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THE FINANCING PLAN The Refunding Plan Redemption of Refunded ]fonds. On the Closing Date, a portion of the proceeds of each series of the Bonds will be transferred to the Trustee, as prior trustee, for the Refunded Bonds (the "Prior Trustee") for deposit into separate revenue funds (together, the "Revenue Funds") as provided for each series of Refunded Bonds, under certain Irrevocable Refunding Instructions and Agreements, dated as of the 1, 2018 (the "Escrow Agreement') delivered by the Successor Agency to the Prior Trustee. The amount deposited in the Revenue Funds for the Refunded Bonds, together with other available moneys, will be held uninvested and irrevocably pledged for the payment of the related Refunded Bonds on their respective date of redemption as follows: the $12,545,000 outstanding 2003A Bonds will be redeemed in full on 1,20 at a redemption price equal to 100% of the principal amount of the 2003A Bonds to be redeemed together with accrued interest thereon to the date fixed for redemption, without premium; • the $2,820,000 outstanding 2003B Bonds will be redeemed in full on 1, 20 , at a redemption price equal to 100% of the principal amount of the 2003B Bonds to be redeemed together with accrued interest thereon to the date fixed for redemption, without premium; and the $64,840,000 outstanding 2011A Bonds will be redeemed in full on 1,20 at a redemption price equal to 100% of the principal amount of the 2011A Bonds to be redeemed together with accrued interest thereon to the date fixed for redemption, without premium. Amounts so deposited in the Revenue Funds will be pledged to the redemption price of the Refunded Bonds on the respective redemption dates and the sufficiency of the amounts deposited in the Revenue Funds for such purpose will be verified by the Verification Agent as described below. The lien of the Refunded Bonds will be discharged, terminated and of no further force and effect upon the deposit with the Prior Trustee of the amounts required pursuant to the Escrow Agreement. The amounts held by the Prior Trustee for the respective Refunded Bonds in the Revenue Funds are pledged solely to the payment of amounts due and payable by the Successor Agency under the applicable Prior Indenture. The funds deposited in the Revenue Funds for the Refunded Bonds will not be available for the payment of debt service on the Bonds. Verifications of Mathematical Computations. The Verification Agent will examine the arithmetical accuracy of certain computations included in the schedules provided by the Successor Agency relating to the refunding of the Refunded Bonds. See "THE FINANCING PLAN" above. The Verification Agent has restricted its procedures to examining the arithmetical accuracy of certain computations and has not made any study or evaluation of the assumptions and information upon which the computations are based and, accordingly, has not expressed an opinion on the data used, the reasonableness of the assumptions, or the achievability of the forecasted outcome. SA -3-20