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2007 TOWNGATE SPECIAL TAX REFUNDING BONDS



                Original Issue Amount:  $10,665,000
                Issuance Date:            11/29/2007
                Maturity Date:            12/1/2021
                Interest Rates:           3.5%-5%

                Description:  CFD 87-1 Special Tax Refunding Bonds were issued in November 2007,
                to refund the remaining balance on the 1994 Towngate CFD 87-1 Special Tax Refunding
                Bonds.

                Repayment Source: The bonds are payable from and secured by a special tax levy
                against certain affected parcels within the District. Under an arrangement (Participation
                Agreement) involving the District, the City and the Successor Agency of the former
                RDA, the required tax levy may be reduced in part by the reimbursable tax increment
                from the Agency. Tax increment payable from the Redevelopment Property Tax Trust
                Fund (RPTTF) is subject to approval on the Recognized Obligations Payment Schedule
                (ROPS) by the California Department of Finance.

                Security: The bonds are secured by a reserve account equal to 125% of the average
                annual debt service payments . The bonds are also secured by a special tax levy against
                certain affected parcels within the District

                Debt Service Schedule:  The annual debt service requirements for the 2007 Towngate
                Improvement Tax Refunding Bonds payable outstanding at June 30, 2016, are as follows:





                 YEAR ENDING JUNE 30,         PRINCIPAL             INTEREST          INTEREST RATE
                 2017                          $790,000            $218,431              5%
                 2018                           830,000             177,931              5%
                 2019                           870,000             136,106            3.875-5%
                 2020                           910,000              96,831              4%
                 2021                           950,000              59,631              4%
                 2022                           985,000              20,316             4.125%
                                             $5,335,000            $709,246
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