12. PUBLIC HEARING AND APPROVAL BY THE TUSTIN FINANCING AUTHORITY AND THE CITY OF TUSTIN AS THE LEGISLATIVE BODY FOR THE COMMUNITY FACILITIES DISTRICTS OF THE ISSUANCE OF SPECIAL TAX REVENUE REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED $63 MILLION TO REFUND THE COMMUNITY FACILITIES DISTRICT NO. 2014-1 (TUSTIN LEGACY/STANDARD PACIFIC) 2015 SPECIAL TAX BONDS, SERIES 2015A AND COMMUNITY FACILITIES DISTRICT NO. 06-1 (TUSTIN LEGACY/COLUMBUS VILLAGES) SPECIAL TAX REFUNDING BONDS, SERIES 2015A AND SERIES 2015B On April 1, 2025, the City of Tustin ("City") authorized the initiation of proceedings to issue bonds (the "2025 Refunding Bonds") to refund its outstanding City of Tustin Community Facilities District No. 2014-1 (Tustin Legacy/Standard Pacific) Special Tax Bonds, Series 2015A, City of Tustin Community Facilities District No. 06-1 (Tustin Legacy/Columbus Village) Special Tax Refunding Bonds, Series 2015A; and the City of Tustin Community Facilities District No. 06-1 (Tustin Legacy/Columbus Villages) Special Tax Bonds Series 2015B (collectively, the "2015 CFD Bonds") to take advantage of lower interest rates to reduce the annual debt service payments and lower property owners' special tax payments starting in FY 2025-2026. To maximize savings, the 2025 Refunding Bonds will be issued and publicly sold by the Tustin Financing Authority ("Authority"), by pooling the underlying refunding bonds of each community facilities district.