RES 88015 - Laserfiche WebLink

$6,200 000' CITY OF PL~_~SANTON LIMITED OBLIGATION IMPROVEMENT BONDS ASSESSMENT DISTRICT NO. 1987-1 KOLL CENTER PLEASANTON (1915 Act Bond, Property Secure~i Only - No Issuer Liability) INTRODUCTORY STATEMENT This Preliminary Official Statement is provided to furnish information relating to the issuance by the City of Pleasanton, California (the "City"), of $6,200,000* principal amount of its 1915 Act Improvement Bonds (the "Bonds") for 'Assessment District No. 1987-1, Koll Improvement Bond Act of 1915, Division 10 of the California Streets (the "1915 Act"). The Assessment District was formed pursuant to the Municipal Improvement Act of 1913, Division 12 of the California Streets and Highways Code (the "1913 Act"). The City of Pleasanton was incorporated on June 18, 1894. The City is located in Alameda County (the "County") ap roximately 40 miles east of San Francisco. The City contains approximately 15 square mi~;s of land and is situated in the southeast and southwest quadrants of the intersection of Interstate Highways 580 and 680. The Assessment District is located adjacent to Interstate Highway 680 at Bernal Avenue. The proceeds from the sale of the bonds (the principal amount of Bonds less the costs of issuance and Underwriter's discount) will be used by the City to pay for the acquisition of rading, paving, curbs, gutters, ditching, pavement, domestic water main, water services and ~re hydrants, storm drains, sanitary sewer mains, under~ound electrical, as and telephone utilities, a street light s stem, landscaping, and the rights-of-way thereP~r, together with ap urtenances and inci~Y;ntal costs and e enses related to such acquisition, collectively rearred to as the "Project" and for the esta~x~ishment of a reserve fund (the "Reserve Fund"). (See "THE ASSESSMENT DISTRICT - Project Costs" herein.) Principal of and interest on the Bonds will be payable from the annual assessment installments collected on the regular prope tax bills sent to owners of ro erty having un aid assessments levied against land bener~iited by the Project. (See "SEP~fl~ITY FOR ~-~BONDS - Reserve Fund" herein.) In the event of a delinquency in the payment of any installment of an assessment, the City will draw from the Reserve Fund the additional amount necessary to pay the next maturin~ installment of principal and interest on the Bonds. The Reserve Fund will be established ~n an amount equal to a proximately five percent (5%) of the principal amount of the Bonds issued. (See "SECURI~t~ FOR THE BONDS - Reserve Fund" herein.) In the event a superior court foreclosure is instituted by the City pursuant to its covenant to enforce h any delinquent assessment installment (the "Covenant") and t e hen of the City urchases such property at the foreclosure sale, the Reserve Fund will also be used to make adPvtances to the Redemption Fund for ayment of future delinquent assessment installments until such property is resold by the ~ty or redeemed. (See "SECURITY FOR THE BONDS - Covenant to Commence Superior Court Foreclosure" herein.) As authorized by the 1915 Act, the City has determined not to obligate itself to advance available funds from the City treasury to cure any deficiency which may occur in the Redemption Fund by reason of the failure of a property owner to pay an assessment installment.