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NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that on June 7, 2016 a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 will be held by the City of Santa Ana (the "City ") with respect to the proposed issuance by the California Municipal Finance Authority (the "Authority ") of its revenue bonds in one or more series in an aggregate principal amount not to exceed $19,000,000 (the `Bonds "). The proceeds of the Bonds will be used by Nova Academy Facilities, LLC (the "Borrower "), the sole member of which is the Nova Academy Children's Foundation, Inc., (the "Foundation "), for the benefit of Nova Academy Early College High School (the "Lessee "), pursuant to a plan of financing for the Project, as defined above, in the approximate amount of $19,000,000.00 to finance the costs of (a) acquiring land and education and related facilities located at 500 W Santa Ana Blvd., City of Santa Ana, County of Orange, California (the "Facilities "), for use by the Nova Academy Early College High School, currently serving students in grades 9 -12; (b) funding a debt service reserve fund for the Bonds; (c) paying capitalized interest on the Bonds; and (d) paying certain Bond issuance expenses. The Project and Facilities are to be owned and operated by the Borrower, the sole member of which is the Foundation, a corporation solely organized and existing under the laws of the State of California and described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, for the benefit of the Lessee. The Borrower has requested the assistance of the California Municipal Finance Authority ( "Authority "). The Authority, which was established in 2004, was formed to assist local governments and non -profit organizations and businesses with the issuance of taxable and tax exempt bonds with the goal to promote economic, cultural, and community development. The City is a member of the Authority. However, in order for all or a portion of the Bonds to qualify as tax - exempt bonds, the City must conduct a public Tax Equity and Fiscal Responsibility Act Hearing (the " TEFRA Hearing ") providing for the members of the community an opportunity to speak in favor of or against the use of tax- exempt bonds for the financing of the Project. Following the close of the TEFRA Hearing, an "applicable elected representative" of the governmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the financing of the Project. The Bonds to be issued by the Authority are the sole responsibility of the borrower. The City has no financial or legal liability for the project or repayment of the Bonds, and the Bonds do not constitute any type of indebtedness for the City. The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the Authority, the State of California or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower. The hearing will commence at 5:30 p.m. or as soon thereafter as the matter can be heard, and will be held in the City Hall Council Chamber of the City of Santa Ana, 22 Civic Center Plaza, Santa Ana, California 92701. Interested persons wishing to express their views on the issuance of the fV%RA TJ