City of Madera. Community Facilities District No $2,885,000 Special Tax Bonds, Series 2006

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1 City of Madera Community Facilities District No $2,885,000 Special Tax Bonds, Series 2006 Madera County, California Dated: December 13, 2006 CUSIP: /2011 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT AS OF JANUARY 30, Via Industria Suite 110 Temecula, CA T F Copyright, American Banker s Association. CUSIP data is provided by Standard and Poor s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.

2 LIST OF PARTICIPANTS CITY OF MADERA David B. Croff Finance Director/Treasurer 205 W. 4th Street Madera, CA SPECIAL TAX CONSULTANT DISSEMINATION AGENT Willdan Financial Services* Via Industria, Suite 110 Temecula, California (951) UNDERWRITER Piper Jaffray 345 California Street, Suite 2200 San Francisco, CA BOND / DISCLOSURE COUNSEL Orrick, Herrington & Sutcliffe LLP FISCAL AGENT Teresa Fructuoso The Bank of New York Trust Company, N.A. 700 South Flower Street, Suite 500 Los Angeles, California * In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 I. INTRODUCTION Pursuant to an Indenture dated December 1, 2006 (the Indenture ), the City of Madera (the City ) issued $2,885,000 Community Facilities District No Special Tax Bonds, Series 2006 (the Bonds ) pursuant to the Mello-Roos Community Facilities Act of The Bonds were issued to (i) construct and acquire certain public facilities of benefit to the District; (ii) provide for the establishment of a reserve fund, (iii) provide capitalized interest through September 1, 2007, and (iv) pay the costs of issuance of the Bonds. The City is located 240 miles north of Los Angeles and 166 miles southeast of San Francisco. It is 22 miles north of Fresno on State Highway 99. The District is located in the City generally west of Road 28, northeast of the Southern Pacific Railroad Company railroad tracks and south of Avenue 14. The District consists of property planned for 304 single family units and also includes 2 undeveloped parcels, totaling approximately 8.42 acres of land, designated for commercial development. These two commercial parcels are not subject to the special tax. The Bonds are special obligations of the District payable solely from and secured by special taxes levied on the properties in the District. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable therefore. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the City for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the City and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the City and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the City, the District or any other parties described herein. 2010/2011 CFD

4 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bond Issue Community Facilities District No Special Tax Bonds, Series 2006 As of September 2, 2011 $2,825,000 B. FUND INFORMATION Fund As of September 30, 2011 Acquisition Fund $0.00 Redemption Fund $1.97 Fund As of September 30, 2011 Reserve Fund $261, Reserve Requirement $261, Reserve Requirement is the least of (a) 10% of the original principal amount of the Bonds, (b) the Maximum Annual Debt Service, or (c) 125% of the Average Annual Debt Service. C. ADDITIONAL DEBT There has been no additional debt authorized by the City and payable from or secured by assessments or special taxes with respect to property within the District. 2010/2011 CFD

5 III. FINANCIAL INFORMATION The audited financial statements for the City for the Fiscal Year ending June 30, 2011 will be separately filed with the MSRB s Electronic Municipal Market Access system ( EMMA ) and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. THE CITY S ANNUAL FINANCIAL STATEMENT IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES EXCHANGE COMMISSION STAFF S INTERPRETATION OF RULE 1 5C NO FUNDS OR ASSETS OF THE CITY OF MADERA (OTHER THAN THE PROCEEDS OF THE SPECIAL TAXES LEVIED FOR THE COMMUNITY FACILITIES DISTRICT AND SECURING THE BONDS) ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS FROM THE CITY TREASURY TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF THE CITY IN EVALUATING WHETHER TO BUY, HOLD OR SELL THE BONDS. 2010/2011 CFD

6 IV. OPERATING INFORMATION A. DELINQUENCY SUMMARY Fiscal Year Dollars Levied Dollars Delinquent % Dollars Delinquent Parcels Levied Parcels Delinquent 2007/08 $156, $ % /09 $161, $ % /10 $160, $ % /11 $164, $ % Source: Madera County as of May 18, 2011, as compiled by Willdan Financial Services. B. DELINQUENCY DETAIL Currently, there are no property owners delinquent for five percent (5%) or more of the total special tax levied. C. ASSESSED VALUES The following table lists the most recently available total assessed value of all parcels subject to special tax within the District KB HOME CENTRAL VALLEY INC $35,883 $0 $35, KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , DOA PROP IIIB LLC & KBONE LLC 40, , , MIRANDA RICHARD M 40, , , SINGH RUBY & LAKHVIR 35, , , GUERRERO PABLO 40, , , DOSANJH BALHAR & AMRITPALK 57, , , SOLIMAN GLENN 40, , , DE LA TORRE MIGUEL & MARIA 40, , , GRANADOS FRANCISCO & LEONOR 30, , , GARCIA ROGELIO & IMELDA BARAJAS 47, , , BERDEJO TEOFILO & EPIFANIA 50,870 86, , GUILLEN CANDELARIO & ELIA 40, , , SOTO JESSE 47, , , GARZA DAVID & STEPHANIE 46,436 77, , AHRENS WILLIAM DOUGLAS 40, , , BELTRAN ASUNCION 47, , , DEVINE DONALD 40, , , VALENCIA NORMA ALICIA 47, , , /2011 CFD

7 FLORES NOEMI 41,276 76, , RAMAN BAL K & MARIA I NAVARRO 30, , , HIDALGO ANGEL 48,326 74, , KAUR KANWALJIT 35, , , GUEVARA BLANCA 47,854 93, , ORTIZ JAVIER & MARIA D 30, , , MENDOZA CONSEPCION MONTES 48, , , CARDENAS ANA B 30, , , MA WINNIE WING-YEE 47,282 93, , WASHINGTON WILLIE & FANTA 47, , , GARCIA JOSE J & IIDA M 48,259 65, , FAHRNEY DONALD T 50,870 79, , GALLEGOS JESUS & VICTORIA 47,157 74, , GARCIA FIDEL & CECILIA 30,000 75, , GOMEZ MELANIE R 39,960 69, , FEDERAL HOME LOAN MTG CORP 35, , , MRO INV INC 35,263 96, , KYEE JAMES & JANIE C 38,697 63, , FEDERAL NATL MTG ASSN 30, , , AMEZOLA ROGER 47, , , MASSENA SAMANTHA & JOHN A 40,172 84, , DOSANJH BALHAR S & AMRITPALK 80,000 87, , BAUTISTA CARLOS & SANTOS GUADALUPE G 50, , , WILLEY BRENT A & SARAH E 50,112 85, , SANGHA VISHALDEEP S 40, , , MARQUEZ LORENZO H & ARCELIA 70, , , TORRES MARISOL 39,006 97, , GUILLEN FRANK J & ANGELICA A 47,282 93, , MYINT RONALD & VIKKI 42,927 71, , LOPEZ XOCHIL 49, , , SPIKES ERIC & ROBBINS ERICA 46,617 76, , VALERO JESSE 30, , , OLVERA OSCAR & CORTES YESICA 52,189 94, , MCCOY GARY E 46,436 71, , BUNDEN RYOJI A 39,212 86, , PENA SERGIO 39,212 95, , BUSTOS PAUL & VILLA CHANEL M 38,491 97, , ROJAS NICANDRO 47,952 69, , FONCERRADA JOSE I & SANCHEZ BRENDA 48,827 73, , RINDER BRIAN F & JENNIE 30,000 77, , BANK OF NEW YORK 40, , , GERBER REX 42, , , AMBRIZ RACHEL 49, , , GAXIOLA ADRIANA M 35, , , CHONG TAE WHAN & NELLY 41,232 70, , GONZALEZ SALVADOR & VEGA GUDALUPE R 43,766 68, , OROZCO ANGEL J & KARLA FABIOLA 60,000 60, , ATENCIO AUSTIN A & ANAIDA 47, , , /2011 CFD

8 BELL ERIC 40, , , ZARAGOZA FELIX JR & VERONICA 46,436 59, , OCAMPO EDDIE & RACHEL ELIZABETH 48,827 81, , IRVING EILEEN 46,436 77, , SIERRA ALEXANDER D & DEBORAH S 45,110 74, , TRUJILLO REFUGIO & JIMENEZ-MEJIA CARMEN 47, , , WILHELM MILES 50,849 77, , MOLINA JUAN L & MARICELA A 47,374 84, , ROSS JOHN & DEAN STEPHANIE 38, , , ROGERS ALAN 38,027 85, , RAYGOZA JUAN & IRMA 50, , , SANTOS SERGIO M 46,234 96, , PEMBROOK MICHELLE 44, , , KAUR RAVNEET & SACHDEVA AMAN 39, , , RAMIREZ EZEQUIEL 49, , , MILLS KASANDRIA 40,852 95, , DE LA TORRE JOSE 55,153 97, , WELLS WILLIAM B 52,397 97, , MAGANA MANUEL G & FRANCISCA 53,257 99, , KB HOME CENTRAL VALLEY INC 30, , , KB HOME CENTRAL VALLEY INC 30, , , KB HOME CENTRAL VALLEY INC 30, , , KB HOME CENTRAL VALLEY INC 30, , , KB HOME CENTRAL VALLEY INC 30,000 97, , KB HOME CENTRAL VALLEY INC 30, , , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 30, , , MYINT LAURA 43,344 67, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , MENDONCA JOHN 46,234 85, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , /2011 CFD

9 KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , /2011 CFD

10 KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , PARKER PATRICK K 57,270 99, , GARCIA JUAN C 42, , , BUCCIERI CHRISTOPHER O 40, , , ATKINSON KEVIN & OLGA 44, , , KB HOME CENTRAL VALLEY INC 40,000 84, , KB HOME CENTRAL VALLEY INC 40,000 98, , KB HOME CENTRAL VALLEY INC 40, , , KB HOME CENTRAL VALLEY INC 40, , , KB HOME CENTRAL VALLEY INC 50, , , KB HOME CENTRAL VALLEY INC 50, , , KB HOME CENTRAL VALLEY INC 40,000 84, , KB HOME CENTRAL VALLEY INC 40,000 90, , KB HOME CENTRAL VALLEY INC 40, , , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , LADHAR MANREET S & RAJVIR K 59, , , PINHEIRO JOHN 42,952 81, , SLAUGHTER MARGARET & RICHARD H 46, , , VILLEGAS JAVIER & BLANCA M 62, , , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 40,000 95, , KB HOME CENTRAL VALLEY INC 40,000 92, , KB HOME CENTRAL VALLEY INC 40, , , KB HOME CENTRAL VALLEY INC 40,000 98, , KB HOME CENTRAL VALLEY INC 40, , , KB HOME CENTRAL VALLEY INC 35, , /2011 CFD

11 KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , HANSEN MICHAEL 46,600 89, , MERCADO VICTOR MANUEL 48,259 96, , PERKINS THOMAS RICK & SUSAN H 51, , , RUIZ RUBEN & ROSEANN 62, , , JOANN PARKS E 43,766 91, , AQUINO ARTEMIO S & BRENDA DIAZ 43,766 87, , BUTERA RINALDO NICOLINO 52,189 89, , SOLIS MARIO R & MARIA Y 54, , , /2011 CFD

12 LINARES ANTONIO & FOWLER-LINARES AMANDA 41,364 89, , MANN GURINDERJIT & RAI HARJIT K 48,631 73, , VILLEGAS DANIEL 57,270 97, , MANN GURINDER & HARDIP K 62, , , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, , KB HOME CENTRAL VALLEY INC 35, ,883 $11,948,881 $12,830,370 $24,779,251 Source: Madera County Secured Roll 2011/ /2011 CFD

13 D. PRINCIPAL PROPERTY OWNERS The following table shows the owners of properties subject to twenty percent (20%) or more of the Special Tax levy. Parcels FY 2011/12 Special Tax Percent of FY 2011/12 Special Tax Use KB HOME CENTRAL VALLEY INC 198 $7,141,291 $2,251,800 $9,393,091 $99, % SFD/VACANT SFD OTHER PROPERTY OWNERS 106 4,807,590 10,578,570 15,386,160 69, % SFD/VACANT SFD 304 $11,948,881 $12,830,370 $24,779,251 $168, % Source: Madera County Secured Roll 2011/12 as compiled by Willdan Financial Services. 2010/2011 CFD