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8.B. - Page 24 qualified electors within a district and compliance with the provisions of the Act, the legislative body may issue bonds for the community facilities district established by it and may levy and collect a special tax within such district to repay such bonds. Bond Authority. The Bonds are authorized to be issued pursuant to the Act, a Resolution adopted on December 3, 2012 (the "Bond Resolution"), by the City Council of the City (the "City Council") acting as the legislative body of the District, and the Fiscal Agent Agreement dated as of January 1, 2013 (the "Fiscal Agent Agreement"), between the City, for and on behalf of the District, and U.S. Bank National Association, as fiscal agent (the "Fiscal Agent"). For more detailed information about the formation of the District and the authority for issuance of the Bonds, see "THE DISTRICT—History of the District." The Bonds General. The Bonds will be issued only as fully registered bonds, in denominations of $5,000 or any integral multiple thereof, and will bear interest at the rates per annum and will mature on the dates and in the principal amounts set forth on the inside cover page of this Official Statement. The Bonds will be dated the date of their issuance and interest on the Bonds will be payable on March 1 and September 1 of each year (individually an "Interest Payment Date"), commencing September 1, 2013. See "THE BONDS." The Bonds will be issued in book-entry form only and, when delivered, will be registered in the name of Cede & Co., as nominee of the Depository Trust Company, New York, New York ("DTC"), which will act as securities depository for the Bonds. See "THE BONDS—General Provisions." Redemption Prior to Maturity. The Bonds are subject to optional redemption, mandatory redemption from Special Tax prepayments and related transfers of funds from the Reserve Fund, and redemption from mandatory sinking payments, prior to maturity. See "THE BONDS—Redemption." Security for the Bonds Pledge Under the Fiscal Agent Agreement. Pursuant to the Fiscal Agent Agreement, the Bonds are secured by a pledge of all of the Special Tax Revenues (except for the Annual Administrative Expense Deposit) and all moneys deposited in the Bond Fund, the Reserve Fund and, until disbursed in accordance with the Fiscal Agent Agreement, the Special Tax Fund. "Special Tax Revenues," as defined in the Fiscal Agent Agreement, means the proceeds of the Special Taxes received by the City, including any scheduled payments and any prepayments thereof, interest and penalties thereon and proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of the Special Taxes. "Annual Administrative Expense Deposit," as defined in the Fiscal Agent Agreement, means, in each Fiscal Year, an amount of Special Taxes initially equal to $31,706.00; increasing, commencing in Fiscal Year 2013/14 and in each Fiscal Year thereafter, by an amount equal to two percent (2%) of the Annual Administrative Expense Deposit for the previous Fiscal Year. The Special Tax Revenues (except for the Annual Administrative Expense Deposit) and all moneys deposited into the Bond Fund, the Reserve Fund and the Special Tax Fund (except as otherwise provided in the Fiscal Agent Agreement) are dedicated to the payment of the principal of, and interest and any premium on, the Bonds in accordance with the Fiscal Agent Agreement until all of the Bonds have been paid or defeased. See "SECURITY FOR THE BONDS—Special Taxes" and Appendix B—"Rate and Method." The Annual Administrative Expense Deposit and amounts in the Administrative Expense Fund, the Surplus Fund and the Series 2013 Costs of Issuance Fund (referred to herein as the "Costs of Issuance Fund"), each of which is established under the Fiscal Agent -2-