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g • A I L Draft 5/30/63 6/16/03 7/01/03 1�9aii�uY \?�7r 3a a: t _ ra..ia.r r, car .i�o NEW ISSUE - BOOK- ENTKYONLY NOT RATED In the opinion of StradBtg Voaee Carbon & Routh. a Professional Corporation, Bond Counsel, under ezlstlog statutes, regulations, rulings endjudicial decisions and assuming certain r spreamstations and eomphanc , with ce Main covenants and requirements described hereto, the Interest on the 2003 Bonds is exeledad from gross locome for federal htcm.•e mar purposes. and is not an item of tax preference for purposes of calculating the federal alternative min' um tax imposed on individuals and corpontlom. In the further opinion of Bond Counsel, the Interest on tis ZW3 Bonds Is exempt from State of CsBtornia personal income tax In addition, t d1H'erence between the lssueprioe of a 2003 Bond (the Brstprice at which a substantial amount of the 2003 Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity with respect to a 2003 Bond constitutes: orgbal issue discount and the amount of original issue discount time accrues to the owner of the 2003 Bond is excluded from the gross income of such owner far federal banme mat purposes. Is not an item of tax preference for purposes of the federal alternative minimum tax imposed on bMividuals and corporations, and is ewnptfrom State of California personal income tax See 'LEGAL MATTERS - Tax Ficamption herein. S REDWOOD SHORES COMMUNITY FACILITIES DISTRIC NO. 99-1 (SHORES TRANSPORTATION AAPROVEMENI PROJECT) OF THE CITY OF REDWOOD CITY SPECIAL TAX BONDS, SBRIPS 2093B Dared: Date of Delivery Dec September 1. as shown below The Special Tax Bonds, Series 20038 (die - 2W3 Bonds) are being issued under the Mell Community Facilities Act of 1962 (the 'Act') and a Fiscal Agent Agreement dated as of February 1, 2001 and a First Supplemental Fad Agent Agreement dated as of August 1, 2003 (together, the 'Fiscal Agent Agreement'), by and between the Redwood Shorn Community Facilities District No. 99 -1 (Shores Transportation Improvement Project) of the City of Redwood City (the'DImiG) and BNY Western Tent Company, as fiscal agent (the 'Fiscal Agent). The 2003 Bonds are payable, on a parity with bonds issued in 2001, from a portion of the proceeds of Special Teams (as defined herein) levied on property within the District according to the ate and method of apportionment of special tax approved by the qualified electors of the District and by the City Council of the City of Redwood City (the 'City"), acting as legWative body of the District The 2003 Bonds are being Issued to (1) finance Improvements which are a pan of the Redwood Shores Tra®c Improvement Project, which consists of the acquisition and construction of certain streets, freeway interchanges, and other public improvements (the 'Project) of benefit to the District, (f0 increase the amount In a reserve fund for the 2003 Bonds and the bonds issued in 2001, and (iii) pay the costs of bluing the 2003 Bonds. See "ESTIMATED SOURCES AND USES OF FUNDS' and THE PROJECT' herein. Interest on the 2003 Bonds is payable on March 1, 2004 and semiannually thereafter on each September I and March 1. The 2003 Bonds will be issued in denominations of $5,000 or integral multiples thereof. The 2003 Bonds, when delivered, will be initially registered in the tame of Cede & Co., as nominee of The Depository Trust Company ('DTC), New York New York DTC will an as securities depository for the 2003 Bonds as described herein under THE 2003 BONDS— Book -Entry Only System.* The 2003 Bonds are SubJect m optional and manciamryredemption as described herein. THE MW BONDS DO NOT CONSTITUTE OBLIGATIONS FOR WHICH THE CITY OR THE DISTRICT S OBLIGATED TO LEVY OR PLEDGE, OR HAS LEVIED OR PLEDGED, GENERAL OR SPECIAL TAXES, OTHER THAN THE SPECIAL TAKES DESCRIBED HE 111N. THE MM BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE FROM PROCEEDS OF THE SPECIAL. TAXES AND OTHER AMOUNTS PLEDGED UNDER THE FISCAL AGENT AGREEKIENT BUT ARE NOT A DEBT OF THE CITY, THE STATE OF CALIFORNIA OR ANY OF ITS POLITICAL SUBDII SIONS IN CONTRAVENTION OF ANY CONSTITUTIONAL OR STATUTORY LIMITAIION OR RES RBC1TON. MATURITY SCHM Maturity Principal Interest CUSIP P Malurky Principal Interest CUSIP al (Sep I Sate ?7s'!d (Sent I Ata9lmt Sets 1i41d $ % Term 2003 Bonds due September 1, _; Price: ; CUSIP TMs cover page contains terrain Information for quick reference only. It is not a summary of the issue. Potential Invests must reed the with OLBcid Statement to obtain hJormatlm essential to the making ofan twonmed brvmonerrt dedsim. Investment in the 2003 Bards Involves risks which may not be app oprbteforsomebrAwars. Sec B071DOWNPBB'RISKS'Irerdo for a dlsntsslon uibpedat risk fscum that should be mradderedin evaluating the Instilment qualky ntthe 2003Berrds The 2003 Bonds are offered when, as and if tasted and accepted by the Underwriter. =tject to approval as to their legality by Strad9ng Yoccs CwLwn & Rauch, a Professional Corpornbn. San Frandsw. CaBforrdti Bond Coumd, and 24dim to m31n otMt conditions. Jones Hall. A