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TABLE OF CONTENTS INTRODUCTION .... .... ......... .................................. ..... I General.....................................................................1 28 Authority for Issuance...........................................1 29 TheBonds................................................................2 Security for the Bonds ........................................... 2 ReserveFund.......................................................... 3 TheDistrict..............................................................3 Limited Obligation.................................................4 31 No Parity Bonds ..................................................... 4 Bondowners' Risks.................................................4 Continuing Disclosure........ ........................... ___ 4 Other Information .................................................. 4 PLAN OF REFUNDING.............................................5 Risks Associated with Commercial Real Estate Redemption of Prior Bonds-_ ... ......................... . 5 Estimated Sources and Uses of Funds ................ 6 THEBONDS.................................................................6 33 Authority for Issuance ........................................... 6 General Provisions ................................................. 6 Redemption............................................................. 7 Transfer or Exchange of Bonds ............................ 9 Discontinuance of DTC Services ........................10 36 Scheduled Debt Service ....................................... 11 SECURITY FOR THE BONDS.................................11 General...................................................................11 37 Limited Obligation...............................................12 38 Special Taxes.........................................................12 38 Special Tax Fund.. .... __ ....................................... 13 Summary of Rate and Method ...........................13 39 County Teeter Plan..............................................16 39 ReserveFund........................................................17 41 Covenant for Superior Court Foreclosure ........18 41 Investment of Moneys ......................................... 19 No Parity Bonds...................................................19 THE DISTRICT...........................................................19 Location and Description of the District ......... ..19 UNDERWRITING .....................................................44 History of the District .......................................... 21 Land Ownership and Current Special Tax Levy........................................................................ 22 Value -to -Burden Ratio ......................................... 26 Special Tax Levies and Delinquencies .............. 28 12/03/2012 Direct and Overlapping Governmental Obligations............................................................ 28 Projected Debt Service Coverage ....................... 29 SPECIAL RISK FACTORS........................................30 Concentration of Property Ownership ............. 30 Payment of the Special Tax is not a Personal Obligation.............................................................. 31 No General Obligation of the City or the District... ........ ... __ ....................... ......................... 31 PropertyValue......................................................31. Exempt Properties ................................................ 32 Risks Associated with Commercial Real Estate Properties.............................................................. 32 Parity Taxes and Special Assessments .............. 33 Insufficiency of Special Taxes ............................. 33 Tax Delinquencies ................................................ 34 Bankruptcy Delays ............................................... 34 Proceeds of Foreclosure Sales ............................. 34 Natural Disasters .................................................. 35 Hazardous Substances ......................................... 36 Disclosure to Future Purchasers ........................ 36 FDIC/Federal Government Interests in Properties.............................................................. 37 No Acceleration Provision .................................. 38 Taxability and Audit Risk ................................... 38 Enforceability of Remedies ................................. 39 No Secondary ?Market .......................................... 39 Proposition 218 ..................................................... 39 Ballot Initiative s .................................................... 41 TAXMATTERS... .... ............................................. 41 LEGAL MATTERS.. ...... ................. ........ ____ ...... 43 FINANCIAL ADVISOR............................................43 NORATING...............................................................43 LITIGATION..............................................................43 UNDERWRITING .....................................................44 CONTINUING DISCLOSURE.................................44 MISCELLANEOUS ....................................................44 APPENDIX A CITY AND COUNTY GENERAL DEMOGRAPHIC INFORMATION APPENDIX B RATE AND METHOD APPENDIX C SUMMARY OF THE FISCAL AGENT AGREEMENT APPENDIX D FORM OF OPINION OF BOND COUNSEL APPENDIX F FORM OF CONTINUING DISCLOSURE AGREEMENT APPENDIX F DTC AND THE BOOK -ENTRY ONLY SYSTEM APPENDIX G DISTRICT BOUNDARY MAP APPENDIX H TAXABLE PARCELS IN THE DISTRICT -v- 7 RESO. # 15237 MUFF= # 505