CITY OF FRESNO $159,845,000 SEWER SYSTEM REVENUE BONDS 2008 SERIES A. Fresno County, California Dated: July 24, 2008 Base CUSIP :

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1 CITY OF FRESNO $159,845,000 SEWER SYSTEM REVENUE BONDS 2008 SERIES A Fresno County, California Dated: July 24, 2008 Base CUSIP : ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of March 26, 2015 Also available at: Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.

2 LIST OF PARTICIPANTS CITY OF FRESNO Michael Lima City Finance Director/Controller 2600 Fresno Street Fresno, California (559) DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services * Temecula, California (951) BOND COUNSEL Orrick, Herrington & Sutcliffe LLP San Francisco, California DISCLOSURE COUNSEL Lofton & Jennings San Francisco, California UNDERWRITERS E. J. De La Rosa & Co., Inc. Citigroup Global Markets Inc. BOND INSURANCE Merrill Lynch, Pierce, Fenner & Smith Inc. Assured Guaranty Corporation TRUSTEE Agnes Obando The Bank of New York Mellon Trust Company, N. A. 400 South Hope Street, Suite 400 Los Angeles California, (213) * In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 TABLE OF CONTENTS I. INTRODUCTION... 1 II. BOND INFORMATION... 3 A. MATURITY SERVICE SCHEDULE... 3 B. FUND BALANCE... 3 III. FINANCIAL INFORMATION... 4 A. SEWER SYSTEM BALANCE SHEET... 4 B. HISTORICAL REVENUES, EXPENDITURES AND DEBT SERVICE COVERAGE OF THE SEWER SYSTEM... 6 IV. OPERATING INFORMATION... 7 A. PRINCIPAL SEWER USERS... 7 B. CUSTOMER BASE BY TYPE OF ACCOUNT... 8 C. NEW CONNECTIONS PER FISCAL YEAR... 8 D. AVERAGE DAILY MGD FLOW OF WASTEWATER... 8 E. CURRENT AND APPROVED MONTHLY SEWER RATES... 9 F. HISTORICAL WASTEWATER RATES V. OCCURRENCE OF LISTED EVENTS City of Fresno

4 I. INTRODUCTION Pursuant to an Official Statement dated July 11, 2008, the City of Fresno, California (the City ) issued $159,845,000 Sewer System Revenue Bonds, 2008 Series A (the 2008 Bonds ). The 2008 Bonds were issued to (i) fund the design, construction and installation of certain improvements to the City s wastewater reclamation facility and sewer system (the 2008 Project ); (ii) refund, on a current basis, a portion of the City s Sewer System Revenue Bonds 1995 Series A and all of the City s Outstanding Sewer System Subordinated Lien Variable Rate Revenue Refunding Bonds, 2000 Series A. The 2008 Bonds are on parity with the remaining outstanding 1993 Series A Bonds. The scheduled payment of principal of and interest on the 2008 Bonds when due are guaranteed under a financial guaranty insurance policy issued by Assured Guaranty Corporation. The City, located in Fresno County, California, was incorporated in 1885 and is comprised of 102 square miles situated 219 miles north of Los Angeles, 184 miles south of San Francisco in the center of the San Joaquin Valley. In 1966 the County Board of Supervisors designed a regional sewerage facility for the Fresno-Clovis metropolitan area (the Sewer System ). The Sewer System is the sole regional reclamation facility for the Fresno-Clovis metropolitan area and includes service to the unincorporated areas of Fresno County. The City has sold a series of bonds to finance the design and expansion of the City s wastewater reclamation facility from a reliable capacity of 68 million gallons per day ( MGD ) to 80 MGD, construction of an 84-inch interceptor sewer, acquisition of land and construction of ponding and percolation basins, and design and construction of pumping stations and pipelines and other improvements for offsite effluent export and disposal. The 2008 Bonds secured by a lien on revenues derived from the ownership and operation of the sewer system, as defined within the Official Statement. The 2008 Bonds are subject to the prior lien on revenues and payment of the 1993 Series A Bonds. The 2008 Bonds do not represent or constitute a debt of the City, the State of California or any political subdivision thereof, and shall be payable solely from the revenues pledged. Neither the faith and credit nor the taxing power of the City, the State of California or any political subdivision thereof is pledged to the payment of the principal of or interest on the 2008 Bonds. The issuance of the 2008 Bonds shall not directly or indirectly obligate the City, the State of California or any political subdivision thereof to levy or pledge any form of taxation whatsoever or to make any appropriation for payment of the 2008 Bonds. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the City for the benefit of the holders of the 2008 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the City and the 2008 Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the City and by other sources, which are believed to be accurate and reliable, but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or 2013/14 Sewer Rev 2008A City of Fresno 1

5 not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Any subsequent statements regarding the 2008 Bonds, other than a statement made by the Trustee or the City Manager of the City in an official release or subsequent notice or annual report, published in a financial newspaper of general circulation and/or filed with the Municipal Securities Rulemaking Board s Electronic Municipal Market Access ( EMMA ), are not authorized by the City or the Sewer System Project. Neither the City, the Trustee, nor the Sewer System Project shall be responsible for the accuracy, completeness, or fairness of any such unauthorized statements. Further, the information and expressions of opinion contained herein are subject to change without notice and neither the City, the Sewer System Project, nor the Trustee have any obligation to update this report other than as expressly provided in the Continuing Disclosure Certificate. The delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the City or any other parties described herein. This report is of a factual nature without subjective assumptions, opinions, or views and may not be relied upon as advice or recommendation to purchase or sell any product or utilize any particular strategy relating to the issuance of municipal securities or purchase of financial products. Willdan Financial Services and its employees (collectively Willdan ) do not recommend any actions and are not acting as an advisor to any municipal entity, board, officer, agent, employee or obligated person pursuant to Section 15B of the Exchange Act. Prior to acting on any information or material contained in this communication, you should discuss it with appropriate internal or external advisors and experts and only rely upon their advice. 2013/14 Sewer Rev 2008A City of Fresno 2

6 II. BOND INFORMATION A. MATURITY SERVICE SCHEDULE Bond Year Ending September 1, Senior Lien Bonds Sewer System Revenue Bonds 2008 Series A Bonds 1993 Series A Bonds Principal Interest Total Debt Service 2015 $10,950,425 - $7,948,844 $18,899, ,951,038-7,948,844 18,899, ,952,763-7,948,844 18,901, ,949,288-7,948,844 18,898, ,563 $5,410,000 7,948,844 13,733, ,377,200-7,678,344 14,055, ,825 6,015,000 7,678,344 13,733, ,825 5,430,000 7,377,594 13,732, ,625,000 7,106,094 13,731, ,955,000 6,774,844 13,729, ,305,000 6,427,094 13,732, ,675,000 6,061,844 13,736, ,060,000 5,678,094 13,738, ,460,000 5,275,094 13,735, ,885,000 4,852,094 13,737, ,330,000 4,407,844 13,737, ,795,000 3,941,344 13,736, ,285,000 3,451,594 13,736, ,800,000 2,937,344 13,737, ,350,000 2,397,344 13,747, ,895,000 1,839,913 13,734, ,480,000 1,255,756 13,735, ,090, ,856 13,732,856 Total Outstanding (1) $51,519,927 $159,845,000 $125,527,655 $336,892,578 (1) Totals may not add up due to rounding. B. FUND BALANCE Fund As of June 30, 2014 Construction/Acquisition Fund $4,739,922 Reserve $13,747,344 Reserve Requirement $13,747, /14 Sewer Rev 2008A City of Fresno 3

7 III. FINANCIAL INFORMATION The audited financial statements for the City for the fiscal year ended June 30, 2014 will be separately filed with EMMA and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. A. SEWER SYSTEM BALANCE SHEET 1. ASSETS CURRENT ASSETS: Fiscal Year 2009/ / / / /14 Cash and Investments $37,810,587 $63,211,514 $77,666,649 $95,651,824 $105,496,539 Accounts and Notes Receivables (Net) 8,896,446 7,884,870 9,164,741 9,807,027 7,967,243 Material and Supplies Inventory 2,209,741 2,477,436 2,450,865 2,630,565 2,708,588 Due From Other Governments 797, , ,104 1,013,301 1,131,292 Interest Receivable 124, , , , ,597 Total Current Assets $49,838,258 $74,657,488 $90,276,229 $109,444,790 $117,691,259 RESTRICTED ASSETS: Cash $132,359,040 $119,048,160 $111,916,765 $99,235,178 $93,241,719 Grants and Interest Receivable 1,078, , , , ,726 Total Restricted Assets $133,437,719 $119,415,030 $112,314,693 $99,516,084 $93,530,445 OTHER ASSETS: Other Receivables $22,347,130 $13,818,986 $11,332,361 $10,752,259 $10,147,990 Other Assets 3,044,740 2,870,046 2,716,066 2,569,012 1,469,843 Advances to Other Funds 1,284,510 1,280, , , ,483 Deferred Outflows of Resources ,246,013 Total Other Assets $26,676,380 $17,969,786 $14,441,117 $13,713,961 $13,226,329 Property, Plan and Equipment (Net) $586,751,166 $603,134,861 $615,142,134 $615,018,283 $622,383,190 Total Assets $796,703,523 $815,177,165 $832,174,173 $837,693,118 $846,831, /14 Sewer Rev 2008A City of Fresno 4

8 2. LIABILITIES AND FUND EQUITY Fiscal Year 2009/ / / / /14 CURRENT LIABILITIES (Payable From Current Assets) Accrued Liabilities $7,822,758 $8,675,726 $9,440,205 $6,980,856 $7,233,784 Unearned Revenue 22,776,555 22,372,180 22,111,875 22,146,792 22,454,524 Due to Other Funds 150, ,798 Bonds Payable 9,065,000 6,790,000 7,215,000 7,670,000 8,145,000 Total Current Liabilities (Payable From Current Assets) $39,815,228 $37,837,906 $38,767,080 $36,797,648 $37,986,106 NON CURRENT LIABILITIES Bonds Payable $236,277,645 $229,466,498 $222,181,536 $214,439,537 $207,466,390 Other Liabilities 22,537,236 15,027,748 13,842,782 13,640,272 13,380,921 Deposits 15,137,644 12,336,151 10,239,405 8,473,297 8,138,685 Total Non Current Liabilities $273,952,525 $256,830,397 $246,263,723 $236,553,106 $228,985,996 Total Liabilities $313,767,753 $294,668,303 $285,030,803 $273,350,754 $266,972,102 FUND EQUITY Net Assets Invested in Capital Assets Net of Debt $409,752,074 $422,326,421 $435,508,176 $431,639,095 $439,335,443 Unreserved/Unrestricted 73,183,696 98,182, ,635, ,703, ,523,678 Total Retained Earnings $482,935,770 $520,508,862 $547,143,370 $564,342,364 $579,859,121 Total Fund Equity $482,935,770 $520,508,862 $547,143,370 $564,342,364 $579,859,121 TOTAL LIABILITIES AND FUND EQUITY $796,703,523 $815,177,165 $832,174,173 $837,693,118 $846,831, /14 Sewer Rev 2008A City of Fresno 5

9 B. HISTORICAL REVENUES, EXPENDITURES AND DEBT SERVICE COVERAGE OF THE SEWER SYSTEM Fiscal Year 2009/ / / / /14 Senior Lien Revenues: Sewer System Service Charges $68,117,348 $71,772,453 $70,942,138 $71,934,216 $72,793,398 Pretreatment Program Charges 387, , , , ,902 City of Clovis Revenue (1) 2,452,589 1,577,172 2,401,116 1,454,124 2,317,579 Transfers From/(To) Rate Stabilization Fund Miscellaneous Income 3,200,275 2,864,214 2,984,474 2,535, ,341 Charges for Services $74,157,961 $76,628,147 $76,725,785 $76,324,086 $76,201,220 Interest Income 3,955,335 1,618,632 3,797, ,084 1,546,508 Less: Wastewater Facility Connection Fee (2,336,689) (1,463,172) (1,133,247) (1,822,946) (1,981,327) Total Senior Lien Revenues $75,776,607 $76,783,607 $79,389,745 $74,986,224 $75,766,401 Operating Expenses (2) $30,714,505 $31,422,980 $36,857,808 $36,431,161 $36,339,200 Net Income Before Debt Service $45,062,102 $45,360,627 $42,531,937 $38,555,063 $39,427,201 Senior Lien Debt Service (3) $13,530,713 $10,754,019 $10,736,988 $10,724,331 $10,714,175 Coverage Ratio (4) % Coverage Subordinate Lien: Net Current Revenue after Senior Lien Debt Service (Excluding Connection Fees) $31,531,389 $34,606,608 $31,794,949 $27,830,732 $28,713,026 Available from Senior Lien Revenues $31,531,389 $34,606,608 $31,794,949 $27,830,732 $28,713,026 Subordinate Lien Debt Service (5) $7,948,844 $7,948,844 $7,948,844 $7,948,844 7,948,044 Coverage Ratio % Coverage Subordinate Lien: Net Current Revenue (Excluding Connection Fees) $31,531,389 $34,606,608 $31,794,949 $27,830,732 $28,713,026 Wastewater Facility Connection Fee 2,336,689 1,463,172 1,133,247 1,822,946 1,981,327 Transfers From/To Rate Stabilization Fund Net Current Revenue (Including Connection Fees) $33,868,078 $36,069,780 $32,928,196 $29,653,678 $30,694,353 Portion Pledged to Senior Lien Coverage (6) Available From Senior Lien Revenues $33,868,078 $36,069,780 $32,928,196 $29,653,678 $30,694,353 Subordinate Lien Debt Service (5) $7,948,844 $7,948,844 $7,948,844 $7,948,844 7,948,844 Coverage Ratio Net Income After Debt Service (7) $25,919,234 $28,120,936 $24,979,352 $21,704,834 $22,745,509 (1) Includes revenue paid by the City of Clovis for O&M pursuant to the 1977 Fresno-Clovis Sewerage System Joint Powers Agreement. (2) The 1993 Indenture specifically excludes from Operating Expenditures: Debt Service, Amortization and Depreciation. (3) 1993 Sewer System Revenue Bonds, Series A (4) Coverage Ratio is calculated by dividing Net Income before Debt Service by Senior Lien Debt Service. (5) 2008 Sewer System Revenue Refunding Bonds, Series A. (6) The 1991 Sewer System Revenue Bonds (1991 Series A) matured in August 2003; Repayment of the bonds were funded from revenues of the Sewer System. (7) Net Income after Debt Service and before cash financed capital expenditures and any other expenditures for lawful purposes. 2013/14 Sewer Rev 2008A City of Fresno 6

10 IV. OPERATING INFORMATION A. PRINCIPAL SEWER USERS As of June 30, 2014 Annual Annual Pounds Annual Hundred Cubic Biochemical Annual Pounds Annual Percentage [%] Gallons of Feet [HCF] of Oxygen Demand Suspended Revenues Total Revenue User Wastewater Wastewater ("BOD") Solids Received Received Fresno American Tank EFF 260, , $ % Ameripride EFF 29,983,580 40, ,761 50,743 77, % Angelica EFF 26,069,296 34,852 39,198 21,427 36, % Aramark EFF 44,548,636 59, , , , % Beef Packers EFF 260,621, , , , , % Cal By Products EFF 2,547,688 3,406 15,466 6,284 7, % Cal Dairies 15" EFF 366,578, ,078 1,987, ,925 1,020, % Cellulo SP 39,131,680 52,315 9,709 88,230 55, % ConAgra EFF 8,203,316 10,967 32,747 72,491 36, % Darling EFF 31,137,744 41, ,903 68, , % Faencal EFF 1,742,840 2, ,356 2,988 29, % Foster Belgravia Front EFF 23,166,308 30,971 40,898 19,754 33, % Foster Belgravia Pretreatment EFF 578,966, ,019 2,144, ,890 1,214, % Foster Poultry EFF 485,751, , , , , % Fresno Bee EFF 6,957,896 9,302 37,713 24,591 22, % Fruit Fillings EFF 6,954,904 9, ,656 39,018 55, % Gallo (Combined) EFF 2,271,358,519 3,036, ,939 1,125,610 1,382, % Kraft-Capri Sun EFF 42,539,508 56,871 1,717,817 10, , % Kraft-Cornnuts EFF 59,025,428 78,911 1,177, , , % La Tapatia EFF 8,124,260 10, ,631 76,431 62, % La Tapatia B EFF 7,451,576 9, ,465 99,954 94, % Li Destri EFF 97,649, , , , , % Lyons PLT 1 EFF 88,808, ,728 2,814, , , % Mission Linen EFF 13,656,984 18, ,945 71,290 71, % New World Pasta EFF 4,440,876 5,937 6,928 7,910 7, % Pacific Choice EFF 37,071,628 49, , , , % Palace Meat EFF 2,750,396 3,677 52,278 4,899 17, % PepsiCo EFF 78,442, , ,660 86, , % Producers EFF 84,119, , , , , % Prudential EFF 15,009,368 20, ,769 87,663 83, % Rich Products EFF 7,934,036 10,607 22,763 15,794 16, % San Joaquin Fig SP 4,460,878 5, ,078 39,714 65, % SJV Concentrate EFF 7,662,512 10, ,008 9,864 49, % Sunnyland EFF 1,433,916 1,917 15,354 3,148 6, % Valley Fig EFF 23,873,916 31,917 58, ,460 79, % Wawona Fresno EFF 29,982,832 40, , , , % Yergat EFF 4,135,692 5, ,474 21,306 76, % Yosemite EFF 11,314,996 15,127 50,195 19,051 27, % Zacky Packing EFF 43,192,512 57,744 60,987 18,877 53, % Zacky Turkey EFF 151,563, , , , , % Fresno Sub-Total 5,008,626,468 6,696,025 19,048,012 7,428,390 $10,173, % Clovis Clovis Community Hospital SP 32,593,000 43, ,079 89,159 96, % Mi Rancho SP 1,342,000 1,794 33,100 20,503 17, % Wawona Clovis EFF 61,741,000 82, , , , % Clovis Sub-Total 95,676, ,909 1,037, ,512 $713, % Total Fresno and Clovis 5,104,302,468 6,823,934 20,085,191 7,655,901 $10,886, % Total Fresno Revenue: $ 73,153, [Includes Pretreatment Surcharge] Total Clovis Revenue: $ 14,015, [Includes Pretreatment Surcharge] SP: Sewer Potable Metered EFF: Sewer Effluent 2013/14 Sewer Rev 2008A City of Fresno 7

11 B. CUSTOMER BASE BY TYPE OF ACCOUNT Number of Accounts Account Class Single-Family Residential 138, , , , ,108 Multi-Family Residential (units) 78,258 78,415 78,326 78,342 79,796 Commercial 8,795 8,731 8,794 8,843 8,932 Industrial Municipal Schools Septage Haulers (loads/month) Total 226, , , , ,095 C. NEW CONNECTIONS PER FISCAL YEAR Number of Connections Account Class Single-Family Residential Multi-Family Residential Commercial/ Industrial Public Facilities Total 1, ,003 1,067 D. AVERAGE DAILY MGD FLOW OF WASTEWATER Calendar Year Flow in MGD /14 Sewer Rev 2008A City of Fresno 8

12 E. CURRENT AND APPROVED MONTHLY SEWER RATES 1. The historical, current and approved monthly sewer service rates (as amended) are set forth below: Effective Dates and Approved Charges: (1) Date of Increase Fiscal Year Ending June 30, Monthly Charge Per ERU (1) 09/01/ $ /01/ $ /01/ $ /01/ $ /01/ $25.75 ERU means Equivalent Residential User. Excludes $0.06/ERU/month pretreatment surcharge, levied on residential users. 2. The historical, current and approved Wastewater Reclamation Facility fee schedule is set forth below: Date of Increase Wastewater Effective Dates and Approved Charges: Fiscal Year Ending June 30, Reclamation Facility Charge Per ERU (1) 07/01/ $2, /01/ $2, /01/ $2, /01/ $2, /01/ $2, (1) ERU means Equivalent Residential User. Excludes $0.06/ERU/month pretreatment surcharge, levied on residential users. 2013/14 Sewer Rev 2008A City of Fresno 9

13 F. HISTORICAL WASTEWATER RATES Fiscal Year 2009/10 Fiscal Year 2010/11 Fiscal Year 2011/12 Fiscal Year 2012/13 Fiscal Year 2013/14 Other Other Other Other Other lb BOD lb BOD lb BOD lb BOD lb BOD Fixed (1) Flow (1) lb TSS Fixed (2) Flow (2) lb TSS Fixed (2) Flow (2) lb TSS Fixed (2) Flow (2) lb TSS Fixed (2) Flow (2) lb TSS RESIDENTIAL: Single Family and Condos $24.98 $25.75 $25.75 $25.75 $25.75 Multi-Family Each Additional Unit Multifamily COMMERCIAL: Low Strength Potable Water Metered HCF HCF HCF HCF HCF Low Strength Effluent Metered HCF HCF HCF HCF HCF Medium Strength Potable Water Metered HCF HCF HCF HCF HCF Medium Strength Effluent Metered HCF HCF HCF HCF HCF High Strength Potable Water Metered HCF HCF HCF HCF HCF High Strength Effluent Metered HCF HCF HCF HCF HCF INDUSTRIAL: Low Industrial Potable Water Metered HCF HCF HCF HCF HCF 38 Low Industrial Effluent Metered HCF HCF HCF HCF HCF High Industrial Potable Water Metered HCF BOD HCF BOD HCF BOD HCF BOD HCF BOD TSS TSS TSS TSS TSS High Industrial Effluent Metered HCF BOD HCF BOD HCF BOD HCF BOD HCF BOD TSS TSS TSS TSS TSS SCHOOLS Average Daily Attendance CONNECTION FEES: Student Year Student Year Student Year Student Year Student Year Wastewater Facilities Sewer Charge gpd BOD gpd BOD gpd BOD gpd BOD gpd BOD TSS TSS TSS TSS TSS Trunk Line Charges gpd gpd gpd gpd gpd PRETREATMENT CHARGES (1) Minimum Monthly Sewer Charge of $ (2) Minimum Monthly Sewer Charge of $ /14 Sewer Rev 2008A City of Fresno 10

14 V. OCCURRENCE OF LISTED EVENTS As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed Events that must be reported in not more than ten (10) business days after the occurrence of the event, irrespective of any determination as to whether such event may or may not be deemed material. The City has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, Principal and interest payment delinquencies on the 2008 Bonds. 2. Unscheduled draws on debt service reserves reflecting financial difficulties. 3. Unscheduled draws on credit enhancements reflecting financial difficulties. 4. Substitution of credit or liquidity providers, or their failure to perform. 5. Adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the 2008 Bonds. 6. Defeasances. 7. Tender offers. 8. Bankruptcy, insolvency, receivership or similar proceedings pertaining to the City. 9. Ratings changes. As amended, the Continuing Disclosure Covenants outline the Occurrence of Listed Events that must be reported in not more than ten (10) business days after the occurrence of the event, if deemed material. The City has no knowledge that any of the events listed below have occurred or have not been previously reported during the fiscal year ended June 30, Mergers, consolidations, acquisitions, the sale of all or substantially all of the assets of the City or the dissolution of the City. 11. Appointment of a successor or additional Trustee or the change of the name of the Trustee or any successor or additional Trustee. 12. Non-payment related defaults. 13. Modifications to the rights of Holders. 14. Optional, contingent or unscheduled bond calls, prepayment or redemptions other than defeasances. 15. Release, substitution or sale of property securing repayment of the 2008 Bonds. 2013/14 Sewer Rev 2008A City of Fresno 11