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BACKGROUND <br /> In June 1993, the Pleasanton Joint Powers Financing Authority "the Authority was <br /> formed by a Joint Exercise of Powers Agreement between the City of Pleasanton and <br /> the Housing Authority. The Authority is the issuing agency for the Series 2004A and <br /> 2004B Reassessment Revenue Bonds and also facilitates lease financing (through <br /> Certificates of Participation) for many of the City public buildings. The by -laws of the <br /> Authority require that an annual meeting be held to conduct any new business of the <br /> organization. <br /> Attached for the Board's review is the October 2009 secondary market disclosure <br /> document available on the City's web site to bond investors and prospective investors of <br /> the Series 2004A and Series 2004B Reassessment Revenue Bonds. This document, <br /> prepared annually, updates interested parties on the on -going credit worthiness of the <br /> bonds by disclosing land development, land valuation, delinquency information, and <br /> fund balances in the North Pleasanton Improvement District assessment areas. The <br /> Secretary of the Authority will file the fiscal year 2009 financial audit when it becomes <br /> available. There were no material weaknesses or misstatements noted by the auditors <br /> in the 2008 audit. The original principal of the assessment bonds issued between 1981 <br /> and 1992 totaled more than $250,000,000. The remaining principal is currently <br /> $16,815,000 and is scheduled to be paid off by 2011. <br /> At the time the assessment districts were formed they included provisions to allow <br /> property owners to pre -pay their portion of the debt if property were to change owners <br /> or if property owners simply chose to pre -pay. As a result the debt issuance was split <br /> into two series; Series A and Series B. Series A investors were guaranteed a fixed <br /> interest rate if they held bonds to maturity. Series B however had a callable provision to <br /> provide for any potential pre payments from property owners in the district in exchange <br /> for a slightly higher interest rate. <br /> Submitted by: Approved by: <br /> David P. Culver Nelson Fialho <br /> Treasurer /Controller Executive Director <br /> Attachment: <br /> 1. October 2009 Continuing Disclosure Report <br /> Page 2 of 2 <br />