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RES 90059
City of Pleasanton
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1990-1999
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1990
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RES 90059
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5/4/2012 4:22:57 PM
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8/12/1999 6:05:39 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
3/20/1990
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SUMMARY STATEMENT <br /> <br /> THIS SUMMARY STATEMENT IS SUBJECT IN ALL RESPECTS TO THE <br />MORE COMPLETE INFORMATION IN THIS OFFICIAL STATEMENT, INCLUDING <br />THE COVER PAGE AND APPENDICES HERETO AND THE OFFERING OF THE <br />BONDS TO POTENTIAL INVESTORS IS MADE ONLY BY MEANS OF THE ENTIRE <br />OFFICIAL STATEMENT. <br /> <br />Purpose: <br /> <br />The Bonds are being issued pursuant to provisions of the <br />Refunding Act of 1984 for 1915 Improvement Act Bonds <br />(Division 11.5 of the Streets and Highways Code) for the purpose <br />of refunding certain outstanding improvement bonds sold by the <br />City to finance the acquisition and construction of public <br />improvements in Assessment District No. 1982-1 (Dublin Canyon <br />Road Improvements). The refunding is being undertaken to take <br />advantage of the decline in interest rates and to achieve a <br />reduction in annual debt service payments. The bonds to be <br />refunded are designated City of Pleasanton Assessment District <br />No. 1982-1 Improvement Bonds (the "Refunded Bonds"). All of <br />the improvements originally financed were undertaken as <br />provided by the Municipal Improvement Act of 1913 (Division 12 <br />of the Streets and Highways Code) and the Improvement Bond <br />Act of 1915 (the "Bond Act"). <br /> <br />Security for the Bonds: <br /> <br />The Bonds are issued upon and secured by the unpaid <br />reassessments on the property in Dublin Canyon Road <br />Reassessment District No. 1990-1 (the "District") together with <br />interest thereon, and said unpaid assessments together with <br />interest thereon constitute a trust fund for the redemption and <br />payment of the principal of the Bonds and the interest thereon. <br />All the Bonds are secured by the monies in the redemption fund <br />(the "Redemption Fund") created pursuant to the assessment <br />proceedings and by the unpaid assessments levied to provide the <br />payment of said improvements, and including principal and <br />~nterest, are payable exclusively out of the Redemption Fund. <br />The unpaid assessments represent fixed liens on the lots and <br />~Pnarcels assessed. They do not, however, constitute a personal <br />debtedness of the respective owners of said lots and parcels. <br /> <br />Under the provisions of the Improvement Bond Act of 1915, <br />installments of principal and interest sufficient to meet annual <br />debt service on the Bonds are to be included on a regular county <br />tax bills sent to owners of property against which there are unpaid <br />assessments. These annual installments are to be paid into a <br />redemption fund (the "Redemption Fund"), which will be held by <br />the City and used to pay Bond principal and interest as they <br />become due. The installments billed against each property each <br />year represent a pro rata share of the total principal and the <br />interest coming due that year, based on the percentage which the <br />unpaid assessments against that prop. erty bears to the total of <br />unpaid reassessments confirmed ~n connection with the <br />Improvement Project (as defined herein). <br /> <br />The City has not obligated itself to advance available funds from <br />the City treasury to cure any deficiency which may occur in the <br />Bond Redemption Fund. A determination not to obligate itself <br />shall not prevent the City from, in its sole discretion, so advancing <br /> <br /> <br />
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