RES 90059 - Laserfiche WebLink

NEW ISSUE OFFICIAL STATEMENT In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, and assuming continuing compliance with the covenants of the City intended to preserve the exemption from federal income taxes of interest on t]~e Bonds, interest on the Bonds is exempt.from present federal income taxes, except to the extent it is subject to the corporate alternative minimum tax and/or environmental tax described in Sections 55 and 59A of the Internal Revenue Code of 1986, as amended (the "Cods"). In the opinion of Bon,,d Counsel, such interest is also exempt from present State of California personal income taxes. See "Tax Exemption herein for a discussion of the effect of certain provisions of the Code on owners of the Bonds. $1,560,000' LIMITED OBLIGATION REFUNDING BONDS CITY OF PLEASANTON Dublin Canyon Road Reassessment District No. 1990-1 (Alameda County, California) Dated: April 5, 1990 Due: September 2, as shown below The bonds described herein (the "Bonds") are being issuedpursuant to provisions of the Refunding Act of 1984 for 1915 Improvement Act Bonds (Division 11.5 of the Streets andHigh,w, ays ~ode) for the purpose of refunding certain outstanding improvement bonds sold by the City of Pleasanton (the ' City' ) to finance the construction of public im- provements in Assessment District No. 1982-1. The bonds to be refunded are designated City of Pleasanton Assessment District No. 1982-1 Improvement Bonds (the "Refunded Bonds"). All of the improvements originally financed were undertaken as provided by the Municipal Improvement Act of 1913 (Division 12 of the Streets and Highways Code) and the Improvement Bonds Act of 1915. The Bonds are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof. Interest on the Bonds is payable by check or draft mailed to the registered owners thereof semi-annually on March 2 and September 2 commencing March 2, 1991. Principal of and premiums, if any,,,on the Bonds ,ar,e,j~ayable a,t the ~orporate trust office of Bank of America National Trust and Savings Association (the Paying Agent , Registrar' and "Transfer Agent"). The Bonds are subject to redemption on any March 2 or September 2 in advance of maturity at the option of the City upon giving 30 days' prior notice and upon payment of the principal and interest accrued thereon to the date of redemption or earlier surrender, plus a redemption premium of three percent (3%) of the principal amount of the Bonds to be redeemed. Under the provisions of the Improvement Bond Act of 1915, installments of principal and interest sufficient to meet annual Bond debt service are included on the regular county tax bills to owners of property against which there are unpaid assessments. These annual installments are to be paid into the Redemption Fund, to be held by the City and used to pay debt service on the Bonds as it becomes due. See '°THE BONDS-Security for the Bonds" herein. The City has not obligated itself to advance available funds from the City treasury to cure any deficiency which may occur in the Bond Redemption Fund. A determination not to obligate itself shall not prevent the City from, in its sole discretion, so advancing funds. Therefore, if a delinquency occurs in the payment of any reassessment installment, the City, at the end of the fiscal year of delinquency, has a duty to transfer into the Redemption Fund the amount of the delinquency, out of available funds of the City. Available funds consist of the balance in the Reserve Fund only. This duty of the City is continuing during the period of delinquency, until reinstatement, redemption or sale of the delinquent property. There is no assurance that funds will be available for this purpose and if, during a period of delinquency, there are insufficient available funds, a delay may occur in payments to the owners of the Bonds. To provide funds for payment of the Bonds and the inte,r, est thereon as a result of any delinquent installments, the City will establish a s~ecial reserve fund (the "Reserve Fund ') and deposit therein bond proceeds in the original amount of $62,400*. The City s liability to advance funds to the Redemption Fund in the event of delinquent installments shall not exceed the balance in the Reserve Fund. Additionally, the City has covenanted that not later than October I in any year, the City shall file an action in the Superior Court to foreclose the lien of each delinquent reassessment if the sum of uncured reassessment delinquencies for the precedin~ fiscal year exceeds five percent (5%) of the reassessment installments posted to the tax roll for that fiscal year, aha if the amount of the Reserve Fund is less than the Reserve Requirement. See "THE BONDS-Covenant to Commence Superior Court Foreclosure" herein. NEITHER THE FAITH AND THE CREDIT NOR THE TAXING POWER OF THE CITY, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. The information set forth in this Official Statement, including information under the heading "BONDOWNERS' RISKS", should be read in its entirety. MATURITY SCHEDULE* Due Interest Price/ Due Interest Price/ September 2 Amount Rate Yield September 2 Amount Rate Yield 1991 ................ $140,000 1995 ................ $205,000 1992 ................ 165,000 1996 ................ 210,000 1993 ................ 180,000 1997 ................ 225,000 1994 ................ 190,000 1998 ................ 245,000 The Bo~ds are offered whe~, as a~d if issued and delivered to the Underwriter subject to the approval of Sturgis, Ness, B~o~sell & Sperry, a professio?~al corporatio,, Emeryville, CaliJbrnia, Bo~d Counsel and certain other condi- tion,s. Certain legal matters will be passed upon.tbr the U~derwriter by Arnelle & Hastie, San Francisco, California. It is expected that the Bonds in definitive form will be available for delivery in San Francisco, California, on or about April 5, 1990. [~ Miller ~S~ Schroeder Financial, Inc. March ,1990 Subject to change.