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funds. Therefore, if a delinquency occurs in the payment of any <br />reassessment installments, the City at the end of the fiscal year of <br />delinquency, has a duty to transfer into the Redemption Fund the <br />amount of the delinquency out of available funds of the City. <br />Available funds consist of the balance in the Reserve Fund only. <br />This duty of the City is continuing during the period of <br />delinquency, until reinstatement, redemption or sale of the <br />delinquent property. There is no assurance that funds will be <br />available for th~s purpose and if, during the period of delinquency <br />there are insufficient funds, a delay may occur in payments to the <br />owners of the Bonds or there may be insufficient funds to make <br />such payments. <br /> <br />A special reserve fund (the "Reserve Fund") in the amount of <br />$62,400 will be established from Bond proceeds. The Reserve <br />Fund will be a source of available funds to advance to the <br />Redemption Fund in the event of delinquent installments. <br />Additionally, the City has covenanted that not later than October <br />1 in any year, the City shall file an action in the Superior Court to <br />foreclose the lien of each delinquent reassessment if the sum of <br />uncured reassessment delinquencies for the preceding fiscal year <br />exceeds five percent (5%) of the reassessment installments posted <br />to the tax roll for the fiscal year, and if the amount of the Reserve <br />Fund is less than the Reserve Requirement. <br /> <br />For a more complete description see the sections herein entitled <br />"THE BONDS - Security for the Bonds", "Obligation of the City <br />upon Delinquency", "Reserve Fund", and "Covenant to <br />Commence Superior Court Foreclosure". <br /> <br />Form of Bonds: <br /> <br />The Bonds are issued only as fully registered Bonds in <br />denominations of $5,000 each or any integral multiple thereof. <br /> <br />Redemption: <br /> <br />Any Bond may be called for redemption prior to maturity on any <br />March 2 or September 2 upon payment of 103 percent of par <br />value, plus accrued interest to the date of redemption. <br /> <br />The District: <br /> <br />Dublin Canyon Road Reassessment District No. 1990-1 (the <br />"District") is comprised of 8 parcels, totaling approximately <br />22.119 acres located along Dublin Canyon Road and Canyon Way <br />in the northwest section of the City. For more information about <br />the District see the section herren entitled "THE DISTRICT". <br />Prior to the reassessments made in connection with the issuance <br />of the Bonds, the District was known as Assessment District No. <br />1982-1, Dublin Canyon Road Improvements. <br /> <br />The Appraisal: <br /> <br />An appraisal of the property (land only) in the District (the <br />"Appraisal") has been prepared by Carneghi-Bautovich & <br />Partners, San Jose, California (the "Appraiser"). This Appraisal, <br />dated as of March 19, 1990, estimates the retail fair market value <br />of each of the properties in the District. According to the <br />Appraisal, the retail fair market value of the land in the District is <br />not less than $10,005,296, which is approximately 6.10 times the <br />total assessment liens of $1,639,973 (which includes $79,973, <br />principal amount of Bonds previously issued by the City of <br />Pleasanton under Assessment District No. 1986-7 and Assessment <br />District No. 1986-4 and with respect to which the Bonds described <br /> <br /> <br />