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NEW ISSUE - BOOK-ENTRY ONLY NOT RATED F F in the Opinion O Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority

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NEW ISSUE - BOOK-ENTRY ONLY NOT RATED F F in the Opinion O Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority NEW ISSUE - BOOK-ENTRY ONLY NOT RATED f f In the opinion o Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority. based upon an analysis o ex1��ting laws, regulations. rulings and court decisions, and assuming. among other mailers, the accuracy of certain representations and compliance with r:ertain covenants, interest on the Bonds is excludedji·om gross income.for federal income tax purposes under Section 103 of the InternalRevenue Code of 1986 and is exempt ji'OmState of Californiapersonal income taxes. In the further opinion of Bond Counsel. intere1t on the Bonds is not a specific preference itemfbr purposes of the federal alternative minimum tax. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition r:t: or the amount, accrual or receipt of interest on, the Bonds. See "T>LXEXEMPTlON" herein. $18,800,000 CALIFORNIA STATEWIDE COMMUNITlES DEVELOPMENT AUTHORITY Statewide Community Infrastmctu:re Program Revenue Bonds Series 2019 (PacificHig hlands Ranch) Dated: Date ofDelivery Due: September 2, as shown on inside cover rhe Statewide CommtJPily Infras1mcture Program ("SCIP") is a program of the CaliforniaStatewide Communities Development Authority (the "Auth01ity") that allows cities, counties and special districts to finance certain development impact fees and public capital improvements through the issuance of tax-exempt bonds. Under SCH', the Authority periodically issues revenue bonds to provide financing for these development impact fees and public capital improvements, while at the same time forming assessment districts in the jurisd;clions in which the development impact fees are owed or lhe public capnal improvements are to be located, as applicable. Payments on the annual assessments levied within the assessment distrids secure and are used to repay the revenue bonds and to cover certain administrative costs of SCJP. The Authority's $18,800,.000 Statewide Community JnfrastrndureProgram Revenue Bonds, Series 2019 (Pacific Highlands Ranch) (the "Bonds") are bemg issued by the Authority (i) 1o fund the purchase of certain limited obligation improvement bonds (the "Local Obligations") issued by the Authority and secured by assessments levied by the Authority, as futiher described herein, (ii) to fund capitalized inleres! to March 2, 202], (iii) to fund a reserve fund for the Bonds, and (iv) to pay costs of issuance oftbe Bonds. The Bonds and the Local Obligations are issued under a Trust Agreement (the "Trust Agreement") between the Authority and Wiln1ingtonTrnst, National Association, as trnstee (the "Trustee"). Principal of and interest on the Bonds are payable as set forth in the Maturity Schedule on the inside cover of this OfficialStatement. TI1e Bonds are special obligations of the Aulhority, payable from and secured by Revenues (as defined herein) of the Authority consisting primarily of moneys collected and received by the Authority on account of unpaid assessments or reassessments securing the Local Obligations (the "Local Obligation Revenues"). The Local Obligation Revenues arc calculated to be sufficientto provide the Authority with money to pay the principal of, premium, if any, and interest on the Bonds when due. The Local Obligations are being issued by the Authority pursuant to the provisions of the Improvement Bond Act of 1915, consisting of Division l O of the Streets and Highways Code of the State of California (the "Local Obligation Statute") Proceeds of the Local Obligations will be used to finance certain public capital improvements (the "Improvements") payable from benefit assessments on the property within Assessment District No. 18-0l (City of San Diego, County of San Diego) State ofCalifornia (the "Assessment District"). See "THE ASSESSMENT DISTRICT" and "PLANNED DEVELOPMENT OF TBE ASSESSMENT DISTRJCT." Under the provisions of the Local Obligation Statute, installments of principal and interest sufficient to meet ammal debt service on the Local Obligations are included 011 the regular county tax bills sent to owners of property against which there are unpaid assessments. These annual assessment installments will be transferredto the Trustee to be used to pay debt service on the Local Obligations as they become:due. The Local Obligations will be registered in the name of the Trustee, who will use amounts it receives as holder of the Local Obligation, to pay principal of and interest on the Bonds pursuant to the Trust Agreement. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS." The Bonds are being issued as fully registered bonds, initially registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York ("DTC"), and will be available lo the ultimate purchasers thereofin the denomination of $5 ,000 or any integral multiple thereof, under the book-ent1y system maintained by DTC. Interest on the Bonds is payable semiannually on JV!arch 2 and September 2 each year, commencing September 2, 2019. Principal of and premium, ifany, on the Bonds are payable at the corporate trust officeof the Trustee. Ultimate purchasers of Bonds vvill not receive physical bonds representing their interest in the Bonds. So long as the Bonds are registered in the name of Cede & Co., as nominee ofDTC, references herein to the Holders shall mean Cede & Co., and shallnot mean the ultimate purchasers of the Bonds. Payments ofthe principal o( premium, if any, and interest on the Bonds will be made directly to DTC, or its nominee, Cede & Co., by the Trustee, so long as DTC or Cede & Co. is the registered owner of the Bonds. Disbursements of such payments to DTC's Participants is the responsibility of DTC and disbursements of such payments to the B,cncficial Owners is the responsibility of DTC's Participants and Indirect Participants, as more fully described herein. See APPENDIX D-- "T[-JEBOOK-ENTRY SYSTEJVl" herein. The Bonds are subject to redemption prior to maturity as described herein. See "THE BONDS - Redemption" herein. ln vestment in the Bonds involves a significant degree of risk and is speculative in nature 1111dmay not be appropriate for some im·estor.s. See "BONDOJf':VERS' R/5,'KS"for a discussion ofspecial risk factors that should be considered in addition to the other matters set forth herein in evaluating the investment quality of the Bonds. Unpaid assessments do not constitute a personal indebtedness of the owners of the parcels within the Assessment District. In the event of delinquency, foreclosure proceedings may be conducted only against the real property securing the delinquent assessment. Thus, the value of the real property with.inthe Assessment District is an important factor in determining the investment quality of the Bonds. The unpaid assessments arc not required to be paid upon sale of property within the Asse§sment District. There is no assurance the owners shall be able to pay the assessment installments or that they shall pay such installments even though financially able to do so. To provide funds for payment of the Bonds and the interest thereon as a result o[ any delinquent assessment installrnen1s, the Authority will establish a Reserve Fund and deposit therein Bond proceeds in an amount equal to the Reserve Requirement (defined herein). See "SECURJTY AND SOURCES OF PAYMENT FOR THE BONDS - Reserve Fund." Additionally, the Authority has covenanted to initiate judicial foreclosure in the event of a delinquency by any particular property owner and to commence the procedure as set forth herein. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS - Covenant to Commence Superior Court Foreclosure." 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. NEITHER THE FAITH AND CREDIT OF THE AUTHORITY, NOR THE FAITH AND CREDIT OR TA XING POWER OF THE STATE OF CALIFORNIA OR ANY POLITlCAL SUBDIVISION THEREOF, INCLUDING THE CITY OF SAN DIEGO, IS PLEDGED TO THE PAYMENT OF THE BONDS OR THE LOCAL OBLIGATIONS. NEITHER THE BONDS NOR THE LOCAL OBLIGATIONS CONSTITlJTE A DEBT OF THE AUTHORITY WITHIN THE MEANING OF ANY STATlJTORY OR CONSTITUTIONAL DEBT LIMITATION. THE JNFOR...l\1A TION SET FORTH IN THIS OFFICIAL S'JATEMENT, JNCLUDlNG INFORMATION UNDER THE HEADfNG "BONDOWNERS' RISKS," SHOULD BE READ TN ITS ENTIRETY. THE AuTHORITY HAS NO TAXING POWER. The Bonds are c�fferedwhen, as and if issued and accepted by the Underwriter su bjeci to the approval, as to their legality, ofOrrick, Herrington & Sutc!!lfeLLP, Bond Counsel to the Authority Certainother legal matters will be passed upon for the Authority by Orrick, Herrington & Sutcliffe LLP Kutak Rock LL!; is acting as Underwriters Counsel. It is expectedthat the Bondswill he available for delivery in book--entryjiHm on or ahout 1\1ay 30, 2019. I RBC Capital Markets® I Dated: May 16, 2019 I $18,800,000 CALIFOR�IA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY Statewide Comnmnity Infrastructure Program Revenue Bonds Series 2019 (PacificHighlands Ranch) MATURITY SCHEDULE (Base CUSIPt Number 13078Y) Due CUSIP (September 2) Amount Interest Rate Yield tr Suffix _ ------------------ ----------------- ------------------ ----------------- 2022 $350,000 4.00% 2.00Ql% NY7 2023 365,000 4.00 2.120 NZ4 2029 250,000 5.00 2.650 PF6 $2,040,000 4.00% Term Bond due September 2, 2028; Yieldti 2.728(%; CUSfPt Suffix PE9 $2,870,000 5.00% Term Bond due September 2, 2034Cc\ Yieldti 2.860%; CUSIPi Suffix PL3 $3,395,000 5.000% Term Bond due September 2, 2039CCJ; YieJdH 3.010%; cusrpt Suffix PMl $4,255,000 4.000% Tenn Bond due September 2, 2044(c>; YieldH 3.470%; CUSIPt Suffix PN9 $5,275,000 5.00Q(;/�Term Bond due September 2, 2049CCJ; Yie]dtt 3.160%; CUSIPt Suffix PP4 CUSIP@ is a registered trademark of the American Bankers Association. ClJSlP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Capital IQ.
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