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<br />ATTACHMENT 3
<br />PRELIMINARY OFFICIAL STATEMENT DATED 2021
<br />NEW ISSUE - BOOK-ENTRY ONLY Rating:
<br />S&P: _ln the opinion of Jones Hall, A Professional Law Corporation, San Francisco, Califomia, Bond Counsel to LAVWMA,
<br />subject, however to ceftain qualifications described herein, under existing law, the interest on the 2021 Bonds is excluded from
<br />gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal
<br />altemative minimum tax. ln the fufther opinion of Bond Counsel, such rnlerest ls exempt from California personal income taxes. See
<br />"TAX MATTERS."
<br />$
<br />LIVERMORE-AMADOR VALLEY WATER MANAGEMENT AGENCY
<br />2021 SEWER REVENUE REFUNDING BONDS
<br />Date: Date of Delivery Due: August 1, as shown below
<br />The 2021 Bonds. The Livermore-Amador Valley Water Management Agency 2021 Sewer Revenue Refunding Bonds
<br />(ihe "2021 Bonds") are being issued by the Livermore-Amador Valley Water Management Agency ("LA\AATMA) pursuant to an
<br />lndenture of Trust, dated as of August 1 , 2021 (lhe "lndenture "), between LAWJMA and U.S. Bank National Association, as trustee
<br />(the "Trustee"), for the purpose of providing funds to (i) refinance LAWIvIA's revenue bonds captioned "$105,345,000 201 1 Sewer
<br />Revenue Refunding Bonds," which are outstanding in the principal amount of $64,420,000 (the "201 1 Bonds') and (ii) pay costs of
<br />issuing the 2021 Bonds, as more fully described in this Official Statement. I-AWJI\4A operates the LA\AArlrIA wastewater disposal
<br />system for the benefit of the following public agencies (colleclively, the "Members"): Dublin San Ramon Services District ("DSRSD")
<br />and the Cities of Pleasanton ("Pleasanton") and Livermore ("Livermore").
<br />lnterest on the 2021 Bonds is payable semiannually on February'1 and August 1 of each year, commencing February 1,
<br />2022. The 2021 Bonds are being issued in fully registered form, registered in the name of Cede & Co., as nominee of The
<br />Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository of the 2021 Bonds. lndividual
<br />purchases will be made in book-entry form only in denominations of $5,000 or any integral multiple thereof. Purchasers will not
<br />receive certificates representing their beneficial ownership interest in lhe 2021 Bonds purchased. See APPENDIX C - 'BOOK-
<br />ENTRY SYSTEM."
<br />Redemption Prior to Maturity The 2021 Bonds are subject to optional and mandatory redemption prior to
<br />maturity, as described in this Official Statement.
<br />Securityforthe 2021 Bonds.The2021 Bonds are payable solely from "LAV\ /tvlA Net Revenues," consisting principally
<br />of payments from DSRSD, on behalf of itself and Pleasanton, and Livermore under a Second Amended and Restated Sewer
<br />Service Contracl, dated as of August 1, 2021 (lhe "Sewer Service Contract"), among LAV\ /il/lA and the Members, less "LAVWMA
<br />Maintenance and Operation Costs." Under the Sewer Service Contract, in consideration of LAV\MIA providing "Sewer Service"
<br />capacity, the Members agree to make payments to LAVWMA (the "Payments"); the Payments have a fixed and a variable
<br />component and are intended to be sufficient to pay debt service on the 2021 Bonds and to pay the costs of operating and
<br />maintaining the LAVWMA Enterprise. LAVWIIIA's obligation to pay debt service on the 2021 Bonds is limited to the extent it
<br />receives the Payments for that purpose from the Members.
<br />Security for the Obligation to Make the Payments. Pursuant to the Sewer Service Contract, the Members pledge and
<br />create, in favor of [AWJI\4A and the Trustee for the 2021 Bonds, a lien on the Net Revenues of their respective wastewater systems
<br />(the "Sewer Systems"), to pay to LAW 4A the amounts owed in order for LAWJI\4A to pay debt servicc on the 2021 Bonds. There
<br />are three important limitations with respect to this pledge of Net Revenues. First, this lien is subordinate to the Members' existing
<br />obligations payable from their respective Net Revenues, as well as obligations payable from their respective Net Revenues to be
<br />issued in the future by the Members to finance or refinance improvements to their respective Sewer Systems. Second, for DSRSD
<br />and Pleasanton, "Net Revenues," as defined in the Sewer Service Contract, does not include all of the fees, rates and charges
<br />collected by DSRSD and Pleasanton in connection with their respective Sewer Systems; DSRSD and Pleasanton have only pledged
<br />regional service charges as security for their obligation to make the Payments. Third, Pleasanton, in its capacity as the largest
<br />customer of DSRSD's Sewer System, is only obligated to levy regional charges and fees established by DSRSD and to transfer the
<br />amount collected to DSRSD. See "SECURITY FOR THE 2021 BONDS - Sewer Service Contract" for the definition of Net
<br />Revenues.
<br />The obligation of the Members to pay the Payments is a several, but not joint, obligation, and there is no cross-
<br />collateralization of the obligation to make Payments among the Members.
<br />Rates and Charges Levied by Members. Pursuant to the Sewer Service Contract, the Members have covenanted to
<br />undertake certain ac{ions with respect to rates and charges and their respective Sewer Systems. See 'SECURITY FOR THE 2021
<br />BONDS - Rate Covenants."
<br />Preliminary; subject to change.
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