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California Municipal Finance Authority NEW ISSUE – BOOK-ENTRY ONLY RATING: Standard & Poor’s “A+” (See “RATING” herein) In the opinion of Bond Counsel, under existing law interest on the Series A Bonds and the Series B Bonds is exempt from personal income taxes of the State of California and, assuming compliance with the tax covenants described herein, interest on the Series A Bonds is excluded pursuant to section 103(a) of the Internal Revenue Code of 1986 from the gross income of the owners thereof for federal income tax purposes and is not an item of tax preference for purposes of the alternative minimum income tax imposed on corporations and individuals. The Authority has taken no action to cause, and does not intend for, interest on the Series B Bonds to be excluded pursuant to section 103(a) of the Internal Revenue Code of 1986 from the gross income of the owners thereof for federal income tax purposes. See “TAX MATTERS” herein. CALIFORNIA MUNICIPAL FINANCE AUTHORITY $15,160,000 $220,000 Revenue Bonds (Oxnard Fire Station Project) Revenue Bonds (Oxnard Fire Station Project) 2014 Series A 2014 Series B (Taxable) Dated: Date of Delivery Due: December 1, as shown on the inside cover The $15,160,000 California Municipal Finance Authority Revenue Bonds (Oxnard Fire Station Project) 2014 Series A (the “Series A Bonds”) and the $220,000 California Municipal Finance Authority Revenue Bonds (Oxnard Fire Station Project) 2014 Series B (Taxable) (the “Series B Bonds,” and together with the Series A Bonds, the “Bonds”) will be issued as fully-registered bonds registered in the name of a nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Bonds. Purchases of the Bonds will be made in book-entry form only, through brokers and dealers who are, or who act through, DTC Participants. Beneficial Owners of the Bonds will not receive physical delivery of bond certificates. Payments of the principal of, premium, if any, and interest on the Bonds will be made to DTC by Wilmington Trust, N.A., as trustee (the “Trustee”). Disbursement of payments to DTC Participants is the responsibility of DTC, and disbursement of payments to the Beneficial Owners is the responsibility of DTC Participants. See Appendix C – “BOOK-ENTRY SYSTEM.” Interest on the Bonds is payable semiannually on June 1 and December 1 of each year, commencing June 1, 2014. The Series A Bonds are subject to optional and extraordinary redemption as described herein. The Series B Bonds are not subject to optional redemption but are subject to extraordinary redemption as described herein. See “THE BONDS – Redemption” herein. The Bonds are being issued by the California Municipal Finance Authority (the “Authority”), which will loan the proceeds of the Bonds to Oxnard Fire Station, LLC, an Arizona limited liability company (the “Borrower”), whose sole member is Community Finance Corporation, an Arizona nonprofit corporation (the “Member”) pursuant to a Loan Agreement (as defined herein). The proceeds of the Bonds will be used to (i) finance the design, acquisition, construction and equipping of a “turn-key” fire station including a training facility to be leased to the City of Oxnard (the “City”), (ii) finance 24 months of capitalized interest on the Bonds, (iii) fund a debt service reserve for the Bonds, and (iv) pay certain of the costs of issuing the Bonds. See “PLAN OF FINANCE” and “ESTIMATED SOURCES AND USES OF PROCEEDS” herein. None of the Authority, any Authority member or any person executing the Bonds is liable personally on the Bonds or subject to any personal liability or accountability by reason of their issuance. The Bonds are limited obligations of the Authority, payable solely from and secured by the pledge of Revenues under the Indenture. Neither the Authority, its members, the State of California (the “State”), nor any of its political subdivisions shall be directly, indirectly, contingently or morally obligated to use any other moneys or assets to pay all or any portion of the debt service due on the Bonds, to levy or to pledge any form of taxation whatsoever therefor or to make any appropriation for their payment. The Bonds are not a pledge of the faith and credit of the Authority, its members, the State or any of its political subdivisions nor do they constitute indebtedness within the meaning of any constitutional or statutory debt limitation. The Authority has no taxing power. This cover page contains certain information for quick reference only. It is not intended to be a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. The Bonds are offered by the Underwriter when, as and if issued by the Authority, and accepted by the Underwriter, subject to the approval of legality by Fulbright & Jaworski LLP, Bond Counsel, a member of Norton Rose Fulbright and subject to certain other conditions. Fulbright & Jaworski LLP is serving as Disclosure Counsel. Approval of certain legal matters will be passed upon for the Authority by its counsel, Jones Hall, A Professional Law Corporation, San Francisco, California, for the Underwriter by Stradling Yocca Carlson & Rauth, A Professional Corporation, Newport Beach, California, and for the Borrower and the Member by Slosser Struse PLC, Tucson, Arizona. It is expected that the Bonds will be available for delivery through the facilities of DTC on or about January 9, 2014. Dated: December 18, 2013 MATURITY SCHEDULE $15,160,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY Revenue Bonds (Oxnard Fire Station Project) 2014 Series A Maturity Date Principal Interest (December 1) Amount Rate Yield CUSIP† 2016 $470,000 4.000% 1.170% 13048TQX4 2017 715,000 4.000 1.520 13048TQY2 2018 745,000 5.000 2.000 13048TQZ9 2019 780,000 5.000 2.470 13048TRA3 2020 820,000 4.000 2.970 13048TRB1 2021 850,000 4.000 3.400 13048TRC9 2022 885,000 4.000 3.690 13048TRD7 2023 920,000 3.625 3.950 13048TRE5 2024 955,000 5.000 4.160* 13048TRF2 2025 1,005,000 4.125 4.400 13048TRG0 2026 1,045,000 4.250 4.540 13048TRH8 2027 1,090,000 4.500 4.660 13048TRJ4 2028 1,140,000 4.625 4.780 13048TRK1 2029 1,190,000 4.625 4.870 13048TRL9 2030 1,245,000 4.750 4.950 13048TRM7 2031 1,305,000 5.000 5.050 13048TRN5 _____________________ * Yield to first call date of December 1, 2023 at par. $220,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY Revenue Bonds (Oxnard Fire Station Project) 2014 Series B (Taxable) Maturity Date Principal Interest (December 1) Amount Rate Yield CUSIP 2016 $220,000 2.65% 2.65% 13048TRP0 † CUSIP is a registered trademark of The American Bankers Association. The CUSIP data herein are provided by CUSIP Global Services, managed by Standard & Poor’s Financial Services LLC on behalf of The American Bankers Association. These data are not intended to create a database and do not serve in any way as a substitute for the CUSIP Services. Neither the Authority nor the Underwriter is responsible for the selection or correctness of the CUSIP numbers set forth herein. This Official Statement does not constitute an offer to sell the Bonds in any jurisdiction in which or to any person to whom it is unlawful to make such an offer. No dealer, salesperson or other person has been authorized by the California Municipal Finance Authority (the “Authority”), the Oxnard Fire Station LLC (the “Borrower”) or Stifel, Nicolaus & Company, Incorporated (the “Underwriter”) to give any information or to make any representations, other than those contained herein, in connection with the offering of the Bonds and, if given or made, such information or representations must not be relied upon. Neither the Authority nor its independent contractors has furnished, reviewed, investigated or verified the information contained in this Official Statement other than the information contained in the section entitled “THE AUTHORITY” and in the section entitled “ABSENCE OF MATERIAL LITIGATION - The Authority.” The Authority does not and will not in the future monitor the financial condition of the Borrower or otherwise monitor payment of the Bonds or compliance with the documents relating thereto. Any commitment or obligation for continuing disclosure with respect to the Bonds or the Borrower has been undertaken solely by the Borrower. See “CONTINUING DISCLOSURE” herein. 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. The City maintains an Internet website, but the information on the website is not incorporated into this Official Statement. ______________________________ IN CONNECTION WITH THE OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE BONDS TO CERTAIN DEALERS, INSTITUTIONAL INVESTORS AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE INSIDE COVER PAGE HEREOF AND SUCH PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. ______________________________ [THIS PAGE INTENTIONALLY LEFT BLANK] TABLE OF CONTENTS Page INTRODUCTION ......................................................................................................................................
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