Carpinteria Sanitary District Successfully Issues $6 million of Assessment Bonds

Bonds priced February 26, 2009; Bond closed March 12, 2009

CARPINTERIA, Calif.--(Business Wire)--
In a turbulent market, the Carpinteria Sanitary District successfully brought to
market $6 million of non-rated tax-exempt assessment bonds at interest rates
comparable to investment grade municipal bonds. The Sanitary District`s
Assessment District No. 2007-1 will fund the installation of sewer transmission
lines and other improvements needed to connect 152 parcels in three Carpinteria
neighborhoods-- Rincon Point, Sandyland Cove and Sand Point Road--to the
Sanitary District`s sewer treatment facility. The total project cost is
estimated at $9.4 million and pre-payments of assessments by 70 property owners
in the three neighborhoods will supplement the moneys raised from the assessment
bonds.

"We are pleased with the outcome of the financing," commented Carpinteria
Sanitary District General Manager Craig Murray. "This project has been in the
works for over a decade and now we can move forward to finalize the project
design and begin construction. The sewer conversion will benefit the homeowners
and the environment, and is expected to create jobs to help the local economy.
We`re also expecting a grant from the State that will help offset a significant
cost for the property owners in the three neighborhoods."

"The bond sale brought a successful conclusion to a long financing process,"
said Adam Bauer, Vice President with Fieldman Rolapp & Associates, the
District`s financial advisor. "When the credit crunch hit last year, we saw a
significant increase in interest rates. We`ve been tracking the market carefully
and felt that we arrived at a good window to lock in rates."

"The bonds were well received by investors. We worked with the Carpinteria
Sanitary District on an active marketing program targeted to local investors and
attracted over $17 million of orders with almost half coming from residents in
the area. The bonds were priced at interest rates below 7%. These rates were
well below an "A-" rated issue in the market the same day," added Jim Cervantes,
Managing Director at Stone & Youngberg, the underwriter of the assessment bonds.

The Carpinteria Sanitary District is an independent special district founded in
1928 which provides wastewater collection and treatment and disposal services to
the residents and businesses of the City of Carpinteria and the surrounding
areas of the Carpinteria Valley. The District serves approximately 16,500
individuals and just approximately 4,100 accounts. The Assessment District No.
2007-1 bonds are secured by assessment payments made by certain property owners
of that district and are not a direct obligation of the Carpinteria Sanitary
District.

For more information, visit:

Carpinteria Sanitary District: www.carpsan.com

Fieldman Rolapp & Associates: www.fieldman.com

Stone & Youngberg: www.syllc.com

Carpinteria Sanitary District
Craig Murray, 805-684-7214 x12
General Manager
CraigM@carpsan.com
or
Fieldman Rolapp & Associates
Adam Bauer, 949-660-7300
abauer@Fieldman.com
or
Stone & Youngberg
Jim Cervantes, 415-445-2329
jcervantes@syllc.com

Copyright Business Wire 2009