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Jaintee the Bonds Are Subject to Optional Redemption, Extraordinary Mandatory Redemption and Mandatory Sinking Fund Redemption Prior to Maturity As Described Herein

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Jaintee the Bonds Are Subject to Optional Redemption, Extraordinary Mandatory Redemption and Mandatory Sinking Fund Redemption Prior to Maturity As Described Herein NEW ISSUE—BOOK-ENTRY-ONLY Insured Rating: Standard & Poor’s: “AAA” Underlying Rating: Standard & Poor’s: “A” (See “RATINGS” herein) In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California (‘Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described more fully herein, interest (and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. The difference between the issue price of a Bond (the first price at which a substantial amount of the Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity with respect to such Bond constitutes original issue discount. See “TAXMATTERS” herein. County of Riverside State of California $10,665,000 CITY OF MORENO VALLEY TOWNGATE COMMUNITY FACILITIES DISTRICT NO. 87-1 2007 SPECIAL TAX REFUNDING BONDS Dated: Date of Delivery Due: December 1, as shown on inside cover The City of Moreno Valley Towngate Community Facilities District No. 87-1 2007 Special Tax Refunding Bonds (the “Bonds”) are being issued and delivered to (i) refund the $14,170,000 City of Moreno Valley Towngate Community Facilities District No. 87-1,1994 Special Tax Refunding Bonds currently outstanding in the principal amount of $10,170,000, (ii) refund the $8,530,000 City of Moreno Valley Towngate Community Facilities District No. 87-1, 1994 Special Tax Refunding Bonds, Series B currently outstanding in the principal amount of $2,340,000, (iii) fund the reserve requirement for the Bonds, and (iv) pay the costs related to the issuance of the Bonds). Community Facilities District No. 87-1 (Towngate), City of Moreno Valley, County of Riverside, State of California (the “District”) has been formed by the City of Moreno Valley (the “City”) and is located in the City of Moreno Valley, Riverside County, 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 are being issued pursuant to that certain Bond Indenture, dated as of October 1, 2007 (the “Indenture”), by and between the District and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Bonds are special obligations of the District and are payable solely from revenues derived from certain annual Special Taxes (as defined herein) levied on and collected from the owners of the taxable property within the District and from certain other funds pledged under the Indenture, all as further described herein. The Special Taxes are to be levied according to the rate and method of apportionment approved by the qualified electors within the District. See “SOURCES OF PAYMENT FOR THE BONDS—Special Taxes” herein. The 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 Bonds will not receive certificates representing their beneficial ownership of the Bonds but will receive credit balances on the books of their respective nominees. See APPENDIX E—“DTC AND THE BOOK-ENTRY SYSTEM” herein. Principal of, premium, if any, and interest on the Bonds will be paid by the Trustee to DTC for subsequent disbursement to DTC Participants who are obligated to remit such payments to the beneficial owners of the Bonds. See “THE BONDS—Description of the Bonds” and APPENDIX E—“DTC AND THE BOOK-ENTRY SYSTEM” herein. Interest on the Bonds is payable on June 1 and December 1 of each year, commencing June 1, 2008. Neither the faith and credit nor the taxing power of 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 Community Redevelopment Agency of the City of Moreno Valley or general obligations of the District but are limited obligations of the District payable solely from Special Taxes and certain other amounts held under the Indenture as more fully described herein. The scheduled payment of principal of and interest on the Bonds when due will be insured by a financial guaranty insurance policy to be issued concurrently with the delivery of the Bonds by Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance company. jAintee The Bonds are subject to optional redemption, extraordinary mandatory redemption and mandatory sinking fund redemption prior to maturity as described herein. See “THE BONDS—Redemption” herein. 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 Bonds. MATURITY SCHEDULE (See Inside Cover Page) The Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, Bond Counsel, and subject to certain other conditions. Certain legal matters will be passed on for the Underwriter by its Counsel, Best Best & Krieger LLP and for the Agency, the City and the District by Robert D. Herrick, Moreno Valley, California, City Attorney. It is anticipated that the Bonds in book-entry form will be available for delivery to DTC in New York, New York, on or about November 29, 2007. Dated: November 1, 2007 $10,665,000 BONDS Base CUSIP®1 No.: 616865 Maturity Principal Interest CUSIP®* Maturity Principal Interest CUSIP®* December 1 Amount Rate Yield No. December 1 Amount Rate Yield No. 2008 $575,000 4.00% 3.30% ED9 2016 $790,000 5.000% 3.80% EM9 2009 600,000 5.00 3.32 EE7 2017 830,000 5.000 3.88 EN7 2010 630,000 3.75 3.35 EF4 2018 120,000 3.875 4.02 EP2 2011 655,000 3.50 3.41 EG2 2018 750,000 5.000 3.95(c) EQ0 2012 680,000 3.50 3.47 EH0 2019 910,000 4.000 4.12 ER8 2013 700,000 3.75 3.56 EJ6 2020 950,000 4.000 4.21 ES6 2014 730,000 4.00 3.64 EK3 2021 985,000 4.125 4.30 ET4 2015 760,000 4.00 3.72 ELI (c) Yield to optional prepayment date of December 1, 2017 at par. t CUSIP® is a registered trademark of the American Bankers Association. Copyright© 1999-2007 Standard & Poor’s, a Division of the McGraw Hill Companies, Inc. All rights reserved. CUSIP® data herein is provided by Standard & Poor’s CUSIP Service Bureau. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service Bureau. CUSIP® numbers are provided for convenience of reference only. The City, the Authority and the Underwriter do not take any responsibility for the accuracy of such numbers CITY OF MORENO VALLEY COUNTY OF RIVERSIDE STATE OF CALIFORNIA CITY COUNCIL Charles R. White, Mayor William H. Batey 11, Mayor Pro Tem Bonnie Flickinger, Council Member Richard A. Stewart, Council Member Frank West, Council Member CITY OFFICIALS Robert G. Gutierrez, City Manager Robert D. Herrick, City Attorney Rick C. Hartmann, Deputy City Manager Steven M. Chapman, Finance Director/City Treasurer Chris A. Vogt, P.E., Public Works Director/City Engineer Sue Maxinoski, Special Districts Division Manager Barry Foster, Economic Development Director Mitch Slagerman, Redevelopment Manager Alice Reed, City Clerk BOND COUNSEL Stradling Y occa Carlson & Rauth Newport Beach, California FINANCIAL ADVISOR Ross Financial San Francisco, California FISCAL CONSULTANT DHA Consulting Long Beach, California VERIFICATION AGENT Grant Thornton, LLP Minneapolis, Minnesota TRUSTEE Wells Fargo Bank, National Association Los Angeles, California Except where otherwise indicated, all information contained in this Official Statement has been provided by the District, the City and the Community Redevelopment Agency of the City of Moreno Valley (the “Agency”). No dealer, broker, salesperson or other person has been authorized by the District, the City, the Agency, the Trustee or the Underwriter to give any information or to make any representations in connection with the offer or sale of the 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 District, the City, the Agency, the Trustee 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 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 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.
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