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Code and Articles 10 and 11, Division 2, Title 5 commencing with Section 53570). The <br />reserve funds from Marks-Roos pooled bonds do not belong to the underlying Local <br />Obligations or in Pleasanton's case the assessment districts, but rather to the <br />bondholders and the Authority that issued the Marks-Roos bonds. Therefore, the City <br />has an opportunity based on the payment history of the Bonds to purchase a surety <br />bond from FSA for the remaining cash portion of the Reserve fund, replace the cash <br />Reserve Fund with a surety bond in order to release $3.8 million to the City for deposit <br />in the Capital Improvement Fund for capital projects in North Pleasanton and in the <br />Downtown areas of the City. <br />Submitted by: <br />j ~ ~ tit.. !/~Q.•' ~~",</ <br />EmIIy E. Wagner ~ <br />Fiscal Officer <br />Fiscal Review <br />V ' ~v. ~ ~ ~ ~ ~'1. ~ ---. <br />``l~avic~ P.~ulver <br />Director of Finance <br />Approve by: <br />Nelson Fialho <br />City Manager <br />Page 3 of 3 <br />