RES 84176 - Laserfiche WebLink

pending prosecution of the foreclosure proceedings and receipt by the City of the proceeds of the foreclosure sale; it is also possible that no bid for the purchase of the applicable property would be received at the foreclosure sale. See also the section herein entitled "Bondowners' Risks". Bonds are Subordinate Lien Bonds The assessment (and any reassessment) and each installment thereof and any interest and penalties thereon constitute a lien against the lots and parcels of land on which they were imposed until the same is paid. Such lien is subordinate to all fixed special assessment liens previously imposed upon the same property, but has priority over all private liens and over all fixed special assessment liens which may thereafter be created against the property. Such lien is co-equal to and independent of the lien for general taxes. In May 1983 the City of Pleasanton issued $45,775,000 principal amount of 1915 Act Improvement Bonds to finance the acquisition of various street and utility improvements to the land comprising Phase I of Hacienda Business Park. The boundaries of this assessment district (Assessment District No. 1983-2 (Hacienda Business Park)) are coterminous with the boundaries of Assessment District No. 1984-1, Hopyard Road, securing repayment of the Bonds described herein. Accordingly, the bonds which were issued to finance Assessment District No. 1983-2 are secured by prior assessment lien against the land in the District and, therefore, have priority over the Bonds described herein being issued to finance Assessment District No. 1984-1, Hopyard Road. Proposed Constitutional Amendment: "Jarvis 'Save 13' Amendment" An initiative constitutional amendment commonly referred to as "Jarvis 'Save 13' Amendment" ("the Amendment") which would amend Article XIIIA (adopted in 1978 and commonly referred to as "Proposition 13" or the "Jarvis-Gann Initiative") will probably qualify for and be submitted to the voters at the statewide general election in November 1984. If enacted by the voters, the effective date of the Amendment purports to be retroactive to August 15, 1983. It is believed that, if judicially challenged, the purported retroactivity of the Amendment would be held by a court to be not constitutionally applicable to the assessments securing repayment of the Bonds. If, however, a court should hold the Amendment to be so applicable, the City is further of the opinion that the provisions of the Amendment will not impair the validity and enforceability of the assessments and the Bonds. Finally, if for any cause the assessments are declared to be invalid or unenforceable by a court, the City is empowered to conduct reassessment proceedings directed to relevying such assessments in accordance with applicable law. See also the section herein entitled "Bondowners' Risks". -14-