Fairfield City Council
July 7, 2026

14 without being relieved of any liability under this Agreement, Buyer reserves the right to take title to the Property in the name of an entity that is controlled by Buyer.

11.12 Execution in Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which will be deemed an original but all of which together will constitute one (1) and the same agreement. Telecopied or faxed signatures, signatures emailed in a “pdf” format or electronic signatures, including by an electronic signature platform such as DocuSign, may be used in place of original signatures on this Agreement with the same force and effect as original signatures. Seller and Buyer intend to be bound by the signatures on telecopied, faxed, electronic platform or pdf documents; are aware that the other party will rely on the telecopied, faxed, electronic platform or pdf signatures; and hereby waive any defenses to the enforcement of the terms of this Agreement based on the use of a telecopied, facsimile, electronic platform or pdf signature.

[Signatures on the following page.]
Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the day and year first above written.

SELLER:

CITY OF FAIRFIELD,
a municipal corporation

By:

Print Name: David Gassaway
Title: City Manager
ATTEST
By:
______________________, City Clerk

BUYER:

NORTHBAY HEALTHCARE
CORPORATION, a California nonprofit
public benefit corporation

By:

Print Name: ____________________
Title: __________________________
Joseph D'Angina
Executive Vice President, CFO
Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

EXHIBIT A

LEGAL DESCRIPTION OF PROPERTY
The land described herein is situated in the State of California, County of Solano, City of Fairfield, described as follows:

Parcel 2, as set forth in that certain Notice of Minor Lot Line Adjustment, recorded November 21, 2003, as Series No. 200300201757, Solano County Records, and described as follows:

Real property in the City of Fairfield, County of Solano, State of California, Parcels One, Two and Three as described in the Deed to JS & J Service, Inc., recorded May 20, 1999, under Serial Number 1999 - 00043418 of Official Records, Solano County Records, more particularly described as follows:

BEGINNING at the Southwest corner of Parcel 3, as shown on that certain Parcel Map filed for record on March 14, 1986, in Book 29 of Parcel Maps, Pages 47 through 50, Solano County Records;

Thence along the Southwesterly line of Parcel 3 of said map and along the Northeasterly line of Parcel One of said Deed South 73°54’17" East 1352.47 feet, to the TRUE POINT OF BEGINNING;

Thence South 55°38’07" West 653.33 feet; Thence along a tangent curve to the right, having a radius of 1050.00 feet, through a central angle of 38°48’03" for an arc length of 711.06 feet;

Thence North 85°33’50" West, 153.12 feet to the Westerly line of said Parcel One, being the Easterly line of Suisun Valley Road;

Thence along said Westerly line and along the Southwesterly lines of Parcels One and Three of said Deed the following four courses;

1. Thence South 4° 41’ 23" West 220.65 feet;

2. Thence South 16° 41’ 34" East 56.04 feet;

3. Thence South 30° 58’ 32" East 98.21 feet;

4. Thence South 39° 59’ 34" East 116.79 feet to the Southeasterly line of Parcel Three of said Deed, being the Northwesterly line of Interstate Highway 80;

Thence along said Northwesterly line, the following two courses:

1. Thence North 56°16’22" East 742.30 feet;

2. Thence Northeasterly along a non-tangent curve to the right, having a radius of 20,074.00 feet, whose center bears South 37°41’35" East, through a central angle of 2°36’06", for an arc length of 911.51 feet, to the Northeast corner of Parcel 3 of said map; thence along said Northeasterly line of Parcel Two of said Deed, North 73°54’17" West, 113.29 feet to the POINT OF BEGINNING.

APN: 0027-260-230

Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

EXHIBIT B

FORM OF GRANT DEED

RECORDING REQUESTED BY, AND WHEN
RECORDED MAIL TO:

NorthBay Healthcare Corporation
4500 Business Center Drive
Fairfield, CA 94534
Attn: Chris Matthews

APN: 0027-260-230
(SPACE ABOVE FOR RECORDER’S USE ONLY)

GRANT DEED
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the CITY OF FAIRFIELD , a municipal corporation (“ Grantor”), hereby GRANTS to the NORTHBAY HEALTHCARE CORPORATION , a California nonprofit public benefit corporation (“ Grantee”), that certain real property located in the City of Fairfield, County of Solano, State of California, more particularly described on Exhibit “A” attached hereto and incorporated herein by this reference, together with all rights, privileges, appurtenances, hereditaments, tenements, easements, reversions and remainders pertaining thereto or used in connection therewith.

IN WITNESS WHEREOF, the undersigned has executed this Grant Deed as of the date set forth below.

Dated: _____________, 2026 GRANTOR:

CITY OF FAIRFIELD, a municipal corporation
By:

Print Name: _________
Title: City Manager

Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

State of California )
County of Solano )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature (Seal)

A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

Exhibit A To Grant Deed
Legal Description of the Property
The land described herein is situated in the State of California, County of Solano, City of Fairfield, described as follows:

Parcel 2, as set forth in that certain Notice of Minor Lot Line Adjustment, recorded November 21, 2003, as Series No. 200300201757, Solano County Records, and described as follows:

Real property in the City of Fairfield, County of Solano, State of California, Parcels One, Two and Three as described in the Deed to JS & J Service, Inc., recorded May 20, 1999, under Serial Number 1999 - 00043418 of Official Records, Solano County Records, more particularly described as follows:

BEGINNING at the Southwest corner of Parcel 3, as shown on that certain Parcel Map filed for record on March 14, 1986, in Book 29 of Parcel Maps, Pages 47 through 50, Solano County Records;

Thence along the Southwesterly line of Parcel 3 of said map and along the Northeasterly line of Parcel One of said Deed South 73°54’17" East 1352.47 feet, to the TRUE POINT OF BEGINNING;

Thence South 55°38’07" West 653.33 feet; Thence along a tangent curve to the right, having a radius of 1050.00 feet, through a central angle of 38°48’03" for an arc length of 711.06 feet;

Thence North 85°33’50" West, 153.12 feet to the Westerly line of said Parcel One, being the Easterly line of Suisun Valley Road;

Thence along said Westerly line and along the Southwesterly lines of Parcels One and Three of said Deed the following four courses;

1. Thence South 4° 41’ 23" West 220.65 feet;

2. Thence South 16° 41’ 34" East 56.04 feet;

3. Thence South 30° 58’ 32" East 98.21 feet;

4. Thence South 39° 59’ 34" East 116.79 feet to the Southeasterly line of Parcel Three of said Deed, being the Northwesterly line of Interstate Highway 80;

Thence along said Northwesterly line, the following two courses:

1. Thence North 56°16’22" East 742.30 feet;

2. Thence Northeasterly along a non-tangent curve to the right, having a radius of 20,074.00 feet, whose center bears South 37°41’35" East, through a central angle of 2°36’06", for an arc length of 911.51 feet, to the Northeast corner of Parcel 3 of said map; thence along said Northeasterly line of Parcel Two of said Deed, North 73°54’17" West, 113.29 feet to the POINT OF BEGINNING.

APN: 0027-260-230

Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

Docusign Envelope ID: 60E001CC-566D-8673-80FB-7169DFE6B1AD

Agenda Item No: K.1

AGENDA REPORT
DATE: July 7, 2026

TO: Mayor and Council

FROM: David Gassaway, City Manager

SUBJECT: CM Minute Action Approving the Mayor’s Appointment

Minute Action Approving Mayor’s Appointment to the Planning Commission and the Youth Commission

Funding Source: N/A

Contact: Karen Rees, (707) 428-7767

RECOMMENDED ACTION
Approve appointments. Perform oaths of office.

STATEMENT OF ISSUE
The City Council is being asked to approve the appointment as follows:

Planning Commission
Term July 1, 2026, to June 30, 2030
 Hannah Cordero Chen
 Shashi Paul (re-appointment)
 Aidan Ali-Sullivan (re-appointment)

Youth Commission
Term January 1, 2026, to December 31, 2027
 Fateh Takhar

DISCUSSION
Councilmembers Doriss Panduro and Scott Tonnesen interviewed 12 applicants on June 10 and June 11, 2026 . The applicants listed above are recommended for appointment, and the

recommendation was submitted to Mayor Rick Vaccaro for consideration. Mayor Vaccaro agreed with the recommendations provided.

FINANCIAL IMPACT
N/A

PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
N/A

ALTERNATIVE ACTION
The council may choose not to approve the mayor’s appointments, thereby leaving vacancies.

COORDINATED WITH
N/A

STAFF CONTACT
Esther Beavers, Deputy City Clerk
(707) 428-7402
[email protected]

ATTACHMENTS
N/A

Agenda Item No: K.2

AGENDA REPORT
DATE: July 7, 2026

TO: Mayor and Council

FROM: David Gassaway, City Manager

SUBJECT: Resolution 2026-156 PR Golf Volunteer Program

Authorize Development of a Volunteer Program for City Golf Courses and Adopting Volunteer Service Benefit Policy

Funding Source: N/A

Contact: Kristina Kaunzinger, (707) 428-7470

RECOMMENDED ACTION
Adopt resolution.

STATEMENT OF ISSUE
Touchstone Golf Foundation is dissolving and volunteer program at the golf courses will terminate. Staff seek approval to develop and implement a new city volunteer program specific for volunteer services at Rancho Solano and Paradise Valley golf courses.

Background:

In 2022, City Council directed an Request for Qualifications ( RFQ)/Request for Proposal ( RFP) process for management of the golf courses. The goal was a management service agreement with a single operator to improve service levels, effectiveness of overall management, and to maximize revenue generation. Council also affirmed expe ctations that golf operations be self - sufficient as an enterprise fund.

The RFQ/P was released in 2023, and Touchstone Golf was selected as the operator, taking over management of the courses in January 2024. Since January 2024, staff have worked with Touchstone to identify operating inefficiencies and maximize revenue generation.

Touchstone Golf, LLC partnered with Touchstone Golf Foundation, a third -party non -profit organization, which provided volunteers who, in connection with their efforts to impr ove communities through service and by raising funds for charitable efforts through golf related

activities, helped augment the player experience at Rancho Solano and Paradise Valley golf courses.

In March 2025, the city was notified that KemperSports (Kemper) had acquired Touchstone Golf.

The Touchstone Golf Foundation is a separate independent non-profit entity and was not part of the Touchstone Golf LLC acquisition by Kemper. Following the Kemper acquisition, the Foundation is being dissolved.

Section 6.12D6 of the management agreement (Attachment 10) between the City and Touchstone/Kemper requires the operator to identify and report on all discounts, fee waivers, donations and complimentary golf. This section was explicitly added to the contract due t o concerns raised about previous operators past practices and lack of policy and structure of complimentary or discounts provided.

DISCUSSION
In late 2025, the City was notified that the Touchstone Golf Foundation would be dissolved. As such, Kemper can no longer support the volunteer program as currently structured. Kemper, who purchased Touchstone Golf in 2025, proposed either 1) the volunteer program come under the City or, 2) they would hire employees to serve in those roles.

In discussions with the G olf Advisory Board (GAB) on the approach to maintaining volunteer services, several current volunteer members requested the City consider continuing the program under the City’s oversight. The GAB concurred with the request and directed staff and Kemper to provide information needed to make a recommendation to the council.

On May 7, 2026, the GAB received the following information:

1. Kemper provided analysis of the 2025 volunteer services, including the number of volunteer rounds played and days of the week complimentary golf was provided to volunteers. (Attachment 3)

2. Staff provided a memorandum from legal counsel on relevant labor la ws concerning compliance with de minimis benefit provisions for volunteers under the Fair Labor Standards Act. (Attachment 4)

3. An outline of key components for a formal city volunteer program. (Attachment 5)

4. Board members were asked to provide a recommendat ion to the City as to reasonable benefits for golf volunteer services. A key consideration was the amount of free golf and discounts on food and merchandise provided to volunteers based on the number of volunteer hours worked. At their May 7, 2026, meeting , the GAB was unable to reach consensus on a recommendation and requested additional information from Kemper as to the benefits received by employees. The Board held a special meeting on May 28, 2026, to review the employee benefits and recommend benefits for volunteer services.

5. Kemper provided the Board with their Employee Golf Policy for reference at the May 28, 2026, Special Board meeting (Attachment 6). Staff also presented recommended volunteer service benefits for a city-managed volunteer program (Attachment 7).

6. After deliberation, the Board came to consensus for an alternative to the City’s proposed benefits (Attachment 8).

Action Requested:

Two key areas must be taken into account with any recommendation presented.

1. Consider legal definition of what constitutes/defines a volunteer and benefits received as outlined in Attachment 4

2. Consider financial impact and operation efficiency

Given the factors above, the best option for creating operational efficiency, minimizing city risk and liability, and greatest opportunity for revenue enhancement is to have tasks previously provided by volunteers integrated into Kemper’s responsibilities.

However, in recognition of GAB’s recommendation and support for developing a new city - managed volunteer program, and hearing from current volunteers of their desire to continue providing volunteers services, staff has prepared a draft proposal for Council’s review.

Based on Council goals and expectations of golf enterprise self -sufficiency, and outside counsel legal co nsiderations, staff recommends: 1) a limitation on tasks assigned; 2) a reduction in complimentary golf rounds provided; and 3) a modification to other benefits for volunteers. By providing fewer free rounds of golf for volunteers, additional tee times are available for paying customers, which should increase revenue for the courses.

This includes a restriction on when complimentary golf can be redeemed and recommends City Council to:

1. Direct staff to develop and implement a golf volunteer program; and

2. Adopt a policy clearly specifying the benefits received for volunteer services rendered as outlined in Attachment 9.

FINANCIAL IMPACT
Any direct costs associated with the City’s golf volunteer services will be charged to the golf fund.

Kemper anticipates that revenue generation will increase with opening tee -times to paying customers through limiting the days/times of when complimentary golf is available for employees and volunteers.

PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
At their February 12, 2026, May 7, 2026, and May 28, 2026, meetings, the Golf Advisory Board reviewed and discussed options relating to the dissolution of the Touchstone Golf Foundation and its impact with continuing the Golf Volunteer Program. At the May 28, 2026, Special Meeting, with an affirmative vote of 6 with 1 conflict abstention, the Board provided their recommendation for golf benefits (Attachment 8).

ALTERNATIVE ACTION

1. Deny developing a City volunteer program and have Kemper staff assume all operational duties, tasks, and responsibilities formerly provided by volunteers.

2. Approve Golf Advisory Board recommendation.

3. Any alternative action as directed by council.

COORDINATED WITH
City Attorney’s Office, City Manager’s Office, Finance Department, and Human Resources Department

STAFF CONTACT
Kristina Kaunzinger, Parks & Recreation Director
(707) 428-7470
[email protected]

ATTACHMENTS
Attachment 2: Proposed Resolution
Attachment 3: Kamper Analysis
Attachment 4: Legal Memorandum
Attachment 5: Outline Volunteer Program
Attachment 6: Employee Play Policy
Attachment 7: City Proposed Options
Attachment 8: GAB Recommendation
Attachment 9: City Proposed Volunteer Program Benefits
Attachment 10: Executed Agreement Touchstone 2023
Attachment 11: City of Fairfield Golf Course Volunteer Program

CITY OF FAIRFIELD

RESOLUTION NO. 2026-156

APPROVING DEVELOPING A VOLUNTEER PROGRAM FOR CITY GOLF COURSES AND ADOPTING

VOLUNTEER SERVICE BENEFIT POLICY

WHEREAS, in 2024 the City and Touchstone Golf, LLC entered into a management agreement for operation and maintenance of the two city-owned golf courses; and

WHEREAS, the City a uthorized use of volunteers through the not-for-profit Touchstone Golf Foundation, an affiliate of Touchstone Golf; and

WHEREAS, in early 2025, Touchstone Golf, LLC was acquired by KemperSports; and

WHEREAS, in late 2025, notification was received that the Touchstone Foundation was dissolving, thereby no longer supporting volunteer services; and

WHEREAS, in 2026, Golf Advisory Board recommended the City of Fairfield develop a volunteer program for service at both golf courses to be operated as a City volunteer program; and

WHEREAS, in compliance with City Council goals and expectations of golf enterprise self - sufficiency, and guidance on Fair Labor Standards Act requirements by outside legal counsel, staff recommend limitation on tasks assigned and benefits received for volunteers serving at the golf courses.

NOW, THEREFORE, THE COUNCIL OF THE CITY OF FAIRFIELD HEREBY RESOLVES:

Section 1. The city manager, or designee , is hereby directed to develop a formalized city - managed and administered Volunteer Program for volunteer services at city owned golf courses.

Section 2. Approves the benefit policy as attached and as presented at the July 7, 2026 , City Council meeting.

RES. NO. 2026-156

PASSED AND ADOPTED this 7th day of July 2026, by the following vote:

AYES: MEMBERS: VACCARO/BERTANI/CARR/PANDURO/SANDHU/TONNESEN/WILLIAMS NOES: MEMBERS: _________________________________________________ ABSENT: MEMBERS: _________________________________________________ ABSTAIN: MEMBERS: _________________________________________________

_________________________________________________
MAYOR
ATTEST:
___________________________

CITY CLERK

SLOAN SAKAI YEUNG & WONG LLP EMERYVILLE | SACRAMENTO

2200 Powell Street, Suite 450 Emeryville, CA 94608 O: 510.995.5800 F: 415.678.3838 www.sloansakai.com Memorandum

PRIVILEGED AND CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION

To: Kristina Kaunzinger, Director of Parks & Recreation City of Fairfield
From: Genevieve Ng, Attorney
Date: April 29, 2026
Re: Volunteer Marshals at City Golf Courses

Introduction & Background

The City of Fairfield owns two municipal golf courses – Paradise Valley and Rancho Solano.

Members of the public are able to play these courses for a fee. Additionally, these courses have dining and banquet facilities for golf related events, general public, and large events including weddings. While the City of Fairfield owns these properties and facilities, the City contracts with a third-party vendor Kemper/Touchstone, who manages all operations including employing staff. There are no City employees who work at either of the courses.

Up until recently, Kemper/Touchstone, through a non-profit, allowed people to volunteer to marshal at the clubs in exchange for free rounds of golf. Their volunteer marshals worked alongside Kemper/Touchstone employees providing similar and other services at these courses. There was no articulated structure or schedule, but, generally speaking, volunteers would marshal for a set number of hours in return for a round of golf. There are a handful of volunteers who annually received numerous rounds of golf, discounts on food and beverage estimated at a cost of a few thousand dollars for each. Volunteers also receive discounts free and discounted merchandise from the proshop. In total, these volunteer benefits cost the City more than $240,000 in a fiscal year.

Memo to: Kristina Kaunzinger, City of Fairfield
April 29, 2026

PRIVILEGED AND CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION Recently, Kemper/Touchstone notified the City that due to the non-profit affiliate dissolution, it no longer wished to engage with volunteers. However, Kemper/Touchstone has indicated a willingness to manage volunteers so long as these volunteers were engaged by the City.

Discussion

In general, volunteer status is defined by a lack of compensation for services provided to the organization. However, state and federal law recognize that payment of expenses and nominal fees to volunteers may be appropriate and should not alter their employment status; the appropriateness of such payments must be evaluated on a case-by-case basis.

The term “stipend” is not defined under the Fair Labor Standards Act (the “FLSA”), nor does the FLSA include any provisions that specifically discuss the payment of stipends by an employer. Stipends are generally understood to be periodic payments that are not tied to work performed by the recipient, in contrast to salary payments for services rendered.

The context in which stipends are most often addressed under the FLSA is when payment of a stipend converts an unpaid volunteer into a paid employee. The FLSA and its implementing regulations define a volunteer as “an individual who performs hours of service . . . for civic, charitable, or humanitarian reasons, without promise, expectation or receipt of compensation for services rendered . . .” 29 C.F.R. §553.101.

The California Division of Labor Standards Enforcement (the “DLSE”), which enforces the California Labor Code, applies a very narrow definition of “volunteer.” The DLSE’s position is that the parties’ intent is key to determining whether an individual is a volunteer.

Specifically, if the individual “intends to volunteer his or her services for public service, religious, or humanitarian objectives, not as an employee and without contemplation of pay,” that individual will be treated as a volunteer and not subject to the various wage and hour and other employment laws that are applicable to employees. DLSE Op. Letter 1988.10.27 (emphasis in original).

The FLSA allows non-profit agencies and public agencies to pay to volunteers “expenses, reasonable benefits, a nominal fee, or any combination thereof” without causing volunteers to become employees. 29 C.F.R. §553.106(a). Nominal fees are not defined

Memo to: Kristina Kaunzinger, City of Fairfield
April 29, 2026

PRIVILEGED AND CONFIDENTIAL ATTORNEY-CLIENT COMMUNICATION under the FLSA but are presumed if the fee does not exceed twenty percent (20%) of what an employer would pay to hire a full-time employee to do the same work. See, e.g. U.S.

DEP’T OF LAB., Wage and Hour Opinion Letters FLSA 2006-28 and FLSA 2005-51. A fee is not nominal if it is tied to productivity or is a substitute for compensation. 29 C.F.R. §553.106(e).

Analysis & Recommendation

Certain risks exist if the City were to engage volunteers to marshal at the golf courses.

Some risk exists if the City were to move the volunteers from Touchstone/Kemper to the City especially if the City were to continue to have Touchstone/Kemper manage them and have City volunteers work alongside Touchstone/Kemper employees performing those same duties. If the City were to engage volunteer marshals, the City must ensure that it does not directly employ individuals who perform similar duties to the volunteer marshals.

If the City were to engage volunteers to provide marshaling services, the City should create a formal volunteer program which includes:
 Defining the volunteer role including an analysis of whether the duties performed by volunteers are also being performed by paid employees;
 Developing a volunteer waiver form;
 Applying volunteer only and specific City policies such as anti-harassment, discrimination and retaliation; and
 Creating a schedule for de minimis benefits.

As discussed above, any benefit provided to the volunteers should be de minimis. It is also important to note that City volunteers that marshal at these courses may be working alongside paid Kemper/Touchstone employees, which may create risk, which is why it is important to ensure that individuals understand that they are City volunteers set up through a City volunteer program.

GENERAL SUMMARY OUTLINE – CITY VOLUNTEER PROGRAM
City is open to consider a volunteer program:

Reduction from current and past practices (shifts/benefits) Modification of tasks from past practices (responsibilities adjusted/limited) City Responsibilities
Create volunteer application form and waiver form
Create volunteer “handbook”
Ensure volunteers have completed waiver form and training prior to scheduling Manage DOJ/Background clearance process (fees charged to Golf Fund) Provide additional liability coverage for program (cost charged to Golf Fund) Direct city staff support costs will be charged to Golf Fund Ensure all volunteers are current with mandated training Kemper Responsibilities
Assist with creating volunteer “handbook”
Manage and prepare volunteer schedule based upon operation need (fluctuates) Provide “training” and general oversight of individual
Report any performance issues to City
Ensure that Kemper staff members understand the process, protocol and reporting procedures for volunteer benefits
On a monthly basis, provide City with report of volunteer activities and benefits received (by individual volunteer)
City/Kemper Joint Responsibility
Recruit/advertise for volunteers (as needed, on-going, etc.) Interview volunteer candidates
Address any volunteer performance issues
Host joint meeting(s) with volunteers (orientation, annual/biannual ck in mtgs) City directs Kemper to identify operation need and prepare schedule - will vary (i.e. extra help during Tournaments/Special events)

EMPLOYEE GOLFING POLICY
As of July 1, 2026

As a City of Fairfield owned facility, we have a fiscal responsibility to maximize revenues and maintain the golf course in excellent conditions for our guests at all times. Our priority is to our Guests and employee play as a benefit should never supersede that priority.

Rancho Solano and Paradise Valley Golf Courses extend to its employees the privilege of playing golf at the golf courses under certain conditions. All staff play must not displace or interfere with any paying golf guests at any time.

OVERVIEW
All Staff play & practice at Rancho Solano and Paradise Valley Golf Courses will adhere to the following policy:

The General Manager and Head Golf Professionals have final approval of all staff golf play privileges. The following rules are mandatory and are the minimum established requirements:

1. No employee tee-time reservations may be made in advance. The ability to play golf is based on available tee-times on the day of play.
a. Employees will check in with the Pro Shop Attendant to get on the waitlist for play.
b. Employees cannot be apart of a paying guest’s reservation and receive complimentary play. The employee will be charged the appropriate fee at that time.
i. Example 1: Jane Smith books a tee time for four golfers which includes employee Joe, Joe would have to pay the appropriate green fee to play with Jane’s group.
ii. Example 2: Jane Smith books a tee time for two golfers. On the day of play, the other spots in the tee time are not reserved. Employee Joe is on the waitlist for play and can join Jane’s tee time as a third golfer for complementary play.

2. Golf carts will be available at a $5 fee per employee. It is expected that an employee will share a cart with another golfer.

3. Employees playing in an Outing, Tournament, Group Play, or any organized play with a contracted price with the golf course, will pay the contracted fee.

4. All employees must first seek approval from their respective Department Heads before requesting tee-times from the golf management staff.

5. The golf course must be deemed open for play. (No playing prior to the first tee time or during closed conditions, unless approved by the Head Golf Professional or the General Manager.)

6. All staff must register and obtain a complimentary golf receipt from the golf shop to present to the starter before entering the golf course.

7. No staff member is allowed to consume alcohol on the Golf premises, whether working or not per KemperSports Policy.

8. Any significant damage caused to the golf course or negligent use of equipment by the employee or their guests is the responsibility of the employee.

GENERAL RULES

1. Determining whether the staff play will interfere with the play of our fee paying guests is at the sole discretion of the golf operations “Manager on Duty” , Head Golf Professional, or General Manager.

2. Interfering with play includes: the use of a golf cart necessary for the operations, while guests are waiting for carts, over-crowding conditions on the course, use of the practice facility during peak times or expecting potentially salable tee times.

3. General staff play will be limited to only Monday – Thursday tee-times and Friday, Saturday and Sunday after 2pm.

4. Each staffer must leave the golf course in the appropriate condition how they find it and make improvements, if possible. (Pick up trash and tees, fix extra ball marks, repair divots, repair any minor damages, etc).

City Volunteer Program
Program Schedule: 3 shifts per day (1 person per shift); typical shift 5 hours – this is subject to change based upon season and operational impact with large outing/tournaments as well as inclement weather.

Role: Primary - serve as Ambassador for City’s golf courses Customer service – greet players, promote golf special events and tournaments Etiquette – assist/monitor pace of play, inform/remind players of responsibility to fill divots, raking bunkers, ball mark repair
Course Beautification – assist with trash pick-up on courses and surrounding property, and as needed, fill divots, repair ball marks
Qualification: Selection through a formal application/interview process; pass background check, keep current on all mandated City training; maintain good standing Volunteer Appreciation: Annual food/golf event for all volunteers (course site rotates each year)
Benefit Eligibility: Volunteer member is required to work a minimum of 3 shifts per month.

Benefit is solely applicable to individual volunteer (no guest/family/friends).

Benefit:

One (1) complimentary round of golf for every 3 shifts worked 50% discount on cart fee
25% discount on food purchased during their shift
Benefit Redemption: Monday through Thursday any time after 1pm* *No volunteer tee-time reservations may be made in advance. The ability to play golf is based on available tee-times on the day of play. Standby only - daily wait list, first come- first serve as tee times are available. Volunteers playing in an Outing, Tournament, Group Play, or any organized play with a contracted price with the golf course, will pay the contracted fee and may not utilize their complimentary round.

General Coordination:

Volunteers managed by City Staff; onsite instruction and general supervision provided by Golf staff.

City staff prepares a monthly schedule and assigns volunteers based upon operational needs and volunteer availability.

Schedule is forwarded to respective course Pro Shop.

Volunteer reports to course a minimum of 10 minutes prior to start of shift to check-in and receive general information and or special instruction.

Golf staff maintain record of shifts served, tracks complimentary golf.

Golf staff send monthly report to City.

Summary of Golf Volunteer Proposal

BENEFITS
KemperSports – EMPLOYEE
Benefit
Golf Advisory Board
Recommend Volunteer
Benefit
City of Fairfield
Recommended Volunteer
Benefit
Complimentary Golf
Eligibility
Active employee One (1) free round of golf for
every one shift worked (5
hours)
One (1) free round of golf for
every 3 shifts worked (15
hours)
Cart Fee Discount $5 flat rate $5 flat rate 50% discount on rate Discount Food 50% discount while on shift 50% discount while on shift 25% discount while on shift Benefit Redemption Stand by/daily wait list, first-
come, first serve

Mon-Thurs (no time
restriction)
Fri, Sat, Sun after 2pm

Not allowed to join a paying
golfer who has an advanced
reservation

Stand by/daily wait list, first-
come, first-served

Mon-Thurs (no time
restriction)
Fri, Sat, Sun after 2pm

Allowed to play with a paying
golfer who has an advanced
reservation

Stand by/daily wait list, first-
come, first-served

Mon-Thurs after 1pm

Not allowed to join a paying
golfer who has an advanced
reservation

City of Fairfield Golf Course Volunteer Program
Program Schedule: 3 shifts per day (1 person per shift); typical shift 5 hours – this is subject to change based upon season and operational impact with large outing/tournaments as well as inclement weather.

Role: Primary - serve as Ambassador for City’s golf courses Customer service – greet players, promote golf special events and tournaments Etiquette – assist/monitor pace of play, inform/remind players of responsibility to fill divots, raking bunkers, ball mark repair
Course Beautification – assist with trash pick-up on courses and surrounding property, and as needed, fill divots, repair ball marks
Qualification: Selection through a formal application/interview process; pass background check, keep current on all mandated City training; maintain good standing Volunteer Appreciation: Annual food/golf event for all volunteers (course site rotates each year)
Benefit Eligibility: Volunteer member is required to work a minimum of 3 shifts per month.

Benefit is solely applicable to individual volunteer (no guest/family/friends).

Benefit: The benefits below are available to volunteers.

One (1) complimentary round of golf for every 3 shifts worked 50% discount on cart fee
25% discount on food purchased during their shift
Benefit Redemption: Monday through Thursday any time after 1pm* *No volunteer tee-time reservations may be made in advance.

The ability to play golf is based on available tee-times on the day of play.

Standby only - daily wait list, first come-first serve as tee times are available.

Volunteers playing in an Outing, Tournament, Group Play, or any organized play with a contracted price with the golf course, will pay the contracted fee and may not utilize their complimentary round.

No guarantee made to accommodate complimentary golf. Complimentary rounds earned, reset every 30 days.

General Coordination between City and Kemper:

Volunteers managed by City Staff. Onsite instruction and general supervision provided by Golf staff.

City staff prepares a monthly schedule and assigns volunteers based upon Kemper’s operational needs and volunteer availability.

Schedule is forwarded to respective course’s golf staff in Pro Shop.

Volunteer reports to course a minimum of 10 minutes prior to start of shift to check-in and receive general information and any special instruction.

Golf staff maintain record of shifts served, tracks complimentary golf and provides monthly report to City.

City of Fairfield Golf Course Volunteer Program
Program Schedule: 3 shifts per day (1 person per shift); typical shift 5 hours – this is subject to change based upon season and operational impact with large outing/tournaments as well as inclement weather.

Role: Primary - serve as Ambassador for City’s golf courses Customer service – greet players, promote golf special events and tournaments Etiquette – assist/monitor pace of play, inform/remind players of responsibility to fill divots, raking bunkers, ball mark repair
Course Beautification – assist with trash pick-up on courses and surrounding property, and as needed, fill divots, repair ball marks
Qualification: Selection through a formal application/interview process; pass background check, keep current on all mandated City training; maintain good standing Volunteer Appreciation: Annual food/golf event for all volunteers (course site rotates each year) Benefit Eligibility: Volunteer member is required to work a minimum of 3 shifts per month.

Benefit is solely applicable to individual volunteer (no guest/family/friends).

Benefit: The benefits below are available to volunteers.

One (1) complimentary round of golf for every 3 shifts worked 50% discount on cart fee
25% discount on food purchased during their shift
Benefit Redemption: Monday through Thursday any time after 1pm* *No volunteer tee-time reservations may be made in advance.

The ability to play golf is based on available tee-times on the day of play.

Standby only - daily wait list, first come-first serve as tee times are available.

Volunteers playing in an Outing, Tournament, Group Play, or any organized play with a contracted price with the golf course, will pay the contracted fee and may not utilize their complimentary round.

No guarantee made to accommodate complimentary golf. Complimentary rounds earned, reset every 30 days.

Agenda Item No: K.3

AGENDA REPORT
DATE: July 7, 2026

TO: Mayor and Council

FROM: David Gassaway, City Manager

SUBJECT: Resolution 2026-157 FN CFD Bonds One Lake (Planning Area 5)

Authorizing the Issuance and Sale of Special Tax Bonds for City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) with Respect to its Improvement Area No. 1, and Approving and Authorizing Related Documents and Actions

Funding Source: N/A

Contact: John Furtado, (707) 428-7629

RECOMMENDED ACTION
Adopt resolution.

STATEMENT OF ISSUE
City Council previously conducted proceedings under the Mello-Roos Community Facilities Act of 1982 (“Mello -Roos Act”) to form (i) “City of Fairfield Community Facilities District No. 2023 -1 (One Lake Planning Area 5)” (“CFD 2023 -1”) and (ii) “Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023 -1 (One Lake Planning Area 5)” (“Improvement Area No. 1”).

After the original formation proceedings, the City undertook change proceedings for Improvement Area No. 1 in order to (among other things) adopt an Amended and Restated Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 (“RMA”) and increase the bonded indebtedness limit for Improvement Area No. 1 from $90,000,000 to $100,000,000.

Staff recommends that the council adopt the attached resolution in order to authorize the sale of Special Tax Bonds, Series 2026A (“2026A Bonds”) for CFD 2023-1 with respect to Improvement Area No. 1 in an amount not to exceed $15,250,000 and approve related documents and actions, including the Preliminary Official Statement, Continuing Disclosure Certificate, First Supplement to Fiscal Agent Agreement, and Bond Purchase Agreement.

DISCUSSION
Background Information About the One Lake Project and the Related Development Agreement.

The property in Improvement Area No. 1 is part of a 358.5 -acre master -planned community known as “One Lake” (One Lake Project) b eing developed by One Lake Holding LLC, a Delaware limited liability company (Master Developer). The One Lake Project comprises the property known as Planning Area 4 and Planning Area 5 of the Fairfield Train Station Specific Plan, adopted by the council on July 26, 2011, as amended (Specific Plan).

The One Lake Project is being developed in numerous phases that are anticipated to ultimately consist of 1,937 single -family and multi -family homes and a 190 -unit apartment complex, with approximately 20,000 s quare feet of commercial/retail space. The Master Developer is not a homebuilder and is developing the property through the sale of finished lots to merchant builders.

Improvement Area No. 1 comprises the majority of Planning Area 5. Planning Area 4 is within a separate community facilities district previously formed by the City and known as the City of Fairfield Community Facilities District No. 2019-1 (One Lake) (“CFD No. 2019-1”).

Ownership and Development of Planning Area 5; Improvement Area No. 1.

The property within Improvement Area No. 1 is anticipated to be improved with 932 residential units, 12.77 acres of public parks, and public street improvements. The residential units are anticipated to consist of 816 single -family detached homes and 116 single-family detached courtyard cluster homes. As of June 1, 2026, the date of value of the Appraisal (as defined below), the property in Improvement Area No. 1 consisted of 120 completed homes, 41 lots with homes under construction, 52 parcels with bui lding permits pulled, 191 finished lots and 528 rough - graded lots.

As of June 1, 2026, the following merchant builders (“Merchant Builders”) and land -banking entities had acquired the following lots within Improvement Area No. 1:

• Lennar Homes of California, LLC, a California limited liability company (“Lennar Homes”), had acquired 131 lots within Neighborhood O and Neighborhood R. • Tri Pointe Homes Holdings (formerly known as TRI Pointe Homes, Inc.), a Delaware corporation, or an affiliate thereof (“Tri Pointe”), had acquired 20 lots in Neighborhood L and 20 lots in Neighborhood K-1.
• Century Communities of California, LLC, a Delaware limited liability company (“Century Communities”), had acquired all of the 69 lots in Neighborhood J. • KB Home North Bay LLC, a Delaware limited liability company (“KB Home”), closed escrow on all of the 85 lots in Neighborhood C.
• DRP CA4, LLC (“K. Hovnanian Land Bank”), as assignee of K. Hovanian Homes Northern California, Inc., a California corporation (“K. Hovnanian”), closed escrow on all of the 67 lots in Neighborhood A/B.

The Master Developer reports that it is continuing to market the other neighborhoods to merchant builders.

The ownership and development status of Improvement Area No. 1 as of June 1, 2026, is summarized below in the following table:

Property Owner/
Merchant Builder Number of Lots Development Type Development Status (1) Lennar Homes 52 Single Family Detached Finished Lots
Tri-Pointe 33 Courtyard Clusters Finished Lots
Century Communities 61 Single Family Detached Finished Lots K. Hovnanian (1) 67 Single Family Detached Finished Lots KB Home 85 Single Family Detached Finished Lots
Individual Homeowners 94 Both Completed Homes
Master Developer (2) 540 Both Rough Graded/Finished Lots 932

(1) All of these lots are currently held by the K. Hovnanian Land Bank. (2) Tri Pointe is scheduled to acquire the12 lots in neighborhood K-2 from the Master Developer on or about June 30, 2026.

Outstanding 2024A Bonds.

The City is authorized to levy special taxes and incur indebtedness for and on behalf of CFD 2023- 1 to finance the costs of infrastructure associated with the One Lake Project.

Pursuant to a Fiscal Agent Agreement, dated as of December 1, 2024 (“Master Fiscal Agent Agreement”), by and between the City and The Bank of New York Mellon Trust Company, N.A. (“Fiscal Agent”), council previously issued the following special tax bonds on behalf of CFD 2023- 1 with respect to Improvement Area No. 1 (“2024A Bonds”): $36,500,000 Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023 -1 (One Lake Planning Area 5) Special Tax Bonds, Series 2024A.

Proposed 2026A Bonds.

The City will use the proceeds of the 2026A Bonds to acquire authorized public improvements from the Master Developer. Pursuant to the resolution, the effective interest rate on the 2026A Bonds cannot exceed 6.000%. Based on current market conditions , the 2026A Bonds are estimated to be issued in the amount of $14,040,000 and carry a true interest cost of approximately 5.160%.

Based on the appraisal completed by BBG, Inc., the value of the property in Improvement Area No. 1 has been determined to be not less than $203,805,000 as of June 1, 2026. The value to lien ratio (which compares the market value of the property in Improvement Area No. 1 to the principal amount of the 2024A Bonds, the proposed principal amount of the 2026A Bonds to be issued and the principal amount of bonds issued by overlapping community facilities districts and assessment districts) will be at least 3:1.

The financing is expected to close in August 2026. Debt service on the 2026A Bonds is payable only from special taxes levied annually on taxable properties within Improvement Area No. 1 of CFD 2023-1 in the manner set forth in RMA. The 2026A Bonds will not have any impact on the City’s General Fund.

Proposed Resolution and Related Documents.

In order to complete the financing, council is being asked to approve each of the following:

 Resolution. Resolution of the City Council authorizing the issuance of bonds for CFD 2023- 1 with respect to Improvement Area No. 1 and approving related documents and actions.

 Preliminary Official Statement. The Official Statement is the primary disclosure document for investors in the 2026A Bonds. A Preliminary Official Statement will be circulated to potential investors prior to the pricing of the 2026A Bonds. After the 2026A Bonds have been priced, a Final Official Statement will be circulated to investors; the Final Official Statement should be identical to the Preliminary Official Statement except for the addition of pricing information (principal amount, interest rates, redemption terms).

The Preliminary Official Statement describes the special taxes to be levied in the Improvement Area No. 1 and the ownership of and development plans and status for the property within Improvement Area No. 1. The Preliminary Official Statement will also include the appraisal of the taxable parcels in Improvement Area No. 1.

The Preliminary Official Statement is prepared by Jones Hall, serving the City as disclosure counsel for this transaction, with the assistance of the financin g team, including City staff; the Master Developer; the merchant builders; the City’s municipal advisor; Stifel Nicolaus and Company, Incorporated (“Underwriter”), the underwriter of the 2026A Bonds; and the City’s special tax consultant.

The Preliminary Official Statement has been reviewed and approved for transmittal to the council by the City’s financing team. The distribution of the Preliminary Official Statement by the City is subject to federal securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. These laws require the Preliminary Official Statement to include all facts that would be material to an investor in the 2026A Bonds. Material information is information that there is a substantial likelihood that would have actual significance in the deliberations of the reasonable investor when deciding whether to buy or sell the bonds. If the council concludes that the Preliminary Official Statement includes all facts that would be material to an investor in the 2026A Bonds, it must adopt a resolution that authorizes staff to execute a certificate to the effect that the Preliminary Official Statement has been “deemed final.”

The Securities and Exchange Commission (SEC), the agency with regulatory authority over the City’s compliance with the federal securities laws, has issued guidance as to the duties of the council with respect to its approval of the Preliminary Official Statement. In its “Report of Investigation in the Matter of County of Orange, California as it Relates to the Conduct of the

Members of the Board of Supervisors” (Release No. 36761 / January 24, 1996) (“Release”), the SEC stated that, if a member of the council has knowledge of any facts or circumstances that an investor would want to know about pri or to investing in the 2026A Bonds, whether relating to their repayment, tax-exempt status, undisclosed conflicts of interest with interested parties, or otherwise, he or she should endeavor to discover whether such facts are adequately disclosed in the Preliminary Official Statement. In the Release, the SEC stated that the steps that a member of the council could take include becoming familiar with the Preliminary Official Statement and questioning staff and consultants about the disclosure of such facts.

The key sections of the Preliminary Official Statement are summarized below:

 “THE 2026 BONDS”: This section summarizes the key terms of the 2024 Bonds, including payment dates and redemption provisions.
 “SECURITY FOR THE BONDS”: This section summarizes key security terms, including the City’s pledge of special tax revenues, its covenant to levy special taxes according to the RMA and its covenant to foreclose on parcels that are delinquent in the payment of special taxes. The 2026A Bonds are a limited obl igation of the City, payable only from special taxes levied in Improvement Area No.1 and monies in the funds and accounts established under the Fiscal Agent Agreement described below.
 “THE DISTRICT AND IMPROVEMENT AREA NO. 1”: This section summarizes certa in features of Improvement Area No. 1, including the appraised value of taxable property, overlapping taxes, assessments and debt and anticipated debt service coverage provided by maximum special taxes that may be levied under the RMA.
 “PROPERTY OWNERSHIP AND DEVELOPMENT STATUS”: This section includes information provided by the Master Developer and the merchant builders and describes the proposed development in Improvement Area No. 1 and its current status.  “BOND OWNERS’ RISKS”: This section highlights the primary risks associated with the 2026A Bonds, including failure to complete the proposed development, natural disasters and failure of property owners to pay their special taxes.
 “LEGAL MATTERS – Tax Exemption”: This section describes the tax-exempt nature of interest on the 2026A Bonds.

In addition to the Preliminary Official Statement, council is being asked to approve the following documents:

 Continuing Disclosure Certificate . Under SEC Rule 15c2 -12, the Underwriter may only purchase the 2026A Bonds if it has determined that the City is obligated to provide continuing disclosure, including annual updates of the financial and operating data included in the Official Statement an d notices of certain specified events. The Master Developer and Lennar Homes each will also provide continuing disclosure on a semi - annual basis, and the Preliminary Official Statement describes the circumstances under which their disclosure obligations will terminate.

 First Supplement to the Fiscal Agent Agreement . The First Supplement to Fiscal Agent Agreement (“First Supplement”) supplements the Master Fiscal Agent Agreement for the purpose of providing for the issuance of the2026A Bonds and the use of special taxes from Improvement Area No. 1 to pay debt service on the 2024A Bonds and the 2026A Bonds.

The special taxes will be levied on the regular County tax roll and collected by the County from each taxable parcel in Improvement Area No. 1. The County will remit these special taxes to the City. The City will remit them to the fiscal agent as provided for in the Fiscal Agent Agreement. The Fiscal Agent will use the revenues to (1) pay administrative costs of CFD 2023 -1 and (2) pay principal of and inte rest on the 2024A Bonds and the 2026A Bonds to the bond owners.

 Bond Purchase Agreement. At the time the 2026A Bonds are sold, the City will enter into a Bond Purchase Agreement with the Underwriter, who will agree to underwrite the 2026A Bonds subject t o satisfaction of the conditions described in the Bond Purchase Agreement. The resolution provides the Underwriter’s discount on the purchase of the 2026A Bonds shall not exceed 1.800% of the par amount of the 2026A Bonds.

FINANCIAL IMPACT
There is no General Fund or fiscal impact to the City. The 2026A Bonds will be payable only from special taxes levies in Improvement Area No. 1.

PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
N/A

ALTERNATIVE ACTION
The council may choose not to approve the attached resolution, in which case the 2026A Bonds would not be issued. However, pursuant to the Development Agreement, the City has agreed to cooperate with the Master Developer in forming CFD 2023 -1 and issuing indebtedness for CFD 2023-1.

COORDINATED WITH
City Attorney’s Office

STAFF CONTACT
John Furtado, Director of Finance
(707) 428-7629
[email protected]

ATTACHMENTS
Attachment 2: Proposed Resolution
Attachment 3: Appendix A Government Code Section 5852.1 Disclosure Attachment 4: Preliminary Official Statement, Including Continuing Disclosure Certificate as Appendix E
Attachment 5: Bond Purchase Agreement

Attachment 6: First Supplement to Fiscal Agent Agreement Attachment 7: Resolution 2023-35

CITY OF FAIRFIELD

RESOLUTION NO. 2026-157

AUTHORIZING THE ISSUANCE AND SALE OF SPECIAL TAX BONDS FOR CITY OF FAIRFIELD COMMUNITY FACILITIES DISTRICT NO. 2023-1 (ONE LAKE PLANNING AREA 5) WITH RESPECT TO ITS IMPROVEMENT AREA NO. 1, AND APPROVING AND AUTHORIZING RELATED

DOCUMENTS AND ACTIONS

WHEREAS, the council has conducted proceedings under and pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5 (commencing with Section 53311) of the California Government Code (“Mello-Roos Act”), to form “City of Fairfield Community Facilities District No. 2023 -1 (One Lake Planning Area 5)” (“CFD”) and “Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023 -1 (One Lake Planning Area 5)" (“Improvement Area No. 1”), to authorize the levy of special taxes upon the land within Improvement Area No. 1 and issue bonds secured by the special taxes levied in Improvement Area No. 1 for financing certain public improvements (“Authorized Facilities”) in the aggregate principal amount of $90,000,000, all as described in those proceedings; and

WHEREAS, on October 15, 2024, the qualified electors of Improvement Area No. 1 approved an Amended and Restated Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 and an increase in the Improvement Area No. 1 Bonded Indebtedness Limit to $100,000,000, and the council approved the Amended and Restated Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 and the increased Improvement Area No. 1 Bonded Indebtedness Limit pursuant to Resolution No. 2024- 256, adopted on October 15, 2024 (“Resolution of Change”); and

WHEREAS, on October 18, 2016, by Resolution No. 2016 -237, the council adopted a Resolution adopting local goals and policies for community facilities districts (the “Goals and Policies”); and

WHEREAS, pursuant to Resolution No. 2023 -35, which was adopted by the council on February 21, 2023 (“Original Resolution of Issuance”), the council authorized the issuance of up to $90,000,000 of bonded indebtedness and other debt on behalf of the CFD with respect to Improvement Area No. 1, directed staff to prepare documentation for such bonded indebtedness and other debt and return to this council for approval of such documentation; and

WHEREAS, pursuant to Resolution No. 2024-253, which was adopted by the council on October 15, 2024 to supplement the Original Resolution of Issuance as a result of the council’s adoption of the Resolution of Change on the same date (“First Supplemental Resolution of Issuance”), and a Fiscal Agent Agreement, dated as of December 1, 2024 (“Master Fiscal Agent Agreement”), by and between the City and The Bank of New York Mellon Trust Company, N.A. (“Fiscal Agent”), which authorized the issuance of bonds in the aggregate principal a mount of $100,000,000 in accordance with the Resolution of Change , and which Master Fiscal Agent Agreement was incorporated by reference in Resolution No. 2024-253, the council previously issued the following

RES. NO. 2026-157

special tax bonds on behalf of the CFD with respect to Improvement Area No. 1 (“2024 Bonds”):
$36,500,000 Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) Special Tax Bonds, Series 2024A; and

WHEREAS, the council now wishes to supplement the Original Resolution of Issuance to provide for the issuance of one or more additional series of special tax bonds (the “Bonds”) on a parity basis with the 2024 Bonds to finance a portion of the Authorized Facilities and related costs and expenses; and

WHEREAS, there has been submitted to this council a form of a First Supplement to the Fiscal Agent Agreement between the City and the Fiscal Agent (“First Supplement”; together with the Master Fiscal Agent Agreement, “Fiscal Agent Agreement”), which supplements the Master Fiscal Agent Agreement for the purposes of issuing one or more additional series of special tax bonds, and this council with the aid of its staff has reviewed the First Supplement and found it to be in proper order; and

WHEREAS, there has also been submitted to this council a form of preliminary Official Statement in connection with the marketing of the Bonds and this council, with the aid of its staff, has reviewed the preliminary Official Statement to assure disclosure of all materi al facts relating to the Bonds, and the council wishes to approve the distribution of the preliminary Official Statement; and

WHEREAS, in accordance with Government Code Section 5852.1, the council has obtained and wishes to disclose the information set forth in Appendix A hereto; and

WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the Bonds and the l evy of the special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Mello-Roos Act.

NOW, THEREFORE, THE COUNCIL OF THE CITY OF FAIRFIELD HEREBY RESOLVES:

Section 1. Recitals. The foregoing recitals are true and correct.

Section 2. Bonds Authorized. Pursuant to the Mello -Roos Act, the Original Resolution of Issuance, this Resolution and the Fiscal Agent Agreement, one or more series of Bonds, in an aggregate principal amount not to exceed $15,250,000, are hereby authorized to be issued. The Bonds shall be dated, bear interest at the rates, mature on the dates, be issued in the form, be subject to redemption, and otherwise be issued on the terms and conditions, all as set forth in the Fiscal Agent Agreement and in accordance with this Resolution; provided, however, that the

RES. NO. 2026-157

interest rate borne by each series of Bonds shall not exceed the maximum rate authorized in this Resolution. The Bonds may be issued as tax-exempt bonds or as taxable bonds. The Fiscal Agent, an Authorized Officer (as defined herein) and other responsible offi cers of the City are hereby authorized and directed to take such actions as are required to cause the delivery of the Bonds upon receipt of the purchase price thereof.

Section 3. Compliance with the Goals and Policies. The council hereby finds that the issuance of the Bonds is in compliance with the Mello-Roos Act and applicable provisions of the City’s Goals and Policies. More specifically, this council hereby makes the following determinations:
a. The rate and method of apportionment of special taxes for Improvement Area No. 1 is in compliance with the Goals and Policies.
b. The appraisal described in the preliminary Official Statement (the “Appraisal”) has been prepared in accordance with the Goals and Policies. c. Section 53345.8 of the Mello-Roos Act requires, with certain exceptions, that the value of the real property subject to special taxes levied in Improvement Area No. 1 must be at least three times the principal amount of the Bonds and the principal amount of all other bonds that will be outstanding following issuance of the Bonds that are secured by a special tax levied pursuant to the Mello-Roos Act on property within the Improvement Area No. 1 or a special assessment levied on property within Improvement Area No. 1, and this council hereby determines t hat the Appraisal concludes that the market value of the property within Improvement Area No. 1 (subject to the various assumptions and conditions set forth in the Appraisal) is at least three times (i) the maximum initial principal amount of the Bonds authorized by this Resolution and (ii) the outstanding principal amount of all other outstanding bonds that are secured by a special tax or special assessment levied on property within Improvement Area No. 1.
d. The provision requiring property owners to provid e continuing disclosure as long as they own property that is responsible for at least 10% of the special taxes in Improvement Area No. 1 is hereby waived so that the threshold can be established for the Bonds at a level acceptable to the Underwriter.

Section 4. Authorities Granted. To the extent permitted by law, the Mayor, the City Manager, the Finance Director or such other official of the City as may be designated by the Mayor, the City Manager or the Finance Director (each, an “Authorized Officer”) is hereby authorized and directed to execute and deliver the documents approved herein in substantially the form on file with the City Clerk, together with such additions or changes as are approved by such Authorized Officer upon consultation with the City At torney and the City’s bond counsel, including such additions or changes as are necessary or advisable to permit the timely issuance, sale and delivery of the Bonds. The approval of such additions or changes shall be conclusively evidenced by the execution and delivery by an Authorized Officer of the documents herein specified.

RES. NO. 2026-157

Section 5. First Supplement to Fiscal Agent Agreement. The council hereby approves the form of the First Supplement with respect to the Bonds, in substantially the form on file with the City Clerk. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the First Supplement as finally executed and delivered. The terms and provisions of the First Supplement, as executed, are incorporated herein by this reference as if fully set forth herein. An Authorized Officer is hereby authorized and directed to execute the First Supplement on behalf of the City, with such changes, additions or deletions as may be approved by the Authorized Officer, and the City Clerk is hereby authorized and directed to attest thereto, subject to such First Supplement complying with the terms set forth in this Resolution.

Section 6. Official Statement. The council hereby approves the Official Statement prepared in connection with the Bonds in the form on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by an Authorized Officer after consultation with the City’s disclosure counsel. The Board hereby approves and authorizes the distribution by the Underwriter of the Bonds (defined below) of the preliminary Official Statement to prospectiv e purchasers of the Bonds, and authorizes and directs an Authorized Officer on behalf of the City to deem the preliminary Official Statement “final” pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (“Rule”) prior to its distribution to pr ospective purchasers of the Bonds.

The execution of the final Official Statement, which shall include then current financial information regarding Improvement Area No. 1 and such other changes and additions thereto deemed advisable by an Authorized Officer and such information permitted to be excluded from the preliminary Official Statement pursuant to the Rule, shall be conclusive evidence of the approval of the Official Statement by the City.

Section 7. Continuing Disclosure . The council hereby approves the form of the continuing disclosure certificate (“Continuing Disclosure Certificate”) with respect to the Bonds in the form thereof attached to the Official Statement on file with the City Clerk. An Authorized Officer is hereby authorized and directed t o complete and execute the Continuing Disclosure Certificate on behalf of the City with such changes, additions or deletions as may be approved by the Authorized Officer in consultation with the City’s disclosure counsel.

Section 8. Bond Purchase Agree ment. The council hereby approves the form of the Bond Purchase Agreement ("Purchase Contract") providing for the sale of the Bonds by the City to Stifel, Nicolaus & Company, Incorporated, as underwriter ("Underwriter"), on file with the City Clerk and each of the Authorized Officers is hereby authorized to execute the Purchase Contract in the form so approved, with such additions thereto and changes therein as are necessary to conform the Purchase Contract to the dates, amounts and interest rates applicable to the Bonds as of the sale date or as are approved by an Authorized Officer upon consultation with the City Attorney and the City’s bond counsel; provided that the maximum amount of Underwriter’s

RES. NO. 2026-157

discount on the sale of each series of Bonds may not exce ed 1.800% of the par amount of such series of Bonds , and the true interest cost of each series of Bonds may not exceed 6.000% .

Approval of such additions and changes shall be conclusively evidenced by the execution and delivery of the Purchase Contract by an Authorized Officer. This council hereby finds that sale of the Bonds to the Underwriter at a negotiated sale pursuant to the Purchase Contract will result in a lower overall cost than would be achieved by selling the Bonds utilizing competitive bidding.

Section 9. Bond Delivery. The Bonds shall be prepared, executed and delivered to the Fiscal Agent for authentication, all in accordance with the terms of the Fiscal Agent Agreement and the Purchase Contract.

Section 10. Actions Authorized. All actions heretofore taken by the officers and agents of the City (including, but not limited to, the Authorized Officers) with respect to the establishment of the CFD and Improvement Area No. 1, the annexation of properties to Improvement Area No. 1, the levy o f the special tax and the issuance of the Bonds are hereby approved, confirmed and ratified, and the appropriate officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certifica tes, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to accomplish the purposes of this Resolution and consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, any det ermination authorized by this Resolution, and any certificate, agreement, and other document described in the documents herein approved. All actions to be taken by an Authorized Officer, as defined herein, may be taken by such Authorized Officer or any de signee, with the same force and effect as if taken by the Authorized Officer.

Section 11. Effectiveness. This Resolution shall take effect upon its adoption.

RES. NO. 2026-157

PASSED AND ADOPTED this 7th day of July 2026, by the following vote:

AYES: MEMBERS: VACCARO/BERTANI/CARR/PANDURO/SANDHU/TONNESEN/WILLIAMS NOES: MEMBERS: _________________________________________________ ABSENT: MEMBERS: _________________________________________________ ABSTAIN: MEMBERS: _________________________________________________

_________________________________________________
MAYOR
ATTEST:
___________________________

CITY CLERK

Appendix A
Government Code Section 5852.1 Disclosure

The good faith estimates set forth herein are provided with respect to the Bonds in accordance with California Government Code Section 5852.1. Such good faith estimates have been provided to the City by PFM Financial Advisors LLC, the City’s Municipal Advisor, in consultation with the Underwriter.

Principal Amount. The Municipal Advisor has informed the City that, based on the CFD financing plan and current market conditions, its good faith estimate of the aggregate principal amount of the Bonds to be sold is $15,250,000, not including original issue premium (the “Estimated Principal Amount”).

True Interest Cost of the Bonds. The Municipal Advisor has informed the City that, assuming that the Esti mated Principal Amount of the Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the true interest cost of the Bonds, which means the rate necessary to discount the amounts p ayable on the respective principal and interest payment dates to the purchase price received for the Bonds, is 5.160%.

Finance Charge of the Bonds . The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Bond s is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the finance charge for the Bonds, which means the sum of all fees and charges paid to third parties (or costs associated with t he Bonds), is $538,680. Such fees and charges include fees for bond and disclosure counsel, municipal advisor, appraiser, market absorption consultant, special tax consultant, fiscal agent, city attorney and staff time related to bond issuance, set-aside for Fiscal Year 2025-26 CFD administrative expenses, printing, and underwriting.

Amount of Proceeds to be Received. The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the amount of proceeds expected to be received on behalf of the CFD and Improvement Area No.1 for sale of the Bonds, less the finance charge of the Bonds, as estimated above, and any reserves or capitalized interest paid or funded with proceeds of the Bonds, is $12,755,633.

Total Payment Amount . The Municipal Advisor has informed the City that, assuming that the Estimated Principal Amount of the Bonds is sold, and based on market interest rates prevailing at the time of preparation of such estimate, its good faith estimate of the total payment amount, which means the sum total of all payments that the Improvement Area No.1 property owners will make to pay debt service on the Bonds, plus the finance charge for the Bonds, as described above, not paid with the proceeds of the Bonds (including the Bond proceeds deposited into a debt service reserve fund), calculated to the final maturity of the Bonds, is $30,963,700.

RES. NO. 2026-___

The foregoing estimates constitute good faith estimates only. The actual principal amount of the Bonds issued and sold, the true interest cost thereof, the finance charges thereof, the amount of proceeds received therefrom and total payment amount with respect thereto may differ from such good faith estimates due to (a) the actual date of the sale of the Bonds being different than the date assumed for purposes of such estimates, (b) the actual principal amount of Bonds sold being different from the Esti mated Principal Amount, (c) the actual amortization of the Bonds being different than the amortization assumed for purposes of such estimates, (d) the actual market interest rates at the time of sale of the Bonds being different than those estimated for purposes of such estimates, (e) other market conditions, or (f) alterations in the CFD financing plan, delays in the financing, or a combination of such factors. The actual date of sale of the Bonds and the actual principal amount of Bonds sold will be determined by the City based on the timing of the need for proceeds of the Bonds and other factors. The actual interest rates borne by the Bonds will depend on market interest rates at the time of sale thereof. The actual amortization of the Bonds will also depend, in part, on market interest rates at the time of sale thereof. Market interest rates are affected by economic and other factors beyond the control of the City.

This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

JH Draft: 6/22/2026 PRELIMINARY OFFICIAL STATEMENT DATED [______________], 2026 NEW ISSUE—BOOK-ENTRY ONLY NOT RATED In the opinion of Jones Hall LLP, San Mateo, California, Bond Counsel, subject, however to certain qualifications described herein, under existing law, the interest on the 2026 Bonds is excluded from gross income for federal income tax purposes, and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals; however, such interest on the 2026 Bonds may be taken into account for the purpose of computing the alternative minimum tax imposed on certain corporations. In the further opinion of Bond Counsel, such interest is exempt from California personal income taxes. See “LEGAL MATTERS – Tax Exemption.” $[_]* IMPROVEMENT AREA NO. 1 OF THE CITY OF FAIRFIELD COMMUNITY FACILITIES DISTRICT NO. 2023-1 (ONE LAKE PLANNING AREA 5) SPECIAL TAX BONDS, SERIES 2026A Dated: Date of Delivery Due: September 1, as shown on inside cover Authority for Issuance. The bonds captioned above (the “2026 Bonds”) are being issued by the City of Fairfield (the “City”) for and on behalf of the “City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5)” (the “District”) with respect to its “Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5)” (“Improvement Area No. 1”), pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”), the Resolution of Issuance and a Fiscal Agent Agreement dated as of December 1, 2024 (the “Master Fiscal Agent Agreement”), as supplemented by a First Supplement to Fiscal Agent Agreement dated August 1, 2026 (as supplemented, the “Fiscal Agent Agreement”), by and between the City, for and on behalf of the District, and The Bank of New York Mellon Trust Company, N.A., as fiscal agent (the “Fiscal Agent”). Use of Proceeds. The 2026 Bonds are being issued to (i) finance the acquisition and construction of certain facilities and improvements to be owned and operated by the City, (ii) contribute additional funds to the debt service reserve fund established and held by the Fiscal Agent under the Fiscal Agent Agreement securing the 2026 Bonds and the 2024 Bonds, (iii) pay capitalized interest on the 2026 Bonds through _______________, 20__, and (iv) pay the costs of issuing the 2026 Bonds. Security and Sources of Payment. The 2026 Bonds are payable from proceeds of Special Tax Revenues levied on property within Improvement Area No. 1 according to the rate and method of apportionment of special tax approved by the City Council and the eligible landowner voters in Improvement Area No. 1, as amended. The 2026 Bonds are secured by a first pledge of all of the Special Tax Revenues and the moneys on deposit in certain funds held by the Fiscal Agent under the Fiscal Agent Agreement, on a parity with (i) the bonds previously issued by the District captioned “$36,500,000 City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) Special Tax Bonds, Series 2024A” (the “2024 Bonds”), and (ii) additional bonds that may be issued in the future (“Parity Bonds”) on a parity with the 2026 Bonds and the 2024 Bonds, subject to the conditions set forth in the Fiscal Agent Agreement. See “SECURITY FOR THE BONDS” and “THE 2026 BONDS – Issuance of Future Parity Bonds.” Bond Terms; Redemption. Interest on the 2026 Bonds is payable on March 1, 2027, and semiannually thereafter on each March 1 and September 1. The 2026 Bonds will be issued in integral multiples of $5,000. The 2026 Bonds, when delivered, will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the 2026 Bonds. The 2026 Bonds are subject to optional redemption, mandatory sinking fund redemption and mandatory redemption from prepaid Facilities Special Taxes. See “THE 2026 BONDS – Redemption.” The 2026 Bonds, the interest thereon, and any premiums payable on the redemption of any of the 2026 Bonds, are not an indebtedness of the City (except to the limited extent described in this Official Statement), the State of California (the “State”) or any of its political subdivisions, and neither the City (except to the limited extent described in this Official Statement), the State nor any of its political subdivisions is liable on the 2026 Bonds. Neither the faith and credit nor the taxing power of the City (except to the limited extent described in this Official Statement) or the State or any political subdivision thereof is pledged to the payment of the 2026 Bonds or interest thereon. Other than the Facilities Special Taxes, no taxes are pledged to the payment of the 2026 Bonds. The 2026 Bonds are not a general obligation of the City, but are limited obligations of the City payable solely from the Special Tax Revenues as more fully described in this Official Statement. MATURITY SCHEDULE (see inside cover) This cover page contains certain information for quick reference only. It is not a summary of the issue. Potential investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Investment in the 2026 Bonds involves risks which may not be appropriate for some investors. See “BOND OWNERS' RISKS” for a discussion of special risk factors that should be considered in evaluating the investment quality of the 2026 Bonds. The 2026 Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Jones Hall LLP, San Mateo, California, Bond Counsel, and subject to certain other conditions. Jones Hall LLP is also serving as disclosure counsel to the City. Certain matters will be passed upon for the City by Richards, Watson and Gershon, San Francisco, California, acting as the City Attorney. Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, is serving as counsel to the Underwriter, and Cox, Castle Nicholson LLP, San Francisco, California, is serving as counsel to One Lake Holding LLC, the Master Developer. It is anticipated that the 2026 Bonds, in book-entry form, will be available for delivery through the facilities of DTC on or about [_], 2026.

The date of this Official Statement is: ___________, 2026. ¨ * Preliminary; subject to change.

MATURITY SCHEDULE* $_______ IMPROVEMENT AREA NO. 1 OF THE CITY OF FAIRFIELD COMMUNITY FACILITIES DISTRICT NO. 2023-1 (ONE LAKE PLANNING AREA 5) SPECIAL TAX BONDS, SERIES 2026A $_________ Serial Bonds Maturity Date (September 1) Principal Amount Interest Rate Yield Price CUSIP† (Base ______) $______ ___% Term Bond due September 1, 20__, Yield: ____%, Price: ____ CUSIP† No. _____ $______ ___% Term Bond due September 1, 20__, Yield: ____%, Price: ____ CUSIP† No. _____ C Priced to first optional redemption date of __________________ at _____. † CUSIP Global Services (CGS) is managed on behalf of American Bankers Association by FactSet Research Systems Inc. Copyright(C) CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP(C) numbers are provided for convenience of reference only. Neither the City nor the Underwriter or their agents or counsel assume responsibility for the accuracy of such numbers. * Preliminary; subject to change.

CITY OF FAIRFIELD CITY COUNCIL [Vacant], Mayor1 Pam Bertani, Vice Mayor K. Patrice Williams, Councilmember Scott Tonnesen, Councilmember Doug Carr, Councilmember Doriss Panduro, Councilmember Manveer Sandhu, Councilmember CITY EXECUTIVE STAFF David Gassaway, City Manager John Furtado, Director of Finance Sanjay Mishra, Public Works Director David Zellers, Director of Community Development CITY TREASURER Arvinda Krishnan CITY CLERK Karen L. Rees CITY ATTORNEY Richards, Watson & Gershon San Francisco, California ___________________________________ PROFESSIONAL SERVICES BOND AND DISCLOSURE COUNSEL Jones Hall LLP San Mateo, California MUNICIPAL ADVISOR PFM Financial Advisors LLC San Francisco, California SPECIAL TAX CONSULTANT Goodwin Consulting Group, Inc. Sacramento, California APPRAISER BBG, Inc. Sacramento, California FISCAL AGENT The Bank of New York Mellon Trust Company, N.A. San Francisco, California 1 [TO COME]

GENERAL INFORMATION ABOUT THIS OFFICIAL STATEMENT No Offering May Be Made Except by this Official Statement. No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations with respect to the 2026 Bonds other than as contained in this Official Statement, and if given or made, such other information or representation must not be relied upon as having been authorized. No Unlawful Offers or Solicitations. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy in any state in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Effective Date. This Official Statement speaks only as of its date, and the information and expressions of opinion contained in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale of the 2026 Bonds will, under any circumstances, create any implication that there has been no change in the affairs of the City, the District, any other parties described in this Official Statement, or in the condition of property within Improvement Area No. 1 of the District since the date of this Official Statement. Use of this Official Statement. This Official Statement is submitted in connection with the sale of the 2026 Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. This Official Statement is not a contract with the purchasers of the 2026 Bonds. Preparation of this Official Statement. The information contained in this Official Statement has been obtained from sources that are believed to be reliable, but this information is not guaranteed as to accuracy or completeness. The Underwriter has provided the following sentence for inclusion in this Official Statement: The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. Document References and Summaries. All references to and summaries of the Fiscal Agent Agreement or other documents contained in this Official Statement are subject to the provisions of those documents and do not purport to be complete statements of those documents. Bonds are Exempt from Securities Laws Registration. The issuance and sale of the 2026 Bonds have not been registered under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, in reliance upon exemptions for the issuance and sale of municipal securities provided under Section 3(a)(2) of the Securities Act of 1933 and Section 3(a)(12) of the Securities Exchange Act of 1934. Estimates and Projections. Certain statements included or incorporated by reference in this Official Statement constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as “plan,” “expect,” “estimate,” “budget” or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The City does not plan to issue any updates or revisions to those forward-looking statements if or when its expectations, or events, conditions or circumstances on which such statements are based occur. The City maintains an Internet website, but the information on the website is not incorporated in this Official Statement.

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TABLE OF CONTENTS Page Page INTRODUCTION ............................................... 1 FINANCING PLAN ............................................ 7 Facilities Financing Plan ................................ 7 Estimated Sources and Uses of Funds ......... 7 THE 2026 BONDS ............................................ 8 Authority for Issuance .................................... 8 General Bond Terms ..................................... 8 Redemption ................................................... 9 Issuance of Future Parity Bonds ................. 11 Registration, Transfer and Exchange .......... 14 DEBT SERVICE SCHEDULE ......................... 16 SECURITY FOR THE BONDS ........................ 17 General ........................................................ 17 Limited Obligation ........................................ 18 Facilities Special Taxes ............................... 18 Amended Rate and Method ........................ 19 Covenant to Foreclose ................................ 25 Special Tax Fund ........................................ 27 Bond Fund ................................................... 29 2024 Reserve Fund ..................................... 31 Investment of Moneys in Funds .................. 32 THE DISTRICT AND IMPROVEMENT AREA NO. 1 ........................................................... 33 Formation and Background ......................... 33 Description and Location ............................. 34 Authorized Facilities .................................... 34 Projected Special Tax Revenues ................ 36 Appraised Values ........................................ 37 Appraised Value-to-Debt Ratios .................. 38 Direct and Overlapping Governmental Obligations .............................................. 42 Estimated Tax Burden on Single-Family Homes ..................................................... 43 History of Facilities Special Tax Collection and Delinquencies ................................... 44 Potential Consequences of Facilities Special Tax Delinquencies ...................... 44 PROPERTY OWNERSHIP AND DEVELOPMENT STATUS .......................... 46 The One Lake Project ................................. 46 Development Agreement ............................. 49 Conditions of Approval ................................ 50 Public Infrastructure Improvements Required for the One Lake Project .......... 53 Improvement Area No. 1 Development Status Summary ...................................... 54 Existing and Planned Sales to Merchant Builders ................................................... 56 Entitlements ................................................. 57 Environmental Matters ................................ 57 Master Developer Financing Plan for Improvement Area No. 1 .......................... 59 The Master Developer .................................. 63 Lennar Homes .............................................. 65 BOND OWNERS’ RISKS ................................. 81 Risks of Real Estate Secured Investments Generally .................................................. 81 Limited Obligation of the City to Pay Debt Service ..................................................... 81 Potential Early Redemption of Bonds from Facilities Special Tax Prepayments ......... 81 Concentration of Property Ownership .......... 82 Levy and Collection of the Facilities Special Tax ........................................................... 82 Property Tax Delinquencies ......................... 83 Future Property Development ...................... 84 Value to Lien Ratios ..................................... 84 Risks Related to Homeowners with High Loan to Value Ratios ................................ 85 Payment of Facilities Special Tax is not a Personal Obligation of the Property Owners ..................................................... 85 Appraised Values ......................................... 85 Property Values ............................................ 85 Other Possible Claims Upon the Value of Taxable Property ...................................... 88 Exempt Properties ........................................ 89 FDIC/Federal Government Interests in Properties ................................................. 89 Depletion of 2024 Reserve Fund ................. 91 Bankruptcy Delays ....................................... 91 Cyber Security .............................................. 92 Disclosure to Future Purchasers .................. 92 Public Health Emergencies .......................... 93 No Acceleration Provisions .......................... 93 Loss of Tax Exemption ................................. 93 IRS Audit of Tax-Exempt Bond Issues ......... 93 Impact of Legislative Proposals, Clarifications of the Code and Court Decisions on Tax Exemption .................... 93 Voter Initiatives ............................................. 94 No Ratings – Limited Secondary Market for Bonds ....................................................... 95 LEGAL MATTERS ........................................... 96 Legal Opinions ............................................. 96 Tax Exemption ............................................. 96 No Litigation ................................................. 97 CONTINUING DISCLOSURE .......................... 98 NO RATING ..................................................... 99 UNDERWRITING ............................................. 99 PROFESSIONAL FEES ................................. 100

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TABLE OF CONTENTS (continued) APPENDIX A – General Information About the City of Fairfield and Solano County APPENDIX B – Amended and Restated Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) APPENDIX C – Summary of Certain Provisions of the Fiscal Agent Agreement APPENDIX D – DTC and the Book-Entry Only System APPENDIX E – Form of City Continuing Disclosure Certificate APPENDIX F – Form of Master Developer Continuing Disclosure Certificate APPENDIX G – Form of Merchant Builder Continuing Disclosure Certificate APPENDIX H – Form of Opinion of Bond Counsel APPENDIX I – Appraisal Report APPENDIX J – Community Facilities District Boundary Map

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[REGIONAL LOCATION MAP]

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AERIAL PHOTO IMPROVEMENT AREA NO. 1 OF THE CITY OF FAIRFIELD COMMUNITY FACILITIES DISTRICT NO. 2023-1 (ONE LAKE PLANNING AREA 5)

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__________________________________ OFFICIAL STATEMENT __________________________________ $[_]* IMPROVEMENT AREA NO. 1 OF THE CITY OF FAIRFIELD COMMUNITY FACILITIES DISTRICT NO. 2023-1 (ONE LAKE PLANNING AREA 5) SPECIAL TAX BONDS, SERIES 2026A INTRODUCTION This introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page, the inside cover and attached appendices, and the documents summarized or described in this Official Statement. A full review should be made of the entire Official Statement. The offering of the 2026 Bonds to potential investors is made only by means of the entire Official Statement. Capitalized terms used but not defined in this Official Statement have the definitions given in the Fiscal Agent Agreement (as defined below). This Official Statement, including the cover page, inside cover and attached appendices, is provided to furnish information regarding the bonds captioned above (the “2026 Bonds”) to be issued by the City of Fairfield (the “City”) for and on behalf of the “City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5)” (the “District”) with respect to its “Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5)” (“Improvement Area No. 1”). The City. The City, which comprises approximately 37 square miles, is located in the County of Solano (the “County”) approximately 44 miles northeast of San Francisco and 42 miles west of Sacramento. For economic and demographic information regarding the City and County, see “APPENDIX A – GENERAL INFORMATION ABOUT THE CITY OF FAIRFIELD AND SOLANO COUNTY.” Authority for Issuance of the 2026 Bonds. The 2026 Bonds are issued under the Act, a resolution adopted by the City Council of the City on July 7, 2026 (the “Resolution of Issuance”), and a Fiscal Agent Agreement dated as of December 1, 2024 (the “Master Fiscal Agent Agreement”), as supplemented by a First Supplement to Fiscal Agent Agreement dated as of August 1, 2026, (as so supplemented, “Fiscal Agent Agreement”), by and between the City, for and on behalf of the District, and The Bank of New York Mellon Trust Company, N.A., as fiscal agent (the “Fiscal Agent”). See “THE 2026 BONDS – Authority for Issuance.” Purpose of the 2026 Bonds. The proceeds of the 2026 Bonds will be used primarily to finance the acquisition and construction of certain facilities to be owned and operated by the City. The proceeds of the 2026 Bonds will also be used to (i) contribute additional funds to the debt service reserve fund established and held by the Fiscal Agent under the Fiscal Agent Agreement (the “2024 Reserve Fund”) securing the 2026 Bonds and the 2024 Bonds (as defined below), (ii) * Preliminary; subject to change.

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fund partial capitalized interest on the 2026 Bonds through March 1, 2027, and (iii) pay the costs of issuing the 2026 Bonds. See “FINANCING PLAN.” The District. The District and Improvement Area No. 1 were formed and established in February 2023 by the City Council of the City (the “City Council”), as legislative body of the District, under the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”), pursuant to a resolution adopted by the City Council following a public hearing, and a landowner election at which the qualified electors of Improvement Area No. 1 authorized the City to incur bonded indebtedness for the District with respect to Improvement Area No. 1 to be secured by the levy of the Facilities Special Taxes (as defined below), and approved the levy of special taxes for the purpose of financing authorized facilities (the “Facilities”) and authorized services in accordance with the Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) (the “Original Rate and Method”). On October 15, 2024, the City completed change proceedings for Improvement Area No. 1 in order to (among other things) amend the Original Rate and Method and approve the Amended and Restated Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 of the City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) (the “Amended Rate and Method”). The change proceedings also increased the bonded indebtedness limit for Improvement Area No. 1 from $90,000,000 to $100,000,000. See “THE DISTRICT AND IMPROVEMENT AREA NO. 1 – Formation and Background.” Special Taxes. The Amended Rate and Method provides for a Facilities Special Tax (the “Facilities Special Tax”) to be levied for the payment of debt service on the Bonds and the costs of the Facilities, and a Services Special Tax (the “Services Special Tax”) which will be levied for certain public services after a Transition Event, which is generally defined as a determination that all Bonds have been fully repaid or defeased, and no further Facilities are intended to be funded with the proceeds of the Facilities Special Tax. Only the Facilities Special Tax is pledged toward the payment of debt service on the 2026 Bonds. Security and Sources of Payment for the 2026 Bonds. Pursuant to the Fiscal Agent Agreement, the 2026 Bonds are secured by and payable from a first pledge of all of net proceeds of the Facilities Special Taxes (as more particularly defined in the Fiscal Agent Agreement, the “Special Tax Revenues”), on a parity with (i) the bonds previously issued by the District captioned “$36,500,000 City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) Special Tax Bonds, Series 2024A” issued by the City under the Master Fiscal Agent Agreement (the “2024 Bonds”), and (ii) any additional bonds that may be issued in the future, subject to the conditions set forth in the Fiscal Agent Agreement (“Parity Bonds”). See “THE 2026 BONDS – Issuance of Future Parity Bonds.” The 2026 Bonds will be additionally secured by certain funds and accounts established and held under the Fiscal Agent Agreement. See “SECURITY FOR THE BONDS.” The 2026 Bonds, the 2024 Bonds and any Parity Bonds issued in the future are referred to herein as the “Bonds.” The 2026 Bonds, the interest thereon, and any premiums payable on the redemption of any of the 2026 Bonds, are not an indebtedness of the City (except to the limited extent described in this Official Statement), the State of California (the “State”) or any of its political subdivisions, and neither the City (except to the limited extent described in this Official Statement), the State nor any of its political subdivisions is liable on the 2026 Bonds. Neither the faith and credit nor the taxing power of the City (except to the limited

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extent described in this Official Statement) or the State or any political subdivision thereof is pledged to the payment of the 2026 Bonds or interest thereon. Other than the Facilities Special Taxes, no taxes are pledged to the payment of the 2026 Bonds. The 2026 Bonds are not a general obligation of the City, but are limited obligations of the City payable solely from the Special Tax Revenues as more fully described in this Official Statement. Debt Service Reserve Fund. In order to further secure the payment of principal of and interest on the 2026 Bonds, the 2024 Bonds and any future series of 2024-Related Parity Bonds (as defined herein), a portion of the proceeds of the 2026 Bonds will be deposited into the 2024 Reserve Fund in an amount necessary to increase the amount on deposit therein to the 2024 Reserve Requirement (as defined herein). See “FINANCING PLAN – Estimated Sources and Uses of Funds” and “SECURITY FOR THE BONDS – 2024 Reserve Fund.” Redemption of 2026 Bonds before Maturity. The 2026 Bonds are subject to optional redemption, mandatory sinking fund redemption and mandatory redemption from prepaid Special Taxes. See “THE 2026 BONDS – Redemption.” Covenant to Foreclose. The City has covenanted in the Fiscal Agent Agreement to cause foreclosure proceedings to be commenced and prosecuted against certain parcels with delinquent installments of the Facilities Special Taxes. See “SECURITY FOR THE BONDS – Covenant to Foreclose.” One Lake Project Overview. The property in Improvement Area No. 1 is part of a 358.5-acre master-planned community known as “One Lake” (the “One Lake Project”) being developed by One Lake Holding LLC, a Delaware limited liability company (the “Master Developer”). The One Lake Project comprises the property known as Planning Area 4 and Planning Area 5 of the Fairfield Train Station Specific Plan, adopted by the City Council on July 26, 2011, as amended (the “Specific Plan”). The One Lake Project is being developed in numerous phases that are anticipated to ultimately consist of 1,927 single-family and multi-family homes and a 190-unit apartment complex, with approximately 20,000 square feet of commercial/retail space. The Master Developer is not a homebuilder and is developing the property through the sale of finished lots to merchant builders. Improvement Area No. 1 comprises the majority of Planning Area 5. Planning Area 4 is within a separate community facilities district previously formed by the City and known as the City of Fairfield Community Facilities District No. 2019-1 (One Lake) (“CFD No. 2019-1”). The development of Planning Area 4 is now nearing build-out with more than 596 single-family homes owned by individuals in CFD No. 2019-1 and a 190-unit apartment complex on a 5-acre site (not part of CFD No. 2019-1). The One Lake Project contains a number of community amenities shared by Planning Area 4 and Planning Area 5, including a 10-acre lake and an 11-acre public park, and a community clubhouse and swimming pool open to One Lake Project homeowners. . Planning Area 4 is within CFD No. 2019-1, a separate community facilities district previously formed by the City, and not subject to the Facilities Special Tax securing the 2026 Bonds. See “THE DISTRICT AND IMPROVEMENT AREA NO. 1” and “PROPERTY OWNERSHIP AND DEVELOPMENT STATUS.”

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Property Ownership and Proposed Development in Improvement Area No. 1. The property within Improvement Area No. 1 is anticipated to be improved with 932 residential units, 12.77 acres of public parks, and public street improvements. The residential units are anticipated to consist of 816 single-family detached homes and 116 single-family detached courtyard cluster homes. As of June 1, 2026, the following merchant builders (the “Merchant Builders”) and land-banking entities had acquired the following lots within Improvement Area No. 1: • Lennar Homes of California, LLC, a California limited liability company (“Lennar Homes”), had acquired 131 lots within Neighborhood O and Neighborhood R. • Tri Pointe Homes Holdings (formerly known as TRI Pointe Homes, Inc.), a Delaware corporation, or an affiliate thereof (“Tri Pointe”), had acquired 20 lots in Neighborhood L and 20 lots in Neighborhood K-1. • Century Communities of California, LLC, a Delaware limited liability company (“Century Communities”), had acquired all of the 69 lots in Neighborhood J. • KB HOME North Bay LLC, a Delaware limited liability company (“KB”), had acquired all of the 85 lots in Neighborhood C. • DRP CA4, LLC (the “K. Hovnanian Land Bank”), as assignee of K. Hovnanian Homes Northern California, Inc., a California corporation (“K. Hovnanian”), closed escrow on all of the 67 lots in Neighborhood A/B. The Master Developer will continue to market the other neighborhoods to merchant builders to be identified in the future.

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The ownership and development status of Improvement Area No. 1 as of June 1, 2026, is summarized below in the following table. As of June 1, 2026, the date of value of the Appraisal (as defined below), the property in Improvement Area No. 1 consisted of 120 completed homes, 41 homes under construction, 52 parcels with building permits pulled, 191 finished lots, and 528 rough-graded lots. Property Ownership/Merchant Builder Number of Lots Development Type Development Status Lennar Homes 52 single family detached finished lots Tri Pointe 33 courtyard clusters finished lots Century Communities 61 single family detached finished lots K. Hovnanian (1) 67 single family detached finished lots KB 85 single family detached finished lots Individual Homeowners 94 single family detached and courtyard clusters completed homes Master Developer (2) 540 single family detached and courtyard clusters rough graded and finished lots 932 (1) All of these lots are currently held by the K. Hovnanian Land Bank. (2) Tri Pointe is scheduled to acquire the12 lots in neighborhood K-2 from the Master Developer on or about June 30, 2026. See “THE DISTRICT AND IMPROVEMENT AREA NO. 1” and “PROPERTY OWNERSHIP AND DEVELOPMENT STATUS.”

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Appraisal. An appraisal of the property within Improvement Area No. 1 of the District dated June 10, 2026 (the “Appraisal”), was prepared by BBG, Inc., Sacramento, California (the “Appraiser”) in connection with the issuance of the 2026 Bonds. The purpose of the Appraisal was to estimate the fee simple market value of the properties within Improvement Area No. 1 by ownership, subject to the lien of the Facilities Special Tax, with the sum of values by ownership representing an aggregate value, as of a June 1, 2026 date of value. Subject to the assumptions and limiting conditions contained in the Appraisal, the Appraiser estimated that the taxable property within Improvement Area No. 1, as of the June 1, 2026, date of value, had the following estimated not-less-than market values: Neighborhoods Property Ownership Number of Lots Estimated Value R & O Lennar Homes 52 $21,400,000 (2) Individual homeowners 79 53,825,000 L & K-1 Tri Pointe 33 10,620,000 Individual homeowners 7 5,040,000 J Century Communities 61 13,310,000 Individual homeowners 8 5,280,000 A/B K. Hovnanian (1) 67 13,400,000 C KB 85 15,130,000 Various Master Developer 540 65,800,000 (2) Totals: 932 $203,805,000 (3) (1) All of these lots are currently held by the K. Hovnanian Land Bank. (2) Represents not-less than market value in bulk. (3) Represents not-less than aggregate value. Source: The Appraisal. See “THE DISTRICT AND IMPROVEMENT AREA NO. 1 – Appraised Values” and “APPENDIX I” for further information on the Appraisal. Risk Factors Associated with Purchasing the 2026 Bonds. Investment in the 2026 Bonds involves a significant degree of risk and each prospective investor should consider its financial condition and the risks involved to determine the suitability of investing in the 2026 Bonds. See “BOND OWNERS' RISKS” for a discussion of certain risk factors which should be considered, in addition to the other matters set forth in this Official Statement, in considering the investment quality of the 2026 Bonds.

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FINANCING PLAN Facilities Financing Plan The net proceeds of the 2026 Bonds will be used to construct or acquire various facilities authorized to be financed by the District. The City anticipates that the 2026 Bond proceeds will provide approximately $____ million to finance authorized facilities. See “THE DISTRICT AND IMPROVEMENT AREA NO. 1 – Authorized Facilities” for a description of the authorized facilities. For the current status of the construction of Facilities in Improvement Area No. 1 to be financed in part with the net proceeds of the 2026 Bonds, see “PROPERTY OWNERSHIP AND DEVELOPMENT STATUS – Public Infrastructure Improvements Required for the One Lake Project.” Estimated Sources and Uses of Funds The estimated proceeds from the sale of the 2026 Bonds will be deposited into the following funds established under the Fiscal Agent Agreement: SOURCES Amount Principal Amount of 2026 Bonds Plus: Original Issue Premium Less: Underwriter’s Discount Total Sources USES Deposit into Capitalized Interest Account(1) Deposit into Bond Proceeds Account of Improvement Fund Deposit into 2024 Reserve Fund(2) Deposit into Costs of Issuance Fund(3) Total Uses (1) To fund partial capitalized interest on the 2026 Bonds through March 1, 2027, (2) Represents the amount required to be deposited in the 2024 Reserve Fund to satisfy the 2024 Reserve Requirement on the Closing Date. (3) Includes, among other things, the fees and expenses of Bond Counsel and Disclosure Counsel, costs of printing the preliminary and final Official Statements, and the fees and expenses of the Fiscal Agent, the Municipal Advisor, the Appraiser, and the Special Tax Consultant.

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THE 2026 BONDS This section generally describes the terms of the 2026 Bonds contained in the Fiscal Agent Agreement, which is summarized in more detail in APPENDIX C – SUMMARY OF CERTAIN PROVISIONS OF THE FISCAL AGENT AGREEMENT. Capitalized terms used but not defined in this section are defined in APPENDIX C -– SUMMARY OF CERTAIN PROVISIONS OF THE FISCAL AGENT AGREEMENT. Authority for Issuance The 2026 Bonds are issued under the Act, the Resolution of Issuance and the Fiscal Agent Agreement. Under the Resolution of Issuance, the 2026 Bonds may be issued in a maximum principal amount of $[__________________]. General Bond Terms Dated Date, Maturity and Authorized Denominations. The 2026 Bonds will be dated their date of delivery (the “Dated Date”), which is the Closing Date, and will mature in the amounts and on the dates set forth on the inside cover page of this Official Statement. The 2026 Bonds will be issued in fully registered form in the Authorized Denomination of $5,000 or any integral multiple thereof. Calculation of Interest. Interest will be calculated on the basis of a 360-day year composed of twelve 30-day months. The 2026 Bonds will bear interest at the annual rates set forth on the inside cover page of this Official Statement, payable semiannually on each March 1 and September 1, commencing March 1, 2027 (each, an “Interest Payment Date”). Each 2026 Bond shall bear interest from the Interest Payment Date next preceding the date of authentication thereof unless (i) it is authenticated on an Interest Payment Date, in which event it shall bear interest from such date of authentication, or (ii) it is authenticated prior to an Interest Payment Date and after the close of business on the Record Date preceding such Interest Payment Date, in which event it shall bear interest from such Interest Payment Date, or (iii) it is authenticated on or before the Record Date preceding the first Interest Payment Date, in which event it shall bear interest from the Dated Date; provided, however, that if at the time of authentication of a 2026 Bond, interest is in default thereon, such 2026 Bond shall bear interest from the Interest Payment Date to which interest has previously been paid or made available for payment thereon. “Record Date” means the 15th day of the calendar month next preceding the applicable Interest Payment Date, whether or not such day is a Business Day. DTC and Book-Entry Only System. DTC will act as securities depository for the 2026 Bonds. The 2026 Bonds will be issued as fully-registered securities registered initially in the name of Cede & Co. (DTC’s partnership nominee). See “– Registration of Exchange or Transfer” below for a description of such release test, and “APPENDIX D – DTC AND THE BOOK-ENTRY ONLY SYSTEM” for a description of DTC and DTC’s book-entry system.

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Payments of Interest and Principal. For so long as DTC is used as depository for the 2026 Bonds, principal of, premium, if any, and interest payments on the 2026 Bonds will be made solely to DTC or its nominee, Cede & Co., as registered owner of the 2026 Bonds, for distribution to the beneficial owners of the 2026 Bonds in accordance with the procedures adopted by DTC. Interest on the 2026 Bonds (including the final interest payment upon maturity or earlier redemption), is payable on the applicable Interest Payment Date by check of the Fiscal Agent mailed by first class mail to the registered Owner thereof at such registered Owner’s address as it appears on the registration books maintained by the Fiscal Agent at the close of business on the Record Date preceding the Interest Payment Date, or by wire transfer to an account located in the United States of America made on such Interest Payment Date upon written instructions of any Owner of $1,000,000 or more in aggregate principal amount of 2026 Bonds delivered to the Fiscal Agent prior to the applicable Record Date, which will continue in effect until revoked in writing, or until such 2026 Bonds are transferred to a new Owner. The principal of and any premium on the 2026 Bonds are payable in lawful money of the United States of America, with principal and any premium payable upon surrender of the 2026 Bonds at the Principal Office of the Fiscal Agent. Redemption* Optional Redemption. The 2026 Bonds maturing on or before September 1, 20__, are not subject to optional redemption prior to their stated maturity. The 2026 Bonds maturing on or after September 1, 20__, are subject to redemption, as a whole or in part at the election of the City among maturities on such basis as designated by the City and by lot within a maturity, at the option of the City, on September 1, 20__, and on any date thereafter, at a redemption price equal to 100% of the principal amount of 2026 Bonds to be redeemed, together with accrued interest thereon to the date fixed for redemption, without premium. Mandatory Sinking Fund Redemption. The 2026 Bonds maturing on September 1, 20__ and September 1, 20__ (the “Term Bonds”), are subject to mandatory redemption in part by lot, from sinking fund payments made by the City from the Bond Fund, at a redemption price equal to the principal amount thereof to be redeemed, plus accrued interest to the redemption date, without premium, in the aggregate respective principal amounts all as set forth in the following tables: 2026 Bonds Maturing September 1, 20__ Sinking Fund Redemption Date (September 1) Sinking Payments (Maturity) * Preliminary; subject to change.

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2026 Bonds Maturing September 1, 20__ Sinking Fund Redemption Date (September 1) Sinking Payments (Maturity) Provided, however, if some but not all of the Term Bonds of a given maturity have been redeemed through optional redemption or mandatory prepayment redemption, the total amount of all future Sinking Fund Payments relating to such maturity will be reduced by the aggregate principal amount of Term Bonds of such maturity so redeemed, to be allocated among such Sinking Fund Payments on a pro rata basis in integral multiples of $5,000 as determined by the City, notice of which will be given by the City to the Fiscal Agent. Redemption from Special Tax Prepayments. Special Tax Prepayments and any corresponding transfers from the 2024 Reserve Fund under the Fiscal Agent Agreement will be used to redeem 2026 Bonds on the next Interest Payment Date for which notice of redemption can timely be given under the Fiscal Agent Agreement, among series and maturities as provided in the Fiscal Agent Agreement, at a redemption price (expressed as a percentage of the principal amount of the 2026 Bonds to be redeemed), as set forth below, together with accrued interest to the date fixed for redemption: Redemption Dates Redemption Price Any Interest Payment Date on or before March 1, ____ September 1, ____and March 1, ____ September 1, ____and March 1, ____ September 1, ____and any Interest Payment Date thereafter Purchase in Lieu of Redemption. In lieu of redemption under the Fiscal Agent Agreement, moneys in the Bond Fund may be used and withdrawn by the Fiscal Agent for purchase of 2026 Bonds, upon the filing with the Fiscal Agent of an Officer’s Certificate requesting such purchase, at public or private sale as and when, and at such prices (including brokerage and other charges) as such Officer’s Certificate may provide, but in no event may 2026 Bonds be purchased at a price in excess of the principal amount thereof, plus interest accrued to the date of purchase and any premium which would otherwise be due if such 2026 Bonds were to be redeemed in accordance with the Fiscal Agent Agreement. Any 2026 Bonds purchased pursuant to this provision of the Fiscal Agent Agreement will be treated as outstanding 2026 Bonds under the Fiscal Agent Agreement, except to the extent otherwise directed by the Finance Director. Notice of Redemption. The Fiscal Agent will cause notice of any redemption to be mailed by first-class mail, postage prepaid, at least 20 days but not more than 60 days prior to the date fixed for redemption, to the Securities Depositories, and to the respective registered Owners of any 2026 Bonds designated for redemption, at their addresses appearing on the registration books in the Principal Office of the Fiscal Agent; but such mailing will not be a condition precedent to such redemption and failure to mail or to receive any such notice, or any defect therein, will not affect the validity of the proceedings for the redemption of such 2026 Bonds. In addition, the Fiscal Agent will file each notice of redemption with the MSRB through its EMMA system. The sole remedy for failure to file such notices through EMMA shall be an action by the holders of the Bonds in mandamus for specific performance or a similar remedy to compel performance.

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However, while the 2026 Bonds are subject to DTC’s book-entry system, the Fiscal Agent will be required to give notice of redemption only to DTC as provided in the letter of representations executed by the City and received and accepted by DTC. DTC and the Participants will have sole responsibility for providing any such notice of redemption to the Beneficial Owners of the 2026 Bonds to be redeemed. Any failure of DTC to notify any Participant, or any failure of Participants to notify the Beneficial Owner of any 2026 Bonds to be redeemed, of a notice of redemption or its content or effect will not affect the validity of the notice of redemption, or alter the effect of redemption set forth in the Fiscal Agent Agreement. Conditional Redemption Notice; Rescission of Redemption. Notices of optional redemption may be conditional. The City has the right to rescind any notice of the optional redemption of 2026 Bonds by written notice to the Fiscal Agent on or prior to the date fixed for redemption. Any notice of redemption will be cancelled and annulled if for any reason funds will not be or are not available on the date fixed for redemption for the payment in full of the 2026 Bonds then called for redemption, and such cancellation will not constitute a default under the Fiscal Agent Agreement. The City and the Fiscal Agent have no liability to the Owners or any other party related to or arising from such rescission of redemption. The Fiscal Agent will mail notice of such rescission of redemption in the same manner as the original notice of redemption was sent under the Fiscal Agent Agreement. Partial Redemption. Whenever provision is made in the Fiscal Agent Agreement for the redemption of less than all the Bonds of any maturity or any given portion thereof, unless otherwise directed by the City, the Fiscal Agent will select the Bonds to be redeemed from all Bonds or such given portion thereof not previously called for redemption as directed by the City or, in the absence of direction by the City, on a pro rata basis, among series and maturities, and, so as to maintain substantially the same Debt Service profile for the Bonds as in effect prior to such redemption, and by lot within a maturity, in any manner which the Fiscal Agent in its sole discretion deems appropriate. Effect of Redemption. From and after the date fixed for redemption, if funds available for the payment of the principal of, and interest and any premium on, the 2026 Bonds so called for redemption shall have been deposited in the Bond Fund, such 2026 Bonds so called shall cease to be entitled to any benefit under the Fiscal Agent Agreement other than the right to receive payment of the redemption price, and no interest shall accrue thereon on or after the redemption date specified in the notice of redemption. Issuance of Future Parity Bonds Bonded Indebtedness Limit. As a result of the issuance of the 2024 Bonds ($36,500,000 initial principal amount), the remaining unissued amount of authorized bonded indebtedness of District has decreased from $100,000,000 to $63,500,000. As a result of the issuance of the 2026 Bonds, the remaining unissued amount of authorized bonded indebtedness of the District has further decreased to $___________________. Parity Bonds. In addition to the 2026 Bonds and the 2024 Bonds, but subject to the maximum bonded indebtedness limit for Improvement Area No. 1, the City may issue one or more additional series of bonds or other indebtedness (collectively, “Parity Bonds”) payable from the Special Tax Revenues on a parity with the 2026 Bonds and the 2024 Bonds, in such principal amount as may be determined by the City, under a Supplemental Agreement entered into by the City and the Fiscal Agent. Any such Parity Bonds will constitute Bonds under the Fiscal Agent

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Agreement and will be secured by a lien on the Special Tax Revenues and funds pledged for the payment of the 2026 Bonds and the 2024 Bonds under the Fiscal Agent Agreement on a parity with all other Bonds Outstanding thereunder, except as provided in the Fiscal Agent Agreement or in a Supplemental Agreement. The City may issue such Parity Bonds if the City complies with the following conditions precedent set forth in the Fiscal Agent Agreement: (A) Compliance. Following issuance of the Parity Bonds, the City must be in compliance with all covenants set forth in the Fiscal Agent Agreement and all Supplemental Agreements, and issuance of the Parity Bonds may not cause the City to exceed the bonded indebtedness limit of Improvement Area No. 1. (B) Same Payment Dates. The Supplemental Agreement providing for the issuance of such Parity Bonds must provide that interest thereon will be payable on the Interest Payment Dates, and principal thereof will be payable on the same date in any year in which principal is payable on the 2026 Bonds (provided that there shall be no requirement that any Parity Bonds pay interest on a current basis). (C) Separate Funds; Debt Service Reserve Fund. The Supplemental Agreement providing for the issuance of such Parity Bonds may provide for the establishment of separate funds and accounts. The Supplemental Agreement providing for issuance of the Parity Bonds will provide for one of the following: (i) a deposit to the 2024 Reserve Fund in an amount necessary such that the amount deposited therein shall equal the 2024 Reserve Requirement following issuance of the Parity Bonds, (ii) a deposit to a reserve account for the Parity Bonds (and such other series of Parity Bonds identified by the City) in an amount defined in such Supplemental Agreement, as long as such Supplemental Agreement expressly declares that the Owners of such Parity Bonds will have no interest in or claim to the 2024 Reserve Fund and that the Owners of the Bonds covered by the 2024 Reserve Fund will have no interest in or claim to such other reserve account or (iii) no deposit to either the 2024 Reserve Fund or another reserve account as long as such Supplemental Agreement expressly declares that the Owners of such Parity Bonds will have no interest in or claim to the 2024 Reserve Fund or any other reserve account. (D) Improvement Area No. 1 Value. The Improvement Area No. 1 Value must be at least three times the sum of: (i) the aggregate principal amount of all Bonds then Outstanding, plus (ii) the aggregate principal amount of the series of Parity Bonds proposed to be issued, plus (iii) the aggregate principal amount of any fixed assessment liens on the parcels in Improvement Area No. 1 subject to the levy of Special Taxes, plus (iv) a portion of the aggregate principal amount of any and all other community facilities district bonds then outstanding and payable at least partially from special taxes to be levied on parcels of land within Improvement Area No. 1 (the “Other District Bonds”) equal to the aggregate principal amount of the Other District Bonds multiplied by a fraction, the numerator of which is the amount of special taxes levied for the Other District Bonds on parcels of land within Improvement Area No. 1, and the denominator of which is the total amount of special taxes levied for the Other District Bonds on all parcels of land against which the special taxes are levied to pay the Other District Bonds (such fraction to be determined based upon the maximum assigned special taxes which could be levied in the year in which maximum annual debt service on the Other District Bonds occurs), based upon information from the most recent available Fiscal Year.

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(E) Unimproved Property Value. The Unimproved Property Value must be at least three times the sum of: (i) the proportionate share of the amounts described in clauses (i) and (ii) of the preceding subsection (D) determined by multiplying the aggregate of the amounts described in such clauses (i) and (ii) by a fraction, the numerator of which is the amount of Special Taxes to be levied on Unimproved Property in the Fiscal Year following the then current Fiscal Year (without regard to any capitalized interest for any Parity Bonds), and the denominator of which is the total amount of Special Taxes to be levied on property in Improvement Area No. 1 in the Fiscal Year following the then current Fiscal Year, based upon information from the most recent available Fiscal Year, plus (ii) the aggregate principal amount of any fixed assessment liens on the Unimproved Property, plus (iii) a portion of the aggregate principal amount of any Other District Bonds (as defined in the preceding subsection (D)) equal to the aggregate principal amount of the Other District Bonds multiplied by a fraction, the numerator of which is the amount of special taxes levied for the Other District Bonds on Unimproved Property, and the denominator of which is the total amount of special taxes levied for the Other District Bonds on all parcels of real property against which the special taxes are levied to pay the Other District Bonds (such fraction to be determined based upon the maximum assigned special taxes which could be levied in the year in which maximum annual debt service on the Other District Bonds occurs), based upon information from the most recent available Fiscal Year. If 100% of the debt service on the Bonds after the issuance of the proposed Parity Bonds is expected to be derived from Special Taxes levied on Developed Property, then the provisions of this subsection (E) will not apply to the proposed issuance of Parity Bonds. For purposes of this test, “Unimproved Property” is defined as the property in Improvement Area No. 1 subject to the levy of the Special Taxes that is classified as Undeveloped Property or Final Map Property pursuant to the Rate and Method. (F) Coverage. The amount of the maximum Special Taxes that may be levied in each Fiscal Year under the Ordinance, the Agreement and any Supplemental Agreement must be no lower than (i) 110% of the total Annual Debt Service of the then Outstanding Bonds and the proposed Parity Bonds and (ii) 100% of the total Annual Debt Service of the then Outstanding Bonds and the proposed Parity Bonds and the amount of the levy for Administrative Expenses in the current fiscal year. In addition, the aggregate Special Tax Prepayments that could occur after the issuance of the Parity Bonds must be not less than the principal amount of the Outstanding Bonds and the proposed Parity Bonds. (G) Certificates. The City must deliver to the Fiscal Agent an Officer's Certificate certifying that the conditions precedent to the issuance of such Parity Bonds set forth in subsections (A), (B), (C), (D), (E), and (F) above have been satisfied. Limitation on Principal Amount of Parity Bonds. Pursuant to the Fiscal Agent Agreement, the City will covenant, following issuance of the 2026 Bonds, not to issue more than $[_]* initial principal amount of Parity Bonds (exclusive of any Refunding Bonds). See “THE DISTRICT AND IMPROVEMENT AREA NO. 1 – Formation and Background.” Refunding Bonds. Notwithstanding the foregoing, the City may issue Refunding Bonds as Parity Bonds without the need to satisfy the requirements of clauses (D), (E), or (F) above, and, in connection therewith, the Officer’s Certificate in clause (G) above need not make reference to said clauses (D), (E), and (F). * Preliminary; subject to change.

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Under the Fiscal Agent Agreement, the term “Refunding Bonds” is defined as bonds issued by the City with respect to Improvement Area No. 1, the net proceeds of which are used to refund all or a portion of the then-Outstanding Bonds; provided that the principal and interest on the Refunding Bonds to their final maturity date is less than the principal and interest on the Bonds being refunded to their final maturity date, and the final maturity of the Refunding Bonds is not later than the final maturity of the Bonds being refunded. Subordinate Bonds. Nothing in the Fiscal Agent Agreement prohibits the City from issuing any other bonds or otherwise incurring debt secured by a pledge of the Special Tax Revenues subordinate to the pledge thereof under the Fiscal Agent Agreement. Registration, Transfer and Exchange The following provisions regarding the exchange and transfer of the 2026 Bonds apply only during any period in which the 2026 Bonds are not subject to DTC’s book-entry system. While the 2026 Bonds are subject to DTC’s book-entry system, their exchange and transfer will be effected through DTC and the Participants and will be subject to the procedures, rules and requirements established by DTC. See “APPENDIX D – DTC AND THE BOOK-ENTRY ONLY SYSTEM.” Registration. The Fiscal Agent will keep, or cause to be kept, at its Principal Office sufficient books for the registration and transfer of the 2026 Bonds, which will show the series number, date, amount, rate of interest and last known owner of each 2026 Bond and will at all times be open to inspection by the City during regular business hours upon reasonable notice; and, upon presentation for such purpose, the Fiscal Agent will, under such reasonable regulations as it may prescribe, register or transfer or cause to be registered or transferred, on said books, the ownership of the 2026 Bonds as provided in the Fiscal Agent Agreement. The City and the Fiscal Agent will treat the Owner of any 2026 Bond whose name appears on the Bond register as the absolute Owner of such 2026 Bond for any and all purposes, and the City and the Fiscal Agent will not be affected by any notice to the contrary. The City and the Fiscal Agent may rely on the address of the Owner as it appears in the Bond register for any and all purposes. Registration of Exchange or Transfer. Any 2026 Bond may, in accordance with its terms, be transferred, upon the Bond register by the person in whose name it is registered, in person or by such person’s duly authorized attorney, upon surrender of such 2026 Bond for cancellation, accompanied by delivery of a duly written instrument of transfer in a form acceptable to the Fiscal Agent. 2026 Bonds may be exchanged at the Principal Office of the Fiscal Agent solely for a like aggregate principal amount of 2026 Bonds of authorized denominations and of the same maturity. The cost for any services rendered or any expenses incurred by the Fiscal Agent in connection with any such transfer or exchange will be paid by the City from amounts in the Administrative Expense Fund. The Fiscal Agent will collect from the Owner requesting such transfer or exchange any tax or other governmental charge required to be paid with respect to such transfer or exchange. Whenever any 2026 Bonds are surrendered for transfer or exchange, the City will execute and the Fiscal Agent will authenticate and deliver new 2026 Bonds for a like aggregate principal amount. No transfers or exchanges of 2026 Bonds will be required to be made (i) 15 days prior to the date established by the Fiscal Agent for selection of 2026 Bonds for redemption or (ii) with respect to a 2026 Bond after such 2026 Bond has been selected for redemption; or (iii) between a Record Date and the succeeding Interest Payment Date. Prior to any transfer of the 2026 Bonds outside the book-entry system (including, but not limited to, the initial transfer outside the book-entry system) the transferor shall provide or cause to be provided to the Fiscal Agent all

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information necessary to allow the Fiscal Agent to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045, as amended. The Fiscal Agent shall conclusively rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

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DEBT SERVICE SCHEDULE The following table presents the annual Debt Service on the 2026 Bonds, assuming there are no optional redemptions or special redemptions from Facilities Special Tax prepayments. Year Ending September 1 2024 Bonds Total 2026 Bonds Principal 2026 Bonds Interest [1] 2026 Bonds Total Total 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 Total: (1) A portion of the interest on the 2026 Bonds due on March 1, 2027, is anticipated to be paid from proceeds of the 2026 Bonds to be deposited in the Capitalized Interest Account.

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SECURITY FOR THE BONDS This section generally describes the security for the Bonds set forth in the Fiscal Agent Agreement, which is summarized in more detail in APPENDIX C. Capitalized terms used but not defined in the section are defined in APPENDIX C. General The 2026 Bonds, the 2024 Bonds and any Parity Bonds (collectively, the “Bonds”) are secured by a first pledge (which will be effected in the manner and to the extent provided in the Fiscal Agent Agreement) of all of the Special Tax Revenues and all moneys deposited in the Bond Fund (including the Special Tax Prepayments Account and Capitalized Interest Account therein), and, until disbursed as provided therein, in the Special Tax Fund. The Special Tax Revenues and all moneys deposited into such funds (except as otherwise provided in the Fiscal Agent Agreement) are dedicated to the payment of the principal of, and interest and any premium on, the Bonds as provided in the Fiscal Agent Agreement and in the Act until all of the Bonds have been paid and retired or until moneys or Federal Securities have been set aside irrevocably for that purpose under the Fiscal Agent Agreement. The 2026 Bonds, the 2024 Bonds and all future 2024-Related Parity Bonds will be secured by a first pledge (which will be effected in the manner and to the extent provided in the Fiscal Agent Agreement) of all moneys deposited in the 2024 Reserve Fund. The moneys in the 2024 Reserve Fund (except as otherwise provided in the Fiscal Agent Agreement) are dedicated to the payment of the principal of, and interest and any premium on, the 2026 Bonds, the 2024 Bonds and all future 2024-Related Parity Bonds as provided in the Fiscal Agent Agreement and in the Act until all of the 2026 Bonds, the 2024 Bonds and all future 2024-Related Parity Bonds have been paid and retired or until moneys or Federal Securities have been set aside irrevocably for that purpose under the Fiscal Agent Agreement. Under the Fiscal Agent Agreement, “2024-Related Parity Bonds” means any series of Parity Bonds for which (i) the proceeds are deposited into the 2024 Reserve Fund so that the balance therein is equal to the 2024 Reserve Requirement following issuance of such Parity Bonds and (ii) the related Supplemental Agreement specifies that the 2024 Reserve Fund shall act as a reserve for the payment of the principal of, and interest and any premium on, such series of Parity Bonds. The 2026 Bonds constitute “2024-Related Parity Bonds” under the Fiscal Agent Agreement and are secured on a parity basis with the 2024 Bonds by a first pledge of all moneys deposited in the 2024 Reserve Fund. Amounts in the Improvement Fund (and all subaccounts therein), the Administrative Expense Fund and the Costs of Issuance Fund are not pledged to the repayment of the Bonds. The facilities being financed with the proceeds of the 2026 Bonds are not pledged to the repayment of the Bonds, nor are the proceeds of any condemnation or insurance award received by the City with respect to the facilities being financed with the proceeds of the 2026 Bonds. “Special Tax Revenues” are defined in the Fiscal Agent Agreement as the proceeds of the Facilities Special Taxes received by the City, including any scheduled payments thereof and any Facilities Special Tax Prepayments, interest thereon and proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of the Facilities Special Taxes to the amount of said lien and interest thereon. However, Special Tax Revenues do not include any interest in excess of the interest due on the Bonds, or any penalties collected in connection with any such foreclosure.

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Limited Obligation The 2026 Bonds, the interest thereon, and any premiums payable on the redemption of any of the 2026 Bonds, are not an indebtedness of the City (except to the limited extent described in this Official Statement), the State or any of its political subdivisions, and neither the City (except to the limited extent described in this Official Statement), the State nor any of its political subdivisions is liable on the 2026 Bonds. Neither the faith and credit nor the taxing power of the City (except to the limited extent described in this Official Statement) or the State or any political subdivision thereof is pledged to the payment of the 2026 Bonds or interest thereon. Other than the Facilities Special Taxes, no taxes are pledged to the payment of the 2026 Bonds. The 2026 Bonds are not a general obligation of the City, but are limited obligations of the City payable solely from the Special Tax Revenues as more fully described in this Official Statement. Facilities Special Taxes Covenant to Levy Facilities Special Taxes. Under the Fiscal Agent Agreement, the Finance Director will fix and levy the amount of Facilities Special Taxes within Improvement Area No. 1 required for the payment of principal of and interest on any outstanding Bonds of the District with respect to Improvement Area No. 1 becoming due and payable during the ensuing calendar year, including any necessary replenishment or expenditure of the 2024 Reserve Fund and any other reserve account for Parity Bonds that are not 2024-Related Parity Bonds, and an amount estimated to be sufficient to pay the Administrative Expenses, including amounts necessary to discharge any rebate obligation, during such year, taking into account the balances in the applicable funds established under the Fiscal Agent Agreement and funds in the Special Tax Fund. The Facilities Special Taxes so levied may not exceed the authorized amounts as provided in the proceedings under the Resolution of Formation. Manner of Collection. Except as set forth in the Ordinance, the Fiscal Agent Agreement provides that the Facilities Special Taxes will be payable and be collected in the same manner and at the same time and in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the ad valorem taxes on real property. The City is authorized to employ consultants to assist in computing the levy of the Facilities Special Taxes under the Fiscal Agent Agreement and any reconciliation of amounts levied to amounts received. The fees and expenses of such consultants and the costs and expenses of the City (including a charge for staff time) in conducting its duties under the Fiscal Agent Agreement will be an Administrative Expense. Because the Facilities Special Tax levy is limited to the maximum Facilities Special Tax rates set forth in the Amended Rate and Method, no assurance can be given that, in the event of Facilities Special Tax delinquencies, the receipts of Facilities Special Taxes will, in fact, be collected in sufficient amounts in any given year to pay Debt Service on the Bonds. Further, under no circumstances will the Facilities Special Tax levied against any parcel of residential property for which an occupancy permit for private residential use has been issued be increased by more than 10% as a consequence of delinquency or default by the owner of any other parcel within the District. In addition, in no event shall Facilities Special Taxes be levied after the earlier of (i) the Fiscal Year prior to the Transition Year (as hereinafter defined) or (ii) Fiscal Year 2073-74. See “BOND OWNERS’ RISKS – Property Tax Delinquencies.”

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Amended Rate and Method General. The District is legally authorized and has covenanted in the Fiscal Agent Agreement to cause the levy of the Facilities Special Taxes in Improvement Area No. 1 in an amount determined according to the Amended Rate and Method. The Amended Rate and Method apportions the total amount of the Facilities Special Tax to be collected among the Taxable Property in Improvement Area No. 1 as more particularly described below. The Services Special Tax may only be levied and collected after the Transition Event (as defined below), and therefore will not be collected while Bonds are outstanding. Following is a summary of the provisions of the Amended Rate and Method, which should be read in conjunction with the complete text of the Amended Rate and Method, including its attachments, which is attached as APPENDIX B. Capitalized terms used but not defined in this section have the meanings as set forth in APPENDIX B. Facilities Special Tax Requirement. Annually, at the time of levying the Facilities Special Tax within Improvement Area No. 1, the Administrator will determine the “Facilities Special Tax Requirement,” which is defined as the amount necessary in any Fiscal Year to: (i) to pay principal and interest on Bonds which are due in the calendar year which begins in such Fiscal Year, (ii) to replenish reserve funds to the extent such replenishment has not been included in a computation of the Facilities Special Tax Requirement in a previous Fiscal Year, (iii) to cure any delinquencies in the payment of principal or interest on Bonds which have occurred in the prior Fiscal Year, (iv) to pay Administrative Expenses, and (v) to pay the costs of Authorized Facilities to be funded directly from Facilities Special Tax proceeds to the extent that paying directly for such costs does not increase the Facilities Special Taxes levied on Final Map Property or Undeveloped Property. The amounts referred to in clauses (i) and (ii) above may be reduced in any Fiscal Year by (A) interest earnings on or surplus balances in funds and accounts for Bonds to the extent that such earnings or balances are available to apply against debt service pursuant to the Fiscal Agent Agreement, (B) proceeds from the collection of penalties associated with delinquent Facilities Special Taxes, and (C) any other revenues available to pay debt service on the Bonds as determined by the Administrator. Annual Determination of Property Categories for Administration of Special Tax. Each Fiscal Year, the Administrator shall: (i) categorize each Parcel of Taxable Property as Developed Property, Final Map Property, Undeveloped Property, Taxable Owners Association Property, Taxable Public Property, Taxable Affordable Housing Unit, or Taxable Welfare Exemption Property; (ii) for Developed Property, categorize each Parcel as Single Family Attached Property, Single Family Detached Property, Multi-Family Property, or Non-Residential Property;

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(iii) assign each Residential Unit to the appropriate Special Tax Category; (iv) determine if any of the Residential Units are Affordable Housing Units; (v) determine if the Transition Event occurred in the prior Fiscal Year; and (vi) determine the Facilities Special Tax Requirement or Services Special Tax Requirement for the Fiscal Year, as applicable. In addition, the Administrator shall, on an ongoing basis, monitor changes to the Tentative Map, track all Building Permits that have been issued, and review all condominium plans that have been recorded to determine if there are any proposed Land Use Changes that would affect the Expected Maximum Facilities Special Tax Revenues. If the Expected Maximum Facilities Special Tax Revenues will be revised pursuant to a proposed Land Use Change, the Administrator shall apply the steps set forth in Section D of the Amended Rate and Method (see “– Changes to Maximum Facilities Special Tax” below). In any Fiscal Year, if it is determined that: (i) a parcel map for property in Improvement Area No. 1 was recorded after January 1 of the prior Fiscal Year (or any other date after which the Assessor will not incorporate the newly-created Parcels into the then current tax roll), (ii) because of the date the parcel map was recorded, the Assessor does not yet recognize the new Parcels created by the parcel map, and (iii) one or more of the newly-created Parcels is in a different Development Class than other Parcels created by the subdivision, the Administrator shall calculate the Special Tax for the property affected by recordation of the parcel map by determining the Special Taxes that apply separately to the property within each Development Class, then applying the sum of the individual Special Taxes to the Parcel that was subdivided by recordation of the parcel map. The following terms are defined in the Amended Rate and Method as follows: “Developed Property” means, in any Fiscal Year, all Parcels of Taxable Property that are not Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property for which a Building Permit for new construction was issued prior to June 30 of the preceding Fiscal Year. Taxable Affordable Housing Units on Parcels of Developed Property shall be taxed, if required, pursuant to the Amended Rate and Method. “Final Map Property” means, in any Fiscal Year, all property for which a Final Map had recorded prior to June 30 of the preceding Fiscal Year and which has not yet become Developed Property, not including Taxable Owners Association Property, Taxable Welfare Exemption Property, or Taxable Public Property. “Multi-Family Property” means, in any Fiscal Year, all Parcels of Developed Property for which Building Permits were issued for construction of a residential structure with five or more Residential Units that are offered for rent to the general public and cannot be purchased by individual homebuyers. “Non-Residential Property” means, in any Fiscal Year, all Parcels of Developed Property that are not Single Family Attached Property, Single Family Detached Property, Multi-Family Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property.

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“Single Family Attached Property” means, in any Fiscal Year, all Parcels of Developed Property for which a Building Permit was issued for construction of a residential structure consisting of two or more Residential Units that share common walls, have separate Assessor’s Parcel numbers assigned to them (except for a duplex unit, which may share a Parcel with another duplex unit), and may be purchased by individual homebuyers (which shall still be the case even if the Residential Units are purchased and subsequently offered for rent by the owner), including such residential structures that meet the statutory definition of a condominium contained in Civil Code Section 1351. “Single Family Detached Property” means, in any Fiscal Year, all Parcels of Developed Property for which Building Permits were issued for construction of a Residential Unit that does not share a common wall with another Residential Unit. “Taxable Owners Association Property” means, in any Fiscal Year after the First Bond Sale, any Parcel of Owners Association Property that satisfies all three of the following conditions: (i) the Parcel had not been Owners Association Property on the date of the First Bond Sale; (ii) based on reference to Attachments 1 and 2 to the Amended Rate and Method (as may be updated pursuant to Section D of the Amended Rate and Method), the Parcel was not anticipated to be Owners Association Property based on the Expected Land Uses, as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Facilities Special Tax because it has become Owners Association Property, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Taxable Property” means all Parcels within Improvement Area No. 1 that are not exempt from the Special Tax pursuant to law or Section G of the Amended Rate and Method. “Taxable Affordable Housing Unit” means in any Fiscal Year after the First Bond Sale, any Residential Unit that satisfies both of the following conditions: (i) based on reference to Attachments 1 and 2 (as may be updated pursuant to Section D of the Amended Rate and Method), the Residential Unit was not anticipated to be an Affordable Housing Unit based on the Expected Land Uses, as determined by the Administrator; and (ii) if the Parcel were to be exempt from the Facilities Special Tax because it has become an Affordable Housing Unit, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Taxable Public Property” means in any Fiscal Year after the First Bond Sale, any Parcel of Public Property that satisfies all three of the following conditions: (i) the Parcel had not been Public Property on the date of issuance of the First Bond Sale; (ii) based on reference to Attachments 1 and 2 to the Amended Rate and Method (as may be updated pursuant to Section D of the Amended Rate and Method), the Parcel was not anticipated to be Public Property based on the Expected Land Uses, as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Facilities Special Tax because it has become Public Property, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Taxable Welfare Exemption Property” means in any Fiscal Year after the First Bond Sale, any Parcel of Welfare Exemption Property that satisfies all three of the following conditions: (i) the Parcel had not been Welfare Exemption Property on the date of issuance of the First Bond Sale; (ii) based on reference to Attachments 1 and 2 (as may be updated pursuant to Section D of the Amended Rate and Method), the Parcel was not

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anticipated to be Welfare Exemption Property based on the Expected Land Uses, as determined by the Administrator; and (iii) if the Parcel were to be exempt from the Special Tax because it has become Welfare Exemption Property, the Expected Maximum Facilities Special Tax Revenues would be reduced to a point at which Required Coverage could not be maintained. “Transition Event” shall be deemed to have occurred when the Administrator determines that the following events have occurred: (i) all Bonds secured by the levy and collection of Facilities Special Taxes have been fully repaid, or there are sufficient revenues available to fully repay the Bonds in funds and accounts that, pursuant to the Fiscal Agent Agreement, will require such revenues to be applied to repay the Bonds; (ii) all Administrative Expenses from prior Fiscal Years have been paid or reimbursed to the City; and (iii) there are no other Authorized Facilities that the City intends to fund with Bonds and Facilities Special Taxes. “Transition Year” means the first Fiscal Year in which the Administrator determines that the Transition Event occurred in the prior Fiscal Year. “Undeveloped Property” means, in any Fiscal Year, all Parcels of Taxable Property that are not Final Map Property, Developed Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property. Maximum Facilities Special Tax. Developed Property. The Maximum Facilities Special Tax for Parcels of Single Family Attached Property, Single Family Detached Property, Multi-Family Property, and Non-Residential Property shall be the greater of (i) the Target Facilities Special Tax described in the table below, or (ii) the Maximum Facilities Special Tax determined pursuant to Section D of the Amended Rate and Method (see “– Changes to Maximum Facilities Special Tax” below). Target Facilities Special Tax Developed Property Facilities Special Tax Category
Target Facilities Special Tax Before Transition Year (As of Fiscal Year 2026-27)* Per Residential Unit Single Family Detached Property Greater than or Equal to 3,000 Square Feet 2,800 – 2,999 Square Feet 2,600 – 2,799 Square Feet 2,400 – 2,599 Square Feet 2,200 – 2,399 Square Feet Less than 2,200 Square Feet $5,967 $5,450 $5,007 $4,749 $4,564 $4,232 Single Family Attached Property Greater than or Equal to 1,800 Square Feet Less than 1,800 Square Feet $4,177 $3,992 Per Acre Multi-Family Property $66,518 Non-Residential Property $66,518 * On each July 1, each Target Facilities Special Tax shown above shall be increased by an amount equal to 2.0% of the amount in effect for the prior Fiscal Year.

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See “THE DISTRICT AND IMPROVEMENT AREA NO. 1 – Projected Special Tax Revenues” for a summary of the Fiscal Year 2026-27 Target Facilities Special Tax and the Fiscal Year 2026-27 expected maximum Facilities Special Tax revenues based on expected land uses at buildout. Once a Facilities Special Tax has been levied on a Parcel of Developed Property, the Maximum Facilities Special Tax applicable to that Parcel shall not be reduced in future Fiscal Years regardless of changes in land use on the Parcel, except (i) in the event of a partial prepayment pursuant to Section H of the Amended Rate and Method, and (ii) pursuant to Section D of the Amended Rate and Method. Notwithstanding the foregoing, the actual Facilities Special Tax levied on the Parcel in any Fiscal Year may be less than the Maximum Facilities Special Tax if a lower Facilities Special Tax is calculated pursuant to Step 1 in Section E of the Amended Rate and Method, as described under “– Method of Levy of the Facilities Special Tax” below. Final Map Property, Undeveloped Property, Taxable Owners Association Property, Taxable Public Property, and Taxable Welfare Exemption Property. Prior to the Transition Year, the Maximum Facilities Special Tax for Final Map Property, Undeveloped Property, Taxable Owners Association Property, Taxable Public Property, and Taxable Welfare Exemption Property is $66,518 per Acre for Fiscal Year 2026-27, which shall be increased on each July 1 by an amount equal to 2.0% of the amount in effect for the prior Fiscal Year. In the Transition Year and each Fiscal Year thereafter, no Facilities Special Tax shall be levied on Final Map Property, Undeveloped Property, Taxable Owners Association Property, Taxable Public Property, or Taxable Welfare Exemption Property unless there are delinquent Facilities Special Taxes on a Parcel, in which case such delinquent Facilities Special Taxes can continue to be levied against the Parcel until they are collected. Changes to Maximum Facilities Special Tax. 1. Land Use Changes. The Expected Maximum Facilities Special Tax Revenues shown in Attachment 2 to the Amended Rate and Method were originally calculated based on the Expected Land Uses at the CFD Update. Attachment 2 to the Amended Rate and Method is subject to modification upon the occurrence of Land Use Changes, as described in the Amended Rate and Method. The Administrator shall review all Land Use Changes and compare the revised land uses to the Expected Land Uses to evaluate the impact on the Expected Maximum Facilities Special Tax Revenues. See APPENDIX B. 2. Increase in the Number of Affordable Housing Units. Attachment 2 to the Amended Rate and Method is subject to modification if there is an increase in the number of Affordable Housing Units expected within Improvement Area No. 1, as described in the Amended Rate and Method. See APPENDIX B. It should noted that no Affordable Housing Unit are currently planned for Improvement Area No. 1. Method of Levy of the Facilities Special Tax. Each Fiscal Year, the Administrator shall determine the Facilities Special Tax Requirement and levy the Facilities Special Tax on all Parcels of Taxable Property as follows: Step 1: The Facilities Special Tax shall be levied Proportionately on each Parcel of Developed Property up to 100% of the Maximum Facilities Special Tax for each Parcel of Developed Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement prior to applying any available Capitalized Interest.

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Step 2: If additional revenue is needed after Step 1 and after applying Capitalized Interest to the Facilities Special Tax Requirement, the Facilities Special Tax shall be levied Proportionately on each Parcel of Final Map Property up to 100% of the Maximum Facilities Special Tax for each Parcel of Final Map Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement. Step 3: If additional revenue is needed after Step 2, the Facilities Special Tax shall be levied Proportionately on each Parcel of Undeveloped Property up to 100% of the Maximum Facilities Special Tax for Undeveloped Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement. Step 4: If additional revenue is needed after Step 3, the Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Welfare Exemption Property, up to 100% of the Maximum Facilities Special Tax for each Parcel of Taxable Welfare Exemption Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement. Step 5: If additional revenue is needed after Step 4, the Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Owners Association Property, up to 100% of the Maximum Facilities Special Tax for each Parcel of Taxable Owners Association Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement. Step 6: If additional revenue is needed after Step 5, the Facilities Special Tax shall be levied Proportionately on each Taxable Affordable Housing Unit, up to 100% of the Maximum Facilities Special Tax for each Taxable Affordable Housing Unit for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement. Step 7: If additional revenue is needed after Step 6, the Facilities Special Tax shall be levied Proportionately on each Parcel of Taxable Public Property, up to 100% of the Maximum Facilities Special Tax for each Parcel of Taxable Public Property for such Fiscal Year until the amount levied is equal to the Facilities Special Tax Requirement. Manner of Collection; Final Year of Levy. The Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that partial prepayments of the Facilities Special Tax are permitted as set forth in Section H of the Amended Rate and Method, and provided further that the City may directly bill the Special Tax, may collect the Special Tax at a different time or in a different manner, and may collect delinquent Special Taxes through foreclosure or other available methods. The Facilities Special Tax shall be levied and collected through and including the earlier of (i) the Fiscal Year prior to the Transition Year or (ii) Fiscal Year 2073-74. Under no circumstances may the Facilities Special Tax on a Parcel in private residential use be increased in any Fiscal Year as a consequence of delinquency or default in payment of the Facilities Special Tax levied on another Parcel or Parcels by more than 10% above the amount that would have been levied in that Fiscal Year had there never been any such delinquencies or defaults. Exemptions. Notwithstanding any other provision of the Amended Rate and Method, no Special Tax shall be levied on the following:

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(i) Owners Association Property, Public Property, or Welfare Exemption Property except Taxable Owners Association Property, Taxable Public Property, and Taxable Welfare Exemption Property, as defined in the Amended Rate and Method; (ii) Affordable Housing Units except Taxable Affordable Housing Units; and (iii) Parcels that are: (a) designated as permanent open space or common space on which no structure is permitted to be constructed, (b) owned by a public utility for an unmanned facility, or (c) subject to an easement that precludes any other use on the Parcels. Notwithstanding the foregoing, if a Maximum Facilities Special Tax was assigned to a Parcel, and the entire Parcel meets the criteria in (a), (b) or (c) above, the Parcel shall remain subject to the levy of the Facilities Special Tax, unless the First Bond Sale has not occurred, or the Administrator determines that, if such Parcel becomes exempt from the Facilities Special Tax, the corresponding reduction in the Expected Maximum Facilities Special Tax Revenues would not reduce debt service coverage on outstanding Bonds below the Required Coverage. In either case, such property shall be categorized as Public Property, and the Administrator shall recalculate the Expected Maximum Facilities Special Tax Revenues to reflect the corresponding loss in revenues. Prepayment of Facilities Special Tax. A property owner may prepay up to 75% of the Facilities Special Tax obligation applicable to a Parcel, provided that a prepayment may be made only if there are no delinquent Facilities Special Taxes with respect to such Parcel at the time of prepayment. An owner of a Parcel intending to prepay a portion of the Facilities Special Tax obligation shall provide the City with (i) written notice of intent to prepay, which shall identify the percentage of the Maximum Facilities Special Tax that is to be prepaid, (ii) payment of fees established by the City to process the prepayment request, and (iii) written evidence that there are no delinquent Facilities Special Taxes against the Parcel. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Parcel. Prepayment must be made not less than 50 days prior to any redemption date for Bonds to be redeemed with the proceeds of such prepaid Facilities Special Taxes. Under no circumstance shall a prepayment be allowed that would reduce debt service coverage below the Required Coverage. The Prepayment Amount is calculated based on the Bond Redemption Amount plus Redemption Facilities Amount and other costs, all as specified in APPENDIX B. Covenant to Foreclose Sale of Property for Nonpayment of Taxes. The Fiscal Agent Agreement provides that Facilities Special Taxes shall be payable and be collected in the same manner and at the same time and in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same time and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the ad valorem taxes on real property, except as provided in the special covenant for foreclosure described below, the Ordinance and in the Act. Under these procedures, if taxes are unpaid for a period of five years or more, the property is subject to sale by the County. Foreclosure Under the Act. Under Section 53356.1 of the Act, if any delinquency occurs in the payment of the Facilities Special Tax, the City may order the institution of a Superior Court action to foreclose the lien therefor within specified time limits. In such an action, the real property subject to the unpaid amount may be sold at judicial foreclosure sale.

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While judicial foreclosure is not mandatory under the Act, the City has covenanted in the Fiscal Agent Agreement that on or about March 30 and July 30 of each Fiscal Year, the Finance Director will: (1) compare the amount of Facilities Special Taxes previously levied in Improvement Area No. 1 to the amount of Special Tax Revenues received by the City, and (2) because it is the County’s practice under the Guidelines (as hereinafter defined) to apportion Facilities Special Taxes to the City as if the Facilities Special Taxes were covered by the Teeter Plan (as hereinafter defined) even though Facilities Special Taxes are not covered by the County’s Teeter Plan as further described below (see “ – Facilities Special Taxes Are Not Covered By Teeter Plan”), the City will make a good faith effort at the time of each apportionment of Facilities Special Taxes to obtain information from the County as to the Facilities Special Tax delinquencies represented by such apportionment. Thereafter, if delinquencies have occurred, the City will proceed as follows: Individual Parcel Delinquencies. If the Finance Director determines that any single parcel subject to the Facilities Special Tax in Improvement Area No. 1 is delinquent in the payment of four or more installments of Facilities Special Taxes, then the Finance Director will send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within 45 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings will be commenced by the City within 90 days of such determination. Notwithstanding the foregoing, the City may defer any such actions with respect to a delinquent parcel if (1) the Facilities Special Taxes are covered by the County’s Teeter Plan, or an equivalent procedure, but only to the extent that the City cannot be required to repay the County for amounts apportioned by the County to the City that represent delinquent Facilities Special Taxes, (2) the amount in the 2024 Reserve Fund is at least equal to the 2024 Reserve Requirement, (3) the amount in the reserve account for any Parity Bonds that are not 2024-Related Parity Bonds is at least equal to the required amount and (4) the subject parcel is not delinquent with respect to more than $20,000 of Facilities Special Taxes. Aggregate Delinquencies. If the Finance Director determines that (i) the total amount of delinquent Facilities Special Tax for the prior Fiscal Year for the entire Improvement Area No. 1 (including the total of delinquencies under the two paragraphs above), exceeds 5% of the total Facilities Special Tax due and payable for the prior Fiscal Year, or (ii) there are 10 or fewer owners of real property within Improvement Area No. 1, determined by reference to the latest available secured property tax roll of the County, the Finance Director shall notify or cause to be notified property owners who are then delinquent in the payment of Facilities Special Taxes (and demand immediate payment of the delinquency) within 45 days of such determination, and shall commence foreclosure proceedings within 90 days of such determination against each parcel of land in Improvement Area No. 1 with a Facilities Special Tax delinquency. Sufficiency of Foreclosure Sale Proceeds; Foreclosure Limitations and Delays. No assurances can be given that the real property subject to a judicial foreclosure sale will be sold or, if sold, that the proceeds of sale will be sufficient to pay any delinquent Facilities Special Tax

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installment. The Act does not require the City to purchase or otherwise acquire any lot or parcel of property foreclosed upon if there is no other purchaser at such sale. Section 53356.6 of the Act requires that property sold pursuant to foreclosure under the Act be sold for not less than the amount of judgment in the foreclosure action, plus post-judgment interest and authorized costs, unless the consent of the owners of 75% of the Outstanding Bonds is obtained. However, under Section 53356.5 of the Act, the City, as judgment creditor, is entitled to purchase any property sold at foreclosure using a “credit bid,” where the City could submit a bid crediting all or part of the amount required to satisfy the judgment for the delinquent amount of the Facilities Special Taxes. If the City becomes the purchaser under a credit bid, the City must pay the amount of its credit bid into the redemption fund established for the Bonds, but this payment may be made up to 24 months after the date of the foreclosure sale. Foreclosure by court action is subject to normal litigation delays, the nature and extent of which are largely dependent on the nature of the defense, if any, put forth by the debtor and the Superior Court calendar. In addition, the ability of the City to foreclose the lien of delinquent unpaid Facilities Special Taxes may be limited in certain instances and may require prior consent of the property owner if the property is owned by or in receivership of the Federal Deposit Insurance Corporation (the “FDIC”). See “BOND OWNERS’ RISKS – Bankruptcy Delays.” Facilities Special Taxes Are Not Covered By Teeter Plan. The County has adopted written guidelines for its Alternative Method of Tax Apportionment (“Teeter Plan”), as set forth in the “County of Solano Guideline - Solano County Teeter Program” dated March 25, 2004 (the “Guidelines”). Under the Guidelines, (i) Facilities Special Taxes are not covered by the County’s Teeter Plan, (ii) notwithstanding that Facilities Special Taxes are not covered by the County’s Teeter Plan, for administrative convenience, the County will apportion Facilities Special Taxes to the City as if the Facilities Special Taxes were covered by the Teeter Plan, and (iii) the County may demand the repayment by the City of apportionments that represent delinquent Facilities Special Taxes when the County determines that the collection of the delinquent Facilities Special Taxes is unlikely. As a result, the City is permitted under the Fiscal Agent Agreement to use Facilities Special Taxes at any time to repay the County for amounts apportioned by the County to the City that represent delinquent Facilities Special Taxes if failure to do so will cause the County to withhold property tax revenues (other than Facilities Special Taxes) that would otherwise be apportioned to the City; provided, however, that in the event the County asks the City to repay the County for the apportionment of amounts that represent delinquent Facilities Special Taxes, the City will make a good faith effort to negotiate a payment plan with the County that will not require the City to repay the County with Facilities Special Taxes if doing so will result in there being insufficient Special Tax Revenues to pay debt service on the Bonds when due. Therefore, the District’s receipt of Facilities Special Taxes will be impacted by delinquencies in payment, as well as by the collection of interest and penalties on past delinquencies in the future. See “THE DISTRICT AND IMPROVEMENT AREA NO. 1 – Potential Consequences of Facilities Special Tax Delinquencies” and “BOND OWNERS’ RISKS – Property Tax Delinquencies.” Special Tax Fund Deposits. Under the Fiscal Agent Agreement, the Special Tax Fund is established as a separate fund to be held by the Fiscal Agent, to the credit of which the Fiscal Agent will deposit amounts received from or on behalf of the City consisting of Special Tax Revenues and amounts transferred from the Administrative Expense Fund and the Bond Fund. The City will promptly remit

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any Special Tax Revenues received by it to the Fiscal Agent for deposit by the Fiscal Agent to the Special Tax Fund. Notwithstanding the foregoing, (i) Special Tax Revenues in an amount not to exceed the amount included in the Special Tax levy for such Fiscal Year for Administrative Expenses shall be separately identified by the Finance Director and shall be deposited by the Fiscal Agent in the Administrative Expense Fund; (ii) any Special Tax Revenues constituting the collection of delinquencies in payment of Special Taxes shall be separately identified by the Finance Director and shall be disposed of by the Fiscal Agent first, for transfer to the Bond Fund to pay any past due Debt Service on the Bonds; second, without preference or priority, for transfer to the 2024 Reserve Fund to the extent needed to increase the amount then on deposit in the 2024 Reserve Fund up to the then 2024 Reserve Requirement and for transfer to the reserve account for any Parity Bonds that are not 2024-Related Parity Bonds to the extent needed to increase the amount then on deposit in such reserve account up to the amount then required to be deposited therein (and in the event the collection of delinquencies in payment of Facilities Special Taxes is not sufficient for the purposes of this clause, such amounts shall be applied to the 2024 Reserve Fund and any other reserve accounts ratably based on the then Outstanding principal amount of the Bonds); and third, to be held in the Special Tax Fund for use as described in “– Disbursements” below; and (iii) any proceeds of Facilities Special Tax Prepayments will be separately identified by the Finance Director and will be deposited by the Fiscal Agent as follows (as directed in writing by the Finance Director): (a) that portion of any Facilities Special Tax Prepayment constituting a prepayment of construction costs (which otherwise could have been included in the proceeds of Parity Bonds) will be deposited by the Fiscal Agent to the Improvement Fund and (b) the remaining Facilities Special Tax Prepayment shall be deposited by the Fiscal Agent in the Special Tax Prepayments Account established pursuant to the Fiscal Agent Agreement. Moneys in the Special Tax Fund will be held by the Fiscal Agent for the benefit of the City and Owners of the Bonds, will be disbursed as provided below and, pending disbursement, will be subject to a lien in favor of the Owners of the Bonds. Disbursements. On the fifth Business Day prior to each Interest Payment Date, the Fiscal Agent will withdraw from the Special Tax Fund and transfer the following amounts in the following order of priority: (i) to the Bond Fund an amount, taking into account any amounts then on deposit in the Bond Fund and any expected transfers from the Improvement Fund, the 2024 Reserve Fund and any reserve account for Parity Bonds that are not 2024-Related Parity Bonds, the 2024 Capitalized Interest Account and the Special Tax Prepayments Account to the Bond Fund such that the amount in the Bond Fund equals the principal (including any sinking payment), premium, if any, and interest due on the Bonds on such Interest Payment Date or redemption date and any past

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due principal or interest on the Bonds not theretofore paid from a transfer described in the Fiscal Agent Agreement, and (ii) without preference or priority (a) to the 2024 Reserve Fund an amount, taking into account amounts then on deposit in the 2024 Reserve Fund, such that the amount in the 2024 Reserve Fund is equal to the 2024 Reserve Requirement, and (b) to the reserve account for any Parity Bonds that are not 2024-Related Parity Bonds, taking into account amounts then on deposit in the such reserve account, such that the amount in such reserve account is equal to the amount required to be on deposit therein (and in the event that amounts in the Special Tax Fund are not sufficient for the purposes of this paragraph, such amounts will be applied to the 2024 Reserve Fund and any other reserve accounts ratably based on the then Outstanding principal amount of the Bonds). (iii) between each September 2 and the immediately succeeding December 31, the City may direct the Fiscal Agent to transfer any of the moneys remaining in the Special Tax Fund to (A) the Remainder Taxes Account or (B) the Administrative Expense Fund. As described above, because it is the County’s practice under the Guidelines to apportion Facilities Special Taxes to the City as if the Facilities Special Taxes were covered by the Teeter Plan even though Facilities Special Taxes are not covered by the County’s Teeter Plan, the City may use Facilities Special Taxes at any time to repay the County for amounts apportioned by the County to the City that represent delinquent Facilities Special Taxes if failure to do so will cause the County to withhold property tax revenues (other than Facilities Special Taxes) that would otherwise be apportioned to the City. See “– Facilities Special Taxes Are Not Covered By Teeter Plan.” Bond Fund Deposits. The Fiscal Agent will hold the moneys in the Bond Fund for the benefit of the City and the Owners of the Bonds, and will disburse those funds for the payment of the principal of, and interest and any premium on, the Bonds as described below. Capitalized Interest Account. Under the Fiscal Agent Agreement, within the Bond Fund there is established a separate account designated as the “Capitalized Interest Account” to be held in trust by the Fiscal Agent for the benefit of the City and the Owners of the 2026 Bonds into which a portion of the proceeds of the 2026 Bonds will be deposited on the Closing Date. Amounts on deposit in the Capitalized Interest Account will be used and withdrawn by the Fiscal Agent solely for the payment of a portion of the interest on the Bonds on March 1, 2027. When the amount in the Capitalized Interest Account is fully expended for the payment of interest, the account will be closed. Special Tax Prepayments Account. There is also created in the Bond Fund a separate account to be held by the Fiscal Agent, designated the “Special Tax Prepayments Account,” to the credit of which deposits will be made from Facilities Special Tax Prepayments as provided in the Fiscal Agent Agreement.

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Disbursements. At least 10 Business Days before each Interest Payment Date, the Fiscal Agent will notify the Finance Director in writing as to the principal and premium, if any, and interest due on the Bonds on the next Interest Payment Date (whether as a result of scheduled principal of and interest on the Bonds, optional redemption of the Bonds or a mandatory sinking fund redemption). On each Interest Payment Date, the Fiscal Agent will withdraw from the Bond Fund and pay to the Owners of the Bonds the principal of, and interest and any premium, due and payable on such Interest Payment Date on the Bonds. Notwithstanding the foregoing, amounts in the Bond Fund as a result of a transfer pursuant to the Fiscal Agent Agreement will be immediately disbursed by the Fiscal Agent to pay past due amounts owing on the Bonds. At least 5 Business Days prior to each Interest Payment Date, the Fiscal Agent will determine if the amounts then on deposit in the Bond Fund are sufficient to pay the Debt Service due on the Bonds on the next Interest Payment Date. In the event that amounts in the Bond Fund are insufficient for such purpose, the Fiscal Agent promptly will notify the Finance Director by telephone (and confirm in writing) of the amount of the insufficiency. In the event that amounts in the Bond Fund are insufficient for the purpose set forth in the preceding paragraph with respect to any Interest Payment Date, the Fiscal Agent will do the following: (i) Withdraw from the 2024 Reserve Fund, in accordance with the provisions of the Fiscal Agent Agreement, to the extent of any funds or Permitted Investments therein, amounts to cover the amount of such Bond Fund insufficiency related to the 2026 Bonds and any other 2024-Related Parity Bonds. Amounts so withdrawn from the 2024 Reserve Fund will be deposited in the Bond Fund. (ii) Withdraw from the reserve funds, if any, established under a Supplemental Agreement related to Parity Bonds that are not 2024-Related Parity Bonds, to the extent of any funds or Permitted Investments therein, amounts to cover the amount of such Bond Fund insufficiency related to such Parity Bonds. Amounts so withdrawn from any such reserve fund will be deposited in the Bond Fund. If, after the foregoing transfers and application of such funds for their intended purposes, there are insufficient funds in the Bond Fund to make the payments provided for in the second sentence of the first paragraph under “Bond Fund – Disbursements” above, the Fiscal Agent will apply the available funds first to the payment of interest on the Bonds, then to the payment of principal due on the Bonds other than by reason of sinking payments, if any, and then to payment of principal due on the bonds by reason of sinking payments. Each such payment will be made ratably to the Owners of the Bonds based on the then Outstanding principal amount of the Bonds, if there are insufficient funds to make the corresponding payment for all of the then Outstanding Bonds, subject to the restrictions on the uses of any funds as set forth in the Fiscal Agent Agreement. Any sinking payment not made as scheduled will be added to the sinking payment to be made on the next sinking payment date. Any failure by the Fiscal Agent to provide the notices required by the Fiscal Agent Agreement will not alter the obligation of the City to make the scheduled payments from amounts in the Bond Fund. Disbursements from the Special Tax Prepayments Account. Moneys in the Special Tax Prepayments Account will be transferred by the Fiscal Agent to the Bond Fund on the next date for which notice of redemption of Bonds can timely be given under the Fiscal Agent Agreement, and notice to the Fiscal Agent can timely be given under the Fiscal Agent Agreement, and will be used (together with any amounts transferred pursuant to the Fiscal Agent Agreement) to redeem Bonds on the redemption date selected in accordance the Fiscal Agent Agreement.

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2024 Reserve Fund General. In order to further secure the payment of principal of and interest on the 2026 Bonds, the 2024 Bonds and any other 2024-Related Parity Bonds issued in the future, a portion of the proceeds of the 2026 Bonds will be deposited into the 2024 Reserve Fund in an amount necessary to increase the amount on deposit therein to the “2024 Reserve Requirement” (as defined below). See “FINANCING PLAN – Estimated Sources and Uses of Funds.” 2024 Reserve Requirement. The “2024 Reserve Requirement” is defined in the Fiscal Agent Agreement as the amount as of any date of calculation equal to the least of (a) Maximum Annual Debt Service on the 2026 Bonds, the 2024 Bonds and any future 2024-Related Parity Bonds, if any, (b) 125% of average Annual Debt Service on the 2026 Bonds, the 2024 Bonds and any 2024-Related Parity Bonds, and (c) 10% of the outstanding principal of the 2026 Bonds, the 2024 Bonds and any 2024-Related Parity Bonds; provided, however: (A) that with respect to the calculation of clause (c), the issue price of the 2026 Bonds, the 2024 Bonds or any 2024-Related Parity Bonds excluding accrued interest will be used rather than the outstanding principal amount, if (i) the net original issue discount or premium of the 2026 Bonds, the 2024 Bonds or any 2024-Related Parity Bonds was less than 98% or more than 102% of the original principal amount of the 2026 Bonds, the 2024 Bonds or any 2024-Related Parity Bonds and (ii) using the issue price would produce a lower result than using the outstanding principal amount; (B) that in no event shall the amount calculated exceed the amount on deposit in the 2024 Reserve Fund on the date of issuance of the most recently issued series of 2024-Related Parity Bonds (if any 2024-Related Parity Bonds are covered by the 2024 Reserve Fund) except in connection with any increase associated with the issuance of 2024-Related Parity Bonds; and (C) that in no event will the amount required to be deposited into the 2024 Reserve Fund in connection with the issuance of a series of 2024-Related Parity Bonds exceed the maximum amount under the Tax Code that can be financed with tax-exempt bonds and invested an unrestricted yield. Use of 2024 Reserve Fund. Except as otherwise provided in the Fiscal Agent Agreement, all amounts deposited in the 2024 Reserve Fund will be used and withdrawn by the Fiscal Agent solely for the purpose of making transfers to the Bond Fund in the event of any deficiency at any time in the Bond Fund of the amount then required for payment of the principal of, and interest and any premium on, the 2026 Bonds, the 2024 Bonds and any other 2024-Related Parity Bonds or, in accordance with the provisions of the Fiscal Agent Agreement, for the purpose of redeeming the 2026 Bonds, the 2024 Bonds and any other 2024-Related Parity Bonds from the Bond Fund. Whenever a transfer is made from the 2024 Reserve Fund to the Bond Fund due to a deficiency in the Bond Fund for payment of the principal of, and interest and any premium on, the 2026 Bonds, the 2024 Bonds and any 2024-Related Parity Bonds, the Fiscal Agent will provide written notice thereof to the Finance Director, specifying the amount withdrawn. Qualified Reserve Fund Credit Instruments. The City has the right at any time to direct the Fiscal Agent to release funds from the 2024 Reserve Fund, in whole or in part, by tendering to the Fiscal Agent: (i) a Qualified Reserve Account Credit Instrument (as defined in the Fiscal Agent Agreement), and (ii) an opinion of Bond Counsel stating that neither the release of such funds nor the acceptance of such Qualified Reserve Account Credit Instrument will cause interest on the 2026 Bonds, the 2024 Bonds or any other 2024-Related Parity Bonds the interest on which

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is excluded from gross income of the owners thereof for federal income tax purposes to become includable in gross income for purposes of federal income taxation. The City will have no obligation to replace a Qualified Reserve Account Credit Instrument or to fund the 2024 Reserve Fund with cash if, at any time that the 2026 Bonds, the 2024 Bonds or any other 2024-Related Parity Bonds are Outstanding, amounts are not available to be drawn upon under the Qualified Reserve Account Credit Instrument. The City and the Fiscal Agent will comply with the terms of the Qualified Reserve Account Credit Instrument as will be required to receive payments thereunder in the event and to the extent required under the Fiscal Agent Agreement. See “APPENDIX C – SUMMARY OF CERTAIN PROVISIONS OF THE FISCAL AGENT AGREEMENT” for a complete description of the timing, purpose and manner of disbursements from the 2024 Reserve Fund. Investment of Moneys in Funds Moneys in any fund or account created or established by the Fiscal Agent Agreement and held by the Fiscal Agent will be invested by the Fiscal Agent in Permitted Investments, which in any event by their terms mature prior to the date on which such moneys are required to be paid out under the Fiscal Agent Agreement. See “APPENDIX C – SUMMARY OF CERTAIN PROVISIONS OF THE FISCAL AGENT AGREEMENT”.

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THE DISTRICT AND IMPROVEMENT AREA NO. 1 Formation and Background Formation. The District was established by the City Council under the Act, following a noticed public hearing, pursuant to Resolution No. 2023-31 (the “Resolution of Formation”) on February 21, 2023. On the same date, an election was held in which the qualified electors within Improvement Area No. 1 approved a ballot proposition authorizing the City to incur bonded indebtedness for Improvement Area No. 1 of the District of up to $90,000,000 (as subsequently increased to $100,000,000 pursuant to the change proceedings described below) to finance the acquisition and construction of the authorized Facilities, to levy the Special Taxes, and to establish an appropriations limit for Improvement Area No. 1 of the District. The Master Developer originally intended to annex Planning Area 5 into CFD No. 2019-1, but due to changing market conditions and changes to the Development Agreement (as defined herein), the Master Developer asked the City to form the District and the Future Annexation Area (defined below) over the Planning Area 5 property. The District is intended to continue the financing of the facilities and services for the One Lake Project as a whole. The District is authorized to finance the construction of authorized Facilities. See “FINANCING PLAN – Facilities Financing Plan.” The Amended Rate and Method by which Special Taxes may be levied is attached as APPENDIX B. See “SECURITY FOR THE BONDS – Amended Rate and Method” for a summary of the Amended Rate and Method. Future Annexation Area. The District was formed to include Improvement Area No. 1 and “City of Fairfield Community Facilities District No. 2023-1 (One Lake Planning Area 5) (Future Annexation Area)” (the “Future Annexation Area”). The Future Annexation Area enables properties to annex into the District with fewer procedural requirements than would otherwise be required under the Act. Property owners in the Future Annexation Area annex into the District by executing a unanimous approval. Under the Act, a unanimous approval constitutes the vote of a qualified elector in favor of the matters addressed in the unanimous approval for purposes of the California Constitution. Property within the Future Annexation Area may be annexed into the District as improvement areas to be designated in the future separate and apart from Improvement Area No. 1 (such future improvement areas, the “Future Improvement Areas”), or into Improvement Area No. 1. For Future Improvement Areas, a different rate and method may be adopted if the annexed territory is designated as a separate improvement area. No supplements to the Amended Rate and Method in connection with the annexation of territory to Improvement Area No. 1 (if any), and no new rate and method for any Future Improvement Area, may cause an increase in the maximum Special Tax rate in the territory that was in the District prior to the annexation (including Improvement Area No. 1). The property in the Future Annexation Area consists of Neighborhood P and Neighborhood Q, and is currently designated for potential development of up to 172 attached multifamily units. No assurance can be given as to whether this will be annexed into the District or Improvement Area No. 1 in the future.

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The 2026 Bonds are currently secured only by the Facilities Special Taxes levied within Improvement Area No. 1. The property in the Future Annexation Area is not currently subject to the lien of the Facilities Special Tax and will not be subject to the Facilities Special Tax unless such property is annexed to Improvement Area No. 1 in the future. Change Proceedings. On October 15, 2024, the City completed change proceedings for Improvement Area No. 1 in order to (i) amend the Original Rate and Method and adopt the Amended Rate and Method to increase the rate of the Special Taxes, (ii) increase the bonded indebtedness limit for Improvement Area No. 1 from $90,000,000 to $100,000,000, and (iii) increase the bonded indebtedness limit for the remaining property in the District from $15,000,000 to $20,000,000. Description and Location One Lake Project. The property in Improvement Area No. 1 is part of the larger One Lake Project, a 358.5-acre master-planned community being developed by the Master Developer. The One Lake Project is located in the northeastern area of the City along the north side of Vanden Road at One Lake Drive. Improvement Area No. 1 is the most northern portion of the One Lake Project. The One Lake Project is being developed in numerous phases that are anticipated to ultimately consist of 1,927 single-family and multi-family homes and a 190-unit apartment complex, with approximately 20,000 square feet of commercial/retail space. The One Lake Project comprises the property known as Planning Area 4 and Planning Area 5 of the Specific Plan. Improvement Area No. 1 comprises the majority of Planning Area 5. Planning Area 4 is within CFD No. 2019-1, a separate community facilities district previously formed by the City, and not subject to the Facilities Special Tax securing the 2026 Bonds. Improvement Area No. 1. The property within Improvement Area No. 1 is anticipated to be improved with 932 residential units, 12.77 acres of public parks, and public street improvements. The residential units are anticipated to consist of 816 single-family detached homes and 116 single-family detached courtyard cluster homes. As of June 1, 2026, the date of value of the Appraisal (as defined below), the property in Improvement Area No. 1 consisted 120 completed homes, 41 homes under construction, 52 parcels with building permits pulled, 191 finished lots, and 528 rough-graded lots . See “PROPERTY OWNERSHIP AND DEVELOPMENT STATUS” for additional information regarding the property ownership and development status within Improvement Area No. 1, the One Lake Project, and the Specific Plan. Boundary Map. The boundary map showing the boundaries of Improvement Area No. 1 is attached as APPENDIX J. See “APPENDIX A – GENERAL INFORMATION ABOUT THE CITY OF FAIRFIELD AND SOLANO COUNTY” for demographic and other information regarding the area in and around the District. Authorized Facilities General. Under the Resolution of Formation, the District (and each improvement area therein) is authorized to finance all or a portion of the costs of acquisition, construction and improvement of facilities permitted under the Act and that are required as conditions of

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development of property in the One Lake Project. The facilities authorized to be financed (the “Facilities”) include, among others, the following: • Offsite sewer improvements. • Offsite potable water improvements and facilities, including but not limited to pump stations, buildings, water lines, and storage facilities. • Offsite non-potable water improvements and facilities, including but not limited to pump stations, water lines, and street work. • Storm drain/non-potable water pump station improvements, buildings, and facilities. • Backbone street and road improvements and facilities, including sewer, water, storm drain, street lights signage and striping, traffic signals, medians, curb, gutter, City fiber lines, pavement and bridges. • ln-tract Improvements including sewer, water, storm drain, street lights signage and striping, curb, gutter, and pavement. • Storm drain basins, bio-retention and storm drain improvements to meet storm management needs, including maintenance roads, fencing and other improvements. • Fire station that will serve property in the One Lake Project, including land, building, and associated site improvements. The Facilities may be located within or outside the District. Status of Construction of Facilities. For the current status of the construction of Facilities in Improvement Area No. 1, see “PROPERTY OWNERSHIP AND DEVELOPMENT STATUS – Public Infrastructure Improvements Required for the One Lake Project.” Acquisition Agreement. In connection with the formation of the District, the Master Developer and the City entered into the Acquisition Agreement dated as of February 21, 2023 (the “Acquisition Agreement”). The Acquisition Agreement authorized the financing of the Facilities with the proceeds of the Bonds, prepayments of Facilities Special Taxes collected prior to the issuance of the Bonds, prepayments of Facilities Special Taxes otherwise allocated for Facilities under the Amended Rate and Method, and Facilities Special Taxes collected to directly finance Facilities under the Amended Rate and Method and which are allocated to fund such Facilities. The Master Developer will remain responsible for any Facilities costs not funded from these sources.

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Projected Special Tax Revenues The following table shows the Fiscal Year 2026-27 Target Facilities Special Tax and the Fiscal Year 2026-27 expected maximum Facilities Special Tax revenues based on expected land uses at buildout. However, because home sizes have not yet been determined for most of the lots in Improvement Area No. 1, the Fiscal Year 2026-27 maximum Facilities Special Tax revenues are anticipated to be $7,976,950, which reflects per-unit target tax rates for the 213 lots with building permits and the per-acre rate of $66,518 for the remaining property without a building permit. Table 1 Expected Land Uses and Expected Maximum Special Tax Revenues at Buildout Special Tax Category FY 2026-27 Target Facilities Special Tax Before Transition Year Expected Residential Units(1) FY 2026-27 Expected Maximum Facilities Special Tax Revenues at Buildout Single Family Detached Property 3,000 Square Feet or greater $5,967 per unit 147 $877,175 2,800 - 2,999 Square Feet 5,450 per unit 108 588,639 2,600 - 2,799 Square Feet 5,007 per unit 79 395,536 2,400 - 2,599 Square Feet 4,749 per unit 243 1,153,983 2,200 - 2,399 Square Feet 4,564 per unit 201 917,416 Less than 2,200 Square Feet 4,232 per unit 154 651,743 Subtotal 932 $4,584,492 Single Family Attached Property Greater than or Equal to 1,800 Square Feet $4,177 per unit 0 $0 Less than 1,800 Square Feet $3,992 per unit 0 0 Subtotal $0 Multi-Family Property $66,518 per acre 0 $0 Non-Residential Property $66,518 0 0 Total 932 $4,584,492 (1) Based on the land uses expected within each Special Tax category as of May 6, 2026, per the Master Developer. Source: Goodwin Consulting Group, Inc.

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Appraised Values General. The purpose of the Appraisal was to estimate the fee simple market value of the taxable property within Improvement Area No. 1, subject to the Facilities Special Taxes levy, by ownership, with the sum of values by ownership representing an aggregate value, as of a June 1, 2026, date of value. The Appraisal was prepared in compliance with Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Ethics of the Appraisal Institute, and the Appraisal Standards for Land Secured Financing as promulgated by the California Debt and Investment Advisory Commission. Assumptions and Limiting Conditions. In addition to the conditions described above, the value conclusions contained in the Appraisal are subject to the following extraordinary assumptions and hypothetical conditions: • The Appraiser relied on land development cost and fees provided by the Master Developer and the Merchant Builders, and states that the budgeted site costs and fees appear reasonable relative to costs at other projects in the area (and costs of comparables analyzed). It is an extraordinary assumption of the Appraisal that the said costs and fees are reasonably true and correct. Any substantial changes in costs and fees could have an effect on the value conclusions and the feasibility of development. The Appraiser assumed that competent and professional engineering has been completed and that the cost estimates were prepared by a qualified, professional service. • As of the date of value of the Appraisal, the 2026 Bonds had not been sold. The values estimated in the Appraisal are based on the hypothetical condition that, as of the date of inspection, the 2026 Bonds had just been sold and the property was encumbered by Facilities Special Taxes, as described therein. The value accounts for the impact of the lien of the Facilities Special Tax securing the 2026 Bonds.

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Value Estimates. The Appraiser estimated that, as of the June 1, 2026, date of value, the estimated market values of the taxable property in Improvement Area No. 1, representing not-less-than market values, were as follows: Neighborhoods Property Ownership Number of Lots Estimated Value R & O Lennar Homes 52 $ 21,400,000 (1) Individual homeowners 79 53,825,000 L & K-1 Tri Pointe 33 10,620,000 Individual homeowners 7 5,040,000 J Century Communities 61 13,310,000 Individual homeowners 8 5,280,000 A/B K. Hovnanian 67 13,400,000 C KB 85 15,130,000 Various Master Developer 540 65,800,000 (1) Totals: 932 $ 203,805,000 (2) (1) Represents not-less than market value in bulk. (2) Represents not-less than aggregate value. Source: The Appraisal. Valuation Methods. The Appraisal used the sales comparison approach, which considers area bulk lot sales, with adjustments applied accordingly relative to the subject property. The home prices used in this approach were derived from the home sales and offering prices in Improvement Area No. 1. The conclusions from these approaches were then reconciled into final lot values. For the valuation of the partially completed lots in bulk, the estimated lot values were incorporated into a discounted cash flow analysis that considers the time and cost of selling the lots over an estimated absorption period. For each component analyzed, the Appraiser reconciled the value indications of each approach to value. Neither the City nor the Underwriter makes any representation as to the accuracy or completeness of the Appraisal. See APPENDIX I for a complete copy of the Appraisal Report, including a description of the valuation process that the Appraiser undertook to arrive at an estimate of value of the appraised property within Improvement Area No. 1. Development Status, Projected Special Tax Levy and Appraised Value-to-Debt Ratios The table below shows the Fiscal Year 2026-27 maximum Facilities Special Tax revenues, appraised values by property ownership and development status, based on the appraised values set forth in the Appraisal, the outstanding principal amount of the 2024 Bonds and estimated principal amount of the 2026 Bonds allocated by the projected Fiscal Year 2026-27 Special Tax Levy, and value-to-lien ratios for the taxable parcels in Improvement Area No. 1. It should be noted that, because home sizes have not yet been determined for most of the lots in Improvement Area No. 1, the Fiscal Year 2026-27 maximum Facilities Special Tax

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revenues of $7,976,950 shown in the table below reflect per-unit target tax rates for the 213 lots with building permits and the per-acre rate of $66,518 for the remaining property without a building permit. By contrast, the Fiscal Year 2026-27 estimated maximum Special Taxes at buildout, based on currently estimated home sizes, would be $4,584,492. No assurance can be given that the amounts shown in these tables will conform to those ultimately realized in the event of a foreclosure action following delinquency in the payment of the Facilities Special Taxes.

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Table 2 Fiscal Year 2026-27 Maximum Facilities Special Tax Revenues and Value-to-Lien Ratios Development Status and Ownership (1) Expected Residential Units Estimated Taxable Acreage (2) Appraised Value(3) FY 2026-27 Maximum Facilities Special Tax Revenues (4)
Projected FY 2026-27 Facilities Special Tax Levy (5)
Percent of Projected FY 2026-27 Facilities Special Tax Levy Allocated Bond Debt(6)* Value-to-Lien Ratio* Developed Property (6) Individual Homeowners 94 N/A $64,145,000 $441,737 $441,737 16.4% $8,244,564 7.78 Lennar Homes 52 N/A 21,400,000 249,891 249,891 9.3 4,663,954 4.59 Tri Pointe 33 N/A 10,620,000 161,098 161,098 6.0 3,006,718 3.53 Century Communities 34 N/A 9,430,490 151,200 151,200 5.6 2,821,987 3.34 Subtotal Developed Property 213 N/A $105,595,490 $1,003,926 $1,003,926 37.3% $18,737,223 5.64 Final Map Property Century Communities 27 2.11 $3,879,510 $140,684 $125,461 4.7% $2,341,606 1.66 K. Hovnanian 67 7.47 13,400,000 496,639 442,901 16.4 8,266,289 1.62 KB 85 7.59 15,130,000 504,801 450,180 16.7 8,402,141 1.80 Master Developer (7) 115 11.33 14,622,917 753,568 672,031 24.9 12,542,741 1.17 Subtotal Final Map Property 294 28.50 $47,032,427 $1,895,691 $1,690,574 62.7% $31,552,777 1.49 Undeveloped Property Master Developer 425 70.87 $51,177,083 $4,714,101 $0 0.0% $0 N/A Total 932 99.37 $203,805,000 $7,613,718 $2,694,500 100.0% $50,290,000 4.05 * Preliminary; subject to change. (1) Ownership information and development status based on the Appraisal as of June 1, 2026. All of the K. Hovnanian lots are currently held by the K. Hovnanian Land Bank. (2) Reflects acreage per Solano County Assessor's records for Final Map Property. Acreage for Undeveloped Property is based on estimated taxable acreage for each neighborhood per CBG, the Master Developer's engineer. (3) Appraised values were allocated to the individual parcels based on the expected development and lot status for each parcel, as reflected in the Appraisal. The allocated appraised values may not be indicative of the actual market values of the communities or the individual lots. (4) Based on the current status of development and estimated taxable acreage in Improvement Area No. 1. At buildout the maximum Facilities Special Tax revenues are expected to generate $4,584,492 in Fiscal Year 2026-27 dollars. (5) Based on development status based on the Appraisal as of the June 1, 2026, date of value. The projected Fiscal Year 2026-27 Facilities Special Tax levy is subject to change if additional building permits are issued or final maps are recorded before June 30, 2026. (6) Allocated based on the fiscal year 2026-27 projected Facilities Special Tax levy. Does not include overlapping debt from general obligation bonds and tax increment bonds. (7) Includes Neighborhoods N and M, for which the final subdivision map was recorded on June 18, 2026, after the June 1, 2026, date of value of the Appraisal. Source: Goodwin Consulting Group, Inc.; the Appraiser.

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The table below shows the approximate value-to-debt ratios for the property in Improvement Area No. 1 allocated by value-to-lien categories, based on the appraised values set forth in the Appraisal, the outstanding principal amount of the 2024 Bonds, and the principal amount of the 2026 Bonds. Table 3 Appraised Values and Value-to-Debt Ratios Allocated by Value-to-Debt Category Value-to-Lien Category Expected Residential Units Appraised Value FY 2026-27 Maximum Facilities Special Tax Revenues (1)
Projected FY 2026-27 Facilities Special Tax Levy (2)
Percent of Projected FY 2026-27 Projected Special Tax Levy Allocated Bond Debt(3)* Average Value-to-Lien* Greater than 4:1 130 $85,506,534 $611,623 $611,623 22.7% $11,415,299 7.49 3:1 to 4:1 21 6,509,816 99,207 99,207 3.7 1,851,595 3.52 2:1 to 3:1 62 13,579,141 293,096 293,096 10.9 5,470,329 2.48 Less than 2:1 294 47,032,427 1,895,691 1,690,574 62.7 31,552,777 1.49 Undeveloped Property(4) 425 51,177,083 4,714,101 0 0.0 0 N/A Totals 932 $203,805,000 $7,613,718 $2,694,500 100.0% $50,290,000 4.05 * Preliminary; subject to change. (1) Based on the current status of development and estimated taxable acreage in Improvement Area No. 1. At buildout, the expected maximum Facilities Special Tax revenues are expected to generate $4,584,492 in Fiscal Year 2026-27 dollars. (2) Based on development status as of the June 1, 2026, date of value of the Appraisal. The projected Fiscal Year 2026-27 Facilities Special Tax levy is subject to change if additional building permits are issued or final maps are recorded before June 30, 2026. (3) Allocated based on the Fiscal Year 2026-27 projected Facilities Special Tax levy. Does not include overlapping debt from general obligation bonds and tax increment bonds. (4) Although the projected Fiscal Year 2026-27 Facilities Special Tax levy does not require revenue from Undeveloped Property, Facilities Special Taxes could, per the Rate and Method, be levied on Undeveloped Property if such revenues were needed to meet the Facilities Special Tax Requirement. Therefore Undeveloped Property is also security for the Bonds and the value is included in the calculation shown above. Source: Goodwin Consulting Group, Inc.; the Appraiser.

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Direct and Overlapping Governmental Obligations Contained within the boundaries of Improvement Area No. 1 are certain overlapping local agencies providing public services. Many of these local agencies have outstanding debt. The direct and overlapping debt affecting Improvement Area No. 1 as of July 1, 2026, is shown in the table below, a direct and overlapping debt report (the “Debt Report”) prepared by California Municipal Statistics, Inc. The Debt Report is included for general information purposes only. Neither the City nor the Underwriter has reviewed the Debt Report for completeness or accuracy and neither makes any representation in connection therewith. The Debt Report generally includes long-term obligations sold in the public credit markets by public agencies whose boundaries overlap the boundaries of Improvement Area No. 1 in whole or in part. These long-term obligations are not payable from Facilities Special Taxes derived from Improvement Area No. 1 (except as indicated) nor are they necessarily obligations secured by land within Improvement Area No. 1. The contents of the Debt Report are as follows: (1) the first column indicates the public agencies that have outstanding debt as of the date of the Debt Report and whose territory overlaps Improvement Area No. 1; (2) the second column shows the percentage of the assessed valuation of the overlapping public agency identified in column 1 which is represented by property located within Improvement Area No. 1; and (3) the third column is an apportionment of the dollar amount of each public agency's outstanding debt (which amount is not shown in the table) to property in Improvement Area No. 1, as determined by multiplying the total outstanding debt of each agency by the percentage of the public agency's assessed valuation represented in column 2. Table 4 Direct and Overlapping Governmental Obligations 2025-26 Local Secured Assessed Valuation: $39,814,942 DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 7/1/26 Solano Community College District General Obligation Bonds 0.052% $200,676 Travis Unified School District General Obligation Bonds 0.755 158,482 City of Fairfield Zone of Benefit Obligations 0.194 8,487 City of Fairfield Community Facilities District No. 2023-1, IA 1 (1) 100.000 36,500,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $36,867,645 Ratios to Appraised Value: (2) Total Direct and Overlapping Tax and Assessment Debt ............... 18.08% (1) Excludes the 2026 Bonds. (2) The appraised value set forth in the Appraisal is $203,805,000 as of June 1, 2026. Source: California Municipal Statistics, Inc.

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Estimated Tax Burden on Single-Family Homes The following table sets forth the estimated and projected total tax burden based on Merchant Builders’ base home prices for certain representative categories of developed single-family detached units in Improvement Area No. 1. Table 5 Fiscal Year 2025-26 Illustrative Tax Bill (Developed Single-Family Detached Units) Serenity Emerald Swirl Sunflower Assumptions 2,750 SF 2,238 SF 2,591 SF 2,145 SF Estimated Market Value (1) $720,000 $655,000 $720,000 $660,000 Homeowner's Exemption ($7,000) ($7,000) ($7,000) ($7,000) Net Expected Assessed Value $713,000 $648,000 $713,000 $653,000 Ad Valorem Tax Rate (2) Rate Base Property Tax 1.0000000% $7,130 $6,480 $7,130 $6,530 Fairfield City 0.0020000% $14 $13 $14 $13 SCC 2012 GOB Series F 0.0024178% $17 $16 $17 $16 Travis Uni Schl Dist M & O 0.0546763% $390 $354 $390 $357 Solano Community Col M & O 0.0009652% $7 $6 $7 $6 SCC 2012 GOB Series C 0.0023839% $17 $15 $17 $16 SCC GOB 2012 Series A 0.0009861% $7 $6 $7 $6 SCC 2015 GO Refunding Bonds 0.0066264% $47 $43 $47 $43 SCC 2019 GO Refunding Bonds 0.0049989% $36 $32 $36 $33 Solano Community Col Bonds 2021 0.0041774% $30 $27 $30 $27 SCC 2012 GOB Series E 0.0012145% $9 $8 $9 $8 SCC 2012 GOB Series D 0.0007688% $5 $5 $5 $5 SC Water Agency ST Water Proj 0.0200000% $143 $130 $143 $131 Total Ad Valorem Taxes 1.1012153% $7,852 $7,136 $7,852 $7,191 Direct Charges (3) CFD No. 2023-2 TSSP – Services $1,069 $1,069 $1,069 $1,069 F-S SD Drainage Maintenance $20 $20 $20 $20 SF Bay Rest Auth-Measure Aa $12 $12 $12 $12 CFD No. 2023-1 IA 1 - Facilities (4) $4,909 $4,475 $4,656 $4,149 Total Direct Charges $6,010 $5,576 $5,757 $5,250 Total Taxes and Direct Charges $13,862 $12,712 $13,609 $12,441 Percentage of Estimated Base Price 1.93% 1.94% 1.89% 1.89% Merchant Builder’s Base Price(5) $773,547 $686,547 $745,000 $631,323 Percentage of Merchant Builder’s Base Price 1.87% 1.90% 1.86% 1.92% (1) Represents the average home value for the applicable neighborhood included in the Appraisal. (2) Based on the Fiscal Year 2025-26 ad valorem tax rates for the tax rate area within Improvement Area No. 1. Ad valorem tax rates are subject to change in future years. (3) Based on the Fiscal Year 2025-26 charges identified on the County-issued property tax bills. Charges are subject to change in future years. (4) Pursuant to the RMA, the special tax is levied based on residential living square footage; therefore, the average unit size within the applicable neighborhood was used to estimate the maximum special tax for the fiscal year shown above . (5) Represents the average of the Merchant Builder’s base home prices for the applicable neighborhood, as identified in the Appraisal. Source: Solano County Tax Collector’s Office; Goodwin Consulting Group, Inc.; the Appraiser.

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History of Facilities Special Tax Collection and Delinquencies The Facilities Special Tax was first levied in Improvement Area No. 1 in Fiscal Year 2025-26. The table sets forth a summary of Special Tax levy, collections and delinquency for Fiscal Year 2025-26 based on amounts levied and outstanding delinquencies as of June 11, 2026. Table 6 Delinquency History As of June 11, 2026 Fiscal Year
Total Special Tax Levied(1)
Parcels Subject to Special Tax Levied(1) Number of Parcels Delinquent Amount Delinquent(2) Percentage Delinquent 2025-26 $1,933,520 188 31 $150,213 7.8% (1) As reported by Willdan Financial Services. (2) Delinquent amounts do not include penalties, interest, or fees. The District is a participant in the County's Teeter Plan and as such receives from the County 100% of the proceeds of the Special Taxes levied but none of the penalties or interest in the case of delinquencies. Sources: Solano County Tax Collector’s Office; Goodwin Consulting Group, Inc. Potential Consequences of Facilities Special Tax Delinquencies General. Delinquencies in the payment of property taxes (including the Facilities Special Taxes) with respect to property in Improvement Area No. 1 could result in draws on the 2024 Reserve Fund, and perhaps, ultimately, a default in the payment on the 2026 Bonds. See “SECURITY FOR THE BONDS – Covenant to Foreclose – Facilities Special Taxes Are Not Covered By Teeter Plan” and “BOND OWNERS’ RISKS.” Facilities Special Tax Enforcement and Collection Procedures. The City could receive additional funds for the payment of debt service through foreclosure sales of delinquent property, but no assurance can be given as to the amount of foreclosure sale proceeds or when foreclosure sale proceeds would be received. The City has covenanted in the Fiscal Agent Agreement to take certain enforcement actions and commence and pursue foreclosure proceedings against delinquent parcels under the terms and conditions described herein. See “SECURITY FOR THE BONDS — Covenant to Foreclose” and “BOND OWNERS’ RISKS.” Foreclosure actions would include, among other steps, formal City Council action to authorize commencement of foreclosure proceedings, mailing multiple demand letters to the record owners of the delinquent parcels advising them of the consequences of failing to pay the applicable Facilities Special Taxes and contacting secured lenders to obtain payment. If these efforts were unsuccessful, they would be followed (as needed) by the filing of an action to foreclose in superior court against each parcel that remained delinquent. Limitations on Increases in Facilities Special Tax Levy. If owners are delinquent in the payment of Facilities Special Taxes, the City may not increase Facilities Special Tax levies to make up for delinquencies for prior Fiscal Years above the Maximum Facilities Special Tax rates specified for each category of property within Improvement Area No. 1. See “SECURITY FOR THE BONDS – Amended Rate and Method.” In addition, Section 53321(d) of the Act provides that the special tax levied against any parcel for which an occupancy permit for private residential use has been issued may not be increased as a consequence of delinquency or default by the owner of any other parcel within a community facilities district by more than 10% above the

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amount that would have been levied in such Fiscal Year had there never been any such delinquencies or defaults. In cases of significant delinquency, these factors may result in defaults in the payment of principal of and interest on the 2026 Bonds. See “BOND OWNERS’ RISKS.”

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PROPERTY OWNERSHIP AND DEVELOPMENT STATUS The information provided in this section has been included because it may be considered relevant to an informed evaluation and analysis of the 2026 Bonds and Improvement Area No. 1. No assurance can be given, however, that the proposed development of the property within the One Lake Project and Improvement Area No. 1 will occur in a timely manner or in the configuration or to the density described herein, or that the Master Developer, any landbank, any merchant builder, any owners or affiliates thereof, or any other property owner described herein will or will not retain ownership of its respective property within the One Lake Project or Improvement Area No. 1. Neither the 2026 Bonds nor any of the Facilities Special Taxes are personal obligations of any property owner within Improvement Area No. 1. The 2026 Bonds are secured solely by the Facilities Special Taxes levied on property within Improvement Area No. 1 and amounts on deposit in certain of the funds and accounts maintained by the Fiscal Agent under the Fiscal Agent Agreement as described in this Official Statement. Neither the City nor the Underwriter can provide any assurances as to the accuracy of the information in this section. The One Lake Project General. The property in Improvement Area No. 1 is part of the One Lake Project, a 358.5-acre master-planned community known as “One Lake” being developed by the Master Developer, previously defined in the Official Statement as One Lake Holding LLC, a Delaware limited liability company. The One Lake Project comprises the property known as Planning Area 4 and Planning Area 5 of the Specific Plan, previously defined in the Official Statement as the Fairfield Train Station Specific Plan, adopted by the City Council on July 26, 2011, as amended. Although the One Lake Project is divided into two separate planning areas, the combined areas are being developed as one project, and are integrated through a network for roads, bicycle/pedestrian trails, and various private and public recreational spaces. In total, the One Lake Project is planned for 1,927 single-family and multi-family homes, a 190-unit apartment complex, and approximately 20,000 square feet of commercial/retail space. The Master Developer is not a homebuilder and intends to carry out all land development activities through the sale of finished lots to merchant builders. Improvement Area No. 1 comprises all of Planning Area 5, with the exception of Neighborhoods P and Q (which are included within the Future Annexation Area for the District). Planning Areas. The two Planning Areas within the One Lake Project are further described below: Planning Area 4. Development of Planning Area 4 commenced in the summer of 2018 and is now nearing build-out. Planning Area 4 has been developed in four phases; all planned single-family detached and attached lots in the first three phases have been fully developed and sold to merchant builders. The fourth and final phase includes: (a) Neighborhood 8 (56 single-family lots) which has been sold to a merchant builder and (b) Neighborhood 9 which may be developed for up to 200 3-story townhomes on 14.2 acres but is currently being re-mapped for 118 single-family (medium density) lots. As of June 1, 2026, approximately 614 building permits have been issued, and the merchant builders have reported 596 home sale escrow closings. In addition to the aforementioned housing developments, a 5-acre site was sold to an affordable housing developer who constructed a 190-unit apartment complex, which is now fully rented.

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Planning Area 4 is within CFD No. 2019-1, a separate community facilities district previously formed by the City, and not subject to the Facilities Special Tax securing the 2026 Bonds. Planning Area 5. Planning Area 5 consists of the property in Improvement Area No. 1 and property in the Future Annexation Area (comprising Neighborhoods P and Q). Improvement Area No. 1 is planned to include 10 low-density residential neighborhoods (816 units) and 6 medium density residential neighborhoods (116 units) all of which have either final map or tentative map approvals. The Future Annexation Area is planned to include 172 multi-family units in Neighborhoods P and Q. . Amenities. At the core of the One Lake Project, is a 10-acre lake (the “Lake”), surrounded by an 11-acre public park (the “Lake Park”). Along the one-mile pathway that rims the Lake, the park provides a series of unique experiences in a collection of nine distinct park settings. The primary amenity for the homeowners within the One Lake community is the 7,500 square foot clubhouse and pool house, which were recently completed at a combined cost of approximately $7.5 million. This private facility is centrally located within Planning Area 4 and overlooks the Lake Park and the Lake. Along the main entrance to the One Lake Project, on One Lake Drive, is the iconic Glass House, a 3,600 square foot building and covered patio that serves as the visitor center and a coffee shop. The 1.5-acre community garden known as The Grove sits directly across the street from the Glass House. In addition to Lake Park, there is a 2.5-acre park, known as Lake Trail Park, which is fully equipped with recreational equipment, and provides a pathway to the Lake Park. A four-acre sports park and 3,500 square foot “sports complex,” as well as several additional parks, will be constructed in the later development stages of Improvement Area No. 1. Only the property in Improvement Area No. 1 (which excludes Neighborhoods P and Q in the Future Annexation Area) is subject to the Facilities Special Tax that secures payment of the 2026 Bonds. The remainder of the One Lake Project located in Planning Area 4 and Neighborhoods P and Q of Planning Area 5 are not subject to the lien of the Facilities Special Tax securing the 2026 Bonds. One Lake Project Map. The map depicting the One Lake Project follows on the next page.

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[INSERT SITE PLAN MAP FOR ONE LAKE PROJECT]

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Development Agreement On May 8, 2015, City and Canon Station (as defined under “– Master Developer” below) entered into an Amended and Restated Development Agreement (“Restated Development Agreement”) originally concerning the development of the One Lake Project, and was recorded in the Official Records of the County on June 10, 2015, as Document No. 201500051329. The Restated Development Agreement was subsequently amended by a First Amendment to Development Agreement recorded in the Official Records of the County on February 17, 2016, a Second Amendment to Development Agreement recorded in the Official Records of the County on January 27, 2017, an unrecorded Agreement and Consent to Modification and Correction of Development Agreement dated as of August 21, 2017, a Third Amendment to Development Agreement recorded in the Official Records of the County February 19, 2019, a Fourth Amendment to Development Agreement recorded in the Official Records of the County on June 22, 2021, and a Fifth Amendment to Development Agreement recorded in the Official Records of the County on October 8, 2024 (as so amended, the “Development Agreement”). Under an Assignment and Assumption Agreement recorded in the Official Records of the County on January 24, 2020, Canon Station assigned all of its rights in, to and under the Development Agreement with respect to the One Lake Project to the Master Developer, and as such, the Master Developer is the sole “Developer” under the Development Agreement with respect to the One Lake Project. The Development Agreement governs the entitlement of the One Lake Project as a whole and provides the Master Developer with vested rights to construct a maximum of 3,101 housing units and 65,000 square feet of commercial floor area and library space, subject to certain conditions of development. The Development Agreement has a term of 20 years, commencing on its effective date of October 25, 2011. However, the Master Developer intends to request a five-year extension of the Development Agreement as part of its proposed amendments to the Development Agreement. See “– Potential Development Agreement Revisions” below.

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Conditions of Approval The Development Agreement, the Specific Plan, and the Master Planned Unit Development (the “MPUD”) require various conditions for the development of the One Lake Project. Many of the conditions are linked to the number of building permits or occupancy permits issued by the City in the One Lake Project as a whole, or with respect to Planning Area 5 only. The following table provides the estimated number of permits that have been issued, or may potentially be issued, as of June 1, 2026: Building Permits Occupancy Permits Planning Area 4 (1) Completed Apartment Complex (Received) 190 190 Single-Family Units (Received) 614 599 Single-Family Units (Potential) 9 24 Totals 813 813 Planning Area 5 (2) Single-Family Units (Received) 193 110 Single-Family Units (Potential) 739 822 Totals 932 932 Totals without Neighborhoods 9, P, & Q 1,745 (3) 1,745 (3) (1) Does not include Neighborhood 9, which is planned for 200 multi-family units, but is currently being re-mapped for 118 single-family lots. (2) Does not include Neighborhoods P and Q, which have the potential for an additional 172 multi-family units. (3) If both Neighborhood 9 of Planning Area 4 (at 200 units) and Neighborhoods P and Q (172 units) from Planning Area 5 were included in the potential permit count, the total would be 2,117 . Conditions for Entirety of the One Lake Project. Descriptions of some of the facilities required as conditions of developing the property in Improvement Area No. 1 based upon development in both Planning Area 4 and Planning Area 5 are described below: At the 1,750th Building Permit: • The first phase of the Great Park, a 50-acre public park, must start construction and finish in 36 months, unless a later date is determined by the City. Preliminary conceptual plans are being prepared by the City at the expense of the Master Developer. • All improvements to New Canon Road must be constructed from Vanden Road to North Gate Road. However, see “Potential Development Agreement Revisions” below. • Extension of the full complement of utilities (water, sewer, drainage, natural gas, electrical, and communication) into Planning Area 6 (an industrial project located east of Planning Area 5 that is not part of the One Lake Project); and development of a minimum of 50-acres of industrial land. Refer to the “Potential Development Agreement Revisions” below.

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At the 400th Building Permit: • Construction must begin on Segment 1 of the pedestrian trail going from Peabody Road to Lake Trail to Vanden. Segment 1 is a former railroad line right-of-way (owned by the City) and is not located within Improvement Area No. 1. Because a portion of Segment 1 required environmental cleanup, the Master Developer, acting as agent for the City, completed the Department of Toxic Substance Control (“DTSC”) Remedial Action Plan and grading work of Segment 1. The improvement permits have been issued and the Master Developer plans to commence construction in July 2026. Notwithstanding that the 400th building permit threshold has passed, the City has indicated that it will continue to issue building permits because the City is in the process of providing the documentation needed for the DTSC to issue its final closure determination. Other Conditions: • Segments 2-5 of the pedestrian trail must be started at various times as follows: Segment 2 at the 1,200th building permit; Segment 3 at the 1,250th building permit; Segment 4 at the 1,500th building permit; and Segment 5 at the 1,600th building permit. Segments 6-8 of the pedestrian trail must be started at various times after the 1600th building permit. Please refer to the “Potential Development Agreement Revision” below. Conditions on Planning Area 5 Only. Descriptions of some of the facilities required as conditions of developing the property in Improvement Area No. 1 based upon development in Planning Area 5 only are described below: At the 300th Building Permit in Planning Area 5: • Place Making items for the Linear Park shall commence construction upon the issuance of the 300th building permit and be completed within 18 months. Please refer to the “Potential Development Agreement Revision” below. At Approximately 740th Building Permit in Planning Area 5: • The Master Developer shall design and complete improvements extending Vanden Road from the current terminus to the City limits prior to issuing any building permits in Planning Area 5 beyond 67% buildout of Planning Area 5 (approximately 740 units). However, see “Potential Conditions Revision” below. Other Conditions: • Design and construction of the Zone 2 Pump Station prior to the issuance of the first certificate of occupancy in Planning Area 5. Based on water pressure tests, the City has concluded that the Zone 2 Pump Station isn’t needed at this time. Moreover, the City will fund the construction of the Zone 2 Pump Station, but the Master Developer will fund the design and construct the facility. This will be memorialized in the “Potential Development Agreement Revisions” below.

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Conditions for Specific Neighborhoods in Planning Area 5. Descriptions of some of the facilities required as conditions of developing specific neighborhoods within Planning Area 5 are described in the table below: Neighborhood Condition R Prior to the first certificate of occupancy in Neighborhood R, a berm or berm/wall combination along the Vanden Road frontage must be completed. Improvements have been completed. And By the 404th building permit in Planning Area 5, the Master Developer shall complete construction of the proposed 0.82-acre “Boot Park”. The Boot Park has been designed and is a condition to the development of Neighborhood R, but the City acknowledges that construction of the Boot Park cannot commence until all of the improvements at the intersection of Lake Trail and Vanden Road are completed. Consequently, the Master Developer is requesting an amendment to this condition by the City. Meanwhile, the City is not enforcing this condition until the construction of the Boot Park is practicable and the Lake Trail and Vanden Road improvements are completed. A/B The Master Developer shall complete construction of the proposed Dog Park prior to issuance of the 33rd certificate of occupancy within Neighborhood A/B. Landscape plans have been completed and approved, with improvements to commence in June 2026. E/F Master Developer shall complete construction of the proposed 0.48-acre pocket park prior to the City’s issuance of the 100th building permit for Neighborhoods E/F. I-1 or I-2 Construction of the public portion of the Sports Park and Complex shall commence concurrently with construction of Neighborhood I-1 or Neighborhood I-2 and be completed and operational within 18 months thereafter. The 4.0-acre Sports Park was graded in the Fall of 2025, and improvement plans have been submitted to the City for their review and approval . Potential Development Agreement Revision. The Development Agreement allows the City to assign transportation improvements to the Master Developer in a logical manner, taking into consideration current needs, surrounding development, and other factors. The City and the Master Developer are in the process of amending the Development Agreement and the other conditions of approval to re-prioritize certain public improvements, with an emphasis being placed on re-directing funds to the construction and completion of the Vanden Road improvements. The revised priority, if approved by the City Council, will result in the modification or elimination of certain conditions described above. The Master Developer currently anticipates that the Development Agreement amendment will be submitted to the City Council for consideration in the fall of 2026.

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Public Infrastructure Improvements Required for the One Lake Project For the One Lake Project as a whole, the Master Developer estimates that it will expend approximately $671,340,200 in land, infrastructure, soft costs and financing costs. As of June 1, 2026, the Master Developer and its predecessors have expended approximately $473,823,276 (refer to Table 10). Planning Area 4 was disproportionately burdened with upfront infrastructure costs due to extending city utilities to the One Lake Project site, and the development of the 10-acre Lake and 11-acre Lake Park. Backbone and in-tract infrastructure costs for Planning Area 4 (623 housing units, which excludes the 190 apartments for which the Master Developer did not provide infrastructure improvements) totaled $130,030,244 or $208,716 per lot. The remaining cost to complete this first development phase of One Lake, which is nearly fully developed except for Neighborhood 9, amounts to approximately $750,000, which is directly related to the completion of Lake Trail Road Improvements. As shown in Table 7 below, the total infrastructure cost to deliver 932 finished lots in Planning Area 5 totals approximately $122,062,528, which includes the improvement costs for Neighborhood P and Q that are estimated to total $4,500,000. Therefore, after netting out those improvement costs, the estimated infrastructure cost to produce 932 finished lots in Planning Area 5 is $117,562,528 or approximately $126,140 per lot, much lower in comparison to the Planning Area 4 finished lot cost. The table below shows (i) the infrastructure improvements and fees required for the development of the One Lake Project as a whole (including Improvement Area No. 1) and (ii) separately, the infrastructure improvements and fees required for the development of Planning Area 5 only (including Improvement Area No. 1 and Neighborhoods P and Q, which are located in the Future Annexation Area). All such improvements and fees are payable by the Master Developer. Table 7 Estimated Improvement Costs (Planning Area 5)(1) (As of June 1, 2026) Estimated Costs to be Incurred by Master Developer Total Estimated Costs for One Lake Project
Total Estimated Planning Area 5 Costs Completed Planning Area 5 Costs Percentage Complete of Planning Area 5 Costs Remaining Planning Area 5 Costs Grading $27,202,246 $10,832,448 $7,430,408 69% $3,402,040 Backbone Infrastructure 53,934,338 20,344,289 12,499,063 61% 7,845,226 Community Amenities 18,751,481 9,132,971 -- 0% 9,132,971 Landscape & Parks 20,133,406 8,040,029 -- 0% 8,040,029 Consultants & Fees 41,714,351 12,989,350 9,956,553 77% 3,032,797 Subtotal $161,735,822 $61,339,087 $29,886,024 49% $31,453,063 In-tract Improvements 90,356,950 60,723,441 33,153,877 55% 27,569,564 Total $252,092,772 $122,062,528 $63,039,901 52% $59,022,627 Source: Master Developer. (1) Includes development cost for Neighborhoods P and Q.

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Improvement Area No. 1 Development Status Summary Grading and Infrastructure Status. The first development phase of Improvement Area No. 1, which consists of Neighborhoods R, O, L, K-1, K-2, J, A/B, and C, have been fully developed into 404 finished lots with all in-tract improvements and roadways completed. Also, the backbone improvements connecting Planning Area 4 and Planning Area 5, which includes the roadway bridge that spans over the California Aqueduct; a 30-inch waterline, sewer, storm drain and electrical lines, have been completed along Club Drive. The second development phase of Improvement Area No. 1, which consists of Neighborhoods N, H, and M, includes a 4.0-acre Sports Park, and a 6.5-acre detention basin, which will be located on City owned property. The mass grading for these improvements was split into two phases: the first phase, which was completed in fall of 2025, consisted of the grading of Neighborhood N, the Sports Park, and roughly half of the detention basin; the second mass grading operation, which includes the grading of Neighborhoods H and M and the second phase of the detention basin was started in the first week in April 2026. As of June 1, 2026, approximately $12.5 million of backbone infrastructure and $33.2 million of in-tract improvements have been constructed in Planning Area 5 (see Table 7 above). Subdivision Mapping Status. All of the property in Improvement Area No. 1 is being developed in accordance with a tentative subdivision map entitled “Tentative Map, One Lake – Planning Area 5” dated May 27, 2021. Final subdivision maps have been approved for Neighborhoods R, O, K-1, L, J, K-2, A/B, C and portions of Neighborhood N, as shown in the table below. The final subdivision map for the balance of Neighborhood N was approved by the City Council on May 26, 2026, and is expected to record by June 15, 2026, and the final subdivision map for Neighborhood H is scheduled to be on the July 21, 2026 City Council Agenda for approval. Development Status and Development Plan. The development status, subdivision mapping status and anticipated development plan for the property in Improvement Area No. 1 as of June 1, 2026, is shown on the following table.

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Table 8 Planned Development and Development Status As of June 1, 2026 Neighborhood Gross Acreage Number of Lots Lot Size Development Type Development Status Actual and Projected Final Map Status Phase 1 R 8.63 65 45x70 Single-Family Detached Finished Lots Recorded Dec. 15, 2022 O 9.65 10 50x80 Single-Family Detached Finished Lots Recorded Dec. 15, 2022 56 50x80 Single-Family Detached Finished Lots Recorded Dec. 18, 2023 K-1 2.77 20 58x75 Courtyard Cluster Finished Lots Recorded Dec. 15, 2022 K-2 2.30 12 58x75 Courtyard Cluster Finished Lots Recorded March 5, 2025 L 2.78 20 58x75 Courtyard Cluster Finished Lots Recorded Dec. 15, 2022 J 7.69 62 46x65 Single-Family Detached Finished Lots Recorded March 5, 2025 7 46x65 Single-Family Detached Finished Lots Recorded Dec. 15, 2022 A/B 12.12 67 50x80 Single-Family Detached Finished Lots Recorded April 30, 2025 C 11.7 85 46x75 Single-Family Detached Finished Lots Recorded July 8, 2025 Phase 2 N 12.27 72 7 46x75 46x75 Single-Family Detached Single-Family Detached Blue Topped Blue Topped Recorded June [_], 2026 Recorded Dec. 18, 2023 (1) M 3.24 24 58x75 Courtyard Cluster Rough Graded Expected Nov. 2026 H 14.79 93 50x80 Single-Family Detached Rough Graded Expected July 2026 Phase 3 I-1 3.88 28 58x75 Courtyard Cluster Rough Graded Expected Sept. 2026 I-2 2.30 12 58x75 Courtyard Cluster Rough Graded Expected Sept. 2026 G 16.20 70 50x90 Single-Family Detached Rough Graded Expected May 2027 Phase 4 D 16.96 122 46x75 Single-Family Detached Rough Graded Expected Feb. 2027 E/F 16.74 100 55x80 Single-Family Detached Rough Graded Expected June 2027 Totals 127.80 932 (1) While these lots received a final map in 2023, they are treated as rough-graded, undeveloped lots for other purposes of this Official Statement. (2) Table 8 excludes Neighborhoods P and Q, zoned for up to 172 townhomes, which are future annexation parcels. Source: Master Developer

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Existing and Planned Sales to Merchant Builders The Master Developer is not a homebuilder and is developing the property through the sale of finished lots to merchant builders. As of June 1, 2026, approximately 392 finished lots have been completed and sold to merchant builders. The Master Developer will continue to market the other neighborhoods to merchant builders to be identified in the future. The current status of lot sales to merchant builders is described below. Table 9 Actual and Projected Lot Sales to Merchant Builders As of June 1, 2026 Neighborhood Number of Lots Property Owner Merchant Builder Purchase Agreement Status Development Status Actual or Projected Closing Date Phase 1 R 65 Lennar Homes Lennar Homes Signed Finished Lots Closed O 66 Lennar Homes Lennar Homes Signed Finished Lots Closed L 20 Tri Pointe Tri Pointe Signed Finished Lots Closed J 69 Century Comm. Century Comm. Signed Finished Lots Closed K-1 20 Tri Pointe Tri Pointe Signed Finished Lots Closed K-2 12 Master Developer Tri Pointe Signed Finished Lots July 9, 2026 A/B 67 K. Hovnanian Land Bank K. Hovnanian Signed Finished Lots Closed C 85 KB KB Signed Finished Lots Closed Phase 2 N 79 Master Developer TBD TBD Rough Graded Oct. 2026 M 24 Master Developer TBD TBD Rough Graded June 2027 H 93 Master Developer TBD TBD Rough Graded Dec. 2026 Phase 3 I-1 28 Master Developer TBD TBD Rough Graded June 2027 I-2 12 Master Developer TBD TBD Rough Graded June 2027 G 70 Master Developer TBD TBD Rough Graded Nov. 2027 Phase 4 D 122 Master Developer TBD TBD Rough Graded Nov. 2027 E/F 100 Master Developer TBD TBD Rough Graded Oct. 2028 Totals 932 Source: Master Developer. No assurance can be given that the Master Developer will close on the projected lot sales shown in the table above on the time frames shown above, or as to the timing of any future lot sales.

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Entitlements Specific Plan. The Specific Plan, known as the Fairfield Train Station Specific Plan, was originally adopted by the City Council on July 26, 2011, and has been subsequently amended. The Specific Plan guides the development for the last growth area within the City, and encompasses approximately 2,972 acres with (i) approximately 60% representing open space and habitat conservation open space, (ii) approximately 17% for residential use, (iii) approximately 10% representing industrial use, and (iv) the balance of approximately 13% representing retail/commercial and parks. The land subject to the Specific Plan is anticipated to ultimately be developed with a diverse mix of housing, shopping, employment and recreational opportunities within walking distance of each other. Zoning. Improvement Area No. 1 is zoned TS-PD (Train Station Specific Plan) by the City, which allows for residential low, medium & high density development. Utilities. Utility services to the property within Improvement Area No. 1 will be supplied by the following: • Water: City of Fairfield • Sewer: City of Fairfield and the Fairfield-Suisun Sewer District • Storm drain: City of Fairfield • Electricity and gas: Pacific Gas & Electric • Telephone: AT&T • Cable TV: Comcast • Refuse collection: Republic Services Environmental Matters Environmental Impact Report. The City certified the final Environmental Impact Report for the Specific Plan (the “EIR”) under the California Environmental Quality Act on July 26, 2011. Hazardous Substances. The former railroad right-of-way, along the southern and western property boundaries of Improvement Area No. 1 has been impacted with elevated concentrations of arsenic and lead. The former railroad right-of-way, which is owned by the City and not a part of the One Lake Project, will be improved with a Linear Park Trail. Remedial work was necessary to remove these areas of the impacts, in-order to allow for the proposed trail redevelopment. The Master Developer, through the completion of a Phase II Environmental Site Assessment, conducted field reconnaissance and soil sampling to delineate the extent of the arsenic soil impact. The scope of the Phase II Assessment includes an arsenic background soil analysis, additional step-out and vertical soil sampling, groundwater sampling, and groundwater leachability analysis. Based on the work completed, the extent of anthropogenic impact to the rail spur soils was limited to a 50-foot wide corridor along the centerline of the former rail spur alignment. Acting as agent for the City, the Master Developer prepared all the necessary documentation and testing analysis to meet compliance with DTSC requirements for the former railroad right-of-way, approximately 5.1 acres in size. With oversight from DTSC, the Master Developer has completed all the remediation work and is awaiting the closure letter from DTSC. All such remediation necessary for the development of Improvement Area No. 1 as described in this Official Statement, including for merchant builders to obtain building permits within Improvement Area No. 1, has been completed. Flood Hazard Map Information. The District is located in an area of minimal flooding according to the Federal Emergency Management Association (“FEMA”). In particular, Improvement Area No. 1 is located in an area designated by FEMA as being within Zone X, with

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a 0.02% chance of flooding in any given year. See “BOND OWNERS’ RISKS – Property Values – Natural Disasters.” Seismic Conditions. Like other areas of Northern California, property in the District is subject to the risk of major earthquake damage. The City is located along the eastern edge of the seismically active Coast Ranges of California. Active faults near the City include the Green Valley and Cordelia faults. Most large earthquakes in the Bay Area have occurred along the major faults including the San Andreas, Hayward, and Calaveras faults, which are located 20 to 45 miles west and south of the City. A significant earthquake along these or other faults is possible during the period the 2026 Bonds will be outstanding. See “BOND OWNERS’ RISKS – Property Values – Natural Disasters.” Environmental Permits and Requirements. In connection with the development of the One Lake Project, the Master Developer has obtained permits from Army Corps of Engineers, US Fish and Wildlife Service, California Department of Fish and Wildlife, and California State Water Resources Control Board (collectively, the “Environmental Permits”). Such permits establish requirements to avoid, minimize, and mitigate impacts to wetlands, streams, and threatened and endangered species. Compliance with these permits fall into three, interrelated primary categories: (i) avoidance and minimization of impacts during project construction; (ii) wetland mitigation; and (iii) habitat conservation for endangered species. The following summarizes compliance and ongoing activities related to these permits for Improvement Area No. 1, and the One Lake Project as a whole. Avoidance and Minimization of Impacts During Project Construction. The Environmental Permits contain multiple requirements for compliance with multiple construction period conditions. These conditions include requirements for ongoing compliance such as monitoring by approved biologists and other technical disciplines, environmental training for construction crews, work restrictions during wet weather, and capture and relocation of threatened and endangered species, most notably the threatened California tiger salamander. The One Lake Project is in good standing with all agencies with respect to the Environmental Permits and has demonstrated ongoing compliance with all required permit conditions to each relevant agency and is up to date on all reporting requirements. The California Department of Fish and Wildlife has also agreed that all construction related conditions (limiting construction periods and timing) are no longer required within Improvement Area No. 1. Additionally, from November 2018 through March 2020, the Master Developer relocated approximately 6,780 California tiger salamanders from the One Lake Project to designated habitat mitigation lands (owned by the Master Developer) in compliance with permit requirements. Wetland Mitigation. Under the Environmental Permits issued by the US Army Corps of Engineers and State Water Resources Control Board, the Master Developer is required to provide compensatory mitigation for the authorized impacts to wetlands by establishing (constructing) 20.12 acres of vernal pool habitat, rehabilitating 21.00 acres of existing vernal pool, and enhancing functions on an additional 45.03 acres of existing wetlands. Construction activities for implementation of the wetland mitigation requirements was initiated in the summer of 2018 and completed in the late summer 2019. An as-built compliance report and ongoing monitoring, including hydrological monitoring of constructed and rehabilitated wetlands from 2020 to 2024, document compliance with the required mitigation. The as-built compliance report was submitted to the agencies in March 2020. Habitat Conservation for Endangered Species. The Master Developer is required to secure Habitat Mitigation Lands under conservation easements in a phased approach concurrent with construction. The Master Developer owns approximately 590 acres of “onsite” lands which

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are dedicated to the mitigation requirement and has purchased the rights to place a conservation easement on an additional approximately 1,273 acres of offsite land The conservation easement for the 1,273-acre offsite lands was recorded in July 2022. The 1,863 acres of the conservation lands satisfies the habitat mitigation land requirements for the California Department of Fish and Wildlife for permitted activities in all of Improvement Area No. 1 as well as development in Planning Area 4 and permitted road construction in Planning Area 6 (an industrial project located east of Planning Area 5 that is not part of the One Lake Project). The conservation easements for the onsite lands are currently in the final stages of review and final approval with the California Department of Fish and Wildlife and U.S. Fish and Wildlife Service. The Master Developer’s consultants have been working diligently with California Department Fish and Wildlife for the past 36 months on finalizing all the documents and the wording of the Conservation Easement Agreement. The Master Developer expects to be in the position to record the onsite Conservation Easement on the mitigation property by December 2026. Costs for the conservation easements and required funding for management of these lands are secured by existing financial assurances (mostly surety bonds and letters of credit) provided as part of the permit with the California Department of Fish and Wildlife. Master Developer Financing Plan for Improvement Area No. 1 The Master Developer is using the proceeds of a borrowing secured by the One Lake Property (discussed below), proceeds of lot sales, and equity to finance the planned development for Improvement Area No. 1. First Trust Deed. On November 17, 2023, the Master Developer closed on a $69,600,000 loan facility from Encore Capital (the “Encore Loan”). The Encore Loan provided funds to fully repay the prior outstanding loan of $30.2 million from Trez Capital and certain former Canon Station managing owners in the amount of $8.3 million. The Encore Loan is a 3-year revolving facility that will allow a continued recycling of loan funds as long as the outstanding loan funds do not exceed a 70% loan-to-value ratio until the loan is paid down by $20,000,000, at which time the maximum loan-to-value ratio will be reduced to 60% for the remaining term of the loan. The Encore Loan facility, coupled with lot sales revenues, and Bond proceeds are anticipated to provide sufficient funds to complete the balance of the infrastructure improvements for the One Lake Project. Encore Capital, located in Corte Madera, California, is a non-traditional lender, and their loan financing costs are higher in comparison to conventional banking sources; however, providing that the 60% loan-to-value ratio threshold is not exceeded, their accelerated repayment requirement provides additional loan borrowings until the Encore Loan is fully repaid. The Encore Loan is secured with a first deed of trust on all of the property owned by the Master Developer in Improvement Area No. 1 including: (i) all of the unsold developed (Neighborhood K-2) or undeveloped property in Planning Area 5, (ii) Neighborhoods P and Q and (iii) Neighborhood 9 of Planning Area 4. Neighborhoods R, O, L, K-1, J, A/B, and C have closed escrow and are no longer security for the Encore Loan. Recourse guaranties and completion guaranties were provided by Daniel Aguilar and Steve Riter. As of June 1 2026, a total of $114,712,223 of the Encore Loan has been drawn and, excluding loan paydowns and interest reserves, the current outstanding balance is approximately $61,435,432. The Encore Loan is a revolving facility, whereby it provides the re-borrowing or recycling of loan funds as the Encore Loan is paid down. As of June 1, 2026, the Master Developer is able to draw up to approximately $8.1 million under the Encore Loan. Upon execution of the Encore Loan modification discussed below, the Master Developer will be able to

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make additional borrowings that do not exceed $17 million (so long as the maximum loan-to-value does not exceed 60%). As of June 1, 2026, no default has occurred or is continuing with respect to the Encore Loan or the Deed of Trust that secures the Encore Loan. Interest on the outstanding balance of the Encore Loan is payable monthly, with the outstanding principal due at maturity. The Encore Loan matures on November 17, 2026, but the Master Developer and Encore Capital are in the process of negotiating a loan modification that would extend the maturity of the Encore Loan by two years to November 17, 2028, with a one-year extension option, and provide enhanced loan terms such as an interest rate reduction and reduced reserve requirements.

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Cash Flow Summary. A summary of the expected cash flow for the Master Developer and the development of the One Lake Project, including Improvement Area No. 1, is set forth below: Table 10 Master Developer Sources and Uses One Lake Project (As of June 1, 2026) Actual Projected Projected Projected Through Through 12/31/2026 Through 12/31/2027 Through 12/31/2028 Totals 3/15/2026 (1) Thereafter Sources Land Sales-Single Family (2) $168,745,810 $30,837,017 $105,191,924 $27,934,383 $1,474,250 $334,183,384 Land Sales-Townhomes -- 7,247,924 -- -- 22,917,076 30,165,000 Land Sales-Apartments 5,700,000 -- -- -- -- 5,700,000 Land Sales-Commercial -- -- 2,667,778 -- 2,500,000 5,167,778 Mitigation Credit Sales (net) 7,704,055 (531,058) (752,137) 421,836 12,526,616 19,369,312 CFD Net Bond Proceeds (3) 45,432,986 10,942,500 -- 20,737,500 16,095,228 93,208,214 Urbanite Loan 32,000,000 -- -- -- -- 32,000,000 Seller Note 10,020,787 -- -- -- -- 10,020,787 Trez Capital Loan 40,000,000 -- -- -- -- 40,000,000 Encore Loan (4) 116,974,704 19,879,930 21,153,679 -- -- 158,008,313 Equity 55,068,795 -- 764,813 -- -- 55,833,608 TOTAL SOURCES $481,647,137 $68,376,313 $129,026,057 $49,093,719 $55,513,170 $783,656,396 Uses Land 35,111,167 -- 1,250,113 1,620,043 -- 37,981,323 Northeast Transportation Improvements (5) 13,948,929 3,253,044 2,237,268 17,422,294 6,629,740 43,491,275 Loan Paydown Urbanite 32,000,000 -- -- -- -- 32,000,000 Loan Paydown Seller Note 10,020,787 -- -- -- -- 10,020,787 Loan Paydown Trez Capital 40,000,000 -- -- -- -- 40,000,000 Loan Paydown Encore 71,144,074 40,468,685 46,395,554 -- -- 158,008,313 Distributions 12,500,000 -- -- -- -- 12,500,000 Carrying Costs 9,864,036 545,146 217,383 191,501 -- 10,818,066 Backbone Infrastructure 129,309,798 7,743,185 15,672,349 5,149,990 3,860,500 161,735,822 In-tract Improvements 62,787,386 10,600,334 13,783,161 3,186,069 -- 90,356,950 Overhead and administration 9,179,289 421,565 283,890 64,265 -- 9,949,009 Loan Interest and Fees 47,957,810 4,849,806 2,830,332 -- -- 55,637,948 Contingency -- -- -- -- 8,840,707 8,840,707 TOTAL USES $473,823,276 $67,881,765 $82,670,050 $27,634,162 $19,330,947 $671,340,200 NET CASH FLOW

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Beginning Balance -- 7,823,861 8,318,409 54,674,416 76,133,973 112,316,196 Net Cash Flows 7,823,861 494,548 46,356,007 21,459,557 36,182,223 -- Ending Balance (6) $7,823,861 $8,318,409 $54,674,416 $76,133,973 $112,316,196 $112,316,196 (1) Includes all revenues and costs associated with every source or cost incurred by the Master Developer in the development of the One Lake Project (i.e., Planning Areas 4 and 5), through June 1, 2026. (2) Estimates are based on actual and projected sales as follows: (i) the closing of Neighborhood J, A/B, and C. Thereafter, land sales assume sales of Phase 2 (N and H) in 2026, Phase 2 and 3 (M, I-1, I-2, G) in 2027, and Phase 4 (D, E/F) in 2027-28. (3) The CFD Net Bond Proceeds includes net bond proceeds from prior CFD No. 2019-1 bond sales in 2019 and 2021, and the 2024 Bonds for Improvement Area No. 1 and future Parity Bonds. Any future Parity Bonds may only be issued subject to the conditions set forth in the Fiscal Agent Agreement. See “THE 2026 BONDS – Issuance of Future Parity Bonds.” (4) The Encore Loan is a revolving loan facility, which allows the Master Developer to borrow additional loan funds, provided that the loan-to-value ratio does not exceed 60%. Under Uses of Funds above, since the Encore Loan closed in November 2023, approximately $13 million in loan paydowns have been made, allowing additional loan borrowing. The numbers in Table 10 assume the extension of the Encore Loan. (5) Represents costs for offsite public improvements, such as roadway, traffic signals, landscaping, etc., that are located within the Specific Plan. (6) A portion of the ending balance is held in escrow to be used for backbone infrastructure improvements. Source: Master Developer.

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The Master Developer General. The Master Developer is One Lake Holding LLC, a Delaware limited liability company, is 100% owned by Canon Station, LLC, a California corporation (“Canon Station”). The controlling interest in Canon Station is held by McKinley Partners Fairfield LP, a Delaware limited partnership (“McKinley Fairfield”), and the minority interest is held by the original landowners (referred to as Minority Members). McKinley Realty Partners (“McKinley”), is the manager of both Canon Station and the Master Developer. Principals. McKinley’s principals are Daniel Aguilar, Steve Riter, and Jeff Shaffer. Mr. Aguilar and Mr. Riter are the original officers of the Master Developer, and within the past 12 months Mr. Shaffer and Anthony Russo, an investor partner, were added as officers of the One Lake management team. Brief biographies of Mr. Aguilar, Mr. Riter, Mr. Shaffer and Mr. Russo follow. Daniel Aguilar, Founding Principal. • Over 43 years of residential development experience. • Co-founded McKinley Partners in 2006, along with Steve Riter, and raised a $25 million land fund to acquire seven distressed residential development projects in northern and southern California. This included the co-management of two master-planned communities that have been fully developed or nearing completion. Most of those assets were sold once they were repositioned or re-entitled after the Great Recession. • Prior to McKinley Partners, Aguilar was a partner at Mission Valley Properties from 1990 to 2006, where he successfully optioned and procured entitlements for six residential developments in the northern part of the San Francisco Bay Area. • From 1996 to 1998, Mr. Aguilar worked as a consultant procuring entitlements (development approvals) on several projects within the greater San Francisco Bay Area. • From 1988 to 1995, Mr. Aguilar worked for Southwest Diversified/Coscan, now Brookfield Homes, VP of finance and land acquisition. • His first job after receiving his MBA from UCLA was for Citicorp Real Estate Group, as a VP of construction lending from 1980 to 1988. Steve Riter, Founding Principal. • Over 41 years of residential development experience. • Mr. Riter co-founded McKinley Partners in 2006, directing all investment strategies of the Company and acting as primary manager of many acquisitions and land development efforts of McKinley investment portfolio projects. • Mr. Riter was also a partner in Mission Valley Properties where he acquired, entitled, and developed residential projects throughout Northern California. • Prior to joining Mission Valley Properties, he was VP of Land Acquisition and Development at Catellus Residential Group and was responsible for acquiring and entitling residential properties and building a regional California homebuilder presence. • From 1990 – 1996, Mr. Riter’s professional experience included residential land acquisition and development experience with SummerHill Homes, a subsidiary of Marcus & Millichap Inc. and Southwest Diversified/Coscan (now known as Brookfield Homes). • From 1984 to 1990 he was Project Controller for the Vintage Club, with Vintage Properties a $1.1 billion mixed-use residential and commercial development company, where he later transitioned to Manager of Land Acquisition.

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• Mr. Riter was a member of the Board of Directors of Seneca Center, a $75 million non-profit serving children and families in the San Francisco Bay Area. • He received a Bachelor of Science in Business from Brigham Young University in 1981 and conducted Master of Business Administration studies at John F. Kennedy University. Jeff Shaffer, Principal. • Over 31 years of residential development experience. • Joined McKinley Partners in 2007 to head up Southern California acquisitions and investments. After the initial land fund acquisitions, he ran the foreclosed home acquisitions and portfolios in Southern California and San Antonio. In 2015, he become the principal manager of the $30 million Development Capital Fund, and in 2018 raised and manages the $100 million Opportunity Fund X (OFX). • As part of the OFX, Mr. Shaffer is on the six-person Executive Committee overseeing the development in the 1800-unit Carroll Canyon master planned development in San Diego, in a joint venture with California West Communities, Lennar Homes, and Shea Homes. The OFX is also invested in real estate developments in the San Francisco Bay Area, Sacramento, and Salt Lake City. • Prior to McKinley, Mr. Shaffer joined a regional homebuilder, SeaCountry Homes, as their VP of Operations managing the entitlement, development, and operations in San Diego, Riverside, and San Bernardino counties, where he brought to market over 600 lots and homes in 3 years. • In 1999, he then joined Pacific Ridge as the development manager for a 90,000 sq. ft. themed retail center in Sedona, Arizona, and several other projects totaling over 130,000 sq. ft. of retail. • In 1996, he partnered to form a land development and homebuilding venture (Granite Homes), purchasing RTC and bank-owned assets out of the early 1990s real estate downturn. That company rapidly expanded from an initial 21-lot holding to ultimately controlling approximately 1,435 lots in Sacramento and San Diego, California, San Antonio, Texas, and Phoenix, Arizona. • Prior to his involvement in real estate, Mr. Shaffer worked on national security and military strategy issues for the Center for Strategic and International Studies in Washington, D.C. • He earned a BA in International Relations from UCLA and a Master's degree in National Security Studies from Georgetown University. Anthony Russo, Partner. • 18 years’ experience in the real estate lending industry for a major California lender. • 10-years’ experience in the construction/construction materials industry in Solano County. • 7-years’ experience in mergers and acquisitions for a major construction company. • 15-years’ experience in the real estate development/construction and property management field for a local family office. Development Experience. Prior projects for which McKinley managed or co-managed include: • Jordan Ranch – 890 residential units, Dublin, California. Developed lots sold to Brookfield, Tri Pointe, Toll Bros., and Landsea; completed and sold out. • Alamo Creek – 141 residential units, Vacaville, California. Approved lots sold to Tri Pointe and 141 single family units completed and sold out; the 10-acre balance of the site was sold to an apartment developer in 2022.

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• The Vineyard - 351 residential units, Ontario, California. Developed lots sold 229 lots to DR Horton and 122 lots to Woodside Homes; all 351 residential units completed and sold out. • Arroyo Crossing – 155 residential units, Livermore, California. Approved lots sold to Obrien Group; completed and sold out. • Carroll Canyon (master planned community) – 1,800 residential units, San Diego. The development partners of Carroll Canyon, include Shea Homes, Lennar Homes, and California West Homes. Roughly 95% of the residential lots have been fully developed and improved with single-family and townhomes. The balance of the Carroll Canyon project should be fully developed and the homes sold and closed within the first quarter of 2027. As of June 1, 2026, the Master Developer believes that the One Lake Project is adequately capitalized and that there will not be a need for any additional equity investment. If necessary, the Master Developer has the ability to borrow additional funds secured by the One Lake Project. Further information regarding the Master Developer is available from the McKinley website at www.mckinleycp.com. This internet address is included for reference only, and the information on the internet site is not a part of this Official Statement and is not incorporated by reference into this Official Statement. Lennar Homes General. Lennar Homes of California, LLC, a California limited liability company (“Lennar Homes”), is based in Irvine, California, and has been in the business of developing residential real estate communities in California since 1996. Lennar is wholly-owned by U.S. Home, LLC, a Delaware limited liability company (“U.S. Home”). U.S. Home is wholly-owned by Lennar Corporation, which is based in Miami, Florida (“Lennar Corporation”). Founded in 1954, Lennar Corporation completed its initial public offering in 1971 and listed its common stock on the New York Stock Exchange in 1972. Lennar Corporation’s Class A and Class B common stock are listed on the New York Stock Exchange under the symbols “LEN” and “LEN.B.” respectively. Lennar Corporation is one of the largest homebuilders in the United States based on home sales revenues and net earnings, and operates under a number of brand names, including Lennar Homes and U.S. Home. Lennar Corporation primarily develops residential communities both within the Lennar Corporation family of builders and through consolidated and unconsolidated partnerships in which Lennar Corporation maintains an interest. Lennar Corporation is subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and, in accordance therewith, files reports, proxy statements, and other information, including financial statements, with the Securities and Exchange Commission (the “SEC”). Such filings, particularly Lennar Corporation’s annual report on Form 10-K and its most recent quarterly report on Form 10-Q, may be inspected and copied at the public reference facilities maintained by the SEC at 450 Fifth Street, N.W., Washington, D.C. 20549 at prescribed rates. Such filings can also be accessed over the internet at the SEC’s website at www.sec.gov. This internet address is included for reference only and the information on the internet site is not a part of this Official Statement and is not incorporated by reference into this Official Statement. No representation is made in this Official Statement as to the accuracy or adequacy of the information contained on the internet site.

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Copies of Lennar Corporation’s annual report and related financial statements are available from Lennar Corporation’s website at www.Lennar.com. This internet address is included for reference only and the information on the internet site is not a part of this Official Statement and is not incorporated by reference into this Official Statement. Lennar Homes Development Plan and Development Status. Lennar Homes’ development plan is to construct single-family detached homes on the lots it owns in Neighborhood O and Neighborhood R, as shown in the tables below as of June 1, 2026. Base sale prices are subject to change, and exclude any lot premiums, buyer selected options and upgrades, and any incentives, selling concessions or price reductions which may be offered. Development Plans Neighborhoods O and R (as of June 1, 2026) Floor Plan Square Footage Planned Units Base Sales Prices (1) Neighborhood O Plan 1 2,589 22 $745,880 Plan 2 2,756 21 775,880 Plan 3 2,905 22 798,880 Subtotal 65 Neighborhood R Plan 1 2,111 21 $673,880 Plan 2 2,257 22 685,880 Plan 3 2,347 22 699,880 NB R Model 2,257 1 798,880 Subtotal 66 (1) Base sales prices represent the estimated prices used by Lennar Homes when underwriting the project and are subject to change when Lennar Homes begins its sales process. Source: Lennar Homes

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Set forth below is the status of home construction and sales within Neighborhood O and Neighborhood R as of June 1, 2026. Status of Development, Home Construction and Sales Neighborhoods O and R (as of June 1, 2026) Neighborhood Planned Units Building Permits Issued Homes Under Construction(2) Completed Homes Owned by Lennar Homes
Homes Under Contract for Sale(3) Home Closings O 65 54 11 8 2 32 R 66(1) 66 14 5 0 47 Totals 131 120 25 13 2 79 (1) Lennar Homes has built two model homes physically located in Neighborhood O that will serve as models for both Neighborhood O and Neighborhood R. The model home is accounted for in the corresponding Neighborhood (2) Under construction means that a building permit has been issued and vertical home construction is in process. (3) Represents homes under contract with individual homebuyers that have not closed escrow. Source: Lennar Homes. Lennar Homes anticipates buildout and final home sales in Neighborhood O by June 2027, and in Neighborhood R by November 2026. Although the information in this Official Statement reflects the current development expectations of Lennar Homes, no assurance can be given that home construction and sales will be carried out on the schedule and according to the plans and at the prices described herein, or that the home construction and sale plans or base prices set forth above will not change after the date of this Official Statement. Lennar Homes reserves the right to change its development at any time without notice. Additionally, homes under contract to be sold may not result in closed escrows as sales contracts are subject to cancellation. Lennar Homes Financing Plan. Lennar Homes intends to finance the development of the property in Neighborhood O and Neighborhood R using internal sources (equity and home sales proceeds). A summary of the costs incurred and anticipated to be incurred for the full buildout of the 65 lots within Neighborhood O is set forth in the following table: Lennar Homes Financing Plan Neighborhood O (as of June 1, 2026) Total Budget Costs Incurred Through June 1, 2026 June 2, 2026, through Buildout Land $13,817,607 $13,817,607 $0 Site Construction (1) 369,322 119,482 249,840 Direct Construction 17,595,431 13,873,218 3,722,213 Sales and Marketing 2,287,805 826,283 1,461,522 Total Projected Costs $34,070,165 $28,636,590 $5,433,575 (1) These costs are primarily landscaping in the parkway strips as development of the homes adjacent to such parkway strips is completed. Source: Lennar Homes.

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A summary of the costs incurred and anticipated to be incurred for the full buildout of the 66 lots within Neighborhood R is set forth in the following table: Lennar Homes Financing Plan Neighborhood R (as of June 1, 2026) Total Budget Costs Incurred Through June 1, 2026 June 2, 2026, through Buildout Land $12,117,719 $12,117,719 $0 Site Construction (1) 375,004 121,320 253,684 Direct Construction 16,135,504 14,627,110 1,508,394 Sales and Marketing 2,041,931 838,995 1,202,936 Total Projected Costs $30,670,158 $27,705,144 $2,965,014 (1) These costs are primarily landscaping in the parkway strips as development of the homes adjacent to such parkway strips is completed. Source: Lennar Homes. Although Lennar Homes expects to have sufficient funds available to complete its development in Improvement Area No. 1 in accordance with the development schedule described in this Official Statement, there can be no assurance that amounts necessary to finance the remaining planned development by Lennar Homes in Improvement Area No. 1 will be available from Lennar Homes or any other source when needed. Neither Lennar Homes, nor any of its related entities, are under any legal obligation of any kind to expend funds for the development of and construction of homes on its property in Improvement Area No. 1 and there is no direct recourse against Lennar Homes or any of its related entities for nonpayment of ad valorem property taxes or the Facilities Special Taxes. Any contributions by Lennar Homes to fund the costs of such development are entirely voluntary. If and to the extent that the aforementioned sources are inadequate to pay the costs to complete the planned development by Lennar Homes within Improvement Area No. 1 and other financing by Lennar Homes is not put into place, there could be a shortfall in the funds required to complete the planned development by Lennar Homes in Improvement Area No. 1 or to pay ad valorem property taxes or Facilities Special Taxes related to Lennar Homes’ property in Improvement Area No. 1, and the remaining portions of such development may not be completed. Many factors beyond Lennar Homes’ control, or a decision by Lennar Homes to alter its current plans, may cause the actual sources and uses to differ from the projections. Land Bank Arrangement. Lennar Homes and TPG AG EHC III (LEN) CA 1, L.P., a Delaware limited partnership (the “Lennar Land Bank”) previously entered into that certain Option Agreement, dated July 16, 2024, as amended by that First Amendment to Option Agreement dated August 26, 2024 (as amended, the “Lennar Option Agreement”) whereby Lennar Homes had the option, but not the obligation, to purchase the 131 lots in Neighborhoods R and O Lots from the Lennar Land Bank pursuant to a takedown schedule agreed upon between Lennar Homes and the Lennar Land Bank. As of June 1, 2026 Lennar Homes had taken down all 131 Lots from the Lennar Land Bank pursuant to the Lennar Option Agreement.

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Tri Pointe General. As previously defined in this Official Statement the “Tri Pointe” is Tri Pointe Homes Holdings, Inc., a Delaware corporation. Tri Pointe is an indirect, wholly-owned subsidiary of Tri Pointe Homes, Inc., a Delaware corporation (“Tri Pointe Parent Corporation”) . Tri Pointe Parent Corporation is engaged in the design, construction and sale of innovative single-family attached and detached homes across twelve states, including Arizona, California, Colorado, Florida, Maryland, Nevada, North Carolina, South Carolina, Texas, Utah, Virginia and Washington, and the District of Columbia. In April 2024, Tri Pointe Parent Corporation announced its expansion into the Orlando and Coastal Carolinas regions, which includes parts of Georgia and South Carolina. While the company has an established presence in South Carolina, the company had not yet commenced operations in Georgia as of March 31, 2026. In May 2026, Tri Pointe Parent Corporation was acquired by Sumitomo Forestry Co., Ltd., a publicly traded Japanese joint stock company (TSE:1911) (“Sumitomo”), as described below. As a result, Tri Pointe is also an indirect, wholly-owned subsidiary of Sumitomo. Tri Pointe Parent Corporation continues to file certain reports with the SEC, which set forth, among other things, certain data relative to the consolidated results of operations and financial position of Tri Pointe Parent Corporation and its consolidated subsidiaries, including Tri Pointe, as of such dates (e.g., see Tri Pointe Parent Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 26, 2026 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, as filed with the SEC on April 29, 2026). The SEC maintains an Internet website that contains reports and other information regarding registrants that file electronically with the SEC, including Tri Pointe Parent Corporation. The address of such website is www.sec.gov. All documents filed by Tri Pointe Parent Corporation pursuant to the Exchange Act after the date of this Official Statement will be available for inspection in such manner as the SEC prescribes. Copies of Tri Pointe Parent Corporation’s most recent Annual Report on Form 10-K and each of its other quarterly reports are available in the “investors” portion of its website at www.tripointehomes.com. The foregoing websites are included for reference only and the information on these websites is not a part of this Official Statement and is not incorporated by reference into this Official Statement. No representation is made in this Official Statement as to the accuracy or adequacy of the information contained on such websites. Neither Tri Pointe nor any other entity or person is obligated to advance funds for construction or development or to pay ad valorem property taxes or the Special Taxes and investors should not rely on the information and financial statements contained on such websites in evaluating whether to buy, hold or sell the 2026 Bonds. Merger. On May 14, 2026, pursuant to an Agreement and Plan of Merger, dated as of February 13, 2026 (the “Merger Agreement”), Sumitomo acquired 100% of Tri Pointe Parent Corporation’s shares of outstanding common stock for $47.00 per share, for an aggregate consideration of approximately $4.5 billion in cash, in connection with which Tri Pointe Parent Corporation became a wholly-owned indirect subsidiary of Sumitomo (the “Transaction”). As a result of the Transaction, Tri Pointe Parent Corporation’s common stock is no longer publicly traded (and has been delisted from the New York Stock Exchange), and Tri Pointe Parent Corporation’s common stock has been deregistered under the Securities Exchange Act of 1934, as amended. Sumitomo is a leading Japanese comprehensive housing and wood products company whose common stock is currently traded on the Tokyo Stock Exchange under the ticker symbol “1911”. Founded in 1691, Sumitomo is engaged in a broad range of global businesses centered on wood, including forestry management, the manufacture and distribution of wood building

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materials, the contracting of single-family homes and medium- to large-scale wooden buildings, real estate development, and wood biomass power generation. As a result of the Transaction, Tri Pointe Parent Corporation became part of Sumitomo’s family of U.S. homebuilders and operates as a distinct brand led by the Tri Pointe Parent Corporation management team, supported by Sumitomo’s scale and investment. Tri Pointe Parent Corporation does not expect that the Transaction will interfere with the completion of its planned development within Improvement Area No. 1. Tri Pointe Homes Development Plan and Development Status. Tri Pointe’s development plan is to construct single-family detached homes on the 40 lots it acquired in Neighborhood L and Neighborhood K-1 in a neighborhood being marketed as “Swirl at One Lake”. The anticipated product mix for the project in Neighborhood L and Neighborhood K-1 is reflected in the table below, as of June 1, 2026. Development Plan Neighborhoods L and K-1 – Swirl at One Lake (as of June 1, 2026) Floor Plan Approx. Square Footage Planned Units Estimated Base Sales Prices (1) Plan 1 2,401 10 $714,000 Plan 2 2,510 10 737,000 Plan 3 2,668 10 757,000 Plan 4 2,783 10 772,000 Total: 40 (1) Base sales prices are subject to change and exclude any lot premiums, options, upgrades, incentives, and any selling concessions or price reductions currently being offered. Source: Tri Pointe The status of home construction and sales for the project is reflected in the table below, as of June 1, 2026. Between June 2, 2026 and ___________, 2026, Tri Pointe has been issued ____ additional building permits and has ____ additional building permits pending, which the City has indicated it will issue. Status of Home Construction and Sales Neighborhoods L and K-1 – Swirl at One Lake (as of June 1, 2026) Neighborhood Planned Units Building Permits(1) Homes Under Construction(2) Completed Homes Owned by Tri Pointe(3) Homes Under Contract for Sale(4) Home Closings L 20 20 8 5 5 7 K-1 20 8 8 0 0 0 Totals 40 28 16 5 5 7 (1) The final 12 building permits are pending, which the City has indicated it will issue after June 1, 2026. (2) Under construction means that a building permit has been issued and vertical home construction is in process. Includes 16 production homes. (3) Includes four model homes and one production hone. (4) Represents homes under contract with individual homebuyers that have not closed escrow. Source: Tri Pointe.

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Tri Pointe anticipates buildout and final home closings in Neighborhood L and in Neighborhood K-1 by November 2027. Although the information in this Official Statement reflects the current development expectations of Tri Pointe, no assurance can be given that home construction and sales will be carried out on the schedule and according to the plans and at the prices described herein, or that the home construction and sale plans or base prices set forth above will not change after the date of this Official Statement. Tri Pointe reserves the right to change its development at any time without notice. Additionally, homes under contract to be sold may not result in closed escrows as sales contracts are subject to cancellation. See “BOND OWNERS’ RISKS – Concentration of Ownership.” Tri Pointe Financing Plan. To date, Tri Pointe has financed its land acquisition and various site development and home construction costs related to its property in Neighborhood L and Neighborhood K-1 in Improvement Area No. 1 through internally generated funds (which may include home sales revenue and funding from its parent company). Tri Pointe expects to use internally generated funds to complete development of its property in Improvement Area No. 1. However, home sales revenues from Tri Pointe’s property in Improvement Area No. 1 are not segregated and set aside for completing its development in Improvement Area No. 1. Home sales revenues are swept daily from the divisions for use in operations, to pay down debt and for other corporate purposes and might get diverted to other needs at the discretion of management. As of June 1, 2026, Tri Pointe estimates that it has spent approximately $15.5 million on land acquisition costs, site improvement costs, direct and indirect home construction costs, permit and impact fees, and sales and marketing costs (exclusive of interest, internal financing repayment, and corporate overhead) related to its development of Neighborhood L and Neighborhood K-1 in Improvement Area No. 1. As of June 1, 2026, Tri Pointe expects to spend approximately $18.0 million in additional site improvement costs, direct and indirect home construction costs, permit and impact fees, and sales and marketing costs (exclusive of internal financing repayment, corporate overhead, and other carrying costs) to complete its development in Improvement Area No. 1. Tri Pointe believes that it will have sufficient funds available to complete its planned development in Improvement Area No. 1 in accordance with the development schedule described in this Official Statement. Although Tri Pointe expects to have sufficient funds available to complete its proposed development in Improvement Area No. 1 commensurate with the development timing described in this Official Statement, there can be no assurance that amounts necessary to fund the remaining planned development by Tri Pointe within Improvement Area No. 1 will be available to Tri Pointe when needed. While Tri Pointe has made such internal financing available in the past, there can be no assurance whatsoever of its willingness or ability to do so in the future. Neither Tri Pointe nor any other entity or person is under any legal obligation of any kind to expend funds for the development of Tri Pointe’s property in Improvement Area No. 1, or the payment of ad valorem property taxes or the Special Taxes within Improvement Area No. 1. Any contributions by Tri Pointe or any other entity or person to fund the costs of such development are entirely voluntary. If and to the extent the aforementioned sources are inadequate to pay the costs to complete the planned development by Tri Pointe in Improvement Area No. 1, and other financing by Tri Pointe is not put into place, there could be a shortfall in the funds required to complete the planned development by Tri Pointe or to pay ad valorem property taxes or Special Taxes related to Tri Pointe’s property in Improvement Area No. 1, and the remaining portions of such development may not be completed. Many factors beyond Tri Pointe’s control, or a decision by Tri Pointe to alter its current plans, may cause the actual sources and uses to differ from the projections. See “BOND OWNERS’ RISKS” herein for a discussion of risk factors.