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<br />i <br /> <br />TABLE OF CONTENTS <br />Page <br />INTRODUCTION ........................................................1 <br />THE REFINANCING PLAN ........................................4 <br />Estimated Sources and Uses of Funds ...................5 <br />THE LEASED PROPERTY ........................................6 <br />Description ..............................................................6 <br />Modifications of Leased Property ............................6 <br />Assignment and Subleasing ...................................6 <br />Substitution .............................................................6 <br />Release of Leased Property ...................................7 <br />THE BONDS ..............................................................9 <br />Authority for Issuance .............................................9 <br />General Provisions .................................................9 <br />Transfer, Registration and Exchange .....................9 <br />Redemption .......................................................... 10 <br />Book–Entry Only System ...................................... 11 <br />DEBT SERVICE SCHEDULE ................................... 12 <br />SECURITY FOR THE BONDS ................................. 13 <br />Pledge of Revenues ............................................. 13 <br />Lease Payments; Covenant to Appropriate .......... 14 <br />Abatement ............................................................ 14 <br />Insurance; Condemnation ..................................... 14 <br />No Reserve Account ............................................. 15 <br />Remedies .............................................................. 15 <br />Additional Bonds ................................................... 16 <br />THE AUTHORITY .................................................... 17 <br />THE CITY AND CITY FINANCIAL INFORMATION .. 17 <br />General ................................................................. 17 <br />Population ............................................................. 18 <br />Municipal Government .......................................... 18 <br />City Financial Information ..................................... 21 <br />CONSTITUTIONAL AND STATUTORY LIMITATIONS <br />ON TAXES AND APPROPRIATIONS .................... 61 <br />Article XIIIA of the State Constitution .................... 61 <br />Article XIIB of the State Constitution ..................... 62 <br />Articles XIIIC and XIIID of the State <br />Constitution ....................................................... 62 <br />Proposition 62 ....................................................... 64 <br />Proposition lA ....................................................... 64 <br />Proposition 22 ...................................................... 65 <br />Unitary Property ................................................... 65 <br />Future Initiatives ................................................... 65 <br />RISK FACTORS ...................................................... 66 <br />Special Obligations of the Authority ...................... 66 <br />No Pledge of Taxes .............................................. 66 <br />Additional Obligations of the City.......................... 67 <br />No Reserve Account ............................................ 67 <br />Default .................................................................. 67 <br />Abatement ............................................................ 67 <br />Certain Risks Associated with Sales Tax and <br />Measure HH Sales and Use Tax Revenues ....... 68 <br />Assessed Value of Taxable Property; Delinquent <br />Payment of Property Taxes ................................ 68 <br />Natural Calamities ................................................ 70 <br />Hazardous Substances ........................................ 72 <br />Proposition 218 .................................................... 72 <br />Limitations on Remedies Available to <br />Bond Owners; Bankruptcy .................................... 72 <br />Litigation ............................................................... 73 <br />State Law Limitations on Appropriations .............. 74 <br />Property Tax Allocation by the State; Changes <br />in Law ................................................................. 74 <br />Early Redemption Risk ......................................... 74 <br />Loss of Tax–Exemption ........................................ 75 <br />Secondary Market for Bonds ................................ 75 <br />IRS Audit of Tax–Exempt Issues .......................... 75 <br />TAX MATTERS ........................................................ 76 <br />CERTAIN LEGAL MATTERS .................................. 77 <br />LITIGATION ............................................................. 77 <br />RATING ................................................................... 78 <br />CONTINUING DISCLOSURE .................................. 78 <br />MUNICIPAL ADVISOR ............................................ 79 <br />UNDERWRITING..................................................... 79 <br />PROFESSIONAL SERVICES .................................. 79 <br />EXECUTION ............................................................ 80 <br /> <br />APPENDIX A – AUDITED FINANCIAL STATEMENTS OF THE CITY FOR THE FISCAL YEAR ENDED JUNE <br />30, 2015 <br />APPENDIX B – SUMMARY OF PRINCIPAL LEGAL DOCUMENTS <br />APPENDIX C – FORM OF OPINION OF BOND COUNSEL <br />APPENDIX D – FORM OF CONTINUING DISCLOSURE CERTIFICATE <br />APPENDIX E – DTC AND THE BOOK–ENTRY ONLY SYSTEM <br />