Common use of Content of Annual Reports Clause in Contracts

Content of Annual Reports. The District’s Annual Report shall contain or include by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information): (a) The principal amount of the Bonds outstanding. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A of the District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure sales, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the City, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements for the City for the preceding fiscal year (or if not available at the time of filing, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for governmental units by the Governmental Accounting Standards Board; provided, however, that the City may from time to time, if required by federal or state legal requirements, modify the basis upon which its financial statements are prepared. (j) The principal amount of prepayments of the Special Tax for the preceding fiscal year. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the District or related public entities, which are available to the public on the MSRB’s Internet Web site or filed with the Securities and Exchange Commission.

Content of Annual Reports. The Community Facilities District’s Annual Report shall contain or include incorporate by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information):following: (a) The principal amount of the Bonds outstanding. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A of the Community Facilities District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure salesaudited financial statements, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the Cityany, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements for the City for the preceding fiscal year (or if not available at the time of filing, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for promulgated to apply to governmental units entities from time to time by the Governmental Accounting Standards Board. If the Community Facilities District’s audited financial statements, if any, are not available by the time the Annual Report is required to be filed pursuant to subsection (a) of Section 2 hereof, the Annual Report shall contain unaudited financial statements, in a format similar to that used for the Community Facilities District’s audited financial statements, and the audited financial statements, if any, shall be filed in the same manner as the Annual Report when they become available. (b) The following information: (i) The principal amount of Series 2020 Bonds Outstanding as of the December 31 next preceding the Annual Report Date; (ii) The principal amount of Additional Bonds, if any, Outstanding as of the December 31 next preceding the Annual Report Date; (iii) The balance in the Reserve Fund, and a statement of the Reserve Requirement, as of the December 31 next preceding the Annual Report Date; (iv) The balance in the (A) Acquisition Account, and (B) the Construction Account, as of the December 31 next preceding the Annual Report Date; (v) The total assessed value of all parcels within the Community Facilities District on which the Special Taxes are levied, as shown on the assessment roll of the San Bernardino County Assessor last equalized prior to the December 31 next preceding the Annual Report Date, and a statement of assessed value-to-bonded debt ratios therefor, either by individual parcel or by categories (e.g., “below 3:1,” “3:1 to 4.99:1,” etc.); (vi) Value-to-bonded debt information, based on the assessed values in the assessment roll of the San Bernardino County Assessor last equalized prior to the December 31 next preceding the Annual Report Date, for (A) each property owner that owns four or more taxable parcels within the Community Facilities District, and (B) all other property owners, aggregated together, owning taxable parcels within the Community Facilities District; (vii) The Special Tax delinquency rate for all parcels within the Community Facilities District, as shown on the assessment roll of the San Bernardino County Assessor last equalized prior to the December 31 next preceding the Annual Report Date, the number of parcels within the Community Facilities District delinquent in payment of Special Taxes as of the December 31 next preceding the Annual Report Date, the amount of each delinquency, the length of time delinquent and the date on which foreclosure was commenced, or similar information pertaining to delinquencies deemed appropriate by the Community Facilities District; provided, however, that the City parcels with aggregate delinquencies of $5,000 or less (excluding penalties and interest) may from time to time, if required be grouped together and such information may be provided by federal or state legal requirements, modify the basis upon which its financial statements are prepared.category; (jviii) The principal amount status of prepayments foreclosure proceedings and a summary of the results of any foreclosure sales as of the December 31 next preceding the Annual Report Date; (ix) The identity of any property owner representing more than 5% of the Special Tax levy delinquent in payment of Special Taxes as of the December 31 next preceding the Annual Report Date; (x) A land ownership summary listing property owners responsible for more than 5% of the annual Special Tax, as shown on the assessment roll of the San Bernardino County Assessor last equalized prior to the December 31 next preceding fiscal the Annual Report Date; and (xi) A description of any changes to the Rate and Method approved by, or submitted for approval to, the qualified electors of the Community Facilities District during the period from the date of filing the prior year’s Annual Report to the date of filing such Annual Report. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the Community Facilities District or related public entities, which are entities that have been made available to the public on the MSRB’s Internet Web site or filed with the Securities and Exchange Commissionwebsite. The Community Facilities District shall clearly identify each such other document so included by reference.

Content of Annual Reports. The DistrictCommission’s Annual Report shall contain or include incorporate by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information):following: (a) The principal amount of the Bonds outstanding. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A of the District; (i) the assessorCommission’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure salesaudited financial statements, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the Cityany, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements for the City for the preceding fiscal year (or if not available at the time of filing, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for promulgated to apply to governmental units entities from time to time by the Governmental Accounting Standards Board; provided, however, that . If the City may from time to timeCommission’s audited financial statements, if any, are not available by the time the Annual Report is required by federal or state legal requirementsto be filed pursuant to Section 2(a) hereof, modify the basis upon which its Annual Report shall contain unaudited financial statements are preparedin a format similar to that used for the Commission’s audited financial statements, and the audited financial statements, if any, shall be filed in the same manner as the Annual Report when they become available. (jb) The principal following information: (i) An update of the information contained in Table 2 of the Official Statement for the most recently completed fiscal year. (ii) An update of the information contained in Table 3 of the Official Statement for the most recently completed fiscal year. (iii) An update of the information contained in Table 4 of the Official Statement for the most recently completed fiscal year. (iv) An update of the information contained in Table 5 of the Official Statement for the most recently completed fiscal year. (v) An update of the information contained in Table 6 of the Official Statement based upon the most recently completed fiscal year. (vi) An update of the information contained in Table 7 of the Official Statement for the most recently completed fiscal year. (vii) The amount of prepayments any payments by the Commission during the most recently completed Fiscal Year of the Special type described in “RISK FACTORS — State Budget Deficit and Its Impact on Pledged Tax for Revenues” in the preceding fiscal yearOfficial Statement. (c) In addition to any of the information expressly required to be provided under paragraphs (a) and (b) of this Section, the Commission shall provide such further information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances under which they are made, not misleading. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the District Commission or related public entities, which are available have been submitted to the public on MSRB through the MSRB’s Internet Web site or filed with the Securities and Exchange CommissionEMMA System. The Commission shall clearly identify each such other document so included by reference.

Content of Annual Reports. The District’s Annual Report shall contain or include by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information): (a) The principal amount of the Bonds outstanding. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A D of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Approved Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A D of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A D of the District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure sales, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A D of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the City, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Approved Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements for the City for the preceding fiscal year (or if not available at the time of filing, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for governmental units by the Governmental Accounting Standards Board; provided, however, that the City may from time to time, if required by federal or state legal requirements, modify the basis upon which its financial statements are prepared. (j) The principal amount of prepayments of the Special Tax for the preceding fiscal year. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the District or related public entities, which are available to the public on the MSRB’s Internet Web site or filed with the Securities and Exchange Commission.

Content of Annual Reports. The District’s 's Annual Report shall contain or include by reference the following: (a) The following (information: 1. The principal amount of Bonds Outstanding as of June 30 the October 31 next preceding the Annual Report date Date. 2. The balance in the Reserve Fund, and a statement of the Reserve Requirement, as of the October 31 next preceding the Annual Report Date. 3. The total assessed value of all parcels within the Improvement Area on which the Special Taxes are levied, as shown on the assessment roll of the Riverside County Assessor last equalized prior to the October 31 next preceding the Annual Report Date, and a statement of assessed value-to-lien ratios therefor, either by individual parcel or by categories (e.g. "below 3:1", "3:1 to 4:1" etc.). 4. The Special Tax delinquency rate for all parcels within the most recent readily available information): (a) The principal Improvement Area on which the Special Taxes are levied, as shown on the assessment roll of the Riverside County Assessor last equalized prior to the October 31 next preceding the Annual Report Date, the number of parcels within the Improvement Area on which the Special Taxes are levied and which are delinquent in payment of Special Taxes, as shown on the assessment roll of the Riverside County Assessor last equalized prior to the October 31 next preceding the Annual Report Date, the amount of each delinquency, the Bonds outstandinglength of time delinquent and the date on which foreclosure was commenced, or similar information pertaining to delinquencies deemed appropriate by the Community Facilities District; provided, however, that parcels with aggregate delinquencies of $2,000 or less (excluding penalties and interest) may be grouped together and such information may be provided by category. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A of the District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure sales's audited financial statements, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the Cityany, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements for the City for the preceding fiscal year (or if not available at the time of filing, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for promulgated to apply to governmental units entities from time to time by the Governmental Accounting Standards Board; provided, however, that . If the City may from time to timeDistrict's audited financial statements, if any, are not available by the time the Annual Report is required by federal or state legal requirementsto be filed pursuant to Section 2(a) hereof, modify the basis upon which its Annual Report shall contain unaudited financial statements are prepared. (j) The principal amount of prepayments of the Special Tax in a format similar to that used for the preceding fiscal yearDistrict's audited financial statements, and the audited financial statements, if any, shall be filed in the same manner as the Annual Report when they become available. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of with respect to which the District or related public entitiesis an "obligated person" (as defined by the Rule), which are available to the public on the MSRB’s Internet Web site or have been filed with the MSRB or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The District shall clearly identify each such other document so included by reference.

Content of Annual Reports. The District’s Annual Report shall contain or include by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information):following: (a) The principal amount of the Bonds outstanding. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A of the District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure sales, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the City, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements for of the City for the preceding prior fiscal year (or year, if not available at the time of filingany have been prepared and which, the unaudited financial statements). The audited financial statements if prepared, shall be prepared in accordance with generally accepted accounting principles as prescribed for promulgated to apply to governmental units entities from time to time by the Governmental Accounting Standards Board. If the City is preparing audited financial statements and such audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), the audited financial statements may be submitted separately from the balance of the Annual Report and later than the date required above for the filing of the Annual Report if such audited financial statements are not available by the date required for filing the Annual Report. (b) The Annual Report shall contain or incorporate by reference the following: (i) the principal amount of the Bonds and each series of District Bonds outstanding as of the September 2 preceding the filing of the Annual Report; (ii) the balance in each fund under the Indenture and the Reserve Requirement as of the September 30 preceding the filing of the Annual Report; (iii) any changes to the Rates and Methods of Apportionment of the Special Taxes approved or submitted to the qualified electors for approval prior to the filing of the Annual Report and a description of any parcels for which the Special Taxes have been prepaid in the Fiscal Year for which the Annual Report is being prepared; (iv) an update of the estimated assessed value-to-lien ratio for such Improvement Area substantially in the form of Tables A-3 and A-11 in the Official Statement based upon the most recent Special Tax levy preceding the date of the Annual Report and on the assessed values of property for the current fiscal year; provided, howeverhowever that in such updates, that the City may from time value to time, if required lien by federal or state legal requirements, modify the basis upon which its financial statements are prepared.ownership need not be shown; (jv) The principal amount the status of prepayments any foreclosure actions being pursued by the District with respect to delinquent Special Taxes; (vi) an update by Improvement Area similar to Tables A-17 and A-15 of the total Special Tax Taxes levied and collected in the most recent prior fiscal year and the current fiscal year, and the total Special Taxes that remain unpaid for the preceding prior fiscal year. Any year in which Special Taxes were levied and the number of delinquent parcels in each Improvement Area; (vii) any changes with respect to the inclusion or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues exclusion of the District or related public entities, which are available in the County’s Xxxxxx Plan; and (viii) any information not already included under (i) through (vii) above that the Issuer is required to file in its annual report to the public on California Debt and Investment Advisory Commission pursuant to the MSRB’s Internet Web site or filed with provisions of the Securities and Exchange Commission.Xxxxx-Xxxx Community Facilities Act of 1982, as amended. In addition to any of the information expressly required to be provide under paragraphs (a) or

Content of Annual Reports. The DistrictCounty’s Annual Report shall contain or include by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information):following: (a) The principal amount of the Bonds outstanding. (b) The balance of the Reserve Account and the Reserve Requirement. (c) The balance of the Improvement Fund. (d) A table showing value-to-lien ratios (either individually or in categories such as “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.) for all parcels subject to special taxes in Improvement Area A of the District based on the ratio of assessed valuation of such parcels to all overlapping direct debt. Such information shall be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA). (e) The status of the payment of special taxes for the properties within Improvement Area A of the District which were due and payable during the preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special Taxes; (2) the aggregate amount of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes within Improvement Area A of the District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure sales, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels as shown on the Assessor’s Roll or County delinquency report received by the City, whichever is more current; (2) percentage of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (h) A table showing the total amount of Special Tax actually levied and the total amount of Maximum Special Tax (as such term is defined in the RMA). (i) The audited financial statements of the County for the City for the preceding prior fiscal year (or if not available at the time of filingyear, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for promulgated to apply to governmental units entities from time to time by the Governmental Accounting Standards Board; provided. If the County’s audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), howeverthe Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, that and the City audited financial statements shall be filed in the same manner as the Annual Report when they become available. (b) Numerical and tabular information for the immediately preceding Fiscal Year of the type contained in the Official Statement under the following captions: 1. The status of the construction and installation of the improvement constituting the 2015 Project, until such time as the 2015 Project is completed; 2. Report of changes in “DEBT SERVICE SCHEDULE;” 3. Table B-1–“County of Contra Costa General Fund Budget Summary;” 4. Table B-2–“County of Contra Costa Summary of Secured Assessed Valuations and Ad Valorem Property Taxation;” 5. Table B-5–“County of Contra Costa General Fund Statement of Revenues, Expenditures and Changes in Fund Balances;” 6. Table B-8–“Contra Costa County Employees’ Retirement Association Schedule of Funded Status;” 7. Table B-16–“Contra Costa County Other Post Employment Benefit Plan Summary of Contributions;” and 8. Table B-19–“Contra Costa County Outstanding Lease Revenue Obligations and Pension Obligation Bonds”). (c) In addition to any of the information expressly required to be provided under Sections 4(a) and 4(b), the County shall provide such other information, if any, necessary to the required statements, in light of the circumstances under which they were made, not misleading. (d) The presentation and format of the Annual Report may be modified from time to timetime as determined in the judgment of the County to conform to changes in accounting or disclosure principles or practices and legal requirements followed by or applicable to the County to reflect changes in the business, if required by federal structure, or state legal requirements, modify operations of the basis upon which its financial statements are preparedCounty; provided that any such modifications shall comply with the requirements of the Rule. (je) The principal amount of prepayments of the Special Tax for the preceding fiscal year. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the District County or related public entities, which are , have been made available to the public on the MSRB’s Internet Web site or filed with the Securities and Exchange CommissionMSRB website. The County shall clearly identify each such other document so included by reference.

Content of Annual Reports. The Community Facilities District’s Annual Report shall contain or include incorporate by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information):following: (a) The principal amount of Financial Report for the Bonds outstandingImprovement Area for the most recent fiscal year ending prior to the Annual Report Date. (b) The following information: (i) The principal amount of Series 2018 Bonds Outstanding as of the December 31 next preceding the Annual Report Date; (ii) The principal amount of Bonds Outstanding as of the December 31 next preceding the Annual Report Date; (iii) The balance in the Reserve Fund, and a statement of the Reserve Requirement, as of the December 31 next preceding the Annual Report Date; (iv) The balance in the County Facilities Account and the Reserve Requirement.balance in the Water District Facilities Account as of the December 31 next preceding the Annual Report Date; (cv) The balance total assessed value of all parcels within the Improvement Area on which the Special Taxes are levied, as shown on the assessment roll of the Improvement Fund. (d) A table showing County Assessor last equalized prior to the December 31 next preceding the Annual Report Date, and a statement of assessed value-to-lien ratios therefor, either by individual parcel or by categories (either individually or in categories such as e.g., “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.); (vi) The Special Tax delinquency rate for all parcels subject within the Improvement Area, as shown on the assessment roll of the County Assessor last equalized prior to special taxes in the December 31 next preceding the Annual Report Date, the number of parcels within the Improvement Area A delinquent in payment of Special Taxes as of the District based December 31 next preceding the Annual Report Date, the amount of each delinquency, the length of time delinquent and the date on which foreclosure was commenced, or similar information pertaining to delinquencies deemed appropriate by the ratio Community Facilities District; provided, however, that parcels with aggregate delinquencies of assessed valuation of $2,200 or less (excluding penalties and interest) may be grouped together and such parcels to all overlapping direct debt. Such information shall may be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA).by category; (evii) The status of the payment of special taxes for the properties within Improvement Area A foreclosure proceedings and a summary of the District which were due and payable during results of any foreclosure sales as of the December 31 next preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special TaxesAnnual Report Date; (2viii) the aggregate amount The identity of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent property owner representing more than 5% of the aggregate Special Taxes within Improvement Area A of the District; (i) the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more current; and (iii) the aggregate amount of Tax levy delinquent property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary as of the results of foreclosure sales, if available.December 31 next preceding the Annual Report Date; (gix) As to any parcel A land ownership summary listing property owners responsible for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels annual Special Tax, as shown on the Assessor’s Roll or assessment roll of the County delinquency report received by Assessor last equalized prior to the City, whichever is more currentDecember 31 next preceding the Annual Report Date; (2x) percentage A description of any changes to the Rate and Method approved by, or submitted for approval to, the qualified electors of the special tax levy allocated Community Facilities District during the period from the date of filing the prior year’s Annual Report to the date of filing such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcelAnnual Report; and (6) status of any significant legislative, administrative or judicial challenges to the development of any undeveloped parcels or to the use or continuing use of any parcel known to the District. (hxi) A table showing summary of the total amount of assigned and actual Special Tax actually levied and levy by property classification for the total amount then current Fiscal Year. In addition to any of Maximum Special Tax (the information expressly required to be provided under this Section, as set forth above, the Community Facilities District shall provide such term is defined further information, if any, as may be necessary to make the specifically required statements, in the RMA). (i) The audited financial statements for the City for the preceding fiscal year (or if not available at the time of filing, the unaudited financial statements). The audited financial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for governmental units by the Governmental Accounting Standards Board; provided, however, that the City may from time to time, if required by federal or state legal requirements, modify the basis upon which its financial statements are prepared. (j) The principal amount of prepayments light of the Special Tax for the preceding fiscal yearcircumstances under which they are made, not misleading. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the Community Facilities District or related public entities, which are available have been submitted to the public on the MSRB’s Internet Web site or filed with the Securities and Exchange Commission. The Community Facilities District shall clearly identify each such other document so included by reference.

Content of Annual Reports. The Community Facilities District’s Annual Report shall contain or include incorporate by reference the following (as of June 30 next preceding the Annual Report date or the most recent readily available information):following: (a) The principal amount Financial Report for the Community Facilities District for the most recent fiscal year ending prior to the Annual Report Date. If the Financial Report for such fiscal year, pursuant to the definition thereof, consists of audited financial statements, and if such Financial Report is not available by the Bonds outstandingtime the Annual Report is required to be filed pursuant to subsection (a) of Section 2 hereof, the Annual Report shall contain unaudited financial statements, in a format similar to that used for the Community Facilities District’s audited financial statements, and the Financial Report consisting of audited financial statements shall be filed in the same manner as the Annual Report when it becomes available. (b) The following information: (i) The principal amount of Series 2016 Bonds Outstanding as of the December 31 next preceding the Annual Report Date; (ii) The principal amount of Additional Bonds Outstanding as of the December 31 next preceding the Annual Report Date; (iii) The balance in the Reserve Fund, and a statement of the Reserve Account and Requirement, as of the Reserve Requirement.December 31 next preceding the Annual Report Date; (civ) The balance in the Proceeds Account of the Improvement Fund.Fund as of the December 31 next preceding the Annual Report Date; (dv) A table showing The total assessed value of all parcels within the Community Facilities District on which the Special Taxes are levied, as shown on the assessment roll of the Monterey County Assessor last equalized prior to the December 31 next preceding the Annual Report Date, and a statement of assessed value-to-lien Bonded debt ratios therefor, either by individual parcel or by categories (either individually or in categories such as e.g., “below 3:1,” “ 3:1 to 4:1,” “ 4:1 to 5:1,” etc.); (vi) The Special Tax delinquency rate for all parcels subject to special taxes in Improvement Area A within the Community Facilities District, as shown on the assessment roll of the Monterey County Assessor last equalized prior to the December 31 next preceding the Annual Report Date, the number of parcels within the Community Facilities District based delinquent in payment of Special Taxes as of the December 31 next preceding the Annual Report Date, the amount of each delinquency, the length of time delinquent and the date on which foreclosure was commenced, or similar information pertaining to delinquencies deemed appropriate by the ratio Community Facilities District; provided, however, that parcels with aggregate delinquencies of assessed valuation of $2,000 or less (excluding penalties and interest) may be grouped together and such parcels to all overlapping direct debt. Such information shall may be provided separately for Undeveloped Property and Developed Property (as such terms are defined in the RMA).by category; (evii) The status of the payment of special taxes for the properties within Improvement Area A foreclosure proceedings and a summary of the District which were due and payable during results of any foreclosure sales as of the December 31 next preceding fiscal year (the “Special Taxes”), including as to delinquent parcels: (1) the number of parcels delinquent in the payment of Special TaxesAnnual Report Date; (2viii) the aggregate amount The identity of the delinquent Special Taxes; (3) as to any parcel for which the delinquent Special Taxes represent property owner representing more than 5% of the aggregate Special Tax levy delinquent in payment of Special Taxes within Improvement Area A as of the District; (i) December 31 next preceding the assessor’s parcel number; (ii) the identity of the owner(s) of such parcel based on the County of Riverside Assessor’s Roll or County of Riverside (the “County”) delinquency report received by the City, whichever is more currentAnnual Report Date; and (iiiix) the aggregate amount of delinquent A land ownership summary listing property taxes, assessments (both fixed lien and annual) and Special Taxes and the accrued penalties and interest on such aggregate amount; and (4) the assessment delinquency rate owners responsible for such preceding fiscal year. (f) The status of any judicial foreclosure proceedings initiated by the District as a result of the delinquency in the payment of Special Taxes and the summary of the results of foreclosure sales, if available. (g) As to any parcel for which the annual special tax levy represents more than 5% of the aggregate special tax levy within Improvement Area A of the District: (1) names of the owners of such parcels annual Special Tax, as shown on the Assessor’s Roll or County delinquency report received by the City, whichever is more current; (2) percentage assessment roll of the special tax levy allocated to such parcels; (3) Developed Property or Undeveloped Property status (as such terms are defined in the RMA) of such parcels; (4) significant amendments to applicable District granted land use entitlements; (5) status of any significant conditions of approval of development imposed by the District as to any undeveloped parcel; and (6) status of any significant legislative, administrative or judicial challenges Monterey County Assessor last equalized prior to the development of any undeveloped parcels or to December 31 next preceding the use or continuing use of any parcel known to the DistrictAnnual Report Date. (hx) A table showing description of any changes to the total amount Rate and Method approved by, or submitted for approval to, the qualified electors of Special Tax actually levied and the total amount Community Facilities District during the period from the date of Maximum Special Tax (as filing the prior year’s Annual Report to the date of filing such term is defined in the RMA)Annual Report. (ic) The audited financial statements for In addition to any of the City for information expressly required to be provided under the preceding fiscal year paragraphs (or if not available at the time of filinga) and (b), the unaudited financial statements). The audited financial statements Community Facilities District shall be prepared in accordance with generally accepted accounting principles as prescribed for governmental units by the Governmental Accounting Standards Board; provided, however, that the City may from time to timeprovide such further information, if any, as may be necessary to make the specifically required by federal or state legal requirementsstatements, modify in the basis upon which its financial statements are prepared. (j) The principal amount of prepayments light of the Special Tax for the preceding fiscal yearcircumstances under which they are made, not misleading. Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the Community Facilities District or related public entities, which are that have been made available to the public on the MSRB’s Internet Web site or filed with the Securities and Exchange Commissionwebsite. The Community Facilities District shall clearly identify each such other document so included by reference.