 2012-13 Secured Roll Assessed Value $74,784,139 II Secured Property Taxes Description on Tax Bill Type Total Parcels Total Levy % Applicable Parcels (2) Levy Amount Combined Ad Valorem Tax Charges AVALL 2,345,189 $12,543,097,636.78 0.00721% 175 $904,766.13 City of Santa Clarita Assessment District No. 92-2 1915 100 84,258.88 100.00000 100 84,258.88 City of Santa Clarita Lighting District No. 1 SLD 33,982 500,607.59 0.17645 27 883.31 City of Santa Clarita LMD No. 1, Zone 23 LMD 105 5,010.80 100.00000 105 5,010.80 City of Santa Clarita LMD No. 1, Zone 28 LMD 2,127 331,969.17 2.60617 1 8,651.68 City of Santa Clarita Maintenance District No. 2008-1 MD 45,468 4,253,144.55 0.41786 175 17,772.29 City of Santa Clarita Open Space Preserve OPENSPACE 52,543 1,903,355.11 0.45866 174 8,730.00 City of Santa Clarita Stormwater Fee FLOOD 52,881 2,717,774.30 0.26311 174 7,150.66 City of Santa Clarita Streetlight Maintenance District No. 1 (Annexation) SLD 12,313 1,360,725.96 0.36820 68 5,010.24 County of Los Angeles Change of Ownership Penalty PENALTY 3,909 1,489,073.00 0.02216 1 330.00 County of Los Angeles Flood Control 1982BA 2,125,350 110,350,862.51 0.00968 173 10,679.04 County of Los Angeles Health License Fees HEALTHILIC 57,073 19,587,747.00 0.00478 1 937.00 County of Los Angeles Mosquito Abatement District VECTOR 1,103,845 8,681,275.57 0.01577 175 1,368.96 County of Los Angeles Regional Park & Open Space District 1915 2,345,605 80,675,717.04 0.00791 174 6,381.54 County of Los Angeles Returned Check Charges NSF 4,961 264,477.50 0.01891 1 50.00 County of Los Angeles Sewer Maintenance SWR/WTR 518,484 34,116,530.50 0.02257 174 7,698.50 County of Los Angeles Trauma and Emergency Services PARAMED 2,168,304 270,009,953.23 0.00698 173 18,844.71 Los Angeles County Fire Department Special Tax FIRE 875,347 74,394,684.26 0.01560 175 11,606.07 Los Angeles County Sanitation District No. 32 SWR/WTR 69,101 22,643,668.69 0.27218 173 61,630.80 William S. Hart Union High School District CFD No. 90-1 CFD 187 101,495.24 100.00000 173 101,495.24

2012-13 TOTAL PROPERTY TAX LIABILITY $1,263,255.85 TOTAL PROPERTY TAX LIABILITY AS A PERCENTAGE OF 2012-2013 ASSESSED VALUATION 1.69%

III. Land Secured Bond Indebtedness Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount City of Santa Clarita Assessment District No. 92-2 1915 $879,432 $585,000 100.00000% 100 $585,000 County of Los Angeles Regional Park & Open Space District 1915 686,835,000 142,870,000 0.00791 174 11,301 William S. Hart Union High School District CFD No. 90-1 CFD 840,000 565,000 100.00000 173 565,000

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $1,161,301 IV. General Obligation Bond Indebtedness Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount Castaic Lake Water Agency GOB 1976 GOB $18,600,000 $0 0.23595% 175 $0 Newhall School District GOB 1999 GOB 35,500,000 23,730,000 0.25902 1 61,466 Santa Clarita Community College District GOB 2001 GOB 82,105,069 62,269,095 0.23246 175 144,749 Santa Clarita Community College District GOB 2006 GOB 114,997,270 110,525,601 0.23246 175 256,925 Sulphur Springs Union School District GOB 1991 GOB 20,199,725 4,767,402 0.91642 174 43,689 William S. Hart Union High School District GOB 2001 GOB 157,996,106 110,548,487 0.23243 175 256,943 William S. Hart Union High School District GOB 2008 GOB 115,742,500 115,742,500 0.23243 175 269,016

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $1,032,789 TOTAL OF ALL OUTSTANDING AND OVERLAPPING BONDED DEBT $2,194,090.28 TOTAL TO ALL OUTSTANDING DIRECT AND OVERLAPPING BONDED DEBT 34.08:1 (1) Additional bonded indebtedness or available bond authorization may exist but are not shown because a tax was not levied for the referenced fiscal year. Source: National Tax Data, Inc.

44

TABLE 6B CFD No. 99-1

Detailed Direct and Overlapping Debt (As of October 23, 2012)

I. Assessed Value 2012-13 Secured Roll Assessed Value $165,734,268 II Secured Property Taxes Description on Tax Bill Type Total Parcels Total Levy % Applicable Parcels (2) Levy Amount Combined Ad Valorem Tax Charges AVALL 2,345,189 $12,543,097,636.78 0.01577% 376 $1,978,454.28 Castaic Union School District CFD No. 92-2 CFD 376 287,519.68 100.00000 376 287,519.68 County of Los Angeles Change of Ownership Penalty PENALTY 3,909 1,489,073.00 0.02955 1 440.00 County of Los Angeles Flood Control 1982BA 2,125,350 110,350,862.51 0.00972 316 10,724.64 County of Los Angeles Landscape Lighting District No. 2, Zone 38 LLMD 378 172,368.00 99.47090 376 171,456.00 County of Los Angeles Library Assessments SPTXLIBRARY 406,404 11,627,218.44 0.09252 376 10,757.36 County of Los Angeles LLD LLMD 187,649 1,225,159.35 0.15345 376 1,880.00 County of Los Angeles Mosquito Abatement District VECTOR 1,103,845 8,681,275.57 0.03467 376 3,009.81 County of Los Angeles Regional Park & Open Space District 1915 2,345,605 80,675,717.04 0.01148 376 9,257.91 County of Los Angeles Returned Check Charges NSF 4,961 264,477.50 0.01891 1 50.00 County of Los Angeles Sewer Maintenance SWR/WTR 518,484 34,116,530.50 0.04904 376 16,732.00 County of Los Angeles Solid Waste Service Charge TRASH 239,406 1,181,767.40 0.11168 376 1,319.76 County of Los Angeles Trauma and Emergency Services PARAMED 2,168,304 270,009,953.23 0.01673 376 45,175.79 County of Los Angeles Waterworks, District No. 36 Standby Charge STANDBY 3,382 66,023.26 4.45142 376 2,938.97 Los Angeles County Fire Department Special Tax FIRE 875,347 74,394,684.26 0.03147 376 23,409.76 Los Angeles County Sanitation District No. 32 SWR/WTR 69,101 22,643,668.69 0.38358 376 86,856.00 William S. Hart Union High School District CFD No. 99-1 CFD 376 139,987.98 100.00000 375 139,987.98

2012-13 TOTAL PROPERTY TAX LIABILITY $2,789,969.94 TOTAL PROPERTY TAX LIABILITY AS A PERCENTAGE OF 2012-2013 ASSESSED VALUATION 1.68%

III. Land Secured Bond Indebtedness Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount County of Los Angeles Regional Park & Open Space District 1915 $686,835,000 $142,870,000 0.01148% 376 $16,401 William S. Hart Union High School District CFD No. 99-1 CFD 1,550,000 1,330,000 100.00000 375 1,330,000

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $1,346,401

IV. General Obligation Bond Indebtedness Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount Castaic Lake Water Agency GOB 1976 GOB $18,600,000 $0 0.52291% 376 $0 Castaic Union School District GOB 1993 GOB 20,111,140 7,574,172 3.79101 376 287,138 Santa Clarita Community College District GOB 2001 GOB 82,105,069 62,269,095 0.51517 376 320,789 Santa Clarita Community College District GOB 2006 GOB 114,997,270 110,525,601 0.51517 376 569,390 William S. Hart Union High School District GOB 2001 GOB 157,996,106 110,548,487 0.51510 376 569,430 William S. Hart Union High School District GOB 2008 GOB 115,742,500 115,742,500 0.51510 376 596,184

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $2,342,931 TOTAL OF ALL OUTSTANDING AND OVERLAPPING BONDED DEBT $3,689,332.82 TOTAL TO ALL OUTSTANDING DIRECT AND OVERLAPPING BONDED DEBT 44.92:1 (1) Additional bonded indebtedness or available bond authorization may exist but are not shown because a tax was not levied for the referenced fiscal year. Source: National Tax Data, Inc.

45

TABLE 6C CFD No. 2000-1

Detailed Direct and Overlapping Debt (As of October 23, 2012)

I. Assessed Value 2012-13 Secured Roll Assessed Value $206,505,610 II Secured Property Taxes Description on Tax Bill Type Total Parcels Total Levy % Applicable Parcels (2) Levy Amount Combined Ad Valorem Tax Charges AVALL 2,345,189 $12,543,097,636.78 0.01925% 538 $2,415,086.13 County of Los Angeles Flood Control 1982BA 2,125,350 110,350,862.51 0.01115 456 12,308.53 County of Los Angeles Landscape Lighting District No. 2, Zone 62 LLMD 218 130,800.00 1.83486 4 2,400.00 County of Los Angeles Landscape Lighting District No. 4, Zone 71 LLMD 222 100,788.00 100.00000 222 100,788.00 County of Los Angeles Library Assessments SPTXLIBRARY 406,404 11,627,218.44 0.13238 538 15,392.18 County of Los Angeles LLD LLMD 187,649 1,225,159.35 0.22038 537 2,700.00 County of Los Angeles Mosquito Abatement District VECTOR 1,103,845 8,681,275.57 0.04798 538 4,164.91 County of Los Angeles Regional Park & Open Space District 1915 2,345,605 80,675,717.04 0.01368 538 11,032.46 County of Los Angeles Returned Check Charges NSF 4,961 264,477.50 0.03781 2 100.00 County of Los Angeles Sewer Maintenance SWR/WTR 518,484 34,116,530.50 0.05994 460 20,447.75 County of Los Angeles Solid Waste Service Charge TRASH 239,406 1,181,767.40 0.16009 537 1,891.89 County of Los Angeles Trauma and Emergency Services PARAMED 2,168,304 270,009,953.23 0.02057 537 55,549.55 Los Angeles County Fire Department Special Tax FIRE 875,347 74,394,684.26 0.04615 538 34,332.23 Los Angeles County Sanitation District No. 32 SWR/WTR 69,101 22,643,668.69 0.53183 537 120,425.80 Saugus-Hart School Facilities Financing Authority CFD No. 2000-1 CFD 530 643,597.06 100.00000 530 643,597.06 William S. Hart Union High School District CFD No. 2000-1 CFD 542 524,235.04 100.00000 504 524,235.04

2012-13 TOTAL PROPERTY TAX LIABILITY $3,964,451.53 TOTAL PROPERTY TAX LIABILITY AS A PERCENTAGE OF 2012-2013 ASSESSED VALUATION 1.92%

III. Land Secured Bond Indebtedness Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount County of Los Angeles Regional Park & Open Space District 1915 $686,835,000 $142,870,000 0.01368% 538 $19,545 Saugus-Hart School Facilities Financing Authority CFD No. 2000-1 CFD 7,595,000 6,250,000 100.00000 530 6,250,000 William S. Hart Union High School District CFD No. 2000-1 CFD 6,345,000 5,310,000 100.00000 504 5,310,000

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $11,579,545

IV. General Obligation Bond Indebtedness Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount Castaic Lake Water Agency GOB 1976 GOB $18,600,000 $0 0.65154% 538 $0 Santa Clarita Community College District GOB 2001 GOB 82,105,069 62,269,095 0.64190 538 399,705 Santa Clarita Community College District GOB 2006 GOB 114,997,270 110,525,601 0.64190 538 709,463 Saugus Union School District GOB 1993 GOB 10,199,467 2,555,000 1.54575 538 39,494 Saugus Union School District GOB 2002 GOB 47,999,804 30,801,729 1.54575 538 476,118 William S. Hart Union High School District GOB 2001 GOB 157,996,106 110,548,487 0.64181 538 709,512 William S. Hart Union High School District GOB 2008 GOB 115,742,500 115,742,500 0.64181 538 742,848

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $3,077,139

TOTAL OF ALL OUTSTANDING AND OVERLAPPING BONDED DEBT $14,656,683.77 TOTAL TO ALL OUTSTANDING DIRECT AND OVERLAPPING BONDED DEBT 14.09:1

(1) Additional bonded indebtedness or available bond authorization may exist but are not shown because a tax was not levied for the referenced fiscal year. Source: National Tax Data, Inc.

46

Distribution of Estimated Tax Burden. The following tables set forth the distribution of estimated tax burdens by category within each Community Facilities District, based on Fiscal Year 2012-13 tax rates.

Table 7A

CFD No. 90-1 Estimated Tax Burden by Category

Effective Tax Rate

Category Number of Parcels [1]

FY 2012-13 Special Tax Levy

Total FY 2012-13 Taxes [2]

Total Assessed Values

Average Effective Tax Rate

Greater than 2.00% 8 $3,078.48 $32,185.96 $1,429,466 2.25% 1.75% to 2.00% 77 29,165.18 427,560.06 23,171,065 1.85 Less than 1.75% 88 69,251.58 803,076.45 50,161,628 1.60 Total 173 $101,495.24 $1,262,822.47 $74,762,159 1.69%

[1] Includes all Developed Property, as confirmed by Dolinka Group, LLC, with the County of Los Angeles. Excludes parcels

classified as Exempt Property. [2] Source: Detailed Direct and Overlapping Debt Report, National Tax Data, Inc. Source: Dolinka Group, LLC; National Tax Data; County of Los Angeles Assessor's Office.

Table 7B

CFD No. 99-1 Estimated Tax Burden by Category

Effective Tax Rate

Category Number of Parcels [1]

FY 2012-13 Special Tax Levy

Total FY 2012-13 Taxes [2]

Total Assessed Values

Average Effective Tax Rate

Greater than 2.00% 1 $449.98 $5,037.17 $233,822 2.15% 1.75% to 2.00% 114 35,395.76 706,872.86 39,380,074 1.80 Less than 1.75% 260 104,142.24 2,071,313.29 125,702,372 1.65 Total 375 $139,987.98 $2,783,223.32 $165,316,268 1.68%

[1] Includes all Developed Property, as confirmed by Dolinka Group, LLC, with the County of Los Angeles. Excludes parcels

classified as Exempt Property. [2] Source: Detailed Direct and Overlapping Debt Report, National Tax Data, Inc. Source: Dolinka Group, LLC; National Tax Data,; County of Los Angeles Assessor's Office.

Table 7C

CFD No. 2000-1 Estimated Tax Burden by Category

Effective Tax Rate

Category Number of Parcels [1]

FY 2012-13 Special Tax Levy

Total FY 2012-13 Taxes [2]

Total Assessed Values

Average Effective Tax Rate

Greater than 2.00% 183 $193,235.94 $1,236,035.61 $58,669,561.00 2.11% 1.75% to 2.00% 313 323,621.42 2,382,307.54 125,506,785.00 1.90 Less than 1.75% 8 7,377.68 61,983.93 3,621,598.00 1.71 Total 504 $524,235.04 $3,680,327.08 $187,797,944.00 1.96%

[1] Includes all Developed Property, as confirmed by Dolinka Group, LLC, with the County of Los Angeles. Excludes parcels

classified as Exempt Property. [2] Source: Detailed Direct and Overlapping Debt Report, National Tax Data, Inc. Source: Dolinka Group, LLC; National Tax Data; County of Los Angeles Assessor's Office.

47

Estimated Tax Burden on Representative Parcels. The following tables set forth the estimated total tax burden on a representative developed parcels in each Community Facilities District, based on Fiscal Year 2012-13 tax rates.

Table 8A

CFD No. 90-1 Fiscal Year 2012-13 Estimated Property Tax Bill

Assessed Valuations and Property Taxes

Assessed Value [1]

$219,202 Homeowner's Exemption 0 Net Assessed Value [2] $219,202

Percent of Total AV

Amount Ad Valorem Property Taxes

General Purposes

1.00000%

$2,192.02 Ad Valorem Tax Overrides

Special Water

0.070600 154.75 Community College 0.030799 67.51 High Schools 0.039479 86.54 Elementary Schools 0.096724 212.02

Total Ad Valorem Property Taxes 1.237602% $2,712.84

Assessments, Special Taxes and Parcel Charges [3] County of Los Angeles Sanitation District No. 32

$231.00

County of Los Angeles Trauma and Emergency Services 60.92 County of Los Angeles Sewer Maintenance 44.50 County of Los Angeles Regional Park & Open Space District 29.96 County of Los Angeles Mosquito Abatement District 7.74 County of Los Angeles Flood Control District 62.76 City of Santa Clarita Streetlight Maintenance District No. 1 (Annexation) 73.68 City of Santa Clarita Stormwater Fee 22.88 City of Santa Clarita Open Space Preserve 30.00 City of Santa Clarita Maintenance District No. 2008-1 61.10 CFD No. 90-1 of the William S. Hart Union High School District 422.94 Los Angeles County Fire Department Special Tax

62.26

Total Assessments, Special Taxes and Parcel Charges

$1,109.74

Total Property Taxes $3,822.58 Total Effective Tax Rate

1.74%

[1] Fiscal Year 2012-13 assessed valuation for a Single Family Detached unit containing 1,367 building square feet, selected to

represent the median effective tax rate for a residential unit within CFD No. 90-1. [2] Net Assessed Value reflects estimated total assessed value for the parcel net of homeowner's exemption. [3] All charges and special assessments are based on a Lot size of less than one acre. Source: Dolinka Group, LLC.

48

Table 8B

CFD No. 99-1 Fiscal Year 2012-13 Estimated Property Tax Bill

Assessed Valuations and Property Taxes

Assessed Value [1]

$424,000 Homeowner's Exemption 7,000 Net Assessed Value [2] $417,000

Percent of Total AV

Amount Ad Valorem Property Taxes

General Purposes

1.00000% $4,170.00 Ad Valorem Tax Overrides

Special Water

0.070600 294.40 Community College 0.030799 128.43 High Schools 0.039479 164.63 Elementary Schools 0.064278 268.04

Total Ad Valorem Property Taxes 1.205156% $5,025.50

Assessments, Special Taxes and Parcel Charges [3] County of Los Angeles Sanitation District No. 32

$231.00

County of Los Angeles Sewer Maintenance 44.50 County of Los Angeles Waterworks, District No. 36 Standby Charge 6.00 County of Los Angeles Regional Park & Open Space District 18.33 County of Los Angeles Trauma and Emergency Services 147.21 County of Los Angeles Street Lighting District 5.00 County of Los Angeles Solid Waste Service Charge 3.51 County of Los Angeles Mosquito Abatement District 7.74 County of Los Angeles Library Assessments 28.61 County of Los Angeles Landscape Lighting District No. 2, Zone 38 456.00 County of Los Angeles Flood Control District 21.73 Castaic Union School District CFD No. 92-2 764.68 CFD No. 99-1 of the William S. Hart Union High School District 449.98 Los Angeles County Fire Department Special Tax 62.26 Total Assessments, Special Taxes and Parcel Charges

$2,246.55

Total Property Taxes $7,272.05 Total Effective Tax Rate

1.72%

[1] Fiscal Year 2012-13 assessed valuation for a Single Family Detached unit containing 3,568 building square feet, selected to

represent the median effective tax rate for a residential unit within CFD No. 99-1. [2] Net Assessed Value reflects estimated total assessed value for the parcel net of homeowner's exemption. [3] All charges and special assessments are based on a Lot size of less than one acre. Source: Dolinka Group, LLC.

49

Table 8C

CFD No. 2000-1 Fiscal Year 2012-13 Estimated Property Tax Bill

Assessed Valuations and Property Taxes

Assessed Value [1]

$328,577 Homeowner's Exemption 0 Net Assessed Value [2] $328,577

Percent of Total AV

Amount Ad Valorem Property Taxes

General Purposes

1.00000% $3,285.77 Ad Valorem Tax Overrides

Special Water

0.070600 231.97 Community College 0.030799 101.20 High Schools 0.039479 129.72 Elementary Schools 0.041855 137.52

Total Ad Valorem Property Taxes 1.182733% $3,886.18

Assessments, Special Taxes and Parcel Charges [3] County of Los Angeles Sanitation District No. 32

$231.00

County of Los Angeles Sewer Maintenance 44.50 County of Los Angeles Regional Park & Open Space District 18.97 County of Los Angeles Trauma and Emergency Services 92.77 County of Los Angeles Street Lighting District 5.00 County of Los Angeles Solid Waste Service Charge 3.51 County of Los Angeles Mosquito Abatement District 7.74 County of Los Angeles Library Assessments 28.61 County of Los Angeles Flood Control District 25.31 CFD No. 2000-1 of the Saugus Union School District 1,022.04 CFD No. 2000-1 of the William S. Hart Union High School District 1,007.56 Los Angeles County Fire Department Special Tax 62.26 Total Assessments, Special Taxes and Parcel Charges

$2,549.27

Total Property Taxes $6,435.45 Total Effective Tax Rate

1.96%

[1] Fiscal Year 2012-13 assessed valuation for a Single Family Detached unit containing 1,853 building square feet, selected to

represent the median effective tax rate for a residential unit within CFD No. 2000-1. [2] Net Assessed Value reflects estimated total assessed value for the parcel net of homeowner's exemption. [3] All charges and special assessments are based on a Lot size of less than one acre. Source: Dolinka Group, LLC.

50

Property Ownership This section describes the major property owners in each Community Facilities District. See

APPENDIX B for a full listing of the parcels, ownership, and value to lien information for the property in each Community Facilities District.

CFD No. 90-1. One property owner within CFD No. 90-1, Santa Clarita Canyon Crest LLC,

owns a single parcel containing 158 apartment units, which is responsible for approximately 32% of the Fiscal Year 2012-13 Special Tax levy. The remaining parcels are owned by individual property owners, which include 4 financial institutions or property holding companies. See APPENDIX B.

CFD No. 99-1. Two entities own more than one parcel within CFD No. 99-1: Mobasser, Mahin

T TR Mobasser Family Trust, which owns 2 parcels responsible for approximately 0.64% of the Fiscal Year 2012-13 Special Tax levy, and US Bank National Association Trust, which owns 2 parcels responsible for approximately 0.56% of the Fiscal Year 2012-13 Special Tax levy. The remaining parcels are owned by individual property owners, which include 5 financial institutions. See APPENDIX B.

CFD No. 2000-1. Two parcels within CFD No. 2000-1 are under common ownership by Majid

and Layaowns Serushan, which are responsible for approximately 0.39% of the Fiscal Year 2012-13 Special Tax levy. The remaining parcels are owned by individual property owners, which include 5 financial institutions or property holding companies. See APPENDIX B.

51

THE AUTHORITY Formation. The Authority is a joint exercise of powers authority duly organized and operating

under Article 1 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the "Marks-Roos Act"), and under a Joint Exercise of Powers Agreement dated November 9, 1994, entered into by and between the School District and Community Facilities District No. 88-4 of the William S. Hart Union High School District (“CFD No. 88-4”), a Community Facilities District organized and existing under the Mello-Roos Community Facilities Act of 1982, as amended. The Authority is empowered to issue the Bonds under the Bond Law.

The Authority has no taxing power. Purposes. The Authority was formed by the School District and CFD No. 88-4 to acquire,

construct, modify and rehabilitate facilities; undertake a program of local agency bond pooled financing, refinancing and lending under the Marks-Roos Act; and make more efficient use of the common powers of the School District and CFD No. 88-4.

Governance. The Authority is administered by its Board, which consists of five persons who

are also the Trustees of the School District and, correspondingly, the legislative body of CFD No. 88-4. The Board elects its president and vice-president from among its members.

BOND OWNERS’ RISKS The purchase of the Bonds described in this Official Statement involves a degree of risk that

may not be appropriate for some investors. The following includes a discussion of some of the risks which should be considered before making an investment decision. This discussion does not purport to be comprehensive or definitive and does not purport to be a complete statement of all factors which may be considered as risks in evaluating the credit quality of the Bonds.

Limited Obligation to Pay Debt Service

The Bonds. The Bonds are special obligations of the Authority payable solely from and secured

solely by the Revenues and funds pledged therefor in the Indenture, consisting primarily of debt service on the Local Obligations. See “SECURITY FOR THE BONDS.”

The Local Obligations. Each Community Facilities District has no obligation to pay principal of

or interest on its respective Local Obligations if Special Tax collections are delinquent or insufficient, other than from amounts, if any, derived from the foreclosure and sale of parcels for Special Tax delinquencies. Neither the School District nor any of the Community Facilities Districst is obligated to advance funds to pay debt service on the Local Obligations.

Levy and Collection of the Special Taxes

General. The principal source of payment of principal of and interest on the Local Obligations is

the proceeds of the annual levy and collection of the Special Tax against property within each respective Community Facilities District.

Limitation on Special Tax Rate. The annual levy of the Special Tax on any parcel is limited to

the maximum Special Tax rate authorized in the applicable Rate and Method. The levy cannot be made at a higher rate even if the failure to do so means that the estimated proceeds of the levy and

52

collection of the Special Tax, together with other available funds, will not be sufficient to pay debt service on the related series of Local Obligations.

No Relationship Between Property Value and Special Tax Levy. Because the Special Tax

formula set forth in each Rate and Method is not based on property value, the levy of the Special Tax will rarely, if ever, result in a uniform relationship between the value of particular parcels of Taxable Property and the amount of the levy of the Special Tax against those parcels. Thus, there will rarely, if ever, be a uniform relationship between the value of the parcels of Taxable Property and their proportionate share of debt service on the Local Obligations, and certainly not a direct relationship.

Factors that Could Lead to Special Tax Deficiencies. The following are some of the factors

that might cause the levy of the Special Tax on any particular parcel of Taxable Property to vary from the Special Tax that might otherwise be expected:

Transfers to Governmental Entities. The number of parcels of Taxable Property could

be reduced through the acquisition of Taxable Property by a governmental entity (by exercise of its rights as mortgage guarantor, or for other reasons) and failure of the government to pay the Special Tax based upon a claim of exemption or, in the case of the federal government or an agency thereof, immunity from taxation, thereby resulting in an increased tax burden on the remaining taxed parcels.

Property Tax Delinquencies. Failure of the owners of Taxable Property to pay property taxes (and, consequently, the Special Tax), or delays in the collection of or inability to collect the Special Tax by tax sale or foreclosure and sale of the delinquent parcels, could result in a deficiency in the collection of Special Taxes. For a summary of Special Tax collections in each Community Facilities District, see “THE COMMUNITY FACILITIES DISTRICTS.”

Delays Following Delinquencies and Foreclosure Sales. The Installment Purchase Agreement and each Fiscal Agent Agreement provides that the Special Tax is to be collected in the same manner as ordinary ad valorem property taxes are collected and, except as provided in the special covenant for foreclosure described in “THE LOCAL OBLIGATIONS” and in the Mello-Roos Act, is subject to the same penalties and the same procedure, sale and lien priority in case of delinquency as is provided for ordinary ad valorem property taxes. Under these procedures, if taxes are unpaid for a period of five years or more, the property is subject to sale by the County.

If sales or foreclosures of property are necessary, there could be a delay in payments to the Authority, as owner of the Local Obligations, pending such sales or the prosecution of foreclosure proceedings and receipt of the proceeds of sale. See “THE LOCAL OBLIGATIONS.”

Payment of Special Taxes is not a Personal Obligation of the Property Owners Property owners are not personally obligated to pay their respective Special Taxes. Rather, the

Special Taxes are obligations only against the respective parcels against which they are levied. If, after a default in the payment of the Special Tax and a foreclosure sale, the resulting proceeds are insufficient, taking into account other obligations also constituting a lien against the parcel, the Community Facilities Districts have no personal recourse against the parcel owner.

53

Assessed Valuations The Authority has not commissioned an appraisal of the parcels in the Community Facilities

Districts in connection with the issuance of the Bonds. The estimated valuation of the Taxable Property provided in this Official Statement is based only on the County Assessor’s values.

No assurance can be given that any of the Taxable Property in the District could be sold for the

assessed value if it should become delinquent and subject to foreclosure proceedings. Assessed values do not necessarily represent market values. Article XIIIA of the California

Constitution (Proposition 13) defines “full cash value” to mean “the County assessor’s valuation of real property as shown on the 1975/76 roll under ‘full cash value’, or, thereafter, the appraised value of real property when purchased or newly constructed or when a change in ownership has occurred after the 1975 assessment,” subject to exemptions in certain circumstances of property transfer or reconstruction. The “full cash value” is subject to annual adjustment to reflect increases, not to exceed 2% for any year, or decreases in the consumer price index or comparable local data, or to reflect reductions in property value caused by damage, destruction or other factors. Because of the general limitation to 2% per year in increases in full cash value of properties that remain in the same ownership, the County tax roll does not reflect values uniformly proportional to actual market values. Moreover, as a result of declines in the market value of properties in recent years, assessed valuations of many properties in the County have declined. Consequently, there can be no assurance that the assessed value of property within the Community Facilities Districts accurately reflects the property’s market value. The future fair market value of the property may be different from its current assessed value.

Property Values

The value of Taxable Property within each Community Facilities District is a critical factor in

determining the investment quality of the Bonds. If a parcel owner defaults in the payment of the Special Taxes, the only remedy is to foreclose on the delinquent property.

The following is a discussion of specific risk factors that could affect the value of property in

each Community Facilities District.

Prolonged Economic Downturn. Land values in and around the City have been adversely affected by current economic conditions. To the extent that the economic downturn is prolonged, property values could remain flat for an indefinite period.

Declines in home values in the Community Facilities Districts could also result in

property owner unwillingness or inability to pay mortgage payments, as well as ad valorem property taxes and Special Taxes, when due. Under such circumstances, bankruptcies are likely to increase. Bankruptcy by homeowners with delinquent Special Taxes would delay the commencement and completion of foreclosure proceedings.

Risks Related to Mortgage Loans. Although residential projects that have their homes

built and occupied by homeowners are typically viewed as providing bondholders with strong credits, some of the recent home purchasers, especially those during 2004 to 2007, may face challenges in making their mortgage and tax payments on a timely basis, due to their initial high loan to value ratios, creative mortgage loan structures, and current negative equity levels.

54

Recent events in the United States and world-wide capital markets have adversely affected the availability of mortgage loans to homeowners, including potential buyers of homes within the Community Facilities Districts. Any such unavailability could hinder the ability of the current homeowners to resell their homes, and adversely affect the market prices available to current homeowners.

Natural Disasters. The value of the Taxable Property in the Community Facilities

Districts can be adversely affected by a variety of natural occurrences, particularly those that may affect infrastructure and other public improvements, and private improvements and the continued habitability and enjoyment of such private improvements.

The areas in and surrounding the Community Facilities Districts, like those in much of

California, may be subject to unpredictable seismic activity. Other natural disasters could include, without limitation, landslides, floods, wildfires,

droughts or tornadoes. One or more natural disasters could occur and could result in damage to improvements of varying seriousness. The damage may entail significant repair or replacement costs and that repair or replacement may never occur either because of the cost, or because repair or replacement will not facilitate habitability or other use, or because other considerations preclude such repair or replacement. Under any of these circumstances there could be significant delinquencies in the payment of Special Taxes, and the value of the parcels in the Community Facilities Districts may well depreciate or disappear.

Hazardous Substances. One of the most serious risks in terms of the potential

reduction in the property values is a claim with regard to a hazardous substance. In general, the owners and operators of property may be required by law to remedy conditions of the parcel relating to releases or threatened releases of hazardous substances. The federal Comprehensive Environmental Response, Compensation 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 regard to hazardous substances are also stringent and similar. Under many of these laws, the owner or operator is obligated to remedy a hazardous substance condition of property whether or not the owner or operator has anything to do with creating or handling the hazardous substance. The effect, therefore, should any of the Taxable Property in the Community Facilities Districts be affected by a hazardous substance, is to reduce the marketability and value of the parcel by the costs of remedying the condition, because the purchaser, upon becoming owner, will become obligated to remedy the condition just as is the seller.

Although the Authority is not aware that the owner or operator of any of the Taxable

Property in the Community Facilities Districts has such a current liability, it is possible that such liabilities do currently exist. Further, it is possible that liabilities may arise in the future resulting from the existence, currently, on the parcel of a substance presently classified as hazardous but that has not been released or the release of which is not presently threatened, or may arise in the future resulting from the existence, currently on the parcel of a substance not presently classified as hazardous but that may in the future be so classified. Further, such liabilities may arise not simply from the existence of a hazardous substance but from the method of handling it. All of these possibilities could significantly affect the property values that would otherwise be realized upon a delinquency.

No information is available as to the existence of any hazardous substances within the

Community Facilities Districts.

55

Other Factors. Other factors that could adversely affect property values in the

Community Facilities Districts include, among others, relocation of employers out of the area, shortages of water, electricity, natural gas or other utilities, and destruction of property caused by man-made disasters.

Other Possible Claims Upon the Property Values While the Special Taxes are secured by the Taxable Property in the Community Facilities

Districts, the security only extends to the value of such property that is not subject to priority and parity liens and similar claims.

A table listing of the outstanding governmental obligations affecting each Community Facilities

District is set forth above under “THE COMMUNITY FACILITIES DISTRICTS.” In addition, other governmental obligations may be authorized and undertaken or issued in the

future, the tax, assessment or charge for which may become an obligation of one or more of the parcels within the Community Facilities Districts, and may be secured by a lien on a parity with the lien of the Special Taxes securing the Local Obligations.

In general, the Special Taxes, and all other taxes, assessments and charges also collected on

the tax roll, are on a parity, that is, are of equal priority. Questions of priority become significant when collection of one or more of the taxes, assessments or charges is sought by some other procedure, such as foreclosure and sale. If proceedings are brought to foreclose a delinquency, the Special Taxes will generally be on a parity with the other taxes, assessments and charges, and will share the proceeds of such foreclosure proceedings on a pro-rata basis.

Enforcement of Special Taxes on Governmentally Owned Properties

General. The ability of the Community Facilities Districts to foreclose the lien of delinquent

unpaid Special Tax installments may be limited with regard to properties in which the Federal Deposit Insurance Corporation (the “FDIC”), the Drug Enforcement Agency, the Internal Revenue Service (the “IRS”), or other federal agency has or obtains an interest.

Federal courts have held that, based on the supremacy clause of the United States Constitution,

in the absence of Congressional intent to the contrary, a state or local agency cannot foreclose to collect delinquent taxes or assessments if foreclosure would impair the federal government interest.

The supremacy clause of the United States Constitution reads as follows: “This Constitution,

and the Laws of the United States which shall be made in Pursuance thereof; and all Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land; and the Judges in every State shall be bound thereby, any Thing in the Constitution or Laws of any State to the contrary notwithstanding.”

This means that, unless Congress has otherwise provided, if a federal governmental entity owns

a parcel that is subject to Special Taxes within the Community Facilities Districts, but does not pay taxes and assessments levied on the parcel (including Special Taxes), the applicable state and local governments cannot foreclose on the parcel to collect the delinquent taxes and assessments.

Moreover, unless Congress has otherwise provided, if the federal government has a mortgage

interest in the parcel and a Community Facilities District wishes to foreclose on the parcel as a result of

56

delinquent Special Taxes, the property cannot be sold at a foreclosure sale unless it can be sold for an amount sufficient to pay delinquent taxes and assessments on a parity with the Special Taxes and preserve the federal government’s mortgage interest. In Rust v. Johnson (9th Circuit; 1979) 597 F.2d 174, the United States Court of Appeal, Ninth Circuit held that the Federal National Mortgage Association (“FNMA”) is a federal instrumentality for purposes of this doctrine, and not a private entity, and that, as a result, an exercise of state power over a mortgage interest held by FNMA constitutes an exercise of state power over property of the United States.

Neither the Community Facilities Districts nor the Authority has undertaken to determine

whether any federal governmental entity currently has, or is likely to acquire, any interest (including a mortgage interest) in any of the parcels subject to the Special Taxes within the Community Facilities Districts. No assurance can be given as to the likelihood that the risks described above will materialize while the Local Obligations are outstanding.

FDIC. If any financial institution making any loan secured by real property within the Community

Facilities Districts is taken over by the FDIC, and prior thereto or thereafter the loan (or loans) goes into default, resulting in ownership of the property by the FDIC, then the ability of the Community Facilities Districts to collect interest and penalties specified by State law and to foreclose the lien of delinquent unpaid Special Taxes may be limited.

The FDIC’s policy statement regarding the payment of state and local real property taxes (the

“Policy Statement”) provides that 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 become 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 states that the FDIC generally will not pay non-ad valorem taxes,

including special taxes and 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. Special taxes imposed under the Mello-Roos Act and a special tax formula, which determines the special tax due each year, are specifically identified in the Policy Statement as being imposed each year and therefore covered by the FDIC’s federal immunity. The Ninth Circuit issued a ruling on August 28, 2001, in which it determined that the FDIC, as a federal agency, is exempt from Mello-Roos special taxes.

The Authority and the Community Facilities Districts are unable to predict what effect the

application of the Policy Statement would have in the event of a delinquency in the payment of Special Taxes on a parcel within the Community Facilities Districts in which the FDIC has or obtains an interest, although prohibiting the lien of the Special Taxes to be foreclosed out at a judicial foreclosure sale could reduce or eliminate the number of persons willing to purchase a parcel at a foreclosure sale.

57

Exemptions Under Rate and Method and the Mello-Roos Act. Certain properties are

exempt from the Special Tax in accordance with each Rate and Method and the Mello-Roos Act, which provides that properties or entities of the state, federal or local government are exempt from the Special Taxes; provided, however, that property within the Community Facilities Districts acquired by a public entity through a negotiated transaction or by gift or devise, which is not otherwise exempt from the Special Taxes, will continue to be subject to the Special Taxes.

In addition, although the Mello-Roos Act provides that if property subject to the Special Taxes is

acquired by a public entity through eminent domain proceedings, the obligation to pay the Special Taxes with respect to that property is to be treated as if it were a special assessment, the constitutionality and operation of these provisions of the Act have not been tested, meaning that such property could become exempt from the Special Taxes. The Mello-Roos Act further provides that no other properties or entities are exempt from the Special Taxes unless the properties or entities are expressly exempted in a resolution of consideration to levy a new special tax or to alter the rate or method of apportionment of an existing special tax.

Depletion of Reserve Fund

The Authority will establish and maintain a Reserve Fund for the Bonds that may be used to pay

principal of and interest on the Bonds if insufficient funds are available from the debt service payments on the Local Obligations. See “SECURITY FOR THE BONDS – Reserve Fund.”

If funds in the Reserve Fund are depleted, the funds can be replenished from the proceeds of

the levy and collection of the Special Tax that are in excess of the amount required to pay all amounts to be paid to the Authority under the CFD No. 90-1 Installment Purchase Agreement and the Fiscal Agent Agreements, which the Community Facilities Districts have agreed to transfer to the Trustee. See “THE LOCAL OBLIGATIONS.”

However, no replenishment from the proceeds of a Special Tax levy can occur so long as the

proceeds that are collected from the levy of the Special Taxes against property within the Community Facilities Districts at the maximum Special Tax rates, together with other available funds, remain insufficient to pay all such amounts. Thus, it is possible that the Reserve Fund will be depleted and not be replenished by the levy of the Special Taxes.

Bankruptcy Delays

The payment of the Special Taxes, and the ability of the Community Facilities Districts to

foreclose the lien of delinquent unpaid Special Taxes, may be limited by bankruptcy, insolvency or other laws generally affecting creditors' rights or by State laws relating to judicial foreclosure.

The various legal opinions to be delivered concurrently with the delivery of the Bonds (including

Bond Counsel's approving legal opinion) will be qualified as to the enforceability of the various legal instruments by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights, by the application of equitable principles and by the exercise of judicial discretion in appropriate cases.

Although bankruptcy proceedings would not cause the Special Taxes to become extinguished,

bankruptcy of a property owner or any other person claiming an interest in the property could result in a delay in superior court foreclosure proceedings and could result in the possibility of Special Tax

58

installments not being paid in part or in full. Such a delay would increase the likelihood of a delay or default in payment of the principal of and interest on the Local Obligations.

In addition, the amount of any lien on property securing the payment of delinquent Special

Taxes could be reduced if the value of the property were determined by the bankruptcy court to have become less than the amount of the lien, and the amount of the delinquent Special Taxes in excess of the reduced lien could then be treated as an unsecured claim by the court. Any such stay of the enforcement of the lien for the Special Tax, or any such delay or non-payment, would increase the likelihood of a delay or default in payment of the principal of and interest on the Bonds and the possibility of delinquent Special Taxes not being paid in full.

Disclosure to Future Purchasers

The Community Facilities Districts have recorded, in the Office of the County Recorder, a notice

of the Special Tax lien with respect to each Community Facilities District. While title companies normally refer to such notices in title reports, there can be no guarantee that such reference will be made or, if made, that a prospective purchaser or lender will consider the obligations represented by the Special Taxes in the purchase of a parcel of land or a home in the Community Facilities District, or the lending of money secured by property in the Community Facilities District.

No Acceleration

Neither the Bonds nor the Local Obligations contain a provision allowing for acceleration if a

payment default or other default occurs under the Indenture, the CFD No. 90-1 Installment Purchase Agreement or the Fiscal Agent Agreements.

Loss of Tax Exemption

As discussed under the caption “LEGAL MATTERS – Tax Exemption,” interest on the Bonds

might become includable in gross 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 Authority in violation of its covenants in the Indenture, or of the Community Facilities Districts in violation of their covenants in the CFD No. 90-1 Installment Purchase Agreement or the Fiscal Agent Agreements.

The Indenture does not contain a special redemption feature triggered by the occurrence of an

event of taxability. As a result, if interest on the Bonds were to be includable in gross income for purposes of federal income taxation, the Bonds would continue to remain outstanding until maturity unless earlier redeemed pursuant to optional or mandatory redemption. See “THE BONDS – Redemption.”

IRS Audit of Tax-Exempt Bond Issues

The IRS has initiated an expanded program for the auditing of tax-exempt bond issues,

including both random and targeted audits. It is possible that the Bonds will be selected for audit by the IRS. It is also possible that the market value of such Bonds might be affected as a result of such an audit of such Bonds (or by an audit of similar bonds or securities).

59

Impact of Legislative Proposals, Clarifications of the Code and Court Decisions on Tax Exemption

Future legislative proposals, if enacted into law, clarification of the Code or court decisions may

cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Bondowners from realizing the full current benefit of the tax status of such interest.

For example, various proposals have been made in Congress and by the President which, if

enacted, would subject interest on bonds that is otherwise excludable from gross income for federal income tax purposes, including interest on the Bonds, to a tax payable by certain bondholders that are individuals, estates or trusts with adjusted gross income in excess of certain specified thresholds.

The introduction or enactment of any such legislative proposals, clarification of the Code or

court decisions may also affect the market price for, or marketability of, the Bonds. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal or state tax legislation, regulations or litigation.

Voter Initiatives

Under the California Constitution, the power of initiative is reserved to the voters for the purpose

of enacting statutes and constitutional amendments. Since 1978, the voters have exercised this power through the adoption of Proposition 13 and similar measures, including Proposition 218, which was approved in the general election held on November 5, 1996, and Proposition 26, which was approved on November 2, 2010.

Any such initiative may affect the collection of fees, taxes and other types of revenue by local

agencies such as the Community Facilities Districts. Subject to overriding federal constitutional principles, such collection may be materially and adversely affected by voter-approved initiatives, possibly to the extent of creating cash-flow problems in the payment of outstanding obligations such as the Local Obligations.

Proposition 218—Voter Approval for Local Government Taxes—Limitation on Fees,

Assessments, and Charges—Initiative Constitutional Amendment, added Articles XIIIC and XIIID to the California Constitution, imposing certain vote requirements and other limitations on the imposition of new or increased taxes, assessments and property-related fees and charges.

On November 2, 2010, California voters approved Proposition 26, entitled the “Supermajority

Vote to Pass New Taxes and Fees Act”. Section 1 of Proposition 26 declares that Proposition 26 is intended to limit the ability of the State Legislature and local government to circumvent existing restrictions on increasing taxes by defining the new or expanded taxes as “fees.” Proposition 26 amended Articles XIIIA and XIIIC of the State Constitution. The amendments to Article XIIIA limit the ability of the State Legislature to impose higher taxes (as defined in Proposition 26) without a two-thirds vote of the Legislature. Article XIIIC requires that all new local taxes be submitted to the electorate before they become effective. Taxes for general governmental purposes require a majority vote and taxes for specific purposes (“special taxes”) require a two-thirds vote.

The Special Taxes and the Local Obligations were each authorized by not less than a two-thirds

vote of the landowners within each Community Facilities District who constituted the qualified electors at the time of such voted authorization. The Community Facilities Districts believe, therefore, that

60

issuance of the Local Obligations does not require the conduct of further proceedings under the Act, Proposition 218 or Proposition 26.

Like their antecedents, Proposition 218 and Proposition 26 are likely to undergo additional

judicial and legislative scrutiny before the impact on the Community Facilities Districts can be determined. Certain provisions of Proposition 218 and Proposition 26 may be examined by the courts for their constitutionality under both State and federal constitutional law, the outcome of which cannot be predicted.

Secondary Market for Bonds

There can be no guarantee that there will be a secondary market for the Bonds or, if a

secondary market exists, that any Bonds can be sold for any particular price. Prices of bond issues for which a market is being made will depend upon then-prevailing circumstances. Such prices could be substantially different from the original purchase price.

No assurance can be given that the market price for the Bonds will not be affected by the

introduction or enactment of any future legislation (including without limitation amendments to the Internal Revenue Code), or changes in interpretation of the Internal Revenue Code, or any action of the IRS, including but not limited to the publication of proposed or final regulations, the issuance of rulings, the selection of the Bonds for audit examination, or the course or result of any IRS audit or examination of the Bonds or obligations that present similar tax issues as the Bonds.

61

LEGAL MATTERS

Legal Opinions The legal opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond

Counsel, approving the validity of the Bonds will be made available to purchasers at the time of original delivery and is attached as APPENDIX H. A copy of the legal opinion will be attached to each Bond.

Jones Hall, A Professional Law Corporation, San Francisco, California, is acting as disclosure

counsel to the Authority. McFarlin & Anderson LLP, Laguna Hills, California will pass upon certain legal matters for the

Underwriter. Bowie, Arneson, Wiles & Giannone will also pass upon certain legal matters for the Authority and the Community Facilities Districts as special counsel to these entities.

Tax Exemption

In the opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel,

subject however, to certain qualifications described herein, under existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). In the further opinion of Bond Counsel, interest on the Bonds is not an item of tax preference for purposes of federal alternative minimum taxes imposed on individuals and corporations, although Bond Counsel observes that such interest is included as an adjustment in the calculation of federal corporate alternative minimum taxable income and may therefore affect a corporation’s alternative minimum tax liabilities.

The opinions of Bond Counsel set forth in the preceding paragraph are subject to the condition

that the Authority and the Community Facilities Districts comply with all requirements of the Code, that must be satisfied subsequent to the issuance of the Bonds in order that such interest be, or continue to be, excluded from gross income for federal income tax purposes. The Authority and the Community Facilities Districts have covenanted to comply with each such requirement.

Failure to comply with certain of such requirements may cause the inclusion of such interest in

gross income for federal income tax purposes to be retroactive to the date of issuance of the Bonds. The Indenture and other related documents refer to certain requirements, covenants and procedures which may be changed and certain actions that may be taken, upon the advice or with an opinion of nationally recognized bond counsel. No opinion is expressed by Bond Counsel as to the effect on any Bond or interest thereon if such change is made or action is taken upon the advice or approval of counsel other than Bond Counsel. Bond Counsel expresses no other opinion regarding or concerning any other tax consequences related to the ownership or disposition of the accrual or receipt of interest on the Bonds.

In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of California

personal income taxation. Owners of the Bonds should be aware that the ownership or disposition of, or the accrual or

receipt of interest on the Bonds may have federal or state tax consequences other than as described above. Bond Counsel expresses no opinion regarding or concerning any other tax consequences

62

related to the ownership or disposition of the accrual or receipt of interest on the Bonds other than as expressly set forth above.

See APPENDIX H for the proposed form of the opinion of Bond Counsel. Bond Counsel’s engagement with respect to the Bonds ends with the issuance of the Bonds,

and, unless separately engaged, Bond Counsel is not obligated to defend any of the Authority, the School District, or the Community Facilities Districts, as applicable, or the Owners regarding the tax-exempt status of the Bonds in the event of an audit examination by the IRS. Under current procedures, parties other than the Authority, the School District, or the Community Facilities Districts, as applicable, and their respective appointed counsel, including the Owners, would have little, if any, right to participate in the audit examination process. Moreover, because achieving judicial review in connection with an audit examination of tax-exempt Bonds is difficult, obtaining an independent review of IRS positions with which the Authority legitimately disagrees may not be practicable. Any action of the IRS, including but not limited to selection of the Bonds for audit, or the course or result of such audit, or an audit of Bonds presenting similar tax issues may affect the market price for, or the marketability of, the Bonds, and may cause the Authority, the Districts, School District, as applicable, or the Owners to incur significant expense.

Original Issue Discount; Premium Bonds. To the extent the issue price of any maturity of the

Bonds is less than the amount to be paid at maturity of such Bonds (excluding amounts stated to be interest and payable at least annually over the term of such Bonds), the difference constitutes “original issue discount,” the accrual of which, to the extent properly allocable to each owner thereof, is treated as interest on the Bonds which is excluded from gross income for federal income tax purposes and State personal income taxes. For this purpose, the issue price of a particular maturity of the Bonds is the first price at which a substantial amount of such maturity of the Bonds is sold to the public (excluding bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers). The original issue discount with respect to any maturity of the Bonds accrues daily over the term to maturity of such Bonds on the basis of a constant interest rate compounded semiannually (with straight-line interpolations between compounding dates). The accruing original issue discount is added to the adjusted basis of such Bonds to determine taxable gain or loss upon disposition (including sale, redemption, or payment on maturity) of such Bonds. Owners of the Bonds should consult their own tax advisors with respect to the tax consequences of ownership of the Bonds with original issue discount, including the treatment of purchasers who do not purchase such Bonds in the original offering to the public at the first price at which a substantial amount of such Bonds is sold to the public.

The Bonds purchased, whether at original issuance or otherwise, for an amount greater than

their principal amount payable at maturity (or, in some cases, at their earliest call date) (“Premium Bonds”) will be treated as having amortizable bond premium. No deduction is allowable for the amortizable bond premium in the case of bonds, like the Premium Bonds, the interest on which is excluded from gross income for federal income tax purposes. However, a purchaser’s basis in a Premium Bond, and under United States Treasury Regulations, the amount of tax-exempt interest received, will be reduced by the amount of amortizable bond premium property allocable to such purchaser. Owners of Premium Bonds should consult their own tax advisors with respect to the proper treatment of amortizable bond premium in their particular circumstances.

Impact of Legislative Proposals, Clarifications of the Code and Court Decisions on Tax

Exemption. Future legislative proposals, if enacted into law, clarification of the Code or court decisions may cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Owners of the Bonds from

63

realizing the full current benefit of the tax status of such interest. The introduction or enactment of any such future legislative proposals, clarification of the Code or court decisions may also affect the market price for, or marketability of, the Bonds. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal or state tax legislation, regulations or litigation as to which Bond Counsel expresses no opinion.

IRS Audit of Tax-Exempt Bond Issues. The Internal IRS has initiated an expanded program

for the auditing of tax-exempt bond issues, including both random and targeted audits. It is possible that the Bonds will be selected for audit by the IRS. It is also possible that the market value of the Bonds might be affected as a result of such an audit of the Bonds (or by an audit of similar bonds).

No Litigation

At the time of delivery of the Bonds, the Authority will certify that, to the best knowledge of the

Authority, there is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, pending with respect to which the Authority has been served with process or threatened, which (i) in any way questions the powers of the Authority or the Board of the Authority, or (ii) in any way questions the validity of any proceeding taken by the Board of the Authority in connection with the issuance of the Bonds, or (iii) wherein an unfavorable decision, ruling or finding could materially adversely affect the transactions contemplated by the Bond Purchase Contract, or (iv) in any way, could adversely affect the validity or enforceability of the Bond Purchase Contract, the Indenture, the Continuing Disclosure Certificate, the CFD No. 99-1 Resolution, the CFD No. 2000-1 Resolution and the Installment Purchase Agreement, or (v) to the knowledge of the Authority, in any way questions the exclusion from gross income of the recipients thereof of the interest on the Bonds for federal income tax purposes, or (vi) in any other way questions the status of the Bonds under State tax laws or regulations.

CONTINUING DISCLOSURE The School District, on behalf of itself and the Authority, will covenant for the benefit of owners

of the Bonds to provide certain financial information and operating data relating to the Bonds and the Community Facilities Districts (the “Annual Report”) by not later than nine months following the end of the School District’s fiscal year (currently March 31 based on the School District’s fiscal year ending June 30), commencing March 31, 2013, with the report for the fiscal year ending June 30, 2012, and to provide notices of the occurrence of certain listed events.

These covenants have been made in order to assist the Underwriter in complying with

Securities Exchange Commission Rule 15c2-12(b)(5), as amended (the “Rule”). The specific nature of the information to be contained in the Annual Report or the notices of listed events is set forth in APPENDIX G. The initial Dissemination Agent will be Dolinka Group, LLC.

The School District has not, on several occasions during the past five years, fully complied with

its prior continuing disclosure undertakings under the Rule. For example, with respect to continuing undertakings made in connection with certain insured bonds, the School District did not timely file material event notices for ratings changes relating to bond insurer downgrades. The School District has made filings to correct all known instances of non-compliance during the last five years. The School District believes it has established processes to ensure it will make required filings on a timely basis in the future.

64

RATING Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, has

assigned its municipal bond rating of “A-” to the Bonds. This rating reflects only the views of the rating agency, and an explanation of the significance of

this rating, and any outlook assigned to or associated with this rating, should be obtained from the rating agency. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. The Authority has provided certain additional information and materials to the rating agencies (some of which does not appear in this Official Statement).

There is no assurance that this rating will continue for any given period of time or that this rating

will not be revised downward or withdrawn entirely by the rating agency, if in the judgment of the rating agency, circumstances so warrant. Any such downward revision or withdrawal of any rating may have an adverse effect on the market price or marketability of the Bonds.

UNDERWRITING

The Bonds are being purchased by the Stifel, Nicolaus & Company, Incorporated, dba Stone & Youngberg, a Divison of Stifel Nicolaus, at a purchase price of $8,211,927.40 (which represents the principal amount of the Bonds ($7,840,000), plus a net original issue premium of $469,927.40, and less an Underwriter’s discount of $98,000.00).

The purchase agreement relating to the Bonds provides that the Underwriter will purchase all of

the Bonds, if any are purchased, the obligation to make such purchase being subject to certain terms and conditions set forth in such purchase agreement.

The Underwriter may offer and sell Bonds to certain dealers and others at prices lower than the

offering price stated on the inside cover page hereof. The offering prices may be changed from time to time by the Underwriter.

VERIFICATION OF MATHEMATICAL ACCURACY Grant Thornton LLP, Minneapolis, Minnesota, upon delivery of the Bonds, will deliver a report

on the mathematical accuracy of certain computations contained in schedules provided to them, which were prepared by the Underwriter, relating to (1) the sufficiency of the anticipated receipts from the moneys deposited in the Escrow Fund to pay, when due, the principal and interest requirements of the 2004 Bonds, and (2) the yield on the Bonds.

65

PROFESSIONAL FEES In connection with the issuance of the Bonds, compensation payable to certain professionals

are contingent upon the issuance and delivery of the Bonds. Those professionals include: • the Underwriter; • Jones Hall, A Professional Law Corporation, as Disclosure Counsel; • Bowie, Arneson, Wiles & Giannone, as Bond Counsel; • McFarlin & Anderson LLP, as Underwriter’s Counsel; • Grant Thornton LLP, as verification agent; • a portion of the fees of Dolinka Group, LLC, as special tax consultant and financial

advisor; and • Zions First National Bank, as Trustee for the Bonds.

EXECUTION The execution and delivery of the Official Statement by the Community Facilities District have

been duly authorized by the William S. Hart Joint School Financing Authority.

WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY By: /s/ Susan Hoerber

Susan Hoerber, Chief Financial Officer, William S. Hart Union High

School District

[THIS PAGE INTENTIONALLY LEFT BLANK]

A-1

APPENDIX A

GENERAL INFORMATION ABOUT THE CITY OF SANTA CLARITA AND THE COUNTY OF LOS ANGELES

The Bonds are not a debt of the County of Los Angeles. The County, including its Board of

Supervisors, officers, officials, agents and other employees, are required, only to the extent required by law, to: (i) levy and collect ad valorem taxes for payment of the Bonds in accordance with the law; and (ii) transmit the proceeds of such taxes to the paying agent for the payment of the principal of and interest on Bonds at the time such payment is due.

The following information is included only for the purpose of supplying general information

regarding the City of Santa Clarita and the County of Los Angeles. This information is provided only for general informational purposes, and provides prospective investors limited information about the area in and around the District and its economic base. It should not be inferred from the inclusion of this information in this Official Statement that the principal of or interest on the Bonds is payable from the General Fund of the District. The Bonds are payable from the proceeds of an ad valorem tax required to be levied by the County in an amount sufficient for the payment thereof. See "SECURITY FOR THE BONDS."

General Information

The School District is located in the Santa Clarita Valley area of northern Los Angeles County. The area is composed of seven communities: Canyon Country, Newhall, Saugus and Valencia, which are located in the city limits of the City, and the unincorporated communities of Castaic, Stevenson Ranch and Val Verde. These communities are briefly described below.

The City. The City of Santa Clarita (the "City") was officially incorporated as a general law city on December 15, 1987 after a ballot measure was passed by the City's residents. The City operates under a council-manager form of government and provides, either directly or under contract with the County, a full range of municipal services including public safety, public works, parks and recreation and community development.

Canyon Country is the City's most populous community, and also features some industrial uses

and several neighborhood shopping plazas. Newhall represents the area's oldest established community, dating to its founding in 1876

along a key rail line. Newhall is an older diverse residential area with significant commercial and restaurant uses. The Newhall area has served as the locale for Disney Movie Ranch, Gene Autry's Melody Ranch, a park and nature center, and film star William S. Hart's former ranch, now a museum.

Saugus owes its existence to the Southern Pacific Railroad Line and was the home of a original

railroad station. Saugus is a mix of new residential areas amid established neighborhoods, with additional commercial and retail centers.

Valencia is a master-planned community, developed by the Newhall Land and Farming

Company. Based on the Valencia Master Plan, this community features a balance of business and residential land uses. Valencia includes park-like neighborhoods, golf courses and lighted landscaped walkways connecting homes, schools, shopping and recreational facilities, including Six Flags Magic Mountain.

A-2

Castaic is one of Santa Clarita Valley's major recreation area, with its lake serving as the center of the area's swimming, sailing, fishing, boating and water skiing. Because of its proximity to the San Joaquin Valley, this community is also a connection point in the north-south trucking network.

Stevenson Ranch is a newer community, located west of the City. It has both residential and

commercial uses. Val Verde is a small rural resort area in the hilly northwestern portion of the Santa Clarita Valley,

adjacent to Ventura County. Newhall Ranch is an area that encompasses some 12,000 acres west of Valencia, which is

being develop by the Newhall Land and Farming Company. The Newhall Ranch Specific Plan permits 21,600 homes, 1,000 acres of commercial, business park and mixed use development, with approximately 6,200 acres of open space.

The County. Located along the southern coast of California, Los Angeles County covers about

4,080 square miles. It measures approximately 75 miles from north to south and 70 miles from east to west. The county includes Santa Catalina and San Clemente Islands and is bordered by the Pacific Ocean and Ventura, San Bernardino and Orange Counties.

Almost half of the county is mountainous and some 14 percent is a coastal plain known as the Los Angeles Basin. The low Santa Monica mountains and Hollywood Hills run east and west and form the northern boundary of the Basin and the southern boundary of the San Fernando Valley. The San Fernando Valley terminates at the base of the San Gabriel Mountains whose highest peak is over 10,000 feet. Beyond this mountain range the rest of the county is a semi-dry plateau, the beginning of the vast Mojave Desert.

According to the Los Angeles County Regional Planning Commission, the 86 incorporated cities in the county cover about 1,344 square miles or 27 percent of the total county. About 16 percent of the land in the County is devoted to residential use and over two thirds of the land is open space and vacant.

Population

The following table shows population estimates for the City, the County and the State of

California for the past five years.

CITY OF SANTA CLARITA, COUNTY OF LOS ANGELES POPULATION ESTIMATES

Area 2008 2009 2010 2011 2012 City of Santa Clarita 174,355 175,103 176,056 176,779 177,445 Los Angeles County 9,785,474 9,801,096 9,822,121 9,847,712 9,884,632 State of California 36,704,375 36,966,713 37,223,900 37,427,946 37,678,563

Source: State of California, Department of Finance, as of January 1.

A-3

Employment and Industry

The area of the District is included in the Los Angeles–Long Beach–Glendale Metropolitan District, which is comprised of Los Angeles County. Los Angeles County civilian labor force figures are shown in the following table. These figures are County-wide and may not necessarily reflect employment trends in the District.

The table below lists employment by industry group for Los Angeles County for the past five years for which data is available.

COUNTY OF LOS ANGELES Annual Average Labor Force

Employment by Industry Group

2007 2008 2009 2010 2011 Civilian Labor Force 4,872,500 4,934,800 4,904,300 4,910,500 4,924,400 Employment 4,625,600 4,565,500 4,335,200 4,291,400 4,318,900 Unemployment 246,900 369,300 569,000 619,100 605,500 Unemployment Rate 5.1% 7.5% 11.6% 12.6% 12.3% Wage and Salary Employment: (1) Agriculture 7,500 6,900 6,200 6,200 5,500 Natural Resources and Mining 4,400 4,400 4,100 4,100 4,000 Construction 157,600 145,200 117,300 104,500 103,500 Manufacturing 449,200 434,500 389,200 373,200 365,400 Wholesale Trade 227,000 223,700 204,500 203,300 207,200 Retail Trade 426,000 416,500 387,000 386,000 390,900 Trans., Warehousing, Utilities 165,600 163,100 151,200 150,600 149,900 Information 209,800 210,300 191,200 191,500 195,600 Financial and Insurance 163,600 153,900 142,300 137,800 137,500 Real Estate, Rental & Leasing 80,300 79,400 73,800 71,700 71,900 Professional and Business Services 605,400 582,600 529,800 527,500 540,400 Educational and Health Services 492,700 505,800 514,600 522,000 534,800 Leisure and Hospitality 397,900 401,600 385,600 384,800 392,800 Other Services 147,100 146,100 137,900 136,700 135,000 Federal Government 51,100 51,100 48,700 51,600 49,000 State Government 81,000 82,400 82,000 80,700 82,700 Local Government 463,700 470,300 465,200 447,300 433,500 Total All Industries (2) 4,129,600 4,077,600 3,830,300 3,779,300 3,799,600

(1) Industry employment is by place of work; excludes self-employed individuals, unpaid family workers, household domestic workers, and workers on strike.

(2) May not add due to rounding. Source: State of California Employment Development Department.

A-4

Employment The table below lists the major employers in the Los Angeles County area. Major private

employers in the Los Angeles area include those in aerospace, health care, entertainment, electronics, retail and manufacturing. Major public sector employers include public universities and schools, the State of California and Los Angeles County.

COUNTY OF LOS ANGELES

Major Employers (Listed Alphabetically)

October 2012

Employer Name Location Industry AHMC Healthcare Inc Alhambra Hospitals All Nations Church Lake View Terrace Churches American Honda Motor Co Inc Torrance Alternative Fuels California Institute of Tech Pasadena Schools-Universities & Colleges Academic California State-Northridge Northridge Schools-Universities & Colleges Academic Cedars-Sinai Medical Ctr West Hollywood Hospitals Century Plaza Towers Los Angeles Office Buildings & Parks Contractor State License Ctr Burbank Insurance Edison Carrier Solutions Rosemead Fiber Optics-Equipment & Systems (Mfrs) FX NETWORKS LLC Los Angeles Television-Cable & CATV Kaiser Sunset Los Angeles Hospitals LAC & USC MEDICAL CTR Los Angeles Hospitals Long Beach City Hall Long Beach City Government-Executive Offices Long Beach Memorial Med Ctr Long Beach Hospitals Los Angeles County Sheriff Monterey Park Sheriff Los Angeles Police Dept Los Angeles Police Departments Nestle USA Inc Glendale Food Products & Manufacturers Pomona Valley Hospital Med Ctr Pomona Hospitals Pro Parts Canoga Park Automobile Parts & Supplies-Retail-New Providence Holicross Med Ctr Sylmar Health Services Santa Monica College Santa Monica Schools-Universities & Colleges Academic Sony Pictures Entertainment Culver City Motion Picture Producers & Studios UCLA Los Angeles Schools-Universities & Colleges Academic UCLA Health System Los Angeles Schools-Universities & Colleges Academic Walt Disney Co Burbank Motion Picture Producers & Studios

Source: State of California Employment Development Department, extracted from The America's Labor Market Information System (ALMIS) Employer Database, 2013 1st Edition.

A-5

Commercial Activity

In 2009, the State Board of Equalization converted the business codes of sales and use tax permit holders to North American Industry Classification System codes. As a result of the coding change, retail stores data for 2009 and after is not comparable to that of prior years.

A summary of historic taxable sales within the City during the past five years in which data is

available is shown in the following table. Total taxable sales during the first two quarters of calendar year 2011 in the City were reported to be $1,238,367,000, a 7.3% increase over the total taxable sales of $1,154,074,000 reported during the first two quarters of calendar year 2010. Annual figures for calendar year 2011 are not yet available.

CITY OF SANTA CLARITA

Taxable Transactions (Dollars in Thousands)

Year

Retail Permits

on July 1

Retail Stores Taxable

Transactions

Total Permits on

July 1

Total Outlets Taxable

Transactions 2006 3,128 $2,401,919 6,409 $2,857,875 2007 3,068 2,394,449 6,381 2,868,199 2008 3,216 2,162,984 6,456 2,648,654 2009 (1) 3,966 1,901,065 5,823 2,326,235 2010 (1) 4,198 2,005,679 6,025 2,403,176

(1) Data not comparable to prior years. “Retail” category now includes “Food Services.” Source: State of California, Board of Equalization. A summary of historic taxable sales within the County during the past five years in which data is

available is shown in the following table. Total taxable sales during the first two quarters of calendar year 2011 in the County were reported to be $60,690,827,000, an 8.25% increase over the total taxable sales of $56,064,900,000 reported during the first two quarters of calendar year 2010. Annual figures for calendar year 2011 are not yet available.

COUNTY OF LOS ANGELES

Taxable Transactions (Dollars in Thousands)

Year

Retail Permits

on July 1

Retail Stores Taxable

Transactions

Total Permits on

July 1

Total Outlets Taxable

Transactions 2006 142,512 $95,554,193 295,701 $136,162,552 2007 142,380 96,095,711 290,344 137,820,418 2008 146,999 89,810,309 289,802 131,881,744 2009 (1) 175,461 78,444,115 264,928 112,744,727 2010 (1) 182,491 82,175,416 271,293 116,942,334

(1) Data not comparable to prior years. “Retail” category now includes “Food Services.” Source: State of California, Board of Equalization.

A-6

Construction Trends Provided below are the building permits and valuations for the City and the County for calendar

years 2007 through 2011.

CITY OF SANTA CLARITA New Construction

(Dollars in Thousands)

2007 2008 2009 2010 2011 Permit Valuation New Single-family $64,464.0 $4,4067.1 $30,609.4 $40,284.7 $33,706.0 New Multi-family 5,357.3 5,090.1 5,109.6 3,559.0 0.0 Res. Alterations/Additions 14,994.1 8,453.8 8,455.0 5,668.5 5,335.8

Total Residential 84,815.4 57,611.0 44,173.9 49,512.2 39,041.8 New Commercial 42,032.9 70,315.7 5,000.0 3,052.5 8,749.2 New Industrial 0.0 8,628.0 0.0 0.0 7,500.0 New Other 13,290.8 18,300.1 1,067.9 1,981.6 62,570.0 Com. Alterations/Additions 38,178.3 53,586.1 34,123.1 35,483.9 29,218.4

Total Nonresidential $93,502.0 $150,829.9 40,191.0 40,518.1 108,037.6 New Dwelling Units Single Family 199 111 75 98 81 Multiple Family 24 31 30 20 0 TOTAL 223 142 105 118 81

Source: Construction Industry Research Board, Building Permit Summary.

COUNTY OF LOS ANGELES

New Construction (Dollars in Thousands)

2007 2008 2009 2010 2011 Permit Valuation New Single-family $2,047,773.3 $1,134,121.1 $798,305.0 $922,092.0 $1,026,679.4 New Multi-family 2,101,560.8 1,409,062.3 521,793.7 810,621.4 1,225,553.4 Res. Alterations/Additions 1,898,228.2 1,411,332.6 1,073,157.9 1,109,768.6 1,431,581.5

Total Residential 5,956,562.3 3,954,515.0 2,393,256.6 2,842,482.0 3,683,814.3 New Commercial 1,858,923.4 1,517,965.4 513,381.3 521,995.6 612,800.9 New Industrial 108,827.3 134,587.0 40,084.0 55,772.9 135,976.2 New Other 766,205.8 680,228.1 462,139.0 436,807.8 286,119.7 Com. Alterations/Additions 2,005,199.0 2,157,857.2 1,657,939.6 1,662,362.9 1,774,207.9

Total Nonresidential $4,739,155.4 $4,490,637.8 2,673,543.9 2,676,939.1 2,809,104.7 New Dwelling Units Single Family 7,509 3,539 2,131 2,439 2,338 Multiple Family 12,854 10,165 3,522 5,029 8,052 TOTAL 20,363 13,704 5,653 7,468 10,390

Source: Construction Industry Research Board, Building Permit Summary.

A-7

Effective Buying Income “Effective Buying Income” is defined as personal income less personal tax and non-tax

payments, a number often referred to as “disposable” or “after-tax” income. Personal income is the aggregate of wages and salaries, other labor-related income (such as employer contributions to private pension funds), proprietor’s income, rental income (which includes imputed rental income of owner-occupants of non-farm dwellings), dividends paid by corporations, interest income from all sources, and transfer payments (such as pensions and welfare assistance). Deducted from this total are personal taxes (federal, state and local), non-tax payments (fines, fees, penalties, etc.) and personal contributions to social insurance. According to U.S. government definitions, the resultant figure is commonly known as “disposable personal income.”

The following table summarizes the total effective buying income for the County of Los Angeles,

the State and the United States for the period 2007 through 2011.

COUNTY OF LOS ANGELES Effective Buying Income

2007 through 2011

Year

Area

Total Effective Buying Income (000’s Omitted)

Median Household Effective

Buying Income 2007 City of Santa Clarita $4,606,140 $66,567

Los Angeles County 202,646,560 43,710 California 814,894,438 48,203 United States 6,300,794,040 41,792

2008 City of Santa Clarita $4,682,665 $67,810 Los Angeles County 206,127,855 44,653 California 832,531,445 48,952 United States 6,443,994,426 42,303

2009 City of Santa Clarita $4,704,303 $69,153 Los Angeles County 207,077,609 45,390 California 844,823,319 49,736 United States 6,571,536,768 43,252

2010 City of Santa Clarita $4,353,075 $64,557 Los Angeles County 196,757,991 43,133 California 801,393,028 47,177 United States 6,365,020,076 41,368

2011 City of Santa Clarita $4,375,838 $64,475 Los Angeles County 197,831,465 43,083 California 814,578,458 47,062 United States 6,438,704,664 41,253

Source: The Nielsen Company (US), Inc.

[THIS PAGE INTENTIONALLY LEFT BLANK]

B-1

APPENDIX B

ASSESSED VALUES BY PARCEL IN

EACH COMMUNITY FACILITIES DISTRICT The following tables provide a detailed listing of ownership information, assessed values, and

value-to-lien ratio for each parcel within each Community Facilities District.

[THIS PAGE INTENTIONALLY LEFT BLANK]

William S. Hart Union High School DistrictCommunity Facilities District No. 90-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 90-1 Installment Purchase

Agreement[1]

Value to Burden Ratio

[2]Year of Last

Transfer2827-004-028 SANTA CLARITA CANYON CREST LLC $7,193,764.00 $15,415,209.00 $79,943.00 $22,688,916.00 32.22% 124.47 20092842-020-015 QUINTANILLA,MIKE AND JANNIE $144,131.00 $201,786.00 $0.00 $345,917.00 0.40% 42.64 20062842-020-016 SLOAN,ANNE M $79,349.00 $171,801.00 $0.00 $251,150.00 0.40% 30.69 20112842-020-017 HENSON,ROBERT AND DAYNA $77,502.00 $162,751.00 $0.00 $240,253.00 0.40% 29.62 19982842-020-018 JOHNSON,ALBERTIST AND CATHIE $119,030.00 $150,882.00 $0.00 $269,912.00 0.40% 119.30 19952842-020-019 WEIGAND MULLINS,VANESSA A AND TAGUCHI,TARA L $79,483.00 $130,007.00 $0.00 $209,490.00 0.40% 92.58 20082842-020-030 STINSON,ROBIN $176,000.00 $129,000.00 $0.00 $305,000.00 0.39% 38.00 20042842-020-031 HILL,THOMAS AND BONNIE TRS HILL TRUST $25,548.00 $105,234.00 $0.00 $130,782.00 0.39% 16.29 N/A2842-020-040 ANDERSON,TATE AND CHARISSA D $152,894.00 $169,383.00 $0.00 $322,277.00 0.37% 40.57 20022842-020-041 SATYANARAYANA,SAKHAMURI AND DAMULURI,RAJA R $212,000.00 $113,000.00 $0.00 $325,000.00 0.39% 40.50 20062842-020-042 BORDEN,LAWRENCE AND SHIRLEY $83,184.00 $161,484.00 $0.00 $244,668.00 0.39% 30.49 19952842-020-043 SURETTE,TIMOTHY D AND SALLY A $83,706.00 $170,366.00 $0.00 $254,072.00 0.39% 31.64 19952842-020-085 VILLA,RIGOBERTO AND BERTHA TRS R AND B A VILLA TRUST $171,000.00 $177,000.00 $0.00 $348,000.00 0.36% 44.23 20102842-020-086 RUSSELL,STEPHEN AND ADRIANA TRS RUSSELL TRUST $87,004.00 $182,803.00 $0.00 $269,807.00 0.36% 34.30 20082842-020-087 FRATIANNE,ELLEN J $94,038.00 $176,045.00 $0.00 $270,083.00 0.36% 34.34 20092842-020-088 RODRIGUEZ,GARY L AND KERI L $85,106.00 $207,820.00 $0.00 $292,926.00 0.36% 37.24 N/A2842-020-089 WAHBA,MEDHAT AND AWNY,SEHAM $136,000.00 $169,000.00 $0.00 $305,000.00 0.36% 38.76 20022842-020-090 RUIZ,MARIA T $80,935.00 $161,088.00 $0.00 $242,023.00 0.36% 30.77 20032842-020-091 STAUDINGER,JOSHUA I AND JOANNA F $162,600.00 $164,400.00 $0.00 $327,000.00 0.36% 41.58 20092842-020-092 WOODS,JANICE M $129,919.00 $129,199.00 $0.00 $259,118.00 0.36% 32.93 20002842-020-093 KIM,QUI T $76,905.00 $187,505.00 $0.00 $264,410.00 0.36% 33.62 20112842-020-094 GUTIERREZ,MARIA $240,000.00 $60,000.00 $0.00 $300,000.00 0.36% 38.15 20072842-020-095 PAYRA,EDUARDO S AND CONCEPCION C $93,090.00 $204,466.00 $0.00 $297,556.00 0.36% 37.84 19942842-020-096 CROSLEY,ROBERT W AND ERIKA $137,487.00 $174,183.00 $0.00 $311,670.00 0.36% 39.63 20032842-020-097 DIJAMCO,ETHEL S $238,000.00 $59,000.00 $0.00 $297,000.00 0.36% 37.77 20052842-020-098 LACAP,OLEGARIO M AND YU,CHARLENE T $246,024.00 $122,706.00 $0.00 $368,730.00 0.36% 46.88 20102842-020-099 HOUNANIAN,DEBORAH $139,398.00 $180,906.00 $0.00 $320,304.00 0.39% 39.90 20002842-020-100 BROWN,LORI R $80,741.00 $219,551.00 $0.00 $300,292.00 0.39% 37.41 19982842-020-102 VEGAS,DAVID M AND CHERYL A TRS $79,349.00 $210,286.00 $0.00 $289,635.00 0.39% 36.07 20102842-020-103 MCGUFF,TRACY A AND STERBENS,KRISTIE D $219,000.00 $92,000.00 $0.00 $311,000.00 0.39% 38.73 20092842-020-104 MIRANDA,PETER AND FABIOLA $138,783.00 $229,226.00 $0.00 $368,009.00 0.39% 45.83 20022842-020-115 MELVIN,LINN G JR AND CATHY L $112,898.00 $242,566.00 $0.00 $355,464.00 0.36% 45.17 19932842-020-116 KINSER,DONNA A $129,100.00 $170,900.00 $0.00 $300,000.00 0.36% 38.15 20102842-020-117 PECK,WILLIAM J AND SHERRIE $102,294.00 $218,399.00 $0.00 $320,693.00 0.36% 40.78 19932842-020-118 HU,CAROLINE K $81,029.00 $157,660.00 $0.00 $238,689.00 0.36% 30.35 19942842-020-119 MOTTA,JAIME R JR $93,855.00 $174,483.00 $0.00 $268,338.00 0.36% 34.11 19982842-020-120 CHAPLIN,MICHAEL E AND KRESSEN $230,000.00 $97,000.00 $0.00 $327,000.00 0.36% 41.58 20072842-020-121 DEDELES,JEFFREY AND LYRA $153,471.00 $192,447.00 $0.00 $345,918.00 0.36% 43.99 20042842-020-122 MONTAGNA,STEVEN M $146,166.00 $231,234.00 $0.00 $377,400.00 0.36% 47.99 20102842-020-123 ENTREKIN,KERRY J AND SIEMSEN,ARNOLD W $73,216.00 $193,733.00 $0.00 $266,949.00 0.40% 32.91 20092842-020-124 RICK,HELMUT F $24,379.00 $27,113.00 $0.00 $51,492.00 0.40% 6.35 20102842-020-133 NYEIN,KOKO $190,000.00 $136,000.00 $0.00 $326,000.00 0.40% 40.19 20072842-020-134 MARCUS,JACOBUS AND CROWE MARCUS,HAZELL $132,560.00 $178,147.00 $0.00 $310,707.00 0.40% 38.30 20072842-020-142 HOLLOWAY,MICHAEL A $115,000.00 $211,000.00 $0.00 $326,000.00 0.40% 40.19 20102842-020-143 WISNER,ELENA $103,687.00 $135,194.00 $0.00 $238,881.00 0.40% 29.48 19962842-020-144 ENGAY,DENNIS L $205,536.00 $215,812.00 $0.00 $421,348.00 0.40% 51.94 20092842-020-145 FIRST CITY HOLDINGS LLC $151,000.00 $124,000.00 $0.00 $275,000.00 0.40% 33.89 20042842-020-146 GARRETT,ROBERT T JR AND STACY L $106,976.00 $176,247.00 $0.00 $283,223.00 0.39% 35.28 19952842-020-147 PETERSON,MICHAEL S $80,495.00 $162,727.00 $0.00 $243,222.00 0.39% 30.29 19952842-020-148 BAUTISTA,MAX AND BANE BAUTISTA,MICHELLE $110,400.00 $237,100.00 $0.00 $347,500.00 0.39% 43.28 20112842-020-149 OWEN,BILL $79,695.00 $221,714.00 $0.00 $301,409.00 0.39% 37.55 19952842-020-150 SARRO,STEVEN AND TONI R $84,775.00 $202,593.00 $0.00 $287,368.00 0.39% 35.78 19952842-020-151 IBRAHIM,NADEEM $205,536.00 $205,536.00 $0.00 $411,072.00 0.39% 51.20 20102842-020-152 CHU,SZU HUA AND DIANA C $83,574.00 $197,109.00 $0.00 $280,683.00 0.39% 34.96 19952842-020-153 HALLER,ARTHUR R AND CAROL J TRS ARTHUR AND CAROL HALLER TRUST $83,574.00 $177,184.00 $0.00 $260,758.00 0.39% 119.57 20102842-020-154 BARAJAS,GILBERTO AND ANNA L $137,595.00 $180,306.00 $0.00 $317,901.00 0.39% 39.59 20012842-020-155 GHALEY,NABIL AND ZOUEN,MONA $218,300.00 $131,400.00 $0.00 $349,700.00 0.37% 44.00 20072842-020-156 PENNINGTON,KENNETH JR CO TR PENNINGTON AND LOONEY TRUST $91,199.00 $229,360.00 $0.00 $320,559.00 0.37% 40.34 20062842-020-157 ARGOTA,MAHAL C AND ROGELIO $191,000.00 $173,000.00 $0.00 $364,000.00 0.37% 45.80 20072842-020-158 AHMED,MOHAMED H $143,354.00 $139,756.00 $0.00 $283,110.00 0.37% 35.61 20002842-020-159 LEE,RUFINO D JR AND SUSANNA TRS R AND S LEE TRUST $81,296.00 $183,473.00 $0.00 $264,769.00 0.37% 33.30 20072842-020-160 SANDOVAL,ELVER AND FLOR $215,900.00 $153,000.00 $0.00 $368,900.00 0.37% 46.39 2005

Page 1 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 90-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 90-1 Installment Purchase

Agreement[1]

Value to Burden Ratio

[2]Year of Last

Transfer2842-020-161 MIKHAIL,EMIL $226,000.00 $108,000.00 $0.00 $334,000.00 0.37% 42.02 20102842-020-162 RICHEY,OTHAR II AND MIAH $131,238.00 $176,080.00 $0.00 $307,318.00 0.37% 38.67 N/A2842-020-163 CARROLL,WILLIAM S CO TR CARROLL FAMILY TRUST $117,818.00 $266,358.00 $0.00 $384,176.00 0.37% 48.34 20072842-020-164 MARQUEZ,ROSIE J $127,413.00 $233,848.00 $0.00 $361,261.00 0.37% 45.45 20022842-020-165 HONEY RENTAL PROPERTIES LLC $94,038.00 $149,520.00 $0.00 $243,558.00 0.37% 30.64 20072842-020-167 AVANCENA,JAIME L $105,700.00 $224,300.00 $0.00 $330,000.00 0.37% 41.15 20112842-020-168 COWAN,DAVID M $84,108.00 $219,319.00 $0.00 $303,427.00 0.37% 38.19 20022842-020-169 KISSINGER,CHRISTOPHER $211,300.00 $98,300.00 $0.00 $309,600.00 0.37% 38.96 20072842-020-170 ANSCHULTZ,ROSE M TR ROSE M ANSCHULTZ TRUST $163,000.00 $202,000.00 $0.00 $365,000.00 0.37% 45.93 20112842-020-171 MYERS,ANDREA $196,800.00 $138,400.00 $0.00 $335,200.00 0.37% 42.17 20042842-020-172 MCCONICO,JOHN $105,802.00 $162,015.00 $0.00 $267,817.00 0.40% 33.02 19962842-020-173 KIM,SANG U AND HONG S $79,349.00 $187,804.00 $0.00 $267,153.00 0.40% 32.94 19962842-020-174 ANDREWS,ROBERT AND LAURIE TRS ANDREWS FAMILY TRUST $119,030.00 $162,541.00 $0.00 $281,571.00 0.40% 34.71 20092842-020-175 CHANG,YIN C AND PUI Y AND CHANG,JOHNNY T $92,576.00 $141,380.00 $0.00 $233,956.00 0.40% 28.84 19962842-020-178 YNIGUEZ,LEONARD A AND JANA J $176,879.00 $196,019.00 $0.00 $372,898.00 0.37% 46.84 N/A2842-035-002 KLOTZ,MERIKA $20,469.00 $40,582.00 $0.00 $61,051.00 0.36% 7.76 20002842-035-003 VECE,ANTHONY J $68,452.00 $224,491.00 $0.00 $292,943.00 0.36% 37.23 N/A2842-035-004 GUZIEL,ARTHUR AND ELIZABETH TRS GUZIEL FAMILY TRUST $114,552.00 $182,050.00 $0.00 $296,602.00 0.36% 37.69 20082842-035-005 REID,JASON H AND TENECIA P $153,000.00 $167,000.00 $0.00 $320,000.00 0.36% 40.66 20112842-035-006 GLOVER,ERNEST A AND PATSY V $103,916.00 $196,475.00 $0.00 $300,391.00 0.36% 38.16 19932842-035-007 ECKHARDT,FRANZ AND WALTERS,SANDRA $110,411.00 $117,312.00 $0.00 $227,723.00 0.36% 28.94 20022842-035-008 MOORMAN,ROBERT A $208,000.00 $163,000.00 $0.00 $371,000.00 0.36% 47.15 20052842-035-009 JAMJIAN,ARMAN B CO TR JAMJIAN FAMILY TRUST $135,723.00 $157,012.00 $0.00 $292,735.00 0.36% 37.20 20042842-035-010 SCHOENI,PAUL R AND AMBER D $131,436.00 $206,790.00 $0.00 $338,226.00 0.36% 42.98 20092842-035-011 GREGORY,ALYSON AND FERCHO,ALAN D $257,000.00 $64,000.00 $0.00 $321,000.00 0.36% 40.77 20062842-035-012 MASARO,DAVID P CO TR MASARO TRUST $202,000.00 $114,000.00 $0.00 $316,000.00 0.36% 40.16 20072842-035-019 HAN,LIXIAN $111,000.00 $207,000.00 $0.00 $318,000.00 0.36% 40.44 20082842-035-020 BENAVIDEZ,RYAN AND BRENDA $135,799.00 $216,132.00 $0.00 $351,931.00 0.36% 44.74 20002842-035-021 MASTIN,JEAN TR $213,845.00 $139,089.00 $0.00 $352,934.00 0.36% 44.87 20032842-035-022 TORRES,RICHARD A AND DE TORRES,ERIKA Y $100,600.00 $209,400.00 $0.00 $310,000.00 0.36% 39.42 20112842-035-023 OILLATAGUERRE,MAURICE $103,000.00 $211,000.00 $0.00 $314,000.00 0.36% 39.91 20082842-035-024 THOMAS,ALISON $134,000.00 $178,000.00 $0.00 $312,000.00 0.36% 39.65 20102842-035-029 POKORNEY,ELISA $127,000.00 $177,000.00 $0.00 $304,000.00 0.40% 37.47 20052842-035-030 JOHNSON,BRIAN K $108,933.00 $315,497.00 $0.00 $424,430.00 0.40% 52.33 20092842-035-031 D AMOUR,DENNIS A TR D AMOUR TRUST $80,516.00 $137,314.00 $0.00 $217,830.00 0.36% 108.06 20022842-035-032 JEFFERSON,MICHAEL J AND PATRICIA K $124,338.00 $181,662.00 $0.00 $306,000.00 0.36% 38.91 20112842-035-033 VARNER,WILLIAM C AND HELEN $80,129.00 $179,196.00 $0.00 $259,325.00 0.36% 32.98 19962842-035-034 FELLMAN,LAURA A $119,030.00 $173,125.00 $0.00 $292,155.00 0.36% 37.15 20102842-035-040 GILLETT,OSCAR AND BEVERLY TRS O S AND B Y GILLET TRUST $88,879.00 $206,478.00 $0.00 $295,357.00 0.36% 37.55 20072842-035-041 BANK OF NEW YORK MELLON TR CWALT INC 2006 40TI $222,000.00 $114,000.00 $0.00 $336,000.00 0.36% 42.69 20112842-035-042 MOSELEY,EDWARD AND DEZARETTE TRS E J AND D D MOSELEY TRUST $169,075.00 $174,713.00 $0.00 $343,788.00 0.36% 43.64 20112842-035-043 CICCONE,PETER $92,576.00 $156,855.00 $0.00 $249,431.00 0.40% 30.72 19962842-035-044 SEBESTA,RYAN A AND SEBESTA,ROBERT AND LISA $115,260.00 $173,910.00 $0.00 $289,170.00 0.40% 35.62 20112853-013-018 AMSTUTZ,CHRISTINE V $82,625.00 $210,457.00 $0.00 $293,082.00 0.43% 118.61 19982853-013-019 PASCOVER,DOUG $135,000.00 $182,000.00 $0.00 $317,000.00 0.43% 127.93 20022853-013-020 CENTRAL MORTGAGE COMPANY $105,000.00 $200,000.00 $0.00 $305,000.00 0.43% 123.79 20052853-013-021 CAMPOLLO,ROGER V AND MOREJON CAMPOLLO,CAROL $134,352.00 $125,050.00 $0.00 $259,402.00 0.43% 105.09 20082853-013-022 MALIN,DAVID $89,855.00 $134,790.00 $0.00 $224,645.00 0.43% 91.16 20102853-013-023 SCRUGGS,RONALD R AND ROBIN B $110,000.00 $186,000.00 $0.00 $296,000.00 0.43% 120.31 20102853-013-024 FORLITI,DAVID J AND GLORIE F $154,870.00 $235,646.00 $0.00 $390,516.00 0.43% 158.79 20102853-013-025 HODGE,TYRONE AND ELENA $83,453.00 $146,009.00 $0.00 $229,462.00 0.43% 93.33 N/A2853-013-026 BORREGO,FIDEL AND SUZANNE B TRS BORREGO TRUST $83,769.00 $141,102.00 $0.00 $224,871.00 0.43% 91.46 20082853-013-027 IBARRA,BENJAMIN AND REBECCA $114,000.00 $208,000.00 $0.00 $322,000.00 0.43% 130.94 20092853-013-028 NUSUG,LILLIAN D $140,288.00 $85,144.00 $0.00 $225,432.00 0.43% 91.67 20062853-013-029 STALENY,DAVID J AND JANICE TR STALENY TRUST $115,909.00 $194,704.00 $0.00 $310,613.00 0.43% 126.03 20092853-013-030 BOYD,WILLIAM G AND EMILY J $165,576.00 $205,048.00 $0.00 $370,624.00 0.43% 146.96 20082853-013-031 HUERTA,MARIA G $147,985.00 $205,536.00 $0.00 $353,521.00 0.43% 143.47 20092853-013-032 ROSE,WENDY $110,400.00 $193,600.00 $0.00 $304,000.00 0.43% 123.61 20112853-013-033 LUNA ,DAVID AND NELVA R $110,124.00 $197,824.00 $0.00 $307,948.00 0.43% 125.33 20002853-014-011 GILES,ALFREDO C TR TERRY D WILSON DECD TRUST AND GILES,A C TR A C GILES TRUST $156,000.00 $134,000.00 $0.00 $290,000.00 0.43% 117.88 20102853-014-012 LLOYD,JOSEPH AND SHEILA $138,197.00 $217,700.00 $0.00 $355,897.00 0.43% 144.70 20062853-014-013 REED,ROBERT A AND JULIANNA $207,000.00 $97,000.00 $0.00 $304,000.00 0.43% 123.54 2004

Page 2 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 90-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 90-1 Installment Purchase

Agreement[1]

Value to Burden Ratio

[2]Year of Last

Transfer2853-014-014 CENTONI,TINA $192,500.00 $129,400.00 $0.00 $321,900.00 0.43% 130.79 20042853-014-015 TASHIJIAN,DAMYON M $142,000.00 $240,000.00 $0.00 $382,000.00 0.43% 155.23 20102853-014-016 DOUGHERTY,GERALD M AND NANCY E $110,264.00 $171,042.00 $0.00 $281,306.00 0.43% 114.34 19942853-014-017 NELSON,ROBERT P AND KELLY A $215,500.00 $145,200.00 $0.00 $360,700.00 0.43% 146.65 20042853-014-018 CAMP,DAVID H $103,700.00 $206,300.00 $0.00 $310,000.00 0.43% 126.02 20112853-014-019 VICKERS,KARL B AND VIDA $119,963.00 $171,547.00 $0.00 $291,510.00 0.43% 118.52 20002853-014-020 DINGLER,BRADLEY A AND EVELYN $217,000.00 $103,600.00 $0.00 $320,600.00 0.43% 130.23 20102853-014-021 PARSONS,DANIEL G AND JENEE M $146,880.00 $169,320.00 $0.00 $316,200.00 0.43% 128.51 20102853-014-022 ESTRELLA,ALVIN J AND CLAIRE O $105,717.00 $167,490.00 $0.00 $273,207.00 0.43% 111.14 20022853-014-023 EMBUIDO,PHILIPP R AND JODI Y $123,096.00 $119,177.00 $0.00 $242,273.00 0.43% 98.58 19992853-014-024 REGAN,JOHN K AND JULIA A $115,758.00 $176,787.00 $0.00 $292,545.00 0.43% 118.99 19942853-014-025 HENSLEY,ALAN $176,100.00 $313,000.00 $0.00 $489,100.00 0.43% 192.44 20062853-014-026 HARRINGTON,DEBRA $146,835.00 $184,197.00 $0.00 $331,032.00 0.43% 134.36 20002853-014-027 OLLIFF,MICHAEL A AND AMIE M $139,000.00 $175,000.00 $0.00 $314,000.00 0.43% 127.60 20082853-014-028 HOLMAN,DAVID L AND REBECCA M $206,000.00 $185,000.00 $0.00 $391,000.00 0.43% 158.91 20042853-014-029 HALTERMAN,STACY A $108,246.00 $175,739.00 $0.00 $283,985.00 0.43% 115.41 20032853-014-030 ALVAREZ,LAURENCE J AND MICHELE C $174,000.00 $149,000.00 $0.00 $323,000.00 0.43% 131.29 20032853-014-031 DRAP,BARRY AND JENNIFER $123,339.00 $120,160.00 $0.00 $243,499.00 0.43% 99.00 19992853-014-032 SHAUGHNESSY,ROBERT AND KIMBERLY $253,000.00 $69,000.00 $0.00 $322,000.00 0.43% 130.94 20072853-014-033 BENCE,RICHARD S $111,500.00 $198,500.00 $0.00 $310,000.00 0.43% 126.04 20112853-014-034 BELARDO,OLIGARIO B AND WILCOX,MARIA L $96,277.00 $146,960.00 $0.00 $243,237.00 0.43% 98.90 19942853-014-035 GRAGG,ADAM D AND MARTINEZ,PAUL AND JANE M $163,812.00 $188,088.00 $0.00 $351,900.00 0.43% 142.92 20102853-016-001 NORLING,STEPHEN P $86,693.00 $145,401.00 $0.00 $232,094.00 0.43% 94.41 19982853-016-002 RICARDO,GLENN L AND KAREN $101,091.00 $151,643.00 $0.00 $252,734.00 0.43% 102.88 19942853-016-003 PACHIDEH,AVISHEH AND MARGARET $89,056.00 $133,587.00 $0.00 $222,643.00 0.43% 90.59 19942853-016-004 VARGAS,DAMON AND GOMEZ,ARACELI $209,200.00 $141,800.00 $0.00 $351,000.00 0.42% 148.50 20052853-016-005 HOLLAND,PETER AND LAURIE $81,124.00 $191,349.00 $0.00 $272,473.00 0.42% 115.24 N/A2853-016-006 PHILIPP,GARY E $174,000.00 $143,000.00 $0.00 $317,000.00 0.42% 134.08 20032853-016-008 CHARLES,DAVID AND TAMARA T $97,962.00 $121,240.00 $0.00 $219,202.00 0.42% 92.65 19932853-016-009 VIDINHA,MARK AND JOYCE $127,100.00 $174,700.00 $0.00 $301,800.00 0.42% 127.61 20062853-016-010 BAUTISTA,JUAN A AND XIOMARA M $207,000.00 $126,000.00 $0.00 $333,000.00 0.42% 139.83 20052853-016-011 GABALDON,PATRICK A $133,000.00 $170,000.00 $0.00 $303,000.00 0.42% 127.28 20092853-016-012 TENREIRO,RODOLFO V AND ALENA L $206,000.00 $123,000.00 $0.00 $329,000.00 0.42% 137.49 20032853-016-013 SECRETARY OF VETERANS AFFAIRS $88,611.00 $154,761.00 $0.00 $243,372.00 0.42% 102.56 N/A2853-016-014 PERTZBORN,LAWRENCE $138,414.00 $305,286.00 $0.00 $443,700.00 0.42% 185.80 20102853-016-015 IBARRA,OSCAR AND CLARISA $94,852.00 $186,735.00 $0.00 $281,587.00 0.42% 118.87 19942853-016-016 PATANASIRI,IRMA B $100,000.00 $200,000.00 $0.00 $300,000.00 0.42% 126.62 19982853-016-017 MCDONALD,KENNETH E AND TOMOKO N $125,160.00 $146,893.00 $0.00 $272,053.00 0.42% 114.82 19932853-016-018 BOOKER,MARY $99,724.00 $211,356.00 $0.00 $311,080.00 0.42% 131.29 19932853-016-019 ILLG,SEAN T AND ANTONETTE M $113,090.00 $250,230.00 $0.00 $363,320.00 0.42% 153.37 20022853-016-020 BROOKS,STEPHEN R AND BARBARA $158,320.00 $160,116.00 $0.00 $318,436.00 0.42% 134.37 20102853-016-021 WALL,STEVEN AND GENDRON,STEPHANIE $121,627.00 $144,508.00 $0.00 $266,135.00 0.42% 112.36 19992853-016-022 SPRY,JOSHUA AND MILDRED J $135,400.00 $190,800.00 $0.00 $326,200.00 0.42% 137.87 20112853-016-023 WAGNER,SORAYA A $134,478.00 $168,430.00 $0.00 $302,908.00 0.37% 143.78 20012853-016-024 TUSTIN,ADRIAN M AND SYLVIA E $135,799.00 $207,723.00 $0.00 $343,522.00 0.37% 162.18 20002853-016-025 BROWN,JOSEPH J AND DAWN E $206,400.00 $136,400.00 $0.00 $342,800.00 0.43% 138.90 20032853-016-026 COLLARD,DONALD S AND MARGAGRITA $88,340.00 $242,843.00 $0.00 $331,183.00 0.37% 157.04 N/A2853-016-027 SEDEK,CEZARY AND KAMILA $247,100.00 $64,800.00 $0.00 $311,900.00 0.37% 147.79 20062853-016-029 HOANG CHAU PHAN AND KIMLINH THI NGUYEN $115,000.00 $201,000.00 $0.00 $316,000.00 0.42% 132.10 2006

Source: Dolinka Group, LLC; Los Angeles County Assessor's Roll as of January 1, 2012.

[1] Allocated based on proportionate share of actual Fiscal Year 2012-2013 Special Tax.[2] Burden represents overlapping assessment district and other community facilities district debt outstanding as of October 23, 2012 in addition to the applicable debt of the CFD No. 90-1 Installment Purchase Agreement. Allocated based on actual Fiscal Year 2012-2013 levy. See "Direct and Overlapping Debt" report for a description of overlapping liens.

Page 3 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-045-033 MCDONALD,DARIN AND JOLIE $355,000.00 $415,000.00 $0.00 $770,000.00 0.32% 159.96 20113247-045-034 RAI,KARMJIT AND SANGEETA $314,027.00 $454,842.00 $0.00 $768,869.00 0.32% 159.83 20023247-045-035 ROSS,KELLY R AND SELMA K TRS ROSS TRUST $314,027.00 $493,124.00 $0.00 $807,151.00 0.32% 166.79 20103247-045-036 BELL,DAVID AND HIFUMI $360,774.00 $378,726.00 $0.00 $739,500.00 0.32% 152.85 20113247-045-037 CHA,SUNG C AND CHARLENE H $285,798.00 $348,530.00 $0.00 $634,328.00 0.32% 132.25 20023247-045-038 MCKENZIE,JOSEPH AND HEIDI TRS MCKENZIE FAMILY TRUST $325,800.00 $546,400.00 $0.00 $872,200.00 0.32% 181.83 20103247-045-039 BLAIR,RODNEY M CO TR BLAIR FAMILY TRUST $328,623.00 $528,824.00 $0.00 $857,447.00 0.32% 177.16 20083247-045-040 DANSBY,SHIRLEY $372,443.00 $372,901.00 $0.00 $745,344.00 0.32% 153.23 20123247-045-041 HENRY,DAVID A $449,699.00 $483,714.00 $0.00 $933,413.00 0.32% 192.91 20023247-045-042 HOFF,DANIEL F AND CAROLE E $298,644.00 $341,547.00 $0.00 $640,191.00 0.32% 132.32 20023247-045-043 KRUEGER,THOMAS AND MIDORI TRS KRUEGER FAMILY TRUST $397,800.00 $510,000.00 $0.00 $907,800.00 0.32% 189.23 20103247-045-044 ELDER,JEFFREY S AND MORENE R $345,922.00 $572,081.00 $0.00 $918,003.00 0.32% 191.40 20023247-045-045 TURLA,ROMUALDO J AND ANNABELLE D $294,034.00 $487,537.00 $0.00 $781,571.00 0.32% 162.95 20023247-046-028 COCEK,MELISSA C $306,000.00 $408,000.00 $0.00 $714,000.00 0.32% 147.98 20103247-046-029 LEVIS,JOSEPH AND MARY $436,764.00 $513,840.00 $0.00 $950,604.00 0.32% 196.49 20093247-046-030 CLARK,KERRY R AND SUZANNE M TRS CLARK TRUST $324,013.00 $563,449.00 $0.00 $887,462.00 0.32% 182.87 20113247-046-031 HOOLAHAN,SCOTT P AND GINGER L $807,292.00 $661,500.00 $0.00 $1,468,792.00 0.32% 301.73 20063247-046-032 ELLISON,KIMBERLEY N $260,593.00 $432,638.00 $0.00 $693,231.00 0.32% 142.41 20023247-056-001 REYES,ANGELICA $123,000.00 $201,000.00 $0.00 $324,000.00 0.19% 115.27 20103247-056-002 SEALS,MARCIA $156,823.00 $274,801.00 $0.00 $431,624.00 0.24% 121.38 20093247-056-007 SOLON,JOHN JR AND FRANCINE $230,000.00 $204,000.00 $0.00 $434,000.00 0.24% 122.16 20053247-056-008 HADJI,ATA AND OVEISSI,MINA $197,000.00 $180,000.00 $0.00 $377,000.00 0.19% 134.21 20033247-056-009 CURTIS,MARK S AND KAREN M TRS CURTIS FAMILY TRUST $188,177.00 $323,111.00 $0.00 $511,288.00 0.29% 117.82 20103247-056-010 US BANK NATIONAL ASSOCIATION TR $224,000.00 $219,000.00 $0.00 $443,000.00 0.24% 123.57 20113247-056-011 LADOUCEUR,JOHN AND SANDRA M $139,003.00 $279,907.00 $0.00 $418,910.00 0.29% 96.60 20003247-056-012 TILTON,ROWENA A $119,302.00 $237,925.00 $0.00 $357,227.00 0.24% 100.64 20083247-056-013 LEITELT,JOHN AND LINDSEY AND EICHLER,JONATHAN D $121,000.00 $261,000.00 $0.00 $382,000.00 0.24% 107.62 20093247-056-014 FORD,DAVID G AND CINDY L $124,073.00 $260,390.00 $0.00 $384,463.00 0.29% 88.95 20003247-056-015 GILLESPIE,DANIEL AND CAROL TRS D AND C GILLESPIE TRUST $167,714.00 $295,841.00 $0.00 $463,555.00 0.24% 130.53 20043247-056-016 FINGER,PAUL AND KATIE $234,000.00 $149,000.00 $0.00 $383,000.00 0.29% 88.63 20073247-056-017 HEINZ,DONALD H AND MELINDA A $237,700.00 $242,300.00 $0.00 $480,000.00 0.24% 135.09 20053247-056-018 FIELDS,KATHLEEN S AND ROGER K $123,028.00 $307,572.00 $0.00 $430,600.00 0.29% 98.89 20093247-056-019 STEARNS,KEVIN AND DENISE TRS KEVIN AND DENISE STEARNS TRUST $110,124.00 $355,882.00 $0.00 $466,006.00 0.24% 130.12 20073247-056-020 TORRES,JOHN AND LORRANINE TRS TORRES FAMILY TRUST $237,000.00 $223,000.00 $0.00 $460,000.00 0.29% 106.36 20063247-056-021 ELLIS,DANNY D AND TERESA B $167,000.00 $208,000.00 $0.00 $375,000.00 0.19% 133.42 20023247-056-022 SHAW,SAMUEL H AND HEATHER L $191,000.00 $212,000.00 $0.00 $403,000.00 0.29% 93.20 20043247-056-023 NAHAS,JOHN R CO TR NASELOW NAHAS TRUST $133,000.00 $241,000.00 $0.00 $374,000.00 0.24% 105.30 20103247-056-024 HALL,MICHAEL AND KIMBERLY A $149,954.00 $279,613.00 $0.00 $429,567.00 0.19% 152.85 20003247-056-025 ROCKE,JON J AND KIMBERLY K $149,954.00 $215,574.00 $0.00 $365,528.00 0.29% 84.58 20013247-056-026 LARGE,CRAIG $131,070.00 $317,730.00 $0.00 $448,800.00 0.24% 126.30 20113247-056-027 ZENA,AMANDA TR AMANDA ZENA TRUST $274,000.00 $160,000.00 $0.00 $434,000.00 0.29% 100.08 20103247-056-028 AGUILAR,MARISA L AND ROBERT M $149,954.00 $261,737.00 $0.00 $411,691.00 0.24% 115.60 20003247-056-029 ALLEN,ANNETTE N AND ROBERT L $152,271.00 $275,533.00 $0.00 $427,804.00 0.29% 98.89 20003247-056-030 AYERS,DENNIS D AND MARY E $146,379.00 $259,970.00 $0.00 $406,349.00 0.24% 114.34 20003247-056-031 TRIGGS,ROBERT AND PAULINE TRS TRIGGS FAMILY TRUST $269,000.00 $154,000.00 $0.00 $423,000.00 0.29% 97.82 20113247-056-032 CALDERON,JORGE A AND ILEANA $191,000.00 $262,000.00 $0.00 $453,000.00 0.19% 161.09 20033247-056-033 MOSES,DONALD E AND DANANE M $164,734.00 $273,025.00 $0.00 $437,759.00 0.24% 123.26 20023247-056-034 YETTER,KAREN E $139,157.00 $288,634.00 $0.00 $427,791.00 0.29% 98.96 20053247-056-035 PARK,EDWARD J AND MICHELLE M $141,196.00 $212,336.00 $0.00 $353,532.00 0.24% 99.60 20003247-056-036 ROBB,RICHARD $164,730.00 $283,458.00 $0.00 $448,188.00 0.29% 103.73 20113247-056-037 WU,LAYLA $131,000.00 $275,000.00 $0.00 $406,000.00 0.29% 93.97 20083247-056-038 DEMASI,MATTHEW G CO TR DEMASI FAMILY TRUST $150,314.00 $255,313.00 $0.00 $405,627.00 0.19% 144.45 20103247-056-039 BYERS,PAUL $219,000.00 $215,000.00 $0.00 $434,000.00 0.29% 100.37 20053247-056-040 BURKHART,BRENT D AND STEPHANIE G $131,958.00 $242,845.00 $0.00 $374,803.00 0.29% 86.74 20003247-056-041 CANALE,MICHAEL A AND STEPHANIE A $139,996.00 $210,635.00 $0.00 $350,631.00 0.24% 98.75 20013247-056-042 MALINOWSKI,ZDZISLAW B AND HENRYKA $113,963.00 $263,922.00 $0.00 $377,885.00 0.29% 87.44 20013247-056-043 LOPEZ,ARTEMIO L JR AND GABRIELA Y $152,953.00 $266,011.00 $0.00 $418,964.00 0.29% 96.94 20023247-056-044 TALAVERA,DAVID AND MARIA G $152,953.00 $257,913.00 $0.00 $410,866.00 0.29% 95.06 20003247-056-045 KUZNITZ,GARY M AND TASOFF,PHYLLIS A $127,000.00 $259,000.00 $0.00 $386,000.00 0.29% 89.34 20083247-056-046 BUSH,JUSTIN AND VEEN,JENNIFER $128,000.00 $258,000.00 $0.00 $386,000.00 0.24% 108.76 20093247-056-047 AGONCILLO,ANTONIO R AND MERCERITA Q $142,310.00 $256,396.00 $0.00 $398,706.00 0.29% 92.28 20033247-056-048 RODRIGUEZ,JOSUE A AND TINA $175,000.00 $172,000.00 $0.00 $347,000.00 0.29% 80.32 2004

Page 4 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-056-049 RIGGS,MICHAEL D TR RIGGS FAMILY TRUST $142,310.00 $273,826.00 $0.00 $416,136.00 0.29% 96.32 20103247-056-050 HOBBS,GARY AND DAWN $222,000.00 $126,000.00 $0.00 $348,000.00 0.24% 98.05 20063247-056-051 WARR,RUSSELL G AND JAMIE $147,014.00 $298,885.00 $0.00 $445,899.00 0.29% 103.21 20033247-056-052 VU,SARAH L $156,776.00 $236,401.00 $0.00 $393,177.00 0.29% 91.00 20113247-056-053 GERHARDT,RAYMOND L AND JENNIFER H $147,014.00 $252,113.00 $0.00 $399,127.00 0.29% 92.38 20013247-056-054 KUNKLE,BRYAN W AND LESLIE A $145,837.00 $305,676.00 $0.00 $451,513.00 0.24% 127.22 20013247-056-055 PERKINS,MARK E $108,000.00 $258,000.00 $0.00 $366,000.00 0.29% 84.71 20093247-056-056 DEUTSCHE BANK NATL TRUST CO TR $141,000.00 $259,000.00 $0.00 $400,000.00 0.29% 92.57 20123247-056-058 LEGGAT,JEFF AND DEBI $266,300.00 $228,700.00 $0.00 $495,000.00 0.29% 114.19 20063247-056-059 BIAG,JOE $145,000.00 $315,000.00 $0.00 $460,000.00 0.24% 129.33 20093247-056-060 CARACAUSA,LOIS AND CARACAUSA,VINCENT $205,048.00 $302,446.00 $0.00 $507,494.00 0.29% 117.04 20093247-056-061 CAZAN,CARLOS AND MICHIELLE TRS CAZAN FAMILY TRUST $128,480.00 $241,467.00 $0.00 $369,947.00 0.29% 85.57 20033247-057-001 OLAFSSON,EDWARD AND MICHELLE M $151,131.00 $258,602.00 $0.00 $409,733.00 0.18% 152.45 20063247-057-002 GLEIM,STEVEN H AND LYNN M TRS STEVEN AND LYNN GLEIM TRUST $106,575.00 $219,765.00 $0.00 $326,340.00 0.22% 99.14 20083247-057-003 LEE,JAE H $190,000.00 $144,000.00 $0.00 $334,000.00 0.14% 165.24 20043247-057-004 JAUREGUI,ABIGAIL AND ISMAEL $172,752.00 $298,857.00 $0.00 $471,609.00 0.22% 143.27 20083247-057-005 QUIROZ,DANIEL JR $175,000.00 $201,000.00 $0.00 $376,000.00 0.18% 139.95 20043247-057-006 BARBOSA,EDUARDO J AND JEANETTE M $120,054.00 $272,646.00 $0.00 $392,700.00 0.22% 119.30 20113247-057-007 FERGUSON,ROBERT AND LINDA TRS $147,143.00 $239,888.00 $0.00 $387,031.00 0.14% 191.47 20103247-057-008 REED,CHERYL $217,000.00 $162,000.00 $0.00 $379,000.00 0.22% 115.14 20053247-057-009 FREEAR,JOHN A AND CHERYL D TRS JOHN AND CHERYL FREEAR TRUST $106,575.00 $217,562.00 $0.00 $324,137.00 0.18% 120.64 20113247-057-010 MARREH,AMAL AND HASSAN,ABDIRASHID M $235,700.00 $132,600.00 $0.00 $368,300.00 0.14% 182.20 20073247-057-011 BIBICOFF,BRUCE E AND AMY L $129,000.00 $215,000.00 $0.00 $344,000.00 0.22% 104.52 20013247-057-012 GUBELLI,PATRICK AND HEATHER S $100,823.00 $220,377.00 $0.00 $321,200.00 0.18% 119.49 20003247-057-013 FRIEL,JOANN R $173,000.00 $183,000.00 $0.00 $356,000.00 0.14% 175.47 20083247-057-014 GRANUCCI,EVAN AND JENNIFER L $106,209.00 $220,253.00 $0.00 $326,462.00 0.22% 99.04 20003247-057-015 WOLFF,RUSSELL E $90,544.00 $225,393.00 $0.00 $315,937.00 0.22% 96.01 20043247-057-016 SUEISHI,GLEN $100,457.00 $235,351.00 $0.00 $335,808.00 0.18% 125.00 20003247-057-017 KYSAR,BRADLEY E AND CINDA A $215,000.00 $177,600.00 $0.00 $392,600.00 0.14% 194.23 20043247-057-018 MONREAL,ABEL AND DIAZ MONREAL,ERIKA $218,000.00 $128,000.00 $0.00 $346,000.00 0.22% 105.11 20053247-057-019 LOPATA,JOHN AND JODI TRS LOPATA FAMILY TRUST $113,242.00 $246,757.00 $0.00 $359,999.00 0.18% 133.99 20073247-057-020 VILLANO,JOHN AND ANNA M $101,436.00 $297,079.00 $0.00 $398,515.00 0.22% 121.07 20043247-057-021 SENEVIRATNE,GIHAN AND SHANALI $136,156.00 $254,892.00 $0.00 $391,048.00 0.14% 193.46 20023247-057-022 BANK OF NEW YORK MELLON TR $188,000.00 $196,000.00 $0.00 $384,000.00 0.18% 142.92 20063247-057-023 MIMS,ANTHONY G AND MARISELA $228,000.00 $118,000.00 $0.00 $346,000.00 0.22% 105.11 20063247-057-024 MOELLER,DAVID AND TAMRE $106,575.00 $207,772.00 $0.00 $314,347.00 0.14% 155.51 19993247-057-025 ROBERTS,JAMES SR AND MAGDA TRS JAMES AND MAGDA ROBERTS TRUST $106,575.00 $222,294.00 $0.00 $328,869.00 0.18% 122.40 20093247-057-026 YEPEZ,EDWARD V AND HATCHER,MARION R $109,513.00 $238,755.00 $0.00 $348,268.00 0.22% 105.75 20113247-057-027 TEODORO,SONIA O $150,760.00 $244,895.00 $0.00 $395,655.00 0.18% 147.30 20103247-057-028 LOPEZ,ESTEBAN $223,000.00 $130,000.00 $0.00 $353,000.00 0.22% 107.26 20063247-057-029 DI GIOVANNI,RICHARD $115,018.00 $183,546.00 $0.00 $298,564.00 0.18% 111.15 20083247-057-030 HOBBS,PATRICK AND GOREE,STEPHANIE $210,000.00 $169,000.00 $0.00 $379,000.00 0.22% 115.16 20053247-057-031 TAGUBA,EDMUND AND GERALDINE $180,000.00 $178,000.00 $0.00 $358,000.00 0.18% 133.28 20053247-057-032 MALDONADO,LEON JR AND LUCY A $128,480.00 $194,067.00 $0.00 $322,547.00 0.22% 98.01 19993247-057-033 MIRZAIAN,ARDASHES AND ANAHID I $112,570.00 $169,962.00 $0.00 $282,532.00 0.14% 139.82 19993247-057-034 LINKES,CHUCK AND TRACY TRS LINKES TRUST $161,198.00 $270,028.00 $0.00 $431,226.00 0.22% 131.03 20083247-057-035 YORK,JAMES B AND HOLLY E $140,400.00 $261,600.00 $0.00 $402,000.00 0.18% 149.66 20103247-057-036 BUFORD,JACQUELINE $135,253.00 $216,642.00 $0.00 $351,895.00 0.22% 106.93 20013247-057-037 KOSHAK,ROBERT AND NATHALIE $135,253.00 $218,892.00 $0.00 $354,145.00 0.18% 131.84 20013247-057-038 JORDAN,HARRY F AND BRIDGET J $135,253.00 $193,708.00 $0.00 $328,961.00 0.18% 122.46 20013247-057-039 PASTORES,GERRY K AND MARIA L $135,253.00 $215,702.00 $0.00 $350,955.00 0.22% 106.61 20013247-057-040 THU TU QUOC VUONG $136,899.00 $200,880.00 $0.00 $337,779.00 0.22% 102.59 20023247-057-041 REED,AUSTIN TR BARCELONA TRUST $135,000.00 $205,000.00 $0.00 $340,000.00 0.18% 126.56 20083247-057-042 GLASS,STANLEY A $241,000.00 $101,000.00 $0.00 $342,000.00 0.22% 103.91 20063247-057-043 MANLANGIT,RONNEL AND KAYRINE $132,364.00 $273,568.00 $0.00 $405,932.00 0.22% 123.33 20093247-057-044 FUNDA,HENRY I AND EVANGELINE F $135,959.00 $254,596.00 $0.00 $390,555.00 0.18% 145.38 20013247-057-045 PADILLA,RICHARD O AND TRUDI M $210,000.00 $145,000.00 $0.00 $355,000.00 0.22% 107.86 20053247-057-046 HENNIG,SUSAN J AND JESSE P $279,300.00 $154,100.00 $0.00 $433,400.00 0.22% 131.68 20073247-057-047 LUNA,RAUL M AND NICDAO,EMILY Y $98,499.00 $183,544.00 $0.00 $282,043.00 0.18% 104.99 19993247-057-048 VERBECK,RONALD C AND JORDANA M $122,363.00 $184,766.00 $0.00 $307,129.00 0.22% 93.33 19993247-057-049 ROSSITER,RONALD T AND MARIE D $219,000.00 $140,000.00 $0.00 $359,000.00 0.18% 133.64 20053247-057-050 LICO,TARA C AND SHELLAN Y $175,000.00 $170,000.00 $0.00 $345,000.00 0.22% 104.82 2004

Page 5 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-057-051 SCOTTO,SCOTT R AND LINDA M $165,000.00 $181,000.00 $0.00 $346,000.00 0.14% 171.20 20033247-057-052 LAUNIER,SHAWN P AND MEGHAN ES $165,700.00 $210,000.00 $0.00 $375,700.00 0.22% 114.15 20063247-057-053 VANN,MICHAEL AND PERIQUE $163,627.00 $298,397.00 $0.00 $462,024.00 0.22% 140.38 20093247-057-054 GALLEGOS,ARTHUR J AND LAURA L $122,363.00 $193,911.00 $0.00 $316,274.00 0.22% 96.09 20033247-057-055 BANK OF AMERICA $117,000.00 $251,000.00 $0.00 $368,000.00 0.22% 111.83 20113247-057-056 BUTLER,DENISE $182,500.00 $174,900.00 $0.00 $357,400.00 0.14% 176.90 20033247-057-057 VALENCIA,DIEGO AND CLAUDIA $130,159.00 $193,742.00 $0.00 $323,901.00 0.18% 120.60 20013247-057-058 MALONEY,EDWARD T $104,862.00 $273,181.00 $0.00 $378,043.00 0.22% 114.88 19993247-057-059 SOUISA,STEPHEN AND LEANNE $104,862.00 $191,864.00 $0.00 $296,726.00 0.18% 110.48 19993247-057-060 COLETTE,ANTHONY AND MARIELLA $104,862.00 $208,551.00 $0.00 $313,413.00 0.14% 155.13 19993247-057-061 DOWNS,JENNIFER $108,936.00 $253,164.00 $0.00 $362,100.00 0.22% 110.04 20113247-057-062 TELIS,YACOB AND GLATER,ELEONORA AND TELIS,EDWARD $122,363.00 $181,953.00 $0.00 $304,316.00 0.18% 113.31 20033247-057-063 CARR,RUSSELL G AND LYNDA A $128,480.00 $192,109.00 $0.00 $320,589.00 0.18% 119.31 20003247-057-064 CHENEY,BRYAN D AND LISA K $119,963.00 $210,301.00 $0.00 $330,264.00 0.18% 122.94 20003247-057-065 FROKJER,ERIC C AND MARIA G $131,958.00 $201,661.00 $0.00 $333,619.00 0.22% 101.36 20023247-057-066 BURNETT,KIMBERLY A AND TIMOTHY W $134,598.00 $184,280.00 $0.00 $318,878.00 0.18% 118.70 20003247-057-067 EGAN,PATRICK AND LISA $122,363.00 $252,830.00 $0.00 $375,193.00 0.22% 113.99 20003247-057-068 POTTS,RYAN D AND MELISSA $121,000.00 $221,000.00 $0.00 $342,000.00 0.18% 127.31 20083247-057-069 PETERSON,ANNE M $107,965.00 $252,634.00 $0.00 $360,599.00 0.22% 109.56 20043247-057-070 RIVERA,RONALD P AND MICHELLE L $118,000.00 $219,000.00 $0.00 $337,000.00 0.18% 125.45 20083247-057-071 LEOGO,VILMA M AND DUNSTAN $147,798.00 $270,402.00 $0.00 $418,200.00 0.22% 127.06 20103247-057-072 ROGERS,JEFFREY AND LORI $107,965.00 $198,541.00 $0.00 $306,506.00 0.18% 114.10 20003247-057-073 INES,FREDELITO I AND MYRNA I $134,891.00 $200,907.00 $0.00 $335,798.00 0.22% 102.02 20013247-057-074 BUGARIN,BERNARDINO JR AND AMBER $119,963.00 $241,490.00 $0.00 $361,453.00 0.18% 134.57 20103247-057-075 OGDEN,DAVID AND CLAUDIA $107,965.00 $255,838.00 $0.00 $363,803.00 0.22% 110.55 20003247-057-076 ZAPALA,KRZYSZTOF A CO TR ZAPALA FAMILY TRUST $107,965.00 $219,049.00 $0.00 $327,014.00 0.18% 121.30 20003247-057-077 YEGANHE,ALI J AND MUSNI,SARAH D $230,100.00 $191,000.00 $0.00 $421,100.00 0.22% 127.67 20043247-057-078 BUTLER,BRENDA $107,965.00 $210,418.00 $0.00 $318,383.00 0.18% 118.50 20063247-057-079 WALKER WAUGH,MURIEL V AND WAUGH,ROBERT G $107,965.00 $276,417.00 $0.00 $384,382.00 0.22% 116.71 20053247-057-080 ROMERO,VINCENT AND GLORIA TRS ROMERO TRUST $121,000.00 $257,000.00 $0.00 $378,000.00 0.18% 140.69 20113247-057-081 JACOBSEN,WILLIAM AND LISA $107,965.00 $203,170.00 $0.00 $311,135.00 0.18% 115.80 20003247-057-082 DE ALDAY,THIRD C AND RODITA S $155,127.00 $229,463.00 $0.00 $384,590.00 0.22% 116.84 20023247-057-083 FUJII,DENNIS AND SANDRA $107,965.00 $210,657.00 $0.00 $318,622.00 0.18% 118.59 20003247-057-084 RUBIO,YVETTE E $151,068.00 $270,279.00 $0.00 $421,347.00 0.22% 128.00 20103247-057-085 WILSON,DAVID $111,894.00 $275,706.00 $0.00 $387,600.00 0.18% 144.26 20113247-057-086 LA MANNA,GREGORY P AND DAWN E $138,000.00 $197,000.00 $0.00 $335,000.00 0.18% 124.69 20083247-057-087 MARLER,BRIAN J AND ANGELA M $134,598.00 $229,985.00 $0.00 $364,583.00 0.22% 110.76 20113247-057-088 DELANZO,DANIEL AND KATHLEEN $149,940.00 $267,240.00 $0.00 $417,180.00 0.18% 155.27 20103247-057-089 GIRON,CARLOS L AND CAROLYN A $100,000.00 $258,000.00 $0.00 $358,000.00 0.22% 108.74 20093247-057-090 BIREBIRIAN,ROBERT M AND BETH M $100,578.00 $216,582.00 $0.00 $317,160.00 0.22% 96.38 20003247-057-091 TROTTER APONTE,KRISTY N AND APONTE,JOHN $101,313.00 $195,782.00 $0.00 $297,095.00 0.14% 147.05 20103247-057-092 GURULE,RICK AND DANIELLE $214,100.00 $179,100.00 $0.00 $393,200.00 0.22% 119.49 20043247-057-093 MENDIOLA,FERNANDO C JR CASTILLO,EMILY C $122,363.00 $184,645.00 $0.00 $307,008.00 0.18% 114.31 20003247-057-094 FROHLING,KERRY AND THOMAS O $207,000.00 $136,000.00 $0.00 $343,000.00 0.22% 104.24 20053247-058-001 29112 SAN REMO LLC $169,422.00 $207,672.00 $0.00 $377,094.00 0.18% 140.41 20113247-058-002 RANCHO HORIZON LLC $248,000.00 $137,000.00 $0.00 $385,000.00 0.22% 117.00 20113247-058-003 JORDAN,PHILLIP AND POPE JORDAN,PATRICIA $126,561.00 $220,329.00 $0.00 $346,890.00 0.22% 105.42 N/A3247-058-004 ACEVES,ROBERT J AND BARBARA $130,000.00 $255,000.00 $0.00 $385,000.00 0.18% 143.35 20103247-058-005 CHUA,JAIME AND ELIZABETH Y $125,840.00 $188,344.00 $0.00 $314,184.00 0.22% 95.48 20003247-058-006 LACRUZ,ROGGER G AND KRISTEN $127,400.00 $226,990.00 $0.00 $354,390.00 0.22% 107.67 20003247-058-007 DELPIT,THOMAS $122,600.00 $183,544.00 $0.00 $306,144.00 0.18% 113.93 20103247-058-008 NICKE,BRUCE R AND DAYAMI M TRS NICKEL FAMILY TRUST $129,919.00 $195,542.00 $0.00 $325,461.00 0.22% 98.86 20093247-058-009 HANOCK,KELLY $162,000.00 $183,000.00 $0.00 $345,000.00 0.18% 128.38 20073247-058-010 SAGER,ZAUDIN AND MARIA $138,000.00 $283,000.00 $0.00 $421,000.00 0.22% 127.88 20073247-058-011 DIGIOVANNI,RONALD A CO TR DIGIOVANNI FAMILY TRUST $128,239.00 $190,744.00 $0.00 $318,983.00 0.18% 118.70 20103247-058-012 VALENCIA,GERMAN A JR AND MAGDALENA $208,000.00 $140,000.00 $0.00 $348,000.00 0.22% 105.71 20053247-058-013 THOMPSON,DANA P AND DANIELLE T $134,959.00 $214,018.00 $0.00 $348,977.00 0.18% 129.86 20013247-058-014 HAYUTIN,STEVEN M AND LORI L $134,959.00 $192,182.00 $0.00 $327,141.00 0.22% 99.37 20013247-058-015 STILLSON,MICHAEL A AND TERRI A $134,959.00 $241,250.00 $0.00 $376,209.00 0.22% 114.27 20013247-058-016 BROWN,KENNETH J AND SUSAN G $134,959.00 $191,822.00 $0.00 $326,781.00 0.14% 161.63 20013247-058-017 GUERRERO,VINCENT AND KATRINA $176,000.00 $169,000.00 $0.00 $345,000.00 0.18% 128.40 20033247-058-018 VIGIL,JOE AND YVONNE $202,646.00 $269,649.00 $0.00 $472,295.00 0.22% 142.97 2003

Page 6 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-058-019 PUCKETT,RONALD L AND TINA L $167,589.00 $210,418.00 $0.00 $378,007.00 0.18% 140.19 20013247-058-020 JACOBY,ROBERT A AND KATHERINE O $172,148.00 $212,613.00 $0.00 $384,761.00 0.22% 116.54 20013247-058-021 BENGTSON,MATTHEW S AND BENGTSON,WILLIAM AND RAMONA $139,000.00 $209,000.00 $0.00 $348,000.00 0.18% 129.52 20083247-058-022 LEVINE,ROBERT A AND SANDRA L $135,078.00 $212,696.00 $0.00 $347,774.00 0.22% 105.64 20013247-058-023 CASHMAN,JAMES H AND CARRIE A $134,837.00 $212,324.00 $0.00 $347,161.00 0.18% 129.19 20013247-058-024 MANGACCAT,ERRIC A AND DEANNA R $134,837.00 $180,906.00 $0.00 $315,743.00 0.18% 117.50 20013247-058-025 SELLZ,HOWARD $206,000.00 $179,000.00 $0.00 $385,000.00 0.22% 116.95 20073247-058-026 MCWILLIAMS,JOHN H AND MICHELLE L $134,837.00 $186,666.00 $0.00 $321,503.00 0.18% 119.64 20013247-058-027 FIELDS,WILLIAM A AND PHYLLIS L $134,357.00 $202,739.00 $0.00 $337,096.00 0.22% 102.40 20003247-058-028 LAY,CHEA CO TR $127,041.00 $193,154.00 $0.00 $320,195.00 0.18% 119.16 20113247-058-029 MASON,RONALD J AND PAMELA F $136,000.00 $266,000.00 $0.00 $402,000.00 0.22% 122.11 20083247-058-030 REHFELD,LAWRENCE $125,119.00 $187,145.00 $0.00 $312,264.00 0.14% 154.45 20093247-058-031 GINSBURGH,MILDRED I TR MILDRED I GINSBURGH TRUST $135,799.00 $203,939.00 $0.00 $339,738.00 0.22% 103.20 20093247-059-001 ANDRIS,ERIC J AND KATRINA T $134,357.00 $289,115.00 $0.00 $423,472.00 0.29% 97.98 N/A3247-059-002 LEON,ALBERT AND AMANDA M $255,200.00 $135,600.00 $0.00 $390,800.00 0.29% 90.43 20063247-059-003 ARAKI,WENDELL K AND MARTHA E $128,719.00 $240,978.00 $0.00 $369,697.00 0.24% 104.14 20003247-059-004 ESPINOZA,EDWARD A AND DENISE A $133,157.00 $273,285.00 $0.00 $406,442.00 0.29% 94.05 20103247-059-005 KIM,YONG N AND RACHEL Y $148,807.00 $317,758.00 $0.00 $466,565.00 0.29% 107.95 20093247-059-006 MILLER,DIANE TR DIANE M MILLER TRUST AND MILLER,GEORGE W TR MILLER TRUST $136,278.00 $262,003.00 $0.00 $398,281.00 0.29% 92.15 20083247-059-007 CUTHBERT,PHILLIP AND CAROLE TRS $134,238.00 $222,895.00 $0.00 $357,133.00 0.24% 100.57 20113247-059-008 MCNIEL,JON S AND LINDA S $163,300.00 $245,000.00 $0.00 $408,300.00 0.29% 94.46 20043247-059-009 BLAIR,BILLY W $118,728.00 $292,332.00 $0.00 $411,060.00 0.29% 95.09 20113247-059-010 PELINO,JOHN L AND KAISEE K $139,875.00 $250,959.00 $0.00 $390,834.00 0.24% 110.04 20013247-059-011 PALMER,DAVID W AND SORRENTI,MARIE A $154,562.00 $307,892.00 $0.00 $462,454.00 0.29% 106.97 20103247-059-012 TABBAKHIAN,GEORGE AND HASMIK $140,595.00 $288,386.00 $0.00 $428,981.00 0.29% 99.22 20013247-059-013 BYUN,ROSEMARY M $139,996.00 $249,992.00 $0.00 $389,988.00 0.24% 109.78 20023247-059-014 KETTLE,RONALD AND JOILENE $211,200.00 $192,600.00 $0.00 $403,800.00 0.29% 93.39 20093247-059-019 JENSEN,JEFF A AND JOEYPAUL $152,071.00 $288,447.00 $0.00 $440,518.00 0.29% 101.89 20103247-059-020 ABRAMS,PAUL AND ROBIN $110,000.00 $295,000.00 $0.00 $405,000.00 0.24% 114.01 20093247-059-021 ENGH,DOUGLAS M TR DOUGLAS M ENGH TRUST $155,448.00 $405,450.00 $0.00 $560,898.00 0.29% 129.72 20113247-059-022 KUNKEL,MICHAEL A AND LISA P $261,000.00 $199,000.00 $0.00 $460,000.00 0.29% 106.39 20073247-059-023 LOFTUS,ROBERT M AND PAMELA A AND VICENTE,ANTHONY N AND KERRY A $146,308.00 $309,452.00 $0.00 $455,760.00 0.29% 105.41 20093247-059-024 BARKE,MATHIAS AND STEPHANIE $164,000.00 $246,000.00 $0.00 $410,000.00 0.29% 94.69 20083247-059-025 TORRES,VICTOR M AND MARIA C $143,956.00 $227,463.00 $0.00 $371,419.00 0.24% 104.62 20013247-059-026 RAMOS,JAMES R AND TONI M $140,663.00 $271,450.00 $0.00 $412,113.00 0.29% 95.38 20013247-059-027 COLLINS,CHARLES J AND NICOLE M $138,000.00 $273,000.00 $0.00 $411,000.00 0.29% 95.11 20083247-059-028 SCHLOTTHAUER,GINA $144,662.00 $250,177.00 $0.00 $394,839.00 0.29% 91.36 20103247-059-029 RUDAS,DOUGLAS I AND GABRIELA $141,678.00 $313,659.00 $0.00 $455,337.00 0.29% 105.37 20013247-059-030 WILLIAMS,ROBERT B $138,197.00 $212,575.00 $0.00 $350,772.00 0.24% 98.84 20013247-059-031 GUEVARA,LORRAINE M $236,000.00 $171,000.00 $0.00 $407,000.00 0.29% 94.20 20073247-059-032 RUIZ,JAMES Q AND JEANNETTE G $140,356.00 $284,405.00 $0.00 $424,761.00 0.29% 98.30 20013247-059-033 ARBOLEDA,JOHN J $242,000.00 $186,000.00 $0.00 $428,000.00 0.29% 99.04 20093247-059-034 SCAMARDO,JOSEPH C AND SUSAN A $139,636.00 $257,563.00 $0.00 $397,199.00 0.29% 91.89 20013247-059-035 JAMALI,SHAWN V AND KYLA R TRS JAMALI TRUST $167,000.00 $254,000.00 $0.00 $421,000.00 0.24% 118.60 20063247-059-036 MERE,WILLAIM R AND LETICIA M TRS MERE TRUST $143,354.00 $305,121.00 $0.00 $448,475.00 0.29% 103.72 20053247-059-037 COLLURA,NICK $174,114.00 $346,086.00 $0.00 $520,200.00 0.29% 120.20 20103247-059-038 TOW,DANIEL E AND KIMBERLY M $166,158.00 $354,042.00 $0.00 $520,200.00 0.29% 120.37 20103247-059-039 KEBSCHULL,BRIAN K AND JULIE M $171,595.00 $356,877.00 $0.00 $528,472.00 0.29% 122.22 20023247-059-040 WHAMOND,MICHAEL A AND KATHY TRS WHAMOND FAMILY TRUST $178,000.00 $223,000.00 $0.00 $401,000.00 0.29% 92.78 20083247-059-041 NORDBY,CURTIS AND MARITA $126,000.00 $243,000.00 $0.00 $369,000.00 0.29% 85.37 20103247-059-042 KOVACH,CHARLES J AND MICHELLE R $217,000.00 $209,000.00 $0.00 $426,000.00 0.24% 119.95 20083247-059-043 HAMBURGER,ROBERT W AND STEFANIE $135,799.00 $237,279.00 $0.00 $373,078.00 0.24% 105.10 N/A3247-059-044 MATSON,WESLEY F AND KAREN E $133,157.00 $259,724.00 $0.00 $392,881.00 0.29% 90.92 20013247-059-045 FOWBLE,ROGER D AND ALMA TRS R AND A FOWBLE TRUST $137,236.00 $277,107.00 $0.00 $414,343.00 0.29% 95.86 20093247-059-047 YUN,STEPHEN Y AND LINDA M $172,960.00 $345,922.00 $0.00 $518,882.00 0.29% 120.14 20023247-059-048 CRELLIN,PATRICK F $141,315.00 $256,125.00 $0.00 $397,440.00 0.29% 92.04 20013247-059-049 WONG,NELSON AND ISARANKURA,KURAKANYA $146,835.00 $314,391.00 $0.00 $461,226.00 0.29% 106.70 20013247-059-050 MIGITA,LANCE Y $129,000.00 $256,000.00 $0.00 $385,000.00 0.29% 89.10 20013247-060-001 SONG KEANG SOU AND HEANG KIM TANG $249,100.00 $209,300.00 $0.00 $458,400.00 0.32% 96.98 20053247-060-002 SUMMERFIELD,BRIAN D $111,792.00 $316,608.00 $0.00 $428,400.00 0.32% 90.63 20113247-060-003 KAUR,PARAMJIT $164,657.00 $249,339.00 $0.00 $413,996.00 0.32% 87.57 20013247-060-004 DAVIS,JEFF P AND LISA M $147,000.00 $249,000.00 $0.00 $396,000.00 0.32% 83.77 2002

Page 7 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-060-005 GRAY,FREDERIC W AND CHRISTY L $169,000.00 $255,000.00 $0.00 $424,000.00 0.32% 89.68 20063247-060-006 FARMER,IRA JR AND LAURIE $157,600.00 $275,214.00 $0.00 $432,814.00 0.32% 91.55 20023247-060-007 HAMPTON,BRAD AND JULIE $152,000.00 $229,000.00 $0.00 $381,000.00 0.32% 80.57 20023247-060-009 GOOD,MONIQUE T $193,800.00 $334,600.00 $0.00 $528,400.00 0.32% 111.72 20033247-060-010 US BANK NATIONAL ASSOCIATION TR $159,000.00 $279,000.00 $0.00 $438,000.00 0.32% 92.63 20113247-060-011 MADERO,MARCO A AND SOFIA J TRS MARCO AND SOFIA MADERO TRUST $187,026.00 $330,153.00 $0.00 $517,179.00 0.32% 109.28 20043247-060-012 PARRISH,DANA M AND WILLIAM K $186,105.00 $324,914.00 $0.00 $511,019.00 0.32% 107.98 20073247-060-013 MING,JARED AND DAVETTE $200,000.00 $298,000.00 $0.00 $498,000.00 0.32% 105.25 20043247-060-014 BERGER,KARL H $201,000.00 $225,000.00 $0.00 $426,000.00 0.32% 90.03 20103247-060-015 MANFRO,MARC A AND THERESA A $179,070.00 $354,719.00 $0.00 $533,789.00 0.32% 112.81 20023247-060-016 DAVID,CHARLES B AND WENDY $181,030.00 $372,557.00 $0.00 $553,587.00 0.32% 117.12 20023247-060-017 EDGELL,KLAUS P $159,835.00 $307,572.00 $0.00 $467,407.00 0.32% 98.86 20093247-060-018 BELLINI,JOSEPH AND CATHERINE TRS BELLINI FAMILY TRUST $174,066.00 $362,018.00 $0.00 $536,084.00 0.32% 113.37 20083247-060-019 CHACANA,DANTON AND ROSE $172,418.00 $337,894.00 $0.00 $510,312.00 0.32% 107.93 20023247-060-020 PETERSEN,KENNETH AND KATHIE TRS K J AND K A PETERSEN TRUST $171,595.00 $343,194.00 $0.00 $514,789.00 0.32% 108.88 20073247-060-021 SADRALODABAI,COMMY AND MICHELE $168,067.00 $289,092.00 $0.00 $457,159.00 0.32% 96.71 20023247-060-022 SMITH,BRANDON E AND DANIKA TRS BRANDON AND DANIKA SMITH TRUST $112,098.00 $331,602.00 $0.00 $443,700.00 0.32% 93.87 20113247-060-023 LLAMAS,RAFAEL AND PATRICIA $153,000.00 $228,000.00 $0.00 $381,000.00 0.32% 80.61 20063247-060-024 TREJO,ANGEL AND MARIA L $164,188.00 $280,624.00 $0.00 $444,812.00 0.32% 94.08 20023247-060-025 BANUELOS,GONZALO AND GOMEZ-BANUELOS,CARMEN M $157,717.00 $357,935.00 $0.00 $515,652.00 0.32% 109.02 20023247-060-026 ALDANA,JUAN $154,778.00 $352,610.00 $0.00 $507,388.00 0.32% 107.31 20023247-060-027 ELEY,JEFFREY A AND MARIBEL L $191,000.00 $250,000.00 $0.00 $441,000.00 0.32% 93.27 20063247-060-028 DAHLSTEN,JEFFREY S AND RAE L $153,013.00 $352,975.00 $0.00 $505,988.00 0.32% 107.02 20013247-060-029 GILL,JIM R AND JENNIFER L $152,426.00 $323,670.00 $0.00 $476,096.00 0.32% 100.70 20083247-060-030 FOSTER,DARRELL AND CAMPOPIANO,FRANCA $137,000.00 $291,000.00 $0.00 $428,000.00 0.32% 90.53 20043247-060-031 TISDALE,DARREL W AND DESIREE M $123,420.00 $345,780.00 $0.00 $469,200.00 0.32% 99.25 20113247-060-032 MESCHKAT,RYAN AND MESCHKAT,NATHAN $118,000.00 $255,000.00 $0.00 $373,000.00 0.32% 78.90 20093247-060-033 NEUMAN,STEVEN AND MARIANA TRS NEUMAN FAMILY TRUST $136,000.00 $361,000.00 $0.00 $497,000.00 0.32% 105.13 20053247-060-034 SPATHOPOULOS,NICKOLAS G AND MAUREEN E $150,307.00 $319,625.00 $0.00 $469,932.00 0.32% 99.41 20013247-060-035 WASHINGTON,ANDREW F AND JOAN M $151,365.00 $364,603.00 $0.00 $515,968.00 0.32% 109.14 20013247-060-036 SANTILLAN,MIGUEL AND GRIMALDO,ANGELINA $225,000.00 $233,300.00 $0.00 $458,300.00 0.32% 96.95 20083247-060-037 BIGGS,EDWIN R CO TR EDWIN R BIGGS FAMILY TRUST $136,000.00 $297,000.00 $0.00 $433,000.00 0.32% 91.60 20103247-060-038 WHITE,JEFFREY F $271,000.00 $193,000.00 $0.00 $464,000.00 0.32% 98.16 20103247-060-039 ZAMORA,GARY W AND DONNA R $140,116.00 $295,574.00 $0.00 $435,690.00 0.32% 92.15 20013247-060-040 SWANSON,ROGER AND CHRISTINE $223,380.00 $301,614.00 $0.00 $524,994.00 0.32% 111.06 20113247-060-041 CHANGE,MICHAEL R AND ROSEMARIE $119,963.00 $308,568.00 $0.00 $428,531.00 0.32% 90.65 20013247-060-042 RAMOS,FERDINAND P AND JOYCE R $133,638.00 $293,403.00 $0.00 $427,041.00 0.32% 90.36 20013247-060-043 TRUST HOLDING SERVICE CO TR MADRID TRUST $126,700.00 $314,300.00 $0.00 $441,000.00 0.32% 93.31 20073247-060-044 SIGMEN,JEFFREY J $132,078.00 $297,514.00 $0.00 $429,592.00 0.32% 90.90 20033247-060-045 APARICIO,LYNDA $219,000.00 $170,000.00 $0.00 $389,000.00 0.32% 82.32 20053247-060-046 NGUYEN,TUAN N AND ALICE S $164,657.00 $269,097.00 $0.00 $433,754.00 0.32% 91.79 20013247-060-047 AROUTIOUNIAN,GARO AND NICOLE $172,700.00 $300,300.00 $0.00 $473,000.00 0.32% 100.09 20073247-060-048 WRIGHT,MICHAEL R AND PAULA T $142,310.00 $259,277.00 $0.00 $401,587.00 0.32% 84.98 20013247-060-049 WANG,LINJI AND JIN,CHUYAN $205,536.00 $227,117.00 $0.00 $432,653.00 0.32% 91.56 20103247-060-050 AVILA,PABLO M AND ANA A $152,894.00 $271,331.00 $0.00 $424,225.00 0.32% 89.77 20013247-060-051 GOBRAN,AMANY F AND KNEIBER,ZOCIMUS S $142,310.00 $308,341.00 $0.00 $450,651.00 0.32% 95.37 20043247-060-052 LAGUILLES,EDGAR M AND THERESA $248,000.00 $145,000.00 $0.00 $393,000.00 0.32% 83.17 20063247-060-053 ALANGUI,RONALD W AND EDITH O $142,310.00 $304,430.00 $0.00 $446,740.00 0.32% 94.54 20013247-060-054 BOWERS,MARC T CO TR BOWERS AND FORST BOWERS TRUST $142,310.00 $254,279.00 $0.00 $396,589.00 0.32% 83.92 20053247-060-055 HEATH,DELMY G AND GUSTALVIA $172,200.00 $258,300.00 $0.00 $430,500.00 0.32% 91.10 20063247-060-056 HOFFMASTER,RANDY J AND SUSAN M $133,000.00 $260,000.00 $0.00 $393,000.00 0.32% 83.17 20013247-060-057 GEND,ALEX AND NATALIE $139,000.00 $285,000.00 $0.00 $424,000.00 0.32% 89.73 20013247-060-058 PADLAN,ANGEL M AND BERBANO PADLAN,CECILE J $164,657.00 $245,221.00 $0.00 $409,878.00 0.32% 86.74 20013247-060-059 TURNER,WENDY $180,000.00 $225,000.00 $0.00 $405,000.00 0.32% 85.70 20093247-060-060 RIGGEN,MICHAEL AND DEBORAH $187,000.00 $272,000.00 $0.00 $459,000.00 0.32% 97.13 20043247-060-061 SALVATIERRA,ABRAHAM W $197,000.00 $163,000.00 $0.00 $360,000.00 0.32% 76.18 20073247-060-062 CHOUDRY,SALEEM A AND SALEEM,RUBINA AND SALEEM,NOUMAN $236,100.00 $194,400.00 $0.00 $430,500.00 0.32% 91.10 20113247-061-001 CHICAGUS,VAUGHN A AND PATRICIA L $161,481.00 $372,390.00 $0.00 $533,871.00 0.32% 112.81 20023247-061-002 MCCUNE,SEAN M AND KATHERINE S $286,700.00 $189,100.00 $0.00 $475,800.00 0.32% 100.59 20073247-061-003 EPPINGER,OTTO R $171,006.00 $317,909.00 $0.00 $488,915.00 0.32% 103.36 20013247-061-005 ELDRED,JODY AND PAM $180,000.00 $277,000.00 $0.00 $457,000.00 0.32% 96.57 20113247-061-006 SANTANA,MAYRA P TR MAYRA P SANTANA TRUST $157,247.00 $378,067.00 $0.00 $535,314.00 0.32% 113.16 2008

Page 8 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-061-007 PALM,WILLIAM C AND CINDY M $173,243.00 $355,800.00 $0.00 $529,043.00 0.32% 111.79 20013247-061-008 MCDONAGH,ERIC J $142,902.00 $377,298.00 $0.00 $520,200.00 0.32% 110.02 20103247-061-009 TOBIN,DANIEL J AND KELLY R $145,686.00 $353,605.00 $0.00 $499,291.00 0.32% 105.60 20093247-061-010 CARPENTIER,THOMAS AND TRACEY TRS CARPENTIER FAMILY TRUST $222,000.00 $273,000.00 $0.00 $495,000.00 0.32% 104.64 20083247-061-011 SHARMA,SANJAI AND ASHIMA $157,129.00 $288,621.00 $0.00 $445,750.00 0.32% 94.29 20013247-061-012 ARAMBULA,JOSEPH J III AND MARIA R $241,000.00 $216,000.00 $0.00 $457,000.00 0.32% 96.68 20063247-061-013 ARIAS,LUIS A AND MARIELENA M $156,264.00 $353,736.00 $0.00 $510,000.00 0.32% 107.87 20103247-061-014 SOKOL,DONALD J $138,000.00 $315,000.00 $0.00 $453,000.00 0.32% 95.82 20093247-061-015 LUNDGREN,MATTHEW C AND AMY T $99,000.00 $353,000.00 $0.00 $452,000.00 0.32% 95.63 20113247-061-016 MOBASSER,MAHIN T TR MOBASSER FAMILY TRUST $88,346.00 $145,476.00 $0.00 $233,822.00 0.32% 49.43 20023247-061-017 SCHLESINGER,ROBERT L AND STACY M $153,836.00 $356,460.00 $0.00 $510,296.00 0.32% 107.88 20013247-061-018 LEGLER,PAUL W AND SANDRA S $138,720.00 $401,880.00 $0.00 $540,600.00 0.32% 114.27 20113247-061-019 MCINTOSH,LADD AND ESTHER R $156,894.00 $338,725.00 $0.00 $495,619.00 0.32% 104.76 20013247-061-020 SPEDLING,ANAIT TR EVA J ST JOHN TRUST $220,950.00 $308,304.00 $0.00 $529,254.00 0.32% 111.82 20093247-061-021 VOGL,JOSEPH AND CARRIE $199,200.00 $338,900.00 $0.00 $538,100.00 0.32% 113.56 20043247-061-022 SWANKIE,IAN D TR SWANKIE TRUST $153,130.00 $332,255.00 $0.00 $485,385.00 0.32% 102.59 20093247-061-023 HIGHAM,TERRY L AND TAMARA K $170,000.00 $246,000.00 $0.00 $416,000.00 0.32% 88.00 20043247-061-024 MANNO,MICHAEL A $146,073.00 $273,692.00 $0.00 $419,765.00 0.32% 88.77 20033247-061-025 POPOVICH,WAYNE T AND VIRGINIA A $153,013.00 $367,019.00 $0.00 $520,032.00 0.32% 109.89 20013247-061-026 SOQUI,JOSEPH P AND MELANIE R $191,000.00 $231,000.00 $0.00 $422,000.00 0.32% 89.21 20043247-061-027 FOSTER,DEAN R AND CHRISTINA M $190,000.00 $263,000.00 $0.00 $453,000.00 0.32% 95.77 20043247-061-028 MERCADO,LIZANDRO AND ERIKA $139,756.00 $354,929.00 $0.00 $494,685.00 0.32% 104.56 20063247-061-029 MOBASSER,MAHIN T TR MOBASSER FAMILY TRUST $144,556.00 $310,136.00 $0.00 $454,692.00 0.32% 96.09 20023247-061-030 CAVANAGH,CHRISTINE F $171,547.00 $264,881.00 $0.00 $436,428.00 0.32% 92.25 20003247-061-031 SIGLAR,JON P AND ELISE M TRS SIGLAR TRUST $245,000.00 $242,000.00 $0.00 $487,000.00 0.32% 102.95 20083247-061-032 CAVOTO,ROSARIA F AND PIETRO $135,917.00 $316,051.00 $0.00 $451,968.00 0.32% 95.56 20053247-061-033 LI,KENNETH AND LINDA $161,000.00 $295,000.00 $0.00 $456,000.00 0.32% 96.43 20053247-061-034 NICKEL,BRUCE R AND DAYAMI M TRS NICKEL FAMILY TRUST $256,600.00 $213,100.00 $0.00 $469,700.00 0.32% 99.33 20093247-061-035 ROEHRLEIN,GERHARD AND CHRISTIANE $153,945.00 $334,200.00 $0.00 $488,145.00 0.32% 103.24 20103247-061-036 FREEMAN,LESTER M AND RHONDA D $138,798.00 $345,198.00 $0.00 $483,996.00 0.32% 102.37 20013247-061-037 CHUNG,HAE JIN TR HAE JIN CHUNG TRUST $176,186.00 $331,837.00 $0.00 $508,023.00 0.32% 107.46 20103247-061-038 SEPULVEDA,DON A AND KAREN $104,200.00 $356,000.00 $0.00 $460,200.00 0.32% 97.35 20113247-061-039 PALACIOS,MARIO AND IRMA E $294,000.00 $199,000.00 $0.00 $493,000.00 0.32% 104.29 20063247-061-040 CASAS,SERGIO AND SOLIS,JOANNE $204,000.00 $213,000.00 $0.00 $417,000.00 0.32% 88.22 20053247-061-041 OTTO,DAVID A AND CECILIA AND OTTO,DANIEL A $157,000.00 $282,000.00 $0.00 $439,000.00 0.32% 92.86 20073247-061-042 RIOS,CANDELARIO AND MIRIAM $164,657.00 $292,001.00 $0.00 $456,658.00 0.32% 96.58 20023247-061-043 RIVAS,FRANCISCO AND MARY $167,423.00 $262,554.00 $0.00 $429,977.00 0.32% 90.96 20023247-061-044 LOPEZ,JESUS AND COLE,IRMA P $175,263.00 $326,901.00 $0.00 $502,164.00 0.32% 106.23 20073247-061-045 TREJO,ANTONIO AND MARIA G $167,423.00 $300,706.00 $0.00 $468,129.00 0.32% 99.03 20023247-061-046 THOMERSON,TROY B CO TR TROY AND BETH THOMERSON TRUST $113,322.00 $417,078.00 $0.00 $530,400.00 0.32% 112.21 20113247-061-047 GUDA,EDWIN R $166,868.00 $249,527.00 $0.00 $416,395.00 0.32% 88.09 20113247-061-048 AGYAPONG,OFORI AND ANITA $209,000.00 $278,000.00 $0.00 $487,000.00 0.32% 103.02 20083247-061-049 TUZON,EUGENIO AND MARIA $181,000.00 $216,000.00 $0.00 $397,000.00 0.32% 83.99 20063247-061-050 YARIAN,WILLIAM AND AILEEN TRS YARIAN TRUST $168,550.00 $251,927.00 $0.00 $420,477.00 0.32% 88.95 20113247-061-051 TANIS,MICHAEL AND LUANNE TRS TANIS FAMILY TRUST $201,000.00 $253,000.00 $0.00 $454,000.00 0.32% 96.04 2006

3247-061-052 FITZWATER,DAVID W AND SANDRA $211,100.00 $316,600.00 $0.00 $527,700.00 0.32% 111.63 20043247-061-053 MINASSIAN,VARTAZ AND ANAHID $156,433.00 $261,806.00 $0.00 $418,239.00 0.32% 88.48 20113247-061-054 KHALILIEH,SAMIR T CO TR KHALILIEH TRUST $152,760.00 $307,572.00 $0.00 $460,332.00 0.32% 97.38 20093247-061-055 MALL,GREG M AND N SUZANNE $131,958.00 $302,617.00 $0.00 $434,575.00 0.32% 91.93 20013247-061-056 GARONG,MARIA T AND GARONG,MARA K $131,118.00 $241,157.00 $0.00 $372,275.00 0.32% 78.77 20033247-061-057 TRAN,VINNIE AND LUONG,LINH M $162,000.00 $251,000.00 $0.00 $413,000.00 0.32% 87.39 20063247-061-058 DIZON,CHAD B AND MARITONI M $334,900.00 $437,900.00 $0.00 $772,800.00 0.32% 161.13 20053247-061-059 LEWIS,ROBERT J AND DANNA AND BARKER,RONNIE L AND SHARON $285,798.00 $525,954.00 $0.00 $811,752.00 0.32% 169.25 20043247-061-063 BOSKOVICH,MICHAEL L AND KATHERINE K $266,747.00 $399,884.00 $0.00 $666,631.00 0.32% 138.99 20023247-061-064 JENSEN,JORGEN T CO TR JENSEN GILWEIT TRUST $266,041.00 $454,250.00 $0.00 $720,291.00 0.32% 148.88 20073247-064-001 GONZALES,HERBERT JR AND CAMILLE AND MARRONE,VINCENT AND ANTOINETTE $300,500.00 $589,500.00 $0.00 $890,000.00 0.32% 182.83 20053247-064-007 YORK,DAVID E AND ELLIS,JANE C $339,133.00 $308,304.00 $0.00 $647,437.00 0.32% 133.00 20103247-064-008 COUGHLIN,THOMAS H AND KATHLEEN M $357,000.00 $408,000.00 $0.00 $765,000.00 0.32% 157.15 20103247-064-010 HARRISON,MICHAEL T TR MICHAEL T HARRISON TRUST $286,019.00 $398,794.00 $0.00 $684,813.00 0.32% 141.48 20103247-064-012 MORFORD,SANDY D TR MORFORD FAMILY TRUST $332,295.00 $624,133.00 $0.00 $956,428.00 0.32% 196.48 20083247-064-013 GORDON,TARA L $169,873.00 $378,604.00 $0.00 $548,477.00 0.32% 115.79 20073247-065-001 LARUE,SCOTT R AND THERESA J $256,396.00 $375,117.00 $0.00 $631,513.00 0.32% 129.73 2005

Page 9 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 99-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 99-1 Special Tax Bonds

[1]Value to Burden

Ratio [2]Year of Last

Transfer3247-065-002 RANGAN,CYRUS AND KASEY E $257,134.00 $429,270.00 $0.00 $686,404.00 0.32% 143.78 20023247-065-003 CASTRO,FEDERICO M AND DENISE $258,000.00 $250,000.00 $0.00 $508,000.00 0.32% 106.61 20083247-065-004 BUCKLEY,KAEL D AND BYASSEE BUCKLEY,PAIGE K $294,034.00 $484,984.00 $0.00 $779,018.00 0.32% 161.80 2008

Source: Dolinka Group, LLC; Los Angeles County Assessor's Roll as of January 1, 2012.

[1] Allocated based on proportionate share of actual Fiscal Year 2012-2013 Special Tax.[2] Burden represents overlapping assessment district and other community facilities district debt outstanding as of October 23, 2012 in addition to the applicable debt of the CFD No. 99-1 Special Tax Bonds. Allocated based on actual Fiscal Year 2012-2013 levy. See "Direct and Overlapping Debt" report for a description of overlapping liens.

Page 10 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-118-001 COMEAU,ROBERT L JR AND KIMBERLY L $176,000.00 $115,000.00 $0.00 $291,000.00 0.17% 15.55 20043244-118-002 HAMMON,SUE H $109,300.00 $210,700.00 $0.00 $320,000.00 0.17% 17.10 20113244-118-003 MCCALLUM,STERLING C $117,467.00 $176,202.00 $0.00 $293,669.00 0.17% 15.70 20003244-118-004 ELLIS,JENNIFER $196,000.00 $240,000.00 $0.00 $436,000.00 0.17% 23.31 20053244-118-005 ACHZET,DAVID R AND LORI A $233,000.00 $58,000.00 $0.00 $291,000.00 0.17% 15.55 20073244-118-006 SARKISSIAN,STEVE AND SILVA $181,000.00 $115,000.00 $0.00 $296,000.00 0.17% 15.82 20043244-118-007 DE LA MAZA,ROLANDO AND DIANA $124,562.00 $184,766.00 $0.00 $309,328.00 0.17% 16.53 20073244-118-008 ONEILL,CASEY TR CASEY ONEILL TRUST $153,000.00 $143,000.00 $0.00 $296,000.00 0.17% 15.82 20063244-118-009 STEIN,JEFFREY AND JOYCE TRS STEIN FAMILY TRUST $138,879.00 $215,540.00 $0.00 $354,419.00 0.17% 18.94 20033244-118-010 SWANN,BRENDAN AND SWAN,ROCELLE $116,200.00 $273,700.00 $0.00 $389,900.00 0.17% 20.84 20113244-118-011 FALINO,LOUIS P AND STEPHANIE A $213,000.00 $150,000.00 $0.00 $363,000.00 0.17% 19.40 20053244-118-012 REISS,FRED AND CHRISTINE $133,926.00 $248,574.00 $0.00 $382,500.00 0.17% 20.45 20113244-118-013 PEREZ,MARISSA P AND EDMUNDO M III $132,150.00 $198,226.00 $0.00 $330,376.00 0.17% 17.66 20053244-118-014 BORJA,BELOFINO AND ROSARIO TRS BORJA FAMILY TURST $133,620.00 $205,342.00 $0.00 $338,962.00 0.17% 18.12 N/A3244-118-015 ROBERTS,RICHARD C $156,000.00 $234,000.00 $0.00 $390,000.00 0.17% 20.85 20113244-118-016 FISCO,DONNA M AND ERNEST A $137,779.00 $205,569.00 $0.00 $343,348.00 0.17% 18.35 20003244-118-017 TAHERI,GARNIK AND JANET $128,000.00 $244,000.00 $0.00 $372,000.00 0.17% 19.88 20063244-118-018 MENDOZA,GEMMA AND DIONICIO $170,075.00 $259,440.00 $0.00 $429,515.00 0.17% 22.95 20023244-118-019 O'HARA,JASON AND NERISSA $186,909.00 $267,397.00 $0.00 $454,306.00 0.17% 24.28 20023244-118-020 PRICE,WILLIAM AND MICHELLE TRS PRICE FAMILY TRUST $195,000.00 $175,000.00 $0.00 $370,000.00 0.17% 19.78 20093244-118-021 VANOVER,JAMES H AND SANDRA J TRS VANOVER TRUST $135,210.00 $203,121.00 $0.00 $338,331.00 0.17% 18.09 20103244-118-022 HAND,RICHARD E AND ELIZABETH $170,653.00 $260,478.00 $0.00 $431,131.00 0.17% 23.05 20023244-118-023 OCONNELL,STANLEY C AND AUDREY R $143,933.00 $214,279.00 $0.00 $358,212.00 0.17% 19.15 20023244-118-024 PANGANIBAN,ARNOLD AND BAUTISTA,CECILE A $119,914.00 $179,872.00 $0.00 $299,786.00 0.17% 16.03 20023244-118-025 AMOS,BRADLEY S AND MELISSA G $213,000.00 $75,000.00 $0.00 $288,000.00 0.17% 15.40 20083244-118-026 RAMIREZ,CHRISTINE $152,778.00 $230,613.00 $0.00 $383,391.00 0.17% 20.49 20043244-118-027 BROWN,GARY A AND SHERRI A TRS BROWN TRUST $143,839.00 $176,065.00 $0.00 $319,904.00 0.17% 17.10 20073244-118-028 VLACH,LAURIE $129,000.00 $194,000.00 $0.00 $323,000.00 0.17% 17.27 20103244-118-029 KNAPP,NELIA A $127,700.00 $191,300.00 $0.00 $319,000.00 0.17% 17.05 20053244-118-030 BLAKE,FRED AND LOIS $124,809.00 $191,184.00 $0.00 $315,993.00 0.17% 16.89 20023244-118-031 RUANE,MIKE AND KRISTIE $261,000.00 $74,000.00 $0.00 $335,000.00 0.19% 15.84 20093244-118-032 DESELMS,TIANTIAN $208,000.00 $88,000.00 $0.00 $296,000.00 0.19% 13.99 20053244-118-033 HINESLY,JEFFERY W AND MELANEE D $131,723.00 $197,589.00 $0.00 $329,312.00 0.19% 15.57 20073244-118-034 SWIFT,RUSSELL AND TAMMIE B $139,368.00 $164,657.00 $0.00 $304,025.00 0.19% 14.37 20083244-118-035 ANGUS,KIMBERLY $142,846.00 $205,536.00 $0.00 $348,382.00 0.19% 16.47 20093244-118-036 WILDRICK,LOUIS M $135,000.00 $160,000.00 $0.00 $295,000.00 0.19% 13.95 20083244-118-037 KAWAMOTO,RICK C AND JOYCE K $119,963.00 $181,145.00 $0.00 $301,108.00 0.19% 14.23 20013244-118-038 KALIN,KEVIN AND MICHELLE $119,963.00 $195,996.00 $0.00 $315,959.00 0.19% 14.93 N/A3244-118-039 O'CONNOR,ANGELA C AND SEAN M $145,250.00 $170,536.00 $0.00 $315,786.00 0.19% 14.93 20023244-118-040 CROW,MICHAEL S AND PATRICIA A $174,110.00 $259,440.00 $0.00 $433,550.00 0.19% 20.49 20033244-118-041 WRIGHT,JEFFREY AND LESLIE $128,000.00 $165,000.00 $0.00 $293,000.00 0.19% 13.85 20073244-118-042 LIM,OFELIA G $166,040.00 $249,061.00 $0.00 $415,101.00 0.19% 19.63 20033244-118-043 KUPAHU,CHARLES W AND YI HUI $127,159.00 $191,942.00 $0.00 $319,101.00 0.19% 15.09 20033244-118-044 KURIGER,MICHAEL R $125,960.00 $201,781.00 $0.00 $327,741.00 0.19% 15.49 20023244-118-045 MALKASYAN,ALBERT AND ARMINE $179,010.00 $218,790.00 $0.00 $397,800.00 0.19% 18.81 20113244-118-046 BODDY,MICHAEL A AND CYNTHIA A $148,100.00 $261,000.00 $0.00 $409,100.00 0.19% 19.34 20063244-118-047 MORA,MELVIN D AND AMALIA T $205,048.00 $251,184.00 $0.00 $456,232.00 0.19% 21.57 20083244-118-048 NADAL,LUCKY AND SHEILA B $190,100.00 $205,900.00 $0.00 $396,000.00 0.19% 18.72 20123244-118-049 ANSCHULTZ,STACEY D AND BETH $131,958.00 $187,264.00 $0.00 $319,222.00 0.19% 15.09 20023244-118-050 ARCHER,CHRISTOPHER J $205,048.00 $234,780.00 $0.00 $439,828.00 0.19% 20.79 20083244-118-051 RODAS,GENESY $183,600.00 $150,450.00 $0.00 $334,050.00 0.19% 15.79 20113244-118-052 MARTINEZ,EDWARD AND MAYRA L $119,963.00 $143,956.00 $0.00 $263,919.00 0.19% 12.48 20013244-118-053 MANI,PREMKUMAR AND PANDE,RUCHI $120,000.00 $180,000.00 $0.00 $300,000.00 0.19% 14.18 20113244-118-054 GRANT,BRANDON L $134,419.00 $201,630.00 $0.00 $336,049.00 0.19% 15.89 20103244-118-055 MOGES,KASSAHUN G AND ABEBE,HAIMANOT A $114,000.00 $180,000.00 $0.00 $294,000.00 0.19% 13.90 20073244-118-056 MURPHY,BRIAN P AND TAMARA K $146,660.00 $180,511.00 $0.00 $327,171.00 0.19% 15.47 20033244-118-057 MCDIFFETT,BRIAN W AND PENUELA,ANDREA $162,384.00 $194,616.00 $0.00 $357,000.00 0.19% 16.88 20103244-118-058 PANICCIA,MARY A $211,000.00 $112,000.00 $0.00 $323,000.00 0.19% 15.27 20053244-119-001 TRUST HOLDING SERVICE CO TR OLD SPANISH TRUST $143,000.00 $177,000.00 $0.00 $320,000.00 0.19% 15.12 2008

Page 11 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-119-002 LIMONES,LOUIS AND EVA $197,000.00 $119,000.00 $0.00 $316,000.00 0.19% 14.94 20043244-119-003 VASQUEZ,ALVIN M AND THERESA G $149,836.00 $193,002.00 $0.00 $342,838.00 0.20% 13.42 20013244-119-004 CARD,KEVIN M AND KATHLEEN E $150,895.00 $199,706.00 $0.00 $350,601.00 0.20% 13.73 20013244-119-006 PALOMINO,MARIA $187,000.00 $221,000.00 $0.00 $408,000.00 0.20% 15.97 20053244-119-007 SALAS,DIEGO AND KARLA $112,000.00 $267,000.00 $0.00 $379,000.00 0.17% 20.26 20063244-119-008 BULATAO,JERRY AND BULATAO,JOSE M AND LINDA B $149,000.00 $223,000.00 $0.00 $372,000.00 0.17% 19.89 20063244-119-009 MOSLEH,MAJID TR MAJID MOSLEH TRUST $155,247.00 $232,872.00 $0.00 $388,119.00 0.17% 20.75 20103244-119-010 DIDBAL,IQMINDER $148,000.00 $170,000.00 $0.00 $318,000.00 0.17% 17.00 20073244-119-014 LINDSEY,JO ANNE M $142,000.00 $154,000.00 $0.00 $296,000.00 0.19% 13.99 20083244-119-015 IRELAND,JOSHUA AND JILL $137,000.00 $192,000.00 $0.00 $329,000.00 0.17% 17.59 20053244-119-016 PACKLER,JASON $130,000.00 $200,000.00 $0.00 $330,000.00 0.17% 17.64 20113244-119-017 PULIDO,JOSE L $168,000.00 $137,000.00 $0.00 $305,000.00 0.17% 16.30 20113244-119-018 PITOFSKY,TOM AND SHIN $118,000.00 $178,000.00 $0.00 $296,000.00 0.17% 15.82 20053244-119-019 CERNOSEK,MILAN AND SARKA $88,170.00 $205,048.00 $0.00 $293,218.00 0.17% 15.67 20093244-119-020 CHANEY,CHRISTOPHER G AND RENEE E $153,000.00 $204,000.00 $0.00 $357,000.00 0.17% 19.08 20103244-119-021 LEWIS,JOHN P AND TERRI L $119,546.00 $189,272.00 $0.00 $308,818.00 0.17% 16.51 20003244-119-022 AVILA,FERNANDO AND APRIL $168,344.00 $252,520.00 $0.00 $420,864.00 0.17% 22.50 20043244-119-023 LUFFMAN,BILLY J AND DEE D $116,000.00 $173,000.00 $0.00 $289,000.00 0.17% 15.45 20043244-119-024 ALVAREZ,LAUREANO J CO TR ALVAREZ FAMILY TRUST $106,451.00 $175,767.00 $0.00 $282,218.00 0.17% 15.09 20063244-119-025 MARCIA,BRANDON AND ROMPAL,KATIE $156,206.00 $234,310.00 $0.00 $390,516.00 0.17% 20.87 20103244-119-026 LYZNICK,ROBERT AND JOYCE $129,703.00 $193,335.00 $0.00 $323,038.00 0.17% 17.27 N/A3244-119-027 BLACKWELL,ERIC D AND STACY A $189,155.00 $205,048.00 $0.00 $394,203.00 0.17% 21.07 20093244-119-028 LARSON,JOHN T AND LETICIA $117,467.00 $175,590.00 $0.00 $293,057.00 0.17% 15.67 20093244-119-029 DUIJSHART,RONALD F AND GAIL TRS DUIJSHART FAMILY TRUST $124,809.00 $187,215.00 $0.00 $312,024.00 0.17% 16.68 20083244-119-030 LUCAS,R SCOTT AND REBECCA $124,809.00 $187,215.00 $0.00 $312,024.00 0.17% 16.68 20053244-119-031 BUENAVENTURA,HENRY AND SUMATRA,KAREN $115,018.00 $173,755.00 $0.00 $288,773.00 0.17% 15.44 N/A3244-119-033 SUWANNAKOM,AREE $134,837.00 $174,667.00 $0.00 $309,504.00 0.19% 14.63 20103244-119-034 SERUSHAN,MAJID AND LAYA $180,000.00 $111,000.00 $0.00 $291,000.00 0.19% 13.76 20043244-119-035 SAWYER,ZACHARY AND MCCULLOCH,JANET $152,388.00 $179,112.00 $0.00 $331,500.00 0.19% 15.67 20103244-119-036 KELLY,TERRANCE D AND JENNIFER B $130,546.00 $192,766.00 $0.00 $323,312.00 0.19% 15.28 20013244-119-037 HORTA,RAMON AND YANIRA $121,160.00 $182,345.00 $0.00 $303,505.00 0.19% 14.35 20003244-119-038 IBARRA,GERONIMO S JR AND ELVIA $163,915.00 $221,464.00 $0.00 $385,379.00 0.19% 18.22 20103244-119-039 SUMALA,AKACHAI AND CAO,KIM T $178,000.00 $115,000.00 $0.00 $293,000.00 0.19% 13.85 20043244-119-040 ROBINSON,TAMMY AND ACEVEDO,TERESA $143,000.00 $152,000.00 $0.00 $295,000.00 0.19% 13.95 20043244-119-041 ADAMS,MARCUS T AND SYLVIA $159,000.00 $150,000.00 $0.00 $309,000.00 0.19% 14.61 20033244-119-042 ASHE,ROBERT J AND CAROL S $119,963.00 $178,385.00 $0.00 $298,348.00 0.19% 14.11 20003244-119-043 DAMEROW,DANIEL C AND SUSAN R $135,679.00 $148,634.00 $0.00 $284,313.00 0.19% 13.44 20013244-119-044 CARPIO,BERNARDO B AND CECILIA L $141,000.00 $168,000.00 $0.00 $309,000.00 0.19% 14.61 20083244-119-045 BERGMANN,EDWARD W AND JULIE A $136,639.00 $166,098.00 $0.00 $302,737.00 0.19% 14.31 20003244-119-046 SRIKANTH,BAK AND BHANU M $134,718.00 $171,068.00 $0.00 $305,786.00 0.19% 14.46 20013244-119-047 JOHNSON,GREGG W AND MELISSA TRS JOHNSON FAMILY TRUST $205,000.00 $107,000.00 $0.00 $312,000.00 0.19% 14.75 20083244-119-048 MOSTAFA,HATEM AND NAHED AND MOSTAFA,SALLY $206,000.00 $90,000.00 $0.00 $296,000.00 0.19% 13.99 20083244-119-049 KENNA,KEVIN AND VERONICA $137,595.00 $166,389.00 $0.00 $303,984.00 0.19% 14.37 20033244-119-050 GARCIA,JULIO A AND ESCALANTE,CORINA E $147,130.00 $163,365.00 $0.00 $310,495.00 0.19% 14.68 20013244-119-060 NAVARRO,MANUEL $131,800.00 $193,200.00 $0.00 $325,000.00 0.17% 17.37 20033244-119-061 BASHAM,KEVIN L AND PAMELA K $134,191.00 $199,939.00 $0.00 $334,130.00 0.17% 17.86 20093244-119-062 LINDSAY,JOANNE $142,367.00 $214,054.00 $0.00 $356,421.00 0.17% 19.05 20033244-120-001 HAYNES,LARRY S AND MILDRED L $129,703.00 $195,782.00 $0.00 $325,485.00 0.19% 15.39 20003244-120-002 MORAN,KELLY R AND JENNIFER K $202,000.00 $178,000.00 $0.00 $380,000.00 0.19% 17.97 20043244-120-003 VANCA,DONNA L TR VANCA TRUST $132,150.00 $202,233.00 $0.00 $334,383.00 0.19% 15.81 20113244-120-004 TEMUERI,HAROON R AND SHAHEEN S $193,000.00 $193,000.00 $0.00 $386,000.00 0.19% 18.25 20033244-120-005 CABRERA,CESAR AND JULIE $149,000.00 $233,000.00 $0.00 $382,000.00 0.19% 18.06 20103244-120-006 DETERS,KEVIN T AND SARA L TRS DETERS TRUST $178,000.00 $202,000.00 $0.00 $380,000.00 0.19% 17.96 20063244-120-007 SWITAJ,THOMAS E AND KAREN A $122,363.00 $228,086.00 $0.00 $350,449.00 0.19% 16.57 20003244-120-008 WEISS,DARREN S $137,046.00 $217,032.00 $0.00 $354,078.00 0.19% 16.74 20053244-120-009 ABOU-NASSAR,CHARLES AND MARTENS,ANNE MARIE $222,000.00 $160,000.00 $0.00 $382,000.00 0.19% 18.06 20063244-120-010 NOWACZYK,JEFFREY $152,305.00 $217,036.00 $0.00 $369,341.00 0.19% 17.46 20053244-120-011 LARA,GRACE R $139,157.00 $211,619.00 $0.00 $350,776.00 0.19% 16.58 20003244-120-012 US BANK NATIONAL ASSOCIATION TR BEAR STEARNS ARM 2005 10 $165,000.00 $200,000.00 $0.00 $365,000.00 0.19% 17.25 2011

Page 12 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-120-013 SHER,EDWARD E AND NORDQUIST,SUSAN V $137,958.00 $207,539.00 $0.00 $345,497.00 0.19% 16.32 20003244-120-014 THOMAS,GEORGE C AND VIMALA F $149,500.00 $261,900.00 $0.00 $411,400.00 0.19% 19.44 20063244-120-015 EDWARDS,KATHERINE $128,359.00 $193,142.00 $0.00 $321,501.00 0.19% 15.19 20033244-120-016 KERDOON,MICHELLE $140,300.00 $249,700.00 $0.00 $390,000.00 0.19% 18.42 20093244-120-017 CANCHOLA,LISA K AND NUNEZ,JOSE L $182,000.00 $220,000.00 $0.00 $402,000.00 0.19% 18.99 20063244-120-018 RIVERA, ARTURO M AND VIRGINIA D $128,359.00 $191,942.00 $0.00 $320,301.00 0.19% 15.13 20003244-120-019 WILDMAN,GERALD E AND WENDY E $129,559.00 $194,339.00 $0.00 $323,898.00 0.19% 15.29 20003244-120-020 MOFSOWITZ,RAM AND HAGIT TRS MOFSOWITZ TRUST $143,956.00 $241,590.00 $0.00 $385,546.00 0.19% 18.18 20083244-120-021 DURAN,MICHAEL $121,000.00 $250,000.00 $0.00 $371,000.00 0.20% 14.49 20093244-120-022 BROWN,ROSLYN R $211,400.00 $200,000.00 $0.00 $411,400.00 0.20% 16.11 20033244-120-023 MAYNARD,DARRELL AND DIANE $224,000.00 $144,000.00 $0.00 $368,000.00 0.20% 14.41 20063244-120-024 SALVINO,THERESA M AND SEAN S $184,700.00 $226,600.00 $0.00 $411,300.00 0.20% 16.10 20053244-120-025 HOWELL,CHRISTOPHER D AND LAURA A $145,602.00 $183,710.00 $0.00 $329,312.00 0.20% 12.89 20013244-120-026 AGTARAP,FRANCISCO R AND CYNTHIA M $145,720.00 $174,183.00 $0.00 $319,903.00 0.20% 12.52 20073244-120-029 NATOUR,MAHER AND KLYS NATOUR,LIKA $147,720.00 $216,218.00 $0.00 $363,938.00 0.20% 14.25 20093244-120-030 MULVIHILL,JAMES M AND YOST,ALEXIS G $130,000.00 $239,000.00 $0.00 $369,000.00 0.19% 17.44 20083244-120-031 GERHARDT,BRIAN L AND MARGARET R $137,958.00 $203,939.00 $0.00 $341,897.00 0.19% 16.16 20043244-120-032 EUGENIO,ALFREDO G II AND TERESA L $129,559.00 $193,142.00 $0.00 $322,701.00 0.19% 15.26 20013244-120-033 DEDAFOE,WAYNE AND CHUA,PETER $122,000.00 $248,000.00 $0.00 $370,000.00 0.19% 17.49 20093244-120-034 PENICK,CLIFFORD JR $131,958.00 $200,457.00 $0.00 $332,415.00 0.19% 15.71 20053244-120-035 ANGELO,CHRISTOPHER AND STEFANIE $140,595.00 $187,982.00 $0.00 $328,577.00 0.19% 15.53 20043244-120-036 DAVIS,DARRELL AND MINDY $150,000.00 $241,000.00 $0.00 $391,000.00 0.19% 18.48 20033244-120-037 BARTEL,BRENT E AND MONETTE L TRS BARTEL FAMILY TRUST $267,700.00 $143,700.00 $0.00 $411,400.00 0.19% 19.45 20053244-120-038 EYRAUD,JASON M AND SYLZA $139,353.00 $276,856.00 $0.00 $416,209.00 0.19% 19.67 20093244-120-039 LOPEZ,DAVEY L AND CYNTHIA L $157,488.00 $255,612.00 $0.00 $413,100.00 0.19% 19.53 20103244-120-040 CHARLES,JOHN AND VALERIE $144,915.00 $181,688.00 $0.00 $326,603.00 0.19% 15.44 20013244-120-041 SMITH,BRIAN J AND DAWN E $139,492.00 $212,911.00 $0.00 $352,403.00 0.19% 16.66 20003244-120-042 VOOIJS,CHRISTIAAN AND RACHEL $238,000.00 $139,000.00 $0.00 $377,000.00 0.19% 17.82 20053244-120-043 HUGHES,BONITA E TR HUGHES FAMILY TRUST $138,197.00 $181,985.00 $0.00 $320,182.00 0.19% 15.14 20043244-120-044 VUNDER,ROBERT N AND JO ELLA $133,157.00 $206,433.00 $0.00 $339,590.00 0.19% 16.06 20003244-120-045 SILVER,DANIEL S $170,500.00 $223,400.00 $0.00 $393,900.00 0.19% 18.62 20083244-120-046 SIRK,STEVEN J SR AND ELIZABETH K $134,357.00 $204,788.00 $0.00 $339,145.00 0.19% 16.03 20003244-120-047 FINN,DENNIS P $180,300.00 $209,700.00 $0.00 $390,000.00 0.19% 18.44 20093244-120-048 MAYTON,THOMAS B AND DINORAH E $134,718.00 $191,583.00 $0.00 $326,301.00 0.19% 15.43 N/A3244-120-049 JOHNSON,ERIC M AND LINDSEY O AND JOHNSON,ERIC P $133,926.00 $258,774.00 $0.00 $392,700.00 0.19% 18.57 20113244-120-050 CHUA,ALEX P AND ANG,ADELAIDA $133,000.00 $242,000.00 $0.00 $375,000.00 0.19% 17.73 20073244-120-051 HERRERA,RUSSELL AND MARISA R $143,956.00 $229,491.00 $0.00 $373,447.00 0.19% 17.66 20003244-120-052 MCCULLUM,KURT D AND THERESA A $158,592.00 $238,731.00 $0.00 $397,323.00 0.19% 18.78 20003244-120-055 TANTIKUL,PAUL A AND MARIA K TRS TANTIKUL FAMILY TRUST $130,758.00 $195,542.00 $0.00 $326,300.00 0.19% 15.43 20003244-120-056 MOOY,DAVID B ET AL TRS $154,271.00 $231,531.00 $0.00 $385,802.00 0.19% 18.24 20063244-120-057 MOSS,DAVID J AND ROBIN $186,500.00 $229,200.00 $0.00 $415,700.00 0.19% 19.65 20053244-120-058 BRENNAN,JOSEPH O AND LAURA M $153,000.00 $255,000.00 $0.00 $408,000.00 0.19% 19.29 20103244-120-059 DURDEN,CAROL $184,600.00 $261,700.00 $0.00 $446,300.00 0.19% 21.10 20043244-120-062 CANCINO,ROY K AND ARACELI $247,100.00 $146,700.00 $0.00 $393,800.00 0.19% 18.62 20063244-120-063 NARMORE,MARK CO-TR NARMORE AND MATSUOKA TRUST $137,478.00 $199,620.00 $0.00 $337,098.00 0.19% 15.94 20063244-120-064 SALDANA,JOSE L AND OLIVIA $138,077.00 $187,504.00 $0.00 $325,581.00 0.19% 15.39 20013244-120-065 MOORE,SPENCE AND TANYIKA $171,156.00 $236,844.00 $0.00 $408,000.00 0.19% 19.29 20103244-120-066 GUIRAL,CLAUDE A AND MARISSA A $131,958.00 $188,344.00 $0.00 $320,302.00 0.19% 15.14 20013244-120-067 MEDINA,RICARDO E AND VERONICA I $143,235.00 $178,266.00 $0.00 $321,501.00 0.19% 15.20 20013244-120-068 BAKER,JASON AND SHIARRON $270,800.00 $125,200.00 $0.00 $396,000.00 0.19% 18.72 20063244-120-069 PIMENETEL,PIMENTEL TR ALFRED PIMENETEL TRUST $166,872.00 $223,788.00 $0.00 $390,660.00 0.19% 18.47 20113244-120-070 BAUTISTA,CARLOS AND BEATRIZ F $139,875.00 $215,215.00 $0.00 $355,090.00 0.19% 16.79 20013244-120-071 GENNARO,GERRY AND CLAUDIA A $144,795.00 $198,300.00 $0.00 $343,095.00 0.19% 16.22 20013244-120-074 LARSON,LANCE AND ROSEMARY A $276,900.00 $130,100.00 $0.00 $407,000.00 0.19% 19.24 20073244-120-075 KAYE,COREY AND CHRISTINA L $154,752.00 $232,733.00 $0.00 $387,485.00 0.19% 18.32 20013244-120-076 PADILLA,GEORGE N AND ELIZABETH A $195,500.00 $215,900.00 $0.00 $411,400.00 0.19% 19.45 20073244-120-077 HILL,BARRIE L JR $139,638.00 $265,302.00 $0.00 $404,940.00 0.19% 19.14 20113244-120-078 BUSTAMANTE,HUGO R AND CARMEN S $118,000.00 $249,000.00 $0.00 $367,000.00 0.19% 17.35 20093244-120-079 LIZANO,ROBERT J AND SIMMONS,CHERYL A $113,900.00 $261,100.00 $0.00 $375,000.00 0.19% 17.73 2009

Page 13 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-120-080 HUDSON,DUSTIN Q $163,302.00 $244,596.00 $0.00 $407,898.00 0.20% 15.97 20103244-120-081 GRIESEL,ANGEL C TR GRIESEL FAMILY TRUST $146,897.00 $189,473.00 $0.00 $336,370.00 0.20% 13.17 20063244-120-082 GIBBY,TIMOTHY J AND JENNIFER $131,478.00 $261,222.00 $0.00 $392,700.00 0.20% 15.37 20113244-120-083 TALUKDER,RAFIQUL I AND FARIA $131,478.00 $240,822.00 $0.00 $372,300.00 0.20% 14.58 20113244-120-084 DEVASTO,GEORGE AND BRANNAN,MARGARET $146,660.00 $182,651.00 $0.00 $329,311.00 0.20% 12.89 20053244-120-086 HARRISON,MICHAEL D AND SHERI E $274,600.00 $136,800.00 $0.00 $411,400.00 0.20% 16.11 20063244-120-087 MILLER,JEFFREY T AND RIENA D $147,601.00 $195,001.00 $0.00 $342,602.00 0.20% 13.41 20013244-120-089 MOKLER,REED AND MICHELLE C $140,000.00 $229,000.00 $0.00 $369,000.00 0.20% 14.45 20093244-120-090 EIKENMEYER,JOHN $155,663.00 $230,613.00 $0.00 $386,276.00 0.20% 15.12 20033244-120-091 URRUTIA,MIKE AND MARIE $150,307.00 $191,942.00 $0.00 $342,249.00 0.20% 13.40 20013244-120-092 GRAHAM,JEFF AND TRINA $300,900.00 $149,800.00 $0.00 $450,700.00 0.20% 17.64 20053244-120-094 ANDERSON,JAMES D AND CLAUDIA $203,000.00 $159,000.00 $0.00 $362,000.00 0.19% 17.11 20053244-120-095 KADDU,ALEX $159,000.00 $233,000.00 $0.00 $392,000.00 0.19% 18.53 20103244-120-097 RESOS,DIANNE P $133,157.00 $202,139.00 $0.00 $335,296.00 0.19% 15.85 20053244-120-098 TIMMONS,EDWARD E III AND MICHELLE $103,300.00 $284,700.00 $0.00 $388,000.00 0.19% 18.34 20113244-144-007 LOVERES,KATRINA ANNE R $232,000.00 $72,000.00 $0.00 $304,000.00 0.20% 11.90 20073244-144-008 LIVA,FRANK P $115,163.00 $171,547.00 $0.00 $286,710.00 0.20% 11.23 20023244-144-009 SANCHEZ,MARJORIE R $77,600.00 $230,400.00 $0.00 $308,000.00 0.20% 12.06 20083244-144-010 ESTRADA,ANTONIO $105,600.00 $167,400.00 $0.00 $273,000.00 0.20% 10.69 20113244-144-011 DEAN,LOURIZA S AND ROBIN C $114,900.00 $163,100.00 $0.00 $278,000.00 0.20% 10.88 20113244-144-012 TURNER,ANDREW AND NATALIE $220,000.00 $55,000.00 $0.00 $275,000.00 0.20% 10.77 20063244-144-013 GUILLEN,ENEMIAS AND CATALINA $117,612.00 $170,183.00 $0.00 $287,795.00 0.20% 11.27 20013244-144-014 DUBINSKY,TERRI $215,000.00 $87,000.00 $0.00 $302,000.00 0.20% 11.82 20053244-144-015 MAHEIA,ANDREA $100,700.00 $171,800.00 $0.00 $272,500.00 0.20% 10.67 20113244-144-016 HERTEL,ROBERT AND BAVARESCO,JOHN $126,000.00 $153,000.00 $0.00 $279,000.00 0.20% 10.92 20063244-144-017 ZUO,XIMING AND SUN,HONGWEI $162,886.00 $205,022.00 $0.00 $367,908.00 0.20% 14.41 20103244-144-018 MARTIN,DEBRA L $181,300.00 $93,700.00 $0.00 $275,000.00 0.20% 10.77 20043244-144-019 HERNANDEZ,JUAN J $168,000.00 $111,000.00 $0.00 $279,000.00 0.20% 10.92 20033244-144-020 SJOGREN,GREGORY E AND KATHLEEN A $120,669.00 $181,124.00 $0.00 $301,793.00 0.20% 11.82 20083244-144-021 RHOANE,ROLLON L $113,259.00 $169,361.00 $0.00 $282,620.00 0.20% 11.07 20103244-144-022 KELLEY,JAMES $115,000.00 $164,000.00 $0.00 $279,000.00 0.20% 10.92 20103244-144-023 SALKELD,ROGER AND WENDY $151,247.00 $154,541.00 $0.00 $305,788.00 0.20% 11.97 20123244-144-024 FADRIQUELA,PAUL G AND NANCY D $117,845.00 $175,242.00 $0.00 $293,087.00 0.20% 11.48 20013244-144-025 GIANNINI,LINSEY AND ARON $117,728.00 $176,419.00 $0.00 $294,147.00 0.20% 11.52 20033244-144-026 PAULINO,ETHEL AND MARLON $205,000.00 $97,000.00 $0.00 $302,000.00 0.20% 11.82 20043244-144-027 PEREZ,ANDREW AND GINA $192,000.00 $83,000.00 $0.00 $275,000.00 0.20% 10.77 20053244-144-028 YANG,HENGMING AND JI,JEAN $170,000.00 $109,000.00 $0.00 $279,000.00 0.20% 10.92 20043244-144-029 JARRETT,MUTIATU M AND WALTER A $173,000.00 $129,000.00 $0.00 $302,000.00 0.20% 11.82 20063244-144-030 CORTEZ,AQUILES E AND AGUILAR,ESMERALDA $102,800.00 $191,200.00 $0.00 $294,000.00 0.20% 11.51 20093244-144-031 PEARLMAN,STANFORD E AND TONI $14,814.00 $48,001.00 $0.00 $62,815.00 0.20% 2.46 20023244-144-032 HOLLINGER,ADAM AND AMBER $131,478.00 $149,022.00 $0.00 $280,500.00 0.20% 10.98 20113244-144-033 GONZALEZ,FERNANDO A $126,888.00 $177,480.00 $0.00 $304,368.00 0.20% 11.92 20113244-144-034 GOLAN,ALICIA N AND EYAL TRS GOLAN FAMILY TRUST $156,000.00 $147,000.00 $0.00 $303,000.00 0.20% 11.86 20083244-144-035 ASKINS,SEAN AND MICHELLE $143,616.00 $187,884.00 $0.00 $331,500.00 0.20% 12.98 20103244-144-036 MILLER,HOWARD S AND VENUS G $143,722.00 $162,655.00 $0.00 $306,377.00 0.20% 12.00 20023244-144-037 ZEIDNER,JEFFREY AND EILEEN $160,200.00 $114,800.00 $0.00 $275,000.00 0.20% 10.77 20043244-144-038 ALLSUP,ANDREA L $143,250.00 $147,720.00 $0.00 $290,970.00 0.20% 11.39 20023244-144-039 ALTAMIRA,FLORENCIO AND ESTELA $200,000.00 $81,000.00 $0.00 $281,000.00 0.20% 11.00 20053244-144-040 OLSON,THOMAS $161,447.00 $172,341.00 $0.00 $333,788.00 0.20% 13.07 20103244-144-041 SOURGOSE,CHARLES J AND MARIE P $129,255.00 $192,885.00 $0.00 $322,140.00 0.20% 12.61 20013244-144-042 SERRANO,EUGENE B AND THELMA R $121,725.00 $182,299.00 $0.00 $304,024.00 0.20% 11.90 20013244-144-043 WILLIAMS,PHILLIP AND MARINA $114,600.00 $160,400.00 $0.00 $275,000.00 0.20% 10.77 20073244-144-045 SALAS,CESAR A $120,197.00 $181,124.00 $0.00 $301,321.00 0.20% 11.80 20093244-144-046 SERUSHAN,MAJID AND LAYA $157,000.00 $117,000.00 $0.00 $274,000.00 0.20% 10.73 20033244-144-047 PHILLIPS,WALTER E AND ROSALIE $114,788.00 $172,067.00 $0.00 $286,855.00 0.20% 11.23 20013244-144-048 ARIAS,MIKE A CO TR ARIAS FAMILY TRUST $116,786.00 $181,059.00 $0.00 $297,845.00 0.20% 11.66 20063244-144-049 CARSTENSEN,LANS H AND KARLA S $123,020.00 $183,473.00 $0.00 $306,493.00 0.20% 12.00 20013244-144-050 CHUKWUEGBO,ANAYOCHUKWU G $165,764.00 $202,657.00 $0.00 $368,421.00 0.20% 14.42 20103244-144-051 GROSSER,JOEL P AND ANNE E $167,000.00 $135,000.00 $0.00 $302,000.00 0.20% 11.82 2012

Page 14 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-144-052 MORENO,CARLOS $112,000.00 $167,000.00 $0.00 $279,000.00 0.20% 10.92 20093244-144-057 BANK OF AMERICA $100,000.00 $185,000.00 $0.00 $285,000.00 0.20% 11.16 20123244-144-058 RUSHEFSKY,LARRY AND LINDA K $114,000.00 $188,000.00 $0.00 $302,000.00 0.20% 11.82 20073244-144-059 HANDELSMAN,HENRY M AND HUGHES,SHIRLEY A $134,000.00 $125,000.00 $0.00 $259,000.00 0.20% 10.14 20103244-144-061 GOMEZ,PETER AND MYRNA C $119,963.00 $203,313.00 $0.00 $323,276.00 0.20% 12.66 20033244-144-062 MAZHARI,SAEID AND VAHIDEH $174,458.00 $150,749.00 $0.00 $325,207.00 0.20% 12.73 20043244-144-063 MONROE,JEFFREY AND CASSANDRA $127,000.00 $176,000.00 $0.00 $303,000.00 0.20% 11.86 20083244-144-064 GARCIA,DIANE $137,000.00 $166,000.00 $0.00 $303,000.00 0.19% 14.33 20103244-144-065 FIRMIN,KENNETH S AND MICHELLE $176,000.00 $100,000.00 $0.00 $276,000.00 0.19% 13.05 20043244-144-066 SILVESTRE,BERNARDO $124,143.00 $209,851.00 $0.00 $333,994.00 0.19% 15.79 20093244-144-067 FONNEGRA,JUAN C AND LOUANNA B $192,900.00 $92,100.00 $0.00 $285,000.00 0.19% 13.48 20053244-144-068 UDARBE,EPHRAIM D JR AND ROSELITA G $112,764.00 $167,950.00 $0.00 $280,714.00 0.19% 13.27 20013244-144-069 SMITH,ADAM $107,965.00 $151,153.00 $0.00 $259,118.00 0.19% 12.25 20013244-144-070 GARRIS,JUSTIN A AND BERNADETTE Q $160,038.00 $166,362.00 $0.00 $326,400.00 0.19% 15.43 20103244-144-071 KERWIN,MAITE $113,963.00 $172,148.00 $0.00 $286,111.00 0.19% 13.53 20033244-144-072 MACKINS,PETER $158,000.00 $144,000.00 $0.00 $302,000.00 0.19% 14.28 20033244-144-073 HONG,EDDIE $105,598.00 $205,048.00 $0.00 $310,646.00 0.19% 14.69 20093244-144-074 DAVIES,JEROME AND JONES,PAULINE $143,700.00 $131,300.00 $0.00 $275,000.00 0.19% 13.00 20033244-144-075 DRISLANE,SARAH $117,564.00 $176,346.00 $0.00 $293,910.00 0.19% 13.89 20013244-144-076 LOUZAN,PEDRO AND NEILL,KIMBERLY $165,353.00 $208,721.00 $0.00 $374,074.00 0.19% 17.69 20103244-144-077 ROBBINS,JAMES AND JENNIFER $109,000.00 $151,000.00 $0.00 $260,000.00 0.19% 12.29 20073244-144-078 OSORIO,RAUL AND GABRIELA $112,764.00 $176,349.00 $0.00 $289,113.00 0.19% 13.67 20013244-144-079 DOAN,NAM $136,780.00 $178,417.00 $0.00 $315,197.00 0.19% 14.90 20023244-144-081 BAJGROWICZ,DARLEEN M $114,200.00 $155,800.00 $0.00 $270,000.00 0.19% 12.77 20113244-144-082 MENCHACA,MARIELA AND GREGORIO $192,200.00 $82,800.00 $0.00 $275,000.00 0.19% 13.00 20043244-144-083 SEDRAK,MARK AND DALIA $117,564.00 $175,747.00 $0.00 $293,311.00 0.19% 13.87 20013244-144-084 GREENFIELD,LOGAN AND LYNN $110,000.00 $173,000.00 $0.00 $283,000.00 0.19% 13.38 20093244-144-085 CASILLAS,RAYMOND AND BRAZFIELD,ARTHUR D JR $126,772.00 $180,799.00 $0.00 $307,571.00 0.19% 14.54 20093244-144-086 COSGROVE,ALWYN AND RACHEL A $119,963.00 $187,744.00 $0.00 $307,707.00 0.19% 14.55 20063244-144-087 PECERO,JOSE A $141,000.00 $177,000.00 $0.00 $318,000.00 0.19% 15.04 20083244-144-088 WEST,CHAD M AND KAREN A $98,700.00 $203,300.00 $0.00 $302,000.00 0.19% 14.28 20093244-144-089 BARNWELL,WILLIAM M $161,242.00 $167,614.00 $0.00 $328,856.00 0.19% 15.55 20103244-144-090 MORENO,CESAR AND RUELAS,ARCELIA $126,000.00 $155,000.00 $0.00 $281,000.00 0.19% 13.29 20083244-144-091 BERNAL,ANDRES AND ANGELA M $145,000.00 $134,000.00 $0.00 $279,000.00 0.19% 13.19 20053244-144-093 DURAN,JAVIER A AND MARY M $143,875.00 $205,536.00 $0.00 $349,411.00 0.20% 13.68 20103244-144-094 MANALO,CARLO P $112,000.00 $189,000.00 $0.00 $301,000.00 0.20% 11.79 20093244-144-095 DELGADO,RAMON G AND MAE L $109,163.00 $164,350.00 $0.00 $273,513.00 0.20% 10.71 20103244-144-097 TAYLOR,VICKI $109,900.00 $165,100.00 $0.00 $275,000.00 0.20% 10.77 20073244-144-101 HART,PATRICK J $147,720.00 $158,775.00 $0.00 $306,495.00 0.20% 12.00 20023244-144-102 RAY,EVAN AND MAUREEN $105,700.00 $196,300.00 $0.00 $302,000.00 0.20% 11.82 20093244-144-103 MAYO,SARA J $177,000.00 $101,000.00 $0.00 $278,000.00 0.20% 10.88 20043244-144-104 BENNETT,BRETT $201,800.00 $80,200.00 $0.00 $282,000.00 0.20% 11.04 20053244-144-105 MZOUGHI,MOUHSINE AND HAMMAOUI,SOUAD $129,000.00 $150,000.00 $0.00 $279,000.00 0.20% 10.92 20103244-144-106 JAVIER,JACQUELINE $123,000.00 $180,000.00 $0.00 $303,000.00 0.20% 11.86 20083244-144-109 MANALASTAS,ANTONIO R AND ROSITA B $133,136.00 $157,012.00 $0.00 $290,148.00 0.20% 11.36 20033244-144-110 DAVIS,DIANA $136,886.00 $197,108.00 $0.00 $333,994.00 0.20% 13.08 20093244-144-113 CATBAGAN,INFANTA M AND YLAG,RONALD T $164,000.00 $139,000.00 $0.00 $303,000.00 0.20% 11.86 20063244-144-116 AKELLO,DEBORA $167,000.00 $115,000.00 $0.00 $282,000.00 0.20% 11.04 20043244-144-117 HABIB,SIMON AND KACIE $136,077.00 $167,950.00 $0.00 $304,027.00 0.20% 11.90 20023244-144-118 BRONSON,JOEL AND THEVENAZ,JENNIFER $116,200.00 $159,800.00 $0.00 $276,000.00 0.20% 10.81 20073244-144-119 CARRAWAY,KEVIN M AND LA CREACHIA G $128,000.00 $152,000.00 $0.00 $280,000.00 0.20% 10.96 20033244-144-120 WADDELL,HOLLY L $134,664.00 $162,304.00 $0.00 $296,968.00 0.20% 11.63 20023244-144-123 FRANCIS,JOHN O AND ANDREA C $180,000.00 $101,000.00 $0.00 $281,000.00 0.20% 11.00 20053244-144-124 GARCIA,ROBERT $139,839.00 $153,130.00 $0.00 $292,969.00 0.20% 11.47 20053244-144-126 MILLER,LISSA M AND JAMES A $161,772.00 $190,128.00 $0.00 $351,900.00 0.20% 13.78 20103244-144-127 BLOCK,STEVEN A AND JUDY $148,778.00 $172,888.00 $0.00 $321,666.00 0.20% 12.59 20023244-144-128 BREUER,MARK L AND VALERIE S $151,247.00 $167,479.00 $0.00 $318,726.00 0.20% 12.48 20093244-144-129 LEE,EDMUND S AND IN HEE $146,425.00 $162,421.00 $0.00 $308,846.00 0.20% 12.09 20023244-144-130 PITILLO,JOSEPH JR AND TERESA M $46,518.00 $56,448.00 $0.00 $102,966.00 0.20% 4.03 2004

Page 15 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-144-131 WATKINS,DONNA L TR D L WATKINS TRUST $143,000.00 $165,000.00 $0.00 $308,000.00 0.20% 12.06 20073244-144-132 CREENCIA,ARVIN ET AL CREENCIA,REYNALDO D AND AMELIA S $135,018.00 $171,242.00 $0.00 $306,260.00 0.20% 11.99 20043244-145-002 GHARIB,DAWOUD $165,000.00 $226,000.00 $0.00 $391,000.00 0.20% 15.31 20063244-145-003 TOMLINSON,SURGEY H IV AND HOLTZ TOMLINSON,HEATHER $164,657.00 $272,667.00 $0.00 $437,324.00 0.20% 17.12 20013244-145-005 STEPHENSON,PAUL E AND SHERRY $132,400.00 $242,600.00 $0.00 $375,000.00 0.20% 14.68 20113244-145-006 ALBIS,JUN B AND MARIA D $163,481.00 $244,634.00 $0.00 $408,115.00 0.20% 15.98 20013244-145-007 OBILANA,ROBERT A AND MELINDA $161,951.00 $274,978.00 $0.00 $436,929.00 0.20% 17.10 20023244-145-008 PICCININNO,KEITH AND MELISA $120,100.00 $304,900.00 $0.00 $425,000.00 0.20% 16.64 20113244-145-009 LEWIN,ALISON G $168,185.00 $250,516.00 $0.00 $418,701.00 0.20% 16.39 20063244-145-010 PHUONG,SOI AND THACH,NANCY N $161,670.00 $255,510.00 $0.00 $417,180.00 0.20% 16.33 20113244-145-011 TIZNADO,MARIA R AND RAUL Z $164,068.00 $256,982.00 $0.00 $421,050.00 0.20% 16.48 20103244-145-012 PAREDES,RAMON AND GUADALUPE $160,892.00 $224,875.00 $0.00 $385,767.00 0.20% 15.10 20023244-145-013 RODRIGUEZ,FERNANDO AND CORINA $161,364.00 $274,510.00 $0.00 $435,874.00 0.20% 17.06 20033244-145-014 SAUNDERS,JEFFREY B AND DEBORAH A $161,126.00 $260,983.00 $0.00 $422,109.00 0.20% 16.52 20023244-145-016 PRITCHARD,LISA M $170,536.00 $257,809.00 $0.00 $428,345.00 0.20% 16.73 20033244-145-017 YEAMAN,KRISTIAN C AND CASSIDY,ERIN D $161,364.00 $203,232.00 $0.00 $364,596.00 0.20% 14.27 20043244-145-018 DALTON,JOHN S AND CARI M $145,837.00 $218,994.00 $0.00 $364,831.00 0.20% 14.27 20063244-145-019 HALVERSON,DAVID A AND MARY B $241,000.00 $161,000.00 $0.00 $402,000.00 0.20% 15.73 20053244-145-020 KEEFER,MARK G AND CHANA L TRS KEEFER FAMILY TRUST $201,000.00 $194,000.00 $0.00 $395,000.00 0.20% 15.45 20053244-145-021 GERHARDT,JOHN P JR AND WENDY M $129,400.00 $279,100.00 $0.00 $408,500.00 0.20% 15.98 20113244-145-022 BOOTH,MARK AND SHAUNA M $150,756.00 $276,624.00 $0.00 $427,380.00 0.20% 16.72 20113244-145-023 SHEWMON,DANIEL AND ELISABETH TRS SHEWMON TRUST $199,351.00 $298,737.00 $0.00 $498,088.00 0.20% 19.49 20083244-145-027 ENNEKING,JEFFREY A AND LORIE A $152,894.00 $260,587.00 $0.00 $413,481.00 0.20% 16.18 20013244-145-028 SMITH,MICHAEL R AND WENDY S $171,124.00 $286,974.00 $0.00 $458,098.00 0.20% 17.93 20013244-146-001 GONZALEZ,ENRIQUE AND ESMERALDA $151,000.00 $306,000.00 $0.00 $457,000.00 0.19% 21.59 20093244-146-002 BALDINELLI,ARMANDO AND VICTORIA $163,115.00 $314,441.00 $0.00 $477,556.00 0.19% 22.57 20093244-146-003 MARS,GJ $135,200.00 $273,800.00 $0.00 $409,000.00 0.19% 19.33 20113244-146-004 COMSTOCK,BRIAN P AND KRISTEN D $216,200.00 $173,800.00 $0.00 $390,000.00 0.19% 18.43 20043244-146-005 NEAL,KHYBRETTE L $273,000.00 $198,000.00 $0.00 $471,000.00 0.19% 22.26 20063244-146-006 TOSCANO,TRACY V $183,000.00 $244,000.00 $0.00 $427,000.00 0.19% 20.18 20043244-146-007 BAIRD,TERRY AND KAREN $209,400.00 $350,600.00 $0.00 $560,000.00 0.19% 26.47 20053244-146-008 MALONE,ERIC A AND CARINA D $180,000.00 $230,000.00 $0.00 $410,000.00 0.22% 15.49 20113244-146-009 KRIEG,PAUL AND MICHELE $136,000.00 $267,000.00 $0.00 $403,000.00 0.20% 15.78 20093244-146-010 WAGNER WILLIAM JOSEPH $152,894.00 $268,731.00 $0.00 $421,625.00 0.20% 16.51 20023244-146-011 JAPPORT,ROBERT G AND MARIVIC E $162,538.00 $244,634.00 $0.00 $407,172.00 0.20% 15.94 20013244-146-012 ATILANO,GEORGE M JR AND MARLENE $161,599.00 $242,398.00 $0.00 $403,997.00 0.20% 15.81 20013244-146-013 PODRATZ,CHRISTOPHER D AND MICHELLE S $151,000.00 $243,000.00 $0.00 $394,000.00 0.20% 15.42 20023244-146-014 MILLER,PAUL D AND LISBET $173,243.00 $261,100.00 $0.00 $434,343.00 0.20% 17.00 20013244-146-015 HOWARD,TYRONE C AND MAISAH I TRS HOWARD TRUST $154,659.00 $232,872.00 $0.00 $387,531.00 0.20% 15.17 20083244-146-016 WISE,MARK A AND CYNTHIA $152,894.00 $233,695.00 $0.00 $386,589.00 0.20% 15.13 20013244-146-017 SMITH,LYNDA A TR SMITH TRUST $164,657.00 $248,513.00 $0.00 $413,170.00 0.20% 16.17 20093244-146-018 PARKER,DOUGLAS L AND HEATHER K $140,277.00 $419,807.00 $0.00 $560,084.00 0.20% 21.93 20093244-146-019 CHONG,DOUGLAS J AND LEAH Y TRS $161,599.00 $246,550.00 $0.00 $408,149.00 0.20% 15.98 20043244-146-020 SORIANO,JOEY F AND JEMMA $152,894.00 $224,640.00 $0.00 $377,534.00 0.20% 14.78 20013244-146-021 CORDERO,WILLIAM R AND KRISTY A $152,894.00 $282,272.00 $0.00 $435,166.00 0.20% 17.03 20013244-146-022 FRIEDMAN,LEONARD AND MALKA $152,894.00 $228,168.00 $0.00 $381,062.00 0.20% 14.92 20013244-146-023 KAEDING,GERALDINE D $164,188.00 $244,634.00 $0.00 $408,822.00 0.20% 16.00 20043244-146-024 WILLIAMS,DAVID L AND LUISE $152,894.00 $243,106.00 $0.00 $396,000.00 0.20% 15.50 20053244-146-025 WALROTH,RICHARD A AND SUE M $152,894.00 $237,813.00 $0.00 $390,707.00 0.20% 15.29 20013244-146-027 ALLARDICE,JOHN P AND SARAH J $161,313.00 $239,837.00 $0.00 $401,150.00 0.20% 17.11 20023244-146-028 BECK,JEFFREY R AND ANTONIETA $166,614.00 $249,061.00 $0.00 $415,675.00 0.20% 17.73 20023244-146-029 NILSEN,ERIK N AND MELISSA M $166,499.00 $249,061.00 $0.00 $415,560.00 0.20% 17.73 20023244-146-030 MANG,MICHAEL J AND RORY C $167,654.00 $281,808.00 $0.00 $449,462.00 0.20% 19.17 20023244-146-031 MARCELLIN,PHILIP E II AND MICHELLE A $167,008.00 $288,255.00 $0.00 $455,263.00 0.20% 17.82 20013244-146-032 GOODSTEIN,STEVEN I $172,000.00 $234,000.00 $0.00 $406,000.00 0.20% 15.89 20043244-146-033 ROCHFORD,JOHN C AND LEAH A $199,939.00 $325,613.00 $0.00 $525,552.00 0.20% 20.57 20013244-146-034 CHRISLU,SPENCER M $152,894.00 $230,522.00 $0.00 $383,416.00 0.20% 15.01 20103244-146-035 MALINOWSKI,SEAN AND DEBRA TRS MALINOWSKI TRUST $161,599.00 $283,087.00 $0.00 $444,686.00 0.20% 17.41 20083244-146-036 HAUER WILLIAM C CO TR HAUER AND IRVINE HAUER TRUST $174,652.00 $266,303.00 $0.00 $440,955.00 0.20% 17.26 2009

Page 16 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-146-037 HOLMGREN,JOHN H AND MARCIA D $136,000.00 $273,000.00 $0.00 $409,000.00 0.22% 15.46 20083244-146-038 WHITE,GREGORY L AND BARNETTA $142,392.00 $320,668.00 $0.00 $463,060.00 0.22% 17.50 20113244-146-039 BAKER,TIMOTHY A $170,646.00 $308,754.00 $0.00 $479,400.00 0.22% 18.12 20103244-150-001 FIELDS,CORNELL JR AND PAMELA A $178,262.00 $281,657.00 $0.00 $459,919.00 0.20% 19.62 20023244-150-002 HAFERMALZ,MICHAEL S AND ABBY R $169,152.00 $256,903.00 $0.00 $426,055.00 0.20% 18.16 20023244-150-003 MELLONE,ANTHONY J JR AND LISA J $173,700.00 $291,300.00 $0.00 $465,000.00 0.20% 19.82 20083244-150-004 THOMAS,JOHN D AND STACEY L $158,430.00 $278,189.00 $0.00 $436,619.00 0.20% 18.61 20023244-150-005 LIEBE,JOCHEN AND CHERYL A $156,816.00 $274,505.00 $0.00 $431,321.00 0.20% 18.40 20023244-150-006 ROSEN,JORDAN AND WENDY B $170,307.00 $291,009.00 $0.00 $461,316.00 0.20% 19.68 20023244-150-007 WILSON,ANNABELLE R TR STEVEN DIAZ TRUST $206,500.00 $267,500.00 $0.00 $474,000.00 0.20% 20.22 20053244-150-010 NASRULLAH,SHAHZEB AND NELSON MELODY $186,000.00 $223,000.00 $0.00 $409,000.00 0.20% 17.44 20093244-150-011 HILL,CHARLES F AND WENDY G $172,497.00 $298,472.00 $0.00 $470,969.00 0.20% 20.08 20023244-150-012 GETZELMAN,RICHARD A CO TR GETZELMAN FAMILY TRUST $163,850.00 $274,946.00 $0.00 $438,796.00 0.20% 18.71 20043244-150-013 BLACKMAN,BRYAN S AND PAMELA D $146,000.00 $252,000.00 $0.00 $398,000.00 0.20% 16.97 20023244-150-014 SHEPHERD,JASON L $160,968.00 $229,804.00 $0.00 $390,772.00 0.20% 16.66 20053244-150-015 SHERMAN,AL AND DIANE M AND WEAVER,H DUANE AND ANN M $194,000.00 $247,000.00 $0.00 $441,000.00 0.20% 18.81 20093244-150-016 BEST,GERARD J AND GLISMAN BEST,JODY S $196,000.00 $210,000.00 $0.00 $406,000.00 0.20% 17.31 20043244-150-017 FRECK,SCOTT R AND SHEILA $168,230.00 $289,056.00 $0.00 $457,286.00 0.20% 19.50 20043244-150-018 MYERS,HOWARD W JR AND DORA H TRS MYERS FAMILY TRUST $175,958.00 $221,862.00 $0.00 $397,820.00 0.20% 16.96 20103244-150-019 ABEL,CHARLES A III AND SUSAN A $170,307.00 $272,435.00 $0.00 $442,742.00 0.20% 18.88 20023244-150-020 BOERSMA,JAMES AND CAROLE $160,275.00 $284,485.00 $0.00 $444,760.00 0.20% 18.97 20023244-150-021 COLEY,DOUGLAS A AND JOANNE L TRS COLEY TRUST $159,812.00 $278,582.00 $0.00 $438,394.00 0.20% 18.70 20033244-150-022 WEXLER,BLAKE AND DONNA L $159,812.00 $249,062.00 $0.00 $408,874.00 0.20% 17.44 20023244-150-023 GOLOMB,MARIA G AND PEREZ,MICHAEL R AND JACQUELYN T $196,000.00 $207,000.00 $0.00 $403,000.00 0.20% 17.19 20043244-150-024 CARLSON,RYAN AND WENDY $184,600.00 $211,000.00 $0.00 $395,600.00 0.20% 16.87 20043244-150-025 RODRIGUEZ,ISRAEL JR AND EVA $155,000.00 $222,000.00 $0.00 $377,000.00 0.20% 16.08 20023244-150-026 PACE,ROBERT L AND DURAN,ANTHONY L $163,000.00 $246,000.00 $0.00 $409,000.00 0.20% 17.44 20053244-150-027 STINSON,KIRK AND NICOLE TRS KIRK AND NICOLE STINSON TRUST $203,000.00 $249,000.00 $0.00 $452,000.00 0.20% 19.28 20083244-150-028 HERZER,DAVID T AND HOLMGREN,CAROLYN G $162,349.00 $301,573.00 $0.00 $463,922.00 0.20% 19.78 20023244-150-029 SEIBEL,MARK AND JENNIFER M $159,812.00 $304,641.00 $0.00 $464,453.00 0.20% 19.81 20023244-150-030 KEDDINGTON,NORMAN R AND JANET $77,596.00 $136,647.00 $0.00 $214,243.00 0.20% 9.14 20093244-150-031 NELSON,LEONARD D AND ALLISON R $253,800.00 $164,800.00 $0.00 $418,600.00 0.20% 17.85 20063244-150-032 ROMERO,GERARDO G AND SYLVIA $157,852.00 $350,971.00 $0.00 $508,823.00 0.20% 21.70 20023244-150-033 TORAL,DOT E TR TORAL TRUST $152,000.00 $229,000.00 $0.00 $381,000.00 0.20% 16.25 20033244-150-034 CAMP,SCOTT AND BETTY $141,000.00 $237,000.00 $0.00 $378,000.00 0.20% 16.12 20023244-150-035 SHENOUDA,GAMIL K AND LUCY $126,822.00 $191,800.00 $0.00 $318,622.00 0.20% 13.59 20113244-150-036 GAHAGAN,DANIEL V AND AILEEN M TR GAHAGAN FAMILY TRUST $148,000.00 $266,000.00 $0.00 $414,000.00 0.20% 17.66 20083244-150-037 WORBY,AARON J AND CHRISTINE M $167,000.00 $205,000.00 $0.00 $372,000.00 0.20% 15.87 20113244-150-038 FAMUYIBO,OLU V $183,797.00 $265,388.00 $0.00 $449,185.00 0.20% 19.16 20043244-150-039 RAYMUNDO,JOSE H AND CARMEN E $244,000.00 $192,000.00 $0.00 $436,000.00 0.20% 18.60 20073244-151-001 DOLAN,DANIEL R AND KRISTEEN L $175,610.00 $219,427.00 $0.00 $395,037.00 0.20% 16.85 20023244-151-002 MCCALL,ROBERT S AND JENNIFER A $179,646.00 $329,090.00 $0.00 $508,736.00 0.20% 21.70 20023244-151-004 FRY,TODD E AND SUSAN L $182,182.00 $196,828.00 $0.00 $379,010.00 0.20% 16.16 20023244-151-005 PRITCHETT,KEVIN E AND ALEXIS $130,600.00 $329,400.00 $0.00 $460,000.00 0.20% 19.62 20023244-151-006 MCCRAW,KIRT W $179,646.00 $182,989.00 $0.00 $362,635.00 0.20% 15.47 20083244-151-007 OKOYE-JOHNSON,OGOCHUKWU $184,489.00 $265,206.00 $0.00 $449,695.00 0.20% 19.18 20053244-151-008 PALARCA,ELIODORO G $169,152.00 $229,690.00 $0.00 $398,842.00 0.20% 17.01 20033244-151-009 MICHAELIDES,ANTHONY J AND SUSAN M $167,000.00 $226,000.00 $0.00 $393,000.00 0.20% 16.76 20023244-151-010 ALBERT,DAVID H AND MARGARET S $161,000.00 $278,000.00 $0.00 $439,000.00 0.20% 18.72 20023244-151-011 ALLEN,RICHARD J $244,000.00 $182,000.00 $0.00 $426,000.00 0.20% 18.17 20043244-151-012 THAI,BRANDON T $180,454.00 $280,425.00 $0.00 $460,879.00 0.20% 19.66 20043244-151-013 KIM,CHARLES C AND SWAN C $180,800.00 $329,432.00 $0.00 $510,232.00 0.20% 21.76 20023244-151-014 MERINO,MANUEL R AND MARLENY M $181,260.00 $319,475.00 $0.00 $500,735.00 0.20% 21.34 20123244-151-015 ELLINGSWORTH,CONRAD AND JEFFERSON,TAYLOR $177,000.00 $235,000.00 $0.00 $412,000.00 0.20% 17.56 20103244-151-016 DEJOHN,MICHAEL W AND DEBEAULIEAU,PATRICIA A $204,000.00 $270,300.00 $0.00 $474,300.00 0.20% 20.21 20103244-151-017 BOWE,RICHARD E AND NOVELLA R TRS BOWE FAMILY TRUST $30,622.00 $55,023.00 $0.00 $85,645.00 0.20% 3.65 20023244-151-018 HEBERT,MICHAEL L AND LISA C $166,614.00 $311,566.00 $0.00 $478,180.00 0.20% 20.38 20023244-151-019 TSAI,KENNY AND HSU,SHARON $157,000.00 $239,000.00 $0.00 $396,000.00 0.20% 16.88 20083244-151-020 VARSAM,KEVORK S AND TALEEN $174,574.00 $250,243.00 $0.00 $424,817.00 0.20% 18.10 2002

Page 17 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-151-021 EVANS,JEFFREY M AND CARTER,CATHY L $174,574.00 $274,897.00 $0.00 $449,471.00 0.20% 19.16 20023244-151-022 HETHERINGTON,MICHAEL L AND TRACY W $153,000.00 $249,000.00 $0.00 $402,000.00 0.20% 17.13 20023244-151-024 MORRISON,TIMOTHY J AND DINA M $174,574.00 $215,045.00 $0.00 $389,619.00 0.20% 16.62 20023244-151-025 SCHANKS,DANIEL AND CANDY $278,000.00 $175,000.00 $0.00 $453,000.00 0.20% 19.32 20063244-151-026 GALIAS,RAYMOND AND DELORES TRS GALIAS FAMILY TRUST $41,354.00 $89,395.00 $0.00 $130,749.00 0.20% 5.58 20083244-151-027 SINCOMB,RANDY A AND DELORES K $217,200.00 $218,700.00 $0.00 $435,900.00 0.20% 18.59 20053244-151-028 PHILLIPS,RICHARD AND SARAH $180,000.00 $219,000.00 $0.00 $399,000.00 0.20% 17.01 20063244-151-029 RUSSUM,JAMES B AND LORI M $211,124.00 $278,419.00 $0.00 $489,543.00 0.20% 20.85 20023244-151-030 MAZZUCA,DAVID P AND DEBRA R TRS D P AND D R MAZZUCA TRUST $164,657.00 $376,072.00 $0.00 $540,729.00 0.20% 23.07 20043244-151-031 FALAH,MANZUR AND NELLY TRS FALAH TRUST AND FALAH,OMAR AND EILEEN A $220,000.00 $151,000.00 $0.00 $371,000.00 0.20% 15.83 20063244-151-032 HANAMAIKAI,ROYCE AND KRISTEN $186,000.00 $194,000.00 $0.00 $380,000.00 0.20% 16.21 20023244-151-033 BOWLING,STEVEN L AND LORI L TRS BOWLING FAMILY TRUST $172,497.00 $313,271.00 $0.00 $485,768.00 0.20% 20.72 20063244-151-034 REAGAN,BRIAN $206,000.00 $193,000.00 $0.00 $399,000.00 0.20% 17.02 20043244-151-035 CRANN,GREGORY J AND WENDY M $169,000.00 $235,000.00 $0.00 $404,000.00 0.20% 17.23 20033244-151-036 ERTEL,GEOFFERY R $154,000.00 $257,000.00 $0.00 $411,000.00 0.20% 17.53 20103244-151-037 MANZANO,ALFREDO AND ROSE V $190,000.00 $248,000.00 $0.00 $438,000.00 0.20% 18.68 20063244-151-038 MARTIN,JAMES D AND SUZAN $185,988.00 $221,271.00 $0.00 $407,259.00 0.20% 17.37 20053244-169-001 PARGAS,GEORGE R AND ROSALIND $168,230.00 $287,910.00 $0.00 $456,140.00 0.22% 17.23 20033244-169-003 DESMOND,ROBERT G JR AND HOLLIDAY DESMOND,TIFFANY A $184,835.00 $276,736.00 $0.00 $461,571.00 0.22% 17.44 20033244-169-004 EDWARDS,WAYNE AND ROBYN $179,761.00 $269,818.00 $0.00 $449,579.00 0.22% 16.98 20033244-169-005 KANAN,PATRICK J AND LYNN M $186,795.00 $280,309.00 $0.00 $467,104.00 0.22% 17.64 20033244-169-006 FINKELSTEIN,LISA $178,845.00 $268,269.00 $0.00 $447,114.00 0.22% 16.89 20033244-169-007 FARENBAUGH,JERRY M AND ROYLEEN A $183,134.00 $288,997.00 $0.00 $472,131.00 0.22% 17.84 20033244-169-008 VERCHICK,MARK K AND SUE C $177,572.00 $266,243.00 $0.00 $443,815.00 0.22% 16.77 20033244-169-009 TASEVSKI,CHRIS AND LESLIE A $179,761.00 $311,884.00 $0.00 $491,645.00 0.22% 18.57 20033244-169-010 SEGRAVES,DOUG AND BONNIE $203,749.00 $322,787.00 $0.00 $526,536.00 0.22% 19.89 20033244-169-011 MACIAS,ROBERT G AND ROSA M $198,427.00 $296,568.00 $0.00 $494,995.00 0.22% 18.70 20033244-169-012 CARTY,ROBERT G TR $20,476.00 $44,704.00 $0.00 $65,180.00 0.22% 2.46 20113244-169-013 PILLA,RICHARD D AND BRIGITTE M $166,000.00 $268,000.00 $0.00 $434,000.00 0.22% 16.40 20033244-169-014 GREEN,RICHARD M $204,000.00 $274,380.00 $0.00 $478,380.00 0.22% 18.08 20113244-169-015 TRUJILLO,TOMAS J CO TR TRUJILLO FAMILY TRUST $218,463.00 $359,553.00 $0.00 $578,016.00 0.22% 21.84 20073244-169-016 SUPAN,FLORDELIZ D $159,000.00 $239,000.00 $0.00 $398,000.00 0.22% 15.04 20063244-169-017 BROOKER,MICHAEL W $217,000.00 $165,000.00 $0.00 $382,000.00 0.22% 14.44 20053244-169-018 BRYMER,ROBERT W AND TERESA $180,000.00 $302,000.00 $0.00 $482,000.00 0.22% 18.21 20033244-169-019 BRIGNONI,FRED AND COLEEN $166,000.00 $266,000.00 $0.00 $432,000.00 0.22% 16.33 20033244-169-020 VAIS,IVAN AND VALERIE TRS IVAN AND VALERIA VAIS TRUST $105,802.00 $132,256.00 $0.00 $238,058.00 0.22% 9.00 20073244-169-021 KAZEMZADEH,AMIR H AND CAMPOS,LUCILA $147,000.00 $219,000.00 $0.00 $366,000.00 0.22% 13.83 20063244-169-022 ST PETER,JASE AND CYNTHIA $232,000.00 $237,000.00 $0.00 $469,000.00 0.22% 17.73 20103244-169-023 GRISWOLD,THOMAS P AND LISA $291,200.00 $181,800.00 $0.00 $473,000.00 0.22% 17.88 20073244-169-024 WESTERSON,MICHAEL H AND JUNE A $174,000.00 $260,000.00 $0.00 $434,000.00 0.22% 16.40 20033244-169-025 BURROUGHS,TIMOTHY AND LEESA $175,000.00 $262,000.00 $0.00 $437,000.00 0.22% 16.51 20033244-169-026 HENSLEY,GARY E AND LORINDA L $175,000.00 $295,000.00 $0.00 $470,000.00 0.22% 17.76 20033244-169-027 RICCARDI,MARK AND VALERIE $134,000.00 $302,000.00 $0.00 $436,000.00 0.22% 16.47 20083244-169-028 PETTEGREW,ALIA $190,716.00 $285,961.00 $0.00 $476,677.00 0.22% 18.01 20073244-169-029 MCKOWN,CHRISTOPHER S AND MICHELLE M $184,824.00 $361,386.00 $0.00 $546,210.00 0.22% 20.64 20103244-169-030 MORIARTY,TIMOTHY N $174,883.00 $261,477.00 $0.00 $436,360.00 0.22% 16.49 20033244-169-031 CADIENTE,JEFF AND TERRI $193,900.00 $315,200.00 $0.00 $509,100.00 0.22% 19.24 20123244-169-032 MC KINLEY,JEFF AND ALYSSA $149,838.00 $319,362.00 $0.00 $469,200.00 0.22% 17.73 20113244-169-033 YODER,D JOE AND LYNNE D $172,053.00 $255,818.00 $0.00 $427,871.00 0.22% 16.17 20033244-169-034 GREENE,JOHN C AND VERONICA M $191,295.00 $287,512.00 $0.00 $478,807.00 0.22% 18.09 20033244-169-035 KAVARTHAPU,NARENDRA K AND SAUDHA S $185,072.00 $277,324.00 $0.00 $462,396.00 0.22% 17.47 20033244-169-036 SCHWARTZ,HENRY J AND PEGGY $204,000.00 $207,000.00 $0.00 $411,000.00 0.22% 15.53 20063244-169-037 MERLUZA,FIDEL AND FLORES C $188,241.00 $280,721.00 $0.00 $468,962.00 0.22% 17.72 20033244-169-038 MAUPIN,DAVID S AND MONICA $145,000.00 $278,000.00 $0.00 $423,000.00 0.22% 15.99 20093244-169-039 ING BANK $183,600.00 $204,000.00 $0.00 $387,600.00 0.22% 14.65 20123244-169-040 BOZART,SEGARO A AND REBA R TRS BOZART FAMILY TRUST $189,400.00 $322,500.00 $0.00 $511,900.00 0.22% 19.34 20053244-169-041 RAVE,JOHN AND SUSANA $218,000.00 $180,000.00 $0.00 $398,000.00 0.22% 15.04 20053244-169-042 GUARINO,LAURAINE $184,110.00 $269,790.00 $0.00 $453,900.00 0.22% 17.15 20103244-169-043 WORLEY,JULIUS B AND GAYLE L TRS WORLEY FAMILY TRUST $179,000.00 $261,000.00 $0.00 $440,000.00 0.22% 16.63 2009

Page 18 of 19

William S. Hart Union High School DistrictCommunity Facilities District No. 2000-1Parcel by Parcel Listing

APN Property Owner Property OwnerAsessed Value

LandAsessed Value Improvement

Asessed Value Other

Asessed Value Total

% of CFD No. 2000-1 Special Tax Bonds [1]

Value to Burden Ratio [2]

Year of Last Transfer

3244-169-044 LEONARD,MALOSI AND WENDY $146,855.00 $397,814.00 $0.00 $544,669.00 0.22% 20.58 20093244-169-045 APPLEGATE,KEVIN J AND KELLERMAN,AMY L $164,118.00 $325,482.00 $0.00 $489,600.00 0.22% 18.50 20103244-169-046 HAGEN,RAUL $183,800.00 $296,200.00 $0.00 $480,000.00 0.22% 18.14 20033244-169-047 MARTINEZ,RICHARD E AND LEILIA M $156,013.00 $75,315.00 $0.00 $231,328.00 0.22% 8.74 20043244-169-048 BELLO,CHRIS F AND AMY E $192,430.00 $327,120.00 $0.00 $519,550.00 0.22% 19.63 20033244-169-049 WALSTON,TIM G AND KELLY R $182,700.00 $274,100.00 $0.00 $456,800.00 0.22% 17.26 20033244-169-050 FINLEY,CHRIANTHI $196,392.00 $294,305.00 $0.00 $490,697.00 0.22% 18.54 20063244-169-051 GINCHEREAU,MATTHEW G AND ROSELYN $224,803.00 $339,603.00 $0.00 $564,406.00 0.22% 21.32 20033244-169-052 BUNDE,ERIC AND LAURIE $164,000.00 $298,000.00 $0.00 $462,000.00 0.22% 17.45 20093244-169-053 LADSON CASTLE,ARLAYN AND CASTLE,RICHARD $133,300.00 $291,700.00 $0.00 $425,000.00 0.22% 16.06 20113244-169-054 MANGAN,BERNARD T AND BRENDA L $226,700.00 $370,700.00 $0.00 $597,400.00 0.22% 22.58 20033244-169-055 CURTIS,GREGG E AND THURSTON CURTIS,NELDA R $181,000.00 $289,000.00 $0.00 $470,000.00 0.22% 17.76 20053244-169-056 BELGRAD,SUSAN F $156,600.00 $237,400.00 $0.00 $394,000.00 0.22% 14.89 20033244-169-057 ABARYAN,VARTAN AND POPOVA,ELENA $167,000.00 $250,000.00 $0.00 $417,000.00 0.22% 15.76 20053244-169-058 PHETHEAN,PHILLIP N TR PHILLIP N PHETHEAN TRUST AND HOBSON,B TR BARBARA HOBSON TRUST $168,000.00 $262,000.00 $0.00 $430,000.00 0.22% 16.25 20073244-169-059 SWANSON,CHAD AND DEANNA $165,000.00 $241,000.00 $0.00 $406,000.00 0.22% 15.34 20083244-170-001 PAYNE,LARRY H $187,950.00 $281,808.00 $0.00 $469,758.00 0.22% 17.74 20033244-170-002 SINGH,DALJIT AND AMELIA C $207,436.00 $311,329.00 $0.00 $518,765.00 0.22% 19.59 20033244-170-003 GARWOOD,NINA M $214,470.00 $321,706.00 $0.00 $536,176.00 0.22% 20.25 20063244-170-005 GONZALEZ,CARLOS AND CHRISTINA $188,920.00 $281,853.00 $0.00 $470,773.00 0.22% 17.78 20033244-170-006 MOORE,KEVIN W AND WENCELAUS $202,843.00 $303,360.00 $0.00 $506,203.00 0.22% 19.12 20033244-170-007 THOMPSON,KEITH AND LOLLINO,LORRAINE $287,000.00 $157,000.00 $0.00 $444,000.00 0.22% 16.77 20073244-170-008 KIM,JINWON AND YOUNGSOOK $178,732.00 $266,006.00 $0.00 $444,738.00 0.22% 16.81 20033244-170-011 MENTOR,BILL L AND REBECCA I AND SMITH,PHYLLIS J $171,000.00 $258,000.00 $0.00 $429,000.00 0.22% 16.19 20053244-170-012 BUTEYN,GREGORY P AND DINA E $242,000.00 $169,000.00 $0.00 $411,000.00 0.22% 15.53 20043244-170-013 MALINOWSKI,DAMIAN AND ELIZABETH $168,000.00 $330,000.00 $0.00 $498,000.00 0.22% 18.81 20083244-170-014 NY FAMILY INVESTMENTS LLC $209,100.00 $306,000.00 $0.00 $515,100.00 0.22% 19.44 20113244-170-015 DAHRING,NANCY AND ANDREW $185,524.00 $318,236.00 $0.00 $503,760.00 0.22% 19.03 20033244-170-016 MARSTON,MAUREEN K $178,000.00 $282,000.00 $0.00 $460,000.00 0.22% 17.38 20083244-170-017 KIM,SEAN T $185,000.00 $278,000.00 $0.00 $463,000.00 0.22% 17.49 20063244-170-018 DOUGHERTY,KRISTAL I $146,900.00 $332,600.00 $0.00 $479,500.00 0.22% 18.11 20113244-170-019 KACPERSKI,MICHELLE P $213,700.00 $355,200.00 $0.00 $568,900.00 0.22% 21.49 2003

Source: Dolinka Group, LLC; Los Angeles County Assessor's Roll as of January 1, 2012.

[1] Allocated based on proportionate share of actual Fiscal Year 2012-2013 Special Tax.[2] Burden represents overlapping assessment district and other community facilities district debt outstanding as of October 23, 2012 in addition to the applicable debt of the CFD No. 2000-1 Special Tax Bonds. Allocated based on actual Fiscal Year 2012-2013 levy. See "Direct and Overlapping Debt" report for a description of overlapping liens.

Page 19 of 19

[THIS PAGE INTENTIONALLY LEFT BLANK]

C-1

APPENDIX C

RATE AND METHOD OF APPORTIONMENT

FOR EACH COMMUNITY FACILITIES DISTRICT

[THIS PAGE INTENTIONALLY LEFT BLANK]

RATE AND METHOD OF APPORTIONMENT F'OR COMMUNITY FACILITIES DISTRICT

NO. 90-1 OF THE VvILLIAM S. HART UNION HIGH SCHOOL DISTRICT

A Special Tax (the "Special Tax") shall be levied on and collected from each parcel of Developed Property in Community Facilities District No. 90-1 ("CFO No. 90-1 ") ir. each Fiscal Year, commencing July 1, 1991,, in an amount determined by the Board of Trustees o::the William S. Hart Union High School District through the application of the appropriate Special Tax for "Developed Property" in CFD No. 90-1, as described below. All of the property in CFD No. 90-1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent and in the manner herein provided.

A. !)EFINJTIONS

The terms hereinafter set forth have the following meanings:

"Act" means the Mello-Roos Community Facilities Act of 1982, as ammded, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California.

"Apartment" me:ans a building or buildings comprised of residential units available for rnntal by the general public.

"Assigned Specfal Tax" means the Special Tax for each Land Use Class, as determined by reference to Tables I through III of Section C below.

'"Board .. means the Board of Trustees of the William S. Hart Union High School District.

'''Condominium" means a residential or non-residential unit meeting the statutory definition of a condominium contained in Civil Code Section 1351.

''Consumer Price! Index" means the Index for the Los Angeles- Long Beach consolidated metropolitan statistical area, published monthly by the U.S. Department of Labor, Bureau of Labor Statistics.

"Density" means the number of residential lots or in the case of a Condominium plan or Apartment projects the number of Condominiums or Apartments included in a recorded final subdivision tract map divided by the total acreage indicated on such tract map.

"Developed Property" means any Fiscal Year all Taxable Property m CFO No. 90-1 for which a residential foundation building permit was been issued after as of March 1 of the prior Fiscal Year, but not prior to July 1, 1990.

"Facilities" means any improvements or facilities designated by the Board with an estimated useful life of five years or longer which are eligible for financing under the provisions of the Act.

"Fiscal Year" mi~ans the period commencing on July 1 and ending the following June 30.

Page 1 of 6

"Initial Fiscal Year," for any parcel, means the first Fiscal Year in which a Special Tax is levied against such parcel.

"Land Use Class" means any of the categories listed in Table I through III of Section C below.

"Maximum Assigned Special Tax" means for land use classes, 150 percent of the Fiscal Year 1991-92 Assigned Special Tax.

"Maximum Special Tax" means the Maximum Special Tax that can be levied by the Board in any Fiscal Year, as determined in accordance with Section C.

"One-Time Special Tax" for any parcel means the special taxes, determined in accordance with Section D below, established for such parcel.

"Special Tax" means the Special Tax to be levied in each Fiscal Year for each Land Use Class of Developed Property to fund the Special Tax Requirement.

"Special Tax Requirement" means that amount required in any Fiscal Year for (1) debt service on all bonds or other indebtedness of CFD No. 90-1, (2) the cost of acquisition or construction of public facilities, (3) all amounts necessary to eliminate any fixes special assessment liens or to repay or defease any indebtedness secured by any tax, fee, charge, or assessment levied within the area of CFD No. 90-1 or to pay debt service on that indebtedness, including lease/purchase payments or installment/purchase payments in connection with certificates of participation, (4) costs incurred by CFD No. 90-1 in the annual levy and collection of the Special Tax, ( 5) the administration costs of CFD No. 90-1, (6) accumulation of funds for future debt service, (7) costs associated with the release of funds from an escrow account, (8) any amounts required to the extent permitted in the Maximum Special Tax to replenish any reserve funds, (9) any other purpose permitted by the Act.

"Taxable Property" means all of the parcels within the boundaries ofCFD No. 90-1 which are not exempt from the Special Tax pursuant to law or Section F below.

"Undeveloped Property" means all Taxable Property not classified as Developed Property.

B. ASSIGNMENT TO LAND USE CLASS

For each Fiscal Year all Taxable Property shall be classified as Developed Property or Undeveloped Property and shall be subject to tax in accordance with the Rate and Method of Apportionment determined pursuant to Section C and D below.

For purposes of determining the applicable Maximum Special Tax for each parcel of Developed Property, all Developed Property shall be assigned to one of the Land Use Classes designated in Table I below; all Developed Property located within the Newhall School District shall also be assigned to one of the Land Use Classes designated in Table II below; and all Developed Property located within the Saugus Union School District shall also be assigned to one of the Land Use Classes designated in Table III below.

Page 2 of 6

C. MAXIMUM SPECIAL TAX RATES

1be Maximum Special Tax for any given parcel classified as Developed Property shall be the Assigned Special Tax in said parcel's Initial Fiscal Year. Such M,,ximum Special Tax shall be levied on each parcel within CFD No. 90-1 for a period of 30 years form that parcel's Initial Fiscal Year.

Beginning July 1, 1992, and on each July 1 thereafter, the Assigned Special Taxes shall be increased above the amount in effect the previous Fiscal Year by an amount equal to the greater of the annual percentage change in the Consumer Price Index, measured as of the twelve month period ending the January 1 of the preceding Fiscal Year, or four percent; provided, the Assigned Special Tax shall not exceed the Maximum Assigned Special Tax set forth in Tables I through III below.

In the event that a previous agreement exists for any parcel with respect to the Maximum Special Tax, the Special Taxes and provisions listed in such agreement shall supersede this Rate and M~:thod of Apportionment.

TABLE I

The following arc the Maximum Assigned Special Taxes and the Fiscal Year 1991-92 Assigned Special Taxes which shall be levied on all Developed Property located within CFD No. 90-1 and annexed therein in the manner provided by law, unless a property owner has dected to pay the One-Time Special Tax listed in Table IV (see Section B.2).

[ Land Use Clas Estate Homes

Very Low Low Low-Medium Medium

s

Medium HigL_ Hi h

Fiscal Year 1991-92 Maximum Assigned Density Assigned Special Tax Special Tax

::;1 $390.00 $585.00 > 1, and ::;; 2 $376.00 $564.00 > 2, and ::;; 4 $349.00 $524.00 > 4, and :5 8 $335.00 $503.00 > 8, and ::;; 14 $208.00 $312.00 > 14, and ::;; 24 $167.00 $251.00 >24 $111.00 $167.00

TABLE II

The following an! the Maximum Assigned Special Taxes and the Fiscal Year 1991-92 Assigned Special Taxes which also shall be levied on all Developed Property located within the Newhall School District and CFD No. 90-1 and annexed therein in the manner provided by law, unless a property owner has elected to pay the One-Time Special Tax listed in Table V (see Section B.2).

Fiscal Year 1991-92 Maximum Assigned Land Use Class Density Assi2ned Special Tax Special Tax

~state Homes ::;1 $327.00 $491.00

Page 3 of 6

Very Low > 1, and :::; 2 $308.00 $462.00 Low > 2, and :::;; 4 $288.00 $432.00 Low-Medium > 4, and :::;; 8 $231.00 $347.00 Medium >8,and$14 $163.00 $245.00 Medium High > 14, and :::;; 24 $125.00 $188.00 High >24 $96.00 $144.00

TABLE III

The following are the Maximum Assigned Special Taxes and the Fiscal Year 1991-92 Assigned Special Taxes which also shall be levied on all Developed Property located within the Saugus Union School District and CFD No. 90-1 and annexed therein in the manner provided by law, unless a property owner has elected to pay the One-Time Special Tax listed in Table VI (see Section B.2).

Fiscal Year 1991-92 Maximum Assigned Land Use Class Density Assi2ned Special Tax Special Tax

Estate Homes $1 $384.00 $576.00 Very Low > I, and ::; 2 $356.00 $534.00 Low > 2, and :::; 4 $317.00 $476.00 Low-Medium > 4, and :::; 8 $259.00 $389.00 Medium >8,and$14 $202.00 $303.00 Medium High > 14, and :::;; 24 $144.00 $216.00 High >24 $106.00 $159.00

D. ONE-TIME SPECIAL TAX PAYMENT

Prior to building permit issuance, the Special Taxes for any assessor's parcel may be prepaid. The Fiscal Year 1991-92 One-Time Special Tax rates are listed in Tables IV through VI

below. Beginning July 1, 1992, and on each July I thereafter, the One-Time Special Tax for all Taxable Property for which a residential foundation building permit is issued during the Fiscal Year, shall be determined by reference to Tables IV through VI, as applicable, increased above the amount in effect for the previous Fiscal Year by the greater of the annual percentage change in the Consumer Price Index measured as of the twelve month period ending the January I of the preceding Fiscal Year, or four percent.

TABLE IV

A One-Time Special Tax which is applicable to all Developed Property located within CFD No. 90-1 will be based on the amount stated within an agreement between the developer of the assessor's parcel and the William S. Hart Union High School District. The amount of this One-Time Special Tax in Fiscal Year 1991-92 shall not exceed $3,400 per dwelling unit.

TABLE V

A One-Time Special Tax which is applicable to all Developed Property located within Newhall School District and CFD No. 90-1 will be based on the amount stated within an

Page 4 of 6

agreement between the developer of the assessor's parcel and the William S. Hart Union High School District and/or Newhall School District, or a combination thereof. The amount of this One-Time Special Tax in Fiscal Year 1991-92 shall not exceed $2,500 per dwelling unit.

TABLE VI

A One-Time Special Tax which is applicable to all Developed Property located within ~,augus Union School District and CFD No. 90-1 will be based on the amount stated within an agreement between the developer of the assessor's parcel and the William S. Hart Union High School District and/or Saugus Union School District, or a combination thereof. The amount of this One-Time Special Tax in Fiscal Year 1991-92 shall not exceed $2,800 per dwelling unit.

E. 1\1.ETHOD OF APPORTIONMENT OF THE SPECIAL TAX

Starting in Fiscal Year 1991-92 and for each following Fiscal Year, the Board shall determine the amount of money to be collected from all Developed Property in CFD No. 90-1 in that Fiscal Year (the Special Tax Requirement). The Board shall levy up to 100 percent of the Maximum Special Tax for each parcel of Developed Property until the amount of the levy equals the Special Tax Requirement.

F. JE:XEMPTION~~

A Special Tax shall not be imposed on any property for which a residential foundation building permit has not been issued. Under no circumstances shall the Board impose a Special Tax on la111d which is a public right of way or which is a utility property utilized for the provision of services to the public or a property encumbered with public or utility easements making impractical its utilization for other than the purposes set forth in the easement.

G. ]REVIEW/APPEAL COMMITTEE

The Board shall establish as part of the proceedings and administration ofCFD No. 90-1 a :;pecial three-member Review/ Appeal Committee. Any landowner or r,;:sident who feels that i:he amount of the Special Tax, as to their parcel, is in error may file a notice with the Review/Appeal Committee appealing the amount of the Special Tax };:vied on such parcel. The Review/ Appeal Committee shall interpret this Rate and Method of Apportionment of the .Special Tax and make determinations relative to the annual administration of the Special Tax and any landowner or resident appeals. The decision of the Review/ Appeal Committee shall be final and binding as to all persons.

H. .MANNER OF COLLECTIONS

The Special Tax will be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 90-1 may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations.

Page 5 of 6

K:\CLIENTS2\WSHARTHSD\MELLO\CFD 90-J\RMA 90-1.DOC

Page 6 of 6

EXHIBIT B-1

ASSIGNED AND MAXIMUM ASSIGNED SPECIAL TAX RATES FOR CFD NO. 90-1

Land Use Clas~

Estate Homes Very Low Low Low-Medium Medium

Medium Hi~~ High

i Density

sl > 1, and s 2 > 2, and s 4 > 4, and s 8 > 8, and s 14 >14,ands24 > 24

Fiscal Year 1991-92 Assi2ned Special Tax

$390.00 $376.00 $349.00 $335.00 $208.00 $167.00 $111.00

Maximum Assigned Special Tax

$585.00 $564.00 $524.00 $503.00 $312.00 $251.00 $167.00

EXHIBIT B-2

ASSIGNED AND MAXIMUM ASSIGNED SPECIAL TAX RATES FOR CFD NO. 90-1

Fiscal Year 1991-92 Land Use Class Density Assi2ned Special Tax

Estate Homes ~1 $327.00 Very Low > 1,and s2 $308.00 Low > 2, and s 4 $288.00 Low-Medium > 4, and s 8 $231.00 Medium > 8, and s 14 $163.00 Medium High > 14, and s 24 $125.00 High > 24 $96.00

Maximum Assigned Special Tax

$491.00 $462.00 $432.00 $347.00 $245.00 $188.00 $144.00

EXHIBIT B-3

ASSIGNED AND MAXIMUM ASSIGNED SPECIAL TAX RATES FOR CFD NO. 90-1

[ Land Use Class

E:,tate Homes

'~ery Low Low Low-Medium l'vl[edium

Medium 1:!!g;h Hi h

Density

~1 > 1, and ~ 2 > 2, and ~ 4 > 4, and ~ 8 > 8, and ~ 14 > 14, and ~ 24 > 24

Fiscal Year 1991-92 Assi!med Special Tax

$384.00 $356.00 $317.00 $259.00 $202.00 $144.00 $106.00

Maximum Assigned Special Tax

$576.00 $534.00 $476.00 $389.00 $303.00 $216.00 $159.00

AMENDED RA TE AND METHOD OF APPORTIONMENT FOR COMMUNITY FACILITIES DISTRICT NO. 99-1

OF WILLIAMS. HART UNION HIGH SCHOOL DISTRICT

The following sets forth the Rate and Method of Apportionment for the levy and collection of Special Taxes of William S. Hart Union High Schoo] District ("Schoo] District") Community Facilities District No. 99-1 ("CFD No. 99-1 "). Special Taxes as herein provided shall be levied on and collected in CFD No. 99-1 each Fiscal Year, in an amount determined through the application of the Rate and Method of Apportionment described below. AH the real property in CFD No. 99-1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided.

SECTION A DEFINITIONS

The terms hereinafter set forth have the following meanings:

"Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map or as calculated from the applicable Assessor's Parcel Map by the Board.

"Act" means the Mello-Roos Communities Facilities Act of 1982 as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California.

"Administrative Expenses" means any ordinary and necessary expense incurred by the School District on behalf of CFD No. 99-1 related to the determination of the amount of the levy of Special Taxes, the collection of Special Taxes including the expenses of collecting delinquencies, the administration of Bonds, the payment of salaries and benefits of any School District employee whose duties are directly related to the administration of CFD No. 99-1, and costs otherwise incurred in order to carry out the authorized purposes of CFD No. 99-1.

"Annual Special Tax" means the Special Tax actually levied in any Fiscal Year on any Assessor's Parcel.

"Assessor's Parcel" means a lot or parcel of land designated on an Assessor's Parcel Map with an assigned Assessor's Parcel Number within the boundaries of CFD No. 99-1.

"Assessor's Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor's Parcel Number.

"Assessor's Parcel Number" means that number assigned to an Assessor's Parcel by the County for purposes of identification.

"Assigned Annual Special Tax" means the Special Tax of that name described in Section D below.

"Attached Unit" means a Unit in a building or buildings in which all of the Units have one or more supporting, above-ground vertical common walls establishing substantial connectivity between two (2) or more Units.

Page 1 of 13

"Backup Annual SpeciaJ Tax" means the Special Tax of that name described in Section E below.

"Board" means the Board of Education of Wil1iam S. Hart Union High School District or its designee as the legislative body of CFD No. 99-1.

"Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long-term leases, loans from government agencies, or Joans from banks, other financial institutions, private businesses, or individuals, or long-term contracts, or any refunding thereof.. which obligation may be incurred by CFD No. 99-1 or the School District and for which the Special Taxes have been pledged.

"Buildini: Permit" means a permit for the construction of one or more Units. For purposes of this definition, "Building Permit" shall not include permits for construction or installation of commercial/industrial structures, parking structures, retaining walls, utility :improvements, or other such improvements not in!lended for human habitation.

"Building Square Feet" or "BSF" means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space for such Assessor's Parcel. The application for the Building Permit for such Assessor's Parcel may be used for such. determination.

"Calendar Year" means the period commencing January I of any year and ending the fo11owing December 31 .

"Comrmrnity Facilities District Map" means Exhibit A of this Rate and Method of Apportionment.

"County"' means the County of Los Angeles.

"Developed Property" means al1 Assessor's Parcels for which a Building Permit was issued on or before January 1 of the prior Fiscal Year.

"Detached Unit" means a Unit which is not an Attached Unit.

"Exempt Landscape Management Area" means the Landscape Management Area classified as Exempt Landscape Management Area pursuant to Step Two of Section J and excluded from the calculation of Back-up An111ual Special Taxes pursuant to Section E.

"Exemp1l Jf>roperty" means all Assessor's Parcels designated as being exempt from Special Taxes in Section J.

"Final Map" means a final tract map, parcel map, lot line adjustment, or functionally equivalent map or instrument that creates building sites, recorded in the County Office of the Recorder.

"Fiscal Year" means the period commencing on July 1 of any year and ending the fol1owing June 30.

Page 2 of 13

"Landscape Management Area" means the portion, in terms of land area, of the Acreage of an Assessor's Parcel of Developed Property which is encumbered by an easement that serves a landscape management purpose and makes impractical such land area's utilization for any purpose other than those set forth in the easement, as determined by the Board. In order for any land area of an Assessor's Parcel of Developed Property to be classified as Landscape Management Area, the owner of such Assessor's Parcel must provide the Board with a Final Map or other document recorded in the County Office of the Recorder evidencing the existence of such easement and identifying the land area encumbered by such easement to the satisfaction of the Board. If the owner of such Assessor's Parcel does not provide such documentation, the Board shall not be required to classify any land area of such Assessor's Parcel as Landscape Management Area.

"Maximum Special Tax" means the maximum Special Tax, determined in accordance with Section C, that can be levied by CFD No. 99-1 in any Fiscal Year on any Assessor's Parcel.

"Minimum Annual Special Tax Requirement" means the amount required in any Fiscal Year to pay: (i) the debt service on all outstanding Bonds, other indebtedness, lease revenue financing, other periodic costs on all outstanding Bonds, or other indebtedness of CFD No. 99-1 or of the School District for which the Special Taxes have been pledged, (ii) Administrative Expenses of CFD No. 99-1, (iii) the costs associated with the release of funds from an escrow account, and (iv) any amount required to establish or replenish any reserve funds established in association with the Bonds or other indebtedness of CFD No. 99-1, Jess reserve fund earnings in excess of the reserve fund requirement which are not allocable to rebatable arbitrage and any capitalized interest.

"Partial Prepayment Amount" means the amount required to be paid to prepay a portion of the Annual Special Tax obligation of an Assessor's Parcel, calculated pursuant Section H below

"Prepayment Amount" means the amount required to be paid to prepay the Annual Special Tax obligation of an Assessor's Parcel in full, calculated pursuant to Section G below.

"Proportionately" means that the ratio of the actual Annual Special Tax levy to the applicable Special Tax is equal for all applicable Assessor's Parcels.

"Special Tax" means any of the special taxes authorized to be levied by CFD No. 99-1 pursuant to the Act and this Rate and Method of Apportionment.

"Taxable Property" means all Assessor's Parcels which are not Exempt Property.

"Undeveloped Property" means all Assessor's Parcels of Taxable Property which are not Developed Property.

"Unit" means each separate residential dwelling unit which comprises an independent facility capable of conveyance separate from adjacent residential dwelling units.

"Zone A" means the area designated as Zone A on the Community Facilities District Map, attached hereto as Exhibit A, as amended from time to time at the discretion of the Board.

"Zone B" means the area designated as Zone B on the Community Facilities District Map, attached hereto as Exhibit A, as amended from time to time at the discretion of the Board.

Page 3 of 13

"Zone C" means the area designated as Zone Con the Community Facilii:ies District Map, attached hereto as Exhibit A. as amended from time to time at the discretion of the Board.

"Zone])" means the area designated as Zone Don the Community Facili1:ies District Map, attached hereto as Exhibit A, as ,unended from time to time at the discretion of the- Board.

SECTION B CLASSIFICATION OF ASSESSOR'S PARCELS

For each Fiscal Year, beginning with Fiscal Year 2000-01, each Assessor's Parcel within CFO.No. 99-1 shal1 be classified as Developed Property, Undeveloped Prope11y, or Exempt Property.

1. peveloped Property

SECTION C MAXIMUM SPECIAL TAXES

The Maximum Special Tax for each Assessor's Parcel classified as Developed Property in any Fiscal Year shalJ be the greater amount specified for (i) the Assigned Annual Special Tax or (ii) the Backup Annual Special Tax applicable to such Developed Property.

2. !Jndeveloped Property

The Maximum Special Tax for each Assessor's Parcel cJassified as Undeveloped Property in ,my Fiscal Year shalJ be the specified Assigned Annual Special Tax applicable to such Undeveloped Prciperty.

SECTIOND ASSIGNED ANNUAL SPECIAL TAXES

1. !)eveloped Property

The Assigned Annual Special Tax applicable to each Assesso:r's Parcel of Developed Property in Zones A, B, C, and D for any Fiscal Year shall be the amounts specified in Table I, 2, 3 or 4 below, as applicable.

Paj?,e 4 of 13

Unit Type

Detached

Detached

Detached

Attached

Unit Type

Detached

Attached

Unit Type

Detached

Detached

Detached

Attached

TABLE 1 Developed Property

ss1gne nnua pec1a ax - one A . dA IS . IT Z A

BSF Assigned Annual Special Tax

> 2,200 $312.40 per Unit

> 2,000 and <2,200 $254.40 per Unit

< 2,000 $190.60 per Unit

NA $265.08 per Unit

TABLE2 Developed Property

ss12ne nnua ,pec1a ax - one A . dA IS . IT Z B

BSF Assigned Annual Special Tax

NA

NA

TABLE3 Developed Property

$449.98 per Unit

$265.08 per Unit

ss1gne nnua ,pec1a ax - one A . dA JS . IT Z C

BSF Assigned Annual Special Tax

> 2,600 $411.00 per Unit

> 2,300 and < 2,600 $337.05 per Unit

< 2,300 $266.00 per Unit

NA $265.08 per Unit

TABLE4 Developed Property

ss1gne nnua ,pec1a ax - one A . dA IS . IT Z D

Unit Type BSF Assigned Annual Special Tax

Detached NA $449.98 per Unit

Attached NA ~265.08 per Unit -

Page 5 of 13

2. !J1r1developed Pro~

The Assigned Annual Special Tax applicable to each Assessor's Parcel of Undeveloped Property in Zones A, B, C, and D for any Fiscal Year shall be the amounts specified in Table 5 below.

Zone

A

B

c

D

TABLES Undeveloped Property

A" dA IS "IT ss1gne nnua pecl3

Assigned Annual Special Tax

ax

$2,179.82 per acre of Acreage

$3,358.27 per acre of Acreage

$2,401.06 per acre of Acreage

$1,029.50 per acre of Acreage

SECTION E BACKUP ANNUAL SPECIAL TAXES

·-

·-

The Backup Annual Special Tax applicable to an Assessor's Parcel of Developed Property for any Fiscal Year shall be the amounts specified in Table 6 below, where Acreage is calculated exclusive of Exempt Landscape Ma111agement Area.

Zone

A

B

c D

]'ABLE6 Developed Property

B k A IS . IT ac up nnua pecia

Backup Annual Special Tax

ax

$0.0500 per square foot of Acreage

$0.0771 per square foot of Acreage

$0.0551 per square foot of Acreage

$0.0236 per square foot of Acreage

Page 6 of 13

SECTION F METHOD OF APPORTIONMENT OF THE ANNUAL SPECIAL TAX

Commencing Fiscal Year 2000-0 I and for each subsequent Fiscal Year, the Board shall levy Annual Special Taxes as follows:

Step One: The Board shall levy an Annual Special Tax on each Assessor's Parcel of Developed Property in an amount equal to the Assigned Annual Special Tax applicable to each such Assessor's Parcel.

Step Two: If the sum of the amounts collected in step one is insufficient to satisfy the Minimum Annual Special Tax Requirement, then the Board shall additionally levy an Annual Special Tax Proportionately on each Assessor's Parcel of Undeveloped Property, up to the Assigned Annual Special Tax applicable to each such Assessor's Parcel to satisfy the Minimum Annual Special Tax Requirement.

Step Three: If the sum of the amounts collected in steps one and two is insufficient to satisfy the Minimum Annual Special Tax Requirement, then the Board shall additionally levy an Annual Special Tax Proportionately on each Assessor's Parcel of Developed Property, up to the Maximum Special Tax applicable to each such Assessor's Parcel to satisfy the Minimum Annual Special Tax Requirement.

SECTIONG PREPAYMENT OF ANNUAL SPECIAL TAXES

The Annual Special Tax obligation of an Assessor's Parcel of Developed Property may be prepaid in full at the times and under the conditions set forth in this Section G, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor's Parcel at the time the Annual Special Tax obligation would be prepaid.

l. Prepayment Times and Conditions

The owner of an Assessor's Parcel of Developed Property may prepay the Annual Special Tax obligation for such Assessor's Parcel in fu]] in any Fiscal Year following the first Fiscal Year in which such Assessor's Parcel was classified as Developed Property.

2. Prepavment Amount

The Prepayment Amount for an Assessor's Parcel eligible for prepayment shall he determined as described below.

a. Prior to Issuance of Bonds

Prior to the issuance of Bonds, the Prepayment Amount for each applicable Assessor's Parcel shall be the amount specified in Table 7, 8, 9, or IO, below, as applicable.

Page 7 of 13

TABLE 7 p repayment A Z mount - one A

>e BSF Prepayment Amount Unit Tyf

Detac :hed > 2,200 $2,210.89 per Unit

De tac :hed > 2,000 and < 2,200 $1,800.42 per Unit

De tac :hed < 2,000 $1,348.90 per Unit

Attac :hed NA $2, 191.43 per Unit

TABLES p repaymen tA t z moun - one B

,e BSF Prepayment Amount

Unit.Typ

De tac :hed NA $3, 184.58 per Unit

Attac hed NA $2, 191.43 per Unit

TABLE9 p repaymen t A t Z moun - one c

e BSF Prepayment Amount

Unit Typ

De tac hed > 2,600 $2,908.69 per Unit

De tac hed > 2,300 and < 2,600 $2,385.34 per Unit

De tac hed < 2,300 $1,882.51 per Unit

Attac hed NA $2,191.43 per Unit

TABLE 10 p repay men tA t z moun - one D

,e BSF Prepayment Amount

Unit Typ

De tac hed NA $3,184.58 per Unit

Attacl hed NA $2, 191.43 per Unit

Page 8 of 13

2. Subsequent to Issuance of Bonds

Subsequent to the issuance of Bonds, the Prepayment Amount for each applicable Assessor's Parcel sha11 be determined pursuant to the following formula (capitalized terms defined below):

plus plus plus less equals

Bond Redemption Amount Redemption Premium Defeasance Administrative Fee Reserve Fund Credit Prepayment Amount

As of the date of prepayment, the Prepayment Amount shall be calculated as follows:

1. For Assessor's Parcels of Developed Property, compute the Assigned Annual Special Tax and Backup Annual Special Tax applicable to the Assessor's Parcel. . For Assessor's Parcels of Undeveloped Property, compute the Assigned Annual Special Tax and Backup Annual Special Tax applicable to the Assessor's Parcel as though it was already designated as Developed Property, based upon the Building Permit which has already been issued for that Assessor's Parcel.

2. For each Assessor's Parcel of Developed Property and Undeveloped Property to be prepaid, (a) divide the Assigned Annual Special Tax computed pursuant to paragraph I for such Assessor's Parcel by the estimated Assigned Annual Special Taxes applicable to all Assessor's Parcels of Developed Property at buildout, as reasonably determined by the Board, and (b) divide the Backup Annual Special Tax computed pursuant to paragraph 1 for such Assessor's Parcel by the estimated Backup Annual Special Taxes applicable to all Assessor's Parcels of Developed Property at buildout, as reasonably determined by the Board.

3. The amount determined pursuant to Section G.2. shall be (a) increased by the portion of the Bonds not allocable to construction proceeds with respect to the applicable Assessor's Parcel and (b) reduced by the amount of regularly

· retired principal which is allocable to the applicable Assessor's Parcel. The result is the "Outstanding Gross Prepayment Amount." For purposes of calculating the amount of regularly retired principal which is allocable to the applicable Assessor's Parcel, it shall be assumed that the Annual Special Taxes actually collected from each Assessor's Parcel in any Fiscal Year are applied prorata · to the regularly scheduled principal payment on the outstanding Bonds in the immediately following Fiscal Year based on each Assessor's Parcel's share of the total Annual Special Taxes which are actually collected from all Taxable Property in the current Fiscal Year and are applied to such regularly scheduled principal payment in the immediately following Fiscal Year. In no event shall any Annual Special Taxes determined to have been used to make a regularly scheduled principal payment on the Bonds be adjusted for any increase in any cost index or other basis subsequent to the date of the applicable principal payment.

Page 9 of 13

4 Multiply the larger quotient computed pursuant to paragraph 2(a) or 2(b) by the face value of all outstanding Bonds. If the product is greater than the 0Btstanding Gross Prepayment Amount, then the product shall be the "Bond Redemption Amount. 11 If the product is less than the Outstanding Gross Prepayment Amount, then the Outstanding Gross Prepayment Amount shall be the "Bond Redemption Amount."

5. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the outstanding Bonds to be redeemed with the proceeds of the Bond Redemption Amount. This product is the "Redemption Premium."

6. Compute the amount needed to pay interest on the Bond Redemption Amount, the Redemption Premium, and the Reserve Fund Credit (see step I 0) to be redeemed with the proceeds of the Prepayment Amount until the earliest call date for the outstanding Bonds.

7. Estimate the amount of interest earnings to be derived from the reinvestment of the Bond Redemption Amount plus the Redemption Premium until the earliest call date for the outstanding Bonds.

8. Subtract the amount computed pursuant to paragraph 7 from the amount computed pursuant to paragraph 6. This difference is the "Def easance. 11

9. Estimate the administrative fees and expense~; associated with the prepayment, including the costs of computation of the Prepayment Amount, the costs of redeeming Bonds, and the costs of recording any notices to evidence the prepayment and the redemption. This amount is the "Administrative Fee."

I 0. Calculate the reduction in the applicable reserve requirement resulting from the redemption of outstanding Bonds with the Prepayment Amount, provided that the balance of the applicable reserve fund is not less than the applicable reserve requirement. This amount is the "Reserve Fund Credit." If the balance of the applicable reserve fund is less than the applicable reserve requirement, no Reserve Fund Credit shall be given.

I I . The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Defeasance .. and the Administrative Fee, less the Reserve Fund Credit.

With respect to an Annual Special Tax obligation that is prepaid pursuant to this Section G, the Board shall indicate in the records of CFD No. 99-1 that there has been a prepayment of the Annual Special Tax obligation and shall cause a suitable notice to be recorded in compliance with the Act within thi:rty (30) days of receipt of such prepayment to indicate the prepayment of the Annual Special Tax obligation and the release of the Annual Special Tax lien on such Assessor's Parcel, and the oblig21tion of such Assessor's Parcel to pay such Annual Special Taxes shall cease.

Page 10 of 13

Notwithstanding the foregoing, no prepayment will be allowed unless the amount of Annual Special Taxes that may be levied on Taxable Property, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently outstanding Bonds in each future Fiscal Year and such prepayment will not impair the security of all currently outstanding Bonds, as reasonably determined by the Board.

SECTION H PARTIAL PREPAYMENT OF ANNUAL SPECIAL TAXES

The Annual Special Tax obligation of an Assessor's Parcel of Taxable Property may be partially prepaid at the times and under the conditions set forth in this Section H, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor's Parcel at the time the Annual Special Tax obligation would be partially prepaid.

1. Prepayment Times and Conditions

After January I, 2002, the owner of an Assessor's Parcel of Taxable Property may partia]]y prepay the Annual Special Tax obligation for such Assessor's Paree] prior to the issuance of a Building Permit for such Assessor's Parcel. No partial prepayment will be permitted prior to January I, 2002.

2. Partial Prepayment Amount

The Partial Prepayment Amount for an Assessor's Par~el eligible for prepayment sha11 be calculated according to the foJJowing formula:

PP= PGX F

These terms have the following meanings:

PP = the Partial Prepayment Amount PF= the Prepayment Amount calculated according to Section G F = the percent by which the owner of the Assessor's Parcel is partially prepaying the

Annual Special Tax obligation.

The owner of any Assessor's Parcel who desires such partial prepayment shall notify the Board of (i) such owner's intent to partially prepay the Annual Special Tax obligation and, (ii) the percentage by which the Annual Special Tax obligation shaJI be prepaid. The Board shall provide the owner with a statement of the amount required for the partial prepayment of the Annual Special Tax obligation for an Assessor's Parcel within ten ( 10) working days of the request and may charge a reasonable fee for providing this service.

With respect to any Assessor's Parcel that is partially prepaid, the Board shall indicate in the records of CFD No. 99-1 that there has been a partial prepayment of the Annual Special Tax obligation and shall cause a suitable notice to be recorded in compliance with the Act within 30 days of receipt of such partial prepayment of the Annual Special Tax obligation, to indicate the partial prepayment of the Annual Special Tax obligation and the partial release of the Annual Special Tax lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay such prepaid portion of the Annual Special Tax shall cease. The portion of the Annual Special Tax with respect to any

Pa~e 11 of 13

Assessor's Parcel, equal to the outstanding percentage ( 1.00 - F) of the remaining Annual Special Tax, shall continue to be levied on such Assessor's Parcel.

Notwithstanding the foregoing, no partial prepayment will be allowed unless the amount of Annual Special Taxes that may be levied on Taxable Property, net of Administrative Expenses, shall be at least 1.1 :ti mes the regularly scheduled annual interest and principal payments on all currently outstanding Bonds in each future Fiscal Year and such partial prepayment will not impair the security of all currently outstanding Bonds, as reasonably determined by the Board.

SECTION I TERMINATION OF SPECIAL TAX

The AnnuaJ Special Taxes shall not be levied after all the issued Bonds have been retired, provided that the Annual Special Taxes shall not be levied for more than thirty (30) Fiscal Years after the first date of issuance of Bonds.

SECTION J EXEMPTIONS

For each Fiscal Year, based upon ownership and land use data as of January I of the prior Fiscal Year, the Board, at its reasonable discretion, shall classify (i) Assessor's Parcels as Exempt Property and (ii) Landscape Management Area as Exempt Landscape Management .Area as follows, in the following order of priority:

Step One: The Board, at its reasonable discretion, shall classify Assessor's Parcels as Exempt Property on a first in time basis provided that the Board shall not classify any Assessor's Parcel as Exempt Property if such classification would reduce the Acreage of all Taxab]e Property in any Zone to Jess than the applicable amount identified in Table 11 below. Within these limitations, the Board shall classify as Exempt Property (i) Assessor's Parcels owned by the State of California, Federal or other local governments, except as otherwise provided in Sections 53317.3, 53317 .5 and 53340.1 of the Government Code, (ii) Assessor's Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor's Parcels used exclusively by a homeowners' association, or (iv) Assessor's Parcels with public or utility easements or other restnctions making impractical their utilization for residential or commercial/industrial development, as determined by the Board.

Page 12 of 13

Step Two:

TABLE 11 M . A fT bl P immum creaee o axa e roperty

Zone Acreage

A 14.450 acres of Acreage

B 15.945 acres of Acreage

c 14.188 acres of Acreage

D 13 550 acres of Acreage

If, after Step One, the Acreage of all Taxable Property in any Zone is not Jess than the applicable amount identified in Table 1 I, the Board, at its reasonable discretion, sha1I classify Landscape Management Area in each Zone as Exempt Landscape Management Area on a pro rata basis, such that the ratio of Exempt Landscape Management Area to Landscape Management Area for each Assessor's Parcel which contains Landscape Management Area in each such Zone is the same for each such Assessor's Parcel in each such Zone, until (i) the Acreage of all Taxable Property in each such Zone minus the total Exempt Landscape Management Area in each such Zone is the applicable amount identified in Table I I or (ii) aJI the Landscape Management Area in each such Zone is classified as Exempt Landscape Management Area, whichever comes first.

SECTIONK APPEALS

The Board shall establish as part of the proceedings and administration of CFD No. 99-1 a special three-member Review/Appeal Committee. Any property owner claiming that the amount or application of a Special Tax is not correct may file a written notice of appeal with the Review/ Appeal Committee not later than one (I) Calendar Year after having paid the first installment of the Special Tax that is disputed. The Review/ Appeal Committee shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. The decisions of the Review/Appeal Committee shaJl be final and binding. If the Review/Appeal Committee's decision requires that a Special Tax for an Assessor's Parcel be modified or changed in favor of the property owner, a cash refund shall not be made ( except for the last Fiscal Year of levy), but an adjustment shall be made to the Annual Special Tax on that Assessor's Parcel in the subsequent Fiscal Year(s).

SECTIONL MANNER OF COLLECTION

The Annual Special Tax shalJ be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 99-1 may collect Annual Special Taxes at a different time or in a different manner if necessary to meet its financial obligations.

K \CUENTS2\WSHART HSDWELLCJ\SUNCAL\RMAROF DOC

Page I 3 of 13

RATE AND METHOD OF APPORTIONMENT }'OR COMMUNITY FACILITIES DISTRICT NO. 2000-1 OF THE

SAUGUS/HART SCHOOL FACILITIES FINANCING AUTHORITY

The foHowing sets forth the Rate and Method of Apportionment for the levy and collection of special taxes by Saugus/Hart School Facilities Financing Authority ("Authority") Community Facilitit::s District No. 2000-1 ("CFD No. 2000-1 "). One-Time Special Tm,.es and Maximum Annual Special Taxes shall be levied on and collected in CFD No. 2000-1 each Fiscal Year, in an amount determirn!d through the application of the Rate and Method of Apportionment described below. All of the real property in CFD No. 2000-1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided.

SECTION A DEFINITIONS

The terms hereinafter set forth have the following meanings:

"Act" m;:ans the Mello-Roos Communities Facilities Act of 1982 as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California.

"Age Re:stricted Unit" means a Unit restricted for the use consistent with the provisions of Section 65995.l of the Government Code or subsequent successor statutory provision:,.

"Assessor's Parcel'' means a lot or parcel ofland designated on an Assessor's Parcel Map with an assigned Assessor's Parcel Number within the boundaries of CFD No. 2000-1.

"Assessor's Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor's Parcel Number.

"Assessor's Parcel Number" means that number assigned to an Assessor's Parcel by the County Assessor for purposes of identification.

"Attach,ed Unit" mi;:ans a Unit which shares at least one common wall with another Unit and is not an Age Restricted Unit.

"Board" means the Board of Saugus/Hart School Facilities Financing Authority as the legislative body of CFD No. 2000-1 or its designee.

!!Building Square Feet" or "BSF" means the square footage of assessable space, exclusive of garages or other structures not used as living space or for commercial/industrial use, as determined by reference to the building permit application for such Assessor's Parcel.

"Calencllar Year" means the period commencing on January 1 of any ytar and ending the following December 31.

"Commercial/Industrial Development" means commercial or industrial development as defined in Section 65995.b.2 of the Government Code or subsequent successor statutory provisions.

"County" means the County of Los Angeles.

Page 1 of 24

"Detached Unit" means a Unit which is not an Attached Unit or an Age Restricted Unit.

"Developed Property" means all Assessor's Parcels of Taxable Property for which a building permit was issued for the construction of one or more Units or Commercial/Industrial Development before January 1 of the prior Fiscal Year.

"Developer" means any party(s) constructing Detached Units or Attached Units in CFD No. 2000-1.

"Exempt Property" means all Assessor's Parcels designated as being exempt from Special Taxes in Section J.

"Fiscal Year" means the period commencing on July 1 of any year and ending the following June 30.

"Final Subdivision Map" means a final tract map, parcel map, lot line adjustment, or functionally equivalent map or instrument that creates building sites, recorded in the County Office of the Recorder.

"Hart" means the William S. Hart Union High School District.

"Hart Adjustment Factor" means the factor determined in Section D and applied to adjust the Hart Initial Maximum Annual Special Tax starting in Fiscal Year 2001-02 and the Hart Gross Prepayment Amount starting January 1, 2000.

"Hart Administrative Expenses" means any ordinary and necessary expense incurred by the Authority on behalf of Hart related to the determination of the amount of the levy of Hart Special Taxes, the collection of Hart Special Taxes including the expenses of collecting delinquencies, the administration of Hart Bonds, the payment of salaries and benefits of any Authority or Hart employee whose duties are directly related to the administration ofCFD No. 2000-1 with respect to the Hart Special Taxes in proportion to the amount of work performed in the administration of CFD No. 2000-1, and costs otherwise incurred in order to carry out the authorized purposes of CFD No. 2000-1 with respect to the Hart Special Taxes.

"Hart Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long-term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long-term contracts, or any refunding thereof, which obligation may be incurred by CFD No. 2000-1 on behalf of Hart or by Hart and to which Hart Special Taxes are pledged by Hart.

"Hart Facilities" means those school facilities (including land, equipment, furniture and technology) and other facilities which Hart is authorized by law to construct, own or operate.

"Hart Gross Prepayment Amount" means any of the amounts listed in Table 7, adjusted as described in Section K.

"Hart Initial Maximum Annual Special Tax" means the applicable rate per Unit for Fiscal Year 2000-01 listed in Table 5, as adjusted each Fiscal Year thereafter pursuant to Section G.

Page 2 of 24

"Hart Initial SGF" means any of the SGFs listed in Table 2.

"Hart Maximum Ann111al Special Tax" means the maximum Special Tax, determined in accordance with Section F, that can be levied by CFD No. 2000-1 in any Fiscal Year on any Assessor's Parcel of Developed Property for Hart.

"Hart Net Usabh~: Acr,eage" means the area of an Assessor's Parcel(s) (i) which Hart has detennined as being capable to accommodate Hart Facilities and (ii) whose slope does not exceed two percent (2.00%) determined assuming a construction ready condition.

"Hart One-Time Special Tax" means a one-time Special Tax, determined in accordance with Section F, that can be levied on any Assessor's Parcel for Hart.

"Hart Partial Prepayment Amount" means the dollar amount required to prepay a portion of the Hart Maximum Annual Special Tax obligation on any Assessor's Parcel, determined pursuant to Section L.

"Hart Prepayment Am,ount" means the dollar value required, as of a specified date, in order to satisfy permanently the Hart Maximum Annual Special Tax obligation of an Assessor's Parcel.

"Hart School Site Cost'1 means the appraised fair market value per acre (based on Hart Net Usable Acreag~:) of a junior high school site and high school site under consideration by Hart. Hart School Site Cm.twill be calculated in the manner set forth in Section C. The Hart School Site Cost per acre is $459,890 for Calendar Year 1999.

"Hart Special Tax" means any of the special taxes ofCFD No. 2000-1 allocable to Hart, including the Hart One-Time Speci1al Tax and the Hart Maximum Annual Special Tax.

"Hart Student Generatiion Factor" or "Hart SGF" means the number of students to be generated on average by a Unit of a particular type in Hart. SGFs will be calculated by Hart or its designee in the manner set forth in Section B.

"Index''' means the Marshall & Swift Class D Wood Frame Index. In the event the Marshall & Swift C:lass D Wood Frame Western Index ceases to be published, the Index shall mean a reasonably comparable index used by the State Allocation Board or another reasonably comparable index as determined by Authority.

"Maximum Annual Sp,ecial Tax" means the Saugus Maximum Annual Special Tax or the Hart Maximum Annual Special Tax, as applicable.

"One-·Time Special Tax" means the Saugus One-Time Special Tax or the Hart One-Time Special Tax, as applicable.

"Saui:ll1s" means the Saugus Union School District.

"Saui:us Adjustment F:11ctor" means the factor determined in Section D and applied to adjust the Saugus Initial Maximum Annual Special Tax starting in Fiscal Year 2001-02 and the Saugus Gross Prepayment Amount starting January I, 2000.

Page 3 of 24

"Saugus Administrative Expenses" means any ordinary and necessary expense incurred by the Authority on behalf of Saugus related to the determination of the amount of the levy of Saugus Special Taxes, the collection of Saugus Special Taxes including the expenses of collecting delinquencies, the administration of Saugus Bonds, the payment of salaries and benefits of any Authority or Saugus employee whose duties are directly related to the administration of CFD No. 2000-1 with respect to the Saugus Special Taxes in proportion to the amount of work performed in the administration of CFD No. 2000-1, and costs otherwise incurred in order to carry out the authorized purposes of CFD No. 2000-1 with respect to the Saugus Special Taxes.

"Saugus Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long-term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long-term contracts, or any refunding thereof, which obligation may be incurred by CFD No. 2000-1 on behalf of Saugus or by Saugus and to which Saugus Special Taxes are pledged by Saugus.

"Saugus Facilities" means those school facilities (including land, equipment, furniture and technology) and other facilities which Saugus is authorized by law to construct, own or operate.

"Saugus Gross Prepayment Amount" means any of the amounts listed in Table 6 adjusted as described in Section K.

"Saugus Initial Maximum Annual Special Tax" means the applicable rate per Unit for Fiscal Year 2000-01 listed in Table 4, as adjusted each Fiscal Year thereafter pursuant to Section G.

"Saugus Initial SGF" means any of the SGFs listed in Table 1.

"Saugus Maximum Annual Special Tax" means the maximum Special Tax, determined in accordance with Section G, that can be levied by CFD No. 2000-1 in any Fiscal Year on any Assessor's Parcel of Developed Property for Saugus.

"Saugus Net Usable Acreage" means the area of an Assessor's Parcel(s) (i) which Saugus has determined as being capable to accommodate Saugus Facilities and (ii) whose slope does not exceed two percent (2.00%) determined assuming a construction ready condition.

"Saugus One-Time Special Tax" means a one-time Special Tax, determined in accordance with Section F, that can be levied on any Assessor's Parcel for Saugus.

"Saugus Partial Prepayment Amount" means the dollar amount required to prepay a portion of the Saugus Maximum Annual Special Tax obligation on any Assessor's Parcel, determined pursuant to Section L.

"Saugus Prepayment Amount" means the dollar value required, as of a specified date, in order to satisfy permanently the Saugus Maximum Annual Special Tax obligation of an Assessor's Parcel.

"Saugus School Site Cost" means the appraised fair market value per acre (based on Saugus Net Usable Acreage) of an elementary school site under consideration by Saugus. Saugus School Site Cost will be calculated in the manner set forth in Section C. The Saugus School Site Cost per acre is $315,000 for Calendar Year 1999.

Page 4 of 24

"Sau gm: Special Tax" means any of the special taxes of CFD No. 2000-1 allocable to Saugus, including the Saugus One-Time Special Tax and the Maximum Annual Special Tax.

"Saugm: Student Generation Factor" or "Saugus SGF" means the number of students to be generated on average by a Unit of a particular type in Saugus. SGFs will be calculated by Saugus or its designee in the manner set forth in Section B.

"Special Tax" means any of the special taxes authorized to be levied by CFD No. 2000-1, including the Saugus Special Taxes and the Hart Special Taxes.

"Taxable Property" means all Assessor's Parcels which are not Exempt Property.

"UndeYdoped Property" means all Assessor's Parcels which are not Developed Property.

"Unit" means each separate residential dwelling unit which comprises an independent facility capable of conveyance separate from adjacent residential dwelling units. Each Unit shall be classified as either a Detached Unit, an Attached Unit, or an Age Restricted Unit.

SECTIONB STUDENT GENERATION FACTOR CALCULATION METHODOLOGY

1. §augus Student Generation Factor

The calculation of Saugus SGFs will be performed by Saugus or a designee and will be based on a process of cross-referencing enrollment data of Saugus against residential property data from the County.

The enrollment data of Saugus will be based on its latest California Bm;ic Educational Data Systems report and will provide the grade level and home address of evt:ry student in Saugus ( excluding inter-district transfer students). A student enrollment database will be prepared from this data. The residential property data to be obtained from the County Assessor will provide Assessor's Parcel Number, land use type, and street addres~. information for all residential units in Saugus. Sorting and extracting by land use, a dataoase of all Detached Units, Attached Units, and mobile home units within the District will be developed. All Age Restricted Units will be excluded from the residential property database. This property database will then be compared against Saugus' enrollment database to identify address matches. Once the: matching is completed, preliminary Saugus SGFs will be calculated for each housing type (Detached and Attached Units). In performing such calculations, the numerator shall be the total number of students residing in the particular housing type within Saugus and the denominator shall be the total number of units of that housing type, less any Age Restricted Units of that housing type, within Saugus.

Because of incomplete and/or incorrect address information in either the student enrollment database or the residential property database, it may not be possible to match every non­inter-district transfer student to an address within Saugus. The resuL of such incomplete and/or incorTect data will be an underestimation of the number of students generated by Detached and Attached Units within Saugus. The preliminary Saugu:; SGFs calculated as described above will therefore be adjusted upward, if necessary, to offset this effect by

Page 5 of 24

allocating the unmatched non-inter-district transfer students to existing units in the same proportion as the matched students and recalculating the Saugus SGFs. These adjusted Saugus SGFs will be the actual Saugus SGFs for Saugus.

2. Hart Student Generation Factor

The calculation of Hart SGFs will be performed by Hart or a designee and will be based on a process of cross-referencing enrollment data of Hart against residential property data from the County.

The enrollment data of Hart will be based on its latest California Basic Educational Data Systems report and will provide the grade level and home address of every student in Hart (excluding inter-district transfer students). A student enrollment database will be prepared from this data. The residential property data to be obtained from the County Assessor will provide Assessor's Parcel Number, land use type, and street address information for all residential units in Hart. Sorting and extracting by land use, a database of all Detached Units, Attached Units, and mobile home units within the District will be developed. All Age Restricted Units will be excluded from the residential property database. This property database will then be compared against Hart's enrollment database to identify address matches. Once the matching is completed, preliminary Hart SGFs will be calculated for each housing type (Detached and Attached Units). In performing such calculations, the numerator shall be the total number of students residing in the particular housing type within Hart and the denominator shall be the total number of units of that housing type, less any Age Restricted Units of that housing type, within Hart.

Because of incomplete and/or incorrect address information in either the student enrollment database or the residential property database, it may not be possible to match every non­inter-district transfer student to an address within Hart. The result of such incomplete and/or incorrect data will be an underestimation of the number of students generated by Detached and Attached Units within Hart. The preliminary Hart SGFs calculated as described above will therefore be adjusted upward, if necessary, to offset this effect by allocating the unmatched non-inter-district transfer students to existing units in the same proportion as the matched students and recalculating the Hart SGFs. These adjusted Hart SGFs will be the actual Hart SGF s for Hart.

Page 6 of 24

SECTION C SCHOOL SITE COST APPRAISAL METHODOLOGY

1. Saugus School Si1te Cost

The calculation of Saugus School Site Cost will be performed by an appraiser selected by Saugus and who is a member of the American Institute of Apprai,ers ("AIA") or an equivalent thereof The Saugus School Site Cost shall be determined by the appraised value a, to properties then under consideration by Saugus for the next elementary school site. If Saugus identifies more than one ( 1) elementary school that are then under consideration by Saugus, the value of the next elementary school site for purposes of determining the Saugus School Site Cost shall be the weighted average appraised value basec on the Saugus Net Usable Acreage ofall such elementary school sites. An appraisal shall be completed by the appraiser appointed by Saugus no later than November 5, 1999, and each November 5 thereafter.

The properties shall be appraised on the basis of a construction ready condition with dedicated and improved public roads and utilities; including storm drainage facilities and shall be on the basis of the highest and best use of the properties a~: determined by the appraiser. If Developer, does not concur as to the appraiser selected by Saugus, Developer may designate an AIA appraiser to independently appraise the properties and prepare a r,:!port establishing and supporting the appraiser's opinion of the fair market value of each of the properties. In the event that Developers in CFD No. 2000-1 do not concur as to the appraiser selected by Saugus, the Developers may designate one (I) appraiser, such appraiser shall be designated by a majority of the parties included in CFD No. 2000-1, to independently appraise the properties and prepare a report establishing and supporting the appraiser's opinion of the fair market value of each of the properties. If the opinions of value of the two appraisers differ by 10% or less from each other, the Saugus School Site Cost shall be deemed to be the average of the two appraisals as to each of the properties. If the opinions of vallue of the two appraisers differ by more than 10%, the two appraisers shall be instructed to agree upon a third AIA appraiser, who shall also independently appraise the properties and prepare a report establishing and supporting the appraiser's opinion of the fair market value of each of the properties. In that event, the Saugus School Site Cost shall be deemed to be the average of the two appraisals having the closest opinions of value. If the value of the third AIA appraiser is exactly in the middle of the value calculated by the AIA appraisers of Saugus and the Developer, the Saugus School Site Cost shall be deemed to be the value determined by the third AIA appraiser.

2. Jlart School Site Cost

The calculation of Hart School Site Cost will be performed by an appraiser selected by Hart and who is a member of the American Institute of Appraisers ("AIA") or an equivalent 1hereof The Hart School Site Cost shall be determined by the appraised value as to properties then under consideration by Hart for the next junior high school site and high :;chool site. If Ha:rt identifies more than one ( 1) junior high school site or more than one (I) high school site that are then under consideration by Hart, the value of the next junior high :;chool site or the next high school site for purposes of determining the Hart School Site Cost

Page 7 of 24

shall be the weighted average appraised value based on the Hart Net Usable Acreage of all such junior high school sites and the weighted average appraised value based on the Hart Net Usable Acreage of all such high school sites. The Hart School Site Cost shall then be calculated based on a weighted average of the values based on the Hart Net Usable Acreage of the next junior high school site and high school site. An appraisal shall be completed by the appraiser appointed by the School District no later than November 5, 1999, and each November 5 thereafter.

The properties shall be appraised on the basis of a construction ready condition with dedicated and improved public roads and utilities; including storm drainage facilities and shall be on the basis of the highest and best use of the properties as determined by the appraiser. If Developer does not concur as to the appraiser selected by Hart, Developer may designate an AJA appraiser to independently appraise the properties and prepare a report establishing and supporting the appraiser's opinion of the fair market value of each of the properties. In the event that Developers in CFD No. 2000-1 do not concur as to the appraiser selected by Hart, the Developers may designate one (1) appraiser, such appraiser shall be designated by a majority of the parties included in CFD No. 2000-1, to independently appraise the properties and prepare a report establishing and supporting the appraiser's opinion of the fair market value of each of the properties. If the opinions of value of the two appraisers differ by 10% or less from each other, the Hart School Site Cost shall be deemed to be the average of the two appraisals as to each of the properties. If the opinions of value of the two appraisers differ by more than 10%, the two appraisers shall be instructed to agree upon a third AJA appraiser, who shall also independently appraise the properties and prepare a report establishing and supporting the appraiser's opinion of the fair market value of each of the properties. In that event, the Hart School Site Cost shall be deemed to be the average of the two appraisals having the closest opinions of value. If the value of the third AJA appraiser is exactly in the middle of the value calculated by the AIA appraisers of Hart and the Developer, the Hart School Site Cost shall be deemed to be the value determined by the third AIA appraiser.

SECTION D ADJUSTMENT FACTORS

1. Saugus Adjustment Factor

The Saugus Adjustment Factor shall be determined in accordance with elements (i) through (iv) below.

i. Index Element

Each January 1, commencing January 1, 2000, Saugus or a designee will calculate the annual percentage change in the Index for the twelve (12) months ending the previous October 31, expressed as a decimal. The annual percentage change, expressed as a decimal, may be greater than, less than, or equal to zero. The annual percentage change, expressed as a decimal, will be used in element (iv) below to determine the Saugus Adjustment Factor. The Index as of October 31, 1998, was 1,741.0.

Page 8 of 24

ii. Saugus School Site Cost Element

Ea,~h January 1, commencing January 1, 2000, Saugus or a designee will calculate the annual percentage change in the Saugus School Site Cost, expressed as a decimal. The annual percentage change, expressed as a decimal, may be greater than, less than, or equal to zf:ro. The percentage annual change, expressed as a decimal, will be used in element (iv) below to determine the Saugus Adjustment Factor. Saugus School Site Cost for Calendar Year 1999 is $315,000 per acre. Thereafter, Saugus School Site Cost shall be calculated in accordance with Section C.

iii. Saugus SGF Element

The Saugus Initial SGFs, which shall be in effect in Cakndar Year 1999, are listed in Table 1 below.

TABLE 1

c SAUGUS INITIAL SGFs ] c Unit Type I Saugus Initial SGFs ]

;E Detached Unit 0.454 l Attached Unit 0.233

Each January 1, commencing January 1, 2000, Saug11s or a designee will calculate the annual percentage change in the applicable Saugus SGF, expressed as a decimal, in accordance with Section B. The annual percentage change, expressed as a decimal, may be greater, less than, or equal to zero. The annual percentage change, expressed as a decimal, will be used in element (iv) below to determine the Saugus Adjustment Factor.

iv. Adjustment Factor Element

Each January 1, commencing January 1, 2000, the Saugus Adjustment Factor shall be calculated as follows:

Step I: Multiply the annual percentage change calculated in element (i) above, expressed as a decimal, by 0.683 and add one (1).

Step 2: Multiply the annual percentage change calculated in element (ii) above, expressed as a decimal, by 0.317 and add one (1).

Step 3: Multiply the annual percentage change calculated in element (iii) above, expressed as a decimal, by one ( 1) and add one ( 1 ).

Step 4: Add the results of Steps 1 and 2 and subtract one (1 ).

Page 9 of 24

Step 5: Multiply the amount calculated in Step 4 by the amount calculated in Step 3 to determine the Saugus Adjustment Factor. The Saugus Adjustment Factor may be greater than, less than, or equal to one.

2. Hart Adjustment Factor

The Hart Adjustment Factor shall be determined in accordance with elements (i) through (iv) below.

i. Index Element

Each January 1, commencing January 1, 2000, Hart or a designee will calculate the annual percentage change in the Index for the twelve (12) months ending the previous October 31, expressed as a decimal. The annual percentage change, expressed as a decimal, may be greater, less than, or equal to zero. The annual percentage change, expressed as a decimal, will be used in element (iv) below to determine the Hart Adjustment Factor. The Index as of October 31, 1998, was 1,741.0.

ii. Hart School Site Cost Element

Each January I, commencing January I, 2000, Hart or a designee will calculate the annual percentage change in the Hart School Site Cost, expressed as a decimal. The annual percentage change, expressed as a decimal, may be greater, less than, or equal to zero. The annual percentage change, expressed as a decimal, will be used in element (iv) below to determine the Hart Adjustment Factor. Hart School Site Cost for Calendar Year 1999 is $459,890 per acre. Thereafter, Hart School Site Cost shall be calculated in accordance with Section C.

iii. Hart SGF Element

The Hart Initial SGFs, which shall be in effect in Calendar Year 1999, are listed in Table 2 below.

Page 10 of 24

TABLE 2

c HART INITIAL SGFs

' c Unit Type I Hart Initial SGFs

' E Detached Unit 0.3094

Attached Unit 0.1495 -·

Each January 1, commencing January 1, 2000, Hart or a designee will calculate the annual percentage change in the applicable Hart SGF, expressed as a decimal, in accordance with Section B. The annual percentage change, expressed as a decimal, may be greater, less than, or equal to zero. The annual percentage change, expressed as a decimal, will be used in element (iv) below to determine the Hart Adjustment Factor.

iv. Adjiustment Factor Element

Each January 1, commencing January 1, 2000, the Hart Adjustment Factor shall be calculated as follows:

Step I: Multiply the annual percentage change calculated in element (i) above, expressed as a decimal, by 0.645 and add one (1 ).

Step 2: Multiply the annual percentage change calculated in element (ii) above, expressed as a decimal, by 0.355 and add one (1).

Step 3: Multiply the annual percentage change calculated in element (iii) above, expressed as a decimal, by one (I) and add one (I).

Ste:p 4: Add the results of Steps 1 and 2 and subtract one (1 ).

Step 5: Multiply the amount calculated in Step 4 by the amount calculated in Step 3 to determine the Hart Adjustment Factor. The Hart Adjustment Factor may be greater than, less than, or equal to one.

1. !}eveloped Prope!:!Y

SECTION E MAXIMUM SPECIAL TAXES

The maximum Special Tax which may be levied on any Assessor's Parcel of Developed Property in any Fiscal Year is the sum of (i) the applicable Saugus Maximum Annual Special Tax and (ii) the applicable Hart Maximum Annual Special Tax.

Page 11 of 24

2. Undeveloped Property

The maximum Special Tax which may be levied on any Assessor's Parcel of Undeveloped Property in any Fiscal Year is the sum of (i) the applicable Saugus One-Time Special Tax and (ii) the applicable Hart One-Time Special Tax.

SECTIONF ONE-TIME SPECIAL TAXES

1. Saugus One-Time Special Tax

With respect to each Assessor's Parcel of Undeveloped Property, Saugus One-Time Special Taxes shall be due at the issuance of a certificate of compliance by Saugus for the construction of one or more Detached Units, one or more Attached Units, one or more Age Restricted Units, and/or Commercial/Industrial Development on such Assessor's Parcel. The applicable Saugus One-Time Special Tax rate in Calendar Year 1999 shall be the applicable rate shown in Table 3 below.

TABLE3

I SAUGUS ONE-TIME I SPECIAL TAX RATES

I I Calendar Year

I Property Type 1999 Rates

Detached Unit $1.31 per BSF over 2,900 BSF

Attached Unit $1.31 per BSF over 1,450 BSF

Age Restricted Unit $0.31 per BSF

Commercial/Industrial Development $0.31 per BSF

Each January 1, commencing January 1, 2000, the Saugus One-Time Special Tax rates in effect in the prior Calendar Year shall be multiplied by the applicable Saugus Adjustment Factor to determine the Saugus One-Time Special Tax rates for the current Calendar Year.

2. Hart One-Time Special Tax

With respect to each Assessor's Parcel of Undeveloped Property, Hart One-Time Special Taxes shall be due at the issuance of a certificate of compliance by Hart for the construction of one or more Age Restricted Units and/or Commercial/Industrial Development on such Assessor's Parcel. The Hart One-Time Special Tax rate in Calendar Year 1999 shall be $0.31 per BSF.

Each January I, commencing January I, 2000, the Hart One-Time Special Tax rate in effect in the prior Calendar Year shall be multiplied by the applicable Hart Adjustment Factor to determine the Hart One-Time Special Tax rate for the current Calendar Year.

Page 12 of 24

SECTION G MAXIMUM ANNUAL SPECIAL TAXES

1. ~1eveloped Proper!l'.

A. Saugus Maximum Annual Special Tax

The Saugus Maximum Annual Special Tax for each Assessor's Parcel of Developed Prop1;:rty in the first Fiscal Year in which such Assessor's Parcel is classified as Developed Property shall be the applicable Saugus Initial Maximum Annual Special Tax. The applicable Saugus Initial Maximum Annual Special Tax rate for Fiscal Year 2000-01 shall be the applicable rate shown in Table 4 below.

TABLE4

c SAUGUS INITIAL MAXIMUM ANNUAL SPECIAL TAX RATES

c Fiscal Year Unit Type 2000-01 Rates*

--Detached Unit $926.65 per Unit _, Attached Unit $478.30 per Unit _,

Age Restricted Unit $0.00 per Unit -· Commercial/Industrial Development $0.00 per BSF --

* Special Tax rates based upon an amortization of the Saugus Gross Prepayment Amounts over 30 Fiscal Years.

] ]

Each July 1, commencing July 1, 2001, the Saugus Initial Maximum Annual Special Tax rates in effect in the prior Fiscal Year shall be multiplied by the prior Calendar Year's Saugus Adjustment Factor to determine the Saugus Initial Maximum Annual Special Tax rates for the current Fiscal Year. (For example, the Fiscal Year 2001-02 Saugus Initial Maximum Annual Special Tax rates will be deterrnined by multiplying the Fiscal Year 2000-01 Saugus Initial Maximum Annual Special Tax rates by the Saugus Adjustment Factor determined for January 1, 2000.)

For each Fiscal Year after the first Fiscal Year in which such Assessor's Parcel of Developed Property was classified as Developed Property, the applicable Saugus Maximum Annual Special Tax shall be increased by zero percent (0.00%).

n. Hart Maximum Annual Special Tax

The Hart Maximum Annual Special Tax for each Assessor's Parcel of Developed Property in the first Fiscal Year in which such Assessor's Parcel is classified as Developed Property shall be the applicable Hart Initial Maximum Annual Special

Page 13 of 24

I

Tax. The applicable Hart Initial Maximum Annual Special Tax rate for Fiscal Year 2000-01 shall be the applicable rate shown in Table 5 below.

TABLES

HART INITIAL MAXIMUM ANNUAL SPECIAL TAX RATES

I Fiscal Year

Unit Type 2000-01 Rates*

Detached Unit $871.00 per Unit

Attached Unit $570.23 per Unit

Age Restricted Unit $0.00 per Unit

Commercial/Industrial Development $0.00 per BSF

* Special Tax rates based upon an amort1zat10n of the Hart Gross Prepayment Amounts over 30 Fiscal Years.

I

Each July 1, commencing July 1, 2001, the Hart Initial Maximum Annual Special Tax rates in effect in the prior Fiscal Year shall be multiplied by the prior Calendar Year's Hart Adjustment Factor to determine the Hart Initial Maximum Annual Special Tax rates for the current Fiscal Year. (For example, the Fiscal Year 2001-02 Hart Initial Maximum Annual Special Tax rates will be determined by multiplying the Fiscal Year 2000-01 Hart Initial Maximum Annual Special Tax rates by the Hart Adjustment Factor determined for January 1, 2000.)

For each Fiscal Year after the first Fiscal Year in which such Assessor's Parcel of Developed Property was classified as Developed Property, the applicable Hart Maximum Annual Special Tax shall be increased by zero percent (0.00%).

2. Undeveloped Property

A. Saugus Maximum Annual Special Tax

The Saugus Maximum Annual Special Tax for each Assessor's Parcel of Undeveloped Property shall be $0.00 in all Fiscal Years.

B. Hart Maximum Annual Special Tax

The Hart Maximum Annual Special Tax for each Assessor's Parcel of Undeveloped Property shall be $0.00 in all Fiscal Years.

Page 14 of 24

SECTION H METHOD OF APPORTIONMENT OF THE

MAXIMUM ANNUAL SPECIAL TAX

Commencing Fiscal Year 2000-01, the Authority shall levy the Saugus Maximum Annual Special Tax and the Hart Maximum Annual Special Tax on each Assessor's Parcel of Taxable Property as detemtined in Section G and permitted in Section I.

SECTION I TERMINATION OF MAXIMUM ANNUAL SPECIAL TAX

The Saugus Maximum Annual Special Tax shall be levied on each Assessor's Parcel of Developed Property for thirty (30) Fiscal Years. The Hart Maximum Annual Special Tax shall be levied on each Assessor's Parcel of Developed Property for thirty (30) Fiscal Years.

SECTION J EXEMPTIONS

The Board shall not levy a Special Tax on (i) Assessor's Parcels owned by the State of California, Federal or other local governments except as otherwise provided in Sections S3317.3, 53317.5 and 53340. l of the Government Code, (ii) Assessor's Parcels which are used as places of worship and are ex1;!mpt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor's Parcels owned by a homeowners' association, or (iv) Assessor's Parcels with public or utility e:asements making impractical their utilization for other than the purposes set forth in the easement.

SECTION K PREPAYMENT OF MAXIMUM ANNUAL SPECIAL TAX

The Saugus Maximum Annual Special Tax and the Hart Maximum Annual Special Tax obligations of an A,sessor's Parcel of Developed Property or an Assessor's Parcel of Undeveloped Property for which a building permit has been issued may be prepaid, provided that a prepayment may be made only if there are no delinquent Maximum Annual Special Taxes with respect to such Assessor's Parcell at the time of prepayment. An owner of an Assessor's Parcel intending to prepay the Saugus Maximum Annual Special Tax and the Hart Maximum Annual Special Tax obligations shall provide CFD No. 2000-1 with written notice of intent to prepay. Within 30 days of receipt of such written notice,, CFD No. 2000-1 shall notify such owner of the Saugus Prepayment Amount and the Hart Prepayment Amount for such Assessor's Parcel.

Page 15 of 24

1. Saugus Prepayment Amount

A. Bond Allocation

Prior to the calculation of the Saugus Prepayment Amount, a calculation shall be performed to determine the amount of Saugus Bonds that are allocable to the Assessor's Parcel for which the Saugus Maximum Annual Special Tax obligation is to be prepaid, if any. For purposes of this analysis, the Saugus Bonds shall equal the par amount of Saugus Bonds. At the time each series of Saugus Bonds is issued, such Saugus Bonds shall be allocated ratably to all Assessor's Parcels of Taxable Property whose Saugus Maximum Annual Special Tax revenues or portions thereof are used in providing the minimum debt service coverage required for such Saugus Bonds, in proportion to each Assessor's Parcel's Saugus Maximum Annual Special Tax or portion thereof that is used in providing the minimum debt service coverage required for such Saugus Bonds, which amounts shall be determined at the reasonable discretion of Saugus or its designee. If, after such allocations, the amount of Saugus Bonds allocated to the Assessor's Parcel for which the Saugus Maximum Annual Special Tax obligation is to be prepaid is less than the applicable Saugus Gross Prepayment Amount, then the Saugus Prepayment Amount for such Assessor's Parcel shall be calculated pursuant to Section K. l .B. Otherwise, the Saugus Prepayment shall be calculated pursuant to Section K. l .C.

B. Saugus Prepayment Amount for Assessor's Parcels with Allocation of Saugus Bonds Less than Applicable Saugus Gross Prepayment Amounts

The Saugus Prepayment Amount applicable to any Assessor's Parcel in any Calendar Year, as calculated according to this Section K.l.B., shall be determined by the application of the applicable per-Unit Saugus Gross Prepayment Amount for the Calendar Year in which the applicable building permit was issued, plus any Saugus Administrative Fees (see Section K. l.C.6. for definition of Saugus Administrative Fees) associated with the prepayment. The Saugus Gross Prepayment Amount applicable to such Assessor's Parcel shall not increase or decrease thereafter. In each Calendar Year after the applicable building permit was issued for such Assessor's Parcel, the Saugus Gross Prepayment Amount applicable to such Assessor's Parcel shall remain the same as in the Calendar Year in which the applicable building permit was issued.

The applicable per-Unit Saugus Gross Prepayment Amount for Calendar Year 1999 shall be determined by reference to Table 6 below, subject to adjustment as described below for Calendar Years after 1999. The Saugus Administrative Fees shall be determined by Saugus.

Page 16 of 24

TABLE 6

~AUGUS GROSS PREPAYMENT AMOUNT CALENDAR YEAR 1999

[ Saugus Gross Prepayment

Unit Type Amount

E Detached Unit $7 ,800.00 per Unit

Attached Unit $3,900.00 per Unit --Each January 1, commencing January l, 2000, the Saugus Gross Prepayment Amounts in effect in the prior Calendar Year shall be multiplied by the applicable Saugus Adjustment Factor to determine the Saugus Gross Prepayment Amounts for the current Calendar Year. However, notwithstanding the foregoing, in each Calendar Year after the applicable building permit was issued for an Assessor's Paree:}, the Saugus Gross Prepayment Amount applicable to such Assessor's Parcel shall remain the same as in the Calendar Year in which the applicable building permit was issued.

C. Saugus Prepayment Amount for Assessor's Parcels with Allocation of Saugus Bonds Equal to or More than Applicable Saugus Gross Prepayment Amounts

The Saugus Prepayment Amount for any Assessor's Parcel for which the Saugus Prepayment Amount shall be calculated according to this Section K.1.C. shall be calculated as follows:

less equals plus plus plus less equals

Saugus Bonds allocated to the Assessor's Parcel Saugus Special Tax Credit Saugus Bond Redemption Amount Saugus Redemption Premium Saugus Defeasance Saugus Administrative Fees Saugus Reserve Fund Credit Saugus Prepayment Amount

A more detailed explanation of the above calculation follows, including definitions of the terms used above:

1. Calculation of Saugus Bonds allocated to the Assessor's Parcel

This amount shall be calculated as described in Section K. l .A. above.

Page 17 of 24

2. Calculation of Saugus Special Tax Credit

The Saugus Special Tax Credit shall equal the amount of collected Saugus Maximum Annual Special Taxes with respect to the Assessor's Parcel which have been used to pay principal on the Saugus Bonds.

3. Calculation of Saugus Bond Redemption Amount

Subtract the Saugus Special Tax Credit from the Saugus Bonds allocated to the Assessor's Parcel to compute the Saugus Bond Redemption Amount.

4. Calculation of Saugus Redemption Premium

Multiply the Saugus Bond Redemption Amount by the applicable redemption premium, if any, on the Saugus Bonds to be redeemed with the proceeds of the Saugus Prepayment Amount to compute the Saugus Redemption Premium.

5. Calculation of Saugus Defeasance

a. Compute the amount needed to pay interest on the portion of the Saugus Bonds to be redeemed with the proceeds of the Saugus Prepayment Amount until the earliest call date of the Saugus Bonds.

b. Estimate the amount of interest earnings to be derived from the reinvestment of the Saugus Prepayment Amount until the redemption date of the portion of the Saugus Bonds redeemable with the Saugus Prepayment Amount.

c. Subtract the amount computed pursuant to Section K. l .C.5.b. from the amount computed pursuant to Section K.1.C.5.a. to compute the Saugus Defeasance.

6. Calculation of the Saugus Administrative Fees

Compute the Saugus Administrative Fees associated with the prepayment, including the costs of computing the Saugus Prepayment Amount, the costs of redeeming the Saugus Bonds, and the costs of recording any notices to evidence the prepayment and the redemption.

7. Calculation of the Saugus Reserve Fund Credit

The Saugus Reserve Fund Credit shall be calculated as the reduction in the applicable reserve fund resulting from the redemption of the Saugus Bonds with the Saugus Prepayment Amount which is allocable to the Assessor's Parcel.

2. Hart Prepayment Amount

Page 18 of 24

A. Bond Allo,cation

Prior to the calculation of Hart Prepayment Amount, a calculation shall be performed to determine the amount of Hart Bonds that are allocable to the Assessor's Parcel for which the Hart Maximum Annual Special Tax obligation is to be prepaid, ifany. For purposes of this analysis, Hart Bonds shall equal the par amount of Hart Bonds. At the time each series of Hart Bonds is issued, such Hart Bonds shall be allocated ratably to all Assessor's Parcels of Taxable Property whose Hart Maximum Annual Spec1ial Tax revenues or portions thereof are used in providing the minimum debt service coverage required for such Hart Bonds, in proportion to each Assessor's Parcel's Hart Maximum Annual Special Tax or portion thereof that is used in providing the minimum debt service coverage required for suer, Hart Bonds, which amounts shall be determined at the reasonable discretion of Hart or its designee. If, after such allocations, the amount of Hart Bonds allocated to the Assessor's Parcel for which the Hart Maximum Annual Special Tax obligation is to be prepaid is less than the applicable Hart Gross Prepayment Amount, then the Hart Prepayment Amount for such Assessor's Parcel shall be calculated pursuant to Section K.2.B. Otherwise, the Hart Prepayment Amount shall be calculated pursuant to Section K.2.C.

E:. Hart Prepayment Amount for Assessor's Parcels with Alloc~1tion of Hart Bonds Less than Applicable Hart Gross Prepayment Amounts

The Hart Prepayment Amount applicable to any Assessor's Parcel in any Calendar Year, as calculated according to this Section K.2.B., shall be determined by the application of the applicable per-Unit Hart Gross Prepaymmt Amount for the Calendar Year in which the applicable building permit was issued, plus any Hart Administrative Fees (see Section K.2.C.6. for definition of Hart Administrative Fees) associated with the prepayment. The Hart Gross Prepayment Amount applicable to such Assessor's Parcel shall not increase or decrease thereafter. In each Calendar Year after the applicable building permit was issued for such Assessor's Parcel, the Hart Gross Prepayment Amount applicable to such Assessor's Parcel shall remain the same as in the Calendar Year in which the applicable building permit was issued.

The applicable per-Unit Hart Gross Prepayment Amount for Calendar Year 1999 shall be deitermined by reference to Table 7 below, subject to adjustment as described below for Calendar Years after 1999. The Hart Administrative Fees shall be determined by Hart.

Page 19 of 24

TABLE 7

HART GROSS PREPAYMENT AMOUNT CALENDAR YEAR 1999

Hart Gross Prepayment

Unit Type Amount

Detached Unit $7,167.67 per Unit

Attached Unit $4,692.58 per Unit

Each January I, commencing January I, 2000, the Hart Gross Prepayment Amounts in effect in the prior Calendar Year shall be multiplied by the applicable Hart Adjustment Factor to determine the Hart Gross Prepayment Amounts for the current Calendar Year. However, notwithstanding the foregoing, in each Calendar Year after the applicable building permit was issued for an Assessor's Parcel, the Hart Gross Prepayment Amount applicable to such Assessor's Parcel shall remain the same as in the Calendar Year in which the applicable building permit was issued.

C. Hart Prepayment Amount for Assessor's Parcels with Allocation of Hart Bonds Equal to or More than Applicable Hart Gross Prepayment Amounts

The Hart Prepayment Amount for any Assessor's Parcel for which the Hart Prepayment Amount shall be calculated according to this Section K.2.C. shall be calculated as follows:

less equals plus plus plus less equals

Hart Bonds allocated to the Assessor's Parcel Hart Special Tax Credit Hart Bond Redemption Amount Hart Redemption Premium Hart Defeasance Hart Administrative Fees Hart Reserve Fund Credit Hart Prepayment Amount

A more detailed explanation of the above calculation follows, including definitions of the terms used above:

1. Calculation of Hart Bonds allocated to the Assessor's Parcel

This amount shall be calculated as described in Section K.2.A. above.

Page 20 of 24

2. Calculation of Hart Special Tax Credit

The Hart Special Tax Credit shall equal the amount of collected Hart Maximum Annual Special Taxes with respect to the Assessor's Parcel which have been used to pay principal on the Hart Bonds.

3. Calculation of Hart Bond Redemption Amount

Subtract the Hart Special Tax Credit from the Hart Bonds allocated to the Assessor's Parcel to compute the Hart Bond Redemption Amount.

4. Calculation of Hart Redemption Premium

Multiply the Hart Bond Redemption Amount by the applicable redemption premium, if any, on the Hart Bonds to be redeemed with the proceeds of the Hart Prepayment Amount to compute the Hart Redemption Premium.

5. Calculation of Hart Defeasance

a. Compute the amount needed to pay interest on the portion of the Hart Bonds to be redeemed with the proceeds of the Hart Prepayment Amount until the earliest call date of the Hart Bonds.

b. Estimate the amount of interest earnings to be derived from the reinvestment of the Hart Prepayment Amount t:,ntil the redemption date of the portion of the Hart Bonds redeemable with the Saugus Prepayment Amount.

c. Subtract the amount computed pursuant to Section K.2.C.5.b. from the amount computed pursuant to Section K.2.C.5.a. to compute the Hart Defeasance.

6. Callculation of the Hart Administrative Fees

Compute the Hart Administrative Fees associated with the prepayment, inclluding the costs of computing the Hart Prepayment Amount, the costs of red~eming the Hart Bonds, and the costs ofrecording any notices to evidence the prepayment and the redemption.

7. Callculation of the Hart Reserve Fund Credit

The Hart Reserve Fund Credit shall be calculated as a reduction in the applicable reserve fund resulting from the redemption of the Hart Bonds with the Hart Prepayment Amount which is allocable to the Assessor's Parcel.

Page 21 of 24

3. Prepayment Restrictions

Notwithstanding the foregoing, no Maximum Annual Special Tax prepayment shall be allowed for any Assessor's Parcel to which Saugus Bonds and/or Hart Bonds are allocated unless the amount of applicable Maximum Annual Special Taxes that may be levied on Taxable Property each Fiscal Year thereafter shall be at least 1.1 times the sum ofapplicable annual debt service on the Saugus Bonds and/or Hart Bonds, as applicable, and annual Saugus Administrative Expenses and/or Hart Administrative Expenses, as applicable. The preceding sentence shall not prohibit or restrict the prepayment of Saugus Maximum Annual Special Taxes or Hart Maximum Annual Special Taxes prior to the issuance of Saugus Bonds or Hart Bonds, respectively.

With respect to any Maximum Annual Special Tax obligation that is prepaid, CFD No. 2000-1 shall cause a suitable notice to be recorded in compliance with the Act following receipt of such prepayment of Maximum Annual Special Taxes, to indicate the prepayment of Maximum Annual Special Taxes and the release of the applicable Special Tax lien on such Assessor's Parcel.

SECTION L PARTIAL PREPAYMENT OF SPECIAL TAXES

The Saugus Maximum Annual Special Tax and the Hart Maximum Annual Special Tax obligations of an Assessor's Parcel of Developed Property or an Assessor's Parcel of Undeveloped Property for which a building permit has been issued may be partially prepaid, provided that a partial prepayment may be made only ifthere are no delinquent Maximum Annual Special Taxes with respect to such Assessor's Parcel at the time of partial prepayment. An owner of an Assessor's Parcel intending to partially prepay the Saugus Maximum Annual Special Tax and the Hart Maximum Annual Special Tax obligations shall provide CFD No. 2000-1 with written notice of intent to partially prepay. Within 30 days ofreceipt of such written notice, CFD No. 2000-1 shall notify such owner of the Saugus Partial Prepayment Amount and the Hart Partial Prepayment Amount for such Assessor's Parcel.

1. Saugus Partial Prepayment Amount

The Saugus Partial Prepayment Amount for each applicable Assessor's Parcel shall be calculated according to the following formula:

These terms have the following meanings:

the Saugus Partial Prepayment Amount the Saugus Prepayment Amount calculated according to Section K the percent by which the owner of the Assessor's Parcel is partially prepaying the Saugus Maximum Annual Special Tax obligation.

With respect to the Saugus Maximum Annual Special Tax of any Assessor's Parcel that is partially prepaid, the Board shall indicate in the records of CFD No. 2000-1 that there has

Page 22 of 24

been a partial prepayment of the Saugus Maximum Annual Special Tax obligation and shall cause a suitable notice to be recorded in compliance with the Act within 30 days of receipt of such partial prepayment of the Saugus Maximum Annual Special Tax obligation, to indicate the partial prepayment of Saugus Maximum Annual Special Tax obligation and the partial rdease of the Saugus Maximum Annual Special Tax lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay such prepaid portion of th~ Saugus Maximum Annual Special Tax shall cease. The remaining portion of the Saugu:; Maximum Annual Special Tax shall continue to be levied on such Assessor's Parcel.

2. !lart Partial Prepayment Amount

The Hart Partial Prepayment Amount for each applicable Assessor's Parcel shall be calculated according to the following formula:

These terms have the following meanings:

pp PK F

the Hart Partial Prepayment Amount the Hart Prepayment Amount calculated according to Section K the percent by which the owner of the Assessor's Parcel 1s partially prepaying the Hart Maximum Annual Special Tax obligation.

With respect to the Hart Maximum Annual Special Tax of any Assessor's Parcel that is partially prepaid, the Board shall indicate in the records of CFD No. 2000-1 that there has been a partial prepayment of the Hart Maximum Annual Special Tax obligation and shall c:ause a suitable notice to be recorded in compliance with the Act within 30 days ofreceipt of such partial prepayment of the Hart Maximum Annual Special Tax obligation, to indicate the partial prepayment of Hart Maximum Annual Special Tax obligation and the partial release of the Hart Maximum Annual Special Tax lien on such Assessor's Pared, and the obligation of such Asst:ssor's Parcel to pay such prepaid portion of the Hart Maximum Annual Special Tax shall ce:ase. The remaining portion of the Hart Maximum Annual Special Tax shall continue to be levied on such Assessor's Parcel.

3. partial Prepayment Restrictions

Notwithstanding the foregoing, no Maximum Annual Special Tax partial prepayment shall be allowed for any Assessor's Parcel to which Saugus Bonds and/or Hart Bonds are allocated unless the amount of Maximum Annual Special Taxes that may be levied on Taxable Property each Fiscal Year thereafter shall be at least 1.1 times the sum of applicable annual debt service on the Saugus Bonds and/or Hart Bonds, as applicable, and Saugus Administrative Expenses and/or Hart Administrative Expenses, as applicable. The preceding sentence shall not prohibit or restrict the partial prepayment of Saugt1s Maximum Annual Special Taxes or Hart Maximum Annual Special Taxes prior to the issuance of Saugus Bonds or Hart Bonds, respectively.

SECTION M APPEALS

Page 23 of 24

The Board shall establish as part of the proceedings and administration ofCFD No. 2000-1 a special three-member review/appeal committee. Any property owner claiming that the amount or application of a Special Tax is not correct may file a written notice of appeal with the review/appeal committee not later than one ( 1) Calendar Year after having paid the first installment of the Special Tax that is disputed. The review/appeal committee shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. The decisions of the review/appeal committee shall be final and binding. If the review/appeal committee's decision requires that a Special Tax for an Assessor's Parcel be modified or changed in favor of the property owner, a cash refund shall not be made ( except for the last Fiscal Year oflevy), but an adjustment shall be made to the Annual Special Tax on that Assessor's Parcel in the subsequent Fiscal Year(s).

SECTIONN MANNER OF COLLECTION

The Maximum Annual Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2000-1 may collect Maximum Annual Special Taxes at a different time or in a different manner if necessary to meet its financial obligations. Notwithstanding the foregoing, in no event shall CFO No. 2000-1 collect Saugus Maximum Annual Special Taxes and not Hart Maximum Annual Special Taxes, or Hart Maximum Annual Special Taxes and not Saugus Maximum Annual Special Taxes.

SECTION O STATE FUNDING

As set forth in any applicable mitigation agreement with Saugus and/or Hart, as applicable, if the State Allocation Board or any other State agency shares in all or any part of the cost of Saugus Facilities or Hart Facilities funded by CFD No. 2000-1, such amounts received by the State Allocation Board or any other State agency which are allocable to property in CFO No. 2000-1 shall be used to reduce prospectively over the remaining term thereof the portion of the applicable Special Taxes, and CFD No. 2000-1 shall take one or more of the actions specified in Section 53313.9 of the Act.

K:\Clients21 WSHART.HSD\MELLO\Haskell\DRAFTRMA8.doc

Page 24 of 24

D-1

APPENDIX D

SUMMARY OF INDENTURE OF TRUST

WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY 2013 REFUNDING REVENUE BONDS

The following is a brief summary of certain provisions of the Indenture of Trust relative to the above-referenced Revenue Bonds. This summary is not intended to be definitive and is qualified in its entirety by reference to such documents for the complete terms thereof. Copies of such documents are available upon request from the Authority. _________________________________________________________________________________________

The Indenture is entered into between the William S. Hart Joint School Financing Authority and the Zions First National Bank as Trustee. Definitions Unless the context otherwise requires, the terms defined in the Indenture shall, for all purposes of the Indenture and of any certificate, opinion or other document therein mentioned, have the meanings therein specified, to be equally applicable to both the singular and plural forms of any of the terms therein defined. “Act” means Articles 1 through 4 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of California. “Agreement” means that certain Joint Exercise of Powers Agreement, dated as of November 9, 1994, by and between CFD No. 88-4 and the School District and as duly amended and supplemented from time to time, creating the Authority for the purposes, among other things, of assisting the School District and CFD No. 88-4, and other community facilities districts formed by the School District in the financing and refinancing of public capital improvements, as such term is defined in the Bond Law. “Annual Debt Service” means the total of the principal and interest to be paid on the Bonds in each Bond Year. “Authority” or “Issuer” means the William S. Hart Joint School Financing Authority, a joint powers authority organized and existing under the Agreement and under and by virtue of the laws of the State. “Authority Board” means the Board of Directors of the Authority. “Authority Bond Counsel” means the law firm of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, and any successor firm or any other firm of nationally recognized bond counsel acceptable to the Authority. “Authority Prior Bonds” means, collectively, the William S. Hart Joint School Financing Authority 2004 Revenue Bonds in the initial par amount of $8,735,000, issued and sold in 2004. “Authority Surplus Account” means the account by that name established and held by the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as provided in the Indenture. “Authorized Denomination(s)” means the principal amount or maturity amount, as applicable, of $5,000 or any integral multiple thereof.

D-2

“Bond Fund” means the fund by that name established with the Trustee with respect to the Bonds pursuant to the provisions of the Indenture and to be administered as prescribed in the Indenture. “Bond Law” means the Marks-Roos Local Bond Pooling Act of 1985, constituting Article 4 of the Act (commencing with Section 6584), as amended from time to time. “Bond Purchase Agreement” means an agreement to purchase the Bonds by and among the Authority, the School District, the CFDs, and the Original Purchaser of the Bonds. “Bond Year” means each twelve-month period beginning on September 2 of each year and ending on September 1 the following year; provided, however, that with respect to the Bonds, the first such Bond Year shall begin on the Closing Date, and end on September 1, 2013. “Bonds” or “Authority Bonds” mean William S. Hart Joint School Financing Authority 2013 Refunding Revenue Bonds at any time Outstanding pursuant to the Indenture. “Business Day” means a day which is not a Saturday, Sunday or legal holiday on which banking institutions in the State of California, or in any state in which the Principal Office of the Trustee is located, or the New York Stock Exchange is closed. “CFD No. 90-1 Installment Payments” means the payments made by CFD No. 90-1 to the Authority pursuant to the CFD No. 90-1 Amended and Restated Installment Purchase Agreement and the Indenture, which includes the “Reserve Payments” as such term is defined in the CFD No. 90-1 Amended and Restated Installment Purchase Agreement. “CFD No. 90-1 Amended and Restated Installment Purchase Agreement” means that certain Amended and Restated Installment Purchase Agreement dated as of January 1, 2013, by and between the Authority and CFD No. 90-1, as assigned by the Authority to the Trustee pursuant to the Indenture. “Closing Date” means, with respect to the Bonds, the date on which the Bonds are delivered to the Original Purchaser in exchange for the purchase price therefor. “Code” means the Internal Revenue Code of 1986, as amended, and any successor provisions thereto. “Community Facilities District No. 88-4” or “CFD No. 88-4” means Community Facilities District No. 88-4 of the William S. Hart Union High School District, a Community Facilities District formed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. “Community Facilities District No. 90-1” or “CFD No. 90-1” means Community Facilities District No. 90-1 of the William S. Hart Union High School District, a Community Facilities District formed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. “Community Facilities District No. 99-1” or “CFD No. 99-1” means Community Facilities District No. 99-1 of the William S. Hart Union High School District, a Community Facilities District formed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. “Community Facilities District No. 2000-1” or “CFD No. 2000-1” means Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority, a Community Facilities District formed pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. “Community Facilities Districts” or “CFDs” means Community Facilities Districts, below-listed, which are participating in the overall financing program by the issuance of special tax bonds issued pursuant to the Mello-Roos Act, the execution and delivery of the CFD No. 90-1 Amended and Restated Agreement, as applicable, and the issuance of the Bonds by the Authority:

D-3

Community Facilities District No. 90-1 of the William S. Hart Union High School District; Community Facilities District No. 99-1 of the William S. Hart Union High School District; and Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority.

“Continuing Disclosure Certificate” shall mean that certain Continuing Disclosure Certificate as executed and delivered by the Authority, initially designating Dolinka Group, LLC, as dissemination agent, and dated the date of delivery of the Bonds as originally executed and as it may be amended from time to time in accordance with the terms thereof. “Costs of Issuance” means all items of expense directly or indirectly payable by, or reimbursable to, the Authority relating to the authorization, issuance, sale and delivery of the Local Obligations and the Bonds, including but not limited to, Underwriter’s discount, printing expenses, Bond Counsel fees, bond insurance premiums or costs, surety fees and costs, rating agency fees, filing and recording fees, initial fees, expenses and charges and first annual administrative fees of the Trustee, expenses of its counsel, fees, charges and disbursements of attorneys, financial advisors, accounting firms, consultants and other professionals, fees and charges for preparation, execution and safekeeping of the Local Obligations and the Bonds, and any other cost, charge or fee in connection with the original issuance of the Local Obligations and the Bonds. “Costs of Issuance Account” means the account by that name established with the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as prescribed in the Indenture. “Dated Date” or “Delivery Date” means the date of issuance and delivery of the Bonds, as stated on the face of the Bonds. “Defeasance Obligations” means direct and general obligations of the United States of America (including State and Local Government Series), or obligations that are unconditionally guaranteed as to principal and interest by the United States of America, including (in the case of direct and general obligations of the United States of America) evidence of direct ownership or proportionate interests in future interest or principal payments of such obligations. In the case of investments in such proportionate interests, such proportionate interests shall be limited to circumstances wherein (a) a bank or trust company acts as custodian and holds the underlying Defeasance Obligations; (b) the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor of the underlying Defeasance Obligations; and (c) the underlying Defeasance Obligations are held in a special account, segregated from the custodian’s general assets, and are not available to satisfy any claim of the custodian, any person claiming through the custodian, or any person to whom the custodian may be obligated; provided that such obligations are rated or assessed at the highest then-prevailing United States Treasury securities credit rating.

“Depository” means any depository which holds Authority Bonds pursuant to the terms of the Indenture, initially DTC.

“Designated Officers” or “Authorized Representative(s)” means: (a) with respect to the Authority, its President, Vice-President, Treasurer or Secretary, or any other Person designated as a Designated Officer or Authorized Representative of the Authority by a Written Certificate of the Authority signed by its President and filed with each CFD, the Authority and the Trustee; (b) with respect to the School District, its Chief Financial Officer, or any other Person designated as a Designated Officer or Authorized Representative of the School District by a Certificate signed on behalf of the School District by its Superintendent and filed with the Authority and the Trustee; (c) with respect to a CFD its President, Vice President, or any other Person designated as a Designated Officer or Authorized Representative of a CFD by a Written Certificate signed on behalf of a CFD by its President, Vice-President, or in their absence, any other member of such body, or by the Superintendent of the School district or the Chief Financial Officer, and filed with the Authority and the

D-4

Trustee; and (d) with respect to the Trustee, the President, any Vice President, any Assistant Vice President, or any Trust Officer of the Trustee, and when used with reference to any act or document also means any other Person authorized to perform such act or sign any document by or pursuant to a resolution of the Board of Directors of the Trustee or the bylaws of the Trustee. A Designated Officer may by written instrument designate any Person to act on his or her behalf.

“Dissemination Agent” means the Dolinka Group, LLC, or any successor dissemination agent appointed by the Authority to the Authority’s Continuing Disclosure Certificate entered into in connection with the issuance, sale and delivery of the Authority Bonds.

“DTC” means The Depository Trust Company, 55 Water Street, 25th Floor, New York, New York,

10041-0099, Attn: Call Notification Department, Fax: (212) 855-5004. “Escrow Agent” means Zions First National Bank, or any successor thereto, as the Escrow Agent

designated under the terms of the Escrow Agreement. “Escrow Agreement” means the Escrow Agreement entered into by and between Zions First

National Bank, as the Escrow Agent, and the Authority, dated as of the Closing Date, and providing for the payment, redemption and defeasance of the outstanding Authority Prior Bonds.

“Escrow Fund” means the Escrow Fund established and administered under the Escrow Agreement

and as further described in the Escrow Agreement.

“Event of Bankruptcy” means, with respect to any Person, the filing of a petition in bankruptcy or the commencement of a proceeding under the United States Bankruptcy Code or any other applicable law concerning insolvency, reorganization or bankruptcy by or against such Person as debtor, other than any involuntary proceeding which has been finally dismissed without entry of an order for relief or similar order as to which all appeal periods have expired. “Event of Default” means any of the events of default specified in Section 7.01. “Excess Investment Earnings” means an amount equal to the sum of the excess of: (i) the aggregate amount earned from the Closing Date on all Permitted Investments in which

proceeds of the Bonds are invested (other than amounts attributable to an excess described in this paragraph (a)) over

(ii) the amount which would have been earned if the Yield on such investments (other than

amounts attributable to an excess described in this paragraph) (A) had been equal to the yield on the Bonds; or (B) any income attributable to the excess described in the preceding paragraph (i). “Fiscal Year” means the period beginning on July 1 of each year and ending on the next succeeding June 30, or any other twelve-month period hereafter selected and designated as the official fiscal year period of the Authority and certified to the Trustee in writing by a Designated Officer of the Authority. “Funding Allocation Agreement” means that certain Funding Allocation Agreement, dated as of January 1, 2013, by and among the School District, the Authority and the CFDs, providing for the allocation and payment of certain costs and expenses in connection with the issuance, sale, delivery and future administration of the Local Obligations and the Bonds, the satisfaction of the local obligations sold and delivered in connection with the Authority Prior Bonds, and certain related matters.

D-5

“Funding Requirement” means, as of any date of calculation, that all deposits required to be made to the Interest Account, the Principal Account, the Redemption Account and the Reserve Fund, as applicable, for the Bond Year have been made. “Indenture” means the Indenture of Trust, as originally executed or as it may from time to time be supplemented, modified or amended pursuant to its terms. “Independent Accountant” means any nationally recognized firm of certified public accountants or firm of such accountants duly licensed or registered or entitled to practice and practicing as such under the laws of the State, appointed by the Authority, and who, or each of whom:

(i) is in fact independent and not under domination of the Authority, School District or CFDs;

(ii) does not have any substantial interest, direct or indirect, with the Authority, School

District or CFDs; and (iii) is not connected with the Authority, School District or CFDs as an officer or

employee of the Authority, School District or CFDs, but who may be regularly retained to make reports to the Authority, School District or CFDs.

“Independent Financial Consultant” means any financial consultant or firm of such financial consultants appointed by the Authority, and who, or each of whom: (a) is judged by the Authority to have experience with respect to the financing of public capital improvement projects; (b) is, in fact, independent and not under the domination of the Authority, the School District or CFDs; (c) does not have any substantial interest, direct or indirect, with the Authority, the School District or CFDs; and (d) is not connected with the Authority, School District or CFDs as an officer or employee of the Authority, School District or CFDs, but who may be regularly retained to make reports to the Authority, School District or CFDs. “Informational Services” means the Municipal Securities Rulemaking Board, through its Electronic Municipal Market Access (EMMA) system, and, in accordance with then current guidelines of the Securities and Exchange Commission, such other addresses and/or such other services providing information with respect to called bonds as the Authority may designate in a written request of the Authority delivered to the Paying Agent. “Interest Account” means the account by that name established with the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as prescribed in the Indenture. “Interest Payment Date” means March 1 and September 1, commencing September 1, 2013.

“Local Agency” means the School District or any CFD.

“Local Obligations” means, collectively: 1. Community Facilities District No. 90-1 The Amended and Restated Installment Purchase Agreement by and between Community

Facilities District No. 90-1 of the William S. Hart Union High School District and the Authority dated as of January 1, 2013, the execution and delivery of which was authorized by pursuant to Resolution No. LB12/13-31 of the School District, acting as the Legislative Body of CFD No. 90-1, as adopted on December 12, 2012.

D-6

2. Community Facilities District No. 99-1 Those special tax bonds designated as 2013 Special Tax Refunding Bonds of Community

Facilities District No. 99-1 of the William S. Hart Union High School District (the “CFD No. 99-1 Special Tax Bonds”) issued pursuant to Resolution No. LB12/13-32 of the School District, acting as the Legislative Body of CFD No. 99-1, as adopted on December 12, 2012, and that Fiscal Agent Agreement, dated as of dated as of January 1, 2013, between CFD No. 99-1 and Zions First National Bank as initial Fiscal Agent.

3. Community Facilities District No. 2000-1 Those special tax bonds designated as 2013 Special Tax Refunding Bonds of Community

Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority (the “CFD No. 2000-1 Special Tax Bonds”) issued pursuant to Resolution No. SH12/13-36 of the Saugus/Hart Authority, acting as the Legislative Body of CFD No. 2000-1, as adopted on December 12, 2012, and that Fiscal Agent Agreement, dated as of January 1, 2013, between CFD No. 2000-1 and Zions First National Bank as initial Fiscal Agent.

“Mandatory Sinking Payments” means the amounts to be applied to the redemption of the Term Bond in accordance with the schedule set forth in the Indenture and any subsequent schedule set forth in any Supplemental Indenture. “Maximum Annual Debt Service” means the Annual Debt Service for the Bond Year in which such sum shall be the largest with respect to the Bonds. “Mello-Roos Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being California Government Code Sections 53311 et seq. “Moody’s” or “Moody’s Investors Service” means Moody’s Investors Service, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and its successors and assigns, except that if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Authority. “Nonpurpose Investments” means any security, investment, obligation, annuity, investment-type property, specified private activity bond or any other type of investment property defined in Section 148 of the Code in which Gross Proceeds are invested (other than tax-exempt securities which are described in Section 103(a) of the Code) and which is not acquired to carry out the governmental purpose of the Authority Bonds. “Original Purchaser,” “Underwriter” or “Participating Underwriter” means Stifel Nicolaus & Company, Incorporated, dba Stone & Youngberg, a Division of Stifel Nicolaus. “Outstanding” when used as of any particular time with reference to Bonds, means (subject to the provisions of the Indenture) all Bonds theretofore, or thereupon being, authenticated and delivered by the Trustee under the Indenture except:

(i) Bonds theretofore canceled by the Trustee or surrendered to the Trustee for cancellation;

(ii) Bonds with respect to which all liability of the Authority shall have been discharged in accordance with the Indenture, including particular Bonds (or portions of Bonds) described in the Indenture; and

(iii) Bonds for the transfer or exchange of or in lieu of or in substitution for which other Bonds

shall have been authenticated and delivered by the Trustee pursuant to the Indenture.

D-7

“Owner” or “Bond Owner” or “Bondholder” or “Holder,” whenever used in the Indenture with respect to a Bond, means the Person in whose name the ownership of such Bond is registered on the Registration Books. “Permitted Investments” means, subject to the Indenture, any of the following investments, if and to the extent the same are at the time legal for investment of the School District’s funds (with the Trustee entitled to rely upon the investment direction of the District as a determination that such investment is a legal investment): (a) United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest, and which have a maximum term to maturity not to exceed three years. (b) Obligations of any of the following federal agencies which obligations represent the full faith and credit of the United States of America, and which have a maximum term to maturity not to exceed three years, including: ‒‒ Export-Import Bank ‒‒ Farm Credit System Financial Assistance Corporation ‒‒ Rural Economic Community Development Administration (formerly the Farmers Home Administration) ‒‒ General Services Administration ‒‒ U.S. Maritime Administration ‒‒ Small Business Administration ‒‒ Government National Mortgage Association (GNMA) ‒‒ U.S. Department of Housing & Urban Development (PHA’s) ‒‒ Federal Housing Administration ‒‒ Federal Financing Bank. (c) Direct obligations of any of the following federal agencies which obligations are not fully guaranteed by the full faith and credit of the United States of America, and which have a maximum term to maturity not to exceed three years: ‒‒ Senior debt obligations rated “Aaa” by Moody’s and “AAA” by Standard &

Poor’s issued by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC)

‒‒ Obligations of the Resolution Funding Corporation (REFCORP) ‒‒ Senior debt obligations of the Federal Home Loan Bank System. (d) Registered state warrants or treasury notes or bonds of the State, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the State or by a department, board, agency, or authority of the State, which are rated in one of the two highest short-term or long-term rating categories by Moody’s or Standard & Poor’s. (e) Registered bonds, notes, warrants or other evidences of indebtedness of any local agency of the State, including bonds payable solely out of revenues from a revenue-producing property owned, controlled, or operated by the local agency, where the interest on such local agency obligation is exempt from Federal and State income taxes and which are rated in one of the two highest short-term or long-term rating categories by Moody’s or Standard & Poor’s. (f) Deposit accounts, time certificates of deposit or negotiable certificates of deposit issued by a state or nationally chartered bank or trust company, which may include the Trustee or its affiliates, or a state or federal savings and loan association; provided, that the certificates of deposit shall be one or more of the following:

D-8

(1) Continuously and fully insured by the Federal Deposit Insurance Corporation. (2) Continuously and fully secured by securities described in clause (a) or (b) above which shall have a market value, as determined on a marked-to-market basis calculated at least weekly, and exclusive of accrued interest, or not less than 102 percent of the principal amount of the certificates of deposit. (g) Commercial paper of “prime” quality of the highest ranking or of the highest letter and numerical rating as provided by Moody’s and Standard & Poor’s, at the time of purchase, which commercial paper is limited to issuing corporations that are organized and operating within the United States of America and that have total assets in excess of $500,000,000 and that have an “A” or higher rating for the issuer’s debentures, other than commercial paper, by Moody’s and Standard & Poor’s, provided that purchases of eligible commercial paper may not exceed 180 days’ maturity nor represent more than 10% of the outstanding commercial paper of an issuing corporation. Purchases of commercial paper may not exceed 20% of the net proceeds of the Bonds. (h) A repurchase agreement with a state or nationally chartered bank or trust company or a national banking association or government bond dealer reporting to, trading with, and recognized as a primary dealer by the Federal Reserve Bank of New York the long term debt of which is rated at least “AA” by Standard & Poor’s or “Aa1” by Moody’s, provided that all of the following conditions are satisfied: (1) the agreement is secured by any one or more of the securities described in clause (a) above of this definition of Authorized Investments (“Underlying Securities”); (2) the Underlying Securities are required by the repurchase agreement to be held by a bank, trust company, or primary dealer having a combined capital and surplus of at least $100,000,000 and which is independent of the issuer of the repurchase agreement (“Holder of Collateral”) and the Underlying Securities have been transferred to the Holder of Collateral in accordance with applicable state and federal laws (other than by means of entries on the transferor’s books); (3) the Underlying Securities are maintained at a market value, as determined on a marked-to-market basis calculated at least weekly, of not less than 103% of the amount so invested and at such levels and additional conditions not otherwise in conflict with the terms above as would be acceptable to Standard & Poor’s and Moody’s so as to maintain, respectively, an “AA” or “Aa1” rating in an “AA” or “Aa1” rated structured financing (with a market value approach); and (4) the agreement provides that if during its term the provider’s rating by Moody’s and Standard & Poor’s is withdrawn or suspended or falls below “A-” by Standard & Poor’s or “A3” by Moody’s, as appropriate, the provider must within 10 days of receipt of direction from the Trustee, repurchase all collateral and terminate the agreement, with no penalty or premium to the District or Trustee. (i) Investment agreements with a domestic or foreign bank or corporation (other than a life or property casualty insurance company) the long-term debt of which, or, in the case of a guaranteed corporation the long-term debt, or, in the case of a monoline financial guaranty insurance company, claims paying ability, of the guarantor is rated at least “AA” by S&P and “Aa” by Moody’s; provided that, by the terms of the investment agreement: (1) Interest payments are to be made to the Trustee at times and in amounts as necessary to pay debt service on the Bonds. (2) The invested funds are available for withdrawal without penalty or premium, at any time upon not more than seven days’ prior notice; the District and the Trustee hereby agree to give or cause to be given notice in accordance with the terms of the investment agreement so as to receive funds thereunder with no penalty or premium paid.

D-9

(3) The investment agreement shall state that it is the unconditional and general obligation of, and is not subordinated to any other obligation of, the provider thereof or, if the provider is a bank, the agreement or the opinion of counsel shall state that the obligation of the provider to make payments thereunder ranks pari passu with the obligations of the provider to its other depositors and its other unsecured and unsubordinated creditors. (4) The District and the Trustee receives the opinion of domestic counsel (which opinion shall be addressed to the District) that such investment agreement is legal, valid, binding and enforceable upon the provider in accordance with its terms and of foreign counsel (if applicable). (5) The investment agreement shall provide that if during its term (A) the provider’s rating by either S&P or Moody’s falls below “AA-” or “Aa3,” respectively, the provider shall, at its option, within 10 days of receipt of publication of such downgrade, either (i) collateralize the investment agreement by delivering or transferring in accordance with applicable state and federal laws (other than by means of entries on the provider’s books) to the District, the Trustee or a third party acting solely as agent therefore (“Holder of the Collateral”) collateral free and clear of any third-party liens or claims the market value of which collateral is maintained at levels and upon such conditions as would be acceptable to S&P and Moody’s to maintain an “A” rating in an “A” rated structured financing (with a market value approach); or (ii) repay the principal of and accrued but unpaid interest on the investment; and (B) the provider’s rating by either S&P or Moody’s is withdrawn or suspended or falls below “A-” or “A3,” respectively, the provider must, at the direction of the District or the Trustee, within 10 days of receipt of such direction, repay the principal of and accrued but unpaid interest on the investment, in either case with no penalty or premium to the District or Trustee. (6) The investment agreement shall state and an opinion of counsel shall be rendered, in the event collateral is required to be pledged by the provider under the terms of the investment agreement, at the time such collateral is delivered, that the Holder of the Collateral has a perfected first priority security interest in the collateral, any substituted collateral and all proceeds thereof (in the case of bearer securities, this means the Holder of the Collateral is in possession). (7) The investment agreement must provide that if during its term: (A) the provider shall default in its payment obligations, the provider’s obligations under the investment agreement shall, at the direction of the District or the Trustee, be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the District or Trustee, as appropriate; and (B) the provider shall become insolvent, not pay its debts as they become due, be declared or petition to be declared bankrupt, etc. (“event of insolvency”), the provider’s obligations shall automatically be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the District or Trustee, as appropriate. (j) A taxable or tax exempt government money market portfolio mutual fund restricted to obligations with either maturities of one year or less or a dollar weighted average maturity of 120 days or less, and either issued, guaranteed or collateralized as to payment of principal and interest by the full faith and credit of the United States of America or rated in one of the three highest categories by Moody’s or Standard & Poor’s. Such money market funds may include funds for which the Trustee, its affiliates or subsidiaries provide investment advisory or other management services. (k) The Local Agency Investment Fund referred to in Section 16429.1 of the Government Code of the State to the extent the Trustee may deposit and withdraw funds directly.

D-10

“Person” means an individual, corporation, firm, association, partnership, trust, or other legal entity or group of entities, including a governmental entity or any agency or political subdivision thereof. “Principal Account” means the account by that name established with the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as provided in the Indenture. “Principal Office” means such corporate trust office of the Trustee as may be designated from time to time by written notice from the Trustee to the Authority, initially being in Los Angeles, California, except that with respect to presentation of Bonds for payment or for registration of transfer or exchange or maintenance of the Registration Books, such term shall mean the office of the Trustee at which its corporate agency business shall be conducted, initially being the corporate trust operations office of its corporate parent. “Principal Repayment” means any amounts received by the Trustee representing a repayment of principal of any issue of Local Obligation upon the prior redemption, prepayment or acceleration thereof. “Principal Payment Date” means September 1 of each year, commencing September 1, 2013. “Private Business Use” means use directly or indirectly in a trade or business carried on by a natural Person or in any activity carried on by a Person other than a natural Person, excluding use by a governmental unit and use by any Person as a member of the general public. “Proceeds” when used with respect to the Bonds, means the face amounts of the Bonds, plus accrued interest and original issue premiums, if any, less original issue discount, if any. “Program Fund” means the fund by that name established with the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as provided in the Indenture. “Purchase Account” means the Purchase Account of the Program Fund as established by the Trustee pursuant to the Indenture and utilized as set forth in the Indenture. “Purchase Price” for the purpose of computation of the Yield of the Authority Bonds, has the same meaning as the term “issue price” in Sections 1273 (b) and 1274 of the Code, and, in general, means the initial offering price to the public (not including bond houses and brokers, or similar Persons or organizations acting in the capacity of underwriters or wholesalers) at which price a substantial amount of the Authority Bonds are sold or, if the Authority Bonds are privately placed, the price paid by the original purchaser or the acquisition cost of the original purchaser. The term “Purchase Price,” for the purpose of computation of the Yield of Nonpurpose Investments, means the fair market value of the Nonpurpose Investments on the date of use of Gross Proceeds for acquisition thereof, or, if later, on the date that Investment Property (as defined in Section 148(b)(2) and (3) of the Code) constituting a Nonpurpose Investment becomes a Nonpurpose Investment of the Authority Bonds, as the case may be. “Rating Agency(ies)” means any rating agency which is then rating the Bonds, initially S&P. “Rebate Fund” means the fund by that name established by the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as provided in the Indenture. “Record Date” means the 15th day of the month (whether or not such day is a Business Day) preceding each Interest Payment Date. “Redemption Account” means the account by that name established with the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as provided in the Indenture. “Registration Books” means the records maintained by the Trustee for the registration of ownership and registration of transfer of the Bonds pursuant to the Indenture.

D-11

“Regulations” means any temporary, proposed or final regulations of the United States Department of Treasury with respect to obligations issued pursuant to Section 103 and Sections 141 to 150 of the Code. “Related Documents” means the Indenture, the Escrow Agreement, the Agreement, and the documents relating to the issuance and delivery of each of the Local Obligations and all proceedings of any Local Agency relating to the same. “Representation Letter” means the Letter of Representations from the Authority to DTC, or any successor securities depository for Book-entry securities, in which the Authority makes certain representations with respect to issues of its securities for deposit by DTC or such successor depository. “Requisition” means a written requisition signed in the name of the Authority by its Designated Officer. “Reserve Account(s)” or “Reserve Fund Account(s)” means the specific account(s) of the Reserve Fund as initially funded, and replenished, by the corresponding Local Agency pursuant to the Indenture. The Reserve Accounts of the Reserve Fund include:

(i) The Community Facilities District No. 90-1 Reserve Account of the Reserve Fund;

(ii) The Community Facilities District No. 99-1 Reserve Account of the Reserve Fund; and

(iii) The Community Facilities District No. 2000-1 Reserve Account of the Reserve Fund.

“Reserve Fund” means the fund of that name established, held and administered by the Trustee pursuant to the provisions of the Indenture. “Reserve Requirement” means the amount(s) as of any date of calculation equal to the least of (i) 10% of the initial principal amount of the Bonds, (ii) Maximum Annual Debt Service on the Outstanding Bonds, or (iii) 125% of average Annual Debt Service on the Outstanding Bonds. The Reserve Requirement as allocated among the Reserve Fund Accounts shall be as set forth in the Indenture. “Revenue Fund” means the fund by that name established and held by the Trustee with respect to the Bonds pursuant to the Indenture and to be administered as provided in the Indenture. “Revenues” means, with respect to the Bonds: (a) all amounts derived from the Local Obligations; (b) all moneys originally deposited with the Trustee for application for payment of principal or interest on the Bonds and all moneys held by the Trustee in the funds and accounts established in the Indenture for payment of the Bonds (excluding the Program Fund and the accounts therein, and the Rebate Fund); (c) funds paid by a Local Agency pursuant to the obligations set out in the authorizing documents and agreements governing the Local Obligations to replenish draws upon the Reserve Fund caused by non-payment by that Local Agency on its Local Obligations; and (d) investment income with respect to the funds and accounts established under the Indenture except for investment earnings on funds held in the Program Fund and the accounts therein, and the Rebate Fund. “S&P” or “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., a corporation duly organized and existing under the law of the State of New York, and its successors and assigns, except that if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the District. “School District” means the William S. Hart Union High School District, a public school district organized and operating pursuant to the provisions of the California Education Code and related State law.

D-12

“Securities Depositories” means The Depository Trust Company, with Cede & Co, as its nominee, 55 Water Street, 25th Floor, New York, New York 10041-0099, Attn: Call Notification Department, Fax (212) 855-5004; and, in accordance with then-current guidelines of the Securities and Exchange Commission, such other addresses and/or such other securities depositories as the Authority may designate in a Written Certificate of the Authority delivered to the Trustee. “Special Record Date” means the date established by the Trustee pursuant to the Indenture as a record date for the payment of defaulted interest on the Bonds, if any. “Supplemental Indenture” means a Supplemental Indenture of Trust providing for any matter in the Indenture authorized, entered into by and between the Authority and the Trustee pursuant to the provisions of the Indenture. “Tax Certificate” means that certificate of the same name, dated as of the Closing Date, delivered by the Authority, and executed by the School District on behalf of the CFDs, with regard to the Bonds and the Local Obligations. “Tax Code” or “Code” means the Internal Revenue Code of 1986, as amended from time to time. Any reference to a provision of the Tax Code shall include the applicable Tax Regulations promulgated with respect to such provision. “Tax Regulations” means temporary and permanent regulations promulgated under Section 103 and related sections of the Tax Code. “Term Bond” means the Bond maturing on September 1, 2034, and as specified in the Indenture. “Trustee” means Zions First National Bank, or its successor, as Trustee under the Indenture as provided in the Indenture, or such other trustee as shall be named, provided such other trustee shall meet the requirements of Article VIII hereof. “Written Certificate” and “Written Request” of the Authority, the School District or a CFD mean, respectively, a written certificate or written request signed in the name of the Authority by its Designated Officer, in the name of the School District by its Designated Officer, or in the name of such CFD by its Designated Officer. Any such certificate or request may, but need not, be combined in a single instrument with any other instrument, opinion or representation, and the two or more so combined shall be read and construed as a single instrument. If and to the extent required by the Indenture, each such certificate or request shall include the statements provided for in the Indenture. “Yield” means that yield which, when used in computing the present worth of all payments of principal and interest (or other payments in the case of Nonpurpose Investments which require payments in a form not characterized as principal and interest) on a Nonpurpose Investment or on the Authority Bonds produces an amount equal to the Purchase Price of such Nonpurpose Investment or the Authority Bonds, as the case may be, all computed as prescribed in the applicable Regulations. Bond Terms The terms of the Bonds, the authority for their issuance and a description of the Bonds, including registration and transfer matters, are set forth in the Indenture. (See “THE BONDS” and “SECURITY FOR THE BONDS — General”). Redemption Terms and Provisions The terms and provisions for redemption of the Bonds, including redemption prior to the stated maturities of the Bonds, are set forth in the Indenture. (See “THE BONDS — Redemption”).

D-13

Creation, Administration and Application of Funds and Accounts Program Fund The Authority shall establish with the Trustee a special fund designated the “Program Fund.” The Trustee shall maintain and hold in trust such fund and account as a separate and distinct account or fund. Within the Program Fund the Trustee shall establish special accounts referred to as the “Purchase Account” and the “Costs of Issuance Account.” A portion of the Proceeds received from the sale of the Bonds shall be deposited in trust with the Trustee, who shall set aside a portion of such Proceeds in the Purchase Account of the Program Fund; transfer other Proceeds to the Escrow Agent pursuant to the Escrow Agreement; and deposit certain Proceeds to the Costs of Issuance Account allocated to CFD No. 90-1, and to the CFD No. 90-1 Reserve Account. Funds deposited in the Purchase Account, less the amount of Costs of Issuance apportioned to CFD No. 99-1 and CFD No. 2000-1, less amounts deposited in the CFD No. 99-1 Reserve Account and the CFD No. 2000-1 Reserve Account, shall immediately be expended for the purchase of the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax Bonds. The administrative expenses of the Authority and to administer the Bonds shall be paid pursuant to the provisions of the Funding Allocation Agreement. Revenue Fund The Authority shall establish with the Trustee a special fund designated the “Revenue Fund” which the Trustee shall hold and administer pursuant to the provisions thereof. Within the Revenue Fund, the Trustee shall establish an account designated as the “Authority Surplus Account.” Such fund and account shall be held and maintained as a separate and distinct fund and account. Subject only to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth in the Indenture, all of the Revenues, and any other amounts held in any fund or account established pursuant to the Indenture (excluding the Program Fund and the accounts therein, and the Rebate Fund) are pledged (as set forth in the Indenture) by the Authority to secure the full and timely payment of the principal of and interest and premium, if any, of the Bonds in accordance with their terms and the provisions of the Indenture. Said pledge shall constitute a lien on and security interest in such assets and shall attach, be perfected and be valid and binding from and after delivery of the Bonds by the Trustee and the Revenues and other items pledged under the Indenture shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. Subject to the provisions of the Indenture, the Authority hereby pledges and assigns to the Trustee, for the benefit of the Owners from time to time of the Bonds, all of the Revenues, all of the moneys and securities in the funds and accounts created under the Indenture, except the Program Fund and the accounts therein, and the Rebate Fund, as their interests appear and other amounts pledged in the Indenture and all of the right, title and interest of the Authority in the Local Obligations. The Authority shall collect and receive, or cause to be collected and received by the Trustee, all such Revenues, and Revenues collected or received by the Authority, or collected and received by the Trustee on behalf of the Authority, shall be deemed to be held, and to have been collected or received, by the Authority, in trust, and shall be paid to the Trustee as set forth in the Indenture. The Trustee also shall be entitled to and may take all steps, actions and proceedings reasonably necessary in its judgment, to enforce, either jointly with the Authority or separately, by itself, all of the rights of the Authority and all of the obligations of any Local Agency with respect to its Local Obligations. Subject to the provisions of the Indenture, all Revenues and any Principal Repayment (which shall be directly deposited to the Redemption Account), shall be promptly transferred to the Trustee by the Authority and deposited by the Trustee upon receipt thereof in the Revenue Fund which the Trustee shall maintain and hold in trust. All Revenues deposited with the Trustee shall be held, disbursed, allocated and applied by the Trustee only as provided in the Indenture.

D-14

Notwithstanding other provisions in the Indenture, Revenues received from a Local Agency which represent the payment of delinquent principal or interest on a Local Obligation will be deposited into the corresponding Reserve Fund Account(s) of the Reserve Fund to the extent necessary to replenish the amount(s) therein to its allocated portion of the Reserve Requirement, with any excess remaining in the Revenue Fund. (See “SECURITY FOR THE BONDS — General” and “— Allocation of Revenues”). Bond Fund The Authority shall establish with the Trustee a special fund designated the “Bond Fund.” Within the Bond Fund, the Trustee shall establish special accounts designated as the “Principal Account,” the “Interest Account” and the “Redemption Account.” Such fund and accounts shall be held and maintained as separate and distinct funds and accounts. On each Interest Payment Date, the Trustee shall transfer all Revenues then in the Revenue Fund into the funds and accounts, the amounts in the order of priority set forth in the Indenture. Allocation of Revenues On each Interest Payment Date, the Trustee will transfer all Revenues from the Revenue Fund for deposit into the following funds and accounts, in the following amounts in the following order of priority, the requirements of each such account (including the making up of any deficiencies in any such account resulting from lack of Revenues sufficient to make any earlier required deposit) at the time of deposit to be satisfied before any transfer is made to any account subsequent in priority: (a) The Trustee shall deposit in the Interest Account an amount which, together with the amounts then on deposit therein, is sufficient to cause the aggregate amount on deposit in the Interest Account to equal the amount of interest coming due and payable on the Bonds on such Interest Payment Date and any amount of interest on the Bonds previously due and unpaid. (b) The Trustee shall deposit in the Principal Account, if necessary, an amount which, together with the amounts then on deposit therein, is sufficient to cause the aggregate amount on deposit in the Principal Account to equal the amount of principal payment coming due and payable on the Bonds within the Bond Year and any amount of principal on the Bonds previously due and unpaid. (c) On each Interest Payment Date on which the balance in the Reserve Fund is less than the Reserve Requirement, the Trustee shall transfer from the Revenue Fund an amount sufficient to increase the balance in the Reserve Fund to the Reserve Requirement, with such amounts being credited to the Reserve Account(s) of the Reserve Fund so as to maintain the balances in each Reserve Account as required by the Indenture. (d) If on any Interest Payment Date the amount on deposit in the Revenue Fund is inadequate to make the transfers described in (a) above as a result of a payment default of a Local Obligation, the Trustee shall immediately notify the Designated Officer of the School District of the amount needed to make the required deposits under (a) above. In the event that following such notice the Trustee received additional payments from the School District or the CFD(s), as applicable, to cure such shortfall, the Trustee shall deposit the amount received from the School District or a CFD, as applicable, to the corresponding Reserve Account of the Reserve Fund with any amount in excess of that needed to replenish such Reserve Account being deposited in the Revenue Fund. (e) The Trustee shall deposit in the Rebate Fund an amount, if any, to increase the amount on deposit in the Rebate Fund to the Rebate Requirement as directed in writing by the Authority. (f) The Trustee shall deposit all remaining amounts to the Authority Surplus Fund to be applied as provided in the Indenture. (See “SECURITY FOR THE BONDS — Allocation of Revenues”).

D-15

Interest Account Subject to the provisions of the Indenture, all amounts in the Interest Account shall be used and withdrawn by the Trustee solely for the purpose of paying interest on the Bonds as it shall become due and payable or, at the Written Request of the Authority filed with the Trustee, to apply to the payment of accrued interest on any Bonds purchased by the Authority pursuant to the Indenture in lieu of redemption. Any amounts on deposit in the Interest Account on any September 2 which are not required to pay interest then due and payable on the Bonds shall be transferred to the Authority Surplus Fund. In the event that the deposit in the Interest Account on any Interest Payment Date or redemption date, after any transfers from the Reserve Fund pursuant to the Indenture, are insufficient for any reason to pay the aggregate amount of interest then coming due and payable on the Outstanding Bonds, the Trustee shall apply such amounts of the payment of interest on each of the Outstanding Bonds on a pro rata basis so that an equal percentage of the interest due on each Bond is paid. Principal Account Subject to the provisions of the Indenture, all amounts in the Principal Account shall be used and withdrawn by the Trustee solely to pay the principal of the Bonds upon the stated maturity thereof. Any amounts on deposit in the Principal Account on any September 2 which are not required to pay the principal amount then due and payable on the Bonds shall be transferred to the Authority Surplus Account. In the event that the amounts on deposit in the Principal Account on any Interest Payment Date or date of redemption, after any transfers from the Reserve Fund pursuant to the Indenture, are insufficient for any reason to pay the aggregate principal amount of, and premium (if any) on, the Outstanding Bonds then coming due and payable (whether at maturity or upon the redemption thereof), the Trustee shall apply such amounts in the following order of priority; (i) first, to the payment of the principal of the Outstanding Bonds which mature by their terms or are to be redeemed pursuant to the Indenture; and (ii) second, to the payment of the principal of any redemption premium (if any) on the Outstanding Bonds which mature by their terms or are to be redeemed pursuant to the Indenture. Reserve Fund There is established a fund by the Trustee designated as the Reserve Fund which fund the Trustee shall maintain and hold in Trust as a separate and distinct fund. There shall be maintained in the Reserve Fund an amount equal to the Reserve Requirement which shall be allocated among the Reserve Accounts on a pro rata basis based on the then-outstanding amounts of the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax Bonds, in the case of CFD No. 99-1 and CFD No. 2000-1, respectively, and in the case of CFD No. 90-1, on the then-outstanding principal component of the CFD No. 90-1 Installment Payments, which initially shall be as follows: (i) to the CFD No. 90-1 Reserve Account, $43,897.39, (ii) to the CFD No. 99-1 Reserve Account, $115,477.80, and (iii) to the CFD No. 2000-1 Reserve Account, $460,724.81. If the amount of the Reserve Requirement is reduced because of the payment at maturity or partial redemption of the Bonds, the Trustee shall, at the written direction of the Authority, adjust the balance in any Reserve Account or create new reserve accounts provided that the total amount held in the accounts of the Reserve Fund equals the Reserve Requirement. Moneys in the Reserve Fund shall be used solely for the purposes set forth in the Indenture. Subject to the limitations set forth in the following paragraph, amounts in the Reserve Fund may be applied to pay the principal of, including Mandatory Sinking Payments, and interest on the Bonds when due in the event that the moneys in the Interest Account and the Principal Account of the Bond Fund are insufficient therefor. In addition, amounts in the Reserve Fund may be applied in connection with an optional redemption or a special mandatory redemption or a defeasance of the Bonds pursuant to the Indenture, in whole or in part, or when the balance therein equals the principal and interest due on the Bonds to and including maturity, or in accordance with the provisions of the Indenture, to pay the principal of and interest due on the Bonds to maturity. Amounts transferred in connection with a redemption or a defeasance of Bonds shall be transferred to the Redemption Account from the Reserve Account of the Reserve Fund established for the CFD or CFDs which

D-16

have caused such redemption or defeasance through a redemption of the CFD No. 99-1 Special Tax Bonds and the CFD No. 2000-1 Special Tax Bonds, in the case of CFD No. 99-1 and CFD No. 2000-1, respectively, and in the case of CFD No. 90-1 through a prepayment of CFD No. 90-1 Installment Payments, in an amount equal to the excess of what the Reserve Requirement will be following an optional redemption, special mandatory redemption or partial defeasance of the Bonds. If the amounts in the Interest Account or the Principal Account of the Bond Fund are insufficient to pay the principal of, including Mandatory Sinking Payments or interest on the Bonds when due, the Trustee shall withdraw from the Reserve Fund for deposit in the Interest Account and the Principal Account, as applicable, moneys necessary for such purposes in the following priority and subject to the following limitations: (i) if the insufficiency was caused by a delinquency in the payment of a Local Obligation, the Trustee shall transfer up to the amount of the delinquency from the Reserve Account of the Reserve Fund established for such Local Agency, as applicable, to the Interest Account or the Principal Account, as applicable; and (ii) amounts in a Reserve Account of the Reserve Fund established for a Local Agency may be transferred to the Interest Account or Principal Account only to the extent necessary to cure any default on any Local Obligation of such Local Agency, and may not be transferred to cure any default on any other Local Obligation. On September 1, 2025, all amounts in the CFD No. 90-1 Reserve Account will be transferred to the Interest Account and the Principal Account as a credit against the payments due on the CFD No. 90-1 Amended and Restated Installment Purchase Agreement on such date with the amount transferred being deposited first to the Interest Account as a credit on the interest due on the CFD No. 90-1 Amended and Restated Installment Purchase Agreement on such date and the balance being deposited to the Principal Account as a credit on the principal due on the CFD No. 90-1 Amended and Restated Installment Purchase Agreement on such date. On September 1, 2034, all amounts in the CFD No. 99-1 Reserve Account will be transferred to the Interest Account and the Principal Account as a credit against the payments due on the CFD No. 99-1 Special Tax Bonds on such date with the amount transferred being deposited first to the Interest Account as a credit on the interest due on the CFD No. 99-1 Special Tax Bonds on such date and the balance being deposited to the Principal Account as a credit on the principal due on the CFD No. 99-1 Special Tax Bonds on such date. On September 1, 2034, all amounts in the CFD No. 2000-1 Reserve Account will be transferred to the Interest Account and the Principal Account as a credit against the payments due on the CFD No. 2000-1 Special Tax Bonds on such date with the amount transferred being deposited first to the Interest Account as a credit on the interest due on the CFD No. 2000-1 Special Tax Bonds on such date and the balance being deposited to the Principal Account as a credit on the principal due on the CFD No. 2000-1 Special Tax Bonds on such date. Moneys in the Reserve Fund, if any, in excess of the Reserve Requirement not transferred in accordance with the preceding paragraphs shall be withdrawn from the Reserve Fund on each Interest Payment Date and transferred to the Interest Account. (See “SECURITY FOR THE BONDS — Reserve Fund”). Costs of Issuance Account Within the Program Fund there shall be a separate account designated as the “Costs of Issuance Account.” The Trustee shall, on the Closing Date, receive from the Authority and the CFDs and deposit $247,748.02 of contributions to pay Costs of Issuance into the Costs of Issuance Account and shall administer and maintain such Account as set forth in the Indenture. The Trustee shall disburse funds from the Costs of Issuance Account for Costs of Issuance upon receipt of a signed requisition substantially in the form attached in the Indenture and approved by a Designated Officer. Interest earnings on amounts in such account shall be retained therein.

D-17

Upon the earlier of: (i) payment in full of all Costs of Issuance, which shall be determined by a certificate to the Trustee to that effect by a Designated Officer; or (ii) May 4, 2013, the Trustee shall, without further actions by the Authority, transfer all funds remaining in the Costs of Issuance Account, if any, to the Revenue Fund. Upon the occurrence of such transfer, the Trustee shall notify the Authority, in writing, of the amount(s) so transferred and shall then close the Costs of Issuance Account. Authority Surplus Account Following the deposits set forth above, moneys remaining in the Revenue Fund shall be deposited by the Trustee into the Authority Surplus Account. Moneys deposited into the Authority Surplus Account shall be transferred by the Trustee as follows: (a) After the Funding Requirement has been met, upon receipt of a Written Request of the Authority to any fund and/or account designated therein in a specified amount (which may include deposits to replenish the Reserve Fund Accounts to the corresponding Reserve Requirement, provided such transfer shall be limited to a proportionate share of such moneys held in the Authority Surplus Account related to the applicable CFD and corresponding Reserve Fund Account). (b) After the foregoing transfers under (a) above have occurred and the Funding Requirement has been met, the remaining funds in the Authority Surplus Account shall, unless otherwise directed in writing by a Designated Officer of the Authority, be released to the Authority, on behalf of the CFD’s in proportion to the initial par amount, or aggregate principal component, as applicable, of the Local Obligations, and be free and clear of any lien of the Indenture. The Trustee shall make such transfer(s) within five (5) Business Days after each Principal Payment Date and shall confirm such transfer(s) to the Authority, in writing. The amounts released shall be used by the Authority and/or the CFDs in a manner consistent with the respective CFD proceedings and facilities. (c) Moneys in the Authority Surplus Account shall be invested in accordance with the Indenture. Interest earnings and profits from such investment and deposit shall remain therein and be applied in the manner provided in subsections (a) and (b) above. Redemption Account The Authority shall establish a special account within the Bond Fund designated as the “Redemption Account,” which account the Trustee shall maintain and hold in trust as a separate and distinct account within such fund. The Trustee shall deposit in the Redemption Account any amounts required or permitted to be applied to the redemption of Bonds (exclusive of Mandatory Sinking Payments on the Term Bond) pursuant to the Indenture. Subject to the provisions of the Indenture, all amounts deposited in the Redemption Account shall be used and withdrawn by the Trustee solely for the purpose of redeeming the Bonds in the manner and upon the terms and conditions specified in the Indenture (excluding mandatory sinking fund redemptions which shall be paid from the Interest Account and the Principal Account), at the next succeeding date of redemption for which notice has been given and at the redemption prices then applicable. At any time prior to selection of Bonds for such notice of redemption, the Trustee may, at the Written Request of the Authority apply amounts on deposit in the Redemption Account to the purchase of the Bonds, for cancellation, at public or private sale, as and when and at prices not exceeding the par amount thereof (including brokerage and other charges, but excluding accrued interest, which is payable from the Interest Account) and as specified in the Indenture. Any amounts on deposit in the Redemption Account after the corresponding redemption date and application of funds to the redemption of Bonds to the maximum amount possible which are insufficient in amount to redeem Bonds designated for redemption shall be transferred to the Authority Surplus Account. (See “THE BONDS — Redemption”).

D-18

Rebate Fund The Trustee shall establish and maintain a fund held separate from any other fund established and maintained under the Indenture designated as the Rebate Fund. As required by the Tax Certificate, the Authority covenants that it shall calculate the annual Excess Investment Earnings and shall transmit to the Trustee for deposit to the Rebate Fund an amount equal to the Excess Investment Earnings for the Bonds, if any, from any legally available moneys of the Authority. Neither the Authority nor the Owners of any Bonds shall have any rights in or claim to such moneys. All such calculations described in this paragraph shall be made in the manner set forth in the Tax Regulations. The calculations of Excess Investment Earnings required under the Indenture shall be made by an Independent Financial Consultant whose calculations of rebate amounts under the Tax Code and the Tax Regulations have been accepted by other public agencies. Investment of Moneys Except as otherwise provided under the Indenture, all moneys in any of the funds or accounts established pursuant to the Indenture shall be invested by the Trustee solely in Permitted Investments, as directed in writing by the Authority. Such investment instructions shall certify that the investment is a Permitted Investment. Permitted Investments may be purchased at such prices as the Authority shall determine. All Permitted Investments shall be acquired subject to any restrictive instructions given to the Trustee in writing pursuant to the Indenture and such additional limitations or requirements consistent with the foregoing as may be established by the Written Request of the Authority. Moneys in any funds and accounts shall be invested in Permitted Investments maturing not later than the date on which it is estimated that such moneys will be required for the purposes specified in the Indenture. Absent timely written direction from the Authority, the Trustee shall invest any funds held by it in Permitted Investments described in clause (6) of the definition thereof. The Trustee may commingle moneys in any of the funds and accounts held under the Indenture. Moneys in the Reserve Fund, if any, may be invested only in Permitted Investments which, taken together, have a weighted average maturity not in excess of five years; provided that such amounts may be invested in an Investment Agreement of a longer maturity so long as such amounts may be withdrawn at any time, without penalty, for application in accordance with the Indenture; and further provided that, in the case of CFD No. 99-1 and CFD No. 2000-1, no such Permitted Investment of amounts in a Reserve Account of the Reserve Fund allocable to the Local Obligations shall mature later than the final maturity date of the Local Obligations to which such Reserve Account relates, and in the case of CFD No. 90-1, no Permitted Investment of amounts in the CFD No. 90-1 Reserve Account shall mature later than September 1, 2025. Moneys in the Authority Surplus Account may be invested in Permitted Investments which will, by their terms, mature as close as practicable to the date(s) the Authority estimates the moneys represented by the particular investment will be needed for withdrawal from such Fund. Except for moneys held in the Rebate Fund (which shall be retained therein) and the Authority Surplus Account, all interest, profits and other income received from the investment of moneys in any fund or account established pursuant to the Indenture shall be deposited in the Interest Account of the Bond Fund. Notwithstanding anything to the contrary contained in this paragraph, an amount of interest received with respect to any Permitted Investments equal to the amount of accrued interest, if any, paid as part of the purchase price of such Permitted Investments shall be credited to the fund from which such accrued interest was paid. Permitted Investments acquired as an investment of moneys in any fund established under the Indenture shall be credited to such fund. For the purpose of determining the amount in any fund, all Permitted Investments credited to such fund shall be valued at the lesser of cost or market value hereof exclusive of accrued interest, if any, paid as part of the purchase price.

D-19

The Trustee and its affiliates may act as principal, agent or sponsor, advisor or depository in the making or disposing of any investment and may receive compensation in connection therewith. Upon the Written Request of the Authority, or as required for the purposes of the provisions of the Indenture, the Trustee shall sell or present for redemption, any Permitted Investments so purchased whenever it shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or disbursement from the fund to which such Permitted Investments is credited, and the Trustee shall not be liable or responsible for any loss resulting from any investment made or sold pursuant to the Indenture. The Authority acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Authority the right to receive brokerage confirmations of security transactions as they occur, the Authority specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Authority with periodic cash transaction statements which include detail for all investment transactions made by the Trustee under the Indenture. Covenants of the Authority As part of the issuance of the Bonds, the Authority has provided certain covenants to take, or refrain from taking, certain actions. Certain of those covenants are described below: Punctual Payment. The Authority shall punctually pay or cause to be paid the principal, premium, if any, and interest to become due in respect of all the Bonds in strict conformity with the terms of the Bonds and of the Indenture, according to the true intent and meaning thereof, but only out of Revenues and other assets pledged for such payment as provided in the Indenture and received by the Authority or the Trustee. Extension of Payment of Bonds. The Authority shall not directly or indirectly extend or assent to the extension of the maturity of any of the Bonds or the time of payment of any claims for interest by the purchase of such Bonds or by any other arrangement, and in case the maturity of any of the Bonds or the time of payment of any such claims for interest shall be extended, such Bonds or claims for interest shall not be entitled, in case of any default under the Indenture, to the benefits of the Indenture, except subject to the prior payment in full of the principal, of all of the Bonds then Outstanding and of all claims for interest thereon which shall not have been so extended. Nothing in the Indenture shall be deemed to limit the right of the Authority to issue Bonds for the purpose of refunding any Outstanding Bonds, and such issuance shall not be deemed to constitute an extension of maturity of the Bonds. Against Encumbrances. The Authority shall not create, or permit the creation of, any pledge, lien, charge or other encumbrance upon the Revenues and other assets pledged or assigned under the Indenture while any of the Bonds are outstanding, except the pledge and assignment created by the Indenture. Subject to this limitation, the Authority expressly reserves the right to enter into one or more other indentures for any of its legitimate purposes, including other programs under the Bond Law, and reserves the right to issue other obligations for such purposes. Power to Issue Bonds and Make Pledge. The Authority is duly authorized pursuant to law to issue the Bonds and to enter into the Indenture and to pledge and assign the Revenues, the Local Obligations and other assets purported to be pledged and assigned, respectively, under the Indenture in the manner and to the extent provided in the Indenture. The Bonds and the provisions of the Indenture are and will be the legal, valid and binding special obligations of the Authority in accordance with their terms, and the Authority and the Trustee, subject to the provisions of the Indenture, shall at all times, to the extent permitted by law, defend, preserve and protect said pledge and assignment of Revenues and other assets and all the rights of the Bond Owners under the Indenture against all claims and demands of all Persons whomsoever. Nothing in the Indenture shall limit the ability of the Authority to issue bonds or other indebtedness payable from sources other than the Revenues or proceeds of the Local Obligations. Accounting Records and Financial Statements. The Trustee shall at all times keep, or cause to be kept, proper books of record and account, prepared in accordance with industry standards, in which complete and accurate entries shall be made of all transactions made by it relating to the Bond proceeds, the Revenues,

D-20

the Local Obligations and all funds and accounts established with the Trustee pursuant to the Indenture. Such books of record and account shall be available for inspection by the Authority, any Independent Financial Consultant, the Original Purchaser, the School District, and the CFDs, during regular business hours and upon reasonable notice and under reasonable circumstances as agreed to by the Trustee. The Authority shall at all times keep, or cause to be kept, proper books of record and account, prepared in accordance with generally accepted accounting principles, in which complete and accurate entries shall be made of all transactions relating to the Bond proceeds, the Revenues, the Local Obligations and all funds and accounts established pursuant to the Indenture (other than those records and accounts kept by the Trustee). Such books of record and account shall be available for inspection by the Trustee, any Independent Financial Consultant, the School District, and the CFDs, during regular business hours and upon twenty-four (24) hours prior notice and under reasonable circumstances as agreed to by the Authority. Waiver of Laws. The Authority shall not at any time insist upon or plead in any manner whatsoever, or claim or take the benefit or advantage of, any stay or extension law now or at any time hereafter in force that may have a material adverse effect on the covenants and agreements contained in the Indenture or in the Bonds, and all benefit or advantage of any such law or laws is hereby expressly waived by the Authority to the extent permitted by law. No Arbitrage. The Authority shall not take, or permit or suffer to be taken by the Trustee or otherwise, any action with respect to the proceeds of the Bonds which if such action had been reasonably expected to have been taken, or had been deliberately and intentionally taken, on the Closing Date would have caused any of the Bonds to be “arbitrage bonds” within the meaning of Section 148(a) of the Tax Code. Compliance with Rebate Requirement. The Authority shall assure compliance with the requirements for a rebate of excess investment earnings to the federal government in accordance with section 148(f) of the Tax Code and applicable Tax Regulations. Private Business Use Limitation. The Authority shall assure that: (a) no more than ten percent (10%) of the Proceeds of the Bonds is used for Private Business Use if, in addition, the payment of the principal of, or the interest on, more than ten percent (10%) of the Proceeds of the Bonds is (under the terms of the Bonds or any underlying arrangement) directly or indirectly, (i) secured by any interest in property, or payments in respect of property, used or to be used for a Private Business Use (as defined in the Tax Code), or (ii) to be derived from payments (whether or not to the Authority) in respect of property, or borrowed money, used or to be used for a Private Business Use; and (b) in the event that in excess of five percent (5%) of the Proceeds of the Bonds is used for a Private Business Use, and, in addition, the payment of the principal of, or the interest on, more than five percent (5%) of the Proceeds of the Bonds is (under the terms of the Bonds or any underlying arrangement), directly or indirectly, secured by any interest in property, or payments in respect of property, used or to be used for said Private Business Use or is to be derived from payments (whether or not to the Authority) in respect of property, or borrowed money, used or to be used for a Private Business Use, then, (A) said excess over said five percent (5%) of the Proceeds of the Bonds which is used for a Private Business Use shall be used for a Private Business Use related to a government use of such proceeds and (B) each such Private Business Use over five percent (5%) of the Proceeds of the Bonds which is related to a government use of such Proceeds shall not exceed the amount of such Proceeds which is used for the government use of Proceeds to which such Private Business Use is related. Limitation of Use of Proceeds for the Bonds. In the event that loans are made, directly or indirectly, to a borrower other than a governmental unit, the Authority shall assure that not in excess of five percent (5%) of the Proceeds of the Bonds is used for such purpose. This limitation does not apply to loans constituting non-purpose investments or to loans which enable the borrower to finance any governmental tax or assessment of general application for specific essential governmental functions.

D-21

Federal Guarantee Prohibition. The Authority shall not take any action or permit or suffer any action to be taken if the result of the same would be to cause the Bonds to be “federally guaranteed” within the meaning of section 149(b) of the Tax Code and applicable Tax Regulations. Local Obligations. The Authority shall cause to be collected and paid to it all Revenues payable with respect to the Local Obligations promptly as such Revenues become due and payable, and shall vigorously enforce and cause to be enforced all rights of the Authority and the Trustee under and with respect to the Local Obligations. Upon any failure of the Authority to perform as required by the Indenture, the Trustee shall, subject to the provisions of the Indenture, take appropriate actions to collect and cause the Revenues to be paid to the Trustee. The Authority shall instruct the Districts to authenticate and deliver to the Trustee the Local Obligations registered in the name of the Trustee. Continuing Disclosure. The Authority has covenanted and agreed that it will carry out the provisions of the Continuing Disclosure Certificate. Notwithstanding any provision in the Indenture to the contrary, failure by the Authority to comply with the Continuing Disclosure Certificate shall not be considered an Event of Default for purposes of the Indenture, hereof, however, the Bond Owners may take such actions as may be necessary and appropriate, including seeking a mandate or specific performance by court order, to cause the Authority to comply with its obligations under the Continuing Disclosure Certificate, as specified therein. Compliance with State Reporting Guidelines. The Authority shall comply with the State reporting guidelines as required by the provisions of the Act. Notwithstanding any provision in the Indenture to the contrary, failure by the Authority to comply with the State reporting guidelines shall not be considered an Event of Default for purposes of the Indenture, however, any Bond Owner may take such actions as may be necessary and appropriate, including seeking a mandate or specific performance by court order, to cause the Authority to comply with the State reporting obligations. The Authority covenants and agrees in the Indenture that it will comply with and carry out all of the reporting requirements of the Bond Law, including, but not limited to, Section 6599.1 thereof. Limitation on Additional Bonds. The Authority shall not issue any other bonds, or other securities secured by the same Revenues as are pledged to secure the Bonds. However, the foregoing shall not be interpreted to prevent a refunding of the Bonds, or to prevent the Authority from consenting to a refunding or prepayment of the Local Obligations, as applicable, provided that the security of the Owners in the Revenues pledged under the Indenture, is maintained. Further Assurances. The Authority will make, execute and deliver any and all such further indentures, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of the Indenture and for the better assuring and confirming unto the owners of the Bonds of the rights and benefits provided in the Indenture. (See “THE BONDS — No Issuance of Parity Bonds” “and “CONTINUING DISCLOSURE”). Events of Default; No Acceleration of Bonds; Remedies With respect to the Bonds, the following events shall be Events of Default under the terms of the Indenture: (a) if default by the Authority shall be made in the due and punctual payment of the principal of any Bonds when and as the same shall become due and payable, whether at maturity as therein expressed, or otherwise; (b) if default by the Authority shall be made in the due and punctual payment of any installment of interest on any Bonds when and as the same shall become due and payable; (c) if default shall be made by the Authority in the observance of any of the other covenants, agreements or conditions on its part in the Indenture, if such default shall have continued for a period of thirty

D-22

(30) days after written notice thereof and specifying such default and requiring the same to be remedied, shall have been given to the Authority by the Trustee or the Owners of not less than twenty-five percent (25%) in aggregate principal amount of the Bonds at the time Outstanding as determined in the Indenture; provided, however, if the failure stated in the notice can be corrected (other than a failure to pay the Trustee’s fees and expenses, which may only be waived by the Trustee), but not within the applicable period, the Authority, the Trustee and such Owners shall not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Authority within the applicable period and diligently pursued until the default is corrected; and (d) the occurrence of an Event of Bankruptcy with respect to the Authority. The Bonds are not subject to acceleration in the payment of interest or principal. Subject to the provisions and limitations set out in the Indenture, any Bond Owner shall have the right, for the equal benefit and protection of all Bond Owners similarly situated: (a) by mandamus, suit, action or proceeding, to compel the Authority and its members, officers, agents or employees to perform each and every term, provision and covenant contained in the Indenture and in the Bonds, and to require the carrying out of any or all such covenants and agreements of the Authority in respect of such series and the fulfillment of all duties imposed upon it by the Bond Law; (b) by suit, action or proceeding in equity, to enjoin any acts or things which are unlawful or the violation of any of the Bond Owners’ rights; or (c) upon the happening of any Event of Default, by suit, action or proceeding in any court of competent jurisdiction, to require the Authority and its members and employees to account as if it and they were the trustees of an express trust. Application of Revenues and Other Funds After Default If an Event of Default with respect to the Bonds shall occur and be continuing, all Revenues and any other funds then held or thereafter received by the Authority shall immediately upon receipt by the Authority be transferred by the Authority to the Trustee and be deposited by the Trustee in the appropriate accounts of the Bond Fund and all amounts held in the Revenue Fund by the Trustee and all Revenues and any other funds (excluding the Rebate Fund, the Reserve Fund and the Surplus Fund) then held or thereafter received by the Authority or the Trustee under any of the provisions of the Indenture shall be applied by the Trustee as follows and in the following order: (a) To the payment of any fees and expenses of the Trustee necessary in the opinion of the Trustee to protect the interests of the Owners of the Bonds and payment of reasonable fees, charges and expenses of the Trustee (including reasonable fees and disbursements of its counsel) incurred in and about the performance of its powers and duties under the Indenture; (b) To the payment of the principal of and interest then due with respect to the Bonds (upon presentation of the Bonds to be paid, and stamping thereon of the payment if only partially paid, or surrender thereof if fully paid) subject to the provisions of the Indenture, as follows: First: To the payment to the Persons entitled thereto of all payments of interest on the Bonds then due in the order of the maturity of such installments, and, if the amount available shall not be sufficient to pay in full any installment or installments maturing on the same date, then to the payment thereof ratably, according to the amounts due thereon, to the Persons entitled thereto, without any discrimination or preference; and Second: To the payment to the Persons entitled thereto of the unpaid principal of any Bonds which shall have become due, whether at maturity or by call for redemption, with interest on the overdue principal at the rate borne by the respective Bonds on the date of maturity or redemption, and, if the amount available shall

D-23

not be sufficient to pay in full all the Bonds, together with such interest, then to the payment thereof ratably, according to the amounts of principal due on such date to the Persons entitled thereto, without any discrimination or preference. Trustee to Represent Bond Owners Subject to the provisions of the Indenture, the Trustee is irrevocably appointed thereunder (and the successive respective Owners of the Bonds, by taking and holding the same, shall be conclusively deemed to have so appointed the Trustee) as trustee and true and lawful attorney-in-fact of the Owners of the Bonds for the purpose of exercising and prosecuting on their behalf such rights and remedies as may be available to the Owners under the provisions of the Bonds, the Indenture, the Bond Law and applicable provisions of any other law. Upon the occurrence and continuance of an Event of Default or other occasion giving rise to a right in the Trustee to represent the Bond Owners, the Trustee in its discretion may, and upon the written request of the Owners of not less than a majority in aggregate principal amount of the Bonds then Outstanding shall, proceed to protect or enforce its rights or the rights of such Owners by such appropriate action, suit, mandamus or other proceedings as it shall deem most effectual to protect and enforce any such right, at law or in equity, either for the specific performance of any covenant or agreement contained in the Indenture, or in aid of the execution of any power granted in the Indenture, or for the enforcement of any other appropriate legal or equitable right or remedy vested in the Trustee and such Owners under the Bonds, the Indenture, the applicable Supplemental Indenture, the Bond Law or any other law; and upon instituting such proceeding, the Trustee shall be entitled, as a matter of right, to the appointment of a receiver of the Revenues and other assets pledged under the Indenture, pending such proceedings. All rights of action under the Indenture, or the Bonds or otherwise may be prosecuted and enforced by the Trustee without the possession of any of the Bonds or the production thereof in any proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in the name of the Trustee for the benefit and protection of the Owners of such Bonds as their interests appear, subject to the provisions of the Indenture. Bond Owners’ Direction of Proceedings Anything in the Indenture to the contrary notwithstanding, upon the occurrence and continuance of an Event of Default with respect to the Bonds and the owners of a majority in aggregate principal amount of the Bonds then Outstanding, as determined pursuant to the Indenture, shall have the right, by an instrument or concurrent instruments in writing executed and delivered to the Trustee, and upon indemnification of the Trustee to its satisfaction, to direct the method of conducting all remedial proceedings taken by the Trustee under the Indenture in respect of the Bonds, provided that such direction shall not be otherwise than in accordance with law and the provisions of the Indenture, and if the Bonds are no longer Outstanding, that the Trustee shall have the right to decline to follow any such direction which in the opinion of the Trustee would be unjustly prejudicial to Bond Owners not parties to such direction. Limitation on Bond Owners’ Right to Sue No owner of any of the Bonds shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under the Indenture, the Agreement, the Bond Law or any other applicable law with respect to such Bonds, unless (a) such Owner shall have given to the Trustee written notice of the occurrence of an Event of Default with respect to the Bonds; (b) the owners of not less than a majority in aggregate principal amount of the Bonds then Outstanding, as determined pursuant to the Indenture, shall have made written request upon the Trustee to exercise the powers granted in the Indenture or to institute such suit, action or proceeding in its own name; (c) such Owner or said Owners shall have tendered to the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; and (d) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) days after such written request shall have been received by, and said tender of indemnity shall have been made to, the Trustee.

D-24

Such notification, request, tender of indemnity and refusal or omission are declared under the Indenture, in every case, to be a condition precedent to the exercise by any Owner of Bonds of any remedy thereunder or under law; it being understood and intended that one or more Owners of Bonds shall not have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of the Indenture or the rights of any other Owners of Bonds, or to enforce any right under the Bonds, the Indenture, the Bond Law or other applicable law with respect to the Bonds, except in the manner provided in the Indenture, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner provided in the Indenture and for the benefit and protection of all Owners of the Outstanding Bonds as their interests appear, subject to the provisions of the Indenture. The Trustee The Trustee shall perform such duties and only such duties as are expressly and specifically set forth in the Indenture. The Trustee shall, during the existence of any Event of Default which has not been cured or waived, exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in their exercise, as a reasonable person would exercise or use under the circumstances in the conduct of such person’s own affairs. Any Co-Trustee shall be bound by the same standard of care, duties and obligations as the Trustee as if such Co-Trustee were the sole Trustee. The Authority may, and upon Written Request of the Local Agencies representing a majority in aggregate principal amount of the Local Obligations then outstanding, shall, remove the Trustee at any time unless an Event of Default shall have occurred and then be continuing, and shall remove the Trustee if at any time requested to do so by an instrument or concurrent instruments in writing signed by the Owners of not less than a majority in aggregate principal amount of the Bonds then Outstanding, as determined pursuant to the Indenture (or their attorneys duly authorized in writing) or if at any time the Trustee shall cease to be eligible in accordance with the Indenture, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or its property shall be appointed, or any public officer shall take control or charge of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, in each case by giving written notice of such removal to the Trustee and thereupon shall appoint a successor Trustee by an instrument in writing. The Trustee may at any time resign by giving written notice of such resignation by first-class mail, postage prepaid, to the Authority and to the Bond Owners at the respective addresses shown on the Registration Books. Upon receiving such notice of resignation, the Authority shall promptly appoint a successor Trustee by an instrument in writing. The Trustee shall not be relieved of its duties until such successor Trustee has accepted appointment. Any removal or resignation of the Trustee and appointment of a successor Trustee shall become effective upon acceptance of appointment by the successor Trustee. If no successor Trustee shall have been appointed and have accepted appointment within forty-five (45) days following giving notice of removal or notice of resignation as aforesaid, the resigning Trustee or any Bond Owner (on behalf of himself and all other Bond Owners) may petition any court of competent jurisdiction for the appointment of a successor Trustee, and such court may thereupon, after such notice (if any) as it may deem proper, appoint such successor Trustee. Any successor Trustee appointed under the Indenture shall signify its acceptance of such appointment by executing and delivering to the Authority and to its predecessor Trustee a written acceptance thereon and after payment by the Authority of all unpaid fees and expenses of the predecessor Trustee, the successor Trustee, without any further act, deed or conveyance, shall become vested with all the moneys, estates, properties, rights, powers, trusts, duties and obligations of such predecessor Trustee, with like affect as if originally named Trustee in the Indenture; but, nevertheless at the written Request of the Authority or the request of the successor Trustee, such predecessor Trustee shall execute and deliver any and all instruments of conveyance or further assurance and do such other things as may reasonably be required for more fully and certainly vesting in and confirming to such successor Trustee all the right, title and interest of such predecessor Trustee in and to any property held by it under the Indenture and shall pay over, transfer, assign and deliver to the successor Trustee any money or other property subject to the trusts and conditions set forth in the Indenture. Upon request of the successor Trustee, the Authority shall execute and deliver any and all

D-25

instruments as may be reasonably required for more fully and certainly vesting in and confirming to such successor Trustee all such moneys, estates, properties, rights, powers, trusts, duties and obligations. Upon acceptance of appointment by a successor Trustee as provided for in this subsection, the Authority shall mail or cause the successor Trustee to mail, by first-class mail, postage prepaid, a notice of the succession of such Trustee to the trusts under the Indenture to the Bond Owners at the addresses shown on the Registration Books. If the Authority fails to mail such notice within fifteen (15) days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Authority. (e) Any Trustee appointed under the provisions of the Indenture in succession to the Trustee shall be a trust company or bank having the powers of a trust company or authorized to exercise trust powers, having (together with its corporate parent) a combined capital and surplus of at least fifty million dollars ($50,000,000), and subject to supervision or examination by federal or state agency. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining agency above referred to, then for the purpose of this subsection the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of the Indenture, the Trustee shall resign immediately in the manner and with the effect specified therein. Amendment of Indenture (a) The Indenture and the rights and obligations of the Authority and of the Owners of the Bonds and of the Trustee may be modified or amended from time to time and at any time by an indenture or indentures supplemental hereto, which the Authority and the Trustee may enter into with the written consent of the owners of a majority in aggregate principal amount of each the Bonds then Outstanding, as determined pursuant to the Indenture, which shall have been filed with the Trustee. No such modification or amendment shall: (i) extend the fixed maturity of any Bonds, reduce the amount of principal thereof, reduce the rate of interest thereon, extend the time of payment, or reduce any premium payable upon redemption of the Bonds without the consent of the Owner of each Bond so affected; or (ii) reduce the aforesaid percentage of Bonds the consent of the Owners of which is required to effect any such modification or amendment; or (iii) permit the creation of any lien on the Revenues and other assets pledged under the Indenture prior to or on a parity with the liens created by the Indenture or deprive the Owners of the Bonds of the lien created by the Indenture on such Revenues and other assets (except as expressly provided in the Indenture), without the consent of the Owners of all of the Bonds then Outstanding. It shall not be necessary for the consent of the Bond Owners to approve the particular form of any Supplemental Indenture, but it shall be sufficient if such consent shall approve the substance thereof. Promptly after the execution by the Authority and the Trustee of any Supplemental Indenture pursuant to the Indenture, the Trustee shall cause to be mailed a notice (the form of which shall be furnished to the Trustee by the Authority), by first-class mail, postage prepaid, setting forth in general terms the substance of such Supplemental Indenture, to the Owners of the Bonds at the respective addresses shown on the Registration Books. Any failure to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Supplemental Indenture. (b) The Indenture and any Supplemental Indenture and the rights and obligations of the Authority, of the Trustee and the Owners of the Bonds may also be modified or amended from time to time and at any time by an indenture or indentures supplemental hereto, which the Authority and the Trustee may enter into, without the consent of any Bond Owners for any one or more of the following purposes: (i) to add to the covenants and agreements of the Authority in the Indenture contained other covenants and agreements thereafter to be observed, to pledge or assign additional security for the Bonds (or any portion thereof), or to surrender any right or power therein reserved to or conferred upon the Authority;

D-26

(ii) to make such provisions for the purpose of curing any ambiguity, inconsistency or omission, or of curing or correcting any defective provision contained in the Indenture, or as to any other provisions of the Indenture as the Authority may deem necessary or desirable, in any case which do not adversely affect the security for the Bonds granted thereunder; (iii) to modify, amend or supplement the Indenture in such manner as to permit the qualification thereof under the Trust Indenture Act of 1939, as amended, or any similar federal statute hereafter in effect, and to add such other terms, conditions and provisions as may be permitted by said act or similar federal statute; (iv) to modify, amend or supplement the Indenture in such manner as to cause interest on the Bonds to be excludable, or remain excludable, from gross income for purposes of federal income taxation by the United States of America; (v) to supplement the Indenture to provide for the issuance of bonds to refund the Bonds, subject to the limitations of therein; and (vi) to modify or amend any provision of the Indenture with any effect and to any extent whatsoever permissible by law, provided that any such modification or amendment shall apply only to the Bonds issued and delivered subsequent to the execution and delivery of the applicable Indenture. Effect of Supplemental Indenture. Upon the execution of any Supplemental Indenture pursuant to the Indenture, the Indenture shall be deemed to be modified and amended in accordance therewith, and the respective rights, duties and obligations under the Indenture of the Authority, the Trustee and all Owners of Bonds Outstanding shall thereafter be determined, exercised and enforced under the Indenture subject in all respects to such modification and amendment, and all the terms and conditions of any such Supplemental Indenture shall be deemed to be part of the terms and conditions of the Indenture for any and all purposes. Endorsement of Bonds: Preparation of New Bonds Bonds delivered after the execution of any Supplemental Indenture pursuant to this Article may, and if the Authority so determines shall, bear a notation by endorsement or otherwise in form approved by the Authority and the Trustee as to any modification or amendment provided for in such Supplemental Indenture, and, in that case, upon demand on the Owner of any Bonds Outstanding at the time of such execution and presentation of his Bonds for the purpose at the Office of the Trustee a suitable notation shall be made on such Bonds. If the Supplemental Indenture shall so provide, new Bonds so modified as to conform, in the opinion of the Authority and the Trustee, to any modification or amendment contained in such Supplemental Indenture, shall be prepared and executed by the Authority and authenticated by the Trustee, and upon demand of the owners of any Bonds then outstanding shall be exchanged at the Office of the Trustee, without cost to any Bond Owner, for Bonds then Outstanding, upon surrender for cancellation of such Bonds, in equal aggregate principal amount of the same interest rate and maturity. Amendment of Particular Bonds The provisions of the Indenture shall not prevent any Bond Owner from accepting any amendment as to the particular Bonds held by such Owner. Amendment of Local Obligations Nothing in the Indenture, or in any applicable Supplemental Indenture (unless such Supplemental Indenture shall provide expressly to the contrary), shall prohibit the Authority from consenting to the amendment, supplement or other modification of any Local Obligations, or the proceedings providing for the issuance thereof provided that the Authority shall first deliver to the Trustee a Written Certificate describing

D-27

such amendment, supplement or other modification and stating that such amendment, supplement or other modification will not adversely affect the security of the Owners of the Bonds under the Indenture and the applicable Supplemental Indenture, together with (i) a certificate of an Independent Financial Consultant stating that such amendment, supplement or other modification will not adversely impact the Authority’s ability to pay principal and interest of the Bonds (used to acquire such Local Obligations) and (ii) an opinion of Authority Bond Counsel that such amendment, supplement or other modification will not impair the exclusion from gross income of interest on the Bonds for purposes of federal income taxation by the United States of America. The Trustee shall take such actions as shall be directed by the Authority in writing in implementation of such amendment, supplement or other modification, including, without limitation, the acceptance by the Trustee of revised Local Obligations, in exchange for the amended, supplemented or otherwise modified Local Obligations. Discharge of Indenture The Bonds, or any portion thereof, may be paid by the Authority in any of the following ways that the Authority also pays or causes to be paid any other sums payable under the Indenture by the Authority: (a) by paying or causing to be paid the principal of and interest and premium, if any, on the Bonds or any portion thereof, as and when the same become due and payable; (b) by irrevocably depositing with the Trustee, or other designated escrow holder, in trust (pursuant to an escrow agreement), at or before maturity, money or Defeasance Obligations in the necessary amount (as provided in the Indenture) to pay or redeem all or any portion of the Bonds then Outstanding; or (c) by delivering to the Trustee, for cancellation by it, all or any portion of the Bonds then Outstanding. If the Authority shall also pay or cause to be paid all other sums payable under the Indenture by the Authority including, without limitation, any compensation or other amounts due and owing the Trustee under the Indenture, then and in that case, at the election of the Authority (evidenced by a Written Certificate of the Authority, filed with the Trustee, signifying the intention of the Authority to discharge all such indebtedness and the Indenture and the documentation set forth in the following sentence), and notwithstanding that any Bonds shall not have been surrendered for payment, the Indenture and the pledge of Revenues and other assets made under the Indenture and all covenants, agreements and other obligations of the Authority under the Indenture shall cease, terminate, become void and be completely discharged and satisfied. Prior to any defeasance becoming effective under the Indenture, the Authority shall cause to be delivered to the Trustee (i) an executed copy of a report, addressed to the Trustee of an Independent Accountant, verifying that the Defeasance Obligations and cash, if any, satisfy the requirements of subsections (a), (b) or (c) above, (ii) a copy of any escrow deposit agreement(s) entered into in connection with such defeasance, and (iii) an opinion of nationally recognized bond counsel to the effect that upon such defeasance that the Bonds shall no longer be outstanding under the terms of the Indenture. Each verification report and defeasance opinion (required under (i) and (iii) shall be acceptable in form and substance, and addressed, to the Authority and the Trustee. In such event, upon the Written Request of the Authority, and upon receipt of a Written Certificate of a Designated Officer of the Authority, each to the effect that all conditions precedent in the Indenture provided for relating to the discharge and satisfaction of the obligations of the Authority have been satisfied, the Trustee shall cause an accounting for such period or periods as may be requested by the Authority to be prepared and filed with the Authority and shall execute and deliver to the Authority all such instruments as may be necessary or desirable to evidence such discharge and satisfaction, and the Trustee shall pay over, transfer, assign or deliver all moneys or securities or other property held by it pursuant to the Indenture and the applicable Supplemental Indenture, which are not required for the payment or redemption of Bonds not theretofore surrendered for such payment or redemption, to the Authority.

D-28

Miscellaneous Liability of Authority Limited to Revenues NOTWITHSTANDING ANYTHING IN THE INDENTURE OR IN THE BONDS CONTAINED, NEITHER THE AUTHORITY, NOR ANY MEMBER THEREOF, SHALL BE REQUIRED TO ADVANCE ANY MONEYS DERIVED FROM ANY SOURCE OTHER THAN THE REVENUES AND OTHER ASSETS PLEDGED UNDER THE INDENTURE FOR ANY OF THE PURPOSES IN THE INDENTURE MENTIONED, WHETHER FOR THE PAYMENT OF THE PRINCIPAL OR INTEREST ON THE BONDS, FOR PAYMENT OF PROGRAM EXPENSES OR FOR ANY OTHER PURPOSE OF THE INDENTURE. Nevertheless, the Authority may, but shall not be required to, advance for any of the purposes hereof any funds of the Authority which may be made available to it for such purposes. Limitation of Rights to Parties and Bond Owners Nothing in the Indenture or in the Bonds expressed or implied is intended or shall be construed to give to any Person other than the Authority, the Trustee, the Local Agencies, and the Owners of the Bonds, any legal or equitable right, remedy or claim under or in respect of the Indenture or any covenant, condition or provision contained in the Indenture of the Bonds; and all such covenants, conditions and provisions are and shall be held to be for the sole and exclusive benefit of the Authority, the Trustee, the CFDs and the Owners of the Bonds. Evidence of Rights of Bond Owners Any request, consent or other instrument required or permitted by the Indenture to be signed and executed by Bond Owners may be in any number of concurrent instruments of substantially similar tenor and shall be signed or executed by such Bond Owners in person or by an agent or agents duly appointed in writing. Proof of the execution of any such request, consent or other instrument or of a writing appointing any such agent, or of the holding by any person of Bonds transferable by delivery, shall be sufficient for any purpose of the Indenture and shall be conclusive in favor of the Trustee and the Authority if made in the manner provided in the Indenture The fact and date of the execution by any Person of any such request, consent or other instrument or writing may be proved by the certificate of any notary public or other officer of any jurisdiction, authorized by the laws thereof to take acknowledgments of deeds, certifying that the Person signing such request, consent or other instrument acknowledged to him the execution thereof, or by an affidavit of a witness of such execution duly sworn to before such notary public or other officer. The ownership of registered Bonds shall be proved by the Registration Books. Any request, consent, or other instrument or writing of the Owner of any Bond shall bind every future Owner of the same Bond and the Owner of every Bond issued in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Trustee or the Authority in accordance therewith or reliance thereon.

E-1

APPENDIX E

SUMMARY OF PRINCIPAL LEGAL DOCUMENTS SECURING LOCAL OBLIGATIONS

The following is a brief summary of certain provisions of the (1) the Fiscal Agent Agreements relating to the Community Facilities District No. 99-1 (“CFD No. 99-1”) Series 2013 Special Tax Refunding Bonds and the Community Facilities District No. 2000-1 (“CFD No. 2000-1”) Series 2013 Special Tax Refunding Bonds, (2) the Amended and Restated Installment Purchase Agreement by and between Community Facilities District No. 90-1 (“CFD No. 90-1”) and the William S. Hart Joint School Financing Authority (“Authority”), and (3) the Funding Allocation Agreement by and among the Authority, CFD No. 99-1, CFD No. 2000-1, CFD No. 90-1, and the William S. Hart Union High School District. This summary is not intended to be definitive and is qualified in its entirety by reference to such documents for the complete terms thereof. Copies of such documents are available upon request from the Authority. I. CFD NO. 99-1 AND CFD NO. 2000-1 FISCAL AGENT AGREEMENTS Definitions The following are summaries of definitions of certain terms used in the CFD No. 99-1 and CFD No. 2000-1 Fiscal Agent Agreements. Separate definitions for CFD No. 99-1 and CFD No. 2000-1, as appropriate, are set forth below.

“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Section 53311, et seq., of the Government Code of the State.

“Administrative Expense Fund” means the fund of that name established under and held by the Fiscal Agent pursuant to the Fiscal Agent Agreement.

“Administrative Expense Requirement” means the amount as set forth in the Fiscal Agent

Agreement. “Administrative Expenses” means the administrative costs with respect to the calculation and

collection of the Special Taxes and any other costs related to the Bonds and the Fiscal Agent Agreement, including the fees and expenses of the Fiscal Agent and any persons, parties, consultants or attorneys employed pursuant to the covenants of the Fiscal Agent Agreement, costs and legal expenses of foreclosure actions undertaken pursuant to the terms hereof to the extent not recovered pursuant to statutory authorization, costs otherwise incurred by the District in order to carry out the authorized purposes of the Bonds, including statutory disclosure, for both the District and relating to the Authority Continuing Disclosure Certificate, and reporting requirements and “Administrative Expenses” as defined in the Rate and Method of Apportionment of Special Taxes for the District. Additionally, pursuant to the Funding Allocation Agreement, this shall include the District’s share of all actual costs and expenses incurred in connection with the administration of the Authority Bonds, including but not limited to: (a) the fees and expenses payable to the Authority Trustee, and its counsel, and other persons or parties for professional services rendered in connection with the administration, continuing disclosure and rebate obligations of the Bonds or of the Authority Bonds; and (b) fees and expenses of independent accountants for preparation of audits required by the Authority Indenture.

“Annual Debt Service” means, with respect to any series of Outstanding Bonds, for each Bond Year, the sum of (a) the interest payable on such series of Bonds in such Bond Year, and (b) the principal amount of the Outstanding Bonds of such series scheduled to be paid in such Bond Year.

“Authority” means the William S. Hart Joint School Financing Authority, a joint powers agency.

E-2

“Authority Bonds” means the William S. Hart Joint School Financing Authority 2013 Refunding Revenue Bonds, and any bonds issued by the Authority on a parity therewith secured by the same revenues pledged thereto.

“Authority Bonds Tax Certificate” means the certificate of that name to be executed by an

authorized representative of the Authority on the closing date for the Authority Bonds to establish certain facts and expectations and which contains certain covenants relevant to compliance with the Code.

“Authority Continuing Disclosure Certificate” shall mean that Continuing Disclosure Certificate provided by the Authority, dated the Delivery Date, as originally executed and as it may be amended from time to time in accordance with the terms thereof and with respect to the Authority Bonds.

“Authority Indenture” means that certain Indenture of Trust, dated January 1, 2013, entered into between the Authority and Zions First National Bank, as Trustee.

“Authority Reserve Fund” means the reserve fund, and accounts thereof, administered and held

pursuant to the provisions of the Authority Indenture. “Authority Trustee” means the Trustee appointed by the Authority and serving in such capacity with

respect to the Authority Bonds. “Authorized Investments” means, subject to the Fiscal Agent Agreement, any of the following investments, if and to the extent the same are at the time legal for investment of the School District’s funds (with the Fiscal Agent entitled to rely upon the investment direction of the District as a determination that such investment is a legal investment): (a) United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest, and which have a maximum term to maturity not to exceed three years. (b) Obligations of any of the following federal agencies which obligations represent the full faith and credit of the United States of America, and which have a maximum term to maturity not to exceed three years, including:

‒‒ Export-Import Bank ‒‒ Farm Credit System Financial Assistance Corporation

‒‒ Rural Economic Community Development Administration (formerly the Farmers Home Administration)

‒‒ General Services Administration ‒‒ U.S. Maritime Administration ‒‒ Small Business Administration ‒‒ Government National Mortgage Association (GNMA) ‒‒ U.S. Department of Housing & Urban Development (PHA’s) ‒‒ Federal Housing Administration ‒‒ Federal Financing Bank. (c) Direct obligations of any of the following federal agencies which obligations are not fully guaranteed by the full faith and credit of the United States of America, and which have a maximum term to maturity not to exceed three years: ‒‒ Senior debt obligations rated “Aaa” by Moody’s and “AAA” by Standard &

Poor’s issued by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC)

‒‒ Obligations of the Resolution Funding Corporation (REFCORP) ‒‒ Senior debt obligations of the Federal Home Loan Bank System.

E-3

(d) Registered state warrants or treasury notes or bonds of the State, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the State or by a department, board, agency, or authority of the State, which are rated in one of the two highest short-term or long-term rating categories by Moody’s or Standard & Poor’s. (e) Registered bonds, notes, warrants or other evidences of indebtedness of any local agency of the State, including bonds payable solely out of revenues from a revenue-producing property owned, controlled, or operated by the local agency, where the interest on such local agency obligation is exempt from Federal and State income taxes and which are rated in one of the two highest short-term or long-term rating categories by Moody’s or Standard & Poor’s. (f) Deposit accounts, time certificates of deposit or negotiable certificates of deposit issued by a state or nationally chartered bank or trust company, which may include the Fiscal Agent or its affiliates, or a state or federal savings and loan association; provided, that the certificates of deposit shall be one or more of the following:

(1) Continuously and fully insured by the Federal Deposit Insurance Corporation.

(2) Continuously and fully secured by securities described in clause (a) or (b) above which shall have a market value, as determined on a marked-to-market basis calculated at least weekly, and exclusive of accrued interest, or not less than 102 percent of the principal amount of the certificates of deposit. (g) Commercial paper of “prime” quality of the highest ranking or of the highest letter and numerical rating as provided by Moody’s and Standard & Poor’s, at the time of purchase, which commercial paper is limited to issuing corporations that are organized and operating within the United States of America and that have total assets in excess of $500,000,000 and that have an “A” or higher rating for the issuer’s debentures, other than commercial paper, by Moody’s and Standard & Poor’s, provided that purchases of eligible commercial paper may not exceed 180 days’ maturity nor represent more than 10% of the outstanding commercial paper of an issuing corporation. Purchases of commercial paper may not exceed 20% of the net proceeds of the Bonds. (h) A repurchase agreement with a state or nationally chartered bank or trust company or a national banking association or government bond dealer reporting to, trading with, and recognized as a primary dealer by the Federal Reserve Bank of New York the long term debt of which is rated at least “AA” by Standard & Poor’s or “Aa1” by Moody’s, provided that all of the following conditions are satisfied:

(1) the agreement is secured by any one or more of the securities described in clause (a) above of this definition of Authorized Investments (“Underlying Securities”);

(2) the Underlying Securities are required by the repurchase agreement to be

held by a bank, trust company, or primary dealer having a combined capital and surplus of at least $100,000,000 and which is independent of the issuer of the repurchase agreement (“Holder of Collateral”) and the Underlying Securities have been transferred to the Holder of Collateral in accordance with applicable state and federal laws (other than by means of entries on the transferor’s books);

(3) the Underlying Securities are maintained at a market value, as determined on

a marked-to-market basis calculated at least weekly, of not less than 103% of the amount so invested and at such levels and additional conditions not otherwise in conflict with the terms above as would be acceptable to Standard & Poor’s and Moody’s so as to maintain, respectively, an “AA” or “Aa1” rating in an “AA” or “Aa1” rated structured financing (with a market value approach); and

(4) the agreement provides that if during its term the provider’s rating by

Moody’s and Standard & Poor’s is withdrawn or suspended or falls below “A-” by Standard & Poor’s or “A3”

E-4

by Moody’s, as appropriate, the provider must within 10 days of receipt of direction from the Fiscal Agent, repurchase all collateral and terminate the agreement, with no penalty or premium to the District or Fiscal Agent. (i) Investment agreements with a domestic or foreign bank or corporation (other than a life or property casualty insurance company) the long-term debt of which, or, in the case of a guaranteed corporation the long-term debt, or, in the case of a monoline financial guaranty insurance company, claims paying ability, of the guarantor is rated at least “AA” by S&P and “Aa” by Moody’s; provided that, by the terms of the investment agreement:

(1) Interest payments are to be made to the Fiscal Agent at times and in amounts as necessary to pay debt service on the Bonds.

(2) The invested funds are available for withdrawal without penalty or premium, at any time upon not more than seven days’ prior notice; the District and the Fiscal Agent agree to give or cause to be given notice in accordance with the terms of the investment agreement so as to receive funds thereunder with no penalty or premium paid.

(3) The investment agreement shall state that it is the unconditional and general

obligation of, and is not subordinated to any other obligation of, the provider thereof or, if the provider is a bank, the agreement or the opinion of counsel shall state that the obligation of the provider to make payments thereunder ranks pari passu with the obligations of the provider to its other depositors and its other unsecured and unsubordinated creditors.

(4) The District and the Fiscal Agent receives the opinion of domestic counsel (which opinion shall be addressed to the District) that such investment agreement is legal, valid, binding and enforceable upon the provider in accordance with its terms and of foreign counsel (if applicable).

(5) The investment agreement shall provide that if during its term

(A) the provider’s rating by either S&P or Moody’s falls below “AA-” or “Aa3,” respectively, the provider shall, at its option, within 10 days of receipt of publication of such downgrade, either (i) collateralize the investment agreement by delivering or transferring in accordance with applicable state and federal laws (other than by means of entries on the provider’s books) to the District, the Fiscal Agent or a third party acting solely as agent therefore (“Holder of the Collateral”) collateral free and clear of any third-party liens or claims the market value of which collateral is maintained at levels and upon such conditions as would be acceptable to S&P and Moody’s to maintain an “A” rating in an “A” rated structured financing (with a market value approach); or (ii) repay the principal of and accrued but unpaid interest on the investment; and

(B) the provider’s rating by either S&P or Moody’s is withdrawn or suspended or falls below “A-” or “A3,” respectively, the provider must, at the direction of the District or the Fiscal Agent, within 10 days of receipt of such direction, repay the principal of and accrued but unpaid interest on the investment, in either case with no penalty or premium to the District or Fiscal Agent.

(6) The investment agreement shall state and an opinion of counsel shall be rendered, in the event collateral is required to be pledged by the provider under the terms of the investment agreement, at the time such collateral is delivered, that the Holder of the Collateral has a perfected first priority security interest in the collateral, any substituted collateral and all proceeds thereof (in the case of bearer securities, this means the Holder of the Collateral is in possession).

E-5

(7) The investment agreement must provide that if during its term:

(A) the provider shall default in its payment obligations, the provider’s obligations under the investment agreement shall, at the direction of the District or the Fiscal Agent, be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the District or Fiscal Agent, as appropriate; and

(B) the provider shall become insolvent, not pay its debts as they become due, be declared or petition to be declared bankrupt, etc. (“event of insolvency”), the provider’s obligations shall automatically be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the District or Fiscal Agent, as appropriate. (j) A taxable or tax exempt government money market portfolio mutual fund restricted to obligations with either maturities of one year or less or a dollar weighted average maturity of 120 days or less, and either issued, guaranteed or collateralized as to payment of principal and interest by the full faith and credit of the United States of America or rated in one of the three highest categories by Moody’s or Standard & Poor’s. Such money market funds may include funds for which the Fiscal Agent, its affiliates or subsidiaries provide investment advisory or other management services. (k) The Local Agency Investment Fund referred to in Section 16429.1 of the Government Code of the State to the extent the Fiscal Agent may deposit and withdraw funds directly.

“Authorized Representative(s)” or “District Representative(s)” means an officer or employee of

the School District authorized to provide written directives on behalf of the District, which shall include the School District’s Superintendent, Chief Financial Officer and such other persons as shall be designated in writing by the Superintendent or Chief Financial Officer.

“Bond Counsel” means a firm of nationally recognized bond attorneys, initially Bowie, Arneson, Wiles & Giannone.

“Bond Fund” means the fund of that name established under and held by the Fiscal Agent pursuant to the Fiscal Agent Agreement.

“Bond Register” means the books which the Fiscal Agent shall keep or cause to be kept on which the registration and transfer of the Bonds shall be recorded.

“Bond Year” means each twelve month period extending from September 2 in one calendar year to September 1 of the succeeding calendar year, except in the case of the initial Bond Year which shall be the period from the Dated Date to September 1, 2013, both dates inclusive.

“Bondowner(s)” or “Owner(s)” means the person or persons in whose name or names any Bond is registered.

“Bonds” means the Bonds issued pursuant to the terms of the Fiscal Agent Agreement.

“Business Day” means a day which is not a Saturday or a Sunday or a day on which banks in Los

Angeles, California and New York, New York are not required or permitted to be closed. “Code” means the Internal Revenue Code of 1986, as amended, and any successor provisions thereto.

“Completion Date” means the date on which the Project is completed and all Project Costs have been

paid as evidenced by a certificate to that effect delivered to the Fiscal Agent by the District.

E-6

“Costs of Issuance” means all items of expense directly or indirectly payable by, or reimbursable to, the Authority relating to the authorization, issuance, sale and delivery of the Bonds and the Authority Bonds, including but not limited to, underwriters’ discount, printing expenses, Bond Counsel fees, bond insurance premiums or costs, surety fees and costs, rating agency fees, filing and recording fees, initial fees, expenses and charges and first annual administrative fees of the Fiscal Agent and the Authority Trustee, expenses of their counsel, fees, charges and disbursements of attorneys, financial advisors, accounting firms, consultants and other professionals, fees and charges for preparation, execution and safekeeping of the Bonds and the Authority Bonds, and any other cost, charge or fee in connection with the original issuance of the Bonds and the Authority Bonds.

“Dated Date” or “Delivery Date” means February 13, 2013, the date the Bonds are delivered. “Depository” or “DTC” means any depository which holds Bonds pursuant to the terms of the Fiscal

Agent Agreement, initially, with respect to the Bonds, the Bonds will be held by the Authority Trustee and not by The Depository Trust Company.

“Dissemination Agent” means Dolinka Group, LLC, or any successor dissemination agent appointed by the District pursuant to the Authority Continuing Disclosure Certificate.

“Escrow Agent” means Zions First National Bank, and any successor thereto duly appointed and

serving pursuant to the terms of the Escrow Agreement. “Escrow Agreement” means the agreement providing for the redemption and defeasance of the

Authority’s 2004 Revenue Bonds, the Series 2004 Bonds, and certain other obligations issued in connection with the Authority’s 2004 Revenue Bonds, dated as of the Delivery Date, executed by and between the Authority and Zions First National Bank, as Escrow Agent.

“Escrow Fund” means that certain escrow fund established pursuant to the Escrow Agreement. “Excess Investment Earnings” shall mean an amount equal to the sum of: (i) the excess of (A) the aggregate amount earned from the Delivery Date on all Nonpurpose

Investments in which Gross Proceeds are invested (other than amounts attributable to an excess described in this subparagraph (i)), over

(B) the amount that would have been earned if the yield on such Nonpurpose

Investments (other than amounts attributable to an excess described in this subparagraph (i)) had been equal to the Yield on the Bonds,

Plus (ii) any income attributable to the excess described in paragraph (i). In determining the amount of Excess Investment Earnings, there shall be excluded any amount earned

on any fund or account which is used primarily to achieve a proper matching of revenues and annual debt service on the Bonds during each Bond Year and which is depleted at least once a year except for a reasonable carryover amount not in excess of the greater of one year’s earnings on such fund or account or one-twelfth (1/12) of annual debt service on the Bonds, as well as amounts earned on said earnings. The District intends that the Bond Fund, including the Principal Account and the Interest Account established therein, and the Special Tax Fund will be the type of funds described in the preceding sentence.

E-7

“Federal Securities” means direct and general obligations of the United States of America (including State and Local Government Series), or obligations that are unconditionally guaranteed as to principal and interest by the United States of America, including (in the case of direct and general obligations of the United States of America) evidence of direct ownership or proportionate interests in future interest or principal payments of such obligations. In the case of investments in such proportionate interests, such proportionate interests shall be limited to circumstances wherein (a) a bank or trust company acts as custodian and holds the underlying Defeasance Obligations; (b) the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor of the underlying Defeasance Obligations; and (c) the underlying Defeasance Obligations are held in a special account, segregated from the custodian’s general assets, and are not available to satisfy any claim of the custodian, any person claiming through the custodian, or any person to whom the custodian may be obligated; provided that such obligations are rated or assessed at the highest then-prevailing United States Treasury securities credit rating.

“Fiscal Agent” means Zions First National Bank, and its successors and assigns or any and other

fiscal agent which may be appointed pursuant to the Fiscal Agent Agreement.

“Fiscal Agent Agreement” means the Fiscal Agent Agreement, as amended or supplemented pursuant to the terms hereof.

“Fiscal Year” means the period from July 1 to June 30 in any year. “Funding Allocation Agreement” means that certain Funding Allocation Agreement, dated as of

January 1, 2013, by and among the School District, the Authority, the District, Community Facilities District No. 90-1 of the William S. Hart Union High School District, and Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority providing for the allocation and payment of certain costs and expenses in connection with the issuance, sale, delivery and future administration of the Bonds and the Authority Bonds.

“Gross Proceeds” means any proceeds of the Bonds and any funds (other than proceeds of the Bonds) that are part of a reserve or replacement fund for the Bonds within the meaning of Section 1.148-1(b) of the Regulations.

“Gross Taxes” means the amount of all Special Taxes collected within the District and proceeds from

the sale of property collected pursuant to the foreclosure provisions of the Fiscal Agent Agreement for the delinquency of such Special Taxes.

“Independent Financial Consultant” means a consultant or firm of such consultants generally recognized to be qualified in the field of implementation and administration of community facilities districts, or the financial consulting field, appointed and paid by the District and who, or each of whom:

(1) is independent of the District and the School District or any of the property owners within

the District;

(2) does not have any substantial interest, direct or indirect, with the District or any of the property owners within the District; and

(3) is not connected with the District as a member, officer or employee of the District, but who may be regularly retained to make annual or other reports to the District.

“Interest Account” means the account of that name established under, and held by the Fiscal Agent

pursuant to the Fiscal Agent Agreement.

“Interest Payment Date” means March 1 and September 1 of each year during which the Bonds are Outstanding, commencing September 1, 2013.

E-8

“Legislative Body” means the Board, acting as the Legislative Body of the District. “Mandatory Redemption Account” means the account of that name established under, and held by

the Fiscal Agent pursuant to the Fiscal Agent Agreement. “Mandatory Sinking Payments” means the amounts to be applied to the redemption of the Bonds in

accordance with the schedule set forth in the Fiscal Agent Agreement and any subsequent schedule set forth in any Supplement.

“Maximum Annual Debt Service” means the maximum sum obtained for any remaining Bond Year prior to the final maturity on the Bonds by totaling the following for each Bond Year:

(1) the principal amount of all Outstanding Bonds payable in such Bond Year whether at maturity or pursuant to Mandatory Sinking Payments; and

(2) the interest payable on the aggregate principal amount of Bonds Outstanding in such

Bond Year assuming the Bonds are retired as scheduled.

“Moody’s” means Moody’s Investors Service Inc., except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the District.

“National Information Service” means the Electronic Municipal Market Access system of the Municipal Securities Rulemaking Board (MSRB), 1900 Duke Street, Suite 600, Alexandria, Virginia 22314, or such other electronic system designated by the MSRB or the Securities and Exchange Commission, or as may be designated by the District in a certificate delivered to the Fiscal Agent.

“Net Taxes” means the amount of all Gross Taxes minus the Administrative Expense Requirement. “Nominee” means the nominee of DTC, which may be DTC, as determined from time to time

pursuant to the Fiscal Agent Agreement. “Nonpurpose Investments” means any security, investment, obligation, annuity, investment-type

property, specified private activity bond or any other type of investment property defined in Section 148 of the Code in which Gross Proceeds are invested (other than tax-exempt securities which are described in Section 103(a) of the Code) and which is not acquired to carry out the governmental purpose of the Bonds.

“Optional Redemption Account” means the account of that name established under, and held by the

Fiscal Agent pursuant to the Fiscal Agent Agreement.

“Outstanding” means all Bonds theretofore issued by the District, except:

(1) Bonds theretofore canceled by the Fiscal Agent or surrendered to the Fiscal Agent for cancellation;

(2) Bonds for the transfer or exchange of or in lieu of or in substitution for which other

Bonds shall have been authenticated and delivered by the Fiscal Agent pursuant to the terms hereof; and

(3) Bonds paid and discharged pursuant to Article IX hereof.

“Participating Underwriter” shall have the meaning ascribed thereto in the Authority Continuing Disclosure Certificate.

“Prepaid Special Taxes” means all Special Taxes prepaid to the District pursuant to the Resolution

of Formation, less related Administrative Expenses.

E-9

“Prepayment Account” means the account of that name established under, and held by the Fiscal Agent pursuant to the Fiscal Agent Agreement.

“Principal Account” means the account of that name established under, and held by the Fiscal Agent pursuant to the Fiscal Agent Agreement. “Principal Corporate Trust Office” means the corporate trust office of the Fiscal Agent, which, at the date of execution of the Fiscal Agent Agreement, is located at 550 S. Hope Street, Suite 2650, Los Angeles, California 90071 Attention: Corporate Trust Services, or such other offices as the Fiscal Agent may designate from time to time; provided, however, that with respect to presentation of Bonds for payment or for registration of transfer and exchange such term shall mean the office or agency of the Fiscal Agent at which, at any particular time, its corporate trust agency business shall be conducted.

“Project” means the “School Facilities,” or any portion thereof, as defined in the Resolution of Formation, to be designed, constructed, acquired, installed, financed or completed by the District.

“Project Costs” means the costs of design, acquisition, financing, construction and installation of the

Project and all costs related thereto. Project Costs include the payment, or prepayment, of lease payments necessary for the acquisition of all or part of the Project.

“Project Fund” means the fund of that name established under and held by the Fiscal Agent pursuant

to the Fiscal Agent Agreement. “Purchase Price” for the purpose of computation of the Yield of the Bonds, has the same meaning as

the term Aissue price” in Sections 1273(b) and 1274 of the Code, and, in general, means the initial offering price to the public (not including bond houses and brokers, or similar persons or organizations acting in the capacity of underwriters or wholesalers) at which price a substantial amount of the Bonds are sold or, if the Bonds are privately placed, the price paid by the original purchaser or the acquisition cost of the original purchaser. The term “Purchase Price,” for the purpose of computation of the Yield of Nonpurpose Investments, means the fair market value of the Nonpurpose Investments on the date of use of Gross Proceeds for acquisition thereof, or, if later, on the date that Investment Property (as defined in Section 148(b)(2) and (3) of the Code) constituting a Nonpurpose Investment becomes a Nonpurpose Investment of the Bonds, as the case may be.

“Rate and Method” means the Rate and Method of Apportionment of Special Taxes of the District as set forth in the Ordinance, as approved pursuant to the Act and as such may be amended or interpreted from time to time.

“Record Date” means the 15th day of the calendar month preceding an Interest Payment Date whether or not such day is a Business Day.

“Redemption Fund” means the fund of that name established under, and held by the Fiscal Agent

pursuant to the Fiscal Agent Agreement.

“Regulations” means any temporary, proposed or final regulations of the United States Department of Treasury with respect to obligations issued pursuant to Section 103 and Sections 141 to 150 of the Code.

“Reserve Requirement” means the amount(s) as allocated to the Community Facilities District No.

99-1 Reserve Account as set forth in the Authority Indenture. “Residual Fund” means the fund of that name established under and held by the Fiscal Agent

pursuant to the Fiscal Agent Agreement.

E-10

“Responsible Officer” of the Fiscal Agent means and includes the president, every senior vice president, every vice president, every assistant vice president, every trust officer or any other authorized officer of the Fiscal Agent at its Principal Corporate Trust Office.

“School District” means the William S. Hart Union High School District. “Securities Depositories” means The Depository Trust Company at its then-current address; and, in

accordance with then-current guidelines of the Securities and Exchange Commission, such other addresses and/or such other securities depositories as the District may designate in a certificate delivered to the Fiscal Agent.

“Sinking Fund Redemption Account” means the account of that name within the Redemption Fund established under, and held by the Fiscal Agent pursuant to the Fiscal Agent Agreement.

“Special Tax Fund” means the fund of that name established under, and held by the Fiscal Agent

pursuant to the Fiscal Agent Agreement.

“Standard & Poor’s” or “S&P” means Standard & Poor’s Ratings Group, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the District.

“Supplement” means any supplemental agreement amending or supplementing the Fiscal Agent

Agreement. “Term Bond” means the Bond maturing on September 1, 2034.

“Underwriter” means Stifel Nicolaus & Company, Incorporated, dba Stone & Youngberg, a Division of Stifel Nicolaus.

“Yield” means that yield which, when used in computing the present worth of all payments of

principal and interest (or other payments in the case of Nonpurpose Investments which require payments in a form not characterized as principal and interest) on a Nonpurpose Investment or on the Bonds produces an amount equal to the Purchase Price of such Nonpurpose Investment or the Bonds, as the case may be, all computed as prescribed in the applicable Regulations.

Separate Definitions Applicable to CFD No. 99-1

“Board” or “Governing Board” means the Governing Board of the William S. Hart Union High School District.

“Community Facilities District No. 99-1 Reserve Account” means the Community Facilities District No. 99-1 Reserve Account of the Authority Reserve Fund established pursuant to the Authority Indenture.

“District” or “CFD No. 99-1” means Community Facilities District No. 99-1 of the William S. Hart Union High School District.

“Ordinance” means Ordinance No. 99/00-01 adopted by the Board on October 27, 1999, as such may

be amended or supplemented from time to time. “Reserve Requirement” means the amount(s) as allocated to the Community Facilities District No.

99-1 Reserve Account as set forth in the Authority Indenture. “Special Taxes” means the special taxes levied within the District by the Legislative Body pursuant

to the Act, the Resolution of Formation, the Ordinance and the voter approval obtained at the Election.

E-11

Separate Definitions Applicable to CFD No. 2000-1 “Board” or “Board of Directors” means the Board of Directors of the Saugus/Hart School Facilities Financing Authority.

“Community Facilities District No. 2000-1 Reserve Account” means the Community Facilities District No. 2000-1 Reserve Account of the Authority Reserve Fund established pursuant to the Authority Indenture.

“District” or “CFD No. 2000-1” means Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority.

“Ordinance” means Ordinance No. 2000-1 adopted by the Board on February 8, 2000, as such may

be amended or supplemented from time to time. “Reserve Requirement” means the amount(s) as allocated to the Community Facilities District No.

2000-1 Reserve Account as set forth in the Authority Indenture. “Special Taxes” means the special taxes levied within the District pursuant to the Act, the Resolution

of Formation, the Election and the Ordinance, with respect to and securing Bonds issued for the School District.

The following is a summary of the provisions of the Fiscal Agent Agreements which provide for the

issuance of the Series 2013 Special Tax Refunding Bonds of CFD No. 99-1 and CFD No. 2000-1. The Fiscal Agent Agreement for CFD No. 2000-1 is identical to the Fiscal Agent Agreement for CFD No. 99-1, except as noted below. Issuance of the Bonds Under and pursuant to the Act, the Bonds shall be issued for the purposes of refunding the currently outstanding Series 2004 Bonds, funding the Community Facilities District No. 99-1 Reserve Account and the Community Facilities District No. 2000-1 Reserve Account, as applicable, paying Administrative Expenses and an allocated portion of the Costs of Issuance, and to fund amounts for the Project Costs. The Bonds shall be and are limited obligations of the District and shall be payable as to the principal and premium, if any, thereof and interest thereon solely from the Net Taxes and amounts in certain funds, accounts and subaccounts created hereunder as specified hereinafter. The Net Taxes are pledged and set aside for the payment of the Bonds. Limited Obligation. The Bonds and interest thereon are not payable from the general fund of the District or the School District. Except with respect to the Net Taxes, neither the credit nor the taxing power of the District nor the School District is pledged for the payment of the Bonds or interest thereon, and no Owner of the Bonds may compel the exercise of the taxing power by the District (except with respect to the Net Taxes) or the School District or the forfeiture of any of their property. The principal of and interest on the Bonds and premiums, if any, due upon the redemption of any Bonds, are not a debt of the District or the School District, the State nor any of its political subdivisions within the meaning of any constitutional or statutory limitation or restriction. The Bonds are not a legal or equitable pledge, charge, lien or encumbrance, upon any property or income, receipts or revenues of the District or the School District, except the Net Taxes which are, under the terms of the Fiscal Agent Agreement, pledged for the payment of the Bonds and interest thereon. Neither the members of the Legislative Body nor the Board nor any persons executing the Bonds are liable personally for the Bonds by reason of the issuance thereof. Equality of Bonds, Pledge of Net Taxes. Pursuant to the Act and the Fiscal Agent Agreement, the Bonds shall be equally payable from the Net Taxes without priority for number, date of the Bonds, date of sale, date of execution or date of delivery, and the payment of the interest on and principal and premium, if any, of

E-12

the Bonds shall be exclusively paid from the Net Taxes and amounts held in certain funds and accounts created under the Fiscal Agent Agreement, specifically including the Special Tax Fund, the Bond Fund and the Redemption Fund (and the accounts and subaccounts of each such Fund). All of the Net Taxes are pledged and set aside for the payment of the Bonds and such Net Taxes and any interest earned on the Net Taxes shall constitute a trust fund for the payment of the interest on and principal and premium, if any, of the Bonds and so long as any of the Bonds or interest thereon are unpaid the Net Taxes and interest thereon shall not be used for any other purpose, except as permitted by the Fiscal Agent Agreement or any Supplement, and shall be held in trust for the benefit of the Bondowners and shall be applied pursuant to the Fiscal Agent Agreement, or to the Fiscal Agent Agreement as modified pursuant to provisions therein. Notwithstanding any provision contained in the Fiscal Agent Agreement to the contrary, Net Taxes deposited in the Administrative Expense Fund, the Project Fund, and the Residual Fund (and the accounts and subaccounts thereof, if any) shall no longer be considered to be pledged to the Bonds and the Administrative Expense Fund, and the Residual Fund (and the accounts thereof) shall not be construed as trust funds held for the benefit of the Bondowners.

In the event that the Fiscal Agent lacks sufficient amounts to make timely payment of principal and premium, if any, and interest on the Bonds when due, such principal and premium, if any, of and interest on the Bonds shall be paid from available amounts held by the Fiscal Agent in the Special Tax Fund (and its accounts), and/or Bond Fund, under the Fiscal Agent Agreement (not including those amounts deposited in the Residual Fund, the Project Fund, and the Administrative Expense Fund) in accordance with such terms without preference or priority of interest over principal or principal over interest, or of any installment of principal or interest over any other installment of principal or interest, ratably to the aggregate amount of such principal and interest.

Redemption Terms and Provisions Selection of Bonds for Redemption. If less than all of the Outstanding Bonds are to be redeemed, the Bonds to be redeemed shall be from such maturities selected by the District, as provided in writing to the Fiscal Agent. Bonds within a single maturity shall be redeemed by lot in any manner that the Fiscal Agent deems appropriate. The portion of any such Bond of a denomination of more than $5,000 to be redeemed shall be in the principal amount of $5,000 or a multiple thereof, and, in selecting portions of such Bonds for redemption, the Fiscal Agent shall treat such Bond as representing that number of Bonds of $5,000 denomination which is obtained by dividing the principal amount of such Bond to be redeemed in part by $5,000. In the event that Bonds are to be redeemed through optional redemption and mandatory sinking fund redemption on the same date, or special mandatory redemption and mandatory sinking fund redemption on the same date, the Fiscal Agent shall first select the Bonds to be redeemed pursuant to mandatory sinking fund redemption and shall then select the Bonds to be redeemed pursuant to either optional redemption or special mandatory redemption. The Fiscal Agent shall promptly notify the District of the Bonds, or portions thereof, selected for redemption by sending the District a copy of the notice required pursuant to the Fiscal Agent Agreement. Purchase in Lieu of Redemption. In lieu of, or partially in lieu of, any optional redemption, special mandatory redemption or mandatory sinking fund redemption, monies deposited in an account of the Redemption Fund may be used to purchase the Outstanding Bonds that were to be redeemed with such funds in the manner hereinafter provided. Purchases of Outstanding Bonds may be made by the District prior to the selection of Bonds for redemption by the Fiscal Agent, at public or private sale as and when and at such prices as the District may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, and, in the case of funds in the Optional Redemption Account or the Mandatory Redemption Account, the applicable premium to be paid in connection with the proposed redemption. Any accrued interest payable upon the purchase of Bonds may be paid from the Interest Account of the Bond Fund for payment of interest on the next following Interest Payment Date. Notice of Redemption. When the Fiscal Agent shall receive notice from the District of its election to redeem Bonds, or when the Fiscal Agent is required to redeem Bonds, the Fiscal Agent shall give notice, in the name of the District of the redemption of such Bonds. Such notice of redemption shall: (a) specify the CUSIP

E-13

numbers and serial numbers of the Bonds selected for redemption, except that where all the Bonds or all Bonds of a single maturity are subject to redemption, the serial numbers thereof need not be specified; (b) state the original issue date, the interest rate and the maturity date of the Bond selected for redemption; (c) state the date fixed for redemption; (d) state the redemption price; (e) state the place or places where the Bonds are to be redeemed; and (f) in the case of Bonds to be redeemed only in part, state the portion of such Bond which is to be redeemed. Such notice shall further state that, on the date fixed for redemption, there shall become due and payable on each Bond or portion thereof called for redemption the principal thereof, together with any premium, and interest accrued to the redemption date, and that, from and after such date, interest thereon shall cease to accrue and be payable. At least 30 days but no more than 60 days prior to the redemption date, the Fiscal Agent shall mail by first class mail a copy of such notice, postage prepaid, to the respective Owners thereof at their addresses appearing on the Bond Register. The actual receipt by the Owner of any Bond of notice of such redemption shall not be a condition precedent thereto, and neither failure to receive such notice nor any defect therein shall affect the validity of the proceedings for the redemption of such Bond, or the cessation of interest on the redemption date. A certificate by the Fiscal Agent that notice of such redemption has been given as herein provided shall be conclusive as against all parties, and it shall not be open to any Owner to show that he or she failed to receive notice of such redemption. Additional Notice. In addition to the foregoing notice, if the Bonds are held by other than the Authority Trustee, further notice shall be given by the Fiscal Agent as set out below, but neither defect in such further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed above.

1. Each further notice of redemption shall contain the information required above for an official notice of redemption plus (i) the date of issue of the Bonds as originally issued; (ii) the rate of interest borne by each Bond being redeemed; and (iii) any other descriptive information needed to identify accurately the Bonds being redeemed.

2. Each further notice of redemption shall be sent at least 30 days before the redemption date to the Securities Depository and, upon written request of the District, to any other registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds and to the National Information Service or at the request of the District, any other information services that disseminate notice of redemption of obligations such as the Bonds.

Upon the payment of the redemption price of any Bonds being redeemed, each check or other transfer of funds issued to a registered securities depository for such purpose shall bear the CUSIP number identifying, by issue and maturity, or otherwise be identified to the satisfaction of such Securities Depository and the Fiscal Agent, the Bonds being redeemed with the proceeds of such check or other transfer. Partial Redemption of Bonds. Upon surrender of any Bond, to be redeemed in part only, the District shall execute and the Fiscal Agent shall authenticate and deliver to the Bondowner, at the expense of the District, a new Bond or Bonds of authorized denominations equal in aggregate principal amount and maturity to the unredeemed portion of the Bond surrendered. Effect of Notice and Availability of Redemption Money. Notice of redemption having been duly given, as provided in the Fiscal Agent Agreement, and the amount necessary for the redemption having been made available for that purpose and being available therefor on the date fixed for such redemption:

(1) The Bonds, or portions thereof, designated for redemption shall, on the date fixed for redemption, become due and payable at the redemption price thereof as provided in the Fiscal Agent Agreement, anything in the Fiscal Agent Agreement, or in the Bonds, to the contrary notwithstanding;

(2) Upon presentation and surrender thereof at the Principal Corporate Trust Office of the Fiscal Agent, or such other location as may be designated by the Fiscal Agent, such Bond shall be redeemed at the said redemption price;

E-14

(3) From and after the redemption date, the Bonds or portions thereof so designated for redemption shall be deemed to be no longer Outstanding and such Bonds or portions thereof shall cease to bear further interest; and

(4) From and after the date fixed for redemption, no Owner of any of the Bonds or portions thereof so designated for redemption shall be entitled to any of the benefits of the Fiscal Agent Agreement, or to any other rights, except with respect to payment of the redemption price and interest accrued to the redemption date from the amounts so made available. Contingent Redemption; Rescission. Any redemption notice may specify that redemption of the Bonds designated for redemption on the specified date will be subject to the receipt by the District and/or the Fiscal Agent, as applicable, of moneys sufficient to cause such redemption, and neither the District nor the Fiscal Agent will have any liability to the Owners of any Bonds, or any other party, as a result of the District’s failure to redeem the Bonds designated for redemption as a result of insufficient moneys therefor. Any notice of optional redemption or special mandatory redemption may be cancelled and annulled if for any reason funds are not, or will not, be available on the date fixed for redemption for the payment in full of the Bonds then called for redemption. Such cancellation and annulment is not a default under the Fiscal Agent Agreement. The District will not have any liability to the Bondowners, or any other party, as a result of the District’s failure to redeem the Bonds designated for redemption as a result of insufficient monies therefore. Additionally, the District may rescind any optional redemption of the Bonds, and notice thereof, for any reason on any date prior to the date fixed for such redemption by causing written notice of the rescission to be given to the Owners of the Bonds so called for redemption. Notice of rescission of redemption shall be given in the same manner in which notice of redemption was originally given. The actual receipt by the Owner of any Bond of notice of such rescission shall not be a condition precedent to rescission, and failure to receive such notice or any defect in such notice shall not affect the validity of the rescission. Neither the District nor the Fiscal Agent will have any liability to the Owners of any Bonds, or any other party, as a result of the District’s decision to rescind redemption of any Bonds pursuant to the Fiscal Agent Agreement. Certification of Independent Financial Consultant. So long as the Bonds are owned by the Authority, the District shall not be authorized to redeem the bonds through optional redemption or mandatory sinking fund redemption unless it has provided the Fiscal Agent with a certificate of an Independent Accountant to the effect that the proposed redemption, assuming a corresponding redemption of the Authority Bonds, and assuming continuing payment of Special Taxes by property owners within the District not then in default, will not adversely impact the availability of Revenues (as defined in the Authority Indenture) in an amount sufficient to pay debt service on the Authority Bonds, as scheduled, and the Authority shall have consented, in writing, to such redemption by the District.

Funds and Accounts

The Fiscal Agent Agreement creates specified funds, accounts and subaccounts to be maintained by

the Fiscal Agent for specified purposes: Special Tax Fund - Special Tax Fund (in which there is established a Prepayment Account) is used for

the receipt of Special Taxes and other amounts constituting Gross Taxes collected by the District which shall be transferred, no later than 10 days after receipt thereof, to the Fiscal Agent and held in trust in the Special Tax Fund for the benefit of the District and the Bondowners (exclusive of the Administrative Expense Requirement as set forth below) and shall exclusive of the Prepaid Special Taxes, be transferred or applied to the funds and accounts in the priority set forth below and at the times and in the amounts and in accordance with the following and the terms of the Fiscal Agent Agreement: (a) to the Administrative Expense Fund, an amount specified in writing by the District, up to the Administrative Expense Requirement of $20,000 in the case of CFD No. 99-1, and $30,000 in the case of CFD No. 2000-1, b) interest on the Bonds (paid through the Interest Account of the Bond Fund), (c) principal payments due on the Bonds during the current Bond Year

E-15

(payable from the Principal Account of the Bond Fund), (d) Mandatory Sinking Payments due on the Bonds during the current Bond Year (paid through the Sinking Fund Redemption Account of the Redemption Fund), (e) if, necessary, provide funds to replenish the Community Facilities District No. 99-1 Reserve Account or the Community Facilities District No. 2000-1 Reserve Account of the Authority Reserve Fund, as applicable, the amount, if any, necessary to replenish the Authority Reserve Fund each March 1 and September 1, or such other date as directed by the District, to the applicable reserve requirement, as set forth in the Authority Indenture, and (f) provided all the amounts due in the current Bond Year are funded as described in (b)-(e) above, to the extent there are additional Administrative Expenses, to the Administrative Expense Fund in the amount specified in writing by the District required to bring the balance therein to the amount needed to pay such expenses.

Any remaining Special Taxes and other amounts constituting Net Taxes shall remain in the Special

Tax Fund subject to the provisions of the Fiscal Agent Agreement. Any remaining Special Taxes and other amounts constituting Net Taxes, if any, shall remain in the Special Tax Fund until the end of the Bond Year. Any remaining funds in the Special Tax Fund, which are not required to cure a delinquency in the payment of principal and interest on the Outstanding Bonds, to make payments to the Authority Reserve Fund as provided for in (e), above, or to pay current or pending Administrative Expenses as provided for in (a) and (f) above, shall, without further action by any party, be transferred by the Fiscal Agent on September 2 of each year to the Residual Fund and shall thereupon be free and clear of any lien thereon pursuant to the terms hereof. The Fiscal Agent shall promptly confirm the amount of such transfer(s) in writing to the District. Any funds which are required to cure any such delinquency shall be retained in the Special Tax Fund and expended or transferred, at the earliest possible date, for such purpose.

At the date of the maturity of the last Bond and after all principal and interest then due on any Bond

has been paid or provided for, all other covenants are complied with and all fees and expenses of the Fiscal Agent have been paid, monies in the Special Tax Fund will be transferred to the District by the Fiscal Agent and may be used by the District for any lawful purpose (See “THE LOCAL OBLIGATIONS – CFD No. 99-1” and “CFD No. 2000-1”).

Prepayment Account of the Special Tax Fund - Prepaid Special Taxes collected by the District (net of

any costs of collection) shall be transferred, no later than 10 days after receipt thereof, to the Fiscal Agent and the District shall direct the Fiscal Agent to deposit the Prepaid Special Taxes in the Prepayment Account of the Special Tax Fund. The Prepaid Special Taxes shall be held in the Prepayment Account for the benefit of the Bondowners and shall be transferred by the Fiscal Agent to the Mandatory Redemption Account of the Redemption Fund to call Bonds on the next date for which notice can be given in accordance with the special mandatory redemption provisions as set forth in the Fiscal Agent Agreement.

Administrative Expense Fund - Upon receipt of Gross Taxes the Fiscal Agent shall transfer from the Special Tax Fund to the Administrative Expense Fund, from time to time, the amount(s) that the District has determined and of which the District has notified the Fiscal Agent of pursuant to the Fiscal Agent Agreement. The deposit of funds into the Administrative Expense Fund shall be subject to the provisions and priorities set forth in the Fiscal Agent Agreement. Upon receipt of a duly executed payment request in substantially the form attached to the Fiscal Agent Agreement, the Fiscal Agent shall pay Administrative Expenses from amounts in the Administrative Expense Fund, directly to the contractor or such other person, corporation or entity designated as the payee on such form, which payee may include the District, or School District, or shall reimburse the District, or School District, for Administrative Expenses paid by the District, or School District, from such amounts (See “THE LOCAL OBLIGATIONS – CFD No. 99-1” and “CFD No. 2000-1”).

Bond Fund - The Bond Fund (in which there is established an Interest Account and a Principal

Account), is used to disperse payments of principal and interest to the Owners of the Bonds on each respective Interest Payment Date. Moneys in the Interest Account are allocated to the payment of interest due on each Interest Payment Date and moneys in the Principal Account are allocated to the repayment of principal on the Bonds on the corresponding Interest Payment Date (See “THE LOCAL OBLIGATIONS – CFD No. 99-1” and “CFD No. 2000-1”).

E-16

Redemption Fund - The Redemption Fund includes an Optional Redemption Account, Sinking Fund Redemption Account and Mandatory Redemption Account. Each of the redemption accounts is used for the temporary retention of monies allocated to the redemption of Bonds corresponding to that account. Monies in each such account shall be applied solely for such redemption purpose (See “Separate Terms Applicable to CFD No. 99-1” and “Separate Terms Applicable to CFD No. 2000-1” below).

Project Fund - A portion of the proceeds of the Bonds shall be deposited in the Project Fund. Monies deposited in the Project Fund used to pay Project Costs except as otherwise provided in the Fiscal Agent Agreement.

Residual Fund - The Fiscal Agent Agreement establishes the Residual Fund. The Residual Fund shall be funded from remaining Special Taxes transferred to the Residual Fund from the Special Tax Fund pursuant to the Fiscal Agent Agreement. Upon written direction by the District, the Fiscal Agent shall transfer moneys remaining in the Residual Fund, if any, and may at the option of the District, be used by the District for acquisition and/or construction of the Project; to make deposits for related purposes as required under the Authority Bonds Tax Certificate provided by the Authority in connection with the issuance, sale and delivery of the Authority Bonds for the purposes of paying rebatable arbitrage as and when such is due in accordance with such Authority Bonds Tax Certificate and the Regulations, to pay Administrative Expenses, or for deposit to the Principal Account and/or Interest Account of the Bond Fund for payment of principal of or interest on the Bonds. Amounts on deposit in the Residual Fund, including any and all accounts therein, if any, and interest earned thereon, are not pledged to the payment of the Bonds and such fund is not a trust fund held for the benefit of the Bondowners. Investment Earnings - Interest income on funds and accounts will be retained in the account or fund in which it is earned and shall be applied for the purpose for which such account or fund was established except as otherwise specified in the Fiscal Agent Agreement. The Fiscal Agent is required to invest and reinvest all moneys held the accounts and funds established under the Fiscal Agent Agreement (in accordance with written directives from a representative of the District) in Authorized Investments and as specified in the Fiscal Agent Agreement. Covenants So long as any of the Bonds issued pursuant to the Fiscal Agent Agreement are Outstanding and unpaid, the District makes the following covenants under the provisions of the Act and the Fiscal Agent Agreement and all Supplements (to be performed by the District or its proper officers, agents or employees), which covenants are necessary, convenient and desirable to secure the Bonds; provided, however, that such covenants do not require the District to expend any funds or moneys other than the Net Taxes or any moneys deposited in the funds and accounts created under the Fiscal Agent Agreement and legally available therefor. Covenant 1. Punctual Payment. The District will duly and punctually pay, or cause to be paid, the principal of and interest on every Bond issued under the Fiscal Agent Agreement, together with the premium thereon, if any, on the date, at the place and in the manner mentioned in the Bonds and in accordance with the Fiscal Agent Agreement and any Supplement to the extent Net Taxes are available therefor, and that the payments into the Bond Fund and the Authority Reserve Fund will be made, all in strict conformity with the terms of the Bonds and the Fiscal Agent Agreement, and that it will faithfully observe and perform all of the conditions, covenants and requirements of the Fiscal Agent Agreement and any Supplement and of the Bonds issued thereunder, and that time of such payment and performance is of the essence of the District’s contract with the Bondowners.

Covenant 2. Levy and Collection of Special Taxes. Subject to the maximum Special Tax rates, the District will comply with all requirements of the Act so as to assure the timely collection of the Special Taxes, including without limitation, the enforcement of delinquent Special Taxes.

E-17

On or before each June 1, commencing June 1, 2013, the Fiscal Agent shall provide a written notice to the District stating the amounts then on deposit in the various funds and accounts established by the Fiscal Agent Agreement. The receipt of such notice by the District shall in no way affect the obligations of the District under the following paragraphs. Upon receipt of a copy of such notice, the District shall communicate with the Los Angeles County Treasurer-Tax Collector or Auditor-Controller, as shall then be applicable, or other appropriate official of the County of Los Angeles to ascertain the relevant parcels on which the Special Taxes are to be levied, taking into account any parcel splits during the preceding and the then current year.

The District has retained an Independent Financial Consultant to assist in the levy of the Special Taxes each Fiscal Year, in accordance with the Ordinance, such that the computation of the levy is complete before the final date on which the Los Angeles County Treasurer-Tax Collector or Auditor-Controller, as shall then be applicable, will accept the transmission of the Special Tax amounts for the parcels within the District for inclusion on the next secured tax roll. Upon the completion of the computation of the amounts of the levy, and approval by the Legislative Body, the District shall prepare or cause to be prepared, and shall transmit to the Los Angeles County Treasurer-Tax Collector or Auditor-Controller, as shall then be applicable, such data as the Los Angeles County Treasurer-Tax Collector requires to include the levy of the Special Taxes on the next secured tax roll.

In the event that the District determines to levy all or a portion of the Special Taxes by means of direct billing of the taxable property within the District, the District shall, not less than forty-five (45) days prior to each Interest Payment Date for which the levy is being made, send bills to the property owners in the District for Special Taxes necessary to meet the financial obligations of the District due on the next Interest Payment Date for which levy is being made, such tax bills shall specify that the amount(s) so levied shall be due and payable in two equal installments with each installment due not less than thirty (30) days prior to such related Interest Payment Date and each installment shall be delinquent if not paid when due. The District shall fix and levy the amount of Special Taxes within the District required for the payment of principal of and interest on Outstanding Bonds becoming due and payable during the ensuing year including any necessary replenishment of the Community Facilities District No. 99-1 Reserve Account or the Community Facilities District No. 2000-1 Reserve Account of the Authority Reserve Fund, as applicable, plus an amount equal to the Administrative Expense Requirement, and any additional amounts necessary for expenses incurred in connection with administration or enforcement of delinquent Special Taxes.

The Special Taxes shall be payable and collected in the same manner and at the same time and in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property; provided, the Legislative Body may provide for direct collection of the Special Taxes in certain circumstances.

In order to determine if there are delinquencies with respect to the payment of the Special Taxes, no later than February 25 and June 25 in every year (each a “reconciliation date”) commencing June 25, 2013, the District shall reconcile or cause to be reconciled the amount of Special Taxes levied to the amount of Special Taxes theretofore reported by the County as paid and received. No later than 45 days after the reconciliation date, commencing on the first reconciliation date in 2013, the District shall send or cause to be sent a notice of delinquency to all property owners reported to be delinquent in the payment of the Special Taxes as of the reconciliation date.

The fees and expenses of the Independent Financial Consultant retained by the District to assist in computing the levy of the Special Taxes under the Fiscal Agent Agreement and any reconciliation of amounts levied to amounts received, as well as the costs and expenses of the District (including a charge for District staff time) in conducting its duties thereunder, shall be an Administrative Expense. Covenant 4. Against Encumbrances. The District will not encumber, pledge or place any charge or lien upon any of the Net Taxes or other amounts pledged to the Bonds superior to, or on a parity with, the pledge and lien under the Fiscal Agent Agreement created for the benefit of the Bonds, except as expressly permitted by the provisions of the Fiscal Agent Agreement.

E-18

Covenant 5. Modification of Maximum Authorized Special Tax. The District covenants that no modification of the maximum authorized Special Taxes shall be approved by the District which would prohibit the District from levying the Special Tax in any Fiscal Year at such a rate as could generate Special Taxes in each Fiscal Year at least equal to 110% of Annual Debt Service, plus the Administrative Expenses. The District further covenants that in the event an ordinance is adopted by initiative pursuant to Section 3 of Article XIIIC of the California Constitution, which purports to reduce or otherwise alter the maximum authorized Special Taxes, it will, to the extent of available District funds therefore, commence and pursue reasonable legal actions seeking to preserve its ability to comply with its covenant contained in the preceding paragraph. Covenant 6. Protection of Security and Rights of Owners. The District will preserve and protect the security of the District and the rights of the Owners, and will warrant and defend their rights against all claims and demands of all persons. From and after the delivery of any of the Bonds by the District, the Bonds shall be incontestable by the District. Covenant 7. Compliance with Law, Completion of Project. The District will comply with all applicable provisions of the Act and law in completing the acquisition and construction of the Project; provided, that the District shall have no obligation to advance any funds to complete the Project in excess of the amounts available therefore in the Project Fund, including the accounts thereof. Covenant 8. Books and Accounts. The District will keep, or cause to be kept, proper books of records and accounts, separate from all other records and accounts of the Bonds and the Project, in which complete and correct entries shall be made of all transactions relating to the Bonds and the Project, the levy of the Special Tax and the deposits to the Special Tax Fund. Such books of record and accounts shall at all times during business hours be subject to the inspection of the Fiscal Agent or of the Owners of not less than ten percent (10%) of the principal amount of the Bonds then Outstanding or their representatives authorized in writing. Covenant 9. Tax Covenant. The District covenants and represents that until the last Bonds shall have been fully paid or redeemed the District will comply with all requirements of the Authority Bonds Tax Certificate, the Code and all applicable Regulations, such that the interest on the Authority Bonds will remain excluded from gross income for federal income tax purposes. Covenant 10. Additional Tax Covenants. Covenant 10, as set forth in the Fiscal Agent Agreement, provides for additional covenants of the District in order to preserve and protect the tax exempt status of the Authority Bonds. Covenant 11. Further Assurances. The District will adopt, make, execute and deliver any and all such further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the obligations and covenants under the Fiscal Agent Agreement and any Supplement, and for the better assuring and confirming unto the Owners of the rights and benefits provided in the Fiscal Agent Agreement and in any Supplement. Covenant 12. Additional Opinion(s). The District will not make any change in requirements or procedures or take any action, as to which change or action the Fiscal Agent Agreement or related documents require an opinion of nationally recognized Bond Counsel, unless it obtains an opinion of Bond Counsel to the effect that (a) interest on the Authority Bonds was excluded from gross income for federal income tax purposes from their date of issuance until the date of such change, assuming compliance with the covenants in the Fiscal Agent Agreement as they were in effect prior to the change (except that such opinion need not be given as to any interest for which a similar opinion has previously been given and remains in effect subsequent to such change), and (b) assuming continued compliance by the District with the covenants as changed, interest on the Authority Bonds is excluded from gross income for purposes of federal income taxation.

E-19

Covenant 13. Tender of Bonds. The District will not, in collecting the Special Taxes within the District or in processing any such judicial foreclosure proceedings, exercise any authority which it has pursuant to Sections 53340, 53344.1, 53356.1 and 53356.5 of the California Government Code in any manner which would be inconsistent with the interests of the Owners and, in particular, will not permit the tender of Bonds in full or partial payment of Special Taxes except upon receipt of a certificate of an Independent Financial Consultant that to accept such tender will not result in the District having insufficient Net Taxes to pay the principal of and interest on the Bonds remaining Outstanding following such tender. Covenant 14. Additional Special Tax Bonds or Obligations. The District shall not issue any additional bonds, notes or other similar evidences of indebtedness payable, in whole or in part, out of Net Taxes except: (i) bonds issued to fully or partially refund the Outstanding Bonds; and (ii) subordinate bonds, notes or other similar evidences of indebtedness. Covenant 15. Annual Reports.

Annual Reports to the California Debt and Investment Advisory Commission. (a) Not later than October 30 of each year, commencing October 30, 2013, and until the October

30 following the final maturity of the Bonds, the District shall supply to the California Debt and Investment Advisory Commission the information required to be provided thereto pursuant to Section 53359.5(b) of the Act. Such information shall be made available to any Owner upon written request to the District accompanied by a fee determined by the District to pay the costs of the District in connection therewith. The District shall in no event be liable to any Owner or any other person or entity in connection with any error in any such information.

(b) If at any time the Fiscal Agent fails to pay principal or interest due on any scheduled payment

date for the Bonds, or if funds are withdrawn from the Community Facilities District No. 99-1 Reserve Account or the Community Facilities District No. 2000-1 Reserve Account, as applicable, to pay principal or interest on the Bonds, the Fiscal Agent shall notify the District in writing of such failure or withdrawal, and the District shall notify the California Debt and Investment Advisory Commission of such failure or withdrawal within 10 days of the failure to make such payment or the date of such withdrawal.

(c) The reporting requirements of this Covenant 15 shall be amended from time to time, without

action by the District or the Fiscal Agent to reflect any amendments to Section 53359.5(b) or Section 53359.5(c) of the Act. The District shall provide the Fiscal Agent with a copy of any such amendment. Notwithstanding the foregoing, any such amendment shall not, in itself, affect the District’s obligations under any continuing disclosure documentation relating to the Bonds or the Authority Bonds.

(d) None of the District, its officers, agents, employees or Authorized Representatives, or the

Fiscal Agent, shall be liable to any person or party for any inadvertent error in reporting the information contained in this Covenant 15.

Continuing Disclosure Covenant. The District covenants and agrees that it will comply with and carry

out all of its obligations under the Authority Continuing Disclosure Certificate. Notwithstanding any other provision of the Fiscal Agent Agreement, failure of the District to comply with its obligations under the Authority Continuing Disclosure Certificate shall not be considered an event of default under the Fiscal Agent Agreement, and the sole remedy, in the event of any failure of the District to comply with the Authority Continuing Disclosure Certificate, shall be an action to compel performance thereof. The Fiscal Agent may (and, at the request of any Participating Underwriter or the Owners of at least 25% aggregate principal amount of the Authority Bonds, shall upon the receipt of reasonable indemnity for its fees and costs), or any Bondowner or Beneficial Owner may, take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the District to comply with its obligations under this Covenant. For purposes of this Section, “Beneficial Owners” means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Authority Bonds (including persons holding Authority Bonds through nominees, depositories or other intermediaries), or (b) is treated as the Owner of any Authority Bonds for federal income tax purposes.

E-20

Amendments to Fiscal Agent Agreement

The District may from time to time, and at any time, without notice to or consent of any of the Owners, adopt Supplements to the Fiscal Agent Agreement for any of the following purposes:

(a) to cure any ambiguity, to correct or supplement any provision of the Fiscal Agent Agreement which may be inconsistent with any other provision therein or in any Supplement, or to make any other provision with respect to matters or questions arising under the Fiscal Agent Agreement, or in any Supplement, provided that such action shall not have a material adverse effect on the interests of the Bondowners;

(b) to add to the covenants and agreements of and the limitations and the restrictions upon the

District contained in the Fiscal Agent Agreement which are not contrary to or inconsistent with the Fiscal Agent Agreement as theretofore in effect; or

(c) to modify, alter, amend or supplement the Fiscal Agent Agreement in any other respect which

is not materially adverse to the Bondowners including, but not limited to, providing for the rating or insuring of any series of Bonds.

Exclusive of amendments supplemental to the Fiscal Agent Agreement covered by the first paragraph

of this Section, the Owners of not less than 60% in aggregate principal amount of the Bonds then Outstanding shall have the right to consent to and approve the adoption by the District of such amendments or orders supplemental thereto as shall be deemed necessary or desirable by the District for the purpose of waiving, modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in the Fiscal Agent Agreement; provided, however, that nothing therein shall permit, or be construed as permitting, (a) an extension of the maturity date of the principal of, or the payment date of interest on, any Bonds, (b) a reduction in the principal amount of any Bonds or the rate of interest thereon, (c) a preference or priority of any Bonds over any other Bonds, or (d) a reduction in the aggregate principal amount of the Bonds the Owners of which are required to consent to such Supplement, without, in the case of (a) or (b), the consent of the affected Owner, or, in the case of (c) or (d), the consent of the Owners of all Bonds then Outstanding.

Supplements Requiring Owner Consent. If at any time the District shall desire to adopt a Supplement hereto which, pursuant to the terms of this Section 6.02, shall require the consent of the Owners, the District shall so notify the Fiscal Agent and shall deliver to the Fiscal Agent a copy of the proposed Supplement to be mailed, postage prepaid, to all Owners at their addresses as they appear in the Bond Register. Such notice shall briefly set forth the nature of the proposed Supplement and shall state that a copy thereof is on file at the Principal Corporate Trust Office of the Fiscal Agent for inspection by all Owners. The failure of any Owner to receive such notice shall not affect the validity of such Supplement when consented to and approved as provided in this Section 6.02. Whenever at any time within one year after the date of the first mailing of such notice the Fiscal Agent shall receive an instrument or instruments purporting to be executed by the Owners of not less than 60% in aggregate principal amount of the Bonds then Outstanding affected by such Supplement, which instrument or instruments shall refer to the proposed Supplement described in such notice, and shall specifically consent to and approve the adoption thereof by the District substantially in the form of the copy thereof referred to in such notice as on file with the Fiscal Agent, such proposed Supplement, when duly adopted by District, shall thereafter become a part of the proceedings for the issuance of the Bonds as referred to in the Fiscal Agent Agreement. In determining whether the Owners of 60% of the aggregate principal amount of the Bonds affected by such Supplement have consented to the adoption of any Supplement, Bonds which the Fiscal Agent knows are owned by the District or by any person directly or indirectly controlling or controlled by or under the direct or indirect common control with the District, shall be disregarded and shall be treated as though they were not Outstanding for the purpose of any such determination.

Upon the adoption of any Supplement to the Fiscal Agent Agreement and the receipt of consent to any

such amendment from the Owners of the appropriate aggregate principal amount of Bonds in instances where such consent is required pursuant to the provisions of the Fiscal Agent Agreement shall be, and shall be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations

E-21

under the Fiscal Agent Agreement of the District and all Owners of Bonds then Outstanding affected thereby shall thereafter be determined, exercised and enforced thereunder, subject in all respects to such modifications and amendments. Notwithstanding anything herein to the contrary, no Supplement shall be entered into which would modify the duties of the Fiscal Agent under the Fiscal Agent Agreement, without the prior written consent of the Fiscal Agent.

Fiscal Agent The Fiscal Agent is appointed and takes authorized actions under the terms of the Fiscal Agent Agreement. The initial Fiscal Agent may be removed or replaced by the District upon 30 days’ prior written notice (except during the continuance of an event of default, as further discussed below) or may resign in favor of a successor Fiscal Agent. The Fiscal Agent Agreement provides for certain minimum qualifications of the Fiscal Agent and provides for notice and procedures in the event a successor Fiscal Agent is required or appointed. The duties of the Fiscal Agent are specified within the Fiscal Agent Agreement and include making interest payments to the Owners pursuant to the terms of the Fiscal Agent Agreement, giving notice of meetings of the Owners, maintaining the Bond Register and maintaining and administering the funds and accounts established pursuant to the Fiscal Agent Agreement. The Fiscal Agent also performs all other acts authorized or directed of the Fiscal Agent pursuant to the terms of the Fiscal Agent Agreement. The Fiscal Agent Agreement provides that the recitals of fact and all promises, covenants and agreements contained therein and in the Bonds are to be taken as statements, promises, covenants and agreements of the District, and the Fiscal Agent assumes no responsibility for the correctness of the same and makes no representations as to the validity or sufficiency of the Fiscal Agent Agreement or the Bonds. The Fiscal Agent Agreement provides for certain protections from liability of the Fiscal Agent except for its own negligence or willful misconduct, as further specified in the Fiscal Agent Agreement Events of Default: Remedies

Events of Default. Any one or more of the following events shall constitute an Aevent of default”:

(a) Default in the due and punctual payment of the principal or redemption premium of on any Bond when and as the same shall become due and payable, at maturity as therein expressed or from mandatory redemption;

(b) Default in the due and punctual payment of the interest on any Bond when and as the same shall become due and payable;

(c) Default by the District in the observance of any of the other agreements, conditions or covenants on its part in the Fiscal Agent Agreement or in the Bonds contained, and the continuation of such default for a period of 30 days after the District shall have been given notice in writing of such default by the Fiscal Agent, provided that if within 30 days the District has commenced curing of the default and diligently pursues elimination thereof, such period shall be extended to permit such default to be eliminated; provided, any noncompliance with the terms of the Continuing Disclosure Covenant shall not be an event of default under the Fiscal Agent Agreement; or

(d) The District or the School District shall commence a voluntary case under Title 11 of the

United States Code or any substitute or successor statute.

Remedies of Owners. Following the occurrence of an event of default, any Owner shall have the right for the equal benefit and protection of all Owners similarly situated:

(a) By mandamus or other suit or proceeding at law or in equity to enforce his or her rights against the District and any of the members, officers and employees of the District, and to compel the District

E-22

or any such members, officers or employees to perform and carry out their duties under the Act and their agreements with the Owners as provided in the Fiscal Agent Agreement;

(b) By suit in equity to enjoin any actions or things which are unlawful or violate the rights of the

Owners; or (c) Upon the happening of an event of default by a suit in equity to require the District and its

members, officers and employees to account as the trustee of an express trust.

Nothing in the Fiscal Agent Agreement or in the Bonds, shall affect or impair the obligation of the District, which is absolute and unconditional, to pay the interest on and principal of the Bonds to the respective Owners of the Bonds at the respective dates of maturity out of the Net Taxes pledged for such payment, or affect or impair the right of action, which is also absolute and unconditional, of such Owners to institute suit to enforce such payment by virtue of the contract embodied in the Bonds and in the Fiscal Agent Agreement.

A waiver of any default or breach of duty or contract by any Owner shall not affect any subsequent

default or breach of duty or contract, or impair any rights or remedies on any such subsequent default or breach. No delay or omission by any Owner to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy conferred upon the Owners by the Act or by the Fiscal Agent Agreement may be enforced and exercised from time to time and as often as shall be deemed expedient by the Owners.

If any suit, action or proceeding to enforce any right or exercise any remedy is abandoned or determined adversely to the Owners, the District and the Owners shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken.

No remedy in the Fiscal Agent Agreement conferred upon or reserved to the Owners is intended to be

exclusive of any other remedy. Every such remedy shall be cumulative and shall be in addition to every other remedy given under the Fiscal Agent Agreement or now or hereafter existing, at law or in equity or by statute or otherwise, and may be exercised without exhausting and without regard to any other remedy conferred by the Act or any other law.

Application of Net Taxes After Default. If an Event of Default shall occur and be continuing, all Net Taxes and any other funds thereafter received by the Fiscal Agent under any of the provisions of the Fiscal Agent Agreement shall be applied by the Fiscal Agent as follows and in the following order:

(a) To the payment of any expenses necessary in the opinion of the Fiscal Agent to protect the

interests of the Owners of the Bonds and payment of reasonable fees, charges and expenses of the Fiscal Agent (including reasonable fees and disbursements of its counsel) incurred in and about the performance of its powers and duties under the Fiscal Agent Agreement;

(b) To the payment of the principal of and interest then due with respect to the Bonds (upon

presentation of the Bonds to be paid, and stamping thereon of the payment if only partially paid, or surrender thereof if fully paid) subject to the provisions of the Fiscal Agent Agreement, as follows:

First: To the payment to the Owners entitled thereto of all installments of interest then due in the order of the maturity of such installments and, if the amount available shall not be sufficient to pay in full any installment or installments maturing on the same date, then to the payment thereof ratably, according to the amounts due thereon, to the Owners entitled thereto, without any discrimination or preference; and Second: To the payment to the Owners entitled thereto of the unpaid principal of any Bonds which shall have become due whether at maturity, or by call for redemption, with interest on the overdue principal at the rate borne by the respective Bonds on the date of maturity or redemption, and, if the amount available shall not be sufficient to pay in full all the Bonds, together with such interest,

E-23

then to the payment thereof ratably, according to the amounts of principal due on such date to the Owners entitled thereto, without any discrimination or preference.

Any remaining funds shall remain in the Special Tax Fund.

Limitation on Bondowners’ Right to Sue. No Owner of any Bonds shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under the Fiscal Agent Agreement, the Act or any other applicable law with respect to such Bonds, unless (a) such Owner shall have given to the Fiscal Agent written notice of the occurrence of an Event of Default, (b) the Owners of a majority in aggregate principal amount of the Bonds then Outstanding shall have made written request upon the Fiscal Agent to exercise the powers hereinbefore granted or to institute such suit, action or proceeding in its own name, (c) such Owner or such Owners shall have tendered to the Fiscal Agent indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and (d) the Fiscal Agent shall have refused or omitted to comply with such request for a period of 60 days after such written request shall have been received by, and such tender of indemnity shall have been made to, the Fiscal Agent.

Such notification, request, tender of indemnity and refusal or omission are declared, in every case, to

be conditions precedent to the exercise by any Owner of Bonds of any remedy under the Fiscal Agent Agreement or under law; it being understood and intended that no one or more Owners of Bonds shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of the Fiscal Agent Agreement or the rights of any other Owners of Bonds, or to enforce any right under the Bonds, the Fiscal Agent Agreement, the Act or other applicable law with respect to the Bonds, except in the manner therein provided, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner therein provided and for the benefit and protection of all Owners of the Outstanding Bonds, subject to the provisions of the Fiscal Agent Agreement.

Defeasance If all or a specified portion of the Bonds shall be paid and discharged under the terms of the Fiscal Agent Agreement in any one or more of the following ways: (a) by paying or causing to be paid the principal and premium, if any, of and interest due on such Bond, as and when the same become due and payable; (b) by depositing with the Fiscal Agent, or a designated bank or trust company as escrow holder, in trust, at or before maturity, money which, together with the amounts then on deposit in the Special Tax Fund, the Bond Fund, the Redemption Fund and the applicable reserve account of the Authority Reserve Fund and available for such purpose, is fully sufficient to pay the principal of and interest on such Bond as and when the same shall become due and payable; or (c) by depositing with the Fiscal Agent, or a designated bank or trust company as escrow holder, in trust, direct, noncallable Federal Securities, in such amount as certified by a nationally recognized certified public accountant which will, together with the interest to accrue thereon and monies then on deposit in the Special Tax Fund, the Bond Fund, the Redemption Fund and the applicable reserve account of the Authority Reserve Fund available for such purpose, together with the interest to accrue thereon, be fully sufficient to pay and discharge the principal and premium, if any, of and interest on such Bond as and when the same shall become due and payable; then, notwithstanding that any such Bond shall not have been surrendered for payment, all obligations of the District under the Fiscal Agent Agreement, and any Supplement, with respect to such Bond shall cease and terminate, except for the obligation of the Fiscal Agent to pay or cause to be paid to the Owners of any such Bonds not so surrendered and paid, all sums due thereon and except for the covenants of the District as further provided in the Fiscal Agent Agreement.

E-24

Miscellaneous Provisions Unclaimed Monies. Anything in the Fiscal Agent Agreement to the contrary notwithstanding, to the extent permitted by law and subject to the applicable escheat laws of the State, any money held by the Fiscal Agent in trust for the payment and discharge of any of the Bonds which remains unclaimed for two years after the date when such Bonds have become due and payable, if such money was held by the Fiscal Agent at such date, or for two years after the date of deposit of such money if deposited with the Fiscal Agent after the date when such monies become due and payable, shall be repaid by the Fiscal Agent to the District, as its absolute property and free from trust, and the Fiscal Agent shall thereupon be released and discharged with respect thereto and the Owners shall look thereafter only to the District for the payment of such Bonds. The Fiscal Agent shall give notice to the District of the amount of any unclaimed monies that are available for transfer to the District, and the District is to request such transfer in writing. However, before being required to make any such payment to the District, the Fiscal Agent shall, at the expense of the District, cause to be mailed to the registered owners of such Bonds, at their addresses as they appear on the Bond Register, a notice that such money remains unclaimed and that, after a date named in such notice, which date shall not be less than 30 days after the date of the mailing of such notice, the balance of such money then unclaimed will be returned to the District. Separate Terms Applicable to CFD No. 99-1 Optional Redemption. The Bonds maturing before September 1, 2024, are not subject to optional redemption. Subject to the Fiscal Agent Agreement, the Bonds maturing on or after September 1, 2024, may be redeemed prior to maturity at the option of the District from any source of funds on any Interest Payment Date on or after September 1, 2023, in whole, or in part from such maturities as are selected by the District in writing in accordance with the Fiscal Agent Agreement, and by lot within a maturity, at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date of redemption, without premium. In the event the District shall elect to redeem the Bonds through optional redemption as provided in the Fiscal Agent Agreement, the District shall give written notice to the Fiscal Agent of its election to so redeem, the redemption date and the principal amount of the Bonds to be redeemed. Such notice shall be given to the Fiscal Agent at least 45 but no more than 90 days prior to the redemption date unless such notice or time period is waived by Fiscal Agent. Special Mandatory Redemption from Prepaid Special Taxes. The Bonds are subject to special mandatory redemption prior to their stated maturities on any Interest Payment Date for which timely notice can be given, in whole, or in part from such maturities as are selected by the District in writing in accordance with the Fiscal Agent Agreement, and by lot within a maturity, in integral multiples of $5,000, from monies on deposit in the Prepayment Account of the Special Tax Fund that are transferred to the Mandatory Redemption Account of the Redemption Fund, at the redemption prices set forth below, which are expressed as a percentage of the principal amount thereof, together with accrued interest to the date fixed for redemption.

Redemption Dates Redemption Prices

Any Interest Payment Date through March 1, 2021 103% September 1, 2021 and March 1, 2022 102 September 1, 2022 and March 1, 2023 101 September 1, 2023 and any Interest Payment Date thereafter 100

Mandatory Sinking Fund Redemption. The Term Bond maturing on September 1, 2034, is subject to mandatory redemption in part commencing on September 1, 2027, and on each September 1 thereafter to maturity, by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to date fixed for redemption, without premium, from Mandatory Sinking Payments as follows:

E-25

Sinking Fund Redemption Date (September 1)

Mandatory Sinking Payments

2027 $70,000 2028 75,000 2029 80,000 2030 85,000 2031 90,000 2032 90,000 2033 95,000 2034 100,000

In the event of a partial redemption of the Term Bond through optional redemption or special mandatory redemption, Mandatory Sinking Payments for the Term Bond shall be reduced, as nearly as practicable, on a pro rata basis, in integral multiples of $5,000, pursuant to calculations made by the Fiscal Agent and approved by the District. Covenants. Covenant 3. Commence Collection and Foreclosure Proceedings. Not later than August 1 of each Fiscal Year, the District will compare the amount of Special Taxes theretofore levied in the District to the amount of Special Taxes theretofore received by the District and:

(A) Individual Delinquencies. If the District determines that (i) any single parcel is subject to a Special Tax delinquency in the aggregate amount of $2,000 or more or (ii) any owner owns one or more parcels subject to a Special Tax delinquency in an aggregate amount of $2,000 or more, then the District shall send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings shall be commenced by the District within 120 days of such determination to the extent permissible under applicable law and shall thereafter diligently pursue such proceedings.

(B) Aggregate Delinquencies. If the District determines that the total amount of

delinquent Special Taxes for the prior Fiscal Year for the entire District (including the total of delinquencies under paragraph (A) above) exceeds five percent (5%) of the total Special Taxes due and payable for the prior Fiscal Year, the District shall notify or cause to be notified property owners who are then delinquent in the payment of Special Taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and shall commence foreclosure proceedings within 120 days of such determination against each parcel of land in the District with a Special Tax delinquency to the extent permissible under applicable law and shall thereafter diligently pursue such proceedings.

(C) Limiting Provision. Notwithstanding the foregoing, however, the District shall not be required to order, or take action upon, the commencement of foreclosure proceedings under subsection (B), above, if such delinquencies, if not remedied, will not result in a draw on the Community Facilities District No. 99-1 Reserve Account, such that the amount in such account will fall below the applicable Reserve Requirement and no draw has been made on the Community Facilities District No. 99-1 Reserve Account which has not

E-26

been restored, such that the Community Facilities District No. 99-1 Reserve Account shall be funded to at least the applicable Reserve Requirement pursuant to the Authority Indenture.

Separate Terms Applicable to CFD No. 2000-1 Optional Redemption. The Bonds maturing on or before September 1, 2024 are not subject to optional redemption. Subject to the Fiscal Agent Agreement, the Bonds maturing on or after September 1, 2024, may be redeemed prior to maturity at the option of the District from any source of funds on any Interest Payment Date on or after September 1, 2023, in whole, or in part from such maturities as are selected by the District in writing in accordance with the Fiscal Agent Agreement, and by lot within a maturity, at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date of redemption, without premium. In the event the District shall elect to redeem the Bonds through optional redemption as provided in the Fiscal Agent Agreement, the District shall give written notice to the Fiscal Agent of its election to so redeem, the redemption date and the principal amount of the Bonds to be redeemed. Such notice shall be given to the Fiscal Agent at least 45 but no more than 90 days prior to the redemption date unless such notice or time period is waived by Fiscal Agent. Special Mandatory Redemption from Prepaid Special Taxes. The Bonds are subject to special mandatory redemption prior to their stated maturities on any Interest Payment Date for which timely notice can be given, in whole, or in part from such maturities as are selected by the District in writing in accordance with the Fiscal Agent Agreement, and by lot within a maturity, in integral multiples of $5,000, from monies on deposit in the Prepayment Account of the Special Tax Fund that are transferred to the Mandatory Redemption Account of the Redemption Fund, at the redemption prices set forth below, which are expressed as a percentage of the principal amount thereof, together with accrued interest to the date fixed for redemption.

Redemption Dates Redemption Prices Any Interest Payment Date through March 1, 2021 103% September 1, 2021 and March 1, 2022 102 September 1, 2022 and March 1, 2023 101 September 1, 2023 and any Interest Payment Date thereafter 100 Mandatory Sinking Fund Redemption. The Term Bond maturing on September 1, 2034, is subject to mandatory redemption in part commencing on September 1, 2027, and on each September 1 thereafter to maturity, by lot, at a redemption price equal to the principal amount thereof to be redeemed, together with accrued interest to date fixed for redemption, without premium, from Mandatory Sinking Payments as follows:

Sinking Fund Redemption Date (September 1)

Mandatory Sinking Payments

2027 $335,000 2028 350,000 2029 370,000 2030 390,000 2031 365,000 2032 245,000 2033 120,000 2034 50,000

In the event of a partial redemption of the Term Bond through optional redemption or special mandatory redemption, Mandatory Sinking Payments for the Term Bond shall be reduced, as nearly as practicable, on a pro rata basis, in integral multiples of $5,000, pursuant to calculations made by the Fiscal Agent and approved by the District.

E-27

Covenants. Covenant 3. Commence Collection and Foreclosure Proceedings. Not later than August 1 of each Fiscal Year, the District will compare the amount of Special Taxes theretofore levied in the District to the amount of Special Taxes theretofore received by the District and:

(A) Individual Delinquencies. If the District determines that (i) any single parcel is subject to a Special Tax delinquency in the aggregate amount of $5,000 or more or (ii) any owner owns one or more parcels subject to a Special Tax delinquency in an aggregate amount of $5,000 or more, then the District shall send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings shall be commenced by the District within 120 days of such determination to the extent permissible under applicable law and shall thereafter diligently pursue such proceedings.

(B) Aggregate Delinquencies. If the District determines that the total amount of

delinquent Special Taxes for the prior Fiscal Year for the entire District (including the total of delinquencies under paragraph (A) above) exceeds five percent (5%) of the total Special Taxes due and payable for the prior Fiscal Year, the District shall notify or cause to be notified property owners who are then delinquent in the payment of Special Taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and shall commence foreclosure proceedings within 120 days of such determination against each parcel of land in the District with a Special Tax delinquency to the extent permissible under applicable law and shall thereafter diligently pursue such proceedings.

(C) Limiting Provision. Notwithstanding the foregoing, however, the District shall not be required to order, or take action upon, the commencement of foreclosure proceedings under subsection (B), above, if such delinquencies, if not remedied, will not result in a draw on the Community Facilities District No. 2000-1 Reserve Account, such that the amount in such account will fall below the applicable Reserve Requirement and no draw has been made on the Community Facilities District No. 2000-1 Reserve Account which has not been restored, such that the Community Facilities District No. 2000-1 Reserve Account shall be funded to at least the applicable Reserve Requirement pursuant to the Authority Indenture.

II. CFD NO. 90-1 AMENDED AND RESTATED INSTALLMENT PURCHASE AGREEMENT Definitions “Act” means the Mello Roos Community Facilities Act of 1982, as amended, being Section 53311 et seq. of the Government Code of the State. “Administrative Expense Requirement” means an amount up to $20,000. “Administrative Expenses” means the administrative costs with respect to the calculation and collection of the Special Taxes and any other costs related to the administration of the Amended Agreement, including the fees and expenses of any persons employed pursuant to the covenants set forth in the Amended Agreement, or costs otherwise incurred by the School District or CFD No. 90-1, including, but not limited to, a pro rata portion of the annual administrative costs of the Authority pursuant to the Funding Allocation Agreement in order to carry out the authorized purposes of the Authority Bonds.

E-28

“Amended Agreement” means the Amended and Restated Installment Purchase Agreement, dated as of January 1, 2013, by and between CFD No. 90-1 and the Authority, as originally executed and as it may from time to time be amended in accordance with the terms thereof.

“Authority” means the William S. Hart Joint School Financing Authority, a joint powers authority organized and existing pursuant under the and by virtue of laws of the State and that certain “Joint Powers Agreement” dated November 9,1994, by and between the School District and Community Facilities District No. 88-4 of the School District.

“Authority Bonds” or “Bonds” means the William S. Hart Joint School Financing Authority 2013

Refunding Revenue Bonds issued pursuant to the Indenture. “Board” means the Governing Board of the School District. “CFD No. 90-1” means Community Facilities District No. 90-1 of the William S. Hart Union High

School District, a community facilities district organized and existing under the laws of the State. “CFD No. 99-1” means Community Facilities District No. 99-1 of the William S. Hart Union High School District, a community facilities district organized and existing under the laws of the State. “CFD No. 2000-1” means Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority, a community facilities district organized and existing under the laws of the State.

“Closing Date” means February 4, 2013. “Event of Default” means an event described in the Amended Agreement. “Fiscal Year” means the period from July 1 to June 30 in any year. “Funding Allocation Agreement” means the agreement of that name among CFD No. 90-1, the

Authority, the School District, CFD No. 99-1 and CFD No. 2000-1, dated as of January 1, 2013. “Gross Taxes” means the amount of all Special Taxes and proceeds from the sale of property

collected pursuant to the foreclosure provisions of the Amended Agreement for the delinquency of Special Taxes.

“Indenture” means the Indenture of Trust, dated as of January 1, 2013, by and between the Authority and the Trustee, as originally executed and as it may from time to time be amended or supplemented in accordance with the terms thereof.

“Independent Financial Consultant” means a consultant or firm of such consultants generally

recognized to be qualified in the field of implementation and administration of community facilities districts, or the financial consulting field, appointed and paid by the School District or CFD No. 90-1 and who, or each of whom:

(1) is independent of the School District and CFD No. 90-1, or any of the property owners within CFD No. 90-1;

(2) does not have any substantial interest, direct or indirect, with the School District. CFD No. 90-1 or any of the property owners within CFD No. 90-1; and

(3) is not connected with the School District or CFD No. 90-1 as a member, officer or employee of the School District or CFD No. 90-1 or any of the property owners within CFD No. 90-1, but who may be regularly retained to make annual or other reports to the School District or CFD No. 90-1.

E-29

“Installment Payments” means the Installment Payments payable by CFD 90-1 to the Authority

pursuant to the Amended Agreement.

“Installment Payment Dates” means August 15 and February 15 of each year, commencing August 15, 2013. “Net Taxes” means the amount of all Gross Taxes minus the Administrative Expense Requirement.

“Ordinance” means Ordinance No. 90/91-1 of CFD No. 90-1 adopted by the Legislative Body on April 30, 1991.

“Person” means an individual, corporation, limited liability company, firm, association, partnership,

trust or other legal entity or group of entities, including a governmental entity or any agency or political subdivision thereof.

“Project” means the school facilities described in the Amended Agreement. “Reserve Payments” means the amounts to replenish the CFD No. 90-1 Account of the Reserve Fund

to the Reserve Requirement, or portion thereof. “School District” means the William S. Hart Union High School District.

“Special Taxes” means the special taxes levied by the Board, as the Legislative Body of CFD No. 90-

1, within CFD No. 90-1 pursuant to the Act, the Resolution of Formation, the Ordinance and the voter approval obtained at the April 6, 1991, election held within the CFD No. 90-1.

“State” means the State of California.

“Trustee” means Zions First National Bank, a national banking association duly organized and

existing under and by virtue of the laws of the United States of America, or any other bank or trust company which may at any time be substituted in its place as provided in the Indenture. Refinancing of the Acquisition, Construction and Installation of the Project

Pursuant to the terms of the Amended Agreement, the Authority and CFD No. 90-1 agree to cause the refinancing of the acquisition, construction, and installation costs of the Project.

Purchase and Sale of Project; Payments/Accounts

Pledge of Net Taxes. Subject only to the provisions of the Amended Agreement permitting the

application thereof for the purposes and on the terms and conditions set forth therein, all Net Taxes are pledged to the payment of the Installment Payments and the Reserve Payments, as provided in the Amended Agreement, and the Net Taxes shall not be used for any other purpose while any of the Installment Payments remain unpaid. Such pledge shall constitute a first lien on the Net Taxes for the payment of the Installment Payments and the Reserve Payments.

Installment Payments. CFD No. 90-1 agrees to duly and punctually pay to the Authority, solely from

Net Taxes and from no other sources, the refinanced purchase price of the Project in Installment Payments, as provided in the Installment Purchase Agreement. The Installment Payments shall be due and payable on the Installment Payment Dates. The amount of the Installment Payment payable by CFD No. 90-1 on each Installment Payment Date is set forth in the Installment Purchase Agreement. Each Installment Payment shall be paid in lawful money of the United States of America, in immediately available funds.

Reserve Payments. CFD No. 90-1 shall maintain or cause to be maintained in the CFD No. 90-1

Account of the Reserve Fund established under the Indenture an amount equal to the Reserve Requirement, or

E-30

portion thereof, provided, however, that any replenishment thereof shall be payable solely from the Net Taxes. On each Installment Payment Date, after having paid the Installment Payment due on such Installment Payment Date, CFD No. 90-1 shall transfer from the Net Taxes to the Trustee the amount, if any, necessary to cause the amount on deposit in the CFD No. 90-1 Account of the Reserve Fund to be equal to the Reserve Requirement, or portion thereof. The amount to replenish the CFD No. 90-1 Account of the Reserve Fund is referred to in the Amended Agreement as the “Reserve Payments.”

Obligation Absolute. The obligation of CFD No. 90-1 to make the Installment Payments, Reserve

Payments and other payments required to be made by it under the Amended Agreement, solely from the Net Taxes, is absolute and unconditional, and until such time as the Installment Payments, Reserve Payments and such other payments shall have been paid in full, CFD No. 90-1 shall not discontinue or suspend any Installment Payments, Reserve Payments or other payments required to be made by it thereunder when due, whether or not the Project or any part thereof is operating or operable or has been completed, or its use is suspended, interfered with, reduced or curtailed or terminated in whole or in part, and such Installment Payments, Reserve Payments and other payments shall not be subject to reduction whether by offset or otherwise and shall not be conditional upon the performance or nonperformance by any party of any agreement for any cause whatsoever.

Right to Redeem Authority Bonds. On or after September 1, 2023, CFD No. 90-1 shall have the right

to cause a portion of the Authority Bonds maturing on or after September 1, 2024, to be redeemed in accordance with the Indenture by providing the Trustee with funds sufficient for such purpose (which funds may be derived from any source), subject to the terms of the Indenture. Covenants

Compliance with Installment Purchase Agreement. CFD No. 90-1 shall punctually pay the Installment Payments, Reserve Payments and other payments required to be made by it under the Amended Agreement in strict conformity with the terms thereof, and will faithfully observe and perform all the agreements, conditions, covenants and terms contained therein required to be observed and performed by it, shall not suffer or permit any default to occur thereunder and shall not terminate the Amended Agreement for any cause, including, without limiting the generality of the foregoing, any acts or circumstances that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either or any failure of the Authority to observe or perform any agreement, condition, covenant or term contained herein required to be observed and performed by it, whether express or implied, or any duty, liability or obligation arising out of or connected herewith or the insolvency, or deemed insolvency, or bankruptcy or liquidation of the Authority or any force majeure, including acts of God, tempest, storm, earthquake, war, rebellion, riot, civil disorder, acts of public enemies, blockade or embargo, strikes, industrial disputes, lock outs, lack of transportation facilities, fire, explosion, or acts or regulations of governmental authorities.

Protection of Security and Rights. CFD No. 90-1 shall preserve and protect the security of the

Amended Agreement and the rights of the Trustee, as assignee of the Authority, to the Installment Payments and other payments required to be made by CFD No. 90-1 under the Amended Agreement and will warrant and defend such rights against all claims and demands of all Persons.

Indemnification of Authority and Trustee. To the extent permitted by law, CFD No. 90-1 shall indemnify and hold the Authority and its members and officers and the Trustee and its officers, directors, agents and employees harmless against any and all liabilities which might arise out of or are related to the Project, the Amended Agreement, the Indenture or the Authority Bonds, and CFD No. 90-1 shall defend the Authority and its members and officers and the Trustee and its officers, directors, agents and employees in any action arising out of or related to the Project, the Amended Agreement, the Indenture or the Authority Bonds.

Further Assurances. CFD No. 90-1 shall make, execute and deliver any and all such further agreements, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of the Amended Agreement and for the better assuring and confirming unto the

E-31

Authority, or unto the Trustee, as assignee of the Authority, the rights and benefits provided in the Amended Agreement to the Authority, or to the Trustee, as assignee of the Authority.

Levy and Collection of Special Taxes. Subject to the maximum Special Tax rates, CFD No. 90-1 will comply with all requirements of the Act so as to assure the timely collection of the Special Taxes, including without limitation, the enforcement of delinquent Special Taxes.

On or before each June 1, commencing June 1, 2013, CFD No. 90-1 shall secure from the Trustee the

amounts then on deposit in the various funds and accounts established by the Indenture and held for the benefit of CFD No. 90-1. Upon such confirmation, CFD No. 90-1 shall communicate with the Los Angeles County Treasurer-Tax Collector or other appropriate official of the County of Los Angeles to ascertain the relevant parcels on which the Special Taxes are to be levied, taking into account any parcel splits during the preceding and then current year.

CFD No. 90-1 shall retain an Independent Financial Consultant to assist in the levy of the Special

Taxes each Fiscal Year, commencing Fiscal Year 2013-14, in accordance with the Ordinance, such that the computation of the levy is complete before the final date on which the Los Angeles County Treasurer-Tax Collector will accept the transmission of the Special Tax amounts for the parcels within CFD No. 90-1 for inclusion on the next secured tax roll. Upon the completion of the computation of the amounts of the levy, and approval by the Legislative Body, CFD No. 90-1 shall prepare or cause to be prepared, and shall transmit to the Los Angeles County Treasurer-Tax Collector, such data as the Los Angeles County Treasurer-Tax Collector requires to include the levy of the Special Taxes on the next secured tax roll.

CFD No. 90-1 shall fix and levy the amount of Special Taxes within CFD No. 90-1 required for the

payment of the Installment Payments becoming due and payable during the ensuing year, any necessary Reserve Payments, an amount equal to the Administrative Expenses and any additional amounts necessary for expenses incurred in connection with administration or enforcement of delinquent Special Taxes.

The Special Taxes shall be payable and collected in the same manner and at the same time and in the

same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property; provided, the Legislative Body may provide for direct collection of the Special Taxes in certain circumstances.

In order to determine if there are delinquencies with respect to the payment of the Special Taxes, no

later than February 25 and June 25, commencing February 25, 2013, CFD No. 90-1 shall reconcile or cause to be reconciled the amount of Special Taxes levied to the amount of Special Taxes actually received by CFD No. 90-1.

The fees and expenses of the Independent Financial Consultant retained by CFD No. 90-1 to assist in

computing the levy of the Special Taxes hereunder and any reconciliation of amounts levied to amounts received, as well as the costs and expenses of CFD No. 90-1 (including a charge for CFD No. 90-1 staff time) in conducting its duties under the Amended Agreement, shall be an Administrative Expense thereunder.

Commence Foreclosure Proceedings.

Not later than August 1 of each Fiscal Year, CFD No. 90-1 will compare the amount of Special Taxes theretofore levied in CFD No. 90-1 to the amount of Special Taxes theretofore received by CFD No. 90-1 and:

(A) Individual Delinquencies. If CFD No. 90-1 determines that (i) any single parcel is

subject to a Special Tax delinquency in the aggregate amount of $5,000 or more or (ii) any owner owns one or more parcels subject to a Special Tax delinquency in an aggregate amount of $5,000 or more, then CFD No. 90-1 shall send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the

E-32

delinquency remains uncured) foreclosure proceedings shall be commenced by CFD No. 90-1 within 120 days of such determination to the extent permissible under applicable law and shall thereafter diligently pursue such proceedings.

(B) Aggregate Delinquencies. If CFD No. 90-1 determines that the total amount of delinquent Special Taxes for the prior Fiscal Year for CFD No. 90-1 (including the total of delinquencies under paragraph (a) above) exceeds five percent (5%) of the total Special Taxes due and payable for the prior Fiscal Year, CFD No. 90-1 shall notify or cause to be notified property owners who are then delinquent in the payment of Special Taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and shall commence foreclosure proceedings within 120 days of such determination against each parcel of land in CFD No. 90-1 with a Special Tax delinquency.

(C) Limiting Provision. Notwithstanding the foregoing, however, the District shall not

be required to order, or take action upon, the commencement of foreclosure proceedings under subsection (B), above, if such delinquencies, if not remedied, will not result in a draw on the Community Facilities District No. 90-1 Reserve Account such that the Community Facilities District No. 90-1 Reserve Account will fall below the applicable Reserve Requirement and no draw has been made on the Community Facilities District No. 90-1 Reserve Account, which has not been restored, such that the Community Facilities District No. 90-1 Reserve Account shall be funded to at least the applicable Reserve Requirement pursuant to the Authority Indenture. Against Encumbrances. CFD No. 90-1 will not encumber, pledge or place any charge or lien upon

any of the Net Taxes or other amounts pledged to the obligations of CFD No. 90-1 under the Amended Agreement superior to or on a parity with the pledge and lien herein created, except as otherwise permitted by the Amended Agreement.

Modification of Maximum Authorized Special Tax. CFD No. 90-1 covenants that no modification of

the maximum authorized Special Taxes shall be approved by CFD No. 90-1 which would prohibit CFD No. 90-1 from levying the Special Tax in any Fiscal Year at such a rate as could generate Special Taxes in each Fiscal Year at least equal to 110% of the Installment Payments due annually hereunder, plus the Administrative Expenses.

CFD No. 90-1 further covenants that in the event an ordinance is adopted by initiative pursuant to

Section 3 of Article XIIIC of the California Constitution, which purports to reduce or otherwise alter the maximum authorized Special Taxes, it will, to the extent of available funds therefore, commence and pursue legal action seeking to preserve its ability to comply with its covenant contained in the preceding paragraph.

Compliance with Law, Completion of Refinancing of Project. CFD No. 90-1 will comply with all

applicable provisions of the Act and law in completing the refinancing of the Project. Books and Accounts. CFD No. 90-1 will keep, or cause to be kept, proper books of records and

accounts, separate from all other records and accounts, in which complete and correct entries shall be made of all transactions relating to the Project, the levy of the Special Tax and the payments of the Installment Payments, Reserve Payments and other amounts required under the Amended Agreement. Such books of record and accounts shall at all times during business hours be subject to the inspection of the Trustee or of the Owners of not less than ten percent of the principal amount of the Authority Bonds then Outstanding or their representatives authorized in writing.

Tax Covenant. CFD No. 90-1 covenants and represents that until the last Installment Payment shall

have been fully paid, CFD No. 90-1 will comply with all requirements of the Tax Certificate, the Code and all applicable Regulations, such that the interest on the Authority Bonds will remain excluded from gross income for federal income tax purposes.

E-33

Additional Tax Covenants. CFD No. 90-1 covenants that: (a) Notwithstanding any other provision of the Amended Agreement, CFD No. 90-1 will make no use of the proceeds of the Authority Bonds or the Project, or of any other amounts or property, or take any other action which if taken, or refrain from taking any action which, if not taken, would cause the Authority Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code, or to be “private activity bonds” within the meaning of Section 141 of the Code or “federally guaranteed” within the meaning of Section 149(b) of the Code. To that end, with respect to such proceeds and such amounts and property, CFD No. 90-1 will comply will all requirements of such Code sections and all Regulations applicable thereunder. (b) CFD No. 90-1 will not use or permit the use of the Project or any portion thereof by any person other than a “governmental unit” as such term is used in Section 141 of the Code, in such manner or to such extent as would result in the loss of exclusion from gross income for federal tax purposes of the interest on the Authority Bonds. (c) CFD No. 90-1 shall give all notices and comply with all applicable laws, ordinances, rules, regulations, and lawful orders of any public authority bearing on the Project, including, but not limited to, the extent applicable, the California Environmental Quality Act.

Limits on Additional Obligations. CFD No. 90-1 covenants that, except for amendments to the

Amended Agreement in connection with any refunding or defeasance of all or a portion of the Authority Bonds Outstanding, no additional obligations payable out of Net Taxes shall be authorized or delivered. Additional Opinion(s). CFD No. 90-1 will not make any change in requirements or procedures or take any action, as to which change or action the Amended Agreement or related documents require an opinion of Bond Counsel, unless it obtains an opinion of Bond Counsel to the effect that (a) interest on the Authority Bonds was excluded from gross income for federal income tax purposes from their date of issuance thereof until the date of such change, assuming compliance with the covenants in the Amended Agreement as they were in effect prior to the change (except that such opinion need not be given as to any interest for which a similar opinion has previously been given and remains in effect subsequent to such change), and (b) assuming continued compliance by CFD No. 90-1 with the covenants as changed, interest on the Authority Bonds is excluded from gross income for purposes of federal income taxation.

Continuing Disclosure Covenant. CFD No. 90-1 covenants and agrees that it will provide all information on an annual basis to the Authority in order for the Authority to carry out all of the Authority's obligations under the Authority Continuing Disclosure Certificate. Notwithstanding any other provision of the Amended Agreement, failure of CFD No. 90-1 to comply with its obligations under this covenant shall not be considered an Event of Default under the Amended Agreement, and the sole remedy, in the event of any failure of CFD No. 90-1 to comply with this covenant, shall be an action to compel performance thereof. The Trustee may (and, at the request of the Participating Underwriter or the Owners of at least 25% aggregate principal amount of Outstanding Authority Bonds, shall), or any holder of the Authority Bonds or “Beneficial Owner” (defined below) may, take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause CFD No. 90-1 to comply with its obligations under this covenant. For purposes of this covenant, “Beneficial Owners” means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Authority Bonds (including persons holding Authority Bonds through nominees, depositories or other intermediaries), or (b) is treated as the Owner of any Authority Bonds for federal income tax purposes.

E-34

Events of Default and Remedies

Events of Default. The following shall be Events of Default under the Installment Purchase Agreement, and Event of Default shall mean any one or more of the following events: (a) if default shall be made by CFD No. 90-1 in the due and punctual payment of or on account of any Installment Payment as the same shall become due and payable; (b) if default shall be made by CFD No. 90-1 in the performance of any of the agreements or covenants required in the Amended Agreement or in the Indenture to be performed by it (other than as specified in (a) above), and such default shall have continued for a period of 30 days after CFD No. 90-1 shall have been given notice in writing of such default by the Authority or the Trustee; provided, however, that the party or parties giving such notice may agree in writing to a reasonable extension of such period prior to the expiration of such 30 day period and, provided, further, that if CFD No. 90-1 shall proceed to take curative action which, if begun and prosecuted with due diligence, cannot be completed within such a period of 30 days, then such period shall be increased without such written extension to such extent as shall be necessary to enable CFD No. 90-1 to diligently complete such curative action and such default shall not become an Event of Default for so long as shall be necessary to diligently complete such curative action; (c) if an event of default shall have occurred and be continuing under the Indenture; or (d) if CFD No. 90-1 or the Authority shall commence a voluntary case under Title 11 of the United States Code or any substitute or successor statute.

Foreclosure. If any Event of Default shall occur under the Amended Agreement, and in each and every such case during the continuance of such Event of Default, the Trustee, as assignee of the Authority, may commence foreclosure against any parcels of land in CFD No. 90-1 with delinquent CFD No. 90-1 Special Taxes, as provided in Section 53356.1 of the Act.

Other Remedies. If an Event of Default shall have occurred under the Amended Agreement, the

Trustee, as assignee of the Authority, shall have the right: (a) by mandamus, suit, action or proceeding, to compel CFD No. 90-1 and its officers,

agents or employees to perform each and every term, provision and covenant contained in the Amended Agreement, and to require the carrying out of any or all such covenants and agreements of CFD No. 90-1 and the fulfillment of all duties imposed upon it by the Amended Agreement and the Act;

(b) by suit, action or proceeding in equity, to enjoin any acts or things which are

unlawful, or the violation of any of the rights of by suit in equity to enjoin any acts or things which are unlawful or violate the rights of the Trustee, as assignee of the Authority; or

(c) by suit, action or proceeding in any court of competent jurisdiction, to require CFD

No. 90-1 and its officers and employees to account as if it and they were the trustees of an express trust.

Non-Waiver. Nothing in the Amended Agreement shall affect or impair the obligation of CFD No. 90-1, which is absolute and unconditional, to pay the Installment Payments to the Trustee, as assignee of the Authority, at the respective due dates from the Net Taxes and the other funds herein committed for such payment, or shall affect or impair the right of the Trustee, as assignee of the Authority, which is also absolute and unconditional, to institute suit to enforce such payment by virtue of the contract embodied herein.

A waiver of any default or breach of duty or contract by the Trustee, as assignee of the Authority,

shall not affect any subsequent default or breach of duty or contract or impair any rights or remedies on any such subsequent default or breach of duty or contract. No delay or omission by the Trustee, as assignee of the Authority, to exercise any right or remedy accruing upon any default or breach of duty or contract shall impair any such right or remedy or shall be construed to be a waiver of any such default or breach of duty or contract

E-35

or an acquiescence therein, and every right or remedy conferred upon the Trustee, as assignee of the Authority, by applicable law or by this Article may be enforced and exercised from time to time and as often as shall be deemed expedient by the Trustee, as assignee of the Authority.

If any action, proceeding or suit to enforce any right or exercise any remedy is abandoned or

determined adversely to the Trustee, as assignee of the Authority, CFD No. 90-1 and the Trustee, as assignee of the Authority, shall be restored to their former positions, rights and remedies as if such action, proceeding or suit had not been brought or taken.

Remedies Not Exclusive. No remedy conferred in the Amended Agreement upon or reserved to the

Trustee, as assignee of the Authority, is intended to be exclusive of any other remedy, and each such remedy shall be cumulative and shall be in addition to every other remedy given thereunder or now or hereafter existing in law or in equity or by statute or otherwise and may be exercised without exhausting and without regard to any other remedy conferred by law. Amendments The Amended Agreement and the rights and obligations of CFD No. 90-1, the Authority and the Trustee, as assignee of the Authority, may be amended or modified from time to time and at any time by a written amendment executed by CFD No. 90-1, the Authority and the Trustee, as assignee of the Authority, with the written consent of the Owners of a majority of the aggregate amount of the Authority Bonds then Outstanding. No such amendment shall (i) extend the payment date of any Installment Payment or reduce the amount of any Installment Payment without the prior written consent of the Owner of each affected Authority Bond, or (ii) reduce the percentage of Owners of the Authority Bonds whose consent is required to effect any such amendment or modification, without the prior written consent of the Owners of all Authority Bonds then Outstanding. The Amended Agreement and the rights and obligations of CFD No. 90-1, the Authority and the Trustee, as assignee of the Authority, may be amended or modified from time to time and at any time, by a written amendment executed by CFD No. 90-1, the Authority and the Trustee, as assignee of the Authority, without the written consents of any Owners of the Authority Bonds, but only to the extent permitted by law and only for any one or more of the following purposes: (i) to add to the agreements, conditions, covenants and terms required by CFD No. 90-1, the Authority or the Trustee, as assignee of the Authority, to be observed or performed in the Amended Agreement other agreements, conditions, covenants and terms thereafter to be observed or performed by CFD No. 90-1, the Authority or the Trustee, as assignee of the Authority, or to surrender any right or power reserved therein to or conferred herein on CFD No. 90-1, the Authority or the Trustee, as assignee of the Authority, and which in either case shall not materially adversely affect the interests of the Owners of the Authority Bonds; (ii) to make such provisions for the purpose of curing any ambiguity or of correcting, curing or supplementing any defective provision contained in the Amended Agreement or in regard to questions arising thereunder which CFD No. 90-1, the Authority or the Trustee, as assignee of the Authority, may deem desirable or necessary and not inconsistent therewith; (iii) to make such additions, deletions or modifications as may be necessary or appropriate to assure the exclusion from gross income for federal income tax purposes of interest on the Authority Bonds; and (iv) to make such other changes herein or modifications to the Amended Agreement as CFD No. 90-1, the Authority or the Trustee, as assignee of the Authority, may deem desirable or necessary, and which shall not materially adversely affect the interests of the Owners of the Authority Bonds.

E-36

Miscellaneous

Limitation of Rights. Nothing in the Amended Agreement expressed or implied is intended or shall be construed to give to any Person other than CFD No. 90-1, the Authority and the Trustee, as assignee of the Authority, any legal or equitable right, remedy or claim under or in respect of the Amended Agreement or any covenant, condition or provision therein or contained in the Amended Agreement, and all such covenants, conditions and provisions are and shall be held to be for the sole and exclusive benefit of CFD No. 90-1, the Authority and the Trustee, as assignee of the Authority.

Assignment. CFD No. 90-1 and the Authority acknowledge the transfer, conveyance and assignment under the terms of the Indenture by the Authority to the Trustee of all of the Authority's rights, title and interest under the Amended Agreement (excepting its rights to indemnification thereunder), including the right to receive Installment Payments and Reserve Payments from CFD No. 90-1.

Waiver of Personal Liability. No official, officer or employee of CFD No. 90-1 shall be individually or personally liable for the payment of the Installment Payments or other payments required to be made by CFD No. 90-1 under the Amended Agreement, but nothing contained therein shall relieve any official, officer or employee of CFD No. 90-1 from the performance of any official duty provided by any applicable provisions of law or under the Amended Agreement.

Partial Invalidity. If any one or more of the agreements or covenants or portions thereof required under the Amended Agreement to be performed by or on the part of CFD No. 90-1 or the Authority shall be contrary to law, then such agreement or agreements, such covenant or covenants or such portions thereof shall be null and void and shall be deemed separable from the remaining agreements and covenants or portions thereof and shall in no way affect the validity of the Amended Agreement.

Law Governing. The Amended Agreement shall be construed and governed in accordance with the

laws of the State.

III. FUNDING ALLOCATION AGREEMENT The Parties The Funding Allocation Agreement is entered into between the Authority, the School District, CFD No. 90-1, CFD No. 99-1, and CFD No. 2000-1. The Funding Allocation Agreement provides only for specified matters and does not otherwise amend the Bond Purchase Agreement or any of the other documents providing for the issuance, delivery or sale of the Authority Bonds, or the Local Obligations. Definitions The Funding Allocation Agreement includes a number of definitions which are essentially identical to those definitions contained in the Indenture. Costs of Issuance Allocation The parties to the Funding Allocation Agreement agree that it is appropriate to pay all Costs of Issuance from a single source of funds to be deposited in the Authority Costs of Issuance Account of the Program Fund established pursuant to the terms of the Indenture. Each of the CFDs will be responsible, in its Proportionate Share (as defined in the Funding Allocation Agreement), for the funding of Costs of Issuance. The Authority agrees to direct the Trustee to deposit proceeds from the Bonds in the Costs of Issuance Account and expend such monies for Costs of Issuance, as defined in the Indenture.

E-37

Authority Administrative Expenses The parties acknowledge in the Funding Allocation Agreement that the Authority has no ongoing source of revenue for payment and satisfaction of future Authority Administrative Expenses (as defined in the Funding Allocation Agreement). In order to pay for Authority Administrative Expenses, each of the CFDs has agreed to contribute, as and when needed, a sum of money, equal to its Proportionate Share, to pay Authority Administrative Expenses. Each CFD has agreed to include an amount estimated to be sufficient to pay its share thereof in its annual budget of Administrative Expenses. Term The Funding Allocation Agreement shall remain in effect for as long as the Indenture, or any of the documents providing for the issuance of the Local Obligations and the CFD No. 90-1 Amended and Restated Installment Purchase Agreement, shall remain outstanding or in effect.

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-1

APPENDIX F

DTC AND THE BOOK-ENTRY ONLY SYSTEM The following description of the Depository Trust Company (“DTC”), the procedures and record

keeping with respect to beneficial ownership interests in the Bonds, payment of principal, interest and other payments on the Bonds (herein, the “Securities”) to DTC Participants or Beneficial Owners, confirmation and transfer of beneficial ownership interest in the Securities and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC. Accordingly, no representations can be made concerning these matters and neither the DTC Participants nor the Beneficial Owners should rely on the foregoing information with respect to such matters, but should instead confirm the same with DTC or the DTC Participants, as the case may be.

Neither the issuer of the Securities (the “Issuer”) nor the trustee, fiscal agent or paying agent

appointed with respect to the Securities (the “Agent”) takes any responsibility for the information contained in this Appendix.

No assurances can be given that DTC, DTC Participants or Indirect Participants will distribute to

the Beneficial Owners (a) payments of interest, principal or premium, if any, with respect to the Securities, (b) certificates representing ownership interest in or other confirmation or ownership interest in the Securities, or (c) redemption or other notices sent to DTC or Cede & Co., its nominee, as the registered owner of the Securities, or that they will so do on a timely basis, or that DTC, DTC Participants or DTC Indirect Participants will act in the manner described in this Appendix. The current "Rules" applicable to DTC are on file with the Securities and Exchange Commission and the current "Procedures" of DTC to be followed in dealing with DTC Participants are on file with DTC.

1. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for

the securities (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

2. DTC, the world’s largest securities depository, 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 Federal 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 and provides asset servicing for over 3.6 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated

F-2

subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. The information contained on this Internet site is not incorporated herein by reference.

3. Purchases of Securities under the DTC system must be made by or through Direct

Participants, which will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“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. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are

registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities 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 Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct

Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.

6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are

being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect

to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer 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 Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

F-3

8. Redemption proceeds, distributions, and dividend payments on the Securities 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 Issuer or Agent, on 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 bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

9. DTC may discontinue providing its services as depository with respect to the Securities at any

time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

10. Issuer may decide to discontinue use of the system of book-entry-only transfers through

DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

11. The information in this section concerning DTC and DTC’s book-entry system has been

obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof.

[THIS PAGE INTENTIONALLY LEFT BLANK]

G-1

APPENDIX G

FORM OF CONTINUING DISCLOSURE CERTIFICATE

CONTINUING DISCLOSURE CERTIFICATE

$7,840,000 WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY

2013 REFUNDING REVENUE BONDS This Continuing Disclosure Certificate (this “Disclosure Certificate”) is executed and delivered by

the William S. Hart Union High School District (the “District”), on behalf of itself and the William S. Hart Joint School Financing Authority (the “Authority”), in connection with the issuance by the Authority of the bonds captioned above (the “Bonds”). The Bonds are being issued pursuant to an Indenture of Trust dated as of January 1, 2013 (the “Indenture”), by and between the Authority and Zions First National Bank, as trustee (the “Trustee”). The District hereby covenants and agrees as follows:

Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed

and delivered by the District for the benefit of the holders and beneficial owners of the Bonds and in order to assist the Participating Underwriter in complying with S.E.C. Rule 15c2-12(b)(5).

Section 2. Definitions. In addition to the definitions set forth above and in the Indenture, 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:

“Annual Report” means any Annual Report provided by the District pursuant to, and as

described in, Sections 3 and 4 of this Disclosure Certificate. “Annual Report Date” means the date that is nine months after the end of the District's fiscal

year (currently March 31 based on the District’s fiscal year end of June 30). “Community Facilities Districts” means, collectively, Community Facilities District No. 90-1 of the

William S. Hart Union High School District, Community Facilities District No. 99-1 of the William S. Hart Union High School District, and Community Facilities District No. 2000-1 of the Saugus/Hart School Facilities Financing Authority.

“Dissemination Agent” means Dolinka Group, LLC, or any successor Dissemination Agent

designated in writing by the District and which has filed with the District a written acceptance of such designation.

“Listed Events” means any of the events listed in Section 5(a) of this Disclosure Certificate. “MSRB” means the Municipal Securities Rulemaking Board, which has been designated by the

Securities and Exchange Commission as the sole repository of disclosure information for purposes of the Rule.

“Official Statement” means the final official statement dated January 29, 2013, executed by the

District in connection with the issuance of the Bonds.

G-2

“Participating Underwriter” means Stifel, Nicolaus & Company, Incorporated, dba Stone & Youngberg, a Division of Stifel Nicolaus, the original underwriter of the Bonds required to comply with the Rule in connection with offering of the Bonds.

“Rule” means Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under

the Securities Exchange Act of 1934, as it may be amended from time to time. Section 3. Provision of Annual Reports. (a) The District shall, or shall cause the Dissemination Agent to, not later than the Annual

Report Date, commencing March 31, 2013, with the report for the 2011-12 fiscal year, provide to the MSRB, in an electronic format as prescribed by the MSRB, an Annual Report that is consistent with the requirements of Section 4 of this Disclosure Certificate; provided, however, that the first Annual Report due on March 31, 2013, shall consist solely of a copy of the Official Statement and the School District's audited financial statements for fiscal year 2011-12. Not later than 15 Business Days prior to the Annual Report Date, the District shall provide the Annual Report to the Dissemination Agent (if other than the District). If by the Annual Report Date the Dissemination Agent (if other than the District) has not received a copy of the Annual Report, the Dissemination Agent shall contact the District to determine if the District is in compliance with the previous sentence. The Annual Report may be submitted as a single document or as separate 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 District may be submitted separately from the balance of the Annual Report, and later than the Annual Report Date, if not available by that date. The audited financial statements of the District may be included within or constitute a portion of the audited financial statements of the William S. Hart Union High School District. If the District'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) If the District does not provide, or cause the Dissemination Agent to provide, an Annual

Report by the Annual Report Date as required in subsection (a) above, the Dissemination Agent shall provide to the MSRB, in an electronic format as prescribed by the MSRB, a notice in substantially the form attached as Exhibit A.

(c) The Dissemination Agent shall:

(i) determine each year prior to the Annual Report Date the then-applicable rules and electronic format prescribed by the MSRB for the filing of annual continuing disclosure reports; and

(ii) if the Dissemination Agent is other than the District, file a report with the District

and the Participating Underwriter certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, and stating the date it was provided. Section 4. Content of Annual Reports. The District's Annual Report shall contain or incorporate

by reference the following documents and information: (a) The William S. Hart Union High School District's audited financial statements for the

most recently completed fiscal year, prepared in accordance with Generally Accepted Accounting Principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board, together with the following statement:

G-3

THE SCHOOL DISTRICT'S ANNUAL FINANCIAL STATEMENT IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES EXCHANGE COMMISSION STAFF’S INTERPRETATION OF RULE 15c2-12. NO FUNDS OR ASSETS OF THE AUTHORITY OR THE SCHOOL DISTRICT, OTHER THAN NET REVENUES, ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS, AND NEITHER THE AUTHORITY NOR THE SCHOOL DISTRICT IS OBLIGATED TO ADVANCE AVAILABLE FUNDS TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF THE AUTHORITY OR THE SCHOOL DISTRICT IN EVALUATING WHETHER TO BUY, HOLD OR SELL THE BONDS. (b) To the extent not included in the audited financial statements, the following information:

(i) Updated tables for each Community Facilities District in substantially the form of Tables 2A, 2B and 2C in the Official Statement entitled “Secured Assessed Value History.”

(ii) An updated table in substantially the form of Table 3 in the Official Statement

entitled “Assessed Values and Value-to-Burden Ratios” using property valuations based upon the most recent equalized tax roll prior to the September next preceding the Annual Report Date.

(iii) Updated tables in substantially the form of Tables 5A, 5B and 5C in the Official

Statement entitled “Special Tax Collections and Delinquencies” for the most recently completed Fiscal Year.

(iv) Any changes to the Rate and Method of Apportionment of Special Tax for the

District set forth as an Appendix to the Official Statement. (v) A copy of the most recent annual information required to be filed by the District

with the California Debt and Investment Advisory Commission pursuant to the Act and relating generally to outstanding bond amounts, fund balances, assessed values, special tax delinquencies and foreclosure information.

(vi) The amount of prepayments of the Special Tax with respect to each Community

Facilities District for the prior Fiscal Year.

(c) In addition to any of the information expressly required to be provided under paragraph (b) above, the District 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.

(d) 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 District or related public entities, which are available to the public on the MSRB’s Internet web site or filed with the Securities and Exchange Commission. The District shall clearly identify each such other document so included by reference.

Section 5. Reporting of Listed Events. (a) The District shall give, or cause to be given, notice of the occurrence of any of the following

Listed Events with respect to the Bonds:

(1) Principal and interest payment delinquencies.

G-4

(2) Non-payment related defaults, if material. (3) Unscheduled draws on debt service reserves reflecting financial difficulties. (4) Unscheduled draws on credit enhancements reflecting financial difficulties. (5) Substitution of credit or liquidity providers, or their failure to perform. (6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed

or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds.

(7) Modifications to rights of security holders, if material. (8) Bond calls, if material, and tender offers. (9) Defeasances. (10) Release, substitution, or sale of property securing repayment of the securities, if

material. (11) Rating changes. (12) Bankruptcy, insolvency, receivership or similar event of the District. (13) The consummation of a merger, consolidation, or acquisition involving the

District, or the sale of all or substantially all of the assets of the District (other than in the ordinary course of business), the entry into a definitive agreement to undertake such an action, or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material.

(14) Appointment of a successor or additional Trustee or the change of name of the

Trustee, if material.

(b) Upon the occurrence of a Listed Event, the District shall, or shall cause the Dissemination Agent (if not the District) to, file a notice of such occurrence with the MSRB, in an electronic format as prescribed by the MSRB, in a timely manner not in excess of 10 business days after the occurrence of the Listed Event. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(8) and (9) above need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to holders of affected Bonds under the Indenture.

(c) The District acknowledges that the events described in subparagraphs (a)(2), (a)(7), (a)(8) (if

the event is a bond call), (a)(10), (a)(13), and (a)(14) of this Section 5 contain the qualifier “if material” and that subparagraph (a)(6) also contains the qualifier "material" with respect to certain notices, determinations or other events affecting the tax status of the Bonds. The District shall cause a notice to be filed as set forth in paragraph (b) above with respect to any such event only to the extent that it determines the event’s occurrence is material for purposes of U.S. federal securities law. Upon occurrence of any of these Listed Events, the District will as soon as possible determine if such event

G-5

would be material under applicable federal securities law. If such event is determined to be material, the District will cause a notice to be filed as set forth in paragraph (b) above.

(d) For purposes of this Disclosure Certificate, any event described in paragraph (a)(12) above

is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the District in a proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the District, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the District.

Section 6. Identifying Information for Filings with the MSRB. All documents provided to the

MSRB under the Disclosure Certificate shall be accompanied by identifying information as prescribed by the MSRB.

Section 7. Termination of Reporting Obligation. The District's obligations under this Disclosure

Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the District shall give notice of such termination in the same manner as for a Listed Event under Section 5(c).

Section 8. Dissemination Agent. The District 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 discharge any such Agent, with or without appointing a successor Dissemination Agent. The initial Dissemination Agent will be Dolinka Group, LLC.

Section 9. Amendment; Waiver. Notwithstanding any other provision of this Disclosure

Certificate, the District may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied:

(a) if the amendment or waiver relates to the provisions of Sections 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 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 Indenture for amendments to the Indenture with the consent of holders, or (ii) does not, in the opinion of the Trustee or nationally recognized bond counsel, materially impair the interests of the holders or beneficial owners of the Bonds.

If the annual financial 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.

G-6

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 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 District 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 filed in the same manner as for a Listed Event under Section 5(c).

Section 10. Additional Information. Nothing in this Disclosure Certificate shall be deemed to

prevent the District 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 District 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 Disclosure Certificate, the District shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

Section 11. Default. In the event of a failure of the District to comply with any provision of this

Disclosure Certificate, the Participating Underwriter or 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 District 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 Indenture, and the sole remedy under this Disclosure Certificate in the event of any failure of the District to comply with this Disclosure Certificate shall be an action to compel performance.

Section 12. 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 District agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense 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 Dissemination Agent shall have no duty or obligation to review any information provided to it hereunder and shall not be deemed to be acting in any fiduciary capacity for the District, the Property Owner, the Trustee, the Bond owners or any other party. The obligations of the District under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds.

Section 13. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the

District, the Trustee, 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.

G-7

Section 14. Counterparts. This Disclosure Certificate may be executed in several counterparts, each of which shall be regarded as an original, and all of which shall constitute one and the same instrument.

Date: January 29, 2013

WILLIAM S. HART UNION HIGH SCHOOL DISTRICT By:

Susan Hoerber, Chief Financial Officer, William S. Hart Union High

School District

AGREED AND ACCEPTED: Dolinka Group, LLC as Dissemination Agent By: Name: Title:

G-8

EXHIBIT A

NOTICE OF FAILURE TO FILE ANNUAL REPORT

Name of Issuer: WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY Name of Bond Issue: WILLIAM S. HART JOINT SCHOOL FINANCING AUTHORITY 2013 REFUNDING REVENUE BONDS

Date of Issuance: January 29, 2013 NOTICE IS HEREBY GIVEN that the William S. Hart Union High School District has not

provided an Annual Report with respect to the above-named Bonds as required by the Continuing Disclosure Certificate dated January 29, 2013. The School District anticipates that the Annual Report will be filed by _____________.

Dated:

DISSEMINATION AGENT: Dolinka Group, LLC By: Its:

H-1

APPENDIX H

PROPOSED FORM OF OPINION OF BOND COUNSEL

Upon delivery of the Bonds, Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel to the William S. Hart Joint School Financing Authority, expects to render their final approving opinion with respect to the Bonds in substantially the following form: Board of Directors William S. Hart Joint School Financing Authority 21515 Centre Pointe Parkway Santa Clarita, California 91350

Re: $7,840,00 William S. Hart Joint School Financing Authority 2013 Refunding Revenue Bonds

Final Opinion of Bond Counsel______________________________ Ladies and Gentlemen: We have acted as Bond Counsel in connection with the issuance and sale by the William S. Hart Joint School Financing Authority (“Authority”) of $7,840,000 aggregate principal amount of bonds designated “William S. Hart Joint School Financing Authority 2013 Refunding Revenue Bonds” (“Bonds”). The Bonds are issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985, as amended (comprising Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California) (“Marks-Roos Act”) and Resolution No. JSFA12/13-35 (“Authority Resolution”) adopted by the Board of Directors of the Authority on December 12, 2012, and the Indenture of Trust executed in connection therewith dated as of January 1, 2013, by and between the Authority and Zions First National Bank (“Trust Indenture”). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Trust Indenture. As Bond Counsel, we have examined copies certified to us as being true and complete copies of the proceedings in connection with the formation of the Authority and the issuance of the Bonds (“Authority Proceedings”), including the Trust Indenture, the Authority Resolution and the Tax Certificate. We have also examined certificates and representations of various factual matters executed and provided by public officials and officers of the Authority, the William S. Hart Union High School District (“School District”), acting on behalf of itself and the Community Facilities Districts, the Underwriter, and others as we have deemed necessary to render this opinion. Attention is called to the fact that we have not been requested to examine and have not examined any documents or information relating to the Authority other than the record of the Authority Proceedings hereinabove referred to, and no opinion is expressed as to any financial or other information, or the adequacy thereof which has been or may be supplied to any purchaser of the Bonds. We have assumed the genuineness of all documents and signatures presented (other than the Authority and the Community Facilities Districts) to us (whether as originals or as copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the Authority.

H-2

The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly 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 or any matters that come to our attention after the date hereof. Accordingly, this opinion speaks only as of its date and is not intended to, and may not, be relied upon in connection with any such actions, events or matters. Our engagement with respect to the Bonds has concluded with the issuance thereof and we disclaim any obligation to update this letter. As to questions of fact material to our opinion, we have relied upon the representations of fact and certifications referred to above, and we have not undertaken by independent investigation to verify the authenticity or the accuracy of the factual matters represented, warranted or certified therein. Furthermore, we have assumed compliance with all covenants contained in the Trust Indenture, the Authority Resolution, the Tax Certificate and other documents related to the Authority Proceedings, including, without limitation, covenants compliance with which is necessary to assure that future actions or events will not cause the interest on the Bonds to be included in gross income for federal income tax purposes. Failure to comply with certain of such covenants may cause interest on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of original issuance of the Bonds. In addition, we call attention to the fact that the rights and obligations under the Bonds, the Trust Indenture, the Authority Resolution, the Tax Certificate, and other documents related to the Authority Proceedings are subject to bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to creditors' rights and remedies, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against school districts in the State of California (“State”). We express no opinion with respect to any indemnification, contribution, penalty, choice of law, choice of forum, choice of venue, waiver or severability provisions contained in the foregoing documents. 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. The Trust Indenture, the Authority Resolution, the Tax Certificate and other documents related to the Authority Proceedings refer to certain requirements and procedures which may be changed and certain actions which may be taken or omitted under the circumstances and subject to terms and conditions set forth in such documents. No opinion is expressed herein as to the effect on any Bond or the interest thereon if any such change is made, or action is taken or omitted, upon the advice or approval of counsel other than ourselves. Based on and subject to the foregoing, and in reliance thereon, and our consideration of such questions of law as we have deemed relevant to the circumstances, we are of the following opinions:

1. The Authority has, and the Authority Proceedings show, full power and authority to issue the Bonds pursuant to the Marks-Roos Act. The Bonds constitute legal, valid and binding obligations of the Authority, payable in accordance with their terms. The Bonds are limited obligations of the Authority payable solely from and secured by a pledge of the Revenues, and from other funds and accounts pledged therefore pursuant to the Trust Indenture, and are not obligations of the School District, the State, or any public agency thereof.

H-3

2. The Authority Resolution has been duly and validly adopted by the Authority and is valid and binding upon the Authority and enforceable in accordance with its terms. The Trust Indenture has been duly and validly authorized, executed and delivered by the Authority and, assuming due authorization, execution and delivery by the Trustee, constitutes a valid and binding obligation of the Authority, enforceable in accordance with its terms.

3. Interest on the Bonds is excluded from gross income for federal income tax purposes

under Section 103 of the Internal Revenue Code of 1986, as amended, and is exempt from State of California personal income taxes. Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum taxes imposed on individuals and corporations; although, it should be noted that, with respect to corporations, such interest will be included as an adjustment in the calculation of alternative minimum taxable income which may affect the alternative minimum tax liability of such corporations. We express no opinion regarding other tax consequences related to the Bonds or the accrual or receipt of the interest on the Bonds.

We express no opinion as to any matter other than as expressly set forth above. Very truly yours,

[THIS PAGE INTENTIONALLY LEFT BLANK]

I-1

APPENDIX I

BOUNDARY MAPS OF COMMUNITY FACILITIES DISTRICTS

[THIS PAGE INTENTIONALLY LEFT BLANK]

SHEET 1 OF J SHEETS

PROPOSED BOUNDARIES OF COMMUNITY FACI.ITIES

DISTRICT NO. 90-1-

FI LED AT REOUl:S T OF

"J~ t"fi;.. \ 31 :=, I ,jn

==~ ·-­- #1111.lD a,uwn, CA.

OF THE WILLIAM S. HART UNION HIGH SCHOOL DISTRICT, COUNTY OF LOS ANGELES. STATE OF CALIFORNIA.

I HEREBlf CERTIFY THAT THE WITHIN MAP SHOWltlC 'll'4E PROPOSED BOUNDARIES OF COMMUNllY FACILITIES DISTRICf NO. 90-1 OF THE WILLIAM S. HART UNIC>N HIGH SCHOOL DISTRIC:T, COUNTY OF I.OS AN1::ELES, STATE OF CAIJf"ORNIA. W"5 APPROVED BY THE BOARD C>f TRUSTEES C>F THE WILLIAM S. HART UNION HICH SCHOOL CtlSTRICT AT A R~ULAR; M~ THEREOF, HEtD ON THE u.:::._ DAY ~7~·~, ~LUTION

fGc>F E BOARD OF TRu""'STE--'ES-O_F __ ~ . HART UNION HIGH SCHOOL

Fll.ED 11,1 THE OF'FICE. OF THE CLERK OF THE BOIIRO OF TRUS'll:£S OF THE WILLIAM S. ~ UNION HIGH SCHOOL. DISTRICT THIS __.23.!::.. DAY OF~:,__, 19.11__. r-/, T~~ Bl~-UST----EE __ S_O_F_

~ S. HART UNION Hl~H SCHOOL DISTRICT

1!!51i~ I r-· I I 0 :100 400 600 800 1000

SCALE 11'4 FEET 1• •200'

THIS PURTION OF COMMUNm' FACILJTIES DISTRICT NO. 90-1 Of THE WIUJAM S;. HART UNION HIGH SCHOOl. DISTRICT CONSISTS OF TRACT 44344, RECORCIED AUGUST 2!1, 199Cr, MAP BOOK 1 1 61, PAGei 76-83, COUNlY Of l.OS ANGELES AND CONT,"US AN AREA OIF' 43.1 Ct ACRES.

NS8'54'1!1'E ~

~I 0

t' ~I >1 "".,, z :i

~

Fll.£D THIS __ DAY OF __ , 19 __ , AT THE HOUR OF __ O'CLOCK __ .M. IN BOOK __ OF THE MAPS OF ASSESSMENT ANO COMMUNITY F~CILJTIES DISTRICT AT PAGE --· IN THE OFFlCE Of THE COUNTY "ECORDER IN THE COUNTY OF LOS ANGELES, STATE OF CAUFORNU.

COUNTY RECORDER OF THE COUNTY OF L•)S ANGELES

1343.3&'

519'24'55"(

TRACT 44344 CONTAINS AN AREA OF 43.10 ACRES

537.118'

tr54'111"C

ABELIA ROAD i.;.20-:- - <i. N1'J2·1rw

SNOW DRoP COURT

JASMINE VALLE'( ROAD

34t.lll'

····~·

PROPOSED BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 90-1 OF. THE

WILLIAM S. HART UNION HICH SCl!OOL DISTRICT

in the City of Santa Clarita, County of Los Angeles,

State of California

MAP OF TRACT NO. 48117

NO. r, n n ,.. ,., ,.. :r, ,..

LINE TABLE -n.-aw n.­., ... ... .,. .u.­

&Otl' u.,r

CURVE ·TABLE t.llfflffl ..... a,.,,, KH' -tt&W

Jtt,I.#' ,n.rr --n.lU' , ...... n11.or

_nzr -z or :.1 ,our• '""'

SCALE: 1" 100'

f' ... I

PROPOSED BOUNO.ltR I ES OF COUUON/Tt FACILITIES DISTRICT NO. 90-1 OF TH{

Wll.l lAM S. HART UNION HIGH SCHOOL DISTRICT

I

I

I

' 11 \~

I

I

" I • I

\;_,,',

IN TH{ CI TY OF SANTA CLARI TA COUNTY OF LOS AN6{LCS

STAT{ OF CALIFORNIA

l o.r I OF PARC CL IIAP 2260

I

I

I

I

I

·-'

" ·1 ~ .

I r., ,·

ll I

.I I

I

I

I

I

I

LOT

2

I

I

I

I

I

I

I

I

I

I

I

I

TIIIS ,oRT/011 o, tOUU#trr FAtll/TICS IIIS11ttT #0. ,,,_, OF TIIC •Ill/All S, #ART U#/0# lllf~ 1£11001 0/STIICT, . COIISISTS OF IDT I OF ,Aflttl I/A, :U64J A#O tDIITAIIIS 1.1' Atr£S;'

r-----·-----' SHEET 1 O• 2

... $ ' ~ I

" ~

PROPOSED BOUNDARIES OF WILLIAM S. HART UNION

COMMUNITY FACILITIES HIGH SCHOOL

DISTRICT NO. COUNTY

STATE OF OF

LOS ANGELES CALIFORNIA

3247-04~-024 k'',&)SX~)/ ::x:»;~</~~~{~><~~~~9~ ,"y"\ /'), ,:;;x, ' ' I / xYv~ '-' )( >(><>·><x >< ,,, , x ;x:.,;x_ ·, x · l.x x, ,.,-v·,,v · ,Y.,x;x x;· .,,

1\~0'x ,cY>?</x~X:, X: )<)<,. >~X.:\~~~( '<7x'S<»<·

J''<'~x XA,"-,;x<><>xJ X,,.'~;x.z.,.x;1\, ,/ Yx•(,)·y"'~ \{7- , x ;;~<, ':x: , ~~'-... ....,Yv. .;(. >·<x,x,;:;;_· '<'X>:X~-: <X'xx (> < J,JvV ~), A.X,/~ x_ ";(',.'<, )<;{'·, .. /,)('-:< \../ < )(,. "yJ Y ·< \)<,< .A >c '(,), , )' ;/x'>:.,<,x )<)<x__ <>x\X .x.,;y(;l'"'\'2, , X/;,:",

~ xYvv,:··,,><_, >'"..?v x'v~-)(

8'>./,;<)<,,-xx..;x,;,:,,\( , -'\_;< >,,>x·

'---..L..----......!h./ :,/)s\• xx.:....~'y';,._ x.·v ~ ... \..".; ')o '<X'Y'l .,,,'/<.y./)(. ,· ' !;:-::)...4,......._~-1:)...... K X:> ,(\• ' ~-/~ /~~/~.Y ,/' :<''~· ,J<,-7' Y

HILLCREST PARKWAY t"~'\j•,A·~ •,/ ~<.)·:/ x Xxx~> :"'x, "..'v'\/, lx. ;/V YY' '' )',;,.;,('' X."- J' X. '" ' ;>; , X ' ' ',/\, 1, :·<'>-;~·,()(/./,):')<. ,{x. ,(><>~">(;-;/'_,,:,,,')<.,x r>cx"' , '>( '"< ··v·>' x ,v x ~~~':;, )<, : x , >< ">; ..,(.

I v, r('), AX<../'-,• ', :,/:<(', X~' /, h ,;<.,'x,)(.,XX, ... t< . '','();,' ' )<.,_ ' XV'''' I "" i/' 'x"x'°'-< '>')< v ./\('y '-,('\,),, ', 'x' ' ,('-'J< K ,. ! 3241-045-021 lil 1Jv\.('x'_;.>-~~:· ~0:)-< >v5z,,:~·/S<x;.,;\~y,; I

~\ ili 3247-045-02~ ()<')(~_,/'·/<>'°(,;(/:' ·<}x'y,>(Y'){Y)<)(x"·<, f.-' i<>-0"' xx..,xx.,,;x·-;,:?<//;,.')' vX'< x''x'x/~t I k},,x:, , ,,, x, , 'x)<;,<z,)<.)<) .x:,<.,,x>:.;,:./x' '":'<'

I I t·.')<;,,(_v<;i'x'x')( X --x,,>(/..)0<. '<'y(.X;,, '>( >., I r, 1ryy'> .. 'X.:Y,,>(x..'Xy.,_I~"·,:"><.;<":" '<>>~ · ..... x, ~ ·,0:>(x I ~Y...,:V, X ,/\><~~\?' ,;,:/.,-/v', X 1y ,, X;,,Y.:,J,<)',/y\l • .. ·r 'A>/' ""V'< ' ,,, '>( '/ '', '/'y ',,"'v"'- '"'x ' V'"" ',. I J' ,..\;x'/Y.)y' x"' " ·' X'<X', /·' x'.Y 'x ·, ·, "· I'

I R'?2x )'':;<."'<)\~'</'.;: / ':<>:x~"'>(0?:?·~x~~x ',Xx I

\70,X,<?:x-x, : , x((>~<y~~~~~<'"~~f~;,. ''x)~ ~X;x'. · ;-< )>< x'>: X""Xx'/'/',/;,(X ,<'<"x ,, ,v Y, X .... ,;... /<..i·-.~X., X...)'.)< J\ ,< -,., x._y·:..-,, X .,.'xx,<'<.>, /X.../y'-vi'

1 3247-04~-oJO ~-"v·y X:-< ;x'):.'St:: )<. "' ;;.';( "</' ,'',; / ,Ly_'X.,;·'\ y ·,

I X)/' )' X)\;;,/- A._..4 2.__ • --4-. .... - ~r,. ./)<.,..)/ 11' ' -~',,, ..,~< ·./, J247-046-01a J2"7 ... 046-o,l , x""':<:';(<,

r,-..,., "< .,..,. xv<: x" ii Reference i• ttereb) mode lo lhe AsHnor t4~.t~{ ti'vv;~><')<~

mops ol the County ol Los An9tlH for i'<· 1 , / '~.3247-04&-02? ,1X,_;,l /.-./'x_A'{'.

on e•oc:t description ol the lines ond t(.) ~< ~ /~"'-~x>x_· " X: .. x,

---~v~--

DISTRICT 99-1

( 1) filed in the oHice of the Clerk of the Boord of Trustees of the Williom S. Hori Union High School District this

doy or ------· 19 __ .

Dennis King Clerk of lht Boord of Trustees of lhe William S. Hort Union High School District

(2) I hereby certify thol the wilhin mop showing the proposed boundo,ies of Communily facilities District No. 99-1 of the William S. Hort Union High School District,· County of Los Angeles, Stolt of Colifornio, was approved by the Boord ol Trustees of tht William S. Hort Union High School District at o regutor meeting thereof, held on this ___ day of ------• 19 __ , by its Resolution No.

Dennis King Clerk of the Boord of Trustees of the William S. Hort Union High School o:strict

(J) Filed this ___ doy of ------· 19 __ , ot the hour of ---- o'clock __ m, in Book ---- of Mops of Assessment and Community facilities Districts cl Pcge ---- ond 01 Instrument No. ------· in the office or the County Recorder in the County of Los Angeles, Stole ol Colilornio.

County Recorder of the County ot Los An9etes

Propoi;t>(1 Bo ... ndori~s of Cortlrnuni!y h Foc.,!it,es O,stfict No. 9'3-1 I /

f>:7~ ........ L.)'.~-xj Svbd,1,11d'!'d R~9,on {As 1,sl!!d on Sheet 2 cf 2) I !

Ii ,\C\l'\~-nri-i··l",,.,-i Los Angeles Cr-,i,mly A.ss<:!f;sor\ Pored 1-lur-:-,b'::'r ) I

----_-_-____ ---:~ I dimensions or ,och tot ond porc,1. l.- ·\• <,?{X_ 5(0)<< ·1

3247 - 04~-0JO 3247-046-0l/-"<,/X>:)

1 3247•046-026 \ PREPAREO SY

l ·----·---~--·-------·-- -·--- -------------0-":~;=~-·-=-ClA-TE-S SC ... ···-~·

SHEET 2 OF 2

EXHIBIT "B" ,~SSESSOR'S PARCELS WITHIN SUBDIVID[D REGION

3247-056-001 3247-057-004 3247-057-063 3247-058-028 3247-060-011 3247-061-008 3247-056-002 3247-057-005 3247-057-064 3247-058-029 3247-050-012 3247-061-009 3247-056-003 3247-057-006 3247-057-065 3247-058-030 3247-050-013 3247-061-010 3247-056-004 3247-057-007 3247-057-066 3247-058-031 3247-050-014 3247-061-011 3247-056-005 3247-057-008 3247-057-067 3247-059-001 3247-050-015 3247-061-012 3247-056-006 3247-057-009 3247-057-068 3247-059-002 3247-050-016 3247-061-013 3247-056-007 3247-057-010 3247-057-069 3247-059-003 3247-050-017 3247-061-014 3247-056-008 3247-057-011 3247-057-070 3247-059-004 3247-050-018 3247-061-015 3247-056-009 3247-057-012 3247-057-071 3247-059-005 3247-060-019 3247-061-016 3247-056-010 3247-057-013 3247-057-072 3247-059-006 3247-050-020 3247-061-017 3247-056-011 3247-057-014 3247-057-073 3247-059-007 3247-060-021 3247-061-018 3247-056-012 3247-057-015 3247-057-074 3247-059-008 3247-060-022 3247-061-019 3247-056-013 3247-057-016 3247-057-075 3247-059-009 3247-060-023 3247-061-020 3247-056-014 3247-057-017 3247-057-076 3247-059-010 3247-060-024 3247-061-021 3247-056-015 3247-057-018 3247-057-077 3247-059-011 3247-060-025 3247-061-022 3247-056-016 3247-057-019 3247-057-078 3247-059-012 3247-060-026 3247-061-023 3247-056-017 3247-057-020 3247-057-079 3247-059-013 3247-060-027 3247-061-024 3247-056-018 3247-057-021 3247-057-080 3247-059-014 3247-060-028 3247-061-025 3247-056-019 3247-057-022 3247-057-081 3247-059-015 3247-060-029 3247-061-026 3247-056-020 3247-057-023 3247-057-082 3247-059-016 3247-060-030 3247-061-027 3247-056-021 3247-057-024 3247-057-083 3247-059-017 3247-060-031 3247-061-028 3247-056-022 3247-057-025 3247-057-084 3247-059-018 3247-060-032 3247-061-029 3247-056-023 3247-057-026 3247-057-085 3247-059-019 3247-060-033 3247-061-030 3247-056-024 3247-057-027 3247-057-086 3247-059-020 3247-C60-034 3247-061-031 3247-056-025 3247-057-028 3247-057-087 3247-059-021 3247-C60-035 3247-061-032 3247-056-026 3247-057-029 3247-057-088 3247-059-022 3247-060-036 3247-061-033 3247-056-027 3247-057-030 3247-057-089 3247-059-023 3247-060-037 3247-061-034 3247-056-028 3247-057-031 3247-057-090 3247-059-024 3247-060-038 3247-061-035 3247-056-029 3247-057-032 3247-057-091 3247-059-025 3247-060-039 3247-061-036 3247-056-030 3247-057-033 3247-057-092 3247-059-026 3247-060-040 3247-061-037 3247-056-031 3247-057-034 3247-057-093 3247-059-027 3247-060-041 3247-061-038 3247-056-032 3247-057-035 3247-057-094 3247-059-028 3247-060-042 3247-061-039 3247-056-033 3247-057-036 3247-058-001 3247-059-029 3247-060-043 3247-061-040 3247-056-034 3247-057-037 3247-058-002 3247-059-030 3247-060-044 3247-061-041 3247-056-C35 3247-057-038 3247-058-003 3247-059-031 3247-060-045 3247-061-042 3247-056-C36 3247-057-039 3247-058-004 3247-059-032 3247-060-046 3247-061-043 3247-056-C37 3247-057-040 3247-058-005 3247-059-033 3247-060-047 3247-061-044 3247-056-038 3247-057-041 3247-058-006 3247-059-034 3247-060-048 3247-061-045 3247-056-039 3247-057-042 3247-058-007 3247-059-035 3247-060-049 3247-061-046 3247-056-040 3247-057-043 3247-058-008 3247-059-036 3247-060-050 3247-061-047 3247-056-041 3247-057-044 3247-058-009 3247-059-037 3247-060-051 3247-061-048 3247-056-042 3247-057-045 3247-058-010 3247-059-038 3247-060-052 3247-061-049 3247-056-043 3247-057-046 3247-058-011 3247-059-039 3247-060-053 3247-061-050 3247-056-044 3247-057-047 3247-058-012 3247-059-040 3247-060-054 3247-061-051 3247-056-045 3247-057-048 3247-058-013 3247-059-041 3247-060-055 3247-061-052 3247-056-046 3247-057-049 3247-058-014 3247-059-042 3247-060-056 3247-061-053 3247-056-047 3247-057-050 3247-058-015 3247-059-043 3247-060-057 3247-061-054 3247-056-048 3247-057-051 3247-058-016 3247-059-044 3247-060-058 3247-061-055 3247-056-049 3247-057-052 3247-058-017 3247-059-045 3247-060-059 3247-061-056 3247-056-050 3247-057-053 3247-058-018 3247-060-001 3247-060-060 3247-061-057 3247-056-051 3247-057-054 3247-058-019 3247-060-002 3247-060-061 3247-056-052 3247-057-055 3247-058-020 3247-060-003 3247-060-062 3247-056-053 3247-057-056 3247-058-021 3247-060-004 3247-061-001 3247-056-054 3247-057-057 3247-058-022 3247-060-005 3247-061-002 3247-056-055 3247-057-058 3247-058-023 3247-060-006 3247-061-003 3247-056-056 3247-057-059 3247-058-024 3241-060-007 3247-061-004 3247-057-001 3247-057-060 3247-058-025 3247-060-008 3247-)61-005 3247-057-002 3247-057-061 3247-058-026 3247-060-009 3247-)61-006 3247-057-003 3247-057-062 3247-058-027 3247-060-010 3247-)61-007

:;: 1[~·; l OF 1

~ f\J

111 I "' n T IO

cl I ... ...

N ....,

-·

J244--0J4-00J

0 0 I

'° a I ~ ... c-.. "'

PROPOSED BOUNDARIES OF SAUGUS/HART SCHOOL FACILITIES FINANCING AUTHORITY

COMMUNl1Y FACILITIES DISTRICT NO. 2000-1 COUN1Y OF LOS ANGELES

8 J. a i f'j ..,

STATE OF CALIFORNIA

J24+-0J~-001

Rof ... tne4 it htr10Y moclo to l/'tO ,_...,,or o,o~ of 1hl County or Loe IN,J<Nu for

cin •xoct dit:tc:rto,tcr, o1 Ult linN ard d'if"1'111n11·ot1• G1 .at" lo.t. c1"d p,o,c.- .

(1) Flied ln the offloe of the Secretory of th• Boord of Drrectoni of the Sougu1/Hort School roc11111ea Flnanclng Author1ty this __ da1 of---· 11>_,

Secretory of the Boord of Directo111 of the Saugus/Hort School Facllltlu Flnonclng Author1ty

(2) I heniby certify that the wlthrn mop 1howlng the proposed boundor111 of Community Focllltlee or.trlct No. 2000-1 of the Saugus/Hort School f'oclUtlu Flnonclng .A.uthorfty, County of Loa Angelu, State of Collfomlo, woe opprowd by the Boord of Olrtcloro of the Sougue,Mort School Focllltlee Financing .A<ithorlly at a meeting thereof, held on thla __ day of ____. 19 __ , by Ile Rualutlon No. ----·

Secretory of the Boord of Oirect.ani of Iha Saugus/Hart School f'ocilitiea Financing Authority

(3) Flied thle -- day of ---· 19 __ , ot the hour of -- o'clock _m, in Book __ of Mope of .Aaaeaament and Community racilitiH Di.trict1 at Page --- ond 01 ln1trumenl No. ---, in the office of the Counlj, Recorder in lhc Coun\)I of Lo, An~eln, Stoic of Colifomio.

Count;' Recorder of \he Co11 n\)I of Los Angeles

nn nn-nn n-nnn

Proposed Boundaries of Community fccilltie~ Oistrid No. 2000-1

Assessor's Po~cl Boundary

Los Angeles County Assessor's Po ~cl Number

32+4-0cl5-004 PREPARED 9Y

DAVID TAUS.SIG & ASSOCLo\TES. INC.