DESERT COLLEGE FINANCING CORP

THE ORGANIZATION WAS ORGANIZED FOR THE PURPOSE OF PROMOTING THE COMMON GOOD AND GENERAL WELFARE OF THE RESIDENTS OF INDIO, CA (THE "CITY"), INCLUDING THE DESERT COMMUNITY COLLEGE DISTRICT (THE "DISTRICT") AND OTHER LOCAL GOVERNMENT ENTERPRISES, THROUGH THE RENDERING OF FINANCIAL ASSISTANCE THERETO. THE ORGANIZATION WILL ACCOMPLISH THIS PRIMARILY THROUGH THE ACQUISITION, LEASING OR SELLING OF BUILDINGS, BUILDING IMPROVEMENTS, ETC. FOR THE BENEFIT OF RESIDENTS OF THE CITY, THE DISTRICT AND SURROUNDING AREAS.THE ORGANIZATION ACQUIRED A CERTAIN PARCEL OF REAL PROPERTY AND EXISITING FACILITIES SITUATED IN RIVERSIDE COUNTY, CALIFORNIA (THE "FACILITY") BY LEASE AND LEASED THE FACILITY BACK TO THE DISTRICT. THE FACILITY IS OPERATED AS A CHILD DEVELOPMENT CENTER BY THE DISTRICT.