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2007 TOWNGATE IMPROVEMENT

        AREA 1TAX REFUNDING BONDS



        Original Issue Amount:  $4,075,000
        Issuance Date:            11/29/2007
        Maturity Date:            10/1/2023
        Interest Rates:           3.75% - 4.875%


        Description: CFD 87-1 Improvement Area No. 1 Special Tax Refunding Bonds were
        issued in November 2007, to refund the 1993 Towngate CFD 87-1 Improvement Area
        1 Special Tax Bonds.

        Repayment Source: The  bonds  are  payable  from  a  special  tax  levy  against  certain
        affected parcels within  the District. Under an arrangement (a Cooperation  and
        Reimbursement Agreement) involving the District, the City and the Successor Agency
        of the former RDA, the required tax levy may be reduced in part by a reimbursable
        tax increment from the Agency to a maximum of 70.3% of required debt service.  Tax
        increment payable from the from the Redevelopment Property Tax Trust Fund (RPTTF)
        is subject to approval on the Recognized Obligation Payment Schedule (ROPS) by the
        California Department of Finance.

        Security:  The bonds  are secured by bond insurance purchased  through  Ambac
        Assurance Corporation and 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                         $ 250,000            $105,170             4.375%
         2018                          260,000              93,851              4.5%
         2019                          275,000              81,676              4.6%
         2020                          290,000              68,536              4.7%
         2021                          300,000              54,671              4.7%
         2022-2023*                    990,000              73,288             4.875%
                                     $2,365,000            $477,192
        *Represents the total amount due during the specified period.
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