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Errata Sheet Official Statement Dated April 4, 2002

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Errata Sheet Official Statement Dated April 4, 2002 ERRATA SHEET OFFICIAL STATEMENT DATED APRIL 4, 2002 $28,280,000 CULVER CITY REDEVELOPMENT AGENCY Tax Allocation Bonds, 2002 Series A (Culver City Redevelopment Project) PLEASE BE ADVISED that the above-referenced Official Statement is hereby supplemented and amended to make the following changes: Page 10: SECURITY FOR THE BONDS -Issuance of Additional Bonds. Subsection (1) of this section is restated to read as follows: (l)(i) actual Tax Revenues (excluding any unsubordinated payments to taxing agencies pursuant to the Redevelopment Law) based upon the assessed valuation of taxable property in the Project Area as shown on the most recently equalized assessment roll preceding the date of the Agency's adoption of the Supplemental Indenture providing for the issuance of such Additional Bonds plus, at the option of the Agency, the Additional Allowance must be in an amount equal to at least 125% of Combined Maximum Annual Debt Service following the issuance of such Additional Bonds, as evidenced by a Consultant's Report; and (ii) projected annual Tax Revenues over the term of the Bonds must be in an amount equal to at least 125% of Combined Annual Debt Service following the issuance of such Additional Bonds, as evidenced by a Consultant's Report. For purposes of subsection (i) above, the amount of Tax Revenues will be the amount received in the most recent Fiscal Year (which may be the current Fiscal Year) for which records are available from the County; provided that the requirements of this sentence are not a condition precedent to the issuance of the 2002 Bonds. Appendix A. Page A-13: DEFINITIONS -Tax Revenues. The definition of Tax Revenues is restated to read as follows: The term "Tax Revenues" means, for each Bond Year, the taxes (including all payments, reimbursements and subventions, if any, specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate limitations) eligible for allocation to the Agency pursuant to the Law in connection with the Project Area (excluding (a) amounts, if any, received by the Agency pursuant to Section 16111 of the Government Code and (b) amounts required to be used to comply with the terms of the 1989 Loan Agreements and the 1993 Loan Agreements). "Tax Revenues" include amounts deposited by the Agency in the Housing Fund pursuant to Section 33334.2 or Section 33334.6 of the Law, as provided in the Redevelopment Plan, but only to the extent such amounts are used to pay principal or interest or other financing charges with respect to bonds or other obligations issued to increase, improve or preserve the supply of low and moderate income housing within or of benefit to the Project Area. However, for purposes of the test for issuing Additional Bonds under this Indenture, the term "Tax Revenues" will include amounts required to be used to comply with the terms of the 1989 Loan Agreements and the 1993 Loan Agreements. Appendix A. Page A-14: ISSUANCE OF ADDITIONAL BONDS - Conditions for the Issuance of Additional Bonds. Subsection (c) of this section is restated to read as follows: (c)(i) Actual Tax Revenues (excluding any unsubordinated payments to taxing agencies pursuant to the Law) based upon the assessed valuation of taxable property in the Project Area as shown on the most recently equalized assessment roll preceding the date of the Agency's adoption of the Supplemental Indenture providing for the issuance of such Additional Bonds plus, at the option of the Agency, the Additional Allowance shall be in an amount equal to at least one hundred twenty-five percent (125%) of Combined Maximum Annual Debt Service following the issuance of such Additional Bonds, as evidenced by a Consultant's Report; and (ii) projected annual Tax Revenues over the term of the Bonds shall be in an amount equal to at least one hundred twenty-five percent (125%) of Combined Annual Debt Service following the issuance of such Additional Bonds, as evidenced by a Consultant's Report. For purposes of subsection (c)(i) above, the amount of Tax Revenues will be the amount received in the most recent Fiscal Year (which may be the current Fiscal Year) for which records are available from the County; provided that the requirements of this sentence shall not be a condition precedent to the issuance of the Series 2002 Bonds. The date of this Errata Sheet is April 30, 2002. 2 NEW ISSUE - FULL BOOK ENTRY Ratings: S&P: "AAA" Fitch: "AAA" (MBIA- Insured) (See "OTHER MATTERS- Ratings") In the opinion of Richards, Watson & Gershon, A Professional Corporation, Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming certain representations and compliance with certain covenants and requirements described herein, interest on the 2002 Bonds is excluded from gross income for federal income tax purposes and is not a specific item of tax preference for the purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest on the 2002 Bonds is exempt from State of California personal income taxes. See "OTHER MATTERS - Tax Matiers." $28,280,000 CULVER CITY REDEVELOPMENT AGENCY Tax Allocation Bonds, 2002 Series A (Culver City Redevelopment Project) Dated: Date of Delivery Due: November I, as shown below The Culver City Redevelopment Agency (the "Agency") is issuing the bonds captioned above (the "2002 Bonds") pursuant to an Indenture dated as of October I, 1999, as amended by a First Supplemental Indenture dated as of April I, 2002 (collectively, the "Indenture") between the Agency and U.S. Bank, N.A. (the "Trustee"). Proceeds of the 2002 Bonds will be used to (i) fund certain redevelopment activities of benefit to the Agency's Culver City Redevelopment Project (the "Project Area"); (ii) fund a debt service reserve account for the 2002 Bonds; and (iii) pay the costs of issuing the 2002 Bonds. See "FINANCING PLAN." The 2002 Bonds will be delivered as fully registered bonds, registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York ("DTC"), and will be available to ultimate purchasers ("Beneficial Owners") , under the book-entry system maintained by OTC. Beneficial Owners will not be entitled to receive delivery of certificates representing their ownership interest in the Bonds. The principal of, premium if any, and semiannual interest on the 2002 Bonds will be payable by the Trustee to DTC for subsequent disbursement to DTC Participants, so long as DTC or its nominee remains the registered owner of the Bonds. See "APPENDIX F - Book Entry-Only System." Interest on the 2002 Bonds is due May I and November I of each year, commencing November I, 2002. The 2002 Bonds will be issued in denominations of $5,000 or any integral multiple of $5,000. See "THE BONDS - Description." The Bonds are subject to optional and mandatory redemption. See "THE BONDS - Redemption." The Agency has previously issued tax allocation bonds secured on a senior basis to the 2002 Bonds and tax allocation bonds secured on a parity basis with the 2002 Bonds. See ''SECURITY FOR THE BONDS - Outstanding Debt of the Agency." The 2002 Bonds and any parity bonds are special obligations of the Agency, payable exclusively from Tax Revenues (generally consisting of tax increment revenues to be derived from the Project Area, less amounts needed to make loan payments on certain outstanding senior loans of the Agency), and from amounts on deposit in certain funds and accounts established pursuant to the Indenture. See "SECURITY FOR THE BONDS." The receipt of Tax Revenues (and availability of Surplus Tax Revenues) is subject to certain risks and limitations. See "RISK FACTORS" and "LIMIT ATIO NS ON TAX REVENUES AND POSSIBLE SPENDING LIMITATIONS." The scheduled payment of principal of and interest on the 2002 Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the 2002 Bonds by MBIA Insurance Corporation. MBIA THE 2002 BONDS ARE NOT A DEBT OF THE CITY, THE STATE OF CALIFORNIA, OR ANY OF THEIR POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY, AND NEITHER THE CITY, THE STATE NOR ANY OF THEIR POLITICAL SUBDIVISIONS, OTHER THAN THE AGENCY, IS LIABLE THEREFOR. THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE 2002 BONDS ARE PAYABLE SOLELY FROM TAX REVENUES AND SURPLUS TAX REVENUES ALLOCATED TO THE AGENCY FROM THE PROJECT AREA AND AMOUNTS IN CERTAIN FUNDS AND ACCOUNTS HELD UNDER THE INDENTURES. NEITHER THE OFFICERS OF THE AGENCY OR THE CITY, NOR ANY PERSONS EXECUTING THE 2002 BONDS ARE LIABLE PERSONALLY ON THE 2002 BONDS BY REASON OF THEIR ISSUANCE. This cover page contains certain information for quick reference only. It is not intended to be a summary of all factors relating to an investment in the 2002 Bonds. Investors should review the entire OfficialStatement before making any investment decision. MATURITY SCHEDULES (See inside front cover) The 2002 Bonds are offered when. as and ifissued and accepred by the Underwriter, subject to approval as to legality by Richards. Watson & Gershon. A Professional Corporation. Los Angeles, California, Bond Counsel, and subject to certain other conditions. Certain legal matters H·ill be passed 011 for rhe Agency by Kane Ballmer & Berkman, Los Angeles, California. Jones Hall. A Professional Law Corporarion. San Francisco, California, is acring as Underwriter's Counsel. It is anticipated that the 2002 Bonds, in book entry form, 11·il! be amilable for delivery ro DTC in New York, New York on or about April 25, 2002.
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