RES 88015 - Laserfiche WebLink

The Bonds are n6t an obligation of the Ci , the State of California (the "State") or any of its political subdivisions, nor has the City, ~e State or any of its political subdivision pledged its full faith and credit for the payment of the Bonds. See the section of this Preliminary Official Statement entitled "SPECIAL RISK FACTORS" for a discussion of special factors which should be considered, in addition to other matters set forth herein, in considering the investment quality of the Bonds. The discussions and information herein do not purport to be comprehensive or definitive. All references to the Bonds and the assessment proceedings are qualified in their entirety by reference to the City's resolutions setting forth the terms and descriptions thereof. THE BONDS Authority for Issuance The improvement proceedings for the Assessment District were initiated by adoption f h o t e Resolution of Intention by the City Council of the City (the "City Council") on December 1, 1987 and were conducted pursuant to the 1913 Act. (See "THE ASSESSMENT DISTRICT - Summary of Assessment Procedure" herein.) The Bonds are authorized pursuant to a resolution roviding for sale and issuance of the Bonds (the "Resolution of Issuance") to be adopted ~y the City Council on January 5, 1988, will be secured by unpaid asses. s.ments levied against private property in the Assessment District in accordance with the provisions of the 1913 Act, and are issued pursuant to the 1915 Act. Description of the Bonds The principal amount of the Bonds will be $6,200,000'. The Bonds will be dated January 19, 1988, and will bear interest from that date at the rates and will mature in the rpl~ncipal amounts and on the dates as set forth on the cover page of this Official Statement. e Bonds are issued as fully registered bonds in the denomination of $5,000 each or any integral multiple thereof. Bond Payment, Registration, Transfer and Replacement Interest on the Bonds will be payable semiannually on March 2 and September 2 of each year (each an "Interest Payment Date"), commencing September 2, 1988. Principal of and premium, if any, on the Bonds are payable at the principal corporate trust office of Bank of America, N.T. & S.A. (the "Payin~ Agent") in San Francisco, California, and interest thereon is payable by check or draft maded to the respective registered owners as their names appear on the registration books of the Paying Agent as of the fifteenth day immediately preceding each Interest Payment Date (the "Regular Record Date"). Transfer of ownership of a Bond shall be made by exchan~in~ the same for a new full registered Bond of the same maturity in the same aggregate principal amount. All of suc~ exchanges shall be made in such manner and upon such reasonable terms as may from time to time be determined and prescribed by the City; provided, however, that no such exchange is required to be made by the Paying Agent between the sixteenth day preceding any Interest Payment Date and such Interest Payment Date. Such registration and transfer shall take place at the principal corporate trust office of the Paying Agent. The City may make a charge for every exchange. or transfer to pay for any tax or governmental charge required to be paid with respect to such exchange or transfer. * Subject to change.