Community Facilities District 95-1

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On May 8, 1995, the City Council began the formal proceedings to establish the City of Newport Beach Special Improvement District No. 95-1 (CIOSA) (THE “District”) when it adopted the Resolution Declaring Intention to Establish a Special Improvement District and to Authorize the Levy of Special Taxes, under the provisions of the Act. Following a duly noticed public hearing on June 12, 1995, the City Council adopted the Resolution of Formation of Special Improvement District No. 95-1 (CIOSA), Authorizing the Levy of a Special Tax Within the District and Preliminary Establishing and Appropriations Limit for the District (the “Resolution of Formation”), and the Resolution Calling Special Election for Special Improvement District No. 95-1 (CIOSA). Thereafter an election was held for the District, at which election authorized representatives of The Irvine Company (the “Company”), as the then sole landowner of all of the taxable property within the District, cast 100% of the ballots in favor of the proposition of approving formation of the District, authorizing the incurring of indebtedness, the levying of a special tax, and establishing an appropriations limit for the District. Following the election, on June 26, 1995 , the City Council adopted the Resolution Declaring Results of Special Election and Directing Recording of Special Tax Lien. Pursuant to such City Council direction, the Notice of Special Tax Lien was recorded in the official records of the County Recorder of the County of Orange . As a result of these proceedings, taken pursuant to the Act, authority has been conferred upon the City Council to annually levy a special tax (the “Special Tax”) against parcels of land within the District and to issue special tax bonds to finance certain costs and expense relating to the construction and acquisition of public capital improvements.

As set forth in the Rate and Method, the property within the District that was initially subject to the Special Tax was divided into nine separate Zones. Three Zones were subsequently prepaid or otherwise released from the lien of the Special Tax. The whole Special Tax applicable to the San Diego Creek Zone and the Block 800 Zone was prepaid in accordance with subsequently designated an open space and therefore no longer subject to the Special Tax. As a result, properties in only six of the Zones remain subject to the Special Tax.

Associated Documents

Summary of the Assessment Engineer's confirmed costs for Project
(A more detailed table can be located in the Engineer's Report)

Engineers Estimate

Sources
    Principal Amount of Series A Bonds

                                15,495,000.00

    Accrued Interest

11,337.93

    Less Net Original Issue Discount

(22,887.85)

    Amounts released from Fiscal Agent

2,889,062.62

                                        Total Sources

$ 18,372,512.70

Uses
    Escrow Fund

16,431,003.52

    Debt Service Reserve Fund

1,237,076.26

    Bond Fund

56,689.69

    Administrative Expense Fund

25,000.00

    Costs of Insurance Fund

10,000.00

    Underwriter's Discount

467,793.23

    Incidental Expenses

154,950.00

                                        Total Uses

$ 18,372,512.70

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