RES 84176 - Laserfiche WebLink

Form of Bonds Redemption Assessment District A reserve fund ("the Reserve Fund") in the amount of six percent (6%) of the amount of Bonds issued ($1,109,280) will be established from Bond proceeds. The Reserve Fund will be a source of available funds to advance to the Redemption Fund in the event of delinquent installments. Additionally, the City has covenanted to institute judicial foreclosure proceedings within 150 days following the date of a delinquency, and thereafter to prosecute diligently to completion, court foreclosure proceedings upon the lien of any and all delinquent unpaid assessments and interest. For a more complete description see the sections herein entitled "Security for the Bonds", "Reserve Fund" and "Covenant to Commence Superior Court Foreclosure" herein. The Bonds are issued only as fully registered Bonds in denominations of $5,000 each or any integral multiple thereof except for one Bond in an odd amount due in 1985. Any Bond may be called for redemption prior to maturity on any January 2 or July 2 upon payment of 105 percent of par value, plus accrued interest to the date of redemption. Assessment District No. 1984-1, Hopyard Road ("the District") is comprised of 36 assessed parcels totalling approximately 573 gross acres (492.197 net assessed acres) located in the northern portion of the City of Pleasanton ("the City"), in the southeast quadrant of the intersection of Interstate 580 and Hopyard Road. All of the property in the District is being developed as Phase I of Hacienda Business Park, a master-planned mixed-use business park which is being co-developed by The Prudential Insurance Company of America ("Prudential") and Callahan Pentz Properties, Pleasanton, a California general partnership ("CPP-Pleasanton"). An appraisal of the property in the District ("the Appraisal") has been prepared by Cushman & Wakefield of California, Inc., Appraisal Division, San Francisco, California. The appraised retail fair market value of the property in the District is predicated on the assumption that all required public improvements have been completed. According to the Appraisal, the estimated retail fair market value of the land in the District is $232,860,000 which is 3.62 times the aggregate assessment of $64,263,000 (which includes $45,775,000 principal amount of bonds previously issued by the City and with respect to which the Bonds described herein are subordinate). -6-