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Exhibit B
<br />
<br />Jones Hall Draft of April 23, 2024
<br />
<br />PRELIMINARY OFFICIAL STATEMENT DATED __________, 2024
<br />
<br />NEW ISSUE - FULL BOOK-ENTRY S&P RATING: “___”
<br /> See “Rating”
<br />In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications
<br />described herein, under existing law, the interest on the 2024 Bonds is excluded from gross income for federal income tax purposes and such interest
<br />is not an item of tax preference for purposes of the federal alternative minimum tax. Interest on the 2024 Bonds may be subject to the corporate
<br />alternative minimum tax. In the further opinion of Bond Counsel, interest on the 2024 Bonds is exempt from California personal income taxes. See
<br />“TAX MATTERS.”
<br />
<br />$_________*
<br />PLEASANTON JOINT POWERS FINANCING AUTHORITY
<br />2024 WATER REVENUE BONDS
<br />
<br />Dated: Date of Delivery Due: April 1, as shown on inside cover
<br />Authority for Issuance. The bonds captioned above (the “2024 Bonds”) are being issued by the Pleasanton Joint Powers Financing Authority
<br />(the “Authority”) under a resolution adopted by the governing body of the Authority, the provisions of Article 4 of Chapter 5, Division 7, Title 1 of the
<br />Government Code of the State of California (the “Bond Law”), and an Indenture of Trust dated as of June 1, 2024 (the “Indenture”), by and between
<br />the Authority and U.S. Bank Trust Company, National Association, as trustee. See “THE 2024 BONDS – Authority for Issuance.”
<br />Use of Proceeds. The 2024 Bonds are being issued to provide funds to (i) assist the City of Pleasanton (the “City”) with financing certain
<br />improvements to the City’s water system (as further defined herein, the “Water System”), and (ii) pay the costs of issuing the 2024 Bonds. See
<br />“FINANCING PLAN.”
<br />Security for the 2024 Bonds. The 2024 Bonds are special obligations of the Authority, payable from the “Revenues” pledged under the
<br />Indenture, which consist primarily of installment payments (the “Installment Payments”) payable by the City to the Authority under an Installment Sale
<br />Agreement, dated as of June 1, 2024 (the “Installment Sale Agreement”) pursuant to which the City is purchasing the Water System improvements
<br />being financed. Repayment of the Installment Payments is secured by a pledge of the “Net Revenues” of the Water System. Neither the Authority
<br />nor the City will fund a debt service reserve fund in connection with the 2024 Bonds. See “SECURITY FOR THE 2024 BONDS.”
<br />Parity Debt. There are currently outstanding obligations payable from the Net Revenues of the Water System, as described herein. Additional
<br />series of bonds or other debt may be issued in the future that are payable from Net Revenues on a parity with the Installment Payments, subject to the
<br />conditions contained in the Installment Sale Agreement. See “SECURITY FOR THE 2024 BONDS – Parity Debt.”
<br />Bond Terms; Book-Entry Only. The 2024 Bonds will bear interest at the rates shown on the inside cover, payable semiannually on April 1 and
<br />October 1 of each year, commencing on October 1, 2024, and will be issued in fully registered form without coupons in the denomination of $5,000 or
<br />any integral multiple of $5,000. The 2024 Bonds will be issued in book-entry only form, initially registered in the name of Cede & Co., as nominee of
<br />The Depository Trust Company (“DTC”). Purchasers of the 2024 Bonds will not receive certificates representing their interests in the 2024 Bonds.
<br />Payments of the principal of, premium, if any, and interest on the 2024 Bonds will be made to DTC, which is obligated in turn to remit such principal,
<br />premium, if any, and interest to its DTC Participants for subsequent disbursement to the beneficial owners of the 2024 Bonds. See “THE 2024
<br />BONDS – General Bond Terms.”
<br />Redemption. The 2024 Bonds are subject to redemption prior to maturity. See “THE 2024 BONDS – Redemption.”
<br />
<br />THE 2024 BONDS ARE LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM AND SECURED BY THE REVENUES,
<br />WHICH CONSIST PRIMARILY OF THE INSTALLMENT PAYMENTS. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF
<br />THE CITY IS PLEDGED TO THE PAYMENT OF THE INSTALLMENT PAYMENTS. THE 2024 BONDS ARE NOT SECURED BY A LEGAL OR
<br />EQUITABLE PLEDGE OF, OR CHARGE, OR LIEN, OR ENCUMBRANCE UPON, ANY OF THE PROPERTY OF THE AUTHORITY OR ANY OF
<br />ITS INCOME OR RECEIPTS, EXCEPT THE REVENUES AS DESCRIBED HEREIN.
<br />
<br />
<br />MATURITY SCHEDULE
<br />(see inside cover)
<br />
<br />
<br />THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE OF
<br />BONDS. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN
<br />INFORMED INVESTMENT DECISION WITH RESPECT TO THE PURCHASE OF THE 2024 BONDS. INVESTMENT IN THE BONDS INVOLVES
<br />RISKS THAT MAY NOT BE APPROPRIATE FOR SOME INVESTORS. SEE “BOND OWNERS’ RISKS.”
<br />
<br />The 2024 Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Jones Hall, A
<br />Professional Law Corporation, San Francisco, California, Bond Counsel. Certain legal matters will also be passed upon for the City by Jones Hall, A
<br />Professional Law Corporation, as Disclosure Counsel, and by the City Attorney. Certain legal matters will be passed upon for the Underwriter by its
<br />counsel, ArentFox Schiff LLP. It is anticipated that the 2024 Bonds, in book-entry only form, will be available through the facilities of DTC on or
<br />about ________, 2024.
<br />
<br />Siebert Williams Shank & Co., LLC
<br />
<br />The date of this Official Statement is: __________, 2024.
<br />__________________
<br />* Preliminary; subject to change.
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