AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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., ',. .. .. . NOTE 8 ~ DEBT WITHOUT CITY.COMMJTft'IENT A. Assessment District Bonds Assessment Distript Bonds:.(~915 Act) were. issued in July 1999 'to refund bOnds issued in: 1990 'by the. Seaport Centre and Seaport Boulevard Assessment. Disiricts (that were issued to refund bonds issued in 1,985). The original bonds (1985) were -issued for the pu~se 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 199~ bond issue also resulted in:the consolidation . of the two assessment ,districts into. one district pursuant to the Refunding Act of 1984 for. 1915 hnprovement Act bonds: _ . B. . ., . Communi.ty Facilities D~trict{.Mello-Roos) Bonds . . . . '. . . . : . . .' . . '. : : .:" '. . : '. . '. . : On October 17, 2000;th6 C~~mW1ity Fac:mti~s District:(CFD) issued $21,000~000 6fbonds on behalf of the developer of the; Pacific Shores. .Project to . fund various transportation system improvements within the City's right-of-way that'wererequired as. a condition of the development. These bonds are.':solely . ,. obligations of the property owriers .in, this district and are ~ot obiigations of the .City, nor has ~y political subdivision of the State of Cali fomi a' pledged :its full faith and credit ror the payment.ofthese bond~. .. The CitY's Co only :responsibiIities with respect" to. any dei~nquent assessment installments are solely' .advancing. funds from: the :reserve. fund (e~tablished. with bOnd proceeds) to the. redemption fund,.to the : extent that such.: funds :arc,availabJe, and. instituting Jorecloswe proceedings.. The,. City is not required to . advance: available fijndsof the. City for payment' of principal' or interest or to purchase lancf a-t a delinquent foreclosure assessment sale. As: of June 3p~:: 2008, the outstanding principal amount Was .; ,$15~620.0qO. . . .. . , .. 'On JanUary 17~ 2001, th~ Shores TransportatiOlilmpro~ementDistrict ISSlJed $5.;045,000' bfPhase I CFD . bon~. and on September 3, 2003 the District is~ued $7,505,000 of Phase II CFD bonds.. The proceeds. of . ;these bonds: are being 'used to fund various transportation projects. 'that are required under development . :agreemet;lts!with;commercialproperty.owners in the Redwood Shores area ofthe.City. These bonds are. . . .solely ob'igations of:theprop~rty owners in this district and are not :obligations;of the City, rior. has: any political subdivislol;1 of the state of California pledged :its full faith and credit for the payment of these . bonds. The City's! only responsibiJitie.s:with respect to any delinquent assessmen.t installments are solely .advancing funds .iTornthe reserVe fund: (established with bond :proceeds) to the redemp~ion fund. to the . extent that such:funds:are available; and instituting foreclosure proceedings. The City is not required, to . advance available furi$ or-the, City for payffient, of principal. or interest or to purchase land at a ' delinquent foreclosure assessment sale. :. As of June 30, 2008~ the outstanding:! principal amount was ,$U~630,OOO. . . . . .. .49: