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3 <br />California <br />2 <br />Bondholders <br />Local Agencies <br />Communities <br />(Issuer) <br />1 <br />44 <br />Trustee <br />State <br />5 <br />1.State suspends local government revenue protections under Prop 1A resulting in <br />a property tax reduction for FY 2009-10. <br />2.Local agencies sell their State repayment obligations to California Communities. <br />3.California Communities issues tax-exempt bonds. <br />4.Cash proceeds from the transaction flow through the Trustee to the Local <br />Agencies on January 15, 2010 and May 3, 2010. <br />5.The State pays principal and interest to the Bondholders by June30, 2013. <br />3 <br /> <br />