RES 90059 - Laserfiche WebLink

herein are subordinate). According to the records of the Alameda County assessor's office the value of the improvements as of June 30, 1989 are not less than $26,336,203. Therefore, the estimated value of the land and improvements in the District is not less than $36,341,499, which is 22.16 times the aggregate assessment of $1,639,973. A complete copy of the Appraisal which sets forth the final value conclusion and certain assumptions of the Appraisal is available for inspection at the office of the City of Pleasanton. A letter from the Appraiser which certifies the value of land in the District and includes a summary of value estimates, is attached as Appendix B herein. Bondowners' Risks: In order to pay debt service on the Bonds, it is necessary that unpaid installments of reassessments on the property within the District are paid in a timely manner. Should installments not be paid on time, the City has established a Reserve Fund to cover delincluencies. The reassessments are secured by lien on the parcels within the District and the City has covenanted that not later than October 1 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 preceding fiscal year exceeds five percent (5%) of the reassessment installments posted to the tax roll for that fiscal year, and if the amount of the Reserve Fund is less than the Reserve Requirement. Failure by owners of the parcels to pay installments of reassessment when due, depletion of the Reserve Fund, or the inability of the City to sell parcels which have been subject to foreclosure proceedings for amounts sufficient to cover the delinquent installments of reassessments levied against such parcels may result in the inability of the City to make full or punctual payments for debt service on the Bonds and bondowners would therefore be adversely affected. Unpaid assessments do not constitute a personal indebtedness of the owners of the lots and parcels within the District. There is no assurance the owners will be able to pay the reassessment installments or that they will pay such installments even though financially able to do so. See the section of this Official Statement entitled "BONDOWNERS' RISKS" for a discussion of special risk factors that should be considered in evaluating the investment quality of the Bonds.