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EXECUTION AND Coupon bonds wit1 be issued by the <br />REGISTRATION: City. The bonds will be executed by <br /> the manual signature of at least one <br /> official authorized to execute the <br />bonds. The bonds are registrable as to principal only or <br />as to both principal and interest. Registered bonds are <br />subject to de-registration and ~e-registration as provided <br />in the resolution authorizing the issuance of the bonds. <br /> <br />PURPOSE OF ISSUE: The bonds are authorized by vote of <br /> two-thirds of the qualified voters <br /> voting at a special bond election <br />for the purpose of authorizing bonds for the acquisition, <br />construction and completion of park and recreation facil- <br />ities and fire station improvements for the City of <br />Pleasanton. <br /> <br />SECURITY: The bonds are general obligations <br /> of the City of Pleasanton and the <br /> City has power and is obligated to <br />levy ad valorem taxes for the payment of the bonds and <br />the interest thereon upon all property within the City <br />of Pleasanton subject to taxation by the City (except <br />certain personal property, which is taxable at limited <br />rates), without limitation of rate or amount. <br /> <br />TAX EXEMPT STATUS: In the event that prior to the deliv- <br /> ery of the bonds the income received <br /> by private holders from bonds of the <br /> same type and character shall be declared to be taxable <br /> under any Federal income tax laws, either by the terms of <br /> such laws or by ruling of a Federal income tax authority <br /> or official which is followed by the Internal Revenue <br /> Service, or by decision of any Federal court, the success- <br /> ful bidder may, at his option, prior to the tender of the <br /> bonds by the City, be relieved of his obligation under <br /> the contract to purchase the bonds and in such case the <br /> deposit accompanying his bid will be returned. <br /> <br />LEGAL OPINION: The legal opinion of Messrs. Orrick, <br /> Herrington, Rowley & Sutcliffe of <br /> San Francisco, California, approving <br />the validity of the bonds will be furnished to the suc- <br />cessful bidder without charge. A copy of the legal opin- <br />ion, certified by the officer in whose office the original <br />is filed, will be printed on each bond without charge to <br />the successful bidder. <br /> <br />12 <br /> <br /> <br />