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<br />11 <br />THE 2014 BONDS <br /> <br />Authority for Issuance <br /> <br />The issuance of the 2014 Bonds and the execution and delivery of the Indenture were <br />authorized by the Successor Agency pursuant to Resolution No. 2014-002 SA adopted on June <br />16, 2014 (the “Resolution”), and approved by the Oversight Board pursuant to Resolution No. <br />2014-002 OB adopted on June 25, 2014 (the “Oversight Board Resolution”). <br /> <br />Pursuant to the Dissolution Act, written notice of the Oversight Board Resolution was <br />provided to the DOF. On _________, 2014, the DOF provided a letter to the Successor Agency <br />stating that based on the DOF’s review and application of the law, the Oversight Board <br />Resolution approving the 2014 Bonds is approved by the DOF. See “APPENDIX F – State <br />Department of Finance Approval Letter.” <br /> <br />Section 34177.5(f) of the Dissolution Act provides that when, as here, a successor <br />agency issues refunding bonds with the approval of the oversight board and the DOF, the <br />oversight board may not unilaterally approve any amendments to or early termination of the <br />bonds, and the scheduled payments on the bonds shall be listed in the Recognized Obligation <br />Payment Schedule and are not subject to further review and approval by the DOF or the <br />California State Controller. <br /> <br />Description of the 2014 Bonds <br /> <br />The 2014 Bonds will be issued and delivered in fully-registered form without coupons in <br />the denomination of $5,000 or any integral multiple thereof for each maturity, initially in the <br />name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New <br />York, as registered owner of all 2014 Bonds. The initially executed and delivered Bonds will be <br />dated the date of delivery (the “Closing Date”) and mature on September 1 in the years and in <br />the amounts shown on the inside cover page of this Official Statement. <br /> <br />Interest on the 2014 Bonds will be calculated on the basis of a 360-day year of twelve <br />30-day months at the rates shown on the inside cover page of this Official Statement, payable <br />semiannually on March 1 and September 1 in each year, commencing on March 1, 2015, by <br />check mailed to the registered owners thereof or upon the request of the Owners of $1,000,000 <br />or more in principal amount of 2014 Bonds, by wire transfer to an account in the United States <br />which shall be designated in written instructions by such Owner to the Trustee on or before the <br />Record Date preceding the Interest Payment Date. “Record Date” as defined in the Indenture <br />means, with respect to any Interest Payment Date, the close of business on the fifteenth (15th) <br />calendar day of the month preceding such Interest Payment Date, whether or not such fifteenth <br />(15th) calendar day is a Business Day. <br /> <br />One fully-registered bond will be issued for each maturity of the 2014 Bonds, each in the <br />aggregate principal amount of such maturity, and will be deposited with DTC. See “APPENDIX <br />C – Book-Entry Only System.” <br /> <br />Redemption <br /> <br />Optional Redemption. The 2014 Bonds maturing on or before September 1, 20__, are <br />not subject to optional redemption prior to maturity. The 2014 Bonds maturing on or after <br />September 1, 20__, are subject to redemption, at the option of the Successor Agency, on any