Laserfiche WebLink
SUMMARY STATEMENT <br /> <br /> THIS SUMMARY STATEMENT IS SUBJECT IN ALL RESPECTS TO THE MORE COMPLETE <br />INFORMATION IN THIS OFFERING MEMORANDUM, INCLUDING THE COVER PAGE AND <br />APPENDICES HERETO AND THE OFFERING OF THE BONDS TO POTENTIAL INVESTORS IS MADE <br />ONLY BY MEANS OF THE ENTIRE OFFERING MEMORANDUM. <br /> <br />Purpose <br /> <br />Proceeds from the City of Pleasanton Improvement <br />Bonds, Assessment District No. 1984-1, Hopyard <br />Road, will be used to finance the acquisition of <br />certain public improvements as more fully <br />described in the section herein entitled "The <br />Improvement Project" and Appendix B herein <br />entitled "Description of Work". <br /> <br />Security for the Bonds <br /> <br />The Bonds are issued upon and secured by the <br />unpaid assessments together with interest thereon, <br />and said unpaid assessments together with interest <br />thereon constitute a trust fund for the redemption <br />and payment of the principal of the Bonds and the <br />interest thereon. All the Bonds are secured by <br />the monies in the Redemption Fund created pursuant <br />to the assessment proceedings and by the unpaid <br />assessments levied to provide for payment of said <br />acquisition of improvements, and including <br />principal and interest, are payable exclusively <br />out of the Redemption Fund. The unpaid <br />assessments represent fixed liens on the lots and <br />parcels assessed. They do not, however, <br />constitute a personal indebtedness of the <br />respective owners of said lots and parcels. <br /> <br />The assessment lien of the Bonds is subordinate to <br />the assessment lien of certain assessment bonds <br />previously issued by the City. Refer to the <br />section herein entitled "Bondowners' Risks". <br /> <br />If a delinquency occurs in the payment of any <br />assessment installment, the City, at the end of <br />the fiscal year of delinquency, has a duty to <br />transfer into the Redemption Fund the amount of <br />the delinquency out of available funds of the <br />City. Available funds consist of the balance in <br />the Reserve Fund together with any surplus funds <br />of the City not required for lawful municipal <br />obligations. This duty of the City is continuing <br />during the period of delinquency, until <br />reinstatement, redemption or sale of the <br />delinquent property. There is no assurance that <br />funds will be available for this purpose and if, <br />during the period of delinquency, there are <br />insufficient available funds, a delay may occur in <br />payments to the owners of the Bonds. <br /> <br />-5- <br /> <br /> <br />