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Neither the Faith and Credit Nor the Taxing Power of The NEW ISSUE — BOOK-ENTRY-ONLY NO RATING In the opinion of Quint & Thimmig LLP, San Francisco, California, Bond Counsel, subject, however, to certain qualifications described in this Official Statement, under existing law, interest on the 2010 Bonds (i) is excludable from gross income of the owners thereof for federal income tax purposes, (ii) is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, and (iii) is not taken into account in computing adjusted current earnings, which is used as an adjustment in determining the federal alternative minimum tax for certain corporations. In addition, in the opinion of Bond Counsel, interest on the 2010 Bonds is exempt from personal income taxation imposed by the State of California. See “TAX MATTERS” herein. $12,670,000 TEJON RANCH PUBLIC FACILITIES FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 2008-1 (TEJON INDUSTRIAL COMPLEX PUBLIC IMPROVEMENTS — EAST) SPECIAL TAX BONDS, SERIES 2010-A Dated: Date of Delivery Due: September 1, as shown on inside cover page The $12,670,000 Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2008-1 (Tejon Industrial Complex Public Improvements — East) Special Tax Bonds, Series 2010-A (the “2010 Bonds”) are being issued by the Tejon Ranch Public Facilities Financing Authority (the “Authority”) on behalf of the Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2008-1 (Tejon Industrial Complex Public Improvements — East) (the “District”). The Authority is a joint powers authority formed by the County of Kern (the “County”) and the Tejon-Castac Water District (the “Water District”). The District is located in an unincorporated area of the County, approximately 83 miles north of downtown Los Angeles and is adjacent to Interstate 5. The 2010 Bonds are being issued to provide financing for various public improvements in connection with the development of property located within the District, to fund a deposit to the Reserve Fund established under the Fiscal Agent Agreement described below, to fund capitalized interest on the 2010 Bonds to September 1, 2010 and to pay costs of issuance of and administrative expenses related to the 2010 Bonds. The 2010 Bonds are authorized to be issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (Sections 53311 et seq. of the Government Code of the State of California), and are being issued pursuant to a Fiscal Agent Agreement, dated as of August 1, 2010 (the “Fiscal Agent Agreement”), by and between the Authority for and on behalf of the District and The Bank of New York Mellon Trust Company, N.A., as fiscal agent (the “Fiscal Agent”). The 2010 Bonds are limited obligations of the Authority and are payable solely from a pledge and lien upon certain Special Taxes Revenues (as defined herein) and from certain other funds pledged under the Fiscal Agent Agreement, all as further described herein. See “SOURCES OF PAYMENT FOR THE 2010 BONDS” herein. The 2010 Bonds are issuable in fully registered form and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases may be made in principal amounts of $5,000 and integral multiples thereof and will be in book-entry form only. Purchasers of 2010 Bonds will not receive certificates representing their beneficial ownership of the 2010 Bonds but will receive credit balances on the books of their respective nominees. Interest on the 2010 Bonds will be payable on September 1, 2010 and semiannually thereafter on each March 1 and September 1. Principal of, premium, if any, and interest on the 2010 Bonds will be paid by the Fiscal Agent to DTC for subsequent disbursement to DTC Participants who are obligated to remit such payments to the beneficial owners of the 2010 Bonds. See “THE 2010 BONDS — Description of the 2010 Bonds” and APPENDIX H — “BOOK-ENTRY SYSTEM.” Neither the faith and credit nor the taxing power of the Authority, the County, the Water District, the State of California or any political subdivision thereof is pledged to the payment of the 2010 Bonds. Except for the Special Taxes, no other taxes are pledged to the payment of the 2010 Bonds. The 2010 Bonds are not obligations of the County or the Water District or general obligations of the Authority, but are limited obligations of the Authority issued by the Authority for the District payable solely from Special Taxes and certain amounts held under the Fiscal Agent Agreement as more fully described herein. The 2010 Bonds are subject to optional redemption, mandatory sinking fund redemption and special mandatory redemption from Special Tax prepayments prior to maturity as set forth herein. See “THE 2010 BONDS — Redemption” herein. THE PURCHASE OF THE 2010 BONDS INVOLVES CERTAIN RISKS AND THE 2010 BONDS ARE NOT SUITABLE INVESTMENTS FOR ALLTYPES OF INVESTORS. SEE THE SECTION OF THIS OFFICIAL STATEMENT ENTITLED “SPECIAL RISK FACTORS” FOR A DISCUSSION OF CERTAIN RISK FACTORS THAT SHOULD BE CONSIDERED, IN ADDITION TO THE OTHER MATTERS SET FORTH HEREIN, IN EVALUATING THE INVESTMENT QUALITY OF THE 2010 BONDS. THE 2010 BONDS ARE NOT RATED BY ANY RATING AGENCY. This cover page contains certain information for general reference only. It is not a summary of this issue. Investors are advised to read the entire Official Statement to obtain information essential to the making of an informed investment decision with respect to the 2010 Bonds. MATURITY SCHEDULE (See Inside Cover Page) The 2010 Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Quint & Thimmig LLP, San Francisco, California, Bond Counsel, and subject to certain other conditions. Certain legal matters will be passed on for the Authority by its counsel, the Law Offices of Young Wooldridge, LLP, Bakersfield, California. Certain legal matters will be passed on by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, as Disclosure Counsel to the Authority, by Goodwin Procter LLP, Los Angeles, California, as counsel to Tejon Ranchcorp and its related entities owning land in the District, and by Nossaman LLP, Irvine, California, as counsel to the Underwriter. It is anticipated that the 2010 Bonds in book- entry form will be available for delivery to DTC in New York, New York, on or about August 10, 2010. STONE &YOUNGBERG Dated: July 22, 2010 TEJON RANCH PUBLIC FACILITIES FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 2008-1 (TEJON INDUSTRIAL COMPLEX PUBLIC IMPROVEMENTS — EAST) SPECIAL TAX BONDS, SERIES 2010-A MATURITY SCHEDULE Maturity Date Principal (September 1) Amount Rate Price CUSIP† 2014 $ 5,000 4.375% 100 879083 BV4 2015 25,000 4.750 100 879083 BW2 2016 45,000 5.125 100 879083 BX0 2017 65,000 5.375 100 879083 BY8 2018 90,000 5.625 100 879083 BZ5 2019 115,000 5.875 100 879083 CA9 2020 140,000 6.000 100 879083 CB7 $1,195,000 6.625% Term Bonds due September 1, 2025 Price: 100 CUSIP No.† 879083 CG6 $2,310,000 7.125% Term Bonds due September 1, 2030 Price: 100 CUSIP No.† 879083 CH4 $8,680,000 7.375% Term Bonds due September 1, 2040 Price: 100 CUSIP No.† 879083 CJ0 † Copyright 2010, American Bankers Association. CUSIP data herein is provided by Standard and Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service. Neither the Authority, the District nor the Underwriter make any representations as to the accuracy of CUSIP data herein. TEJON RANCH PUBLIC FACILITIES FINANCING AUTHORITY COUNTY OF KERN STATE OF CALIFORNIA BOARD OF DIRECTORS OF THE AUTHORITY Jeff Frapwell, Chairman Brent Dezember Charles Lackey Don Maben Joe Drew AUTHORITY OFFICERS Brent Dezember, Executive Director Allen E. Lyda, Treasurer Ernest Conant, Secretary BOND COUNSEL Quint & Thimmig LLP San Francisco, California SPECIAL TAX ADMINISTRATOR DISCLOSURE COUNSEL David Taussig & Associates, Inc. Stradling Yocca Carlson & Rauth Newport Beach, California a Professional Corporation Newport Beach, California AUTHORITY COUNSEL REAL ESTATE APPRAISER Law Offices of Young Wooldridge, LLP Bruce W. Hull & Associates, Inc. Bakersfield, California Ventura, California FISCAL AGENT The Bank of New York Mellon Trust Company, N.A. Los Angeles, California No dealer, broker, salesperson or other person has been authorized by the Authority, the District, the Fiscal Agent or the Underwriter to give any information or to make any representations in connection with the offer or sale of the 2010 Bonds other than those contained herein and, if given or made, such other information or representations must not be relied upon as having been authorized by the Authority, the District, the Fiscal Agent 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 2010 Bonds by a 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 or Owners of the 2010 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. This Official Statement, including any supplement or amendment hereto, is intended to be deposited with a nationally recognized municipal securities depository. 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.
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