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Stone & Youngberg OFFICIAL STATEMENT NEW ISSUE NO RATING In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, interest on the Bonds is exempt from State of California personal income taxes, is excluded from gross income for purposesof income taxation by the United States of America, and is not an item of tax preference for purposes of the alternative min,imum tax imposed by the United States on individuals and corporations, subject to certain qual�fications more particularly described under the heading "TAX EXEMPTION" herein. STATE OF CALIFORNIA COUNTY OF RIVERSIDE $12,815,000 COMMUNITY FACILITIES DISTRICT NO. 89-1 (REDHAWK) OF THE TEMECULA VALLEY UNIFIED SCHOOL DISTRICT SPECIAL TAX BONDS, SERIES 1990 Dated: December 15, 1990 Due: September l, as shown The Bonds are being issued to finance the construction and acquisition of certainschool, day care and reclaimed water facilities and other public improvements as further described herein to serve property located within Community Facilities District No. 89-1 (Redhawk) of the Temecula Valley Unified School District (the "District"), located in the County of Riverside, State of California. The 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 a resolution adopted by the GoverningBoard of the Temecula Valley Unified School District (the "School District") acting as the legislative body of the District, approving execution of an Administration Agreement by and between the School District on behalf of the District and Bank of America National Trust and Savings Association, as fiscal agent ("Fiscal Agent") dated as of December 15, 1990 ("Administration Agreement") which establishes the terms and conditions governing the Bonds and any Additional Bonds (as definedherein). The Bonds are payable from certain proceeds of an annual Special Tux(as definedherein) to be levied and collected fromproperty located within the District and proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of Special Tuxes (together, the "Special Tux Revenues") and from certain Bond proceeds pledged under the Administration Agreement. The Special Tux is to be levied according to the rate and method of apportionment approved by the School District, and by the owners of the property within the District. The Special Tuxes are to be collected in the same manner and at the same time as ad valorem property taxes are collected by the Treasurer-TuxCollector of the County of Riverside and, when received, that portion of the Special Tuxes pledged to the repayment of the Bonds will first be placed in the Special TuxFund and then be transferred to the Bond Fund of the District held by the Fiscal Agent in Los Angeles, California. The Bonds are being issued as fully registered bonds in the denomination of $5,000 or any integral multiple thereof. Interest is payable March 1 and September I of each year (commencing March 1, 1991) by check mailed to the owners of the Bonds appearing on the Fiscal Agent's registration books as of the 15th day of the month preceding each interest payment date (the "Record Date") or, upon instructions of any owner of $1,000,000 or more by wire transfer made to an account of a bank or financialinstitution in the United States of America designated by such owner in aggregate principal amount of Bonds received on or priorto the Record Date preceding such interest payment date. Principal of and premium, if any, on the Bonds will be payable at the principal corporate trust office of the Fiscal Agent in San Francisco, California. The Bonds maturing on or after September 1, 2001 are subject to optional redemption at the redemption prices set forth herein on September 1, 2000 and on any interest payment date thereafter. See "THE BONDS-Optional Redemption". The Bonds maturing September 1, 2010 and September 1, 2017 are subject to mandatory sinking fund redemption at par, without premium, commencing September 1, 2006 and September 1, 2011, respectively, and each September 1 thereafter in the amounts set forth herein. See "THE BONDS-Mandatory Sinking Fund Redemption". The Bonds are also subject to special mandatory redemption at par, plus a premium of three percent, on any interest payment date following a prepayment by one or more landowners of their Special Tuxobligations, as described herein. See "THE BONDS-Special Mandatory Redemption". NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE TEMECULA VALLEY UNIFIED SCHOOL DIS­ TRICT, THE COUNTY OF RIVERSIDE, 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 NOR GENERAL OBLIGATIONS OF THE DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM AMOUNTS DEPOSITED IN THE SPECIAL TAX FUND, THE BOND FUND, THE RESERVE FUND AND THE PREPAY­ MENT FUND AS MORE FULLY DESCRIBED HEREIN. See the section of this OfficialStatement entitled "Special Risk Factors" for a discussion of the risk factors that should be considered, in addition to the other matters set forth herein, in evaluating the investment quality of the Bonds. MATURITY SCHEDULE Date Principal Interest Date Principal Interest (September I) Amount Rate Price (September 1) Amount Rate Price 1992 .............. $ 10,000 6.50'k 1009,; 1999. ...... .. ...... $165,000 7.70% 100% 199:3 ...············ 20,000 6. 75 100 2000 . .. .. .. .. 200,000 7.80 100 1994 ··············· 30,000 7.00 100 2001 ............... 240,000 7.90 100 1995 ··············· 50,000 7.20 100 2002 ............... 280,000 8.00 100 1996 .............. 75,000 7.40 100 2003 . .. .. .. 330,000 8.10 100 1997 ............... 105,000 7. 50 100 2004 . .. .. .. .. .. 380,000 8.20 100 1998 ··············· 135,000 7.60 100 2005..... ...... .... 435,000 8.25 100 $3,010,000 at 8.50% Term Bonds due September 1, 2010-Price (100%) $7,350,000 at 8.60% TermBonds due September 1, 2017-Price (100%) (Accrued Interest to be added) The Bonds are offered when. as and if issued, subject to approval as to their legality by Best, Best & Krieger, Riverside, Cal�fornia,Bond Counsel, and certain other conditions. Certain legal matters will be passed upon for the Underwriter by Stradling, Yocca, Carlson & Rauth, a Professional Corporation, Newport Beach, California, and for the School District and the District by Best, Best & Krieger, Riverside, Cal�fornia. It i.s anticipated that the Bonds in definitive form will be available in New York, New York on or about December 27, 1990. Stone & Youngberg Dated: December 14, 1990 TEMECULA VALLEY UNIFIED SCHOOL DISTRICT GOVERNING BOARD Walt R. Swickla, President Joan F. Sparkman, Clerk Dr. David Eurich, Member Mary Jo Helmeke, Member Rosie Vanderhaak, Member STAFF Dr. Patricia B. Novotney, Ed.D., Superintendent John Brooks, Assistant Superintendent of Business Services Jay Hoffman, Assistant Superintendent for Instructional Support Services BOND COUNSEL Best, Best & Krieger Riverside, California UNDERWRITER'S COUNSEL Stradling, Yocca, Carlson & Rauth, a Professional Corporation Newport Beach, California APPRAISER Brown, Chudleigh, Schuler and Associates Los Angeles, California SPECIAL TAX CONSULTANT David Taussig and Associates, Inc. Irvine, California MARKET ABSORPTION ANALYST Empire Economics Capistrano Beach, California FINANCIAL ADVISOR TO THE SCHOOL DISTRICT Fieldman, Rolapp & Associates Irvine, California FISCAL AGENT Bank of America National Trust and Savings Association Los Angeles, California TABLE OF CONTENTS INTRODUCTION.. .. .. .. .. • . • .. • • . • . • . .. • . • • • . • .. .. 1 THE BONDS. .. .. .. .. .. .. .. .. .. • .. .. .. .. .. .. .. 3 Authority for Issuance........................................ 3 Description of the Bonds. .. .. .. .. .. .. .. .. • .. .. .. • . 3 Optional Redemption........................................... 4 Mandatory Redemption - Prepayment of Special Tax.............. 4 Mandatory Sinking Fund Redemption............................. 5 Purchase of Bonds in Lieu of Redemption....................... 6 Notice of Redemption.......................................... 6 Registration of Exchange or Transfer.......................... 7 Mutilated, Lost, Destroyed or Stolen Bonds.................... 7 Issuance of Additional Bonds.................................. 8 ESTIMATED SOURCES AND USES OF FUNDS............................. 10 SOURCES OF PAYMENT FOR THE BONDS................................ 10 Debt Service on the Bonds..................................... 11 Special Tax................................................... 11 Proceeds of Foreclosure Sales. .. .. • . • .. .. .. • .. • .. .. 14 Reserve Fund .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 15 SPECIAL RI SK FACTORS . • . • . • • . • • • • • • . • • • • • • • • • • • • • • • • • • • . • • . • • • . • 16 Failure or Inability to Complete Planned Development.......... 16 Future Land Use Regulations and Growth Control Initiatives.... 17 Direct and Overlapping Indebtedness........................... 18 Land Values. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 19 Potential Shortfalls in Special Tax Revenues.................. 20 Bankruptcy and Foreclosure Delays............................. 21 No Acceleration Provision..................................... 21 Loss of Tax Exemption......................................... 22 Constitutional
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