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E. These assessment proceedings have Been undertaken in five separate <br /> assessment projects as follows: <br /> <br /> 1. Assessment District 1974-1 -- the construction of Foothill Road <br /> improvements with a total estimated cost of $1~317~546.16 <br /> <br /> 2. Assessment District 1974-2 -- the construction of Stoneridge Drive <br /> overcrossing with an estimated cost Of $1~864,177.55 <br /> <br /> 3. Assessment District 1974-3 -- the construction of drainage, water <br /> distribution system, sewer, collection system, street lighting, <br /> underground power and telephone, traffic signalization, and land- <br /> scaping with an estimated cost $1,836t133.24 <br /> <br /> 4. Assessment District 1974-4 -- acquisition of right-of-way and con- <br /> struction of Stoneridge Drive with an estimated cost of $1,816~627.30 <br /> <br /> 5. Assessment District 1974-5 -- acquisition of rights-of-way for on- <br /> site roads and construction of said roads together with the balance <br /> of Stoneridge Drive West with an estimated cost $1~943#898.86 <br /> <br /> F. The developers and property owners as well as the Seller herein agree that <br /> because of the large amount of financing required and the overlapping of <br /> assessment liens, it is desirable that all of the bonds to issue should be <br /> sold at this time. This commitment would establish a firm price floor of <br /> which the bonds would issue irrespective of major downward money market <br /> fluctuations as well as give the advantage of fair market prices if the <br /> money markets should be strong. Sale of the bonds at this time will assure <br /> the property owners and the City of an economically feasible financing base <br /> with orderly funding of each project at the then prevailing interest rates <br /> for the type of bond issued. <br /> <br />II. Seller hereby sells to Buyer and Buyer hereby purchases from City all the bonds <br /> to issue as a result of the five assessment district proceedings under the following <br /> terms and conditions: <br /> <br /> A. Bonds shall be issued pursuant to the Improvement Bond Act of 1915 and <br /> shall mature seriall~ over a period of twenty-five years. Principal shall <br /> be amortized over the term of the bond issues and the final amount of prin- <br /> cipal maturin~ each year in each issue shall be determined by mutual agreement <br /> between the property owners, the City, and Buyer. This determination shall <br /> be made prior to the date of funding of each bond issue. <br /> <br /> B. The bonds from each issue shall be accompanied by the unqualified approving <br /> legal opinion of Sturgis, Ness & Brunsell of Emeryville, California, as to <br /> <br /> <br />