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Quint & Thimmig LLP 4/20/06 $51,250,000 TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) 2006 SPECIAL TAX BONDS CERTIFICATE REGARDING USE
OF PROCEEDS The undersigned hereby states and certifies: (i) that he is the duly appointed, qualified and acting Executive Director of the Temecula Public Financing Authority, a joint
powers authority duly organized and existing under the laws of the State of California (the "Authority"), and as such, is familiar with the facts herein certified and is authorized and
qualified to certify the same on behalf of the Authority; (ii) that, pursuant to the Fiscal Agent Agreement, dated as of March 1, 2006 (the "Fiscal Agent Agreement"), by and between
the Authority and U.S. Bank National Association, as fiscal agent (the "Fiscal Agent"), the Authority is issuing on the date hereof bonds for and on behalf of the Temecula Public Financing
Authority Community Facilities District No. 03-02 (Roripaugh Ranch) designated "Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch) 2006 Special
Tax Bonds" (the "Bonds"), in the aggregate principal amount of $51,250,000, and dated the date hereof; (iii) that, of the proceeds of the Bonds received by the Fiscal Agent on the date
hereof, the Fiscal Agent will, pursuant to the Fiscal Agent Agreement, deposit in the following accounts within the Improvement Fund, the following amounts: (1) in the City Account an
amount equal to $4,162,710.00, (2) in the Acquisition Account an amount equal to $38,083,381.40, (3) in the EMWD Account an amount equal to $1,381,015.00; and (4) in the Public Works
Administration Account an amount equal to $680,000.00; (iv) that the proceeds of the Bonds deposited in the accounts within the Improvement Fund, will be used to finance certain land
and improvements (the "Improvements"), as more particularly described in Part I of Exhibit A hereto attached and by this reference herein incorporated; (v) that Part II of Exhibit A
hereto attached describes (a) each use to be made by any person of the Project, other than use by the Authority and other non-federal governmental units and other than use by members
of the public generally, and (b) payments (if any) in respect of such use which are to be received after the date hereof; (vi) that no portion of the proceeds of the Bonds will be used,
directly or indirectly, to make or finance a loan to any person (other than a State or local government unit) or to acquire property which will be sold to any person (other than a State
or local governmental unit) on an installment sale basis except as referenced in Part II of Exhibit A; (vii) that the above statements are made on the basis of the facts, estimates and
circumstances in existence on the date hereof and that the undersigned has exercised due
diligence to assure that all material facts, estimates and circumstances relating to the above statements were made available to the undersigned and reviewed by the undersigned; (viii)
that to the best knowledge of the undersigned the above statements are reasonable and there are no other facts, estimates or circumstances, other than those set forth herein, that would
materially affect the statements made herein; and (ix) that the undersigned is aware that Quint & Thimmig LLP is rendering an opinion on the date hereof substantially to the effect that
the interest on the Bonds is excluded from gross income for federal income tax purposes and in rendering such opinion is relying upon the statements made herein and in Exhibit A hereto
attached. IN WITNESS WHEREOF, I have hereunto set my hand as of the 27th day of April, 2006. TEMECULA PUBLIC FINANCING AUTHORITY, for itself and on behalf of TEMECULA PUBLIC FINANCING
AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) Shawn D. Nelson, Executive Director -2-
EXHIBIT A DESCRIPTION OF IMPROVEMENTS I. Describe the Improvements: The Improvements which proceeds of the bonds may be expended for include: construction of portions ofMurrieta Hot
Springs Road, Butter field Stage Road, and Nicolas Road, bridges over Long Valley Wash and Santa Gertrudis Creek for Butterfield Stage Road and over Santa Gertrudis Creek for Nicolas
Road, grading, detention basins and storm drainage improvements to Santa Gertrudis Creek and Long Valley Wash Channel, habitat mitigation for the Santa Gertrudis Creek and Long Valley
Wash Channel improvements, and fire station site acquisition and construction, and equipping of the fire station. II. Description of Use of Project A. Use by any person other than governmental
units or members of public generally. None expected. B. Payments to be made after date hereof in respect of above use. None expected. Exhibit A-l