NEW ISSUE- BOOK-ENTRY-ONLY NO RATING In the opinion of Quint & Thimmig LLP, San Francisco, California, Bond Counsel, subject to certain qualifications described herein, under existing law, interest on the 2007 Bonds is excludablefromgross income ofthe owners thereoffor federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations under the Internal Revenue Code of 1986, as amended, but is taken into account in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. In the further opinion of Bond Counsel, such interest is exempt from State of California personal income taxes. See "TAX MATTERS" herein. $6,100,000 TEJON RANCH PUBLIC FACILITIES FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 2000-1 (TEJON INDUSTRIAL COMPLEX PUBLIC IMPROVEMENTS) SPECIAL TAX BONDS, SERIES 2007-A Dated: Date of Delivery Due: September 1, 2037 The Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2000-1 (Tejon Industrial Complex Public Improvements) Special Tax Bonds Series 2007-A in the aggregate principal amount of$6,100,000 (the "2007 Bonds") are being issued by the Tejon Ranch Public Facilities Financing Authority (the "Authority") on behalf of the Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2000-1 (Tejon Industrial Complex Public Improvements) (the "District"). The Authority is a joint powers authority formed by the County of Kern (the "County") and the Tejon-Castac Water District (the "Water District"). The District is located in an unincorporated area of the County, approximately 83 miles north of downtown Los Angeles and is adjacent to Interstate 5. The 2007 Bonds are being issued to provide additional financing for various public improvements needed to develop property located within the District, to fund an increase in the balance in the Reserve Fund established under the Fiscal Agent Agreement, to fund capitalized interest on the 2007 Bonds to September 1, 2008 and to pay costs of issuance for the 2007 Bonds. The 2007 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 a certain Fiscal Agent Agreement, dated as of June 1, 2000, by and between the Authority for and on behalf of the District and The Bank of New York Trust Company, N.A., a successor to BNY Western Trust Company, as fiscal agent (the "Fiscal Agent"), as amended and supplemented by Supplemental Agreement No. 1 to Fiscal Agent Agreement, dated as of December 1, 2003, and as amended and supplemented by Supplemental Agreement No. 2 to Fiscal Agent Agreement, dated as of November 1, 2007 (collectively, the "Fiscal Agent Agreement"). The 2007 Bonds are limited obligations of the Authority and are payable solely from a pledge and lien upon certain Special Taxes Revenues (as defined herein) and from certain other funds pledged under the Fiscal Agent Agreement, all as further described herein. The 2007 Bonds are secured on a parity under the Fiscal Agent Agreement with $23,540,000 of outstanding bonds issued by the Authority for the District in 2000 and in 2003, respectively. See "SOURCES OF PAYMENT FOR THE 2007 BONDS" herein. The 2007 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 2007 Bonds will not receive certificates representing their beneficial ownership of the 2007 Bonds but will receive credit balances on the books of their respective nominees. Interest on the 2007 Bonds will be payable on March 1, 2008 and semiannually thereafter on each September 1 and March 1. Principal of, premium, if any, and interest on the 2007 Bonds will be paid by the Fiscal Agent to DTC for subsequent disbursement to DTC Participants who are obligated to remit such payments to the beneficial owners of the 2007 Bonds. See "THE 2007 BONDS-Description of the 2007 Bonds" and APPENDIX H-"BOOK-ENTRY SYSTEM." Neither the faith and credit nor the taxing power of the Authority, the County, the Water District, the State of California or any political subdivision thereof is pledged to the payment of the 2007 Bonds. Except for the Special Taxes, no other taxes are pledged to the payment ofthe 2007 Bonds. The 2007 Bonds are not obligations of the County or the Water District or general obligations of the Authority, but are limited obligations of the Authority issued by the Authority for the District payable solely from Special Taxes and certain amounts held under the Fiscal Agent Agreement as more fully described herein. The 2007 Bonds are subject to optional redemption, mandatory sinking fund redemption and special mandatory redemption from Special Tax prepayments prior to maturity as set forth herein. See "TI-IE 2007 BONDS-Redemption" herein. THE PURCHASE OF THE 2007 BONDS INVOLVES CERTAIN RISKS AND THE 2007 BONDS ARE NOT SUITABLE INVESTMENTS FOR ALL TYPES OF INVESTORS. SEE TIIE SECTION OF THIS OFFICIAL STATEMENT ENTITLED "SPECIAL RISK FACTORS" FOR A DISCUSSION OF CERTAIN RISK FACTORS THAT SHOULD BE CONSIDERED, IN ADDITIONTOTIIEOTHERMATIERSSETFORTHHEREIN,INEVALUATINGTHEINVESTMENTQUALITYOFTHE2007 BONDS. TIIE 2007 BONDS ARE NOT RATED BY ANY RATING AGENCY. 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 2007 Bonds. MATURITY SCHEDULE $6,100,000 5.625% Tenn Bonds due September 1, 2037 Yield: 5.650% CUSIP No.t 879083 BR3 The 2007 Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Quint & Thimmig LLP, San Francisco, California, Bond Counsel, and subject to certain other conditions. Certain legal matters will be passed on for the Authority by its counsel. Certain legal matters will be passed on by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, as Disclosure Counsel to the Authority, and by Goodwin Procter LLP, Los Angeles, California, as counsel to Tejon Ranchcorp and its related entities owning land in the District. It is anticipated that the 2007 Bonds in book-entry form will be available for delivery to DTC in New York, New York, on or about November 14, 2007. STONE & YOUNGBERG Dated: November 2, 2007 f Copyright 2007, American Bankers Association. CUSIP data herein is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Se!Vice. Neither the Authority, the District nor the Unde,writer make any representations as to the accuracy ofCUSIP data herein. TEJON RANCH PUBLIC FACILITIES FINANCING AUTHORITY COUNTY OF KERN STATE OF CALIFORNIA BOARD OF DIRECTORS OF THE AUTHORITY Jeff Frapwell, Chairman Brent Dezember Charles Lackey Don Maben Joe Drew AUTHORITY OFFICERS Brent Dezember, Executive Director Allen E. Lyda, Treasurer Ernest Conant, Secretary BOND COUNSEL Quint & Thimmig LLP San Francisco, California SPECIAL TAX ADMINISTRATOR DISCLOSURE COUNSEL David Taussig & Associates, Inc. Stradling Yocca Carlson & Rauth Newport Beach, California a Professional Corporation Newport Beach, California AUTHORITY COUNSEL REAL ESTA TE APPRAISER Law Offices of Young Wooldridge Bruce W. Hull & Associates, Inc. Bakersfield, California Ventura, California FISCAL AGENT The Bank of New York Trust Company, N.A. Los Angeles, California No dealer, broker, salesperson or other person has been authorized by the Authority, the District, the Fiscal Agent or the Underwriter to give any information or to make any representations in connection with the offer or sale of the 2007 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 Authority, the District, the Fiscal Agent 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 2007 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 2007 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. 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 information set forth herein which has been obtained by the Authority from third party sources is believed to be reliable but is not guaranteed as to accuracy or completeness by the Authority, the District or the Fiscal Agent. fu accordance with its responsibilities under the federal securities laws, the Underwriter has reviewed the information in this Official Statement but does not guarantee its accuracy or completeness.