Continuing Disclosure Annual Report Fiscal Year 5 ...€¦ · Continuing Disclosure Annual Report...

Continuing Disclosure Annual ReportFiscal Year Ending June 30, 2015

Placentia-Yorba Linda Unified School DistrictCommunity Facilities District No. 12012 Special Tax BondsBase CUSIP: 725898

March 1, 2016

Prepared For:Placentia-Yorba Linda Unified School District 1301 E. Orangethorpe AvenuePlacentia, CA 92870T 714.572.9713

Prepared By: Dolinka Group, LLC 8955 Research DriveIrvine, CA 92618 T 949.250.8300

Placentia-Yorba Linda Unified School District Community Facilities District No. 1

2012 Special Tax Bonds

Maturity Date (September 1) CUSIP*

2013 725898AV2 2014 725898AW0 2015 725898AX8 2016 725898AY6 2017 725898AZ3 2018 725898BA7 2019 725898BB5 2020 725898BC3 2021 725898BD1 2022 725898BE9 2023 725898BF6 2024 725898BG4 2025 725898BH2 2026 725898BJ8 2027 725898BK5 2028 725898BL3 2029 725898BM1 2030 725898BN9 2031 725898BP4 2032 725898BQ2 2033 725898BR0 2034 725898BS8

* CUSIP is a registered trademark of the American Bankers Association.

List of Participants

Issuer

Community Facilities District No. 1 Placentia-Yorba Linda Unified School District

1301 E. Orangethorpe Avenue Placentia, CA 92870 Phone: 714.572.9713

www.pylusd.org

Bond Counsel / Disclosure Counsel

Jones Hall, A Professional Law Corporation 475 Sansome Street Suite 1700

San Francisco, CA 94111

Special Tax Consultant, CFD Administrator and Dissemination Agent

Dolinka Group, LLC

8955 Research Drive Irvine, CA 92618

www.dolinkagroup.com

Fiscal Agent

U.S. Bank

633 West Fifth Street, 24th Floor Los Angeles, CA 90071

Underwriter

George K. Baum & Company 555 Capitol Mall Suite 700

Sacramento, CA 95814

Table of Contents Section Page

I. Issuer's Statement--------------------------------------------------------------------------------------------1 II. Financial Information----------------------------------------------------------------------------------------2 III. Bond Information---------------------------------------------------------------------------------------------3

A. Principal Amount of Bonds Outstanding B. Fund and Account Balances C. Reserve Requirement D. Status of Projects

IV. Special Taxes -------------------------------------------------------------------------------------------------- 5

A. Changes to the Rate and Method of Apportionment B. Prepayments C. Special Tax Budget D. Debt Service Coverage E. Special Tax Levy F. Major Taxpayers G. Special Tax Delinquencies H. Teeter Plan I. Special Tax Foreclosures

V. Assessed Values and Land Secured Bonded Indebtedness ---------------------------------- 8

A. Assessed Value Summary B. Overlapping Debt Report C. Assessed Value and Value-to-Lien Ratios

VI. Reports and Additional Information ------------------------------------------------------------------ 9

A. Report to the California Debt and Investment Advisory Commission B. Listed Events C. Additional Information

Exhibits Exhibit A: Debt Service Schedule Exhibit B: Special Tax Levy Detail Report Exhibit C: Rate and Method of Apportionment Exhibit D: Annual Debt Service Coverage Summary Table Exhibit E: Special Tax Levy Summary Table Exhibit F: Assessed Value-to-Lien Detail Report Exhibit G: Assessed Value Summary Table Exhibit H: Assessed Value-to-Lien Ratio Summary Table by Tax Class Exhibit I: Assessed Value-to-Lien Ratio Summary Table by Category Exhibit J: Report to the California Debt and Investment Advisory Commission

Placentia-Yorba Linda Unified School District Page 1 Annual Report for Community Facilities District No. 1 March 1, 2016

I. Issuer's Statement This Annual Report ("Report") has been prepared pursuant to the Continuing Disclosure Certificate ("Disclosure Certificate") executed in connection with the issuance of the 2012 Special Tax Bonds ("Bonds") by Community Facilities District ("CFD") No. 1 of the Placentia-Yorba Linda Unified School District ("School District"). The School District has agreed under the Disclosure Certificate and pursuant to Rule 15c2-12 of the Securities and Exchange Commission to provide certain annual financial information, operating data, and notices of certain listed events via the Electronic Municipal Market Access ("EMMA") system, a service of the Municipal Securities Rulemaking Board. This Report has been prepared by Dolinka Group at the direction of the School District, for the benefit of the owners of the Bonds and the Participating Underwriter. Any information contained herein which involves 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 set forth herein has been furnished by the School District, or other sources which are believed to be reliable, but it is not guaranteed as to accuracy or completeness. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Report nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the School District or CFD No. 1 since the date hereof. Capitalized terms used herein which are not otherwise defined shall have the meaning given them in the Disclosure Certificate. If there are any questions regarding the information provided, please contact the Dolinka Group at 949.250.8300. Placentia-Yorba Linda Unified School District


II. Financial Information

The School District's annual audited financial statements for Fiscal Year 2014/2015 are available online at http://emma.msrb.org/ and are hereby incorporated by reference. The School District's annual financial statements are provided solely to comply with the Securities Exchange Commission staff's interpretation of Rule 15c2-12. No funds or assets of CFD No. 1 or the School District are required to be used to pay debt service on the Bonds, and neither CFD No. 1 nor the School District is obligated to advance available funds to cover any delinquencies. Investors should not rely on the financial condition of CFD No. 1 or the School District in evaluating whether to buy, hold, or sell the Bonds.


III. Bond Information 2012 Special Tax Bonds. The Bonds were issued in the amount of $6,730,000 on August 15, 2012. The Bonds were issued to (i) refund the outstanding 2002 Special Tax Bonds of the School District, (ii) finance the acquisition and construction of certain school facilities to be owned and operated by the School District, (iii) fund a debt service reserve fund for the Bonds, and (iv) pay the costs of issuing the Bonds. The Bonds are limited obligations of CFD No. 1 and are payable solely from revenues of the "Net Taxes" which is defined as Special Taxes levied within CFD No. 1 less the Administrative Expense Requirement. The Bonds are not a debt of the School District, the State of California, or any of its political subdivisions. The items below summarize information required by the Disclosure Certificate. A. Principal Amount of Bonds Outstanding

The outstanding principal amount of the Bonds, as of September 30, 2015, was $6,145,000. The debt service schedule for the Bonds is included as Exhibit A.

B. Fund and Account Balances

The balance in each fund and account of the Bonds as of September 30, 2015 is listed in the table below.

Fund and Account Balances

Funds and Accounts Amount

Administrative Expense Fund $20,800.37

Bond Fund $2,001.64

Improvement Fund $1,213,840.39

Interest Account $0.00

Principal Account $0.00

Reserve Fund $465,267.62

Special Tax Fund $0.00

Surplus Fund $106,991.63

Total $1,808,901.65 The balances of all other funds and accounts referenced in the Fiscal Agent Agreement

are $0.00 and/or have been closed. C. Reserve Requirement

As of September 30, 2015 the Reserve Requirement for the Bonds was $460,040.00; therefore, the Reserve Requirement was satisfied as of this date.


D. Status of Projects

2012 Special Tax Bonds. Construction proceeds generated from the issuance of the Bonds are being used to construct and modernize K-12 school facilities. The final expenditure of bond proceeds has yet to occur.

Investment earnings on construction proceeds remaining on deposit three (3) years after the issuance of the Bonds must be immediately restricted to yields below the yield on the Bonds. Dolinka Group has confirmed with the Fiscal Agent of CFD No. 1 that the yields on the remaining construction proceeds are in compliance with the above statement.


IV. Special Taxes CFD No. 1 has covenanted to annually levy the Special Tax in accordance with the Rate and Method of Apportionment ("RMA") so long as the Bonds are outstanding. Exhibit B includes a detailed listing of the Special Tax levy. The items below summarize information required by the Disclosure Certificate. A. Changes to the Rate and Method of Apportionment

There has been no change to the RMA since the date of the Official Statement. A copy of the RMA has been included as Exhibit C.

B. Prepayments

There has been no prepayment of the Special Tax since the date of the Official Statement.

C. Special Tax Budget

A summary of the Fiscal Year 2015/2016 Special Tax budget is outlined below.

Special Tax Budget FY 2015/2016 Obligations Interest Payment Due March 1, 2016 Interest Payment Due September 1, 2016 Principal Payment Due September 1, 2016 Administrative Expense Budget for Fiscal Year 2015/2016 Direct Construction/Additional Administrative Expense Budget

$108,180.63 $108,180.63 $240,000.00 $25,000.00 $80,660.10

$562,021.36

Special Tax Levy $562,021.36 D. Debt Service Coverage

At the time the Bonds were sold CFD No. 1 represented that, the amount of Net Taxes, if levied in accordance with the RMA, would annually yield revenue in an amount not less than 1.10 times the annual debt service on the Bonds. In Fiscal Year 2015/2016 the amount of Net Taxes yields 117.67% of the annual debt service on the Bonds. An Annual Debt Service Coverage Summary Table has been included as Exhibit D.

E. Special Tax Levy

A summary of the Fiscal Year 2015/2016 Special Tax levy is included as Exhibit E.


F. Major Taxpayers

"Major Taxpayers" are those property owners responsible for more than five percent (5.00%) of the Special Tax levy. There are no property owners responsible for more than five percent (5.00%) of the Special Taxes levied in Fiscal Year 2015/2016.

G. Special Tax Delinquencies Historical Special Tax delinquencies within CFD No. 1 are shown in the table below.

Historical Special Tax Delinquencies

Fiscal Year

Subject Fiscal Year [1] June 30, 2015 [2]

Aggregate Special Tax

Parcels Delinquent

Amount Collected

Fiscal Year

Amount Delinquent

Fiscal Year Delinquency

Rate

Remaining Amount

Delinquent

Remaining Delinquency

Rate

2007/2008 $561,843.18 26 $520,725.60 $41,117.58 7.32 % $0.00 0.00 %

2008/2009 $562,021.36 21 $526,397.59 $35,623.77 6.34 % $0.00 0.00 %

2009/2010 $562,021.36 13 $541,109.17 $20,912.19 3.72 % $0.00 0.00 %

2010/2011 $562,021.36 2 $558,814.16 $3,207.20 0.57 % $0.00 0.00 %

2011/2012 $562,021.36 7 $551,704.85 $10,316.51 1.84 % $0.00 0.00 %

2012/2013 $562,021.36 4 $556,563.18 $5,458.18 0.97 % $0.00 0.00 %

2013/2014 $562,021.36 7 $554,217.16 $7,804.20 1.39 % $950.28 0.17 %

2014/2015 $562,021.36 4 $556,414.70 $5,606.66 1.00 % $5,606.66 1.00 % [1] Section 4 (b)(ii) of the Disclosure Certificate requires delinquency information as of August 1st. However, due to the availability of tax information from the County of Orange, delinquencies are as of June 30th. [2] Delinquencies as of June 30th.

There are no parcels responsible for a delinquency of more than $5,000.00.

H. Teeter Plan

The County of Orange ("County") and CFD No. 1 participate in an alternative method for the distribution of secured property taxes, known as the "Teeter Plan", wherein CFD No. 1 receives the total annual Special Tax levy, including delinquent Special Taxes which have yet to be collected. The County establishes a delinquency reserve and assumes responsibility for all Special Tax delinquencies, and, thus, the County retains all delinquent Special Tax collections along with any accrued interest and penalties. The Teeter Plan provides CFD No. 1 with stable cash flow and eliminates collection risk. There is no guarantee the County will continue to employ the Teeter Plan for the distribution of CFD No. 1 Special Taxes in future Fiscal Years.


I. Special Tax Foreclosures CFD No. 1 has covenanted that it will commence judicial foreclosure proceedings against (i) any single property owner with delinquent Special Taxes in excess of $10,000 by the October 1st following the close of each Fiscal Year in which such Special Taxes were due and (ii) all parcels with delinquent Special Taxes by the October 1st following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Taxes levied, provided the Reserve Fund is below the Reserve Requirement. Notwithstanding the above, CFD No. 1 shall not commence or file foreclosure proceedings if to do so would violate any applicable Teeter Plan agreements or covenants with the County.

After reviewing the level of delinquencies within CFD No. 1 as of October 1, 2015, it was determined that CFD No. 1 was not required to initiate foreclosure proceedings for Fiscal Year 2014/2015. CFD No. 1 has never initiated foreclosure proceedings as of the date of this Report.


V. Assessed Values and Land Secured Bonded Indebtedness The assessed values and direct and overlapping land secured bonded indebtedness on individual parcels vary among parcels within CFD No. 1. The value of and debt burden on individual parcels is significant because in the event of a delinquency in the payment of Special Taxes, CFD No. 1 may foreclose only against delinquent parcels. Exhibit F includes a detailed listing of the assessed value and land secured bonded indebtedness for each parcel. The items below summarize information required by the Disclosure Certificate. A. Assessed Value Summary

A summary of the assessed value of the property within CFD No. 1, distinguishing between the assessed value of improved parcels and unimproved parcels, is included in Exhibit G.

B. Overlapping Debt Report

Certain overlapping local agencies provide public services and assess property taxes, assessments, special taxes and other charges on the property in CFD No. 1. Many of these local agencies have outstanding debt. A Direct and Overlapping governmental obligations table is not a requirement on the Disclosure Certificate. Additional indebtedness could be authorized by the School District or other public agencies at any time.

C. Assessed Values and Value-to-Lien Ratios

The assessed values and value-to-lien ratios for all parcels within CFD No. 1 are shown in tables as Exhibits H and I.


VI. Reports and Additional Information Below is a summary of various other reports and information regarding the Bonds which are required by the Disclosure Certificate. A. Report to the California Debt and Investment Advisory Commission

A copy of the report prepared and filed with the California Debt and Investment Advisory Commission pursuant to Section 53359.5(b) of the Act for Fiscal Year 2014/2015 is included as Exhibit J.

B. Listed Events

Pursuant to the Disclosure Certificate, CFD No. 1 shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material:

(i) Principal and interest payment delinquencies; (ii) Non-payment related defaults, if material; (iii) Unscheduled draws on debt service reserves reflecting financial

difficulties; (iv) Unscheduled draws on credit enhancements reflecting financial

difficulties; (v) Substitution of credit or liquidity providers, or their failure to perform; (vi) Adverse tax opinions, the issuance by the Internal Revenue Service of

proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the 2012 Bonds, or other material events affecting the tax status of the Bonds;

(vii) Modifications to rights of security holders; (viii) Bond calls, if material and tender offers; (ix) Defeasances; (x) Release, substitution, or sale of property securing repayment of the

securities, if material; (xi) Rating changes; (xii) Bankruptcy, insolvency, receivership or similar event of the District; (xiii) The consummation of a merger, consolidation, or acquisition involving the

District, or the sale of all or substantially all of the assets of the District (other than in the ordinary course of business), the entry into a definitive agreement to undertake such an action, or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and

(xiv) Appointment of a successor or additional Fiscal Agent or the change of name of the Fiscal Agent, if material.

None of these events occurred in Fiscal Year 2014/2015.


D. Additional Information

In addition to any of the information expressly required to be provided by the Disclosure Certificate, CFD No. 1 shall provide such further information, if any, as may be necessary to make the specifically required statements, in light of the circumstances under which they are made, not misleading. After careful review it has been determined that there is no such information for Fiscal Year 2014/2015.

S:\Clients\Placentia-Yorba Linda Unified SD\SADM\CFDs\CFD No. 1\FY1415\Reports\Continuing DIsclosure Report\ContDiscPYLUSD.1_FY1415_D1.docx

Exhibit A

Debt Service Schedule

Debt Service Schedule Placentia-Yorba Linda Unified School District

Community Facilities District No. 1 2012 Special Tax Bonds

Maturity Date (September 1)

Principal Amount/ Sinking Fund

Payment Interest Total Debt Service

2013 $170,000.00 $242,531.75 $412,531.75 2014 $180,000.00 $228,811.26 $408,811.26 2015 $235,000.00 $223,411.26 $458,411.26 2016 $240,000.00 $216,361.26 $456,361.26 2017 $245,000.00 $209,161.26 $454,161.26 2018 $250,000.00 $204,261.26 $454,261.26 2019 $260,000.00 $196,761.26 $456,761.26 2020 $265,000.00 $188,961.26 $453,961.26 2021 $280,000.00 $178,361.26 $458,361.26 2022 $285,000.00 $171,361.26 $456,361.26 2023 $300,000.00 $159,961.26 $459,961.26 2024 $300,000.00 $150,586.26 $450,586.26 2025 $315,000.00 $140,836.26 $455,836.26 2026 $325,000.00 $130,205.00 $455,205.00 2027 $340,000.00 $118,830.00 $458,830.00 2028 $350,000.00 $106,590.00 $456,590.00 2029 $360,000.00 $93,902.52 $453,902.52 2030 $375,000.00 $80,402.52 $455,402.52 2031 $390,000.00 $66,152.52 $456,152.52 2032 $400,000.00 $51,040.00 $451,040.00 2033 $425,000.00 $35,040.00 $460,040.00 2034 $440,000.00 $18,040.00 $458,040.00

A-1

Exhibit B

Special Tax Levy Detail Report

Fiscal Year 2015/2016 Special Tax Levy Placentia-Yorba Linda Unified School District

Community Facilities District No. 1

Assessor's Parcel Number

Special Tax Classification

Maximum Annual Special Tax Special Tax Levy

32348201 Zone 4, 2 $2,916.19 $2,613.28 32348202 Zone 4, 2 $2,916.19 $2,613.28 32348203 Zone 4, 1 $2,916.19 $2,019.36 32348204 Zone 4, 2 $2,916.19 $2,613.28 32348205 Zone 4, 2 $2,916.19 $2,613.28 32348206 Zone 4, 2 $2,916.19 $2,613.28 32348207 Zone 4, 1 $2,916.19 $2,019.36 32348208 Zone 4, 1 $2,916.19 $2,019.36 32348209 Zone 4, 2 $2,916.19 $2,613.28 32348210 Zone 4, 2 $2,916.19 $2,613.28 32348211 Zone 4, 2 $2,916.19 $2,613.28 32348212 Zone 4, 2 $2,916.19 $2,613.28 32348213 Zone 4, 2 $2,916.19 $2,613.28 32348214 Zone 4, 2 $2,916.19 $2,613.28 32348215 Zone 4, 2 $2,916.19 $2,613.28 32348216 Zone 4, 2 $2,916.19 $2,613.28 32348217 Zone 4, 2 $2,916.19 $2,613.28 32348218 Zone 4, 2 $2,916.19 $2,613.28 32348219 Zone 4, 2 $2,916.19 $2,613.28 32348220 Zone 4, 2 $2,916.19 $2,613.28 32348221 Zone 4, 1 $2,916.19 $2,019.36 32348222 Zone 4, 2 $2,916.19 $2,613.28 32348223 Zone 4, 2 $2,916.19 $2,613.28 32348224 Zone 4, 2 $2,916.19 $2,613.28 32348225 Zone 4, 2 $2,916.19 $2,613.28 32348226 Zone 4, 2 $2,916.19 $2,613.28 32348227 Zone 4, 2 $2,916.19 $2,613.28 32348228 Zone 4, 1 $2,916.19 $2,019.36 32348229 Zone 4, 2 $2,916.19 $2,613.28 32348230 Zone 4, 2 $2,916.19 $2,613.28 32348231 Zone 4, 1 $2,916.19 $2,019.36 32348232 Zone 4, 2 $2,916.19 $2,613.28 32348233 Zone 4, 2 $2,916.19 $2,613.28 32348234 Zone 4, 1 $2,916.19 $2,019.36 32348235 Zone 4, 2 $2,916.19 $2,613.28 32348236 Zone 4, 2 $2,916.19 $2,613.28 32348237 Zone 4, 2 $2,916.19 $2,613.28 32348238 Zone 4, 2 $2,916.19 $2,613.28 32348239 Zone 4, 2 $2,916.19 $2,613.28 32348240 Zone 4, 2 $2,916.19 $2,613.28 32348241 Zone 4, 2 $2,916.19 $2,613.28 32348242 Zone 4, 1 $2,916.19 $2,019.36 32348243 Zone 4, 1 $2,916.19 $2,019.36 32348244 Zone 4, 2 $2,916.19 $2,613.28 32348245 Zone 4, 2 $2,916.19 $2,613.28 32348246 Zone 4, 1 $2,916.19 $2,019.36 32348247 Zone 4, 1 $2,916.19 $2,019.36 32348248 Zone 4, 2 $2,916.19 $2,613.28 32348249 Zone 4, 2 $2,916.19 $2,613.28 32348250 Zone 4, 1 $2,916.19 $2,019.36 32348251 Zone 4, 2 $2,916.19 $2,613.28 32348252 Zone 4, 2 $2,916.19 $2,613.28 32348253 Zone 4, 1 $2,916.19 $2,019.36 32348254 Zone 4, 1 $2,916.19 $2,019.36 32348255 Zone 4, 2 $2,916.19 $2,613.28 32348256 Zone 4, 2 $2,916.19 $2,613.28 32348257 Zone 4, 1 $2,916.19 $2,019.36 32348258 Zone 4, 2 $2,916.19 $2,613.28 32348259 Zone 4, 1 $2,916.19 $2,019.36

B-1




32614117 Zone 1, 1 $2,208.52 $1,900.56 32614118 Zone 1, 2 $2,208.52 $2,102.50 32614119 Zone 1, 1 $2,208.52 $1,900.56 32614120 Zone 1, 1 $2,208.52 $1,900.56 32614121 Zone 1, 1 $2,208.52 $1,900.56 32614122 Zone 1, 1 $2,208.52 $1,900.56 32614123 Zone 1, 2 $2,208.52 $2,102.50 32614124 Zone 1, 1 $2,208.52 $1,900.56 32614125 Zone 1, 2 $2,208.52 $2,102.50 32614126 Zone 1, 2 $2,208.52 $2,102.50 32614127 Zone 1, 1 $2,208.52 $1,900.56 32614128 Zone 1, 1 $2,208.52 $1,900.56 32614129 Zone 1, 1 $2,208.52 $1,900.56 32614130 Zone 1, 1 $2,208.52 $1,900.56 32614131 Zone 1, 2 $2,208.52 $2,102.50 32614132 Zone 1, 2 $2,208.52 $2,102.50 32614133 Zone 1, 1 $2,208.52 $1,900.56 32614134 Zone 1, 2 $2,208.52 $2,102.50 32614135 Zone 1, 1 $2,208.52 $1,900.56 32614136 Zone 1, 1 $2,208.52 $1,900.56 32614137 Zone 1, 1 $2,208.52 $1,900.56 32614138 Zone 1, 2 $2,208.52 $2,102.50 32614139 Zone 1, 1 $2,208.52 $1,900.56 32614140 Zone 1, 1 $2,208.52 $1,900.56 32614141 Zone 1, 1 $2,208.52 $1,900.56 32614142 Zone 1, 1 $2,208.52 $1,900.56 32614143 Zone 1, 2 $2,208.52 $2,102.50 32614201 Zone 1, 1 $2,208.52 $1,900.56 32614202 Zone 1, 1 $2,208.52 $1,900.56 32614203 Zone 1, 2 $2,208.52 $2,102.50 32614204 Zone 1, 2 $2,208.52 $2,102.50 32614205 Zone 1, 1 $2,208.52 $1,900.56 32614206 Zone 1, 1 $2,208.52 $1,900.56 32614207 Zone 1, 1 $2,208.52 $1,900.56 32614208 Zone 1, 2 $2,208.52 $2,102.50 32614209 Zone 1, 2 $2,208.52 $2,102.50 32614210 Zone 1, 2 $2,208.52 $2,102.50 32614211 Zone 1, 1 $2,208.52 $1,900.56 32614212 Zone 1, 1 $2,208.52 $1,900.56 32614213 Zone 1, 1 $2,208.52 $1,900.56 32614214 Zone 1, 1 $2,208.52 $1,900.56 32614301 Zone 1, 1 $2,208.52 $1,900.56 32614302 Zone 1, 1 $2,208.52 $1,900.56 32614303 Zone 1, 1 $2,208.52 $1,900.56 32614304 Zone 1, 1 $2,208.52 $1,900.56 32614305 Zone 1, 1 $2,208.52 $1,900.56 32614306 Zone 1, 1 $2,208.52 $1,900.56 32614307 Zone 1, 1 $2,208.52 $1,900.56 32614308 Zone 1, 2 $2,208.52 $2,102.50 32614309 Zone 1, 1 $2,208.52 $1,900.56 32614310 Zone 1, 2 $2,208.52 $2,102.50 32614311 Zone 1, 1 $2,208.52 $1,900.56 32614312 Zone 1, 2 $2,208.52 $2,102.50 32614313 Zone 1, 2 $2,208.52 $2,102.50 32614314 Zone 1, 2 $2,208.52 $2,102.50 32614315 Zone 1, 1 $2,208.52 $1,900.56 32614316 Zone 1, 2 $2,208.52 $2,102.50 32614317 Zone 1, 1 $2,208.52 $1,900.56 32614318 Zone 1, 1 $2,208.52 $1,900.56 32614319 Zone 1, 2 $2,208.52 $2,102.50 32614320 Zone 1, 1 $2,208.52 $1,900.56 32614321 Zone 1, 1 $2,208.52 $1,900.56 32614322 Zone 1, 2 $2,208.52 $2,102.50 32614323 Zone 1, 1 $2,208.52 $1,900.56

B-2





B-3





B-4




32616210 Zone 3, 2 $2,012.70 $1,841.18 32616211 Zone 3, 2 $2,012.70 $1,841.18 32616212 Zone 3, 2 $2,012.70 $1,841.18 32616213 Zone 3, 2 $2,012.70 $1,841.18 32616214 Zone 3, 2 $2,012.70 $1,841.18 32616215 Zone 3, 2 $2,012.70 $1,841.18 32616216 Zone 3, 2 $2,012.70 $1,841.18 32616217 Zone 3, 2 $2,012.70 $1,841.18 32616218 Zone 3, 2 $2,012.70 $1,841.18 32616219 Zone 3, 2 $2,012.70 $1,841.18 32616220 Zone 3, 2 $2,012.70 $1,841.18 32616221 Zone 3, 2 $2,012.70 $1,841.18 32616222 Zone 3, 2 $2,012.70 $1,841.18 32616223 Zone 3, 2 $2,012.70 $1,841.18 32616224 Zone 3, 2 $2,012.70 $1,841.18 32616225 Zone 3, 2 $2,012.70 $1,841.18 32616226 Zone 3, 2 $2,012.70 $1,841.18 32616227 Zone 3, 2 $2,012.70 $1,841.18 32616228 Zone 3, 2 $2,012.70 $1,841.18 32616229 Zone 3, 1 $2,012.70 $1,663.00 32616230 Zone 3, 2 $2,012.70 $1,841.18 32616231 Zone 3, 2 $2,012.70 $1,841.18 32616232 Zone 3, 2 $2,012.70 $1,841.18 32616233 Zone 3, 2 $2,012.70 $1,841.18 32616234 Zone 3, 2 $2,012.70 $1,841.18 32616235 Zone 3, 2 $2,012.70 $1,841.18 32616236 Zone 3, 1 $2,012.70 $1,663.00 32616237 Zone 3, 2 $2,012.70 $1,841.18 32616238 Zone 3, 2 $2,012.70 $1,841.18 32616239 Zone 3, 2 $2,012.70 $1,841.18 32616240 Zone 3, 2 $2,012.70 $1,841.18 32616241 Zone 3, 2 $2,012.70 $1,841.18 32616242 Zone 3, 2 $2,012.70 $1,841.18 32616243 Zone 3, 2 $2,012.70 $1,841.18 32616244 Zone 3, 2 $2,012.70 $1,841.18 32616245 Zone 3, 2 $2,012.70 $1,841.18 32616246 Zone 3, 2 $2,012.70 $1,841.18 32616247 Zone 3, 2 $2,012.70 $1,841.18 32616248 Zone 3, 2 $2,012.70 $1,841.18 32616249 Zone 3, 2 $2,012.70 $1,841.18 32616250 Zone 3, 2 $2,012.70 $1,841.18 32616251 Zone 3, 2 $2,012.70 $1,841.18

B-5

Exhibit C

Rate and Method of Apportionment

Draft #4 Page 1 of 13 August 5, 2002

RATE AND METHOD OF APPORTIONMENT FOR COMMUNITY FACILITIES DISTRICT NO. 1

OF PLACENTIA-YORBA LINDA UNIFIED SCHOOL DISTRICT

The following sets forth the Rate and Method of Apportionment for the levy and collection of Special Taxes by Community Facilities District No. 1 ("CFD No. 1") of Placentia-Yorba Linda Unified School District ("School District"). An Annual Special Tax shall be levied on and collected in CFD No. 1 each Fiscal Year in an amount determined through the application of the Rate and Method of Apportionment described below. All of the real property in CFD No. 1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided.

SECTION A DEFINITIONS

The terms hereinafter set forth have the following meanings: "Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map or as calculated from the applicable Assessor's Parcel Map by the Board. "Act" means the Mello-Roos Communities Facilities Act of 1982 as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California. "Administrative Expenses" means any ordinary and necessary expense incurred by the School District on behalf of CFD No. 1 related to the determination of the amount of the levy of Special Taxes, the collection of Special Taxes including the expenses of collecting delinquencies, the administration of Bonds, the payment of salaries and benefits of any School District employee whose duties are directly related to the administration of CFD No. 1, and costs otherwise incurred in order to carry out the authorized purposes of CFD No. 1. "Annual Special Tax" means the Special Tax actually levied in any Fiscal Year on any Assessor’s Parcel. "Assessor’s Parcel" means a lot or parcel of land designated on an Assessor’s Parcel Map with an assigned Assessor’s Parcel Number within the boundaries of CFD No. 1. "Assessor’s Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor’s Parcel Number. "Assessor’s Parcel Number" means that number assigned to an Assessor’s Parcel by the County for purposes of identification.

"Assigned Annual Special Tax" means the Special Tax of that name described in Section D below. "Backup Annual Special Tax" means the Special Tax of that name described in Section E below.

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"Board" means the Board of Education of Placentia-Yorba Linda Unified School District, or its designee, acting as the Legislative Body of CFD No. 1. "Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long-term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long-term contracts, or any refunding thereof, to which Special Taxes have been pledged.

"Building Permit" means a permit for the construction of one or more Units. For purposes of this definition, "Building Permit" shall not include permits for construction or installation of commercial/industrial structures, parking structures, retaining walls, utility improvements, or other such improvements not intended for human habitation. "Building Square Footage" or "BSF" means the square footage of assessable internal living space of a Unit, exclusive of any carports, walkways, garages, overhangs, patios, enclosed patios, detached accessory structure, or other structures not used as living space, as determined by reference to the Building Permit for such Unit. "Calendar Year" means the period commencing January 1 of any year and ending the following December 31. "CFD No. 1" means Community Facilities District No. 1 established by the School District under the Act. "County" means the County of Orange. "Developed Property" means all Assessor’s Parcels of Taxable Property for which Building Permits were issued on or before May 1 of the prior Fiscal Year, provided that such Assessor's Parcels were created on or before January 1 of the prior Fiscal Year and that each such Assessor's Parcel is associated with a Lot, as determined reasonably by the Board. "Exempt Property" means all Assessor’s Parcels designated as being exempt from Special Taxes pursuant to Section J.

"Final Map" means a final tract map, parcel map, lot line adjustment, or functionally equivalent map or instrument that creates building sites, recorded in the County Office of the Recorder. "Fiscal Year" means the period commencing on July 1 of any year and ending the following June 30. "Gross Prepayment Amount" means the Prepayment Amount for an Assessor's Parcel prior to Bonds being issued by CFD No. 1, as determined in accordance with Section G. "Lot" means an individual legal lot created by a Final Map for which a Building Permit could be issued.

"Maximum Special Tax" means the maximum Special Tax, determined in accordance with Section C, that can be levied by CFD No. 1 in any Fiscal Year on any Assessor’s Parcel.

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"Minimum Annual Special Tax Requirement" means the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding Bonds, (ii) Administrative Expenses of CFD No. 1, (iii) the costs associated with the release of funds from an escrow account, and (iv) any amount required to establish or replenish any reserve funds established in association with the Bonds, less (v) any amount available to pay debt service or other periodic costs on the Bonds pursuant to any applicable bond indenture, fiscal agent agreement, or trust agreement. "Minimum Taxable Acreage" means, for all Zones, the applicable Acreage listed in Table 10 in Section J. "Partial Prepayment Amount" means the amount required to prepay a portion of the Annual Special Tax obligation for an Assessor’s Parcel, as described in Section H. "Prepayment Amount" means the amount required to prepay the Annual Special Tax obligation in full for an Assessor’s Parcel, as described in Section G.

"Proportionately" means that the ratio of the actual Annual Special Tax levy to the applicable Special Tax is equal for all applicable Assessor's Parcels. "Special Tax" means any of the special taxes authorized to be levied by CFD No. 1 pursuant to the Act. "Taxable Property" means all Assessor’s Parcels that are not Exempt Property.

"Undeveloped Property" means all Assessor’s Parcels of Taxable Property that are not Developed Property. "Unit" means each separate residential dwelling unit that comprises an independent facility capable of conveyance separate from adjacent residential dwelling units. "Zone" means the areas identified as a Zone in Exhibit A to this Rate and Method of Apportionment. "Zone 1" means all property located within the area identified as Zone 1 in Exhibit A to this Rate and Method of Apportionment, subject to interpretation by the Board as described in Section B. "Zone 2" means all property located within the area identified as Zone 2 in Exhibit A to this Rate and Method of Apportionment, subject to interpretation by the Board as described in Section B. "Zone 3" means all property located within the area identified as Zone 3 in Exhibit A to this Rate and Method of Apportionment, subject to interpretation by the Board as described in Section B. "Zone 4" means all property located within the area identified as Zone 4 in Exhibit A to this Rate and Method of Apportionment, subject to interpretation by the Board as described in Section B.

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SECTION B CLASSIFICATION OF ASSESSOR’S PARCELS

Each Fiscal Year, beginning with Fiscal Year 2002-03, (i) each Assessor’s Parcel shall be classified as Exempt Property or Taxable Property; (ii) each Assessor’s Parcel of Taxable Property shall be assigned to a Zone in accordance with Exhibit A at the reasonable discretion of the Board; and (iii) each Assessor’s Parcel of Taxable Property shall be classified as Developed Property or Undeveloped Property. The classification of Taxable Property assigned to a Zone shall take into consideration the Minimum Taxable Acreage of each Zone.

SECTION C MAXIMUM SPECIAL TAXES

1. Developed Property

The Maximum Special Tax for each Assessor’s Parcel classified as Developed Property in any Fiscal Year shall be the amount determined by the greater of (i) the application of the Assigned Annual Special Tax or (ii) the application of the Backup Annual Special Tax.

2. Undeveloped Property

The Maximum Special Tax for each Assessor’s Parcel classified as Undeveloped Property in any Fiscal Year shall be the amount determined by the application of the Assigned Annual Special Tax.

SECTION D ASSIGNED ANNUAL SPECIAL TAXES

1. Developed Property

The Assigned Annual Special Tax applicable to an Assessor's Parcel classified as Developed Property shall be determined by reference to Tables 1 – 4 according to the Zone in which the Assessor's Parcel is located and the Building Square Footage of the Unit.

TABLE 1

ASSIGNED ANNUAL SPECIAL TAX FOR

DEVELOPED PROPERTY IN ZONE 1

BSF Rate

< 4,500 BSF $1,900.57 per Unit

> 4,500 BSF $2,102.51 per Unit

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TABLE 2

ASSIGNED ANNUAL SPECIAL TAX FOR DEVELOPED PROPERTY IN ZONE 2

BSF Rate

< 3,500 BSF $1,413.55 per Unit

> 3,500 BSF $1,603.61 per Unit

TABLE 3



BSF Rate

< 4,000 BSF $1,663.00 per Unit

> 4,000 BSF $1,841.18 per Unit

TABLE 4



BSF Rate

< 4,800 SF $2,019.36 per Unit

> 4,800 SF $2,613.29 per Unit

2. Undeveloped Property

Each Fiscal Year, each Assessor’s Parcel of Undeveloped Property shall be subject to an Assigned Annual Special Tax. The Assigned Annual Special Tax rate for an Assessor’s Parcel of Undeveloped Property shall be determined by reference to Table 5.

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TABLE 5

ASSIGNED ANNUAL SPECIAL TAX FOR UNDEVELOPED PROPERTY

Zone Rate

Zone 1 $3,855.13 per acre of Acreage




SECTION E

BACKUP ANNUAL SPECIAL TAXES Each Fiscal Year, each Assessor’s Parcel of Developed Property shall be subject to a Backup Annual Special Tax. In each Fiscal Year, the Backup Annual Special Tax rate for Developed Property shall be the rate per Lot calculated according to the following formula:

B = (Z x A) L

The terms above have the following meanings:

B = Backup Annual Special Tax per Lot for the applicable Fiscal Year Z = Assigned Annual Special Tax per acre of Acreage of

Undeveloped Property for the applicable Zone for the applicable Fiscal Year

A = Acreage of Developed Property expected to exist in the applicable Final Subdivision Map at build out, as determined by the Board pursuant to Section J

L = Lots in the Final Subdivision Map Notwithstanding the foregoing, if all or any portion of the Final Subdivision Map(s) described in the preceding paragraph is subsequently changed or modified, then the Backup Annual Special Tax for each Assessor’s Parcel of Developed Property in such Final Subdivision Map area that is changed or modified shall be a rate per square foot of Acreage calculated as follows:

1. Determine the total Backup Annual Special Taxes anticipated to apply to the changed or modified Final Subdivision Map area prior to the change or modification.

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2. The result of paragraph 1 above shall be divided by the Acreage of Taxable Property which is ultimately expected to exist in such changed or modified Final Subdivision Map area, as reasonably determined by the Board.

3. The result of paragraph 2 above shall be divided by 43,560. The result is the

Backup Annual Special Tax per square foot of Acreage which shall be applicable to Assessor's Parcels of Developed Property in such changed or modified Final Subdivision Map area for all remaining Fiscal Years in which the Special Tax may be levied.

SECTION F

METHOD OF APPORTIONMENT OF THE ANNUAL SPECIAL TAX Commencing Fiscal Year 2002-03 and for each subsequent Fiscal Year, the Board shall levy Annual Special Taxes as follows: Step One: The Board shall levy an Annual Special Tax on each Assessor’s Parcel of Developed

Property in an amount equal to the Assigned Annual Special Tax applicable to each such Assessor’s Parcel.

Step Two: If the sum of the amounts collected in step one is insufficient to satisfy the Minimum Annual

Special Tax Requirement, then the Board shall levy Proportionately an Annual Special Tax on each Assessor’s Parcel of Undeveloped Property, up to the Assigned Annual Special Tax applicable to each such Assessor’s Parcel to satisfy the Minimum Annual Special Tax Requirement.

Step Three: If the sum of the amounts collected in steps one and two is insufficient to satisfy the

Minimum Annual Special Tax Requirement, then the Annual Special Tax on each Assessor's Parcel of Developed Property whose Maximum Special Tax is the Backup Annual Special Tax shall be increased Proportionately from the Assigned Annual Special Tax up to the Backup Annual Special Tax to satisfy the Annual Special Tax Requirement.

SECTION G

PREPAYMENT OF ANNUAL SPECIAL TAXES The Annual Special Tax obligation of an Assessor's Parcel of Developed Property or an Assessor's Parcel of Undeveloped Property for which a Building Permit has been issued may be prepaid in full, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor’s Parcel at the time the Annual Special Tax obligation would be prepaid. The Prepayment Amount for an Assessor’s Parcel eligible for prepayment shall be determined as described below.

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1. Prior to Issuance of Bonds

Prior to the issuance of Bonds, the Prepayment Amount for each Assessor's Parcel of Developed Property and each Assessor’s Parcel of Undeveloped Property for which a Building Permit has been issued shall be the applicable Gross Prepayment Amount. The Gross Prepayment Amount shall be determined by reference to Tables 6 – 9.

TABLE 6

GROSS PREPAYMENT AMOUNTS IN ZONE 1

BSF Prepayment Amount

< 4,500 BSF $14,769.26 per Unit

> 4,500 BSF $16,338.50 per Unit

TABLE 7



< 3,500 BSF $14,485.72 per Unit

> 3,500 BSF $14,485.72 per Unit

TABLE 8



< 4,000 BSF $14,485.72 per Unit

> 4,000 BSF $14,485.72 per Unit

TABLE 9



< 4,800 BSF $15,692.34 per Unit

> 4,800 BSF $20,307.74 per Unit

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2. Subsequent to Issuance of Bonds

Subsequent to the issuance of Bonds, the Prepayment Amount for each applicable Assessor's Parcel shall be calculated according to the following formula (capitalized terms defined below):

Bond Redemption Amount

plus Redemption Premium plus Defeasance plus Administrative Fee less Reserve Fund Credit

equals Prepayment Amount

As of the date of prepayment, the Prepayment Amount shall be calculated as follows:

1. For Assessor’s Parcels of Developed Property, compute the sum of the Assigned Annual Special Taxes and the Backup Annual Special Taxes applicable to the Assessor’s Parcel. For Assessor’s Parcels of Undeveloped Property, compute the sum of the Assigned Annual Special Taxes and the Backup Annual Special Taxes applicable to the Assessor’s Parcel as though it was already designated as Developed Property, based upon the Building Permit issued for that Assessor’s Parcel.

2. For each Assessor’s Parcel of Developed Property or Undeveloped Property to be

prepaid, (a) divide the sum of the Assigned Annual Special Taxes computed pursuant to paragraph 1 for such Assessor's Parcel by the sum of the estimated Assigned Annual Special Taxes applicable to all Assessor’s Parcels of Developed Property at build out, as reasonably determined by the Board, and (b) divide the sum of Backup Annual Special Tax computed pursuant to paragraph 1 for such Assessor's Parcel by the sum of the estimated Backup Annual Special Taxes applicable to all Assessor’s Parcels of Developed Property at build out, as reasonably determined by the Board.

3. The amount determined pursuant to Section G.1. shall be (a) increased by the portion

of the Bonds allocable to costs of issuance, reserve fund deposits, and capitalized interest with respect to the applicable Assessor’s Parcel and (b) reduced by the amount of regularly retired principal which is allocable to the applicable Assessor’s Parcel, as determined by the Board. The result is the "Outstanding Gross Prepayment Amount." In no event shall any Annual Special Taxes determined to have been used to make a regularly scheduled principal payment on the Bonds be adjusted for any increase in any cost index or other basis subsequent to the date of the applicable principal payment.

4. Multiply the larger quotient computed pursuant to paragraph 2(a) or 2(b) by the face

value of all outstanding Bonds. If the product is greater than the Outstanding Gross Prepayment Amount, then the product shall be the "Bond Redemption Amount." If the product is less than the Outstanding Gross Prepayment Amount, then the Outstanding Gross Prepayment Amount shall be the "Bond Redemption Amount."

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5. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the outstanding Bonds to be redeemed with the proceeds of the Bond Redemption Amount. This product is the "Redemption Premium."

6. Compute the amount needed to pay interest on the Bond Redemption Amount, the

Redemption Premium, and the Reserve Fund Credit (see step 10) to be redeemed with the proceeds of the Prepayment Amount until the earliest call date for the outstanding Bonds.

7. Estimate the amount of interest earnings to be derived from the reinvestment of the

Bond Redemption Amount plus the Redemption Premium until the earliest call date for the outstanding Bonds.

8. Subtract the amount computed pursuant to paragraph 7 from the amount computed

pursuant to paragraph 6. This difference is the "Defeasance."

9. Estimate the administrative fees and expenses associated with the prepayment, including the costs of computation of the Prepayment Amount, the costs of redeeming Bonds, and the costs of recording any notices to evidence the prepayment and the redemption. This amount is the "Administrative Fee."

10. Calculate the "Reserve Fund Credit" as the lesser of: (a) the expected reduction in the

applicable reserve requirements, if any, associated with the redemption of outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirements in effect after the redemption of outstanding Bonds as a result of the prepayment from the balance in the applicable reserve funds on the prepayment date. Notwithstanding the foregoing, if the reserve fund requirement is satisfied by a surety bond or other instrument at the time of the prepayment, then no Reserve Fund Credit shall be given. Notwithstanding the foregoing, the Reserve Fund Credit shall in no event be less than 0.

11. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the

Redemption Premium, the Defeasance, and the Administrative Fee, less the Reserve Fund Credit.

With respect to an Annual Special Tax obligation that is prepaid pursuant to this Section G, the Board shall indicate in the records of CFD No. 1 that there has been a prepayment of the Annual Special Tax obligation and shall cause a suitable notice to be recorded in compliance with the Act within thirty (30) days of receipt of such prepayment to indicate the prepayment of the Annual Special Tax obligation and the release of the Annual Special Tax lien on such Assessor’s Parcel, and the obligation of such Assessor’s Parcel to pay such Annual Special Taxes shall cease.

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Notwithstanding the foregoing, no prepayment will be allowed unless the amount of Annual Special Taxes that may be levied on Taxable Property, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently outstanding Bonds in each future Fiscal Year, as reasonably determined by the Board.

SECTION H PARTIAL PREPAYMENT OF ANNUAL SPECIAL TAXES

The Annual Special Tax obligation of an Assessor's Parcel, as calculated in Section H.2. below, may be partially prepaid at the times and under the conditions set forth in this section, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor’s Parcel at the time the Annual Special Tax obligation would be prepaid. 1. Partial Prepayment Times and Conditions

Prior to the issuance of the first Building Permit for the construction of a production Unit on a Lot within a Final Map area, the owner of no less than all the Taxable Property within such Final Map area may elect in writing to the Board to prepay a portion of the Annual Special Tax obligations for all the Assessor’s Parcels within such Final Map area, as calculated in Section H.2. below. The partial prepayment of each Annual Special Tax obligation shall be collected prior to the issuance of the first Building Permit with respect to each Assessor's Parcel.

2. Partial Prepayment Amount

The Partial Prepayment Amount shall be calculated according to the following formula:

PP = PG x F The terms above have the following meanings:

PP = the Partial Prepayment Amount PG = the Prepayment Amount calculated according to Section G F = the percent by which the owner of the Assessor’s Parcel is partially prepaying the

Annual Special Tax obligation. 3. Partial Prepayment Procedures and Limitations

With respect to any Assessor’s Parcel that is partially prepaid, the Board shall indicate in the records of CFD No. 1 that there has been a partial prepayment of the Annual Special Tax obligation and shall cause a suitable notice to be recorded in compliance with the Act within thirty (30) days of receipt of such partial prepayment of the Annual Special Tax obligation, to indicate the partial prepayment of the Annual Special Tax obligation and the partial release of the Annual Special Tax lien on such Assessor’s Parcel, and the obligation of such Assessor’s Parcel to pay such prepaid portion of the Annual Special Tax shall cease.

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Notwithstanding the foregoing, no partial prepayment will be allowed unless the amount of Annual Special Taxes that may be levied on Taxable Property after such partial prepayment, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently outstanding Bonds in each future Fiscal Year.

SECTION I TERMINATION OF SPECIAL TAX

Annual Special Taxes shall be levied for a period of thirty-three (33) Fiscal Years after the last series of Bonds has been issued, as determined by the Board, provided that Annual Special Taxes shall not be levied after Fiscal Year 2040-41.

SECTION J

EXEMPTIONS The Board shall classify as Exempt Property (i) Assessor’s Parcels owned by the State of California, Federal or other local governments, (ii) Assessor’s Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor’s Parcels used exclusively by a homeowners' association, (iv) Assessor’s Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, (v) Assessor’s Parcels developed or expected to be developed exclusively for non-residential use, including any use directly servicing any non-residential property, such as parking, as reasonably determined by the Board, and (vi) any other Assessor’s Parcels at the reasonable discretion of the Board, provided that no such classification would reduce the sum of all Developed Property and Undeveloped Property in a given Zone to less than the Minimum Taxable Acreage as shown in Table 10. Notwithstanding the above, the Board shall not classify an Assessor’s Parcel as Exempt Property if such classification would reduce the sum of all Taxable Property in a given Zone to less than the Minimum Taxable Acreage. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than the Minimum Taxable Acreage in a given Zone will continue to be classified as Developed Property or Undeveloped Property, as applicable, and will continue to be subject to Special Taxes accordingly.

TABLE 10

MINIMUM TAXABLE ACREAGE

Zone Minimum Taxable Acreage

Zone 1 33.23 acres

Zone 2 39.55 acres

Zone 3 33.50 acres

Zone 4 49.99 acres

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SECTION K APPEALS

Any property owner claiming that the amount or application of the Special Tax is not correct may file a written notice of appeal with the Board not later than twelve months after having paid the first installment of the Special Tax that is disputed. A representative(s) of CFD No. 1 shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the representative’s decision requires that the Special Tax for an Assessor’s Parcel be modified or changed in favor of the property owner, a cash refund shall not be made (except for the last year of levy), but an adjustment shall be made to the Annual Special Tax on that Assessor’s Parcel in the subsequent Fiscal Year(s).

SECTION L

MANNER OF COLLECTION The Annual Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 1 may collect Annual Special Taxes at a different time or in a different manner if necessary to meet its financial obligations.

EXHIBIT A ZONE MAP OF CFD NO. 1

(SEE ATTACHMENT) J:\CLIENTS\PLAC_YL.USD\Mello\Pulte\RMA_4.doc

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Exhibit D

Annual Debt Service Coverage Summary Table

Annual Debt Service Coverage Summary Placentia-Yorba Linda Unified School District


Maturity Date (September 1)

Total Debt Service

Special Tax Levy/Maximum

Special Tax

Administrative Expense Budget Net Taxes Coverage

2016 $456,361.26 $562,021.36 $25,000.00 $537,021.36 117.67% 2017 $454,161.26 $626,675.79 $25,000.00 $601,675.79 132.48% 2018 $454,261.26 $626,675.79 $25,000.00 $601,675.79 132.45% 2019 $456,761.26 $626,675.79 $25,000.00 $601,675.79 131.73% 2020 $453,961.26 $626,675.79 $25,000.00 $601,675.79 132.54% 2021 $458,361.26 $626,675.79 $25,000.00 $601,675.79 131.27% 2022 $456,361.26 $626,675.79 $25,000.00 $601,675.79 131.84% 2023 $459,961.26 $626,675.79 $25,000.00 $601,675.79 130.81% 2024 $450,586.26 $626,675.79 $25,000.00 $601,675.79 133.53% 2025 $455,836.26 $626,675.79 $25,000.00 $601,675.79 131.99% 2026 $455,205.00 $626,675.79 $25,000.00 $601,675.79 132.18% 2027 $458,830.00 $626,675.79 $25,000.00 $601,675.79 131.13% 2028 $456,590.00 $626,675.79 $25,000.00 $601,675.79 131.78% 2029 $453,902.52 $626,675.79 $25,000.00 $601,675.79 132.56% 2030 $455,402.52 $626,675.79 $25,000.00 $601,675.79 132.12% 2031 $456,152.52 $626,675.79 $25,000.00 $601,675.79 131.90% 2032 $451,040.00 $626,675.79 $25,000.00 $601,675.79 133.40% 2033 $460,040.00 $626,675.79 $25,000.00 $601,675.79 130.79% 2034 $458,040.00 $626,675.79 $25,000.00 $601,675.79 131.36%

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Exhibit E

Special Tax Levy Summary Table

Fiscal Year 2015/2016 Special Tax Levy Summary Table Placentia-Yorba Linda Unified School District


Tax Class (Land Use) Number of Units/Acres Assigned Annual Special Tax Rate

Total Assigned Annual Special Taxes

Zone 1 Tax Class 1 (< 4,500) 42 Units $1,900.56 per Unit $79,823.52 Tax Class 2 (≥ 4,500) 22 Units $2,102.50 per Unit $46,255.00

Developed Property 64 Units NA $126,078.52 Undeveloped Property 0.0000 Acres $0.00 per Acre $0.00 Zone 1 Subtotal $126,078.52 Zone 2 Tax Class 1 (< 3,500) 0 Units $1,413.54 per Unit $0.00 Tax Class 2 (≥ 3,500) 90 Units $1,603.60 per Unit $144,324.00

Developed Property 90 Units NA $144,324.00 Undeveloped Property 0.0000 Acres $0.00 per Acre $0.00 Zone 2 Subtotal $144,324.00 Zone 3 Tax Class 1 (< 4,000) 2 Units $1,663.00 per Unit $3,326.00 Tax Class 2 (≥ 4,000) 78 Units $1,841.18 per Unit $143,612.04

Developed Property 80 Units NA $146,938.04 Undeveloped Property 0.0000 Acres $0.00 per Acre $0.00 Zone 3 Subtotal $146,938.04 Zone 4 Tax Class 1 (< 4,800) 16 Units $2,019.36 per Unit $32,309.76 Tax Class 2 (≥ 4,800) 43 Units $2,613.28 per Unit $112,371.04

Developed Property 59 Units NA $144,680.80 Undeveloped Property 0.0000 Acres $0.00 per Acre $0.00 Zone 4 Subtotal $144,680.80 Total $562,021.36

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Exhibit F

Assessed Value-to-Lien Detail Report

Assessed Value Assessor's

Parcel Number Land Improvement Total Total Lien Value-to-Lien

32348201 $1,139,089.00 $997,708.00 $2,136,797.00 $28,572.95 74.78:1 32348202 $1,150,671.00 $900,002.00 $2,050,673.00 $28,572.95 71.77:1 32348203 $1,073,154.00 $660,219.00 $1,733,373.00 $22,079.17 78.51:1 32348204 $1,332,900.00 $1,284,979.00 $2,617,879.00 $28,572.95 91.62:1 32348205 $1,888,805.00 $1,259,469.00 $3,148,274.00 $28,572.95 110.18:1 32348206 $1,443,818.00 $1,095,182.00 $2,539,000.00 $28,572.95 88.86:1 32348207 $1,643,697.00 $799,155.00 $2,442,852.00 $22,079.17 110.64:1 32348208 $1,012,698.00 $812,844.00 $1,825,542.00 $22,079.17 82.68:1 32348209 $1,292,886.00 $894,044.00 $2,186,930.00 $28,572.95 76.54:1 32348210 $1,766,640.00 $1,082,360.00 $2,849,000.00 $28,572.95 99.71:1 32348211 $830,364.00 $1,537,721.00 $2,368,085.00 $28,572.95 82.88:1 32348212 $1,421,273.00 $956,173.00 $2,377,446.00 $28,572.95 83.21:1 32348213 $1,066,720.00 $959,986.00 $2,026,706.00 $28,572.95 70.93:1 32348214 $1,098,876.00 $1,075,921.00 $2,174,797.00 $28,572.95 76.11:1 32348215 $1,070,631.00 $995,644.00 $2,066,275.00 $28,572.95 72.32:1 32348216 $1,969,739.00 $894,409.00 $2,864,148.00 $28,572.95 100.24:1 32348217 $966,212.00 $934,018.00 $1,900,230.00 $28,572.95 66.50:1 32348218 $886,905.00 $987,394.00 $1,874,299.00 $28,572.95 65.60:1 32348219 $1,169,193.00 $973,267.00 $2,142,460.00 $28,572.95 74.98:1 32348220 $1,316,407.00 $1,173,798.00 $2,490,205.00 $28,572.95 87.15:1 32348221 $1,816,778.00 $833,222.00 $2,650,000.00 $22,079.17 120.02:1 32348222 $855,525.00 $892,702.00 $1,748,227.00 $28,572.95 61.18:1 32348223 $1,603,253.00 $1,278,747.00 $2,882,000.00 $28,572.95 100.86:1 32348224 $817,326.00 $955,785.00 $1,773,111.00 $28,572.95 62.06:1 32348225 $1,438,125.00 $1,130,760.00 $2,568,885.00 $28,572.95 89.91:1 32348226 $1,304,485.00 $1,099,250.00 $2,403,735.00 $28,572.95 84.13:1 32348227 $728,111.00 $851,237.00 $1,579,348.00 $28,572.95 55.27:1 32348228 $1,712,515.00 $725,237.00 $2,437,752.00 $22,079.17 110.41:1 32348229 $697,320.00 $1,295,379.00 $1,992,699.00 $28,572.95 69.74:1 32348230 $1,048,290.00 $1,091,884.00 $2,140,174.00 $28,572.95 74.90:1 32348231 $1,744,647.00 $855,353.00 $2,600,000.00 $22,079.17 117.76:1 32348232 $2,957,926.00 $1,274,991.00 $4,232,917.00 $28,572.95 148.14:1 32348233 $1,682,044.00 $1,033,652.00 $2,715,696.00 $28,572.95 95.04:1 32348234 $703,447.00 $907,598.00 $1,611,045.00 $22,079.17 72.97:1 32348235 $121,151.00 $111,829.00 $232,980.00 $28,572.95 8.15:1 32348236 $1,344,619.00 $1,405,381.00 $2,750,000.00 $28,572.95 96.24:1 32348237 $1,620,096.00 $1,085,238.00 $2,705,334.00 $28,572.95 94.68:1 32348238 $1,826,089.00 $872,911.00 $2,699,000.00 $28,572.95 94.46:1 32348239 $1,775,627.00 $1,024,373.00 $2,800,000.00 $28,572.95 97.99:1 32348240 $1,723,656.00 $1,305,344.00 $3,029,000.00 $28,572.95 106.01:1 32348241 $2,113,221.00 $1,206,517.00 $3,319,738.00 $28,572.95 116.18:1 32348242 $1,108,102.00 $1,527,263.00 $2,635,365.00 $22,079.17 119.36:1 32348243 $1,182,558.00 $1,420,810.00 $2,603,368.00 $22,079.17 117.91:1 32348244 $1,364,475.00 $1,065,299.00 $2,429,774.00 $28,572.95 85.04:1 32348245 $1,464,008.00 $1,294,247.00 $2,758,255.00 $28,572.95 96.53:1 32348246 $1,295,696.00 $890,133.00 $2,185,829.00 $22,079.17 99.00:1 32348247 $1,542,146.00 $847,094.00 $2,389,240.00 $22,079.17 108.21:1 32348248 $1,291,039.00 $1,007,567.00 $2,298,606.00 $28,572.95 80.45:1 32348249 $1,740,195.00 $979,326.00 $2,719,521.00 $28,572.95 95.18:1 32348250 $1,208,349.00 $1,001,848.00 $2,210,197.00 $22,079.17 100.10:1 32348251 $1,586,718.00 $1,363,282.00 $2,950,000.00 $28,572.95 103.24:1 32348252 $1,625,829.00 $1,139,173.00 $2,765,002.00 $28,572.95 96.77:1 32348253 $1,255,091.00 $774,080.00 $2,029,171.00 $22,079.17 91.90:1 32348254 $761,880.00 $575,514.00 $1,337,394.00 $22,079.17 60.57:1 32348255 $1,201,384.00 $1,052,759.00 $2,254,143.00 $28,572.95 78.89:1 32348256 $1,631,737.00 $1,085,378.00 $2,717,115.00 $28,572.95 95.09:1 32348257 $946,033.00 $1,009,351.00 $1,955,384.00 $22,079.17 88.56:1 32348258 $1,751,580.00 $1,134,171.00 $2,885,751.00 $28,572.95 101.00:1 32348259 $1,676,622.00 $975,378.00 $2,652,000.00 $22,079.17 120.11:1

Fiscal Year 2015/2016 Assessed Value-to-Lien Placentia-Yorba Linda Unified School District


F-1



32614117 $752,466.00 $1,031,170.00 $1,783,636.00 $20,780.24 85.83:1 32614118 $414,909.00 $933,273.00 $1,348,182.00 $22,988.21 58.65:1 32614119 $658,880.00 $818,673.00 $1,477,553.00 $20,780.24 71.10:1 32614120 $406,342.00 $847,293.00 $1,253,635.00 $20,780.24 60.33:1 32614121 $438,906.00 $815,399.00 $1,254,305.00 $20,780.24 60.36:1 32614122 $413,329.00 $828,233.00 $1,241,562.00 $20,780.24 59.75:1 32614123 $633,420.00 $1,018,807.00 $1,652,227.00 $22,988.21 71.87:1 32614124 $878,404.00 $861,596.00 $1,740,000.00 $20,780.24 83.73:1 32614125 $504,438.00 $821,988.00 $1,326,426.00 $22,988.21 57.70:1 32614126 $780,450.00 $892,847.00 $1,673,297.00 $22,988.21 72.79:1 32614127 $916,120.00 $853,545.00 $1,769,665.00 $20,780.24 85.16:1 32614128 $726,957.00 $693,928.00 $1,420,885.00 $20,780.24 68.38:1 32614129 $919,009.00 $875,991.00 $1,795,000.00 $20,780.24 86.38:1 32614130 $533,635.00 $794,435.00 $1,328,070.00 $20,780.24 63.91:1 32614131 $725,230.00 $988,738.00 $1,713,968.00 $22,988.21 74.56:1 32614132 $722,508.00 $814,944.00 $1,537,452.00 $22,988.21 66.88:1 32614133 $852,053.00 $802,947.00 $1,655,000.00 $20,780.24 79.64:1 32614134 $880,115.00 $1,182,492.00 $2,062,607.00 $22,988.21 89.72:1 32614135 $289,987.00 $434,708.00 $724,695.00 $20,780.24 34.87:1 32614136 $762,419.00 $677,300.00 $1,439,719.00 $20,780.24 69.28:1 32614137 $924,398.00 $790,602.00 $1,715,000.00 $20,780.24 82.53:1 32614138 $1,252,462.00 $1,059,538.00 $2,312,000.00 $22,988.21 100.57:1 32614139 $926,473.00 $725,995.00 $1,652,468.00 $20,780.24 79.52:1 32614140 $791,695.00 $733,175.00 $1,524,870.00 $20,780.24 73.38:1 32614141 $767,734.00 $702,581.00 $1,470,315.00 $20,780.24 70.76:1 32614142 $864,129.00 $890,871.00 $1,755,000.00 $20,780.24 84.46:1 32614143 $634,184.00 $363,362.00 $997,546.00 $22,988.21 43.39:1 32614201 $801,600.00 $806,839.00 $1,608,439.00 $20,780.24 77.40:1 32614202 $785,136.00 $819,448.00 $1,604,584.00 $20,780.24 77.22:1 32614203 $699,515.00 $1,227,664.00 $1,927,179.00 $22,988.21 83.83:1 32614204 $720,626.00 $753,245.00 $1,473,871.00 $22,988.21 64.11:1 32614205 $680,060.00 $773,994.00 $1,454,054.00 $20,780.24 69.97:1 32614206 $536,049.00 $662,305.00 $1,198,354.00 $20,780.24 57.67:1 32614207 $730,880.00 $717,303.00 $1,448,183.00 $20,780.24 69.69:1 32614208 $531,650.00 $976,099.00 $1,507,749.00 $22,988.21 65.59:1 32614209 $853,282.00 $905,103.00 $1,758,385.00 $22,988.21 76.49:1 32614210 $1,195,067.00 $889,933.00 $2,085,000.00 $22,988.21 90.70:1 32614211 $668,890.00 $701,753.00 $1,370,643.00 $20,780.24 65.96:1 32614212 $737,208.00 $970,497.00 $1,707,705.00 $20,780.24 82.18:1 32614213 $716,042.00 $1,058,723.00 $1,774,765.00 $20,780.24 85.41:1 32614214 $652,293.00 $1,086,578.00 $1,738,871.00 $20,780.24 83.68:1 32614301 $698,435.00 $745,787.00 $1,444,222.00 $20,780.24 69.50:1 32614302 $1,044,514.00 $872,771.00 $1,917,285.00 $20,780.24 92.26:1 32614303 $722,809.00 $808,983.00 $1,531,792.00 $20,780.24 73.71:1 32614304 $653,409.00 $624,449.00 $1,277,858.00 $20,780.24 61.49:1 32614305 $764,314.00 $641,348.00 $1,405,662.00 $20,780.24 67.64:1 32614306 $1,070,048.00 $689,952.00 $1,760,000.00 $20,780.24 84.70:1 32614307 $619,631.00 $605,703.00 $1,225,334.00 $20,780.24 58.97:1 32614308 $818,816.00 $1,068,147.00 $1,886,963.00 $22,988.21 82.08:1 32614309 $435,619.00 $801,464.00 $1,237,083.00 $20,780.24 59.53:1 32614310 $886,394.00 $760,873.00 $1,647,267.00 $22,988.21 71.66:1 32614311 $797,661.00 $713,639.00 $1,511,300.00 $20,780.24 72.73:1 32614312 $1,218,090.00 $941,910.00 $2,160,000.00 $22,988.21 93.96:1 32614313 $569,162.00 $888,607.00 $1,457,769.00 $22,988.21 63.41:1 32614314 $985,367.00 $993,963.00 $1,979,330.00 $22,988.21 86.10:1 32614315 $423,752.00 $846,827.00 $1,270,579.00 $20,780.24 61.14:1 32614316 $716,671.00 $1,221,229.00 $1,937,900.00 $22,988.21 84.30:1 32614317 $873,560.00 $886,440.00 $1,760,000.00 $20,780.24 84.70:1 32614318 $915,191.00 $814,351.00 $1,729,542.00 $20,780.24 83.23:1 32614319 $644,875.00 $1,213,079.00 $1,857,954.00 $22,988.21 80.82:1 32614320 $808,578.00 $795,758.00 $1,604,336.00 $20,780.24 77.20:1 32614321 $756,076.00 $830,815.00 $1,586,891.00 $20,780.24 76.37:1 32614322 $839,840.00 $1,264,021.00 $2,103,861.00 $22,988.21 91.52:1

F-2



32614323 $684,813.00 $755,220.00 $1,440,033.00 $20,780.24 69.30:1 32615119 $891,429.00 $878,028.00 $1,769,457.00 $17,533.36 100.92:1 32615120 $826,562.00 $715,938.00 $1,542,500.00 $17,533.36 87.98:1 32615121 $855,514.00 $688,220.00 $1,543,734.00 $17,533.36 88.05:1 32615122 $868,818.00 $1,094,614.00 $1,963,432.00 $17,533.36 111.98:1 32615123 $782,364.00 $710,308.00 $1,492,672.00 $17,533.36 85.13:1 32615124 $615,950.00 $956,407.00 $1,572,357.00 $17,533.36 89.68:1 32615125 $1,250,000.00 $700,000.00 $1,950,000.00 $17,533.36 111.22:1 32615126 $752,150.00 $766,906.00 $1,519,056.00 $17,533.36 86.64:1 32615127 $886,576.00 $681,078.00 $1,567,654.00 $17,533.36 89.41:1 32615128 $829,062.00 $797,468.00 $1,626,530.00 $17,533.36 92.77:1 32615129 $733,516.00 $976,362.00 $1,709,878.00 $17,533.36 97.52:1 32615130 $421,621.00 $1,044,346.00 $1,465,967.00 $17,533.36 83.61:1 32615131 $57,136.00 $235,005.00 $292,141.00 $17,533.36 16.66:1 32615132 $399,092.00 $837,554.00 $1,236,646.00 $17,533.36 70.53:1 32615133 $785,901.00 $894,279.00 $1,680,180.00 $17,533.36 95.83:1 32615134 $832,017.00 $1,080,445.00 $1,912,462.00 $17,533.36 109.08:1 32615135 $493,490.00 $1,153,221.00 $1,646,711.00 $17,533.36 93.92:1 32615136 $822,378.00 $785,590.00 $1,607,968.00 $17,533.36 91.71:1 32615137 $794,634.00 $977,516.00 $1,772,150.00 $17,533.36 101.07:1 32615138 $760,942.00 $663,266.00 $1,424,208.00 $17,533.36 81.23:1 32615139 $681,999.00 $1,053,858.00 $1,735,857.00 $17,533.36 99.00:1 32615140 $846,750.00 $1,238,346.00 $2,085,096.00 $17,533.36 118.92:1 32615141 $675,020.00 $805,542.00 $1,480,562.00 $17,533.36 84.44:1 32615142 $894,000.00 $746,000.00 $1,640,000.00 $17,533.36 93.54:1 32615143 $1,183,513.00 $1,068,602.00 $2,252,115.00 $17,533.36 128.45:1 32615144 $822,767.00 $848,096.00 $1,670,863.00 $17,533.36 95.30:1 32615145 $966,204.00 $815,796.00 $1,782,000.00 $17,533.36 101.63:1 32615146 $818,039.00 $960,071.00 $1,778,110.00 $17,533.36 101.41:1 32615147 $645,511.00 $847,390.00 $1,492,901.00 $17,533.36 85.15:1 32615148 $781,263.00 $753,783.00 $1,535,046.00 $17,533.36 87.55:1 32615149 $849,609.00 $856,591.00 $1,706,200.00 $17,533.36 97.31:1 32615150 $532,836.00 $1,004,080.00 $1,536,916.00 $17,533.36 87.66:1 32615151 $796,975.00 $672,590.00 $1,469,565.00 $17,533.36 83.82:1 32615152 $957,355.00 $825,529.00 $1,782,884.00 $17,533.36 101.69:1 32615153 $797,953.00 $706,161.00 $1,504,114.00 $17,533.36 85.79:1 32615154 $874,244.00 $746,457.00 $1,620,701.00 $17,533.36 92.44:1 32615155 $731,141.00 $1,191,840.00 $1,922,981.00 $17,533.36 109.68:1 32615156 $845,802.00 $684,369.00 $1,530,171.00 $17,533.36 87.27:1 32615157 $616,166.00 $846,977.00 $1,463,143.00 $17,533.36 83.45:1 32615158 $937,555.00 $898,409.00 $1,835,964.00 $17,533.36 104.71:1 32615159 $827,184.00 $1,037,651.00 $1,864,835.00 $17,533.36 106.36:1 32615160 $664,997.00 $935,307.00 $1,600,304.00 $17,533.36 91.27:1 32615161 $795,730.00 $1,114,034.00 $1,909,764.00 $17,533.36 108.92:1 32615162 $955,149.00 $915,705.00 $1,870,854.00 $17,533.36 106.70:1 32615163 $210,803.00 $807,105.00 $1,017,908.00 $17,533.36 58.06:1 32615164 $562,127.00 $828,256.00 $1,390,383.00 $17,533.36 79.30:1 32615165 $832,460.00 $920,562.00 $1,753,022.00 $17,533.36 99.98:1 32615166 $794,755.00 $746,771.00 $1,541,526.00 $17,533.36 87.92:1 32615167 $882,310.00 $912,690.00 $1,795,000.00 $17,533.36 102.38:1 32615201 $473,777.00 $914,921.00 $1,388,698.00 $17,533.36 79.20:1 32615203 $785,447.00 $782,207.00 $1,567,654.00 $17,533.36 89.41:1 32615204 $755,731.00 $1,081,865.00 $1,837,596.00 $17,533.36 104.81:1 32615205 $715,801.00 $1,185,691.00 $1,901,492.00 $17,533.36 108.45:1 32615206 $629,761.00 $833,382.00 $1,463,143.00 $17,533.36 83.45:1 32615207 $873,956.00 $801,044.00 $1,675,000.00 $17,533.36 95.53:1 32615208 $724,374.00 $1,139,899.00 $1,864,273.00 $17,533.36 106.33:1 32615209 $932,166.00 $781,400.00 $1,713,566.00 $17,533.36 97.73:1 32615210 $700,957.00 $829,013.00 $1,529,970.00 $17,533.36 87.26:1 32615211 $701,845.00 $1,024,122.00 $1,725,967.00 $17,533.36 98.44:1 32615212 $627,092.00 $749,881.00 $1,376,973.00 $17,533.36 78.53:1 32615213 $837,504.00 $753,059.00 $1,590,563.00 $17,533.36 90.72:1 32615214 $495,208.00 $927,437.00 $1,422,645.00 $17,533.36 81.14:1

F-3



32615215 $535,405.00 $1,071,822.00 $1,607,227.00 $17,533.36 91.67:1 32615216 $739,953.00 $694,501.00 $1,434,454.00 $17,533.36 81.81:1 32615217 $809,655.00 $843,801.00 $1,653,456.00 $17,533.36 94.30:1 32615218 $858,464.00 $971,536.00 $1,830,000.00 $17,533.36 104.37:1 32615219 $623,164.00 $878,311.00 $1,501,475.00 $17,533.36 85.64:1 32615220 $859,417.00 $805,817.00 $1,665,234.00 $17,533.36 94.98:1 32615221 $781,333.00 $945,073.00 $1,726,406.00 $17,533.36 98.46:1 32615222 $479,531.00 $918,755.00 $1,398,286.00 $17,533.36 79.75:1 32615223 �729,297.00 $877,239.00 $1,606,536.00 $17,533.36 91.63:1 32615224 $515,553.00 $1,243,450.00 $1,759,003.00 $17,533.36 100.32:1 32615225 $846,099.00 $745,069.00 $1,591,168.00 $17,533.36 90.75:1 32615226 $455,323.00 $1,070,443.00 $1,525,766.00 $17,533.36 87.02:1 32615227 $961,744.00 $769,780.00 $1,731,524.00 $17,533.36 98.76:1 32615228 $390,479.00 $456,921.00 $847,400.00 $17,533.36 48.33:1 32615229 $859,591.00 $778,306.00 $1,637,897.00 $17,533.36 93.42:1 32615230 $1,055,790.00 $882,172.00 $1,937,962.00 $17,533.36 110.53:1 32615231 $703,987.00 $1,016,346.00 $1,720,333.00 $17,533.36 98.12:1 32615232 $607,988.00 $1,109,387.00 $1,717,375.00 $17,533.36 97.95:1 32615233 $892,135.00 $902,865.00 $1,795,000.00 $17,533.36 102.38:1 32615234 $665,714.00 $924,445.00 $1,590,159.00 $17,533.36 90.69:1 32615235 $888,208.00 $751,169.00 $1,639,377.00 $17,533.36 93.50:1 32615236 $830,310.00 $640,163.00 $1,470,473.00 $17,533.36 83.87:1 32615237 $1,058,266.00 $976,734.00 $2,035,000.00 $17,533.36 116.06:1 32615238 $749,282.00 $1,050,815.00 $1,800,097.00 $17,533.36 102.67:1 32615239 $827,193.00 $998,659.00 $1,825,852.00 $17,533.36 104.14:1 32615240 $822,362.00 $777,226.00 $1,599,588.00 $17,533.36 91.23:1 32615241 $676,270.00 $1,252,725.00 $1,928,995.00 $17,533.36 110.02:1 32615242 $589,320.00 $740,623.00 $1,329,943.00 $17,533.36 75.85:1 32616115 $779,290.00 $1,031,713.00 $1,811,003.00 $20,131.00 89.96:1 32616116 $960,765.00 $921,792.00 $1,882,557.00 $20,131.00 93.52:1 32616117 $953,350.00 $1,344,015.00 $2,297,365.00 $20,131.00 114.12:1 32616118 $833,725.00 $981,839.00 $1,815,564.00 $20,131.00 90.19:1 32616119 $469,717.00 $1,110,021.00 $1,579,738.00 $20,131.00 78.47:1 32616120 $610,606.00 $971,747.00 $1,582,353.00 $20,131.00 78.60:1 32616121 $456,901.00 $971,551.00 $1,428,452.00 $20,131.00 70.96:1 32616122 $754,824.00 $902,286.00 $1,657,110.00 $20,131.00 82.32:1 32616123 $295,805.00 $1,115,083.00 $1,410,888.00 $20,131.00 70.09:1 32616124 $532,803.00 $886,741.00 $1,419,544.00 $20,131.00 70.52:1 32616125 $616,755.00 $908,738.00 $1,525,493.00 $20,131.00 75.78:1 32616126 $602,329.00 $951,945.00 $1,554,274.00 $20,131.00 77.21:1 32616127 $364,066.00 $1,082,436.00 $1,446,502.00 $20,131.00 71.85:1 32616128 $602,794.00 $952,675.00 $1,555,469.00 $20,131.00 77.27:1 32616129 $804,043.00 $1,045,957.00 $1,850,000.00 $20,131.00 91.90:1 32616130 $829,468.00 $1,006,496.00 $1,835,964.00 $20,131.00 91.20:1 32616131 $830,148.00 $1,011,852.00 $1,842,000.00 $20,131.00 91.50:1 32616132 $924,459.00 $951,794.00 $1,876,253.00 $20,131.00 93.20:1 32616133 $704,409.00 $960,582.00 $1,664,991.00 $20,131.00 82.71:1 32616134 $824,506.00 $1,050,494.00 $1,875,000.00 $20,131.00 93.14:1 32616135 $915,406.00 $1,124,554.00 $2,039,960.00 $20,131.00 101.33:1 32616136 $466,018.00 $1,049,422.00 $1,515,440.00 $20,131.00 75.28:1 32616137 $812,807.00 $953,649.00 $1,766,456.00 $20,131.00 87.75:1 32616138 $854,004.00 $913,448.00 $1,767,452.00 $20,131.00 87.80:1 32616139 $677,779.00 $964,755.00 $1,642,534.00 $20,131.00 81.59:1 32616140 $331,882.00 $1,054,691.00 $1,386,573.00 $20,131.00 68.88:1 32616141 $439,613.00 $1,145,112.00 $1,584,725.00 $20,131.00 78.72:1 32616142 $535,989.00 $910,515.00 $1,446,504.00 $20,131.00 71.85:1 32616143 $250,240.00 $1,202,439.00 $1,452,679.00 $20,131.00 72.16:1 32616201 $775,173.00 $928,344.00 $1,703,517.00 $20,131.00 84.62:1 32616202 $985,154.00 $1,054,806.00 $2,039,960.00 $20,131.00 101.33:1 32616203 $1,178,185.00 $896,815.00 $2,075,000.00 $20,131.00 103.07:1 32616204 $1,105,850.00 $894,150.00 $2,000,000.00 $20,131.00 99.35:1 32616205 $939,147.00 $902,853.00 $1,842,000.00 $20,131.00 91.50:1 32616206 $1,211,572.00 $863,428.00 $2,075,000.00 $20,131.00 103.07:1

F-4



32616207 $1,035,853.00 $953,078.00 $1,988,931.00 $20,131.00 98.80:1 32616208 $1,124,867.00 $717,133.00 $1,842,000.00 $20,131.00 91.50:1 32616209 $707,690.00 $1,252,763.00 $1,960,453.00 $20,131.00 97.38:1 32616210 $1,262,712.00 $877,288.00 $2,140,000.00 $20,131.00 106.30:1 32616211 $1,183,725.00 $956,275.00 $2,140,000.00 $20,131.00 106.30:1 32616212 $878,699.00 $952,321.00 $1,831,020.00 $20,131.00 90.96:1 32616213 $904,915.00 $981,440.00 $1,886,355.00 $20,131.00 93.70:1 32616214 $1,206,491.00 $933,509.00 $2,140,000.00 $20,131.00 106.30:1 32616215 $448,356.00 $1,013,516.00 $1,461,872.00 $20,131.00 72.62:1 32616216 $774,661.00 $961,491.00 $1,736,152.00 $20,131.00 86.24:1 32616217 $821,912.00 $937,553.00 $1,759,465.00 $20,131.00 87.40:1 32616218 $888,031.00 $917,844.00 $1,805,875.00 $20,131.00 89.71:1 32616219 $912,553.00 $972,959.00 $1,885,512.00 $20,131.00 93.66:1 32616220 $851,931.00 $889,907.00 $1,741,838.00 $20,131.00 86.53:1 32616221 $1,070,287.00 $879,713.00 $1,950,000.00 $20,131.00 96.87:1 32616222 $448,275.00 $988,741.00 $1,437,016.00 $20,131.00 71.38:1 32616223 $524,689.00 $867,731.00 $1,392,420.00 $20,131.00 69.17:1 32616224 $667,229.00 $989,784.00 $1,657,013.00 $20,131.00 82.31:1 32616225 $589,859.00 $1,249,134.00 $1,838,993.00 $20,131.00 91.35:1 32616226 $606,460.00 $929,430.00 $1,535,890.00 $20,131.00 76.29:1 32616227 $748,758.00 $975,169.00 $1,723,927.00 $20,131.00 85.64:1 32616228 $644,269.00 $1,209,332.00 $1,853,601.00 $20,131.00 92.08:1 32616229 $175,434.00 $295,787.00 $471,221.00 $18,182.82 25.92:1 32616230 $1,045,707.00 $904,293.00 $1,950,000.00 $20,131.00 96.87:1 32616231 $768,099.00 $742,491.00 $1,510,590.00 $20,131.00 75.04:1 32616232 $674,395.00 $974,387.00 $1,648,782.00 $20,131.00 81.90:1 32616233 $988,378.00 $1,076,622.00 $2,065,000.00 $20,131.00 102.58:1 32616234 $844,982.00 $1,059,870.00 $1,904,852.00 $20,131.00 94.62:1 32616235 $669,257.00 $1,160,601.00 $1,829,858.00 $20,131.00 90.90:1 32616236 $824,288.00 $776,665.00 $1,600,953.00 $18,182.82 88.05:1 32616237 $886,645.00 $969,718.00 $1,856,363.00 $20,131.00 92.21:1 32616238 $955,307.00 $970,415.00 $1,925,722.00 $20,131.00 95.66:1 32616239 $932,106.00 $1,112,953.00 $2,045,059.00 $20,131.00 101.59:1 32616240 $1,047,240.00 $1,022,057.00 $2,069,297.00 $20,131.00 102.79:1 32616241 $760,010.00 $931,718.00 $1,691,728.00 $20,131.00 84.04:1 32616242 $968,408.00 $1,055,934.00 $2,024,342.00 $20,131.00 100.56:1 32616243 $1,087,281.00 $993,477.00 $2,080,758.00 $20,131.00 103.36:1 32616244 $1,015,501.00 $982,333.00 $1,997,834.00 $20,131.00 99.24:1 32616245 $1,140,177.00 $981,716.00 $2,121,893.00 $20,131.00 105.40:1 32616246 $708,525.00 $1,176,751.00 $1,885,276.00 $20,131.00 93.65:1 32616247 $1,275,263.00 $899,737.00 $2,175,000.00 $20,131.00 108.04:1 32616248 $1,054,017.00 $896,863.00 $1,950,880.00 $20,131.00 96.91:1 32616249 $1,146,083.00 $980,906.00 $2,126,989.00 $20,131.00 105.66:1 32616250 $366,227.00 $1,030,011.00 $1,396,238.00 $20,131.00 69.36:1 32616251 $1,278,182.00 $896,818.00 $2,175,000.00 $20,131.00 108.04:1

F-5

Exhibit G

Assessed Value Summary Table

Fiscal Year 2015/2016 Assessed Value Summary Placentia-Yorba Linda Unified School District


Zone 1

Zone 2

Tax Class (Land Use) Units / Parcels

Assessed Value Land

Assessed Value Improvement

Assessed Value Other

Assessed Value Total [1]

Improved

Tax Class 1 (< 4,500) 42 $30,399,504.00 $33,209,389.00 $0.00 $63,608,893.00

Tax Class 2 (>= 4,500) 22 $17,227,071.00 $21,179,862.00 $0.00 $38,406,933.00

Subtotal Improved 64 $47,626,575.00 $54,389,251.00 $0.00 $102,015,826.00

Unimproved

Tax Class 1 (< 4,500) 0 $0.00 $0.00 $0.00 $0.00

Tax Class 2 (>= 4,500) 0 $0.00 $0.00 $0.00 $0.00

Subtotal Unimproved 0 $0.00 $0.00 $0.00 $0.00

Exempt 4 $355.00 $0.00 $0.00 $355.00

Total 68 $47,626,930.00 $54,389,251.00 $0.00 $102,016,181.00

[1] Total Assessed Value as reported on the Fiscal Year 2015/2016 equalized tax roll of the County of Orange.


Assessed Value Land




Improved

Tax Class 1 (< 3,500) 0 $0.00 $0.00 $0.00 $0.00

Tax Class 2 (>= 3,500) 90 $67,504,821.00 $79,323,193.00 $0.00 $146,828,014.00


Unimproved

Tax Class 1 (< 3,500) 0 $0.00 $0.00 $0.00 $0.00

Tax Class 2 (>= 3,500) 0 $0.00 $0.00 $0.00 $0.00


Exempt 3 $0.00 $0.00 $0.00 $0.00

Total 93 $67,504,821.00 $79,323,193.00 $0.00 $146,828,014.00


G-1

Zone 3

Zone 4

Aggregate by Zone


Assessed Value Land




Improved

Tax Class 1 (< 4,000) 2 $999,722.00 $1,072,452.00 $0.00 $2,072,174.00

Tax Class 2 (>= 4,000) 78 $63,143,594.00 $77,244,520.00 $0.00 $140,388,114.00


Unimproved

Tax Class 1 (< 4,000) 0 $0.00 $0.00 $0.00 $0.00

Tax Class 2 (>= 4,000) 0 $0.00 $0.00 $0.00 $0.00


Exempt 5 $0.00 $0.00 $0.00 $0.00

Total 85 $64,143,316.00 $78,316,972.00 $0.00 $142,460,288.00


Tax Class (Land Use)

Units / Parcels

Assessed Value Land




Improved

Tax Class 1 (< 4,800) 16 $20,683,413.00 $14,615,099.00 $0.00 $35,298,512.00

Tax Class 2 (>= 4,800) 43 $59,124,958.00 $46,039,257.00 $0.00 $105,164,215.00


Unimproved

Tax Class 1 (< 4,800) 0 $0.00 $0.00 $0.00 $0.00

Tax Class 2 (>= 4,800) 0 $0.00 $0.00 $0.00 $0.00


Exempt 0 $0.00 $0.00 $0.00 $0.00

Total 59 $79,808,371.00 $60,654,356.00 $0.00 $140,462,727.00


Zone Units / Parcels Assessed

Value Land Assessed Value

Improvement



Zone 1 68 $47,626,930.00 $54,389,251.00 $0.00 $102,016,181.00

Zone 2 93 $67,504,821.00 $79,323,193.00 $0.00 $146,828,014.00

Zone 3 85 $64,143,316.00 $78,316,972.00 $0.00 $142,460,288.00

Zone 4 59 $79,808,371.00 $60,654,356.00 $0.00 $140,462,727.00

Total 305 $259,083,438.00 $272,683,772.00 $0.00 $531,767,210.00


G-2

Exhibit H

Assessed Value-to-Lien Ratio Summary Table Allocated by Tax Class

Fiscal Year 2015/2016 Assessed Value-to-Lien Ratio Summary Placentia-Yorba Linda Unified School District


Allocated by Tax Class

Tax Class (Land Use) Number of Homes

Total Assessed Value [1]

2012 Special Tax Bonds Principal Amount

Outstanding Value-to-Lien

Ratio CFD No. 1 Zone 1 Tax Class 1 (< 4,500) 42 $63,608,893.00 $872,770.26 72.88:1 Tax Class 2 (>= 4,500) 22 $38,406,933.00 $505,740.52 75.94:1 Subtotal Taxable 64 $102,015,826.00 $1,378,510.78 74.00:1 Exempt 0 $355.00 $0.00 NA Zone 1 Subtotal 64 $102,016,181.00 $1,378,510.78 74.00:1 Zone 2 Tax Class 1 (< 3,500) 0 $0.00 $0.00 NA Tax Class 2 (>= 3,500) 90 $146,828,014.00 $1,578,002.27 93.05:1 Subtotal Taxable 90 $146,828,014.00 $1,578,002.27 93.05:1 Exempt 0 $0.00 $0.00 NA Zone 2 Subtotal 90 $146,828,014.00 $1,578,002.27 93.05:1 Zone 3 Tax Class 1 (< 4,000) 2 $2,072,174.00 $36,365.65 56.98:1 Tax Class 2 (>= 4,000) 78 $140,388,114.00 $1,570,217.88 89.41:1 Subtotal Taxable 80 $142,460,288.00 $1,606,583.52 88.67:1 Exempt 0 $0.00 $0.00 NA Zone 3 Subtotal 80 $142,460,288.00 $1,606,583.52 88.67:1 Zone 4 Tax Class 1 (< 4,800) 16 $35,298,512.00 $353,266.78 99.92:1 Tax Class 2 (>= 4,800) 43 $105,164,215.00 $1,228,636.65 85.59:1 Subtotal Taxable 59 $140,462,727.00 $1,581,903.43 88.79:1 Exempt 0 $0.00 $0.00 NA Zone 4 Subtotal 59 $140,462,727.00 $1,581,903.43 88.79:1 Total [2] 293 $531,767,210.00 $6,145,000.00 86.54:1 [1] Total Assessed Value as reported on the Fiscal Year 2015/2016 equalized tax roll of the County of Orange. [2] Totals may not sum due to rounding.

H-1

Exhibit I

Assessed Value-to-Lien Ratio Summary Table Allocated by Category

Fiscal Year 2015/2016 Assessed Value-to-Lien Ratio Summary Placentia-Yorba Linda Unified School District


Allocated by Category

Value-to-Lien Ratio No. of

Parcels

Fiscal Year 2015/2016

Special Tax

Percent of

Special Tax

Assessed Value of Taxable Property [1]

Percent of

Assessed Value

Community Facilities

District No. 1 Lien Amount

Value-to-Lien Ratio

30:1 and above 290 $556,141.48 98.95 % $530,770,513.00 99.81 % $6,080,710.87 87.29:1 20:1 to 30:1 1 $1,663.00 0.30 % $471,221.00 0.09 % $18,182.82 25.92:1 10:1 to 20:1 1 $1,603.60 0.29 % $292,141.00 0.05 % $17,533.36 16.66:1 5:1 to 10:1 1 $2,613.28 0.46 % $232,980.00 0.04 % $28,572.95 8.15:1 3:1 to 5:1 0 $0.00 0.00% $0.00 0.00 % $0.00 NA 3:1 and below 0 $0.00 0.00% $0.00 0.00 % $0.00 NA Not Applicable 0 $0.00 0.00% $0.00 0.00 % $0.00 NA

Total [2] 293 $562,021.36 100.00 % $531,766,855.00 100.00 % $6,145,000.00 86.54:1 [1] Total Assessed Value as reported on the Fiscal Year 2015/2016 equalized tax roll of the County of Orange. [2] Totals may not sum due to rounding.

I-1

Exhibit J

Report to the California Debt and Investment Advisory Commission

STATE OF CALIFORNIA MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD)

YEARLY FISCAL STATUS REPORT

California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento, CA 95814

P.O. Box 942809, Sacramento, CA 94209-0001 (916) 653-3269 Fax (916) 654-7440

Submitted: Wednesday, October 28, 2015 4:01:33PM

CDIAC #: 2012-1302

For Office Use Only

Fiscal Year

I. GENERAL INFORMATION A. Issuer

B.Project Name

C. Name/ Title/ Series of Bond Issue

D. Date of Bond Issue

E. Original Principal Amount of Bonds

Placentia-Yorba Linda Unified School District CFD No 1

2012 Spec Tax Bonds

8/1/2012

$6,730,000.00

F. Reserve Fund Minimum Balance Required

II. FUND BALANCE FISCAL STATUS

Yes X

Amount

$460,040.00 No

Balances Reported as of: 6/30/2015

A. Principal Amount of Bonds Outstanding $6,380,000.00

B. Bond Reserve Fund $465,001.23

C. Capitalized Interest Fund $0.00

D. Construction Fund(s) $487,393.14

III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX

A. Assessed or Appraised Value Reported as of:

X

B. Total Assessed Value of All Parcels

IV. TAX COLLECTION INFORMATION

A. Total Amount of Special Taxes Due Annually

B. Total Amount of Unpaid Special Taxes Annually

C. Taxes are Paid Under the County's Teeter Plan?

7/1/2015

From Equalized Tax Roll

From Appriasal of Property (Use only in first year or before annual tax roll billing commences)

$531,766,855.00

$562,021.36

$5,606.66

N

V. DELINQUENT REPORTING INFORMATION

Delinquent Parcel Information Reported as of Equalized Tax Roll of:

6/30/2015

A. Total Number of Delinquent Parcels: 4

B. Total Amount of Taxes Due on Delinquent Parcels: (Do not include penalties, penalty interest, etc.)

$6,556.94

VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals, if foreclosure commenced on same date) (Attach additional sheets if necessary.)

Date Foreclosure Commenced

Total Number of Foreclosure

Parcels

Total Amount of Tax Due on

Foreclosure Parcels

$0.00

$0.00

$0.00

$0.00

$0.00 J-1

STATE OF CALIFORNIA MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD)

YEARLY FISCAL STATUS REPORT

California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento, CA 95814

P.O. Box 942809, Sacramento, CA 94209-0001 (916) 653-3269 Fax (916) 654-7440

Submitted: Wednesday, October 28, 2015 4:01:33PM

CDIAC #: 2012-1302

For Office Use Only

Fiscal Year

VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement)

Matured

Redeemed Entirely

Other

If Matured, indicate final maturity date:

If Redeemed Entirely, state refunding bond title & CDIAC #:

and redemption date:

If Other:

and date:

VIII. NAME OF PARTY COMPLETING THIS FORM

Name

Title

Firm/ Agency

Address

City/ State/ Zip

Phone Number

E-Mail

Benjamin Dolinka

President

Dolinka Group, LLC

8955 Research Drive

Irvine, CA 92618

(949) 250-8300

[email protected]

Date of Report

10/28/2015

IX. ADDITIONAL COMMENTS:

Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law. Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year.

J-2

mailto:[email protected]

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