AgdaPkt 2007-12-17 - Laserfiche WebLink

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NOTE g—DEBT WITHOUT CITY COMMITMENT A. Assessment Dlstrlct Bonds Assessment District Bonds (1915 Act) were issued in July 1999 to refund bonds issued in 1990 by the Seaport Centre and Seaport Boulevard Assessment Districts (that were issued to refund bonds issued in 1985). The original bonds (1985) were issued for the purpose of installing water and sewer systems within the Seaport Centre area and for improvements and landscaping to Seaport Boulevard. The principal amount issued in 1999 was $9,430,000. The 1999 bond issue also resulted in the consolidation of the two assessment districts into one district pursuant to the Refunding Act of 1984 for 1915 Improvement Act bonds. These bonds are obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund(established with bond proceeds)to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2007, the outstanding principal amount was $2,605,000. The refunding resulted in a reduction of$1,028,13 8 in total debt service payments over the next ten years and an economic gain of$622,557. B. COI?21?2U121ZJ�F�ZCIIIt1eS DISI�'ICt�MeIIO ROOS�B012C�S On October 17, 2000, the Community Facilities District (CFD) issued $21,000,000 of bonds on behalf of the developer of the Pacific Shores Project to fund various transportation system improvements within the City's right-of-way that were required as a condition of the development. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 3 0, 2007,the outstanding principal amount was $16,795,000. On January 17, 2001, the Shores Transportation Improvement District issued $5,045,000 of Phase I CFD bonds, and on September 3, 2003 the District issued $7,505,000 of Phase II CFD bonds. The proceeds of these bonds are being used to fund various transportation projects that are required under development agreements with commercial property owners in the Redwood Shores area of the City. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2007,the outstanding principal amount was $11,845,000. 49