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TABLE OF CONTENTS INTRODUCTION ........................................... 1 REFUNDING PLAN ....................................... 2 Estimated Sources and Uses of Funds...................................................... 3 DEBT SERVICE SCHEDULE ....................... 3 THE BONDS ................................................... 3 Authority for Issuance ................................. 3 General Provisions ...................................... 3 Redemption................................................. 4 Book -Entry Only System ............................ 5 BOND INSURANCE......................................6 SECURITY FOR THE BONDS ...................... 6 Pledge of Gas Tax Revenues ....................... 6 Gas Tax Fund .............................................. 6 Reserve Account ......................................... 8 Maintenance of Gas Tax Revenues ............. 8 Additional Obligations ................................ 8 GAS TAX REVENUES ..... E General........................................................ 8 Statewide Gas Tax Apportionments............ 9 City of Santa Ana Gas Tax Revenues ....... 11 BOND OWNERS' RISKS ............................ 13 Limited Obligations .................................. 14 Passive Revenue Source ............................ 14 Economic, Political, Social, and Environmental Conditions ................... 14 Initiative to Repeal Gas Tax ...................... 14 Limitations on Remedies Available to Bondowners..................................... 15 Diversion of Gas Tax Revenues ................ 15 Gasoline Sales Subject to Fluctuation....... 16 Secondary Market for Bonds .................... 16 Federal Tax -Exempt Status of the Bonds................................................... 16 IRS Audit of Tax -Exempt Issues .............. 16 Bond Insurance .......................................... 16 Cybersecurity............................................ 17 CONSTITUTIONAL AND STATUTORY LIMITATIONS ON TAXES AND APPROPRIATIONS ......... 17 -i- Article XHIB of the California Constitution — Limitation on Appropriations ...................................... 17 Article XIIIC and XIED of the California Constitution — The Right to Vote on Taxes ........................ 18 Future Initiatives........................................20 TAX MATTERS ............................................ 20 CERTAIN LEGAL MATTERS ....................21 FINANCIAL STATEMENTS .......................21 MUNICIPAL ADVISOR...............................21 RATINGS ...................................................... 21 LITIGATION ................................................. 22 CONTINUING DISCLOSURE .....................22 UNDERWRITING ........................................ 22 EXECUTION ................................................. 23 " U• lulu :: • : I►I PROVISIONS OF THE INDENTURE........................................A-1 APPENDIX B — COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018...................................... B-1 APPENDIX C — FORM OF CONTINUING DISCLOSURE AGREEMENT ............. C-1 APPENDIX D — FORM OF BOND COUNSEL OPINION ...........................D-1 APPENDIX E — DTC AND THE BOOK - ENTRY ONLY SYSTEM ..................... E-1 APPENDIX F — SPECIMEN MUNICIPAL BOND INSURANCE POLICY..............F-1 APPENDIX G — GENERAL INFORMATION REGARDING THE CITY OF SANTA ANA AND THE REGION ................................................ G-1 55A-86