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8.B. - Page 21 TABLE OF CONTENTS INTRODUCTION........................................................1 Direct and Overlapping Governmental General.....................................................................1 Obligations............................................................28 Authority for Issuance...........................................1 Projected Debt Service Coverage.......................29 The Bonds................................................................2 SPECIAL RISK FACTORS........................................30 Security for the Bonds...........................................2 Concentration of Property Ownership.............30 Reserve Fund..........................................................3 Payment of the Special Tax is not a Personal TheDistrict..............................................................3 Obligation..............................................................31 Limited Obligation.................................................4 No General Obligation of the City or the NoParity Bonds.....................................................4 District....................................................................31 Bondowners'Risks.................................................4 Property Value......................................................31 Continuing Disclosure...........................................4 Exempt Properties................................................32 Other Information..................................................4 Risks Associated with Commercial Real Estate PLAN OF REFUNDING.............................................5 Properties..............................................................32 Redemption of Prior Bonds..................................5 Parity Taxes and Special Assessments..............33 Estimated Sources and Uses of Funds................6 Insufficiency of Special Taxes.............................33 THE BONDS.................................................................6 Tax Delinquencies................................................34 Authority for Issuance...........................................6 Bankruptcy Delays...............................................34 General Provisions.................................................6 Proceeds of Foreclosure Sales.............................34 Redemption.............................................................7 Natural Disasters..................................................35 Transfer or Exchange of Bonds............................9 Hazardous Substances.........................................36 Discontinuance of DTC Services........................10 Disclosure to Future Purchasers........................36 Scheduled Debt Service.......................................11 FDIC/Federal Government Interests in SECURITY FOR THE BONDS.................................11 Properties..............................................................37 General...................................................................11 No Acceleration Provision..................................38 Limited Obligation...............................................12 Taxability and Audit Risk...................................38 Special Taxes.........................................................12 Enforceability of Remedies.................................39 Special Tax Fund..................................................13 No Secondary Market..........................................39 Summary of Rate and Method...........................13 Proposition 218.....................................................39 County Teeter Plan..............................................16 Ballot Initiatives....................................................41 ReserveFund........................................................17 TAX MATTERS..........................................................41 Covenant for Superior Court Foreclosure........18 LEGAL MATTERS.....................................................43 Investment of Moneys.........................................19 FINANCIAL ADVISOR............................................43 NoParity Bonds...................................................19 NO RATING...............................................................43 THEDISTRICT...........................................................19 LITIGATION..............................................................43 Location and Description of the District...........19 UNDERWRITING.....................................................44 History of the District..........................................21 CONTINUING DISCLOSURE.................................44 Land Ownership and Current Special Tax MISCELLANEOUS....................................................44 Levy........................................................................22 Value-to-Burden Ratio.........................................26 Special Tax Levies and Delinquencies..............28 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 E 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-