HomeMy WebLinkAboutContinuing Disclosure Agreement of the Authority, by and between the Authority and U.S. Bank National Association
AUTHORITY CONTINUING DISCLOSURE AGREEMENT This CONTINUING DISCLOSURE AGREEMENT (the "Disclosure Agreement") is executed and entered into as of March 1, 2006, by and between U.S. Bank
National Association, a national banking association organized and existing under and by virtue of the laws of the United States of America (the "Bank"), in its capacity as Dissemination
Agent (the "Dissemination Agent") and in its capacity as Fiscal Agent (the "Fiscal Agent"), and the Temecula Public Financing Authority, a joint exercise of powers authority organized
and existing under and by virtue of the Constitution and of the laws of the State of California (the "Authority"), for and on behalf of the Temecula Public Financing Authority Community
Facilities District No. 03-02 (the "District"); WITNESSETH: WHEREAS, pursuant to the Fiscal Agent Agreement, dated as of March 1,2006 (the "Fiscal Agent Agreement"), by and between the
Authority, for and on behalf of the District, and the Fiscal Agent, the Authority has issued its 2006 Special Tax Bonds in the aggregate principal amount of $51,250,000 (the "2006 Bonds");
and WHEREAS, this Disclosure Agreement is being executed and delivered by the Authority and the Fiscal Agent for the benefit of the owners and beneficial owners of the 2006 Bonds and
in order to assist the underwriter of the 2006 Bonds in complying with Securities and Exchange Commission Rule 15c2-12(b)(5); NOW, THEREFORE, for and in consideration of the mutual premises
and covenants herein contained, the parties hereto agree as follows: Section 1. Definitions. Capitalized undefined terms used herein shall have the meanings ascribed thereto in the Fiscal
Agent Agreement. In addition, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Authority pursuant to, and
described in, Sections 2 and 3 of this Disclosure Agreement. "Annual Report Date" shall mean the date in each year that is eight months after the end of the Authority's fiscal year,
which date, as of the date of this Disclosure Agreement, is March 1. "Disclosure Representative" shall mean the Finance Director of the City of Temecula, as Treasurer of the Authority,
or his or her designee, or such other office or employee as the Authority shall designate in writing to the Fiscal Agent from time to time. "Dissemination Agent" shall mean U.S. Bank
National Association, acting in its capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Authority and which has filed with the
Fiscal Agent a written acceptance of such designation. "Listed Events" shall mean any of the events listed in Section 4(a) of this Disclosure Agreement. "National Repository" shall mean
any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. Information on the National Repositories as of a particular date is available on the Internet
atwww.sec.gov/info/municipal/nrmsir.htm.
"Official Statement" shall mean the Official Statement, dated April 13,2006, relating to the 2006 Bonds. "Participating Underwriter" shall mean Stone & Youngberg LLC. "Repository" shall
mean each National Repository and each State Repository. "Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934,
as the same may be amended from time to time. "State Repository" shall mean any public or private repository or entity designated by the State of California as a state repository for
the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Disclosure Agreement, there is no State Repository. Section 2. Provision
of Annual Reports. (a) The Authority shall, or, upon furnishing the Annual Report to the Dissemination Agent, shall cause the Dissemination Agent to, provide to each Repository, to the
Fiscal Agent and to the Participating Underwriter an Annual Report which is consistent with the the requirements of Section 3 of the Disclosure Agreement, not later than the Annual Report
Date, commencing with the report for the 2005-06 fiscal year. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may include by
reference other information as provided in Section 3 of this Disclosure Agreement;/?ro vided, however, that the audited financial statements of the Authority, if any, 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 not available by that date. If the Authority's fiscal
year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 4(f). The Annual Report may be provided in electronic format to each Repository
and the Participating Underwriter, and may be provided through the services of a"central post office" approved by the Securities and Exchange Commission. For example, any filings under
this Continuing Disclosure Agreement may be made solely by transmitting such filing to the Texas Municipal Advisory Council (the "MAC") as provided at http:www.disclosureusa.org unless
the United States Securities and Exchange Commission has withdrawn the interpretive advice in its letter to the MAC dated September 7, 2004. (b) Not later than fifteen (15) Business
Days prior to the date specified in subsection (a) for providing the Annual Report to Repositories, the Authority shall provide the Annual Report (in a form suitable for reporting to
the Repositories) to the Dissemination Agent, the Fiscal Agent (if the Fiscal Agent is not the Dissemination Agent) and the Participating Underwriter. If by such date, the Fiscal Agent
has not received a copy of the Annual Report, the Fiscal Agent shall contact the Disclosure Representative and the Dissemination Agent to inquire if the Authority is in compliance with
the first sentence of this subsection (b). The Authority shall provide a written certification with each Annual Report furnishedto the Dissemination Agent to the effect that such Annual
Report constitutes the Annual Report required to be furnished by ithereunder. The Dissemination Agent may conclusively rely upon such certification of the Authority and shall have no
duty or obligation to review such Annual Report.
(c) If the Fiscal Agent is unable to verify that an Annual Report has been provided to Repositories by the date required in subsection (a), the Fiscal Agent shall send a notice to the
Repositories and the appropriate State Repository, if any, in substantially the form attached as Exhibit A. (d) The Dissemination Agent shall: (i) determine each year prior to the date
for providing the Annual Report the name and address of each National Repository and each State Repository, if any; and (ii) file a report with the Authority, the Participating Underwriter
and (if the Dissemination Agent is not the Fiscal Agent) the Fiscal Agent certifying that the Annual Report has been provided pursuant to this Disclosure Agreement, stating the date
it was provided and listing all the Repositories to which it was provided. Section 3. Content of Annual Reports. The Authority's Annual Report shall contain or incorporate by reference
the following: (a) The Authority's audited financial statements, if any, prepared in accordance with generally accepted accounting principles as promulgated to apply to government entities
from time to time by the Governmental Accounting Standards Board. If the Authority's audited financial statements, if any, are not available by the time the Annual Report is required
to be filed pursuant to Section 2(a), the Annual Report shall contain unaudited financial statements in a format similar to that used for the Authority'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. If the Authority's audited financial statements, if any,
or unaudited financial statements are already filed, the Annual Report may reference that such financial statements are on file with the Repositories. (b) The following information:
(i) The principal amount of 2006 Bonds and parity bonds, if any, outstanding as of September 30 next preceding the date of the Annual Report Date; (ii) The balance in the Reserve Fund,
if any, and and a statement of the Reserve Requirement as of the September 30 next preceding the Annual Report Date and the balance in the other funds and accounts held under the Fiscal
Agent Agreement; (iii) Information regarding the amount of the annual special taxes levied in the District by the Rate and Method of Apportionment of Special Tax land use categories,
the names of the owners of property responsible for more than 5% of the Special Tax levy and the amount of Special Tax owed, as shown on such assessment roll of the Riverside County
Assessor last equalized prior to the September 30 next preceding the Annual Report Date; (iv) The total assessed value of all parcels within the District on which the Special Taxes are
levied, as shown on the assessment roll of the Riverside County Assessor last equalized prior to the September 30 next preceding the Annual Report Date, and a statement of assessed value
for the
property in the District by Rate and Method of Apportionment of Special Tax land use categories; (v) The Special Tax delinquency rate for all parcels within the District on which the
Special Taxes are levied, as shown on the assessment roll of the Riverside County Assessor last equalized prior to the September 30 next preceding the Annual Report Date, the number
of parcels within the District on which the Special Taxes are levied and which are delinquent inpayment of Special Taxes based on parcels, as shown on the assessment roll on the Riverside
County Assessor last equalized prior to the September 30 next precedingthe 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 District; provided, however,that parcels with aggregate delinquencies of $5,000 or less (excluding
penalties and interest) may be grouped together and such information may be provided by by category. (vi) The status of foreclosure proceedings for any parcels within the District on
which the Special Taxes are levied and a summary of the results of any foreclosure sales as of the September 30 next preceding the Annual Report Date; (vii) The identity of any property
owner representing more than five percent (5%) of the annual Special Tax levy who is delinquent inpayment of such Special Taxes, as shown on such assessment roll of the Riverside County
Assessor last equalized prior to the September 30 next preceding the Annual Report Date; (viii) A summary of (a) zoning changes, if any, approved by the City of Temecula (the "City")
for property subject to the Special Tax in the District and (b) building permits issued by the City for property subject to the Special Tax in the District; and (ix) If the Authority
or the City establishes a community facilities district overlapping all or a portion of the District, the principal amount of bonds authorized for such community facilities district,
the percentage of such bonds supported by special taxes on property within the District, and the amount of bonds issued by such community facilities district. (c) In addition to any
of the information expressly required to be provided under paragraphs (a) and (b) of this Section, the Authority shall provide such further information, if any, as may be necessary to
make the 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 Authority or related public entities, which have beensubmitted to each of the Repositories 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. A form of information cover sheet for municipal secondary
market disclosure recommended by the Municipal Securities Rulemaking Board is attached as Exhibit B. Section 4. Reporting of Significant Events. (a) Pursuant to the provisions of this
Section 4, the Authority shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the 2006 Bonds, if material: (i) Principal and interest
payment delinquencies; (ii) Non-payment related defaults; (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 or events affecting the tax-exempt status
of the security; (vii) Modifications to rights of security holders; (viii) Contingent or unscheduled bond calls; (ix) Defeasances; (x) Release, substitution, or sale of property securing
repayment of the securities; (xi) Rating changes; and (xii) Receipt by the Authority of notice that a credit on liquidity facility will not be renewed, replaced or extended. (b) The
Fiscal Agent shall, withinfive(S) businessdays of obtaining actual knowledge of the occurrence of any of the Listed Events, contact the Disclosure Representative, inform such person
of the event, and request that the Authority promptly notify the Dissemination Agent in writing whether or not to report the event pursuant to subsection (f), provided, however, that
the Dissemination Agent shall have no liability to Bond Owners for any failure to provide such notice. For purposes of this Disclosure Agreement, "actual knowledge" of the occurrence
of the Listed Events described under clauses (ii), (iii), (vi), (x) and (xi) above shall mean actual knowledge by an officer at the corporate trust office of the Fiscal Agent. The Fiscal
Agent shall have no responsibility for determining the materiality of any of the Listed Events.
(c) Whenever the Authority obtains knowledge of the occurrence of a Listed Event, whether because of a notice from the Fiscal Agent pursuant to subsection (b) or otherwise, the Authority
shall as soon as possible determine if such event would be material under applicable federal securities law. (d) If the Authority determines that knowledge of the occurrence of a Listed
Event would be material under applicable federal securities law, the Authority shall promptly notify the Dissemination Agent in writing. Such notice shall instruct the Dissemination
Agent to report the occurrence pursuant to subsection (f). The Authority shall provide the Dissemination Agent with a form of notice of such event in a format suitable for reporting
to the Municipal Securities Rulemaking Board and each State Repository, if any. (e) If in response to a request under subsection (b), the Authority determines that the Listed Event would
not be material under applicable federal securities law, the Authority shall so notify the Dissemination Agent in writing and instruct the Dissemination Agent not to report the occurrence
pursuant to subsection (f).(f) If the Dissemination Agent has been instructed by the Authority to report the occurrence of a Listed Event, the Dissemination Agent shall file a notice
of such occurrence with each Repository or the Municipal Securities Rulemaking Board and each State Repository and shall provide a copy of such notice to the Participating Underwriter.
Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(viii) and (ix) need not be given under this subsection any earlier than the notice (if any) of the
underlying event is given to owners of affected 2006 Bonds pursuant to the Fiscal Agent Agreement. Sections. Termination of Reporting Obligation. All of the Authority's obligations under
this Disclosure Agreement shall terminate upon the earliest to occur of (i) the legal defeasance of the 2006 Bonds, (ii) prior redemption of the 2006 Bonds or (iii) payment in full of
all the 2006 Bonds. If such determination occurs prior to the final maturity of the 2006 Bonds, the Authority shall give notice of such termination in the same manner as for a Listed
Event under Section 4(f). Section 6. Dissemination Agent The Authority may, from time to time, appoint or engage a Dissemination Agent to assist in carrying out its obligations under
this Disclosure Agreement, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The initial Dissemination Agent shall be U.S. Bank
National Association. The Dissemination Agent may resign by providing forty-five (45) days' written notice to the Authority and the Fiscal Agent (if the Fiscal Agent is not the Dissemination
Agent). The Dissemination Agent shall have no duty to prepare the Annual Report nor shall the Dissemination Agent be responsible for filing any Annual Report not provided to it by the
Authority in a timely manner and in a form suitable for filing. If at any time there is not any other designated Dissemination Agent, the Fiscal Agent shall be the Dissemination Agent.
Section 7. Amendment: Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Authority, the Fiscal Agent and the Dissemination Agent may amend this Disclosure
Agreement (and the Fiscal Agent and the Dissemination Agent shall agree to any amendment so requested by the Authority, so long as such amendment does not adversely affect the rights
or obligations of the Fiscal Agent or the Dissemination Agent), and any provision of this Disclosure Agreement may be waived, provided that the following conditions are satisfied: (a)
if the amendment or waiver relates to the provisions of Sections 2(a), 3 or 4(a), it may only be made in connection with a change in circumstances that arises from a change in legal
requirements, change in law, or change in the identity, nature, or status of an obligated person with respect to the 2006 Bonds, or type of business conducted; (b) the undertakings herein,
as proposed to be amended or waived, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the primary offering
of the 2006 Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) the proposed amendment or waiver either (i)
is approved by owners of a maj ority of the owners of the 2006 Bonds affected thereby in the manner provided in the Fiscal Agent Agreement for amendments to the Fiscal Agent Agreement
with the consent of owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the owners or beneficial owners of the 2006 Bonds.
If the annual financi al information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information containing
the amended operating data or financial information shall explain, in narrative form, the reasons for the amendment and the impact of the change in the type of operating data or financial
information being provided. If an amendment is made to the undertaking specifying the accounting principles to be followed in preparing financial statements, the annual financial information
for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those prepared
on the basis of the former accounting principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change in
the accounting principles on the presentation of the financial information in order to provide information to investors to enable them to evaluate the ability of the Authority to meet
its obligations, including its obligation to pay debt service on the 2006 Bonds. To the extent reasonably feasible, the comparison shall be quantitative. A notice of the change in the
accounting principles shall be sent to the Repositories in the same manner as for a Listed Event under Section 4(f). Section 8. Additional Information. Nothing in this Disclosure Agreement
shall be deemed to prevent the Authority from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication,
or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the Authority
chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the
Authority shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event. Section
9. Default. In the event of a failure of the Authority, the Dissemination Agent or the Fiscal Agent to comply with any provision of this Disclosure Agreement, the Fiscal Agent may (and,
at the written direction of any Participating Underwriter or the owners of at least 25% aggregate principal amount of Outstanding Bonds, shall, upon receipt of indemnification reasonably
satisfactory to the Fiscal Agent), or any owner or beneficial owner of the 2006 Bonds may, take such actions as may be necessary and appropriate, including seeking mandate or specific
performance by court order, to cause the Authority, the Dissemination Agent or the Fiscal Agent, as the case may be, to comply with its obligations under this Disclosure Agreement. A
default under this Disclosure Agreement shall not be deemed an Event of Default under the Fiscal Agent Agreement, and the sole remedy under this Disclosure Agreement in the event of
an
yfailure of the Authority, the Dissemination Agent or the Fiscal Agent to comply with this Disclosure Agreement shall be an action to compel performance. Section 10. Duties. Immunities
and Liabilities of Fiscal Agent and Dissemination Agent. Section 7.01 and Section 7.02 of the Fiscal Agent Agreement are hereby made applicable to this Disclosure Agreement as if this
Disclosure Agreement were (solely for this purpose) contained in the Fiscal Agent Agreement, and the Fiscal Agent and the Dissemination Agent shall be entitled to the protections, limitations
from liability and indemnities afforded to the Fiscal Agent thereunder. The Dissemination Agent and the Fiscal Agent shall have only such duties hereunder as are specifically set forth
in this Disclosure Agreement. This Disclosure Agreement does not apply to any other securities issued or to be issued by the Authority. The Dissemination Agent shall have no obligation
to make any disclosure concerning the 2006 Bonds, the Authority or any othermatter except as expressly set out herein, providedthat no provisionof this Disclosure Agreement shall limit
the duties or obligations of the Fiscal Agent under the Fiscal Agent Agreement. The Dissemination Agent shall have no responsibility for the preparation, review, form or content of any
Annual Report or any notice of a Listed Event. The fact that the Fiscal Agent has or may have any banking, fiduciary or other relationship with the District or any other party, apart
from the relationship created by the Fiscal Agent Agreement and this Disclosure Agreement, shall not be construed to mean that the Fiscal Agent has knowledge or notice of any event or
condition relating to the 2006 Bonds or the District except in its respective capacities under such agreements. No provision of this Disclosure Agreement shall require or be construed
to require the Dissemination Agent to interpret or provide an opinion concerning any information disclosed hereunder. Information disclosed hereunder by the Dissemination Agent may contain
such such disclaimer language concerning the Dissemination Agent's responsibilities hereunder with respect thereto as the Dissemination Agent may deem appropriate. The Dissemination
Agent may conclusively rely on the determination of the District as to the materiality of any event for purposes of Section 4 hereof. Neither the Fiscal Agent nor the Dissemination Agent
make any representation as to the sufficiency of this Disclosure Agreement for purposes of the Rule. The Dissemination Agent shall be paid compensation by the District for its services
provided hereunder in accordance with its schedule of fees, as amended from time to time, and all expenses, legal fees and advances made or incurred by the Dissemination in the performance
of its duties hereunder. The District's obligations under this Section 10 shall survive the termination of this Disclosure Agreement. Section 11. Beneficiaries. The Participating Underwriter
and the owners and beneficial owners from time to time of the2006 Bonds shall be third party beneficiaries under this Disclosure Agreement. This Disclosure Agreement shall inure solely
to the benefit of the District, the Fiscal Agent, the Dissemination Agent, the Participating Underwriter andowners and beneficial owners from time to time of the 2006 Bonds, and shall
create no rights in any other person or entity. Section 12. Notices. Any notice or communications herein required or permitted to be given to the Authority, the Fiscal Agent or the Dissemination
Agent shall be in writing and shall be deemed to have been sufficiently given or served for all purposes by being delivered or sent by telecopy or by being deposited, postage prepaid,
in a post office letter box, to the addresses set forth below, or to such other address as may be provided to the other parties hereinafter listed in writing from time to time, namely:
If to the Authority: If to the Community Facilities District: If to the Dissemination Agent: If to the Fiscal Agent: If to the Participating Underwriter: Temecula Public Financing Authority
43200 Business Park Drive Temecula, California 92590 Attention: Director of Finance Telephone: 951/694-6430 Telecopier: 951/694-6479 Community Facilities District No. 03-02 (Roripaugh
Ranch) 43200 Business Park Drive Temecula, California 92590 Attention: Director of Finance Telephone: 951/694-6430 Telecopier: 951/694-6479 U.S. Bank National Association 633 West Fifth
Street, 24* Floor LM-CA-T24T Los Angeles, California 90071 Telephone: 213/615-6030 Telecopier: 213/615-6199 U.S. Bank National Association 633 West Fifth Street, 24th Floor LM-CA-T24T
Los Angeles, California 90071 Telephone: 213/615-6030 Telecopier: 213/615-6199 Stone & Youngberg LLC One Ferry Building San Francisco, California 94111 Telephone: 415/445-2300 Attention:
Municipal Research Department Section 13. Future Determination of Obligated Persons. In the the event the Securities Exchange Commission amends, clarifies or supplements the Rule in
such a manner that requires any landowner within the Authority to be an obligated person as defined in the Rule, nothing contained herein shall be construed to require the Authority
to meet the continuing disclosure requirements of the Rule with respect to such obligated person and nothing in this Disclosure Agreement shall be deemed to obligate the Authority to
disclose information concerning any owner of land within the Authority except as required as part of the information required to be disclosed by the Authority pursuant to Section 4 and
Section 5 hereof. Section 14. Severability. In case any one or more of the provisions contained herein shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provision hereof.
Section 15. State of California Law Governs. The validity, interpretation and performance of this Purchase Agreement shall be governed by the laws of the State of California. Section
16. Counterparts. This Disclosure Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
Section 17. Merger. Any person succeeding to all or substantially all of the Dissemination Agent's corporate trust business shall be the successor Dissemination Agent without the filing
of any paper or any further act. 10
IN WITNESS WHEREOF, the panics hereto have executed this Disclosure Agreement as of the date first above written, TEMECULA PUBLIC FINANCING AUTHORJTY, FOR AND ON BEHALF OF TEMECULA PUBLIC
FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORJPAUGH RANCH)Authorized Officer U.S. BANK NATIONAL ASSOCIATION, as Fiscal Agent By: Authorized Officer U.S. BANK NATIONAL
ASSOCIATION, as Dissemination Agent By:, Authorized Officer 11 aoueuij Vin03W31 J-0 A1IG 6i1>9 t>69 LS6 XVd H : 9 L 9 0 0 2 /t > 2 /t > 0
IN WITNESS WHEREOF, the parties hereto have executed this Disclosure Agreement as of the date first above written. TEMECULA PUBLIC FINANCING AUTHORITY, FOR AND ON BEHALF OF TEMECULA
PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) By:. Authorized Officer U.S. BANK NATIONAL ASSOCIATION, as Fiscal Agent U.S. BANK NATIONAL ASSOCIATION,
as Dissemination Agent By: Autftorizeck Officer 11
EXHIBIT A NOTICE TO MUNICIPAL SECURITIES RULEMAKING BOARD OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: Temecula Public Financing Authority, for and on behalf of Temecula Public Financing
Authority Community Facilities District No. 03 -02 (Roripaugh Ranch) Name of Bond Issue: Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch)
2006 Special Tax Bonds Date of Issuance: April 27, 2006 NOTICE IS HEREBY GIVEN that the Temecula Public Financing Authority (the "Authority") has not provided an Annual Report with respect
to the above-named 2006 Bonds as required by the Continuing Disclosure Agreement, dated as of March 1, 2006, by and between U.S. Bank National Association, in its capacity as Fiscal
Agent, and in its capacity as Dissemination Agent, and the Authority. [The Authority anticipates that the Annual Report will be filed by .] Dated: , U.S. BANK NATIONAL ASSOCIATION, as
Fiscal Agent, on behalf of the Temecula Public Financing Authority Authorized Officer cc: Temecula Public Financing Authority Stone & Youngberg LLC A-l
EXHIBIT B Municipal Secondary Market Disclosure Information Cover Sheet This cover sheet should be sent with all submissions made to the Municipal Securities Rulemaking Board, Nationally
Recognized Municipal Securities Information Repositories, and any applicable State Information Depository, whether the filing is voluntary or made pursuant to Securities and Exchange
Commission Rule 15c2-12 or any analogous state statute. See www.sec.gov/info/municipal/nrmsir.htm for list of current NRMSIRs and SIDs IF THIS FILING RELATES TO A SINGLE BOND ISSUE:
Provide name of bond issue exactly as it appears on the cover of the Official Statement (please include name of state where Issuer is located): $51,250,000 TEMECULA PUBLIC FINANCING
AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) 2006 SPECIAL TAX BONDS Provide nine-digit CUSIP® numbers* if available, to which the information relates: (Maturity)
2007 2008 2009 2010 2011 2012 87972YBV7 87972YBW5 87972YBX3 87972YBY1 87972YBZ8 87972YCA2 (Maturity) 2013 2014 2015 2016 2026 2036 87972YCBO 87972YCC8 87972YCD6 87972YCE4 87972YCM6 87972YCN4
IF THIS FILING RELATES TO ALL SECURITIES ISSUED BY THE ISSUER OR ALL SECURITIES OF A SPECIFIC CREDIT OR ISSUED UNDER A SINGLE INDENTURE: Issuer's Name (please include name of state where
Issuer is located): Other Obligated Person's Name (if any): (Exactly as it appears on the Official Statement Cover) Provide six-digit CUSIP® number(s)*, if available, of Issuer: "(Contact
CUSIP 's Municipal Disclosure Assistance Line at 212.438.6518 for assistance with obtaining the proper CUSIP numbers.) TYPE OF FILING: D Electronic (number of pages attached) D Paper
(number of pages attached) If information is also available on the Internet, give URL: B-l
WHAT TYPE OF INFORMATION ARE YOU PROVIDING? (Check all that apply) A. D Annual Financial Information and Operating Data pursuant to Rule 15c2-12 (Financial information and operating
data should not be filed with the MSRB.) Fiscal Period Covered: B. D Audited Financial Statements or CAFR pursuant to Rule 15c2-12 Fiscal Period Covered: C. D Notice of a Material Event
pursuant to Rule 15c2-12 (Check as appropriate) 1. D Principal and interest payment delinquencies 6. D Adverse tax opinions or events affecting the taxexempt status of the security 2.
D Non-payment related defaults 7. D Modifications to the rights of security holders 3. D Unscheduled draws on debt service reserves 8. D Bond calls reflecting financial difficulties
4. D Unscheduled draws on credit enhancements 9. D Defeasances reflecting financial difficulties 5. D Substitution of credit or liquidity providers, or 10. D Release, substitution, or
sale of property securing their failure to perform repayment of the securities 11. D Rating changes D. D D Notice of Failure to Provide Annual Financial Information as Required E. D
Other Secondary Market Information (Specify): I hereby represent that I am authorized by the Issuer or obligor or its agent to distribute this information publicly: Issuer Contact: Name
Title Employer Address City State Zip Code Telephone Fax Email Address Issuer Web Site Address Dissemination Agent Contact, if any: Name Title Employer Address City State Zip Code_ Telephone
Fax Email Address Relationship to Issuer_ Obligor Contact, if any: Name Title Employer Address Telephone Email Address Investor Relations Contact, if any: Name Telephone City State Fax
Obligor Web site Address Title Email Address Zip Code B-2