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NEW ISSUE- BOOK-ENTRY ONLY NOT RATED In the opinion of Quint & Thimmig LLP, San Francisco, California, Bond Counsel, subject, however to certain qualifications described herein, under existing law, the interest on the Bonds is excluded from gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal alternativeminimum tax imposed on individuals and corporations, although for the purpose of computing the alternative minimum tax imposed on certain corporations, such interest is taken into account in determining certain income and earnings. In the further opinion of Bond Counsel, such interest is exempt from Californiapersonal income taxes. See "LEGAL MATIERS -TaxExemption" herein. $12,500,000 CITYOF·� CITYOF SAN JOSE COMMUNITY FACILffiES DISTRICT NO. 10 SANJOSE (HASSLER - SILVER CREEK) CAPITAL OF SILICON VALLEY SPECIAL TAX BONDS, SERIES 2003 Dated: Date of Delivery Due: September 1, as shown below The Special Tax Bonds, Series 2003 (the "Bonds") are being issued pursuant to the City of San Jose Community Facilities District Financing Procedure (the "Law"} and a Fiscal Agent Agreement, dated as of July 1, 2003 (the "Fiscal Agent Agreement"}, by and between the City of San Jose (the "City"} and U.S. Bank National Association, San Francisco, California, as fiscal agent (the "Fiscal Agent"), and are payable from proceeds of Special Taxes (as defined herein) levied on property within the City of San Jose Community Facilities District No. 10 (Hassler-Silver Creek) (the "District") according to the rate and method of apportionment of special tax approved by the qualified electors of the District and by the City Council of the City, as legislative body of the District. The Bonds are being issued to (i) finance the acquisition of certain roadway improvements (the "Facilities") necessitated by development in the District, (ii) fund a reserve fund for the Bonds, and (iii} pay the costs of issuing the Bonds. See "ESTIMATED SOURCES AND USES OF FUNDS" herein. Interest on the Bonds is payable on March 1, 2004 and semiannually thereafter on each March 1 and September 1. The Bonds will be issued in denominations of $5,000 or integral multiples thereof. The Bonds, when delivered, will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company ("OTC"), New York, New York. DTC will act as securities depository for the Bonds as more fully described herein. See APPENDIX I -BOOK ENTRY SYSTEM herein. The Bonds are subject to optional and mandatory redemption as describedherein. See "THE BONDS -Redemption" herein. THE BONDS, THE INTEREST THEREON, AND ANY PREMIUMS PAYABLE ON THE REDEMPTION OF ANY OF THE BONDS, ARE NOT AN INDEBTEDNESS OF THE STATE OF CALIFORNIA (THE "STATE") OR ANY OF ITS POLITICAL SUBDIVISIONS (OTHER THAN THE CITY, TO THE LIMITED EXTENT SET FORTH IN THE FISCAL AGENT AGREEMENT}, AND NEITHER THE CITY (EXCEPT TO THE LIMITED EXTENT DESCRIBED HEREIN), NOR THE STATE NOR ANY OF ITS POLITICAL SUBDIVISIONS rs LIABLE ON THE BONDS. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY (EXCEPT TO THE LIMITED EXTENT DESCRIBED HEREIN) OR THE STATE OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. OTHER THAN THE SPECIAL TAXES, NO TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT A GENERAL OBLIGATION OF THE CITY, BUT ARE LIMITED OBLIGATIONS OF THE CITY FOR THE DISTRICT PAYABLE SOLELY FROM AMOUNTS IN THE BOND FUND UNDER THE FISCAL AGENT AGREEMENT AS MORE FULLY DESCRIBED HEREIN. The following firm, serving as financial advisor, has structured this issue. KELLING, NORTHCROSS & NOBRIGA A Division of Zums First Natic,nal Bank This cover page contains certain information for quick reference only. It is not a summary of the issue. Potential investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision with respect to the Bonds. Investment in the Bonds involves risks which may not be appropriate for some investors. See "BONDOWNERS' RISKS" herein for a discussion of certain special risk factors that should be considered in evaluating the investment quality of the Bonds. MATURITY SCHEDULE Maturity Date Principal Interest Price or Maturity Date Principal Interest Price or (September 1) Amount Rate Yield CUSIP (September 1) Amount Rate Yield CUSIP 2004 $365,000 3.300% 1.500% 798142CS2 2014 $610,000 4.400% 4.500% 798142DC6 2005 435,000 3.300 2.000 798142CTO 2015 635,000 4.600 4.650 798142DD4 2006 450,000 3.300 2.500 798142CU7 2016 665,000 4.750 4.800 798142DE2 2007 465,000 3.400 2.900 798142CV5 2017 700,000 4.875 4.900 798142DF9 2008 480,000 3.500 3.300 798142CW3 2018 735,000 5.000 5.000 798142DG7 2009 500,000 3.800 3.750 798142CX1 2019 770,000 5.000 5.100 798142DH5 2010 515,000 4.100 4.000 798142CY9 2020 810,000 5.100 5.200 798142DJ1 2011 540,000 4.200 4.200 798142CZ6 2021 850,000 5.125 5.250 798142DK8 2012 560,000 4.250 4.300 798142DAO 2022 890,000 5.250 5.300 798142DL6 2013 585,000 4.375 4.400 798142DB8 2023 940,000 5.250 5.350 798142DM4 The Bonds will be offered to the public when, as and if issued by the City for the District, subject to the approval as to their legality by Quint & Thimmig LLP, San Francisco, California, Bond Counsel. Certain legal matters will be passed upon for the District and the City by the City Attorney,and by Quint & Thimmig LLP in its capacity as Disclosure Counsel to the City. It is anticipated that the Bonds will be delivered in book­ entry form through OTC on or about July 23, 2003. Dated: July 10, 2003 TO WHOM IT MAY CONCERN: The purpose of this Official Statement is to supply information to prospective purchasers of the City of San Jose Community Facilities District No. 10 Hassler - Silver Creek) Special Tax Bonds, Series 2003 (the "Bonds") issued by the City of San Jose (the "City") pursuant to the City of San Jose Community Facilities District Financing Procedure (the "Law"). The information set forth herein has been furnished by the City and by sources which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness by the City. This Official Statement is not to be construed as a contract with the purchasers 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. The information and expressions of opinions herein are subject to change without notice, and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City or the landowners in the District since the date hereof. This Official Statement, including any supplement or amendment hereto, is intended to be deposited with one or more repositories. No dealer, broker, salesperson or other person has been authorized by the City 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 any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement, nor any sale hereunder, shall under any circumstances create an implication that there has been no change in the affairs of the City, the landowners or any other matter described herein since the date hereof. The information set forth herein is not guaranteed as to accuracy or completeness by the Fiscal Agent and the Fiscal Agent makes no representation concerning the issuance or validity of the Bonds or the tax exemption with respect to interest thereon. 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 a 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 summaries and references to the Law, the Fiscal Agent Agreement, the Bonds, certain resolutions and to other statutes and documents referred to herein do not purport to be comprehensive or definitive, and are qualified in their entireties by reference to each such statute and document. All capitalized terms used herein, unless noted otherwise, will have the meanings given them in the Fiscal Agent Agreement. IN CONNECTION WITH THIS 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 AND DEALER BANKS AND BANKS ACTING AS AGENT AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE COVER PAGE HEREOF AND SUCH PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER.

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