RES 68049 - Laserfiche WebLink

PURPOSE OF ISSUE: The bonds are authorized by vote of two-thi~ds of the qualified voters voting at a special bond election for the purpose of authorizing bonds for the acquisition, construction and completion of pa~k and ~ecreation facil- ities and fire station improvements for the City of Pleasanton. S~.CURITY: The bonds are general obligations of the City of Pleasanton and said City has power and is obligated to levy ad valorem taxes for the payment of the bonds and the interest thereon upon all property within the City of Pleasanton subject to taxation by said City (except certain personal property, which is taxable at limited rates), without limitation of rate or amount. TAX EXEMPT STATUS: In the event that prior to the deliv- ery of the bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal Income Tax laws, either by the terms of such laws or by ruling of a Federal Income Tax authority or official which is followed by the Internal Revenue Service, or by decision of any Federal Court, the success- ful bidder may, at his option, prior to the tender of the bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL OPINION: The legal opinion of Messrs. Orrick, Herrington, Rowley & Sutcliffe of San Francisco, California, approving the validity of the bonds will be furnished to the successful bidder without charge. A copy of the legal opinion, certified by the officer in whose office the original is filed, will be printed on each bond without charge to the successful bidder. TERMS OF SALE Highest Bid: The bonds will be awarded to the highest bidder considering the inter- est rate or rates specified and the premium offered, if any. The highest bid will be deter- mined by deducting the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date of the bonds to their respective maturity dates at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. ~ne purchaser must pay accrued interest from the date of the bonds to the date of delivery. Ail interest will be com- puted on a B60-day year basis. The cost of printing the bonds will be borne by the City.