NEW ISSUE- BOOK-ENTRY ONLY RATING: S&P: "AA+" (See "RATING" herein.) In the opinion of Orrick, Herrington & Sutcliffe LU', Bond Counsel to the Authority, based on an analysis of existing laws, regulations, rnlings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. In the further opinion ofBond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of or the amount, accrual or receipt of interest on, the Bonds. See "TAX MATTERS" herein. $45,705,000 ANAHEIM HOUSING AND PUBLIC IMPROVEMENTS AUTHORITY SEWER REVENUE BONDS, SERIES 2018 Dated: Date of Delivery Due: February 1, as shown herein This cover page contains certain information for general reference only. It is not intended to be a summary of the security or terms of this issue. Investors are advised to read the entire Official Statement to obtain information essential to the making of an informed investment decision. Capitalized terms used on this cover page not otherwise defined shall have the meanings set forth in Appendix C. The Anaheim Housing and Public Improvements Authority Sewer Revenue Bonds, Series 2018 (the "Bonds") are being issued by the Anaheim Housing and Public Improvements Authority (the "Authority") pursuant to an Indenture, dated as of January I, 2018 (the "Indenture"), between the Authority and US. Bank National Association, as trustee (the "Trustee"). The Bonds are limited obligations of the Authority and will be payable solely from the Authority Revenues and the other assets pledged under the Indenture. The Bonds do not constitute a debt or liability of the City of Anaheim (the "City") or of the State of California (the "State") and neither the faith and credit of the City nor of the State are pledged to the payment of the principal of, or interest on the Bonds. Authority Revenues consist of all Installment Payments made by the City, which are paid solely from System Net Revenues of the City's sanitary sewer collection system (the "System") pursuant to the Instalhnent Purchase Agreement, dated as of January I, 2018 (the "Agreement"), by and between the Authority and the City. See "SOURCES OF PAYMENT AND SECURITY." The Bonds are being issued to provide funds to (i) refund, on a current basis, all of the outstanding Anaheim Pubic Financing Authority Sewer Revenue Bonds, Series 2007 (the "Prior Bonds"), (ii) finance certain capital improvements to the System, and (iii) pay costs of issuance of the Bonds. See "PLAN OF FINANCE" Interest on the Bonds will be payable on February I and August I of each year, commencing August I, 2018. The Bonds are subject to redemption prior to maturity as described herein. See "THE BONDS-Redemption of Bonds." The Bonds will be issued in book-entry form only and will be initially issued and registered in the name of Cede & Co., as nominee for The Depository Trust Company, New Yark, New Yark ("DIC"). DIC will act as securities depository for the Bonds. Individual purchases of the Bonds will be made in book-entry form only. Purchasers will not receive physical delivery of the Bonds purchased by them. Payments of the principal of and interest on the Bonds will be made by the Trustee, to DIC for subsequent disbursement to DIC Participants, who will remit such payments to the beneficial owners of the Bonds. See "APPENDIX D-DTC and the Book-Entry System." The Bonds are subject to optional and mandatory sinking fund redemption as described herein. The Bonds are limited obligations of the Authority and will be payable solely from the Authority Revenues and the other assets pledged under the Indenture. The Bonds do not constitute a debt or liability of the City or of the State of California and neither the faith and credit of the City nor of the State are pledged to the payment of the principal of, or interest on the Bonds. The Bonds are offered when, as and if issued by the Authority and received by the Underwriter, subject to the approval of legality by Orrick, Herrington & Sutcliffe LU', Los Angeles, California, Bond Counsel to the Authority. Certain legal matters will be passed upon for the Authority by Orrick, Herrington & Sutcliffe LU', Los Angeles, California, as Disclosure Counsel to the Authority; and for the Underwriter by Norton Rose Fulbright US UP, Los Angeles, California, as Underwriter's Counsel Certain legal matters will be passed upon for the Authority and for the City by the City Attorney. It is anticipated that the Bonds, in definitive form, will be available for delivery through the facilities ofDTC on or aboutJanuary 25, 2018. Wells Fargo Securities Dated: January 11, 2018. MATURITY SCHEDULE BASE CUSI P1: 03255C $45,705,000 ANAHEIM HOUSING AND PUBLIC IMPROVEMENTSAUTHORITY SEW ER REVENUE BONDS, SERI ES 2018 $36,890,000 Serial Bands Maturity Date Principal Interest (February l) Arrount Rate Yield CUSIP1 2019 $1,080,000 5.000% l.320% AA? 2020 l, 170,000 5.000 l.430 ABS 2021 1,230,000 5.000 l.470 AC3 2022 1,295,000 5.000 l.510 ADJ 2023 1,355,000 5.000 l.570 AE9 2024 1,430,000 5.000 l.640 AFG 2025 1,495,000 5.000 l.740 AG4 2026 1,575,000 5.000 l.870 AH2 2027 1,645,000 5.000 l.970 AJB 2028 1,730,000 5.000 2.070 AKS 2029 1,820,000 5.000 2.180' AL3 2030 1,910,000 5.000 2.30Cf AMI 2031 2,005, ()(X) 5.000 2.40Cf AN9 2032 2,110,000 5.000 2.470' AP4 2033 2,215,000 5.000 2.550:: AQ2 2034 2,320,000 5.000 2.610:: ARO 2035 2,435,000 5.000 2.640:: ASS 2036 2,560,000 5.000 2.670' AT6 2037 2,690,000 5.000 2.70Cf AU3 2038 2,820,000 5.000 2.730' AVl $8,815,000 5.000% Term Bonds due February l, 2048-lnterestRateS.000% -Yield 2.870% -CUSIP 1AW9 t CU SIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association lJ,,I S&P Capital IQ. Corvright© 2018 CUSIP Global Services. All rights reserved. CUSIP® data herein is pro,;ided by CU SIP Global Services. Thi sdata is rct interded to createadatabaseard does mt serve in any way asa substitute for the CGS database. CUSI P® numbers are provided for cotl\/enierr::e of refererr::e only. None of the Authority, the City, the Urderwriter or their agents or counsel assume resp:msi bi Ii ty for the a:::curacy of such numbers. c Yield to call at par on FebruaJV l, 2028. ANAHEIM HOUSING AND PUBLIC IMPROVEMENTSAUTHORITY Anaheim City Council and Authority Board of Directors Tom Tait, Mayor and Chairman of the Authority Jose F. Moreno, Mayor Pro Tern and Vice-Chairman of the Authority Kris Murray, Merrber James V anderbi It, Merrber Denise Barnes, Merrber Lucille Kring, Merrber Stephen Faessel, Merrber City /Authority Staff Linda Andai, Interim City Manager and Authority Executive Director Greg Garcia, Deputy City Manager Deborah A. Moreno, Finance Director ;City Treasurer, Authority Treasurer and Authority Auditor Kristin Pelletier, Acting City Attorney and Authority Counsel Theresa Bass, Acting City Clerk and Authority Acting Secretary SPECIAL SERVICES Bond Counsel & Disclosure Counsel Orrick, Herrington & Sutcliffe LLP Los Angeles, California Municipal Advisor PFM Financial Advisors LLC Los Angeles, California Trustee U.S. Bank National Association Los Angeles, California No dealer, broker, salespersoo or other person has been authorized lJy' the Authority, the City or the Underwriter to give any infonnation or to make any representatioos in coonectioo with the offer or sale ct the Bands otherthan those contained herein and if given or made, such other infonnati oo or representati oo must not be relied upon as having been authorized lJy' the City or the Underwriter. This Official Statement does not constitute an ctfer to sell or the solicitatioo ct an offer to buy nor shall there be any sale of the Bonds lJy' any person in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification underthe securities laws ct suchjurisdictioo. Statements cootained in this Official Statement that include forecasts, estimates or matters of opinion, whether or not expressly stated as such, are intended solely as such and are not to be coostrued as representations ct fact. The information set forth herein has been f umi shed lJy' the Authority, the City and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation lJy' the Underwriter. The information and expressioos of opinioos herein are subject to change without nctice, and neither the delivery of this Official Statement nor any sale made hereunder shall create, under any circumstances, any implicatioo that there has been no change in the affairs ct the Authority, the City or the City's sanitary se.ver collection system since the date herect. This Official Statement, including any supplement or amendment thereto, is intended to be deposited with one or more repositories. The Underwriter has submitted the follCM1ing statement for inclusioo in this Official Statement.