NEW ISSUE – BOOK-ENTRY ONLY INSURED RATING: Standard & Poor’s: “AA”

UNDERLYING RATING: Standard & Poor’s: “BBB+” See “LEGAL MATTERS - Rating” herein

In the opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel, subject, however, to certain qualifications described herein, under existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). In the further opinion of Bond Counsel, interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum taxes imposed on individuals and corporations, although Bond Counsel observes that such interest is included as an adjustment in the calculation of federal corporate alternative minimum taxable income and may therefore affect a corporation’s alternative minimum tax liabilities. In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of California personal income taxation. Bond Counsel expresses no other opinion regarding or concerning any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Bonds. See “LEGAL MATTERS – Tax Exemption” herein.

$17,600,000 COMMUNITY FACILITIES DISTRICT NO. 5 OF THE

SAN MARCOS UNIFIED SCHOOL DISTRICT SERIES 2014 SPECIAL TAX REFUNDING BONDS

(San Diego County, California)

Dated: Date of Delivery Due: September 1, as shown below

The Community Facilities District No. 5 of the San Marcos Unified School District Series 2014 Special Tax Refunding Bonds (the “Bonds”) are being issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the California Government Code) and a Fiscal Agent Agreement, dated as of August 1, 2014, by and between Community Facilities District No. 5 of the San Marcos Unified School District (the “District”) and MUFG Union Bank, N.A., as fiscal agent (the “Fiscal Agent”). The Bonds are being issued to: (i) refund the outstanding Community Facilities District No. 5 of the San Marcos Unified School District Series 2002 Special Tax Bonds (the “2002 Bonds”) and the Community Facilities District No. 5 of the San Marcos Unified School District Series 2003 Bonds (the “2003 Bonds,” together with the 2002 Bonds, the “Prior Bonds”); (ii) purchase a reserve surety bond to be deposited into the Reserve Fund; and (iii) pay certain costs of issuance associated with the Bonds. The Bonds are payable from and secured by a pledge of certain Net Taxes (as defined herein) and certain other funds held by the Fiscal Agent. The District may issue debt on a parity with the Bonds for refunding outstanding bonds only.

The Bonds will be issued in the denominations of $5,000 or any integral multiple thereof. Interest is payable on March 1, 2015, and semiannually thereafter on March 1 and September 1 each year. The Bonds will be initially issued only in book-entry form and registered to Cede & Co. as nominee of The Depository Trust Company (“DTC”), which will act as securities depository of the Bonds. Principal and interest (and premium, if any) on the Bonds is payable by the Fiscal Agent, as registrar, paying agent and fiscal agent for the Bonds to DTC, which remits such payments to its Participants for subsequent distribution to the registered owners as shown on the Fiscal Agent’s books as of the fifteenth day of the calendar month immediately preceding each interest payment date. See “THE BONDS” herein and in APPENDIX G – “Book-Entry-Only Provisions.”

Payment of the principal of and interest on the Bonds when due will be insured by a municipal bond insurance policy to be issued simultaneously with the delivery of the Bonds by Build America Mutual Assurance Company. See “MUNICIPAL BOND INSURANCE.”

The Bonds are subject to optional and special mandatory redemption from prepaid Special Taxes as described herein. See “THE BONDS ─ Redemption” herein.

See “SPECIAL RISK FACTORS” herein for a discussion of the risk factors that should be considered in evaluating the investment quality of the Bonds.

NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT (THE “SCHOOL DISTRICT”), THE COUNTY OF SAN DIEGO (THE “COUNTY”), THE STATE OF CALIFORNIA (THE “STATE”) OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE SPECIAL TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT GENERAL OR SPECIAL OBLIGATIONS OF THE SCHOOL DISTRICT NOR GENERAL OBLIGATIONS OF THE DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM CERTAIN AMOUNTS DEPOSITED BY THE DISTRICT IN THE BOND FUND, REDEMPTION FUND AND THE BOND RESERVE FUND AS MORE FULLY DESCRIBED HEREIN.

This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision.

MATURITY SCHEDULE (See inside cover page.)

The Bonds are being offered when, as, and if issued by the District, subject to the approval as to their legality by Bowie, Arneson, Wiles & Giannone,

Newport Beach, California, Bond Counsel, and certain other conditions. Certain legal matters will be passed upon by Best Best and Krieger LLP, San Diego, California, as Disclosure Counsel and as counsel to the School District, and by McFarlin & Anderson LLP, Laguna Hills, California, as Underwriter’s Counsel. Delivery of the Bonds is expected to occur through the facilities of DTC on or about August 27, 2014.

Dated: August 7, 2014

$17,600,000

COMMUNITY FACILITIES DISTRICT NO. 5 OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT

SERIES 2014 SPECIAL TAX REFUNDING BONDS

MATURITY SCHEDULE

Base CUSIP© No. 798762(1)

Maturity (September 1)

Principal Amount

Interest Rate Yield CUSIP© No.(1)

2015 $745,000 2.50% 0.33% JC5 2016 780,000 2.50 0.60 JD3 2017 800,000 4.00 0.92 JE1 2018 835,000 4.00 1.26 JF8 2019 860,000 5.00 1.60 JG6 2020 905,000 5.00 1.88 JH4 2021 955,000 5.00 2.16 JJ0 2022 995,000 5.00 2.44 JK7 2023 1,045,000 5.00 2.69 JL5 2024 1,100,000 5.00 2.87 JM3 2025 1,155,000 5.00 3.08 JN1 2026 1,210,000 5.00 3.29 JP6 2027 1,270,000 5.00 3.42 JQ4 2028 1,340,000 5.00 3.51 JR2 2029 1,395,000 5.00 3.59 JS0 2030 1,260,000 5.00 3.66 JT8 2031 710,000 5.00 3.73 JU5 2032 240,000 5.00 3.80 JV3

1CUSIP® Copyright 2014, CUSIP Global Services, and a registered trademark of the American Bankers Association. CUSIP data is provided by CUSIP Global Services, which is managed on behalf of American Bankers Association by S&P Capital IQ. CUSIP® numbers are provided for convenience of reference only. Neither the Underwriter nor the District assumes any responsibility for the accuracy of the CUSIP data.

SAN MARCOS UNIFIED SCHOOL DISTRICT GOVERNING BOARD

Beckie C. Garrett, President

Janet McClean, Vice President Jay Petrek, Clerk

Pam Lindamood, Member Randy Walton, Member

SCHOOL DISTRICT STAFF

Kevin D. Holt, Ed.D., Superintendent

Gary Hamels, Assistant Superintendent, Business Services

PROFESSIONAL SERVICES

Financial Advisor/Special Tax Consultant Community Facilities District Administrator/Dissemination Agent

Dolinka Group, LLC

Irvine, California

Bond Counsel Bowie, Arneson, Wiles & Giannone

Newport Beach, California

Disclosure Counsel and School District Counsel

Best Best & Krieger LLP San Diego, California

Verification Agent

Causey Demgen & Moore P.C.

Denver, Colorado

Fiscal Agent/Escrow Agent

MUFG Union Bank, N.A. Los Angeles, California

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GENERAL INFORMATION ABOUT THE OFFICIAL STATEMENT

IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICES OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE BONDS TO CERTAIN DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENTS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE COVER PAGE HEREOF AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER.

THE ISSUANCE AND SALE OF THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, IN RELIANCE UPON EXEMPTIONS FOR THE ISSUANCE AND SALE OF MUNICIPAL SECURITIES PROVIDED UNDER SECTION 3(A)(2) OF THE SECURITIES ACT OF 1933 AND SECTION 3(A)(12) OF THE SECURITIES EXCHANGE ACT OF 1934.THE BONDS HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.

This Official Statement speaks only as of its date, and the information contained herein is subject to change. This Official Statement and any continuing disclosure documents of the District are intended to be made available through the School District at the address indicated below. The District has undertaken to provide certain continuing disclosure pursuant to a Continuing Disclosure Certificate, as described herein. Copies of the resolutions and other documents relating to the issuance of the Bonds are available upon request, and upon payment to the School District of a charge for copying, mailing and handling, from the office of the Assistant Superintendent, Business Services of the School District at 255 Pico Avenue, Suite 250, San Marcos, California 92069.

No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the District or Stifel, Nicolaus & Company, Incorporated (the “Underwriter”).

The information set forth herein has been obtained from the District and other sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed by, and should not be construed as a representation by, the Underwriter. This information is not guaranteed as to accuracy and is not to be construed as a representation by the District or the Underwriter.

This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as a representation of facts.

The information and expressions of opinions herein are subject to change without notice and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the District since the date hereof.

All summaries of the Fiscal Agent Agreement or supplement thereof (as defined herein), and of statutes and other documents referred to herein do not purport to be comprehensive or definitive and are qualified in their entireties by reference to each such statute and document. This Official Statement, including any amendment or supplement hereto, is intended to be deposited with one or more depositories. This Official Statement does not constitute a contract between any Owner of a Bond and the District or the School District.

FORWARD-LOOKING STATEMENTS

Certain statements included or incorporated by reference in this Official Statement constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used, such as “plan,” “expect,” “estimate,” “budget” or other similar words and include, but are not limited to, statements under the captions “THE DISTRICT.”

The Underwriter has provided the following sentence for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.

By placing an order for the Bonds with an Underwriter, you agree that if you are allocated Bonds, the Underwriter may disclose your identity to the District as an initial purchaser of the Bonds, unless you advise your sales representative otherwise.

The achievement of certain results or other expectations contained in such forward-looking statements involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. No assurance is given that actual results will meet the forecasts of the District or School District in any way regardless of the optimism communicated in the information and such statements only speak as of the date of this Official Statement. While the District has agreed to provide certain on-going financial and operating data, except as specifically described under the caption “LEGAL MATTERS – Continuing Disclosure,” the District does not plan to issue any updates or revisions to those forward-looking statements if or when its expectations or events, conditions or circumstances on which such statements are based change.

The information set forth herein has been obtained from the School District for the District, and other sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed by, and should not be construed as a representation by, the School District or the Underwriter. The information and expressions of opinions herein are subject to change without notice and neither delivery of this Official Statement nor any sale made hereunder will, under any circumstances, create any implication that there has been no change in the District since the date hereof. All summaries contained herein of any resolutions, each respective Fiscal Agent Agreement, or other documents are made subject to the provisions of such documents and do not purport to be complete statements of any or all such provisions.

Build America Mutual Assurance Company (“BAM”) makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, BAM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding BAM, supplied by BAM and presented under the heading “MUNICIPAL BOND INSURANCE” and “APPENDIX F – Form of Specimen Municipal Bond Insurance Policy.”

TABLE OF CONTENTS

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INTRODUCTION ........................................................................... 1

General ..................................................................................... 1 The School District................................................................... 1 The District ............................................................................... 1 Sources of Payment for the Bonds ........................................... 2 Parity Bonds ............................................................................. 3 Description of the Bonds .......................................................... 3 Tax Exemption ......................................................................... 4 Professionals Involved in the Offering .................................... 4 Special Risks ............................................................................ 4 Municipal Bond Insurance ....................................................... 4 Continuing Disclosure .............................................................. 4 Forward-Looking Statements ................................................... 4 Other Information ..................................................................... 5

REFUNDING PLAN....................................................................... 6

Refunding of the Prior Bonds .................................................. 6 Sources and Uses of Funds ...................................................... 6

THE BONDS ................................................................................... 7

Authority for Issuance .............................................................. 7 Redemption .............................................................................. 7 Transfer and Exchange of Bonds ............................................. 9 The Fiscal Agent .................................................................... 10 Debt Service Schedule ........................................................... 10

SECURITY FOR THE BONDS ................................................... 10

General ................................................................................... 10 Special Taxes .......................................................................... 11 Special Tax Fund .................................................................... 12 Administrative Expense Fund ................................................ 13 Bond Fund .............................................................................. 13 Redemption Fund ................................................................... 14 Reserve Fund .......................................................................... 14 Costs of Issuance Fund ........................................................... 15 Rebate Fund ............................................................................ 15 No Acceleration ...................................................................... 15 Bond Insurance Policy ........................................................... 15 Parity Bonds ........................................................................... 15 Debt Service Coverage ........................................................... 16 Authorized Investments ......................................................... 18 Covenant for Superior Court Foreclosure .............................. 18 Special Taxes and the Teeter Plan ......................................... 19

MUNICIPAL BOND INSURANCE ............................................ 19

Municipal Bond Insurance Policy .......................................... 19 Build America Mutual Assurance Company ......................... 19 Capitalization of BAM ........................................................... 20 Additional Information Available from BAM ....................... 20

THE DISTRICT ............................................................................ 21

Description ............................................................................. 21 Summary of Formation Proceedings ..................................... 21 Rate and Method of Apportionment of Special Tax .............. 22 The Rancho Carrillo Project .................................................. 22 Land Ownership in the District .............................................. 23 Historic Special Tax Levies and Delinquencies .................... 23 Direct and Overlapping Debt ................................................. 24 Historic Assessed Values ....................................................... 30

SPECIAL RISK FACTORS .......................................................... 31

Risks of Real Estate Secured Investments Generally ............ 31 Limited Obligations ............................................................... 31 Property Values ...................................................................... 31 Special Tax Delinquencies ..................................................... 32 Reduction of Assessed Values ............................................... 32 Depletion of Reserve Fund..................................................... 33 Insufficiency of Foreclosure Sale Proceeds ........................... 33 Special Tax Delinquencies ..................................................... 34

Payment of Special Taxes....................................................... 34 Bankruptcy .............................................................................. 35 Payments by FDIC and Other Federal Agencies ................... 35 Natural Disasters ..................................................................... 37 Hazardous Substances ............................................................ 37 Parity Taxes and Special Assessments ................................... 38 Non-Cash Payments of Special Taxes .................................... 38 Payment of the Special Tax is not a Personal Obligation

of the Owners ...................................................................... 39 Limitations on Remedies ........................................................ 39 Limited Secondary Market ..................................................... 39 Constitutional Amendment ..................................................... 39 Future Initiatives ..................................................................... 40 Loss of Tax Exemption ........................................................... 40 District Formation ................................................................... 40 Disclosure to Future Purchasers ............................................. 41 Billing of Special Taxes ......................................................... 41 Collection of Special Taxes .................................................... 41 No Acceleration Provision...................................................... 41 Right to Vote on Taxes Act .................................................... 42 Ballot Initiatives and Legislative Measures ........................... 43 Limited Secondary Market ..................................................... 43 Loss of Tax Exemption ........................................................... 44 Limitations on Remedies ........................................................ 44

LEGAL MATTERS ....................................................................... 44

Legal Opinion ......................................................................... 44 Tax Exemption ........................................................................ 44 Original Issue Discount; Premium Bonds .............................. 45 Impact of Legislative Proposals, Clarifications of the

Code and Court Decisions on Tax Exemption ................... 46 Backup Withholding ............................................................... 46 IRS Audit of Tax-Exempt Bond Issues .................................. 46 Continuing Disclosure ............................................................ 46 Absence of Litigation ............................................................. 47 Rating ...................................................................................... 48 Verification of Mathematical Computations .......................... 48 Underwriting ........................................................................... 48 Legal Matters Incident to the Issuance of the Bonds ............. 48 Additional Information ........................................................... 49

APPENDIX A – GENERAL INFORMATION ABOUT THE CITY OF CARLSBAD AND THE CITY OF SAN MARCOS ................................................................... A-1

APPENDIX B - PROPOSED FORM OF OPINION OF BOND COUNSEL .............................................................. B-1

APPENDIX C - FORM OF CONTINUING DISCLOSURE CERTIFICATE ................................................................... C-1

APPENDIX D - RATE AND METHOD OF APPORTIONMENT ........................................................... D-1

APPENDIX E - SUMMARY OF CERTAIN PROVISIONS OF FISCAL AGENT AGREEMENT ................................ E-1

APPENDIX F - FORM OF SPECIMEN MUNICIPAL BOND INSURANCE POLICY .......................................... F-1

APPENDIX G - BOOK-ENTRY-ONLY PROVISIONS ........... G-1 APPENDIX H - COMMUNITY FACILITIES DISTRICT

NO. 5 OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT PARCEL LISTING OF ASSESSED VALUE AND VALUE TO LIEN RATIOS ...................... H-1

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1

OFFICIAL STATEMENT

$17,600,000

COMMUNITY FACILITIES DISTRICT NO. 5 OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT

SERIES 2014 SPECIAL TAX REFUNDING BONDS

INTRODUCTION

This Introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of the Bonds to potential investors is made only by means of the entire Official Statement.

General

The purpose of this Official Statement, which includes the cover page and Appendices hereto (the “Official Statement”), is to provide certain information concerning the sale and issuance of the Community Facilities District No. 5 of the San Marcos Unified School District Series 2014 Special Tax Refunding Bonds (the “Bonds”).

The Bonds are being issued pursuant to the Act (defined below), a Resolution of Issuance adopted by the Board of Trustees (the “Governing Board”) of the San Marcos Unified School District (the “School District”) on July 15, 2014 (the “Resolution of Issuance”), and a Fiscal Agent Agreement, dated as of August 1, 2014, by and between Community Facilities District No. 5 of the San Marcos Unified School District (the “District”) and MUFG Union Bank, N.A., as fiscal agent (the “Fiscal Agent”). See “THE BONDS – Authority for Issuance” herein.

The School District

The School District was established in 1976 and comprises approximately 49 square miles of territory in the northern portion of the County. The School District includes the City of San Marcos, portions of the incorporated cities of Carlsbad, Escondido and Vista and portions of unincorporated territory in the County. Approximately 60% of the territory of the School District is within the jurisdictional limits and the sphere of influence of the City. The School District currently administers eleven elementary schools providing instruction in grades kindergarten through five, three middle schools, two comprehensive high schools, one continuation high school, one alternative high school, and one charter school. The School District’s 2012-13 student enrollment was 19,617, the 2013-14 student enrollment is estimated to be 20,116, and the 2014-15 enrollment is projected to be 20,400.

The District

The District was created by the School District pursuant to proceedings taken under the Mello-Roos Community Facilities Act of 1982, as amended (section 53311 et seq. of the California Government Code) (the “Act”). The Governing Board is the legislative body (the “Legislative Body”) of the District. The District is comprised of approximately 565.67 gross acres. Properties in the District have been developed pursuant to a Master Plan approved by the City of Carlsbad (the “City”) on October 21, 1997 (the “Master Plan”), which called for the construction of a planned community including 345 net residential acres and approximately 1,648 residential units (the “Rancho Carrillo Project”). The Master Plan provided for the development of 18 residential clusters or “Villages.” As of July 2006, the last building permit was issued; all residential development is now complete. See “THE DISTRICT” herein. In connection with development of properties within the District, the City’s Assessment District No. 96-1 (Rancho Carrillo) issued $19,600,000 of limited

2

obligation improvement bonds (the “City Assessment Bonds”) secured by special assessments on properties within the District. See “THE DISTRICT – Direct and Overlapping Debt” herein.

Once duly established, a community facilities district is a legally constituted governmental entity established for the purpose of financing specific facilities and services within defined boundaries. Subject to approval by a two-thirds vote of the qualified voters within a community facilities district and compliance with the provisions of the Act, a community facilities district may issue bonds and may levy and collect special taxes to repay such bonded indebtedness.

Pursuant to the Act, in establishing the District, the Governing Board adopted resolutions stating its intent to form the District, to authorize the levy of special taxes on land within the District (the “Special Taxes”) and to authorize the District to incur bonded indebtedness. Following public hearings conducted pursuant to the Act, the Governing Board adopted resolutions establishing the District and calling a special election to submit the levy of the Special Taxes and the incurring of bonded indebtedness to the qualified voters of the District. On May 11, 1998, at a special election held pursuant to the Act, the qualified voters of the District (being the sole landowners at the time of the election) authorized the District to incur bonded indebtedness in an amount not to exceed $30,000,000 and approved the Rate and Method of Apportionment of the Special Taxes (the “Rate and Method”) pursuant to which Special Taxes are levied to pay the principal of, and interest on, such bonded indebtedness. In February 1999, the District issued $12,950,000 aggregate principal amount of San Marcos Unified School District Community Facilities District No. 5 (Rancho Carrillo) Series 1999 Special Tax Bonds (the “1999 Bonds”). In August 2002, the District issued $12,500,000 aggregate principal amount of San Marcos Unified School District Community Facilities District No. 5 (Rancho Carrillo) Series 2002 Special Tax Bonds (the “2002 Bonds”), of which $9,505,000 were outstanding as of June 1, 2014. In August 2003, the District issued $14,710,000 aggregate principal amount of San Marcos Unified School District Community Facilities District No. 5 (Rancho Carrillo) Series 2003 Special Tax Bonds (the “2003 Bonds,” together with the 2002 Bonds, the “Prior Bonds”), of which $10,795,000 were outstanding as of June 1, 2014. The 1999 Bonds were defeased with a portion of the proceeds of the 2003 Bonds. The Bonds will be issued in the amount of $17,600,000 to refund the outstanding Prior Bonds. See “REFUNDING PLAN” and “THE DISTRICT – Summary of Formation Proceedings.”

Sources of Payment for the Bonds

The Bonds will be secured by Net Taxes received by the District and pledged to repay the outstanding Bonds, a reserve fund surety bond (the “Reserve Fund Surety Bond”), and moneys in the Special Tax Fund, the Bond Fund, the Reserve Fund, and the Redemption Fund, as established under the Fiscal Agent Agreement. “Net Taxes” are comprised of Gross Taxes levied and collected on parcels of real property in the District less Administrative Expenses (as defined in “SECURITY FOR THE BONDS – Special Taxes” below) up to the Administrative Expense Requirement. See APPENDIX E – “Summary of Certain Provisions of the Fiscal Agent Agreement.” The Special Taxes are included on the ad valorem property tax bills set by the County of San Diego (the “County”) each year to the owners of record of property within the District. See “SECURITY FOR THE BONDS.”

A Reserve Fund will be established in an amount equal to the Bonds Reserve Requirement. The Bonds Reserve Requirement will be satisfied by the Reserve Fund Surety Bond. The Fiscal Agent Agreement defines the Bonds Reserve Requirement as the amount on any date of calculation which is equal to the least of (i) 10% of the original principal amount of the Bonds (less original issue discount, if any, plus original issue premium, if any), (ii) Maximum Annual Debt Service on the Bonds, or (iii) 125% of average Annual Debt Service on the Bonds. See APPENDIX E – “Summary of Certain Provisions of the Fiscal Agent Agreement.” The ability of the Governing Board, in its capacity as the Legislative Body of the District, to increase the annual Special Taxes levied to replenish the Reserve Fund is subject to the maximum annual amount of Special Taxes authorized by the qualified voters of the District. The moneys in the Reserve Fund will only be used for payment of principal of, interest and any redemption premium on, the Bonds, and at the direction of the District, for deposit in the Rebate Fund. The Reserve Fund requirement will be satisfied through the acquisition of the Reserve Fund Surety Bond. See “SECURITY FOR THE BONDS – The Reserve Fund.”

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The District has covenanted for the benefit of the owners of the Bonds (the “Bondowners”) that the District will take action with respect to delinquencies in the payment of Special Taxes, including commencing foreclosure action, all as set forth in the Fiscal Agent Agreement. See “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure.”

Based on the assessed values of the properties within the District, the ratio of the total amount of the assessed value of taxable property in the District, based on the January 1, 2013, County Assessor’s information, to the amount of land secured and general obligation bonded indebtedness attributable to the taxable properties within the District (the “Assessed Value-to-Debt Ratio”) which will be outstanding and secured by direct and overlapping taxes and assessments levied on the taxable property in the District upon the issuance of the Bonds will be approximately 14.48 to 1. See “SPECIAL RISK FACTORS – Assessed Value-To-Lien Ratios.” In addition, see “SECURITY FOR THE BONDS – Parity Bonds” and “SECURITY FOR THE BONDS – Direct and Overlapping Debt” for a discussion of additional debt payable on a parity with the Bonds. See APPENDIX H ─ “Community Facilities District No. 5 of the San Marcos Unified School District Parcel Listing of Assessed Values and Value to Lien Ratios.”

NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE SCHOOL DISTRICT, THE COUNTY, THE STATE OF CALIFORNIA (THE “STATE”) OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE SPECIAL TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT GENERAL OR SPECIAL OBLIGATIONS OF THE SCHOOL DISTRICT NOR GENERAL OBLIGATIONS OF THE DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM CERTAIN AMOUNTS DEPOSITED BY THE DISTRICT IN THE SPECIAL TAX FUND, THE BOND FUND, THE REDEMPTION FUND, AND AMOUNTS AVAILABLE PURSUANT TO THE RESERVE FUND SURETY BOND AS MORE FULLY DESCRIBED HEREIN.

Parity Bonds

Pursuant to the Fiscal Agent Agreement, the District will not encumber, pledge or place any charge or lien upon any of the Net Taxes or other amounts pledged to the Bonds superior to, or on a parity with, the pledge and lien therein created for the benefit of the Bonds, except as permitted by this Fiscal Agent Agreement and as to bonds issued to fully or partially refund the Bonds. See “SECURITY FOR THE BONDS – Parity Bonds.”

Description of the Bonds

Purpose. The net proceeds of the Bonds, along with other available funds, will be used to: (i) refund the outstanding Prior Bonds; (ii) purchase a Reserve Fund Surety Bond in an amount equal to the Reserve Requirement; and (iii) pay certain costs of issuing the Bonds. See “REFUNDING PLAN – General” and “THE DISTRICT – The Rancho Carrillo Project” herein.

Payments. Interest is payable on March 1, 2015, and semiannually thereafter on March 1 and September 1 each year. Principal of and premium, if any, on the Bonds shall be payable by the Fiscal Agent, as registrar, transfer agent and fiscal agent. See “THE BONDS” and APPENDIX G – “Book-Entry-Only Provisions” herein.

Redemption. The Bonds are subject to optional and special mandatory redemption from prepaid Special Taxes. See “THE BONDS – Redemption” herein.

Registration, Transfers and Exchanges. The Bonds will be issued as fully registered bonds, registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), and will be available to actual purchasers of the Bonds (the “Beneficial Owners”) under the book-entry system maintained by DTC. See “THE BONDS” and APPENDIX G – “Book-Entry-Only Provisions.”

4

Tax Exemption

In the opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel, subject, however, to certain qualifications described herein, under existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). In the further opinion of Bond Counsel, interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum taxes imposed on individuals and corporations, although Bond Counsel observes that such interest is included as an adjustment in the calculation of federal corporate alternative minimum taxable income and may therefore affect a corporation’s alternative minimum tax liabilities. In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of California personal income taxation. Bond Counsel expresses no other opinion regarding or concerning any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Bonds. See “LEGAL MATTERS – Tax Exemption” herein.

Professionals Involved in the Offering

All proceedings in connection with the issuance of the Bonds are subject to the approval of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel. MUFG Union Bank, N.A., Los Angeles, California, will act as the Fiscal Agent. Best Best & Krieger LLP, San Diego, California, is acting as Disclosure Counsel and counsel to the School District. Dolinka Group, LLC, Irvine, California is acting as Financial Advisor, Special Tax Consultant, District Administrator, and Dissemination Agent. Causey Demgen & Moore P.C., Denver, Colorado, is acting as verification Agent. McFarlin & Anderson, LLP, Laguna Hills, California, is acting as Underwriter’s Counsel. Payment of the fees and expenses of Bond Counsel, Disclosure Counsel, the Financial Advisor and the Verification Agent is contingent upon the issuance of the Bonds.

Special Risks

See the section of this Official Statement entitled “SPECIAL RISK FACTORS” for a discussion of special factors which should be considered, in addition to the other materials set forth herein, in considering the investment quality of the Bonds.

Municipal Bond Insurance

The scheduled payment of principal of and interest on the Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Bonds by Build America Mutual Assurance Company, a New York mutual insurance corporation (“BAM” or the “Bond Insurer”). See “MUNICIPAL BOND INSURANCE” and APPENDIX F – “Form of Specimen Municipal Bond Insurance Policy.”

Continuing Disclosure

In order to assist Stifel, Nicolaus & Company, Incorporated, the underwriter of the Bonds (the “Underwriter”), in complying with Rule 15c2-12(b)(5) of the Securities and Exchange Commission (the “Rule”), the District will undertake, pursuant to a Continuing Disclosure Certificate, to provide certain annual financial information and notices of the occurrence of certain enumerated events. See “CONTINUING DISCLOSURE” herein. The specific nature of the information to be contained in the Annual Report or the notices of listed events is set forth below in APPENDIX C – “Form of Continuing Disclosure Certificate.” The District has retained Dolinka Group, LLC to act as Dissemination Agent on behalf of the District.

Forward-Looking Statements

Certain statements included or incorporated by reference in this Official Statement constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as

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“plan,” “expect,” “estimate,” “project,” “budget” or other similar words. Such forward-looking statements include, but are not limited to, certain statements contained in the information under the caption “THE DISTRICT.”

THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE SCHOOL DISTRICT DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THE FORWARD-LOOKING STATEMENTS SET FORTH IN THIS OFFICIAL STATEMENT.

Other Information

This Official Statement speaks only as of its date, and the information contained herein is subject to change. Brief descriptions of the Bonds, certain sections of the Fiscal Agent Agreement, security for the Bonds, special risk factors, the District, the School District, the development projects, and other information are included in this Official Statement. Such descriptions and information do not purport to be comprehensive or definitive. The descriptions herein of the Bonds, the Fiscal Agent Agreement, and other resolutions and documents referenced herein are qualified in their entirety by reference to the forms thereof and the information with respect thereto included in the Bonds, the Fiscal Agent Agreement, such resolutions and other documents. All such descriptions are further qualified in their entirety by reference to laws and to principles of equity relating to or affecting generally the enforcement of creditors’ rights. Copies of documents referred to herein and information concerning the Bonds are available from the School District by contacting: San Marcos Unified School District, 255 Pico Avenue, Suite 250, San Marcos, California 92069, Attention: Assistant Superintendent, Business Services. The School District may impose a charge for copying, handling and mailing such requested documents.

This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. The summaries and references to documents, statutes and constitutional provisions referred to herein do not purport to be comprehensive or definitive, and are qualified in their entireties by reference to each of such documents, statutes and constitutional provisions.

The information set forth herein, other than that provided by the School District, has been obtained from official sources which are believed to be reliable but it is not guaranteed as to accuracy or completeness. The information and expressions of opinions herein are subject to change without notice and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the District since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose.

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REFUNDING PLAN

Refunding of the Prior Bonds

A portion of the proceeds from the sale of the Bonds, together with available Special Tax funds, will be deposited in trust with MUFG Union Bank, N.A., as escrow agent (the “Escrow Agent”) pursuant to an Escrow Agreement, dated as of the Closing Date, between the District and the Escrow Agent. In the opinion of Causey Demgen & Moore P.C., Denver, Colorado, the Verification Agent, funds deposited in the Escrow Fund will be sufficient to pay and redeem, in full, the outstanding Prior Bonds on September 1, 2014. See the caption “LEGAL MATTERS – Verification of Mathematical Computations” herein. The foregoing deposit with the Escrow Agent will result in the defeasance of the Prior Bonds, pursuant to the provisions of the financing documents under which the Prior Bonds were issued, as of the date of issuance of the Bonds. See “LEGAL MATTERS – Verification of Mathematical Accuracy” herein.

As a result of the deposit and application of funds as provided in the Escrow Agreement, the obligation to make payments of the principal of, premium, if any, and interest on, as the case may be, the Prior Bonds will be defeased on such date of deposit. Moneys in the Escrow Fund will be used to pay and redeem the Prior Bonds on September 1, 2014, at the principal amount thereof, together with accrued interest thereon, without premium. The moneys in the Escrow Fund will be available for the payment of the Bonds. The Bonds, together with moneys held in certain funds of the Prior Bonds will be held as cash (uninvested) by the Escrow Agent.

Sources and Uses of Funds

The proceeds to be received from the sale of the Bonds, are to be applied as follows:

Sources and Uses(1)

Sources of Funds: Par Amount of the Bonds $17,600,000.00 Original Issue Premium 2,367,072.70 Funds Relating to Prior Bonds 1,281,338.45 Total Sources $21,248,411.15 Uses of Funds: Escrow Fund Deposit $20,767,961.25 Underwriter’s Discount 145,200.00 Costs of Issuance(2) 335,249.90 Total Uses $21,248,411.15

____________________ (1) The Reserve Requirement will be separately satisfied with a Reserve Fund Surety Bond. See

“SECURITY FOR THE BONDS – Reserve Fund” herein. (2) Costs of Issuance include legal fees, Financial Advisor/Special Tax Consultant fees, Bond Counsel

fees, Disclosure Counsel fees, legal fees, Fiscal Agent/Escrow Agent fees, Verification Agent fees, rating agency fees, municipal bond insurance policy and reserve surety bond premiums, printing costs and other costs associated with issuance of the Bonds.

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THE BONDS

The Bonds will be dated the date of delivery thereof, and will be issued in the aggregate principal amount set forth on the inside cover hereof. The Bonds will bear interest from their dated date at the rates per annum set forth on the inside cover page hereof, payable semiannually on each March 1 and September 1, commencing March 1, 2015 (each, an “Interest Payment Date”), and will mature in the amounts and on the dates set forth on the inside cover page hereof. The Bonds will be issued in fully registered form in denominations of $5,000 each or any integral multiple thereof.

Principal and premium, if any, on the Bonds are payable in lawful money of the United States of America upon surrender of the Bonds at the principal corporate trust office of the Fiscal Agent. Interest on the Bonds (including the final interest payment upon maturity or early redemption) is payable by check of the Fiscal Agent mailed by first class mail to the registered owners as shown on the Fiscal Agent’s books as of the fifteenth day of the calendar month immediately preceding each interest payment date (whether or not such day is a business day).

Authority for Issuance

The Bonds are issued pursuant to the Act, proceedings for the formation of the District, the Resolution of Issuance and the Fiscal Agent Agreement. The Bonds are issued upon and primarily secured by certain Special Taxes levied against taxable parcels of real property within the District, together with interest thereon.

Redemption

Optional Redemption. Bonds maturing on or after September 1, 2025, may be redeemed, at the option of the District from any source of funds other than from Special Tax prepayments on any date on or after September 1, 2024, in whole, or in part in the order of maturity as selected by the District and by lot within a maturity, at a redemption price equal to the principal amount thereof, without premium, together with accrued interest to the date set for redemption.

Mandatory Redemption from Prepaid Taxes. The Bonds are subject to mandatory redemption, in whole, or in part, in the order of maturity selected by the District and by lot within a maturity, on any Interest Payment Date from and to the extent of any prepayment of Special Taxes at the following redemption prices (expressed as percentages of principal amount of the Bonds to be redeemed), together with accrued interest to the date of redemption:

Redemption Dates Redemption Prices March 1, 2015 through March 1, 2022 103% September 1, 2022 and March 1, 2023 102 September 1, 2023 and March 1, 2024 101 September 1, 2024 and thereafter 100

In connection with such redemption, the District may also apply amounts in the Reserve Fund which

will be in excess of the Reserve Requirement, if any, as a result of such Special Tax prepayment to redeem Bonds as set forth above. The District has covenanted that, in the event of a full or partial prepayment of Special Taxes pursuant to the Rate and Method of Apportionment, where such full or partial prepayment involves the payment of $5,000 or more by one property owner, the District will provide BAM with written confirmation, by an independent Financial Consultant, that such prepayment(s) have been calculated and made pursuant to the requirements and provisions of the Rate and Method of Apportionment. See APPENDIX E ─ “Summary of Certain Provisions of the Fiscal Agent Agreement, First Supplemental Fiscal Agent Agreement, Second Supplemental Fiscal Agent Agreement, and Third Supplemental Fiscal Agent Agreement,” and APPENDIX F ─ “Form of Specimen Municipal Bond Insurance Policy.”

The amounts in the foregoing tables will be reduced in the manner specified in the Fiscal Agent Agreement as a result of any partial optional redemption or partial mandatory special redemption of the Bonds.

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Selection of Bonds for Redemption. If less than all of the outstanding Bonds are to be redeemed, the Fiscal Agent shall select the Bonds to be redeemed pro rata among maturities and by lot within a single maturity, and in the case of mandatory redemption pursuant to Fiscal Agent Agreement, by lot within the maturity being called for redemption, all so as to maintain as close as practicable level annual debt service after such redemption. The portion of any such Bond of a denomination of less than $100,000 to be redeemed shall be in the principal amount of $5,000 or a multiple thereof, and, in selecting portions of such Bonds for redemption, the Fiscal Agent shall treat such Bond as representing that number of Bonds of $100,000 denomination which is obtained by dividing the principal amount of such Bond to be redeemed in part by $5,000. In the event that Bonds are to be redeemed pursuant to the optional redemption provisions of the Fiscal Agent Agreement on the same date, or pursuant to the mandatory redemption from Special Tax prepayment provisions of the Fiscal Agent Agreement, the Fiscal Agent shall select the Bonds to be redeemed pursuant to either the optional redemption or mandatory redemption from Special Tax prepayment provisions of the Fiscal Agent Agreement.

Purchase of Bonds In Lieu of Redemption. In lieu of, or partially in lieu of, any optional redemption or mandatory redemption from prepaid Special Taxes, moneys deposited in an account of the Redemption Fund may be used to purchase the Outstanding Bonds that were to be redeemed with such funds in the manner hereinafter provided. Purchases of Outstanding Bonds may be made by the District prior to the selection of Bonds for redemption by the Fiscal Agent, at a private sale as and when and at such prices as the District may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, and, in the case of funds in the Optional Redemption Account or Mandatory Redemption Account, the applicable premium to be paid in connection with the proposed redemption. Any accrued interest payable upon the purchase of Bonds may be paid from the Interest Account of the Bond Fund for payment of interest on the next following Interest Payment Date.

Notice of Redemption. When the Fiscal Agent receives notice from the District of its election to redeem Bonds, or when the Fiscal Agent is required to redeem Bonds, the Fiscal Agent shall give notice, in the name of the District of the redemption of such Bonds. Such notice of redemption shall: (a) specify the serial numbers of the Bonds selected for redemption, except that where all the Bonds or all Bonds of a single maturity are subject to redemption, the serial numbers thereof need not be specified; (b) state the original issue date, the interest rate and the maturity date of the Bond selected for redemption; (c) state the date fixed for redemption; (d) state the redemption price; (e) state the place or places where the Bonds are to be redeemed; and (f) in the case of Bonds to be redeemed only in part, state the portion of such Bond which is to be redeemed. Such notice shall further state that, on the date fixed for redemption, there shall become due and payable on each Bond or portion thereof called for redemption the principal thereof, together with any premium, and interest accrued to the redemption date, and that, from and after such date, interest thereon shall cease to accrue and be payable.

At least 30 days but no more than 90 days prior to the redemption date, the Fiscal Agent shall mail by first-class mail a copy of such notice, postage prepaid, to the respective Owners thereof at their addresses appearing on the Bond Register. The actual receipt by the Owner of any Bond of notice of such redemption shall not be a condition precedent thereto, and neither failure to receive such notice nor any defect therein shall affect the validity of the proceedings for the redemption of such Bond, or the cessation of interest on the redemption date. A certificate by the Fiscal Agent that notice of such redemption has been given as herein provided shall be conclusive as against all parties, and it shall not be open to any Owner to show that he or she failed to receive notice of such redemption.

In addition to the foregoing notice, further notice shall be given by the Fiscal Agent as set out below, but no defect in such further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed above.

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1. Each further notice of redemption given hereunder shall contain the information required above for an official notice of redemption plus (i) the date of issue of the Bonds as originally issued; (ii) the rate of interest borne by each Bond being redeemed; and (iii) any other descriptive information needed to identify accurately the Bonds being redeemed.

2. Each further notice of redemption shall be sent at least 30 days before the redemption date to the Securities Depositories at such address as shall then be in effect, and to the Information Services, at such address as shall then be in effect.

Upon the payment of the redemption price of any Bonds being redeemed, each check or other transfer of funds issued to a registered securities depository for such purpose shall bear the registration number identifying, by issue and maturity, or otherwise be identified to the satisfaction of the Fiscal Agent, the Bonds being redeemed with the proceeds of such check or other transfer.

Effect of Notice of Redemption. From and after the date fixed for redemption, if funds available for the payment of the principal and interest (and premium, if any) on the Bonds so called for redemption have been duly provided, such Bonds so called will cease to be entitled to any benefit under the Fiscal Agent Agreement other than the right to receive payment of the redemption price, and no interest will accrue thereon from and after the redemption date specified in such notice.

Circumstances Leading to Redemption of Bonds Prior to Maturity. Bond purchasers should be aware of the following circumstances, among others, that may lead to redemption of Bonds prior to maturity:

(i) Prepayment of all or part of any Special Taxes as the result of development in the District or otherwise;

(ii) Issuance of refunding bonds; and

(iii) Accumulation of investment income in the Bond Fund.

See “SECURITY FOR THE BONDS – The Reserve Fund.”

Contingent Redemption; Rescission of Redemption. Any optional redemption notice may specify that redemption of the Bonds designated for redemption on the specified date will be subject to the receipt by the District and/or the Fiscal Agent, as applicable, of moneys sufficient to cause such redemption (and will specify the proposed source of such moneys), and neither the District nor the Fiscal Agent will have any liability to the Owners of any such Bonds, or any other party, as a result of the District’s failure to redeem the Bonds designated for redemption as a result of insufficient moneys therefor.

Additionally, the District may rescind any optional redemption of the Bonds, and notice thereof, for any reason on any date prior to the date fixed for such redemption by causing written notice of the rescission to be given to the Owners of the Bonds so called for redemption. Notice of rescission of redemption shall be given in the same manner in which notice of redemption was originally given. The actual receipt by the Owner of any Bond of notice of such rescission shall not be a condition precedent to rescission, and failure to receive such notice or any defect in such notice shall not affect the validity of the rescission. Neither the District nor the Fiscal Agent will have any liability to the Owners of any Bonds, or any other party, as a result of the District’s decision to rescind a redemption of any Bonds pursuant to the provisions of the Fiscal Agent Agreement.

Transfer and Exchange of Bonds

Any Bond may be transferred upon the registration books by the Fiscal Agent upon surrender of such Bond for cancellation, together with a written instrument of transfer approved by the Fiscal Agent. The Fiscal Agent may charge a reasonable fee for any transfer or exchange and may charge the Owner requesting such transfer any tax or other governmental charge required to be paid with respect to such transfer or exchange. A new Bond or Bonds of like aggregate principal amount and maturity shall be delivered in exchange for any

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Bond or Bonds thus surrendered. The Fiscal Agent may decline to make such transfers or exchanges (i) fifteen days prior to any date established for selection of Bonds for redemption or (ii) with respect to any Bond which has been selected for redemption.

The Fiscal Agent

MUFG Union Bank, N.A., has been appointed as the Fiscal Agent for the Bonds under the Fiscal Agent Agreement. See APPENDIX E – “Summary of Certain Provisions of the Fiscal Agent Agreement” hereto for a further description of the rights and obligations of the Fiscal Agent under the Fiscal Agent Agreement.

Debt Service Schedule

The following table presents the debt service schedule for the Bonds, assuming no redemptions are made:

Year Ending September 1 Principal Interest Total

2015 $745,000.00 $834,697.50 $1,579,697.50 2016 780,000.00 806,900.00 1,586,900.00 2017 800,000.00 787,400.00 1,587,400.00 2018 835,000.00 755,400.00 1,590,400.00 2019 860,000.00 722,000.00 1,582,000.00 2020 905,000.00 679,000.00 1,584,000.00 2021 955,000.00 633,750.00 1,588,750.00 2022 995,000.00 586,000.00 1,581,000.00 2023 1,045,000.00 536,250.00 1,581,250.00 2024 1,100,000.00 484,000.00 1,584,000.00 2025 1,155,000.00 429,000.00 1,584,000.00 2026 1,210,000.00 371,250.00 1,581,250.00 2027 1,270,000.00 310,750.00 1,580,750.00 2028 1,340,000.00 247,250.00 1,587,250.00 2029 1,395,000.00 180,250.00 1,575,250.00 2030 1,260,000.00 110,500.00 1,370,500.00 2031 710,000.00 47,500.00 757,500.00 2032 240,000.00 12,000.00 252,000.00

Totals $17,600,000.00 $8,533,897.50 $26,133,897.50

SECURITY FOR THE BONDS

General

The Bonds and the interest thereon are secured and payable primarily from the Special Taxes to be levied and collected on all the real property within the District subject to the Special Taxes, including certain proceeds, if any, of any foreclosure actions brought following a delinquency in the payment of the Special Taxes, less Administrative Expenses (“Net Taxes”), and amounts held in certain funds pursuant to the Fiscal Agent Agreement. The Bonds and the interest thereon are secured by any Special Taxes which will be levied on taxable property in the District.

The amount of Special Taxes that the District may levy in the boundaries of the District in any year is strictly limited by the maximum rates approved by the qualified electors within the District at the time of formation of the District and by Government Code section 53321. The District is legally authorized under the Act, and has covenanted in the Fiscal Agent Agreement, to annually cause the levy of the Special Taxes in an amount determined according to the Rate and Method. See “– Special Taxes” below. The Rate and Method apportions the total amount of Special Taxes to be collected among the taxable parcels in the District as more particularly described herein. See “SECURITY FOR THE BONDS – Special Taxes,” “THE DISTRICT – Rate

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and Method of Apportionment of Special Tax” and APPENDIX D – “Rate and Method of Apportionment of the Special Tax” hereto.

Under existing laws, regulations, rulings and judicial decisions, the Special Taxes are exempt from the tax rate limitations of California Constitution Article XIIIA pursuant to Section 4 thereof as “special tax” authorized by a two-thirds vote of the qualified electors of the District. Consequently, the District has the power and is obligated to cause the levy and collection of the Special Taxes in an amount determined according to a methodology which the Governing Board and the qualified electors in the District have approved the Special Taxes. See “Special Taxes” below. However, Article XIIIC of the California Constitution may allow the voters in the District (or perhaps in the School District), under certain conditions, to adopt an ordinance by initiative which would reduce or appeal the Special Taxes. See “THE DISTRICT – Rate and Method of Apportionment of Special Tax.” See “SPECIAL RISK FACTORS – Right to Vote on Taxes Act.”

NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE SCHOOL DISTRICT, THE COUNTY OF SAN DIEGO, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE SPECIAL TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT GENERAL OR SPECIAL OBLIGATIONS OF THE SCHOOL DISTRICT BUT ARE SPECIAL OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM THE SPECIAL TAXES AND OTHER AMOUNTS PLEDGED UNDER THE FISCAL AGENT AGREEMENT AS MORE FULLY DESCRIBED HEREIN.

Special Taxes

The levy of the Special Taxes was authorized by the landowners within the territory included in the District, as the then qualified electors of the District, at a special election held on May 11, 1998. Pursuant to the Act, the District caused a Notice of Special Tax Lien recorded on May 14, 1998, in the Official Records of San Diego County, California, as Document No. 1998-0284611.

The Bonds are secured by, among other things, a pledge of Net Taxes which includes the scheduled payments for the Bonds and any prepayments of Special Taxes received by the District and proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of Special Taxes. Net Taxes pledged to the repayment of the Bonds are Special Taxes net of Administrative Expenses of the District. Administrative Expenses include the cost of calculation and collection of the Special Taxes in each fiscal year and any other costs relating to the Bonds, including the fees and costs of the Fiscal Agent. The District has covenanted in the Fiscal Agent Agreement to levy the Special Taxes in each fiscal year that the Bonds are outstanding. The Special Taxes are to be apportioned, levied and collected according to the Rate and Method approved by the qualified electors of the District. The Special Taxes will be levied each year in accordance with the Rate and Method, including amounts sufficient to cover debt service on the Bonds, to pay Administrative Expenses and to restore the Reserve Fund to the sum of the Reserve Requirement, if necessary. See “THE DISTRICT – Rate and Method of Apportionment of Special Tax.”

The District has covenanted to levy Special Taxes in an amount not less than an amount sufficient, in addition to debt service on the Bonds and other requirements of the Special Taxes, to provide for the payment of the annual bond insurance premiums required by the terms of the Policy (defined below) and the Reserve Surety Bond, subject only to the maximum tax limitations applicable to the Special Taxes. See APPENDIX E ─ “Summary of Certain Provisions of Fiscal Agent Agreement,” and APPENDIX F ─ “Form of Specimen Municipal Bond Insurance Policy.”

The levies of Special Taxes are subject to certain limitations. Certain properties are exempt from the Special Taxes pursuant to law or the Rate and Method. See “SPECIAL RISK FACTORS – Exempt Properties.” The annual levy of Special Taxes on each parcel within the District is constrained by the Special Tax rate applicable to such parcel and by the limitation pursuant to Government Code section 53321 that Special Taxes levied on residential developed property shall not increase more than 10% as a result of Special Taxes

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delinquencies of other property owners. See “THE DISTRICT – Rate and Method of Apportionment of Special Tax” and “SPECIAL RISK FACTORS – Payment of Special Taxes” herein.

The amount of the Special Taxes that can be levied and collected in future years will be dependent upon, among other factors, the Special Tax rates imposed, and the level of delinquent Special Tax installments. Although the Special Taxes, when levied, will constitute a lien on parcels subject to taxation within the District, it does not constitute a personal indebtedness of the owners of property within the District. There is no assurance that the owners of real property in the District will be financially able to pay the annual Special Taxes or that they will pay such tax even if financially able to do so. See “SPECIAL RISK FACTORS” herein.

Special Tax Fund

Special Taxes include all scheduled payments and prepaid Special Taxes received by the District and the proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of Special Taxes. As received, the Special Taxes will be deposited in the Special Tax Fund held by the Fiscal Agent.

Priority of Transfers from the Special Tax Fund. Not later than 10 days after the District’s receipt of Special Taxes, the District shall transfer them to the Fiscal Agent for deposit into the Special Tax Fund and from the Special Tax Fund the Fiscal Agent shall transfer the amounts received in the following priority:

(i) to the Administrative Expense Fund, an amount equal to the Administrative Expense Requirement;

(ii) to the Interest Account of the Bond Fund such that the balance in the Interest Account one business day prior to each Interest Payment Date equals the installment of interest due on said Interest Payment Date;

(iii) to the Principal Account of the Bond Fund, an amount up to the amount needed to make the principal payment due on the Bonds during the current Bond Year;

(iv) to the Reserve Fund, the amount, if any, necessary to replenish the Reserve Fund to the Reserve Requirement;

(v) to extent that Administrative Expenses are not fully satisfied in (i) above, to the Administrative Expense Fund in the amount(s) required to bring the balance therein to the amount identified by the District to the Fiscal Agent to meet such additional Administrative Expenses (over and above the Administrative Expense Requirement) in the coming Fiscal Year, or Administrative Expenses from a prior Fiscal Year which remain unpaid;

(vi) to the Redemption Fund, the amount, if any, that the District directs the Fiscal Agent to deposit pursuant to the Fiscal Agent Agreement; and

(vii) to any remaining Special Taxes and other amounts constituting Net Taxes shall remain in the Special Tax Fund subject to the following provisions:

Any remaining Special Taxes and other amounts constituting Net Taxes, if any, shall remain in the Special Tax Fund until the end of the Bond Year. At the end of each Bond Year, any remaining funds in the Special Tax Fund, which are not required to cure a delinquency in the payment of principal and interest on the Bonds, to restore the Reserve Fund as provided for in (iv), above, or to pay current or pending Administrative Expenses as provided for in Fiscal Agent Agreement and (v) above, shall, without further action by any party, be transferred by the Fiscal Agent on September 2 of each year into the Residual Fund and shall thereafter be used for the purposes applicable to the Residual Fund (which are purposes authorized under the provisions of the Act and the proceedings under which the District was formed). The Fiscal Agent shall promptly confirm the amount of such transfer(s) in writing to the District. Moneys deposited into, or held within, the Residual Fund are not pledged to the payment of

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principal, interest or premiums on the Bonds. Any funds which are required to cure any such delinquency shall be retained in the Special Tax Fund and expended or transferred, at the earliest possible date, for such purpose.

At the date of the redemption, defeasance or maturity of the last Bond and after all principal and interest then due on any Bond has been paid or provided for, all other covenants are complied with and all fees and expenses of the Fiscal Agent have been paid, moneys in the Special Tax Fund will be transferred to the District by the Fiscal Agent and may be used by the District for any lawful purpose. Funds in the Special Tax Fund shall be invested in accordance with the Fiscal Agent Agreement. Investment earnings on amounts in the Special Tax Fund, if any, shall be retained therein.

Prepayment Account of the Special Tax Fund. Prepaid Special Taxes collected by the District (net of any costs of collection) shall be transferred, no later than 10 days after receipt thereof, to the Fiscal Agent; and the District shall direct the Fiscal Agent to deposit the Prepaid Special Taxes in the Prepayment Account of the Special Tax Fund. The Prepaid Special Taxes shall be held in the Prepayment Account for the benefit of the Bonds and shall be transferred by the Fiscal Agent to the Mandatory Redemption Account of the Redemption Fund to call Bonds on the next Interest Payment Date for which notice can be given in accordance with the special mandatory redemption provisions as set forth in the Fiscal Agent Agreement. The Prepaid Special Taxes shall be transferred to the Mandatory Redemption Account and applied to call Bonds on a pro rata basis. Moneys representing the Prepaid Special Taxes shall be invested in accordance with the Fiscal Agent Agreement. Investment earnings on amounts in the Prepayment Account not needed to redeem the Bonds pursuant to special mandatory redemption provisions of the Fiscal Agent Agreement shall be transferred to the Special Tax Fund by the Fiscal Agent at the time of transfer of the Prepaid Special Taxes to the Redemption Fund

Administrative Expense Fund

The Fiscal Agent will receive the transfer of Special Taxes from the District from the Special Tax Fund and deposit in the Administrative Expense Fund an amount equal to the Administrative Expense Requirement (up to $10,000). Any additional amounts for Administrative Expenses may be transferred after the transfer of amounts for principal of or interest on the Bonds or to replenish the Reserve Fund).

Pursuant to the Fiscal Agent Agreement, moneys in the Administrative Expense Fund will not be construed as a trust fund held for the benefit of the Owners of the Bonds and will not be available for the payment of debt service on the Bonds.

Bond Fund

One business day prior to each Interest Payment Date, the Fiscal Agent shall withdraw from the Special Tax Fund, or the Reserve Fund in the event that sufficient moneys are unavailable in the Special Tax Fund, and deposit in the Principal Account and the Interest Account of the Bond Fund established for Bonds an amount equal to all of the principal and all of the interest due and payable on Bonds on the ensuing Interest Payment Date, less amounts on hand in the Bond Fund available to pay principal and/or interest on such Bonds. The Fiscal Agent shall apply moneys in the Interest Account and Principal Account to the payment of interest and principal, respectively, on the Bonds on each Interest Payment Date.

All investment earnings and profits resulting from investments of moneys in the Bond Fund shall be retained in the accounts established for the Bonds in the Bond Fund and used to pay principal of and interest on the Bonds. Upon final maturity of the Bonds and the payment of all principal of and interest on the Bonds, any moneys remaining in the Bond Fund shall be transferred to the Special Tax Fund.

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Redemption Fund

One business day prior to September 1 of each year, after making the deposits to the Bond Fund and to the Redemption Fund, and after making any deposits to the Reserve Fund required to bring its balance to the Reserve Requirement, the District may elect to deposit money to the Redemption Fund to call Bonds for optional redemption. The Fiscal Agent, at the written direction of the District, shall transfer from the Special Tax Fund and deposit in the Optional Redemption Account of the Redemption Fund moneys available for the purpose and sufficient to redeem, at the premiums payable, the Bonds called for optional redemption.

Moneys set aside in the Optional Redemption Account of the Redemption Fund shall be used solely for the purpose of redeeming the Bonds and shall be applied on or after the applicable redemption date to the payment of principal of and premium on the Bonds to be redeemed upon presentation and surrender of such Bonds.

Prior to any special mandatory redemption, the Fiscal Agent, at the direction of the District, shall deposit in the Mandatory Redemption Account of the Redemption Fund moneys from the Prepayment Account of the Special Tax Fund sufficient to redeem at the premiums, payable as provided in this Fiscal Agent Agreement, the Bonds designated in the notice of redemption. The Fiscal Agent shall transfer such amounts from the Prepayment Account of the Special Tax Fund to the Mandatory Redemption Account on or prior to the designated redemption date.

If there are moneys remaining in the Redemption Fund after any of the Bonds so designated for redemption have been redeemed and canceled or paid and canceled, such moneys shall be transferred to the Special Tax Fund; provided that, if such moneys are part of the proceeds of refunding Bonds, such moneys shall be transferred to the fund or account created for the payment of principal of and interest on such refunding Bonds. Investment earnings on amounts in the Redemption Fund, if any, shall be retained therein.

Reserve Fund

The Fiscal Agent Agreement provides that the Reserve Fund must be maintained in an amount equal to the Bonds Reserve Requirement. The Fiscal Agent Agreement provides that the Bonds Reserve Requirement means, as of any date of calculation, an amount not to exceed the least of: (i) 10% of the original principal amount of Bonds (less original issue discount, if any, plus original issue premium, if any); (ii) Maximum Annual Debt Service for the Bonds; or (iii) 125% of average annual debt service on the Bonds. Initially, the Bonds Reserve Requirement will be satisfied from a Reserve Fund Surety Bond. See APPENDIX E – “Summary of Certain Provisions of the Fiscal Agent Agreement.”

Moneys in the Bonds Reserve Fund shall be used solely for the purpose of: (i) making transfers to the Bond Fund or the Redemption Fund to pay the principal of, and interest and any premium on, the Bonds when due, to the extent that moneys in the Interest Account and the Principal Account of the Bond Fund are insufficient therefor; (ii) making any required transfer to the Rebate Fund pursuant to the terms of the Fiscal Agent Agreement upon written direction from the District; (iii) making any transfers to the Bond Fund or Redemption Fund in connection with prepayments of the Special Taxes; (iv) paying the principal and interest due on Bonds in the final Bond Year; and (v) application to the defeasance of such Bonds.

The Fiscal Agent Agreement provides that if the amounts in the Interest Account or the Principal Account of the Bond Fund are insufficient to pay the principal of, or interest on the Bonds when due, the Fiscal Agent shall, one business day prior to the corresponding Interest Payment Date, withdraw from the Reserve Fund for deposit in the Interest Account and the Principal Account of the Bond Fund, moneys necessary for such purpose. Following any transfer to the Interest Account or the Principal Account of the Bond Fund, the Fiscal Agent shall notify the District of the amount needed to replenish the Reserve Fund to the Reserve Requirement and the District shall include such amount as is required at that time to correct such deficiency in the next Special Tax levy to the extent of the permitted maximum Special Tax rates.

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The Reserve Requirement, or any portion thereof, may be satisfied by crediting to the Reserve Fund monies, a letter of credit, a Reserve Fund Surety Bond, a bond insurance policy, or any other comparable credit facilities or any combination thereof, which in the aggregate make funds available in the Reserve Fund in an amount equal to the Reserve Requirement; however, the long-term unsecured debt or claim-paying ability, as the case may be, of the provider of any such letter of credit, bond insurance policy or any other comparable credit facilities, must have a rating of at least “A” by one or more of the Rating Agencies (as defined in the Fiscal Agent Agreement) at the date of delivery of said reserve surety policy determined at the time such surety, or equivalent, is deposited into the Reserve Fund.

Any moneys in the Reserve Fund in excess of the Reserve Requirement shall be withdrawn by the Fiscal Agent two (2) business days prior to each Interest Payment Date and deposited into the Interest Account of the Bond Fund and thereafter applied for the purposes specified for such account. The Fiscal Agent shall transfer to the Rebate Fund Excess Investment Earnings (as defined in the Fiscal Agent Agreement) from Reserve Fund earnings upon written direction of the District.

Costs of Issuance Fund

Moneys in the Costs of Issuance Fund shall be disbursed from time to time to pay or reimburse Costs of Issuance. Upon receipt of a duly executed payment request, the Fiscal Agent shall pay the Costs of Issuance designated therein from amounts in the Costs of Issuance Fund directly to the District or other Person, corporation or entity designated as the payee in such form. Amounts remaining in the Costs of Issuance Fund on a date six months from the Delivery Date, if any, shall be transferred to the Interest Account of the Bond Fund and used to pay interest payments on the Bonds. The Fiscal Agent shall thereafter close the Costs of Issuance Fund. All investment earnings on amounts in the Costs of Issuance Fund shall be retained therein.

Rebate Fund

The District is required to calculate excess investment earnings (“Excess Investment Earnings”) in accordance with the requirements set forth in the Fiscal Agent Agreement. The District shall calculate Excess Investment Earnings and shall deposit the same into the Rebate Fund to the extent funds are available from any revenues which are legally available for such purpose. The Fiscal Agent is then required to use such amounts to make any required rebate payments to the United States Treasury which are necessary for the District to comply with the requirements of Section 148(f) of the Code. The Fiscal Agent Agreement establishes a separate Rebate Fund for the Bonds. Moneys in the Rebate Fund are not pledged to the payment of the Bonds.

No Acceleration

The principal of the Bonds will not be subject to acceleration under the provisions of the Fiscal Agent Agreement.

Bond Insurance Policy

Concurrently with the issuance of the Bonds, BAM will issue its Policy (as defined below) for the Bonds. The Policy guarantees the scheduled payment of principal of and interest on the Bonds when due as set forth in the form of the Policy included as APPENDIX F to this Official Statement. See “MUNICIPAL BOND INSURANCE” herein.

Parity Bonds

Pursuant to the Fiscal Agent Agreement, the District will not encumber, pledge or place any charge or lien upon any of the Net Taxes or other amounts pledged to the Bonds superior to, or on a parity with, the pledge and lien therein created for the benefit of the Bonds, except as permitted by this Fiscal Agent Agreement and as to bonds issued to fully or partially refund the Bonds.

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Debt Service Coverage

The following table illustrates the coverage for the debt service on the Bonds. In the event of delinquencies in Special Tax payments received by the District, the coverage ratios may not be achieved. See Table 3 captioned “Historic Special Tax Levies and Delinquencies” under “THE DISTRICT” for information of historical Special Tax delinquencies in the District.

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Table 1 Community Facilities District No. 5

of the San Marcos Unified School District Debt Service Coverage for the Bonds

Bond Year

Assigned Special Taxes from Developed

Property (1) No. of Units

Taxed (2) Administrative Expense

Requirement

Net Special Tax

Revenues Bonds Debt Service Debt Service

Coverage

2015 $1,915,745.86 1,662 $10,000.00 $1,905,745.86 $1,579,697.50 120.64%

2016 1,915,745.86 1,662 10,000.00 1,905,745.86 1,586,900.00 120.09

2017 1,915,745.86 1,662 10,000.00 1,905,745.86 1,587,400.00 120.05

2018 1,915,745.86 1,662 10,000.00 1,905,745.86 1,590,400.00 119.83

2019 1,915,745.86 1,662 10,000.00 1,905,745.86 1,582,000.00 120.46

2020 1,915,745.86 1,662 10,000.00 1,905,745.86 1,584,000.00 120.31

2021 1,915,745.86 1,662 10,000.00 1,905,745.86 1,588,750.00 119.95

2022 1,915,745.86 1,662 10,000.00 1,905,745.86 1,581,000.00 120.54

2023 1,915,745.86 1,662 10,000.00 1,905,745.86 1,581,250.00 120.52

2024 1,915,745.86 1,662 10,000.00 1,905,745.86 1,584,000.00 120.31

2025 1,915,745.86 1,662 10,000.00 1,905,745.86 1,584,000.00 120.31

2026 1,915,745.86 1,662 10,000.00 1,905,745.86 1,581,250.00 120.52

2027 1,915,745.86 1,662 10,000.00 1,905,745.86 1,580,750.00 120.56

2028 1,915,745.86 1,662 10,000.00 1,905,745.86 1,587,250.00 120.07

2029 1,915,745.86 1,662 10,000.00 1,905,745.86 1,575,250.00 120.98

2030 1,915,745.86 1,662 10,000.00 1,905,745.86 1,370,500.00 139.05

2031 1,725,404.50 1,515 10,000.00 1,715,404.50 757,500.00 226.46

2032 1,037,757.56 950 10,000.00 1,027,757.56 252,000.00 407.84

Total NA NA NA NA $26,133,897.50 NA

(1) Includes only parcels classified as Developed Property as of January 1, 2014 for the Fiscal Year 2014-15 Special Tax Levy (2) Pursuant to the Rate and Method of Apportionment, the Special Taxes shall be levied on each Assessor’s Parcel of Developed Property for a period not to exceed thirty (30) years.

Source: Dolinka Group, LLC.

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In the event that delinquencies occur in the receipt of the District’s Special Taxes in any fiscal year, the District may increase its Special Tax levy in the following fiscal year up to maximum amount permitted under the Rate and Method. Although the Special Tax levy may be increased, Net Taxes resulting from the increase would not be available to cure any delinquencies for a period of one year or more. In addition, an increase in the Special Tax rates may adversely affect the ability or willingness of property owners to pay their Special Taxes. In the event the District were to levy Special Taxes on Developed Property at less than the Annual Special Tax – Developed Property (as defined in the Rate and Method of Apportionment), pursuant to Section 53321 of the Act and a resolution adopted by the District, under no circumstances will the Special Tax levied against any parcel used for private residential purposes be increased as a consequence of delinquency or default by the owner of any other parcel or parcels within the District by more than 10%. For such purposes, a parcel will be considered used for private residential purposes not later than the date on which an occupancy permit for private residential use is issued. See “Rate and Method of Apportionment of Special Tax” above and “SPECIAL RISK FACTORS – Insufficiency of Special Taxes” and APPENDIX D – “Rate and Method of Apportionment of the Special Tax” hereto for a description of the District’s procedures for levying Special Taxes.

Authorized Investments

Funds and accounts established under the Fiscal Agent Agreement are held by the Fiscal Agent. Moneys in any of the funds and accounts under the Fiscal Agent Agreement held by the Fiscal Agent, and amounts in the Special Tax Fund held by the Fiscal Agent, shall be invested at the direction of the District in Authorized Investments which shall be deemed at all times to be a part of such funds and accounts. See APPENDIX E – “Summary of Certain Provisions of the Fiscal Agent Agreement” for a list of Authorized Investments.

Except as otherwise provided in the Fiscal Agent Agreement, any income realized or loss resulting from such Authorized Investments shall be credited or charged to the fund from which such investment was made.

Covenant for Superior Court Foreclosure

In the event of the delinquency in the payment of any installment of Special Taxes, the District is authorized by the Act to order institution of an action in the Superior Court of the State to foreclose any lien therefor. In such action the real property subject to the Special Taxes may be sold at a judicial foreclosure sale. The ability of the District to foreclose the lien of delinquent unpaid Special Taxes may be limited in certain instances and may require prior consent of the property owner in the event that the property is owned by any receivership or the Federal Deposit Insurance Corporation (the “FDIC”). See “SPECIAL RISK FACTORS – Special Tax Delinquencies” and “ – Bankruptcy,” “– Payments by FDIC and other Federal Agencies,” and “– Insufficiency of Foreclosure Sales Proceeds.”

On or about March 1 and July 1 of each fiscal year, the District will compare the amount of Special Taxes levied in the District to the amount of Special Taxes received by the District and (A) if the District determines that (i) any single parcel within the District is subject to a Special Tax delinquency in the aggregate amount of $5,000 or more or (ii) any owner owns one or more parcels subject to a Special Tax delinquency in an aggregate amount of $5,000 or more, then the District shall send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within forty-five (45) days of such determination, and (if the delinquency remains uncured) the District shall take action to authorize the commencement of foreclosure proceedings within ninety (90) days of the July 1 determination, to the extent permissible under applicable law, and shall thereafter diligently prosecute such proceedings in superior court to the extent permitted by law.

No assurances can be given that a judicial foreclosure action, once commenced, will be completed or that it will be completed in a timely manner. See “SPECIAL RISK FACTORS – “Bankruptcy,” “─ Payments by FDIC and other Federal Agencies,” “─ Insufficiency of Foreclosure Sale Proceeds.” If a judgment of foreclosure and order of sale is obtained, the judgment creditor (the District) must cause a Notice of Levy to be issued. Under current law, a judgment debtor (property owner) has 120 days from the date of service of the Notice of Levy and 20 days from the subsequent notice of sale in which to redeem the property to be sold. If a

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judgment debtor fails to so redeem and the property is sold, his only remedy is an action to set aside the sale, which must be brought within 90 days of the date of sale. If, as a result of such action, a foreclosure sale is set aside, the judgment is revived and the judgment creditor is entitled to interest on the revived judgment as if the sale had not been made. The constitutionality of the aforementioned legislation, which repeals the former one-year redemption period, has not been tested; and there can be no assurance that, if tested, such legislation will be upheld. Any parcel subject to foreclosure sale must be sold at the minimum bid price unless a lesser minimum bid price is authorized by the Owners of 75% of the principal amount of Bonds Outstanding.

No assurances can be given that the real property subject to sale or foreclosure will be sold or, if sold, that the proceeds of sale will be sufficient to pay any delinquent Special Tax installment. The Act does not require the School District or the District to purchase or otherwise acquire any lot or parcel of property offered for sale or subject to foreclosure if there is no other purchaser at such sale. The Act does specify that the Special Taxes will have the same lien priority in the case of delinquency as for ad valorem property taxes.

If the Bonds Reserve Fund is depleted and delinquencies in the payment of Special Taxes exist, there could be a default or delay in payments to the Bondowners pending prosecution of foreclosure proceedings and receipt by the District of foreclosure sale proceeds, if any. However, within the limits of the Rate and Method and the Act, the District may adjust the Special Taxes levied on all property within the District in future fiscal years to provide an amount, taking into account such delinquencies, required to pay debt service on the Bonds and to replenish the Bonds Reserve Fund. There is, however, no assurance that the maximum Special Tax rates will be at all times sufficient to pay the amounts required to be paid on the Bonds by the Fiscal Agent Agreement.

Special Taxes and the Teeter Plan

The County has adopted a Teeter Plan as provided for in Section 4701 et seq. of the California Revenue and Taxation Code, under which a tax distribution procedure is implemented and secured roll taxes are distributed to taxing agencies within the County on the basis of the tax levy, rather than on the basis of actual tax collections. By policy, the County does not include assessments, reassessments and special taxes of the District in its Teeter program.

MUNICIPAL BOND INSURANCE

Municipal Bond Insurance Policy

The scheduled payment of principal of and interest on the Bonds when due will be guaranteed under an insurance policy (the “Policy”) to be issued concurrently with the delivery of the Bonds by BAM. See APPENDIX F – “Form of Specimen Municipal Bond Insurance Policy.” The following information has been furnished by BAM.

The Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut, or Florida insurance law.

Build America Mutual Assurance Company

BAM is a New York domiciled mutual insurance corporation. BAM provides credit enhancement products solely to issuers in the U.S. public finance markets. BAM will only insure obligations of states, political subdivisions, integral parts of states or political subdivisions, or entities otherwise eligible for the exclusion of income under section 115 of the U.S. Internal Revenue Code of 1986, as amended. No member of BAM is liable for the obligations of BAM.

The address of the principal executive offices of BAM is 1 World Financial Center, 27th Floor, 200 Liberty Street, New York, New York 10281, its telephone number is 212-235-2500, and its website is located at www.buildamerica.com.

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BAM is licensed and subject to regulation as a financial guaranty insurance corporation under the laws of the State of New York and in particular Articles 41 and 69 of the New York Insurance Law.

BAM’s financial strength is rated “AA/Stable” by S&P. An explanation of the significance of the rating and current reports may be obtained from S&P at www.standardandpoors.com. The rating of BAM should be evaluated independently. The rating reflects the S&P’s current assessment of the creditworthiness of BAM and its ability to pay claims on its policies of insurance. The above rating is not a recommendation to buy, sell or hold the Bonds, and such rating is subject to revision or withdrawal at any time by S&P, including withdrawal initiated at the request of BAM in its sole discretion. Any downward revision or withdrawal of the above rating may have an adverse effect on the market price of the Bonds. BAM only guarantees scheduled principal and scheduled interest payments payable by the issuer of the Bonds on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the Policy), and BAM does not guarantee the market price or liquidity of the Bonds, nor does it guarantee that the rating on the Bonds will not be revised or withdrawn.

Capitalization of BAM

BAM’s total admitted assets, total liabilities, and total capital and surplus, as of June 30, 2014, and as prepared in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services, were $477.8 million, $17.9 million, and $459.9 million, respectively.

BAM is party to a first loss reinsurance treaty that provides first loss protection up to a maximum of 15% of the par amount outstanding for each policy issued by BAM, subject to certain limitations and restrictions.

BAM’s most recent Statutory Annual Statement, which has been filed with the New York State Insurance Department and posted on BAM’s website at www.buildamerica.com, is incorporated herein by reference and may be obtained, without charge, upon request to BAM at its address provided above (Attention: Finance Department). Future financial statements will similarly be made available when published.

BAM makes no representation regarding the Bonds or the advisability of investing in the Bonds. In addition, BAM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding BAM, supplied by BAM and presented under the heading “MUNICIPAL BOND INSURANCE.”

Additional Information Available from BAM

Credit Insights Videos. For certain BAM-insured issues, BAM produces and posts a brief Credit Insights video that provides a discussion of the obligor and some of the key factors BAM’s analysts and credit committee considered when approving the credit for insurance. The Credit Insights videos are easily accessible on BAM's website at buildamerica.com/creditinsights/. (This reference is for convenience of reference only and not considered to be incorporated as part of this Official Statement.)

Obligor Disclosure Briefs. Subsequent to closing, BAM posts an Obligor Disclosure Brief on every issue insured by BAM, including the Bonds. BAM Obligor Disclosure Briefs provide information about the gross par insured by CUSIP, maturity and coupon; sector designation (e.g. general obligation, sales tax); a summary of financial information and key ratios; and demographic and economic data relevant to the obligor, if available. The Obligor Disclosure Briefs are also easily accessible on BAM's website at buildamerica.com/obligor/. (This reference is for convenience of reference only and not considered to be incorporated as part of this Official Statement.)

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Disclaimers. The Obligor Disclosure Briefs and the Credit Insights videos and the information contained therein are not recommendations to purchase, hold or sell securities or to make any investment decisions. Credit-related and other analyses and statements in the Obligor Disclosure Briefs and the Credit Insights videos are statements of opinion as of the date expressed, and BAM assumes no responsibility to update the content of such material. The Obligor Disclosure Briefs and Credit Insight videos are prepared by BAM and have not been reviewed or approved by the issuer of or the underwriter for the Bonds, and they assume no responsibility for their content.

BAM receives compensation (an insurance premium) for the insurance that it is providing with respect to the Bonds. Neither BAM nor any affiliate of BAM has purchased, or committed to purchase, any of the Bonds, whether at the initial offering or otherwise.

THE DISTRICT

Description

The District, which is comprised of approximately 565.67 gross acres of land, is located in the City of Carlsbad (the “City”) approximately three miles east of Interstate 5. The District was formed to provide a means of financing the mitigation costs of elementary, middle and senior high school facilities for development of the Rancho Carrillo master-planned community. See “The Rancho Carrillo Project” below. The District topography includes rolling hillsides and canyons, and the Pacific Ocean is about four miles west of the District. The adjacent community of La Costa, which includes the La Costa Hotel and Spa, is located on the south side of the District. The Palomar Airport is one mile to the west. The District has access to nearby beaches as well as regional shopping centers. The property on the westerly side of the District, across Palomar Airport Road, contains several light industrial parks and research and development centers. The District is comprised of 1,665 residential units, three of which have prepaid their Special Tax obligation. See “─ The Rancho Carrillo Project” and “─ Land Ownership in the District” below.

Summary of Formation Proceedings

Pursuant to the Act on March 23, 1998, the Governing Board of the School District (the “Governing Board”) adopted Resolution #70-97/98 declaring its intention to establish the District and Resolution #71-97/98 declaring its intention that the District incur a bonded indebtedness.

At the conclusion of the public hearings on May 11, 1998, the Governing Board adopted Resolution #80-97/98 establishing the District and its boundaries and approving the Rate and Method. The Governing Board also adopted Resolution #81-97/98 determining the necessity of the District incurring a bonded indebtedness in an aggregate principal amount not to exceed $30,000,000. Both of these resolutions called a special election to submit propositions to authorize the levy of the Special Taxes and incurring the bonded indebtedness to the qualified voters of the District.

On May 11, 1998, at a special election held pursuant to the Act, the qualified voters of the District (being the sole landowners at the time of the election) authorized the District to incur bonded indebtedness in an amount not to exceed $30,000,000 and approved the Rate and Method of Apportionment of the Special Taxes (the “Rate and Method”) pursuant to which Special Taxes are levied to pay the principal of, and interest on, such bonded indebtedness. The purpose of the indebtedness to be incurred was to finance the acquisition or construction of school facilities located in or serving the District. On May 14, 1998, a Notice of Special Tax Lien was recorded in the office of the County Recorder of the County. On May 26, 1998, Ordinance #98-2 authorizing the levy of special taxes within the District was adopted.

In February 1999, the District issued $12,950,000 aggregate principal amount of the 1999 Bonds. In August 2002, the District issued $12,500,000 aggregate principal amount of the 2002 Bonds, of which $9,505,000 were outstanding as of June 1, 2014. In August 2003, the District issued $14,710,000 aggregate principal amount of the 2003 Bonds, of which $10,795,000 were outstanding as of June 1, 2014. The 1999

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Bonds were defeased with a portion of the proceeds of the 2003 Bonds. The Bonds are being issued to refund the Prior Bonds.

Rate and Method of Apportionment of Special Tax

The Rate and Method is set forth in its entirety in APPENDIX D – “Rate and Method of Apportionment of the Special Tax.”

The Governing Board, acting as the Legislative Body of the District, will levy and collect the Special Taxes applicable to each assessor’s parcel located within the boundaries of the District according to the Rate and Method.

Pursuant to the Rate and Method, the District will classify all property within the boundaries of the District as either Developed Property or Undeveloped Property, each as defined in the Rate and Method on or before January 1.

Pursuant to the Rate and Method the Special Tax is levied in each fiscal year, commencing in fiscal year 1999/2000 on parcels of taxable property in the District to pay debt service on the Bonds, as described below. The terms appearing below with initial letters capitalized are defined terms in the Rate and Method.

First: The Annual Special Tax shall be levied on all Taxable Property that is Developed Property in the District.

Second: If additional funds are needed, the Annual Special Tax will be levied on all Taxable Property that is Undeveloped Property in the District as necessary to pay Administrative Expenses, debt service on the Bonds and to replenish the Reserve Fund.

The Special Tax may be levied on parcels of Taxable Property in the District in each fiscal year to pay: (i) the administrative expenses of the District; (ii) debt service on the Bonds; (iii) any amount required to maintain or replenish the Reserve Fund; (iv) school facilities of the School District; and (v) an amount equal to the estimated delinquencies expected in payment of Special Taxes.

The Annual Special Tax – Developed Property is not subject to increase once established.

The above discussion is only a summary of some of the operational sections of the Rate and Method. Investors should rely on this summary only as an aide to a careful review of the Rate and Method which is contained in APPENDIX D – “Rate and Method of Apportionment of the Special Tax” hereto.

No assurance can be given that the homeowners will be able and willing to pay Special Taxes which will be levied on properties within the District.

The Rancho Carrillo Project

The Rancho Carrillo Project is a master-planned community which includes 275.94 net acres of residential housing consisting of 1,066 single-family homes and 598 multi-family homes, an elementary school, 182 acres of open space (including riparian and wetland areas, biological mitigation areas, parks and unconstrained open space), a community park site, a community facility site, a church site and a day care site. The Master Plan (as amended) which governs the project was approved by the City Council of the City on October 21, 1997.

No further Master Plan amendment or zoning changes were made, with the exception of minor amendments for certain multi-family units which were to be constructed. As of July 26, 2006, the Rancho Carillo Project was completed.

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A summary of the projected Fiscal Year 2014-15 Special Tax levy by tax classification is set forth in the table below.

Table 2 Community Facilities District No. 5

of the San Marcos Unified School District Summary of Projected Fiscal Year 2014-15 Special Tax Levy

Property

Classification

Tax Class

Number of

Units/Acres/Sqft(1)

Average Annual Special

Tax Rate(2)

Total Annual Special Taxes

SFD 1 188 Units $1,969.28 per Unit $370,224.06 SFD 2 423 Units 1,743.68 per Unit 737,576.78 SFD 3 175 Units 1,531.95 per Unit 268,090.88 SFD 4 185 Units 1,180.29 per Unit 218,353.10

MFA/SFD 5 330 Units 485.24 per Unit 160,130.76 MFA 6 324 Units 473.10 per Unit 153,283.18 MFA 7 36 Units 213.24 per Unit 7,676.64

Senior/Commercial 8 8,182 Sq ft 0.0502 per Sq ft 410.46

Developed Property 1,662 Units NA $1,915,745.86

Undeveloped Property 0.00 Acres $0.00 per Acre $0.00 Total $1,915,745.86 ___________________________ (1) There are 1,066 single family parcels within the District, of which 2 have prepaid their Special Taxes. There are 598

multi-family units, of which 1 has prepaid its Special Taxes. (2) The average Annual Special Tax rate is the average of all the Special Tax rates in each Special Tax class, therefore it

may not reflect the actual assigned Annual Special Tax rate for each parcel in a given Special Tax class. Source: Dolinka Group, LLC.

Land Ownership in the District

The land in the District is currently owned primarily by individual homeowners. “Major Taxpayers” are those property owners responsible for more than 5% of the annual Special Tax levy. There currently are no property owners responsible for more than 5% of the annual Special Taxes levied in the District. The City owns the 6-acre park site and that site is exempt from the payment of Special Taxes.

Historic Special Tax Levies and Delinquencies

The estimated Fiscal Year 2014-15 Special Taxes allocated to the Developed Properties (as defined in the Rate and Method) within the District are $1,915,745.76. The Special Taxes are not a personal obligation of any of the current owners of the property or of any subsequent landowners. See “SPECIAL RISK FACTORS” herein. The Bonds are secured solely by the Net Taxes pledged therefor under the Fiscal Agent Agreement and the District’s sole collection remedy is judicial foreclosure. See “SECURITY FOR THE BONDS – Special Taxes” and “ – Covenant for Superior Court Foreclosure” herein.

The historic Special Tax levies and delinquencies for the District are set forth in the table below.

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Table 3 Community Facilities District No. 5

of the San Marcos Unified School District Historic Special Tax Levies and Delinquencies

Subject Fiscal Year(1) As of June 23, 2014

Fiscal Year

Aggregate

Special Tax

Parcels

Delinquent

Fiscal Year Amount

Delinquent

Fiscal Year Delinquency

Rate

Remaining Amount

Delinquent

Remaining Delinquency

Rate 2008-09 $1,919,690.06 50 $59,675.98 3.11% $4,372.80 0.23% 2009-10 1,919,690.06 32 34,081.07 1.78 0.00 0.00 2010-11 1,919,690.06 18 17,457.91 0.91 0.00 0.00 2011-12 1,919,690.06 31 33,336.15 1.74 1,020.02 0.05 2012-13 1,919,078.08 20 14,062.36 0.73 4,689.17 0.24 2013-14 1,919,078.08 35 27,750.93 1.45 24,410.71 1.27

_________________________ (1) Delinquencies as of June 30th, except for Fiscal Year 2013-14 which is as of April 10. Source: Dolinka Group, LLC.

Direct and Overlapping Debt

Table 4 below sets forth the existing authorized indebtedness payable from taxes and assessments that may be levied within the District prepared by National Tax Data, Inc., and dated June 12, 2014 (the “Debt Report”). The Debt Report is included for general information purposes only. In certain cases, the percentages of debt calculations are based on assessed values, which will change significantly as sales occur and assessed values increase or decrease to reflect housing values. The School District believes the information is current as of its date, but makes no representation as to its completeness or accuracy. Other public agencies, such as the City of Carlsbad, may issue additional indebtedness at any time, without the consent or approval of the School District or the District. See “SPECIAL RISK FACTORS – Special Tax Delinquencies.”

The District has no control over the amount of additional debt payable from taxes or assessments levied on all or a portion of the property within the District which may be incurred in the future by other governmental agencies, including, but not limited to, the City of San Marcos, the County or any other governmental agency having jurisdiction over all or a portion of the property within the District. Furthermore, nothing prevents the owners of property within the District from consenting to the issuance of additional debt by other governmental agencies which would be secured by taxes or assessments on a parity with the Special Taxes. To the extent such indebtedness is payable from assessments, other special taxes levied pursuant to the Act or taxes, such assessments, special taxes and taxes will be secured by liens on the property within the District on a parity with a lien of the Special Taxes.

Accordingly, the debt on the property within the District could increase, without any corresponding increase in the value of the property therein, and thereby severely reduce the ratio that exists at the time the Bonds are issued between the value of the property and the debt secured by the Special Taxes and other taxes and assessments which may be levied on such property. The incurring of such additional indebtedness could also affect the ability and willingness of the property owners within the District to pay the Special Taxes when due. See “SPECIAL RISK FACTORS – Parity Taxes and Special Assessments.”

Moreover, in the event of a delinquency in the payment of Special Taxes, no assurance can be given that the proceeds of any foreclosure sale of the property with delinquent Special Taxes would be sufficient to pay the delinquent Special Taxes. See “SPECIAL RISK FACTORS – Special Tax Delinquencies.”

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The Debt Report generally includes long term obligations sold in the public credit markets by public agencies whose boundaries overlap the boundaries of the District in whole or in part. Such long term obligations generally are not payable from property taxes, assessment or special taxes on land in the District. In many cases long term obligations issued by a public agency are payable only from the general fund or other revenues of such public agency. Additional indebtedness could be authorized by the School District, the City or other public agencies at any time.

The District has not undertaken to commission annual appraisals of the market value of property in the District for purposes of its Annual Reports pursuant to the Continuing Disclosure Certificate, and information regarding property values for purposes of a direct and overlapping debt analysis which may be contained in such reports will be based on assessed values as determined by the County Assessor. See APPENDIX C hereto for the form of the Continuing Disclosure Certificate. See APPENDIX H ─ “Community Facilities District No. 5 of the San Marcos Unified School District Parcel Listing of Assessed Value and Value to Lien Ratios” for a listing of the current assessed value and value to lien ratios of parcels within the District.

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Table 4 Community Facilities District No. 5

of the San Marcos Unified School District Estimated Direct and Overlapping Debt Summary

I. Assessed Value

2013-2014 Secured Roll Assessed Value $763,032,603.00

II. Secured Property Taxes

Description on Tax Bill Type Total Parcels Total Levy % Applicable Parcels Levy

Basic 1% Levy PROP13 962,867 $3,775,811,595.09 0.19992% 1,551 $7,548,496.91

Voter Approved Debt VOTER 962,763 461,884,715.79 0.10943 1,551 505,448.60

City of Carlsbad AD No. 96-1 1915 1,549 1,330,123.92 100.00000 1,549 1,330,123.92

City of Carlsbad LLD, Zone M LLMD 50,065 358,566.70 2.61943 1,549 9,392.40

City of Carlsbad LMD No. 1 LLMD 49,224 731,129.90 3.83202 1,548 28,017.06

County of San Diego Vector Control, Zone A VECTOR 533,424 1,498,024.20 0.31061 1,551 4,653.00

County of San Diego Vector Disease Control VECTOR 948,993 5,275,209.40 0.15793 1,551 8,330.92

Metropolitan Water District of Southern California Standby Charge STANDBY 29,317 386,279.42 4.64483 1,551 17,942.04

Palomar Pomerado Health GOB 2004 GOB 189,043 14,348,008.51 1.20167 1,526 172,416.33

San Diego County Water Authority Standby Charge STANDBY 46,010 344,289.26 4.53157 1,551 15,601.70

San Marcos Unified School District CFD No. 5 CFD 1,597 1,919,078.08 100.00000 1,549 1,919,078.08

2013-2014 TOTAL PROPERTY TAX LIABILITY $11,559,500.96

TOTAL PROPERTY TAX LIABILITY AS A PERCENTAGE OF 2013-2014 ASSESSED VALUATION 1.51%

III. Land Secured Bond Indebtedness

Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount

City of Carlsbad AD No. 96-1 1915 $ 19,600,000 $ 13,575,000 100.00000% 1,549 $13,575,000.00

San Marcos Unified School District CFD No. 5 CFD 28,820,000 20,300,000 100.00000 1,549 20,300,000.00

TOTAL LAND SECURED BOND INDEBTEDNESS (1) $33,875,000.00

TOTAL OUTSTANDING LAND SECURED BOND INDEBTEDNESS (1) $33,875,000.00

IV. General Obligation Bond Indebtedness

Outstanding Direct and Overlapping Bonded Debt Type Issued Outstanding % Applicable Parcels Amount

Metropolitan Water District of Southern California GOB 1966 GOB $850,000,000 $ 132,275,000 0.03495% 1,551 $ 46,226.00

Palomar Community College District GOB 2006 GOB 334,998,901 315,828,901 0.35273 588 1,114,018.00

Palomar Pomerado Health GOB 2004 GOB 495,999,997 471,823,577 1.19637 1,526 5,644,765.00

San Marcos Unified School District GOB 2010 GOB 281,744,795 281,096,744 5.16528 1,551 14,519,438.00

San Marcos Unified School District SFID 1 GOB 21,848,019 6,503,019 5.16528 1,551 335,899.00

TOTAL GENERAL OBLIGATION BOND INDEBTEDNESS (1) $21,660,347.00

TOTAL OUTSTANDING GENERAL OBLIGATION BOND INDEBTEDNESS (1) $21,660,347.00

TOTAL OF ALL OUTSTANDING AND OVERLAPPING BONDED DEBT $55,535,347.30

_____________________________ (1) Additional bonded indebtedness or available bond authorization may exist but are not shown because a tax was not levied for the referenced fiscal year. Source: National Tax Data, Inc.

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Tables 5 and 6 below provide representative property tax bills for single family and Multi-family properties in the District for Fiscal Year 2013-14.

Table 5 Community Facilities District No. 5

of the San Marcos Unified School District Fiscal Year 2013-14

Representative Property Tax Bill Single Family Detached

Percent of Total AV

Amount Assessed Valuations and Property Taxes

Assessed Value(1) $432,234 Less: Homeowner's Exemption $7,000 Net Assessed Value(2) $425,234 Ad Valorem Property Taxes General Purposes 1.00000% $4,252.34 Ad Valorem Tax Overrides

Palomar Health 2005A 0.023500 99.93 Unif Bond San Marcos SFID#1 0.014190 60.34 Unif Bond San Marcos Prop K Ser 2010A 0.043870 186.55 Unif Bond San Marcos Prop K Ser 2010B 0.000130 0.55 MWD Remainder of SDCWA 0.003500 14.88

Total Ad Valorem Property Taxes 1.085190% $4,614.59 Assessments, Special Taxes and Parcel Charges(3) Lightning/Landscape Zone $8.34 CWA Water Availability 10.00 Vector Disease Control 5.86 San Marcos Unified School District CFD No. 5 1,115.20 Mosquito Surveillance 3.00 City of Carlsbad Assessment District No. 96-1 605.60 City of Carlsbad Lightning #1 26.00 Metropolitan Water District Water Standby Charge 11.50 Total Assessments, Special Taxes and Parcel Charges $1,785.50 Total Property Taxes $6,400.09 Total Effective Tax Rate 1.48%

____________________ (1) Fiscal Year 2013-14 assessed valuation for a Single Family Detached unit containing 2,063 building square feet, selected to represent the median effective tax rate for a Single Family Detached Unit within the District. (2) Net Assessed Value reflects estimated total assessed value for the parcel net of homeowner's exemption. (3) All charges and special assessments are based on a Lot size of less than one acre. Source: Dolinka Group, LLC, County Assessor’s Office.

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Table 6 Community Facilities District No. 5

of the San Marcos Unified School District Fiscal Year 2013-14

Representative Property Tax Bill Multi-Family Attached

Percent of Total AV

Amount Assessed Valuations and Property Taxes

Assessed Value(1) $235,000

Less: Homeowner's Exemption $7,000

Net Assessed Value(2) $228,000

Ad Valorem Property Taxes

General Purposes 1.00000% $2,280.00

Ad Valorem Tax Overrides

Palomar Health 2005A 0.023500% $53.58

Unif Bond San Marcos SFID#1 0.014190% $32.35

Unif Bond San Marcos Prop K Ser 2010A 0.043870% $100.02

Unif Bond San Marcos Prop K Ser 2010B 0.000130% $0.30

MWD Remainder of SDCWA 0.003500% $7.98

Total Ad Valorem Property Taxes 1.085190% $2,474.23

Assessments, Special Taxes and Parcel Charges(3)

Lightning/Landscape Zone $0.82

CWA Water Availability $10.00

Vector Disease Control $4.10

San Marcos Unified School District CFD No. 5 $611.98

Mosquito Surveillance $3.00

City of Carlsbad Assessment District No. 96-1 $646.00

City of Carlsbad Lightning #1 $3.10

Metropolitan Water District Water Standby Charge $11.50

Total Assessments, Special Taxes and Parcel Charges $1,290.50

Total Property Taxes $3,764.73

Total Effective Tax Rate 1.60%

(1) FY 2013/2014 assessed valuation for a Multi Family Attached unit containing 1,044 building square feet, selected to represent the median effective tax rate for a Multi Family Attached Unit within CFD No. 5.

(2) Net Assessed Value reflects estimated total assessed value for the parcel net of homeowner's exemption.

(3) All charges and special assessments are based on a Lot size of less than one (1) acre.

Source: Dolinka Group, LLC, County Assessor's Office Table 7 shows the assessed values and value to lien ratios by tax class within the District.

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Table 7 Community Facilities District No. 5

of the San Marcos Unified School District Fiscal Year 2013-14

Assessed Values and Value to Lien Ratios by Tax Class

Special Tax Class

Land Use Classification

Building Square Footage Unit Count Assessed Value(1)

Land Secured Debt

Projected Fiscal Year 2014-15 Special Tax

Levy

Percentage Share of

Special Tax Bonds

City of Carlsbad Assessment District

No. 96-1

Combined Overlapping

Value-To-Lien(2)

1 Single Family Detached > 3,500 188 $154,848,706.00 $3,401,256.71 $1,701,758.99 30.34:1 $370,224.06 19.33%

2 Single Family Detached 2,601 - 3,500 423 252,999,807.00 6,776,134.35 3,787,583.05 23.95:1 737,576.78 38.50

3 Single Family Detached 2,201 - 2,600 175 83,919,611.00 2,462,956.90 1,525,209.19 21.04:1 268,090.88 13.99

4 Single Family Detached 1,901 - 2,200 185 79,968,526.00 2,006,014.81 1,484,235.09 22.91:1 218,353.10 11.40

5 Single Family Detached ≤ 1,900 93 34,932,790.00 636,786.33 656,747.32 27.01:1 69,313.68 3.62 Multi-Family Attached 1,300 - 1,599 237 77,737,641.00 834,338.54 1,654,219.69 31.24:1 90,817.08 4.74

6 Multi-Family Attached 900 - 1,299 324 71,599,160.86 1,408,216.00 2,196,599.59 19.86:1 153,283.18 8.00

7 Multi-Family Attached < 900 36 3,563,647.14 70,525.46 $243,031.74 11.37:1 7,676.64 0.40

8

Senior Citizen Housing and Commercial

Development NA 1 1,640,000.00 3,770.91 89,085.75 17.66:1 410.46 0.02

Total 1,662 $761,209,889.00 $17,600,000.00 $13,338,470.42 24.60:1 $1,915,745.86 100.00% ____________________ (1) Source: County Assessor’s Roll, date of value as of January 1, 2013. (2) Source: Detailed Direct and Overlapping Debt Report provided by National Tax Data, Inc. Debt has been proportionately allocated to all parcels based on the Fiscal Year 2013-14 Annual Tax. Excludes general obligation bonded indebtedness. See APPENDIX H ─ “Community Facilities District No. 5 of the San Marcos Unified School District Parcel Listing of Assessed Value and Value to Lien Ratios.” Source: Dolinka Group, LLC, County Assessor, and National Tax Data, Inc.

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Historic Assessed Values

The most recent assessed value reported by the County Assessor for the taxable property in the District was as of January 1, 2013, which assessed value totaled $761,209,889. The assessed values of property in the District discussed in this Official Statement are from the County Assessor’s assessment roll for Fiscal Year 2013-14. See APPENDIX H ─ “Community Facilities District No. 5 of the San Marcos Unified School District Parcel Listing of Assessed Value and Value to Lien Ratios” for a listing by parcel within the District of current assessed values. These assessed values represent the “full cash value” of such property as determined by the County Assessor. Pursuant to rules of the State Board of Equalization that govern the County Assessor’s valuation of property in the District, “full cash value” of real property means the price at which the unencumbered or unrestricted fee simple interest in the real property (subject to any enforceable governmental restrictions) would transfer for cash or its equivalent under prevailing market conditions. These rules also provide that when valuing property as a result of a change in ownership for consideration it shall be rebuttably presumed that the consideration valued in money (i.e., the purchase price), whether paid in money or otherwise, is the full cash value of the property. Pursuant to the California Constitution, the full cash value of property may reflect from year to year the inflationary rate not to exceed two percent for any given year or reduction as shown in the consumer price index or comparable data for the area under taxing jurisdiction, or may be reduced to reflect substantial damage, destruction or other factors causing a decline in value.

No assurance can be given, therefore, that the assessed value of property in the District will not be reduced by the County Assessor for Fiscal Year 2014-15 or for any subsequent fiscal year.

See “SPECIAL RISK FACTORS – Reduction of Assessed Values.”

Assessed values, as determined by the County Assessor, may not reflect the actual market value of property in the District (e.g., homes in the District might sell for more or less than the County Assessor’s assessed value). The District does not intend to have an appraisal prepared to estimate the market value of any property in the District.

The following table provides the historic assessed values of parcels located within the District subject to the Special Tax.

Table 8 Community Facilities District No. 5

of the San Marcos Unified School District Historic Assessed Values

Fiscal Year

Assessed Value -

Land

Assessed Value -

Improvement

Total Assessed Value of

Property(1)

Percentage

Change 2010-11 $333,459,925 $432,832,373 $766,292,298.00 N/A 2011-12 335,607,126 437,186,942 772,794,068.00 0.85% 2012-13 324,947,277 426,640,560 751,587,837.00 -2.74% 2013-14 330,404,258 432,079,917 762,484,175.00 1.45%

____________________ (1) County of San Diego Assessor Roll as of January 1st of the preceding Fiscal Year. Excludes exempt parcels, but

includes those classified as prepaid, which are not taxable under the Rate and Method of Apportionment. Source: Dolinka Group, LLC.

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SPECIAL RISK FACTORS

Investment in the Bonds involves risks which may not be appropriate for certain investors. The following is a discussion of certain risk factors, in no particular order of importance, all of which should be considered, in addition to other matters set forth herein, in evaluating the investment quality of the Bonds. This discussion does not purport to be comprehensive or definitive. The occurrence of one or more of the events discussed herein could adversely affect the ability or willingness of existing or future property owners within the District to pay the Special Taxes levied in the District when due. Such failure to pay Special Taxes could result in the inability of the School District to make full and punctual payments of debt service on the Bonds. In addition, the occurrence of one or more of the events discussed herein could adversely affect the value of the property in the District.

Risks of Real Estate Secured Investments Generally

The Owners of the Bonds will be subject to the risks generally incident to an investment secured by real estate, including, without limitation, (i) adverse changes in local market conditions, such as changes in the market value of real property in the vicinity of the District, the supply of or demand for competitive properties in such area, and the market value of residential property or buildings and/or sites in the event of sale or foreclosure; (ii) changes in real estate tax rates and other operating expenses, governmental rules (including, without limitation, zoning laws and laws relating to endangered species and hazardous materials) and fiscal policies; and (iii) natural disasters (including, without limitation, earthquakes, fires and floods), which may result in uninsured losses.

No assurance can be given that the individual homeowners will pay Special Taxes in the future or that they will be able to pay such Special Taxes on a timely basis. See “SPECIAL RISK FACTORS – Insufficiency of Foreclosure Sale Proceeds” below, for a discussion of certain limitations on the District’s ability to pursue judicial proceedings with respect to delinquent parcels.

Limited Obligations

The Bonds and interest thereon are not payable from the general funds of the School District. Except with respect to the Special Taxes, neither the credit nor the taxing power of the District or the School District is pledged for the payment of the Bonds or the interest thereon, and, except as provided in the Fiscal Agent Agreement, no owner of the Bonds may compel the exercise of any taxing power by the District or the School District or force the forfeiture of any School District or District property. The principal of, premium, if any, and interest on the Bonds are not a debt of the School District or a legal or equitable pledge, charge, lien or encumbrance upon any of the School District’s or the District’s property or upon any of the School District’s or the District’s income, receipts or revenues, except the Special Taxes and other amounts pledged under the Agreement.

Property Values

The value of property within the District is an important factor in evaluating the investment quality of the Bonds. If a property owner defaults in the payment of an installment of Special Taxes, the District’s only remedy is to judicially foreclose the lien of the Special Taxes on the delinquent parcel. Prospective purchasers of the Bonds should not assume that the property within the District could be sold for the assessed values described herein at a foreclosure sale for delinquent Special Taxes or for an amount adequate to pay delinquent Special Taxes. See “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure” and “– Reduction of Assessed Values” below. Also, property values are not evenly distributed throughout the District. This disparity of values across the District is significant because if property owners become delinquent in the payment of Special Taxes, the District’s only remedy is to foreclose against delinquent parcels. See “THE DISTRICT – Historic Assessed Values” and “ – Direct and Overlapping Debt.” See APPENDIX H ─ “Community Facilities District No. 5 of the San Marcos Unified School District Parcel Listing of Assessed Value and Value to Lien Ratios” for a listing of the current assessed value of parcels within the District.

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Special Tax Delinquencies

Under provisions of the Act, the Special Taxes, from which funds necessary for the payment of principal of, and interest on, the Bonds are derived, are customarily billed to the properties within the District on the ad valorem property tax bills sent to owners of such properties. The Act currently provides that such Special Tax installments are due and payable, and bear the same penalties and interest for non-payment, as do ad valorem property tax installments. See “SECURITY FOR THE BONDS – Special Taxes,” for a discussion of the provisions which apply, and procedures which the District is obligated to follow under the Fiscal Agent Agreement, in the event of delinquencies in the payment of Special Taxes. See “– Insufficiency of Foreclosure Sale Proceeds” below, for a discussion of the policy of the Federal Deposit Insurance Corporation (the “FDIC”) regarding the payment of special taxes and assessment and limitations on the District’s ability to foreclose on the lien of the Special Taxes in certain circumstances. For Fiscal Year 2013-14 Special Taxes were levied on 1,664 units, within the District, for a total of $1,919,078.08. For Fiscal Year 2014-15, a total of $1,915,745.86 in Special Taxes is expected to be levied on parcels in the District.

The value of the land within the District is an important factor in determining the investment quality of the Bonds. If a property owner within the District is delinquent in the payment of the Special Taxes, the District’s only remedy is to commence foreclosure proceedings on such taxable property on behalf of the District in an attempt to obtain funds to pay the Special Taxes. Reductions in property values due to a downturn in the economy, physical events such as earthquakes or floods, stricter land use regulations, delays in development or other events will adversely impact the security underlying the Special Taxes.

Reduction of Assessed Values

The District does not make any representation as to whether the assessed value of property in the District or the value-to-lien ratios for such property will remain at the assessed values or the ratios discussed in this Official Statement.

The assessed values of property in the District, as discussed herein, are from the County Assessor’s assessment roll for Fiscal Year 2013-14. These assessed values represent the County Assessor’s determination of the “full cash value” of property in the District. Pursuant to the California Constitution, the full cash value of property may reflect from year to year the inflationary rate not to exceed two percent for any given year or reduction as shown in the consumer price index or comparable data for the area under taxing jurisdiction, or may be reduced to reflect substantial damage, destruction or other factors causing a decline in value.

Pursuant to rules of the California State Board of Equalization that govern the County Assessor’s valuation of property in the District, “full cash value” of real property means the price at which the unencumbered or unrestricted fee simple interest in the real property (subject to any enforceable governmental restrictions) would transfer for cash or its equivalent under prevailing market conditions. These rules also provide that when valuing property as a result of a change in ownership for consideration it shall be rebuttably presumed that the consideration valued in money (i.e., the purchase price), whether paid in money or otherwise, is the full cash value of the property. This presumption may, however, be rebutted (e.g., in an assessment appeal by a property owner) by evidence that the full cash value of property is significantly more or less than the total cash equivalent of the consideration paid for the property. A significant deviation means a deviation of more than five percent of the total consideration. The Board of Equalization rules also provide that in estimating value, the assessor shall consider one or more valuation approaches, including the comparative sales approach, which is the preferred method of valuation. The rule further provides that when reliable marked data are available, the preferred method of valuation is by reference to sales prices.

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Accordingly, the assessed values of the property in the District could be reduced if sales prices of property in the District decline. Recent reports by real estate industry reporting services indicate that home sales prices are increasing in some parts of Southern California. If the County Assessor determines that sales prices for residential property or other property in the District have declined since January 1, 2013, the County Assessor could reduce assessed values of property in the District for Fiscal Year 2014-15. Also, homeowners in the District who perceive that their property will sell for less than current assessed value, may initiate statutory assessment appeals in an effort to have the assessed value of their property reduced.

No assurance can be given that the assessed value of property in the District will not be reduced by the County Assessor for Fiscal Year 2014-15 or for any subsequent fiscal year.

The County Assessor’s assessed values may not reflect the actual market value of property in the District (e.g., homes in the District might sell for more or less than the County Assessor’s assessed value). The District does not intend to have an appraisal prepared to estimate the market value of any property in the District. See APPENDIX H ─ “Community Facilities District No. 5 of the San Marcos Unified School District Parcel Listing of Assessed Value and Value to Lien Ratios” for a listing of the current assessed value of parcels within the District.

Depletion of Reserve Fund

In order to pay debt service on the Bonds, it is necessary that the Special Tax levied within the District be paid in a timely manner. Should the Special Tax not be paid on time, the District has established a Reserve Fund with respect to the Bonds in the initial amount specified under the heading to pay debt service on the Bonds to the extent other funds are not available therefore. Under the Fiscal Agent Agreement, the District has covenanted to maintain in the Reserve Fund an amount equal to the Reserve Requirement of the Bonds, with the sole source of moneys to replenish the Reserve Fund being Special Tax Revenues collected that are in excess of Bond debt service and Administrative Expenses. See APPENDIX E hereto. If a sufficient number of property owners in the District are delinquent in the payment of the Special Tax, the District may be unable to replenish the Reserve Fund to the Reserve Requirement. If such defaults were to continue in successive years, the Reserve Fund would soon be depleted and a default on the Bonds would occur. The Reserve Requirement for the Bonds has been satisfied with a Reserve Fund Surety Bond. See “SECURITY FOR THE BONDS ─ Reserve Fund” herein.

Insufficiency of Foreclosure Sale Proceeds

The District has covenanted to institute foreclosure proceedings to sell the property with delinquent Special Taxes in order to obtain funds to pay debt service on the Bonds, subject to the limitations set forth in the Fiscal Agent Agreement. If foreclosure proceedings were ever instituted, any mortgage or deed of trust holder with respect to a deed of trust on property within the District could, but would not be required to, advance the amount of delinquent Special Taxes to protect its security interest. See “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure” for provisions which apply in the event foreclosure is required and which the District is required to follow in the event of delinquency in the payment of Special Taxes. In the event such superior court foreclosure or foreclosures are necessary, there could be a delay in payments to Bondowners pending prosecution of the foreclosure sale, if the Reserve Fund were depleted.

No assurances can be given that the property subject to foreclosure and sale at a judicial foreclosure sale will be sold, or, if sold, that the proceeds of such sale will be sufficient to pay any delinquent Special Tax. Although the Act authorizes the District to cause such an action to be commenced and diligently pursued to completion, the Act does not specify the obligations of the District with regard to purchasing or otherwise acquiring any property at the execution sale pursuant to the judgment in any such action if there is no other purchaser at such sale. The District has no obligation to be a bidder at a foreclosure sale.

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Special Tax Delinquencies

Under provisions of the Act, the Special Taxes, from which funds necessary for the payment of principal of, and interest on, the Bonds are derived, will be billed to the properties in the District on the regular property tax bills sent to owners of such properties. The Special Tax installments are due and payable on the same dates, and bear the same penalties and interest for non-payment, as general ad valorem property tax installments. Special Tax installments cannot be paid separately from general ad valorem property tax payments. Therefore, the unwillingness or inability of a property owner to pay general property tax bills, as evidenced by property tax delinquencies, may also indicate an unwillingness or inability to make general property tax payments and Special Tax installment payments in the future.

The total amount of the Special Taxes levied on property in the District for Fiscal Year 2013-14 was $1,919,078.08. As of June 23, 2014, these Special Taxes were delinquent in the amount of $24,410.71 for a delinquency rate of 1.27%.

See “THE DISTRICT – Historic Special Tax Levies and Delinquencies.” See also “SECURITY FOR THE BONDS – Reserve Fund” and “– Covenant for Superior Court Foreclosure,” for a discussion of the obligations of the District in the event of delinquency in the payment of Special Tax installments.

Payment of Special Taxes

The levy of special taxes can result in a significantly greater property tax burden being imposed upon properties within a community facilities district than in other areas of a city, county, or school district, and this added burden can result in problems in the collection of the special taxes. In some community facilities districts, the property owners have refused to pay the special taxes and have commenced litigation challenging the special taxes, the establishment of the community facilities district and the bonds issued by the community facilities district.

The Special Taxes, from which funds necessary for the payment of principal of, and interest on, the Bonds are derived, will be billed to the properties in the District on the regular property tax bills sent to owners of such properties. Special Tax installments are due and payable, and bear the same penalties and interest for non-payment, as do regular property tax installments. Special Tax installment payments cannot be made separately from property tax payments. Therefore, the unwillingness or inability of a property owner to pay regular property tax bills, as evidenced by property tax delinquencies, may also indicate an unwillingness or inability to make regular property tax payments and Special Tax installment payments in the future. See “THE DISTRICT – Historic Special Tax Levies and Delinquencies.”

Within the limits of the Rate and Method, the District may adjust the Special Taxes levied on all property within the District to provide an amount required to pay debt service on the Bonds and other obligations of the District, and the amount, if any, necessary to replenish the Reserve Fund to an amount equal to the Reserve Requirement and to pay all annual Administrative Expenses and make rebate payments to the United States government. However, the amount of the Special Taxes that may be levied against particular categories of property within the District is subject to the maximum rates provided in the Rate and Method. There is no assurance that the maximum rates will at all times be sufficient to pay the amounts required to be paid by the Fiscal Agent Agreement. See “SECURITY FOR THE BONDS – Special Taxes” and “THE DISTRICT – Rate and Method of Apportionment of Special Tax.”

An owner of a taxable parcel is not personally obligated to pay the Special Taxes which are levied on his or her parcel. Rather, the Special Taxes are an obligation which is secured only by a lien upon the taxable parcel. If the value of a taxable parcel is not sufficient, taking into account other liens imposed by public agencies, to fully secure the Special Taxes, the District has no recourse against the owner.

See “SECURITY FOR THE BONDS – Reserve Fund” and “– Covenant for Superior Court Foreclosure,” for a discussion of the obligations of the District in the event of delinquency in the payment of Special Tax installments.

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The ability of the District to increase the amount of Special Taxes which may be levied and to pay costs of foreclosure proceedings may be limited by voter initiative. See “– Constitutional Amendment” and “– Limitations on Remedies” below.

Bankruptcy

The payment of property owners’ taxes and the ability of the District to foreclose the lien of delinquent unpaid Special Taxes pursuant to the foreclosure covenant, may be limited by bankruptcy, insolvency, or other laws generally affecting creditors’ rights or by the laws of the State relating to judicial foreclosure. In addition, the prosecution of a judicial foreclosure may be delayed due to congested local court calendars or procedural delays. See “Limitations on Remedies” below and “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure.” The various legal opinions to be delivered concurrently with the delivery of the Bonds (including Bond Counsel’s approving legal opinion) will be qualified, as to the enforceability of the various legal documents, by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors generally.

Although bankruptcy proceedings would not cause the Special Taxes to become extinguished, bankruptcy of a property owner or of a partner or other equity owner of a property owner, could result in a stay of enforcement of the lien for the Special Taxes, a delay in prosecuting Superior Court foreclosure proceedings or adversely affect the ability or willingness of a property owner to pay the Special Taxes and could result in the possibility of delinquent Special Taxes not being paid in full. In addition, the amount of any lien on property securing the payment of delinquent Special Taxes could be reduced if the value of the property were determined by the bankruptcy court to have become less than the amount of the lien. The amount of the delinquent Special Taxes in excess of the reduced lien would then be treated as an unsecured claim by the court. Further, bankruptcy of a property owner could result in a delay in prosecuting superior court foreclosure proceedings. Such a delay would increase the likelihood of a delay or default in payment of the principal of, and interest on, the Bonds and the possibility of delinquent tax installments not being paid in full. The prosecution of foreclosure proceedings could also be delayed for other reasons, including crowded court calendars and procedural delaying tactics. See “Limitations on Remedies” below.

The Act provides that the Special Taxes are secured by a continuing lien which is subject to the same lien priority in the case of delinquency as ad valorem taxes. Pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, enacted by Congress on April 14, 2005, the lien for special taxes established after the filing of a petition in bankruptcy will be treated thereafter as a lien for ad valorem taxes.

Payments by FDIC and Other Federal Agencies

The ability of the District to collect interest and penalties allowed by State law and to foreclose on property with delinquent Special Taxes may be limited if the Federal Deposit Insurance Corporation (the “FDIC”), the Drug Enforcement Agency, the Internal Revenue Service, or other similar governmental agency, has or obtains an interest in the property. The FDIC would obtain such an interest by taking over a financial institution which has made a loan which is secured by real property within the District.

The FDIC has issued a policy statement (the “Policy Statement”) which provides that real property owned by the FDIC is subject to state and local property taxes only if those taxes are assessed according to the property’s value, and that the FDIC is immune from real property taxes assessed on any basis other than property value. According to the Policy Statement, the FDIC will pay its property tax obligations when they become due and payable and will pay claims for delinquent property taxes as promptly as is consistent with sound business practice and the orderly administration of the affairs of the institution for which the FDIC is acting, unless abandonment of the FDIC’s interest in the property is appropriate. The FDIC will pay claims for interest on delinquent property taxes owed at the rate provided under state law, to the extent the interest payment obligation is secured by a valid lien. The FDIC will not pay any amounts in the nature of fines or penalties and will not pay or recognize liens for such amounts. If any property taxes (including interest) on FDIC owned property are secured by a valid lien (in effect before the property became owned by the FDIC), the FDIC will pay the taxes. The Policy Statement further provides that no property of the FDIC is subject to levy, attachment,

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garnishment, foreclosure or sale without the FDIC’s consent. In addition the FDIC will not permit a lien or security interest held by the FDIC to be eliminated by foreclosure without its consent.

The Policy Statement provides that the FDIC generally will not pay non-ad valorem taxes, including special assessments, on property in which it has a fee interest unless the amount of tax is fixed at the time that the FDIC acquires its fee interest in the property, nor will it recognize the validity of any lien to the extent it purports to secure the payment of any such amounts. Special taxes imposed under the Mello-Roos Community Facilities Act and any special tax formula which determines the special tax due each year, are specifically identified in the Policy Statement as being imposed each year and therefore covered by the FDIC’s federal immunity.

The District is unable to predict what effect the FDIC’s application of the Policy Statement would have if there were a delinquency in Special Taxes levied on a parcel in the District in which the FDIC had an interest. However, it should be assumed that there would not be a buyer at a foreclosure sale if the FDIC’s lien could not be foreclosed. It should also be assumed that the District will be unable to foreclose on any parcel owned by the FDIC. In either event, there would be a draw on the Reserve Account and, if the delinquency continued, there could be a default in payment of principal of and interest on the Bonds.

Furthermore, if a parcel of taxable property in the District was owned by a federal government entity or federal government sponsored entity, such as the Federal National Mortgage Association or Fannie Mae or the Federal National Home Loan Corporation or Freddie Mac, or if a private mortgage secured by a parcel of taxable property was owned by a federal government entity or federal government sponsored entity, such as Fannie Mae or Freddie Mac, the ability of the District to foreclose on the parcel or to collect delinquent Special Taxes would be limited. Federal courts have held that, based on the supremacy clause of the United States Constitution*, in the absence of Congressional intent to the contrary, a state or local agency cannot foreclose to collect delinquent taxes or assessments if foreclosure would impair the federal government interest. Therefore, if a federal government entity, such as Fannie Mae or Freddie Mac, owned a parcel of taxable property in the District and did not pay the taxes and assessments levied on the parcel (including the Special Taxes), the District would not be able to foreclose on the parcel to collect the delinquent Special Taxes.

Also, if a federal government entity, such as Fannie Mae or Freddie Mac, had a mortgage interest in a parcel in the District and the District wished to foreclose on the parcel to collect delinquent Special Taxes, the property could not be sold at a foreclosure sale unless it could be sold for an amount sufficient to pay the delinquent Special Taxes and the other taxes and assessments on a parity with those Special Taxes and preserve the federal government entity’s mortgage interest.

In Rust v. Johnson (9th Circuit; 1979) 597 F. 2d 174, the United States Court of Appeal for the Ninth Circuit, held that, with respect to applicability of the supremacy clause, the Federal National Mortgage Association is a federal instrumentality and not a private entity, and that an exercise of state power over a mortgage interest of Fannie Mae constitutes an exercise of state power over property of the United States.

The District has not undertaken to determine whether any federal government entity has, or is likely to acquire, any interest (including any mortgage interest) in any property in the District, and therefore expresses no view concerning the likelihood that the risks discussed above will materialize while the Bonds are outstanding.

* The supremacy clause of the United States Constitution provides “This Constitution and the Laws of the United States

which shall be made in pursuance thereof; and all Treaties made, or which shall be made, under the authority of the United States, shall be the supreme Law of the Land; and the Judges in every State shall be bound thereby, anything in the Constitution or Laws of any State to the contrary notwithstanding.”

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Natural Disasters

The District, like all California communities, may be subject to unpredictable seismic activity, fires, flood, or other natural disasters. Southern California is a seismically active area. The District is located in a seismically active region in Southern California. Active faults which could cause significant ground shaking over the District include, but are not limited to, the Rose Canyon fault zone (approximately 19.5 miles west), the Elsinore fault zone (approximately 23.2 miles northeast), the San Jacinto fault zone (approximately 45 miles northeast) and the San Andreas fault zone (approximately 72 miles northeast). Earthquakes of magnitude of 6 (Rose Canyon fault) to 8 (San Andreas fault) on the Richter scale are possible.

In the event of a severe earthquake, there may be significant damage to both property and infrastructure in the District. As a result, the merchant builders or property owners may be unable or unwilling to pay the Special Taxes when due, and the Reserve Fund may eventually become depleted. In addition, the value of land in the District could be diminished in the aftermath of such natural events, reducing the resulting proceeds of foreclosure sales in the event of delinquencies in the payment of the Special Taxes. It is anticipated that development within the District will be built in accordance with applicable building codes, including requirements relating to seismic safety. No assurances can be given that any earthquake insurance will be obtained as to any of the improvements within the District.

In recent years portions of Southern California have experienced outbreaks of wildfires that have burned thousands of acres at a time and destroyed thousands of homes and structures. In October 2003, October 2007, and most recently in May 2014, such wildfires occurred in the County. The May 2014 wildfires occurred in portions of the City of Carlsbad and other areas of the County, including the City of San Marcos. No properties within the District, however, were damaged during any of these wildfires. The risk of major wildfires in the Southern California region does exist.

In the event of a severe earthquake, fire, flood or other natural disaster, there may be significant damage to both property and infrastructure in the District. As a result, a substantial portion of the property owners may be unable or unwilling to pay the Special Taxes when due. In addition, the value of land in the District could be diminished in the aftermath of such a natural disaster, reducing the resulting proceeds of foreclosure sales in the event of delinquencies in the payment of the Special Taxes.

Hazardous Substances

The presence of a hazardous substance on a parcel may result in a reduction in its value. In general, the owners and operators of a parcel may be required by law to remedy conditions of the parcel relating to releases or threatened releases of hazardous substances. The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, sometimes referred to as “CERCLA” or the “Superfund Act,” is the most well-known and widely applicable of these laws, but California laws with regard to hazardous substances are also stringent and similar. Under many of these laws, the owner or operator is obligated to remedy a hazardous substance condition of property whether or not the owner or operator has anything to do with creating or handling the hazardous substance. The effect, therefore, should any of the taxed parcels be affected by a hazardous substance, is to reduce the marketability and value of the parcel by the costs of remedying the condition, because the purchaser, upon becoming owner, will become obligated to remedy the condition just as is the seller.

Further, it is possible that liabilities may arise in the future with respect to any of the parcels resulting from the existence, currently, on the parcel of a substance presently classified as hazardous but which has not been released or the release of which is not presently threatened, or may arise in the future resulting from the existence, currently on the parcel of a substance not presently classified as hazardous but which may in the future be so classified. Further, such liabilities may arise not simply from the existence of a hazardous substance but from the method of handling it. All of these possibilities could significantly affect the value of a parcel that is realizable upon a delinquency.

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The District has no knowledge of any hazardous substances being located on property within the District.

Parity Taxes and Special Assessments

Property within the District is subject to the lien of taxes and assessments imposed by public agencies and several overlapping districts also having jurisdiction over the land within the District. See “THE DISTRICT – Direct and Overlapping Indebtedness.” The School District’s policy respecting the formation of community facilities districts provides that the total tax burden (i.e., the anticipated maximum annual community facilities district special tax, together with ad valorem property taxes, special assessments, special taxes for any overlapping community facilities district, and any other taxes, fees and charges payable from and secured by the property) on any residential owner-occupied parcel in the community facilities district shall not exceed 2.0% of the estimated base sales price of such parcel upon completion of the public and private improvements relating thereto. See “THE DISTRICT – Direct and Overlapping Debt” for estimated current effective tax rates within the District.

The Special Taxes and any penalties thereon will constitute a lien against the lots and parcels of land on which they will be annually imposed until they are paid. Such lien is on a parity with all special taxes and special assessments levied by the District, the School District and other agencies and is co-equal to and independent of the lien for general property taxes regardless of when they are imposed. The Special Taxes have priority over all existing and future private liens imposed on the property except, possibly, for liens or security interests held by the Federal Deposit Insurance Corporation. See “– Bankruptcy and Foreclosure” below.

Neither the School District nor the District has control over the ability of other entities and districts to issue indebtedness secured by taxes or assessments payable from all or a portion of the property within the District. In addition, the landowners within the District may, without the consent or knowledge of the District, petition other public agencies to issue public indebtedness secured by taxes or assessments. Any such taxes or assessments may have a lien on such property on a parity with the Special Taxes and could reduce the estimated value-to-lien ratios for property within the District described herein.

Non-Cash Payments of Special Taxes

Under the Act, the Governing Body of the School District, as the Legislative Body of the District, may reserve to itself the right and authority to allow the owner of any taxable parcel to tender a Bond in full or partial payment of any installment of the Special Taxes or the interest or penalties thereon. A Bond so tendered is to be accepted at par and credit is to be given for any interest accrued thereon to the date of the tender. Thus, if Bonds can be purchased in the secondary market at a discount, it may be to the advantage of an owner of a taxable parcel to pay the Special Taxes applicable thereto by tendering a Bond. Such a practice would decrease the cash flow available to the District to make payments with respect to other Bonds then outstanding; and, unless the practice was limited by the District, the Special Taxes paid in cash could be insufficient to pay the debt service due with respect to such other Bonds. In order to provide some protection against the potential adverse impact on cash flows which might be caused by the tender of Bonds in full or partial payment of any Special Taxes, the Agreement includes a covenant pursuant to which the District will not authorize owners of taxable parcels to satisfy Special Tax obligations by the tender of Bonds unless the District shall have first obtained a certificate of an Independent Financial consultant that to accept such tender will not result in the District having insufficient Special Tax Revenues in any Bond year to pay the principal and interest on the Bonds remaining outstanding following such tender.

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Payment of the Special Tax is not a Personal Obligation of the Owners

A property owner of a taxable parcel within the District is not personally obligated to pay the Special Tax. Rather, the Special Tax is an obligation which is secured only by a lien against the taxable parcel. If the value of a taxable parcel is not sufficient, taking into account other liens imposed by public agencies, to secure fully the Special Tax, the District has no recourse against the owner.

Limitations on Remedies

Remedies available to the owners of the Bonds may be limited by a variety of factors and may be inadequate to assure the timely payment of principal of and interest on the Bonds or to preserve the tax-exempt status of interest on the Bonds.

Bond Counsel has limited its opinion as to the enforceability of the Bonds and of the Fiscal Agent Agreement to the extent that enforceability may be limited by bankruptcy, insolvency, moratorium, or other similar laws affecting generally the enforcement of creditors’ rights and by the exercise of judicial discretion in accordance with general principles of equity. The lack of availability of certain remedies or the limitation of remedies may entail risks of delay, limitation or modification of the rights of the owners of the Bonds.

Limited Secondary Market

There can be no guarantee that there will be a secondary market for the Bonds or, if a secondary market exists, that the Bonds can be sold for any particular price. The Underwriter will not be obligated to repurchase any of the Bonds. Although the District has committed to provide certain financial and operating information on an annual basis, there can be no assurance that such information will be available to Bondowners on a timely basis. See “LEGAL MATTERS – Continuing Disclosure.” The failure to provide the required annual financial information does not give rise to monetary damages but merely an action for specific performance. Occasionally, because of general market conditions, lack of current information, or because of adverse history or economic prospects connected with a particular issue, secondary marketing practices in connection with a particular issue are suspended or terminated. Additionally, prices of issues for which a market is being made will depend upon then prevailing circumstances. Such prices could be substantially different from the original purchase price.

Constitutional Amendment

An initiative measure commonly referred to as the “Right to Vote on Taxes Act” (the “Initiative”), Proposition 218, was approved by the voters of the State of California at the November 5, 1996 general election. The Initiative added article XIII C (“Article XIII C”) and article XIII D to the California Constitution. According to the “Title and Summary” of the Initiative prepared by the California Attorney General, the Initiative limits “the authority of local governments to impose taxes and property-related assessments, fees and charges.”

Among other things, section 3 of Article XIII C states that “the initiative power will not be prohibited or otherwise limited in matters of reducing or repealing any local tax, assessment, fee or charge.” The District believes, however, that Article XIII C confers on the voters no greater power as to the reduction or repeal of the Special Taxes than the power reserved to the Legislative Body of the District (i.e., the Governing Body of the School District).

The Act imposes on the Governing Body of the School District a statutory duty to levy that amount of Special Taxes which is required for the payment of the principal of and interest on the Bonds, including any necessary replenishment of bond reserve funds and any amount required by federal law to be rebated to the United States for the Bonds (the “Minimum Levy”). In addition, the Act prohibits the Governing Body from adopting any resolution to reduce the rates of the Special Taxes or terminate the levy of the Special Taxes pledged to repay the Bonds unless it determines that the reduction or termination of the Special Taxes would not interfere with the timely retirement of the Bonds. Accordingly, the District believes that the Initiative has not

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conferred on the voters the power to repeal or reduce the Special Taxes below the amounts required for the Minimum Levy. However, the application of the Initiative will ultimately be determined by the courts. It is not possible to predict, with certainty, how the courts will interpret the initiative or the nature of any remedy that may be granted by the courts. See “Limitations on Remedies” below.

Further, no assurance can be given regarding the future levy of the Special Taxes in amounts greater than the level required for the Minimum Levy.

Future Initiatives

The Initiative was submitted to and approved by the voters of the State pursuant to the State’s constitutional initiative process. The Supreme Court of the State has held that an initiative can repeal a tax ordinance and prohibit the imposition of further such taxes and that the exemption of taxes from the referendum requirements does not apply to initiatives. From time to time, other initiative measures could be adopted by the voters of the State. The adoption of any such initiative might place limitations on the ability of the State, the District and other local districts to increase revenues or increase appropriations or on the ability of the property owners to complete the remaining proposed development of the land in the District.

Loss of Tax Exemption

As discussed in “LEGAL MATTERS” below, interest on the Bonds could become includable in gross income for purposes of federal income taxation retroactive to the date the Bonds were issued, as a result of future acts or omissions of the District in violation of its covenants in the Agreement. Should such an event of taxability occur, the Bonds are not subject to a special redemption and will remain outstanding until maturity or until redeemed under the mandatory redemption section of the Agreement. See “– Limitations on Remedies” below.

Additionally future legislative proposals, if enacted into law, clarification of the Code or court decisions may cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Bond Owners from realizing the full current benefit of the tax status of such interest. The introduction or enactment of any such legislative proposals, clarification of the Code or court decisions may also affect, perhaps significantly, the market price for, or marketability of, the Bonds. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal or state tax legislation, regulations or litigation, and regarding the impact of future legislation, regulations or litigation, as to which Bond Counsel expresses no opinion.

District Formation

California voters approved an amendment (“Article XIIIA”) to the California Constitution on June 6, 1978. Section 4 of Article XIIIA, requires a vote of two-thirds of the qualified electorate to impose “special taxes,” or any additional ad valorem, sales or transaction taxes on real property. At an election held pursuant to the Act, more than two-thirds of the qualified electors within the District, consisting of the landowners within the boundaries of the District, authorized the District to incur bonded indebtedness to finance school facilities and approved the Rate and Method of Apportionment. The Supreme Court of the State of California has not yet decided whether landowner elections (as opposed to resident elections) satisfy requirements of Section 4 of Article XIIIA, nor has the Supreme Court decided whether the special taxes of a community facilities district constitute a “special tax” for purposes of Article XIIIA.

Section 53341 of the Act requires that any action or proceeding to attack, review, set aside, void or annul the levy of a special tax or an increase in a special tax pursuant to the Act shall be commenced within 30 days after the special tax is approved by the voters. No such action has been filed with respect to the Special Taxes.

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Disclosure to Future Purchasers

The District recorded a Notice of the Special Tax Lien for the territory initially included in the District in the Office of the County Recorder of the County on May 14, 1998, as Document No. 1998-0284611. While title companies normally refer to such notices in title reports, there can be no guarantee that such reference will be made or, if made, that a prospective purchaser or lender will consider such Special Tax obligation in the purchase of a commercial facility or residential units or the lending of money thereon. Failure to disclose the existence of the Special Taxes may affect the willingness and ability of future owners of land within the District to pay the Special Taxes when due.

Billing of Special Taxes

A special tax formula can result in a substantially heavier property tax burden being imposed upon properties within a community facilities district than elsewhere in a city or county, and this in turn can lead to problems in the collection of the special tax. In some community facilities districts the taxpayers have refused to pay the special tax and have commenced litigation challenging the special tax, the community facilities district and the bonds issued by the district.

Under provisions of the Act, the Special Taxes are billed to the properties within the District which were entered on the Assessment Roll of the County Assessor by January 1 of the previous fiscal year on the regular property tax bills sent to owners of such properties. Such Special Tax installments are due and payable, and bear the same penalties and interest for non-payment, as do regular property tax installments. These Special Tax installment payments cannot be made separately from property tax payments. Therefore, the unwillingness or inability of a property owner to pay regular property tax bills as evidenced by property tax delinquencies may also indicate an unwillingness or inability to make regular property tax payments and installment payments of Special Taxes in the future. See “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure,” for a discussion of the provisions which apply, and procedures which the District is obligated to follow, in the event of delinquency in the payment of installments of Special Taxes.

Collection of Special Taxes

In order to pay debt service on the Bonds, it is necessary that the Special Taxes levied against land within the District be paid in a timely manner. The District has covenanted in the Fiscal Agent Agreement under certain conditions to institute foreclosure proceedings against property with delinquent Special Taxes in order to obtain funds to pay debt service on the Bonds. If foreclosure proceedings were instituted, any mortgage or deed of trust holder could, but would not be required to, advance the amount of the delinquent Special Taxes to protect its security interest. In the event such superior court foreclosure is necessary, there could be a delay in principal and interest payments to the owners of the Bonds pending prosecution of the foreclosure proceedings and receipt of the proceeds of the foreclosure sale, if any. No assurances can be given that the real property subject to foreclosure and sale at a judicial foreclosure sale will be sold or, if sold, that the proceeds of such sale will be sufficient to pay any delinquent Special Tax installment. Although the Act authorizes the Governing Board to cause such an action to be commenced and diligently pursued to completion, the Act does not specify the obligations of the Governing Board with regard to purchasing or otherwise acquiring any lot or parcel of property sold at the foreclosure sale if there is no other purchaser at such sale. See “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure.”

No Acceleration Provision

The Bonds do not contain a provision allowing for the acceleration of the Bonds in the event of a payment default or other default under the terms of the Bonds or the Fiscal Agent Agreement. Pursuant to State law, any owner of any of the Bonds is given the right for the equal benefit and protection of all owners similarly situated to pursue certain remedies described under “SECURITY FOR THE BONDS.”

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Right to Vote on Taxes Act

An initiative measure commonly referred to as the “Right to Vote on Taxes Act” (the “Initiative”) was approved by the voters of the State of California at the November 5, 1996, general election. The Initiative added Article XIIIC (“Article XIIIC”) and Article XIIID to the California Constitution. According to the “Title and Summary” of the Initiative prepared by the California Attorney General, the Initiative limits “the authority of local governments to impose taxes and property-related assessments, fees and charges.” The provisions of the Initiative as they may related to community facilities districts are subject to interpretation by the courts.

Among other things, Section 3 of Article XIIIC states that “. . . the initiative power shall not be prohibited or otherwise limited in matters of reducing or repealing any local tax, assessment, fee or charge.” The Act provides for a procedure, which includes notice hearing, protest and voting requirements to alter the rate and method of apportionment of an existing special tax. However, the Act prohibits a legislative body from adopting any resolution to reduce the rate of any special tax or terminate the levy of any special tax pledged to repay any debt incurred pursuant to the Act unless such legislative body determines that the reduction or termination of the special tax would not interfere with the timely retirement of that debt. On July 1, 1997, a bill signed into law by the Governor of the State enacting Government Code Section 5854 states that:

“Section 3 of Article XIIIC of the California Constitution, as adopted at the November 5, 1996, general election, shall not be construed to mean that any owner or beneficial owner of a municipal security, purchased before or after that date, assumes the risk of, or in any way consents to, any action by initiative measure that constitutes an impairment of contractual rights protected by Section 10 of Article I of the United States Constitution.”

Accordingly, although the matter is not free from doubt, it is likely that the Initiative has not conferred on the voters the power to repeal or reduce the Special Taxes if such reduction would interfere with the timely retirement of the Bonds.

It may be possible, however, for voters or the District to reduce the Special Taxes in a manner which does not interfere with the timely repayment of the Bonds but which does reduce the maximum amount of Special Taxes that may be levied in any year below the existing levels. Therefore, no assurance can be given with respect to the levy of Special Taxes for Administrative Expenses. Furthermore, no assurance can be given with respect to the future levy of the Special Taxes in amounts greater than the amount necessary for the timely retirement of the Bonds.

The Act also establishes time limits for initiating any challenge to the validity of special taxes levied pursuant to the Act and any challenge to the validity of bonds issued pursuant to the Act. Section 53341 of the Act provides that:

“Any action or proceeding to attack, review, set aside, void, or annul the levy of a special tax or an increase in a special tax pursuant to this chapter shall be commenced within 30 days after the special tax is approved by the voters. Any appeal from a final judgment in that action or proceeding shall be perfected within 30 days after the entry of judgment.”

Section 53359 of the Act provides that:

“An action to determine the validity of bonds issued pursuant to this chapter or the validity of any special taxes levied pursuant to this chapter may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure but shall, notwithstanding the time limits specified in Section 860 of the Code of Civil Procedure, be commenced within 30 days

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after the voters approve the issuance of the bonds or the special tax if the action is brought by an interested person pursuant to Section 863 of the Code of Civil Procedure. Any appeal from a judgment in that action or proceeding shall be commenced within 30 days after entry of judgment.”

Based on the forgoing, with respect to any challenge to the validity of the Special Taxes or the Bonds, the District believes that under current State law the time for initiating any such challenge has expired.

Like its antecedents, the Initiative is likely to undergo both judicial and legislative scrutiny before its impact on the District and its obligations can be determined. Certain provisions of the Initiative may be examined by the courts for their constitutionality under both State and federal constitutional law. The District is not able to predict the outcome of any such examination. For example, on August 1 2014, in City of San Diego. v. Shapiro, an Appellate Court ruled that an election held by the City of San Diego to authorize the levying of special taxes on hotels City-wide pursuant to a City passed ordinance creating a convention center facilities district which specifically defined the electorate to consist solely of (1) the owners of real property in the City on which a hotel is located, and (2) the lessees of real property owned by a governmental entity on which a hotel is located, was invalid under the California Constitution because such landowners and lessees are neither “qualified electors” of the City for purposes of Articles XIII A, Section 4 of the California Constitution nor do they comprise a proper “electorate” under Article XIIIC, Section 2(d). The Court specifically noted that the decision did not require the Court to consider the distinct question of whether landowner voting to impose special taxes pursuant to Section 53326(b) of the Act is constitutional under Article XIII A, Section 4 and Article XIIIC, Section 2(d) in districts that lack sufficient registered voters to conduct an election among registered voters, and thus does not affect the validity of the levy of the Special Taxes by the District. In addition, the provisions of the Act, described above, that establish a time limit for initiating any challenge to the validity of the Special Taxes levied pursuant to the Act and the provisions of the Validating Acts described above would provide obstacles to any party which sought to present a legal challenge to the validity of the Special Taxes based on the City of San Diego v. Shapiro case.

The foregoing discussion of the Initiative, and related matters, should not be considered an exhaustive or authoritative treatment of such issues. The District does not expect to be in a position to control the consideration or disposition of these issues and cannot predict the timing or outcome of any judicial or legislative activity in this regard. Interim rulings, final decisions, legislative proposals and legislative enactments may all affect the impact of Initiative on the Bonds as well as the market for the Bonds. Legislative and court calendar delays and other factors may prolong any uncertainty regarding the effects of the Initiative.

Ballot Initiatives and Legislative Measures

The Initiative was adopted pursuant to a measure qualified for the ballot pursuant to California’s constitutional initiative process and the State Legislature has in the past enacted legislation which has altered the spending limitations or established minimum funding provisions for particular activities. From time to time, other initiative measures could be adopted by California voters or legislation enacted by the State Legislature. The adoption of any such initiative or enactment of legislation might place limitations on the ability of the State, the District, the School District or local districts to increase revenues or to increase appropriations or on the ability of a property owner to complete the development of the property.

Limited Secondary Market

There can be no guarantee that there will be a secondary market for the Bonds or, if a secondary market exists, that such Bonds can be sold for any particular price. Although the District has committed to provide certain statutorily-required financial and operating information, there can be no assurance that such information will be available to Bondowners on a timely basis. The failure to provide the required annual financial information does not give rise to monetary damages but merely an action for specific performance. Occasionally, because of general market conditions, lack of current information, the absence of credit rating for the Bonds or because of adverse history or economic prospects connected with a particular issue, secondary marketing practices in connection with a particular issue are suspended or terminated. Additionally, prices of

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issues for which a market is being made will depend upon then prevailing circumstances. Such prices could be substantially different from the original purchase price.

Loss of Tax Exemption

As discussed under the caption “LEGAL MATTERS – Tax Exemption,” the interest on the Bonds could become includable in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds as a result of a failure of the District and the School District to comply with certain provisions of the Code. In order to maintain the exclusion from gross income for federal income tax purposes of the interest on the Bonds, the District has covenanted in the Fiscal Agent Agreement not to take any action, or fail to take any action, if such action or failure to take such action would adversely affect the exclusion from gross income of interest on the Bonds under Section 103 of the Internal Revenue Code of 1986, as amended. Interest on the Bonds could become includable in gross income for purposes of federal income taxation retroactive to the date the Bonds were issued, as a result of acts or omissions of the District in violation of the Code. Should such an event of taxability occur, the Bonds are not subject to early redemption and will remain outstanding to maturity or until redeemed under the optional redemption provisions of the Fiscal Agent Agreement.

Limitations on Remedies

Remedies available to the Owners may be limited by a variety of factors and may be inadequate to assure the timely payment of principal of and interest on the Bonds or to preserve the tax-exempt status of the Bonds. See “– Payments by FDIC and other Federal Agencies,” “– Billing of Special Taxes” and “– No Acceleration Provision” herein.

LEGAL MATTERS

Legal Opinion

The legal opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel, approving the validity of each of the Bonds will be made available to purchasers at the time of original delivery and is attached hereto as APPENDIX B. A copy of the legal opinion will be printed on each Bond.

Tax Exemption

In the opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel, subject, however, to certain qualifications described herein, based upon an analysis of existing statutes, regulations, rulings, and court decisions and assuming, among other things, compliance with certain covenants, interest the Bonds is excluded from gross income for federal income tax purposes. In the opinion of Bond Counsel, such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. In addition, interest on the Bonds is included as an adjustment in calculating federal corporate alternative minimum taxable income for purposes of determining a corporation’s alternative minimum tax liability.

The opinions of Bond Counsel set forth in the preceding paragraph are subject to the condition that the District complies with all requirements of the Code that must be satisfied subsequent to the issuance of the Bonds in order that such interest be, or continue to be, excluded from gross income for federal income tax purposes. The District has covenanted in the Fiscal Agent Agreement to comply with each such requirement. Failure to comply with certain of such requirements may cause the inclusion of such interest in gross income for federal income tax purposes to be retroactive to the date of issuance of the Bonds. The Fiscal Agent Agreement and other related documents refer to certain requirements, covenants and procedures which may be changed and certain actions that may be taken, upon the advice or with an opinion of nationally recognized bond counsel. No opinion is expressed by Bond Counsel as to the effect on any Bond or the interest thereon if any such change is made or action is taken upon the advice or approval of counsel other than Bond Counsel. Bond Counsel expresses no opinion regarding other tax consequences arising with respect to the Bonds.

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In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of California personal income taxation.

Owners of the Bonds should also be aware that the ownership or disposition of, or the accrual or receipt of interest on, the Bonds may have federal or State tax consequences other than as described above. Bond Counsel expresses no opinion regarding any federal or State tax consequences arising with respect to the Bonds other than as expressly described above.

See APPENDIX B – “FORM OF OPINION OF BOND COUNSEL” for the proposed form of the opinion of Bond Counsel.

Bond Counsel’s engagement with respect to the Bonds ends with the issuance of the Bonds, and, unless separately engaged, Bond Counsel is not obligated to defend the District or the School District, as applicable, or the Beneficial Owners regarding the tax-exempt status of the Bonds in the event of an audit examination by the Internal Revenue Service. Under current procedures, parties other than the District and their respective appointed counsel, including the Beneficial Owners, would have little, if any, right to participate in the audit examination process. Moreover, because achieving judicial review in connection with an audit examination of tax-exempt bonds is difficult, obtaining an independent review of Internal Revenue Service positions with which the District legitimately disagrees may not be practicable. Any action of the Internal Revenue Service, including but not limited to selection of the Bonds for audit, or the course or result of such audit, or an audit of Bonds presenting similar tax issues may affect the market price for, or the marketability of, the Bonds, and may cause the District, the School District or the Beneficial Owners to incur significant expense.

Original Issue Discount; Premium Bonds

To the extent the issue price of any maturity of the Bonds is less than the amount to be paid at maturity of such Bonds (excluding amounts stated to be interest and payable at least annually over the term of such Bonds), the difference constitutes “original issue discount,” the accrual of which, to the extent properly allocable to each Owner thereof, is treated as interest on the Bonds which is excluded from gross income for federal income tax purposes and State of California personal income taxes. For this purpose, the issue price of a particular maturity of the Bonds is the first price at which a substantial amount of such maturity of the Bonds is sold to the public (excluding bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers). The original issue discount with respect to any maturity of the Bonds accrues daily over the term to maturity of such Bonds on the basis of a constant interest rate compounded semi-annually (with straight-line interpolations between compounding dates). The accruing original issue discount is added to the adjusted basis of such Bonds to determine taxable gain or loss upon disposition (including sale, redemption, or payment on maturity) of such Bonds. Owners of the Bonds should consult their own tax advisors with respect to the tax consequences of ownership of the Bonds with original issue discount, including the treatment of purchasers who do not purchase such Bonds in the original offering to the public at the first price at which a substantial amount of such Bonds is sold to the public.

The Bonds purchased, whether at original issuance or otherwise, for an amount greater than their principal amount payable at maturity (or, in some cases, at their earlier call date) (“Premium Bonds”) will be treated as having amortizable bond premium. No deduction is allowable for the amortizable bond premium in the case of bonds, like the Premium Bonds, the interest on which is excluded from gross income for federal income tax purposes. However, a purchaser’s basis in a Premium Bond, and under Treasury Regulations the amount of tax exempt interest received, will be reduced by the amount of amortizable bond premium properly allocable to such purchaser. Owners of Premium Bonds should consult their own tax advisors with respect to the proper treatment of amortizable bond premium in their particular circumstances.

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Impact of Legislative Proposals, Clarifications of the Code and Court Decisions on Tax Exemption

Future legislative proposals, if enacted into law, clarification of the Code or court decisions may cause interest on the Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Owners of the Bonds from realizing the full current benefit of the tax status of such interest. The introduction or enactment of any such future legislative proposals, clarification of the Code or court decisions may also affect the market price for, liquidity of or marketability of, the Bonds. In 2013 and 2014, legislative changes were proposed in Congress, which, if enacted, would result in additional federal income tax being imposed on certain owners of tax-exempt state or local obligations, such as the Bonds. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal or state tax legislation, regulations or litigation as to which Bond Counsel expresses no opinion. As discussed in this Official Statement, under the caption “LEGAL MATTERS,” interest on the Bonds could become includable in gross income for purposes of federal income taxation retroactive to the date the Bonds were issued as a result of future acts or omissions of the District in violation of its covenants in the Fiscal Agent Agreement. Should such an event of taxability occur, the Bonds are not subject to special redemption or acceleration and will remain outstanding until maturity or until redeemed under one of the other redemption provisions contained in the Fiscal Agent Agreement.

Backup Withholding

Interest paid with respect to tax-exempt obligations such as the Bonds is subject to information reporting to the Internal Revenue Service (the “IRS”) in a manner similar to interest paid on taxable obligations. In addition, interest with respect to the Bonds may be subject to backup withholding if such interest is paid to a registered owner that (a) fails to provide certain identifying information (such as the registered owner’s taxpayer identification number) in the manner required by the IRS, or (b) has been identified by the IRS as being subject to backup withholding.

IRS Audit of Tax-Exempt Bond Issues

The Internal Revenue Service has initiated an expanded program for the auditing of tax-exempt bond issues, including both random and targeted audits. It is possible that the Bonds will be selected for audit by the Internal Revenue Service. It is also possible that the market value of the might be affected as a result of such an audit of the Bonds (or by an audit of similar bonds or securities).

Continuing Disclosure

The District has covenanted in a Continuing Disclosure Certificate for the benefit of the Bondowners to provide annually certain financial information and operating data, and to provide notices of the occurrence of certain enumerated events, if material. The District has agreed in the Continuing Disclosure Certificate to file, or cause to be filed, to the Electronic Municipal Market Access System of the Municipal Securities Rulemaking Board, which can be found at www.emma.msrb.org, an annual report and notices of certain material events. See APPENDIX C – “Form of Continuing Disclosure Certificate.” The covenants of the District have been made in order to assist the Underwriter in complying with S.E.C. Rule 15c2-12(b)(5) (the “Rule”).

The District, the School District, the Authority, and the CFD No. 4 recently completed a review of their previous disclosure filings for the past five years. CFD No. 4 was created by the School District pursuant to proceedings taken under the Act. The Authority was established pursuant to a joint exercise of powers agreement approved and executed by the School District in accordance with the provisions of Articles 1 through 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code. The Authority was created for the purpose of providing financing for public capital improvements of the School District. As described below, the results of the review of their respective disclosure filings indicate that the District, the School District, the Authority, and CFD No. 4 have not, on several occasions during the past five years, fully complied with their respective prior continuing disclosure undertakings under the Rule.

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The review of the previous disclosure filings of the District indicates, for example, that it did not file notices with respect to rating downgrades of municipal bond insurers that insured the Prior Bonds. The District subsequently filed such notices, and to the best of the District’s knowledge and information the District is otherwise currently in material compliance with its previous undertakings for the past five years.

With respect to the School District, the review indicates, for example, that within the last five years annual reports, audited financial statements or budget information filed with respect to various financings by the School District were filed after the filing due date by a range of three weeks to approximately five months. The School District also did not file notices with respect to rating downgrades of municipal bond insurers that have insured two of the School District’s financings. Further, the School District did not, on or before the dates specified in the related continuing disclosure undertakings, submit notices of late filings of annual reports. The School District subsequently filed all annual reports, audited financial statements, budget information, and notices of the occurrence of listed events, and to the best of the School District’s knowledge and information the School District is otherwise currently in material compliance with its previous undertakings for the past five years. The School District also subsequently filed notices reporting its late filings.

With respect to the Authority, the review indicates, for example, that in Fiscal Year 2008-09 the annual report and audited financial statements filed with respect to one series of bonds were filed three weeks after the filing due date, and with respect to the Fiscal Year 2009-10 the audited financial statements were not filed. The Authority also did not file notices with respect to rating downgrades of municipal bond insurers that have insured the Authority’s financings. Further, the Authority did not, on or before the dates specified in the related continuing disclosure undertakings, submit notices of late filings of annual reports in accordance with the continuing disclosure undertakings. The Authority subsequently filed all annual reports, audited financial statements, and notices of the occurrence of listed events, and to the best of the Authority’s knowledge and information the Authority is otherwise currently in material compliance with its previous undertakings for the past five years. The Authority also subsequently filed notices reporting its late filings.

The review of previous disclosure filings for the past five years with respect to financings by CFD No. 4 indicates, for example, that with respect to one series of bonds, for Fiscal Year 2008-09 CFD No. 4 filed the annual report of CFD No. 4 and the audited financial statements of School District one day late. During the past five years CFD No. 4 also did not file notices with respect to rating downgrades of municipal bond insurers that insured two series of its financings. Further, CFD No. 4 did not, on or before the dates specified in the related continuing disclosure undertakings, submit notices of late filings of the annual report in accordance with the continuing disclosure undertakings. CFD No. 4 subsequently filed the annual report, audited financial statements, and notices of the occurrence of listed events, and to the best of CFD No. 4’s knowledge and information CFD No. 4 is otherwise currently in material compliance with its previous undertakings for the past five years. CFD No. 4 also subsequently filed notices reporting its late filings.

The subsequent filings, notices, and event notices of the District, the School District, the Authority and CFD No. 4 were filed with the Electronic Municipal Market Access System of the Municipal Securities Rulemaking Board, which can be found at www.emma.msrb.org. To improve compliance with their respective continuing disclosure obligations, including, but not limited to, facilitating that their annual reports, audited financial statements, budget information, and any event notices and other notices are filed on a timely basis in the future, the District, the School District, the Authority and CFD No. 4 have engaged Dolinka Group, LLC to act as dissemination agent on their outstanding securities.

Absence of Litigation

At the time of delivery of and payment for the Bonds, the District will deliver a certificate to the effect that there is no known action, suit, proceeding, inquiry or investigation at law or in equity before or by any court or regulatory agency against the School District or the District affecting the existence of the School District or the District or the title of their respective officers to office or seeking to restrain or to enjoin the issuance, sale, or delivery of the Bonds, the application of the proceeds thereof in accordance with the Agreement, or the collection or application of the Special Taxes to pay the principal of and interest on the Bonds, or in any way contesting or affecting the validity or enforceability of the Bonds, the Resolution of Issuance, the Agreement, or

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any other applicable agreements or any action of the School District or the District or contemplated by any of said documents.

Rating

Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. (“Standard & Poor’s”) has assigned its underlying municipal bond rating of “BBB+” to the Bonds. Standard & Poor’s has assigned the insured municipal bond rating “AA” to the Bonds, with the understanding that upon the delivery of the Bonds, the Policy will be issued by BAM. Such ratings reflect only the views of Standard & Poor's and an explanation of the significance of such ratings may be obtained from Standard & Poor's. There is no assurance that such ratings will continue for any given period of time or that such ratings will not be revised downward or withdrawn entirely by such organization, if in its judgment circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price of the Bonds.

Verification of Mathematical Computations

Causey Demgen & Moore P.C., an independent firm of certified public accountants, will deliver to the District its reports indicating that it has examined, in accordance with standards established by the American Institute of Certified Public Accountants, the information and assertions provided by the District and its representatives. Included in the scope of its examination will be a verification of the mathematical accuracy of the computations of the adequacy of the cash deposited with Escrow Agent will be sufficient to pay the interest and principal, and redeem, in full, the outstanding Prior Bonds on September 1, 2014, as described under the caption “REFUNDING PLAN.”

Underwriting

The Bonds are being purchased by the Underwriter for a price of $19,821.70 being equal to the initial principal amount of the Bonds of $17,600,000, plus an original issue premium of $2,367,072.70 and less an Underwriter’s discount of $145,200.00. The Underwriter has committed to purchase all of the Bonds if any of such Bonds are purchased. The Bonds are being offered for sale to the public at the price set forth on the inside cover page of this Official Statement, which price may be changed by the Underwriter from time to time without notice. The Bonds may be offered and sold to dealers, including the Underwriter and dealers acquiring Bonds for their own account or an account managed by them, at prices lower than the public offering price.

Legal Matters Incident to the Issuance of the Bonds

Certain legal matters incident to the authorization and issuance of the Bonds are subject to the approving opinion of Bowie, Arneson, Wiles & Giannone, Newport Beach, California, acting in its capacity as Bond Counsel. The unqualified opinion of Bond Counsel approving the validity of the Bonds will be attached to each Bond, and the form of such opinion is attached hereto as APPENDIX B. Bond Counsel’s employment is limited to a review of legal procedures required for the approval of the Bonds and to rendering an opinion as to the validity of the Bonds and the exemption of interest on the Bonds from income taxation. Certain other legal matters related to the Bonds and the District will be passed upon for the School District by Best Best & Krieger LLP acting in its capacity as Special Counsel to the School District. Certain legal matters related to disclosure will be passed upon for the District by Best Best & Krieger LLP, acting in its capacity as Disclosure Counsel. McFarlin & Anderson LLP, Laguna Hills, California, is acting as counsel for the Underwriter. Payment of Bond Counsel’s, Disclosure Counsel’s, and Underwriter Counsel’s fees and expenses is contingent upon the sale and issuance of the Bonds. The various legal opinions to be delivered concurrently with the delivery of the Bonds will be qualified as to enforceability of the various legal instruments by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors generally and by equitable remedies and proceedings generally.

Payment of the fees and expenses of Bond Counsel and Disclosure Counsel is contingent upon issuance of the Bonds.

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Additional Information

References are made herein to certain documents and reports which are brief summaries thereof which do not purport to be complete or definitive, and reference is made to such documents and reports for full and complete statements of the contents thereof.

Any statements in this Official Statement involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Official Statement is not to be construed as a contract or agreement between the District and the purchasers or Owners of any of the Bonds.

The execution and delivery of this Official Statement has been duly authorized by the District.

COMMUNITY FACILITIES DISTRICT NO. 5OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT

By: /s/ Kevin D. Holt, Ed.D. Superintendent, on behalf of Community Facilities District No. 5 of the San Marcos Unified School District

[THIS PAGE INTENTIONALLY LEFT BLANK]

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APPENDIX A

GENERAL INFORMATION ABOUT THE CITY OF CARLSBAD, THE CITY OF SAN MARCOS AND THE SAN DIEGO REGION

The following information relating to the City of San Marcos, the City of Carlsbad and San Diego County is supplied solely for purposes of information. Although the District is located in the City of San Marcos, other information is provided for the general boundaries of the School District. Neither city is obligated in any manner to pay principal or interest on the Bonds or to cure any delinquency or default on the Bonds. The Bonds are payable solely from the sources described in the Official Statement.

CITY OF SAN MARCOS

The City of San Marcos, California (the “City”) is located approximately 35 miles north of downtown San Diego and 90 miles south of Los Angeles, in the northern coastal/inland region of San Diego County. The City covers approximately 31.37 square miles. The Cerros Las Posas, Merriam and San Marcos foothills and a series of valleys are the chief topographic features. The City is accessible to San Diego, Orange, Imperial, San Bernardino, Riverside and Los Angeles Counties. The City is situated along the State Highway 78 Freeway corridor and is bordered by Escondido to the east, Vista to the north and west, Carlsbad to the south and west, and unincorporated areas of the County to the north and south.

Municipal Government

The City is a charter city, incorporated in 1963 and chartered on July 4, 1994. The City operates under a council/manager form of government. The City Council is comprised of five council members, elected at large on a staggered basis for a term of four years. The Mayor is directly elected for a four-year term. The City Council appoints the City Manager and the City Attorney. Public services are typically through independent, special service districts and by contractual agreements with the County of San Diego.

Risk Management

The City participates in the Southern California Joint Powers Insurance Authority, which is comprised of approximately 100 member cities. The Authority was established under the California Government Code to administer a joint protection program wherein cities pool their losses and claims and jointly purchase excess insurance and administrative and other services. The liability self-insurance coverage arranged by the Authority for its members includes protection for personal injury, errors and omissions, property damage and bodily injury (including Workers’ Compensation).

Climate and Topography

The City is located 600 feet above sea level in rolling hills. The City has mild summers with an average high temperature of 72 degrees and moderate winters with an average winter temperature of 69 degrees. Average rainfall, which occurs generally in the period between November and April, is 9 to 11 inches.

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Population

Population figures for the City, the County and the State of California are shown in the following table:

POPULATION ESTIMATES

Calendar Year

City of San Marcos

County of San Diego

State of California

2002 60,656 2,890,256 34,725,516 2003 63,591 2,927,216 35,163,609 2004 67,048 2,953,703 35,570,847 2005 72,564 2,966,783 35,869,173 2006 76,303 2,976,492 36,116,202 2007 79,273 2,998,477 36,399,676 2008 82,116 3,032,689 36,704,375 2009 82,879 3,064,433 36,966,713 2010 83,781 3,095,313 38,648,090

2011 84,586 3,115,810 37,427,946

2012 85,160 3,128,734 37,668,804

2013 87,165 3,154,574 37,984,138

2014 90,179 3,194,362 38,340,074

Source: Population Estimates by Demographic Research Unit, California State Department of Finance as of January of each year listed.

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Employment and Industry

The following table sets forth the principal employers in the City as of June 30, 2013.

CITY OF SAN MARCOS TOP 20 EMPLOYERS

Business Name Number of Employees

Hunter Industries Inc. 725 United Parcel Service 433 Wal-Mart Stores, Inc. 350 Southern CA Permante Medical Group 301 Lusardi Construction Co. 300 Vanpike Inc. 286 Fry’s Electronics 270 Oncore Manufacturing Svcs, LLC 257 Costco Wholesale 253 RB III Associates 237 University Aux. & Research Svcs 230 Fluid Components Intl LLC 225 24 Hour Fitness 224 Hollandia Dairy, Inc. 185 Hughes Circuits Inc. 164 Diamond Environmental Svcs LP 150 Southern Contracting 150 Home Depot 148 Aerotek Inc. 138 Plum Health Care Group 135

_________________________ Source: City of San Marcos Comprehensive Audited Financial Report for Fiscal Year 2012-13.

Property Taxes

The San Diego County Treasurer-Tax Collector collects ad valorem property tax levies representing taxes levied for each fiscal year on taxable real and personal property which is situated in the County as of the preceding January 1. Unsecured taxes are assessed and payable on March 1 and become delinquent August 31, in the next fiscal year. One-half of the secured tax levy is due November 1 and becomes delinquent December 10; the second installment is due February 1 and becomes delinquent April 10. A ten percent penalty (10%) is added to any late installment. On June 30, delinquent properties are sold to the State.

Property owners may redeem property upon payment of delinquent taxes and penalties. Properties sold to the State incur a redemption penalty of one and one-half percent (1-1/2%) per month of the tax due. Properties may be redeemed under an installment plan by paying current taxes, plus twenty percent (20%) of delinquent taxes for five years. Interest accrues at one and one-half percent (1-1/2%) per month on the unpaid balance. If no payments have been made on delinquent taxes at the end of five fiscal years, the property is deeded to the State. Such properties may thereafter be conveyed to the County Tax Collector as provided by law.

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Set forth below is a summary of the secured property tax levies, collections and total collections for fiscal years since 2003-2004.

CITY OF SAN MARCOS PROPERTY TAX LEVIES AND COLLECTIONS

Fiscal Years 2003-04 through 2012-13

Collected within the Fiscal Year

of the Levy

Total Collections to Date

Fiscal Year

Ending June 30

Taxes Levied for the Fiscal

Year Amount Collected

Percentage of Levy

Delinquent Collections(1)

Total Tax Collections

Percent of Current Levy

2004 $5,058,512 $4,880,776 96.49% $77,745 $4,958,521 98.02% 2005 6,256,364 5,882,189 94.02 78,862 5,961,051 95.28 2006 6,908,062 6,472,381 93.69 133,657 6,606,038 96.63 2007 6,837,608 6,368,465 93.14 184,632 6,553,097 95.84 2008 6,773,119 6,341,932 93.63 167,455 6,509,387 96.11 2009 6,183,776 5,932,421 95.94 241,543 6,173,964 99.84 2010 5,576,114 5,363,998 96.21 277,310 5,591,308 100.29 2011 5,604,503 5,413,368 96.59 226,828 5,640,196 100.64 2012 4,645,057 5,477,833 97.04 130,736 5,608,569 99.35 2013 5,898,965 5,733,817 97.20 122,068 5,855,885 99.27

________________________ (1) Includes prior years’ delinquent collections, escapes, penalties and interest. Source: City of San Marcos.

CITY OF CARLSBAD

The City of Carlsbad is located on the coast of Southern California in San Diego County about 35 miles north of San Diego and 86 miles south of Los Angeles. It is bordered by two lagoons, Buena Vista and Batiquitos, on the north and south respectively. The City of Carlsbad limits cover approximately 42.19 square miles and has an estimated population of 110,169.

The District is not located within the City of Carlsbad, however, the information is provided for reference to the economic status of all areas within the School District boundaries.

Municipal Government

The City of Carlsbad, a general law city with the council-manager form of government, was incorporated July 16, 1952. A five-member City Council is elected at large for four-year alternating terms at elections held every two years. The mayor is the presiding officer of the Council and also is elected to serve a four-year term. The city manager, appointed by the Council for an indeterminate term, acts as chief executive officer in carrying out Council policies. The current city manager has served for 19 years.

The City of Carlsbad has approximately 674 full and 3/4-time employees as of June 2013. City services include police and fire protection, public safety, parks and recreation, library, community development, and water and sewer services.

Climate and Topography

The City of Carlsbad has mild summers with a mean temperature for the month of July of 73 degrees and moderate winters with an average winter temperature of 58 degrees. The relative humidity is low. Average rainfall, which occurs generally in the period between October and February, is less than 9 inches.

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The City of Carlsbad is located on the Pacific Ocean 35 miles north of San Diego at an altitude of sea level to 585 feet above sea level.

Population

Population figures for the City of Carlsbad, San Diego County and the State of California are shown in the following table:

CITY OF CARLSBAD POPULATION ESTIMATES

Calendar Year

City of Carlsbad

County of San Diego

State of California

2002 87,751 2,890,256 34,725,516 2003 90,214 2,927,216 35,163,609 2004 92,205 2,953,703 35,570,847 2005 94,161 2,966,783 35,869,173 2006 97,641 2,976,492 36,116,202 2007 100,154 2,998,477 36,399,676 2008 102,452 3,032,689 36,704,375 2009 103,664 3,064,433 36,966,713 2010 105,328 3,095,313 38,648,090

2011 106,403 3,115,810 37,427,946

2012 107,158 3,128,734 37,668,804

2013 108,401 3,154,574 37,984,138

2014 110,169 3,194,362 38,340,074 ________________________ Source: State of California, Department of Finance estimates (as of January 1).

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The following table lists the major employers within the City of Carlsbad and their estimated number of employees.

CITY OF CARLSBAD TOP 20 EMPLOYERS as of January 1, 2013

Business Name Employees Product/Services Callaway Golf 1,637 Golf Equipment ViaSat, Inc. 1,510 Family Theme Park Life Technologies 1,454 Medical Equipment Manufacturing Legoland, California 1,422 Hotel Resort Taylor Made /Adidas Golf Company 954 Golf Equipment La Costa Resort & Spa 932 Hotel and Health Spa Carlsbad Unified School District 903 Education Gemological Institute of America 794 Gemological School/Mfr. City of Carlsbad 675 Municipal Government Zimmer Dental Inc. 673 Dental Implants OptumRX, Inc. 670 Research and Development Genoptix, Inc. 661 Medical Laboratory Park Hyatt Aviara Resort 580 Hotel and Health Spa 24 Hour Fitness 545 Health Club Headquarters Alphatec Spine, Inc. 460 Medical/Orthopedic Devices Nordson Asymtec 430 Equipment Manufacturing Legend3D, Inc. 380 Film and Media Astec America 299 Electronic Components The Upper Deck Company 293 Sports Memorabilia Crestone Group Baking Companies 280 Baking and Distribution ____________________ Source: City of Carlsbad Chamber of Commerce.

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Property Taxes

The table below sets forth for Fiscal Years 2003-14 through 2012-13, the property tax levies, total current collections and percent of levy collected in the City for property tax accruing to the City’s general fund.

CITY OF CARLSBAD PROPERTY TAX LEVIES AND COLLECTIONS

Fiscal Years 2003-04 through 2012-13

Collected within the Fiscal Year

of the Levy

Total Collections to Date Fiscal Year

Ending June 30

Taxes Levied for the Fiscal

Year Amount Collected

Percentage of Levy

Delinquent Collections(1)

Total Tax Collections

Percent of Current Levy

2004 $33,117,599 $31,263,256 94.40% $ 489,764 $31,753,020 95.8% 2005 44,057,622 41,762,729 94.79 488,289 42,251,018 95.8 2006 49,806,112 47,058,777 94.48 664,449 47,723,226 95.8 2007 51,854,596 48,343,045 93.23 876,748 49,219,793 94.9 2008 56,098,718 51,425,928 91.67 1,196,691 52,622,619 93.8 2009 59,297,940 53,993,989 91.06 1,765,911 55,759,900 94.0 2010 58,433,851 53,131,129 90.93 1,899,786 55,030,915 94.1 2011 56,792,002 52,341,088 92.16 1,612,061 53,953,149 95.0 2012 56,172,471 52,660,971 93.75 974,414 53,635,385 95.4 2013 56,791,847 53,772,113 94.68 873,702 54,645,815 96.2

____________________ (1) Includes prior years’ delinquent collections, escapes, penalties and interest. Source: City of Carlsbad.

SAN DIEGO COUNTY REGIONAL INFORMATION

Employment and Industry

The cities of San Marcos and Carlsbad are included in the San Diego Metropolitan Statistical Area, which includes all of San Diego County. As of May, 2014, the labor force for San Diego County was 1,586,300 of which 1,494,200 were employed and 92,100 were unemployed. The unemployment rate as of May, 2014, was 5.8%, 0.7 less than December, 2013. Set forth below is data from 2009 to 2014, reflecting San Diego County’s civilian labor force, employment and unemployment. In the past six calendar years total employment in San Diego County rose approximately 6.3% while the labor force increased approximately 2.0%.

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METROPOLITAN STATISTICAL AREA (SAN DIEGO COUNTY) CIVILIAN LABOR FORCE, EMPLOYMENT AND UNEMPLOYMENT

(ANNUAL AVERAGES) AND EMPLOYMENT BY INDUSTRY GROUP

2009 2010 2011 2012 2013(5) 2014(6) Civilian Labor Force (1)(2) 1,554,900 1,574,100 1,582,200 1,599,200 1,578,600 1,586,300 Civilian Employment 1,405,600 1,408,200 1,423,500 1,456,300 1,476,200 1,494,200 Civilian Unemployment 151,300 149,300 158,700 142,800 102,300 92,100 Civilian Unemployment Rate % 9.6% 10.6% 10% 8.9% 6.5% 5.8% Total Farm 10,400 10,500 9,800 9,800 9,000 10,400 Natural Resources and Mining 400 400 400 400 400 400 Construction 61,100 55,400 55,200 56,300 64,100 65,200 Manufacturing 95,300 92,900 93,100 93,400 94,600 96,200 Trade, Transportation and Utilities 199,500 197,300 200,800 206,800 222,000 213,800 Information 28,200 25,100 24,200 24,600 24,200 24,100 Financial Activities 69,800 67,200 67,600 69,500 71,700 70,500 Professional and Business Services 206,800 207,700 209,800 215,500 222,500 226,700 Educational and Health Services 144,300 145,500 150,200 154,500 183,700 184,600 Leisure and Hospitality 154,800 154,500 155,600 161,000 166,100 175,300 Other Service providing 46,800 46,100 47,600 49,300 49,300 50,800 Government 224,500 230,400 229,000 227,600 233,000 235,100

Total(1), All Industries(3) (4) 1,241,700 1,233,000 1,243,200 1,268,600 1,340,600 1,353,100 ________________________ (1) Totals may not add due to rounding. (2) Civilian labor force data is the sum of civilian employment and civilian unemployment. (3) Industry employment is by place of work; excludes self-employed individuals, unpaid family workers, household

domestic workers, and workers on strike. (4) Data not seasonally adjusted. (5) As of December 2013. (6) As of May 2014. Source: State Employment Development Department, Labor Market Information Division.

Transportation

Primary access to the City of San Marcos is provided by State Highway 78, which is a major transportation corridor that extends in a general east-west direction from Escondido/Interstate 15 to Oceanside/Interstate 5. This is one of the few major transportation corridors linking the coastal areas to inland North County. San Marcos can be accessed at various off-ramps from the highway, including Nordahl Road, Twin Oaks Valley Road, San Marcos Boulevard, Rancho Santa Fe Road and Woodland Parkway. This network of roads provides access to the various neighborhoods and districts dispersed throughout the community.

Interstate 5 along the coast (via State Highway 78) and Interstate 15 (inland) provide full freeway access to Carlsbad and San Marcos from Los Angeles to the north and San Diego to the south.

Daily bus connections serve San Marcos and Carlsbad, passenger rail service on Southern Pacific Railway is 30 minutes to the west in Oceanside, and San Diego’s Lindberg International Airport is 35 minutes to the south of San Marcos and Carlsbad.

The North County area is served by the AT&SF Railroad, a part of the transcontinental line linked with major rail networks. A number of industrial parcels throughout the North San Diego sub-region are served by rail.

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An Oceanside-Escondido mass transit line with a Civic Center station and a connection to California State University, San Marcos was completed by the North County Transit District (the “NCTD”) in 2005. All of these improvements provide for safe and efficient traffic circulation to the Civic Center Plaza area.

The smaller McClellan-Palomar Airport in Carlsbad is within minutes of North County cities and is popular among executives who have based nearly 100 corporate aircraft at full-service facilities. Commercial service is offered to San Diego, Los Angeles, Orange County and other Southern California and Arizona locations. Air cargo service also may expand as industry expands in North County.

Access to the San Diego Harbor and the Port of San Diego from North County is convenient and fast via rail and freeway connections. There are nearly 2.5 miles of rail track at shipside, with an additional eight miles of track serving 12 berths throughout the Port.

Utilities and Other Local Services

The City provides a wide range of services to its residents including basic local services such as planning, public works, community services, recreation and parks and fire protection. Vallecitos Water District provides domestic water service and sanitary sewer services, as well as water sewage treatment. Natural gas and electric power currently are supplied only by San Diego Gas & Electric Company. Telephone service is provided by Pacific Telephone Company.

Education and Community Facilities

The campus of the California State University, San Marcos, is nearby, which opened in the fall of 1992 on 305 acres, less than one-half mile south of the San Marcos city hall. Ultimate enrollment at this four-year school is estimated as 35,000 students.

Two community colleges, Palomar (which is located in San Marcos) and Mira Costa, schedule day and evening courses where residents can complete a two-year degree, obtain vocational training or take general education courses.

San Marcos Unified School District (the “School District”) also provides ten elementary schools, two middle schools, two comprehensive high schools, one alternative high school and one continuation high school to San Marcos residents and to portions of Carlsbad. The enrollment of the School District in October 2013 was 20,002 students.

Medical facilities include the 288-bed Palomar Medical Center in Escondido, which opened in 2012 and was one of the country’s largest hospital construction projects and the first new North San Diego County hospital in 30 years. Other nearby medical facilities include the 319-bed Palomar Health Downtown Campus in Escondido, the 107-bed Pomerado Hospital in Poway and Palomar Health Rehabilitation Services in San Marcos. North San Diego County communities are served by emergency and trauma centers and other comprehensive medical and health services including cardiology, vascular, neurosciences services, interventional radiology, rehabilitation services, medical oncology, obstetrics and gynecology, an array of outpatient services and a Starbucks on the premises.

Recreational facilities in close proximity include the San Diego Wild Animal Park, Legoland, 25 golf courses, Lake Hodges, Lake Wohlford, Dixon Lake and Palomar Observatory. Community facilities include the San Marcos Civic Center Plaza, formerly known as Town Center. The Civic Center Plaza includes nearly 60 acres at the northeast corner of Twin Oaks Valley Road and State Highway 78, approximately one mile from California State University, San Marcos. The Civic Center Plaza is a mixed use, public/private venture consisting of a 150,000 square-foot city hall, a 30,000 square-foot multi-purpose community center and a 15,000 square-foot branch of the County library. The shopping center portion of the site is presently home to anchor tenants LA Fitness and The Old Spaghetti Factory and thirteen other tenants.

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APPENDIX B

PROPOSED FORM OF OPINION OF BOND COUNSEL

Upon delivery of the Bonds, Bowie, Arneson, Wiles & Giannone, Newport Beach, California, Bond Counsel to Community Facilities District No. 5 of the San Marcos Unified School District, proposes to render their final approving opinion with respect to the Bonds in substantially the following form:

Governing Board San Marcos Unified School District 255 Pico Avenue, Suite 250 San Marcos, CA 92069

Re: $17,600,000 Community Facilities District No. 5 of the San Marcos Unified School District -- Series 2014 Special Tax Refunding Bonds Final Opinion of Bond Counsel

Ladies and Gentlemen:

We have acted as Bond Counsel in connection with the issuance and sale by Community Facilities District No. 5 of the San Marcos Unified School District (“District”) of $17,600,000 aggregate principal amount of bonds designated “Community Facilities District No. 5 of the San Marcos Unified School District Series 2014 Special Tax Refunding Bonds” (“Bonds”). The Bonds are issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (comprising Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California), Resolution #03-14/15 adopted by the Board of Education of the San Marcos Unified School District (“School District”) acting in its capacity as the Legislative Body of the District on July 15, 2014, and the Fiscal Agent Agreement executed in connection therewith dated as of August 1, 2014, by and between the District and MUFG Union Bank, N.A. (“Fiscal Agent Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Fiscal Agent Agreement.

As Bond Counsel, we have examined copies certified to us as being true and complete copies of the proceedings in connection with the formation of the District and the issuance of the Bonds (“District Proceedings”). We have also examined certificates and representations of fact made by public officials and officers of the District and the School District, the Underwriter and others as we have deemed necessary to render this opinion.

Attention is called to the fact that we have not been requested to examine and have not examined any documents or information relating to the District or the School District other than the record of the District Proceedings hereinabove referred to, and no opinion is expressed as to any financial or other information, or the adequacy thereof which has been or may be supplied to any purchaser of the Bonds. In rendering the opinions set forth herein, we have relied upon the representations of fact and certifications referred to above, and we have not undertaken by independent investigation to verify the authenticity of signatures or the accuracy of the factual matters represented, warranted or certified therein. Furthermore, we have assumed compliance with all covenants contained in the Fiscal Agent Agreement, including, without limitation, covenants compliance with which is necessary to assure that future actions or events will not cause the interest on the Bonds to be included in gross income for federal income tax purposes. Failure to comply with certain of such covenants may cause interest on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of original issuance of the Bonds.

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The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof. We have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or events do occur or any matters that come to our attention after the date hereof. Accordingly, this opinion speaks only as of its date and is not intended to, and may not, be relied upon in connection with any such actions, events or matters. Our engagement with respect to the Bonds has concluded with the issuance thereof and we disclaim any obligation to update this letter.

In addition, we call attention to the fact that the rights and obligations under the Bonds, the Fiscal Agent Agreement and other documents related to the District Proceedings are subject to bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to creditors' rights and remedies, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against school districts in the State of California (“State”). We express no opinion with respect to any indemnification, contribution, penalty, choice of law, choice of forum, choice of venue, waiver or severability provisions contained in the foregoing documents. Finally, we undertake no responsibility for the accuracy, completeness or fairness of any offering material(s) relating to the Bonds and express no opinion with respect thereto.

The Fiscal Agent Agreement and other documents related to the District Proceedings refer to certain requirements and procedures which may be changed and certain actions which may be taken or omitted under the circumstances and subject to terms and conditions set forth in such documents. No opinion is expressed herein as to the effect on any Bond or the interest thereon if any such change is made, or action is taken or omitted, upon the advice or approval of counsel other than ourselves.

Based on and subject to the foregoing, and in reliance thereon, and our consideration of such questions of law as we have deemed relevant to the circumstances, we are of the following opinions:

1. The District has, and the District Proceedings show, full power and authority to issue the Bonds. The Bonds constitute legal, valid and binding obligations of the District, payable in accordance with their terms. The Bonds are limited obligations of the District payable solely from and secured by a pledge of the Net Taxes, and from other funds and accounts pursuant to the Fiscal Agent Agreement, and are not obligations of the School District, the State or any public agency thereof (other than the District). The District has the full right, power and authority to levy and pledge the Net Taxes to the Owners of the Bonds.

2. The Fiscal Agent Agreement has been duly and validly authorized, executed and delivered by, and constitutes a valid and binding obligation of, the District.

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3. Interest on the Bonds (including any original issue discount properly allocable to the owner thereof) is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended, and is exempt from State of California personal income taxes. Interest on the Bonds is not a specific preference item for purposes of the federal alternative minimum taxes imposed on individuals and corporations, although it should be noted that, with respect to corporations, such interest will be included as an adjustment in the calculation of alternative minimum taxable income which may affect the alternative minimum tax liability of such corporations. We express no opinion regarding other tax consequences related to the Bonds or to the accrual or receipt of the interest on the Bonds.

We express no opinion as to any matter other than as expressly set forth above.

Very truly yours,

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APPENDIX C

FORM OF CONTINUING DISCLOSURE CERTIFICATE

$17,600,000 COMMUNITY FACILITIES DISTRICT NO. 5

OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT SERIES 2014 SPECIAL TAX REFUNDING BONDS

This CONTINUING DISCLOSURE CERTIFICATE (the “Disclosure Certificate”) is executed and delivered by the Community Facilities District No. 5 of the San Marcos Unified School District (the “District”) in connection with the issuance of the Community Facilities District No. 5 of the San Marcos Unified School District Series 2014 Special Tax Refunding (the “Bonds”). The Bonds are issued and secured pursuant the provisions of a resolution of the Governing Board of the San Marcos Unified School District, acting as the legislative body of the District, adopted on July 15, 2014 (the “Resolution”), and, provisions of the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the California Government Code), and the Fiscal Agent Agreement, dated as of August, 1, 2014 (the “Fiscal Agent Agreement”), by and between the District and the MUFG Union Bank, N.A. Fiscal Agent.

Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered by the District for the benefit of the Owners of the Bonds and in order to assist the Participating Underwriter (as defined herein) in complying with S.E.C. Rule 15c2-12(b)(5).

Section 2. Definitions. In addition to the definitions set forth in the Fiscal Agent Agreement, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings:

“Annual Report” shall mean any Annual Report provided by the District pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate.

“Disclosure Representative” shall mean the Assistant Superintendent, Business Services of the School District, or his or her designee, or such other officer or employee as the District shall designate in writing to the Dissemination Agent from time to time.

“Dissemination Agent” shall mean Dolinka Group, LLC, acting in its capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the District and which has filed with the District a written acceptance of such designation.

“EMMA System” shall mean the Electronic Municipal Market Access system of the Municipal Securities Rulemaking Board (the “MSRB”) or such other electronic system designated by the MSRB or the Securities and Exchange Commission (the “S.E.C.”) for compliance with S.E.C. Rule 15c2-12(b).

“Fiscal Year” shall mean the twelve-month period beginning on July 1 of each year and ending on June 30 of the following year.

“Listed Events” shall mean any of the events listed in Section 5(a) and (b) of this Disclosure Certificate.

“MSRB” means the Municipal Securities Rulemaking Board and any successor entity designated under the Rule as the repository for filings made pursuant to the Rule.

“Participating Underwriter” shall mean Stifel, Nicolaus & Company, Incorporated as the original underwriter of the Bonds required to comply with the Rule in connection with the offering of the Bonds.

“Rule” shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time.

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“S.E.C.” means the Securities and Exchange Commission.

“Tax-exempt” shall mean that interest on the Bonds is excluded from gross income for federal income tax purposes, whether or not such interest is includable as an item of tax preference or otherwise includable directly or indirectly for purposes of calculating any other tax liability, including any alternative minimum tax or environmental tax.

Section 3. Provision of Annual Reports.

(a) The District shall, or shall cause the Dissemination Agent to, not later than nine months following the end of each Fiscal Year, commencing March 30, 2015, provide to the MSRB, through the EMMA system in an electronic format and accompanied by identifying information as prescribed by the MSRB, and to the Participating Underwriter, an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate; provided that the audited financial statements of the School District may be submitted separately from the balance of the Annual Report and later than the date required above if not available by that date. Not later than fifteen (15) business days prior to said date, the District shall provide the Annual Report to the Dissemination Agent. In each case, the Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference (or incorporate by reference) other information as provided in Section 4 of this Disclosure Certificate. The information contained or incorporated in each Annual Report shall be for the fiscal year which ended on the preceding June 30. The District shall provide a written certification with each Annual Report furnished to the Dissemination Agent to the effect that such Annual Report constitutes the Annual Report required to be furnished by it hereunder. The Dissemination Agent may conclusively rely upon such certifications of the District and shall have no liability, duty or obligation whatsoever to review any such Annual Report. Further, the Dissemination Agent shall have no liability for the contents of any such Annual Report.

(b) If the Dissemination Agent is unable to verify that an Annual Report has been provided to the MSRB through the EMMA system by the date specified in subsection (a), the Dissemination Agent shall send a notice to the MSRB through the EMMA system, in substantially the form attached as Attachment A.

(c) The Dissemination Agent shall:

(i) determine each year prior to the date for providing the Annual Report the electronic filing requirements of the MSRB for the Annual Report; and

(ii) provide any Annual Report received by it to the MSRB through the EMMA system.

(iii) if the Dissemination Agent is other than the District and to the extent such Dissemination Agent can confirm such filing of the Annual Report, provide notice to the District that the Annual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided and confirming that it has been filed with the MSRB through the EMMA system and to the Participating Underwriter.

Section 4. Content of Annual Reports. The Annual Report shall contain or incorporate by reference the following:

(a) the principal amount of the Bonds outstanding as of September 2 of each year;

(b) the balance in each fund and account under the Fiscal Agent Agreement as of the September 2 preceding the filing of the Annual Report, including the Reserve Fund and a statement of the Reserve Requirement;

(c) updates to Tables 2 and 3 of the Official Statement using the current year’s actual Special Tax levy and information regarding the percentage of delinquency, if any, in the collection of Special Taxes levied on property in the District for the Fiscal Year preceding the Annual Filing Date;

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(e) any changes to the Rates and Method of Apportionment of Special Tax approved or submitted to the electors for approval prior to the filing of the Annual Report;

(f) the status of any foreclosure actions being pursued by the District with respect to delinquent Special Taxes;

(g) an update of the information in Table 6 of the Official Statement using the current year’s assessed value for Taxable Property in the District. The lien values in such table will include all Bonds then outstanding and any refunding bonds of the District;

(h) any information not already included under (a) through (g) above that the District is required to file in its annual report to the California Debt and Investment Advisory Commission pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982, as amended; and

(e) (i) the total amount of the Special Taxes levied in the District in the current Fiscal Year to pay debt service on the Outstanding Bonds; (ii) the total amount of such Special Taxes that was collected for the first installment of the current fiscal year; and (iii) the total amount of interest due on the Outstanding Bonds on the succeeding September 1 Interest Payment Date.

Any or all of the items listed above may be incorporated by reference from other documents, including official statements of debt issues of the District, the School District or related public entities, which have been submitted to the MSRB through the EMMA system or the S.E.C. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The District shall clearly identify each such other document so incorporated by reference.

Section 5. Reporting of Significant Events.

(a) Pursuant to the provisions of this Section 5, the District shall file, or if the Dissemination Agent is other than the District, promptly instruct the Dissemination Agent in writing to file a notice with EMMA of the occurrence of any of the following events with respect to the Bonds in a timely manner not in excess of ten (10) business days after the occurrence of the event:

1. Principal and interest payment delinquencies;

2. Non-payment related defaults;

3. Unscheduled draws on debt service reserves reflecting financial difficulties;

4. Unscheduled draws on credit enhancements reflecting financial difficulties;

5. Substitution of credit or liquidity providers, or their failure to perform;

6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security;

7. Modifications to rights of security holders, if material;

8. Bond calls, if material, and tender offers;

9. Defeasances;

10. Release, substitution or sale of property securing repayment of the securities, if material;

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11. Rating changes;

12. Bankruptcy, insolvency, receivership or similar event of the obligated person;(2)

13. The consummation of a merger, consolidation or acquisition involving an obligated person or sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and

14. Appointment of a successor or additional trustee or the change of name of a trustee, if material.

(b) Upon the occurrence of a Listed Event under Section 5(a) hereof, the District shall as soon as possible determine if such event would be material under applicable federal securities laws.

(c) The District shall (i) file a notice of such occurrence with the Repository in a timely manner not in excess of 10 business days after the occurrence of the event or (ii) provide notice of such reportable event to the Dissemination Agent in format suitable for filing with EMMA in a timely manner not in excess of 10 business days after the occurrence of the event. The Dissemination Agent shall have no duty to independently prepare or file any report of Listed Events. The Dissemination Agent may conclusively rely on the District’s determination of materiality.

Section 6. Termination of Reporting Obligation. The District’s obligations under this Disclosure Certificate shall terminate upon the defeasance, prior redemption or payment in full of all of the Bonds.

Section 7. Dissemination Agent. The District may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The initial Dissemination Agent shall be the Dolinka Group, LLC. The Dissemination Agent may resign by providing thirty (30) days’ written notice to the District. If at any time there is no designated Dissemination Agent appointed by the District, or if the Dissemination Agent so appointed is unwilling or unable to perform the duties of the Dissemination Agent hereunder, the District shall be the Dissemination Agent and undertake or assume its obligations hereunder.

Section 8. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Certificate, the District may amend this Disclosure Certificate (and the Dissemination Agent shall agree to any amendment requested by the District, provided the Dissemination Agent shall not be obligated to enter into any amendment increasing or affecting its duties or obligations), and any provision of this Disclosure Certificate may be waived, if such amendment or waiver is supported by an opinion of counsel expert in federal securities law, acceptable to the District and the Dissemination Agent, to the effect that such amendment or waiver would not, in and of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule.

(2) Note: For the purposes of the event identified in subparagraph (9), the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governmental body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person.

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If the annual financial information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto containing the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or financial information being provided.

If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the first annual financial information for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial statements or information, in order to provide information to investors to enable them to evaluate the ability of the District to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. A notice of the change in the accounting principles shall be given in the same manner as for a Listed Event under Section 5(b).

Section 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the District from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the District chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the District shall have no obligation under this Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

Section 10. Default. In the event of a failure of the District or the Dissemination Agent to comply with any provision of this Disclosure Certificate, the Dissemination Agent may, and, at the request of any Participating Underwriter or the Owners of at least 25% of the aggregate principal amount of the outstanding Bonds, shall (but only to the extent funds in any amount satisfactory to the Dissemination Agent have been provided to it or it has been otherwise indemnified to its satisfaction from any cost, liability, expense or additional charges whatsoever related thereto, including without limitation, fees and expenses of its attorneys), or any Owner may, take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the District or the Dissemination Agent, as applicable, to comply with their obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an event of default under the Bond Resolution and the sole remedy under this Disclosure Certificate in the event of any failure of the District or the Dissemination Agent to comply with this Disclosure Certificate shall be an action to compel performance.

Section 11. Duties, Immunities and Liabilities of the Dissemination Agent. The Dissemination Agent shall have only such duties hereunder as are specifically set forth in this Disclosure Certificate. This Disclosure Certificate does not apply to any other securities issued or to be issued by the District. The Dissemination Agent shall have no responsibility for the preparation, review, form or content of any notice of a Listed Event. No provision of this Disclosure Certificate shall require or be construed to require the Dissemination Agent to interpret or provide an opinion concerning any information disclosed hereunder. Information disclosed hereunder by the Dissemination Agent may contain such disclaimer language concerning the Dissemination Agent’s responsibilities hereunder with respect thereto as the Dissemination Agent may deem appropriate. The Dissemination Agent may conclusively rely on the determination of the District regarding any event for purposes of Section 5 hereof. The Dissemination Agent make any representation as to the sufficiency of this Disclosure Certificate for purposes of the Rule. The Dissemination Agent shall be paid compensation by the District for its services provided hereunder in accordance with its schedule of fees, as amended from time to time, and all reasonable expenses, legal fees and advances made or incurred by the Dissemination Agent in the performance of their duties hereunder. The obligations of the District under this Section shall survive the termination of this Disclosure Certificate.

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Section 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the District, the Dissemination Agent, the Participating Underwriter and the Owners from time to time of the Bonds, and shall create no rights in any other person or entity.

Dated: August 27, 2014

COMMUNITY FACILITIES DISTRICT NO. 5 OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT By: _____________________________________ Authorized Officer

Acknowledged and Agreed to by: DOLINKA GROUP, LLC, as Dissemination Agent By: _____________________________________ Authorized Officer

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ATTACHMENT A

NOTICE OF FAILURE TO FILE ANNUAL REPORT

Name of Issuer: Community Facilities District No. 5 of the San Marcos Unified School District

Name of Bond Issue: Community Facilities District No. 5 of the San Marcos Unified School District Series 2014 Special Tax Refunding Bonds

Date of Issuance: August 27, 2014

NOTICE IS HEREBY GIVEN that the Community Facilities District No. 5 of the San Marcos Unified School District (the “District”) has not provided an Annual Report with respect to the above-referenced Bonds. The District anticipates that the Annual Report will be filed by _____________.

Dated: ________________

DOLINKA GROUP, LLC as Dissemination Agent on Behalf of the School District and the District By: Authorized Signatory

cc: San Marcos Unified School District

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APPENDIXD

RATE AND METHOD OF APPORTIONMENT OF THE SPECIAL TAX

SAN MARCOS UNIFIED SCHOOL DISTRICT COMMUNITY FACILITIES DISTRICT NO.5

The Board of Trustees of the San Marcos Unified School District ("Board" and "School District") acting as the legislative body of Community Facilities District No. 5 of the San Marcos Unified School District ("CFD"), shall levy and collect special taxes ("Special Taxes") applicable to each Assessor's Parcel located within the boundaries of the CFD.

The Special Taxes will be levied as herein specified. All property located within the boundaries of the CFD shall be taxed, to the extent and in the manner herein set forth, unless exempted by law or as herein provided.

Section 1. Definitions

"Act" means the Mello-Roos Community Facilities District Act of 1982, as amended, located at Section 53311. et seq. of the California Government Code.

"Administrative Expense" means any ordinary and necessary expense incurred by the School District on behalf of the CFD related to the determination of the amount of the levy of Special Taxes, the collection of Special Taxes including the expenses of collecting delinquencies, the administration of Bonds, the payment of salaries and benefits or appropriate allocation thereof of any School District employee whose duties are directly related to the administration of the CFD, and costs otherwise incurred in order to carry out the authorized purposes of the CFD.

"Annual Special Taxes" means the Special Taxes which may be levied annually on each particular Assessor's Parcel.

"Annual Special Tax- Developed Property" means the Special Taxes which may be annually levied on an Assessor's Parcel that has been classified as Developed Property. The Annual Special Tax -Developed Property is established in the Initial Fiscal Year based upon Table 2, or Table 2a as applicable, adjusted as described in Section 4. The Annual Special Tax - Developed Property for a Dwelling Unit is not subject to increase once established.

"Annual Special Tax- Undeveloped Property" means the Special Tax which may be annually levied on an Assessor's Parcel that has been classified as Undeveloped Property.

"Assessor's Parcel" means a parcel of land as designated on an official map of the San Diego County Assessor and for which a discrete identifying parcel number has been assigned.

"Board" means the Board of Trustees of the San Marcos Unified School District.

"Bonds" means the bonds authorized and issued or to be issued on behalf of the CFD or equivalent securities, including but not limited to certificates of participation or leases issued and sold by or on behalf of the CFD or which are to be funded by proceeds of Special Taxes of the CFD to fmance School Facilities.

Appendix D: Page 1

"Building Square Footage" means for any Assessor's Parcel of Developed Non-Residential Property, the covered and enclosed space not including storage areas incidental to the principal use of the structure. Building Square Footage means for any Assessor's Parcel of Residential Property the square footage of each dwelling unit determined by calculating the habitable space of the improvement (exclusive of garages, carports, overhangs or patios). For purposes of this determination, the District may rely on the square footage as identified on the building permit(s) issued by the applicable issuing agency.

"Calendar Year" means the period of time commencing on January 1 of any year and ending the following December 31.

"City" means the City of Carlsbad.

"Commercial Development" means any non-residential development.

"Community Facilities District No. 5 Special Tax Obligation Area Map" means that map so designated, on file in the Office of the Clerk of the Board and herein incorporated.

"Developed Property" means property for which a building permit has been issued by the City on or before January 1 and which is not exempt from taxation and for which the Annual Special Tax -Developed Property obligation has not been prepaid and/or permanently satisfied. Property for which a building permit has been issued by the City on or before January 1 shall be designated as Developed Property and subject to the levy of the Annual Special Tax - Developed Property in the following Fiscal Year. If a building permit has been issued for which the improvements to be constructed by the building permit together with previously issued building permits, if applicable, does not constitute the ultimate development of the entire Assessor's Parcel as reasonably determined by the School District, the remaining undeveloped portion of the Assessor's Parcel will be classified as Undeveloped Property and will be subject to the levy of the Annual Special Tax- Undeveloped Property as herein provided.

"Dwelling Unit" means one residential unit or any configuration, including but not limited to a single family attached or detached unit, condominium, an apartment unit, mobile home, or otherwise, but excludes therefrom hotels and motels. Second Dwelling Units, as herein defined, are a separate dwelling unit though located on the same parcel or attached to another dwelling unit.

"Exempt Property" means property owned by the State of California, federal or other local governments except as otherwise provided in Sections 53317.3 and 53317.5 of the Act.

"Financing Factor" means the factor, when the aggregate of the land and facilities component of the Annual Special Tax is divided by, increases the total to adjust for the addition of a reserve fund, cost of issuance, underwriter's discount or similar cost of issuance on a competitively bid issuance of Bonds, 10% coverage and one year of capitalized interest. The Financing Factor, for the purposes hereof, is 1.38140.

"Fiscal Year" means the period of time commencing on July 1 of any year and ending the following June 30.

"Index" Index means the Marshall and Swift Class D Wood Frame Construction Cost Index as shown in the index titled, "Current Building Cost Indexes, Western Division, Class D." The annual increase in the Index to be in effect for the current fiscal year shall be based upon the last available data as of May 1 of the preceding fiscal year. However, that with respect to the portion of the Special Taxes relating to the

Appendix D: Page 2

land component, the term "Index" shall mean four percent (4%) per year or the Index which ever is greater, as described in Section 4.

"Initial Fiscal Year" applies only to Developed Property and means the first Fiscal Year in which the Annual Special Tax - Developed Property will be apportioned and levied as to an Assessor's Parcel classified as Developed Property.

"Land Use Classification" means the land use classifications listed in Table 1.

"Mitigation Payment" means the mitigation payments as defined in the School Facilities Funding and Mitigation Agreement between the School District and Continental Ranch, Inc. dated November 17, 1997.

"Multi-Family Attached Unit" means a building or buildings in which all of the individual Dwelling Units have at least one common wall (including apartments) and each Dwelling Unit is less than 1,600 of Building Square Feet but excludes Senior Citizen Housing.

"Net Developable Acre" is a total of 252.43 acres as shown on the map entitled, Community Facilities District No. 5 Special Tax Area Obligation Map ("Special Tax Map") prepared for the CFD on file in the Office of the Clerk of the Board and herein incorporated. After the recordation of final maps the Net Developable Acreage will be reasonably determined by the School District.

"One-Time Special Taxes" means the Special Taxes which may be levied at the time of building permit issuance as to the One-Time Special Tax - Developed Property and at the time of approval of a final map as to the One-Time Special Tax - Undeveloped Property.

"Residential Development" means all Developed Property within the CFD classified as either a Single Family Detached Unit, Multi-Family Attached Unit, Second Dwelling Unit or Senior Unit.

"School District" means the San Marcos Unified School District.

"School Facilities" means the planning, acquisition, construction and/or financing of interim and permanent facilities, including classrooms, multi-purpose, administration and auxiliary space at a school, central support and administrative facilities and special education facilities, together with furniture, equipment and technology, needed by the School District in order to serve the project students, in addition to all land or interests in land required for the construction of such on-site or off-site facilities and all land or interests in land required to be provided by the School District as mitigation of impacts associated with the development of such School Facilities, all as described in Exhibit "E" to the School Facilities Funding and Mitigation Agreement between the School District and Continental Ranch, Inc. dated November 17, 1997.

"Second Dwelling Unit" means a Dwelling Unit, as specified presently in Section 21.10.014 of the Municipal Code of the City and limited to dwelling units of not more than six hundred forty square feet, having a separate entrance, which is either attached to the main dwelling unit and located within the habitable area of the main dwelling unit or detached from the main dwelling unit and located on the same lot as the main dwelling unit.

"Senior Citizen Housing" or "Senior Unit" means any residential Dwelling Unit designated as senior citizen housing, residential care facilities for the elderly or multilevel facilities for the elderly as presently described in California Government Code Section 65995.1 regardless of whether such residential Dwelling Unit is attached to or detached from other residential Dwelling Units.

Appendix D: Page 3

"Single Family Detached Unit" means any residential Dwelling Unit which contains a single family structure with no common walls and Multi-Family Attached Units with 1,600 Building Square Footage or more but excludes Senior Citizen Housing.

"Special Tax" or "Special Taxes" means the applicable Annual Special Taxes of the CFD, and the One­Time Special Taxes, if any, ofthe CFD.

"Taxable Property" means property that is not exempt from the Special Taxes pursuant to the Act.

"Undeveloped Property" means property that is not classified as Developed Property.

Section 2. Assignment to Land Use Classifications

The District shall classify all property within the boundaries of the CFD as either Developed Property or Undeveloped Property. Such classification shall be made on or before January 1. All Developed Property shall be assigned to one of the applicable designated land use classifications ("Land Use Classifications") listed in Table 1 and taxed as set forth in Table 2. For purposes of this determination, the District may rely on the Building Square Footage as identified on the building permit(s) issued by the applicable issuing agency. Undeveloped Property shall be taxed as set forth in Section 3(b) below.

Appendix D: Page 4

Table 1 Land Use Classifications for Developed Property

Land Use Class Description

1 Single Family Detached Unit with Buildin~ Square Footage greater than 3,500 square feet

2 Single Family Detached Unit with Building Square Footage equal to or less than 3,500 sg_uare feet and greater than 2,600 sguare feet

3 Single Family Detached Unit with Building Square Footage equal to or less than 2,600 square feet and greater than 2,200 square feet

4 Single Family Detached Unit with Building Square Footage equal to or less than 2,200 square feet and greater than 1 ,900 square feet

5 Single Family Detached Unit with Building Square Footage equal to or less than 1,900 square feet and Multi-Family Attached Unit with Building Square Footage less than 1,600

Square Feet and greater than or equal to 1,300 Square Feet

6 Multi-Family Attached Unit with Building Square Footage less than 1,300 square feet and greater than or equal to 900 square feet

7 Multi-Family Attached Unit with Building s_quare Footage less than 900 sguare feet

8 Senior Citizen Housing and Commercial Development

Section 3. Annual Special Taxes

A. Annual Special Tax - Developed Property

The Annual Special Tax - Developed Property for each Assessor Parcel classified as Developed Property shall be the amount determined by reference to Table 2 or 2a as applicable and the paragraphs that follow Table 2 and Table 2a. The Annual Special Tax - Developed Property shown in Table 2 has been adjusted based upon receiving in-kind contributions of land for the project K-5 school site as per the provisions of the School Facilities Funding and Mitigation Agreement. If in-kind contributions are not received the Annual Special Tax- Developed Property will be increased as shown in Table 2a.

Appendix D: Page 5

Table 2 (In-Kind Contributions Received) Annual Special Tax - Developed Property

Fiscal Year 1997/98 per Land Use Classification

Land Use Classification Annual Special Tax -Developed Property*

1 $1,730.16 per Dwelling Unit

2 $1,559.28 per Dwelling Unit

3 $1,388.40 per Dwelling Unit

4 $1,068.00 per Dwelling Unit

5 $683.52 per Dwelling Unit

6 $544.68 per Dwelling Unit

7 $192.24 per Dwelling Unit

8 $0.04042 per Square Foot of Building Square Footage *Note: The above Annual Special Tax- Developed Property has been adjusted based upon receiving m­kind contributions of land for the project K-5 school site as per the provisions of the mitigation agreement. If in-kind contributions are not received the Annual Special Tax - Developed Property will be increased as shown in Table 2a below.

Table 2a (In-Kind Contributions Not Received) Annual Special Tax -Developed Property

Fiscal Year 1997/98 per Land Use Classification

Land Use Classification Annual Special Tax- Developed Property*

1 $2,328.78 per Dwelling Unit

2 $2,098.78 per Dwelling Unit

3 $1,868.78 per Dwelling Unit

4 $1,437.52 per Dwelling Unit

5 $920.01 per Dwelling Unit

6 $733.14 per Dwelling Unit

7 $258.75 per Dwelling Unit

8 $0.04042 per Square Foot of Building Square Footage * Note: The above Annual Special Tax - Developed Property has been adjusted based upon not receivmg in-kind contributions of land for the project K-5 school site as per the provisions of the mitigation agreement. If in-kind contributions are received the Annual Special Tax - Developed Property will be decreased as shown in Table 2 above.

In determining the amount of Annual Special Tax - Developed Property which may be levied in the next succeeding Fiscal Year, the Annual Special Tax - Developed Property shall be increased as set forth in Section 4 below.

Appendix D: Page 6

In each Fiscal Year following in which a Dwelling Unit is initially categorized as Developed Property, the Annual Special Tax - Developed Property for such Dwelling Unit for the Initial Fiscal Year and for each Fiscal Year thereafter, shall be fixed and shall thereafter not be subject to any further escalation of the Annual Special Tax - Developed Property as described in Section 4 below.

B. Annual Special Tax- Undeveloped Property

The Annual Special Tax for each Assessor Parcel classified as Undeveloped Property shall be up to $7,000.00* per Net Developable Acre as shown on the Community Facilities District No. 5 Special Tax Obligation Map ("Special Tax Map"). In determining the amount of Annual Special Tax - Undeveloped Property which may be levied in the next succeeding Fiscal Year, the Annual Special Tax - Undeveloped Property shall be increased as set forth in Section 4 below. *Note: The above Annual Special Tax- Undeveloped Property has been adjusted based upon receiving in-kind contributions of land for the project K-5 school site as per the provisions of the mitigation agreement. If in-kind contributions are not received, the Annual Special Tax - Undeveloped Property will be increased to $10,000.00 per Net Developable Acre.

Section 4. Increases in the Annual Special Tax Rates and an Example

A. Increase in the Tax Rates of the Annual Special Taxes

Annually, commencing July 1, 1998, the Annual Special Taxes shall be increased. The four components of the Annual Special Taxes are shown in Table 3 and 4 below:

Table3 Components of the Annual Special Tax -Developed Property*

Annual Special

Class Tax-Land Facilities Administration Financing

Developed Property

Component Component Component Component

1 $1,730.16 $161.84 $1,079.04 $16.00 $473.28

2 $1,559.28 $145.71 $971.47 $16.00 $426.10

3 $1,388.40 $129.58 $863.91 $16.00 $378.91

4 $1,068.00 $99.33 $662.22 $16.00 $290.45

5

6

7

8

$683.52 $63.02 $420.20 $16.00 $184.30

$544.68 $49.92 $332.80 $16.00 $145.96

$192.24 $16.64 $110.94 $16.00 $48.66

$0.04042 $0.00405 $0.02686 $0.0016 $0.00791

• Note: The above table which breaks down the components of the Annual Special Tax -Developed Property has been adjusted based upon receiving in-kind contributions of land for the project K-5 school site as per the provisions of the mitigation agreement. If in-kind contributions are not received the above table will be revised to reflect the components of the Annual Special Tax- Developed Property as shown in Table 2a.

Appendix D: Page 7

Table 4 Components of the Annual Special Tax- Undeveloped Property

Annual Special Tax- Land Component Facilities Administration Financing

Undeveloped Property

Component Component Component

$7,000.00 $647.04 $4,313.93 $106.38 $1,932.68

* Note: The above table which breaks down the components of the Annual Special Tax - Undeveloped Property has been adjusted based upon receiving in-kind contributions of land for the project K-5 school site as per the provisions of the mitigation agreement. If in-kind contributions are not received the above table will be revised to reflect the components of the Annual Special Tax - Undeveloped Property at a special tax rate per Net Developable Acre of$10,000.00.

The Annual Special Tax - Developed Property and the Annual Special Tax - Undeveloped Property components of land, facilities and administration as shown above shall increase per the Index, as defined herein. The financing component shall escalate at the Financing Factor, as defmed herein. The use of the Financing Factor enables the increase in the financing component to remain a constant percent of the components of land and facilities.

The One-Time Special Tax- Second Dwelling Unit, Section 5(c), is not broken down into components. This special tax, in its entirety, shall increase per the Index, as defined herein.

B. An Example of the Annual Increase.

An example of the annual increase of the Annual Special Tax - Developed Property Tax Rate is shown in Table 5 below for the Land Use Classification of 4. In this example, the percent change in the Marshall and Swift Class D Building Cost Index is 2%.

Table 5 Example of the Annual Increase to the Annual Special Tax - Developed Property

Land Use Class 4

Component Land Facilities Administration Finance Total

FY 1997/98 (a) $99.33 (bl $662.22 (c) $16.00 (d) $290.45 $1,068.00

Increase 4.00% 2.00% 2.00% 138.14%

Formula (a)xl.04=(e) (b)xl.02=(t) (c)xl.02=(g) [(e+t)*1.3814]-(e+f)

FY 1998/99 (e) $103.30 (f} $675.46 _{g) $16.32 (h) $297.02 $1,092.11

Appendix D: Page 8

Section 5. One-Time Special Tax

The purpose of the One-Time Special Taxes is to guard against the downsizing and revision to the total number of projected dwelling units and a variation as to the assumed number of housing product types. The One-Time Special Tax - Undeveloped Property shall be payable if a final subdivision or parcel map is approved which allows for the development of a revision to the number of Dwelling Units than the amount shown on the Special Tax Map. The One-Time Special Tax - Developed Property shall be payable whenever the downsizing of Dwelling Units occurs per area as shown on the Special Tax Map.

A. One-Time Special Tax- Undeveloped Property

All of the future development within the CFD has been divided into seventeen areas and each area has been assigned a discrete number of Dwelling Units as shown on the Special Tax Map. At the approval of each final subdivision or parcel map the area encompassed by the final map is compared to the Special Tax Map. If the number of Dwelling Units indicated on the fmal map is less than that shown on the Special Tax Map, or the number of Dwelling Units indicated on the final map for Dwelling Units built within the Land Use Classifications of 5, 6 or 7 is greater than that shown on the Special Tax Map, a One­Time Special Tax- Undeveloped Property is due for all lots within the final subdivision or parcel map at the issuance of the first building permit for the fmal map.

When the amount of Dwelling Units shown on the final map is less than the number shown on the Special Tax Map, the amount of the One-Time Special Tax - Undeveloped Property which is due per dwelling unit lost is the difference in the number of Dwelling Units shown on the final map and the number of Dwelling Units shown on the Special Tax Map multiplied by the then current applicable Annual Special Tax - Developed Property for the Land Use Classification divided by .088827. This payment factor is calculated at 8% for thirty (30) years.

When the amount of Dwelling Units shown on the fmal map is greater than the number shown on the Special Tax Map for Dwelling Units built within Land Use Classifications 5, 6 and 7, the amount of the One-Time Special Tax - Undeveloped Property which is due per Dwelling Unit increase is the difference in the current applicable Mitigation Payment and the present value of the Annual Special Tax -Developed Property. The present value of the Annual Special Tax - Developed Property is calculated by dividing the then current Annual Special Tax - Developed Property for the applicable Land Use Classification by 0.088827. This payment factor is calculated at 8% for thirty (30) years.

If the boundaries of the tracts shown on any final map are not the same as the expected boundaries as shown on the Special Tax Map, the projected Dwelling Units will be reapportioned to the actual land area of the final map in such a way that there is no loss of dwelling units. If a loss of dwelling units does occur, the One-Time Special Tax- Undeveloped Property is due as provided above.

B. One-Time Special Tax - Developed Property

All of the future development within the CFD has been divided into twenty-one areas and each area has been assigned a discrete number of Dwelling Units and a Land Use Classification as shown on the Special Tax Map. At the issuance of each building permit the area and Land Use Classification of the requested building permit is compared to the Special Tax Map. If the Land Use Classification of the requested building permit is a higher number Land Use Classification than that shown on the Special Tax Map, a One-Time Special Tax - Developed Property is due.

Appendix D: Page 9

The amount of the One-Time Special Tax - Developed Property which is due per requested building permit with such a discrepancy is the difference in the then current applicable Annual Special Tax -Developed Property per Land Use Classification as calculated from the Special Tax Map and the requested building permit divided by .088827. This payment factor is calculated at 8% for thirty (30) years.

C. One-Time Special Tax- Second Dwelling Unit

If at any time a building permit is requested for a Dwelling Unit which can be further defmed as a Second Dwelling Unit or a Second Dwelling Unit is included on the main building permit, a one-time payment is due at the time of building permit issuance equal to $5.70 times only the Building Square Footage of the Second Dwelling Unit. The One-Time Special Tax - Second Dwelling Unit rate per Building Square Foot of $5.70 will increase at the Index when and as described in Section 4.

Section 6. Levy of the Special Tax

Commencing in Fiscal Year 1998-99, the Board shall levy the Annual Special Tax- Developed Property on all Taxable Property that is applicable to each Assessor's Parcel which is classified as Developed Property. The Board shall then levy the Annual Special Tax- Undeveloped Property on all Taxable Property that is applicable to each Assessor's Parcel which is classified as Undeveloped Property as necessary related to the CFD.

Section 7. Partial Prepayment of the Annual Special Tax- Developed Property

A property owner may make a one-time election to prepay a portion of the Annual Special Tax -Developed Property on Undeveloped Property by notifying the School District in writing of such intention no less than twenty (20) business days prior to the approval of a final map. An election to prepay a portion of the Annual Special Tax - Developed Property must apply to a minimum of 39 Dwelling Units in one area on one fmal map as shown on the Special Tax Map or the total Dwelling Units assigned to the area, whichever is less. The written notification shall include such owner's intent to partially prepay the Annual Special Tax - Developed Property, the date of expected approval by City Council, a copy of the final map, the number of units on the final map, and the percentage by which the Annual Special Tax - Developed Property shall be prepaid and the number of dwelling units to be covered by the partial prepayment. The partial prepayment formula per dwelling unit is defmed as follows:

Partial Prepayment Formula per Dwelling Unit: PP = (PVT x PCT) + F + RP

The variables are described as: PP - the partial prepayment amount per Dwelling Unit, PVT - the present value of taxes, PCT - the partial prepayment percent, F - prepayment fees, and RP - redemption premium on the Bonds, if applicable. The partial prepayment percent shall be indicated in the notification described above. The meaning of the remainder of the terms are as defined in Section 8.

An example of the partial prepayment of a Land Use Classification 4 Dwelling Unit during Fiscal Year 1997/98 is as follows. This is only an example.

Appendix D: Page 10

Formula pp (PVT X PCT) + F + RP Example pp ((1,068/0.088827) X 50%) + 250.00 + (0.03 X (PVT X PCT))

pp (12,023.31 X .5) + 250.00 + (0.03 X (PVT X PCT) PP 6,011.66 + 250.00 + (0.03 X 6,011.66) PP 6,011.66 + 250.00 + 180.35 pp 6,442.01

The Assistant Superintendent shall provide the owner with a statement of the amount required per dwelling unit for the partial prepayment of the Annual Special Tax- Developed Property within ten (10) business days of the request and may charge a reasonable fee for providing this service. Confirmation of the election to partially prepay the Annual Special Tax- Developed Property must be received in writing by the School District prior to the approval of the fmal map. The payment of the partial prepayment of the Annual Special Tax- Developed Property is due at the issuance of the building permit.

Notwithstanding the foregoing, no partial prepayment shall be allowed unless the amount of the Annual Special Tax- Developed Property that may be levied on all Taxable Property within the CFD both prior to and after the proposed partial prepayment is at least 1.1 times the annual debt service on the outstanding Bonds, net of Administrative Expenses.

Section 8. Prepayment of the Annual Special Tax - Developed Property

A parcel classified as Developed Property which is subject to the Annual Special Tax - Developed Property may prepay the entire outstanding Special Tax obligation at any time. The prepayment formula per Dwelling Unit is defined as follows:

Prepayment Formula: P = PVT + F + RP

The variables are described as: P - the prepayment amount, PVT - the present value of taxes, F -prepayment fees, and RP - redemption premium on the Bonds if applicable. The PVT or present value of taxes means the present value of the Annual Special Tax - Developed Property applicable to the subject parcel in each remaining Fiscal Year subsequent to the Fiscal Year in which the calculation is made. The present value of the Annual Special Tax - Developed Property is calculated by dividing the Annual Special Tax- Developed Property by .088827. The remaining Fiscal Years are calculated by subtracting the number of years, including the present fiscal year, that the parcel has been subject to the Annual Special Tax- Developed Property from thirty (30).

Prepayment fees or F means the fees of the School District, the fiscal agent and any consultants retained by the School District in connection with the prepayment calculations and redemption of the Bonds.

Redemption premium on the Bonds or RP means a prepayment premium as set forth in the Bond indenture for a mandatory redemption of the Bonds as of the prepayment date.

Bonds shall be redeemed in a manner such that the yield on the Bonds outstanding after the prepayment is as close as possible to the original yield on all of the Bonds.

In addition, any property owner prepaying his or her Annual Special Tax- Developed Property must also pay the present Fiscal Year levy and all delinquent special taxes, interest and penalties owing on the parcel on which prepayment is being made, if any.

Appendix D: Page 11

Section 9. Limitations

The Board shall not levy any Special Taxes on properties owned by the State of California, Federal or other local governments, except as otherwise provided in Sections 53317.3 and 53317.5 of the Act. Notwithstanding the above, the Board shall not levy any Special Taxes on properties owned by a homeowner's association or properties with public or utility easements making impractical their utilization for other than the purposes set forth in the easement.

Section 10. Manner of Collection

The Annual Special Tax will be collected in the same manner and at the same time as ordinary ad valorem real property taxes. The Annual Special Tax shall be subject to the same penalties, procedures, sale and lien priority in any case of delinquency as provided for with ad valorem taxes. The collection of the Annual Special Tax shall otherwise be subject to the provisions of the Act. The Board reserves the power to provide for alternative means of collection of special taxes as permitted by the Act.

Section 11. Term of the Special Taxes

The Special Taxes shall be levied for a period not to exceed thirty (30) years or until all Bonds have been retired. Once all School Facilities are constructed necessary to satisfy School District standards, as established and amended from time to time, the Special Taxes levied shall be modified. Such modifications shall be consistent will all applicable requirements of the Bonds issued and shall allow for reasonable reserves for lease or debt service requirements, Administrative Expenses, as well as modernization of such School Facilities to the extent consistent with applicable law.

Section 12. Review/Appeals Board

The Board shall establish, as part of the proceedings and administration of CFD No. 5, a special Review/Appeals Board. Any landowner who feels that the amount of the special tax, as to their Assessor's Parcel, is in error may file a notice with the Review/Appeals Board appealing the amount of the levy. The Review/Appeals Board shall interpret this Rate and Method of Apportionment of the Special Tax and make determinations relative to the annual administration of the special tax and any landowner appeals, as herein specified.

Appendix D: Page 12

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APPENDIX E

SUMMARY OF CERTAIN PROVISIONS OF FISCAL AGENT AGREEMENT

COMMUNITY FACILITIES DISTRICT NO. 5 OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT

SERIES 2014 SPECIAL TAX REFUNDING BONDS ____________________

The following is a brief summary of certain provisions of the Fiscal Agent Agreement, relative to the above-referenced Series 2014 Special Tax Refunding Bonds. This summary is not intended to be definitive and is qualified in its entirety by reference to such Fiscal Agent Agreement for the complete terms thereof. Copies of the Fiscal Agent Agreement are available upon request from the San Marcos Unified School District.

DEFINITIONS

The following are summaries of definitions of certain terms used in this Summary. All capitalized terms not defined therein or elsewhere in the Official Statement have the meaning(s) set forth in the Fiscal Agent Agreement.

“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Sections 53311, et seq., of the Government Code of the State of California.

“Administrative Expense Fund” means the fund of that name established under and held by the Fiscal Agent pursuant to the provisions of the Fiscal Agent Agreement.

“Administrative Expense Requirement” means an amount up to a maximum of $10,000 per Fiscal Year.

“Administrative Expenses” means the administrative costs with respect to the calculation and collection of the Special Taxes and any other costs related to the Bonds and the Fiscal Agent Agreement, including the fees and expenses of the Fiscal Agent and any Persons, parties, consultants or attorneys employed pursuant to certain sections set forth in the Fiscal Agent Agreement, costs and legal expenses of foreclosure actions undertaken pursuant to the terms thereof to the extent not recovered pursuant to statutory authorization, costs otherwise incurred by the District in order to carry out the authorized purposes of the Series 2014 Special Tax Refunding Bonds, including statutory disclosure, for the District’s Continuing Disclosure obligations, and reporting requirements and for “Administrative Expenses” as defined in the Rate and Method of Apportionment of Special Taxes for the District.

“Annual Debt Service” means, with respect to any Outstanding Bonds, for each Bond Year, the sum of (a) the interest payable on such Bonds in such Bond Year, and (b) the principal amount of the Outstanding Bonds scheduled to be paid in such Bond Year.

“Authorized Investments” means, subject to the Fiscal Agent Agreement, any of the following investments, if and to the extent the same are at the time legal for investment of the School District’s funds:

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(a) United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the faith and credit of the United States of America are pledged for the payment of principal and interest, and which have a maximum term to maturity not to exceed three years.

(b) Obligations of any of the following federal agencies which obligations represent the full faith and credit of the United States of America, and which have a maximum term to maturity not to exceed three years, including:

Export-Import Bank Farm Credit System Financial Assistance Corporation Rural Economic Community Development Administration (formerly the

Farmers Home Administration) General Services Administration U.S. Maritime Administration Small Business Administration Government National Mortgage Association (GNMA) U.S. Department of Housing & Urban Development (PHA’s) Federal Housing Administration Federal Financing Bank

Direct obligations of any of the following federal agencies which obligations are not fully guaranteed by the full faith and credit of the United States of America, and which have a maximum term to maturity not to exceed three years:

Senior debt obligations rated “AAA” by Moody’s and “AAA” by Standard & Poor’s issued by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC)

Obligations of the Resolution Funding Corporation (REFCORP) Senior debt obligations of the Federal Home Loan Bank System

Registered state warrants or treasury notes or bonds of the State of California (“State”), including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the State or by a department, board, agency, or authority of the State, which are rated in one of the two highest short-term or long-term rating categories by Moody’s or Standard & Poor’s.

Registered bonds, notes, warrants or other evidences of indebtedness of any local agency of the State, including bonds payable solely out of revenues from a revenue-producing property owned, controlled, or operated by the local agency, where the interest on such local agency obligation is exempt from federal and State income taxes and which are rated in one of the two highest short-term or long-term rating categories by Moody’s or Standard & Poor’s.

Deposit accounts, time certificates of deposit or negotiable certificates of deposit issued by a state or nationally chartered bank or trust company, which may include the Fiscal Agent or its affiliates, or a state or federal savings and loan association; provided, that the certificates of deposit shall be one or more of the following:

Continuously and fully insured by the Federal Deposit Insurance Corporation.

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Continuously and fully secured by securities described in clause (a) or (b) above which shall have a market value, as determined on a marked-to-market basis calculated at least weekly, and exclusive of accrued interest, or not less than one hundred two percent (102%) of the principal amount of the certificates on deposit.

Commercial paper of “prime” quality of the highest ranking or of the highest letter and numerical rating as provided by Moody’s and Standard & Poor’s, which commercial paper is limited to issuing corporations that are organized and operating within the United States of America and that have total assets in excess of five hundred million dollars ($500,000,000) and that have an “A” or higher rating for the issuer’s debentures, other than commercial paper, by Moody’s and Standard & Poor’s, provided that purchases of eligible commercial paper may not exceed 180 days’ maturity nor represent more than ten percent (10%) of the outstanding commercial paper of an issuing corporation. Purchases of commercial paper may not exceed twenty percent (20%) of the proceeds of the Bonds.

A repurchase agreement with a state or nationally chartered bank or trust company or a national banking association or government bond dealer reporting to, trading with, and recognized as a primary dealer by the Federal Reserve Bank of New York the long term debt of which is rated at least “A” by Moody’s and Standard & Poor’s, provided that all of the following conditions are satisfied:

The agreement is secured by any one or more of the securities described in clause (a) above of this definition of Authorized Investments (“Underlying Securities”);

The Underlying Securities are required by the repurchase agreement to be held by a bank, trust company, or primary dealer having a combined capital and surplus of at least one hundred million dollars ($100,000,000) and which is independent of the issuer of the repurchase agreement (“Holder of Collateral”) and the Underlying Securities have been transferred to the Holder of Collateral in accordance with applicable state and federal laws (other than by means of entries on the transferor’s books); and

The Underlying Securities are maintained at a market value, as determined on a marked-to-market basis calculated at least weekly, of not less than one hundred three percent (103%) of the amount so invested and at such levels and additional conditions not otherwise in conflict with the terms above as would be acceptable to Standard & Poor’s and Moody’s to maintain an “A” rating in an “A” rated structured financing (with a market value approach).

The repurchase agreement shall provide that if during its term the provider’s rating by Moody’s and Standard & Poor’s is withdrawn or suspended or falls below “A-” by Standard & Poor’s or “A3” by Moody’s, as appropriate, the provider must within ten (10) days of receipt of direction from the Fiscal Agent, repurchase all collateral and terminate the agreement, with no penalty or premium to the District or Fiscal Agent.

An investment agreement or guaranteed investment contract with, or guaranteed by, a financial institution, the long-term unsecured obligations of which are rated “AA” or “Aa1” or better by Moody’s and Standard & Poor’s at the time of initial investment (“Provider”). The investment agreement shall be subject to a downgrade provision with at least the following requirements:

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If within five Business Days after the Provider’s long-term unsecured credit rating has been reduced below “AA-” by Standard & Poor’s or below “Aa3” by Moody’s (these events are called “Rating Downgrades”), the Provider shall give notice to the Fiscal Agent and the District and, within the five-day period, and for as long as the Rating Downgrade is in effect, shall deliver or transfer in the name of the District to the Fiscal Agent or a third party acting solely as agent therefore (the “Holder of Collateral”) (other than by means of entries on the Provider’s books) federal securities allowed as investments under clause (a) above with aggregate current market value equal to at least one hundred five percent (105%) of the principal amount of the investment agreement invested with the Provider at that time, and shall deliver additional such federal securities as needed to maintain an aggregate current market value equal to at least one hundred five percent (105%) of the principal amount of the investment agreement within three days after each evaluation date, which shall be at least weekly.

If the Provider’s long-term unsecured credit rating is withdrawn, suspended, other than because of general withdrawal or suspension by Moody’s or Standard & Poor’s from the practice of rating that debt, or reduced below “Aa3” by Moody’s or below “AA-” by Standard & Poor’s, the Provider shall give notice of the rating downgrade to the District and the Fiscal Agent, shall, upon five Business Days’ written notice to the Provider, withdraw the investment agreement, with accrued but unpaid interest thereon to the date, and terminate such agreement.

A taxable or tax-exempt government money market portfolio mutual fund restricted to obligations with either maturities of one year or less or a dollar weighted average maturity of 120 days or less, and either issued, guaranteed or collateralized as to payment of principal and interest by the full faith and credit of the United States of America or rated in one of the three highest categories by Moody’s or Standard & Poor’s. Such money market funds may include funds for which the Fiscal Agent, its affiliates or subsidiaries provide investment advisory or other management services.

The Local Agency Investment Fund referred to in Section 16429.1 of the Government Code of the State of California to the extent the Fiscal Agent may deposit and withdraw funds directly.

The San Diego County Investment Pool, provided the District may statutorily invest funds in such Investment Pool.

The California Asset Management Program (CAMP).

“Authorized Representative(s)” or “District Representative(s)” means an officer of the School District authorized to provide written directives on behalf of the District, which shall include the School District’s Superintendent, Assistant Superintendent, Business Services and such other Persons as shall be designated in writing by the School District.

“Board” or “Governing Board” means the Board of Trustees (Governing Board) of the San Marcos Unified School District.

“Bond Counsel” means (a) the firm of Bowie, Arneson, Wiles & Giannone, or (b) any other attorney or firm of attorneys nationally recognized for expertise in rendering opinions as to the legality and tax exempt status of securities issued by public entities.

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“Bond Fund” means the fund of that name established under and held by the Fiscal Agent pursuant to the provisions of the Fiscal Agent Agreement.

“Bond Register” means the books which the Fiscal Agent shall keep or cause to be kept on which the registration and transfer of the Bonds shall be recorded.

“Bond Year” means each twelve-month period extending from September 2 in one calendar year to September 1 of the succeeding calendar year, except in the case of the initial Bond Year which shall be the period from the Dated Date to September 1, 2014, both dates inclusive.

“Bondowner(s)” or “Owner(s)” means the Person or Persons in whose name or names any Series 2014 Special Tax Refunding Bond is registered.

“Business Day” means a day which is not a Saturday or a Sunday or a day on which banks in Los Angeles, California and New York, New York are not required or permitted to be closed.

“Code” means the Internal Revenue Code of 1986, as amended, and any successor provisions thereto.

“Community Facilities District Policy” means that policy initially adopted by the School District pursuant to Government Code Section 53312.7 as emended from time to time.

“Costs of Issuance” means items of expense payable or reimbursable directly or indirectly by the District or School District and related to the authorization, issuance and sale of the Series 2014 Special Tax Refunding Bonds, which items of expense shall include, but not be limited to, printing costs, cost of reproducing and binding documents, closing costs, appraisal costs, mortgage study costs, filing and recording fees, fees and expenses of counsel to the District or School District, initial fees and expenses of the Fiscal Agent, including its first annual administration fee and fees of its counsel, expenses incurred by the District and the School District in connection with the authorization and issuance of the Series 2014 Special Tax Refunding Bonds and the establishment of the District, Underwriter’s discount, legal fees and charges, including Bond Counsel and Disclosure Counsel, District financial consultants’ fees, charges for execution, transportation and safekeeping of the Series 2014 Special Tax Refunding Bonds and other costs, charges and fees in connection with the foregoing.

“Costs of Issuance Fund” means the fund of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“County” means the County of San Diego, a political subdivision of the State of California.

“Dated Date” or “Delivery Date” means the date the Series 2014 Special Tax Refunding Bonds are delivered.

“Depository” means any depository which holds Series 2014 Special Tax Refunding Bonds pursuant to the provisions of the Fiscal Agent Agreement.

“Developed Property” shall have the same meaning set forth in the Rate and Method.

“Dissemination Agent” means Dolinka Group, LLC, or any successor dissemination agent appointed by the District pursuant to the District Continuing Disclosure Agreement.

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“District” or “CFD No. 5” means Community Facilities District No. 5 of the San Marcos Unified School District.

“District Continuing Disclosure Agreement” shall mean that certain Continuing Disclosure Certificate provided by the District, dated the Delivery Date, as originally executed and as it may be amended from time to time in accordance with the terms thereof and with respect to any series of Bonds, the Continuing Disclosure Certificate (or equivalent document) entered into, or executed and delivered, by and between the School District, on behalf of the District, and a dissemination agent, as originally executed and as amended from time to time.

“Escrow Agent” means MUFG Union Bank, N.A., or any successor thereto, as the Escrow Agent designated under the terms of the Escrow Agreement.

“Escrow Agreement” means the Escrow Agreement entered into by and between MUFG Union Bank, N.A., as the Escrow Agent, and the District dated as of the Delivery Date and providing for the payment, redemption and defeasance of the outstanding Prior Bonds.

“Escrow Fund” means the San Marcos Unified School District (CFD No. 5) Escrow Fund, including the accounts thereof, established and administered under the Escrow Agreement and as further described in the Escrow Agreement.

“Excess Investment Earnings” shall mean an amount equal to the sum of:

the excess of the aggregate amount earned from the Delivery Date on all Nonpurpose Investments in which Gross Proceeds are invested (other than amounts attributable to an excess described in this subparagraph (i)), over the amount that would have been earned if the yield on such Nonpurpose Investments (other than amounts attributable to an excess described in this subparagraph (i)) had been equal to the Yield on the Series 2014 Special Tax Refunding Bonds, plus any income attributable to the excess described in paragraph (i).

In determining the amount of Excess Investment Earnings, there shall be excluded any amount earned on any fund or account which is used primarily to achieve a proper matching of revenues and annual debt service on the Series 2014 Special Tax Refunding Bonds during each Bond Year and which is depleted at least once a year except for a reasonable carryover amount not in excess of the greater of one year’s earnings on such fund or account or one-twelfth (1/12) of annual debt service on the Series 2014 Special Tax Refunding Bonds, as well as amounts earned on said earnings. The District intends that the Bond Fund, including the Principal Account and the Interest Account established therein, the Special Tax Fund and the Redemption Fund will be the type of funds described in the preceding sentence.

“Federal Securities” means any of the following which are non-callable and which at the time of investment are legal investments under the laws of the State of California for funds held by the Fiscal Agent: direct general obligations of the United States of America (including obligations issued or held in book-entry form on the books of the United States Department of the Treasury) and obligations, the payment of principal of and interest on which are directly or indirectly guaranteed by the United States of America, including, without limitation, such of the foregoing which are commonly referred to as “stripped” obligations and coupons.

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“Fiscal Agent” means MUFG Union Bank, N.A., and its successors and assigns or any other fiscal agent which may be appointed pursuant to the provisions of the Fiscal Agent Agreement.

“Fiscal Agent Agreement” means the Fiscal Agent Agreement, as amended or supplemented pursuant to the terms thereof.

“Fiscal Year” means the period from July 1 to June 30 in any year.

“Fitch” means Fitch Ratings Service and its successors and assigns, except that if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Fitch” shall be deemed to refer to any other nationally recognized securities rating agency selected by the District.

“Gross Taxes” means the amount of all Special Taxes collected within Community Facilities District No. 5 as set out in the Rate and Method and proceeds from the sale of property collected pursuant to the foreclosure provisions of the Fiscal Agent Agreement for the delinquency of such Special Taxes.

“Independent Financial Consultant” means a consultant or firm of such consultants generally recognized to be qualified in the field of implementation and administration of community facilities districts, or the financial consulting field, appointed and paid by the District and who, or each of whom:

is independent of the District and the School District or any of the property owners within the District;

does not have any substantial interest, direct or indirect, with the District or any of the property owners within the District; and

is not connected with the District as a member, officer or employee of the District or any of the property owners within the District, but who may be regularly retained to make annual or other reports to the District.

“Informational Services” means the Municipal Securities Rulemaking Board, through its Electronic Municipal Market Access (EMMA) system, and, in accordance with then current guidelines of the Securities and Exchange Commission and/or such other services providing information with respect to called bonds as the District may designate in a written request of the District delivered to the Fiscal Agent.

“Insurance Policy” or “Policy” means the policy of municipal bond insurance issued by the Insurer guaranteeing the scheduled payment of principal and interest on the Series 2014 Special Tax Refunding Bonds when due.

‘Insurer” or “Bond Insurer” means Build America Municipal Assurance Company, or any successor or assignee thereof.

“Interest Account” means the account of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Interest Payment Date” means March 1 and September 1 of each year during which Series 2014 Special Tax Refunding Bonds are Outstanding, commencing March 1, 2015.

“Legislative Body” means the Governing Board, acting as the Legislative Body of the District.

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“Mandatory Redemption Account” means the account of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Maximum Annual Debt Service” means the maximum sum obtained for any remaining Bond Year prior to the final maturity on the Series 2014 Special Tax Refunding Bonds by totaling the following for each Bond Year:

(1) the principal amount of all Outstanding Series 2014 Special Tax Refunding Bonds payable in such Bond Year whether at maturity or by redemption together with any applicable premium thereon, if any premium is payable; and

(2) the interest payable on the aggregate principal amount of Series 2014 Special Tax Refunding Bonds Outstanding in such Bond Year assuming the Series 2014 Special Tax Refunding Bonds are retired as scheduled.

“Moody’s” means Moody’s Investors Service, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and its successors and assigns, except that if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the District.

“Net Taxes” means the amount of all Gross Taxes minus Administrative Expenses up to the Administrative Expense Requirement.

“Nominee” shall mean the nominee of Depository, which may be the Depositor, as determined from time to time pursuant to the provisions of the Fiscal Agent Agreement.

“Nonpurpose Investments” means any security, investment, obligation, annuity, investment-type property, specified private activity bond or any other type of investment property defined in Section 148 of the Code in which Gross Proceeds are invested (other than tax-exempt securities which are described in Section 103(a) of the Code) and which is not acquired to carry out the governmental purpose of the Series 2014 Special Tax Refunding Bonds.

“Optional Redemption Account” means the account of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Ordinance,” collectively, Ordinance No. 98-2 adopted by the Governing Board on May 26, 1998.

“Outstanding” means all Bonds theretofore issued by the District, except:

(1) Bonds theretofore canceled by the Fiscal Agent or surrendered to the Fiscal Agent for cancellation;

(2) Bonds for the transfer or exchange of or in lieu of or in substitution for which other Bonds shall have been authenticated and delivered by the Fiscal Agent pursuant to the terms of the Fiscal Agent Agreement; and

(3) Bonds paid and discharged pursuant to the provisions of the Fiscal Agent Agreement.

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“Participating Underwriter” shall have the meaning ascribed thereto in the District Continuing Disclosure Agreement.

“Person” means an individual, corporation, limited liability company, firm, association, partnership, trust or other legal entity or group of entities, including a governmental entity or any agency or political subdivision thereof.

“Prepaid Special Taxes” means all Special Taxes prepaid to the District pursuant to Resolution No. 80-9798 of the School District, and the Rate and Method, during the term as outlined in the Fiscal Agent Agreement, less related applicable Administrative Expenses.

“Prepayment Account” means the account of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Principal Account” means the account of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Principal Corporate Trust Office” the corporate trust office of the Fiscal Agent, which, at the date of execution of this Fiscal Agent Agreement, is located at 120 South San Pedro Street, 4th Floor, Los Angeles, CA 90012, or such other office(s) as the Fiscal Agent may designate from time to time.

“Purchase Price” for the purpose of computation of the Yield of the Series 2014 Special Tax Refunding Bonds, has the same meaning as the term “issue price” in Sections 1273 (b) and 1274 of the Code, and, in general, means the initial offering price to the public (not including bond houses and brokers, or similar Persons or organizations acting in the capacity of underwriters or wholesalers) at which price a substantial amount of the Series 2014 Special Tax Refunding Bonds are sold or, if the Series 2014 Special Tax Refunding Bonds are privately placed, the price paid by the original purchaser or the acquisition cost of the original purchaser. The term “Purchase Price,” for the purpose of computation of the Yield of Nonpurpose Investments, means the fair market value of the Nonpurpose Investments on the date of use of Gross Proceeds for acquisition thereof, or, if later, on the date that Investment Property (as defined in Section 148(b)(2) and (3) of the Code) constituting a Nonpurpose Investment becomes a Nonpurpose Investment of the Series 2014 Special Tax Refunding Bonds, as the case may be.

“Rate and Method” means the amended Rate and Method of Apportionment of Special Taxes of the District, as set forth in the Ordinance, as approved pursuant to the Act, and as such may be amended or interpreted from time to time.

“Rating Agencies” means Fitch, Moody’s and/or S&P, as applicable.

“Rebate Fund” means the fund of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Record Date” means the 15th day of the calendar month preceding an Interest Payment Date whether or not such day is a business day.

“Redemption Fund” means the fund of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Refunding” means the current refunding of the Outstanding Prior Bonds.

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“Regulations” means any temporary, proposed or final regulations of the United States Department of Treasury with respect to obligations issued pursuant to Section 103 and Sections 141 to 150 of the Code.

“Representation Letter” shall mean the Blanket Letter of Representations from the District to the Depository as described in the Fiscal Agent Agreement.

“Reserve Fund” means the fund of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Reserve Fund Surety” means the debt service reserve surety provided by the Bond Insurer to be deposited into the Reserve Fund to satisfy the Reserve Requirement.

“Reserve Fund Surety Bond” means a surety bond, or equivalent security, provided by a qualified provider pursuant to the provisions of the Fiscal Agent Agreement

“Reserve Requirement” means, with respect to the Series 2014 Special Tax Refunding Bonds, an amount, as of any date of calculation, equal to the least of (i) 10% of the original principal amount of the Series 2014 Special Tax Refunding Bonds, less original issue discount, if any, plus original issue premium, if any, (ii) Maximum Annual Debt Service on the Bonds, or (iii) 125% of average annual debt service on the Series 2014 Special Tax Refunding Bonds.

“Residual Fund” means the fund of that name established and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

“Responsible Officer” of the Fiscal Agent means and includes the president, every senior vice president, every vice president, every assistant vice president, every trust officer or any other authorized officer of the Fiscal Agent at its Principal Corporate Trust Office.

“School District” means the San Marcos Unified School District.

“School Facilities” means facilities, projects and project costs for facilities to be owned and operated by the School District and upon which funds of CFD No. 5 may be expended.

“Securities Depositories” means The Depository Trust Company, at its then-current address; and, in accordance with then-current guidelines of the Securities and Exchange Commission, such other addresses and/or such other securities depositories as the District may designate in a certificate delivered to the Fiscal Agent.

“Series 2002 Special Tax Bonds” or “Series 2002 Bonds” means the Community Facilities District No. 5 of the San Marcos Unified School District Series 2002 Special Tax Bonds.

“Series 2003 Special Tax Bonds” or “Series 2003 Bonds” means the Community Facilities District No. 5 of the San Marcos Unified School District Series 2003 Special Tax Bonds.

“Series 2014 Special Tax Refunding Bonds” or “Bonds” means the Community Facilities District No. 5 of the San Marcos Unified School District Series 2014 Special Tax Refunding Bonds.

“Special Tax Fund” means the fund of that name established under, and held by the Fiscal Agent pursuant to, the provisions of the Fiscal Agent Agreement.

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“Special Taxes” means the special taxes levied by the Legislative Body within the District pursuant to the Act, the Resolution of Formation, the Election and the Ordinance.

“Standard & Poor’s” or “S&P” means Standard & Poor’s Rating Services, a Division of The McGraw-Hill Companies, Inc, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the District.

“Supplement” means any supplemental agreement amending or supplementing the Fiscal Agent Agreement.

“Tax Certificate” means the certificate of that name to be executed by an authorized representative of the District on the closing date to establish certain facts and expectations and which contains certain covenants relevant to compliance with the Code.

“Underwriter” means the initial Underwriter of the Series 2014 Special Tax Refunding Bonds (Stifel, Nicolaus & Company, Inc.).

“Undeveloped Property” shall have the same meaning set forth in the Rate and Method and set forth in the Ordinances.

“Yield” means that yield which, when used in computing the present worth of all payments of principal and interest (or other payments in the case of Nonpurpose Investments which require payments in a form not characterized as principal and interest) on a Nonpurpose Investment or on the Series 2014 Special Tax Refunding Bonds produces an amount equal to the Purchase Price of such Nonpurpose Investment or the Series 2014 Special Tax Refunding Bonds, as the case may be, all computed as prescribed in the applicable Regulations.

“2002 Bonds” means the outstanding Community Facilities District No. 5 of the San Marcos Unified School District Series 2002 Special Tax Bonds.

“2003 Bonds” means the outstanding Community Facilities District No. 5 of the San Marcos Unified School District Series 2003 Special Tax Bonds.

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ISSUANCE OF THE SERIES 2014 SPECIAL TAX REFUNDING BONDS

The Series 2014 Special Tax Refunding Bonds are issued pursuant to the Resolution of Issuance (as defined in the Fiscal Agent Agreement), the Act and the Fiscal Agent Agreement in the amounts and maturities set forth in the Fiscal Agent Agreement (see “INTRODUCTION – Description of the Bonds” and “THE BONDS - Authority for Issuance” in the Official Statement for further information).

Purpose of the Bonds

The Series 2014 Special Tax Refunding Bonds are being issued, pursuant to the Act, to refund the outstanding 2002 Bonds and 2003 Bonds (collectively, the “Prior Bonds”). As part of the refinancing of the Prior Bonds, a portion of the net proceeds of the Series 2014 Special Tax Refunding Bonds will be deposited in the Escrow Fund, held by the Escrow Agent pursuant to the terms of the Escrow Agreement and expended to pay, redeem and refund the outstanding Prior Bonds. (See also “REFUNDING PLAN – Refunding of the Prior Bonds” in the Official Statement for further information).

Limited Obligation

The Series 2014 Special Tax Refunding Bonds shall be and are limited obligations of the District and shall be payable as to the principal thereof and interest thereon and any premiums upon the redemption thereof solely from the Net Taxes and amounts in certain funds, accounts and subaccounts created pursuant to the Fiscal Agent Agreement as specified therein. The Net Taxes are pledged and set aside for the payment of the Series 2014 Special Tax Refunding Bonds pursuant to the terms of the Fiscal Agent Agreement.

The Series 2014 Special Tax Refunding Bonds and interest thereon are not payable from the general fund of the District or the School District. Except with respect to the Special Taxes, neither the credit nor the taxing power of the District or the School District is pledged for the payment of the Series 2014 Special Tax Refunding Bonds or interest thereon, and no Owner of the Series 2014 Special Tax Refunding Bonds may compel the exercise of the taxing power by the District or the School District or the forfeiture of any of their property. The principal of and interest on the Series 2014 Special Tax Refunding Bonds and premiums upon the redemption of any thereof are not a debt of the District or the School District, the State of California nor any of its political subdivisions within the meaning of any constitutional or statutory limitation or restriction. The Series 2014 Special Tax Refunding Bonds are not a legal or equitable pledge, charge, lien or encumbrance, upon any property or income, receipts or revenues of the District or the School District, except the Net Taxes which are, under the terms of the Fiscal Agent Agreement, pledged and set aside for the payment of the Series 2014 Special Tax Refunding Bonds and interest thereon. Neither the members of the Legislative Body or the Board of Trustees nor any persons executing the Series 2014 Special Tax Refunding Bonds are personally liable on the Series 2014 Special Tax Refunding Bonds by reason of their issuance (see “INTRODUCTION - Sources of Payment for the Bonds,” “SECURITY FOR THE BONDS” and “SPECIAL RISK FACTORS – Limited Obligations” in the Official Statement for further information).

Equality of Series 2014 Special Tax Refunding Bonds, Pledge of Net Taxes

Pursuant to the Act and the provisions of the Fiscal Agent Agreement, the Series 2014 Special Tax Refunding Bonds shall be equally payable from the Net Taxes without priority for number, date of the Series 2014 Special Tax Refunding Bonds, date of sale, date of execution or date of delivery, and the payment of the interest on and principal of the Series 2014 Special Tax Refunding Bonds and any

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premiums upon the redemption thereof shall be exclusively paid from the Net Taxes and amounts held in certain funds and accounts created under the terms of the Fiscal Agent Agreement, as specified therein. All of the Net Taxes are pledged and set aside for the payment of the Series 2014 Special Tax Refunding Bonds, and such Net Taxes and any interest earned on the Net Taxes shall constitute a trust fund for the payment of the interest on and principal of the Series 2014 Special Tax Refunding Bonds and so long as any of the Series 2014 Special Tax Refunding Bonds or interest thereon are unpaid the Net Taxes and interest thereon shall not be used for any other purpose, except as permitted by the Fiscal Agent Agreement or any Supplement, and shall be held in trust for the benefit of the Bondowners and shall be applied pursuant to the Fiscal Agent Agreement, or to the Fiscal Agent Agreement as modified pursuant to provisions therein. Notwithstanding any provision contained in the Fiscal Agent Agreement to the contrary, Net Taxes deposited in the Administrative Expense Fund and the Rebate Fund shall no longer be considered to be pledged to the Series 2014 Special Tax Refunding Bonds and the Administrative Expense Fund, the Construction Fund and the Rebate Fund shall not be construed as trust funds held for the benefit of the Bondowners.

In the event that the Fiscal Agent lacks sufficient amounts to make timely payment of principal and interest and premium upon redemption, if any, on the Series 2014 Special Tax Refunding Bonds when due, such principal of and interest and premium on the Series 2014 Special Tax Refunding Bonds shall be paid from available amounts held by the Fiscal Agent in the Special Tax Fund (and its accounts), Bond Fund, Reserve Fund, or Redemption Fund under the Fiscal Agent Agreement (not including those amounts deposited in the Construction Fund, Administrative Expense Fund and the Rebate Fund) in accordance with such terms without preference or priority of interest over principal or principal over interest, or of any installment of principal or interest over any other installment of principal or interest, ratably to the aggregate amount of such principal and interest (See also “SECURITY FOR THE SERIES 2014 BONDS - General” in the Official Statement for further information).

Funds and Accounts

The Fiscal Agent Agreement creates specified funds, accounts and subaccounts to be maintained by the Fiscal Agent for specified purposes:

Special Tax Fund - Special Tax Fund (in which there is established a Prepayment Account) is used for the receipt of Special Taxes and other amounts constituting Gross Taxes collected by the District which shall be transferred, no later than 10 days after receipt thereof, to the Fiscal Agent and held in trust in the Special Tax Fund for the benefit of the Bondowners and shall, exclusive of the Prepaid Special Taxes (which will be deposited into the Prepayment Account of the Special Tax Fund) be transferred from the Special Tax Fund in order to pay the Administrative Expense Requirement as a priority on the Special Tax revenues (paid through the Administrative Expense Fund), interest on the Series 2014 Special Tax Refunding Bonds (paid through the Interest Account of the Bond Fund), principal payments due on the Series 2014 Special Tax Refunding Bonds (payable from the Principal Account of the Bond Fund) and, if necessary, provide funds required to replenish the Reserve Fund to the Reserve Requirement and pay Reserve Fund Surety reimbursements due to the Bond Insurer pursuant to the terms of the Reserve Fund Surety, pay any remaining unpaid Administrative Expenses not satisfied on a priority basis and to redeem 2014 Special Tax Refunding Bonds to the extent of remaining Special Tax funds as set forth in the Fiscal Agent Agreement. Any remaining Special Taxes and other amounts constituting Net Taxes, if any, shall remain in the Special Tax Fund until the end of the Bond Year. At the end of the Bond Year any remaining funds in the Special Tax Fund, which are not required to cure a delinquency in the payment of principal and interest on the Series 2014 Special Tax Refunding Bonds, to restore the Reserve Fund as provided for in the Fiscal Agent Agreement, or

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to pay current or pending Administrative Expenses as provided for in the Fiscal Agent Agreement, shall be retained in the Special Tax Fund and applied to the purposes set forth in the Fiscal Agent Agreement in the next following Bond Year until such time as the District provides to the Fiscal Agent a certification, which shall be confirmed by a special tax consultant to the District, that the Special Taxes levied on Developed Property are equal to or greater than the amount needed to satisfy specified debt service of the Reserve Fund replenishment requirements and Administrative Expense requirements, as set out in the Fiscal Agent Agreement, in such Bond Year, and every subsequent Bond Year. Upon making such certification and at the end of the corresponding Bond Year, and each Bond Year thereafter, any remaining funds in the Special Tax Fund, which are not required to cure a delinquency in the payment of principal and interest on the Series 2014 Special Tax Refunding Bonds, to restore the Reserve Fund, as provided for in the Fiscal Agent Agreement, or to pay current or pending Administrative Expenses as provided for in the Fiscal Agent Agreement, shall, without further action by any party, be transferred by the Fiscal Agent on September 2 of each such year into the Residual Fund, which funds shall thereafter be used in accordance with the provisions of the Fiscal Agent Agreement and shall be free and clear of any lien thereon. Any funds which are required to cure any such delinquency shall be retained in the Special Tax Fund and expended or transferred, at the earliest possible date, for such purpose. (See “SECURITY FOR THE SERIES 2014 BONDS - Special Tax Fund” in the Official Statement).

Prepayment Account of the Special Tax Fund - Prepaid Special Taxes collected by the District (net of any costs of collection) shall be transferred, no later than 10 days after receipt thereof, to the Fiscal Agent; and the District shall direct the Fiscal Agent to deposit the Prepaid Special Taxes in the Prepayment Account of the Special Tax Fund. The Prepaid Special Taxes shall be held in trust in the Prepayment Account for the benefit of the Series 2014 Special Tax Refunding Bonds and shall be transferred by the Fiscal Agent to the Mandatory Redemption Account of the Redemption Fund to call Series 2014 Special Tax Refunding Bonds on the next Interest Payment Date for which notice can be given in accordance with the special mandatory redemption provisions as set forth in the Fiscal Agent Agreement (see “THE BONDS - Redemption” in the Official Statement).

Bond Fund - The Bond Fund (in which there is established an Interest Account and a Principal Account), is used to disperse payments of principal and interest to the Bondowners on each respective Interest Payment Date. Moneys in the Interest Account are allocated to the payment of interest due on the Series 2014 Special Tax Refunding Bonds on each Interest Payment Date and moneys in the Principal Account are allocated to the repayment of principal on the Series 2014 Special Tax Refunding Bonds on the corresponding Interest Payment Date (see “SECURITY FOR THE SERIES 2014 BONDS - Bond Fund” in the Official Statement).

Reserve Fund - The Reserve Fund will be funded in an amount equal to the Reserve Requirement from the proceeds of the Series 2014 Special Tax Refunding Bonds. Notwithstanding the foregoing, in the event of a redemption or partial defeasance of the Series 2014 Special Tax Refunding Bonds, the Reserve Requirement shall thereafter be determined by the District and communicated to the Fiscal Agent in writing and any funds in excess of such redetermined Reserve Requirement shall be utilized as set forth in the Fiscal Agent Agreement.

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Moneys in the Reserve Fund shall be used solely for the purpose of (i) making transfers to the Bond Fund or Redemption Fund to pay the principal of, and interest and principal on the Series 2014 Special Tax Refunding Bonds when due to the extent that moneys in the Interest Account and the Principal Account of the Bond Fund insufficient therefore, (ii) making any required transfer to the Rebate Fund pursuant to the Fiscal Agent Agreement upon written direction from the District, (iii) making any transfers to the Bond Fund or Redemption Fund in connection with prepayments of the Special Taxes, (iv) paying the principal and interest due on Series 2014 Special Tax Refunding Bonds in the final Bond Year, and (v) application to the defeasance of such Series 2014 Special Tax Refunding Bonds in accordance with the terms of the Fiscal Agent Agreement. If the amounts in the Interest Account or the Principal Account of the Bond Fund are insufficient to pay the principal of, or interest on the Series 2014 Special Tax Refunding Bonds when due, the Fiscal Agent shall, one Business Day prior to the corresponding Interest Payment Date, withdraw from the Reserve Fund for deposit in the Interest Account and the Principal Account of the Bond Fund, moneys necessary for such purpose. Following any transfer to the Interest Account or the Principal Account of the Bond Fund, the Fiscal Agent shall notify the District of the amount needed to replenish the Reserve Fund to the Reserve Requirement and the District shall include such amount as is required at that time to collect such deficiency by including such amount in the next Special Tax levy to the extent of the permitted maximum Special Tax rates.

Notwithstanding anything in the Fiscal Agent Agreement to the contrary, the Fiscal Agent shall transfer to the Reserve Fund, from available moneys in the Special Tax Fund, the amount needed to restore the Reserve Fund to the Reserve Requirement as specified in the Fiscal Agent Agreement. Moneys in the Special Tax Fund shall be deemed available for transfer to the Reserve Fund only if such amounts will not be needed to make the deposit required to be made to the Interest Account and the Principal Account of the Bond Fund for the next Interest Payment Date.

The Reserve Requirement, or any portion thereof, may, with the prior written consent of the Bond Insurer, be satisfied by crediting to the Reserve Fund monies, a letter of credit, a bond insurance policy, or any other comparable credit facility or any combination thereof, which in the aggregate make funds available in the Reserve Fund in an amount equal to the Reserve Requirement; however, the long-term unsecured debt or claim-paying ability, as the case may be, of the provider of any such letter of credit, bond insurance policy or any other comparable credit facility, must, at the time of issuance, have a rating of at least “A” from one or more of the Rating Agencies (provided that the Fiscal Agent shall be under no obligation and have no responsibility whatsoever to independently determine or verify such rating(s) other than at the time of delivery). In the event of the sue of such a surety, the Fiscal Agent shall be provided with copies of all documents in regard thereto and shall, to the extent not in conflict with the provisions of the Fiscal Agent Agreement, conform to the forms thereof for purposes of submitting draws, and making reimbursements, thereon. In the event of the use of such a surety, S&P shall, if S&P shall then be rating the Bonds, be provided written notice, by the Fiscal Agent, of (i) any draw on such surety at the time such occurs; and (ii) any substitution or replacement of the then-current surety or surety provider as of the Delivery Date. The Reserve Requirement will be satisfied with the Reserve Fund Surety delivered by the Bond Insurer.

(See “SECURITY FOR THE BONDS - Reserve Fund” and “SPECIAL RISK FACTORS – Depletion of Reserve Fund” in the Official Statement and “Funds and Accounts - Special Tax Fund” above for more information).

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Administrative Expense Fund - The Administrative Expense Fund is used for the receipt of funds initially deposited from the proceeds of the Series 2014 Special Tax Refunding Bonds and thereafter funds transferred from the Special Tax Fund to pay Administrative Expenses during each Fiscal Year. Moneys retained in the Administrative Expense Fund are not pledged for the repayment of interest or principal on the Series 2014 Special Tax Refunding Bonds. Moneys in the Administrative Expense Fund shall be utilized to pay Administrative Expenses as specified in the Fiscal Agent Agreement (see “SECURITY FOR THE SERIES 2014 BONDS - Administrative Expense Fund” in the Official Statement).

Costs of Issuance Fund – The Fiscal Agent Agreement establishes the Costs of Issuance Fund. A portion of the proceeds of the Series 2014 Special Tax Refunding Bonds will be deposited into the Costs of Issuance Fund. Moneys deposited into the Costs of Issuance Fund will be expended at the direction of the District for payment of Costs of Issuance as further set forth in the Fiscal Agent Agreement (see “SECURITY FOR THE BONDS – Costs of Issuance Fund” in the Official Statement).

Redemption Fund - The Redemption Fund is established by the Fiscal Agent Agreement and includes an Optional Redemption Account and Mandatory Redemption Account. Each of the redemption accounts is used for the temporary retention of moneys allocated to the redemption of Series 2014 Special Tax Refunding Bonds corresponding to that account. Moneys in each such account shall be applied solely for such redemption purpose (see “THE SERIES 2014 BONDS - Redemption” in the Official Statement).

Residual Fund - Moneys in the Residual Fund may be used by the District for acquisition and/or construction of School Facilities; to make deposits to the Rebate Fund under the terms of the Fiscal Agent Agreement for the purposes of paying rebatable arbitrage as and when such is due in accordance with the Tax Certificate and the Regulations, to pay other obligations of the District, or, at the option of the District, to pay for Administrative Expenses under the terms of the Fiscal Agent Agreement. Moneys on deposit in the Residual Fund are not pledged for payment of the principal of, or interest or premium on, the Series 2014 Special Tax Refunding Bonds, and are not subject to any Bondowner’s lien.

Rebate Fund - The Rebate Fund is established by the Fiscal Agent Agreement for the receipt and payment of arbitrage earnings to the United State government as required under the terms of the Fiscal Agent Agreement and the Tax Certificate (see “SECURITY FOR THE SERIES 2014 BONDS – Rebate Fund” in the Official Statement).

Investment Earnings - Investment Earnings on the Reserve Fund in excess of the Reserve Requirement shall be transferred to the Interest Account of the Bond Fund on a semi-annual basis as further described in the Fiscal Agent Agreement. Interest income on other funds and accounts as set out in the Fiscal Agent Agreement will be retained in the account or fund in which it is earned and shall be applied for the purpose for which such account or fund was established except as otherwise specified in the Fiscal Agent Agreement. The Fiscal Agent is required to invest and reinvest all moneys held the accounts and funds established under the Fiscal Agent Agreement (in accordance with written directives from a representative of the District) in Authorized Investments and as specified in the Fiscal Agent Agreement (see “SECURITY FOR THE BONDS – Authorized Investments” in the Official Statement).

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Redemption

The Series 2014 Special Tax Refunding Bonds may be redeemed prior to maturity, in whole or in part, at the option of the District, on September 1, 2024, or on any Interest Payment Date thereafter prior to maturity pro rata among maturities and by lot within a maturity at the redemption prices set forth in the Fiscal Agent Agreement (see “THE BONDS - Redemption” in the Official Statement).

The Series 2014 Special Tax Refunding Bonds are also subject to mandatory redemption prior to their stated maturities, in whole, or in part, on any Interest Payment Date for which timely notice can be given under the terms of the Fiscal Agent Agreement from moneys on deposit in the Prepayment Account of the Special Tax Fund at the redemption prices set forth in the Fiscal Agent Agreement (see “THE BONDS - Redemption,” and “SECURITY FOR THE BONDS - Special Tax Fund” in the Official Statement).

The Fiscal Agent shall select the Series 2014 Special Tax Refunding Bonds subject to optional redemption and mandatory redemption from prepaid special taxes in accordance with the terms of the Fiscal Agent Agreement (see “THE BONDS - Redemption” in the Official Statement).

Covenants

So long as any of the Series 2014 Special Tax Refunding Bonds issued pursuant to the Fiscal Agent Agreement are Outstanding and unpaid, the District makes the following covenants with the Owners under the provisions of the Act and the Fiscal Agent Agreement and all Supplements (to be performed by the District or its proper officers, agents or employees), which covenants are necessary, convenient and desirable to secure the Series 2014 Special Tax Refunding Bonds; provided, however, that such covenants do not require the District to expend any funds or moneys other than the Net Taxes or any moneys deposited in the funds and accounts created under the Fiscal Agent Agreement and legally available therefor.

Covenant 1. Punctual Payment. The District will duly and punctually pay, or cause to be paid, the principal of and interest on every Series 2014 Special Tax Refunding Bond issued pursuant to the Fiscal Agent Agreement, together with the premium thereon, if any be payable, on the date, at the place and in the manner mentioned in the Series 2014 Special Tax Refunding Bonds and in accordance with the Fiscal Agent Agreement and any Supplement to the extent Net Taxes are available therefor, and that the payments into the Bond Fund and the Reserve Fund will be made, all in strict conformity with the terms of the Series 2014 Special Tax Refunding Bonds and the Fiscal Agent Agreement, and that it will faithfully observe and perform all of the conditions, covenants and requirements of the Fiscal Agent Agreement and any Supplement and of the Series 2014 Special Tax Refunding Bonds issued under the Fiscal Agent Agreement, and that time of such payment and performance is of the essence of the District’s contract with the Bondowners.

Covenant 2. Levy and Collection of Special Taxes. Subject to the maximum Special Tax rates, the District will comply with all requirements of the Act so as to assure the timely collection of the Special Taxes, including, without limitation, the enforcement of delinquent Special Taxes.

On or before each June 1, commencing June 1, 2015, the Fiscal Agent shall provide a written notice to the District stating the amounts then on deposit in the various funds and accounts established by the Fiscal Agent Agreement. The receipt of such notice by the District shall in no way affect the obligations of the District under the following paragraphs. Upon receipt of a copy of such notice, the District shall communicate with the San Diego County Treasurer-Tax Collector or other appropriate

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official of the County of San Diego to ascertain the relevant parcels on which the Special Taxes are to be levied, taking into account any parcel splits during the preceding and then current year.

The District shall retain an Independent Financial Consultant to assist in the levy of the Special Taxes each Fiscal Year, in accordance with the Ordinance, such that the computation of the levy is complete before the final date on which the San Diego County Treasurer-Tax Collector will accept the transmission of the Special Tax amounts for the parcels within CFD No. 5 for inclusion on the next secured tax roll. Upon the completion of the computation of the amounts of the levy, and approval by the Legislative Body, the District shall prepare or cause to be prepared, and shall transmit to the San Diego County Treasurer-Tax Collector, such data as the San Diego County Treasurer-Tax Collector requires to include the levy of the Special Taxes on the next secured tax roll.

The District shall fix and levy the amount of Special Taxes within CFD No. 5 required for the payment of principal of and interest on Outstanding Series 2014 Special Tax Refunding Bonds becoming due and payable during the ensuing year including any necessary replenishment or expenditure of the Reserve Fund for the Series 2014 Special Tax Refunding Bonds, an amount equal to the Administrative Expense Requirement and any additional amounts necessary for expenses incurred in connection with administration or enforcement of delinquent Special Taxes.

The Special Taxes shall be payable and collected in the same manner and at the same time and in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property; provided, the Legislative Body may provide for direct collection of the Special Taxes in certain circumstances.

In order to determine if there are delinquencies with respect to the payment of the Special Taxes, no later than March 1 and July 1, commencing March 1, 2015, the District shall reconcile or cause to be reconciled the amount of Special Taxes levied to the amount of Special Taxes actually received by the District.

The fees and expenses of the Independent Financial Consultant retained by the District to assist in computing the levy of the Special Taxes under the terms of the Fiscal Agent Agreement and any reconciliation of amounts levied to amounts received, as well as the costs and expenses of the District (including a charge for District staff time) in conducting its duties under the terms of the Fiscal Agent Agreement, shall be an Administrative Expense under the terms of the Fiscal Agent Agreement.

(See “SECURITY FOR THE BONDS - Special Taxes,” and “SPECIAL RISK FACTORS – Payment of Special Taxes” and “ - Special Tax Delinquencies” in the Official Statement.)

Covenant 3. Commence Foreclosure Proceedings . On or about March 1 and July 1 of each Fiscal Year, the District will compare the amount of Special Taxes theretofore levied in the District to the amount of Special Taxes theretofore received by the District, and:

Individual Delinquencies. If the District determines that (i) any single parcel within the District is subject to a Special Tax delinquency in the aggregate amount of $5,000 or more or (ii) any owner owns one or more parcels subject to a Special Tax delinquency in an aggregate amount of $5,000 or more, then the District shall send, or cause to be sent, a notice of delinquency (and a demand for immediate payment thereof) to the property owner within forty-five (45) days of such determination, and (if

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the delinquency remains uncured) the District shall take action to authorize the commencement of foreclosure proceedings within ninety (90) days of the July 1 determination, to the extent permissible under applicable law, and shall thereafter diligently prosecute such proceedings in superior court to the extent permitted by law.

Aggregate Delinquencies. If the District determines that the total amount of delinquent Special Taxes for the prior Fiscal Year for the District (including the total of delinquencies under paragraph (A) above) exceeds five percent (5%) of the total Special Taxes due and payable for the prior Fiscal Year, the District shall notify, or cause to be notified, all property owners who are then delinquent in the payment of Special Taxes (and demand immediate payment of the delinquency) within forty-five (45) days of such determination, and (to the extent such delinquencies remain uncured) the District shall take action to authorize the commencement of foreclosure proceedings within ninety (90) days of such determination against each parcel of land within the District with a Special Tax delinquency to the extent permissible under applicable law.

Limiting Provision. Notwithstanding the foregoing, however, the District shall not be required to order, or take action upon, the commencement of foreclosure proceedings under subsection (B), above, if such delinquencies, if not remedied, will not result in a draw on the Reserve Fund such that the Reserve Fund will fall below the Reserve Requirement and no draw has been made on the Reserve Fund, which has not been restored, such that the Reserve Fund shall be funded to at least the Reserve Requirement.

The net proceeds received following a judicial foreclosure sale of land within CFD No. 5 resulting from a property owner’s failure to pay the Special Taxes when due are included within the Net Tax revenues pledged to the payment of principal of and interest on the Series 2014 Special Tax Refunding Bonds under the Fiscal Agent Agreement.

The District reserves the right to elect to accept payment from a property owner of at least the enrolled amount of the Special Taxes for a parcel(s) but less than the full amount of the penalties, interest, costs and attorneys’ fees related to the Special Tax delinquency for such parcel(s). The Bondowners are deemed to have consented to the foregoing reserved right of the District, notwithstanding any provision of the Act or other law of the State, or any other term set forth in the Fiscal Agent Agreement to the contrary. The Bondowners, by their acceptance of the Series 2014 Special Tax Refunding Bonds, have consented to such payment for such lesser amounts.

Further, notwithstanding any provision of the Act or other law of the State, or any other term set forth in the Fiscal Agent Agreement to the contrary, in connection with any judicial foreclosure proceeding related to delinquent Special Taxes:

The District or the Fiscal Agent, acting on behalf of the District, is expressly authorized to credit bid at any foreclosure sale, without any requirement that funds be set aside in the amount so credit bid, in the amount specified in Section 53356.5 of the Act, or such lesser amount as determined under clause (ii) below or otherwise under Section 53356.6 of the Act.

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The District may permit, in its sole and absolute discretion, property with delinquent Special Tax payments to be sold for less than the amount specified in Section 53356.5 of the Act, if it determines that such sale is in the interest of the Bondowners. The Bondowners, by their acceptance of the Series 2014 Special Tax Refunding Bonds, have consented to such sale for such lesser amounts (as such consent is described in Section 53356.6 of the Act), and have released the District and the School District, and their respective officers and agents, from any liability in connection therewith. If such sale for lesser amounts would result in less than full payment of principal of and interest due and owing on the Series 2014 Special Tax Refunding Bonds, the District will use its best efforts to seek approval of the Bondowners.

The Board hereby specifically delegates to the School District’s Assistant Superintendent, Business Services, or such officer’s designee(s), all necessary authority in order to:

(a) pursue collection of all such Special Taxes pursuant to the provisions of this Covenant 3 and the terms and conditions of this Fiscal Agent Agreement;

contract for such services as necessary for collection of such Special Taxes, including, but not limited to, legal services for any applicable foreclosure proceedings, the cost thereof to be borne by the District (subject to Board ratification of any expenditures which are not drawn from the Administrative Expense Fund) and the property owners that have failed to timely pay such Special Taxes, including all costs, interest, and penalties consistent with applicable law;

file, or authorize to be filed, actions up to and including legal action(s) necessary to collect any delinquent Special Taxes including foreclosure of any lien securing such Special Taxes;

that as provided by the Act, authorize the payment of the costs and attorneys’ fees for prosecution of such litigation as is authorized on behalf of the District on redemption prior to entry of judgment as well as on post-judgment redemption, and the District hereby authorizes such counsel retained by the District to require payment on the District’s behalf of all costs and all attorneys’ fees incurred in applicable litigation as a condition of such redemption; and/or

in conjunction with counsel retained by the District, and other District consultants, authorize, pursuant to Government Code Section 53356.2: (i) the recording of notices of intent to remove the delinquent Special Taxes from the tax rolls, and (ii) requests that the applicable County officials remove current and future delinquent Special Taxes from the tax rolls.

All actions undertaken by the Assistant Superintendent, Business Services pursuant to the provisions of this Covenant shall be reported to the Board on a regular basis and are subject to the authority of the Board to subsequently direct different or alternative action(s) in such regard.

The District is hereby expressly authorized to include costs and attorneys’ fees related to foreclosure of delinquent Special Taxes as Administrative Expenses under this Fiscal Agent Agreement.

(See “SECURITY FOR THE BONDS – Covenant for Superior Court Foreclosure” and “SPECIAL RISK FACTORS – Insufficiency of Foreclosure Sale Proceeds” in the Official Statement.)

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Covenant 4. Against Encumbrances. The District will not encumber, pledge or place any charge or lien upon any of the Net Taxes or other amounts pledged to the Series 2014 Special Tax Refunding Bonds superior to, or on a parity with, the pledge and lien created in the Fiscal Agent Agreement for the benefit of the Series 2014 Special Tax Refunding Bonds, except as permitted by the Fiscal Agent Agreement and as to bonds issued to fully or partially refund the Series 2014 Special Tax Refunding Bonds.

Covenant 5. Modification of Maximum Authorized Special Tax. The District covenants that no modification of the maximum authorized Special Taxes within CFD No. 5 shall be approved by the District which would prohibit the District from levying the Special Tax on Developed Property within CFD No. 5 in any Fiscal Year at such a rate as could generate Special Taxes within CFD No. 5 in each Fiscal Year at least equal to 110% of Annual Debt Service plus estimated annual Administrative Expenses.

The District further covenants that in the event an ordinance is adopted by initiative pursuant to Section 3 of Article XIIIC of the California Constitution, which purports to reduce or otherwise alter the maximum authorized Special Taxes, it will, to the extent of available District funds therefore, commence and pursue legal action seeking to preserve its ability to comply with its covenant contained in the preceding paragraph.

Covenant 6. Protection of Security and Rights of Owners. The District will preserve and protect the security of the District and the rights of the Owners, and will warrant and defend their rights against all claims and demands of all Persons. From and after the delivery of any of the Series 2014 Special Tax Refunding Bonds by the District, the Series 2014 Special Tax Refunding Bonds shall be incontestable by the District.

Covenant 7. Compliance with Law, Completion of Refunding of Prior Bonds. The District will comply with all applicable provisions of the Act and law in completing the refinancing of the Prior Bonds.

Covenant 8. Books and Accounts. The District will keep, or cause to be kept, proper books of records and accounts, separate from all other records and accounts of the Series 2014 Special Tax Refunding Bonds, in which complete and correct entries shall be made of all transactions relating to the Project, the levy of the Special Tax within CFD No. 5 and the deposits to the Special Tax Fund including the Prepayment Account. Such books of record and accounts shall at all times during business hours be subject to the inspection of the Fiscal Agent or of the Owners of not less than ten percent (10%) of the principal amount of the Series 2014 Special Tax Refunding Bonds then Outstanding or their representatives authorized in writing.

Covenant 9. Tax Covenant. The District covenants and represents that until the last Series 2014 Special Tax Refunding Bonds shall have been fully paid or redeemed, the District will comply with all requirements of the Tax Certificate, the Code and all applicable Regulations, such that the interest on the Series 2014 Special Tax Refunding Bonds will remain excluded from gross income for federal income tax purposes.

Covenant 10. Additional Tax Covenants. Covenant 10, as fully set forth in the Fiscal Agent Agreement, provides for additional covenants of the District in order to preserve and protect the tax exempt status of the Series 2014 Special Tax Refunding Bonds.

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Covenant 11. Further Assurances. The District will adopt, make, execute and deliver any and all such further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the obligations and covenants under the Fiscal Agent Agreement and any Supplement, and for the better assuring and confirming unto the Owners of the rights and benefits provided in the Fiscal Agent Agreement and in any Supplement.

Covenant 12. Additional Opinion(s). The District will not make any change in requirements or procedures or take any action, as to which change or action the Fiscal Agent Agreement or related documents require an opinion of nationally recognized Bond Counsel, unless it obtains an opinion of Bond Counsel to the effect that (a) interest on the Series 2014 Special Tax Refunding Bonds was excluded from gross income for federal income tax purposes from their date of issuance until the date of such change, assuming compliance with the covenants in the Fiscal Agent Agreement as they were in effect prior to the change (except that such opinion need not be given as to any interest for which a similar opinion has previously been given and remains in effect subsequent to such change), and (b) assuming continued compliance by the District with the covenants as changed, interest on the Series 2014 Special Tax Refunding Bonds is excluded from gross income for purposes of federal income taxation.

Covenant 13. Tender of Series 2014 Special Tax Refunding Bonds. The District will not, in collecting the Special Taxes within CFD No. 5 or in processing any such judicial foreclosure proceedings, exercise any authority which it has pursuant to Sections 53340, 53344.1, 53344.2, 53356.1 and 53356.5 of the California Government Code in any manner which would be inconsistent with the interests of the Owners and, in particular, will not permit the tender of Series 2014 Special Tax Refunding Bonds in full or partial payment of Special Taxes except upon receipt of a certificate of an Independent Financial Consultant that to accept such tender will not result in the District having insufficient Net Taxes to pay the principal of and interest on the Series 2014 Special Tax Refunding Bonds remaining Outstanding following such tender.

Covenant 14. Additional Special Tax Refunding Bonds or Obligations. The District shall not issue any additional bonds, notes or other similar evidences of indebtedness payable, in whole or in part, out of Net Taxes except: (i) bonds issued to fully or partially refund the Outstanding Series 2014 Special Tax Refunding Bonds; and (ii) subordinate bonds, notes or other similar evidences of indebtedness (see “SECURITY FOR THE BONDS – Parity Bonds” in the Official Statement).

Covenant 15. Annual Reports.

(a) Annual Reports to the California Debt and Investment Advisory Commission. Not later than October 30 of each year, commencing October 30, 2014, and until the October 30 following the final maturity of the Series 2014 Special Tax Refunding Bonds, the District shall supply to the California Debt and Investment Advisory Commission the information required to be provided thereto pursuant to Section 53359.5(b) of the Act, as it may be amended from time to time. Such information shall be made available to any Owner upon written request to the District accompanied by a fee determined by the District to pay the costs of the District in connection therewith. The District shall in no event be liable to any Owner or any other person or entity in connection with any error in any such information.

If at any time the Fiscal Agent fails to pay principal or interest due on any scheduled payment date for the Series 2014 Special Tax Refunding Bonds, or if funds are withdrawn from the Reserve Fund to pay principal or interest on the Series 2014 Special Tax Refunding Bonds, such that the amount(s) in the Reserve Fund are reduced below the Reserve Requirement, the Fiscal Agent shall

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notify the District in writing of such failure or withdrawal, and the District shall notify the California Debt and Investment Advisory Commission of such failure or withdrawal within 10 days of the failure to make such payment or the date of such withdrawal.

The reporting requirements of such Covenant 15 shall be amended from time to time, without action by the District or the Fiscal Agent to reflect any future amendments to specific sections of the Act. The District shall provide the Fiscal Agent with a copy of any such amendment. Notwithstanding the foregoing, any such amendment shall not, in itself, affect the District’s obligations under any continuing disclosure documentations relating to the Series 2014 Special Tax Refunding Bonds.

None of the District, its officers, agents, employees or Authorized Representatives, or the Fiscal Agent, shall be liable to any person or party for any inadvertent error in reporting the information described in such Covenant 15.

Covenant 16. Minimum Special Tax Levy. In addition to the foregoing covenants, the District covenants to take actions to levy Special Taxes in an amount not less than an amount sufficient, in addition to payment of principal and interest on the Series 2014 Special Tax Refunding Bonds and other requirements of the Special Tax revenues, to provide for the payment of the annual bond insurance premiums required by the terms of the Insurance Policy and the Reserve Fund Surety, subject only to the maximum tax limitations applicable to the Special Taxes as set out in the Rate and Method and the proceedings under which the Special Taxes were authorized.

Continuing Disclosure Covenant. The District covenants and agrees that it will comply with and carry out all of its obligations under the District Continuing Disclosure Agreement. Notwithstanding any other provision of the Fiscal Agent Agreement, failure of the District to comply with its obligations under the District Continuing Disclosure Agreement shall not be considered an event of default under the Fiscal Agent Agreement, and the sole remedy, in the event of any failure of the District to comply with the District Continuing Disclosure Agreement, shall be an action to compel performance thereof. The Fiscal Agent may (and, at the request of any Participating Underwriter or the Owners of at least 25% aggregate principal amount of Outstanding Series 2014 Special Tax Refunding Bonds, shall upon the receipt of reasonable indemnity for its fees and costs), or any Bondowner or Beneficial Owner may, take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the District to comply with its obligations under such Covenant. For purposes of such Covenant, “Beneficial Owners” means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Series 2014 Special Tax Refunding Bonds (including persons holding Series 2014 Special Tax Refunding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the Owner of any Series 2014 Special Tax Refunding Bonds for federal income tax purposes (see “CONTINUING DISCLOSURE” in the Official Statement).

Amendments to Fiscal Agent Agreement

The District may from time to time, and at any time, without notice to, or consent of, any of the Owners, adopt Supplements to the Fiscal Agent Agreement for any of the following purposes:

(a) to cure any ambiguity, to correct or supplement any provision in the Fiscal Agent Agreement which may be inconsistent with any other provision to the Fiscal Agent Agreement, or to make any other provision with respect to matters or questions arising under the Fiscal Agent Agreement, or in any Supplement, provided that such action shall not have a material adverse effect on the interests of the Bondowners;

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(b) to add to the covenants and agreements of and the limitations and the restrictions upon the District contained in the Fiscal Agent Agreement which are not contrary to or inconsistent with the Fiscal Agent Agreement as theretofore in effect; or

(c) to modify, alter, amend or supplement the Fiscal Agent Agreement in any other respect which is not materially adverse to the Bondowners including, but not limited to, providing for the rating or insuring of the Series 2014 Special Tax Refunding Bonds.

Exclusive of amendments supplemental to the Fiscal Agent Agreement covered by subsection (a) above, the Owners of not less than 60% in aggregate principal amount of the Series 2014 Special Tax Refunding Bonds then Outstanding shall have the right to consent to and approve the adoption by the District of such amendments or orders supplemental to the Fiscal Agent Agreement as shall be deemed necessary or desirable by the District for the purpose of waiving, modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in the Fiscal Agent Agreement; provided, however, that nothing in the Fiscal Agent Agreement shall permit, or be construed as permitting, (a) an extension of the maturity date of the principal of, or the payment date of interest on, any Series 2014 Special Tax Refunding Bonds, (b) a reduction in the principal amount of, or redemption premium on, any Series 2014 Special Tax Refunding Bonds or the rate of interest thereon, (c) a preference or priority of any Series 2014 Special Tax Refunding Bonds over any other Series 2014 Special Tax Refunding Bonds, or (d) a reduction in the aggregate principal amount of the Series 2014 Special Tax Refunding Bonds the Owners of which are required to consent to such Supplement, without, in the case of (a) or (b), the consent of the affected Owner, or, in the case of (c), the consent of the Owners of all Series 2014 Special Tax Refunding Bonds then Outstanding.

Supplements Requiring Owner Consent. If at any time the District shall desire to adopt a Supplement to the Fiscal Agent Agreement which, pursuant to the terms of the Fiscal Agent Agreement, shall require the consent of the Owners, the District shall so notify the Fiscal Agent and shall deliver to the Fiscal Agent a copy of the proposed Supplement to be mailed, postage prepaid, to all Owners at their addresses as they appear in the Bond Register as provided for in the Fiscal Agent Agreement. Such notice shall briefly set forth the nature of the proposed Supplement and shall state that a copy thereof is on file at the Principal Corporate Trust Office of the Fiscal Agent for inspection by all Owners. The failure of any Owner to receive such notice shall not affect the validity of such Supplement when consented to and approved as provided in the Fiscal Agent Agreement. Whenever at any time within one year after the date of the first mailing of such notice the Fiscal Agent shall receive an instrument or instruments purporting to be executed by the Owners of not less than 60% in aggregate principal amount of the Series 2014 Special Tax Refunding Bonds then Outstanding, which instrument or instruments shall refer to the proposed Supplement described in such notice, and shall specifically consent to and approve the adoption thereof by the District substantially in the form of the copy thereof referred to in such notice as on file with the Fiscal Agent, such proposed Supplement, when duly adopted by District, shall thereafter become a part of the proceedings for the issuance of the Series 2014 Special Tax Refunding Bonds. In determining whether the Owners of 60% of the aggregate principal amount of the Series 2014 Special Tax Refunding Bonds have consented to the adoption of any Supplement, Series 2014 Special Tax Refunding Bonds which are owned by the District or by any person directly or indirectly controlling or controlled by or under the direct or indirect common control with the District, shall be disregarded and shall be treated as though they were not Outstanding for the purpose of any such determination.

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Upon the adoption of any Supplement and the receipt of consent to any such amendment from the Owners of the appropriate aggregate principal amount of Series 2014 Special Tax Refunding Bonds in instances where such consent is required pursuant to the provisions of the Fiscal Agent Agreement, the Fiscal Agent Agreement shall be, and shall be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under the Fiscal Agent Agreement of the District and all Owners of Series 2014 Special Tax Refunding Bonds then Outstanding shall thereafter be determined, exercised and enforced thereunder, subject in all respects to such modifications and amendments. Notwithstanding anything in the Fiscal Agent Agreement to the contrary, no Supplement shall be entered into which would modify the duties of the Fiscal Agent under the Fiscal Agent Agreement, without the prior written consent of the Fiscal Agent.

Certain supplements and amendments to the Fiscal Agent Agreement are subject to the prior consent of the Bond Insurer (see Insurer’s Rights below).

Fiscal Agent

The Fiscal Agent is appointed and takes authorized actions under the terms of the Fiscal Agent Agreement. The initial Fiscal Agent may be removed or replaced by the District upon 30 days’ prior written notice (except during the continuance of an event of default, as further discussed below) or may resign in favor of a successor Fiscal Agent. The Fiscal Agent Agreement provides for certain minimum qualifications of the Fiscal Agent and provides for notice and procedures in the event a successor Fiscal Agent is required or appointed.

The duties of the Fiscal Agent are specified within the Fiscal Agent Agreement and include mailing interest payments to the Owners, selecting Series 2014 Special Tax Refunding Bonds for redemption pursuant to the terms of the Fiscal Agent Agreement, giving notice of redemption and meetings of the Owners, maintaining the Bond Register and maintaining and administering the funds and accounts established pursuant to the Fiscal Agent Agreement. The Fiscal Agent also performs all other acts authorized or directed of the Fiscal Agent pursuant to the terms of the Fiscal Agent Agreement.

The Fiscal Agent Agreement provides that the recitals of fact and all promises, covenants and agreements contained therein and in the Series 2014 Special Tax Refunding Bonds are to be taken as statements, promises, covenants and agreements of the District, and the Fiscal Agent assumes no responsibility for the correctness of the same and makes no representations as to the validity or sufficiency of the Fiscal Agent Agreement or the Series 2014 Special Tax Refunding Bonds. The Fiscal Agent Agreement provides for certain protections from liability of the Fiscal Agent except for its own negligence or willful misconduct, as further specified in the Fiscal Agent Agreement. Included as part of such protections, the Fiscal Agent shall be under no obligation to exercise any of the rights or powers vested in it by the Fiscal Agent Agreement at the request, order or direction of any of the Owners pursuant to the provisions of the Fiscal Agent Agreement unless such Owners shall have offered to the Fiscal Agent security or indemnity acceptable to the Fiscal Agent against the costs, expenses, and liabilities which may be incurred therein or thereby.

Events of Default: Remedies

Events of Default. Any one or more of the following events shall constitute an “event of default”:

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(a) Default in the due and punctual payment of the principal of or redemption premium, if any, on any Series 2014 Special Tax Refunding Bond when and as the same shall become due and payable, whether at maturity as therein expressed or from mandatory redemption;

(b) Default in the due and punctual payment of the interest on any Series 2014 Special Tax Refunding Bond when and as the same shall become due and payable; or

(c) Default by the District in the observance of any of the other agreements, conditions or covenants on its part contained in the Fiscal Agent Agreement or in the Series 2014 Special Tax Refunding Bonds, and the continuation of such default for a period of 30 days after the District shall have been given notice in writing of such default by the Fiscal Agent, provided that if within 30 days the District has commenced curing of the default and diligently pursues elimination thereof, such period shall be extended to permit such default to be eliminated; and provided further, that any noncompliance with the terms of the Continuing Disclosure Covenant, identified in the Fiscal Agent Agreement, shall not be an event of default under the terms of the Fiscal Agent Agreement and is limited to the remedies specifically identified therein (see “CONTINUING DISCLOSURE” in the Official Statement).

Remedies of Owners. Following the occurrence of an event of default, any Owner shall have the right for the equal benefit and protection of all Owners similarly situated:

(a) By mandamus or other suit or proceeding at law or in equity to enforce his or her rights against the District and any of the members, officers and employees of the District, and to compel the District or any such members, officers or employees to perform and carry out their duties under the Act and their agreements with the Owners as provided in the Fiscal Agent Agreement;

(b) By suit in equity to enjoin any actions or things which are unlawful or violate the rights of the Owners; or

(c) Upon the happening of an event of default (as defined in the Fiscal Agent Agreement), by a suit in equity to require the District and its members, officers and employees to account as the trustee of an express trust.

Nothing in the Fiscal Agent Agreement, or in the Series 2014 Special Tax Refunding Bonds, shall affect or impair the obligation of the District, which is absolute and unconditional, to pay the interest on and principal of the Series 2014 Special Tax Refunding Bonds to the respective Owners of the Series 2014 Special Tax Refunding Bonds at the respective dates of maturity, as provided in the Fiscal Agent Agreement, out of the Net Taxes pledged for such payment, or affect or impair the right of action, which is also absolute and unconditional, of such Owners to institute suit to enforce such payment by virtue of the contract embodied in the Series 2014 Special Tax Refunding Bonds and in the Fiscal Agent Agreement.

A waiver of any default or breach of duty or contract by any Owner shall not affect any subsequent default or breach of duty or contract, or impair any rights or remedies on any such subsequent default or breach. No delay or omission by any Owner to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy conferred upon the Owners by the Act or by the Fiscal Agent Agreement may be enforced and exercised from time to time and as often as shall be deemed expedient by the Owners.

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If any suit, action or proceeding to enforce any right or exercise any remedy is abandoned or determined adversely to the Owners, the District and the Owners shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken.

No remedy conferred through the Fiscal Agent Agreement upon or reserved to the Owners is intended to be exclusive of any other remedy. Every such remedy shall be cumulative and shall be in addition to every other remedy given under the Fiscal Agent Agreement or now or thereafter existing, at law or in equity or by statute or otherwise, and may be exercised without exhausting and without regard to any other remedy conferred by the Act or any other law.

Application of Net Special Tax Revenues After Default. If an Event of Default shall occur and be continuing, all Net Taxes and any other funds thereafter received by the Fiscal Agent under any of the provisions of the Fiscal Agent Agreement shall be applied by the Fiscal Agent as follows and in the following order:

(a) To the payment of any expenses necessary in the opinion of the Fiscal Agent to protect the interests of the Owners and payment of reasonable fees, charges and expenses of the Fiscal Agent (including reasonable fees and disbursements of its counsel) incurred in and about the performance of its powers and duties under the Fiscal Agent Agreement;

(b) To the payment of the principal of and interest then due with respect to the Series 2014 Special Tax Refunding Bonds (upon presentation of the Series 2014 Special Tax Refunding Bonds to be paid, and stamping thereon of the payment if only partially paid, or surrender thereof if fully paid) subject to the provisions of the Fiscal Agent Agreement, as follows:

First: To the payment to the Owners entitled thereto of all installments of interest then due in the order of the maturity of such installments and, if the amount available shall not be sufficient to pay in full any installment or installments maturing on the same date, then to the payment thereof ratably, according to the amounts due thereon, to the Owners entitled thereto, without any discrimination or preference; and

Second: To the payment to the Owners entitled thereto of the unpaid principal of any Series 2014 Special Tax Refunding Bonds which shall have become due, whether at maturity or by call for redemption, with interest on the overdue principal at the rate borne by the respective Series 2014 Special Tax Refunding Bonds on the date of maturity or redemption, and, if the amount available shall not be sufficient to pay in full all the Series 2014 Special Tax Refunding Bonds, together with such interest, then to the payment thereof ratably, according to the amounts of principal due on such date to the Owners entitled thereto, without any discrimination or preference.

Any remaining funds shall be transferred by the Fiscal Agent to the Special Tax Fund.

Limitation on Bondowners’ Right to Sue. No Owner shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under the Fiscal Agent Agreement, the Act or any other applicable law with respect to such Series 2014 Special Tax Refunding Bonds, unless (a) such Owner shall have given to the Fiscal Agent written notice of the occurrence of an Event of Default, (b) the Owners of a majority in aggregate principal amount of the Series 2014 Special Tax Refunding Bonds then Outstanding shall have made written request upon the Fiscal Agent to exercise the powers thereinbefore granted or to institute such suit, action or proceeding in its own name, (c) such Owner, or Owners, shall have tendered to the Fiscal Agent security indemnity acceptable to the Fiscal Agent against the costs, expenses and liabilities to be

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incurred in compliance with such request, and (d) the Fiscal Agent shall have refused or omitted to comply with such request for a period of 60 days after such written request shall have been received by, and such tender of indemnity shall have been made to, the Fiscal Agent.

Such notification, request, tender of indemnity and refusal or omission are declared within the Fiscal Agent Agreement, in every case, to be conditions precedent to the exercise by any Owner of any remedy thereunder or under law; it being understood and intended that no one or more Owners shall have any right in any manner whatever by his or their action to affect, disturb or prejudice the security of the Fiscal Agent Agreement or the rights of any other Owners, or to enforce any right under the Series 2014 Special Tax Refunding Bonds, the Fiscal Agent Agreement, the Act or other applicable law with respect to the Series 2014 Special Tax Refunding Bonds, except in the manner therein provided, and that all proceedings at law or in equity to enforce any such right shall be instituted, had and maintained in the manner therein provided and for the benefit and protection of all Owners, subject to the provisions of the Fiscal Agent Agreement.(see “SPECIAL RISK FACTORS – Limitations on Remedies” in the Official Statement).

The Series 2014 Special Tax Refunding Bonds are not subject to acceleration in payment of interest or principal.

Defeasance

If all or a specified portion of the Series 2014 Special Tax Refunding Bonds shall be paid and discharged under the terms of the Fiscal Agent Agreement in any one or more of the following ways:

(a) by paying or causing to be paid the principal of and interest due on the Series 2014 Special Tax Refunding Bonds, as and when the same become due and payable;

(b) by depositing with the Fiscal Agent or a designated bank or trust company as escrow holder, in trust, at or before maturity, money which, together with the amounts then on deposit in the Special Tax Fund, the Bond Fund, the Redemption Fund and the Reserve Fund and available for such purpose, is fully sufficient to pay the principal of and interest on such Series 2014 Special Tax Refunding Bond as and when the same shall become due and payable; or

(c) by depositing with the Fiscal Agent, or a designated bank or trust company as escrow holder, in trust, Federal Securities in which the District may lawfully invest its money, in such amount as certified by a nationally recognized certified public accountant which will, together with the interest to accrue thereon and moneys then on deposit in the Special Tax Fund, the Bond Fund, the Redemption Fund and the Reserve Fund available for such purpose, together with the interest to accrue thereon, be fully sufficient to pay and discharge the principal of and interest and any premium on such Series 2014 Special Tax Refunding Bond as and when the same shall become due and payable;

then, notwithstanding that any such Series 2014 Special Tax Refunding Bond shall not have been surrendered for payment, all obligations of the District under the Fiscal Agent Agreement, and any Supplement, with respect to such Series 2014 Special Tax Refunding Bond shall cease and terminate, except for the obligation of the Fiscal Agent to pay or cause to be paid to the Owners of any such Series 2014 Special Tax Refunding Bonds not so surrendered and paid, all sums due thereon and except for specified covenants of the District contained and identified in the Fiscal Agent Agreement.

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In connection with a defeasance under (b) or (c) above, there shall be provided to the District and the Fiscal Agent a certificate of a certified public accountant stating its opinion as to the sufficiency of the moneys or securities deposited with the Fiscal Agent, or the designated escrow holder, to pay and discharge the principal of and interest on the Outstanding Series 2014 Special Tax Refunding Bonds to be defeased in accordance with the provisions of the Fiscal Agent Agreement, as and when the same shall become due and payable, and an opinion of Bond Counsel (which may rely upon the opinion of the certified public accountant) to the effect that the Series 2014 Special Tax Refunding Bonds being defeased have been legally defeased in accordance with the provisions of the Fiscal Agent Agreement. Upon such a defeasance, the Fiscal Agent shall release the rights of the Owners of such Series 2014 Special Tax Refunding Bonds which have been defeased under the provisions of the Fiscal Agent Agreement and execute and deliver to the District all such instruments as may be desirable to evidence such release, discharge and satisfaction. In the case of a defeasance under the provisions of the Fiscal Agent Agreement of all Outstanding Series 2014 Special Tax Refunding Bonds, the Fiscal Agent shall pay over or deliver to the District any funds held by the Fiscal Agent at the time of a defeasance, which are not required for the purpose of paying and discharging the principal of or interest on the Series 2014 Special Tax Refunding Bonds when due. The Fiscal Agent shall, at the written direction and expense of the District, mail, first-class, postage prepaid, a notice to the Owners whose Series 2014 Special Tax Refunding Bonds have been defeased, in the form directed by the District, stating that the defeasance has occurred.

Miscellaneous Provisions

Execution of Documents and Proof of Ownership. Any request, direction, consent, revocation of consent, or other instrument in writing required or permitted by the Fiscal Agent Agreement to be signed or executed by Owners may be in any number of concurrent instruments of similar tenor, and may be signed or executed by such Owners in person or by their attorneys appointed by an instrument in writing for that purpose, or by any commercial bank, trust company or other depository for such Series 2014 Special Tax Refunding Bond. Proof of the execution of any such instrument, or of any instrument appointing any such attorney, and of the ownership of such Series 2014 Special Tax Refunding Bond shall be sufficient for the purposes of the Fiscal Agent Agreement (except as otherwise therein provided), if made in the following manner:

(a) The fact and date of the execution by any Owner or their attorney of any such instrument and of any instrument appointing any such attorney may be proved by a signature guarantee of any bank or trust company located within the United States of America. Where any such instrument is executed by an officer of a corporation or association or a member of a partnership on behalf of such corporation, association or partnership, such signature guarantee shall also constitute sufficient proof of this authority; provided, however, that nothing contained in the Fiscal Agent Agreement shall be construed as limiting the Fiscal Agent to such proof, it being intended that the Fiscal Agent may accept any other evidence of the matters therein stated which the Fiscal Agent may deem sufficient. Any request or consent of the Owner of any Series 2014 Special Tax Refunding Bond shall bind every future Owner of the same Series 2014 Special Tax Refunding Bond in respect to anything done or suffered to be done by the Fiscal Agent in pursuance of such request or consent; and

(b) As to any Series 2014 Special Tax Refunding Bond, the Person in whose name the same shall be registered in the Bond Register shall be deemed and regarded as the absolute Owner thereof for all purposes, and payment of or on account of the principal of any such Series 2014 Special Tax Refunding Bond, and the interest thereon, shall be made only to or upon the order of the registered Owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Series 2014 Special Tax Refunding Bond and the interest thereon to

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the extent of the sum or sums so paid. The Fiscal Agent shall not be affected by any notice to the contrary.

Provisions Constitute Contract. The provisions of the Fiscal Agent Agreement, including any Supplements thereto, and the Series 2014 Special Tax Refunding Bonds shall constitute a contract between the District and the Owners (“Contract”) and the provisions thereof shall be enforceable by any Owner for the equal benefit and protection of all Owners similarly situated by mandamus, accounting, mandatory injunction or any other suit, action or proceeding at law or in equity that is now or may thereafter be authorized under the laws of the State of California in any court of competent jurisdiction. The Contract is made under and is to be construed in accordance with the laws of the State of California.

No remedy conferred thereby upon any Owner is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by the Act or any other law of the State of California. No waiver of any default or breach of duty or contract by any Owner shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies on said subsequent default or breach. No delay or omission of any Owner to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed as a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the Owners may be enforced and exercised as often as may be deemed expedient. In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and the Owner shall prevail, said Owner shall be entitled to receive from the Net Taxes reimbursement for reasonable costs, expenses, outlays and attorneys’ fees and should said suit, action or proceeding be abandoned, or be determined adversely to the Owners then, and in every such case, the District’s positions, rights and remedies shall be construed in a manner as if such suit, action or proceeding had not been brought or taken.

After the issuance and delivery of the Series 2014 Special Tax Refunding Bonds, the Fiscal Agent Agreement shall not be subject to repeal, but shall be subject to modification to the extent and in the manner provided in the Fiscal Agent Agreement, but to no greater extent and in no other manner.

Limitation of Rights. Nothing in the Fiscal Agent Agreement or in the Series 2014 Special Tax Refunding Bonds expressed or implied is intended or shall be construed to give to any Person other than the Fiscal Agent, the District and the Bondowners any legal or equitable right, remedy or claim under or in respect to the Fiscal Agent Agreement or any covenant, condition or provision therein or therein contained, and all such covenants, conditions and provisions are and shall be held to be for the sole and exclusive benefit of the Fiscal Agent, the District and the Bondowners.

Payment on Non-Business Days. In the event any payment is required to be made pursuant to the terms of the Fiscal Agent Agreement on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day with the same effect as if made on such non-Business Day.

Insurer’s Rights

The Fiscal Agent Agreement provides for various rights of the Bond Insurer with respect to various events and actions, and certain other events (as set out in the Fiscal Agent Agreement) relating to the Insurance Policy and the Reserve Fund Surety for the Series 2014 Special Tax Refunding Bonds. These rights include, but are not limited to, the right of the Bond Insurer to receive various notices, the right to control certain actions and remedies in event of a default under the terms of the Fiscal Agent

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Agreement, the right to limit certain actions to amend or supplement the Fiscal Agent Agreement, the right to approve or consent to certain actions under the terms of the Fiscal Agent Agreement and the right to require reimbursement(s) of amounts paid, or costs incurred, under the terms of the Insurance Policy and/or the Reserve Fund Surety, as applicable.

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APPENDIX F

FORM OF SPECIMEN MUNICIPAL BOND INSURANCE POLICY

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MUNICIPAL BOND INSURANCE POLICY

ISSUER: [NAME OF ISSUER]

MEMBER: [NAME OF MEMBER]

Policy No: _____

BONDS: $__________ in aggregate principal amount of [NAME OF TRANSACTION] [and maturing on]

Effective Date: _________

Risk Premium: $_________ Member Surplus Contribution: $ _________

BUILD AMERICA MUTUAL ASSURANCE COMPANY (“BAM”), for consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY agrees to pay to the trustee (the “Trustee”) or paying agent (the “Paying Agent”) for the Bonds named above (as set forth in the documentation providing for the issuance and securing of the Bonds), for the benefit of the Owners or, at the election of BAM, directly to each Owner, subject only to the terms of this Policy (which includes each endorsement hereto), that portion of the principal of and interest on the Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer.

On the later of the day on which such principal and interest becomes Due for Payment or the first Business Day following the Business Day on which BAM shall have received Notice of Nonpayment, BAM will disburse (but without duplication in the case of duplicate claims for the same Nonpayment) to or for the benefit of each Owner of the Bonds, the face amount of principal of and interest on the Bonds that is then Due for Payment but is then unpaid by reason of Nonpayment by the Issuer, but only upon receipt by BAM, in a form reasonably satisfactory to it, of (a) evidence of the Owner’s right to receive payment of such principal or interest then Due for Payment and (b) evidence, including any appropriate instruments of assignment, that all of the Owner’s rights with respect to payment of such principal or interest that is Due for Payment shall thereupon vest in BAM. A Notice of Nonpayment will be deemed received on a given Business Day if it is received prior to 1:00 p.m. (New York time) on such Business Day; otherwise, it will be deemed received on the next Business Day. If any Notice of Nonpayment received by BAM is incomplete, it shall be deemed not to have been received by BAM for purposes of the preceding sentence, and BAM shall promptly so advise the Trustee, Paying Agent or Owner, as appropriate, any of whom may submit an amended Notice of Nonpayment. Upon disbursement under this Policy in respect of a Bond and to the extent of such payment, BAM shall become the owner of such Bond, any appurtenant coupon to such Bond and right to receipt of payment of principal of or interest on such Bond and shall be fully subrogated to the rights of the Owner, including the Owner’s right to receive payments under such Bond. Payment by BAM either to the Trustee or Paying Agent for the benefit of the Owners, or directly to the Owners, on account of any Nonpayment shall discharge the obligation of BAM under this Policy with respect to said Nonpayment.

Except to the extent expressly modified by an endorsement hereto, the following terms shall have the meanings specified for all purposes of this Policy. “Business Day” means any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions in the State of New York or the Insurer’s Fiscal Agent (as defined herein) are authorized or required by law or executive order to remain closed. “Due for Payment” means (a) when referring to the principal of a Bond, payable on the stated maturity date thereof or the date on which the same shall have been duly called for mandatory sinking fund redemption and does not refer to any earlier date on which payment is due by reason of call for redemption (other than by mandatory sinking fund redemption), acceleration or other advancement of maturity (unless BAM shall elect, in its sole discretion, to pay such principal due upon such acceleration together with any accrued interest to the date of acceleration) and (b) when referring to interest on a Bond, payable on the stated date for payment of interest. “Nonpayment” means, in respect of a Bond, the failure of the Issuer to have provided sufficient funds to the Trustee or, if there is no Trustee, to the Paying Agent for payment in full of all principal and interest that is Due for Payment on such Bond. “Nonpayment” shall also include, in respect of a Bond, any payment made to an Owner by or on behalf of the Issuer of principal or interest that is Due for Payment, which payment has been recovered from such Owner pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction. “Notice” means delivery to BAM of a notice of claim and certificate, by certified mail, email or telecopy as set forth on the attached Schedule or other acceptable electronic delivery, in a form satisfactory to BAM, from and signed by an Owner, the Trustee or the Paying Agent, which notice shall specify (a) the person or entity making the claim, (b) the Policy Number, (c) the claimed amount, (d) payment instructions and (e) the date such claimed amount becomes or became Due for Payment. “Owner” means, in respect of a Bond, the person or entity who, at the time of Nonpayment, is entitled under the terms of such Bond to payment thereof, except that “Owner” shall not include the Issuer, the Member or any other person or entity whose direct or indirect obligation constitutes the underlying security for the Bonds.

BAM may appoint a fiscal agent (the “Insurer’s Fiscal Agent”) for purposes of this Policy by giving written notice to the Trustee, the Paying Agent, the Member and the Issuer specifying the name and notice address of the Insurer’s Fiscal Agent. From and after the date of receipt of such notice by the Trustee, the Paying Agent, the Member or the Issuer (a) copies of all notices required to be delivered to BAM pursuant to this Policy shall be simultaneously delivered to the Insurer’s Fiscal Agent and to BAM and shall not be deemed received until received by both and (b) all payments required to be made by BAM under this Policy may be made directly by BAM or by the Insurer’s Fiscal Agent on behalf of BAM. The Insurer’s Fiscal Agent is the agent of BAM only, and the Insurer’s Fiscal Agent shall in no event be liable to the Trustee, Paying Agent or any Owner for any act of the Insurer’s Fiscal Agent or any failure of BAM to deposit or cause to be deposited sufficient funds to make payments due under this Policy.

To the fullest extent permitted by applicable law, BAM agrees not to assert, and hereby waives, only for the benefit of each Owner, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to BAM to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. This Policy may not be canceled or revoked.

This Policy sets forth in full the undertaking of BAM and shall not be modified, altered or affected by any other agreement or instrument, including any modification or amendment thereto. Except to the extent expressly modified by an endorsement hereto, any premium paid in respect of this Policy is nonrefundable for any reason whatsoever, including payment, or provision being made for payment, of the Bonds prior to maturity. This Policy is being issued under and pursuant to, and shall be construed under and governed by, the laws of the State of New York, without regard to conflict of law provisions. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. THIS POLICY IS ISSUED WITHOUT CONTINGENT MUTUAL LIABILITY FOR ASSESSMENT.

In witness whereof, BUILD AMERICA MUTUAL ASSURANCE COMPANY has caused this Policy to be executed on its behalf by its Authorized Officer.

BUILD AMERICA MUTUAL ASSURANCE COMPANY By _____________________________________ Authorized Officer

Notices (Unless Otherwise Specified by BAM) Email: claims@buildamerica.com Address: 1 World Financial Center, 27th floor 200 Liberty Street New York, New York 10281 Telecopy: 212-235-5214 (attention: Claims)

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APPENDIX G

BOOK-ENTRY-ONLY PROVISIONS

The information in this section concerning DTC and DTC’s book-entry only system has been obtained from sources that the District believes to be reliable, but the District takes no responsibility for the completeness or accuracy thereof. The following description of the procedures and record keeping with respect to beneficial ownership interests in the Bonds, payment of principal, premium, if any, accreted value and interest on the Bonds to DTC Participants or Beneficial Owners, confirmation and transfers of beneficial ownership interests in the Bonds and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC to the District which the District believes to be reliable, but the District and the Underwriter do not and cannot make any independent representations concerning these matters and do not take responsibility for the accuracy or completeness thereof. Neither the DTC, Direct Participants, Indirect Participants nor the Beneficial Owners should rely on the foregoing information with respect to such matters, but should instead confirm the same with DTC or the DTC Participants, as the case may be.

The Depository Trust Company (“DTC”) will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond will be issued for each annual maturity of the Bonds, each in the aggregate principal amount of such maturity, and will be deposited through the facilities of DTC.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.6 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of “AA+.” The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive Bonds representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.

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To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as prepayments, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.

Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity are being prepaid, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the District or the Fiscal Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Fiscal Agent, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District or the Fiscal Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

A Bond Owner shall give notice to elect to have its Bonds purchased or tendered, through its Participant, to the Fiscal Agent, and shall effect delivery of such Bonds by causing the Direct Participant to transfer the Participant’s interest in the Bonds, on DTC’s records, to the Fiscal Agent. The requirement for physical delivery of Bonds in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Bonds are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Bonds to the Fiscal Agent’s DTC account.

DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the District or the Fiscal Agent. Under such circumstances, in the event that a successor depository is not obtained, physical certificates are required to be printed and delivered.

The District may decide to discontinue use of the system of book-entry only transfers through DTC (or a successor securities depository). In that event, Bonds will be printed and delivered to DTC.

G-3

THE FISCAL AGENT, AS LONG AS A BOOK-ENTRY ONLY SYSTEM IS USED FOR THE BONDS, WILL SEND ANY NOTICE OF REDEMPTION OR OTHER NOTICES TO OWNERS ONLY TO DTC. ANY FAILURE OF DTC TO ADVISE ANY DTC PARTICIPANT, OR OF ANY DTC PARTICIPANT TO NOTIFY ANY BENEFICIAL OWNER, OF ANY NOTICE AND ITS CONTENT OR EFFECT WILL NOT AFFECT THE VALIDITY OF SUFFICIENCY OF THE PROCEEDINGS RELATING TO THE REDEMPTION OF THE BONDS CALLED FOR REDEMPTION OR OF ANY OTHER ACTION PREMISED ON SUCH NOTICE.

[THIS PAGE INTENTIONALLY LEFT BLANK]

H-1

APPENDIX H

COMMUNITY FACILITIES DISTRICT NO. 5 OF THE SAN MARCOS UNIFIED SCHOOL DISTRICT PARCEL LISTING OF ASSESSED VALUE AND VALUE TO LIEN RATIOS

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-810-01-00 6203 PASEO COLINA $295,899 $536,601 $832,500 $26,963 30.88:1

Individual Homeowner 221-810-02-00 6207 PASEO COLINA $399,156 $323,344 $722,500 $26,963 26.80:1

Individual Homeowner 221-810-03-00 6211 PASEO COLINA $321,000 $599,000 $920,000 $26,963 34.12:1

Individual Homeowner 221-810-04-00 6215 PASEO COLINA $494,190 $400,554 $894,744 $25,698 34.82:1

Individual Homeowner 221-810-05-00 6219 PASEO COLINA $351,000 $651,000 $1,002,000 $25,698 38.99:1

Individual Homeowner 221-810-06-00 6223 PASEO COLINA $439,000 $482,000 $921,000 $25,698 35.84:1

Individual Homeowner 221-810-07-00 6227 PASEO COLINA $443,000 $807,000 $1,250,000 $23,709 52.72:1

Individual Homeowner 221-810-08-00 6231 PASEO COLINA $212,178 $664,128 $876,306 $26,739 32.77:1

Individual Homeowner 221-810-09-00 6235 PASEO COLINA $227,000 $698,000 $925,000 $26,739 34.59:1

Individual Homeowner 221-810-10-00 6232 PASEO COLINA $205,938 $548,223 $754,161 $26,739 28.20:1

Individual Homeowner 221-810-11-00 6226 PASEO COLINA $208,017 $539,576 $747,593 $26,963 27.73:1

Individual Homeowner 221-810-12-00 6224 PASEO COLINA $220,254 $702,198 $922,452 $26,963 34.21:1

Individual Homeowner 221-810-13-00 6220 PASEO COLINA $437,000 $363,000 $800,000 $26,963 29.67:1

Individual Homeowner 221-810-14-00 6204 PASEO COLINA $230,000 $690,000 $920,000 $26,963 34.12:1

Individual Homeowner 221-810-15-00 6200 PASEO COLINA $208,017 $579,537 $787,554 $26,963 29.21:1

Individual Homeowner 221-810-16-00 6222 RANCHO BRAVADO $320,000 $429,000 $749,000 $26,963 27.78:1

Individual Homeowner 221-810-17-00 6226 RANCHO BRAVADO $208,017 $575,560 $783,577 $25,199 31.10:1

Individual Homeowner 221-810-18-00 6230 RANCHO BRAVADO $206,586 $654,365 $860,951 $26,739 32.20:1

Individual Homeowner 221-810-19-00 6217 PASEO ALTA RICO $205,938 $548,801 $754,739 $26,739 28.23:1

Individual Homeowner 221-810-20-00 6213 PASEO ALTA RICO $400,000 $375,000 $775,000 $26,739 28.98:1

Individual Homeowner 221-810-21-00 6210 PASEO ALTA RICO $349,789 $532,470 $882,259 $26,963 32.72:1

Individual Homeowner 221-810-22-00 6214 PASEO ALTA RICO $169,585 $628,401 $797,986 $26,739 29.84:1

Individual Homeowner 221-811-01-00 6239 PASEO COLINA $205,713 $520,333 $726,046 $26,963 26.93:1

Individual Homeowner 221-811-02-00 6243 PASEO COLINA $465,000 $600,000 $1,065,000 $26,739 39.83:1

H-2

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-811-03-00 2803 RANCHO DIAMONTE $205,938 $663,191 $869,129 $26,739 32.50:1

Individual Homeowner 221-811-04-00 2807 RANCHO DIAMONTE $312,000 $328,000 $640,000 $24,996 25.60:1

Individual Homeowner 221-811-05-00 6236 PASEO COLINA $203,937 $713,006 $916,943 $26,963 34.01:1

Individual Homeowner 221-811-06-00 2812 RANCHO DIAMONTE $288,000 $512,000 $800,000 $26,963 29.67:1

Individual Homeowner 221-811-07-00 6252 RANCHO BRAVADO $361,748 $486,100 $847,848 $24,996 33.92:1

Individual Homeowner 221-811-08-00 6256 RANCHO BRAVADO $205,938 $631,423 $837,361 $26,739 31.32:1

Individual Homeowner 221-811-09-00 2800 RANCHO COSTERO $350,000 $435,000 $785,000 $26,963 29.11:1

Individual Homeowner 221-811-10-00 2804 RANCHO COSTERO $554,141 $555,149 $1,109,290 $26,963 41.14:1

Individual Homeowner 221-811-11-00 2808 RANCHO COSTERO $244,728 $778,847 $1,023,575 $26,963 37.96:1

Individual Homeowner 221-811-12-00 2812 RANCHO COSTERO $202,535 $623,422 $825,957 $26,963 30.63:1

Individual Homeowner 221-811-13-00 2816 RANCHO COSTERO $400,000 $450,000 $850,000 $26,963 31.52:1

Individual Homeowner 221-811-14-00 6237 PASEO ALTA RICO $612,000 $578,340 $1,190,340 $26,739 44.52:1

Individual Homeowner 221-811-15-00 6233 PASEO ALTA RICO $245,000 $785,000 $1,030,000 $26,739 38.52:1

Individual Homeowner 221-811-16-00 6229 PASEO ALTA RICO $212,178 $664,231 $876,409 $26,739 32.78:1

Individual Homeowner 221-811-17-00 6225 PASEO ALTA RICO $315,356 $672,022 $987,378 $26,739 36.93:1

Individual Homeowner 221-811-18-00 6221 PASEO ALTA RICO $367,000 $551,000 $918,000 $26,739 34.33:1

Individual Homeowner 221-811-19-00 6218 PASEO ALTA RICO $205,938 $614,655 $820,593 $26,739 30.69:1

Individual Homeowner 221-811-20-00 6230 PASEO ALTA RICO $205,938 $549,570 $755,508 $26,739 28.26:1

Individual Homeowner 221-811-21-00 6234 PASEO ALTA RICO $257,000 $643,000 $900,000 $26,739 33.66:1

Individual Homeowner 221-811-22-00 6238 PASEO ALTA RICO $265,200 $478,380 $743,580 $26,963 27.58:1

Individual Homeowner 221-811-23-00 2871 RANCHO DIAMONTE $224,658 $705,619 $930,277 $26,739 34.79:1

Individual Homeowner 221-811-24-00 2867 RANCHO DIAMONTE $487,000 $526,000 $1,013,000 $26,739 37.89:1

Individual Homeowner 221-811-25-00 2863 RANCHO DIAMONTE $208,017 $498,785 $706,802 $26,963 26.21:1

Individual Homeowner 221-811-26-00 2859 RANCHO DIAMONTE $278,000 $452,000 $730,000 $26,963 27.07:1

Individual Homeowner 221-811-27-00 2855 RANCHO DIAMONTE $277,000 $462,000 $739,000 $26,739 27.64:1

Individual Homeowner 221-811-28-00 2850 RANCHO DIAMONTE $303,000 $580,000 $883,000 $26,963 32.75:1

Individual Homeowner 221-811-29-00 2854 RANCHO DIAMONTE $206,586 $576,020 $782,606 $26,739 29.27:1

Individual Homeowner 221-811-30-00 2858 RANCHO DIAMONTE $468,000 $466,000 $934,000 $26,963 34.64:1

H-3

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-811-31-00 2862 RANCHO DIAMONTE $206,586 $572,683 $779,269 $26,963 28.90:1

Individual Homeowner 221-811-32-00 2866 RANCHO DIAMONTE $593,000 $397,000 $990,000 $26,963 36.72:1

Individual Homeowner 221-811-33-00 2870 RANCHO DIAMONTE $261,000 $739,000 $1,000,000 $26,963 37.09:1

Individual Homeowner 221-811-34-00 2874 RANCHO DIAMONTE $371,000 $576,000 $947,000 $26,963 35.12:1

Individual Homeowner 221-811-35-00 2878 RANCHO DIAMONTE $206,793 $595,024 $801,817 $26,963 29.74:1

Individual Homeowner 221-811-36-00 2882 RANCHO DIAMONTE $224,658 $778,396 $1,003,054 $26,739 37.51:1

Individual Homeowner 221-812-01-00 2820 RANCHO COSTERO $509,000 $570,000 $1,079,000 $26,963 40.02:1

Individual Homeowner 221-812-02-00 2824 RANCHO COSTERO $728,280 $589,906 $1,318,186 $26,963 48.89:1

Individual Homeowner 221-812-03-00 6278 PASEO ELEGANCIA $675,000 $715,000 $1,390,000 $26,963 51.55:1

Individual Homeowner 221-812-04-00 6274 PASEO ELEGANCIA $295,733 $723,858 $1,019,591 $26,963 37.81:1

Individual Homeowner 221-812-05-00 6270 PASEO ELEGANCIA $269,200 $716,004 $985,204 $26,963 36.54:1

Individual Homeowner 221-812-06-00 6266 PASEO ELEGANCIA $244,728 $775,691 $1,020,419 $26,963 37.85:1

Individual Homeowner 221-812-07-00 6262 PASEO ELEGANCIA $244,728 $799,435 $1,044,163 $26,963 38.73:1

Individual Homeowner 221-812-08-00 6258 PASEO ELEGANCIA $309,000 $483,000 $792,000 $26,963 29.37:1

Individual Homeowner 221-812-09-00 6254 PASEO ELEGANCIA $502,890 $281,916 $784,806 $26,963 29.11:1

Individual Homeowner 221-812-10-00 6250 PASEO ELEGANCIA $179,307 $432,512 $611,819 $26,963 22.69:1

Individual Homeowner 221-812-11-00 6242 PASEO ALTA RICO $249,622 $726,955 $976,577 $26,739 36.52:1

Individual Homeowner 221-812-12-00 6249 PASEO ALTA RICO $300,000 $630,000 $930,000 $26,739 34.78:1

Individual Homeowner 221-812-13-00 6245 PASEO ALTA RICO $500,000 $550,000 $1,050,000 $26,963 38.94:1

Individual Homeowner 221-812-14-00 6241 PASEO ALTA RICO $403,012 $675,045 $1,078,057 $26,963 39.98:1

Individual Homeowner 221-812-15-00 2886 RANCHO DIAMONTE $269,200 $682,472 $951,672 $26,963 35.30:1

Individual Homeowner 221-820-01-00 3075 RANCHO DEL CANON $137,658 $247,787 $385,445 $16,426 23.47:1

Individual Homeowner 221-820-02-00 3071 RANCHO DEL CANON $228,000 $161,000 $389,000 $12,737 30.54:1

Individual Homeowner 221-820-03-00 3067 RANCHO DEL CANON $221,000 $187,000 $408,000 $12,737 32.03:1

Individual Homeowner 221-820-04-00 3063 RANCHO DEL CANON $250,501 $213,970 $464,471 $12,737 36.47:1

Individual Homeowner 221-820-05-00 3059 RANCHO DEL CANON $147,680 $284,554 $432,234 $16,426 26.31:1

Individual Homeowner 221-820-06-00 3055 RANCHO DEL CANON $231,495 $212,204 $443,699 $16,426 27.01:1

Individual Homeowner 221-820-07-00 3051 RANCHO DEL CANON $209,000 $231,000 $440,000 $12,737 34.54:1

H-4

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-820-08-00 3047 RANCHO DEL CANON $197,631 $239,369 $437,000 $16,426 26.60:1

Individual Homeowner 221-820-09-00 3043 RANCHO DEL CANON $250,000 $145,000 $395,000 $12,737 31.01:1

Individual Homeowner 221-820-10-00 3039 RANCHO DEL CANON $194,554 $252,817 $447,371 $12,737 35.12:1

Individual Homeowner 221-820-11-00 3035 RANCHO DEL CANON $267,000 $141,000 $408,000 $16,426 24.84:1

Individual Homeowner 221-820-12-00 3031 RANCHO DEL CANON $283,043 $181,957 $465,000 $16,426 28.31:1

Individual Homeowner 221-820-14-00 3023 RANCHO DEL CANON $127,305 $190,812 $318,117 $12,737 24.98:1

Individual Homeowner 221-820-15-00 3019 RANCHO DEL CANON $250,000 $145,000 $395,000 $12,737 31.01:1

Individual Homeowner 221-820-16-00 3015 RANCHO DEL CANON $280,000 $180,000 $460,000 $16,426 28.00:1

Individual Homeowner 221-820-17-00 3011 RANCHO DEL CANON $183,545 $237,998 $421,543 $16,426 25.66:1

Individual Homeowner 221-820-18-00 3007 RANCHO DEL CANON $269,720 $120,280 $390,000 $12,737 30.62:1

Individual Homeowner 221-820-19-00 3003 RANCHO DEL CANON $127,305 $139,287 $266,592 $12,737 20.93:1

Individual Homeowner 221-820-24-00 6017 PASEO HERMOSA $150,474 $228,847 $379,321 $16,426 23.09:1

Individual Homeowner 221-820-25-00 6013 PASEO HERMOSA $154,495 $200,354 $354,849 $12,737 27.86:1

Individual Homeowner 221-820-26-00 6009 PASEO HERMOSA $127,305 $155,615 $282,920 $12,737 22.21:1

Individual Homeowner 221-820-27-00 6005 PASEO HERMOSA $250,000 $145,000 $395,000 $12,737 31.01:1

Individual Homeowner 221-820-28-00 6001 PASEO HERMOSA $177,000 $283,000 $460,000 $16,426 28.00:1

Individual Homeowner 221-820-29-00 3000 RANCHO LA PRESA $189,464 $309,263 $498,727 $16,426 30.36:1

Individual Homeowner 221-820-30-00 3004 RANCHO LA PRESA $250,000 $145,000 $395,000 $12,737 31.01:1

Individual Homeowner 221-820-31-00 3008 RANCHO LA PRESA $155,310 $186,082 $341,392 $12,737 26.80:1

Individual Homeowner 221-820-32-00 3012 RANCHO LA PRESA $219,000 $157,000 $376,000 $16,426 22.89:1

Individual Homeowner 221-820-33-00 3016 RANCHO LA PRESA $196,000 $200,000 $396,000 $12,737 31.09:1

Individual Homeowner 221-820-34-00 3020 RANCHO LA PRESA $252,000 $200,000 $452,000 $16,426 27.52:1

Individual Homeowner 221-820-35-00 3024 RANCHO LA PRESA $240,520 $235,292 $475,812 $16,426 28.97:1

Individual Homeowner 221-820-36-00 3028 RANCHO LA PRESA $235,000 $150,000 $385,000 $12,737 30.23:1

Individual Homeowner 221-820-37-00 3032 RANCHO LA PRESA $239,930 $132,560 $372,490 $12,737 29.24:1

Individual Homeowner 221-820-38-00 3036 RANCHO LA PRESA $233,000 $200,000 $433,000 $17,068 25.37:1

Individual Homeowner 221-820-39-00 3040 RANCHO LA PRESA $183,600 $229,500 $413,100 $13,148 31.42:1

Individual Homeowner 221-820-40-00 3044 RANCHO LA PRESA $218,000 $162,000 $380,000 $17,068 22.26:1

H-5

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-820-41-00 3048 RANCHO LA PRESA $156,609 $233,727 $390,336 $17,068 22.87:1

Individual Homeowner 221-820-42-00 3052 RANCHO LA PRESA $240,000 $155,000 $395,000 $13,148 30.04:1

Individual Homeowner 221-820-43-00 3056 RANCHO LA PRESA $235,000 $150,000 $385,000 $13,148 29.28:1

Individual Homeowner 221-820-44-00 3060 RANCHO LA PRESA $124,810 $164,060 $288,870 $13,148 21.97:1

Individual Homeowner 221-820-45-00 3064 RANCHO LA PRESA $250,000 $145,000 $395,000 $13,148 30.04:1

Individual Homeowner 221-820-46-00 3062 RANCHO DEL CANON $124,810 $171,958 $296,768 $13,148 22.57:1

Individual Homeowner 221-820-47-00 3058 RANCHO DEL CANON $235,000 $150,000 $385,000 $13,148 29.28:1

Individual Homeowner 221-820-48-00 3054 RANCHO DEL CANON $124,810 $207,107 $331,917 $17,068 19.45:1

Individual Homeowner 221-820-49-00 3050 RANCHO DEL CANON $170,428 $257,971 $428,399 $17,068 25.10:1

Individual Homeowner 221-820-50-00 3046 RANCHO DEL CANON $124,810 $173,598 $298,408 $13,148 22.70:1

Individual Homeowner 221-820-51-00 3042 RANCHO DEL CANON $124,810 $199,619 $324,429 $17,068 19.01:1

Individual Homeowner 221-820-52-00 3038 RANCHO DEL CANON $217,665 $234,907 $452,572 $12,737 35.53:1

Individual Homeowner 221-820-53-00 3034 RANCHO DEL CANON $149,306 $171,902 $321,208 $12,737 25.22:1

Individual Homeowner 221-820-54-00 3030 RANCHO DEL CANON $127,305 $214,324 $341,629 $16,426 20.80:1

Individual Homeowner 221-820-55-00 3026 RANCHO DEL CANON $236,000 $154,000 $390,000 $16,426 23.74:1

Individual Homeowner 221-820-56-00 3022 RANCHO DEL CANON $279,000 $143,000 $422,000 $12,737 33.13:1

Individual Homeowner 221-820-57-00 3018 RANCHO DEL CANON $155,246 $242,433 $397,679 $16,426 24.21:1

Individual Homeowner 221-820-58-00 3014 RANCHO DEL CANON $235,000 $150,000 $385,000 $12,737 30.23:1

Individual Homeowner 221-820-59-00 3010 RANCHO DEL CANON $190,643 $209,357 $400,000 $12,737 31.40:1

Individual Homeowner 221-820-60-00 3006 RANCHO DEL CANON $127,305 $155,679 $282,984 $12,737 22.22:1

Individual Homeowner 221-820-61-00 3002 RANCHO DEL CANON $247,000 $160,000 $407,000 $16,426 24.78:1

Individual Homeowner 221-820-62-00 3009 RANCHO LA PRESA $227,935 $222,065 $450,000 $16,426 27.40:1

Individual Homeowner 221-820-63-00 3013 RANCHO LA PRESA $127,305 $207,326 $334,631 $16,426 20.37:1

Individual Homeowner 221-820-64-00 3017 RANCHO LA PRESA $127,305 $167,138 $294,443 $12,737 23.12:1

Individual Homeowner 221-820-65-00 3021 RANCHO LA PRESA $301,338 $157,219 $458,557 $12,737 36.00:1

Individual Homeowner 221-820-66-00 3025 RANCHO LA PRESA $230,063 $224,835 $454,898 $16,426 27.69:1

Individual Homeowner 221-820-67-00 3029 RANCHO LA PRESA $23,073 $81,613 $104,686 $12,737 8.22:1

Individual Homeowner 221-820-68-00 3033 RANCHO LA PRESA $152,766 $257,160 $409,926 $17,068 24.02:1

H-6

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-820-69-00 3037 RANCHO LA PRESA $256,000 $154,000 $410,000 $17,068 24.02:1

Individual Homeowner 221-820-70-00 3041 RANCHO LA PRESA $235,000 $150,000 $385,000 $13,148 29.28:1

Individual Homeowner 221-820-71-00 3045 RANCHO LA PRESA $250,000 $145,000 $395,000 $13,148 30.04:1

Individual Homeowner 221-820-72-00 3049 RANCHO LA PRESA $124,810 $165,262 $290,072 $13,148 22.06:1

Individual Homeowner 221-820-73-00 3053 RANCHO LA PRESA $236,000 $144,000 $380,000 $17,068 22.26:1

Individual Homeowner 221-820-74-00 3057 RANCHO LA PRESA $226,092 $169,569 $395,661 $13,148 30.09:1

Individual Homeowner 221-820-75-00 3061 RANCHO LA PRESA $280,000 $130,000 $410,000 $13,148 31.18:1

Individual Homeowner 221-820-80-00 6033 PASEO HERMOSA $211,000 $185,000 $396,000 $16,426 24.11:1

Individual Homeowner 221-820-81-00 6029 PASEO HERMOSA $146,835 $220,254 $367,089 $16,426 22.35:1

Individual Homeowner 221-820-82-00 6025 PASEO HERMOSA $127,305 $149,507 $276,812 $12,737 21.73:1

Individual Homeowner 221-820-83-00 6021 PASEO HERMOSA $127,305 $174,943 $302,248 $12,737 23.73:1

Individual Homeowner 221-821-01-00 3068 RANCHO LA PRESA $236,000 $150,000 $386,000 $17,068 22.62:1

Individual Homeowner 221-821-02-00 3072 RANCHO LA PRESA $215,936 $185,344 $401,280 $17,068 23.51:1

Individual Homeowner 221-821-03-00 3076 RANCHO LA PRESA $37,507 $106,924 $144,431 $13,148 10.98:1

Individual Homeowner 221-821-04-00 3080 RANCHO LA PRESA $275,000 $140,000 $415,000 $13,148 31.56:1

Individual Homeowner 221-821-05-00 3084 RANCHO LA PRESA $208,000 $145,000 $353,000 $13,148 26.85:1

Individual Homeowner 221-821-06-00 3088 RANCHO LA PRESA $264,000 $196,000 $460,000 $17,068 26.95:1

Individual Homeowner 221-821-07-00 3066 RANCHO DEL CANON $124,810 $198,123 $322,933 $17,068 18.92:1

Individual Homeowner 221-821-08-00 3070 RANCHO DEL CANON $124,810 $191,973 $316,783 $13,148 24.09:1

Individual Homeowner 221-821-09-00 3074 RANCHO DEL CANON $124,810 $152,223 $277,033 $13,148 21.07:1

Individual Homeowner 221-821-10-00 3078 RANCHO DEL CANON $124,810 $176,661 $301,471 $13,148 22.93:1

Individual Homeowner 221-821-11-00 3082 RANCHO DEL CANON $188,000 $216,000 $404,000 $17,068 23.67:1

Individual Homeowner 221-821-12-00 3086 RANCHO DEL CANON $185,746 $318,018 $503,764 $17,068 29.51:1

Individual Homeowner 221-821-13-00 3090 RANCHO DEL CANON $124,810 $168,989 $293,799 $13,148 22.34:1

Individual Homeowner 221-821-14-00 3094 RANCHO DEL CANON $124,810 $152,626 $277,436 $13,148 21.10:1

Individual Homeowner 221-821-15-00 6023 PASEO AIROSO $150,159 $246,174 $396,333 $17,068 23.22:1

Individual Homeowner 221-821-16-00 6019 PASEO AIROSO $124,810 $201,359 $326,169 $17,068 19.11:1

Individual Homeowner 221-821-17-00 6015 PASEO AIROSO $235,184 $245,857 $481,041 $13,148 36.59:1

H-7

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-821-18-00 6011 PASEO AIROSO $244,626 $187,138 $431,764 $13,148 32.84:1

Individual Homeowner 221-821-19-00 6007 PASEO AIROSO $290,000 $170,000 $460,000 $17,068 26.95:1

Individual Homeowner 221-821-20-00 6003 PASEO AIROSO $293,260 $184,644 $477,904 $13,148 36.35:1

Individual Homeowner 221-821-21-00 6000 PASEO AIROSO $178,630 $264,370 $443,000 $17,068 25.95:1

Individual Homeowner 221-821-22-00 6004 PASEO AIROSO $146,246 $230,633 $376,879 $17,068 22.08:1

Individual Homeowner 221-821-23-00 6008 PASEO AIROSO $235,000 $150,000 $385,000 $13,148 29.28:1

Individual Homeowner 221-821-24-00 6012 PASEO AIROSO $124,810 $200,868 $325,678 $17,068 19.08:1

Individual Homeowner 221-821-25-00 6016 PASEO AIROSO $124,810 $180,959 $305,769 $13,148 23.26:1

Individual Homeowner 221-821-26-00 6020 PASEO AIROSO $124,810 $174,038 $298,848 $13,148 22.73:1

Individual Homeowner 221-821-27-00 6024 PASEO AIROSO $267,674 $176,766 $444,440 $13,148 33.80:1

Individual Homeowner 221-821-28-00 6028 PASEO AIROSO $290,000 $170,000 $460,000 $17,068 26.95:1

Individual Homeowner 221-821-29-00 6032 PASEO AIROSO $124,810 $163,855 $288,665 $13,148 21.95:1

Individual Homeowner 221-821-30-00 6036 PASEO AIROSO $233,000 $135,000 $368,000 $13,148 27.99:1

Individual Homeowner 221-821-31-00 6040 PASEO AIROSO $168,767 $285,116 $453,883 $17,068 26.59:1

Individual Homeowner 221-821-32-00 3111 RANCHO DEL CANON $249,900 $204,000 $453,900 $17,068 26.59:1

Individual Homeowner 221-821-33-00 3107 RANCHO DEL CANON $126,635 $173,030 $299,665 $13,148 22.79:1

Individual Homeowner 221-821-34-00 3103 RANCHO DEL CANON $310,502 $144,900 $455,402 $13,148 34.64:1

Individual Homeowner 221-821-35-00 3099 RANCHO DEL CANON $124,810 $151,901 $276,711 $17,068 16.21:1

Individual Homeowner 221-821-36-00 3095 RANCHO DEL CANON $124,810 $174,506 $299,316 $13,148 22.76:1

Individual Homeowner 221-821-37-00 3093 RANCHO DEL CANON $256,000 $204,000 $460,000 $17,068 26.95:1

Individual Homeowner 221-821-38-00 3087 RANCHO DEL CANON $151,003 $262,871 $413,874 $17,068 24.25:1

Individual Homeowner 221-821-39-00 3083 RANCHO DEL CANON $124,810 $172,942 $297,752 $13,148 22.65:1

Individual Homeowner 221-821-40-00 3079 RANCHO DEL CANON $250,000 $145,000 $395,000 $13,148 30.04:1

Individual Homeowner 221-822-01-00 6100 PASEO TAPAJOS $156,012 $205,924 $361,936 $18,170 19.92:1

Individual Homeowner 221-822-02-00 6104 PASEO TAPAJOS $242,000 $280,000 $522,000 $21,437 24.35:1

Individual Homeowner 221-822-03-00 6108 PASEO TAPAJOS $224,000 $335,000 $559,000 $23,179 24.12:1

Individual Homeowner 221-822-04-00 6112 PASEO TAPAJOS $187,214 $269,579 $456,793 $23,179 19.71:1

Individual Homeowner 221-822-05-00 6116 PASEO TAPAJOS $187,214 $379,929 $567,143 $21,437 26.46:1

H-8

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-822-06-00 6120 PASEO TAPAJOS $156,012 $301,924 $457,936 $23,179 19.76:1

Individual Homeowner 221-822-07-00 6124 PASEO TAPAJOS $156,012 $269,020 $425,032 $21,437 19.83:1

Individual Homeowner 221-822-08-00 6128 PASEO TAPAJOS $221,726 $291,720 $513,446 $21,437 23.95:1

Individual Homeowner 221-822-09-00 6151 PASEO JAQUITA $127,305 $278,897 $406,202 $22,241 18.26:1

Individual Homeowner 221-822-10-00 6147 PASEO JAQUITA $286,000 $283,000 $569,000 $20,602 27.62:1

Individual Homeowner 221-822-11-00 6143 PASEO JAQUITA $127,305 $202,402 $329,707 $17,528 18.81:1

Individual Homeowner 221-822-12-00 6139 PASEO JAQUITA $127,305 $266,600 $393,905 $20,602 19.12:1

Individual Homeowner 221-822-14-00 6131 PASEO JAQUITA $246,000 $296,000 $542,000 $20,602 26.31:1

Individual Homeowner 221-822-15-00 6127 PASEO JAQUITA $279,000 $182,000 $461,000 $22,241 20.73:1

Individual Homeowner 221-822-16-00 6123 PASEO JAQUITA $127,305 $213,719 $341,024 $17,528 19.46:1

Individual Homeowner 221-822-17-00 6119 PASEO JAQUITA $127,305 $257,657 $384,962 $20,602 18.69:1

Individual Homeowner 221-822-18-00 6115 PASEO JAQUITA $127,305 $271,163 $398,468 $22,241 17.92:1

Individual Homeowner 221-822-19-00 6111 PASEO JAQUITA $127,305 $238,813 $366,118 $20,602 17.77:1

Individual Homeowner 221-822-20-00 6107 PASEO JAQUITA $154,000 $294,000 $448,000 $20,602 21.75:1

Individual Homeowner 221-822-21-00 6103 PASEO JAQUITA $279,000 $255,000 $534,000 $22,241 24.01:1

Individual Homeowner 221-822-22-00 6106 PASEO JAQUITA $127,305 $216,571 $343,876 $17,528 19.62:1

Individual Homeowner 221-822-23-00 6110 PASEO JAQUITA $127,305 $254,316 $381,621 $20,602 18.52:1

Individual Homeowner 221-822-24-00 6114 PASEO JAQUITA $185,815 $366,043 $551,858 $20,602 26.79:1

Individual Homeowner 221-822-25-00 6118 PASEO JAQUITA $181,679 $423,321 $605,000 $22,241 27.20:1

Individual Homeowner 221-822-26-00 6122 PASEO JAQUITA $158,000 $312,000 $470,000 $20,602 22.81:1

Individual Homeowner 221-822-27-00 6126 PASEO JAQUITA $167,226 $329,425 $496,651 $20,602 24.11:1

Individual Homeowner 221-822-28-00 6130 PASEO JAQUITA $191,761 $402,681 $594,442 $22,241 26.73:1

Individual Homeowner 221-822-29-00 6134 PASEO JAQUITA $192,734 $339,195 $531,929 $20,602 25.82:1

Individual Homeowner 221-822-30-00 6138 PASEO JAQUITA $296,000 $198,000 $494,000 $17,528 28.18:1

Individual Homeowner 221-822-31-00 3045 PASEO ESTRIBO $307,958 $191,433 $499,391 $18,170 27.48:1

Individual Homeowner 221-822-32-00 3041 PASEO ESTRIBO $268,000 $208,000 $476,000 $21,437 22.20:1

Individual Homeowner 221-822-33-00 3037 PASEO ESTRIBO $124,810 $270,215 $395,025 $23,179 17.04:1

Individual Homeowner 221-822-34-00 3033 PASEO ESTRIBO $182,230 $420,602 $602,832 $23,179 26.01:1

H-9

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-822-35-00 3029 PASEO ESTRIBO $235,000 $259,000 $494,000 $21,437 23.04:1

Individual Homeowner 221-822-36-00 3025 PASEO ESTRIBO $239,930 $251,926 $491,856 $18,170 27.07:1

Individual Homeowner 221-822-37-00 6129 PASEO TAPAJOS $198,000 $313,000 $511,000 $21,437 23.84:1

Individual Homeowner 221-822-38-00 6125 PASEO TAPAJOS $236,000 $200,000 $436,000 $18,170 24.00:1

Individual Homeowner 221-822-39-00 6121 PASEO TAPAJOS $156,012 $278,055 $434,067 $23,179 18.73:1

Individual Homeowner 221-822-40-00 6117 PASEO TAPAJOS $241,092 $310,275 $551,367 $23,179 23.79:1

Individual Homeowner 221-822-41-00 6113 PASEO TAPAJOS $156,012 $219,254 $375,266 $18,170 20.65:1

Individual Homeowner 221-822-42-00 6109 PASEO TAPAJOS $340,000 $181,000 $521,000 $23,179 22.48:1

Individual Homeowner 221-822-43-00 6105 PASEO TAPAJOS $225,729 $346,311 $572,040 $23,179 24.68:1

Individual Homeowner 221-822-44-00 6101 PASEO TAPAJOS $206,000 $326,000 $532,000 $21,437 24.82:1

Individual Homeowner 221-823-01-00 6132 PASEO TAPAJOS $187,214 $244,628 $431,842 $23,179 18.63:1

Individual Homeowner 221-823-03-00 6140 PASEO TAPAJOS $156,012 $287,066 $443,078 $21,437 20.67:1

Individual Homeowner 221-823-04-00 6144 PASEO TAPAJOS $326,912 $287,681 $614,593 $23,179 26.52:1

Individual Homeowner 221-823-05-00 6148 PASEO TAPAJOS $86,286 $85,521 $171,807 $18,170 9.46:1

Individual Homeowner 221-823-06-00 6152 PASEO TAPAJOS $42,181 $59,587 $101,768 $23,179 4.39:1

Individual Homeowner 221-823-07-00 6156 PASEO TAPAJOS $306,000 $228,000 $534,000 $21,437 24.91:1

Individual Homeowner 221-823-08-00 6160 PASEO TAPAJOS $216,431 $359,871 $576,302 $23,179 24.86:1

Individual Homeowner 221-823-09-00 6164 PASEO TAPAJOS $156,012 $242,588 $398,600 $21,437 18.59:1

Individual Homeowner 221-823-10-00 6168 PASEO TAPAJOS $279,006 $287,093 $566,099 $23,179 24.42:1

Individual Homeowner 221-823-11-00 3095 PASEO ESTRIBO $208,924 $459,175 $668,099 $23,179 28.82:1

Individual Homeowner 221-823-12-00 3091 PASEO ESTRIBO $104,653 $101,511 $206,164 $18,170 11.35:1

Individual Homeowner 221-823-13-00 3087 PASEO ESTRIBO $104,823 $403,569 $508,392 $23,179 21.93:1

Individual Homeowner 221-823-14-00 3083 PASEO ESTRIBO $284,000 $239,000 $523,000 $21,437 24.40:1

Individual Homeowner 221-823-15-00 3079 PASEO ESTRIBO $364,026 $210,265 $574,291 $21,437 26.79:1

Individual Homeowner 221-823-16-00 3075 PASEO ESTRIBO $137,937 $147,135 $285,072 $18,170 15.69:1

Individual Homeowner 221-823-17-00 3071 PASEO ESTRIBO $156,012 $230,276 $386,288 $23,179 16.67:1

Individual Homeowner 221-823-18-00 3067 PASEO ESTRIBO $243,187 $521,813 $765,000 $23,179 33.00:1

Individual Homeowner 221-823-19-00 3063 PASEO ESTRIBO $341,000 $165,000 $506,000 $18,170 27.85:1

H-10

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-823-20-00 3059 PASEO ESTRIBO $276,000 $165,000 $441,000 $21,437 20.57:1

Individual Homeowner 221-823-21-00 3055 PASEO ESTRIBO $287,000 $270,000 $557,000 $23,179 24.03:1

Individual Homeowner 221-823-22-00 3051 PASEO ESTRIBO $261,957 $226,694 $488,651 $18,170 26.89:1

Individual Homeowner 221-823-23-00 6154 PASEO JAQUITA $152,953 $220,901 $373,854 $18,170 20.58:1

Individual Homeowner 221-823-24-00 6158 PASEO JAQUITA $270,000 $253,000 $523,000 $21,437 24.40:1

Individual Homeowner 221-823-25-00 6162 PASEO JAQUITA $197,302 $394,945 $592,247 $23,179 25.55:1

Individual Homeowner 221-823-26-00 6166 PASEO JAQUITA $152,953 $271,271 $424,224 $21,437 19.79:1

Individual Homeowner 221-823-27-00 6170 PASEO JAQUITA $152,953 $250,831 $403,784 $21,437 18.84:1

Individual Homeowner 221-823-28-00 6174 PASEO JAQUITA $159,071 $220,901 $379,972 $18,170 20.91:1

Individual Homeowner 221-823-29-00 6175 PASEO JAQUITA $139,875 $366,616 $506,491 $23,179 21.85:1

Individual Homeowner 221-823-30-00 6171 PASEO JAQUITA $159,071 $281,423 $440,494 $17,528 25.13:1

Individual Homeowner 221-823-31-00 6167 PASEO JAQUITA $187,275 $374,539 $561,814 $20,602 27.27:1

Individual Homeowner 221-823-32-00 6163 PASEO JAQUITA $159,071 $330,370 $489,441 $20,602 23.76:1

Individual Homeowner 221-823-33-00 6159 PASEO JAQUITA $159,071 $342,606 $501,677 $22,241 22.56:1

Individual Homeowner 221-823-34-00 6155 PASEO JAQUITA $276,026 $273,974 $550,000 $21,437 25.66:1

Individual Homeowner 221-823-35-00 6139 PASEO TAPAJOS $156,012 $235,913 $391,925 $21,437 18.28:1

Individual Homeowner 221-823-36-00 6143 PASEO TAPAJOS $156,012 $260,100 $416,112 $21,437 19.41:1

Individual Homeowner 221-823-37-00 6147 PASEO TAPAJOS $156,012 $217,133 $373,145 $18,170 20.54:1

Individual Homeowner 221-823-38-00 3088 PASEO ESTRIBO $156,012 $239,637 $395,649 $21,437 18.46:1

Individual Homeowner 221-823-39-00 3084 PASEO ESTRIBO $264,000 $256,000 $520,000 $21,437 24.26:1

Individual Homeowner 221-823-40-00 3080 PASEO ESTRIBO $120,076 $217,245 $337,321 $18,170 18.56:1

Individual Homeowner 221-823-41-00 3076 PASEO ESTRIBO $307,000 $212,000 $519,000 $21,437 24.21:1

Individual Homeowner 221-823-42-00 3072 PASEO ESTRIBO $213,578 $337,060 $550,638 $23,179 23.76:1

Individual Homeowner 221-823-43-00 3050 PASEO ESTRIBO $308,000 $202,000 $510,000 $18,170 28.07:1

Individual Homeowner 221-823-44-00 3046 PASEO ESTRIBO $175,891 $327,165 $503,056 $21,437 23.47:1

Individual Homeowner 221-823-45-00 3042 PASEO ESTRIBO $182,875 $399,747 $582,622 $23,179 25.14:1

Individual Homeowner 221-831-01-01 6078 CITRACADO CIR $110,124 $122,560 $232,684 $8,463 27.50:1

Individual Homeowner 221-831-01-02 6080 CITRACADO CIR $67,283 $163,190 $230,473 $9,878 23.33:1

H-11

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-831-01-03 6082 CITRACADO CIR $110,124 $140,860 $250,984 $8,463 29.66:1

Individual Homeowner 221-831-01-04 6084 CITRACADO CIR $118,000 $218,000 $336,000 $9,878 34.01:1

Individual Homeowner 221-831-01-05 6086 CITRACADO CIR $125,488 $193,462 $318,950 $9,878 32.29:1

Individual Homeowner 221-831-01-06 6088 CITRACADO CIR $110,124 $139,236 $249,360 $9,878 25.24:1

Individual Homeowner 221-831-01-07 6090 CITRACADO CIR $158,000 $122,000 $280,000 $9,878 28.34:1

Individual Homeowner 221-831-01-08 6092 CITRACADO CIR $110,124 $129,835 $239,959 $9,878 24.29:1

Individual Homeowner 221-831-01-09 6094 CITRACADO CIR $76,500 $204,000 $280,500 $9,878 28.40:1

Individual Homeowner 221-831-01-10 6096 CITRACADO CIR $129,000 $131,000 $260,000 $8,463 30.72:1

Individual Homeowner 221-831-01-11 6098 CITRACADO CIR $145,000 $145,000 $290,000 $9,878 29.36:1

Individual Homeowner 221-831-01-12 6100 CITRACADO CIR $149,053 $172,348 $321,401 $8,463 37.98:1

Individual Homeowner 221-831-01-13 6104 CITRACADO CIR $155,000 $125,000 $280,000 $8,463 33.09:1

Individual Homeowner 221-831-01-14 6106 CITRACADO CIR $110,124 $121,734 $231,858 $8,463 27.40:1

Individual Homeowner 221-831-01-15 6108 CITRACADO CIR $241,000 $105,000 $346,000 $9,878 35.03:1

Individual Homeowner 221-831-01-16 6110 CITRACADO CIR $9,118 $53,793 $62,911 $9,878 6.37:1

Individual Homeowner 221-831-01-17 6112 CITRACADO CIR $113,507 $134,334 $247,841 $9,878 25.09:1

Individual Homeowner 221-831-01-18 6114 CITRACADO CIR $110,124 $131,933 $242,057 $9,878 24.50:1

Individual Homeowner 221-831-01-19 6116 CITRACADO CIR $143,959 $200,343 $344,302 $9,878 34.85:1

Individual Homeowner 221-831-01-20 6118 CITRACADO CIR $110,124 $153,242 $263,366 $9,878 26.66:1

Individual Homeowner 221-831-01-21 6120 CITRACADO CIR $127,500 $153,000 $280,500 $8,463 33.14:1

Individual Homeowner 221-831-01-22 6124 CITRACADO CIR $169,728 $126,784 $296,512 $8,483 34.95:1

Individual Homeowner 221-831-01-23 6126 CITRACADO CIR $110,124 $145,188 $255,312 $9,916 25.75:1

Individual Homeowner 221-831-01-24 6128 CITRACADO CIR $176,000 $89,000 $265,000 $8,483 31.24:1

Individual Homeowner 221-831-01-25 6130 CITRACADO CIR $139,000 $196,000 $335,000 $9,916 33.78:1

Individual Homeowner 221-831-01-26 6132 CITRACADO CIR $110,124 $148,024 $258,148 $9,916 26.03:1

Individual Homeowner 221-831-01-27 6134 CITRACADO CIR $110,124 $135,645 $245,769 $9,916 24.78:1

Individual Homeowner 221-831-01-28 6136 CITRACADO CIR $150,000 $130,000 $280,000 $9,916 28.24:1

Individual Homeowner 221-831-01-29 6138 CITRACADO CIR $210,000 $107,000 $317,000 $9,916 31.97:1

Individual Homeowner 221-831-01-30 6140 CITRACADO CIR $212,000 $109,000 $321,000 $9,916 32.37:1

H-12

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-831-01-31 6142 CITRACADO CIR $24,066 $55,313 $79,379 $8,483 9.36:1

Individual Homeowner 221-831-01-32 6144 CITRACADO CIR $149,294 $193,265 $342,559 $9,916 34.54:1

Individual Homeowner 221-831-01-33 6146 CITRACADO CIR $175,000 $105,000 $280,000 $8,483 33.01:1

Individual Homeowner 221-831-01-34 6150 CITRACADO CIR $129,256 $156,882 $286,138 $8,483 33.73:1

Individual Homeowner 221-831-01-35 6152 CITRACADO CIR $163,000 $132,000 $295,000 $9,916 29.75:1

Individual Homeowner 221-831-01-36 6154 CITRACADO CIR $104,007 $116,613 $220,620 $8,483 26.01:1

Individual Homeowner 221-831-01-37 6156 CITRACADO CIR $139,000 $174,000 $313,000 $9,916 31.56:1

Individual Homeowner 221-831-01-38 6158 CITRACADO CIR $178,199 $188,681 $366,880 $9,916 37.00:1

Individual Homeowner 221-831-01-39 6160 CITRACADO CIR $110,124 $148,754 $258,878 $9,916 26.11:1

Individual Homeowner 221-831-01-40 6162 CITRACADO CIR $146,403 $206,011 $352,414 $9,916 35.54:1

Individual Homeowner 221-831-01-41 6164 CITRACADO CIR $127,000 $153,000 $280,000 $8,483 33.01:1

Individual Homeowner 221-831-01-42 6168 CITRACADO CIR $125,000 $165,000 $290,000 $8,483 34.19:1

Individual Homeowner 221-831-01-43 6170 CITRACADO CIR $140,000 $182,000 $322,000 $9,916 32.47:1

Individual Homeowner 221-831-01-44 6172 CITRACADO CIR $110,124 $161,919 $272,043 $9,916 27.43:1

Individual Homeowner 221-831-01-45 6174 CITRACADO CIR $200,000 $140,000 $340,000 $9,916 34.29:1

Individual Homeowner 221-831-01-46 6176 CITRACADO CIR $121,000 $143,000 $264,000 $8,483 31.12:1

Individual Homeowner 221-831-01-47 6178 CITRACADO CIR $187,272 $114,444 $301,716 $9,916 30.43:1

Individual Homeowner 221-831-01-48 6180 CITRACADO CIR $110,124 $123,393 $233,517 $8,483 27.53:1

Individual Homeowner 221-831-03-01 6184 CITRACADO CIR $139,551 $163,713 $303,264 $8,483 35.75:1

Individual Homeowner 221-831-03-02 6186 CITRACADO CIR $168,776 $129,063 $297,839 $9,916 30.03:1

Individual Homeowner 221-831-03-03 6188 CITRACADO CIR $78,540 $173,400 $251,940 $8,483 29.70:1

Individual Homeowner 221-831-03-04 6190 CITRACADO CIR $156,860 $200,259 $357,119 $9,916 36.01:1

Individual Homeowner 221-831-03-05 6192 CITRACADO CIR $181,140 $78,959 $260,099 $9,916 26.23:1

Individual Homeowner 221-831-03-06 6194 CITRACADO CIR $190,058 $84,942 $275,000 $9,916 27.73:1

Individual Homeowner 221-831-03-07 6196 CITRACADO CIR $214,000 $107,000 $321,000 $9,916 32.37:1

Individual Homeowner 221-831-03-08 6198 CITRACADO CIR $143,272 $150,920 $294,192 $9,916 29.67:1

Individual Homeowner 221-831-03-09 6200 CITRACADO CIR $135,000 $198,000 $333,000 $9,916 33.58:1

Individual Homeowner 221-831-03-10 6202 CITRACADO CIR $100,000 $150,000 $250,000 $8,483 29.47:1

H-13

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-831-03-11 6204 CITRACADO CIR $110,124 $132,575 $242,699 $9,916 24.47:1

Individual Homeowner 221-831-03-12 6206 CITRACADO CIR $146,648 $190,874 $337,522 $8,483 39.79:1

Individual Homeowner 221-831-03-13 6157 CITRACADO CIR $166,000 $114,000 $280,000 $8,483 33.01:1

Individual Homeowner 221-831-03-14 6155 CITRACADO CIR $161,085 $135,915 $297,000 $8,483 35.01:1

Individual Homeowner 221-831-03-15 6153 CITRACADO CIR $110,124 $199,099 $309,223 $9,916 31.18:1

Individual Homeowner 221-831-03-16 6151 CITRACADO CIR $133,000 $168,000 $301,000 $9,916 30.35:1

Individual Homeowner 221-831-03-17 6149 CITRACADO CIR $110,124 $151,699 $261,823 $9,916 26.40:1

Individual Homeowner 221-831-03-18 6147 CITRACADO CIR $132,000 $175,000 $307,000 $8,483 36.19:1

Individual Homeowner 221-831-05-01 6236 CITRACADO CIR $113,000 $145,000 $258,000 $8,483 30.41:1

Individual Homeowner 221-831-05-02 6238 CITRACADO CIR $160,113 $204,145 $364,258 $9,916 36.73:1

Individual Homeowner 221-831-05-03 6240 CITRACADO CIR $135,000 $160,000 $295,000 $8,483 34.77:1

Individual Homeowner 221-831-05-04 6242 CITRACADO CIR $118,467 $221,433 $339,900 $9,916 34.28:1

Individual Homeowner 221-831-05-05 6244 CITRACADO CIR $196,000 $81,000 $277,000 $9,916 27.93:1

Individual Homeowner 221-831-05-06 6246 CITRACADO CIR $110,124 $148,684 $258,808 $9,916 26.10:1

Individual Homeowner 221-831-05-07 6248 CITRACADO CIR $211,000 $89,000 $300,000 $9,916 30.25:1

Individual Homeowner 221-831-05-08 6250 CITRACADO CIR #74 $197,602 $203,448 $401,050 $9,916 40.44:1

Individual Homeowner 221-831-05-09 6252 CITRACADO CIR $110,124 $172,307 $282,431 $9,916 28.48:1

Individual Homeowner 221-831-05-10 6254 CITRACADO CIR $162,190 $99,810 $262,000 $8,483 30.88:1

Individual Homeowner 221-831-05-11 6256 CITRACADO CIR $153,000 $132,600 $285,600 $9,916 28.80:1

Individual Homeowner 221-831-05-12 6258 CITRACADO CIR $122,000 $189,000 $311,000 $8,483 36.66:1

Individual Homeowner 221-831-05-13 6213 CITRACADO CIR $110,124 $141,376 $251,500 $8,483 29.65:1

Individual Homeowner 221-831-05-14 6215 CITRACADO CIR $143,000 $146,000 $289,000 $9,916 29.14:1

Individual Homeowner 221-831-05-15 6217 CITRACADO CIR $150,000 $110,000 $260,000 $8,483 30.65:1

Individual Homeowner 221-831-05-16 6219 CITRACADO CIR $110,124 $184,596 $294,720 $9,916 29.72:1

Individual Homeowner 221-831-05-17 6221 CITRACADO CIR $155,000 $114,000 $269,000 $9,916 27.13:1

Individual Homeowner 221-831-05-18 6223 CITRACADO CIR $110,124 $163,263 $273,387 $9,916 27.57:1

Individual Homeowner 221-831-05-19 6225 CITRACADO CIR $171,000 $124,000 $295,000 $9,916 29.75:1

Individual Homeowner 221-831-05-20 6227 CITRACADO CIR $110,124 $170,417 $280,541 $9,916 28.29:1

H-14

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-831-05-21 6229 CITRACADO CIR $116,000 $199,000 $315,000 $9,916 31.77:1

Individual Homeowner 221-831-05-22 6231 CITRACADO CIR $153,000 $111,180 $264,180 $8,483 31.14:1

Individual Homeowner 221-831-05-23 6233 CITRACADO CIR $126,381 $173,414 $299,795 $9,916 30.23:1

Individual Homeowner 221-831-05-24 6235 CITRACADO CIR $186,945 $130,426 $317,371 $8,483 37.41:1

Individual Homeowner 221-831-07-01 6261 CITRACADO CIR $113,890 $175,371 $289,261 $8,483 34.10:1

Individual Homeowner 221-831-07-02 6263 CITRACADO CIR $156,000 $122,000 $278,000 $9,916 28.03:1

Individual Homeowner 221-831-07-03 6265 CITRACADO CIR $135,945 $162,089 $298,034 $8,483 35.13:1

Individual Homeowner 221-831-07-04 6267 CITRACADO CIR $122,362 $194,201 $316,563 $9,916 31.92:1

Individual Homeowner 221-831-07-05 6269 CITRACADO CIR $134,688 $187,805 $322,493 $9,916 32.52:1

Individual Homeowner 221-831-07-06 6271 CITRACADO CIR $141,000 $175,000 $316,000 $9,916 31.87:1

Individual Homeowner 221-831-07-07 6273 CITRACADO CIR $135,320 $159,680 $295,000 $9,916 29.75:1

Individual Homeowner 221-831-07-08 6275 CITRACADO CIR $214,000 $126,000 $340,000 $9,916 34.29:1

Individual Homeowner 221-831-07-09 6277 CITRACADO CIR $60,526 $135,279 $195,805 $9,916 19.75:1

Individual Homeowner 221-831-07-10 6279 CITRACADO CIR $172,000 $116,000 $288,000 $8,483 33.95:1

Individual Homeowner 221-831-07-11 6281 CITRACADO CIR $189,000 $105,000 $294,000 $9,916 29.65:1

Individual Homeowner 221-831-07-12 6283 CITRACADO CIR $201,000 $91,000 $292,000 $8,483 34.42:1

Individual Homeowner 221-831-07-13 6286 CITRACADO CIR $187,000 $93,000 $280,000 $8,483 33.01:1

Individual Homeowner 221-831-07-14 6288 CITRACADO CIR $137,405 $127,945 $265,350 $9,916 26.76:1

Individual Homeowner 221-831-07-15 6290 CITRACADO CIR $157,234 $183,439 $340,673 $8,483 40.16:1

Individual Homeowner 221-831-07-16 6292 CITRACADO CIR $162,000 $198,000 $360,000 $9,916 36.30:1

Individual Homeowner 221-831-07-17 6294 CITRACADO CIR $146,027 $163,973 $310,000 $9,916 31.26:1

Individual Homeowner 221-831-07-18 6296 CITRACADO CIR $195,000 $106,000 $301,000 $9,916 30.35:1

Individual Homeowner 221-831-07-19 6298 CITRACADO CIR $155,474 $159,526 $315,000 $9,916 31.77:1

Individual Homeowner 221-831-07-20 6300 CITRACADO CIR $160,140 $115,260 $275,400 $9,916 27.77:1

Individual Homeowner 221-831-07-21 6302 CITRACADO CIR $200,000 $140,000 $340,000 $9,916 34.29:1

Individual Homeowner 221-831-07-22 6304 CITRACADO CIR $181,966 $123,034 $305,000 $8,483 35.95:1

Individual Homeowner 221-831-07-23 6306 CITRACADO CIR $130,000 $150,000 $280,000 $9,916 28.24:1

Individual Homeowner 221-831-07-24 6308 CITRACADO CIR $141,397 $153,603 $295,000 $8,483 34.77:1

H-15

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-831-09-01 6309 CITRACADO CIR $46,132 $119,788 $165,920 $8,483 19.56:1

Individual Homeowner 221-831-09-02 6307 CITRACADO CIR $122,362 $162,165 $284,527 $9,916 28.69:1

Individual Homeowner 221-831-09-03 6305 CITRACADO CIR $143,163 $168,955 $312,118 $8,483 36.79:1

Individual Homeowner 221-831-09-04 6303 CITRACADO CIR $174,474 $146,825 $321,299 $9,916 32.40:1

Individual Homeowner 221-831-09-05 6301 CITRACADO CIR $129,000 $193,000 $322,000 $9,916 32.47:1

Individual Homeowner 221-831-09-06 6299 CITRACADO CIR $204,000 $110,000 $314,000 $9,916 31.66:1

Individual Homeowner 221-831-09-07 6297 CITRACADO CIR $145,928 $149,871 $295,799 $9,916 29.83:1

Individual Homeowner 221-831-09-08 6295 CITRACADO CIR $195,668 $162,004 $357,672 $9,916 36.07:1

Individual Homeowner 221-831-09-09 6293 CITRACADO CIR $164,660 $223,349 $388,009 $9,916 39.13:1

Individual Homeowner 221-831-09-10 6291 CITRACADO CIR $122,362 $149,623 $271,985 $8,483 32.06:1

Individual Homeowner 221-831-09-11 6289 CITRACADO CIR $118,000 $187,000 $305,000 $9,916 30.76:1

Individual Homeowner 221-831-09-12 6287 CITRACADO CIR $133,514 $183,857 $317,371 $8,483 37.41:1

Individual Homeowner 221-831-09-13 6335 CITRACADO CIR $181,000 $99,000 $280,000 $8,483 33.01:1

Individual Homeowner 221-831-09-14 6333 CITRACADO CIR $169,569 $169,454 $339,023 $9,916 34.19:1

Individual Homeowner 221-831-09-15 6331 CITRACADO CIR $150,000 $110,000 $260,000 $8,483 30.65:1

Individual Homeowner 221-831-09-16 6329 CITRACADO CIR $124,000 $213,000 $337,000 $9,916 33.98:1

Individual Homeowner 221-831-09-17 6327 CITRACADO CIR $182,070 $124,848 $306,918 $9,916 30.95:1

Individual Homeowner 221-831-09-18 6325 CITRACADO CIR $119,964 $175,253 $295,217 $9,916 29.77:1

Individual Homeowner 221-831-09-19 6323 CITRACADO CIR $130,000 $170,000 $300,000 $9,916 30.25:1

Individual Homeowner 221-831-09-20 6321 CITRACADO CIR $122,000 $193,000 $315,000 $9,916 31.77:1

Individual Homeowner 221-831-09-21 6319 CITRACADO CIR $117,300 $204,000 $321,300 $9,916 32.40:1

Individual Homeowner 221-831-09-22 6317 CITRACADO CIR $129,000 $131,000 $260,000 $8,483 30.65:1

Individual Homeowner 221-831-09-23 6315 CITRACADO CIR $119,964 $182,388 $302,352 $9,916 30.49:1

Individual Homeowner 221-831-09-24 6313 CITRACADO CIR $180,000 $118,000 $298,000 $8,483 35.13:1

Individual Homeowner 221-831-10-01 6077 CITRACADO CIR $135,945 $167,317 $303,262 $8,519 35.60:1

Individual Homeowner 221-831-10-02 6075 CITRACADO CIR $127,489 $156,511 $284,000 $9,985 28.44:1

Individual Homeowner 221-831-10-03 6073 CITRACADO CIR $119,964 $172,147 $292,111 $8,519 34.29:1

Individual Homeowner 221-831-10-04 6071 CITRACADO CIR $156,860 $193,462 $350,322 $9,985 35.08:1

H-16

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-831-10-05 6069 CITRACADO CIR $154,891 $180,541 $335,432 $9,985 33.59:1

Individual Homeowner 221-831-10-06 6067 CITRACADO CIR $138,000 $142,000 $280,000 $9,985 28.04:1

Individual Homeowner 221-831-10-07 6065 CITRACADO CIR $120,000 $199,000 $319,000 $9,985 31.95:1

Individual Homeowner 221-831-10-08 6063 CITRACADO CIR $130,000 $160,000 $290,000 $9,985 29.04:1

Individual Homeowner 221-831-10-09 6061 CITRACADO CIR $150,000 $190,000 $340,000 $9,985 34.05:1

Individual Homeowner 221-831-10-10 6059 CITRACADO CIR $169,000 $71,000 $240,000 $8,519 28.17:1

Individual Homeowner 221-831-10-11 6057 CITRACADO CIR $109,000 $166,000 $275,000 $9,985 27.54:1

Individual Homeowner 221-831-10-12 6055 CITRACADO CIR $169,000 $83,000 $252,000 $8,519 29.58:1

Individual Homeowner 221-831-10-13 6378 CITRACADO CIR $157,000 $111,000 $268,000 $8,519 31.46:1

Individual Homeowner 221-831-10-14 6376 CITRACADO CIR $156,000 $144,000 $300,000 $9,985 30.04:1

Individual Homeowner 221-831-10-15 6374 CITRACADO CIR $120,915 $177,677 $298,592 $8,519 35.05:1

Individual Homeowner 221-831-10-16 6372 CITRACADO CIR $194,902 $126,397 $321,299 $9,985 32.18:1

Individual Homeowner 221-831-10-17 6370 CITRACADO CIR $75,000 $150,000 $225,000 $9,985 22.53:1

Individual Homeowner 221-831-10-18 6368 CITRACADO CIR $163,000 $137,000 $300,000 $9,985 30.04:1

Individual Homeowner 221-831-10-19 6366 CITRACADO CIR $110,000 $164,000 $274,000 $9,985 27.44:1

Individual Homeowner 221-831-10-20 6364 CITRACADO CIR $141,054 $191,430 $332,484 $9,985 33.30:1

Individual Homeowner 221-831-10-21 6362 CITRACADO CIR $119,964 $209,938 $329,902 $9,985 33.04:1

Individual Homeowner 221-831-10-22 6360 CITRACADO CIR $153,040 $145,702 $298,742 $8,519 35.07:1

Individual Homeowner 221-831-10-23 6358 CITRACADO CIR $169,000 $149,000 $318,000 $9,985 31.85:1

Individual Homeowner 221-831-10-24 6356 CITRACADO CIR $129,000 $183,000 $312,000 $8,519 36.62:1

Individual Homeowner 221-831-10-25 6352 CITRACADO CIR $130,000 $150,000 $280,000 $8,463 33.09:1

Individual Homeowner 221-831-10-26 6350 CITRACADO CIR $125,000 $155,000 $280,000 $9,878 28.34:1

Individual Homeowner 221-831-10-27 6348 CITRACADO CIR $119,964 $218,815 $338,779 $9,878 34.29:1

Individual Homeowner 221-831-10-28 6346 CITRACADO CIR $119,964 $233,618 $353,582 $9,878 35.79:1

Individual Homeowner 221-831-10-29 6344 CITRACADO CIR $191,000 $78,000 $269,000 $8,463 31.79:1

Individual Homeowner 221-831-10-30 6342 CITRACADO CIR $48,479 $86,904 $135,383 $9,878 13.70:1

Individual Homeowner 221-831-10-31 6340 CITRACADO CIR $100,000 $135,000 $235,000 $8,463 27.77:1

Individual Homeowner 221-850-01-00 3215 RANCHO QUARTILLO $248,000 $258,000 $506,000 $24,996 20.24:1

H-17

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-850-02-00 3211 RANCHO QUARTILLO $149,771 $254,306 $404,077 $23,255 17.38:1

Individual Homeowner 221-850-03-00 3207 RANCHO QUARTILLO $149,771 $258,170 $407,941 $23,255 17.54:1

Individual Homeowner 221-850-04-00 3203 RANCHO QUARTILLO $195,590 $348,475 $544,065 $24,996 21.77:1

Individual Homeowner 221-850-05-00 6193 PASEO TIENDA $312,000 $228,000 $540,000 $23,255 23.22:1

Individual Homeowner 221-850-06-00 6189 PASEO TIENDA $292,000 $181,000 $473,000 $19,988 23.66:1

Individual Homeowner 221-850-07-00 6185 PASEO TIENDA $339,140 $322,180 $661,320 $24,996 26.46:1

Individual Homeowner 221-850-08-00 6181 PASEO TIENDA $194,000 $333,000 $527,000 $23,255 22.66:1

Individual Homeowner 221-850-09-00 6177 PASEO TIENDA $149,771 $267,234 $417,005 $23,255 17.93:1

Individual Homeowner 221-850-10-00 6173 PASEO TIENDA $229,033 $128,064 $357,097 $19,988 17.87:1

Individual Homeowner 221-850-11-00 6169 PASEO TIENDA $149,771 $299,938 $449,709 $23,255 19.34:1

Individual Homeowner 221-850-12-00 6165 PASEO TIENDA $303,265 $334,637 $637,902 $24,996 25.52:1

Individual Homeowner 221-850-13-00 6161 PASEO TIENDA $162,253 $237,855 $400,108 $23,255 17.21:1

Individual Homeowner 221-850-14-00 6156 PASEO TIENDA $197,402 $322,640 $520,042 $24,996 20.80:1

Individual Homeowner 221-850-15-00 6160 PASEO TIENDA $229,500 $357,000 $586,500 $23,255 25.22:1

Individual Homeowner 221-850-16-00 6164 PASEO TIENDA $162,253 $248,324 $410,577 $23,255 17.66:1

Individual Homeowner 221-850-17-00 6168 PASEO TIENDA $149,771 $213,426 $363,197 $19,988 18.17:1

Individual Homeowner 221-850-18-00 6172 PASEO TIENDA $149,771 $268,309 $418,080 $23,255 17.98:1

Individual Homeowner 221-850-19-00 6176 PASEO TIENDA $195,951 $414,049 $610,000 $23,255 26.23:1

Individual Homeowner 221-850-20-00 6180 PASEO TIENDA $206,693 $375,496 $582,189 $24,996 23.29:1

Individual Homeowner 221-850-21-00 6184 PASEO TIENDA $149,771 $252,777 $402,548 $19,988 20.14:1

Individual Homeowner 221-850-22-00 6188 PASEO TIENDA $200,739 $382,578 $583,317 $23,255 25.08:1

Individual Homeowner 221-850-23-00 6192 PASEO TIENDA $149,771 $248,789 $398,560 $23,255 17.14:1

Individual Homeowner 221-850-24-00 6196 PASEO TIENDA $149,771 $241,457 $391,228 $19,988 19.57:1

Individual Homeowner 221-850-25-00 3210 RANCHO QUARTILLO $149,771 $242,133 $391,904 $23,255 16.85:1

Individual Homeowner 221-851-01-00 3218 RANCHO QUARTILLO $152,953 $253,292 $406,245 $24,996 16.25:1

Individual Homeowner 221-851-02-00 3222 RANCHO QUARTILLO $220,000 $185,000 $405,000 $23,255 17.42:1

Individual Homeowner 221-851-03-00 3226 RANCHO QUARTILLO $283,000 $251,000 $534,000 $23,255 22.96:1

Individual Homeowner 221-851-04-00 3230 RANCHO QUARTILLO $318,000 $192,000 $510,000 $19,988 25.52:1

H-18

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-851-05-00 3234 RANCHO QUARTILLO $149,771 $270,892 $420,663 $23,434 17.95:1

Individual Homeowner 221-851-06-00 3249 RANCHO ARROBA $187,594 $321,599 $509,193 $20,126 25.30:1

Individual Homeowner 221-851-07-00 3245 RANCHO ARROBA $329,725 $269,275 $599,000 $25,199 23.77:1

Individual Homeowner 221-851-08-00 3241 RANCHO ARROBA $193,571 $315,136 $508,707 $23,434 21.71:1

Individual Homeowner 221-851-09-00 3237 RANCHO ARROBA $146,835 $211,675 $358,510 $20,126 17.81:1

Individual Homeowner 221-851-10-00 3233 RANCHO ARROBA $264,000 $288,000 $552,000 $23,434 23.56:1

Individual Homeowner 221-851-11-00 3229 RANCHO ARROBA $195,202 $347,038 $542,240 $25,199 21.52:1

Individual Homeowner 221-851-12-00 3225 RANCHO ARROBA $301,000 $209,000 $510,000 $20,126 25.34:1

Individual Homeowner 221-851-13-00 3221 RANCHO ARROBA $159,071 $240,815 $399,886 $23,434 17.06:1

Individual Homeowner 221-851-14-00 3224 RANCHO ARROBA $159,071 $260,621 $419,692 $25,199 16.66:1

Individual Homeowner 221-851-15-00 3228 RANCHO ARROBA $152,953 $254,598 $407,551 $23,434 17.39:1

Individual Homeowner 221-851-16-00 3232 RANCHO ARROBA $146,835 $274,095 $420,930 $23,434 17.96:1

Individual Homeowner 221-851-17-00 3236 RANCHO ARROBA $146,835 $270,425 $417,260 $25,199 16.56:1

Individual Homeowner 221-851-18-00 3240 RANCHO ARROBA $183,545 $251,309 $434,854 $23,434 18.56:1

Individual Homeowner 221-851-19-00 6174 PASEO PALERO $261,957 $292,183 $554,140 $23,434 23.65:1

Individual Homeowner 221-851-20-00 6178 PASEO PALERO $325,000 $270,000 $595,000 $25,199 23.61:1

Individual Homeowner 221-851-21-00 6182 PASEO PALERO $159,071 $221,466 $380,537 $20,126 18.91:1

Individual Homeowner 221-851-22-00 6186 PASEO PALERO $287,000 $227,000 $514,000 $23,434 21.93:1

Individual Homeowner 221-851-23-00 6190 PASEO PALERO $201,000 $323,000 $524,000 $23,434 22.36:1

Individual Homeowner 221-851-24-00 6194 PASEO PALERO $55,521 $156,334 $211,855 $20,126 10.53:1

Individual Homeowner 221-851-25-00 6198 PASEO PALERO $240,459 $333,832 $574,291 $25,199 22.79:1

Individual Homeowner 221-851-26-00 3239 RANCHO QUARTILLO $269,000 $260,000 $529,000 $23,434 22.57:1

Individual Homeowner 221-851-27-00 3235 RANCHO QUARTILLO $162,253 $244,628 $406,881 $23,255 17.50:1

Individual Homeowner 221-851-28-00 3231 RANCHO QUARTILLO $293,000 $230,000 $523,000 $23,255 22.49:1

Individual Homeowner 221-851-29-00 3227 RANCHO QUARTILLO $162,253 $266,796 $429,049 $24,996 17.16:1

Individual Homeowner 221-851-30-00 3223 RANCHO QUARTILLO $172,313 $157,954 $330,267 $19,988 16.52:1

Individual Homeowner 221-851-31-00 3219 RANCHO QUARTILLO $156,012 $237,765 $393,777 $23,255 16.93:1

Individual Homeowner 221-851-33-00 6171 PASEO PALERO $269,000 $240,000 $509,000 $23,434 21.72:1

H-19

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-851-34-00 6167 PASEO PALERO $146,835 $312,883 $459,718 $25,199 18.24:1

Individual Homeowner 221-851-35-00 6163 PASEO PALERO $183,545 $379,331 $562,876 $25,199 22.34:1

Individual Homeowner 221-851-36-00 6153 PASEO PALERO $152,953 $302,884 $455,837 $23,434 19.45:1

Individual Homeowner 221-851-37-00 6149 PASEO PALERO $248,290 $339,710 $588,000 $25,199 23.33:1

Individual Homeowner 221-851-38-00 6145 PASEO PALERO $257,000 $322,000 $579,000 $25,199 22.98:1

Individual Homeowner 221-851-39-00 6141 PASEO PALERO $152,953 $256,069 $409,022 $23,434 17.45:1

Individual Homeowner 221-851-40-00 6154 PASEO PALERO $204,804 $320,862 $525,666 $23,434 22.43:1

Individual Homeowner 221-851-41-00 6158 PASEO PALERO $176,521 $465,469 $641,990 $25,199 25.48:1

Individual Homeowner 221-851-42-00 6162 PASEO PALERO $93,088 $133,991 $227,079 $23,434 9.69:1

Individual Homeowner 221-851-43-00 6166 PASEO PALERO $146,835 $277,753 $424,588 $23,434 18.12:1

Individual Homeowner 221-851-44-00 6170 PASEO PALERO $243,515 $356,485 $600,000 $25,199 23.81:1

Individual Homeowner 221-852-01-00 3221 RANCHO MILAGRO $152,953 $333,914 $486,867 $23,434 20.78:1

Individual Homeowner 221-852-02-00 3217 RANCHO MILAGRO $152,953 $373,730 $526,683 $25,199 20.90:1

Individual Homeowner 221-852-03-00 3213 RANCHO MILAGRO $183,545 $249,686 $433,231 $23,434 18.49:1

Individual Homeowner 221-852-04-00 3209 RANCHO MILAGRO $152,953 $261,345 $414,298 $23,434 17.68:1

Individual Homeowner 221-852-05-00 3205 RANCHO MILAGRO $408,000 $277,000 $685,000 $25,199 27.18:1

Individual Homeowner 221-852-06-00 3222 RANCHO MILAGRO $305,000 $255,000 $560,000 $23,434 23.90:1

Individual Homeowner 221-852-07-00 3226 RANCHO MILAGRO $239,930 $299,914 $539,844 $25,199 21.42:1

Individual Homeowner 221-852-08-00 3230 RANCHO MILAGRO $152,953 $254,910 $407,863 $23,434 17.40:1

Individual Homeowner 221-852-09-00 3234 RANCHO MILAGRO $134,597 $266,753 $401,350 $23,434 17.13:1

Individual Homeowner 221-852-10-00 3238 RANCHO MILAGRO $200,177 $425,823 $626,000 $25,199 24.84:1

Individual Homeowner 221-852-11-00 3242 RANCHO MILAGRO $134,597 $266,002 $400,599 $23,434 17.09:1

Individual Homeowner 221-852-12-00 3246 RANCHO MILAGRO $300,000 $310,000 $610,000 $25,199 24.21:1

Individual Homeowner 221-852-13-00 3255 RANCHO COMPANERO $192,000 $466,000 $658,000 $24,996 26.32:1

Individual Homeowner 221-852-14-00 3251 RANCHO COMPANERO $411,431 $368,868 $780,299 $24,996 31.22:1

Individual Homeowner 221-852-15-00 3247 RANCHO COMPANERO $59,647 $178,992 $238,639 $23,255 10.26:1

Individual Homeowner 221-852-16-00 3243 RANCHO COMPANERO $300,000 $215,000 $515,000 $19,988 25.77:1

Individual Homeowner 221-852-17-00 3239 RANCHO COMPANERO $195,780 $352,046 $547,826 $24,996 21.92:1

H-20

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-852-18-00 3235 RANCHO COMPANERO $327,447 $438,275 $765,722 $24,996 30.63:1

Individual Homeowner 221-852-19-00 3231 RANCHO COMPANERO $300,000 $215,000 $515,000 $19,988 25.77:1

Individual Homeowner 221-852-20-00 3227 RANCHO COMPANERO $197,211 $412,789 $610,000 $24,996 24.40:1

Individual Homeowner 221-852-21-00 3223 RANCHO COMPANERO $237,503 $381,533 $619,036 $24,996 24.76:1

Individual Homeowner 221-852-22-00 3219 RANCHO COMPANERO $180,702 $341,537 $522,239 $23,255 22.46:1

Individual Homeowner 221-852-23-00 3215 RANCHO COMPANERO $300,000 $240,000 $540,000 $19,988 27.02:1

Individual Homeowner 221-852-24-00 3211 RANCHO COMPANERO $177,000 $483,000 $660,000 $24,996 26.40:1

Individual Homeowner 221-852-25-00 3207 RANCHO COMPANERO $162,253 $319,150 $481,403 $24,996 19.26:1

Individual Homeowner 221-852-26-00 3203 RANCHO COMPANERO $313,140 $370,260 $683,400 $24,996 27.34:1

Individual Homeowner 221-852-27-00 3204 RANCHO COMPANERO $317,555 $432,819 $750,374 $24,996 30.02:1

Individual Homeowner 221-852-28-00 3208 RANCHO COMPANERO $292,808 $316,860 $609,668 $19,988 30.50:1

Individual Homeowner 221-852-29-00 3212 RANCHO COMPANERO $149,771 $274,571 $424,342 $24,996 16.98:1

Individual Homeowner 221-852-30-00 3216 RANCHO COMPANERO $238,000 $325,000 $563,000 $24,996 22.52:1

Individual Homeowner 221-852-31-00 3220 RANCHO COMPANERO $149,771 $321,496 $471,267 $24,996 18.85:1

Individual Homeowner 221-852-32-00 3224 RANCHO COMPANERO $190,820 $329,079 $519,899 $23,255 22.36:1

Individual Homeowner 221-852-33-00 3228 RANCHO COMPANERO $191,000 $333,000 $524,000 $19,988 26.22:1

Individual Homeowner 221-852-34-00 3232 RANCHO COMPANERO $181,000 $394,000 $575,000 $24,996 23.00:1

Individual Homeowner 221-852-35-00 3236 RANCHO COMPANERO $177,000 $299,000 $476,000 $23,255 20.47:1

Individual Homeowner 221-852-36-00 3240 RANCHO COMPANERO $146,835 $391,552 $538,387 $25,199 21.37:1

Individual Homeowner 221-852-37-00 3244 RANCHO COMPANERO $293,000 $293,000 $586,000 $25,199 23.26:1

Individual Homeowner 221-852-38-00 3248 RANCHO COMPANERO $393,972 $182,334 $576,306 $23,434 24.59:1

Individual Homeowner 221-852-39-00 3252 RANCHO COMPANERO $274,000 $317,000 $591,000 $25,199 23.45:1

Individual Homeowner 221-852-40-00 6150 PASEO MONONA $159,071 $322,590 $481,661 $25,199 19.11:1

Individual Homeowner 221-852-41-00 6154 PASEO MONONA $159,071 $298,406 $457,477 $23,434 19.52:1

Individual Homeowner 221-852-42-00 6158 PASEO MONONA $159,071 $319,359 $478,430 $25,199 18.99:1

Individual Homeowner 221-852-43-00 6162 PASEO MONONA $159,071 $290,407 $449,478 $23,434 19.18:1

Individual Homeowner 221-852-44-00 6166 PASEO MONONA $159,071 $324,740 $483,811 $25,199 19.20:1

Individual Homeowner 221-852-45-00 6170 PASEO MONONA $207,034 $240,110 $447,144 $23,434 19.08:1

H-21

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-852-46-00 6174 PASEO MONONA $301,000 $299,000 $600,000 $25,199 23.81:1

Individual Homeowner 221-852-47-00 6178 PASEO MONONA $159,071 $288,768 $447,839 $25,199 17.77:1

Individual Homeowner 221-852-48-00 6182 PASEO MONONA $183,545 $386,952 $570,497 $25,199 22.64:1

Individual Homeowner 221-852-49-00 6186 PASEO MONONA $260,494 $341,305 $601,799 $25,199 23.88:1

Individual Homeowner 221-852-50-00 6183 PASEO MONONA $242,479 $392,521 $635,000 $23,434 27.10:1

Individual Homeowner 221-852-51-00 6179 PASEO MONONA $145,610 $351,172 $496,782 $25,199 19.71:1

Individual Homeowner 221-852-52-00 6175 PASEO MONONA $146,835 $320,704 $467,539 $25,199 18.55:1

Individual Homeowner 221-852-53-00 6171 PASEO MONONA $159,071 $276,657 $435,728 $23,434 18.59:1

Individual Homeowner 221-852-54-00 3233 RANCHO MILAGRO $214,013 $350,987 $565,000 $23,434 24.11:1

Individual Homeowner 221-852-55-00 3229 RANCHO MILAGRO $152,953 $238,229 $391,182 $23,434 16.69:1

Individual Homeowner 221-852-56-00 3225 RANCHO MILAGRO $195,560 $396,039 $591,599 $25,199 23.48:1

Individual Homeowner 221-853-01-00 6100 PASEO VALIENTE $170,000 $396,000 $566,000 $25,199 22.46:1

Individual Homeowner 221-853-02-00 6104 PASEO VALIENTE $168,532 $391,957 $560,489 $25,199 22.24:1

Individual Homeowner 221-853-03-00 6108 PASEO VALIENTE $146,835 $275,306 $422,141 $23,434 18.01:1

Individual Homeowner 221-853-04-00 6112 PASEO VALIENTE $224,614 $420,432 $645,046 $23,434 27.53:1

Individual Homeowner 221-853-05-00 6116 PASEO VALIENTE $198,425 $431,575 $630,000 $25,199 25.00:1

Individual Homeowner 221-853-06-00 6120 PASEO VALIENTE $146,835 $362,799 $509,634 $25,199 20.22:1

Individual Homeowner 221-853-07-00 6135 PASEO MONONA $146,835 $290,256 $437,091 $23,434 18.65:1

Individual Homeowner 221-853-08-00 6131 PASEO MONONA $241,000 $309,000 $550,000 $25,199 21.83:1

Individual Homeowner 221-853-09-00 6113 PASEO TESORO $235,000 $343,000 $578,000 $25,199 22.94:1

Individual Homeowner 221-853-10-00 6109 PASEO TESORO $44,813 $128,259 $173,072 $23,434 7.39:1

Individual Homeowner 221-853-11-00 6105 PASEO TESORO $146,835 $274,081 $420,916 $23,434 17.96:1

Individual Homeowner 221-853-12-00 6101 PASEO TESORO $183,545 $425,913 $609,458 $25,199 24.19:1

Individual Homeowner 221-853-13-00 6102 PASEO TESORO $238,076 $354,333 $592,409 $25,199 23.51:1

Individual Homeowner 221-853-14-00 6106 PASEO TESORO $146,835 $260,621 $407,456 $23,434 17.39:1

Individual Homeowner 221-853-15-00 6110 PASEO TESORO $272,000 $331,000 $603,000 $25,199 23.93:1

Individual Homeowner 221-853-16-00 6115 PASEO MONONA $160,199 $298,800 $458,999 $23,434 19.59:1

Individual Homeowner 221-853-17-00 6111 PASEO MONONA $189,200 $469,800 $659,000 $25,199 26.15:1

H-22

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-853-18-00 6107 PASEO MONONA $209,148 $420,558 $629,706 $25,199 24.99:1

Individual Homeowner 221-853-19-00 6103 PASEO MONONA $146,835 $321,469 $468,304 $23,434 19.98:1

Individual Homeowner 221-853-29-00 6110 PASEO MONONA $252,000 $272,000 $524,000 $23,434 22.36:1

Individual Homeowner 221-853-30-00 6114 PASEO MONONA $287,687 $242,313 $530,000 $23,434 22.62:1

Individual Homeowner 221-853-32-00 6122 PASEO MONONA $183,545 $305,060 $488,605 $23,434 20.85:1

Individual Homeowner 221-853-33-00 6126 PASEO MONONA $239,143 $405,857 $645,000 $25,199 25.60:1

Individual Homeowner 221-853-34-00 6130 PASEO MONONA $183,545 $256,950 $440,495 $23,434 18.80:1

Individual Homeowner 221-853-35-00 6134 PASEO MONONA $217,835 $303,419 $521,254 $25,199 20.69:1

Individual Homeowner 221-853-36-00 6138 PASEO MONONA $183,545 $269,187 $452,732 $23,434 19.32:1

Individual Homeowner 221-853-39-00 6118 PASEO MONONA $183,545 $308,347 $491,892 $25,199 19.52:1

Individual Homeowner 221-860-01-00 6099 PASEO CARRETA $259,000 $192,000 $451,000 $19,894 22.67:1

Individual Homeowner 221-860-02-00 6097 PASEO CARRETA $184,990 $300,010 $485,000 $15,974 30.36:1

Individual Homeowner 221-860-03-00 6095 PASEO CARRETA $152,953 $244,714 $397,667 $15,974 24.89:1

Individual Homeowner 221-860-04-00 6093 PASEO CARRETA $159,071 $234,522 $393,593 $20,032 19.65:1

Individual Homeowner 221-860-05-00 6091 PASEO CARRETA $213,000 $200,000 $413,000 $15,974 25.85:1

Individual Homeowner 221-860-06-00 6089 PASEO CARRETA $261,957 $226,694 $488,651 $15,974 30.59:1

Individual Homeowner 221-860-07-00 6087 PASEO CARRETA $250,978 $250,978 $501,956 $19,894 25.23:1

Individual Homeowner 221-860-08-00 6085 PASEO CARRETA $201,390 $234,077 $435,467 $15,974 27.26:1

Individual Homeowner 221-860-09-00 6083 PASEO CARRETA $237,181 $197,819 $435,000 $19,894 21.87:1

Individual Homeowner 221-860-10-00 6081 PASEO CARRETA $197,000 $253,000 $450,000 $15,974 28.17:1

Individual Homeowner 221-860-11-00 6079 PASEO CARRETA $280,985 $172,914 $453,899 $15,974 28.41:1

Individual Homeowner 221-860-12-00 6077 PASEO CARRETA $249,238 $249,112 $498,350 $19,894 25.05:1

Individual Homeowner 221-860-13-00 6075 PASEO CARRETA $230,614 $213,318 $443,932 $19,894 22.31:1

Individual Homeowner 221-860-14-00 6073 PASEO CARRETA $156,012 $167,230 $323,242 $15,974 20.24:1

Individual Homeowner 221-860-15-00 6071 PASEO CARRETA $285,000 $205,000 $490,000 $19,894 24.63:1

Individual Homeowner 221-860-16-00 6069 PASEO CARRETA $213,180 $260,100 $473,280 $19,894 23.79:1

Individual Homeowner 221-860-17-00 6067 PASEO CARRETA $154,762 $159,741 $314,503 $15,974 19.69:1

Individual Homeowner 221-860-18-00 6065 PASEO CARRETA $250,000 $220,000 $470,000 $19,894 23.63:1

H-23

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-860-19-00 6063 PASEO CARRETA $246,967 $260,835 $507,802 $19,894 25.53:1

Individual Homeowner 221-860-20-00 6061 PASEO CARRETA $226,000 $234,000 $460,000 $15,974 28.80:1

Individual Homeowner 221-860-21-00 6059 PASEO CARRETA $156,012 $186,820 $342,832 $19,894 17.23:1

Individual Homeowner 221-860-22-00 6057 PASEO CARRETA $209,000 $193,000 $402,000 $19,894 20.21:1

Individual Homeowner 221-860-23-00 6055 PASEO CARRETA $210,000 $254,000 $464,000 $20,032 23.16:1

Individual Homeowner 221-860-24-00 6053 PASEO CARRETA $234,600 $194,820 $429,420 $20,032 21.44:1

Individual Homeowner 221-860-25-00 6051 PASEO CARRETA $152,953 $211,323 $364,276 $20,032 18.18:1

Individual Homeowner 221-860-26-00 6049 PASEO CARRETA $223,000 $237,000 $460,000 $16,062 28.64:1

Individual Homeowner 221-860-27-00 6047 PASEO CARRETA $207,224 $292,776 $500,000 $20,032 24.96:1

Individual Homeowner 221-860-28-00 6045 PASEO CARRETA $152,953 $224,687 $377,640 $20,032 18.85:1

Individual Homeowner 221-860-29-00 6043 PASEO CARRETA $286,110 $202,878 $488,988 $20,032 24.41:1

Individual Homeowner 221-860-30-00 6041 PASEO CARRETA $196,000 $274,000 $470,000 $20,032 23.46:1

Individual Homeowner 221-860-31-00 6039 PASEO CARRETA $217,260 $257,040 $474,300 $20,032 23.68:1

Individual Homeowner 221-860-32-00 6037 PASEO CARRETA $190,000 $222,000 $412,000 $16,062 25.65:1

Individual Homeowner 221-860-33-00 6035 PASEO CARRETA $159,071 $219,546 $378,617 $20,032 18.90:1

Individual Homeowner 221-860-34-00 6033 PASEO CARRETA $159,071 $225,975 $385,046 $20,032 19.22:1

Individual Homeowner 221-860-35-00 6031 PASEO CARRETA $146,835 $238,924 $385,759 $20,032 19.26:1

Individual Homeowner 221-860-36-00 6029 PASEO CARRETA $234,837 $270,062 $504,899 $20,032 25.20:1

Individual Homeowner 221-860-37-00 6027 PASEO CARRETA $181,621 $275,443 $457,064 $20,032 22.82:1

Individual Homeowner 221-860-38-00 6025 PASEO CARRETA $146,835 $242,553 $389,388 $20,032 19.44:1

Individual Homeowner 221-860-39-00 6023 PASEO CARRETA $267,000 $125,000 $392,000 $16,062 24.40:1

Individual Homeowner 221-860-40-00 6021 PASEO CARRETA $280,000 $150,000 $430,000 $20,032 21.47:1

Individual Homeowner 221-860-41-00 6019 PASEO CARRETA $343,332 $281,962 $625,294 $20,032 31.21:1

Individual Homeowner 221-860-42-00 6090 PASEO CARRETA $271,310 $221,570 $492,880 $19,894 24.78:1

Individual Homeowner 221-860-43-00 6086 PASEO CARRETA $238,000 $142,000 $380,000 $15,974 23.79:1

Individual Homeowner 221-860-44-00 6082 PASEO CARRETA $208,000 $272,000 $480,000 $19,894 24.13:1

Individual Homeowner 221-860-45-00 6080 PASEO CARRETA $298,142 $239,858 $538,000 $19,894 27.04:1

Individual Homeowner 221-860-46-00 6076 PASEO CARRETA $249,000 $211,000 $460,000 $15,974 28.80:1

H-24

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-860-47-00 6072 PASEO CARRETA $227,000 $277,000 $504,000 $15,974 31.55:1

Individual Homeowner 221-860-48-00 6068 PASEO CARRETA $156,012 $212,072 $368,084 $19,894 18.50:1

Individual Homeowner 221-860-49-00 6064 PASEO CARRETA $226,000 $195,000 $421,000 $15,974 26.35:1

Individual Homeowner 221-860-50-00 6060 PASEO CARRETA $268,000 $154,000 $422,000 $19,894 21.21:1

Individual Homeowner 221-860-51-00 6056 PASEO CARRETA $270,504 $176,868 $447,372 $19,894 22.49:1

Individual Homeowner 221-860-52-00 6052 PASEO CARRETA $271,000 $206,000 $477,000 $19,894 23.98:1

Individual Homeowner 221-860-53-00 6050 PASEO CARRETA $267,000 $196,000 $463,000 $20,032 23.11:1

Individual Homeowner 221-860-54-00 6046 PASEO CARRETA $266,119 $246,881 $513,000 $20,032 25.61:1

Individual Homeowner 221-860-55-00 6042 PASEO CARRETA $268,000 $154,000 $422,000 $20,032 21.07:1

Individual Homeowner 221-860-56-00 6038 PASEO CARRETA $230,000 $191,000 $421,000 $16,062 26.21:1

Individual Homeowner 221-860-57-00 6034 PASEO CARRETA $281,000 $199,000 $480,000 $20,032 23.96:1

Individual Homeowner 221-860-58-00 6032 PASEO CARRETA $146,835 $223,227 $370,062 $20,032 18.47:1

Individual Homeowner 221-860-59-00 6028 PASEO CARRETA $264,776 $185,224 $450,000 $16,062 28.02:1

Individual Homeowner 221-860-60-00 6024 PASEO CARRETA $146,835 $234,641 $381,476 $20,032 19.04:1

Individual Homeowner 221-860-61-00 6020 PASEO GANADERO $146,835 $210,451 $357,286 $20,032 17.84:1

Individual Homeowner 221-860-62-00 6016 PASEO CARRETA $176,746 $253,323 $430,069 $20,032 21.47:1

Individual Homeowner 221-860-63-00 6012 PASEO CARRETA $227,375 $282,624 $509,999 $20,032 25.46:1

Individual Homeowner 221-860-65-00 3201 RANCHO REATA $156,012 $184,164 $340,176 $15,974 21.30:1

Individual Homeowner 221-860-66-00 3205 RANCHO REATA $205,236 $274,622 $479,858 $19,894 24.12:1

Individual Homeowner 221-860-67-00 3209 RANCHO REATA $218,496 $281,504 $500,000 $15,974 31.30:1

Individual Homeowner 221-860-68-00 3213 RANCHO REATA $208,000 $189,000 $397,000 $19,894 19.96:1

Individual Homeowner 221-860-69-00 3217 RANCHO REATA $152,953 $159,540 $312,493 $15,974 19.56:1

Individual Homeowner 221-860-70-00 3221 RANCHO REATA $237,397 $231,744 $469,141 $15,974 29.37:1

Individual Homeowner 221-860-71-00 3225 RANCHO REATA $248,701 $231,744 $480,445 $19,894 24.15:1

Individual Homeowner 221-860-72-00 3222 RANCHO REATA $156,012 $179,711 $335,723 $15,974 21.02:1

Individual Homeowner 221-860-73-00 3218 RANCHO REATA $226,092 $242,994 $469,086 $19,894 23.58:1

Individual Homeowner 221-860-74-00 3214 RANCHO REATA $213,000 $172,000 $385,000 $15,974 24.10:1

Individual Homeowner 221-860-75-00 3210 RANCHO REATA $274,000 $196,000 $470,000 $15,974 29.42:1

H-25

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-861-01-00 6019 PASEO ALAMEDA $146,835 $212,301 $359,136 $20,032 17.93:1

Individual Homeowner 221-861-02-00 6015 PASEO ALAMEDA $281,297 $254,507 $535,804 $20,032 26.75:1

Individual Homeowner 221-861-03-00 6011 PASEO ALAMEDA $248,000 $190,000 $438,000 $20,032 21.86:1

Individual Homeowner 221-861-04-00 6006 PASEO ALAMEDA $167,000 $239,000 $406,000 $20,032 20.27:1

Individual Homeowner 221-861-05-00 6010 PASEO ALAMEDA $244,000 $175,000 $419,000 $20,032 20.92:1

Individual Homeowner 221-861-06-00 6014 PASEO ALAMEDA $256,920 $211,581 $468,501 $16,062 29.17:1

Individual Homeowner 221-861-07-00 6018 PASEO ALAMEDA $200,971 $293,728 $494,699 $20,032 24.70:1

Individual Homeowner 221-861-08-00 6022 PASEO ALAMEDA $258,748 $267,726 $526,474 $20,032 26.28:1

Individual Homeowner 221-861-09-00 6026 PASEO ALAMEDA $146,835 $213,444 $360,279 $20,032 17.98:1

Individual Homeowner 221-861-10-00 6027 PASEO ALAMEDA $146,835 $184,691 $331,526 $16,062 20.64:1

Individual Homeowner 221-861-11-00 6023 PASEO ALAMEDA $146,835 $230,795 $377,630 $20,032 18.85:1

Individual Homeowner 221-861-12-00 3283 RANCHO FAMOSA $234,629 $375,389 $610,018 $25,465 23.95:1

Individual Homeowner 221-861-13-00 3279 RANCHO FAMOSA $16,540 $63,321 $79,861 $25,465 3.14:1

Individual Homeowner 221-861-14-00 3275 RANCHO FAMOSA $195,207 $307,445 $502,652 $25,465 19.74:1

Individual Homeowner 221-861-15-00 3271 RANCHO FAMOSA $195,567 $322,678 $518,245 $25,465 20.35:1

Individual Homeowner 221-861-16-00 3267 RANCHO FAMOSA $209,436 $331,607 $541,043 $25,465 21.25:1

Individual Homeowner 221-861-17-00 3263 RANCHO FAMOSA $167,950 $303,547 $471,497 $25,465 18.52:1

Individual Homeowner 221-861-18-00 3259 RANCHO FAMOSA $300,900 $173,400 $474,300 $20,279 23.39:1

Individual Homeowner 221-861-19-00 3255 RANCHO FAMOSA $290,000 $280,000 $570,000 $25,465 22.38:1

Individual Homeowner 221-861-20-00 3251 RANCHO FAMOSA $167,950 $254,253 $422,203 $25,465 16.58:1

Individual Homeowner 221-861-21-00 3250 RANCHO FAMOSA $283,000 $287,000 $570,000 $25,465 22.38:1

Individual Homeowner 221-861-22-00 3254 RANCHO FAMOSA $187,977 $411,664 $599,641 $25,465 23.55:1

Individual Homeowner 221-861-23-00 3258 RANCHO FAMOSA $143,956 $329,812 $473,768 $25,465 18.60:1

Individual Homeowner 221-861-24-00 3262 RANCHO FAMOSA $275,000 $275,000 $550,000 $25,465 21.60:1

Individual Homeowner 221-861-25-00 3266 RANCHO FAMOSA $155,951 $298,713 $454,664 $25,465 17.85:1

Individual Homeowner 221-861-26-00 3270 RANCHO FAMOSA $143,956 $255,730 $399,686 $20,279 19.71:1

Individual Homeowner 221-861-27-00 3274 RANCHO FAMOSA $143,956 $250,461 $394,417 $25,465 15.49:1

Individual Homeowner 221-861-28-00 3278 RANCHO FAMOSA $143,956 $334,069 $478,025 $25,465 18.77:1

H-26

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-861-29-00 3282 RANCHO FAMOSA $143,956 $264,394 $408,350 $20,279 20.14:1

Individual Homeowner 221-861-30-00 3286 RANCHO FAMOSA $143,956 $266,816 $410,772 $25,465 16.13:1

Individual Homeowner 221-861-32-00 3294 RANCHO FAMOSA $171,832 $319,915 $491,747 $25,465 19.31:1

Individual Homeowner 221-861-33-00 3298 RANCHO FAMOSA $129,663 $251,710 $381,373 $11,273 33.83:1

Individual Homeowner 221-861-34-00 3302 RANCHO FAMOSA $234,000 $215,000 $449,000 $25,465 17.63:1

Individual Homeowner 221-861-35-00 3306 RANCHO FAMOSA $148,575 $313,109 $461,684 $25,465 18.13:1

Individual Homeowner 221-861-36-00 3310 RANCHO FAMOSA $170,223 $307,136 $477,359 $25,465 18.75:1

Individual Homeowner 221-861-37-00 3314 RANCHO FAMOSA $237,000 $200,000 $437,000 $20,279 21.55:1

Individual Homeowner 221-861-38-00 3318 RANCHO FAMOSA $155,951 $305,874 $461,825 $25,465 18.14:1

Individual Homeowner 221-861-39-00 3322 RANCHO FAMOSA $143,956 $341,380 $485,336 $25,465 19.06:1

Individual Homeowner 221-861-40-00 3326 RANCHO FAMOSA $185,000 $305,000 $490,000 $23,661 20.71:1

Individual Homeowner 221-861-41-00 3330 RANCHO FAMOSA $155,951 $239,917 $395,868 $20,279 19.52:1

Individual Homeowner 221-861-42-00 3334 RANCHO FAMOSA $155,951 $302,018 $457,969 $25,465 17.98:1

Individual Homeowner 221-861-43-00 3338 RANCHO FAMOSA $184,597 $381,502 $566,099 $25,465 22.23:1

Individual Homeowner 221-861-44-00 3329 RANCHO FAMOSA $345,000 $287,000 $632,000 $25,465 24.82:1

Individual Homeowner 221-861-45-00 3325 RANCHO FAMOSA $215,936 $281,919 $497,855 $25,465 19.55:1

Individual Homeowner 221-861-47-00 3317 RANCHO FAMOSA $215,936 $243,605 $459,541 $25,465 18.05:1

Individual Homeowner 221-861-48-00 3313 RANCHO FAMOSA $215,936 $269,578 $485,514 $25,465 19.07:1

Individual Homeowner 221-861-49-00 3309 RANCHO FAMOSA $229,498 $285,550 $515,048 $25,465 20.23:1

Individual Homeowner 221-861-50-00 3305 RANCHO FAMOSA $255,000 $224,400 $479,400 $20,279 23.64:1

Individual Homeowner 221-861-51-00 3301 RANCHO FAMOSA $256,000 $205,000 $461,000 $25,465 18.10:1

Individual Homeowner 221-861-52-00 3297 RANCHO FAMOSA $237,471 $395,204 $632,675 $25,465 24.84:1

Individual Homeowner 221-861-53-00 3293 RANCHO FAMOSA $266,000 $253,000 $519,000 $25,465 20.38:1

Individual Homeowner 221-862-01-00 6030 PASEO ALAMEDA $146,835 $174,856 $321,691 $16,062 20.03:1

Individual Homeowner 221-862-02-00 6034 PASEO ALAMEDA $146,835 $220,146 $366,981 $20,032 18.32:1

Individual Homeowner 221-862-03-00 6038 PASEO ALAMEDA $198,747 $274,914 $473,661 $20,032 23.64:1

Individual Homeowner 221-862-04-00 6042 PASEO ALAMEDA $235,000 $235,000 $470,000 $20,032 23.46:1

Individual Homeowner 221-862-05-00 6046 PASEO ALAMEDA $146,835 $216,570 $363,405 $20,032 18.14:1

H-27

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-862-06-00 6047 PASEO ALAMEDA $159,071 $230,780 $389,851 $20,032 19.46:1

Individual Homeowner 221-862-07-00 6043 PASEO ALAMEDA $195,000 $300,000 $495,000 $20,032 24.71:1

Individual Homeowner 221-862-08-00 6039 PASEO ALAMEDA $203,000 $283,000 $486,000 $20,032 24.26:1

Individual Homeowner 221-862-09-00 6035 PASEO ALAMEDA $296,000 $174,000 $470,000 $20,032 23.46:1

Individual Homeowner 221-862-10-00 6031 PASEO ALAMEDA $177,000 $254,000 $431,000 $20,032 21.52:1

Individual Homeowner 221-862-11-00 6087 PASEO PRADERA $300,000 $275,000 $575,000 $25,105 22.90:1

Individual Homeowner 221-862-12-00 6083 PASEO PRADERA $279,000 $189,000 $468,000 $25,105 18.64:1

Individual Homeowner 221-862-13-00 6079 PASEO PRADERA $276,420 $199,920 $476,340 $20,032 23.78:1

Individual Homeowner 221-862-14-00 6075 PASEO PRADERA $228,005 $341,249 $569,254 $25,105 22.68:1

Individual Homeowner 221-862-15-00 6071 PASEO PRADERA $288,263 $335,434 $623,697 $25,105 24.84:1

Individual Homeowner 221-862-16-00 6067 PASEO PRADERA $205,000 $353,000 $558,000 $25,105 22.23:1

Individual Homeowner 221-862-17-00 6063 PASEO PRADERA $159,071 $276,949 $436,020 $25,105 17.37:1

Individual Homeowner 221-862-18-00 6059 PASEO PRADERA $239,000 $165,000 $404,000 $20,032 20.17:1

Individual Homeowner 221-862-19-00 6055 PASEO PRADERA $241,807 $302,259 $544,066 $25,105 21.67:1

Individual Homeowner 221-862-20-00 6056 PASEO PRADERA $146,835 $248,384 $395,219 $20,032 19.73:1

Individual Homeowner 221-862-21-00 6060 PASEO PRADERA $282,000 $222,000 $504,000 $25,105 20.08:1

Individual Homeowner 221-862-22-00 6064 PASEO PRADERA $306,000 $258,060 $564,060 $25,105 22.47:1

Individual Homeowner 221-862-23-00 6068 PASEO PRADERA $274,000 $239,000 $513,000 $25,105 20.43:1

Individual Homeowner 221-862-24-00 6085 PASEO MONONA $146,835 $250,292 $397,127 $25,105 15.82:1

Individual Homeowner 221-862-25-00 6081 PASEO MONONA $198,000 $293,000 $491,000 $20,032 24.51:1

Individual Homeowner 221-862-26-00 6077 PASEO MONONA $146,835 $269,793 $416,628 $25,105 16.60:1

Individual Homeowner 221-862-27-00 6073 PASEO MONONA $200,000 $380,000 $580,000 $25,105 23.10:1

Individual Homeowner 221-862-28-00 6069 PASEO MONONA $196,000 $294,000 $490,000 $25,105 19.52:1

Individual Homeowner 221-862-29-00 6065 PASEO MONONA $175,119 $350,180 $525,299 $25,465 20.63:1

Individual Homeowner 221-862-30-00 3296 RANCHO CARRIZO $225,000 $250,000 $475,000 $20,032 23.71:1

Individual Homeowner 221-862-31-00 3300 RANCHO CARRIZO $143,956 $245,913 $389,869 $25,465 15.31:1

Individual Homeowner 221-862-32-00 3304 RANCHO CARRIZO $173,000 $357,000 $530,000 $25,465 20.81:1

Individual Homeowner 221-862-33-00 3308 RANCHO CARRIZO $281,737 $247,215 $528,952 $20,279 26.08:1

H-28

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-862-34-00 3312 RANCHO CARRIZO $213,937 $376,063 $590,000 $25,465 23.17:1

Individual Homeowner 221-862-35-00 3316 RANCHO CARRIZO $246,000 $237,000 $483,000 $25,465 18.97:1

Individual Homeowner 221-862-36-00 3320 RANCHO CARRIZO $251,000 $249,000 $500,000 $20,279 24.66:1

Individual Homeowner 221-862-37-00 3324 RANCHO CARRIZO $179,288 $335,811 $515,099 $25,465 20.23:1

Individual Homeowner 221-862-38-00 3328 RANCHO CARRIZO $155,951 $324,041 $479,992 $25,465 18.85:1

Individual Homeowner 221-862-39-00 3315 RANCHO CARRIZO $284,550 $363,047 $647,597 $25,465 25.43:1

Individual Homeowner 221-862-40-00 3311 RANCHO CARRIZO $305,991 $288,450 $594,441 $25,465 23.34:1

Individual Homeowner 221-862-41-00 3307 RANCHO CARRIZO $327,000 $243,000 $570,000 $25,465 22.38:1

Individual Homeowner 221-862-42-00 3303 RANCHO CARRIZO $287,067 $275,789 $562,856 $25,465 22.10:1

Individual Homeowner 221-862-43-00 3299 RANCHO CARRIZO $260,000 $300,000 $560,000 $25,105 22.31:1

Individual Homeowner 221-862-44-00 3295 RANCHO CARRIZO $159,071 $280,426 $439,497 $25,105 17.51:1

Individual Homeowner 221-862-45-00 6080 PASEO MONONA $195,791 $392,033 $587,824 $25,105 23.41:1

Individual Homeowner 221-862-46-00 6084 PASEO MONONA $240,000 $161,000 $401,000 $20,032 20.02:1

Individual Homeowner 221-862-47-00 6088 PASEO MONONA $310,000 $250,000 $560,000 $25,105 22.31:1

Individual Homeowner 221-862-48-00 6053 RANCHO BRAVADO $155,951 $335,083 $491,034 $25,465 19.28:1

Individual Homeowner 221-862-49-00 6049 RANCHO BRAVADO $155,951 $308,870 $464,821 $25,465 18.25:1

Individual Homeowner 221-862-50-00 6045 RANCHO BRAVADO $155,951 $298,302 $454,253 $25,465 17.84:1

Individual Homeowner 221-862-51-00 6041 RANCHO BRAVADO $259,000 $231,000 $490,000 $20,279 24.16:1

Individual Homeowner 221-862-52-00 6037 RANCHO BRAVADO $155,951 $299,792 $455,743 $25,465 17.90:1

Individual Homeowner 221-862-53-00 6033 RANCHO BRAVADO $155,951 $358,270 $514,221 $25,465 20.19:1

Individual Homeowner 221-862-54-00 6029 RANCHO BRAVADO $294,000 $181,000 $475,000 $20,279 23.42:1

Individual Homeowner 221-862-55-00 6004 RANCHO BRAVADO $215,936 $341,901 $557,837 $25,465 21.91:1

Individual Homeowner 221-862-56-00 6008 RANCHO BRAVADO $260,000 $260,000 $520,000 $25,465 20.42:1

Individual Homeowner 221-862-57-00 6012 RANCHO BRAVADO $286,000 $200,000 $486,000 $25,465 19.08:1

Individual Homeowner 221-862-58-00 6016 RANCHO BRAVADO $346,000 $247,000 $593,000 $25,465 23.29:1

Individual Homeowner 221-862-59-00 6020 RANCHO BRAVADO $237,000 $209,000 $446,000 $20,279 21.99:1

Individual Homeowner 221-862-60-00 6024 RANCHO BRAVADO $236,000 $227,000 $463,000 $25,465 18.18:1

Individual Homeowner 221-862-61-00 6028 RANCHO BRAVADO $215,936 $288,264 $504,200 $25,465 19.80:1

H-29

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-862-62-00 6032 RANCHO BRAVADO $215,936 $338,303 $554,239 $25,465 21.76:1

Individual Homeowner 221-862-63-00 6036 RANCHO BRAVADO $239,930 $255,779 $495,709 $20,032 24.75:1

Individual Homeowner 221-862-64-00 6040 RANCHO BRAVADO $239,930 $299,899 $539,829 $25,105 21.50:1

Individual Homeowner 221-862-65-00 6044 RANCHO BRAVADO $250,000 $350,000 $600,000 $25,105 23.90:1

Individual Homeowner 221-862-66-00 6048 RANCHO BRAVADO $243,508 $353,089 $596,597 $25,105 23.76:1

Individual Homeowner 221-862-67-00 6052 RANCHO BRAVADO $292,082 $261,957 $554,039 $25,465 21.76:1

Individual Homeowner 221-862-68-00 6056 RANCHO BRAVADO $215,936 $263,909 $479,845 $25,465 18.84:1

Individual Homeowner 221-870-01-01 2995 PASEO ALMIAR $100,000 $150,000 $250,000 $12,215 20.47:1

Individual Homeowner 221-870-01-02 2991 PASEO ALMIAR $165,000 $73,000 $238,000 $12,215 19.48:1

Individual Homeowner 221-870-01-03 2987 PASEO ALMIAR $146,403 $141,175 $287,578 $12,215 23.54:1

Individual Homeowner 221-870-01-04 2983 PASEO ALMIAR $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-01-05 6168 PASEO CAMAS $161,000 $82,000 $243,000 $12,215 19.89:1

Individual Homeowner 221-870-01-06 6172 PASEO CAMAS $136,000 $81,000 $217,000 $12,215 17.76:1

Individual Homeowner 221-870-01-07 6176 PASEO CAMAS $95,968 $101,966 $197,934 $12,215 16.20:1

Individual Homeowner 221-870-01-08 6180 PASEO CAMAS $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-01-09 6184 PASEO CAMAS $161,204 $151,129 $312,333 $12,215 25.57:1

Individual Homeowner 221-870-01-10 6183 PASEO CAMAS $132,600 $112,200 $244,800 $12,215 20.04:1

Individual Homeowner 221-870-01-11 6179 PASEO CAMAS $135,945 $134,901 $270,846 $12,215 22.17:1

Individual Homeowner 221-870-01-12 6175 PASEO CAMAS $100,000 $135,000 $235,000 $12,215 19.24:1

Individual Homeowner 221-870-01-13 6171 PASEO CAMAS $138,800 $183,609 $322,409 $12,215 26.39:1

Individual Homeowner 221-870-01-14 6158 PASEO GRANITO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-01-15 6162 PASEO GRANITO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-01-16 6166 PASEO GRANITO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-01-17 6170 PASEO GRANITO $110,000 $146,000 $256,000 $12,215 20.96:1

Individual Homeowner 221-870-01-18 6169 PASEO GRANITO $95,968 $130,758 $226,726 $12,215 18.56:1

Individual Homeowner 221-870-01-19 6165 PASEO GRANITO $95,968 $122,328 $218,296 $12,215 17.87:1

Individual Homeowner 221-870-01-20 6161 PASEO GRANITO $125,941 $125,941 $251,882 $12,215 20.62:1

Individual Homeowner 221-870-01-21 6157 PASEO GRANITO $164,660 $158,778 $323,438 $12,215 26.48:1

H-30

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-870-01-22 6153 PASEO GRANITO $202,353 $122,071 $324,424 $12,215 26.56:1

Individual Homeowner 221-870-01-23 6152 PASEO ENSILLAR $199,736 $108,756 $308,492 $12,215 25.25:1

Individual Homeowner 221-870-01-24 6156 PASEO ENSILLAR $166,000 $72,000 $238,000 $12,215 19.48:1

Individual Homeowner 221-870-01-25 6160 PASEO ENSILLAR $95,968 $106,765 $202,733 $12,215 16.60:1

Individual Homeowner 221-870-01-26 6164 PASEO ENSILLAR $175,000 $72,000 $247,000 $12,215 20.22:1

Individual Homeowner 221-870-01-27 6168 PASEO ENSILLAR $171,000 $62,000 $233,000 $12,215 19.07:1

Individual Homeowner 221-870-01-28 6167 PASEO ENSILLAR $102,000 $137,700 $239,700 $12,215 19.62:1

Individual Homeowner 221-870-01-29 6163 PASEO ENSILLAR $76,500 $142,800 $219,300 $12,215 17.95:1

Individual Homeowner 221-870-01-30 6159 PASEO ENSILLAR $145,656 $96,237 $241,893 $12,215 19.80:1

Individual Homeowner 221-870-01-31 6155 PASEO ENSILLAR $100,000 $130,000 $230,000 $12,215 18.83:1

Individual Homeowner 221-870-01-32 6151 PASEO ENSILLAR $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-01-33 6150 PASEO PICADOR $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-01-34 6154 PASEO PICADOR $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-01-35 6158 PASEO PICADOR $107,967 $140,463 $248,430 $12,215 20.34:1

Individual Homeowner 221-870-01-36 6162 PASEO PICADOR $100,000 $140,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-01-37 6168 PASEO PICADOR $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-01-38 2904 RANCHO POSTA $139,894 $185,056 $324,950 $12,215 26.60:1

Individual Homeowner 221-870-01-39 2908 RANCHO POSTA $97,888 $116,242 $214,130 $12,215 17.53:1

Individual Homeowner 221-870-01-40 2912 RANCHO POSTA $155,000 $72,000 $227,000 $12,215 18.58:1

Individual Homeowner 221-870-01-41 2916 RANCHO POSTA $97,888 $128,479 $226,367 $12,215 18.53:1

Individual Homeowner 221-870-01-42 6100 PASEO VALLA $97,888 $130,926 $228,814 $12,215 18.73:1

Individual Homeowner 221-870-01-43 6104 PASEO VALLA $120,000 $130,000 $250,000 $12,215 20.47:1

Individual Homeowner 221-870-01-44 6108 PASEO VALLA $97,888 $109,875 $207,763 $12,215 17.01:1

Individual Homeowner 221-870-01-45 6112 PASEO VALLA $97,888 $118,691 $216,579 $12,215 17.73:1

Individual Homeowner 221-870-01-46 6116 PASEO VALLA $100,959 $125,041 $226,000 $12,215 18.50:1

Individual Homeowner 221-870-01-47 2915 RANCHO POSTA $158,000 $82,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-01-48 2911 RANCHO POSTA $81,600 $163,200 $244,800 $12,215 20.04:1

Individual Homeowner 221-870-01-49 2907 RANCHO POSTA $97,888 $116,242 $214,130 $12,215 17.53:1

H-31

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-870-01-50 2903 RANCHO POSTA $100,000 $142,000 $242,000 $12,215 19.81:1

Individual Homeowner 221-870-01-51 6120 PASEO PICADOR $110,000 $130,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-01-52 6124 PASEO PICADOR $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-01-54 6132 PASEO PICADOR $110,000 $130,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-01-55 6136 PASEO PICADOR $97,888 $128,479 $226,367 $12,215 18.53:1

Individual Homeowner 221-870-01-56 6137 PASEO ENSILLAR $97,888 $128,969 $226,857 $12,215 18.57:1

Individual Homeowner 221-870-01-57 6133 PASEO ENSILLAR $133,440 $160,758 $294,198 $12,215 24.08:1

Individual Homeowner 221-870-01-58 6129 PASEO ENSILLAR $120,903 $123,926 $244,829 $12,215 20.04:1

Individual Homeowner 221-870-01-59 6125 PASEO ENSILLAR $127,000 $149,000 $276,000 $12,215 22.59:1

Individual Homeowner 221-870-01-60 6121 PASEO ENSILLAR $101,000 $132,000 $233,000 $12,215 19.07:1

Individual Homeowner 221-870-01-61 6126 PASEO ENSILLAR $97,888 $128,479 $226,367 $12,215 18.53:1

Individual Homeowner 221-870-01-62 6130 PASEO ENSILLAR $155,000 $90,000 $245,000 $12,215 20.06:1

Individual Homeowner 221-870-01-63 6134 PASEO ENSILLAR $123,028 $174,291 $297,319 $12,215 24.34:1

Individual Homeowner 221-870-01-64 6138 PASEO ENSILLAR $97,888 $128,479 $226,367 $12,215 18.53:1

Individual Homeowner 221-870-01-65 6145 PASEO GRANITO $153,629 $148,507 $302,136 $12,215 24.73:1

Individual Homeowner 221-870-01-66 6141 PASEO GRANITO $185,000 $98,000 $283,000 $12,215 23.17:1

Individual Homeowner 221-870-01-67 6137 PASEO GRANITO $127,464 $151,361 $278,825 $12,215 22.83:1

Individual Homeowner 221-870-01-68 6133 PASEO GRANITO $102,000 $135,000 $237,000 $12,215 19.40:1

Individual Homeowner 221-870-01-69 6117 PASEO GRANITO $110,000 $155,000 $265,000 $12,215 21.69:1

Individual Homeowner 221-870-01-70 6113 PASEO GRANITO $110,000 $130,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-01-71 6109 PASEO GRANITO $97,888 $106,452 $204,340 $12,215 16.73:1

Individual Homeowner 221-870-01-72 6105 PASEO GRANITO $105,000 $112,000 $217,000 $12,215 17.76:1

Individual Homeowner 221-870-01-73 6101 PASEO GRANITO $110,000 $130,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-01-74 6102 RANCHO BRIDA $114,000 $123,000 $237,000 $12,215 19.40:1

Individual Homeowner 221-870-01-75 6106 RANCHO BRIDA $110,000 $125,000 $235,000 $12,215 19.24:1

Individual Homeowner 221-870-01-76 6110 RANCHO BRIDA $147,000 $69,000 $216,000 $12,215 17.68:1

Individual Homeowner 221-870-01-77 6114 RANCHO BRIDA $97,888 $116,242 $214,130 $12,215 17.53:1

Individual Homeowner 221-870-01-78 6118 RANCHO BRIDA $97,888 $128,479 $226,367 $12,215 18.53:1

H-32

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-870-01-79 6123 RANCHO BRIDA $140,000 $123,000 $263,000 $12,215 21.53:1

Individual Homeowner 221-870-01-80 6127 RANCHO BRIDA $95,968 $140,357 $236,325 $12,215 19.35:1

Individual Homeowner 221-870-01-81 6131 RANCHO BRIDA $132,600 $111,690 $244,290 $12,215 20.00:1

Individual Homeowner 221-870-01-82 6135 RANCHO BRIDA $95,968 $122,626 $218,594 $12,215 17.90:1

Individual Homeowner 221-870-01-83 6139 RANCHO BRIDA $169,000 $68,000 $237,000 $12,215 19.40:1

Individual Homeowner 221-870-01-84 6136 PASEO GRANITO $121,000 $135,000 $256,000 $12,215 20.96:1

Individual Homeowner 221-870-01-85 6140 PASEO GRANITO $210,000 $94,000 $304,000 $12,215 24.89:1

Individual Homeowner 221-870-01-86 6144 PASEO GRANITO $161,000 $64,000 $225,000 $12,215 18.42:1

Individual Homeowner 221-870-01-87 6148 PASEO GRANITO $135,247 $167,011 $302,258 $12,215 24.74:1

Individual Homeowner 221-870-02-01 6078 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-02 6082 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-03 6086 PASEO SALINERO $88,000 $142,000 $230,000 $12,215 18.83:1

Individual Homeowner 221-870-02-04 6090 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-05 6094 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-06 6058 PASEO SALINERO $103,000 $136,000 $239,000 $12,215 19.57:1

Individual Homeowner 221-870-02-07 6062 PASEO SALINERO $137,700 $91,800 $229,500 $12,215 18.79:1

Individual Homeowner 221-870-02-08 6068 PASEO SALINERO $178,000 $71,000 $249,000 $12,215 20.38:1

Individual Homeowner 221-870-02-09 6072 PASEO SALINERO $110,000 $130,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-02-10 6076 PASEO SALINERO $122,000 $138,000 $260,000 $12,215 21.28:1

Individual Homeowner 221-870-02-11 6038 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-12 6042 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-13 6046 PASEO SALINERO $110,000 $119,000 $229,000 $12,215 18.75:1

Individual Homeowner 221-870-02-14 6050 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-15 6054 PASEO SALINERO $141,510 $151,992 $293,502 $12,215 24.03:1

Individual Homeowner 221-870-02-16 6024 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-17 6028 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-18 6032 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-19 6036 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

H-33

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 221-870-02-20 6004 PASEO SALINERO $162,000 $78,000 $240,000 $12,215 19.65:1

Individual Homeowner 221-870-02-21 6008 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-22 6012 PASEO SALINERO $130,458 $102,000 $232,458 $12,215 19.03:1

Individual Homeowner 221-870-02-23 6016 PASEO SALINERO $125,000 $149,900 $274,900 $12,215 22.50:1

Individual Homeowner 221-870-02-24 6020 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-25 6015 PASEO SALINERO $172,496 $187,492 $359,988 $12,215 29.47:1

Individual Homeowner 221-870-02-26 6011 PASEO SALINERO $152,000 $138,000 $290,000 $12,215 23.74:1

Individual Homeowner 221-870-02-27 6007 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-28 6003 PASEO SALINERO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-29 6065 PASEO SALINERO $90,000 $152,500 $242,500 $12,215 19.85:1

Individual Homeowner 221-870-02-30 6061 PASEO SALINERO $137,000 $143,000 $280,000 $12,215 22.92:1

Individual Homeowner 221-870-02-31 6057 PASEO SALINERO $112,000 $120,000 $232,000 $12,215 18.99:1

Individual Homeowner 221-870-02-32 6053 PASEO SALINERO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-33 6049 PASEO SALINERO $127,000 $168,000 $295,000 $12,215 24.15:1

Individual Homeowner 221-870-02-34 6052 PASEO ACAMPO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 221-870-02-35 6056 PASEO ACAMPO $95,968 $113,962 $209,930 $12,215 17.19:1

Individual Homeowner 221-870-02-36 6060 PASEO ACAMPO $116,572 $138,428 $255,000 $12,215 20.88:1

Individual Homeowner 221-870-02-37 6064 PASEO ACAMPO $95,968 $125,959 $221,927 $12,215 18.17:1

Individual Homeowner 222-590-01-00 2990 VIA CONQUISTADOR $220,254 $417,141 $637,395 $25,199 25.29:1

Individual Homeowner 222-590-02-00 2986 VIA CONQUISTADOR $220,254 $409,799 $630,053 $25,199 25.00:1

Individual Homeowner 222-590-03-00 2982 VIA CONQUISTADOR $366,000 $377,000 $743,000 $25,199 29.49:1

Individual Homeowner 222-590-04-00 2978 VIA CONQUISTADOR $291,000 $334,000 $625,000 $25,199 24.80:1

Individual Homeowner 222-590-05-00 6378 PASEO POTRERO $326,400 $408,000 $734,400 $24,996 29.38:1

Individual Homeowner 222-590-06-00 6382 PASEO POTRERO $230,180 $445,677 $675,857 $24,996 27.04:1

Individual Homeowner 222-590-07-00 6386 PASEO POTRERO $313,000 $349,000 $662,000 $24,996 26.48:1

Individual Homeowner 222-590-08-00 6383 PASEO POTRERO $287,067 $507,494 $794,561 $24,996 31.79:1

Individual Homeowner 222-590-09-00 6379 PASEO POTRERO $218,419 $474,068 $692,487 $24,996 27.70:1

Individual Homeowner 222-590-10-00 6375 PASEO POTRERO $316,528 $425,620 $742,148 $24,996 29.69:1

H-34

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-590-11-00 2919 VIA CONQUISTADOR $388,000 $343,000 $731,000 $24,996 29.24:1

Individual Homeowner 222-590-12-00 2895 RANCHO PANCHO $263,921 $530,252 $794,173 $24,996 31.77:1

Individual Homeowner 222-590-13-00 2891 RANCHO PANCHO $218,419 $378,739 $597,158 $24,996 23.89:1

Individual Homeowner 222-590-14-00 2930 PASEO CAZADOR $335,903 $413,883 $749,786 $24,996 30.00:1

Individual Homeowner 222-590-15-00 2934 PASEO CAZADOR $287,916 $454,820 $742,736 $24,996 29.71:1

Individual Homeowner 222-590-16-00 2938 PASEO CAZADOR $218,419 $359,332 $577,751 $24,996 23.11:1

Individual Homeowner 222-590-17-00 2942 PASEO CAZADOR $434,000 $306,000 $740,000 $24,996 29.60:1

Individual Homeowner 222-590-18-00 2946 PASEO CAZADOR $287,916 $473,867 $761,783 $24,996 30.48:1

Individual Homeowner 222-590-19-00 2950 PASEO CAZADOR $400,000 $350,000 $750,000 $24,996 30.00:1

Individual Homeowner 222-590-20-00 2954 PASEO CAZADOR $254,947 $698,752 $953,699 $24,996 38.15:1

Individual Homeowner 222-590-21-00 2892 RANCHO GANADERO $438,000 $463,000 $901,000 $24,996 36.05:1

Individual Homeowner 222-590-22-00 2888 RANCHO GANADERO $281,439 $429,384 $710,823 $24,996 28.44:1

Individual Homeowner 222-590-23-00 2884 RANCHO GANADERO $312,334 $400,996 $713,330 $24,996 28.54:1

Individual Homeowner 222-590-24-00 2880 RANCHO GANADERO $226,372 $469,655 $696,027 $24,996 27.85:1

Individual Homeowner 222-590-25-00 2876 RANCHO GANADERO $249,622 $399,605 $649,227 $24,996 25.97:1

Individual Homeowner 222-590-26-00 2872 RANCHO GANADERO $266,887 $442,012 $708,899 $24,996 28.36:1

Individual Homeowner 222-590-27-00 2878 RANCHO PANCHO $262,000 $341,000 $603,000 $24,996 24.12:1

Individual Homeowner 222-590-28-00 2882 RANCHO PANCHO $278,410 $426,860 $705,270 $24,996 28.21:1

Individual Homeowner 222-590-29-00 2886 RANCHO PANCHO $249,622 $379,724 $629,346 $24,996 25.18:1

Individual Homeowner 222-590-30-00 2890 RANCHO PANCHO $152,766 $389,433 $542,199 $24,996 21.69:1

Individual Homeowner 222-590-33-00 2902 RANCHO PANCHO $189,664 $430,432 $620,096 $24,996 24.81:1

Individual Homeowner 222-590-34-00 2884 VIA CONQUISTADOR $401,000 $380,000 $781,000 $25,199 30.99:1

Individual Homeowner 222-590-35-00 2888 VIA CONQUISTADOR $220,254 $460,443 $680,697 $25,199 27.01:1

Individual Homeowner 222-590-36-00 2892 VIA CONQUISTADOR $220,254 $470,277 $690,531 $25,199 27.40:1

Individual Homeowner 222-590-37-00 2896 VIA CONQUISTADOR $220,254 $464,865 $685,119 $25,199 27.19:1

Individual Homeowner 222-590-38-00 2900 VIA CONQUISTADOR $393,000 $417,000 $810,000 $25,199 32.14:1

Individual Homeowner 222-590-39-00 2904 VIA CONQUISTADOR $279,365 $474,923 $754,288 $24,059 31.35:1

Individual Homeowner 222-590-40-00 2908 VIA CONQUISTADOR $329,806 $481,705 $811,511 $24,059 33.73:1

H-35

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-590-41-00 2912 VIA CONQUISTADOR $413,747 $327,220 $740,967 $24,059 30.80:1

Individual Homeowner 222-590-42-00 2894 RANCHO PANCHO $397,383 $423,527 $820,910 $24,996 32.84:1

Individual Homeowner 222-590-43-00 2898 RANCHO PANCHO $290,000 $439,000 $729,000 $24,996 29.16:1

Individual Homeowner 222-591-01-00 2868 RANCHO GANADERO $322,000 $442,000 $764,000 $24,996 30.56:1

Individual Homeowner 222-591-02-00 2864 RANCHO GANADERO $244,728 $439,289 $684,017 $24,996 27.36:1

Individual Homeowner 222-591-03-00 2860 RANCHO GANADERO $249,622 $413,712 $663,334 $24,996 26.54:1

Individual Homeowner 222-591-04-00 2856 RANCHO GANADERO $434,000 $398,000 $832,000 $24,996 33.28:1

Individual Homeowner 222-591-05-00 2852 RANCHO GANADERO $249,622 $522,268 $771,890 $24,996 30.88:1

Individual Homeowner 222-591-06-00 6394 PASEO ESTABLO $256,000 $449,000 $705,000 $24,996 28.20:1

Individual Homeowner 222-591-07-00 6398 PASEO ESTABLO $302,000 $583,000 $885,000 $24,996 35.41:1

Individual Homeowner 222-591-08-00 6399 PASEO ESTABLO $312,030 $407,245 $719,275 $24,996 28.78:1

Individual Homeowner 222-591-09-00 6395 PASEO ESTABLO $333,000 $371,000 $704,000 $24,996 28.16:1

Individual Homeowner 222-591-10-00 6391 PASEO ESTABLO $303,265 $614,376 $917,641 $24,996 36.71:1

Individual Homeowner 222-591-11-00 2855 RANCHO GANADERO $270,917 $394,052 $664,969 $24,996 26.60:1

Individual Homeowner 222-591-12-00 2851 RANCHO GANADERO $244,728 $379,837 $624,565 $24,996 24.99:1

Individual Homeowner 222-591-13-00 2802 RANCHO PANCHO $218,419 $356,450 $574,869 $24,996 23.00:1

Individual Homeowner 222-591-14-00 2806 RANCHO PANCHO $218,419 $315,633 $534,052 $24,996 21.37:1

Individual Homeowner 222-591-15-00 2810 RANCHO PANCHO $360,000 $225,000 $585,000 $23,255 25.16:1

Individual Homeowner 222-591-16-00 2814 RANCHO PANCHO $117,169 $256,323 $373,492 $24,996 14.94:1

Individual Homeowner 222-591-17-00 2818 RANCHO PANCHO $269,790 $314,577 $584,367 $23,255 25.13:1

Individual Homeowner 222-591-18-00 2822 RANCHO PANCHO $224,658 $364,760 $589,418 $23,255 25.35:1

Individual Homeowner 222-591-19-00 2826 RANCHO PANCHO $218,419 $303,465 $521,884 $24,996 20.88:1

Individual Homeowner 222-591-20-00 2830 RANCHO PANCHO $303,000 $342,000 $645,000 $24,996 25.80:1

Individual Homeowner 222-591-21-00 2834 RANCHO PANCHO $343,114 $399,363 $742,477 $24,996 29.70:1

Individual Homeowner 222-591-22-00 2838 RANCHO PANCHO $218,419 $253,749 $472,168 $23,255 20.30:1

Individual Homeowner 222-591-23-00 2842 RANCHO PANCHO $361,748 $309,745 $671,493 $24,996 26.86:1

Individual Homeowner 222-591-24-00 2846 RANCHO PANCHO $224,658 $244,456 $469,114 $24,996 18.77:1

Individual Homeowner 222-591-25-00 2850 RANCHO PANCHO $293,248 $377,808 $671,056 $24,996 26.85:1

H-36

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-591-26-00 2854 RANCHO PANCHO $187,214 $302,601 $489,815 $24,996 19.60:1

Individual Homeowner 222-591-27-00 2858 RANCHO PANCHO $271,000 $432,000 $703,000 $24,996 28.12:1

Individual Homeowner 222-591-28-00 2862 RANCHO PANCHO $259,000 $409,000 $668,000 $24,996 26.72:1

Individual Homeowner 222-591-29-00 2866 RANCHO PANCHO $299,914 $511,156 $811,070 $24,996 32.45:1

Individual Homeowner 222-591-30-00 2870 RANCHO PANCHO $224,658 $395,482 $620,140 $24,996 24.81:1

Individual Homeowner 222-591-31-00 2874 RANCHO PANCHO $309,248 $527,248 $836,496 $24,996 33.46:1

Individual Homeowner 222-592-01-00 2867 VIA CONQUISTADOR $385,000 $351,000 $736,000 $25,199 29.21:1

Individual Homeowner 222-592-02-00 2863 VIA CONQUISTADOR $392,000 $319,000 $711,000 $25,199 28.22:1

Individual Homeowner 222-592-03-00 2859 VIA CONQUISTADOR $201,900 $431,948 $633,848 $25,199 25.15:1

Individual Homeowner 222-592-04-00 2855 VIA CONQUISTADOR $218,419 $256,827 $475,246 $24,996 19.01:1

Individual Homeowner 222-592-05-00 2851 VIA CONQUISTADOR $218,419 $200,488 $418,907 $23,255 18.01:1

Individual Homeowner 222-592-06-00 2847 VIA CONQUISTADOR $286,000 $291,000 $577,000 $24,996 23.08:1

Individual Homeowner 222-592-07-00 2843 VIA CONQUISTADOR $218,419 $247,754 $466,173 $24,996 18.65:1

Individual Homeowner 222-592-08-00 2839 VIA CONQUISTADOR $222,161 $320,929 $543,090 $23,255 23.35:1

Individual Homeowner 222-592-09-00 2835 VIA CONQUISTADOR $362,000 $230,000 $592,000 $24,996 23.68:1

Individual Homeowner 222-592-10-00 2831 VIA CONQUISTADOR $218,419 $266,406 $484,825 $24,996 19.40:1

Individual Homeowner 222-592-11-00 2827 VIA CONQUISTADOR $199,697 $263,470 $463,167 $23,255 19.92:1

Individual Homeowner 222-592-16-00 2807 VIA CONQUISTADOR $396,000 $214,000 $610,000 $24,996 24.40:1

Individual Homeowner 222-592-17-00 2803 VIA CONQUISTADOR $218,419 $284,151 $502,570 $23,255 21.61:1

Individual Homeowner 222-592-18-00 2832 VIA CONQUISTADOR $361,000 $240,000 $601,000 $24,996 24.04:1

Individual Homeowner 222-592-19-00 2836 VIA CONQUISTADOR $212,178 $242,008 $454,186 $24,996 18.17:1

Individual Homeowner 222-592-20-00 2840 VIA CONQUISTADOR $218,419 $216,592 $435,011 $23,255 18.71:1

Individual Homeowner 222-592-21-00 2844 VIA CONQUISTADOR $218,419 $282,584 $501,003 $24,996 20.04:1

Individual Homeowner 222-592-22-00 2848 VIA CONQUISTADOR $282,000 $318,000 $600,000 $24,996 24.00:1

Individual Homeowner 222-592-23-00 2852 VIA CONQUISTADOR $218,419 $231,719 $450,138 $23,255 19.36:1

Individual Homeowner 222-592-24-00 2856 VIA CONQUISTADOR $325,000 $277,000 $602,000 $24,996 24.08:1

Individual Homeowner 222-592-25-00 2860 VIA CONQUISTADOR $284,000 $318,000 $602,000 $25,199 23.89:1

Individual Homeowner 222-592-26-00 2864 VIA CONQUISTADOR $220,254 $486,890 $707,144 $25,199 28.06:1

H-37

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-592-27-00 2868 VIA CONQUISTADOR $220,254 $521,209 $741,463 $25,199 29.42:1

Individual Homeowner 222-592-28-00 2872 VIA CONQUISTADOR $282,000 $374,000 $656,000 $25,199 26.03:1

Individual Homeowner 222-592-29-00 2876 VIA CONQUISTADOR $263,238 $548,272 $811,510 $25,199 32.20:1

Individual Homeowner 222-592-30-00 2880 VIA CONQUISTADOR $220,254 $444,064 $664,318 $25,199 26.36:1

Individual Homeowner 222-592-33-00 2823 VIA CONQUISTADOR $394,038 $230,200 $624,238 $24,996 24.97:1

Individual Homeowner 222-592-35-00 2815 VIA CONQUISTADOR $224,658 $212,053 $436,711 $23,255 18.78:1

Individual Homeowner 222-592-39-00 2811 VIA CONQUISTADOR $218,419 $347,833 $566,252 $24,996 22.65:1

Individual Homeowner 222-610-01-00 2873 RANCHO RIO CHICO $244,314 $367,276 $611,590 $24,059 25.42:1

Individual Homeowner 222-610-02-00 2877 RANCHO RIO CHICO $240,831 $330,802 $571,633 $24,059 23.76:1

Individual Homeowner 222-610-03-00 2881 RANCHO RIO CHICO $366,000 $238,000 $604,000 $24,059 25.11:1

Individual Homeowner 222-610-04-00 2885 RANCHO RIO CHICO $174,735 $253,241 $427,976 $24,059 17.79:1

Individual Homeowner 222-610-05-00 2889 RANCHO RIO CHICO $187,214 $233,638 $420,852 $22,419 18.77:1

Individual Homeowner 222-610-06-00 2893 RANCHO RIO CHICO $302,000 $257,000 $559,000 $22,419 24.93:1

Individual Homeowner 222-610-07-00 2897 RANCHO RIO CHICO $187,214 $270,356 $457,570 $24,059 19.02:1

Individual Homeowner 222-610-08-00 2901 RANCHO RIO CHICO $271,000 $318,000 $589,000 $22,419 26.27:1

Individual Homeowner 222-610-09-00 2905 RANCHO RIO CHICO $239,700 $322,320 $562,020 $24,059 23.36:1

Individual Homeowner 222-610-10-00 2909 RANCHO RIO CHICO $187,214 $294,430 $481,644 $24,059 20.02:1

Individual Homeowner 222-610-11-00 2913 RANCHO RIO CHICO $190,959 $254,180 $445,139 $22,419 19.86:1

Individual Homeowner 222-610-12-00 2902 RANCHO RIO CHICO $315,000 $270,000 $585,000 $24,059 24.32:1

Individual Homeowner 222-610-13-00 2898 RANCHO RIO CHICO $339,000 $246,000 $585,000 $24,059 24.32:1

Individual Homeowner 222-610-14-00 2894 RANCHO RIO CHICO $314,000 $269,000 $583,000 $24,059 24.23:1

Individual Homeowner 222-610-15-00 2890 RANCHO RIO CHICO $258,935 $312,334 $571,269 $24,059 23.74:1

Individual Homeowner 222-610-16-00 2886 RANCHO RIO CHICO $190,959 $237,745 $428,704 $22,419 19.12:1

Individual Homeowner 222-610-17-00 2882 RANCHO RIO CHICO $352,920 $247,860 $600,780 $24,059 24.97:1

Individual Homeowner 222-610-18-00 2878 RANCHO RIO CHICO $120,147 $140,748 $260,895 $24,059 10.84:1

Individual Homeowner 222-610-19-00 2874 RANCHO RIO CHICO $304,000 $306,000 $610,000 $24,059 25.35:1

Individual Homeowner 222-610-20-00 2870 RANCHO RIO CHICO $271,172 $304,658 $575,830 $24,996 23.04:1

Individual Homeowner 222-610-21-00 2869 RANCHO RIO CHICO $53,828 $55,700 $109,528 $23,255 4.71:1

H-38

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-611-01-00 2917 RANCHO RIO CHICO $218,953 $210,048 $429,001 $22,419 19.14:1

Individual Homeowner 222-611-02-00 2927 RANCHO VACADA $187,214 $278,932 $466,146 $24,059 19.38:1

Individual Homeowner 222-611-03-00 2931 RANCHO VACADA $187,214 $281,119 $468,333 $24,059 19.47:1

Individual Homeowner 222-611-04-00 2935 RANCHO VACADA $325,000 $277,000 $602,000 $24,059 25.02:1

Individual Homeowner 222-611-05-00 2939 RANCHO VACADA $190,959 $234,267 $425,226 $22,419 18.97:1

Individual Homeowner 222-611-06-00 2943 RANCHO VACADA $187,214 $366,625 $553,839 $24,059 23.02:1

Individual Homeowner 222-611-07-00 2940 RANCHO VACADA $239,702 $359,298 $599,000 $24,059 24.90:1

Individual Homeowner 222-611-08-00 2936 RANCHO VACADA $263,823 $414,150 $677,973 $24,059 28.18:1

Individual Homeowner 222-611-09-00 2932 RANCHO VACADA $187,214 $294,370 $481,584 $24,059 20.02:1

Individual Homeowner 222-611-10-00 2928 RANCHO VACADA $310,000 $260,000 $570,000 $24,059 23.69:1

Individual Homeowner 222-611-11-00 2924 RANCHO VACADA $180,973 $213,183 $394,156 $22,419 17.58:1

Individual Homeowner 222-611-12-00 2921 RANCHO RIO CHICO $237,707 $363,695 $601,402 $22,419 26.83:1

Individual Homeowner 222-611-13-00 2925 RANCHO RIO CHICO $249,622 $218,852 $468,474 $22,419 20.90:1

Individual Homeowner 222-611-14-00 2929 RANCHO RIO CHICO $405,000 $255,000 $660,000 $24,059 27.43:1

Individual Homeowner 222-611-15-00 2933 RANCHO RIO CHICO $298,810 $406,460 $705,270 $24,059 29.31:1

Individual Homeowner 222-611-16-00 2937 RANCHO RIO CHICO $231,731 $322,409 $554,140 $24,059 23.03:1

Individual Homeowner 222-611-17-00 2914 RANCHO RIO CHICO $242,539 $306,284 $548,823 $22,419 24.48:1

Individual Homeowner 222-611-18-00 2910 RANCHO RIO CHICO $374,000 $232,000 $606,000 $24,059 25.19:1

Individual Homeowner 222-611-19-00 2906 RANCHO RIO CHICO $187,214 $272,713 $459,927 $24,059 19.12:1

Individual Homeowner 222-612-01-00 2866 RANCHO RIO CHICO $281,007 $290,192 $571,199 $24,996 22.85:1

Individual Homeowner 222-612-02-00 2862 RANCHO RIO CHICO $314,165 $228,892 $543,057 $24,996 21.73:1

Individual Homeowner 222-612-03-00 2858 RANCHO RIO CHICO $258,979 $304,060 $563,039 $23,255 24.21:1

Individual Homeowner 222-612-04-00 2854 RANCHO RIO CHICO $214,137 $341,695 $555,832 $23,255 23.90:1

Individual Homeowner 222-612-05-00 2850 RANCHO RIO CHICO $208,017 $271,262 $479,279 $24,996 19.17:1

Individual Homeowner 222-612-06-00 2846 RANCHO RIO CHICO $208,017 $270,627 $478,644 $23,255 20.58:1

Individual Homeowner 222-612-07-00 2842 RANCHO RIO CHICO $410,810 $281,023 $691,833 $24,996 27.68:1

Individual Homeowner 222-612-08-00 2838 RANCHO RIO CHICO $223,680 $272,290 $495,970 $23,255 21.33:1

Individual Homeowner 222-612-09-00 2801 RANCHO RIO CHICO $244,728 $209,167 $453,895 $23,255 19.52:1

H-39

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-612-10-00 2805 RANCHO RIO CHICO $295,171 $389,829 $685,000 $24,996 27.40:1

Individual Homeowner 222-612-11-00 2809 RANCHO RIO CHICO $244,728 $246,031 $490,759 $24,996 19.63:1

Individual Homeowner 222-612-12-00 2813 RANCHO RIO CHICO $271,929 $310,258 $582,187 $24,996 23.29:1

Individual Homeowner 222-612-13-00 2817 RANCHO RIO CHICO $316,000 $254,000 $570,000 $24,996 22.80:1

Individual Homeowner 222-612-14-00 2821 RANCHO RIO CHICO $318,000 $254,000 $572,000 $23,255 24.60:1

Individual Homeowner 222-612-15-00 2825 RANCHO RIO CHICO $220,254 $248,608 $468,862 $24,996 18.76:1

Individual Homeowner 222-612-16-00 2829 RANCHO RIO CHICO $311,574 $254,525 $566,099 $24,996 22.65:1

Individual Homeowner 222-612-17-00 2833 RANCHO RIO CHICO $220,254 $239,606 $459,860 $24,996 18.40:1

Individual Homeowner 222-612-18-00 2837 RANCHO RIO CHICO $220,254 $221,717 $441,971 $23,255 19.01:1

Individual Homeowner 222-612-19-00 2841 RANCHO RIO CHICO $220,254 $276,558 $496,812 $24,996 19.88:1

Individual Homeowner 222-612-20-00 2845 RANCHO RIO CHICO $272,340 $309,060 $581,400 $24,996 23.26:1

Individual Homeowner 222-612-21-00 2849 RANCHO RIO CHICO $275,000 $227,000 $502,000 $23,255 21.59:1

Individual Homeowner 222-612-22-00 2853 RANCHO RIO CHICO $220,254 $263,095 $483,349 $23,255 20.79:1

Individual Homeowner 222-612-23-00 2857 RANCHO RIO CHICO $274,000 $371,000 $645,000 $24,059 26.81:1

Individual Homeowner 222-612-24-00 2861 RANCHO RIO CHICO $354,856 $259,737 $614,593 $22,419 27.41:1

Individual Homeowner 222-612-25-00 2865 RANCHO RIO CHICO $259,997 $354,973 $614,970 $24,059 25.56:1

Individual Homeowner 222-620-01-00 6323 PASEO CORONO $127,305 $248,235 $375,540 $19,346 19.41:1

Individual Homeowner 222-620-02-00 6327 PASEO CORONO $303,000 $264,000 $567,000 $22,419 25.29:1

Individual Homeowner 222-620-03-00 6331 PASEO CORONO $127,305 $358,245 $485,550 $24,059 20.18:1

Individual Homeowner 222-620-04-00 6335 PASEO CORONO $127,305 $351,672 $478,977 $22,419 21.36:1

Individual Homeowner 222-620-05-00 6339 PASEO CORONO $291,000 $207,000 $498,000 $22,419 22.21:1

Individual Homeowner 222-620-06-00 6343 PASEO CORONO $343,661 $322,180 $665,841 $24,059 27.68:1

Individual Homeowner 222-620-08-00 6347 PASEO CORONO $127,305 $367,907 $495,212 $24,059 20.58:1

Individual Homeowner 222-620-09-00 6351 PASEO CORONO $127,305 $319,538 $446,843 $22,419 19.93:1

Individual Homeowner 222-620-10-00 6355 PASEO CORONO $187,214 $299,547 $486,761 $22,419 21.71:1

Individual Homeowner 222-620-11-00 6359 PASEO CORONO $349,000 $292,000 $641,000 $24,059 26.64:1

Individual Homeowner 222-620-12-00 6363 PASEO CORONO $232,000 $338,000 $570,000 $19,346 29.46:1

Individual Homeowner 222-620-13-00 6367 PASEO CORONO $156,012 $305,773 $461,785 $22,419 20.60:1

H-40

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-620-14-00 6349 PASEO ASPADA $293,000 $200,000 $493,000 $19,988 24.66:1

Individual Homeowner 222-620-15-00 6345 PASEO ASPADA $156,012 $268,330 $424,342 $23,255 18.25:1

Individual Homeowner 222-620-16-00 6341 PASEO ASPADA $105,558 $197,106 $302,664 $24,996 12.11:1

Individual Homeowner 222-620-17-00 6337 PASEO ASPADA $320,280 $205,020 $525,300 $23,255 22.59:1

Individual Homeowner 222-620-18-00 6333 PASEO ASPADA $316,528 $315,399 $631,927 $24,996 25.28:1

Individual Homeowner 222-620-19-00 6329 PASEO ASPADA $306,000 $283,000 $589,000 $24,996 23.56:1

Individual Homeowner 222-620-20-00 6325 PASEO ASPADA $187,214 $310,033 $497,247 $24,996 19.89:1

Individual Homeowner 222-620-21-00 6321 PASEO ASPADA $145,481 $294,804 $440,285 $19,988 22.03:1

Individual Homeowner 222-621-01-00 6371 PASEO CORONO $201,900 $440,513 $642,413 $22,419 28.65:1

Individual Homeowner 222-621-02-00 6375 PASEO CORONO $142,589 $213,406 $355,995 $22,419 15.88:1

Individual Homeowner 222-621-03-00 6379 PASEO CORONO $264,000 $312,000 $576,000 $24,059 23.94:1

Individual Homeowner 222-621-04-00 6383 PASEO CORONO $320,000 $248,000 $568,000 $22,419 25.34:1

Individual Homeowner 222-621-05-00 6387 PASEO CORONO $276,000 $237,000 $513,000 $19,346 26.52:1

Individual Homeowner 222-621-06-00 6391 PASEO CORONO $275,400 $300,900 $576,300 $24,059 23.95:1

Individual Homeowner 222-621-07-00 6395 PASEO CORONO $332,000 $230,000 $562,000 $22,419 25.07:1

Individual Homeowner 222-621-08-00 6399 PASEO CORONO $315,000 $198,000 $513,000 $22,419 22.88:1

Individual Homeowner 222-621-09-00 6373 PASEO ASPADA $257,925 $261,523 $519,448 $19,988 25.99:1

Individual Homeowner 222-621-10-00 6377 PASEO ASPADA $249,449 $277,512 $526,961 $23,255 22.66:1

Individual Homeowner 222-621-11-00 6381 PASEO ASPADA $328,042 $245,458 $573,500 $19,988 28.69:1

Individual Homeowner 222-621-12-00 6385 PASEO ASPADA $174,735 $245,222 $419,957 $23,255 18.06:1

Individual Homeowner 222-621-13-00 6389 PASEO ASPADA $19,864 $48,384 $68,248 $23,255 2.93:1

Individual Homeowner 222-621-16-00 6398 PASEO ASPADA $134,648 $213,454 $348,102 $19,988 17.42:1

Individual Homeowner 222-621-17-00 6394 PASEO ASPADA $156,003 $300,004 $456,007 $23,255 19.61:1

Individual Homeowner 222-621-18-00 6390 PASEO ASPADA $301,000 $248,000 $549,000 $23,255 23.61:1

Individual Homeowner 222-621-19-00 6386 PASEO ASPADA $180,000 $335,000 $515,000 $19,988 25.77:1

Individual Homeowner 222-621-20-00 6382 PASEO ASPADA $156,012 $361,036 $517,048 $24,996 20.68:1

Individual Homeowner 222-621-21-00 6378 PASEO ASPADA $297,000 $242,000 $539,000 $23,255 23.18:1

Individual Homeowner 222-621-22-00 6374 PASEO ASPADA $300,000 $250,000 $550,000 $19,988 27.52:1

H-41

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-621-23-00 6370 PASEO ASPADA $333,000 $182,000 $515,000 $23,255 22.15:1

Individual Homeowner 222-621-24-00 6366 PASEO ASPADA $187,214 $212,178 $399,392 $19,988 19.98:1

Individual Homeowner 222-621-25-00 6362 PASEO ASPADA $218,419 $303,172 $521,591 $24,996 20.87:1

Individual Homeowner 222-621-26-00 6369 PASEO ASPADA $133,077 $345,258 $478,335 $19,346 24.73:1

Individual Homeowner 222-621-27-00 6365 PASEO ASPADA $291,000 $222,000 $513,000 $22,419 22.88:1

Individual Homeowner 222-621-28-00 6361 PASEO ASPADA $190,959 $304,249 $495,208 $24,059 20.58:1

Individual Homeowner 222-621-30-00 6353 PASEO ASPADA $358,000 $243,000 $601,000 $24,996 24.04:1

Individual Homeowner 222-621-32-00 2998 CARRILLO WAY $241,000 $382,000 $623,000 $25,199 24.72:1

Individual Homeowner 222-621-33-00 2994 CARRILLO WAY $201,900 $438,782 $640,682 $25,199 25.43:1

Individual Homeowner 222-621-34-00 2990 CARRILLO WAY $201,900 $436,920 $638,820 $25,199 25.35:1

Individual Homeowner 222-621-35-00 2986 CARRILLO WAY $208,017 $457,632 $665,649 $26,963 24.69:1

Individual Homeowner 222-621-36-00 2982 CARRILLO WAY $280,834 $430,002 $710,836 $25,199 28.21:1

Individual Homeowner 222-621-37-00 2980 CARRILLO WAY $300,000 $452,000 $752,000 $26,963 27.89:1

Individual Homeowner 222-621-39-00 6397 PASEO ASPADA $311,000 $259,000 $570,000 $19,988 28.52:1

Individual Homeowner 222-621-42-00 6393 PASEO ASPADA $209,127 $447,237 $656,364 $24,996 26.26:1

Individual Homeowner 222-640-03-01 6464 TERRAZA PORTICO $205,000 $160,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-03-02 6466 TERRAZA PORTICO $119,964 $199,126 $319,090 $10,924 29.21:1

Individual Homeowner 222-640-03-03 6468 TERRAZA PORTICO $119,964 $216,155 $336,119 $10,924 30.77:1

Individual Homeowner 222-640-03-04 6470 TERRAZA PORTICO $119,000 $231,000 $350,000 $10,924 32.04:1

Individual Homeowner 222-640-03-05 6472 TERRAZA PORTICO $210,769 $156,979 $367,748 $10,924 33.66:1

Individual Homeowner 222-640-03-06 6474 TERRAZA PORTICO $200,000 $165,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-03-07 6476 TERRAZA PORTICO $180,000 $185,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-03-08 6478 TERRAZA PORTICO $175,000 $115,000 $290,000 $10,924 26.55:1

Individual Homeowner 222-640-03-09 6480 TERRAZA PORTICO $156,860 $217,515 $374,375 $10,924 34.27:1

Individual Homeowner 222-640-03-10 6482 TERRAZA PORTICO $194,224 $133,776 $328,000 $10,924 30.03:1

Individual Homeowner 222-640-03-11 6484 TERRAZA PORTICO $119,964 $204,310 $324,274 $10,924 29.68:1

Individual Homeowner 222-640-03-12 6486 TERRAZA PORTICO $118,000 $247,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-03-13 6475 TERRAZA PORTICO $235,238 $144,762 $380,000 $10,924 34.79:1

H-42

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-640-03-14 6473 TERRAZA PORTICO $175,000 $125,000 $300,000 $10,924 27.46:1

Individual Homeowner 222-640-03-15 6471 TERRAZA PORTICO $221,605 $163,342 $384,947 $10,924 35.24:1

Individual Homeowner 222-640-03-16 6469 TERRAZA PORTICO $186,537 $216,474 $403,011 $10,924 36.89:1

Individual Homeowner 222-640-03-17 6467 TERRAZA PORTICO $175,000 $125,000 $300,000 $10,924 27.46:1

Individual Homeowner 222-640-03-18 6465 TERRAZA PORTICO $240,000 $149,000 $389,000 $10,924 35.61:1

Individual Homeowner 222-640-04-01 6488 TERRAZA PORTICO $119,964 $239,229 $359,193 $10,924 32.88:1

Individual Homeowner 222-640-04-02 6490 TERRAZA PORTICO $222,000 $125,000 $347,000 $10,924 31.76:1

Individual Homeowner 222-640-04-03 6492 TERRAZA PORTICO $242,000 $124,000 $366,000 $10,924 33.50:1

Individual Homeowner 222-640-04-04 6494 TERRAZA PORTICO $140,000 $250,000 $390,000 $10,924 35.70:1

Individual Homeowner 222-640-04-05 6496 TERRAZA PORTICO $120,965 $212,574 $333,539 $10,924 30.53:1

Individual Homeowner 222-640-04-06 6498 TERRAZA PORTICO $119,964 $233,919 $353,883 $10,924 32.39:1

Individual Homeowner 222-640-04-07 3095 VIA MAXIMO $150,855 $191,145 $342,000 $10,924 31.31:1

Individual Homeowner 222-640-04-08 3093 VIA MAXIMO $167,317 $209,148 $376,465 $10,924 34.46:1

Individual Homeowner 222-640-04-09 3091 VIA MAXIMO #21 $230,000 $144,000 $374,000 $10,924 34.24:1

Individual Homeowner 222-640-04-10 3089 VIA MAXIMO #22 $199,000 $166,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-04-11 3087 VIA MAXIMO $119,964 $184,733 $304,697 $10,924 27.89:1

Individual Homeowner 222-640-04-12 3085 VIA MAXIMO $209,000 $131,000 $340,000 $10,924 31.12:1

Individual Homeowner 222-640-04-13 3083 VIA MAXIMO $140,620 $243,263 $383,883 $10,924 35.14:1

Individual Homeowner 222-640-04-14 3081 VIA MAXIMO $118,857 $180,143 $299,000 $10,924 27.37:1

Individual Homeowner 222-640-04-15 3079 VIA MAXIMO $175,000 $195,000 $370,000 $10,924 33.87:1

Individual Homeowner 222-640-04-16 3080 VIA MAXIMO $119,964 $242,271 $362,235 $10,924 33.16:1

Individual Homeowner 222-640-04-17 3082 VIA MAXIMO $102,000 $187,578 $289,578 $10,924 26.51:1

Individual Homeowner 222-640-04-18 3084 VIA MAXIMO $125,000 $200,000 $325,000 $10,924 29.75:1

Individual Homeowner 222-640-04-19 3086 VIA MAXIMO $185,000 $180,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-04-20 3088 VIA MAXIMO $119,964 $201,977 $321,941 $10,924 29.47:1

Individual Homeowner 222-640-04-21 3090 VIA MAXIMO $200,000 $155,000 $355,000 $10,924 32.50:1

Individual Homeowner 222-640-05-01 3077 VIA MAXIMO $157,000 $210,000 $367,000 $10,924 33.60:1

Individual Homeowner 222-640-05-02 3075 VIA MAXIMO $164,660 $222,290 $386,950 $10,924 35.42:1

H-43

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-640-05-03 3073 VIA MAXIMO $192,938 $192,938 $385,876 $10,924 35.32:1

Individual Homeowner 222-640-05-04 3071 VIA MAXIMO $119,964 $225,753 $345,717 $10,924 31.65:1

Individual Homeowner 222-640-05-05 3069 VIA MAXIMO $168,000 $110,000 $278,000 $10,924 25.45:1

Individual Homeowner 222-640-05-06 3067 VIA MAXIMO $150,000 $215,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-05-07 6487 CORTE LA LUZ $188,000 $197,000 $385,000 $10,924 35.24:1

Individual Homeowner 222-640-05-08 6485 CORTE LA LUZ $151,587 $233,288 $384,875 $10,924 35.23:1

Individual Homeowner 222-640-05-09 6483 CORTE LA LUZ $156,860 $260,389 $417,249 $10,924 38.20:1

Individual Homeowner 222-640-05-10 6481 CORTE LA LUZ $208,080 $155,955 $364,035 $10,924 33.32:1

Individual Homeowner 222-640-05-11 6479 CORTE LA LUZ $119,964 $240,241 $360,205 $10,924 32.97:1

Individual Homeowner 222-640-05-12 6477 CORTE LA LUZ $204,000 $178,500 $382,500 $10,924 35.01:1

Individual Homeowner 222-640-05-13 6476 CORTE LA LUZ $216,240 $135,660 $351,900 $10,924 32.21:1

Individual Homeowner 222-640-05-14 6478 CORTE LA LUZ $186,660 $119,340 $306,000 $10,924 28.01:1

Individual Homeowner 222-640-05-15 6480 CORTE LA LUZ $116,000 $238,000 $354,000 $10,924 32.41:1

Individual Homeowner 222-640-05-16 6482 CORTE LA LUZ $119,964 $214,723 $334,687 $10,924 30.64:1

Individual Homeowner 222-640-05-17 6484 CORTE LA LUZ $192,000 $97,000 $289,000 $10,924 26.46:1

Individual Homeowner 222-640-05-18 6486 CORTE LA LUZ $225,000 $159,000 $384,000 $10,924 35.15:1

Individual Homeowner 222-640-06-01 3065 VIA MAXIMO $222,000 $146,000 $368,000 $10,924 33.69:1

Individual Homeowner 222-640-06-02 3063 VIA MAXIMO $119,964 $215,923 $335,887 $10,924 30.75:1

Individual Homeowner 222-640-06-03 3061 VIA MAXIMO #36 $156,860 $209,148 $366,008 $10,924 33.50:1

Individual Homeowner 222-640-06-04 3059 VIA MAXIMO $250,000 $185,000 $435,000 $10,844 40.11:1

Individual Homeowner 222-640-06-05 3057 VIA MAXIMO $119,964 $223,762 $343,726 $10,844 31.70:1

Individual Homeowner 222-640-06-06 3055 VIA MAXIMO $168,000 $206,000 $374,000 $10,844 34.49:1

Individual Homeowner 222-640-06-07 6392 TERRAZA PORTICO $235,158 $198,341 $433,499 $10,844 39.98:1

Individual Homeowner 222-640-06-08 6394 TERRAZA PORTICO $119,964 $221,923 $341,887 $10,844 31.53:1

Individual Homeowner 222-640-06-09 6396 TERRAZA PORTICO $167,950 $230,601 $398,551 $10,844 36.75:1

Individual Homeowner 222-640-06-10 6398 TERRAZA PORTICO $242,000 $113,000 $355,000 $10,844 32.74:1

Individual Homeowner 222-640-06-11 6400 TERRAZA PORTICO $127,228 $232,820 $360,048 $10,844 33.20:1

Individual Homeowner 222-640-06-12 6402 TERRAZA PORTICO $237,000 $222,000 $459,000 $10,844 42.33:1

H-44

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-640-07-01 6404 TERRAZA PORTICO $178,533 $275,366 $453,899 $10,843 41.86:1

Individual Homeowner 222-640-07-02 6406 TERRAZA PORTICO $165,000 $171,000 $336,000 $10,843 30.99:1

Individual Homeowner 222-640-07-03 6408 TERRAZA PORTICO $167,950 $232,718 $400,668 $10,845 36.95:1

Individual Homeowner 222-640-07-04 6410 TERRAZA PORTICO $195,000 $167,000 $362,000 $10,844 33.38:1

Individual Homeowner 222-640-07-05 6412 TERRAZA PORTICO $122,811 $227,189 $350,000 $10,924 32.04:1

Individual Homeowner 222-640-07-06 6414 TERRAZA PORTICO $178,500 $255,000 $433,500 $10,924 39.68:1

Individual Homeowner 222-640-07-07 6416 TERRAZA PORTICO $247,000 $140,000 $387,000 $10,924 35.43:1

Individual Homeowner 222-640-07-08 6418 TERRAZA PORTICO $198,000 $142,000 $340,000 $10,924 31.12:1

Individual Homeowner 222-640-07-09 6420 TERRAZA PORTICO $167,950 $263,588 $431,538 $10,924 39.50:1

Individual Homeowner 222-640-07-10 6422 TERRAZA PORTICO $261,000 $145,000 $406,000 $10,924 37.17:1

Individual Homeowner 222-640-07-11 6424 TERRAZA PORTICO $125,000 $200,000 $325,000 $10,924 29.75:1

Individual Homeowner 222-640-07-12 6426 TERRAZA PORTICO $297,542 $176,097 $473,639 $10,924 43.36:1

Individual Homeowner 222-640-07-13 6427 TERRAZA PORTICO $150,000 $235,000 $385,000 $10,924 35.24:1

Individual Homeowner 222-640-07-14 6425 TERRAZA PORTICO $204,000 $115,000 $319,000 $10,924 29.20:1

Individual Homeowner 222-640-07-15 6423 TERRAZA PORTICO $165,000 $200,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-07-16 6421 TERRAZA PORTICO $208,000 $160,000 $368,000 $10,924 33.69:1

Individual Homeowner 222-640-07-17 6419 TERRAZA PORTICO $192,000 $148,000 $340,000 $10,924 31.12:1

Individual Homeowner 222-640-07-18 6417 TERRAZA PORTICO $169,000 $196,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-07-19 6415 TERRAZA PORTICO $119,966 $238,720 $358,686 $10,924 32.83:1

Individual Homeowner 222-640-07-20 6413 TERRAZA PORTICO $119,964 $217,123 $337,087 $10,924 30.86:1

Individual Homeowner 222-640-07-21 6411 TERRAZA PORTICO $165,000 $200,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-08-01 6428 TERRAZA PORTICO $162,180 $233,070 $395,250 $10,924 36.18:1

Individual Homeowner 222-640-08-02 6430 TERRAZA PORTICO $138,367 $197,162 $335,529 $10,924 30.71:1

Individual Homeowner 222-640-08-03 6432 TERRAZA PORTICO $192,176 $226,079 $418,255 $10,924 38.29:1

Individual Homeowner 222-640-08-04 6434 TERRAZA PORTICO $166,000 $212,000 $378,000 $10,924 34.60:1

Individual Homeowner 222-640-08-05 6436 TERRAZA PORTICO $138,367 $197,162 $335,529 $10,924 30.71:1

Individual Homeowner 222-640-08-06 6438 TERRAZA PORTICO $225,000 $168,000 $393,000 $10,924 35.98:1

Individual Homeowner 222-640-08-07 6440 TERRAZA PORTICO $251,882 $181,355 $433,237 $10,924 39.66:1

H-45

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-640-08-08 6442 TERRAZA PORTICO $235,986 $201,254 $437,240 $10,924 40.03:1

Individual Homeowner 222-640-08-09 6444 TERRAZA PORTICO $173,000 $197,000 $370,000 $10,924 33.87:1

Individual Homeowner 222-640-08-10 6446 TERRAZA PORTICO $172,000 $214,000 $386,000 $10,924 35.33:1

Individual Homeowner 222-640-08-11 6448 TERRAZA PORTICO $150,000 $175,000 $325,000 $10,924 29.75:1

Individual Homeowner 222-640-08-12 6450 TERRAZA PORTICO $195,000 $147,000 $342,000 $10,924 31.31:1

Individual Homeowner 222-640-08-13 6445 TERRAZA PORTICO $150,000 $215,000 $365,000 $10,924 33.41:1

Individual Homeowner 222-640-08-14 6443 TERRAZA PORTICO $184,376 $189,963 $374,339 $10,924 34.27:1

Individual Homeowner 222-640-08-15 6441 TERRAZA PORTICO $193,000 $123,000 $316,000 $10,924 28.93:1

Individual Homeowner 222-650-01-00 2904 RANCHO BRASADO $287,066 $547,915 $834,981 $26,739 31.23:1

Individual Homeowner 222-650-02-00 2908 RANCHO BRASADO $249,622 $536,734 $786,356 $26,739 29.41:1

Individual Homeowner 222-650-03-00 2912 RANCHO BRASADO $224,658 $425,596 $650,254 $26,739 24.32:1

Individual Homeowner 222-650-04-00 2916 RANCHO BRASADO $301,542 $426,180 $727,722 $24,996 29.11:1

Individual Homeowner 222-650-05-00 2920 RANCHO BRASADO $224,658 $434,952 $659,610 $26,739 24.67:1

Individual Homeowner 222-650-06-00 2924 RANCHO BRASADO $235,851 $613,216 $849,067 $26,739 31.75:1

Individual Homeowner 222-650-07-00 2928 RANCHO BRASADO $333,000 $530,000 $863,000 $26,739 32.28:1

Individual Homeowner 222-650-08-00 2932 RANCHO BRASADO $362,000 $400,000 $762,000 $26,739 28.50:1

Individual Homeowner 222-650-09-00 2936 RANCHO BRASADO $305,415 $511,347 $816,762 $24,996 32.68:1

Individual Homeowner 222-650-10-00 2942 CARRILLO WAY $305,912 $477,375 $783,287 $26,739 29.29:1

Individual Homeowner 222-650-11-00 2938 CARRILLO WAY $350,000 $421,000 $771,000 $26,739 28.83:1

Individual Homeowner 222-650-12-00 2934 CARRILLO WAY $249,622 $486,685 $736,307 $24,996 29.46:1

Individual Homeowner 222-650-13-00 2930 CARRILLO WAY $253,617 $253,617 $507,234 $26,739 18.97:1

Individual Homeowner 222-650-14-00 2926 CARRILLO WAY $394,000 $425,000 $819,000 $26,739 30.63:1

Individual Homeowner 222-650-15-00 2922 CARRILLO WAY $475,000 $377,000 $852,000 $26,739 31.86:1

Individual Homeowner 222-650-16-00 2918 CARRILLO WAY $272,000 $578,000 $850,000 $26,739 31.79:1

Individual Homeowner 222-650-17-00 2914 CARRILLO WAY $430,000 $370,000 $800,000 $26,739 29.92:1

Individual Homeowner 222-650-18-00 2910 CARRILLO WAY $354,451 $599,440 $953,891 $26,739 35.67:1

Individual Homeowner 222-650-19-00 2906 CARRILLO WAY $312,030 $500,195 $812,225 $26,739 30.38:1

Individual Homeowner 222-650-20-00 2902 CARRILLO WAY $309,000 $425,000 $734,000 $26,739 27.45:1

H-46

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-651-01-00 2940 RANCHO BRASADO $224,658 $426,843 $651,501 $26,739 24.37:1

Individual Homeowner 222-651-02-00 2944 RANCHO BRASADO $408,000 $392,000 $800,000 $26,739 29.92:1

Individual Homeowner 222-651-03-00 2948 RANCHO BRASADO $224,658 $440,197 $664,855 $26,739 24.86:1

Individual Homeowner 222-651-04-00 2952 RANCHO BRASADO $224,658 $399,383 $624,041 $26,739 23.34:1

Individual Homeowner 222-651-05-00 2956 RANCHO BRASADO $223,410 $472,655 $696,065 $26,739 26.03:1

Individual Homeowner 222-651-06-00 2960 RANCHO BRASADO $224,658 $424,817 $649,475 $26,739 24.29:1

Individual Homeowner 222-651-07-00 2964 RANCHO BRASADO $275,000 $495,000 $770,000 $26,739 28.80:1

Individual Homeowner 222-651-08-00 2968 RANCHO BRASADO $119,520 $293,450 $412,970 $24,996 16.52:1

Individual Homeowner 222-651-09-00 3013 VIA CONQUISTADOR $408,000 $340,170 $748,170 $26,963 27.75:1

Individual Homeowner 222-651-10-00 3009 VIA CONQUISTADOR $269,200 $509,026 $778,226 $26,739 29.10:1

Individual Homeowner 222-651-11-00 3005 VIA CONQUISTADOR $244,728 $469,870 $714,598 $24,996 28.59:1

Individual Homeowner 222-651-12-00 3001 VIA CONQUISTADOR $269,200 $618,859 $888,059 $26,739 33.21:1

Individual Homeowner 222-651-13-00 2997 VIA CONQUISTADOR $403,012 $604,518 $1,007,530 $26,963 37.37:1

Individual Homeowner 222-651-14-00 3004 VIA CONQUISTADOR $183,545 $504,143 $687,688 $25,199 27.29:1

Individual Homeowner 222-651-15-00 3008 VIA CONQUISTADOR $186,393 $513,840 $700,233 $25,199 27.79:1

Individual Homeowner 222-651-16-00 3012 VIA CONQUISTADOR $183,545 $501,684 $685,229 $26,963 25.41:1

Individual Homeowner 222-651-17-00 3016 VIA CONQUISTADOR $233,930 $652,305 $886,235 $26,963 32.87:1

Individual Homeowner 222-651-18-00 3020 VIA CONQUISTADOR $202,000 $505,000 $707,000 $26,963 26.22:1

Individual Homeowner 222-651-19-00 3024 VIA CONQUISTADOR $497,812 $285,037 $782,849 $26,963 29.03:1

Individual Homeowner 222-651-20-00 3028 VIA CONQUISTADOR $402,000 $457,000 $859,000 $26,963 31.86:1

Individual Homeowner 222-651-21-00 2978 CARRILLO WAY $238,000 $562,000 $800,000 $24,996 32.00:1

Individual Homeowner 222-651-22-00 2974 CARRILLO WAY $338,480 $631,133 $969,613 $26,739 36.26:1

Individual Homeowner 222-651-23-00 2970 CARRILLO WAY $244,728 $603,995 $848,723 $26,739 31.74:1

Individual Homeowner 222-651-24-00 2966 CARRILLO WAY $355,000 $400,000 $755,000 $26,739 28.24:1

Individual Homeowner 222-651-25-00 2962 CARRILLO WAY $312,030 $526,744 $838,774 $26,739 31.37:1

Individual Homeowner 222-651-26-00 2958 CARRILLO WAY $320,000 $415,000 $735,000 $26,739 27.49:1

Individual Homeowner 222-651-27-00 2954 CARRILLO WAY $275,000 $475,000 $750,000 $24,996 30.00:1

Individual Homeowner 222-651-28-00 2950 CARRILLO WAY $269,200 $391,166 $660,366 $24,996 26.42:1

H-47

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-651-29-00 2946 CARRILLO WAY $381,012 $592,014 $973,026 $26,738 36.39:1

Individual Homeowner 222-660-01-00 2850 RANCHO CORTES $318,000 $368,000 $686,000 $27,842 24.64:1

Individual Homeowner 222-660-02-00 2854 RANCHO CORTES $392,558 $367,178 $759,736 $25,991 29.23:1

Individual Homeowner 222-660-03-00 2858 RANCHO CORTES $305,000 $425,000 $730,000 $27,842 26.22:1

Individual Homeowner 222-660-04-00 2862 RANCHO CORTES $369,466 $565,579 $935,045 $27,842 33.58:1

Individual Homeowner 222-660-05-00 2866 RANCHO CORTES $258,000 $477,000 $735,000 $27,842 26.40:1

Individual Homeowner 222-660-06-00 2870 RANCHO CORTES $336,000 $285,000 $621,000 $25,991 23.89:1

Individual Homeowner 222-660-07-00 2874 RANCHO CORTES $360,000 $395,000 $755,000 $27,842 27.12:1

Individual Homeowner 222-660-08-00 2878 RANCHO CORTES $352,840 $460,206 $813,046 $27,842 29.20:1

Individual Homeowner 222-660-09-00 2882 RANCHO CORTES $150,000 $685,000 $835,000 $27,842 29.99:1

Individual Homeowner 222-660-10-00 2886 RANCHO CORTES $292,367 $459,043 $751,410 $27,842 26.99:1

Individual Homeowner 222-660-11-00 2890 RANCHO CORTES $346,000 $384,000 $730,000 $27,842 26.22:1

Individual Homeowner 222-660-12-00 2894 RANCHO CORTES $390,000 $460,000 $850,000 $27,842 30.53:1

Individual Homeowner 222-660-13-00 2898 RANCHO CORTES $339,140 $439,328 $778,468 $27,842 27.96:1

Individual Homeowner 222-660-14-00 2903 RANCHO CORTES $228,352 $521,134 $749,486 $27,842 26.92:1

Individual Homeowner 222-660-15-00 2899 RANCHO CORTES $252,867 $444,479 $697,346 $27,842 25.05:1

Individual Homeowner 222-660-16-00 2895 RANCHO CORTES $383,182 $401,818 $785,000 $25,991 30.20:1

Individual Homeowner 222-660-17-00 2891 RANCHO CORTES $296,341 $548,436 $844,777 $27,842 30.34:1

Individual Homeowner 222-660-18-00 2887 RANCHO CORTES $272,862 $515,737 $788,599 $27,842 28.32:1

Individual Homeowner 222-660-19-00 2883 RANCHO CORTES $252,000 $467,000 $719,000 $25,991 27.66:1

Individual Homeowner 222-660-20-00 2879 RANCHO CORTES $202,000 $503,000 $705,000 $27,842 25.32:1

Individual Homeowner 222-660-21-00 2875 RANCHO CORTES $474,831 $305,169 $780,000 $25,991 30.01:1

Individual Homeowner 222-660-22-00 2871 RANCHO CORTES $88,777 $39,399 $128,176 $27,363 4.68:1

Individual Homeowner 222-660-23-00 2867 RANCHO CORTES $207,460 $344,795 $552,255 $25,559 21.61:1

Individual Homeowner 222-660-26-00 2855 RANCHO CORTES $353,736 $410,958 $764,694 $27,842 27.47:1

Individual Homeowner 222-660-30-00 2863 RANCHO CORTES $299,451 $647,627 $947,078 $27,363 34.61:1

Individual Homeowner 222-660-31-00 2859 RANCHO CORTES $370,000 $366,000 $736,000 $27,363 26.90:1

Individual Homeowner 222-660-32-00 2851 RANCHO CORTES $298,000 $332,000 $630,000 $27,842 22.63:1

H-48

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-661-01-00 2930 RANCHO CORTES $334,830 $506,798 $841,628 $27,842 30.23:1

Individual Homeowner 222-661-02-00 2934 RANCHO CORTES $331,000 $477,000 $808,000 $27,842 29.02:1

Individual Homeowner 222-661-03-00 2938 RANCHO CORTES $53,640 $191,604 $245,244 $27,842 8.81:1

Individual Homeowner 222-661-04-00 2942 RANCHO CORTES $85,795 $252,334 $338,129 $27,842 12.14:1

Individual Homeowner 222-661-05-00 2946 RANCHO CORTES $350,000 $475,000 $825,000 $27,842 29.63:1

Individual Homeowner 222-661-06-00 2950 RANCHO CORTES $331,354 $503,646 $835,000 $27,842 29.99:1

Individual Homeowner 222-661-07-00 6484 PASEO VUELO $333,540 $526,320 $859,860 $27,842 30.88:1

Individual Homeowner 222-661-08-00 6488 PASEO VUELO $287,000 $379,000 $666,000 $27,842 23.92:1

Individual Homeowner 222-661-09-00 6492 PASEO VUELO $257,927 $709,301 $967,228 $27,842 34.74:1

Individual Homeowner 222-661-10-00 6496 PASEO VUELO $404,104 $404,028 $808,132 $25,991 31.09:1

Individual Homeowner 222-661-11-00 2935 RANCHO CORTES $448,800 $418,200 $867,000 $27,842 31.14:1

Individual Homeowner 222-661-12-00 2931 RANCHO CORTES $527,000 $563,000 $1,090,000 $27,842 39.15:1

Individual Homeowner 222-661-13-00 2927 RANCHO CORTES $320,000 $487,000 $807,000 $27,842 28.98:1

Individual Homeowner 222-661-14-00 2923 RANCHO CORTES $305,794 $556,697 $862,491 $27,842 30.98:1

Individual Homeowner 222-661-15-00 2919 RANCHO CORTES $293,921 $438,733 $732,654 $27,842 26.31:1

Individual Homeowner 222-661-16-00 2915 RANCHO CORTES $459,000 $362,100 $821,100 $27,842 29.49:1

Individual Homeowner 222-661-17-00 2911 RANCHO CORTES $297,221 $634,743 $931,964 $27,842 33.47:1

Individual Homeowner 222-661-18-00 2907 RANCHO CORTES $181,000 $568,000 $749,000 $27,842 26.90:1

Individual Homeowner 222-662-02-00 6490 PASEO LAZO $333,372 $351,870 $685,242 $25,559 26.81:1

Individual Homeowner 222-662-07-00 2829 CARRILLO WAY $489,600 $413,100 $902,700 $27,363 32.99:1

Individual Homeowner 222-662-08-00 2825 CARRILLO WAY $426,564 $343,332 $769,896 $27,363 28.14:1

Individual Homeowner 222-662-09-00 2821 CARRILLO WAY $251,926 $441,945 $693,871 $27,363 25.36:1

Individual Homeowner 222-662-10-00 2817 CARRILLO WAY $393,761 $401,838 $795,599 $27,842 28.58:1

Individual Homeowner 222-662-11-00 2813 CARRILLO WAY $248,701 $418,260 $666,961 $27,842 23.96:1

Individual Homeowner 222-662-14-00 2801 CARRILLO WAY $329,315 $449,643 $778,958 $27,842 27.98:1

Individual Homeowner 222-662-15-00 2800 CARRILLO WAY $276,000 $514,000 $790,000 $25,991 30.40:1

Individual Homeowner 222-662-16-00 2804 CARRILLO WAY $282,617 $395,653 $678,270 $25,991 26.10:1

Individual Homeowner 222-662-17-00 2808 CARRILLO WAY $369,000 $469,000 $838,000 $27,842 30.10:1

H-49

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-662-18-00 2812 CARRILLO WAY $180,540 $586,500 $767,040 $27,842 27.55:1

Individual Homeowner 222-662-19-00 2816 CARRILLO WAY $348,000 $587,000 $935,000 $27,842 33.58:1

Individual Homeowner 222-662-20-00 2820 CARRILLO WAY $402,030 $412,970 $815,000 $27,363 29.78:1

Individual Homeowner 222-662-21-00 2824 CARRILLO WAY $263,921 $604,671 $868,592 $27,363 31.74:1

Individual Homeowner 222-662-22-00 2828 CARRILLO WAY $283,240 $558,046 $841,286 $27,363 30.75:1

Individual Homeowner 222-662-23-00 2832 CARRILLO WAY $227,933 $503,845 $731,778 $27,363 26.74:1

Individual Homeowner 222-662-24-00 2836 CARRILLO WAY $103,928 $321,952 $425,880 $27,363 15.56:1

Individual Homeowner 222-662-25-00 2840 CARRILLO WAY $263,921 $501,459 $765,380 $27,362 27.97:1

Individual Homeowner 222-662-27-00 6494 PASEO LAZO $466,000 $467,000 $933,000 $27,363 34.10:1

Individual Homeowner 222-662-28-00 6498 PASEO LAZO $299,914 $437,087 $737,001 $25,559 28.84:1

Individual Homeowner 222-662-30-00 2833 CARRILLO WAY $275,920 $483,449 $759,369 $27,363 27.75:1

Individual Homeowner 222-662-31-00 2809 CARRILLO WAY $294,034 $571,231 $865,265 $27,842 31.08:1

Individual Homeowner 222-662-32-00 2805 CARRILLO WAY $316,528 $410,493 $727,021 $27,842 26.11:1

Individual Homeowner 222-662-34-00 6486 PASEO LAZO $306,000 $463,998 $769,998 $27,363 28.14:1

Individual Homeowner 222-662-37-00 2837 CARRILLO WAY $304,000 $368,000 $672,000 $27,363 24.56:1

Individual Homeowner 222-670-03-01 3163 VIA PUERTA $143,956 $170,948 $314,904 $9,959 31.62:1

Individual Homeowner 222-670-03-02 3159 VIA PUERTA $141,000 $141,000 $282,000 $9,960 28.31:1

Individual Homeowner 222-670-03-03 3155 VIA PUERTA #03 $192,000 $109,000 $301,000 $11,425 26.35:1

Individual Homeowner 222-670-03-04 3156 VIA PUERTA $160,000 $150,000 $310,000 $11,425 27.13:1

Individual Homeowner 222-670-03-05 3160 VIA PUERTA $175,000 $110,000 $285,000 $9,960 28.62:1

Individual Homeowner 222-670-03-06 3164 VIA PUERTA $143,959 $157,910 $301,869 $9,960 30.31:1

Individual Homeowner 222-670-05-01 3149 VIA SIMPATIA $102,000 $210,120 $312,120 $11,425 27.32:1

Individual Homeowner 222-670-05-02 3145 VIA SIMPATIA $131,957 $142,281 $274,238 $9,960 27.54:1

Individual Homeowner 222-670-05-03 3141 VIA SIMPATIA $167,000 $100,000 $267,000 $9,960 26.81:1

Individual Homeowner 222-670-05-04 3137 VIA SIMPATIA $124,762 $124,707 $249,469 $9,960 25.05:1

Individual Homeowner 222-670-05-05 3138 VIA SIMPATIA $131,957 $128,827 $260,784 $9,960 26.18:1

Individual Homeowner 222-670-05-06 3142 VIA SIMPATIA $131,957 $162,554 $294,511 $9,960 29.57:1

Individual Homeowner 222-670-05-07 3146 VIA SIMPATIA $173,000 $113,000 $286,000 $9,960 28.72:1

H-50

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-670-05-08 3150 VIA SIMPATIA $149,938 $203,956 $353,894 $11,425 30.98:1

Individual Homeowner 222-670-05-09 3133 VIA SIMPATIA $140,000 $175,000 $315,000 $9,960 31.63:1

Individual Homeowner 222-670-05-10 3129 VIA SIMPATIA $150,000 $151,000 $301,000 $9,960 30.22:1

Individual Homeowner 222-670-05-11 3125 VIA SIMPATIA $131,957 $152,077 $284,034 $9,960 28.52:1

Individual Homeowner 222-670-05-12 3121 VIA SIMPATIA $207,000 $119,000 $326,000 $11,425 28.53:1

Individual Homeowner 222-670-05-13 3122 VIA SIMPATIA $187,000 $102,000 $289,000 $11,425 25.30:1

Individual Homeowner 222-670-05-14 3126 VIA SIMPATIA $210,309 $109,691 $320,000 $9,960 32.13:1

Individual Homeowner 222-670-05-15 3130 VIA SIMPATIA $184,000 $71,000 $255,000 $9,960 25.60:1

Individual Homeowner 222-670-05-16 3134 VIA SIMPATIA $150,000 $87,000 $237,000 $9,960 23.80:1

Individual Homeowner 222-670-05-17 6278 VIA TRATO $21,152 $86,152 $107,304 $11,425 9.39:1

Individual Homeowner 222-670-05-18 6282 VIA TRATO $150,000 $149,000 $299,000 $9,960 30.02:1

Individual Homeowner 222-670-05-19 6286 VIA TRATO $141,694 $202,555 $344,249 $9,960 34.56:1

Individual Homeowner 222-670-05-20 6290 VIA TRATO $157,234 $194,970 $352,204 $9,960 35.36:1

Individual Homeowner 222-670-05-21 6294 VIA TRATO $128,360 $131,786 $260,146 $9,960 26.12:1

Individual Homeowner 222-670-05-22 6299 VIA TRATO $182,000 $118,000 $300,000 $9,960 30.12:1

Individual Homeowner 222-670-05-23 6297 VIA TRATO $138,000 $138,000 $276,000 $9,960 27.71:1

Individual Homeowner 222-670-05-24 6293 VIA TRATO $131,957 $168,177 $300,134 $9,960 30.14:1

Individual Homeowner 222-670-05-25 6289 VIA TRATO $195,780 $137,146 $332,926 $9,960 33.43:1

Individual Homeowner 222-670-05-26 6285 VIA TRATO $180,000 $115,000 $295,000 $11,425 25.82:1

Individual Homeowner 222-670-07-01 6260 VIA TRATO $128,360 $125,288 $253,648 $9,960 25.47:1

Individual Homeowner 222-670-07-02 6264 VIA TRATO $158,140 $148,777 $306,917 $9,960 30.82:1

Individual Homeowner 222-670-07-03 6268 VIA TRATO $137,000 $159,000 $296,000 $9,960 29.72:1

Individual Homeowner 222-670-07-04 6272 VIA TRATO $200,000 $104,000 $304,000 $11,425 26.61:1

Individual Homeowner 222-670-07-05 6271 VIA TRATO $170,000 $141,000 $311,000 $11,425 27.22:1

Individual Homeowner 222-670-07-06 6267 VIA TRATO $164,000 $146,000 $310,000 $9,960 31.13:1

Individual Homeowner 222-670-07-07 6263 VIA TRATO $131,000 $170,000 $301,000 $9,960 30.22:1

Individual Homeowner 222-670-07-08 6259 VIA TRATO $155,000 $160,000 $315,000 $9,960 31.63:1

Individual Homeowner 222-670-07-09 6239 VIA TRATO $124,440 $181,560 $306,000 $11,425 26.78:1

H-51

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-670-07-10 6235 VIA TRATO $152,000 $121,000 $273,000 $9,960 27.41:1

Individual Homeowner 222-670-07-11 6231 VIA TRATO $135,438 $150,062 $285,500 $9,960 28.67:1

Individual Homeowner 222-670-07-12 6227 VIA TRATO $150,000 $137,000 $287,000 $9,960 28.82:1

Individual Homeowner 222-670-07-13 6223 VIA TRATO $143,956 $141,011 $284,967 $9,960 28.61:1

Individual Homeowner 222-670-07-14 6224 VIA TRATO $143,956 $145,060 $289,016 $9,960 29.02:1

Individual Homeowner 222-670-07-15 6228 VIA TRATO $53,648 $115,887 $169,535 $9,960 17.02:1

Individual Homeowner 222-670-07-16 6232 VIA TRATO $171,000 $86,000 $257,000 $9,960 25.80:1

Individual Homeowner 222-670-07-17 6236 VIA TRATO $174,051 $176,275 $350,326 $9,960 35.17:1

Individual Homeowner 222-670-07-18 6240 VIA TRATO $152,000 $188,000 $340,000 $11,425 29.76:1

Individual Homeowner 222-670-09-01 3133 VIA PUERTA $181,000 $110,000 $291,000 $11,425 25.47:1

Individual Homeowner 222-670-09-02 3129 VIA PUERTA $134,000 $164,000 $298,000 $9,960 29.92:1

Individual Homeowner 222-670-09-03 3115 VIA PUERTA $173,400 $142,800 $316,200 $9,960 31.75:1

Individual Homeowner 222-670-09-04 3111 VIA PUERTA $178,000 $93,000 $271,000 $9,960 27.21:1

Individual Homeowner 222-670-09-05 3107 VIA PUERTA $167,000 $158,000 $325,000 $9,960 32.63:1

Individual Homeowner 222-670-09-06 3103 VIA PUERTA $155,951 $131,097 $287,048 $9,960 28.82:1

Individual Homeowner 222-670-09-07 3102 VIA PUERTA $100,000 $168,000 $268,000 $9,960 26.91:1

Individual Homeowner 222-670-09-08 3106 VIA PUERTA $100,000 $128,000 $228,000 $9,960 22.89:1

Individual Homeowner 222-670-09-09 3110 VIA PUERTA $202,000 $139,000 $341,000 $9,960 34.24:1

Individual Homeowner 222-670-09-10 3114 VIA PUERTA $165,000 $114,000 $279,000 $11,425 24.42:1

Individual Homeowner 222-670-09-11 3125 VIA PUERTA $154,000 $156,000 $310,000 $11,425 27.13:1

Individual Homeowner 222-670-09-12 3121 VIA PUERTA $110,000 $170,000 $280,000 $9,960 28.11:1

Individual Homeowner 222-670-09-13 3117 VIA PUERTA $168,000 $147,000 $315,000 $9,960 31.63:1

Individual Homeowner 222-670-09-14 3118 VIA PUERTA $155,956 $128,891 $284,847 $9,960 28.60:1

Individual Homeowner 222-670-09-15 3122 VIA PUERTA $120,000 $146,000 $266,000 $9,960 26.71:1

Individual Homeowner 222-670-09-16 3126 VIA PUERTA $143,956 $193,423 $337,379 $11,425 29.53:1

Individual Homeowner 222-670-11-01 3127 VIA PUERTA $143,959 $148,654 $292,613 $9,960 29.38:1

Individual Homeowner 222-670-11-02 3123 VIA PUERTA $102,000 $186,660 $288,660 $9,960 28.98:1

Individual Homeowner 222-670-11-03 3119 VIA PUERTA $197,000 $101,000 $298,000 $11,425 26.08:1

H-52

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-670-11-04 3120 VIA PUERTA $157,000 $174,000 $331,000 $11,425 28.97:1

Individual Homeowner 222-670-11-05 3124 VIA PUERTA $101,000 $192,000 $293,000 $9,960 29.42:1

Individual Homeowner 222-670-11-06 3128 VIA PUERTA $143,959 $158,324 $302,283 $9,960 30.35:1

Individual Homeowner 222-670-11-07 3139 VIA PUERTA $143,956 $205,312 $349,268 $11,425 30.57:1

Individual Homeowner 222-670-11-08 3135 VIA PUERTA $126,000 $148,000 $274,000 $9,960 27.51:1

Individual Homeowner 222-670-11-09 3131 VIA PUERTA $179,947 $126,487 $306,434 $9,960 30.77:1

Individual Homeowner 222-670-11-10 3132 VIA PUERTA $156,000 $120,000 $276,000 $9,960 27.71:1

Individual Homeowner 222-670-11-11 3136 VIA PUERTA $135,000 $177,000 $312,000 $9,960 31.33:1

Individual Homeowner 222-670-11-12 3140 VIA PUERTA $133,000 $176,000 $309,000 $11,425 27.05:1

Individual Homeowner 222-670-12-01 3151 VIA PUERTA $217,000 $100,000 $317,000 $9,960 31.83:1

Individual Homeowner 222-670-12-02 3147 VIA PUERTA $100,000 $150,000 $250,000 $9,960 25.10:1

Individual Homeowner 222-670-12-03 3143 VIA PUERTA $191,940 $165,930 $357,870 $11,425 31.32:1

Individual Homeowner 222-670-12-04 3144 VIA PUERTA $187,000 $105,000 $292,000 $11,425 25.56:1

Individual Homeowner 222-670-12-05 3148 VIA PUERTA $68,620 $33,488 $102,108 $9,960 10.25:1

Individual Homeowner 222-670-12-06 3152 VIA PUERTA $143,959 $152,885 $296,844 $9,960 29.80:1

Individual Homeowner 222-671-01-00 6302 PASEO DESCANSO $276,000 $227,000 $503,000 $25,559 19.68:1

Individual Homeowner 222-671-02-00 6306 PASEO DESCANSO $212,000 $323,000 $535,000 $23,755 22.52:1

Individual Homeowner 222-671-03-00 6310 PASEO DESCANSO $281,565 $206,950 $488,515 $23,755 20.56:1

Individual Homeowner 222-671-04-00 6314 PASEO DESCANSO $215,936 $407,869 $623,805 $27,363 22.80:1

Individual Homeowner 222-671-05-00 6318 PASEO DESCANSO $308,000 $274,000 $582,000 $25,559 22.77:1

Individual Homeowner 222-671-06-00 6322 PASEO DESCANSO $275,000 $320,000 $595,000 $25,559 23.28:1

Individual Homeowner 222-671-07-00 6326 PASEO DESCANSO $213,000 $278,000 $491,000 $23,755 20.67:1

Individual Homeowner 222-671-08-00 6330 PASEO DESCANSO $235,000 $229,000 $464,000 $23,755 19.53:1

Individual Homeowner 222-671-09-00 6334 PASEO DESCANSO $215,936 $328,032 $543,968 $25,559 21.28:1

Individual Homeowner 222-671-10-00 6338 PASEO DESCANSO $235,000 $385,000 $620,000 $23,755 26.10:1

Individual Homeowner 222-671-11-00 6342 PASEO DESCANSO $215,936 $407,869 $623,805 $27,363 22.80:1

Individual Homeowner 222-671-12-00 6346 PASEO DESCANSO $243,000 $301,000 $544,000 $23,755 22.90:1

Individual Homeowner 222-671-13-00 6350 PASEO DESCANSO $323,000 $285,000 $608,000 $25,559 23.79:1

H-53

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-671-14-00 6354 PASEO DESCANSO $215,936 $316,708 $532,644 $25,559 20.84:1

Individual Homeowner 222-671-15-00 6355 PASEO DESCANSO $263,921 $395,546 $659,467 $27,363 24.10:1

Individual Homeowner 222-671-16-00 6351 PASEO DESCANSO $290,000 $460,000 $750,000 $27,363 27.41:1

Individual Homeowner 222-672-01-00 6358 PASEO DESCANSO $289,802 $403,797 $693,599 $25,559 27.14:1

Individual Homeowner 222-672-02-00 6362 PASEO DESCANSO $215,936 $275,904 $491,840 $23,755 20.70:1

Individual Homeowner 222-672-03-00 6366 PASEO DESCANSO $358,000 $397,000 $755,000 $27,363 27.59:1

Individual Homeowner 222-672-04-00 6370 PASEO DESCANSO $211,702 $425,491 $637,193 $25,559 24.93:1

Individual Homeowner 222-672-05-00 6374 PASEO DESCANSO $209,938 $371,980 $581,918 $25,559 22.77:1

Individual Homeowner 222-672-06-00 6452 PASEO CERRO $239,930 $459,902 $699,832 $25,559 27.38:1

Individual Homeowner 222-672-07-00 6456 PASEO CERRO $246,986 $533,758 $780,744 $27,363 28.53:1

Individual Homeowner 222-672-08-00 6460 PASEO CERRO $239,930 $409,908 $649,838 $25,559 25.42:1

Individual Homeowner 222-672-09-00 6464 PASEO CERRO $215,936 $327,409 $543,345 $23,755 22.87:1

Individual Homeowner 222-672-10-00 6468 PASEO CERRO $406,525 $406,525 $813,050 $27,363 29.71:1

Individual Homeowner 222-672-11-00 3113 RANCHO MONTANA $192,176 $350,444 $542,620 $25,991 20.88:1

Individual Homeowner 222-672-12-00 3109 RANCHO MONTANA $199,939 $336,374 $536,313 $24,140 22.22:1

Individual Homeowner 222-672-13-00 3105 RANCHO MONTANA $270,510 $461,975 $732,485 $25,991 28.18:1

Individual Homeowner 222-672-14-00 3100 RANCHO MONTANA $316,145 $615,011 $931,156 $27,842 33.44:1

Individual Homeowner 222-672-15-00 3104 RANCHO MONTANA $303,000 $447,000 $750,000 $25,991 28.86:1

Individual Homeowner 222-672-16-00 3108 RANCHO MONTANA $260,006 $588,857 $848,863 $27,842 30.49:1

Individual Homeowner 222-672-17-00 3112 RANCHO MONTANA $337,000 $395,000 $732,000 $25,991 28.16:1

Individual Homeowner 222-672-18-00 6378 PASEO DESCANSO $156,895 $211,932 $368,827 $25,991 14.19:1

Individual Homeowner 222-672-19-00 6382 PASEO DESCANSO $235,225 $441,319 $676,544 $25,991 26.03:1

Individual Homeowner 222-672-20-00 6386 PASEO DESCANSO $369,096 $287,070 $656,166 $23,755 27.62:1

Individual Homeowner 222-672-21-00 6390 PASEO DESCANSO $316,528 $606,270 $922,798 $27,363 33.72:1

Individual Homeowner 222-672-22-00 6393 PASEO DESCANSO $409,000 $315,000 $724,000 $25,559 28.33:1

Individual Homeowner 222-672-23-00 6389 PASEO DESCANSO $288,000 $412,000 $700,000 $25,559 27.39:1

Individual Homeowner 222-672-24-00 6385 PASEO DESCANSO $235,225 $388,125 $623,350 $25,991 23.98:1

Individual Homeowner 222-672-25-00 6359 PASEO DESCANSO $215,936 $281,905 $497,841 $23,755 20.96:1

H-54

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-673-01-00 6495 PASEO CERRO $293,921 $440,882 $734,803 $27,842 26.39:1

Individual Homeowner 222-673-02-00 6491 PASEO CERRO $313,726 $481,873 $795,599 $25,991 30.61:1

Individual Homeowner 222-673-03-00 6487 PASEO CERRO $314,000 $392,000 $706,000 $25,991 27.16:1

Individual Homeowner 222-673-04-00 6483 PASEO CERRO $282,617 $305,225 $587,842 $24,140 24.35:1

Individual Homeowner 222-673-05-00 6479 PASEO CERRO $306,000 $498,780 $804,780 $27,842 28.91:1

Individual Homeowner 222-673-06-00 6475 PASEO CERRO $305,794 $489,692 $795,486 $25,991 30.61:1

Individual Homeowner 222-673-07-00 6471 PASEO CERRO $260,006 $556,585 $816,591 $27,842 29.33:1

Individual Homeowner 222-674-01-00 6367 PASEO CERRO $179,947 $409,081 $589,028 $25,559 23.05:1

Individual Homeowner 222-674-02-00 6363 PASEO CERRO $287,824 $422,484 $710,308 $25,559 27.79:1

Individual Homeowner 222-674-03-00 6359 PASEO CERRO $179,947 $334,021 $513,968 $23,755 21.64:1

Individual Homeowner 222-674-04-00 6355 PASEO CERRO $299,914 $561,059 $860,973 $27,363 31.46:1

Individual Homeowner 222-674-05-00 6351 PASEO CERRO $239,930 $488,140 $728,070 $25,559 28.49:1

Individual Homeowner 222-674-06-00 6347 PASEO CERRO $370,000 $460,000 $830,000 $27,363 30.33:1

Individual Homeowner 222-674-07-00 6343 PASEO CERRO $299,914 $375,632 $675,546 $25,559 26.43:1

Individual Homeowner 222-674-08-00 6339 PASEO CERRO $245,585 $540,287 $785,872 $27,363 28.72:1

Individual Homeowner 222-674-09-00 6335 PASEO CERRO $175,766 $410,126 $585,892 $23,755 24.66:1

Individual Homeowner 222-674-10-00 6331 PASEO CERRO $467,000 $472,000 $939,000 $27,363 34.32:1

Individual Homeowner 222-674-11-00 6328 PASEO CERRO $362,812 $407,082 $769,894 $25,559 30.12:1

Individual Homeowner 222-674-12-00 6332 PASEO CERRO $239,930 $403,366 $643,296 $25,559 25.17:1

Individual Homeowner 222-674-13-00 6336 PASEO CERRO $239,930 $411,482 $651,412 $25,559 25.49:1

Individual Homeowner 222-674-14-00 6340 PASEO CERRO $242,239 $544,645 $786,884 $27,363 28.76:1

Individual Homeowner 222-674-15-00 6344 PASEO CERRO $215,936 $382,689 $598,625 $25,559 23.42:1

Individual Homeowner 222-674-16-00 6348 PASEO CERRO $93,872 $159,150 $253,022 $25,559 9.90:1

Individual Homeowner 222-674-17-00 6352 PASEO CERRO $275,000 $320,000 $595,000 $23,755 25.05:1

Individual Homeowner 222-674-18-00 6356 PASEO CERRO $179,947 $408,064 $588,011 $25,559 23.01:1

Individual Homeowner 222-674-19-00 6360 PASEO CERRO $179,947 $382,689 $562,636 $25,559 22.01:1

Individual Homeowner 222-680-01-00 6290 PASEO CALLADO $275,000 $500,000 $775,000 $25,559 30.32:1

Individual Homeowner 222-680-02-00 6286 PASEO CALLADO $272,569 $373,517 $646,086 $25,559 25.28:1

H-55

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-680-03-00 6282 PASEO CALLADO $345,000 $315,000 $660,000 $25,559 25.82:1

Individual Homeowner 222-680-04-00 6278 PASEO CALLADO $263,921 $434,764 $698,685 $25,559 27.34:1

Individual Homeowner 222-680-06-00 6263 PASEO CALLADO $416,160 $338,025 $754,185 $25,559 29.51:1

Individual Homeowner 222-680-07-00 6267 PASEO CALLADO $239,930 $405,304 $645,234 $25,559 25.24:1

Individual Homeowner 222-680-08-00 6271 PASEO CALLADO $239,930 $463,968 $703,898 $25,559 27.54:1

Individual Homeowner 222-680-09-00 6275 PASEO CALLADO $363,120 $321,300 $684,420 $25,559 26.78:1

Individual Homeowner 222-680-10-00 6279 PASEO CALLADO $278,000 $447,000 $725,000 $25,559 28.37:1

Individual Homeowner 222-680-11-00 6293 PASEO PRIVADO $234,090 $571,200 $805,290 $25,199 31.96:1

Individual Homeowner 222-680-12-00 6289 PASEO PRIVADO $297,000 $345,000 $642,000 $25,199 25.48:1

Individual Homeowner 222-680-13-00 6285 PASEO PRIVADO $311,911 $442,673 $754,584 $25,199 29.95:1

Individual Homeowner 222-680-14-00 6281 PASEO PRIVADO $398,741 $386,658 $785,399 $25,199 31.17:1

Individual Homeowner 222-680-15-00 6277 PASEO PRIVADO $219,000 $419,000 $638,000 $25,559 24.96:1

Individual Homeowner 222-680-16-00 6273 PASEO PRIVADO $220,254 $380,553 $600,807 $25,199 23.84:1

Individual Homeowner 222-680-17-00 6269 PASEO PRIVADO $408,000 $295,800 $703,800 $25,199 27.93:1

Individual Homeowner 222-680-18-00 6265 PASEO PRIVADO $208,017 $391,500 $599,517 $25,199 23.79:1

Individual Homeowner 222-680-19-00 6261 PASEO PRIVADO $208,017 $369,540 $577,557 $25,199 22.92:1

Individual Homeowner 222-680-20-00 6257 PASEO PRIVADO $188,261 $308,626 $496,887 $25,199 19.72:1

Individual Homeowner 222-680-21-00 6253 PASEO PRIVADO $81,016 $146,517 $227,533 $25,199 9.03:1

Individual Homeowner 222-680-22-00 6249 PASEO PRIVADO $400,000 $400,000 $800,000 $25,199 31.75:1

Individual Homeowner 222-680-23-00 6245 PASEO PRIVADO $239,930 $508,657 $748,587 $25,199 29.71:1

Individual Homeowner 222-680-25-00 6259 PASEO CALLADO $359,897 $637,955 $997,852 $25,559 39.04:1

Individual Homeowner 222-681-01-00 6241 PASEO PRIVADO $57,018 $131,879 $188,897 $25,199 7.50:1

Individual Homeowner 222-681-02-00 6237 PASEO PRIVADO $264,537 $511,963 $776,500 $25,199 30.82:1

Individual Homeowner 222-681-03-00 6233 PASEO PRIVADO $208,017 $446,828 $654,845 $25,199 25.99:1

Individual Homeowner 222-681-04-00 6229 PASEO PRIVADO $208,017 $362,749 $570,766 $25,199 22.65:1

Individual Homeowner 222-681-05-00 6225 PASEO PRIVADO $235,480 $552,520 $788,000 $25,199 31.27:1

Individual Homeowner 222-681-06-00 6221 PASEO PRIVADO $250,978 $443,397 $694,375 $25,199 27.56:1

Individual Homeowner 222-681-07-00 6217 PASEO PRIVADO $220,254 $449,719 $669,973 $25,199 26.59:1

H-56

CFD No. 5 Parcel Listing (Assessed Value and Value-to-Lien)

Owner APN Site Address

Assessed Value Land Secured

Debt Value-to-Lien Land Improvement Total

Individual Homeowner 222-681-08-00 6213 PASEO PRIVADO $310,000 $416,000 $726,000 $25,199 28.81:1

Individual Homeowner 222-681-09-00 6209 PASEO PRIVADO $215,936 $412,175 $628,111 $25,199 24.93:1

Individual Homeowner 222-681-10-00 6205 PASEO PRIVADO $227,131 $377,551 $604,682 $25,199 24.00:1

Individual Homeowner 222-681-11-00 6201 PASEO PRIVADO $375,000 $350,000 $725,000 $25,199 28.77:1

Individual Homeowner 222-681-12-00 6197 PASEO PRIVADO $32,830 $100,527 $133,357 $25,199 5.29:1

Individual Homeowner 222-681-13-00 6193 PASEO PRIVADO $239,930 $526,934 $766,864 $25,199 30.43:1

Individual Homeowner 222-681-14-00 6189 PASEO PRIVADO $260,006 $437,492 $697,498 $25,199 27.68:1

Individual Homeowner 222-681-15-00 6185 PASEO PRIVADO $250,761 $418,358 $669,119 $25,199 26.55:1

Individual Homeowner 222-681-16-00 6181 PASEO PRIVADO $300,000 $405,000 $705,000 $25,199 27.98:1

Subtotal Individual Homeowners $324,833,765 $423,253,261 $748,087,026 $29,547,799 25.32:1

Commercial Property 222-601-06-00 6270 FLYING LEO CARRILLO LN $400,000 $1,240,000 $1,640,000 $92,857 17.66:1

Apartment Community [4] 221-830-03-00 6001-49 PASEO ACAMPO $4,618,106 $6,864,757 $11,482,863 $1,297,815 8.85:1

Total $329,851,871 $431,358,018 $761,209,889 $30,938,470 24.60:1

[1] The parcels shown here reflect Developed Property owned by individual homeowners.

[2] Source: 2013 County Assessor's Roll.

[3] See "Direct and Overlapping Debt" for a description of the overlapping liens used to calculate the value-to-lien; the overlapping liens include the Bonds but excludes general obligation bonded indebtedness.

[4] Represents 116-unit apartment community.