RES 02047 - Laserfiche WebLink

INTRODUCTION Issuer: The City of Pleasanton, a general1aw city, was incorporated in 1894. It is located in south central Alameda County in the Livermore-Amador Valley, about 45 miles southeast of San Francisco. The City has a population of 67,300. Purpose: Proceeds of the Bonds will be used to refund the outstanding 1989 Certificates of Participation, which financed the cross-to\'m sanitary sewer project, and to pay costs incurred in connection with the issuance of the Bonds. Wastewater System: The wastewater system is operated and maintained through the City's public works department, utility operations and maintenance division. Since 1980 the wastewater system has been collecting wastewater in Pleasanton and transporting it to Dublin San Ramon Services District (DSRSD) for treatment and then disposal through the Livermore-Amador Valley Water Management Agency pipeline for discharge into San Francisco Bay. Sewer Enterprise: The main revenue source is sewer service charges. amounting to about 97 percent of total revenue. The service charges currently imposed by Pleasanton contain two components: (I) a local charge for collection. which is set by Pleasanton. and (2) a regional charge for treatment and disposal, which is set by DSRSD and adopted and collected by P1easanton. Outstanding Parity Bonds: In 1994 the Pleasanton Joint Powers Financing Authority issued $11.100,000 Refunding Water and Sewer Revenue Bonds. Series A. maturing in 2014. The principal portion anributable to the sewer enterprise is $1.893.903. These bonds are payable from net revenues of the sewer enterprise on a parity with the Bonds. Securil)': All of the net revenues of the sewer enterprise are irrevocably pledged to the punctual payment of the debt service and such net revenues shall not be used for any other purpose while any of the Bonds remain outstanding. Net revenues means for any period all of the applicable revenues, less all of the applicable rnaintenance and operation costs of the enterprise. including sewage treatment and disposal costs. The City covenants and agrees that all revenues, when and as received. will be deposited in the revenue fund and held in trust for the benefit of the bondo\\TIers and payments with respect to contracts or parity bonds. The debt service payrnents from net revenues are on parity with the City'S obligations under the 1994 Revenue Bonds. Series A. This introduction is not a summar)' of the official sta/cment. Information presented in this section is treated more completely else\\'here in the official statement. which should be read in its entirely. The official statement speaks only as of its date. Basic documenls referred to in this official statement are amilableFom thefinancial advisor prior to the closing andfrom the City thereafter.