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COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT No. 1991-1 (PLEASANT HILL BART STATION AREA) 1998 SPECIAL TAX REFUNDING BONDS BASE CUSIP No. 212288 ANNUAL REPORT FISCAL YEAR2015-16 PREPARED FOR COUNTY OF CONTRA COSTA 625 Court Street, Room 103 Martinez, California 94553 PREPARED BY DAVID TAUSSIG & ASSOCIATES, INC. Corporate Office 5000 Birch Street, Suite 6000 Newport Beach, California 92660 Division Offices Riverside, California San Francisco, California

TABLE OF CONTENTS SECTION PAGE INTRODUCTION 1 I. DELINQUENT SPECIAL TAXES 2 THE TEETER PLAN... 2 FORECLOSURE COVENANT... 2 II. SPECIAL TAX REQUIREMENT 4 III. METHOD OF APPORTIONMENT......... 6 ACTUAL SPECIAL TAX... 6 MAXIMUM SPECIAL TAX... 6 IV. ASSESSED v ALUE 8 EXHIBIT A-RA TE AND METHOD OF APPORTIONMENT OF THE SPECIAL TAX EXHIBIT B - SPECIAL TAX ROLL, FISCAL YEAR 2015-16

I....J.a DAVID TAUSSIG..& ASSOCIATES Introduction Community Facilities District No. 1991-1 (CFD No. 91-1) issued bonds in the amount of $4,555,000 in 1991. CFD No. 91-1, 1998 Special Tax Refunding Bonds in the amount of $4,785,000 were issued in 1998 for the purpose of refunding the 1991 Special Tax Bonds and financing improvements. Generally, CFD No. 91-1 financed the following: Certain street improvements, including certain right-of-ways; Park, recreation and child care facilities; and Certain storm drain, water, and sewage treatment facilities. The bonds are both secured and repaid through the annual levy and collection of special taxes from all property subject to the special tax. County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Pagel August 6, 2015

L f ' 1 rl&david TAUSSIG...t.. &ASSOCIATES Delinquent Special Taxes The Teeter Plan In 1949, the Contra Costa County (the "County") Board of Supervisors adopted the Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds (the "Teeter Plan"), as provided for in Section 4701 et.seq. of the California Revenue and Taxation Code, in order to "to accomplish a simplification of the taxlevying and tax-apportioning process and an increased flexibility in the use of available case resources." Pursuant to the Teeter Plan, each taxing entity in the County may draw on the amount of uncollected taxes and assessments credited to its fund in the same manner as if the amount credited had been collected. Also under the Teeter Plan, the County establishes a tax loss reserve fund and a tax resources account. The tax losses reserve fund is used exclusively to cover occurring losses in the amount of tax liens as a result of sales of taxdefaulted property. Monies in this fund are derived from delinquent tax penalty collections. A summary of the delinquent special taxes is included in Table 1 below. Fiscal Year 2010-11 2011-12 2012-13 2013-14 2014-15 TABLEl Contra Costa County CFD No. 1991 1 (1998 Refunding} Special Tax Delinquencies Amount Enrolled $484,302 $469,141 $467,001 $466,919 $446,417 Amount Delinquent Parcels Delinquent 0 0 0 0 0 Delinquency Rate 0.00% 0.00% 0.00% 0.00% 0.00% Foreclosure Covenant The special tax is collected in the same manner as ordinary ad valorem property taxes, except as provided in the special covenant for foreclosure described below, and is subject to the same penalties and the same procedure, sale, and lien priority in case of delinquency as is provided for ad valorem property taxes. The County has covenanted that it will order and cause to be commenced within (a) 150 days following the date of notice to the County of a delinquency and (b) a draw upon amounts in the Reserve Fund for transfer to the Bond Fund to make payment on the Bonds as a consequence of such delinquency, and thereafter diligently prosecute, an action in the superior court to foreclose the lien of any Special Tax or installment thereof County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Pagel August 6, 2015

... J a DAVID TAUSSIG 1'1l& ASSOCIATES not paid when due. The Treasurer shall notify County Counsel of any such delinquency of which it is aware, and County Counsel shall commence, or cause to be commenced, such proceedings. The Rate and Method of Apportionment ("RMA") permits the inclusion of a delinquent special tax allowance in the special tax requirement. There are no prior year delinquent special taxes and therefore no provision for delinquencies has been made in the FY 2015-16 special tax requirement. County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Page3 August 6, 2015

,.,. 1 Ii& I... I DAVID TAUSSIG ~..& ASSOCIATES IL Special Tax Requirement The CFD No. 91-1 Fiscal Year 2015-16 Special Tax Requirement is equal to $855.86. The special tax requirement is a function of any surplus or deficit for the prior fiscal year, debt service through calendar year 2016, projected administrative expenses, and projected delinquencies. A projection of the fiscal year 2014-15 surplus and the fiscal year 2015-2016 special tax requirement is detailed in Table 2 below. TABLE2 Contra Costa CountyCFD No.1991-1 (1998 Refunding) Fiscal Year 2015-16 Special Tax Requirement Fund Balances (06/30/2015) Redemption Fund Administrative Expense Fund Reserve Fund Balance Remaining FY 2014-15 Uses of Funds Interest - 08/01/15 Principal - 08/01/15 $ 324,279.96 5,548.92 610,040.01 (24,552.00) ( 420,000.00) FY2014-15 Surplus/(Deficit) $ 495,316.89 FY 2015-16 Uses of Funds Interest - 02101/16 Interest - 08/01/16 Principal - 08/01/16 Special Tax Administration Fiscal Agent Arbitrage Rebate Calculation Other County Expenses County Tax Collection Expenses $ (12,834.00) (12,834.00) ( 460,000.00) (6,250.00) (2,000.00) (1,500.00) (500.00) (254.75) Total FY 2015-16 Uses of Funds $ (496,172.75) FY 2015-16 Special Tax Requirement $ (855.86) County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Page4 August 6, 2015

I -.J ~DAVID TAUSSIG.. & ASSOCIATES Pursuant to Section E of the RMA, each zone is assigned a percentage of the special tax requirement for which it is responsible. The special tax requirement applicable to each zone is shown in Table 3 below. Zone Zone 1 Zone 2 Zone 3 Zone4 Zone 5 Total TABLE3 Contra Costa County CFD No. 1991-1 (1998 Re funding) Special Tax Requirement by Zone Percent of Special Tax Requirement 87.80% 3.61% 3.62% 0.00% 4.97% 100.00% Special Tax By Zone $749.28 $32.88 $31.06 $0.00 $42.64 $855.86 In summary, the information provided in Table 4 below was used to determine the fiscal year 2015-16 special tax requirement. TABLE4 Contra Costa County CFD No. 1991-1 (1998 Refunding) Summary Information Outstanding Administrative Redemption Delinquency Fiscal Principal of Reserve Fund Expense Fund Fund Assessed Informaiton Year Bonds 1 Balance 2 Balance 2 Balance 2 Value 3 ~5%4 2015-16 $880,000 $610,040 $5,549 $324,280 $226,135,700 0.00% 1 As of July 1, 2015. 2 As of July 1, 2015 per Contra Costa County Auditor-Controller's Office. 3 Per Contra Costa County Assessor's Office. 4 Per Contra Costa County Treasurer/Tax-Collector's Office. County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Page5 August 6, 2015

,...,.aoavidtaussig _..... & ASSOCIATES IIL Method of Apportionment The amount of special tax that is apportioned to each parcel is determined through the application of Section F of the RMA. Section F states that the special tax assigned to each zone shall be the sole responsibility of the properties within that zone. The special tax levied against each parcel shall not exceed the maximum special tax. The special tax requirement is an amount sufficient to pay principal and interest on the bonds and to pay administrative expenses. Actual Special Tax The FY 2015-16 special tax rates are shown in Table 5. The Special Tax Roll, which lists the actual special tax levied against each parcel, is shown in Exhibit C. Zone Zone 1 Zone2 Zone 3 Zone4 Zone5 TABLES Contra Costa County CFD No.1991-1 (1998 Refunding) Special Tax Rates by Zone Special Tax Rate $0.84 per unit $0.00008 per Sq. Ft. $8.53 per Acre NA $42.64 per APN Maximum Special Tax Section C of the RMA states that the maximum special tax for a parcel of developed property in Zones 1, 2, 3, and 4 is equal to the greater of (i) the amount derived by multiplying the square footage of the land area within a parcel times the backup special tax or (ii) the assigned special tax. The maximum special tax for a parcel located in Zone 5 shall be the assigned special tax. The backup special tax was established as a contingency in the event of a shortfall in revenues resulting from significant changes in development densities. Maximum special taxes equal $846,617.01. The percentage of the maximum special taxes needed to fund the FY 2015-16 levy is approximately one-tenth of a percent (0.10%), or $855.86 divided by $846,617.01 The FY 2015-16 maximum special tax rates are shown in Table 6 on the following page. County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Page6 August 6, 2015

...,.& DAVID TAUSSIG ~ llllll & ASSOCIATES TABLE6 Contra Costa County CFD No. 1991-1 (1998 Refunding) Maximum Special Tax Rates by Z.One Zone Special Tax Rate Zone 1 Zone 2 Zone 3 Zone4 Zone 5 Residential CommerciaVIndustrial Residential CommerciaVIndustrial Residential CommerciaVIndustrial Residential CommerciaVIndustrial $804.22 /unit $79,873.39 /Acre $12,611.76 /Acre $0.1448 /Bldg SF $9,809.86 /Acre $0.1174 /Bldg SF NA NA $39,969.67 /Parcel County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Page 7 August 6, 2015

.J.._. ill. DAVID TAUSSIG l'1'l & ASSOCIATES IV. Assessed Value As of Fiscal Year 2015-16, the total assessed value, based upon the records of the County, of all parcels in CFD No. 91-1 subject to the special tax was set forth as shown in Table 7 below. TABLE7 Contra Costa County CFD No. 1991... f (1998 Refunding). Fiscal Year 2015-16 Assessed Value Assessor Land Improvement Parcel Number Value Value 148-202-060 $296,270 $591,880 148-202-062 $5,639,241 $17,309,577 148-202-063 $4,535,917 $15,218,001 148-202-064 $4,678,935 $15,218,001 148-202-065 $4,495,043 $15,218,001 148-202-073 $2,224,105 $7,645,647 148-250-090 $4,873,700 $41,176,300 148-250-091 $4,770,577 $12,459,242 172-011-022 $14,012,832 $55,772,431 Total $45,526,620 $180,609,080 Assessed Value $888,150 $22,948,818 $19,753,918 $19,896,936 $19,713,044 $9,869,752 $46,050,000 $17,229,819 $69,785,263 $226,135, 70(} County of Contra Costa Community Facilities District No. 1991-1 (98 RFD) Page8 August 6, 2015

EXHIBIT A County of Contra Costa Community Facilities District No. 1991-1 (1998 Special Tax Refunding Bonds) Rate and Method of Apportionment of Special Tax

EXHIBIT B RATE AND METHOD OF APPORTIONMENT OF SPECIAL T~~ COUNTY OF CONTRA COSTA COMMUNI'IY FACIUTIES DISTRIC1~ (PLEASANT BILL BART STATION AREA) A special tax applicable to each Parcel in the County of Contra Costa Community Facilities District No. 1991-1 (Pleasant Hill BART Station Arca) (herein "CFD No. 1991-1") shall be levied and collected according to the tax liability determined by the Responsible Party pursuant to the direction of the Board of Supervisors (the "Board") of the County of Contra Costa, acting as the legislative body of CFD No. 1991 1, through the application of the appropriate amount or rate for "Developed Property" or ''Undeveloped Property", as descnbed below. All of the real property in CFO No. 1991-1, unless exempted by law or by the provisions of Section G below, shall be truced for the purposes, to the extent and in the manner herein provided. A. DEFINITIONS The terms hereinafter set forth have the following meanings: "Administrative Expenses" means the actual or estimated costs incurred by the CFO to dete.rmine, levy and collect the special taxes, including salaries of employees and the fees of consultants, corporate bond-paying agents, fiscal agents; and -bond trustees; the costs of collection, upon the general tax rolls, of the special taxes; preparation of required reports; and any other costs required to administer the CFD. ( I "APN" means an assessor's parcel number designated on the Fiscal Year 1991-92 Contra Costa County assessor's parcel map. "Assigned Special Ta:1:n means that special tax applicable to Developed Property as indicated in.table 1, Table 2, Table 3, Table 4 or Table 5, as applicable, of Section C of this document. "Attached Residential Property" means a residential structure consisting of two or more residential units that share common walls, or a unit meeting the statutory definition of a condominium contained in California Civil Code Section 1351. "Backup Special Tax" means an amount equal to $1.14 per square foot of land area of any Parcel in Zone 1, an amount equal to $0.18 per square foot of land area of any Parcel in Zone 2, an amount equal to $0.14 per square foot of land area of any Parcel in Zone 3, and an amount equal to $0.00 pe~ square foot of land area of any Parcel in Zone 4. "Bonds" means any bonds issued by the County of Contra Costa on behalf. of CFD No. 1991-1. ' B-1

"Delinquency Tax Requirement" means the amount necessary to cure any delinquencies in the payment of principal or interest on the Bonds which have occurred in the prior Fiscal Year or (based on delinquencies in the payment of special truces which have already taken place) are expected to occur in the Fiscal Year in which the tax will be collected, and to replenish the reserve fund for such Bonds to the reserve requirement (including, with respect to the replenishment, charges against the reserve fund for such Bonds which are expected in the future because of delinquencies in the payment of special taxes which have already taken place). ~etached Residential Property" means a structure consisting of only one residential unit. "Developed Property" means Parcels in Zones 1 through 4 for wruch a building permit has been issued on or prior to March 1 of the preceding Fiscal Yeart and all Parcels in Zone 5. "Fiscal Year" means the period starting on July 1 and ending the following June 30. "Improved Building Space" means the greater of (1) gross building area as shown on building permits issued for any property, or, if necessary, (2) gross building area as measured or determined by an engineer approved by the Board. "Maximum Special Tax" means the maximum special tax, determined in accordance with Sections C and D, that can be levied within CFD No. 1991-1 in any Fiscal Year pursuant to this Rate and Method of Apportionment of Special Taxes for each class of Developed Property and for Undeveloped Property, as applicable. "Parcel" means a parcel of property as recorded by the Contra Costa County Recorder or as shown and numbered on the applicable Contra Costa County assessor's parcel map(s) for each property within the boundaries of CFD No. 1991-1. "Responsible Party" shall be the person designated by the Board to administer the special tax according to this Rate and Method of Apportionment of Specia1 Tax. "Special Tax Require~ent" means that amount of revenue necessary in the applicabje Fiscal Year, as determined by the Responsible Party, to pay debt service on the Bonds in the calendar year which begins in such Fiscal Year, and to pay Administrative Expenses. "Taxable Pro~rty" is all of the area within the boundaries of CFD No. 1991-1 which is not exempt ~om the special tax pursuant to law or Section G below. B- 2

"Total Zone Tax" means the amount of tax responsibility applicable to each zone after assignment of that zone's Special Tax Requirement and Delinquency Tax Requirement as determined pursuant to Section E below. "Undeveloped Property" means all Taxable Property in CFD No. 1991-1 not classified as Developed Property. 7nne 1" means Parcels designated by the following APNs: 148-202-062, 143-202-063, 148-202 064, 148-202-065, 148-202 066, and any Parcel subsequently formed by the subdivision of these Parcels. "la>ne 2" means Parcels designated by the following APNs: 148-250-084, 148-250-085, and any P_arcel subsequently formed by the subdivision of these Parcels. "Zone 3" means the Parcel designated by APN 172 011-022, and any Parcel subsequently formed by the subdivision of this Parcel. Zone 4" means Parcels designated by the following APNs: 148-480-003, 148480-004, 148-480-005, and any Parcel subsequently formed by the subdivision of these Parcels. "Zone 5" means the Parcel designated by APN 148-202-060, and any Parcel subsequently formed by the subdivision of this Parcel. ( B. ASSIGNMENT TO LAND USE CLASS On or about July 1 of each year, all Taxable Property _within CFD No. 1991-1 shall be categorized either as a Developed Property or an Undeveloped Property and shall be subject to the Maximum Special Tax in accordance with the rate and method of apportionment describe~ in Sections C, 0, E and F below. For purposes of determining the applicable Maximum Special Tax pursuant to Section C, Developed Property in Zone 1 shall be assigned to one of the land use classes designated in Table 1, Developed Propeny in Zone 2 shall be assigned to one of the Jand use classes designated in Table 2, Developed Property in Zone 3 shall be assigned to one of the land use classes designated in Table 3, Developed Property in Zone 4 shall be assigned to one of the land use classes in Table 4 and Parcels in Zone 5 shall be truced according to Table 5 below. APNs identified for each zone are identified on the Fiscal Year 1991.. 92 Contra Costa County assessor's parcel map. If any of the APNs identified become invalid in future Fiscal Years, or if the Parcels are subdivided and/or combined to form new APN~, the special truces identified in Tables 1 through 5 shall continue to apply to all land uses 'Within CFD No. 1991-1 based on the Fiscal Year 1991.. 92 APN that would.have B-3

applied to that area. The Responsible Party shall be required to maintain an annual record of APNs that will clearly identify the Fiscal Year 1991-92 APNs and all future activity related to those APNs, including a history of successor Parcels. For purposes of Sections C and D, the acreage or square footage of land area for a Parcel shall be determined by reference to the most current recorded Contra Costa County parcel map or, if necessary, the acreage or square footage shall be determined by an engineer designated by the Responsible Party. Notwithstanding Section G, below, for purposes of the Backup Special Tax, the acreage or square footage of land area applicable to Attached Residential Property shall be computed from the underlying Parcel or lot as indicated on the most recent recorded Parcel map or final recorded subdivision tract map. Each Attached Residential unit shall be assigned an equal proponion of the area of the underlying Parcel or lot. Notwithstanding the above, for Attached Residential Property, a portion of the acreage in a Parcel shall be truced as Undeveloped Property if building pennits for all of the units in the approved site plan for that Parcel were not issued as of March 1 of the Fiscal Year prior to the Fiscal Year for which the special taxes are being levied. The acreage in a Parcel to be taxed as Undeveloped Property shall equal the proportion of the associated site plan,s approved units for which building permits had nru been issued by the previous March 1, multiplied by the total acreage within that Parcel. In making the computations set forth in Sections C and D, and in determining the Maximum Special Tax for Developed Property and Undeveloped Property within CFO No. 1991-1, on July 1, 1992 and on each July 1 thereafter, the Assigned Special Tax and the Backup Special Tax for each land use class set forth in Tables 1 through 5 shall be increased for each Fiscal Year to an amount equal to 102% of the amount in effect for the previous Fiscal Year. C. :MAXIMUM SPECIAL TAX RATE: DEVELOPED PROPERTY The MaXimum Special Tax for a Parcel located within Zone 1, Zone 2, Zone 3 or Zone 4, and classified as Developed Property, shall_ be the greater of (i) the amount derived by multiplying the square footage of Jand area within a Parcel times the Backup Special Tax or (ii) the Assigned Special Tax. The Maximum Special Tax for a Parcel located within Zone 5 shall be the Assigned Special Tax in Table 5 below. \ B-4

TABLE 1 Special Taxes for Developed Property in Zone 1 of CFD No. 1991 1 Class Land Use Fiscal Year 1991-92 Assigned Special Tax Zone 1 Fiscal Year 1991-92 Backup Special Tax Zone 1 1 Residential 2 Commercial/Industrial $ 500 per unit * $ 49,659 per acre S 1.14 per square foot of land area within the Parcel NIA * Such amounts to increase each subsequent Fiscal Year to an amount equal to 102% of the amount in the prior Fiscal Year. ** The Backup Special Tax (for Developed Property) will be applied under the third step of Section F (below) to the foiiowing: 1. Detached Residential Property in Class 1. 2. Attached Residential Property in Class 1 for which densities are less than 99.31 units per acre. ' B- 5..

TABLE2 Special Taxes for Developed Property in Zone 2 of CFD No. 1991-1 Class Land Use Fiscal Year 1991-92 Assigned Special Tax Zone 2 Fiscal Year 1991-92 Backup Special Tax** Zone 2 1 Residential $7,841 per acre * NIA 2 Commercial/Industrial $0.090 per square foot of Improved Building Space or $6, 704 per acre, whichever is greater $0.18 per square foot of land area within the Parcel * Such amounts to increase each subsequent Fiscal Year to an amount equal to 102% of the amount in the prior Fiscal Year... The Backup Special Tax (for Developed Property) will be applied under the third step of Section F (below) to all Parcels in Class 2. B-6

TABLE3 Special Taxes for Developed Property in Zone 3 of CFD No.1991-1 Class Land Use Fiscal Year 1991-92 Assigned Special Tax Zone 3 Fiscal Year 1991-92 Backup Special Tax** Zone3 1 Residential $6,099 per acre * NIA 2 Commercial/Ind ustriar" $0.073 per square foot of Improved Building Space or $5,083 per acre, whichever is greater $0.14 per square foot of land area within the Parcel 1'" * Such amounts to increase each subsequent Fiscal Year to an amount equal to 102% of the amount in the prior Fiscal Year... The Backup Special Tax (for Developed Propeny) will be applied under the third step of Section F (below) to all Parcels in Class 2. -.... \ B-7

TABLE 4 Special Taxes for Developed Property in Zone 4 of CFD No. 1991-1 Class Land Use Fiscal Year 1991-92 Assigned Special Tax Zone 4 Fiscal Year 1991-92 Backup Special Tax** Zone 4 1 Residential $0,000 per acre NIA 2 Commercial/Industrial $0.000 per square foot of Improved Building Space or $0,000 per acre, whichever is greater $0.00 per square foot of land area within the Parcel Such amounts to increase each subsequent Fiscal Year to an amount equal to 102% of the. amount in the prior Fiscal Year. The Backup Spedal Tax (for Developed Property) will be applied under the third step of Section F (below) to all Parcels in Class 2. B- 8

TABLE 5 Special Taxes for Zone 5 of CFD No. 1991-1 Contra Costa County Assessor's Parcel Number 148-202-060 ** Fiscal Year 1991.92 Special Tax Zone S $ 24,850* ( -" Such amounts to increase each subsequent Fiscal Year to an amount equal to 102% of the amount in the prior Fiscal Year..,. In the event of future subdivision of APN 148-202 060, the Assigned Special Tax shall be distnbuted among the newly created Parcels on an acreage basis by dividing the Assigned Special Tax in that Fiscal Year by the number of acres in the original APN 148-202-060 and assigning the tax to a successor Parcel based on the acreage in that successor Parcel that was previously in APN 148-202-060. D.. MAXIMUM SPECIAL TAX RATES: UNDEVELOPED PROPER1Y In addition to the Assigned Special Taxes reflected in Tables 1 through 4, property in Zones 1 through 4 may be subject to a special tax on Undeveloped Property if required pursuant to the Step Two of Section F below. The Maximum Special Tax for Undeveloped Property shall be $49,659 per acre for Parcels located in Zone 1, $7,841 per acre for Parcels located in Zone 2, $6,099 per acre for Parcels located in Zone 3 and $0,000 per acre for Parcels located in Zone 4. \ B- 9

E. DETERMINATION OF ANNUAL AGGREGATE LEVY WITHIN EACH ZONE The Special Taxes to be levied annually within Zone 1, Zone 2, Zone 3, Zone 4 and Zone S shall be calculated by: 1. Determining the Special Tax Requirement for the next Fiscal Year; 2. Assigning responsibility for the Special Tax Requirement in the following proportions: 87.80% to Zone 1, 3.61% to Zone 2, 3.62% to Zone 3, 0.00% to Zone 4 and 4.97% to Zone 5; 3. Determining the Delinquency Tax Requirement attnbutable to special tax delinquencies in Zone 1 and adding that amount to the 87.80% of the Special Tax Requirement to calculate the Total Zone Tax for Zone 1; 4. Determining the Delinquency Tax Requirement attributable to special tax delinquencies in Zone 2 and adding that amount to the 3.61 % of the Special Tax Requirement to calculate the Total Zone Tax for Zone 2; ( 5. Determining the- Delinquency Tax Requirement attnbutable to special tax delinquencies in Zone 3 and adding that amount to the 3.62% of the Special Tax Requirement to calculate the Total Zone Tax for Zone 3. 6. Determining the Delinquency Tax Requirement attributable to special tax delinquencies in Zone 4 and adding that amount to the 0.00% of the Special Tax, Requirement to calculate the Total Zone Tax for Zone 4; 7. Determining the Delinquency Tax Requirement attnbutable to special tax delinquencies in Zone 5 and adding that amount to the 4.97% of the Special Tax Requirement to calculate the Total Zone Tax for Zone 5. F. METHOD OF APPORTIONT\tfENT TO PARCELS The special tax assigned to each zone shall be the sole responsibility of the properties within that zone. In no event shall any zone be required to provide any special tax revenues to fu]fill the Special Tax Requirement of.any other zone. The annual special taxes for each zone determined in Section E above shall be apportioned among the Parcels within each zone as provided below: B- 10

I.. Zones 1 through 4 The steps below shall be applied annually to satisfy the Total Zone Tax which has been assigned to each zone under Section E above: Step One: The special tax shall be levied proportionately on each Parcel classified as Developed Property, exclusive of property exempt from special taxes pursuant to Section G 9 below, up to 100% of the A.1signed Special Tax for each class of Developed Property for such Fiscal Year, determined by reference to Table 1, Table 2, Table 3 or Table 4 in Secti~n C, as applicable for each zone; Step Two: If additional monies are needed after the first step has been completed, the special tax shall be levied proportionately on each Parcel of Undeveloped Property, exclusive of property exempt from special taxes pursuant to Section G, below, up to 100% of the Maximum Special Tax for Undeveloped Property for such Fiscal Year determined by reference to Section D; I ~ Step Three: If additional monies are needed after the first two steps have been completed, then the levy of the special tax on each Parcel for which the Backup Special Tax is authorized, shall be increased up to the Maximum Special Tax for each such Parcel by increasing the applicable special tax levy for each Parcel for such Fiscal Year determined by Section C in equal percentages above the special taxes levied pursuant to Step One above up to the applicable Maximum Special Tax for such Parcei. II. Zone 5 A special tax shall be levied annually on Parcel number 148-202-060 (or Parcels created from the subsequent subdivision of said Parcel) to satisfy the Total Zone Tax assigned to Zone S under Section E above, up to 100% of the Assigned Special Tax for Zone 5, determined by reference to Table 5 in Section C, above.. G. LIMITATIONS Notwithstanding any other provision of this Rate and Method of Apportionment of the Special Tax, no special taxes shall be levied on land conveyed or irrevocably offered for dedication to a public agency, except as otherwise provided in Sections 53317.3 and 53317.5 of the Meilo-Roos Community Facilities Act of 1982. In no event shall a special tax be levied on land which is a public right of way or which is an unmanned utility property or a property encumbered with public or utillty easements making impractical its utilization for other than the purpose set forth in B-11

the easement. No special tax shall be levied on any Parcel in any Fiscal Year which is in excess of the Maximum Special Tax for such Parcel for such Fiscal Year. H. MANNER OF COLLECI'ION The special taxes for CFO No. 1991-1 will be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFO No. 1991-1 may collect special taxes at a different time or in a different manner if necessary to meet its financial obligations. MAY ll, 199l\cOCOrma4 B-12

EXHIBITB County of Contra Costa Community Facilities District No. 1991-1 (1998 Special Tax Refunding Bonds) Special Tax Roll Fiscal Year 2015-16

Assessor's Parcel Number COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 1991-1 FISCAL YEAR 2015-2016 SPECIAL TAX LEVY Levy Amount Zone 1 Zone 1 Zone 1 Zone 1 Zone 1 148-202-062 148-202-063 148-202-064 148-202-065 148-202-073 $ 182.28 $ 161.28 $ 161.28 $ 161.28 $ 83.16 Zone 2 Zone 2 148-250-090 148-250-091 $ 16.48 $ 16.40 Zone 3 172-011-022 $ 31.06 Zone 4 Zone 4 Zone 4 148-480-014 148-480-010 148-480-011 $ 0.00 $ 0.00 $ 0.00 Zone 5 148-202-060 $ 42.64 TOTAL SPECIAL TAX LEVY $ 855.86 08/06/1 5

Annual Applicant Public Benefits and Ongoing Compliance Self-Certification "Self-Certification" ACKNOWLEDGEMENT: The California Debt Limit Allocation Committee ("CDLAC" or "Committee") does not expect to hold an Applicant (Issuer) responsible for conditions they are not aware of; only for the Applicant to confirm their understanding of the status of the project/program based upon their own post-issuance compliance procedures. CDLAC will not review the Applicant's procedures, and in good faith, will assume that the Applicant has in-place procedures they judge to adequately satisfy their post-issuance responsibilities as defined under the Internal Revenue Code and CDLAC Regulations. An Applicant is free to request project information from the Project Sponsor and rely on that information if they believe it satisfies their own compliance procedures and responsibilities. That information can then serve as the basis for the Applicant's response to the questions within this certification. INSTRUCTIONS: Per the CDLAC Regulations, all Projects/Programs within an existing bond regulatory period and/or CDLAC compliance period shall be monitored for compliance with the terms and conditions of the Committee Resolution by the Applicant (Issuer). Mortgage Credit Certificate Single Family Housing Programs with outstanding authority shall be monitored for the same requirements. The Applicant shall complete and submit the Annual Applicant Public Benefits and On-going Compliance Self Certification provided on the CDLAC website; certifying whether or not the Project/Program meets the terms and conditions of the Committee Resolution. The self-certification must be submitted by the Applicant to CDLAC no later than March 1 of each year (or at such other time as defined in the CD LAC Regulations or requested by the Committee). This form will not be accepted ifit has been altered in anyway other than to answer the questions provided. ALL APPLICANTS: Applicant/Issuer Certification of Delivery of Public Benefits Applicant/Issuer Name: County of Contra Costa Project Name (N/A for Single Family Housing Programs): Park Regency Mission Bay Family Apartments Program Type (QRRP, SFH, EXEMPT, IDB, Etc.): QRRP Application Number (s): 92-055, 92-055 Resolution Number(s): 92-52, 92-52 Property Address (N/A for Single Family Housing Programs): 3128 Oak Rd., Walnut Creek CA 94596 Project Completion Date (NIA/or Single Family Housing Program): If the depreciable assets and/or project is "under rehabilitation" or "under construction", please note this and then respond to questions 1and2. January 01, 1992 Revision 8-05-13

Annual Applicant Public Benefits and Ongoing Compliance Self-Certification "Self-Certification" SECTION A: All Applicants Must Complete: 1. To the best of your knowledge, have there been any changes to the ownership entity, principles or property management of the project since the bonds were issued, or since the last certification was provided? Please answer "Yes" or "No". IfYES, please explain the change below and attach a request to revise the resolution along with attachment W-1, the legal status questionnaire from the application along with an organizational chart of the organizational structure noting all pertinent information regarding the change of ownership. Yes i No 2. To the best of your knowledge, has there been a change of use for the project? Yes "~ No SECTION B: QRRP APPLICANTS ONLY: Applicant/Issuer Certification of Ongoing Compliance (Please attach the project sponsor-completed Certification of Compliance form as provided in the Committee Resolution) 1. To the best of your knowledge, has the project satisfied all of the requirements memorialized in the Exhibit A of the Committee Resolution (i.e. qualifying project completion, qualifying depreciable asset purchase, qualifying loan originations, the use of public funds, QRRP manager units, QRRP income rent restrictions, QRRP sustainable building methods, etc.; as applicable), and thus achieving all public benefit requirements (excluding QRRP service amenities) as presented to the Committee? (If there is more than one resolution for this project the most recent resolution will supersede all previous resolutions) Yes No a) As Issuer for the subject project, were you able to confirm to the satisfaction of your current requirements that the defined public benefits were conveyed at the completion of the development of the subject project? Yes b) If the public benefits have been confirmed, what evidence to the satisfaction of your current requirements was received (i.e. invoices, contracts, agreements, rent rolls, on-site audits, etc.)? Self-Certification 2 Revision 8-05-13

Annual Applicant Public Benefits and Ongoing Compliance Self-Certification "Self-Certification" c) When was the evidence provided to the Issuer, or a site visit completed, to confirm the public benefits? January 26, 2016 d) If all of your compliance requirements were not met, what corrective action was taken to bring the project into compliance? Is the project currently in compliance? Currently in Compliance e) For projects awarded an allocation post 2011, were the Minimum Sustainable Building Standards achieved (within the scope of work completed)? If so, please provide the third party evidence of completion (evidence must be provided within two years of receiving the award of allocation). Yes No NIA 2. As captured in Exhibit A of the resolution, the QRRP project has committed to and is currently providing the following service amenities for a minimum of ten years, on a regular and ongoing basis, which are provided free of charge (with the exception of day care services): Please check the services that apply or write NIA where appropriate: r After-school Programs Ii' NIA r Educational, health and wellness, or skill building classes ~ NIA r Health and Wellness services and programs (not group classes) Ff" NIA ["' Licensed Childcare provided for a minimum of20 hours per week (Monday-Friday) r Bona-Fide Service Coordinator/ Social Worker Ff NI A p" NIA a) For this reporting period, what evidence (i.e. MOU's, contracts, schedules, calendars, flyers, sign-up sheets, etc.) was provided to the satisfaction of your current requirements to confirm that the above listed services are being provided and have met the requirements of Exhibit A of the Resolution? Self-Certification b) If all compliance requirements were not met, what corrective action has been taken thus far? 3 Revision 8-05-13

Annual Applicant Public Benefits and Ongoing Compliance Self-Certification "Self-Certification" SECTIONC: INDUSTRIAL DEVELOPMENT BOND AND RECOVERY ZONE BOND APPLICANTS ONLY: Applicant/Issuer Certification of Post-Issuance Compliance (if applicable) (Note: Once the job creation/retention goals have been achieved, no additional reporting for this section is required by CDLAC in the subsequent annual certifications.) 1. As captured in Exhibit A of the Committee Resolution, the Applicant or Project Sponsor reasonably expects a certain minimum number of new and/or retained jobs associated with the project within two (2) years following the completion of that project: Please provide the following information: Number of Existing Jobs Originally Anticipated to be Retained Number of New Jobs Originally Anticipated to be Created Is the project complete? r No. STOP HERE (no additional reporting on this section is necessary until project completion). C Yes. Please Complete the Following Information: a) What evidence was provided to confirm that the above listed jobs were retained and/or provided and that the project achieved the job creation/retention goals noted in Exhibit A of the Committee Resolution? b) Did the evidence received or observed meet your standards for compliance with the applicable job creation/retention goals? SECTIOND: SINGLE FAMILY HOUSING APPLICANTS ONLY: The Applicant/Issuer is required to report to CDLAC until the authority/bond proceeds have been exhausted. 1. To the best of your knowledge, has the program satisfied the requirements memorialized in the Exhibit A of the Committee Resolution? If not, please explain. 4 Revision 8-05-13

Annual Applicant Public Benefits and Ongoing Compliance Self-Certification ''Self-Certification'' 2. Was the MCC authority/were the bond proceeds exhausted by the IRS-required deadline? If "Yes", no future Compliance Self-Certifications are required for this allocation. If "No", please explain. 3. lfthe MCC authority/bond proceeds balance for this allocation award exceeds $1 million, please provide the balance of the amount remaining along with an explanation of the planned use of the authority/proceeds (i.e. rate of issuance, existing pipeline loans, etc.). SECTION E: QUALIFIED ENERGY CONSERVATION BONDS ONLY: Applicant/Issuer Certification of Post-Issuance Compliance 1. To the best of your knowledge, has the program satisfied the requirements memorialized in the Exhibit A of the Committee Resolution? Check the item that applies below, answer "Yes" or "No", and provide any necessary third party documentation. If the requirement was not satisfied please explain. Did the program meet the energy consumption in publicly-owned buildings by 20 percent? Please attach the third party verification showing the improvement was met. Did the program meet the estimated reduction in energy consumption measured by Kilowatt Hours of Electricity per year? Please attach the third party verification showing the reduction was achieved. Did the program meet the estimated greenhouse gas emissions measured in MMTC02e (million metric tons of C02 equivalent)? Did the program provide the estimated funding of grants and loans anticipated? 5 Revision 8-05-13

Annual Applicant Public Benefits and Ongoing Compliance Self-Certification "Self-Certification" Signature of Officer 02/16/2016 Date Kristen Lackey Printed Name of Officer Bond Program Manager (925) 674-7888 Title of Officer Alicia Smith Contact Person Phone number (925) 674-7885 Phone number alicia.smith@dcd.cccounty.us E-mail Address 6 Revision 8-05-13

PARK REGE.NCY The following certification must be submitted by the Project Sponsor to the Applicant (Issuer) who will then forward it to the California Debt Limit Allocation Committee annually on March 1st (or at such other time as requested by the Committee). CERTIFICATION OF COMPLIANCE Project Name: Park Regencv Apartments Name of Bond Issuer: Countv of Contra Costa CDLAC Application No.: 92-055 Pursuant to Section 13 of Resolution No. 92-54 (the "Resolution"), adopted by the California Debt Limit Allocation Committee (the '"Committ~c") on November 20, 1992 I, Robert Ormond, an Officer of the Project Sponsor, hereby certify under penalty of perjury that, as of the date of this Certification, the above-mentioned Project is in compliance with all of the terms and conditions set forth in the Resolution. I further certify that I have read and understand the CDLAC Resolution, which specifies that once the Bonds arc issued, the tenns and conditions set forth in the Resolution Exhibit A, shall be enforceable by the Committee through an action for specific performance, negative points. with holding future allocation or any other available remedy. Please check or write NIA to the items Ji.;11 below: N/A The project is currently in the Construction or Rehabilitation phase. N/A The project has incorporated the minimum specifications into the project design for all new construction and rehabilitation projects as evidenced by attached the applicable thirty party certification (HERS Rater, Green Point Rater or US Green Building Council). For projects under construction or rehabilitation, the information is due following receipt of the verification but in no event shall the documentation be submitted more than two years after the issuance of bonds. NIA For projects that received point for exceeding the minimum requirements please attach the appropriate California Energy Commission compliance form for the project which shows the necessary percentage improvement better than the appropriate standards. The compliance form must be signed by a California Association of Building Consultants, Certified Energy Plans Examiner or HERS ter as applicable. #t. /-7..6-le;t-6 ' _, i,_ ': -' ~! r. u. j'..:. "'.'.

Housing Compliance Services Reporting System Property ID: Pr_operty Name: AKA: Property Address: 20028 Park Regency Mission Bay Family Apartments 3128 Oak Rd. Walnut Creek, CA 94596 Property Status Report (PSR) Tax-Exempt Bond Housing Program Report Period: January 2016 Prepared By: Muhammad Abid Phone Number: 925-937-7275 Print Date: 02/16/2016 Income Restriction (%) Bldg # Unit # Section 8 Unit? Number Number in of Household Tenant Rent Utility Gross Bedrooms (Current) Paid Rent Subsidy Allowance Rent Tenant Name Number in Household (Move-In) ~~~:;I? Vacancy Date Move-In Annual Income Current Annual Income Last Recert Date Report Summary: In Compliance Total Property Units: 892 134 Affordable Units (50% Income Limit); 133 unit(s) In Compliance, 134 unit(s) Required 0 Exempt Units; 222 unit(s) Allowed Move-In Date should be the date the tenant was placed on the Tax-Exempt Bond Housing Program Page 6 of6