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TABLE OF CONTENTS q Paee INTRODUCTION.......................................................................................... ..............................1 THEFINANCING PLAN ............................................................................... ..............................3 ESTIMATED SOURCES AND USES OF FUNDS ............................................. ..............................4 THE LEASED PROPERTY .............................................................................. ..............................4 THEBONDS ................................................................................................. ..............................6 General...................................................................................................... ..............................6 Registration. Transfers and Exchan; es .......................................................... .................:............6 Redemption.................................................................................................. ..............................6 Book -Entry Only System ............................................................................... ..............................6 LEASE PAYMENT SCHEDULE ...................................................................... ..............................9 SECURITY AND SOURCES OF PAYMENT FOR THE BONDS ...................... .............................10 Revenues..................................................................................................... .............................10 LeasePayments ........................................................................................... .............................10 Covenant to Appropriate Funds for Lease Payments ...................................... .............................11 Actionon Default ........................................................................................ .............................11 ReserveAccount ........................................................................................... .............................11 Insurance..................................................................................................... .............................12 Substitutionof Leased Property .................................................................... .............................14 Abatement.................................................................................................. .............................14 AdditionalBonds ........................................................................................ .............................14 MUNICIPAL BOND INSURANCE POLICY .................................................. .............................15 RISKFACTORS ............................................................................................ .............................15 General Considerations - Security for the Bonds ........................................... .............................15 Limited Recourse on Default; No Acceleration .............................................. .............................16 Limitation on Remedies; Bankruptcy ............................................................ .............................16 Priority of Lease Agreement Upon Destruction of Leased Property or Eminent Domain .................16 Abatement.................................................................................................. .............................14 StateBudget Deficit .................................................................................... .............................14 Lossof Tax Exemption .................................................................................. .............................17 _ Seismic Considerations ................................................................................ .............................17 No Liability of Authority to the Owners ...................................................... .............................17 CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS...................................................................................... .............................17 Article XIIIA of the California Constitution ................................................ .............................17 Article XIIIB of the California Constitution ................................................. .............................18 Proposition62 .............................................................................................. .............................19 Proposition218 ............................................................................................ .............................19 UnitaryProperty ......................................................................................... .............................20 FutureInitiatives ........................................................................................ .............................20 THEAUTHORITY ........................................................................................ .............................20 THECITY ..................................................................................................... .............................21 MunicipalGovernment ................................................................................. .............................21 CITYFINANCES .......................................................................................... .............................28 Budgetary Process and Administration ......................................................... .............................28 SummaryFinancial Information ................................................................... .............................29 Salesand Use Taxes ..................................................................................... .............................32 PropertyTaxes ............................................................................................ .............................33 Investment Policies and Procedures ............................................................... .............................35 Outstanding General Fund Obligations ......................................................... .............................36 OverlappingDebt Statement ....................................................................... .............................37 Employee Relations and Collective Bargaining ............................................ .............................37 PensionPlans ............................................................................................... .............................38 RiskManagement ........................................................................................ .............................38 CONTINUINGDISCLOSURE ...................................................................... .............................38 TAXMATTERS ............................................................................................ .............................39 CERTAINLEGAL MATTERS ......................................................................... .............................40 LITIGATION................................................................................................ .............................40 UNDERWRITING........................................................................................ .............................40 RATINGS..................................................................................................... .............................40