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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 said <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 said 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 />LEOA~ OPINION: The legal opinion of Messrs. Orrick, <br /> Herrington, Rowley & Sutcllffe of San <br /> Francisco, California, approving the <br />validity of the bonds will be furnished to the successful <br />bidder without charge. A copy of the legal opinion, <br />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 />TERMS OF SALE <br /> <br />Highest Bid: The bonds will be awarded to the <br /> highest bidder considering the inter- <br /> est rate or rates specified and the <br />premium offered, if any. The highest bid will be deter- <br />mined by deducting the amount of the premium bid (if any) <br />from the total amount of interest which the City would <br />be required to pay from the date of the bonds to their <br />respective maturity dates at the coupon rate or rates <br />specified in the bid, and the award will be made on the <br />basis of the lowest net interest cost to the City. The <br />purchaser must pay accrued interest from the date of the <br />bonds to the date of delivery. Ail interest wilI be com- <br />puted on a 360-day year basis. The cost of printing the <br />bonds will be borne by the City. <br /> <br />2O <br /> <br /> <br />