. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $420,585,000 SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION SALES TAX REVENUE BONDS (LIMITED TAX BONDS) 2012 SERIES A Maturity Principal Interest CUSIP No. (April 1) Amount Rate Yield (Base 797400 )* 2013 $18,060,000 2.00% 0.14% GL6 2014 5,000,000 2.00 0.30 GM4 2014 9,490,000 3.00 0.30 HM3 2015 14,870,000 4.00 0.47 GN2 2016 15,470,000 5.00 0.62 GP7 2017 16,240,000 5.00 0.84 GQ5 2018 5,000,000 4.00 1.12 GR3 2018 12,055,000 5.00 1.12 HJ0 2019 5,000,000 4.00 1.41 GS1 2019 12,855,000 5.00 1.41 HK7 2020 5,000,000 4.00 1.70 GT9 2020 13,700,000 5.00 1.70 HL5 2021 19,970,000 5.00 1.92 GU6 2022 20,965,000 5.00 2.08 GV4 2023 3,525,000+ 5.00 2.32 GW2 2024 3,790,000+ 5.00 2.50 GX0 2025 3,795,000+ 5.00 2.62 GY8 2026 3,830,000+ 5.00 2.70 GZ5 2027 4,495,000+ 5.00 2.78 HA9 2028 4,310,000+ 5.00 2.87 HB7 2029 4,465,000+ 5.00 2.95 HC5 2030 4,650,000+ 5.00 3.03 HD3 2031 5,475,000+ 5.00 3.10 HE1 2032 5,780,000+ 5.00 3.15 HF8 2033 5,840,000+ 5.00 3.21 HP6 2034 6,240,000+ 5.00 3.28 HQ4 2035 6,400,000+ 5.00 3.35 HR2 2036 6,610,000+ 5.00 3.41 HS0 2037 6,875,000+ 5.00 3.46 HT8 2038 6,895,000+ 5.00 3.50 HU5 $56,555,000+ 5.00% Term Bonds Due April 1, 2042 Yield: 3.54% CUSIP No. 797400HG6 $50,000,000 4.125% Term Bonds Due April 1, 2048 Yield: 4.125% CUSIP No. 797400HH4 $57,380,000+ 5.00% Term Bonds Due April 1, 2048 Yield: 3.72% CUSIP No. 797400HN1 + Priced to the April 1, 2022 call date. * CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein are provided by CUSIP Global Services, managed by Standard & Poors Financial Services LLC on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. None of the Underwriters, the Financial Advisor or the Commission is responsible for the selection or correctness of the CUSIP numbers set forth herein. 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 Series 2012 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. The information set forth herein has been provided by the San Diego County Regional Transportation Commission (the Commission), the Underwriters and other sources that are believed by the Commission to be reliable. The Underwriters have provided the following sentence for inclusion in this Official Statement: The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations other than those contained in this Official Statement. If given or made, such other information or representations must not be relied upon as having been authorized by the Commission or the Underwriters. This Official Statement is not to be construed as a contract with the purchasers of the Series 2012 Bonds. This Official Statement speaks only as of its date. The information and expressions of opinion herein are subject to change without notice and neither delivery of this Official Statement nor any sale made in conjunction herewith shall, under any circumstances, create any implication that there has been no change in the affairs of the Commission or other matters described herein since the date hereof. This Official Statement is submitted with respect to the sale of the Series 2012 Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose, unless authorized in writing by the Commission. All descriptions and summaries of documents and statutes hereinafter set forth do not purport to be comprehensive or definitive, and reference is made to each document and statute for complete details of all terms and conditions. All statements herein are qualified in their entirety by reference to each such document and statute. Certain capitalized terms used but not defined herein are defined in APPENDIX C DEFINITIONS AND SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE Definitions. In connection with the offering of the Series 2012 Bonds, the Underwriters may overallot or effect transactions which stabilize or maintain the market prices of such Series 2012 Bonds at levels above that which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time. The Underwriters may offer and sell the Series 2012 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 Underwriters. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS IN THIS OFFICIAL STATEMENT Certain statements included or incorporated by reference in this Official Statement constitute forward-looking statements. Such statements are generally identifiable by the terminology used such as plan, expect, estimate, project, budget or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. No assurance is given that actual results will meet the forecasts of the Commission in any way, regardless of the level of optimism communicated in the information. The Commission is not obligated to issue nor does it plan to issue any updates or revisions to the forward-looking statements if or when its expectations change, or events, conditions or circumstances on which such statements are based occur. Endnlta'li Solana Beach DelMar ·~·· Preliminary Engineering Coronado ® a Preliminary Engineering lmperi1l A Beoell ... N Tliuana, EI.C. SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION BOARD MEMBERS CHAIR: Hon. Jerome Stocks FIRST VICE-CHAIR: Hon. Jack Dale SECOND VICE-CHAIR: Hon. Jim Janney CITY OF CARLSBAD CITY OF LEMON GROVE COUNTY OF SAN DIEGO Hon. Matt Hall, Mayor Hon. Mary Teresa Sessom, Mayor Hon. Ron Roberts, Chairman (A) Hon. Ann Kulchin, Mayor Pro Tem (A) Hon. Jerry Jones, Mayor Pro Tem (A) Hon. Greg Cox, Vice Chairman (A) Hon. Farrah Douglas, Councilmember (A) Hon. George Gastil, Councilmember (A) Hon. Pam Slater-Price, Supervisor Hon. Bill Horn, Supervisor (A) Hon. Dianne Jacob, Supervisor CITY OF CHULA VISTA CITY OF NATIONAL CITY IMPERIAL COUNTY Hon. Cheryl Cox, Mayor Hon. Ron Morrison, Mayor (Advisory Member) (A) Hon. Pamela Bensoussan, Councilmember (A) Hon. Rosalie Zarate, Councilmember Hon. John Renison, Supervisor, District 1 (A) Hon. Rudy Ramirez, Councilmember (A) Hon. Alejandra Sotelo-Solis, Vice Mayor (A) Mark Baza, Executive Director, Imperial County Transportation Commission CITY OF CORONADO CITY OF OCEANSIDE CALIFORNIA DEPARTMENT OF Hon. Carrie Downey, Councilmember Hon. Jim Wood, Mayor TRANSPORTATION (A) Hon. Al Ovrom, Mayor Pro Tem (A) Hon. Jack Feller, Councilmember (Advisory Member) (A) Hon. Michael Woiwode, Councilmember (A) Hon. Gary Felien, Councilmember Malcolm Dougherty, Acting Director (A) Laurie Berman, District 11 Director CITY OF DEL MAR CITY OF POWAY METROPOLITAN TRANSIT SYSTEM Hon. Carl Hilliard, Mayor Hon. Don Higginson, Mayor (Advisory Member) (A) Hon. Terry Sinnott, Deputy Mayor (A) Hon. Jim Cunningham, Deputy Mayor Harry Mathis, Chairman (A) Hon. Mark Filanc, Councilmember (A) Hon. John Mullin, Councilmember (A) Hon. Al Ovrom CITY OF EL CAJON CITY OF SAN DIEGO NORTH COUNTY TRANSIT DISTRICT Hon. Mark Lewis, Mayor Hon. Jerry Sanders, Mayor (Advisory Member) (A) Bill Wells, Councilmember (A) Hon. Lorie Zapf, Councilmember Hon. Chris Orlando, Chairman (A) Hon. David Alvarez, Councilmember (A) Hon. Dave Roberts Hon. Anthony Young, Council President (A) Hon. Mark Packard (A) Hon. Todd Gloria, Councilmember (A) Hon. Sherri Lightner, Councilmember CITY OF ENCINITAS CITY OF SAN MARCOS UNITED STATES DEPARTMENT OF DEFENSE Hon. Jerome Stocks, Mayor Hon. Jim Desmond, Mayor (Advisory Member) (A) Hon. Kristin Gaspar, Deputy Mayor (A) Hon. Hal Martin, Vice Mayor CAPT Clifford Maurer, USN, CEC, Southwest Division (A) Hon. Teresa Barth, Councilmember (A) Hon. Rebecca Jones, Councilmember Naval Facilities Engineering Command (A) CAPT Allan Stratman, USN, CEC, Southwest Division Naval Facilities Engineering Command CITY OF ESCONDIDO CITY OF SANTEE SAN DIEGO UNIFIED PORT DISTRICT Hon. Sam Abed, Mayor Hon. Jack Dale, Councilmember (Advisory Member) (A) Hon. Marie Waldron, Deputy Mayor (A) Hon. John Minto, Councilmember Lou Smith, Chairman (A) Hon. Ed Gallo, Councilmember (A) Hon. Rob McNelis, Vice Mayor (A) Lee Burdick, Commissioner CITY OF IMPERIAL BEACH CITY OF SOLANA BEACH SAN DIEGO COUNTY WATER AUTHORITY Hon. Jim Janney, Mayor Hon. Lesa Heebner, Councilmember (Advisory Member) (A) Hon. Jim King, Councilmember (A) Hon. Mike Nichols, Councilmember Javier Saunders, Director (A) Hon. Lorie Bragg, Councilmember (A) Hon. Dave Roberts, Deputy Mayor (A) John Linden, Director CITY OF LA MESA CITY OF VISTA SOUTHERN CALIFORNIA TRIBAL Hon.