RES 90059 - Laserfiche WebLink

Paying Agent mailed to the registered owners (as shown on the registration books kept by the Paying Agent) as of the fifteenth day of the month preceding each ~nterest payment date. The Bonds mature in the amounts and on September 2 of each year as shown in the following maturity schedule: MATURITY SCHEDULE Due (September 2) Amount 1991 $140,000 1992 165,000 1993 180,000 1994 190,000 1995 2O5,0O0 1996 210,000 1997 225,000 1998 245,000 Redemption of Bonds Any Bond may be called for redemption prior to maturity on any March 2 or September 2 upon payment of 103 percent of par value, plus accrued interest to the date of surrender or the date of redemption, whichever is earlier. No interest will accrue in a Bond beyond the March 2 or September 2 on which said Bond is called for redemption. Notice of redemption must be given by personal service or registered or certified mail at least 30 days prior to the redemption date. The determination as to which Bond or Bonds are to be called will be made by the Paying Agent. Development of parcels within the District, transfers of property ownership and other similar circumstances could result in prepayment of reassessments. Such prepayment would result in redemption of a portion of the Bonds prior to their stated maturities. Purpose of the Bonds Proceeds from the sale of the Bonds will be used to redeem all of the outstanding principal amount of the City of Pleasanton Assessment District No. 1982-1 Improvement Bonds (the "Refunded Bonds") on July 2, 1990 and to fund the Reserve Fund in an amount equal to $62,400. The improvement l?roject financed by the Assessment District No. 1982-1 consisted of the construction of pubhc improvements including roads, curbs, gutters, storm drainage facilities, street lights, underground electrical distribution facilities, landscaping and traffic signal modifications. The improvements were completed in 1985. Security for the Bonds The Bonds are issued upon and secured by the unpaid reassessments together with interest thereon and said unpaid reassessments together with interest thereon constitute a trust fund for the redemption and payment of the principal of the Bonds and the interest thereon. All the Bonds are secured by the monies in the Redemption Fund created pursuant to the reassessment proceedings and by the unpaid reassessments levied to provide for the acquisition and construction of said public improvements. Principal of and interest on the Bonds are payable exclusively out of the Redemption Fund. Although the unpaid reassessments constitute fixed liens on the lots and parcels assessed, they do not constitute a personal indebtedness of the respective owners of said lots and parcels.