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TEMECULA PUBLIC FINANCING AUTHORITY RELEASE NO. 35 Dated: August 31, 2009 Relating to $51,250,000 Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh
Ranch), 2006 Special Tax Bonds (the “Bonds”) Maturity (September 1) CUSIP No. Maturity (September 1) CUSIP No. Maturity (September 1) CUSIP No. 2009 87972Y BX3 2013 87972Y CB0 2026 87972Y
CM6 2010 87972Y BY1 2014 87972Y CC8 2036 87972Y CN4 2011 87972Y BZ8 2015 87972Y CD6 2012 87972Y CA2 2016 87972Y CE4 The Temecula Public Financing Authority (the “Authority”) has previously
issued its Releases Nos. 1 through 34. In addition, on February 25, 2009, the Authority issued its Annual Continuing Disclosure Report (the “Report”). This Release No. 35 does not purport
to include every item that may be important to owners of the Bonds, nor does it purport to present “full and fair disclosure” with respect to the Bonds within the meaning of applicable
federal and state securities laws. Capitalized terms used but not defined in this Release No. 35 have the meanings given those terms in the official statement dated April 13, 2006 relating
to the Bonds (the “Official Statement”). Payment of Delinquent Special Taxes In Release No. 34, the Authority stated that, on July 31, 2009, AmTrust Bank, on behalf of the Ashby USA,
LLC (the “Developer”), paid all of the Developer’s delinquent Special Taxes. Under the terms of the Amended and Restated Acquisition Agreement, the Authority agreed to disburse approximately
$13.6 million from the Acquisition Account of the Improvement Fund to reimburse the Developer for work performed on public infrastructure improvements eligible to be funded by the Community
Facilities District (the “Eligible Facilities”). The delinquent Special Taxes were paid from a disbursement from an escrow fund that held approximately $13.6 million from a disbursement
from the Acquisition Account of the Improvement Fund and approximately $2.3 million from the proceeds of a foreclosure of property previously owned by the Developer in the the Community
Facilities District. By reason of an Assignment and Agreement (Roripaugh Ranch), dated as of April 20, 2006, between the Developer and AmTrust Bank (the “Assignment Agreement”), AmTrust
Bank received the amounts remaining in this escrow fund after payments to contractors who performed work in the Community Facilities District, the payment of the delinquent Special Taxes
and certain other payments. For more information regarding these payments, see “Amended and Restated Acquisition Agreement and Disbursement of Funds from the Acquisition Account of the
Improvement Fund—Impact of Amended Acquisition Agreement on the Acquisition Account of the Improvement Fund—Disbursement from Acquisition Account on July 31, 2009” in Release No. 34.
Under the terms of the Assignment Agreement, the Developer assigned to AmTrust Bank all of its rights to receive amounts to be disbursed to the Developer from the Acquisition Account
of the Improvement Fund. Thus, the delinquent Special Taxes were subtracted from amounts due to the Developer under the terms of the Amended and Restated Acquisition Agreement that AmTrust
Bank would otherwise have
received pursuant to the Assignment Agreement. AmTrust Bank did not deposit any of its own funds into the escrow fund from which these amounts were paid and did not otherwise directly
pay any of the delinquent Special Taxes. Steps by Beneficial Owners to Augment Transmission of Notices Owners of the Bonds should be aware of steps that they can take to augment the
transmission of notices with respect to the Bonds. In order to be assured of receiving notice, beneficial owners of the Bonds may wish to ascertain that the nominee who holds the Bonds
for their benefit has agreed to obtain and transmit notices to the beneficial owners, or in the alternative, beneficial owners may wish to provide their names and addresses to the Authority
and request that copies of future notices be provided directly to them. Such requests should be sent to: Temecula Public Financing Authority c/o Richards, Watson & Gershon 355 South
Grand Avenue, 40th Floor Los Angeles, California 90071 Attn: Peter Thorson or may be sent by e-mail mail to pthorson@rwglaw.com. Any requests to receive any prior Releases by the Authority
should be made to the same address or e-mail. Concluding Matters. ANY SUBSEQUENT STATEMENTS REGARDING THE BONDS, OTHER THAN A STATEMENT MADE BY THE AUTHORITY IN AN OFFICIAL RELEASE OR
SUBSEQUENT NOTICE AND FILED WITH THE MUNICIPAL SECURITIES RULEMAKING BOARD, ARE NOT AUTHORIZED BY THE AUTHORITY. THE AUTHORITY SHALL NOT BE RESPONSIBLE FOR THE ACCURACY, COMPLETENESS
OR FAIRNESS OF ANY SUCH UNAUTHORIZED STATEMENT. THIS OFFICIAL RELEASE MAY CONTAIN INFORMATION MATERIAL TO BONDOWNERS AND DOES NOT PURPORT TO CONTAIN ALL MATERIAL INFORMATION WITH RESPECT
TO THE BONDS OR THE FINANCIAL CONDITION OF THE COMMUNITY FACILITIES DISTRICT. THE INFORMATION CONTAINED IN THIS OFFICIAL RELEASE IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS.