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TABLE OF CONTENTS Page Page INTRODUCTION ............................................... 1 Purpose of the Official Statement ......................... 1 The City ................................................................. 1 Plan of Financing .................................................. 1 Parity Obligations .................................................. 2 Limited Obligations .............................................. 3 Certificate Insurance ............................................. 3 Risk Factors ........................................................... 3 Continuing Disclosure Information ....................... 3 Definitions and Descriptions; Inspection of Documents ....................................................... 4 THE SERIES 2004 CERTIFICATES ............... 4 Description ............................................................ 4 Book-Entry Only System ...................................... 4 Transfer Outside Book-Entry Only System .......... 6 Prepayment Provisions .......................................... 6 CERTIFICATE INSURANCE .......................... 7 Certificate Insurance Policy .................................. 7 The Certificate Insurer .......................................... 8 Available Information ........................................... 9 Incorporation of Certain Documents by Reference .......................................................... 9 PLAN OF FINANCING ................................... 10 The 2004 Project ................................................. 10 The Leased Property ........................................... 10 Sources and Uses of Funds ................................. 11 SECURITY FOR THE CERTIFICATES ...... 11 Limited Obligations; Sources of Payment ........... 11 Reserve Fund ....................................................... 12 Base Lease ........................................................... 12 Maintenance and Insurance of the Leased .............. Property .......................................................... 12 Additional Parity Obligations .............................. 13 The Certificate Insurance Policy .........................13 RISK FACTORS AND INVESTMENT CONSIDERATIONS ..................................... 14 Limited Obligations ............................................ 14 Expiration or Termination of the Lease .............. 14 Delays in Exercising Remedies ........................... 15 Destruction of the Leased Property ..................... 15 Effect on Tax-Exemption of Termination of the Lease ................................................... 16 Taxability ............................................................ 16 Secondary Markets and Prices ............................ 16 Special Use Facility; Limited Term .................... 16 THE TRUSTEE ................................................. 17 GENERAL INFORMATION CONCERNING THE CITY .......................... 17 FINANCIAL INFORMATION CONCERNING THE CITY .......................... 17 Accounting, Budgeting and Auditing Procedures ...................................................... 17 Budget Process .................................................... 18 The General Fund ................................................ 18 Sources of Revenue ............................................. 20 DEBT STRUCTURE OF THE CITY .............. 20 Debt Service Requirements ................................. 20 Debt Ratios and Related Information .................. 21 General Obligation Indebtedness ......................... 21 Overlapping General Obligation Indebtedness....21 Other Obligations of the City .............................. 22 History of Debt Payment ..................................... 22 SALES AND PROPERTY TAX INFORMATION ............................................ 22 Local Park Sales Tax ........................................... 22 Capital Improvement Sales Tax ........................... 23 Property Valuations ............................................. 23 Property Tax Collections ..................................... 24 History of Tax Levies .......................................... 25 Tax Collection Record ......................................... 25 Major Property Taxpayers ................................... 26 RATING ............................................................. 26 FINANCIAL STATEMENTS .......................... 26 APPROVAL OF LEGALITY .......................... 26 TAX MATTERS ................................................ 27 Opinion of Special Tax Counsel .......................... 27 Other Tax Consequences ..................................... 28 LITIGATION ..................................................... 28 UNDERWRITING ............................................ 28 MISCELLANEOUS .......................................... 29 Appendix A - General and Economic Information Regarding the City Appendix B - Independent Auditors' Report and Excerpts of Audited Financial Statements Appendix C - Definitions of Words and Terms and Summaries of Legal Documents Appendix D - Form of Opinion of Special Tax Counsel Appendix E - Form of Certificate Insurance Policy -i-