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TABLE OF CONTENTS INTRODUCTION...................................................... I The Successor Agency and the Former 45 Agency............................................................ I TheCity................................................................ 2 Authority and Purpose .......................................... 2 Tax Allocation Financing Under the 47 Dissolution Act ................................................ 3 The Redevelopment Project .................................. 3 Security for the Bonds .......................................... 4 Municipal Bond Insurance .................................... 5 LegalMatters........................................................ 5 Professional Services ............................................ 5 Offering of the Bonds ........................................... 5 Summary Not Definitive ....................................... 5 THE FINANCING PLAN .......................................... 6 The Refunding Plan .............................................. 6 Estimated Sources and Uses of Funds .................. 7 THE BONDS............................................................. 8 General Provisions ................................................ 8 Redemption........................................................... 9 Scheduled Debt Service on the Bonds ................ 11 SECURITY FOR THE BONDS .............................. 12 Tax Allocation Financing ................................... 12 Tax Revenues...................................................... 12 Pledged Tax Revenues ........................................ 13 Redevelopment Property Tax Trust Fund........... 14 Recognized Obligation Payment Schedules....................................................... 15 Pledged Tax Revenues ........................................ 17 Reserve Account ................................................. 17 Additional Bonds ................................................ 18 PROPERTY TAXATION IN CALIFORNIA.......... 19 THE SUCCESSOR AGENCY ................................. 22 Government Organization ................................... 22 Successor Agency Powers .................................. 23 Dissolution Act Milestones ................................. 23 Successor Agency Accounting Records and Financial Statements ............................... 24 Plan Limitations .................................................. 24 Stipulation Judgments ......................................... 24 THE PROJECT AREA ............................................ 27 Description of the Project Area ........................... 27 LandUse............................................................. 27 Assessed Valuations and Tax Revenues ............. 28 Major Taxpayers ................................................. 29 Assessment Appeals ........................................... 29 Component Areas ............................................... 30 Tax Sharing Agreements .................................... 31 Statutory Tax Sharing Payments ......................... 35 TAX REVENUES AND DEBT SERVICE COVERAGE .............................................. 36 RISK FACTORS ...................................................... 41 -i- Factors Which May Affect Tax Revenues.......... 41 Challenges to Dissolution Act ............................. 41 Real Estate and General Economic Risks........... 45 Recognized Obligation Payment Schedule......... 45 Series 2018A Bonds Loss of Tax B-1 Exemption..................................................... 46 IRS Audit of Tax -Exempt Bond Issues ............... 47 Secondary Market ............................................... 47 Bankruptcy of Landowners ................................. 47 Concentration of Property Ownership ................ 47 Change in Law .................................................... 47 LEGAL MATTERS ................................................. 47 Enforceability of Remedies ................................. 47 Approval of Legal Proceedings ........................... 48 TaxMatters......................................................... 48 No Litigation....................................................... 52 CONCLUDING INFORMATION ........................... 52 Ratings on the Bonds .......................................... 52 The Municipal Advisor ....................................... 53 Continuing Disclosure ........................................ 53 Underwriting....................................................... 53 Additional Information ....................................... 54 References........................................................... 54 Execution............................................................ 54 APPENDIX A - SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE.... A-1 APPENDIX B - CITY OF SANTA ANA INFORMATION ....................................... B-1 APPENDIX C - FISCAL CONSULTANT'S REPORT .................................................... C-1 APPENDIX D - CITY OF SANTA ANA AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 ............... D-1 APPENDIX E - FORM OF CONTINUING DISCLOSURE CERTIFICATE ................ E-1 APPENDIX F - PROPOSED FORM OF BOND COUNSEL OPINION ............................... F-1 APPENDIX G - THE BOOK -ENTRY SYSTEM..... G-1 [APPENDIX H - SPECIMEN MUNICIPAL BOND INSURANCE POLICY] .............. H-1 SA-3-13