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TABLE OF CONTENTS INTRODUCTION ........................ ..............................1 General................................ ............................... l The Authority and the City .. ............................... l Purpose................................. ..............................1 Security for the Bonds .......... ..............................2 Limited Obligations .............. ..............................2 B -1 Forward- Looking Statements .............................2 Summaries Not Definitive .... ..............................3 C -1 THE FINANCING PLAN ............ ..............................4 Refunding of Prior Obligations ..........................4 -1 TheProject ............................ ..............................4 E -1 Environmental Compliance .. ..............................4 ESTIMATED SOURCES AND USES OF FUNDS........................... ............................... 5 DEBT SERVICE .......................... ..............................6 THE BONDS ................................ ..............................7 Description of the Bonds ...... ..............................7 Redemption of the Bonds ..... ..............................8 Parity Obligations ................. ..............................9 Subordinate Obligations ....... ..............................9 Boole -Entry Only System ..... .............................10 SECURITY FOR THE BONDS .. .............................11 General.............................. ............................... l l Net System Revenues .......... .............................11 Obligations of City Under Installment Purchase Agreement ....... .............................12 Rate Covenant ...................... .............................13 Pledge Under the Indenture . .............................13 Application of System Revenues ...................... 14 THE AUTHORITY ..................... .............................15 THE CITY ................................... .............................16 THE WATER SYSTEM .............. .............................17 General; Service Area .......... .............................17 Organization and Staff ......... .............................17 WaterSales .......................... .............................19 LandUse .............................. .............................20 The Project; Future Water System hnprovements ............... ............................... 20 Storage Capacity .................. .............................20 Water Sources and Supply; Water Purchases ...................... ............................... 20 Water Demand and Deliveries ..........................29 Water System Rates and Charges .....................29 Collection Procedures .......... .............................32 Outstanding Water System Indebtedness .........32 Largest Customers ............... .............................33 Historic Water Sales Revenues .........................33 Historic Operating Results ... .............................34 Historical Operating Results and Debt Service Coverage ........... .............................35 Projected Operating Results and Debt Service Coverage ........... .............................36 -i- RISK FACTORS ......................... .............................37 Water System Demand and Growth .................37 Water System Expenses ....... .............................37 A -1 Parity Obligations ................ .............................37 Proposition 218 .................... .............................37 Constitutional Limit on Appropriations, B -1 Fees and Charges ............ .............................38 Limited Recourse on Default ............................38 C -1 No Debt Service Reserve Account ...................38 Limitations on Remedies Available; -1 Bankruptcy..................... .............................38 E -1 No Obligation or Ability to Tax .......................39 Change in Law ..................... .............................39 Geologic and Topographic ... .............................39 Risks Associated with OCWD and MWD .............................. .............................40 Impact of State Budget ........ .............................40 Secondary Market for Bonds ............................40 Federal Tax - Exempt Status of the Bonds .........40 IRS Audit of Tax - Exempt Issues ......................41 TAX MATTERS .......................... .............................42 NO LITIGATION ........................ .............................43 RATING...................................... .............................43 FINANCIAL ADVISOR ............. .............................43 PROFESSIONAL FEES .............. .............................43 APPROVAL OF LEGALITY ...... .............................43 UNDERWRITING ...................... .............................44 ADDITIONAL INFORMATION .............................45 APPENDIX A — CITY OF SANTA ANA GENERAL DEMOGRAPHIC INFORMATION ............. ............................... A -1 APPENDIX B — SUMMARY OF CERTAIN DEFINED TERMS AND PRINCIPAL LEGAL DOCUMENTS .. ............................... B -1 APPENDIX C — FORM OF FINAL OPINION OF BOND COUNSEL .... ............................... C -1 APPENDIX D — FORM OF CONTINUING DISCLOSURE AGREEMENT .....................D -1 APPENDIX E — BOOK ENTRY PROVISIONS. E -1