ORD 1801 - Laserfiche WebLink

Ordinance No. 1801 Page Two Section 3: Section 4: "Shall Pleasanton (1) purchase approximately 430 acres of the 500 acre San Francisco Bemal Avenue property for community facilities, open space and other public uses ("public uses") by (a) issuing General Obligation bonds in an amount not to exceed $50,000,000; (b) approving residential development on 35 + acres and commercial/retail development on 37 + acres to the extent necessary to raise the balance of the purchase price; and (2) require voter approval of the City of Pleasanton's plan for future "public uses"?" This City Council does hereby submit to the qualified voters of the City, at said special municipal election, the proposition set forth above. The object and purpose of incurring the indebtedness is the acquisition of a portion of the San Francisco Bemal Avenue Property, located at the intersection of Bemal Avenue and Interstate 680 in Alameda County, and appurtenant costs thereto (herein referred to as the "Improvements"). The Improvements constitute a single purpose under Section 43609 of the California Govemment Code. The estimated cost of the Improvements is fifty million dollars ($50,000,000). The estimated cost includes legal and other fees and cost of printing bonds and other costs and expenses incidental to or connected with the issuance and sale of the bonds. Section 5: Section 6: The amount of the principal of the indebtedness to be incurred is not to exceed fifty million dollars ($50,000,000). The maximum rate of interest to be paid on the indebtedness shall not exceed such maximum rate as may be established for general obligation bonds of the City by the Legislature of the State of California.