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12/0312012 The value of individual parcels vary significantly. In addition, County assessed values may not reflect current market values. No recent independent appraisal of the Taxable Parcels has been conducted in connection with the Bonds, and no assurance can be given that should Special Taxes levied on one or more of the Taxable Parcels become delinquent, and should the delinquent Taxable Parcels be offered for sale at a judicial foreclosure sale, that any bid would be received for the property or, if a bid is received, that such bid would be sufficient to pay such parcel's delinquent Special Taxes. For the current County Assessor's valuation of each of the Taxable Parcels in the District, see "THE DISTRICT ------Land Ownership and Current Special Tax Levy." See also "SPECIAL RISK FACTORS—Property Value" and "SPECIAL RISK FACTORS—Insufficiency of Special Taxes." Limited Obligation NONE OF THE FAITH AND CREDIT OF THE DISTRICT, THE CITY OR THE STATE OF CALIFORNIA OR OF ANY OF THEIR RESPECTIVE POLITICAL SUBDIVISIONS IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE SPECIAL TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NEITHER GENERAL OR SPECIAL OBLIGATIONS OF THE CITY NOR GENERAL OBLIGATIONS OF THE DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE CITY FOR THE DISTRICT PAYABLE SOLELY FROM CERTAIN AMOUNTS PLEDGED THEREFOR UNDER THE FISCAL AGENT AGREEMENT, AS MORE FULLY DESCRIBED IN THIS OFFICIAL STATEMENT. No Parity Bonds The City has agreed in the Fiscal Agent Agreement not to issue any additional obligations payable from the Special Taxes on a parity with the Bonds. See "SECURITY FOR THE BONDS—No Parity Bonds." Bondowners' Risks Certain_ events could affect the ability of the City to pay the principal of and interest on the Bonds when due. Except for the Special Taxes, no other taxes are pledged to the payment of the Bonds. See "SPECIAL RISK FACTORS" for a discussion of certain factors that should be considered in evaluating an investment in the Bonds. The purchase of the Bonds involves significant risks, and the Bonds are not appropriate investments for all types of investors. Continuing Disclosure For purposes of complying with Rule 15c2 -12(b)(5) promulgated under the Securities Exchange Act of 1934, as amended (the "Rule"), the City has agreed to provide, or cause to be provided, to the Municipal Securities Rulemaking Board (the "MSRB") certain annual financial information and operating data and notice of certain significant events. These covenants have been made in order to assist the Underwriter in complying with the Rule. See "CONTINUING DISCLOSURE" and Appendix E for a description of the specific nature of the annual reports and notices of significant events, as well as the terms of the Continuing Disclosure Agreement pursuant to which such reports and notices are to be made. Other Information This Official Statement speaks only as of its date, and the information contained in this Official Statement is subject to change without notice. Except where otherwise indicated, all -4- 12 RESO. # 15237 MUFF # 505