City of Hawthorne. $14,755,000 Community Facilities District No (Three Sixty South Bay) 2006 Special Tax Bonds

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1 City of Hawthorne $14,755,000 (Three Sixty South Bay) 2006 Special Tax Bonds Los Angeles County, California Dated: December 12, 2006 Base CUSIP + : /2012 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT AS OF MARCH 27, Via Industria Suite 110 Temecula, CA T F Copyright, American Banker s 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. Page 1 of 3

2 City of Hawthorne (Three Sixty South Bay) LIST OF PARTICIPANTS AGENCY Lani Emmich Finance Manager City of Hawthorne 4455 West 126th Street Hawthorne, CA (310) BOND COUNSEL Quint & Thimmig LLP San Francisco, California DISTRICT ADMINISTRATOR DISCLOSURE CONSULTANT DISSEMINATION AGENT Willdan Financial Services* Via Industria, Suite 110 Temecula, CA Phone (951) Fax (951) SPECIAL TAX CONSULTANT David Taussig & Associates, Inc. Newport Beach, California FISCAL AGENT Brad Scarborough U.S. Bank Trust, N.A. 633 West 5 th Street, 24 th Floor LM-CAT-T24T Los Angeles, California (213) * In its role as Disclosure Consultant, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 I. INTRODUCTION Pursuant to an Official Statement dated November 21, 2006, the Community Facilities District (the District ) of the City of Hawthorne (the City ) issued $14,755,000 of the (Three Sixty South Bay) 2006 Special Tax Bonds, (the Bonds ). The proceeds of the Bonds were used to provide the City with funds to be used for financing the cost of construction and acquisition of certain public facilities of benefit to property in the District, including roadway improvements, storm drain improvements, underground utilities, school improvements and related incidental construction costs, and to pay the costs of the acquisition of a public easement (collectively, the Facilities ). The City is located in western Los Angeles County approximately 3 miles from the Pacific Ocean beaches and 20 miles southwest of Downtown Los Angeles. The City encompasses approximately 5.5 square miles. The District is located within the City, a six square mile area in the southwestern portion of Los Angeles County, California. The City is near the Los Angeles International Airport, approximately 3 miles east of the coast and approximately midway between the cities of Los Angeles and Long Beach. The Bonds are special tax obligations of the City, and are being issued as fully registered bonds secured by special taxes (the Special Tax ) levied on the properties in the District. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. 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 Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the City and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Agency and the City and by sources that 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 not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and 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 Agency, the City, the District or any other parties described herein. Page 1 of 3

4 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bond Issue As of September 30, 2012 (Three Sixty Degrees at South Bay) 2006 Special Tax Bonds $13,615,000 B. FUND BALANCES Fund As of September 30, 2012 Reserve Fund $995,000 Reserve Requirement $995,000 Capitalized Interest $0 Improvement Fund $0 Public Works Administration Account $0 Acquisition Account $1,261,701 Note: The Capitalized Interest, Improvement and Public Works accounts are closed as of September 30, III. FINANCIAL INFORMATION The audited financial statements for the City for the Fiscal Year Ended June 30, 2012 will be separately filed with the Electronic Municipal Market Access system ( EMMA ) and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. The City s Annual Financial Statement is provided solely to comply with the securities exchange commission staff s interpretation of rule 15C2-12. No funds or assets of the City are required to be used to pay Debt Service on the bonds, and the City is not obligated to advance available funds to cover any delinquencies. Investors should not rely on the financial condition of the City in evaluating whether to buy, hold or sell the Bonds. Page 2 of 3

5 IV. OPERATING INFORMATION A. SPECIAL TAX LEVY AND DELINQUENCIES The following table lists the total amount of Special Tax Installments levied and total delinquencies in the District. The District was first levied in Fiscal Year 2008/09. Fiscal Year Special Tax Parcels Amount Collected Delinquent Amount Percent Delinquent 2008/09 $733, $733, $ % 2009/10 $989, $989, $ % 2010/11 $988, $988, $ % 2011/12 $988, $988, $ % Source: Delinquent amounts reported as of January 30, 2013, per the Los Angeles County Tax Collector. B. SPECIAL TAX LEVY AND TOTAL ASSESSED VALUES FOR CURRENT FISCAL YEAR The following table summarizes the assessed values of the property in the district for fiscal year 2012/13.. Fiscal Year Special Tax Parcels Assessed Land Values Assessed Structure Values Total Assessed Values 2012/13 $ $158,324,834 $43,977,447 $202,302,281 Note: Credit from Improvement Fund used to pay debt service and administrative expenses for FY 2012/13. Source: Los Angeles County Secured Property Tax Rolls, as compiled by Willdan Financial Services. C. FORECLOSURE STATUS Currently, there are no foreclosure proceedings in progress. D. MAJOR DELINQUENT PROPERTY OWNERS There are no delinquent property owners representing more than five percent (5%) of the remaining assessment lien. Page 3 of 3