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Preliminary Official Statement Dated May __, 2020

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Preliminary Official Statement Dated May __, 2020 Revised Draft Dated June 12, 2020 PRELIMINARY OFFICIAL STATEMENT DATED MAY __, 2020 NEW ISSUE NOT RATED In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications described herein, under existing law, the interest on the 2020 Bonds is excluded from gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal alternative minimum tax. In the further opinion of Bond Counsel, such interest is exempt from California personal income taxes. See “LEGAL MATTERS – Tax Exemption.” $[Principal Amount] * COMMUNITY FACILITIES DISTRICT NO. 2016-1 OF THE MENIFEE UNION SCHOOL DISTRICT IMPROVEMENT AREA B 2020 SPECIAL TAX BONDS Dated: Date of Delivery Due: September 1, as shown on inside cover. Authority for Issuance. The bonds captioned above (the “2020 Bonds”) are being issued under the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”), the Resolution of Issuance (as defined herein), and a Fiscal Agent Agreement, dated as of [Closing Month] 1, 2020 (the “Fiscal Agent Agreement”), by and between Community Facilities District No. 2016-1 of the Menifee Union School District (the “Community Facilities District”), and Zions Bancorporation, National Association, as fiscal agent (the “Fiscal Agent”). The Governing Board (the “Board”) of the Menifee Union School District (the “School District”), acting as the legislative body of the Community Facilities District, and the eligible landowner voters in Improvement Area B (“Improvement Area B”) of the Community Facilities District, have authorized the issuance of bonds with respect to Improvement Area B in an aggregate principal amount not to exceed $7,500,000. See “THE 2020 BONDS – Authority for Issuance.” The Community Facilities District may issue parity bonds payable from Special Taxes levied in Improvement Area B to finance facilities and to refund previously issued (“Parity Bonds,” and together with the 2020 Bonds, “Bonds”). See “THE 2020 BONDS – Parity Bonds.” Security and Sources of Payment. The 2020 Bonds are payable from proceeds of Net Special Taxes (as defined herein) levied on taxable property rcumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of of a solicitation or to sell an offer constitute Statement Official Preliminary this shall rcumstances ci within Improvement Area B of the Community Facilities District according to the rate and method of apportionment of special tax approved by the Board and the eligible landowner voters in the Community Facilities District with respect to Improvement Area B. The 2020 Bonds are secured by a first pledge of the revenues derived from the Net Special Taxes and the moneys on deposit in certain funds held by the Fiscal Agent under the Fiscal Agent Agreement. See “SECURITY FOR THE 2020 BONDS.” Use of Proceeds. The 2020 Bonds are being issued (i) to acquire and construct certain school facilities to be owned and operated by the School District and certain facilities to be owned and operated by Eastern Municipal Water District (“EMWD”) (collectively, the “Project”); (ii) to make a deposit to the reserve fund for the 2020 Bonds; (iii) to pay a portion of capitalized interest through March 1, 2021; and (iv) to pay certain costs of issuing the 2020 Bonds. See “FINANCING PLAN.” Bond Terms. Interest on the 2020 Bonds is payable semiannually on each March 1 and September 1, commencing September 1, 2020. The 2020 Bonds will be issued in denominations of $5,000 or integral multiples of $5,000. The 2020 Bonds, when delivered, will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”). DTC will act as securities depository for the 2020 Bonds. See “THE 2020 BONDS – General Bond Terms” and APPENDIX E – “DTC AND THE BOOK-ENTRY ONLY SYSTEM.” Redemption. The 2020 Bonds are subject to optional redemption, mandatory sinking fund redemption before maturity, and special mandatory redemption from prepaid Special Taxes. See “THE 2020 BONDS - Redemption.” THE 2020 BONDS, THE INTEREST THEREON, AND ANY PREMIUMS PAYABLE ON THE REDEMPTION OF ANY OF THE 2020 BONDS, ARE NOT AN INDEBTEDNESS OF THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICT (EXCEPT TO THE LIMITED EXTENT DESCRIBED IN THIS OFFICIAL STATEMENT), THE STATE OF CALIFORNIA (THE “STATE”) OR ANY OF ITS POLITICAL SUBDIVISIONS, AND NEITHER THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICT (EXCEPT TO THE LIMITED EXTENT DESCRIBED IN THIS OFFICIAL STATEMENT), THE STATE NOR ANY OF ITS POLITICAL SUBDIVISIONS IS LIABLE ON THE 2020 BONDS. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICT (EXCEPT TO THE LIMITED EXTENT DESCRIBED IN THIS OFFICIAL STATEMENT) OR THE STATE OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE 2020 BONDS. OTHER THAN THE NET SPECIAL TAXES, NO TAXES ARE PLEDGED TO THE PAYMENT OF THE 2020 BONDS. THE 2020 BONDS ARE NOT A GENERAL OBLIGATION OF THE COMMUNITY FACILITIES DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE COMMUNITY FACILITIES DISTRICT PAYABLE SOLELY FROM THE NET SPECIAL TAXES AS MORE FULLY DESCRIBED IN THIS OFFICIAL STATEMENT. MATURITY SCHEDULE (see inside cover) * Preliminary, subject to change. eliminary Official Statement and the information contained herein are subject to completion or amendment. Under no Under amendment. or completion to subject are herein contained information and the Statement Official eliminary Board Meeting Date: 06-23-2020 Page 1 of 150 an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. unlawful. be would orsale solicitation offer, which such in any jurisdiction in securities these of be any sale there nor shall buy to an offer This Pr This cover page contains certain information for quick reference only. It is not a summary of the issue. Potential investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Investment in the 2020 Bonds involves risks which may not be appropriate for some investors. See “BOND OWNERS’ RISKS” for a discussion of special risk factors that should be considered in evaluating the investment quality of the 2020 Bonds. The 2020 Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, and subject to certain other conditions. Certain legal matters will be passed upon for the Community Facilities District by James F. Anderson Law Firm, A Professional Corporation, Laguna Hills, California, as disclosure counsel, and by Fagan, Friedman & Fulfrost LLP, Carlsbad, California, general counsel to the School District. Kutak Rock LLP, Irvine, California, is serving as counsel to the Underwriter. It is anticipated that the 2020 Bonds, in book-entry form, will be available for delivery on or about [__________, 2020. The date of this Official Statement is [__________, 2020. Board Meeting Date: 06-23-2020 Page 2 of 150 $[Principal Amount] * COMMUNITY FACILITIES DISTRICT NO. 2016-1 OF THE MENIFEE UNION SCHOOL DISTRICT IMPROVEMENT AREA B 2020 SPECIAL TAX BONDS MATURITY SCHEDULE $[___________ Serial Bonds (Base CUSIP†: 586810) Maturity Principal Interest (September 1) Amount Rate Yield Price CUSIP† No. 2024 $ % % % 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 20__ $__________ ______% Term Bond due September 1, 20__, Yield: _____%, Price _____% CUSIP† No. 586810 [___ $__________ ______% Term Bond due September 1, 20__, Yield: _____%, Price _____% CUSIP† No. 586810 [___ † CUSIP® is a registered trademark of the American Bankers Association. CUSIP® data is provided by CUSIP Global Services (“CGS”) which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. CUSIP® data is not intended to create a database and does not serve in any way as a substitute for the CGS database. The Community Facilities District, the School District and the Underwriter are not responsible for the selection, correctness or uses of the CUSIP® numbers, and no representation is made as to their correctness on the 2020 Bonds or as set forth herein. CUSIP® numbers have been assigned by an independent company not affiliated with the Community Facilities District, School District or the Underwriter and CUSIP® numbers are provided for convenience of reference only. The CUSIP number for a specific maturity is subject to being changed after the execution and delivery of the 2020 Bonds as a result of various subsequent actions, including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the 2020 Bonds. * Preliminary, subject to change. Board Meeting Date: 06-23-2020 Page 3 of 150 GENERAL INFORMATION ABOUT THIS OFFICIAL STATEMENT No Offering May Be Made Except by this Official Statement. No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations with respect to the 2020 Bonds other than as contained in this Official Statement, and if given or made, such other information or representation must not be relied upon as having been authorized. No Unlawful Offers or Solicitations. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy in any state in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Effective Date. This Official Statement speaks only as of its date, and the information and expressions of opinion contained in this Official Statement are subject to change without notice.
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